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2023-03-31-accounts

Company registration number: 04698058 Charity registration number: 1099420

New Forest Trust

(A company limited by guarantee) Annual Report and Financial Statements

for the Year Ended 31 March 2023

New Forest Trust

Contents

Strategic Report 1
Trustees Report 2 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8 to 15

New Forest Trust

Strategic Report for the Year Ended 31 March 2023

The trustees, who are directors for the purposes of company law, present their strategic report for the year ended 31 March 2023, in compliance with s414C of the Companies Act 2006.

Financial review

Policy on reserves

The trustees believe that a reserves policy of maintaining free reserves equal to between three and six months of unrestricted expenditure is appropriate. Free reserves currently exceed this level as trustees predict a shortfall in income over the coming years.

The strategic report was approved by the trustees of the charity on 4 December 2023 and signed on its behalf by:

W J A Ziegler Trustee

Mrs H K M Harper Trustee

Page 1

New Forest Trust

Trustees Report

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 March 2023.

Objectives and activities

Objects and aims

The principal objectives of the charitable company in the year under review are:- promoting the conservation, protection and improvement of the New Forest

Public benefit

All charitable activities focus on the protection and improvement of the New Forest, together with its flora and fauna and education of the public in these respects. These activities are undertaken to further charitable purpose for the public benefit.

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Structure, governance and management

Nature of governing document

The organisation is a charitable company limited by guarantee, incorporated on 14 March 2003 and registered as a charity on 15 September 2003. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association.

Recruitment and appointment of trustees

Trustee meetings are held periodically throughout the year. Potential appointments of new trustees are discussed at these meetings. Procedures for the induction and training of new trustees are in place.

Trustees and officers

The trustees and officers serving during the year and since the year end were as follows:

Page 2

New Forest Trust

Trustees Report

Trustees: O N Crosthwaite-Eyre D A Thompson W J A Ziegler S C Dovey (resigned 7 September 2022) Mrs S J Houston Mrs H K M Harper Dr D J Shaughnessy (resigned 14 February 2023) Mrs D V Westerhoff Mrs T H Ormerod A Climpson (appointed 12 May 2022)

Page 3

New Forest Trust

Trustees Report

Reference and Administrative Details

Charity Registration Number: 1099420
Company Registration Number: 04698058
The charity is incorporated in England and Wales.
Registered Office: Towngate House
2 - 8 Parkstone Road
Poole
Dorset
BH15 2PW
Independent Examiner: PKF Francis Clark
Towngate House
2 - 8 Parkstone Road
Poole
Dorset
BH15 2PW
Solicitors: Moore Barlow
Lymington
Bankers: Lloyds Bank PLC
Christchurch

The annual report was approved by the trustees of the charity on 4 December 2023 and signed on its behalf by:

W J A Ziegler Trustee

Mrs H K M Harper Trustee

Page 4

New Forest Trust

Independent Examiner's Report to the trustees of New Forest Trust ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company 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 your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the 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:

  1. accounting records were not kept in respect of New Forest Trust as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

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 accounts to be reached.

Anne-Marie Gates FCCA FCA

Towngate House 2 - 8 Parkstone Road Poole Dorset BH15 2PW

7 December 2023

Page 5

New Forest Trust

Statement of Financial Activities for the Year Ended 31 March 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Investment income
4
Other income
5
Total income
Expenditure on:
Charitable activities
6
Total expenditure
Net income
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
13
Note
Income and Endowments from:
Donations and legacies
3
Investment income
4
Other income
5
Total income
Expenditure on:
Charitable activities
6
Total expenditure
Net (expenditure)/income
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
13		 Unrestricted
funds
£
32,665
49
540
33,254
(22,484)
(22,484)
10,770
1,842
12,612
44,113
56,725
Unrestricted
funds
£
21,407
2
540
21,949
(23,736)
(23,736)
(1,787)
(2,616)
(4,403)
48,516
44,113		 Restricted
funds
£
6,500
178
-
6,678
(2,223)
(2,223)
4,455
(1,842)
2,613
89,871
92,484
Restricted
funds
£
6,500
10
-
6,510
(4,383)
(4,383)
2,127
2,616
4,743
85,128
89,871		 Total
2023
£
39,165
227
540
39,932
(24,707)
(24,707)
15,225
-
15,225
133,984
149,209
Total
2022
£
27,907
12
540
28,459
(28,119)
(28,119)
340
-
340
133,644
133,984

The notes on pages 8 to 15 form an integral part of these financial statements. Page 6

New Forest Trust

(Registration number: 04698058) Balance Sheet as at 31 March 2023

(Registration number: 04698058)
Balance Sheet as at 31 March 2023
Note
Fixed assets
Tangible assets
11
Current assets
Cash at bank and in hand
Creditors: Amounts falling due within one year
12
Net current assets
Net assets
Funds of the charity:
Restricted income funds
Restricted funds
Unrestricted income funds
Unrestricted funds
Total funds
13		 2023
£
25,473
125,354
(1,618)
123,736
149,209
92,484
56,725
149,209		 2022
£
25,000
110,601
(1,617)
108,984
133,984
89,871
44,113
133,984

For the financial year ending 31 March 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements on pages 6 to 15 were approved by the trustees, and authorised for issue on 4 December 2023 and signed on their behalf by:

W J A Ziegler Trustee

Mrs H K M Harper Trustee

The notes on pages 8 to 15 form an integral part of these financial statements. Page 7

New Forest Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

1 Charity status

The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

The address of its registered office is: Towngate House 2 - 8 Parkstone Road Poole Dorset BH15 2PW

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

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 in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Basis of preparation

New Forest Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.

Income and endowments

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

Page 8

New Forest Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Legacy gifts are recognised on a case by case basis following the grant of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity.

Investment income

Investment income is recognised on a receivable basis.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Charitable activities

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

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including independent examination, strategic management and trustees’s meetings and reimbursed expenses.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Page 9

New Forest Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

Tangible fixed assets

Individual fixed assets costing £1.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

On 9 September 2015, the charity was gifted a ninety nine year lease on fifteen acres of land at Rockford, Ringwood. The land was gifted with the proviso that it be used for the furtherance of the practice of commoning. Due to this proviso, the land has been included in the financial statements at nil, being the lower of replacement cost or recoverable amount.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate Office equipment 3 years straight line Portable pavilion 10 years straight line Improvements to leasehold property are not depreciated

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Financial instruments

Classification

Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.

Page 10

New Forest Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

3 Income from donations and legacies

Donations and legacies;
Donations from individuals
Legacies
Total for 2023
Total for 2022
4
Investment income
Interest receivable and similar income;
Interest receivable on bank deposits
Total for 2023
Total for 2022
5
Other income
Other income
Total for 2023
Total for 2022		 Unrestricted
funds
General
£
12,665
20,000
32,665
21,407
Unrestricted
funds
General
£
49
49
2		 Restricted
funds
£
6,500
-
6,500
6,500
Restricted
funds
£
178
178
10
Unrestricted
funds
General
£
540
540
540		 Total
funds
£
19,165
20,000
39,165
27,907
Total
funds
£
227
227
12
Total
funds
£
540
540
540

Page 11

New Forest Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

6 Expenditure on charitable activities

Publicity costs
Website costs
Subcontract labour
Insurance
Rockford expenses
Charitable donations
Sundry expenses
Depreciation of other tangible
assets
Printing, postage and stationery
Independent examination fee		 Unrestricted
funds
General
£
360
113
2,847
1,746
648
13,856
110
2,136
50
618
22,484		 Restricted
funds
£
-
-
-
-
-
2,223
-
-
-
-
2,223		 Total
2023
£
360
113
2,847
1,746
648
16,079
110
2,136
50
618
24,707		 Total
2022
£
922
226
3,656
1,460
-
18,991
114
2,132
-
618
28,119

7 Net incoming/outgoing resources

Net incoming resources for the year include:

Depreciation of fixed assets 2023
£
2,136		 2022
£
2,132

8 Trustees remuneration and expenses

During the year the charity made the following transactions with trustees:

Mrs H K M Harper

Mrs H K M Harper received remuneration of £1,261 (2022: £Nil) during the year.

The monies paid to the trustee were in respect of administration work.

9 Independent examiner's remuneration

9
Independent examiner's remuneration
2023 2022
£ £
Examination of the financial statements 618 618

Page 12

New Forest Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

10 Taxation

The charity is a registered charity and is therefore exempt from taxation.

11 Tangible fixed assets

Land and
buildings
£
Cost
At 1 April 2022
21,265
Additions
2,609
At 31 March 2023
23,874
Depreciation
At 1 April 2022
-
Charge for the year
-
At 31 March 2023
-
Net book value
At 31 March 2023
23,874
At 31 March 2022
21,265
12 Creditors: amounts falling due within one year
Other creditors		 Furniture and
equipment
£
7,428
-
7,428
7,428
-
7,428
-
-		 Portable
pavilion
£
21,325
-
21,325
17,590
2,136
19,726
1,599
3,735
2023
£
1,618		 Total
£
50,018
2,609
52,627
25,018
2,136
27,154
25,473
25,000
2022
£
1,617
7,428 21,325
7,428
-		 17,590
2,136
7,428 19,726
- 1,599
- 3,735
2023
£
1,618

Page 13

New Forest Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

13 Funds

Unrestricted funds
General
Unrestricted income fund
Restricted funds
Beaulieu Road Sale Yard
Jubilee Award
Commoners Holding Fund
Total restricted funds
Total funds
Unrestricted funds
General
Unrestricted income fund
Restricted
Beaulieu Road Sale Yard
Jubilee Award
Commoners Holding Fund
Total restricted funds
Total funds		 Balance at
1 April
2022
£
44,113
80,452
(581)
10,000
89,871
133,984
Balance at
1 April
2021
£
48,516
74,124
1,004
10,000
85,128
133,644		 Incoming
resources
£
33,254
6,664
14
-
6,678
39,932
Incoming
resources
£
21,949
6,509
1
-
6,510
28,459		 Resources
expended
£
(22,484)
(2,223)
-
-
(2,223)
(24,707)
Resources
expended
£
(23,736)
(2,383)
(2,000)
-
(4,383)
(28,119)		 Transfers
£
1,842
1,399
(3,241)
-
(1,842)
-
Transfers
£
(2,616)
2,202
414
-
2,616
-		 Balance at
31 March
2023
£
56,725
86,292
(3,808)
10,000
92,484
149,209
Balance at
31 March
2022
£
44,113
80,452
(581)
10,000
89,871
133,984

Page 14

New Forest Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

14 Analysis of net assets between funds

14 Analysis of net assets between funds
Tangible fixed assets
Current assets
Current liabilities
Total net assets
Tangible fixed assets
Current assets
Creditors over 1 year
Total net assets		 Unrestricted
funds
General
£
25,473
32,870
(1,618)
56,725
Unrestricted
funds
General
£
25,000
20,730
(1,617)
44,113		 Restricted
funds
£
-
92,484
-
92,484
Restricted
funds
£
-
89,871
-
89,871		 Total funds
at 31 March
2023
£
25,473
125,354
(1,618)
149,209
Total funds
at 31 March
2022
£
25,000
110,601
(1,617)
133,984

Page 15