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2021-03-31-accounts

Charity Registration No. 1084259

Company Registration No. 04093088 (England and Wales)

WYCHWOOD FOREST TRUST LTD (FORMERLY WYCHWOOD PROJECT (OXFORDSHIRE) LTD)

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

WYCHWOOD FOREST TRUST LTD (FORMERLY WYCHWOOD PROJECT (OXFORDSHIRE) LTD)

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr H Astor Mr R Noble Mr H St John Mrs C Barnes Ms L Staveley Mr R Crocker Mr R Newman Mr R Warner Mr I Wilkinson Mr D Astor Charity number 1084259 Company number 04093088 Registered office WODC Woodgreen New Yatt Road Witney Oxfordshire OX28 1NB Independent examiner Chapman Worth Limited 3 The Old Estate Yard High Street East Hendred Wantage Oxfordshire OX12 8JY

WYCHWOOD FOREST TRUST LTD (FORMERLY WYCHWOOD PROJECT (OXFORDSHIRE) LTD)

CONTENTS

Page
Trustees' report 1 - 5
Independent examiner's report 6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9 - 17

WYCHWOOD FOREST TRUST LTD (FORMERLY WYCHWOOD PROJECT (OXFORDSHIRE) LTD)

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

The Trustees present their report and financial statements for the year ended 31 March 2021.

On 29 June 2021, the charity formally changed its name from Wychwood Project (Oxfordshire) Ltd to Wychwood Forest Trust Ltd.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016) .

Objectives and activities

The Charity's objects are to advance the education of the public in the history, ecology, management and economy of woodlands, trees and other wildlife habitats and their place in the characteristic landscapes of the forty-one parishes currently within the District of West Oxfordshire all of which are wholly or partly within the area of the former Norman royal hunting Forest of Wychwood and such other areas as the Charity may from time to time decide; and to conserve, restore, re-establish and promote the management and use of trees, woodlands, other wildlife habitats and characteristic landscapes for the benefit and wherever appropriate with the participation of the public and thereby to enhance the natural beauty, amenities and rural economy of the countryside of the parishes and of West Oxfordshire and such other areas as the Charity may from time to time decide.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.

The strategies adopted in furtherance of these objects are:

1 Conserve and restore natural landscapes and wildlife habitats.

2. Impart natural landscapes and wildlife habitats learning. We will:

3. Engage individuals and organisations in conservation support and action. We will:

WYCHWOOD FOREST TRUST LTD (FORMERLY WYCHWOOD PROJECT (OXFORDSHIRE) LTD)

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

  1. Govern and run an effective financially viable organisation that adheres to its mission and values. We will:

  2. ensure we have the necessary policies and processes in place, keeping abreast of current legislation and best practise

  3. support our trustees, staff and volunteers with training and equipment needed to perform their role

  4. maintain and develop income streams and manage our finances prudently

Achievements and performance

During the year the Charity continued to forge ahead with a broad range of activities, guided by the key themes of our current Strategic Plan. Our charitable activities are designed to have cross-cutting effects with these themes to maximise the impact of our resources and some key activities are outlined here.

Conservation and Restoration

The Charity continued to maintain its freehold ownership of the nature reserves at Foxburrow Wood, Grimes Meadow and Singe Wood, and worked towards probate and eventual transfer of a new legacy site near Witney. We also continued our management or lease agreements for the Water Meadows in Woodstock, Wigwell in Charlbury and Dean Common near Chadlington. Management of these reserves to maintain and enhance their value for people and wildlife was the focus of our site-based conservation activity during the year.

At Foxburrow Wood we continued to allow a wilder character of Foxburrow emerge through management emphasis on benign neglect. The rank and tussocky structure of the grasslands continues to develop, with concomitant increases in the abundance and diversity of invertebrates and small mammals, which in turn have led to increased sightings of predatory vertebrates such as kestrel, barn owl and weasel. We began initial planning and hydrological investigations to slow and detain the seasonal flow of water through the reserve by renaturalising the canalised stream and reprofiling the southern limits of the site to create a permanent wetland complex.

At Wigwell we continued to work with the Friends of Wigwell volunteer group and a wider group of stakeholders to further develop plans for creating a wilder and more diverse habitat mosaic across the reserve, whilst continuing to maintain the existing valuable ecological features such as the limestone grassland Local Wildlife Site. Important scrub species such as blackthorn, hawthorn and dog rose have been allowed to encroach from hedgerows and field margins. We also began planning and fundraising to install a series of ‘beaver dam analogues’ across the Wigwell stream to create additional wetland habitats.

At Dean Common, the remediation of the decommissioned County Council waste recycling centre on the eastern side of the bridleway that forms the reserve’s current boundary commenced. Also once part of the original sand quarry, this low fertility land will be restored primarily for the benefit of the existing great crested newt population. We are in discussions with OCC about adding this extension to the nature reserve.

Beyond our own nature reserves, we have worked on or given conservation advice to many individuals or organisations, including community woodland groups, private estates and parish councils. There was particular interest this year in establishing Nature Recovery Networks at parish level.

WYCHWOOD FOREST TRUST LTD (FORMERLY WYCHWOOD PROJECT (OXFORDSHIRE) LTD)

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

Learning & Volunteering

Our learning and volunteering activities throughout the year were somewhat constrained and intermittent due to the impacts of Covid restrictions. However, throughout the year we have continued to build stronger, deeper links with local Scout, Brownie and Beaver groups whoever possible. During National Tree Week in November we secured funding to acquire tree saplings and other resources for a project with six primary schools across the Wychwood, including Chipping Norton, Charlbury, Witney and Woodstock. Specimen native and heritage fruit trees were planted in school grounds and the children were taught about the importance of planting the right trees in the right places and for the right reason.

During the autumn half term lifting of lockdown restrictions we held a series of popular ‘Fire & Steel’ bush craft courses for children at Fowburrow Wood. We also continued to provide courses in rural skills and countryside management at Cogges Manor Farm for ‘NEETs’ (those Not in Education, Employment or Training). The young people are taught a variety of skills including coppicing, walling, fencing and tool maintenance.

Partnership and Participation

Similarly, our voluntary groups were active throughout the year as and when relaxation of Covid restrictions allowed. Despite the constraints of the year, the commitment and enthusiasm of the specialist voluntary groups of the Wychwood Project still achieved much for countryside and habitat conservation. The hedge laying group continued to work on the outgrown boundary hedge at our own Foxburrow Wood, at hedges connecting to Breach Wood in Hailey, and at several other community-owned sites within the Wychwood.

The Dry Stone Walling Group continued to thrive and its member’s skills were still very much in demand. During the year the group continued and completed the very ambitious project to rebuild the derelict churchyard walls in Finstock. Our dry stone walls are a proud heritage feature of the Wychwood area and the wider Cotswolds in their own right, but they also provide important habitats for a wide range of plants and animals. The group also began the construction of a new wall as part of Cogges Manor Farm’s lottery funded restoration project.

The Flora Group monitored seven rare species across more than 20 different sites. The Wychwood remains a last stronghold in our region for a number of species that have become very rare in the modern landscape, such as meadow clary, red hemp-nettle, and yellow star-of-Bethlehem. The group monitor trends in these special rarities over the years. They also make recommendations and take management actions to ensure the continued survival and where possible, local expansion, of these species at their remaining known locations.

The Bird Aid Group has been one of the Wychwood Project’s longest running groups, and has now been providing vital supplementary feeding to those bird species commonly associated with pre-industrialised farmland (such as linnets, corn buntings, tree sparrows and yellowhammers) for more than 16 years. The Bird Aid Group has established a network of more than a dozen farms in strategic locations where birds are provided with an appropriate seed mix during the ‘hungry gap’ from Christmas through to late spring. This year the group felt they had the resources to become a charity in their own right, setting up the Farmland Bird Aid Network. The Wychwood Project transferred the restricted funding we held for the group to the new charity, and we are proud to have supported the group to independence.

After much careful consideration, the decision was taken not to hold the Wychwood Forest Fair in 2020 due to the uncertainty of the ever-changing Covid situation. This was the first fallow year in the long history of the fair, and we were disappointed not to see our friends and partners at this much-loved event. We are optimistic the fair will return in 2021.

Financial review

It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to meet at least six month s' expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

WYCHWOOD FOREST TRUST LTD (FORMERLY WYCHWOOD PROJECT (OXFORDSHIRE) LTD)

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

The Charity has a reserves policy that also encompasses contingency funds against losses in institutional funding and a development fund for investment in new projects.

The Trustees identify and periodically review the major risks to which the Charity is exposed and ensure that systems are in place to mitigate these risks. These risks include financial, environmental, compliance and operational areas. In order that the risks to which we are exposed are minimised we ensure that we have adequate insurance in place, maintain and monitor our reserves policy, monitor our financial activities against an approved budget and strategic plan, seek to widen the range of fund-raising activities, pay particular attention to publicity and keeping our members informed about our activities, ensure a close working relationship between the Trustees and the Wychwood Project partners and understand and comply with company and charity law and regulation.

Structure, governance and management

Wychwood Project (Oxfordshire) Ltd - the Charity - is a company limited by guarantee, governed by a Memorandum and Articles of Association, which are dated 22nd May 2012.

The Trustees meet as a Board every three months to oversee the activities of the Charity to ensure its objectives are being achieved. Certain responsibilities of the Board have been delegated to various subcommittees that additionally meet as required.

The Chief Executive, Neil Clennell, has delegated authority to manage the Charity’s day to day affairs, in line with the Charity’s objectives. The Trustees remain responsible for the strategy and policies of the Charity. The Trustees have been elected for their experience and knowledge of various aspects of an environmental charity’s affairs. The administrative and financial housekeeping of the Charity are covered by the Company Secretary.

The Chief Executive continues to develop and implement fund raising activities to complement the grants that we receive from our local authority partners and generate from our operational activities. The Charity would like to offer its thanks for the continued support of Oxfordshire County Council and West Oxfordshire District Council.

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr H Astor

Mr R Noble Mr H St John Mrs C Barnes Ms L Staveley Mr R Crocker Mr R Newman Mr R Warner Mr I Wilkinson Mr D Astor

None of the Trustees has any beneficial interest in the C ompany. All of the Trustees are members of the C ompany and guarantee to contribute £1 in the event of a winding up.

WYCHWOOD FOREST TRUST LTD (FORMERLY WYCHWOOD PROJECT (OXFORDSHIRE) LTD)

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

The Trustees are required to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Charity and the incoming resources and application of resources, including the net income or expenditure for the year. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees' r eport was approved by the Board of Trustees.

.............................. Mr D Astor Trustee Dated: .........................

WYCHWOOD FOREST TRUST LTD (FORMERLY WYCHWOOD PROJECT (OXFORDSHIRE) LTD)

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF WYCHWOOD FOREST TRUST LTD (FORMERLY WYCHWOOD PROJECT (OXFORDSHIRE) LTD)

I report to the Trustees on my examination of the financial statements of Wychwood Forest Trust Ltd (formerly Wychwood Project (Oxfordshire) Ltd) (the Charity) for the year ended 31 March 2021.

Responsibilities and basis of report

As the Trustees of the Charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Anna Chapman FCA Chapman Worth Limited

3 The Old Estate Yard High Street East Hendred Wantage Oxfordshire OX12 8JY

Dated: .........................

WYCHWOOD FOREST TRUST LTD (FORMERLY WYCHWOOD PROJECT (OXFORDSHIRE) LTD)

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021

Unrestricted Designated
Restricted
funds
funds
funds
Notes
£
£
£
Income from:
Donations
3
64,725
3,733
521
Charitable activities
4
-
-
16,300
Event income
5
1,862
-
-
Investments
6
809
-
-
Other income
7
800
-
-
Total income
68,196
3,733
16,821
Expenditure on:
Raising funds
Fundraising and publicity
8
320
-
-
Trading costs
8
653
-
-
973
-
-
Charitable activities
9
85,078
2,608
3,599
Governance and adminstration
12
12,246
-
-
Total resources expended
98,297
2,608
3,599
Net (expenditure)/income for the year/
Net movement in funds
(30,101)
1,125
13,222
Fund balances at 1 April 2020
145,356
127,039
361,263
Fund balances at 31 March
2021
115,255
128,164
374,485		 Total
2021
£
68,979
16,300
1,862
809
800
88,750
320
653
973
91,285
12,246
104,504
(15,754)
633,658
617,904		 Total
2020
£
115,334
55,386
2,369
941
-
174,030
713
1,453
2,166
123,655
17,089
142,910
31,120
602,538
633,658

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

WYCHWOOD FOREST TRUST LTD (FORMERLY WYCHWOOD PROJECT (OXFORDSHIRE) LTD)

BALANCE SHEET

AS AT 31 MARCH 2021

Notes
Fixed assets
Tangible assets
13
Current assets
Stocks
14
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within
one year
16
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
Designated funds
Unrestricted funds		 2021
£
638
4,505
237,912
243,055
(9,645)		 £
384,494
233,410
617,904
374,485
128,164
115,255
617,904		 2020
£
1,291
14,355
241,669
257,315
(8,417)		 £
384,760
248,898
633,658
361,263
127,039
145,356
633,658

The C ompany is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2021. T he members have not required the C ompany to obtain an audit of its financial statements for the year in question in accordance with section 476.

The Trustees acknowledge their responsibilities for ensuring that the Charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the C ompany as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements , so far as applicable to the C ompany.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The accounts were approved by the Trustees on .........................

..............................

Mr D Astor Trustee

Company Registration No. 04093088

WYCHWOOD FOREST TRUST LTD (FORMERLY WYCHWOOD PROJECT (OXFORDSHIRE) LTD)

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

1 Accounting policies

Charity information

Wychwood Forest Trust Ltd (formerly Wychwood Project (Oxfordshire) Ltd) is a private company limited by guarantee incorporated in England and Wales. The registered office is WODC Woodgreen, New Yatt Road, Witney, Oxfordshire, OX28 1NB.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charity's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The Charity is a Public Benefit Entity as defined by FRS 102.

The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling , which is the functional currency of the Charity . Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements .

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Incoming resources

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

WYCHWOOD FOREST TRUST LTD (FORMERLY WYCHWOOD PROJECT (OXFORDSHIRE) LTD)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

1.5 Resources expended

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings not depreciated Motor vehicles 25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities .

1.7 Impairment of fixed assets

At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

1.8 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell . Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

WYCHWOOD FOREST TRUST LTD (FORMERLY WYCHWOOD PROJECT (OXFORDSHIRE) LTD)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

1.10 Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity 's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity ’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

WYCHWOOD FOREST TRUST LTD (FORMERLY WYCHWOOD PROJECT (OXFORDSHIRE) LTD)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations

Unrestricted Endowment
Restricted
funds
funds
funds
d esignated
£
£
£
Donations and gifts
12,321
560
37
Legacies receivable
-
-
-
Grants receivable
38,648
-
-
Membership fees
13,476
-
-
Donated goods and services
280
3,173
484
64,725
3,733
521
For the year ended 31 March 2020
100,529
7,869
6,936
Charitable activities
Land management
Grants received
Forest fair		 Total
2021
£
12,918
-
38,648
13,476
3,937
68,979
2021
£
-
16,300
-
16,300		 Total
2020
£
88,925
2,584
-
16,002
7,823
115,334
115,334
2020
£
1,388
33,576
20,422
55,386

4 Charitable activities

WYCHWOOD FOREST TRUST LTD (FORMERLY WYCHWOOD PROJECT (OXFORDSHIRE) LTD)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

5
6
7
8		 Event income
UnrestrictedUnrestricted
Restricted
Total
funds
funds
funds
2021
2020
2020
2020
£
£
£
£
Event income
-
-
1,375
1,375
Sale of goods/services
1,862
994
-
994
Event income
1,862
994
1,375
2,369
Investments
UnrestrictedUnrestricted
funds
funds
2021
2020
£
£
Interest receivable
809
941
Other income
Unrestricted
Total
funds
2021
2020
£
£
Other income
800
-
Raising funds
2021
2020
£
£
Fundraising and publicity
Cost of raising funds
320
713
Trading costs
Cost of goods sold
653
1,453
973
2,166

WYCHWOOD FOREST TRUST LTD (FORMERLY WYCHWOOD PROJECT (OXFORDSHIRE) LTD)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

9 Charitable activities

Staff costs (Note 10)
Forest fair expenditure
Event expenditure
Project costs		 2021
£
75,510
4,180
4,691
6,904
91,285		 2020
£
87,360
2,396
5,644
28,255
123,655

10 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.

11 Employees

Number of employees

The average monthly number of employees during the year was:

Employment costs
The costs of employing the above persons during the year were:
Wages and salaries
Other pension costs		 2021
Number
3
2021
£
75,510
-
75,510		 2020
Number
3
2020
£
83,939
3,421
87,360

There are no employees who received total employee benefits of more than £60,000.

12 Governance and adminstration

2021 2020
£ £
Governance and administration 12,246 17,089

Included within Governance and administration are fees of £2,712 (2019 - £2,658) for the Independent Examination.

WYCHWOOD FOREST TRUST LTD (FORMERLY WYCHWOOD PROJECT (OXFORDSHIRE) LTD)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

12 Governance and adminstration (Continued)
13 Tangible fixed assets
Freehold land
Motor vehicles		 Total
and buildings
£
£		 £
Cost
At 1 April 2020 383,697
7,500		 391,197
At 31 March 2021 383,697
7,500		 391,197
Depreciation and impairment
At 1 April 2020 -
6,437		 6,437
Depreciation charged in the year -
266		 266
At 31 March 2021 -
6,703		 6,703
Carrying amount
At 31 March 2021 383,697
797		 384,494
At 31 March 2020 383,697
1,063		 384,760
14 Stocks
2021 2020
£ £
Finished goods and goods for resale 638 1,291
15 Debtors
2021 2020
Amounts falling due within one year: £ £
Trade debtors 785 10,139
Other debtors 3,215 3,650
Prepayments and accrued income 505 566
4,505 14,355

WYCHWOOD FOREST TRUST LTD (FORMERLY WYCHWOOD PROJECT (OXFORDSHIRE) LTD)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

16 Creditors: amounts falling due within one year

Other taxation and social security
Trade creditors
Other creditors
Accruals		 2021
£
3,136
2,721
428
3,360
9,645		 2020
£
1,888
3,434
383
2,712
8,417

17 Retirement benefit schemes

Defined contribution schemes

The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £3,421 (2020 - £2,458).

WYCHWOOD FOREST TRUST LTD (FORMERLY WYCHWOOD PROJECT (OXFORDSHIRE) LTD)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

18
Analysis of net assets between funds
Unrestricted
funds
Designated
funds
Restricted
funds
2021
2021
2021
£
£
£
Fund balances at 31 March 2021 are represented
by:
Tangible assets
22,019
112,475
250,000
Current assets/(liabilities)
93,236
15,689
124,485
115,255
128,164
374,485		 TotalUnrestricted
funds
Designated
funds
Restricted
funds
2021
2020
2020
2020
£
£
£
£
384,494
22,285
112,475
250,000
233,410
123,071
14,564
111,263
617,904
145,356
127,039
361,263		 Total
2020
£
384,760
248,898
633,658