Reglstared number- 04740162 Charity number,. 01100589 THE PENSTHORPE CONSERVATION TRUST UNAUDtTED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE PENSTHORPE CONSERVATION TRUST CONTENTS Page Reference and admlnlstratlve details of the tharlty. its Trustees and advisèrs Trustees, report Independent examlner's report Statement of financial activities Balance sheet Notes to thè flnanclal stat¢ments 10-27
THE PENSTHORPE CONSERVATION TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees Mr W J Jordan MBE Mrs D A Jordan Mr C R Papworth Mr N Acheson Mr B Marshall lappointed 26 April 20241 J W Jordan lappoinled 8 December 20231 Company registered number 04740162 Charity reglsterÈd number 01100589 Rgglstered office Pensthorpg Natural Park Fakenham Road Pensthorpe Fakenham Norfolk NR21 OLN Accountants Larking Gowen LLP Chartered Accountants 1 st Floor, Prospect House Rouen Road Norwch NR1 1RE Bankers Barclays Bank PLC Fakenham Norfolk NR21 9BE Soli¢itor8 Woodfine Leeds Smith 6 Bedford Way Sandy Bedfordshire SG19 IEN Page fj
THE PENSTHORPE CONSERVATION TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Thè Trustees present Ihelr annual report together wllh the financi81 slalÈmenls of the charity for Ihe 1 January 2023 to 31 December 2023. The Annual reF)Ort serves the purposes of both a Trustees, report and a dlre¢lors' report under company law. The Trustees confirm that the Annual report and financial statemenls of the charilable company comply with the current statutory requirements, the requiremenis ol the ch8ritsble compails governing document and the provisions of the Statement ol Recommended Practice ISORPI applicable lo ¢h3rities preparing their aOunts in accordance wth the Fin8rrial Reporting Standard applicable in the UK and Republic ol Irelan(5 IFRS1021 (effective 1 Janu8ry 20191. Since the charity qualifies as small under section 382 of the Companies Act 2006, the Slral8gie report required of medium and large companies under Ihe Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. Objectlves and 3Ctivltl&s Policies and objtr¢tives The principal a¢tivilies ol Ihe Gompany throughoul the year are lo manage thé bird and mamrnal collection based al Penslhorpe. near Fakenham in Norfolk and also io p8rtiipate in a number of conservation initiats.ves both wthin the Wènsum Valley bul also etsewhere in Ihe UK. The company's objectives are.. 181 To promote the study and conseNation of wildllfe and wildlife habitats in general and of Wildfowl habiiats in particular wth a view to increasing public understanding and awareness thereof. Ibl To advsnce ihe education of the public in understanding and appreciating the enjoyment of wldlife. Activitses undertaken lo achieve Ihe* objèctives are dribad under Achievements and performanfje below. In sev.ing objects'ves and planning for activities. the Truslees havè oiven due consideration lo goneral guidance published by the Charity Commission ielaling lo public bencfil, including the guidance 'Public benefitr. running a charity IPB21'. Achiavèmènts and pèrformance a. Main a¢hi8v8mgnls of the charity Penslhorpe Conservation Trust is committed lo building a sustainable and broad edu(>tion and engagement programme al Pensthorpe, built on the two charitable aims of Pènsthorpe Cons$Nation Trust and our vision & ethos that we are slriving to fulfil. During the year a new Education OffIr was appointed. 8 serving tead)er. lo review the provision with the team al Penslhorpe. To support this, preparations were pui in place for Pensthorpe to be accredited with the government recommended Leaming Outside the Classroom. Education and engagement cover more than schcyjls and children, therefore consideration of Ihe wder engagemenl with visitors h8s been reviewed and wll be pari of Ihe new poliry for education and engagement at Penslhorpe. The extent ol Avian Influenz8 cases across the UK in 2023 lasting through thè summer is ol si9nificant concern to Iruslees, particularly as Norfolk saw an unpreoedenled number of cases. No new cases were identified al Penblliorpe and slriGI biosécurity measures were iri place Ihroughout. Truslges would like to thank staff for their high standards. Nurllbers of birds within tha Penslhorpe collèction were reducèd as agreed previously, followng the outbreak of Al at Pensthorpe in 2ll22. With the long housing order and the increasing numbers of Al Gases, this reduced thè housing issues associated with the larger numbers of birds held previously. P8nsthorpe Consèrvation Tnjst delivered another successful year wlh the two DEFRA funded partnership conservalion projeG15-, the Comcrake Reintroduction Programrne and the Curfew Headstarting Project. These Page 2
THE PENSTHORPE CONSERVATION TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and perfomiance (continued) projects resujted in releasng a futher 94 corncrakès and 43 curlew into the wld in 2023. Over the three-year ptrriod that these projects have been running 8 lotsl of 299 juvenile comcrake and 159 juvenile curlew have been reared by Pensthorp8 and released into the wild. The success of the projects is still uncertain, and more time is needed to continue. It was wncluded that the suNival of released corn¢rakes in thè wld has been as high as could be expected from the r&turns seen this year. However, the absence of any pIre$ of unringed wild-bred adult males in 2023 is disappointing and indicates low breeding success in the wryld in 2022. The fate of the curfew is to be realised in coming years. ané the hope is the birds will return to release areas at breeding age12-3 years old) lo estsblish new territories. Much w)rk on monitrjring these birds is ¢anied oui by the 8T0 as part of the partnership. The decision has been made to thdraW ongoing support lo host the captive breeding and. H&adstarting projects beyond 2024 st Pensthorpe. This has focussed attention on the continued longevity of the projects, and we will ensuwe a smooth transition to a new host to (x)ntsnue this conservation work vrith comcrakes and rfews. A new General.Manager joined Pen5th0e early 2023, Ben Marshall has worked alongside Trustees and PCT staff to support the business and therefore the Charity by building a more secure foundation and ensuring that strategic and financial planning is well managed. A full review of policies took placa over the year, working alongside Trustees and PCT st8ff to support a robust legislative basis for the charity and the business. Trustees (tnsidered the needs of the chaTty and revie%%td both risk and finanual sustainability. the deusion to wthdraw from the two conservation pr¢4ecls was considered carefully and due to the instability of the funding and the extensive requirements neèded by Pensthorpe Conservation Twst to Garry these out, it wa8 decided to wthdraw fully al the end of 2024. L8ndscape Scale Proj8Ct Pensthorpe Conservation Trust IPCT) continues to support thè SWTk of the Upper Wensum Cluster Fami group. PCT wll remain 8 committed and 8ctTve member of the group and wll continue lo provide support lo thè sleering'committee. particularfy in their work around water quality, soil health and spee$ e0very. Turtle Dove As 2 founding partnor in Operation Turtle Dove, PCT continued lo increase awareness of the plight ol Turtle Doves through soci81 media and supporting the partners, RSPB and Natural England to provide Ihe infomiation that famiers and land managers as well as the general public need lo make infomed decisions about land management or supporting and advoc3ts.ng for turtle doves in their local communities. We continue working th our UWCFG members to improve habitat, by facilitating the sharing of best practice relating to breeding ground requirements wilh landowners and famiers. Measures were contlnued to support a supplementary feeding mini ¢luster wllhin the UWCFG. Flnanclal rèview . Golng concem Afler making approprlat¢ ènquiries, the Trustees have a retsonable expectation that the ch8rity has adequala resour$ lo 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 concem basis can be found in the accounlirig policies. Page 3
THE PENSTHORPE CONSERVATION TRUST TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 b. Flnanclal Review Regular income derives mainly frorn park receipts and grant income. To181 unrestricted & reslrictcd inaome amounlecl lo £298,89412022'. £291,958) froffl which expenditure h8% bean deducted amounting lo £289,963 12022.. £297,429), this leaves an unreslricled deficit lor Ihe year of £23,724 12022.. deficit £43.5121 excludlng endowment funds. The fund balances as at 31 December 2023 are set out below. Resèrves policy The Slalemenl of Financsal Activities on page 8 Sets out the movement on lolal funds. Total unrestricted funds as at 31 December 2023 were £203,44912022 - 21.1731, of vknich £141.331 {2022 - £152,658) related lo fixed assets. Expendable endowment funds lor the future running of the charity totalled £778.337 for 31 Decombèr 2023 12022 £775.8791. Total reslricled funds as at 31 Oecember 2023 were £150.03012022- £109,922), of which £88,76612022, £104,765) related lo fixed assets. The Irustees sel no forrnal largel for reserves beyond having sufficient liquid funds available as free reserves to continue lo conduct the activiries ol the Irust wthout interruption. to progre the future development 0.¢¢I1VeS and at all I'"me5 to mo9t all current and future li8bililTres as they fall due. Expendable endowment funds are available lo supplement free resetves should these be required. The Trustees ar6 satisfied that the Charity's available assets arè adequate to fulfil ils obligations. Structure. governance and management a. Constitution The Pensthorpe Conservation Trust Limiled is registered as a oharikble company limited by guarantee and was set up by a Memorandum of Association on 22 April 2003. b. Methods of appolnlment or electlon of Trustees Th8 rnanagemenl of the charity is the responsiblllly of the Truste8s who are elècted 8nd co-opttsd under the terms of the Memorandum of As80ciation Organisatlonal structure and decisionwmaklng policies All decisions on the nJnning ol the trust are made by the board of dire¢lors. Pagé 4
THE PENSTHORPE CONSERVATION TRUST TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEM8ER 2023 Ststement of Trustees. responsibllitlas The Trustses {who are also the dlreclors of the charity for the purposes of company lawl are responsible for prep2ring the Trusteos, report and tho financial stalernents In 8¢cordan¢e 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 . Under company law. the TnJstees musl not approve the finanaal statements unless they are Satisfied that they give a true and fair view ol the stale of affairs of the charity and of its incoming reSoUrS 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 poliues and then apply them consistently., observe the methods 8nd principles of the Charities SORP IFRS 1021., make judgments and accounting estimates Ih8t are reasonable and prudent., state whether applicable UK Accounting Sl8ndards IFRS 1021 have been followed, subject to any material departures disdosed and explain& in the financial statements: prepare the finanaal ststemenls orb the going concem basis unloss il 1$ inappropriate to presume that the charity wll continLb8 in busn8SS. The Trustees are rasponsible for keeping adequate accounting records that are suffioent lo show and explain the ¢harity's transactions and disdose wth reasonablè accuracy at any lime the financial position of the charity and enable them to $nsure Ih8t the financial statements comply wth the Cornpanies Act 2006. They are also responsible for safeguardlng the assets of th8 charity and hence for taking reasonable steps for thé prevention and dele¢tion of fraud and other irrÈgLJlarilies. Approved by rder of the members of the board of Trustees and signed on their behalf by: MrWJ Jordan MBE ITnJsl8e Dale.. Mrs D A Jordan ITrustsel August 2024 Page S
THE PENSTHORPE CONSERVATION TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Independent &xaminer's report to the Trustees of The Ponsthorpe Conserwatlon Trust I'the ¢harÈty'} I reKM)rt to the charity Tnjstees on my examination of the antS of the charily for the year ended 31 December 2023. Responslbllllies and basis of report As the Trustees of the charity land ils directors for the purposes of company 18wI you are respon&ble for the preparalton of the accounts In accordance wth the requirements of the Companies Act 2006 {Ihe 2006 Acl.). Having satisfied myself that the accounts of the charity are nol required to be auéiled under Part 16 of the 2006 Act and 8re eligibleTr for independent examinalion. I report in rèspect of my 8xaminalion ol the charity's accounts carri&d out under section 145 of the Ch8riliès Act 2011 I'lhe 2011 Acl'l. In carrying out my exdminalion I have followed the Directions given by the Charity Commisslon under setlion 14515llbl of the 2011 Act. Independent examiner's statement sin the charilrfs gross inmme éxceeded £250,(XJO your oxaminèr musl be g member of 8 body listed in section 145 of the 2011 Act. l Conflrm that l am qualil18d lo undertake the examination because l am a member of ICAEW, which is on8 of the listed bodies. I have completed my èxamination. I confirm th81 no mattèrs have como lo my attention in connecllon vth the examination giving me cause lo believe.. aUtiNJ records were not kept in respect of the charity as required by section 386 of the 2006 Act", or thè accounts do not aceord wlh those records," or the accounts do not comply with the accounting requirements ol 8ection 396 of the 2006 Act other than any requirement that the accounts giv8 a 'true and fair. view which is not a matter consSdered as part of an independent examination., or the accounts have not been prepared In accordance wth the mèthods and principles ol Ihe Slalement of Recommended Practice for ac¢ounting and reporting by charities lappli¢ab5e to ¢harilies preparing Ihelr accounts In aGGOTdance th the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211. I have no concerns and have corne across no other matters in aonnection with the examination lo which allenlion should be drawn in this report in order lo enable a proper understanding of the accounts lo be r8¥ched. This report is made solely lo the charitls Trustees, as a bfyly. in accordance wlh Part 4 of the Charities (Accounls and Reports) Regulations 2(K)8. My work has beén undertaken so that I mighl stale to the charilgs Trustees those mallers l am required lo slate to them in an Indep&ndent examin8rfs report and for no other purpose. To tle fullest extent permitted by law, I do not accept or assume restx)nsibility lo anyone other than the charity and the charlty's Trustees as a bcrfjy, for my work or for this r¢port. Slgned.. Dated.. 6 August 2024 Julie Grimmer FCA DChA Larking Gowen LLP Chartered Accounlanls, Norwich Page 6
THE PENSTHORPE CONSERVATION TRUST STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2023 Endowment funds 2023 Restricted Unrestrlcted funds funds 2023 2023 Total funds 2023 Total funds 2022 Notè Income and endowrnents from: Donations and legacies Other trading activities Investments 17,729 77,042 25,004 17,729 256,161 25.004 64.645 208,674 18,639 179.119 Total In¢ome and endowments 179,119 119,775 298,894 297,958 Expèndlture on.. Raising funds Charitable activities 7.453 282.510 6,531 290.898 139,011 143,499 Total expèndtture 7,453 139,011 143,499 289,963 297,429 Net lexpenditurellln¢ome beforo net gainslllossesl on Investrrtents Nel 98ingllo&ses) on investments 17,4531 40.108 123,724) 8,931 (5.471) 9,911 9,911 (86, 156) Net movement in fund$ 2,458 40.108 123,7241 18,842 (91,627) Reconcillation of funds: Totsl funds brought fopKJrd Net movement In funds T15.879 2.458 109,922 40,108 227.173 23.7241 1.112.974 18,842 7,204,607 (91,627) Total funds carried forward 778,337 150,030 203,449 1.131,816 1,112,974 The Statement of financial activities indudes all gains an¢J l¢)sses recognised in the year. The notes on pages 10 to 27 fom part of these finanaal ststements. Page 7
THE PENSTHORPE CONSERVATION TRUST REGISTERED NUMBER: 04740162 BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Not8 FIKed assets Tangible asseis Inveslm8nts 10 230,097 654,723 257,423 660,039 884,820 91 T.462 Current assets Debtors 12 124,032 150,629 76,877 196,572 Cash at bank and in hand 274,661 213.449 Creditors.. amounts falling due within one year 13 127,6651 117.937) Nèt current assets 1.131,816 1, 7 12,974 Total net assets 1.131,B16 1,172,974 Charity funds Endowmènt funds Restricted funds Unreslricled funds 14 778,337 150,030 203.449 775, 879 f 09,922 227. 173 14 14 Total funds 1,131,816 Y,J12,974 Page 8
THE PENSTHORPE CONSERVATION TRUST REGISTERED NUMBER: 04740162 BALANCE SHEET {CONTINUEDI AS AT 31 DECEMBER 2023 The ¢harity was entitled to exemption from audit under section 477 of the Companies Act 2008. The members have not requlred the company to obtsln an audit for the y88r in question in accordance wth section 476 of Companies Act 2006. The Trustees aCknOedge their responsibilllies for complying Mqth the requirements of the Act wlh respect trj aceounling records and preparation of financial statements. The finanoal slalemenls have been prepared in accordance Mrith the provisions applicable to entities subject to the small companies regime. The financi statements were approved and authorised for issue by the Trustees and signed on thelr behalf by: Mrw J Jordan MBE (Trusteel Dale.. 2 August 2024 Mrs DAJor (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 2023 Accounting pollcles 1.1 Basis of preparatlon of financial statements Thè finanryal stalemenls have been prepared in accwdanc8 wlh the Charilies SORP IFRS 1021 Accounting arKi Reporting by Charities.. Statement of Recommended Practicts applicable lo charities preparing their 8ccounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies A¢t 2006. The Penslhorpe Cons8rvallon Tmsl meets the delinillon ol a PLJblic benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise sldled in the relevant accounting policy. 1.2 Income Al income is recognised once the charity has entlement lo the income, it is probable that the Income will be received and the amount of income ré¢eivable can be measured teliably. The recognition of in¢ome Irom legacies Is dependent on establishing entilltsmenl. the probability of receipt 2nd the ability to eslimate wth sufficient aecuracy the amounl receivable. Evidence of enlitlement to a legacy exists when the charity has sufficient evidence that a gift hes been left lo Iheffl (through knOedge of the existonce ol a valid will and the death of the benefaclorl and the oxeculor is satisfied that the property in qu&slion wll not be reqLJired to satisfy claims in the estate. Receipt ol a legacy musl be recognised when il is probable that it will be re¢8ived and the fair value ol th6 amount roceiv8blè, vthich wll generally be the expected cash amount lo be dlstribulod lo the eh2rity, can be reliably measured. Grants are included in the Slaiement of financial acliviliès on a reiVable basis. The balance of incomè received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheel. Where income is received in advan of enlitlemenl of receipt. ils recognition is deferred and included in creditors as deferred Income. Where entillemenl occurs before Inc£Jme is received. the income is accrued. Donated services or facllities ale cognISed when the company has control over the item, any conditions associ¥ied with the donated item h8s been mel, the FeGeipt of economic benefit from the use of the company of the item is probably and that 8conomic benefit can be measured reliably. In accordance wth the Charities SORP IFRS 1021, the general volunloor tim& is noi recognised and refer lo lh& Trust86s' report for more information about their contribution. Income lax rgcoverable in relalion lo investment income is recognised al th8 timo the inveslment income 5s recelv2ble. 1.3 Expenditure Exp8niJilure is re¢ognised once there is a legal or conslruclive obligation lo transfer economic benefit to a third party, il is probable thal a transfer of economic benefits wll be required in setuemenl and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity ar8 made up ol the total of direct costs and shared costs, including support COSIS involved in undertaking e8ch activity. Dir$¢t costs altributable to a single activity are allocated direclly lo that activity. Shared cost5 which contribute lo more than oné activity and support costs which are not allribulable to a Single activity are apportioned between those activities on a basis contsislent with th& use ol resources. Cenlffjl staff costs are allocated on the basis of lime spènt, and depreci81ion charges allocaled on the portion ol the asset's ijse. Pagè 10
THE PENSTHORPE CONSERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Icontinued) 1.3 Expendlture Icontinuedl Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includ&s costs of 811 fundmising activities events and non4harilable trading. Expenditure on Charitable activities is Incurr on dirèctly undertaking the activities vknich fvrther the charity's objedves. as well as any associated support ¢osts. All expenditure is inclusive of Srrecoverable VAT. 1.4 Governm8nt grants Government grants relating lo tsngible fixed assets are treated as deferTed InMe and refeased io the ststernent of financial activities over the expected useful lives of the assets coneemed. Other grants are credlled to the Ststemenl of financial actlvities as the related expenditura is Incurred. 1.5 Interest receivable Interest on funds held on deposll is induded vthen re1vable and the amount be measured reliably by the charity,. this is normally upon notification of the interest paid or payable by the inslitufjon wth 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 al cost less accumulated depreciation and any accumulateé impairment losses. All costs incurred lo brfng 8 tangible fixed asset into its intended working condlllon should be Sncluded in the measurement of cost. Depwiation is charged so as lo allocate the cost of tangible fixe(J assets less their $dual value over their estimated useful lives, using the straight-line method. Depreci81ion Is provided on the follong bases: Plant and machinery Fixtur8s and fittings offi equipment Leasehold Improvements Straight line over 10 years. Straight line over 10 years. Slraighl line over 3 years. Slr8ighl 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 transacllon cost and subsequently measured at fair valu& 81 thè Balance sheet date, unless the value cannot be measured reliably in which (ase It is measured at cost lèss impairment. Investment gains and losses. vthether realised or unrealised, are combined and presented as 'Gainsl{Lossesl on investments, in the Statement of financial activities. 1.8 Debtors Trade and other debtors are recognlsed at the settlemenl amount after any trade discount offered. Prepayments a valued at the amount prepaid nel of any trade discounts due. P89e 11
THE PENSTHORPE CONSERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng policies Icontinusd} 1.9 Cash at bank and In hand Cash al bank and in h8nd includes cash arKi short-letm hIlY liquid inveslmenls with a shori maturily of three months or less from the dale ol aequisitioft OT opening of the dew)stt or slmilar accounl. 1.10 Llabilltl•s and provisions Liabilities 8re recognised then Ihwe is an obligation at the Balance sheet dale as a result of a past event. il 15 probable that a Iransler of economic benelil w51 be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognisod at the amount that th8 charity anticipates it will psjy to seltle the d6bl or the amount it has Teceived as advanced payments for the goods or services it must provide. Provisions are measured at the best estlmale of the amounts required lo settle the obligation. Whcre Ihe effect ol the lime value of money is material, the provision is based on thp present value ol those 2mounts, discounted al the pre.lax discount rale that reflects the risks specific to the liability. Th8 unvonding of th8 discount is recognisd in the Slalemenl Df financial acts'vilies as a finance cost. 1.11 Flnancial instruments With the exception of listed investments held as fixed assets, referred to in 1.7 above, the Charity only has financial assets and financial liabilities of a kind Ihal qualify as basc financial instruments. Bagc financial instruments are initially CogniSed at Iransaclion value and subsequently measured ai their selllement valLJe wth the exception ol bank loans which are subsequently measured al amortised cost using the effective interest method. 1.12 Fund accounting General funds are unrestricted funds which are available for use at the discli0n of the Tnjslees in furtherance of the general obj6Ctives of the charity and which have not been de81gnated for other purpos8s. EndowTnen: funds represent donations received which form part of the capital fund of the Charity. The fund is expendable endowTnent insolar as the Trustees have diseretion to expend the fund in furtherance of the CharilV5 objects. Transfers are made from the endowment fund lo the InMe fund to cover any shortfall arising on a year by year basis as a result of amounts expended from th8 incc>me fund in furtherance of the Charity's object in excess ol the nei balanLe held in the income fund. Restricted fL'nds are funds whlcj) are to be used in accordance wth specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and adminislering such funds are charged against the specific fund. The aim 2nd use ol eÈch restricted fund is sel out in the notes to the financial statements. Investrnent income. gains and losses are allocated to the appropriale lund. Page 12
THE PENSTHORPE CONSERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income from donations and legacle$ Unrestricted funds 2023 Total funds 2023 Donations Donated Setvices 7,729 10.000 7,729 10,000 17.729 17,729 UnStriCted funds 2022 Totsl funds 2022 Donations Donated $6Nic&s Legacies NNDC - Covid Grant Funding 15, 180 10.000 36,7g8 2,667 15. 150 70,000 36,798 2,667 64,645 64.645 Page 13
THE PENSTHORPE CONSERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income from other tradlng activities Restrlcted Unrestrl¢ted fEAnds funds 2023 2023 Total funds 2023 Park admissions Rent RPA Natural England - Curfew Project Duck food sales N*ural England - Comcrako Project 51,324 1,800 5,504 51,324 1,800 S,504 134,169 18,414 44.950 134,169 18,414 44.950 179,119 77,042 256,161 Restricted L}nStric1éa funds funds 2022 2022 rotal funds 2022 Park admisslons Avian flu compensation Rent RPA Natural England - Curlew Project Duck food sales Natural England Comcrake Project 51,423 14,369 900 51.423 14,369 900 4,854 4,854 76, 109 15,719 45,300 76, 109 15,719 45,300 121,409 87.265 208.674 Page 14
THE PENSTHORPE CONSERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Investment income Unrestrtcted funds 2023 Total funds 2023 Dlvldends Bank Snterest 23,466 1,538 23,466 1,538 25.004 25.004 Unreslrlcfed funds 2022 Total fvnds 2022 Dividends Bank interest 18,434 205 18,434 205 18,639 18.639 Investmenl management costs Endowment funds 2023 Total funds 2023 Investment management fee5 7,453 7,453 Endowment funds 2022 Total funds 2022 Investment management fees 6,531 6.531 Page 15
THE PENSTHORPE CONSERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of exp8nditure on charitable activities Summary by fijnd type Restricted Unrestricted funds funds 2023 2023 .Total 2023 Managing wldfo¥ 139,011 143.499 282,510 Reslricled Ljnrestricted funds funds 2022 2022 Tot81 2022 Managing wldfowl 76,837 214,061 290,898 Page 16
THE PENSTHORPE CONSERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expendlture on charltable actlvities {¢ontinued} Summary by expenditure ty Depreciatio n Other costs 2023 2023 Totsl 2023 Managing wildfo 59,373 223,137 282.510 D8P1Wlatn Other cos(s 2022 2022 Total 2022 Managing wildfo 56.170 234,728 290,898 Analysis of expèndlture by activities Actlvltles undertaken dlrectly 2023 Support costs 2023 Total funds 2023 Managing wldfov 38,816 243,694 282,510 Acfiw)i88 und8rtaken directly 2022 Support costs 2022 Total fvnds 2022 Managing vb1ldfod 37,866 253,032 290,898 Page17
THE PENSTHORPE CONSERvAfioN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysls of expenditure by actlvitios Icontlnuedl Analysis of dlrect costs Total funds 2023 Activlties 2023 Feed Veterlnary fees Bird costs 30.489 2,404 5,923 30,489 2.404 5,923 38,816 38,816 Total runds 2022 Activities 2022 Feed Veterinary fees 81Td costs 32,335 2.317 3,214 32,335 2,317 3,214 37,866 37,866 Page 18
THE PENSTHORPE CONSERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expendItU by activltles leontinued} Analysls of $upp¢rt costs Total funds 2023 Activitles 2023 DeprecAation Contract Labour Repairs and machinery Adverusing & P.R Premises expenses Sundry expenses Travel & subsistence Govemance Consultancy Education room expen8es Telephone. fax & website Light & heat Professional fees 59,373 130,710 9,748 301 9.050 6,336 1,144 3.600 538 2,755 59,373 130,710 9.748 301 9.050 6,336 1,144 3,600 538 2,755 1,404 5,604 1,131 10,000 2.000 5,604 1,131 10,000 2,000 Rent Computer SLbPPOrt & licenses 243,894 243,694 Page 19
THE PENSTHORPE CONSERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expenditure by activit19s Icontinuedl Analysls of support costs Icontlnuedl Total funds 2022 Aclivlties 2022 Depredation Contra¢t Labour Repairs and machinery Advertlsing & P.R Premises expenses Sundry expense5 Travel & subsistence 56.770 142,403 5,896 1, 754 8.113 7,979 981 3, 135 1.52 4,200 15 6,016 4,218 10,000 2,000 56,170 t42,403 5,896 1.754 8.113 7,979 981 3, 735 152 4.200 15 5.076 4,218 10,000 2,000 Governance Coursegjtraining EducatSon room expenses Telephone, fax & website Light & heat Profèssional fegs Rent Computer support & licenses 253,032 253,032 Governan¢e The indepen(Sent examinerfs remuneration amounts lo an independenl examiner fe8 of £3.150 {2022 - £3,000). Trustees. remuneratlon and axpenses During the year, no Trustees received any remuneralioft or other bèneflls (2022 - £NIL). During the year ended 31 December 2023, no Tnjstee expenses have been incurred (2022- £NIL). Page 20
THE PENSTHORPE CONSERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. Tangible flxed assets Plant and Flxlures and ma¢hln¢ry fittings OffEce Leasehold equiprnent improvements Total Cost or valuatlon At 1 January 2023 Additions 88,769 917 19,791 367 1,rf78 578.780 30.763 688,518 32.IM7 At 31 December 2023 89,686 20.158 1.178 609,543 720.565 Depreciation At 1 Jar*uary 2023 Charge for the year 88,399 17,879 3.736 933 338.960 40,561 431,095 59,373 At 31 December 2023 106,278 4.669 379,521 490.468 Net book value At 31 December 2023 116,5921 15,489 1,178 230,022 230,097 At 31 December 2022 370 16,055 1,178 239,820 257,423 Page 21
THE PENSTHORPE CONSERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11. Fixed asset Inv8strn6nt$ Llstgd investmonts Cost or valuatlon At 1 January 2023 Additions 660,039 527,469 1542,6991 9,914 Disposals Revaluations Al 31 Decembar 2023 6S4,723 Net book value Al 31 December 2023 654,723 Al 31 December 2022 660,039 The hlsloric cast of listed investments al 31 December 2023 was £635,945. Page 22
THE PENSTHORPE CONSERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. Debtors 2023 2022 Due within one year Tr8de debtors Other debtors Prepayments and acGrued irjcome Grants re1vable 899 3.883 1,295 10,800 3,081 285 120,666 124,032 16,877 13. Credltors= Amounts falling due within one year 2023 2022 Trade cre(Jitors Other taxation and social security Other creditors Accruals and deferred Income 991 1.773 20,280 4.621 2.010 1,564 17,354 3,009 27,665 17.937 Page 23
THE PENSTHORPE CONSERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. Statement of funds Statement of funds . current year Balance 8t 31 Balance at 1 January 2023 Transfers inlout Galnsl (Losses) December 2023 In¢0rn8 ExpendSluro Unrestrleted funds Future Projeds (legacy) Degignated Funds Genetal Funds 106,798 120,375 119,4621 19,462 87,336 116,113 119,775 1143,4991 227,173 119.775 1143.4991 203,449 Endowment funds Endowment Funds 775,879 17,4531 9,911 778,337 Restricted funds Heritage Lottery Fund Eurasian Curlew project Corncrake project 21,935 15,3501 16,585 87.987 134,169 189,8871 132,269 44,9SO {43,7741 1,176 109.922 179.119 1139,0111 150,030 Total of funds 1,112,974 298,894 1289,9631 9.911 1,131,816 Page 24
THE PENSTHORPE CONSERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. Statemènt of funds Icontinuedl Restricted Funds.. COOe¢t'. Held specifically for th8 continued Comcrake 'breed and r81ease' program in the Upper Wensum Valley. The project monllors and supports In-silu consèNation at the release Sble. Herila e Lotte 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 lake a school party wth disabled access, interpretation of the area and a large natural pond dipping site, wlh the aim of improving 8ccess lo the countryside and visibility for children and disabled visitors. urlew Pro H&ld to fund the rearing of Curlew eggs removed from airfields in East Anglia. lo relèase on estates in Norfolk. Designated funds.. This fund represents legacy irtcome that has been ring fenced with a view lo being allocated to spedfSc future projects. The Iransler out of designated funds into general funds represents funds used to build the new fishing huL Page 25
THE PENSTHORPE CONSERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. Statgmenl of funds Icontlnuedl Stalement of funds - prlor year Bal8nco al 31 December 2022 Balance al l Janu8ry 2022 TrJnsf8rs in/oul Gains/ (Lossesj Income Expenditure Unrestrlcted funds Futurè Projects Ilegacyl Designated Funds General Funds 70,000 200,685 36, 798 (36, 798) 106, 798 720.375 170,549 1274,061) 270,685 170.549 {214.061) 227. 173 Endowment funds Endowmenl Funds 868,566 (6.531) (86. 156) 775,879 Restricted funds Heritsge Lottery Fund Eurasian Curlew project Comcrake project 27,285 (5,350) 21,935 38.065 76,109 (45,3(k)) 68,874 45,300 (26. 187) 19.113 65,350 121,409 176,837) 109,922 Total of fund$ 1.204.601 291,958 (297,429) (86, 156) 1. 112,974 Paga 26
THE PENSTHORPE CONSERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Analysls of net assets bofv4een funds Analysis of net a$$ets botween fvnds - current year Endowment funds 2023 Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Fixed asset investsnents Current assets Creditors due rythIn one year 88.766 141,331 230,097 654,723 274,661 {27.6651 654,723 123,614 61,264 89.783 (27.6651 Total 778.337 150.030 203,449 1,131,816 Analysis of net assets behvègn funds . prfor year Endowment funds 2022 Restiicled Unrestricte funds funds 2022 2022 Total funds 2022 Tangible fixed assets Fixed asset investments CuThent assets Créditors du8 Wlthin one year 104,765 152.658 257,423 660,039 273.449 (17.937) 660,039 115,840 5,157 92.452 (17.937) Total 775,879 109,922 227, 773 1, 112,974 16. Related party transactlons Park admisslon snd season card fees collected on the Trust's behalf by The Conservation Shop Limited tolalled £40,000 12022.. £40.000} in the year. In addition. various items of expenditure arè incurred by The Conservation Shop Limited before being recharged to the Trust. Mr W J Jordan 8nd Mrs D Jordan a the directors of The Conservallon Shop Limited and are Trustees of the Charity. At the period end, the Company owed £20,280 {2022". £11,354) lo The conseallon Shop Limited. The Company leases property from Porter and Makins Limited, a company und6r tha 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 wthin donated seNices In note 2. Page 27