Charity reglstratlon number 1058565 Company registration number 3254207 {England and Wales) HAWKAND OWL TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 HAWK AND OWL TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees P J Holms D C Missen M S Read8r H C W Robinson PHPShaw M L Kimber E Arcese Dr A Mcculloch D Evans L Smart (Appointed 5 October 2023) (Appointed 5 October 2023) Chief Operatlons Dlrector A Blumfield Charlty number 1058565 Company number 3254207 Prlnclpal address Turf Moor Road Fakenham Norfolk NR219GN Reglstered office Turf Moor Road Fakenham Norfolk NR21 9GN Independent examlner Mapus- Smith & Lemmon LLP Kings Lynn England PE30 1HE Bankers Royal Bank of Scotland 119-121 Victoria Slreel London SW1E 6RA Sollcltors Birketts Kingfisher House 1 Gilders Ways Norwhich NR3 1UB HAWKAND OWL TRUST CONTENTS Page Chairman's statement Trustees report Independent examiner's report Statement of financial activities Balance sheet Statement of cash flows 10 Notes to the financial statements HAWK AND OWL TRUST CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 As with many charitias, the financial year has been particularly tough, marked by unforeseen expenses and cost pressures. In response to these challenges, thè Trustees opted for a reorganisation to better prepare for future demands. During this period, two highly qualified Senior Rangers were appointed at Sculthorpe, enhancing our leam's expertise. At Sculthorpe, the Raptor Watchpoint boardwalk, generously sponsored by donors, is now operational. Unfortunately, we axp8ri&nced the worst flooding on record, submerging much of Scullhorpe for several months and significantly limiting public access, not to mention the resulting financial loss. On a brighter note, we witnessed the first successful breeding of beavers. resulting in two kits. Otters have also become a regular sight within their enclosure, bringing joy to visitors and staff alike. Additionally, Marsh Harriers have made a welcome return lo Scullhorpe after an absence of several years. I personally enjoy visiting Sculthorpe very much and recent visits have affordèd sightings of Barn Owl, Marsh Harrier, Little Ringed Plover, Tawny Owl, Cuckoo and Cetti's Warbler (well, heard not sighledl) amongst many others. Our Educational Outreach programm8, led by Victoria and Libby, has seen continued growth as schools resume normal activities posl-COVID. This year, our Peregrine project also expanded lo two new siles following requests for our assistance and 8xpertise. The 'Adopt a Box, iniliatlV8 remains strong, with considerable effort dedicaled lo replacing boxes, particularly in Wa18s and Scotland, over the past year. The Shapwick structure is also growing, with collaborativ8 initiatlV8S expected to launch in the near future. Shapwick is a sile with considerable potential silting as il does in one of the mosl important ecosystems in Southern England. On my last visit I spotted a Marsh Harrier here too - this once rare bird being frequent al both our reserves. Lastly, th8 Trusl has been involved in a research project tracking juvenile Buzzards in the Southwest and continues to explore additional opportunities for similar endeavours as we seek to enlarge our contribution to scientific research. The Trusl always seeks lo work in partnership with others to achieve ils aims of conseNing birds of prey and enhancing our nalural environment, and we greatly appreciate the ongoing cooperation with essential partners across the United Kingdom as well as the efforts of our dedicated staff and volunteer teams and the support of our members. I would like to thank everyone involved with the Trust in whatever way for their contribution. Not only are we seeking to conserve our magnificent birds of prey we are working towards wider goals through our triple aim of conservation, education and science. Birds of prey are captivating creatures and they provide a key gateway and insight to the natural world as a whole. DrA Mcculloch Chairman Date: HAWK AND OWL TRUST TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present Iheir annual report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial slatements and comply with the trust's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102}" {as amended for accounting periods commencing from 1 January 2016} Objecllves and actlvltl8S Hawk and Owl Trust's mission is to conserve wild birds of prey and Iheir habitats and to encourage people to enjoy and understand Ih6s8 special birds. The charity's objects are lo conseNe wild birds of prey (Raptors) and their habitats through conservation, research, and any other means and lo undertake any activity which will enhance public education regarding Raptors. It carries this out by.. Creative conservation. Practical research., and Imaginative education The trustees have, in accordance with section 17{5} of the Charities Act 2011, had regards lo the Charity Commission's guidance on public benefit. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set. Straleglc report The description under the headings "Achievements and performance. and "Financial revi8w" meet the company law requirements for the Trustees lo present a strategic report. Achlevements and performanco Creatlve Conservatlon Creative Conservation is cèntral to th8 Trust's mission, dedicated to developing, enhanclng, and presérving optimal nesting, roosting, and feeding environments for Raptors. In addition to managing our reserves, our Conservation Officers and other team members work in close partnership with various land managers and organisations to achieve our Creative Conservation objectives. Throughout the period concluding on 31 March 2024, the Trust has resumed its regular operations despite a challenging economic and environmental climate. Wherever feasible. the Trust has continued its efforts to maintain and monitor ils nest boxes. At Scullhorpe Moor, Marsh Harriers have made a comeback after a prolonged absence. Lasl year we witnessed successful breeding of Barn Owls, Tawny Owls, Buzzards, and Red Kites. In 2022, beavers were reintroduced to Ihe area, and both staff and volunteers have been diligently moniloring Iheir habitat. Over the course of the year, the beavers have given birth to two kits. At Shapwick, the facilities continue lo evolve in collaboration with other stakeholders as part of the National Nature Reserve initiative. The number of volunteers remains robust, significantly enhancing our ability to achieve our goals. Additionally, our Peregrine Outreach project has expanded to include two new sites following requests for support. Practical Research The Trust remains committed to conducting practical citizen science research and ongoing species monitoring within its reserves. Future projects are continually being assessed by the Trust. HAWK AND OWL TRUST TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Education The Hawk and Owl Trust persists in ils efforts to connect with educators and students, whether through visits to our reserves. virtual meetings via Zoom, or by having our staff visit schools directly. It is imparative that we inspire children to recognise the vital importance of Raptors in our ecosystems if we hope to SUCC8ed in conserving these birds and preserving their habitats for th8 future. Membershlp and Adopt A Box The stability of our Membership and Adopt A-BOX programmes has been mainlained, showing consistency in comparison to previous years. We are immensely thankful for this steady support, especially given the current circumstances. Our Volunteers The many volunteers continue to deliver in all aspects of our work allowing us lo be better aligned with the needs of our organisation. We recognise that without their dedication, our accomplishments would be significantly diminished. Bequests and Memorlal Contrlbutlons. Bequests in wills and memorial contributions have a significant impact on th8 Trust's capabllities, servin9 as generous and enduring tributes lo those who have passed away. In the last year, we hav8 b88n th8 beneficlarles of num8rous18gacy gifts and donations made in memory. Flnan¢lal revlew During the year lo 31 March 2023, the Trustees have continued lo manage the financ8S to support the activiti8S of the Trust and to maintain resetves of £120,507 in cash and deposits at the bank. Overall income for the year decreased by 11 % compared to that for 2023. Total expenses increased to £634,200 from £616,027, the bulk of the increase relates lo conservation and research costs. At the year end, the charity had total funds of £2,734,862 12023.. £2,806,734). Unrestricted reserves were £464,85412023.' £567,273) and restricted reserves were £2,270,00812023.' £2,239,461). HAWK AND OWL TRUST TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Reserves pollcy During the year to 31 March 2024, the Trustees have continued to manage the finances lo support the activities of the Trust and lo maintain reserves of around £120.000 in cash deposits at the bank. This figLtre was lower than in recent years, mainly because there was more money owing to the trust and less money owed by us at the year-end than usual. Looking at nel current assets rather than cash, our net liquid position was £171,667 compared to £147.510 in 2023. As usual, the financial summary only shows a bare outline of whal has been happening on the rese￿eS over the year. Like 2023, 2024 was a year of consolidation. There was some £63,202 of capital expenditure, mostly involving remedial works to the flooding prevention measures al Sculthorpe in the Previous year but there were no major new projeGls and as a result considerably less in grant income, which was almost £150,000 lower. As a result, support cosls (excluding depreciation) were reduced by some £49,620. There was also a small reduction in our income from conservation activities reflectin9 the reduction in the Basic Payment Scheme subsidy, which is being phased out. However, the new "Sustainable Farm Incentive" is more generous to conservation land so our income from this source will rise substantially in future years. Since the restructuring involved some one-off costs, it is anticipated that costs and income should be broadly equal in the future. Our total gross income of £562,328 was in line with expectations but was entirely consumed by expenditure on charitable aclivilies. Total expenditure during the year was £634,200 12023 £616,027} Ihe increase mainly stemming from the factors as set out above together with an increase of £98,421 in depreciation (2022 depreciation was abnormally low following a reappraisal of the works on the Fen Project). Looking forward to 2025 il is clear that costs will need lo be tightly controlled lo ensure that the charity at least breaks even on normal income and expenses year on year. It is anticipated that future capital costs will primarily be financed by grants and legacies which are, by their nature, irregular. Al the year-end, the charity had total funds of £2,734,86 {2023.' £2,806,734). Unreslricled rese￿eS were £464,854 12023.. £567,273) and restricted reserves were £2,270,008 (2023.. £2,239.4611. Some £2,719,099 of the trust assets are repr8senlad by land, buildings, plant and machinery, with £15,763 of working capital. Investment pollcy The Board adopts what il considers to be a conservative investment policy, laking professional advice before implementing any changes lo its investment portfolio. In the light of the current uncertainties in financial markets and the potential need to contribute towards the acquisition of land al Scullhorpe, the bulk of trust funds are now held in bank deposits. When opportunities arise lo diversify into a broader and balanced spectrum of low risk investments, the trustees are likely lo take the opportunity to do so. Strategic Asplratlons During the year, the Board approved a sel of strategic aspirations. These are based on the Trust's three higher- level strategic objectives, as set out above, and will be deliverable through the Trust's management capacity in ways that maintain both high standards of modern, evidence-based processes and ethical integrity. Details of these strategic aspirations will be included in future Trust's Peregrine magazine. Rlsk Management The Iruslees review the significant risks that the charity faces every 6 months. Any risks identified, the trustees discuss and then implement action. The internal control systems to mitigate operational and business risks are under the management of the Chief Operations Director. Procedures and policies have been put in place to mitigate risks and are regtjlariy reviewed. Plans for future periods The flooding situation at Sculthorpe remains a topic of conversation among the pertinent parties, yet it still lacks definitive direction or commitment from them. The efforts on the 'adopt a box. initiative are being solidifi8d, and the program to replace boxes is progressing well. The work on the Shapwick Reserve continues in collaboration with our othèr stakeholders as part of the national nature reserve project. Structure, governance and management The company is limited by guarantee {registration number 32542071 incorporated on 24 September 1996 and registered as a charily (registration number 1058565) on 24 November 1997. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed by its Articles of Association. HAWKAND OWL TRUST TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were.. Dr A Mcculloch (New Chairman) P J Holms D C Missen M S Reader H C W Robinson PHPShaw M L Kimber E Arcese Dr A Mcculloch D Evans L Smart (Appointed 5 October 2023) {Appointed 5 October 2023) A Blumfield also served during the year as Chief Operations Director. Recrullment, Appolnlmant, Inducllon, and Tralnlng of Trustees All members of Ihe charity are eligible to seek election lo the board of trustees. One-quarter of the trustees stand down each year on rotation and are eligible lo stand for re-election. New trustees receive an induction pack designed to provide Ihern with an understanding of their roles and responsibililies. They are also encouraged to visit the charity's key operational offices. An annual Iruslees, skills audit is carried out lo help identify future requirements to ensure the board has the necessary skills. The expertise the board is looking for is promoted in the membership magazine, Peregrine. Organlsatlon The Trustees are responsible for the overall governance and strategic direction of the Trust. The board of the Trust consists of a maximum of twelve elected Trustees plus the Chief Operation Director. The board meels fouf times per year. In between board meetings, two subcommittees meet. The Strategy and Governance Review Group, and the Finance and General Purposes Committee. The day to day operations of th8 Trust is manag8d by the Chief Operations Director. Kèy Management Personnel Key management personnel is considered lo be the truslee5 (who are not remuneraled}, the Chief Operations Director, Adrian Blumfield. The pay and remuneration of the charity's key management personnel is fixed annually by the trustees having regard to performance and salary rates within the sector. There are no other formal parameters or criteria. Related partles There are no related parties which either Control or significantly influence the decisions and operations of Ihe Hawk and Owl Trust. The Trustee5 report, including the strategic report, was approved by the Board of Trustees. Dr A Mcculloch Tfustee Dated: HAWK AND OWL TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HAWK AND OWL TRUST I r8POrt to the Truste@s on my examination of the financial statements of Hawk and Owl Trust (the trusll for the year ended 31 March 2024. Responslbllltles and basls of report As the Trustees of the trust (and also ils directors for the purpos8s of company law) you are fesponsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act). Having satisfied myself that the financial slatoments of the trust are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examinalion, I report in respect of my examination of the trust's financial staternents carried out under section 145 of the Charities Act 2011 {the 2011 Acl}. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515){bl of the 2011 Act. Independent examiner's statement Since the trust's gross income exceeded £250,000 your examiner musl be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of ICAEW, which is one of the listed bodies. I have completed my examination. I confirm that no mallers have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the trust as required by section 386 of the 2006 Act; or the financial statements do not accord with those records; or the financial stat8ments do not comply with the accountlng requlrements of sectlon 396 of the 2006 Act other than any requirement that th8 accounts give a tru8 and fair view which is not a matter considered as part of an independent examination., or the financial slalements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK an Flnanclng actlvltles Proceeds of new bank loans Repayment of bank loans 75,000 16,8261 {57,511) Net cash generated froml{used In) flnanclng actlvltles 68,174 157,511) Net decrease In cash and cash equlvalents {106,727) 1126,426) Cash and cash equivalents at beginning of year 227,234 353,660 Cash and cash equlvalents at end of year 120,507 227,234 10- HAWK AND OWL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles Charity inforrnation Hawk and Owl Trust is a private company limited by guarantee incorporaled in England and Wales. The registered officè is Turf Moor Road, Fakenham, Norfolk, NR21 9GN. 1.1 Accounting convention The financial statements have been prepared in accordance with the trust's Igoverning documenti, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republi¢ of Ireland" I'FRS 102") and the Charities SORP "Accounting and Reporting by Charities.. Slalement of Recornmended Practice applicable to charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS J02)" (effective 1 January 2019). The trust is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded lo the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are sel out below. 1.2 Golng concern At the time of approving the financial statements, the Trustees have a reasonable expectation that the trusl has adequate resources lo continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charltable funds Unreslricled funds are available for use al the discretion of the Trustees in furtherance of their charitable objectives. Restricted funds are subject lo specific conditions by donors or grantors as to how they may be used. The purposes and uses of the reslricled funds are set out in the notes to the financial statements. 1.4 Incomlng resources Income is recognised when the trust is legally entitled to il after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Donatlons and legacles Donations are recognised when the Charity has been notified in writing of both the amount and the settlement date. In the event that a donation is subject to conditions that require a level of performance by the Charity before the Charity is enlilled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within Ihe control of the Charity and it is probable that these conditions will be fulfilled in the reportlng period. Legacy gifls are recognised on a case by case basis following the granl of probate when the administratorl executor for the estate has communicated in writing both the amount and the settlement dale. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to Ihe value of the gift being reliably measurable with a degree of reasonable accuracy and the tille to the asset having been transferred to the Charity. 11 HAWKAND OWL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policles Iconlinuedl Donated services and facilities Volunteers carry out a wide range of tasks for the charity including consetvation work such as habitat creations, manning stands at events and shows and assisting in the visitor cenlre. During the year volunteers contributed some 800 hours of work to the charity. Given the absence of a reliable measurement basis, the contributions of volunteers are not included as income in the accounts in accordance with the Charities SORP. Grants recelvable Income from government and other grants, whether 'capilal' or 'ravenue' grants, is accounted for using the parformancè model. It is recognised when the charity has enlitlemont lo the funds, any performanc8 conditions attached to the grants have been met, it is probable that the income will b6 received and the amount can be measured reliably and is not deferred Investment Income Interest is recognised once the interest has been declared and nolification has been received of the interest due. 1.5 Resources expended All expenditure is recognised once there is a legal or constructive obligation to that expendilure.ll is probable seltlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs lo that category. Where costs cannot be directly allributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Ralslng funds These are costs incurred in attracting voluntary income, the manag8ment of investments and those Incurred in trading actlvitles that raise funds. Charitable activities Charitable expenditure comprises those costs incurred by the Charity in the delivery of ils activities and services for its beneficiaries. It included both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs These include the costs altribulablè to the Charity's compliance with constitutional and statutory requirements, including audit, strategic movement and Trustee's meetings and reimbursed expenses. Support costs Support costs include central functions and have been allocated to activity cosl categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage. 12- HAWK AND OWL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Icontlnued) 1.6 Tangible fixed assets Individual fixed assets costing £250 or more are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Daprècialion is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Freehold property Plant and equipment Flxtures and fittings Equipment Motor vehicles Reserve infraslructure 20/0 Straight line 25 /0 Straight line 25 % straight line 250/0 Straight line 250/0 Straight line 100/4 Straight line A detailed review of the flxed assets was performed during the year. A number of assets have been reclasslfied as freehold property and depreciation has been adjusted accordlngly. The gain or loss arising on the disposal of an asset is determined as the diff8ren¢e between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Heritage assets Heritage assets are assets of historic or scientific importance that are held to advance the preservation, conservation and educational objectives of the Charity and through public access contribute to the nation's culture and education al either a national or local level. Freehold nature reserves are included in heritage assets as the cost of acquisition. No depreciation is charged on heritage asset land as the reserves are Considered lo have an indefinite life. Where buildings are erected on heritage asset land, they are depreciated in accordance with normal accounting policies. The charity aims to acquire land, where available al reasonable cost, in order to preserve and enhance its nature reserves, which are not held for their resale potential. All reserves are a¢¢essible to the public, unless temporarily closed to prevent disturbance to wildlifo or for safety reasons. 1.8 Impalrment of fixed assets At each reporting end date, the trust reviews the carrying amounts of its tangible assets to detemiine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable arnount of the asset is estimated in order to determine the extent of the impairment10ss {if any). 1.9 stocks stocks are staled at the lower of cost and estimated selling price less costs to complet8 and sell. Cost is determined using the first-in, firsl-out (FIFO} method. Nel realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. 1.10 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 13- HAWK AND OWL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policles (Continued) 1.11 Financial instruments The trust has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial inslrumenls. Financial inslrumenls are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument, Financial assets and liabilities are offset, with the net amounts presented in the financial slatemenls, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to roalise the asset and settle the liability simultaneously. Baslc Ilnanclal assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of th8 future receipts discounted at a market rale of int8rest. Financial assets classified as receivable within one year are not amortised. Baslc flnanclal Ilabllltles Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constilules a financing transaction, where the debt instrument is measured at the present value of the future payments discounted al a market rale of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised Cost, uslng the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or legs. If not, they are presented as non-currenl liabilities. Trade creditors are recognised inilially al transaction price and subsequently measured al amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the trust's contractual obligations expire or 8re dls¢harged or cancelled. 1.12 Taxatlon The Charity is exempt from laxalion in respect of income and capital gains tax received within categories by Chapter 3 Part 12 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 1.13 Employee benefits The cost of any unused holiday entitlement is recognls8d In the period In which the employee's services ar8 received. Termination benefits are recognised immediately as an expense when the trust is demonstrably committed lo lerminale the employment of an employee or lo provide lermination benefits. 1.14 Retirement benefits Payments to defined contribution retirement benefil schemes are charged as an expense as they fall due. 14- HAWK AND OWL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Critical accountlng estlmates and judgements In the application of the trust's accounting policies, the Truslees ar8 required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimales. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimat6s ar8 recognised in tho period in which the estimate is revised where the r8vision affects only that period, or in the period of the revision and future periods where the revision affects bolh current and future periods. Income from donations and legacles Unrestrlcted funds Materlal funds Total Unrestricted funds Materlal funds Total 2024 2024 2024 2023 2023 2023 Donations and gifts Legacies receivable Donated capital and stock items 107,975 178,323 107,975 178,323 117,612 14,992 2,401 100,225 120,013 115,217 5,000 5,000 291,298 291,298 132,604 102,626 235,230 Donatlons and glfts Donations from individuals Donations from community groups 104,270 104,270 113,689 2,401 116,090 3,705 3,705 3,923 3,923 107,975 107,975 117,612 2,401 120,013 15- HAWK AND OWL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable activities 2024 2023 Subscriptions Grants receivable 147,832 980 125,637 148,679 148,812 274,316 Analysis by fund Unrestricted funds - general Restricted funds 105,745 43,067 148,812 For the year ended 31 March 2023 Unrestricted funds - general Restricted funds 98,9S2 175,364 274,316 Incomo from other tradlng actlvltles Unreslrlcted Unrestrl¢ted funds funds 2024 2023 Publications and proéucts Teaching Consetvation management 20.603 5,222 90,181 21,500 1,522 93,676 Other trading activities 116,006 116,698 Income from Investments Unrestrlcted Unrestrlcted funds funds 2024 2023 Income from listed investments Interest receivable 33 1,216 796 1,249 796 16- HAWKAND OWL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 othér Income Unrestricted Unrestricted funds funds 2024 2023 Royalties Other income Sale of livestock Feed in tariff Electric charging points 187 310 1,000 3,136 330 1,469 4,963 1,469 Expenditure on raising funds Unrestricted Restricted funds funds 2024 2024 Total UnrestrScted Restricted funds funds 2023 2023 Total 2024 2023 Fundralslng and publlclty Other direct costs of generating voluntary income Staff costs Support costs 1,667 18,216 10,874 1,667 18,216 10,874 4,255 16,493 13,561 449 4,704 16,493 13,561 30,757 30,757 34,309 449 34,758 Trading costs Cost of goods sold 12,257 12,257 10,637 10,637 Total costs 43,014 43,014 44,946 449 45,395 17- o) c£f4w Ln Cn Ln ¢£1 IJ) Lnoo c£*w LU (J HAWKAND OWL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Support costs allocated to actlvities 2024 2023 Staff costs Depreciation Operating lease charges Premises costs and general overheads Fundraising Governance costs 139,368 101,390 13,618 123,560 10,874 5,537 146,330 3.249 9,967 156,092 13,561 16,634 394,347 345,833 Analysed between: Fundraising Charitable activities 10,874 383,473 13,561 332,272 394,347 345,833 11 Net movement in funds 2024 2023 Th8 n&t movement in funds is staled after charglngllcrediling).. Depreciation of owned tangible flxed assets Operating lease charges 85,185 13,618 17,680 9,967 12 Trustees None of the Trustees (or any persons connected with them) received any remuneratlon or beneflts from the trust during the year. Expenses amounting lo £1,76312023'. £2,233) were paid lo 312023: 4} Trustees in respect of trav81 costs and accommodation. 13 Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number ConseNation and research Education Administration Membership services 12 13 Total 20 29 19- HAWK AND OWL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Employees (Continued) Employmenl costs 2024 2023 Wages and salaries Social security costs Other pension Costs 307.864 22,346 14,939 329,640 23,650 14,801 345,149 368,091 The total employe8 benefits of the key managemenl personnel for the Charity were £63,177 (2023 - £57,573). The number of employees whose annual remuneration was more than £60,000 is as follows.. 2024 Number 2023 Number £60,001 to £70,000 14 Taxatlon The charity is exempt from taxation on its activities because all its income is appli8d for charilable purposes. -20- HAWKAND OWL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Herltage assets Land and property At 1 April 2023 Depreciation 1,624,424 {16,206) At 31 March 2024 1,608,218 The heritage assets are freehold land and property held at Shapwick {Somersetl, Fakenham and Sculthorp8 INorfolk) extending to some 151 hectares in total, which ar8 used as nature reserves. 17 Stocks 2024 2023 Flnlshed goods and goods for resale 14,008 15,693 18 Debtors 2024 2023 Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income 3,302 9,803 120,700 2,866 35,679 11,677 133,805 50,222 19 Loans and overdrafts 2024 2023 Bank loans 170,885 102,711 Payable within one year Payable after one year 14,981 155.904 13,269 89,442 Amounts included above which fall due after five years.. Payable by inslalments 95,978 36,366 The long-term loans are secured over the land al Sculthorpe and Shapwick. -22- HAWK AND OWL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Loans and overdrafts {Continued) Interest is charged on the bank loan at 3.670/0 above the bank's base rate. The bank loan has a maturity dat8 of 6 Seplernber 2034. 20 Creditors: amounts falling due within one year 2024 2023 Not8S Bank loans Other taxation and social security Deferred income Trade creditors Accruals and deferred income 19 14,981 102 72,891 2,642 6,037 13,269 4.699 69,735 50,277 7,659 22 96,653 145,639 21 Credltors: amounts falllng due after more than one year 2024 2023 Nota$ Bank loans 19 155,904 89,442 22 Deferred Incomè 2024 2023 Other def8rred income 72,891 69,735 Deferred income is included in the financial statements as follows: Membership subscriptions £72,891 (2023 - £69,735). 23 Retlrem8nl benefll schemes 2024 2023 Defined ¢ontrlbutlon schemes Charge lo profit or loss in respect of defined contribution schemes 14,939 14,801 The trust operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from thosè of the trust in an independently administerod fund. -23- HAWK AND OWL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 24 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At 1 Aprll 2023 Incoming resources Resources expended Transfers At 31 March 2024 East of England South West East Midlands 1,946,737 290,219 2,505 43,067 1157,650) 12,0881 1,832,154 435,349 2,505 147,218 2,239,461 43,067 {159,738) 147,218 2,270.008 Prevlous year: At 1 Aprll 2022 Incomlng resources Resources expended Transfers At 31 March 2023 East of England South West East Midlands 1,909,967 340,418 2,505 175,290 74 1241,146) (50,273) 102,626 1,946,737 290,219 2,505 2,252,890 175,364 (291,419) 102,626 2,239,461 East of En land includes the followin funds.. Fen Land Appeal - Fund relates to monies raised for the purchase of land surrounding the existing reserve at Scullhorpe Moor. Peregrine Projects Trailer - Fund relates lo the purchase of a trailer for the Peregrine monitoring station at th6 Notwich Cathedral. Holden Woods - Fund relales lo a specific location, for specific breeds of raptor or for sp8cific habitats. South W8St includes the followin funds: Shapwick Moor - Fund relates lo a specific location, for specific breeds of raptor or for specific habitats. Soulh West - Fund relates to a sp8cific location, for specific breeds of raptor or for specific habilats. East Midlands includes the followin fund- East Midlands Funds relate to monies held on behalf of local groups working with the charity for the conservation of all birds of prey and owls. -24- HAWKAND OWL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 25 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. Those include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 April 2023 Incoming resources Resources èxpended Transfers At 31 March 2024 General funds 567,273 519,261 {474.462} (147,218) 464,854 Prevlou5 ygar.. At 1 Aprll 2022 Incomlng resources Resources expended Transfer$ Al 31 March 2023 Legacies received General funds 102.626 247.893 1102,626) 1221,9821 541,362 567,273 541,362 350,519 1324,6081 567,273 In prior years, the Trust88s made th8 decision to designale all unrestrlcled legacies & donations received lo th8 Fen Project. -25- 4*0C4 rj WYJ tyj L7J LYJ ty f) o CN o) a> YJ In IjJ￿ ro o co (N ro ty) roNin Ln ra J Ln oi co ( ZS ¢0* HAWKAND OWL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 27 Operating lease commitments Lessee At the reporting end date the trust had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows.. 2024 2023 Within on8 year Between two and five years 11,383 28,854 6,977 7,630 40,237 14,607 28 Related party transactions Other than the expenses reimbursed lo Trustees, as disclosed in note 12, there were no disclosable related party transactions during the year. 29 Charity status The Charity is a company limited by guarantee and consequently does nol have share capital. Each of the members if liable to contribute an amount not exceeding £1 towards the assets of the Charity in the event of liquidation. 30 Cash generated from operations 2024 2023 (Deficitllsurpus for the year (71,871) 12,481 Adjustments for.. Investment income recognised in statement of financial activities Depreciation and impairment of tangible fixed assets (1,249} 101,390 {796) 3,249 Movements in working capital.. Decrease in stocks Ilncrease)IdeGrease in debtors IDecrease)lincrease in creditors Increase in deferred income 1,685 {83,5831 {53,8541 3,156 3,622 98,398 24,430 17,941 Cash (absorbed by)Igenerated from operatlons 1104,326) 159,323 27- HAWK AND OWL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 31 Analysls of Changes In net debt At 1 Aprll 2023 Cash flowsAt 31 March 2024 Cash al bank and in hand 227,234 1106,727) 120,507 Loans falling due within one year Loans falling due after more than one year 113,269} 189,442} 11,712) (66,462) 114,981) (155,904) 124,523 (174,901) {50,378} 28-