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 2024
New Forest Trust
Contents
| Strategic Report | 1 |
|---|---|
| Trustees Report | 2 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 14 |
New Forest Trust
Strategic Report for the Year Ended 31 March 2024
The trustees, who are directors for the purposes of company law, present their strategic report for the year ended 31 March 2024, 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 9 September 2024 and signed on its behalf by:
Mrs H K M Harper Trustee
S J Robertson 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 2024.
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 - promoting the conservation and protection of the commoning livestock, deer and other fauna of the New Forest
- promoting the education and understanding of the public in the commoning of livestock, of flora, fauna and the environment 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:
Trustees: O N Crosthwaite-Eyre D A Thompson W J A Ziegler Mrs S J Houston Mrs H K M Harper Mrs D V Westerhoff Mrs T H Ormerod A Climpson (resigned 10 May 2024) S J Robertson (appointed 8 January 2024)
Page 2
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 9 September 2024 and signed on its behalf by:
Mrs H K M Harper Trustee
S J Robertson Trustee
Page 3
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 2024.
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:
-
accounting records were not kept in respect of New Forest Trust as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
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
-
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.
Aaron Lawes ACA
Towngate House 2 - 8 Parkstone Road Poole Dorset BH15 2PW
26 September 2024
Page 4
New Forest Trust
Statement of Financial Activities for the Year Ended 31 March 2024 (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 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 income Transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 13 |
Unrestricted funds £ 23,886 586 24,472 (14,990) (14,990) 9,482 (720) 8,762 56,725 65,487 Unrestricted funds £ 32,665 49 540 33,254 (22,484) (22,484) 10,770 1,842 12,612 44,113 56,725 |
Restricted funds £ 6,500 858 7,358 (3,352) (3,352) 4,006 720 4,726 92,484 97,210 Restricted funds £ 6,500 178 - 6,678 (2,223) (2,223) 4,455 (1,842) 2,613 89,871 92,484 |
Total 2024 £ 30,386 1,444 |
|---|---|---|---|
| 31,830 | |||
| (18,342) | |||
| (18,342) | |||
| 13,488 - |
|||
| 13,488 149,209 |
|||
| 162,697 | |||
| Total 2023 £ 39,165 227 540 |
|||
| 39,932 | |||
| (24,707) | |||
| (24,707) | |||
| 15,225 - |
|||
| 15,225 133,984 |
|||
| 149,209 |
The notes on pages 7 to 14 form an integral part of these financial statements. Page 5
New Forest Trust
(Registration number: 04698058) Balance Sheet as at 31 March 2024
| (Registration number: 04698058) Balance Sheet as at 31 March 2024 |
||
|---|---|---|
| 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 |
2024 £ 26,810 137,505 (1,618) 135,887 162,697 97,210 65,487 162,697 |
2023 £ 25,473 125,354 (1,618) |
| 123,736 | ||
| 149,209 | ||
| 92,484 56,725 |
||
| 149,209 |
For the financial year ending 31 March 2024 the charity 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 charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
-
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 on pages 5 to 14 were approved by the trustees, and authorised for issue on 9 September 2024 and signed on their behalf by:
Mrs H K M Harper Trustee
S J Robertson Trustee
The notes on pages 7 to 14 form an integral part of these financial statements. Page 6
New Forest Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
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 7
New Forest Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
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 8
New Forest Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
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 9
New Forest Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
3 Income from donations and legacies
| Donations and legacies; Donations from individuals Total for 2024 Total for 2023 4 Investment income Interest receivable and similar income; Interest receivable on bank deposits Total for 2024 Total for 2023 5 Other income Total for 2023 |
Unrestricted funds General £ 23,886 23,886 32,665 Unrestricted funds General £ 586 586 49 |
Restricted funds £ 6,500 6,500 6,500 Restricted funds £ 858 858 178 Unrestricted funds General £ 540 |
Total funds £ 30,386 |
|---|---|---|---|
| 30,386 | |||
| 39,165 | |||
| Total funds £ 1,444 |
|||
| 1,444 | |||
| 227 | |||
| Total funds £ 540 |
Page 10
New Forest Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
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 £ 764 113 1,436 1,852 288 8,839 281 799 - 618 14,990 |
Restricted funds £ - - - - - 3,352 - - - - 3,352 |
Total 2024 £ 764 113 1,436 1,852 288 12,191 281 799 - 618 18,342 |
Total 2023 £ 360 113 2,847 1,746 648 16,079 110 2,136 50 618 |
|---|---|---|---|---|
| 24,707 |
7 Net incoming/outgoing resources
Net incoming resources for the year include:
| Depreciation of fixed assets | 2024 £ 799 |
2023 £ 2,136 |
|---|---|---|
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 £1,436 (2023: £1,261) 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 |
||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Examination of the financial statements | 618 | 618 |
Page 11
New Forest Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
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 2023 23,874 Additions 2,136 At 31 March 2024 26,010 Depreciation At 1 April 2023 - Charge for the year - At 31 March 2024 - Net book value At 31 March 2024 26,010 At 31 March 2023 23,874 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 19,726 799 20,525 800 1,599 2024 £ 1,618 |
Total £ 52,627 2,136 54,763 27,154 799 27,953 26,810 25,473 2023 £ 1,618 |
|---|---|---|---|
| 7,428 | 21,325 | ||
| 7,428 - |
19,726 799 |
||
| 7,428 | 20,525 | ||
| - | 800 | ||
| - | 1,599 | ||
| 2024 £ 1,618 |
Page 12
New Forest Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
| 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 2023 £ 56,725 86,292 (3,808) 10,000 92,484 149,209 Balance at 1 April 2022 £ 44,113 80,452 (581) 10,000 89,871 133,984 |
Incoming resources £ 24,472 7,297 61 - 7,358 31,830 Incoming resources £ 33,254 6,664 14 - 6,678 39,932 |
Resources expended £ (14,990) (3,352) - - (3,352) (18,342) Resources expended £ (22,484) (2,223) - - (2,223) (24,707) |
Transfers £ (720) 1,359 (639) - 720 - Transfers £ 1,842 1,399 (3,241) - (1,842) - |
Balance at 31 March 2024 £ 65,487 91,596 (4,386) 10,000 |
|---|---|---|---|---|---|
| 97,210 | |||||
| 162,697 | |||||
| Balance at 31 March 2023 £ 56,725 86,292 (3,808) 10,000 |
|||||
| 92,484 | |||||
| 149,209 |
Page 13
New Forest Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
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 Current liabilities Total net assets |
Unrestricted funds General £ 26,810 40,295 (1,618) 65,487 Unrestricted funds General £ 25,473 32,870 (1,618) 56,725 |
Restricted funds £ - 97,210 - 97,210 Restricted funds £ - 92,484 - 92,484 |
Total funds at 31 March 2024 £ 26,810 137,505 (1,618) |
| 162,697 | |||
| Total funds at 31 March 2023 £ 25,473 125,354 (1,618) |
|||
| 149,209 |
Page 14