Registered Company Number: 217338 Registered Charity Number: 208734 Norfolk Wildlife Trust Annual Report and Financial Statements for the year ended 31 March 2024 Norfolk Wildlife Trust Contsnts Page No. 3-28 Council's Report {incorporating the Strategic Report) Report of the Auditor 29-31 32 Consolidated Ststement of Financial Activities 33 Consolidated and Trust Balance Sheet 34 Consolidated Cashflow Statement 35-56 Notes to the Financial Statements NORFOLK WILDLIFE TRUST COUNCIL'S REPORT (INCORPORATING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees of Norfolk Wildlife Trusl, colleGlively known as Council, who are also directors for the purposes of company law, present their Annual Report and audiled Financial Statements of the charity for the year ended 31 March 2024 which are also prepared to meet the requirements for a directors, report and accounts for Companies Act purposes. The Financial Statements comply with the Charilies Act 2011. the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities Statement of Recommended Practice applicable to chartties preparing their accounts in accordance wilh Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102,. effective 1st January 20191. Reference and Administrative details Name.. Norfolk Wildlrfe Trust Company number.. 217338 Charity number.. 208734 President.. Patrick Barkham Vice Presidents.. Michael Baker Mary Dorting (deceased 25 August 2023) Garth Inman Jon Humphreys Martin Shaw OBE John Snape Angela Turner Ben Garrod (appointed 19 October 2023) Jeff Pri￿ (appointed 19 October 2023) Members of Council.. Council members serving during the year and Sin￿ the year end were as follows.. Alice Liddle (Chair) John Sharpe (Vice Chair) Jennie ffrench-constant {Vice Chair) Lyndsay Whiteman {Treasurer) Jeff Price (retired 19 October 2023) Greg Beeton Andrew Clarke Sam Collin {retired 9 November 2023) Ben Garrod (retired 21 June 2023) Glenn Houchell Rob Lucking Scott Pinching Sue Roe OBE Mandy Loadman (appointed 19 October 2023) Kathy Gill (appointed 19 October 2023) Norfolk Wildlife Trust Council's Report (incorporating the Strategic Report)- continued Reference and Administrative details (cont. ) Chief Executive.. Eliot Lyne Company Secretary.. Marion Riches Registered & Principal Office.. Bewick House 22 Thorpe Rd Norwich Norfolk NR1 1RY Tel. 01603 625540 Fax.. 01603 598300 Email.. info norfolkwildlifetrust.or Website.. wvM.norfolkwildlifetrust.or Auditor.. Lovewell Blake LLP Bankside 300, Peachman Way, Broadland Business Pad< Norwich NR7 OLB Bankers.. Barclays Bank plc st James Court, Norwich NR3 1 RJ Close Brothers Treasury, 10 Crown Place, London, EC2A 4FT Co-operative Bank plc PO Box 250, Delf House, Southway, Skelmersdale WN8 6 COIF Charrty Funds { CCL4 } St Alphage House, 2 Fore Street, London EC2Y 5AQ Flagstone Investment Managemenl Clareville House, 26-27 Oxendon Street, London SW1Y 4EL Natwest Bank plc 21 Gentleman's Walk, Norwich NR2 1 NA Santander UK plc 301 St Vincent Street Glasgow G2 5NT Solicitors.. Cozens-Hardy LLP Caslle Chambers, Opie Street, Norwich NR13DP Principal insurers.. Victor Insurance, 1 Tower Pla￿ West, Tower Place, London EC3R 5BU Norfolk Wildlife Trust Council's Report (incorporating the Strategic Report) - continued 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 Schroder Unit Trusts Limited {Cazenove), 1 London Wall Place, London, EC2Y SAU. 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'sAGM on 24 October 2013 the company's name was changed to Norfolk Wildlife Trust. The company was established under a Mémorandum of Association which established the objects and powers of the charitable company and is governed under ils Articles of Association. In the event of the Gompany being wound up the directors are required to contribute an amounl not exceeding £1. Recruiknent and Appointment of Trustses: The Articles of Associalion provide for up to 12 elected trustees, an Honorary Treasurer and up to tsvo co-opted trustees. Any member of the Trust can put themselves forward as a trustee and nominalions are considered each year at the AGM. Trustees retire at the end of their third AGM following their election and if eligible under the Articles of Association can seek re-election. The Trusl aims to recruit trustees with a wide range of skills from which the Trust will benefil. 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 Trust Strategy and finances. Trustees are encouraged to visit Trust reserves and attend other Trust aGlivities and events, as well as meetings with other regional Wildlife Trusts. Organisational Structure: Council meets formally four times a year and also meets twice a year for a strategic meeling. The Remunerations Group has been incorporated within the Finan￿, Audit & Risk Group, which meets up to 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 operalions the Chief Executive has delegated authority, within temis of delegalion approved by Council, for operational matters. Norfolk Wildlife Trust Council's Report (incorporating the Strategic Report) - continued Charity Governance Code: During the year, we continued to implement changes to our corporate governance arrangements to bring us closer to compliance with the Code in a way that befits a charity of our size, and the nature of our activities. The Council of Trustees has several sub-groups to advise it, namely Finance, Audit & Risk (incorporating Remuneration),. Governance., and Nominations. Each has rts own terms of reference which are reviewed regularly. The Nominations Group (which oversees the recruitment of trustees and olher honorary roles) has an independenl Chair. Andrew Bames. Related Parties: No member of Council had any interests in any contracts with the Trust or its subsidiaries during the year to 31 March 2024. Details of the Trust's wholly owned subsidiaries are shown in note 15 lo the Financial Statements The trading results of Norfolk Wildlife Services Ltd for Ihe year to 31 March 2024 and of Norfolk Wildlife Enterprises Ltd for the year to 31 March 2024 are shown in note 10 to the Financial Stalernents. Pay policy: Senior staff pay is determined together with all olher Trust slaff as part of an annual salary review pro￿sS. There is no automatic pay increase bul salaries are reviewed against changes in the CPI and national pay settlement rates, benchmarking with similar organisations and changes in individual staff responsibilities and performan￿. Recommendations for pay increases are put forward by ihe Chief Executive in consultation with the Strategic Leadership Team and Head of People and Culture, for review and approval by the Finance, Audit and Risk Group - comprising Ihe Chair, the Treasurer and at least one other trustee. As part of the Trust's programme of developing its People and Culture, a banding system for all roles was implemented on 1 April 2024. Risk Management: Council has assessed Ihe major risks to which the charity is exposed Ihrough 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.. The ongoing impact of the cost of living crisis- see section within the Financial Review of the year on page 20 Delivering the Business Strategy for the Trust which sets OLrt the future strategic direction for the Trust and its subsidiaries Growing unrestricted income to cover the growth in unrestricted expenditure as the Trust's slaffing and operations expand Uncertainty from the UK'S exit from the European Union - in parts'cular on future agri- environment grant funding and the regulatory landscape for conservation and the environment Ensuring robusl Heallh & Safety systems and monitoring processes particularly surrounding our growing engagement activities and safeguarding requirements. Norfolk Wildlife Trust Council's Report {incorporating the Strategic Report) - continued Major risks continued Ensuring the staffing complement and structure is fil for purpose in light of the ever growing demands of running the Trusl's operations Investing in IT systems and equipment to ensure they are secure and fully support the ongoing development ofthe Trust's operations. 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. Details of how the Trust has pursued ils objects during the year to 31 March 2024 are contained in the Achievements and Performan￿ section below. The Trust agreed a new strategy in July 2022 which started from 1. April 2023. Information regarding the implementation of the new Strategy is also contained in the Achievements and Perfomiance section below. ststement on Public Benefit In the terms of the Charities Act 2011, the objectives of Norfolk Wildlife Trust fall within I￿0 definitions of charilable activity, "the advancement of environmental protection or improvement. and "the advancement of education" On both counts, Norfolk Wildlrfe Trust provides benefits, irrespective of their financial circumstances, to members of the public, including children and young people, families and people with leaming and physical disabililies. 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 slalements Ihat accompany it, a delailed discussion ofNorfolk Wildlrfe Trusl and its governan￿, objectives and activities, achievements and perfomance, a financial review and plans for future periods. Within the Achievements and Performance section sel out below there is significanl information on the work carried out during the year and the services that were provided. and the public benefits thereof. 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 Gontinues to ensure Ihat its fundraising practices are respectrul, 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 Dala Protection Regulation. We have a GDPR"Champion" working group and Iraining programme within the organisation to deliver a best practice approach to data protection. Norfolk Wildlife Trust Council's Report (incorporatlng the Strategic Report) - continued In line with guidelines and regulation, we monitorfundraising 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 Nv￿ staff and we will decline any fundraising we consider inappropriate to our objects or environmental elhics statement. We protect vulnerable people and others through written guidelines for fundraising and by adherin9 to the Fundraising Code of Practice. There were no complainls relating to the charity's fundraising in the year. Most importantly we seek to develop good and respectful long-term relationships wth our supporters such that we know when we may ask for their financial support appropriately. Norfolk Wildlife Trust Council's Report (incorporating the Strategic Report) - continued STRATEGIC REPORT Achievements and Performance From the Chair I'm incredibly proud of all we've achieved this year. From the excitemenl of fledgling spoonbills at Hickling Broads and Marshes, Ihe first known breeding success in the Norfolk Broads in around 400 years, to co-designing our new urban nature reserve, there is so much to celebrate. Collaboration continues to be central to the way we work. Alongside the Fens East Peat Partnership, we are restoring Norfolk's precious peatlands, which are so important for wildlife, as well as playing a vital role in capturing carbon. We continue our joint campaign against the proposed Western Link road and have worked alongside landowners, farmers and community groups to improve hundreds of hectares of land for wildlife. This is the first year thal we are reporting against our new strategy: A Wilder Norfolk for All, fonnally launched externally in September 2023. 11 guides us to 2030 and beyond as we build on strong foundalions, raise our ambrtions to meet the scale of the challenges facing nature and remain responsive to our changing environment. We have set out a clear vision and mission for the future of Norfolk's wildlife and people. underpinned by clear delivery plans to aGhieve the essenlial outcomes- and as you can read here, we are making great strides. 'Together we can create a Wilder Norfolk for All, is Ihe rallying cry that concludes our strategy document. And it is true none of our work would be possible without our members, our supporters and partners, our donors, our volunteers or the dedicated work and expertise of our staff. We are so very grateful. Finally, I'd like to pay tribute to our former CEO, Brendan Joyce OBE, who sadly died in January. Brendan was instrumental in the progress of NWT, conceiving and leading many ground-breaking projects and contributing hugely to where we are today. He will be very much missed by us all. Lc£ L4 Alice iddle Chair of Trustees This year we have reported against our strategy for Norfolk's nature, A Wilder Norfolk for All. To read the full version, visit: htt s:Ilwww.norfolkwildlifetrust.or .uklour- workjvision-and-strate Our Vision: Norfolk's nature És abundan( thriving and valued. Our Mission: To create more space for nature to thrlve and inspire more people to take action for nature. Norfolk Wildlife Trust Council's Report lincorporating the Strategic Report) - continued Year at a lance Welcomed 175,000 people to our visitor centres year Reached 37,905 members- a growth of nearly 4% on the year before Offered advice lo improve 61 County Wildlife Sites for nature Examined 223 planning applications with wildlife in mind 1,500 amazing volunteers helped us to protect wildlife Over 5,000 hectares of land owned, or managed on behalf of olhers, for wildlife an increase of neady 17 % on last Achievements and Performance in 2023124 Outcome 1: Abundant and thriving nature We will achieve a strong and connected recovery for nature across Norfolk Our goals: -Increase abundance and diversity of wildlife in our land and sea -create more space for nature -Restore connectwity through creating a coherent and resilient nature recovery network As well as doing fanlastic work every day across our 66 nalure reserves to make them true exemplars, we undertake ambitious large-scale projects to achieve strong. connected nature recovery across Norfolk. Adapting our reserves to a changing climate- Cley and Salthouse Marshes We completed major work to help the reserve and ils wildlife adapt to rising sea levels and protect its freshwater habitals. In previous winter storms, huge volumes of shingle have been pushed by waves onto the marshes, blocking parts of the 'New Cut, _ a huge drain located on the north side of the resefve that removes saltwater from the site. We realigned and restored the most vulnerable section of the New Cul. making it less likely to be filled with shingle. North Norfolk experienced strong winds and a high tide shortly after work was completed, but the realigned New Cut kept sallwater from moving onto our freshwater wildlife habitats. In addition, we improved parts of the reedbed. Creating dykes, digging a creek system and restoring a reedbed pool created habitat for fish and other wetland wildlife, and in turn food for birds such as bitterns. The project was funded by grants from the Environment Agency Eastern Regional Flood and Coastal Committee and Ihe Farming in Protected Landscapes programme, and through generous donations by Nwf supporters, including Cley Bird Club and the family of Robert Gillmor. More space for rare Brecks wildlife Expanding ancient habitat in the Brecks for the rare northern pool frog is the focus of an exciting initiative, funded by Natural England's Species Recovery Programme. Together with the Woodland Trust and Amphibian and Reptile Consetvation Trust {ARC}, we are creating lapestry of wildlife habitats on land adIa￿nt to Thompson Common to allow the existing pool frog population lo move and grow. We restored six ice age ponds, known as ghost pingos, which form ideal conditions for pool frogs, on neighbouring Mere Farm, land we purchased a few years ago thanks to generous support from members. io Norfolk Wildlife Trust Council's Report (incorporating the Strategic Report) - continued Excitingly, all the pingos are holding water, and plants have begun to germinate, such as common water crowfoot, an indicator of 9ood water quality. Meadow creation also began using native grasses and wildflowers, enhanced with seed from Thompson Common. Staff and volunteers planled over 1,400 nalive trees. such as blackthorn, spindle and buckthorn. Restoring our wetlands for wildlife We opened 2024 wilh an exciting new project making vital improvements to rare wildlife-rich wetlands near Kings Lynn. Thanks to £210,350 from the FCC Communities Foundation as part of the Landfill Communities Fund, Grimston Wetscapes builds on decades of work to successfully restore Roydon Common and Tony Hallalt Memorial Reserve for wildlife and focuses on improving the way water is managed across the sites. Work included restoring a fomier stream. creating pools and scrapes and installing fencing. Common frogs and toads now enjoy the pools, while pied wagtails and stonechats feed in the damp, squidgy margins. The fencing will encourage dense thickels of scrub for a range of nectar and pollen feeding insects, plus insect feeders such as willow warblers. Monitoring our work We launched a programme of work to enhance wildlife monitoring across our reserves to standardise and digilalise our approach. This included setting up a monitoring pilot project at Cley and Salthouse Marshes, development of digital data collection methods, plus developing a new system for logging rare plants species across our reserves. And it's not just nature that we monitor - we trialled automated visitor counter technology at Cley and Upton Broad. Habitat management and wildlife moniloring was the focus at our new urban nature reserve Sweet Briar Marshes as we continued the 'Discovery phase, of the project ahead of it being open to the public. Norfolk Wildlrfe Services finished their surveying work for Sweet Briar Marshes including using environmental DNA to establish an ecological baseline for the site. This flagged species such as water vole that had been on site using specific ditches and will inform site management and further surveys going foNard. Norfolk Wildlife Services (NWS) continued to provide professional services to Anglian Water, English Heritage and a variety of other developers and domeslic clients. Work included supporting clienls with the adapting to the newly introduced Biodiversity Net Gain requirements for developments and supporting UKPN to increase the biodiversity value within their electrical substations. All profrts made by NWS are donated to Norfolk Wildlife Trust for the benefrt of nature conservation. A snapshot of our work and succe3ses across reserves We celebrated fledgling spoonbills al Hickling Broad and Marshes with three nests producing three youngsters - the first known breeding success in the Norfolk Broads for around 400 years. Our Hickling Broad nature reserve has become a haven for spoonbills in recent years, thanks lo a combination of habitat management and an increasing British population. For the second consecutive summer, a pair of ospreys were seen in and around the nesting platform at Ranworth Broad and Marshes. The installation of a platfom al an undisturbed peaceful location has played an important part in encouraging osprey to the reserve. li Norfolk Wildlife Trust Council's Report (incorporating the Strategic Report) - continued A snapshot of our work and successes continued Norfolk hawker dragonfly had a good year al Thorpe Marshes. Clearing choked drtches provided open areas of water where the dragonflies were regularly seen laying eggs. Sections of ditches are managed on rotation to ensure a mosaic of habitats. We continued our partnership work with Forestry England, creating habilal for specialist Brecks flora such as Spanish catchfly and maintaining nightjar habitat. Thanks to new predator fencing on two of our sites in The Brecks, our stone curlew fledgling numbers almost doubled from last year with thirteen pairs hatching twelve chicks. Green winged orchid had a bumper year at New Buck8nham Common with over 26,000 counted- a 63 /0 increase on last year. We successfully introduced innovative grazing technology at Sweet Briar Marshes and Hoe Rough and Beetley Meadow. Cattle wear collars containing a GPS tracker, allowing the reserve team to easily focus grazing in the areas that need it the most. Targeted habitat management at Trinity Broads, such as leaving more scrub within the reedbed and creating edge habitat at the borders of wet woodland, led to improved numbers of sedge warbler numbers and breeding ducks with over 400 tufted duck counted in one day. Our Foxley Wood enclave project, funded by PSH Environmental Ltd, aims to return nearly five hectares of adjacent agricultural land back lo woodland. To prevent deer browsing, we installed raised fencing allowing oak, hazel and blackthorn saplings lo emerge. A new tree nursery, funded by Norfolk County Council, will provide a stock of native trees for use across our woodland creation sites. The rare and declining plant, petty whin, has made an impressive comeback at East Winch Common afler a 25-year absence, Ihanks to clearing areas of dominating purple moor-grass as part of Networks for Nature funded by National Highways. At Syderstone Common, the natterjack toad population has continued to increase in response to targeted conservation management. Despite the valley being flooded all spring, surveys have shown an impress1ve population of various ages of toad. At Ringstead Downs, conservation grazing of British While Cattle each wnter has benefiled a wide range of chalk grassland plants and invertebrates Exceptional numbers of Ihimble morel and semifree morels appeared last spring, popping up in new areas. Restoring and connecting priority habitats We expanded our Nature Recovery team and produced a new strategy, setting out our plans for how we will work with others across the county to reverse the loss of nature and instead see abundant and thriving wildlife all around. 12 Norfolk Wildlife Trust Council's Report {incorporating the Strategic Report) - continued Bringing back our peatlands We've been workin9 Wlth Fens East Peat Partnership (FEPP) to identify areas across west Norfolk that have potential for peatland regeneration. Last year, focusing on four of the most promising siles, we collaborated with landowners to create detailed plans for restoration. Around 200 hectares of farmed or forested land will be taken out of commercial management and restored to create substantial mosaics of reedbed, fen and wet grassland. Re-wetting these sites and promoting new habitats will support a wide range of fenland plants, invertebrates such as dragonflies and damselflies, water voles and iconic bird species such as crane, bittern and marsh harrier. Just as importantly, these projeds will also make a meaningful contribution to ourfight against climale change. This work is made possible thanks to funding from the Nalural England 'Nature for Climate - Peatland Restoration Grant,. As part of the Brecks and Fen Edge & Rivers Landscape Partnership scheme, funded by the National Lottery Heritage Fund, we have been running a project restoring ghost pingos within the Brecks and exploring the science behind achieving the best restoration results. Last year, we excavated four pingos bringing the total to 16 over three years on Watering Fami and across Norfolk. Together with other experts including University College London and the Norfolk Geodiversity Partnership, we prodU￿d new guidance on the restoration of these ancient ponds. Funding from Norfolk Rivers Trusl enabled us to provide locally sourced green hay and hand- collected wildflower seeds lo nineteen sites across the county lo enhance floral diversity and safeguard key target species such as sulphur clover. Across Norfolk we advised over 20 landowners on how to enhance habilats on their farms including hedge management, pond restoration and connecting the landscape for the benefit of wildlife. Our County Wildlife Sites (CWS) are key to otjr nature recovery work, providing vital habitats and stepping stones for wildlife across the county. We offered advi￿ on 61 CWS detailing how to bring the land into the besl condition for nature. Thanks to an addrtional team member, we also resurveyed 60 woodland and priority grassland siles. Up-to-date records help us give accurate advice to landowners and guide our responses to developmenls proposals. As part of our Network for Nature project, funded by Nalional Highways, we restored meadow, fen and ponds on CWS at Scarning and Silfield. The impact ofthis work will be measured over the next couple of years by determining if our new habilat creation has led to an increase of key indicator species, such as great crested newt. We worked in partnership wilh Norfolk Counly Council to maintain and protect 120 Roadside Nature Reserves and over the last tmo years have been supporting the council in their ambition to increase the network by 180 sites. Roadside verges often contain the last remnants of ancient meadow flora, so are vital in restoring biodiversity. We continued to champion wildlife through the plannlng system by working to ensure that impacts on wildlife are considered both in strategic plans, where the policies that apply to all development are set, and in individual planning applications. We responded to 223 planning applications. making recommendations on 23 of them and objecting to nine where impacts on CWS or other areas of Importan￿ for wildlife were unacceptable. 13 Norfolk Wildlife Trust Council's Report (incorporating the Strategic Report)- continued In partnership with other conservation charities, we continued to warn of catastrophic damage to one of the UK'S most important wellands if a proposed tidal barrier on The Wash goes ahead. Our Planning and Advocacy Manager spoke al a public meeling altended by over 500 people in Hunslanton In a well-received lalk, they highlighted the global importance for nature and people of this vital estuarine environment and presented evidence of the disastrous impacts on wildlife of comparable developments around the world. Outcome2: Peo le valuin nature People across Norfolk are connected to, inspired by and taking action for nature Our goals: -Breaking down barriers to people taking more action -Growing a movement of active wildlife supporters -Enabling meaningful connections for people and nature Restoring nature at the scale and speed required to heal our ecosystems and secure a thriving future for wildlife and people requires inclusive, welcoming and growing communities who are connected to, inspired by and acting together for natufe. We are hugely grateful to have so many members. volunteers and supporters helping us achieve this vision. We recruiled more new memberships than in any previous year with a record-breaking 37,905 members as of end of March 2024 - a growth of nearly 40/0 on the year before We were also delighted to see a 40 % increase in young people joining us as part of a family membership. An incredible 451 volunteers took part in corporate work parties - the highest number ever recorded. At our new Sweet Briar Marshes nature reserve, 380 volunteers contributed 2,000 hours of conservation work as part of a mix of corporate, public and youth groups. Volunteers also play a vital part in our Churchyard Conservation Scheme. The 13-strong team recorded plants and other wildlife across 39 churchyards. We also ran 37 churchyard activities, including survey days, workshops (from wildflower identification to scything) and advice visits. attended by over 200 people. We launched Wilder Schools a pilot initiative to empower Norfolk schools to use their grounds for wildlife, learning and wellbeing Supported by the Children and Nature appeal and Friends of Holl Hall, Wilder Schools aims to improve school grounds for biodiversity in the long-term, contributing to nature's wider recovery. Focusing first on three Norfolk schools, Fairhaven Primary School, Angel Road Junior School and Mile Cross Primary School, we ran assemblies, held in-school sessions wrth children exploring their school grounds and local nature and ran teacher training session5. Expanding our work with children and young people is integral to meeting our strategic goal of inspiring 1 in 4 people in Norfolk to acl for nalure by 2030. Wilder Wardens - our praclical conservation group - continued to thrive and grow. We held monthly sessions with a group of up lo ten young people at Nv￿ Hickling Broad and Marshes. The young people got stuck into tasks such as hedge planting, building a bridge, making a hibernaculum and cutting back vegetation for visitor access- and lots morel 14 Norfolk Wildlife Trust Council's Report (incorporating the Strategic Report) - continued It was our third year of Wilder Communities- a series of workshops aimed at empowering individuals to act for nature within their neighbourhoods. We ran 20 sessions, attended by over 290 people, who gained knowledge on a wide range of topics, from how lo plant a wildflower meadow lo how to create a poster for a nature event. We also provided communities with specialised advice on managing land for wildlife. from ponds and meadows to new woods, delivering 43 sessions to 130 people- meeting the increasingly high demand for this service thanks to anew dedicated team member. Our Nextdoor Nature programme, supported by the National Lottery Heritage Fund, flourished in its second year, demonstrating the value of empowering communities to lead the way in creating change where they live or work. We supported over 100 practical activities and events within the Mile Cross area of Norwich. Residents set up the nalure-focused Green Hearts group, actions so far have included setting up a cornmunily garden and creating a wildflower patch. Our Nextdoor Nature work will inform our wider urban programme- helping us to inspire even more people to act and care for nature. In number5 Connected over 11,000 children and young people with nature on our reserves. in education settirigs, and at events Gained 4,493 new followers across our social media channels Received over 600 entries to our photography competition. Our Hickling Vision We purchased the Pleasure Boat Inn at Hickling Staithe to develop our vision for the area's wildlife and people. The purchase of the pub, with adIa￿nt buildings, a large car park, public toilets and an associated mooring, complements our existing land and property holdings around Hickling Broad and Marshes. In addition to reinstating the pub for the community and visitors, we will develop additional visitor facilities at our new site, from which people will be able to find out more about Hickling Broad and its wildlife, as well as book and enjoy boat trips. Next steps will be to find a suitable busines5 partner lo run the pub on our behalf and work alongside the community to develop our 'Hickling Vision. Creating a shared vision for Sweet Briar Marshes Aside from its superb biodiversity over 200 flowering plants and six species of bats are among the many findings of our surveys- the urban location of Sweet Briar Marshes provides new and exciting opportunities to connect more people with the natural world. We asked local cornmunities and members what they wanted from Norwich's newest nature reseNe to help create a shared vision. Every one ofthe 1,000 people we heard from provided us wilh vital insights. Mosl shared our desire that the area should be kept as natural as possible, with facilities to enab5e people to connect with nature. Together we generated the ideas and feelings thal our landscape architects, Shells Flynn, used to guide the design. 15 Norfolk Wildlife Trust Council's Report (incorporating the Strategic Report)- continued We also ran over 50 events on site so people could come and explore ahead of the official opening in May 2024. Many different groups visited, such as families from New Roules, a charity supporting refugees and asylum seekers, as well asvision Norfolk, a charily SUPPOrting people living with sighl loss and visual impaimient. The charity, Inclusive Norwich, helped us ensure that Sweet Briar Marshes would be accessible to all. Vice Chair, Rachael Andrews, who is sight impaired and has a guide dog, and Chairperson, Dave Shraga who uses a wheelchair. were instrumental in helping us ensure facilities worked for everyone, such as advising on the type of a¢￿ssible path that would run through the reserve. "Sweet Briar Marshes can be wild and accessible at the same time, and thavs really important.. Rachael Andrews, Chairperson at InclL*sive Norwich. Our visitor centres Our five visitor centres play a vital part in our goal of growing a movement of active wildlife champions, spurring a passion in visitors to support wildlife long after they have returned home. At Cley and Salthouso Marshes visitor centre. we hosted a retrospective exhibition of the work of Robert Gillmor, renowned Cley-based artist. fomer president of the Society of Wildlife Artisls and long-term supporter of Robert's work is well known in the worlcl of natural history, not least for gracing the covers of the New Naluralist series. Robert's beautiful lino prints celebrate the natural world and many were inspired by the wildlife of Nwf Cley Marshes. We completed a major new project to revamp the facilities al Ranworth Broad, improving visitor facilities and access to the site, addin9 new information and signage as well as offering new family-focused activities- all aimed at making the reserve an even better place to explore Norfolk's iconic wildlife and learn more about the importance of wetlands in the Bure Valley. A hide donated by Acle St Edmund CofE Primary School was relocated to Ranworth, overlooking a quiet, previously inaccessible area of water, where we also created an otter holt and a kingfisher bank. A new bike she5ter to encourage visitors to cycle to the reSe￿e was also installed. The transfom)ation was made possible thanks to a variety of our supporters, including Essex & Suffolk Water, Norwich Freeman's Charity, The Ranworth Trust, The Bure Valley ConseNation Group and contributors lo the Children and Nature Fund. Visitor centre highlights We welcomed 175,000 people to our visitor centres- up 160/tr from last year and served an incredible 87,000 hot drinks and 18,000 sconesl 23,000 visitors gift aided their reserve entries to NVVT. Gift Aid is one of the simplest and most effeclive ways of giving to charity, allowing us to claim 25p for every £1 that you donate. 7,000 visitors enjoyed boat trails 16 Norfolk Wildlife Trust Council's Report {incorporating the Strategic Report) - continued Outcome 3: Leaders for nature An influential, resilient and collaborative trust Goal5: -Building foundations of brilliant basics -scaling up lo be strong. influential and resilient -Empowering leadership and collaboration To act as leaders for nature, we must have the right reSoUr￿s, skills and culture. We focused on building strong foundations this year from installing more efficient systems to investing in our people. as well as maximising our impacl through collaboration. Achieving the very best for Norfolk wildlife means that we need robust, efficient systems and processes to support our people and the amazing work they do. We prepared to launch our new finance system and completed work on securing a new payroll provider. Work began on our new website, which will offer a fresh design, revamped content and a more streamlined structure to make il easier for people to find out more about what we do. This year also saw the successful implementation of a new 'electronic point of sale, system across our five visilor centres to ensure they are run smoothly, efficiently and provide excellent customer service. The new technology is already driving sales activity, improving stock management, as well as enhancing staff, volunteer and visitor experience. A newly recruited 'Head of People and Culture, will help ensure we have a healthy, happy team at to unleash their full potential for nature. They led an all-staff engagement event to start work on determining our organisational values. A new staff forum has provided an important opportunity for our strategic leadership team to hear from representatives across the Trust A pay structure review was carried out to make sure our salaries are competitive, enabling us to recruit and retain the best talent. We also have ensured Ihat all of our staff will be paid the Real Living Wage in 2024125 and it is our intention to continue lo do so. We formed an Equality Diversity and Inclusion {EDII working group to focus on this importanl area. The Wildlife Trust has produced a Diversity Dashboard, which we're using to gain a better understanding of our staff - to guide us in our efforts to be an equal opportunities employer. We slarted working with new membership recruiters, who are enabling us to have a regular presence around the county such as at retail venues, local events and visitor attractions. This provides us with increased opportunitie5 to meet and engage new members and raise more essential funds for wildlife. Our Sweet Briar Marshes project provided exce15ent collaboration opportunities. We shared our vision of a wilder Norwich with our new nature reserve at its heart , with Notwich City Council and the Greater Norwich Growth Board - receiving positive responses. An exciting new partnership will see Norfolk and Nowich Naturalist Society conducting moniloring work at Sweet Briar Marshes ovei the next iwo years. Raising awareness of the role nature has in addressing the climate crisis was a focus this year. We dedicated an issue of our Tern members magazine lo the topic inviting climate change specialist, Dr Jeff Price from UEA'S Tyndall Centre, to write the central article and showcasing how our work such as protecting Norfolk peatlands, can make a difference. 17 Norfolk Wildlife Trust Council's Report (incorporating the Strategic Report) - continued Reducing carbon emissions across all areas of ourwork continues to be a key goal. We added o electric vans lo our fleet and an electrical charging point at HQ. Working together to protect tho wildlife of the Wensum Valley. Our campaign against the proposed NoDNich Western Link road became even more urgent as Norfolk County Council {NCC) received the green light to submit planning permission. Together with other environmental groups, we continued to warn of the devastating impact of the road on the UK'S largest known barbastelle bat super-colony- evidenced in new research carried out by N￿￿ conservation scientist Dr Charlotte Packman and shared with NCC and Natural England INEI. Over 18,000 people also signed our petition againsl the road which was delivered to County Hall. Natural England subsequently placed Yavourable conseNation status, on the barbastelles. which provides a further barrier to Ihe road going ahead, but the decision prompted outcry from supporters of the scheme who labelled the bat guidance as 'arbitrary'. We wrote a letter backing ihe dedicated work of Natural England lo the Rt Hon Steve Barclay MP, DEFRA Secretary of State co-signed by national organisations including The Wildlife Trusts, RSPB, The Woodland Trust, Buglife and Butterfly Conservation. Growing support for our work Corporate support grew sign¥ficantly as more businesses focus on supporting nature and biodiversity as part of their suslainability strategies. Important in-kind contributions also surged, including subslanlial IT support and technology from Melbek, such as donating nest box camera systems. and new energy-saving chiller cabinels at Holme Dunes visitor centre thanks to Foster-Gamko. Sweet Briar Marshes project partners, Aviva, continued to be integral to the success of our new urban reserve, contributing a further £300,000 as we built our new team, restored habitat, and created infrastructure ahead of its opening lo the public. Generous funding from Biffa Award, as part of the Landfill Communities Fund, paid for the essential infrastructure needed to introduce cattle to the marshes - vital for improving the site for wildlife. We secured funding from The National Lottery Heritage Fund, with thanks to players of the National Lottery, towards an exciting project that helps us scale up our impact and build a stronger, more resilient organisation. The funding will support our new Building Foundations forthe Future project, as we look to empower more people from all backgrounds to value and act for nature locally. A new senior youth engagement role will help us create and deliver inspirational, youth-led opportunities for young people to connect with nalure and amplify their voice within our work. Our Children and Nature Appeal which supports our ongoing programme of work to create more opportunities for Norfolk's children and yOL¢ng people to connecl with nature, was a great success, with over £15,000 generously donated so far. Fundraising throughout our communities continued through collections, sponsored challenges and honouring loved ones through donations in memory. We were grateful to receive over £3,450 from our collection boxes. 18 Norfolk Wildlife Trust Council's Report (incorporating the Strategic Report) - continued Support in numbers Over £800,000 pledged by grant giving bodies to deliver work over the next tmo years to improve habitats on our nature reseNes, belter engage with young people and improve the efficiency of our work by modernising our internal systems An extraordinary £2.25 million was recèived from people who had generously remembered Norfolk Wildlife Trust in their Wills £17,750 kindly donated in memory of friends and loved ones Four new companies joined as 'lnvestors in Wildlife, bringing our total lo 91 Looking to the future I'm delighted that we were able to hit the ground running in our delivery of A Wilder Norfolk for All. and the previous pages are testament lo the impact that our work has had. And whilst we are rightly proud of our achievements. we continue lo strive to magnify our impact to respond to the scale and gravity of the nature and climate crisis which confronts our generation. Our response to this will determine the quality of life for generations to come, in Norfolk and beyond. Here are some of our plans for the coming year which demonslrate the greater impact we want to create.. In ouroutcome 1 'abundant and thriving nature, we will focus our efforts for nature's recovery in key areas of Norfolk to create landscape scale demonstrations of how we can collaborate to achieve greater impact. We will define a new advisory offering which will ensure that that rich depth of expertise within our slaff teams can be offered to famiers and landowners. And we will build our confidence and start delivery of projects utilising new "green finance. income streams such as biodiversity net gain, nutrient neutrality, and carbon credits. • In our outcome 2 'peoplè valuing nature. we will build our urban programmes in Norwich, following the successful launch of our Sweet Briar Marshes nature reserve. We will develop ourwork with young people aged bebNeen 11 and 25 and will focLSS on bringing nature to new audiences through projeds like the opening of the Pleasure Boat Inn at Hickling. In our outcome 3 '1eaders for nature, we will conlinue to transform our basic systems and processes, foGusing particularly on IT and digital infrastructure and finalising our finan system implementation. We will continue to invest in income generation, building on record membership numbers, and we will keep building our influence wilh increased campaigning activity and work with elected representatives to integrate nature inlo the way Norfolk works. So, there is mu¢h to do, but with your support. all this remains possible, and we will achieve it together. 19 Norfolk Wildlife Trust Council's Report lincorporating the Strategic Report) - continued st Review of Financial Position for the year to 31 March 2024 The Trust ha5 an overall positive financial position for the year to the end of March 2024. with significant growth in both income and expenditure. The Statement of Financial Activities on page 32 for the year to 31 March 2024 shows a surplus in the financial year of £363,896 {previous year deficit of £126.191). Income for the year was £8,179.295, an increase of £1,376,853 on the previous year Expenditure of £8,120,451 was £1,393,441 more than the previous year. The main aspects of the income and expendilure for the year are set out below. The year on year increase in the Trust's income was largely attributable to the legacy income increase of £1,602,243, mostly attributable to one significant legator, offset by the reduction in appeals income as we ran a large appeal in the previous year. The Trust received £2,254,125 in legacy income (£651,882 in 2022123) for which we are extremely grateful. The majority of this money has been designated for essential and long- temi strategic developments, with the balance used to help fund essential operaling costs in the year. Membership subscriptions rose by £38,034 10 £825,805 in the year ended 31 March 2024. with the Trust continuing to increase its number of members, exceeding previous records and reaching 37,905 members at Ihe end of March 2024. Overall grant income of £2,119,289 is an increase of £284,166 over the previous year. The largest component of grant income, with over £1,533,105 received, was from agri- environmental grant schemes. Other grant income included £125,800 from the Environment Agency for Wendling and Cley New Cut and £133,405 from the Royal Society of Wildlife Trusts {RSVm for various projects including Next Door Nature, Green Bridges, at Scarning and at East Winch. NWT'S expenditure in the year was £8,120,451, which included charitable activity spend of £5,355,113 {£1,096,820 more than Ihe previous yearl due to the fluctuating nature of project activity, fundraising and publicity spend of £590,003 and recruitment and servicing of membership costs of£606,939. The balance of£1,568,396 relalesto the separate operational costs of the Trust's two trading subsidiaries. For every £1 spent by the Trust, 82p was directly related to its charitable activities, which compares well to other charities of our size and is an increase from 81 p in the previous year. The Balance Sheet on page 33 shows the assets and liabilities of the Trust as at 31 March 2024 with overall net assets increasing by £363,896 over the year. The Trust made a significant property purchase in this year of the Pleasure Boat Inn for £683,300. The purchase is a stralegic move which will enable the Trust to enhan￿ its visitor experience offering at Hickling as it develops over the next few years. The Trust's investments are shown in note 15 and were valued at £3,912,414 atthe year end. The unrealised increase in value of investments amounted to £305,052 with income of over £110,000 received during the year. The reduction in debtors (amounts owed to the Trust) reflects a decrease in grant monies owed to the Trust year on year - mainly through grant payments in respect of the agri- 20 Norfolk Wildlife Trust Council's Report (incorporating the Strategic Report) - continued environment grant schemes. This is offset by a VAT debtor amounting to £130,229. Amounts due from legacies remained relatively stable during the year. Grant monies and legacies are areas of debtors which fluctuate signrficantly year on year with little influence able to be applied by ihe Trust in their timings. The results from the Trust's two trading subsidiaries are shown in note 10. Norfolk Wildlife Services Ltd, the Trust's ecological consultancy company, continued operating as normal throughout the year and generated a £28,783 profit, £27.778 higher than the previous year. Income rose in the year by £13,019, or 3.8Yu, whilst costs reduced by £14,759, Prospects continue to be posrtive for the future with ex￿lIent relationships with a number of companies, including Anglian Water. Norfolk Wildlrfe Enterprises Ltd {'NWE') saw an incr6ase in income of 14.5 % in 2023124 to £1,149,356. The cost of sales rose by 10.99/0, increasing the gross profit to £123,632 from £78,799 in 2022123. The cost of living crisis continued to impact the business as well as additional costs associated with slaff costs. The cornpany made a loss of £115,268 compared to a loss of £126,810 in the previous year. As set out in note 10, NWE carries out the collection of various funds through the visitor ￿ntre$ on behalf of the Trust, such as membership subscripiions, donations and gift aided entry tickets, and this income totalled £105,356 in the year. an increase over the previous year of 8,852. As such these funds are included in the Trust's accounts thereby reducing NWE'S tumover and profit accordingly. The Trust remains in a strong financial position and has been delivering its strategy, developed the previous year. This has resulted in additional posts in Ihe Nature Recovery team, working across the wider countryside and with other landowners and more resources in Engagement activities such as working wilhin the Sweet Briar Marshes project, as well as investment in infrastructure within the Trust. As shown in note 20 the Trust has set aside £2,583,000 to ontinue to fulfil the aims of this new Strategy, which will take Ihe Trust fotward to its ￿ntenarY in 2026 and beyond. Impact of the Cost of Living Crisis Since late 2021. the UK has eXperIen￿d a fall in disposable incomes, referretj to as the 'cost of living crisis,. This has been seen in high inflation across many goods and services. The Trust and its subsidiaries have felt the effect of high inflation in a number of areas. Pressure on pay cosls and the need to address some of the pressures felt by staff Increased utility costs, mostly electricity Fuel costs increases General goods and services cost increases in items such as limber for fencing and boardwalks as well contractor cost increases for those engaged to support our reseNes staff in land management. 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 staffj. This policy is n keeping with our long-term 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. 21 Norfolk Wildlife Trust Council's Report (incorporating the Strategic Report)- continued The trust held total funds of £25,521,081 at 31 March 2024. The general fund balan￿ was £3,300,452, all comprised of net current assets (free reserves) Designated funds totalled £9,806,003 comprised of designated fixed asset funds of £5,100,537, investments of £3,912,414, and net current assets of £793,052 to be expended on future projects over the next five years. Restricted funds tolalled £12,414,627, comprised of restricted fixed asset funds of £9,684,125 and net current assets of £2,730,501. A general fund reseNe equivalent to six months of Trust staff costs {excluding project funded staffj amounts lo a target fund of £1,903,906 The Trust is above this target by £1,396,547. The Trust wll move towards its target reserve level through additional investment in its strategy delivery over the next 4 years, focussing on new projects for land restoralion, either on recent or pending land purchases or by acquiring more land for restoration. Principal Funding Sources During the year to 31 March 2024, 46Q/o ofthe Trust's income was income from donalions and legacies, which also consisted of sponsorship, membership subscriptions and related gift aid claims. In addition, 27 % of the Trust's income comprised grants received for specific activilies, which are detailed in note 4. Investment Policy The Memorandum of Association permits the Council to invest in suGh assets as it sees fit. The Trust has an investment portfolio and the position at 31 March 2024 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. Responsibilities of Council The Council (who are also directors of Norfolk Wildlife Trust for the purposes of company law) is responsible for preparing the Council's Report (including Strategic Report) and Ihe financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). Company law requires Ihe Council to prepare financial slatemenls for each financial year. Under company law the Council must not approve the financial statements unless it is satisfied that they give a Irue and fair view of the state of affairs of the charilable company and of the incoming resources and application of reSoUr￿s, including the income or experiditure, of the charitable company for the year. In preparing these financial slatemenls, the Council is required to- select suitable accounting policies and then apply them consistently- observe the melhods and principles in the Charities SORP 2019 (FRS 102); make judgements and estimates that are reasonable and prudent., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. Council is responsible for keeping adequate accounting records that disclose with reasonable accuracy at arsy 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 22 Norfolk Wildlife Trust Council's Report {incorporating the Strategic Report) - continued responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and olher irregularities. Council is responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in Ihe 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 dale of this report, are set out on page 3. In so far as Council is aware-. there is no relevant audit information of which the charitable company's auditor is unaware-, and Council has taken all sleps that it ought to have taken to make it aware of any relevant audrt information and to establish that the auditor is aware of that information. This report incorporaling 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 18 July 2024 and signed on its behalf by.. AticL kndJlL hair 23 Norfolk Wildlife Trust Council's Report (incorporating the Strategic Report)- continued Norfolk Wildlife Trust would like to thank Ihe followin su orters in 202312024 Grants and Charitable Trusts Charitable Trusts and Grant Giving Organisations supported Nwf through valuable regular contributions towards core activities and projed funding including.. habitat conservation as part of Grimston Wetscapes and the Cley New Cut, enabling people lo take action for wildlife with our Nextdoor Nature initiative, and supporting resilience through Building Foundations for the Future. Anglian Water- Flourishing Environment Fund Anglian Vvater - Invasive Species Fund Ashford Charitable Trust Banister Charitable Trust Biffa Award Environment Agency & Natural England - Investment Readiness Fund Essex & Suffolk Water- Branch Out Invasive Non-Native Species Fund Farming in Protected Landscapes Programme FCC Communities Foundation Friends of Holl Hall Green Recovery Challenge Fund National Highways - Network for Nature National Lottery Heritage Fund - Brecks Fen Edge & Rivers Landscape Partnership Scheme National Lottery Heritage Fund - Nextdoor Nature, through the Wildlife Trusts National Lottery Heritage Fund - Building Foundations for the Future National Lottery Heritage Fund - Water, Mills & Marshes Landscape Partnership Scheme Natural England - Species Recovery Programme Capital Grants Scheme Natural England l RSPB - England Beach Nesting Bird Programme Norfolk Broads Lions Club Ranworth Trust Sarnia Charitable Trust Saxham Trust Spurrell Charitable Trust Cley New Cut Cley Bird Club Environment Agency Anglian Eastem Regional Flood and Coastal Committee Farming in Protected Landscapes Programme Moss Taylor Robert Gillmor and family and significant support from a generous major donor arsd legacy gifts Discovering Ranworth Broad Bure Valley Conservation Group Children and Nature fund Essex & Suffolk Water Norwich Freemen's Charity Ranworth Trust and other generous supporters 24 Norfolk Wildlife Trust Council's Report (incorporating the Strategic Report) - continued Sweet Briar Marshes Aviva Banister Charitable Trust Biffa Award Esmée Fairbairn Foundation The Geoffrey Watling Charity Inclusive Norwich Leslie Mary Carter Charitable Trust Norwich City Council The Martin Laing Foundation Paul Bassham Charitable Trust Ranworth Trust Shelroy Charitable Trust SpLJrrell Charitable Trusl Our thanks to the many generous members and supporters who have supported our efforts at Sweet Br¢ar Marshes Community Fundraisers Andy Usher- chainsaw catving sales Brian Budds - plant sales Chris Durdin and Honeyguide Wildlife Holidays Volunteer collection box coordinator Philip Mariner. and approximately 200 Norfolk businesses and individuals holding NWT collection boxes Salena Dawson - London Marathon Kate O'Rourke - donations from dance group Jane Brun, Barbara King, Helga Joergens (Lendrum), and David Lendrum - art exhibition Support from Business In addition to subscriptions to our Investors in Wildlife membership scheme (see back cover), we have received generous sponsorship, volunteering, delivery and promotional support from the corporale sector Anglian Water Services Ltd Aviva Bateman Groundworks Bird Watching & Wildlife Club (BWWCI Broadland Drinks Carl Zeiss Cley Spy Creative Image Management Foster- Gamko Greater Anglia Holiday Property Bond John Lewis NoNich Lisa Angel Loveday and Partners Melbek Midwich Norfolk Chambers of Commerce Norfolk Heritage Fleet Norfolk Hideaways Nu Image PSH Environmental Peter Beales Roses 25 Norfolk Wildlife Trust Council's Report (incorporating the Strategic Report) - continued Support from Business continued Pinkfool Gallery ROARII Dinosaur Adventure Ronaldos Ices George Shippam Financial Planning Sop - S￿nts of Place Smith & Pinching Swallowtail Print The Travelling Naturalist The Bakehouse UK Power Networks Vine House Farm Waitrose Eaton Wildsounds and Books XLT Distribution Partners and Supporters Acle Garden Machinery Amphibian and Reptile Conservation Trust Beetley Parish Council Breckland District Council Brecks Heath Partnership Broads Authorrty Broads IDB Broadland District Council Bure Valley Conservation Group Courtyard Farm Crown Point Estate Eastem I nshore Fisheries and Conservation Authority Environment Agency Farming & Wildlife Advisory Group for Norfolk Forestry England Gressenhall Farm and Workhouse Gaywood Valley Conservation Group Holkham Estate King's Lynn and West Norfolk Borough Council Le Strange Estate Lynton Wines National Trust Natural England Norfolk Biodiversity Information Setvice Norfolk Biodiversity Partnership Norfolk Coast Partnership Norfolk County Council Norfolk Rivers Trust Norwich City Council Richard Osbourne Photography RSPB Seasearch East South Norfolk District Council Swallowtail Print University of Central London 26 Norfolk Wildlife Trust Council's Report (incorporating the Strategic Report) - continued Partners and Supporters continued University of East Anglia Wash and North Norfolk Marine Partnership Wendling Beck Alliance Woodland Trust Ourlhanks to Ihe many anonymous trusts, foundations and individual donors who support us in all our work Investors in Wildlife as of 31 March 2024 Corporate Partners Anglian Water Aviva Essex & Suffolk Water Foster-Gamko GreaterAnglia Melbek PSH Environmental Smith & Pinching Financial Services Vine House Farm Gold Members Bateman Groundworks Carl Zeiss Ltd Enterprise Holdings ESE DireGI George Shippam Financial Planning Loveday and Partners Midwich RWE Generation UK Richardson's Boating Holidays Swallowiail Print UK Power Networks Silver Members Broadland Drinks Canine Cottages Cozens-Hardy LLP Dr Stump Empresa Forest Holidays Harrison Group Environmental Heacham Manor Hotel Heat Differenl Herbert Woods Holiday Cottages HPB Barnham Broom Hugh J Boswell IRIS Rigging Lisa Angel Lynlon Wines Martham Ferry Boalyard Norfolk Cottages Norfolk Hideaways 27 Norfolk Wildlife Trust Council's Report (incorporating the Strategic Report)- continued Silver members conlinued Nu Image Richard Osbourne Photography Rockthorn Ltd Searle's Leisure Resort Stowe Family Law Notwich Swarovski Optik The Travelling Naturalist Bronze Members Alan Boswell & Co AF Group Barker Bros Builders Ben Burgess Garden Equipment Blue Sky Leisure British Sugar PLC Brown & Co BTS Group Catton Print Cheveley Park Farms Cley Spy Clippesby Holidays Cox's Boatyard Creative Image Management D & F Mccarthy Daniel Connal Partnership Howes Percival LLP Interconnector {UK) John Innes Society John Lewis Partnership {Notwich) Larking Gowen M+A Partners Norfolk Chambers of Commerce Norfolk Pamments Orbital Foods Panks Engineers Peter Beales Roses Pinkfoot Gallery Poultec Training ROARII Dinosaur Adventure Ronaldo Ices Savi11s The Saracen's Head Diss Sibelco UK Sop - S￿nIs of Place Sun Essences Tarmac The Bakehouse The John Jarrold Trust Thursford Collection Volunlary Norfolk Whin Hill Cider Vvild Sounds & Books XLT Distribution 28 Opinion We have audited the financial slalements of Norfolk Wildlife Trust (the 'parent charitable ompany'} and its subsidiaries (Ihe'group,) for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheet, the Consolidaled Cash Flow Statement and the notes to the financial statements. including 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 AC￿pted Accounting Practice>. In our opinion the financial statements.. give a true and fair view of the state of the group'5 and parent charitable company's affairs as at 31 March 2024 and of the group's incoming reSoUr￿S and application of reSoUr￿s, including its income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing {UK) (ISAS {UKI) and applicable law. Our responsibilities under those standards are further described in the auditor 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 FRC'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 Ihe 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 and 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 aulhonsed for issue. Our responsibilities and the responsibilities of the trustees with respect to going con￿rn are described in the relevant sections of this report. Other infonnation The other information comprises the information included in the Council's Report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly staled in our report, we do not express any form of assuran￿ conclusion thereon. 29 Our responsibility is to read Ihe other infomation and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misslated. If we identify such malerial inconsistencies or apparent material misstatements. we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude thal 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= the information given in the Council's Report. which includes the strategic report and the directors, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared 15 consistent with the financial statements., and the strategic report and the directors, report included wilhin the trustees, report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identrfied material misstatements in the strategic report and the directors, report. We have nothing lo report in respect of the following matters in relation to which the Companies Act 2006 requires us lo report to you if, in our opinion.. adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us., or the parent charitable company's financial statements are nol in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audil. Responsibilities of trustees As explained more fully in the Responsibilities of Council statement (set out on page 21), the trustees (who are also the directois of the parent charitable company for the purpose5 of company law} are responsible for the preparalion of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees delem)ine is necessary lo 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 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 parent charilable company or to cease operations, or have no realistic alternative but to do so. 30 Auditor responsibilities for the audit of the financial statements Our obsectives are to obtain reasonable assurance aboLrt whether the financial statements as a whole are free from malerial misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assuran￿, but is not a guarantee that an audit conducted in accordan￿ with ISAS (UK) will always detect a material misstatement when it exists. Misstalements 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-complian￿ with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularilies. including fraud. The extenl to which our procedures are capable of delecting irregularities, including fraud is detailed below.. Enquiry of managemenl and those charged with governance., Enquiry of entity staff compliance fLFnctions to identify any instan￿S of non- compliance with laws and regulations., Reviewing financial statement disclosures and testing to supporting documentalion to assess compliance w¢th applicable laws and regulations Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely io become aware of instances of non-complian￿. The risk is also greater regarding irregularities owuffing due lo fraud rather than error, as fraud involves intentional Con￿alment, forgery, collusion, omission or misrepresentalion. A further description of our responsibilities is available on the FRC'S website al.. https'.Ilwww.frc.org.ukllibrarylstandards-codes-policylaudit-assurance-and-elhicslauditors- responsibilities-for-the-audiv. This description forms part of our auditor's report. 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 oflhe Companies Act 2006. Our audil work has been undertaken so that we might state to the charitable cornpany's members those matters we are required to state lo Ihem in an auditor's report and for no olher purpose. To the fullest extent permilted by law, we do not accept or assume responsibilityto anyone otherthan the charitable company and the charitable company's members as a body, for our audit work, for this report. or forthe opinions we have fomed. IL4 A4 Mark Proctor FCA DChA {Senior Statutory Auditor) For and on behalf of Lovewell Blake LLP Chartered accountants & statutory auditor Bankside 300, Peachman Way, Broadland Business Park, Norwich, NR7 OLB 311011* 31 NORFOLK WILDLIFE TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 (INCLUDING INCOME & EXPENDITURE ACCOUNT) Unrestricted Funds General Do$lgnat&d Funds Funds Restrict8d Funds Year ended Y8ar anded 31.03.24 31.03.23 Mote Incom• from: Donations and legacies Charitable activities Other trading acbvities Investn￿ntS Other incorr 3,513,000 204,960 1,480,519 414,835 174.159 256,932 2,020,287 3,769,932 2,225,247 1,480,519 414,835 288,762 2,997,728 1,958,774 1,323,317 244.527 281,096 114,603 Total income 5.787,473 2,391,822 8,179,295 6.805.442 Expgndilure on: Raising ￿nd$- charity activities Raising fvnds- subsidiary trading activities Charitable activities 1,196.941 1,196,941 1,019,595 1,568.396 2.553,141 1,568.396 5,355,113 1,449,122 4,258,293 70,833 2.731,139 Total oxpanditure 5 318,478 70.833 2731 139 8 120,451 6727010 Net gaIn￿(losses} on InveSt￿￿nIS 15 305,052 305.052 1204,623) Ngt in¢omellexpenditurel 468,995 234,219 {339,318} 363,896 1126,1911 Gross transfers between funds 19,20 1.033.654 If ,033,6541 Net movementin funds 1.502.649 {799.435) 1339,3181 363.896 1126.1911 Reconc511allon of funds.. Total funds brought forward 19,20 1,797,803 10.605,438 12,753.944 25,157.185 25,283,376 Total funds carried forward 19,20 3,300,452 9,806,003 12 414.626 25.521.081 25,157.18S The statement of financial activities contains all gains and losses for Ihe year and of resour￿$ expended and therefore a statemenl 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 £479,16412023'. £6211. The notes on pages 35 to 56 form part of these accounts 32 NORFOLK WILDLIFE TRUST REGISTERED COMPANY NO. 217338 CONSOLIDATED AND CHARITY BALANCE SHEET AS AT 31 MARCH 2024 GROUP TRUST Note 31.03.24 31.03.23 31.03.24 31.03.23 Fixed assets: Tangibk Fixed Assets In￿trEnts 14 15 14,784,662 3,912,414 13,854,540 3,607,362 14,784,662 3,912.418 13.854,540 3,607,366 Total Fixed Assets 18 697 076 17 461902 18 697 080 17 461 9)6 Current Assets: Stock Work in progress Debtors Cash term deposits Cash at bank and in hand 107.197 31,4S4 1,669.030 1.353.206 4,683,502 96.532 30.588 2,030,819 3,853,192 2,715,192 16 17 2,078,029 1.353,21 4,624, 128 2,319,409 3,653, 192 2,635.177 Total Currenl A5s9ts 7.844,399 8.526.323 8,055,363 8,607.778 LIabIl￿￿o$.. Creditors ' Amunts faling due rithin one year 18 1,020,394 971.508 767,910 Net curr9nt as$gts 6 824 005 7 839 868 Total asset8 25,S21.081 25 157 185 25,780,936 25,301,7T4 Thg fvnds of the charity . Restricted Funds 19 12,414,626 12,753,944 12.414,&2S 12,753,944 unrestrict￿ Fund5 .- General Designated 3,300,452 9,806,003 1,797,803 10,605,438 3,419,474 9,946,836 1,872,392 10,675,438 Total unrestricted funds 20 13, 1C6,455 12.403,241 13,366,310 12,547,830 Total Charity funds 25 521 081 25 157 185 25 780 936 25 301774 The notes on pages 35 to 56 fom part of these accounts. These accounts were approved by the Trustees and Members of Council on 181h July 2024. Chair Treasurer 33 NORFOLK WILDLIFE TRUST CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 Note 2024 2024 2023 2023 Cash fiows from operatlng actNities: Net c33h provKled by operatin9 activities 410,228 11,048,141) Cash flows from investing activities: DiMdends,interesl and rents from in￿strEnts Purchase of prolxrty, pknt & equipment Purchase of In￿nts 414.835 244,527 {1,156,7381 {616,7471 (334,0011 Net cash provided by lu¥ed in) investing activities {741,903) (706,2211 Change in cash & cash equivolents in the reporting period 1331,6751 {1.754,362) Cash & cash equlva￿nts at the twinning of the rep￿.ng period 6.368.384 8.122,746 Cash & cash equivalents at the end of the reporting period 27 6 036 708 6.368,384 The notes on pages 35 to 56 form part of these accounts. NORFOLKWILDLIFE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1. ACCOUNTING POLICIES Basis of preparation: The accounts (financial statemenlsl have been prepared in accordance wth Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 2019) {Charities SORP IFRS 102)), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102), and the Companies Act 2006. The charity constilutes a public benefit entity as defined by FRS 102. Assets and liabililies are initially recognised at historical cost or transaction value unless olhernise slated in the relevant accounting policy note{s). The financial slalements 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 estlmation 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 adjuslmenl lo 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 14 for Ihe 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, particularly ihose of strategic significance in delivering our new Strategy. Restricted Funds.. Restricted funds are subjected to restriclion5 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 receive it, when it is probable Ihal the income will be received, and when the amount of income receivable can be measured reliably. Legacios: Legacies are included in the Slalement of Financial Activities when the Trusl becomes aware of its entitlement to the gift, when receipt is assessed lo be probable and when the amount can be eslimaled with sufficienl accuracy. 35 Norfolk Wildlife Trust Notes to the Financial Statement for the year ended 31si March 2024- continued Grants Receivable.. Revenue grants are credited to the Statement of Financial Activities on a receivable basis unless they relate lo a specified future period, in which case they are deferred. Grants are also defefred where entitlement is dependent on conditions outside the control of the charity. Grants received for the acquisition of a fixed asset are crediled 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 len year period. Investment Income: All investment income is Gredited 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 seNices received at the year-end but not invoiced until after this date. Support costs include central functions and have been allocated lo each category of the Trust's expenditure based on the proportion of staff costs. Irrecoverable VAT is allocaled 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 govemance of the Tnjst and its assets and are primarily associated with constllutional and statutory requirements such as extemal audit, other professional advice lo trustees and trustee meetings. Realised and Unrealised Gains and Losses: Realised gains and losses arise on the disposal of investments whereas unrealised gain5 and losses arise on the annual revaluation of the investment porffolio. Fixed Assets". Fixed assets are stated at original cost at acquisition, or if donated, the value at date of re￿ipl. Depreciation is provided on langible 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 roadways and ￿enty- five years for the Cley and Hickling visitor centres and new workshop buildings. No depreciation is charged on nature reserves or artwork. Other than Cley and Hickling visitor centres and new workshop buildings, freehold property is not depreciated on the basis that il 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. 11 is the policy of the Trust to maintain all properties to a high standard with all Maintenan￿ 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 Aclivities when incurred. Investments- Stocks and shares quoted on a recognised stock exchange are included in the balance sheel at their Mid-Ma￿et 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. 36 Norfolk Wildlife Trust Notes to the Financial Statement for the year ended 315t March 2024- continued Debtors and creditors receivablelpayable 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. Temiination benefits: tenninalion benefits are recognised as an expense in income and expenditure imrnediately. Termination benefits are recognised as a liability and expense only when the charity is demonstrably committed either lo terminate the employment of an employee or group of employees before the reliremenl dale, or to provide termination benefits as a result of an offer made in order to encourage voluntary redundancy. 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 2024. 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 Ihese financial statements. The budgeted income and expenditure is sufficienl wth the level of reserves for the Charity to be able lo continue as a going concern. 2. INCOME FROM DONATIONS & LEGACIES Total 31.03.24 Total 31.03.23 Donations. sponsorships & appeals Legacies Membership subscriptions 'ft aid on donations & subscriptior¢s 487,982 2,254,125 825,805 202,020 1,339,392 651,882 787,771 218,683 3.769,932 2.997.728 3. INCOME FROM CHARITABLE ACTIVITES Total 31.03.24 Total 31.03.23 Note Grants Educational acb'mb'es Income from propety 2,119.289 23,540 82,418 1,835,123 24,897 98.754 2 225 247 1958 774 37 Norfolk Wildlife Trust Notes to the Financial Ststement for the year ended 31st March 2024- continuèd 4. GRANTS RECEIVED Total 31.03.24 Total 31.03.23 Ang&an Water Senrices Ltd Angb'an Water Other Anglian Water InvasiiE Species FL5nd BIFFAward l Landfill tax credil ) Breckknd District Council Borough Council of King's Lynn & West ￿)rfOlk Broads Authority Departrnent of Work & Pensions Enmronment Agency EsnEe Fairbairn Foundation Essex & Suffolk Water FCC corffliunits.es Foundab'on Forestry Eng￿nd Natural EngLgnd l Dept of Enmronn￿n( Food & Rural Affairs National ￿'gh￿Qy$ National Lottery F*ritsge Fund Norfolk County Council Norfolk RI￿rS Trust Nowch FreerrEn's Charty PeOp￿'S Postcode Lottery Fund Royal Society of wi￿life Trusts Royal Society for the Protectson of Birds Svffolk County Council S￿￿field & Bradfiekl Parish Council SwBnninglon with Aklerford & Litue Witchingham Parish Council 12,000 23,190 12,000 11.184 47.758 64,836 92,750 910 21,356 2,339 9,000 26,114 125,800 8.OLY) 3,000 7,980 13,000 1,533,105 1.552,396 30.402 114.698 11.080 10,971 32,000 14,196 7.500 10.000 133,405 16,316 5.626 500 1,000 2 119 289 1835 123 5. OTHER TRADING ACTIVITIES Total 31.03.24 Total 31.03.23 Note Consultancy & other fees Visitor centre & sales activities 10 10 331,163 1,149,356 319,536 1.003,781 1 323 317 38 Norfolk Wildlife Trust Notes to the Financial Statement for the year ended 315t March 2024- continued 6. OTHER INCOME Total 31.03.24 Total 31.03.23 Contract incorre from Ihe Enmronmènt Agency Cxher contract incorr Sundry inconE 52,145 36,590 200,027 58,4C 94,108 128,582 288,762 281,096 7. COSTS OF RAISING FUNDS Total 31.03.24 Total 31.03.23 Fundraising and publicity costs mbership seriricing and recruitsment costs Consuhancy trading actimty costs Visitor centre & sales trading actimty costs 590,003 606,939 303,T72 1,264,624 667,523 352,072 318.531 1,130,591 2.765,338 2,468.717 Of Ihe costs of raising funds of £2.8 million, £1,264,624 relates to visitor centres and sales trading activity costs, which also include the running of the Trust's visitor centres and associated visitor educational activities. In addition, £303,772 relates to the running costs of Norfolk Wildlife Services Lld. which provides ecological consultancy services. Included within note 7 are costs of raising funds that are of a mixed nature and therefore are partly charitable. . CHARITABLE ACTIVITIES Total 31.03.24 Total 31.03.23 NattJFe conservation Nature recoiEry Educal'on actimty 4,087,047 636.879 631,187 3,004,919 684.078 569,297 5 355,113 39 Norfolk Wildlife Trust Notes to the Financial Statement for the year ended 318t March 2024- conlinued 9. ANALYSIS OF TOTAL EXPENDITURE Other Direct Support Costs Depreclatlon Costs Stsff Costs Support Total Direct Total Nature conseTrotion 1.346,887 366,858 1,713,745 1.625,188 206,948 541,165 4,087,047 Nature reco 390,613 106,393 497,006 101,822 4,145 33.905 636,879 Education actimty 425,289 115,838 541,127 65,561 2.669 21.831 631,187 Fundraising & PR 449,535 122.442 571,977 10,032 408 7.585 590.003 Membership sermcing and recruilnEnt 146,977 40,033 187,010 305.692 12.445 101,791 6(E,939 Vi5itr)r centre & sales &tiifities 610,699 610,699 653,926 1,264,624 Consuttancy operations 238,683 238.683 65,089 303,772 Total for the year to 31 March 2024 3.608,682 751,564 4,360,247 1827,310 226.616 706,278 8,120,4S1 The support costs of running the Trust's activilies have been allocated to the activities on the basis of the proportion of slaff costs. This includes the cosl of the Trust's contribution to Rsv￿ running cosls of £94,840 (2023.. £90,137) and Governance costs of £29,131 (2023.. £23,492) which comprised of auditor's remuneralion of£13,100 (2023.. £16,341), meeting costs of£10,434 {2023'. £3,621) and other costs of£5,522 (2023. £3,529) 40 Norfolk Wildlife Trust Notes to the Financial Ststement for the year ended 31st March 2024- continued 9. ANALYSIS OF TOTAL EXPENDITURE- PRIOR YEAR Other Supp)rt Costs Staff Costs Support Direct Costs Depreclation Total Direct Total Nature conseTrpbon 1,194,522 305,404 1,499,926 1,207,934 180,104 340,097 3,228,CE1 Nature recovèry 290.719 74,328 365,047 20.736 10.257 81.671 477,711 Education acts'mty 300.357 76,793 377.150 80,398 10,597 84,378 552,523 Fundraising & PR 404,800 103,495 508,295 31,228 14,281 113,719 667,523 Membership se￿i¢l￿g and R￿rUit[rEnI 99.749 25,503 125,252 195,277 3,518 28,023 352,070 Visitor centre & sales aclvib.es 570,540 570,540 560,051 1,130,591 Consuttaney operations 229,701 229,701 88,830 318,531 Total for the year to 31 March 2023 3.090,388 585,523 3,675,911 2,184,454 218,757 647.888 6,727,010 41 Norfolk Wildlife Trust Notes to the Financial Statement for the year ended 31 March 2024- continued 10. NET INCOME FROM TRADING ACTIVITIES OF SUBSIDIARIES The Trust has a wholly owned subsidiary Norfolk Wildlife Setvices Ltd which traded during the year to 31 March 2024. The company's primary activity is providing consullancy servi￿$ 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 Surnmary Profft & Loss Account Year ended 31.03.24 Year ended 31.03.23 TurrnoNpr 331,163 319,094 Cost of sa￿$ (281,1651 1295,025} (>oss profil 49,998 24.069 (]her eynses (22.6071 123,5(6) Bank interest 1,392 442 N￿t profit 28.783 1,005 Arnunt gift aided to Norfolk Wildlife TrLESt (28,7831 11,005} Retsined in subgdiary 42 Norfolk Wlldllfe Trust Notes to the Financial Statement forthe year ended 315t March 2024- continued The Trust also has a wholly owned subsidiary Norfolk Wildlife Enterprises Ltd which commenced trading on 1 March 2008. The company's primary activity is the running of visitor cenlres and other sales activities., the company pays all its profits to the Trust by gift aid. A summary ofthe trading results is shown below. Norfolk Wildlrfe Enterprises Limited SunNnary Profft & Loss Account Year ended 31.03.24 Year ended 31.03.23 TurrnoKer 1,149.356 1,003,781 Cost of sales {1,025,7241 1924,982) (>oss profil 123,632 78,799 her eypenses {238.9001 1205,609) Net (bss) I profit 1115,268} {126,8101 Ar*K)unl gift aided lo Wikllife Trust Retained in subsidiary 1115,2681 1126,810) 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 lickels. These monies amounting to £105,356 in the year to 31 March 202412023. £96,774) were passed on to Norfolk Wildlife Trust and are nol therefore included in the profit and loss account of Norfolk Wildlife Enterprises Limited. 11. SURPLUS FOR THE PERIOD This is slated after charging '. Year ended 31.03.24 Year ended 31.03.23 Depreciation 226,616 218,757 Armunts paid under operab'ng ￿aSeS re vehicles 79,668 45,539 Auditors remunerabon '. audit fees audit f￿S re subsidiary companies accountancy & otr)er non audit serinces 13,100 8,430 825 12,500 7,225 2,050 43 Norfolk Wildlife Trust Notes to the Financial Statement for the year ended 316t March 2024- continued 12. STAFF COSTS 12a. Staff Costs GROUP Year èndèd 31.03.23 TRUST Ygar gndod 31.03.23 Year ended 31.03.24 Year ended 31.03.24 Wages and Salanes Social Security Costs Pension Costs 3,753.702 324,395 282. 150 3.168,984 278,446 228,482 3,003,837 272,726 234,303 2,464,495 227,097 184,080 4,360,247 3.675.912 3,510,866 2,875,672 The average number of staff employed by the Trust during the year was 115 {2023'. 102) and by the Trusts trading subsidiaries was 47 (2023: 50). One employee eamed between £80,000 & £90,000 in the year (2023.. one employee earned betsveen £80,000 & £90,000 in the yearl. Three employees eamed between £60.000 & £70.000 in the year {2023'. No employees earned between £60,000 & £70,000 in the year}. Total remuneration of key management personnel in the period was £454,129 (2023.. £450,487). A severance payment in respect of one member of staff, totalling £15,834 (2023.. £10,032) was paid in the year to 31 March 2024. There were no outstanding Severan￿ payments at the year end. 12b. Remuneration and expenses of Council members No members of Council received any renumeration during the year. Eight members of counci5 received a total of £633 in respect of expenses Incu￿ed during the year. Sleve Cale resigned as a trustee in October 2022 therefore there are no related party transactions to disclose (2023.. £2,035 was paid to Steve for card and athork sales to Norfolk Wildlife Enterprises Ltd). During the year a close family member of Sam Collin (trustee, resigned 9 November 2023) was employed by the Trust. The appointmenl was made in open competition and Sam Collin was not involved in the decision- makirsg process regarding the appoinlmenl. The close family rnern￿r is paid within the normal pay scale for his role and receives no special treatment as a result of his relationship to a Council Member. There were no other tfansactions with Trustees. 13. CORPORATION TAX The Trust's income and gains are not subject to corporalion lax ex￿p1 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 (2023. £nil) Norfolk Wildlife Trust Notes to the Financial Statement for the year ended 319¢ March 2024- continued 14. TANGIBLE FIXED ASSETS GROUP & TRUST Freehold prO￿rtY Nature Reserves Vehic Equipment & Office riochinery EqUip￿Ent Total Cost at 1 April 2023 3.388,748 11, 137,401 179,121 1,370,230 23,338 16,098,838 Additions 863,231 75,39) 216,396 1,721 1,156,738 DisposaLs {47,114) 147,1141 C05t at 31 Mareh 2024 4,251,979 11,212,791 179,121 1,539,512 25,059 17.208.462 Depreciation as at 1 April 2023 1.001,2 116,418 1,111,586 15,038 2,244,298 Charge for the year 99,175 24,520 102.693 229 226,616 Disposa {47,1141 147,1141 Depreciation as at 31 March 2024 1.1(M),431 140,938 1.167.164 15,267 2,423,800 Book Value as at 31 March 2024 3,151,548 11,211791 38,183 372,348 9,791 14,784,662 Net Book Value as at 31 arch 2023 2,387,492 11.137.401 62.703 8,300 13.854,$40 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 £4,186,218 (2023.. £3,322,987) and a net book value of £2,894,896 (2023. £2,130,840). The Trustees do not consider that the cost of obtaining a formal up-lo-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 Marshl at Hickling Broad & will be mainlained as such over the 50 years lo 31 July 2069. The value of the land as al the date the agreement commenced in March 2019 was £283,500. More information is also included in note 26. 45 Norfolk Wildlife Trust Notes to the Financial Statement for the year ended 31 March 2024- Gontinued 15. INVESTMENTS . Listed on the Stock Exchange Vakne as at 1 April 2023 Addib'ons at cost 3,607,362 3,607,362 Disposals proceeds 3,607,362 305.052 Unrealised Ik)ssllGain VètrEnt in iniestrr*nt cash Value as at 31 htsrch 2024 3 912 414 The investments listed on a recognised stock exchange are as follows: 31.03.24 31.03.23 Ll)il Trusts Cash Total 3,912,414 3,607.362 3 912.414 3 607 362 Historical cost as at 31 Vorch 2024 3 622 462 3 622 462 The following investment holdings represent more than 50A of the investment portfolio by market value.. 31.03.24 31.03.23 £1.736,201 £1,608,437 £1,845,022 £1,679,967 £331,191 £318,958 Sarasin Climate Acb"ve Endovfftnts Fund C￿F Charitses Elhical IniEstrrEnt Fund C8Zen0￿ Charity Responsible mU￿._Asset Fund b. Group Undertakings Year ended 31.03.24 Year ended 31.03.23 ln￿StnEnts in subsidiary undertakings The Trust owns 100% of the ordinary share capilal of Norfolk Wildlife Services Limited, a company incorporated and registered in England & Wales on 28 March 2000. The principal aGlivity 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 al the original nominal value of £1. which is held as net current assets. The Trust also owns 100 /0 of Ihe ordinary share capital of Norfolk Wildlife Enterprises Limited, a company incorporated and registered in England & Wales on 14th January 2008. The principal activity of Ihe company is the running of visitor cer)tres and sales activities. The company commenced trading on I st March 2008 and the results for the year are shown in note 10. The Trust also owns 1000/0 of the ordinary share capital of Wildlife Norfolk Limited {formerly Norfolk Wildlife Trust Limited), a company incorporated and registered in England & Wales on 28 February 2001. The company did not trade during the period to 31 March 2024. The Trust also owns 100 /0 of the ordinary share capital of Norfolk Naturalists Trusl Limited, a company incorporated and registered in England & Wales on 17 July 2014. The company did not trade during the period lo 31 March 2024. Norfolk Wildlife Trust Notes to the Financlal Statement for the year ended 315t March 2024- continued 16. DEBTORS- FALLING DUE WITHIN ONE YEAR GROUP 31.03.23 TrUST 31.03.23 31.03.24 31.03.24 Grants rece(vable Tax recoverable PrèpayTYEnts by ￿)rfOlk Wildlife Sermces Ltd (Med by N)rfolk wi￿life Enterprises Ltd Legacy incorre receiveab er debtors VAT repayab 453,329 55.393 91,024 1,067,685 53,536 26,267 453,329 55.393 65.293 189,522 369,998 511,264 303,(M)O 130,229 1,067,685 53.536 16,903 127,710 303,799 546,892 202,884 511,264 427,791 130.229 546,892 3￿,439 1669 030 2030819 2 078 029 2 319409 17. CASH TERM DEPOSITS GROUP TRUST 31.03.24 31.03.23 31.03.24 31.03.23 Cash eqUiVa￿ntS hdd on deposit wlh notice periods of nKJre than 3 mntrs 1,363,206 3 653 192 1,353.206 3.653,192 18. CREDITORS- FALLING DUE WITHIN ONE YEAR GROUP TRUST 31.03.24 31.03.23 31.03.24 31.03.23 Life membership Deferred inconE her creditors & accruals 50,175 238,731 731,488 54,960 263,029 513.051 50,175 238,731 682,602 54,960 263,029 449,921 1020 394 767910 Life membership received each year is deferred and subsequently released over a ten-year period. Deferred income and paid membership income relate to grants received in the five years lo 31 March 2024 and the annually paid membership income relating lo the period post 31 March 2024. Group & Trust.. 31.03.24 31.03.23 Deferred Inco￿ brought forward Re￿aSed during the year Deferfed during the year 263,029 1263,0291 238,731 294.657 {294,6571 263,029 238 731 263,029 47 Norfolk Wildlife Trust Notes to the Financial Statement for the year ended 31 March 2024- continued st 19. RESTRICTED FUNDS Balance 31.3.23 Inrring Outgoing Transfers Balance 31.3.24 Children & ￿tUre Fund Nature Recokery Fund Nature Conservation Fund Whiles* Lodge Maintenance Fund Brecks FkathLand Piopct Cley Resene Fund Trinity Broads prqecl S￿t Briar Urban Reserve Hickling Vision Buikling Foundab"ons Ingham Donation Fund Ingham Legacy Ftsnd Churchyard Legacy Fund Whitle Hickling Land Purchase 36.091 36,950 506.475 1,390 S48,067 30,361 18,120 205,831 102,335 81,019 1,800,553 188,505} 185,490) 11,737.940) 49,921 31.627 312.533 1.390 581,225 116,566 {3,4671 55.784 101 {1,6361 212,284 226,$47 864,727 283,000 18521 12%,5551 93,429 194,973 38.660 68,097 9,547 3.208 160,271) 1277, 1551 160,2471 1218,1441 (57,7591 (4.8441 168,386 48.212 266,060 240,770 864,727 283,trfJo 153,776} 114.223) Operational R¢stri¢t8d Funds 3,037.842 1391.821 12,590.355} (108.807) 2,730,501 Fi>Ed Asset Fund NWT naknre reser¥e historic cost 1.192.557 8.523.$45 1140,7841 108.315 492 1,160,088 ,524,037 Totsl Restricted Funds 2.391,821 2,731.139 12,414,626 Of the £12.4 million restricted fund balance carried fO￿ard at 31 March 2024 {2023.' £12.8m), £8.5 million (2022.. £8.5m) represents Ihe 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 For the purposes of reporting, the following funds, which were separately reported on in the prior year, have been grouped as below for the 31 March 2024 position.. The Education Fund is incorporated within the Children & Nature Fund. The Lincs Wind Farm Project and the Claylands Wider Connections Project have been grouped within the Nature Recovery Fund. The following funds have been incorporated within the Nature Conservation Fund.. Bretts Wood (formerly The Lings, Thursfordl. restoration Fund Bure Valley Living Landscape Project Foxley Wood land acquisition & restoration Fund Gill's Farm, Hilgay," acquisition and restoration.. Hilgay Project Living Landscapes appeal Mere Farm land acquisition & resloralion Fund Upton Broad, Upton., acquisition and restoration Water, Mills & Marshes project. Norfolk Wildlife Trust Notes to the Financial Statement for the year ended 31 March 2024- conlinued Chiklren & Nature Fund Funds to help chiklren of all ages connect wth wkjlife and wklspaces, throu h education, actiwties and ins irab'on_ Proiects related to County Wildlife Siles and MKJrk off the nature resew. Funds held for fLrture reser￿ man Nattjre RecO￿ry Fund Nature Conservation Fund Whiteslea Lodge Maintenance Fund en*nl ￿Ork. Funds for the maintenance of WhItes￿a Lodge. Hic￿1ng Pathership proFct wth Natsjral England and Forest Enterprise to recreate healhland on 9 Brecks sites Appeal and other funds for the devek)prT*nt of the reservè and Msitor Centre at C Project funded by Essex & Suffolk Water for the rnanage￿£nt of the Trini Broads Funds for the purchase arKI restoration of ￿ndS at s￿et Briai i Norwch Funds used lo devèbp plans for the future of Hickling reSe￿e and staithe area. Funds from the Nab'onal Lottery thritage fund to support engagenEnt and other infrastructure de￿￿) rrEnt. Funds in respect of a specific donat'on thich is to be spent i accordance the ￿te donor's wshes across a number of N ro ects Funds in respect of a specific legacy wfiich is to be spent in accordance wlh the late donor's wshes across a number of rwr Brecks Heath￿lld ProFcl C￿Y ReseNa Fund Trinity Broads project S￿eet Briar Urban Reser HIC￿1ng Vision Buikling Foundations Ingham Donab"on Fund Ingham Legacy Fund Churchyard Legacy Fund Legacy funds for land purchase and restoration from Ihe estate of the te Mr G Church ard Whittle HIC￿1ng Land Purchase Fixed Asset Fund Nwt nature rese￿ historic cost Funds for the purchase and restoration of L2nd al Hickling CorrFrises grants and donab.ons for purchase of fixEd assets Historic cost of conwvalion land acquired by NVVT 49 Norfolk Wildlife Trust Notes to the Financial Statement for the year ended 31 March 2024- continued 19. RESTRICTED FUNDS- PRIOR YEAR Balance 31.03.22 Income Expenditure Transfers Balan¢e 31.03.23 Educalion Fund Nature Recovery Fund Nature ConseNalion Fund Uplon Broad, Upton Wuisition & Restoration Projects Whileslea Lodge Maintenance Fund Brecks Heathland Project Hilgay Projecl Gills Farm acquisition & restoration projecl Living Landscapes Bretts Wood { for￿ErlY The Lings, Thursford ) restoration project Bure Valley Living Landscape project Cley reserve and centre developNÈnt Fund Ingham donation & legacy fund Lincs Wind Farm apprenticeship project Trinity Broads project Children & Nature Fund Water. Mills & Marshes project Churchyard Legacy Fund Foxjey Wood land acquisition & resloralion Fund Norfolk Wildlife Future Professionals project Claylands wider Connections Project Sweet Briar land purchase hittle Hickling Land Purchase Operational Restricted Funds Fixed A8set Fund Nwt Nature Reserve historic cost Total Reslricled Funds 17.260 70.697 255.565 64,195 176,389) 26,699 175,549) 1,651,938 (1,516,550) 5,066 21.847 366,454 124,499) 27,009 27,009 1.577 11871 (148,045) 1,390 510,175 22,821 185,937 548,067 22,821 12,055 12,055 8,925 8,925 50,603 50,603 17,362 17,362 30,361 30,361 588,573 {48,6461 133,097) 506,830 15,986 18831 15,103 20,163 23,441 106 864,727 47.980 7,584 8,949 150.023} 18.120 31,025 {6,726 864,727 115,7811 7,803 7,515 {1,8951 15,451) 7,9n (2.282) 2.339 (57} 48.048 116,820 1197,965) 162,3111 33.097 73,030 570,772 283.000 2.973.728 (2,194,281) {145,086) {375,660) 205,831 283,000 3.037.842 1.192,557 8,523,545 12,753,944 2.664.005 1.307.058 8,148,520 12,119,583 1405.610) 30,585 375,025 2,973,728 2.339,367 Norfolk Wildlife Trust Notes to the Financial Statement for the year ended 31 March 2024- continued st 20. UNRESTRICTED FUNDS Transfers between funds Balance 31.03.24 Balance 01.04.23 Gains on Income Expendiiure investTnents Total &neral Fund 5,787.473 5,318,478 1,033,654 3 300 452 Operational Desi£nated Funds .' Strategy Deli*ry Capital Expenditure Fund W(KKlland Centenary Fund 3.945.000 1,022,000 1.500,000 305.052 11,667,052) 2,583.oN) 1399,5341 622,466 1,500,000 6,467,000 305.052 12,066,586) 4.705,466 Fi￿d Asset Designated Fund 4.138,438 170,8331 1,032,932 S.100,S37, Total Designated Funds 10 605 438 305 052 1 033 654 9 806 003 Total Unrestricted Funds 12403 241 5 787.473 5 389 311 305 052 13 106455 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-terrn strategic investment. As such the funds underpin a range of work by the Trust. its vision and help ensure its sustainability and growth. £2.6 million of these funds are set aside for the Strategy which slarted in April 2023 and runs for five years. This fund is designated lo cover the planned deficits over this period. The Capital Expenditure Fund represents expenditure expected to take place during 2024125 in respect of building improvements and equipment purchases. The Woodland Cenlenary Fund represents funds designaled for the creation. purchase and restoration of woodlands in Norfolk, and their subsequent maintenance, as opportunities arise. All previous fixed asset categories within unrestricted funds have been consolidated into a Single Fixed Asset Designated Fund. This fund represents the net book value of all fixed assets purchased from unrestricted (including designated) funds. 51 Norfolk Wildlife Trust Notes to the Financial Statement for the year ended 31st March 2024- continued 20. iINRESTRICTED FUNDS- PRIOR YEAR Transfers between funds Balanca 01.04.22 Income Expenditure Gains on investments Balance 31.03.23 c￿er81 Fund Unfestricled Fixed Assets Total General Fund 1,356,997 1,200,895 2,557.892 3.829.004 (4,218,808) (204,623) 3,829,004 14.215,WI 1204,S231 1,032,389 1,198.051 {165,6621 1,797,803 1,797.803 Designated Funds . Operational desigjated funds - Str*gy DelI￿ry 2023-2027 4.546,819 1601,819) 3,945,000 Capital Eynditure Fund IforrrErty Reser￿]BUlldlng emergency fund) 837.500 2,710 199,690) 281,480 1,022,000 FLrtures Fund 921.505 {921,5D5) WwdLgnd Centenary Fund 1,500,000 1.500,￿0 7,805,824 2,710 199,6901 11,241,844) 6,467,CK)O FIX￿ asset desig)ated fufKIs- NWT nature reserve historic cost Nwf freehokl buikjings and equiprrEnl cost NWT Fixed Asset De&gnated Fund 2,500,501 {2,500,501) 299,576 169,145) {230,431} 4.138,438 4,138.438 Total Designated Funds 10 605 901 168,835 165,662 10,605 438 Total Unrestricted Funds 13,163,793 3,831,714 14.387,643} {204.623) 12,403,241 52 Norfolk Wildlife Trust Notes to the Financial Statement for the year ended 31 March 2024- continued 21. ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS Unrestricted Designated Restricted Funds Funds General Funds Tolal Funds Tangible FixEd Assets InveslnEnts current assets 5,1C(J,537 3,912,414 793,052 9,684,125 14,784,662 3,912,414 6,824,CQ6 3,300,452 2,730,501 3 300 452 9 806 003 12 414 626 25 521081 ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS {PRIOR YEAR) UnrestrKted l)esignated Restricted Funds Funds General Fund¥ Total Funds Tangib￿ Fixed Assets In￿sInEnts ￿￿1 current I liabilities ) l assets 4,138,438 3,607,362 2.859,638 9,716,102 13.854,540 3.607,362 7.695,283 1,797,803 3,037.842 1,797,803 10,605 438 12 753 944 25 157 185 22. COMMITMENTS UNDER OPERATING LEASES As at 31 March 2024 the total future minimum lease payments under non-cancellable operating leases in resped of vehicles and property rents are set oul below.. Land and buildings 31.03.24 31.03.23 pkntor vehicles 31.03.24 31.03.23 QRrating ￿aSeS ￿lch eypire wthin one year (*erab"ng ￿aSe$ thich e>pire Mfithin ￿ to fi￿ years 6,521 23,334 10,223 1,675 10,522 20,421 12,908 1,104 29,855 11,898 30,943 14,012 53 Norfolk Wildlife Trust Notes to the Financial Statement for the year ended 31st March 2024- contlnued 23. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.03.24 31.03.23 Net income for the period {as per the Statenknt of Financial Activities) 363.896 1126,191) Adjustments for: Depr￿lation (Gains) l Losses on in￿StrEnts Dimdends, interest and rent from inwlThEnts {Increasel l Decrease in stock Decrease l (Increase} in debtors Increase in creditors 226,616 218,757 {3Q5.0521 204,623 {414,8351 {244,5271 111,5411 29,395 361,789 (1,182.972} 189,355 52,774 Net cash providaj by l (used inl operating activ&ties 410,228 1,048,141 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 2024 was £282,150 (2023.. £228,482). There were outstanding contributions of £30,838 as at 31 March 202412023: £nil) in respect of March contribulions. 25. RELATED PARTY TRANSACTIONS The Trust made various transactions with its subsidiary companies, Norfolk Wildlife Services Limited and Norfolk Wildlrfe Enterprises Limited during the period to 31 March 2024. The Trust paid £1,205.027 {2023'. £1,169,103) for monies taken at visitor centres, paid into the Trust's bank account and subsequently transferred to Norfolk Wildlrfe Enterprises. The Trust purchased goods to the value of£9,236 (2023.. £923) in the period from Norfolk Wildlife Enterprises. In addition, £6,000 of rent payments were collecting by Norfolk Wildlife Trust and passed lo Norfolk Wildlife Enterprises. The Trust paid for and recharged Norfolk Wildlife Enterprises £938,76612023, £785,039) for Payroll, VAT and other shared seNices during the period. The Trust charged a management fee of £5,735 (2023.. £5,735) for the use of shared services. At 31st March 2024 Norfolk Wildlife Enterprises owed the Trust £369,998 (2023.. £303,799). The Trust engaged Norfolk Wildlife Services to carry out consultancy work to the value of £16,831 (2023.. £21,955) dunng the period. The Trusl paid for and recharged Norfolk Wildlife Services £275,557 (2023.. £286,249} for Payroll, VAT and other shared services during the period. The Trust charged a management fee of£10,000 (2023.. £9,996) for the use of shared services. At 31st March 2024 Norfolk Wildlrfe SeNices owed the Trust £189,522 (2023.. £127,710). £5,00012023. £5,000) was made as an Investors in Wildlife corporate member by Smith & Pinching Ltd. Scott Pinching, Council member, is a Director of Smith & Pinching Ltd. All Trustees are members of Norfolk Wildlife Trust and will have paid appropriate subscriptions. No Trustees made donations during the year (2023.. £65 from one Trustee) to the Trust. There were no other related party transactions in the year (2023.. £46 was paid by Jennie ffrench-constant, Council member, for clothing with an NWT logo and Norfolk & NO￿lCh Naturalists, Society {NNN&S) paid £154 towards an award medal. Alice Liddle. Council member, is a Trustee of NNN&S). Norfolk Wildlife Trust Notes to the Financial Statement for the year ended 31" March 2024- continued 26. CONTINGENT LIABILITY Under an agreement entered into wtth the Environment Agency in March 2019, a wel 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 lo 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 temi and the open market value of the 22 hectares of land as al the agreement termination dale. 27. ANALYSIS OF NET DEBT 01.04.23 Cash tlows 31.03.24 Cash at bank and in hand Cash term deposits Debt due after 1 year Debt due ￿￿thIn l year Finance leases 3,653,192 2,715,192 (2,299,986) 1,968,310 1,353,20S 4,683,502 6,368,384 331 676 6,036,708 The Cash Flow Statement on page 34 shows cash and cash equivalents at the end of the reporting period to be £6,036,708 (2023. £6.368,384) 28. FINANCIAL INSTRUMENTS The carrying amounts of the group's and the charity's financial instruments are as follows.. GROUP 2024 GROUP 2023 TRUST 2024 TRUST 2023 Financial assets Me8sured at fair value throu￿ nel income/expenditure.' Fixed asset listed invaslrrEnts Inole 15} 3,912,414 3.607,362 3,912.414 3,607,362 29. CAPITAL COMMITMENTS The Trust had capital commitments at 31 March 2024 of £165,442 (2023-. £nil) relating to property refurbishment costs. 30. POST BALANCE SHEET EVENTS The Trust has no post balance sheet events relating to the period to 31 March 2024. 55 Norfolk Wildlife Trust Notes to the Financial Statement for the year ended 31 March 2024- continued 31. CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES - PRIOR YEAR POSITION Unrestricted Funds General Designated Funds Fund¥ R¢stricted Funds Year endèd 31.03.23 Note Income.. Donations and ￿g8cleS Charitable ￿￿'vItieS Other Ir8diru actmtses hivestment income including bank interest Other Ir￿LYne 1,985,066 117,691 1,323,317 244,527 158.403 1.012,662 1.841,083 2,997,728 1,958,774 1,323,317 244,527 281,096 2,710 119,983 Total incon 2 973 728 6 805 442 Expenditure: Raising tunds- charity activities Raising funds- subsmliary trading activit charitab￿ activrties 979,449 1,449,122 1.790,237 21,*3 18,183 1,019.595 1,449,122 4.258,293 146,872 2,321.184 Total expenditure 218 808 6 727010 t Ik)sses) I gains on in*slnpnts 15 {204,6231 {204,623) Net {e4)endilurel l incon (594,42n {166,1251 634,361 (126.191) oss transfers bemeen funds 19.20 {165,662) 165.662 Net I￿¥8￿￿nt in funds 1760.0891 (463) 634.361 {126.1911 Roeonclllatlon of fund¥= Total funds brtyjght lorward 19.20 2,557.892 10,60S,901 12,119.583 25,283.376 Total funds carriod forvmrd 19,20 1.797.803 10 605 438 12 753,944 25 157 185