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2024-03-31-accounts

Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

Registered number: 00695346 Charity number: 262777

SUFFOLK WILDLIFE TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST

(A Company Limited by Guarantee)

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
Trust Balance Sheet 22
Consolidated Statement of Cash Flows 23
Notes to the Financial Statements 24 - 51

Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE TRUST, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024

Trustees James Alexander, Chair
Joan Hardingham
Susan Hooton
Stephanie Jones
Robyn Llewellyn
Anna Saltmarsh (resigned 14 October 2023)
Calum Thomson, Honorary Treasurer
Timothy Woodward
Nicholas Cross (resigned 16 July 2023)
Dr Sharon Goddard
Miranda Cooper (appointed 14 October 2023)
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 Peters Elworthy & Moore
Chartered Accountants
Salisbury House
Station Road
Cambridge
CB1 2LA
Bankers Barclays Bank PLC
Princes Street
Ipswich
IP1 1PB
Solicitors Birketts
Providence House
141-145 Princes Street
Ipswich
IP1 1QJ

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Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST (A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024

INTRODUCTION

As Members of Suffolk Wildlife Trust, we share a commitment to the natural world and to playing our part in securing a wilder future.

The commitment of our Members makes it possible for Suffolk Wildlife Trust to think bigger and be ambitious for our county. Together we can inspire more people to get involved and harness the collective impact of individual and community actions for wildlife.

With Members in every community of Suffolk, the Trust has a mandate to speak up for nature and we are determined to use that voice to the full. I am proud of the leadership your Trust is bringing to our county with our vision for a wilder Suffolk. We want to bring nature back, so wildlife in our county is thriving and abundant once again - and we need everyone to play their part.

Suffolk Wildlife Trust is an inspiring and impactful charity with a compelling vision for our county to be wilder. We are uniquely placed to mobilise our county, to work together to secure the change nature needs.

James Alexander, Chair of the Board of Trustees

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Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their annual report together with the audited financial statements of the Trust for the year 1 April 2023 to 31 March 2024. Reference to ‘the Trust’ includes the results of Suffolk Wildlife Trust and its wholly owned subsidiary SWT Trading Ltd, ‘the Group’. 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 charitable company comply with the current statutory requirements, the requirements of the charitable company's 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) (effective 1 January 2019).

STRATEGIC REPORT

Our strategic report is set out below and covers:

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 over 50 nature reserves (most of which are freely accessible to the public), two visitor centres, two activity 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:

    • (i) wildlife and its habitats;

    • (ii) places of natural beauty;

  2. (iii) places of zoological, botanical, geographical, archaeological or scientific interest and (iv) features of landscape with geological, physiographical, or amenity value in particular, but not exclusively, in ways that further biological conservation.

  3. To advance the education of the public in:

    • (i) the principles and practice of sustainable development and

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

  4. To promote research in all branches of nature study and to publish the results.

Fundraising efforts are directed to five key areas:

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

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Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

b. Strategies for achieving objectives

Our vision for our county is

‘A Wilder Suffolk, where nature is thriving and abundant, because everyone is doing more to help’.

Our 2030 strategy is all about ‘scaling up’ our impact - to put nature on a path to recovery at the scale and pace that is needed in the decade to 2030.

We have three overarching strategic goals to achieve this: Goal 1: Nature is recovering at scale, in wildlife-rich landscapes & seas Goal 2: People in every community are taking meaningful action for nature & climate Goal 3: The charity is stronger, more resilient & a more effective champion for nature

The scale of the shift we are seeking to effect is reflected in the ‘tipping points’ to secure lasting impact, which are the scientific underpinning of our strategy:

Ecological tipping point: 30% of Suffolk’s land & sea in recovery for nature Behavioural tipping point: 1 in 4 people taking action for nature & climate

c. Activities undertaken to achieve objectives

Goal 1 - Nature is recovering at scale, in wildlife-rich landscapes and seas

Scaling-up our impact means protecting the wildlife we’ve got and bringing back what we’ve lost. To achieve this we will focus on four key areas of activity:

Goal 2: People in every community are taking meaningful action for nature & climate

Scaling-up our impact means inspiring a societal shift in nature’s favour and mobilising a community-led movement for wildlife. To achieve this we will focus on five key areas of activity:

Goal 3: The charity is stronger, more resilient & a more effective champion for nature

Nature needs us to be a high performing team. To achieve this we will focus on five key areas of activity:

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Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

d. Investment policies

Our approach to our financial investments is aligned to our values and is detailed in our Savings, Investment and Reserves policy, which is reviewed annually by the Board:

The Trust believes that taking account of environmental, social and governance (ESG) issues is an intrinsic part of being a good long-term investor, for both ethical and financial reasons.

The funds we have available to invest include legacy gifts, once transferred to our ownership, given to the Trust to benefit the natural world. Our approach reflects the need to keep them safe and use them wisely to invest in projects that fulfil the Trust’s objectives.

To do this the Trust will invest in low-risk and liquid financial products, such as funds or term deposits held or managed by highly rated UK regulated financial institutions. We seek to ensure the investment objectives of the products in which we invest are at least equivalent to the ethical policies of the Trust.

e. Grant making policies

Suffolk Wildlife Trust is not a grant-making charity.

f. Volunteers

Action for Suffolk’s wildlife, led by local people, is Suffolk Wildlife Trust’s great strength. Our volunteers keep the Trust rooted in our local communities and play a vital role in delivering our Mission to Bring Nature Back.

Every aspect of our work for nature is enriched and enhanced by volunteers. At the end of March 2024 we had 1,172 active volunteers. Collectively they contributed a total of 63,366 hours over the course of the year, supporting all aspects of the Trust’s work for wildlife, in every corner of the county... managing nature reserves, monitoring species, welcoming visitors, leading guided walks, checking livestock, sharing their love of nature with children, serving coffee, delivering magazines, inspiring their community, championing species recovery, fundraising or giving habitat management advice.

The scale and breadth of volunteer activity across the Trust is simply magnificent. From our Board of Trustees to our teenage Young Wardens, our volunteers bring integrity and community to everything we do and make Suffolk Wildlife Trust the vibrant, ambitious, grounded charity that nature needs us to be.

The Board recognises the significant contribution of the volunteers and thanks them individually and collectively. Each year, Suffolk Wildlife Trust celebrates a volunteer or voluntary group who have made an outstanding contribution to our work. This year we were delighted to present our ‘Volunteer of the Year’ award to Michael Chinery, in recognition of his vast contribution to the Trust since 1967, when it was still in its infancy and in particular his role with Haverhill Wildlife Group.

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Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

ACHIEVEMENTS AND PERFORMANCE

a. Main achievements of the Trust and review of activities

Suffolk Wildlife Trust’s 2030 strategy ‘Bringing Nature Back’ focuses our efforts on mobilising our county to scaleup the pace of change in wildlife’s favour. ‘Holding the line’ is no longer enough, we are working to protect the wildlife we still have and bring back what we have lost.

The Trust’s ambition to make the decade to 2030 the one in which we bring nature back underpins the decisions made by your Board of Trustees about where to focus the charity’s resources. Ecological science indicates we need to restore a minimum of 30% of the world’s terrestrial and marine habitats to enable nature to thrive.

If we are to turn around the fortunes of nature, 30% needs to be a collective target - global, national and local - which every sector of society helps to achieve. Suffolk Wildlife Trust is uniquely placed to mobilise local action for nature in our county and so championing 30% by 2030 (30 by 30) is central to our 2030 strategy.

To do this we are working proactively with others to focus our collective efforts on ensuring 30% of Suffolk is well managed for wildlife by 2030. We estimate Suffolk has only half of the habitat needed for an effective nature recovery network. The scale and pace of change society must commit to is unprecedented, but vital.

The shift in our impact across the wider landscape of our county is driven by the strategic investment in our team of Farmland, River and Community Wildlife Advisers . They are helping to inspire and support the step change in our impact outside our nature reserves - to champion landscape-scale approaches to nature’s recovery.

We are now working with landowners and managers of 69 of the county’s larger landholdings (50 hectares) and over) to support land management decisions which benefit nature.

Our advisers also support the County Wildlife Sites (CWS) network. CWS are areas of private or publicly owned land in Suffolk which are of county or regional importance for wildlife. They play a key part in the conservation of Suffolk’s biodiversity, with 970 sites amounting to over 11,340 hectares (28,021 acres) covering almost 5% of the county.

Our advisors are also growing the informal network of privately owned non-designated sites managed for nature, known as Private Nature Reserves (PNRs).62 new sites were added to the network this year, bringing the total to 167, protecting a total area of 726 hectares (1,794 acres).

This year, our community advisors have also worked with 86 community groups, parish councils and businesses to support nature-based decisions on their management and use.

Throughout the year, our Planning and Advocacy team have been relentless in trying to positively influence planning policy and where developments are proposed, fighting nature's corner. 85% of our responses to planning applications resulted in improved outcomes for biodiversity. This could be through applications being refused, changed to avoid impacts, or improved by including measures to replace lost wildlife habitat. We will never be able to respond to every planning application and so we focus our efforts on developments that pose the greatest risk to wildlife and where the outcomes will set precedents for how planning and development consider and protect wildlife.

Year on year, in the same way that we lost so much of our wildlife in Suffolk, this investment in advice, support and advocacy will help to bring nature back, piece by piece, creating connectivity across the landscape and nudging Suffolk closer to the 30% we need.

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Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Over the course of the year, through our magazines and e-newsletters, Trust Members will have seen our ambition and determination to succeed. The support of our members makes this possible and roots us in the communities we live in.

Across Suffolk, we care for 2903 hectares (7173 acres) of wildlife habitat in our 52 nature reserves. Our reserves range in size from Carlton Marshes 252 hectares (623 acres) to Hutchison’s Meadow 1.1 hectares (2.7 acres) and encompass all the habitat types that make our county unique: ancient woodland, valley fen, wetland & reedbed, coastal & intertidal, species rich grassland, heathland & acid grassland and rewilding.

As we look to have more influence on the landscape beyond our reserves, we will of course continue to cherish our nature reserves. They are the jewels of Suffolk’s countryside. Indeed our reserves will have a renewed sense of purpose as the ecological hotspots that can seed nature’s recovery into the surrounding landscape. This year the opportunity to expand the habitat connectivity around Carlton Marshes, by adding 154 hectares (381 acres) of Worlingham Marshes to our network of reserves in the Waveney valley illustrates this perfectly.

Our vision for Worlingham Marshes is to restore a classic Broadland landscape, with a wildlife-rich mosaic of grazing marsh, wet woodland, fen, scrub. Water levels will be managed to restore wet fen on the peat soils, that will lock-up carbon and reduce the impact of flooding - harnessing the power of nature to combat climate change.

A £2 million grant from the National Lottery Heritage Fund made the purchase and habitat restoration plans possible, combined with a £775k match fundraising appeal, which is ongoing. Our thanks to everyone who has supported this.

At a time when even once common species are struggling in the wider countryside, we need more wild areas where populations of birds, insects and other animals can recover and help repopulate the wider landscape – indeed they are vital to achieving 30 by 30.

We want to make the world of nature a welcoming and inclusive place, so everyone can play their part in bringing nature back to our towns and countryside. The decision to buy Worlingham Marshes reflects this, with the project enabling us to develop our engagement and advisory activities with communities and businesses in NE Suffolk

Across the county, this collective, county-wide community-led action will help to restore the abundance of everyday nature and bring wildlife to the fore in individual and community decision making.

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Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

We need everyone to play their part – as it has always been, our localness and ability to mobilise grassroots action unlocks this.

b. Key performance indicators (KPIs) to 2030

The Board assesses the delivery of our 2030 strategy against the impact we strive to create:

c. Factors relevant to achieve objectives

We have remained alert to the impact of external economic and geopolitical factors, including the cost of living crisis and the potential impact of this on fundraising and visitor spend at our centres. Avian flu has also been of concern and has the potential to impact significantly on our activities including our centres.

d. Fundraising activities and income generation

The support of our members underpins the charity’s day to day activities and our long term strategic planning. We are grateful to all our members for their support. Membership at the end of March 2023 was 13,735 households (26,453 members), meaning we have held steady despite the economic challenges facing many households.

We have continued to secure grant funding for the delivery of specific projects in line with our strategic focus and agri-environment grants for land management.

This year has seen a specific focus on income generation to match the Worlingham Marshes land purchase and restoration.

We would like to thank the following members and supporters for their generosity in remembering the Trust in their will this year:

Priscilla Abbott (Elizabeth) Rosemary Arthur George Batchelor Miriam Bennett Patricia Buck Ramon Cook Hazell Denyer John & Margaret Forbes Diana Haycock Richard (Robin) Hegerty Shelagh Herring Margaret Horne Alan Lam Shirley King Clifford Kirby Robert (Bob) Malster Adam Margaret Rosemary Martin John Middleton Jill Mortiboys Ivan Mulley Judith Roberts Diana Steel Philip Strachan Anthony Stocker Hazel Tredgett Gordon Turner Peter Willis Patricia Vieira

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Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

e. Investment policy and performance

Our approach is detailed in our Savings, Investment & Reserves policy.

The Finance & Resources Committee approve a list of financial products and/or institutions that meet the criteria outlined in this policy and also set maximum levels of funds to be invested in each.

During the year our investments increased in value by a small amount.

FINANCIAL REVIEW

a. Going concern

This year, the Trust made an unrestricted loss of £469,000. This reflects the strategic decision by the Board of Trustees to make a planned investment in expanding our impact on the wilder landscape beyond our nature reserves by providing advice, support for community-led action and advocacy. The actual funds investment required was less than budgeted thanks, in part, to donations and legacies received from members. Investment in expanding our efforts beyond our nature reserves underpins our ambition to bring nature back, creating connectivity across the landscape and the space for nature society needs. 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 6 months unrestricted expenditure and associated core staff costs. Free reserves sufficient to meet these objectives were maintained throughout the 2023/2024 year.

For 2024/2025, in accordance with this policy, the free reserve target levels have been calculated at £2,003k. Free reserves are monitored at every Board meeting.

Funds above this level can be designated to specific projects, particularly the acquisition of land as nature reserves and advisory and engagement activity to support the delivery of our 2030 strategy to Bring Nature Back.

As part of ongoing financial planning, the Trustees review the level of unrestricted and restricted funds at each Board meeting. Funds are allocated between restricted and unrestricted funds in accordance with the wishes of the donor. As a significant proportion of unrestricted income is derived from membership subscriptions, the Trustees pay particular attention to the level of membership.

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:

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Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

RISK IMPACT MITIGATION TO ADDRESS THE RISK
Poor
Governance		 The Trust would be unfocused with an inability
to move forwards, resulting in poor delivery of
its charitable objectives:

Trustees and/or Leadership Team
acting outside charitable objectives

Trustees insufficiently independent
of Leadership Team

Reputational damage to the charity

Inadequate procedures to enable and
protect whistle-blowers		 Strong governance framework, including
Articles of Association, Trustee Code of
Conduct, Governance Standing Orders,
Scheme of delegation, Annual Agenda
Plan
Trustee-only time included in Annual
Agenda Plan
Conflict of interest captured in the Register
of Interests
The strategy is directly aligned to
the Charitable objectives
Inability to
recruit and
retain
sufficient
staff and
volunteers		 Loss of capacity and continuity resulting in
an inability to meet charitable objectives:

Loss of key members of Leadership
Team and / or specialist staff

Failure to retain or recruit staff

Failure to retain or recruit sufficient
volunteers

Failure to manage staff & volunteers so
they fulfil their objectives		 Investment in staff and volunteers is
key strand of 2030 strategy
Focus on organisational values and
culture and aligning work practices
to these
Direct line of sight from all roles to
Charitable objectives to align to
individual’s values and job satisfaction
Active communication between staff,
volunteers and Trustees to ensure
issues are identified and resolved.
Failure to
manage
Health &
Safety risks
appropriately		 Harm to visitors, volunteers or staff leading to
reputational damage and financial loss impacting
on delivery of charitable objectives:

Serious injury or fatality involving member of
staff or volunteer

Serious injury or fatality involving member of
the public

Failure to comply with current regulations		 Oversight by Health & Safety &
Safeguarding Board Committee
Named Lead Trustee for Health & Safety
Health & Safety Policy and processes and
recording, including Codes of Practice,
Risk assessments and related policies
Ongoing review of risk assessments for all
activities and sites
Ongoing training programme for staff
and volunteers
Failure to
protect
individuals
from harm		 Harm to individuals leading to reputational
damage and financial loss impacting on
delivery of charitable objectives:

Inadequate safeguarding procedures
for staff, volunteers and visitors		 Oversight by Health & Safety &
Safeguarding Board Committee
Named Lead Trustee for Safeguarding
Safeguarding
Policy,
processes
and
recording, including codes of practice, risk
assessments and related policies
Ongoing training programme for staff
and volunteers

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Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Loss or
damage to
data		 Reputational damage (eg breach of GDPR),
financial loss and inability to continue operations
and delivery of charitable objectives:

Cyber attack

Loss of personal data

Loss of organisational data		 Policy and training for staff & volunteers
covering data security and adherence to
GDPR
IT security including firewalls and use
of cloud-based servers
External IT support
Other
operational
risks
associated
with running
a multi-
faceted
organisation		 Inability
to
deliver
charitable
objectives,
reputational damage and financial loss through:

Inadequate security of physical assets

Failure to fulfil contractual obligations to
external bodies

Failure to comply with current legislation

Delivery of time-limited projects impacts
other operational activity

Loss of reputation due to adverse publicity		 Governance framework: Scheme of
delegation and significant new projects are
approved by the Board of Trustees
Insurance, training and physical security at
Trust sites
Annual internal review & monitoring
of reserve operations
Management framework for all projects
Communications oversight by Leadership
team
Financial Reputational damage, financial loss and inability
to continue operations and delivery of charitable
objectives:

Poor financial controls leading to loss

Failure to comply with financial regulations

Loss of funds due to major financial
institutions in which we invest collapsing		 Oversight by Finance & Resources Board
committee
Hon Treasurer acts as Trustee lead
for finance
Savings,
Investment
and
Reserves
policy covering all investments managed
by the Trust
Financial reporting to the Board
Scheme of delegation for financial sign off
Effective annual budgeting procedures
and monitoring
External
environment
in
areas
such as:
Climate
change
State of UK
economy
Geopolitical
risks
UK political
climate
Pests
and
pathogens
Environmental and geopolitical
risks
impact
aspects of the Trust’s operation possibly leading
to reduced ability to deliver charitable objectives:

Loss of fundraising income

Loss in value of investments

Increase in costs to sustain existing activity

Loss of habitat

Change in habitat

Inability to deliver charitable objectives		 The Board and Leadership team regularly
discuss the potential impact of these risks
and flex the Trust’s activities to manage
their impact as far as possible.

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Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

The Trustees consider risk at every Board meeting and review the strategy in depth on an annual basis. They are satisfied that systems are in place to mitigate our exposure to the major risks where possible.

d. Financial risk management objectives and policies

The Trustees are responsible for the identification and assessment of the major risks to which the charity is exposed (see ‘c’ above). 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 at every Board meeting and undertake a full review on an annual basis. The Trustees are satisfied that systems are in place to mitigate our exposure to the major risks where possible.

Financial risk is addressed further in the Trust’s Savings, Investment & Reserves policy which is primarily designed to ensure and promote the charity’s financial resilience to deliver its strategic objectives. The annual review of the policy considers both the historic and anticipated future nature and sources of income, and capital and revenue expenditure commitments.

The objective of the Savings, Investment and Reserves Policy:

e. 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.

We continue to operate a dedicated Legacy Fund within the Trust’s Designated Funds through which Trustees determine how unrestricted legacies are allocated. This ensures the targeted use of these funds to deliver our strategic impact for wildlife and also allows us to publicly acknowledge the importance of these generous gifts.

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Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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 November 2002.

b. Methods of appointment or election of Trustees

The management of the Group and 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 Chair may offer themselves up for re-election beyond the initial two three-year terms up to a maximum of three additional years.

The Trust aims to have a broad range of skills amongst its Trustees relevant to the running of the organisation and monitors this through the Board skills register.

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:

i) Chair, Honorary Treasurer (appointed at the first Board meeting following the AGM) ii) Up to eight ordinary Trustees

iii) Up to two additional co-opted Trustees

The Trust has five main activity areas each with its own Head of Department: Wildlife conservation & recovery, Land-based projects, Engagement, Philanthropy & partnership, 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 valuable contribution to the Trust's income. The subsidiary's main activities consist of 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.

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Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

d. Policies adopted for the induction and training of Trustees

There is a structured induction process for new Trustees which includes meeting key staff, receiving governance, strategy and financial documents and visits to gateway nature reserves.

The Chair will introduce Trustees to the first meeting of the Board they attend and may arrange for an established Trustee to act as mentor to the new Trustee.

e. Pay policy for key management personnel

The annual review of payroll is approved by the Board of Trustees using CPI as an indication of cost of living increase and external benchmarking against other Wildlife Trusts and the natural heritage sector. On occasion there can also be interim reviews.

f. Related party relationships

There are no related party relationships to disclose.

g. 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 exposure to the major risks.

h. Trustees' indemnities

Trustees are covered under the Trust’s Management Liability Policy to a value of £2million.

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 year. 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.

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Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Peters Elworthy & Moore, have indicated their willingness to continue in office. The designated Trustees will propose a motion appointing the auditors at the Trust's Annual General Meeting.

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

James Alexander Chair

Date: 20 August 2024

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Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUFFOLK WILDLIFE TRUST

OPINION

We have audited the financial statements of Suffolk Wildlife Trust (the 'parent charitable company') and its subsidiary (the 'group') for the year ended 31 March 2024 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.

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Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST

(A Company Limited by Guarantee)

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

OTHER INFORMATION

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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:

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Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST

(A Company Limited by Guarantee)

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

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the Group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

Page 18

Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST

(A Company Limited by Guarantee)

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

To address the risk of fraud through management bias and override of controls, we;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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.

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.

Nikki Loan (Senior Statutory Auditor) for and on behalf of Peters Elworthy & Moore Chartered Accountants Statutory Auditors Salisbury House Station Road Cambridge CB1 2LA Date: 20 August 2024

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Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024

Note
INCOME FROM:
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
Other income
8
TOTAL INCOME
EXPENDITURE ON:
Raising funds
9
Charitable activities
10
TOTAL EXPENDITURE
NET INCOME BEFORE NET
(LOSSES)/GAINS ON
INVESTMENTS
Net (losses)/gains on investments
NET INCOME
Transfers between funds
22
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
22
Net movement in funds
TOTAL FUNDS CARRIED FORWARD
22		 Unrestricted
funds
Restricted
funds
Total
funds
Total
funds
2024
2024
2024
2023
£000
£000
£000
£000
1,708
1,713
3,421
2,860
322
3,480
3,802
1,746
1,063
6
1,069
1,313
113
-
113
56
37
-
37
27
3,243
5,199
8,442
6,002
1,156
12
1,168
1,177
2,620
2,004
4,624
4,174
3,776
2,016
5,792
5,351
(533)
3,183
2,650
651
2
-
2
(44)
(531)
3,183
2,652
607
62
(62)
-
-
(469)
3,121
2,652
607
7,667
21,235
28,902
28,295
(469)
3,121
2,652
607
7,198
24,356
31,554
28,902

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the

year. The notes on pages 24 to 51 form part of these financial statements.

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Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST (A Company Limited by Guarantee) REGISTERED NUMBER: 00695346

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024

Note
FIXED ASSETS
Tangible assets
15
Heritage assets
16
CURRENT ASSETS
Stocks
18
Debtors
19
Investments
20
Cash at bank and in hand
25
Creditors: amounts falling due within
one year
21
NET CURRENT ASSETS
TOTAL NET ASSETS
CHARITY FUNDS
Restricted funds
22
Unrestricted funds
22
TOTAL FUNDS		 32
2,646
1,831
2,743		 2024
£000
3,835
21,225		 44
2,482
1,829
3,296		 2023
£000
3,790
19,037
25,060
6,494		 22,827




6,075
7,252
(758)		 7,651
(1,576)
31,554
24,356
7,198		 28,902
21,235
7,667
31,554 28,902

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:

James Alexander

Chair

Date: 20 August 2024

The notes on pages 24 to 51 form part of these financial statements.

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Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST (A Company Limited by Guarantee) REGISTERED NUMBER: 00695346

TRUST BALANCE SHEET AS AT 31 MARCH 2024

Note
FIXED ASSETS
Tangible assets
15
Heritage assets
16
CURRENT ASSETS
Stocks
18
Debtors
19
Investments
20
Cash at bank and in hand
Creditors: amounts falling due within
one year
21
NET CURRENT ASSETS
TOTAL NET ASSETS
CHARITY FUNDS
Restricted funds
Unrestricted funds
TOTAL FUNDS		 11
2,784
1,831
2,563		 2024
£000
3,803
21,225		 11
2,476
1,829
3,201		 2023
£000
3,783
19,037
25,028
6,503		 22,820




6,035
7,189
(686)		 7,517
(1,482)
31,531
24,356
7,175		 28,855
21,235
7,620
31,531 28,855

The Trust's net movement in funds for the year was £2,676k (2023 - £806k).

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:

James Alexander

Chair

Date: 20 August 2024

The notes on pages 24 to 51 form part of these financial statements.

Page 22

Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

Note
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash generated from operating activities
24
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends, interests and rents from investments
Proceeds from the sale of tangible fixed assets
Purchase of intangible assets
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Purchase of nature reserves (heritage assets)
NET CASH USED IN INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Cash inflows from new borrowing
Repayments of borrowing
NET CASH PROVIDED BY/(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
25		 2024
£000
2023
£000
2,558
477
113
56
50
28
-
-
(428)
(368)
-
-
-
-
(2,143)
(3,309)
(2,408)
(3,593)
400
1,303
(1,103)
(200)
(703)
1,103
(553)
(2,013)
3,296
5,309
2,743
3,296

The notes on pages 24 to 51 form part of these financial statements

Page 23

Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. GENERAL INFORMATION

Suffolk Wildlife Trust is a charitable company limited by guarantee and incorporated in England and Wales. Its registered office, which is also the principal place of business, is Brooke House, The Green, Ashbocking, Ipswich, Suffolk, IP6 9JY.

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 meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognized 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.

The financial statements are presented in pound sterling rounded to the nearest one thousand.

2.2 GOING CONCERN

In approving these accounts, the Trustees have assessed whether the use of the 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 at least one year from the date of the approval of the financial statements.

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 24

Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES (CONTINUED)

2.3 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.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Trust has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid Will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Trust, can be reliably measured.

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), general volunteer time is not recognised and refer to the Trustees' report for more information about their contribution.

Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Trust's accounting policies.

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.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Page 25

Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES (CONTINUED)

2.4 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. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

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

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 INTEREST RECEIVABLE

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 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.

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Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES (CONTINUED)

2.7 TANGIBLE FIXED ASSETS AND DEPRECIATION

Tangible fixed assets costing £5,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

At each reporting date the Trust assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Freehold property - 3.5 - 10% on cost Long-term leasehold property - Over the term of the lease Plant and machinery - 10 - 20% on cost Other fixed assets - 4% - 10% on cost

The ranges disclosed within the policy have been expanded to cover the estimated lives of the individual assets held by the Trust

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated Statement of Financial Activities.

2.8 HERITAGE ASSETS

Where heritage assets have been purchased, they are initially recognised at cost. After recognition, under the cost model, heritage assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

At each reporting date the Trust assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

2.9 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 the 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 presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities. Investments are considered to be current as the Trust does not hold investments long term. Investments which are gifted or donated are, wherever possible, held until the market is sufficient to secure a sales value equivalent to at least the value of the investment at the date the gift was made.

Investments in subsidiaries are valued at cost less provision for impairment.

Page 27

Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES (CONTINUED)

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.

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 LIABILITIES AND PROVISIONS

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Trust anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.

2.14 FINANCIAL INSTRUMENTS

The Group 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.15 PENSIONS

Contributions made to individuals' personal pension schemes are charged to the Statement of Financial Activities in the period in which they relate.

Page 28

Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES (CONTINUED)

2.16 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 Group 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 Group 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.

3. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGMENT

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Trust makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Critical areas of judgment:

Legacies

The Charity is in receipt of legacies. Where a legacy has not been settled at the year end and the criteria for recognition is met an element of judgement may be required to reasonably estimate the final sum if not all settled in cash subsequent to the year end. Any estimates where possible are based on advice from solicitors in determining estate values which in turn may use market values for assets such as properties and investments. Data from appropriate agents and readily available market data are used in determining the estate value.

Heritage assets

Heritage assets includes land acquired as arable land and therefore land that is held at the cost of arable land. As part of the Trust’s charitable objectives, land is purchased to be rewilded and therefore there are instances where, if required to be sold today, land may not achieve its cost value without additional expenditure being required. Each year, the Trust internally reviews the value of our land holding in comparison with current market values and can confirm we do not view that the total value of land is impaired, therefore it remains at cost.

Page 29

Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

3. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGMENT (CONTINUED)

Depreciation

Based on the useful economic lives which are set out in the accounting policies. These estimates are the best estimate based on past experience and expected performance and are regularly reviewed to ensure they remain appropriate.

4. INCOME FROM DONATIONS AND LEGACIES

Member Subscriptions & Donations
Legacies
TOTAL 2024
TOTAL 2023		 Unrestricted
funds
Restricted
funds
Total
funds
Total
funds
2024
2024
2024
2023
£000
£000
£000
£000
985
1,644
2,629
1,649
723
69
792
1,211
1,708
1,713
3,421
2,860

2,134
726
2,860

In 2024 donations includes a donated asset of £45k (2023 - £nil).

5. INCOME FROM CHARITABLE ACTIVITIES

Unrestricted Restricted Total Total
funds funds funds funds
2024 2024 2024 2023
£000 £000 £000 £000
Grants - 3,308 3,308 1,502
Fees receivable 19 - 19 21
Learning and other income 303 172 475 223
TOTAL 2024 322 3,480 3,802 1,746
TOTAL 2023 248 1,498
1,746

Page 30

Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

6. INCOME FROM OTHER TRADING ACTIVITIES

Income from fundraising events

Unrestricted Unrestricted Restricted Total Total
funds funds funds funds
2024 2024 2024 2023
£000 £000 £000 £000
Fundraising 72 6 78 405
Rental income 67 - 67 12
TOTAL 2024 139 6 145 417
TOTAL 2023 98 319
417
Income from non charitable trading activities
Unrestricted Total Total
funds funds funds
2024 2024 2023
£000 £000 £000
S.W.T Trading - Merchandising 533 533 500
S.W.T Trading - Consulting 391 391 396
TOTAL 2024 924 924 896
TOTAL 2023 896 896

7. INVESTMENT INCOME

Dividend income
TOTAL 2023		 Unrestricted
funds
Restricted
funds
Total
funds
Total
funds
2024
2024
2024
2023
£000
£000
£000
£000
113
-
113
56

56
-
56

Page 31

Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

8. OTHER INCOMING RESOURCES

Profit on disposal of assets
TOTAL 2023		 Unrestricted
funds
2024
£000
37
27		 Total

funds
2024
£000
37
27		 Total
funds
2023
£000
27

9. EXPENDITURE ON RAISING FUNDS

COSTS OF RAISING VOLUNTARY INCOME

Costs of raising voluntary income
Wages and salaries
National insurance
Pension costs
TOTAL 2023		 Unrestricted
funds
Restricted
funds
Total
funds
Total
funds
2024
2024
2024
2023
£000
£000
£000
£000
47
3
50
18
152
9
161
225
15
-
15
28
14
-
14
26
228
12
240
297

270
27
297

Page 32

Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

9. EXPENDITURE ON RAISING FUNDS (CONTINUED)

SWT TRADING EXPENSES

Trading expenses
Wages and salaries
National insurance
Pension costs
TOTAL 2023		 Unrestricted
funds 2024
£000
403
455
34
36		 Total
funds
2024
£000
Total
funds
2023
£000
403
427
455
386
34
34
36
33
928 928
880

880
880

10. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Summary by fund type

Unrestricted
funds Restricted
funds Total Total
2024 2024 2024 2023
£000 £000 £000 £000
Conservation Management & Maintenance of
Reserves 1,461 1,815 3,276 3,091
Education & Community Projects 719 187 906 559
Membership 390 2 392 454
IT Support & Maintenance 50 - 50 70
2,620 2,004 4,624 4,174
TOTAL 2023 2,242 1,932
4,174

Page 33

Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

11. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES (CONTINUED)

Summary by fund type (continued)

In 2024 Conservation Management & Maintenance Reserves includes a contribution of £64,200 (2023 - £65,840) to the Royal Society of Wildlife Trusts (RSWT) the Federation's central charity. This enables RSWT to act on the collective behalf of all individual Wildlife Trusts including but not limited to in respect of Government legislation, i.e. Agricultural Bill, Environment Bill, Marine Act; and provision of shared services including advertising, and Customer Relationship Management.

12. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Conservation Management & Maintenance
of Reserves
Education & Community Projects
Membership
IT Support & Maintenance
TOTAL 2023		 Activities
undertaken
directly
2024
£000
3,020
788
372
-		 Support
costs
2024
£000
256
118
20
50
Total
funds
Total
funds
2024
2023
£000
£000
3,276
3,091
906
559
392
454
50
70
4,180 444 4,624
4,174

4,174
3,837 337

Page 34

Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

ANALYSIS OF SUPPORT COSTS

13. Governance
Support
costs
costs
Total
funds
Total
funds
2024
2024
2024
2023
£000
£000
£000
£000
IT support
-
50
50
70
Office costs
-
216
216
140
Governance costs
19
-
19
15
Finance costs
-
159
159
112
19
425
444
337

TOTAL 2023
127
210
337
AUDITORS' REMUNERATION
2024
2023
£000
£000
Fees payable to the Trust's auditor for the audit of the Trust's annual
accounts
24
9
Fees payable to the Trust's auditor in respect of:
All non-audit services not included above
2
2

14. STAFF COSTS

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
Group
Trust
Trust
2024
2023
2024
2023
£000
£000
£000
£000
2,744
2,393
2,289
2,007
252
226
218
192
240
204
204
171
3,236
2,823
2,711
2,370

Page 35

Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

14. STAFF COSTS (CONTINUED)

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

Charitable Activities
Cost of generating funds
Support costs		 Group
2024
No.
Group
2023
No.
Trust
2024
No.
Trust
2023
No
64
86
60
56
39
12
14
12
8
6
6
6
111
104
80
74

The average headcount expressed as full-time equivalents was:

Group Group Trust Trust
2024 2023 2024 2023
No. No. No. No.
Total 86 96 67 71

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

Group Group
2024 2023
No. No.
In the band £60,001 - £70,000 1 1
In the band £70,001 - £80,000 - 1
In the band £80,001 - £90,000 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 7 Members of the KMP for their services was £362,822 (2023 - £398,538).

TRUSTEES' REMUNERATION AND EXPENSES

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).

During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL).

Page 36

Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

15. TANGIBLE FIXED ASSETS

GROUP

COST OR VALUATION
At 1 April 2023
Additions
Disposals
At 31 March 2024
DEPRECIATION
At 1 April 2023
Charge for the year
On disposals
At 31 March 2024
NET BOOK VALUE
At 31 March 2024
At 31 March 2023		 Long-term
leasehold
property
Plant and
machinery
Other fixed
assets
Total
£000
£000
£000
£000
4,432
1,957
540
6,929
13
415
-
428
-
(129)
-
(129)
4,445
2,243
540
7,228
1,127
1,517
495
3,139
152
197
16
365
-
(111)
-
(111)
1,279
1,603
511
3,393
3,166
640
29
3,835
3,305
440
45
3,790

Page 37

Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

15. TANGIBLE FIXED ASSETS (CONTINUED)

TRUST

COST OR VALUATION
At 1 April 2023
additions
Disposals
At 31 March 2024
DEPRECIATION
At 1 April 2023
Charge for the year
On disposals
At 31 March 2024
NET BOOK VALUE
At 31 March 2024
At 31 March 2023		 Long-term
leasehold
property
Plant and
machinery
Other fixed
assets
Total
£000
£000
£000
£000
4,433
1,867
540
6,840
13
387
-
400
-
(129)
-
(129)
4,446
2,125
540
7,111
1,128
1,434
495
3,057
152
193
16
361
-
(110)
-
(110)
1,280
1,517
511
3,308
3,166
608
29
3,803
3,305
433
45
3,783

Page 38

Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

16. HERITAGE ASSETS

GROUP AND TRUST

Assets recognised at cost

Carrying value at 1 April 2023
Additions		 Wildlife
reserves
2024
£000
19,037
2,188
21,225

There were no proceeds from disposals and no impairment charges in the past 5 years.

Acquisition and management of wildlife reserves

Suffolk Wildlife Trust manages 52 nature reserves extending to 7,173 acres. Approximately 5,085 acres are freehold owned and almost 1,258 acres are 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.

Page 39

Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

16. HERITAGE ASSETS (CONTINUED)

Analysis of heritage asset transactions

GROUP AND TRUST

PURCHASES
Wildlife reserves - cost
Wildlife reserves – transfers
TOTAL ADDITIONS
DISPOSALS
Wildlife reserves
TOTAL DISPOSALS		 2024
2023
2022
2021
2020
£000
£000
£000
£000
£000
2,188
3,309
2,661
163
31

-
-
71
-
-
2,188
3,309
2,732
163
31
-
-
-
-
(1)
-
-
-
-
(1)

Page 40

Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

17. FIXED ASSET INVESTMENTS

PRINCIPAL SUBSIDIARIES

The following was a subsidiary undertaking of the Trust:

Name Company Registered office or principal Principal activity number place of business S.W.T. Trading Limited 02221844 Brooke House, The Green, Sale of goods and Ashbocking, Ipswich, Suffolk, provision of IP6 9JY consultancy services Class of Holding Included in shares consolidation Ordinary 100% Yes

The financial results of the subsidiary for the year were:

Name Income Expenditure Expenditure Net assets
£ £ Profit/(Loss) / £
Surplus/
(Deficit) for
the year £
S.W.T. Trading Limited 926,097 (936,005) (9,908) 23,730
18. STOCKS
Group Group
Trust		 Trust
2024 2023 2024 2023
£000 £000
£000		 £000
Finished goods and goods for resale 32 44
11		 11

Page 41

Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

19. DEBTORS

DUE WITHIN ONE YEAR
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income
Grants receivable		 Group
Group
Trust
Trust
2024
2023
2024
2023
£000
£000
£000
£000
239
477
164
297
-
-
251
180
956
905
957
903
416
10
377
6
1,035
1,090
1,035
1,090
2,646
2,482
2,784
2,476

Included in other debtors are unrealised legacies of £956,330 (2023 - £834,723).

The Trust had been notified of three legacies at the year end with an estimated value of £142,000 for which no accrual has been made as the recognition criteria were not met.

20. CURRENT ASSET INVESTMENTS

Listed investments
Unlisted investments		 Group
Group
Trust
Trust
2024
2023
2024
2023
£000
£000
£000
£000
1,329
1,368
1,329
1,368
502
461
502
461
1,831
1,829
1,831
1,829

Page 42

Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

(A Company Limited by Guarantee)

SUFFOLK WILDLIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

21.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
Trade creditors
Other taxation and social security
Accruals and deferred income		 Group
Group
Trust
Trust
2024
2023
2024
2023
£000
£000
£000
£000
400
1,103
400
1,103
101
137
83
122
109
177
86
152
148
159
117
105
758
1,576
686
1,482

During the year, the prior year loan amounting to £1,103k was repaid in full.

In September 2023, The Trust drew down on a loan amounting to £400k (2023 - £1,303k). Interest is charged at 0% per annum. The loan is due to be repaid by September 2024 with repayments due quarterly.

Repayments are variable as they are based on the value of fundraising, donations and legacy income received by the Trust and as such, should the Trust be successful in raising the required funding, the lender is legally entitled to repayment of the balance within the next 12 months.

The Trust expect to have paid this balance off within the next 12 months and therefore have included the full balance within one year.

Deferred income at 1 April 2023
Resources deferred during the year
Amounts released from previous periods		 Group
Group
Trust
Trust
2024
2023
2024
2023
£000
£000
£000
£000
101
54
69
47
69
101
57
69
(101)
(54)
(69)
(47)
69
101
57
69

Deferred income relates to course fees, programmes and grazing rent paid in advance.

Page 43

Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

22. STATEMENT OF GROUP FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

Balance at
Balance at 1 Transfers Gains/ 31 March
April 2023 Income Expenditure in/(out) (Losses) 2024
£000 £000 £000 £000 £000 £000
UNRESTRICTED
FUNDS
DESIGNATED
FUNDS
Designated
Funds 2,468 1 (2) (882) - 1,585
GENERAL
FUNDS
General Funds 1,391 3,242 (3,643) 514 2 1,508
Wildlife reserves
and equipment 3,808 - (131) 430 - 4,107
5,199 3,242 (3,774) 944 2 5,615
TOTAL
UNRESTRICTED
FUNDS 7,667 3,243 (3,776) 62 2 7,198
RESTRICTED
FUNDS
Bequests &
donations 987 1,429 (224) (42) - 2,150
Wildlife
Reserves &
Equipment 19,019 - (234) 2,170 - 20,955
Gunton Warren 5 30 (19) - - 16
Worlingham - 2,204 (56) (2,148) - -
Conservation
management 995 466 (731) - - 730
Reserves
maintenance 86 1,027 (643) (42) - 428

Page 44

Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

22. STATEMENT OF GROUP FUNDS (CONTINUED) STATEMENT OF GROUP FUNDS - CURRENT YEAR (continued)

Education &
community
projects
TOTAL OF
FUNDS		 Balance at 1
April 2023
Income Expenditure
Transfers
in/(out)
Gains/
(Losses)
Balance at
31 March
2024
£000
£000
£000
£000
£000
£000
143
43
(109)
-
-
77
21,235
5,199
(2,016)
(62)
-
24,356
28,902
8,442
(5,792)
-
2
31,554

Page 45

Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

22. STATEMENT OF GROUP FUNDS (CONTINUED)

STATEMENT OF FUNDS - PRIOR YEAR

Transfers Balance at
Balance at in/out Gains/ 31 March
1 April 2022 Income Expenditure (restated) (Losses) 2023
£000 £000 £000 £000 £000 £000
UNRESTRICTED
FUNDS
DESIGNATED
FUNDS
Designated
Funds - all
funds 2,009 - - 459 - 2,468
GENERAL
FUNDS
(as restated)
General Funds 1,732 3,459 (3,297) (459) (44) 1,391
Wildlife reserves
and equipment 3,696
 - (96) 208 3,808
5,428 3,459 (3,393) (251) (44) 5,199
TOTAL
UNRESTRICTED
FUNDS 7,437 3,459 (3,393) 208 (44) 7,667
RESTRICTED
FUNDS
Bequests &
donations 3,715 685 (58) (3,355)
 - 987
Wildlife
Reserves &
Equipment 15,788
 - (238) 3,469 - 19,019
Gunton Meadow 93 - - (93) - -
Pecks Piece 70 - - (70) - -
Gunton Warren 5 - - - - 5
Carlton Marshes 358 10 (353) (15) - -
Conservation
management 551 990 (546) - - 995
Reserves
maintenance 136 716 (622) (144)
 - 86

Page 46

Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

22. STATEMENT OF GROUP FUNDS (CONTINUED) STATEMENT OF GROUP FUNDS - PRIOR YEAR (CONTINUED)

Education &
community
projects
Other
TOTAL OF
FUNDS		 Balance at
1 April 2022
Income
Expenditure
Transfers
in/(out)
Gains/
(Losses)
Balance at
31 March
2023
£000
£000
£000
£000
£000
£000
83
142
(82)
-
-
143
59
-
(59)
-
-
-
20,858
2,543
(1,958)
(208)-
21,235
28,295
6,002
(5,351) -
(44)
28,902

Page 47

Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

22. STATEMENT OF GROUP FUNDS (CONTINUED)

Purposes of restricted funds

Bequests and donations - Bequest restricted by the donor for specific purposes, primarily land purchase and restoration.

Gunton Meadow - Section 106 mitigation funds to draw down for reserve management. During the year, transfers have been made from restricted funds to unrestricted funds where the original contractual restrictions have expired or been met and the remaining funds have therefore become unrestricted.

Pecks Piece - Forestry Commission Woodland creation grant. During the year, transfers have been made from restricted funds to unrestricted funds where the original contractual restrictions have expired or been met and the remaining funds have therefore become unrestricted.

Wildlife Reserves & Equipment - This represents our Wildlife Reserves and Equipment that are restricted assets.

Gunton Warren - Reserve management costs paid in advance by East Suffolk Council.

Carlton Marshes - Grants for habitat work at Carlton Marshes including from Defra Green recovery Fund, Highways England. These projects have now been completed.

Conservation management - Grants & donations for specific species projects (including dormouse, water vole, swift, hedgehog) osprey introduction project, pond creation & restoration projects.

Reserve maintenance - Grants for specific projects on reserves and annual management contract for Trimley Marshes from Felixstowe docks, as the reserve was created as compensation for habitat destroyed.

Education & Community projects - Grants & donations for specific people engagement projects including projects with teenagers, Wilder Suffolk book printing, projects in Ipswich and Woodbridge, holiday clubs.

Worlingham Marshes – Grants & donations for the purchase and restoration of Worlingham Marshes.

Other - Donations to go towards supporting areas that have struggled due to COVID-19

Designated Funds

Designated funds represent specific projects where money is expected to be spent over the next three years, agreed by the Trustees.

The Trustees will consider the funding of projects outside the level of restricted fund awards and core activities which they feel are of merit and which they wish to support in line with the Charities objectives.

Transfers within designated funds represent money spent during the year on these agreed projects.

General funds

The Wildlife Reserve & Equipment fund represents our Wildlife Reserves and Equipment that are unrestricted assets.

Page 48

Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

23. ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

Tangible fixed assets
Heritage assets
Current assets
Creditors due within one year
TOTAL 2023		 Unrestricted
funds
Restricted
funds
Total
funds
Total
funds
2024
2024
2024
2023
£000
£000
£000
£000
840
2,995
3,835
3,790
3,268
17,957
21,225
19,037
3,376
3,876
7,252
7,651
(286)
(472)
(758)
(1,576)
7,198
24,356
31,554
28,902

7,667
21,235
28,902

24. 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
Gains/(losses) on investments
Dividends, interests and rents from investments
Profit on the sale of fixed assets
Increase in stocks
Decrease/(increase) in debtors
Increase in creditors
Donated assets
NET CASH PROVIDED BY OPERATING ACTIVITIES		 Group
2024
£000
Group
2023
£000
2,652
607
365
334
(2)
44
(113)
(56)
(32)
(27)
12
(3)
(164)
(543)
(115)
121
(45)
-
2,558
477

Page 49

Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

(A Company Limited by Guarantee)

SUFFOLK WILDLIFE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

25. ANALYSIS OF CASH AND CASH EQUIVALENTS

Cash in hand
TOTAL CASH AND CASH EQUIVALENTS		 Group
2024
£000
2,743
2,743		 Group
2023
£000
3,296
3,296

26. ANALYSIS OF CHANGES IN NET DEBT

Cash at bank and in hand
Debt due within 1 year
Liquid investments		 At 1 April
Other non-
cash At 31 March
2023
Cash flows
changes
2024
£000
£000
£000
£000
3296
(553)
-
2,743
(1,103)
703
-
(400)
1,829
-
2
1,831
4,022
150
2
4,174

27. 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 £239,937 (2023 - £203,515). Contributions of £21,865 (2023 - £NIL) were payable to the fund at the balance sheet date and are included in creditors.

28. MEMBERS' LIABILITY

Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member.

29. RELATED PARTY TRANSACTIONS

There were no related party transactions during the current year nor during the prior year. Where Trustees, or those connected with them, purchase services or membership from the Trust, this is done on the same basis as any other customer or member.

Page 50

Docusign Envelope ID: 6C49BAC3-0ADE-4A41-81C2-C60FCD7A7BE9

SUFFOLK WILDLIFE TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

30. COMMITMENTS UNDER OPERATING LEASES

At 31 March 2024 the Group had future minimum lease payments under non-cancellable operating leases for each of the following periods:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 2024
2023
10
1
19
4
-
-
29
5

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