WILL WOODLANDS (a company limited by guarantee and not having a share capital)
REGISTERED CHARITY NUMBER: 1038274 REGISTERED COMPANY NUMBER: 2933319 REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021
WILL WOODLANDS REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
CONTENTS
| Page | |
|---|---|
| Council's Report - Reference and Administrative Information | 1 |
| Council's Report | 2 - 6 |
| Independent Auditor's Report | 7 - 9 |
| Statement of Financial Activities | 10 |
| Balance Sheet | 11 |
| Statement of Cash Flows | 12 |
| Notes to the Statement of Cash Flows | 13 |
| Notes to the Financial Statements | 14 - 20 |
WILL WOODLANDS COUNCIL'S REPORT
FOR THE YEAR ENDED 31 MARCH 2021
Reference and administative information
| Charity Name | Will Woodlands |
|---|---|
| Registered and Principal Office | 66 Lincoln's Inn Fields |
| London | |
| WC2A 3LH | |
| Charity Registration Number | 1038274 |
| Company Registration Number | 2933319 |
| Trustees | A J McDonald |
| I G Barnett (Resigned 13 September 2021) | |
| R Foley | |
| J Davenport | |
| Bankers | C Hoare & Co |
| 37 Fleet Street | |
| London | |
| EC4P 4DQ | |
| Investment Managers | Sarasin & Partners LLP |
| Juxon House | |
| 100 St Paul's Churchyard | |
| London | |
| EC4M 8BU | |
| Auditors | Leonard Jones & Co |
| 1 Printing House Yard | |
| London | |
| E2 7PR | |
| Solicitors | Farrer & Co |
| 66 Lincoln's Inn Fields | |
| London | |
| WC2A 3LH | |
| Accountants | Haysmacintyre LLP |
| 10 Queen Street Place | |
| London | |
| EC4R 1AG |
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WILL WOODLANDS COUNCIL'S REPORT
Report of the Trustees (being the Directors of the Company) for the year ended 31 March 2021
The Council submits its report and financial statements for the year ended 31 March 2021 which comply with current statutory requirements and the Charity's governing documents.
The Charity is a charitable company limited by guarantee registered in England and incorporated on 23 May 1994. It is governed by Memorandum of Association amended by special resolution dated 7 March 2001 and Articles of Association adopted by special resolution dated 17 April 2008 and amended by special resolution dated 31 December 2008.
Structure, Governance and Management
The directors of the Charity are also its charity trustees for the purposes of charity law. Under the Charity's Articles of Association the board of directors are known as the Council and individual directors are known as members of Council. The Council has responsibility for managing the Charity's affairs.
In accordance with the Charity's Articles of Association, new members of Council are appointed by resolution of the Council. The maximum number of members of Council is three, but the Articles contain a power for the members of the Charity to increase that number from time to time. The power was exercised on 31 December 2008 in order to admit a fourth member of Council.
New members of Council are found from contacts and networks of existing members of Council. When recruiting new members of Council the board looks for individuals with skills and experience which are of value to the charity. Potential members of Council are contacted by the board and are provided with a pack of information including recent accounts and copy of the Charity's Memorandum and Articles of Association. When a new member of Council joins the board they are provided with further information regarding finances, governance and charitable objectives including minutes of Council meetings for the previous year.
The members of Council are highly experienced individuals and have a good understanding of what is involved in being the trustee of a charity. Where appropriate, the Charity supports the training of members of Council including for example, attendance at seminars.
The members of the Council meet formally on a six monthly basis to administer the affairs of the Charity.
Risk Management
The Council of the Charity has always operated various systems for mitigating risks likely to affect operations. Annually members of the Council carry out a comprehensive review of risk, by analysing those risks in 3 broad categories of strategy, operations and finance. The members of the Council are satisfied that all major risks have been identified and assessed and that satisfactory control systems are now in place to mitigate those risks.
Objectives and Activities
The Charity has general charitable objects, with particular emphasis on conserving, restoring and establishing trees, plants and all forms of wildlife in the United Kingdom and securing and enhancing public enjoyment of the natural environment of the United Kingdom.
The members of Council confirm that they have complied with the duty in section 4 of the Charities Act 2011 to have regard to the Charity Commission guidance on public benefit. The remainder of this report details the charity's activities in support of public benefit.
Aims
In furtherance of its objects, the Charity has adopted a policy of acquiring land and establishing woodlands. Its aims are to create new woodlands and to manage them as an addition to the woodland heritage of England and Wales for the benefit of this and future generations. In doing this, at present, the Charity:
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WILL WOODLANDS COUNCIL'S REPORT
Aims (cont)
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. enlarges and protects the wooded landscape; . enriches existing woodlands and adjoining countryside; . improves the environment by the protection and management of new and existing habitats for plants and animals; and
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. provides opportunities for peaceful enjoyment and appreciation by the public of woodlands and the adjacent countryside.
Objectives
The Charity's primary objective is to establish and protect woodlands at its two main estates: Broom Hill Estate at Long Bredy near Dorchester and Cyffin Estate in Wales.
Strategies and Activities
In seeking to enlarge and protect the wooded landscape, the Charity:
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. seeks to plant amenity woodland on land it has acquired for that purpose where that can be achieved within the constraints of current Environmental Regulations, grants and funding; and
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. manages both those woodlands it has planted and those others already existing on its own land by controlling weeds, pests and disease and by thinning and pruning where necessary.
In order to enrich its existing woodland and countryside and to protect and manage the habitats of plants and animals the Charity:
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. seeks to re-establish and re-introduce native plants especially wildflowers and other food sources for fauna, particularly wild birds, which do not pose a threat to the success of woodland establishment and development; and
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. monitors the success of its conservation measures with particular reference to protecting delicate or fragile eco-systems and conservation areas by preventing disturbance that would threaten their viability.
In providing opportunities for peaceful enjoyment and appreciation the Charity:
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. provides a developing wooded landscape for the aesthetic improvement of the general countryside in which its estates are located;
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. attempts to encourage viable populations of flora and fauna with the long term aim that individuals from this population can spread to other localities nearby which do not have the same benefits;
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. provides opportunities for guided walks around conservation areas for a wide number of interest and educational groups to show them what has been and is being achieved; and
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. facilitates access by the public along both public rights of way and other linear paths opened on a permissive basis.
Achievements and Performance for the Year
In order to enlarge and protect the wooded landscape the Charity has, over the last twelve months, carried out an intensive regime of silvicultural management across its two Estates. This has focussed on the younger plantations that have been created over the last 10 years and has predominantly been undertaken by a team of directly employed Estate foresters.
Given that both Broom Hill and Cyffin have immature plantations of a similar age much of this management work is duplicated across both sites and includes:
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. the continued removal of spiral guards now that the trees are less susceptible to rabbit and vole damage. This will promote the growth of the individual trees and reduce the plastic burden that would otherwise end up in the soil. At Cyffin this operation has been bolstered by significant amounts of contract labour employed specifically for this purpose.
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. winter and summer spraying of all those trees under one metre in height to suppress grass growth and avoid competition.
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. formative pruning to shape the trees and ensure their future quality
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.
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targeted control of both squirrels and deer to protect individual trees from damage.
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WILL WOODLANDS COUNCIL'S REPORT
Achievements and Performance (cont)
Coupled with this a number of site-specific operations have been completed. At Broom Hill the external deer fence has been maintained and bolstered to protect the trees from fraying and browsing by a range of deer species. Bracken and bramble are a continuing problem at Cyffin that, if left unchecked, would out compete the young trees. A regime of hand cutting, mechanical topping and spraying has been implemented to deal with the problem. Bramble has also become an issue in many of the re-stock sites and hand cutting has been employed to arrest this. In addition, the conifer guards have also been removed at these sites to avoid future ‘wind-blow’ which became a problem in the other conifer plantations across the site.
Disease continues to be a threat to the development of the Charity’s woodlands and the staff carry out continual monitoring to identify and mitigate potential issues. In particular at Cyffin the pine plantation in Phase I has been brashed to increase airflow and guard against Red Band Needle Blight.
Alongside all this the search has continued for a new Estate to afforest but no suitable candidates have yet been found.
The Charity has also carried out a range of operations designed to enrich the existing woodland and adjoining countryside and improve the environment by the protection and management of new and existing habitats. These are outlined below:
At Broom Hill
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. The thinning programme has been intensified in the more mature plantations to promote the development of these areas and increase biodiversity;
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. A sensitive grassland management regime, drawn up by the Charity’s ecologist and designed to enhance the flora and fauna within the areas used for grazing, has been followed;
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. The rare breed dexter cattle herd has been maintained;
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. A batch of nesting boxes were constructed and erected across the Estate to provide additional sites for farm and woodland birds;
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. The autumn/winter hedge cutting operation was amended to more sensitive rotational cutting where some hedges are left uncut for the season. This promotes flowering and fruiting of the hedgerow plants; and
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. Wildflower areas were left over the winter to provide a food source for farmland birds.
At Cyffin
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. Approximately 300 metres of additional hedges were planted across the Estate; . Various older conifer compartments at Dolanog were brashed and lightly thinned; . Two new strips of perennial wildflowers, amounting to approximately 600 sqm, were sowed to create food sources for birds and insects;
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. A placement student was employed on a 12 month contract from the Scottish School of Forestry to provide additional labour; and
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. Sensitive management of the grassland areas has been carried out to specifically target an increase in the butterfly population.
The Charity has provided opportunities for the peaceful enjoyment and appreciation by the public of the woodlands and the adjacent countryside by:
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. Giving tours of both Estates to the Royal Forestry Society and its members; . Maintaining the extensive network of both public and permissive paths across the Broom Hill Estate;
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. Ensuring that public rights of way at Cyffin are well maintained and accessible; . Providing members of the public with a car park at Broom Hill from which they can access the various rights of way that cross the Estate.
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WILL WOODLANDS COUNCIL'S REPORT
Review of the Financial Position and Results of the Year
The Charity's principal source of funding is its investment portfolio. The net surplus on the Unrestricted Funds, before transfers, totalled £101,434 (2020 : £55,186 deficit). The increase in the Expendable Endowment during the year was £2,657,021 (2020 : decrease £1,162,368 before transfer). The total net increase in funds was £2,758,455 (2020 : decrease £1,217,554). The performance of the charity's investments was slightly above the agreed benchmark.
The Council has reviewed the investment transactions and financial position to ensure that all investments held by the Charity have been acquired in accordance with the powers available to the trustees as laid down by The Memorandum of Association and the investment policy adopted by Council.
Investment Policy
In accordance with the Memorandum of Association, the charity has power to invest monies not immediately required for its purposes in or upon such investments, securities or property as may be thought fit, subject to such conditions (if any) as may for the time being be imposed by law.
The policy of the Charity is that the funds be invested in a balanced portfolio of securities, including fixed interest securities and UK and overseas equities, in such proportions as is appropriate to economic and investment conditions at any given time. No investment is to be made in derivatives or in securities not quoted on a recognised stock exchange. The Charity accepts a medium degree of risk in its investment portfolio.
The primary investment objective is a secure and growing combination of income with capital appreciation, maximising the overall rate of return in so far as this is consistent with maintaining a prudent and balanced investment exposure.
The Charity has engaged Sarasin & Partners to act as fund manager on its behalf. The fund manager has complete discretion as to the selection of individual investments, the timing of sales and purchases and the proportion of the portfolio held at any time in cash on deposit. The manager may not commit the Charity to sub-underwriting any issue or offer for sale of investments.
Fundraising
The charity's income is primarily from investments and woodland grants. No fundraising activity is undertaken.
Reserves Policy
In view of the Charity's principal activity described above the main requirement is to budget expenditure based on the conservation and afforestation projects being carried out. The members of the Council believe that, with the level of income and the ability to meet any shortfall by transfers from the Expendable Endowment, it is unnecessary to maintain any fixed amount of Unrestricted Funds
Reserves held at the year end were £101,434 of unrestricted reserves (2020: £Nil) and the expendable endowment of £28,886,313 (2020 : £26,229,292)
Going Concern
The Board of Trustees is of the opinion that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties regarding the Trust's ability to do so.
Plans for the Future
Further ecologically focussed works are planned at Broom Hill over the next 12 months. These include: establishing additional wildflower areas in the maintenance strips and the small field adjacent to the A35; creating a new ‘herbal ley’ in the field reserved for silage making and; undertaking a regime of ‘cut and collect’ mowing with a specialist machine on other wildflower areas across the Estate. Silvicultural thinning will continue and in order to speed up this operation a small harvesting machine will be purchased. An association has been forged with Kingston Maurwood College whereby courses will be run on the Estate and students given the opportunity to work on the site. The other essential silvicultural operations such as spraying, pruning and guard removal will continue and public access via the public and permissive paths will be maintained.
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WILL WOODLANDS COUNCIL'S REPORT
Plans for the Future (cont)
Work at Cyffin will focus on the successful establishment of the plantations at Dolanog along with those that have been re-stocked following felling. Coupled with that significant attention will again be directed towards the removal of tree guards from the remaining areas with Phases I and II. Further wildflower planting is planned and those existing areas will be managed to ensure the perennial flowers succeed and provide a food source for a range of birds and insects. Sympathetic ride management will continue to create habitat for ground nesting birds and other invertebrates.
The Charity will continue to search for a new Estate to purchase and afforest.
Statement of Trustees' Responsibilities
Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. Under company law Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company, and of its surplus or deficit for that period. In preparing those financial statements, Trustees are required to:
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a. select suitable accounting policies and then apply them consistently.
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b. make judgements and estimates that are reasonable and prudent.
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c. state whether applicable accounting standards have been followed, subject to any significant changes being disclosed and explained in the financial statements.
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d. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the activities of the charitable company will continue.
Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. Trustees are also responsible for safeguarding the assets of the charitable company and for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The members of Trustee Board who held office at the date of approval of this annual report confirm that:
So far as we are aware, there is no relevant audit information, needed by the company's auditors in connection with preparing their report, of which the company's auditors are unaware; and we have taken all the steps that ought to have been taken as directors of the charitable company in order to make ourselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Approved by the board of trustees on 25 November 2021 and signed on its behalf by:
R Foley
............................................................................
Trustee
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WILL WOODLANDS
Opinion
We have audited the financial statements of Will Woodlands for the year ended 31 March 2021, which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cashflows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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. give a true and fair view of the state of the charitable company's affairs as at 31 March 2021 and of the charitable company's net movement in funds, including the income and expenditure, for the year then ended;
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. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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.
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Trustees' Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
. the information given in the Trustees' Annual Report (which incorporates the directors' report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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. the Trustees' Annual Report (which incorporates the directors' report) has been prepared in accordance with applicable legal requirements.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WILL WOODLANDS
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Annual Report (which incorporates the directors' report).
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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. adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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.
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.
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.
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the charitable company financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees for the financial statements
As explained more fully in the trustees' responsibilities statement set out on page 6, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the 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 charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The extent to which the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
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. we identified the laws and regulations applicable to the charitable company through discussions with trustees and their professional advisers, and from our commercial knowledge and experience of Charity sector;
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. we focused on key laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Charity law, Company law and tax legislation; and
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. we also considered those laws and regulations that do not have a direct effect on the financial statements but which may be fundamental to the charitable company’s ability to operate or avoid a material penalty. These included Charity Commission for England & Wales regulations.
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. we assessed the extent of compliance with the laws and regulations identified above through making enquiries of trustees and their agents responsible for maintaining the charity’s accounting records; and
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. identified laws and regulations were communicated within the audit team and the team remained alert to instances of non-compliance throughout the audit.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WILL WOODLANDS
Auditor's responsibilities for the audit of the financial statements (con.t)
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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. making enquiries of trustees and their agents responsible for maintaining the charitable company’s accounting records as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
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. considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
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To address the risk of fraud through management bias and override of controls, we:
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. performed analytical procedures to identify any unusual or unexpected relationships;
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. tested and reviewed the nominal ledger entries, including journal entries, to identify unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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. agreeing financial statement disclosures to underlying supporting documentation;
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.
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reading the minutes of trustee meetings;
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. enquiring of trustees and their agents responsible for maintaining the charity’s accounting records as to actual and potential litigation and claims;
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. reviewing legal and professional fee invoices for indications of actual or potential disputes and claims; and . enquiring whether there was any non-routine correspondence with regulatory bodies including HM Revenue & Customs and the Charity Commission in England & Wales.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilties for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our audiotrs report.
Use of this report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
David Lyons BSc FCA (Senior Statutory Auditor) 1 Printing House Yard for and on behalf of Leonard Jones & Co London E2 7PR Chartered Accountants and Statutory Auditors
Date: 15 December 2021
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WILL WOODLANDS
STATEMENT OF FINANCIAL ACTIVITIES (Incorporating a Summary Income & Expenditure Account) FOR THE YEAR ENDED 31 MARCH 2021
| Note Unrestricted Expendable Funds Endowment £ £ INCOME Income from investments 4 367,458 - Income from deposit interest 618 - Income from Charitable Activities: Income from rents receivable 47,780 - Income from woodland grants 169,174 - Other Income Sundry receipts 16,672 - Total Income 601,702 - EXPENDITURE ON Raising funds 3 - 69,561 Charitable activities 2 (a) 500,268 - Total Expenditure 500,268 69,561 Net income/(expenditure) before gains and losses on investments 101,434 (69,561) Other recognised (losses)/gains: Net gains/(losses) on investments - 2,726,582 Net Income/(Expenditure) 101,434 2,657,021 Gross transfers between funds: Transfer 8 - - NET MOVEMENT IN FUNDS 8 101,434 2,657,021 Fund balances brought forward at 1 April 2020 - 26,229,292 Fund balances carried forward at 31 March 2021 8 101,434 28,886,313 |
2021 Total £ 367,458 618 47,780 169,174 16,672 601,702 69,561 500,268 569,829 31,873 2,726,582 2,758,455 - 2,758,455 26,229,292 28,987,747 |
2020 Total £ 375,079 2,742 60,328 130,689 18,930 587,768 63,718 636,544 700,262 (112,494) (1,105,060) (1,217,554) - (1,217,554) 27,446,846 26,229,292 |
|---|---|---|
All transactions are derived from continuing activities. All recognised gains and losses are included in the Statement of Financial Activities The Statement of Recommended Practice requires the company to produce a summary income and expenditure account in addition to the Statement of Financial Activities. The figures in the "Unrestricted Funds" column down to the Net Income/(Expenditure) provide the summary income and expenditure account and the net income of £101,434 (2020 : £55,186 deficit).
The notes on pages 14 to 20 form part of these accounts
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WILL WOODLANDS
BALANCE SHEET AS AT 31 MARCH 2021
| Note £ FIXED ASSETS Tangible fixed assets 4 Investments 4 CURRENT ASSETS Stocks 5 Debtors 6 Cash at bank and on deposit Creditors: Amounts falling due within one year Creditors 7 NET CURRENT ASSETS TOTAL NET ASSETS THE FUNDS OF THE CHARITY Expendable Endowment 8 Unrestricted Funds 8 TOTAL CHARITY FUNDS |
2021 £ 950 61,310 324,524 386,784 53,436 53,436 |
£ 8,122,906 20,531,493 28,654,399 333,348 28,987,747 28,886,313 101,434 28,987,747 |
2020 £ 950 130,396 236,376 367,722 63,946 63,946 |
8,117,810 17,807,706 25,925,516 303,776 26,229,292 26,229,292 - 26,229,292 |
|---|---|---|---|---|
Approved by the board of trustees on 25 November 2021 and signed on its behalf by
R Foley
............................................................................ Trustee
The notes on pages 14 to 20 form part of these accounts. The Registered Company No. is 2933319.
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WILL WOODLANDS
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021
| Notes 2021 £ Cash (used in) operating activities a Cashflows from investing activities: Dividends received 367,458 Interest received 618 Purchase of tangible fixed assets (50,007) Purchase of fixed asset investments (3,582,534) Sale of fixed asset investments 3,585,329 Proceeds on disposal of tangible fixed assets 22,100 Increase/(Decrease) in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents carried forward b |
2020 £ £ £ (254,816) (468,289) 375,079 2,742 (86,238) (4,440,153) 4,375,873 9,443 342,964 236,746 88,148 (231,543) 236,376 467,919 324,524 236,376 |
|---|---|
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WILL WOODLANDS
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Notes to the Statement of Cashflows | |||
| a | Reconciliation of net income/expenditure | ||
| to | |||
| Net cashflow from operating activities | |||
| Net income/(expenditure) | 31,873 | (112,494) | |
| Dividends received | (367,458) | (375,079) | |
| Interest received | (618) | (2,742) | |
| Depreciation | 35,646 | 36,953 | |
| (Decrease)/Increase in creditors | (10,510) | 22,793 | |
| Decrease/(Increase) in debtors | 69,086 | (31,310) | |
| (Profit) on disposal of Fixed Assets | (12,835) | (6,410) | |
| (254,816) | (468,289) | ||
| b | Analysis of cash and cash equivalents | 2021 | 2020 |
| £ | £ | ||
| Cash at Bank | 324,524 | 236,376 |
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WILL WOODLANDS NOTES TO THE FINANCIAL STATEMENTS
1 Significant Accounting Policies
(a) Basis of preparation
The financial statements have been prepared in accordance with Charities Statement of Recommended Practice (FRS 102) (second edition), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Will Woodlands meets the definition of a public benefit entitiy under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note (s). The Council members do not consider that there are any areas of estimation uncertainty or judgement at the reporting date. The Charity is a charitable company limited by guarantee registered in England and incorporated on 23 May 1994. It's Company number is 293319 and its charity registration number is 1038274. The registered office is 66 Lincoln's Inn Fields WC2A 3LH.
(b) Going concern
The Trustees consider there are no material uncertainties about the Charity's ability to continue as a going concern. The review of our financial position, reserves level and future plans gives Trustees confidence the charity remains a going concern for the foreseeable future.
(c) Investments and gains
Investments are stated at their fair value on the last day of trading before year end. Gains and losses on investment assets and on fixed assets for Charity use form part of the Expendable Endowment Fund.
- (d) Income
Income represents total income receivable during the year comprising rents, farm sales, investment income and other sundry income. The woodland grants received during the year were paid by the Rural Payments Agency, part of DEFRA and the Forestry Commission and are recognised when the charity is entitled to the income, the amount can be measured reliably and there is probability of receipt.
(e) Expenditure
The costs relate to the running of the farm and woodland projects. Support costs relate to overhead expenses directly attributable to the activities.
(f) Tangible fixed assets and depreciation
All tangible fixed assets are stated at cost less depreciation and are depreciated at the following rates per annum:Tractors, combines and Motor Vehicles 20.00% Reducing balance Plant and machinery 20.00% Reducing balance Equipment 20.00% Reducing balance Fencing 6.67% Straight line Only assets costing above £1,000 are capitalised.
The company does not depreciate freehold property as the Council considers it to have an indefinitely long life and each year Council carries out an informal valuation of the land in conjunction with the land agents which has resulted to date in there being no indication in the land becoming impaired and therefore a full impairment review has not been required in accordance with Section 12 of the SORP and FRS 102.
(g) Stock
Stock is stated at the lower of cost and net realisable value. Cost includes transport costs incurred in bringing the stock to its present location.
(h) Bank interest receivable
Bank interest receivable is included in the Statement of Financial Activities for the period to which such income relates.
(i) Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
- (j) Cash at bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
(k) Creditors and provisions
Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
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WILL WOODLANDS NOTES TO THE FINANCIAL STATEMENTS
| 2 Expenditure (a)Analysis Note Staff Costs Other Depreciation £ £ £ Direct charitable expenditure: Farm, land management and woodland expenditure 181,855 220,800 35,646 Support costs Accountancy - 40,000 - VAT advice - - - Legal & professional - 14,617 - Other - 350 - - 54,967 - Other expenditure: Governance Costs Audit - 7,000 - Council expenses - - - - 7,000 - 181,855 282,767 35,646 Support and Governance costs directly support the activities of the charity. (a)Analysis Note Staff Costs Other Depreciation £ £ £ Direct charitable expenditure: Farm, land management and woodland expenditure 194,916 344,583 36,951 Support costs Accountancy - 40,000 - VAT advice - - - Legal & professional - 10,872 - Other - 285 - - 51,157 - Other expenditure: Governance Costs Audit - 6,800 - Council expenses - 2,137 - - 8,937 - 194,916 404,677 36,951 |
2021 Total £ 438,301 40,000 - 14,617 350 54,967 7,000 - 7,000 500,268 2020 Total £ 576,450 40,000 - 10,872 285 51,157 6,800 2,137 8,937 636,544 |
2020 Total £ 576,450 40,000 - 10,872 285 51,157 6,800 2,137 8,937 636,544 |
|---|---|---|
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WILL WOODLANDS NOTES TO THE FINANCIAL STATEMENTS
2 Expenditure (cont)
Staff Costs
| Labour (including casuals) Pension costs |
2021 £ 173,175 8,680 181,855 |
2020 £ 185,965 8,951 |
|---|---|---|
| 194,916 |
The average number of employees for the year was 5 (all full time working on the charity's estates) (2020 : 5)
There were no employees with emoluments above £60,000 (2020 : None)
The employers NI costs for the year and shown under labour costs above are £12,643 (2020 : £13,881)
(b) Details of Certain Charges
The figures in (a) above include:
- Council Members' emoluments and reimbursed expenses.
Members are reimbursed for out of pocket expenses such as indemnity insurance, mileage, stationery and telephone calls. No remuneration is paid either directly or indirectly to the members for their services as trustees. During the year the following expenses were reimbursed:
| Mr McDonald Mr Barnett Mr Foley Mr J Davenport |
2021 £ - - - - - |
2020 £ 595 656 443 443 |
|---|---|---|
| 2,137 |
-
Auditors' remuneration of £7,000 (2020: £6,800).
-
There are no related party transactions other than those stated above.
| 3 Raising Funds Investment management fees |
2021 £ 69,561 69,561 |
2020 £ 63,718 |
|---|---|---|
| 63,718 |
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WILL WOODLANDS NOTES TO THE FINANCIAL STATEMENTS
4 Fixed Assets
Tangible fixed assets held for the Charity's use
The long-term intention is to convert or maintain all acquired land into or as woodlands in accordance with the charitable objects. In the short-term some land is held for farming or other purposes until such conservation, restoration or establishment of trees can be effected.
Freehold property has not been depreciated in accordance with the accounting policy at note 1f.
| Plant | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Freehold | & | ||||||||
| Property | Vehicles | Machinery | Equipment | Fencing | Total | ||||
| £ | £ | £ | £ | £ | £ | ||||
| Cost | |||||||||
| At 1 April 2020 | 7,906,112 | 63,885 |
301,884 | 8,766 | 345,484 |
8,626,131 | |||
| Additions | 31,878 | - |
18,129 | - | - |
50,007 | |||
| Disposals | - | (593) |
(36,857) | - | - |
(37,450) | |||
| At 31 March 2021 | 7,937,990 | 63,292 |
283,156 | 8,766 | 345,484 |
8,638,688 | |||
| Depreciation | |||||||||
| At 1 April 2020 | - | 58,580 |
245,681 | 8,674 | 195,386 |
508,321 | |||
| Charge for year | - | 985 |
13,307 | - | 21,354 |
35,646 | |||
| Disposals | - | - |
(28,185) | - | - |
(28,185) | |||
| At 31 March 2021 | - | 59,565 |
230,803 | 8,674 | 216,740 |
515,782 | |||
| Net Book Value | |||||||||
| At 31 March 2021 | 7,937,990 | 3,727 |
52,353 | 92 | 128,744 |
8,122,906 | |||
| At 1 April 2020 | 7,906,112 | 5,305 |
56,203 | 92 | 150,098 |
8,117,810 |
Investments
The charity's investments are held to the order of Sarasin & Partners LLP Clients' Account by the Bank of New York Mellon, either in the name of their nominee company or in safe custody or to their order by overseas agents. Investments are revalued by reference to market values as at 31 March 2021.
| Investments (held as fixed assets) comprise the following: UK listed investments at market value Overseas investments at market value Cash held as part of the investment portfolio |
2021 £ 12,279,537 8,067,057 20,346,594 184,899 20,531,493 |
2020 £ 11,477,450 5,765,275 |
|---|---|---|
| 17,242,726 564,981 |
||
| 17,807,706 |
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WILL WOODLANDS NOTES TO THE FINANCIAL STATEMENTS
| 4. Fixed Assets (continued) Market value of all investments at 1 April 2020 Additions at cost Net gain/loss on revaluation at 31 March 2021 Less: disposals proceeds Less: gain/(loss) on sale of investments Market value at 31 March 2021 Historic cost of listed investments (including cash held) |
2021 £ 17,807,706 3,582,534 2,375,342 (3,585,329) 351,240 20,531,493 17,522,347 |
2020 £ 18,848,486 4,440,153 (995,269) (4,375,873) (109,791) 17,807,706 16,852,722 |
|---|---|---|
All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).
The significance of financial instruments to the ongoing financial sustainability of the Trust is considered in the financial review and investment policy and performance sections of the Trustees’ Annual Report.
| Investment Income UK listed investments Overseas investments 5. Stocks Livestock 6. Debtors Grants receivable Other debtors VAT recoverable 7. Creditors Due within one year Trade creditors Other creditors and accruals |
2021 £ 286,837 80,621 367,458 2021 £ 950 950 2021 £ 56,360 1,925 3,025 61,310 2021 £ 29,153 24,283 53,436 |
2020 £ 265,162 109,917 375,079 2020 £ 950 950 2020 £ 113,370 14,863 2,163 130,396 2020 £ 57,146 6,800 63,946 |
|---|---|---|
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WILL WOODLANDS NOTES TO THE FINANCIAL STATEMENTS
| 8. Reconciliation of funds Expendable Endowment Balance Bought Forward Increase/(decrease) in funds for the year Balance at 31 March 2021 Unrestricted Funds Balance at 1 April 2020 Movement in funds for the year Balance at 31 March 2021 |
2021 £ 26,229,292 2,657,021 28,886,313 - 101,434 101,434 |
2020 £ 27,446,846 (1,217,554) 26,229,292 - - - |
|---|---|---|
Unrestricted funds comprise accumulated surpluses and deficits on general funds. All funds are available for use at the discretion of the Council in furtherance of general charitable objects. Transfers from the expendable endowment are made to the unrestricted fund to cover income deficits when appropriate.
9 Analysis of Balance Sheet Net Assets by Funds
| Expendable Unrestricted Endowment Fund £ £ Fixed assets 28,654,399 - Current assets 231,914 154,870 Current liabilities - (53,436) Net assets 28,886,313 101,434 |
Total £ 28,654,399 386,784 (53,436) 28,987,747 |
|---|---|
In 2020 net assets were held in the expendable endowment fund.
10. Share Capital
The company is limited by guarantee and has no share capital. The liability of the members is limited to the sum of £1 per member.
11. Taxation
The charity is exempt from corporation tax as all its income is applied for charitable purposes.
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WILL WOODLANDS NOTES TO THE FINANCIAL STATEMENTS
| 12. Prior Year Statement of Financial Activities Unrestricted Expendable Funds Endowment £ £ INCOME Income from investments 375,079 - Income from deposit interest 2,742 - Income from Charitable Activities: Income from farming - Income from rents receivable 60,328 - Income from woodland grants 130,689 - Other Income Sundry receipts 12,520 - Profit on sale of fixed assets Adjustment from prior year sales 6,410 Total Income 581,358 6,410 EXPENDITURE ON Raising funds - 63,718 Charitable activities 636,544 - Total Expenditure 636,544 63,718 Net (expenditure) before gains and losses on investments (55,186) (57,308) Other recognised gains: Net losses on investments - (1,105,060) Net (Expenditure (55,186) (1,162,368) Gross transfers between funds: Transfer 55,186 (55,186) NET MOVEMENT IN FUNDS - (1,217,554) Fund balances brought forward at 1 April 2019 - 27,446,846 Fund balances carried forward at 31 March 2020 - 26,229,292 |
Total £ 375,079 2,742 - 60,328 130,689 12,520 6,410 587,768 63,718 636,544 700,262 (112,494) (1,105,060) (1,217,554) - (1,217,554) 27,446,846 26,229,292 |
|---|---|
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