2021-03-31-accounts

SMALL WOODS ASSOCIATION

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Company No. 03919849 (England and Wales) Registered Charity No. 1081874

SMALL WOODS ASSOCIATION COMPANY INFORMATION

Directors and Trustees

John Blessington Phil Burton Christopher Duncan Alyson May Beverly Tyley Alastair Squire Philip Tidey Peter Watson Gary Battell

Company Secretary

Christopher Duncan

Company Number 03919849 (England & Wales)

Charity Number 1081874

Registered Office

Station Road, Coalbrookdale, Telford, Shropshire, TF8 7DR

Accountants

James, Holyoak & Parker Limited, 1 Knight’s Court, Archers Way, Battlefield Enterprise Park, Shrewsbury, Shropshire, SY1 3GA

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SMALL WOODS ASSOCIATION

CONTENTS

	Page
Trustees' Report	4 - 7
Independent Chartered Accountants' Review Report	8
Statement of Financial Activities	9
Balance Sheet	10
Notes to the Accounts	11 - 18

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SMALL WOODS ASSOCIATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021

The trustees, who are also directors of the charity, present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of the Charities SORP 2015 (FRS102).

Charity information

Small Woods Association is a registered charity and private company with no issued share capital, incorporated in England and Wales. The registered office is Station Road, Coalbrookdale, Telford, Shropshire, TF8 7DR. The registered company number is 03919849 (England & Wales), and the registered charity number is 1081874.

Trustees/Directors

The directors/trustees, who held office during the year and up to the date of signature of the financial statements was as follows:

John Blessington Phil Burton Christopher Duncan Alyson May Beverly Tyley Alastair Squire Phil Tidey Peter Watson Gary Battell

The subsidiary company, Heartwoods Limited, has its own board of directors, and Small Woods Association is the only member. Heartwoods produces its own financial statements which are consolidated into the group accounts.

Governing document and charity objective

The charity is constituted as a company limited by guarantee, and is therefore governed by a memorandum and articles of association. The charity’s object is to advance education in the conservation of small woodlands. The principal activities are training and educational courses, apprenticeships, and taster sessions in small woodland management and wood product making, seminars, events, an annual conference and advice. The charity also runs demonstration projects at local, regional and national level, which offer advice, networking and support for practitioners, owners, community groups and woodland initiatives, or help disadvantaged groups by offering training and a route into woodland work.

The day to day operations were controlled by Ian Baker, Chief Executive and reported to the trustees. All Charity staff (bar one) are part time and the charity also benefits from a number of dedicated volunteers.

Development, activities and achievements this period

2020/21 has been particularly challenging not just for the Small Woods Association but for the world as a whole, and the charity has not been immune from its effects.

The headlines for the charity are:

• We have maintained our staffing levels

• Our membership has grown

• Engagement at Small Woods events has increased significantly

• Support provided by the charity has been provided to a larger number of people

The conclusion from the year’s performance is that the work we do is needed just as much as it was before the pandemic, if not more so. The forced experiment in moving our work online has been largely successful, with member events in particular being attended by far more people from a wider geography than were able to attend our physical events.

This has however come at a cost, with a financial loss of £15,847 in year, leading to a negative impact on reserves of £16,634.

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SMALL WOODS ASSOCIATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Membership

The year saw stability in membership income, despite the challenging circumstances that has seen many membership organisations experiencing a decline. During the year we ran over 31 member events, exclusively online, due to the pandemic, attended by 940 members from across the UK, in England, Scotland, Wales and Northern Ireland. This a more than four fold increase over the previous year.

Our annual Skill Share event and AGM was held online in October, with Patrick Barkham, author and journalist, as the keynote speaker. Further inspirational talks were given by Sir Harry Studholme, Prof., John Healy, and Simon Leadbetter.

Smallwoods magazine continues to be very well received and is going from strength to strength, and has continued to be delivered quarterly. Member communication now takes place down a number of channels, with the e-Newsletter becoming more prominent. One response to the pandemic was to increase its frequency to fortnightly, which has been well received.

Other responses to the pandemic included the increase in social media postings, particularly in the wake of the initial lockdown, when we provided inspiration for engagement in the natural world that might be helpful to those unexpectedly confined to home and looking for ideas. We also produced “Letters of Comfort” for those working in woodland, to show to those in authority who were enforcing lockdown regulations. For some, this was a lifeline, as it enabled continuation of woodland work that would otherwise have impacted woodland management cycles and incomes.

We launched a new website during the year and we are now seeing increased traffic through that channel, with further planned improvements to be implemented.

Project activity

Small Woods run a number of activity and engagement programmes, promoting sustainable woodlands, helping people to connect with nature and improve their wellbeing.

A key project for the organisation and its objectives to influence sustainable woodland management is the Defra-funded “Test and Trail” project. Small Woods is consulting woodland owners and managers across England in order to guide future Environmental Land Management Scheme design.

Small Woods is delivering a Severn Trent Water funded project focusing on woodland biodiversity. The aim of the project is to deliver 1000 ha of improved woodland habitat over a four year period. The SWA team have started working on the first 100ha in 20/21.

The team have started work in this year on two new projects looking to identify and restore lost landscapes; Lost Woods in Sussex and Lost Peatlands in South Wales. We expect to see both landscape and wellbeing improvements as a result.

In Wales, our work is delivered under the bilingual brand of Small Woods/Coed Lleol. Projects include Actif Woods Wales programmes in 15 counties (see below), the Dyfi Biosphere Outdoor Health and a scoping project in SE Wales, which has allowed us to expand our programmes to new areas.

The programmes cover the counties of Ceredigion, Anglesey, Flintshire, Merthyr Tydfil, Neath Port Talbot, Swansea, Gwynedd, Rhondda Cynon Taf, Wrexham, Denbighshire, Pembrokeshire, Powys, Carmarthenshire, and several further counties in SE Wales.

We have continued to deliver the project “Build-a-Bench” which provides woodland and wood working opportunities for those trying to get back into the work place after time out, and is supported by the Building Better Opportunities (BBO) project. The project has supported 48 people to date. This funding is intended to tackle poverty and promote social inclusion and is funded by The National Lottery Community Fund and the European Social Fund.

One impact of the pandemic has been to reduce opportunities for volunteering. During the period close to 500 hours were donated by approximately 50 volunteers. We were also unable to run our internship programme in 2020/21.

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SMALL WOODS ASSOCIATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Despite the negative impacts of the pandemic, we continue to deliver services to an increasing number of people. Overall, during 2020-21, our outreach programmes reached 852 participants. In addition to the staff directly employed on these projects we are also contracting in support from over 40 contracted leaders.

Training

The pandemic has had the biggest overall impact on our training operations, with many courses being cancelled during the year. As this is a key income stream and one that depends on a core of skilled and experienced staff, lockdowns have had a significant impact and most of the charity’s losses sprang from the cancellations and the fact that uncertainty over the length of lockdowns meant that the furlough scheme did not fit the circumstances of this team.

Woodland management and Coppice work

We also continued our focus on Coppice restoration, with work in three woods where the Charity has direct management responsibilities. This has also included support of one Coppice Apprentice and the continued popularity of the Coppice Products website. After a lockdown hiatus, our volunteer coppice group has re-started in Edge Wood, Shropshire.

Covid support

The charity was fortunate to secure Covid support from the various schemes on offer, including £61,500 from the Lottery funded Heritage Recovery Fund, £10,000 from the emergency business grants fund and £15,000 from the Furlough scheme. Only the emergency business grant was a net benefit, as the Lottery grant had to be spent on new activity and the Furlough funding replaced grant which was not claimed in the Financial Year.

Supporters and funders

Our thanks go to Ernest Cooke, H B Allen Trust, The Banister Trust, Severn Trent Water, Wesleyan Assurance, Sprayway, Natural Resources Wales, Healthy and Active Fund (Sports Council Wales), DEFRA, Welsh Government Enabling Natural Resources and Wellbeing Fund (ENRaW), Merthyr GP Cluster, Neath Port Talbot Council, Telford and Wrekin Council, the Tampon Tax via Staffordshire Community Foundation, Stonewall Charitable Trust, Landau ESIF, Heritage Lottery Fund and the European Commission for their considerable financial support in these achievements.

Transactions and Financial Position

Full details of the financial activities are provided on pages 9 to 18 with the General Reserve at 31 March 2021 standing at £317,029, which is in line with the budgeted outturn for the year. The reported loss on unrestricted funds for the year amounted to £16,634.

An amount of £100,907 is held in Restricted Funds. This represents the amount set aside by the charity specifically for the support of ongoing projects.

A balance of £378,172 is held on Capital Reserve, mostly fixed building assets. This also includes the sum maintained by Trustees on the advice of the Charity Commission, in order to meet contingencies and potential liabilities that may arise in the event of a contraction of activities.

Use of the Gift Aid scheme by members has continued to boost funds.

Tangible Fixed Assets for use by the Charity

Details of movements in fixed assets are set out in note 9 to the accounts.

Subsidiary Undertaking

The subsidiary company, Heartwoods Limited, has its own board of directors, and Small Woods Association is the only member. Heartwoods produces its own financial statements which are consolidated into the group accounts.

Trustees Appointment, Induction and Training

The trustees are elected under the terms of the Memorandum & Articles of Association. One third of the trustees must retire at each AGM.

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SMALL WOODS ASSOCIATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2020

Trustees are familiar with the practical work of the charity and engage with its work in a variety of ways from events to courses. New trustees are supplied with copies of:-

• The main documents which set out the operational framework of the charity, including the Memorandum & Articles of Association.

• The current financial position as set out in the latest published accounts.

• Copies of recent Board Meeting minutes.

Trustees who have not already done so are required to attend core training for new volunteers.

Risk Management

The trustees review the major risks faced by the charity on a regular basis and it is considered that the implementation of strong budgetary and other key financial controls will provide sufficient resources in the event of adverse conditions. The trustees also examine other operational and business risks faced by the charity and confirm that systems and controls are in place which should mitigate against any significant risks.

Statement of trustees' responsibilities

The trustees (who are also directors of Small Woods Association for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP 2015 (FRS 102);

• make judgements and estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

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

In so far as the trustees are aware:

• there is no relevant accounting information of which the charitable company’s independent examiner is unaware; and

• the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant accounting information and to establish that the independent examiner is aware of that information.

Approved by order of the board of trustees on 27 September 2021 and signed on its behalf by:

John Blessington Trustee

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SMALL WOODS ASSOCIATION

INDEPENDENT CHARTERED ACCOUNTANTS' REVIEW REPORT TO THE MEMBERS/TRUSTEES OF SMALL WOODS ASSOCIATION

We have reviewed the financial statements of Small Woods Association for the year ended 31 March 2021, which comprise the Statement of Financial Activities, the Balance Sheet and the related notes 1 to 16. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 ‘‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’’.

This report is made solely to the Charitable Company’s trustees, as a body, in accordance with regulations made under section 154 of the Charities Act 2011 and the terms of our engagement letter dated 30 August 2018. Our review has been undertaken so that we may state to the Charitable Company’s trustees those matters we have agreed with them in our engagement letter 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 trustees as a body for our work, for this report or the conclusions we have formed.

Directors’ Responsibility 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.

Accountants’ Responsibility

Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to review historical financial statements and ICAEW Technical Release TECH 09/13AAF Assurance review engagements on historical financial statements. ISRE 2400 also requires us to comply with the ICAEW Code of Ethics.

Scope of the Assurance Review

A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures to those required under a compilation engagement. These primarily consist of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these financial statements.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:

• so as to give a true and fair view of the state of the charitable company’s affairs as at 31 March 2021, and of its profit for the year then ended;

• in accordance with United Kingdom Generally Accepted Accounting Practice (applicable to smaller entities);

• in accordance with the requirements of the Companies Act 2006.

Robert Humphreys BEng FCA for and on behalf of James, Holyoak & Parker Limited

Date: 27 September 2021

Chartered Accountants

1 Knights Court Archers Way Battlefield Enterprise Park Shrewsbury Shropshire SY1 3GA

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SMALL WOODS ASSOCIATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

Summary Income and Expenditure Account

Notes Income from: Donations & legacies 2 Income from charitable activities 3 Investment income 4 Total incoming resources Expenditure on: Charitable activities 5 Transfers between funds 14 Reconciliation of funds: Total funds brought forward 14 Total funds carried forward 14 Net income/(expenditure) and net movement in funds	Restricted £ 320 604,960 -	Unrestricted £ 200,998 8,869 2,032	Total 2021 £ 201,318 613,829 2,032	Total 2020 £ 138,968 792,971 1,504
	605,280 603,694 (3,808)	211,899 229,332 3,808	817,179 833,026 -	933,443 789,682 -
	(2,222) 103,129	(13,625) 655,078	(15,847) 758,207	143,761 614,446
	100,907	641,453	742,360	758,207

The Statement of Financial Activities includes details of all gains and losses recognised in the year.

All income and expenditure derives from continuing activities.

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SMALL WOODS ASSOCIATION

BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2021

Notes Fixed assets Tangible assets 9 Investments 10 Current assets Debtors 11 Cash at bank and in hand 12 Net current assets Net assets Charity funds Unrestricted funds 14 Restricted funds 14 Creditors: amounts falling due within one year	2021 2020 £ 401,440 336,456 - - Group	2021 2020 £ 401,440 336,456 - - Group	2021 2020 £ 401,440 336,456 100 100 Company	2021 2020 £ 401,440 336,456 100 100 Company
	401,440	336,456	401,540	336,556
	161,051 301,961	223,236 235,456	161,051 301,961	223,236 235,456
	463,012 (122,092)	458,692 (36,941)	463,012 (122,550)	458,692 (37,399)
	- 340,920	421,751	340,462	421,293
	742,360	758,207	742,002	757,849
	641,453 100,907	655,078 103,129	641,095 100,907	654,720 103,129
	742,360	758,207	742,002	757,849

The trustees have prepared group accounts in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011. These accounts are prepared in accordance with the special provisions of Part 12 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors’ responsibilities:

• The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;

• The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The financial statements were approved and authorised for issue by the Board of Trustees on 27 September 2021 and signed on its behalf by:

Beverly Tyley Director and Trustee

John Blessington Director and Trustee

The notes on pages 11 to 18 form part of these financial statements. Company Registration Number: 03919849 (England & Wales)

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SMALL WOODS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1. Summary of significant accounting policies

1.1 General information and basis of preparation

Small Woods Association is a private company limited by guarantee, and a registered charity in England / Wales . The company number is 03919849 (England & Wales), and the registered charity number is 1081874. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is Station Road, Coalbrookdale, Telford, Shropshire, TF8 7DR. The nature of the charity’s operations and principal activities are that of the advancement of education in the preservation of small woodlands.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016) , the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2015.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The charity adopted SORP (FRS 102) in the current year. There have been no material adjustements arising from transition to SORP (FRS 102).

1.2 Group financial statements

These financial statements consolidate the results of the charity and its wholly-owned subsidiary, Heartwoods Limited, on a line by line basis. A separate Statement of Financial Activities, or income and expenditure account, for the charity itself is not presented because the charity has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.

1.3 Funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Unrestricted funds include a revaluatin reserve representing the restatement of listed UK investments at market value.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund.

1.4 Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Voluntary income is received by way of grants, donations and gifts, and is included in full in the Statement of Financial Affairs when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.

Where entitlement is dependant on the fulfilment of one or more specified conditions, grants received by the charity are recognised and taken into revenue unless the conditions are within the charity's control and uncertanity exists as to whether the conditions will be fulfilled.

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SMALL WOODS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1.4 Income recognition (continued)

Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers is not included in the financial statements.

Investment income is included as it becomes receivable.

1.5 Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

• Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

• Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.

• All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis.

1.6 Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Land and buildings 2% on a straight line basis Plant and office equipment 10% on a reducing balance basis Motor vehicles 20% on a straight line basis

1.7 Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably.

1.8 Leases

Rentals payable and receivable under operating leases are charged to the SoFA on a straight line basis over the period of the lease.

1.9 Pensions

The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

1.7 Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

1.8 Going Concern

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

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SMALL WOODS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Income from donations and legacies Memberships Gift Aid Donations 3. Income from charitable activities Grants from funders Training courses Other income 4. Income from investments Interest received on cash deposits	Restricted £ - - 320	Unrestricted £ 82,807 11,716 106,475	Total 2021 £ 82,807 11,716 106,795	Total 2020 £ 82,985 26,400 29,583
	320	200,998	201,318	138,968
	Restricted £ 512,413 11,301 81,246	Unrestricted £ 2,138 2,638 4,094	Total 2021 £ 514,551 13,938 85,340	Total 2020 £ 680,517 55,130 57,324
	604,960	8,869	613,829	792,971
	Restricted £ -	Unrestricted £ 2,032	Total 2021 £ 2,032	Total 2020 £ 1,504
	-	2,032	2,032	1,504

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SMALL WOODS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

5. Analysis of expenditure on charitable activities Restricted £ Costs directly allocated to activities Salaries & wages (note 8) 376,520 Management charges across funds 60,133 Project costs and associated training expenses 123,501 Magazine production costs - Meeting expenses - Staff, volunteer and apprentice costs 4,332 Sundries 8,304 Advertising 5,140 Depreciation - Irrecoverable VAT 3,799 Bank charges - Support costs Printing, postage and stationery 696 Legal, professional and accountancy 5,205 Telephone - Rent, power and insurance 3,744 Repairs, maintenance and computer supplies 12,320 Profit on sale of fixed asset - 603,694 6. Net deficit for the year Net deficit is stated after charging: Depreciation of tangible fixed assets owned by the charity Fees payable to the charity’s independent examiner	Restricted £ 376,520 60,133 123,501 - - 4,332 8,304 5,140 - 3,799 - 696 5,205 - 3,744 12,320 -	Unrestricted £ 142,068 (60,133) 5,719 20,171 80 6,575 24,000 - 15,016 3,645 989 2,814 14,095 1,841 25,709 26,743 -	Total 2021 £ 518,588 - 129,220 20,171 80 10,907 32,304 5,140 15,016 7,444 989 3,510 19,300 1,841 29,453 39,063 -	Total 2020 £ 433,246 - 130,227 20,680 653 53,158 19,043 3,730 14,039 12,215 1,175 5,212 33,453 4,375 21,389 37,587 (500)
	603,694	229,332	833,026	789,682
			2021 £ 15,016 4,750	2020 £ 14,039 4,750

7. Trustees' and key management personnel remuneration and expenses

No remuneration was paid to trustees during the year.

Renuneration paid to key management personnel was as follows:

2021		2020		2021	2020
Number		Number		£	£
	5		5	107,008	116,868

There were no re-imbursements of trustees' expenses during the year

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SMALL WOODS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

8. Staff costs and employee benefits

The average monthly number of employees and full time equivalent (FTE) during the year was as follows:

Charitable activities Governance	2021 Number 36 2	2021 FTE 21 1	2020 Number 31 2	2020 FTE 19 1
	38	22	33	20

The total staff costs and employees benefits was as follows:

Wages and salaries Employer's pension contributions Social security costs	2021 £ 489,674 8,763 20,151	2020 £ 408,800 7,697 16,749
	518,588	433,246

No employee received total remuneration and employee benefits of more than £60,000.

9.

Tangible fixed assets Cost or valuation: At 1 April 2020 Additions Disposals At 31 March 2021 Depreciation: At 1 April 2020 Charge for year Eliminated on disposal At 31 March 2021 Net book value: At 1 April 2020 At 31 March 2021	Land and buildings £ 390,451 80,000 -	Plant and office eq't £ 215,837 - -	Motor vehicles £ 23,343 - -	Total £ 629,631 80,000 -
	470,451	215,837	23,343	709,631
	110,061 9,409 -	159,771 5,607 -	23,343 - -	293,175 15,016 -
	119,470	165,378	23,343	308,191
	280,390	56,066	-	336,456
	350,981	50,459	-	401,440

Leasehold land and buildings were valued on an open market basis by Wiggins Lockett Thompson Limited Chartered Surveyors (regulated by RICS) at a value of £290,000 as at 17 August 2017. The trustees consider that this is materially in line with the reported net book value on a historic cost basis.

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SMALL WOODS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

10.	Fixed asset investments		Group				Company
		2021		2020		2021		2020
		£		£		£		£
	UK listed investments
	Cost at 31 March 2020 and 2021		-		-		100		100

The Charity’s investment of £100 refers to the ownership of the wholly owned subsidiary company Heartwoods Limited, a company incorporated in England and Wales. Further details are provided at note 15.

Debtors Trade debtors Other debtors	2021 2020 £ £ 147,943 122,429 13,108 100,807 Group	2021 2020 £ £ 147,943 122,429 13,108 100,807 Group	2021 2020 £ £ 147,943 122,429 13,108 100,807 Company	2021 2020 £ £ 147,943 122,429 13,108 100,807 Company
	161,051	223,236	161,051	223,236

11. Debtors

12. Creditors: amounts falling due within one year Loan from subsidiary undertaking Social security and other taxes Trade creditors and accruals	2021 2020 £ £ - - 25,859 9,114 96,233 27,827 Group	2021 2020 £ £ - - 25,859 9,114 96,233 27,827 Group	2021 2020 £ £ 1,758 1,758 25,859 9,114 94,933 26,527 Company	2021 2020 £ £ 1,758 1,758 25,859 9,114 94,933 26,527 Company
	122,092	36,941	122,550	37,399

13. Analysis of net assets between the funds

Fixed assets Net current assets	266,570 Unrestricted funds £ 50,459	Capital fund £ 350,981 27,191	Other designated funds £ - (53,748)	Restricted fund £ - 100,907	Total £ 401,440 340,920
	317,029	378,172	(53,748)	100,907	742,360

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SMALL WOODS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

14. Fund reconciliation

Unrestricted: General reserve Designated funds: Capital fund Other designated funds Total unrestricted funds Restricted funds: Coed Lloel Bringing Better Opportunities Connecting People with Nature Working with Nature Defra HLF Site redevelopment Severn Trent Social Enterprise Total restricted funds Total funds	6,025 £ 333,663 315,390 As at 1 April 2020	Income £ 124,038 80,000 7,861	Expenditure & gains/(losses) Transfers £ £ (137,457) (3,215) (15,016) (2,202) (76,859) 9,225	Expenditure & gains/(losses) Transfers £ £ (137,457) (3,215) (15,016) (2,202) (76,859) 9,225	As at 31 March 2021 £ 317,029 378,172 (53,748)
	655,078	211,899	(229,332)	3,808	641,453
	32,427 - 725 4,595 65,382 - - -	332,474 33,652 10,580 8,618 65,568 61,500 32,538 60,350	(356,878) (34,471) (15,027) (8,926) (75,896) (45,164) (15,811) (51,521)	(3,722) - 3,722 (4,287) 479 - - -	37,256 (819) - - (9,849) 16,336 16,727 41,256
	103,129	605,280	(603,694)	(3,808)	100,907
	758,207	817,179	(833,026)	-	742,360

The balance maintained on the Capital Fund represents the aggregate of the net book value of the land and buildings and the provision for closure costs of the charity. A regular review of the adequacy of the provision for closure costs is carried out by the directors.

The balance maintained on the Designated Fund represents the amount set aside by the charity specifically for the support of ongoing projects.

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SMALL WOODS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

15. Subsidiary undertaking

On 2 April 2002, Heartwoods Limited was incorporated in England and Wales as a Company Limited by guarantee, with one member, Small Woods Association. Heartwoods Limited operates within the forestry and woodlands sector providing management and development services to businesses therein though it has not traded for some time. A summary of the Heartwoods Limited net assets position is given below:-

Current assets Creditors: Amounts falling due within one year Net current assets Capital and reserves Share capital Profit and loss account	2021 £ 1,758 (1,300)	2020 £ 1,758 (1,300)
	458	458
	100 358	100 358
	458	458

16. Related party transactions

No material transactions with related parties occurred during the year.

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