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2021-03-31-accounts

Registered number: 00695346 Charity number: 262777

SUFFOLK WILDLIFE TRUST LIMITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

SUFFOLK WILDLIFE TRUST LIMITED

CONTENTS

Page
Reference and administrative details of the Trust, its Trustees and advisers 1
Trustees' report 2 - 15
Independent auditors' report on the financial statements 16 - 19
Consolidated statement of financial activities 20
Consolidated balance sheet 21 - 22
Trust balance sheet 23
Consolidated statement of cash flows 24
Notes to the financial statements 25 - 50

SUFFOLK WILDLIFE TRUST LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS OF THE TRUST, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021

Trustees Nigel Farthing, Chair
Stephanie Jones
Pip Goodwin (resigned 24 October 2020)
Simon Roberts (resigned 24 October 2020)
James Alexander, Honorary Treasurer
David Alborough
Anna Saltmarsh
Philip Newton
Susan Hooton
Joan Hardingham (appointed 24 October 2020)
Robyn Llewellyn (appointed 24 October 2020)
Timothy Woodward (appointed 24 October 2020)
James Hollands (appointed 19 November 2020)
Calum Thomson (appointed 19 November 2020)
Company registered
number
00695346
Charity registered
number
262777
Registered office
Brooke House
The Green
Ashbocking
Ipswich
Suffolk
IP6 9JY
Chief executive officer
Christine Luxton
Independent auditors
Larking Gowen LLP
Chartered Accountants
1 Claydon Business Park
Great Blakenham
Ipswich
IP6 0NL
Bankers
Barclays Bank PLC
Princes Street
Ipswich
IP1 1PB
Solicitors
Birketts
Providence House
141-145 Princes Street
Ipswich
IP1 1QJ

Page 1

SUFFOLK WILDLIFE TRUST LIMITED

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021

The Trustees present their annual report together with the audited financial statements of Suffolk Wildlife Trust ('the parent charitable company' or the 'Trust') for the period 1 April 2020 to 31 March 2021. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the parent charitable company comply with the current statutory requirements, the requirements of the governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).

Objectives and activities

a. Policies and objectives

The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2006 to have due regards to the Charity Commission’s general guidance on public benefit Charities and Public Benefit. Suffolk Wildlife Trust’s charitable purpose is enshrined in its objects. The Trust delivers its public benefit through its network of 50 nature reserves (most of which are freely accessible to the public), five education centres and through the provision of expert advice and guidance.

The objects for which the Trust is established are:

  1. For the benefit of the public, to advance, promote and further the conservation, maintenance and protection of:

  2. (i) wildlife and its habitats;

  3. (ii) places of natural beauty;

  4. (iii) places of zoological, botanical, geographical, archaeological or scientific interest;

  5. (iv) features of landscape with geological, physiographical, or amenity value in particular, but not exclusively, in ways that further biological conservation.

  6. To advance the education of the public in:

  7. (i) the principles and practice of sustainable development.

  8. (ii) the principles and practice of biodiversity conservation.

  9. To promote research in all branches of nature study and to publish the useful results thereof.

Fundraising effort is directed in three key areas:

Page 2

SUFFOLK WILDLIFE TRUST LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Objectives and activities (continued)

b. Strategies for achieving objectives

Our 2030 vision is ‘A wilder Suffolk, where nature is thriving and abundant, because everyone is doing more to help’

We have three overarching strategic goals to achieve this:

Page 3

SUFFOLK WILDLIFE TRUST LIMITED Thank you for your support Durlng thls most challènglng yèar for soelèty, thè natur8 on our doorstèps has nurturèd and sustained us. Your Board of Trustees is immensely proud that Suffolk Wildlife Trust has played our part in sup[￿rting our county through the coronavirus crisis. Our nature reserves remained open throughout, providing solace or a joyful escape into the natur81 worfd for the COTNmunities they are rooted in. This year, as we celebrate our 60 anniversary, the vitality and determination of the Trust, which comes from our Members is stronger than ever. In this decade of biodiversity and climate crisis. society faces many more challenges and the colledive impact of our individual action5 will underpin the positive change for nature that we need. Suffolk Wildlife Trust is a grassroots local nature charty. This is its greatest strength. Our vision 'for a wilder Suffolk. where nature is thriving and abundant. because everyone is doing more lo help. reflects this. Our team of skilled wildlife advisors, advocates and educators will help create this shrft and inspire a ￿Ull￿1￿e movement for nature, which we are calling Team Wilder. The way the charity operates is set out in our Artides of Assoaation and as 8 responsible and well-run charity, your Board ol Trustees has reviewed these this year. Your Trust is in good heart, sustained by the SLJPPOrt and commitment of our members. Thank you. Finally, l offer my sincere thanks to Julian Roughton, who retired in May 2020 after leading the Trust for 20 exceptional years. We welcome Christine Luxton as the Charity's new CEO. Nigel Farthing Chair We are proud to be part of a UK-wide network of Wildlife Trusts, working together to bring nature back. Suffolk Wildlife Trust rHE+ TRUSTS Page 4

SUFFOLK WILDLIFE TRUST LIMITED Cherishing our nature reserves Amidst the challenges facing society. nature'5 calendar prevailed. With the restrictions on travel for much of the year, we took to the digital world with a weekly wildlife update from our reserve staff across Suffolk. We are delighted to retrace our steps around the county and share some of the year's highlights with you- Arger Fen Wilding the former arab￿ fields is creating ideal conditions for reptiles, with increasing sightings of common lizard, slow womi and gr8ss snaka. Pal¢hy plant (x>vèr c)n the thin freè-draining soils crèates insÈcl-ri¢h feeding areas whilst large brash piles near the ponds and in the open fields offer cover and hibernalion sites. Black Boum Valley The wet autumn reaped the benefit of river channel restoration work, with the river able to function more naturally. The high rainfall quickly brought the river to life, creating meanders, depositing silts on slack water areas and over-topping to leave wet flushes on the flood plain for wintering wildfowl. Blaxhall Common and Blaxhall-Tunstall Link Encouraging naws from tha héaths, with silvér-studded bluè buttarfly continuing to iner*as8 thèir rangè on the southern half of the common and both nightjar and woodlark holding territories on the Link - the first survèys to confirm they aré using th8 sit8. Bonny Wood Thanks to active management of the woodland rides over the lasl four to live years by ihe weekend work paty, bullerNies are booming. Dozens of silver-washed fritillaries were recorded, purple hairstreak is common in the oak canopy, while admiral numbers are increasing and purple emperor have been recorded for the last six summers. Bradfield Woods National Nature Reserve Dormice continue to thrive, nesting in the thick bramble along the ride edges. Isolated porKJlations are vulnerable and il is heartening that our nest-lube surveys show they are also doing well in the suThounding hedgèrows, using tham as tramlin8S to sprèad from thè wood into tha widar landscapa. Castle Marshes SuNeys ol the dyke system show fen raft spiders are thriviw following the introdLJCtion. Coronavirus restricted the adivities of the volunteer surveyors, so il was a tremendous bcK>St lo gel photographic èvidénca from a local visitor of a spidér on thè Rwèr Wavenèy, ovar 500m from thè original ralèasè sit8. Encouraging evidence of expansion into the wider landscape. Church Fami Marshes A chorus of migrant birds, including garden warbler. whilelhroat, chiffchaff and blackcap echoed through the hedgèrows, and a nightingale hèld térritory for thè first timè in ovar a dacadè. An indication of thè valué of thè patches of dense bramble scrub and let's hope, a tslisman for a societal shift lo a wilder, less'tidy landscape. Combs Wood The spring display of oxlips, early-purple orchids and ransoms was soothing balm during the early weeks of lockdown. Oxlip, the county flower of SLJffolk and the signature flower ol our tKiulder clay woodlands was thought to be a cowslipl primrose hybrid until the botanist Henry Doubleday proved otherwise in 1842, ènlisting Chadès Darwin to vérrfy his ￿Ork. Page 5

SUFFOLK WILDLIFE TRUST LIMITED Oarsham Marshes This yèar saw thé introduction of a bumblèbèa survèy as part of the annual rés8rvè monitoring programmè. 292 individual bees Irom 10 species were rècorded acxoss 6 monthly walks. The most numer(KJs were buff- tailéd bumblèbèè and whitè-tsiléd bumblÈbÉé, followéd by largè réd-tailÈd, ¢ommon eartlér and tréè bumbl@￿. Foxburrow Farm In a curious Iwist, an anllK)Tr (x)lony has established ITr the sandy soil under the steps to the reserve office. A spèciality of thè Suffolk Sandlings, thè antlion larva makès s pit in thé sand to trap ants, woodlicè and othèr invertebrates which are killed and the nutrients sucked from their body. Hèn Reèdbèds Timèd baautrfully to coincidé with thè aasing of coronavirus rastrictions, autumn visitors wèrè énthrallad as startings COngr￿at8d Èach èvéning from sitès around thè Blyth Estuary- flocking into 8 murmuration of up to 35,000 individuals béfora flowing spèct8cul8dy down into th8 rèads. Knettish811 Heath Largè coloniès of hèathèr béa Coll&ttès succinctus and othèr solitary wasps havé bèan found within scrapas and banks. Gr￿rnd disturbancè from rabbits and éspecially tha Exmoor poniès, dust baths hèlp to kéép thÈs£ arèas of b8rÈ ground opan 8nd ar£ 8 vtt81 part of thè Breckland ecosystam. Lound Lakes The areas of wet fen dazzled local visitors lo Suffolk's most northerfy point with the display of common spolted and heath spotted orchids. Bul it was the northward march of wasp spider, a relatively recenl arrival in thé UK from ¢ontin8ntal Europè that marked the summer, wlh females on their large orb webs found in grassland areas across the reserve. Martln$' Meadows This lovèly ￿serve is quintessential old Suffolk with traditional orchards enveloped by flo￿Er-rich hay meadows. 01 the three meadows, Church Meadow is the most botanically rich. Seed from green hay has given the other two a floristic boost, with both green-winged orchid and dyer's green weed now increasing in number. Redgrave & Lopham Fen Four marsh haffier chicks fledged on the fen, lo the delight of local staff volunleets who had baen following the adults, behaviour. Their spectacular 'sky dancing, courtship display sees the male circling at great heights before diving towards the ground, and the female inverting her flight and locking talons with the ma￿. Snape Marshes Southèrn marsh orchids flowèred in gréat profusion in éady Junè, with wèll ovar 1000 spikès countèd. 11 European white-fronted geese and a Tundra bean goose dropped by in December. These are new records for the résérvè and werè a splintèr group of birds arriving én mass&, hèadèd for North Warren rèsèNè just fèw milès to thè northèast. Trlmley Marshes 11 October, a lucky few witnessed the arrival of over 15,000 redwings which briefly settled overnight at Trimley Marshes. Part of a wave of wnter thrushes Ihal made landfall in October, these were a spectacular reminder ol Ihe sheer scale ol bird movements that happen along our coast, with birds arriving for the winter or stopping off on th8ir onward journay. Page 6

SUFFOLK WILDLIFE TRUST LIMITED Winks Meadow 11 was a good year for orchds with pyramidal orchid, bee orchid, green-winged orchid, common s￿}lted- orchid and twayblade as well as several frog orchKJs. Anolher hohlight is sulphur dover, a nationally scarce plant Ihal has a stronghold on chalky clay soils ol high Suffolk. An enduring gift for nature Over the Trust's 60 years, many of the county's most preclous wlld places have been saved as nature reserves. The generosity of people who have remembered the Trust in their Will has made this possible. Their support is etched into the history of these special places. Each is a haven for wildlife and a place we can all cherish. now and for genfrrations to come. Pam and George Ford were members of Suffolk Wildlife Trust for 35 years and during th81 lime we gol lo thow Ihem well. They loved Iheir Walberswick home and the wild beauty of the Blylh esluary Ihal was their Iwal pateh. Thèy wèrè kÉèn nAturalists and supportèd many rèsèrvè wrehssès. but plaeè that c&plur8d their hearts was Captain's WcK)d. When George died, Pam helped us buy adjacent meadows in his memory and then, she died in earfy 2020, left their home and life savings to the Trust. Pam and George had shared their Illtent￿n to remember the Trust in their Will with us, bul we were truly hUMb￿d to dis￿Ver the Sca￿ of their generosity. Their grft of over £3 million is by far the largest legacy the Trust has ever received arKI, like all legacies, comes with the responsibility to use il wisely, to create exciting and ambitious opporiunities for the nature of Suffolk that they cared so deeply a￿Ul. Thank you The generosity of nature lovers who remembered Suffolk Wildlife Trust in their Will enable us to have ambition and seize opporiunities for nature. Legacy gifts have underpinned every nature ￿serve wrchase in recent years. Th1$ year we remember. wlth thanks: Geoffrey Cr8bb Betty Gcoden Brian Gwdwin PameL8 Ford Mary Hall Eric Holton Vincent Horton Cyril Malthews Kathl6èn Mè8dows nica Mellor Margaret Metson Jean Moscrop John Pemberton Peter Rogersnn Jane Sherwood rdon Simpkin Sylvia Small William Smith Eleanor Stinson Loma Tumer Anthony Venison Jeanne Walkar Anne Vvalton Betty Wisbey Page 7

SUFFOLK WILDLIFE TRUST LIMITED Speaking up for Nature At a time of climate and biodiversity emergency we have raised our voice for naturo. in Suffolk and collectively with The Wildlife Trusts. Long awaited Environment Bill One of the frustrations of the year, was the delay lo the Environment Bill, the pivotal piece of legislation lo pul the Prime Minister's commitment to turn around nature's deelinè by 2030 intr) law. In May 2021, th& Environment Bill was in¢luded in the third su¢¢essive Queen's Speech and must now b& a ltrgislative priority. A Clear, legally-binding tsrget to reverse the loss of nature within a decade would ensure every part of Government takes urgent action to help bring nature back. We and our partners in ¢ons&rv8tion will continue to push for this and feed into the Bill to secure the legal framewotk needed for nature's recovery. Action for Insects Throughout the year, The Wildlife Trusts UK-wide Action for Insects campaign kept the spotlight on the urgent need lo reverse decades of Population declines in insects. In spring 2020 we launched a new practical guide, Your Guid¢ to Taking Action for Ins¢¢ts', to encoLJrage everyone do their bit to help the UK'S struggling bees, butte￿leS, moths, bugs and beeues. The guide Can be downloadèd from our website. The causes of insect declines are much debated, but almost certainly include habitat loss, chronic exposure lo mixtures of pesticides and climate change. The consequences are clear., if insect declines are not halted, letreslrial and frgshwaler ecosystems will ¢0118pse, wrth profound consequences for human wellbeing. Fortunately, il is not too late.. few insects have gone extinct so far. and populations rapidly rewver. We Ljrgendy need to stop all routinè and unnecessary use of pesticides and create more, and better connected, insect friendly habitsl in our gardens, towns, Cities and counlrysKle, as part of a nature recovery network. A nèw Wlldb8lt The collapse in the abLJndance of nature means many of our ecosystems are not functioning as they should. Lack of wild places and fragmentation of those that remain has had a disastrous effect. During lockdown people across the country reconnected wrth the natural worfd around them, appreciating the positive impact nature had on their health and wellbeing. Now, as we start to recover, society needs to put nature at the heart of our ￿ans. This year, The Wildlife Trusts called on Government to introduce a new landscape designation for England called 'Wildbelt.' A way lo recognise land that individuals, communities, businesses or famiers have dedicated to nature's recovery, from the creation of wildlife corridors through towns to natural regeneration of woodland, resloralion of rNeT5 and rewilding. Page 8

SUFFOLK WILDLIFE TRUST LIMITED Challenging the proposals for Sizewell C Defending the unique and precious nature of the Suffolk (Dast from the devastation that the wnstruction of Sizewell C threatens to wreak has been endlessly frustratingly, with proposals changing and emerging al every turn. This year we partnered with the RSPB to create a stronger, unffied, Voice for naiure arKI in November, Springwatch presenters Chris Packham and Megan Mccubbin launched our joint'Love Minsmere, e-actK)n. In just over 12 weeks, 104.836 people signed lo say they share the RSPB arKJ Suffolk Wildlife Trust's concerns about the impact on nature ol the proposals lor the o)nstruction of Sizewell C. This was p￿sented as part of our eviden￿ to the Planning Inspectorate . eclipsing the number of signatures and responses to all prévious Sizewell C consultations and campaigns. WHY ARE WE CONCERNED? We do not believe that EDF have justified the 1055 of such a large area of Sizew811 Marshes SSSI. The 8quivalent of 8round 10 football pitches of natI￿alty protected ￿1￿lIfe rich habit21 will be lost forever, covered by concrete, roads and buildings. d&8pile an all￿natiVe th81 would ￿ad lo considerably lower loss. We are ci)ncemed thatthe development wlll fundamentally alter Ihe groundwater wlthln the remalnlng SSSI. EDF'S plans will repl8ce this with surface water which is very likdy to harm large areas of nationally irnportanl fen habitat, lo many rare plants. There remains considerable uncertainty how the development wll affect Minsmere to the north. We stand side by side with our friends al the RSPB in seeking re-assurgnces that this pretious rèserve will be unhamied. We remain unconvinced that the impact on the coastline is fully understood. It is P08sikA8 the d8velopment will significantly Incregse erosion lo Ihe north 8Th1 south. The area is home to a number of natlonally Important populatlons of ra￿ specles, Indudlng barbastelle bat and natterjack toad. We h2ve pushed hard lo further improve mitigation 8nd despite some improvements, EDF need to do more to ensure the survival of these species. Better Marine Protection Orford Inshore is one of the UK'S 91 Marine Conservation Zones IMCZI. Located 14km Offshore from the dè-oré Estuary, Orford Inshorè MCZ covérs an area of8pproximatély 72km2 A subtidal habitat of mixÈd sèdimènts, il is an important nursery and spawning ground for many fish sp$¢ies in¢luding dover sole, lemon , sand èels and $pr81. In 2020, the Government's Marine Strategy assessment identified the need for areas with botler protection within thé MCZ nètwork - Highly Protèetèd Mariné Aréas IHPMAsl, whèrè all damaging actwitiés Are prohibited. In partnership with 12 North Sea Wildlife Trusts, from Northumberland to SuffolK we are now working to ensure HPMAS are introduced, as the gold standard of marine prolection needed to give our degraded North Sea the best chance of recovery. Page 9

SUFFOLK WILDLIFE TRUST LIMITED Carlton Marshes bursts into life This year saw the long years of planningy preparatlon and fundralslng for Carlton Marshes ome to fruition both for wildlife and for people. A pla¢e for wildlife Carlton Marshès has bèèn Iransfr)rmèd into a magnificènt landsca￿ for naturé, with thè watèr-fillèd p4t¢hwork of pools, dykes, s¢rapes and sluices recreating the sense of Broadland that had been lost in the de¢8d&s of ¢ultivation. From Ihe rafts of wintering duck to the elegant flypast of spoonbills, the tottering steps of tiny lapwing chicks to the squadrons of swifts, Carlton Marshes shows what can be achieved for nalure when we have ambition and the backing of thousands of like-minded supporters. In this first year Sin￿ the new wetland habilals were cY&ated, Carflon M8rshe5 has off&red a glimpse ol what's to come. It has bé8n thé most produdivé sitè on the Suffolk coast for braading wadèrs, induding redshank, lapwing and avocel, 7 marsh harrier chicks were fledged, greal while egrets have been presenl all yèar, common cranè h8v8 droppèd by, snipè, wigaon, tèal, pintail, gadwall and lapwing ovèrwinterèd on thè scrapes and the 27 species ol dragonfly and damsel that have been recorded here are gradually Iracing their way through the network of new dykes that ¢riss-¢ross the marshes. Marsh sow-lhislle, yellow loosestrife and milk parsley Ilhe caterpillar foodplanl of swallowtail the iconic Broadland bUttÈ￿YI wèra rècordéd throughout thè tall harb fèn along with cotton-grass, southarn m8rsh orchid and Devil's-bit scabious. A place for wildlife In this year of coronavirus, the enomious value (o society of creating a landscape-scale nature reserve close to wh8rè pèoplè livé has bacomè obvious. With acrès of spac8, wildlifè can thriva alongsidè thè many thousands of visitors who have savoured Ihe freedom of the big skies and open space during lockdown - in all thera 8ra 16km of trails aroLJnd tha r8s8rval As Sir David Attènborough obsaNèd, "No ona wll protact what th8y don't carè about., and no one will cara about what thèy havé nèvèr èxpèrièncéd" Crèating opportunitiss for avaryonè to gat dosè to, and lèam about, natura is cèntral to thè Trust's mission to bring natur& back, so it was a grèat sadn6ss that so many of our18arning activiti6s at Cadton Marshas and our other cantras warè curtailèd by coron8vims- and 8 gr88t joy whèn wé wèr8 abla to opan èyès and minds to thè natural world onca again. Thank you to our project partners.. National Loltary Hèritaga Fund Naw Anglia Local Ent8rpris8 Partn8rship Essex & Suffolk Watèr Sport England And the Ihousands of individuals, businesses and Charitable Trusts that supported us. Page 10

SUFFOLK WILDLIFE TRUST LIMITED Thank you to all our volunteers Volunteers make it possible for the Trust to achieve so much for nature. From our Board of Trustees to our teenage Youny Wardens. volunteers bring integrity and communityto everything we do and make the Trust the vibrant ambitious, grounded charity that we are. For thè Trust, onè of thè many sdaplations tr) (x)ron8virus over thè past yèar was léarning lo copè without many of wr voluntaèrs- and wé really misséd théml Thé ènforcèd hiaius to so¢ial (x)ntx¢t mèant voluntèèriThJ In its many forms cxme to a halt.. TÈSèN& ￿rk partiès, Wildlifè Group èvents, school isits, guided walks, magazine delivery, wildlife surveys. Thank you to our business supporters Platinum Investors Essex & SufFolk Water Tre2lt plc UK Pokver Nelworfis Gold Abellio Anglian Wa18r Bauder Breedon IPinnaclel Climax Molybdenum Somer18ylon Hall & Garden8 Suffolk Hideawgys Suffolk Secrets Transdec Waveney Riv8r Centre The friendships and opwtlunities to learn from lelbw wildlife enthusiasts are what make volunteering so rewarding. It is a great relief that much of this actwily has now been able to resume. Volunteer of the year 2020- Paul Holness Paul has baèn volunta6ring at Lackford Lakss for naady eighteen years and over that time has greeted thousands of qsitors with a friendly welwme and an answer to their myriad wildlife questK)ns. Silver Aura Brand Solutions Bames Construction Birk8tls C8nlerParc8 Culford Str￿1 Hatwi¢h Haven Ipswich Building So(x8ty Nottutts Roger Balmer Des￿￿ A highly réspèctad bird èxpèrt wth 8 Passion for all wildlifè, Paul is an outstanding mentor to many. He is generous wilh his knowledge and time ard able to see the inlrinsic magic nature. The Lackford Lakes team and counless others have leaml so much from him over the years. He has inspired many through his regular guided walks and courses around the r858rve to discover the conservationist within - and play their part in securing a tr£tter future for nature. Bronze Investors Our Bronze Investors ar8 listed on our w8bsite. Thank you to our funders We are grateful to the many individuals, Charitable Trusts, grant-making bodies and statutory organl$atlon$ that support us. In¢ludSng'. Altred Williams Charitable Tru81 Anglian Wat8r D C Moncrieff Charitable Trust Dedham Vale AONB D'oyly Carte Charl18b￿ Trust Enmronment Agency G8nzoni Charitable Trust Geoffrey Watling Charity Green Recovery Challenge Fu People's Postcode Lottery Saxham Tiusl Stuart Heath Charitable Setllemenl Suffolk Secrets Suffolk Coast & Heaths AONB s￿Ire Charit8ble Trust Thanks to their commitment, we can keep doing more for nature across Sufft>lk. Page11

SUFFOLK WILDLIFE TRUST LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Objectives and activities (continued)

Strategic report

Achievements and performance

a. Review of activities

The results for the period are set out in the Financial statements that follow this Trustees’ Report. Despite the global pandemic arising from the outbreak of Covid19 we have maintained the delivery of our charitable objectives, with all our nature reserves open for visitors and habitat maintained in line with reserve management plans. Loss in earnings occurred from the reduction in fundraising activities (most significantly retail, learning and membership recruitment) and the delay in opening the new Carlton Marshes visitor centre. However, thanks to the generosity of our supporters the Trust has sufficient free reserves to sustain our activities and plan the delivery of our 2030 strategy for a Wilder Suffolk, in response to the nature and climate emergencies. In addition we have been extremely fortunate to receive a significant amount of bequests in the year which have been set aside for specific projects including future expansion of our nature reserves and delivering our Wilder Suffolk strategy.

There is a surplus on unrestricted funds for the year of £297k (2020 – deficit of £560k) and a surplus on restricted funds of £3,672k (2020 - £1,049k).

The Balance Sheet shows a healthy position.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

Free reserves are funds held in case of any sudden decline in income and to ensure that contractual obligations to staff, premises and funding partners can be met with confidence. The Trustees’ policy is to hold free resources sufficient to meet 3-6 months unrestricted expenditure and associated core staff costs. For the current year, in accordance with this policy, the free reserve levels have been calculated between £702k - £1,404k (2020 - £540k - £1,080k).

Funds are allocated between restricted and unrestricted funds in accordance with the wishes of the donor. Trustees further designate a portion of the funds to specific projects, including the acquisition of land as nature reserves.

As part of ongoing financial planning, the Trustees review the level of unrestricted and restricted funds at each Board meeting. As a significant proportion of unrestricted income is derived from membership subscriptions, the Trustees pay particular attention to the level of membership.

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SUFFOLK WILDLIFE TRUST LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

c. Principal risks and uncertainties

The Trustees are responsible for the identification and assessment of the major risks to which the charity is exposed. The risk management strategy considers these major risks and the effectiveness of the arrangements for managing them. Anything that might undermine our ability to fulfil our charitable objectives is considered including:

The Trustees consider the strategy on an annual basis and are satisfied that systems are in place to mitigate our exposure to the major risks where possible.

COVID19

During March 2020, a global pandemic was declared arising from the outbreak of Covid19, the impact of which caused widespread disruption to normal patterns of business activity across the world, including the UK. Whilst it is not currently possible to forsee and evaluate all the potential long-term implications to the Trust’s operations we have maintained the delivery of our charitable objectives, with all our nature reserves open for visitors and habitat maintained in line with reserve management plans.

Opportunities

Our supporters have sustained our conservation activities through their membership contributions, and we have gained a wider audience as more of the public have turned to their local nature spaces and re-discovered wildness on their doorstop. As the coronavirus restrictions lifted, we were able to engage with visitors at our reserves and visitor centres at Lackford Lakes and Carlton Marshes and through social media activity, which has sustained membership recruitment. We will continue to monitor membership growth, as any reduction in new members will have financial impacts over many years.

Legacies

We continue to operate a dedicated Legacy Fund within the Trust’s Designated Funds through which Trustees determine how unrestricted legacies are allocated and enabling us to publicly demonstrate the importance of these generous gifts. This funding is also ringfenced to ensure we can deliver our strategic objectives for impact to wildlife.

d. Principal funding

We apply for and are pleased to receive grant funding for our nature reserves, species conservation and learning and engagement activities from a wide range of funders. These range significantly in size depending on the project, and each one is a vital piece of our funding jigsaw that enables us to fulfil our charitable objectives. These funders include charitable trusts, grant making bodies, government agencies, businesses, community groups and individual gifts through personal gifts, legacies and fundraising. Membership remains our largest unrestricted year on year source of funding that underpins everything the Trust does and embeds our activity in communities across Suffolk.

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SUFFOLK WILDLIFE TRUST LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Structure, governance and management

a. Constitution

The Trust is registered as a members limited liability company and was set up by a Memorandum of Association on 20/11/2002.

b. Methods of appointment or election of Trustees

The management of the Trust is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. Any member of the Trust can put themselves forward as a trustee. Nominations are considered each year at the AGM and nominees, if elected, have a term of three years. Trustees are eligible to stand for a second term but if re-elected for two consecutive terms they are required to take a year's break before standing again. The Trust aims to have a broad range of skills amongst its Trustees relevant to the running of the organisation.

c. Organisational structure and decision-making policies

The affairs of the Trust are managed by the Board of Trustees, through the Chief Executive.

The Board is comprised of up to twelve members made up of:

The Trust has five main activity areas each with its own Head of Department - Property & Projects, Conservation, Learning, Income Generation and Finance & Resources. These Department Heads report to the Chief Executive and, with the Chief Executive, form the Leadership Team.

Finance reports produced by the Head of Finance & Resources are sent to the Board quarterly.

There is a separate wholly owned trading subsidiary, S.W.T. Trading Limited that continues to trade successfully and make a valuable contribution to the Trust's income. The subsidiary's main activities consist of the sale of goods, consultancy and other services.

Members of the Board of Trustees may be called upon to contribute a sum of £1 each in the event of the company going into liquidation.

d. Pay policy

The annual review of payroll is approved by the Board of Trustees using CPI as an indication of cost of living increase.

e. Financial risk management

The Trustees have assessed the major risks to which the Group and the Trust are exposed, in particular those related to the operations and finances of the Group and the Trust, and are satisfied that systems and procedures are in place to mitigate the impact to the major risks.

Page 14

SUFFOLK WILDLIFE TRUST LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Trust for the purposes of company law) are responsible for preparing the Trustees' report including the Strategic 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 period. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Trust and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Trust's transactions and disclose with reasonable accuracy at any time the financial position of the Group and 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 Group and the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Approved by order of the members of the board of Trustees and signed on their behalf by:

Nigel Farthing (Chair) Date: 20 August 2021

James Alexander (Honorary Treasurer)

Page 15

SUFFOLK WILDLIFE TRUST LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUFFOLK WILDLIFE TRUST LIMITED

Opinion

We have audited the financial statements of Suffolk Wildlife Trust Limited (the 'parent charitable company') and its subsidiary (the 'group') for the year ended 31 March 2021 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Trust balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent 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.

Page 16

SUFFOLK WILDLIFE TRUST LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUFFOLK WILDLIFE TRUST LIMITED (CONTINUED)

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 Auditors' report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of our 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 Trustees' report including the Strategic report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Page 17

SUFFOLK WILDLIFE TRUST LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUFFOLK WILDLIFE TRUST LIMITED (CONTINUED)

Responsibilities of Trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the parent 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 Group's and the parent 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 Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

Because of the field in which the charitable company operates, we identfied the following areas as those most likely to have a material impact on the financial statements: Health and Safety; employment law (including the Working Time Directive); GDPR; environmental laws; and compliance with the UK Companies Act and Charities Act.

Because of the inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulation is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material missatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example forgery or intentional misrepresentations, or through collusion.

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

Page 18

SUFFOLK WILDLIFE TRUST LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUFFOLK WILDLIFE TRUST LIMITED (CONTINUED)

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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Julie Grimmer FCA DChA (Senior statutory auditor)

for and on behalf of Larking Gowen LLP Chartered Accountants Statutory Auditors 1 Claydon Business Park

Great Blakenham Ipswich IP6 0NL Date: 23 August 2021

Page 19

SUFFOLK WILDLIFE TRUST LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021

Note
Income from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
Other income
7
Total income
Expenditure on:
Raising funds
8
Charitable activities
9
Total expenditure
Net income before net gains/(losses)
on investments
Net gains/(losses) on investments
Net income
Transfers between funds
21
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2021
£000
1,612
61
436
78
133
2,320
425
1,636
2,061
259
77
336
(37)
299
5,496
299
5,795		 Restricted
funds
2021
£000
3,760
920
198
-
-
4,878
-
1,243
1,243
3,635
-
3,635
37
3,672
15,260
3,672
18,932		 Total
funds
2021
£000
5,372
981
634
78
133
7,198
425
2,879
3,304
3,894
77
3,971
-
3,971
20,756
3,971
24,727		 Total
funds
2020
£000
2,343
1,472
787
38
27
4,667
421
3,733
4,154
513
(24)
489
-
489
20,267
489
20,756

The Consolidated statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 26 to 51 form part of these financial statements.

Page 20

SUFFOLK WILDLIFE TRUST LIMITED REGISTERED NUMBER: 00695346

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2021

Note
Fixed assets
Tangible assets
14
Heritage assets
15
Current assets
Stocks
16
Debtors
17
Investments
18
Cash at bank and in hand
Creditors: amounts falling due within one
year
19
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
20
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
21
Unrestricted funds
21
Total funds		 38
5,168
440
2,563
8,209
(406)		 2021
£000
3,928
12,996
16,924
7,803
24,727
-
24,727
24,727
18,932
5,795
24,727		 25
2,863
729
1,648
5,265
(1,006)		 2020
£000
3,741
12,833
16,574
4,259
20,833
(77)
20,756
20,756
15,260
5,496
20,756

Page 21

SUFFOLK WILDLIFE TRUST LIMITED REGISTERED NUMBER: 00695346

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2021

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Nigel Farthing (Chair) Date: 20 August 2021

James Alexander (Honorary Treasurer)

The notes on pages 25 to 50 form part of these financial statements.

Page 22

SUFFOLK WILDLIFE TRUST LIMITED REGISTERED NUMBER: 00695346

TRUST BALANCE SHEET AS AT 31 MARCH 2021

Note
Fixed assets
Tangible assets
14
Heritage assets
15
Current assets
Stocks
16
Debtors
17
Investments
18
Cash at bank and in hand
Creditors: amounts falling due within one
year
19
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
20
Total net assets
Charity funds
Restricted funds
21
Unrestricted funds
21
Total funds		 11
5,110
440
2,452
8,013
(353)		 2021
£000
3,920
12,996
16,916
7,660
24,576
-
24,576
18,932
5,644
24,576		 11
2,793
729
1,530
5,063
(985)		 2020
£000
3,725
12,833
16,558
4,078
20,636
(77)
20,559
15,260
5,299
20,559

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Nigel Farthing James Alexander (Chair) (Honorary Treasurer) Date: 20 August 2021

The notes on pages 25 to 50 form part of these financial statements.

Page 23

SUFFOLK WILDLIFE TRUST LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
Purchase of heritage assets
Net cash used in investing activities
Cash flows from financing activities
Repayments of borrowing
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2021
£000
1,718
7
(495)
(163)
(651)
(152)
(152)
915
1,648
2,563		 2020
£000
1,244
27
(2,551)
(31)
(2,555)
(146)
(146)
(1,457)
3,105
1,648

The notes on pages 25 to 50 form part of these financial statements

Page 24

SUFFOLK WILDLIFE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. General information

The Trust is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the Trust being wound up, the liability in respect of the guarantee is limited to £1 per member of the Trust.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

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

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Trust and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Trust has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.

2.2 Going concern

In approving these accounts, the Trustees have assessed whether the use of going concern is appropriate and whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Trust to continue as a going concern. The Trustees make this assessment in respect of a period of one year from the date of the approval of the financial statements.

The Trustees have considered the financial uncertainty of COVID-19, and the measures that have been put in place to respond to the crisis. As a result, with the level of unrestricted funds and liquid assets available, the Trustees consider the organisation is in a stable financial position. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The Trustees consider that the budgeted cashflow is sufficient with the level of unrestricted reserves for the Trust to be able to meet its liabilities as they fall due. For this reason, the Trustees consider it appropriate for the financial statements to continue being prepared on a going concern basis.

Page 25

SUFFOLK WILDLIFE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Accounting policies (continued)

2.3 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Trust and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Trust for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 26

SUFFOLK WILDLIFE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Accounting policies (continued)

2.4 Income

All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

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

Grants are included in the Consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Donated services or facilities are recognised when the Trust has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the Trust of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Trustees' report for more information about their contribution.

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

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Subscriptions for life membership are recognised in the Statement of Financial Activites when they are received by the charity.

Page 27

SUFFOLK WILDLIFE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Accounting policies (continued)

2.5 Expenditure

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

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Charitable activities and Governance costs are costs incurred on the Trust's operations, including support costs and costs relating to the governance of the Trust apportioned to charitable activities.

All expenditure is inclusive of irrecoverable VAT.

2.6 Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Consolidated statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Consolidated statement of financial activities as the related expenditure is incurred.

2.7 Tangible fixed assets and depreciation

Tangible fixed assets costing £5,000 or more are capitalised.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold property - 2 - 20% on cost Long-term leasehold property - Over the term of the lease Plant and machinery - 20 - 30% on cost Other fixed assets - 10% on cost

2.8 Investments

Current asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading 'Gains/(losses) on investments' in the Statement of financial activities.

Page 28

SUFFOLK WILDLIFE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Accounting policies (continued)

2.9 Interest receivable

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

2.10 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Livestock has been included at replacement value less 25%, apart from Horses and Ponies which have been fully written down in the year.

2.11 Debtors

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

2.12 Cash at bank and in hand

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

2.13 Creditors and provisions

Creditors and provisions are recognised where the Trust has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

2.14 Financial instruments

The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2.15 Taxation

The Trust is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Trust is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.16 Pensions

Contributions made to individuals' personal pension schemes are charged to the SOFA in the period to which they relate.

Page 29

SUFFOLK WILDLIFE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

3. Income from donations and legacies

Unrestricted
funds
2021
£000
Member Subscriptions & Donations
892
Legacies
521
Government grants
199
1,612		 Restricted
funds
2021
£000
92
3,668
-
3,760		 Total
funds
2021
£000
984
4,189
199
5,372

During the year the Trust received exceptional government funding as part of the Coronavirus Job Retention Scheme. Funding represents the costs of employing certain staff unable to carry out their duties as a result of the coronavirus crisis.

Member Subscriptions & Donations
Legacies		 Unrestricted
funds
2020
£000
903
1,192
2,095		 Restricted
funds
2020
£000
139
109
248		 Total
funds
2020
£000
1,042
1,301
2,343

4. Income from charitable activities

Unrestricted
funds
2021
£000
Grants receivable
-
Fees receivable
-
Sale of goods and services
61
Total 2021
61		 Restricted
funds
2021
£000
920
-
-
920		 Total
funds
2021
£000
920
-
61
981

Page 30

SUFFOLK WILDLIFE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

4. Income from charitable activities (continued)

Grants receivable
Fees receivable
Sale of goods and services
Total 2020		 Unrestricted
funds
2020
£000
-
1
164
165		 Restricted
funds
2020
£000
1,307
-
-
1,307		 Total
funds
2020
£000
1,307
1
164
1,472

5. Income from other trading activities Income from fundraising events

Unrestricted
funds
2021
£000
Fundraising
10
Rental income
20
30
Unrestricted
funds
2020
£000
Fundraising
44
Rental income
25
69		 Restricted
funds
2021
£000
198
-
198
Restricted
funds
2020
£000
301
-
301		 Total
funds
2021
£000
208
20
228
Total
funds
2020
£000
345
25
370

Page 31

SUFFOLK WILDLIFE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

5. Income from other trading activities (continued)

Income from non charitable trading activities

Unrestricted
funds
2021
£000
SWT Trading - Merchandising
267
SWT Trading - Consulting
139
406
Unrestricted
funds
2020
£000
SWT Trading - Merchandising
296
SWT Trading - Consulting
121
417
Investment income
Unrestricted
funds
2021
£000
Interest received
78
Unrestricted
funds
2020
£000
Interest received
38		 Total
funds
2021
£000
267
139
406
Total
funds
2020
£000
296
121
417
Total
funds
2021
£000
78
Total
funds
2020
£000
38

6. Investment income

Page 32

SUFFOLK WILDLIFE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

7. Other incoming resources

Profit on disposal of assets
Other income
Unrestricted
funds
2020
£000
Profit on disposal of assets
4		 Unrestricted
funds
2021
£000
10
123
133
Restricted
funds
2020
£000
23		 Total
funds
2021
£000
10
123
133
Total
funds
2020
£000
27

8. Expenditure on raising funds

Costs of raising voluntary income

Unrestricted Total
funds funds
2021 2021
£000 £000
Fundraising and publicity 120 120

Page 33

SUFFOLK WILDLIFE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

8. Expenditure on raising funds (continued)

Costs of raising voluntary income (continued)

Unrestricted
funds
2020
£000
Fundraising and publicity
141
Fundraising trading expenses
Unrestricted
funds
2021
£000
Trading expenses
305		 Total
funds
2020
£000
141
Total
funds
2021
£000
305

Page 34

SUFFOLK WILDLIFE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

8. Expenditure on raising funds (continued) Fundraising trading expenses (continued)

Unrestricted Total
funds funds
2020 2020
£000 £000
Trading expenses 280 280

9. Analysis of expenditure on charitable activities

Unrestricted
funds
2021
£000
Conservation Management & Maintenance of Reserves
890
Education & Community Projects
401
Membership
227
IT Support & Maintenance
118
1,636		 Restricted
funds
2021
£000
1,209
34
-
-
1,243		 Total
funds
2021
£000
2,099
435
227
118
2,879

In 2021 Conservation Management & Maintenance of Reserves includes a contribution of £69,979 to the Royal Society of Wildlife Trusts (RSWT) our national office. This enables RSWT to act on the collective behalf of all individual Wildlife Trusts including but not limited to in respect of Government legislation, ie Agriculture Bill, Environment Bill, Marine Act; and provision of shared services including advertising, and CRM (2020 £75,670).

Page 35

SUFFOLK WILDLIFE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

9. Analysis of expenditure on charitable activities (continued)

(continued)

Conservation Management & Maintenance of Reserves
Education & Community Projects
Membership
IT Support & Maintenance		 Unrestricted
funds
2020
£000
2,122
350
263
108
2,843		 Restricted
funds
2020
£000
845
45
-
-
890		 Total
funds
2020
£000
2,967
395
263
108
3,733

10. Analysis of expenditure by activities

Conservation Management & Maintenance of Reserves
Education & Community Projects
Membership
IT Support & Maintenance		 Activities
undertaken
directly
2021
£000
2,014
435
227
-
2,676		 Support
costs
2021
£000
85
-
-
118
203		 Total
funds
2021
£000
2,099
435
227
118
2,879
Conservation Management & Maintenance of Reserves
Education & Community Projects
Membership
IT Support & Maintenance		 Activities
undertaken
directly
2020
£000
2,944
395
263
-
3,602		 Support
costs
2020
£000
23
-
-
108
131		 Total
funds
2020
£000
2,967
395
263
108
3,733

Page 36

SUFFOLK WILDLIFE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

10. Analysis of expenditure by activities (continued)

Analysis of support costs

Governance
costs
2021
£000
IT Support & Maintenance
-
Office costs
-
Finance costs
71
Auditors' remuneration
14
85
Governance
costs
2020
£000
IT Support & Maintenance
-
Office costs
-
Finance costs
9
Auditors' remuneration
14
23
11.
Auditors' remuneration
Fees payable to the Trust's auditor for the audit of the Trust's annual
accounts		 Apportionment
of support
costs
2021
£000
38
80
-
-
118
Apportionment of
support costs
2020
£000
37
71
-
-
108
2021
£000
14		 Total
funds
2021
£000
38
80
71
14
203
Total
funds
2020
£000
37
71
9
14
131
2020
£000
14

Page 37

SUFFOLK WILDLIFE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

12. Staff costs

Wages and salaries
Social security costs
Pension costs		 Group
2021
£000
1,570
135
128
1,833		 Group
2020
£000
1,508
131
111
1,750		 Company
2021
£000
1,430
125
118
1,673		 Company
2020
£000
1,397
121
103
1,621

.

The average number of persons employed by the Trust during the year was as follows:

Charitable Activities
Cost of generating funds
Support costs		 Group
2021
No.
62
8
6
76		 Group
2020
No.
60
8
6
74

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2021 2020
No. No.
In the band £70,001 - £80,000 1 1

The key management personnel (KMP) includes the trustees and those members of staff who are senior management personnel to whom the trustees have delegated responsibility in the day-to-day running of the charity. The total amount of remuneration (including Employers NIC and Pension contributions) received by the members of the KMP for their services was £321,288 (2020 - £338,889).

Page 38

SUFFOLK WILDLIFE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

13. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .

During the year ended 31 March 2021, no Trustee expenses have been incurred (2020 - £NIL) .

14. Tangible fixed assets

Group

Cost or valuation
At 1 April 2020
Additions
Disposals
Transfers between classes
At 31 March 2021
Depreciation
At 1 April 2020
Charge for the year
On disposals
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020		 Buildings
Asset in
course of
construction
£000
£000
1,579
2,538
-
394
-
-
2,932
(2,932)
4,511
-
921
-
138
-
-
-
1,059
-
3,452
-
658
2,538		 Machinery &
motor
vehicles
£000
1,681
101
(87)
-
1,695
1,243
144
(82)
1,305
390
438		 Other
property
£000
537
-
-
-
537
430
22
-
452
85
107		 Total
£000
6,335
495
(87)
-
6,743
2,594
304
(82)
2,816
3,927
3,741

Page 39

SUFFOLK WILDLIFE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

14. Tangible fixed assets (continued)

Company

Cost or valuation
At 1 April 2020
Additions
Disposals
Transfers between classes
At 31 March 2021
Depreciation
At 1 April 2020
Charge for the year
On disposals
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020		 Buildings
Asset in
course of
construction
£000
£000
1,579
2,538
-
394
-
-
2,932
(2,932)
4,511
-
921
-
138
-
-
-
1,059
-
3,452
-
658
2,538		 Machinery &
motor
vehicles
£000
1,549
95
(42)
-
1,602
1,127
134
(42)
1,219
383
422		 Other
property
£000
537
-
-
-
537
430
22
-
452
85
107		 Total
£000
6,203
489
(42)
-
6,650
2,478
294
(42)
2,730
3,920
3,725

Page 40

SUFFOLK WILDLIFE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

15. Charity heritage assets

Group and Trust

Assets recognised at cost

Carrying value at 1 April 2020
Additions		 Wildlife
reserves
2021
£000
12,833
163
12,996

Analysis of heritage asset transactions

Group

Purchases
Wildlife reserves
Total additions
Disposals (Net book value)
Wildlife reserves
Total disposals		 2021
£000
163
163
-
-		 2020
£000
31
31
(1)
(1)		 2019
£000
2,207
2,207
-
-		 2018
£000
1,025
1,025
-
-		 2017
£000
1,328
1,328
-
-

Page 41

SUFFOLK WILDLIFE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

15. Charity heritage assets (continued)

Analysis of heritage asset transactions (continued)

Group (continued)

There were no proceeds from disposals and no impairment charges in the past five years.

Aquisition and management of wildlife reserves

Suffolk Wildlife Trust manages 50 nature reserves extending to 6,557 acres. Approximately 4,343 acres are freehold owned and almost 929 acres leased on terms ranging from 25 years to 999 years. The balance is managed under a variety of different arrangements, some contractual, some by private agreement with the landowner and the remainder on Farm Business Tenancies. The landholding encompasses the complete spectrum of land cover types found in Suffolk ranging from coastal habitats to woodlands; grassland and agricultural land. Over two thirds of the landholding is designated in one form or another for its wildlife interest while a third is internationally designated.

The acquisition and management of nature reserves is an integral part of the Trust’s strategy to protect Suffolk’s wildlife. Our nature reserves are freely accessible for people to see wildlife amongst Suffolk’s finest habitats and landscapes. The Trust is responsible for managing some of the most wildlife-rich habitats in Suffolk that are also places of great natural beauty. The Trust will continue to acquire such habitats as well as restoring high quality habitat on land with suitable potential. Each acquisition opportunity will be assessed on its merits. Protected designated sites (SSSIs) are of interest where there is additional benefit from being in Trust ownership. Unprotected County Wildlife Sites or other land with the potential for habitat restoration or creation will be considered but such sites must meet other key criteria.

16. Stocks

Group Group Company Company
2021 2020 2021 2020
£000 £000 £000 £000
Finished goods and goods for resale 38 25 11 11

Page 42

SUFFOLK WILDLIFE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

17. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income
Grants receivable		 Group
2021
£000
245
4,235
37
651
5,168		 Group
2020
£000
334
1,358
57
1,114
2,863		 Company
2021
£000
195
4,235
29
651
5,110		 Company
2020
£000
296
1,358
25
1,114
2,793

Included within other debtors are unrealised legacies of £4,166,732 (2020 - £1,259,413).

Grants receivable of £462,131 (2020 - £982,363) relates to grant entitlement towards capital expenditure in the Gateway to Southern Broads (HLF) Project until 2022.

18. Current asset investments

Group Group Company Company
2021 2020 2021 2020
£000 £000 £000 £000
Unlisted investments 440 729 440 729

19. Creditors: Amounts falling due within one year

Bank loans
Trade creditors
Other taxation and social security
Accruals and deferred income		 Group
2021
£000
76
152
50
128
406		 Group
2020
£000
151
64
37
754
1,006		 Company
2021
£000
76
108
45
124
353		 Company
2020
£000
151
61
32
741
985

The bank loans owing at the year end were paid off in full on April 2021. The securities given in respect of the bank loans are detailed in the following note.

Page 43

SUFFOLK WILDLIFE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

20. Creditors: Amounts falling due after more than one year

Group Group Company Company
2021 2020 2021 2020
£000 £000 £000 £000
Bank loans - 77 - 77

The bank loans are secured by a fixed charge over the land held by Suffolk Wildlife Trust Limited at Share Marsh, Carlton Colville, Suffolk.

Page 44

SUFFOLK WILDLIFE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

21. Statement of funds

Statement of funds - current year

Unrestricted
funds
Designated
funds
Designated
Funds - all funds
General funds
General Funds
incl. 6 month
reserve
Wildlife reserves
and equipment
Total
Unrestricted
funds
Restricted
funds
Bequests &
donations
Wildlife reserves
and equipment
Gunton Meadow
Pecks Piece
Gunton Warren
Carlton Marshes
Conservation
management
Reserves
maintenance
Education &
community
projects		 Balance at 1
April 2020
£000
2,009
650
2,837
3,487
5,496
146
13,737
99
77
34
789
214
138
26		 Income
£000
-
2,321
-
2,321
2,321
3,662
-
-
-
-
255
149
769
43		 Expenditure
£000
-
(2,011)
(49)
(2,060)
(2,060)
(25)
(172)
(3)
(4)
(5)
(298)
(172)
(530)
(34)		 Transfers
in/out
£000
-
(29)
(8)
(37)
(37)
(3)
580
-
-
(21)
(482)
-
(37)
-		 Gains/
(Losses)
£000
-
75
-
75
75
-
-
-
-
-
-
-
-
-		 Balance at
31 March
2021
£000
2,009
1,006
2,780
3,786
5,795
3,780
14,145
96
73
8
264
191
340
35

Page 45

SUFFOLK WILDLIFE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

21. Statement of funds (continued)

Statement of funds - current year (continued)

Total of funds Balance at 1
April 2020
£000
15,260
20,756		 Income
£000
4,878
7,199		 Expenditure
£000
(1,243)
(3,303)		 Transfers
in/out
£000
37
-		 Gains/
(Losses)
£000
-
75		 Balance at
31 March
2021
£000
18,932
24,727

Page 46

SUFFOLK WILDLIFE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

21. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
Designated
funds
Designated
Funds - all funds
General funds
General Funds
incl. 6 month
reserve
Wildlife reserves
and equipment
Total
Unrestricted
funds
Restricted
funds
Bequests &
donations
Wildlife reserves
and equipment
Gunton Meadow
Redgrave &
Lopham EU
Project
Knettishall
Pecks Piece
Papermill
Reedbed
Gunton Warren
Carlton Marshes		 Balance at
1 April 2019
£000
2,570
668
2,819
3,487
6,057
135
11,312
101
49
12
84
36
37
2,222		 Income
£000
-
2,787
-
2,787
2,787
123
-
-
-
-
-
-
-
836		 Expenditure
£000
-
(3,193)
(71)
(3,264)
(3,264)
(4)
(82)
(2)
-
(12)
(7)
-
(3)
(58)		 Transfers
in/out
£000
(561)
412
89
501
(60)
(108)
2,507
-
(49)
-
-
(36)
-
(2,211)		 Gains/
(Losses)
£000
-
(24)
-
(24)
(24)
-
-
-
-
-
-
-
-
-		 Balance at
31 March
2020
£000
2,009
650
2,837
3,487
5,496
146
13,737
99
-
-
77
-
34
789

Page 47

SUFFOLK WILDLIFE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

21. Statement of funds (continued)

Statement of funds - prior year (continued)

Conservation
management
Reserves
maintenance
Education &
community
projects
Total of funds		 Balance at
1 April 2019
£000
58
112
54
14,212
20,269		 Income
£000
277
618
24
1,878
4,665		 Expenditure
£000
(121)
(556)
(45)
(890)
(4,154)		 Transfers
in/out
£000
-
(36)
(7)
60
-		 Gains/
(Losses)
£000
-
-
-
-
(24)		 Balance at
31 March
2020
£000
214
138
26
15,260
20,756

22. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2021
£000
Tangible fixed assets
387
Heritage assets
2,388
Current assets
3,426
Creditors due within one year
(405)
Total
5,795		 Restricted
funds
2021
£000
3,541
10,608
4,783
-
18,932		 Total
funds
2021
£000
3,928
12,996
8,209
(405)
24,727

Page 48

SUFFOLK WILDLIFE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

22. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Heritage assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2020
£000
445
2,387
3,429
(690)
(77)
5,496		 Restricted
funds
2020
£000
3,296
10,446
1,836
(318)
-
15,260		 Total
funds
2020
£000
3,741
12,833
5,265
(1,008)
(77)
20,756

23. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Loss/(profit) on investments
Profit on the sale of fixed assets
Increase in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities		 Group
2021
£000
3,969
304
289
(1)
(13)
(2,305)
(525)
1,718		 Group
2020
£000
489
182
24
(27)
(4)
55
525
1,244

Page 49

SUFFOLK WILDLIFE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

24. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 Group
2021
£000
2,563
2,563		 Group
2020
£000
1,648
1,648

25. Analysis of changes in net debt

At 1 April At 31 March
2020 Cash flows 2021
£000 £000 £000
Cash at bank and in hand 1,648 922 2,570
Debt due within 1 year (151) 75 (76)
Debt due after 1 year (77) 77 -
Liquid investments 729 (289) 440

26. Pension commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £127,691 (2020 - £111,143) Contributions of £13,759 were payable to the fund at the balance sheet date and are included in creditors.

27. Related party transactions

The Chair of trustees, Nigel Farthing, was a partner during the year in Birketts, one of the legal advisers to the Trust. During the year professional fees of £10,152 (2020 - £7,864) were paid to that firm, the majority of which was in connection with property transactions. At 31 March 2021 there was an amount of £2,366 (2020 - £1,440) due to Birketts.

Page 50