2023-05-31-accounts - The Exmoor Society

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CHARITY REGISTRATION NUMBER: 1160912

The Exmoor Society Unaudited Financial Statements

31 May 2023

WESTCOTTS (SW) LLP

Chartered Accountants 47 Boutport Street Barnstaple Devon EX31 1SQ

The Exmoor Society

Financial Statements

Year ended 31 May 2023

	Pages
Trustees' annual report	1 to 5
Independent examiner's report to the trustees	6
Statement of financial activities	7
Statement of financial position	8
Notes to the financial statements	9 to 22

The Exmoor Society

Trustees' Annual Report

Year ended 31 May 2023

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 May 2023.

Reference and administrative details

Registered charity name	The Exmoor Society
Charity registration number	1160912
Principal office	34 High St
	Dulverton
	Somerset
	TA22 9J
The trustees	Mrs Rachel Thomas	(Resigned 17 September 2022)
	Dr Keith Howe
	Mrs Arabella Amory
	Mrs Christina Williams
	Mr Nigel Hester
	Mr Roger Watts	(Resigned 11 November 2022)
	Ms Lisa Eden
	Prof. John Wibberley
	Ms Kate O'Sullivan
	Mrs Anne May
	Mrs Jill Edwards
	Ms Victoria Everleigh Hon
	Mr William Gash
	Mr Roger O'Connor	(Appointed 5 December 2022)
Independent examiner	Catherine Williams FCA DChA
	Westcotts (SW) LLP
	47 Boutport Street
	Barnstaple
	EX31 1SQ

Structure, governance and management

Governing Document

The Society is a Charitable Incorporated Organization (CIO) registered on 16 March 2015 and commenced operating on 1 June 2015, governed by a constitution. As at 1 June 2015 all the assets and liabilities of the registered charity “The Exmoor Society” number 245761 were transferred to the CIO

Appointment and training of trustees

All trustees are required to complete a form prior to appointment and indicate their areas of interest. All new trustees receive the latest newsletter, a copy of the annual report and an update on the charity

The Exmoor Society

Trustees' Annual Report (continued)

Year ended 31 May 2023

Structure, governance and management (continued)

Organisation

The charity is administered by its principal Officers (Chairman, Vice-Chairman and Treasurer) acting with the advice and consent of Trustees and the advice of various advisory groups. All officers and trustees are elected by the Society at its Annual General Meeting The Society now employs two part time administrators (one of whom has legal training) and one part time project officer. The Society makes frequent use of voluntary help by its members.

The Board of Trustees (Executive Committee) meets bi-monthly

Associated Groups

Associated with the Exmoor Society were a number of local groups, some centered on particular locations, others covering wider areas such as the Bristol area.

These groups provide a local interest for Exmoor Society members through programmes of events, satisfying local needs and interests. They were formed by local groups of members as mutual associations outside the Society. As mutual association they are not themselves charities and in principle not subject to control by the Society. They have in some cases admitted non-members of the Exmoor Society to their own membership. They govern themselves under the normal rules that apply to mutual associations. The Society has encouraged these groups but most have now folded and only the Porlock Group remains.

Funds and Policies

Funds held by the Charity are either:

Restricted Fund, being funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Designated Funds, being funds set aside by the trustees out of unrestricted general funds for specific future purposes or projects.

Unrestricted Funds, being funds that can be used in accordance with the charitable objects at the discretion of the trustees.

It is the policy of the Society to maintain unrestricted funds, which are the free reserves of the charity, at a level that equates to approximately two years of net expenditure on its charitable purposes, but excluding individual grants, and its administrative costs and other overheads. In previous years this has been approximately £20,000 per annum giving a reserve of £40,000.

In addition it has always pursued the objective of carrying sufficient additional reserves to fund the significant costs that might become necessary if the Society ever needed in the view of its Executive Committee to launch any formal or legal action in furtherance of its primary aim set out under the “Objectives and activities” paragraphs below. At present the Society believes that reserves to cover this contingency should be maintained, if possible, at a level of £50,000.

Combining these two purposes, the Society seeks to maintain total reserves at a level of £90,000. Unrestricted funds were maintained at this level throughout the year.

The Executive Committee urges members when renewing their subscriptions to add generously by donation, if they can, and to sign gift aid forms that enable the Society to recover tax on both subscriptions and donations. Additionally, it asks members to recognize the possibility of giving to the Society by bequest.

The Exmoor Society

Trustees' Annual Report (continued)

Year ended 31 May 2023

Structure, governance and management (continued)

Investment Policy and Risk Policy

The Society has reviewed its Investment Policy during the year. It continues to keep its long-term funds in equities, invested in Income Units of the Charities Investment Funds. It keeps a tranche of funds likely to be needed in the shorter term, on deposit.

The Committee keeps under regular review the major strategic and operational risks that the Society faces and confirms that adequate procedures and safeguards have been established to address these risks. The Risk Register has been reviewed during the year.

Hitherto these policies have maintained the reserves of the Society at a fluctuating but healthy level and the Committee believes at present that they will continue to do so. The policies are kept under annual review in case circumstances change.

Objectives and activities

The object of the Society is:

To promote the conservation and protection of Exmoor National Park for the public benefit. This will be achieved by:-

a) protecting, promoting and enhancing its landscape, wildlife and historical environment

b) safeguarding public access and recreation appropriate to the National Park

c) scrutinizing policies which affect Exmoor

d) contributing to the Town & Country planning system, and monitoring its application

e) acting as a resource centre for obtaining & disseminating information

f) recording, studying and publishing information on aspects of Exmoor

g) promoting an understanding of Exmoor

h) encouraging activities beneficial to local communities and the wider public

The Trustees confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the Society's objectives, planning activities and making awards.

The Chair, on behalf of the trustees, reports on the Society's year generally in the Annual Report distributed to members prior to the AGM.

The Exmoor Society

Trustees' Annual Report (continued)

Year ended 31 May 2023

Achievements and performance

The major achievements in the current year include the following:-

Introduction of, The Bolve, our fortnighty e-newsletter for members and supporters
Launch of the Exmoor Society Research fund to support projects that contribute to the understanding of Exmoor
We hosted a series of talks in Dulverton on environmental themes with speakers including Professor Dave Goulson and journalist Kate Hughes
We held exhibitions on Hope Bourne, Hoar Oak and Lorna Doone, Exmoor's Insects and our Alfred Vowles and Pinnacle Award winners
Held our first Spring Clean Litter Pick
We were invited and made a submission to the House of Lords Climate Change and Environment Committtee into Protected Landscapes
Collated and shared responses to the Pine Martens reintroduction workshops
Our most ambitious walks programme extended into spring and autumn with new family focussed events
Held a highly successful Spring Conference on the theme “All Things Bright and Beautiful” celebrating the diversity of Exmoor's wildlife
Relaunched our corporate membership as community supporters
Continued the development of the Society’s Archive, both as a depository for new acquisitions and use by visiting researchers
Hosted a seminar and discussion: the Exmoor Society Asks: Tourism the Future?
Held Exmoor's first Meadows Day of information and expert advice at White Rock Cottage
Held our first Exmoor Scavenge, aimed at families with young children to introduce them to nature and the special qualities of Exmoor
Launched the "Exmoor Farms: A Year on the Moor" project with Exmoor Hill Farming Network

The Exmoor Society

Trustees' Annual Report (continued)

Year ended 31 May 2023

Financial review

Total income for 2023 was £175,837. The income was increased by a sizeable legacy of £112,156, without that extraordinary item revenue of £63,681 was consistent with the 2022 income figure of £63,670.

The legacy at 31 May 2023 was held in cash and held as unrestricted funds.

The main income trends are a small decrease in membership income, a rise in event income and the cessation of retail trading.

Total expenditure of £63,373 fell from £75,965 in 2022. Whereas core costs rose from £41,849 in 2022 to £46,466 largely due to inflation and computer and website costs there were no substantial grants made in the financial year. Investments fell by £2,850 but the return on COIF and deposit accounts has increased to £14,169 up from £13,445.

Therefore Total Funds increased to £648,233.

The trustees are able to confirm that the investments are held in accordance with their powers and that at the year end the Society’s financial position was healthy with net assets sufficient to meet the Society’s obligations.

Statement of trustees' responsibilities

The trustees are responsible for preparing the Trustees' Annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. (United Kingdom General Accepted Accounting Practice)

Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements the trustees are required to :

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgments and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been follow, subject to any material disclosures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with Section 132 of the Charities Act 2011 and the Charity (Accounts & reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by:

Ms Catherine O’Sullivan (Chair) Dr Keith Howe (Vice Chair) Trustee Trustee

The Exmoor Society

Independent Examiner's Report to the Trustees of The Exmoor Society

Year ended 31 May 2023

I report to the trustees on my examination of the financial statements of The Exmoor Society ('the charity') for the year ended 31 May 2023.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

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

accounting records were not kept in respect of the charity as required by section 130 of the Act; or
the financial statements do not accord with those records; or
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

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.

Catherine Williams FCA DChA Independent Examiner Westcotts (SW) LLP 47 Boutport Street Barnstaple EX31 1SQ

The Exmoor Society

Statement of Financial Activities

Year ended 31 May 2023

			2023		2022
		Unrestricted	Restricted
		funds	funds	Total funds	Total funds
	Note	£	£	£	£
Income and endowments
Donations and legacies	4	127,800	6,100	133,900	17,539
Charitable activities	5	24,353	–	24,353	23,875
Other trading activities	6	3,415	–	3,415	8,811
Investment income	7	14,169	–	14,169	13,445
		─────────	───────	─────────	────────
Total income		169,737	6,100	175,837	63,670
		═════════	═══════	═════════	════════
Expenditure
Expenditure on raising funds:
Costs of other trading activities	8	771	–	771	4,280
Expenditure on charitable activities	9,10	62,601	–	62,601	71,685
		─────────	───────	─────────	────────
Total expenditure		63,372	–	63,372	75,965
		═════════	═══════	═════════	════════
Net losses on investments	13	2,850	–	2,850	1,055
		─────────	───────	─────────	────────
Net income/(expenditure) and net
movement in funds		103,515	6,100	109,615	(13,350)
		═════════	═══════	═════════	════════
Reconciliation of funds
Total funds brought forward		488,472	50,146	538,618	551,968
		─────────	────────	─────────	─────────
Total funds carried forward		591,987	56,246	648,233	538,618
		═════════	════════	═════════	═════════

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 9 to 22 form part of these financial statements.

The Exmoor Society

Statement of Financial Position

31 May 2023

		2023	2022
	Note	£	£
Fixed assets
Tangible fixed assets	18	10,803	9,827
Investments	19	460,136	462,986
		─────────	─────────
		470,939	472,813
Current assets
Stocks	20	2,422	1,559
Debtors	21	4,883	4,775
Cash at bank and in hand		175,372	69,953
		─────────	────────
		182,677	76,287
Creditors: amounts falling due within one year	22	5,383	10,482
		─────────	────────
Net current assets		177,294	65,805
		─────────	─────────
Total assets less current liabilities		648,233	538,618
		─────────	─────────
Net assets		648,233	538,618
		═════════	═════════
Funds of the charity
Restricted funds		56,246	50,146
Unrestricted funds		591,987	488,472
		─────────	─────────
Total charity funds	24	648,233 ═════════	538,618 ═════════

These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by:

Ms Catherine O’Sullivan (Chair) Trustee

Dr Keith Howe (Vice Chair) Trustee

The notes on pages 9 to 22 form part of these financial statements.

The Exmoor Society

Notes to the Financial Statements

Year ended 31 May 2023

1. General information

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 34 High st, Dulverton, Somerset, TA22 9J.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investments measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Disclosure exemptions

The charity has taken the exemptions within the Charities SORP (FRS 102) including the requirement to produce a cashflow statement because it is classed as a small charity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

The Exmoor Society

Notes to the Financial Statements (continued)

Year ended 31 May 2023

3. Accounting policies (continued)

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
legacy income is recognised when receipt is probable and entitlement is established.
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

The Exmoor Society

Notes to the Financial Statements (continued)

Year ended 31 May 2023

3. Accounting policies (continued)

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Premises costs - straight line over the term of the lease Computer costs - 4 years straight line Refence library - not depreciated due to the high residual value, depreciation is not material

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

The Exmoor Society

Notes to the Financial Statements (continued)

Year ended 31 May 2023

3. Accounting policies (continued)

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or parable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Where investments in shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

4. Donations and legacies

Donations and legacies
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2023
	£	£	£
Donations
Donations	12,410	1,000	13,410
Gift Aid	3,234	–	3,234
Legacies
Legacies	112,156	–	112,156
Grants
Grants receivable	–	5,100	5,100
	─────────	───────	─────────
	127,800	6,100	133,900
	═════════	═══════	═════════
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2022
	£	£	£
Donations
Donations	3,834	100	3,934
Gift Aid	3,605	–	3,605
Legacies
Legacies	5,000	–	5,000
Grants
Grants receivable	–	5,000	5,000
	────────	───────	────────
	12,439	5,100	17,539
	════════	═══════	════════

The Exmoor Society

Notes to the Financial Statements (continued)

Year ended 31 May 2023

5. Charitable activities

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2023	Funds	2022
	£	£	£	£
Events income	2,845	2,845	1,666	1,666
Membership Subscriptions	21,508	21,508	22,209	22,209
	────────	────────	────────	────────
	24,353	24,353	23,875	23,875
	════════	════════	════════	════════
Other trading activities
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2023	Funds	2022
	£	£	£	£
Sales & Income generated	3,415	3,415	8,811	8,811
	═══════	═══════	═══════	═══════
Investment income
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2023	Funds	2022
	£	£	£	£
Dividends from COIF shares	13,437	13,437	13,417	13,417
Bank interest receivable	426	426	17	17
COIF interest receivable	306	306	11	11
	────────	────────	────────	────────
	14,169	14,169	13,445	13,445
	════════	════════	════════	════════

6. Other trading activities

7. Investment income

8. Costs of other trading activities

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2023	Funds	2022
	£	£	£	£
Shop costs	771	771	4,280	4,280
	════	════	═══════	═══════

The Exmoor Society

Notes to the Financial Statements (continued)

Year ended 31 May 2023

9. Expenditure on charitable activities by fund type

	Unrestricted	Restricted	Total Funds
	Funds	Funds	2023
	£	£	£
Charitable Activities	16,135	–	16,135
Support costs	46,466	–	46,466
	────────	────	────────
	62,601	–	62,601
	════════	════	════════
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2022
	£	£	£
Charitable Activities	24,236	5,600	29,836
Support costs	41,849	–	41,849
	────────	───────	────────
	66,085	5,600	71,685
	════════	═══════	════════

10. Expenditure on charitable activities by activity type

		Activities
		undertaken	Grant funding		Total funds	Total fund
		directly	of activities	Support costs	2023	2022
		£	£	£	£	£
	Charitable Activities	15,735	400	46,466	62,601	71,685
		════════	════	════════	════════	════════
11.	Analysis of support costs
				Charitable
				activates	Total 2023	Total 2022
				£	£	£
	Wages			26,992	26,992	29,234
	Prinitng, postage and stationary			3,605	3,605	2,272
	Computer and website			4,654	4,654	1,808
	Telephon			387	387	497
	Insurance			795	795	778
	Rates and water			438	438	411
	Heat and light			3,256	3,256	1,685
	Cleaning and repairs			2,875	2,875	1,203
	Bank charges			250	250	257
	Travel			28	28	34
	Accountancy			2,260	2,260	480
	Depreciation			1,358	1,358	190
	Legal fees			(840)	(840)	3,000
	Sundry costs			408	408
				───────	───────	───────
				46,466	46,466	41,849
				═══════	═══════	═══════
12.	Analysis of grants
					2023	2022
					£	£
	Grants to institutions
	Grants to institutions				400	19,300
					────	────────
	Total grants				400	19,300
					════	════════

The Exmoor Society

Notes to the Financial Statements (continued)

Year ended 31 May 2023

13. Net losses on investments

		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2023	Funds	2022
		£	£	£	£
	Gains/(losses) on other investment
	assets	(2,850)	(2,850)	(1,055)	(1,055)
		═══════	═══════	═══════	═══════
14.	Net income/(expenditure)
	Net income/(expenditure) is stated after charging/(crediting):
				2023	2022
				£	£
	Depreciation of tangible fixed assets			1,358	190
				═══════	════
15.	Independent examination fees
				2023	2022
				£	£
	Fees payable to the independent examiner for:
	Independent examination of the financial statements			940 ════	480 ════

16. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as	The total staff costs and employee benefits for the reporting period are analysed as	follows:
	2023	2022
	£	£
Wages and salaries	26,849	29,234
Social security costs	143	–
	────────	────────
	26,992	29,234
	════════	════════

The average head count of employees during the year was 3 (2022: 3). The average	The average head count of employees during the year was 3 (2022: 3). The average	number of
full-time equivalent employees during the year is analysed as follows:
	2023	2022
	No.	No.
Office staff	2	2
Development Co-ordinator	1	1
	────────	────────
	3	3
	════════	════════

No employee received employee benefits of more than £60,000 during the year (2022: Nil).

17. Trustee remuneration and expenses

During the year no remuneration was paid to trustees (2022:Nil). No expenses (2022:Nil) have been reimbursed to the trustees during the year.

The Exmoor Society

Notes to the Financial Statements (continued)

Year ended 31 May 2023

18. Tangible fixed assets

	Freehold	Fixtures and
	property	fittings	Equipment	Total
	£	£	£	£
Cost
At 1 June 2022	24,340	7,300	9,274	40,914
Additions	–	–	2,334	2,334
	────────	───────	────────	────────
At 31 May 2023	24,340	7,300	11,608	43,248
	════════	═══════	════════	════════
Depreciation
At 1 June 2022	24,339	–	6,748	31,087
Charge for the year	1	–	1,357	1,358
	────────	───────	────────	────────
At 31 May 2023	24,340	–	8,105	32,445
	════════	═══════	════════	════════
Carrying amount
At 31 May 2023	–	7,300	3,503	10,803
	════════	═══════	════════	════════
At 31 May 2022	1 ════════	7,300 ═══════	2,526 ════════	9,827 ════════

During 2010 the reference library was revalued by Mr RM Young, a specialist bookseller, at an approximation of market value of £7,300, based upon his intensive experience in the book selling trade. The original cost of this library was only £250 due to a large proportion of it being donated to the Society. In past years additional books and works of art have been donated to the Society.

The trustees have not carried out any revaluation since 2010.

19. Investments

Investments
	Listed
	investments
	£
Cost or valuation
At 1 June 2022	462,986
Additions	–
Fair value movements	(2,850)
	─────────
At 31 May 2023	460,136
	═════════
Impairment
At 1 June 2022 and 31 May 2023
Carrying amount
At 31 May 2023	460,136
	═════════
At 31 May 2022	462,986 ═════════

All investments shown above are held at valuation.

Listed investments

The aggregate market value of listed investments is £460,136 (2022: £462,986).

The Exmoor Society

Notes to the Financial Statements (continued)

Year ended 31 May 2023

20.	Stocks
		2023	2022
		£	£
	Goods for resale	2,422	1,559
		═══════	═══════
21.	Debtors
		2023	2022
		£	£
	Prepayments and accrued income	1,649	1,170
	Other debtors	3,234	3,605
		───────	───────
		4,883	4,775
		═══════	═══════
22.	Creditors: amounts falling due within one year
		2023	2022
		£	£
	Trade creditors	–	1,238
	Accruals and deferred income	5,342	8,018
	Social security and other taxes	41	1,226
		───────	────────
		5,383	10,482
		═══════	════════
23.	Deferred income
		2023	2022
		£	£
	At 1 June 2022	4,255	4,728
	Amount released to income	(425)	(473)
		───────	───────
	At 31 May 2023	3,830 ═══════	4,255 ═══════

Deferred income is in respect of life memberships. Life memberships purchased in the year are taken to deferred income. The income is then released over an estimate of the lifetime, based on a 10% charge per year on a reducing balance basis.

The Exmoor Society

Notes to the Financial Statements (continued)

Year ended 31 May 2023

24. Analysis of charitable funds

Unrestricted funds

	At				Gains and	At	31 May
	1 Jun 2022	Income	Expenditure	Transfers	losses		2023
	£	£	£	£	£		£
General funds	245,063	164,237	(58,742)	1,357	(2,850)	349,065
General
designated	90,000	–	–	–	–		90,000
Woodland
conservation	139	–	–	–	–		139
Education fund	8,616	1,500	–	–	–		10,116
IT fund	15,540	4,000	(1,320)	(1,357)	–		16,863
Resource centre
fund	3,512	–	–	–	–		3,512
Competition fund	283	–	–	–	–		283
Publications	4,358	–	–	–	–		4,358
Campaign fund	96,111	–	–	–	–		96,111
Development fund	24,189	–	(3,310)	–	–		20,879
Property fund	661	–	–	–	–		661
	─────────	─────────	────────	────	───────		─────────
	488,472	169,737	(63,372)	–	(2,850)	591,987
	═════════	═════════	════════	════	═══════		═════════
	At				Gains and	At	31 May
	1 Jun 2021	Income	Expenditure	Transfers	losses		2022
	£	£	£	£	£		£
General funds	244,362	52,951	(51,385)	190	(1,055)	245,063
General
designated	90,000	–	–	–	–		90,000
Woodland
conservation	139	–	–	–	–		139
Education fund	8,616	–	–	–	–		8,616
IT fund	15,730	–	–	(190)	–		15,540
Resource centre
fund	2,905	607	–	–	–		3,512
Competition fund	273	12	(2)	–	–		283
Publications	4,358	–	–	–	–		4,358
Campaign fund	104,811	5,000	(13,700)	–	–		96,111
Development fund	29,467	–	(5,278)	–	–		24,189
Property fund	661	–	–	–	–		661
	─────────	────────	────────	────	───────		─────────
	501,322 ═════════	58,570 ════════	(70,365) ════════	– ════	(1,055) ═══════	488,472 ═════════

The Exmoor Society

Notes to the Financial Statements (continued)

Year ended 31 May 2023

24. Analysis of charitable funds (continued)

Designated Funds:

Publications fund

To fund further Studies and other publications.

Woodland conservation

To promote the conservation of the Exmoor woodland area.

IT fund

To update and make more accessible the Society's IT equipment.

Resource Centre Fund

To use the money received from the sale of materials which are not relevant to the Society in order to buy books that are currently lacking in the library.

Competition Fund

To enable the Society to provide prizes for specific competitions.

New Property fund

To enable the Society to achieve its aims and operate efficiently from the new premises the trustees have transferred this sum from the unrestricted income funds.

Development Fund

To promote the aims and objectives of the Society.

Education fund

To enhance environmental education for schools on Exmoor and beyond. To encourage schools to visit Exmoor and allow them to participate in a wide variety of activities/ Generally to encourage a better understanding of conservation and Exmoor National Park.

Campaign fund

To set up a fund to enable the Society to embark on initiatives relating to its objectives.

Premises Fund

To use solely for premises expenditure

The Exmoor Society

Notes to the Financial Statements (continued)

Year ended 31 May 2023

24. Analysis of charitable funds (continued)

Restricted funds

Restricted funds
	At				Gains and	At 31 May
	1 Jun 2022	Income	Expenditure	Transfers	losses	2023
	£	£	£	£	£	£
Conservation fund	293	–	–	–	–	293
Literary award	1,448	–	–	–	–	1,448
Windfarm appeal	582	–	–	–	–	582
Founders award	19	100	–	–	–	119
Education fund	385	–	–	–	–	385
Pinnacle fund	5,612	5,000	–	–	–	10,612
Malcolm
MacEwen fund	9,807	1,000	–	–	–	10,807
Premises fund	20,000	–	–	–	–	20,000
Campaign fund	12,000	–	–	–	–	12,000
	────────	───────	────	────	────	────────
	50,146	6,100	–	–	–	56,246
	════════	═══════	════	════	════	════════
	At				Gains and	At 31 May
	1 Jun 2021	Income	Expenditure	Transfers	losses	2022
	£	£	£	£	£	£
Conservation fund	293	–	–	–	–	293
Literary award	1,448	–	–	–	–	1,448
Windfarm appeal	582	–	–	–	–	582
Founders award	19	100	(100)	–	–	19
Education fund	385	–	–	–	–	385
Pinnacle fund	5,612	5,000	(5,000)	–	–	5,612
Malcolm
MacEwen fund	10,307	–	(500)	–	–	9,807
Premises fund	20,000	–	–	–	–	20,000
Campaign fund	12,000	–	–	–	–	12,000
	────────	───────	───────	────	────	────────
	50,646	5,100	(5,600)	–	–	50,146
	════════	═══════	═══════	════	════	════════

The Exmoor Society

Notes to the Financial Statements (continued)

Year ended 31 May 2023

24. Analysis of charitable funds (continued)

Restricted Funds:

Conservation fund

To make an annual award to people who have, in the opinion of the trustees, contributed significantly to the conservation of Exmoor

Literary award

In the name of Lucy Perry this is to offer awards, to young people between the ages of 8 and 14 years, for a piece of poetry or prose inspired by Exmoor – its landscape, fauna, flora or cultural heritage and people's enjoyment of it. It is hope that the poetry or prose can form part of the school curriculum requirements.

Windfarm appeal

To research the effect of wind turbines upon the Exmoor environment and campaign to stop the building of large wind farms within the confines of Exmoor and its setting.

Founders award

To make an award to help the charity in its promotion of Exmoor

Pinnacle award

To support business opportunities for young people.

Malcolm MacEwen fund

To use the amount transferred on the merger of the two charities for Malcolm MacEwen Trust's original aims, which were the advancement of education through the provision of grants to help support the costs of research projects on topics relevant to the conservation of Exmoor National Park and its special qualities.

Education fund

Campaign fund

To set up a fund to enable the Society to embark on initiatives relating to its objectives.

Premises Fund

To use solely for premises expenditure.

The Exmoor Society

Notes to the Financial Statements (continued)

Year ended 31 May 2023

25. Analysis of net assets between funds

	Unrestricted	Restricted	Total Funds
	Funds	Funds	2023
	£	£	£
Tangible fixed assets	10,803	–	10,803
Investments	460,136	–	460,136
Current assets	126,431	56,246	182,67
Creditors less than 1 year	(5,383)	–	(5,383)
	─────────	────────	─────────
Net assets	591,987	56,246	648,233
	═════════	════════	═════════
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2022
	£	£	£
Tangible fixed assets	9,827	–	9,827
Investments	462,986	–	462,986
Current assets	26,141	50,146	76,287
Creditors less than 1 year	(10,482)	–	(10,482)
	─────────	────────	─────────
Net assets	488,472	50,146	538,618
	═════════	════════	═════════

26. Related parties

There have been no related party transactions in the reporting period (2022: None)