REGISTERED COMPANY NUMBER.. 743899 IEngland and Wales) REGISTERED CHARITY NUMBER.. 220173 rt of the Trustees and Financial StatetnentS lor the ear ended 31 hlarch 2024 for The Herefordshire Wildlife frust Limited Thorne Widgery Accountancy Ltd Chartered Accountants Statutory Auditors 2 Wyevale Business Park Kings Acre Hereford Herefordshire HR4 78S The Herefordshire W11dlife Trust Lirnited Contents of Ihe Financial Staternents fur ihe Year Ended 31 Atsrch 2024 Page Report of the Trustees 1 to 15 Report of the Independent Auditor5 16 to 18 Statement of Financial Activities Balance Sheet 20 Cash Flow Statetnent 21 Notes to the Cash Flow Statement 22 Note5 to the FTnancial Statements 23 to 37 t>etailed Statement of Financial Actiwties 38 to 41 The Herefordshire Wildlife Trust Limited rt of the Trustees for the Year Ended 31 March 2024 The Trustees who are a150 directors of the charity for the purposes of the Companies Act 2006, present their report th the financial statements of the charity lor the year ended 31 March 2024. The Trustees have adopted Ihe provisions ol Accounting and Reporting by Charitie5.' 5tatemenl of Recornmended Practice applicable to charities preparing their account5 in accordance wth the Financial Reporting Standard applicèble in the UK ènd Republic of Ireland IFRS 1021 leffective 1 January 20191. ectives and Activities A Wildtrr Herefordshire - More Nature Everywhere, A year on from launching our new strategy. A Wilder HerefordshiTe More Nature Everywhere, we can be proud that we are making good progre55 on the key shift5 our Strate￿ has prioritiscd, namely enabling.. Nature recovery at scale rhrough deeper collaborations, ad￿Ce and services A greater depth and diversity of wople ro take acti(x) and campaign boldly Growth and diversification in our income thr￿gh providing servTces, ad￿ce and eX￿riences Nature Recovery To achieve these. we are working WTth a wide range of new partners across the county, across our borders into both Wales and the wider Sovern and Wye Catchment and across the wder movement of Wildlife Trusts. We know that we cannot be 5ucce5sful alone and must pnorili5e collaboration Tf we are lo achieve our goal of 30 percent of lan protected and managed for nature by 2030. This equates to roughly 50,000 hectares of land in Hereford5hire. The newly launched landscape recovery programme. Wye5copes, which focu5es on our iconic rivers, gets us close ro 10% of th15 area on Its own. Our big goal can be achievedl There is of course, clearly much work to be done wth our fantastTC farmer5 In the years ahead and we are looking fonvard to extending our 5UPPOrt with our newly launched Farming with Nature land advice service. Nature Action As well as being collaborative, we are working hard on being more enabling as we lead action for nature'5 recovery acrosg our county. This ha5 seen u5 establish natLJre and climate action networks to gupport our tommuniiie5 to grow their power and capacity for collective action. Campaigns and action have focused on our rivers, protecting Lugg Meadows fr¢yn developrnent and wnning a new urban wetland al the Essex Arrns site in Hereford City Centre. Sustaining our Future By working in both a collaboraiive and enablin8 manner, rnember5hip of the Trust is at an all-time high 17,644 at the time of writing, l and the number of people In the county standing together for the natural world is rising rapidly. This places the Trusl in a good position, to welcotne new MPS and a new government-, now is the rime to genuinÈly tackle the twin crises of nature and climate. Our members, supporters, funder5 and partners are the heart of rnaking our vision a reality and as ever, our huge thanks1 Jamie Aud51ey Chlef Executivè Officer Alison J%kLean Chalr of Trustees The Herefordshire Wildlife Trust Limited rt of the Trustees for the Year Ended 31 March 2024 , Vlsb)n ture In Aecovery T•ktr¢ Actlon Iw gloture ' Wst•lnlw Futwe l. Manage our nature re5erve5 to ensure they are rich in wildlife and strategically focus our landholdin l. Embed effective governance and bu$1neg9 planning 1. Connect People to Nature 2. Continue to grow and diversify funding streams to grow unrestricted income, whilst also continuing to grow restricted fundin 2. Work in partnership to creare more. bigger, wilder connected habitats 2. Support local groups and busine55es to take action for nature 3. Dernonstrate how restoring nature can deliver multiple environtnental benefit5, and help tackle the climate and nature emer encie5 4. Promote sustainablc land use and chall*ng@ hèrmlul prattices and infrastructure that threaten naiure's recove 3. Develop a bolder cafnpaigning voice and deliver proactive advocacy 3. Develop an inclusive workplace for all staff and volunteers 4. Reduce our carbon footprint and embed 5UStainability practices Public benefits The Trustees have given due consideration to the Charity Comrn155ion published guidelines on Public Benefit as required under the Charities Act and are satisfied that our work clearly providès multiple publit benèfits in line with our charitable objectives. These benefits Include.. The Ttust'x nature reserwes are well used by the public and mosi have way-marked rou￿$ for pèople to Use. At most sites we also provide information and interpretation for visitors. The Tru5t'5 nature reser¢es and activities are available to all, and easy access provisions are made wherever practicable. Inlortnation on our web51te 15 regularly ieviewed and updated. We are increasingly able 10 influence other landowners to rnanap land fcK the benefit Df wildlife and cornmunitie5 through our consultancy work, projects such as Sevem Treescapes and partnership5 such as with Mark5 and 5pencer. Much of our work is delivered In conjunction with voL￿nteers. These activitiès are well recoqnised io Improve the health and well-being of volunteer5 in many ways. Our Volunteer A55iStant Reserve Officers and the participants in our Building Better Opportunities courses all gain valuable experience which Improves their employability. Our people and vdldlife oulreach prografflme5 are aimed at comfflunities, children'5 centres, adult group5 and the wder public. Some of our funding enable5 U5 to offer free actiwties in Si￿1a11Y depNved communities. Contacl with the natural world and the appreciation of wldlife and wld place5 provides great pleasure to many people and is well recogn1sed as contributing towards health and well-being. We gather conservation data and PrO￿de expert advice to Local Authoritie5 and other5 to ensure that planning decision5 are made on a rational basi5 after taking full account of the public benefit of wildlife. Lastly, the Trust can exert infl￿nCe at a local level through its members and our membership ol groups such a5 the Local Nature Partnershtp, regionally in partnership with neighbouring Wildlife Trusts and nationally through membership of the Royal Society of Wildlife Trusts. The Hereford5hire WTldlife Trust Limited rt of the Trustees for rhe Year Ended 31 March 2024 Achievements and Performance Our achievements... TimelinÈ_.. 'Wilder Herefordshire Assembly. Herefordshire Wildlife Trust teams up with CPRE, Friends of the Upper Wye and Friends of the Lower Wye to put their agenda for nature'5 recovery ro prospective Councillors of the key political groups in the county ahead of the Council election. Bartonsham Meadows We take on the lease of the site and L*gin work parties and planning habitat Tmprovements, working closely with the Friends of BartOn5harn Ileadows. Ma 70th Anniversary of Queenswood ArbDr@tum 2023 marks 70 years since Sir Richard Cotterell Ithen Herelordshire'5 Lord Lieutenant) established the Queenswood Coronation Tree Fund and launched a public appeal to mark the coronation of Queen Eliz3beth 11. The tnoney raised funded the planting of over 1,2IX> rare and exotic tree5 around the world in the central 47 acres of the 170-ac Queenswood site. June= Public launch of our new strategy Members. supporters and partners Joined us for an even?ng at QueenswTr)d Country Park to launch the new strategy and over 100 people gathered to find out more and discuss how Ihey could play a part in the Tru5t'5 goa15 as an TDdividual, group or business. Our 2023-6 Strategy set5 Out our vision for 'More nature, everywhere. aTrd our m15510n'. 'to lead local action for narure's recovery. Our three strategy goals are.. putting naturè in recovery,. taking action lor nature and sustaining our future. Jul Land Advice service launched We launch a new serwce offering adwce to landowners on how io better tnanage land for wildlife in tandern wth existing bu51ness. The Wildlife Tru5t5 chair River Wye Roundtable Our Recovering our Rivers campaign continued with The Wildlife Trusts, CEO Craig Bennetl thairing a round table on Tuesday 17th July at Hay Castle. Stakeholders attending included genior repre5entative5 from statutory agencies, retailer5 and other partners. U5t'. Recovering our Rivers We receive C60,Om from the Environtnent Agency to support the recovery of river health In the uppr RivÈr Lugg catchment between Ayme5trey and Presteigne to start our Recovering our River5 project. The Biodiyerslty of the Doward and Symonds Yat West We publish a new booklet detailing the wldlife of the Doward from flowers and fungi to bryophyte5 and biids, written by local naturalist lan Draycott. tember= Bodenham Lake Reedbed Project We begin further work io expand the reedbed, diversify the 5ward 7n the meadow and improve the tracks and car park, thanks to funding through National H7ghways' Network for Nature programme. Nature Action Ne￿Ork We launch our Nature Action Network, brlnq together grcups from aCFOSS the ccyJnty to collaborate on taking action for nature. Wye Adapt to Clirnate Change We receive £462,OW to work in partnership with Radnorthire Wildlife Trust and Wye Valley National Landscape to begin a new projecr supporting farmers and cotnmunities to adapt to climate changÈ within the River Wye calchtnent. October: Local Wildlife Sites We partner with Herefordshire C(uncil to review and update the county's designatod Local W11dlife Site5. Thi5 new collaborative programme wll fully update the classificatTron of over 750 silts acr055 the county. November WyestapE5: Food. Nature. Water The Herefordshire Wildlife Trust Limited rt of the Trustees for Ihe Year Ended 31 March 2024 A pèrtnership project thosen as one of 12 projects to beneflt from govemment'$ 125 million of funding through the Landscape Recovery Scheme. The project'5 aim is to restore the Wye catchment to a healthy condition. so its rivers nd their tributaries can support Ihe unique wildlife that depends on them, provide clean and pleniiful water, be resilient to clTrnate change, mitigate flood risk, enable sustainable farming and provide places for people to enjoy. Festival of Wood We held our Inaugural Festival of Wood at Queenswood vthich included detnon5tratlOn5 of green woodworking pole lathe5, woodturning, woodcapring and fretwork. as well as chaTrnsaw carwng and horse logging. December.. Ellie Goulding visits Bodenharn Lak? In December we had a visil from Radio Four and The Today Programme guest ediror singer and envirtsnmèntal catnpaigner Ellie Goulding. Th15 gave us an opportunity to highlight the project work we've been undertaking, as well as having an interesting d15CUSsi￿ about rewilding. Ellie is passionate about the envir(*)ment and climate change and work5 Wlth the UN and WWF to further these causes. She, with staff Jamie Audsley, Trevor Hulrne and Sarah King, were InteNewed by Radio Four'5 Caz Graham and the programme was broadcast on The Today Programme or) 28th December. Janua Leominster Local Branch Group W@ launch a new local branch group to engage people locally wih nature and join together to take actlon for nature. 48 members join us for the first meeting. Febru Toad patrols Toad parrol season begins ar Bodenham Lake. This year the volunteei tearn helped over 600 toads cross the road safely on their way to breed at the lake. Sevèrn and Wye Nature A new programme, Scverii and W e NLlliirc, launches, an alliance of en￿rQ￿r￿ental organisati￿5 working across ihe catchfflents of the Severn River and the iconic River Wye. The partnership works together to incubate truly ambitious prograrnmes to restore biodiver51ty. in partnership wth famers, environmontal organisations and the finance and business sectors to make change possible. March Oak Tree Farm Nature Reserve Qur habitat creation works and Infrastructure installation, funded through the Nati￿al Highways Network for Nature programme, comes to an end. official opening of the nalure reserve is planned for Summer 2024. Wild About Gardenlng Workshops for Ross Ross-on.Wye local branch group launch a series of wildlife gardening workshops to encourage residents to adopt nature-friendly practice5 to improve green link5 through the urban space. 14 Businesses Taking Action for Nature Having built relationships with businesses throughout the year, we end 20314 with 14 bu5ine55e5 pled4ed to join or renew their metnber5hip of our corporate p3rtner5hip program 'A Wilder Partnership, to take action for nature in 202415. Thc diYcr3c $roup of bv#in¢t*> Sho￿¢￿*¢$ rDulliplc 3rctcr3 and fraturcs 50rnc ¥Jf Hcref¢rdshire'? ￿￿11 known and loved brands.. Arbor Architects, Border Oak, Eat Sleep Live Herefordshire, Gaitertop Drinks Co., Healing Herbs, Herbf3rm3cy, Orphans, Hoople, The Nest at Little Verzons, The Riverside Inn at Amyestrey, Visit kferefordshire, WCM&A, west(￿5 Cider and Wye Valley Brewery. Nature Recovery - overvlew Work in rtnershi to create more bi er wilder connected habitat5 The Wye Adupt to Climate ChdngE3 ProjKt IWACCI 15 funded by the National Lottery Clitnate Aciion Fund. The project started Tn Septem￿[ 2023 and runs until August 2026. We are working in partnership with Radnorshire Wildlife Trust and ihe Wye Valley National Landscape to support land managers and communities to consider climate resilience in thÈTr local arÈas. The WACC team aro supporting land m3nagÈrs to Identify nature-basod solution opportunities includlng tree planting. leaky dam in5tallatiun. pond creation or meadow restoration. The teatn support5 them to Identify funding opportunitie5 to Implement these InterventlOn5. Since the project Started the team have provided advite to 37 land managers covering over 7,0￿ hectares of land across the project area. Through events such as farm walks alld 5011 sampling the project aims to upskill land managers and community mernbers to carry out 5urveyin8. The project ha5 reached over 100 people thi{￿gh organ15ed event5. Working local cornmunities the project team are supporting tliem to take acLion in a variety ol ways frotn carrying out 5urvey5 to running climate conversation events to increase awareness. The HerefordshTre Wildlife Trust Limited rt of rhe Trustees for Lhe Year Ended 31 IIArch 2024 The project ha5 created a Restorin our Rivers Toolkit which 15 accessed via the websiie and prowdes links to a variety of resources for community groups and individua15 to support Lheir action. Mana our nature reserves to ensure the are rlch in ￿1￿lIfe and Strate icall focus our landholdi Th15 year, we have continued to tTranage our portfolio of narure reserves 10 deliver the begr they can lor valdlife and for people. In addirion, WÈ have progresseLI four major project5. Three have been on nature reserve5 Within the Lugg Valley, one of our priority landscape5,' the reedbed project at Bodenham Lake, the Species Recovery Project on Lugg and Hatnpton Meadow5 and the habitat creation and access at Oak Tree Farm. The fourth 15 at 8artOnsham Meadows in Hereford City. The Bodenham Reedbeds project has been funded through National Highway5, Nelwork for Nature progratnme and began In 2023, running until March 2025. The project aims to Improve two hectares of floodplain meadow and increase the size of the reedbèd5 by one hectare. In auturnn 2023, we Feseeded 0.7 hectares of the grassland with floodplain meadow seed rTrix and by the followng summer, we were already seeing the results wth yellow rattle appearing in the seeded areè. Th15 work wll continue In 202415 along wlh tree rnanagernent work and the reedbed creation. During the winter of 2023, we completed infrastructure improvement5 which have irnproved acce55 to the 51te. The Lugg and Hampton Meadows Spècies Recovery Project 15 a two-year project funded by Natural England and runs until tharch 2025. This project will ifflprove the floodplain meadow habitat for the benofit of two imp¢wtant plant 5pecie5 In particular.. narrow-leaved water-dropwort arid tllOU5etail. We are partnering wth Herefordshire MeadOv￿, Plantlife and the Floodplain Meadows Partnership in this project and have so far.. Undertaken gra551and survey5 Collected sceds for propa$ati( Installed a new livestock bndge Purchased GPS catile collars MaprEd and Thodelled drainage channe15 Installed dipwell data loggers to tnon'"tor groundwater leve15 Undertaken detailed soil analy515 Trained volunteers in botanical identification The Oak Tree Farm project was part of National Highways. Network for Nature programme and ran uniil March 2024. The project enabled the creatTon of a new wetland at our Oak Tree Farm nature reserve where we created eight new pools and scrapes and one permanent pond which is fed by a spring. In their first summer the ponds were alive with dragonflie5, froglets and even some small fish. The projeci also supported the restoration of the rneadows on the wider site and in summer 2023 the fields were awash wth the newly seeded yellow rattle and orchids including common spotted and bee orchid5. The 3,￿0 trees planted by volunteer5 in spring 2023 have thrived and wll continue to 8fOW to create a new habiiat corridor and Screening of the site from visitors. Ongoing monitoring of the ponds is being carried out monthly by volunteers aTrd while butterfly and bird Surveys a150 £ontTnuè to monitor the changes on thè sitè. Camera traps have re¢or4Je¢J snipe, wtrtsdco¢k ond a range of other spÈciÈs. At the very end of 202213 we signed a 25-year leasÈ agrèernènt with the Church CoMtDi5510ner5 to restore and manage Bartonsham Meadows, a 100-acre sile which lies within the meander of the River Wye to the southeast of the cily and Is a popular place for walkers a5 they are circled and crossed by footpaths. We have begun to manage the meadow, thi5 year cutting and retDo¥ing the Vegetation from much ol the site and replanting hedgerows. Our aim is to restore part 118 hectare51 of the site back to iis former glory as a functional IloDdplain tneadow, the rernaining 17 hectares are to be managed as 'managed regeneration, wilh very low intensity grazing to produce a mosaic of grassland and scrub. Demonstratè how restorin etner ncies The Restoring Our Rivers Projèct aim5 to improve the water qLFality and river health of the River Lugg between PiÈsiÈigi)È afid Aytnestrey, focussing on the Lingen and Lime brooks. Over the cour* Of the project 17 different sites were VT51ted by our project officers and opportunity report5 were prowded to the landowners or tenants. Two event5 were held, the first a 'pie and pint, night aitned at Introducing local landowners to the project's aims and slarting conver5at10n5 on how they rnight adapt Iheir prailice5. The second event was a Sustainable Farming Incentive ISFII soils workshop, looking ai tho health of soils on a local farm. nature can deliver multi lè benefits and hel tackle the clitnate and nature The Hereford5hire Wildlife Trust Limited rt of the Trustee5 for the Year Ended 31 March 2024 Overall, the project engaged with 31 different landowners and farrners from the target area. As part of the project, we carried out River Naturalness surveys io e5tab115h baseline data for the Lingen and Lime brooks and local volunteers have been trained ro carry out future 5urvey5. Additionally. we have worked with Herefordshire Meadows and the Flwdplain Meadows Partnership to carry (Mjt a lea51bility 5ludy into the research gaps in the role of diverse swards and grè2ing straiegiÈs in providing ecosystem serwces. The project officers worked to identify kÈy riparian habitats between Aytne5trey and Presteigne and to work with landowners to consider potential interventions to 5UPPOrt irnprovements In these area5. This included fencing off the main river 10 creaie scrubby river banks and reduce erosion into the watercourse from poaching by liVeSt(￿k, creating 12 leaky dams on the upper reaches of the Lingen brook, creating more than 600m of cross-slope hedges on Steep fields above the watercourse5 and fencing of more than 6fflm of main River Lugg water course to reduce erosion by live5t(Kk and therefore reduce the Siltati￿ build up in Ihe watercourses, helping lo maintain the health ol the water. Prornote 5UStainable land use and challèn recove The Severn Tree5cape5 Project aims to expand, connect, protect and improve a 60-mile corridor of enhanced tree cover from the Lower Wye to the Wyre Forest. It a5515ts landowners to access funding for tree planting, and now, hawng Secured additional fun(ting frcmn the Environment Agency, we can also fund trÈo planting d1recriy, thr￿sh{￿t Herefordshire. e hèrmful ractite5 and infrastructure that threaten5 nature'5 The project builds upon existing woodland5 to contribute to nature'5 recovery and show that woodland creation and connectivity can go hand in hand wilh delivering productive agricultural land, supporting innovative approache5 to forestry and the green economy. We always en￿re it is 'the right tree In the right place. to enable this. We are enharTrcing connections between people, trees and nature with several projects includTng 5chotsls, cornmunity group5, work5hop5 and fam walks. As of January, this three counties project had so far achieved.. 48,873 trees In the ground,. 108 hectares of land pipelined for planting, 1,072 rree seeds planted with local Khools., 4,472 engagements at 57 event5., 91 landowners engaged wth,. over 30 granl applications submitted. We have been involved in a number of schemes in Herefordshire including.. creation of a 60-hectare woodland, ensuring protection of water courses and helping flooding wirh leaky datn5, and protecting existing wildlife habitat5 on thi5 large area, on a market garden property, the planting of a woodland with open areas fly glamping sites, fruit and nut agroforestry and a sheltert￿L[ to protect polytunnels, resioration ol traditional orchard5 Wlth brookside alder copplcing and woodland planting, managernent of exisling woodlands. Thi5 year, In collaboration with Gloucestershire Wildlife Trust and Worcestershire Wildlife Trust, we launched our new Farming with Nature Consultancy which airns to prcmote sustainable and regenerative farming practices, and SUPPOrt farrners Wilh applicaiion5 to join envIr￿Mental schemes. Agricultural land make5 up over 75% of Herefordshire and the way this land is managed has a huge impact on the overall biodiversity and the health of our l(Kal environment. Much of our WTldlife has evolved to thrive on farrnland, but sometimes modern intensive agricultural practices can harm this wildlife and the habitats they depend upon. How land is farmed can also affect wildlife connectlVEty across the landscape, biodiversiiy, 5011 health, water quality, carbon sequestration and water infEltration. For thTS rea50n, engaging wth farmers and landowners has becoFne a key component of the Trust's broader conservation strategy. Nature Recovery Case Studies Habitat creation and enhancement on the Yazor Brooks in the heart of Hereford city Volunteers have contin￿d 10 work tirelessly to restore and enhance the Yazor Brook as It travels frotn ope country51de and through Ilereford city centre. The group have engaged wth schools and youth groups and ernc￿raged them to get involved. Over 2km of watercoursÈ has been restored and Ènhanced, and more than 200 native trees have been planted along the riparian corridor. The volunteer5 have a150 carried out river fly 5uryey5 and water level rnonitoiing. Farm Herefordshire partnership Herefordsh1re is a very rural county,. Intensive agriculture 15 hawing a negative irnpact on our fivers and strearns due to pollution Irorn 5edimenl and ph05phate. The River5 Wye and Lugg have been downgraded to 'unfavourable - declining. status due to this pollution. The Trust has collaborated with 11 other organisations iii Farm Herelord5hiie to ptornote Nature Based Solutions, in this case, Improved management of floodplain habiiats and soils. Through this project, we have worked with famiers and landnwnerg to creHte and restore habitatg, tn manage and cwserve soils, and to impletnent wildlife friendly land tnanagement. The Herefordshire Wildlife Trust Litnited Re rt of the Trustees for the Year Ended 31 March 2024 Monitortng and Surveyin8 Condition A55e55rnents completed for 42 Nature Reserrfe gra551and parce15, Wth 8 of these parce15 identified as being in high condition, 19 in tnedTuTn condition and 15 in low condition Variou5 species surveying and monitoring by volunteers and specialist groups on tnany of our Nature Reserve5 including bals at Titley Pool. Lea and Pagets and Wood5ide, dormice at Nupend an£J Wessington, butterflies at Bodenham and QueenswcK)d and bird5 at Barton5ham. Collation of historic biological records for Nature Reserves by volunteèrs Deer and Squirrel Impact sur¥ey5 on all our woodland Nature Reserves Iphoto showng deer browsing of hazel regrowth at Nupendl Managlrig our Nature Reserves Key work completed this year includeg.. Coppicing at Queen5wood, Littley Coppice, Lea & Pagets and The Doward Woodland thinnin4, ride and glade managetnent at Rorners Wood, The Doward and Lea & Pagets W<)od Grassland tnanagement Ihay cutting, grazing, bracken controll on 311 our meadow and pasture sites, Including Birches Farm, Parky Meadow, Christopher Cadbury, Cethins and Little Marises Meadows and Ernle Gilbert (praise lor Cethins and Marises and Ernle Gilbert frtyn Ccunty Plant fiecorder.. '1 have been back to Little Mari5e5 & Cethins recently for sprinytime walks ond they looked fantastic. Pleu5e pass my congratulations on to all concerned. Ernle Gilbert ulso vgry enjoyable. t¢1 r8turn to that oney Ngvgr seen so much Sllaum (pepper soxifrasel Tn one field In my Ilfe. oi?d therg wgre flve srÈgn-winsed orchld5 Showing too" Meadow restoration wth Hereford5hire Meadows at Ail Meadow The Herefordshire Wildlife Trust Lirnited rt of the Trustees for the Year Ended 31 Ilarch 2024 Nature Action Connectin Peo le to Mature Connecling people lo nature is an e55ential first step on the journey we aim io take people on, leading io them become advKates for nature and taking action for ￿ldlife. From our WildPlay programme which connect5 children to the nature on their doorst¢p, in local c(wrnunitie5, to work with bu5ine5se5 and adult group5, everyone can take joy and inspiration from Herefordshire's naturel For adults, this year, we parinered with Natural England and Hereford5hire Council Library Services to deliver five nature. health and wellbeing sessions at the county libraries and a training segsion for staff so they can continue to introduce the public to benefits of nature connection. We introduced a new offei to busine55es of nature well 5es5ion5 lor staff,. and in February we welcomed 22 staff from the Public Health team to experience a morning of nature connection for their wellbeing at Queenswood. We are also thrilled that volunteers continue to tnanage the Wellbeing Forest Garden at Queenswood, attending weekly, a legacy of our Lhree-year Nature Nurture Noun5h Project. Our WildPlay ranger5 had another busy year, welcoming 1,685 thildren to activitiÈs over the course of the year. WildPlay offers actiwties for children in their commuDilTres and al events, which are free at the point of delivÈry. They airn to build children's confidence in plawng ourdoor5 and connect children vrith nature on their doorstep. The activiries they wer¢ running ihis year included seed growin8 in mini greenh(￿Se5, water exploration, mud arr, insect hunting, pellei dissecting, pond dipping, hedge planting. apple pressing, carnpfire5 and cooking, snail racing and green woodworking. The teatn 5 highlights from this year included.. working with foster carers, the brownies, parish and Lown counals (Hereford, Leominster, Ledbury, Ewas Harold and Belmont). WildPlay a150 attended Hereford Pride, River Carnival, The Courryard family events, Save the Wye event in Hay and summer and autumn family se55ions at Eastnor Castle. Particular mention must go to Eardisley Primary School who fundrai5ed 1118 for the Trust over the School ycar. WildPlay visited to meet their eco co￿ncIl, run an assembly and attend their school fete. Many thanks to all the followng who we worked with this year-. Belmont Rurol Council, Borderline5 Film Fg5tivol, Bronryard library, The Courtyard Theotr8, Eorrlisley Primory School. E05tnor Costle. E¥tyyas IIGrold Porish Council, Friends of Borronshom Meodow, Hereford Librory, Herefordshire Council Holid￿ an(J Food prosramme, HerefordshTre CouncTI Foster Carers group, Hereford Town Council, Kington Library, Ledbury Library, LeoTnill5ter Librory, L8ominstEr Town Council, Marche5 Fomily Network, Minisiry of Defence, Naturol England, Northolme Communiiy Cenrre, Pride Herefordshire, River Carnivol, stride Active, Weobley Prirlyary School. Enablin le to tak• action for nature Throughout this year. we have CDntinued io deliver the Nextdoor Nature Project, funded by the National Lottery. wh1ch aims to connect people to nature in a way that is meaningful to them and supported them to take act1￿5 to help nature in the areas where they live, work and play. Through the project. we have so far worked wth 15 different cornmunitie5 a[[￿5 Herefordshire, delivered talks on how to create wildlife friendly area5, supported our local branche5, helped to create a new Lecfflinster branch group, supported people 10 iaKe ac110ns ror naiure thrDugh personal aciion5, volunieering, Iolnfng a gr￿JP or aonaiing towards work. A5 part ol the project, we Set up a Nature Action Network, made up of a nurnber of organisatiws whts collaborate together to take action for wldlife. This year, the network has continued ro meet Quarterly. a5 well a5 connecting digitally, and have delivered a Wilder Herelordshire Assembly as well as a campaign to prevent a huge development being built al￿g57de the Lugg Meadows $51. Volunteers remain the backbone of the work we do and this year our 435 volunteers donated an incredible 16,500 hours of their tTme from working on nature reserves, supporting our corntnunity work and undertaking mainienance jobs ai Queenswood to helping behind the scenes with office admin. Our Local Branche5 continue to thrive with groups now active in Ros5-on-Wye, Leominster, Hereford, Marden, Weobley and Kington. The He￿fOrdshIre WTldlife Trust Lirnited rt of the Trustees for the Year Ended 31 March 2024 Nature Action: Case Studies NatLJre Tols in the Communlty Funded by the Naiional Lottery Awards [or All programrne, and in partnership with West Mercia Women's Aid, we creaied a garden with. and for, the re51dent5 at a women's refuge. The project was aimed at nurtunng the women and children in a gentle encouraging way, to grow a garden. We attended the refuge on a wtekly b8$1$ building relationship with farnilies, sharing growing skills and creating resources that would remaTn at the refuge after the end of the project. Walk to Schools project In partnership wth Stride Active we dewsed and delivered vrildlife walks to school wth three primary schcols, aimèd at h1ghlighting that being active in nature is great for health and wellbeing. Wild Adventure Club for disadvantaged children This year for ihÈ firsi time ihe Hereford5hire Council Holiday and Food programme funded free places at Wild Adventure Club for children on pupil premium. This enabled over 20 childrÈn whose familie5 would othervri5e be unable to afford the activity, to get out In nature for a day, learn new ski115, make frriend5, and play in the woods. Community organising in Ros5 on Wye Our Cornmunity Organiser worked closely with the tlew Chair of our R055 on Wye Branch ta develop an action-based group of erithugiastic volunteers. They held a 'pop up shop, in October 2023 and have now developed a series of workshops on how to create wildlife friendly gardens. The branch, Supported by our community organiser, plans to work with the 'Ros5 on Wye open gardens, who have ag￿ed tu include a wildlife friendly garden element to their event to showcase different ways people can help nature at hotne. New Branch of the Wlldllfe Trust in Leomlnster Over the last year our community org3ni5er ha5 been working with the people of Leominster to listen to how they wish to conneci with and support nature in their area. Th75 resulted In the Priory Church gathering 5torie5 and drafting a project proposal to fulfil the w15hes of the community. Thc main thing that came through wa5 that people wanted their own branch of the Trust as a springboard to take IIKal action for nature. Thi5 resulted in a 5triMg committee being formed and an initial ralk on 'Can our river5 survive, taking place which had around 60 people attending. We are excited to See what thi5 Branch does in ihe year ahtrad. Members, Discovery Day5 We iedesigned our MeM￿r engagetnent thi5 year to offer a number of D15covery Days, free to members. Our first was in October 2023 and over 20 members joined us Queenswood. The day began with a welc(me from Jamie Audsley CEO, followed by a hands-(N) wildlife gardening activities with the Nature Action team, a light brunch and then a guided walk and talk with RÈsÈrves Officer Paul Ratcliffe about the Arboretum in Autumn. We have had great feedback on these days from attendees and are continuing the progra[n￿e at different locations. Sustaining our Future Ernbeddin effective vernance and business lannin This year, wt have reWpv￿.d and updated our Safeguard1ng policies and protedures, Supported by The Wildlife Tru5t5' central teatn. We moved to Sharepoint for all our digital filing. Grow and diversif fundin strearn5 Our programme ol events and experience5 conlinues to develop. We aim 10 educate and inspire people with a range of activities f¢x all ages but a150 generate income to support the Trust's conservation work. Thi5 year. event5 contributed £5,849 afrèr costs while offeiing some fantastTC Èxpèriencès. Highlight5 included guided walk5 on our nature reserves and other sile5 explorinq butterflies, bats and ducks, a farffl experience day at Risbury Farm where they practice regenerativo agriculture. a nalure photography course, Narnia-themed trail at Queen5wood Country Park and a Christma5 wreath-tnaking workshop. All our rÈtall outlet5 - two charity shops and one gift shop, ended the year in profit. Our newest shop, in Hereford, saw steady growth in donations and sbles, after a slow start, as more custcNners find us in Church Street. Our rnember5hip continues 10 grow each year with an increase of almost 12% this year in income from membership sub5cription5 and the related gift aid. We are pleased to have welcomed several new corporate mernbers this year.. Arbor Architects, Border Oak, Herefordshire County Business Improvement District, Orphans Press and WCM&A, as we put our corporate fundraising strategy into action. We ran a fundraising appeal to support our Recovering Riv@r5 work which exceeded Its £25,[￿ target, raising £26,399. The Hereford5hire WTldlife Trust Limited rt of the Trustees for the Year Ended 31 March 2024 Develo an inclusive work lace for all staff and volunteers This year's staff survey gave valuable feedback to the management team and Trustees and has resulted In a number of aciion5 including 5ellin8 up a Staff Voice forum to improve communication between staff and the senior management team and a 5erie5 of wellbeing at work initiatives. Sustainin our Future at ueenswood This ye)r we took the dec1s10n not to renew the lease of the café at Queenswood to an external operator but instead run the cafè ourselves. The renants vacaied rhe premi*s in February and the remainder of this year wa5 Spent refitring the building, recruiting staff and planning menus. While this initial set up phase was costly. Herefordshire Wildlife Trusi's Woodland Café opened In April 2024 and 15 trading strNgly so w@ are confident that this will support the long-tertn financial stability of the site. Running the café also allows us to more strongly embed our brand acr055 the site and gives us additional touch points to connect with our visirors. Sustaining our Future: Case Siudie5 New corporate mernbers.. Orphans Press One of our new corporate metnbers to join us this year was Orphans Press. As well as supporting the Trust's own work resroring and creating wildlife habitat5, Orphan5 are keen to expand the7r own 5UStainability and nature-friendly practites. Founded In 1869, Orphans have strong roots in Hereford5hire, employing a team of 36 atross their 51le5 Tn Hereford and Leominster. Orphans are passionate about embedding sustainabiliiy across their business, championing 5UStainable printing practices and dedicating green spaces tsn their site5 to wildlife. Helen Bowden, threcror, explain5 why Orphans 15 SUPPOrting the Trust as a corporate member.. Being based in a rural county means the environment 15 especially close Lo our hearts. We're already cotnmitled to our green journey, both as a company and as indiwdua15, but are keen to do rnore. By joinTng Herefordshire Wildlife Trust, we want to play our part In helping Herefordshire overcc4ne some of the environmental challenges it is lacing such as pollution ol the River Wye - and work iowards creating a thriving, nature-rich county. We re looking forward to learnlng a lot and opening up volunteering opportunities for the team. We feel very lucky that wè can work with such a proactive organ15ation. Mernbershlp DSgStal Marketlng Campalgns Since 2020 we have lun a half-price offer for mernbership from 261Th December to 31 Sl January our 'January Sale, We have always found this to be a successful way to encourage new mernber5 to join. This year we introduced a 5Utnrner offer join in July and receive 15 month5 of rnember5hip for the price of 12. This was promoted via direct email to our supporter list and acrDSS our social media channels. The campaign wa5 a greal Success, re5ultirig in in 31 new memberships/ 46 members and we intend to repeat this offer annually. Financial Review Review of the financial position at year end The Trust's ioial Income lor Ihe year decreased tts C1,593,(M)0120ZZ123'. £1,860,{K￿). Unrestricted In((￿ne increased from 1793,000 to £967,000 reflecting Increases In dOnatI￿S and legacies and our ongolng success In recruiting nèw mÈmber5. Re5lricled income, however, reduced from 11,072,000 to £626,000 reflecting a lower level of grant in[￿ne awarded to the Trust. The grant pipeline for 2024125 15 significantly strI￿ger wth income increasing to £1,133,000. Flnancial effect of significant events Expenditure within thè Trust fell over the year to c1,780,0￿ fr(xn Cl,826,0￿) in Ihe previou5 year. Within these totals unrestricted expenditure increased from C802,000 to C1,047,(x)O and this was Irnpacted by the exceptional costs incurred in relation to the change5 In the café prov1510n and further ash dieback costs both at Queen5wood which together amounted to around [1￿,(￿)0. Restricted expenditure decreased from C1,024,0(K) to C733,000 reflecting the changes In the iestricted Inctrne. Financial Reserves policy The Finance (￿nn)Ittee regularly reviews the level of re*rves available Iborh unrestricted and re51riCtedl balancing the need lo advance the work and development of the Trust with the duly to maintain a secure financial base. Unrestricted funds amounted to £244,0(M) at 31 March 2024131 March 2023.. £367,(QOI and restricted funds £4,004,0(K) 131 March 2023.. £4,043,000. The Trustees aitn to maintain sufficient reserves to ensure the Trust is able to meet its financial obligations in the event of a Sudden 51gnificant reduction in incotne. Accordingly, the minimum threshold for unrestricted reserve5 IS reviewed and agreed each year. All budgets and financial projeCti(￿S are assessed within the constraints of this threshold. 10 The Herefordshire Wildlife Trust Lirnited rt of the Tru5tee5 for ihe Year Ended 31 htsrch 2024 Our free reserves as at 31 March Z024 were £239,000 1£367.(AIOI representino just under 3 months of the Trust'5 annual unrestricted expenditure. This is below the target range of 6-9 tnonths. expenditure and, accordingly. the Trust intends to rebuild its free reserves over the next 24 rnonths to increase their level. We will achieve this through ongoing work to deliver growth in Membership, donations and legacies. unrestricted income growth will also be achieved rhrou4h trading ser￿ceS Icafe, environmental markets and consuliancyl. Careful control of costs.. review of staff structure and Increased contribution from restricted projecls to unrestricted Income will also contribute to an itnproved position. Given the Tntegral nature of the Trust's unresiricied and restricted activities, in line with other charities, the Trustees a150 con51der that the resetves should be based on liquidity defined a5 the total of the Trust's unrestricted cash plu5 unrestrKted marketable Investtnents. Thi5 approach serve5 to align reserves managetnenl tnore closely with the Trust's operations and Improves trènsparency. On ihis basi51"the total11quidity ba5TS"I the Trust's reserves at 31 March 2024 were £518,000131 March 2023.. £883,0￿) representing 3.5 month5, total exp￿diture. Investment performance The FinancÈ Ccmmittee has adopted a policy of investing funds ro produce a financial return of CPI plus 4%, net of expense5, over a five-year period but ob5etving ethical consideration5 consistent wth the Trust's overall aitns to enhance bEodiver51ty, promote wildlife c￿serVa[70n and Support environrnenlal Pfotection. The Trust's investsnent5 are held Mthin CCLA'S COIF Chariries Ethical Investment Fund, which is a long-term, Sustainable investment solution which incorporate5 environmental, social and governance IESGI considerations into the investment strateqy. In the year to 31 March 2024 the Fund produced a total return of 13.11% (comparator benchFnark 16.7Z%I. Over the 5- year period to 31 March 2024 the Fund has produced a rotal rerurn of 8.95% (comparator benchmark 7.56%). Principal risks and uncèrtainties The Trustees regularly review the risks rhe charity lace5 and where appropriate establish proCe￿e$ and procedures to rnltigate those rrisks identified, including, where appropriate, putting in place insurance and 5etlin8 aside financial reserves and taking active slep5 to maintain P0S￿Live relaiionships wlth our key stakeholdcr5. R15k5 and uncertsinties are summarised as follows.. Mainiaining an appropriate balance between restricted and unreslricted activity and thereby achieving a Sustainable financial outcome carrying out ihe Trust's chantable acttvities within ils available funding envelope Significant challenge5 In recruiting and retsining staff due to wage inflation and the volatility in the UK jobs market Systems breachllT fraudlcyber-crime., increased risk of data breaches, virus and malware attacks and sophisticatèd atternpt5 at online financial crime Rising c05ts and inflationary pressures ol energy, tnatena15 and supplier costs may lead to greatèr unrestricted contributions lo ProJ￿t5 and greater likelihood of increased core costs Risk of UK GovemrTrent policy to reinwgorate the econorny, not accounting for wildlife and enwronmental factors, Instead favouring commercially focussed actlvity Including housing development and larg¢ infraSt￿CtUre plans to the detritnent of wildlife. Greater public awarenes5 of complex environmeDtal issue5 challenge5 the Trust lo have Sufficient resource nd capacity to react and respond in a timely manner The occurrence of an event that threaten5 thè reputational damage or Tntegrity of the Trust Sudden loss of key personnel or our head office corntnunication and IT systems Potential for overlrading wth limited resource to deliver a large, diverse range of projects Golng Concern The Board of Trustees cons1dÈrÈd ihe Sialu5 of the Tru5l as a going concern In September 2024, considenng the 2023124 year-end ie5uIt5 for unrestricted and restricted funds and the forecast for 202412025 and 2025126. Within this report, we have reviewed the Trust'5 financial performance over the last year, the level of reserve5 held and the princ1p31 risks and uncertaTnties rhai we face. From a financial perspective, and despite 5UStaining a delic1t ol Cl62,0￿ 12022123 Surplus 122,0(X)I, the Trustees con51der rhat thc chaflty rernain5 well placed to rnaiiage tliesL' Iisks. The Hereford5hire Wildlife Trust Limited ort of the Trustees for the Year Ended 31 March 2024 This assertion is supported by.. 1ts medium-term financial plan covering 2024125 and 2025126 that 15 reloreca5t on a quarterly ba51S an eM￿dded ongoing 5tre55 testing of the financial plan which includes identification of critical adverse performance to enable Èarly mitigation action to take place financial recovery plan approved by the Board of Trustees which forecasts the Trusi io be 512nificantly enhancing its total reser4es as at 31 hk3rch 2026 and Tt5 cash and tnarketable investrnents ro a level representing seven tnonth5 of total annual expenditur a p051tive relationship wth our key funders and a proven ability to deliver our charitable activities and 5erwce5. The annual budget 15 approved by the Board of Trusiees on an annual basis and performance against budget is reviewed and reforeca5t on a quarierly basis. The 2024125 budget and 2025126 plan both assutne surpluses will be delivered. As noted above our fTnancial plan to 2025126 forecasts that we will sustain a posiiion above our minimum resetves figure tnea5ured on the total liquidTty basis. A5 delailed in our reserves policy and explained here, we hold free re5erve5 to provide cover for unexpected changes in income and expenditure and to allow us to adjust our cost base and continue activities. We will continue to monitor the situation and manage our finances accordingly. The Trustee5 therefore have a rea50nabte expecialion that the charity ha5 adequate resource5 to £￿tinUe in operational cxistcnce for the foreseeable future, being at least twelve months from the date of approval of these financial 5taternents. Accordingly, the financial statemenis continue to be prepared on the going concern basis. Plans for Future Periods We are now one year inio our three-year stratogy. Over the next two year5 we will aim to con501idate the progress made this year and continue to deliver against our key objective5'. Nature Rectsvery We will continue to progres5 our land5cape-5caLe partnership proj@cts'. Wye Adopt to Climate Chonge, Severn TrEescope5 and Wyescapgs. We will plan for the development of our flagship nature reserves, beginning with improwng acce5s1bility at QuÈenswood Counrry Park & Arboretum and the restoration of Barton5hatn Meadows, for which we receivÈd, in early 202415, a grant from the National Lottery Heriiage Fund. We voll identify 3-6 nature re5erve5 that could be utilised for Biimliversity Net Gain and undertake the necessary work to secure the Sale of not gaTn units from these. Following a Strategic rewew of our landholdillgs, we wll be aiming to disp05e of a number of nature reserves wh1ch are either small or isolated, lie outside of a strategic landscape recovery area, are outside the county of Herelord5hire, are ol lower ecological value or have poor acce55 for routine tnaintenance and visitors. Thi5 will allow us ro better focu5 on our other 51te5 and achieve more, overall, for nature's recovery. Continue to develop our Land Advice service Furrning with Nature with delivery being undertaken by partners in Gloucesiershire and Worcegtershire. Nature Action We will recnjit a further 100 volunteers while a150 Improving the volunteer journey and communications wth a new Volunteer htsnagement System. We will develop a new programtne for enga8in8 young people following our Nature and Us listening project. We will continue to develop and grow our Nature Action Network. We will maintsin our WildPlay programtne which celebrates its 25th Anniversary in Z025 Sustaining our Future From 202415 we are operating a separate Trading Subsidiary which tnanage5 all transactions of our commercial operations. We continue to develop and improve use of admin sysiems including our CRM and Sharepoint in particular. We will complete a review, run by ihe People Committee, of staff roles, responsibilTties and renumeiation. We will con501idate our progress al Queenswood runnFng the cafe, expandlng our ranges In the gift shop, further developing oui trails and activities. We will build on the success of our events programme to develop day-long'experiences. and nature safarls. We will launch a new 11 million Naiure Recovery Fund appeal In aulumn 2024, 10 run over three year5. We will develop a nature-friendly catnping & glampTrng schetne to launch In 2025. 12 The Herelord5hTrre Wildlife Trust Limited rt of the Trustees for the Year Ended 31 March 2024 Fundraisin Herefordshire Wildlife Trust operate5 to hTgh fundrai5Tng standards. We are registered with the Fundraising Regulator and follow Its Code of Fundiaising Practice and Fundraising Promise. We have a contract with Southwest Wildlife Fundraising Limited ISWWFLI to irtTprove our rnember5hip recruittnent. SWWFL comply Mfjth all relevant standards. Including protection of the public, particularly vulnerable people, fr￿Tr unreasonably intrusive or persistent fundraising approaches, and undue pressure to donate. svfwFL follow all applicable regulations, laws and the Fundraising Code of Practlce and are responsible for dealing with any complaints regarding their activities. We ser and monitor a range ol key performance indicators for SWWFL. Com laints We arc (Orn￿7tted to excellent customer service and welcome tomments and feedback about the way we work. Every CUFnplaint 15 taken seriously and dealt wth tn line with our Complaints Policy which we revlewed this year and is available on our Web￿[e an on request. We try to re501Ye complaints as quickly and efficiently as P055ible. and in a personal, fair and confidential way. We have received no forrnal complaints this year regarding any of our fundra151ng aclivilies, or indeed any of our other General Data Protection Re ulations We will always be clear, open and honest when communicatTng with supporters. We respect their privacy and contacl preference5. We reviewed and Ljpdated our Privacy Policy and Data Retention Schedule thi5 year and these are available on our web51te and by request. There have been no known infringements of GDPR. Structure Governance and Mana ement The Trust is a company limited by guaraniee, as defined by the Companies Act 2(K>6. The Trust wa5 registered as a charity on 30 Novembtr 1962 and Incorporated on 12 December 1962 In England and Wales. The charity 15 rnanaged ID accordance with the Arlicles of Association. The current Articles were adopted by special resolution passed on 18th October 2016, with a further amendtnents in October 2020 and October 2022. The Trust 15 governed by a Board of Trusteeg, consisting of up to twelve Trustee5. rneetFn8 norrnally five time5 a year. Trustees are elected at the relevant Annual General ￿￿eting IAGMI. The Board of Trustees ha5 the power to co-opt Trustees for a penod up to next Annual General Meeting, to fill casual vacancie5. Elected Trustees may serve a term of up to nine yearg, subject to re*lection every three years. There are three committees of the Board covering Finance, Acquisltion and Disposal ol reserves, and People. The Board also ma1ntain5 a Conservation Adw50ry Comm1tteÈ. Trustees are the Threctors of thc Trust for the purpose ol the CotnparTrie5 Act and are the Officers of the Company, with contToI of the Trust, Its property and funds. The Chair, Vice Chair and Honorary Officers are elected at the first Board of Trustees meeting following the AGM. New Trustees are recruited mainly through advertisement5 placed wth volunteer agencies and within the Trust's ow publications. A panel of up to three existing Truslee5 Interview5 prosp￿tive candidate5 and makes recommendations for appointment, based on an asse55ment of the individual's skills and experiencc against a Trustee role description and 5ki115 gap audit of the Board. All new Trustèes receive an induction pack, which includes a copy of the Tru5t@e personal spetificatitsn, the Code of Conduct, the terms and condTtions of service, the latesl audited accounts, the Charity's governing docutnent5 and conraci details for other Trustee5. The Trust a150 offers full Induction and a Trustee mentoring scheme, pairirig new Tru5tee5 Wth existing Trustèes, to help them to learn about the Trust. There is a TIu5tee training budget for governance-related issues, whith Include5 prow510n for two 'all Trust. tneetings of staff and Trustees each year. The Trustees appoint a Chief Executive Officer to manage the day-tts-day operaiions ol the Trust, including the manageTnent of staff and the developtnent and implefflentation of policies, strategies and busine55 plan5. Trustee5 undert￿k a recruitrnent process to appoint 3 new CEO, Jamie Audsley 10 succeed Helen Stace who TetlTed in July 2022. 13 The Herelordshire Wildlife Trust Litnited Re ort of the Trustee5 for ihe Year Ended 31 ￿￿[ch 2024 The Trust is a member of The Wildlife Trusts IWI federation of 46 individual Wildlife Trusts co-ordinated and supported by the Royal society of Wildlife Tru5t5 (Charity number 2072381. Rsvfj facilitates effective coordinat10n and cooperation across the mov8nent and undertakes lobbying and public relatiijns on behalf of all Wildlife Tru5t5, giving the Trust a national voice and profile. Members have the use of RSVf's branding and bellefit IF￿n access to resources, best practices and oxperience of other tnember5. References and Administrative details Registered Company number 743899 IEngland and Wales) Rcgisicred Charity number 220173 Registered Office Queen5wood Country Park, Dinmore Hill, Leominstèr HR6 OPY Trustèes Alison McLean Matt Williams Debbie Beaton Jake Bharier Joseph Cole Richard Cryer Michael Daw50n Jacob t>owling Becca Hadaway Jim Hardy Jane Seabrook Chair Vice Chair (resigned 71101241 Treasurer Chief Executive Jamie Audsley Senlor Staff Head of Nature Recovery.. Head of C￿nMuniCatIonS & Fundraising.. Finance Managèr". Claire Splcer Frances Weeks Alek5 Watkin5 Senlor Statutory Auditor Lisa Weaver FCCA Auditors Thorne Widgery, Chartered Accountants, Statutory Auditors, 2, Wyevale Bu5ine5s Park, Wrfevale Way, King's Acre, Hereford HR4 7BS Bankers CAF Bank Limited, PO Box 289. West Malling, Kent, ME19 4TA Cooperative Bank, 23A St. Aldate Street, Gloucester, GL1 1 RU Solicitors Lambe Corner LLP, 36137 Bridge Street, Hereford HR4 9DJ Lloyd Cooper LLP, Solicitors, 28 South Sireet, Le¢)minster, Herefordshire, HR6 8JB Land Agent Peter Kirby, ARICS, Sunderlands & Thompg)ns LLP. Offa House, 2 St. Peter's Square, Hereford, HR1 2PQ Investment Manager CCLA Investment Management, One Angel Lane, London, EC4R 3AB Statutory Inforrnat5on So far as the Trustees are aware, there 15 no relevant infcrmation las defined by Section 418 of the Cotnpanies Act 20061 of which the charitable company's auditors are unaware. Each Trusrce has taken all the greps that they ought to have taken a5 a Trustee to make thernselves aware of any audit information and to establish that the charitable company's auditors are aware of that information. Auditors The auditors, Thorne Widgery Accountancy Litnited, will tE PfOP05ed for re-appointment ai the forihcoming Annual General Meetinq. Approved by order of the board of Tru5tee5 on and signed on its behalf by.. A McLean - Chair 14 The Herefordshire Wildlife Trust Limited rr of the Tmstee5 for the Year Fnded 31 March 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees (who are also the director5 01 The Herefordshiie Wildllle Trust Limited for the purposes of company lawl are responsible for preparing the Report of the Trustees and the financial statements in accordance Mth applicable law and United Kingdom A(c(￿￿tIng Standards (United Kingdom Generally Accepted Actounting Practice). Cornpany 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 of the incoming resources and applicat10n of resouTce5, Including the incotne and expenditure, of the charirable company for that period. In preparing those financial statements, the Trustees ale iequircd to select suitable accounting policies and then apply them cts)sisrently', observe the methods and principles in the Chanty SORP., make Jud4eThent5 and estimates that are reasonable and prudcnt" stale whÈther applicable accounting standards have ￿en followed, subject to any tnaterial thè Trustees approach to mttigation of future def1tiis. If these action5 were to prove unsuccessful rhis may indicate a matenal uncertainty exisis and may casi doubt on the charitable cotnpany's ability to continue a5 a going concern. Our opinion Tr5 not modified in respect ol this rnatter. Our responsTbilities and the responsibilities of the Twstees WTth respect to going cwcem are described in the relevoni section5 of this report. Other inforrnatTron The Trustees are responsible for the other infortnation. The other inforrnation comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditor5 thereon. Our opinion on the financial statements does not cover th@ other information and, except lo the extent otheTh￿Se explTCltly stated in our report, we do not expres5 any form of assurance conclusion Ihereon. In connection with our audit of the financial sratements, our responsibility is to read the other Tnformation and, in doing 50, consider vlhether the other informatlon 15 fflaterially inconsistent with the financial statetnents or our knowLedge obtained in the audit or otherwse appears to be materially misstated. If we identify such rnaterial Incon515tencies or apparent material misStaternent5, we are required to detertllTne whether this give5 rise to a rnatenal misstatement in the financial staletnent5 thetnselves. If, based on the work we have performed, we onclude that there 15 a fflaterial tni55tatement ol this other information, we are required to report that fact. We have nothing to report in thi5 regard. Opinions on other rnatters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken In the course of the audit". the inf￿matIon given in the Report of the Twstees for the finarKial year for which financTal statements are prepared 15 con515tent with the finaTicial 5tatetDent5', and the Report of the Trustees has been prepared in accordance with applicable legal requireM￿t5. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable c(Ynpany and i¢5 environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trugtees. We have nothing to report in respect of the follown8 rnalter5 where the Companies Act 2￿6 requires us to report 16 rt of the Inde dent Auditors to the Trustees of The HerelordshFre Wildlife Trust Limited to Il. In our opinion.. adequate accounting records have not been kept or returns adequate for our audit have not been received from branches nor visited by us., or the financial 5taternents are not ir% agreement with the accounting records and returns-. or certain disclosures of Tru5tee5 remurTreratlOn specified by law are not made. or we have not received all the information and explanations we requTre for tsur audit-. or the Trustee5 were not entitlÈd to take advantagÈ of the 5tnall ci)mpanies exernption from the requirement to prepare a Strategic Report or in preparing the Rewrt of the Trustees. Responsibilities of Trustee5 explained more fully in the Statement of Trustees, Responsibiliries, the Trustees (who are also the directors of the charitable company for the purpose5 of cornpany lawl are responsible for the preparation of the financial statement5 and for being 5atisfTed that they give a true and fair view, and for such internal control as the Trusrees determinè is necessary to enable the preparation of financial 5taternents that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the Trustees are responsible for asse55ing the charitable company'5 ability to continue as a going concern, disclosing, as applicable, ¥llatters related to going concern and using the going concern basis of accounting unless the Trusiees either intend to liquidate the charitable company or to cease operations, or have no realistic altemative but to do 50. Our responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether financial statements as a whole are free from matenal tnlSStatetnent, whether due to fraud or error, and to issuè a Report of the Indepèndeni Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance Vwryth ISAS IUKI will alway5 detect a material m155tatetnent when it exist5. M155tateTnent5 can arise from fraud or error and are considered material if, indiwdually or in the aggregate, they could reasonably be expected to influence rhe economic decisions of u5er5 taken on the ba5TS of these financFal 5tatement5. The extent to which our procedures are capable of detecting irreguianties, including fraud 15 detailed below.. Fraud and breaches of laws and regulations abillty to detèct Identifying and ie5ponding to risks of maierial misstatement due to fraud To identify risks of material mi55tatetnent due to fraud I'fraud risk5"I we assessed events or cfmditions that could indicate an incentive or pre55ure to commit fraud or provide an opportunity to cornmit fraud. Our risk assessment procedures included.. o Enquiring of Trustees, th@ finance committee and inspection of policy docurnentation as to the Charity'5 high-level policies and prLKedures to prevent and detect fraud as well as whether they have thowledge of any actual, Sugpected or alleged fraud. o Reading Truslees. meetings and finance coffltnittee tninut￿ . o Considering performance target5 for rnanagement. We tommunicated identified fraud ri5k5 throughout the audit tearn and remained alert to any inithcations of fraud throughout the audil. A5 required by auditing standard5, and taking into account our overall knowledge of the control environment. we perfortn procedures to address che risk of manageTnent override of controls, in particular the risk that tnanagement rnay be in a positTon to make inappropriate accounting entrie5. On this audit we do not believe there 15 a fraud risk related to revenue recognition botèuse the revenue 15 non-judgemental and straightfofward, wth limited opportunity for rnanipulation. We did not identify any additional fraud rTsks. We perfomed procedure5 including identifwng journal entries to test based on risk criteria and comparing the Tdentilied entnes to supporting docufflentation. These Included th￿e posted by finance managernentl those posted and approved by Ihe same u5erl those posted to unusual accounts. Identifying and responding io d5k5 of rnaterial mi5siatement due to non-compliance with laws and regLJlations We identified areas of law5 and regulations that could reasonably be expected to hav& a matenal effeci on the financial statements frorn our general commercial and sector experience, and through discussion with tnanagement las required by auditing siandard51 and discussed with management the policies and procedure5 iegarding compliance wnth law5 and regulatiOn5. Re rt of the Inde ndent Auditor5 to the Trustees of The Hereford5hire Wildlife Trust Litnited We C￿mMunIcated identified laws and regulations throughout our tearn and remairTred alert to any indications of non-compliancÈ thrwghout the audit. The potential effert of these laws and regulations on the financial 5latements varie5 considerably. Firstly, the Charity IS subject to laws and regulations that directly affect the financial statetnents including financial Teporting legislation, taxatiw leg151ation and the Charities Aci legislation and we assessed the extent of compliance with these laws and regulations a5 part of our procedures on the related financial statement items. Secondly, tho Charity is subjett to many other laws and regulations where the consequences of noncompliance could have a material effect on amount5 or disc105ures In the financial statements, for instance through the imposltion of fines or litigation or the 1055 of the Charitys license to operate. We Identified the following areas as those tnost likely to have such an effect.. health and safety, anti-bnbery, etnploytnent law, data protection, anti-money laundering and specific area5 of other legislation recognising the nature of the Charity's activities. Auditing standards limit the required audit procedures to identTfy non-compliance with these laws and regulations to enquiry of managemenr. Tnspection of regulatory and legal correspondence, if any. Therefore, if a breach Df operational regulatlOn5 TS not di5c105ed to us or evident from relevant correspondence, an audit will nor detect that breach. Context of the abllity of the audit to detect fraud or breaches of law or regulation Owing to the inherent limitations of an audit. there is an unavoidable risk that we may not have detected SOMÈ material mi5Statement5 In the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance wilh laws and regulatI￿s is from the events and transactions refle¢tÈd In the financial statement5, the le55 likely the inherently lirnited procedu￿5 required by audiling standards would identify it. In addition, as wilh any audit, thère remained a higher risk of non-detection of fraud, as these may InvolvÈ collusion, forgery, inientional ￿T$s1on5, tn15representations. or the override of internal controls. Our audit procedures are designed to detoct material mi$5tatetnent. We are not re5pon51ble for preventing non-cunpliance or fraud and cannot be expecied to detect non-cotnpliance with all laws and regulations. A further description of our responsibilTrtiÈs for the audii of the finarKTal stafernents 15 located on the Financial Reporting CrAJnciI'5 website at www.frc.org.LJklauditorsresponsibilities. This description forms part of our Report of the Independent Auditor5. Use of our rewrt This report 15 made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Ccthpanies Acr 2006. Our audit work ha5 been undeitaken 50 that we might State to the charitable Company's mefflbers Lhose tnalter5 we are required to State to them in an auditor5, repori and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to ar)yone other than the charitable company and the charitable cofflpany's tnember5 as a body, for our audit work, for this rewrt, or for the opinion5 we have formed_ Mrs Lisa Weaver FCCA Isenior Statutory Audilorl for and on behalf of Thorne Widgery Accountancy Ltd Chartered Accountants statutory Auditors 2 Wyevale BusTness Park King5 Acre Hereford Herefordshire HR4 7BS Dale.. Note- The maintenance and integrity of The Herefordshire Wildlife Trust Limited website is Ihe responsTrbility of the Tru5tees', the work carried by the auditors does not involve consideratioii of these matiers and. accordingly. the auditors accept no rèsponsibility for any change5 that tnay have occurred to the financial Statements since Ihèy were inilially presented on the website. 18 The Hereford5hire Wildlife Trust Limited Siatement of Financial Activities Intur an Incotne and Ex for the Year Fnded 31 Niirch 2024 ndituie Account 31.3.24 Total funds 31.3.23 Total funds Unrestricted funds Restricted funds Notes INCOME AND ENDOWMENTS FROM DonatT(￿S and legacies 527,910 55,879 583,789 508,492 Charltable actlvltle5 Landscapes En4a4etnent 126,578 73.366 403,113 45,599 529,691 118,965 816,514 194,015 Other Irading activitie5 Investment Income Other Income 223,997 12,783 2,735 55 224,052 12,783 124,048 181,809 7,195 157,575 121.313 Total 967 369 625 959 1 593 328 1 865.6( EXPENDITURE ON Raising funds 553.670 553,670 524,951 Charilable activities Landscapes Queenswood sile En8agetnent 326,105 419,514 21,389 95,206 745,619 21,389 201,196 856,148 21,326 213,745 105.990 Other 60,949 196,912 257 861 209,697 Total 733 021 1 779,735 1 825 867 Net gainsll1055esl on investtnents 17 3941 NET INCOMEIIEXPENDITUREI Transfer5 between funds 1107,0621 68,033 1162,1801 22,339 23 68 0331 Net movement In funds 139,0291 1162,1801 22,339 RECONCILIATION OF FUNDS Total fund5 brought forward 367,271 4,043,485 4,410,756 4.388.417 TOTAL FUNDS CARRIED FORWARD 244.120 4,004,456 4,248,576 4 410 756 The notes form part ol these financial statements 19 The Herefordshire Wildlife Trust Limited Re istered number.. 743899 Balance Sheet 31 March 2024 31. 3.24 31.3.23 Ntstes FIXED ASSETS Tangible asseis Investrnents 3,556,088 265,206 3,539,245 248,234 3,821,294 3,787,479 CURRENT ASSETS Stock5 Debtors Inve5tfflent5 Cash at bank and in hand 27,049 285,560 7,255 245,184 21,574 201,851 19 634 502 565,048 857.927 CREDITORS Amounis falling due within one year zo 1137,7661 1234,6501 NET CURRENT ASSETS 427,282 623,277 TOTAL ASSET5 LESS CURRENT LIABILl￿Es 4,248,576 4,410,756 NET ASSETS 4,248,576 4.410,756 FUNDS 23 Unrp5tricted fund5'. General fund Rcstricred funds-. Restricted 244,122 367.271 4,004,454 4,r)43 485 TOTAL FUNDS 4,248 576 4 410.756 The financial statements were approved by the Board of Trustees and authorised for issue on and were si£ned on its behalf by.. A McLean Trustee The note5 forrn part of these financial statements 20 The Hereford5hire Wildlife Trust Limited Cash Flow Staternent for the Year Ended 31 March 2024 31. 3.24 31.3.23 Notes Cash flows from operating attiwties Cash generated from operations 1344,0421 15,457 Net cash Iu5ed inllprovided by operating activities 344,0421 15.457 Cash flows frorn investing actiwties Purchase ol tangible fixed asset5 Purchase of fixed a55el inve5ttnent5 Sale of tangible fixed assets Sale of fixed assei investment5 146,5751 247,2551 375 248.179 1282,0531 1278,2871 92, 338 254,928 Net cash used In investing activities 45,2761 213.0741 Chan8e in cash and cash equivalènts in the r￿orting period Cash and cash equivalent5 at the beginning of the reporting period 389,3181 1197,6171 634.502 832,119 Cash and cash equivalents al the end of the reportlng period 245.184 634 502 The notes fomi part of these financial statements 21 The Herefordsh1re Wildlife Trust Limited Notes io the Cash Flow Statement for the Year Ended 31 March 2024 RECONCIUATION OF NET IEXPENDITUREIIINCOME TO NEf CASH FLOW FROM OPERATING ACTIVITIES 31.3.24 31.3.23 Net lexpenditurel/income for the rèporting period la5 per the Statement of Financial Actlvities Adju5tment5 for- DÈprèciètion tharges IGair)Illosses on investments Profit on disposal of fixed a55ets Ilncreasel/decrease in stoc Increase in debtors IDecreasel/iDcrea5e in creditor5 1162,1801 22,339 29,732 31,532 17,394 135,0991 6,778 137,7081 10,221 15,4751 183,7091 96,8841 Net cash lused inllprtsvided by Opera￿On5 344,0421 ANALYSIS OF CHANGES IN NET FUNDS At 1.4.23 Cash flow At 31.3.24 Net cash Cash at bank and in hand 634 502 389 3181 634,502 389 3181 245,184 LTquid resources Dep051ts included In cash Curii'iit a55Lt Inve5ttnent5 7,255 Total 634 502 382 0631 252,439 The notes fom) part of these financial statements 22 The Hereford5hire Wildlife Trust Limiled Notes to the Financial Statements for the Year Ended 31 March 2024 ACCOUNTING POLICIES Ba515 of preparlng the financial 5talements The finanaal statements of the chantable company, which 15 a publTC benefit entity under FRS 102, have ￿en prepared in accordance with the Charities SORP IFRS 1021 'Actounting and Reporting by Charitie5.' Statement of Recornmended Practice app11cable to charities preparing their accounis in accordance WTth the Financial ReportTng Slandard app11cable In the UK and Republic of Irelaiid IFRS 1021 leffective 1 January 20191., Financial Reporting Standard 102 The Financial Reporring Standard applicable in the UK and Republic of Ireland. and the Companies Act 2006. The finanaal staternents have prepared under the historical c05t convention, with the exception of invesbrents which are Included al ffiarket value, as rnodilied by the revaluation of certain assets. Going concern The accounts have been prepared on a going concern basis. This 15 deetned an appropriate basis by the Trustees based on an assessment las detailed In Trustees, report) of the Charity's financial forecast5, re5errfes and cashllow projections for at leasr twelve months. The Trustee5 have also considered potentTal financial sk5 the Charity may face, and action5 that would be taken to mitigate these ri5k5 should they arise. The Trustees have approved a balanced operating budget for the 2024125 financTal year targeting a small surplus and reviewed Indicative forecasts for the 2025126 finarKial year. Scenario modelling has bccn undertaken to assess rTrsks to the budget and forecasts, iticluding itnpact5 of cash and reseryes p￿ltIOns. Whilst the Charity's balance sheet at 31 March 2024 showed a reduction in its level ol unrestricted reserves from the previous year to É244,000, at the same time It maintained cash and marketable investments of £518,000 with the generati￿) of rnore substantial cash and Investment balances in the period aniicipated In the period to 31 March 2026. The Trustees are therefore sat15fied that the current financial strength of cash and investrnent balarices and reseNes will allow timely remedial actions ta be taken as Trece55ary to rninimi5e itnpact. As such, the Trustees remain 5at151ied that the charitable company has adequate re50urce5 to continue in operational existence for the foreseeable furure. being a minimum of twelve months from the date these account5 are signed, and that there are no tnaterial uncertainties that could cast Significant doubt over its ability to continue as a going concern. Accordingly, the financial statements have been prÈp3rÈd using the going concern bas1$. Incom Income. including voluntary income, grants and investment income, is recognised in the SOFA when the Chariiy becomes entiiled to It, it is more likely thar) not that the income wll be received, and the monerary value ol the inci)mÈ can be estTmated wth 5ufficTenl accuracy. Entitlement to legacy incotne 15 a5surned when there is 5LifficieHt evidence that a gift has been left to the Charity, usually through the norification of a Will. Receipt of legacy inccme is deetned probable when there has been a grant of probate, and it ha5 been established that there are 5ullicient assets in the egtate to pay the leqacy and there are no conditions attached to the legacy that are outside the control of the Charity or uncertainty around the receipt of the gifi. Income Irotn pecuniary legacies is recognised upon notification or receipt if earlier. Revenue grants in respect of specific contracts are credited to the SOFA in the period in which the expenditu is incurred_ Donated services and facllllfjes tk>nated professional 5erwce5 and donated facilities are recognised as income when thè chanty has control over the iteffl, any conditions a55ociated with the donated item have been met, the receipt of ÈconortTrir. benefit frimn the use by the charity of the item is probable and that econornic benefit can be measured reliably. In accordance with the Charities SORP IFRS 1Q21, the general volunteer time Is not recogn15ed, refer to the Tru5tees' annual report for more InfomiatTon about their contributi￿. On receipt, donated professional serwces and donated facilities are recogTri5ed ￿ the basis of the value of the gift to the charity which is the amount the charity would have been willing ro pay to obtain senqces or facilities of equT¥alent economic benefit on the open market; a corresponding amount 15 then recognised in expenditure in the perir)d ol receipt. 23 continued... The Herefordshire Wildlife Trust Limited Note5 to the Financial Statements - conrinued for the Year Ended 31 March 2024 ACCOUNTING POLICIES - continued Expenditure Llabilities are reCi￿NiSed a5 expenditure as soon as there is a legal or construcrive obligaiion committing rhe charity to that expenditure, it 15 probable that a transfer of econofflic benefit5 wll be required in settlernent and the amount of the obligation can be measured reliably. Expenditure 15 accounted for on an accrua15 ba515 and has been cla55iliec under headings that aggregate all c05t related to the category. Where cost5 cannot be directly aitributed to particular headings they have been allttated to activitie5 on a basi5 Cm51Stent vrith the Use of resource5. Rai5in8 fund5 Cosi of generating funds are those c05t5 incurred in attracting voluntary inc(Kne, and those incurred in trading act1Wltie5 that raise fund5. Charitable actl*tles Expenditure on charitable activities includes the c05t5 of landscapes, queen5wood and engagement activities undertaken to further the purpose5 of the charity and their associated support C05t5. Allocation and apportionment of costs Supporr costs Include central functiths and have been allocated to activity cost categtsries on a basis consistent with the use of resources. Tangible fixed asset5 Fixed assets, other than land and property, are stated at original cost or, if donated, the value at date of receipl. FR5102 requife5 that provision be made for depreciation of fixed asset5 having a finite useful life. However, the Trustees are of the opinion that the residual value at the end of the estimated usefLJI life of the nature re*rve5 and freehold propertie5 are not likely to materially differ frorn Its COSt. Thi5 15 because it Is the Charity's policy to maFnlain the nature reserves and freehold properties in such a condition that their value is not diminished by the passage of time,. Ihe relevant expenditure is charged against income in the financial period in which it is incurred. Therefore, any element of depreciation is considered to be immaterial and no provision 15 rnade. Leasehold assets are depreciated at 2% and 20%. Vehicles and computer equipment are depreciated at 25% p2r annum, plant and equipment at 15% and flxtures and fitting5 at 10% and 20%, $0 a5 to write off the cost less residual valu@ over thèir expetied useful lives. Items costing under £1,000 in the charitable company are not capitalised. Taxation The charity Is exoTrpt frcxn corporatiN tax on its charitable activities. Fund accounting Unre5tricied Funds The general fund represents unresiricted funds available for use at the dIsC￿tion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other Purp￿e$. Designated Funds t)esignated funds are unresrricted general fkjnds earmart(ed by Trustees for particuLar purposes. Restricted Funds Re5tricied funds are to be used in accordance with Specific restrictions Trnposed by donors or which have been raised by the charity for particular Nrposes. The costs of administering and raising such funds are charged against the specific fund to which they relate. Pension cost5 and other post-retlrement bÈnÈflts The Charity operates a defined con¢nbution pension schetne. Contribution5 are charged a5 they be(ome payable in accordance wth the rules of the 5chetne. 24 tontinued... The Herefordshire Wildlife Trust Litnited Noies to the Financial 5tatetnent5 - continued for the Year Ended 31 March 2024 ACCOUNTING POLICIES- continued Investments Investsrents are valued at mid-market price at the balance sheer date. Realised investment gainsllosse5 represent the difference5 On Sale of Inve5ttnents between the proceed5 on sale and the opening market value andlor cost of additions In the period. Unrèalised Investment gainsllosses represent the differences between the closing market value and the opening tnarket value andlor c05t of additions in the period. Stocks Stock5 are valued at the lower of cost and nct realisable value, after making due allowance for obsolete and slow moving iletn5. Debtors Trade and oiher dcbtors are recogniscd at the settlement amount due after any d15count offered. Prepayments are valued at the a¥nount prepaid net of any discount5 due. Cash at bank and Trn hand Cash at bank and cash in hand includes cash and short terTh highly liquid investrnent5 Wlth a short tnaturity of three months or le55 frorn the date of acquisition or opening of the deposit or similar account. Credltors and provlslon5 Creditors and prow510n5 are reco8ni5ed where the charity has a present obligation resulting from a past eveni that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their Settlement amwnt after allowng for any trade discounts due. Ire purchase and leaslng commitment5 Renta15 paid under operating leases are charged to the SOFA as incurred. Jolnt Venture5 The above are recognised under the equity method, on initial recognition the investment in a joint venture Is recognised at cost, and the carryng amount Is increased Dr decreased to recognise the investor's share ol the profit or 1055 Qf the investee after the date of acquisition. The investor's share of the inwestee 5 profit or 1055 15 recognised in the investor5 profit or 1055. DONATIONS AND LEGACIES 31.3.24 Total funds 31.3.23 Total funds Unresiricted funds Restricted funds Donations Gift aid Legacies Metnbership 32,359 59,179 188,780 247 592 55.879 88,238 59,179 188,780 247,592 109,854 55,202 118,153 225,283 527 910 55,879 583,789 508,492 OTHER TRADING ACTIVlllES 31.3.24 Toial fund5 31.3.23 Total funds Unrestricted funds Restricted fund5 Fundraising Shop sales Consultancy sales Timber salÈs 5,644 198,376 8,988 10,989 55 5,699 198.176 8,988 10,989 6,915 154,1114 19,957 833 223 997 55 224 052 181,809 25 continued... The Herefordshire Wildlife Trust Limited Nores to the Financial Staternent5 - continued for the Year Ended 31 March 2024 INVESTMENT INCOME 31.3.24 Total funds 31.3.23 Total funds Unrestricted fund5 Restricted funds Investrnent Income 7.195 INCOME FROM CHARITA8LE ACTlVtTIES 31.3.21 Total actiwties Total activitie5 Landscapes Engagement Project grants and sponsorship 529 691 118 965 648,656 1 010 529 OTHER INCOME 31.3.24 Total funds 31.3.23 Total funds UnrestrTCted fund5 Restricted funds Gain on sale of tangible fixed assets Other Income Income relating to Joint ventures lQueenswoC￿I 375 2,360 375 2,360 35,099 4.829 121,313 121,313 117647 2,735 124,048 157,575 RAISING FUNDS Raising donalions and legacies 31.3.24 Total fund5 31.3.23 Total fund Unrestricted funds Restrricted funds Staff c05t5 Travel and volunteer expenses Fundraising, rnarkelins and appeal c05t5 Support costg 82,881 635 132,160 111.921 82,881 635 132,160 93,478 251 124,881 120 525 327,597 327 597 339,135 Other trading actiwties 31.3.24 Toial funds 31.3.23 Total lund5 Unrestricted funds Restricted funds Purchases Staff costs Shop expenses Support COSt5 54,492 60,229 50,065 61.287 54,492 60,229 50,065 61,287 46,661 51,332 50,794 35,927 226,073 226.073 184.714 26 continued... The Herefordshire Wildlife Trust Lirnited Note5 to the Financial Statements . continued for the Year Ended 31 March 2024 RAISING FUNDS - continued Investment tnanagement Costs 31.3.24 Total funds 31.3 23 Tolal fund5 Unrestricted funds Restricted funds Investmenr management costs 1.102 Aggregate amounts 553,670 553,670 524,951 CHARITABLE ACTIVITIES COSTS Support costs (see note 91 Direct Cost5 Tota15 Landscapes Queengwood site EngageTDent 682,517 21,389 148,842 63,102 745,619 21,389 201,196 52,354 852,748 115,456 968,204 SUPPORT COSTS Managetnent Raising donations and legacies Other trading activities Land5cape5 Engagetnent 61,287 63,102 52,354 288,664 10. OTHER 31.3.24 Tota fund5 31.3.23 Total funds Unrestricted funds Restricted fund5 Irrecoverable debt provision on New Leafs Share Dr Queen5wood Exponditure relating ¢0 joint ventures (Queenswoodl 60,949 60,949 43,351 196,912 196,912 166.346 196,912 257,861 209,697 27 continued... The Hereford5hire Wildlife Trust Limited Note5 to the Financial Statements - continued for the Year Ended 31 March 2024 NET INCOMEIIEXPENDITUREI Net inccmellexpenditu￿F is slated after char8ing/lcreditingl'. 31.3.24 31.3.23 Depfftciation - owned assets Surplus on disposal of fixed assets Auditors- audit fee Operating leases Gainslllossesl on investments 29,732 13751 11,395 13,144 25,151 31.532 135,0991 9.135 18.845 17,3941 TRUSTEES. REMLINERAMON AND BENEFITS Trustees, receivèd no remuneration or other benefit5 for the year ended 31 March 2024 nor for the year ended 31 March 2023. Tru5tees' expenses During the year one Trustee12023.. two) was reimbursed lor expenses totalling É329 12023.. £4(X)I. STAFF COSTS 31.3.24 31.3.23 Wages and Salaries Social seourity C0515 Other pen510n costs 706.918 61.935 32,628 660.875 56.908 30,634 801.481 748.417 The charitable cornpany operates a defined contribution pens1￿ schetne. The pension cost represents contnbution5 payable by the charitable company and amounted to £38,030 12023.. [34,3121, thi5 include5 the salary costs in relation lo the joint venture. The key Fnanagement personnel of the Trust, comprise Ihe Chief Executive, Nature Recovery Manager, Head of Nature Recovery and the Head of Finance. The total amount of employee benefits of the key tnanagement personnel of the trust were [190,969 12023.. £160,771). The average rnonthly nurnber of employees during the year was 3$ follow5.. 31.3.24 50 31.3.23 43 Average Etnployee5 No employees received emoluments In excess of £60,000. 28 continL*d... The Herefordshire Wildlife Trust Lirnited Note5 to the Financial Statements - continued for the Year Ended 31 March 2024 14. COMPARAMVES FOR THE CHARITY STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds Restricted funds Total fund5 INCOME AND ENDOWMENTS FROM Donations and legacies 460,226 48,266 508,492 Charltable attiwtie5 Landscapes Engagement 155,415 8,197 661.099 185,818 816,514 194,015 Other trading activities Inve5ttnent income Other income 157.765 7,195 24,044 181,809 7.195 157575 153,204 Total 793,169 1,072.431 1,865.6LK) EXPENDITURE ON Raising fund5 524,329 622 524,951 Charitable actiwtiès Land5cape5 Queenswood site Engagetnent 219,268 636,880 21,326 198,537 856,148 21,326 213,745 15,208 Other 43,351 166,346 209,697 Total 802,156 1,023.711 1,825,867 Net qain5111055esl on investments 17,3941 17,3941 NET INCOMEIIEXPENDITUREI Transfers between funds 126,3811 88,4711 48,no 88,471 22,339 Net movement In funds 1114,8521 137,191 22,339 RECONCIUATION OF FUNOS Toral funds brought forward 482,125 3,906,292 4,388,417 TOTAL FUNDS CARRIED FORWARD 367 273 4.043 483 4.410.756 The al)ove relates to the year ended 31 PIArch 2023. 29 continued... The Hereford5hire Wildlife Trust Limited Notes to the Financial Statements- coDt'.nued for the Year Ended 31 March 2024 TANGIBLE FIXED ASSETS Share of venture fixed assets lrnprovenent to property Freehold property Short leasehold COST At l April 2023 Additions 2,653,164 24,880 4.750 883.039 126,426 At 31 March 2024 2,678,044 4,750 883,039 126.426 DEPRECIAMON At l April 2023 Charge for year 4,750 140,891 21.390 At 31 Alarch 2024 162 281 NET BOOKVALUE At 31 March 2024 2,678,044 720,758 126,426 At 31 March 2023 2,653.164 742,148 126,426 Fixtures and Plant and machinery Motor vehicle5 Comwter equipment Totals COST At 1 April 2023 Additions 89.820 11,741 21.962 9,954 84.490 49.174 3.912,825 At 31 March 2024 101 561 84.490 49,174 DEPRECIATION At 1 April 2023 Charge for year 76,141 4,952 21,416 108 81,208 3.282 49,174 373,580 29.732 At 31 March 2024 84.490 403.312 NET BOQK VALUE At 31 Miirch 2024 20,468 10,392 3,556,088 At 31 March 2023 13,679 546 3,282 3,539.245 30 continued. The Hereford5hire Wildlife Trust Limiied Notes to the Financial Statements - continued for the Year Ended 31 htsrch 2024 16. FIXED ASSET INVESTMENTS Share5 IEI group undertakings Cash and settlement5 pending Listed investments Totals htARKET VALUE At 1 AprTI 2023 Additions Disposals RevaluatlOn5 55 248,179 248,234 240,000 1248,1791 240,000 1248,1791 At 31 March 2024 55 265,151 265,206 NET BOOKVALUE At 31 March 2024 55 265.151 265.206 At 31 March 2023 55 248 179 248.Z34 On 3rd April 2023 the charity s Inve5tment5 were transferred fr(Mn Brewin Dolphin io CCLA and 5ub5equently Fnvesled In the COIF Charities Ethical Investmeni Fund which adheres to investment policies that are consistent wilh the mi55i0n, ethos and values of the Trust. C05t or valuaiion at 31 March 2024 is represented by.. Share5 In group undertakings Listed Investments Toials Valuation In 2023 Cost 25,151 240,000 55 240,055 55 265,151 265,206 The cc¥npany5 investrnents at the balance sheet date in the share capital of companies include the followin8'. Queenswood and Bodenham Lake C.l.C Registered office.. Queenswood Counlry Park, Dintnore Hill, Leornin5ter, Herefordshire, England, HR6 OPY Naiure of busine55.' Conservation Class of share.. Ordinary holding 55 31.3.24 31.3.23 Aggregate capital and reserves 55 55 31 continued... The Herefordshire Wildlife Trust Lirnited Notes to the Financial Siatements - continued for the Year Ended 31 March 2024 FIXED ASSET INVESTMENTS - contlnued The investment ligure in Ihe Cornpany Balance Sheet a150 Include5 E55 12023.. £551 which 15 the nominal value of the ghares held In Queenswood and Bodenham Lake C.l.C (Co No 102268681. Queenswood and Bodenhatn Lake C.l.C has remained dormant since incorporation. QuÈenswood Partnership Agreement Registered office.. NIA - no separate legal entity Nature of business.. Cmservatio The Hereford5hire Wildlife Trust LTfnited is in a joint venture arrangefflent wth New Leaf Sustainable Developtnent Litnited to manage and run the operatlOn5 at Queen5wood and Bodenham Lake. There is no separaie legal entity for rhis joint venture, all operation5 are administered through the Herelord5hire Wildlife Trust. The Herefordshire Wildlife Trust has a 55% share of the partnership agreement which was entered into on 16th May 2016, which exception of the lease of the site which, in reco£nitTon of the joint and several liability of the Trust and New Leaf a5 the lessees, has been treated a5 being held In 50..50 PfOPOTtion. The Heref0rdshI￿ Wildlife Trust'$ 55Ab share of inc(xne. expen4irure, assets and liabililies has been recorded in the financial 5tatetnents. The respective shares of the Partr￿r5 in the joint venture were as follows= 2023124 Total 2022123 Total HWT NL HWT NL Fund brought forward 120,3661 120,3661 Income Expenditure 121.310 196 9111 99,254 160 2081 220,564 357 1191 117,647 166,3471 96,257 139,6081 213,904 305,9551 In year deficit 175,6011 160,9491 1136,5501 148,7001 143,3511 192,0511 Transfer of NL share of deficit to Hwr 160,9491 60,949 143,3511 43,351 Deficit supported by vir unresiricted funds 136,550 136,550 112.417 112,417 Balance carried forward The carry fopward deficit at 31.3.2024 has been supported frotn the charitys unrestricted funds, the breakdown is shown in the table below.. 2023124 2022123 New Leaf's share of deficit - Provided in SOFA as an irrecoverable unrestricted funds Hwf share of deficit Overdrawn fund rrènsferred from restricted to unrestricted funds (see noie 211 160,9491 143,3511 75,6011 69,0661 Total in year reduction of unrestricted fund5 from joint vcnturc deficits 136,5501 112 4171 32 conlinued... The Hereford5hire Wildlife Trust Limited Notes io the Financial Statement5 - continued for the Year Ended 31 March 2024 16. FIXED ASSET INVESTMENTS - continued On 25.03.24 Hvrr and New Leaf agreed 10 dissolve their partnership and the Queensw. AL the year end there was a balance of £932 12023.- E3,5681 due to R5Wr. 25. ULrI￿ATE CONTROLUNG PARTY The charity is jointly controlled by the Trustees. 37