DocuSign Envelope ID: 707E53EB-8E06-4322-A0F5-6221AC291EF1
**Charity Registration No. 1186656 Company No. 11787042**
# **NEW FOREST HERITAGE TRUST**
# **TRUSTEES' REPORT AND CONSOLIDATED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 JANUARY 2022**
DocuSign Envelope ID: 707E53EB-8E06-4322-A0F5-6221AC291EF1
## **NEW FOREST HERITAGE TRUST LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Hon Mrs M R Montagu-Scott (Chairman)|
|---|---|
||Hon Dr E Page|
||Mr J Pemberton – resigned 14 June 2021|
||Mr E C Sutton (Secretary)|
||Mrs J Neylon – resigned 17 March 2021|
||Mr P G Power|
||Mr B Surman – resigned 12 July 2021|
||Mr D A Adams|
||Ms J Broomfield – appointed 2 April 2021|
||Mr M R Harris OBE|
||Mr D Hickman|
||Mr M Shaw|
||Ms S L Williams|
||Ms C Gannon – appointed 1 January 2022|
||Mr A Climpson OBE – appointed 1 January 2022|
||Mr A Harley – appointed 4 October 2022|
|**Secretary**|Mr E C Sutton|
|**Centre manager**|Angus Harley|
|**Charity number**|1186656|
|**Company number**|11787042|
|**Principal address**|New Forest Centre|
||Lyndhurst|
||Hampshire|
||SO43 7NY|
|**Independent Examiner**|Fiander Tovell Limited|
||Stag Gates House|
||63/64 The Avenue|
||Southampton|
||Hampshire|
||SO17 1XS|
|**Bankers**|Lloyds TSB plc|
||39 High Street|
||Lymington|
||Hampshire|
||SO41 9ZF|
|**Investment advisors**|Sanlam|
||Solent House|
||Cannon Street|
||Lymington|
||Hampshire|
||SO41 9BR|
||Evelyn Partners|
||45 Gresham Street|
||London|
||EC2V 7BG|
DocuSign Envelope ID: 707E53EB-8E06-4322-A0F5-6221AC291EF1
## **NEW FOREST HERITAGE TRUST CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 – 6|
|Independent examiner’s report|7|
|Consolidated statement of financial activities|8|
|Consolidated balance sheet|9 - 10|
|Consolidated statement of cash flows|11|
|Notes to the financial statements|12 – 29|
DocuSign Envelope ID: 707E53EB-8E06-4322-A0F5-6221AC291EF1
## **NEW FOREST HERITAGE TRUST TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JANUARY 2022**
The trustees present their report and financial statements for the year ended 31 January 2022, which incorporates the directors’ report as required by company law.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity’s Memorandum and Articles of Association, the Companies Act 2006, the Charities Act 2011, the Statement of Recommended Practice, "Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)", and relevant accounting standards.
## **CHAIRMAN’S STATEMENT**
In last year’s statement, I described 2020 as a year like no other. We began 2021 unable to open until April, and saw visitor numbers begin tentatively before picking up better in the high summer months. In all we welcomed 110,000 through our doors over the calendar year – a little over half of what we would have expected pre-pandemic. We are enormously grateful to the funding support that we received during the year from the National Lottery Recovery Fund, the New Forest District Council Continuity Grant and the National Heritage Continuity Grant.
This was a year for re-grouping and re-setting for the future.
## **Library and Collection**
Our objectives for the year were to consolidate the outcomes of the E-cademy/New Forest Knowledge project by recruiting a new member of staff to assist with all aspects of our collections management. This we did via the Kickstart scheme, and through the support of a generous private donor, resulting in the appointment of a young local person, new to the heritage sector, whom we hope to support and train to become a long term career professional.
## **Café**
Last year we reported the creation of our own café and this opened for the first time in May. Run by our trading subsidiary and intended to generate a new income stream for the charity, the venture had a good first year, turning over £91,000, employing local people and selling New Forest produce as much as possible.
## **Learning**
We restarted our education programme, employing a new Head of Learning and piloting several activities identified as opportunities in the Learning Review that we commissioned in 2020.
## **Staffing**
During the year our Centre Manager left us after a productive term of office, steering us through such a difficult period. Our Collections & Engagement Manager, Dr Kath Walker, was appointed to the Centre Manager role and Armand de Filippo was appointed to Collections & Engagement. Sadly, only a few months later, after 5 very successful years with us during which she achieved so much, Kath decided to move on to a new Directorship elsewhere. A successful recruitment process was launched at the year end, which has subsequently seen Angus Harley appointed the new Centre Manager.
## **Future Plans**
For many organisations such as ours, the pandemic has precipitated fresh perspectives on our vision for the future. We remain very firmly focused on delivering on the objectives that our founders set out in 1979, namely “to provide a centre where local residents and visitors can discover more about the New Forest, its history, its customs, its people, its wildlife and its future”. To deliver this, we need be sure we are delivering a ‘product’ which is what the community, and those who come from further away, want. We have a completely unique collection of books and objects with which to tell so many New Forest stories and our focus is now to place this collection at the centre of everything we do.
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## **NEW FOREST HERITAGE TRUST TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JANUARY 2022**
We own our premises, we own our intellectual property, we have a good team, and an engaged Board of Trustees. This a sound basis from which to recover well from a difficult two years.
## _Mary Montagu-Scott DL, Chair of Trustees_
## **OBJECTIVES AND ACTIVITIES**
In undertaking the activities of the last twelve months, the Trustees of the New Forest Heritage Trust (the Trust) have paid due regard to the Charity Commission’s guidance on public benefit in deciding what activities should be undertaken. Through adherence to the main aims of the current Business Plan 2018-22 and the fulfilment of its objectives the Trust has diligently and purposefully fulfilled its obligations.
The Trust’s principal activity remains that of running a museum and reference library for the benefit of all members of the public. Through these resources and the provision of interpretative and educational activities, the Trust aims to inspire its visitors to celebrate and conserve the New Forest.
## **ACHIEVEMENTS AND PERFORMANCE**
## **Re-development**
We continue to aim for a re-development of the Centre incorporating a new museum space, gift shop and first floor mezzanine to expand the library area. Our draft Business Plan written to succeed the 2018-21 Plan was written early in the year and was predicated on a swift post Covid return of visitor numbers to the New Forest and our Centre. The financial model showed how a re-development would elevate the pre-Covid visitor level substantially following a modernisation, and with it, increased donations and spend on our shop and cafe. Unfortunately, at the time of writing, visitor numbers are still 25-30% down on pre-Covid levels. This has caused us to re-evaluate our masterplan, and this is a process that we are presently undertaking.
## **Learning**
At the time of writing, a Learning Plan is on the point of adoption and our Head of Learning is making excellent progress with a number of new initiatives.
## **Retail shop and Café**
The Heritage Centre like all free to enter museums relies on our fundraising activities and the financial contribution from our shop and cafe.
The Shop continued to generate a profit despite reduced visitor numbers and the staff continue to help visitors as much as possible with tourist information type enquiries in the absence of a Council or National Park Authority provision.
The café’s encouraging first 7 months of direct operation were sufficient to demonstrate what an important part of the overall visitor experience it can become. We will be exploring a number of ideas to help this new enterprise generate profits to help fund the Trust’s activities.
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## **NEW FOREST HERITAGE TRUST TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JANUARY 2022**
## **Christopher Tower Reference Library**
There are a number of little known facts about our special Library:
- situated on the first floor of the Heritage Centre, the Library houses one of the most comprehensive collections of material about the New Forest that can be accessed by the public in a single location.
- much of the Library is digitised on its website, New Forest Knowledge - https://nfknowledge.org
- • the Library was recently donated one of its most important archives to date, the CrosthwaiteEyre archive which consists of rare documents of the Forest between the 17th and 20th century and approximately a quarter of it was conserved and catalogued in 2020.
- the community is at the heart of everything we do in the Library and we welcomed local history, university and college groups to use the Library’s resources where restrictions permitted in 2021.
## **Collections**
Our new Collections & Engagement Manager has focused his attention on an audit of our storage and conservation care procedures and also to forward plan for our application for museum reaccreditation. We have also started to consider our future collections management system needs due to our present software nearing the end of its supported life. The degree to which we can give greater access to our collections is a central pillar of our future activities.
## **Fundraising**
We are always grateful to all those funds and foundations who support us (as listed elsewhere in the financial statements) and to our visitors who so generally demonstrate their appreciation of us through small but meaningful individual donations.
## **Future plans**
The slow recovery of visitor confidence following the pandemic continues to give rise to uncertainty but we remain confident in our team of staff and Trustees and continue to focus on our primary aspirations, which are to:
- Finalise and roll out an excellent new learning programme
- Welcome as many visitors as we can to the Centre from traditional, and less traditional groups
- • Give greater profile to our collection and make it more central to all our activities • Arrive at a deliverable plan to upgrade parts of the Centre
## **FINANCIAL REVIEW**
The total incoming resources for the year were £533,134 (2021: £560,242), a decrease of 5%.
The charity itself has a net surplus for the year of £30,102 (2021: £221,151). On consolidation, having allowed for the amortisation of assets held by the trading subsidiary, there was an overall surplus of £26,909 (2021: £180,304).
The charity's wholly owned subsidiary, New Forest Museum Trading Limited, made a loss of £1,993 (2021: £15,463) in the year.
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## **NEW FOREST HERITAGE TRUST TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JANUARY 2022**
## **Reserves Policy**
The Statement of Recommended Practice (SORP) for Accounting and Reporting by Charities defines reserves as income which becomes available to the charity and is to be spent at the Trustees’ discretion in furtherance of any of the charity’s objects, but which is not yet spent, committed or designated. This definition of reserves therefore excludes restricted and designated funds and income funds which could only be realised by disposing of fixed assets held for charity use.
Unrestricted reserves are held for three specific reasons:
1. To protect the charity in the event of a loss of trading income for a period of up to six months
2. To safeguard the charity from an unexpected but essential one-off cost
3. To provide sufficient funds to enable the charity to be able to pay both salary and overhead costs for a period of six months.
The level of reserves should be sufficient to cover just one of these purposes rather than any combination. This would require a reserves sum of £150,000.
At 31 January 2022 the charity has consolidated unrestricted funds amounting to £449,195 with free reserves of £272,496. Whilst this exceeds the target level, it is considered reasonable in the light of the recent Covid-19 pandemic.
The charity’s reserves policy will continue to be reviewed on an annual basis.
## **Investment policy**
The trustees have considered the most appropriate policy for investing funds and consider that a mix of quoted investments and cash meets its requirement to generate both income and capital growth. The charity engages a firm of investment managers to oversee its portfolio of quoted investments. The investment managers have been made aware of the aims of the charity and no investments held will contradict those aims. The investment managers manage a diversified portfolio of suitable investments on a discretionary basis.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing Document**
The charity was established by a Memorandum and Articles of Association dated 24 January 2019 as amended by a Resolution dated 29 October 2019 and is registered with the Charity Commission.
## **Recruitment of Trustees and administration**
There shall be a maximum of twelve and minimum of six Trustees. New Trustees shall be appointed at meetings of the Trustees properly called in accordance with clause 18 of the Charity’s Memorandum and Articles of Association.
Induction and training of trustees is provided as required.
The day to day management of the Trust is undertaken by the Centre Manager.
Employee remuneration is set taking account of the salary guidelines published by the Museums Association.
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# **NEW FOREST HERITAGE TRUST TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JANUARY 2022**
## **Group Structure and Relationships**
The charity has a wholly owned non-charitable subsidiary, New Forest Museum Trading Limited, whose activities and performance is discussed above.
## **Risk Management**
The Board of Trustees is responsible for the management of the risks faced by the Charity. Risks, especially those relating to the operations and finances of the Charity, are identified, assessed and controls are established on an ongoing basis and reviewed annually. The Trustees are satisfied that systems are in place to mitigate exposure to the major risks.
## **Responsibilities of the Trustees**
The trustees, who are also the directors of The New Forest Heritage Trust for the purpose of company law, are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company 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 (FRS 102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures 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 charitable company will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
## **Thank you to our Supporters**
National Lottery Heritage Fund Garfield Weston Foundation The Hampshire & Isle of Wight Community Foundation New Forest District Council New Forest Leader New Forest Trust The Reta Lila Howard Foundation The Caroline Montagu-Weston Foundation The Beaulieu Beaufort Foundation
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## **NEW FOREST HERITAGE TRUST TRUSTEES’ REPORT**
## **FOR THE YEAR ENDED 31 JANUARY 2022**
On behalf of the board of trustees
## **Mr E C Sutton**
Secretary 28/10/2022 | 14:04 BST Dated........................
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## **NEW FOREST HERITAGE TRUST INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF NEW FOREST HERITAGE TRUST**
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 January 2022 which are set out on pages 8 to 28.
## **Responsibilities and basis of report**
As the charity 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 company’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**
Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
## **Andrew Jay ACA FCCA**
## **Fiander Tovell Limited**
## **Chartered Accountants**
Stag Gates House 63/64 The Avenue Southampton Hampshire SO17 1XS
28/10/2022 | 15:45 BST
Dated: …………………..
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## **NEW FOREST HERITAGE TRUST**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## **FOR THE YEAR ENDED 31 JANUARY 2022**
**----- Start of picture text -----**
As restated
Unrestricted Restricted Endowment Total Total
funds funds fund 2022 2021
Notes £ £ £ £ £
Incoming resources
Incoming resources from:
Donations and legacies 3 154,897 88,951 - 243,848 396,805
Charitable activities 6 4,835 - - 4,835 1,265
Other trading activities 4 259,687 - - 259,687 115,075
Investments 5 - - - - 2
Other incoming resources 7 24,764 - - 24,764 47,095
-
Total incoming resources 444,183 88,951 533,134 560,242
Resources expended
Expenditure on:
- -
Raising funds 255,298 255,298 135,198
Charitable activities 8 201,990 48,937 - 250,927 244,739
-
Total resources expended 457,288 48,937 506,225 379,938
Net income/(expenditure) for the year/
Net incoming/(outgoing) resources
-
before gains/losses on investments (13,105) 40,014 26,909 180,304
Other recognised gains and losses
- - - - -
(Losses)/gains on revaluation of fixed
assets
Net incoming/(outgoing)
resources before transfers (13,105) 40,014 - 26,909 180,304
Transfers between funds - - - - -
Net movement in funds (13,105) 40,014 - 26,909 180,304
Fund balances at 1 February 2021 -
424,055 1,442,521 1,097,119 2,963,695 2,797,895
as previously reported
Prior year adjustment 38,245 (1,097,119) (1,058,874) (1,073,378)
Fund balances at 1 February 2021 - -
462,300 1,442,521 1,904,821 1,724,517
as restated
-
Fund balances at 31 January 2022 449,195 1,482,535 1,931,730 1,904,821
**----- End of picture text -----**
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## **NEW FOREST HERITAGE TRUST**
## **CONSOLIDATED BALANCE SHEET**
## **AS AT 31 JANUARY 2022**
|**Notes**
**Fixed assets**
Tangible assets
**14**
Heritage assets
**15**
Intangible assets
**16**
Investments
**17**
**Current assets**
Stocks
**18**
Debtors
**19**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**20**
**Net current assets**
**Total assets less current liabilities**
**Net assets**
**Income funds**
Restricted funds
**23**
Endowment funds
**24**
Unrestricted funds
**25**|**2022**
**2021**
**As restated**
**£**
**£**
1,517,094
1,516,641
9,000
9,000
4,833
6,129
-
-
1,530,927
1,531,770
46,554
37,641
2,997
15,630
380,223
346,518
429,774
399,789
(28,971)
(26,738)
400,803
373,051
1,931,730
1,904,821
1,931,730
1,904,821
1,482,535
1,442,521
-
449,195
462,300
1,931,730
1,904,821
**Group**|**2022**
**2021**
**As restated**
**£**
**£**
1,506,962
1,517,301
9,000
9,000
4,833
6,129
2
2
1,520,797
1,532,432
2,280
2,147
6,198
16,105
345,159
292,430
353,637
310,682
(17,492)
(16,274)
336,145
294,408
1,856,942
1,826,840
1,856,942
1,826,840
1,482,535
1,442,521
-
374,407
384,319
1,856,942
1,826,840
**Charity**|
|---|---|---|
-
The notes at pages 12 to 29 form part of these financial statements.
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 January 2022. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these financial statements under the requirements of the Companies Act 2006.
The trustees acknowledge their responsibility for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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## **NEW FOREST HERITAGE TRUST**
## **CONSOLIDATED BALANCE SHEET - CONTINUED**
## **AS AT 31 JANUARY 2022**
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
28/10/2022 | 13:48 BST The financial statements were approved by the board on ……………………………..
……………………………………… Hon Mrs M R Montagu-Scott **Director**
Company Registration No: 11787042
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## **NEW FOREST HERITAGE TRUST**
## **CONSOLIDATED STATEMENT OF CASH FLOWS**
## **FOR THE YEAR ENDED 31 JANUARY 2022**
**----- Start of picture text -----**
2022 2021
£ £ £ £
Cashflows from operating activities:
Net cash provided by/(used in) operating activities 52,997 183,250
Cashflows from investing activities:
Investment income 0
Purchase of property, plant and equipment (19,292) (40,782)
-
Purchase of intangible fixed assets (4,860)
Net cash provided by/(used in) investing activities (19,292) (45,642)
Change in cash and cash equivalents 33,705 137,608
Cash and cash equivalents at the beginning of the reporting 346,518 208,910
Cash and cash equivalents at the end of the reporting period 380,223 346,518
Reconciliation of net income/(expenditure) to net cash flow from operating activities
Net income/(expenditure) for the reporting period 26,909 180,304
Adjustments for:
Depreciation charges 18,839 11,395
Amortisation charges 1,296 324
Investment income -
(Increase)/decrease in stock (8,913) (9,126)
(Increase)/decrease in debtors 12,633 7,774
Increase/(decrease) in creditors 2,233 (12,490)
- -
(Gains)/losses on tangible fixed assets
-
(Gains)/losses on intangible fixed assets 5,069
Net cash provided by/(used in) operating activities 52,997 183,250
**----- End of picture text -----**
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## **NEW FOREST HERITAGE TRUST**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 JANUARY 2022**
## **1 Accounting policies**
## **Charity information**
New Forest Heritage Trust is a charitable company limited by guarantee and established under a Memorandum and Articles of Association and registered with Companies House and the Charity Commission in England and Wales. The principal address is New Forest Museum, Lyndhurst, Hampshire, SO43 7NY. The charity is a public benefit entity.
## **1.1 Basis of preparation**
The financial statements have been prepared under the historical cost convention except for investments which are included at market value.
The financial statements have been prepared in accordance with the Statement of Recommended Practice, "Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)", the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and the Charities Act 2011.
The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.
## **1.2 Going concern**
Although the Trust remains highly dependent on grants and donations whose renewal is not certain, the Trustees consider it appropriate for these accounts to be prepared on a going concern basis given the Trust’s current financial position.
## **1.3 Incoming resources**
Voluntary income received by way of grants, donations and gifts is included when receivable.
Legacies are recognised when there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.
Where services are provided to the charity as a donation, this contribution is included in the financial statements at an estimate based on the value of the contribution to the charity.
Government grants relate to claims made under the coronavirus job retention scheme and are recognised in the statement of financial activities in the same period as the costs to which they relate.
All other income is accounted for on an accruals basis.
Incoming resources from endowment funds are restricted.
Income on sales of goods made by the trading subsidiary is recognised at the point of sale.
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## **NEW FOREST HERITAGE TRUST**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 JANUARY 2022**
## **1 Accounting policies** (Continued)
## **1.4 Resources expended**
Resources expended are recognised in the period when the liability is incurred and include attributable VAT where it is not recoverable. All costs are allocated between the expenditure categories in the Statement of Financial Activities on a basis designed to reflect the use of the resource.
Charitable expenditure includes costs associated with the delivery of its activities and services. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them (see note 9).
Governance costs include those costs primarily associated with constitutional and statutory requirements of the charity and include the costs of audit or independent examination and costs linked to the strategic management of the charity. Governance costs are allocated between categories of expenditure (see note 10).
## **1.5 Fund accounting**
Unrestricted funds are those which the charity is free to use for any purpose in furtherance of its charitable objectives at the discretion of the Trustees.
Designated funds are set aside by the Trustees out of the unrestricted funds for a specific purpose.
Restricted funds are those which are to be used in accordance with the specific restriction imposed by the donors or fundraising appeal. Details of each restricted fund can be found in note 23.
## **1.6 Tangible fixed assets and depreciation**
Fixed assets costing more than £1,000 are capitalised.
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation unless otherwise stated below. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Freehold buildings Not depreciated Equipment, furniture and display 25% straight line Library, paintings and artefacts Not depreciated Trading subsidiary Leasehold property Over the term of the lease Office equipment 33% straight line Fixtures and equipment 25% reducing balance
## _Buildings_
No depreciation is provided in respect of freehold buildings. The trustees consider that the buildings are maintained to a high standard such that the residual value is sufficiently high for any depreciation charge to be immaterial. The trustees undertake an annual impairment review to confirm that there is no material impairment to freehold buildings.
## _Library, paintings and artefacts_
No depreciation is provided on paintings, artefacts and books forming the Trust's library as the Trustees consider that due to their long life they maintain their value and that any element of depreciation would be immaterial.
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## **NEW FOREST HERITAGE TRUST**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 JANUARY 2022**
## **1 Accounting policies** (Continued)
## **1.7 Intangible fixed assets**
Website expenditure is capitalised as an intangible fixed asset where it is expected that economic benefit will flow from the asset, and depreciated on a straight line basis over its estimated useful economic life which is considered to be 5 years.
## **1.8 Heritage assets**
The charity holds heritage assets which are tangible assets of historical, artistic or scientific importance that are held to advance the preservation and conservation objectives of the Charity. Newly purchased heritage assets are capitalised and included at cost including any incidental expenses of acquisition.
Where heritage assets were acquired in past accounting periods and not capitalised, it can be difficult or costly to attribute a value to them. In such cases, these assets are excluded from the balance sheet if reliable cost information is not available and conventional valuation approaches lack sufficient reliability or significant costs are involved in the reconstruction or analysis of past accounting records or in valuation, which are onerous compared with the additional benefit derived by users of the accounts in assessing the Trustees' stewardship of the assets.
The very long expected lives of the heritage assets, due to their nature, value and need to be protected and preserved means that depreciation is not material and is, therefore, not provided.
The heritage assets are postcards which are available for public access either through the Museum and Library or by appointment.
## **1.9 Stocks**
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost is calculated on a FIFO basis.
## **1.10 Debtors**
Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.
## **1.11 Creditors and provisions**
Creditors and provisions are recognised where the Trust has a present obligation resulting from a past event that is likely to result in the transfer of funds to a third party, and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## **1.12 Cash and cash equivalents**
Cash and cash equivalents include cash in hand,deposits held at call with banks, other short term liquid investments with original maturities of three months or less, and bank overdrafts.
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DocuSign Envelope ID: 707E53EB-8E06-4322-A0F5-6221AC291EF1
## **NEW FOREST HERITAGE TRUST**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 JANUARY 2022**
## **1 Accounting policies** (Continued)
## **1.13 Financial instruments**
The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
## **1.14 Pensions**
The Trust and its subsidiary operate a defined contribution pension scheme. Contributions are charged in the financial statements as they become payable in accordance with the rules of the scheme.
## **1.15 Operating leases**
Rentals applicable to operating leases where substantially all the benefits and risks of ownership remain with the lessor are charged to the Statement of Financial Activities over the period of the lease on a straight line basis.
## **1.16 Investments**
Investments are held as fixed assets. The interest in the subsidiary undertaking is stated at cost less provision for diminution in value. Other investments are included on the balance sheet at market value. Changes in the market value of investments between financial years are charged to the Statement of Financial Activities as unrealised gains and losses. Profits and losses made on the sale of investments in the year are shown as realised gains and losses in the Statement of Financial Activities. Interest on cash deposited with banks and investment management companies is included in investment income in the Statement of Financial Activities.
## **1.17 Group accounts**
These financial statements consolidate the results of the Trust and its wholly owned subsidiary, New Forest Museum Trading Limited, on a line by line basis. A separate Statement of Financial Activities for the Trust itself is not presented.
## **2 Key estimates and judgements**
The trustees consider that there are no material areas of judgement or estimation uncertainty.
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DocuSign Envelope ID: 707E53EB-8E06-4322-A0F5-6221AC291EF1
## **NEW FOREST HERITAGE TRUST**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 JANUARY 2022**
|**3**
**Donations and legacies**
**2022**
**£**
**£**
**£**
**Donations**
27,649
1,295
28,944
**Grants receivable:**
New Forest District Council - Covid 19
-
The Reta Lila Howard Foundation
12,500
12,500
New Forest Commoning Trust - Library Project
-
Clive Bowring Trust
15,000
15,000
Beaulieu Beaufort - Capital Fund Raiser
44,000
44,000
Caroline Montagu Weston Fund
-
Caroline Montagu Weston Fund - Covid 19
-
Garfield Weston - Covid 19
-
National Heritage Lottery Grant - Covid 19
-
NF Trust Grant
-
National Lottery Culture Recovery Fund - Covid 19
42,900
42,900
-
Butterfield Trust
-
Hampshire Chamber of Commerce Kickstart
6,206
6,206
HFDC Annual Revenue Grant
5,000
5,000
Legacy grant lottery funded OPOF
9,950
9,950
New Forest District Council - Continuity Grant
22,714
22,714
National Heritage Continuity Grant
8,580
8,580
Christopher Tower Endowment Fund
48,054
48,054
154,897
88,951
243,848
The breakdown of the comparative figure (as restated) between funds is as follows:
Donations and legacies
257,255
139,550
396,805
**4**
**Other trading activities**
**2022**
**£**
Hire of rooms and equipment
269
Hire of visitor information centre
-
Sales of books
290
Income from trading subsidiary (sale of goods)
259,128
**Income from other trading activities**
259,687
**Unrestricted**
**funds**
**Restricted**
**funds**
Rural Development Programme for England
– Leader Grant|**As restated**
**2021**
**£**
17,012
17,571
17,000
30,000
-
22,000
15,000
25,000
25,000
48,500
2,500
77,220
31,550
24,000
44,452
396,805
**2021**
**£**
135
7,045
249
107,646
115,075|
|---|---|
Other trading activities relate wholly to unrestricted funds for both the current and previous year.
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DocuSign Envelope ID: 707E53EB-8E06-4322-A0F5-6221AC291EF1
## **NEW FOREST HERITAGE TRUST**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 JANUARY 2022**
## **5 Investment income**
|Interest receivable
Investment portfolio income|-
-
-
**Unrestricted**
**funds**|-
-
-
**Endowment**
**fund**|**2022**
**£**
-
-
-|**As restated**
**2021**
**£**
2
-
2|
|---|---|---|---|---|
The breakdown of the comparative figure (as restated) between funds is as follows:
|Investment income
**Income from charitable activities**
Income from museum and teaching|2
4,835
**Unrestricted**
**funds**|-
-
**Restricted**
**funds**|2
**2022**
**2021**
**£**
**£**
4,835
1,265|
|---|---|---|---|
## **6 Income from charitable activities**
Charitable activities relates wholly to unrestricted funds for both the current and previous year.
## **7 Other incoming resources**
|Royalties and sundry income
Grants receivable - CJRS|18,514
6,250
24,764
**Unrestricted**
**funds**|-
-
-
**Restricted**
**funds**|**2022**
**£**
18,514
6,250
24,764|**2021**
**£**
4,055
43,040
47,095|
|---|---|---|---|---|
Other incoming resources relates wholly to unrestricted funds for both the current and previous year.
## **8 Analysis of charitable expenditure**
The Trust fulfils its objectives by running and maintaining the museum and library of the New Forest and providing education regarding the New Forest to the public.
|Museum and library
Education and promotion|**£**
41,707
9,676
51,383
**Direct**
**costs**|**£**
126,857
50,682
177,539
**Support**
**costs**|**£**
15,404
6,601
22,005
**Governance**
**costs**|**2022**
**Total**
**£**
183,968
66,959
250,927|**2021**
**Total**
**£**
177,851
66,888
244,739|
|---|---|---|---|---|---|
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DocuSign Envelope ID: 707E53EB-8E06-4322-A0F5-6221AC291EF1
## **NEW FOREST HERITAGE TRUST**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 JANUARY 2022**
## **9 Allocation of support costs**
The breakdown of support costs and how they are allocated between different activities is shown below. Premises costs are allocated on the basis of floor area used and other costs are allocated on a percentage basis, based on headcount as a proxy for activity levels.
|Cost type
Rates and water
Light, heat and insurance
Repairs
Staff costs
Travel
Depreciation
Amortisation
Loss on disposal of intangibles
Telephone
Advertising and promotion
Office costs
Depreciation - assets from shop
and museum refurbishment fund|**£**
1,533
15,798
18,765
49,083
234
12,348
840
907
-
5,309
3,583
18,457
126,857
**Museum**
**and library**|**£**
501
5,157
6,126
21,036
100
5,292
360
389
-
2,275
1,535
7,911
50,682
**Education**
**and**
**promotion**|**Grants**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
-|**2022**
**£**
2,034
20,955
24,891
70,119
334
17,640
1,200
1,296
-
7,584
5,118
26,368
177,539
**Total**
**allocated**|**2021**
**£**
1,680
12,985
24,284
91,188
223
9,796
1,599
324
5,069
3,491
7,497
23,917
182,053
**Total**
**allocated**|
|---|---|---|---|---|---|
## **10 Allocation of governance costs**
The breakdown of governance costs and how they are allocated between different activities is shown consistently below. Costs are allocated directly where they relate to raising funds and on the same basis as support costs where they relate to charitable activities:
|**2022**
**£**
**£**
**£**
**£**
Bookkeeping
4,778
2,047
9,250
16,075
Auditor/Independent examiner's fees
2,352
1,008
2,855
6,215
Consultancy
8,274
3,546
-
11,820
Investment portfolio management fees
-
-
-
-
15,404
6,601
12,105
34,110
Included above are the following amounts payable to the auditor/independent examiner:
**2022**
**£**
Independent examination
3,348
Other services
2,867
6,215
**Total**
**allocated**
**Museum**
**and library**
**Education**
**and**
**promotion**
**Raising**
**funds**|**2021**
**£**
15,915
5,940
16,199
-
38,054
**2021**
**£**
3,240
2,700
5,940
**Total**
**allocated**|
|---|---|
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DocuSign Envelope ID: 707E53EB-8E06-4322-A0F5-6221AC291EF1
## **NEW FOREST HERITAGE TRUST**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 JANUARY 2022**
## **11 Expenditure**
The breakdown of expenditure between funds for the comparative year is as follows:
|Raising funds
Charitable activities|**£**
135,198
184,394
319,593
**Unrestricted**
**funds**|**£**
-
60,345
60,345
**Restricted**
**funds**|**Total**
**£**
135,198
244,739
379,938|
|---|---|---|---|
## **12 Employees and Remuneration of Key Management Personnel**
## **Number of employees**
The average number of employees during the year was:
|Museum staff
Library staff
Education staff
Shop staff
Part time
Full time
Full time equivalents
**Employment costs**
Wages and salaries
Social security costs
Other pension costs|**2022**
**Number**
5
2
-
12
19
15
4
19
10
**2022**
**£**
220,561
7,442
3,050
231,053|**2021**
**Number**
6
1
-
9
16
12
4
16
7
**2021**
**£**
168,174
6,937
4,754
179,865|
|---|---|---|
There were no employees with emoluments exceeding £60,000 (2021: £60,000).
The total employment benefits of key management personnel were £64,012 (2021: £61,941).
The Trust continues to benefit considerably from services provided by a large group of unremunerated volunteers. The Trustees greatly appreciate the time, effort, energy and enthusiasm invested by the volunteer team during the year, without which the Trust would not have been able to offer the range and quality of services it has been able to provide.
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## **NEW FOREST HERITAGE TRUST**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 JANUARY 2022**
## **13 Trustees and related party transactions**
No Trustees received remuneration for their services as a trustee during the year (2021: £Nil). No trustees had expenses reimbursed during the year (2021: £Nil).
The husband of the Hon Mrs M R Montagu-Scott, a trustee, is a trustee of the Beaulieu Beaufort Foundation. During the year the Charity received a grant of £44,000 (2021: £22,000) from the Beaulieu Beaufort Foundation.
## **14 Tangible fixed assets**
|**Group**
**Cost or Valuation**
At 1 February 2021
Additions
Disposals
Revaluations
At 31 January 2022
**Depreciation**
At 1 February 2021
On disposals
Charge for year
At 31 January 2022
**Net Book Value**
At 31 January 2022
At 1 February 2021|**£**
1,405,194
-
-
-
1,405,194
-
-
-
-
1,405,194
1,405,194
**Leasehold**
**& freehold**
**property**|**Land**
**£**
5,250
-
-
-
5,250
-
-
-
-
5,250
5,250|**£**
233,781
19,292
-
-
253,073
194,588
-
18,839
213,427
39,646
39,193
**Equipment,**
**furniture**
**and display**|**Library**
**£**
45,266
-
-
-
45,266
-
-
-
-
45,266
45,266|**£**
21,738
-
-
-
21,738
-
-
-
-
21,738
21,738
**Paintings**
**and**
**artefacts**|**Total**
**£**
1,711,229
19,292
-
-
1,730,521
194,588
-
18,839
213,427
1,517,094
1,516,641|
|---|---|---|---|---|---|---|
Freehold land and buildings were revalued as at 22 October 2018 by Primmer Olds BAS, Chartered Surveyors, on an open market value basis. On a historic cost basis, the freehold land and buildings would be stated at cost of £1,659,890 (2021: £1,659,890) and accumulated depreciation of £Nil (2021: £Nil).
Page 20
DocuSign Envelope ID: 707E53EB-8E06-4322-A0F5-6221AC291EF1
## **NEW FOREST HERITAGE TRUST**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 JANUARY 2022**
**14 Tangible fixed assets** (continued)
|**Charity**
**Cost or Valuation**
At 1 February 2021
Additions
Disposals
Revaluations
At 31 January 2022
**Depreciation**
At 1 February 2021
On disposals
Charge for year
At 31 January 2022
**Net Book Value**
At 31 January 2022
At 1 February 2021
**15**
**Heritage assets**|**£**
1,405,194
-
-
-
1,405,194
-
-
-
-
1,405,194
1,405,194
**Leasehold**
**& freehold**
**property**|**Land**
**£**
5,250
-
-
-
5,250
-
-
-
-
5,250
5,250|**£**
87,400
3,440
-
-
90,840
47,547
-
13,779
61,326
29,514
39,853
**Equipment,**
**furniture &**
**display**|**Library**
**£**
45,266
-
-
45,266
-
-
-
-
45,266
45,266|**£**
21,738
-
-
-
21,738
-
-
-
-
21,738
21,738
**Paintings**
**and**
**artefacts**|**Total**
**£**
1,564,848
3,440
-
-
1,568,288
47,547
-
13,779
61,326
1,506,962
1,517,301|
|---|---|---|---|---|---|---|
|**Cost and Net Book Value**
At 1 February 2021
Additions
At 31 January 2022|**Group**
**2022**
**£**
9,000
-
9,000|**Charity**
**2022**
**£**
9,000
-
9,000|
|---|---|---|
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DocuSign Envelope ID: 707E53EB-8E06-4322-A0F5-6221AC291EF1
## **NEW FOREST HERITAGE TRUST**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 JANUARY 2022**
## **16 Intangible fixed assets**
**Group and charity**
|**Cost**
At 1 February 2021
Additions
Disposals
At 31 January 2022
**Depreciation**
At 1 February 2021
On disposals
Charge for year
At 31 January 2022
**Net Book Value**
At 31 January 2022
At 1 February 2021|**£**
6,480
-
-
6,480
351
-
1,296
1,647
4,833
6,129
**Website**
**costs**|**Total**
**£**
6,480
-
-
6,480
351
-
1,296
1,647
4,833
6,129|
|---|---|---|
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DocuSign Envelope ID: 707E53EB-8E06-4322-A0F5-6221AC291EF1
## **NEW FOREST HERITAGE TRUST**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 JANUARY 2022**
## **17 Fixed asset investments**
Investments held by the Trust include an additional £2 (2021: £2), relating to the investment in the subsidiary company at cost (see note 29).
## **18 Stock**
|Goods for resale|**2022**
**2021**
**£**
**£**
46,554
37,641
46,554
37,641
**Group**|**2022**
**2021**
**£**
**£**
2,280
2,147
2,280
2,147
**Charity**|
|---|---|---|
During the year, impairment losses of £Nil (2021: £Nil) were recognised on stock following a review of the saleability of older stock.
## **19 Debtors**
|**2022**
**2021**
**£**
**£**
Trade debtors
1,370
1,350
Amounts owed by group undertakings
-
-
Other debtors
521
7,596
Prepayments and accrued income
1,106
6,684
2,997
15,630
**Creditors: amounts falling due within one year**
**2022**
**2021**
**£**
**£**
Amounts owed to group undertakings
-
-
Trade creditors
6,007
3,995
Taxes and social security costs
9,788
5,295
Other creditors
385
-
Accruals
12,791
17,448
28,971
26,738
**Group**
**Group**|**2022**
**2021**
**£**
**£**
1,362
1,315
3,209
510
521
7,596
1,106
6,684
6,198
16,105
**2022**
**2021**
**£**
**£**
-
-
4,004
3,654
3,426
3,420
-
-
10,062
9,200
17,492
16,274
**Charity**
**Charity**|
|---|---|
## **20 Creditors: amounts falling due within one year**
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DocuSign Envelope ID: 707E53EB-8E06-4322-A0F5-6221AC291EF1
## **NEW FOREST HERITAGE TRUST**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 JANUARY 2022**
## **20 Creditors: amounts falling due within one year (continued)**
Accruals includes the following amounts for deferred income relating to grants received for future periods:
**----- Start of picture text -----**
Group Charity
2022 2021 2022 2021
£ £ £ £
- - - -
Deferred income brought forward
- - - -
Released in year
Income deferred - - - -
Deferred income carried forward - - - -
**----- End of picture text -----**
## **21 Pension and other post-retirement benefit commitments**
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund. At the year end there were contributions outstanding of £269 (2021: £1,241).
## **22 Restricted funds**
|**Notes**
**£**
Building fund
i)
1,354,228
Reta Lila Howard fund
ii)
23,744
Beaulieu Beaufort
iii)
3,011
Clive Bowring
iv)
-
NFNPA
v)
-
vi)
18,830
vii)
-
Library project
vii
42,708
1,442,521
Caroline Montagu
Hampshire Chamber of
**Balance at**
**1 February**
**2021**|**£**
**£**
-
12,500
(19,736)
44,000
(16,498)
15,000
-
11,245
(2,698)
-
(3,713)
6,206
(6,206)
(86)
88,951
(48,937)
**Movement in funds**
**Incoming**
**resources**
**Resources**
**expended/**
**Investment**
**losses**|**Transfers**
**£**
-
-
-
-
-
-
-
-
-|**£**
1,354,228
16,508
30,513
15,000
8,547
15,118
-
42,622
1,482,535
**Balance at**
**31 January**
**2022**|
|---|---|---|---|
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## **NEW FOREST HERITAGE TRUST**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 JANUARY 2022**
## **22 Restricted funds (continued)**
## _i) Building fund_
Grants have been received over several years, originally to assist in the funding of the museum building. Substantial grants were received from the Heritage Lottery Fund, the Christopher Tower Foundation, Hampshire County Council and New Forest District Council to provide for the enlargement of the museum, library and shop. This work was completed during the year to 31 March 2005.
## _ii) The Reta Lila Howard Foundation fund_
The Reta Lila Howard Foundation fund provided a grant towards education development at the Trust. The grant is to be used to cover the salary and materials cost involved with the development of education services and the expansion of the use of the Christopher Tower Library.
## _iii) Beaulieu Beaufort_
Funds were received for the salary of a capital fundraiser
iv) Clive Bowring fund
This fund is to cover the future salary of Jasmine Fry.
v) NFNPA fund
Funds to cover maintenance of the New Forest Knowledge Website.
vi) Caroline Montagu-Weston
Funds are provided to support investigation and possible redevelopment of the New Forest Heritage Centre.
vii) Hampshire Chamber of Commerce Kickstart fund
This fund is to cover costs in relation to the kick start programme for Jasmine Fry.
viii) Library project
Funds have been received for the capital library project
Page 25
DocuSign Envelope ID: 707E53EB-8E06-4322-A0F5-6221AC291EF1
## **NEW FOREST HERITAGE TRUST**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 JANUARY 2022**
## **22 Restricted funds** (Continued)
## _**The comparative fund movements are as follows:**_
|Building fund
Reta Lila Howard fund
Beaulieu Beaufort
John Burry library fund
Library fund
Oliver Crosthwaite-Eyre fund
NPA transition
FB Laurence fund
Masterplan
Library project
Caroline Montagu Weston Fund|**£**
1,354,228
13,142
-
5,213
1,500
1,958
36
3,000
10,061
10,000
-
1,399,138
**Balance at**
**1 February**
**2020**|**£**
**£**
-
-
17,000
(6,398)
22,000
(18,989)
-
(780)
-
(1,061)
-
(1,958)
-
-
-
(3,000)
-
(4,001)
15,000
(5,256)
85,550
(18,902)
139,550
(60,345)
**Incoming**
**resources**
**Resources**
**expended**
**Movement in funds**|**Transfers**
**£**
-
-
-
(4,433)
(439)
-
(36)
-
(6,060)
(914)
(23,940)
(35,822)|**£**
1,354,228
23,744
3,011
-
-
-
-
-
-
18,830
42,708
1,442,521
**Balance at**
**31 January**
**2021**|
|---|---|---|---|---|
## **23 Unrestricted funds**
|Unrestricted funds
Designated funds|**As restated**
**£**
462,300
-
462,300
**Balance at 1**
**February**
**2021**|**Movement in funds**
**Incoming**
**resources**
**Resources**
**expended**
**£**
**£**
444,183
(457,288)
-
-
444,183
(457,288)|**Transfers**
**£**
-
-
-|**£**
449,195
-
449,195
**Balance at**
**31 January**
**2022**|
|---|---|---|---|---|
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DocuSign Envelope ID: 707E53EB-8E06-4322-A0F5-6221AC291EF1
## **NEW FOREST HERITAGE TRUST**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 JANUARY 2022**
## **24 Analysis of net assets between funds**
|**Unrestricted**
**Restricted **
**funds**
**funds**
**£**
**£**
Fund balances at 31 January 2022 are represented by:
Tangible fixed assets
162,866
1,354,228
Intangible fixed assets
4,833
-
Heritage assets
9,000
-
Other net assets
20,580
-
Bank and cash
251,916
128,307
449,195
1,482,535
Fund balances at 31 January 2021 (as restated) are represented by:
Tangible fixed assets
162,413
1,354,228
Intangible fixed assets
6,129
-
Heritage assets
9,000
-
Other net assets
26,533
-
Bank and cash
258,225
88,293
462,300
1,442,521
**25**
**Prior year adjustment**
**Unrestricted**
**Restricted **
**funds**
**funds**
293,433
1,399,138
Adjustments on restatement:
Removal of the permanent endowment fund
31,946
-
325,379
1,399,138
424,055
1,442,521
Adjustments on restatement:
Removal of the permanent endowment fund
38,245
-
462,300
1,442,521
Fund balances at 1 February 2020 as previously
reported
Fund balances at 1 February 2020 as restated
Fund balances at 1 February 2021 as previously
reported
Fund balances at 1 February 2021 as restated|**Endowment**
**funds**
£
-
-
-
-
-
-
-
-
-
-
-
-
**Endowment**
**funds**
1,105,324
(1,105,324)
-
1,097,119
(1,097,119)
-|**Total**
**£**
1,517,094
4,833
9,000
20,580
380,223
1,931,730
1,516,641
6,129
9,000
26,533
346,518
1,904,821
**Total**
2,797,895
(1,073,378)
1,724,517
2,963,695
(1,058,874)
1,904,821|
|---|---|---|
Page 27
DocuSign Envelope ID: 707E53EB-8E06-4322-A0F5-6221AC291EF1
## **NEW FOREST HERITAGE TRUST**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 JANUARY 2022**
## **25 Prior year adjustment (continued)**
## **Impact on income and expenditure**
|**Unrestricted**
**funds**
Net movements as previously reported
130,622
Adjustments on restatement:
Removal of endowment transfer
239
Removal of gains on investment
-
Removal of investment income
-
Removal of management fees
6,060
Net movements are restated
136,921|**Restricted **
**funds**
43,383
-
-
-
-
43,383|**Endowment**
**funds**
(8,205)
44,213
(13,786)
(22,222)
-
-|**Total**
165,800
-
-
44,452
(13,786)
(22,222)
6,060
180,304|
|---|---|---|---|
## **Explanation for adjustment**
The 2021 comparative information has been adjusted to take account of the removal of the endowment fund. The endowment had been incorrectly classified as expendable in prior years and on reclassification has been removed from the accounts as charitable companies cannot hold permanent endowments.
## **25 Commitments under operating leases**
As at 31 January 2022 the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
|Within one year
Between two and five years
Lease payments recognised as an expense during the year|**2022**
**2021**
**£**
**£**
945
1,452
-
755
945
2,207
1,547
1,693
**Group and charity**|
|---|---|
## **28 Contingent liabilities**
Some Heritage Lottery Fund (HLF) grants are subject to clauses entitling HLF to recover amounts unspent or not properly supported. The Trustees do not expect any such liability will arise in respect of amounts received up to 31 January 2022.
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DocuSign Envelope ID: 707E53EB-8E06-4322-A0F5-6221AC291EF1
## **NEW FOREST HERITAGE TRUST**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 JANUARY 2022**
## **29 Subsidiary undertakings**
The charitable company owns the whole of the issued ordinary share capital of New Forest Museum
**----- Start of picture text -----**
||||
|---|---|---|
|2022|2021|
|£|£|
|Turnover|259,128|107,646|
|Other income|19,883|17,957|
|Staff costs|(108,780)|(60,840)|
|Other operating costs|(155,557)|(75,225)|
|Rent paid to parent|(16,667)|(5,000)|
|-|
|Donation to parent charity|(23,786)|
|Net profit/(loss)|(1,993)|(39,248)|
**----- End of picture text -----**
The aggregate assets, liabilities and reserves of New Forest Museum Trading Limited were:
**----- Start of picture text -----**
||||
|---|---|---|
|Assets|95,199|94,678|
|Liabilities|(18,285)|(15,771)|
|Reserves|76,914|78,907|
**----- End of picture text -----**
## **30 Surplus for the financial year**
The Trust has taken advantage of the exemptions allowed under the Statement of Recommended Practice "Accounting and Reporting by Charities" and has not presented its own Statement of Financial Activities.
The net movement in funds of the charity for the year was a surplus of £30,102 (2021 as restated: £221,151).
The charity's gross income for the year was £288,540 (2021 as restated: £479,208).
## **31 Merger accounting**
New Forest Heritage Trust was incorporated on 24 January 2019 and registered with the Charity Commission on 28 November 2019. On 1 February 2020, it acquired the activities and net assets of the unincorporated charity, New Forest Ninth Centenary Trust. The activities and charitable purpose remain the same as those of the unincorporated charity. As permitted under the Charities SORP, the transfer was accounted for last year using merger accounting.
## **32 Analysis of changes in net funds**
**----- Start of picture text -----**
|||||
|---|---|---|---|
|1 February|31 January|
|2021|Cashflows|2022|
|Cash at bank and in hand|346,518|33,705|380,223|
**----- End of picture text -----**
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