**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. Page 3 **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 Page 6 **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. Page 10 ## **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. Page 11 **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. Page 12 **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_| Page 13 **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**| Page 14 ## **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**| Page 15 ## **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** Page 16 ## **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_| Page 17 **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. Page 18 **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)_ . Page 19 **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_| |---|---|---|---|---|---| Page 20 **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_| |---|---| Page 21 **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_| Page 22 **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. Page 23 **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_| Page 24 **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. Page 25