REGISTERED COMPANY NUMBER: 00812535 (England and Wales) REGISTERED CHARITY NUMBER.. Report of the Trustees and Flnanclal Stalements for the Year Ended 31 March 2024 for Gwent Wlldllfe Trust Ltd Haines Watts Wales LLP, Stalulory Auditors 7 Neptune Court Vanguard Way Cardiff CF24 5PJ Gwent Wlldllfe Trust Ltd Contents of the Flnanclal Statements for tho Yoar Endod 31 March 2024 Pago Report of the Truste&s Report of the Independent Auditor8 Statement of Flnancial Activiti•s 10 Balanc• Sheet Cash Flow Statsmont 12 Not•s to tho Cash Flow Statement 13 Notes to tho Flnanclal Statement8 14 10 22 G￿￿nt Wildlife Trust Report of the Trustees for the Year Ended 31 March 2024 Trustees Re The Trustees present their report and finanaal slalemenls for the year ended 3151 March 2024 The accounts have been prepared in accordance with the accAJunling policie5 set out in note to the accounts and comply with the Trust's governing document, the Companies Act 2006 and 'Accounling and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 las amended for accounting periods commencing from l January 20161. sandA The Gwenl Wildlife Trust IGWT) Public Benefit Statement {as required by the Charity Commlssionl is enshrined in paragraph 3 of our Memorandum of Association. For the benefit of the public, lo advance, promote and further the consernation mainlenance and protection of.. lerreslrial and marine habitats and their wildlife.. places of natural beauty places of zoological, botanical. geographical, archaeological or scientific interest., features of landscape with geologiGal, physiographical, or amenity value in particular, bul not exclusively, in ways that further biological conservation To advance the education of the publi¢ in.. the principles and Practi￿ of sustainable development.. the principles and practi￿ of biodiversily conservation 3. To promote research in all branches of nature study and lo publish the useful results thereof also delivers ils publi¢ benefit through Ils membership of the Royal Society of Wildlife Trusts {Rswfi and Wildlife Trusts Wales l￿wI. G￿,$ Vision is for "P80p18 close to nature in 8 landscape rich in wildlil8" To achieve this by 2030 we are 'putting nature in recovery whilst addressing the climatg crisis that threalens Gwenl's people and wildlife through the following 51ralegic obieclives.. •¢llv 2030 Tar l• a ol lond O*r￿d b GWT thblas InC￿0$e Iho habrtat c(NwcliTrth b•tr￿an 20 d&s n•led ￿te8 Inoeasod ar￿ arKI ulatsons ol ri￿11 habrtals ano s s ijn GWT natur• r*wve* 10 w1n•1￿18 8 •s frMI exim￿￿)n In G%￿nI N•luv• l• In R•¢ovwy P•opl• T￿￿9 w*h N•tur• 8allh and W•llb earer isa wman8nt deli methatwsm ol ￿ Aneurin Bèvan F*allh Board D￿@￿ as tha aulhoril in G**nt ￿￿tal rd81￿1 Nalur8 Bawd Sdut naied ￿leS ac*oss aro mffillLved. man 8d atMI r￿ett￿lY Plannt oglivers nel l￿ne1￿$ IL¥ wihdlile arKI ecos 1am sar￿9 W• h8v•J activel a ed In the d6val rnent ol lami arbd irfuenced Ih& cwicome8 in w4dlllo'$ favrwji uThJw 11 in Gwent loam$ In leam8 ab(MJt. and knrns l¢¥ the natur￿ onwI￿r￿1 eva W•4k W•l•h polky work• far Vl• conmct wlth p•opl• to Iii•plrn •ClJon lor wudll 74.75011 in 81 tA& 3Th1 a(a i(Y wikihfa Mambersh 8XC8èd$ 7.5(K) roximaiet 15.LKK) mwthr8 es•nt and en G￿n1's di¥ws8 Year4nd o raik>nd dekrt <5% of bjrnov Balanc￿1 b et Iho comi Tur¥KJver >£1.SmJllKJn 6 m(mths flnancial drlvlft9 •¥•r gr•Aw knp• •ffl¢l•rtty •nd •ff•¢lfv•ty 8•¥vJ re￿•￿￿%¢(1 aB b•sl Fffact￿ in Iho TrJi-profh $￿tc￿ a(xoss' Saloty. Fknarto. IT. HR W<h and Sustambllity Page 1 Gwent Wlldlife Trust Report of the Trustees for the Year Ended 31 March 2024 Summa of main activitles of the charit in relation to Its Strate ic Ob-ectiv Natur8 is in Recovery was delivered through conservation of terrestrial, freshwater and marine habilals primarily on nature reserves, but also working in partnership with oth8r eNGO's, local authoritiés, government agènciès, famiers and landownets to conseNe or restore nature friendly habitats on Iheir land. People working wilh Nature was made possible through partnerships with the Aneurin Bevan Health Board. Local Authorities, social ca providers, the Brecon Beacons National Park, and Rivers Trusts, including referrals to Gwf for delivery of Health and Wellbeing activities which increased the subieGlive wellbeing, nature connectedness and knowledge of participants. and place-based interventions on rivers lo improve the water quality and alleviate flooding and droughts on the rivers Ebbw, Rhymney, Sirhowy. Usk and Wye. W8lsh policy works for wildlilg Ihrou9h engagement with Local Authorities. Welsh Govemmenl. Natural Resources Wales and schools, during which we communicated the value of nalure-basèd solutions and opportunities lo beller incorporate these into plans that benefit future generations. We ¢onneGI with people lo inspire 8clion for wildlife Ihrough our community group sessions, events and extensive communications with supporters, members, donors, volunteers, partners and the general public. Our finances Gonlinuallyimprove driving evergrealerimpacl via regular review and an81ysis by the Senior Management Team, Board of Trustees, Finance Committee and staff fundraising group. We 8chiev8 b8sI pr8cIic8 to perfom? efficiently 8nd 8ff8cIiv8ly due lo the leadership shown by the Finance and Administration Team. our Welsh Champion, and through the advice of extemal experts in mallers including HR. IT. Health and Safety, Safeguarding, Financial Auditing, VAT, Pensions and Inveslmenls. Gwf's policy is lo consult and discuss with employeès matters likèly to affect employee's inl&r&sts. Infomiation on matters of concern lo employees Is provided through in person meetings, email updates and shared reports which seek lo achieve a common awareness on part of all employees ol the financial and economic factors affecting G￿,$ performance. As a Disability Confident Commilled employer, GWT believes that people are disabled by the baTTier'$ society places in their way and not by their own impairments. We believe everyone has a role lo play in society and we want our organisalion to benefit from the widest range of talent available. We aim lo ensure we are inclusive and diverse in line wlh our EDI stralegy. During recruilmenl, we will offer an interview lo anyone who Identifies as disabled and meets the criteria for the role they are applying for. In the event of an employee receiving a disability diagnosis during their employment. we will ensure appropriate support is in place lo maintain employment with GWT. We will offer support to all employees Ihrough our employee assistance programme, Tegular training. offering reasonable adjustments, line management support and continual professional development. All employees at are Irealed with equity. The Board of Trustees have paid due regard lo the guidance issued by the Charity Commission in deciding what activities should undertake. Page 2 Gwent Wildlife Trust Report of the Trustees for the Ygar Ended 31 March 2024 ff Structure at arch 2024.. Senior Cornrnunlty Organiseri 10.81 Senior River Restoration Offlcer IFTI Youth Engagement Officer IFTI Head ol Nature Based Solution5 IFTI Natalie Waller Senior Youth Én8a8ement Offlcer IFTI Youth Engagement Officer10.61 Senior Wild Health Officer I IFTI Wild Health Officer IFTI Senlor Comrnuniiv Y Organiser (Mat Cover FT) Nature Recovery Officer10.91 Nature f¢e£o¥ery Offlcer Health & Safety Cornmlttee Nature Recovery Managèr Senior CoThservatlon Grazln8 Offlcer. IFTI Head of Nature Recovery IFTI Gemma Bode Operètlons & Propertles Commlttee Nature Recovery Offlce IFTI Evldence Mana8er IFTI Communlty Écolo81st IFTI Chief Executlve IFTI Adam Taylor Senlor Evldence Offlcèr IFTI Flnance & Admlnlstration Officer10.61 Head ol Finance (Fri Vacant Senlor IT & Safely Officer IFTI Flnance, Rlsk & Audit Cornrnittee HR Manager & Volunteering Qfficer10.71 Remuneration & Nominations Committee Senior Press & Communication Offlcer10.91 FundraSsin8 Mana8er10,81 fead of Fundrai5in8 & Communications 10.91 Debbie Stenner Marketing & Membershlp Officer10.91 Program Manager Marketing Officer IFTI Page 3 Gw¢nt Wildlife Trust Report of the Trustees for the Year Ended 31 March 2024 Strate Icre The description under the headings "Achievements and performance" and"Financial revieW' meet the company law requirements lorthe Trustees to present a strategic report. Investment performance achieved against investment objectives are set in the financial r6Vi8w section of this report. There is a d8scription of the investment polici&s and objectives established by the Trustees and the exlenl lo which social, environmenta l or ethic81 considerations a taken into account. The Trust's funds are held in two bank current accounts and three savings accounts ICOIFICCLA, CAFIShawbrook charity bank account and Lloyds Bank}. Interest was received as expected from these sources. Achievemen nd Performan All areas of the Trust's work were delivered with salisfaclory or good results during the year. Within the year conllnu8d to work towards the Vision, Mission. Strategic Objectives and Targets lo 2030 outlined above, through the 20234 Business Plan. We would like lo lak8 this opportunity to say a huge thank you to all the Trustees curr6nlly serving or have recently resigned, all of the staff and the many volunteers, for their dedication and support of the Gwenl Wildlife Trust over this past year, Considering our achievements against each of thè Strategi¢ Objectives and 2030 Targets in turn.. Nature is in Recovery.. Our baseline monitoring of our Nature Res8Nes continued in earnest al Henllys Bog, Brockwe11s and Sil ent Vallay. Our pre.winler water vole surveys al Magor Marsh showed they continue lo thrive on the sile, and dormouse monitoring i n Croes Robert confirmed dormice are still present all be il al low numbers. Work on our 10 species continuèd with Pine Marten monitoring revealin9 two records on Gwr Reserves and 17 species of waxcaps were recorded at New Grove Meadows. Our Nature Reserves continued lo undergo one of the biggest investments in recent years that has included fencing, coppi¢ing. habilal creation. control of non-native species and updated interprelalion. In particular al The W8rn, dry stone walling, grazing infraslruclure and monitoring are now in place lo welcome cattle on sit& in the coming months lo restore patches ol heath that still remain. We have also been working hard on the acquisition ol several new nature reserves so we can provide more space for wildlife and restore essential ecosystem functions across more land. Our Local Wildlife Sile work Continued al pace where we advised nearly 50 landowners on how lo manage Iheir land for wildlife increasing the connectivity across the landscape and supporting these ambassadors with their super special siles. We also continued lo support the White Tailed Sea Eagle Project, scoping siles and supporting community consullalion al events throughout Gwénl. People working with Nature.. Our Wild Health work which delivers Health and Wellbeing benefits in nature continues lo bring success with feedback from clients Showing how il chang85 lives. A National Report., A Natural Health SeNice.' Improving Lives and Saving Money looking at Wildlife Trust led green prescribing programmes lincluding GM'S Wild Health Project) showed how targeted nature-based health and well- being programmes ¢ould save over £635 million per year. Our work around Nature Based Solutions also grew with our first Project Officer in post who has been developing our work around the River Usk and leading Citizen Scientists in water quality monitoring. We are a key partner in the Valleys River Partnership and working with the River Restoration Centre to develop our work further in this area including sile-based actions on the ground to improve water quality, reduce peak flows and carbon sequeslralion. Welsh policy works for wildlile.. Policy is a mullifac8led area which G￿ approach by d8monstrating mor8 beneficial solLtlions and supporting local authorities, NRW and Welsh Govemmenl lo implement positive changes for future generations. Planning policy has been a major focus on the Gwenl Levels where we have been involved in developing Welsh Governments pilot for the National Natural Resource Management Areas INNRMAs}, alongside which we have been challenging damaging developments. We have inlluenced the updated Planning Policy in Wales and also instigated the review by Welsh Government of Post Construction Monitoring on the Gwent Levels soon to be released. We connect with people lo inspire action for wildlife.. Our Nexldoor Nature Project has successfully brought wildlife lo peoplè in more deprived areas of Newport enabling us 10 engage with new audiences and inspiring a love of nature. Our Community Ecologist continues lo build new and exciting volunteering opportunities lo attract a more diverse set of volunteers across Gwent beginning weekend work tasks and species monitoring opportunities across our Reserves. Our Sland for Nature Wales Project working with ￿24-Year-OldS was showcased at G￿S AGM with participants speaking, exuding their passion for wildlife that brings hope for the future. Our demonslralion outside the Senedd in March demanding protection for the SSSI network on the Gwent Levels was fronted by members of our Sland for Nature Wales groups. (Wildlife Warriors and Nature Nurturersl.Iheir confidence lo demand protection for wildlife nurtured by our work with them. One of our Volunteers who works with our Wildlife Warriors also won GAVO'S Newport Environmental Volunteer of the Year award. Our finances continually improve driving ever greater impact.. Financially we have continued to streamline processes to minimise their costs including the sale of unnecessary assets including machinery, buildings and land that were not delivering signif5canl impact for wildlife and people in Gwent. In addition, we have also increased ￿re and project income through membership development and targeted fundraising inline with our strategy. We retained membership numbers al 3,847 against the backdrop of increased cancellations due lo cost of living pressures. We did this by recruiting 580 new members during the year1398 through face-to-face recruilmentl whilst increasing the average annual membership donation. Our members gave generously to two malch-funded fundraising appeals, which also attracted large donations from new sources. Our financial reseryes are ahead of largel. We recognise the need to scale up our fundraising to achieve our 2030 strategy and achieve targets for a balanced core budget. Page 4 Gwent Wildlife Trust Report of the Tru$tees for the Year Ended 31 Mar¢h 2024 We achieve best practice to perform efficiently and effectively.. Progress towards best practice has been achieved in all areas, with Health and Safely policies and audits leading to a significant reduction in the potential exposure to risks and our control measures related lo any residual exposure, for example relating to risks such as pesticides and asbestos. Our IT systems have seen investment lo upgrade physical infraslruclure where needed and transfer all data onto cloud-based services where possible. with our digital transformation project with th8 four other Welsh Trusts developing continued digilisalion of processes lo reduce data handling time and the risk of human error. Our approaches lo finance continue lo achieve full best practice compliance in line with the Charity Commissions guidelines, plus we have invested in further training for staff and beginning to explore the digilisalion of purchase orders and othor financial processes lo reduce time, cost and the risk of error, Human Resources have seen significant strides forward with annual staff survey, Values and Behaviours rolled out across staff teams and a developing EDI strategy. Our Welsh language champion has continued lo update and translate documents C￿ated prior to legislation, supported the translation of new policies, documents and communications, reviewed all email signatures. In addition, 14 members of staff h ave begun their Mynediad 1 Welsh language course lo support Welsh language in the workplace. Finally. on sustainability GWT have submilled plans lo update the Derek Uplon Cenlfe so that it is mor8 sustainable, with beller insulation, windows and doors. on sile power generation, and ulilisalion of greywaler. Pat Gorvln Le ac In 2016 Pal Gorvin, who had b88n a G￿ member since the 1960$. sadly passed away. In her Will she gifted 600/0 of her eslale lo Gwr {£2,654,000}, which was received in the 2017118 financial year. Such subslanlial gifts are uncommon, so a proportion of this legacy was designated to ensure the long-18rm sustainability of Gwf lo continu8 delivering public benefit. The designations from Legacy Funds are as follows.. Desi nation Sirale Income Generation Revenue Protection Financial Reserves Total Remainin Amoun £78.515 £91,823 £284,783 £875,642 £1,330.763 Managem8nl of the Pal GoTvin Legacy is the delegated responsibility of the Financ& Committee who meet regularly, The Income Generation Designation is invested from lime lo lime lo achieve continued charitable functions. The Revenue Protection Designation ensures that G retains ils effectivèness and capacity until al least financial year 2024-25. The Financial Reserves Designation amount is updated each y8ar in line with Gwf's Financial Reserves Policy. Additional Pal Gorvin legacy income was received in the financial year 202312024 of £96,765. anclal revlew The Sialemenl of Financial Aclivili8s show incoming resources for the year ol a revenue nature of £1,425,52612023'. £1,891,344). The lolal r8serve$ 8t the year-end sland at £3,440,07412023.' £3,552,395) serves The Trustees have considered the minimum level of financial reseNes required with this figure placed al 6 months. running costs. with al least 3 months, running costs beiny cash available al any point. For the 2023124 financial year 6 mornlhs running costs lolals £768,924. Many of the operating costs included within the 6 months cost calculation are costs which are covered as part of the designated funds therefore the reserves policy was achieved. hare Ca ital The company is limited by guarantee and therefore has no share capital. Plans for Future Perlods During the 2024125 financial yoar GWT will continue delivery of our Strategic Plan 2030 through the implementation of the 42 actions outlined in the 2024125 8usiness Plan, with specific actions including.. Continue land acquisitions of 2 new nature reseNes Completion of detailed baseline surveys across 650/0 of all G￿ nature reseryes 5 volunteers trained and completing extensive species surveys on our nature reseNes Development of Conservation Grazing Strategy Continued update of management plans for 18 nature reserves Continue our Local Wildlife sile work supporting landowners, holding a landowner day and designating further sites Engage over 100 people lo act for Gwenl's Rivers Development of an Evidence Strategy Implementation of NBS demonstration Project Projects developed, funded and begun for nightjar. barn owl, pine marten and water vole Working with more than 40 participants through our Wild Health project to lake action for nature Page 5 Gwont Wildlife Trust Report of the Trustses for the Year Ended 31 March 2024 Influenclng policy by commenting Sustainable Farming Scheme and NNRMA Training and supporting 4 Volunteer Wardens to lead nature conservation activities in their communities Development and implementation of EDI Strategy Digital Iransformalion of nature reserve data Development and ernbedding of slandardisad project development and project man8gemenl processes Structure overnance and mana ement The Trust is govefned by Articles of Association, which were rèvised at Gwf's 2021 AGM. The major change was the amalgamats'on of the Memorandum and the Articles, thus removing numerous anomalies between the two. Further infornation and guidancè on the running of the charity is provided by GW'$ organisational and staff handbook. The Trustees. who are also the directors for the purpose of company law, and who seNed during the year and up to the dale of signature of the financial statements were.. Mr M Leppard (Chairl Mr R Waller (Vice Chair) {Retir&d 231h September 2023) Mr J Newton {Treasurer} (Resigned 271h November 2023) (Co-opted 25th March 2024) Ms M McKenzi8 C8ciI {Secretary) Mrs S Finn {Resigned as secretary 27th September 20231 Mr l Mawdsley (Treasurer) (Co-opted 25th March 2024) Ms L Holland Ford Mr D Rees Mr R Howell Mr J M Stephens Dr M Barkham {Co-OPted 25lh March 20241 Ico-opled 251h March 2024 } (Co-opted 25th March 2024) Ms J Holi-wilson Mr T Abbey-smith Mr T Rathbone {Co-opled 25th March 20241 Mr T Clancy {Resigned 221h May 20231 (Resigned 21th January 20241 Ms Kale Coleman Co-opted TTuslees are put forward for election at the AGM. If elected they become Appointed Trustees of Gwenl Wildlife Trust. Trustees are elected by the membership al the Annual General Meeting. All prospective Trustees complete application forms.. suitable candidates are then shortlisled for interview by a panel of TTUStees,' and recommendations for co.option are Tnade at the following meoling of the Board. Co.opled Trustees will then be recommended lo the membership for election al the following AGM. Potential Trustees can contact the Trust direct for a form,. bul in OTd8r lo increase the Trustee diversity. advertisements are now being placed when there are vacancies on the Board and this has resulted in an increase in younger ITuslees and in a greater perconlage of feTnale Tnembers. None of the Trustees has any beneficial interest in the company. All the Trustees are members of the company and guarantee lo contribute £1 in the event of a winding up. GW'S Board of Trustees meet six times a year lo make decisions on policy and strategy. The Budget and Business Plan for the year ahead is sel al the March Board meeting. An Annual Report and Accounts are presented lo the July Board meeting and thereafter lo the Annua1 General Meeting irn September. Staff. Trustees and other appropriate individuals meet regularly in advisory Committees. Day to day management of the charity is delegated by the charity Trustees to the Chief Executive., Adam Taylor. Members of staff undertake work in line with the organisalion's strategy, business plan, policies, work plans and budget. Page 6 Gwent Wildlife Trust Report of the Trustees for the Yoar Ended 31 March 2024 Membership of a wlder neI￿V0rk GVVT is part of the Wildlife Trusts partnership, which encompasses 46 Wildlife Trusts covering all of the UK, the Isle of Man and Alderney. Within this wider nehvork. GWT works particularly closely with the other four Welsh Wildlife Trusts. Relationshlps between the charSty and related partlos. includlng $ubsidlaries Gwenl Wildlife Trust 15 a corporate member of, and pays conlribLJlions lo. the Royal Society of Wildlife Trusts (RSWTI of which Wildlife Trusts Wales {WTW) is a part. Gwenl Wildlife Trust is divided into the following departments.. Finance & Administration, Fundraising & Communications. Nature Recovery, and Nature 8ased Solutions. Statament of Trustees responsibilltles The Trustees. who are also the directors of Gwenl Wildlife Trust Ltd for the purpose of company law, are responsible for preparing the Tluslees Report and the financial slalemenls in accordance with appli¢able law and United Kingdom A¢¢ounling Standards {Uni18d Kingdom Generally Accepted Accounting Praclicel. Company L8w requires the Tfuslees to prepare financial slalements for each financial year which giv8 a true and fair view of the state of affai of the Trust and of the incoming resources and application of resources, including the income and expenditure, of th8 charitable company for that year. In preparing these financial slalemenls, the Trustèes are required to: select suitable accounting policies and then apply them consislenlly.. observe the methods and principles in the Charitles SORP., make judgements and estimatgs that are reasonable and prudent., stale whether applicable UK Accounting Standards have been followed, subjéct lo any mal&rial departures disclosed and explained in th8 financial slatemenls., and prepar8 the financial slalemenls on the going concem basis unless il is inappropriate lo presuma that the Trust wlll continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose wilh reasonable accuracy al any lime the financial pos11ion of the Trust and enable them lo ensure that the financial slalemenls comply with the Companies Act 2006. Th8y are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prèvention and detection of fraud and other irregularities. Audltor GWT'S auditors for the period 20234 financial year are Haines Watts. Disclosurè of Informatlon to audltor Each of the Trustees has confirmed that there is no information of which they are aware which is relevant lo the audit, bul of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information. The Trustees report. includin9 the strategic report, was approved by the Board of Trustees. M Leppard (Chalr} Dated.. Page 7 Report of tho Independent Auditors to the Members of Gwent Wildllfe Trust Ltd Opinion We have audited the financial slalemenls of Gwenl Wildlife Trust Ltd (the 'charilable company,) for the year ended 31 March 2024 which comprise the Slalemenl of Financial Activities, the Balance Sheet. the Cash Flow Sialemenl and notes to the financial slalemenls, 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 {United Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial statements.. give a true and fair view of the state of th8 charitable company's affair$ as al 31 March 2024 and of ils incoming resources and application of resources, including its income and expenditure, for th8 year then ended-, have been properly prepared in accordance with United Kingdom GeneralSy Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUK}l and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial slalemenls section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo our audit of the financial slalements in the UK, including the FRC'S Ethical Standard, and we have fulfi118d our other ethical responsibilits'es in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Con¢lu$lons r•latlng to golng concern In auditing the financial slalemenls, we have concluded that the Iruslees. us8 of the going concern basis of accounting in the preparalion of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertaintiès relatin9 to events or conditions that. individually or collectively. may cast significant doubl on the charitable company's ability lo continue as 8 going concern for a period of al least twelve months from when thé financial slalemenls are aulhorised for issue. Our re5ponsibililies and the responsibilities of the Iruslees with respect lo going concern are described in the relevant sections of this report. Other Inforrnatlon The Irus18es are responsible for the other infornation. The other information comprises the information included in Ihe Annual Report, other than tho financial slalements and our Report of the Independent Auditors Ih8reon. Our opinion on the financial slalemenls does not cover the other information and, except lo the extent otherwise explicitly staled in our report, we do not express any fomi of assurance ¢onclusion Ihereon. In connection with our audit ol the financial slalemenls, our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the audit or otherwise appears lo be malarially misstated. If we identify such material inconsistencies or apparent material missialemenls, we are required to determine whether this gives rise lo a material misstatement in the financial slalemenls Ih8mselves. If, based on the work we have performed. we conclude that there is a material misstatement of this other information, we are required lo report that fact. We have nothing lo report in this regard. Oplnlons on other matters pre$¢rlbed by th8 Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the inforTnalion given in the Report of the Trustees for the financial year for which the financial slalemenls are prepared is consislenl with the financial slalemenls., and the Report of the Trustees has been prepared in accordance with applicable legal requirements. Mattor$ on whlch we are required to report by &x¢eptlon In the light of the knowledge and understanding of the charitable company and ils environment obtained in the course of the audit, we have not identified material misslalemenls in the Report of the Trustees. We have nothing lo report in respect of the following matters where the Companies Act 2006 requires us to report lo you if, in our opinion.. adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us., or the financial slalemenls are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made., or we have nol received all the information and explanations we require for our audit., or the Iruslees were not entitled lo take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. Page 8 Report of the Independent Auditors to thg Members of Gwent Wildlife Trust Ltd ResponsibSlltles of trustees As explained more fully in the Slalement of Trustees. Responsibilities. the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Iruslees deleTmine is necessary lo enable the preparation of financial statements that are free from material misslalement, whether due lo fraud or error. In preparing the financial slalements, the Iruslees are r8sponsible for assessing the charitable company's ability lo continue as a going concem. disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the trustees either intend lo liquidate the charitable company or lo cease operations, or have no realistic alternative but lo do so. Our responsibilitl8s for the audit of the flnancial statements Our objectives are lo obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misslatemenl, whether due to fraud or error, and lo issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS {UKI will always detect a material misslalemenl when il exists. Misslalements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slalemenls. The extent to which our procedures are capable of detecting irregularitiès, including fraud is detailed below.. Our planning procedures idèntify the legal and regulatory frameworks applicable to th8 operations and financial slalements of the Company. These are reviewed internally with the audit team including relevant industry experience and expectations as well as externally with the client management. The key law5 and regulations we considered in this context were Charities SORP {FRS 1021 'Accounling and Reporting by Charities.. Sialemenl of Recornrnended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard Applicable in the UK and Republic of Ireland,, UK GAAP IFRS 1021 and relevant lax legislation. Once identified, we assess th8 risks of material rnisslalemenls in relation lo the laws and regulations, irregularities, including fraud and adjust our testing accordingly. Our audit procedures include.. Discussing with Trustees and management which areas of the business they believe to be more susceptible lo fraud, and whether they have any knowledge or suspicion of fraudulent aclivilies., Obtaining an understanding of the key controls pul in place by the company lo address risks identifiéd, assessing the effectiveness of thos8 and discussing how these are maintained and mon￿10red internally.. Assessing the risk ol management override and revi8w and testing of journal entries made into the accounting system.. Challenging assumptions and judgements made by the company in relation lo the significant accounting eslimales employed in the preparation of the f1nancial slalemenls., Discussing with Trustees and Management the legal and regulatory obligations of the business and whether they have any knowledge or suspicion of non compliance. Despite the audit being planned and conducted in accordance with ISAS IUKI there remains an unavoidable risk that material misslalements in the financial slalemenls may not be detected owing lo inherent limitations of the audit. and that by their very nature, any such instances of fraud or irregularities lik8ly involve collusion, forgery, intentional misrepresenlalion, or the override of internal Lxjntrols. A further description of our responsibilities for the audit ol thè financial slalemenls is located on the Financial Reporting Council's website at www.frc.org.ukJ8udilorsresponsibililies. This description forms part of our Report of the Independent Auditors. U$9 of our report This report is made solely lo the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might 51ale lo the charitable company's members those mallers we are required10 51ale lo them in an auditors, report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work. for this report. or for the opinions we have formed. Victoria Carter (Senior Stalulory Auditor) for and on behalf of Haines Watts Wales LLP, Siatulory Auditors 7 Neptune Court Vanguard Way Cardiff CF24 5P Date.. Page 9 Gwent Wlldllfe Trust Ltd Statomont of Financial Actlvltles for the Year Ended 31 March 2024 2024 Total funds 2023 Total funds Unrestricted funds Restricted funds Notes Income and endowmonts frorn Donations and legacies 337,483 84,141 421.624 670,609 Charltable activlties Advancement of Charitable Objectives 177,920 692.595 870.515 1,172,543 Other trading activities Investment income Other income 61,949 33,188 38,250 61,949 33.188 38,250 26.497 21,695 Total 648,790 776 736 1425 526 1.891,344 Expendlture on Raising funds 51.477 91,101 142.578 261 ,791 Charltabl• a¢tlvltlo$ Advancement of Charitable Objectives 823,413 571,856 1,395,269 1,338,978 Other 12,717 Total 874.891 662.956 1,537.847 1,613,486 NET INCOMEIIEXPENDITURE) Transfers between fund8 1226,101) 47,046 113,780 47,0461 1112,3211 277,858 19 Net movement In funds (179,055) 66,734 {112,3211 277,858 Ro¢onclllatlon of funds Total funds brought forward 1,563,317 1,989,078 3,552.395 3,274.537 Total funds carrled forward 1 384,262 2.055,812 3,440,074 3,552,395 The notes fomi part of these financial statements Page 10 Gwent Wlldlifa Trust Ltd Balance She9t 31 March 2024 2024 Total funds 2023 Total funds Unrestrl¢tod funds Restrlcted funds Notos Fixod assets Tangible assets Heritage assets 14 6,331 471 688 58,456 1.571,748 64.787 2,043,436 96.659 2,000.184 478,019 1,630.204 2.108,223 2.096,843 Current assets Debtors Cash al bank 16 94,429 892,186 30,076 395,532 124,505 1,287.718 210.400 1264,464 986.615 425,608 1,412,223 1,474,864 Credltors Amounts falling due within one year 17 {80,372) {80,3721 119,3121 Net currant assets 906,243 425.608 1.331,851 1,455,552 Total assets less curront Ilabllltl88 1.384,262 2,055,812 3,440,074 3,552,395 NET ASSETS 1.384,262 2,055,812 3.440,074 3,552,395 Funds Unreslricled funds Reslricled funds 19 1,384,262 2.055,812 1,563,317 1,989,078 Total funds 3.440,074 3.552,395 These financial slalemenls have been prepared in accordance with thé provisions applicable lo charitablè companies subject lo the small companies regim&, The financial statements were approved by the Board of Trustees and aulhorised for issue on and were signed on ils behalf by., Leppard (Chalr) The notes fomi part of these financial statements Page 11 Gwent Wlldllfe Trust Ltd Cash Flow Statement for the Year Endod 31 March 2024 2024 2023 Notes Cash flows from oporating a¢llvltles Cash generated from operations 71,781 273.549 Nel cash provided by operating activities 71,781 273.549 Cash flows from Investlng actlvllles Purchase of tangible fixed assets Purchase of heritage assets Sale ol tangible fixed assets Sale of heritage assets Interest received (7,6091 (67,5001 {79.8711 14.867} 6,825 21,695 26.582 Nel cash used in investing aclivilies 48,527) 56.2181 Chango In cash and ¢a8h equlvalents In the reporting perlod Cash and cash equlvalents at tho boglnnlng of the reportlng perlod 23.254 217,331 1,264.464 1,047,133 Cash and cash equlvalents at tho ond of the reportlng perlod 1,287,718 1,264,464 The notes fomi part of these financial slalements Page 12 Gwent Wildlife Trust Ltd Notes to the Cash Flow Statement for the Year Ended 31 March 2024 Reconciliation of net (¢xpènditurellln¢ome to nel cash flow from operating activities 2024 2023 Net {expenditure)lincome for the reporting perlod (as pgr the Statement of Financial Activities) Adjustments for.. Depreciation charges Loss on disposal of fixed assets Interest received Decreasel{increasel in debtors Increase in creditors 1112,321) 277,858 54,895 8,834 126,5821 85,895 61,060 48,401 12,717 {21,695) (50,186) 6,454 Net ¢ash provided by operatlon8 71,781 273,549 Analysls of changes In net funds At 1,4,23 Cash flow At 31.3.24 Net ¢a$h Cash al bank 1264 464 23.254 1,287,718 Total 1,264,464 23,254 1,287,718 The notes form part of Ihese financial statements Page 13 Gwent Wlldlife Trust Ltd Notss to the Flnancial Statements for the Year Ended 31 March 2024 Accountlng pollcles 8asls of preparlng the Ilnanclal statements The financial slalemenls of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Ac¢ounting and Reporting by Charities.. Slalement of Recommended Practice applicable to charities preparing Ih8ir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) leffeclive 1 January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Companies Act 2006. The financial slalemenls have been prepared under the historical cosl convention. Income All income is recognised in the Statement of Financial Activities once th8 charity has enlillement to thè funds, it is probable that the income will be rèceived and the amount can be measured rèliably. Cash donations are recognised on receipt. Other donations are recognised once the Trust ha5 been notified ol the donation unless performance conditions require deferral of the amount. Income lax recoverable in relation to donations received under Gift Aid or deeds of Covenant is recognised at the t￿me of the donation. Legacies are recognised on receipt or otherwise if the Trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known. the legacy is treated as a contingent asset. Grant income is recognised in the Slalement of Financial Activities in the period lo which is relates. Where a grant is reslricled by the funder for use in a future period, it's recognition is deferred until the charity becomes entitled lo the resource. Grants in respect of sp8cific projects are credited lo a reslricled fund, against which relevant expenditure charged. Membership subscriptions are accounted lor on a cash récéived basis. Expendlture Liabilitie5 are recognised as expenditure as soon a5 there is a lega1 OT conslruclive obligation commilling the charity lo that expenditure, il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure 15 accounted for on an accruals basis and has been classified under headings Ihal aggregate all cost related to the Category. Where costs cannot be directly allribul&d lo particular headings they have been allo¢aled to activities on a basis oonsislenl with the use of resources. Grants offered subject lo conditions which have not been met al the year end date are noted as a commitment but not accrued as expenditure. Tangible flxed as$ets Depreciation is provided al the following annual rates in order to write off each asset over ils estimated useful life. Plant and Equipment 25Vo on cost The gain or loss arising on the disposal of an asset is determined as the drffe￿nce between the sales proceeds and the carrying value of the asset, and is recognised in the slalemenl of financial aclivilies. The capilalisalion policy is any capital item individually over £1,000. Heritage asset3 Heritage assets relate to the charity's nature reseNes. Nature reserves that have been purchased by the charity have been capilalised al the purchase cost, Nature reserves that have been donated lo the charity have been capilalised at the best estimate of cost had they have been purchased by the charity. Heritage assets include land & buildings in relation to the reserves. The buildings are depreciated at either 2010 or 1 OVTr straight line. No depreciation is charged on the land element of the nature ￿SerVe. The heritag8 assets have been reviewed al the reporting dale with no impaiment noted. The costs of maintaining the heritage assets are expensed through the Slalement of Financial Activities as incurred. as part of the Trust's charitable activities. Page 14 continued... Gwont Wildllfe Trust Ltd Notes to the Flnan¢ial Statgments- contlnued for the Year Ended 31 MarGh 2024 Ac¢ountlng poll¢l8s - contlnued Taxatlon The charity is exempt from ¢orporation lax on its Charitable activities. Fund accountlng Unrestricted funds can be used in ac¢ordarnc8 with the charitable objectives at the discretion of the Iruslees. Restricted funds can only b8 used for particular reslricled purposes within th8 objects of the charily. Restrictions arise when specified by the donor or when funds are raised foT particular restricted purposes. Further explanation of th6 nature and purpose of each fund is included in the notes lo the financial statements. Hlre purchase and leaslng commltments Rentals paid under operating leases are charged lo the Statement of Financial Activities on a slraighl line basis over the period of thè lease. Donatlons and10gacles 2024 2023 Donations and gifts Gift aid Legacies Membership fees 58,131 58,744 106.787 197.962 77,424 43,831 345.316 204,038 421,624 670,609 Other tradSng a¢tlvltl&8 2024 2023 Fundraising events 26,497 Investment In¢omo 2024 2023 Rents received Deposit account interest 6,606 26.582 21.695 33,188 21,695 Income from charitabl¢ a¢tivltios 2024 2023 Activity Advancement of Charitable Objectives Grants Sales of services by beneficiaries 819,792 1,055,526 Advancement of Charitable Objectives 50,723 117,017 870.515 1.172,543 Grants received, included in the above, are as follows.. 2024 2023 RSPB Wales NRW Blaenau Gwenl CBC National Lollery Heritage Fund People's Poslcode Lottery National Lottery Community Fund Welsh Government 10,358 6,730 197,536 197,853 58,050 65,144 124,029 89,363 261,744 55,76D 105,968 51,173 Carried forward 564,008 659,700 Page 15 continued... Gwent Wildlife Trust Ltd Notos to the Flnan¢lal Statements . conllnued for the Year Ended 31 March 2024 Income from charltable activities - ¢ontinu¢d 2024 2023 Brought forward Wye Valley AONB North Wa5es Wildlife Trust Swir8 CT WCVA Millennium Stadium Torfaen CBC Other 564,008 28,294 143.829 26,193 10,673 659,700 100,804 117,682 55,102 44,795 7,500 23.696 23.099 69,943 819,792 1.055,526 Raising funds Ralslng donatlons andlogaclès 2024 2023 Staff costs Rates and water Conlrador costs Office and eslablishm8nt costs Recruitment and fundraising 69,201 34,733 1,167 224,738 102 1.051 61,487 10,690 141 ,378 261,791 Oth8r tradlng actlvltles 2024 2023 Bad debts Aggregate amounts 142,578 261 ,791 Charltable actlvltles costs Grant fundlng of activities (Bee note 8) Support costs (see note 9) Dlrect Costs Totals Advancement ol Charitable Objectives 1,354.254 9,501 31.514 1,395,269 Grants payable 2024 2023 Advancement of Charitable Objectives 9,501 10,159 Page 16 continued... Gwent Wlldllfe Trust Ltd Notes to the Financial Statementg - continued forthe Year Endod 31 March 2024 Support costs Governance costs Advancement of Charitable Objectives 31,514 10. Net Incomel{expendlture) Nel in¢omellexpendilurel is staled after chargingllcr8dilingl'. 2024 2023 Auditors, remuneration Depreciation owned ass8ts Other operating leases Surplusl(deficill on disposal of fixed assets 10.050 39.481 9,130 37,683 3.744 12.717 38,2501 11. Trust•es' rnmunoratlon and beneflts There were no trustees, remuneration or othèr benefits for the year ended 31 March 2024 nor for th8 year ended 31 March 2023. The Trustees received no remuneration during the year nor in the year ended 31 March 2023. Trusto08' oxpon8es 2024 2023 Trustees, expenses 126 317 During the year, Gwenl Wildlife Trust paid £12612023.. £198) in expenses to Iruslees and received £63712023.. £445) in donations from 512023: 4} of the trustees. 12. Staff c08ts 2024 2023 Wages and salaries 942,902 836,367 942,902 836,367 Key Management Personnel are defined as the CEO and the Managoment Team. There were 5 individuals included within this category and their key management remuneration was £208.50212023'. £182,013). The average monthly number of employees during the year was as follows.. 2024 29 2023 29 Average number of employees No employees received emoluments in excess of £60,000. Page 17 continued... Gwenl Wildlife Trust Ltd Notes to tho Financial Statements- continued for the Year Ended 31 March 2024 13. Comparatives for the statement of financial activities Unrestrlcted funds Restricted funds Total funds Income and endowments from Donalions and legacies 603,540 67,069 670,609 Charltable actlvltles Advancement of Charitable Objectives 203,424 969,119 1,172,543 Other trading activities Investment income 26,497 21,695 26,497 21,695 Total 855,156 1,036.188 1.891344 Expendlture on Raising funds 135,512 126,279 261,791 Charltable actlvltles Advancement of Charitablè Objectives 747,764 591 ,214 1,338,978 Other 12,717 12,717 Total 895,993 717.493 1,613,486 NET INCOMEIIEXPENDITURE) Transfers bgtween funds 140,8371 31,689 318,695 31,6891 277.858 Net movement In funds 19,1481 287.006 277,858 Ro¢onclllatlon of funds Total funds brought forward 1.572,465 1,702,072 3,274.537 rotal fundg carrled for•iard 1,563.317 1,989.078 3.552,395 14. Tanglblo flxod assets Plant and machlnery Cost AI 1 April 2023 Additions Disposal8 389.833 7,609 7,845) Ai 31 March 2024 389,597 Depreclation Al l April 2023 Charge for year Eliminated on disposal 293,174 39,481 At 31 March 2024 324,810 Net book value Ai 31 March 2024 Al 31 March 2023 96,659 Page 18 continued... Gwent Wlldlifg Trust Ltd Notes lo tho Financlal Statements Continued for the Year Ended 31 March 2024 15. Herltage assets Total Market value At 1 April 2023 Additions Disposals 2.257,853 67.500 18,3381 At 31 March 2024 2 307015 Provlslons At 1 April 2023 Charge for year Eliminated on disposal 257,669 15,414 Al 31 March 2024 263.579 Nèt book value Al 31 March 2024 2,043,436 Ai 31 March 2023 2,000,184 Debtorg: amounts lalllng due wlthln ono year 2024 2023 Trade debtors Other debtors VAT Prepayments and acLrued income 19,603 11,975 11,070 81,857 76,373 52,489 81.538 124,505 270,400 17. Creditors: amounts falllng duo wlthln one yaar 2024 2023 Trade creditors Social security and other taxes Other creditors Accruals and deferred income 38,593 320 4,147 3.099 11.746 885 40,894 80,372 19,312 18. Leaslng agreomtrnts Minimum lease payments under non