Company registration number: 05639227 Cliarity r¢gistration number-. 1119614 The Sherwood Forest Trust (A Cornpany limited by guarant¢¢) Annual Report and Financial St&tcments IOT the Year Ended 31 March 2024 Community Accounting Plus Units l & 2 North West 41 Talbol Street Nottingham NGI 5GL
The Sherwood Forest Trust Contents Reference and Administrative Detsils Trustees, Report 2to9 Independent Examinevs Report io Statement of Finan¢ial Activities 1110 12 Balanc¢ Sh¢¢t 13 Notes to the Financial Statements 14to25
The Sherwood Forest Trust Reference and Administrative Details Trustees Carl Cornish Andrew Statham Robert Bealby Timothy Hill Jennifer Turner Henry Farr Louise Hackett John Pcck Erin Bakcr Andy Jeffcutt Scolt Carlton Dan Mottishaw Secretary Carl Cornish Senior Management Team Patrick Candler, CEO Mati Smith, Conservation Manager Charity Registralion Number 1119614 CompAny Registration Number 05639227 Registered Office 516 Church Farni Business Centre Mansfield Road Edwinstowe Mansfield Nollinghamshire NG219NJ Independent Examlner John O'Brien. employee of Commvnity Accounlillg Plus Units l & 2 North TeSt 41 Talbot Street Nottingham NGI 5GL Page I
The Sherwood Forest Trust Trustees. Report The trustses. who are directors for the pUrySe5 of company law, present the annual report tog¢theT with th¢ financial statements and auditors, report of the charilable company for the year ended 31 March 2024. Truslees and ol£erS The tmstees and officers serving dwing the year and since the year end were as follows.. Tru5tees- Carl Cornish Andrew Statham Robert Bealby Timothy Hill Jennifer Turner Henry Fa Louise Hackett John Peck Erin Baker Andy Jeff¢utt Scott Carlton Dan Mottishaw (appointed 12 September 2023) Secretary: Carl Cornish Strnclure) governan¢e and management Noture ofguverniftg docmment The charity is a company limited by guarantee and registcrcd charity. li is operated under ihe rules of its memorandum and articles of association d8ted 31 st October 2005 and most recently amended on 22nd Octobcr 2009. It has no shore capital and the liability ot each memb¢r in the event of winding-up is limiled to £1. Recruithient appointmenf of truslee Twstees are elected at the AGM based on their appropriate skills and experience and in accordance with the Trust'5 articles of association. Representation rnay b¢ from environmental organisations, local businesses and thc community. Page 2
The Sherivood Forest Trust Trustees, Report Objectives and aclivities Objeets and oiths I) For the education, enjoyment and benefit of ihe public to preserve, protect and re-establish the flora and fauna of the county of NotlinghmsbiTe and adjoining dislricl ol- Bolsover. ID For the education, enjoyment and benefit of ihe public to preserve, protect, restore and recreate buildings {including any buildings as dcfincd in ScLlion 336{A) of the TOM and Country Planning Acl 1990), sitCS OT stCtureS which arc ancillary to or associaled with ihc objcclivcs ol prcscrving, prolecting, restOTing aT]d r¢-¢sloblishing the flora and fauna of the aforesaid area- III) To advance the public education in all matters concerning such flara, fauna, building sitcs and structures,. IV) To provide for public recreation in the interests of social welfare,. V} To acquire by purchase, gift OT Otherwise land, sites, structures or buildings (including aJ)y buildings ds defined in Section 336(1} of the Town and Country Planning Act 1990) situated in the atoresaid area any rights. easements or interests therein or Ihereover and to hold: maintain and manage the same for the purposes of the objects set out in {l), (II), {IIl) and (IV} herein. Objectives, stralegies and activities I. VISION To ensure the survival of the histori¢ Sherwood ForesL as a national treasure for tUre generations of people and wildlife. 2. PURPOSE To achieve our Vision, our purpose is to be a leading organisation to protect, preserve and promote the landscape, habitst, cultural, heritage educational and community activities of the Shenvood Forest area. At a stralegic level. the SFT can provide the necessary facilitation and coordination of a wide range of partner and slukeholder interests to achieve more Ihan we could do alone. Ai an operalional level, the SFT is able to support ihe specific work of landowner partners to help them iinprove the quality and integrity of the land that they OWTA. OUR AIMS Ensure the organisalion is f1nancially and operationally sustainable. Foster understanding of, and learning aboui, Shenvood I,'orest. Encourage community engagement and support for our work. Protect and conserve the lieritage landscapc aT]d wildlifc habitats through our work at both the stralcgic and practical level. Support the creation of irnproved cultural lind tOUriSTn expcriences. Devclop slronger links between health, well-being and nature. Support activitics to rnitigÉltc climate change. Champion thc establishment of a Regional Park for Shenvood Forest. Public benefit All aspects of work hav¢ charitable purposes and outcomes to achieve.. People fussed - supporting individual and local COTnTlluT]ity groups in nature and heritage- Nature improved- landscapes and sit¢ nunagement plans Created and managed. Habitats iniproved - specialTSt conservation Work toi flora and fauna- SFT futhre secured - new funding in place. The trustees confimi that they have con)plied with tlie requireinents of section 17 of the Charities Act 2011 to have due Tegard lo the public benefit guidance published by the Charity Commission for England and Wales. Page 3
The Sherwood Forest Trust Trnsteesl Report Achievements and performance 2022123 has been another very successful year for the Trnst, butlding on the range of inili8tives from Ihe previous year and developing new work to take the organisalion forward. Business Strategy 2023-202S We have continued to deliver on our Business Strategy 2023-2025, which has fo¢uss¢d our operations on the short and medium lerni. We have been able to promote and share our Vision, PuTP05e and Aims, and develop OUT pariner and stakeholder network. Our operational stralegy has been to expand our key work theme5 With illustrations from selecled Case StudTres. Governance Trustees and the Executive Committee have met on 6 ()ccasions throughoul thc yeaT lo ensure a conqislency and continuity in thc govcTnance of the TSt. Andy Statham remaiT]£d as Chairn]an, CaTI Cornisb as Vice Chair and Company Secretary while Robcrt Bcalby is our Treasurer. During the year. we welcomed Dan Mottishaw as a new Trustee, which means that for the first lime in a number of years. wc havc a full Board. Hulln Resources There were a number of staffing changes thToughout thc ycar. In August we appointed a new part time Community Tr¢¢ Nursery Officer, although this only proved to be a short tcrm arrangement. In February a new full time officer was appointed and She has really been abl¢ to bring a new drive and energy to develop the Sherwood Seed bank project. Ln September we appointed a part-time Marketing and Communi¢alions Officer to manage better our external ommunications, esp¢¢ially the web-site and social media. In December we said farewell to one of our Community Conservation Officers, though we have been able to replace Ihis post. In January we applied to the Royal Foreslry Society lo take part in their Forestry Roots trainee placement and it is very pleasing to report that we will be able to host a placement for 202412025. Our Finance and Administration Officer tendered her resignaiion after many years of ex¢ellent service to the Trusl. We were able to recruil a replacement Office Manager who will be starting work on April 2nd. Funding The yeAr was very positive overall with new funding opportunities put in place. We have been able to continuc our special Parlnership Agreement with Severn Trcnt to casry Out collsetvation improvement works to a numbeT of the lowland heathland sites which we had previously identified through Green Recovery Challenge Fund (GRCF) surveys as not being in favourable management. This is Ihe second of a two and a half ycar project to restore 100 hectares u.sing external contractOT5 and expanding our staft and groups of volunteers to assist in heathland restoration activities. We were successful Trn securing a two year revenue fvnding project from Newark and SheTwood Districl Council's Levelling Up progran]Tnc for The Sbcrwood Seed bank Community Tree Nursery. We have been successful with new thnding from The People's Postcod¢ Lottery foT tree planting projects. Page 4
The Shenvood Forest Trust Trustees, Report Promotion The appointment of a dedi¢ated Marketing and C.ommuni¢atlODS OtriceT has signifi¢anily enhanced our promotional activities and we have had a busy year promoting the Trust through a wid¢r rangc of activities and events, e.g. the Major Oak Woodland Feslival, Cereals 2023 and the Nottinghamshire County Show. Our website has been revised and updated to give better inforn]alion about our w(ITk and purpose. We will be kecping this undcr revicw and inlcnd kn cnsuTC il rcmains relevanl and up lo dale. We have been increasingly using social media to reach new audiences, promote events and actively engage with the local community- Truslees have been very keen lo re-inlroduce a newsletter and wilh the new capacity in this area, Work began on a Spring edition which has been very well received. Key Work Themes Landscape Management This remainb central to OUT WL)rk on a number of sitcs across the county. ¢ilh¢r dir¢ctly managing, working with community groups or giving advice, guidance and support. In addition to major lowland heathland work, funded by Severn TTent, we continue to work on a V8TiCty of sites including: Tl)e Neutral Ground this was the pilot for the lowland heathland work tbat drew in ndIng from Natural England. Severn Trent and M2M; Parliament Oak - we niainlain the tree aT]d its sile. Slierwood Heaih _ we helped Newark and Shenvood District Council to retain its green flag siatus. Oak Tree Heath - we undertook regular Working wilh local communities to improve the heaihland,. . Woodland Inanagenient - we give advice and guidance to land owiers, land managers and golf clubs. Biodlversity The Sbenvi)od Seedbank, our Conm]unity Tree Nursery, was fonnally opened on 5th October and has been a n)ajor feature of work throU]0Ut the year. The site is now fully fvnctional with several years of seedlings and saplings growing undeT cover and in open raised beds. The move to a full time member of staff has provided greater continuity in ternis of day to day management aT)d developrnent. We have strengthened link5 With our partners Feel Good Gardens, e.g. through participation in the Earth Day event in April and en¢ouraged more engagement with local people and schools, ¢.g. in acorn planting during the Jutuinn. Culture and Heritage Wc arc activc mcmbcrs of thc NuttingharnshiFC Hcrita¥c Fotum contribulc tu the Inspiie Nottin¥hanishirc heritage network as well as building partnerships with local heritage sites and groups through the Spirit of Wartimc Shcnvood Projcct. Tbe Newslead Abbey Partnership (NAP) 15 chaired by our CEO and has organised a series of events entitld th¢ Lite of Byron where hi5 lifc and titnes are depiclcd by the rcading of his poems. NAP is also supporting Nottingham c.ity Council in its ambition to secure major new funding for capital work inipTovements to Newstcad Abbey. Education and Outreach Thc key clen]enl of this Ihenie is the increasin¥ly succebsful Spiril of Wartime Sherwood project funded ibTough the Nalional Lottery Heritage Fund wl)ich ha8 gone from strength lo strength during the course of the year, an outcome of which has been an cxteTJsion of the PToject until May 2024. Page 5
The Sherwood Forest Trust Trustees, Report This project is based on home and Lommunity bxsed working, which wys initially restricted due to the Covid-19 pandemic. However, we have since been able to ¢ontinue to deliver this project by excellent use of video conferencing, enabling participants lo attend seminats, discussions and heritage skills courses. As direcl ac¢¢s5 to sites and people resumed, these were very w¢ll re¢eived. We have worked with home educating f8milies, primary schools, special needs colleges and universities to success11Y deliver a wde range of themed projects promoting greater awareness of the role that Sherwood played in th¢ build up. and eventual allied success in A highlighi of the year was the Spiril of Wartime Shenvood Eveni at Thoresby Park on May 13114. Some celebratory event had always been scheduled into th¢ project but the final scale and scope of what was organised was far grealer than our initial ideas. Working with a 1940s event organiser - Bainbridge Events - we were able to pul on a display of living history re-¢na¢tors together wilh an exhibition of the works that we had rov¢red over the past three years. The week-end lminated in a grand music and dan¢e perforn)ance. All credit musl go lo our Commuhity Education and Engagement Officer for all her work in putting this on. We have also supported work on investigating the archaeology of Sherwood. Working in partnership with the National Holocaust Centre at Laxton. we have held a number of sessions with student5 and collected oral hislory and reminiscences of local people. Throughout the year, we have held events al Sherwood Heaih and Feel good Gardens, conlinuing work under the M2M funded HeTltage Trees Projecl. Work on this projeci has also enabled us to r¢tain strong relationships wilh St Mary's Church. the Edwinstowe Historical Society and other local communily groups. Health 4nd Well-Belng Th¢r¢ are well_kn0Th strong links b¢tw¢en nathre and health, howcver, it has been a challenge for the Trnst to develop links with health PTovideTS to find ways in which we can secure funds to run health and well-being schemes. We have been able to dev¢lop our discussions wilh ihe Nottinghamshire Healthcare NHS Foundation Trust (NHFT) and partners lo advis¢ them on the creation of a community garden ai ihe Shen¥ood Oaks Hospital, a new mental health facility in Mansfield. In a new parthership that has been financially supported by Natural England, we organised a celebratory opening event for the Coinmunity Garden in February and later planted a small OTchard. Con)munity Our con]munity engagement programme continues lo bc very strong across Shenvood Heath, Oak Tree Heath and othei. sites. We hav¢ delivered an increased number of nature management activities, walks and talks and contributed well to wider biodiversity initiatives - involving many rnore people from local communities. unclion with th¢ RSPB al the Shenvood In J.une,-we_organise.d_Ihe_.MajDL(XaLW_oDdb.DJ Festival in coni.- National Nare Reserve. This was an expansion OD th¢ previous year and it was good lo see news exhibitors and traders return, with a ¢orresponding good visilor IuTnout. Climate Change Trees for Climale (T4C} is now in its fourth year ilnd through this we have been able to create many more new tree planting opportunities, with a focus on Newark and Sherwood, Mansfield 2nd Ashfield Districts. Page 6
The Sherwood Forest Trust Trustees, Report A Inajor piece of work was the comniunity woodland creatio)) of 14 hectares at the Coxnioor Golf Club. The Tnjsl did the initial design for the Club, but then won the ¢ontra¢l to plant 9,500 trees working with local ommunity groups and businesses. This proved to be very successful, though not without sume stresses and strains due mainly to the very wel autumn, winter and spring weather. With the additional help of funding from Linney we have planted more than 20,000 trees this year, working pro-actively with Parish Councils, District C.ouncils, private landowners ond fam)ers lo increase the number and size of sites available for planting. Strategic Coordination Tlie Trust hxs Continued to develop links with a bromd range of national aiid regioi)al organisalion.% and lias b¢¢n able to use its infliieT]ce and position lo bring organisations togethcr lo help mak¢ a differen¢e lo the protection, preservation and promotion of Sh¢n¥ood. One project in which we h&ve played a key role is the coordinalion ot an updated State of Nature in Shenvood (SoNiS) report. The Tnjst was suc¢essthl in ils bid to M2M to take on this role and with the support of an external Project Manager, working to the Shenvood Habilal Siralegy Group, we produced an excellent report, which ivas made available on-line and in hard copy. Further work is iji hand to pr(Kluce a more publiely 4c¢essible Execuiive Summary. The Tnjst plays a key role in several important organisations: Sherwood Forest Regional Park _ th¢ Twst has responsibility for the administration and secretariat role though this has nol been a high priority during this year Sherwood Forest Visitor Centre - the Trusl is a member of the Consortium under ihe leadership of the RSPB, along with Thoresby Estate and the Woodland Trust to operale the new visitor centre for Shenvood. . Miner to Major (M2M) Landscape Partnership Scheme (LPS) - the CEO is a Board Member on this project . East Midlands Forestry Woodland Advisory Commiiiee (EMFWAC} - the CEO is a community representative on this advisory board which links wlth (he work of ihe Forestry Commission on a regional basis. Newark and Shenvood Tourism Action Group {TAG} - the Trust supports the ivork of tbis group. particularly around new ideas for telling th¢ Robin Hood story. A huge ihank.s has to go to all those who have stood by the Trust during the course of the year, including all Truslees, all fomler and current staff, parlners, stskeholders and funders. Withoiil the support of all, we would not be able to do whal we do to prolect, preserve and promote Sherwood Forest. PC, CEO. 30.5.24 Flnaneial revlew The nding secured through interim partnership agreenienls (lo March 2025) wilh Sei'ern Trent. Newark and Sherwood Dislricl Council, Trees for Climate and Ihe National Lollery Herilage Fund. plus Olher smaller funding sources liave greatly iinproved the overall financial position of Ihe Tst since the beginning of the year. Not only has these grants and contracts enabled us lo retain exisllng posts. but we have been able to engage new staff. At the year end, th¢ Trust was in a stronger financial posjtion than al the start of the accounting period. The new funding arrangements have enabled us to plat) over a longer period. Pag¢ 7
The Sherwood Forest Trust Trustees, Report Policy reserves The policy on reserves is agreed each year ai the AGM and a paper will be prepared to reflect this. It is the intention of the Trustees to increase reserves from £20k lo £30k as soon as resources allow. Reseryes are primarily needed to cover any Costs incurred if the Trust ever had to be wound up. Rrsetyes C4tn also be used. from time lo lime, to cover short tcrni periods when individual projcct grants IITC paid in arrears and payments ncLd lo be made before funds aTe paid. Princtpal ri.fk.f and uncertainlies The key financial risk will bc the inability of ihe Trust to secure new funding - from whal¢v¢r source - to enable us lo deliver on Ihe projects that comprise our Business Strategy. While ndIng for the conservation sector remoins very tight and compel?tive, it behoves the Trust to explore the widest possible thnding opportunitie5 to enable us to achieve whal we want - but without running the risk of simply following the money. It is evident that many grant fijnders have changed their criteria to support more green or enviromnental causes, particularly in those areas of higher social deprivation. Additional InformAtion Our Finance and Admlnistration Officer since 2003 will be retiring this year. She has played a significant role supporting ihe work of the TTUSt in respect of its finxncial control and reporting, managing the annual audiL grani funding. human T¢5ources policies and proc¢dures, 0]¢ management and general administration. Her commitm¢nt, enthusiasm and dedication hav¢ been greatly appreciated. We wish her well in ber retirement. The Shenvood Foresl Trust would like to thank all our grant funders and partner organisation5 With whom we have worked during th¢ Course of the year and we look forward to continued collaboration in lh¢ futUTe. Page 8
The Sherwood Forest Trust Trustees, Report Statement of Responsfibillties The twstees (who are also ihe directors of The Shenvood Forest Tmsl for the purposes of company law) are rcsyunsiblc foT prcpdring thc truslccs, TCPOrt and thc findncial stalcrncnts in aLcordanLC Wlth appliLablc law and United Kingdom Accounting Standards (United Kingdom Generally Acc¢pt¢d Accounting PTacticc). including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" The rOr1 and accounts have been prepared in accordance with the provisions in the Conipanies Act 2006 relating to small companies. Company law requires the Iruslees to prepare financial slalements for each flnancial year. Under compdny law the truslce5 mu51 not approvc thc financial statcmcnt5 UTJIc5s Ihcy arc satisficd Ihal Ihcy give a ITUC and fair view of the state of affairs of the charitable company and of the incoining r¢sourc¢s and application of resources, including it5 income and expendllure, of the chari141ble ¢ompany for that period. In preparing ihese financial statements, the trustees are required to- select Sultable accounting policies and apply them ¢on,sist¢ntly' observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and pdent. stale whether applicable accounting standards, coinprising FRS 102 have been followed, subject 10 any niaterial departures disclosed aThd explained in the finanLial statements,. and prepare the financial ststements on the going concern basis unless it is inappropriate to presume that the charitable cornpany will continue in business. The trustees are responsible for keeping proper accounling records ihal can disclose with reasonable accuracy at any lime Ihe financial position ofthe charilable company and enable them to ensure that the financial slateinents Comply with the Companies Act 2006. They are also responsible for safeguarding tl)e assets of the charitable company and hence lor laking ieasonable sleps for the prevention and deteclion or rraiid aiid other irregularilics. The trustees are Tesponsible for the maintenance and integrity of the COTPOTale and financial infonnation included on tl)e charitable companys website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdiclions. Small componies provision 5tAtement This rOrt Ilas prepared in accordanc¢ with the sinall ¢ompani¢s regim¢ under th¢ Companies Aa 2006. IL-i(:..Z*and signed on its behalf by- The annual report was approved by the ISteeS of tbe charlty on ... . Andrew Statham Trustee Page 9
The Shenvood Forest Trust Independent Examiner's Report to the trustees of The Sherwood Forest Trust ('the Company,) Independent ex#mlner's report to Ihe tru$l¢e$ of The Sherwood Forest Trust ('the CompAny') I report to the charity InleeS 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 ihe Company (and also ils directors for the purposes of company law) you are responsible for the preparalion of the accounts in accordance with the requirements of the Companies Act 2006 ('Ihe 2006 Act,). Having satisfied myself that Ihe accounts of the Company are not required to be auditod under Part 16 of the 2006 A¢t and are eligible for independent examination, I report in respect of n]y examination of your Charity's accounts as carried out under section 145 of the Charities Act 2011 ('Ihe 2011 Acl.). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Aci. Independent examlner's statement Since the Company's gross income exc¢eded £250.000 your examiner must be a member of a body listed in section 145 of the 2011 Acl. I confiTm that l am qualified to undertake the examination because l arn a member and Fellow of the Association of Charity Independent Examiners. which is one of the listed bodies. J have completed my examination. I confirm that no matters have come lo my attention in connection with the examination giving n)e cause to believe that in any material respect: accounting records were nol kep¢ in respect of the Company as requiTed by section 386 of the 2006 Act,. or 2. the accounts do not accord with those records; or 3. the accounts do nol ¢omply with the accounting requirements of section 396 of the 2006 Act other than any requiremenl that the accounts give a 'true and fair, view which is not a matler considered as part of an independenl examinalion. or the accounts have not b¢¢n prepared in accordance with the methods and principles of ihe Statemcnt of Recommende4J Practice for acwunling and reporting by charities [applicable to charities preparing their a¢¢ounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102}1. I have no conceTns and have com¢ xcross no other matters in connection with the examination to which attention should be drawn in this report ITJ order to enable a proper understanding of the accounts to be reached. John O'Brien Msc, FAIA, FCCA, FCIE, employee of Cominunity Accounting Plus Fellow of the Association of Charity Independent Examiners Units l & 2 North West 41 Talbot Street Nottingham NGI 5GL Date.. 26.11.2024 Page 10
The SherTrvood Forest Trust ststement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Reeognised Gains and Losses) Total 2024 Total 2023 Unreslritted Restricted Note Income and Endowments from: Donations and legacies Charitable activities 25,336 35,072 25.336 360,443 21,507 213.054 325,371 Total income 60,408 325,371 385,779 234,561 Expenditure on: Cli&ritable activilies (36,440) (267,C)36) {304,076) (241.983) Tolal expenditure 36,440) (267,636) (304,076) (241,983) Net incomel(expenditure) Transfers between fiinds 23,968 40,231 57,735 {40,231} 81,703 (7,422) Net rnovcment in funds 64,199 17,504 81.703 (7.422) Reconciliation of funds Total funds brought fonvard 101,780 72,220 174,000 181,422 Total fimds carried fonvard 17 165,979 89,724 255,703 174,000 All of the Charity's activities derive from continuing operattons during the above two periods. The funds breakdown for the period is Shown in notc 17. The notcs on pages 14 10 25 forn] an integral parl of Ihese finanL'ial slalements. Pagell
The Sherwood Forest Trust Statement of Financial ACtitIeS for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) These are the figures for the previolls AecountiDg period and are included for comparative purposes Unrestricted Restricted Total funds funds 2023 Iyote Income and Endowments from: Donations and legacies Charitable activities 21,507 16,684 21,507 213,054 196,370 Total incoine 38,191 196.370 234,561 Expenditsre on: Charitable activities (31,767) (210.216) (241,983) Total expenditure (31.767} (210,216) (241,983) Net in¢ome/{expenditure) Transfers between thnds 6,424 14,434 {13,846) {14,434) (7.422) Nel movetnent in fiinds 20,858 (28,280) (7,422) R¢conciliation of funds Total funds bTought forward Total funds Caled forward 80,922 100,500 181,422 17 101,780 72,220 174,000 Th¢ notcs on pages 14 10 25 forn] an integral part of th¢se financial staternent8. Page 12
The Shenvood Forest Trust (Registratlon number: 05639227) Balance Sheet as at 31 March 2024 2024 2023 Note Fixed assets Tangible assets 29,313 13,342 Current assets Debtors Cash at bank and in hand 10 16,908 225,450 133,149 242,358 169,688 Creditors: Amounts falling due within one year (15,968) (9,030) Net current assets 226,390 160,658 Net assets 255,703 174,000 Funds of the charity: Reslricled in¢ome funds Restricted funds 17 89,724 72,220 Unrestricted income funds Unreslri¢t¢d funds 165,979 101,780 Total funds 255,703 174,000 For the financial year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of Ihe Companies Act 2006 relating to Sjhall ¢omp2nies. Directors, rcspon5ibilitics.. The members have not required the charity to obtain an audit of its accounts for the year in question in accordancc with section 476.. and Thc dircctor& aLknowledgc their iesponsibilities for complying with the reqiiirements of the Act wilh respecl to a¢£ounting recoi'ds and the preparation of accounts. These tinancial slaLen]enls have been prepared in accordance with the special provisions relating lo companies subject to the small conipanies regiine wiiliin Part 15 of the Companies Act 2006. nancial statements on pages 1 I to 25 were approved by the trnstees. and authorised for issue oi) ... and signed on their behalf by: Robert Bealby ¢rft6gLJ £•i Trustee The noles on pages 14 to 25 forni an integral part of these financial statements. Page 13
The Shenvood Forest Trust Notes to the Financial Statements for the Year Ended 31 March 2024 Accounting policie5 Summary of significa]11 a¢¢ountJng pojielts and key accounting estimates The principal aeeounting policies applied in the preparation of these financial statements are set oui below. These policies have been Consistently applied to all the years presented. unless othenvise staled. Statement ofcomplianee The financial staternents have been prepared in accordance with A¢counting and Reporting by Charities: Siatement of Re¢ommended Practice (applicable to charities preparing their accounts ill accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issucd in Oclobcr 2019) (Charities SORP (FRS 102)). the I",inancial Reporting Standard applicable in the UK and Rcpublic of Ireland (FRS 102) and the Companies Act 2006. BAsi$ of preparation Thc Sherwood Forest Trust meets lh¢ definition of a public benefit entity under FRS 102. Asscts and liabilities are initially recognised at historical Cost or transaction value unless otherwise stated in the T¢levant accounting poli¢y notes. Going concern The financial statements have been prepared on a going concern basis. The trustees assess whether the use of going concern is appropriale i.e. whether there ar¢ any material uncertainties relaied lo events or conditions that may cast significant doubt on the ability of the charity lo confiDu¢ as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements. Exemption from preparing & cash flow statejnent Under the exemption available to smaller charilies the Board of Trnstees has chosen not to include a Statemenl of Cash Flows within the finaTieial statements. Ineome and endowments Voluntsry income including donations, gifts, legacies and granls that provide core funding or aTe of a gcncTal nature is recognised when the charity has cntitlcmcnl lo ihe income, it is probable that the income will bc receivcd and the amount can be measured with sufficient Tcliabilily. Donations und legacies Donations are recognised when tl)e chatity hds bccn nolified in writing of both the aniount and settlement date. IT] thc evenl thal a donation is subjeci to conditions thal require a level of pcrformancc by th¢ charily before the charity is entitled to the funds, thc incomc is deferted and nol recognised uiilil eithcr Ihosc condilions <irc lully mel, or ihe fulfilnient of those condition5 is whully within the control of the charity and it is probable that these conditions will be fulfilled in the r¢porting period. Grunts receivable Grants are recognised when the charity has an entitlenient lo th¢ funds and any conditions linked lo the grants have been mel. Where perforniance conditions are attached to the grant and are yet to be met, the income is recogniqed as a liability and included on ihe balance sheet as deferred income to be released. Page 14
The Sherwood Forest Trust Iyotes to the Financial Statements for the Year Ended 31 March 2024 Expenditure All expenditure is recognised once Ihere is a legal or ¢onstru¢live obligation to that expenditure, il Ib probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable cxpenditure heading that aggregate similar Lusts lo that Late¥ury. WheTe costs cannul bc diTCLtly attributcd to particular hLadings thcy havc bccn allocatcd on d bdSiS consistcnt with thc usc of rcsourccs. with ccntral staff cosls allocated on the basis of time spenl. and depreciation charges allocated on the portion of the assel's use. other support costs are allocated based on the %PTead of 8taft- co41s. Charitable activities CharTtablc expenditure comprises rhose costs Inciled by the charity in the delivery of its activities and servlces for its benefici3ries. It includes both cosls that can be allocated directly to such activities and Ihose costs of an indirect nature necessary to support them. Government grants Government grants are recognised based on the accNal model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or lo assets. Grants Telaling to revenue are recognised An income over the period in whlch the related costs are recognised. Grants relating to ass¢ts are recognised over the expected useful life of the asset. Where part of a grant relating to an agset is defeed, it is recognised as deferred income. Taxation The charity is considered lo pass the tests set out in Paragraph I 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 p4)tenlially exempl from iaxalion in respect of income or capital gains received within L¢itegories overed by Chapter 3 Part I l of the Con)oration Tax Aet 201 O or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gain5 are applied exclusively to charitable purposes. Tangible fixed assets Individual fixed assets costing £1,000.00 OT more are initially recorded at cost, less any subsequent accumulated dcprcciation and subscqucnt accumulatcd impaimicnt losscs. Depreciation and amortisation Depreciation is provided on tangible fixed assets so as to write off Ihe cost or valuation. less any estimated residual value, over their expected useful economic life as follows: Asset class Agricultural equipment Compuler equipment General equipmenl Depreciation method and rate 25 % straight line 33 /0 Straight line 20% straight line Trade debtors Trade debtors are amuunls due froni customers for merchandise sold or services perfornied in the ordinary course of business. Trade debtors are recognised inittally al the transaction price. They are subsequently Ineasured at amortised cost using the ¢ffe¢tive int¢r¢st method, less provision for imPhirm¢nt. A Provision for the impairm¢ni of trade debtors is established ,hen there is objective evidence that the charity will not be able to collect all amountq due according to the original tenns of the receivables. Page 15
The Shenvood Forest Trust Notes to the Financfial Statements for the Year Ended 31 March 2024 Cash cash equivalents Cash and cash equivalenls comprise cash on hand and call deposits, and othcr short-lerm highly liquid investments that are readily convertible to a known avnvunt of cash and are subject to an insignificant risk of changc in valuc. Trade creditor5 Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course or business from supplier5. A¢¢ounts payable are classified as CUTr¢nl liabiliti¢s if Ihe charity does not have an unconditional right, at the end of the reporting period. to defer settlement of the creditor for at leasl twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date. they are PTesenled as non-cUet liJbiliti¢$. Trad¢ edItorS are recognised initially ai the Irdnsaction price and subsequently measured at amortised cost using the effective interest method. Fund 5trueture Unrestricted income fiu)ds are general fjjnds that are available for use at the trustees, discretion in rthece of the objectives of the chanty. Designated funds are unrestricted funds set asidc for spcvific purposes at the diqcretinn nf the trnstees. Restricted income funds are thosc grdnts for use in h particular area or for specific purposcs, thc usc of which is r¢5tricled lo that area or purpose. Pensions and other post retirement obligation5 The charity operates a defined contribution pension sch¢m¢ for employees. The assets of the scheme are held separately fron) those of the charity. Pension cosls charges in the Statement of Financial Aclivities represent the contribulions payable by the charity during the year. Page 16
The Sherwood Forest Trnst Notes to the Financial Statements for the Year Ended 31 March 2024 2 1n¢ome from donations and legaeies Unrestricted funds DeslgnAted General Total 2024 Total 2023 Donations and legacies. Donations from companies, tSt$ and simildT PTocccds Donation5 from individuals Donations fron) cominuniry group5 Grants, includiT]g capital grants. Government grant5 Granls from other charities 5,250 4,257 1,675 8,621 10.296 7,500 6,000 2.500 6,000 9,040 4,500 6,540 8,215 17,121 25,336 21,507 3 Tncome from charitable activities Unrestrieted funds Designated General Reslrieted funds Total 2024 Total 1023 E<imed incorne Sale of Iner¢handise Sundry receipt5 Grants & donaiions 1,120 32,610 1,256 86 3,375 1,142 37,105 2,398 86 320,854 32,120 446 1,567 178.921 320.854 1,120 33,952 325,371 360,443 213.054 Page 17
The Sherwood Forest Trust Notes to the 14 inancial Statements for the Year Ended 31 Mareh 2024 4 Grants & donation5 Unrestricted funds Restrlcted funds Total Herit&gc Lotlcry Fund East Midlands Newark & Sherwood Distrirt Council Nottingharnshire County Council Miner2Major Landscape Parniership People's Po,stcode Lottery National Lottery A4A Severn Trcnt Walei Donalions Royal Forestry Society 41,042 92.031 68,133 41.042 92.031 74.133 2.500 25,000 6,540 90,648 12.965 ,331 6.000 2,500 25,000 6.540 90,648 2,669 1,331 10,296 25.336 320,854 346.190 Page 18
The Sherwood Forest Trnst Notes to the Financial Statements for the Year Ended 31 March 2024 5 Expenditure on charilable activities Unrestrieled funds General Reslricled funds Total 2024 Total 2023 A¢¢ountan¢y & payroll Archaeology Bank charges Depreciation Coach hire Digitsl outputs Education and event5 Eqiiipmenl & mat¢rials Evaluation Heat & power Insurance 2,825 2,825 6,750 2,589 7,650 6,750 12,325 12,325 5,155 335 2,000 1,269 13,616 2,800 5,779 3,322 2.059 1,067 188 542 10,149 31,645 621 10.149 33,412 621 2.687 3,043 2,368 3,027 290 1,911 13 45,158 1,150 718 10,356 1.767 2,687 3,043 2,368 1.932 262 1,911 13 10,744 1,150 419 10,356 IT software & support Marketing & publicity Officel General Premises maintenance Leg<il & professional fees Professional services Printing, postage & slationery Recruilmenl Rent & rates Room Hire Subscriptions Sundry expen5¢5 Travel Training Telephone Overhead recharges Wages, Nl & pensions Volunteer expenses 1.095 28 34,414 36,987 1,062 149 11,276 2,200 154 338 4.314 2,144 1,310 299 336 344 898 336 399 3,704 2,322 1,574 55 2,806 2.322 ,574 (35,775) 17,261 35,775 140,376 1,292 157,637 1,292 133.669 36,440 267,636 304,076 241,983 Page 19
The Sherwood Forest Trust Notes to the Financial Statements for the Year Ended 31 March 2024 6 Net incomingloutgoimg resources Net jDroming/(outgoing) resources foT th¢ yeat include: 2024 2023 Depreciation of fixed assets 12.325 5,155 7 Staff costs The aggregate payroll co.%t8 were as follows: 21124 2023 Staff eosts during th¢ year were: Wages and saI¢S Social b¢¢urily costs Pension costs 146.419 5,384 5,834 126,067 3,921 3,681 157,637 133,669 The nionthly average number of persons (including senior management team) employed by the charity during the year was as follows.. 2024 2023 Averag¢ number of employees 9 (2023 - 7) of the above employees participated in Ihe Defined Contribution Pension Schemes. Contributions to the employee pension schemes for the year totalled £5,834 (2023 - £3.681). No employee received emoluments of more than £60,000 during the year. The totsl employee benefits of the key management personnel of the charity were £65,941 (2023 - £64,748). Page 20
The Shenvood Forest Trust Notes to the Financial Statements for the Year Ended 31 March 2024 S Taxatlon The charity is a registered charity and is iherefore exempl from laxalion. 9 Tangible red assets General equipment Computer equipmtnl Agricultural equipmenl Total Cost At l April 2023 Additions Disposals 11,546 7,894 31,618 30,870 2,574 51,058 30,870 (2,5741 At 31 MaTch 2024 11.546 7,894 59,914 79,354 Depreelation At l April 2023 Charge for the year 8.341 802 7.575 314 21.800 11,209 37,716 12,325 Ai 31 March 2024 9,143 7,889 33,009 50,041 Net book value At 31 March 2024 2,403 26,905 29,313 Ai 31 March 2023 3,205 319 9,818 13,342 10 Debtors 2024 2023 Trade debtors Prepayments 15,642 1,266 33.443 3,096 16.908 36,539 I I Creditors: amounts falling due within one )'ear 2024 2023 Trade creditors Other taxation and social security Other creditors Accruals 9.655 3,826 915 1,572 3,153 3,275 2,602 15,968 9,030 Page 21
The Shenvood Forest Trust Notes to the Financial Statements for the Year Ended 31 March 2024 12 Fees payable to independent examiner During the period, the fees payable (excluding VAT) lo th¢ Charity's independent examiner CommuT)ity Accounting Plus are analysed as follows: 2024 2023 Independent examination Other financial services 1,310 1,507 ,185 2,817 2,289 13 Trustees remuneration and expenses No tsteeS, nor any persons connected with them. have received any remuneration from the charity during the year. No ttvstees have received any reimbursed expenses or any other benefits from the charity during the year. 14 R¢lat¢d party trans4ctions There were no related party iransactions in the year. 15 Ch*rity status The charity is a company limited by guardntee aTJd conscquenily does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of thc charity in the evenl of liquidalion. 16 Analysis of net asset5 be¢)Tr-een funds Unrestricted 2024 Total funds General Designated Restricted Tangible red assets Currenl assets Current liabilities 29,313 126,965 (15,968) 29,313 242,358 (15,968) 25.670 89,723 Total net assets 14U,310 25,670 89,723 255,703 Unrtricted 2023 Ttal funds General Designated Restricted Tangible fixed assets Currenl assets Cuttent liabilities 13,342 72.724 (9.030) 13,342 169,688 (9,030 24.744 72,220 Total net assets 77.036 24,744 72,220 174,000 Page 22
The SheThood Forest Trust Notes to the Financial Statements for the Year Ended 31 March 2024 17 Funds Balance al 3] March 2024 Balance at I Aprll 2023 Incomimg re$our¢e$ Resources expended Transfer5 Unrestricted funds Geneiol Unreslricled 77,036 51,073 (28.031) 40,231 140,309 DÈsigndled Major Oak Woodland Fcslival Contingcney 4.744 20,000 9,335 (8,409) 5,670 20,000 24.744 9,335 (8,409) 25,670 Total unrestricted funds 101,780 60,408 (36.440) 40.231 165,979 Restricted funds Support ShcTwood Rural Community Fwid UK SPF HLF WW2 Royal Forestry Society Trees Nursery Si Basseilaw ST SFH ST TNG TFC Mansfield F.C Capital granl M2M People of Sherwood 'PLANT Project The Green Recovery Challenge Fund Miner2Major Heritsge Trees Ticcs foi Climale People's poslcode lollery 2.861 480 46,406 46,093 44,307 1,332 2,203 (9) (15,536) (45.475) (44,800) (3,085) (4,628) (1,338) (66,014) {894) (1,812) 3,332 {30,870) 618 12,322 12,815 1,753 12,318 3,450 7,045 656 7,378 1.627 3,681 13,574 2,112 31,678 (238) 6,116 90,647 550 (1,627) 1,841 (5.306) 650 {2,491} (1,856) 7,162 3,310 1,017 10,828 {3.310) 6,513 61.190 25,000 (5,466) (57 C)04) {16,328} 2,Q64 9,474 8,672 (4.640) Total restricted funds 72,220 325,371 (267,636) (40.231) 89,724 Total funds 174,000 385,779 (304,076) 255.703 The Iransfer from Ihe Rural Community nd to the General fijnd represents ihe net book valu¢ of Iixed a5sels. the use of which is not subjecl lo any restri¢tsOn. The transfer from ihe General fund io the restricted funds is to cover the deficit on this activity. Page 23
The Sherwood Forest Trust Notes to the Financial Statements for the Year Ended 31 March 2024 Balance at 31 March 2023 Balance at I April 2022 Incoming resources Resources expended Transfers Unrestricled funds General Unrestricted 58,803 28,261 (18,339) 8,311 77,036 De5ign4led Major Oak Woodlgnd Festival Contingency Bassetlaw District Council 17 20.000 2,102 9,930 (11.326) 6,123 4,744 20,000 (2,102) 22,119 9.930 {13,428) 6,123 24,744 Total unrestricted funds 80,922 38,191 (31,767) 14,434 101,780 Restricted Support Sherwood Groundwork HLF WW2 Royal Forestry Society Trees Nursery Si Bassetlaw ST SFH ST TNG TFC Mansfield F.C Capital grant M2M People of Shenvood LANT, Project The Green Recovery Challenge Fund Miner2Major Herilage Trees Trees for Climate 2,250 975 12,298 619 375 36,964 9,640 6,073 3.500 38.520 7,512 13,955 14,180 ,000 (8) (1,350) (36,447) (7,887) (11,428) {50) (31,475) (6,856) (6,577) {8,346) (1.106) (12.536) 2.861 12,815 1,753 12,318 3,450 7,045 656 7,378 1,627 13,466 4,207 (4,207) 106 19.698 7,162 50,796 1,017 18,304 {46,600) (19,190) 3,310 1,017 10,828 45.728 (39,550) 4,650 Total restricted funds 100,500 196,370 (210,216) (14,434) 72.220 Total funds 181,422 234,561 {241,983) 174,000 Page 24
The Sherivood Forest Trust Notes to the Financial Statements for the Year Ended 31 March 2024 The specific purposes for which the fiinds are to be applied are as follows: Defignated fiinds Major Oak Woodland Festival - fvnding to support this annual evellt; Contingency- reservcs sel aside for corc cmergency PUTPOSCS" Bassetlaw Districi c.ouncil grant funding for Mayflower 400 l.egacy Oaks project and the Bassetlaw Afforestalion Prospectus. Restricied funds Support ShcTwood - donations to support Our core activities. Rural Community Fund - capital grant funding to purchase equipment to support the delivery of the Community Tree Nursery, t¢ planting and heathland collservation work5,. UK SPF - UK Shared Prosperity Fund - 2 year revenue funding for the delivery of the Community Tree Nursery prOJt. HLF WW2 National Heritage Lollery Fund Shenvood Project; Royal Foresiry Society - Fundlng for a work based apprentice. The trainee has now successthlly found pennanenl employment based on the training recetved Ihrough this scheme; Tree Nursery - sel up to facilitate and manage the Shenv(>od Seedbank. ST Bassetlaw - thnding under Severn Trent's Boost for Biodiversity fund for tree plantlng wlthin Basseiluw- ST SFH - Shen¥ood's Forgotten Heathlands a major three year project to restore and re-create heathlands throughout Shenvood; ST TNli - funding under Severn Trent's Boost for Biodiversity fund lo IinpTove habitats at The Neutral Ground. a specific area within Shenvood. T. Mansfield - additional funding under the Trees for Climate to support community tree planting and habildt improvement projects across the disttict ot Manstield. FC Capital Grant- Foresfry Conimission funding for materials and installation works at the Tree Nursery- M2M Peoplc of Shcrwo(Kl - dLlivcry of PTojcci bascd on hisloric pcoplc of Shmvood (Majur Hayman Rooke) funded through M2M; 'PLANT Project - funding from David Cock Foundaiion to support %elting up of Sherwood seedbank.. Green Rccovery Challcngc Fund (GRCF) - Post Cuvid-19 DefTalNHLF environmcnlal rccovcry fund- Miner2Major Heritage Trees - delivery of community herilage tree Projects funded through M2M. Trees for Climate - Defrd fijnded national Iree planting programme where SFT is a partner of the Greenwood Community Forest (NCC)" People's Postcode Lottery - fvnding to support OUT cominunity led projects for planting of trees, ¢onserving heathland and measures to improve green spaces in local communities. major grant for the delivery of the WW2 Spirit of Wartime Page 25