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2024-03-31-accounts

ANNUAL REPORT

and

FINANCIAL STATEMENTS

for the year ended

31 March 2024

LINCOLNSHIRE WILDLIFE TRUST

Company No: 00461863 Charity No: 218895

ANNUAL REPORT and FINANCIAL STATEMENTS

for the year ended 31 March 2024

Page
CONTENTS Pag
Chair’s Annual Report 1
Report of the Trustees
- Strategic Report 3
- Financial Review 10
- Future Plans 14
- Structure, Governance and Management 15
- Reference and Administrative Details 18
- Financial Support 20
- Statement of the Board’s Responsibilities 21
Statement as to Disclosure of Information to Auditors 21
Independent Auditor’s Report to the Members of Lincolnshire Wildlife Trust 22
Consolidated Statement of Financial Activities 25
Consolidated and Charity Balance Sheet 26
Consolidated Cash Flow Statement 27
Notes to the Financial Statements 28

LINCOLNSHIRE WILDLIFE TRUST

Company No: 00461863 Charity No: 218895

CHAIR’S ANNUAL REPORT for the year ended 31 March 2024

The main focus of this year was to commemorate 75 years since the founding of the Trust on 2nd December 1948. A number of events therefore took place throughout the year to celebrate this anniversary.

The biggest was a ‘Wilder Lincolnshire’ Festival that was held over two days at Doddington Hall in September. It brought together people and wildlife organisations from across the county to learn how to help nature recover in Lincolnshire. It was also an opportunity to involve community groups that we have been working alongside as part of our Nextdoor Nature initiative.

A particular highlight of the year was a visit by King Charles to the Saltfleetby-Theddlethorpe National Nature Reserve in July. He met staff from the Trust and Natural England and learnt about the management of the reserve and efforts to conserve the small, but growing, colony of natterjack toads on the site. Footage from his visit was also included in a documentary broadcast on Boxing Day, bringing the reserve to national attention.

Shortly after this visit, it was announced that Saltfleetby-Theddlethorpe would form part of the first in a new ‘King’s Series of National Nature Reserves’. The Lincolnshire Coronation Coast NNR was officially declared in September and covers 33 square kilometres of sand dunes, salt marshes, mudflats and freshwater marshes, of international importance. It is now the 9th largest National Nature Reserve in England.

In December we were pleased to mark our anniversary date when Craig Bennett presented a Wildlife Trusts’ ‘Town Hall’ event, live from Lincolnshire. These Town Halls are internal events that showcase the work of a particular Trust to the rest of the national network. It included films about Gibraltar Point and the seals at Donna Nook, and reports from our work – such as the Wilder Humber partnership project with Yorkshire Wildlife Trust.

In September the State of Nature 2023 was published. It documents how human impacts are driving sweeping changes to wildlife in the UK. The report is compiled by leading professionals from over 60 research and conservation organisations and contains the best available data on the UK’s biodiversity. The new report shows a precipitous further decline in the abundance of UK wildlife in recent years, with around 1 in 6 species at risk of extinction. Overall, the UK is one of the most nature-depleted countries globally due to human activity, with less than half of its biodiversity remaining. The Royal Society of Wildlife Trusts (RSWT) and The Wildlife Trusts joined other environmental and conservation organisations in calling for immediate action to halt and reverse this decline.

Financially, the Trust continues to be in a healthy position, despite the cost of living crisis and other economic challenges. Membership has held up well and the Trust reported an income of £5.2 million in 2023/24, compared to £3m in the previous year. Unfortunately, reported income is being distorted because charity accounting rules insist that project income is recognised in the accounts in full and up front – in advance of actual receipt. As the Trust is undertaking more and more project-based work, this is creating the ‘yo-yo’ effect that we have seen in our reported income over the last few years.

Legacy income fell for the second year running and highlights how vital they are to the continued work of the Trust. Every single gift counts, however large or small, and allows us to continue to care for Lincolnshire’s wildlife and wild places for the future. As always, our thoughts are with the family and friends of those whose legacies we have received this year.

To mark our 75th birthday, we also launched our largest and most ambitious appeal this year – a £1 million Nature Recovery Fund. The money will be spent on four areas: saving species and habitats; inspiring people and connecting them with nature; mitigating the effects of climate change on Lincolnshire’s wildlife; and securing more land for nature conservation. If you have not yet donated to this important appeal, please consider supporting it if you can.

At the Annual General Meeting in October, Tim Sands stepped down after 15 years on the Board. However, I am pleased to say that Tim was offered, and accepted, the role of Vice President, so the Trust will continue to benefit from his 50 years of experience working with the Wildlife Trusts. Emma Buyers also stood down as trustee. Although not as long serving as Tim, Emma made a big contribution to the development of the

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Board over the last three years and she continues to be Chair of Lapwings Consultants Ltd. Lastly, Grace Corn took the decision to stand down earlier in the year as a move away from Lincolnshire meant it was no longer feasible for her to continue in the role. Grace brought a very welcome perspective to the work of the board as a recent graduate from Lincoln University. On behalf of the Board, the staff and the members, I would like to thank them all for their service.

Also at the AGM, five new Trustees joined the Board. These were Eve Crook, Sophie Harris, Libby John, Sam Kemp and Caroline Steel. As many of you will know, Caroline was Head of Conservation at the Trust for many years before her retirement in 2017 and we are pleased to welcome her back in this new role.

Finally, I am sad to announce that this will be my last report as Chair, as I will be standing down from the Board of Trustees in November 2024. It has been an honour and a privilege to have served as a trustee for the last 14 years, and to work with such a passionate, dedicated and committed group of people. My successor will be Professor Libby John. Libby, a plant ecologist and researcher, is a retired Pro Vice Chancellor at the University of Lincoln but remains their Dean of Sustainability. I wish her all the best in the role of Chair – I am confident that she and the rest of the Board, along with the staff and volunteers will continue the work of protecting Lincolnshire's wild places for people, for wildlife and for the future.

Anita Quigley Chair

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LINCOLNSHIRE WILDLIFE TRUST

Company No: 00461863 Charity No: 218895

REPORT OF THE TRUSTEES for the year ended 31 March 2024

STRATEGIC REPORT

Principal Activities, Strategies, Achievements and Performance

This document reports on the activities and achievements of the Lincolnshire Wildlife Trust for the financial year ending 31 March 2024 – a year in which the Trust celebrated its 75th anniversary. This activity is set against our vision of a thriving natural world, with our wildlife and habitats playing a valued role in addressing the climate and ecological emergencies, and people inspired and empowered to act for nature.

Our purpose is to bring wildlife back, to empower people to act for nature, and to create a society where nature matters. Our approach to our work is as follows:

Our current Strategy has three clear goals and this report sets out how our activity has contributed to each of these in turn.

Goal One - Nature in Lincolnshire is in Recovery with abundant, diverse wildlife and natural processes creating wilder land and seascapes where people and nature thrive .

The Trust has been managing land for nature for 75 years now, starting with the original agreement to manage 190 acres of land on the Lincolnshire coast at Gibraltar Point. That first nature reserve was signed into being just days after the formation of the Trust and remains a fantastic example of how things have evolved over time. In its early days, management of the site was entirely volunteer led, including the creation of one of the UK’s first bird observatories. Today, there is an excellent team of staff, still supported by volunteers, and the original 190 acres of reserve has grown to over 1,000 acres. We welcome thousands of visitors every year and the site remains the last breeding site for little terns and the stronghold for ringed plovers in the county. More recently it has been included in plans to make the east coast migration flyway a UNESCO World Heritage Site. This is a fantastic achievement and one that has been replicated in one form or another across much of the reserve network.

A few of the notable wildlife sightings during the year included the continued spread northwards of many invertebrate species. Norfolk hawker and lesser emperor, for example, both seem to be establishing in Lincolnshire although the arrival of many species is clearly linked to the changing climate. Marsh warbler bred for the first time ever in the county, fledging several young at our Anderby Marsh reserve and common cranes continued their colonisation of the south of the county where four pairs attempted to breed. Our reserves are vital reservoirs of biodiversity and our field staff work incredibly hard to manage them for a huge variety of species and monitor the results to inform future action.

This year we were able to extend our reserves with a small acquisition at Crowle Moor, funded through the Precious Peatland project via RSWT. The purchase of a further 12.9 acres of land at Sow Dale near Old Bolingbroke allowed habitat restoration and creation to continue, including naturalising the river channel.

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However, our nature reserves can sometimes feel like islands of biodiversity and it is no longer enough just to protect the wildlife that remains. As part of Goal One, we aim to be at the forefront of efforts to reverse the declines in nature, both on land and at sea. By making more space for nature and protecting and connecting habitats at a landscape scale we can put nature back into recovery, and this year we were delighted to see the designation of the Lincolnshire Coronation Coast National Nature Reserve (NNR).

This new ‘Super NNR’ joins together several former NNRs to create a new protected landscape covering 18 miles of Lincolnshire coastline from Cleethorpes to Mablethorpe. The designation is based on work originally proposed by the Trust and includes our nature reserves at Donna Nook and Saltfleetby-Theddlethorpe Dunes (part managed by the Trust and Natural England). One of the advantages of this new approach is that the land managers can all work together at a landscape scale and we are already seeing the results.

Natterjack toads have expanded in range and numbers at Saltfleetby, thanks to the Trust’s management. The Ministry of Defence funded 14 new scrapes, and a new washland (funded by the Dynamic Dunescapes project) was used as a breeding site for the first time. Natterjacks have doubled in three years and the population is now found along seven kilometres of coastline. This is a huge increase and means the future of the population is more secure than it has been for many decades.

The Trust’s staff and volunteers work very hard to manage the Trust’s extensive estate and work with partners to bring back nature across the county. One of the more complex areas of work is the management of the Trust’s 15 agri-environment schemes, which cover 43 of our reserves. Seven of the annual roll-overs of the older Higher-Level Scheme agreements were converted to new five year agreements and the coast and meadows Countryside Stewardship Scheme agreement was also renewed for a further five years. The statutory reporting involves considerable effort alongside self-inspection and recording that staff and volunteers apply to the rest of the nature reserve network. However, this continues to deliver positive results and many species and habitats are in better condition on the back of the funding that agri-environment schemes deliver.

Various surveys of local landholdings either for businesses, farmers and community groups were undertaken and management advice provided. Working with the farming community has always been a central plank of our work. Agricultural intensification has undoubtedly had a huge impact on the wildlife of our county but our approach has always been to work with farmers to make positive change rather than blame individuals for systemic issues. We continued to work on nationally significant partnerships such as with Marks & Spencer and Dyson Farming and played a role in the national conversation around the need to support farmers to be producers of not just food but public good such as healthy soils, flood resilience and biodiversity. One increasing aspect of our work is around the development of various rewilding sites, including Boothby Wildlands near Grantham, Wilder Doddington near Lincoln and Wild Wrendale near Brigg. Here, the Trust supported initial habitat surveys and an application which saw beavers brought back to Lincolnshire for the first time in over 400 years.

Advances in technology continues to improve the way we work. At Gibraltar Point, a radio telemetry global tracking system called Motus was installed and allows tiny trackers, fitted to birds and bats, to be detected as they pass over on migration. The Motus mast was joined by a geomorphological radar, one of a number on the Lincolnshire coast installed by the Environment Agency to map geomorphology changes along our coast. The data from these systems open new opportunities to better understand nature and natural processes.

Our marine environment is still under threat and we continued to fight for protection and conservation at sea as well as on land. Signs of further recovery in the North Sea were welcome. Harbour porpoise is a regular sight off the Lincolnshire coast but this year both common and bottlenose dolphins were seen and for the second year running, blue fin tuna was recorded.

The restoration of the marine and coastal environment continued through the Wilder Humber project. The renewable energy company, Ørsted, are funding a joint project between Lincolnshire and Yorkshire Wildlife Trusts on the Humber Estuary to benefit native oysters, saltmarsh, sand dunes and seagrass. Both Trusts recruited specialists in species, habitats and data to enable the baseline surveys and consents to get underway.

Sometimes we make the difficult decision to relinquish land that we manage and this year, the Trust’s lease of Killingholme Haven Pits on the Humber ended and was not renewed. The site was proving to be difficult to manage and as a Site of Special Scientific Interest (SSSI), it was felt that the landowner would have a

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legal obligation to care for the site regardless of the Trust’s involvement. In such cases, our limited resources are better focussed elsewhere.

Goal Two - People in Lincolnshire are taking action for nature and the climate, resulting in better decision making for the environment at both the local level and national level.

We work to engage and empower people of all identities, cultures, backgrounds and abilities, supporting them to value, enjoy and take action for wildlife. We seek to deliver better decision making for nature across the political and corporate sphere, at both the local and national level.

One of the highlights of the year was a festival held at Doddington Hall to mark the Trust’s 75th anniversary. Communities from across Lincolnshire were brought together to network and share ideas and members were joined by a number of guests including the Trust’s president, vice presidents and the daughters of our founder, Ted Smith. As well as sampling the cake, visitors had the chance to meet a wide range of groups and partner organisations who are taking action for nature in Lincolnshire.

Volunteers are involved at every level and in every aspect of the Trust’s work. Roles include membership of the Board of Trustees, running Area Groups, Voluntary Reserve Managers, Wayside Wardens, Watch Leaders, helping at visitor centres, running events, administration and much more. A range of organisations including construction, facilities management, military and utility companies all volunteered throughout the year, often bringing large groups.

The Trust has a long-established programme of training for volunteers who stay in residential accommodation on our reserves. There is a strong record of individuals securing roles with the Trust or elsewhere in the environmental sector, having developed their skills and experience with the Trust. This year, our capacity was boosted by the completion of four new accommodation units for volunteers and trainees at our Gibraltar Point and Saltfleetby nature reserve work bases. Funded through the EU Life and National Lottery via the Dynamic Dunescapes Project, these high-quality, energy efficient and flood resilient buildings have proved popular with their first temporary residents.

In addition to the above, the Trust hosted student placements from various universities, post graduates and two Marine Future Interns funded by the Crown Estates.

The National Lottery Heritage Fund supported Nextdoor Nature project is bringing communities together to rewild their neighbourhoods. Since it launched in 2022, local groups have been supported to create and manage wildlife rich community spaces and wilder neighbourhoods, building community spirit for people and providing more habitats for wildlife. The focus areas during the period were Boston, Cleethorpes, Gainsborough, Grimsby, Mablethorpe, Skegness and South Holland. The project is giving people the skills, tools and opportunity to take action for nature and is working with a wide range of organisations and communities that may not have engaged with the Trust otherwise. Groups engaged with during the year included:

Visits from schools, colleges and universities to our education centres at Gibraltar Point, Far Ings and Whisby continue to prove popular. Nearly 3,700 pupils, students and associated groups participated in learning on site. The emphasis of the programme is experience, environments, wildlife and planet and a key focus of work with our younger groups especially, is nature connectedness.

The Trust engaged with thousands of people through our extensive events programme and outreach work. Aside from the 75th anniversary festival, our key event of the year was the Lincolnshire Show but we also attended Lincoln Pride for the first time, the launch event for the England Coast Path and University of

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Lincoln Climate Festival. Our events ranged from pond dipping to art workshops and regular beach cleans took place along the coast with hundreds of people collecting nearly half a tonne of waste. We also ran a range of events for National Whale & Dolphin Watch, Dragonfly Week, Horncastle Horse Fair and Lincolnshire Wolds AONB 50th anniversary. The public engagement element of the EU Life and National Lottery funded Dynamic Dunescapes Project ended after a successful three years which saw an innovative start required during the pandemic.

Our Area Groups continue to provide a forum for members and other like-minded people to come together in a social and friendly environment. As ever, they ran walks, talks and open days across the county and their support is hugely appreciated. Toddler Groups, Watch Groups and Junior Warden Groups are run for young people both on our sites and across the county. They put on a very full and active programme on a wide range of subjects and continue to inspire the next generation of naturalists.

Various communications channels are used to promote the work of the Trust and inform people about our work. Our Lapwings magazine is sent to members three times a year and feedback continues to be very positive. A review of the magazine is likely to be carried out in 2024/25. Social media platforms continue to increase in reach and engagement and there were an impressive 448,000 users of our website.

A new e-newsletter was regularly distributed to over 7,500 email addresses and a new Wilder Lincolnshire Podcast was launched, showcasing people and projects from across Lincolnshire.

A quarter of the county’s MPs were met during the year and the Trust hosted visits by Ministers covering a range of key environmental issues. Influencing decision makers, particularly MPs, continued to be challenging against a background of local, national and world events.

The Greater Lincolnshire Nature Partnership (GLNP), hosted by the Lincolnshire Wildlife Trust has continued to represent nature through policy work in areas of planning, tourism, health and wellbeing and agriculture. Through planning policy work, the GLNP is working with all of Greater Lincolnshire’s Local Planning Authorities to ensure they are ready to enforce Biodiversity Net Gain conditions placed on nearly all major and small developments. This is an example of how partnership working can ensure that the planning system works positively for nature.

The GLNP also works on a variety of projects, currently including the Local Nature Recovery Strategy, the Greater Lincolnshire Natural Capital Plan, Operation Water Vole and updating the Ancient Woodland Inventory. The GLNP, with Natural England and North and North East Lincolnshire Councils, continues to work with Lincolnshire County Council (the Responsible Body) to deliver the Greater Lincolnshire Local Nature Recovery Strategy by August 2025.

The GLNP houses the Lincolnshire Environmental Records Centre, which currently holds over 12 million records for the Greater Lincolnshire area. As part of the data work the GLNP also manage the Local Sites System of Local Wildlife Sites and Local Geodiversity sites. The GLNP is currently trialling a new streamlined survey method for surveying these sites, to make surveying as efficient as possible.

Goal Three - Nature in Lincolnshire is playing a central and valued role in helping to address local and global problems.

Working in partnership with others, we continued to work to restore our natural ecosystems at scale and demonstrate what is possible in Lincolnshire. We want natural habitats to be able to store and sequester carbon, help prevent flooding, reduce soil erosion, improve soil fertility, provide pollination services, allow nature’s recovery at sea and support improvements to people’s physical and mental wellbeing. Much of the work in Goals One and Two therefore contributes equally to this area of work.

None of this can happen unless we counter threats to our important habitats and wild spaces. Our Conservation Department continued to respond to onshore and offshore proposals and responded to 538 planning applications during the course of the year. The Trust is not able to scrutinise every application and so tries to assist the public with advice and guidance so that they can also respond accordingly. The period saw a significant increase in the Trust giving pre-application advice on Nationally Significant Infrastructure Projects and other large developments, such as the South Lincolnshire Reservoir. We also formed a coalition with other environmental bodies to address the controversial plans for The Wash, where a developer is proposing a barrage and deep-sea port, which would significantly impact this internationally designated site. This is being strongly opposed by a wide range of organisations, including the Trust.

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During the year, we made progress with the establishment of a broker service to facilitate Biodiversity Net Gain and other green finance approaches. The Trust has been leading work with the local planning authorities to prepare and agree a consistent approach to mandatory Biodiversity Net Gain which came into force in February 2024. Green Investment in Greater Lincolnshire, affectionately known as GIGL was originally funded through the Environment Agency’s Natural Environment Investment Readiness Fund and engaged landowners, housing developers, utility companies to set up a fair, equitable and transparent market within Greater Lincolnshire.

The Trust has set a target of net zero greenhouse gas emissions by 2030. Working with the RSWT a common standard of assessing carbon emissions has been adopted using the pre-pandemic year 2019-20 as the baseline. Work to date has focussed on scope one (direct emissions) and scope two (indirect emissions from electricity consumption). The Trust’s baseline figure was equivalent to a dozen UK households and the overall total has dropped from 103 tCO2e (2019-20) to 93 tCO2e. This reduction is significant given that activity undertaken by the Trust has increased by nearly a fifth (based on staff numbers) during this period.

Steps taken during the year included the purchase of an electric vehicle to replace a diesel 4x4, window replacements and insulation of Trust residential properties and installation of low energy lighting at the Trust’s headquarters. Scope 3 (indirect emissions) are much more complicated but efforts have been made to reduce waste, staff commuting and business travel. Financial reserves are now invested in a low carbon ethical investment fund.

Earlier in this document, we reported on the surveys and advice, rewilding developments and work to ensure that our habitats can deliver the various ecosystem services outlined above. As part of this, work was undertaken in the National Character Areas of the Fens (NCA46) and the Humberhead Levels (NCA39) through two partnerships working across county boundaries on establishing the condition of peat on various nature reserves and farmed peat areas. This was funded through the Nature for Climate Peatland Discovery Grant Scheme.

Fundraising

The Trust’s approach to fundraising is to be honest and transparent with its donors and supporters about where their money goes and why the Trust asks for donations. The Trust publishes information widely about its work and seeks to keep everyone informed. The Trust communicates clearly why it needs donations and the activities on which money will be spent.

The Trust is a registered subscriber to the Fundraising Regulator and complies with its Code of Fundraising Practice and the six guiding principles identified in CC20, the Charity Commission Guidance for Trustees on Charity Fundraising.

Together with five other Wildlife Trusts, the Trust has a wholly owned Wildlife Trust membership recruitment company, Wildlife Fundraising (Central) Ltd. The company is managed by a Board of directors which is made up of Wildlife Trust staff, Trustees and other experts. This company is transparent in its fundraising techniques, regulated by the Institute of Fundraising and meets with its member Trusts every six months. There is a written agreement between the Wildlife Trusts agreeing fundraising standards, monitoring of fundraisers and compliance. A single membership recruiter is also employed directly by the Trust.

Trustees are very aware of the need to uphold the highest standards of fundraising practice to safeguard the good reputation of the Trust, which it has built up through many years of accumulated good work. Whilst day-to-day responsibility for fundraising is delegated to staff, the Trustees remain ultimately responsible and fundraising practice is regularly discussed through the work of the Board.

Membership income targets are set through the budgeting process and with the recruitment company. Targets were all met or exceeded.

Fundraising is included on the Trust’s risk register which is monitored by Trustees. There is a process, including escalation to Trustees, to review complaints from members and the wider public to ensure the Trust’s fundraising practice is consistently carried out and any lessons learned.

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Public Benefit Statement

The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to the Charity Commission’s general guidance on public benefit, ‘Charities and Public Benefit’.

The Trust’s public benefit is explicit in the new strategic goal nature in Lincolnshire is playing a central and valued role in helping to address local and global problems and enshrined in its charitable objects as outlined below.

Objects

Lincolnshire Wildlife Trust is required by charity and company law to act within the objects of its Memorandum of Association, which are as follows:

4. The Objects for which the Trust is established are, for the benefit of the public:

Risk Management

The Trustees continue to keep under review their assessment of the major risks to which the Trust is exposed, and have taken steps to mitigate the risks that have been identified. The risk register, in a format consistent with other Wildlife Trusts for ease of comparison, was reviewed and updated. The Finance Committee has taken responsibility for detailed discussion with the management team. The review includes consideration of the adequacy of the actions taken in response to risks identified.

Cyber threat to IT remains high and tight further procedures and mechanism were implemented. External support and inhouse capacity are in place.

Implementation of the agri-environment payment scheme (Environmental Land Management Scheme), particularly levels of payments, made positive progress with Government announcements. This has a bearing on income for the Trust but also impacts on nature conservation in the wider countryside by other landowners. The outcome of the General Election in July 2024 and new Government policy means uncertainty remains.

Safeguarding and health and safety remain important priorities. Robust policy and procedures are in place and kept under review. External support has been provided by RSWT with a common Wildlife Trusts’ Safeguarding Framework adopted.

There is a risk to the financial strength of the Trust. The economic downturn and pressure on donors/grant giving bodies when set against a backdrop of increased demand on the Trust’s services has resulted in the need to dip into financial reserves. Strong reserves and robust financial management are in place and there is an increase in fundraising effort.

The effects of climate change continue to be felt, notably this year with floods affecting the Trust’s headquarters. Steps are being taken to mitigate the Trust’s impact by reducing emissions while also encouraging others to do so. Adaptation is also vital and includes steps to improve building resilience and

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consider its approach to land management. The Wildlife Trusts published documents on both mitigation and adaptation with Lincolnshire examples included in both.

Charity Governance

The Trust adopted the Charity Governance Code in 2018, updated in 2020. The aim of the code is “ to help charities and their trustees develop these high standards of governance ”. Although not a legal or regulatory requirement, the code sets out principles and recommended practice for charities and Trustees who wish not only to achieve good governance but strategies to continuously improve and develop. Good governance is ensuring that the charity has adequate policies, systems and procedures in place and that these are followed. It is also about encouraging appropriate attitudes, behaviours and values.

All the agreed recommendations of the external Board Effectiveness Review (2022) have now been implemented including the adoption of a governance manual and scheme of delegation.

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FINANCIAL REVIEW

The Trust reported total income of £5.2m in 23/24, compared to income of £3.3m in the previous financial year. Reported unrestricted income of £2.0m was very similar to that seen in 22/23, being 3% down year on year. The reason for the increase in total revenue of 59% was due to additional restricted income of £2.0m (+162%). As in the financial year ended in March 22, charity accounting rules concerning income recognition required the Trust, in 23/24, to recognise almost £1.5 million of income in advance of actual receipt. This income relates to two significant peatland restoration projects in both the north and east of Lincolnshire, working with multiple partners, to prevent the deterioration of and to improve this valuable habitat. As the income to be received from these projects can be measured, with receipt relatively certain and with the Trust having legal entitlement, conditions are met that require recognition of income in full in debtors, whilst deferring the second year of income. This means that the income and expenditure associated with these peatland projects will have a distorting effect on the financial results of the Trust in both the current year and in 24/25. The Fens East Peatland Restoration project is being led and managed overall by the Trust, who have signed the agreement with the grant giving body, Natural England, as part of its Nature for Climate Peatland Grant scheme. However, much of the work being undertaken is actually on the sites of other partners but as the responsible body for the delivery of the project, recognition has to be accounted for in full over the two years of the project, in the financial statements of the Trust.

Income

Legacy income was down year on year from £397k to £263k, although the number of notifications of gifts in wills left to the Trust actually increased compared to the previous financial year. Some of these gifts are yet to be recognised in the financial statements as probate had not been granted at the year end. Income from gifts in wills is essential to supporting our conservation work across Lincolnshire. The Trust also receives unrestricted income from a wide variety of sources, which helps to maintain the stability of our unrestricted income. Income from the agri-environmental Countryside Stewardship and Higher-Level Stewardship schemes, the Basic Payment Scheme, quarry royalties, support grants and donations from central and local government, income generated from property, revenue generated from Visitor Centre shops and café, educational activity and donations from both members and the public all help to ensure that the Trust does not become overly reliant on only a few sources of income. The Nature Recovery Appeal, a two-year appeal launched in December 2023 as part of the 75th anniversary celebrations of the Trust, aims to boost the unrestricted income of the Trust to support our core activities and day-to-day work.

As noted in the opening paragraph, restricted income saw a significant increase due to revenue associated with the Fens East and Humberhead Levels Peatland Restoration projects. However, the Trust also delivered many other projects, of varying size, as outlined in note 18. Some of this work is ongoing year-onyear, such as the work of the Greater Lincolnshire Nature Partnership, hosted by the Trust, which continues to work with 49 partners across the county, managing data, and leading on a wide variety of work streams to

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add value and to try and avoid duplication of effort. Other significant projects continued from last year, including the completion of volunteer accommodation as part of the Dynamic Dunescapes project funded by EU Life and the Heritage Lottery Fund, the continued work developing a mechanism to enable the delivery of green finance in Lincolnshire, working with Yorkshire Wildlife Trust to restore saltmarsh and oyster beds in the Humber Estuary, funded by Ørsted, and working with Natural England to create ponds to provide habitat for Greater Crested Newts. New projects include the second Crown Estates Marine Futures Internships, Nextdoor Nature funding from the Lincolnshire Co-op and work with the Environment Agency on a number of projects on the Trust’s nature reserves.

Membership income rose by 7% from £825k to £883k, with the number of members increasing from 26,488 to 27,450, an increase of 3.6%. The Trust’s main method of sustaining membership income, by recruiting new members, involves working with Wildlife Fundraising (Central) (WFC) at our own sites and also selected third parties. WFC is a separate company, owed jointly with five other Wildlife Trusts, for the purposes of recruitment of members for its associated Trusts The increase in revenue therefore reflects both more members and also higher levels of individual donations from our members. Membership income remains the highest and most predictable unrestricted income stream and is therefore the support of our members is crucial in sustaining the work of the Trust.

Trading income, generated via our trading subsidiary, Lapwings Consultants Limited, improved from £84k to £92k. This income is generated by the sale of giftware at our Visitor Centres at Far Ings and Gibraltar Point and also our seasonal shop at Donna Nook. Royalties from an affiliate marketing agreement with Vine House Farm are also reported here.

Expenditure

Unrestricted expenditure, excluding the exceptional item, increased slightly from £2.6m to £2.8m (+8%), being a reflection of continued inflationary pressures. The £308,000 exceptional item relates to a provision made in respect of the Trust’s now closed defined benefit scheme and the reasons for this are outlined in more detail later in this report. Restricted expenditure remained unchanged year-on-year at £1.8m, although there are always changes in the mix of the projects and work being undertaken. The unrealised gain on the Trust’s listed investments of £361k (unrestricted) and £64k (restricted) was a valuable contribution to the overall position at year end.

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Financial Reserves Policy

The Trust’s reserves are classified between Unrestricted, Restricted Funds and Endowment Funds.

Unrestricted Funds

Unrestricted funds comprise of:

The Trust’s policy relates to its unrestricted reserves; over which we have full control, i.e., all the above other than the Capital Grants Fund.

The Trust’s policy is that the level of unrestricted funds should be sufficient to cover planned and unforeseen variations in operational income and expenditure. This will be reviewed during every annual budget cycle with consideration of operational risks and external factors. In addition, the Trust needs to help ensure the long-term viability of its considerable portfolio of sites that help conserve wildlife throughout the county.

The Trust’s General Fund comprises unrestricted cash to be used as working capital and a Resilience Fund which aims to cover the perceived risks in the Trust’s sources of unrestricted income over the following three years. The year-end target for opening and closing unrestricted cash is currently £350k for use as working capital. This reflects the amount required to ensure the peaks and troughs in cash flow requirements during the course of an annual operating cycle can be met.

The Board has set a target range of £250k-£900k for its Income Resilience Fund . In view of the current economic challenges and the ongoing volatility in legacy income, the Trust has retained funds at the top of this range.

In order to respond to new opportunities and finance new initiatives, the Trust aims to hold at least £250k and preferably £1m in its Development Fund . This will be used to finance specific programmes of activity over the next three years, including opportunities to acquire land of strategic conservation importance.

In view of the ongoing costs of managing its substantial land holding, most of which is to be managed in perpetuity, the Trust considers it is wise to retain a substantial capital sum that can provide a sustainable source of income towards these ongoing costs, as well as financing any unexpected expenditure, e.g., costs arising from extreme weather events. These needs will be provided by the Conservation Fund and the Trust has set its range at £3.25m-£5.5m.

In total, this creates a target unrestricted reserves range of £4.1m-£7.75m. This is shown in the table below.

Working capital cash
Income resilience
General Fund
Development Fund
Conservation Fund
Total		 Target range
£k
350
250-900
600-1,250
250-1,000
3,250-5,500		 At 31 March 2024
£k
350
900
1250
250
3,687
4,100-7,750 5,187

If specific funds are below their target range their objective will be to reach their minimum level, as soon as is practicable, subject to competing interests.

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Company No: 00461863 Charity No: 218895

The Trust has one other unrestricted fund that is designated for a specific purpose. The Capital Grants Fund which represents grants received for capital assets. Amounts are released over the life of the underlying assets. The value of this fund at year end was £122k (2023 £78k).

Restricted Funds

The Trust holds a range of restricted funds related to projects, as well as some restricted legacies and donations. Movements in each significant fund are shown in Note 18 in the accounts.

Endowment Funds

Apart from the endowment funds represented by the Trust’s land and buildings owned for conservation objectives, described in Note 11 in the accounts, the Trust has one endowment fund that is invested and which is described in more detail in Note 17 in the accounts.

Monitoring and Reviewing this Policy

Reserve levels are reviewed at each Finance Committee meeting and each Board meeting. The Trust’s policy and target ranges are reviewed as part of the annual budgeting cycle.

Investment Policy and Performance

The Trust’s Memorandum and Articles outline our investment powers. The Board sets the Trust’s investment policy, following recommendations from the Finance Committee, and engages professional investment managers to undertake the management process and make day-to-day decisions. The Finance Committee monitors their performance and meets with the Trust’s investment manager at least annually. Their performance is monitored against suitable benchmarks.

The Trust’s unrestricted cash requirements are held with banks authorised to carry out business in the UK. We make use of the Flagstone Charities Aid Foundation Charity Deposit Platform to provide an increased diversity of banking providers.

At the end of the financial year, the Trust’s total investments were valued at £4.7m with all funds being held in the COIF Charities Ethical Investment Fund. This is a multi-asset, long-term fund suitable for charity investors. It is designed to provide a highly diversified and well-balanced spread of investments, managed to meet clear ethical and responsible investment standards.

The Trust’s primary investment objective is to optimise total return and CCLA are seeking to achieve a return of 5% per annum, after allowing for inflation. As reported last year, during times of high inflation, this remains a very ambitious target (benchmark of CPI plus 5% equates to 7.64% at the financial year-end). For the year to 31 March 2024, CCLA’s Ethical Investment Fund achieved a total one-year return of +13.11% (2023: -2.00%). The comparator benchmark achieved 16.72%. The three-year annualised return of the CCLA Ethical Fund of 7.34% is only marginally behind the comparator benchmark of 7.81% with the target benchmark for this period of 11.54%. The income yield achieved was 2.8% (£116k).

£550,000 of investments were sold during the year to 31[st] March 2024 to support the cash flow of the Trust to deliver a number of significant projects, where the associated grant funding was paid in arrears. A net gain of £2,885 was realised across the three transactions which took place in July, Sept and October 2023.

At 31 March 2024, the Trust’s endowment fund, which is managed by CCLA, was valued at £704k before transfers (2023: £640k). This is also invested in CCLA’s Ethical Investment Fund. Under the terms of the agreement with the National Lottery Heritage Fund, the capital growth can be drawn down from 1 January 2022 and we decided to transfer a further £33k of this to our unrestricted funds at the year end.

The Trust’s prime ethical consideration is to identify any obvious conflicts of interest between its objectives and the objectives/activities of any company whose shares may be acquired directly for the purpose of investment. The Trust had no direct investment in company shares at 31 March 2024 or 31 March 2023, other than those of its trading subsidiary Lapwings Consultants Limited (see Note 11).

Investment in properties

From time to time the Trust may own freehold or leasehold interests in property. These are sometimes associated with specific bequests with a view to sale at an appropriate time. The Trust reviews its ownership

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Company No: 00461863 Charity No: 218895

LINCOLNSHIRE WILDLIFE TRUST

regularly and takes professional advice regarding the marketing and sale of properties to optimise the financial or other benefits for the charity.

Pension Commitments

The last full actuarial valuation of The Wildlife Trusts Pension Scheme, as at 1 April 2019, reported a scheme deficit of £4.7 million. This relates to 13 Wildlife Trusts and we are responsible for 9.3% of the Scheme’s funding requirement.

In accordance with the schedule of contributions, the Trust’s deficit recovery payments are set to increase by 3% from August 2024, to £7,108 per month and will increase thereafter annually by 3%. The repayment plan anticipates that the deficit will be eliminated by August 2026.

During the year ended 31 March 2022, the Trustees of the charity were made aware of a potential issue relating to the defined benefit section of the Wildlife Trust Pension Scheme. A detailed investigation is drawing to a close to establish the extent to which this could result in financial liability to employers who participated in that section. The outcome of this process is expected to be known within the next 12-18 months. Because it is now possible to quantify the potential cost, the Trust has made a provision for this liability with the associated expenditure being shown as an exceptional item on the face of the Statement of Financial Activities. The figure is liable to change as the review process is finalised.

FUTURE PLANS

The forthcoming year will see a continued focus on the delivery of the current strategy which runs through to 2030. This includes maintaining the 3,800 hectare estate of around 100 sites. This comes with all the attendant ecological issues, an estimated 1 million-day visits, health and safety and active engagement with the public. We will also continue to service our memberships (of which there are over 13,500) and the Trust’s funding, finances and legal processes, along with advocacy, development control, campaigning and communications are all fundamental to achieving nature’s recovery in the county.

Some of our priorities for 2024-25 include:

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LINCOLNSHIRE WILDLIFE TRUST

Company No: 00461863 Charity No: 218895

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Lincolnshire Wildlife Trust is a membership body, a registered charity and a company limited by guarantee. It is governed by its Articles of Association, originally dated 2 December 1948 and last amended on 20 October 2021. Membership of the Trust is open to all, and the total number of subscribing members at 31 March 2024 was 27,450, an increase of 3.7% on the previous year. Each member is committed to contributing £1 in the event of the charity winding up. The charitable company is controlled by its Board of Trustees. The Trust is grateful for the continuing support of so many people in Lincolnshire and beyond.

Appointment of Trustees

The Articles of Association provide for a Board consisting of up to 15 Trustees appointed for a 3-year term with option for re-election. Trustees are elected by the Trust membership at the Annual General Meeting (AGM), usually held in October. At the first meeting of the Board of Trustees after the AGM, the Trustees appoint Honorary Officers (Chair, Treasurer and others if required) from the Board members.

If a Trustee has served for more than nine years, their reappointment is subject to a particularly rigorous review. The Board has no power of co-option but may fill a vacancy until the next AGM, refreshing the Board’s diversity of skills, experience and backgrounds.

During the year Grace Corn, Emma Buyers and Tim Sands stepped down as Trustees having made a valuable contribution to the Board. Tim, who has been associated with the Wildlife Trusts since 1975 was appointed a Vice President. After a successful external recruitment process Sophie Harris, Eve Crook, Sam Kemp, Caroline Steel and Libby John were appointed Trustees.

The Board appointed Professor Libby John as Chair Elect/Vice Chair with Anita Quigley due to step down in November 2024.

Sadly, Bob Prentice died in August 2023; he had served as the Trust’s Honorary Treasurer for nearly thirty years until 2009.

Trustee Induction and Training

Trustees’ skills are reviewed regularly to ensure that the balance is suitable. New Trustees are inducted into the charity and training is available. They are presented with background information including the Charity Commission’s guidance. Mandatory training is given on Safeguarding.

As well as undertaking their governance role on the Board of Trustees, some trustees act as volunteers and this helps them engage with many aspects of the Trust’s activities, staff, other volunteers and members. Trustees are encouraged to attend the RSWT open days and online seminars and workshops to connect with The Wildlife Trusts (TWT) and to make use of WildNet, the intranet system that assists communications and learning across the TWT network.

Organisational Structure

The Board of Trustees, of up to 15 members with a quorum minimum of three, meets bi-monthly and is responsible for the governance of the charity. A Finance Committee is appointed to maintain an overview of financial matters and to advise the Board accordingly. Area Groups represent the interests of members organising local events.

A Chief Executive is appointed by the Trustees to manage the day-to-day operations of the charity. The staff structure is organised around four Heads of Department: Finance (including membership and administration); Conservation (including the GLNP); Nature Reserves (the majority of this department is field based); and Public Engagement and Communications.

Staff

Good staff and volunteers are fundamental to achieving the Trust’s objectives. The staff structure is kept under regular review in order to ensure that it accords with the Trust’s objectives and strategies. As at 31 March 2023, the Trust employed a total of 81 members of staff (51 full-time and 30 part-time). This is

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LINCOLNSHIRE WILDLIFE TRUST

Company No: 00461863 Charity No: 218895

comparable to the previous year and includes 9 project staff and the 5 staff members that the Trust employs on behalf of the GLNP.

The arrangement for setting staff remuneration is common for all employees. The Trustees agree an annual cost of living increase (with reference to changes in the Consumer Price Index). RSWT carries out internal and external benchmarking of salaries. This information informs the Trust’s approach to remuneration for new and existing staff.

Related Parties

Lincolnshire Wildlife Trust is one of 46 independent Wildlife Trusts covering the UK, Isle of Man and Alderney, which are corporate members of RSWT. RSWT helps to develop UK and national policies, and provides operational advice to the Trusts, and acts as their collective voice. RSWT’s subsidiary Wildlife Trading Services Limited provides services and distributes funds to Trusts, including Lincolnshire Wildlife Trust. The Trust’s Chief Executive is a director of the company.

The Trust has a direct subsidiary, Lapwings Consultants Limited. It exists as a trading company to support the charitable work of the Trust through donation of its profits from retail sales.

The Trust acts as the host partner as well as active member of the GLNP, responsible for the Lincolnshire Biodiversity Action Plan, the Lincolnshire Environmental Records Centre, and the management of the Local Wildlife Sites system.

The Trust, along with five other Wildlife Trusts, is part of Wildlife Fundraising (Central) Limited, a mutual company for the purpose of recruiting members. The Trust’s Chief Executive is a Director of the company.

Wider Network

The Trust works with a large number of organisations in pursuing its aims. Partnerships with local authorities, statutory agencies and other voluntary bodies are a hallmark of the Trust’s way of working.

Other important partnerships are:

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Company No: 00461863 Charity No: 218895

LINCOLNSHIRE WILDLIFE TRUST

Several of the Trust’s nature reserves are operated in conjunction with local authorities, notably: Gibraltar Point near Skegness (LCC and ELDC); Whisby Nature Park near Lincoln (LCC and North Kesteven District Council (NKDC); and Snipe Dales near Horncastle (LCC).

The Trust works closely with NE in the management of Saltfleetby-Theddlethorpe Dunes NNR , with the Ministry of Defence in the management of Donna Nook NNR and Wainfleet Range and RSPB at Frampton Marsh.

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LINCOLNSHIRE WILDLIFE TRUST

Company No: 00461863 Charity No: 218895

REFERENCE AND ADMINISTRATIVE DETAILS

Charity Name Lincolnshire Wildlife Trust
The organisation is sometimes referred to simply as The Lincolnshire Trust.
Former names were The Lincolnshire Naturalists’ Trust, The Lincolnshire
Trust for Nature Conservation and The Lincolnshire & South Humberside
Trust for Nature Conservation.
Charity number 218895
Company number 00461863
Headquarters and Banovallum House
Registered office Manor House Street
Horncastle
Lincolnshire
LN9 5HF
Tel: 01507 526667
Auditors Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
15 Newland
Lincoln
LN1 1XG
Bankers Barclays Bank plc
Leicester
LE87 2BB
Solicitors Chattertons Legal Services Ltd
St Swithin’s Court
1 Flavian Road
Nettleham Road
Lincoln
LN2 4GR
Investment Managers CCLA
One Angel Lane
London
EC4R 3AB

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LINCOLNSHIRE WILDLIFE TRUST

Company No: 00461863 Charity No: 218895

Presidents

Trustees/Directors

Company Secretary

Geoff Trinder (President) Brian Tear (Vice President) Tim Sands (Vice President) Anita C Quigley Chair Elizabeth John Vice Chair appointed 21 October 2023 Michael J Burgass Emma L Buyers resigned 21 October 2023 Grace E Corn resigned 30 April 2023 Eve Crook appointed 21 October 2023 Kitty E Hamilton Acting Honorary Treasurer Sophie Harris appointed 21 October 2023 Samuel Kemp appointed 21 October 2023 Robert Oates resigned 29 April 2024 Timothy S Sands resigned 21 October 2023 Catherine J Sirett Mark Smith Caroline Steel appointed 21 October 2023 Joanne Woolley Paul V Learoyd

The Board of Trustees Members of the Board are Trustees for the purpose of charity law and are and Directors also company directors. They are elected at the Annual General Meeting and are collectively referred to throughout this report as the Trustees. Senior Staff Chief Executive:

Chief Executive: Paul V Learoyd Head of Conservation: Tammy M Smalley Head of Finance: Sarah J Smith Head of Nature Reserves: David R Bromwich Head of Public Engagement & Communications: Matthew J Capper

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Company No: 00461863 Charity No: 218895

LINCOLNSHIRE WILDLIFE TRUST

FINANCIAL SUPPORT

We are grateful to the following for their substantial financial support in 2023-24 through donations, grants and sponsorship of projects:

Anglian Water Services Defra East Lindsey District Council Environment Agency European Union Lincolnshire Bird Club Lincolnshire Co-operative Society Limited Lincolnshire County Council Ministry of Defence National Lottery Heritage Fund

Natural England The Crown Estate North Kesteven District Council North Lincolnshire Council People’s Postcode Lottery Royal Society of Wildlife Trusts Severn Trent Water South Kesteven District Council Vine House Farm YOU.Development Limited

Partner contributions to the Greater Lincolnshire Nature Partnership (hosted by the Lincolnshire Wildlife Trust) are acknowledged separately and are therefore not in this report

The following were Corporate Members during the reporting period:

Anglian Water Services BA Bush & Son Limited Cleethorpes Builders Merchants Cray Valley Limited Creative Nature Crowder & Sons Ltd Micronclean Limited Growing Wild Limited Holivans Limited J E Piccaver & Co J W Ruddock & Sons Limited Lindum Group Limited Mortons of Horncastle Limited

Natureland Seal Sanctuary Page Paper Limited Rowhire Limited SCS Technology Solutions Limited – became Air IT Limited in June 24 Sibelco UK Truelove Property & Construction Yara (UK) Limited Wienerburger Limited Woodhall Country Park Vine House Farm YOU.Development Limited

We would also like to record our appreciation and gratitude to the following individuals whose legacies we received or were notified of in the year ended 31 March 2024:

Sylvia May Smith Neville Geoffrey Arthurs Derek Barnett Edward Charles Gostelow Eva Frith Jane Ward Joan Shirley Dalby Joyce Sutton Peta Bourdillon Pauline Anne Turnbull Rosemary Bradshaw Mary Ambrey

Michael James Keogh Margaret Lindsay Elston Penelope Ann Ellis John Flintham Roy Cyril Smith Antony Edward Smith Lucia Magenda Dunham Murial Rhyder George Robert Prentice Dorothy Laking Hildegard Felicitas Smart

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Company No: 00461863 Charity No: 218895

LINCOLNSHIRE WILDLIFE TRUST

STATEMENT OF THE BOARD’S RESPONSIBILITIES

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

The Report of the Members of the Board, which includes the Strategic Report on pages 3 to 9, were approved by the Board on 6 September 2024 and signed on its behalf.

By Order of the Board

A Quigley Chair

6 September 2024

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Company No: 00461863 Charity No: 218895

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF LINCOLNSHIRE WILDLIFE TRUST

Opinion

We have audited the financial statements of Lincolnshire Wildlife Trust (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 March 2024 which comprise the Group Statement of Financial Activities, the group and the Parent Charitable Company Balance Sheet, the Group Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

We have nothing to report in this regard.

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LINCOLNSHIRE WILDLIFE TRUST

Company No: 00461863 Charity No: 218895

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

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

Responsibilities of Trustees

As explained more fully in the Board’s responsibilities statement set out on page 22, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

We have been appointed under the Companies Act 2006 and report in accordance with this.

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

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

Our work is performed to include an assessment of the susceptibility of the entity's financial statements to material misstatement, including the risk of fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

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LINCOLNSHIRE WILDLIFE TRUST

Company No: 00461863 Charity No: 218895

In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

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

Use of our report

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

Paul Colcomb FCCA (Senior Statutory Auditor) For and on behalf of Wright Vigar Limited Statutory Auditors, Chartered Accountants and Business Advisors 15 Newland Lincoln LN1 1XG

11 October 2024

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LINCOLNSHIRE WILDLIFE TRUST

Company No: 00461863 Charity No: 218895

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

(incorporating an Income and Expenditure Account) for the year ended 31 March 2024

Notes
Income
Donations and legacies
2
Charitable activities
3
Other trading activities
9
Investments
11
Other
Total
Expenditure
Raising funds
4
Charitable activities
8
Exceptional
21
Total
Net gains/(losses) on investments
11
Net income/(expenditure)
Transfers between funds
16-19
Other recognised
gains/(losses)
Actuarial gains on defined benefit
pension schemes
21
Movement in pension asset – not
recognised
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Income
Restricted
Income
Designated &
Endowment
Fund
Total
2024
Total
2023
£
£
£
£
£
1,196,889
10,000
0
1,206,889
1,285,607
479,642
3,202,666
0
3,682,308
1,736,633
92,453
0
0
92,453
84,453
115,989
19,718
0
135,707
146,084
128,648
0
0
128,648
47,830
2,013,621
3,232,384
0
5,246,005
**3,300,607 **
274,743
0
0
274,743
296,786
2,500,691
1,789,723
0
4,290,414
4,123,663
308,000
0
0
308,000
0
3,083,434
1,789,723
0
4,873,157
4,420,449
360,982
0
63,788
424,770
(248,564)
(708,831)
1,442,661
63,788
797,618
(1,368,406)
(647)
(132,781)
133,428
0
0
(44,971)
0
0
(44,971)
(128,688)
(6,417)
0
0
(6,417)
86,863
(760,866)
1,309,880
197,216
746,230
(1,410,231)
6,069,693
1,727,260
10,586,302
18,383,255
19,793,486
5,308,827
3,037,140
10,783,518
19,129,485
18,383,255

The statement of financial activities contains all gains and losses for the year and all activities relate to continuing operations.

The profit for the purposes of the Companies Act 2006 is the net incoming resources before unrealised losses/gains.

The notes on pages 28 to 47 form part of these financial statements

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Company No: 00461863 Charity No: 218895

LINCOLNSHIRE WILDLIFE TRUST

CONSOLIDATED AND CHARITY BALANCE SHEET as at 31 MARCH 2024

Notes Group Group Company Company
2024 2023 2024 2023
£ £ £ £
Fixed assets
Heritage assets 10 9,986,793 9,820,365 9,986,793 9,820,365
Tangible assets 10 1,938,932 1,531,471 1,938,929 1,531,467
Investments 11 4,653,811 4,779,040 4,678,811 4,804,040
Total fixed assets 16,579,536 16,130,876 16,604,533 16,155,872
Current assets
Stocks 12 60,074 53,315 49,500 44,265
Debtors 13 6,689,626 2,215,466 6,694,353 2,221,478
Cash at bank and in hand 14 955,742 768,238 938,227 710,626
Total current assets 7,705,442 3,037,019 7,682,080 2,976,369
Liabilities
Creditors
Amounts falling due within one year 15 4,562,118 480,640 4,600,860 478,057
Net current assets 3,143,324 2,556,379 3,081,220 2,498,312
Net assets less current liabilities 19,722,860 18,687,255 19,685,753 18,654,184
Creditors
Amounts falling due after one year 15 593,375 304,000 593,375 304,000
Net assets 19,129,485 18,383,255 19,092,378 18,350,184
The funds of the charity
Endowment and Designated funds 16 10,178,862 10,012,434 10,178,862 10,012,434
Restricted Endowment fund 17 604,656 573,868 604,656 573,868
Restricted funds 18 3,037,140 1,727,260 3,037,140 1,727,260
Unrestricted funds 19 5,308,827 6,069,693 5,271,720 6,036,622
Total 19,129,485 18,383,255 19,092,378 18,350,184

The financial statements were approved by the Board of Trustees on 6 September 2024 and were signed on its behalf by:

Kitty Hamilton – Acting Honorary Treasurer

Company Number 00461863

A Quigley – Chair

The notes on pages 28 to 47 form part of these financial statements

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LINCOLNSHIRE WILDLIFE TRUST

Company No: 00461863 Charity No: 218895

CONSOLIDATED CASH FLOW STATEMENT for the year ended 31 March 2024

2024
£
Cash flows from operating activities
Net cash provided by (used in) operating activities
Cash flows from investing activities
Dividends, interest and rents from investments
135,707
Proceeds from the sale of property, plant and equipment
0
Proceeds from the sale of investments
549,999
Purchase of property, plant, equipment and heritage assets
including work in progress
(750,319)
Purchase of investments
0
Net cash provided by (used in) investing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting
period		 2024
2023
£
£
252,117
146,084
1,450
0
(331,439)
0
(64,612)
187,504
768,238		 2023
£
(972,155)
(183,905)
(1,156,060)
1,924,298
Cash and cash equivalents at the end of the reporting period 955,742 768,238
Net income/(expenditure) for the reporting period
(as per statement of financial activities)
Adjustments for:
Depreciation
(Gains)/losses of investments
Dividends, interest and rents from investments
Loss/(profit) on the sale of fixed assets
Donation of land at market value
(Increase)/decrease in stock
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Pension contributions paid into defined benefit scheme in period
Other gains/(losses) on pension in period
Pension interest and expenses
Pension provision in period
Net cash inflow from operating activity		 746,230
176,429
(424,770)
(135,707)
1
0
(6,759)
(4,474,160)
4,370,853
(82,003)
6,417
30,615
44,971
252,117		 (1,410,231)
156,888
248,564
(146,084)
(1,448)
(12,600)
(21,057)
182,058
31,754
(79,614)
(86,862)
37,789
128,688
(972,155)

The notes on pages 28 to 47 form part of these financial statements

27

LINCOLNSHIRE WILDLIFE TRUST

Company No: 00461863 Charity No: 218895

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024

1. ACCOUNTING POLICIES

Basis of Preparation

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

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

The financial statements have been prepared under the historic cost convention, with the exception of listed investments which are included at their market value.

None of the group’s activities were acquired or discontinued during the financial year.

The recognised gains or losses of the group are disclosed in the consolidated statement of financial activities.

Lincolnshire Wildlife Trust is a private company, limited by guarantee and is registered in England and Wales. The company’s registered number and registered office address can be found in the Reference and Administrative Details of the Report of the Trustees.

Consolidation

The results of Lincolnshire Wildlife Trust and its wholly owned subsidiary Lapwings Consultants Limited, have been consolidated and group accounts have been presented.

A separate income and expenditure account for the holding company is not presented as permitted by section 408 of the Companies Act 2006.

Voluntary Income

Voluntary income is received by way of donations and gifts, legacies, subscriptions and fundraising activities. This income is credited to the income and expenditure account on the earlier of receipt or when receipt is probable, the value can be ascertained and the Trust gets the legal right to the income. Tax refunds on gift aid income are however accrued as earned.

Legacies

Legacies are recognised when the conditions of ‘entitlement, probability and measurement’ are met. Each bequest is recognised once a reasonable estimate of its value can be made and providing there is no evidence of any significant contentious claims against the deceased’s estate. Where the Trust is left part of the residue of an estate, the deceased’s Will, initial statement of assets and liabilities and draft estate accounts are used to calculate the estimated value of the bequest. This estimate is only recognised as income once the executors have proved the Will (i.e., obtained probate). Probate values will normally be used to measure value.

Grants Received (including Government Grants)

Capital grants received for Fixed Assets are taken to the Capital Grants Fund and are released to the Income and Expenditure Account in instalments relating to the relevant asset lives to match the associated depreciation charge. Grants are treated as restricted whilst restrictions exist on the underlying assets and are transferred to unrestricted when such restrictions cease to apply. Revenue grants are credited to the Income and Expenditure account in the period in which they are receivable.

Investment Income

Income on fixed interest investments is accounted for on an accruals basis. Dividends on investments are also credited to revenue on an accruals basis.

28

LINCOLNSHIRE WILDLIFE TRUST

Company No: 00461863 Charity No: 218895

Deferred Income

Rents received in advance are spread over the expected term of the lease and recognised when the charity gains legal entitlement to the rent.

Expenditure

All expenditure, other than that which has been capitalised, is included in the income and expenditure account. Account is also taken of goods and services received at the year end but not invoiced until after this date. Support costs are allocated to charitable activities and other cost centres with reference to the percentage of payroll costs attributable to each cost centre.

Investment Properties

Investment properties are valued at the lower of cost or fair value at the year end. Any gains or losses arising on revaluation are recognised in the SOFA.

Fixed Assets

Tangible fixed assets costing more than £500 are capitalised and included at cost, including any incidental expenses of acquisition.

Nature reserves incur expenditure on structures such as hides and fencing on land. Such expenditure is not capitalised unless it will enhance the value of the Reserve.

Donated Assets, Services and Facilities

Donated assets, services and facilities are included at the market value to the charity where it can be quantified. The value of services provided by volunteers has not been included in these accounts.

Depreciation

No depreciation is provided on Freehold Land, which is considered to have a useful life of more than 50 years.

The estimated remaining useful life of the Freehold Buildings exceeds 50 years and it is considered that the depreciation charge and accumulated depreciation are immaterial.

Depreciation is provided on a straight-line basis to write off the depreciable value of all other fixed assets over their expected useful lives as follows:

Motor vehicles 25%
Plant fixtures and fittings 10-25%
Other buildings 0-20%
Heritage assets Not depreciated

Stock

Stock is stated at the lower of cost and net realisable value.

Permanent Endowment Fund

Transactions and other events which increase or decrease the amount of this fund are not dealt with in the income and expenditure account. The movement is recognised within the Statement of Financial Activities.

Restricted Funds

The Trust’s restricted funds are those where the donor or grant giving body has imposed restrictions on their use.

Pensions

The Trust offered one pension arrangement during the year, a Royal London Group Personal Pension scheme into which staff were auto-enrolled. Contributions in respect of the Royal London Group Personal Pension scheme are charged to the profit and loss account on an accruals basis. They are allocated across unrestricted and restricted funds in line with the associated salary costs.

Formerly the Trust also offered the Wildlife Trusts Pension Scheme (WTPS), a multi-employer hybrid scheme, which had two types of membership: defined benefit and defined contribution. The defined contribution category of the WTPS was closed at the end of the financial year 2018-19 and existing

29

Company No: 00461863 Charity No: 218895

LINCOLNSHIRE WILDLIFE TRUST

members were transferred to the Royal London scheme. The defined benefit scheme was closed to new members in October 2005.

The defined benefit scheme amount charged in resources expended is the net of the interest cost and interest income relating to the Trust’s share of the assets in the scheme. Re-measurements are recognised immediately under Other recognised gains and losses.

The WTPS is funded, with the assets of the scheme, held separately to those of the Trust, in pension trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit method at a rate equivalent to the current rate of return on high-quality corporate bonds of equivalent currency and term to the scheme’s liabilities. The Trust’s share of the resulting defined benefit asset or liability is presented separately after other net assets on the face of the balance sheet. Full actuarial valuations are obtained triennially.

Further details of the pension arrangements are given in Note 21 to these accounts.

Investments

Investments are a form of basic financial instrument and initially recognised at their transaction value and subsequently measured at their fair value at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

Heritage Assets

Heritage Assets are nature reserves, capitalised at cost at the date of addition. Any assets donated, where the cost is unknown, are capitalised at valuation at the date of addition. Further details are disclosed within Note 10 to the financial statements.

Financial Instruments

The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2. DONATIONS & LEGACIES

Membership income
Grants and donations
Legacies
Total		 Unrestricted
Restricted
income
income
2024
2023
£
£
£
£
882,919
0
882,919
825,441
60,659
0
60,659
62,712
253,311
10,000
263,311
397,454
1,196,889
10,000
1,206,889
1,285,607

At 31 March 2024, our estimate of the value of legacies that had been bequeathed to the Trust, but which had not been included in the financial statements, was £5k (2023: £36k).

30

LINCOLNSHIRE WILDLIFE TRUST

3.CHARITABLE ACTIVITIES
Nature Reserves
Environmental funding
Local authority funding
Central Government funding
Other grant income
Donations
Earned income
Income from properties
Other incoming resources
Wider Countryside Conservation
Local authority funding
Central Government funding
Other public bodies
Other grant income
Earned income
Other incoming resources
Inspiring People
Local authority funding
Central Government funding
Other grant income
Earned income		 Company No: 00461863
Charity No: 218895
Unrestricted
Restricted
Total
Total
Income
Income
2024
2023
£
£
£
£
101,919
384,481
486,400
425,826
0
49,882
49,882
42,417
0
379,277
379,277
157,851
0
63,050
63,050
0
0
5,247
5,247
16,623
0
26,610
26,610
33,610
139,800
0
139,800
173,116
0
47,793
47,793
74,399
241,719
956,340
1,198,059
923,842
0
127,184
127,184
61,250
0
1,604,914
1,604,914
106,938
0
2,322
2,322
3,152
0
96,102
96,102
88,859
0
65,438
65,438
66,434
0
240,539
240,539
237,323
0
2,136,499
2,136,499
563,956
3,500
0
3,500
3,500
0
0
0
0
0
109,827
109,827
24,687
234,423
0
234,423
220,648
237,923
109,827
347,750
248,835
479,642
3,202,666
3,682,308 1,736,633

The charity received Government grants totalling £1,580,107 in the period (2023: £62,972)

4. EXPENDITURE ON RAISING FUNDS

Supporter recruitment
Recruitment overheads
Merchandising
Total		 2024
2023
£
£
226,210
252,668
549
98
47,984
44,020
274,743
296,786

31

Company No: 00461863 Charity No: 218895

LINCOLNSHIRE WILDLIFE TRUST

5.EMPLOYEE INFORMATION
2024 2023
£ £
The movement in the year is after charging:
Salaries and wages 1,938,831 1,833,393
Social security costs 169,051 166,161
Other pension costs 100,732 91,805
Staff costs for the Trust 2,208,614 2,091,359
The average number of employees, during the period, was made up as follows:
Full time 54 44
Part time 26 23
Company totals 80 67
Group totals 80 **67 **
The average number of employees, during the period, by activity was made up as follows:
Nature Reserves 26 24
Wider Countryside Conservation 19 13
Inspiring People 25 21
Raising Funds 1 1
Management and Administration 9 8
Company totals 80 67
Group totals 80 67

The Trust operates a Royal London Group Personal Pension defined contribution scheme that all members of staff are eligible to join. The Trust contributes a minimum of 4% of employees' salaries and will match employee contributions to a maximum of 7.5%.

84 members of staff (2023:72) were members of a scheme at the end of the year.

Pension contributions of £ 9,241 (2023: £5,995) were made on behalf of higher paid employees.

The total value of employee benefits received by key management personnel, (our senior staff), were £331,743 (2023: £326,932)

Employees paid £60,000 or more: 2024 2023
£70,000-£79,999 1 1

32

LINCOLNSHIRE WILDLIFE TRUST

Company No: 00461863 Charity No: 218895

6. TRUSTEE REMUNERATION AND RELATED PARTY TRANSACTIONS

No payments for professional services associated with any member of the Board were made during the year (2023: nil).

No travel expenses were paid during the year to members of the Board (2023: £232)

During the year, the Trust paid £1,165 (2023: £1,109) to the Humber Nature Partnership, a not for profit company of which Paul Learoyd, the Chief Executive of Lincolnshire Wildlife Trust, is Chair of the Board of Directors.

The Trust owns a number of residential properties. During the year one of these was let, on arms-length terms, to members of staff.

Wildlife Fundraising (Central) is a joint venture with five other Wildlife Trusts to provide membership recruitment services to the founding members. The Chief Executive of Lincolnshire Wildlife Trust, Paul Learoyd, is a director of this company. Recruitment costs of £189,628 (2023: £200,532) were incurred in the year in respect of services received from Wildlife Fundraising (Central) Limited. £14,752 was owed to them (2023: £23,904) as at 31st March 2024 and is included in the Trade Creditors figure in Note 15.

7. ANALYSIS OF SUPPORT COSTS BY CHARITABLE ACTIVITY

Nature Reserves
Wider Countryside Conservation
Inspiring People
Total
Total Support Costs 2023		 Overheads
IT & HR
Finance
Premises Governance
Total
£
£
£
£
£
£
131,535
28,192
35,561
29,993
11,666 236,947
116,749
23,855
30,091
25,379
9,871 205,945
94,171
20,241
25,532
21,534
8,376 169,854
342,455
72,288
91,184
76,906
29,913 612,746
282,816
66,054
85,400
49,020
33,651516,941

33

Company No: 00461863 Charity No: 218895

LINCOLNSHIRE WILDLIFE TRUST

8. ANALYSIS OF TOTAL EXPENDITURE

8.ANALYSIS OF TOTAL EXPENDITURE
Direct Support Direct 2024 2023
Employment Costs Costs Total Total
Costs
£ £ £ £ £
Nature Reserves 718,416 236,947
680,770		 1,636,133 1,549,862
Wider Countryside Conservation 610,490 205,945
720,296		 1,536,731 1,531,755
Inspiring People 504,543 169,854
443,153		 1,117,550 1,042,046
Charitable Activities 1,833,449 612,746 1,844,219 4,290,414 4,123,663
Raising Funds 27,293 549
198,917
226,759
252,766
Merchandising 0 4,763
43,221
47,984
44,020
Exceptional 0 0 308,000 308,000 0
Total expenditure 1,860,742 **618,058 ** 2,394,357 4,873,157 4,420,449
Total expenditure 2023 1,779,515 **520,530 ** 2,120,404 4,420,449
Total resources expended are stated after charging:
Auditor's remuneration
The amounts payable to Wright Vigar were: 2024 2023
£ £
Statutory 11,370 10,825
Tax Advice 530 500
11,900 11,325
9.TRADING SUBSIDIARY
Lapwings Consultants Limited 2024 2023
Profit and loss account year ended 31 March 2024 £ £
Turnover 92,453 84,453
Cost of sales (43,221) (40,529)
Gross profit 49,232 43,924
Administrative expenses (14,276) (12,560)
Operating profit 34,956 31,364
Interest receivable and similar income 513 69
35,469 31,433
Interest payable and similar expenses (100) (100)
Profit before taxation 35,369 31,333
Tax on profit 0 0
Profit for the financial year 35,369 31,333

34

Company No: 00461863 Charity No: 218895

LINCOLNSHIRE WILDLIFE TRUST

Balance Sheet as at 31 March 2024
Fixed assets
Stock
Debtors
Amounts owed by group companies
Cash at bank and in hand
Creditors: amounts falling due within one year
Amounts owed to group companies
Net current assets/(liabilities)
Total assets less current liabilities
Capital and reserves
Share capital
Profit and loss account brought forward
Profit for year
Gift Aid paid to Trust		 10,574
273
45,697
17,515		 2024
3





62,104		 9,050
308
0
57,612		 2023
4





58,067
74,059
(6,955)
(5,000)		 66,970
(2,583)
(6,320)
(11,955)
33,071
35,369
(31,333)		 (8,903)



17,713
31,333

(15,975)
62,107 58,071
25,000


37,107		 25,000


33,071
62,107 58,071

35

Company No: 00461863 Charity No: 218895

LINCOLNSHIRE WILDLIFE TRUST

10. FIXED ASSETS

10.FIXED ASSETS
Heritage
assets
Group
Nature
reserves
£
Cost:
At 1 April 2023
9,820,365
Additions
166,428
Disposals
0
Cost at 31 March 2024
9,986,793
Depreciation:
At 1 April 2023
0
Provided for the period
0
Disposals
0
Depreciation at
31 March 2024
0
Net book value
31 March 2024
9,986,793
Net book value
31 March 2023
9,820,365
Nature Reserves at Cost or Market
Value where donated
Rush Furlong
Far Ings
Sow Dale
Castle Bytham
Bourne North Fen
Bailey's Field Scotton
Crowle Moor
Badger Farm refurbishment
Moor Farm refurbishment
Nature Reserves Disposals
The Yews
Total:		 Heritage
assets
Nature
reserves
£
9,820,365
166,428
0
9,986,793
0
0
0
0		 Tangible assets
Fixtures
Total
Banovallum
Other
Motor
fittings &
tangible
House
buildings
vehicles
equipment
assets
£
£
£
£
£
442,807
533,793
246,759
1,834,037 3,057,396
5,850
430,741
87,796
59,504
583,891
0
0
(8,110)
0
(8,110)
448,657
964,534
326,445
1,893,541
3,633,177
0
183,561
222,115
1,120,249 1,525,925
0
25,101
23,504
127,824
176,429
0
0
(8,109)
0
(8,109)
0
208,662
237,510
1,248,073 1,694,245
448,657
755,872
88,935
645,468 1,938,932
442,807
350,232
24,644
713,7881,531,471
2019-20
2020-21
2021-22
2022-23
2023-24
£
£
£
£
£
200
302,924
118,543
182,038
1,181,057
12,600
27,189
14,585
6,111
(23,000)
484,962
200 1,158,057
12,600
166,428

36

Company No: 00461863 Charity No: 218895

LINCOLNSHIRE WILDLIFE TRUST

11. INVESTMENTS

Group

Market value at 31 March 2023
Investments made in the year
Disposals
Realised gains on disposal
Add: Net gains on revaluation at 31 March 2023
Market value at 31 March 2024
Historical cost at 31 March 2024		 2024
2023
£
£
4,779,040
5,027,604
0
0
(549,999)
0
2,885
0
421,885
(248,564)
4,653,811
4,779,040
1,970,761
2,517,875

The above market value can be analysed as follows:

UK listed investments unrestricted
UK listed investments restricted
Total		 Investment income
Market value
2024
2023
2024
2023
£
£
£
£
115,989
126,366
3,950,155
4,139,173
19,718
19,718
703,656
639,867
135,707
146,084
4,653,811
4,779,040

The investment figure in the company balance sheet also includes £25,000 which is the nominal value of the shares held in its wholly owned subsidiary Lapwings Consultants Limited.

12. STOCK

12.STOCK
Goods for resale
Café stock
Livestock
Consumables
Total		 Group
2024
2023
£
£
10,574
9,050
1,650
1,565
42,850
37,700
5,000
5,000
60,074
53,315		 Company
2024
2023
£
£
0
0
1,650
1,565
42,850
37,700
5,000
5,000
49,500
44,265

37

Company No: 00461863 Charity No: 218895

LINCOLNSHIRE WILDLIFE TRUST

13. DEBTORS

Owed by group companies
Trade debtors
Other debtors
Prepayments
VAT
Legacies receivable
Total		 Group
Company
2024
2023
2024
2023
£
£
£
£
0
0
5,000
6,320
192,168
64,972
192,168
64,972
6,074,827
1,302,948
6,074,827
1,302,948
226,227
233,053
225,979
232,745
126
8,690
101
8,690
196,278
605,803
196,278
605,803
6,689,626
2,215,466
6,694,353
2,221,478

The amount owed by group companies includes a loan to Lapwings Consultants Limited of £5,000 (2023: £5,000). Interest is payable on the loan at 2% per annum.

14. CASH AT BANK AND IN HAND

Bank balances
COIF Charities Deposit Fund
Cash in hand
Total		 Group
Company
2024
2023
2024
2023
£
£
£
£
942,606
555,202
925,861
498,360
10,000
210,000
10,000
210,000
3,136
3,036
2,366
2,266
955,742
768,238
938,227
710,626

15. CREDITORS

Falling due within one year

Falling due within one year
VAT
Amounts owed by group companies
Trade creditors
Other creditors
Accruals
PAYE and pension
Bourne North Fen loan
Deferred income NE Peat Restoration
Deferred income including Badger Farm
Total		 Group
Company
2024
2023
2024
2023
£
£
£
£
57,257
0
57,257
0
0
0
45,697
0
239,621
291,071
237,271
290,575
7
7
7
7
108,381
118,583
103,776
116,496
56,157
52,354
56,157
52,354
13,000
13,000
13,000
13,000
4,082,070
0
4,082,070
0
5,625
5,625
5,625
5,625
4,562,118
480,640
4,600,860
**478,057 **

38

Company No: 00461863 Charity No: 218895

LINCOLNSHIRE WILDLIFE TRUST

Falling due after one year
Deferred income including Badger Farm
Bourne North Fen loan – secured loan
(falling due in less than five years)
Bourne North Fen loan – secured loan
(falling due after five years)
Pension provision
Total		 Group
Company
2024
2023
2024
2023
£
£
£
£
129,375
135,000
129,375
135,000
52,000
52,000
52,000
52,000
104,000
117,000
104,000
117,000
308,000
0
308,000
0
593,375
304,000
593,375
304,000
Deferred income resources
Deferred income:
Deferred income at 1 April 2023
Amount released in year
Amount deferred in year
Deferred income at 31 March 2024		 2024
2023
£
£
140,625
146,350
(5,625)
(5,725)
4,082,070
-
4,217,070
140,625

16. PERMANENT ENDOWMENT AND DESIGNATED FUNDS

In accordance with the Trust's accounting policies (see Note 1) the Trust's freehold nature reserves and other heritage assets are capitalised at the date of acquisition. No re-valuation is made subsequently. Most nature reserve acquisitions are made with the assistance of restricted grants and donations. It is the Trust's practice to designate sufficient unrestricted income to top-up the funds to match the historical value. The funds are therefore presented in two parts: endowment (restricted and non-expendable) and designated (unrestricted and theoretically expendable). For all practical purposes the nature reserve assets cannot be disposed of, but the unrestricted portion of the value is theoretically disposable.

Fund balances as at 1 April 2023
Designated from unrestricted funds
Fund balances as at 31 March 2024
The funds are represented by the following:
Nature Reserves* owned by the Trust
Banovallum House (Trust Headquarters) - proportion
Sykes Farm improvements		 Endowment
£
4,512,248
0		 Designated
Total
£
£
5,500,186
10,012,434
166,428
166,248
4,512,248 5,666,614
**10,178,862 **
£
9,986,793
117,551
74,518
**10,178,862 **

39

Company No: 00461863 Charity No: 218895

LINCOLNSHIRE WILDLIFE TRUST

17. RESTRICTED ENDOWMENT FUND

Investment
Balance Incoming unrealised Balance
1 April 2023 resources Expenditure Transfers
gain		 31 March 2024
Heritage
£		 £ £ £
£		 £
Lottery
Catalyst Fund
573,868		 0 0 (33,000)
63,788		 604,656
A transfer of £33,000 was made from the Catalyst Fund to recognise the release of the capital element of
the endowment over the agreed terms of the funding.
Summary of endowment funds £
Funds balances as at 31 March 2024
Represented by nature reserves and heritage assets
Endowment funds 4,512,248
Designated funds 5,666,614
Heritage Lottery Catalyst Fund 604,656
Total 10,783,518

A transfer of £33,000 was made from the Catalyst Fund to recognise the release of the capital element of the endowment over the agreed terms of the funding.

40

Company No: 00461863 Charity No: 218895

LINCOLNSHIRE WILDLIFE TRUST

18. RESTRICTED FUNDS

18.RESTRICTED FUNDS
Balance at Incoming Resources Funds Balance at
31 March 2023 Resources Expended Transfer 31 March 2024
£ £ £ £ £
Coastal Grazing Marshes 11,819 0 0 0 11,819
Greater Lincolnshire Nature Partnership 306,470 221,526 (244,918) 0 283,078
Fens for the Future (513) 1,000 (770) 0 (283)
Lincolnshire Plants Past & Future HLF 27,502 2,000 (3,786) 0 25,716
South Lincolnshire Fens 11,034 0 (6,353) 0 4,681
Viking Link Interconnector 16,652 (10,000) 0 0 6,652
EA Slow the Flow Project 2,400 0 (2,400) 0 0
EA CaBA Projects 20,846 9,500 (22,069) 0 8,277
Lincolnshire Co-op Community Champions 1,276 0 (1,276) 0 0
Coastal Ranger 10,000 10,000 (10,000) 0 10,000
Bird Data Project 0 2,560 (2,560) 0 0
Lincolnshire Plant Propagation 38,430 0 0 0 38,430
Catalyst Fund Income 0 19,718 0 (19,718) 0
Dynamic Dunescapes including Capital Grant 3,155 347,077 (40,717) 0 309,515
Dynamic Dunescapes including Capital Grant
Softrak 126,252 0 (20,168) 0 106,084
Defra ELMS projects (1,067) 0 1,067 0 0
EA Huttoft Marsh 6,175 0 0 0 6,175
Legacy - Angela Bates 289,099 0 0 0 289,099
EA Bulldog Bank Gibraltar Point 21,766 0 0 0 21,766
EA Woodhall silt lagoons 3,800 0 0 0 3,800
EA Sow Dale Phase 1 & 2 30,170 0 (15,512) 0 14,658
EA Sea Bank Clay Pits 14,000 0 (14,000) 0 0
EA Crassula control 5,000 0 (3,000) 0 2,000
EA Anderby Viewing Screen (278) 0 278 0 0
EA Fiskerton Car Park 5,000 0 (5,000) 0 0
EA Huttoft Tern rafts 2,000 0 0 0 2,000
EA Rimac Flood Bank Alterations 0 22,500 0 0 22,500
LCC Snipe Dales Car Park and maintenance 0 6,667 0 0 6,667
LCC Snipe Dales foot path 1,852 4,000 (680) 0 5,172
Leachman donations Gosling Corner Wood 3,020 0 (733) 0 2,287
Severn Trent Water Isle of Axeholme (34,798) 34,798 0 0 0
Nature Recovery Network – Biodiversity
Opportunity Mapping 7,550 0 (3,369) 0 4,181
NEIRF Green Investment in Greater Lincolnshire (9,554) 90,644 (25,007) 0 56,083
Nature for Climate Peatland Scheme Fens East
Discovery 94,027 325 (234,216) 0 (139,864)
Nature for Climate Peatland Scheme Fens East
Restoration 0 1,492,018 (274,362) 0 1,217,656
EU Life Moor Space 222,817 0 (87,597) 0 135,220
EA Lyme Natural Flood Management (916) 0 916 0 0
Precious Peatlands 111,593 18,497 (869) (24,013) 105,208
Humber Head Levels Great North Fen (15,888) 17,215 (9,789) 0 (8,462)
Humber Head Levels Great North Fen
Restoration 0 48,049 (18,789) 0 29,260
Orsted Humber Biodiversity Enhancement 175,903 142,748 (89,271) 0 229,380
NE DLL great crested newt Pond Creation (771) 41,580 (41,051) 0 (242)
Crown Estate Marine Internships 0 46,560 (38,971) 0 7,589
Nextdoor Nature (10,625) 50,191 (47,117) 0 (7,551)
Lincolnshire Co-op Nextdoor Nature Funding 0 59,635 (25,585) 0 34,050
Anglian Water Wind Turbines 29,869 0 (29,869) 0 0

41

LINCOLNSHIRE WILDLIFE TRUST

Gibraltar Bird Observatory Sea-Changers & Dick
Lambert donation
Richard Heath donation for Reserves kit
Harvey’s Hide donation
Snipe Dale Tombs donation
Sleaford Area Group donation
Stanley Barker Corden legacy for reserve
purchase
John David Sewards legacy for reserve
improvement and extension
Joyce Sutton legacy for upkeep and
maintenance of Linwood Warren
Pauline Anne Turnbull legacy for upkeep for
Rauceby Warren
Banister Trust Sow Dale purchase
Environmental Funding
Local Authority Funding
Central Government Funding
Other Funds
Total		 Company No: 00461863
Charity No: 218895
Balance at
31 March 2023
Incoming
Resources
Resources
Expended
Funds
Transfer
Balance at
31 March 2024
£
£
£
£
£
4,754
0
(720)
0
4,034
5,000
0
(5,000)
0
0
1,000
0
(1,000)
0
0
810
0
0
0
810
1,000
0
0
0
1,000
26,000
0
0
(26,000)
0
50,000
0
0
0
50,000
0
5,000
0
0
5,000
0
5,000
0
0
5,000
0
63,050
0
(63,050)
0
0
384,481
(384,481)
0
0
1,524
47,110
(47,110)
0
1,524
33
9,700
(9,733)
0
0
112,072
39,235
(24,136)
0
127,171
1,727,260
3,232,384
(1,789,723)
(132,781)
3,037,140

A transfer of £19,718 was made in respect of the Catalyst Fund which relates to the release of income to support the management of the Trust’s nature reserves in line with the Heritage Lottery Fund (now National Lottery Heritage) requirements.

A transfer of £24,013 was made from Precious Peatlands to part fund the purchase of land at Crowle

A transfer of £26,000 was made from the legacy of John David Sewards to contribute to the funding of the purchase of land at Sow Dale

A transfer of £63,050 was made from the Banister Trust, awarded to provide funding for the purchase of Sow Dale.

42

LINCOLNSHIRE WILDLIFE TRUST

Company No: 00461863 Charity No: 218895

19. UNRESTRICTED FUNDS

19.UNRESTRICTED FUNDS
Working capital
Income resilience fund
General fund
Development fund
Conservation fund
Capital Grant fund
Pension fund
Total		 Balance
Incoming
Resources
Funds
Balance
31 March 2023
resources
expended
transfer
31 March 2024
£
£
£
£
£
350,000
2,013,621 (3,067,997)
1,054,376
350,000
900,000
0
0
0
900,000
1,250,000
2,013,621 (3,067,997)
1,054,376
1,250,000
426,850
0
0
(176,850)
250,000
3,986,623
360,982
0
(660,464)
3,687,141
5,663,473
2,374,603 (3,067,997)
217,062
5,187,141
78,132
0
(15,437)
58,991
121,686
328,088
0
(51,388)
(276,700)
0
6,069,693
2,374,603
(3,134,822)
(647)
5,308,827

20. ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

Fund Balances at 31 March 2024
are represented by:
Heritage assets
Tangible assets
Investments
Current assets
Current liabilities
Long term liabilities
Total net assets		 Unrestricted
funds
Restricted
funds
Designated
funds
Endowment
funds
Total funds
£
£
£
£
£
0
0
5,585,875
4,400,918
9,986,793
1,746,863
0
80,739
111,330
1,938,932
3,238,753
810,402
0
604,656
4,653,811
1,396,634
6,308,808
0
0
7,705,442
(480,048)
(4,082,070)
0
0 (4,562,118)
(593,375)
0
0
0
(593,375)
5,308,827
3,037,140
5,666,614
5,116,904
19,129,485

21. PENSION ARRANGEMENTS

The Trust operates two pension arrangements: a Royal London Group Personal Pension, and The Wildlife Trust Pension scheme. Auto-enrolment into the group personal pension scheme commenced in July 2014.

The Wildlife Trust Pension Scheme (WTPS)

The WTPS is a multi-employer scheme with the Royal Society of Wildlife Trusts acting as the lead employer on behalf of 11 other Wildlife Trusts. The defined contribution section of the Scheme, which included further Trusts, was closed with effect from 31 March 2019.

During the year ended 31 March 2022, the Trustees of the charity were made aware of a potential issue relating to the defined benefit section of the Wildlife Trust Pension Scheme. A detailed investigation is drawing to a close to establish the extent to which this could result in financial liability to employers who participated in that section. The outcome of this process is expected to be known within the next 12-18 months. The Trust has made a provision for this liability of £308,000 which is the current best estimate of the likely impact on the Trust. This is shown as an exceptional item on the face of the Statement of Financial Activities and as a liability over one year within the balance sheet.

The defined benefit or 'final salary' category closed to future accrual of benefits in October 2005. This section of the Scheme provided retirement benefits based on members' salaries when they left employment. The assets of the Scheme are held in a separately administered fund and the Scheme is administered by the Trustees (independent of the Employers) who is responsible for ensuring that the Scheme is sufficiently funded to meet current and future obligations. However, the assets and liabilities are not segregated between the Employers. The liabilities set out in this note have been calculated based on the preliminary

43

LINCOLNSHIRE WILDLIFE TRUST

Company No: 00461863 Charity No: 218895

results of the full Scheme Funding Assessment at 1 April 2019, updated to March 2023. The present value of the defined benefit obligation was measured using the project unit credit method. This is consistent with the approach taken last year. This report shows the position for accounting purposes moving from a surplus of £56,526 to a surplus of £62,943. The recommendation from the actuary is to record a nil asset value in the Trust’s accounts as the future recoverability of this book surplus is in doubt. This surplus is not recognised in note 19. Therefore, at 31 March 2024, the surplus in the Retirement Benefits Scheme was £62,943 (2023: a surplus of £56,528). In accordance with s7.12 of the Statement of Recommended Practice FRS102 (S28.22 of FRS102), this surplus has not been recognised in the Trust’s accounts which instead report a position of no surplus nor deficit.

2024
2023
£
£
Pension provision at 1 April 2023
0
0
Release of irrecoverable surplus from prior year
(56,528)
(143,391)
Contributions paid by the Trust
(82,003)
(79,614)
Costs included in net income/(expenditure)
30,615
37,789
Movement of pension deficit provision
(107,916)
(185,216)
Remeasurements included in other recognised gains/(losses)
44,971
128,688
Defined benefit (asset)/liability following actuarial valuation
(62,945)
(56,528)
Irrecoverable surplus increased and treated as actuarial loss
62,945
56,528
Pension provision at 31 March 2024 on the defined benefit basis
0
0
Exceptional provision
308,000
0
Changes in the present value of the defined benefit obligation
2024
2023
£
£
Present value of defined benefit obligation at start of year
1,052,695
1,515,791
Benefits paid
(55,947)
(84,713)
Administration expenses
0
42,082
Interest expense
47,907
39,054
Remeasurements - actuarial gains and (losses)
1,869
(459,519)
Defined benefit obligation at end of year
1,046,524
1,052,695
Changes in the fair value of assets
2024
2023
£
£
Fair value of assets at start of year
1,109,223
1,659,182
Interest income
51,654
43,347
Administration expenses
(34,362)
0
Remeasurements - return on scheme assets excluding interest income
(43,102)
(588,207)
Employer contributions
82,003
79,614
Benefits paid
(55,947)
(84,713)
Fair value of assets at end of year
1,109,469
1,109,223
Return on the Assets of the Scheme
2024
2023
£
£
Interest Income
51,654
43,347
Return on assets less interest income
(43,102)
(588,207)
Total return on assets
8,552
(544,860)
Costs relating to defined benefit scheme included in the SOFA
2024
2023
£
£
Interest expense
47,907
39,054
Interest income
(51,654)
(43,347)
Administration expenses
34,362
42,082
Costs included in net income/(expenditure)
30,615
37,789

44

Company No: 00461863 Charity No: 218895

LINCOLNSHIRE WILDLIFE TRUST

**Amounts recognised in other recognised gains/(losses) ** 2024 2023
£ £
Return on scheme assets excluding interest income (43,102) (588,207)
Actuarial gains/(losses) (1,869) 459,519
Increase in irrecoverable surplus 0 0
Remeasurements included in other recognised gains/(losses) (44,971) (128,688)
Net defined benefit liability recognised in the balance sheet 2024 2023
£ £
Fair value of scheme assets 1,109,469
1,109,223
Defined benefit obligation (1,046,524)
(1,052,695)
Increase in irrecoverable surplus (62,945) (56,528)
Defined benefit liability recognised in the balance sheet 0 0
Principal assumptions 2024 2023
Discount rate 4.85% 4.68%
Retail Prices Index (RPI) Inflation 3.40% 3.42%
Consumer Prices Index (CPI) Inflation 2.75% 2.70%
Future increases to deferred pensions 2.75% 2.70%
Rate of increase to pensions in payment:
Fixed 5% per annum 5.00% 5.00%
RPI max 5% per annum 3.25% 3.20%
Life expectancy of a male aged 65 at the Balance Sheet date 22.3 22.5
Life expectancy of a male at 65 for an individual aged 45 at the Balance
Sheet date 23.6 23.8
Life expectancy of a female aged 65 at the Balance Sheet date 24.8 25.0
Life expectancy of a female at 65 for an individual aged 45 at the Balance
Sheet date 26.2 26.4

Mortality (pre-retirement) Nil

Post retirement mortality - 96% (males) /95% (females) of S3PA tables CMI2022_M/F [1.25%] (yob), with A=0.5%, S=7.0, w2020=0%, w2021=0%, w2022=25%

Cash commutation assumptions for both years: Members are assumed to take 25% of their pension as taxfree cash, subject to HMRC restrictions, using cash commutation factors currently in force.

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

For the assumptions which apply to pensions in payment, allowances for any minimum and maximum increases have been made using the Black Scholes option pricing model with a volatility of 1.7% (2023: 2%)

Asset Breakdown

The majority categories of scheme assets as a percentage of total scheme assets are:

2024 2023
UK Equities 0.0% 0.0%
Overseas Equities 24.9% 24.6%
Diversified Growth Funds 0.0% 0.0%
UK Government Fixed Interest Bonds 11.3% 7.5%
UK Government Index Linked Bonds 8.8% 15.7%

45

LINCOLNSHIRE WILDLIFE TRUST

Company No: 00461863 Company No: 00461863
Charity No: 218895
UK Corporate Bonds 33.6% 30.1%
Property 0.0% 2.8%
Cash 2.9% 1.2%
LDI 18.5% 18.1%
Total 100.0% 100.0%

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

2024 2023
Pension contributions in the year £ £
Group personal pension scheme 100,732 91,805
Pension contribution liabilities
Group personal pension scheme 15,400 13,852

22. OPERATING LEASE COMMITMENTS

At 31 March 2024, the Trust is committed to making the following payments in respect of operating leases:

Leases which expire:
Within one year
Within two to five years
Total		 2024
2023
£
£
2,100
2,100
4,726
6,826
6,826
8,926

23. CAPITAL COMMITMENTS

At 31 March 2024, the Trust had no commitments for expenditure not provided for in the financial statements (2023: £415,000 for volunteers' accommodation and two vehicles).

24. PRIOR YEAR STATEMENT OF FINANCIAL ACTIVITIES

24.PRIOR YEAR STATEMENT OF FINANCIAL ACTIVITIES
Income
Donations and legacies
Charitable activities
Other trading activities
Investments
Other
Total
Expenditure
Raising funds
Charitable activities
Other
Total expenditure
Net gains/(loss) on investments
Net income/(expenditure)		 Unrestricted
Restricted
Designated
&
Income
Income
Endowment
Total
Total
Fund
2023
2022
£
£
£
£
£
1,285,607
0
0
1,285,607
1,907,348
526,672
1,209,961
0
1,736,633
3,509,779
84,453
0
0
84,453
50,318
126,366
19,718
0
146,084
147,626
47,830
0
0
47,830
295,429
2,070,928
1,229,679
0
3,300,607
5,910,500
296,786
0
0
296,786
283,969
2,337,938
1,785,725
0
4,123,663
3,125,429
0
0
0
0
0
2,634,724
1,785,725
0
4,420,449
3,409,398
(215,284)
0
(33,280)
(248,564)
414,740
(779,080)
(556,046)
(33,280)
(1,368,406)
2,915,842

46

LINCOLNSHIRE WILDLIFE TRUST LINCOLNSHIRE WILDLIFE TRUST LINCOLNSHIRE WILDLIFE TRUST
Company No: 00461863
Charity No: 218895
Transfers between funds 60,118 (39,718) (20,400) 0 0
Other recognised
gains/(losses):
Actuarial gains on defined
benefit pension schemes (128,688) 0 0 (128,688) 210,116
Movement in pension asset –
not recognised 86,863 0 0 86,863 (143,391)
Net movement in funds (760,787) (595,764) (53,680) (1,410,231) **2,982,567 **
Reconciliation of funds:
Total funds brought forward 6,830,480 2,323,024 10,639,982 19,793,486 16,810,919
Total funds carried forward 6,069,693 1,727,260 **10,586,302 ** 18,383,255 19,793,486

47