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2024-03-31-accounts

Company no. 00708575 Charity no. 232580

Gloucestershire Wildlife Trust Report and Audited Financial Statements 31 March 2024

Gloucestershire Wildlife Trust

Reference and administrative details

For the year ended 31 March 2024 For the year ended 31 March 2024
Company number 00708575
Charity number 232580
Registered office and Conservation Centre
operational address Robinswood Hill Country Park
Reservoir Road
Gloucester
GL4 6SX
Trustees Trustees, who are also directors under company law, who served during
the year and up to the date of this report were as follows:
D Bullock Chair
D Pepper Vice Chair
A Bluett
S Byng
N Ford
J Furze
A Goodenough
M Horwood
D Jones Resigned 16 November 2023
E N Spencer
E Waldron
A Walsh
R White
B Wyatt
Chief executive officer R Mortlock Resigned 21 April 2023
M Wilson (Interim) Appointed 24 April 2023
Resigned 30 June 2023
A Wilson (Interim) Appointed 1 July 2023
Resigned 8 September 2023
A McLaughlin Appointed 11 September 2023
Company secretary R Mortlock Resigned 21 April 2023
E Parker Appointed 24 April 2023
Principal bankers Natwest
32 Market Place
Cirencester
GL7 2NU
Investment managers Rathbone Greenbank
Prince House
Bristol
BS1 4PS

1

Gloucestershire Wildlife Trust

Reference and administrative details

For the year ended 31 March 2024

Solicitors Tozers Solicitors LLP Broadwalk House Southernhay West Exeter EX1 1UA Auditors Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor, Mariner House 62 Prince Street Bristol BS1 4QD

2

Gloucestershire Wildlife Trust

Report of the trustees

For the year ended 31 March 2024

Reference and administrative information set out on pages 1 and 2 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019). The annual report serves the purposes of both a report of the trustees, and a directors’ report and strategic report under company law.

We have referred to the notes contained in the Charity Commission's general guidance on public benefit reporting when reviewing our objects and aims and in planning for future activities. The Trustees have considered how future plans included in the business plans and future strategies will help to achieve these objects and aims.

Introduction from our Chair

I remain proud to have served as Chair of Gloucestershire Wildlife Trust as we have navigated our way through a challenging year. Externally we have seen increasing evidence of the climate and ecological emergencies alongside worldwide unrest and a continuing cost-of-living crisis. Internally, as other organisations in the sector have also found, it has been increasingly difficult to recruit and retain staff.

On behalf of the Board, I would like to thank our members and supporters who have remained loyal to the organisation and our many partners without whom much of our work would not be possible. It has been a pleasure to work more closely with the staff of Cotswolds National Landscape (who, along with Gloucester City Council’s Countryside Rangers Team now share our office space) and the Local Nature Partnership Manager, as well as staff from neighbouring Wildlife Trusts and Local Authorities, statutory agencies and other NGOs through our multi-partner projects. My fellow Trustees have been as inspiring and wise as ever, and I am very grateful for their support.

Early in the year, we said farewell to Roger Mortlock our Chief Executive of the past 10 years, and I would like to thank him for everything he achieved for the Trust during that period. I would also like to thank Mark Wilson and Ally Wilson as the Interim Chief Executives and the Senior Management Team members who stepped up to support them. In September I was delighted to welcome Andrew McLaughlin as our new Chief Executive who brings with him a wealth of experience from the public and charity sectors. I am grateful to the staff and volunteer teams for their dedication in continuing to deliver against our strategic objectives during this period of upheaval and beyond.

Alongside the challenges, we can celebrate the diversity of some fantastic projects, all of which take us further along the road of delivering our 2030 Strategy goals. These include:

3

Gloucestershire Wildlife Trust

Report of the trustees

For the year ended 31 March 2024

Under the leadership of our new Chief Executive, we have refreshed the Strategy setting out a simpler structure that realigns and reprioritises our work. The three programmes of work are: creating bigger, better, more connected landscapes; connecting people with nature and taking meaningful action; and ensuring that GWT is fit for the future. We will continue the momentum to ensure that our ambitious targets are achieved by 2030.

Dr David Bullock, Chair

4

Gloucestershire Wildlife Trust

Report of the trustees

For the year ended 31 March 2024

Objectives and Activities

Gloucestershire Wildlife Trust’s charitable objects (summarised) are:

To record and study places and objects of natural interest, and to protect them;

Our purpose is to ensure nature’s recovery, together with the people of Gloucestershire.

Our vision is for a natural world in recovery, where nature-based solutions are tackling the climate crisis and people are taking action for wildlife.

The Trust’s work in this year was guided by the 2030 Strategy and 2023/24 was the second year delivering against this Strategy. During the year, work to refresh the Strategy was undertaken, and this refreshed version will guide the work through to 2030.

Our Plans

In order to achieve the Strategy, the Trust produced a detailed Delivery Plan which determined the activities to be carried out. Results were monitored throughout the year with quarterly performance reports being produced for the Board and examined in more detail by committees and advisory groups of the Board.

The main ambitions in the refreshed 2030 Strategy are:

Creating bigger, better, more connected landscapes

5

Gloucestershire Wildlife Trust

Report of the trustees

For the year ended 31 March 2024

Connecting people with nature and taking meaningful action

Ensuring that we are fit for the future

STRATEGIC REPORT

Achievements and Performance in 2023/24

2023/24 has seen a period of significant change. Our long-serving CEO, Roger Mortlock, left us in April and we had two interim CEOs before the arrival of our new permanent CEO, Andrew McLaughlin, in September. Along with other organisations in the third sector, we have experienced challenges with recruitment and retention this year. Despite this, good progress has been made against our refreshed strategic aims.

The Trust spent £5,161,676 during the financial year of which 75% was spent supporting wildlife and wild places, 12% was spent on fundraising activities and 13% related to the costs in the trading subsidiaries that provide ecological consultancy, cafés and visitor facilities at our Gateway Sites in Gloucestershire.

Volunteers provided 40,104 hours of activity for a total value of £542,980.

6

Gloucestershire Wildlife Trust

Report of the trustees

For the year ended 31 March 2024

Creating bigger, better, more connected landscapes

Beaver reintroduction feasibility

In the first six months of the project, we’ve completed a desktop assessment of beaver habitat suitability and areas of potential impact in every sub-catchment in the county, with initial findings suggesting that Gloucestershire’s watercourses provide over 1,000km of habitat suitable for beavers. We’ve created a new beaver feasibility field survey method to ground truth and expand these findings and have begun an ecological assessment to determine how the presence of beaver could impact other species locally. We’ve engaged widely with experts and other Wildlife Trusts to inform and share best practice and are exploring the use of new modelling tools to gather further data on flood risk and dispersal patterns.

Lower Woods grazing project

We have started looking in detail and ground truthing the requirements to reintroduce grazing at Lower Woods nature reserve. Starting with the extensive body of works on the history of the site as well as current information such as ecological survey data. This project is just one of the changes we are making across our reserves as we move to use more natural processes, where possible, to manage our sites in an ecologically appropriate way. At Lower Woods we will be combining the best of the traditional management methods with modern technological solutions.

Habitat improvements for adders on the Cotswold Escarpment NRZ

In September we began work on the 18-month Recovering Adders on the Cotswold Escarpment project. The project is working on eight sites, with a mixture of GWT and third-party ownership with targeted habitat management taking place to enhance the sites. Already new hedgerows have been planted, scrub cut to maintain grassland scrub mosaics, and woodland edge managed to create the more diverse structure that adders need.

Habitat improvements for white-clawed crayfish on the River Frome

Our native crayfish, the white-clawed crayfish, was once widespread throughout the whole of the upper River Frome and its tributaries but is now limited to just three small headwater stream sites. In early autumn 2023 we undertook four conservation translocations, with carefully selected specimens from two donor sites being moved to suitable ark sites. In addition to these conservation translocations, multiple in-channel habitat enhancements have been implemented at various sites throughout the project area.

Pine Martens

By the end of 2023/24, our pine marten reintroduction project was nearing completion. During the project, 35 martens were translocated from Scotland to the Forest of Dean. They have settled well and successfully bred every year. With support from a large team of dedicated volunteers, we’ve kept track of our martens with trail cameras and scat surveys. We have been pleased to see that the presence of pine martens is being accommodated in the operations of foresters and other landowners in the region and celebrated by the wider public.

7

Gloucestershire Wildlife Trust

Report of the trustees

For the year ended 31 March 2024

Connecting people with nature and taking meaningful action

Delivering the Gloucester and Cheltenham Waterscapes project

We are partnering with RSA Insurance to deliver the Gloucester and Cheltenham Waterscapes project. The project is now well underway and has seen some great successes, including creation of a swale with tree and wildflower planting in Naunton Park in Cheltenham. Also rain gardens at Tuffley Community Association and Gloucester Royal Hospital, with a joint capacity to hold over 1,500 litres of water. The team have delivered direct education with over 1,500 people, and over 75m2 of impermeable paving removed and replaced with permeable surface. These natural flood management interventions will not only store local flood waters (reducing the impacts of floods in urban areas) but create new habitat for wildlife and cleaner water for our rivers. The project is also depaving driveways on a busy street in Cheltenham working with homeowners to demonstrate the impact reducing hard surfaces in our towns and cities can have.

Extension to the Do One Thing project

In the summer of 2023, we were successful in securing a four-year grant to continue the work of the Do One Thing project. In September a new Project Officer joined the Trust and has picked up on some of the learnings from the pilot project to develop and start implementing. The pilot project was focussed in Cheltenham, but the extension project is now also being delivered in Gloucester, Tewkesbury and the Forest of Dean. The Do One Thing project works with diverse groups to support people to take their first actions for the environment. We are running a variety of workshops, whilst also attending events and creating informative videos. The project got off to an amazing start and so far, 2,095 people have ‘Done One Thing’ and a further 531 people have been engaged with the project.

Continuation of Nature Nurtures

The Nature Nurtures project is now in its third year of delivery after managing to secure an additional year’s funding from NHS Gloucestershire, via the Local Nature Partnership. The project has supported young people who are struggling with low level mental health issues, such as anxiety and low confidence. Over eight weeks, on weekends, children spent time outside in wild spaces doing activities such as den building, pond dipping and bush craft. These group activities have helped build confidence, friendship and team working skills. We have seen huge improvements in the mental wellbeing of the young people taking part.

Ensuring that we are fit for the future

Sustainability measures at our headquarters at Robinswood Hill

Window films were fitted at our headquarters at Robinswood Hill to slow the rate at which heat is lost through the glass and in turn reduce our carbon consumption. Our Facilities Team has been securing quotes and researching the options for solar panels at Robinswood Hill. A supplier has been identified and we are expecting installation in spring 2024.

Financial Review

The Group's total income to 31 March 2024 decreased by 2.5% to £5,456,524 (2023: £5,594,444) due mainly to a decrease in legacies received this year and the end of European funded Wild Town

Expenditure increased by 5.3% to £5,161,676 (2023: £4,902,670) due mainly to headcount growth and a 5% pay award to most of the staff at the start of the year. The organisation is a Real Living Wage Employer and pay for staff on hourly contracts increased from £10.90 to £11.44 per hour in April. Expenditure includes a one-time write-down of £96,753 for Build with Nature (see Related Parties note on p12).

8

Gloucestershire Wildlife Trust

Report of the trustees

For the year ended 31 March 2024

The commercial subsidiaries provided Gift Aid donations of £133,360 towards the Trust’s work.

Restricted net income of £637,017 was generated by new grants received for project work and unrestricted net expenditure of £324,663 was mainly due to a decrease in legacies income.

The Trust participates in a defined benefit pension plan that is closed to members. The scheme has been valued by the scheme’s administrators at 31 March 2024 for FRS 102 purposes using factors such as the annual consumer price index to calculate the potential increase in costs and a discount rate using the yield of corporate AA bonds at the last day of the financial year. The resulting balance is that the fund has a net asset position of £30,934 at that date however as detailed in note 23 to the accounts a nil balance is reflected in the accounts (2023: £nil). Every third year the overall fund is valued by a qualified actuary. The latest full valuation was completed in April 2022.

The investment portfolio is managed by Rathbone Greenbank on behalf of the Trust. The portfolio value at year end was £697,584. The investment policy is reviewed regularly by the Finance and Remuneration Committee. Investments are managed on a discretionary basis:

The principles of SRI investing are:

to invest in companies that make a positive contribution to society;

Financial reserves policy

The Trustees reviewed the financial reserves policy and the target financial reserves during the year. The Trust endeavours to have sufficient financial reserves to meet its contractual and financial obligations, based on the unrestricted salaries and other unrestricted costs for a period of at least four months in the event of a sudden decline in income. Regular reviews of the position by the Finance and Remuneration Committee alongside potential financial risks have determined that the current reserve is sufficient. This target amount is covered first by the unrestricted net current assets of the organisation. The balance is included in the long-term investment portfolio.

The unrestricted general funds balance of the charity decreased to £3,394,991 (2023: £3,628,946). Total funds of the charity held were £8,114,448 (2023: £7,839,104).

The unrestricted general funds balance of the group decreased to £3,405,057 (2023: £3,628,263). Total funds of the group held were £8,124,514 (2023: £7,838,421).

9

Gloucestershire Wildlife Trust

Report of the trustees

For the year ended 31 March 2024

The Trustees therefore consider it appropriate to adopt the going concern basis for the preparation of the accounts, as detailed in note 1(c) to the financial statements.

The Trust’s approach to fundraising

The Trust is registered with the Fundraising Regulator (FR) which means we have the required complaints log and procedure in place. We also comply, as required by the FR registration, with the Code of Fundraising Practice. We approach fundraising with honesty, openness and are respectful of our supporters.

Our fundraising promise is available on our website. The Trust is committed to ensuring that supporters are happy with the level of communication they receive from us. We ensure that all our activities, and those of the companies who work on our behalf, adhere to best practice guidance, as well as legal requirements. The Trust works with a third-party professional fundraising organisation: South West Wildlife Fundraising Limited (SWWFL), which carries out face-to-face membership recruitment. Their performance is monitored closely, and a Trust staff member sits on the SWWFL Board.

The Trust has a Safeguarding Children Policy and a Safeguarding Adults at Risk Policy. Fundraising activities are regularly reviewed to ensure that we recognise that someone might be vulnerable and take care to protect them. We ensure the frequency of our communications is appropriate, we do not persistently contact anyone, and do not employ high pressure fundraising approaches.

We work hard to ensure that our systems and processes are fully compliant with the data protection legislation.

Plans for future periods

The plan for 2024/25 includes:

Continuing the delivery of landscape scale projects

We will continue working with our partners on the delivery of landscape scale projects. Treescapes will continue the creation of a 60-mile corridor of woodland connectivity across Gloucestershire, Herefordshire and Worcestershire. Nature Returns, an extension to the Severn Solutions for Nature’s Recovery project, will create and restore habitats whilst monitoring soil, vegetation and biodiversity to improve the evidence base on the role of semi-natural habitats in sequestering carbon and preventing emissions of greenhouse gases. Eelscapes will restore naturally functioning and climateresilient floodplain wetlands, and the iconic and threatened species which depend upon them, along the Severn Vale corridor.

Gateway Sites review

We will launch a review of current and potential Gateway Sites (high-footfall visitor attractions which give us the opportunity to engage supporters with our work and generate commercial income). We will prioritise nature’s recovery whilst examining other uses in order to capitalise on their educational, engagement and commercial value.

10

Gloucestershire Wildlife Trust

Report of the trustees

For the year ended 31 March 2024

Engagement and Learning

With an expanded team, we will increase our learning programme. We will expand the activities with schools both on our nature reserves and via work with local schools at their own sites. We will also increase the opportunities for younger visitors through the Nature Tots programme. Delivery of engagement projects will continue including Do One Thing, Nextdoor Nature and Gloucester Nature Park.

Advocacy

As the next Parliament will be responsible for the majority of delivery towards the UK’s 2030 environmental targets, the 2024 General Election is a crucial milestone on the path to achieving our strategic goals and delivering nature’s recovery. We will take the opportunity presented by the election to speak with a stronger, bolder, more confident voice to increase our impact and raise the profile of wildlife and nature’s recovery with all local candidates and the general public.

Structure, governance and management

The Trust is a charitable company limited by guarantee, incorporated on 21 November 1961, and registered as a charity on 28 April 1964.

The Trust was established under a Memorandum of Association which sets out its objects and powers. Those objects are now deemed to be included in the Trust’s Articles of Association by virtue of the Companies Act 2006.

Organisational structure

The Board of Trustees consists of the Chair, Vice-Chair and other members up to a maximum total of 16 members. Currently, there are 13 full members of the Board. The Board may also co-opt members from time to time to gain specialist input or skills.

All newly appointed Trustees undergo two half-day induction sessions to introduce them to the constitution, current strategy and delivery plan of the Trust and to brief them on their obligations and responsibilities under charity law. Any interested person may apply to join the Board of Trustees through the advertisements placed in the Trust’s magazine, on the Trust’s web site and on external web sites. Any interested person must be a member of Gloucestershire Wildlife Trust before he or she will be considered for appointment to the Board. Election of new Trustees by our membership normally takes place at the AGM.

Trustees serve for an initial three-year term and are then eligible to stand for re-election. Trustees are permitted to serve for three terms of three years before stepping down.

The Board is supported by three Committees and three Advisory Groups:

Finance and Remuneration Committee (chaired by E. Nicola Spencer) Governance and Nominations Committee (chaired by Sally Byng) Performance and Projects Committee (chaired by David Pepper) Ecological Advisory Group (chaired by Anne Goodenough) Farming Steering Group (chaired by Richard White) Youth Advisory Group (overseen by Amy Walsh and Emma Waldron)

11

Gloucestershire Wildlife Trust

Report of the trustees

For the year ended 31 March 2024

Responsibility for day-to-day management of the Trust lies with the Chief Executive who reports to the Board of Trustees. The Chief Executive is supported by three Directors (Director of Finance and Resources, Director for Nature’s Recovery and Director of Engagement and Fundraising) and the Company Secretary who together make up the Executive Board. Key decisions about the management of the organisation are taken by the Senior Management Team which meets monthly.

Related parties

The charity is a member of the federation of Wildlife Trusts (incorporated as the Royal Society of Wildlife Trusts, registered charity number 207238) which acts as an umbrella body working on behalf of all Wildlife Trusts. Nationally, there are 46 Wildlife Trusts with more than 900,000 members.

Partner Wildlife Trusts can use the Wildlife Trusts’ logo and benefit from the resources, best practice and speciality experience of other member Trusts. Membership gives the Trust a national voice and profile, as well as identification with the conservation work of the other Wildlife Trusts. However, each member of the federation remains entirely independent in terms of governance.

Regionally, the Trust has also been a member of a charity, the South West Wildlife Trusts, registered charity no. 1094746. Preparations for winding up this charity took place during 2023/24.

SWWFL (South West Wildlife Fundraising Limited) is a membership recruitment company that is owned by GWT and seven other Wildlife Trusts, predominantly in the South West region. Its primary role is to recruit new members for the eight owning Trusts and three client Trusts.

Gloucestershire Wildlife Enterprises (registered company number 09706354) is a wholly owned subsidiary of Gloucestershire Wildlife Trust that manages the catering business, ecology consultancy (trading as ‘Wild Service’) and other trading activities.

A further trading subsidiary, Build with Nature (registered company number 11283471) provided consultancy services for our Building with Nature benchmark during the year. Plans for the sale of Build with Nature Limited were progressed during the year and completed early in 2024/25. Costs of £96,753 were incurred while a suitable new owner was found and are reflected in the current year accounts. As part of the sale process, the company name was changed to Wilder Glos Limited.

Statement of responsibilities of the trustees

The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

12

Gloucestershire Wildlife Trust

Report of the trustees

For the year ended 31 March 2024

The trustees are required to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and the group and the incoming resources and application of resources, including the net income or expenditure, of the charity and the group for the year. In preparing those financial statements the trustees are required to:

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

In so far as the trustees are aware:

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

Members of the charity guarantee to contribute an amount not exceeding £100 to the assets of the charity in the event of winding up. The number of members at 31 March 2024 was 13 (2023: 14). The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

Approved by the trustees on 9 September 2024 and signed on their behalf by

D Bullock - Chair

13

Independent auditors' report

To the members of

Gloucestershire Wildlife Trust

Opinion

We have audited the financial statements of Gloucestershire Wildlife Trust (the 'parent charity') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the consolidated statement of financial activities, consolidated and parent charity's balance sheets, consolidated statement of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and the Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

14

Independent auditors' report

To the members of

Gloucestershire Wildlife Trust

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

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charity and their environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report (including the strategic report). We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out in the trustees’ report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

15

Independent auditors' report

To the members of

Gloucestershire Wildlife Trust

Our responsibilities for the audit of the financial statements

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

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

(1) We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance.

(2) We reviewed the charity’s policies and procedures in relation to:

(3) We inspected the minutes of trustee meetings.

(4) We enquired about any non-routine communication with regulators and reviewed any reports made to them.

(5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations.

(6) We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error.

(7) We assessed the risk of fraud through management override of controls and carried out procedures to address this risk. Our procedures included: Testing the appropriateness of journal entries;

Testing transactions that are unusual or outside the normal course of business.

16

Independent auditors' report

To the members of

Gloucestershire Wildlife Trust

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Use of our report

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

Date: 9 September 2024

Robert Wilson FCA (Senior Statutory Auditor)

For and on behalf of: GODFREY WILSON LIMITED

Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

17

Gloucestershire Wildlife Trust

Consolidated statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 March 2024

Endowment
Note
£
Income and endowments from:
Donations and legacies
3
-
Charitable activities
4
-
Other trading activities
5
-
Investments
-
Total income and endowments
-
Expenditure on:
Raising funds:
General fundraising
-
Trading cost of subsidiaries
-
Charitable activities
Bigger better
-
Connecting people
-
Other charitable activities
6,455
Total expenditure
7
6,455
Net gain / (loss) on investments
-
Net income / (expenditure)
(6,455)
Transfers between funds
-
-
Net movement in funds
9
(6,455)
Reconciliation of funds:
Total funds brought forward
1,917,599
Total funds carried forward
1,911,144
Actuarial gains / (losses) on defined
benefit pension scheme 23		 Restricted
£
68,049
2,482,473
136
-
2,550,658
-
-
1,480,881
401,725
31,035
1,913,641
-
637,017
(199,462)
-
437,555
1,867,054
2,304,609		 Unrestricted
£
1,651,099
346,832
853,911
54,024
2,905,866
634,761
682,701
1,409,766
510,802
3,550
3,241,580
11,051
(324,663)
199,462
(19,806)
(145,007)
4,053,768
3,908,761		 2024
Total
£
1,719,148
2,829,305
854,047
54,024
5,456,524
634,761
682,701
2,890,647
912,527
41,040
5,161,676
11,051
305,899
-
(19,806)
286,093
7,838,421
8,124,514		 Restated
2023
Total
£
2,614,612
2,080,842
876,195
22,795
5,594,444
645,523
704,195
2,180,466
1,344,856
27,630
4,902,670
(63,144)
628,630
-
(18,393)
610,237
7,228,184
7,838,421

All of the above results are derived from continuing activities excluding the income and expenditure disclosed in note 31. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 25 to the accounts.

Prior period expenditure has been reclassified to more closely reflect the charity's charitable activity themes in the year and to be comparable with the current year. The restatements are purely reclassifications of expenditure and does not affect net income.

Prior period expenditure and gains / (losses) have been restated to adjust for a misstatement relating to the prior year movements in the defined benefit pension scheme provision. The restatements are disclosed in note 32 to the accounts.

18

Gloucestershire Wildlife Trust

Consolidated balance sheets

As at 31 March 2024

Note
Fixed assets
Tangible assets
12
Investments
13
Current assets
Stocks
17
Debtors
18
Cash at bank and in hand
Liabilities
Creditors falling due within 1 year
19
Net current assets
Total assets less current liabilities
Creditors falling due in more than 1 year
20
Net assets
24
Funds
25
Endowment funds
Restricted income funds
Unrestricted funds:
Designated funds
General funds
Total charity funds		 The group
2024
£
4,792,204
704,392
5,496,596
45,244
863,035
2,845,687
3,753,966
829,124
2,924,842
8,421,438
296,924
8,124,514
1,911,144
2,304,609
503,704
3,405,057
8,124,514		 Restated
The group
2023
£
4,863,285
679,855
5,543,140
50,797
957,905
2,433,384
3,442,086
796,930
2,645,156
8,188,296
349,875
7,838,421
1,917,599
1,867,054
425,505
3,628,263
7,838,421		 The charity
2024
£
4,792,204
704,592
5,496,796
18,650
846,927
2,803,755
3,669,332
754,756
2,914,576
8,411,372
296,924
8,114,448
1,911,144
2,304,609
503,704
3,394,991
8,114,448		 Restated
The charity
2023
£
4,827,285
680,055
5,507,340
18,650
984,471
2,383,749
3,386,870
705,231
2,681,639
8,188,979
349,875
7,839,104
1,917,599
1,867,054
425,505
3,628,946
7,839,104

Approved by the trustees on 9 September 2024 and signed on their behalf by

D Bullock - Chair

19

Gloucestershire Wildlife Trust

Consolidated statement of cash flows

For the year ended 31 March 2024

Cash flows from operating activities:
Net movement in funds
Adjustments for:
Depreciation charges
Losses / (gains) on investments
Losses / (gains) on defined benefit pension scheme
Defined benefit pension scheme costs
Dividends, interest and rents from investments
Impairment of assets
Interest paid
Decrease / (increase) in stock
Decrease / (increase) in debtors
Increase / (decrease) in creditors
Net cash provided by operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of tangible fixed assets
Proceeds from the sale of fixed assets
Proceeds from the sale of investments
Proceeds from sale of investment properties
Purchase of investments
Net cash provided by / (used in) investing activities
Cash flows from financing activities:
Repayment of borrowing
Net cash provided used in financing activities
Increase in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2024
£
286,093
145,788
(11,051)
19,806
(19,806)
(54,024)
24,000
21,651
5,553
94,870
(23,607)
489,273
54,024
(98,707)
-
126,302
-
(139,788)
(58,169)
(18,801)
(18,801)
412,303
2,433,384
2,845,687		 Restated
2023
£
610,237
158,382
63,144
18,393
(18,393)
(22,795)
-
24,399
(3,900)
(264,963)
(68,953)
495,551
22,795
(40,867)
8,795
97,311
1,806,350
(163,861)
1,730,523
(1,471,001)
(1,471,001)
755,073
1,678,311
2,433,384

An analysis of changes in net debt is provided in note 29 to the accounts.

20

Gloucestershire Wildlife Trust

Notes to the financial statements

For the year ended 31 March 2024

1. Accounting policies

a) Basis of preparation

Gloucestershire Wildlife Trust is a charitable company limited by guarantee registered in England and Wales. The registered office address is Conservation Centre, Robinswood Country Park, Reservoir Road, Gloucester, GL4 6SX.

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

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

b) Group accounts

These financial statements consolidate the results of the charitable company and its whollyowned (controlled) subsidiaries on a line by line basis. Transactions and balances between the charitable company and its subsidiaries have been eliminated from the consolidated financial statements. Balances between the two companies are disclosed in the notes of the charitable company's balance sheet. A separate statement of financial activities, or income and expenditure account, for the charitable company itself is not presented because the charitable company has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.

c) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. The group holds general funds of £3,405,057 and a further £503,704 in designated funds that can be drawn down if necessary. Cash flow remains healthy, with a yearend cash balance of £2,845,687 and a further £704,392 in investments which could be liquidated if required. The trustees consider that the charity has sufficient income potential and cash reserves to continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved.

d) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity. Endowment funds have been given to the charitable company for a particular purpose to be used in accordance with the wishes of the donor. The capital can generally not be realised.

21

Gloucestershire Wildlife Trust

Notes to the financial statements

For the year ended 31 March 2024

1. Accounting policies (continued)

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Donations, gifts and subscriptions to the charity are included in full in the statement of financial activities when receivable.

Rental income is credited to the statement of financial activities in the period to which it relates.

Income from contracts is recognised according to the stage of completion of the contract.

Grants receivable are accounted for when there is sufficient information to enable the claim to be made or the claim has been made and there is clear indication to suggest the claim will be met.

Where unconditional entitlement to grants receivable is dependent upon fulfilment of conditions within the charity's control, the incoming resources are recognised when there is sufficient evidence that conditions will be met. Where there is uncertainty as to whether the charity can meet such conditions the incoming resource is deferred.

Membership income is recognised over the life of the subscription taking into account the type of membership involved. Life membership subscriptions are deferred and released over 10 years.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

f) Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item, is probable and the economic benefit can be measured reliably.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

The Trust receives support from a wide variety of volunteers. A report is prepared to estimate the value of volunteer hours, which in 2024 valued these hours at £542,980. However, in accordance with the Charities SORP (FRS 102), general volunteer time is not recognised in the accounts.

22

Gloucestershire Wildlife Trust

Notes to the financial statements

For the year ended 31 March 2024

1. Accounting policies (continued)

g) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.

h) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

The charitable company is partially exempt. Irrecoverable VAT is allocated to the appropriate cost categories.

The cost of raising funds relate to the costs incurred by the group and charitable company in raising funds for charitable work.

i) Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities on the following basis which is an estimate, based on staff time, of the amount attributable to each activity:

amount attributable to each activity:
2024 2023
Raising funds - general fundraising 6.2% 9.0%
Raising funds - cost of trading subsidiaries 0.0% 0.0%
Charitable activities
Bigger better 69.8% 56.1%
Connecting people 24.4% 34.5%
Other charitable activities 0.5% 0.4%

j) Grants payable

Grants payable are charged in the year in which the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attached have been fulfilled. Grants offered subject to conditions at the year end are noted as commitment but are not accrued as expenditure.

23

Gloucestershire Wildlife Trust

Notes to the financial statements

For the year ended 31 March 2024

1. Accounting policies (continued)

k) Tangible fixed assets

Assets are recorded on a historical cost basis. Depreciation is provided at rates calculated to write down the cost of each asset on a straight line basis to its estimated residual value over its expected useful life. The useful lives are as follows:

Land Not depreciated Land and property improvements 4 to 65 years straight line Motor vehicles 4 to 5 years straight line Equipment 3 to 10 years straight line

Items of equipment are capitalised where the purchase price exceeds £5,000. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. Assets under construction are not depreciated until brought in to use.

l) Investments

Investments held at the year end are valued at the current market value at that date. Investment income from dividends is included in incoming resources while realised and unrealised losses and gains on investments are shown separately on the statement of financial activities (SOFA). Realised gains and losses are calculated on investment disposals during the year as the difference between the opening market value and the proceeds received on sale. Unrealised gains and losses are calculated on investment holdings at the year end as the difference between the closing market value and the opening market value or purchase value during the year. Investments in subsidiaries are measured at cost less impairment.

m) Investment properties

Investment properties are included in the balance sheet at their fair value (note 14). Investment properties are formally re-valued every 5 years with interim valuations conducted on an annual basis between the formal valuations. The aggregate surplus or deficit is included as an unrealised gain or loss within the appropriate fund.

n) Stocks and work in progress

Stock is included at the lower of cost or net realisable value. Work in progress is recognised where contractual obligations are performed gradually over time and is valued at the stage of contract completion at the reporting date.

o) Debtors

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

p) Cash at bank and in hand

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

24

Gloucestershire Wildlife Trust

Notes to the financial statements

For the year ended 31 March 2024

1. Accounting policies (continued)

q) Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event 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 amount after allowing for any trade discounts due.

r) Conduit funding

Conduit funds are monies received for third parties and do not belong to the charity. The incoming funds and outgoing payments are excluded from the Statement of Financial Activities. Any conduit funds in hand at the year end are shown as creditors in the accounts.

s) Financial instruments

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

t) Pension costs (defined contribution)

The charitable company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charitable company in an independently administered fund. The pension cost charge represents contributions payable under the scheme by the charitable company to the fund. The charitable company has no liability under the scheme other than for the payment of those contributions.

u) Pension costs (defined benefit)

The charitable company participates in a defined benefit pension scheme. The scheme is a hybrid, multi-employer pension scheme and is closed to new and existing members. A provision reflecting the Trust’s share is held when there is a scheme deficit.

v) Finance and operating leases

Rentals payable under operating leases are charged to the SOFA over the period in which the cost is incurred. The trust has no finance leases.

w) Contingent liabilities

A contingent liability is recognised when either a transfer of economic benefit to settle the obligation is possible but not probable; or the amount of the obligation cannot be estimated reliably.

25

Gloucestershire Wildlife Trust

Notes to the financial statements

For the year ended 31 March 2024

1. Accounting policies (continued)

x) Accounting estimates and key judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation or uncertainty that have a significant effect on the amounts recognised in the financial statements include depreciation (see note 1(k)), the valuation of the defined benefit pension deficit provision (see note 1(u)), the allocation of staff and overhead costs, and the contingent liability regarding the pension scheme (see note 1(w)).

2. Prior period comparative: consolidated statement of financial activities

Prior period comparative: consolidat
Income and endowments from:
Donations and legacies
Charitable activities
Other trading activities
Investments
Total income and endowments
Expenditure on:
Raising funds:
General fundraising
Trading cost of subsidiaries
Charitable activities
Bigger better
Connecting people
Other charitable activities
Total expenditure
Net loss on investments
Transfers between funds
Actuarial gains / (losses) on defined
benefit pension scheme
Net movement in funds
Net income / (expenditure)		 ed statement
£
-
-
-
-
-
-
-
-
-
6,455
6,455
-
(6,455)
-
-
(6,455)
Endowment		 of financial ac
Restricted
£
150,921
1,660,737
396
-
1,812,054
-
-
692,284
722,834
22,357
1,437,475
-
374,579
(138,300)
-
236,279		 tivities
£
2,463,691
420,105
875,799
22,795
3,782,390
645,523
704,195
1,488,182
622,022
(1,182)
3,458,740
(63,144)
260,506
138,300
(18,393)
380,413
Unrestricted		 Restated
2023
Total
£
2,614,612
2,080,842
876,195
22,795
5,594,444
645,523
704,195
2,180,466
1,344,856
27,630
4,902,670
(63,144)
628,630
-
(18,393)
610,237

26

Gloucestershire Wildlife Trust

Notes to the financial statements

For the year ended 31 March 2024

3. Donations and legacies

Donations and appeals
Legacies
Subscriptions
Prior period comparative
Donations and appeals
Legacies
Subscriptions
Income from charitable activities
Charitable trusts and foundations
Corporates
European Union funding
Government funding
Landfill tax funding
Local authorities
Lottery funding		 Restricted
£
68,049
-
-
68,049
Restricted
£
149,921
1,000
-
150,921
Restricted
£
372,413
358,813
6,886
1,201,570
103,108
194,520
245,163
2,482,473		 £
288,460
128,001
1,234,638
1,651,099
£
198,977
1,035,874
1,228,840
2,463,691
£
4,317
122,579
-
189,737
-
30,199
-
346,832
Unrestricted
Unrestricted
Unrestricted		 2024
Total
£
356,509
128,001
1,234,638
1,719,148
2023
Total
£
348,898
1,036,874
1,228,840
2,614,612
2024
Total
£
376,730
481,392
6,886
1,391,307
103,108
224,719
245,163
2,829,305

4. Income from charitable activities

27

Gloucestershire Wildlife Trust

Notes to the financial statements

For the year ended 31 March 2024

4. Income from charitable activities (continued) Prior period comparative

Prior period comparative
Charitable trusts and foundations
Corporates
European Union funding
Government funding
Landfill tax funding
Local authorities
Lottery funding		 Restricted
£
219,258
234,629
258,969
519,623
127,512
128,515
172,231
1,660,737		 £
2,950
-
-
417,155
-
-
-
420,105
Unrestricted		 2023
Total
£
222,208
234,629
258,969
936,778
127,512
128,515
172,231
2,080,842

5. Income from other trading activities

Events and other sales
Catering sales
Consultancy, land management and training
Other income
Prior period comparative
Events and other sales
Catering sales
Consultancy, land management and training
Other income		 Restricted
£
136
-
-
-
136
Restricted
£
396
-
-
-
396		 £
84,988
351,601
290,195
127,127
853,911
£
36,589
312,427
374,801
151,982
875,799
Unrestricted
Unrestricted		 2024
Total
£
85,124
351,601
290,195
127,127
854,047
2023
Total
£
36,985
312,427
374,801
151,982
876,195

6. Government grants

The charity receives government grants, defined as funding from the European Union, Local Authorities and Councils, the Environment Agency, Landfill Community Fund, Forestry England, DEFRA, National Lottery, NHS and Gloucestershire Police and Crime Commissioners, to fund charitable activities. The total value of such grants in the period ending 31 March 2024 was £1,861,189 (2023: £1,215,946). There are no unfulfilled conditions or contingencies attaching to these grants.

28

Gloucastershire Wildlilè Trust Notes to the finan¢l*l ytatements For the ear ended 31 March 2024 7. Total expendituro Raising fvnds cost of Irading subsidiaries Charitsble a¢tivities'. Connecting people Raising fund$ general fundraising Charitable actsvilies. B￿er better Oiher Charitable aclivities Support and govemance costs 2024 Total Auditor remuneration Contribution lo WT Depreciation Legal professional Marketing Membership Office admin Premises Salaries Training recruitment Travel Conservakn'on reserves & communities Fundraising costs Slo¢k purchases 5.650 15.189 49.121 126.571 32.293 19.393 20,839 49,121 145,788 46,027 19,393 379,014 199,557 263,529 2,708,669 44,828 83,357 931,551 134.934 135.069 12.000 350 7.217 13.384 310,352 6,199 51.678 14.697 16,199 1,587 785 64.960 19.004 402.672 872 6.326 35.796 112.114 244.525 265.739 35.235 5,677 126,764 70 160 1.404.210 5.860 63.934 706.209 49B.143 2,791 7.260 165,376 11,141 24,166 134,934 135.069 Sub-totsl 578,479 682,701 2.267.189 691.356 36,094 905,857 5,161.676 Allocation of support and govemance costs 56,282 623,458 221,171 4,946 905,857 Total expenditure 634,761 682.701 2,890,647 912,527 41.040 5,161.676 T¢lal governance costs b%ere £20,27612023". £15.812 ffjstat8d). 29

Gloucestershire Wildlife Trust

Notes to the financial statements

For the i.ear ended 31 March 2024

7. Total expenditure
Prior year comparative Raising funds Charitable
Raising funds - cost of Charitable activities: Other Support and
- general trading activities: Connecting charitable governance Restated
fund raising subsidiaries Bigger better people activities costs 2023 Total
£ £ £ £ £ £ £
Auditor remuneration - 5,201 - - - 11,068 16,269
Contribution to WT - - - - - 52,870 52,870
Depreciation - - 2,466 - - 155,916 158,382
Legal professional - 626 21,676 - - 21,818 44,120
Marketing - - - - - 9,655 9,655
Membership 345,676 - 42,147 13,212 640 - 401,675
Ofice admin 8,780 42,599 9,883 3,415 757 218,357 283,791
Premises - 22,715 21,185 15,032 1,545 205,758 266,235
Salaries 122,582 447,597 767,855 471,612 5,549 649,364 2,464,559
Training recruitment 75 1,016 4,198 1,357 3,974 38,500 49,120
Travel 564 9,078 39,540 17,985 8,001 44,793 119,961
Conservation reserves & communities 12 55,026 456,454 321,637 1,274 - 834,403
Fundraising costs 37,716 - - - - 43,577 81,293
Stock purchases - 120,337 - - - - 120,337
Sub-total 515,405 704,195 1,365,404 844,250 21,740 1,451,676 4,902,670
Allocation of support and governance
costs 130,118 815,062 500,606 5,890 {1,451,676}
Total expenditure 645,523 704,195 2,180,466 1,344,856 27,630 - 4,902,670

Other than an adjustment to salarly costs (see note 32) the restatement is reclassification only and discloses expenditure by the charity's activity themes.

30

Gloucestershire Wildlife Trust

Notes to the financial statements

For the year ended 31 March 2024

8. Grants payable

Grants are made to land owners as part of the charity's Treescapes projects. The amount payable and committed in the period for this period and future periods comprise the following:

Grants to institutions:
Tewkesbury Nature Reserve Limited
Stroud District Council
Grants payable to individuals		 2024
No.
1
1
3
5		 2024
£
3,549
21,045
154,152
178,746		 2023
No.
-
-
-
-		 2023
£
-
-
-
-

Grants payable are included within conservation reserves & communities expenditure in note 7.

9. Net movement in funds

This is stated after charging:

Depreciation
Auditors' remuneration:
Statutory audit and accounts preparation (excl. VAT)
Prior year statutory audit under accrual (excl. VAT)
Other services (excl. VAT)
Trustees' indemnity insurance
Trustees' reimbursed expenses
Trustees' remuneration		 2024
£
145,788
1,400
Nil
2,176
18,100
1,496
2,050		 2023
£
158,382
3,200
Nil
112
15,700
-
600

During the year, 2 trustees were reimbursed for travel and accommodation relating to trustee meetings (2023: 2).

31

Gloucestershire Wildlife Trust

Notes to the financial statements

For the year ended 31 March 2024

10. Staff costs and numbers

Staff costs were as follows:

Staff costs and numbers
Staff costs were as follows:
Salaries and wages
Social security costs
Pension contributions
Final salary pension scheme admin and net interest costs		 2024
£
2,352,228
201,978
139,293
15,170
2,708,669		 2023
£
2,145,825
179,307
120,742
18,685
2,464,559

No employees earned between £70,000 and £80,000 in the year (2023: 1, £70,000 - £80,000). The key management personnel of the charity comprise the Chief Executive and Senior Management Team. The total remuneration, including employer NI and pension contributions, of the charity's key management personnel was £404,319 (2023: £390,372).

Included in salaries and wages above are total termination and redundancy payments of £nil (2023: £2,570).

Staff numbers were as follows:

Average staff head count 2024
No.
108.8		 2023
No.
103.1

11. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. The charity's trading subsidiary, Gloucestershire Wildlife Enterprises Limited has gift aided their available profits to the charity. The other trading subsidiary, Build with Nature Limited, had no available profits to gift aid to the charity.

32

Gloucastershire Wildlilè Trust Notes to the financial statgmants For the •ar ondod 31 March 2024 12. Tangible fixed assets - group Land and propety impr¢)vement$ Nature rese￿e$ Motor vehi¢le$ Equipment Total Cost Al the start of the year Additions Disposals 2.359,211 39.400 3,225.173 330,394 41.070 47.816 341,625 18,237 6,256,403 98,707 Al the end ol the year 2.398,611 3,225,173 323,648 359,862 6 307 294 Depro¢latlon At the start gf the year Charge for the year Disposals Impairments 813.341 99.270 319,519 11,140 147,8161 260,258 35,378 1,393,118 145,788 147,8161 24,000 At the end ol the year 912.611 282,843 319636 1515 090 Not book valuo At th• end of the y•ar 2.398,611 2,312,562 40,805 40.226 4 792 204 Al the start of the year 2,359,211 2,411,832 10,875 81,367 4,863.285 33

Gloucastershire Wildlilè Trust Notes to the financial statgmants For the •ar ondod 31 March 2024 12. Tangible fixed assets Icontinuedl- charity only Land and propety impr¢)vement$ Nature rese￿e$ Motor vehi¢le$ Equipment Total Cost Al the start of the year Additions Disposals 2.359,211 39.400 3,225.173 330,394 41.070 47.816 287,848 18,237 6,202,628 98,707 47.816 Al the end ol the year 2.398,611 3,225.173 323,648 306,085 6 253 517 Depro¢latlon At the start gf the year Charge for the year Disposals 813.341 99,270 319,519 11,140 47.816 242,4B1 23,378 1,375,341 133,788 Al the end ol the year 912.611 282,843 265,859 1.461,313 Net book valu• Al the ond of the year 2.398.611 2.312,562 40.805 40.226 4 792 204 At the start of the year 2.359,211 2,411,832 10,875 45,367 4,827,285

Gloucestershire Wildlife Trust

Notes to the financial statements

For the year ended 31 March 2024

13. Investments

2024
2023
£
£
Listed investments
704,392
679,855
BWN Ltd
-
-
GWE Ltd
-
-
Total investments at 31 March 2024
704,392
679,855
Listed investments and shares in subsidiaries:
2024
2023
£
£
Market value at 1 April 2023
679,855
676,449
Additions
139,788
163,861
Disposals proceeds
(126,302)
(97,311)
Net realised/unrealised gains
11,051
(63,144)
Market value at 31 March 2024
704,392
679,855
The group
The group		 2024
2023
£
£
704,392
679,855
100
100
100
100
704,592
680,055
2024
2023
£
£
680,055
676,649
139,788
163,861
(126,302)
(97,311)
11,051
(63,144)
704,592
680,055
The charity
The charity

All individual investments represent less than 5% of the total investment holding.

14. Investment properties

Market value at 1 April 2023
Disposals in the year
Market value at 31 March 2024		 2024
2023
£
£
-
1,806,350
-
(1,806,350)
-
-
The group and the charity

All investment property was sold in the prior year via the agents Strutt & Parker.

35

Gloucestershire Wildlife Trust

Notes to the financial statements

For the year ended 31 March 2024

15. Subsidiary undertakings

Gloucestershire Wildlife Enterprises Limited

The charitable company owns the whole of the issued ordinary share capital of Gloucestershire Wildlife Enterprises Limited, a company registered in England (no. 9706354). The activities of the subsidiary include running the cafes situated at Robinswood Hill Country Park and Crickley Hill, consulting services ('Wild Service'), and other miscellaneous activities. The following results are for the year ending 31 March 2024.

Turnover
Cost of sales
Gross profit
Administrative expenses
Operating profit
Tax on profit on ordinary activities
Profit for the financial year after taxation
Changes in equity:
Retained profit brought forward
Total comprehensive income for the year
Gift aid donation to parent charity
Retained profit carried forward
The aggregate of the assets, liabilities and funds was:
Assets
Liabilities
Net assets		 2024
£
726,567
(145,128)
581,439
(448,079)
133,360
-
133,360
2024
£
-
133,360
(133,360)
-
2024
£
96,505
(96,405)
100		 2023
£
716,642
(139,729)
576,913
(438,902)
138,011
-
138,011
2023
£
50,126
138,011
(188,137)
-
2023
£
133,677
(133,577)
100

36

Gloucestershire Wildlife Trust

Notes to the financial statements

For the year ended 31 March 2024

15. Subsidiary undertakings (continued)

Build with Nature Limited

The charitable company owns the whole of the issued ordinary share capital of Build with Nature Limited, a company registered in England (no. 11283471) which was incorporated on 28 March 2018. The activities of the subsidiary include consultancy work. The following results are for the year ending 31 March 2024.

After the year end the charity's trustees sold most of the assets of the company for £1. As a result of this sale, the assets and liabilities of the company have been written down. The sale of these assets constitutes a discontinued operation which is disclosed in note 31. Following this sale, it is the intention of the directors for the company to become dormant.

Turnover
Cost of sales
Gross profit
Administrative expenses
Other operating income
Profit for the financial year
Tax on profit on ordinary activities
Profit for the financial year after taxation
Changes in equity:
Retained profit / (loss) brought forward
Total comprehensive income / (loss) for the year
Gift aid donation to parent charity
Retained profit / (loss) carried forward
The aggregate of the assets, liabilities and funds was:
Assets
Liabilities
Net assets / (liabilities)		 2024
£
97,470
(132,849)
(35,379)
(50,624)
96,753
10,750
-
10,750
2024
£
(682)
10,750
-
10,068
2024
£
17,041
(6,873)
10,168		 2023
£
131,754
(171,530)
(39,776)
(36,945)
-
(76,721)
-
(76,721)
2023
£
76,039
(76,721)
-
(682)
2023
£
79,363
(79,945)
(582)

37

Gloucestershire Wildlife Trust

Notes to the financial statements

For the year ended 31 March 2024

16. Parent charity

The parent charity's gross income and the results for the year (excluding investment gains/losses) are disclosed as follows:

Gross income
Net income		 2024
£
4,886,785
275,344		 2023
£
5,011,660
716,236

17. Stock

Livestock
Work in progress
Stock		 2024
2023
£
£
18,650
18,650
14,360
17,657
12,234
14,490
45,244
50,797
The group		 2024
2023
£
£
18,650
18,650
-
-
-
-
18,650
18,650
The charity

18. Debtors

Trade debtors
Accrued income
Prepayments
Amounts due from trading subsidiaries
Creditors: amounts due within 1 year
Loans due in less than one year
Trade creditors
Taxation and social security
Other creditors and accruals
Deferred income (note 21)		 Restated
2024
2023
£
£
202,966
304,812
583,594
574,716
76,475
78,377
-
-
863,035
957,905
2024
2023
£
£
52,951
50,101
284,539
333,835
77,114
63,372
370,777
302,562
43,743
47,060
829,124
796,930
The group
The group		 Restated
2024
2023
£
£
165,270
236,355
576,521
567,916
76,226
78,377
28,910
101,823
846,927
984,471
2024
2023
£
£
52,951
50,101
273,847
317,666
43,097
25,162
349,922
274,046
34,939
38,256
754,756
705,231
The charity
The charity

19. Creditors: amounts due within 1 year

38

Gloucestershire Wildlife Trust

Notes to the financial statements

For the year ended 31 March 2024

20. Creditors: amounts due in more than 1 year

Loans due in more than one year 2024
2023
£
£
296,924
349,875
296,924
349,875
The group		 2024
2023
£
£
296,924
349,875
296,924
349,875
The charity

In November 2019, Gloucestershire Wildlife Trust agreed loan finance for £550,000 from the Council of the City of Gloucester. It is repayable over 10 years at an interest rate of 5.68%, secured via a fixed charge over property at Robinswood Hill Country Park.

Analysis of debt maturity

Amounts payable:
In less than 1 year
In 1 - 2 years
In 2 - 5 years
In more than 5 years		 2024
£
52,951
56,080
188,510
52,334
349,875		 2023
£
50,101
52,951
178,191
118,733
399,976

21. Deferred income

At 1 April 2023
Deferred during the year
Released during the year
At 31 March 2024		 2024
2023
£
£
47,060
50,384
11,708
8,804
(15,025)
(12,128)
43,743
47,060
The group		 2024
2023
£
£
38,256
44,447
2,904
-
(6,221)
(6,191)
34,939
38,256
The charity

Deferred income relates to services invoiced in advance, and life membership subscriptions.

22. Financial instruments measured at fair value

Financial assets measured at fair value 2024
2023
£
£
704,392
679,855
The group		 2024
2023
£
£
704,592
680,055
The charity

Financial assets measured at fair value comprise listed investments. Financial liabilities measured at fair value comprise pension provisions.

39

Gloucestershire Wildlife Trust

Notes to the financial statements

For the year ended 31 March 2024

23. Pension provision

The charitable company participates in a defined benefit pension scheme, The Wildlife Trusts Pension Scheme (WTPS). The scheme is a hybrid, multi-employer pension scheme and is closed to new and existing members.

The scheme is funded by the payment of contributions and the assets of the scheme are held in a separately administrated fund.

In respect of their share of the deficit in the scheme at 1 April 2022, the charitable company has agreed to pay £38,568 per annum from 1 August 2023 to 31 August 2026, increasing at 3% per annum each August, with the first increase applying on 1 August 2024.

The most recent comprehensive actuarial valuation of the scheme assets and the present value of the defined benefit obligation was carried out at 1 April 2022. The FRS 102 valuation as at 31 March 2024 showed a surplus. The potential assset of £30,934 has not been recognised in the accounts on the basis that the recognition criteria have not been met and this asset is not deemed to be recoverable.

The amounts recognised in the Balance Sheet were as follows:

Net defined benefit asset / (liability)
Fair value of scheme assets
Defined benefit obligation
Defined benefit asset not recognised in the accounts
Defined benefit asset / (liability) recognised in Balance Sheet
Changes in the present value of defined benefit obligation
Present value of defined benefit obligation at beginning of period
Benefits paid
Administration costs
Interest cost
Actuarial (gains) / losses
Present value of defined benefit obligation at end of period		 2024
£
545,241
(514,307)
(30,934)
-
2024
£
517,021
(27,495)
-
23,529
1,252
514,307		 Restated
2023
£
544,783
(517,021)
(27,762)
-
Restated
2023
£
704,868
(41,606)
20,668
18,131
(185,040)
517,021

40

Gloucestershire Wildlife Trust

Notes to the financial statements

For the year ended 31 March 2024

23. Pension provision (continued)

Changes in the fair value of assets
Fair value of scheme assets at beginning of period
Interest income
Contributions by employer
Administration costs
Benefits paid
Actuarial losses
Fair value of Scheme assets at beginning of period
Assets
The major categories of scheme assets are:
Overseas equities
UK Government Index Linked Bonds
UK Government Fixed Interest Bonds
UK Corporate Bonds
Property
LDI
Cash (including bank account)
Total
The return on assets was:
Interest income
Return on assets less interest income
Total return on assets
Costs related to defined benefit scheme included in the SoFA
Interest expense
Interest income
Administration expenses
Costs included in net income / (expenditure)		 2024
£
544,783
25,246
34,976
(16,887)
(27,495)
(15,382)
545,241
2024
£
135,458
48,069
61,606
183,445
-
100,657
16,006
545,241
2024
£
25,246
(15,382)
9,864
2024
£
(23,529)
25,246
(16,887)
(15,170)		 Restated
2023
£
771,546
20,114
37,078
-
(41,606)
(242,349)
544,783
2023
£
134,017
85,531
40,859
163,980
15,254
98,606
6,536
544,783
Restated
2023
£
20,114
(242,349)
(222,235)
Restated
2023
£
(18,131)
20,114
(20,668)
(18,685)

41

Gloucestershire Wildlife Trust

Notes to the financial statements

For the year ended 31 March 2024

23.
Pension provision (continued)
Remeasurements included in other recognised gains / (losses)
Return on Scheme assets excluding interest income
Actuarial losses
Movement in net surplus on scheme not recognised in the accounts
Remeasurements included in other recognised gains / (losses)
Actuarial assumptions
The principal actuarial assumptions used were as follows:
Discount rate
Retail Prices Index (RPI) Inflation
Consumer Prices Index (CPI) Inflation
Revaluation of deferred pensions in excess of GMP
Pension increases (pre 1 July 1996)
Pension increases (post 1 July 1996)
The mortality assumptions used for longevity on retirement at age 65 are:
Male retiring at balance sheet date
Female retiring at balance sheet date
Male retiring in 20 years
Female retiring in 20 years		 2024
£
(15,382)
(1,252)
(3,172)
(19,806)
2024
per annum
4.85%
3.40%
2.75%
2.75%
5.00%
3.25%
2024
years
22.3
24.8
23.6
26.2		 Restated
2023
£
(242,349)
185,040
38,916
(18,393)
2023
per annum
4.68%
3.42%
2.70%
2.70%
5.00%
3.20%
2023
years
22.5
25.0
23.8
26.4

24. Analysis of group net assets between funds

Tangible fixed assets
Investments
Net current assets
Due in more than 1 year
Net assets at 31 March 2024		 £
1,911,144
-
-
-
1,911,144
Endowment
funds		 £
-
-
2,304,609
-
2,304,609
Restricted
funds		 £
-
-
503,704
-
503,704
Designated
funds		 £
2,881,060
704,392
116,529
(296,924)
3,405,057
General
funds		 Total
funds
£
4,792,204
704,392
2,924,842
(296,924)
8,124,514

42

Gloucestershire Wildlife Trust

Notes to the financial statements

For the year ended 31 March 2024

24. Analysis of group net assets between funds (continued)

Tangible fixed assets
Investments
Net current assets
Net assets at 31 March 2023
Due in more than 1 year
Prior year comparative		 £
1,917,599
-
-
-
1,917,599
Endowment
funds		 £
570,887
-
1,296,167
-
1,867,054
Restricted
funds		 £
-
-
425,505
-
425,505
Designated
funds		 Restated
£
2,374,799
679,855
923,484
(349,875)
3,628,263
General
funds		 Restated
Total
funds
£
4,863,285
679,855
2,645,156
(349,875)
7,838,421

25. Movements in funds

Restricted funds:
Engagement and learning
Nature's recovery
Partnership working
Visitor engagement
Total restricted funds
Endowment funds
Unrestricted funds:
Designated funds:
Pension provision adjustment
Capital improvements and repairs
Total designated funds
General funds
Total funds
Connected landscapes
Total unrestricted funds		 At 1 April
2023
£
412,955
168,270
857,222
9,161
419,446
1,867,054
1,917,599
192,505
233,000
425,505
3,628,263
4,053,768
7,838,421		 Income
£
98,363
399,317
1,801,927
33,000
218,051
2,550,658
-
-
-
-
2,905,866
2,905,866
5,456,524		 Expenditure
£
(137,540)
(380,493)
(1,226,450)
(25,850)
(143,308)
(1,913,641)
(6,455)
-
-
-
(3,241,580)
(3,241,580)
(5,161,676)		 £
(167,519)
(868)
(31,075)
-
-
(199,462)
-
123,199
(45,000)
78,199
112,508
190,707
(8,755)
Transfers,
gains &
losses		 £
206,259
186,226
1,401,624
16,311
494,189
2,304,609
1,911,144
315,704
188,000
503,704
3,405,057
3,908,761
8,124,514
At 31 March
2024

Transfers between funds

The majority of transfers between funds relate to restricted capital expenditure, where the restriction has been discharged on purchase of the asset. The remainder is primarily depreciation on the write down of restricted capital assets.

43

Gloucestershire Wildlife Trust

Notes to the financial statements

For the year ended 31 March 2024

25. Movements in funds (continued) Purposes of restricted funds

Engagement and Learning

Our work with schools and community projects is flourishing with programmes at Robinswood Hill and Greystones Farm. We continue to work with communities on rain gardens and nature highways, enhancing green community spaces in urban areas such as Barton Street in Gloucester. WilderGlos is supporting communities to take action online and work is underway to develop a large scale Nature Park at a landfill site in Hempsted.

Connected Landscapes

Partnership working We continued to work with partners such as the Severn Vale Catchment Partnership, Local Nature Partnership, and to support our subsidiary Build with Nature to develop strategy and deliver conservation projects across the county. Visitor engagement We have a visitor centre and learning environment at Greystones Farm and Robinswood Hill. We are improving access and interpretation at Coaley Peak and Crickley Hill.

44

Gloucestershire Wildlife Trust

Notes to the financial statements

For the year ended 31 March 2024

25. Movements in funds (continued) Purposes of endowment funds

Endowment funds represent those fixed assets that must be held permanently by a charity. In the Trust's case, the fixed assets relate to nature reserves either purchased by the Trust or transferred from Gloucestershire County Council and the Nature Centre at Robinswood Hill, Gloucester. Additions to the reserves and Nature Centre are added to the fund and depreciation on those assets is charged against the fund.

Purposes of designated funds

Pension provision adjustment

This designation arose from the release of a gain on the revaluation of pension liabilities in 2019 and from payments since made into the scheme. In order to distinguish these funds from ordinary operational funding, to allow for changes in valuations and to offset any future liabilities, a designated fund of £315,704 has been retained.

Capital improvements and repairs Designated for future capital improvements and repairs (storage solutions and facility improvements).

Prior period comparative
Restricted funds:
Engagement and learning
Nature's recovery
Partnership working
Visitor engagement
Total restricted funds
Endowment funds
Unrestricted funds:
Designated funds:
Pension provision adjustment
Capital improvements and repairs
Total designated funds
General funds
Total funds
Connected landscapes
Total unrestricted funds		 At 1 April
2022
£
290,696
114,412
764,750
6,953
453,964
1,630,775
1,924,054
152,398
240,000
392,398
3,280,957
3,673,355
7,228,184		 Income
£
399,824
248,772
1,105,363
7,500
50,595
1,812,054
-
-
-
-
3,782,390
3,782,390
5,594,444		 Restated
Expenditure
£
(277,565)
(192,924)
(945,554)
(5,292)
(16,140)
(1,437,475)
(6,455)
-
(30,748)
(30,748)
(3,427,992)
(3,458,740)
(4,902,670)		 Restated
£
-
(1,990)
(67,337)
-
(68,973)
(138,300)
-
40,107
23,748
63,855
(7,092)
56,763
(81,537)
Transfers,
gains &
losses		 Restated
£
412,955
168,270
857,222
9,161
419,446
1,867,054
1,917,599
192,505
233,000
425,505
3,628,263
4,053,768
7,838,421
At 31 March
2023

45

Gloucestershire Wildlife Trust

Notes to the financial statements

For the year ended 31 March 2024

26. Related party transactions

During the year, the charity made the following related party transactions:

Gloucestershire Wildlife Enterprises Ltd (wholly owned subsidiary of GWT)

Sales and purchases between the entities are not disclosed as the subsidiary is wholly owned. Profits gift aided to charity from the company - £133,360 (2023: £188,137). Amount due from the company at 31 March 2024 - £26,191 (2023: £41,749).

Wilder Glos Ltd (formerly Build with Nature Ltd, wholly owned subsidiary of GWT)

Sales and purchases between the entities are not disclosed as the subsidiary is wholly owned. Profits gift aided to charity from the company - £Nil (2023: £Nil).

Amount due from the company at 31 March 2024 - £Nil (2023: £60,074 due from the company).

South West Wildlife Fundraising Ltd (<25% owned subsidiary of GWT)

Purchases - £156,568 (2023: £227,291).

Cotwolds National Landscape

Michèle Holden is a key employee of both GWT and Cotswolds National Landscape (CNL). CNL occupies GWT premises and paid rent of £16,800 (2023: £nil) and provided a grant for Removing Barriers in the Cotswolds of £28,738 (2023: £15,727).

Gloucestershire Ramblers

Michèle Holden is Vice-Chair of Gloucestershire Ramblers who provided a donation for footpath works at the Gloucester Nature Park £762 (2023: £nil).

The Gloucestershire Naturalists' Society

Andrew Bluett, Trustee, is a Trustee of Gloucestershire Naturalists Society. David Bullock, Chair, is a member. A grant of £2,365 was received (2023: £nil) and purchases of £15 made (2023: £nil).

Barnwood Trust (Sally Byng, trustee, is a director)

Purchases - £17 (2023: £75).

Tortworth Forest Centre CIC (Amy Walsh, trustee, is the managing director)

Sale of minibus - £5,833 (2023: £nil).

Total aggregate donations from related parties £100 (2023: £nil).

27. Operating leases

The charity had operating leases at the year end with total future minimum lease payments as follows:

Land
Amount falling due:
Within 1 year
Within 1 - 5 years
After 5 years		 2024
£
131
524
8,126		 2023
£
131
524
8,257

46

Gloucestershire Wildlife Trust

Notes to the financial statements

For the year ended 31 March 2024

27. Operating leases (continued)
Plant and equipment
Amount falling due:
Within 1 year
Within 1 - 5 years		 2024
£
11,264
14,614		 2023
£
8,800
3,673

28. Conduit funding

Balance at start of year
Funding received during year
Funding distributed during year
Balance at end of year		 2024
2023
£
£
198,089
32,582
262,488
214,207
(268,891)
(48,700)
191,686
198,089
The group and charity

Conduit funds are monies received for third parties and do not belong to the charity. The charity passes them through the accounts under a unique project code as a service to other charities to help the charitable purposes, but does not claim Gift Aid nor has control over their use. The receipts and payments referred to above have been excluded from the Statement of Financial Activities. Conduit funding is held on behalf of Local Nature Partnership Gloucestershire (an unincorporated partnership), Maggie's (SC024414), Cheltenham North Rugby Club, and the Enovert Third Party fund. Conduit funding is disclosed within other creditors in note 18.

29. Changes in net debt

Cash
Loans falling due within 1 year
Loans falling due after 1 year
Total		 At 1 April
2023
£
2,433,384
2,433,384
(50,101)
(349,875)
2,033,408		 £
412,303
412,303
50,101
(31,300)
431,104
Cash flows		 £
-
-
-
-
-
New loan
finance		 £
-
-
(52,951)
84,251
31,300
Other non-
cash
movements		 £
2,845,687
2,845,687
(52,951)
(296,924)
2,495,812
At 31 March
2024

30. Contingent liability

During the year ended 31 March 2022, the trustees of the charity were made aware of a potential issue relating to the defined benefit section of the Wildlife Trust Pension Scheme. A detailed investigation is drawing to a close to establish the extent to which this could result in financial liability to employers who participated in that section. The outcome of this process is expected to be known within the next 12-18 months. A designated fund of £315,704 has been built up over time and is held for potential liabilities relating to pensions.

47

Gloucestershire Wildlife Trust

Notes to the financial statements

For the year ended 31 March 2024

31. Post balance sheet events

After the year end, the charity completed the sale of most of the assets of its wholly-owned trading subsidiary, Build with Nature Limited for £1 consideration. Following this sale, it is the intention of the directors for the company to become dormant. As a result, the income and expenditure from the company is disclosed as from discontinued operations. The consolidated income from discontinued operations in year was £174,212. The consolidated expenditure from discontinued operations in the year was £171,979.

32. Prior year restatement

As documented on the Statement of Finanical Activities, prior period expenditure has been reclassified to reflect the different charitable activity themes in the year and to be comparable with the current year. The restatements are purely reclassifications of expenditure and do not affect net income.

In addition, the prior year comparatives have been restated to correctly reflect movements in the defined pension benefit scheme as detailed in note 23. The impact upon the prior year funds, debtors and net movement in funds is shown below.

Funds brought forward
Restricted
funds
£
£
£
1,867,054
1,917,599
425,505
-
-
-
1,867,054
1,917,599
425,505
Debtors
Other debtors as originally stated at 31 March 2023
Adjustments to remove other debtor in respect of deficit contributions made
Revised other debtors as at 31 March 2023
Net movement in funds
Net movement in funds as originally stated at 31 March 2023
To account for defined benefit pension scheme admin, net interest costs and
To account for actuarial gains / (losses) on defined benefit pension schemes
Revised net movement in funds at 31 March 2023
Funds as restated at 31 March
2023
Endowment
funds
Designated
funds
Funds as originally stated at 1
April 2022
Adjustments
to
remove
other
debtor
in
respect
of
deficit
contributions made		 £
3,668,370
(40,107)
3,628,263
other costs
General
unrestricted
funds		 £
7,878,528
(40,107)
7,838,421
2023
£
40,107
(40,107)
-
2023
£
650,344
(21,714)
(18,393)
610,237
Total

48

Gloucestershire Wildlife Trust

List of funders

For the year ended 31 March 2024

This note does not form part of the audited financial statements.

Alice Noakes Memorial Trust Ashleworth Womens Institute Athelstan Probus BBC Radio Gloucestershire Ourboretum Benevity Bibury Gardening Club Blue Coat School Bognor Regis Motor Club Bourton University of the 3rd Age Buglife Centurion Management Cheltenham Borough Council Cheltenham Borough Homes Cheltenham Rambling Club Cheltenham Rotary Club Cirencester Wildlife Group CK Futures Cotswold National Landscape Country Land and Business Association Countryside and Community Research Institute Creative Sustainability DEFRA Ecclesiastical Insurance ECCTIS Egress Enovert Community Trust Environment Agency Esmee Fairbairn Foundation European Regional Development Fund Everhot Evolution Education Trust Fair Shares Farming and Wildlife Advisory Group SW Forest Holidays Forest of Dean Quakers Forestry England Friends of Barnwood Arboretum Friendship Café Frith Trust George Cadbury Fund Gloucester City Council Gloucester Royal Hospital Gloucester Vale Volunteers Gloucestershire Clinical Commissioning Group Gloucestershire County Council Gloucestershire Gateway Trust Gloucestershire Local Nature Partnership Gloucestershire Naturalists' Society

Gloucestershire Ramblers Grundon Waste Management Hartpury University and Hartpury College Hasfield Estate Heber Ltd Herefordshire County Council Herefordshire Wildlife Trust Ingleburn Trefoil Institute of Licensing J & M Britton Charitable Trust James Tysoe Trust Jenner Court Residents Assoc JPR Environmental Landfill Communities Fund Lawnside Stores Leckhampton Builders Ltd Lower Wye Ramblers Loxley Solicitors Martin Smith Foundation Monkscroft Care Centre Monkscroft Community Action Group Montague Panton Animal Welfare Trust Nailsworth Health National Farmers Union National Trust Natural England Quedgely Town Council Quilter House Ratcliff Foundation Ridge and Partners Ringway Infrastructure Rotary Club Royal Entomological Society Royal Society of Wildlife Trusts Royal Sun Alliance Saint Pauls Residents Association Severn & Wye Nature Severn Rivers Trust Severn Trent Water Severn Vale Catchment Partnership Sheffield and Rotherham Wildlife Trust St Mary’s Discover De Crypt Stow and District Civic Society Stroud Civic Society Stroud District Council Tetbury Library Tewkesbury Borough Council The Arts Society Painswick

49

Gloucestershire Wildlife Trust

List of funders

For the year ended 31 March 2024

The Bliss Charitable Trust The Corn Mill Trust The Ernest Cook Trust The Extracare Charitable Trust The Gordon Gray Trust The Mortgage Branch The National Lottery Community Fund The National Lottery Heritage Fund The Rowlands Trust The Stuart and Susan Lever Charitable Trust The Tracklement Co Ltd The Verdon Smith Family Charitable Settlement The Waterloo Foundation The Wild Trout Trust The Yarrow Trust Thirty Percy Foundation Three Shires Motor Rally

Trainspotters UK Shared Prosperity Fund University of Gloucestershire University of the Third Age Upton Twyver Probus Vincent Wildlife Trust Vinotopia Vistry Housebuilding Water Environment Improvement Fund Wild Stroud Wildfowl and Wetlands Trust Willans LLP Winston and Distrct WI Woodland Trust Woolf Properties Worcestershire County Council Worcestershire Wildlife Trust

50