2024-12-31-accounts

Registered number: 04740162 Charity number: 01100589

THE PENSTHORPE CONSERVATION TRUST

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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 - 25

THE PENSTHORPE CONSERVATION TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees	Mr W J Jordan MBE
	Mrs D A Jordan
	Mr C R Papworth
	Mr N Acheson (resigned 21 November 2024)
	J W Jordan (appointed 8 December 2023)
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 Leathes Prior 74 The Close Norwich NR1 4DR

Page 1

THE PENSTHORPE CONSERVATION TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their annual report together with the financial statements of the charity for the 1 January 2024 to 31 December 2024. 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

Pensthorpe Conservation Trust is committed to building a sustainable and broad education and engagement programme at Pensthorpe, based on the two charitable aims of Pensthorpe Conservation Trust and our vision & ethos that we are striving to fulfil.

Engagement with schools remains our primary focus, with the broader ambition for Pensthorpe to be accredited with the government recommended Learning Outside the Classroom. Education and engagement cover more than schools and children, therefore consideration of the wider engagement with visitors has been reviewed and will be part of the new policy for education and engagement at Pensthorpe.

Avian Influenza is of significant concern to trustees, particularly as it appears to be endemic in some parts of the wild bird population. No new cases were identified at Pensthorpe and strict biosecurity measures were in place throughout. Trustees would like to thank the team for implementing strict safety measures and for being vigilant and committed to keeping our birds safe.

Page 2

THE PENSTHORPE CONSERVATION TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Achievements and performance (continued)

Pensthorpe Conservation Trust conducted its final year with the two DEFRA funded partnership conservation projects; the Corncrake Reintroduction Programme and the Curlew Headstarting Project following the decision in 2023 to withdraw from both projects beyond 2024. Much of the attention this year has been on moving projects to a new host. Trustees wish them well in the coming years.

These projects resulted in releasing a disappointing 80 corncrakes in 2024; this was mainly due to poor weather. The curlew project had a good year with around 50 curlews released into the wild.

In December 2024, Pensthorpe had its zoo license inspection. Trustees would like to thank the staff at Pensthorpe for their hard work in delivering an excellent outcome with very few action points.

A review of policies took place over the year, the general manager working alongside Trustees and PCT staff to support a robust legislative basis for the charity and the business. Policies and health and safety were reviewed at quarterly meetings.

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.

As a founding partner in Operation Turtle Dove, PCT continued to increase awareness of the plight of Turtle Doves through social media and supporting the partners, RSPB and Natural England to provide the information that farmers and land managers as well as the general public need to make informed decisions about land management or supporting and advocating for turtle doves in their local communities. 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.

Trustees would like to thank all of those who worked for the Pensthorpe Conservation Trust during 2024, all of those who donated funds to the charity and all the volunteers who helped in 2024.

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 £317,080 (2023: £298,894) from which expenditure has been deducted amounting to £441,762 (2023: £289,963), this leaves an unrestricted deficit for the year of £3,535 (2023: deficit £23,724) excluding endowment funds.

The fund balances as at 31 December 2024 are set out below.

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THE PENSTHORPE CONSERVATION TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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 2024 were £199,914 (2023 - £203,449), of which £103,991 (2023 - £141,331) related to fixed assets. Expendable endowment funds for the future running of the charity totalled £804,879 for 31 December 2024 (2023 - £778,337). Total restricted funds as at 31 December 2024 were £39,316 (2023 - £150,030), of which £11,235 (2023: £88,766) 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.

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

All decisions on the running of the trust are made by the board of directors.

Page 4

THE PENSTHORPE CONSERVATION TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 statement of TrustÈes' responsibilities The T￿￿teeS (who are also the directors of the charity tOT the purpos&s of comp3ny lawl are responsible for preparing the Trustees, report and the financial statements in accordance wth applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practicel. Company law requires the Twstees to prepare financial slalements for each financial . Under company law. the Trustees must not approvè the financial statements unless they are satisfied that they giv& a true and fair view of the stale of a)Yairs of the charity and of ils incoming rèsour￿$ and application of resources, induding its income and expenditu￿, for Ihat period. In preparing these financial statements, the Trustees are required to.. selecl suitable a￿OuntIng policies and then apply them consistently., observe the methods and principles of the Charities SORP (FRS 1021; make judgments and accounting estimates that are reasonable and prudent- state whether applicable UK Accounting Standards IFRS 102} have been followed, subject to any material departures disclosed and explained in the financial st8lemenls', prepare the financial ststements on the going conc&m basis unless il is inapproprialB to presume that tha charity will continue in business. The Trustees are responsible for keeping adequate accounllng records that are supficient lo show and explain the Charity's transactions and disdose with reasonable accuracy al any time the financi81 position of the charity and enable them to ensure that the financial statements comply wth the Companies Act 2006. They are also responsible for safèguardiftg the assets of the charity and hence for tsking reasDnable 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 WJ Jordan MBE (Trsjstee) Date.. 28108/2025 Mrs D AJordan rrrusteel Page 5

THE PENSTHORPE CONSERVATION TRUST

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

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 2024.

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: 5 September 2025

Julie Grimmer FCA DChA

Larking Gowen LLP Chartered Accountants, Norwich

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THE PENSTHORPE CONSERVATION TRUST

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024

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 gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Endowment funds 2024 £ - - - - 10,433 - 10,433 (10,433) 36,975 26,542 778,337 26,542 804,879	Restricted funds 2024 £ - 162,850 - 162,850 - 223,368 223,368 (60,518) - (60,518) 150,030 (60,518) 89,512	Unrestricted funds 2024 £ 36,707 96,233 21,290 154,230 - 207,961 207,961 (53,731) - (53,731) 203,449 (53,731) 149,718	Total funds 2024 £ 36,707 259,083 21,290 317,080 10,433 431,329 441,762 (124,682) 36,975 (87,707) 1,131,816 (87,707) 1,044,109	Total funds 2023 £ 17,729 256,161 25,004
					298,894
					7,453 282,510
					289,963
					8,931 9,911
					18,842
					1,112,974 18,842
					1,131,816

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 10 to 25 form part of these financial statements.

Page 7

THE PENSTHORPE CONSERVATION TRUST REGISTERED NUMBER: 04740162

BALANCE SHEET AS AT 31 DECEMBER 2024

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	168,660 145,499 314,159 (76,801)	2024 £ 115,226 691,525 806,751 1,044,109 1,044,109 804,879 39,316 199,914 1,044,109	124,032 150,629 274,661 (27,665)	2023 £ 230,097 654,723
				884,820 1,131,816
				1,131,816
				778,337 150,030 203,449
				1,131,816

Page 8

THE PENSTHORPE CONSERVATION TRUST REGISTERED NUMBER: 04740162 BALANCE SHEET (CONTINUED AS AT 31 DECEMBER 2024 The Charity was entitled lo exemption from audit under section 477 of the Compani&s Act 2006. The members have not required the Company to obtsin an audit for thè year in question in accordancè wlh section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying wth the requirements of the Act wth respect to accounting records and preparation of financial statements. The financial statèments have been prepared in accordance with the provisions applicable to entities subjert to the small companies regime. Thèfl cial ststements were 8pproved and authorised for issue by the Trustees and signed on their behalf by.. Mrw J Jordan MBE (Trusleel Dale.. 28108/2025 Mrs D A Jordan (Trusleel The notes on pages 10 10 25 form part of these financial statements. Page 9

THE PENSTHORPE CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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.

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.

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.

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THE PENSTHORPE CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. Accounting policies (continued)

1.4 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.

1.5 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.

1.6 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.

1.7 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.

1.8 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.

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THE PENSTHORPE CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. Accounting policies (continued)

1.9 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.

1.10 Financial 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 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.

1.11 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.

Endowment funds represent donations received which form part of the capital fund of the Charity. The fund is expendable endowment insofar as the Trustees have discretion to expend the fund in furtherance of the Charity's objects. Transfers are made from the endowment fund to the income fund to cover any shortfall arising on a year by year basis as a result of amounts expended from the income fund in furtherance of the Charity's object in excess of the net balance held in the income fund.

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.

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THE PENSTHORPE CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Income from donations and legacies

Unrestricted funds 2024 £ Donations 26,707 Donated Services 10,000 36,707 Unrestricted funds 2023 £ Donations 7,729 Donated Services 10,000 17,729	Total funds 2024 £ 26,707 10,000
	36,707
	Total funds 2023 £ 7,729 10,000
	17,729

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THE PENSTHORPE CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

3. Income from other trading activities

Park admissions RPA Natural England - Curlew Project Duck food sales Natural England - Corncrake Project Park admissions Rent RPA Natural England - Curlew Project Duck food sales Natural England - Corncrake Project	Restricted funds 2024 Unrestricted funds 2024 £ £ - 51,235 - 13,224 87,000 - - 31,774 75,850 - 162,850 96,233 Restricted funds 2023 Unrestricted funds 2023 £ £ - 51,324 - 1,800 - 5,504 134,169 - - 18,414 44,950 - 179,119 77,042	Total funds 2024 £ 51,235 13,224 87,000 31,774 75,850
		259,083
		Total funds 2023 £ 51,324 1,800 5,504 134,169 18,414 44,950
		256,161

4. Investment income

Unrestricted funds 2024 £ Dividends 19,560 Bank interest 1,730 21,290	Total funds 2024 £ 19,560 1,730
	21,290

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THE PENSTHORPE CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

4. Investment income (continued)

Dividends Bank interest	Unrestricted funds 2023 £ 23,466 1,538 25,004	Total funds 2023 £ 23,466 1,538
		25,004

5. Investment management costs

Investment management fees Investment management fees	Endowment funds 2024 £ 10,433 Endowment funds 2023 £ 7,453	Total funds 2024 £ 10,433
		Total funds 2023 £ 7,453

6. Analysis of expenditure on charitable activities Summary by fund type

	Restricted	Unrestricted
	funds	funds	Total
	2024	2024	2024
	£	£	£
Managing wildfowl	223,368	207,961	431,329

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THE PENSTHORPE CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

6. Analysis of expenditure on charitable activities (continued)

Summary by fund type (continued)

Managing wildfowl Summary by expenditure type Managing wildfowl Managing wildfowl Analysis of expenditure by activities Managing wildfowl	Restricted funds 2023 Unrestricted funds 2023 £ £ 139,011 143,499 Depreciatio n 2024 Other costs 2024 £ £ 52,123 379,206 Depreciation 2023 Other costs 2023 £ £ 59,373 223,137 Activities undertaken directly 2024 Support costs 2024 £ £ 193,585 237,744	Total 2023 £ 282,510 Total 2024 £ 431,329 Total 2023 £ 282,510 Total funds 2024 £ 431,329

7. Analysis of expenditure by activities

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THE PENSTHORPE CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

7. Analysis of expenditure by activities (continued)

	Activities
	undertaken	Support	Total
	directly	costs	funds
	2023	2023	2023
	£	£	£
Managing wildfowl	38,816	243,694	282,510

Analysis of direct costs

Feed Veterinary fees Bird costs Donated assets	Activities 2024 £ 140,195 2,158 1,036 50,196 193,585	Total funds 2024 £ 140,195 2,158 1,036 50,196
		193,585

Donated assets comprise tangible fixed assets, purchsed with restricted funds and used as part of the Corncrake and Curlew projects, that were transferred to the new project provider, free of charge, at their net book value.

Feed Veterinary fees Bird costs	Activities 2023 £ 30,489 2,404 5,923 38,816	Total funds 2023 £ 30,489 2,404 5,923
		38,816

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THE PENSTHORPE CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 Consultancy Education room expenses Telephone, fax & website Light & heat Professional fees Rent Computer support & licenses	Activities 2024 £ 52,123 127,842 15,806 330 10,272 7,183 684 5,370 17 1,050 33 4,091 943 10,000 2,000 237,744	Total funds 2024 £ 52,123 127,842 15,806 330 10,272 7,183 684 5,370 17 1,050 33 4,091 943 10,000 2,000
		237,744

During the reporting period, the charity incurred statutory redundancy costs amounting to £4,984. These costs are included within the contract labour expenses above. The redundancy payments were made in accordance with statutory requirements and relate to the termination of employment for staff whose wage costs are recharged from another entity.

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THE PENSTHORPE CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 Consultancy Education room expenses Telephone, fax & website Light & heat Professional fees Rent Computer support & licenses	Activities 2023 £ 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 2,000 243,694	Total funds 2023 £ 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
		243,694

8. Governance

The independent examiner's remuneration amounts to an independent examiner fee of £3,150 ( 2023 - £3,000 ).

9. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .

During the year ended 31 December 2024, no Trustee expenses have been incurred (2023 - £NIL) .

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THE PENSTHORPE CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

10. Tangible fixed assets

Cost or valuation At 1 January 2024 Additions Disposals Transfers between classes At 31 December 2024 Depreciation At 1 January 2024 Charge for the year On disposals Transfers between classes At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023	Plant and machinery £ 89,686 - (88,242) 68,503 69,947 106,278 6,062 (30,897) (20,651) 60,792 9,155 (16,592)	Fixtures and fittings £ 20,158 - - (10,822) 9,336 4,669 933 - 933 6,535 2,801 15,489	Office equipment £ 1,178 805 (599) - 1,384 - 491 (180) - 311 1,073 1,178	Leasehold improvemen ts £ 609,543 - (18,310) (57,681) 533,552 379,521 44,638 (12,522) 19,718 431,355 102,197 230,022	Total £ 720,565 805 (107,151) - 614,219 490,468 52,124 (43,599) - 498,993 115,226 230,097

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THE PENSTHORPE CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

11. Fixed asset investments Cost or valuation At 1 January 2024 Additions Disposals Revaluations At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 The historic cost of listed investments at 31 December 2023 was £635,945.	Listed investments £ 654,723 264,904 (267,652) 39,550 691,525 691,525 654,723

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THE PENSTHORPE CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

12. Debtors

Due within one year Other debtors Prepayments and accrued income Grants receivable	2024 £ 4,744 1,066 162,850 168,660	2023 £ 3,081 285 120,666
		124,032

13. Creditors: Amounts falling due within one year

Trade creditors Other taxation and social security Other creditors Accruals and deferred income	2024 £ 1,870 - 65,293 9,638 76,801	2023 £ 991 1,773 20,280 4,621
		27,665

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THE PENSTHORPE CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

14. Statement of funds

Statement of funds - current year

Balance at 1 January 2024 £ Unrestricted funds Future Projects (legacy) Designated Funds 87,336 Reserves 116,113 203,449 Endowment funds Endowment Funds 778,337 Restricted funds Heritage Lottery Fund 16,585 Eurasian Curlew project 132,269 Corncrake project 1,176 150,030 Total of funds 1,131,816	Income £ Expenditure £ - - 154,230 (157,765) 154,230 (157,765) - (10,433) - (5,350) 87,000 (198,641) 75,850 (69,573) 162,850 (273,564) 317,080 (441,762)	Gains/ (Losses) £ - - - 36,975 - - - - 36,975	Balance at 31 December 2024 £ 87,336 112,578
			199,914
			804,879
			11,235 20,628 7,453
			39,316
			1,044,109

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. In the prior year the transfer out of designated funds into general funds represented funds used to build the new fishing hut.

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THE PENSTHORPE CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 2023 £ 106,798 120,375 227,173 775,879 21,935 87,987 - 109,922 1,112,974	Income £ - 119,775 119,775 - - 134,169 44,950 179,119 298,894	Expenditure £ - (143,499) (143,499) (7,453) (5,350) (89,887) (43,774) (139,011) (289,963)	Transfers in/out £ (19,462) 19,462 - - - - - - -	Gains/ (Losses) £ - - - 9,911 - - - - 9,911	Balance at 31 December 2023 £ 87,336 116,113
						203,449
						778,337
						16,585 132,269 1,176
						150,030
						1,131,816

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THE PENSTHORPE CONSERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

15. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total	Endowment funds 2024 £ - 691,525 113,354 - 804,879	Restricted funds 2024 Unrestricted funds 2024 £ £ 11,235 103,991 - - 28,081 172,724 - (76,801) 39,316 199,914	Total funds 2024 £ 115,226 691,525 314,159 (76,801) 1,044,109

Analysis of net assets between funds - prior period

Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total	Endowment funds 2023 £ - 654,723 123,614 - 778,337	Restricted funds 2023 £ 88,766 - 61,264 - 150,030	Unrestricted funds 2023 £ 141,331 - 89,783 (27,665) 203,449	Total funds 2023 £ 230,097 654,723 274,661 (27,665) 1,131,816

16. Related party transactions

Park admission and season card fees collected on the Trust's behalf by The Conservation Shop Limited totalled £40,000 (2023: £40,000) 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 £41,160 net (2023: £20,280) to The Conservation Shop Limited.

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.

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