Reglstered number: 1612249 Charity number: 512390 MONTGOMERYSHIRE WILDLIFE TRUST LIMITED (A company Ilmlted by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 co.no: 1612249
MoKfGOMERYSHIRE WILDLIFE TRUST LIMITED (A company limited by guaranteo) CONTENTS Page Raferance and admlnlstratlve detalls TruBtees' report 2-10 Independent audltor'8 report Statament of flnanclal actlvltl•8 15 Balance she•t 16 Statement of cash flows 17 Not88 to thè flnanclal statement8 18-35 co.no: 1612249
MONTGOMERYSHIRE WILDLIFE TRUST LIMITED (A company Ilmited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS Trustees (serrfing durlng the year and subsequently) Tim Mcvey, Chair Clare Boyes, Vice£hair Ann Bitcon, Treasurer Peter Powell {resigned November 2023) Jill Robinson Tim Ward Sarah Evans Slan Dorward Susan Morley Nlck Burton (co-opted August 2023) Jane Storkey (co-opted November 2023) Nicola Berry (co-opted March 2024) Pr•sldent Chris Townsend (resigned November 2023) Chris Hurrell (March 2024 onwards) Company reg18t¢r•d number 1612249 Charlty roglstored number 512390 Roglstered 0ffl¢o Park Lane House High Street Welshpool Powys SY217JP Independent audltor Mitchell Charlesworth (Audit) Limited Statutory Auditor 3rd Floor 44 Peter Street Manchester M2 5GP Senlor management team ClSve Faulkner- Chlef Executive Officer Eley Hart - Head of Resources Emyr Evans - Head of Dyfi Projects Carla Kenyon - Head of Development Ceri Jones - Head of Living Landscapes (to March 2024) co.no,' 1612249
MONTGOMERYSHIRE WILDLIFE TRUST LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees (who are also directors of the Trust for the purposes of the Companies Act) have pleasure in presenting their annual report (incorporating the directors. report as required by Company Law) and the consolidated financial slatements of Montgomeryshire Wildlrfe Trust Limited {'the Trust.) and its subsidiary {MWT Trading Limited) for the year ended 31 March 2024. STRUCTURE, GOVERNANCE AND MANAGEMENT a. CONSTrruTION The Trust Is constltuted under a Memorandum of Assoclatlon adopted on 16 October 2012, replacing the orlglnal Memorandum of Association dated 8 February 1982. b. MEfHOD OF APPOINTMENT OR ELECTION OF TRUSTEES All directors of the Trust are also Trustees of the Trust and there are no other Trustees. The business of the Trust shall be the responsibility of the Council of Trustees who are elected or co-opted under the terms of the Articles of Association. The Council of Twstees and the Finance Commbttee each meet bi-monthly. c. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES The Trustees have adopte(J the followlng polbcles and procedures for new trustees: The Trust's pollcy Is to assemble a full complement of Trustees as Council member8, having not188S than eight nor rnore than Imienty members. . Trustees must be members of the Trust. . Trustees shall be drawn from the local communlty, from all walks of lrfe wlth the alm of a balance of male and female members. Prospective Trustees need to be proposed in writing to the Chair, be willing to serve and be interviewed by the Chair and at least one other exlsting member of Council. . A prospective Trustee should attend two Councll meetlngs as an observer before becomlng a Trustee. The Trust alms to provlde sufflclent tralnlng on an annual basls to enable Trustees to be well informed. conversant wlth current leglslatlon. up to date wlth developments In the world of wildlife 8nd have sufficiènt knowledge to fulfll the Trust's objectlves. Tralnlng will be provided through educative articles and commentary in the Truyt's manuals, by membership of speciali5ed committees, by attendance at training days or courses, and by talks and lectures by experts and professionals. d. RELATED PARTY RELATIONSHIPS While the Trust is an independent charitable company limited by guarantee, it works closely wlth 01Pr WSldlrfe Trusts and in conjunction wlth the Royal Soclety of Wlldlife Trusts and Wlldllfe Trusts Wale8. e. RISK MANAGEMENT The major risks to which the Trust is exposed, as identffied by the Trustees, have been reviewed and systems have been established to mitigate these risks. As part of this on-going review, the Trust's risk register has been restructured, reflecting both internal and external risks and is a standing item on the Council meeting agenda. It is recognised that systems can only provide reasonable, but not absolute, assurance that major risks have been adequately managed. Internal control risks are mlnlmlsed by the Implementation of procedures for authorisation of all transactions and Projects. Procedures are in place to ensure the health and safety of Staff, volunteers, customers and visitors to the shop, offices and reserves. f. SUBSIDIARY COMPANY MV¥T Trading Limited is a wholly-owned subsidiary of the Trust. directors of the Trust are also dlrectors of the subsidiary. The company has been set up to manage the Trust's trading activltles (DWC café and shop, onllne shop and Welshpool shop). It was Incorporated Sn Aprll 2021 and all surpluses wlll be returned to the Trust. co.no". 1612249
MONTGOMERYSHIRE WILDLIFE TRUST LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES AND ACTIVITIES Since 1982. the Montgomeryshire Wildlrfe Trust has been the leading voluntary organisation promoting wildlife conservation in Monlgomeryshire. managing and caring for 18 Nature ReseDies within the county, totalling some 530ha in area. a. POLICIES AND OBJECTIVES The objectives of the Trust for publlc benefit are: To promote for the benefit of the public the conservatlon, protecllon and improvement of the physical and natural envlronment by promotlng blologlcal dSverslty, In partlcular by: a) promoting the conservation of wildlrfe species and their habitats; b) establishing. owning, leasing, maintaining and managing nature reserves and other wildlrfe habltats In order to safeguard wild creatures of any description living therein; c) studying and preserving places of ecological interest; d) promoting public understanding and support of, and involvement with, the natural vrt)rld by engagement with community organisations and educational establishments; e) advanclng knowledge In these fields by research, recording and wS0eVer otherwlse. The V181on of the Tru8118: An envlronment rlch In wlldlffe for everyone The MIs8lon of the Tru8t18 to: Rebuild biodiversity and engage people with their environment The purpos are: To stand up for wlldlrfe and the environment To create and enhance wildlife havens To Insplre people about the natural world To foster 8UStalnable Ilvlng The operatlonal obJectlve8 are: To be widely recognised and respected for our role and work To grow resources for action and advocacy To Co-operate efflivelY throughout the movement Consequently the Trust's bellofs are that: Local wildlrfe conservation is our core business Understanding and enjoying wildlrfe improves the quality of people's lives It is Important to us to be Inclusive and accesslble We will only achieve our objectives by coperating wlth others Our voice and image is representstive of our membership Statement on Publlc Benefft The Trustees accept the need to have regard to the Charity Commission's guidance on public benefit. In the terms of the Charltles Act 2022, the objectlves of the Montgomeryshire Wildlife Trust fall within two definitions of charitable actlvlty: Ihe advancement of envlronmental protection or Improvemenf and "the advancement of education". On both counts the Trust provides benefits to members of the public, young and dd, irrespective of their financial circumstances, and induding people with learning and physical disabilities. In particular, the conservation of Montgomeryshire's wildlrfe and wild places benefrts the public including both MOntMery5hlre'S residents and visitors. b. VOLUNTEERS The Trust continues to be gratefvl for the unstinting efforts of its volunteers are Involved in communty oulreach, the malnlenance of the reserves and many other actlvltles. Detalls of thelr contrlbutlon to the work of the Trust is included within the followlng sectlons. co.no: 1612249
MONTGOMERYSHIRE WILDLIFE TRUST LIMITED TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 REVIEW OF ACTIVITIES CHAIR'S OVERVIEW A large proportion of MINT'S work Is project-funded, which means it has a time-restricted budget. Continuity requires further grant applications and is therefore shrouded in uncertainty. Our award-winning ecotherapy programme, Wild Skills Wild Spaces (WSWS). is a good example, Cardrff Metropolitan University's Centre for Health. Activity and Wellbeing Research (CAWR), who monitor the project, commented in their evaluation: "Particularly apparent is the enhancement of people's wellbeing through improved social confidence and opportunities to interact in a safe arKI non-judgemental environment within nature.. Fortunately, WSWS secured a further two years, funding to continue this excellent work. By contrast, the Green Connections Powys project, despite its success, was not as fortunate. It's particularly exciting to join with other landowners to extend the alms of the Trust to a wider area of Montgomeryshire, givlng wildlife Increased connectlvlty. Our partner8hlp with Welshpool Golf Club on the Welshpool Fair¥vay to Haven project demonstrates that all 80rts of actlvitie8 can co-exist with nature gfven the chance. The golf course18 already a haven for wildlrfe. but we'll be working with them to make it even better, particularly for the rare Pearl-bordered Fritillary bultertly. Also in Welshpool, building a wildlife garden at one of .Barcud'8 housing developments has given access to nature close to home for their residents. The Dyfi Wildlife Centre has had another gfy)d year. The ospreys had trwo eggs which happily hatched, fledged and migrated. During winter the kitchen was significantly extended, providing much better workSng conditions and increasing capacity. Meanwhile, a hide on the beaver enclosure has allowed a few lucky groups the opportunity to view our family of these natlonally rare seml-aquatlc rodents on booked evening session8. We have had a few generous legacles thSs year. We think hard about how to use these funds. They are Invaluable In allowlng us to do thlngs that would otherwise be outwof-reach, such as employing much-needed core staff, building and maintaining infrastructure, and saving for unforeseen circumstances and futu land acquisitions. Changes in the Welsh Government's land payments scheme remain up in the air. We are already recelvlng less than we have previously, and uncertainty means budgeting for the future is Ilttle better than guesswork. This is no different for farmers and other landowners. makSng It hard for them to engage wlth nature restoration on thelr land - although we are always happy to provide advice and support. There Is always uncertalnty over fund3 arKI government policy but, despite this, MV¥rr has grown continuously, delivering more prol8Cts, employing more staff and involving more of the public. We are very grateful to supporters, volunteers, Staff and funders, allowing us to achieve our strategic 8ims of restoring 309/0 of land (and sea) for nature, getting 25 % of the public involved with nature and developing nature-based solutions to issues such as climate change and mental health problems. MEMBERSHIP AND VOLUNTEERS The Trust recelved 205 new memberships during 2023124, with the total number of member households at 1,209 and the number of individual members at 2,252. This represented very good growih, not least in light of the fact our membership rates were increased in September 2023 for the first time. in slx years. We were delighted that this rate increase did not result in many cancellations by existing members, either. We would like to thank all our members for supporting us and encourage as many of them as posslble to sign up to Gift Aid (applicable to tax payers) as this generates an extra 25p per pound for us at no extra cost to them. Interest in volunteering surged during 2023124. bringing numbers more in line with pre-covid times. This Increased support was welcome indeed, with plenty of habitat management and reserve repairs and maintenance requiring the attention of our Reserves OffrEr, and considerable habitat mapping and wildlrfe surveying by Conservation Officers. Three regular volunteers helped in our now wellstablIshed Welshpool shop, meanwhile, which remained open for reduced hours at least two days a week. Volunteering continued to play a significant role in the Wild Skills Wild Spaces project, as well as at Cor8 Dyfi. Nor can we forget the co.no: 1612249
MONTGOMERYSHIRE WILDLIFE TRUST LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 invaluable input of all our Trustees with their myriad skills and knowledge. Other essentlal tasks made possible thanks to the help of volunteers induded our members. magazlne mall-outs. To recognise this contribution. we.organ5sed a thank you event at Dyfi Wlldllfe Centre. with food, drink and fascinating talk about the reserve's beaver family. In total. during the 2023124.period, our volunteers have donated 1,564 days of their time, with a monetary value to the Trust of £112,608. Of course, Ihe value of their contributions to Ml+VT can't be measured in financial currency alone - arKI we could not do everything we do without our vmnderful volunteers. Thank youl PEOPLE AND WILDLIFE Stand for Nature Wales Stand for Nature Wales (S4NW) is a youth-led Welsh Wildlrfe Trusts project. Through Natlonal Lottery Communlty Fund. young people aged g to 24 have participated in conservatlon, communlty engagement and envlronmenlal advocacy since the project's launch in April 2021. In 202312024, the 'Youth Action Groups. have mainly focused on creatlng a lastSng project legacy through external communty work, laying the foundations for nature-based solutions to climate change locally. For example, our Welshpool youth group have been creatlng a wildlrfe garden at Buttington Trewern County Primary School. Maanwhile, our Llanldloes youth group assisted at Ash & Elm Horticulture, an organlc farm, to learn about pesticide-free food productk)n. The S4NW team delivered 14 sessions to Welshpool youth group, 15 sessions to Llanldloes youth group and 19 sessions to Machynlleth youth group. Furthermore, all three gTOUPS attended the Youth Summit at Llangrannog to engage with wSldlffe and campaign workshops. participated in the annual Summer Camp in collaboration wllh Radnorshire Wildlrfe Trust to explore placard making, creative writing and listen to talks from local conservatlonlsts. and visited the Senedd In Cardlff for the Youth Summit, to promote the Pesticide-free Pledge. Gungrog Communlty Wlldllfe Gard•n Th8nks to a partnership wilh Barcud houslng association, we transformed a piece of land at Welshpool's C108 Gungrog housing estate Into a communlty wlldlrfe garden where residents can connect wlth nature. Groundwork was done to the slte, orlginally just concrete and rubble, in 2022123. However, durlng 2023124 this green. space was enhanced. It now boasts raised beds packed with plants for polllnalors and other Insects, a herb garden, a young orchard, a pond and a picnic area overlooklng the Montgomery Canal. all carefulty designed to provide a mosaic of habitats to benefit a range of dlfferent insects, birds and animals. Complementing this is bilingual interpretation about the slte and how vlsltOn8 can recreate its wildlrfe-friendly features at home. Wlld Skllls Wlld Spacos Part 2 Having received fundlng In March 2023 from The National Lottery Community Fund, Wild Skllls Wlld Spaces Part 2 officially commenced on 1 Sl July 2023 and a launch event at Severn Farm Pond Nature Reserve later Ihat month was attended by participants, partners, funders and other stakeholders. Maintaining its strong partnershlps wlth Powys Teaching Health Board and Cardiff Metropolltan Unlversty, Wild Skills Wild Spaces Part 2 bullds on the success of its award-winning forerunner. Not only has the project continued to empower people to manage their physical and mental health sustalnably through nature, but its alms now include improving the mental wellbeing of people aged 11 plus. while recruiting 40 volunteers. During 2023124, the WSWS team delivered 795 hours of ecotherapy to more than 120 young people and adults. Additionally. more than 160 hours. worth of events and workshops. from family nature outings to clea ups, reached 110 members of the community. significantly strengthening our presence and impact. Our newly- expanded team upskilled. with further training in hedge laying. scything and willow weaving and updated mental health and outdoor first aid qualffications. A visit to Lan¢ashlre Wildlife Trust's nature for wellbeing project 'Myp1a, in October 2023. meanwhile, was a chance to exchange tips and advice. Collaborations with partner site Cultivate flourished, wlth events and food-growing. and rt-boxeS were constwcted for Open Newtown lo erect around the town. Dlverslty of audiences reached also developed as we engaged with schools in Welshpool, Llanfyllln and Brynllywarch and co.no: 1612249
MONTGOMERYSHIRE WILDLIFE TRUST LIMITED TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 students from NPTC college Newiown, Coed Isaf Day Centre Leighton, home educating parents and young people and Probation services. Stand-out achievements for the year have included re-gaining the Green Flag Community Award for Severn Farm Pond Nature Reserve and recruiting 24 volunteers aged 11-74. Our Friends of Cultivate and Frrends of Severn Farm Pond volunteer groups continued their stellar work at Ihese sttes. while they al80. along with the youth volunteers. formed a social enterprise. making nature-themed products to sell in the MIVT Welshpool shop to ralse money for skill training and educational trips. Adopt an Anlmal hom•S In December 2023, we launched Adopt an Osprny and Adopt a Donnouso schemes as another way for wildlrfe lovers to support us, 118 contributing to our unrestricted income. The packs Include prints of artworks of the species created especially for the schemes by local artists, kindly donated them to MV¥T. PrOed$ raise funds that will go towards conserving and protecting these creatures - both key species in our Strategy for 2030 - and many others in this special, wild corner of Mld Wales. Packs cost from £20.and 14 were sold In 2023124. Plans are to extend our range of animals gradually. Legacy Campalgn Over the years Mwf has received occasional glfts In Wills, some of them transformational. Legacy Income has been identified as a growing revenue stream for charSties such as ours, and developlng thls will help the Trust achieve its Strategic aim of havlng 200/0 of its budgeted income come from unrestrlcted funding, which wlll in turn support all aspects of the Trust's work for wildlife in Montgomeryshlre. Durlng 2023124, Mvir began work on a new Legacy Campalgn, producing a new bllingual leaflet, a Legacy Charter, new webpage, including case studies of prevlous legacies, and promotional materlals wSth local press. has also partnered with Octopus Legacy (formerly Guardian Angel) to offer supporters a free Will writing service. Carbon Accountlng DespSte not securing funding for 2023124 nevertheless upheld our pledge to calculate our annual carbon footprlnt. in order to inform carbon reduction 8Ctlons to be carbon neutral by 2030. The link between the Iwo nextricably linked crises of climate and nature - and why VR can't restore nature without also taklng steps to help tackle climate change - was also the theme of our autumn 2023 all-staff meeting at Dyfi Wlldllfe Centre. Communlty Outrèach and évents While Ihe majority of MWT'S outreach work is delivered through projects. In 2023124 there were several additional publSc events. In autumn 2023, we marked the 351h and 30th anniversaries respectlvely of Severn Farm Pormy and Llyn Coed y Dinas with two special celebratory events at the reserves. Our Mwr Blrd Group went from strength to strength with seven talks ranging in topic from 'Magical Merllns, to 'How Birds 8re Affected by Climate CharKJe', culmlnating in a trip to the Dee Estuary. Conservation Officer Tammy Stretton Insplred people to 'Reconnect with Nature. wlth talks at Dyfi Wildlife Centr8, Pontrobert Gardening Club and Welshpool Flower Arranging Group. Meanwhile 8 presentation to Zero Carbon Llanklloes hlghlighted the importance of wind farms belng in the right places to minimise impact on wildlrfe. Thanks to funding from People's Postcode Lottety. we worked to raise the profile of Swifts, wlth talks and walks, plus a presentation to Powys County Council's Housing Team to persuade them to use swlft brlcks In new builds. A further 10 natu-therned events on family fun, fungi, birds. bats and the imwlance of wlldlrfe recording were delivered. CORS DYFI Dyfi Osprey Project Happily our current osprèy pair, Telyn and Idris, returned to Cors Dyfi for their fourth year breeding together. Thls was also the 13th consecutive year of osprey breeding at Dyfi Osprey Project. While three eggs were laid. one failed to hatch. Fortunately. both Cennen (female) and Seiont (male) - both named after Welsh rivers. according to Dyfi Osprey Project tradition - survived to migration age. setting off for West Africa at the end of August 2023, the last time we saw the ospreys together as a family group. Additionally, we introduced a split-screen feature on the live streamSng. so that we could watch more than one camera angle simultaneously. This was particularly advantageous when the fledglings started perching away o.rK&: 1612249
MONTGOMERYSHIRE WILDLIFE TRUST LIMITED TRUSTEES. REPORT FOR THEYEAR ENDED 31 MARCH 2024 from the nest in July and August. At least four Cors Dyfi-bom ospreys are now known to be successfully breeding at other sites, most in Wales and one in Cumbia, showing the impact our ostry project Is having throughout the UK. Conservatlon. Our ongoing conservation work this year included setting around two acres of foresting area to the south of the Observatory back to ecological 'stage zero, with a scrape (or lagoon). paid for by Nature Networks Fund. This wlll significantly increase biodiversity, and keep the bog wonderful and wet. maintaining the wetland habitat in the comlng years. More invasive species were removed from the reserve. whll8t a baseline biodiversity study on the beaver enclosure was orKJoing. We are expecting to see a rise In biodiversty within the enclosure due to the presence of the beavers and their natural behaviours. reflecting other sites across Europe that have seen similar gains as a result of beaver introductions. While Cors Dyfi has become synonymous with ospreys. the reseNe is incredibly important habltat for.a whole host of other birds. This year a pair of Barn Owls bred In the Tg Maenan owl box (near the river) for the first time. We ringed one chSck. which will ensble us to find out more about th8se incredible blrds. What's more, Nightingales were alp•O recorded on the reserve. While not for the first time, Ihese warblers are increasingly rare In Wales. Dyfi Wlldllfe Centr• WSth partnership funding from North Wales Wild5rfe Trust (NWVIT) we set up a beaver-watching hlde In the beaver enclosure. Several public events were arranged for evenlng watching which went swimmingly. So much so, we are now explorlng avenues to make walchlng beavers (without disturbing these shy semi-aquatlc animals) a more accessible. incluslve actlvlty, In a first for Wales. Out on the reserve, the Nature NeIorkS Fund enabled us to carry out general boardwalk repairs, induding the re-engineering of the deckSng on both si(5es of the centre. Thls same grant furKJed some engaging interpretation about dragonfiy lffe-cycles on the newly finished boardwalk Loop. now made from 100 percent recycled materials. Thanks In part to the Community Facilities Programme, in spring 2024 our kltchen and shop extension was flnlshed: this expansion doubled the area of the shop and almost trSpled the kltchenlslorage areas, improving working conditK>ns and capacity, therefore increasing revenue potentlal from sales made in the shop and caffl. Meanwhile, the Observatory had a much-needed faceltft for Its 10th. year, with more interpretation and interactive features, along with structural improvements to the staircase arKI tower. This vrns funded by the Peter Murdoch Legacy, a gift bequeathed to Mwf by longstsndlng volunteer Posh Pete. Volunt•er8 As ever, our valued volunteers, whether veterans or newcomers, were vital in the runnSng of Cors Dyfi. During 2023124. they helped us with everything from people engagement to online engagement, talks to work in Caffi Ty Maenan. habitat management to general reserve maintenance. They also helped with the renovation of the Observatory. In total, these generous, hardworking souls donated more than 5,000 hours of their time in this period! LIVING LANDSCAPES Nature R•s•rvas Mwf manages 18 nature reserves, all havens for wildlrfe and insplrfng places for people to visit. They include limestone grassland, ancient woodland, upland lakes, peat bogs. and wildflower meadovts. Each is carefully maintained by Mwf staff and a team of dedicated work paty volunteers. In 2023124 our Reserves Officer ran Iwo work parties most weeks. A total of 243 volunteer days donated acros5 59 sessions. with activities including fencing, scrub clearance. coppicing. hay meadow management and infrastructure maintenance. Our Conservatlon Officers reported our best dormouse survey season since starting regular nest box monltorlng In 2012. The total number of dormice encountered was 75. an 83Yo increase on the previous high of 41 in 20141 This was particularly welcome after years of decline. It wa5 also the best year ever for bats, with plenty found from four species. Noctule were found on four Mwf nature reserves. all of which had no previous roosl records for the species. Conversely. we had the lowest count of Colchicum autumnale (Autumn Crocus} blooms in ten years {331). Numbers of flowers do fluctuate widely each year,. the last high was 2.090 co.no: 1612249
MONTGOMERYSHIRE WILDLIFE TRUST LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 in 2020. Thanks to People's Postcode Lottery (PPL) funding, our Pioneer Fund project carried out habitat suNeys to monitor their condition at several of our reserves, as well as reptile surveys at Cors Dyffi. Pathways for Pearls Afler low numbers of our rare Pearl-bordered Fritillary butterfly in 2022, funding from PPL and Hafren Dyfrdwy was a lifeline, enabling us to continue vital surrfeying across six sites, habitat management in the project area and public engagement. The 2023 PBF flight season saw very mixed success, with a split between the earfy and late sites - the early sites nearly all had good numbers, whilst the late sites were very poor, The reasons are undear, but likely local weather conditions, with spring drought affecting nectar sources for the late sltes. To raise awareness of these beautiful buttertlies and the importance of the Welshpool area for them, we. also engaged with local stskeholders at events at Welshpool Golf Club, Powis Castle and Derwen Garden Centre. Welshpool Falrway to Haven Launched in January 2024, this excltlng new partnershlp wlth Welshpool Golf Club aims to manage and enhance the golf course for nature, whilst also improving access for local people. During 2023124 period, specialist machinery was procured, the Friends of P8Fs volunteer group was set up and some habitat management work was undertaken. The project is funded by Welsh Government's Local Places for Nature Challenge Fund, admlnistered by WCVA. Con$•rvatlon work across montgomehlr• We contlnued as Secretsrlat for Powys Local W51dlrfe Slte partnership, as well as sunieylng potenllal new sltes and proposlng them to the partnership. As a member of Montgomeryshlre Crayfish Worklng Group. our delivery Included gathering water samples for analysis for eDNA. We also carrled out slte walkover surveys for NRW flood defence, supported Montgomeryshlre Habltats Management Group and gave three talks to external groups. Pumlumon ProJoGt Established in 2007, the Pumlumon Project has taken a fresh look at how Welsh upland landscapes could be brought back to life, delivering benefits for nature 8nd people. Funding from British Airways Carbon Fund, administered by Pure Leapfrog - made up from voluntary passenger contributions (it is not an offsetting fund) has enabled us to work with nine more farms, Carrying out carbon and habitat audits and fundlng small-scale management actlons that have positive ecological and farm business Outcomes. We also establlshed a natlonal multl-stakeholder group In partnershlp wlth the Ecosystem Knowledge Netrwork, which wlll form the beglnnlng of a collaboratlve plafform In Wales. FINANCIAL REVIEW a. RESERVES POLICY The Trust seeks to hold unrestricted financial reserves sufficient to sustain its operating actlvities for a minlmum of three months and. although difficult, seek to generate unrestrlcled Income in order to comply wlth thls. Whlle unrestrlcted reserves appear substantlal £717,241 at 31.03.2024 (2023 £734,140) should be rK>ted that £468.228 of these reserves relate to land reserves owned by the Trust, leaving undesignated unrestricted reserves of £249.013 (2023 - £265.912). As will be seen in note 17, restricted funds stood at £2,812,955 at 31 .03.2024 {2023 - £2,767,304). Of these. £2,037,285 relate to capital funding at the Cors Dyfi reserve ie Dyfi Wildlife Centre, 360 Observatory & Boardwalk. This sum relates to construction costs which have been capitslised and included as flxed asset additions which will be depreciated over periods of up to 50 years. The relevant amounts wlll be released from restricted funds over that time. b. RESULTS FOR THE YEAR The consolidated results for the year show an unrestricted deficit, after fund transfers, of £16,899 (2023 £18.648 deficit)- The Statement of Financial Activities reflects the consolidated activities of the Trust and its subsidiary while the respective balance sheet positions of the Group and Charity are shown separatdy. co.no: 1612249
MONTGOMERYSHIRE WILDLIFE TRUST LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 c. GOING CONCERN Although condition5 continue to be challenging for the Trust, as for many Third Sector organisations. the Trustees have reviewed the current position together with budgets and projections for 2024125 and beyond. In light of this information they have concluded that the going concern basis of accounting continues to be appropriate and continue to adopt this in preparing the financ4al statements. POST BALANCE SHEET EVENTS Legxy Campaign In April 2024 the Trust launched a Legacy Campalgn to Increase unrestrlcted funding Income In the future. A designated web page, leaflet and wlll wrltlng service are now available and the campaign is being promoted vla the Trust magazlne and social medla channels. The next steps will involve building a relationship with local solicitors in the hope they will act as an advocate for the Trust with potential legators. Uvlng Wage As part of the Trust's commitment to align its salaries with other Welsh Wildllfe Trusts and the national Welsh average wage, the Trust became an accredited Living Wage employer in April 2024. The Trust will ensure that all staff salaries are above this minimum hourly rate, which is set annually by the LNing Wage Foundation. Cors Dyfl B•av•r Hld• The Beaver family at Cors Dyfi contlnues to be a favourlte wlth vlsltors, as well as the onllne communlty who enjoy watchlng the live stream of their activities. The Trust Is keen to Install a purpose-bullt Beaver Hide, whSch would Include,better observatlon facllltles as well as interpretation and an education area. The Trust is In discussions with several funders who together would cover the capital and revenue elements of thi8 exciting project. The bid submissions will require input from site visitors and the wider community and Trust staff are working on ways to engage people in the bid process. FUTURE DEVELOPMENTS Agrlcultural Subsldl•s The future of agricultural subsidies In Wales, as in the rest of the UK. remalns In doubt. The Trust's three main agrlcultural subsldles from Welsh Government (Glas Tlr. Baslc Payment Scheme and Organic) are being phased out in favour of a single scheme, the details of which have not yet been finalised. In the meantime, the one-year interim scheme, Habitat Wales, 18 being èxtended for another year and Welsh landowners are awaiting Gonfirmation of how the scheme will work and what the subsidy levels will look like. Mwf has taken the view that the new subsidy payments will be less than received in the past and are already looking for alternative income opportunities to cover the shortfall. Welsh Allgnment Project The Wildlife Trusts across Wales have Identlfied Ihe benefits of allgnlng our processes and policies in areas such as HR. H&S. finance and fundraising. This would ensure consistency across the Welsh Trusts, which will help wlth joint bid submissions and'partnership working. It would also lead to increased efflency and .possible cost savings. The CEOS and Chairs of all five Welsh Trusts are working with other key staff to identfy where closer working vmuld be benefla1. Income Generatlon Mwf aims to react quickly to funding opportunities to ensu we are Ideally placed to secure funding. and deliver projects. for people and wildlife across the county. The Trust have been fortunate to secure funding for several projects with a conservation focus for 2024. but finding funders who will support this kind of work remains a challenge. The Trust will continue to investigate altemative sources of income and new partnership opportunities so that the organisation is not reliant on any one funder. Where possible, longer term project funding (three or four years) will be pursued to provide continuity and stability for the Trust's finances, staff and delivery. co.no: 1612249
MONTGOMERYSHIRE WILDLIFE TRUST LIMITED TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES. RESPONSIBILITIES The Trustees (who are also directors of Montgomeryshire Wildlrfe 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. Under company law the Twstees must not approve the financial slatements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and applicatlon of resources, including the income and expenditure, of the charitabEe company for that period. In preparing these financlal statements, the Trustees are required to: select sultable accountlng pollcles and then 8ppFy them consistently; ob8eNe the methods and principles in the Charities SORP: make judgments and accounting estimates that are reasonable and prudent; prepare the financlal statements on the goirrfJ concern basis unless it is inappropriate to presume that the Trust will continue in operation. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Trust's transactions and dlsclose wlth reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financlal statemenis comply with the Companies Act 2006. They are also responsible for safeguardlng the a8sets of the Trust and hence for tsklng reasonable steps for the preventlon 8nd detection of fraud and other Iegular1ties. PROVISION OF INFORMATION TO AUDITOR So far as each of the Trustees is aware at the time the report is approved: there is no relevant audit information of which the Twst's auditor is unaware, and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audlt Informatlon and to establlsh that the audltor Is aware of that Informatlon. AUDITOR A resolution proposing that Mitchell Charlesworth be re-appointed as auditor of the Trust will be put to the Annual General Meeting. In preparing this report, the Trustees have taken advantage of the small companies, exemptlons provkled by sectlon 415A of the Companles Act 2006. Thls report was approved by the Trustees arrfd signed on thelr behalf by: TIM Mcvey Chalr 23 July 2024 10 co.no: 1612249
MONTGOMERYSHIRE WILDLIFE TRUST LIMITED INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS AND TRUSTEES OF MONTGOMERYSHIRE WILDLIFE TRUST LIMITED Opinion We have audited the financial statements of Montgomeryshire Wildlrfe Trusl Limited and its subsidiary for the year ended 31 March 2024 which comprlse the Group Statement of Financial Activities. the Group Summary Income and Expenditure Account, the Group and the Parent Charitable Company Balance Sheet and the notes to the financial statements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their pparatIOn is applicable law and United Kingdom AccountirvJ Standards, including Financial Reporting Stsndard 102 The Financial Reporting Standard applicable In the UK and Republic of Ireland (United Kingdom Generally Accepted Accountlng Practice). In our oplnlon Ihe financial statements: give a true and fair view of the state of the group's and parent charitsble CoMpanS affalr8 a8 at 31 March 2024, and of the group's incoming resources ar)d application of resources. including its income and expenditure, for the year then ended; have been properly prepared In accordance with United Kingdom Generally Apted Accounting Practice. and have been prepared In accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audlt Sn accordance wlth Internatlonal Stsrxlards on Audltlng (UK) (ISAS (UK)) and appllcable law. Our responsibilities under those standards are further described in the Audltor's responsibilities for the audit of the financial stalements sectlon of our report. We are independent of the group and parent charitable company in accordance with the ethlcal requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, arKJ we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audlt evidence we have obtained is sufficient and appropriate to provlde a basis for our opinion. Conclu8lon8 relatlng to golng GOnM In audltlng the financial slatemenls, we have concluded that the Trustees, use of the going concern basls of accountiry in the preparation of the financial statements is appropriate. Based on the work we have performed, vfft have not identified any materlal uncertalntles relating to events or Conditions that, individually or collectlvely, may cast significant doubt on the Trusfs ability to continue as a going concern for a period of at least hvelve months from when the financial statements are authorised for issue. Our responslbllities and the responsibilities of the Trustee8 with respect to going concern are descrSbed in the relevant sections of this report. Other Information The Trustees are responsible for the olher infonnation. The other Informatlon comprises the information included in the Trustees. annual report, other than the financlal statements and our auditor's reFX)rt thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise expllcltly stated in our report, we do not express any form of assurance condusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other Infomiation and, In doing so. consider whether the other information is materially inconsistent with the financial statements or our krK)wledge obtained in the audit or otherwise appears to be materlally misstated. If we identrfy such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material mlsstatement of the other infonnation. If. based on the work we have performed, we conclude that there Is a material misstatement of this other infoation, we are required to report that fact. 11 co.no'. 1612249
MONTGOMERYSHIRE WILDLIFE TRUST LIMrrED We have nothing to report in this regard. Oplnlons on other matters prescribed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Twstees. report for the financial year for whlch the financial statements are prepared is consistent with the financial statements: and the Trustees, Report has been prepared in accordance wllh appllGable legal requirements. Matters on whlch we are requlr•d to report by exceptlon In the light of our knowledge and understanding of the Trust, and its environment obtained In the course of the audlt, we have not identlfied material mls8tatements in the Trustees. report. We have nothing to report in respect of the following matters where the Companles Act 2006 requires us to report to you rf, in our opinion.. adequate accountlng records have not been kept or returns adequate for our audit have not been recelved from branches not visited by us; or the financial ststements are not in agreement wlth the accounting records and returns. or certain dlsclosure8 of Trustees, remuneration speclfied by law are not made; or we have not receÉved. all the information and explanations we require for our audit. or the Trustees were not entitled to prepare the flnanclal statements in accordance with the small companl8S' regime. RespOnslbllltl of Trustee8 As explained more fully in Ihe Trustees, responsibilities Statement, the Trustees (who are a180 the directors of the Gharitable company for the purposes of company law) are responslble for the preparation of the financlal statements and for belng satisfied that they give a true and fair view, arKI for such internal control as the Trustees determlne is necessary to enable the prepar8tlon of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the group's and parent charitable company's ability to contlnue as a going concern, disdosing, as appllcable. matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the group or ltr parent char5table company or to cease operations, or have no reallstic alternatlve but to do so. Audltorfs re8pon8lbllltle8 for the audlt of the flnan¢lal 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 oplnion. Reasonable assurance is a hlgh level of assurance, but is not a guarantee that an audit conducted in accord8nce with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fr8ud or error and a consldered material rf. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basls of these financial statements. Irregularities, Includlng fraud. are instances of non-compliance with lay 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 detectlng irregularities, including fraud, is detailed below. Extent to whlch the audlt was consIder capable of detectlng Irregularities, Includlng fraud We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks. including obtalnlng audit evidence that Is sufficient and appropriale to provide a ba818 for our opinion. 12 co.no: 1612249
MONTGOMERYSHIRE WILDLIFE TRUST LIMITED Idontlfylng and assesslng potential risks related to irregularftles In identifying arml assessing risks of material misstatement in respect of irwularltles, Includlng fraud and non- compliance with laws and regulstlons. we considered the following: the nature of the sector, corrtrol environment and Trust perfomiance: the Trust's own assessment of the risks that irregularities may occur elther as a result of fraud or em)r; the.results of our enquiries of Margernent and members of the Board of Trustees of their own identifKation and assessment of the risks of irregularities", any matters we identrfied havlng obtalned and reviewed the Trusfs documentation of their policles and procedures relatlng to: identlfylng, evaluating and complying with laws and regulations and whether they were aware of any Instances of non-compliance: detecting and responding to the risks of fraud and whether they have knowledge of any actual, SU8pected or alleged fraud; the intemal controls established to mitigate rlsks of fraud or non-compliance with laws and regulations. and the matters discussed among the audlt engagemant team regarding how and where fraud mlght occur in the fin8nclal statements and any potential Indicators of fraud. As a result of these procedures, considered opportunitles and Incenttve8 that may exist within the company for fraud and Identified the greatest potential for fraud In the followSng areas (i) The recognitlon of revenue. (11) the allocation of income and expenditure between restrNed and unrestricted fund8. In common th all audits under ISAS (UK), we are also required to perform specific procedures to respond to the rBk of management override. We also obtained an understanding of the legal and regulatory framework that the Twst operates In, focuslng on provisions of those laws and regulatlons that had a direct effect on the determination of rnaterlal amounts and disclosures In the flnanclal statements. The key laws and regulations we consldered in this context included the Companles Act 2006, Charities Act 2022. and Health and Safety leglslatlon. In additlon, we considered provlsions of other laws and regulations that do not have 8 direct effect on the financlal statements but compliance with which rnay be fundamental to the Trust's ability to operate or to avoid a materlal penalty. These included Data Protection Regulations. Audlt rospon8• to rlsks Id•ntlfled As a result of performing the above, we Identified the recognltion of revenue, and the allocatlon of Income and expenditure between restrlcted and unrestricted funds as the key audit matters related to Ihe potential risk of fraud. In addltlon to the above, our procedures to respond to risks identffie(I Included the following: reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulatlons described above as having a direct effect on the financial statements; enquiring of management and members of the Board of Trustees concernlng actual and potential litigation and daims". performing analytical procedures to identify any unusual or unexpected relationships that may indicate rhsks of material misstatement due to fraud; reading minutes of meetings of those charged wlth govemance arml reviewing correspondence wSth relevant authorities where matters Identified were signifrant; and in addresslng the rlsk of fraud through management override of controls. testlng the appropriateness of Journal entries and other adjustments," assessing whether the judgements made in making accounting estimates are indicative of a potential bias: and evaluating the business rationale of any signfficant transactions that a unusual or outside the normal course of business. 13 co.no: 1612249
MONTGOMERYSHIRE WILDLIFE TRUST LIMITED We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. A further description of our responsibilities is available on the Financial Reporting Council's website at: httpsJlVM.frC,org,UkIaudlt0rsresponSlb1titles. This description forms part of our auditorfs report. This report Is made solely to the charltable company's members, 8s a body, In accordance with Chapter 3 of Part 16 of the Companles Act 2006. Our audlt work has been undertaken so that we might state to the charitable company's members and Its Trustees those matters we are requlred to state to them In an audltor's report and for no other purpose. To the fullest extent permitted by law, do not accept or assume responsibility to anyone other than the charitable company and the charltable company's members. and the charitable companys Trustees as a body, for our audli work, for this report. or for the aplnlons we have formed. 11 September 2024 Jamlelee Johnston {Sanlor Statutory Audltor) For and on behalf of Mltchell Charlosworth (Audlt) Llrnlt•d statutory Audltor 3rd Floor 44 Peter Street Manchester M2 5GP Mitchell Charlesworth (Audit) Limited is eligible to 8Ct as an auditor in terms of Section q212 of the Comp8nie8 Act 2006 14 co.no: 1612249
MONTGOMERYSHIRE WILDLIFE TRUST LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating consolidated income and expenditure account) FOR THE YEAR ENDED 31 MARCH 2024 Restricted Unrestrictod Totsl funds funds fund8 2024 2024 2024 Resfricted Unrestricted funds funds 2023 2023 Total funds 2023 Nota Income from Donations and legacl88 94,162 158,589 252,751 350, 000 125,q85 475, 185 Charitable activities 663,079 663,079 948,421 948,421 Trading activities 279,510 279,510 238, 740 238, 740 Investment Income 301 301 149 149 Total Incomo 757,241 438,400 1,195,641 1,298,421 384.074 1.662.495 Expendlture Charltable actlvltles 525,456 470,327 995,783 602,969 298, 745 901,714 Tradlng activities 171,106 171,106 152,872 152,872 Total •xp•ndlturo 641433 1166 889 602 969 451,617 1054 586 231,785 (203,033) 28,752 695,452 (87,543) 607,909 Gain on revaluation of investments 13 Net Incom61(expondltur•) 231,785 {203,033) 28,752 695,452 (87.543) 607.909 Transfers beiween funds 17 (186,134) 186,134 (68,895) 68,895 N•t movement In funds 45.651 (16,899) 28,752 626,557 (q8,648) 807,909 ReconclllatSon of funds Funds 8t l Apn'l 2023 2, 767,304 734,140 3,501,444 2, 140,747 752, 788 2,893,535 Fund8 at 31 March 2024 2,812,955 717,241 3.530,196 2,767,304 734, 140 3,501,444 The notes on pages 18 to 35 form part of these financial statements. 15 co.no: 1612249
A8 AT 31 IIARCH 2024 11 13 2.937,116 37 2,Wrn 2.937.116 2.eM7aT 37.822 37.922 37.922 2.974 W 2 924.518 2 975.038 2924 6 14 15 070 ¥2.918 2.775 52.704 Caeh at bank afKI In h•xl 2.775 19Z758 154, 981 614,968 59.710 599.367 640.122 7Q596 55,452 68.558 16 HcuRRE•l7 A88ET8 57¢896 543.915 5TI,J64 3,.1 3.r)t444 3A18853 3496 12 CH•AifY FUNDS R•ict•d ldI 17 2A12.9&fj ZT6T.304 2.812.gSS IT67.1 717241 784.140 705,998 r28,908 17 TOTAL FIINOS 3 sao 196 3 501444 3 518 953 212 TIM W•y. Chw.............. ....................................... Ann Tre•8urer ........................ . .......,................. 16 (x•.Th)." 1612249
MorGoMERYsH1RE WILDLIFE TRUST LIMITED CONSOLIDATED STATEMEKf OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from operating actlvltles: Net cash provided by operating activities 272,350 717,747 Cash flows from Investlng actlvltlos: Purchase of tanglble fixed assets {176,978) (343,796) Net Cash u8•d In Investlng actlvltla8 (176,978) (343,796) Change In cash & cash equivalents in the reportlng period 95,372 373.951 Cash & cash equivalents at the start of the reporting period 453,608 79,657 Cash & cash equlvalents at th• •nd of the reportlng perlod Roconclllatlon of not Income to net Gash flow from operatlng actlvltl•8 Nel Incom• for th• reportlng perfod 28,752 607,909 AdJu8tm•nts for: Depreclatlon 126,588 95,942 (Gain)Iloss on investments (Increase)Idecrease in stocks (3,367) (7,019) (Increaseydecrease in debtors 131,263 139,228 Increasel(decrease) In creditors {10,886) (118,313) 243.598 109,838 Net cash provlded by operatlng actlvltlos 272,350 717,747 Analysls of cash & cash aqulval•nts Cash in hand 548,980 453,608 Total cash & Cash equlvalents 548,980 453,608 17 co.no: 1612249
MONTGOMERYSHIRE WILDLIFE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31.MARCH 2024 ACCOUNTING POLICIES 1.1 General inforniatlon Montgomeryshire Wildlrfe Trust is a charity incorFY)rated as a company Ilmlted by guarantee in England and Wales. In the event of the Trust being wound up, the liablllty In respect of the guarantee is limited to £1 per member of the Trust. The registered office is Park Lane House, High Street. Welshpool, Powys, SY217JP. 1.2 8a818 of preparatlon of flnanclal slatemonts The financial statements have been prepared in accordance with the Companles Act 2006 and the Charities SORP (FRS 102) 'Accountlng and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wlth the Financial Reporting Standard 102 (effective January 2019>,, 8nd on the going coneern basls. Assets and liabilities are initially recognlsed at hlstorical cost transaction value unless othenvise stated in the relevant accounting policy. The figures In the accounts are rounded to the nearest £ and the presentational currency Is sterllng. The Trust meets the deflnltlon of a public benefft entlty undw FRS 102. 1.3 Group flnanGlal $tatoments The financial statements consolldate the results of the charity and Its wholly owned subsidiary Mwr Trading Limited on a1Sne-by-Ilne basis. A separate Statement of Financial Activities and Income and Expenditure Account for the charlty have not been presented because the Trust has taken advantage of the exemption afforded by sectlon 408 of the Companies Act 2006. The directors have approved the omission of the companys Individual Income and expenditure account in accordanc6 wlth sectlon 414(1) from Ihe company's annual accounts. 1 .4 Tanglble flxod a88et8 and depreclatlon Tangible fixed assets {costlng individually in excess of £1,000) are stated at cost less depreciation. Depreciation is provlded at rates calculated to write off the cost of fixed assets, less their estimated sidual value. over their expected useful lives on the followlng bases.. Land reserves Cors Dffi property Motor vehicles Conservationloffice equlpment 20125150 years straight line 250/0 straight line 25% reducing balance110 years straight line Depreciation Is not provided for assets under constructlon or not fully operational at the year end. 1.5 Investments Flxed as5el investments (Single Farm Payment Entitlements) are stated at market value. The Trust holds 100 shares of £1 each in its wholly owned trading Subsidiary company, Trading Limited, which is Incorporated in the United Kingdom. These are the only shares allotted, called up and fvlly paid. The activities and results of this company are summarised in note 10. 18 co.no: 1612249
MONTGOMERYSHIRE WILDLIFE TRUST LIMITED NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1.6 Stocks Stocks are valued at the lovrfer of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportiop of fixed and variable overheads. 1.7 Debtors Trade and other debtors a recognised at Ihe settlement amount after any trade dlscount offered. Prepayments are valued at the amount prepald net of any trade discounts due. 1.8 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments Wlth original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilitles. 1.9 Llabllltl Llabilities are recognised when there Is an obllgatlon at the balance sheet date as a re8uIt of a past event, It Is probable that a transfer of economSc beneflt will be required in settlement and the amount of the settlement can be estlmated rellably. Llabllities are recognised at the amount that the Trust anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. 1.10 Fund accountlng General funds are unrestrlcted funds whlch are available for use at the dlscretlon of the Trustees in furtherance of the general oblectlves of the Trust and which have not been designated for other purpose8. Designated funds are unrestricted funds not readlly avallable for spending as they reffect the cost of land reserves purchased by the Trust. These funds can only be released by disposlng of land held for use by the Trust, Restricted funds are funds which ar8 to be used In accordance wlth specmc reslrlctlons Imposed by donors or which have been raised by the Trust for particular purpo8e8. The cost3 of raising and administering such funds are Gharged against the specific fund. 1.11 Income recognltlon All income is recognised once the Trust has entitlernent to the income, It is probable that the income will be received and the amount of income receivable Can be measured reliably. For legacles, entltlement Is taken as the earller of the date on which either: the Trust is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the Trust that a distribution will be made, or when a distribution is received from the estste. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the Trust has been notified of the executor's intention to make a distribution. Where legacies have been notified to the Trust, or the Trust is aware of the grantlng of probate. and the criteria for income recognition have not been met, then the legacy Is treated as a contingent asset and dlsclosed if material. Income tax recoverable In relation to donations received under Gift Aid or deeds of covenant Is recognised at the time of the donation. 19 co.no: 1612249
MONTGOMERYSHIRE WILDLIFE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1.12 Expenditure All expenditure Is accounted for on an acwals basis and has been included under expense categorles that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular actlvltles they have been allocated on a basis consistent with the use of the resources. Support costs are those costs Incurred directly in support of expenditure on the objects of the Trust and include project management carrled out at headquarters. Governance costs are those incurred in connection with administratlon of the Trust and compliance with constitutional and ststutory requirements. 1.13 Penslon8 Th8 Trust operates a defined contributlon penslon scheme and the pension charge represents the amounts payable by the Trust to the fund in respect of the year. 1.14 Operatlng l•aso8 Rentals under operating leases are charged to the Statement of Financial Actlvlties on 8 straight line basis over the lease term. 1.15 Materlal unc6rtalntl•slJudgoments There are no mat8rlal uncertainties or judgements contslned wlthln the presented figures. 1.16 Golng concern At the time of approving the financlal statements. the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. As Such. the Trustees continue to adopt the going concern basis in preparing the flnanclal statements. 20 co.no: 1612249
MONTGOMERYSHIRE WILDLIFE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 DONATIONS AND LEGACIES RostrlGted Unrestrlct funds funds 2024 2024 Total funds 2024 RestriGt8d UnreStrted fvnds funds 2023 2023 Total funds 2023 Donationslsubscriptions Legacies 123.600 34,989 123.600 129.151 125,185 125. 185 350.000 94,162 350.000 94,162 158,589 252,751 350,000 125, 185 475,185 A further £94,162 was recelved In the year brlrKJlng to £444,162 the legacy reeelved following the sad death of a long term and dedlcated volunteer at the Dyfi Osprey Project at Cors Dyfi. In accordance wlth the stated wishes of the volunteer, the legacy Is to be restricted to the Trust's work at that reseNe. Plans have been developed to utlllse th8 legacy on capltal expendlture at the reserve and the continuing development of the volunteer programme. Durlng the year two unrelated and unrestricted legades of £5,000 and £29,989 were received. Since the year end, in July 2024, a further unrestricted legacy of £115,601 has been received whlch wlll be included In the next year's accounts. CHARrrABLE ACTIVITIES - INCOME Re8trlcted Unrastrlctod funds funds 2024 2024 Total Restricted Unrestricted funds funds 2023 2023 Total 2024 2023 Nature Reserves Wlder Countryslde Education & Community Cors D1 incl DWC 110,917 129,741 343,099 79,322 110,917 129,741 343,099 79.322 102,472 156,971 514, 139 174,839 102,472 156,971 514, 139 174, 839 663 079 948,421 948 421 TRADING ACTIVITIES- INCOME Restrlcted Unrestrlcted funds funds 2024 2024 Total funds 2024 Restrlctgd Unrestrlcted funds funds 2023 2023 Total funds 2023 Grazing Consultancy Shop & café sales Admissions Other 3.850 8,639 182,349 75,022 9.650 3,850 8,639 182,349 75,022 9,650 3, 750 4,504 158.104 65.102 7.280 3, 750 158.104 65.102 7,280 279 510 279 510 238 740 238, 740 21 co.no: 1612249
MONTGOMERYSHIRE WILDLIFE TRUST LIMrrED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INVESTMENT INCOME Restricted Unr8Strlcted funds funds 2024 2024 Total funds 2024 Restricted Unrestrkted funds fvnds 2023 2023 Total funds 2023 Bank interest 301 301 149 149 CHARITABLE ACTIVITIES - EXPENDITURE Dlrèct 2024 Support 2024 Total 2024 Dlrect 2023 Support 2023 Total 2023 Project costs Wages and salaries Premises costs Operational costs Governance costs Membership costs Travd and motor Depreclatlon 152,612 518,116 152.612 600,682 15,387 76,284 6,950 10,354 6.926 126,588 137,006 476, 131 137,006 547,652 t5,930 74,32q 7,036 10,830 12,997 95,942 82.586 15,387 63,741 6,950 10.354 71,521 15,93Q 63,415 7,038 10.83Q 657 12,543 10,906 5,984 126,588 12,340 95,942 179,940 732 325 169,389 901 714 TRADING ACTIVITIES - EXPENDITURE Restrlcted Unre8trlGled funds fund8 2024 2024 Total funds 2024 Resfrict8d Unrestrl¢ted funds funds 2023 2023 Total funds 2023 Shop & café costs 171106 171,106 152 872 152,872 NET INCOME This is stated after charglng: 2024 2023 Depreciation of tangible fixed assets Auditor's remuneration: audit - other services Pension costs 126,588 95,942 6.950 1.786 27,158 7,036 1,380 23,591 No Trustees received any remuneration, benefrts in kind or reimbursement of expens8s (2023 - £nll)- co.no: 1612249
MONTGOMERYSHIRE WILDLIFE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STAFF COSTS Staff costs were as follows: 2024 2023 Wages and salaries Social securlty costs Other pension costs 601,934 46,590 27,158 550,396 39.q11 23,591 675 682 613 098 The average monthly number of staff durlng the year was as follows: No. 31 No. 29 Charltable objectives and support No employee recelved remuneration amounling to more than £60,000 In either year. The key management personnel comprised the Senlor Management Team. remuneratlon amounted to £147,130 {2023: £143,102). Their aggregate 10. SUBSIDIARY RESULTS The wholly-owned subsidiary company, Mlotr Trading Limited (company number 13346687), was formed in April 2021 and operates the shop and café at the Dyfi Wlldllfe Centre and the Welshpool Shop. Its profits will be pald to the Trust. The registered office of the subsidiary company Is Park Lane House, High Street, Welshpool, SY217JP. A summary of the tradlng results for the year Is as follows: 2024 2023 Turnover Cost of sales and administration costs Wages and salaries 182,349 (96,106) {75,000) 158. 104 (87,425) (85,447) Net profit 11,243 5,232 To be donated to the Trust (11,243) 5.232 Retained In subsidiary Current assets CreditC>rs- accounts due within one year 45,439 {34,096) 45,999 (40,667) Net assets 11.343 5.332 Share capital Profit & loss account 100 11.243 100 5,232 11,343 5,332 23 Go.no." 1612249
MONTGOMERYSHIRE WILDLIFE TRUST LIMrrED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. TANGIBLE FIXED ASSEfs {group and charity) Land roS8tves' Cors Dyfi propertf. Motor v•hiclo8 Projectlofflco equlpment Total Cost At 1 April 2023 649,054 2,107,775 25,195 696,211 3.478,235 Additions 77,372 61,449 38,157 176,978 Restate cost
(155,015) (155,015} At 31 March 2024 649,054 2.185,147 86.644 579,353 3,500,198 Deproclatlon At 1 Aprll 2023 223,713 17,995 349,801 5g1,509 Charge for the year 59,598 20,163 46,827 126,588 Restate depreciatlon
(155,015> (155,015) At 31 March 2024 283,311 38,158 241,613 563,082 Net book valu• At 31 March 2024 649,054 1,901.836 48,486 337,740 2,937,116 At 31 M8rch 2023 649,054 1,884,062 7.200 346,410 2,886,726 "See note 12 below for analysis of Land reserves. -Legal charges 1. In accordanGe with the terms of the award by the Heritsge Fund towards the construction of the 360 Observatory, boardwalk and Interpretation, the Trustees of the National Heritage Memorial Fund were granted a charge over the freehold land at Cors Dyll. 2. In accordance with the terms of the award by the Herltage Fund towards the constructlon of the Dyfi Wildlife Centre, the Trustees of the National Herltage Memorial Fund were granted a charge over the freehold land at Cors Dyfi. 3. In accordance with the terms of the award by the Welsh Government Communty Facilities Programme towards Ihe constructlon of the Dyfi Wildlife Centre, the Welsh Ministers were granted charge over the freehold land at Cors Dyfi. "Restatement of cost and depreciation This relates to items previously ownedlowned but no longer In use which have been fully depreciated over time. The am8nded cost and accumulated depreciation figures MO accurately refflect the cost 24 co.no'. 1612249
MONTGOMERYSHIRE WILDLIFE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. LAND RESERVES The following list of reserves represents those for which the Trust is currently responslble.. Acres Total Glaslyn Roundton Hlll Dyfnant Meadows Severn Farm Pond Llanmereviig Glebe Ty Brith Dolydd H8fren Morfa Dyfi Llandinam Gravels Coed Pendugwm {glft) Cwm Y Wydden {glft> Uyn Mawr (gfft) Uandlnam Reserve (gift) Red House (gift) Llyn Coed Y Dinas Cor8 Dyfi Dolforwyn Woods Leased properties: 1. Llanymynech Rocks 2. F11 Penarth 535 88 23 77,300 44.336 15.000 5.394 2.875 41,633 43,000 10,829 150,000 14 104 94 30 Jo 20 41 30,000 31.036 16,825 180,826 49 1,261 649,054 In accordance wlth the SORP 2020. the Red House gift was Included In both incoming resources and reserves owned at the estimated value at the time of the gfft. Previous grfts made prior to the SORP 2000 have been included at £nil. 1. Llanymynech Rocks is being jointly leased with Shropshire Wildlife Trust. 2. Pwll Penarth is being leased from Severn Trent on 8 25 year lease. 13. INVESTMENTS Group Charlty 2024 2023 2024 2023 Single Farm Payment Entitlement Market value at 01.04.23 Gain on revaluatlon 37,822 37,822 37,822 37,822 Market Value at 31.03.24 37,822 37,822 37,822 37,822 £100 ordinary shares in subsidiary 100 100 37,822 37,822 37.922 37,922 25 co.no', 1612249
MONTGOMERYSHIRE WILDLIFE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. STOCKS Group Charlty 2024 2023 2024 2023 Goods for resale & statlonery 15. DEBTORS Group Charlty 2024 2023 2024 2023 Other debtors 192 758 16. CREDITORS: amount8 falllng duo wlthln on• year Group Charlty 2024 2023 2024 2023 Trade creditors Social security and other taxes Accruals and deferred Income 26,778 12,758 20,174 35,259 9.$71 25,968 22,520 12,758 20,174 33,821 9,371 25,366 69,710 70,596 55,452 68,558 17. STATEMENT OF FUNDS Tran8far8 Inl{out) Expendltur• Revaluatlon Brought forward Carrled forward In¢om• Deslgnated funds. 468,228 468,228 General funds 265,912 438,400 (841,433) 186,134 249,013 Total unrtrIcted funds 734,140 438,400 {641,433) 186,134 717,241 Restrldod fund8- 2,767,304 757,241 525,456 186,134 2.812.955 Total funds 3,501,444 1.195.641 1,166,889 3.530,196 Yhese funds reflect the cost of18nd reserves purchased by the Trust as set out in note 12 above, wlth the exclusion of the acquisition of land at Dolfown Woods which was purchased at a cost of £180,826 (including costs}. The fund5 raised to purchase this reserve remaln as restricted. 'Of the re8tricted funds, £2,037,285 (2023 £2,026,337) relate to capital funding at the Cors Dyfi reserrfe ie Dyfi Wildlife Centre, 360 Obser4atory & Boardwalk. This sum relates to construction costs which have been capitslised and included as fixed asset additions which will be depreciated over periods of up to 50 years. The relevant amounts will be released from restricted funds over that time. co.no: 1612249
MONTGOMERYSHIRE WILDLIFE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 RESTRICTED FUNDS Brought forward Incomè Expondlturo Transfers Inl{out) Revaluatlon Carried forward Nature Reserves Purchase of Llandinarn Gravels - CCW (now NRW) Purchase of Dolforwyn Woods Welsh Government Glastir - Basic Payment Scheme - Organic strategic Allocated Funds - NRW Pwll Penarth - insurance proceeds 10,864 180.826 (188) 10,676 180,826 41,816 45,427 (41,816) (45,427) (7,860) 14.488 14,488 10,310 {2,579) 7,731 15,814 15,814 216,488 110,917 (95,103) {2,767) 229,535 Wldor Countryslde Pumlumon - Pure Leapfrog Pearf-bordered Frltlllarles - Pioneer Fund - PPURswr Pathvrdys for Pearls - Hafren DyfrdY Canals, Communities & Wellbelng ENRaW Wilder M8r¢hes - development phase Cefn Croes 30,850 75,000 (27,530) 78,320 7,921 (7,921) 3,512 28,319 (31,831) 8,570 {8,570) 1,820 4,360 5,571 (4,363) (5,571) 1,817 36,182 129,741 85,786 Educatlon & Communlty Open Newtown - ENRaW Stand for Nature Wales - Natlonal Lottery Community Fund Wlld Skllls. Wild Spaces - WG I NLCF Wild Wellbeing Partnership Programme - Barcud Green Connections Powys - Welsh Government Team Wilder- NLHF Local Nature Partnership - Powys County Council Fairway to Haven-welsh Govemment Bird Group Friends of Deri Woods 3,695 (3,695) 63,609 (63,609) 146,703 202,495 (202,495) (15.000) 131,703 4,688 (4,688) 14,410 28.244 3.530 (14.410) {28,244) (3,530) 20,854 1.274 300 (20,854) (537) 1.594 2,331 300 148,297 343 099 342,062 15,000 134,334 Other Legacy 340.000 94,162 102,498 331,664 27 co.no: 1612249
MONTGOMERYSHIRE LDLIFE TRUST LIMrrED NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 MARCH 2024 RESTRICTED FUNDS (continu•d) Brought Forward Income Expendlture Transfers Inl(out) - Revaluation Carrled Forward Cors Dyfi 360 Project Capital Heritage Fund CAN 3 {NRW) 438.504 189,715 (11,917) (5,185) 426,587 184,530 628 219 611 117 Dyfi Wlldllf• Centre Capltal Heritage Fund Welsh Government Community Facilities Programme GarfSeld Weston Arwain NWIArriENRaW 559,738 559,738 300,000 30,000 36.061 38.390 58,915 12,800 162,188 10,000 300.000 30.000 36.061 54,335 58,915 12,800 162,188 31,259 15,945 Ceredigion CC Donations Legacy 21.259 1,208,092 (78,039) 15,945 21,259 1,245,296 (42,658) {120,697) Depreciation release 1130053 15,945 1 124,599 Corn Dyn Re8•rv• Boardwalk & securlty Nature Networks Fund - NLHF 137,794 20.359 Car park I solar energy Brilllant Baslcs Fund 130,271 7,009 123,262 Total - Cors Dyfl l DWC 2 026 337 2 037 285 Total Restrlcted Fund8 2,767 304 757 241 525,456 186 134 2812955 Transfers Inl(out) - detailed in narrative notes below. Comparatlve flgures to Note 17 arn Includ below the Gurrent yearfs notas on pages 33. 35. 28 co.no: 1612249
MONTGOMERYSHIRE WILDLIFE TRUST LIMITED NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 MARCH 2024 Nature Reserve8 Uandinam Gravels The purchase of this land for £150,000 in the year ended 31 March 2001 was funded in part by a contribution of £15,000 from the Countryside Council for Wales (r¥Jw NRW). In line with the conditions attached to this funding. the funds a being VItten back to unrestricted funds over 80 years from the year of purchase, the stated balance being repayable in the event of a sale or alternative use (within 80 years from the purchase). £188 transferred from restricted to unrestrlcted funds- write back as explalned above. Dolforwyn Woods The purchase of Dolforwyn Woods (completed on 31 March 2015) was funded from a fundraislng campaign by the Trust with monle8 raised to fund the purchase included as restricted funds. Glastlr, Baslc Payment Scham• and Organlc These Welsh Government schemes fund the vltal work done on the Trust's Mature Reserves across the county. Capit81 works, such as fencing and dltch blocking, combined wlth habitat management help ensure that the Nature Reserves are kept in the best condition for wildlrfe. The fundSng also covers staff time for those who ensure the Trust Is compliant In Its Welsh Government funded work. Strateglc Allocated Funds {SAF) By means of a project tltled 'Connectlng People and Nature through Safe a8$$ lo land owned and managed by eNGOs in response to Covid-19', the NRW SAF fundlng supported the Wildlrfe Trusts across Wales to overcome the challenges of the Covid-19 lockdown and maintain their land holdings In good condition for people and wlldlffe. Part of these funds are being released to unrestricted funds over future years in line with depreciatlon charged on assets acquired as part of the project. £2.579 transferred from restricted to unrestrlcted funds - write back as explained above. Pwll Pénarth Insurance proceeds of £15,814 were received from the Trust's Insurers following destruction of the res8Ne's bird hide by vandals. Plans for a reaCement are under conslderation. Wldor Count 8lda Pumlumon - Pure Leapfrog The Pumlumon Projecl continues to engage with landowners to promote the v8ried benefits of re-wetting and protecting the uplands. Healthy, wet bogs retain flood water and carbon, while also improviro blodlversity and offering tourism opportunltSes. Pure Leapfrog are fundlng a two-year project which will work to: help landowners arKI managers progress ecologlcal restoration and creation work and gain accreditation for thls through carbon schemes. overcome barriers that are holding back IrKlividual projects and the malnstreaming of PES schemes at a larger scale. It will involve puttlng landowners and managers at the centre as solutions are innovated and negotiated with multiple stakeholders. Pearl*ordered Frftlllarles - PPURswr This award from the Pioneer Fund is to fund people engagement as part of the Trust's ongoing work for PBFS. talking to landowners and educating the local community groups. schools etc. Pearl-bordered Frltlllarles - Pathways for Pear18 - Hafren Dyfrdwy This project is part of Hafren Dyfrdwy'5 commitment to irnprove 450 ha of their land for wildlrfe by 2025. The Trust is assisting them with this on 1 Ooha with a focus on improving these areas for PBFS by means of hedge management. meadow creation etc. 29 co.no: 1612249
MONTGOMERYSHIRE WILDLIFE TRUST LIMrrED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Canals, Communltles & Wellbelng - ENRaW Working with a number of partners across Povrys. this project aims to enhance the environment along the two canal corridors within the county as well as to develop connections between them and the communty. It will raise awareness of the wealth of wildlife that Calls the Montgomery Canal home. Wllder Marches Montgomeryshire, Radn0rShi, Herefordshire and Shropshlre Wildlife Trusts are workiro in partnership to safeguard and restore the unique arKJ blodiverse Eandscape of the Wilder Marches. The project is currently in its development phase. Cafn Crnes A condition of plannlng consent for wind farms is that money will be spent on environmental mltlgatlon and habitat restoration. The Trust is working with owners of the Cefn Croes windfann, which Is adjacent to the Pumlumon Project area, to ensure that this funding is put to the best use for wildlrfe. A management plan has been produced and various wildlife surveys will be undertaken, as well as monthly hydrologlcal monitoring. Educatlon & Communlt Opon N6Wtown Working in partnershlp wlth Open Newtown, staff seconded to the Where the Severn Smiles project were able to offer free vkShopS In Newtown in an effort to engage people with their local green spaces. Stand for Nature Wales (Cllmate Actlon Fund) Stand for Nature Wales is a Wildlife Trusts partnershlp project. Over the next few years, the project will seek to inspire young people to become leading voices for nature and climate change. We want to use this lime to work together to come up with solutions to our cllmate problems, through practical conservation, spreading the word through film and online social medla and a little engineering. Id Skllls, Wlld Spaces The Wild Skills, Wild Spaces project (phase 1 to 2023 - funded by the Welsh Government. phase 2 from 2023 - funded by the National Lottery Community Fund) offers a slngle point of access for Feople to a range of well- developed and evidence based ecotherapy activities that are based in local green spaces and across some of the Wildllfe Trust's nature reserves in Montgomeryshire. These sessions will help to manage a range of health and wellbelng Issues, as well as generally promoting positive mental health benefits. Part of the8e funds are being released to unrestricted funds over future years in line with depreciation charged on assets acquired as part of the project. £15,000 transferred from restrlcted to unrestricted funds - wrlte back as explained above. Wlkl Wollbelng Partnershlp Programme Mwf is working in partnership with Barcud to improve biodiversty at their newly built Gungrog housing estate in Welshpool. Project staff will help identify and maintain existing habitats, such as hedger¢)ws, while also creating new wildlife friendly spaces, such as a wildfiower meadow. The my team will engage with the residents and offer them opportunltles to get involved wlth their local wildlrfe arKI take ownership of the green spaces around them. Green Connections Powys Green Connections Powy5 Is a Welsh Government funded collaborative Wildlrfe Trusts project 8cross Powys working with community groups, small businesses, landowners and local councils to take action to address climate change and biodiversity loss and create a nature recovery network across the county. Together vrfe will be surveying and mapping wildSife, advislng on habitat management and nature-based solutions. helping people encourage more wildlrfe into their communities and offering opportunities for upskilling and volunteering. 30 co.no: 1612249
MONTGOMERYSHIRE WILDLIFE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 MARCH 2024 Team Wllder Nextdoor Nature is the latest project from Team Wilder which aims to empower communities to take action to help nature flourish where they live and work by providing people with the advice and support they need to help nature on their doorstep. Local Nature Partnershlp Funding for the design, production and installation of interpretatlon boards at Roundton Hill and Red House Nature Reserves was provlded by thls project. Falrway to Hav•n The Welshpool Falroiay to Haven project is a partnership project, led by Welshpool Golf Club, whSch focusses on managlng and enhancing land for nature, whilst also improving access for local people. The project Is funded by Welsh Government's Local Places for Nature Challenge Fund, administered by WCVA. Welshpool Golf Club is working with Mvtr to carry OLrt habitat management and surveys, by settSng up a 'Frlends of PBFS, volunteer group and purchasing specialist machinery to work in bracken and scrub on Steep slopes. The project team will also run events, install new interpretstion and improve access. Mwf 81rd Group l Frlend8 of Derl Woods Mwf provldes administrative, financial and other support to these two groups. Other Legacy A further £94,162 was received in the year bringing to £444,162 the legacy reGeived following the sad death of a long term and dedlcated volunteer at the Dffi Osprey Project at Cors Dyfi. In accordance wlth the stated wishes of the volunteer, the legacy is to be restricted to the Trust's work at that reserve. Plans have been developed to utilise the legacy on capital expenditure at the reserve and the contlnuing development of the volunteer programme. £102,498 transferred from restrlcted to unrestrlcted funds In Ilne with the above - for capital expenditure {ineluding additional works to the Dyll Wlldllfe Centre) and volunteer I people engagement related work. Cors D ect Herltage FundlNatural Resources Wa1•8 The capital elements of this project, Consisting of the 360 Observatory, replacement and exterKJed boardwalk, interpretation, the Ceri Hide and pool, were completed during the year ended 31 March 2017. Capital funds provided by HLF and NRW are now being released to unrestricted funds each year In Ilne wlth depreciation charged on a88ets acquired as part of the project. £17.102 transferred from restricted to unrestricted funds - as explained above. Wildlife Cent Heritage Fund Icommunity Facilities Programm8 IGarfield Weston IArwaln IEnRAW & other donors The key capitsl element of this project relates to the constfuction of a fully 8ccessible, carbon positive and sustainable building which will house high tech nature viewing. education and exhibltlon areas with views across the Cors Dyfi Reserve. together with staff and volunteers, an indoor café area and a shop (extended during 2023 & 2024). 31 co.no'. 1612249
MONTGOIAERYSHIRE LDLIFE TRUST LIMrrED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 The project also Includes the construction of a beaver enclosure on site to house a family of beavers who will assist with habitat management. Capltal funds provlded by the Ilsted funders are now being released to unrestricted funds each year in line with deweciation charged on assets acqulreil as part of the prolect. £21,259 transferred from legacy- as referred to above (see legacy). £42,658 transferred from restricted to unrestriGted funds - as explained above. Cors D i Reserve Natur• Networks Fund The Nature Nelworks Fund, from the National Lottery Heritage Fund, has funded the re-instatement of boardwalk loop as well as improved protection and surveillance equipment for the nature reserrfe's pair of breedlng ospreys. Capital funds provided by the funder are now belng r8leased to unrestricted funds each year In Ilne wfth depreciation charged on assets acquired as part of the project. £12,905 transferred from restricted to unrestrfcted funds - as explalned above. £7,454 transferred from restricted to unrestricted funds - adjust match funding for the project Brllllant Baslu Fund The Brilliant Basics Fund, from the Welsh Government, has supported improvements to the car park. including the Installatlon of a Solar Car Port, Tesla Powenwall and several electrlc vehicle charging points which will provlde electrlclty generated by the Dyfi Wildlife Centre. Capltal funds provlded by the funder are now belng released to unrestricted funds each year In Ilne wlth depreciation charged on assets acquired as part of the project. £7.009 transf8rr8d from restricted to unrestricted funds- as explained above. 18. ANALYSIS OF NEf ASSETS BETWEEN FUNDS Restrf¢t•d Unrn8trlct•d funds funds 2024 2024 Total funds 2024 Restrlcted Unrestrlcted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Investments Net current assets 2,368.354 37,822 406,779 568,762 2,937,116 2,383,452 37,822 37,822 555,258 346,030 503,274 2,886, 726 37,822 576,896 148,479 230,866 2,812,955 717,241 3,530,196 2,767,304 734, q40 3,501,444 19. PENSION COMMrrMENTS The Trust operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Trust in an independently administered fund. The pension cost charge represents contributnS payable by the Trust to the fund and amounted to £27,158 (2023: £23.591). Contributions lotalling £nil (2023: £nil) Vre payable to the fund at the balance sheet date. 32 co.no: 1612249
MONTGOMERYSHIRE MLDLIFE TRUST LIMrrED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
20. OPERATING LEASE COMMITMENTS
At 31 March 2024 the Trust had total remaining commltments under non
MONTGOMERYSHIRE WILDLIFE TRUST LIMITED NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 MARCH 2024 RESTRICTED FUNDS Bmught forward Income Expenditure Transfo in/(out) . Ravaluatlon Carrled fonvard Nature Reserves PurGhase ofLlandinam Gravels - CCW(now NRW) Purchase of Dolforwyn Woods Welsh Govemment - Glastlr - Baslc Payment Scheme - Organlc Strateglc Allocated Funds - NRW 11,072 180,826 (208) 10.864 180.826 48, 727 45,884 7,860 (48,727) (45.884) (7.860) 14,488 14,488 13,747 (3,437) 10,3qO 220, 133 102,471 (102,471) (3,645) 216,488 Wlder Countysldo Pumlumon - Pure.L8apfrog Pearl-bordered Frttlllaries - Pe8r Fund- PPURSWT - Pathways for Pearls- Hafren Dyfrdwy C8nals, Communities & Wellbelng ENRaW Ider Marchgs- development phase 76,808 (45,958) 30,850 f4,468 (14,458) 23,319 (19,807) 3,512 38, 746 (38, 746) 3,640 (1,820) 1,820 156,971 Educatlon & Communlty Open Newtown - ENRaW St8nd for Nature Wales - National Lottery Community Fund Ild Skills. Wild Spaces- Welsh Government Ild Wellbeing Partnership Prc)gramme - Barcud CRM system (membershlp) - RS Green Connections Powys - Welsh Government Team Wilder- NLHF Bird Gmup Friends of Deri Woods 17,168 (f 7,168) 65,567 (85,567) 315.830 (165,881) (3,296) 146, 703 11,743 (11,743) (4,800) 4.800 58,990 41,914 2,145 782 (58,990) (41,914) (551) (782) 1,594 4,800 514 139 367.346 3,296 148,297 Other Dyfi Osprey Proiect Legacy 1,333 (1.333) 34.0,000 340,000 1,333 340,000 1,533 340.000 co.no: 1612249
MONTGOMERYSHIRE WILDLIFE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 RESTRICTED FUNDS (continued) Brought Forward Incom• Expondlture Transfers In/(out) - Revaluation Caffied Fonvard Cors Dyfi 360 PmJe¢t Capital Heritage Fund CAN 3 (NRW) 45Q,421 194,900 (11.917) (5. 185) 438,504 189, 715 645,321 17,102 628,219 Dyfi ldlIfe Centro Capital Heritage Fund Welsh Government Community FaGilities Programme Garfmld Weston Arwain NbWENR8W Mwr Ceredlglon CC Donatlons Legacy 529, 772 29,966 559, 738 250,000 30,000 36.061 36,265 58,915 50,000 300,000 30,000 36,061 38,390 58,916 12,800 162, 188 10,000 2,125 10,800 162,t88 10,000 1.105.201 (37, 127) 102,891 1,208,092 (78,039) Depreci8ti()n release (40,912) 1068 074 102,891 40,912 1130 053 R•v•nu• Heritage Fund Cors Dyft Reserve Boardwalk & $Kurlty Nature Networks Fund - NLHF 118 316 26,224 5,610 Car park / solar energy 8rilliant Basics Fund 44,498 130 271 Total- Cors Dyfi / DWC 1,914 481 184 840 60,621 2,026 337 Total Restrlcted Funds 2,140 747 1.298.421 602.969 68,895 2 767 304 co.no:' 1612249