# STATEMENTS WEEE EEE UE eaeeS ww
A Company Limited by Guarantee Registered number: 02330031 Charity number: 328044
## **Contents**
|Reference and Administrative Details of the Charity, its Trustees and Advisers|2|
|---|---|
|Trustees’ Report|3|
|Independent Auditors’ Report on the Financial Statements|14|
|Consolidated Statement of Financial Activities|18|
|WCMC Consolidated Balance Sheet|19|
|WCMC Charity Balance Sheet|21|
|Consolidated Statement of Cash Flows|23|
|Notes to the Financial Statements|24|
1
**Reference and administrative details of the charity, its trustees and advisers**
For the year ended 31 December 2024
|**Trustees**
Dr Robin Bidwell CBE, Chair
Professor William Adams
Ms Idunn Eidheim(resigned 11 December 2024)
Ms Katherine Elizabeth Jones(appointed 25 September 2024)
Ms Suraya Mailvaganam
Mr Alasdair Poore
Mr Andrew Powell
Mr Rajkumar Sethurajan
Mr James Sloane
Professor Bhaskar Vira
Ms Mette Løyche Wilkie
Dr Saleha Racheal Williams
Ms Charlotte Wolff-Bye(resigned 11 December 2024)
**Company registered number** 02330031
**Charity registered number**
328044|**Trustees**
Dr Robin Bidwell CBE, Chair
Professor William Adams
Ms Idunn Eidheim(resigned 11 December 2024)
Ms Katherine Elizabeth Jones(appointed 25 September 2024)
Ms Suraya Mailvaganam
Mr Alasdair Poore
Mr Andrew Powell
Mr Rajkumar Sethurajan
Mr James Sloane
Professor Bhaskar Vira
Ms Mette Løyche Wilkie
Dr Saleha Racheal Williams
Ms Charlotte Wolff-Bye(resigned 11 December 2024)
**Company registered number** 02330031
**Charity registered number**
328044|**Trustees**
Dr Robin Bidwell CBE, Chair
Professor William Adams
Ms Idunn Eidheim(resigned 11 December 2024)
Ms Katherine Elizabeth Jones(appointed 25 September 2024)
Ms Suraya Mailvaganam
Mr Alasdair Poore
Mr Andrew Powell
Mr Rajkumar Sethurajan
Mr James Sloane
Professor Bhaskar Vira
Ms Mette Løyche Wilkie
Dr Saleha Racheal Williams
Ms Charlotte Wolff-Bye(resigned 11 December 2024)
**Company registered number** 02330031
**Charity registered number**
328044|**Trustees**
Dr Robin Bidwell CBE, Chair
Professor William Adams
Ms Idunn Eidheim(resigned 11 December 2024)
Ms Katherine Elizabeth Jones(appointed 25 September 2024)
Ms Suraya Mailvaganam
Mr Alasdair Poore
Mr Andrew Powell
Mr Rajkumar Sethurajan
Mr James Sloane
Professor Bhaskar Vira
Ms Mette Løyche Wilkie
Dr Saleha Racheal Williams
Ms Charlotte Wolff-Bye(resigned 11 December 2024)
**Company registered number** 02330031
**Charity registered number**
328044|**Trustees**
Dr Robin Bidwell CBE, Chair
Professor William Adams
Ms Idunn Eidheim(resigned 11 December 2024)
Ms Katherine Elizabeth Jones(appointed 25 September 2024)
Ms Suraya Mailvaganam
Mr Alasdair Poore
Mr Andrew Powell
Mr Rajkumar Sethurajan
Mr James Sloane
Professor Bhaskar Vira
Ms Mette Løyche Wilkie
Dr Saleha Racheal Williams
Ms Charlotte Wolff-Bye(resigned 11 December 2024)
**Company registered number** 02330031
**Charity registered number**
328044|**Trustees**
Dr Robin Bidwell CBE, Chair
Professor William Adams
Ms Idunn Eidheim(resigned 11 December 2024)
Ms Katherine Elizabeth Jones(appointed 25 September 2024)
Ms Suraya Mailvaganam
Mr Alasdair Poore
Mr Andrew Powell
Mr Rajkumar Sethurajan
Mr James Sloane
Professor Bhaskar Vira
Ms Mette Løyche Wilkie
Dr Saleha Racheal Williams
Ms Charlotte Wolff-Bye(resigned 11 December 2024)
**Company registered number** 02330031
**Charity registered number**
328044|
|---|---|---|---|---|---|
|||219 Huntingdon Road||||
|||Cambridge
CB3 0DL||||
|**Key**|**Management Personnel**|||||
|Professor Neil Burgess, Chief Scientist
Ms Nichola Rowlands-Smith, Head of External Affairs
**Independent auditors**
Peters Elworthy & Moore
Registered Auditor
Salisbury House
Station Road
Cambridge
CB1 2LA
**Bankers**
Barclays Bank
9-11 St Andrews Street
Cambridge
CB2 3AA
**Solicitors**
Mills and Reeve
Botanic House
100 Hills Road
Cambridge
CB2 1PH||||||
**2**
**Trustees’ report**
## Foreword from the Chair and CEO
WCMC played an increasingly important role in tackling the global nature crisis in 2024.
2024 was an important year for international biodiversity policy, capped by the Convention of Biological Diversity COP16, which took place in Cali, Colombia in October. The WCMC staff team played a critical role in facilitating a successful COP by providing technical and policy support to negotiators to advance the implementation of the Kunming-Montreal Global Biodiversity Framework (KM-GBF). Major outcomes included a global monitoring framework to track progress toward biodiversity goals, the creation of a permanent body to strengthen Indigenous Peoples and local communities’ role in biodiversity governance, and a new mechanism - funded through the ‘Cali Fund’ -
developed the ENCORE tool which enables companies to visualise their environmental impacts and dependencies and take action to reduce them. ENCORE increased its registered users by over 10,000
We also helped shape the Taskforce on Nature-related Financial Disclosures (TNFD) framework, which has over 500 adopters and is beginning to shift capital flows toward better outcomes for nature and more sustainable, more resilient economic systems. We madea significant contribution to the creation of the framework’s assessment guidance, which is expected to be applied by thousands of companies globally in the next few years.
We published several high impact papers in journals including Science, Nature and Proceedings of the National Academy of Sciences including a systemic review of global biodiversity metrics. Other publications in 2024 included two landmark reports: the State of the World’s Migratory Species and the latest in our series of Protected Planet reports. All of our science and technical outputs continue to inform and shape policy development and decision-making at national and international levels.
As we look to 2025, we are aware that the geopolitical landscape of the world is shifting. The combination of trade tensions and increasing military conflicts distracts governments and businesses from the very real threat of ecosystem degradation and biodiversity loss. It is within this environment that we are developing a new organisational strategy. We continue to be agile and adaptive and adjust our plans in a way which further strengthens partnerships, embraces technologies, and manages risk. We have strong foundations in the deep expertise of our staff, diverse and committed partnerships, and a healthy, resilient organisational culture.
Together with our UNEP colleagues, we remain clear in our mission—to harness knowledge for the transformative policy action needed to secure a thriving future for nature and people.
Robin Bidwell CBE
Jonathan Hughes
3
**Trustees’ report**
## **INTRODUCTION**
This report presents the achievements of WCMC in 2024, highlighting our impacts and our key projects. Over the past year, we have strengthened our role as a global leader in biodiversity research, policy, and action. We have successfully supported governments and international policy processes whilst advocating for science-based policies and nature-based solutions. Our work is continuing to shape international conservation efforts, support policymakers, guide businesses and aid communities as they integrate biodiversity into their decision-making processes.
## **WHO WE ARE**
WCMC is a UK-registered charity (Charity No. 328044) dedicated to promoting the conservation,
We work in collaboration with UNEP as UNEP-WCMC. UNEP-WCMC is a world leader in biodiversity knowledge, data, and analysis. Our mission is to empower decision-makers with the knowledge needed to protect and restore nature. Working at the interface of science, policy and practice we support governments, businesses, and civil society in achieving goals for nature. We are committed to ensuring that biodiversity is not just conserved, but is integral to sustainable development, economic stability, and human well-being.
## **KEY ACHIEVEMENTS IN 2024**
## **1. A Successful Convention on Biological Diversity (CBD) COP in Cali**
At COP16 in Cali, Colombia, the WCMC staff team played a central role in supporting countries to move forward with the implementation of the Kunming-Montreal Global Biodiversity Framework (KM-GBF). We supported negotiations around many of the 27 decisions adopted - particularly around monitoring,
A major step forward was progress made towards a global monitoring framework, developed with our support, to track progress towards the KM-GBF’s 23 targets. This framework will connect with national biodiversity strategies and global reporting, strengthening accountability and transparency.
from companies using DSI. These contributions will support biodiversity action in developing countries, with at least 50% going to Indigenous Peoples and local communities (IPLCs).
A landmark decision was the creation of a permanent subsidiary body to secure the full participation of IPLCs in CBD processes. This historic shift builds on years of work under Article 8(j) and will enable more inclusive biodiversity governance.
## **2. Enhancing Financial Accountability for Nature**
An increasing number of companies are now assessing their environmental impacts and environmental dependencies. To support them, we provide tools (like ENCORE), methods (like the and managing nature-related risks in a way that reduces environmental impacts and maximises opportunities from well-managed ecosystems.
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**Trustees’ report** (continued)
A project that brings together many strands in this space is the ALIGN (Aligning Accounting Approaches for Nature) project. ALIGN is a European Commission-funded initiative led by UNEPWCMC in collaboration with WCMC Europe, the Capitals Coalition, Arcadis, and ICF. Its primary aim is to develop standardized, biodiversity-inclusive natural capital accounting practices for businesses and biodiversity, making it possible for agreement on common measures of success.
## **3. Supporting Migratory Species**
We brought new momentum on action for migratory species by comprehensively assessing their have decreasing populations. We also found that continued decline is not inevitable. Indeed, losses can often be reversed by establishing protected areas, restoring degraded ecosystems, and removing impassable barriers that prevent migratory species from completing their journeys. Our State of Migratory Species report was covered by more than 3,000 media outlets worldwide and contributed towards adoption of the Samarkand Strategic Plan for Migratory Species at The Convention on Migratory Species Conference of the Parties (COP) 14 in 2024.
## **4. Conserving Critical Areas**
Through our collaboration with the International Union for Conservation of Nature, we conducted analyses of protected and conserved areas around the world to determine whether we are on track to protect 30 per cent of the planet by 2030. Our October presentation of the Protected Planet Report at the UN Biodiversity Conference (COP16) in Cali, Colombia was a clarion call to action. A key message was that 30x30 remains within reach if governments accelerate their efforts to scale up coverage and effectiveness.
## **5. Making Trade More Sustainable**
We improved the sustainability of trade in Brazil, Cameroon, China, Democratic Republic of Congo, Gabon, Indonesia, Republic of Congo, and Tanzania. In these partner countries, we collaborated with multiple actors ranging from academics to farmers to better understand their needs and develop solutions that make trade more sustainable. We then worked with governments to support the development of policies that drive sustainable trade that reduces impact on ecosystems and biodiversity.
## **6. Contributing to the Largest Biodiversity Modelling Study to Date**
We partnered on a major international collaboration published in Science which demonstrated how climate change will become the dominant driver of biodiversity loss. Our work using the PREDICTS database provided crucial insights into species extinction risks. It is helping to guide global conservation priorities and shape climate adaptation strategies.
## **7. Guiding Countries as they Establish Ecosystem Assessments**
Countries must have information on trends related to biodiversity and ecosystem services within their own borders readily available to them. To this end, in collaboration with UNESCO and UNDP, we worked with experts in Azerbaijan, Bosnia and Herzegovina, Cambodia and Grenada as they developed their national ecosystem assessments to bring together the best available information on nature in these countries in coherent packages.
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**Trustees’ report** (continued)
## **8. Providing the Maps Necessary for Making Sound Decisions**
Our digital technologies made it possible for governments, Indigenous Peoples and local communities to produce maps revealing their impacts on biodiversity. We accomplished this by further developing the UN Biodiversity Lab (UNBL) so that it could better support countries as they strive to gain access to globally-available spatial data and analytical tools to use as they monitor progress towards key targets, like those set out by the Kunming-Montreal Global Biodiversity Framework.
## **OUR STRATEGIC IMPACT AREAS**
## **VISION 2050**
Living in harmony with nature
**----- Start of picture text -----**
NATURE
CONSERVED
NATURE
ECONOMY
NATURE
RESTORED
NATURE-BASED
SOLUTIONS
MISSION
We develop knowledge and capacity
for a nature-positive world
**----- End of picture text -----**
6
**Trustees’ report** (continued)
## **Nature Conserved**
Protecting biodiversity remains at the heart of our work. In 2024, we ensured that policymakers and conservationists had access to the most up-to-date, comprehensive information. Highlights included the two landmark reports: the State of Migratory Species and Protected Planet. We also continued our work to tackle illegal wildlife trade through our partnership with CITES (Convention on International Trade in Endangered Species), enhancing the CITES Trade Database and other key tools for managing wildlife trade information, including Species+, CITES Wildlife TradeView, and the Checklist of CITES Species.
## **Nature Restored**
We continued to support action under the UN Decade on Ecosystem Restoration, advancing large-scale rehabilitation of degraded landscapes. By collaborating with the United Nations Convention worldwide. This helped to mobilize critical resources for major conservation initiatives.
## **Nature-Based Solutions**
We ramped up our work on nature-based solutions to tackle climate change and environmental degradation on a number of fronts. Our work within the EU Horizon 2020 REXUS Project facilitated the fully integrated into climate adaptation and mitigation strategies.
## **Nature Economy**
We further developed our leadership role in demonstrating the economic importance of nature in 2024. Our insights supported the adoption of sustainable business strategies, and the alignment of values, we helped drive systemic change across government and private sector decision-making.
## **FUTURE PLANS**
In 2025, we will begin work to draft our next four-year Strategy. The Strategy will shape our priorities and guide our efforts to ensure that biodiversity remains central in global decision-making.
A key focus of our ideation work as we develop the Strategy will be the intersection of the nature crisis development that will shape our research, policy engagement and strategic initiatives. This work will continue as our Strategy takes shape:
- **Nature and the Built Environment** – Exploring how nature can be better integrated into urban planning, infrastructure, and sustainable development.
- **Nature and Food Systems** – Addressing the critical role of biodiversity in food security, sustainable agriculture, and supply chains. Ensuring that food production supports, rather than undermines, nature.
- **Nature Justice and Human Rights** – Strengthening the connection between biodiversity of Indigenous Peoples and local communities.
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**Trustees’ report** (continued)
- **AI for Nature** monitoring, data analysis and predictive modelling for improved decision-making.
- **Nature and Socio-Economic Development** – Examining how biodiversity contributes to economic social and economic outcomes.
In addition to these strategic themes, we will continue expanding our biodiversity monitoring initiatives, working with both governments and the private sector to integrate nature into decision-making and
As we enter this next phase of growth and innovation, we remain committed to ensuring nature is at the centre of global sustainability efforts. The coming year will be one of collaboration, ambition, and transformative action.
This report reflects WCMC’s commitment to delivering knowledge-driven solutions for nature and people. We look forward to another year of impactful work in 2025.
## **OPERATIONS REPORT**
## **Operational review**
at the close of the year, up slightly from 236 (225 FTE) in 2023. WCMC continued to recruit at a rate matching a growing pipeline of work. In 2024, staff turnover decreased from 18.7% in 2023 (UK 2023 average was 20%) to 12.5% (UK 2024 average 15%). At the end of 2024, WCMC had over 44 nationalities represented on the staff.
WCMC has several initiatives to support staff in their roles including a flexible, hybrid working policy and commissioning a survey from Mind to better understand staff mental wellbeing challenges and respond to these. We have since created a Wellbeing Hub and trained a team of mental health
A successful all-staff retreat was held in 2024 which gave the opportunity for in-person collaboration and team bonding.
The recruitment environment continues to be competitive for WCMC, both in terms of competition with private sector salaries and also our ability to recruit early-career professionals into technical roles following changes to immigration legislation.
Trustees are concerned that the introduction of recent and proposed immigration rules might limit WCMC’s ability to attract and retain international staff, whose expertise, networks and diverse perspectives are essential to WCMC’s work. As an organisation based in the UK and working internationally, it is crucially important that we reflect this diversity of experience at all levels in the organisation. As a result of the changes, we are more reliant than we would wish to be upon senior staff to maintain this broad perspective. It is to be hoped that, as the new system settles down, the UK bring both to the UK economy and the UK’s contribution to shared global endeavour
## **Premises**
located at the Cambridge Conservation Initiative Campus at the David Attenborough Building in central Cambridge.
8
**Trustees’ report** (continued)
## **Regional entities**
WCMC Europe asbl. was established by WCMC on 14 November 2019. It was founded by WCMC, the in Brussels. It has its own, distinct legal identity. It was set up as a charitable organisation, registered in Belgium, which operates under Belgian law. ASBL in French is an “association sans but lucratif”
of WCMC Europe does not fall within the scope of the Collaboration Agreement between WCMC and UNEP.
The purpose of the entity was to mitigate against funding reduction risk as a result of the UK Government’s decision to leave the European Union. Now the impacts of Brexit are better known, Europe entity in August 2025.
WCMC Europe had two members of staff at the end of 2024 (2023: 2).
The entity in Beijing was closed in 2023.
## **WCMC FINANCIAL REVIEW**
The accounts present the consolidated position for 2024 and 2023 which includes the subsidiary entity of WCMC Europe asbl.
The Group derives most of its income through project-funded activities, and has very little core funding, although we aspire to increase this source of funds. Total income in 2024 was £20,103,471
Project income from charitable activities in 2024 was £19,988,973 compared to £21,735,567 achieved in 2023. Whilst overall income recognised was slightly lower, £985,625 of work on the Protected Planet programme was funded by drawing down on restricted funds set aside for this purpose previously.
Total expenditure on charitable activities in 2024 at £20,864,712 was also lower than 2023 (2023: loss reflects the planned use of restricted reserves. Had the funding been recognised as income in the year of expenditure, the result would have been a surplus of £224,024 and shows that measures taken to improve budget setting and management have been effective. In 2024, WCMC invested notable funds in improving its ERP system, and expects to go live with Oracle NetSuite on 1 January 2026.
WCMC acted as agent for project funds in the amount of £1,218,412 (2023: £48,881) and therefore income and expenditure relating to these activities is presented net.
After accounting for notional fair value losses on foreign exchange contracts held as at 31 December 2023 the Group recorded a net decrease in funds of £761,241 (2023: decrease of £249,183).
The Group’s balance sheet position remains strong with Net Current Assets of £5,597,587 (2023 £6,260,873). Total funds held at 31 December 2024 were £6,365,790 of which £967,412 was held assets held at the reporting date and planned building maintenance. Restricted funds, representing net assets of the subsidiary companies and funds related to restricted projects in the parent, amounted to £1,885,271 (2023: £3,317,029). There were cash holdings and investments at the year-end of £6,843,694 (2023: £10,568,904).
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**Trustees’ report** (continued)
WCMC Europe posted a loss of £43,916 for the year ended 2024. It is anticipated that the European
The net liabilities on closure will be settled by WCMC UK.
## **WCMC RESERVES POLICY**
Given the Charitable Company’s project commitments and the ongoing economic situation, it has been agreed that the organisation should aim to hold unrestricted reserves to enable the organisation to operate at full capacity for at least six months, even if all income were to cease. This recognises that shifts in funding do occur and that six months would be the minimum time in which to establish emergency funding sources, and to meet contractual commitments.
of billable accrued income less 25% of monies received in advance and less other net current liabilities
## **WCMC RISK MANAGEMENT**
The Trustees have a duty to identify and review the risks to which the Charitable Company is exposed and to ensure appropriate plans and controls are in place to provide a reasonable assurance that they are effectively managed. An active risk register is maintained, which is reviewed by Board Audit & Risk Subcommittee meetings and mitigation actions are agreed at full Board meetings. Risks are broken down into those that affect Governance, Strategy, Operations, Financial and External factors. They are reviewed by assessing the impact and likelihood of the risks, and then weighted as follows – (Impact x Likelihood) + Impact.
## **1. Staff retention and recruitment, notably:**
Challenges around attracting new staff, slow recruitment and onboarding – mitigated by the UK.
Loss of key staff and knock-on negative impacts on project delivery, corporate knowledge loss and maintaining capacity – mitigated by investing in career progression and development of key staff, active training programme, succession planning and project handovers.
## **2. Staff wellbeing and health and safety, notably:**
Staff struggling with workload – mitigated by monthly line management ‘three core goal’ meetings to help with focus and time management, flexible/hybrid working arrangements, responding to regular staff surveys and feedback.
## **3. Loss of critical assets, notably:**
Risk of cyber-attack, loss of critical data or IP – mitigated by regular measures to continually improve cyber security and data protection, Cyber Essentials accreditation, penetration testing and staff training.
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**Trustees’ report** (continued)
Trustees have also recognised that risks to the organisation as a result of external geo-political factors are increasing, and this is being monitored closely and reflected in the risk register as appropriate.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The Charitable Company is controlled by its Articles of Association, and constitutes a company limited
## **Recruitment and appointment of new trustees**
additional Trustee, provided the appointment does not cause the number of Trustees to exceed 12 in accordance with the Articles as the maximum number of Trustees. No person may be appointed as a Trustee until they have attained the age of 18 years; or in circumstances that had they already been procedure for the recruitment and appointment of trustees is provided in the Charitable Company’s Articles of Association.
## **Induction and training of new trustees**
New Trustees are provided with the Charitable Company’s Articles of Association, the 2010 Collaboration Agreement with UN Environment Programme and the 2021 exchange of letters between UNEP and WCMC that supplements the Collaboration Agreement, The Essential Trustee, and information from the Charity Commission website. They receive the latest Audited Accounts and Minutes of the four previous Board Meetings. The corporate strategy and detailed operational all communicated.
## **Roles and responsibilities of the Board of Trustees at WCMC**
When joining the Board, WCMC trustees are informed of their responsibilities. These include the following:
- Set and maintain the vision, mission, and values of the organisation
- Develop direction, strategy, and planning
- Ensure the organisation has the structure and resources for its work
- Satisfy themselves that there are appropriate policies and procedures to govern organisational activities, including guidance for the board, volunteers and staff and subcontractors on health and safety, harassment, safeguarding, non-discrimination etc.
- Establish systems for reporting and monitoring
- Manage risk and ensure compliance and accountability with the governing document, external regulators and the law
- accurately reported
- organisation
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**Trustees’ report** (continued)
## **Frequency of Board meetings**
The Board of Trustees of WCMC meet at least three times per year. A further ‘Board Away Day’ is usually held in Spring, to focus on matters of strategic importance for the year ahead. These meetings are also usually attended by senior members of staff of WCMC. A representative from UNEP is an observer to the Board.
A Finance Sub-Committee chaired by the Board Treasurer meets between regular Board Meetings. The Audit & Risk Sub-Committee meets twice per year. An annual meeting of the Steering Committee for the collaboration between UNEP and WCMC is held between the Executive Director of UNEP and UNEP-WCMC.
## **Funds held as custodian trustees on behalf of others.**
As at 31 December 2024, the Charitable Company did not hold any funds as custodian trustees on behalf of others.
## **Related parties and co-operation with other organisations**
The Charitable Company works in close collaboration with the United Nations Environment Programme World Conservation Monitoring Centre (UNEP-WCMC), which is co-located with the Charitable Company at 219 Huntingdon Road, Cambridge. Under the terms of the collaboration, the WCMC-occupied areas of the building back to WCMC. None of the trustees receive remuneration or
## **Pay policy for Key Management Personnel**
The pay of senior staff is reviewed annually and normally increased in accordance with average the Board also review any proposed pay awards for senior staff (A and B Grade).
## **STATEMENT OF TRUSTEES’ FINANCIAL RESPONSIBILITIES**
The Trustees (who are also directors of WCMC for the purposes of company law) are responsible for preparing all statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
true and fair view of the state of the 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.
- Select suitable accounting policies and then apply them consistently
- Observe the methods and principles in the Charities SORP
- Make judgements and estimates that are reasonable and prudent
- State whether applicable UK Accounting Standards have been followed, subject to any material
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**Trustees’ report** (continued)
- that the charitable company will continue in business
The Trustees are responsible for ensuring that proper accounting records are kept and that these 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 for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Trustees are aware: there is no relevant audit information of which the charitable company’s auditor is unaware; and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
## **Auditors**
The Trustees resolved to appoint Peters, Elworthy & Moore Chartered Accountants during the year in accordance with section 485 of the Companies Act 2006.
The above Trustees Report (incorporating the Strategic Report) was approved by the Board of Trustees and signed on its behalf by:
**Robin Bidwell, CBE** (Chair of Trustees) Date: 11 July 2025
13
**Independent Auditors’ Report on the Financial Statements**
## **OPINION**
subsidiary (the ‘group’) for the year ended 31 December 2024 which comprise the Consolidated Statement of Financial Activities (incorporating the income and expenditure account), the Consolidated Balance Sheet, the Foundation Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).
- give a true and fair view of the state of the Group’s and of the parent charitable company’s affairs as at 31 December 2024 and of the Group’s incoming resources and application of resources, including its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
## **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 United Kingdom, including the Financial Reporting Council’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **CONCLUSIONS RELATING TO GOING CONCERN**
the parent charitable company’s ability to continue as a going concern for a period of at least twelve
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 other information comprises the information included in the Trustees’ Report other than the financial statements and our Auditor’s Report thereon. The Trustees are responsible for the other information contained within the Trustees’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
14
**Independent Auditors’ Report on the Financial Statements** (continued)
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are
We have nothing to report in this regard.
## **OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Trustees’, which includes the Directors’ report prepared for the
- the Directors’ report included within the Report of the Trustees’ has been prepared in accordance
## **MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION**
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006
-
- records and returns; or
-
-
## **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, for such internal control as the Trustees determine is necessary to enable the preparation of statements that are free from material misstatement, whether due to fraud or error.
parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.
15
**Independent Auditors’ Report on the Financial Statements** (continued)
## **AUDITORS’ RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS**
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
Irregularities, including fraud, are instances of non compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- and other management, and from our knowledge of charity and company law and experience;
- effect on the financial statements or the operations of the Companies Act 2006, Charities Act 2011 and taxation legislation;
- in addition, we considered provisions of other laws and regulations which do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s ability to operate or to avoid material penalties;
-
- remained alert to instances of non compliance throughout the audit; and
- we reviewed the minutes of Trustees’ meetings to identify any references to non compliances with laws and regulations.
obtaining an understanding of how fraud might occur, by:
- their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we;:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
16
**Independent Auditors’ Report on the Financial Statements** (continued)
- accounting estimates and assessed whether these indicated evidence of management bias; and
- performed audit work over the risk of management override of controls, including testing of journal transactions outside the normal course of business.
In response to the risk of irregularities and non compliance with laws and regulations, we designed procedures which included, but were not limited to:
-
- reading the minutes of meetings of those charged with governance;
-
- reviewing any correspondence with relevant regulators such as the Charity Commission.
There are inherent limitations in our audit procedures described above. The more removed that laws regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor’s Report.
## **USE OF OUR REPORT**
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.
## **Nikki Loan**
(Senior Statutory Auditor)
for and on behalf of **Peters Elworthy & Moore**
Registered Auditors Salisbury House Station Road Cambridge, CB1 2LA
Date:
17
**Consolidated Statement of Financial Activities** (Incorporating income and expenditure account)
## For the year ended 31 December 2024
**----- Start of picture text -----**
Unrestricted Restricted Total Total
funds funds funds funds
2024 2024 2024 2023
Note £ £ £ £
INCOME FROM:
Donations 4 41,631 - 41,631 40,109
Charitable activities 5 11,322,257 8,666,716 19,988,973 21,735,567
Investment income 6 72,867 - 72,867 29,574
TOTAL INCOME 11,436,755 8,666,716 20,103,471 21,805,250
EXPENDITURE ON:
Charitable activities 7 & 8 11,071,707 9,793,005 20,864,712 22,054,43
TOTAL EXPENDITURE 11,071,707 9,793,005 20,864,712 22,054,433
NET INCOME / (EXPENDITURE) 365,048 (1,126,289) (761,241) (249,183)
TRANSFERS 16 305,469 (305,469) - -
NET MOVEMENT IN FUNDS 670,517 (1,431,758) (761,241) (249,183)
RECONCILIATION OF FUNDS:
Total funds brought forward 3,810,002 3,317,029 7,127,031 7,376,214
Net movement in funds 670,517 (1,431,758) (761,241) (249,183)
TOTAL FUNDS CARRIED FORWARD 16 4,480,519 1,885,271 6,365,790 7,127,031
**----- End of picture text -----**
The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.
18
Registered number: 02330031 Charity number: 328044
**WCMC Consolidated Balance Sheet**
## As at 31 December 2024
**----- Start of picture text -----**
2024 2023
Note £ £
FIXED ASSETS
Tangible assets 12 768,203 866,158
768,203 866,158
CURRENT ASSETS
Debtors 13 6,323,758 5,753,341
Cash at bank and in hand 19 5,634,572 10,568,904
Short-Term investments 20 1,209,122 -
13,167,452 16,322,245
Creditors: amounts falling due within one year 14 (7,569,865) (10,061,372)
NET CURRENT ASSETS 5,597,587 6,260,873
TOTAL NET ASSETS 6,365,790 7,127,031
CHARITY FUNDS
Restricted funds 16 1,885,271 3,317,029
General unrestricted funds 16 3,513,107 2,745,150
Designated funds 16
Fixed Assets 767,412 864,852
Building Maintenance 200,000 200,000
Total unrestricted funds 16 4,480,519 3,810,002
TOTAL FUNDS 6,365,790 7,127,031
**----- End of picture text -----**
19
Registered number: 02330031 Charity number: 328044
**WCMC Consolidated Balance Sheet** (continued)
behalf by:
**Robin Bidwell CBE** (Chair of Trustees) Date: 11 July 2025
20
Registered number: 02330031 Charity number: 328044
## **WCMC Charity Balance Sheet**
## As at 31 December 2024
**----- Start of picture text -----**
2024 2023
Note £ £
FIXED ASSETS
Tangible assets 12 767,412 864,852
767,412 864,852
CURRENT ASSETS
Debtors 13 6,019,970 6,171,239
Cash at bank and in hand 5,561,690 10,100,608
Short-Term investments 1,209,122 -
12,790,782 16,271,847
Creditors: amounts falling due within one year 17 (7,175,051) (10,036,253)
NET CURRENT ASSETS 5,615,731 6,235,594
TOTAL NET ASSETS 6,383,143 7,100,446
CHARITY FUNDS
Restricted funds 16 1,902,624 3,290,444
General unrestricted funds 16 3,513,107 2,745,150
Designated funds
Fixed Assets 767,412 864,852
Building Maintenance 200,000 200,000
Total unrestricted funds 16 4,480,519 3,810,002
TOTAL FUNDS 6,383,143 7,100,446
**----- End of picture text -----**
The Charity’s net movement in funds for the year was (£717,304) (2023: £2,567).
21
Registered number: 02330031 Charity number: 328044
**WCMC Charity Balance Sheet** (continued)
behalf by:
**Robin Bidwell CBE** (Chair of Trustees) Date: 11 July 2025
22
**Consolidated Statement of Cash Flows**
## For the year ended 31 December 2024
**----- Start of picture text -----**
2024 2023
Note £ £
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash from operating activities 18 (3,720,562) (805,595)
CASH FLOWS FROM INVESTING ACTIVITIES
-
Dividends, interests and rents from investments 45,275
-
Purchase of intangible assets (1,209,122)
(49,923) (77,062)
NET CASH USED IN INVESTING ACTIVITIES (1,213,770) (77,062)
CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR (4,934,332) (882,657)
10,568,904 11,451,561
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 19 5,634,572 10,568,904
**----- End of picture text -----**
23
**Notes to the Financial Statements**
## **1. GENERAL INFORMATION**
WCMC is a company limited by guarantee, incorporated in England and Wales and a registered charity. The members of the company are the Trustees named on page 1. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.
The Charity’s functional and presentational currency is GBP.
## **2. ACCOUNTING POLICIES**
## **2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS**
Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertakings. The subsidiaries are consolidated on a line-by-line basis.
The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements. The Statement of Financial Activities for the year for the charity showed a planned deficit of £717,304. The Charity planned to use £940,886 of restricted reserves to fund the Protected Planet programme. When this is considered, the overall result for the Charity is a surplus of £223,582. The Protected Planet programme was funded by a donation of £3,649,635 in 2022. Unspent funds were placed in restricted reserves and are being used across the life of the project which is expected to continue to 2027.
## **2.2 GOING CONCERN**
The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the group to continue as a going concern. The trustees have made this assessment for a period of at least one year
In particular the trustees have considered the Group’s forecasts and projections and have taken account of pressures on fundraising income, foreign exchange risk, especially the USD and also the impact of rising inflation on its ability to operate as a going concern. After making enquiries the trustees have concluded that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group therefore continues to adopt
24
**Notes to the Financial Statements** (continued)
## **2.3 FUND ACCOUNTING**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular by donors or which have been raised by the Group for particular purposes. The costs of raising and each project grant, the names of which are set out in the notes.
## **2.4 INCOME**
All income is recognised once the Group has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Donations income is recognised once the Group has entitlement to the income, it is probable that the income will be received and the amount of income can be measured reliably. Entitlement is considered to have arisen immediately upon receipt of the donation.
Contract/grant project income is recognised in line with the related expenditure which is considered to be a reasonable estimate of the performance and delivery of the contract. Amounts are deferred as appropriate.
by donors or which have been raised by the Group for particular purposes. The cost of raising and each project grant, the names of which are set out in the notes.
Data licence income is recognised once the Group has entitlement to the income. Entitlement is considered to have arisen at the point of sale.
Income from charitable activities is earned from contributions made by clients, including UNEP, for performance conditions attached have been met, it is probable that the income will be received and the amount can be reliably measured and is not deferred.
All income is recognised exclusive of VAT.
## **2.5 EXPENDITURE**
amount of the obligation can be measured reliably.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group’s objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
25
**Notes to the Financial Statements** (continued)
All projects support the core activity of the charity in the support of conservation and biodiversity initiatives. The projects are staffed and managed comprehensively so that although the themes are drawn out in the Trustees’ report of activities it is not considered practical to account on these themes. Therefore Trustees consider that the Charity has one charitable activity.
## **2.6 INTEREST RECEIVABLE**
Interest on funds held on deposit is included when receivable and the amount can be measured with whom the funds are deposited.
## **2.7 FOREIGN CURRENCIES**
currency of the primary economic environment in which the entity operates (the functional currency). The Charity’s functional currency and presentational currency is GBP.
Within the charity, monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Consolidated Statement of Financial Activities.
sterling are translated as follows:
- income and expenses are translated at average exchange rates;
- assets and liabilities are translated at the closing exchange rate at the Consolidated Balance Sheet date; and
- any resulting exchange differences are recognised as other comprehensive income.
## **2.8 TAXATION**
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **2.9 TANGIBLE FIXED ASSETS AND DEPRECIATION**
included in the measurement of cost.
26
**Notes to the Financial Statements** (continued)
their estimated useful lives, using the straight line method.
The estimated useful lives are as follows:
Long term leasehold property 50 years
## **2.10 DEBTORS**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.11 CASH AT BANK AND IN HAND**
## **2.12 LIABILITIES AND PROVISIONS**
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, It is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Group anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a
## **2.13 FINANCIAL INSTRUMENTS**
using the effective interest method.
## **Derivatives**
Foreign exchange forward contracts are used to manage exchange risk associated with project income received in foreign currencies, primarily Euro and US Dollar, where associated expenditure is in Sterling. Derivatives are initially recognised at fair value on the date a derivative contract is entered into
Changes in the fair value of derivatives are recognised in the Statement of Financial Activities. The Group does not currently apply hedge accounting for foreign exchange derivatives.
27
**Notes to the Financial Statements** (continued)
## **2.14 OPERATING LEASES**
Rentals paid under operating leases are charged to the Consolidated Statement of Financial Activities on a straight-line basis over the lease term.
## **2.15 PENSIONS**
amounts payable by the Group to the fund in respect of the year.
## **2.16 SHORT TERM INVESTMENTS**
Current asset investments are held at market value.
## **3. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGMENT**
The Charity makes estimates and assumptions concerning the future. The resulting accounting
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
## **Revenue Recognition - Projects**
Given the project nature of the Group’s revenue, there are estimates involved regarding the recognition and stage of completion of contracts which differs from the timing of invoicing. This includes an the contracts and the timing of contract completion. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **4. INCOME FROM DONATIONS**
|**4. INCOME FROM DONATIONS**||||
|---|---|---|---|
|**Unrestricted**|**Restricted**|**Total**|Total|
|**funds**|**funds**|**funds**|funds|
|**2024**|**2024**|**2024**|2023|
|**£**|**£**|**£**|£|
|Donations
41,631|-|41,631|**40,109**|
|**TOTAL 2024**
**41,631**|**-**|**41,631**|**40,109**|
|TOTAL 2023
40,109|-|40,109|-|
28
**Notes to the Financial Statements** (continued)
## **5. INCOME FROM CHARITABLE ACTIVITIES**
|**5. INCOME FROM CHARITABLE ACTIVITIES**||||
|---|---|---|---|
|**Unrestricted**|**Restricted**|**Total**|Total|
|**funds**|**funds**|**funds**|funds|
|**2024**|**2024**|**2024**|2023|
|**£**|**£**|**£**|£|
|Project income
11,322,257|8,666,716|**19,988,973**|21,735,567|
|**TOTAL 2024**
11,322,257|8,666,716|**19,988,973**|-|
|TOTAL 2023
10,592,597|11,142,970|**21,735,567**|-|
Included in income from Charitable activities is £3,392,567 (2023: £4,946,282) relating to grants from government bodies. There are 4 projects (2023: 4) with a value of £2,855,007 (2023: £272,639) which are managed on an agency basis. Of that total £1,636,595 (2023: £223,859) relates to work performed by the charity which is recognised in income.
## **6. INVESTMENT INCOME**
|**6. INVESTMENT INCOME**|||
|---|---|---|
|**Unrestricted**|**Total**|Total|
|**funds**|**funds**|funds|
|**2024**|**2024**|2023|
|**£**|**£**|£|
|Rent
27,592
Interest Income
45,275|**27,592**
**45,275**|29,574
-|
|**TOTAL 2024**
72,867|**72,867**||
|TOTAL 2023
29,574|**29,574**||
29
**Notes to the Financial Statements** (continued)
## **7. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES**
Summary by fund type
|Summary by fund type||||
|---|---|---|---|
|**Unrestricted**|**Restricted**|**Total**|Total|
|**funds**|**funds**|**funds**|funds|
|**2024**|**2024**|**2024**|2023|
|**£**|**£**|**£**|£|
|Support of conservation and biodiversity initiatives
11,071,707|9,793,005|**20,864,712**|22,054,433|
|**TOTAL 2024**
**11,071,707**|**9,793,005**|**20,864,712**|-|
|TOTAL 2023
9,557,369|12,497,064|22,054,433|-|
## **8. ANALYSIS OF EXPENDITURE BY ACTIVITIES**
|**8. ANALYSIS OF EXPENDITURE BY ACTIVITIES**||||
|---|---|---|---|
|**Activities**||||
|**undertaken**|**Support**|**Total**|Total|
|**directly**|**costs**|**funds**|funds|
|**2024**|**2024**|**2024**|2023|
|**£**|**£**|**£**|£|
|Support of conservation and biodiversity initiatives
16,382,231|4,482,481|**20,864,712**|22,054,433|
|**TOTAL 2024**
**16,382,231**|**4,482,481**|**20,864,712**|-|
|TOTAL 2023
17,398,929|4,655,504|22,054,433|-|
30
## **Notes to the Financial Statements** (continued)
**8. ANALYSIS OF EXPENDITURE BY ACTIVITIES** (continued) Analysis of direct costs
|Analysis of direct costs
**8. ANALYSIS OF EXPENDITURE BY ACTIVITIES**(continued)|||
|---|---|---|
|**Support of**|||
|**conservation**|||
|**and biodiversity**|**Total**|Total|
|**initiatives**|**funds**|funds|
|**2024**|**2024**|2023|
|**£**|**£**|£|
|Staff costs
9,862,319
Collaborators & consultants
5,883,115
Travel and subsistence
533,000
Conferences and meetings
8,975
Foreign currency (gain)/loss
94,822|**9,862,319**
**5,883,115**
**533,000**
**8,975**
**94,822**|8,960,947
8,614,429
519,021
11,596
(707,064)|
|**TOTAL 2024**
16,382,231|**16,382,231**|17,398,929|
|TOTAL 2023
17,398,929|17,398,929|-|
31
**Notes to the Financial Statements** (continued)
## **8. ANALYSIS OF EXPENDITURE BY ACTIVITIES** (continued)
Analysis of support costs
**----- Start of picture text -----**
Support of
conservation
and biodiversity Total Total
initiatives funds funds
2024 2024 2023
£ £ £
Staff costs 1,634,879 1,634,879 1,626,862
Staff training & welfare 447,587 447,587 504,765
Promotion 55,284 55,284 81,327
Printing, postage and stationery 77,748 77,748 61,440
Subscriptions 306,739 306,739 369,476
Premises costs 236,408 236,408 233,907
Insurance costs 120,463 120,463 144,033
1,046,617 1,046,617 693,836
Bank charges 16,046 16,046 18,552
Depreciation and amortisation 147,812 147,812 168,384
Other 309,657 309,657 618,985
Governance costs (note 9) 83,241 83,241 133,937
TOTAL 2024 4,482,481 4,482,481 4,655,504
TOTAL 2023 4,655,504 4,655,504 -
**----- End of picture text -----**
## **9. ANALYSIS OF GOVERNANCE COSTS**
**----- Start of picture text -----**
2024 2023
£ £
Legal and professional 28,082 80,114
Trustee expenses 2,326 1,588
Audit fees 52,833 52,235
TOTAL 83,241 133,937
**----- End of picture text -----**
32
**Notes to the Financial Statements** (continued)
## **10. AUDITORS’ REMUNERATION**
**----- Start of picture text -----**
2024 2023
£ £
Fees payable to the Charity’s auditor:
37,000 31,006
-
Fees paid in respect of the audit of the Europe Subsidiary 1,865
-
Additional fees paid in respect to prior years 2,403
Fees payable to the Charity’s auditor in respect 3,550 3,000
of all non audit services not included above
Fees in respect of project audits 11,565 4,897
TOTAL 2024 56,383 38,903
**----- End of picture text -----**
Audit fees in the amounts of £1,865 (2023: £1,914) were paid in respect of the Europe subsidiary’s auditor.
## **11. STAFF COSTS**
|**11. STAFF COSTS**||||
|---|---|---|---|
|**Group**|Group|**Charity**|Charity|
|**2024**|2023|**2024**|2023|
|**£**|£|**£**|£|
|Wages and salaries
**9,430,894**
Social security costs
**1,028,279**
Pension costs
**1,038,025**|8,740,799
933,220
913,790|**9,336,452**
**999,227**
**1,038,025**|8,565,602
907,917
913,790|
|**TOTAL**
**11,497,198**|10,587,809|**11,373,704**|10,387,309|
During the year the Charity incurred termination-related costs of £Nil in 2024 (2023: £15,103) of which £Nil (2023: £10,000) was non-contractual, arising from changes within support team roles.
33
**Notes to the Financial Statements** (continued)
## **11. STAFF COSTS** (continued)
The average number of persons employed by the Charity during the year was as follows:
|**Group**|Group|**Charity**|Charity|
|---|---|---|---|
|**2024**|2023|**2024**|2023|
|**No.**|No.|**No.**|No.|
|Management and administration
**28**
Research and operational staff
**213**|27
209|**27**
**212**|26
208|
|**TOTAL**
**241**|236|**239**|234|
exceeded £60,000 was:
**----- Start of picture text -----**
Group Group
2024 2023
No. No.
In the band £60,001 - £70,000 6 9
In the band £70,001 - £80,000 9 2
In the band £80,001 - £90,000 1 2
In the band £90,001 - £100,000 2 1
In the band £120,001 - £130,000 - 1
In the band £130,001 - £140,000 1 -
TOTAL 19 15
**----- End of picture text -----**
(2023: 4 trustees) received reimbursed travel expenses totalling £1,953 during the year (2023: £1,588). Trustee-related expenses totalling £373 were paid directly (2023: £Nil)
34
**Notes to the Financial Statements** (continued)
## **12. TANGIBLE FIXED ASSETS**
**----- Start of picture text -----**
GROUP
Long term Fixtures,
leasehold Computer
property equipment equipment Total
£ £ £ £
COST OR VALUATION
At 1 January 2024 1,698,932 294,769 629,542 2,623,243
Additions - 34,888 15,035 49,923
At 31 December 2024 1,698,932 329,657 644,577 2,673,166
DEPRECIATION
At 1 January 2024 1,035,201 214,406 507,478 1,757,085
Charge for the year 33,979 36,360 77,540 147,878
At 31 December 2024 1,069,180 250,766 585,018 1,904,963
NET BOOK VALUE
At 31 December 2024 629,752 78,891 59,559 768,203
At 31 December 2023 663,731 80,363 122,064 866,158
**----- End of picture text -----**
35
**Notes to the Financial Statements** (continued)
## **12. TANGIBLE FIXED ASSETS** (continued)
**----- Start of picture text -----**
CHARITY
Long term Fixtures,
leasehold Computer
property equipment equipment Total
£ £ £ £
COST OR VALUATION
At 1 January 2024 1,698,932 292,806 626,428 2,618,166
Additions - 34,888 15,035 49,923
At 31 December 2024 1,698,932 327,694 641,463 2,668,089
DEPRECIATION
At 1 January 2024 1,035,201 214,255 503,858 1,753,314
Charge for the year 33,979 36,360 77,024 147,363
At 31 December 2024 1,069,180 250,615 580,882 1,900,677
NET BOOK VALUE
At 31 December 2024 629,752 77,079 60,581 767,412
At 31 December 2023 663,731 78,551 122,570 864,852
**----- End of picture text -----**
All assets are held for charitable purposes.
36
**Notes to the Financial Statements** (continued)
## **13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
**----- Start of picture text -----**
Group Group Charity Charity
2024 2023 2024 2023
£ £ £ £
Trade debtors 4,471,995 4,491,169 4,089,668 4,491,169
Accrued income 1,449,100 1,041,893 1,449,100 1,041,893
- -
Amounts due from group undertakings 85,180 422,382
Other debtors 36,535 12,540 29,894 8,055
Prepayments 287,887 174,780 287,887 174,781
- -
VAT Repayable 76,155 76,155
2,086 32,959 2,086 32,959
TOTAL 6,323,758 5,753,341 6,019,970 6,171,239
**----- End of picture text -----**
## **14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
||||||||||||||**Group**|Group|**Charity**|Charity|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||||||**2024**|2023|**2024**|2023|
||||||||||||||**£**|£|**£**|£|
|Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income|||||||||||||**728,843**
**259,047**
**123,150**
**6,387,215**|34,783
498,618
111,491
9,341,717|**727,843**
**259,047**
**107,634**
**6,008,917**|32,476
498,618
96,843
9,333,553|
||||||||||||||**71,610**|74,763|**71,610**|74,763|
|**TOTAL**|||||||||||||**7,569,865**|10,061,372|**7,175,051**|10,036,253|
37
**Notes to the Financial Statements** (continued)
## **14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** (continued)
|**Group**|Group|**Charity**|Charity|
|---|---|---|---|
|**2024**|2023|**2024**|2023|
|**£**|£|**£**|£|
|Deferred income at 1 January 2023
**7,672,409**
Resources deferred during the year
**5,776,712**
Amounts released from previous periods
**(7,672,409)**|8,126,178
7,672,409
(8,126,178)|**7,666,594**
**5,505,948**
**(7,666,594)**|8,126,178
7,666,594
(8,126,178)|
|**TOTAL**
**5,776,712**|7,672,409|**5,505,948**|7,666,594|
Deferred income comprises project work invoiced in advance of the performance criteria being met.
38
## **Notes to the Financial Statements** (continued)
## **15. FINANCIAL INSTRUMENTS**
**----- Start of picture text -----**
Group Group Charity Charity
2024 2023 2024 2023
£ £ £ £
FINANCIAL ASSETS
Financial assets measured at fair value
5,642,809 10,601,863 5,569,927 10,133,567
through income and expenditure
Short-Term Investments 1,209,122 - 1,209,122 -
TOTAL 6,851,931 10,601,863 6,779,049 10,133,567
FINANCIAL LIABILITIES
(71,610) (74,763) (71,610) (74,763)
through income and expenditure held as part of a
trading portfolio
**----- End of picture text -----**
Financial assets measured at fair value through income and expenditure comprise cash held at bank
manage foreign exchange risk from receiving income in foreign currencies and their use is covered in the WCMC Foreign Exchange Risk Management Policy.
39
**Notes to the Financial Statements** (continued)
## **16. STATEMENT OF FUNDS**
## **GROUP STATEMENT OF FUNDS - CURRENT YEAR**
**----- Start of picture text -----**
Balance at Balance at
1 January Transfers Gains/ 31 December
2024 Income Expenditure in/out (losses) 2024
£ £ £ £ £ £
UNRESTRICTED FUNDS
Unrestricted general funds 2,745,150 11,436,755 (10,976,885) 402,909 (94,822) 3,513,107
Fixed Assets 864,852 - - (97,440) - 767,412
- - - -
Building Maintenance 200,000 200,000
3,810,002 11,436,755 (10,976,885) 305,469 (94,822) 4,480,519
RESTRICTED FUNDS
- -
WCMC Europe 26,586 1,254,560 (1,298,498) (17,352)
-
Restricted projects 3,290,443 7,412,156 (8,494,507) (305,469) 1,902,623
3,317,029 8,666,716 (9,793,005) (305,469) 1,885,271
TOTAL FUNDS 7,127,031 20,103,471 (20,769,890) - (94,822) 6,365,790
**----- End of picture text -----**
Transfers between reserves are comprised of the following:
Transfers in respect of balances from completed 305,469 Restricted projects **Net Transfers 305,469**
The movement between the Fixed Asset Designated Fund and Unrestricted Fund represents the net
40
**Notes to the Financial Statements** (continued)
## **16. STATEMENT OF FUNDS** (continued)
## **GROUP STATEMENT OF FUNDS - PRIOR YEAR**
**----- Start of picture text -----**
Balance at Balance at
1 January Transfers Gains/ 31 December
2023 Income Expenditure in/out (losses) 2023
£ £ £ £ £ £
UNRESTRICTED FUNDS
Unrestricted general funds 596,704 10,662,280 (10,267,427) 1,043,535 710,058 2,745,150
Fixed Assets 954,818 - - (89,966) - 864,852
- - - -
Building Maintenance 200,000 200,000
1,751,522 10,662,280 (10,267,427) 953,569 710,058 3,810,002
RESTRICTED FUNDS
- -
WCMC Beijing 870,194 36,123 (181,313) (725,004)
- -
WCMC Europe 51,070 961,834 (986,318) 26,586
-
Restricted projects 4,703,428 10,145,013 (11,329,433) (228,565) 3,290,443
5,624,692 11,142,970 (12,497,064) (953,569) 3,317,029
TOTAL FUNDS 7,376,214 21,805,250 (22,764,491) - 710,058 7,127,031
**----- End of picture text -----**
Transfers between reserves are comprised of the following:
Transfer of funds allocated to the Beijing subsidiary From Restricted Funds following its closure in 2023 725,004 Transfers in respect of balances from completed 228,565 Restricted projects **Net Transfers 953,569**
41
**Notes to the Financial Statements** (continued)
## **16. STATEMENT OF FUNDS** (continued)
## **PARENT STATEMENT OF FUNDS - CURRENT YEAR**
**----- Start of picture text -----**
Balance at Balance at
1 January Transfers Gains & 31 December
2024 Income Expenditure in/out Losses 2024
£ £ £ £ £ £
UNRESTRICTED FUNDS
Unrestricted general funds 2,745,150 11,436,755 (10,976,885) 402,909 (94,822) 3,513,107
Designated funds
Fixed Assets 864,852 - - (97,440) - 767,412
- - - -
Building Maintenance 200,000 200,000
3,810,002 11,436,755 (10,987,886) 305,469 (94,822) 4,480,519
RESTRICTED FUNDS
-
Restricted projects 3,290,444 7,947,969 (9,030,320) (305,469) 1,902,624
-
3,290,444 7,947,969 (9,030,320) (305,469) 1,902,624
TOTAL FUNDS 7,100,446 19,384,723 (20,007,205) - (94,822) 6,383,142
**----- End of picture text -----**
42
**Notes to the Financial Statements** (continued)
## **16. STATEMENT OF FUNDS** (continued)
## **PARENT STATEMENT OF FUNDS - PRIOR YEAR**
**----- Start of picture text -----**
Balance at Balance at
1 January Transfers Gains & 31 December
2023 Income Expenditure in/out Losses 2023
£ £ £ £ £ £
UNRESTRICTED FUNDS
Unrestricted general funds 1,239,633 10,744,354 (10,267,426) 318,531 710,058 2,745,150
Designated funds
Fixed Assets 954,818 - - (89,966) - 864,852
- - - -
Building Maintenance 200,000 200,000
2,394,451 10,744,354 (10,267,426) 228,565 710,058 3,810,002
RESTRICTED FUNDS
-
Restricted projects 4,703,428 10,739,433 (11,923,852) (228.565) 3,290,444
-
4,703,428 10,739,433 (11,923,852) (228,565) 3,290,444
TOTAL FUNDS 7,097,879 21,483,787 (22,191,278) - 710,058 7,100,446
**----- End of picture text -----**
43
**Notes to the Financial Statements** (continued)
## **16. STATEMENT OF FUNDS** (continued)
## **Designated Funds**
## _Fixed Assets_
## _Building Maintenance_
Trustees agreed to create a designated fund in 2022 to allow the charity to respond to expected critical planned boiler replacement works and a refurbishment of the top floor meeting space will occur in 2025.
## **Restricted Funds**
Restricted funds related to the charity’s subsidiary which operate overseas and have narrower objectives than the charity.
## **Restricted projects**
contracts. Restricted projects are as follows:
Accountability Workshop Action Agenda Phase III Align Aligning Biodiversity Metrics Assessing the coverage of ICCAs Phase 2 B&B IPBES TSU - DEFRA Funds BENCHMARKS Bezos Andes Congo Bio-Agora BIOCLIMA BIONEXT BTC - NB
CABES
Capacity for National Assessment (IKI)
Caribbean Biodiversity Fund CCI Agriculture impacts on biodiversity CCI post-2020 Coordination CCI restoration and NBS
Central Highlands deforestation-free project CITES data analysis training
CLEVER
Climate Mitigation in the ELP Continued CO-OP for CBD
Creating Foundation Systems for Environmental AI Cross-Cluster Synergies
Fishing DEFRA effectiveness indicators Design a bright future
Dynamic World (IO) EAG Participation 3rd meeting EbA Effectiveness Project EbA Facility Caribbean ECF Mitigation from Biodiversity targets ELP innovation grant for Med landscape ELP Restoration Convening ELP Restoration Funding ENCORE SECO Phase II ESA Biodiversity+Precursors Freshwater STAR FutureMARES GCRF Trade Hub GFEP2 IBAT Impact Indicators for Banks INC4 Plastics treaty Indicator metadata sheets Integrating Finance and Biodiversity IUCN Urban Nature Index IWT and zoonotic diseases Land Use Finance Programme - 2022 PCA M4N (Moore 4 Nature) Montreux Group (Phase 2) Moore Foundation UNBL Mountain GCI revision NASA NSPIRES Natural Capital Gap Reports NbS Synthesis Report NBSAPs and Private Finance NCA for Sustainable Development in Ghana
NCP Biodiversity Guidance Communications NERC CongoPeat NetworkNature+ OBAMA-NEXT Odyssea 2018-2020 Open Access Block Grant ORS Bern Convention ORS Maintenance and Support for Ramsar Paraguay GCF 2020 PLANET4B Protected Planet Restore + REXUS SAICM capacity-building & reporting Science-Based Targets Network SELINA SPACES - Spatial planning SPACES 2 - Kazakhstan SPACES Phase 2 State of Finance for Nature SUSTAIN Horizon Europe Sustainable Infrastructure Green Economy Targets and Indicators SCL TRADE Hub website support and maintenance Transformative pathways project UN Decade Monitoring Framework World Heritage Comparative Analysis WWF Poverty, Biodiversity & Carbon
44
**Notes to the Financial Statements** (continued)
## **17. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
## **GROUP ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT PERIOD**
||||**Unrestricted**|**Restricted**|**Total**|
|---|---|---|---|---|---|
||||**funds**|**funds**|**funds**|
||||**2024**|**2024**|**2024**|
||||**£**|**£**|**£**|
||||767,412|791|**768,203**|
|Current assets
7,873,722
Creditors due within one year
(4,160,615)||||5,293,730
(3,409,250)|**13,167,452**
**(7,569,865)**|
|**TOTAL**|||4,480,519|1,885,271|**6,365,790**|
## **GROUP ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR PERIOD**
||||**Unrestricted**|**Restricted**|**Total**|
|---|---|---|---|---|---|
||||**funds**|**funds**|**funds**|
||||**2023**|**2023**|**2023**|
||||**£**|**£**|**£**|
||||864,852|1,306|**866,158**|
|Current assets
8,469,844
Creditors due within one year
(5,524,694)||||7,852,401
(4,536,678)|**16,322,245**
**(10,061,372)**|
|**TOTAL**|||3,810,002|3,317,029|**7,127,031**|
45
**Notes to the Financial Statements** (continued)
## **17. ANALYSIS OF NET ASSETS BETWEEN FUNDS** (continued)
## **PARENT ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT PERIOD**
||||**Unrestricted**|**Restricted**|**Total**|
|---|---|---|---|---|---|
||||**funds**|**funds**|**funds**|
||||**2024**|**2024**|**2024**|
||||**£**|**£**|**£**|
||||767,412|-|**767,412**|
|Current assets
7,873,722
Creditors due after one year
(4,160,615)||||4,917,060
(3,014,436)|**12,790,782**
**(7,175,051)**|
|**TOTAL**|||4,480,519|1,902,624|**6,383,143**|
## **PARENT ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR PERIOD**
||||**Unrestricted**|**Restricted**|**Total**|
|---|---|---|---|---|---|
||||**funds**|**funds**|**funds**|
||||**2023**|**2023**|**2023**|
||||**£**|**£**|**£**|
||||864,852|-|**864,852**|
|Current assets
8,469,844
Creditors due within one year
(5,524,694)||||7,802,003
(4,511,559)|**16,271,847**
**(10,036,253)**|
|**TOTAL**|||3,810,002|3,290,444|**7,100,446**|
46
**Notes to the Financial Statements** (continued)
## **18. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES**
**----- Start of picture text -----**
Group Group
2024 2023
£ £
Net income for the period (as per Statement of Financial Activities) (761,241) (249,183)
ADJUSTMENTS FOR:
Depreciation charges 147,878 167,635
Amortisation charges - 500
- 861
Interest earned (45,275) -
Increase in debtors (595,141) (780,307)
Increase in creditors (2,488,353) 162,726
Fair value (gains) on forward exchange contracts 21,570 (107,827)
NET CASH PROVIDED BY OPERATING ACTIVITIES (3,720,562) (805,595)
**----- End of picture text -----**
## **19. ANALYSIS OF CASH AND CASH EQUIVALENTS**
|**19. ANALYSIS OF CASH AND CASH EQUIVALENTS**||
|---|---|
|**Group**|Group|
|**2024**|2023|
|**£**
Cash in hand
**5,634,572**|£
10,568,904|
|**NET CASH PROVIDED BY OPERATING ACTIVITIES**
**5,634,572**|10,568,904|
47
**Notes to the Financial Statements** (continued)
## **20. ANALYSIS OF CHANGES IN NET DEBT**
|**20. ANALYSIS OF CHANGES IN NET DEBT**|||
|---|---|---|
|**At 1**||**At 31**|
|**January**||**December**|
|**2024**|**Cash flows**|**2024**|
|**£**|**£**|**£**|
|Cash at bank and in hand
**10,568,904**
Sort term investments
**-**|(4,934,332)
1,209,122|**5,634,572**
**1,209,122**|
|**TOTAL**
**10,568,904**|(3,725,210)|**6,843,694**|
## **21. PENSION COMMITMENTS**
separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £1,038,025 (2023: £913,790). Contributions of £107,631 (2023: £95,681) were outstanding at the balance sheet date.
## **22. OPERATING LEASE COMMITMENTS**
At 31 December 2024 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:
|payments under non-cancellable operating leases as follows:||||
|---|---|---|---|
|**Group**|Group|**Charity**|Charity|
|**2024**|2023|**2024**|2023|
|**£**|£|**£**|£|
|Not later than 1 year
**14,733**
Later than 1 year and not later than 5 years
**-**|29,537
13,377|**14,733**
**-**|29,537
13,377|
|**14,733**|42,914|**14,733**|42,914|
48
**Notes to the Financial Statements** (continued)
## **23. RELATED PARTY TRANSACTIONS**
In the year 2024, purchases of £9,983 (2023: £12,070) were made from Fitzwilliam college, where a WCMC Trustee holds a Trusteeship. The same Trustee is also a Council Member of the University of Cambridge where purchases of £18,142 were made (2023: £32,415) and revenue earned was £14,124 (2023: £Nil). £5,939 was outstanding at the balance sheet date (2023: £5,393) and there was £6,129 (2023: £1,969) of work in progress.
down from the position during the year. In 2024, there were no transactions with RSPB (2023: Purchases of £13,378).
The WCMC CEO is a member of the Science-Based Targets Network (SBTN) Council. Included in work in progress for 2024 was £86,184 (2023: £Nil) of accrued income in respect of projects on which WCMC collaborates with SBTN. Revenue generated from these projects amounted to £68,529 (2023: £46,091) and deferred income totalled £nil (2023 - £Nil).
during the year (2023: £11,579).
The WCMC Chief Scientist is a Programme Committee Member of WWF UK. £124,344 was paid to WWF UK with respect to the Trade Hub project (2023: £Nil). £Nil was received from WWF UK (2023: £32,300) and work in progress at the year-end amounted to £Nil (2023: £51,322).
A member of the Board of WCMC Europe is also an employee of Wildlife Conservation Society (WCS) from which purchases of £48,192 were made (2023: £159,602). In the year 2024, WCMC UK received income of £26,022 (2023: £Nil) in respect of projects where WCS is the client and had £50,850 (2023: £Nil) in deferred income at the year end.
## **24. SUBSIDIARIES**
At 31 December, WCMC UK earned £454,900 in respect of consultancy services (2023: £456,354), £94,131 of which remained outstanding at the balance sheet date (2023: £422,382).
During the year, WCMC Europe provided services to WCMC UK totalling £80,913 (2023: £106,599) of which £8,951 was outstanding at the balance sheet date (2023: £Nil).
WCMC did not provide additional working capital to WCMC Europe during the year (2023: £Nil).
The Beijing subsidiary was wound up in 2023 and the remaining cash balance of £82,075 was returned to the parent company once all liabilities had been settled. In 2023, £31,427 of consultancy services had been provided to the parent.
was set up as a charitable organisation, registered in Belgium, which operates under Belgian law. ASBL
of WCMC Europe does not fall within the scope of the Collaboration Agreement between WCMC and UNEP
Total income for the year ended 31 December 2024 is £1,254,560 (2023: £961,834) and expenditure forward reserves were £26,586 (2023: 51,070) resulting in net liabilities at the year end of £17,352 (2023: £26,586).
and expenditure of £181,313. Following the closure of the entity the remaining balance of £82,075 was returned to the parent.
49
WCMC