Norfolk FWAG 2024 Annual Report and Accounts For the year ended 31 December 2024
Registered No. 07868028 Charity No. 1148844
Registered numbpr: 07868028 Charity number.. 1148844 NORFOLK FWAG (A company limited by guafantee) UNAUD ED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
NORFOLK FWAG {A company limited by guarantsel CONTENTS Page Reference and administrative details of the Company. Its Trustees and advisers Trustees. report Independent examiner's report Statement of financial activities Balance Sheet 10 Notes to the financial statements 11-20
NORFOLK FWAG {A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trust&8s G R Anderson {regned 10 Dember 20241 N J Anema J P B Barrett M L Edwards R W Evans T N Guyer Iresigned 10 December 20241 SELord J J L Mitchell. Chairman C A Palmer laptx)inled 10 December 20241 MCRae C J W Sayer {aptM)inted 10 Oecember 2W241 D C Willis MBE Company registered number 07868028 Charity registered number 1148844 Règistered office MacGregor Building. Norfolk Shovffjround Dereham Road New Costessey Norwich Norfolk NR5 OTT Company secretary D C Willis MBE Indèpendent examln¢r Larking Gowen LLP Chartered Accountanls Prospect House Rouen Road Norwich NR1 1RE Page 1
NORFOLK FWAG (A company limited by guaranteel TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEklBER 2024 The Trustees present Iheii annual report together wlh the financial statements of the Company for the year 1 January 2024 to 31 December 2024. The Annual rerK)rt serves purrrf)ses ol both a Trustees. report and a directors, feport under (x)mpany law. The Trustees confirm that the Annual rewrt and financial slalemenls of the charitable company comply wlh the curnt ststutory requirements, the requirements of the charitable company's governing document and the provisÈons of the Slalement of Recommended Practice ISORPI applicable to charilies preparing Iheir accounts in am)rdan the Financtal Reporting Standard applicable in the UK and Republic of Ireland IFRS102} (effective 1 January 20191. sin the Company qualifies as small urwjer seclion 382 of the Companies Act 2006. the Slralegic repori required of medium and large companies urKler the Companies Act 2006 (Slralegic Report and Directors, Report) Regulations 2013 has been omitted. Policies and objadives a. Mission Statement (How we work towards the vision every day) Norfolk FWAG will support famiers and IarvJowne lo futureprox)f their 18nd for the benefit of faming and wldlife, ensuring the long-lerm survival and prosperity of the Norfolk landscape. b. Vision Statement (What we are working towards) Norfolk FWAG wll advise on and contribute lo Norfolk's 1aThJSca becoming an exemplar region for cohesion and falm business success. c. The Charity's Objects 1. By encouraging landowners. famiers and other stakeholders lo manage their land in such a way as lo promole, the conservation, protection and improvement of the phjsical and natural environment lor the benefit ol the public. 2. To advance the education of Ihe public, particularly the famiing community and the agricultural sector in conservation and liodiversily. The aclivilies of Ihe Charity are as follows.. Support farmers in their work lo deliver wildlife conservation within prclluctive farming systems. Provide farmers and landowners with the best indeperxlent lechr)iral VICe and practical guidance on environmental enhancement of the farmed environment. Preserye natural iesources on & off farm, such as soil & vrater. Seek to work with land0r$ lo preserve an(1 maintsin Ihe historic environment and landscape heritage inherited by famiers today. Inspire and communicate Ihe Imp*)rta of conservation on familand lo famers, future generations and the wdei public. Work in collaboration with partner organi5aliolls and other FWAG groups. Inform members of wider environmenial issueslsthemes and access lo funding. In setting objectives and planning for activities, the Tntslees have given due (x)nsideralion lo general guidance published by the Charity Commission relating lo public benefit. induding the guidance 'Public benefit.. running a charity IPB21'. Page 2
NORFOLK FWAG {A company limited by guarnnteel TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Pollcles and objectives (continued d. Norfolk FWAG offers a range of services including: Applications for Agri envi¥onmenl and Sustainable Famiing Incentive schemes. Agreement management. complian. and daims Best piactice conservation advice. Ecological surveys, habital management planning and advice. Biodiversity offsetting delivery including skylark and newt Mitiga"0n. Woodland creation applications and management plans Facilitation of farmer groups. Farm assurance schemes including LEAF marque LANCEP'S. Farm Environment Plans. Report for 2024 - Review of Activities a. Stafl Henry Walker Farm Environment Adviser Nalhen Walker- Technical Manager Sasha Ellis Farm Environment Advisor Evan BkJrdett- Farm Environment Advisor Marta Gibbons- Farm Environment Advisor Sallyanne Brock- Office Manager Jordan Sharman - General Manager Bea While- Haper Adams University pla(%menl student (left July 241 Tom Ewen- Harper Adams Ur)iveNty Ia¢ement student lj'oined July 24) Clarke Willis stepped down on the role of Executive Director in Novemttr 2024 but continues as a Trustee a Company Secretsry. working with the team to suppyi and staff devek)pment. As a benefit of the considerable bursary received Irom the Eslale of Mary Bloomfield, Trustees were keen lo provide a bursary for a sludenl gaining a professional qualification in Environmental Land Management. An annual scholarship wilh a placement year employment al Norfolk FWAG was agreed with Harper Adams University. To be called the Bloomfseld Bursary in rec(vJnition of our tefac10r. b. Trustees Joe Mitchell continued through 2024 as Chaim)an. Tim Guyer retired from the Board in Dember 2023 and al the AGM held in November 2024, Glenn Andreson stood down. We Ihank both for their setvice. Charlotle Palmer and Charles Sayer were appointed as Twstees at the 2024 AGM. Registered Offi¢8 Our office address is The Townsend R(M)m, MacGregor BuildirwJ, Norfolk Showground. Dereham Road, New Costessey, Norwch, NR5 OTT. Page 3
NORFOLK FWAG (A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Report for 2024- Review of Activities lcontlnuedl d. Review of Activitles During 2024 the Norfolk FWAG team were busy wth a vthde range of onvironmental work.. Chargeabl Countryside and Environmental Stewardship care and maintenance. CoLsnlryside Stewardship applications NCC Woodland Creation Accelerator Fund and hedgerow rAanting Woodland Management Plans. Farm Assijrance Schemes Ecological suNeys Project Facililalion Funds- landscape scale conservation Norfolk Ponds Project Broadland Test & Trials Land Management Board and the rde of a local convenor Royal Countryside FurKI Farm Resilien Progiamme e. Events Norfolk FWAG organised several walks lo S)%se Norfolk farms vthich effectively integrate environmental management into their fanning business. Thefe were around 60 attendees at each event includin9 farmers, landowners, environmental specialists. and the public. Ix)th memLws and n¢M members of Norfolk FWAG. We a¢kn0ed9e Ihe support of Anglian Waler for the fam) walks. The annual Norfolk FWAG compelilion for the lan Ma¢Nicol Memorial Trophy was held. The wnr)er was Bruce Seaman Farms, Bedingham Hall Farm with Worslead Esiale a5 runner up and Silfield Ltd, Church Farm, Carleton Forehoe and P F Soulhgate Lld, Fen Farm, AllletK>rough highly commended. In October 2024 we held the first Norfolk Landscapes Conference & Exhibition al The Norfolk Events Centre on the Showground. Thanks lo support from RNAA. NCC. NWT. Mbanwse Environment and WWF for their partnership wlh this event Ihat altracted 450 delegates and was vwy well received. f. Partnership Working Norfolk FWAG continued lo represent farmers and landowners on the Broads Land Management Group. Norfolk Coast Partnership, Broads Biodiversity Parlnership. Norfolk L(ul Ae&S Forum, NBIS Steering Group, Waveney Catchment Partnership. Broadland Calchfflenl Partnetship. Wensum Calchmenl Partnership, Cluster Landscape Connect. and CWS Steering Group. Page 4
NORFOLK FWAG IA company Ilmlted by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Flnancial review a. Flnancial Review Income statements and forecast summaries are compiled each fflonth and distributed lo the Trustèes at Board meetings. Age of debt reports are produced quartedy. Board meelirrfJ5 minules are distributed to the Trustees. 2024 was a year of consolidation with expanded staff numbers and new offices in place we needed to build on the foundations we have aThJ pul fulure stfuclures in pla. Trustees wjreed to use some of the Legacy funds Total income for the period was £468.471 12023." £248.177} and expenditure %was £419,86612023.. £224,216). Al the year end the Balance Sheet value was £271.2111£2023= £222.6(1. The table below shows the split of Sou$ of inc(xne: 2024(£) 20231£) Total turnover Chargeable illcome Project Membership Granlslsponsorship incl. intet Legacies 468.471 92.669 272.026 65.384 8.392 30.000 248.177 101.782 85.692 59,228 1.475 b. ReseNos Policy An outline policy on reserves Wds agreed when Norfolk FWAG was incorporated on 1 December 2011. Reserves have been built up over the years and m8intsined al a level thich ensures that Norfolk FWAG'S Core aclivily could continue during a periL¥J of any unforeseen difficulty. The reserves themselves are lo be as cash reserves with the bank and Iheref(Ke readily alISable. ExperltUre is carefully managed and Iofecasted. Taking into consideration projected salary and adminislralion costs. the 18fgel reserves have been increased wlh 8 separate 'Legacy Fund, inveslmenl for the longer term. On 31 December 2024 the charity had unrestricted funds of £259,401 (2023.. £222.6061, and restricted funds of £11,81012023-. £nil). The trustees agreed that under its Charitable status Norfolk FWAG has a sound financial footing. For this reason, they continue lo adopt the going concem basis in preparing the financial slalements. Further details regarding the adoption of Ihe going corttm ba&s can be found in the ac£ounting polie& Funds Held as Custodian The Charily administers the Connecting Nature Fund Grant Scheme on behalf of Norfolk County Council, which is for projects lo lessen the impact on the wder enviTonmenl of large sG3le developmenl. The Charity a150 administers several skylark mitigation funds for deVeloTS. The charity has no entitlement to these funds and hence it is not recognised as income of the charity and is held in a separate bank account. Page 5
NORFOLK FWAG IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structure. governance and management a. Constltution The company is registered as a charitable company limited by guarantee and was sel up by a Memorandum of Association on 1 December 2011 which was subsequenuy amen(led on 30 May 2012. The principal object of the company is lo encourage landovmers. famers and other stakeholders lo manage their land in such a way as lo pr(¥nole for the bellefil of the public. the conservation, protection and improvement of the physical and natural environment. Aso, lo advance the education of the public, particularly the farming communily and the aoricullural sector in Conservation and biodiversity. b. Methods of appointment or ¢le¢lion of Trustees The Charity has put in place a succe&sion plan for the Board lo keep a fresh business approach. The Trustees, who have many (x)mbined years in the charitable and commercial sectors have all been provided with additional guidance," A summary version of the Charity Commission's Essential Guide, Norfolk FWAG Annual Business Plan and Norfolk FWAG Management Accounts on a regular basis. Organisational structure and deci5iollwrnaking policies As well as the trustees and trKJard of direclors the Charity has an execulive steering group of Chaim)an, Vice Chairman and Company Secretary. Day lo Day the Charity is managed by the General Manger, Jordan Sharman. Page 6
NORFOLK FWAG IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 310ECEMBER 2024 Statement of Trustee$. responsibilities The Trustees I0 are also the directors of the Company for the PUryM)ses of company lawl are responsible for preparing the Trustees. repori and the financial ststemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kinglom Generally Accepted AcKounling Practi1. Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Tru51ees musi not approve the financial statements unless they are salislied that they give a true and fair view of the state of affairs of the Cofflpany and of its incoffli resrceS and applicalion of fesources. including its income and expenditure. for that period. In preparing Ihese financial statements, the Trustees are required lo= select suitable accounting policies and then apply them con&stenUy', observe the Meth$S and principles of the Charblies SORP IFRS 1021., make judgments and accounting eslimales that are reasonaile and prudent.. slate whether applicalAe UK Accounling Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial slalernents.. prepare the financial slalements on the going concem basis unless il is inappropnale to presume that the Company wll continue in bu&ness. The Tnjslees are reSnble for keeping adequate accountiNJ rec¢yds that are sufficient to show and explain the Corllpany's transactions and ¢Jisdose wth reasonable accuracy al any time the fin8ncial position of the Company and enable them lo ensure that the financial statemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps lor the prevention and detection of fraud and other irregularitse5. Approved by order of the members of the board of Trustees and wgned on their behalf by: illis M8E Trustee Dale.. o Page 7
NORFOLK FWAG (A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Independent examinerfs report to the Trustees of Norfolk FWAG {Ihe Company'l I retKIrt lo Ihe charity Trustees on my examir)ation of the arxounts of the Company foT the year ended 31 December 2024. Responsibilities and basis of report As the Trustees of the Company land its directors for the purposes of company lawl you are responsible for the Pparation of the accounls in accordan wlh the requirements of the Companies Act 2006 Ilhe 2006 Act'i. Having satisfied myself that the )Unts of the Company are not required to be audited undei Part 16 of the 2006 Act and are eligible for independent examinalion, I report in resttct of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 I'lhe 2011 Act'l. In carrying oul my examination I have fdlowed Ihe Directions given by the Charity Commission under seclion 14515llbl of the 2011 Act. Independent examinorf$ $latem8nt Since the Comp8nVs gross inu)me exceeded £250.(MM) your examiner must a member of a boLly li51ed in section 145 of the 2011 Act. I cnnfimi that l am qualified to undertake the examination because l am a member of Institute of Chartered Accountants in England and Wales. %thich is one of the listed bodies. I have completed my examination. I confimi that no mallers have come to my allenlion in connection with the examination giving me cause lo believe.. accounting records were not kept in respect of the Company as reqUIrj by section 386 of the 2006 Act., or the accounts do not accord th those recA)rds,' or the accounts do rbot compty wth the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounls give a 'true and fai¢ view which is rK>t a matter considered as part of an independent examination., or the accounts have not been prepared in accc*dance wth the melhcxjs and principles of the Statement of Recommended Practice for accounting arKI reporting by charities lapplicable lo charities preparing their accounts in aOrdanCe wih the Financi Rep)rting Standard applicable in the UK and Republic ol Ireland IFRS 10211. I have no concems and have come across no other matters in connection wth the examination lo which altention should be drawn in this report in or(Jer lo enable a toper understanding of the accounts to be reached. This report Is made solely lo the c¢YnpanS Trustees. as a tKMty. in accordance VAlh Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might slate to the Company's Trustees those matters l am required to state to them in an Independent examinerfs rewrt and for no other puryiose. To Ihe fullest exlenl pemitted by law. I do not accept assume responsibility to anyone other than the Company and the Companys Trustees as a bcxty. for my WOTk or for this report. Signed.. /iJ Dated.. Chris Yeales FCA DChA Larklng Gowen LLP harte ed Accountants orwic Page 8
NORFOLK FWAG IA company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2024 Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income from.. Donalions and legacies Charitable activities Investments 30,800 370.379 7,592 30,800 430,079 7,592 500 245,999 1,678 59.700 Total Income $9,700 408,771 468,471 248, 177 Expendilure on: Charitsble activities 47.890 371.976 419.866 298,399 Total expenditure 47,890 371.976 419,866 298,399 Net rnovemgnt in funds 11.810 36,795 48,605 (50,222) Reconciliatlon of funds: Total funds brojh1 foThyard Net movement in funds 222,606 3Q795 222.606 48,605 272,828 f50,222) 11.810 Total funds carried forward 11,810 259.401 271.211 222.606 The Slalement of financial activities indudes all gains and losses recognised in the year. The notes on pages 11 to 20 form part of these financial ststements. Page 9
NORFOLK FWAG (A company limited by guarantee) REGISTERED NUMBER: 07868028 BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Fixed assets Tangible assets Investments 7.865 20 8,079 20 10 7,885 8,099 Current assets Debtors Cash al bank and in hand 11 122,498 294,118 52,536 275,929 416,616 328.465 Creditors= amounts falling due within olle year 12 (153,290} (113, 958) Net current assets 263,326 274,S)7 Total net assets 271,211 222,606 Charity funds Restricted funds Unrestricted funds 13 13 11,810 259,401 222,606 Total funds 271.211 222,606 The Company was enlilled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company lo oblain an audit for the year in Question in accordance with section 476 of Companies Act 2006. The Trustee5 acknovledge their fesponsibililies for complying wilh the requirements of the Act wlh respect to accounting records and pparation of financial stalemenis. The financial slalemenls have been prepared in aCrance wilh the provisions applicable lo enlilies subject to the small companies regime. The financial statements were a proved and authorised for issue by the Trustees and signed on their behalf by.. Ils MBE Trustee The noles on pages 1110 20 fom) part of Ihese financial slalefflents. Page 10
NORFOLK FWAG IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 General information The company is a company limited by gu3r8nlee. The members ol the company are the Trustees named on page 1. In the event of the company being Und up. Ihe liability in respect of Ihe 9uaranlee is limiled to £10 per member of the (x)mpany. The registered Offi of the company is Macgregor Building, Norfolk Show9round, Dereham Roa(J, New Costessey. Nophich. Norfolk, NR5 OTT. Accountlng policies 2.1 Basis of preparalion of financial statements The financial statements have been prepared in accordance wlh the Charities SORP IFRS 1021- Accounting and Reporting by Charities.. Statement of Re(xxnmended Practi applicable to charities preparing their accounts in accordance wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effective 1 January 20191. the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 102) a1 the Companies Act 2006. Norfolk FWAG meets the definition of a public benefil entity under FRS 102. Assets and liabilities are initially recognised at historical cost ¢y transaction value ursless otherwise slated in the relevant accounting policy. 2.2 Going ¢oncem After making approwiate enquiries. the Truslees have 8 reasonable expectation that the Company has adequate resources to continue in operational existen for the foreseeable futu. For this reason. they continue lo adopt the going coreM bass in preparing the financial statements. 2.3 Incom All income is renised once the Company has entitlement lo the income, il is probable that the income wll be received and the amount of income receIvate Can be measured reliably. The recognition of InMe from legaryes is depen(Jenl on establishing entitlement. the Probability of receipt and the ability lo estimate wilh suffiuenl 8ccuracy the amount re1Vable. Evidence of enlillemenl to a legacy exists when Ihe Company has 5uffioent eVenCe that a gift has been lell lo Ihem Ilhrough knO¥edge of the existen of a valid will and the death of the benefactorl and the executor is sa1151ied thal the property in question will nol be required lo satisfy claims in the eslale. Receipt of a legacy musl be reCjI$ed %ther) il is probable that il will be received and the fair value of the amount receivable. lCh VAII generally be the expected cash amounl lo be distributed to the Company, can be reliably measljrJ. Grants are included in the Statement ol financial activities on a receivable basis. The balance of income received for specific purtK)ses but not expende(I during the period is shown in the relevant funds on the Balance sheet. whe income is 1Ved in advance of entitlement of receipt, its recognition is deferred and induded in creditors a5 deferred income. Where enlillement occurs before inc(*me is received, the irKome is accrued. Income lax recoverable in relation lo investsnent income is recognised al the time the investment income is receivable. Page 11
NORFOLK FWAG {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Icontinuedl 2.4 Expenditure Expenditure is recognised orKe there is a legal ot (xbnstructive obligation to Iransfei ewnomic benefit lo a third party. il is probable that a transfer of economic benefils will be required in settlement and the amount of the obligalion (an be measured reliably. Expenditure is classified by aclivily. The costs of each activily are made up of the total of direct costs and shared costs, including support costs inv(Aved in urMJerlaking each activily. Direct costs attributable lo a single aclivily are allocated directly to Ihal activity. Shared costs which contribute lo more than one aclivily and support costs which are not atlributatAe lo a single aclivily are apportioned between those activities on a basis consistenl vAlh the use of [esours. Central staff costs are allocated on the basis of lime spent, and depieciation charges allocaled on Ihe portion of the asset's use. Expenditure on charitable activities is inCue on direcuy undertaking the activities which further the CompanVs objectives, a5 well as any as8wated suprK¥l cost& All expenditure is inclusive of irrecoverable VAT. 2.5 Interest rg¢el¥abl• Interest on funds held on dep)511 is induded %then receivable and the amount can be measured ieliably by the Company., this is normally urKJn rK)lificalion of the interest paid or payable by Ihe inslilulion with whom the funds are deposited. 2.6 Tangible fixed assets and depreciation Tangible fixed assets cosknng £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured lIablY. Tangible fixed assets are initially recognised at cosl. After recognition, under the cost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incuffed to bring a tangible fixed asset into 115 intended working condition shoukl be included in the measurement of c05t. Depreciation is charged so as to allale the cost of tangible fixed assets less their ressdual value over their estimated useful lives Depreciation is provided on the followng basis= Plant and machinery 33% Straight line 2.7 Investments Fixed asset irbveslmenls are a form of financial instnJm8nt a1 are initially recognised al their transaction Cost arvj subsequenlly measured at fair value al the Balance sheet date, unless the value Cannot be measured liablY in lch case it is meawred at cost less impairment. Investment gains and losses, whether realised oc unrealised, are cotnbined and presented as 'GaIn(LOsSeS) on investments. in the Stalemenl of financial activities. Page 12
NORFOLK FWAG A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2024 Accounting policies l¢ontinued) 2.8 Debtors Trade and other debtors are recLwJnised at the settlement afflwnl after any trade discount offered. Pfepaymenls are valued al the amount prepaid nel of any trade discounts due. 2.9 Cash at bank and in hand Cash at bank and in hand indudes (ash and SIt-teM7 highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. 2.10 Liabilities and provisions Liabilities are recognised vknen there is an obligation at Balan sheet date as a result of a past event, il is probable that a transfer of economic benefit wll be required in settlement. and the amount of the settlement can be estimated Teliably. Liabilities are recognised at the amount that the Company anticipates it will pay lo settle the debt or the amounl it has received as advanced payments for the g(KMJs or serVIS il must provide. Provisions are measured at the best estimate of the am(MJnts required to settle the obligation. Where the effect of the lime value of money is material. Ihe provision is based on the present value of those amounts. discounted al Ihe pre-tax discount rale that reflec15 the risks specific lo the liability. The unwIflg of the discount is recognised in Ihe Statement of financial aclivities as a finance cost. 2.11 Financial instrument$ The Company only has financial assets and financial liaknlities of a kind that qualify as basic financial inslrumenls. Basic financial instfuments are initially re9nised at transaction value and subsequently measured at their settlement value wth the exception of bank loans which are SUbsequenY measured al amortised cost ugng the effedsve interest method. 2.12 Penslons The Company operates a defirth contn"bulion pension gtheme aThY the pension charge represents the amounls payable by the Company lo the fund in rest*ct of the year. 2.13 Fund accounting General funds are unreslricled funds which are availaNe for use at the discretion of the Trustees in furtheran ol the general objectives of the Company aT¥J s%hich have not been designated for other Pufposes. Reslricled funds are funds which are lo be used in am)rdance with specific reslriclions imposed by donors or project funders. The Costs of administering gjch funds are charged against the specific fund. Investment income, g8ins and losses are all(Kaled to the apwowiale fuThY. Page13
NORFOLK FWAG (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income from donations and legacles Unrestricted funds 2024 Total fund5 2024 Total funds 2023 Legacies Grants 30.0(M) 8(M) 30,000 800 500 30.8(M) 30,800 500 Income from charitablè a¢tivitles Restricted Unrestrl¢ted funds funds 2024 2024 Tol81 funds 2024 Subscription5 and joinin9 fees Countryside stewardship Other consultancy Projects work Woodland management Training and events SpecieslHabitat surveys Assurance schemes Sales of goods Conference income Sponsorship Teaching 65.384 41,545 8,024 212,326 4,996 798 8,878 5,448 65,384 41,545 8,024 272,026 4,996 798 59,700 8.878 5,448 846 17,388 3,083 1,663 17,388 3,083 1,663 59,700 370,379 430,079 Paoe 14
NORFOLK FWAG IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income from charitable activities {continued) Unrestricted funds 2023 Total funds 2023 Subscriptions and joining fees Countryside stewardship Other consultancy 59.228 60.252 24,937 59,228 69,252 24.937 F li Projects t)rk W¢)odland management Training and events SpecieslHabilal surveys Assurance schemes Sales of gocxJs Sponsorship Other 85,692 4.312 85,692 4,312 2,000 1,875 975 3,488 2,600 Too 1.815 975 3.488 2,600 700 245.999 245,999 Analysls of expenditure by actlvities Activitles undertaken dlrectly 2024 Total funds 2024 Tolal funds 2023 Direct costs 419,866 419.866 298,399 419.866 419.866 298,399 Analysis of direct Costs Page 15
NORFOLK FWAG IA ¢ompany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of expenditure by a¢livities {contlnued} Analysis of direct costs Icontinuedl Total funds 2024 Total funds 2023 Staff ¢osls Depreciation Office. renl. light aThJ heal Travel costs Subscriplions Insurance Website an¢J marketing Postage Conference costs Sundry Telephone Training Project costs Event costs Prolessional fees Bad debts 257.268 5,039 14.734 8,330 5.904 3,716 6,682 1,403 18,662 1,917 2.397 4,974 63.985 4,725 11,970 200 192,640 4,305 14,267 6, 736 3,600 3.267 4.726 1,644 2,535 2,357 2, 731 29,431 4.678 16,175 1,620 542 5,125 2,020 Bank charges Scholarships Accountancy costs 4,775 2,340 419,866 298.399 Independent examiner's remuneration 2024 2023 Fees payable lo the Companys indepermlent examiner for the independent examination of the Company's annual accounts 1.750 1, 750 Page 16
NORFOLK FWAG IA company limited by guaranto01 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 DECEMBER 2024 staff costs 2024 2023 Wages and salaries Social security costs Contribution to defined (x)nlribulion pension schemes 227.054 15.451 14,763 171,814 10,342 10,484 257.268 192,640 The average numb of persons employed by the Company during the year was as follows.. 2024 No. 2023 No. No employee reiVed [emuration amounting to more than £60,WO in either year. Remuneration and benelits received by key man8gemenl pene1 in year totalled £257,268 {2023'. £192,640}. Trustees. remuneration and expenses During the year. no Trustees received any remuneration or other benefits (2023- £NIL). Durin9 the year ended 31 December 2024. no Tnjstee expenses have been incurred (2023- £NIL). Tangible fixed assets Plant and machinery Cost or valuation Al 1 January 2024 Additions 21,133 4,825 Al 31 December 2024 25.958 Page 17
NORFOLK FWAG (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2024 Tanglble fixed assets Icontinuedl Plant and machinery Depreciation Al 1 January 2024 Charge for Ihe year 13,054 5,039 Al 31 December 2024 18,093 Not book value At 31 Dember 2024 7,865 At 31 December 2023 8,OT9 10. Fixed asset investments Unlisted invastments Cost or valuatlon Al 1 January 2024 20 At 31 December 2024 20 Net book value At 31 December 2024 20 At 31 December 2023 20 Page 18
NORFOLK FWAG (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Debtors 2024 2023 Due within one year Trade debtors Prepayments and accrued inc(ffie 50.269 72.229 29.218 23,318 122.498 52,536 12. Cr•ditors- Amounts falling due within one year 2024 2023 Trade creditors Other taxation arsd social security Pension fund108n payable Other creditors Accruals and deferred income 7.294 38,246 1.796 25.866 80,088 4,031 20,472 1,288 27,866 60,301 153,290 113,958 Included Nmthin other ¢yeditOTS is £25.86612023: £27.866) relating to the Connecting Nature Fund grant Scheme and Skylark project. The charity adminislets the lund on behalf of Norfolk County Council. The fund is for projects lo lessen Ihe impact on the wder envirmmenl of large scale developmenl. The charity has no entitlement lo eh funds and heno it is not recognised as income of the charity. The balance al the 31 December represents funding yel lo be distributed. Total fund receipts in the year were £nil {2023.' £nill and £2,00012023- £10.002) was paid out during the year. Page 19
NORFOLK FWAG (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13. Statement of funds Statement of funds- current year Balan¢e at 31 December 2024 Balance at 1 January 2024 Income Expgnditure Unrestrlcted fund$ General Funds 222,606 408,771 1371,9761 259,401 Restricted funds Restricted Pfcyecls 59,700 147.8901 11.810 Totsl of funds 222,606 468,471 1419.866} 271,211 Statement of funds - prior year Balance al 31 Decembe 2023 Balance al l January 2023 Income Expenditure Unrestrlcted funds General Funds- all fur9 272,828 248, 177 (298,399) 222.606 14. Pension commitments The charity operates a defined contribution nSIOn scheme. The assets of the scheme are held separately from those of the charity in an independently adminislered fund. The pension cost charge represents conlTibulions payable by the charity to the lund and amounted lo £14,763 12023.. £10,484). There were conlfibulions payable to the fund al the balance sheet date and are included in creditors ol £1.79612023.' £1,288). 15. Related party transactlons During the year. Swallow 8ams Group Limited. a company jointly controlled by D C Willis MBE. a Iruslee, charged the charity £11.97012023= £15.7001 for management and development services. Page 20