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2021-03-31-accounts

Company no 1600379 Charity no 283895

LONDON WILDLIFE TRUST (A Company Limited by Guarantee)

Report and Financial Statements For the year ended 31st March 2021

CONTENTS Pages
Trustees’ Report 2-9
Reference and Administrative Details 10
Independent Auditor's Report 11-13
Consolidated Statement of Financial Activities 14
Consolidated and Charity Balance sheets 15
Consolidated Cash Flow Statement 16
Notes to the accounts 17-34

1

London Wildlife Trust Trustees’ report

For the year ended 31st March 2021

The Board of Trustees of London Wildlife Trust present their report together with the audited accounts for the year ended 31 March 2021. The Board have adopted the provisions of 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 (effective 1 January 2015) in preparing the annual report and financial statements of the charity. The accounts have been prepared in accordance with the Companies Act 2006.

Our objectives

London Wildlife Trust Limited is required by charity and company law to act within the objects of its Articles of Association, which are as follows:

  1. To promote the conservation, creation, maintenance and study for the benefit of the public of places and objects of biological, geological, archaeological or other scientific interest or of natural beauty in Greater London and elsewhere and to promote biodiversity throughout Greater London.

  2. To promote the education of the public and in particular young people in the principles and practice of conservation of flora and fauna, the principles of sustainability and the appreciation of natural beauty particularly in urban areas.

  3. To promote, organise and carry on study and research in the principles and practice of the conservation of nature and the use of natural resources and to publish the useful results of such research.

Our strategy

Our ‘For a Wilder City’ strategy remains in place, with its mission and aims unaltered. Had it not been for Covid we would have published an update in late 2020 to outline some enhancements to the approaches we are taking to achieve them. That update will now be published in late 2021/early 2022 and focus on the period up to 2030. To remind readers our aims are:

Aim 1: London’s wild spaces are protected, restored, created and continue to thrive

Aim 2: everyone in London will have access to, value and help to protect our natural environment

Aim 3: London’s infrastructure, development and regeneration should produce a net gain for the Capital’s wildlife and people’s access to it

2

London Wildlife Trust Trustees’ report

For the year ended 31st March 2021

The Trustees confirm that they have had due regard to the Charity Commission’s guidance on public benefit in making decisions on the Trust’s aims, objectives and future activities. As set out in more detailed below, the Trust provides public benefit by ensuring that London’s wild spaces are protected and continue to thrive, that access is freely available to the general public and that London’s infrastructure, development and regeneration provide a net gain for London’s wildlife and the public.

What were our aims for 2020-21; and how did we do?

Clearly the Covid pandemic had an effect on the operations of all organisations and The Trust is no exception to that. We had periods when we could not educate children on our nature reserves, have volunteering sessions on our nature reserves, hold events and interact in person with the public. And for periods two of our reserves – Woodberry Wetlands and The Centre for Wildlife Gardening - had to close to the public as we could not guarantee social distancing. However as an organisation we found new ways to work – zoom sessions for public engagement and for some education, mission based consultancy meetings with clients held virtually rather than in person, even offering take-away services at our cafes. We were largely able to continue to operate, if in some areas at lower-than-normal speed. We are very pleased that the charity demonstrated great resilience in challenging circumstances and are pleased to review progress below against our stated aims

Aim 1: London’s wild spaces are protected, restored, created and continue to thrive

In 2020-21 we aimed to complete our ‘Water for Wildlife’ programme; secure eight Green Flag Awards for our reserves; implement a survey 7 monitoring strategy for all our nature reserves; progress year four of the ‘Great North Wood’ Living Landscape project, to improve biodiversity of 82 hectares of woodland on 13 sites in five boroughs in south London, and better connect these sites for local communities, reaching 8,000 people directly; and progress the second (full) year £1m ‘Brilliant Butterflies’ project in south London’s chalk downlands in partnership with Butterfly Conservation and Natural History Museum.

3

London Wildlife Trust Trustees’ report

For the year ended 31st March 2021

largely put on hold (40% target met by March 2021, but to restart June 2021). Nevertheless, 90% target figures of engagement met by March 2021 (and has continued since).

Aim 2: everyone in London will have access to, value and help to protect our natural environment

In 2020-21 we aimed to: complete construction of the new visitor and learning centre at Camley Street Natural Park , ready for re-launch in late spring; continue with the delivery of the ‘Keeping it Wild’ youth engagement project, engaging 382 people and expanding operations to seven LWT nature reserves; and to run the first London Wildlife Festival at Walthamstow Wetlands, to engage Londoners from all backgrounds in nature and conservation.

Sadly, the London Wildlife Festival had to be cancelled due to Covid but we plan to re-institute this when the circumstances allow.

Aim 3: London’s infrastructure, development and regeneration should produce a net gain for the Capital’s wildlife and people’s access to it

In 2020-21 we planned to develop our expert advisory role for planning matters, contribute to TWT responses to Government planning-related matters, and to continue to expand London Wildlife Trust’s mission-based consulting function to advise and influence more developers, consultants and local authorities in London.

Aim 4: we have the resources and organisational capability to deliver our mission

In 2020-21 we aimed to resume the full-scale open-ended membership recruitment campaign from Q1 of 2020-21; further diversify our unrestricted income streams, including an expanded corporate membership scheme and café and privatehire events at Camley Street and Gunnersbury Triangle, as well as membership and consulting; implement LWT’s Marketing and Communications Strategy, in Q1 2020-21;

4

London Wildlife Trust Trustees’ report

For the year ended 31st March 2021

Financial review and reserves policy

Incoming resources were £4.6 million, compared to £4.8m million in 2019-2020. Total resources expended were £3.8 million, up from £3.7 million. During the year, the Trust received restricted funding of £2.6 million which was used to deliver numerous projects including a significant programme of capital works at Camley Street Park. This included replacing the existing visitor centre, constructing a new learning centre and significant landscaping and habitat improvements. The unrestricted surplus for the year was £174k (2020: £125k) which excludes monies received from Camley Street and timing differences between receipt of funding and monies being spent in relation to other restricted programmes.

At 31 March 2021 total funds stood at £4.12 million (2020: £3.21 million). After endowment funds of £603k (2020: £499k, restricted funds of £541k (2020: £767k) and the designated capital fund representing the net book value of nature reserves and other tangible fixed assets of £2.30 million (2020: £1.80 million), free reserves were £670k (2020: £247k).

Reserves are held to ensure the financial sustainability of the Trust and to help manage the financial impact of the risks it faces including those below. LWT reserves policy aims to provide sufficient resources to meet a range of contingencies, and is currently set at £175k of unrestricted net current assets. We have made good progress in recent years and ended 2020-21 with reserves comfortably above this level. The Covid19-Pandemic represents such a contingency, and it may be necessary to expend some reserves to cover income gaps in 2021-22. However the Trustees regard it as a key priority to maintain reserves at least at this level in the medium to long term, and detailed plans are in place to ensure value for money and to diversify fundraising efforts.

Catalyst Endowment Fund

This fund has arisen following a joint application with the Lincolnshire Wildlife Trust to the National Lottery Heritage Fund. This joint grant contract provides a grant from NLHF, and along with match funds raised, totals £500,000 for each Trust. This grant is to be held as an endowment fund. The endowment cannot be drawn down against until 1 January 2022 and withdrawal of capital will be subject to the conditions within the funding document and the deed of cooperation between the two Wildlife Trusts. London Wildlife Trust’s funds are fully invested with CCLA; as at 30 June 2021 London Wildlife Trust’s fund was valued at £647,000.

Risks and uncertainties

The Trustees have identified the principal financial risks to the Trust as a reduction in grant funding and the underperformance of unrestricted earned income streams.

Covid-19 still represents a risk to unrestricted income streams. It is possible that the economic consequences of the pandemic may influence the availability of grant funding in the long term; the Trust has reviewed plans accordingly and has taken steps to diversify income further.

The Trust has a strong track record of securing grants from Lottery distributors, the Landfill Communities Fund, corporations, trusts and foundations. Additional grant funding has been secured to support the Trust through the Covid pandemic. We remain well-placed for ongoing funding applications.

Unrestricted income currently comes from individual and corporate members, legacies, individual giving, café, private hires, events, and consultancy. The Trust has taken steps to diversify and grow its unrestricted income streams, with an expanded mission-based consultancy function and café and events programme, and improved corporates offer, and plans in place to expand membership now lockdown is lifting. This diversification process has helped to protect the Trust from the worst economic impacts of Covid19.

Throughout FY 2020-21 unrestricted income streams from room hire, education, café and events has reduced sharply; and from consulting to a lesser extent. To balance this, we have made significant short-term cost savings and have secured over £350k in government support through the Coronavirus Job Retention Scheme; the Retail, Hospitality, Tourism and Leisure Grant; and rates rebates.

5

London Wildlife Trust Trustees’ report

For the year ended 31st March 2021

As cash reserves are three times above our policy, we see no requirement for significant changes to staffing or organisational structure. The trustees are monitoring the situation and financial projections closely, and contingency plans have been drawn up to make further savings if deemed necessary.

Going Concern

The Trustees have considered the charity's new strategic plan and current income forecasts to September 2022 and beyond. The Trustees, having reviewed the latest cash flow forecasts and the assumptions contained therein, are confident that the organisation will be able to meet its future liabilities as they fall due for the foreseeable future. The Trustees are confident that the charity's strategy for future income generation is viable and have therefore prepared the financial statements on a going concern basis.

Plans for future periods

The key focus for the next few years remains the opening of visitor and learning centres which will enhance our ability to inspire and educate Londoners, particularly children and young people; and which will also help us to grow membership and to raise unrestricted income from cafés and events. We will have a continued focus on Equality, Diversity and Inclusion (EDI) as outlined in our new strategic plan for 2020 – 2025. Regular EDI meetings will be held, involving staff from across the Trust. We will produce a revised EDI Strategy that will place emphasis on improving EDI outcomes across all areas of the organisation. We will continue to further diversify unrestricted income streams through an expansion in mission-based consulting, face to face and digital membership recruitment and individual giving appeals. Having restored our financial reserves to the level laid down in our reserves policy; we are now able to better invest resources into the management of our nature reserves and our advocacy for a Wilder London. Some key projects include:

Aim 1: London’s wild spaces are protected, restored, created and continue to thrive

Aim 2: everyone in London will have access to, value and help to protect our natural environment

6

London Wildlife Trust Trustees’ report

For the year ended 31st March 2021

Aim 3: London’s infrastructure, development and regeneration should produce a net gain for the Capital’s wildlife and people’s access to it

Aim 4: we have the resources and organisational capability to deliver our mission

Structure, governance and management

London Wildlife Trust is a charity registered with the Charity Commission for England and Wales and a company limited by guarantee registered at Companies House (England and Wales).

The Trust is a member of The Wildlife Trusts (registered as the Royal Society of Wildlife Trusts (RSWT), charity no: 207238) which acts as an umbrella body carrying out lobbying and public relations on behalf of all Wildlife Trusts. Partners have the use of the Wildlife Trusts logo and benefit from the resources, best practice and specialist knowledge of other Wildlife Trusts. Each individual Wildlife Trust remains entirely independent in terms of governance.

The Board of Trustees of London Wildlife Trust are also the directors for the purposes of company law. The honorary officers of the Trust currently consist of the Chair, Secretary and Treasurer, and Senior Independent Trustee. The Board has overall responsibility for the control of The Trust but delegates day-to-day responsibility to the Senior Management Team. The Trustees are guided by the Trust’s articles of association and by the Governance Handbook, which is updated every two years.

There is one Board sub-committee, the Finance Committee (‘FinCom’) which includes the Chair, Treasurer, one trustee, CEO, and Head of Finance. FinCom reviews risks, income and expenditure against budgets quarterly, and financial projections, and reports its findings and recommendations to the board.

The board consists of a maximum of 10 elected and two co-opted Trustees (there are currently 10 Trustees, all elected). Trustees are elected at the AGM for a term of three years; may stand for one further three-year term; and may then be extended for up to two years if required. The current Treasurer will be standing down at the next AGM in Autumn 2021 and plans are in place to elect a new treasurer. Trustee vacancies occurring between AGMs can be filled by board appointments, subject to election at the next AGM.

Trustees are drawn from the Trust’s various areas of activity and reflect the views of its members. The Board carries out regular skills audits, the outcome of which will guide the recruitment of new Trustees and Co-optees to fill any identified

7

London Wildlife Trust Trustees’ report

For the year ended 31st March 2021

gaps in expertise. Trustee vacancies are advertised to London Wildlife Trust members, identifying the particular skills needed. The Board may make direct approaches to individuals known to possess the qualities sought, who would then be invited to join the Trust as a member in order to be elected to the Board. If a conflict of interest is declared the Board will consider whether it would prevent the prospective candidate from functioning as an effective Trustee.

Induction of new Trustees covers the Trust’s Strategic Plan, articles of association, governance handbook and Charity Commission guidance for trustees; they will be provided with relevant information including minutes of recent AGM and Board meetings, statutory accounts, staff structure, and professional indemnity Insurance. New trustees will meet Senior Management Team (SMT) and other key staff, and be given a guided tour of one of the Trust’s principle sites. Further briefings including safeguarding are arranged as necessary. A mentor trustee may be nominated.

Trustees and the CEO are appraised by the Chair. The Chair is appraised by the Senior Independent Trustee.

The SMT currently consists of the Chief Executive Officer, Director of Conservation, Director of Strategic Projects & Engagement, and Director of Development. Other staff are divided between the main office and the Trust’s key sites throughout the Greater London area.

Pay and remuneration of the charity’s key management personnel is set by the trustees and reviewed annually. Pay levels are set with reference to median levels for organisations of this size in the conservation sector in London.

The Trust cooperates with other charities and organisations on specific projects; where appropriate, formal partnership agreements are in place.

London Wildlife Ltd (LWL), a wholly owned subsidiary of London Wildlife Trust, is a company registered at Companies House (England and Wales) number 02401237. At present LWL is used to run cafes and income-generating events. LWL has three directors, currently the CEO and Treasurer and an independent.

Since the Charity Governance Code was launched on the 13th July 2017, the Trust has utilised the Code as a tool to support the Board to reflect upon its current governance structures and consider the ways in which the Charity and its Trustees currently apply the Charity Governance Code’s seven principles and recommended practice.

Whilst the Charity already applies most of the recommended practices relating to each of the Charity Governance Code’s seven principles, the Charity and its Trustees have considered whether and how to adopt or strengthen further recommended practices over the coming year to further improve the Charity’s governance standards and increase its overall effectiveness as an organisation.

Charity Fundraising

The Trustees have taken account of the provisions of the Charities (Protection and Social Investment) Act 2016. The Trust is registered with the Institute of Fundraising and the Fundraising Regulator; we follow the Fundraising Regulator’s Code of Fundraising Practice and the Charity Commission guidance on charity fundraising; and we subscribe to the Fundraising Preference Service.

London Wildlife Trust engages in various forms of fundraising connected to individual giving in the past this has included face to face campaigns, and postal campaigns. In 2021 we ran a Facebook campaign to generate warm leads for membership recruitment. Members of the public took part in a survey aimed at finding out how the public engages with local wildlife and what issues are important to them. The survey was promoted via Facebook adverts. Those who took part in the survey were asked if they would like to opt into receiving calls from us so we could contact them and let them know how they can help with our conservation work. We worked with Fran Swaine (a digital consultant) and Purity (Telemarketing agency) on the campaign. Membership acquisition followed GDPR guidelines. We also ran two postal appeals to existing members.

In 2020-21 we received no formal complaints about activities by the charity, or by a person on behalf of the charity, for the purpose of fund-raising (2019-20: none)

8

London Wildlife Trust Trustees’ report

For the year ended 31st March 2021

We have a Fundraising and Vulnerable People policy in place. We take care to ensure that vulnerable people and other members of the public are not subject to unreasonable intrusion on their privacy, unreasonably persistent approaches, or undue pressure on a person to give money or other property. The Trust complies with the General Data Protection Regulations; all staff have been made aware of its requirements, and those involved in fundraising are given specific training and are closely supervised.

Statement of the Board's responsibilities

The Trustees (who are also directors of London Wildlife Trust for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to:

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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors

Each of the members of the Board who were in office on the date of approval of these financial statements have confirmed, as far as they are each aware, that there is no relevant audit information of which the auditors are unaware. Each of the members of Board have confirmed that they have each taken all steps that they ought to have taken as members of Board in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor.

The Trustees report has been prepared in accordance with the exemptions available under Companies 2006 for small companies.

The Trustees’ report (which includes the reference and administrative details on page 9) was approved by the Board on 6[th] August 2021 and signed on their behalf:

Elaine Sullivan Chair

9

London Wildlife Trust Reference and administrative details

For the year ended 31st March 2021

Status The organisation is a charitable company limited by guarantee, incorporated on 26 November The organisation is a charitable company limited by guarantee, incorporated on 26 November
1981 and registered as a charity on 18 January 1982.
Governing document The organisation was established under a memorandum of association which established the
objects and powers of the organisation and is governed under its articles of association.
Company number 1600379
Charity number 283895
Registered office and Dean Bradley House
operational address 52 Horseferry Road
London
SW1P 2AF
Ambassadors David Lindo
Alison Steadman
Tom Holland
Board of Trustees The Trustees of London Wildlife Trust are the charity’s trustees under charity law and the
directors of the charitable company.
Elaine Sullivan (Chair)
Stuart Wetherly (Honorary Treasurer)
Stephen Snaith (Honorary Secretary)
Ruth Chambers (Senior Independent Trustee)
Richard Grimshaw resigned 19/10/2020
Iona Joy resigned 19/10/2020
Dianne Murphy resigned 19/10/2020
John Tweddle
Melissa Glackin
Rufus Radcliffe
Hannah Fox Appointed 21/09/2020
Amy Mount Appointed 21/09/2020
Kapila Perrera Appointed 21/09/2020
Chief Executive Gordon Scorer
Principal bankers HSBC Bank Plc
165 Fleet Street
London EC4A 2DY
Solicitors Farrer & Co DLA Piper UK LLP
66 Lincolns Inn Fields 3 Noble Street
London WC2A 3LH London EC2V 7EE
Auditor Crowe U.K. LLP
55 Ludgate Hill,
London EC4M 7JY

10

London Wildlife Trust Independent Auditor’s Report to the Members of London Wildlife Trust

Opinion

We have audited the financial statements of London Wildlife Trust (‘the charitable company’) and its subsidiary (‘the group’) for the year ended 31 March 2021 which comprise the Consolidated statement of financial activities, the Group and Company balance sheets, the Consolidated cash flow statement and notes to the financial statements, including 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 Auditor’s 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's or the group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

11

London Wildlife Trust

Independent Auditor’s Report to the Members of London Wildlife Trust

Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in 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 2006 requires us to report to you if, in our opinion:

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 charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s 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 auditor’s 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.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and noncompliance with laws and regulations are set out below.

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 auditor’s report.

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 risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

12

London Wildlife Trust Independent Auditor’s Report to the Members of London Wildlife Trust

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 fundamental to the charitable company’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud. The laws and regulations we considered in this context for the UK operations were employment legislation, General Data Protection Regulation (GDPR) and taxation legislation.

Auditing standards limit the required audit 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 fraud, 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, and the Finance Committee about their own identification and assessment of the risks of irregularities, sample testing of income received in the year and post year end, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.

Owing 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 (irregularities) is from the events and transactions reflected in the financial statements, the less 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 preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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 auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Tim Redwood Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor

London

1 September 2021

13

London Wildlife Trust Consolidated Statement of Financial Activities

For the year ended 31st March 2021

Unrestricted
Restricted
Endowment
funds
funds
funds
Notes
£’000
£’000
£’000
Income and endowments from:
Donations and legacies
2
909
173
-
Charitable activities
3
502
2,392
-
Other trading activities
247
-
-
Investments
4
-
18
-
Other
362
-
-
Total
2,020
2,583
-
Expenditure on:
Generating Donations, Legacies and
Grants
534
131
Raising Funds
428
-
Charitable activities
6
884
1,818
-
Total
7
1,846
1,949
-
Net income
174
634
-
Net gains/(losses) on investments
-
-
104
Transfer between funds
15
859
(859)
-
Net movement in funds
1,033
(225)
104
Reconciliation of funds:
Total funds brought forward
1,943
767
499
Total funds carried forward
2,976
542
603		 Total
2021
£’000
1,082
2,894
247
18
362
4,603
665
428
2,702
3,795
808
104
-
912
3,209
4,121		 Total
2020
£’000
883
3,328
543
19
7
4,780
613
535
2,543
3,691
1,089
(16)
-
1,073
2,136
3,209

The statement of financial activities contains all gains and losses for the year and all activities relate to continuing operations.

14

London Wildlife Trust Consolidated Cash Flow Statement

For the year ended 31st March 2021

Notes
Fixed Asset
Tangible assets
11
Investments
12
Total fixed assets
Current assets
Debtors
13
Cash at bank and in hand
Total current assets
Liabilities
Creditors:
Amounts falling due within one year
14
Net current assets
Net assets before long term liabilities
Creditors:
Amounts falling due after more than one
year
Total net assets
The funds of the charity
Restricted income funds
15
Endowment funds
16
Unrestricted funds:
Designated Capital Funds- Nature reserves
Designated Capital Funds- Other
General funds
17
Total funds		 Group
2021
2020
£’000
£’000
2,395
1,802
603
499
2,998
2,301
940
602
925
753
1,865
1,355
(692)
(447)
1,173
908
4,171
3,209
(50)
-
4,121
3,209
542
767
603
499
1,145
1,266
2,239
1,618
66
78
671
247
4,121
3,209		 Charity
2021
2020
£’000
£’000
2,385
1,784
603
499
2,988
2,283
1,582
1,044
360
381
1,942
1,425
(650)
(415)
1,292
1,010
4,280
3,293
(50)
-
4,230
3,293
542
767
603
499
1,145
1,266
2,240
1,618
56
61
789
348
4,230
3,293		 Charity
2021
2020
£’000
£’000
2,385
1,784
603
499
2,988
2,283
1,582
1,044
360
381
1,942
1,425
(650)
(415)
1,292
1,010
4,280
3,293
(50)
-
4,230
3,293
542
767
603
499
1,145
1,266
2,240
1,618
56
61
789
348
4,230
3,293
2,283
1,044
381
1,425
(415)
1,010
3,293
-
3,293
767
499
1,266
1,618
61
348
3,293

The net income for the financial year dealt with in the financial statements of the parent company was £808k (2020 - £1,089k). The accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

These accounts were approved by the Board and authorised for issue on 6 August 2021.

Stuart Wetherly – Honorary Treasurer Company number 1600379

15

London Wildlife Trust Consolidated Cash Flow Statement

For the year ended 31st March 2021

Notes
Cash flows from operating activities:
Net cash provided by operating activities
22
Cash flows from investing activities:
Purchase of fixed assets
Net cash (used in) investing activities
Cash inflow from financing activities:
New financing in the year
Net cash provided by financing activities:
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at 1 April 2020
Cash and cash equivalents at 31 March 2021
23		 £'000
(723)		 2021
£'000
845
(723)
50
50
172
753
925		 £'000
(990)		 2020
£'000
1,363
(990)
-
-
373
380
753

16

London Wildlife Trust Notes to the accounts

For the year ended 31st March 2021

1. Significant accounting policies and legal information

London Wildlife Trust is a charitable company limited by guarantee and registered in England and Wales. The Trust’s registered office is Dean Bradley House, 52 Horseferry Road, London, SW1P 2AF.

1.1 Basis of accounting

The financial statements have been prepared under the historical cost convention and in accordance with the 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 effective 1 January 2015 (The FRS 102 Charities SORP) and the Companies Act 2006.

The Trustees confirm that the Charity meets the definition of a public benefit entity under FRS 102.

1.2 Group Accounts

The Statement of Financial Activities (SOFA) and Balance Sheet consolidate the financial statements of the charity and its subsidiary undertaking. The results of the subsidiary is consolidated on a line by line basis. The results and balance sheet of the trading subsidiary are disclosed in note 18.

No separate SOFA or cash flow statement has been presented for the charity alone as permitted by the Companies Act 2006 and the SORP.

1.3 Going concern

In the sections on Going concern and Financial review and reserves policy the report of the Board of Trustees discusses the level of reserves held by the charity, the investment in fundraising made during this and the previous year and the anticipated improvement to reserves in future years. The period since March 2020 has seen significant reductions in café, event and education income as a result of the Covid pandemic. However, the Trust has taken urgent action to secure additional emergency funding and cut costs; these measures, combined with government support (from the corona virus job retention scheme and other grants), means that the Trust expects to be able to maintain free reserves above the level set out in our reserves policy. The accounts have, therefore, been prepared on the basis that the charity is a going concern. The trustees have a reasonable expectation that there are adequate resources to continue in operational existence for the foreseeable future.

1.4 Fund Accounting

1.4.1 Unrestricted Funds

These funds can be used for any of the charity's purposes.

1.4.2 Restricted Income Funds

These funds have been given to the Trust for a particular purpose to be used in accordance with the wishes of the donor.

1.4.3 Endowment funds

These funds have been given to the Trust for a particular purpose to be used in accordance with the wishes of the donor. The capital can generally not be realised.

1.5 Income

Income from donations is accounted for when received. Gift aid is recognised in the financial statements in the year that the connected donation was received. Legacy income is included in the accounts when the amount due can be quantified with reasonable probability and the timing of the receipt is known.

Income in the form of donated services have been included in the SOFA at a reasonable estimate of their value, taking into account the market value of the assets and comments made by the donor.

Grants receivable are accounted for when there is sufficient information to enable the claim to be made or the claim has been made and there is clear indication to suggest the claim will be met. Income under contracts is recognised to the extent that entitlement has been earned through performance of the contract.

17

London Wildlife Trust Notes to the accounts

For the year ended 31st March 2021

Income under contracts for services or grants which have performance conditions or time restrictions attached are deferred until these conditions or restrictions have been met.

1.6 Volunteer Activity

The Trust receives support from a wide variety of volunteers. We estimate that the value of volunteer time for 20202021 was £67k (2020 - £336k). The decrease is due to restrictions relating to Covid-19 leading to cancelled volunteer sessions and reduced numbers on those that could happen to ensure social distancing

1.7 Membership Income

Membership income is taken to the Statement of Financial Activities over the life of the subscription, taking into account the benefits connected to the relevant membership class.

1.8 Expenditure

Expenditure is allocated to a particular activity when the costs relate directly to that activity. Indirect costs incurred in the administration and support of charitable activities are allocated to the expenditure headings in the SOFA on the basis of the number of employees in each area of work. The average number of employees by function is shown in note 9.

Cost of Raising Funds consists of expenditure relating to membership, appeals, communications requesting funds, applying for grants and other general publicity as part of fundraising together with associated support costs. Costs incurred in the face to face membership recruitment campaign consist of staff, recruiters, travel and materials together with support costs.

Administration and Support include the provision of the premises, personnel, information technology and audit fees.

1.8.1 Irrecoverable VAT

The charity is partially exempt. Irrecoverable VAT is allocated to the appropriate cost categories.

1.9 Tangible fixed assets

Fixed assets are stated at cost less accumulated depreciation. The costs of minor additions below £1,000 are not capitalised.

Included in fixed assets are both freehold and leasehold interests in land which are maintained as nature reserves by the Trust. Maintenance and conservation work on nature reserves is expensed through the Statement of Financial Activities as incurred, as part of the Trust’s charitable activities.

Depreciation is not provided on freehold land which is considered to have a useful life of more than fifty years

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life at the following annual rates:

Leasehold buildings and improvements – Over the life of the lease Motor vehicles - 25%

Computer software development costs and equipment - 33%

Equipment, fixtures and fittings - 15%

1.10 Investments

Investments are stated at market value. Unrealised gains and losses arising from revaluation of the investments are recognised in the SOFA.

18

London Wildlife Trust Notes to the accounts

For the year ended 31st March 2021

1.11 Pension Costs

The Trust operates a defined contribution scheme for the benefit of its employees. The costs of contributions are written off against incoming resources in the year they are payable. The assets of the scheme are held separately from the Trust in independently administered funds.

The Trust made contributions on behalf of two former employees of the Wildlife Trusts’ Pension Scheme, a defined benefit pension scheme. This is a multi-employer pension scheme and the Trust cannot easily identify its share of the assets and liabilities of the scheme. Contributions to the scheme are therefore recognised when they are made.

1.12 Finance and operating leases

Rentals payable under operating leases are charged to the SOFA over the period in which the cost is incurred. The Trust has no finance leases.

1.13 Financial instruments

The Charity 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 amortised cost. Financial assets held at amortised cost comprise cash and bank and in hand, short term cash deposits together with trade and other debtors excluding prepayments. Financial liabilities held at amortised cost comprise the short and long term trade and other creditors excluding deferred income and taxation payable. No discounting has been applied to these financial instruments on the basis that the periods over which amounts will be settled are such that any discounting would be immaterial.

1.14 Cash at bank and in hand

Cash at bank and in hand includes cash and short term deposits.

1.15 Debtors

1.16 Creditors

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

1.17 Significant estimates and judgements

In the application of the charity’s accounting policies, Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects the current and future periods.

The following areas are considered to involve the critical judgements and sources of estimation uncertainty when applying the groups accounting policies

19

London Wildlife Trust Notes to the accounts

For the year ended 31st March 2021

2 Donations and legacies

Unrestricted
Restricted
income
income
£’000
£’000
Membership income
582
-
Grants and donations
325
173
Legacies
2
-
909
173		 Endowment
income
£’000
-
-
-
-		 2021
£’000
582
498
2
1082		 2020
£’000
595
283
5
883

Included in donations are legal services valued at £51,178 (2020 – £80,453) provided pro bono by DLA Piper.

2020 comparatives were made up as follows: donations and grants included £112k in restricted income and £171k in unrestricted income; membership income was £595k in unrestricted income and legacies included £5k in unrestricted income.

3 Charitable activities

Unrestricted Restricted Endowment
income income income 2021 2020
£’000 £’000 £’000 £’000 £’000
Grants, fees and contracts 502 2,392 - 2,894 3,328

2020 comparatives include £2,902k restricted and £426k unrestricted income.

4 Investment income

vestment income
Unrestricted Restricted Endowment
income income income 2021 2020
£’000 £’000 £’000 £’000 £’000
Investment income - 18 - 18 19

5 Government funding

£2,262k funding from government was received in the year (2020 - £2,587k).

Income from government grants and contracts was made up as follows: Local Authorities £636,549 (2020 - £649,494)

National Lottery Heritage Fund £1,254,053 (2020 - £1,808,273) Other government bodies £51,931 (2020 - £129,487) Corona Job Retention Scheme £319,401 (2020- nil)

20

London Wildlife Trust Notes to the accounts

For the year ended 31st March 2021

6 Charitable activities expenditure

Unrestricted
Restricted
Endowment
£’000
£’000
£’000
Nature reserve management and
conservation
385
641
-
Visitor engagement
363
1,177
-
Consultancy
136
-
-
884
1,818
-		 2021
£’000
1,026
1,540
136
2,702		 2020
£’000
1,067
1,362
114
2,543

2020 comparative costs were as follows: nature reserve management and conservation £829k restricted and £238k unrestricted, visitor engagement £1,110k restricted and £252k unrestricted and consultancy costs £114k unrestricted.

7 Total expenditure

Direct
Other
Support &
staff costs
direct costs
governance
£’000
£’000
£’000
Expenditure on raising funds
- Membership and fundraising
310
202
153
Trading company costs
309
119
-
Nature reserve management and
conservation
412
336
278
Visitor engagement
732
456
352
Consultancy
88
30
18
1,851
1,143
801		 2021
£’000
665
428
1,026
1,540
136
3,795		 2020
£’000
613
535
1,067
1,362
114
3,691
2021 2020
£’000 £’000
Net income is stated
after charging:
Auditor’s remuneration - audit 21 21
- other services - 2
Depreciation 130 82
Amounts payable under operating leases 67 61

21

London Wildlife Trust Notes to the accounts

For the year ended 31st March 2021

8 Analysis of support costs

IT
Finance
Human resources
Premises
Administration & office
Governance		 Staff
costs
£’000
-
137
52
46
11
118
364		 Other
costs
£’000
50
160
16
117
53
41
437		 2021
Total
£’000
50
297
68
163
64
159
801

Comparative year ended 31 March 2020

IT
Finance
Human resources
Premises
Administration & office
Governance		 Staff
costs
£’000
2
95
44
61
15
118
335		 Other
costs
£’000
57
117
7
116
88
37
422		 2020
Total
£’000
59
212
51
177
103
155
757

22

London Wildlife Trust Notes to the accounts

For the year ended 31st March 2021

9 Staff costs

The movement in the year is after charging:
Salaries and wages
Social security costs
Other pension costs
Employees and volunteers
The average number of employees (FTE), analysed by function was:
Raising funds
Trading company
Nature reserve management and
Conservation
Visitor engagement
Management and administration		 2021
£’000
1,999
168
47
2,214
No.
10
12
16
20
7
65		 2020
£’000
1,815
167
43
2,025
No.
7
12
16
19
7
61

The average number of employees during the year including sessional and part-time individuals was 99 (2020 – 87).

We rely on volunteers to help in all aspects of our work particularly for practical conservation work, administration and fundraising.

Board’s and employees’ emoluments

Members of the Board did not receive any remuneration or benefits in kind during the period.

No claims by (2020 – nil) Board Members travelling on Trust business and reimbursed to them amounted to £Nil (2020: £nil).

The number of employees whose salaries amounted to over £60,000 were as follows:

2021 2020
No. No.
£60,000 to £70,000 1 1
£90,000 to £100,000 1 1

The key management personnel in the year comprised the Trustees and SMT. There were five employees in the SMT (2020 – five) including the Chief Executive. Total remuneration of key management personnel in the year was £356,329 (2020 - £384,219).

The amount paid in respect of Notice and Statutory Redundancy Pay in the year was £5k (2020: £2k).

23

London Wildlife Trust Notes to the accounts

For the year ended 31st March 2021

10 Pension arrangements

The Trust operates a defined contribution Group Personal Pension Scheme open to all employees. Contributions to the scheme are charged to the accounts as they fall due. Total amounts paid during the year were £45,494 (2020 - £39,166).

The Trust also made contributions of £1,148 (2020 - £2,803) on behalf of two ex-employees in respect of The Wildlife Trust Pension Scheme, a multi-employer defined benefit pension scheme. This was closed to new members in 2005. The Section 75 debt for London Wildlife Trust has now been valued at £Nil.

11 Tangible assets

Group

Freehold Leasehold Asset

Land Buildings &
under
Improvements construction
£’000
£’000
£’000

Cost or donated value
1 April 2020
38
1,379
990
Additions
-
701
-
Transfers
990
(990)
Disposals
-
-
-
At 31 March 2021
38
3,070
-
Depreciation
1 April 2020
-
684
-
Charge for the year
-
95
-
Disposals
-
-
-
At 31 March 2021
-
779
-
Net book value
At 31 March 2021
38
2,291
-
At 31 March 2020
38
695
990		 Equipment Motor
Vehicles
£’000
£’000

261
71
-
22
-
(2)
(9)
259
84
200
53
24
11
(2)
(9)
222
55
37
29
61
18		 Total
£’000
2,739
723
-
(11)
3,451
937
130
(11)
1,056
2,395
1,802

Asset under construction relates to Camley Street Natural Park which was completed in November 2020 and represents the total additions in leasehold improvements in 2021.

24

London Wildlife Trust Notes to the accounts

For the year ended 31st March 2021

11 Tangible assets continued

Charity
Freehold Leasehold Asset

Land Buildings &
under
Improvements construction
£’000
£’000
£’000

Cost or donated value
1 April 2020
38
1,379
990
Additions
-
701
-
Transfers
990
(990)
Disposals
-
-
-
At 31 March 2021
38
3,070
-
Depreciation
1 April 2020
-
684
-
Charge for the year
-
95
-
Disposals
-
-
-
At 31 March 2021
-
779
-
Net book value
At 31 March 2021
38
2,291
-
At 31 March 2020
38
695
990		 Equipment Motor
Vehicles
£’000
£’000

232
71
-
22
-
-
(9)
232
84
189
53
16
11
-
(9)
205
55
27
29
43
18		 Total
£’000
2,710
723
-
(9)
3,424
926
122
(9)
1,039
2,385
1,784

12 Investments

The charity holds 100% of the issued share capital of London Wildlife Limited. Details are shown in Note 18 of these accounts. The investment is included at cost £100 (2020 - £100). The Endowment investment below is managed by CCLA and held in Equity- 73%, Property/Other Assets-20%, Fixed interest-1% and Cash-6%.

Market value
At 1 April 2020
Additions
Increase / (decrease) in value of investments
At 31 March 2021		 2021
£’000
499
-
104
603		 2020
£’000
515
-
(16)
499

25

London Wildlife Trust Notes to the accounts

For the year ended 31st March 2021

13 Debtors

Debtors
Trade debtors
Amounts due from subsidiary companies
Other debtors
Prepayments and accrued income		 Group
2021
2020
£’000
£’000
655
449
-
-
6
7
279
146
940
602		 Charity
2021
2020
£’000
£’000
643
433
665
485
1
-
273
126
1,582
1,044
1,044

14 Creditors: Amounts falling due within one year

14
Creditors: Amounts falling due within one year
Group Charity
2021 2020 2021 2020
£’000 £’000 £’000 £’000
Trade creditors 106
220
96
216
Other creditors 39
30
39
30
Tax and social security costs 143
52
143
52
Accruals and deferred income 404
145
372
117
692
447
650
415
Deferred income relates to monies received in advance of services provided
Movements on deferred income
Total Total
2021 2020
£ £
balance as at 31 March 2020 59,862 57,158
received in year 102,328 59,862
released in year -14,556 -57,158
balance as at 31 March 2021 147,634 59,862

15 Restricted Income funds

These funds have been set aside for specific projects. These projects may arise out of the Trust’s ongoing activities, or the Trust may be asked to carry out a specific task. Either way, at some stage in the project, grants and donations will have been received specific to that project. Therefore once a project is commenced any funds allocated to it are restricted to that fund. It is anticipated that these funds will be used over the coming months and years as the expenditure for which these funds were raised is incurred. There are therefore many small funds and for the purposes of statutory reporting these have been grouped together under three main headings.

26

London Wildlife Trust Notes to the accounts

For the year ended 31st March 2021

15 Restricted Income funds continued

Balance
1 April 2020
£’000
Nature reserve management and
conservation
310
Visitor engagement
457
Fundraising
-
767
omparative year ended 31 March 2020
Balance
1 April 2019
£’000
Nature reserve management and
conservation
78
Visitor engagement
678
Fundraising
-
756
Support		 Balance
31 March
Income Expenditure
Transfers
2021
£’000
£’000
£’000
£’000
632
(616)
(66)
260
1,763
(1,145)
(793)
282
116
(116)
-
-
2,583
(1,949)
(859)
542
Balance
31 March
Income Expenditure
Transfers
2020
£’000
£’000
£’000
£’000
1,046
(829)
15
310
1,867
(1,100)
(978)
467
101
(101)
-
-
3,014
(2,030)
(963)
777
72
(72)		 Balance
31 March
Income Expenditure
Transfers
2021
£’000
£’000
£’000
£’000
632
(616)
(66)
260
1,763
(1,145)
(793)
282
116
(116)
-
-
2,583
(1,949)
(859)
542
Balance
31 March
Income Expenditure
Transfers
2020
£’000
£’000
£’000
£’000
1,046
(829)
15
310
1,867
(1,100)
(978)
467
101
(101)
-
-
3,014
(2,030)
(963)
777
72
(72)
777

Comparative year ended 31 March 2020

Nature reserves and conservation restricted funds

This includes the following activities during the year: reserves management, restoring chalk grassland habitat at Saltbox Hill, Hutchinson’s Bank, Chapel Bank and others; management of Gunnersbury Triangle, management activity at most Hillingdon reserves, Braeburn Park, and Sydenham Hill Wood.

Conservation funds include Brilliant Butterflies, focused on survey, restoration and enhancement on five chalk grassland reserves and a number of third-party sites.

Visitor engagement restricted funds

This includes the following activities during the year: full conservation volunteering programme, family learning programme and outdoor education programme at Woodberry Wetlands; outdoor education conservation volunteering programme and work to complete landscape works around the new visitor and learning centre at Camley Street Natural Park; visitor engagement activities, outdoor education programme, conservation volunteering programme and family learning programme at the Centre for Wildlife Gardening, visitor engagement activities, outdoor education programme and young people’s engagement programme at Crane Park Island; the final phase of conservation volunteering, contractor-led infrastructure works, interpretation and access improvement works in the Great North Wood; the transfer and set up of back of house infrastructure, capital works, conservation, surveying and visitor engagement volunteering programme, family learning programmes and outdoor education programme at Walthamstow Wetlands; and for the final portion of the Keeping it Wild pan-London young people’s engagement programme.

Fundraising

This includes emergency Covid relief funding received from the National Lottery Heritage Fund, communication and education via our website and investment in resilient fundraising.

27

London Wildlife Trust Notes to the accounts

For the year ended 31st March 2021

15 Restricted Income funds continued

Support

This comprises of emergency Covid relief funding received from the National Lottery Heritage Fund for support functions such as Finance, ICT and the Chief Executive.

Transfer of funds

Transfers out of restricted funds have been made where a capital project has been substantively completed and there are no further restrictions specified by funders as to the future use of the asset. Transfers into the funds are made when the project has been completed and the shortfall on funding is made up from the charity’s general funds.

16 Endowment funds

In accordance with the funding conditions of the National Lottery Heritage Fund, the Catalyst Fund has been accounted for as a separate endowment fund. The funding was given as an endowment with the income to be applied to support the nature reserves of the charity. The endowment cannot be expended until 1 January 2022 and at this point any withdrawal of capital must be in line with the terms and conditions of the funding agreement.

Group and charity

Balance
1 April 2020
£’000
Nature reserve fund
499
Year ended 31 March 2020
Balance
1 April 2019
£’000
Nature reserve fund
515
Unrestricted funds
Balance
1 April 2020
£’000
General funds – charity
331
Designated Capital Fund- Nature
Reserves
1,618
Designated Fund- Other
78
General funds – non charitable
trading company
(84)
Total unrestricted funds
1,943		 Balance
Gains/(losses &
31 March
Income Expenditure
transfers)
2021
£’000
£’000
£’000
£’000
-
-
104
603
Balance
Gains/(losses) &
31 March
Income Expenditure
transfers
2020
£’000
£’000
£’000
£’000
-
-
(16)
499
Balance
Gains/(losses) &
31 March
Income Expenditure
Transfers
2021
£’000
£’000
£’000
£’000
1,616
(1,294)
136
789
-
(102)
723
2,239
-
(12)
66
405
(429)
-
(108)
2,021
(1,837)
859
2,986		 Balance
Gains/(losses &
31 March
Income Expenditure
transfers)
2021
£’000
£’000
£’000
£’000
-
-
104
603
Balance
Gains/(losses) &
31 March
Income Expenditure
transfers
2020
£’000
£’000
£’000
£’000
-
-
(16)
499
Balance
Gains/(losses) &
31 March
Income Expenditure
Transfers
2021
£’000
£’000
£’000
£’000
1,616
(1,294)
136
789
-
(102)
723
2,239
-
(12)
66
405
(429)
-
(108)
2,021
(1,837)
859
2,986
2,986

28

London Wildlife Trust Notes to the accounts

For the year ended 31st March 2021

17 Unrestricted funds Continued

Comparative: year ended 31 March 2020

omparative: year ended 31 March 2020
Balance
1 April 2019
£’000
General funds – charity
957
Designated Capital Fund- Nature
Reserves
-
Designated Fund- Other
-
General funds – non charitable
trading company
(92)
Total unrestricted funds
865		 Balance
Gains/(losses) &
31 March
Income Expenditure
Transfers
2020
£’000
£’000
£’000
£’000
1,223
(1,048)
(801)
331
-
(36)
1,654
1,618
-
(32)
110
78
543
(535)
-
(84)
1,766
(1,651)
963
1,943
1,943

General Funds- charity

These funds are available for activities that meet the charitable objectives of the Trust.

Designated Capital Fund- Nature Reserves

These funds represent the Net Book Value of tangible fixed assets relating to leases and leasehold improvements on our reserves and visitor centres

Designated Fund -Other

These represent the Net Book Value of tangible fixed assets used in the delivery of our charitable activities, such as vehicles and equipment

29

London Wildlife Trust Notes to the accounts

For the year ended 31st March 2021

London Wildlife Trust owns 100% of the issued share capital of London Wildlife Limited (registered number 02401237). During the year London Wildlife Limited generated income from a café and private hire events.

Profit and Loss Account Year ended 31 March 2021

Turnover
Cost of sales
Gross profit
Administrative expenses
Trading Profit/(loss)
Charitable donation
Operating Profit/ (loss) on ordinary activities before taxation
Tax on profit on ordinary activities
Profit/(Loss) on ordinary activities after taxation
Reserves brought forward
(Deficit) / surplus on reserves carried forward
Balance sheet
31 March 2021
Tangible assets
Current assets
Debtors
Cash at bank
Creditors: amounts falling due within one year
Trade creditors
Amount due to parent company
Other creditors and accruals
Net current (liabilities)/assets
Total net (liabilities)/assets		 2021
£’000
405
(419)
(14)
10
(24)
-
-
-
-
(84)
(108)
2021
£’000
11
23
565
588
10
665
32
707
(119)
(108)		 2020
£’000
543
(528)
15
7
8
-
-
-
-
(92)
(84)
2020
£’000
17
44
372
416
4
485
28
517
(101)
(84)

30

London Wildlife Trust Notes to the accounts

For the year ended 31st March 2021

19 Analysis of net assets between funds at 31 March 2021

Tangible fixed assets
Investments
Net current assets
Total net assets		 Endowment
Funds
£’000
-
603
-
603
Restricted
Funds
£’000
89
-
453
542		 Designated
Funds

£’000

2,296
-
-
2,296		 Unrestricted
Funds
£’000

-
-
789
789		 Total
£’000
2,385
603
1,242
4,230

Comparative at 31 March 2020

Tangible fixed assets
Investments
Net current assets
Total net assets		 Endowment
Funds
£’000
-
499
-
499
Restricted
Funds
£’000
105
-
662
767		 Designated
Funds

£’000

1,696
-
-
1,696		 Unrestricted
Funds
£’000

-
-
247
247		 Total
£’000
1,801
499
909
3,209

20 Members guarantee

The liability of each member is limited to £1.

21 Commitments under operating leases.

At 31 March 2021 the total of future minimum lease payments under operating leases for each of the following periods was:

Not later than one year
Later than one year and not later than five
years
Later than 5 years		 Land and
2021
£’000
42
11
-		 buildings
2020
£’000
48
38
-		 Other
2021
2020
£’000
£’000
24
18
87
11
11
-

Capital commitments at 31 March 2021 were £40k (2020- £628k) in respect of the construction of a visitor centre at Camley Street.

31

London Wildlife Trust Notes to the accounts

For the year ended 31st March 2021

22 Reconciliation of net income to net cash inflow from operating activities

Net income for the reporting period (as per the
statement of financial activities)
Depreciation
Profit on disposal of property, plant and equipment
Decrease / (increase) in debtors
Increase / (decrease) in creditors
Net cash inflow from operating activity
23
Analysis of cash and cash equivalents
Cash in hand
Deposits on less than 3 month notice		 2021
£'000
808
129
-
(337)
245
845
2021
£'000
925
-
925		 2020
£'000
1,089
82
-
92
100
1,363
2020
£'000
753
-
753

24 Related parties

There were no donations made by London Wildlife Limited (a wholly owned subsidiary of London Wildlife Trust) to the Trust in the year ended 31 March 2021 (2020 - £Nil). The amount owed by London Wildlife Limited to the Trust at 31 March 2021 was £664,670 (2020 – £484,679).

32

London Wildlife Trust Notes to the accounts

For the year ended 31st March 2021

Funders

London Wildlife Trust receives grants from a range of generous funders, for which we are very grateful. The list below is not exhaustive but we would like to thank the following:

Department for Environment, Food & Rural Affairs Environment Agency Greater London Authority National Lottery Heritage Fund London Borough of Camden London Borough of Waltham Forest London Borough of Southwalk London Borough of Hillingdon London Borough of Richmond upon Thames London Borough of Southwark Players of the People’s Postcode Lottery Richmond Civic Pride Thames Water Veolia Environmental Trust Viridor Credits Environmental Company Banister Charitable Trust Barnet and Sylvia Shine No 1 Charitable Trust Charles Hayward Foundation City Bridge Trust The D’Oyly Carte Charitable Trust The Dulwich Estate The Dulwich Society The Esmée Fairbairn Foundation Fidelity Foundation Greater London Authority Garfield Weston Foundation George Bairstow Charitable Trust Heathrow Community Trust The Hedley Foundation The Hobson Charity Limited John Lyon’s Charity Joseph Strong Frazer Trust Miss RCR Angel Charitable Trust Reta Lila Howard Foundation The Spear Charitable Trust Stavros Niarchos Foundation Tallow Chandlers Benevolent Fund The Taurus Foundation Berkeley Homes Cargill DLA Piper FactSet Goldman Sachs Hogan Lovells Mace Hiscox HTA

33

London Wildlife Trust Notes to the accounts

For the year ended 31st March 2021

Mattinson Partnership Ocorian Siemens The Green Well UK Power Networks Vine House Farm

34