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2023-03-31-accounts

Page
Reference and administrative details ofthe Company, its Trustees and advisers
Trustees'
report		 2-18
Independent auditors'
report		 on the financial statements 19-22
Consolidated statement
offinancial		 activities
Consolidated balance sheet 24-25
Company
balance sheet		 26-27
Consolidated statement
ofcash flows		 28
Notes to the financial statements 29-56
Trustees PJ Faulkner PJ Faulkner
Ms DJ Hassall
G Johnston
RWallace
J C Thelwall
RJ Calvert OBE
R G Ellis
Cllr S Clark (appointed 30 May 2023)
CSAustin
SWilliams (resigned 31 March 2023)
S I G Dixon (resigned 4 May 2023)
Company registered
number 03462405
Charity registered
number 1069229
Registered office The Forest Centre, Martson Moretaine
Bedford
MK43 OPR
Company secretary J Russell and G Sorrell
Chief executive officer J Russell and G Sorrell
Independent auditors Hillier Hopkins LLP
Chartered
Accountants
Statutory Auditor
249 Silbury Boulevard
Milton Keynes
MK9 1NA
Bankers National Westminster Bank pic
National Westminster House
Trinity Gardens
9-11 Bromham Road
Bedford
MK40 2UQ
Solicitors Woodfines LLP
6 Bedford Road
Sandy
Beds
SG191EN

Fund Purpose offund Objective Risk
C'ash
buffer
reseNe		 for
emergencies. '
General Purpo.se Maximise income & capital value Lower-medium risk
Ongoing
income
meets		 day to
day expenses.
Capital Projects
*,,		 . '
'
.
,
Capital
expenditure,
p'lans
next t;5 years		 for the, 'Match time,hoii2on of1-5y'ears Lower-, medium, risk
I
Meeting
the
co's'ts
.:i'nc'urred		 iri Maintain an'd
giow		 the capital
value
Specific
(restricted		 Use'~
'
'
funds)		 establishing
woodland's,
and
maintaining
them
.for"25,years		 of these
restricted
annual
requireme'nt		 'funds.
560,000
'from
year
3		 ,Medium risk-
from inception
.		 onwards
Woodland
Endowment
(designated, fur'id)		 To
previde
an
incom'e
to
mairitain
weodlands',
aRer
expiration
of the
initial
25
establishment
period:::		 help
the
year
'
'		 To
maintain"
'a'nd
grow
the 'capital'
value
of
this
'long-'term
fund
to
achieve a capital
value of F1,million
over ten years'(20~28)		 M~,.„'
edium		 risk

Long-term Long-term Long-term
Investment asset Ranges Benchmark indices
allocation (%)
F.ixed income, , ; '17.5 . 10'.-'30
UK government bonds 12.0 FTSEActuaries
All Stock Gilts
UK coiporate. 'bonds 5.5 "ICEBofA ML Sterling. 'Corpor'ate aonds
Total equities
LIK		 70.0
50 - 75
30.0:
' '::,; '::;: .		 'FlSE,All 6ham
I' | 1
Overseas 40.0 FTSE All World ex UK
Alternatives
...,,		 0 0 20 50% FTSE Actuar'ies
UK Conventional
u'p to five years. / 50%'FTSE All Share		 Giits
Cash 2.5 0-15 UK interbank 1 week
' We have determined to use a composite of50% IBoxx F. Gilt 1-5years and 50% MSCI AC World index (ACWI) for this portion as we are
allocating
to alternatives		 which we believe
have the		 characteristics
of equity		 like returns
and		 bond like volatility snd therefore this most
closely represents the stthbutes ofthe underlying vehicles
Performance of the overall porffolio
will		 be monitored
against		 its target ofCPI inflation plus 3.5% p.a. net offees,
the composite of market indices (as shown above) and the ARC Steady Growth
Charities
corn		 Index.
General Purpose and Capital Projects Funds:
Investment Long term
allocation		 asset
Ranges		 Benchmark
indices
(%) 0/
Fixedinterest. ' '. 35 15&5
UK government bonds 25 iBoxx2 UK Gilts 1-10
UK corporate bonds 10.0 iBoxxSter'ling
Non Gilt
Tota Iequities 40
UK 25 Min 15 MSCI UK Large
panies		 8 Medium sized
Overseas 15 Min 5 MSCI AC World ex UK
Alternatives
(including		 'property) 20 0-36 Custom
alternatives		 benchmark'
Cash 5.0 0-20 Bank of England Base Rate

Unrestricted Restricted Total Total
funds funds funds funds
Note 2023f 2023f 2023
E		 2022
Income from:
Donations
and legacies		 590,916 1,000 591,916 493,809
Charitable
activities		 1,925,809 1,925,809 1,276,374
Other trading
activities		 994,541 994,541 1,079,358
Investments 57,070 71,824 128,894 106,388
Other income 41,225
Total income 1,642,527 1,998,633 3,641,160 2,997,154
Expenditure
on:
Raising funds 9 908,693 346 909,039 852,054
Charitable
activities		 10 621,723 1,532,368 2,154,091 1,312,043
Total expenditure 1,530,416 1,532,714 3,063,130 2,164,097
Net income before net (losses)/gains
on investments 112,111 465,919 578,030 833,057
Net (losses)/gains on investments (165,645) (201,031) (366,676) 211,124
Net (expenditure)fincome (53,534) 264,888 211,354 1,044,181
Transfers
between		 funds 23 (2,685) 2,685
Net movement
in		 funds before other
recognised
gains/(losses)		 (56,219) 267,573 211,354 1,044,181
Other recognised gains/(losses):
Actuarial gains/(losses) on defined
benefit pension schemes 29 63,750 63,750 (63,750)
Net movement
in		 funds 7,531 267,573 275,104 980,431
Reconciliation
of		 funds:
Total funds
brought		 forward 3,330,689 12,873,082 16,203,771 15,223,340
Net movement
in funds		 7,531 267,573 275,104 980,431
Total funds carried forward 3,338,220 13,140,655 16,478,875 16,203,771

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2023
2023 2022
Note E
Fixed assets
Tangible assets 16 10,229,442 10,275,709
investments 17 4,059,500 4,452,779
14,288,942 14,728,488
Current assets
Stocks 18 27,683 24,707
Debtors 19 1,237,590 855,181
Cash at bank and in hand 1,540,230 1,087,254
2,805,503 1,967,142
Creditors: amounts falling due within one
year 20 (603,589) (416,672)
Net current assets 2,201,914 1,550,470
Total assets less current liabilities 16,490,856 16,278,958
Creditors: amounts falling due after more
than one year 21 (1,895) (1,855)
Provisions
for liabilities		 22 (10,086) 11,668
Net assets excluding pension asset1
liability 16,478,875 16,288,771
Defined benefit pension scheme asset I
liability 29 (85,000)
Total net assets 16,478,875 16,203,771
Charity funds
Restricted
funds		 23 13,140,655 12,873,082
Unrestricted
funds		 23 3,338,220 3,330,689
Total funds 16,478,875 16,203,771

COMPANY BALANCE SHEET COMPANY BALANCE SHEET
AS AT 31 MARCH 2023
2023 2022
Note F
Fixed assets
Tangible assets 16 10,189,097 10,225,276
Investments 17 4,059,502 4,452,781
14,248,599 ', ' 14,678,05?
Current assets
Debtors 19 1,539,666 1,226,585
Cash at bank and in hand 1,377,467 972,349
2,917,133 2,198,934
Creditors: amounts falling due within one
year 20 (490,346) (478,093)
Net current assets 2,426,787 1,720,841
Total assets less current liabilities 16,675,386 16,398,898
Total net assets 16,675,386 16,398,898
Charity funds
Restricted funds 23 13,140,655 12,873,082
Unrestricted
funds
Designated
funds		 23 807,249 807,249
General funds 23 2,727,482 2,718,56?
Total unrestricted funds 23 3,534,731 3,525,816
Total funds 16,675,386 16,398,898

2023 2022
Cash flows from operating
activities
Net cash used
in operating
activities,		 455,825 334,762
Cash flows from investing
activities
Dividends, interests
and rents from investments		 17,573, /2,571
Proceeds from the sale oftangible fixed assets 50
Purchase oftangible
fixed assets		 (47,025) (240,969)
Proceeds from sale of investments 823,150 306,502
Purchase of investments (796,547) (269,976)
Net cash used in investing
activities		 (2,849) (191,822)
Change in cash and cash equivalents in the year 452,976 142,940
Cash and cash equivalents
at the beginning		 ofthe year 1,087,254 944,314
Cash and cash equivalents
at the end of		 the year 1,540,230 1,087,254
The notes on pages 29 to 56 form part ofthese financial statements

Unrestricted Restricted Total
funds funds funds
2023 2023f 2023
Donations 590,916 1,000 591,916
Unrestricted Totai
funds funds
2022 2022
Donations 493,809 493,809
5. Income from charitable activities
Restricted Total
funds funds
2023 2023
E E
Creation ofcommunity woodland 1,925,809 1,925,809
Restricted Totai
funds funds
2022 2022
Creation ofcommunity woodland 1,276,374 1,276,374

Unrestricted Total
funds funds
2023 2023
E
Royalties and rents receivable from the extraction of minerals under licence
fees 22,396 22„396
Miscellaneous income 355 355
Wind turbine income 97,536 97,536
120,287 120,287
Unrestricted Tote/
funds funds
2022 2022
Royalties and rents receivable from the extraction of minerals. under licence
fees 80,665 80,665
Miscellaneous income /,905 1,905
Wind turbine income 52,942 52,942
135,512 135,5'/2
Income from non charitable trading activities
Unrestricted Total
funds funds
2023 2023
Marston Vale Services trading as The Forest Centre Limited 737,948 737,948
Marston Vale Farms Limited 136,306 136,306
874,254 874,254

Income from non charitable
trading
activities (continued)
Unrestricted Total
funds funds
2022 2022
Marston Vale Services trading as The Forest Centre Limited 579,736 579,736
Marston Vale Farms Limited 364,109 364, 'l 09
943,845 943,845

Unrestricted Restricted Total
funds funds funds
2023f 2023 2023
f.
Rents received and licence fees 13,000 13,000
Investment income for charity 44,070 71,824 115,894
57,070 71,824 128,894
Unrestricted Restricted Total
funds funds funds
2022 2022 2022
Rents received and licence fees 12,'500 12,500
Investment income for charity 32,123 61,764 93,887
44,623 61,764 106,387

Unrestricted Total
funds funds
2022 2022
Government grants receivable 4f,225 4f,225

Unrestricted Restricted Total
funds funds funds
2023 2023 2023
F E
Other costs 77,404' 346 77,750
Wages and salaries 22,400 22,400
National Insurance costs 2,597 2,597
102,401 346 102,747

Unrestricted Restricted Total
funds funds funds
2022 2022 2022
Other costs 90,725 829 91,554
.Wages and salaries 25,656 25,656
National Insurance costs 2,124 2,124
118,505 829 119,334

Unrestricted Total
funds funds
2023 2023
F E
Marston Vale Services trading as The Forest Centre Limited costs 330,038 330,038
Marston Vale Farms Limited costs 14,680 14,680
Subsidiary staft costs 451,488 451,488
Subsidiary depreciation 10,086 10,086
806,292 806,292

Unrestricted Total
funds funds
2022 2022
Marston Vale Services trading as The Forest Centre Limited costs 272,294 272,294
Marston Vale Farms Limited costs 45,662 45,662
Subsidiary staff costs 402,155 402,155
Subsidiary depreciation 12,609 12,609
732,720 732,720

Unrestricted Restricted
funds funds Total
2023
E		 2023
f		 2023
Creation of community woodland 621,723 1,532,368 2,154,091
Unrestricted Restricted
funds funds Total
2022 2022 2022
Creation of community woodland 502,404 809,639 1,312,043

Staff costs Depreciation Other costs Total
2023 2023 2023 2023
E F
Creation ofcommunity woodland 394,454 83,205 1,676,432 2,154,091
Staffcosts Depreciation Other costs Totai
2022 2022 2022 2022
Creation ofcommunity woodland 302,668 80,132 929,243 1,312,043
11. Analysis ofexpenditure by activities
Activities
undertaken Support Total
directly costs funds
2023 2023 2023
E E
Creation of community woodland 2,093,730 60,361 2,154,091
Activities
undertaken Support Totai
directly costs funds
2022 2022 2022
Creation of community woodland 1,252,056 59,987 1,312,043
I

Creation of
community Total
woodland funds
2023 2023
E
Staff costs 357,377 357,377
Depreciation 83,205 83,205
Grants, tree sponsorship and similar incoming resources 1,653,148 1,653,148
2,093,730 2,093,730
Creation ot
community Total
woodland funds
2022 .2022
Staff costs 268,455 268,455
Depreciation 80,132 80,132
Grants, tree sponsorship and similar incoming resources 903,469 903,469
1,252,056 1,252,056
Analysis of support costs
Creation of
community Total
woodland funds
2023 2023f
Governance costs 60,361 60,361

Analysis
of		 support costs (continued)
Creation ol
community Total
woodland funds
2022 2022
Governance costs 59,987 59,987

Group Group Company Company
2023 2022 2023 2022
F
Wages and salaries 786,504 662,910 362,816 281,942
Social security costs 55,399 44,058 39,206 29,765
Contribution to defined contribution pension
schemes 29,036 25,636 17,429 18,742
870,939 732,604 419,451 330,449
Group Group
2023 2022
No. No.
Total employees 55 53

Other Forest Other
Freehold Centre and Fixtures and
and Millennium Fittings,
Leasehold Country Motor Plant and
Land Park vehicles
E		 Equipment Totalf
Cost or valuation
At 1 April 2022 4,885,283 7,269,429 34,229 78,566 12,267,507
Additions 39,903 7,122 47,025
At 31 March 2023 4,885,283 7,309,332 34,229 85,688 12,314,532
Depreciation
At 1 April 2022 1,901,213 29,481 61,105 1,991,799
Charge for the year 88,418 1,187 3,686 93,291
At 31 March 2023 1,989,631 30,668 64,791 .2,085,090
Net book value
At 31 March 2023 4,885,283 5,319,701 3,561 20,897 10,229,442
At 31March 2022 4,885,283 5,368,216 4,748 17,461 10,275,708

Other Forest Other
Freehold Centre and Fixtures and
and Millennium Fittings,
Leasehold Country Motor Plant and
Land Park vehicles Equipment Total
E F E E E
Cost or valuation
At 1 April 2022 4,885,283 7,176,870 34,229 78,566 12,174,948
Additions 39,903 7122 47,025
At 31 March 2023 4,885,283 7,216,773 34,229 85,688 12,221,973
Depreciation
At 1 April 2022 1,859,086 29,481 61,105 1,949,672
Charge for the year 78,331 1,187 3,686 83,204
At 31 March 2023 1,937,417 30,668 64,791 2,032,876
Net book value
At 31 March 2023 4,885,283 5,279,356 3,561 20,897 10,189,097
At31March 2022 4,885,283 5,317,784 4,748 17,461 10,225,276

Listed
securities
Group E
Cost or valuation
At 1 April 2022 4,452,779
Additions 796,547
Disposals (823,150)
Revaluations (366,676)
At 31 March 2023 4,059,500
Net book value
At 31 March 2023 4,059,500
At 31March 2022 4,452,779
Investments
In
subsidiary Listed
companies investments Total
Company
Cost or valuation
At 1 April 2022 4,452,779 4,452,781
Additions 796,547 796,547
Disposals (823,150) (823,150)
Revaluations (366,676) (366,676)
At 31 March 2023 2 4,059,500 4,059,502
Net book value
At 31 March 2023 2 4,059,500 4,059,502
At 31March 2022 2 4,452,779 4,452,7S1

Group Group
2023 2022
Finished goods and goods for resale 27,683 24,707

Group Group Company Company
2023 2022 2023 2022
E E
Due within one year
Trade debtors 104,813 156,350 82,370 95,777
Amounts
owed by group		 undertakings 362,979 477,483
Other debtors 109,164 10,408 136,042 10,328
Prepayments and accrued income 1,023,613 688,423 958,275 642,997
1,237,590 855,181 1,539,666 1,226,585
Creditors: Amounts falling due within one year
Group Group Company Company
2023 2022 2023 2022
F f.
Trade creditors 354,380 109,224 320,014 66,536
Other taxation and social security 14,285 34,870 22
Other creditors 19,915 29,308 7,017 20,692
Accruals and deferred income 215,009 243,270 163,315 390,843
603,589 416,672 490,346 478,093
Group Group Company Company
2023 2022 2023 2022
E
Deferred
income at		 1 April 2022 56,434 55,768 28,625 22,952
Resources deferred during
the year		 35,841 35,080 22,525 25,129
Amounts
released		 from previous periods (50,897) (34,414) (21,401) (19,456)
41,378 56,434 29,749 28,625

21. Creditors: Amounts falling due after more than one year
Group Group
2023 2022
Accruals and deferred income 1,895 1,855

Group
2023 2022
Brought forward 11,668 (11,977)
Charge/credit for the period (504) 2,395
Other comprehensive income (21,250) 21,250
(10,086) 11,668
The deferred tax balance is made up as follows:
Group Group
2023 2022
Accelerated capita! allowances (10,086) (9,582)
Pension scheme deficit 21,250
(10,086) 11,668
NOTES TO THE FINANCIAL THE FINANCIAL STATEMENTS STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
23. Statement offunds
Statement offunds - current year
Balance at
Balance at 1 Transfers Gains/ 31 March
April 2022 Income Expenditure in/out (Losses) 2023
F E E
Unrestricted
funds
Designated funds
England
Woodland
Grant Scheme 807,249 807,249
General funds
General
Funds - all
funds 2,718,567 768,273 (591,030) (2,685) (165,645) 2,727,480
Subsidiaries
reserves (131,377) 874,254 (939,386) (196,509)
Pension reserve (63,750) 63,750
2,523,440 1,642,527 (1,530,416) (2,685) (101,895) 2,530,971
Total Unrestricted
funds 3,330,689 1,642,527 (1,530,416) (2,685) (101,895) 3,338,220
Restricted funds
The Forest Centre
and Country
Park		 4,666,678 (46„105) 63 4,620,636
Land aquired
for the
creation of
Community
Woodland 4,885,283 4,885,283
Creation of
Community
Woodland		 Fund 3,029,314 233,888 (320,689) 2,622 (201,031) 2,744,104
Trees for Climate 291,807 1,764,745 (1,165,920) 890,632
12,873,082 1,998,633 (1,532,714) 2,685 (201,031) 13,140,655
Total offunds 16,203,771 3,641,160 (3,063,130) (302,926) 16,478,875

Stateme nt offunds - prior y ear
Balance at
Balance at Gains& 31 March
1April 2021 Income Expenditure (Losses) 2022
Unrestricted
funds
Designated
funds
England Woodland Grant
Scheme 807,249 807,249
General funds
General Funds - all funds 2,288,182 715,170 (335,658) 50,873 2,718,567
Subsidiaries
reserves		 (57,252) 943,845 (1,017,970) (131,377)
Pension reserve (63,750) (63,750)
2,230,930 1,659,015 (1,353,628) (12,877) 2,523,440
Total Unrestricted funds 3,038,179 1,659,015 (1,353,628) (12,877) 3,330,689

Statement offunds. (continued)
Balance at
Balance at Gain+ 31March
1April 2021 Income Expenditure (Losses) 2022
Restricted funds
The Forest Centre and Country
Park 4,713,018 (46,340) 4,666,678
Land aquired
for the creation of
Community Woodland 4,885,283 4,885,283
Creation of Community
Woodland Fund 2,534,769 511,357 (177,063) 160,251 3,029,314
Trees for Climate 52,091 826,782 (587,066) 291,807
12,185,'/61 1,338,139, (810,469) 160,251 12,873,082
Total offunds 15,223,340 2,997,154 (2,164,097) 147,374 16,203,771

Summary
offun		 ds - current yea r
Balance at
Bal'ance at 1 Transfers Gains/ 31 March
April 2022
E		 Income
f		 Expenditure
E		 in/out {Losses) 2023f
Designated
funds 807,249 807,249
General funds 2,523,440 1,642,527 (1,530,416) (2,685) (101,895) 2,530,971
Restricted funds 12,873,082 1,998,633 i (1,532,714) 2,685 (201,031) 13,140,655
16,203,771 3,641,160 (3,063,130) (302,926) 16,478,875

Summary offunds - prio r year
Balance at
Balance at Gains' 31March
1 April 2021f Income Expenditure (Losses) 2022
Designated funds 807,249 807,249
General funds 2,230,930 1,659,015 (1,353,628) (12,877) 2,523,440
Restricted funds 12,185,'/61 1,338,139 (810,469) 160,251 12,873,082
15,223,340 2,997,154 (2, 164,097) 147,374 16,203,771

Analysis
Analysis		 of net assets
of net assets		 between
funds
between
funds - current		 year
Unrestricted Restricted Total
funds funds funds
2023
f		 2023
f		 2023f
Tangible fixed assets 723,522 9,505,920 10,229,442
Fixed asset investments 424,765 3,634,735 4,059,500
Current assets 2,832,670 2,832,670
Creditors due within one year (630,756) (630,756)
Creditors due in more than one year (1,895) (1,895)
Provisions for liabilities and charges (10,086) (10,086)
Total 3,338,220 13,140,655 16,478,875

25. Analysis ofnet assets between funds (continued) funds (continued)
Analysis ofnet assets between funds - prior year
Unrestricted Restricted Total
funds funds funds
2022 2022 2022
Tangible fixed assets 723,747 9,551,961 10,275,708
Fixed asset investments 1,13'/, 658 3,321,'l21 4,452,?79
Current assets 1,967,142 1,967,142
Creditors due within one year (416,672) (416,672)
Creditors due in more than one year (1,855) (1,855)
Provisions for liabilities
and charges		 (?3,332) (73,332)
Total 3,330,688 12,873,082 16,203,770
26. Reconciliation
of net movement		 in funds to net cash flow from operating activities
Group Group
2023 2022
Net income for the year (as per Statement of Financial Activities) 211,354 1,044,181
Adjustments
for:
Depreciation
charges		 93,291 92,739
Gains on investments 366,676 (211,154)
Dividends, interests
and rents from		 investments (17,573) (12,571)
Loss on the sale offixed assets 4
Decrease/(increase)
in stocks		 (2,976) 1,578
Increase in debtors (409,576) (646,572)
Increase in creditors 214,125 146,881
Deferred tax charge 504 (2,395)
Net cash provided
by operating		 activities 455,825 412,691
29. Pension commitments (continued) (continued) (continued) (continued)
Principal actuarial
assumptions		 at the Balance sheet date (expressed as weighted averages):
2023 2022
Discount rate at 31 March 3.5% 3.5%
2023 2022
F
Market value ofassets 1,193,000 1,194,000
Present value ofscheme liabilities (1,193,000) (1,279,000)
Deficit in the scheme (85,000)
Related deferred tax asset 21,250
Net pension
liability		 (63,750)
2023 2022
F
Movements
in deficit during the		 year:
Deficit in scheme at beginning of year (85,000)
Contributions
Actuarial loss 85,000 (85,000)
Deficit in scheme at end ofyear (85,000)
30. Operating lease commitments
At 31 March 2023 the Group and the Company had commitments to make future
minimum		 lease
payments under non-cancellable operating leases as follows:
Group Group Company Company
2023 2022 2023 2022
P
Not later than
1 year		 974 837 111 132
Later than 1 year and not later than 5 years 16 596 16 272
Later than 5years 962 966 962 966
1,952 2,399 1,089 1,370

The following were subsidiary
undertakin		 gs
ofthe Compan		 y:
Names Company Principal
activity		 Class of Holding
number shares
Marston Vale Services trading as The 03538255 Commercial
operation		 Ordinary 100%
Forest Centre Limited ofthe visitor centre
and conference centre
Marston Vale Farms Limited 06537891 Managing
land to		 Ordinary 100%
raise funds for its
parent company
The financial results ofthe subsidiaries for the year were:
Names Income Expenditure Profit/(Loss) Net assets
E F I Surplus/ E
(Deficit) for
the year
F
Marston Vale Services trading as The 733,919 (788,462) (54,543) (226,768)
Forest Centre Limited
Marston Vale Farms Limited 136,306 (146,897) (10,591) 30,259