Docusign EnvelopÈ ID". 4DA28CAA-A6B&4D79-A620-1EE2F6027FFA Herts & Middlesex Wildlife Trust ar at Docusign EnvelopÈ ID". 4DA28CAA-A6B&4D79-A620-1EE2F6027FFA HERTFORDSHIRE & MIDDLESEX WILDLIFE TRUST LIMrtED IA Company Limited by Guarantee) CONTENrs Page I Introduction from the Chair 2 Review of the Year 3 Legal and Administrative Informatlon 4 Trustees. Report 5 Independent Auditor's Report 16 6 Statement of Financial Activities 20 7 Balance Sheet 21 8 Statement of Cash Flows 22 9 Notes to the Financial Statements 23 Docusign EnvelopÈ ID". 4DA28CAA-A6B&4D79-A620-1EE2F6027FFA HERTFORDSHIRE & MIDDLESEX WILDLIFE TRUST LIMITED IA Company Limited by Guarantee) INTRODUCTION FROM THE CHAIR OF THE TRUST In its 60 year, it is amazin6 to think the Trust has grown from a small inaugural meeting in 1964 to an oiganisation with over 23.000 members and over 1.000 volunteers. The Trust's ambition and capacity has grown too over that time. Ourvision is that wlldlife has space to thrive, where preciou5 habitats and species populatton5 are recovering, and people feel mole empowered to take action. The ecological and climate crisi5 means that action for nature'5 recovery is now more important than ever and coniinued support is crucial from our members. individual donors, grants. legacie5 and sponsorships. On behalf of the Trustees, I would like to express my thanks to all our rnember5, volunteers, partThe￿ and funders and to our staff team for helping the Trust achieve 50 much. The Trust simply could not make the differen￿ it doe5 to wildlife without this support. I was delighted to take on the role of Chair at last yearfs AGM. and would like to exlend my thanks to my predecessor. Mike Master for his commitment to the Trust over many years. Looking forward, the prioiity for me and the Trust is supporting nature's recovery. The HertfOrdshI￿ State of Nature report provides a distressing baseline on which to build, but the Trust cannot reverse the declines on it5 own. However, workin8 Wlth others we can ensure a positive futurè lor wildlife locally, by 5peakin8 ttp for nature, helping landowner5 8nd communitie5 to manage land with nature in mind. and working to reconnect often isolated refuges into lar8er, thriving. ecosystems. Inspirin8 and helpin8 people to take action is fundamentsl to achieving this. The'Review of the Yearf in section 2 show5 what can be done and how together we are makin8 a real difference_ And we have made a great start to this financial yèar wTrth the award of a large grant from Defra to help restore stretches of our local chalk streams and bring back their wildlife. But there is so much fflore to do towards ourgoal of seeing 30% of land in recovery for nature by 2030; our call is for everyone to play their part in giwng wildlife P051tive future. Peter Tallantire, OBE Chair Docusign EnvelopÈ ID". 4DA28CAA-A6B&4D79-A620-1EE2F6027FFA HERTFORDSHIRE & MIDDLESEX WILDLIFE TRUST LIMffED IA Company Limited by Guarantee) REVIEW OF THE YEAR Looking back over the past year 3nd reflecting on what has been achieved, it is clear that we need to start by saying thank you to all our stèff. volunteprs. members and supporters. Together, everyone has helped enable us to achieve an enorrnous arnount lor wildlife, our local habitats and people. From new nature reserves to first records of species. from restored habitat5 to newly creètèd ones and from new -associations with communities to a growing number of volunt&&rs. this is a selection of just some of the highlights in the 202312024 financial year. There 15 50 much more- see our www.hertswildlifetrust.or Nature's recovery ' During the year, we've made some great stride5 to ensure nature ha5 a place to thrive on our nature reserves and in the wider countryside. Wild places across Hertfordshire and Middlesex have provided a year of wondrous wildlife 518htings and recordlng5. Feotheredfriends rf A male Bittern was booming at Amwell nature reserve irying to attract a rnate, following 20 years of work to create and manage their reedbed habitat. O Visitors to Tringford Rèservoir experienced a spectacular Starling murmuration. O We now know that the Lemslord Spring5 Green Sandpipers fly over 1,400km in just two days to their breeding grounds in western Scandinavia, thanks to research by Ken Smith, B3rry Trevi5 and Mike Reed. O Following our Collaborat￿On with St Albans Cathedral to install a nesting tray in 2022. Ihree Peregrine F31con chick5 Iledged in 2023. The wetscam went live in April 2023 attracting over 378,000 views. O At Hilfield Park Reservoir, two Black-necked Grebe chicks fledged at what is the only nestin8 Slte in 50Uthern Fobulousfloru O Scarce Tufted-sedge 15 now the focus ol a species Tecovery scheme. It's critically endan8ered and only found in Hertfordshire in the whole of the UK. O The county rarity Needle Spike-ru5h wa5 found at Hilfield Park Reservoir in the recently created wetlands. O Meadow Saxilrage, a n3tionally scarce plant, has been found at our newest nature reserve. Archer5 Green. O The rare Adderfs-tongue Fern is doing well at Hexton Nature Reserve. Intriguing invertebrotes 0 23 dragonfly and damselfly species were ￿corded at Hillield Park Reservoir. 22 01 these benefitting from the newly created wetlands. O Lesser Bloody-nosed Beetl& was found at Aldbury Nower5 nature reserve for the first time since 1991. The Spider. Dictynu pusilla. was found at King5 Meads. It is a new record lor Hertfordshire and is one ol the 31 spider species of principal importance in England. Nationally scarce spiders were found at Archers Green, Philodromus longipolpis and Hypsosingo albovftttoto, underlining the importance of this nature reserve for wildlife. A survey found that P3n5hanger Park is internationally important for the d1versity of saproxylic beetles, dependent on its dead and decaying woody habit8t5. Hertfordshire's first Dragonfly Hotspot was created at the Park in partnership with the British Dragonfly Society and there are now 19 species breeding Tegularly. Docusign EnvelopÈ ID". 4DA28CAA-A6B&4D79-A620-1EE2F6027FFA HERTFORDSHIRE & MIDDLESEX WILDUFE TRUST LIMITED IA Company Limited by Guaranteel Magnificent mommu15 rf Water Vole reintroductions have gone from Strength to strength, thanks to collaboration5 Wlth the Ver Valley Society and the River Be3ne Association. They 3re now on 7krn of the River Ver. a 150% Int￿ase on the prewous year. and on 3.2km of the River Beane, following last yearfs reintroduction. 0 300 H32el tree5 have been planted at Balls Wood to increase the habitat for Dormouse. More 5pucefornoture / We bought Archers Green Nature Reserve, following a successful £500,000 fundraising campai8n, which will now be grazed to allow 3 diverse range of plants and antmals to flourish. / A majtsr project cleated over 600m of new wetland habit8ts at Hilfield Park Reservoir in collaboration with the site owners and lunders, Affinity Water. O Water Buffblo grazed Thorley Wèsh and did a fantastic job clearing the ditches on this rare wetland Site, while goats t3ckled the scrub at Hexton chalk pit. O At Arnwell. significant new wetland habitats were created. Scrub was cleared at Waterford Heath to create more habitat For Grizzled Skipper5. O We launched our Ancient Astonbury afid Wilder Woodlands project. funded by the National Heritage Lottery Fund, to help protect and manage irreplaceable ancient woodland 51tes acr05S the region. We were honoured to receive the Enterprise Award at the annual PridE of Stevenage Awards lor our work to secu the future ol Astonbury Wood. 0 16.5km of the rivers Mirnrarn and Ash were surveyed to asses5 their potential as a Chalk River Biobank. and we started a new iitizen science project to monitor the health of our chalk river5. / We completed a land5cape-5cale rea55es5rnent of the Colne Valley wetlands, in collaboration with the Colne Valley Regional Park, underlining its national significance to water birds. / After restoration. a gh05t pond 8t Colney Heath w85 quickly colonised by gfeat crested newts. / We produced the third Biodiversity Action Plan for Stevenage 8orough Council and a Biodiversity Stratesv for Warford Football Club. providing guidan￿ for managing and improving their land for wildlife. Wilder communities We all have a part to play in building a wilder Hertfordshire and Middlesex- here's how people-power helped nature'5 recovery over the past year. Engt7ging ond inspiring O Next Door Nature projects in Watford and Dacorum, focused on working in cornmunities with social deprivation. have proved hugely successful in broadening the reach of the Trust. O Our new Wildlife Guardians scheme launched in February for our donor5 who gsve a higher amount and who are invited to special events to recognise the importance of their support. We launched a new Wilder Schools programme. training 15 volunteer5 to 8dvise on wildlife in school grounds. O Our Panshanger Park project in partnership with Tarmac led to the plantin8 0117,000 trees to create the new Queens Wood, set up a Wildlife Watch Group for children to learn about nature and or8anised the Nature of Paftshanger Park conference. O In July. hundieds of visitDrs enjoyed Wildfe5t in Cassiobury Park which bfought together conservation grovp5 that work for wildlife across the area. 0 1,700 people were directly engaged through our partnership with Affinity Water, Tncluding nearly800 people enjoying ￿fe at the Lake at Stockers Lake. The project also reached a milestone of 5,000 volunteer hours in total given to the habitat rnanagement, wildlife recording and community engagement 8t the three nature re5erve5 we manage. / We celebrated wildlife acr05S the region with our Wild Snaps Photography Competition- opening it up to more people with a Smartphone Photography category. Docusign EnvelopÈ ID". 4DA28CAA-A6B&4D79-A620-1EE2F6027FFA HERTFORDSHIRE & MIDDLESEX WILDLIFE TRUST LIMITED IA Cornpany Limited by Guarantee) Stonding upfor nature Creating a vibrant and sustainable future for wildlife means putting nature's recovery at the heart ol local decision- making. / We are running the highest profile campaign in the history of the Trust to protect Broadwater Lake Site of Special Scientific Interest from a development proposal from Hillingdon Council whlch would devastate the wildlife value. / Reviewed planning and infr35tructure proposals. including local plans, minerals plan5 and neighbourhood plans. / Regu13r discussion with local and nationa5 politicians to inform policy and decision-making $0 it is the best it can be lor wildlife / Contributing to the national campaign ahead of the next general election to ask people'to vote for nature, and prospective eandidate5 to make a personal commitment to stand up for nature. Docusign EnvelopÈ ID". 4DA28CAA-A6B&4D79-A620-1EE2F6027FFA HERTFORDSHIRE & MIDDLESEX WILDLIFE TRUST LIMITED IA Comp8ny ￿Mited by Guarantee) LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 MARCH 2024 Honorary President Sif Simon Bowe5-lyon. KCVO Honorary Vice Presidents Robert Wilson Mike Master MBE Counal of Management ITrusteesl Olivla 8erth8m Duncan Brown sa Cl8vering Drveronica Edmonds-Brown (Vice Chairl Lisa Foster Stephanie Holler Laura Horton Professor Jackie Hunter Kathryn M8cKenLie Patrick Schneiders Peter Ta113lltire. OBE Ichairl Louise Turner Chief ExECUtlve lesley Davies Company Registered Number 00816710 Charity Registered Number 239863 Registered Office and Principal Addre55 Grebe House, St Michael's Street, St Alban5. AL3 4SN Independent Auditors Mercer & Hole LLP, 72 London R03d. St Albans. ALI INS Solicitors Longmores, 24 Castle Street, Hertford, SG14 IHP Bankers Barclay5 Bank, I Churchill Place. London. E14 5HP Docusign EnvelopÈ ID". 4DA28CAA-A6B&4D79-A620-1EE2F6027FFA HERTFORDSHIRE & MIDDLESEX WILDLIFE TRUST LIM￿ED IA Company Limited by Guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees (who are also directors of the charity for the purposes ol the Companies Act) present their annual report together with the 3udited financial statements of Hertford5hire & Middle5ex Wildlife Trust Limited Ithe Trustl for the year ended 31 March 2024. The Trustees confirm that the annual report and financial statements of the company comply with the current statutory requirements. the requirernents of the company'5 governing document and the provisions of the Statement of Recommended Practice ISORPI, applicable to charities prepèring their accounts in a£cordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021. Since the company qualifies as smèll under section 382. the strategic report required of medium and large companies under rhe Companies Act 2006 (Strategic Report 3nd Directorfs Report) Regulations 2013 15 not required. 4.1. OBJECTS. 5TFiATEGY. STRUCTURE AND MANAGEMENT Objects of the Trust Th& objecis Df the Trust are.. al For the benefit ol the public, to advance, promote and further the conservation, naintenance and protection ol.. wildlife and it5 habitat5 places of natural beauty place5 of zoolosic31, botantcal, geological. archaeological or scientilit interest features ol landscape with geological, phy5iographic31, or amenity value bl To advance the education of the public in-, the principles and practice ol sustainable development the principles and practice ol biodiver51ty conservation cl To promote re5e3rch tn all branche5 of nature study 8nd to publish the useful result5 thereof. The Trust 15 3n independent member of The Wildlife Tru5t5. a partnership of 46 local Wildlife Trusts and the Royal Society ol Wildlife Trusts, working acro55 the UK protecting wildlife for the future. Collectively. the Wildlife Trusts have over 900,000 Members. manage around 2.200 nature reserves and have 3 Vltal role standing up lor wildlife together at a national level. Herts & Middlesex Wildlife Trust Strategy 2030 The Trust's Strate8y 2030 sets out our goals and outcomes, recogni5ing th3t wildlife is in trouble. Wildlife and wild places are facing an ecologica5 and climate crisis where people are less connected with nature than ever before. Action is urgently needed to reverse the declines in species and habitats. Our target is for 30% 01 land in recrjvery for nature b¥ 2030. This is an ambitious target, supported by the findings of our 2020 Hertfordshire State of Nature report. The Trust seeks to achieve this by managing nature reserve5, providing ecological advice, working in partnership. and engaging the local community, businesses and key decision-makers. WE a150 Want to seè a step change in the number of people taking acEion lor wildlife. We believe that everyone can play a role in nature's recovery. whether as a land manager, a volunteer or makin8 their voice heard abDUt threats to wildlife. It is the role of the Trust to support and enable this action. Docusign EnvelopÈ ID". 4DA28CAA-A6B&4D79-A620-1EE2F6027FFA HERTFORDSHIRE & MIDDLESEX WILDLIFE TRUST LIMITED IA Company Limited by Guarantee) 5trDtegy 2030- Gools ond Outcomes GOAL I.. more land in Hertfordshire and Middle5ex is managed and Protected for n8ture. OUTCOMES.. O Nature's recovery is at landscape scale with more and better-connected habitats. / Wildlife habitats are better protected and the best they tan be for nature. O Greater understandin8 of local specie5 populations and their ecology. GOAL 2.. more people are standing up for wildlife and taking action for nature's recovery OUTCOMES.. / G￿ater knowledge. appreciation and involvement in nature. O People see the Trust a5 the source gf idea5. guid8nce and support for what they can do for wildlife and priorities for action. O Involvement with nature 15 welcoming and open to all. GOAL 3.. Trature plays a central and valued role in helping to address climate issues and people's health and wellbeing. OUTCOMES.. O Biodiverse. natural processes are restored. O Greater understandin8 of the impact of climate change on Ioc31 habitats and species. ¥ Habitat managetnent and restoration support fesilience to climare change. O Greater uriderstanding of the value of nature to health and wellbeing. Charity and company limited by guarantee The charity is registered with the Charity Commission and is a company limited by guarantee. It is governed by its Articles of A$50ciation a5 amended by Special Resolution on l July 1987. 1 July 1996, 15 September 2007. 8 November 2014, 21 November 2015. 22 September 2018, 14 september 2019 and 18 September 2021. TheTru5t operates in Hertfordshire and the London Borou8h5 of Barnet. Enfield, Harrow, and Hillingdon l-middlesex-l. Individuals paying the prevailing subsuiption, as set by the Trustees, or opting to pay a higher amount, become member5 01 the Trust. The overall number ol member5hip5 Showed a good increase and as at 31 March 2024. the number ol household memberships stood at L3,61412023'. 12,9081 includin8 more than 23,600 individu315. Publi£ benefft The Trustee5 confirm that they h3ve cornplied with the duty in section 17 of the Charities Act 2011 to have due iegard to the Charity Commission's general 8uidance on public benefit. Trustees For the purposes of the Cornpanie5 Act 2006. Trustees arè Directors. and the Council of Management is regarded as the Board of Directors ol the company. The Council of Management. which can have between eight and twelve Trustees, meets quarterly and is supported by committee5. Depending upon their afe8 of expertise. Trustee5 are allocated to a Committee or to support specific areas ol work. Trustees si8n a declaration to meet the requirement of the Finance Act 2010 that Trustee5 are'fit and properf persons lor the charity. The relevant senior staff Ithe Chief Executive and Head of Finance) also sign this. Our thank5 go to Mike Master, Clive Hinds, and Keith Cotton who retired in 2023 having served on Cguncsl a5 Chair. Treasurer and Trustee re5pettively. Their years of support for the Trust are much appreciated. Docusign EnvelopÈ ID". 4DA28CAA-A6B&4D79-A620-1EE2F6027FFA HERTFORDSHIRE & MIDDLESEX WILDLIFE TRUST LIMITED IA Company Lirnited by Guaranteel The Dir&ctors, who are also Trustees of the charity. who served during the year were.. Olivia Bertham Duncan 8rown (appointed as Trustee & Treasurer Septernber 20231 Lisa Clavering Keith Cotton (retired September 20231 Dr Veronica Edrnonds-Brown Ivice Chairl Lisa Foster lelected September 20231 Clive Hinds (retired September 20231 Stephanie Holler lelected September 20231 Laur8 Horton Professor Jackie Hunter Kathryn MacKenzie Michael Master Iretired September 20231 Patrick Schneiders lelected September 20231 Peter Tallantire, OBE (appointed as Cbair September 20231 Loui5E furner Staff The Chief Executive leads the day-to-day operations of the charity, supported by the Senior Management Team. The Trust's success relies on the talent and contributson DI all staff. and aims to be 3 positive employer to attract and retain high c31ibre staff. 4.2. ENVIRONMENTAL. SOCIAL AND GOVERNANCE Environmental The frust's Strategy 2030 has a focus on n3ture's recovery, inspiring people to take action and raising awzreness of the links between the natural environrneni, health & wellbeing and climate chan8e. The Trust aims to ensure that local wildlife and wild places are protected and have a positive future. We have a Carbon strategy which Seeks to identify way5 to reduce our carbon footprint and carry out 3 regular assessment of emissions. Social Through volunteerin& event5, and projects, the Trust engages with a wide variety of individuals and organisations in acttvities which support individual wellbeing. Our Wellbeing Team helps support the staff team and signpost to advice, and the Trust substrlb?s to an Employee Assistar5ce Programme. Governan The Trust follows the Charity Code of Governance and keeps its policies and practices under review accordingly. Trustees are appointed according to the skills needed on the Board at the tirne, and we advertlse widely when recruiting new Trustees. Risk management is a key strand of the governance of the Trust and our apprDach and major risks are set out in the followin8 sectyon in more detatl. Docusign EnvelopÈ ID". 4DA28CAA-A6B&4D79-A620-1EE2F6027FFA HERTFORDSHIRE & MIDDLESEX WILDLIFE TRUST LIMtrED IA Company Limited by Guarantee) 4.3. FUNDRAISING Ensuring best practice in oltr fundraising activitie5 is paramount. The Trust is registered with the Fundraising Regulator and a member of the Chartered Institute of Fundraising, and complies fully with the Code of Fundraising Practice and the Ch3rity Comrni5sion's guidance lor Trustees on charity fundraising. Our Fundr3isin8 Policy makes the commitment to our donors that our fundraising is legal. open. honest and respectful. The￿ were no fundraising complaints recelved in the year. The Trust uses one external fundfaising supplièr to help with membership recruitment, Wildlife Fundraising Central Ltd, which is a company limited by guarantee owned by 6 Wildlife Trusts of which Hertfordshire & Middlesex Wildlife Trust Limited is one. They are closely monitored and adhere to the Fundraising Regulator's Code ol Practice and our own high standard5. Other fundraising activities of the Trust include the use of direct mail and emails. general requests lor donations and support. doof drops and social media posts. 4.4. RISK MANAGEMENT AND MAJOR RISKS Risk ManagÈmÈnt The Trust maintains a Risk Register which is regularly reviewed by the Senior Management Team. Trustees keep under review the major risks to which the charity is exposed and how these are mitigated, allocating staff time and resources where appropriate. Major Risks The overarching iisk to the Trust is its long-term financial sustainability with unrestricted budget deficits due to costs of inflation and a reduction in particular in legacy gift5. Measures have been introduced to address this including cutting Costs and investment in individual 8ivin8 and philanthropy. The risk of an adverse impact on 3 nature reserve remains high as the threat to Broèdwater Lake Nature Reserve remains. The London Borough of Hillingdon has submitted a plannin8 application to build a water sports centre there, which would be ecologicolly dama8in8. The planning application is yet to be determined. We continue to work as part of the Federation of Wildlife Trusts to lobby MPS on policy and legislation and to support research into climatè adaptation and mitigation. Docusign EnvelopÈ ID". 4DA28CAA-A6B&4D79-A620-1EE2F6027FFA HERTFORDSHIRE & MIDDLESEX WILDUFE TRUST LIMITED IA Cornpany Limited by Guaranteel 4.5. FINANCIAL ANO IN-KIND SUPPORT The Trust is extremely grateful for the continued support we have received from all our supporters through their rnember5hip, donation5, le8acie5 and grants. Mernbership Members provide vital income to the Trust and are the collective voice of people who care about the natural world. Thts is critlC311y important in helping the Trust to stand up for wildlife and get our me553ge acr055 to key deci5ion- makers. The number ol memberships showed a positive increase during the year. Volunteers Volunteer5 are fundamental to the work of the Trust. supporting the work on nature re5ervè5 and in the wider countryside, community speakers, gardening at Grebe House, at events and in the office. The Trust is grateful to the undreds of volunteer5 who support us and gave thou53nd5 of hours. Donation5 We have seen an increase in the level of unsolicited and general donations compared to the previous year. largelv helped by a very generous E50.000 unrestricted donation we rèceived from one of our life members. Our events programme continues to raige regular donation income for the Trust and should further grow In the coming year following a volunteer review and work to recruit and train new Go Wild volunteers. Our collabor3tive approach to communiiy fundraising. alongside the Engagement Team's events and 3ctivities, 15 ongoing. We continue to ensure opportunitie5 for fundraising rhrough our events and empowerment plan activitie5 are identified and resources needed are developed accordingly. We have also launched and increased our organisational membership rate, again in line with the Engagement Team's activities and a new Wilder School Champion initiative that will generate donation based income. Our paid-for events prograrnme has Continued to be popular with ticket sales and experience vouchers providing special opportunities for our supporters and Cgrnmunities to connect with and enjoy their lotal nature, whilst raising much-needed funds for the Trust. Le83cies and 8ifts in memory We are incredibly grateful lor the gererous legacies we received from Jarnes 'Jirn' Newrn3n. Sheila Mary Weeks. Muriel James, Peter Stevenson, Gerald Thurlow, Jean Morrison Neal, Miss GM Bickerstaff. M3rg&ry Rigby 3nd Judith Arthur for kindly leaving a gift to the Trust in their will, and lor the family of Paul 8urt for directing a donation to the Trust from his legacy. The Trust received kind donations in memory ol Chris Bartram, Brenda May Lewis, Christopher Reeve, john Gardner, Barbara Armitage, Jean Allen. Jonathan Day, Violet Dyer, sonia Jean Hearn. Peter Osborne and Paul Tatman who chose to SUPPOTt the Trust in their memories. We are extremely grateful to all of them for supporting the Trust in this special way. These thoughtful donatioris make a lasting contribution to our local conservation work and help ensure that the wildlife their loved ones cherished is protected for years to come. io Docusign EnvelopÈ ID". 4DA28CAA-A6B&4D79-A620-1EE2F6027FFA HERTFORDSHIRE & MIDDLESEX WILDLIFE TRUST LIMITED IA Company Limited by fjuaranteel Business engagement We have seen 3 growing interest in companie5 wanting to work with the Trust, whether to SUPPOrt their Staff, lor publicity, or for commercial sponsorship, and in doing this can contribute to nature's iecovery. We were pleased to receive the ongoing support from our existing corporare members.. / Platinum UK Power Network5 O Gold Affinity W3ter Cemex UK Islandbridge Properties Limited Saba Thames Water Utilities The Grove Tarmac MPI European FI3vour5 & Fragrances Zoological Society Hertfordshire Institute of the Motor Industry Silver Bronze We COFltinue to work with bu5ines5 partners in rnana8ing thetr land, engagin8 their staff and the local community- We have continued to receive donations resulting from product sales through our agreements with Home Farm Glarnping. Pudding5tone Distillery and Tommy and Lottie. These relationships also 5UPPOrt our communications helpin8 to reach new audiences and raise awareness of our work. We received business support for our Wild Snaps competition thls year with prizes provided by Opticroft, let Black Squares and Tommy and Lottie. We also received business sponsorship from Affinity Water for Wildfest. We have undertaken a review ol all our business engagement. Going into the next financial year, our business membership benefits and rates have changed. Staff engagement activlties have been also been reviewed and re- costed with a more varied programme being developed. li Docusign EnvelopÈ ID". 4DA28CAA-A6B&4D79-A620-1EE2F6027FFA HERTFORDSHIRF & MIDDLESEX WILDLIFE TRUST LIMITED IA Company Limited by Guarantee) Grants and project sponsors Granis and individual project sponsors are especially import3nt to the Trust, enabling improvements on our nature reserves 2nd other conservation and engagement projects. We arè grateful for the generosity of all Our funders including.. Affinity Water Arts Council Englènd Aston Village Society Chiltern Society Dacorum Borough Council Defra Environment Agencv Graham and Henrietta 5omervell's Wildlife Trust Hertfordshire Community Foundation Hertfordshire County Council Hertlordshire County Council Locality Budget Icllr Buckmaster. Cllr Crolton, Cllr Kayel Highw3ys Engl8nd HS2 Colne Valley Regional P8rk Panel Lee Valley Region31 Park Aiithority National Lottery Community Fund National Lottery Heritage Fund Natural England's Species Recovery Programme People's Postcode Lottery Royal Society of Wildlife Trusts Rural Payments Agency (Defral Shanly Foundation St Albans City & District Council Tarmac Ltd Te5co Cornmunity Grants Thames W3ter The Laing Family Foundation The River5 Trust The Swire Charitable Trusi Three Rivers District Council W3tford Borough Council Welwyn Hatfield Borough Council West Herts Environment Forum Woodland Trust 12 Docusign EnvelopÈ ID". 4DA28CAA-A6B&4D79-A620-1EE2F6027FFA HERTFORDSHIRE & MIDDLESEX WILDLIFE TRUST LIMITED IA Company Limited by Guarantee) Collaborations and partnerships We are very pleased to work with a wide range of community organi5ation5 including.. All Saint5 Church Harpenden Apsley Guerilla Gardener5 Botanital Society of Brit3tn and Ireland Colne V311ey Regional Park Oatchworth Horne Education Group Friends ol Stocker5 Lake Hertford Regional College Hertford5hire Poll￿- Reparations Team Herts & Middlesex Badger Group Queens School Watford River Beane Association Ver Valley 5ocietv Skyswood Primary School SPACE St Albans Cathedral St Albans RSPB Group St Mary5 Church, Watford Herts & Middlesex Bat Group Herts Full Stop Hert5 MIND Hitchin Girls School Leanna'5 Wish Meriden Community Centre 05borne Property Services Probation Service5- Personality Disorder Pathw3yTeam The Friends of 8atchwood The River Colne CIC University ol Hertfordshi Watford Football Club Community Sports & EdU￿tIon frust West Herts College Wild About Redbourn Wilderhood Watch Wilder Communities- a case study Our Youth Volunteering Scheme on the Rivèr Colne. W3rford. 15 an excellent example of our cornmunity organising work. Ouf Wilder Communities Officer, Esrne Staunton Howe, made connections with Queens School in Watford and soon discovered that every year, during work experience week, there wa5 alwèy5 3 group of young people that f3iled to secure a placement and had to remain in school for that week. E5me worked with the sludents to create a work experience opportunity for them in-school- the student5 developed and carried out their own research. Interviewing young people to help inform how rhe Trust could better en838e with young pegple. The students di5£0vered that many young people.. wanted more opportunities for them, in particular social activities and practical taskslvolunteering. recommended that opportunitie5 be advert15ed through 5chool5. recommended to their eco club that they should build a new pond and create a new wildflower meadow in their school grounds. Esme then explored loca1 potential to develop volunteering opportunities. Through conversations with Watlord Borough Council and the River Colne CIC, Esme was able to 5UPPDrt both groups in collaborating and developing the very first Youth Volunteering Scherne where a group of young people meet once a month and £arry out practical conservation tasks alon8 the River Colne. 10 placements have been lilled and the first tranche o13-month long placements that have been offEred. The young people carry out t3sks that irnprove the flow of the river. enrich wildlife hobitats and support them in learning new skllls. 13 Docusign EnvelopÈ ID". 4DA28CAA-A6B&4D79-A620-1EE2F6027FFA HERTFORDSHIRE & MIDDLESEX WILDLIFE TRusf LIMrrED IA Company Limited by Guarantee) 4.6. FINANCIAL REVIEW AND RESULT5 FOR THE YEAR Results for the year The fesult for the year is shown in ihe Statement of Financial Activities as a net income of £84,65412022-23 net expenditure of £287,899). The Trustee5 consider this to be a sat15factory outcome, although it 15 noted that thi5 result is after Bains on inve5tment5 and tran5fer5 between funds, before which a net expenditure on unrestricted funds is acknowledged. Reserves Policy The Trustees have a reserves policy to maintain adequate unrestricted financial resources to meet theTrusYs financial need5 for the next 12 months in cash, together with additional lin3nci31 resource5 to fund one-off projettg and longer-term funds to invest to provide an income for thè frust's ongoing wildlife and people projects. Restrirted financial resources are held in cash unless the related cash outflow is not likely to occur within a two-year period. The Trustees are also mindful that the Trust should aim to hold Sufficient reserves lunre5tricted funds not represented by fixed èssets or designated funds held to cover future planned expendiiurel to meet estimated closure costs. This is currently calculated at El.200,000. Estirnated closure costs include not just our staff notice period and redund3ncy costs, remaining lease payments and legal fees. but also the costs of divesting our nature reserves and rnaintaining them until such a time. Actual unrestricted reserves were El.596,762. After adjusting for unrestricted Fixed assets, unrestricted intangible asseis and unrestricted nature reserve5, the frust's available reserves were El,453,L30 which is in line with thi5 policy. The Trustees have robust plans in place ro ensure thar the Trust remains in line with this policy and that any exce5S or shortage in available reserve5 will be short term. Investment Policy and Performance Our investment policy is focused on the need.to provide appropriat￿ short-term cash resources for the TnJ5t to carry out its present and future activities effectively. together with the managernent of an acceptable level ol investment risk on ftsnds that we do not need in the short term to generate an income for the Trust alon8 Wlth capital growth. Our investment policy is reviewed by the Finance & Resource5 Cornmittee. Investment funds held are reviewed on a regular basis and any substantive changes to the 4nve5tments will be highlighted to the Finance & Resource5 Committee. Currently, our investments are held in the UK by 5arasin & Partners LLP. regulated investment managers, in their Growth Fund and Climate Active Endowment Fund. Previous funds held with BlackRock Fund Managers Limited were closed during the year. Short-term cash resources. including restricted funds. are retained in a number of different interest-bearing bank accounts. The Trust is mindful of the Financial Services Compensation Scheme limit wheTh investing outside of our core bankin8 relationship. During the yeai, the Trusr's investments gained in value and income from investments and bank interest increased. 14 Docusign EnvelopÈ ID". 4DA28CAA-A6B&4D79-A620-1EE2F6027FFA HERTFORDSHIRE & MIDDLESEX WILDLIFE TRusf LIMITED IA Company knmited by Gu3ranteEI 4.7. STATEMENT OF TRUSTEES. RESPONSI8ILITIES The Trustees Iwho are also Directors of Hertfordshire & Middle5ex Wildlife Trust Limited for the purposes of company lawl are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom AccoUnt￿n6 Standards (united Kingdom Generally Accepted Accounting Prècticel. Company law requires Trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the chÈTltèble company and of the incoming and out8oin8 resources and application of their resources, including the income and expenditure. of the charitable cornpany for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting politTres and then apply them consistently.. observe the methods and principles in the Charities SORP,. make judgements and esttmates that are re350nable and prudent,. state whether applicable UK AccountinÈ Standards have been followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial statement5 on the 80ing concern basis unle5$ It is inappropriate tg pregume that the th3ritable company will continue in business. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial staternents comply with the Companies Act 2006. They are 3150 responsible for safeguarding the assets of the charitable ompany and hence for taking reasonable steps lor the prevention and detection of fraud and other irregularities. The Trustee5 are responsible for the maintenance and integrity of the Trustees. Annual Report and Financial Statements published on the Ch3rity'5 website. Legislation in the UK concerning the preparation and disseminaiion of linandal statements may differ from legislation in other jurisdictions. The responsibility for preparing this annual report rests with the chariws Trustees. Dist105ure of Inlormatlon to audStors So far as the Trustees are aware, there is no relevant audit information ol which the chariws auditors are unaware. The Trustees hève rèkEn all the steps that they ought to have taken as Trustees in order to rnake themselves aware of any relevant audit information and to establish that the charitV'5 auditors are aware Df that information. Auditors Mercef & Hole have indicated their willingness to continue in office and in accordance with the provisions of the Companie5 Act. it is proposed that they be re-8ppointed auditor5. Statement for sm311 companie5 Thi5 Trustees report has been prepared in accordance with the piovisions applicable to companies entiiled to the small companies exemption provided by section 414lbl of the Companies Art 2006. Approved by the Council of Managernent on 26 lune 2024 and 518ned on its behalf bv.. Peter Tallantire OBE (Chairl Is Docusign EnvelopÈ ID". 4DA28CAA-A6B&4D79-A620-1EE2F6027FFA HERTFORDSHIRE & MIDDLESEX WILDLIFE TRUST LIMITEO IA Company knrnited by Guarantee) INDEPENDENT AUDITOR'5 REPORT TO THE MEMBERS OF HERTFORSHIRE & MIDDLESEX WILDLIFE TRUST LIMITED FOR THE YEAR ENDEO 31 MARCH 2024 Opinlon We h3ve audited the financial statements of Hertfordshire & Middlesex Wildlife Trust Limited Ithe 'charitVI lor the year ended 31 March 2024 which c¢mprise the Statement of Financial Activities incorporating Income and Expenditure Account, The Balan￿ Sheet. the Statement ol Cash Flows and notes to the Financial Statements, including a sutnmary of 5ignilicant accounting policies. The financial reporting frarnework that has been applied in their preparation 15 applicable law and United Kingdom Accounting Standards, including FRS 102 'The Fin3ncial Reporting Stand3rd applicable in the UK and Republic of Ireland- Iunited Kingdom Generally Accepted AccoLJntin8 Practicel. In our opinion. the financial statements-. g¥ve a true and fair view of the st3te of the charit(s affairs as at 31 March 2024 and of its income and expenditure lor the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., nd have been prepared in accordance wtth the requirements ol the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standard5 on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under th052 Standards are further described In the Auditor'5 FesPOn5ibilities for the audit of the financial statement5 section Df our report. We are independent ol the charity in accordance with the ethical requ1￿mentS that are relevant to our audit of the financial statements in the United Kingdorn, including the Financial Reportin8 Council's Ethical Standard, 3nd we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained 15 sufficient and appropriate to provide 3 basis for our opinion. Contlu5ions relating to golng concern In auditin8 the financial statement5. we have concluded that the Trustees. use of the going concern basis of accounting in the preparation of the finaneial 5t3tementS 55 appropriate. 8ased 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 3 going concern lor a period of at least twelve mtsnth5 from when the financial statements are authorised lor issue. Our re5pon5ibilities and the responsibilitie5 of the Trustee5 Wlth respect to goin8 concern are described in the relevant sections of thi5 Teport. 16 Docusign EnvelopÈ ID". 4DA28CAA-A6B&4D79-A620-1EE2F6027FFA HERTFORDSHIRE & MIDDLESEX WILDLIFE TRUST LIMtfED IA Company Limited by Guarantee) Other informatton The other information comprises the information included in the Trustees, Report, other than the financial statements and our Auditorfs Report thereon. TheTrustees are responsible lor the other information contained within the annual report. Our opinion on the financi31 statements doe5 not cover the other information and, except to the extent otherwise explicitly stated in our report. we do not express any form of as5urantè conclusion therèon. In connection with our audit ol 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 course of the èudit or tsthefwise appears to be materially mi5Stated. If we identify such material inconsistencies or appèrent material misstatements. we are required to determine whether this gives rise to a material misstatement in the financial statements thernselves. If, based on the work we have performed, we conclude that there is a material misstatement ol this other inlorrnation. we are required to report that fact. We h3ve nothing to report in this regard. Opinion on other matters prescribed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Report (incorporating the directors, report) for the financial year for which the linancial statements are prepared 15 consistent with Ehe F￿nanCial statements.. and the Trustees. Report has been prepared in accordance with applicable legal requirements. Matters on whl£h we are required to reFK¢rt by exception sn the light ol the knowledge and understanding of the charity and its environment obtained in the course ol the audit, we have not identified material misstatements in the Tru5tees' Report. We have nothing to report in respect of the following matters in relation to whith the Companies Act 2006 requires us to report to you tf, in our opinion.. adequate accounting records have not been kept. or retUlll5 adequate for our audit have not been received from branches not visited by us,. or the financial staternents are not in agreernent with the accounting records and returns,. or certain disclosures of Trustees, remuneration specified by law are not made.. or we have not recewed all the information and explanations we require for our audit: or the Trustees were not entitled to prepare the financial statements in accordance with the small companies, regime and take advantage of the small companies. exemption in preparing the Trustees. Report and from the requirements to prepare a Strategic Report. 17 Docusign EnvelopÈ ID". 4DA28CAA-A6B&4D79-A620-1EE2F6027FFA HERTFORDSHIRE & MIODLESEX WILDLIFE TRUST LIMffED IA Company Limited by Guaranteel RÈ5pon5ibilities of Trusteè5 As explained more fully in the TTUStees' Responsibilities Statement. the Trustees Iwho are a150 the directors of the charitable company for the purposes ol comp3ny lawl are responsible for the preparation ol the financi315t3tement5 and for being satisfied that they give a true and fair view, and lor such internal control as the Trustees determine is necessary to enable the preparation ol financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the Trustees are responsible for 3S5essing the charity's ability to continue as a going concern. disclosing, as applicable. matters related to goinB 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. Auditorfs responsibilltles 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 materi31 misstatement, whether due to Ir8ud or efror, and to issue an Auditor's Report that includes our opinion. Reasonable assur3Mce is a high level of assurance, but 55 Tlot a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exi5t5. Mi55tatements can 3rise from Fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the econornic decisions ol users taken on the basis Df these financial staternents. Irregularities, including fraud. are instances of non-complianee with laws and regulation5. We design procedures in line with our responsibilities, outlined above, io detecl rnaterial misstatements in respect ol irregularities, including fraud. Based Dn our understanding ol the charity and its activities, we identified that the principal ri5k5 01 non- cornpliance with13w5 and regulation5 related to the Charities Act 2011, the Charities Statement of Recommended Practice UK, health and safety regulation, LJK tax legislation, anri-bribery, COTruption and fraud. money launderin& and we considered the extent to which non-compliance might have a material effect on the finèncial statements. We alsD considered those laws and regulations that have a direcr Impact on the prepar3tion of the financial statements, such as the Cornpanies Act 2006. We evaluated the Trustees, incentives and oppocorporated in England and Wales. The address of its registered office and principal place of business is disclosed in the company information. Hertford5hire & Middle5ex Wildlife Trust Lirnited is also a charity. registered with thE Charity Commission IEn8land and Wales). The principal activity ol the charity is to advance, promote and further the conservation, maintenance and protection of wildlife and its habitats. The financial 5t3tements are presented in Sterlin8 and this 15 the functional currency ol the charitv. 8asis of preparation The financial statements have been prepared under the historical cost convention, 3nd in accord3nce with applicable accounting st3ndard5. In preparing the finan£ial statement5 the charity follows best practice as set out the Statement of Recommended Practice. Accounting and Reporting by Charities, ISORPI, the Financial Reporting Standard applicable in the Uniied Kin8dom and Ireland IFRS1021 and the Charities and Companies Acts. The financial statements have been prepared on a going concern basis. Forec3Sts and bu5ine5s plans have been prepared which provide comfort that the Chèrity will continue to meer its objectives and be able to pay its liabilities as they fall due for the foreseeable future and for a period of at least 12 month5 from the approval of the financial staternent5. Since 31 March 2024. income from membership subscriptions and legacies has increased, in-line with the forecasts prepared. The followin8 accounting policies have been applied con515tently in dealin8 with items wh￿h are considered material in felation to the company's linanaal statements.. al Voluntary income 15 received by way Df donations and gifts and is included in full in the Statement of Financial Activitie5 when received. Membership subscriptions are included in the accounts in the period in which they are le￿IVed. bl Revenue grants are credited to incorning reSoUr￿S when they are receivable. ¢1 Income from lègatlès 15 included within the financial statements when the charity 15 legally entitled to the income and the amount can be quantified at the year end with reason3ble acturaev. dl Grants for the purchase of fixed assets are credited to restricted inwrning resources when receivable. el Cost of raising funds comprise the costs incurred through promoting rnembership and seeking donation5 to the Trust. Governance, finance and office costs lincluding relevant staff costs) are allocated to activities within the categories based on the average number of staff involved in those activities. 23 Docusign EnvelopÈ ID". 4DA28CAA-A6B&4D79-A620-1EE2F6027FFA HERTFORDSHIRE & MIDDLESEX WILDLIFE TRUST LIMITED IA Company Limited by Guaranteel NOTES TO THE FINANICAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Icontinuedl gl Depreciation is provided on tangible fixed assets at rates calculated to write each asset down to its estim3ted residual value over irs expected useful life as follows.. Leasehold property- straight line Dver 99 years Aeserves infrastructure 4% straight line basis Motor vehicles 25% straight line basis Plant and equipment- 20% straight line basi5 Office and computer equipment- 20% straight line basls Property repairs and offtce refurbishment- 10% straight line ba515 Nature reserves- Nil h) Tangible fixed assets C05ting more th3n E3,000 are capitalised. Grebe House leasehold property was acquired in 1981 on a 99-ye3r lease. The net book value of the lease at 31 March 2024 was £74,88112023 £76.2241. In the event that the Trusr vacates the premises the lease will automatically revert to the Council of the District of St Alban5, and there is no guarantee that cornpensation will be receivable. In vi@w ol this uncertainty Ihe Trusrees have decided ro carry the leasehold at Its net book value, il Intangible assets lin this case our CRM system, ThankQl are amortised over 5 years. Il The Trust holds nature reserves in furtherance of the charitable objects ol the Trust. These èsgéts cannot be readily 501d and so in the normal operatioas of the Trust are not available for other use. The Trustees Consider that owing to the incornparable nature of these reserves. conventional valuation approache5 lack Sufficient reliability and that, even if va5u3tions could be obtained, the costs would be onerous Compared with the 3dditional benefits derived by the Trust and users ol the accounts. The figures in the accounts represent the c05t or valuatlDn of the asset on acquisition where available, or where this is not available are included at the historic book cost. Nature reserves are not depreciated. With the exception of expenditure on major reserve5 infrastructure works. expenditure on constructions within the nature reserve are written off a5 expenditure during the year. It is the Councils, view that it should not be capitali5ed due to their vulnerability to vandalism. kl Debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net ol trade discounts due. 11 Creditors are recognised where the ch4rity has a present obligation resulting from a past event that will probably result in the transfer ol fund5 to a third party and the 3mount due to settle the obligation can be measured or estimated reliably. Creditor5 are normally recogni5ed at their settlement amount after allowing for any trade discounts due. ml The charity only has financial assets and linantial liabilities of a knnd that qualify as basic financial instruments, 8asic linantial instrurnents are tnitially recognised at transaction value and subsequentlv measured at their 5ettlernent value. 24 Docusign EnvelopÈ ID". 4DA28CAA-A6B&4D79-A620-1EE2F6027FFA HERTFORDSHIRE & MIDDLESEX WILDLIFE TRUST LIMITED IA Cornpany Limited by Guaranteel NOTES TO THE FINANICAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Icontinuedl nl C35h and cash equiv3lent5 are c35h and short term highly liquid investments with a short maturity of three month5 or le55 fTQrn the date of 3cqui5itlOn OT opening of the deposit or similar account. ol Restricted funds are to be used for specific purposes as laid down by the donor. ExpeHditure which meets these criteria is charged to the fund, together with a fair allocation ol overheads and support costs. Unrestricted funds represent subscTlPtions, donations and other income received lor charitable purposes. Designated funds comprise of unrestricted funds that have been set aside by the Trustee5 for particul3r purpoges. The aim and use of dèsignated funds is Set out in the notÈ5 to the financial ststements. pl The Trust Makes payments to the defined contribution personal pension plans of employees who have joined the p13n. The charge for the year represent the total payments made and Is allocated to unrestricred funds, except where staff are allocated to a restricted project. ql Life members. subscriptions are written off over 20 years. rl Rentals payable under operating leases are charged to the Statement of Financial Activities in the period in which they fall due. sl Investments are stated at rnarket valve. Unrealised gains I losses on the annual revaluation afe transferred to reserves. Income from investments is recognlsed when it becomes Teceivable. tl Income is shown net ol VAT. Irrecoverable VAT is identlfied as a cost and allocated to the appropriate costs. ul Termination payments are reco8nised when a commitment to pay them ari5e5. vl Judgement5 in applying accounting policies and key sources of estimation uncertainty.. In applying the company's accounting policies, the directors are required to make jud8ements, estimates and a55umptions in determining reliable evidence available at the tlme when the decisions are made. and are based on historical experience and other factors that are considered to be applicable. Due to inherent subjectivity inv91ved in making such judgements, e5tirnates and assumptions. the actual results and outcomes may differ. The estimates and underlying assumption5 are reviewed on an ongoing b3sis. Revision5 to accounting estimates are iecognised in the period in whith the estimate is revised, if the revision affects only that period. or in the period of the revision and future periods. if the revi5i0n affects both current and future periods. The key estirnates and assumptions made in these accounts are.. legacies are recognised whefi the criterta of entitlement. probabiliiv and certainty of amount tan be met.. depreciation and amortization are calculated on a 5traight-line base5. based on management's best estimate ol the useful economic lives of assets on policies that can be seen above.. nature reserves are show at the cost or valu3tion ol the asset on acquisition where available. or where this is not available are included at the historic book cost. 25 Docusign EnvelopÈ ID". 4DA28CAA-A6B&4D79-A620-1EE2F6027FFA HERTFORDSHIRE & MIDDLESEX WILDLIFE TRUST lIm￿ED IA Company Limited by Guaranteel NOTES TO THE FINANICAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 MARCH 2024 COMPARATIVE STATEMENT OF FINANCIALACTIVITIES Unrestricted Funds 2023 Restricted Funds 2023 Totsl Fund5 2023 INCOME FROM.. Donation5 and legacies Fundraising artivities Investment and other income Income Irorr charitable activities 1,284.122 51,620 33.644 28.384 802.266 1,592 2,086.388 53,212 33,644 390.218 361.834 TofAL INCOME 1.397.770 1,165.692 2,563.462 EXPENDITURE ON.. Costs ol raising funds 644,277 I.IOS.807 112.418 919.751 756,695 2,025,558 TOTAL EXPENDITURE 1.750,084 1,032,169 2,782.253 NET INCOME / IEXPENDITUREI AND NET MOVEMENT IN FUNDS 8EFORE GAINS AND LOSSES ON INVESTMENTS 1352,3141 133.523 1218.7911 Net gains / Ilossesl on irnvestment5 169,1081 169,1081 NET INCOME / IEXPENDITUREI BEFORE TRANSFER5 1421,4221 133,523 1287,8991 Transfers between funds NET INCOME / IEXPENDITUAEI AND N MOVEMENT IN FUNDS 1421,4221 133.523 1287,8991 RECONCIUATION OF FUNDS.. Total funds broyght forward 1,945,679 3,437,703 5,383,382 TOTAL FUNDS CARRIED FORWARD 1,524,257 3,571,226 5.095,483 26 Docusign EnvelopÈ ID". 4DA28CAA-A6B&4D79-A620-1EE2F6027FFA HERTFORDSHIRE & MIDDLESEX WILDLIFE TRUST LtMITED IA Company Limited by Guarantee) NOTES TO THE FINANICAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 MARCH 2024 DONATIONS AND LEGACIES Unrestricted Funds 2024 Restritted Funds 2024 Total Funds 2024 Total Fund5 2023 Donations, gifts and grants.. Affinity Water Archers Green Appeal Environment Agency National Lottery Heritage Fund Highways England Rivers Trust Royal Society of Wildlife Trust5 Rural Payments Agency IDefral (Higher Level Stewardship and Basic Payment Scheme) Other 207,436 99.432 90.917 29.147 33.900 36,743 46,277 207.436 99,432 90,917 29,147 33.900 36,743 46.277 33,654 60,155 283,06r) 224,827 169,805 28,393 33,654 27,554 123,828 88,740 212.568 69,297 157,482 632,592 790.074 863.091 Membership subscriptions Le8acies 1.251,770 69,246 1.251,770 244.266 1,190,249 33,048 175,020 Total 1,478,498 807.612 2,286.110 2,086,388 Grants and donations from or8anis3tions exceedin8 £25,000 per funder in either ye3r have been dis£losed separately in the above schedule, wth smaller atnounts within 'otherf. Included within 'other' is £6,813 received from Natural England as a Species Recovery Programme grant. INCOME FROM CHARITABLE ACTIVITIES Unrestricted Funds 2024 Restricted Funds 2024 Total Funds 2024 Total Funds 2023 Rent for angling licences Consultancy H52/HLF- Colne Valley St Albans District Coun¢il Tarmac Affinity Water Environment Agencv Herts Environmental Record5 Centre Other 14,083 7,709 14,083 18,465 11,926 16,453 69.730 47,165 53,088 10,756 55,013 39,815 182,040 126,437 35,486 55.013 39,815 182,040 126,437 58,384 123.888 67.968 22,898 44,690 449,547 494.237 390,218 27 Docusign EnvelopÈ ID". 4DA28CAA-A6B&4D79-A620-1EE2F6027FFA HERTFORDSHIRE & MIDDLESEX WILDLIFE TRUST LIMrrED IA Company limited by Guarantee) NOTES TO THE FINANICAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 MARCH 2024 ANALYSIS QF TOTAL EXPENDITURE Costs of Raising Funds 2024 Expenditure on Charitable Activities Governance Tot31 Total 2024 2024 2024 2023 Direct Costs.. Salaries Nationèl Insurance Pension Recruitment. training & staff costs Volunteer costs Nature reserves & project expenditure Publications, newsletters & publicity Membership recruitment 405.694 38,940 42,979 4.908 704,466 67.384 67.577 26.545 7,126 404,589 1,110,160 106,324 110,556 31,453 7,126 404,589 1,009,278 100,553 147,447 34,654 10,ILI 630,964 92,458 282,196 92,458 282,196 133,666 206,871 867,175 1,277.687 2,144,862 2,273,544 Support Costs.. Salaries National Insurance Pension Recruirment, training & sraff costs Roy81 Society of Wildlife Trusts office, adminisrrative & insurance Inlolmation technology Audir and accounrancy lees Legal, professional & consultsncy fees Depreciation of tan8ible fixed assets Depreciation ol intsngible assets Council expenses 104.344 9,342 13,494 3.190 17,007 41.210 18,866 184.502 16,519 23,860 5,708 30.073 78.873 38.989 12,307 1,698 861 301,153 27,559 38,215 8,898 47,080 120,083 57,855 9,500 38,623 28,853 8.638 184,121 23,909 45,970 142,897 45,726 11,405 16,555 28,393 8,638 1,095 9,500 6,725 .472 3.120 31.898 20,381 5.518 225,770 436,321 24,366 686,457 508.709 Total 1.092.945 1.714.008 24,366 2,831,319 2.782.253 Allocation ol Governance costs 8.802 15.564 124.3661 Total Ip05t allocationl 1,101,747 1.729,572 2.831.319 2,782,253 Governance costs are allocated to activities within the categories based on the average number of staff involved in those activities. 28 Docusign EnvelopÈ ID". 4DA28CAA-A6B&4D79-A620-1EE2F6027FFA HERTFORDSHIRE & MIDDLESEX WILDLIFE TRUST LIMffED IA Company Limited by Guarantee) NOTES TO THE FINANICAL STATEMENT5 Icontinuedl FOR THE YEAR ENDED 31 MARCH 2024 NETMOVEMENT IN FUNDS 2024 2023 Net movement in funds is stated after charging.. Auditorf5 remuneration- audit Auditorfs remuneration- other services Operating lease rentals- properry Operating lease rentals- plant and machinery Depreci3tion of owned tangible fixed assets Depreciation of owned intangible assets 9,5LYJ 10,755 650 13,325 12,658 28,393 8,638 13,325 14,591 28,853 8,638 STAFF COSTS AND NUMBERS 2024 2023 Salaries Social security costs Ernployerfs pension 1,411.313 133,883 148,771 1,193,399 124,462 147,447 1.693.967 1,465,308 The average nurnber of employee5 durin8 the year was.. 2024 Number 2023 Number conservatio￿ and Nature Reserves Support and Adrninistration Fundraising and Publicity Projects 14 io 15 12 14 13 51 42 The Trust con5tders it5 key management personnel comprise the Chief Executive Officer and Senior Managernent Team IDirector of Nature Recovery, Director of Developrnent, Heèd of Finance and Head of Business Support). The total employment benefits includin8 employer pension contributions of the key management personnel were £327.117 lor live posts12023.. £313,177 lor fsve p05tsl. The number of higher paid employee5 was-. 2024 Number 2023 Number In the band £70,001- £80.000 In the band £60.001- £70.000 No Trustee received any remuneration or benefits in kind from the charity12023.. £nill. Durin8 the year travel expenses of £23012023.. £4281 were paid to Trustees. 29 Docusign EnvelopÈ ID". 4DA28CAA-A6B&4D79-A620-1EE2F6027FFA HERTFORDSHIRE & MIODLESEX WILDLIFE TRUST LIM￿ED IA Company L*mited by Gu3rènteel NOTES TO THE FINANICAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 MARCH 2024 TANGIBLE FIXED ASSETS Land, Buildings nd Reserves Inlr3striJcture Office Office Motor Equipment Refufbishment Vehicles Plant and Equipment Total Cost As at l April 2023 Additions Disposals 261.191 140,567 2.512 129.6431 7,071 46,654 28,870 484,353 2,512 111.6711 141,3141 A5 at 31 March 2024 261,191 113,436 7.071 46.654 17,199 445,551 Depreciation As 3t l April 2023 Charge lor the year Eliminated on disposals 102,136 7.720 89,990 20,463 129,6431 815 670 46.654 28,870 268,465 28,853 111.6711 141,3L41 As at 31 March 2024 109,856 80,810 1,485 46.654 17,199 256,004 Net Book Value As at 31 March 2024 151,335 32,626 5,586 189,547 As at 31 March 2023 IS9,055 50,577 6,256 215,888 INTANGI8LE ASSETS Customer Relationship Software Total Cost A5 at l April 2023 and 31 March 2024 43,188 43,188 Depreciation As èt l April 2023 Charge lor the year Eliminated on disposalg 18,664 8,638 18.664 8.638 As at 31 March 2024 27.302 27.302 Net Book Value A5 at 31 March 2024 15.886 15,886 A5 3t 31 March 2023 24,524 24.524 30 Docusign EnvelopÈ ID". 4DA28CAA-A6B&4D79-A620-1EE2F6027FFA HERTFOROSHIRE & MIDDLESEX WILDLIFE TRUST LIM￿ED IA Company Limited by Guarantee) NOTES TO THE FINANICAL STATEMEN7S Icontinuedl FOR THE YEAR ENOEO 31 MARCH 2024 io NATURE RESEAVES Total Cost A5 at l April 2023 Additions Disp05a15 2,266,803 A5 at 31 March 2024 2.266,803 The Trust's nature reserves are held to advance the eonservation objectives of the charity. Such assets are central to the achievements of the Trust. Trustees believe that the cost of £2,266,803 is not materially ove￿tated, in accordance with accounting policy j above. li FIXED ASSSET INVESTMENT5 2024 2023 Listed Investments Market value at l Apr51 Additions Disposals Unrealised gains I11055esl 1,185.554 1,254.662 1419.5451 56,726 169,1081 Market value at 31 Marth 822,735 1,185,554 2024 2023 Analysis by fund Sar351n & Partners LLP- Sara5in Growth Fund Sarasin & Partners LLP- Sa¥asin Climate Active Endowment Fund eiackRock Fund Manager5 Limited- Charities UK Bond Fund BlackRock Fund Managers ￿rnited- Charities UK Equity ESG Fund 502.536 320,199 768,512 296,637 44,940 75.465 Market value at 31 March 822,735 1.185.554 Historical tost at 31 March 686.706 978.000 The funds are held in the UK by Sarasin & Partners LLP, regulated investment Manager5. Previou5 funds held with BlackRock Fund Managers Limited were closed during the year. 31 Docusign EnvelopÈ ID". 4DA28CAA-A6B&4D79-A620-1EE2F6027FFA HERTFORDSHIRE & MIDDLESEX WILDLIFE TRUST LIMWED IA Company Limited by Guarantee) NOTES TO THE FINANICAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 MARCH 2024 12 OEBTORS 2024 2023 Trade debtois Gift Aid debtor Prepayrnents aHd other debtors Accrued Income 108,013 6L,804 65.214 114,623 311.022 63,686 51.881 167,846 349,654 594,435 13 SHORTTERM INVESTMENTS 2024 2023 Close 8rothers 12-month fixed term account 251,929 251,171 14 CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditor5 Life members, subscriptions Other creditors and accrua15 Philanthropic loans Deferred income Taxation and social 5ecuritv 117,368 7.895 51,052 67,379 9,009 79,010 102,612 466,700 77,606 387,668 71,149 635,132 802.316 Deferred income comprises prepaid contracts. annual corporate mernberships and restricted projects where work cannot commence. Deferred income at l April 2023 Re50urce5 deferred durin8 the year Amounts released from previous year5 Deferred income èt 31 March 2024 Rattys Lane S.106 Contractual income prepaid Corporate membership Event incorne prepaid 57,500 404,689 4,358 153 57.500 330,168 69,252 1143,7731 14,3S81 11531 466.70D 69,252 114&,2841 387,668 32 Docusign EnvelopÈ ID". 4DA28CAA-A6B&4D79-A620-1EE2F6027FFA HERTFORDSHIRE & MIDDLESEX WILDLIFE TRUST LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANICAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 MARCH 2024 15 STATEMENT OF FUNDS- CURRENT YEAR Asatl April 2023 Income Expendituie Investment gains/ IIOs5esl Tran5fer5 in / lout) Asat31 March 2024 DESIGNATED FUNDS Endowment fund Legacies fund 768,512 375.506 1768.5121 1375,5061 GENERAL FUNDS General unrestricted fvnds 380.239 1.600.726 11,838,904) 56.726 1,397.975 1,596,762 Total Unrestricted Fund5 1,524,257 1,600.726 11,838,904) 56,726 253,957 1,596.762 RESTRI￿ED FUNDS Projert monies NatLtre Reserve fund 1,237,241 1,258.521 2,196,892 60,869 1987,0141 1253,9571 1,254.791 2.196,892 56.811 Nature Reserves infrastructure Public Appeal fund 14,0581 76.224 11,3431 74,881 Total Restricted Funds 3.571,226 1.258,521 1992.4151 1253,9571 3,583,375 Tot81 Funds 5,095,483 2,859,247 12,831,319) 56.726 5,180.137 The designated Endowment Fund represent5 long term funds Set aside by the Trustees to support the delivery of objectives by the Trust. Ouring the year. Trustees decided to release these funds into general funds. The designated Legacies Fund represents unrestricted legacy incom& received in previous years set aside by the Trustees for future use. Durlng the year, Trustees detided to release these funds into general funds. The restricted Project Monies Fund represents amounts feceived for specific wildlife conservation projects on the Trust's reserves. county-wide init13tives in Hertfordshire and Middlesex 2nd the Hertfordshire Environmental Records Centre. Unspent amounts, which can arise for a number of different reason5, are carried forward to be spent in subsequent financial years. During the year. £253.957 was transferred from the restricted Project Monies Fund to Generèl Unrestricted Funds relating lo unspent amounts on 3 legacy received in a previous year where. gn inspection. the funds were not actually restricted for 3 Specific purpose. The restricted Nature Reserves Fund represents amounts gifted or bequeathed to the Trust for the purchase of nature reserves. The restricted Nature Reserves Infrastructure Fund represents amount5 gifted or bequeathed to the Trust for the construction of infrastructure on nature reserve5. The restricted Public Appeal Fund represents amounts gifted or bequeathed to the Trust foi the acquisition ol Grebe House. 33 Docusign EnvelopÈ ID". 4DA28CAA-A6B&4D79-A620-1EE2F6027FFA HERTFORDSHIRE & MIDDLESEX WILDLIFE TRUST LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANICAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 MARCH 2024 15 STATEMENT OF FUNDS Icontinuedl- PRIOR YEAR Asati Income April 2022 Expenditu Investment Transfers gains1 in I lout) Ilossesl Asat31 March 2023 OESIGNATEC) FUNDS Endowment fund Legacies I￿nd 805,670 375,506 137,1581 768,512 375,506 26,048 126,0481 GENERAL FUNDS G2neral unrestricted funds 764.503 1.371,722 1.724,0361 131.9501 380,239 Total Unrestflcted Funds 1.945.679 1.397,770 11,750,084> 169,1081 1.524.257 RE5TRICfED FUND5 Project monies Nature Reserve fund Naiure Reserves infrastructure Public Appeal fund 1,508,551 1,165,692 1.786,658 64.927 11,026,768> 1410.2341 1,237,241 410,234 2,196,892 60.869 14,0581 77.567 11,3431 76.224 Total Restrirted Fund5 3.437.703 1,165,692 11.032,1691 3,571,226 Total Funds 5,383,382 2,563,452 12.782,2531 169.1081 5,095.483 34 Docusign EnvelopÈ ID". 4DA28CAA-A6B&4D79-A620-1EE2F6027FFA HERTFOROSHIRE & MIDDLESEX WILDLIFE TRUST LIM￿E0 IA Company Limited tsy Guaranteel NOTE5 TO THE FINANICAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 MARCH 2024 16 ANALYSIS OF NET A55ETS BETWEEN FUNDS- CURRENT YEAR Unrestricted Funds Restricted Funds Total Fund5 Tangible fixed assets Intsngible fixed assets Nature reserves Investment5 Debtors Short term investments Cash 3nd Trsh equivalents Creditors due within one year 57,855 15,886 69,911 822,735 177,504 251.929 413,156 1212.2141 131.692 189.547 15,886 2.266,803 822,735 349,654 251,929 1,918,715 1635.1321 2,196,892 172.150 1,505,559 1422,9181 1.596.762 3.583,375 5,180,137 ANALYSIS OF NET AssEfs 8ETWEEN FUNDS- PRIOR YEAR Unrestricted Funds Restricted Funds Total Fund5 Tangible Fixed assets Intangible fixed assets Nature reserves Investments Debtors Short term investments Cash and cash equivalents Creditor5 due within one year 78,795 24,524 69,911 985,554 236,298 251,171 209,651 1331,6471 137,093 215,888 24.524 2,266,803 1.185,554 594,435 251,171 1,359,424 1802,3161 2,196,892 200,000 358,137 1,149,773 1470,6691 1.524.257 3.571,226 5,095.483 17 PENSION CoMM￿ME￿[s The charity provides a defined contribution pension scheme, the a55ets of which are held separately from those of the company in an independently admin15tered fund. Contributions totaling £148,77112023.. £147.4471 were paid during the year. There were no contributions payable at the year end12023.. £nill 35 Docusign EnvelopÈ ID". 4DA28CAA-A6B&4D79-A620-1EE2F6027FFA HERTFORDSHIRE & MIDDLESEX WILDLIFE TRUST LIMffED IA Company Limited by Guaranteel NOTES TO THE FINANICAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 MARCH 2024 18 OPERATING LEASE COMMITMENTS At 31 March 2024 the Trust had annual comrnitments under non-cancellable operating leases as set out below.. 2024 2023 Operating leases which expire.. Within one year Between one and five years 12,720 6,323 14.997 29.17S 19,043 44,172 19 RELATED PARTY TRANSAcfioNS Some ol the Directors of the Trust are also Directors of other companies, Trustees ol L)ther organisations, employees of other cornpanies or members of other or8ani5ation5 Wlth which the Trust trans3Ct5. However, none of ihese Directors ha5 a controlling inrerest or a material beneficial interest in these entities. In the Director's opinion therefore, they do nct f311 within the definition of related parties given in the Charities SORP IFR51021 and no separate disclosure ol the transactions between the Trust and these entities. which were carried out under normal commercial term5. 15 required. The Trust is related to The Royal Society of Wildlife Trusts. 3 national umbrella organi5ation. During the year, Hertlordshire & Middlesex Wildlife Trust Limited paid The Royal Society of Wildlife Trusts E47,08012023.. £45,970> in membership lees, E16,34912023.. E15,8821 lor proinotional materials, £5.64212023.. £3,227) lor computer expen5e5 and £4,09012023'. £7,011) lor staff Iraining. As at 31 March 2D24, E2,47812023.. £4,192> was due to The Royal Society ol Wildlife Trusts 3nd included within creditors. The Trust is a150 related to Wildlife Fundrai5in8 (Centrall Limited I"WFttI, a company set up to provide membership recruitment seryices to its six member wildllfe trusts of which Hertrordshire & Middlesex Wildlife Trust Limited is one. The relatTon5hip between WFC and its 54x member trust5 15 such that any surpluses arising in WFC may be allocated £0 the participating member trusts in appropriate proportions having regard to their respective eontributions. In practice, this is achieved over the long term by adjusting amounts paid by the member trusts for ongoing membership recruitment services. Lesley Davies, the Chief Executive of Hertford5hire & Middlesex Wildlife Trust Limited, is a150 a director of WFC. During the year, Hertfordshire & Middlesex Wildlife Trtsst Limited paid WFC £281,28512023.. £215.1241 in membership recruitment services. As at 31 March 2024, £14,26912023'. £28,4921 was due to WFC and included within creditors. 36