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2021-03-31-accounts

Registered Company Number: 217338 Registered Charity Number: 208734

Norfolk Wildlife Trust

Annual Report and Financial Statements for the year ended 31 March 2021

Norfolk Wildlife Trust

Contents
Page No :
3 – 26 Council’s Report (incorporating the Strategic
Report)
27 – 30 Report of the Auditor
31 Consolidated Statement of Financial Activities
32 Consolidated and Trust Balance Sheet
33 Consolidated Cashflow Statement
34 – 55 Notes to the Financial Statements

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NORFOLK WILDLIFE TRUST COUNCIL’S REPORT (INCORPORATING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2021

The Trustees of Norfolk Wildlife Trust, collectively known as Council, who are also directors for the purposes of company law, present their Annual Report and audited Financial Statements of the charity for the year ended 31 March 2021 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The Financial Statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and 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[st] January 2019 ).

Reference and Administrative details

Name: Norfolk Wildlife Trust Company number: 217338 Charity number: 208734 Patron: Her Majesty the Queen Vice Patron: Sir Timothy Colman KG President: Bill Jordan Vice Presidents: Michael Baker Mary Dorling Garth Inman Martin Shaw OBE John Snape Angela Turner Treasurer: Lyndsay Whiteman Members of Council:

Council members serving during the year and since the year end were as follows :

Alice Liddle ( Chair ) Jeff Price ( Vice Chair ) Greg Beeton ( retired 30 March 2021 ) Steve Cale Andrew Clarke Ben Garrod ( elected 19 November 2020 ) Scott Pinching Sue Roe OBE John Sharpe Heather Tyrell ( retired 19 November 2020 )

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Reference and Administrative details ( cont. )

Chief Executive & Company Secretary: Pamela Abbott ( retired 01 April 2021 ) Marion Riches ( appointed 01 April 2021 )

Registered & Principal Office:

Bewick House 22 Thorpe Rd Norwich Norfolk NR1 1RY Tel: 01603 625540 Fax: 01603 598300 Email: info@norfolkwildlifetrust.org.uk Website: www.norfolkwildlifetrust.org.uk

Auditor: Larking Gowen LLP Chartered Accountants King Street House, 15 Upper King Street, Norwich NR3 1RB

Bankers: Barclays Bank plc St James Court, Norwich NR3 1RJ

Close Brothers Treasury, 10 Crown Place, London, EC2A 4FT Co-Operative Bank plc PO Box 250, Delf House, Southway, Skelmersdale WN8 6WT

COIF Charity Funds ( CCLA ) St Alphage House, 2 Fore Street, London EC2Y 5AQ

Flagstone Investment Management Clareville House, 26-27 Oxendon Street, London SW1Y 4EL

NatWest Bank plc 21 Gentleman’s Walk, Norwich NR2 1NA Nationwide Building Society Nationwide House, Pipers Way, Swindon, Wiltshire SN38 1NW

Santander UK plc 301 St Vincent Street Glasgow G2 5NT

Virgin Money plc Jubilee House Gosforth, Newcastle upon Tyne, NE3 4PL

Solicitors: Cozens-Hardy LLP Castle Chambers, Opie Street, Norwich NR1 3DP Principal insurers: Victor Insurance, 1 Tower Place West, Tower Place, London EC3R 5BU

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Investment Managers :

CCLA Fund Managers Ltd, Senator House, 85 Queen Victoria Street, London EC4V 4ET

Sarasin & Partners LLP, Juxon House, 100 St. Paul’s Churchyard, London EC4M 8BU

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document :

The organisation is a charitable company limited by guarantee, incorporated on 5th November 1926 and registered as a charity on 30th October 1963. The company was originally incorporated as The Norfolk Naturalists Trust; following the passing of a Special Resolution at the company’s AGM on 24 October 2013 the company’s name was changed to Norfolk Wildlife Trust.

The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up the directors are required to contribute an amount not exceeding £1.

Recruitment and Appointment of Trustees:

The Articles of Association provide for up to 12 elected trustees, an Honorary Treasurer and up to two co-opted trustees.

Any member of the Trust can put themselves forward as a trustee and nominations are considered each year at the AGM. One third of elected members retire each year and if eligible under the Articles of Association can seek re-election. The Trust aims to recruit trustees with a wide range of skills from which the Trust will benefit.

Trustee Induction & Training:

New trustees currently undergo an orientation meeting with the Chief Executive to brief them on their legal obligations under charity and company law, the work of Council and decision making processes, the Business Strategy and Trust finances. Trustees are encouraged to visit Trust reserves and attend other Trust activities such as PR and fundraising events, as well as meetings with other regional Wildlife Trusts.

Organisational Structure:

Council meets seven times a year, a Remunerations Group meets annually and a Nominations Group meets where necessary. In addition, a Finance, Audit & Risk Group meet four times a year. The Chief Executive reports to Council and directs and manages the day to day operations of the Trust. To facilitate effective operations the Chief Executive has delegated authority, within terms of delegation approved by Council, for operational matters including finance and employment.

Related Parties:

No member of Council had any interests in any contracts with the Trust or its subsidiaries during the year to 31 March 2021. Details of the Trust’s wholly owned subsidiaries are shown in note 15 to the Financial Statements. The trading results of Norfolk Wildlife Services Ltd for the year to 31 March 2021 and of Norfolk Wildlife Enterprises Ltd for the year to 31 March 2021 are shown in note 10 to the Financial Statements.

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Pay policy for senior staff:

Senior staff pay is determined together with all other Trust staff as part of an annual salary review process. There is no automatic pay increase but salaries are reviewed against changes in the CPI and national pay settlement rates, changes in individual staff responsibilities and performance. Recommendations for pay increases are put forward by the Chief Executive in consultation with the Senior Management Team and Human Resources Manager, for review and approval by the NWT Remunerations Group – comprising the Chair, the Treasurer and one other trustee.

Risk Management:

Council has assessed the major risks to which the charity is exposed through the creation of a Risk Register. The Register is regularly reviewed and actions undertaken to mitigate as far as possible the major risks identified. Risks may be financial and non-financial, such as reputational risk to the charity.

The risks faced by the Trust remain largely similar from one year to the next but Council and staff remain vigilant because external, as well as internal, circumstances change.

The current major risks that the Trust is addressing are :

COVID-19:

Objectives and Activities

The objects of the Trust are set out in its Memorandum of Association. The principal activities for the year were in pursuance of the objects for which the Trust was formed, namely, to advance the conservation of wildlife and wild places in Norfolk for the public benefit and to advance the education of the public in the principles and practices of sustainable development.

The Trust has adopted a Business Strategy covering the period 2016 to 2021. Under this Strategy the Trust works towards a vision of a sustainable Living Landscape for wildlife and people where the future of wildlife is protected and enhanced through sympathetic management, and where people are connected with, inspired by, value and care for Norfolk’s wildlife and wild spaces.

In working towards this vision the Trust follows a series of objectives and actions under the following key strategies:

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Details of how the Trust has pursued its objects during the year to 31 March 2021 are contained in the Achievements and Performance section below.

Statement on Public Benefit

Council accepts the need to have regard to the Charity Commission’s guidance on public benefit.

In the terms of the Charities Act 2011, the objectives of Norfolk Wildlife Trust fall within two definitions of charitable activity, “the advancement of environmental protection or improvement” and “the advancement of education”. On both counts, Norfolk Wildlife Trust provides benefits, irrespective of their financial circumstances, to members of the public, including children and young people, families and people with learning and physical disabilities. In particular the conservation of Norfolk’s wildlife and wild places benefits the public of Norfolk and visitors from beyond.

Council provides in this report and in the financial statements that accompany it a detailed discussion of Norfolk Wildlife Trust and its governance, objectives and activities, achievements and performance, a financial review and plans for future periods.

Within the Achievements and Performance section set out below there is significant information on the work carried out during the year and the services that were provided, and the benefits.

Statement on Fundraising Practices

The Trust is extremely grateful to all our financial supporters be they members, corporate sponsors, or donors. As a responsible charity, we are proud of our code of conduct and our resulting record in protecting our members’ details.

The Trust continues to ensure that its fundraising practices are respectful, honest, open and accountable to the public. We are guided by the Institute of Fundraising Code of Practice, are registered with the Fundraising Regulator, and comply with the General Data Protection Regulation. We have a GDPR “Champion” working group and training programme within the organisation to deliver a best practice approach to data protection.

In line with guidelines and regulation, we monitor fundraising activities carried out on our behalf ensuring any professional fundraising undertaken follows written procedures and that fundraisers are trained and kept informed of fundraising standards. Our use of such fundraising is kept to a minimum with the majority undertaken by staff and volunteers who are part of the Trust. Fundraising by others in the community is monitored by NWT staff and we will decline any fundraising we consider inappropriate to our objects or environmental ethics statement.

We protect vulnerable people and others through written guidelines for fundraising and by adhering to the Fundraising Code of Practice.

Most importantly we seek to develop good and respectful long-term relationships with our supporters such that we know when we may ask for their financial support appropriately.

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STRATEGIC REPORT

Achievements and Performance

From the Chair

On 6 March 2021, Norfolk Wildlife Trust reached another milestone: 95 years of care for Cley Marshes. It was on this day in 1926 that 12 people, led by Dr Sydney Long, purchased the marsh, to be preserved ‘as a bird-breeding sanctuary for all time’. Later in the year the group created what was then known as Norfolk Naturalists Trust, initially to manage Cley Marshes but with ambitious plans for the future.

Sydney Long and his friends deliberately kept their aims ‘very wide and comprehensive’, understanding that the face of Norfolk and its wildlife would change enormously with time. Those visionary aims still underpin the work of NWT today. Since our earliest years we have bought and maintained nature reserves. We now manage more than 60 important sites for wildlife and for people to explore and enjoy. In a way that our founders would emphatically support, we also advise landowners about protecting wildlife and precious fragments of habitat on private properties, business locations and in parishes.

Understandably, we felt the impact of the pandemic on our finances and membership numbers. Nevertheless, so many of our members have stayed with us and many have also supported our major public appeal for land at Thompson Common. More than ever, we are grateful for the support and understanding of our members, donors, volunteers and friends as we return to a greater sense of normality with re-opened nature reserves and visitor centres.

Whenever lockdown restrictions have allowed, we have continued to manage our nature reserves for wildlife. We have also bought and restored new land, expanding our nature reserves to give wildlife greater habitat connectivity and greater protection.

Our education and engagement at visitor centres, through local groups and across Norfolk, were on hold for much of the year. Despite this, we have sought to stay close to our members and the public in Norfolk, communicating across many media about nature and its conservation and its meaning in all our lives.

We are happy and proud to do all this. Happy to inherit the legacy of Sydney Long and his visionary friends and proud to hand this legacy on to future generations.

Nature reserves for people and wildlife

In what has proven a challenging year on a global scale, the support of our members, donors and supporters in Norfolk means we continued to protect habitats, to secure new areas of land for conservation and to save wildlife.

Over the last year the pandemic has brought into sharp relief how important contact with the natural world is for our health and wellbeing. Nature reserves all over Norfolk have proved vital spaces for people to visit close to home.

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With Covid-safe working procedures in place, managing and protecting these reserves continued. Our work was slower and more considered; rules around transport and tool use were inconvenient but never insurmountable.

Scrub clearance, fen management, sedge cutting and reed bed management took place. Hides, although closed for much of the year, were improved at several sites including East Wretham Heath. We repaired and replaced fences to support conservation grazing and we completed the final year of a water soldier removal project, leading to a much cleaner Thompson Water. We were also able to do key monitoring work such as breeding bird, butterfly and water vole surveys across many of our reserves.

At Cley and Salthouse Marshes, the lockdown meant we were able to cut reed alongside the boardwalk to the main hides, which is usually more difficult to do when there are lots of visitors. This cutting allows more light to these areas and promotes plant diversity including woody nightshade, gypsywort, red campion and fox sedge. In the summer with social restrictions eased, volunteer numbers marginally increased at Southrepps Commons allowing completion of the fen cutting.

The emergency Covid-19 grant scheme supported by the National Lottery Heritage Fund was vital in supporting visitor experience. The grant allowed us to create 10 two metre square passing points to and from the floating Broads Wildlife Centre at Ranworth Broad and 15 similar passing points at Cley Marshes to and from hides. As well as enabling better Covid-19 secure access, these improvements provide longterm improved access for all.

We were delighted to have been awarded £166,000 from the National Lottery Heritage Fund’s ‘Green Recovery’ challenge, supporting environmental renewal projects designed to stimulate employment in the green economy. Building on our already successful apprenticeship programme, we have created seven conservation jobs, including five paid internships from the University of East Anglia (UEA).

The new posts are a much needed combination of entry-level positions, undergraduate and graduate internships. This is a major expansion in our capabilities, and will

1 2,600 pink-footed geese were recorded at Cley Marshes in January © David Tipling

impart skills and provide an important step on the career ladder for a new generation of conservation professionals. Four of the new recruits are doing practical conservation work across our nature

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reserves, particularly in the Brecks and our woods and heaths. They are learning how to manage habitats for the special wildlife that our reserves support, and they are being trained in using reserve machinery, surveying and helping to care for our livestock.

At NWT we have, for almost a century, fought against the loss of our wildlife and its habitat and striven to acquire land and restore it where we can: protecting it for the future. This year, as well as our major acquisition in the Brecks we secured two new areas of habitat.

The small but significant purchase of Beetley Meadows and adjoining Beetley Wood alongside our nature reserve at Hoe Rough means that we can protect this Site of Special Scientific Interest (SSSI) and provide major benefits for wildlife, including five species of orchids: early marsh, common spotted, southern marsh, green-winged and common twayblade. We plan to graze Beetley and Hoe Meadows during summer once we have re-fenced it. We intend to link the two sites with a foot and cattle bridge over the river to improve access for people to enjoy the reserve.

Surrounded on three sides by one of our most celebrated and adored nature reserves – Foxley Wood – we have, through incredible donor support, secured a 5.2 hectare (12.8 acre) arable field which we are going to restore to native woodland. A thousand years ago the land would have been ancient woodland and it will be restored over at least 20 years to establish specialist woodland species of old. At 124 hectares, Foxley Wood is one of Norfolk’s richest woodlands for native plants, from the rare wild service tree to the beautiful greater butterfly orchid. This recent acquisition is also likely to provide foraging habitat for bats and hunting grounds for birds of prey. In the future, sensitive intervention will allow us to add trails for visitors to enjoy and to create space for education.

We would like to thank our fantastic team of livestock checkers, the solitary nature of whose roles allowed them to continue supporting us throughout the lockdowns, performing the vital function of making sure that the many cattle, sheep and ponies across our reserves were safe and healthy. Cattle grazing has continued to reduce the dominance of purple moor-grass at East Winch Common, improving conditions for a range of scarce plants including oblong-leaved sundew, green-ribbed sedge and common lousewort. At Cranwich Camp (a Brecks Heath Partnership site), goats are doing a good job of controlling the scrub and gorse. The increased grazing pressure is reducing bramble, leading to good number of Spanish catchfly and some 660 individual plants of proliferous pink: a huge increase from 80 plants recorded in 2018.

A combination of climactic and nutrient conditions, alongside the absence of boat traffic on the Norfolk Broads during the lockdown led to clear water in the Bure – the Broads’ busiest river – revealing the normally hidden river-bed. Shoals of fish, swan mussels and a thick growth of aquatic plants were visible; great crested grebes could be seen swimming under water in their search for fish.

In the Trinity Broads, however, the discovery of killer shrimp, which prey on native small invertebrates, presented many challenges. With the Environment Agency, Angling Trust and local stakeholders we produced an action plan and installed signage and wash-down equipment to help guard against their movement to other sites. In doing so, we are grateful for the support of local residents and users groups.

In the autumn we began the ‘Dancing with Cranes’ project on South Walsham Marshes, funded by Viridor Credits Environmental Company, D’Oyly Carte Charitable Trust and a major donation. The aim is to create undisturbed space for breeding cranes by improving the dyke systems, encouraging fenland vegetation and restoring ‘nursery pools’ that parent birds can lead their chicks around in

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search of food. We installed a water control structure to allow staff to create optimal water levels. The project benefits other rare and declining wildlife in the marshes and reed beds too, such as redshank, snipe and lapwing, water voles, and local specialities such as the Norfolk hawker dragonfly and swallowtail butterfly. With the installation of a new viewing shelter, visitors can experience an exceptional view across the marshes.

As a direct result of recent fen restoration at Roydon Common, the mire now supports good numbers of breeding wading birds, including curlews (5 pairs), redshanks (2 pairs), snipe (12 pairs) and lapwings (28 pairs). The areas of exposed bare ground provide great habitat for invertebrates such as ground beetles and particularly the spring mining bee which is a species associated with sparsely vegetated sandy areas.

We have continued to clear scrub at Narborough Railway Line. This artificial chalk embankment and former railway line is an important place for rare and vulnerable invertebrates. Clearing some scrub and cutting vegetation to the right height means that this downland-like habitat remains in prime condition for dingy skipper butterflies and lace border moths, the latter a county rarity and nationally declining. We also did three weeks of scrub control at Cranberry Rough in very challenging conditions using specialist amphibious machinery.

The nationally scarce lunar yellow underwing moth benefited from habitat work at several of

our Brecks nature reserves. Many invertebrates in the Brecks need the mixed grassland micro-habitats that develop from rabbit grazing. The lunar yellow underwing needs a mixture of tall tufted grass to hide in during the day, and a combination of bareground and shorter ‘fine grasses’ for the caterpillars to eat at night. We worked with Butterfly Conservation to create the right conditions for this moth and other Brecksdependent species. This has included turf stripping through Natural England’s ‘shifting sands’ partnership scheme.

Streaming wildlife sounds

Listeners all around the world were treated to the sounds of birds live from Pigneys Wood on International Dawn Chorus Day in early May, thanks to the live-streaming microphone we set up. NWT is part of the HomeSounds project, funded by the British Science Association through a collaboration between Recast Music Education and the Norwich Science Festival. This reserve is a wonderful mix of woodland, reed bed, open water and tussocky grassland. This mix of habitats attracts a mix of wildlife, and birds heard included Cetti’s warblers, chiffchaffs, blackcaps and whitethroats.

At Buxton Heath, the silver studded blue population was up 10% on the previous year © Chris Gormersall 2020Vision

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Building a bigger better Brecks for wildlife

Early in the year we launched an appeal to buy Mere Farm, and the adjoining Stow Bedon Common, asking our members and the public to help us raise £250,000 to complete the £625,625 we needed. The acquisition of these sites provides an extraordinary opportunity to restore rare Ice Age pingos, recreate Brecks grassland habitats and reconnect the landscape to protect Thompson Common and its wildlife.

In March 2020, at a time of such concern for so many people, we knew it was not

Pingos at Thompson Common © Norfolk Wildlife Trust

appropriate to launch the appeal and asked our members to wait to donate. We were greatly moved that so many donations came in regardless. When the appeal was relaunched in the autumn, our

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members, supporters and donors gave even more generously, helping us to reach our target by early spring 2021.

As well as Mere Farm and the land at Stow Bedon, we were given the opportunity to acquire a third area of land next to Thompson Common: Crow’s Meadow. This extra 5.5 hectares (13.5 acres) of arable land was not included in the public appeal target, yet when it came onto the open market in the autumn, the Trust recognised its strategic importance. Although a relatively small area, Crow’s Meadow provides a significant hydrological connection to the other landholdings, all three of which should be in our ownership formally in 2021. With a remarkably high density of ghost pingos, it is an exciting addition.

Restoring and enhancing the conservation value of these land holdings is not only crucial for the land itself and its potential as habitat for wildlife, but also because Thompson Common is a last fragment of an ancient landscape and is uniquely sensitive to land use on surrounding farms. Its 400 pingos, relics of the retreat of the Ice Age, are home to 58 threatened plants and animals, making it one of the most important sites in the UK for red-listed species. These pingos and their rare wildlife depend on low nutrient water from springs in the chalk bedrock. Incursion by run-off from agricultural fertilisers or intensive livestock farming would be disastrous for Thompson’s priceless Ice Age pools.

Thanks to our members’ support alongside that of charitable trusts, local media and businesses, even in a time of global crisis, we can now increase our coverage of protected wildlife habitat in the Brecks. With this support we can recreate rare habitats which have been almost lost, allow wildlife to move across a more joined-up Brecks landscape and protect Thompson Common against future vulnerability.

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A nature recovery network for Norfolk

Our vision for a Nature Recovery Network for Norfolk is for a vibrant UK countryside, in which farms, gardens, parks and school grounds are all once again healthy habitats for wildlife and people.

With our partners we have continued to restore, recreate and reconnect habitats for wildlife across Norfolk. We visited more than 60 County Wildlife Sites and provided management advice, including working with contractors and helping to provide grazing. Growing interest in creating meadows from wildharvested seed led to the formation of a partnership in South Norfolk, bringing together organisations that will promote, advise on and support the creation of new meadows in the district and along the Waveney Valley. It saw two new meadows created.

This year NWT provided management advice on more than on more than 60 County Wildlife Sites © David Tipling

NWT continues to play an active role in the Norfolk Ponds Project and the appointment of an intern, funded by the Green Recovery Fund, will allow us to coordinate information and advise owners seeking our help on pond matters.

This year we played a key role in the development of an exciting initiative north-west of Dereham: the Wendling Beck Exemplar Partnership. Forward-thinking landowners are considering alternative ways to manage their land to maximise the benefits to wildlife. The landscape-scale pilot project focuses on some 800 hectares (2,000 acres) of land between Rushmeadows and Hoe Rough / Beetley Meadows nature reserves. It is a collaboration between four farmers, NWT, Norfolk County Council, Norfolk FWAG, and Norfolk Rivers Trust. The partnership is exploring how habitat creation can be funded and sustained long term, with options including biodiversity net gain, payment for carbon sequestration and flood alleviation, and regenerative agriculture. Exploring ways of working will continue next year.

The impact of development in Norfolk continues to mean that working through the planning system has been crucial to protect wildlife. We expressed concerns about water quality and visitor pressure impacts in the Greater Norwich Local Plan. We objected to housing on land next to Lolly Moor, industrial development close to Lower Wood, Ashwellthorpe and extension of a quarry operating period that is likely to cause air pollution impacts on the rare flora of Thetford Heath. We also objected to the direct loss of a County Wildlife Site and ancient woodland from a proposed development.

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We have continued to raise concerns about the ecological impacts of the proposed Norwich Western Link Road. We wrote to the Department for Transport expressing concern over funding for the road, due to unmitigable impacts on the country’s largest colony of endangered barbastelle bats. Following this in March 2021, along with an independent bat consultant, we requested of Natural England that they consider designation of the area as SSSI and SAC.

Norfolk Wildlife Services (NWS) was able to keep working throughout all COVID-19 lockdown phases, supplying critical services to the construction industry. NWS made significant improvement on its business performance relative to the previous financial year. Important contracts have been established with Anglian Water and further survey work for the Vanguard Off-shore Windfarm cable route began in March 2021.

Let nature inspire

The need for a personal relationship with nature has never been clearer than over the past year. As has been widely reported, millions of us took refuge in nature during this gruelling time. The internet lit up with creative responses to the natural world — photographs, drawings, poetry and podcasts — and our slowed-down, locally limited lives led to many of us noticing wildlife and nature’s cycles more than ever before.

Our Wildlife Information Service, which was set up in 2009, and all our social media channels saw a surge in people sharing photographs of wildlife they had seen on their daily exercise, asking wildlife questions, identification requests and seeking advice on practical ways to help nature.

Many people enjoyed time in their garden, and this was reflected in the enquiries received by the Wildlife Information Service, with questions on everything from lack of frogspawn in garden ponds to newts turning up in unusual places. We relaunched our Frequently Asked Question section on our website, which now has a searchable and comprehensive set of questions and answers. We also developed a ‘How to’ section offering practical advice on taking action for wildlife.

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We were pleased to offer to our members complementary copies of three new wildlife booklets, made to support people’s newfound or growing desire to learn more, and do more for their local wildlife. ‘Discover and Take Action for Local Wildlife’ showed ways to help put the wild back into your garden, whilst ‘Let Nature Inspire’ gathered personal and creative responses to the natural world. We also created the ‘Wildlife Watcher’s Guide to Norfolk’ for families to use together.

At NWT we’ve long known that nature is good for us; not just for the essential resources it provides, but also because it relaxes and inspires us. We are hugely heartened that people

Enjoying local green space © Matthew Roberts

turned for solace last year to their local patches of green and wild. Never in our recent history has loving local green space made more sense. And nature desperately needs our support to protect it.

With your help we save wildlife

The incredible loyalty of our members through their subscriptions was as vital as it was moving in this difficult year. At a time when our visitor centres were closed for long periods and our events programmes and local group activities curtailed, our members continued to renew their support in amazing numbers, for which we are grateful.

We were delighted to welcome new members too, many of whom had discovered or become closer to wildlife through being at home. In fact during four of the five months when lockdown was eased, there were more people joining us than in the same months the previous year. In August we welcomed a record 420 new individual members. We also recorded our highest number of members joining us online, a reflection of the new ways being used to keep in touch including remote learning resources, virtual events and an ever-growing point of contact through our website and social media.

Our corporate members – our ‘Investors in Wildlife’ – were a mainstay of support, renewing their commitment through subscriptions, sponsorships and donations despite difficult trading conditions for so many sectors of business. We welcomed new supporters and introduced new initiatives with existing partners. Greater Anglia supported a new station conservation scheme identifying stations that have been improved for wildlife. We organised volunteer work parties with staff from longstanding sponsors, Aviva, during the short period of eased restrictions.

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We would like to thank all our wonderful volunteers for their patience and understanding.

Volunteers from Aviva joined us this year © Norfolk Wildlife Trust

Throughout lockdowns and in between, those volunteers that were unable to restart their volunteering remained hugely positive and supportive of the organisation. Volunteers in our local groups have been very resourceful in keeping their committee members in touch with one another using a combination of virtual meetings, phone calls and outdoor conversations when rules allowed. Similarly, community groups continued to support us, such as the Gaywood Valley Conservation Group, which donated to our Children and Nature Fund when a planned film screening event had to be

cancelled. We were greatly encouraged by the support we received from the public, with more than 140 people enquiring about volunteering opportunities over the past year.

Inspiring people to take action for wildlife

This year NWT’s 250 Club lottery celebrated its 40[th] birthday. Its first draw was held in January 1981 with 163 members. The initial aim was to secure 250 members, donating 50% of proceeds to the Trust’s core conservation work. Since then, a growing number of ticket holders have helped the club donate in excess of £280,000 over the course of its lifetime. In recent years, these donations provided vital third-party contributing payments to Landfill Communities Funders, allowing NWT to unlock funding for key projects, including the restoration of Rushmeadows and Scarning Fen.

NWT’s engagement team would normally have been out welcoming thousands of children and school groups on our nature reserves and running family activities and events around the county. While the last year has been very different, it has not been without some really positive engagement.

Wildlife Watch went online monthly, attracting families to learn more about the wildlife on their doorstep and across Norfolk. From tracks and trails to garden birds, hares and flowers, families have enjoyed learning and exploring at home together. Online Wildlife Watch continues through 2021 due to its great success.

Our online communications grew overall and allowed us to talk to schools about biodiversity and think about new ways to engage, including developing films and resources that schools can use independently. Where projects were paused, we have not stopped getting ourselves ready. As part of The Brecks Fen Edge & Rivers Landscape partnerships, a Watery Wildlife calendar was in development to inspire local schools to learn more about their local wildlife year round and to get out to explore their diverse local habitats. We have also been planning new assemblies and visits to Thompson Common highlighting its pingos, pool frogs and dragonflies.

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Other activities were prepared as part of the Water, Mills & Marshes Broads Landscape Partnership Scheme, including those that will link schools with Thorpe Marshes, and the Chet Valley B-Line, Norfolk’s first pollinator corridor.

Taking a walk offers a great opportunity to help conservation efforts, by keeping a record of what you see on the way and adding your records to those of other visitors to create a fuller picture of the wildlife found. In January 2021 our WildWalks project returned, which is part of a wider Broads Landscape Partnership project, funded by the Heritage Lottery Fund and run by the Broads Authority. Focusing on two of our nature reserves in the Broads National Park, Upton Broad and Marshes and Thorpe Marshes, walkers are invited to submit their sightings to help us record the wildlife found on these two reserves.

This year saw the highest sign-up for Norfolk of participants to the 30 Days Wild campaign. Each June, the Wildlife Trusts come together to invite people to do something wild every day of the month: a random act of wildness. This encourages people to explore their county’s wildlife and landscape, perhaps by taking photographs, gardening for wildlife or rising early to listen to the dawn chorus.

Every season we launch a ‘citizen science’ survey asking people to share their wildlife sightings with us. Our spring wildlife spotter survey which asked for starling, yellowhammer and house sparrow records saw more than 6,400 birds being logged. The summer and winter surveys for 2020 saw more than 645 sightings being shared for redwings, fieldfares, bramblings, broad-bodied chasers, hummingbird hawkmoths and tree bumblebees. These records are important to NWT and our partner, Norfolk Biodiversity Information Service, providing a better understanding of the distribution of plants and animals across the county.

All Creatures Great and Small - Bishop’s House Garden Wildlife Audit

From October 2020, two NWT volunteers began visiting the Bishop’s House Garden in Norwich each month, to record the birds, mammals, amphibians, reptiles and some of the invertebrates, in particular the bees and butterflies, using the garden. The survey will continue until the end of September 2021 and details of all the records will be shared with Norfolk Biodiversity Information Service. We are sharing the wildlife findings in video clips and through blog posts, with tips on actions to take to improve gardens for wildlife.

Visitor centres

Our visitor centres around the county are normally the ideal places to discover and explore Norfolk’s wildlife and engage with the work of NWT. This year they closed on 18 March 2020 and were unable to welcome back visitors until the beginning of July, when we adopted a cautious and phased reopening following government guidelines.

We experienced some of the largest visitor numbers on record during the summer. At Hickling Broad for the three-month period from July 2020 onwards, 50% more visitors came to the reserve than the previous year.

At NWT we are proud to develop new ways of seeing and interpreting nature, in words, images and film. Rather than cancel or delay our series of discussions with nature authors and conservationists, we moved them online, where they continued to be hosted by Norfolk Wildlife Trust ambassador, Nick Acheson. After a wonderful inaugural event with Patrick Barkham, we have hosted a huge variety of engaging conversations about all aspects of wildlife, thanks to funding support from North Norfolk

18

Norfolk Wildlife Trust Council’s Report (incorporating the Strategic Report) – continued

District Council, with guests including Tim Dee, Roy Dennis, Erica McAlister, Lev Parikian, Megan McCubbin and Chris Packham. The response has been extremely positive, connecting with new and old audiences alike through this virtual platform. Interviews are broadcast live on Zoom and are later available on YouTube and the NWT website.

Norfolk Wildlife Trust would like to thank the following supporters in 2020/2021

Grants and Charitable Trusts

Charitable Trusts and Grant Giving Organisations supported NWT through valuable regular contributions towards core activities and project funding including improvements for visitors at Foxley Wood, securing the future of important habitats through land acquisition, habitat creation for vulnerable species and providing opportunities for young people on our apprenticeship and Future Professionals scheme.

Anglian Water Flourishing Environment Fund Banister Charitable Trust Constance Mary Paxton Charitable Trust D'Oyly Carte Charitable Trust Essex & Suffolk Water - Branch Out Frognal Trust Love the Broads/The Broads Trust Geoffrey Watling Charity Green Recovery Challenge Fund Natural England - Water Environment Grant The National Lottery Heritage Fund Privy Purse Ranworth Trust Robert's Woodland Trust Rowan Bentall Charitable Trust Spurrell Charitable Trust Tesco Bags of Help Viridor Credits Environmental Company West Norfolk Habitats Monitoring and Mitigation Fund

Thompson Common Land Purchase Appeal

Anglian Water Flourishing Environment Fund Anson Charitable Trust Leslie Mary Carter Charitable Trust Mitchell Trust

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Norfolk Wildlife Trust Council’s Report (incorporating the Strategic Report) – continued

Paul Bassham Charitable Trust Stuart Heath Charitable Settlement

Community Fundraisers

Chris Durdin and Honeyguide Wildlife Holidays Joshua's Big Camp Out Charlotte Platten - cycling marathon challenge Brian Budds - plant sales Jon Clifton - the Long Walk Home Sarah Minney - Pilates for NWT Grace and Arlo - 2.6 Challengers And more than 170 Norfolk businesses and individuals holding NWT collection boxes

Support from Business

In addition to subscriptions to our Investors in Wildlife membership scheme we have received generous sponsorship, volunteering, delivery and promotional support from the corporate sector

Anglian Water Services Ltd Archant Aviva Creative Image Management Empresa ESE Direct Greater Anglia Holiday Property Bond HPB Barnham Broom Ørsted UK Lisa Angel Loveday and Partners N&S Wildlife & Walking Holidays Naked Wines Norfolk Cottages Peter Beales Roses Pinkfoot Gallery ROAR!! Dinosaur Adventure Ronaldo Ices Sop - Scents of Place Smith & Pinching Swallowtail Print The Bakehouse UK Power Networks Vine House Farm White Stuff Foundation and White Stuff, Norwich Wildsounds and Books XLT Distribution

With in-kind support from:

Acle Garden Machinery Norfolk Chamber of Commerce

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Norfolk Wildlife Trust Council’s Report (incorporating the Strategic Report) – continued

Richard Osbourne Photography Swallowtail Print

Supporters

Beetley Parish Council Breckland District Council Broads Authority Broads IDB Broadland District Council Courtyard Farm Crown Point Estate David Gray Eastern Inshore Fisheries and Conservation Authority Environment Agency Garfield Weston Foundation Gressenhall Farm and Workhouse Gaywood Valley Conservation Group King's Lynn and West Norfolk Borough Council Le Strange Estate Natural England Norfolk Biodiversity Information Service Norfolk Biodiversity Partnership Norfolk County Council North Norfolk District Council & Chairman Cllr Dr Clive Stockton Seasearch East South Norfolk District Council University of East Anglia Wash and North Norfolk Marine Partnership

Our thanks to the many anonymous trusts, foundations and individual donors who support us in all our work

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Norfolk Wildlife Trust Council’s Report (incorporating the Strategic Report) – continued

Review of Financial Position for the year to 31[st] March 2021

It is particularly pleasing to be able to report that, after one of the hardest operational periods in its 95 year life due to the ongoing impact of COVD-19, the Trust has been able to maintain its strong financial position. This is testament to the support of its many members and donors, and from central government and other grant making bodies, along with the hard work of the staff and trustees.

The Statement of Financial Activities on page 31 for the year to 31 March 2021 shows income for the year was over £7.2 million, an increase of around £700,000 on the previous year. This was very close to the Trust’s record income of £7.4 million achieved in the year to 31 March 2019. Expenditure of £4.7 million was £900,000 less than the previous year largely due to the reduction in the Trust’s trading companies’ expenditure. The main aspects of the income and expenditure for the year are set out below.

The growth in the Trust’s income was achieved despite the loss of income from closure of its visitor centres through much of the year, and arose mainly due to two factors – increased legacy and donation income. Legacy income of over £1.3 million was more than double the amount received in the previous year for which we are extremely grateful. The majority of this money has been designated for essential and long term strategic developments, with the balance used to help fund essential operating costs in the year.

We were amazed to receive an unexpected donation of £1.5 million in the year. After consultation with the donor’s representative we have set these funds aside to enable the creation, purchase, restoration and maintenance of woodland in Norfolk.

Overall grant income of £1.6 million was similar to the previous year, with nearly £1.3 million received from agri-environmental grant schemes. This source of income will be impacted by changes to grant scheme criteria in the next few years with in particular the phasing out of the Basic Payment Scheme, following the UK’s exit from the European Union. We continue to work closely with RSWT and others to highlight the ongoing need for funding that helps protect wildlife and the environment for the public good. In the meantime we have put in place a designated Futures Fund to help cushion the loss of this income.

Other grant income included government support through the Coronavirus Job Retention Scheme – - the ‘furlough scheme’ and grants associated with business rates and green recovery, and these provided a much needed support mechanism to maintain our staffing structure and operational capability through the year as well as develop skills for those seeking their first jobs in conservation and communications.

The results from the Trust’s two trading subsidiaries are shown in note 10. Norfolk Wildlife Services Ltd, the Trust’s ecological consultancy company, was able to continue trading throughout the year. Its turnover decreased year on year as a large contract was undertaken and completed in the previous year. The company returned a small loss but we are confident that the future prospects for the company are good with important contracts in place for the coming year.

Unsurprisingly Norfolk Wildlife Enterprises Ltd saw a large drop in income through the impact of COVID-19. Only three of its six visitor centres were able to open and then for only a portion of the year. It was perhaps to be expected that during these periods of opening the visitor centres were very busy as the public ventured out from ‘lock down’. The company was also supported by the furlough scheme grants and business rate linked grants, and the loss for the year of £44,000 is much less than we had anticipated. As set out in note 10, it should also be noted that the company carries out the collection of various funds through the visitor centres on behalf of the Trust, such as membership subscriptions and donations, and this income totalled over £53,000 in the year. As this money relates to and supports the Trust’s activities the income cannot be shown in the company’s accounts thereby reducing turnover and profit accordingly.

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Norfolk Wildlife Trust Council’s Report (incorporating the Strategic Report) – continued

Expenditure in the year was £4.7 million which included charitable activity spend of £3.2 million, fundraising and publicity spend of £436,000 and recruitment and servicing of membership costs of £182,000. The balance of £866,000 relates to the separate operational costs of the Trust’s two trading subsidiaries. For every £1 spent by the Trust, 84p was directly related to its charitable activities, which compares well to other charities of our size.

The Balance Sheet on page 32 shows the assets and liabilities of the Trust as at 31 March 2021 with overall net assets growing by more than £2.8 million over the year.

It is pleasing to note that despite COVID-19 we were able to increase the area of land under nature reserve management, with £320,000 spent on acquiring land including at Foxley Wood, Beetley & Hoe Meadow and at Cley. In addition we launched a major land purchase appeal for 54ha adjoining Thompson Common, generating significant donations to support the purchases in May 2021.

As noted in last year’s accounts, the Trust adopted an enhanced ethical approach to its investment strategy with investments made through CCLA Fund Managers Ltd and Sarasin & Partners LLP. Note 15 gives more details on the portfolio’s composition, which performed well as the stock market rebounded from the falls in March 2020. Overall the portfolio yielded an unrealised increase in value of £284,000 and a total return including income of nearly 24%. In view of the Trust’s healthy cash balance a further investment of £1 million was made in March 2021, split equally between the two existing fund managers.

The large increase in debtors ( amounts owed to the Trust ) reflects over £1 million of grant monies owed to the Trust mainly from agri-environment grant schemes, along with nearly £500,000 of legacy monies due to the Trust at 31[st] March 2021.

Despite the ongoing impact of COVID-19, through good financial planning and generous legacy donations the Trust is in a robust financial position and as shown in Note 20 it has set aside significant funds to allow the investment in, and implementation of, the next Business Strategy that is anticipated to start in 2022. This will take the Trust forward to its centenary in 2026 and beyond.

Impact of COVID-19

During March 2020, a global pandemic was declared arising from the outbreak of Covid-19. The major risks to the Trust arising from the Covid-19 crisis are associated with the health and wellbeing of the staff, visitors and volunteers, and the impact on the Trust’s income and activities.

The Trust took robust action to protect its staff, visitors and volunteers through the temporary closure of its offices and visitor centres, and quickly set up systems so staff could work from home. Staff working on the nature reserves adopted changed working practices to be able to continue to work in line with government safety advice.

The main financial impacts of the crisis to date have been from the closure of our visitor centres, cancellation of educational events and reduced membership recruitment. The Trust has sought to mitigate these impacts through the take up of government financial support, by utilising the furlough grant scheme for many staff whilst still keeping key operational activities running, and claiming Retail, Hospitality & Leisure grants in respect of the visitor centres.

The Trust’s ecological consultancy company, Norfolk Wildlife Services Ltd, continued to trade successfully, operating in line with government safety guidance.

The Trust was able to re-open all of its visitor centres in April 2021 in line with government guidelines and they have subsequently experienced high levels of visitor numbers. Face to face educational activities with schools and other events commenced in late May 2021 and we will expand these as much as possible as opportunities and government guidance allows.

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Norfolk Wildlife Trust Council’s Report (incorporating the Strategic Report) – continued

We will continue to monitor the impact of the crisis on the Trust’s finances closely as these will continue to be affected from 2021/2022 onwards. The Trust has been well managed financially and has available financial reserves to allow it to support the operation of the charity and its subsidiaries for the immediate and medium term.

Financial Reserves Policy

Council has an agreed policy in respect of the level of financial reserves held, following guidance issued to all charities by the Charity Commission. The policy is to provide a general reserve based on six months Trust staff costs ( excluding project funded staff ). This policy is in keeping with our longterm responsibilities as an employer and landowner and helps us to respond to unforeseen expenditure requirements, potential loss of funding and new developments. This policy is reviewed annually.

As noted above the aim of the financial reserves policy is to have a general fund reserve equivalent to six months of Trust staff costs ( excluding project funded staff ) which amounts to £1,141,530. As at 31 March 2021, the charity’s funds totalled £24,864,367. Of these funds, £12,060,775 were restricted, £10,306,566 designated, and £1,206,303 related to unrestricted fixed assets which could only be realised by disposing of these assets. This left the relevant financial reserve standing at £1,290,723. Note 20 provides more information on the unrestricted funds held at 31 March 2021.

Principal Funding Sources

During the year to 31 March 2021, 60% of the Trust's income was income from donations and legacies, which also consisted of sponsorship, membership subscriptions and related gift aid claims. In addition 25% of the Trust’s income comprised grants received for specific activities, which are detailed in note 4.

Investment Policy

The Memorandum of Association permits the Council to invest in such assets as it sees fit. The Trust has an investment portfolio and the position at 31 March 2021 is shown in note 15.

Council has approved an investment policy for the Trust based on an enhanced ethical approach, avoiding investments in companies with unacceptable environmental, social and governance behaviour and having regard to ethical stances reflected in the Six United Nations Principles for Responsible Investment.

Plans for the future

As with all other charities and organisations, there is still a large degree of uncertainty as a result of the on-going COVID-19 crisis. In particular this has delayed the development of the Trust’s next Business Strategy which is now anticipated to start in 2022. However, the Trust will endeavour to continue to work towards its vision of a sustainable Living Landscape for wildlife and people where the future of wildlife is protected and enhanced through sympathetic management, and where people are connected with, inspired by, value and care for Norfolk’s wildlife and wild spaces.

In working towards this vision the Trust will continue to follow the series of objectives and actions as set out below:

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Norfolk Wildlife Trust Council’s Report (incorporating the Strategic Report) – continued

In addition the Trust will continue planning for its next five year Business Strategy that is anticipated to start in 2022, leading to the Trust’s centenary in 2026.

Responsibilities of Council

The Council (who are also directors of Norfolk Wildlife Trust for the purposes of company law) are responsible for preparing the Council’s Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires Council to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income or expenditure, of the charitable company for the year. In preparing these financial statements, the council are required to:

Council is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. Council is also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Council is responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of Council

Members of Council, who served during the year and up to the date of this report, are set out on page 2. In so far as Council is aware:

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Norfolk Wildlife Trust Council’s Report (incorporating the Strategic Report) – continued

This report incorporating the Strategic Report has been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (issued in January 2019).

Approved by Council on 22 July 2021 and signed on its behalf by:

A LIDDLE Chair

26

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE NORFOLK WILDLIFE TRUST

Opinion

We have audited the financial statements of the Norfolk Wildlife Trust (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 March 2021 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Parent Charitable Company Balance Sheet, the Consolidated Cash Flow Statement and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s or parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

27

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed auditor under the Companies Act 2006 and report in accordance with this Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report

28

that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The extent to which the audit was considered capable of detecting irregularities including fraud

Due to the field in which the group operates, we identified the following areas as those most likely to have a material impact on the financial statements: health and safety; employment law; environmental regulations; GDPR; and compliance with the UK Companies Act and Charities Act.

Our approach to identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify noncompliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

29

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Giles Kerkham FCA DChA (Senior Statutory Auditor) For and on behalf of Larking Gowen LLP

Chartered Accountants Statutory Auditors

King Street House 15 Upper King Street Norwich NR3 1RB

Date: 6 August 2021

30

NORFOLK WILDLIFE TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021 (INCLUDING INCOME & EXPENDITURE ACCOUNT)

Note
Income from:
Donations and legacies
2
Charitable activities
3
Other trading activities
5
Investments
Other income
6
Total income
Expenditure on:
Raising funds – charity activities
7
Raising funds – subsidiary
trading activities
7
Charitable activities
8
Total expenditure
Net gains / (losses) on
investments
15
Net income
Gross transfers between funds 19,20
Net movement in funds
Reconciliation of funds:
Total funds brought forward
19,20
Total funds carried forward
19,20		 Unrestricted Funds
General
Funds
Designated
Funds
£
£
1,197,404
2,738,584
97,335
-
815,617
-
93,116
-
113,848
-
2,317,320
2,738,584
535,409
23,871
865,664
-
1,023,879
271,336
2,424,952
295,207
284,015
-
176,383
2,443,377
-
-
176,383
2,443,377
2,320,643
7,863,189
2,497,026
10,306,566		 Restricted
Funds
£
448,659
1,679,126
-
-
61,826		 Total
Funds
31.03.21
£
4,384,647
1,776,461
815,617
93,116
175,674
7,245,515
618,084
865,664
3,232,311
4,716,059
284,015
2,813,471
-
2,813,471
22,050,896
24,864,367		 RESTATED
Total
Funds
31.03.20
£
2,596,874
1,788,137
1,490,381
98,268
479,633
2,189,611 6,453,293
58,804
-
1,937,096		 659,545
1,474,514
3,508,771
1,995,900 5,642,830
- (141,889)
193,711
-		 668,574
-
193,711
11,867,064		 668,574
21,382,322
12,260,775 22,050,896

The statement of financial activities contains all gains and losses for the year and of resources expended and therefore a statement of total recognised gains and losses has not been prepared. All of the above amounts relate to continuing activities. The net income for the charity for the year including unrealised gains on investments was £2,863,464 ( 2020 £662,836 ).

The notes on pages 34 to 55 form part of these accounts.

31

NORFOLK WILDLIFE TRUST REGISTERED COMPANY NO. 217338 CONSOLIDATED AND CHARITY BALANCE SHEET AS AT 31 MARCH 2021

Note
Fixed Assets
Tangible assets
14
Investments
15
Total Fixed Assets
Current assets
Stocks
Work in Progress
Debtors
16
Cash term deposits
17
Cash at bank and in hand
Total current assets
Liabilities
Creditors:
amounts falling due within one year
18
Net current assets
Total assets
The funds of the charity:
Restricted funds
19
Unrestricted funds: General
Designated
Total unrestricted funds
20
Total charity funds		 GROUP
31.03.21
31.03.20
£
£
12,603,472
12,272,872
2,670,398
1,386,384
15,273,870
13,659,256
98,523
112,123
11,188
13,132
1,924,119
1,028,641
4,050,849
3,081,651
4,021,693
4,840,000
10,106,372
9,075,547
515,875
683,907
9,590,497
8,391,640
24,864,367
22,050,896
12,060,775
11,867,064
2,497,026
2,320,643
10,306,566
7,863,189
12,803,592
10,183,832
24,864,367
22,050,896		 TRUST
31.03.21
31.03.20
£
£
12,603,472
12,272,872
2,677,901
1,393,887
15,281,373
13,666,759
-
-
-
-
2,180,089
1,350,044
4,050,849
3,081,651
3,914,313
4,601,236
10,145,251
9,032,931
493,369
629,897
9,651,882
8,403,034
24,933,255
22,069,793
12,060,775
11,867,064
2,541,279
2,314,905
10,331,201
7,887,824
12,872,480
10,202,729
24,933,255
22,069,793		 TRUST
31.03.21
31.03.20
£
£
12,603,472
12,272,872
2,677,901
1,393,887
15,281,373
13,666,759
-
-
-
-
2,180,089
1,350,044
4,050,849
3,081,651
3,914,313
4,601,236
10,145,251
9,032,931
493,369
629,897
9,651,882
8,403,034
24,933,255
22,069,793
12,060,775
11,867,064
2,541,279
2,314,905
10,331,201
7,887,824
12,872,480
10,202,729
24,933,255
22,069,793
13,666,759
-
-
1,350,044
3,081,651
4,601,236
9,032,931
629,897
8,403,034
22,069,793
11,867,064
2,314,905
7,887,824
10,202,729
22,069,793

The notes on pages 34 to 55 form part of these accounts. These accounts were approved by the Trustees and Members of Council on 22nd July 2021.

Chair

Treasurer

32

NORFOLK WILDLIFE TRUST CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2021

Note
Cash flows from operating
activities:
Net cash provided by operating
activities
23
Cash flows from investing
activities:
Dividends, interest and rents from
investments
Proceeds from the sale of property,
plant and equipment
Purchase of property, plant and
equipment
Proceeds from the sale of
investments
Purchase of investments
Net cash provided by investing
activities
Cash flows from financing
activities:
Cash repayments of loans and other
borrowings
Loans advanced
Net cash provided by investing
activities
Change in cash and cash
equivalents in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the
end of the reporting period		 2021
£
93,116
32,100
(514,340)
25,814
(1,025,814)		 2021
£
1,540,015
(1,389,124)
-
150,891
7,921,651
8,072,542		 2020
£
98,268
58,975
(171,998)
1,310,007
(1,809,646)		 2020
£
2,574,113
(514,394)
-
-		 (685,000)
-
(685,000)
1,374,719
6,546,932
7,921,651

The notes on pages 34 to 55 form part of these accounts.

33

NORFOLK WILDLIFE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. ACCOUNTING POLICIES

Basis of preparation: The accounts (financial statements) have been prepared in accordance with 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) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), and the Companies Act 2006.

The charity constitutes a public benefit entity as defined by FRS 102.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

The financial statements are prepared in sterling which is the functional currency of the Trust.

No separate Statement of Financial Activities has been presented for the Trust alone as permitted by section 408 of the Companies Act 2006.

Judgements in applying accounting policies and key sources of estimation uncertainty:

The Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and judgements are continually evaluated and are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The judgements, estimates and assumptions which have significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year, are addressed below:

Useful economic lives of tangible assets:

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future estimates, economic utilisation, and the physical condition of the assets. See note 13 for the carrying amount of the property plant and equipment, and the Fixed Assets paragraph below for the useful economic lives for each class of assets.

Unrestricted Funds : Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity.

Designated Funds : Designated funds are unrestricted funds earmarked by the Trustees for particular purposes, including of strategic significance to the organisation such as match funding or leverage for 5 year plan (Business Strategy) undertakings and major capital projects. As such they underpin a range of work by the Trust, its vision and help ensure its sustainability and growth.

Restricted Funds : Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal.

Income from donations and gifts : income is recognised in the period in which the charity is entitled to receipt, it is probable that the income will be received, and the amount of income receivable can be measured reliably.

Legacies: Legacies are included in the Statement of Financial Activities when the Trust becomes aware of its entitlement to the gift, when receipt is assessed to be probable and when the amount can be estimated with sufficient accuracy.

34

Norfolk Wildlife Trust Notes to the Financial Statements for the year ended 31 March 2021 - continued

Grants Receivable : Revenue grants are credited to the Statement of Financial Activities on a receivable basis unless they relate to a specified future period, in which case they are deferred. Grants are also deferred where entitlement is dependent on conditions outside the control of the charity. Grants received for the acquisition of a fixed asset are credited to restricted incoming resources when receivable. Depreciation on the fixed asset purchased is charged against the restricted fund. The grant received in respect of the DEFRA Basic Payment Scheme is recognised on a calendar year basis in accordance with its claim period.

Membership : Annually paid membership is recognised over the accounting period(s) to which it relates. Life membership is treated as income in advance and is released to the Statement of Financial Activities in equal instalments over a ten year period.

Investment Income: All investment income is credited on a receivable basis.

Expenditure : All expenditure other than that which has been capitalised, is included in the Statement of Financial Activities. Account is also taken of goods and services received at the year end but not invoiced until after this date. Support costs include central functions and have been allocated to each category of the Trust’s expenditure based on the proportion of staff costs. Irrecoverable VAT is allocated directly to the type of expenditure where possible or otherwise included within support costs. Rental charges in respect of operating leases are charged on a straight line basis over the term of the lease.

Governance costs: The governance costs are those costs incurred in the governance of the Trust and its assets and are primarily associated with constitutional and statutory requirements such as external audit, other professional advice to trustees and trustee meetings.

Realised and Unrealised Gains and Losses: Realised gains and losses arise on the disposal of investments whereas unrealised gains and losses arise on the annual revaluation of the investment portfolio.

Fixed Assets : Fixed assets are stated at original cost at acquisition, or if donated, the value at date of receipt. Depreciation is provided on tangible fixed assets at rates calculated to write off the cost of each asset over its expected useful life. This is set at five years for computers, three years for computer programmes, five years for vehicles, five years for small equipment, ten years for large equipment and twenty-five years for the Cley and Hickling visitor centres and new workshop buildings. No depreciation is charged on nature reserves. Other than Cley and Hickling visitor centres and new workshop buildings, freehold property is not depreciated on the basis that it relates to properties which have a very long useful life and the residual value is likely to be not materially different from the carrying amount. Annual impairment reviews are carried out. It is the policy of the Trust to maintain all properties to a high standard with all maintenance and refurbishment costs being charged to the Statement of Financial Activities.

Livestock: No value of livestock is included on the balance sheet, the cost being charged to the Statement of Financial Activities when incurred.

Investments : Stocks and shares quoted on a recognised stock exchange are included in the balance sheet at their mid-market value at the year end. The differences between market value and original cost of the investments are shown as unrealised investment gains or losses and transferred to the Statement of Financial Activities. The holding of shares in subsidiary companies are stated at cost plus the amount retained as working capital.

Stock: Stock for resale is stated at the lower of cost and net realisable value.

Work in progress: This comprises the value of work undertaken on consultancy contracts and not yet invoiced at the year end. Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress

35

Norfolk Wildlife Trust Notes to the Financial Statements for the year ended 31 March 2021 - continued

Debtors and creditors receivable/payable within one year : Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Cash at bank : Cash includes cash and short term highly liquid investments with a short maturity of three months or less.

Cash term deposits : includes cash deposits held in accounts with withdrawal notice periods of more than three months.

Pensions: The Trust operates a defined contribution pension scheme. Contributions are charged to the income and expenditure account as they become payable in accordance with the rules of the scheme.

Basis of Consolidation: The group financial statements comprise the financial statements of the Trust and its two trading subsidiaries Norfolk Wildlife Services Ltd & Norfolk Wildlife Enterprises Ltd, made up to 31 March 2021.

Going Concern: The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Charity to be able to continue as a going concern.

2. INCOME FROM DONATIONS & LEGACIES

2. INCOME FROM DONATIONS & LEGACIES
Donations, sponsorships & appeals
Legacies
Membership subscriptions
Gift aid on donations & subscriptions		 Total Total
31.03.21 31.03.20
£ £
2,191,576
1,313,584
697,466		 1,132,356
626,959
651,888
182,021 185,671
4,384,647 2,596,874
3. INCOME FROM CHARITABLE ACTIVITIES
Total Total
31.03.21 31.03.20
Note £ £
1,617,855
28,252
120,080
Grants
4
Educational activities
Income from property
Profit on sale of fixed
assets
32,100 21,950
1,776,461 1,788,137

36

Norfolk Wildlife Trust Notes to the Financial Statements for the year ended 31 March 2021 - continued

4. GRANTS RECEIVED

4. GRANTS RECEIVED
Total Total
31.03.20
£
12,000
5,000
20
-
15,342
-
-
1,531,927
23,520
750
1,150
-
1,612
5,000
21,534
1,617,855
Total
31.03.20
£
537,085
953,296
1,490,381
31.03.21
£
Anglia Water Services Ltd 12,000

Anglian Water Flourishing Environment Fund		 -

BIFFA Award ( Landfill tax credit )		 -

Borough Council of King’s Lynn & West Norfolk		 9,638

Broads Authority		 1,750
5,000
153,080

Broads Internal Drainage Board

HMRC Coronavirus Job Retention Scheme
Natural England / Dept. of Environment, Food & Rural Affairs 1,308,632

National Lottery Heritage Fund		 123,890
20,750
1,150

North Norfolk District Council
Norwich City Council

People’s Postcode Lottery Fund		 10,000

Swannington with Alderford & Little Witchingham Parish
Council		 1,636
1,000
-
Tesco’s ‘Bags of Help’ Initiative

Waste Recycling Environmental Ltd ( Landfill tax credit )
1,648,526
5. OTHER TRADING ACTIVITIES
Total
31.03.21
Note £
240,650
Consultancy & other fees
10
Visitor centre & sales
activities
10
574,967
815,617
6. OTHER INCOME
Note
Contract income from the
Environment Agency
Other contract income
Income from the Environment
Agency for works to land at Hickling
Broad
14, 26
Sundry income		 Total Total
31.03.20
£
57,557
67,955
283,500
70,621
479,633
31.03.21
£
60,382
57,332
-
57,960
175,674

37

Norfolk Wildlife Trust Notes to the Financial Statements for the year ended 31 March 2021 - continued

7. COSTS OF RAISING FUNDS

7. COSTS OF RAISING FUNDS
Restated
Total Total
31.03.20
£
423,401
236,144
531,544
942,970
2,134,059
31.03.21
£
Fundraising and publicity costs
Membership servicing and
recruitment costs
Consultancy trading activity costs
Visitor centre & sales trading activity
costs		 436,396
181,688
246,486
619,178
1,483,748

Of the costs of raising funds of nearly £1.5 million, £619,178 relates to visitor centre & sales trading activity costs, which also include the running of the Trust’s visitor centres and associated visitor educational activities. In addition, nearly £250,000 relates to the costs of running of Norfolk Wildlife Services Ltd, which provides ecological consultancy advice.

Certain staff costs related to public communication activities and the costs of producing and distributing the Tern magazine have been reclassified as charitable education activities during the year to 31 March 2021 and included in note 8 below. In order to maintain consistency the comparative figures in note 7 and 8 have been restated. There is no impact on overall expenditure.

8. CHARITABLE ACTIVITIES Restated
Total Total
31.03.20
£
2,724,270
270,585
513,916
3,508,771
Nature Reserve Management
Wider countryside conservation
Education activity		 31.03.21
£
2,532,917
243,848
455,546
3,232,311

Included within Note 7 are costs of raising funds that are of a mixed nature and therefore are partly charitable.

38

Norfolk Wildlife Trust Notes to the Financial Statements for the year ended 31 March 2021 - continued

9. ANALYSIS OF TOTAL EXPENDITURE

Nature Reserve
Management
Wider
Countryside
Conservation
Education
activity
Fundraising and
Publicity
Membership
Servicing and
Recruitment
Visitor centre &
sales activities
Consultancy
operations
Total for year to
31 March 2021		 Other
Support
Costs
Staff Costs
Direct
Depreciation
Total
Direct
Support
Total
Costs
£
£
£
£
£
£
£
1,103,715
295,642
1,399,357
703,300
151,660
278,600
2,532,917
151,989
40,761
192,750
9,635
6,747
34,716
243,848
256,644
48,844
305,488
100,371
8,085
41,602
455,546
239,139
84,167
323,306
27,473
13,930
71,687
436,396
74,667
20,037
94,704
66,596
3,318
17,070
181,688
-
-
-
619,178
-
-
619,178
-
-
-
246,486
-
-
246,486
1,826,154
489,451
2,315,605
1,773,039
183,740
443,675
4,716,059

The support costs of running the Trust's activities have been allocated to the activities on the basis of the proportion of staff costs. This includes the cost of the Trust's contribution to RSWT running costs of £74,298 - ( 2020 : £76,136 ) and Governance costs of £19,180 ( 2020: £16,703 ) which comprised of auditors remuneration of £8,115 ( 2020 : £8,424 ) and meeting costs of £1,465 ( 2020 : £8,279 ) and consultancy costs of £9,600 ( 2020 : £nil)

39

Norfolk Wildlife Trust Notes to the Financial Statements for the year ended 31 March 2021 - continued

9. ANALYSIS OF TOTAL EXPENDITURE ( cont. ) – PRIOR YEAR POSITION: RESTATED

Nature Reserve
Management
Wider
Countryside
Conservation
Education
activity
Fundraising and
Publicity
Membership
Servicing and
Recruitment
Visitor centre &
sales activities
Consultancy
operations
Total for year to
31 March 2020		 Other
Support
Costs
Staff Costs
Direct
Depreciation
Total
Direct
Support
Total
Costs
£
£
£
£
£
£
£
1,018,133
252,564
1,270,697
1,008,368
163,702
281,503
2,724,270
148,165
36,775
184,940
40,130
6,991
38,524
270,585
262,994
48,593
311,587
142,189
9,236
50,904
513,916
226,024
72,698
298,722
34,706
13,819
76,154
423,401
64,479
15,999
80,478
135,864
3,042
16,760
236,144
-
-
-
942,970
-
-
942,970
-
-
-
531,544
-
-
531,544
1,719,795
426,629
2,146,424
2,835,771
196,790
463,845
5,642,830

As stated in note 7, certain staff costs related to public communication activities and the costs of producing and distributing the Tern magazine have been reclassified as charitable education activities during the year to 31 March 2021. In order to maintain consistency the prior year comparative figures in note 9 above have been restated. There is no impact on overall expenditure.

40

Norfolk Wildlife Trust Notes to the Financial Statements for the year ended 31 March 2021 - continued

10. NET INCOME FROM TRADING ACTIVITIES OF SUBSIDIARIES

The Trust has a wholly owned subsidiary Norfolk Wildlife Services Ltd which traded during the year to 31 March 2021. The company's primary activity is providing consultancy services and the company pays all its profits to the Trust by gift aid. A summary of the trading results is shown below.

Norfolk Wildlife Services Limited Summary Profit & Loss Account

Norfolk Wildlife Services Limited
Summary Profit & Loss Account
Turnover
Cost of sales
Gross profit
Other expenses
Bank interest
Net ( loss ) / profit
Amount gift aided to Norfolk Wildlife Trust
Retained in subsidiary for the year		 Year ended
31.03.21
£
240,650
(230,163)
10,487
(16,323)
56
(5,780)
-
(5,780)		 Year ended
31.03.20
£
537,085
(509,964)
27,121
(21,580)
197
5,738
-
5,738

The Trust also has a wholly owned subsidiary Norfolk Wildlife Enterprises Ltd which commenced trading on 01 March 2008. The company's primary activity is the running of visitor centres and other sales activities and the company pays all its profits to the Trust by gift aid. A summary of the trading results is shown below.

Norfolk Wildlife Enterprises Limited Summary Profit & Loss Account

Norfolk Wildlife Enterprises Limited
Summary Profit & Loss Account
Turnover
Cost of sales
Gross ( loss ) / profit
Other income – grants
( COVID -19 )
Other expenses
Net ( loss ) / profit
Amount gift aided to Norfolk Wildlife Trust
Retained in subsidiary for the year		 Year ended
31.03.21
£
330,837
(526,895)
(196,058)
244,130
(92,283)
(44,211)
-
(44,211)		 Year ended
31.03.20
£
953,296
(801,860)
151,436
-
(141,110)
10,326
(10,326)
-

41

Norfolk Wildlife Trust Notes to the Financial Statements for the year ended 31 March 2021 - continued

10. NET INCOME FROM TRADING ACTIVITIES OF SUBSIDIARIES (cont.)

As part of Norfolk Wildlife Enterprises Limited’s trading activities the company undertook the collection at the visitor centres of new memberships and membership renewals, donations and gift aided entry tickets. These monies amounting to over £53,000 in the year to 31 March 2021 ( 2020 : £112,000 ) were passed on to Norfolk Wildlife Trust and are not therefore included in the profit and loss account of Norfolk Wildlife Enterprises Limited.

11. SURPLUS FOR THE PERIOD

This is stated after charging :

Depreciation
Amounts paid under operating leases re vehicles
Auditor’s remuneration :
audit fees
audit fees re subsidiary companies
accountancy and other non-audit services		 Year ended
Year ended
31.03.21
31.03.20
£
£
183,740
196,760
54,978
79,550
7,904
7,674
2,930
2,914
450
450

12. STAFF COSTS

GROUP
Year
ended
Year ended		 GROUP
Year
ended
Year ended		 TRUST TRUST
Year
ended		 Year ended Year ended
31.03.21 31.03.20 31.03.21 31.03.20
£ £ £ £
Wages and Salaries 2,524,942
204,695
186,885		 2,386,982
191,004
174,121		 1,994,831
169,758
151,016		 1,846,108
159,902
140,414

Social Security
Costs
Pension Costs
2,916,522 2,752,107 2,315,605 2,146,424

The average number of staff employed by the Trust during the year was 90 ( 2020 : 85 ) and by the Trust's trading subsidiaries was 37 ( 2020 : 45 ).

No members of Council received any remuneration or expenses during the year.

Steve Cale received £780 for card and artwork sales to Norfolk Wildlife Enterprises Ltd; there were no other transactions with related parties.

– One employee earned between £120,000 and £130,000 in the year ( 2020 one employee earned between £70,000 and £80,000 ).

Total remuneration of key management personnel in the period was £417,437 ( 2020: £357,437 ).

Severance payments in respect of two members of staff, totalling £65,353, were paid in the year to 31 March 2021 ( 2020 : £nil ). £45,023 ( 2020 : £nil ) has been accrued at 31 March 2021.

42

Norfolk Wildlife Trust Notes to the Financial Statements for the year ended 31 March 2021 - continued

13. CORPORATION TAX

The Trust’s income and gains are not subject to corporation tax except to the extent that they relate to profits from trading activities. The amount of corporation tax payable in respect of the year is expected to be £nil ( 2020 : £nil ).

14. TANGIBLE FIXED ASSETS

GROUP & TRUST

GROUP & TRUST
Freehold
Nature
Equipment
&
Office
Property
Reserves
Vehicles
Machinery
Equipment
Total
£
£
£
£
£
£
Cost at 1 April 2020 3,177,292
9,519,110
171,659
1,661,584
104,011
14,633,656
Additions 88,491
320,686
64,083
41,080
-
514,340
Disposals -
-
(11,162)
(15,700)
-
(26,862)
Cost as at 31 March
2021
3,265,783
9,839,796
224,580
1,686,964
104,011
15,121,134
Depreciation as at 1
April 2020
735,221
-
137,596
1,398,556
89,411
2,360,784
Charge for the year 83,915
-
11,857
86,396
1,572
183,740

Depreciation on
Disposals		 -
-
(11,162)
(15,700)
-
(26,862)
819,136
-
138,291
1,469,252
90,983
2,517,662
Depreciation as at
31 March 2021
Net Book Value as at
31 March 2021
2,446,647
9,839,796
86,289
217,712
13,028
12,603,472
Net Book Value as
at 31 March 2020		 2,442,071
9,519,110
34,063
263,028
14,600
12,272,872

Under section 35 of Financial Reporting Standard 102 a revaluation of the freehold property has been used as a deemed cost.

On an historic cost basis the freehold property would have been included at £3,220,589 ( 2020 : £3,132,098 ) and a net book value of £2,312,959 ( 2020 : £2,396,874 ).

The Trustees do not consider that the cost of obtaining a formal up-to-date professional value of Freehold Property and Nature Reserves is justified.

Under an agreement with the Environment Agency, a wet reedbed is being created on 22 hectares of land known as Brendan’s Marsh ( formerly Bishops Marsh ) at Hickling Broad & will be maintained as such over the 50 years to 31 July 2069. The value of the land as at the date the agreement commenced in March 2019 was £283,500. More information is also included in note 26.

43

Norfolk Wildlife Trust Notes to the Financial Statements for the year ended 31 March 2021 - continued

15. INVESTMENTS

a. Listed on the Stock Exchange £
Value as at 1 April 2020 1,386,383

Additions at cost		 692,814
2,079,197
Disposal proceeds (25,814)
2,053,383
Total gains 284,015

Movement in investment cash		 333,000
Value as at 31 March 2021 2,670,398

The investments ( unit trusts ) listed on a recognised stock exchange are as follows :

31.03.21 31.03.20
£ £
Unit Trusts 2,337,398
333,000		 1,386,383
Cash -
Total 2,670,398 1,386,383
Historical cost as at 31 March 2021 1,622,462
by market
£702,837
£683,546
31.03.20
£
7,503

The Trust owns 100% of the ordinary share capital of Norfolk Wildlife Services Limited, a company incorporated and registered in England & Wales on 28 March 2000. The principal activity of the company is the provision of consultancy services and the results for the year are shown in note 10. The subsidiary has been valued in the accounts at the original nominal value of £1 plus the amount retained as working capital of £7,500, all of which is held as net current assets.

The Trust also owns 100% of the ordinary share capital of Norfolk Wildlife Enterprises Limited, a company incorporated and registered in England & Wales on 14 January 2008. The principal activity of the company is the running of visitor centres and sales activities; the company commenced trading on 1 March 2008 and the results for the year are shown in note 10.

The Trust also owns 100% of the ordinary share capital of Wildlife Norfolk Limited ( formerly Norfolk Wildlife Trust Limited ) and Norfolk Naturalists Trust Limited. Both companies are incorporated and registered in England & Wales, on 28 February 2001 and 17 July 2014 respectively. These two companies did not trade during the period to 31 March 2021.

44

Norfolk Wildlife Trust Notes to the Financial Statements for the year ended 31 March 2021 - continued

16. DEBTORS - FALLING DUE WITHIN ONE YEAR

GROUP
31.03.21
31.03.20
£
£
Grants receivable
1,044,875
656,557
Tax recoverable
86,146
68,895
Prepayments
25,030
54,388
Owed by Norfolk Wildlife Services
Ltd
-
-
Owed by Norfolk Wildlife
Enterprises Ltd
-
-
Legacy income receivable
499,257
60,035
Other debtors
246,048
188,766
VAT repayable
22,763
-
1,924,119
1,028,641
. CASH TERM DEPOSITS
GROUP
31.03.21
31.03.20
£
£
Cash equivalents held on deposit with
notice periods of more than 3 months
4,050,849
3,081,651		 TRUST
31.03.21
31.03.20
£
£
1,044,875
656,577
86,146
68,895
25,030
52,732
148,006
210,390
186,988
186,692
499,257
60,035
167,024
114,743
22,763
-
2,180,089
1,350,044
TRUST
31.03.21
31.03.20
£
£
4,050,849
3,081,651

17. CASH TERM DEPOSITS

18. CREDITORS - FALLING DUE WITHIN ONE YEAR

Life membership
Deferred income
Other creditors & accruals		 GROUP
31.03.21
31.03.20
£
£
46,007
40,088
243,156
266,998
226,712
376,821
515,875
683,907		 TRUST
31.03.21
31.03.20
£
£
46,007
40,088
243,156
266,998
204,206
322,811
493,369
629,897		 TRUST
31.03.21
31.03.20
£
£
46,007
40,088
243,156
266,998
204,206
322,811
493,369
629,897
629,897

Life membership received each year is deferred and subsequently released over a ten year period. Deferred income relates to grants received in the five years to 31 March 2021 and the annually paid membership income relating to the period post 31 March 2021.

Group & Trust:
Deferred income brought forward
Released during the year
Deferred during the year		 31.03.21
£
266,998
(221,329)
197,487
243,156		 31.03.20
£
230,038
(184,416)
221,331
266,998

45

Norfolk Wildlife Trust Notes to the Financial Statements for the year ended 31 March 2021 - continued

19. RESTRICTED FUNDS

19. RESTRICTED FUNDS
Education Fund
Fixed Asset Fund
Wider Countryside Fund
Reserves Management
Fund
Securing the Future
project
Upton Broad, Upton
Acquisition & Restoration
Projects
Whiteslea Lodge
Maintenance Fund
Brecks Heathland Project
Hilgay Project
Gills Farm acquisition &
restoration project
Living Landscapes appeal
Bretts Wood ( formerly
The Lings, Thursford )
restoration project
Bure Valley Living
Landscape project
Cley reserve and centre
development Fund
Ingham donation & legacy
fund
NWT nature reserve
historic cost
Lincs Wind Farm
apprenticeship project
Trinity Broads project
Children & Nature Fund
Water, Mills & Marshes
project
Wildlife in Common
project
Tipping the Balance
project
Churchyard Legacy Fund
Mere Farm land
acquisition & restoration
Fund
Foxley Wood land
acquisition & restoration
Fund
Norfolk Wildlife Future
Professionals project		 Balance
Income
Expenditure
Transfers
Balance
01.04.20
31.03.21
£
£
£
£
£
2,294
-
-
-
2,294
1,495,042
-
(138,724)
57,608
1,413,926
52,699
19,200
(14,227)
-
57,672
240,535
1,574,997
(1,591,734)
(45,600)
178,198
3,007
-
-
-
3,007
95,647
-
(14,400)
(25,343)
55,904
2,081
-
-
-
2,081
472,696
75,273
(60,016)
(1,665)
486,288
22,821
-
-
-
22,821
12,055
-
-
-
12,055
8,925
-
-
-
8,925
51,563
-
-
-
51,563
20,245
-
(2,883)
-
17,362
78,030
10,686
(29,575)
-
59,141
770,912
11,003
(33,410)
-
748,505
7,061,573
-
-
169,697
7,231,270
27,541
-
(11,555)
-
15,986
19,248
48,417
(44,230)
23,435
15,565
998
(2)
-
16,561
2,209
1,010
(2,475)
-
744
(5,000)
5,000
-
-
-
17,156
-
(17,156)
-
-
1,350,000
-
(8,725)
-
1,341,275
(1,200)
273,647
(22,514)
-
249,933
51,420
111,080
-
(154,697)
7,803
-
58,300
(4,274)
54,026
11,867,064
2,189,611
(1,995,900)
-
12,060,775

46

Norfolk Wildlife Trust Notes to the Financial Statements for the year ended 31 March 2021 - continued

19. RESTRICTED FUNDS ( cont. )

Of the £12.1 million restricted fund balance carried forward at 31 March 2021 ( 2020: £11.8m ), £7.2 million ( 2020: £7.1m ) represents the historic cost of nature reserves and other properties acquired using restricted funds. These assets are retained as restricted funds as Council feel morally obliged to retain them indefinitely.

Definitions of Restricted Funds

Education Fund: Education activities and projects Fixed Asset Fund: Comprises grants and donations for purchase of fixed assets Wider Countryside Fund: Projects related to County Wildlife Sites and work off the nature reserves Reserves Management Fund: Funds held for future reserve management work Securing the Future: Capital improvements at 26 Norfolk Wildlife Trust nature reserves, funded by the Heritage Lottery Fund, corporate and private donations Upton Broad, Upton; acquisition Funds for the purchase and restoration of land at Upton Broad, and restoration: Upton Whiteslea Lodge Maintenance Funds for the maintenance of Whiteslea Lodge, Hickling Fund: Brecks Heathland Project: Partnership project with Natural England and Forest Enterprise to recreate heathland on 9 Brecks sites Hilgay Project: Partnership project with the Environment Agency to create 65 hectares of wetland habitat at Hilgay, near Downham Market Gill’s Farm, Hilgay; acquisition and Funds for the purchase and restoration of land at Hilgay restoration: Living Landscapes appeal: Funds for the purchase and restoration of land near Grimston Warren & Hilgay, and in the Bure Valley. Bretts Wood ( formerly The Lings, Funds for the restoration of woodland near Thursford Thursford ), restoration Fund: Bure Valley Living Landscape Funds for wetland restoration & creation work across the Bure Project: Valley Cley reserve & centre Appeal and other funds for the development of the reserve and development Fund: visitor centre at Cley

47

Norfolk Wildlife Trust Notes to the Financial Statements for the year ended 31 March 2021 - continued

19. RESTRICTED FUNDS ( cont )

Ingham donation Fund: Funds in respect of a specific donation and legacy which are to
be spent in accordance with the late donor’s wishes across a
number of NWT projects
NWT nature reserves historic cost Historic cost of conservation land acquired by NWT
Lincs Wind Farm apprenticeship Funds provided by Lincs Wind Farm to employ apprentices
project: working on NWT nature reserves
Trinity Broads Project: Project funded by Essex & Suffolk Water for the management
of the Trinity Broads
Children and Nature Fund: Funds to help children of all ages connect with
wildlife and wildspaces, through education, activities and
inspiration
Water, Mills & Marshes project: Partnership project providing education activities at Thorpe
Marshes and Upton Marshes, together with habitat restoration
at Upton Marshes
Roydon Common visitor access & Visitor access improvements and public engagement activities
engagement project : at Roydon Common
Wildlife in Common project: Education and public engagement activities on commons
across Norfolk
Tipping the Balance project: Project focusing on re-establishing clear water and aquatic
plant life at Ranworth & Barton Broads
Churchyard Legacy Fund: Legacy funds for land purchase and restoration from the estate
of the late Mr G Churchyard
Mere Farm land acquisition & Funds for the purchase and restoration of land adjacent to
restoration Fund: Thompson Common
Foxley Wood land acquisition & Funds for the purchase and restoration of land at Foxley Wood
restoration Fund:
Norfolk Wildlife Future Project supporting the skills development of future
Professionals project: conservation professionals

48

Norfolk Wildlife Trust Notes to the Financial Statements for the year ended 31 March 2021 - continued

19. RESTRICTED FUNDS (cont.) – PRIOR YEAR POSITION

Education Fund
Fixed Asset Fund
Wider Countryside Fund
Reserves Management
Fund
Securing the Future
project
Upton Broad, Upton
Acquisition & Restoration
Projects
Whiteslea Lodge
Maintenance Fund
Brecks Heathland Project
Hilgay Project
Gills Farm acquisition &
restoration project
Living Landscapes appeal
Bretts Wood ( formerly
The Lings, Thursford )
restoration project
Bure Valley Living
Landscape project
Cley reserve and centre
development Fund
Ingham donation & legacy
fund
NWT nature reserve
historic cost
Lincs Wind Farm
apprenticeship project
Trinity Broads project
Children & Nature Fund
Water, Mills & Marshes
project
Roydon Common visitor
access & engagement
project
Wildlife in Common
project
Tipping the Balance
project
Churchyard Legacy Fund
Mere Farm land
acquisition & restoration
Fund
Foxley Wood land
acquisition & restoration
Fund		 Balance
Income
Expenditure
Transfers
Balance
01.04.19
31.03.20
£
£
£
£
£
1,597
1,576
(879)
-
2,294
1,505,060
-
(143,862)
133,844
1,495,042
73,851
1,744
(22,896)
-
52,699
96,411
2,303,726
(1,464,050)
(695,552)
240,535
25,778
-
(22,771)
-
3,007
117,977
-
-
(22,330)
95,647
2,081
-
-
-
2,081
481,673
118,038
(77,175)
(49,840)
472,696
22,821
-
-
-
22,821
12,055
-
-
-
12,055
8,925
-
-
-
8,925
51,342
1,112
(891)
-
51,563
20,245
-
-
-
20,245
99,108
163
(18,896)
(2,345)
78,030
794,783
-
(23,871)
-
770,912
7,061,573
-
-
-
7,061,573
44,443
-
(16,902)
-
27,541
28,986
54,530
(55,850)
(8,418)
19,248
12,140
4,534
(1,109)
-
15,565
551
4,537
(2,879)
-
2,209
(12,820)
6,885
-
5,935
-
(2,687)
26,596
(28,909)
-
(5,000)
377,176
8,838
(322,564)
(46,294)
17,156
1,375,000
(25,000)
-
-
1,350,000
-
865
(2,065)
-
(1,200)
-
51,420
-
-
51,420
12,198,069
2,559,564
(2,205,569)
(685,000)
11,867,064

49

Norfolk Wildlife Trust Notes to the Financial Statements for the year ended 31 March 2021 - continued

20. UNRESTRICTED FUNDS

General Fund
Designated Funds :
Operational designated
funds -
Business Strategy
2016-2021
Business Strategy
2022-2026
Reserves/Building
emergency fund
Futures Fund
COVID-19 emergency
Fund
Woodland Centenary
Fund
Fixed asset designated
funds -
NWT nature reserve
historic cost
NWT freehold buildings
and equipment cost
Total Designated Funds		 Balance
01.04.20
Income
Expenditure
Gains on
investments
Transfers
between
funds
Balance
31.03.21
£
£
£
£
£
£
2,320,643
2,317,320
(2,424,952)
284,0157
-
2,497,026
2,470,362
-
(248,566)
-
(2,221,796)
-
1,466,769
1,138,584
-
-
2,024,917
4,630,270
312,468
100,000
(9,654)
-
(88,491)
314,323
810,000
-
-
-
200,000
1,010,000
300,000
-
-
-
(200,000)
100,000
-
1,500,000
1,500,000
5,359,599
2,738,584
(258,220)
-
(285,370)
7,554,593
2,349,512
-
-
150,989
2,500,501
154,078
-
(36,987)
134,381
251,472
7,863,189
2,738,584
(295,207)
-
285,370
10,306,566
10,183,832
5,055,904
(2,720,159)
284,015
-
12,803,592

The operational designated funds shown in note 20 represent money set aside by the Council of Norfolk Wildlife Trust for projects requiring essential and long-term strategic investment. As such the funds underpin a range of work by the Trust, its vision and help ensure its sustainability and growth.

£4.6 million of these funds are set aside for the next Business Strategy that is anticipated to start in 2022. These funds include £2 million transferred from the previous Business Strategy that ended in March 2021; of this amount £1.4 million is required for expenditure commitments under that Business Strategy that were not completed or had been delayed (due to other delivery obligations and more recently Covid -19 restrictions) at March 2021. The total funds transferred (£2 million) also takes into account fundraising income received during the lifetime of the Business Strategy which reduced the anticipated draw down of funds.

The Woodland Centenary Fund represents funds designated for the creation, purchase and restoration of woodlands in Norfolk, and their subsequent maintenance.

50

Norfolk Wildlife Trust Notes to the Financial Statements for the year ended 31 March 2021 - continued

The Futures Fund represents funds held to replenish grant funding from DEFRA’s Basic Payment Scheme that will be phased out over a number of years from 2021.

Also included within the total designated fund balance is the cost of conservation land, freehold buildings and equipment acquired using designated funds, totalling £2,751,973 at 31 March 2021.

20. UNRESTRICTED FUNDS ( cont. ) - PRIOR YEAR POSITION

General Fund
Designated Funds :
Operational designated
funds -
Business Strategy
2016-2021
Business Strategy
2021-2026
Reserves/Building
emergency fund
Futures Fund
COVID-19 emergency
Fund
Fixed asset designated
funds -
NWT nature reserve
historic cost
NWT freehold buildings
and equipment cost
Total Designated Funds		 Balance
01.04.19
Income
Expenditure
Losses on
investments
Transfers
between
funds
Balance
31.03.20
£
£
£
£
£
£
2,329,514
3,143,200
(3,010,182)
(141,889)7
-
2,320,643
3,194,511
450,529
(357,743)
-
(816,935)
2,470,362
-
-
-
-
1,466,769
1,466,769
336,897
-
(24,429)
-
-
312,468
810,000
-
-
-
-
810,000
-
300,000
-
-
-
300,000
4,341,408
750,529
(382,172)
-
649,834
5,359,599
2,349,512
-
-
-
2,349,512
163,819
-
(44,907)
35,166
154,078
6,854,739
750,529
(427,079)
-
685,000
7,863,189
9,184,253
3,893,729
(3,437,261)
(141,889)
685,000
10,183,832

51

Norfolk Wildlife Trust Notes to the Financial Statements for the year ended 31 March 2021 - continued

21. ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

Unrestricted
General Designated Restricted Total
Funds Funds Funds Funds
£ £ £ £
Fund Balances at 31 March 2021 are represented by:
Fixed Assets 1,206,303 2,751,973 8,645,196 12,603,472
Investments 1,670,398 1,000,000 - 2,670,398
Net current (liabilities) / assets (379,675) 6,554,593 3,415,579 9,590,497
2,497,026 10,306,566 12,060,775 24,864,367
ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS – PRIOR YEAR
Unrestricted
General Designated Restricted Total
Funds Funds Funds Funds
£ £ £ £
Fund Balances at 31 March 2020 are represented by:
Fixed Assets 1,212,668 2,503,589 8,556,615 12,272,872
Investments 1,386,384 - - 1,386,384
Net current (liabilities) / assets (278,409) 5,359,600 3,310,449 8,391,640
2,320,643 7,863,189 11,867,064 22,050,896

22. COMMITMENTS UNDER OPERATING LEASES

As at 31 March 2021 the total future minimum lease payments under non-cancellable operating leases in respect of vehicles and property rents as set out below:

Operating leases which expire within
one year
Operating leases which expire within
two to five years
Operating leases which expire after five
years		 Land and buildings
31.03.21
31.03.20
£
£
12,077
9,667
8,981
3,610
-
-
21,058
13,277		 Motor vehicles
31.03.21
31.03.20
£
£
35,462
41,297
1,532
36,468
-
-
36,994
77,765

52

Norfolk Wildlife Trust Notes to the Financial Statements for the year ended 31 March 2021 - continued

23. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the reporting period (as per the
statement of financial activities)
Adjustments for:
Depreciation
( Gains ) / losses on investments
Dividends, interest and rents from investments
Profit on the sale of fixed assets
Increase in stock
( Increase ) / decrease in debtors
Decrease in creditors
Net cash provided by operating activities		 31.03.21
31.03.20
£
£
2,813,471
668,574
183,740
163,315
(284,015)
141,889
(93,116)
(98,268)
(32,100)
(21,950)
15,545
(6,837)
(895,478)
2,058,344
(168,032)
(330,955)
1,540,015
2,574,113

24. PENSIONS

The group operates a defined contribution personal pension scheme managed by Aviva, to which eligible employees, the Trust and its subsidiaries make contributions. The cost of the group's contributions for the year to 31 March 2021 was £186,885 ( 2020 : £174,121 ). There were outstanding contributions of £nil as at 31 March 2021 ( 2020 : £23,877 ) in respect of March contributions.

25. RELATED PARTY TRANSACTIONS

The Trust made various transactions with its subsidiary companies, Norfolk Wildlife Services Limited and Norfolk Wildlife Enterprises Limited during the period to 31 March 2021.

£312 ( 2020: £663 ) was paid by the Trust to Norfolk Wildlife Enterprises Limited for the supply of goods and services. £nil ( 2020: £182 ) was paid by Norfolk Wildlife Enterprises Limited to the Trust for the supply of goods and services. Management fees of £5,568 ( 2020: £5,464 ) were charged to Norfolk Wildlife Enterprises Limited by the Trust. At 31 March 2021, Norfolk Wildlife Enterprises Limited owed the Trust £186,988 ( 2020: £186,692 ).

Consultancy fees of £5,581 ( 2020: £7,291 ) were charged to the Trust by Norfolk Wildlife Services Limited. £nil ( 2020: £17,201 ) was charged to Norfolk Wildlife Services Limited by the Trust for the supply of goods and services. Management fees of £12,620 ( 2020: £12,250 ) were charged to Norfolk Wildlife Services Limited by the Trust. At 31 March 2021, Norfolk Wildlife Services Limited owed the Trust £151,193 ( 2020: £210,390 ).

26. CONTINGENT LIABILITY

Under an agreement entered into with the Environment Agency in March 2019, a wet reedbed is being created on 22 hectares of land known as Brendan’s Marsh ( formerly Bishops Marsh ) at Hickling Broad & will be maintained as such over the 50 years to 31 July 2069. The costs of creating the reedbed and its ongoing maintenance are payable by the Environment Agency. In addition the Environment Agency paid the Trust £283,500 in March 2019 for entering into the agreement to create the wet reedbed. Should the agreement be terminated before the end of the 50 year term, a sum will be repayable to the Environment Agency based on the unexpired portion of the 50 year term and the open market value of the 22 hectares of land as at the agreement termination date.

53

Norfolk Wildlife Trust Notes to the Financial Statements for the year ended 31 March 2021 - continued

27. ANALYSIS OF NET DEBT

Cash at bank and in hand
Debt due after 1 year
Debt due within 1 year
Finance leases		 01.04.20
£
7,921,651
-
-
-
7,921,651		 Cash
flows
£
150,891
-
-
-
150,891		 31.03.21
£
8,072,542
-
-
-
8,072,542

28. FINANCIAL INSTRUMENTS

The carrying amounts of the group’s and the charity’s financial instruments are as follows:

Financial assets
Measured at fair value through net
income/expenditure:
Fixed asset listed investments (note 15)		 GROUP
2021
£
GROUP
2020
£
2,670,398 1,386,384		 TRUST
2021
£
TRUST
2020
£
2,670,398 1,386,384

29. POST BALANCE SHEET EVENT

Under a Deed of Surrender & Assignment dated 21 May 2020 the Trust agreed to pay £460,000 for land at Mere Farm, Stow Bedon. The land purchase was conditional on a Right of Revocation not being exercised by the vendor by 24 May 2021, or that as of 24 May 2021 the title to all or part of the land is subject to any actual or pending financial charge. No Right of Revocation was exercised by 24 May 2021 and no title to all or part of the land was subject to any actual or pending financial charge at 24 May 2021, and consequently the Trust purchased the land on 24 May 2021.

At 31 March 2021 the Trust had also agreed to purchase land at Crows Meadow, Stow Beden, for £169,000. The completion of this purchase took place on 7 June 2021.

The Trust had no other capital commitments at 31 March 2021 ( 2020 £nil ).

54

Norfolk Wildlife Trust Notes to the Financial Statements for the year ended 31 March 2021 - continued

30. CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES – PRIOR YEAR POSITION : AS RESTATED

Note
Income from:
Donations and legacies
2
Charitable activities
3
Other trading activities
5
Investments
Other income
6
Total income
Expenditure on:
Raising funds – charity activities
7
Raising funds – subsidiary
trading activities
7
Charitable activities
8
Total expenditure
Net (losses) / gains on
investments
15
Net income
Gross transfers between funds 20,21
Net movement in funds
Reconciliation of funds:
Total funds brought forward
20,21
Total funds carried forward
20,21		 Unrestricted Funds
General
Funds
Designated
Funds
£
£
1,285,819
466,924
150,960
-
1,490,381
-
98,268
-
117,772
283,605
3,143,200
750,529
550,843
91,412
1,474,514
-
984,825
335,667
3,010,182
427,079
(141,889)
-
(8,871)
323,450
-
685,000
(8,871)
1,008,450
2,329,514
6,854,739
2,320,643
7,863,189		 Restricted
Funds
£
844,131
1,637,177
-
-
78,256		 Total
Funds
31.03.20
£
2,596,874
1,788,137
1,490,381
98,268
479,633
2,559,564 6,453,293
17,290
-
2,188,279		 659,545
1,474,514
3,508,771
2,205,569 5,642,830
- (141,889)
353,995
(685,000)		 668,574
-
(331,005)
12,198,069		 668,574
21,382,322
11,867,064 22,050,896

55