**Registered number: 04740162 Charity number: 01100589**
## **THE PENSTHORPE CONSERVATION TRUST**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2022**
## **THE PENSTHORPE CONSERVATION TRUST**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the charity, its Trustees and advisers**|1|
|**Trustees' report**|2 - 5|
|**Independent examiner's report**|6|
|**Statement of financial activities**|7|
|**Balance sheet**|8 - 9|
|**Notes to the financial statements**|10 - 27|
**THE PENSTHORPE CONSERVATION TRUST**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022**
|**Trustees**|Mr W J Jordan MBE|
|---|---|
||Mrs D A Jordan|
||Mr C R Papworth|
||Mr N Acheson (Appointed 25 November 2022)|
||Mrs E Savory (Resigned 25 November 2022)|
||Dr G W Archibald (Resigned 25 November 2022)|
||Mr M P Noble (Resigned 21 April 2022)|
|**Company registered**
**number**
04740162
**Charity registered**
**number**
01100589
**Registered office**
Pensthorpe Natural Park
Fakenham Road
Pensthorpe
Fakenham
Norfolk
NR21 0LN
**Accountants**
Larking Gowen LLP
Chartered Accountants
1st Floor, Prospect House
Rouen Road
Norwich
NR1 1RE
**Bankers**
Barclays Bank PLC
Fakenham
Norfolk
NR21 9BE
**Solicitors**
Woodfine Leeds Smith
6 Bedford Way
Sandy
Bedfordshire
SG19 1EN||
Page 1
**THE PENSTHORPE CONSERVATION TRUST**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022**
The Trustees present their annual report together with the financial statements of the charity for the year 1 January 2022 to 31 December 2022. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
## **Objectives and activities**
## **a. Policies and objectives**
The principal activities of the company throughout the year are to manage the bird and mammal collection based at Pensthorpe, near Fakenham in Norfolk and also to participate in a number of conservation initiatives both within the Wensum Valley but also elsewhere in the UK.
The company's objectives are:
(a) To promote the study and conservation of wildlife and wildlife habitats in general and of Wildfowl habitats in particular with a view to increasing public understanding and awareness thereof.
(b) To advance the education of the public in understanding and appreciating the enjoyment of wildlife.
Activities undertaken to achieve these objectives are described under Achievements and performance below.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
## **Achievements and performance**
## **a. Main achievements of the charity**
2022 began as a year of hope and optimism as the final coronavirus restrictions were lifted at the end of 2021 and Pensthorpe Natural Park looked forward to visitors returning in greater numbers. Sadly, on 5th February 2022, a case of avian influenza (AI) was confirmed in captive birds at Pensthorpe, resulting in closure of the park once again. Working alongside staff from the UK Animal and Plant Health Agency (APHA) and Department of Environment, Food and Rural Affairs (Defra) our staff worked tirelessly to minimise the loss of our cherished collection. Sadly, 110 birds were culled or died of the disease.
Trustees would like to thank our capable and committed team for their hard work and perseverance during the covid 19 pandemic and avian influenza outbreak. Conservation work can involve long and unsociable hours and our team have worked tirelessly to ensure the safety and welfare of our collection throughout both events and the subsequent avian influenza restrictions.
No strategy for control or prevention of AI yet exists, despite the widespread recognition of the serious risks it poses. As a result of this, trustees have made the difficult decision to disperse the collection of rare birds, minimising the birds on show to visitors, and focusing on the conservation projects that have become synonymous with our trust, and the education of young people.
Page 2
**THE PENSTHORPE CONSERVATION TRUST**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022**
## **Achievements and performance (continued)**
Trustees were saddened to learn of the death of Pensthorpe founder Bill Makins in April 2022 at the age of 90. Bill founded the park in 1988 following gravel extraction on the farm run by him and his grandfather. He was responsible for the introduction of wildfowl to the former gravel pits and the establishment of the nature reserve. He remained passionate about conservation and Turtle Doves in particular after he sold Pensthorpe in 2003. Trustees remember Bill with much affection and our thoughts are with Francesca who survives him.
2022 also saw the retirement of two long standing trustees, George Archibald and Elizabeth Savoury. We thank them both for their dedication and passion whilst trustees.
At the AGM, we also welcomed Nick Acheson as a new trustee. Nick is a well known and passionate conservationist with an outstanding knowledge of Pensthorpe and the local area.
The trust will undertake a skill set analysis during 2023, identifying areas where more experience is required amongst the board of trustees and will seek to appoint new trustees in the future.
## _**Landscape Scale Project**_
Pensthorpe Conservation Trust (PCT) continues to support the work of the Upper Wensum Cluster Farm group. PCT will remain a committed and active member of the group and will continue to provide support to the steering committee, particularly in their work around water quality, soil health and species recovery _._
## _**Turtle Dove**_
As a founding partner in Operation Turtle Dove, PCT continued to increase awareness of the plight of Turtle Doves through social media. We continue working with our UWCFG members to improve habitat, by facilitating the sharing of best practice relating to breeding ground requirements with landowners and farmers. Measures were continued to support a supplementary feeding mini cluster within the UWCFG _._
## _**Corncrakes**_
Pensthorpe Conservation Trust continue to work closely with project partners to raise Corncrakes for release at Welney washes. 118 chicks were raised at Pensthorpe in 2022 and the return of these birds to the UK continues to be monitored. Trustees feel that there is much to learn about the migration of Corncrakes and the habitats which they are best suited to.
## _**Eurasian Curlew**_
Eurasian Curlew are a red list species. Trustees agreed to begin working with Natural England and over 20 other partner organisations on a project to rear Curlew from eggs removed from airfields in East Anglia in 2020. The role of PCT is to rear the curlew chicks from eggs to release on estates in Norfolk. This culminated in the successful release of 37 birds from 48 eggs at Ken Hill and Sandringham. This project created significant positive media interest over 2022 and a website has been set up to allow the public to monitor and track some of the birds.
## _**Red Squirrels**_
In 2020, trustees asked our ethics committee to discuss our continued involvement with the red squirrel project. Their recommendation was that there was no prospect of a successful release of red squirrels within the England in the foreseeable future. Trustees discussed this issue and the stereotyping exhibited by squirrels in captivity and concluded that sadly we could no longer keep our population. Red Squirrels now been dispersed to other homes.
## _**Great Crane Project**_
PCT‘s involvement in this legacy project continues, PCT raises awareness of Eurasian Cranes and their habitat requirements. PCT continues to house individuals which were unfit to be released.
## _**Annual events and education**_
The Pensthorpe Conservation Trust has decided to give significantly more focus to this area in the future, including funding a dedicated education offer. The management team at Pensthorpe Natural Park alongside
Page 3
## **THE PENSTHORPE CONSERVATION TRUST**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022**
## **Achievements and performance (continued)**
our senior avicultural staff and administrative staff will be working together to develop a proposal in this area in the coming months.
PCT remains committed to providing education around wildlife, nature and habitats and has applied for grants to encourage schools to visit.
## **Financial review**
## **a. Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity 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. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
## **b. Financial Review**
Regular income derives mainly from park receipts and grant income. Total unrestricted & restricted income amounted to £291,958 (2021: £290,720) from which expenditure has been deducted amounting to £297,429 (2021: £253,865), this leaves a unrestricted deficit for the year of £43,512 (2021: surplus £53,425) excluding endowment funds.
The fund balances as at 31 December 2022 are set out below.
## **c. Reserves policy**
The Statement of Financial Activities on page 8 sets out the movement on total funds.
Total unrestricted funds as at 31 December 2022 were £227,173 (2021 - £270,685), of which £152,658 (2021 - £170,540) related to fixed assets. Expendable endowment funds for the future running of the charity totalled £775,879 for 31 December 2021 (2021 - £868,566). Total restricted funds as at 31 December 2021 were £109,922 (2021 - £65,350), of which £104,765 (2021: £57,878) related to fixed assets.
The trustees set no formal target for reserves beyond having sufficient liquid funds available as free reserves to continue to conduct the activities of the trust without interruption, to progress the future development objectives and at all times to meet all current and future liabilities as they fall due. Expendable endowment funds are available to supplement free reserves should these be required.
The Trustees are satisfied that the Charity's available assets are adequate to fulfil its obligations.
## **Structure, governance and management**
## **a. Constitution**
The Pensthorpe Conservation Trust Limited is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 22 April 2003.
Page 4
**THE PENSTHORPE CONSERVATION TRUST**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022**
## **Structure, governance and management (continued)**
## **b. Methods of appointment or election of Trustees**
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association
## **c. Organisational structure and decision-making policies**
Mr W J Jordan has continued with the day to day management of the trust. All decisions on the running of the trust are made by the board of directors.
## **Statement of Trustees' responsibilities**
The Trustees (who are also the directors of the charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................ ................................................ **Mr W J Jordan MBE Mrs D A Jordan** (Trustee) (Trustee) Date: `17 September 2023`
Page 5
## **THE PENSTHORPE CONSERVATION TRUST**
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022**
## **Independent examiner's report to the Trustees of The Pensthorpe Conservation Trust ('the charity')**
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 December 2022.
## **Responsibilities and basis of report**
As the Trustees of the charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
4. the accounts 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 and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.
Signed: Dated: `22 September 2023`
Julie Grimmer FCA DChA
Larking Gowen LLP Chartered Accountants, Norwich
Page 6
**THE PENSTHORPE CONSERVATION TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2022**
|**Note**
**Income and**
**endowments from:**
Donations and legacies
2
Other trading activities
3
Investments
4
**Total income and**
**endowments**
**Expenditure on:**
Raising funds
5
Charitable activities
6
**Total expenditure**
**Net**
**(expenditure)/income**
**before net**
**(losses)/gains on**
**investments**
Net (losses)/gains on
investments
**Net movement in**
**funds**
**Reconciliation of**
**funds:**
Total funds brought
forward
Net movement in funds
**Total funds carried**
**forward**|**Endowment**
**funds**
**2022**
**£**
**-**
**-**
**-**
**-**
**6,531**
**-**
**6,531**
**(6,531)**
**(86,156)**
**(92,687)**
**868,566**
**(92,687)**
**775,879**|**Restricted**
**funds**
**2022**
**£**
**-**
**121,409**
**-**
**121,409**
**-**
**76,837**
**76,837**
**44,572**
**-**
**44,572**
**65,350**
**44,572**
**109,922**|**Unrestricted**
**funds**
**2022**
**£**
**64,645**
**87,265**
**18,639**
**170,549**
**-**
**214,061**
**214,061**
**(43,512)**
**-**
**(43,512)**
**270,685**
**(43,512)**
**227,173**|**Total**
**funds**
**2022**
**£**
**64,645**
**208,674**
**18,639**
**291,958**
**6,531**
**290,898**
**297,429**
**(5,471)**
**(86,156)**
**(91,627)**
**1,204,601**
**(91,627)**
**1,112,974**|_Total_
_funds_
_2021_
_£_
_152,084_
_122,746_
_15,890_|
|---|---|---|---|---|---|
||||||_290,720_|
||||||_6,571_
_247,294_|
||||||_253,865_|
||||||_36,855_
_94,419_|
||||||_131,274_|
||||||_1,073,327_
_131,274_|
||||||_1,204,601_|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 10 to 27 form part of these financial statements.
Page 7
## **THE PENSTHORPE CONSERVATION TRUST REGISTERED NUMBER: 04740162**
## **BALANCE SHEET AS AT 31 DECEMBER 2022**
|**Note**
**Fixed assets**
Tangible assets
10
Investments
11
**Current assets**
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within one
year
13
**Net current assets**
**Total net assets**
**Charity funds**
Endowment funds
14
Restricted funds
14
Unrestricted funds
14
**Total funds**|**16,877**
**196,572**
**213,449**
**(17,937)**|**2022**
**£**
**257,423**
**660,039**
**917,462**
**1,112,974**
**1,112,974**
**775,879**
**109,922**
**227,173**
**1,112,974**|_47,341_
_224,082_
_271,423_
_(29,558)_|_2021_
_£_
_228,418_
_734,318_|
|---|---|---|---|---|
|||||_962,736_
_1,204,601_|
||||||
|||||_1,204,601_|
|||||_868,566_
_65,350_
_270,685_|
||||||
|||||_1,204,601_|
Page 8
# **THE PENSTHORPE CONSERVATION TRUST REGISTERED NUMBER: 04740162**
# **BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2022**
The charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................ **Mr W J Jordan MBE** (Trustee) Date: `17 September 2023`
................................................ **Mrs D A Jordan** (Trustee)
The notes on pages 10 to 27 form part of these financial statements.
Page 9
**THE PENSTHORPE CONSERVATION TRUST**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **1. Accounting policies**
## **1.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Pensthorpe Conservation Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **1.2 Income**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the charity, can be reliably measured.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Donated services or facilities are recognised when the company has control over the item, any conditions associated with the donated item has been met, the receipt of economic benefit from the use of the company of the item is probably and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time is not recognised and refer to the Trustees' report for more information about their contribution.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
## **1.3 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Page 10
**THE PENSTHORPE CONSERVATION TRUST**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **1. Accounting policies (continued)**
## **1.3 Expenditure (continued)**
Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
## **1.4 Government grants**
Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of financial activities as the related expenditure is incurred.
## **1.5 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
## **1.6 Tangible fixed assets and depreciation**
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
|Plant and machinery|- Straight line over 10 years.|
|---|---|
|Fixtures and fittings|- Straight line over 10 years.|
|Office equipment|- Straight line over 3 years.|
|Leasehold Improvements|- Straight line over the remaining term of the|
||lease.|
## **1.7 Investments**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
## **1.8 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Page 11
**THE PENSTHORPE CONSERVATION TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **1. Accounting policies (continued)**
## **1.9 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **1.10 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
## **1.11 Financial instruments**
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **1.12 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
Page 12
**THE PENSTHORPE CONSERVATION TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **2. Income from donations and legacies**
|**Unrestricted**
**funds**
**2022**
**£**
Donations
15,180
Donated Services
10,000
Legacies
36,798
NNDC - Covid Grant Funding
2,667
64,645|**Total**
**funds**
**2022**
**£**
**15,180**
**10,000**
**36,798**
**2,667**|
|---|---|
||**64,645**|
During the year a Local Authority Discretionary grant of £2,667 (2021: £16,807) was received from North Norfolk District Council as part of the Government's response to the Covid-19 global pandemic.
Other than DEFRA compensation and RPA subsidies listed in note 3, no other forms of government assistance have been received in the year and there are no unfulfilled conditions and other contingencies attached to the grants included above.
|Donations
Donated Services
Legacies
NNDC - Covid Grant Funding|_Unrestricted_
_funds_
_2021_
_£_
_55,277_
_10,000_
_70,000_
_16,807_
_152,084_|_Total_
_funds_
_2021_
_£_
_55,277_
_10,000_
_70,000_
_16,807_|
|---|---|---|
|||_152,084_|
Page 13
**THE PENSTHORPE CONSERVATION TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **3. Income from other trading activities**
## **Income from fundraising events**
|Park admissions
Avian flu compensation
Rent
RPA
Curlew project funding
Duck food sales
Natural England
Park admissions
RPA
Curlew project funding
Duck food sales
Miscellaneous income
Natural England|**Restricted**
**funds**
**2022**
**Unrestricted**
**funds**
**2022**
**£**
**£**
-
51,423
-
14,369
-
900
-
4,854
76,109
-
-
15,719
45,300
-
121,409
87,265
_Restricted_
_funds_
_2021_
_Unrestricted_
_funds_
_2021_
_£_
_£_
_-_
_30,000_
_-_
_4,810_
_27,932_
_-_
_-_
_17,317_
_-_
_1,500_
_41,187_
_-_
_69,119_
_53,627_|**Total**
**funds**
**2022**
**£**
**51,423**
**14,369**
**900**
**4,854**
**76,109**
**15,719**
**45,300**|
|---|---|---|
|||**208,674**|
|||_Total_
_funds_
_2021_
_£_
_30,000_
_4,810_
_27,932_
_17,317_
_1,500_
_41,187_|
|||_122,746_|
Page 14
**THE PENSTHORPE CONSERVATION TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **4. Investment income**
|**Unrestricted**
**funds**
**2022**
**£**
Dividends
18,434
Bank interest
205
18,639
_Unrestricted_
_funds_
_2021_
_£_
Dividends
_15,873_
Bank interest
_17_
_15,890_
**Investment management costs**
**Endowment**
**funds**
**2022**
**£**
Investment management fees
6,531
_Endowment_
_funds_
_2021_
_£_
Investment management fees
_6,571_|**Total**
**funds**
**2022**
**£**
**18,434**
**205**|
|---|---|
||**18,639**|
||_Total_
_funds_
_2021_
_£_
_15,873_
_17_|
||_15,890_|
||**Total**
**funds**
**2022**
**£**
**6,531**|
||_Total_
_funds_
_2021_
_£_
_6,571_|
## **5. Investment management costs**
Page 15
**THE PENSTHORPE CONSERVATION TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **6. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|Managing wildfowl
Managing wildfowl
**Summary by expenditure type**
Managing wildfowl
Managing wildfowl|**Restricted**
**funds**
**2022**
**Unrestricted**
**funds**
**2022**
**£**
**£**
76,837
214,061
_Restricted_
_funds_
_2021_
_Unrestricted_
_funds_
_2021_
_£_
_£_
_79,118_
_168,176_
**Depreciatio**
**n**
**2022**
**Other costs**
**2022**
**£**
**£**
56,170
234,728
_Depreciation_
_2021_
_Other costs_
_2021_
_£_
_£_
_47,653_
_199,641_|**Total**
**2022**
**£**
**290,898**
_Total_
_2021_
_£_
_247,294_
**Total**
**2022**
**£**
**290,898**
_Total_
_2021_
_£_
_247,294_|
|---|---|---|
Page 16
## **THE PENSTHORPE CONSERVATION TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **7. Analysis of expenditure by activities**
|Managing wildfowl
Managing wildfowl
**Analysis of direct costs**
Feed
Veterinary fees
Bird costs
Feed
Veterinary fees
Bird costs|**Activities**
**undertaken**
**directly**
**2022**
**£**
37,866
_Activities_
_undertaken_
_directly_
_2021_
_£_
_43,165_|**Support**
**costs**
**2022**
**£**
253,032
_Support_
_costs_
_2021_
_£_
_204,129_
**Activities**
**2022**
**£**
32,335
2,317
3,214
37,866
_Activities_
_2021_
_£_
_34,596_
_2,600_
_5,969_
_43,165_|**Total**
**funds**
**2022**
**£**
**290,898**|
|---|---|---|---|
||||_Total_
_funds_
_2021_
_£_
_247,294_|
||||**Total**
**funds**
**2022**
**£**
**32,335**
**2,317**
**3,214**|
||||**37,866**|
||||_Total_
_funds_
_2021_
_£_
_34,596_
_2,600_
_5,969_|
||||_43,165_|
Page 17
**THE PENSTHORPE CONSERVATION TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **7. Analysis of expenditure by activities (continued)**
## **Analysis of support costs**
|Depreciation
Contract Labour
Repairs and machinery
Advertising & P.R
Premises expenses
Sundry expenses
Travel & subsistence
Governance
Courses/training
Education room expenses
Telephone, fax & website
Light & heat
Professional fees
Rent
Computer support & licenses|**Activities**
**2022**
**£**
56,170
142,403
5,896
1,754
8,113
7,979
981
3,135
152
4,200
15
6,016
4,218
10,000
2,000
253,032|**Total**
**funds**
**2022**
**£**
**56,170**
**142,403**
**5,896**
**1,754**
**8,113**
**7,979**
**981**
**3,135**
**152**
**4,200**
**15**
**6,016**
**4,218**
**10,000**
**2,000**|
|---|---|---|
|||**253,032**|
Page 18
**THE PENSTHORPE CONSERVATION TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **7. Analysis of expenditure by activities (continued)**
## **Analysis of support costs (continued)**
|Depreciation
Contract Labour
Repairs and machinery
Advertising & P.R
Premises expenses
Sundry expenses
Travel & subsistence
Governance
Courses/training
Education room expenses
Telephone, fax & website
Light & heat
Professional fees
Rent
Computer support & licenses|_Activities_
_2021_
_£_
_47,653_
_114,463_
_3,837_
_452_
_7,825_
_7,239_
_1,241_
_2,865_
_240_
_734_
_185_
_5,507_
_1,138_
_10,000_
_750_
_204,129_|_Total_
_funds_
_2021_
_£_
_47,653_
_114,463_
_3,837_
_452_
_7,825_
_7,239_
_1,241_
_2,865_
_240_
_734_
_185_
_5,507_
_1,138_
_10,000_
_750_|
|---|---|---|
|||_204,129_|
## **8. Governance**
The independent examiner's remuneration amounts to an independent examiner fee of £3,135 ( _2021_ - _£2,865_ ).
## **9. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2021 - £NIL)_ .
During the year ended 31 December 2022, no Trustee expenses have been incurred _(2021 - £NIL)_ .
Page 19
**THE PENSTHORPE CONSERVATION TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **10. Tangible fixed assets**
|**Cost or valuation**
At 1 January 2022
Additions
At 31 December 2022
**Depreciation**
At 1 January 2022
Charge for the year
At 31 December 2022
**Net book value**
At 31 December 2022
_At 31 December 2021_|**Plant and**
**machinery**
**£**
**82,993**
**6,871**
**89,864**
**58,511**
**15,204**
**73,715**
**16,149**
_24,482_|**Fixtures and**
**fittings**
**£**
**9,336**
**-**
**9,336**
**3,736**
**934**
**4,670**
**4,666**
_5,600_|**Office**
**equipment**
**£**
**1,178**
**-**
**1,178**
**118**
**-**
**118**
**1,060**
_1,060_|**Leasehold**
**improvements**
**£**
**509,709**
**78,303**
**588,012**
**312,433**
**40,031**
**352,464**
**235,548**
_197,276_|**Total**
**£**
**603,216**
**85,174**|
|---|---|---|---|---|---|
||||||**688,390**|
||||||**374,798**
**56,169**|
||||||**430,967**|
||||||**257,423**|
||||||_228,418_|
Page 20
**THE PENSTHORPE CONSERVATION TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **11. Fixed asset investments**
|**Cost or valuation**
At 1 January 2022
Additions
Revaluations
At 31 December 2022
**Net book value**
At 31 December 2022
_At 31 December 2021_
The historic cost of listed investments at 31 December 2022 was £612,213.hg|**Listed**
**investments**
**£**
**734,319**
**11,877**
**(86,157)**
**660,039**
**660,039**
_734,319_|
|---|---|
Page 21
**THE PENSTHORPE CONSERVATION TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **12. Debtors**
|**Due within one year**
Trade debtors
Other debtors
Prepayments and accrued income
Grants receivable|**2022**
**£**
**899**
**3,883**
**1,295**
**10,800**
**16,877**|_2021_
_£_
_19,749_
_1,453_
_11,039_
_15,100_|
|---|---|---|
||||
|||_47,341_|
## **13. Creditors: Amounts falling due within one year**
|Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income|**2022**
**£**
**2,010**
**1,564**
**11,354**
**3,009**
**17,937**|_2021_
_£_
_11,026_
_850_
_14,705_
_2,977_|
|---|---|---|
||||
|||_29,558_|
Page 22
**THE PENSTHORPE CONSERVATION TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **14. Statement of funds**
## **Statement of funds - current year**
|**Balance at 1**
**January**
**2022**
**£**
**Unrestricted**
**funds**
Future Projects
(legacy)
Designated
Funds
**70,000**
General Funds
**200,685**
**270,685**
**Endowment**
**funds**
Endowment
Funds
**868,566**
**Restricted**
**funds**
Heritage Lottery
Fund
**27,285**
Eurasian Curlew
project
**38,065**
Corncrake
project
**-**
**65,350**
**Total of funds**
**1,204,601**|**Income**
**£**
**Expenditure**
**£**
**-**
**-**
**170,549**
**(214,061)**
**170,549**
**(214,061)**
**-**
**(6,531)**
**-**
**(5,350)**
**76,109**
**(45,300)**
**45,300**
**(26,187)**
**121,409**
**(76,837)**
**291,958**
**(297,429)**|**Transfers**
**in/out**
**£**
**36,798**
**(36,798)**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**Gains/**
**(Losses)**
**£**
**-**
**-**
**-**
**(86,156)**
**-**
**-**
**-**
**-**
**(86,156)**|**Balance at**
**31**
**December**
**2022**
**£**
**106,798**
**120,375**|
|---|---|---|---|---|
|||||**227,173**|
|||||**775,879**|
|||||**21,935**
**68,874**
**19,113**|
|||||**109,922**|
|||||**1,112,974**|
Page 23
**THE PENSTHORPE CONSERVATION TRUST**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **14. Statement of funds (continued)**
## **Restricted Funds:**
Corncrake Project: Held specifically for the continued Corncrake "breed and release" program in the Upper Wensum Valley. The project monitors and supports in-situ conservation at the release site.
Heritage Lottery Fund: Held to fund projects as part of the Heritage Lottery Funded scheme. The project included the building of a bird hide large enough to take a school party with disabled access, interpretation of the area and a large natural pond dipping site, with the aim of improving access to the countryside and visibility for children and disabled visitors.
Eurasian Curlew Project: Held to fund the rearing of Curlew eggs removed from airfields in East Anglia, to release on estates in Norfolk.
## **Designated funds:**
This fund represents legacy income that has been ring fenced with a view to being allocated to specific future projects. The transfer into the designated funds represents further legacies received during the year.
Page 24
**THE PENSTHORPE CONSERVATION TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **14. Statement of funds (continued)**
## **Statement of funds - prior year**
|**Unrestricted**
**funds**
Future Projects
(legacy)
Designated
Funds
General Funds
**Endowment**
**funds**
Endowment
Funds
**Restricted**
**funds**
Heritage Lottery
Fund
Eurasian Curlew
project
Corncrake
project
**Total of funds**|_Balance at_
_1 January_
_2021_
_£_
_-_
_217,260_
_217,260_
_780,718_
_32,635_
_42,714_
_-_
_75,349_
_1,073,327_|_Income_
_£_
_-_
_221,601_
_221,601_
_-_
_-_
_27,932_
_41,187_
_69,119_
_290,720_|_Expenditure_
_£_
_-_
_(168,176)_
_(168,176)_
_(6,571)_
_(5,350)_
_(32,581)_
_(41,187)_
_(79,118)_
_(253,865)_|_Transfers_
_in/out_
_£_
_70,000_
_(70,000)_
_-_
_-_
_-_
_-_
_-_
_-_
_-_|_Gains/_
_(Losses)_
_£_
_-_
_-_
_-_
_94,419_
_-_
_-_
_-_
_-_
_94,419_|_Balance at_
_31_
_December_
_2021_
_£_
_70,000_
_200,685_|
|---|---|---|---|---|---|---|
|||||||_270,685_|
|||||||_868,566_|
|||||||_27,285_
_38,065_
_-_|
|||||||_65,350_|
|||||||_1,204,601_|
Page 25
**THE PENSTHORPE CONSERVATION TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **15. Summary of funds**
## **Summary of funds - current year**
|**Balance at 1**
**January**
**2022**
**£**
General funds
**270,685**
Endowment
funds
**868,566**
Restricted funds
**65,350**
**1,204,601**|**Balance at 1**
**January**
**2022**
**£**
General funds
**270,685**
Endowment
funds
**868,566**
Restricted funds
**65,350**
**1,204,601**|**Income**
**£**
**Expenditure**
**£**
**170,549**
**(214,061)**
**-**
**(6,531)**
**121,409**
**(76,837)**
**291,958**
**(297,429)**
_Income_
_£_
_Expenditure_
_£_
_221,601_
_(168,176)_
_-_
_(6,571)_
_69,119_
_(79,118)_
_290,720_
_(253,865)_|**Transfers**
**in/out**
**£**
**-**
**-**
**-**
**-**
_Transfers_
_in/out_
_£_
_-_
_-_
_-_
_-_|**Gains/**
**(Losses)**
**£**
**-**
**(86,156)**
**-**
**(86,156)**
_Gains/_
_(Losses)_
_£_
_-_
_94,419_
_-_
_94,419_|**Balance at**
**31**
**December**
**2022**
**£**
**227,173**
**775,879**
**109,922**|
|---|---|---|---|---|---|
||||||**1,112,974**|
||||||_Balance at_
_31_
_December_
_2021_
_£_
_270,685_
_868,566_
_65,350_|
|**Summary of funds - prior year**||||||
|General funds
Endowment
funds
Restricted funds|_Balance at_
_1 January_
_2021_
_£_
_217,260_
_780,718_
_75,349_
_1,073,327_|||||
||||||_1,204,601_|
## **16. 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
**Total**|**Endowment**
**funds**
**2022**
**£**
-
660,039
115,840
-
775,879|**Restricted**
**funds**
**2022**
**Unrestricted**
**funds**
**2022**
**£**
**£**
104,765
152,658
-
-
5,157
92,452
-
(17,937)
109,922
227,173|**Total**
**funds**
**2022**
**£**
**257,423**
**660,039**
**213,449**
**(17,937)**|
|---|---|---|---|
||||**1,112,974**|
Page 26
**THE PENSTHORPE CONSERVATION TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **16. Analysis of net assets between funds (continued)**
## **Analysis of net assets between funds - prior year**
|Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
**Total**|_Endowment_
_funds_
_2021_
_£_
_-_
_734,318_
_134,248_
_-_
_868,566_|_Restricted_
_funds_
_2021_
_£_
_57,878_
_-_
_7,472_
_-_
_65,350_|_Unrestricted_
_funds_
_2021_
_£_
_170,540_
_-_
_129,703_
_(29,558)_
_270,685_|_Total_
_funds_
_2021_
_£_
_228,418_
_734,318_
_271,423_
_(29,558)_
_1,204,601_|
|---|---|---|---|---|
## **17. Related party transactions**
Park admission and season card fees collected on the Trust's behalf by The Conservation Shop Limited totalled £40,000 (2021: £30,000) in the year. In addition, various items of expenditure are incurred by The Conservation Shop Limited before being recharged to the Trust. Mr W J Jordan and Mrs D Jordan are the directors of The Conservation Shop Limited and are Trustees of the Charity. At the period end, the Company owed £11,354 (2021: £14,705) to The Conservation Shop Limited.
William Jordan, a trustee of the Charity, made donations of £8,650 to the charity during the year ended 31 December 2022 (2021: £40,000). Total gift aid reclaimed on these donations during the year amounted to £2,163 (2021: £10,000).
The Company leases property from Porter and Makins Limited, a company under the control of Mr W Jordan and Mrs D A Jordan. The rent payable under the lease amounts to £10,000 per annum. The rent has however been waived by Porter and Makins Limited and this amount is therefore reflected within donated services in note 2.
Page 27