Isles of Scilly Wildlife Trust (Limited by guarantee) Annual report and financial statements For the year ended 31 March 2015 Company registration number 04726698 Charity registration number 1097807
Isles of Scilly Wildlife Trust Contents
Page Reference and administrative details Trustees’ report
1 2-4
Independent examiner's report
5
Statement of financial activities
6
Balance sheet
7
Notes to the financial statements
8 - 14
Isles of Scilly Wildlife Trust Reference and administrative details For the year ended 31 March 2015 Name of charity:
Isles of Scilly Wildlife Trust Limited
Company registration number:
04726698
Charity registration number:
1097807
Governing instrument:
Memorandum and articles of association
Constitution:
Company limited by guarantee
Trustees: P Rogers T Allsop K Christopher Z Julian S Manning S Schraudolph The above trustees constitute directors of the company for Companies Act purposes. No trustee has any beneficial interest in the company. All trustees are members of the company and each guarantee to contribute an amount not exceeding ÂŁ1 in the event of winding up. Suitable individuals are identified by the existing trustees on the basis of their skills and knowledge and invited to become trustees. New trustees are inducted into the working of the charity. Registered office and principal address:
Trenoweth ST MARY’S Isles of Scilly TR21 0NS www.ios-wildlifetrust.co.uk
Independent examiner:
M Williams FCA DChA Robinson Reed Layton Peat House Newham Road TRURO Cornwall TR1 2DP
Bankers:
Lloyds Bank plc St Marys Isles of Scilly TR21 0PW
Solicitors:
Stephens Scown Osprey House Malpas Road TRURO Cornwall TR1 1UT
1
Isles of Scilly Wildlife Trust Trustees’ report For the year ended 31 March 2015 The trustees present their annual report and financial statements for the year ended 31 March 2015. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice – Accounting and Reporting by Charities (SORP 2005). Financial review and results for the year The results for the year are shown in the statement of financial activities on page 6 and show net incoming funds for the year of £45,800 (2014 outgoing: £3,989), which together with the reserves brought forward gives a total reserves figure of £459,165 (2014: £413,365) at the year end. Objects For the benefit of the public, to advance, promote and further the conservation, maintenance and protection, in the Isles of Scilly, of: Terrestrial and marine wildlife and their habitats; Places of natural beauty; Places of zoological, botanical, geographical, archaeological, historical or scientific interest. To advance the education of the public in the terrestrial and marine wildlife and their habitats and the landscape and archaeological and historical remains of the Isles of Scilly. To promote research in all branches of nature study pertaining to the Isles of Scilly and to publish the useful results thereof. Public benefit statement The trustees review the aims, objectives and activities of the charity at least once each year to look at what has been achieved in the previous 12 months. The trustees refer to guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the aims and objectives and in planning future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set. Review of activities
We continued to deliver a 10 year programme of land management for the benefit of habitats and species across the islands We continued to maintain access to our land holding, for people across the islands We revamped the volunteer programme through a basic upgrade of the Woolpack Volunteer Centre & recruited a team of 7 full-time volunteers to support the staff team who have given 7350 hours of support to the Trust this year. We secured new funding (from DEFRA through the Area of Outstanding Natural Beauty) to deliver access, education and engagement activities to a wide range of people We began implementation of a communications plan to raise the profile of the Trust and it’s work We continued to work in partnership both, locally, regionally and nationally in furtherance of our objectives We carried out a review of all policies and procedures to ensure we are working in the most effective way and updated those necessary We carried out an operational review and subsequent restructure of the staff team to ensure our resources were being deployed to best effect. 2
Isles of Scilly Wildlife Trust Trustees’ report For the year ended 31 March 2015 cont. We have improved the quality of the land management work we carry out to ensure that it is effective We have started a species and habitat survey and monitoring programme to show that our land management activities are working for wildlife We designed and published a “Walks around St Mary’s” leaflet for visitors We launched a brand new website with better facilities such as online donations, which supports our work We have created new financial management systems to ensure that we are compliant with relevant legislation and best practice and so that we are able to accurately manage our finances on a monthly basis We were heavily involved in the Seabird Recovery Project, providing support with interpretation, events and communications and carried out rodent monitoring and control on the best islands for breeding seabirds. We reached 5938 followers on Twitter; the highest following of any organisation on the Islands We launched a bi-monthly e-newsletter for our membership. We ran a programme of wildlife-themed events for locals and tourists and we attended all of the island summer fetes We continued to run a programme of guided walks and activities on Tresco Our Chief Executive continues to serve as a Director on the board of the Islands’ Partnership
Plans for the future We will continue to increase the diversity of habitats and species on the islands through best practice techniques in land management We will make our volunteer programme more effective by recruiting a team of 6 full-time sandwich placement students We will improve access to the landscape for people through replacement of boardwalks, bridges, gates and fencing at sites across the islands. We will continue to control invasive vegetation to keep pathways clear so that everyone can enjoy the landscapes of the islands We will run an environmental education programme for the Five Islands School, visiting school groups and visitors to help them learn about and enjoy the landscapes, wildlife and history of the islands. We will install information panels at our nature trail sites on St Mary’s and support the off-islands to create interpretation, maps and guides. We will provide support, tools and boat fares for the Community Archaeology Group and assist them to clear archaeological features for all to enjoy. We will evaluate our membership scheme and make recommendations for improvements We will begin a 5-year fundraising plan to diversify income streams and make the organisation sustainable.
3
Isles of Scilly Wildlife Trust Trustees’ report For the year ended 31 March 2015 cont. Reserves policy The trustees aim to create sufficient reserves to cover 12 months expenditure to ensure the charity’s long term viability. The general reserve at 31 March 2015 was £328,550. The policy is to maintain reserves at that level. This policy will be reviewed annually. Investment policy The trustees regularly review the bank balances held by the charity and whilst maintaining access to funds for operational purposes, will place any surplus funds in an interest bearing deposit account when appropriate. Risk management The trustees have assessed the major risks to which the charity is exposed and are satisfied that operating systems are in place which mitigate or minimise these risks. The trustees will continue to review potential risks on a regular basis. Tax status The company being a registered charity is exempt from corporation tax on its investments and other nontrading income. By order of the Board
Trenoweth ST MARY’S Isles of Scilly TR21 0NS
4
Isles of Scilly Wildlife Trust Independent examiner's report to the Trustees of Isles of Scilly Wildlife Trust I report on the financial statements of the charitable company for the year ended 31 March 2015, which are set out on pages 6 to 14. Respective responsibilities of trustees and examiner The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the financial statements. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the ICAEW. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
examine the financial statements under section 145 of the 2011 Act; to follow the procedures laid down in the general directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and to state whether particular matters have come to my attention.
Basis of independent examiner’s report My examination was carried out in accordance with the general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below. Independent examiner’s statement In connection with my examination, no matter has come to my attention: 1.
which gives me reasonable cause to believe that in any material respect the requirements:
to keep accounting records in accordance with section 386 of the Companies Act 2006; and
to prepare financial statements which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities;
have not been met; or 2.
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Chartered Accountant Peat House Newham Road TRURO TR1 2DP
5
Isles of Scilly Wildlife Trust Statement of financial activities (incorporating income and expenditure account) For the year ended 31 March 2015 Restricted Unrestricted funds funds £ £
Total 2015 £
Total 2014 £
3
8,427
4
987
8,427 0 987
10,334 (90) 917
________
247,990 13,446 13,166 ________
319,990 13,446 13,166 ________
197,481 5,226 38,079 ________
72,000 ________
284,016 ________
356,016 ________
251,947 ________
0
2,159
2,159
4,530
60,479
244,262
304,741
0 ________
4,171 ________
4,171 ________
251,201 2,168 ________ 257,899 ________
Notes Incoming resources Incoming resources from generated funds: Voluntary income Fundraising Investment income
Incoming resources from charitable activities: Nature conservation & reserves 5 Subscriptions Other income Total incoming resources Resources expended Cost of generating funds: Fundraising and publicity Charitable activities: Reserves Conservation Governance costs
72,000
Total resources expended
6
60,479 ________
250,592 ________
311,071 ________
Net (outgoing)/incoming resources for the year
7
11,521
33,424
44,945
Transfers ________
________
________
(5,952) ________ (5,952)
Net (expenditure)/income for the year Unrealised gain on investments ________
855 ________
855 ________
1,963 ________
Net movement in funds for the year
11,521 ________
34,279 ________
45,800 ________
(3,989) ________
Funds at 1 April 2014
102,487 ________
310,878 ________
413,365 ________
417,354 ________
114,008
345,157
459,165
413,365
Funds at 31 March 2015
There were no acquisitions or discontinued activities in the years ended 31 March 2015 or 2014. There were no recognised gains or losses for the years ended 31 March 2015 or 2014 other than those passing through the statement of financial activities.
6
Isles of Scilly Wildlife Trust Balance sheet As at 31 March 2015 Notes Fixed assets Tangible assets Investments
Current assets Stocks Debtors Cash at bank and in hand
£
11 12
2015 £ 158,984 21,147 ________
165,785 20,292 ________
180,131
186,077 54,589 200,498 ________
53,652 285,337 ________ 338,989
13
£
2014 £
255,087 Creditors: amounts falling due within one year
(27,799) ________
(59,955) ________
14
Net current assets
279,034 ________
227,288 ________
Net assets
16
459,165
413,365
Funds Restricted funds Unrestricted funds
15 15
114,008 345,157 ________
102,487 310,878 ________
16
459,165
413,365
For the year ending 31 March 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors’ responsibilities:
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. These financial statements were approved and authorised for issue by the trustees on …………………….. and were signed on its behalf by:
Company registration number: 04726698
7
Isles of Scilly Wildlife Trust Notes (forming part of the financial statements) 1
Constitution The charity is incorporated as a company limited by guarantee and not having a share capital. In the event of a winding up, registered members are liable to contribute a sum not exceeding £1 per member towards the debts and liabilities of the charity and the costs and expenses of winding up. At 31 March 2015 there were 6 members (2014: 10).
2
Accounting policies The financial statements have been prepared under the historical cost convention, in accordance with applicable accounting standards and the Statement of Recommended Practice, “Accounting and Reporting by Charities” (SORP 2005) issued in March 2005.
2.1
Cash flow statement Under Financial Reporting Standard 1, the charity is exempt from the requirement to prepare a cash flow statement on the grounds of its size.
2.2
Fixed assets and depreciation The Trust has a de-minimis threshold of £500 before assets are to be treated as capital and depreciation provided. Depreciation is provided to write off the cost less the estimated residual value of the assets by equal instalments over their estimated useful economic lives as follows: Leasehold Plant and equipment Computers Motor vehicles
Term of lease 20-25% per annum 100% in year of purchase 20% per annum
Expenditure below £500 would be treated as revenue expenditure and reflected in the appropriate financial statement. 2.3
Investments Investments are included in the financial statements at market value.
2.4
Resources expended Expenditure is included on an accruals basis. The charity is not VAT registered and therefore VAT is included with the item of expense to which it relates. Expenditure is recognised when a liability is incurred. Any sums owed to or by the Trust are accounted for at the year-end where the value is material and a minimum value of £50. Governance costs represent the cost of independent examiner’s fees, preparation of statutory accounts, trustee meeting and any legal advice for Trustees. The majority of costs are directly attributable to specific activities. Certain shared costs are apportioned to activities in furtherance of the objects of the charity. Shared staff costs and office costs are apportioned on the basis of the estimated usage by each cost centre of services provided.
2.5
Funds Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets the criteria is identified to the fund, together with a fair allocation of overheads and support costs. Unrestricted funds are donations and other incoming resources received or generated for any of the charitable objects.
2.6
Donations Voluntary income received by way of donations to the charity is included in the statement of financial activities when receivable. Intangible income is not included unless it represents goods or services which would otherwise be purchased.
8
Isles of Scilly Wildlife Trust 2.7
Legacies Legacy income is recognised in the financial statements according to the period in which the charity becomes entitled to it, unless it is incapable of financial measurement.
2.8
Investment income Investment income is recognised on a receivable basis.
2.9
Subscriptions All membership subscriptions are credited to the statement of financial activities when they are received.
2.10
Deed of covenant Tax on deeds of covenant receivable from the members is credited to the statement of financial activities in the year in which the related membership subscriptions are received.
2.11
Conservation grants receivable and expenditure Capital based conservation grants are credited to restricted incoming resources when receivable. Depreciation on the fixed assets purchased with such grants is charged against the restricted fund. Revenue based conservation grants are credited to restricted incoming resources when they are receivable, unless they relate to a specified future period, in which case they are deferred.
2.12
Leases Operating lease rentals are charged to the statement of financial activities on a straight line basis over the period of the lease.
2.13
Pension costs The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The amount charged to the statement of financial activities represents the contributions payable to the scheme in respect of the accounting period, in accordance with FRS 17.
9
Isles of Scilly Wildlife Trust Notes (forming part of the financial statements) 3
Voluntary income
Donations Legacies
4
2014 £
8,427 0 ________
9,334 1,000 ________
8,427
10,334
2015 £
2014 £
55 932 ________
557 360 ________
987
917
Investment income
Bank interest receivable Dividends receivable
5
2015 £
Incoming resources from charitable activities
Rural Payments Agency - Environmental Stewardship Rural Payments Agency - Single Farm Payment Scheme Natural England – Annet WES capital works HALPIN Seabird Recovery Project Isles of Scilly Council - Scilly Bee Project Council of the Isles of Scilly - AONB Council of the Isles of Scilly -
10
Restricted
Unrestricted
£
£
2015 Total £
2014 Total £
10,000 62,000 _______
208,167 14,896 18,000 2,972 3,955 _______
208,167 14,896 18,000 10,000 2,972 62,000 3,955 _______
122,785 57,231 17,465 ________
72,000
247,990
319,990
197,481
Isles of Scilly Wildlife Trust Notes (forming part of the financial statements) 6
Total resources expended Restricted
Unrestricted £
2015 Total £
2014 Total £
£
________
2,159 ________
2,159 ________
4,530 ________
6,875 36,661 10,443 6,500 ________
150,123 32,527 49,175 12,437 ________
156,998 69,188 59,618 18,937 ________
113,167 53,137 72,976 11,921 ________
60,479 ________
244,262 ________
304,741 ________
251,201 ________
________
1,220 317 1,890 744 ________
1,220 317 1,890 744 ________
1,060 0 0 1,108 ________
________
4,171 ________
4,171 ________
2,168 ________
60,479
250,592
311,071
257,899
2015
2014
£
£
1,220
1,060
18,937
11,921
Cost of generating funds Fundraising and publicity
Charitable activities Staff costs Estate management, tools and equipment Other administration expenses Depreciation
Governance costs Independent examiner's fees Legal Costs Accountancy fees Trustees meeting costs
7
Net (outgoing)/incoming resources
Net (outgoing)/incoming resources is stated after charging: Independent examiner’s fees - for independent examiner services
Depreciation
8
Taxation As the company is a registered charity it is exempt from corporation tax on its charitable activities.
9
Trustees expenses No expenses were claimed by and reimbursed to trustees.
11
Isles of Scilly Wildlife Trust Notes (forming part of the financial statements) 10
Staff costs and numbers
Staff costs were as follows: Salaries and wages Redundancy costs National Insurance payments Pension costs
2015 £
2014 £
129,265 15,229 11,745 759 ________
102,442 8,649 2,076 ________
156,998
113,167
No employee received emoluments of more than £60,000. Employer’s pension contributions for the year totalled £759 (2014: £2,076). outstanding at the year-end (2014: £521).
There were no contributions
The trustees who are also the directors received no emoluments. The average number of employees during the year calculated on the basis of full time equivalents was as follows:
Charitable activities
11
2015 No
2014 No
5
5
Tangible fixed assets Leasehold property £
Plant & equipment £
Motor vehicles £
161,271
________
212,189 12,136 (2,806) ________
40,583 0 0 ________
161,271
221,519
40,583
423,373
19,405 6,394
37,170 3,413
________
191,683 9,130 (2,806) ________
________
248,258 18,937 (2,806) ________
At 31 March 2015
25,799
198,007
40,583
264,389
Net book value At 31 March 2015
135,472
23,512
0
158,984
At 31 March 2014
141,866
20,506
3,413
165,785
Cost At 1 April 2014 Additions Disposals
At 31 March 2015
Depreciation At 1 April 2014 Charge for the year Adjustment for in-year disposals
12
Total £ 414,043 12,136 (2,806) ________
Isles of Scilly Wildlife Trust Notes (forming part of the financial statements) 12
Investments M&G equity investment fund £ Valuation At 1 April 2014 Revaluation
20,292 855 ________
At 31 March 2015 21,147 Cost at 31 March 2015 and 2014
13
4,540
Debtors
Trade debtors Other debtors Prepayments
14
2015 £
2014 £
118 51,177 2,357 ________
428 52,592 1,569 ________
53,652
54,589
2015 £
2014 £
34,483 0 5,157 20,315 ________
8,317 2,492 521 16,469 0 ________
59,955
27,799
Creditors: amounts falling due within one year
Trade creditors Tax and social security Other creditors Accruals Deferred Income
13
Isles of Scilly Wildlife Trust Notes (forming part of the financial statements) 15
Analysis of movements of funds Brought forward
Restricted funds: Samson & Tean Buildings Marine Biodiversity Project Trenoweth HALPIN Trust Area of Outstanding Natural Beauty (AONB)
Unrestricted funds: General reserve Revaluation reserve
Resources expended & losses £
Transfers
Carried forward
£
Incoming resources & gains £
£
£
318 3,163 99,006 0 0
0 0 0 10,000 62,000
0 0 (4,000) (2,500) (3,979)
0 0 0 0 0
318 3,163 95,006 7,500 8,021
________
________
________
________
102,487
72,000
(60,479)
0
114,008
295,126 15,752 ________
284,016 855 ________
(250,592)
0 0 ________
328,550 16,607 ________
413,365
356,871
0
459,165
________
________ (311,071)
Purpose of funds: Restricted funds: Samson & Tean Buildings – this project aims to conserve buildings of archaeological importance on the two islands. Marine Biodiversity Project – this project is collecting data on key marine habitats and species and raising public awareness of their importance. Trenoweth – this fund represents grants receivable to meet expenditure on the Trenoweth premises less subsequent depreciation. Halpin – this fund represents grants received to meet capital expenditure on tools and equipment to assist the delivery of conservation management. AONB – this project aims to deliver access, education and engagement activities to a wide range of people and to enable improved access to our beautiful landscape. 16
Analysis of net assets between funds
Tangible assets Investments Net current assets
14
Restricted funds £
Unrestricted funds £
Total
110,527 3,481 _______
48,457 21,147 275,553 ________
158,984 21,147 279,034 ________
114,008
345,157
459,165
£
Isles of Scilly Wildlife Trust Detailed statement of income and expenditure Year ended 31 March 2015 Incoming resources Incoming resources from generated funds: Donations Legacies
Restricted
Unrestricted £
2015 Total £
2014 Total £
£
8,427 0 ________
8,427 0 ________
9,334 1,000 ________
________
8,427
8,427
10,334
0
0
________
54 933 ________
54 933 ________
557 360 ________
________
9,414 ________
9,414 ________
11,161 ________
247,990 13,166
319,990 13,166
197,481 38,079
13,446 ________ 274,602 ________ 284,016
13,446 ________ 346,602 ________ 356,016
5,226 ________ 240,786 ________ 251,947
2,159
2,159
4,530
6,500
150,123 32,527 15,568 2,128 3,237 3,873 3,676 928 5,747 1,983 9,631 1,494 3,244 617 12,437
156,998 69,188 15,593 2,172 3,237 3,873 3,969 1,649 5,747 1,983 16,689 3,443 3,597 617 18,937
113,167 53,137 8,858 2,149 235 2,040 1,986 937 5,159 940 25,796 3,075 22,500 409 11,921
________
1,220 ________
1,220 ________
1,060 ________
60,479 ________
250,592 ________
311,071 ________
257,899 ________
11,521 ________
33,424 855 ________
44,945 855 ________
(5,952) 1,963 ________
11,521
34,279
45,800
(3,989)
Fundraising Sale of goods Investment income Bank interest receivable Dividend income
Incoming resources from charitable activities Nature conservation Grants receivable Other income Subscriptions Membership fees
72,000
________ 72,000 ________ 72,000 Resources expended Cost of generating funds Fundraising and publicity Charitable activities: Salaries and wages Estate management, tools & equipment Rent, rates, repairs Telephone Insurance Light & heat Travel Postage, stationery and office equipment Motor expenses Training costs Freight, subscriptions and sundry costs Computer costs Recharges Professional and legal fees Depreciation Governance costs Independent examiners’ fees
Total resources expended
Net (expenditure)/income for the year Unrealised gain on investment
Net (outgoing)/incoming funds for the year
6,875 36,661 25 44
293 721
7,058 1,949 353
(90)