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 a￿Ounts 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 d￿ribad 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 OffI￿r 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 ￿pI￿re$ 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 Pen5th0￿e 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 spe￿e$ ￿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 reSoUr￿S 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 a￿￿ntS 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 v￿th the
examination giving me cause lo believe..
a￿U￿tiNJ 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 aCknO￿edge 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 entl￿ement 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 knO￿edge
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 re￿iVable 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 In￿Me 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 re￿1vable 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 follo￿ng 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 hI￿lY 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 disc￿li0n 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 In￿Me 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
Un￿StriCted
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}n￿Stric1éa
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
D8P1Wlat￿n 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 vb1ldfo￿d
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 re￿1vable
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..
CO￿￿O￿e¢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 conse￿allon 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