Docusign Envelope ID: 53993087-6878-466D-8641-9509BDD5C5B4
REGISTERED COMPANY NUMBER: 00812535 (England and Wales) REGISTERED CHARITY NUMBER: 242619
Report of the Trustees and
Financial Statements for the Year Ended 31 March 2025
for
Gwent Wildlife Trust Ltd
Menzies LLP, Statutory Auditors 5th Floor Hodge House 114-116 St Mary Street Cardiff CF101DY
Docusign Envelope ID: 53993087-6878-466D-8641-9509BDD5C5B4
Gwent Wildlife Trust Ltd
Contents of the Financial Statements for the Year Ended 31 March 2025
| Page | |
|---|---|
| Report of the Trustees | 1 to 8 |
| Report of the Independent Auditors | 9 to 10 |
| Statement of Financial Activities | 11 |
| Balance Sheet | 12 |
| Cash Flow Statement | 13 |
| Notes to the Cash Flow Statement | 14 |
| Notes to the Financial Statements | 15 to 22 |
Docusign Envelope ID: 53993087-6878-466D-8641-9509BDD5C5B4
Gwent Wildlife Trust Ltd
Report of the Trustees for the Year Ended 31 March 2025
Trustees Report
The Trustees present their report and financial statements for the year ended 31[st] March 2025.
The accounts have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Trust's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019).
Objectives and Activities
The Gwent Wildlife Trust (GWT) Public Benefit Statement (as required by the Charity Commission) is enshrined in paragraph 3 of our Articles of Association.
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For the benefit of the public, to advance, promote and further the conservation maintenance and protection of:
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(i) terrestrial and marine habitats and their wildlife;
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(ii) places of natural beauty;
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(iii) places of zoological, botanical, geographical, archaeological or scientific interest;
(iv) features of landscape with geological, physiographical, or amenity value in particular, but not exclusively, in ways that further biological conservation.
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To advance the education of the public in:
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(i) the principles and practice of sustainable development;
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(ii) the principles and practice of biodiversity conservation.
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To promote research in all branches of nature study and to publish the useful results thereof.
GWT also delivers its public benefit through its membership of the Royal Society of Wildlife Trusts (RSWT) and Wildlife Trusts Wales (WTW).
GWT’s Vision is for “People close to nature in a landscape rich in wildlife”. To achieve this by 2030 we are “putting nature in recovery whilst addressing the climate crisis that threatens Gwent’s people and wildlife” through the following strategic objectives:
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Docusign Envelope ID: 53993087-6878-466D-8641-9509BDD5C5B4
Gwent Wildlife Trust Ltd
Report of the Trustees for the Year Ended 31 March 2025
Summary of main activities of the charity in relation to its Strategic Objectives
The Board of Trustees has paid due regard to the guidance issued by the Charity Commission in deciding what activities GWT should undertake.
Nature is in Recovery was delivered through conservation of terrestrial, freshwater and marine habitats primarily on nature reserves, but also working in partnership with other eNGO’s, local authorities, government agencies, farmers and landowners to conserve or restore nature friendly habitats on their land.
People working with Nature was made possible through partnerships with the Aneurin Bevan Health Board, Local Authorities, social care providers, the Brecon Beacons National Park, and Rivers Trusts, including referrals to GWT for delivery of Health and Wellbeing activities which increased the subjective wellbeing, nature connectedness and knowledge of participants, and place-based interventions on rivers to improve the water quality and alleviate flooding and droughts on the rivers Ebbw, Rhymney, Sirhowy, Usk and Wye.
Welsh policy works for wildlife through engagement with Local Authorities, Welsh Government, Natural Resources Wales and schools, during which we communicated the value of nature-based solutions and opportunities to better incorporate these into plans that benefit future generations.
We connect with people to inspire action for wildlife through our community group sessions, events and extensive communications with supporters, members, donors, volunteers, partners and the general public. Our finances continually improve driving ever greater impact via regular review and analysis by the Senior Management Team, Board of Trustees, Finance Committee and staff fundraising group.
We achieve best practice to perform efficiently and effectively due to the leadership shown by the Finance and Business Team, and through the advice of external experts in matters including Welsh language, HR, IT, Health and Safety, Safeguarding, Financial Auditing, VAT, Pensions and Investments.
GWT’s policy is to consult and discuss with employees matters likely to affect employee’s interests.
The Trust’s people believe that everyone has a role to play in society and want our organisation to benefit from the widest range of talent available. GWT is a Disability Confident Committed employer, and operates an EDI strategy. All employees are offered access to an employee assistance programme, receive regular training and continuous professional support, are provided with reasonable adjustments when appropriate, and line managed within a supportive environment. All employees at GWT are treated with equity.
During the year, the previous CEO, Adam Taylor stepped down. In the interim, Gemma Bode stepped up as interim CEO whilst a new CEO was recruited. Natalie Buttriss was then appointed as CEO in October 2024. Five other staff were appointed in the year including one for maternity cover on the Wild Health project. As of 31 March 2025, staff numbers totalled 31 reporting to the various heads of teams as per staff structure diagram:
Staff Structure at 31 March 2025:
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Docusign Envelope ID: 53993087-6878-466D-8641-9509BDD5C5B4
Gwent Wildlife Trust Ltd
Report of the Trustees for the Year Ended 31 March 2025
Strategic report
The description under the headings "Achievements and performance" and "Financial review" meet the company law requirements for the Trustees to present a strategic report.
Achievements and Performance
All areas of the Trust's work were delivered with satisfactory or good results during the year. Within the year GWT continued to work towards the Strategic Objectives and Targets to 2030 outlined above, through the 2024-25 Business Plan.
This would not have been possible without the dedication and support of all the Trustees, staff and the many volunteers at Gwent Wildlife Trust over this past year for which many thanks are afforded.
Considering achievements against each of the Strategic Objectives and 2030 Targets in turn:
Nature is in Recovery : Our baseline monitoring of our Nature Reserves continued in earnest at Margarets Wood, Dixton Embankment, Magor Marsh and Springdale Farm. Our water vole surveys at Bridewell Common showed impressive results from recently cleared and rewetted ditches much to our delight, and the Reserve was finally opened to the public on a wonderful summers day with staff, trustees and volunteers celebrating. Work on our 10 species continued with successful NNF3 funding for our new Wentlooge Water Vole Project. Pine marten monitoring work continued, and 62 Churchyards were visited to look for the pink ballerina waxcap with 9 new sites found. We also took part in the hedgehog monitoring programme with PTES (People’s Trust for Endangered Species) around Magor, and dipper nestboxes have been placed across rivers in Gwent to monitor populations.
Our Nature Reserves continued to undergo one of the biggest investments in recent years through work funded by the Nature Networks Recovery fund and included fencing, coppicing, habitat creation, new digital trails, control of non-native species and updated interpretation.
We successfully acquired River Meadow through a very kind donation and continued to work on other land acquisition projects in Gwent to support nature’s recovery. Through a period of consolidation, we also let go of several of our very small Reserves; Coed Meyric Moel, Dan y Graig and The Graig.
The work of our Community Ecologist was transformational increasing the diversity of our volunteers and provided lots of new opportunities for species training and monitoring.
Our Local Wildlife Site work continued at pace where we advised over 35 landowners on how to manage their land for wildlife increasing the connectivity across the landscape and supporting these ambassadors with their special sites. We also continued to support the White-Tailed Sea Eagle Project, scoping sites and attending community consultation events throughout Gwent.
People working with Nature : Our Wild Health project delivered Health and Wellbeing benefits in nature, with successful feedback from clients showing how it positively changed their lives. The project officers created two films this year, highlighting the impacts of the work on participants and nature. Our work on practical Nature Based Solutions continued; our River Restoration Officer led on installing natural flood management on our nature reserves and developed plans for a new demonstration site close to the River Usk. We continued to be a key partner in the South East Rivers Partnership and Usk Catchment Partnership, as well as working with the River Restoration Centre to develop our knowledge in this area. Our involvement in community action around rivers has seen Citizen Scientists undertake water quality monitoring on the Usk as part of the CaSTCo project, Riverfly Partnership monitoring in the Valleys, river clean ups across Gwent and Himalayan Balsam removal along the Afon Lwyd and River Usk.
Welsh policy works for wildlife : We continued to object to damaging planning applications on the Gwent Levels SSSI including several large-scale solar farm applications and attended the Craig Y Perthi hearing with supporting media work.
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Docusign Envelope ID: 53993087-6878-466D-8641-9509BDD5C5B4
Gwent Wildlife Trust Ltd
Report of the Trustees for the Year Ended 31 March 2025
We connect with people to inspire action for wildlife : Our work with Newport City Council has successfully brought wildlife to people through the creation of wildlife gardens, which enabled us to connect with new audiences and inspire a love of nature. This was achieved through regular, repeated engagements with local community members, groups and schools. Our Stand for Nature Wales Project worked with 9–24 year-olds and was showcased again at the Trust’s AGM, with participants speaking passionately and articulately about the impact of the project on them. The young people have shared their personal interests and skills with their peers, co-created the sessions with our staff, and demonstrated newfound confidence. With Nature Networks Funding from Welsh Government (NNF2) we enhanced the accessibility of our nature reserves to new and diverse communities, such as with Google StreetView photography and digital trails at Magor Marsh.
We achieve best practice to perform efficiently and effectively : Progress towards best practice has been achieved in all areas, with Health and Safety policies and audits leading to a significant reduction in the potential exposure to risks and our control measures related to any residual exposure. Our IT systems have continued to be developed to support our broader digital transformation aims, ensuring improved data security and more seamless collaboration across teams. Our digital transformation project with the four other Welsh Trusts has mapped out the digitisation of processes to reduce data handling time and the risk of human error, with Volunteer Management, Finance and HR systems on the horizon. Our approaches to finance continued to achieve best practice compliance in line with the Charity Commissions guidelines, plus we have invested in further training for staff and begun to explore the digitisation of purchase orders and other financial processes to reduce time, cost and the risk of error. Human Resources continued to maintain high standards of practice in line with significant employment law changes. The annual staff satisfaction survey showed further increases in engagement and satisfaction across all areas of the organisation. GWT continued its quest to become an employer of choice by signing up to be a ‘Disability Confident Committed’ employer. Our Welsh language champion continued to update and translate documents - the Annual Review was produced bilingually, the number of bilingual articles in our Wild About Gwent has increased significantly and we continued to produce interpretation boards, posters and signs bilingually. Our staff participated in Cymraeg Am Natur to ensure the Welsh language is high on RSWT’s agenda, as well as attended Waleswide internal Panad a Sgwrs meetings.
Financial Review
Our finances continually improved driving ever greater impact. 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 significant impact for wildlife and people in Gwent. We have invested in two new fundraising posts: a part time Senior Fundraising Officer to increase funds raised from businesses and the local community and a Major Gifts Officer, a role shared with the other four Wildlife Trusts in Wales. These posts support our renewed Fundraising Strategy which targets growth in unrestricted funds. Our membership grew from 7,448 to 8,005 against the backdrop of increased cancellations due to cost-of-living pressures. We raised over £20,000 from two match-funded fundraising appeals, to support our ten species recovery and river restoration work.
The Trust's funds are held in two bank current accounts and four savings accounts. Interest was received as expected from these sources.
The Statement of Financial Activities show incoming resources for the year of £1,335,483 (2024: £1,425,526) and expenditure of £1,541,578 (2024: £1,537,847), resulting in a deficit of £206,095 (2024: £112,321) against a budgeted deficit of £260,000.
As of 31 Mar 2025 the Trust currently has reserves of £3,233,979 of which £1,503,256 are unrestricted and £1,730,723 are restricted, our free reserves are £1,022,366. Free reserves are unrestricted funds free to be spent on the Trust’s purposes.
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Docusign Envelope ID: 53993087-6878-466D-8641-9509BDD5C5B4
Gwent Wildlife Trust Ltd
Report of the Trustees for the Year Ended 31 March 2025
Financial Reserves policy
Sufficient cash reserves need to be held to cover on-going expenses and potential cash flow delays arising from, amongst others, grants being paid in arrears. The Trustees believe that the level of reserves required to maintain the necessary liquidity should take account of 6 months future expenditure which for 25/26 is budgeted at £750,000.
During the 24/25 year the Board of Trustees reviewed and agreed on a revised Financial Reserves Policy with a number of designated funds set up to support and develop the Trust’s activities and strategy. Funds previously designated under the Pat Gorvin legacy from 2017/18 have been redesignated as follows:
| Unrestricted Funds | Balance at 31st March 2025 |
Description of fund |
|---|---|---|
| Revenue Protection | £157,000 | Funds to meet the anticipated income shortfall for Financial Year 25/26 andprovide cash flow throughout theyear. |
| Unforeseen Operational Reserve |
£55,366 | Fund to meet unforeseen costs or expenses |
| 6 month’s operating costs | £750,000 | To cover funding delays and/or allow time to secure additional funding/ income. |
| Designated Funds | ||
| Strategic Reserve | £35,000 | Funds to support the Strategic aims of the Trust. |
| Building & Asset Reserve | £25,000 | Funds to maintain, repair and improve premises/assets held by the Trust. |
| TOTAL | £1,022,366 |
Management of the designated funds is delegated by the Board, to the Finance Committee which meets at least quarterly; the designated funds will be updated each year in line with the Reserves Policy and annual accounts. Cashflow position is assessed on a quarterly basis when reporting to Finance Committee and the Board of Trustees and any concerns flagged.
Substantial work has been undertaken within the period to review the financial processes, systems and policies including a full review of the Trust’s full cost recovery methodology, budget workshops for staff and several policy updates.
Restricted Funds - the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Restricted Funds
| Project | Funder(s)/Contractors | Balance at 31 Mar 25 |
|---|---|---|
| Forest Schools Training | Caerphilly County Borough Council and Cambium Sustainable |
£4,787 |
| NBS Freshwater | Wye & Usk Foundation, Swire Charitable Trust | £6,416 |
| NCC Engagement | Newport City Council | £6,471 |
| Stand for Nature / Climate Action Fund |
National Lottey Community Fund – Climate Action Fund |
£2,099 |
| Wild Health | National Lottery Community Fund – People & Places Fund |
£8,093 |
| NRW Section 16 | National Resource Wales | £5,524 |
| NNF3 Water Voles | National Lottery Heritage Fund | £2,776 |
| Piercefield Wood | Major Donor | £24,291 |
| White Tailed Sea Eagles | Monmouthshire County Council | £275 |
| NNF3 | National Lottery Heritage Fund | £8,464 |
| All Wales Digital | National Lottery Heritage Innovation Fund | £21,287 |
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Docusign Envelope ID: 53993087-6878-466D-8641-9509BDD5C5B4
Gwent Wildlife Trust Ltd
Report of the Trustees for the Year Ended 31 March 2025
Principal funding sources
Securing unrestricted income from membership, donations, legacies and our consultancy project is critical, whilst our main sources of grant income are from Welsh Government, National Resource Wales, National Lottery Community & Heritage Funds, People’s Postcode Lottery, Swire Charitable Trust, Wye Valley National Landscape, Newport City Council, Wye and Usk Foundation and RSWT. Businesses also support our work in various ways as listed on our website.
Share Capital
The company is limited by guarantee and therefore has no share capital.
| Mitigating against climate change –Carbon Emissions of Gwent Wildlife Trust | Mitigating against climate change –Carbon Emissions of Gwent Wildlife Trust | Mitigating against climate change –Carbon Emissions of Gwent Wildlife Trust | Mitigating against climate change –Carbon Emissions of Gwent Wildlife Trust | Mitigating against climate change –Carbon Emissions of Gwent Wildlife Trust | Mitigating against climate change –Carbon Emissions of Gwent Wildlife Trust | Mitigating against climate change –Carbon Emissions of Gwent Wildlife Trust |
|---|---|---|---|---|---|---|
| Year | Staff FTE | Total area of land managed (Ha) |
Total footprint CO2e – Scope 1 |
Total footprint CO2e – Scope 2 |
Total footprint CO2e – Scope 3 |
**Total *** |
| 2024/25 | 28 | 735.41 | 14.83 | 11.95 | 209.54 | 236.32 |
*Excludes livestock which is calculated separately
Scope 1 emissions are greenhouse gases we put into the atmosphere with our own property and also includes fleet and equipment fuel. For instance, when we burn oil or gas to heat our buildings.
Scope 2 emissions come from electricity we buy from the electric grid. These are "indirect" emissions that happen at distant power plants.
Scope 3 emissions include all other indirect sources of greenhouse gases from our operations. Such as those connected with the day-to-day running of the Trust: for instance: the fuel employees burn through driving to work, livestock (in previous years), or emissions connected to materials and supplies we buy. Carbon dioxide equivalents (CO2e) are a measure of the effect of different greenhouse gases on the climate. By converting different emissions to the equivalent amount of carbon dioxide (CO2), their impacts can be compared.
It is noted that this is the first year that Gwent Wildlife Trust has completed the Carbon Calculator toolkit to measure its carbon emissions. These results will be used as a baseline from which to compare future years emissions. Carbon mitigation will form a key consideration in all decision making and strategies and will continue to be developed and refined with benchmarking against other Wildlife Trusts in the future.
Plans for Future Periods
During the 2025/26 financial year, GWT will undertake a mid-term review and refresh of our 2030 Strategic Plan involving Trustees and Staff as well as appropriate alignment with The Wildlife Trusts federation. This is not expected to generate significant shifts in delivery over the next five years but will bring implementation up to date and relevant to any external and internal changes. At the same time we will continue to pursue a 2025/26 Business Plan, with specific actions including:
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Secure land acquisition of 1 new nature reserve and a long term lease on another significant area of land
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• Completion of detailed baseline surveys across 65% of all GWT nature reserves
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10 volunteers trained in species surveys and as wardens for our nature reserves
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Onboarding of a new paid trainee for a year, in two successive years
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Recruitment of up to two young trustees aged 18-25
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Development of a Nature Recovery Strategy
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Completion of 10 nature reserve management plans including digitalisation of infrastructure and tree safety
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Continue Local Wildlife Site work supporting landowners, holding a landowner day and designating further sites
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Engage over 60 people to act for Gwent's Rivers
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Implementation of Natural Flood Management on our new River Meadows site as a Nature-based Solutions demonstration Project
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Working with more than 60 participants through our Wild Health project to take action for nature
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Influencing change to Planning policy which does not allow development on SSSIs which harm nature’s recovery
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Digital transformation of the data we manage on nature reserves, finances and our people
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Docusign Envelope ID: 53993087-6878-466D-8641-9509BDD5C5B4
Gwent Wildlife Trust Ltd
Report of the Trustees for the Year Ended 31 March 2025
Structure, governance and management
The Trust is governed by its Articles of Association, which were last revised at GWT’s 2021 AGM.
Further information and guidance on the running of the charity is provided by GWT’s organisational, trustee and staff handbooks.
The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Mr M Leppard (Chair) Ms M McKenzie Cecil (Secretary 9 Sep 2024 to 25 Nov 2024) Mrs S Finn (Secretary from 25 Nov 24) Mr I Mawdsley (Treasurer until 8[th] Sep 2024 and retired 19th Nov 2024) Ms L Holland Ford (Retired 2nd June 2025) Mr D Rees Mr R Howell (Vice Chair) Mr J M Stephens Dr M Barkham Ms J Holt-Wilson Mr T Abbey-Smith Mr T Rathbone (Treasurer from 9 Sep 2024)
Trustees are recommended by the Board for election by the membership at the Annual General Meeting. If elected, they become Appointed Trustees of Gwent Wildlife Trust.
All prospective Trustees complete application forms; suitable candidates are then shortlisted for interview by a panel of Trustees; and recommendations are made at the following meeting of the Board. Co-opted Trustees may then be recommended to the membership for election at the following AGM. The Board aims to increase Trustee diversity, advertising in a variety of places which has resulted in an increase in younger trustees and a greater percentage of female members.
None of the Trustees has any beneficial interest in the company. All the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
GWT’s Board of Trustees meet four times a year to make decisions on policy and strategy. The Budget and Business Plan for the year ahead is set at the March Board meeting. An Annual Report and Accounts are presented to the July Finance committee and then the Board meeting in September; thereafter the Annual General Meeting in November. Trustees, Staff and other appropriate individuals meet regularly in SubCommittees with terms of reference that adhere to a Scheme of Delegation.
Day to day management of the charity is delegated by the Trustees to the Chief Executive who manages the staff team to undertake work in line with the organisation's strategy, business plan, policies, work plans and budget.
Membership of a wider network
GWT is part of The Wildlife Trusts federation, which encompasses 46 Wildlife Trusts covering all of the UK, the Isle of Man and Alderney. Within this wider network, GWT works particularly closely with the other four Welsh Wildlife Trusts.
Relationships between the charity and related parties, including subsidiaries
Gwent Wildlife Trust is a corporate member of, and pays contributions to, the Royal Society of Wildlife Trusts (RSWT) of which Wildlife Trusts Wales (WTW) is a part.
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Docusign Envelope ID: 53993087-6878-466D-8641-9509BDD5C5B4
Gwent Wildlife Trust Ltd
Report of the Trustees for the Year Ended 31 March 2025
Statement of Trustees responsibilities
The Trustees, who are also the directors of Gwent Wildlife Trust Ltd for the purpose of company law, are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
GWT’s auditors for the period 2024-25 financial year are Menzies LLP (formally Haines Watts Wales LLP).
Disclosure of information to auditor
Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but 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, including the strategic report, was approved by the Board of Trustees.
Marc Leppard, Chair of the Board
17-Dec-2025
Dated: .........................
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Report of the Independent Auditors to the Members of Gwent Wildlife Trust Ltd
Opinion
We have audited the financial statements of Gwent Wildlife Trust Ltd (the 'charitable company') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
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Report of the Independent Auditors to the Members of Gwent Wildlife Trust Ltd
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our planning procedures identify the legal and regulatory frameworks applicable to the operations and financial statements of the charity. These are reviewed internally with the audit team including relevant industry experience and expectations as well as externally with the client management. The key laws and regulations we considered in this context were Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard Applicable in the UK and Republic of Ireland', UK GAAP (FRS 102) and relevant tax legislation.
Once identified, we assess the risks of material misstatements in relation to the laws and regulations, irregularities, including fraud and adjust our testing accordingly. Our audit procedures include:
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Discussing with Trustees and management which areas of the business they believe to be more susceptible to fraud, and whether they have any knowledge or suspicion of fraudulent activities;
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Obtaining an understanding of the key controls put in place by the company to address risks identified,
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Assessing the effectiveness of those and discussing how these are maintained and monitored internally;
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Assessing the risk of management override and review and testing of journal entries made into the accounting system;
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Challenging assumptions and judgements made by the company in relation to the significant accounting estimates employed in the preparation of the financial statements;
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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 (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularities likely involve collusion, forgery, intentional misrepresentation, or the override of internal controls.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
[(artur] |[Udoria] Signed by:
Victoria Carter (Senior Statutory Auditor) for and on behalf of Menzies LLP, Statutory Auditors 5th Floor Hodge House 114-116 St Mary Street Cardiff CF101DY
18-Dec-2025 Date: .............................................
Page 10
Docusign Envelope ID: 53993087-6878-466D-8641-9509BDD5C5B4
Gwent Wildlife Trust Ltd
Statement of Financial Activities for the Year Ended 31 March 2025
| Notes Income and endowments from Donations and legacies 2 Charitable activities 5 Advancement of Charitable Objectives Other trading activities 3 Investment income 4 Other income Total Expenditure on Raising funds 6 Charitable activities 7 Advancement of Charitable Objectives Total NET INCOME/(EXPENDITURE) Transfers between funds 19 Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted funds £ 369,066 120,076 40,180 49,618 42,564 621,504 158,933 600,177 759,110 (137,606 256,600 118,994 1,384,262 1,503,256 |
Restricted funds £ 73,023 632,338 8,618 - - 713,979 - 782,468 782,468 (68,489) (256,600) (325,089) 2,055,812 1,730,723 |
2025 Total funds £ 442,089 752,414 48,798 49,618 42,564 1,335,483 158,933 1,382,645 1,541,578 (206,095) - (206,095) 3,440,074 3,233,979 |
2024 Total funds £ 421,624 870,515 61,949 33,188 38,250 1,425,526 142,578 1,395,269 1,537,847 (112,321) - (112,321) 3,552,395 3,440,074 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 11
Docusign Envelope ID: 53993087-6878-466D-8641-9509BDD5C5B4
Gwent Wildlife Trust Ltd
Balance Sheet 31 March 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| funds | funds | funds | funds | ||
| Notes | £ | £ | £ | £ | |
| Fixed assets | |||||
| Tangible assets | 14 | 9,200 | 45,526 | 54,726 | 64,787 |
| Heritage assets | 15 | 471,690 | 1,592,670 | 2,064,360 | 2,043,436 |
| 480,890 | 1,638,196 | 2,119,086 | 2,108,223 | ||
| Current assets | |||||
| Debtors | 16 | 316,103 | 2,047 | 318,150 | 124,505 |
| Cash at bank | 840,563 | 90,480 | 931,043 | 1,287,718 | |
| 1,156,666 | 92,527 | 1,249,193 | 1,412,223 | ||
| Creditors | |||||
| Amounts falling due within one year | 17 | (134,300) | - | (134,300) | (80,372) |
| Net current assets | 1,022,366 | 92,527 | 1,114,893 | 1,331,851 | |
| Total assets less current liabilities | 1,503,256 | 1,730,723 | 3,233,979 | 3,440,074 | |
| NET ASSETS | 1,503,256 | 1,720,723 | 3,233,979 | 3,440,074 | |
| Funds | 19 | ||||
| Unrestricted funds | 1,503,256 | 1,384,262 | |||
| Restricted funds | 1,730,723 | 2,055,812 | |||
| Total funds | 3,233,979 | 3,440,074 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 17-Dec-2025
............................................. c 85461CD35C0A4D1...DocuSigned by: Marc Leppard - Trustee
The notes form part of these financial statements
Page 12
Docusign Envelope ID: 53993087-6878-466D-8641-9509BDD5C5B4
Gwent Wildlife Trust Ltd
Cash Flow Statement
for the Year Ended 31 March 2025
| Notes Cash flows from operating activities Cash generated from operations A Net cash (used in)/provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Purchase of heritage assets Sale of fixed assets Interest received Net cash used in investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2025 £ (360,066) (360,066) (26,743) (38,369) 26,427 42,076 3,391 (356,675) 1,287,718 931,043 |
2024 £ 71,781 71,781 (7,609) (67,500) 26,582 (48,527) 23,254 1,264,464 1,287,718 |
|---|---|---|
The notes form part of these financial statements
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Docusign Envelope ID: 53993087-6878-466D-8641-9509BDD5C5B4
Gwent Wildlife Trust Ltd
Notes to the Cash Flow Statement for the Year Ended 31 March 2025
A. Reconciliation of net expenditure to net cash flow from operating activities
| Net expenditure for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Loss on disposal of fixed assets Interest received (Increase)/decrease in debtors Increase in creditors Net cash (used in)/provided by operations |
2025 £ (206,095) 53,416 (25,594) (42,076) (193,645) 53,928 (360,066) |
2024 £ (112,321) 54,895 8,834 (26,582) 85,895 61,060 71,781 |
|---|---|---|
Analysis of changes in net funds
| Net cash Cash at bank Total |
At 1.4.24 £ 1,287,718 1,287,718 1,287,718 |
Cash flow £ (356,675) (356,675) (356,675) |
At 31.3.25 £ 931,043 |
|---|---|---|---|
| 931,043 | |||
| 931,043 |
The notes form part of these financial statements
Page 14
Docusign Envelope ID: 53993087-6878-466D-8641-9509BDD5C5B4
Gwent Wildlife Trust Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
1. Accounting policies
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time 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 Statement of Financial Activities in the period to which is relates. Where a grant is restricted by the funder for use in a future period, it's recognition is deferred until the charity becomes entitled to the resource. Grants in respect of specific projects are credited to a restricted fund, against which relevant expenditure charged.
Membership subscriptions are accounted for on a cash received basis.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and Equipment - 25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
The capitalisation policy is any capital item individually over £1,000.
Heritage assets
Heritage assets relate to the charity's nature reserves. Nature reserves that have been purchased by the charity have been capitalised at the purchase cost. Nature reserves that have been donated to the charity have been capitalised 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 2% or 10% straight line. No depreciation is charged on the land element of the nature reserve.
The heritage assets have been reviewed at the reporting date with no impairment noted.
The costs of maintaining the heritage assets are expensed through the Statement of Financial Activities as incurred, as part of the Trust's charitable activities.
Page 15
continued...
Docusign Envelope ID: 53993087-6878-466D-8641-9509BDD5C5B4
Gwent Wildlife Trust Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
1. Accounting policies - continued
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. Donations and legacies
| Donations and gifts Gift aid Legacies Membership fees 3. Other trading activities Fundraising events 4. Investment income Rents received Deposit account interest 5. Income from charitable activities Activity Grants Advancement of Charitable Objectives Sales of services by beneficiaries Advancement of Charitable Objectives Grants received, included in the above, are as follows: NRW National Lottery Heritage Fund People's Postcode Lottery National Lottery Community Fund Welsh Government Wye Valley AONB North Wales Wildlife Trust Swire CT WCVA Other Torfaen CBC |
2025 £ 46,157 64,589 104,434 226,909 442,089 2025 £ 48,798 2025 £ 7,542 42,076 49,618 2025 £ 642,634 109,780 752,414 2025 £ 3,817 340,628 30,862 93,362 44,873 3,503 74,904 10,960 22,842 16,883 - 642,634 |
2024 £ 58,131 58,744 106,787 197,962 421,624 2024 £ 61,949 2024 £ 6,606 26,582 33,188 2024 £ 819,792 50,723 870,515 2024 £ 89,363 261,744 55,760 105,968 51,173 28,294 143,829 26,193 10,673 23,099 23,696 819,792 |
|---|---|---|
Page 16
continued...
Docusign Envelope ID: 53993087-6878-466D-8641-9509BDD5C5B4
Gwent Wildlife Trust Ltd
Notes to the Financial Statements - continued
for the Year Ended 31 March 2025
6. Raising funds
Raising donations and legacies
| Staff costs Contractor costs Recruitment and fundraising Other trading activities Bad debts Aggregate amounts 7. Charitable activities costs Advancement of Charitable Objectives 8. Grants payable Advancement of Charitable Objectives 9. Support costs Advancement of Charitable Objectives 10. Net income/(expenditure) Net income/(expenditure) is stated after charging/(crediting): Auditors' remuneration Depreciation - owned assets Surplus on disposal of fixed assets |
Direct Costs £ 1,354,656 |
2025 £ 80,982 68,700 9,251 158,933 2025 £ - 158,933 Support costs (see note 9) £ 27,989 2025 £ - 2025 £ 7,284 36,804 (25,594) |
2024 £ 69,201 61,487 10,690 141,378 2024 £ 1,200 142,578 Totals £ 1,382,645 2024 £ 9,501 Governance costs £ 27,989 2024 £ 10,050 39,481 (38,250) |
|
|---|---|---|---|---|
Page 17
continued...
Docusign Envelope ID: 53993087-6878-466D-8641-9509BDD5C5B4
Gwent Wildlife Trust Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
11. Trustees' remuneration and benefits
There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.
Trustees' expenses
| Trustees' expenses | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Trustees' expenses | 268 | 126 |
During the year, Gwent Wildlife Trust paid £268 (2024: £126) in expenses to trustees and received £499 (2024: £637) in donations from 7 (2024: 5) of the trustees.
12. Staff costs
| Staff costs | ||
|---|---|---|
| Wages and salaries | 2025 £ 964,819 964,819 |
2024 £ 942,902 |
| 942,902 |
Key Management Personnel are defined as the CEO and the Management Team. There were 6 individuals included within this category and their key management remuneration was £236,962 (2024: £208,502).
The average monthly number of employees during the year was as follows:
| Average number of employees | 2025 29 |
2024 29 |
|---|---|---|
No employees received emoluments in excess of £60,000.
The total charitable expenditure of £1,541,578 includes the costs detailed in Notes 6 to 12, alongside additional expenditure relating to direct project delivery, contractor fees, premises and utilities, insurance, IT and administrative support, training, and consultancy. These additional costs are not itemised separately but represent standard components of charitable activity and make up the remaining balance of £369,972 after the known costs listed are subtracted from the total charitable expenditure.
13. Comparatives for the statement of financial activities
| Income and endowments from Donations and legacies Charitable activities Advancement of Charitable Objectives Other trading activities Investment income Other income Total Expenditure on Raising funds Charitable activities Advancement of Charitable Objectives Total NET INCOME/(EXPENDITURE) Transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward |
Unrestricted funds £ 337,483 177,920 61,949 33,188 38,250 648,790 51,477 823,413 874,890 (226,100) 47,046 (179,054) 1,563,317 |
Restricted funds £ 84,141 692,595 - - - 776,736 91,101 571,856 662,957 113,779 (47,046) 66,733 1,989,078 |
Total funds £ 421,624 870,515 61,949 33,188 38,250 1,425,526 142,578 1,395,269 1,537,847 (112,321) - (112,321) 3,552,395 |
|---|---|---|---|
Page 18
continued…
Docusign Envelope ID: 53993087-6878-466D-8641-9509BDD5C5B4
Gwent Wildlife Trust Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
| 13. Comparatives for the statement of financial activities - continued Unrestricted funds £ Total funds carried forward 1,384,263 14. Tangible fixed assets Cost At 1 April 2024 Additions Disposals At 31 March 2025 Depreciation At 1 April 2024 Charge for year Eliminated on disposal At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024 15. Heritage assets Market value At 1 April 2024 Additions Disposals At 31 March 2025 Provisions At 1 April 2024 Charge for year At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024 |
Restricted funds £ 2,055,811 |
Total funds £ 3,440,074 Plant and machinery £ 389,597 26,743 (88,961) 327,379 324,810 36,804 (88,961) 272,653 54,726 64,787 Total £ 2,307,015 38,369 (833) 2,344,551 263,579 16,612 280,191 2,064,360 2,043,436 |
|
|---|---|---|---|
Page 19
continued…
Docusign Envelope ID: 53993087-6878-466D-8641-9509BDD5C5B4
Gwent Wildlife Trust Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
16. Debtors: amounts falling due within one year
| Trade debtors Other debtors VAT Prepayments and accrued income |
2025 £ 72,803 16,448 14,557 218,916 318,150 |
2024 £ 19,603 11,975 11,070 81,857 124,505 |
|---|---|---|
17. Creditors: amounts falling due within one year
| Trade creditors Social security and other taxes Other creditors Accruals and deferred income |
2025 £ 72,814 17,416 885 43,185 134,300 |
2024 £ 38,593 - 885 40,894 80,372 |
|---|---|---|
18. Leasing agreements
Minimum lease payments under non-cancellable operating leases fall due as follows:
| Within one year Between one and five years |
2025 £ 24,168 68,308 92,476 |
2024 £ 24,168 92,476 116,644 |
|---|---|---|
19. Movement in funds
| Unrestricted funds General fund Designated fund Restricted funds Other Projects Fixed Assets Nature Based Solutions Nature Recovery TOTAL FUNDS |
At 1.4.24 £ 13,296 1,370,966 1,384,262 92,981 1,638,793 76,846 247,192 2,055,812 3,440,074 |
Net movement in funds £ (174,623) 37,017 (137,606) (25,752) 7,994 (45,215) (5,516) (68,489) (206,095) |
Transfers between funds £ 1,414,583 (1,157,983) 256,600 (45,942) (8,590) (1,722) (200,346) (256,600) - |
At 31.3.25 £ 1,253,256 250,000 1,503,256 21,287 1,638,197 29,909 41,330 1,730,723 3,233,979 |
|---|---|---|---|---|
Page 20
continued...
Docusign Envelope ID: 53993087-6878-466D-8641-9509BDD5C5B4
Gwent Wildlife Trust Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
19. Movement in funds - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Designated fund Restricted funds Other Projects Fixed Assets Nature Based Solutions Nature Recovery TOTAL FUNDS |
Incoming resources £ 557,765 63,739 621,504 41,640 58,025 236,974 377,340 713,979 1,335,483 |
Resources expended £ (732,388) (26,722) (759,110) (67,392) (50,031) (282,189) (382,856) (782,468) (1,541,578) |
Movement in funds £ (174,623) 37,017 (137,606) (25,752) 7,994 (45,215) (5,516) (68,489) (206,095) |
|---|---|---|---|
Comparatives for movement in funds
| Unrestricted funds General fund Designated fund Restricted funds Other Projects Fixed Assets Nature Based Solutions Nature Recovery TOTAL FUNDS |
At 1.4.23 £ 199,714 1,363,603 1,563,317 81,285 1,620,997 96,193 190,603 1,989,078 3,552,395 |
Net movement in funds £ (311,571) 85,470 (226,101) (26,411) 17,796 61,243 61,152 113,780 (112,321) |
Transfers between funds £ 125,153 (78,107) 47,046 38,107 - (80,590) (4,563) (47,046) - |
At 31.3.24 £ 13,296 1,370,966 1,384,262 92,981 1,638,793 76,846 247,192 2,055,812 3,440,074 |
|---|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Designated fund Restricted funds Other Projects Fixed Assets Nature Based Solutions Nature Recovery TOTAL FUNDS |
Incoming resources £ 519,178 129,612 648,790 41,453 60,342 370,423 304,518 776,736 1,425,526 |
Resources expended £ (830,749) (44,142) (874,891) (67,864) (42,546) (309,180) (243,366) (662,956) (1,537,847) |
Movement in funds £ (311,571) 85,470 (226,101) (26,411) 17,796 61,243 61,152 113,780 (112,321) |
|---|---|---|---|
Page 21
continued...
Docusign Envelope ID: 53993087-6878-466D-8641-9509BDD5C5B4
Gwent Wildlife Trust Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
19. Movement in funds - continued
Funds descriptions
Nature recovery:
Area of Outstanding Natural Beauty (AONB)(NNF AONB, Restoring the Wern); National Lottery Heritage Fund (NLHF) (Nature Networks Fund, NNF2, NNF3, NNF3 Wentloog Water Voles); Natural Resources Wales (NRW) (NRW Section 16 Agreement); Vp plc (White Tailed Sea Eagles); Wales Council for Voluntary Action (WCVA) (Causing a Buzz, WCVA Landfill Henllys Bog); Bridewell Appeal; RSWT Strategic Fund; Piercefield Wood
Nature Based Solutions
National Lottery Community Fund (NLCF) (Climate Action Fund); National Lottery Heritage Fund (NLHF) (Team Wilder, Wild Health Project); Natural Resources Wales (NRW) (Resilient Communities, Coastal Communities); The Swire Charitable Trust (NBS Freshwater); CaSTCo (NBS Freshwater); Caerphilly County Borough Council and Cambium Sustainable (Forest Schools Training).
Other Projects
National Lottery Heritage Fund (NLHF) (All Wales Digital); Awards for All (Volunteering For Nature)
Designated
Designated funds are held in line with the Trustees Financial Reserves Policy on page 5.
Transfer of funds
Transfers have been made between restricted and unrestricted to reflect the individual projects position.
20. Employee benefit obligations
The charity operates a Group Personal Pension Scheme for all qualifying employees. The assets of the scheme are held separately from those of the Trust in an independently administered fund.
The charge to the profit or loss in respect of defined contribution schemes was £52,451 (2024: £49,186).
21. Related party disclosures
There were no related party tranactions for the year ended 31 March 2025.
This page does not form part of the statutory financial statements
Page 22