Com an Chari number.. 04304161 number: 1092349 HAWK CONSERVANCY TRUST LIMITED CONSOLIDATED ACCOUNTS YEAR ENDED 31 JANUARY 2025 CONTENTS Legal and Administrative Delails Dlrectors, Report 8- 10 Report of the Auditors Statement of Financial Activitie5 12 Balance Sheet 13 Cash Flow Statement 14. - 25. Notes to the Accounts For management purposes only.. 26. - 27. Detailed Income and Expenditure Account FLETCHER & PARTNERS CHARTERED ACCOUNTANTS SAUSBURY Pa HAWK CONSERVANCY TRUST LIMITED YEAR ENDED 31 JANUARY 2025 LEGAL AND ADMINISTRATIVE DETAILS Name.. The Hawk Conservancy Trust Limited. known as The Hth( Conservancy Address: The Hawk Conservancy, Sarson Lane. Weyhill, Andover, Hampshire, SP118DY Dlrectors: Mr M S Dryden Mrs J A Hughes MrA Johnson Mr S Jones MrA R O'Hagan Mr G Wyfes Mrs G Khan Mr J Chitty Presldent: Mr C Packham Vice-Presldenis: Mr M Anderson Major N Lewis MBE (deceased November 2024) Mrs S Rowe Mr M Shellard Executive Life President". Mr A Smith Company Secretary: Mrs AR Berens Chlef Executlve Offlcer . Ms P Smout Advisers.. Bankers Nat West plc, 48 Blue Boar Row, Salisbury, Wiltshire, SP11 DF Auditors Fletcher & Partners, Crovm Chambers, Brldge Street, Salisbury SP12LZ stockbrokers: Rathbones, Port of Liverpool Building. Pier Head, Liverpool, L3 1 NW Number: Registered Charity Number 1092349 Registered Company Number 04304161 HAWK CONSERVANCY TRUST LIMITED DIRECTORS. REPORT FOR THE YEAR ENDED 31 JANUARY 2025 The directors present their annual report with the consolidated accounts of the Trust for the year ended 31 January 2025. Th&s& relate to the company and the companvs subsidiary The Hawk ConseNancy Trading Company Limited, and have been prepared to comply with the provisions of the Companies Act 2006, the Charities Act 2011, the Trust's governing documents and the Statement of Recommended Practice on Accounting and Reporting by Charities (FRS 102). STRUCTURE GOVERNANCE AND MANAGEMENT Constitution and Charitable Status Thè company is known as the Hawk Conservancy Trust Limited and is a company limited by guarantee, Its company number is 04304161 and its charity registration number is 1094329. The company is governed by its Memorandum and Articles. The Hawk Conservancy Trust Limited has a wholty owned trading subsidiary, The Hawk Conservancy Trading Company Limited which runs the gift shop. restaurant and other commercial actiwties on behalf of Ihe Trust. Organlsatlonal Structure The directors who have served during the year and since the year end are set out on page one. The directors meet regularly to manage the company's affairs. The directors are responsible for day to day administration of Ihe company. The company directors We￿ as follows.. - Mr M S Dryden Mrs J A Hughes Mr A Johnson Mr S Jones Mr A R O'Hagan Mr G Wyles Mrs G Khan MrJ Chitty The directors have appointed a Chief ExecutNe OfFicer lo whom day to day management of the company is delegated. Recrultment and Appointment of Directors The directors are appointed from aM￿g members of the general public committed to the principles of conseNation and the preservation of wild life and raptors in particular. It is our aim lo select persons who have a particular skill to contribute to the Board and enable a broad range of expertise to be available to deal with the various matters as they arise. Each director has a responsibility for a particular area, i.e. ethics, sales and marketing, human resources, etc., and the board also holds meetings to gather infonnation and the views of the slaff as well as members of the general public. By these means they formulate the policies to which the Trust confomis and these policies are being integrated into a strategic plan to guide the Trust in future years. This plan will be reviewed annualty to meet Changing conditions if required. The policies set out in Ihe strategic plan form the guideline5 upon which the Chief Executive carries out her duties. All the directors are wholty committed and praclically supportive of the activtiies of the Trust. Director Induction and Training New director5 undergo a period of orientation and training during which time they are briefed on their legal obligations under charity and company law, the Content of the Memorandum and Articles of Association, the committee and the decision making processes, the bu5ine5s plan and recent financial perfomiance of the charity. During this time the new directors will meet other existing directors and key members of staff. Risk Management The directors confirm that they have reviewed the major risks to which the Trust is exposed and, where practicable, they have established systems to minimise any potential impact on the charity should those risks materialise. HAWK CONSERVANCY TRUST LIMITED DIRECTORS. REPORT CONTINUED FOR THE YEAR ENDED 31 JANUARY 2025 OBJECTIVES AND ACTIVITIES The Company's object and principal aclivity have not changed and our work continues to conserve, care for, undertsand and protect birds of prey and their environments, both within the United Kingdom and elsewhere, and the education, training and exhibition of such material as will inspire and engage. Main activities undertaken to furtherthe charity's purposes for the public beneflt The directors confirm that they have complied with the duty in section 17 of the Charit18s Act 2011 to have due regard to the public benefit guidance published by the Charity Commission. Th8 Board of Directors The Board's range of talents and experience is invaluable. from scientific and veterinary to business and strategy. Appointments are considered, as and when appropriate. as we look to ensure we have a diverse range of talents and experience, at Board level. It is with great sadness that we relay the news of Mr Michael Bolgers death in December 2024. As one of the charity's inaugural trustees, he was a tremendous influence in the chartys early days, especial￿ when we took over the visitor attraction that provides a major source of funding. His support in the creation of human resource policles and procedures was invaluable. He made an enomous contribution throughout his 10 years tenure. In similar news we have also had to say goodbye to the Trust Vice President Major Nigel L&wis who died in November 2024. His work with Barn populations in Salisbury Plain has been inspirational and the Trust was praud to be asked to support him and to work alongside him on our own Raptor Nestbox Project. Conservatlon Research and Education We are delighted to be able to wriie about the overseas and UK fieldwo￿, including expanding projects on one Endangered vutture species. the Lappet-faced Vulture. In the UK, we have increased our involvement in eight Farmer Cluster ne￿rkS in southem England, and are working with more than 130 landowners. Farmer Clusters are groups of farmers who are wort(ing as a collective on a landscape scale towards habitat change for the benefft of wildlife. We have increased our network of nest boxes to over 1.600 (up from 1.450 in 2023) 2nd their connect8d research eflorts. Two intern programs were conducted during the year, one on biodiversity and one on GonseNation education. We 8re grateful to Investec Bank PIC once again for their funding contribution towards this work. Working partnerships dLJring the year included Endangered Wildlife Trust, World Wildlife Fund- Pakistan, and Saving Asian Vultures from Extinction. We will always consider further collaborations, when appropriate, rf we feel that these complement and enhance the conservation work we carry out. Published works during Ihe year were., Murn C. (2025). White-headed Vulture. In: Lee. A.T.K, Banda. S., Bexeng. S.B., Maphalala, M>1., M8phisa, D.H.. Rose, S.J. & Smit-Robinson. H. (eds), The 2025 Red Data Book af Birds of South Africa, Lesotho and Esatini. Birdlrfe South Africa. Johannesburg, South Africa. Murn C. & van den Heever L. <2025) White-backed Vutture. In: Lee A.T.K.. Banda, S., Bezeng, S.B.. Maphalala, M.1., Maphisa, D.H. Rose. S;J. & Smit-Robin50n, H. (eds), The 2025 Red Data Book of Birds of South Africa, Lesotho and Eswatini. BirdLife South Africa, Johannesburg, South Africa. Vis, M.W.A., Udo, R., Fischer, D. & Robertson, J. (2024) E4L4 Best Practice Guidelines for Gyps africanus, Gyps fulvus and Gyps rueppelli. European Association of Zoos and Aquaria, Amsterdam, The Netherlands. HAWK CONSERVANCY TRUST LIMITED DIRECTORS, REPORT CONTINUED FOR THE YEAR ENDED 31 JANUARY 2025 Th8 Conservation & Research Team has been enhanced by the addition of a Conservation Assistant working in the field with Dr Matt Stevens, and Dr Jamie McKaughan in the role of ConseNation & Research Coordinator, Commercial Efforts The Hawk Conservancy Trust's work continu88 to be funded primarity by our visitors to the vi51tor attraction in Weyhill, Hampshire. The number of resident birds at the Trust is one of th& largest of its kind in the UK and an essential part of the formula that makes us a top-rated bird of prey visitor attraction in the country on TripAdvisor. The purpose of the visitor attraction is threefold: to educate and inspire visitors about a range of species of bird of prey, to support our conservation work with birds of prey and their habitats through the Trusl'5 involvement in a range of breeding programmes, and to undertake vital research. The resident birds and flying displays are the reason many people visit the Trust. The tremendous support from our visitDf5 who com@ from all walks of lrfe confirms our broad appeal and enables our core work to continue. We began our 2024 wishing to build upon the success of our 2023 season. However, 2024 proved to be a challenging year, particularly during the key months of July and August. Overall, we ended up 40/0 down on visitor numbers compared to 2023, which was a better position than the general trend for visitor attractions in 2024. It is with sadne5S that we say adieu to our fonner Head of Development, Andrew Hinton, who has retlred after nearly thirty years, service. He has made an enormous contribution to operational activiti88 over the years and a supportive mentor to all Team members, staff and volunteers when needed. 2024125 Challenges and Strategies Avian Influenza Gontinues to be present in wild bird populations requiring significantly additional biosecurity measures to keep our birds safe. We are working on strategies to evolve our wild bird rehabilitation facilities in such a way as to minimise risk to our resident birds. Our main concern for 2025126 year centres on the macro-economic climate, global instability and impact on local cost of living inflationary pressures, which have the potential for reducing day visits and donations and increasing running costs. To mitigate these risks, w@ plan to enhance the visitor experience to the park as the result of the appointment of a full-time horticulturist and have spent much of the year on the preparation for a new display and the transfomiation of our woodland arena. In wjdition to this, we are working hard to develop and expand our fundraising capabilities thus reducing our dependence on VisitorAttraction based revenues. We have always strived to provide our birds wilh the best standards of Care. For a number of years. we have been Iransitioning our birds away frotn routine tethering, a5 our training and management methods continue to develop, undertaking an extensive aviary development programme. With the publication of the new Secretary of Stale Standards of Modern Zoo Practice, which stipulate that all birds will n&ed to be housed in aviaries full-time by 2030, we are well advanced in our plan5 to achieve this far ahead of the deadline. We welcome the new slandards and were involved in their development. Investment Policy Th@ Trust has a number of bank deposit5, in addition to an investment portfolio managed on a discretionary basis by a professional investment manager. The investment portfolio aims to provide long temi income and growih from a diversified portfolio of investments. The Trustee5 have instructed the investment manager not lo invest in certain investments that may confiict with th6 aims and objective5 of the Trust. Pa HAWK CONSERVANCY TRUST LIMITED DIRECTORS, REPORT CONTINUED FOR THE YEAR ENDED 31 JANUARY 2 25 Fundraising Donors to our charity can be assured that we complywith the regulatory slandards for fundraising. We are registered with the Fundraising Regulator and are committed to the Fundraising Promise and adherence lo the Code of Fundraising Practice. This report covers the requirements that charities must follow as set out in the Charities Act 2016. It costs us at approximately £1.5 million a year to operate our charitable activities. we have a trading subsidiary to generate trading income foi the charity but rely on a signif￿an1 amount of donations to cover our charitable aclivities. We are developing a £3-5 million fundraising plan with support from external consultants. Much planning worf( has been undertaken during 2024 with the whole team to identify opportunilie5, Wlth a particular focus on grants, trusts and foundations as well as high net worth individuals. This plan is being developed in lin8 with the new overarching strategy for the whole organisation. We are continuing our fundraising activities to encour8ge donations and gifts in wills and attendance at fundraising events at the Trust. We are aware of th& need to protect vulnerable persons and have signed up to the Fundraising Preference Service. We are registered with the Fundraising Regulator and comply with all the relevant standards set out in Ihe Code of Fundraising Practice. We have not received any complaints. In the event that we do receive a complaint, we would aim to respond within 10 days. Our policy requires us to report the number of complaints to the Fundraising Regulator. FINANCIAL REVIEW Financial results and going concern During the year net income before investment gains decreased to £102,486 compared to £283,860 in 2023124. Income and expenditure on operations are broadly similar to last year, however 2023124 did include a significant hospital donation of aver £400,000. Net assets increased by £168,07210 £2,815,997 from £2,647,925 the previous year. The truslees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Reserves policy The trustees have, as part of the strategic plan. considered the likely resource requirements for the futufe. They have been conscious of the possibility of the curtailment of incoming resources from admissions and trading activities due to unforeseen disaster, such as, for example, the Foot and Mouth outbreak of 2001 and more recently Covid-19. In order to allow for the continued realisation of the charivs objects in the face of such events, the directors have set a policy whereby the Trust has sufficient reseNes to enable the charitable activities to be continued for at least one year. HAWK CONSERVANCY TRUST LIMITED DIRECTORS, REPORT CONTINUED FOR THE YEAR ENDED 31 JANUARY 2025 Prlnclpal fundlng The principal sourc@s of funds of the charity alone are admission into the park, including special evenls, member subscriptions, voluntary donations and sponsorship. The total of all income was £1,973,48312024 - £2,059,609). The cost of generating income was £260.796 (2024 - £232,403). Out of the resulting available funds, £1,588,771 (2024- £1,501,705) has been expended on charitable activities, in particular the general conservation of raptors, th6 education of the public about birds of prey and the return of injured birds to the wild. We are continually struck by the generosity of our supporters and these acts of kindn8ss allow us to continue our ongoing mission. lo help conserve birds of prey and their habitats across th8 globe. The charity's wholly owned subsidiary, the Hawk Conservancy Trading Company Limited, undertook Ihe OP8ration of the trading activities at the Park consisting principally of the coffee shop and the gffl shop. The companls turnover amounted to £648,169 (2024.. £641,930) and it generated a105s of £21,430 {2024: £41,641). Plans for future periods Having purchased a property situated in the centre.of the Trusys sile we continue to further plans for development. This involves taking a complete overview of the sile as a whole to ensure all development proposals are considered in context both of the Trust's needs and those of the wider population , (people and birds). Other infrastructure projects continue with work on new aviaries, which we hope to have fully up and running in the near future. In addition to Ihese infrastructure plans. we are also working towards expansion of our UK and overseas research programs, and the development of a dedicated facility for our wild bird rehabilitation aclivities. ACCOUNTING AND REPORTING RESPONSIBILITIES Company law requires the directors to prepare financial statements, for each financial year. which give a true and fair view of the state of affairs of the Charitable company and the group and of the incomin9 resources and application of resources. including the income and expenditure, of the charitable group for thal period. In preparing these financial statements, the directors are ￿qUired to.. Select suitable accounting policies and then apply them con5iStently. Observe the methods and principles in the Charities SORP Make judgements and estimates that are reasonable and pwdent. state whether applicable UK accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the accounts. Prepare the financial slatements on the going COn￿M basis unless it is inappropriate to presume that the group will continue to operate. HAWK CONSERVANCY TRUST LIMITED DIRECTORS. REPORT CONTINUED FOR THE YEAR ENDED 31 JANUARY 2025 The directors are responsible for keeping adequate accounting records which disc105e with reasonable accuracy al any time the financial position of the group and which enable them lo ensure that the financial statements comply with the provisions of the Companies Act 2006. They are also responsible for safeguarding the assets of the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In accordance with company law, as the company's directors, we certify that so far as we are aware, there is no relevant audit information of which the charitable company's auditors ale unaware, and as directors of the company we have taken all the steps thal we ought to have taken in order to make ourselves aware of any relevant audit information and to astablish that the auditors are aware of that information. Auditors Fletcher and Partners have indicated theirwillingness to continue in their capacity as the company's auditors. A resolution proposing their re-appointment will be put to the Annual General Meeting. 0,,141 For and on behalf of Hawk Conservancy Trust Limited - Mr Scott Jones Approved on.. INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF HAWK CONSERVANCY TRUST LIMITED FOR THE YEAR ENDED 31 JANUARY 2 25 Opinion We have audited the consolidated financial statements of Hawk Conservancy Trust and its subsidlary for the year ended 31 January 2025, which comprise ofthe Consolidated Statement of Financial Activities, the Group and Charily Balance Sheets, the Consolidated Slatement of Cash flows and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102= The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice}. In our opinion the financial statements: give a true and fair view of the state of the group's and the parent charitable company's affairs as at 31 January 2025, and of the group's incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance vAth United Kingdom Generally Accepted Accounting Practi¢e', have been properly prepared in accordance with the Companies Act 2006 and Charities Act 2011. Basis for oplnlon We conducled our audit in accordance with International Standards on Auditing{UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance wth the ethical requirements that are relevant to our audit of the financial stalements In the UK, including the FRCS Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going Gon¢em In auditing the financial statements, we have Goncluded that the directors, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that. individually or collectively. may cast signrficant doubt on the Company's ability to continue as a going concern for a period of at least Iwelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of thls report. Other informatlon The other information comprise5 infonnalion included in the annual report, other than the finan¢Sal statements and our auditor's report thereon. The trustees are responsible for the other infomation. Our opinion on the financial statements doe5 not cover Ihe other information and we do not express any form of assurance conclusion thereon. In connection w7th our audit of the finan¢ial statements, our responsibility is to read the other infomiation and, in doing so, consider whether the other information is materially inconsistent wth the finan¢ial statements or our kno￿edge obtained in the audit or otheThvise appears to be materially misstaled. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a Material misstatement in the financial slalements or a material misstatement of the other infomiation. If, based on the work we have performed, we conclude thal Ihere is a material misstatements of this other information, we are required lo report that facL We have nothlng to report in this regard. Pa NDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF HAWK CONSERVANCY TRUST LIMITED FOR THE YEAR ENDED 31 JANUARY 2025 Opinions on other matters prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the trustees report for the financial year for which the financial Statements are prepared is consistent with the financial stalements- and the trustees report has been prepared in accordance with applicable legal requirements. Matters on whlch we are required to report by exception In the light of the knowledge and understanding of the group and p8rent charttable company's 8nd its environment obtained in the course of the audit, we have not identified materlal misslatemenls in the trustees report. We have nothing to report in respect of the following matters in relation to which the Compani8s Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept by the parent charitable company, or retum adequate for our audit have not been received from branches not visited by us. or the parent charitable company f5nanci81 statements are not in agreement with the accounting records or returns- or certain disclosure of trustees, remuneration specrfied by law are not made., or we have nol received all the information and explanations we require for our audit. the trustees were not entitled to prepare the financial statements in accordance wth the small companies regime and take advantage of the small companies exemptions in preparing the trustees report and from the requirement to prepare a strategic report. Responsibilitie5 of Trustees As explained more fully in the Trustees, Responsibility Statement, the trustees (who are also the directors of the charitable company for the purposes of company law} are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal controls as the trustees determine is necessary to enable the preparation of the 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 the parent charitable company's ability to continue as a going concern, disclosing. as applicable, matters related to going concern and using the going concern basis of accounling unless the directors either intend to liquidate the group or the parent charitable company or to cease operations. or have no realistic alternative but to do so. Auditors responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial Statements as a whole are free from material misslatement, whether due to fraud or error, and to issue and auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf. individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on th8 basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent lo which our procedures are capable of delecling irregularities, including fraud is detailed on the next page: Pa e10 INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF HAWK CONSERVANCY TRUST LIMITED FOR THE YEAR ENDED 31 JANUARY 2025 As part of an audit in accordance with ISAS (UK). we exercise professional judgement and rnaintain professional scepticism throughout the audit. We ensured that the engagement team collectNely had the appropriate competence and capabilities to recognise non-compliance with applicable laws and regulations.. We identified the laws applicable to the company through discussions with directors and management, and from our knowledge and experience of the company and the seclor.. and Wé ensured that the laws and regulations vthich we identified were communicated to the @ngagÈment team and that they remained alert to instances of non- compliance throughout the audit. We assessed the susceptibility of the companrfs financial statements to material mis-statement, including obtaining an understanding of how fraud might occur, by. making enquiries of management as lo their assessment of the risk of fraud and their knowledge of actual or alleged fraud,. and Considering the effectiveness of internal controls to mrtigate the risks of fraud and non-compliance with laws and regulations. We addressed the risk of fraud through management bias and the over-ride of controls by assessing whether judgements and assumptions made by management were indicative of potential bias and by investigating the rationale behind signfficanl or unusual transactions. In order to address the risk of irregularities we carried out procedures which included agreeing the financial statements to underlying documentation and enquiring of managemenl as to actual and potential litigation and instances of non before gains and losses on investrnents 155,481 {52,995) 102,486 283,860 NET GAINSI{LOSSESI ON INVESTMENTS Unrealised Realised 64,594 992 64,594 992 7,311 (5,169) Net incomellexpenditure) 221,067 (52,995) 168,072 286,002 Transfers between funds (65,516) 65.516 Net movement in funds 155.551 12,521 168,072 286,002 Reconciliation of funds: BALANCES AT 1 FEBRUARY 2024 2.141.288 506,637 2,647,925 2,361,923 BALANCES AT 31 JANUARY 2025 £2,296,839 £519,158 £2,815,997 £2,647,925 The results for the year derive from continuing activities and there are no gains or losses other than those shown above. e12 HAWK CONSERVANCY TRUST LIMITED CONSOLIDATED BALANCE SHEET AS AT 31 JANUARY 2025 MBER: 04304161 Group Charity Note 2025 2024 2025 2024 FIXED ASSETS Tangible assets Investments 10 1.257,334 1,260,855 804,111 736,744 2,061.445 1,997,599 1,237,867 804,112 2.041,979 1,236,520 736,745 1,973,265 CURRENT ASSETS Stock Debtors Cash at bank and in hand 12 13 14 83,481 67,452 1.391,021 88,867 50,555 1,333,232 6,458 263,046 1,290,756 6,533 250,004 1.227,927 1.541.954 1.472.654 1,560,260 1,484,464 CREDITORS: Amounts falling due within one year 15 562.142 527,816 560,976 520,736 NET CURRENT ASSETS 979.812 944,838 999,284 963.728 CREDITORS: Amounts falling due dfter tnoie ttldli oiie year 16 225,260 294,512 22J,260 294,a12 TOTAL ASSETS £2,815.997 £2,647,925 £2,816,003 £2,642,481 Representing: RESTRICTED FUNDS 18 519,158 506.637 519.158 506.637 UNRESTRICTED FUNDS 18 2,296.839 2.141,288 2,296,845 2,135,844 TOTAL FUNDS £2,815.997 £2.647,925 £2,816,003 £2,642,481 The accounts are prepared in accordance with the special provisions of the Companies Act relating to small companies. For and on behalf of Th& Hawk Conservancy Trust Limited - Mr Scott Jones Approved on.. HAWK CONSERVANCY TRUST LIMITED CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JANUARY 2025 Note 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES Net cash provided by (used in) operating activities 24a 205,493 (106,045) CASH FLOWS FROM INVESTING ACTIVITIES Dividends and interest from investments Proceeds from the sale of property. plant and equipment Proceeds from the disposal of investrnents Purchase of investments Purchase of property. plant and equipment 52.966 27,194 861 520.505 (530,100) (111,995> 499,908 131,602 1130,472) {477,265) Net cash provided by (used in) investing activities (67,763) 50,967 CASH FLOWS FROM FINANCING ACTIVITIES Repayment of bank loans Interest paid Tax paid Increase in bank loan 169,252) (18,503) (82,944) (21,356) Nel cash provided by (used in) financing activities (87.755) (104,300) CHANGE IN CASH AND CASH EQUIVALENTS IN THE REPORTING PERIOD 24b £49,975 (£159,378) CASH BROUGHT FORWARD 1,344,205 1,503,583 CASH CARRIED FORWARD 24c 1,394,180 1.344,205 Pa e14 HAWK CONSERVANCY TRUST LIMITED NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2025 1. ACCOUNTING POLICIES Accounting convention The accounts have been prepared under the historical cost convention wth items recognised at cost or transaction value unless otheNise stated in the relevant notes. The finanaal statements have been prepared in accordan￿ with Accounting and Reporting by Charities". Statement of Recommended PractFce applicable to charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Charities SORP {FRS 1021), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021. the Companies Act 2006 and the Charities Act 2011. Hawk Conservancy Trust Limited Is a public benefit entsty as defined by FRS 102. b. Group financial statements These financial statements consolidate the results of the charity and its wholly-owned subsidiary The Hawk Conservancy Tr3ding f.omp2ny I td nn 2 linp. by line basis_ A separate Statement of Financial Activities, or income and expenditure account, for the charity itself is not presented because the charity has taken advantage of the exemptions afforded by seclion 408 of the Companies Act 2006. Incorne Subscriptions are accounted for when received but an adjustment is made for that part of the subscription that relates to the period after the year end. Donab'ons are recognised when received. All other income, including that from commercial trading activities, is recognised when it Is probable and is included net of VAT. Grants received in relation to the purchase of fixed assets are recognised when fixed assets in question are acquired. Where the grants are subject to conditions under which they may be repayable then they are shown as restricted funds and aiiy ieleviiiil expviidilure (including depreciation) is charged to these funds. d. Expenditure Expenditure is included on an accruals basis. In accordance with the Charitie5 SORP {FRS 102) (effective January 20191, costs are analysed be￿een the costs of raising funds and the costs of charitable activities {the costs of meeting the charity's objects). Where possible, costs have been allocated specifically to a cost heading. However, many costs conlribute to both the costs of raising funds and to charitable activities. This indudes advert15ing, postage. telephone and card charges. The director5 have allocated these costs on the basis of the approximate lime that is spent on each activity Iwth the time being approximately equal). Expenditure includes any VAT that cannot be fully recovered. Tangible Fixed Assets Fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost les5 residual value of each asset over its expected useful life. Hospital Equipment 25°A straight line Plant & Equipment 15°A to 33°/0 Straight line Fencing and aviaries 1 OOA straight line Fixtures and Fittings 15°/0 10 20 % straight line Motor vehides 200h straight line Land and buildings 20h to 10% straight line New aviaries are capitalised but refurbishment of exists'ng aviaries has been treated as repairs. Other capital cxpcnditure of les: than £3,000 is not capitalised. Impaimienl reviews are csrried out if evidence comes to light that the recoverable amount of a functional fixed asset is below its net book value. stock siock is valued at the lower of cost and net realisable value. g. Debtors Debtors are measured at their recoverable amounts. Prepayments are valued at the amount prepaid. e15 HAWK CONSERVANCY TRUST LIMITED NOTES TO THE CONSOLIDATED ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 JANUARY 2025 Creditors Creditors are recognised when the charty has an obligation to transfer economic benefits to a third party. Creditors are usually recognised at their settlement amount or the amount received as an advance payment for goods or services it must provide. Financial Instruments The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. These are initially recognised at the amount receivable or payable and subsequently measured at their settlement value with Ihe exception of the bank loan which is subsequently measured at the carrying value plus accrued interest less repayments. The interest charge in the accounts is calculated using the effective interest method. j. Pension Costs Pension scheme arrangements are operated on the basis of a defined contribution pension scheme on behalf of a majority of employees_ ConlribLltions arp chargpd to the inr.nmg And expenditure account in the period for which they are payable to the scheme. Fund Accounting Funds held by the charity fall into the following categories-. (i} Unrestricted general funds: These are funds which can be used, at the discretion of the trustees, in accordance wilh the charitable objects of the Trust. {ii) Restricted funds: These are funds which can only be iJ*Èd for particular purposes within the objects of the Trust. Restrictions arise either when they are specified by the donor or when funds are raised for a specific purpose. The usage of these funds is shown in Note 19. LEGAL STATUS The charity is a company limtted by 9uarantee and has no share capital. The liabilty of each member in the evenl of a winding up is limited to £1. DONATIONS AND LEGACIES 2025 2024 Subscriptions Donations Legacies Designated Donations - Hospital Designated Donations - Internation Vulture Program Designated Donations - South Africa Vuttures Designated Donations - Education Designated Donations - Raptor Nest Box Program Grants 183.345 114,751 238,596 2,020 29,953 9,000 1,005 11,489 28.880 174,847 85,190 5,956 429,785 42,373 10.400 12.113 7.988 4,292 £619.039 £772,944 INCOME FROM CHARITABLE ACTIVITIES 2025 2024 Admissions Sponqorship Special events 587,991 40 106 652,585 599,484 40 r)1 El 605,224 £1,280,682 £1,244,726 Pa e16 HAWK CONSERVANCY TRUST LIMITED NOTES TO THE CONSOLIDATED ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 JANUARY 2025 5. INVESTMENT INCOME 2025 2024 Rent receivable Dividend income Bank interest 20,796 7,939 45,027 £73,762 14,745 12,410 14,784 £41,939 6. ANALYSIS OF EXPENDITURE BY EXPENDITURE TYPE Current year 2025 2025 2025 2025 2024 Staff costs Direct costs Support costs Total Total Expenditure on raising voluntary income Expenditure on fundraising trading Cost of raising funds 144,036 116,760 260.796 232,403 669,599 786,359 669,599 £930,395 683,571 £915,974 144,036 Consetvation Education Research Rehabilitation 86,992 321,348 316,676 288,644 167,774 6,036 42 15,371 96,472 96.472 96,472 96,472 351,238 423,856 413.190 400,487 385,888 £1,588,771 £1,501,705 348,670 386,372 389.983 376.680 1,013,660 189,223 1,013,660 333,259 1,172,247 2,519,166 2,417.679 Prior year 2024 2024 2024 2024 Staff costs Direct costs Support costs Total Expenditure on raising volunlary income Expenditure on fundraising trading Cost of raising funds 137,457 94,946 232.403 683.571 778,517 683,571 £915,974 137,457 Conservation Education Research Rehabilitation 85.327 286.148 288,655 262,695 922.825 166,174 3,055 4,159 16,816 97,169 97,169 97,169 97,169 348,670 386,372 389,983 376,680 388,676 £1,501,705 190,204 922,825 327.661 1.167,193 2,417,679 HAWK CONSERVANCY TRUST LIMITED NOTES TO THE CONSOLIDATED ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 JANUARY 2025 COMMERCIAL TRADING OPERATIONS AND INVESTMENT IN TRADING SUBSIDIARY The wholty-owned trading subsidiary. The Hawk Conservancy Trading Company Limited, which is incorporated in England and Wales, pays tts profits to the charity by gift aid. The Hawk Conservancy Trading Company Limited operates the restaurant, venue hire, events and the gift shop which are situated at the Hawk Conservancy. The charity owns the entire issued share capital of 1 ordinary share of £1 each. A summary of the trading results is shown below.. 2025 2024 Trading Turnover Other income Cost of sales and administrative expenses Interest receivable 648,169 641,930 {669.599} 1.119 (683,571) 863 Net profit l (lossl (20.311) (40.778) Gift aid donation Taxation Retained in the subsidiary (20.311) 140.778) Total income less direct expenses (20,311) (40,778} The assets and liabilities of the subsidiary were= Fixed assets Current assets Creditors= amounts falling due within one year 19,467 222,951 {298.058) 24,335 224,311 (283,975) T(JtAI ng.t 2sqg.ts (55.640) (35.329) Aggregate share capital and reseNes £ {55,640} £ (35,329) e18 HAWK CONSERVANCY TRUST LIMITED NOTES TO THE CONSOLIDATED ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 JANUARY 2025 GOVERNANCE COSTS 2025 2024 Legal and professional fees Audit fees Legal fees Trustees, expenses 6,623 7,805 1.106 45,737 1.479 £15.534 £47,216 STAFF COSTS 2025 2024 Wages and salaries Social security costs Pension costs Other staffing costs 1.124,735 95,165 23,224 21,566 1,020,930 82,863 20,181 25,882 £1.264,690 £1,149,856 No employee received remuneration amounting to more than £60.000 in either year. The total remuneration cost of key management personnel in the year was £63.574 {2024.' £61,895) The average number of staff employed during the year was 55 (2024". 54). No directors, emoluments were paid during the year (2024= nil). During the year no expenses were paid to trustees (2024= nil). 10. TANGIBLE FIXED ASSETS - GROUP Aviaries and other Buildin Hospital Plant & Fixlures & Molor ui Vehicles Totals COST OR VALUATION At 1 February 2024 Additions Disposals At 31 January 2025 1,833.948 81.954 5.286 42.152 350,408 12,850 30,041 2,244,644 111,995 15,750) 2,350,889 (5,750} 7,100 1,915.902 5,286 42,152 380,449 DEPRECIATION At 1 February 2024 On disposals Charge for the year At 31 January 202J 651,657 3.942 38.600 282,560 7,030 (2.0501 2,120 983,789 12,050) 111,816 79,575 767 809 28,545 731.232 4.709 39.409 311.105 7.100 1,093,i55 NET BOOK VALUE At 31 January 2025 £1.184,670 577 £2.743 £69.344 £0 £1,257,334 At 31 January 2024 £1.182,291 1,344 £3,552 £67,848 £5,820 £1,260,855 Pa e19 HAWK CONSERVANCY TRUST LIMITED NOTES TO THE CONSOLIDATED ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 JANUARY 2025 10. TANGIBLE FIXED ASSETS - CHARITY Aviaries and other Buildin Hospital Plant & Fixtures & Motor Vehicles Totals COST OR VALUATION At 1 February 2024 Additions Disposals 1,773,092 81,954 5,286 3,785 318.166 30,041 12,850 2,113,179 111,995 15,750) (5,750) At 31 January 2025 1.855,046 5,286 3,785 348,207 7,100 2,219,424 DEPRECIATION Al 1 February 2024 Charge for the year On disposals 607,567 76.781 3,942 767 4.007 254.113 27,280 7,030 2,120 12,050) 876,659 106,948 12,050) At 31 January 2025 684,348 4.709 4,007 281,393 7.100 981,557 NET BOOK VALUE At 31 January 2025 £1,170,698 577 (£222) £66,814 £1,237,867 At 31 January 2024 £1.165,525 (£222) £64.053 £5.820 £1.236.520 11. INVESTMENTS The listed investments, held at market value, and cash managed by Rathbones Group plc, were invested as follows- Group Charity Listed Investment Lisled Investment Inveslmentc in subsidia Investments in subsidiary Market value at 1 February 2024 Additions Disposa15 at opening market value Investment management fees Movement in cash Unrealised gain on revaluation 736.744 530,100 (519.513) {8.472) 658 64.594 736,744 530,100 1519.513) (8,472) 658 64,594 Markel value at 31 January 2025 £804.111 £804.111 £1 Listed investments Cash deposits £800.950 £3,161 £800,950 £3,161 Cost al 31 January 2025 £804,111 £804,111 £1 The investment in subsidiary consists of 1 ordinary share (1000/0 of the share capital) in The Hawk Conservancy Trading Company Limited. 12. STOCKS Group 2025 Charity 2025 2024 2024 Gift and coffee shop stock Wrisl band stock 77,023 6,458 82,334 6.533 6,458 6,533 £6,533 £83,481 £88,867 £6,458 Pa e20 HAWK CONSERVANCY TRUST LIMITED NOTES TO THE CONSOLIDATED ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 JANUARY 2025 13. DEBTORS Group 2025 2024 2025 2024 Trade debtors Other debtors Amount owed by subsidiary Prepayments 979 6,576 2.945 979 6,576 210,386 45,105 £263,046 1.640 4,004 214,463 29,897 £250,004 59,897 £67.452 43,606 £50,555 14.CASH AT BANK Group 2025 Charbty 2025 2024 2024 Bank and cash in hand 1,391,021 1,333,232 £1.391.021 £1.333.232 £1.290.756 £1,227,927 1,290,756 1.227,927 15.CREDITORS'. Amounts falling due within one year Group 2025 Charity 2025 2024 2024 Trade creditors Taxes and social securrty Amount owed lo subsidiary Prepaid subscriptions Accruals and deferred income Other creditors Bank loans VAT liability Tax liability 41,133 42,705 61,322 40.723 26,237 42,705 22.082 64,382 234.511 85.663 84,831 565 46.791 40,723 12,870 56,543 204,952 74.026 84.831 64.382 238,339 85,663 84,831 4.902 187 56,543 207.797 74.389 84,831 2.024 187 £562,142 £527.816 £560.976 £520,736 16.CREDITORS-. Amounts falling due after more than one year Group 2025 Charity 2025 2024 2024 Vgriable Rate Bank Loan CBILS Bank loan Property Loan 50,000 175,260 100,000 194,512 50,000 175,260 100,000 194,512 £225.260 £294.512 £225.260 £294,512 The CBILS loan was interest free for 1 year and interest is payable al 2.190/0 over the remaining 3 years.The loan is secured by a legal charge over the leasehold land at Sarson Lane. The fixed rate loan is repayable by 120 equal inslalments followed by a single payment of Ihe outstanding amount. Interest is payable al 7.070/0. The loans are repayable as follows.. Group 2025 84,831 84.831 104,493 35,936 Charity 2025 84,831 84,831 104,493 35,936 2024 84,831 84,831 154.493 55,188 2024 84,831 84,831 154,493 55,188 Within one year Be￿een one and years Between two and five years In more than five years £310,091 £379,343 £310,091 £379,343 e21 HAWK CONSERVANCY TRUST LIMITED NOTES TO THE CONSOLIDATED ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 JANUARY 2025 17. DEFERRED INCOME Booking osits Gift Vouchers Membershi Brought forward at 1 February 2024 Released in year Deferred in year Carried forward at 31 January 2025 38,656 133,850 (70,727) (155,606) 79,025 184,323 56,543 156,5431 64,382 £46,954 £162,567 £64,382 Falling due in less than one year Falling due after more than one year 46.954 162,567 64,382 £46,954 £162,567 £64,382 The gift vouchers carried forward are included in accruals and deferred income. 18. FUNDS Asat 01-Feb 2024 Asat 31-Jan 2025 Gains on enditure Investments Income Unrestricted funds 2,141.288 2,519,061 {2,429,096} 65,586 2,296,839 Restricted funds Restricted Funds comprise the following unexpended balances of donations held to be applied to specific purposes as slated= Asat 01-Feb 2024 Transfers from enditure unrestricted Asat 31-Jan 2025 Income International Vulture Programme Raptor Nest Box Project Dreamnight Hospital & Rehabilitation PA system Ambient Path lighting and PA systems Solar Panels Education 2,292 38,953 11,489 500 2,020 (76,565) (41.685) {500) (18.513) 35,320 30,196 499.908 4.437 483,415 4,437 8,289 19,100 22,240 (8,289) 19,100 12,206 (10,034) {£155,5861 £506,637 £102,591 £65,516 £519,158 Transfers out of restricted funds relate to capital expenditure on fixed assets which are for general purposes. Transfers in to restricted funds are to cover costs in excess of income for that particular activity. e22 HAWK CONSERVANCY TRUST LIMITED NOTES TO THE CONSOLIDATED ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 JANUARY 2025 18. FUNDS Asat 01-Feb 2023 Investment movements Ex enditure & transfers Asat 31-Jan 2024 Cornparative Fund Note Unrestricted funds Income 2,019,364 2.102,429 {1.982,647} 2,142 2,141,288 Restricted funds Restricted Funds comprise the following unexpended balances of donations held lo be applied to specific purposes as staled.. Asat 01-Feb 2023 Transfers from enditure unrestricted Asat 31-Jan 2024 Donations Re￿Ived Ex International Vulture Programme Poison Response Action Raptor Nest Box Project Land purchase Restaurant Hospital Hospital Annex Gwent Hawk Rescue PA System Site Developmenl 55.066 (78.8561 {8,44n (46.628) 26,082 8,447 38,640 (10,304) 2.292 7.988 10,304 5.393 4,009 73.871 (5,393) (19,243) 10,449 (3.871) (70.000) 4.785 499.908 499,908 4,437 4,437 237.832 G.713 26,700 4,GG3 (72,680) (191,852) IG4,G49) 53.273 342.559 599.110 299.767 135,265 506.637 These funds are held for the following purposes-. Intg.rn21inn21 Vijlltjrg. Prngramme-. rpsearch 2nd conservation of various vulture specie.q by this programme Poison Response Action (IVP).. costs in relation to provision and management of poison response kits Raptor Nest BOx Project.. for the conseivation of Brttish birds of prey. Hospital & RehabiSilation.' to support the operation of the bird of prey hosprtal Land purchase.. for the purchase of addilional lan(Js for the irust Site development.. improvements lo the park land and buildings Hospital.. general running of the bird of prey hospital Reslauranl.. for the construction of the reslauranl Education.. various educational projects Solar panels - a grant from Scottish & Southem Electricity Networks for the purchase of solar panels Ambient path lighting and two PA systems for arena and evening event enhancement, funded by TVBC grant. Capital funds are represenied by a proportlon ol Ihe respectlve assets (fixed assets or cash.. the other funds are represented by cash al bank. Pa e23 HAWK CONSERVANCY TRUST LIMITED NOTES TO THE CONSOLIDATED ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 JANUARY 2025 19. RELATED PAR TY TRANSACTIONS The land on which the Hawk Conservancvs premises is situaled is leased by the company from Mr A Smith. members of his family and his family trust. Mr Smilh was the companys Chief Executive Officer until 31 January 2012. The lease, negotiated at ami's length, carries a renlal of £50,000 per annum and is due to expire on 14 February 2089. During ihe year the charity received donations from Iruslees to the sum of £4.200. Scott Jones, Ihe Trust Chairman, is Head of South for Rathbone Group plc, responsible for the fimi's soullierii oifibes. Tlie Cliarity's investmeiit portfolio is managed within Rathbone'5 Winchester office by an Investment Director wrthin the firm. Mr Jones is nol involved or has any influence. in the day-to-day management of the portfolio, which is at the complete discretion of the Investment Director. 20. COMMITMENTS Lease Commitments Al 31 January 2025, the total of future minimum lease payments under non-cancellable operating leases was as follows.. Land 2025 2024 Amounts due within one year Amounts due belween and five years Amounts due after five years 50.000 50,000 200,000 200,000 3.000,000 3,000.000 3.250,¢)00 3,250.000 Equipment 2025 2024 Amounts due wtthin one year Amounts due be￿een tsvo and five years Capital Commitments At 31 January 2025, the charity was not committed to any capital expenditure that is not provided for in the accounts {2024= £nil). 21 ANALYSIS OF NET ASSETS BETWEEN FUNDS Analysis of net assets between funds - current year Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due within more than one year Unrestricted Restricted Total 1.257.334 804.111 1,022,796 {562,142} (225,260) 1,257,334 804,111 519,158 1.541.954 (562,142) (225,260) 2,296,839 519,158 2,815,997 Analysis of net assets between funds - prior year Tangible fixed assets Fixed asset investments Currant assats Creditors due wilhin one year Creditors due wrthin more Ihan one year Unrestricted Restricted Total 1.256.418 736.744 970,454 (527,8161 (294,512) 2.141,288 4,437 1,260,855 736,744 502,200 1,472,654 1527,816) {294,512) 506,637 2,647,925 Pa e24 HAWK CONSERVANCY TRUST LIMITED NOTES TO THE CONSOLIDATED ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 JANUARY 2025 22 POST BALANCE SHEET EVENTS Since the year end Ihe charity has purchased a property at a cost of £575,000 which has been partly funded by a loan of £350,000 repayable over 10 years. 23 NOTES TO THE CASH FLOW STATEMENT Reconciliation of net incomel{expenditure) with net cash flow from operating activities 2025 2024 Net incomel{expenditure) for the reporting penod (as per the statement of financial activities) Adjustments for.. Depr￿latiOn and impairment charges (Gainslllosses on investments Dividends and interest from investments Interest paid IProfit}Aoss on disposal of fixed assets Ilncreaselldecrease in stock Ilncrease)Idecrease in debtors Increaselldecrease) in creditors Donated assets 168,072 286,002 111,816 (65,586) {52.966) 18.503 2.839 5.386 {16.897) 34,326 102,044 (2,142) (27,194) 21,356 {74,908) 2,501 29,860 118,564) 1425,000) Net cash flow provided by (used in) operating activtties £205.493 (£106,045) b. Analysis of Changes in net debt Cash at bank and in investment portfolio At 1.2.24 Cash flows Other chan es At 31.1.25 1,344,205 49,975 1.394,180 Debt due within one year Debt due after more than one year 184,8311 1294.5121 69,252 (69,252) 69,252 184,831) (225,2601 £964.862 £119,227 £1,084,089 Analysis of Cash at bank an in investment portfolio 2025 1,391.021 3.161 2024 1,333,232 10,974 £1,344,206 Cash at bank and in hand Cash held in investment portfolio £1,394,182 Pa e25 HAWK CONSERVANCY TRUST LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES Includin the Income and Ex enditure Account FOR THE YEAR ENDED 31 JANUARY 2025 Comparative Consolidated Statement of Financial Activlties Unrestricted Restricted Funds Funds 2024 Total Funds 2024 INCOME AND EXPENDITURE INCOME FROM: Donalions and legacies 173,834 599,110 772,944 Charitable activities 1,244,726 1,244,726 Other trading activities: Commercial trading operations 641,930 641,930 Investment income 41,939 41,939 other income Total income 2.102.429 599,110 2,701,539 EXPENDITURE ON: Costs of raising funds Costs of generating voluntary income Commercial trading operations 232.403 683,571 232,403 683,571 Charitable activities 1,201,938 299,767 1,501,705 Total expenditure 2,117.912 299.767 2,417,679 Net incomèl {expenditurel before gains and losses on investments (15,483) 299.343 283,860 NET GAINSIILOSSESI ON INVESTMENTS Unrealised Realised 7.311 {5,169) 7,311 (5,169) Net incomel{expenditure) (13,341) 299,343 286,002 Transfers between funds 135.265 (135,265) Net movement in funds 121.924 164,078 286,002 Reconciliation of funds: BALANCES AT 1 FEBRUARY 2022 2,019,364 342,559 2,361,923 BALANCES AT 31 JANUARY 2023 £2.141,288 £506,637 £2,647,925