Friends of the Earth Charltable Trust Friends of the Earth Charitable Trust Report and Accounts for the year ending 30 June 2023 11111111111 *￿v3Fj9v• 2010112024 COMPANIES HOUSE Friends of the Earth Charitable Trust For the year ending 30 June2023 Company Number: 01533942 Registered Charity Number: 281681 Contents Reference and administrative details About Friends of the Earth Chair's statement Co-Executive Directors. statement Trustees. and Strategic Report - Our object and activities - Our achievements in 2022-23 - Our plans for 2023-24 - Fundraising review 13 - Financial review 14 - Our people 17 - Governance. structure and rlsks Independent Auditor's Report 20 25 Statement of Financial Activities 29 Balance Sheet 30 Statement of Cash Flows 31 Notes to the Accounts 32 Page 2 of 47 Friends of the Earth Charltable Trust For the year ending 30 June 2023 Company Number: OIS33942 Reglstered Charity Number: 281681 Reference and administrative details Friends of the Earth Charitable Trust is a company limited by guarantee {registered 10 December 19801. not having a share capital. and is also a registered charity (registered 6 January 19811 governed by its memorandum and articles of association. Company Registration Number: 01533942 Registered Charity Number. 281681 Reglstered office: The Printworks 1st Floor. 139 Clapham Road London, SW9 OHP England and Wales Country of incorporatio Trustees The Trustees, who are the Directors of the charity for the purposes of the Companies Act, and held office during the period were: Frances Butler Ihl {resi8ned 31 October 2023) Beverley Downes lappointed l June 2023) Nicholas Eldred lappointed l June 20231 Gillian Fawcett Ilnterim Chair to June 20231 Sian Ferguson Ichair,. appointed l June 20231 Sandy Hore Ruthven (appointed ljune 2023, resigned 22 November 20231 Louisa K Hand Melanie Oley Ihl Director of Friends of the Earth Limited Co-Exe¢utlve Dlrertors Hugh Knowles and Miriam Turner Company Secretary: Helen Ashley Taylor The day-to-day management is delegated to the Co-Executive Directors, the Senior Leadership Team (made up of employees selected for their expertise in the various activities of the or8anisationl and the Trust's other staff. The charity has its own Trust Director who serves as company secretary to the Board of Trustees, supporting with meetings and charitygovernance matters affectingthe Trust.The Trust Director reports tothe Chair andthe Trustees and has noother role in the charity or anyof itsgrantees. A￿ditOr Bankers Solicltors Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Co-operative Bank plc Manchester Business Centre l Balloon Street Manchester M60 4EP Bates Wells & Braithwaite 10 Queen Street Place London EC4R IAG Page 3 of 47 Friends of the Earth Charitsble Trust For the yearending 30 June 2023 Company Number: 01533942 Registered Charity Number: 281681 About Friends of the Earth The natural world has experienced unprecedented disruption in recent years. And it is people as well as the environmentthat suffer as a result. For over 50 years, Friend50f the Earth has been dedicated to the protection of the natural world and the wellbeing of everyone in it. Ovr international COmFyiunity brings together more than two million people in 73 countries, combining people power all over the world to make an even greater difference and transforming local actions into global impact. We fund campaigns. provide resources and information and promote alternative solutions to create a cleaner. healthier and fairer world for everyone, for today and for generations to come. In the UK, Friends of the Earth has been responsible for makin8 recyclin8 not just a household word, but a household habit. We successfully campaigned for the world's first climate change law. the Climate Chan8e Act 2008. which paved the way for similar legislationaroundtheworld. Our combinedstrength hasmeantwehave beenabletopush back against drilling for fossil fuels and ensure legal protection f rom pesticides for bees, we continue the light against climate change. Workin8 tO8ether with local groups, experts, business leaders and politicians we push for changearound the issues and causes that matterto you- protecting your homeand local environment, promoting safe and healthy food and water across the globe and supporting alternative energy 501utions that can change the world for the better. Whether you are3 first-time supporter or a seasoned campaigner, we're with you every step of the way, supporting communities, defending human ri8hts. protecting nature, moving mountains. Together with us your voice is louder. your actions more significant and your impact greater. To8ether with you, we are determined to change the world for good. Page 4 of 47 Friends of the Earth Charitable Trust For the year ending 30 June 2023 Company Number: 01533942 Reglstered Charlty Number. 281681 Chair's statement This"is my first statement as Chair, having joined the Board in June 2023. and it has been a joy to learn more about the hard work and dedication of everyone across the organisation and the wider Friendsof the Earth network. Over the year, the Charitable Trust has made grants to fund activities to brin8 about the changes we need to see. Activitie5 such as engaging young and marginalised campaigners. supporting communities to challenge new, dangerousand unnecessary fossil fuel projects, and brin8in8 people together in powerful coalitions for warm homesthat don't costthe earth. This year we welcomed four new Trustees to the Board: myself, Nicholas Eldred, Sandy Hore- Ruthven and Beverley Downes. We are privileged to join such a dedicated Board and look forward to working togetheras partof the wider Friends of the Earth family. I would like to take this opportunity to thank Gillian Fawcett for her contributions and impact whilst serving as Interim Chair. which were hugely valued by the Board. My fellow Trusteesand I would also liketoacknowledge and thank oursupporters who have continued to make our work and impact possible. We are incredibly grateful to our individual and major donors, to the People's Postcode Lottery and the trusts and foundations who supported us. We are delighted to have started a new partnership with the Co-operative Bank to restore nature-deprived spaces across the country and thank them for their support for this important work. Looking ahead. we will strive to ensure that the Charitable Trust does all that it can to support a better future for us all. Sian Ferguson Chair and Trustee Friends of the Earth Charitable Trust Page 5150 Frlends of the Earth Charitsble Trust For the year ending 30 June 2023 Company Number: 01533942 Registered Charity Number. 281681 Co-Executive Directors, statement This has been another year of mounting evidence of the worsening environmental crisis that continues to shape our collective future. From the wildfires burning through Europe, to the news that 4,500 people died from heat-related causes in 2022. the most ever recorded in a single year. it is clearly imperative that we take action on climate now. Yet the glaring feality is. that despite the urgency, those in power have too often fallen short of their responsibilities. The government has sought to bring in authoritarian anti-protest legislation and back down on its Net Zero commitments. whilst failing to invest in renewables. Corporations have reaped eye-wateringly exorbitant profits on fuels whilst people at home suffered in poorly insulated homes, saddled with mammoth bills. The scale and complexity of the issues, and the media and political landscape, can feel overwhelming. It is crucial to remember that our collective efforts make a difference in holding those in power accountable and driving the chan8e we so desperately need. Within this context, the work of Friends of the Earth Charitable Trust is more important than ever. We are incredibly grateful to our supporters, donors and partners. including the People's Postcode Lottery and its players. and everyone in the movement alongside us. Without them we cannot continue to fight and to win for the climate. The Trust fultils its charitable purpose by f unding organisations and groups that enable us to make change and protect the environment, predominately Friends of the Earth Limited. Highlightingjust some of our funded achievernents this year. The United for Warm Homes campaign launched. This is a multi-year campaign, calling for urgent support for people dealing with sky-high energy bills, a new emergency pro8iamme to insulate our heat-leaking home& and an energy system powered by cheap and green renewables. Friends of the Earth Limited won a landmark victory at the start of the year, when the High Court ruled that the Net Zero Strategy is unlawful and ordered the government to revise its strategy. We have supported some fantastic interventions in England. Wales and Northern Ireland. From defeating the Ffos y Fran opencast coal mine in Cymru. to challenging oil drilling in Horse Hill. the proposed Whitehaven coal mine in Cumbria and the digging of huge gas stora8e caves under Larne Lough in Northern Ireland. The next year we will continue to ensure that fossil fuels have no place in our future, and ensure that the decarbonisation of heat prioritises those in fuel poverty. We will work to fund projects to help communities benefit from thriving nature in their local areas, and continue to raise awareness of the climate emer8ency and the urgency of the need for action. Hugh Knowles and Miriam Turner Co-Executive Directors Page 6 of 47 Friends of the Earth Charitable Trust For the yearending 30 June 2023 Company Number: 01533942 Reglstered Charity Number: 281681 Trustees, and Strategic report The Trustees are pleased to present their Trustees. and strategic report. together with the f inancial statements, for the year ending 30 June 2023. The financial statements comply with current statutory requirements, the memorandum and Articles of Association and the Statement of Recommended Practice 2015 - Accounting and Reporting by Charities IFRS 1021. Our objects and activities Our purposes and aims Friends of the Earth Charitable Trust is dedicated to achieving the following charitable objectives.. The conservation. protection and sustainable use for the public benefit of the Earth's natural environment including biodiversity, atmosphere, water, land and natural resources. The advancement of education for the oublic benefit and. in particular, the advancement of education in ecology, natural history, resource conservation, sustainable development and environment studies. The promotion of sustainable development for the benefit of the public by lil the preservation, conservation and the protection of the environment and the prudent useof natural resources., and lill conducting or commissioning research and publishing the results of such research 'Sustainable development. means improving the quality of life while living within the carryin8 capacity of supporting ecosystems and the natural environment. We aim to achieve these objects by funding work that falls within the confines of this remit. This report sets out how these objects were achieved in the year ending 30 June 2023, the proposals for the fulfilment of the charitable objects during 2023-24 and how we plan to fulfil the charitable objects for the public benefit in f uture years. In conducting its objects for the public benefit, Friends of the Earth Charitable Trust continues its long-term association with other Friends of the Earth environmental groups, both locally and internationally, in order to increase the effectiveness of its charitable work for the PLJblic benefit. This association is acknowledged within the Articles of Association that govern the charitsblecompany. Page 7 of 47 Friends ol the Earth Charitable Trust For the year ending 30 June 2023 Company Number: 01533942 Reglstered Charity Number. 281681 Our grant making policy All workfunded bytheTrust mustfallwithinthecharitableobjectsstatedabove and must comply with all legal and regulatory reouirements for UK registered charities. We fulf il our charitable ob'jects for the public benefit by providing grant funding to organisations with aligned purposes and aims. Trustees regularly review the most effective ways to further the charity's objects for the public benefit. Trustees agree the primary funding areas for each year and retain complete discretion to approve or reject any grant application. The Trustees aim to diversify the range otgrantees to which it provides grant f undin8 in future years. The Trust has grant monitoring procedures in place to ensure that all charitable funds are Spent solely on charitable activities to further the charitable objects in accordance with the conditions attached to the grant in the written granta8reement. Public Benefit ststement The Trustees recognise that the work ol the charity seeks to provide long-term public benefit that will support communities, including the wider international community Our work to date has benefited the public by commissionin8 research. raising awareness. and campaigning on issues of major public concern including climate change, environmental protection. biodiversity and sustainable development. The Trust welcomes people from all sections of society as supporters and its campaigning and awareness raising on environmental matters is directed to all in society. The Trustees conf irm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit "Charities and Public Benef it". Page8 of 47 Friends of the Earth Charitable Trust For the year endlng 30 June 2023 Company Nurnber: 01533942 Reglstered Charlty Number. 281681 Ourachievements in 2022-23 This year Friends of the Earth Charitable Trust was proud to fund a wide variety of activities that aimed to tackle the climate and ecological crises in a fair and just way. Without the support of our donors. funders and financial supporters, the activities and achievements we funded this year would not have been possible. In theyear.the charitymadegrant paymentsof £8.82m,including£8.8mto Friends of the Earth Limited for the costs of charitable activities. Additionally, the charity provided full or partial grant funding across its small and micro grants programmes. to projects and initiatives which further its aims. Details of those grant programmes are set out below. We Set an annual fundraising budget, and regularly assess and monitor the progress of our grantees to ensure that our charitable objects are being achieved in line with the terms ofthe grants awarded. Friends of the Earth Limited Our largest grantee, Friends of the Earth Limited, sets clear objectives and key results 35 part of its annual business plannin8 process. Its 2022-23 objectives were: We design. run. and win environmental justice campaigns through strong new partnerships As a platform for change, we are building power by bringing together and connecting citizens and communities. driving collective action that delivers environmental justice A powerful new narrativearound how people power and collective impact delivers environmental justice is inspiring many more people to hope and action We are a fantastic place to work. where our culture, systems and ways of working enable all of u5 to make our best contribution Some of Friends of the Earth Limited's key achievements are listed below. Further detail can befound in Friends of the Earth Limited'sannual reportand accounts. Launching the flagship United for Warm Homes campaign, leading a coalition of grassroots 8roups. To date there are almost 200 Local Action Groups signed up. This is a multi-year campaign, calling for urgent support for people dealing with sky-high ener8y bills. a new emergency programme to insulate our heat-leaking homes, and an energy system powered by cheap and green renewables. Working with communities in Whitehaven in Cumbria, Horse Hill in Surrey, Larne Lough in Northern Ireland, and Mozambique to campaign against regressive and dan8erous new fossil fuel projects. Running anothersuccessful yearfor the My World My Home leadership development programme for collegestudents, supporting young peopleto learn, take action and lead their college communities in campaigns to benefit the local Page 9of47 Friends of the Earth Charltable Trust For the year ending 30 June 2023 Company Number.. 01533942 Registered Charity Number: 281681 environment. In 2022-23 the programme ran across 10 colleges across the UK. engaging with a total of 49 students and delivering over 200 sessions. Fighting to ensure the moratorium on fracking was reinstated, following its removal under the Trussgovernment. Supporting 200 Local Action Groupsto campaign intheir local areas, with an offer of support,training. and resources, and the opportunitytoapply forgrant funding. Continuing work to develop Climate Action Plans with local councils, ensuring local authorities prioritise action on climate and deliver actions once they are agreed. Launching a new campaign governance structure under three core themes- climate and energy, nature and environment, and rights and justice, to ensure campaigning work is targeted and effective in contributing to Friends of the Earth's strategic goals. Continuing work to provide easily accessible insight into areas such as tree coverage, climate vulnerability and air pollution in local areas through the Near You di8ltal tool. providing the data grassroots campaigners need to drive change and campaign for local council Climate Action Plans. Implementing ohase l of the transformational CRM project for its Communities and Networks teams, providing opportunities for more streamlined, joined up working, and improved systems for communications with its network of activists. Phase 2, forthe rest oftheorganisation. is dueto launch in autumnlwinter2023. Small and ml¢ro grant programmes Local Action Group Fund The Local Action Group fund is open to all registered Friends of the Earth groups and networks. It provides financial support that can make a real difference, either by building and developing group5 or by achieving a demonstrable positive impact on nature, the climate andlor environmental justice. In 2022-2023 we awarded 30 small grants under the Local Action Group Fund (including those awarded under the Local Group Fund and the Climate Action Fund, which later merged in to one programmel. These small grants were used by local groups for a wide range of activities, from funding campaigning materials. to community outreach. events with local speakers, and an exhibition. Partnership Fund (formally BAME Fund) The Partnership Fund is open to all registered Friends of the Earth Local Action Groups. It is intended to provide financial support to groups that demonstrate that an activity contributestosupportingand amplifying the voicesof communities and groups often left out in the environment and climate movements. For example, a group may wish to pay speaker from a working-class background to speak at an event or run a solidarity action to support a minoritised community. Applications are submitted for a total of £500 per f inancial year. Pa8elOof47 Friends of the Earth Charitable Trust For the year ending 30 June 2023 Company Number: 01533942 Reglstered Charity Number: 281681 Grants are awarded for projects supporting the development of partnership work or participation with groups. This could include paying for consultin8 With a marginalised group for marketing and campaigns, supporting a solidarity event f inancially, supporting the planning and hosting of an event or action. In 2022-23 we awarded one Partnership Fund grantto Darlington Friends of the Earth, to fund production of a film. Youth Action Fund The Youth Action Fund exists to support grassroots level campaigning on climate change that is led and delivered by young people based in England. Wales and Northern Ireland. The Fund is open to= grassroots groups whose membership is a8e-restricted to those aged 25 and under,. individuals who are aged 25 and under. and small campaigning organisations whose leadership is predominantly 25 and under and who work exclusively to support campaigning by that age group. The fund is intended to provide financial support that can make a real difference, either by building and developing groups. providing an individual with an opportunity that they could not otherwise access, or by achieving a demonstrable positive impact on the climate. Page 11 of 47 Frlends of the Earth Charitable Trust For the year ending 30 June 2023 Company Number. 01533942 Registered Charlty Number: 281681 Our plansfor2023-24 Friends of the Earth Charitable Trust's role is as a grant-making organisation. harnessing public and partner funding to support or8anisations with objectives that further our mission. In June 2023 we approved a large grant application from Friends of the Earth Limited for charitable activities in 2023-24. Our funding will support thisgrantee to build partnerships that enable it to listen to the voices of those in communities currently suffering due to climate and ecological breakdown, and those most at risk of not participating in. or benef iting from, the transformation. These partnerships will allow it to add what it hears to the considerable expertise it has in the organisation and wider network. Ourgrant will enable Friends of the Earth Limited to build tools that will help people create the change they want to see. ensuring the organisation doesn't become a bottleneck as it aims to link local organising to national inf luencing in a growing network. It will also help our grantee tell a powertul story about Friends of the Earth's role and ensure that thousands more want to actand support us. Our grant to Friends of the Earth Limited will contribute to= Designing, building and winning environmental justice campaigns through strong new partnerships Supporting hundreds of thousands of citizens to stand up for their rights and the environment Inspiring a million more people to hope and action via a powerful new story about people powerand collective impact Being a fantastic place to work, where our culture, systems and ways of working enable all of us to make our best contribution. Our funding will support environmentaljustice campaigns that aim to: win a solution to eradicate fuel povertyand slash emissions (by 20251 have signif icant impact in stopping the UK'S support for fossil fuel extraction stand up for communities who have suffered most from nature loss galvanise civil society against the shrinking of civil society space, opposing and halting repressive legislation. continue the momentum for local climate action. building the movement and making real world impact at the local, regional and national level. We will continue supporting local communities in tackling the climate and ecological emergencies through our small and micro grants programmes. which also diversifies our range of grantees. We will look to fund other activities that support our objectives as they arise throughout 2023-24. Page 12 of47 Frlends ol the Earth Charitable Trust For the year ending 30 June 2023 Company Number: 01533942 egistered Charity Number: 281681 Fundraislng Review Fundraising performance In the year under review. the total income raised was £12.8m, a decrease of 5% on the £13.5m raised in the previous year. Gifts and donations for the period totalled £7.7m, compared with £8.Om in the previous year., most of this reduction was in Individual Giving. Given all the adverse economic headwinds, the donations have held up reasonably under the circumstances. Legacy income totalled £1.8m,12021-22.' £1.Oml. Despite its unpredictability. our legacy income has shown an improving trend. in line with the beginnings of an expected and significant inter-generational wealth transfer in wider society. This provides a healthy Legacies pipeline of £3.7m which will be recognised as income in future year5. This demonstrates the long-term relationships supporters hold with us. and their desire to continue support for our mission in their name. We received £3m from People's Postcode Lottery {2021-22:£4.Om). The £l.Im reduction from the prior yearwas due to a one-off additional contribLrtion made in 2021-22. The value of 8ifts in kind received in 2022-23 decreased slightly from 2021-22 totalling £205.968. Our forecasts for 2023-24 are based on ongoing economic uncertainty with the current context of high inf lation. We expect the cost-of-living crisis to negatively impact more of our donors than were financially affected by the covid-19 pandemic. The breadth of our supporter base does provide f inancial resilience as we proceed with caution into the next 12 months, closely monitoring donor numbers and responding to their needs with flexibility and compassion. We will continueto reach and engagewith newaudiences motivated totackletheclimate and ecological crises via financial contributions. There remains high awareness of and concern for environmental issues, with a particular desire to ensure a fair and sustainable response to the current UK energy crisis. Friends of the Earth Charitable Trust's grant givins will continue to further this vital and ever-relevant work, thanks to the ongoing generosity of our donors. Our Fundraising Promise We generate funds through a range of techniques. including printed communications, telephone fundraising and a variety of digital fundraising activity. We continue to work with carefully selected third-party suppliers in relation to various aspects of our fundraising activity. We establish strategic partnerships with agencies or freelancers to enhance the quality and impact of our fundraising activity. Examples of this work include creative development of fundraising communications, printing and rnailing services, response handlin8 and donor stewardship. We work with professional fundraisers at telephone agencies in order to conduct high quality and engaging conversations aboLrt the impactof theirsupportonour work,and thevarietyof ways in whichthey can consider supporting us further. All professional fundraisers working on our behalf undergo regular Page 13 of 47 Friends of the Earth Charitable Trust For the year ending 30 June 2023 Company Number: 01533942 Reglstered Charity Number: 281681 training on compliance and quality stsndards and are fully briefed on the work of the organisation. We are registered with the Fundraising Regulator and continue to be a member of both the Chartered Institute of Fundraising. We have had no non-compliance with the Fundraising Regulator in 2022-23. All third-party suppliers who are in contact with our supporters have a vulnerable people policy in place and meet the same hi8h-quality standards as our own. Partner agencies hold membership with the relevant membership body. such as the Chartered Institute of Fundraising or the Direct Marketing Association, which requires compliance with a broad range of regulations and best practice policies. We continue to monitor and respond to developments in fundraising regulation and all other relevantregulation. including GDPR. We continue to adhere to the highest standards of practice in fundraising. data protection and communications. We havea Supporter Promiseand complaints procedure.which are clearlysignpostedfor supporters to ensure they are aware of the high standards we hold in our supporter relations work. and howtheycan contact us with any questions orcomments. In 2022-23 we received 8 direct complaints about fundraising activity or processes12021-22.. 101. AII were resolved and no complaints were received through the Fundraising Regulator. We have a vulnerable persons policy, and our fundraising teams have completed safeguarding training and comply with oursafeguarding policythroughout theirwork. Financial review Overall financial perf0m￿nCe Income In theyear,ourincomewas£12.8m.decrease of£O.7m from 2021-22.Thiswasduetothe reduction in the People's Postcode Lottery of £l.Im and £0.4m lower Donations. partly offset by higher Legacies of £0.8m. Over 90% of our income comes from three main sources. From supporters who donate to SUPPOrt our work whogifted £7m and from those who remembered us in theirwill and left bequests of £1.8m. We also received £3m from the Postcode Earth Trust, which receives all of its funding from the People's Postcode Lottery. strengthening our relationship with this important funder. We are incredibly grateful for the support of our donors and funders and the players of the People's Postcode Lottery. Expenditure Expenditure was £13.5m. a small increase on previous year figure of £13.4m. Fundraising costs are£2.7m,this meansforevery£lwespent in theyearwe raised £4.50 in donations to the organisation. Page14of47 Friends of the Earth Charitable Trust For the yearending 30 June 2023 Company Number: 01533942 Reglstered Charity Number. 281681 We also made grants to Friends of the Earth's grassroots network through our small and microgrant programmesof£16,61312021-22-£11,7801. This increaseis dueto increased activity in groups now we have moved forward from the coronavirus pandemic. We are proud that we are able to contribute to the work of Friends of the Earth Limrted and madea grantof £8.8mto Friends of the Earth Limited which enabled thern to achieve the impact as noted on above. In the year we madea deficit of £(725lk. compared to a small surplusof£19k in 2021-22. Reserves In 2020-21 the Trustees designated £1.5m to invest in key initiatives to al improve or8anisational systems to ensure we have informed decision makin8 and able to make efficiencies on our current processing and bl diversify our income portfolio. In 2021 we added £0.36m-. £0.15m for additional CRM costs and £0.21m for Special Projects. As these initiatives have started to come onstream the Trustees have agreed to de- designate £0.76m assigned to CRMISpecial Projects. In addition, £0.19m of the Income Generation Investment Fund was usedduringtheyear. The result ofall these movements was to bring the total carried forward in designated funds to £0.91m. Unrestricted reservesendedtheyearat£l.8m,an increaseof£O.25m comparedto2021- 22.. the de-designation of designated funds of £0.95m. was partly offset by the deficit in the year of £0.7m. The current reserves policy is to hold between two and four months of expenditure as free reserves, using any extra to invest in strategic initiatives which move the organisation forward. This means the charity needs to keep £0.8-1.6m in reserves. Actual reserves of £1.8m are just above the range. The Board is content that this is an appropriate level of reserves for the charity to ensure future resilience. The detail of our designated funds is as follows l£m)= Area Customer Relationship Management ICRM) system Rationale Organisational CRM system investment to replace current ageing systern BIF CIF 1.15 0.55 Progress Phase lof the system went live in July 2022, and is working well for our Communities and Networks teams. The launch of Phase 2 has experienced some delays whilst we ensure thefinished product suits requirements. We will Ro live in November2023. Thisfund will ottset the depreciation following system implementation. Income Generation Investment Fund To diversify income through targeted staffing and pilots under the new Income 0.31 With this investment funding we have recruited several new roles to add capacity in key income generation functions such as philanthropy, individual giving and strategic partnerships. We have Page 15 of 47 Friends of the Earth Charitsble Trust For the year ending 30 June 2023 Company Number: 01533942 Reglstered Charity Number: 281681 generation strategy also allocated funding to: review of our Trusts portfolio; to assist with 8rowing our individual giving donor base.. and our'world To Grow Up In, project Special Projects Strategic campaign and advocacy project 0.21 0.05 Includes an investment of £55k in Postcode Gardener project, a great example of a project which will segment Friends of the Earth asa community-orientated, environmental justice or ani5ation. Designated Funds 1.86 0.91 Going Concern The review of Friends of the Earth Charitable Trust'sfinancial position, reserves levels and future plans gives Trustees conf idence that the charity remains a going concern until June 2025. There are no material uncertainties about the charity's ability to continue in operational existence. We are operating in uncertain times, the current economic circumstances underline the need to have a resilient. agile organisation but one who acts to fulfil its charitable purposes. We budgeted prudently, as we never take donor support for granted. We are investing in an ambitious income generation strategy to ensure continuation of our activities for the future. Investment policy The charity has an ethical investment policy to ensure that its investments do not conflict with its aims. The primary objective of the policy is to ensure that the current value of reserves is. as a minimum. maintained. It is expected that the majority of investments will be in cash or near cash holdings. During the year. the Charitable Trust did not have any investments. Page 16 of47 Friends of the Earth Charitsble Trust For the year ending 30 June 2023 Company Number. 01533942 Reglstered Charlty Number. 281681 Our people Staff and volunteers Friends of the Earth employs around 200 staff. jointly employed by both Friends of the Earth Charitable Trust and Friends of the Earth Limited. We have offices in London. Belfast, Cardiff, Birmin8ham. Leeds. Manchester. Bristol and Brighton. Staff costs are detailed in Note 7 tothe accounts. Ways of working In December, we were pleased to introduce a four day 130 hourl working week 35 our standard full-time contract. after an extensive review and discussion across the organisation, includin8 With the reco8nised trade union. Ahead of this, we provided a range of guidance and protocols to assist staff with the change. We are continuing to monitor how the new arrangements are working for staff through regular survey5 and intend to complete a wider review later this year to assess any additional support that can be provided for teams to ensure the arrangements work their best. Feedback has been generally very positive, and we are proud to beable to provide staff with a better workllif e balance to aid their wellbeing. Friends of the Earth offers flexible working hours and options for office, hybrid and homeworking through our Hybrid Working Policy. as our staff are our most important asset and we want to ensure our roles are accessible to all. We have introduced core collaboration days and provide opportunities for staff to get together in person for team days and events. Working in an increasingly regionally distributed and hybrid style has reduced the need for physical office space in London, so we plan to reduce this by approximately one half in the autumn of 2023. Having our staff based across the UK, both in regional offices and at home better reflects the communities we work with, and opens our roles up to a wider range of potential recruits. Employees, experiences are assessed through regular pulse surveys, which consider workloads, wellbeing. and views on issues such as management and learning and development. Each month. the Co-Executive Directors hold an all staff briefing meeting to share news and updates internally. and celebrate successes. Page 17 of 47 Friends of the Earth Charitable Trust For the year endlng 30 June 2023 Company Number: 01533942 Registered Charity Nurnber: 281681 Remuneration We have a structured pay scalewithin the organisation. with all roles allocated a score and band following a job grading process prior to recruitment. Upon recruitment. staff generally start at the mid-point of the band. unless they're viewed to be developing into the role based on their prior experience. We tracked or exceeded the Livin8 Wa8e Foundation rates in 2022-23 and undertake periodic benchmarking exercises to help set our pay rates. As part of ourcommitmenttofairpay,weaimtoensurethe ratioofhighestpaid employee to lowest paid employee is maintained within acceptable parameters. The current ratio is 3.8- 1. Our remuneration procedures. which includes its key management personnel, are competitive within the sector to ensure we can attract and retain talented staff to deliver ourstrategy. Friends of the Earth does notaward bonuses. Gender and ethnicity pay gaps In line with our strong commitrnent to workplace equality. diversity and inclusion, we produce and publish both our gender and ethnicity pay gaps, which we voluntarily disclose. Gender There has been a significant improvement in our median pay gap among full-time staff from 7.13% in favour of men last year down to 2.51% this year, while for part time staff it was 7.61% in favourof women lup from 0.88% in favour of women last yearl. Overall, the pay gap remains in favour of men by 1.55%, down slightly from 1.63% last year. Using the mean hourly rate for comparison, the pay gap for all staff was 4.55% in favour of men,comparedto 5.22% lastyear. Foractual pay received,thegapwas higherat7.56% in favour of men. down very slightly on 8.76% lastyear. For external comparison, Statista reports the average pay gap in 2022 at 15.3% in favour of men. Ethnicity For the second time, we're also reporting on our ethnicity pay gap. Our median ethnicity pay gapforall staff wasl.55% in favour of staff who identifyas white, substantially down from 7.8% last year: for full time staff the gap was 7.64% in favour of non-white staff la significant switch compared to 10.6% in favour of white staff last yearl and for part-time collea8ues it was 0.78% in favour of white staff, very slightly down from last year. Using the mean hourly rate for comparison. the overall ethnicity pay gap at FOE is 3.41% in favour of whitestaff, compared to 9.96% last year. In terms of actual pay received,the ethnicity pay gap fell from 6.91% to 2.24%. External comparisons are difficult in terms of ethnicity pay gap reporting as it is as yet voluntary. Statistics show significant differences between different ethnicities and sectors research by Charity Finance in 2022 found that of those charitie5 reporting ethnicity Pay gaps, the average was 21.9% in favour of white staff. Equally though. the Page 18 of 47 Friends of the Earth Charitable Trust For the year ending 30 June 2023 Company Number. 01533942 Registered Charity Number. 281681 most recent analysis by the ONS in 2019 indicated a national ethnicity pay gap of just 2.4%. We are continuing to work to improve diversity of recruitment in 2023-24 as well as lookin8 to support development of staff this autumn we are partnering with the Aziz Foundation to recruit an intern drawn from a Muslim background. Our salary structure is due for review in 2023, and we hope that this process will result in decreased gender and ethnicity pay gap& Salaryouartiles Quartile Lower Quartile Lower Middle Quartile Upper Middle Quartile Upper Quartile Total Female 76.92% 55.76% 67.31% 59.69% 64.1 Male 23.07% 44.23% 33% 44.25% 35.9 White 76.92% 88.68% 84.62% 90.38% 84.7 poc 23.08% 11.32% 15.38% 9.62% 15.3 Equality, diversity & inclusion Friends of the Earth is fully committed to championing equality, diversity and inclusion {EDII and to continuously learning howto increase the diversity ol our people and network, including our Board, staff and volunteers. community activists and supporters. We havea number of EDI representatives among the staff body, including for people of colour, LGBTQl+ staff, women and non-binarystaff, disabled staff and neurodiverse staff, aswell as a specif ic EDI representative for the Union. Our Co-Executive Director meets regularly with our staff EDI representatives. We are working towards the Mindful Employer Charter and are committed to the Disability Confident standard in our recruitment processes. We've completed development of a comprehensive EDI Action Plan in consultation with colleaguesfrom across the organisation. Though this work did not progres5 as quickly as we'd hoped, we are pleased to have created and ratified a plan in collaboration with our widerstaffbody. We'vecontinued workingwithourstaff and networkson anti-racismand are seeking to build partnerships with groups currently underrepresented in the movement. We've submitted our data to the Race Report, which we will use to track our progress, and our EDI Manager has devesoped and delivered a variety of training and educational resources. Crucially, we have embedded EDI across the activities in our business olan. Plans for 2023-2024 include= Rolling out our EDI Action Plan, ensuring weare accountable through tangibleactions. Launching a quarterly EDI Forum, a space for all staff to come together and share learning, updatesand experiences. Expanding our Culture and Learning offer. linking training and organisational awareness events to a cultural calendar Create an empoweringand open community of alliesand advocates Page19of47 Friends of the Earth Charltable Trust For the year ending 30 June 2023 Company Number. 01533942 Reglstered Charity Number: 281681 Ensuring we have supporting policies and proceduresto embed EDI practice Ensuring we have a supportive recruitment and retention practices to attract a wide range of diversity into the organisation. Governance structure, governance and management Friends of the Earth cornprises two separate legal entities operating under a regulated dual structure arrangement. Friends of the Earth Charitable Trust operates in England, Wales and Northern Ireland as a fundraising and grant-making charity. It is regulated by the Charity Commission and is registered with Companies House. During the year, it granted funds for charitable activities to Friends of the Earth Limited, a not-for-profit company with independent directors which undertakes campaigning and activism activity. The two entities share staff, certain resources and a brand, allowing both organisations to achieve their objectives in a cost-effective manner. The charity is governed by a board of Trustees who meet to determine the strategic direction of the charity. Trustee decisions are made by majority vote at quorate meetings or unanimous decisions without a meeting. The day-to-day implementation of the strategy and running of the charity is delegated to the Co-Executive Directors via a dele8ated authority framework. Trustees serve a three-year term that can be renewed twice. so that a maximum of nine years can be served. Trustees typically servetwo three-yearterms and arethe company directors and members alongside being Trustees. Trustee recruitment is guided by the overall composition and skills mix of the Board; vacancies are advertised, and a recruitment pack sent to all prospective candidates. All new Trustees receive a comprehensive induction and an induction pack containing all key governance documentation for the charity as well as copies of Charity Commission guidance including (not exclusively) CC3 "The Essential Trustee-. CC20 on charitable fundraising,the Charity Commission's trustee welcome pack.guidance on public benefit, guidance on charities connected with non-charities and CC9, guidance on charities and campaigning. Trustees are also provided with an introduction to the Charity Governance Code. Furthertraining is offered as appropriate on an ongoing basis. Duringthe period, all Trustees received updates on relevant legal and regulatory issues. The Board normally meets four times a year and has as its principal roles determining mission, policy and strategy and monitoring its own and grantee performance. Page20of47 Frlends of the Earth Charitable Trust For the year ending 30 June 2023 Company Number: 01533942 Reglstered Charlty Number. 281681 Risk management The Co-Executive Directors, Trust Director and Trustees, working closely with their respective teatn5, have identified the risks to which the organisation may be exposed and ranked these by significance and likelihood. Material risks, together with current mitigation actions, are reviewed each quarter by Trustees. The Trustees are satisf led that systems have been developed and are in place to mitigate identified risks to an acceptable level. The principal risks and uncertsinties facing the charity moving forward are as follows.. Area The effects of high and long-lasting inf lation, coupled with an over reliance upon existing income streams. effects our ability to fundraising effectively and fulfil our objects. Mitigation Our supporters are engaged with our cause. Historically we have had good retention from a diverse donor base. However. we are never complacent and continually monitor the reach and results of our fundraising campaigns. We are conducting reviews of our fundraising aoproach to ensurewe are maximisin8 opportunitie5 to diveisify. Investment in significant IT and change projects do not bring expected benefits or brings liability risks to the organisation. Close oversight and monitoring of investments made in transformation projects. Co-Executive Director oversight of new CRM project Subject matter experts and advocates from core teams across the organisation are in place to in*orm design, participate in testing and support with training. Organisation faces losses or reputational damage due to fraudulent activity. including cyber- attack. We mitigate against the growing risk of fraud and cyber-attack through robust IT and intcrnal finan¢ial"controls. We increasingly manage data on a large scale and are dependent on third parties to work on our behalf. We perform due diligence reviews on those we contract to and will continue to review our practice in this area. Page 21 of 47 Friends of the Earth Charitable Trust For the year ending 30 June 2023 C•)mpany Number. 01533942 Registered Charity Number. 281681 Our policies Intemal controls The Board recognise5 Its responsibility for ensuring we have a robust system of internal controls in place, as appropriate to the charity. We have policies in place for Risk Management. Anti-Fraud. Internal Controls, and Whistleblowing. Our Board meets with ourexternal auditorwithout management presentat leastannually. A regular programme of health and safety reviews across our offices provides internal assuranceon compliance with our statutory obligations. Safeguarding Friends of the Earth recognises its responsibility to ensure we protect adults and children we work with from harm. All staff and Board members are bound by the Friends of the Earth Safeguarding Policy. which is regularly reviewed. We have robust procedures in place to safeguard and protect both children and adults who come into contact with Friends of the Earth. including risk assessment and incident reporting procedures. A staff Safe8uarding Committee meets quarterly to share learning and best practice, and a network of designated safeguarding lead5 IDSLS) is in place across the organisation to respondto anyqueriesorconcerns. Both the Board and the Senior LeadershipTeam have a designated member for safeguarding. All staff and Board members are required to complete mandatory trainingon safeguarding adults and young people. Envlronmental Friends of the Earth is committed to practising what we preach. Alongside our Cycle to Work scheme. our Climate Perks policy provides staff with up to two days of paid annual leave per year if they opt for more carbon f riendly travel options when on holiday. Other environmental policies include our Travel Policy, which encourages active travel and prohibits short haul fli8hts unless the carbon emissions are demonstrably lower than other modesoftransport, and our policythatouroffices uselOO% renewable energy. We have signed up to a salary sacrifice scheme. so that staff members can get taxation benefits on electric vehicles. We have an Environmental Working Group made up of colleagues from across business functions, looking at best practice. metrics and new initiatives. We have reduced printing across our office operations and use only recycled and recyclable paper products. In our marketing, we operate specif ic policies around the sourcing of materials and our choice of supply chains. We source environmentally f riendly cleaning products and use materials that are as sustainable as possible in any off ice refurbishments. and only use licensed and appropriateorganisationstodisposeof waste. With the changeto hybrid workingcomes a shift in environmental impact, with fewer hours spent commuting and less off ice-based energy use. Page22 of 47 Friends of the Earth Charitable Trust For the year ending 30 June 2023 Company Number: 01533942 Registered Charity Number: 281681 Disclosure of information to auditors As far as each of the Trustees of the charity atthe date of approval of this report is aware, there is no relevant audit information (information needed by the charity's auditor in connection with preparing the audit report) of which the charity's auditor is unaware. Each Trustee has taken all of the steps that they should have taken as a Trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. Trustees, responsibilities The Trustees (who are also directors of Friends of the Earth Charitable Trust for the purposes of company lawl are responsible for preparing the Trustees. Report and the f inancial 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 tinancial period that give a true and fair view of the stste of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to.. Select suitable accounting policies and then apply them consistently. Observe the methodsand principles in the Charities SORP and FRSIO2. Makejudgments and estimates that are reasonable and prudent. State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence fortakingreasonablestepsforthe prevention anddetectionoffraud andother irregularities. Auditors Crowe UK LLP have indicated theirwillingness to continue in officeand offer themselves for re-appointment in accordance with the Companies Act 2006. This report was approved by the Trustees and signed on their behalf. Sian Ferguson Chair Friends of the Earth Charitable Trust 07 December 2023 Page 23 of 47 Friends of the Earth Charltable Trust For the year ending 30 June 2023 Company Number. 01533942 Registered Charity Number: 281681 Independent Auditor's Report to the Members and Trustees of Friends of the Earth Charitable Trust Opinion We have audited the financial statements of Friends of the Earth Charitable Trustforthe period ended 30 June 2023, which comprise the Statement of Comprehensive Income and Retained Earnings, the Balance Sheet, Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accountin8 Standards. including Financial Reportin8 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: give a true and fair view of the state of the charitable company's affairs as at 30 June 2023 and of the charitable company's net movement in funds, including the income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are f urther described in the Auditor's responsibilities for the audit of the f inancial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence wehaveobtained issufficientand appropriateto provide a basisfor ouropinion. Conclusions relating to golng 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 pertorffled, we have not identified any material uncertainties relatingto events or conditionsthat, individually or Collectively, rnay cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to goin8 concern are described in the relevant sections of this reoort. Page 24 of 47 Friends of the Earth Charitable Trust For the year ending 30 June 2023 Company Number: 01533942 Registered Charlty Number: 281681 Other Infonnation The Trusteesare responsible for theother information contained within the annual report. The other information comprises the information included in the annual report, other than the f inancial statements and our auditor's reoort 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. Our responsibility is to read the other information and. in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the f inancial statementsthemselves.If, basedonthework wehave performed.we conclude thatthere is a material misstatement of this other information, we are required to report that f act. We have nothingto report in this regard. Opini0fi5 on other matters prescribed by the Companies Act 2006 In our opinion based on the work undertaken in the course of our audit.. the information given in the Trustees. report, which includes the director's report and the strategic report prepared for the purposes of company law, for the f inancial year for which the financial statements are prepared is consistent with the financial statements- and the strategic report and the directors. report included within the Trustees. report have been prepared in accordance withapplicable legal requirements. Matters on which we are required to report by exception In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors. report included within the Trustees. report. We have nothing to report in respect of the following matters in relation to which the Companies Act requires us to report toyou if, in ouropinion= adequate and proper accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us- or the financial statements are not in agreement with the accounting records and returns,. or certain disclosures of Trustees, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit. Responsibilities of Tntstees As explained more fully in the Trustees. responsibilities ststement set out on page 25, the Trustees (who are also the directors of the charitable company for the purposes of Page25of 47 Friends of the Earth Charitable Trust For the year erbding 30 June 2023 Company Number. 01533942 Reglstered Charity Number: 281681 company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from'material misstatement. whether due to fraud or error. In preparing the financial statements. the Trustees are responsible for assessing the charitable company's ability to continue as a 80ing concern, disclosing. as applicable, matters related togoingconcern and using thegoing concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Audltor's responsibilitles for theaudlt of the financial statements We have been appointed as auditor under the Companies Act 2006 and report in accordance with the Acts and relevant re8ulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements asa wholearefreefrom material misstatement.whetherduetofraud orerror, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not aguarantee that an auditconducted in accordancewith ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from f raud 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. Details of the extent to which the audit was considered capable of detecting irregularities, includingfraud, and non-compliancewith laws and regulationsare setout below. A f urther description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or auditorsres onsibilities. This description forms part of our auditorfs report. Page26 of47 Frlends of the Earth Charitable Trust For the year ending 30 June 2023 Company Number: 01533942 Registered Charity Number: 281681 Extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities. including fraud. are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risk5, including obtaining audit evidence suff icient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates. focusing on those laws and regulation5 that have a direct effect on the determination of material amounts and disclosures in the financial statements. The lawsand regulations we considered in this context were the Companies Act 2006 and the Charities Act 2011 together with the Charities SORP IFRS 1021. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be f undamental to the charitable company s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were- General Data Protection Regulation IGDPRI, Anti-fraud, bribery and corruption legislation. Taxation legislation. Employment legislation. Auditing standards limit the required aLJdit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence. if any. We identified the greatest risk of material impact on the financial statements from irregularities. including f raud, to be within the timing of recognition of income, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities. sample testing on the posting of journals. reviewing accountin8 estimates for biases, reviewing regulatory correspondence with the Charity Commission and readin8 minutes of meetings of those char8ed with governance. Owin8 to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example. the further removed non-compliance with laws and regulations lirregularitiesl is from the events and transactions reflected in the f inancial statements, the les5 likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit. there remained a higher risk of non-detection of irregularities, as these may involve collusion. forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventin8 non-.compliance and cannot be expected to detect non-compliance with all laws and regulations. Page 27 of 47 Friends of the Earth Charitable Trust For the year ending 30 June 2023 Company Number. 01533942 Registered Charlty Number: 281681 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, and to the charitable company's Trustees. Our audit work has been undertaken so that we might state to the charitable company's membersthose matters weare required tostatetothem in anauditor'sreport and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body and the charitable company's Trustees as a body for OLJr audit work, forthis report, orforthe opinions we have formed. Tim Redwood Senior Statutory Auditor Forand on behalf of Crowe U.K. LLP Statutory Auditor London Date.. 20 December 2023 Page 28 of 47 Frlends of the Earth Charltable Trust For the year ending 30 June 2023 Company Number: 01533942 Reglstered Charity Number: 281681 Statement of Financial Activities Unrestricted Restricted Funds 2023 2022 Notes Income Grants, donation5and legacies Other tiading activitres ll.704.003 L017,555 12.721.558 13,402.630 27,991 27.991 36,084 Investments 17.244 17.244 12,134 Total Income IL749238 L017.555 12.766.793 13.450.848 Expendlture Raising funds 2.676,635 2,676.635 1,659,686 Charitable activities 9,778,593 1.036.991 10.815,584 11.772,097 Total expenditurt 7-10 11455228 1036.991 13.492219 13.431.783 N•t mov•m•nt5 in funds (705.990} 119.436) 1725,4261 19.065 Funds broughtforward 3.396.602 279J82 3,675,784 3,656,719 Fund$ ¢arriedlorward 17 1690.612 2S9.746 1950.358 3.675.784 Page 29 of 47 Friends of the Earth Charitable Trust For the year endin8 30 June 2023 C¢)mpany Number. 01533942 Registered Charity Number. 281681 Balance Sheet 2023 2022 Notes Flxed Assets Intangible fixed asset5 Tangible fixe(J assets Investments 1,300,227 84.104 558,543 186,346 248,029 1.632.360 248,029 992,918 Current Assets Debtors 14 596.900 1.093.593 Short term deposits and cash in hand 1.636.075 2.232.975 2.099.959 3J93.S52 CredTtors 1914,9771 19149771 1510.6861 1510.6861 Cr¢ditors- Due wlthln One Year Net Current Assets 1.317.998 2.682.866 Net Assets 2.950.358 3.675.784 Fun(ts Unrestricted general funds Designated Fun(Js Restricted funds 1,778,687 911.926 1.536.602 1.860,000 279,182 17 16 259,745 Total Funds 18 2,950.358 3.675.784 The def icit for the financial year dealt with in the financial statements was £725,426. The accounts on pages 29 to 47 were approved and authorised by the Trustees on 07 December 20232023 and weresigned on theirbehalf. Sian Ferguson Chair and Trustee 07 December 2023 Page 30 of 47 Friends of the Earth Charitable Trust For the year ending 30 June 2023 Company Number: 01533942 Registered Charity Number: 281681 Statement of Cash Flows 2023 2022 Notes Cash flowsfrom operatwy activitles Net cash provided from operatingactivities 272,604 52,864 Cash Ilows frorn investing activities Dividends, interest and rents from investments Purchase of property. plant arKI equipment 17.244 1753.7321 12.134 1498,1251 Net¢a5h from inv￿tI￿gaC￿V1t[eS 36.4881 1485,9911 Net{decreasel in cash and cash equlvalents 1463.8841 1431127) Cash *d ¢ashequivalents•t beglnnkngofy 2,099.959 2,533.086 Cash andcash t9￿va1tnt$AtlNnd of yèar 1.636.075 2.099,959 Reconciliation of net income to net cash from I lused inl operating activities 2023 2022 Net Ideficitl Isurplus forthe year Adjustments for. Dividends, interest and rents Irom investments Depreciat40n charge5 Decrease I lincreasel in debtors Increase in creditors Netcash provlded Ir(Kn operatinz activities (725,4261 19.065 7,2441 114,290 496,693 404.291 272,604 112.1341 368.782 1606,9651 284,116 52,864 Analysis of cash and cash eouivalents 2023 2022 Cash at bank and in hand 1.636,075 2.099,959 Page31of47 Friends ol the Earth Charitable Trust For the year ending 30 June 2023 Company Number: 01533942 Registered Charity Number: 281681 Notes to the Accounts l A¢countlng policies The principal accounting policies adopted, jud8ements and key sources of estimation uncertainty in the preparation of the financial statements are as follows.. Basis of preparatlon The financial statements have been prepared in accordance with the Statement of Recommended Practice ISORP 20151. applicable to charities preparing their acci)unts in accordance with section IA of the Financial Reporting Standard 102 applicable in the UK and Republic of Ireland IFRS 1021and the Companies Act 2006. Friends of the Earth Charitable Trust meets the definition of a public benef it entity under FRS 102 as set out on page 8. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant account policy notes. This charity works closely with its sister company Friends of the Earth Limited. As at the balance sheet date, the boards of the two companies are separately controlled and no consolidation takes place in reflection of this arrangement. Preparation of accounts on a going c¢x)cern basis The review of Friendsof the Earth Charitable Trust's financial position, reserves levels and future plans gives Trustees confidence that the charity remains a going concern for the foreseeable future. There are no material uncertainties about the charity s ability to continue in operational existence. The review of our financial position, reserves levels and fLrture plans gives Trustees confidence that the organisation remains a going concern for the foreseeable future. As part of our going concern review, we have ensured we have a balanced budget for 2023-24 and longerterm projections.Duetothe currenteconomic circumstances,weare reviewing our financials to ensure we maintain a resilient organisation. Accounting judgements and estimates In the application of the charity's accounting policies, Trustees are required to make judgements, estimates and assumptions that affect the carrying value of assets, liabilities that are not readily apparent from other sources. The estimates and the assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. Page32of47 Frlends of the Earth Charitable Trust For the year ending 30 June 2023 Company Number: 01533942 Reglstered Charity Number: 281681 Notes to the Accounts- conL Accounting judgernents and estlmates - cont. The items in the accounts thatare considered to involve criticaljudgement5 and sources of uncertainty through estimation. when applying FOECT accounting policies include: Revenue recognition wherejudgement is required to appropriately apply the income accounting policies explained in accounting policy note below from donors and for legacy income. Cost allocation methodology requires judgement as to the most appropriate bases to use to apportion overheads and governance costs between raising funds and the charitable expenditure. Expenditure relatingtothe developmentof the newCRM system has been capitalised as work in progress under fixed assets from thestart of the project. The provision for costs associated with the reinststement of leasehold properties at the end of the term of the lease. Income recognition All income is recognised in the statement of financial activities. Once the charity has entitlement to income, it is probable that income will be received, and the amount of income receivable can be measured reliably. Unrestricted income is available for expenditure approved by the board. Restricted income is available for expenditure in accordance with the purpose specified by the donor. Donations and legacies These are included in full in the statement of financial activities. When there is entitlement, probability of receipt and the amount of income receivable can be measured reliably. Pecuniary legacies are recognised when probate has been obtained and there is no evidenceof insufficientassets. Residuary legaciesarerecognised when probatehasbeen obtained, estate accounts approved or an interim distribution approved by executors and there are no outstanding claimsagainst the estate. Gifts in kind Gift5 in kind represent assets donated for distribution or use by the charity. Assets given for distribution are recognised as income only when distributed. Assets given for use by the charity are recognised when receivable. Gifts in kind are valued at the amount actually realised from the disposal of the assets or at the price the charity would otherwise have paid for the assets. Grants Grants are recognised in full in the statement of financial activities. In the period in which the charity has entitlement to the income, the amount of income receivable can be measured reliably and there is probability of receipt. Page 33 of47 Frlends of the Earth Charltable Trust For the year ending 30 June2023 Company Number. 01533942 egistered Charity Number. 281681 Notes to the Accounts- conL Income from Charitable activiti Income from charitable activities is recognised as earned as the related services are provided. Income from other trading activities is recognised as earned as the related goods are provided. Investment income Investment income is recognised on a receivable basis once the amounts can be measured reliably. Expenditure Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required. and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headin8S= Cost of raising lunds Includes costs incurred in seeking voluntary donations, as well as those incurred in recruiting new finaT)cial supporters. It does not include the costs of disseminating information in support of the charitable activities. Expenditure on charitable activities Comprises all direct costs incurred in oursuance of the Trust's objectives, as well as the costs of disseminating information in support of the charitable activities, allocated costs and support costs. Allocated costs are those of capacity building and regional networks that are directly working towards achieving our airns. Support costs comprise those services provided centrally that are identifiable in support of direct charitable purposes, including staff, IT, premises, facilities and other office costs. Irrecoverable V AT is charged as a cost to the organisation. Allocation of costs Staff costs are allocated between direct charitable expenditure and support costs based on the tirne spent on these activities. Other costs are allocated directly to the relevant heading. Operating leases Rental charges are charged on a straight-line basis over the life of the lease. Page34of 47 Friends of the Earth Charitable Trust For the year endin8 30 June 2023 Company Number: 01533942 Registered Charity Number: 281681 Notes to the Accounts- cont. Investments Investments area form of basic financial instruments and are initially shown in the financial statements at market value. Movements in the market values of investment5 are shown as unrealised gains and losses in the statement of financial activities. Profits and losses on the realisation of investments are shown as realised gains and losses in the statement of financial activities. Realised gains and losses on investments are calculated between sales proceeds and their opening carrying values or their purchase value if acquired subsequent to the first day of the f inancial period. Unrealised gains and losses are calculated as the difference between the fair value at the period end and their carrying value. Realised and unrealised investment gains and losses are combined in the statement of f inancial activities. Flxed assets Fixed assets are based on the substsnce of the asset rather than the value and stated at deemed cost {donated valuation at estimated fair value) less accumulated depreciation and impairment losseswith a de-minimis limitof £100 on thecost of theasset. Assetsare depreciated in equal annual instalments over their estimated useful lives as follows.. Fixtures, fittings and leasehold improvements Furniture Office equipment Computers Computer software Over the term of the lease 10 years 4 years 3 years 4 years Creditors and provlslons Creditors and provisions are recognised where the charity has a present obligation resulting f rom 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. Cash at bank and in hand Cashat bankand cash in hand includescashand short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or openin8 of the deposit or similar account Flnancial instruments The charity only has f inancial assets and f inancial liabilities of a kind that Qualify as basic f inancial instruments. Basic financial instruments, including trade and other debtors and creditors, are initially recognised at transaction value and subsequently measured at their settlement value. Page35 of47 Frlends of the Earth Charitable Trust For the year ending 30 June 2023 Company Number: 01533942 Registered Charity Number: 281681 Notes to the Accounts- cont. Funds Unrestricted funds comprise accumulated surpluses and deficits on general funds. They are available for use at the discretion of the Trustees for the objects of the charity. Restricted funds are those that are to be used according to specific instructions imposed by donor or trust deed. Designated funds are unrestricted funds earmarked by the Trustees for particular purposes. Employee benef Short-term benefits including holiday pay are recognised as an expense in the period in which the service is received. Friends of the Earth operates adefinedcontribution pension scheme forthe benefitof its employees.Theassetsof theschemeare held independentlyfromthoseof Friends ofthe Earth Charitable Trust in an independently administered fund. The pensions costs char8ed in the financbal statements represent the contributions payable during the period. Foreign currency translation The charity'sfunctional and presentation currency is poundsterling. Monetaryassetsand liabilities denominated in foreign currer)cies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in forei8n currencies are recorded at the rate ruling at the date of the transaction. All differences are recognised in the statement of financial activities. Legal status Friends of the Earth Charitable Trust is a company limited byguaranteeand has no share capital. In the event of the charity being wound up. the liability in respect of the guarantee is limited to£1 per member of thecharity. Page 36 of 47 Friends of the Earth Charitable Trust For the year ending 30 June 2023 Company Number: 01533942 Registered Charity Number: 281681 Notes to the Accounts- conL 2 Income from donations and legacies 2023 2022 Gifts and Donations lal Legacies Ibl Grants- Postcode Earth Trust Icl Donated services and goods (Gifts in Kindl Id) Other Total 7,709,395 1.759.010 3.000.000 205.968 47.185 11721,558 8,017,196 1,001,218 4,100,000 258,194 26,022 13.402,630 lal Included within Gifts and Donations are £1,017,555 of restricted grants and donations12021122.. £881.8061. Ibl As at 30 June 2023 we have £3,681,15912021122.. £1.739.0531 of legacies in the pipeline that do not the meet the criteria for income recognition as set out in the accounting policy. {c} During the year we received a grant of £3.Om from the Postcode Earth Trust, which receives all of itsfundingfrom People's Postcode Lottery12021122.' £4.Iml. (dl We continued to receive a gift in kind for our search engine advertising from Google Ireland. Income from other trading activities The donations received as a resLJIt of the community events organised by Friends of the Earth Limited were £27,99112021122: £36.0841. Page 37 of 47 Friends of the Earth Charitable Trust For the year ending 30 j￿ne 2023 Company Number: 01533942 Registered Charity Number: 281681 Notes to the Accounts- cont. Income from investments Investment income was bank interest of £16,599 1202V22: £11,694) and dividends of £64512021122.. £4401. S Analysls of dlrect charltsble expendlture 2023 2022 Grants given la} Support costs Gifts in Kind 8.816.163 1,793,453 205.968 9.786.280 1.727,623 258,194 11.772.097 Charitable activltles 10.815,584 lal Grants given includes the grantof £8,800.000 given to Friends of the Earth Ltd12021122.. £9.770.0001 with the balance grants provided to other organisations. 6 Analysis of support costs 2023 2022 Finance 1,769,858 23,595 1,703,134 24,489 Governance L793,453 1,727,623 Governance costs include.. 2023 2022 Board meetings, training, recruitment and Trustees expenses Audit Fee 104 13.550 9.941 11,300 13.189 Legal & professional costs including Indemnity Insurance 23,595 24,489 Page 38of47 Friends of the Earth Charltable Trust For the year ermling 30 June 2023 Company Number: 01533942 Registered Charity Number: 281681 Notes to the Accounts- conL 7 Employee costs 2023 2022 Salaries 1.266,468 125,512 63,602 L455,582 951,798 94,662 48.460 National Insurance Pension L094,920 Employees are jointly employed with Friends of the Earth Limited and employee costs above represent Friends of the Earth Charitable Trust's share of employee costs corresponding to fundraising activity undertaken for the Charitable Trust by those jointly employed members of staff. The disclosures below are in relation to thejointly employed staff across both entities. The average number of employees during the period was 21112021122.. 1901. Friends of the Earth operates a Group Personal Pension Plan for the benefit of its employees. This 15 a defined contribution scheme and is administered Separately from the Charitable Trust. In 2022123 the Charitable Trust matched contributions made by employees up to 7% of their salary1202V22= 7%) and these costs are charged to the statement of financial activities as incurred. All of the members of staff with emoluments in excess of £60,000 werejointlyemployed by Friends of the Earth Charitable Trust and Friends of the Earth Limited and their salary costs were split between them according totime spent.Thetable below showsthe range oftotal emoluments received by higher paidsta-ff. Emoluments includegrossoay, taxable benef its and benefits in kind. 2023 2022 No. No. Number of employees who earned - between £60.000 and£69,999 - between £70.000 and £79,999 The Trustees consider that the senior management team are the key management personnel of the charity running and operating the charity on a day-to-day basis. These staff included the 2 x Joint Co-Executive Directors. Director of Finance & Operations, Director of Income Generation, Director of Policy, Advocacy and Campai8ns. Director of Communities and Networks and the Director of Engagement. The total emoluments paid to the seven senior management staff under their joint contracts of employment were £589,1661202U22..£530.9591. Page 39of 47 Friends of the Earth Charitable Trust For the year ending 30 June 2023 Company Number: 01533942 Reglstered Charity Number. 281681 Notes to the Accounts - cont. Employee Costs- conL The Trustees. policy is to benchmark all staff salaries to the median point of the range for similar roles in similar charities of similar sizes. This includes the senior management team. In addition, we are an accredited living wage employer and we promote equality, inclusion and diversity at worlL For more information. see our website: htt e.co.LJ our- mmitment-diversit 8 Analysis of totsl expendtture 2023 2022 The surplus fortheyear is aftercharging.. Depreciation Auditors- audit 114,290 13,550 368,782 11,300 Auditors- other Irrecoverable VAT 428.197 349.000 551,936 Payments under operating leases (note 12) 574,870 Trustees, remuneration and expenses Trusteesare not allowedto bepaid fortheirservices normay they be paid employees. No Trustees have any interests in the company. During 2022123 there was reimbursement of Board related travel expenses for Trustees of £10412021122= £nill. io Corporation tax Friends of the Earth Charitable Trust is a registered charity and as such can claim exemption from corporation tax on its income under Part 11 of the Corporation TaxesAct 2010 and on its capital gains under section 257 of the Taxation of Chargeable Gains Act 1992. li Operating leases The company leases property on short-term leases. The rents paid on these leases, and a share of others, were £1.083,35112021122= £851.5551 and are subject to re-ne8Otiation at various intervals specif led in the leases. The total commitments remaining, up to the break clause, are as follows.. Page 40 of 47 Frlends of the Earth Charitable Trust For the year ending 30 June 2023 Company Number. 01533942 Registered Charity Number. 281681 Notes to the Accounts - cont. li Operating leases- conL Operatlng leases 2023 2022 Payments due.. Not later than one year Later than i)ne year and not later than fiveyears 430,137 528,008 653.214 323,547 Later than five years Total L083.351 8SI.555 12 Fixed assets Leas*lv)Id Ffjxthie* Cornputw Corntyte Totsl nwovement ffttlng$ al￿ Ollfee T¥nglble and Offi¢• Equlpmen Software Assets Furntlure Workln Progress new CRM system Cost Baknceat l Juty 2022 995.933 185.752 54.689 129.704 L366,078 558.543 Additior 12.048 12.048 74L684 Disposals 8alanceat30Jur 2023 1.007.981 185.752 54.689 129.704 L378.126 L300.227 Balanceat l J￿Y 2022 839.413 155.926 54.689 129.704 l.L79.732 Ch8rRekn the perrtyl 99.905 14.385 U4290 (NsposaL5 BaLan¢eat30Jvr 2023 939.318 170.311 54.689 129.704 L294.022 N•t Book Value At30JuM2023 68.663 I&MI 84.A04 L300327 At 30 JunE2022 20 29￿26 186346 558543 Pa8e41of47 Friends of the Earth Charitable Trust For the year ending 30 June 2023 Company Number: 01533942 Registered Charity Number: 281681 Notes to the Accounts- cont. Fixed assets- cont. The Trust also owns approximately one acre of woodland. near Bathampton. which lies within an area of special scientif ic interest and is managed by Bath and Somerset Wildlife Trust The land was assessed as having a fairvalue of nil when it was donated. CRM system work in progress represents costs toward the development of a new CRM system replacing the current system Care, which is expected to be completed by late 2023. 13 Investments We hold a shareholdin8 of 1.200 in the Triodos Renewables fund, given to us as part of a legacy, held at £1.80 per share. In 2013114, we invested in 5,869 shares from Spirit of Lanarkshire Energy Co-op at£1 per share, offered to the public to fund development of a wind farm. In 2015116 we invested £200.000 in an Ecobond, from Ecotricity for building new sources of green energy. receiving 6% annual interest. In 2017118, we invested in shares worth £40,000121.6% share) in Friendsof the Earth IBirminghaml Limited. These are held at cost as there is no active market. 14 Debtors 2023 2022 Trade debtors 4,337 8.073 Income tax.recoverable (Gift Aid on donations received) Prepayments and accrued income Other debtors 258,110 77,806 321,400 281,613 726,101 13.053 596,900 1,093,593 IS Creditors- due wlthln one year 2023 2022 Trade creditors 344.434 67,154 391.235 52,297 510,686 Accruals 536.175 Other creditors 34.368 914,977 Page 42 of 47 Frlends of the Earth Charitable Trust For the year ending 30 June 2023 Company Number: 01533942 Registered Charity Number: 281681 Notes to the Accounts - cont. 16 Restricted lunds Re$trlcted funds (20221231 Balance Balance l July Expendltwe 30 June 2022 2023 NaturelEnvironment linc Big Give Greenl Clifflate- Big Give 217.861 217.861 155.768 155.768 Climate- Net Zerolwarm Hornes ll4.423 145.655 245,799 14,279 -Divest UK- The Climate Change Collaboration Esmee Fairbairn- My World MyHome 75.750 89.551 80.423 84,878 44.445 86.667 73.334 57.778 Near You- John Bell donation re lyear FTC Phil Michaels. Legal Intern Fund Climate-whitehaven Inot ECF) 50,000 23.439 26,561 34,732 49.515 46.199 38,048 46,584 46.584 Oak Foundation- Nl sewage work Climate- GenerallCAPS 37.000 8,087 28.913 35.000 35.000 ECF-F9￿1I Free Work 34.162 42,625 18,4631 Climate- FrackinglFossil Free linc Coasts appeal) Oak Foundation- Nl other work 26,617 26,617 18.750 LOOO 17,750 Deregulation Environment Bill 12,565 12.565 8.000 8.000 Legal 3,860 3,860 Julia Davies- Plastics linc Gift Aid) 2.673 2.672 Richard Sandbrook- CYS Mentoring 7.159 7,159 Total 279,182 L017555 L036.992 259.745 Restricted funds are received to fund specific pieces of work most commonly a specific campaigning strand. In the year the largest of these received related to the My World My Home project supporting and educating young people funded by the National Lottery Community Fund. Page 43 of47 Friends of the Earth Charitable Trust For the year ending 30 June 2023 Company Number: 01533942 Registered Charity Number: 281681 Notes to the Accounts- cont. 16 Restricted fund5- cont. Restricted furnls (2021122 Balance Balance l July Income Expendit ure 30 June 2021 2022 Climate- GenerallFossil Free 246.279 246,279 75.235 Climate- Net Zero 189,658 114,423 Divest UK - the Climate Change Collaboration COP 26 52,003 100,691 76,944 75,750 31.539 78,375 109.914 ECF- Whitehaven 75.000 75,000 Esmee Fairbairn- Myworld My Home Phil Michaels, Legal Intern Fund Richard Sandbrook- CYS Mentoring Legal Trade 66.667 22.222 44,445 38.237 37.286 40,791 34,732 31,300 24.141 7,159 24.738 24.738 5.000 5.000 Greener Streets 433 790 1,223 32,685 Julia Davies - Plastics 35,358 2.673 Cumbria- non ECF 6,886 6,886 Total 164,456 855,784 741,058 279,182 The other restricted income included grants broadly restricted to our programmes. The restricted funds were received for the following charitable activities-. 2023 2022 Charltable Activities Climate 541,337 391,528 84,690 690,003 67.458 Nature Other 98.324 L017,555 855,784 Page 44 of 47 Friends of the Earth Charitable Trust For the year ending 30 June 2023 Company Nuyiiber: 01533942 Registered Charity Number: 281681 Notes to the Accounts- cont. 17 Deslgnated funds 2023 2022 New Customer Relationship Management {CRM) system Fundraising Investment Fund Strategic projects including lox Greener 550.000 1.150,000 306,926 55,000 500,000 210,000 911,926 L860,000 As outlined in the reserves policy section above, the Trustees have agreed to designate funds for specific purposes= lal £550k has been designated forcapital costsof the new CRM system, which will come into use in late 2023. Ib) The Fundraising Investment Fund of £307k is being used to develop an income generation strategy to provide investments in pilots and resourcing new initiatives. Icl We have designated £55k to fund strategic pilots and projects including lox Greener. 18 Analysis of net assets between funds Analysis of net assets betw funds12022123) Unrestricted funds Restricted funds Total Funds Fixed Assets 1.632.360 1.632,360 1,317,998 2,950,358 Net current assets 1,058.253 259.745 2,690,613 259,745 Page 45 of 47 Frlends of the Earth Charitable Trnst For the year ending 30 June 2023 Company Number: 01533942 Registered Charity Number: 281681 Notes to the Accounts- cont. 18 Analysls of net assets between funds- cont. Analysis of net assets between funds (2021122) Unrestricted funds Restricted funds Total Funds Fixed Assets 992.918 992,918 2.682.866 Net current assets 2,403.684 279,182 3,396,602 279.182 3.675.784 19 Liability of members In the event of a winding up. each member of the company is liable to contribute an amount not exceeding£l. At 30 June 2023 the number of members was 812021122: 41. 20 Related Party Transaction5 There were no related party transactions in the period. Page 46 of 47 Friends ol the Earth Charitable Trust For the year ending 30 June 2023 Company Number: 01533942 Reglstered Charity Number: 281681 Notes to the Accounts - cont. 21 Comparative Statement of Financial Activities 2021122 Unrestricted Fwds Restricted Funds 2022 Incorne Grants. donationsand legacies other trading activities Investments Total In¢wie 12.546,846 36.084 12,134 11595.064 855,784 13,402,630 36,084 12,134 11450.848 855.784 Expendilure Raisin8 funds CtTaritable activities Totsl expenditwe 1.659.686 11.031.039 11690.725 1,659,686 11,772,097 13,431.783 741,058 741,058 NetMoVe￿nt5 In funds 195.6611 114.726 19,065 brought forward 3,492.263 164,456 3,656,719 Funds¢arrie(Ifonvard 3.396.602 279.182 3,675.784 Page 47 of 47