REGISTERED COMPANY NUM8ER: 00929644 IEngland and Wales) REGisfERED CMARIIY NLIAIBER: 256618 ort of the Trustee5 and Consolidaled Flnanclal statements for the Year Ended 31 March 2024 for W0rceste￿hI￿e Wlldllfe Trust Thome Widgery kcountancy Ltd Chartered Accountant5 Staruiory Auditors 2 Wyevale Buslness Park Kin85 Acre Hereford HerefordsharÈ HR4 7BS WorCeste￿h1re WiLdLife Trust Contents Of the FinarKial Statements for the Year Ended 31 March 2024 Rew)rt of the T￿￿tee$ 1tol0 Statement ol Trustees Re¥￿nsibIlitieS 11 Rerort of the IndepeThlent Awlitor5 12to14 C￿s￿lI￿ated Stateffent of Financial ktivitie5 15 c￿$011￿¥te￿ and Charity Balar*e Sheet 16 Cw5olidated Cash Flow Statewrent 17 Notes to the Cash Flow Staten*nt 18 Note5 to the Financial Statements 19to41 Worcestershire Wildlife Trust Re rt of the Trustees for the Year Ended 31 March 1024 The tW5tees wh) are a150 dirertors of the charity fry thtr purposes of the Companies Act 2C#J6* present their report with the financial stalerTEnts of the charity for the year ended 31 lknrch 2024. The trustees have adopted the provisions of Accounting and RepKJrting by Charities- StateryEnt of Recomr￿Je￿ Practice applicable to charities p￿parfn4 their accounts In accordance with the FinarKiaL ReFKJrting Standard applicab￿ fn the UK and Republic of IreLind IFRS 1021 leffective 1 January 20151. 0￿E￿rivEs AND AcfNmES Objectlves and Alms The Objects for vthich the Tn￿t is established for public benefit a￿. To a￿Va￿e. prorr¥)te and fLrther the conservat*)n and protection of Nature Re5erve5 which shall ￿ owned, maintained. or managed by the Trust. To ￿stOre. Create, stu0¥ further the conservation of piKes of z(x)iogKal. twrtanical. myrolo8ical. ecological. geologlcal. or general sdentlflc Interest. To promote, encourage and carry stuty and research for the advancen*nt of kTh)wledge in the natural sciences, to make grants or dtsnations for sL￿h purposes and to er￿Ourage and swiFM)rt the recording and publication of the useful resLblts thereof. To advance the educatlon of the p￿liC in tr* prirKiples and practices of biodiversity conservation and 5UStainable development which meets the need5 of the present witlvyjt ciJmpromi5irry ￿ ability of future generations to meet their own needs. The Trust Is one of 46 I￿pendert ￿￿aL charfjties that co-okwate across the whole of the UK and a￿ kn¢)wn as The Wildlife Trusts. The Wildlife Tntsts have agreed a shared t)evelopn*nt Strategy for 2022-2030 which identifies the collective PurFose, Mission and key prI￿ltieS. from which the Trust is kneloping a plan for itselflsee Future Plans). Our Vlsiorb Is of a thriving natural world, with our vrildlife and natural habitats playing a val￿1 roie in a¢Jdressin8 the climate and ecological emergencie5. and Fwle inspired and effwwered to take action for nature. Our Purpose Is to bring wldlife back. to emtxmtr Feople to take ￿tIOn for nature. and to cwte a s(*lety whe nature matters. To meet the Trust'5 iong-terrn objettives. annual management plans are prepared. These are approved by the Trustees together Wilh the annual bvjgetary review. shorter.term projert5 aTr also devetoped: the necessary resource5 are Identified. costs ts￿jgeled. and tirre5cales assessed. w￿re ￿leVant, professional advice will be sought. Examp(e$ of Kh projects irKlude major r￿rve acquisitions. reseTrp rnana8enRnt, ￿￿bershIp recruitment campaign5 and teryorary staff recruitment. m￿ftorIng and Review All Trust programmes and projects have defined SLKce55 criteria. and the* are reguiarty monitored, initially by key operations staff as part of working assessN*nt and thÈn by the Tntstees as part of the nmnagement ￿￿)rtIrr& process. Any shortfalls in anticipated a¢h1eVerT￿tS are investigated and lessons leame(I for future prOgra[r￿*s. ACHIEVEMENTS AND PERFORAIANCE Ch•ritable activities Nature Reserves Nature reseNes remain a core element of our consetVati￿ stratew. During the year, the Trust has purs￿ several exciting and imrx)rtant op￿rtunitIeS to acqthre lafxl adjacent to exlsting nature reseNes to create wildlife-rich habitats and sequester (art￿n to further mitigate the Trust's tyerati¢xthl cartN)n f(y)tprint. whlch are likely to come to fruitKJn durfng 2024125 when fundraising will start in eaT￿t. These acquisitions build on the recent projects at Green Fam (adjacent to nature resetvel where t*dgerow and tree planting has begun, and at Dropping Well Farm (between Kiddermin5ter, Bewdley and Stourport-on. Seveml where a sifflilar approach is being taken to create alff￿t 1C(l acres of heathland habitats. The xKcess of both projects is dependent on the support of many partners and comrnunities. All acquisitlons are consldered agalnst a rigorws set of criteria *thich ensure that where land is wrchased it will have the greatest long-tem) impact for Worcestershire's wildlife a￿1 for people. Our overall approach can be summarised as "Bigger. Beiier. Joir*d Up" Page 1 wor￿St hir Wildlif Tr st Re rt of the Tw5tees for the Year Ended 31 March 2024 ACHIEVEMENTS AND PERFORJAINCE Charltable actlvlties (COn￿nued> Wlth almost 31KQ ac￿ acro￿ the county, our reser¥es represent a majrgr asset for wildl?fe but also require a significant and grovAng commltment of Trust reg)urces to deliver a plethora of ta5k5 at nKJre than 80 sites - maintenance, conservation, infrastructure and facililie5, survey and rrK)nitoring, volunteer SLVF¥)rt, etc. A huge arrw)unt of ongoi work 15 delivered by ¥oiunteer5 and contractor5. led by our excellent team of Reserye Officers. Conservation outside our nature reserve5 Working with other landowner5 across the county is the Sec￿￿1 core element of our conservation strategy. We have continued to expand conservation activities ￿jt5lde ow reserves. This often irNol¥es working with farffers and landowner5 and is used to ¢*monstrate best practice, particularly through special projects we are nJnning to promote wild pollinators Ithrovgh a cornbination of sensitive land managewent lechniqves and the provision of nesting sites) and soil health Ithrough a long-tefm programn* of bjilding organic content and fertility vsing natwal fertilisersl. This work remains at similar levels to the prevKJu5 year and has been very busy and productive s￿h that around 40,(KO hectares lor 1CQ,Crf)O acre51, ￿PresentIng around a quarter of the county, is influe￿ed by our advisory team. Much of this increase is due to extemally funded partnership projects: Sevem Trent Water Environrr*nt Project, Natural Networks. and Water Enwironment Projects and the TreexaFeS Project for which ￿ partw with our ne￿￿tY￿ring Wildlife Trusts in Gloucestershire and Hereford5hire. We are a150 Eeading the Sevem and WJE Nature Partr*r5hip ¥thich is seeking to deli¥Er a step change in the creation of habitats acros5 ten counties constituting 11% of the land area of England and Wales. The Partnership, whTrch originated as a Wildlife Trust initiative, now involves rro5t of the other environTrental NGOS a5 partners. Our own fami lat c￿r Lower Smite Farm Headquarter51 and our natwe rvRr¥e5 Cortinue to act as demonstration sites for a variety of audiences. We a150 continue to influewKe develowrent by ersagerTErt in the plaming system and thmugh adV￿aCY work. %*cialist input into planning poli¢y and Icw5 of natw)nal and intemational iMpOrta￿e). Protecting endangered specles gxh as otters. ¢S)mKe. and butterflies. Restoring and rttreating ￿l¢ll7fe habitats on derelict agrKultural land. Campaigning to prevent damaging develOpN￿tS. Helping local authoritres, organiSati￿5. and individuals to protert and create places for the tountls wldlife, Inspirfjng thousands of Child￿n through our work with *h>Jis and other organisations, Worklng with l¢xal cornrnunitles to encourage appreciatK)n and enjoyment of our natural enwronment. Encouraging and supportirtg over volunteers involved in all aswts of our The Tru5tee5 are of the opinion that the preServat￿Tr of natural life and the prrxrotion of the stuty of natural life a intended to benefit the public generally and manyof the Nature Reserve5 rnanaged by the Charity are open to the public to visit free of charye. In assessing public ber*fit. the Trustee5 do WM)t believe that ary detriment or harm is caused by eiiher the aims or the actions of the Charity- FINANCIAL REVIEW Flnandal posltfon Revièw of the flnandal posltlon at year end Al the year end total funds amounts to £17.757,60412023: £17,637,n11- of thi5 balarKe. restricted fund5 amDunted to £8.152.811112023: £8.240.8021. At the year end £4.193.93612023: £3.895.oni of reserves were held In designated fund. The wrp)se of these funds is for use on conservation and developTent projects as part of the Trust's strategic plan. Included on the c￿501?￿ated balarKe sheet at the yearend are tangible fixed assets of E13,848,36712023: £13.729.3151 and inve5tffents of É3,382,93912023- £3,268,658). Free reserves at the year end. being total r￿erVeS ie55 any re5trirted and designated funds and fixed and investment ssets held. amounted to £503,525 deficit 12023= £416.558 deflcitl. A further C546.197 IZ023= £484.6871 wa5 held in Current assets wfithin designated funds at the year e￿1. Flnanclal effert of slgnlffjcant •¥ents Receipt of legacy incoff* in the year to be affected by ong)irf4 delays in the probate Wem. AlthoL4h Inflation fell significantly it affected the costs of W￿ured gC￿d5 and servlces. and staff ￿lary levels. Factors likely ¢0 affert future fin4ncial Perf￿nance ty po￿1 The changing nature of land manageffent pa￿t5 will rrean current grants will continue to decli￿. Membership in¢sJme has grown rThJdtstly in the year. We have a target to 5ub5tantially irKrea5e thi5 over the nexi fi years, which will depend upon overall ecoTh)mic Situatie￿ and our ability to recruit ¥tively. The Trust Is plannlng for a [￿C￿l of ty*￿ to three Jears when deficits will be accrL*d on general operational costs in order to retain the capacity and capability of the CO￿ staff UF*)n which current delfvery and futu￿ growth will depend. Dvring the year ended 31 P•Arch 2022. the trustees of the charfjty *Ere made awa￿ of a Fw)tential issue relating to tl defined ￿nefit section of the Wildlife Trust Pension Schen￿. A detailed investlgation is drav￿n4 to a close to establish the ertent to which this could reyjlt in financial liability to employers participated in that section. outcome of this process is expected to be known within the next 12.18 rrKJnths. The Tru5l has a wlty of retarning net cash reserves at a minimum Level of six [￿lnthS operating costs whKh is of the order of c81￿,000. Currently actual net figure is significantly higher. Thi5 drm not take account of any futu￿ legacy IKome which has teen in tl* range of £11XI,¢XiJ to £5CI),LX() per annum ¢Mr tl* last five y2ar5. Taking these factors into account. the ieb*l of risk to the Tr￿t as a &￿Ing concem is low but ryortsus plannlng and nitorfng y￿11 still be required. Page 4 Worcestershlre Wlldl?fe Trust Re rt of the Trustees for the Year Ended 31 March 2024 FINANCIAL REVIEW Icontlnued Principal Funding Sources Year to year, Trust income from membership Ithe incoW￿ received rTr)nthly or annually from our merthrsl, remains our most important source of incL¥ne that supports the revenue costs of the Trust. This income enables the Trust to deliver its core functiorh5. The Trust benefits from Grft Aid on membership income and other donations. which also plays a vital roie in yjpporting the Trust's artivities. The Trust benefits from gift5 left in Wilts. These legacies are added to our Conservat*)n Develtspment Fund. This Income Is rKJt used for day.to.day expenditure. and is ring fence(I for ¥)eaal pmiects as agreed by ovr Cwncil of Trustees. This includes land acqui51tion and major capital expenditure s￿h as ￿StOration and MaInten￿Ce le.g. replaCe￿￿t fencing) on nature reserve The Trust receives Basic PaY7)￿t incoffe for it5 land holdings, and Countryside Stewardship income for specific work we are undertak5ng on a range of nature reseryes. Thi5 i￿OrrE Suppo￿ the significant work required for the on8oinR mana8err*nt of our nature reserves. We receive donations. large and small. throughout the year. including in-nErrx)ry donatw)ns and donations from our al groups. These donations supr￿rt the reven￿ costs of the organisation and our general (unless made for specified wrwjsel. Charitable TnJ5t5 armj Foundati￿5 SLWrt in varying ways. SO￿ provide an annual grant for general use. others provide fundin8 for specific wrpo*s. including land acquisitifyi. The Trust h)5 ￿nefited significantly from Landfill Communities Fund operators. These organisations have supported land a¢qusitions and ongoing reserve management. The Trust ha5 received income fri)m the NatN)nal Lottery Heritage Fund which contin￿9 to be an important funder. Tly have funded a land acquisition and aSs￿lated community engagernent projects. We run an important project working with a range of faM￿rS. The Facilitation FLmd. prowtsd by Defra, supports thSs vbtal work with landowners bwnd our nature reseNes. We continl￿ to receive incorne from S¢¥em Trent Water to work with la￿OwnerS in priority catch1￿5 to irnprob* water quality. The Trust a19) benefits from trading inc¢)llr. partKuLirly thmtsgh our trading subsidiary, W.N.C.T Enterprfses Ltd where the incoff* is generated from ecological (￿SU1[al￿. bird f(￿d Sales. sales of go)d5 and commercial room hire. The Trust also generates incorre from sch(KJl visits la subs￿l$ed charge). talks and events. Flnanclal Reserves pollcy The Trustees regularly review the level of re5erve5 available Iboth unrestricted and re5trictedl Jnd have considered the balance between the need to Use 5ryne reseThes to take advantage of key opportunities tts aLfvance the work and development of the organi5ation. and to ensure that a secure finaKial base is Maintai￿1. Partly dL* to legacy income the Trust's fina￿?41 re5eThes continL*d to grow during the year. This has enabled the commencement andlor Completi￿ of several key capital projetts. nw)re of which are planned. 'Free reserves, stoc¥J at a deficit of C503,525 120Z3- £416,558 deficit) at the year eTrJ. However, a furtl*r £546, 197 12023= £484,687) was held in current assets and £3,382,93912023= £3.268.6581 was held in investments within designated funds. Of this addftional sum. the trLtstees have agreed a kX)licy that a mthimuffl of six rnnths expendlture of the ¢harfty will ￿ retained to ensure the secure financial base is maintained. Page 5 Worcestershire Wildlife Trust Re rt of the Trustees for the Year Ended 31 March 2024 FUTURE PLANS A Wild•r Worc•st•rshir•. Ihe Tmst's Devekynent Strategy covering perKrfI 2023 10 2030. based cffj a development strategy for The Wildlife Tntsts as a whole. has teen approved for impI￿ntat￿m.. Our Vbslon.. Our Mlsslon: The Strateglc Goals in The Wldlrfe TFUSts' De¥elfv Strategy we.. Nature is in recovery with abjndant. diverse vrildlife and natural processes creating wilder Land and seascapes where people and nature thrive. People a￿ taking action for nature and cllmate, ￿[ting In better decision mak?ng for the environment at both the I￿al Level and across the four nations of the UK. Nature is piawng a central and valLEd role in helping to athlre5s I￿al and global problems. Our 10-polnt plan to achieve nabjre's recovery a Wlderkntershwe". The strategy identi￿S the priorities foraction beiween 2023 and 2026 for each element of the 11Npoint plan and forwhich we shall establish a moniloring prograrnme to infrrfm ihe annu* strategy revivw prc¢ess. 1. Nature in racovery. 30% of land in w￿Very for natse ty 2030. Ensu￿ nature reserves are places where wildlife thrTVÈS. Build blgser. wilder. Connected iandseapes and townsca￿$ for wildlife and for people. l)emonstrate how restorSn8 nature can (kliver broader enviwonn*ntal and tst￿r benefits. 2. A¢tlon tty nature. One in four re(* t*iNJ adim for nalure by 2030. Develop ¢¢)mrnunication5 to be bolder and tr￿￿fOr￿HtioTrè1. InfIL￿nCe decision making to prioritise nature. Engage arvj support diverse IccaL communitie5 to lead artion for nature. Connect people ￿th nature. 3. Su$t#ining our futurn- Mtre diverwty. rywe fun(*￿. ¢arkn zewo by 2030. Continue to grow and diversify f￿}ding strearrs and other resources for tyjr woth. Ensu￿ we a￿ a VaI￿.1ed, or￿lUSive organisation, where all achieve their potentlal. Develop clear and consistent evidence.based ￿1￿les. Page 6 Worcestershire Wildlife Trust Re rt of the Tnjstees for the Year Ended 31 March 2024 STRUCTURE. GOVERNANCE AND AIANAGEMENT Governin8 dcyJth.West Wildlife Fundraising Lttl {SWWFLI, a Company whlch the Trust has invested in lo trwt n￿lbershIps. Furtlter details of related party transatt>)ns are within ￿te 24. Rlsk IAanagement The Trustees review annually Charity's prirKipal areas of operatic￿$ coverrrtg Go¥emance and Management. Operations, Financial, Environmental and External Factors, and coryllar￿e ILaw and Reguiationl, and cons6der the malor rtsks artsing in each of these areas. In addition, regular review5 of all Trust Folicies have Contin￿ during year to ensure that the Charfty malntalns gcod govemance. A BLbsiness Continuity Plan was prepared in 2019 and revbewed in 2012. Overall. the level of risk to the Charity is considered retatively low. The area5 that were Identified to ￿ of hlthest potentlal conSeq￿lCe i￿1￿. Irtystems ltiilure." hlLKh of Chartty's work depe￿J5 In 9Jme form. In 2021 a review of IT system5 and needs was un¢Jertaken. whKh has resulted in a gjbstantial wjgrade to hardware. software and Security. all of whlch SI￿ULd red￿e risk in this a￿a. Reduced profitabillty of trtKlins subsidiar￿. As retailing and seNce provision both beco[￿ more competitive, profit margins a￿ becoming squeezed. PerfonnaKe and market conditions a￿ regularly reviewed by the subsidiary board. In 2021 a new business plan was prepared for the congjltancy business, and ihe firewood operation was termirtated In 2022 as future In?￿lment requhrements could noi ￿ jusiified. Commercial lettiros are now growing. A process to review •ThJ lsjentlfy other tratjing and trmtslness CWort￿7t￿eS was initiated in 2023. Dependency on income sources." Key 50ur¢es are revie¥￿ at least annually This includes membership recwitment. land manageff*nt and project grants. ￿ents. work with ¥hc¥)is. environrrental conwltancy. and Com￿{¢1a1 lettlngs. Contingency arrangement5 to deal with th￿ iryacts have teen irylerrented, to mitigaie the financial impa wherever possible. Employment issues.- The Charity is ￿￿nsIbLe for a gJbstanUal current deficit on an histort flnal salary pension scheff*. ContriLxJtions a￿ txbing made through a ten-year recovery plan designed to redLKe the deficit and the trustees have Set aside a 5urn frtjffl its reserve5 to cover the current deficit total. With irKrea5ing number5 Of staff. the Charity is rn0￿ eXlv￿ to ￿tentIaL disputes and the challenges of recruiting and retaining staff. To mitigate these risks, professional HR advisots a￿ employed to provide support in this a￿a, and the ternis and conditTons of staff are reviewed on a regular basi5. All staff have r¥Jw settle(l into a hybrid working reginE. Page 7 Worce5tershirÈ Wildlife Trust ort of the Trustees for the Year Ended 31 March 2024 STRUCTURE. GOVERNANCE AND AiANAGEMENT Icwtlnued Volunteers are vital to every aspect of the Charity's MNk. but tl* age profile of those ￿lUnteerS means that there Is an urgent need to attract and retain younger volunteers. SirKe 2017 tl* Charity has employed a Volunteer Development Officer to tackie this challenge. Recruitment over the last 12 months has resulted in a larger and IT￿e diverse pc<)l of al￿￿$t SCO volunteers. Chonses to yovernment policy. The C￿seqUenceS of 8rexit Land managenrnt wliry and land manageTh*nt grants will affect our own land (managed as nature reserves) and our work with private landowrers. The Trust has contributed to national a￿V￿acY work that seeks to inflL*nce futurè pvliry and f￿dIng and has ffK)bilised public support in govemrrent consultations. Whilst the impatts are some years in the future the Charity continues to ic(Jk at alterrtalive funding models for land rnanagen￿nt. Compliance with changing legislati1￿.. This partlcuL)rly applies to the new General Data Protection Regulation. Policles and protocols to look at futu￿ arrangenrnts and needs in order to rninirni5e risk in this area are kept under annual review. Policies and procedu￿ Safeguarding are t*in8 further reviewed and updated. A voluntary statement on Human Trnffrckirtg and l+b)dern Slavery is in place. Subsldlary Undertaklng The Charfty wholly owns W.N.C.T. Enttrpfise5 Limited. J cornpany IrKor￿rated in England aThJ Wales. W.N.C.T. Enterprlses Limited perfornis vrildlife ¢onwLt3n¢y seM¢e5, arranges the hiring of rcoms at Lower Srnite Farni and sells woodland projects and other merchandise. During the year the company made a profil of £50.883 12023: profit of £80.0141, of whKh wofit £49,542 120Z3: £78.4431 wis given by way of a deed of covenant to the Charfty. Page 8 tershlre Wildile.T of the Trustees Year Ended 31 March 2024 REFERENCE AND AD￿NIsTRATNE ￿AlLs Reglstered Comparvj number CQ929644 (Enyland and Wale51 Reg15tered Charity nunthr 256618 Lower Srnite Farm Smlte Hlll Hindlip Worcester WR3 8SZ REFERÉNCE AND ADMINISTrATIVE DETAILS Trustees C J Tlpping D J Mortiboy5 Prof G R l•artin R J GI(1ff￿r J 8iak15ton Mr G H Green Dr P R Holrrts htr M D Need*¥m M65s S D Ywng ch￿"r of CowKil Vke Chair of Vlce Chalrn)•) IReslgn*J 11 October 20231 IR￿.￿￿ 11 OLtober 2￿3> r PJ Scriven Mr C J N Greerwnlth Mr A Forecast l•¥$ M P Glldea l•x T C C Meikie 10*5 Cartle Pawiey Mr W•Jir IArv*lnted 16 (ktithr 20231 (Apwnted 16 Octoter 20231 The directors of the tha￿table ctynpany lthe cha￿ty) are lis Tnrtees f(r the pwpxe5 of c￿rity law arhj thiowhoui thls reprrt are cdlectively refewred to ￿ the tI￿tee$. The Charity is limSLed by guarantee and does Mi have￿ i5yjed Sh￿ c4>itaL. There i5therefore M beneficlal interest to dls(Ii>se for the above thr￿tOrS. rertor of Oper4iion5 C A Raven R J GILimor lrfeT rt of the Trustee5 for th 31 2024 REFEPENCE AND AWNISTrATNE ￿AlLs l¢tyttrM￿d) Audltor5 Thrxne Widgery kc¢M￿cY Ltd Chartered Accwntants Statutory Audittr3 2 Wyewale Park King5 kre Herelord Hereford5hire HR4 7BS Sdl¢ftot5 Hallmath Whatley tr￿me 3. 4 & 5 San50mt Place Wortester WR1 IVQ Bankers Lloyd5 TSB PIC 112 H*h Street Bromsgrove B618EZ Stockbrok*r5 canaCc￿￿ Sa8gar House Princes Dn¥e Wrrres*r WRI 2PG AuD￿aR$ The audltors. Th￿ Widgery *£cwnt•ncy Ltd. WAI be wor#)sed fLY re-a￿v￿￿1n￿Trt at the ffsthcoming Imnual General hlftting. 1}10812021tr- Approved by order of the toard of tr￿tee5 ￿....... .. arn15v4ned ￿ ils behalf by: C J.T(ppln Page 10 'IdilfèTnJst f the Year Ended 31 IAarch 20Z4 re5F#Jnsible lor preparing the fter*xt of the Tn￿tee5 and the financial 5taternents kn acc¢ydance wfth applKabie law ar￿ United Klligd￿n k(<￿￿¢￿￿￿ St￿MIa￿d5 Ilknited Generally AccEptEd Accowting Practice). Compafiy law reojlres tP* tr￿lee% LO flnarKlal sEaleM￿ lor eath fkn*Kial >tar Efve a irue and fafr of the state of affair5 ol the thafjtable ct•))pary ol the ￿£¥nIng restyjrces aThJ aPFlicaticfi of re5wrces. IKludin8 the kncome *)d expwK16ture. of wp and ¢harft*Ae cwwyfty thaiperifyj. kn ￿epa￿r￿ thD5pflnawal Select 5uitsble xcountinq ￿￿1cleS and awly them c(ffjst5tendy: make judynents and estlmales that ¥e feas￿th wudÈrtt: prepate the financial rtaterf￿ts ￿ the i0lrwJ basls It ts kn•Fwwlate to weyme th•t tl*. . ch#rltalAe compory trxN"ness: rtate ¥Athr awicabie UK $18Thlards t4%t f(dlryAEd. Y￿leCt th •y mèterlal deparn thscksed and exFlakned In the ￿rtial staieinenl The tnrtees ￿ re5P075ibie fw keew"r¥d ￿Ct￿lI￿re(Wds wfth reascffith acojracy ai tlme flnandol of the (PAritibi¢ comp4Thy lo enable theffl to er&xe that the flnorKlal stater[￿ts comFIy wlth the CompaniesAct ICU. Tryare ¥so revn￿ble lar safWr¢j￿4 the&￿ts0[tr￿(h￿irabIe(tyyv¥)y•rtd herte for taklng reaso1￿le 5tep5 f￿11* ye¥rtifyi ￿ detec1￿ of fraL*J aThJ ¢thr irregularities. ITh so far as the uustees ¥e a¥Afe: there Ts rn relevarst InfLmatkn of whkh the thtrft*lÈ arE unawave. wwj the trLStee5 have tsken ail stw that tw tyJght w ha%* iaken tom&le ¥*are ofany ￿levant fonrtation and to eXaNi5h that the *KIiu¥5 ￿ aware of that Inf￿at(on. 71.o811021fr............. Thd slsrwd w Its behnlf by: C J Tippin Page 11 Re ort of the Ind ndent A￿17th to ￿)knber5 of worcestershi￿ Wildlrfe Tntst Oplnlon We haye al￿fted flnarKtal state￿￿ts of WOr¢aterShl￿ Wlldllfe Tntst (the.pa￿t companfl and Its subsldlarfes {the 'qroup'l for the year ended 311Oarch ZOZ4 vthich compr1* the Consolklated Statement of Financlal Actmtfes. the Consolidated Balance ￿t, Charity Balance Sheet and ￿ Cash Flow statement and notes to the finarKial statements, including a 5unwrtary of slgnlflcant accounth% ￿￿1Cles. The financial re￿rtIng frdmewrjrk that has i*en applled in their preparatlon Is a￿lcable law a￿j United ketyrting StaThJards Iunlted KIngd￿ Generally cepted ACCO￿tthg Practtcel. lfi our opinion the financial staternents: Ive a true and fair view of the state of the 8foLW aThJ charitable co￿$ affair5 as at 31 March 2024 and of Its Incomlng resources and appiicatim of reyjwces. incl￿dIng Tts income and ex￿lture. for the year then ended: have tttn property prepared In KCorda￿e wlth United Kingjom (*nerally Accepted ACCO￿tIng Practice", and . have tr*en prepared In aC￿dan￿ vrtth the requlrements of the Conynies kt ZCIJ6. easls for oplnlon We condLt¢ted our *h1it in accordance wbth Internatb)nal StaThJard5 C￿ A￿lIt￿g IUKI I1￿ IUKII and applicable law. ()Jr responslbllotles under th1￿ stsrhjards I￿ further d￿(ribed in tIE A￿lItors. re5PY15ibilitie5 for the audit of the financial staternents sectty)n of our reFxJrL We are of group aThJ chawitable compary in aCCord4￿e the ethfcal reqLtlren*nts that are relevant to ¢JJr audii of ihe finantial ttaten￿ fn the UK, Including the FRC'S Ethkal Standard, aTrJ we have fulfilled ow other ethKal resF*y￿ibIlit•eS ITr accordan￿ wlth these rewrements. We believe that tlp audit evidw ￿ habt oirtained 15 gjffident approprlate to prrwfde a basis cojr oplnton. CorKluslons relatlni to concern In auditifig the fina￿la1 staternents, we ha￿ C(KK1tK￿ thattrE Instee5 ￿￿Of the p)ingctxern bas5sof a¢coLrt5ng in the p￿paratIOn of the finarKfial stattJ)ients ts aFvopilate. Based on the work we have perfor1￿. have fdentlfled Jry materfal wKertainties ￿latIft4 to e￿its or conditions that, Indmdvally or coilettivety, cast signrfieant dC&￿t on the gro￿ and charllabie company's ability to continue as a golng corKem for a pprlod of at Least t*￿Ve rronths fn)m the fina￿al statemerbts art I￿Sed for issue. Our re¥)onsibllitles and the restx)rthbllltfes of the trustees rvapect to g)ingc(¥Kem are dexrlbed In rpLevant sections of thls rep)rt. The trustees are resp)nslble for the other Inlonnatton. The other Inlom)atp￿ conyise5 the inforTht?on fnclLbJed In tre ImnuaL Retmyt. other than the finartlal statements arKI our Report of the Irthpendent Audltors thereon. thjr opinion on the finarKial ststemit5 thes not cover the 0￿r inlonnattw and. except to the extert otheThYl* expllcltly stated In our rem. ￿ do Thjt expre55 any fonn of a5surarKe co￿lusI￿ thewn. In c¢nne¢tl¢ffi wbth ow aud7t of ￿ financiaL 5￿t￿￿5. oJr re¥w6bbility ts to read ttr* other inf¢mnatw)n and, In dolng g). consider whet￿r the other InformatloD 15 materlaily Incons(stent wlth the Ilnancial siatemtnts or our kTr)wiedge obtained in the audlt ￿ oiherwr5e a￿earS to t* materlally mlsstated. If identify 5LKh materlal incorbslstencSes orappamt rnate￿l rnisstateft￿ts. * a￿ wu1￿0 to ¢JetermlnE *l*therthi5 wves rise to a rrthterlal misstatement In financial llaterf*nts t￿￿SeL￿*S. If. based ¢)n the work ￿ have pwfornRd. ￿ CO￿l￿de that the￿ ts a materfal mlsrtateffenr of thts other Infmtkn. are requtred to rem that fact. We have nothin8 to port In thls regard. In our opinion, based OTh the %4Y)rk undertaken in the £￿Ts￿ of the audit: the lTrformatk)n gfven In the Rewrt of tIE Tntstees for ￿ fIn￿￿la1 star for the finarThil xatements are prepa￿d Ss conslstent ￿th the flnancfjal xaterwts; and the Rep)rt of the Trustees has been p￿a￿d In accordan￿ wlth appikable Legal ￿Ulre￿Ats. 10Atters on whlth we are required to report by exceptilnt￿f sale costs. Other stock is stated at the Lower of cost and net ￿aliSable val￿. Debtors Trade and other debtor5 are recognlsed at settlerrent amount due after any trade diSco￿t offered. Prepayffents a￿ valued at arrnunt prepaid net of any trade discounts due. Cash at bank and In hand Cash at bank and cash in hand in¢lLKles ¢ash and S￿)rt te￿ highly Liquid inve5tffents with a short maturlty of three rnonth5 or le$5 from the date of acqui51tiort or opening of the deposit or similar account. Creditor5 and pro￿ST1)N$ Creditors and proMsb)ns are ￿ognISed the charity has • present obligation ￿￿[tIng from a past event that will probably result in the transfer of funds to a third party and the anY)unt due to settle the obligation can be measured or ertlmated reliably. Creditors and provisfjons a￿ nom)ally recognised at thelr settlement anx)unt •fter allowfjrq for any trade dlscounts due. Paffe 20 Worcester5hlre WILdlife Trust Notes to the Finartclal Statements - contin for the Year Ended 31 March 2024 ACCOUNTING POUCIES- cortinwl Hlre purchase ar￿ leasing commitrnents Rentals paid under operating leases are charged to the profit and loss Kcount a5 Irturred. Taxatlon No Corporation Tax is charge(1 in the accounts of Worcestershire Wildlife Trusi due to the tharitable status of the Company. In athition, there is a deed of covenant ?n place, which enables W.N.C.T. Enterprises Limited to covenant its taxable profits to tl* Charity. Fund accounts Unrestricted funds can be used in accordance with the charitable obleitives at the discretion of the trustees. Restricted can only be Lsed for partlcular restricted purF¥)ses vrrithin the objects of the charity. Re5trictlons arise when specified by ihe dcmr or when funds are raised for particular ￿$tricted purposes. Further explanatksn of the nature and wrtthe of each fund 15 Ir￿lL￿ded in the r￿•teS to the financial statements. pe￿lon costs and other poSt.retIr•Th￿t beneffts The Charity operates a defined benefit pension scheme. *thich 15 part of a multi-ew￿l1oYer scherre and the assets are held separately from those of the charity in separate trustee adrniniste￿d funds. Pension Kheme assets are n￿aSured at fair value and liabilities are meagjred an actuarial basis Lsing the projected unit credit ￿thod and discounted at a rate equivalent to the current rate of retum on a high quality corpwate bond of equivalent term and currency to the liab?l?ties. The charged to operat?n8 surplus are the current 5ervr¢è costs and the costs of scheme introduttions, benefit changes. settleryEnts and curtailments. They are included a5 part of staff costs as incur￿. Nei interett on the defined benefit liabilitylasset is also recogni5ed In the Statement of Flnancial Actiwiies and comprises the interest cosi on the defined benefit obligation and interest incorre on the scheme assets, calculated by multiplying the fair valtje of the 5cherre assets at the beginnin8 of the k*riod by the rate used to discount the t￿efit obligations. The difference between the interest inttsrne on the scheme assets and the actual retum on the scheme assets 15 reco¥ni*d In other recogni5ed 4alns aftd L¢)sses. Actuarial gain5 and 105¥e5 a￿ recogni5ed iffffiediately in other recog)ised gain5 and losses. Further details are included in the notes to the fIna￿la1 statefflents. No new employees are eligible to join deffined benefit scheffe. Goins concern Refer to the reports of the trustee for Snforn)ation regarding the charity's res[*)n￿ to the current economic climate and its affect on the charity. This highlights the trustees. belief that the charity vrill be a going corKem for the foreseeable future. Page 21 Worcestershire Wildlife Tntst Notes to the Financial StaterTrents - contfjn for the Year Ended 31 March 2024 DONATIONS AND LE&4CIES 31.3.24 31.03.23 Restrkted Fund Oiher Donatlons Received Grants 3.260 48.118 619.025 36,034 DesTgnated Legacies Received Other Donation5 Received Grants 354,468 .224,982 5,6n 13.773 Unrestrirted Fund Membership giving Gift aid Other Donations Received Grants 717.360 164.307 71,630 687,978 156,142 7Z,378 1.359,143 1,821,402 Grants recelved, included In the atove. art as foll* 31.03.14 31.03.23 Re5trfrted Fwnd National Heritage 48.118 36.034 Desi￿ated wcc JEC ELectrlcal- Ozthf Grant 3,023 10,750 Unr•strlrted Fund wwc Other < £1,1JXI 4.668 750 Total grant incoffe Page 2Z worcestershi￿ Wilolife Tnffjt Notes to the Financial Statements - C￿tinUed for the Year Ended 31 March 2024 OTHER TRADING AcnvmES 31.3.Z4 31.3.23 W.N.C.T. Enterprises Ltd Timber sales Sundry Incorr 179,919 34,024 9,345 276.733 67,764 8,148 223.288 352.645 £Nil12023'. £Nill of Trading income in 2024 ￿lateS to restricted fund5, £2,646 relates to designated funds12023: £Nill and the remaining balance of other tradiTrJ actiwties £220,64112023- £352,645) is unrestricted. INVESTMENT INCOME 31.3.24 31.3.23 Income fmm Stc(k Exchange Investments . UK 103.14) 83.475 103,140 Ail of the figtjres included in the current perkrfl and C￿parati￿ relate to unre5trKted fLKMts. INCOAIE FROM CHARITABLE ACTNm£s 31.3.24 31.3.23 Artivity Land hlanagement Grants Education & Communlcatlon Wider C(wntThside 368,799 79.1n 313.397 136.025 166.666 820,564 616.088 See the Statement of FIna￿L A£tfvtties for the split between fund5. OTHER INCO1• 31.3.24 31.3.23 Wider C￿ntry51de Team Incon Rent Received 30.763 29.235 13,534 44.219 Ir*luded within current year figures. £1.351 relates to ￿Stricted funds and £4,¢xLI relate5 to designated funds. All of the figure5 inCi￿Jed in the clxnparatives relaie to Un￿tricted funds. Page 23 Worcestershire Iyildlife Trv5t Notes to the Financial State￿￿TrI$ - continued for the Year Ended 31 March 2024 RAISING FUNDS Ralslng donatlons and lèga 31.3.24 31.3.23 Staff costs Repair5 and maintenance membership publi¢atlon5 Membership recrultment Membershlp costs Fundraising and marketlng General office costs Depreciation 170. 66,134 64,4% 140,841 15.604 28.436 57,544 12.445 152.912 79.002 66,553 150,180 16,728 19.567 52.749 562 870 31.3.24 31.3.23 Portfollo managernent 19,401 16,483 W.N.C.T. Enterprises Ltd 141 667 2C6.018 A88regate atrthints 717 558 785 371 £96412023.. £9641 of ijepreciation. £19,4)1 12023- £16,483) of ￿rt[ollO ManageTh￿nt and (41,68812023: £43,138} other costs in ZOZ4 relates to designated fund5. E89 120Z3- £4401 of depreciation relates to restricted fund5. The remaining balance for raising fund5 of £593.013 12023= t724,3461 is unre5trtcted. Page 24 Worcestershire Wildlife Trust Notes to the Financlal Statements- (￿tInued for the Year Ended 31 hlarch 2024 CHARITABLE ACTpimES COSTS Direct costs SwJkX)rt ¢osts (See note 91 Tota Education & Communicat*)n Wider Countryside Reserves 363,177 401.306 3.235 366,412 401,306 1.071,024 22.341 1,813.166 1 838 742 See the Statefr*nt of Financial ktivities for the aiM)NP split between f￿d> ANALYSIS OF TOTAL EXPENI)IlliRE Auditor5 remun. erati Staff costs Other osts 31.3.24 Depn Raising funds Investment management costs W.N.C.T Enterprises Ltd Charitable activities 170.991 1Z.445 373,054 19,401 556,490 19.401 82,856 1 027.242 652 1,650 56,509 804,934 141.667 1 B38 742 1 281.089 13.097 8.216 1,253 898 Z 556 3Q) SUPPORT CO Charitable £tiv6ties Governance Costs Ralsing Funds 31.3.24 31.3.23 Administration staff wages General office expenses 19,405 42.052 134.226 3.Z35 9.591 64,692 201.361 7Z,907 139,664 176 278 12.826 266.053 212 571 SupFQrt costs are allocated on a percentage ba515 between the actI￿tIeS of the charity. This methc¥Jology is rewewed annually to ensure its continL*d apprcpriater*ss. 10. NET IIKOMEIIEXPENDfFURE) Net consolidated i￿￿￿/(ex￿ndit￿￿I 15 Stated after chargingllcrethtingl: 31.3.24 31.3.23 Auditor5. remuneration Depreciation . owned assets Operating Leases 8.216 13,096 8,140 25,407 Excluding the acti￿tIeS of the subsidiary, W.N.C.T. Enterprises Limited, The Charity ha5 an individual sufplus in f￿dS for the year before gafnslllossesl ￿ investrr*nts of1£7.287112023.' £599.9581. Page 25 Worcestershire Wildlife Trust Notes to the Financial Statements - ¢ontinL*d for the Year Ended 31 March 2024 TRUSTEES. REMUNERATfoN AND 8ENEFrrs There were no tru5tees' reM￿rat1￿ or other b￿rits for the year ended 31 March 2024 rw for the year ended 31 hllfch 2023. Trustees. expenses Expen5e5 of É1,711 12023.. £1381 were paid to 3 trustees (2023: 3 Tru5teesl. These exFenses are in relation to mileage and reimt*Jr5ernits. 12. ￿AFF cosrs 31.3.24 31.3.23 Wages and salaries Social security costs Other pension costs 972,218 86,221 139 783 882,739 68,4(Q 1,198 232 1075 934 The ab)ve stated F*nsion costs IrKI￿le pension deficit paYff￿ts of £51.55912023: £50.0551. GROUP 31.3.24 31.3.23 Wages and salaries Social security costs Other pensi￿ Costs 1,041,753 92,369 944.413 74,558 131 568 1,150,539 The atb 9]1rfnt￿ WoDd RaWtIn￿ Droppirpg Weil fa Gveen Fa 30.(XlO 28,2011 197.9 416,058 1gB.330 7.902 416.658 at Weyi•arw fann 7 669 174 7 669.174 Page 36 Worcestershire Wildlife Tntst Notes to the Financial Statements- contin for the Year Ended 31 March 2024 22. IAOVEMENT IN FUNDS- continued Gafrfj1105S CI051ng Balance at on Balance at 01.04.21ll3 IKome E¥4>￿￿￿tUre Invéstments Transfers 31.03.2024 ei Funds dlaThJ J Mr & Clak Erw of Offkws funded by STW En¥J of OffKers funded by ESIF Dropplng wdi Fami Cdivery thasè 10.955 0 121.690 15,619 10,818 1.351 160 10,955 121.691 15.620 4t.044 321,716 296.490 2,051 Land at Gr￿lFarTh, Adiac￿l to Green Farm detivery woi&t Ffelds at lknmsleymanor Fam Wllder Worcestef5hlre GRCF 86,952 31.3W . 73,213 47.956 24.990 38.715 31.971 51.an 47,706 36,643 37.670 51.704 38.514 31.970 53.915 121.2421 Nextdow Mature 2,ng 931 19321 19631 Natural Nètwortrs v2 NÈfjghbourbc¥x15 ￿rtUr￿￿4 Natw* LSF Vlsltor Facilltv lffyovements 14851 134ZI 15251 58,332 1450 17501 342 98.153 98.678 S￿er￿ Vtye Project Doye Tree Farm Fields Trenth Fann fre¢ds 105,5L 47.168 450 750 546 0&3 542 245 612 607 297 452 424 8 215 25T $42.245 8 121.598 Re5tdcted ful￿ eUmlTrated on con501idatkn 25.544 5.658 31.202 •.240.IWI 542.245 606.949 - 13.297 8.1¥1.th) Gwen Finch Otter Reserve is for the creation and restoration of a large wetland on ￿ River Avon. Hunthouse Wttsj . fiwKJ 15 for sptcificalty apwoved projects on this reserve. PeN)rchar¢J - fund is for swcifically approyed proje¢ts on this reserve. Hlll Court Fami . fund Is for the creation and maintenance of this wetland reseTVe. Lower Smite Farm - fund is for the creation anil maintenar￿e of the E￿￿170￿ Centre and anrill•ry bvildlngs. s[￿la1 projects - the specSal pmlects fund is for the delivery of a w6de range of projects, often ￿ nature reserve$, uslng a variety of ￿tricted income sources. Woodlands . donation in mertw of Mr and Ilés Clarke to be u￿r srecifKally for hrying a reserve whlch with thelr familys approval. We have not been able to fulfil this criteria to date. Various re5erves- either gifted to the trust with restiittions attached or bwght from donatS0ft5 and funds ratsed for a restricted purp￿. Ail acquired in line with the Trnst's objectives. to advance. pronv)te and further the consetvation and protection of Nature Resefves which shall be owned. maintained or managed by the TrusL,' to St￿lY and further the conservation. ￿toratIOn and creatlon of pla(e5 of nattjral beauty. zwlogical. tK)tanical. ecological, geological. or general Scientific interest. and io proff￿1e. erKourage aThd carry Stu￿ and research for the advancement of k￿WLedBe In the natural sciences. Transfers between fl￿d% Transfers between fund5 have been made in the year to reflect the Correct p)sitions on special projects. Page 37 Worcestershire W?Idlrfe Trust Notes to the Fina￿la[ Statefrents - continued for the Year Ended 31 March 2024 23. EMPLOYEE BENEFIT OBLIGATIONS The folk>wing employer5 are the sponsoring employer5 of a defined benefit penslon 15abilities held in the Scherr In the UK, which provides retT￿rrent benefits based on members, salaries when they left ernp10￿ent. Further Employer5 may have defined contrityrtion benefits heid within the Scheme, txrt thest Employer5 are not shown here. Be(jfordShi￿. Cambrfdgethire, Northamptonshire Wildlife TrLtst Derbyshire Wildlife Trust Essex Wildlife Trust Gloucestershire Wildlife Tntst Lancashire Wildlife Trust Leicestershire and Rutland WILdllfe Trust Leicestershi￿ Wildlife Isales) Ltd Lincolnshire Wildlife Tntst Nottinghamshire Wildllfe Tr Scoitish Wildlife Trust Sheffield and Rothetham WILdlife Tntst The Green Estate Ltd Sussex Wildlife Tntst Rs%￿ Wildlrfe Trust worcestershi￿ Wildlife Trust W.N.C.T Enterprfses Ltd The assets ol the Scheme are Ipld in a Warately admini5tere(I fwKI and Scherne is administered by the Trustees lindependent of the Empityersl who are res&xMsible for ensuring that the Scheme is SLrfficiently funded to meet current and future obligations. kkn*ever. the a55ets Liabilities are not segregated between the Employers. The Ilabllltfes set out in this note have been calculate(I based on the preliminary re5uIt5 of the full khew Fundlng Assessff*nt as at 1 Aprfl 2022. updated to 31 2024. The present Val￿ of the defined beneflt obligation was Mea9j￿ uslng the projetted unTt credit ff*ttw)d. The Employers have agreed a funding plan with the Tntstees. whereby contrfjbLrtions are made into the kher in order to rerTKJve the fuThling deflcit based on each Employer's share of the total kheme liabiLitie5. calculated by the Scheme l£iuary as at the rrKJst recent Scheme Funding Assessment (currently. 1 April 20221. The disc105ures set below are based ￿ calculations carrled as at 31 IIArch 2024 by an fndependent qualifTed artuary. Page 38 Worcestershire Wildllfe Tnjst Notes to the Financial Statements - Cortin for the Year Ended 31 March 2014 EIAPLOYEE BENEFIT OBU&ITIONS- continued The ￿uLts of the calculations and the a$5unwtkns a(fv)pted are th)wn below. Ail figLres in the disclosures are ty￿ted to the wrest £1 Lffiless othew5e stated. The recognised in tre Statement of Financial l£tiwtie5 are as follows: Oefined beneflt Fen5ion plan5 31.3.24 31.3.23 Current Service c05t Net inte￿t from net def￿￿d te￿it assetlliability Past semce cost 12.7201 12,7141 2.714 Actual retum on pian assets 20.8081 219.955 Changes In the wesent Val￿ of the defi￿ tenefit obligathyh are as follows: Defined benefit pension pian5 31.3.24 31.3.23 Opening defined t*nefit obligatic Interest cost Actuarial lossesllgainsl Benefits paid Almlnistration expenses 844.499 38,431 2.553 144.9361 987,142 25,264 1133,707) 167,959} 33,759 840.547 844,499 Changes in the fair value of scheme assets are as foiio¥ts: Defirned benefit pension plans 31.3.14 31.3.23 l)penin8 fair valuE of 5cheft￿ assets C¢JntributTons by employer Expected return tuarial gainslliows) Berefit5 paid Administration expenses 844,499 53,450 20,8081 35,941 144,9361 127.5991 1,080.522 51.891 27.978 1247.9331 167,9591 840.547 The arTh)￿ts reCOgn￿ed in other recognised gains and losses are as folLow5.' Defirned benefit pension pLans 31.3.Z4 31.3.23 tuarial 8ainsll105sesl Page 39 WorcestershTre Wildlife Trust Notes lo the Financial Statements - continued for the Year Ended 31 lknrch 2024 23. EMPLOYEE BENEFIT OBLIGATIONS- contlDL*ql The major categories of scheme a$￿ts as a Fwcentage of total scheme assets are a5 follows". Deflned benefit )slon plans 31.3.23 37.3.24 UK Equltles Ovefseas Equities Dlverslfied Growth Funds UK Government Fixed Interest B UK G)vemment lThJex Linked Bon UK Co￿rate Bonds Property Cash 25.1 24.6% 11X 7.5% 15.7% 30.1% 2.8% 1.2% 18.1% 34.0% 3% 100.IXX The pension scheme has not In￿sted in any of Worcestershire Wildlrfe Trust & W.N.C.T Enterprises Ltd's own flnancial Instrun*nts. nor in Properties or other assets l￿ed by Worcestershlre Wlldllfe Tn￿ & W.N.C.T Enterprises Ltd. The assets a￿ all qwted in ￿tIVe markets. pri￿fPaI actuarial assunwions at the Baiarte Sheet date {expressed as vrtighted averagesl." 31.3.24 31.3.23 Discount rate Future salary In¢￿aSt$ Future Fen5ion increases 4.85% 4.68% 3.42% 2.70% 2.75% At31 March 2024 22.3 23.6 24.8 26.2 At31 l*larch 2023 22.5 25.0 23.8 26.4 Llfe expectw of a mate aged 65 at the Baiatte Sheet Date Life expectancy of a male aged 65 in 20 years from the Bala￿e Sheet date Life expectancy of a female aged 65 at the Bala￿e Sheet Date Life expectancy of a female aged 65 in 20 Yea￿ from the Balar￿e Sheet Date At 31 1&4rch 2024 At 31 l•tsrch 2023 Rate of increase to pen5Towrs in p￿rt. Fixed 5% pa RPI max 5% pa 4.85% 3.20% hknrtality {befO￿ and after ￿l￿￿ntI Ilales: %% of $3PA Females: 95% of S3PA CMI_2022 with a long term rate of improveff*nts of 1.25% pa. Initial addition to rnortality iThyroveffents of 0.5% Males= 96% of 53PA females= 95% of S3PA CMI_2021 ￿th a long tem rate of improverr*nts of 1.25% pa; Initial additron to ￿￿rtalitY iMprove￿EntS of 0.5% Cash commutation A•emter5 as5un*d to take 25% of their pension as tax-free cash, subject to Hl+lRC ￿triCtIOnS, using cash coThnutation factor5 currently in force. lembers assumed to take 25% of their pension a5 tax-free cash, subject tg HMRC ￿trictiOnS, Using cash commutatton factors Currently In force. estershire Wildlife Trust Notes to the Financlal Statements- continL for the Year Ended 31 March 2024 24. COIITINGENT UABILrriES The charity participate5 in and is the pr¥Kipal empioyerof the Wildlife Trusts Pension khe￿, a multi-employer pension scheme. as described in Plote 23. thjring the year ended 31 March 1022. the Trustees of the charity were made aware of a potential issue relating lo the defined berefil section of the Scherre. A detailed investigation is currently undeTrrfay to establtsh the extent to which this could result in financial liability to Rswf and other participating employers. As It is not wjssible to reliably estimate the value of any ￿tentIaL liability, no provision has been made for this in the financial statefflents above the setting aside of a designated fL￿d to cover the net present value of the deficit recovery payTrthts which R51￿ c0ntinlk￿ to make on an ongoing basis las described in Note 231. 25. RELATED PARTY DISCLOSURES The Tnjst is affiliated to The Royal S￿ietY0f WildlrfeTrusts (Rswfi. a wistered Charity that acts as an umbrella group for cc¥Jniy wildlife trusts, and pmwdes assisiarKe and co-ordination of aCtI￿LieS and campaigntng at a UK level. An annual contribution is payable to Rs￿￿. incIL￿ed within Charitable expenditure, amounting to £48,87012023: £46,2C(11. The Trust also wrchased publications and other sundries from the RS￿￿ amounting to £18,76012023'. £16,149). The Trust also made sales to Rs¥￿ of £4.47712023: £3,378). At the year end there was a balance of £531 IZ023: £3,354) to R51￿. South West Wildlife Fundraising Ltd ISVThIFLI, a company which the Trust ha5 invested in to boost membership recruitment and has an employee on the Board, M Perry. The Trust paid £130,114 12023: £151.9631 to SWWFL for services in the year and there was a baiarKe to SWWFL of £Mil 12023: £Nill at the year end. The Worcester Biological Records Centre IWBRCI is a separate legal entity operattrry on the Tru5t'5 Site. G H Green, Trustee of the Tru5l, Tr5 alx) a trust￿ of WBRC.. Durirvg the year the WBRC paid w￿￿ rent of 11,CMX) 12023.. É1,(KX)l and wy￿ paid WBRC £10,YJO 12023: É11,fA)i the majority of which was for an SLL At the year end, £250 12023= C2501 wa5 due to the Trust and E2,6Z5 IZ023= £2.6251 was ￿Yable by the tnjst. W.N.C.T Enterprises paid WBRC £Nil 12023: £2,4(Ql during the ypar whhch was for an SLA, the￿ was no balance due at the year end. All connected transactfv)ns c(cwred at ann's ltyh. Page 41