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Charity Registration No. 1186656 Company No. 11787042
NEW FOREST HERITAGE TRUST
TRUSTEES' REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
DocuSign Envelope ID: 583A0959-C788-4FF1-9312-2B2BACDB0CF1
NEW FOREST HERITAGE TRUST LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Hon Mrs M R Montagu-Scott (Chairman) |
|---|---|
| Hon Dr E Page – Resigned 29/06/2023 | |
| Mr E C Sutton (Secretary) | |
| Mr P G Power | |
| Mr D A Adams | |
| Ms J Broomfield | |
| Mr M R Harris OBE (Treasurer) | |
| Mr D Hickman – Resigned 13/03/2023 | |
| Mr M Shaw | |
| Ms S L Williams – Resigned 01/11/2023 | |
| Ms C Gannon | |
| Mr A Climpson OBE | |
| Secretary | Mr E C Sutton |
| Director | Angus Harley – Appointed 04/10/2022 |
| 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: 583A0959-C788-4FF1-9312-2B2BACDB0CF1
NEW FOREST HERITAGE TRUST CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 – 3 |
| Independent examiner’s report | 4 |
| Consolidated statement of financial activities | 5 |
| Consolidated balance sheet | 6 - 7 |
| Consolidated statement of cash flows | 8 |
| Notes to the financial statements | 9 – 26 |
DocuSign Envelope ID: 583A0959-C788-4FF1-9312-2B2BACDB0CF1
NEW FOREST HERITAGE TRUST TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JANUARY 2023
The trustees present their report and financial statements for the year ended 31 January 2023, 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 our continuing recovery from the effects of COVID-19 we welcomed over 144,000 visitors to the Heritage Centre.
Our library and collections activities were given the boost of news that we had been awarded a coveted Esmee Fairbairn Foundation grant (supported with additional funds from Arts Council England and South East Museums Development) for a digital and outreach project called Embroidered Tales. We ended the year with recruitment processes underway for a Project Lead for this project and – most importantly – for our first professionally qualified Archivist to oversee the development of, and greater accessibility to, the Christopher Tower library.
Our shop turnover was the most positive since pre-pandemic and, in May, we were delighted to be able to celebrate a first full year directly operating our café.
Our Learning Team facilitated education and outreach workshops and activities for 7,111 people across a programme of formal and informal formats.
This is a solid base from which to progress our organisational objectives.
Little of what we do would be possible without the support of a number of consistently generous funds, foundations and other grant making bodies listed in the following accounts. Thank you to all of you.
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.
Mary Montagu-Scott DL, Chair of Trustees
FINANCIAL REVIEW
The total incoming resources for the year were £449,951 (2022: £533,134), a decrease of 16%.
The charity itself has a net deficit for the year of £152,276 (2022: surplus of £30,102 ). On consolidation, having allowed for the amortisation of assets held by the trading subsidiary, there was an overall deficit of £186,537 (2022: surplus of £26,909).
The charity's wholly owned subsidiary, New Forest Museum Trading Limited, made a loss of £30,663 (2022: £1,993) in the year.
Page 1
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NEW FOREST HERITAGE TRUST TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JANUARY 2023
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:
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To protect the charity in the event of a loss of trading income for a period of up to six months
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To safeguard the charity from an unexpected but essential one-off cost
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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 2023 the charity has consolidated unrestricted funds amounting to £333,143.
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 thirteen 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.
Page 2
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NEW FOREST HERITAGE TRUST TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JANUARY 2023
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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP (FRS 102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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.
On behalf of the board of trustees
Mrs M R Montagu-Scott Trustee 15/5/2024 | 12:06 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 2023 which are set out on pages 5 to 26.
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:
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accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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
15/5/2024 | 12:32 BST Dated: …………………..
Page 4
Docusign En¥ÈlopÈ ID." 583AO95WC7884FF1-9312-2828ACDBOCF1 NEW FOREST HERITAGE TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JANUARY 2023 Unre$tri¢ted Restricted funds funds Total 2023 Totsl 2022 Notes Incomin resources Incoming resources from.. Donations and1acleS Charitsble activities Other trading activities Other incoming resources 95,513 2,556 303,808 21,680 26,394 121,907 2,556 303,808 21,680 243,848 4,835 259,687 24,764 Totsl incoming resources 423,557 26,394 449,951 533,134 Resources ex ended Expenditure on.. Raising funds Charitable activities 305,654 233,955 305,654 330,834 255,298 250,927 96,879 Total resources expended 539,609 96,879 636,488 506,225 Net lexpenditurellincome for the ygarl Net loutgoing}lin¢oming resources before transfers 1116,0521 170,4851 1186,5371 26,909 Transfers between funds Net movement in funds 1116,0521 170,4851 1186,5371 26,909 Fund balances at 1 February 2022 449,195 1,482,535 1,931,730 1,904,821 Fund balances at 31 January 2023 333,143 1,412,050 1,745, 193 1,931,730 Page 5
Docusign En¥ÈlopÈ ID." 583AO95WC7884FF1-9312-2828ACDBOCF1 NEW FOREST HERITAGE TRUST CONSOLIDATED BALANCE SHEET AS AT 31 JANUARY 2023 Group 2023 Charity 2023 2022 2022 Notes Fixed assets Tangible assets Heritage assets Intangible assets Investments 13 14 15 16 1,498,820 1,517,094 1,494,584 1,506,962 9,000 9,000 9,000 9,000 3,537 4,833 3,537 4,833 1,511,357 1,530,927 1,507,123 1,520,797 Current assets Stocks Debtors Cash al bank and in hand 17 18 45,999 1,970 224,214 46,554 2,997 380.223 2,017 28,423 185,020 2,280 6,198 345,159 272,183 429,774 215,460 353,637 Creditors: amounts falling duo Within one year 19 138,3471 128,971} 117,9171 117,4921 Net current assets 233,836 400,803 197,543 336,145 Totsl assets less current liabilities 1,745,193 1,931,730 1,704,666 1,856,942 Net assets 1,745,193 1,931,730 1,704,866 1,856,942 Income funds Reslricled funds Unrestricted funds 21 22 1,412,050 1,482,535 1,412,050 1,482,535 333,143 449,195 292,616 374,407 1,745,193 1,931,730 1,704,666 1,856,942 The notes at pages 1110 28 form part of these financial statements. The company is entitled lo the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 January 2023. 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 Iruslees acknowledge their responsibility for complying wth the requirements of the Companies Act 2006 with respect lo accounting records and the preparation of accounts. Page 6
Docusign En¥ÈlopÈ ID." 583AO95WC7884FF1-9312-2828ACDBOCF1 NEW FOREST HERITAGE TRUST CONSOLIDATED BALANCE SHEET- CONTINUED AS AT 31 JANUARY 2023 These financial statements have been prepared in accordance with the provisions applicable to companies subject lo the small companies regime within Part 15 of the Companies Act 2006. 15/5/2024 | 12:06 BST The financial stslements were approved by the board on Hon Mrs M R Monlagu-scott Director Company Registration No.. 11787042 Page 7
Docusign En¥ÈlopÈ ID." 583AO95WC7884FF1-9312-2828ACDBOCF1 NEW FOREST HERITAGE TRUST CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2023 2023 2022 CashflOV from operating activities: Nel cash lused inllprovided by operating activities 1154,9721 52,997 Cashflovts from investing activities: Investment income Purchase of propety, plant and equipment Purchase of intangible fixed assets 11,0371 119,2921 Nel cash {used inllprovided by investing activities 11,0371 119,2921 Change In Cash and cash equlvalents 1156,0091 33,705 Cash and cash equivalents at the beginning of the reporting 380,223 346,518 Cash and cash equivalents at the end of the reporting period 224,214 380,223 Reconciliation of net incomellexpenditLJrel to nel cash flow from operating activities Nel lexpendilurellincome for the reporting period Adjustments for.. Depreciation charges Amortisation charges Investment income Decreasellincreasel in stock Decrease in debtors Increase in creditors IGainslllosses on tangible fixed assets IGainslllosses on intangible fixed assets 1186,5371 26,909 19,311 1,296 18,839 1,296 555 1,027 9,376 18,9131 12,633 2,233 Nel cash {used inllprovided by operating activities 1154,9721 52,997 Page 8
Docusign En¥ÈlopÈ ID." 583AO95WC7884FF1-9312-2828ACDBOCF1 NEW FOREST HERITAGE TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 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, S043 7NY. The charity is a public benefit entity as defined by FRS102. 1.1 Basis of preparation The financial slalements have been prepared in accordan with the charity's Memorandum and Articles of Association, the Companies Act 2006, FRS 102 'The Financial Reporting Standard As the company is a charity, the wording of the ststulory formals required by the Companies Act 2006 The accounts are prepared In sterling, which is the functional currency of the charity. Monetary amounts are rounded to the nearest £. The accounts have been prepared under the historical cost convention modified lo include the revaluation of certain fixed assets. The parent entity has taken advantage of the reduced disclosure framework exemption in connection with its own reaults. This gives exemption from the following disclosures". statèment of cash flows and key management personnel remuneration. 1.2 Going concern Although the Trust remains highly dependent on grants and donations whose renewal is not certain, the Trustees consider il appropriate for these accounts lo 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 serVIS are provided to the charity as a donation, this contribution is included in the financial ststemenls al an estimate based on the value of the contribution to the charity. All other income is accounted for on an accruals basis. Income on sales of goods made by the trading subsidiary is recognised at the point of sale. Page 9
Docusign En¥ÈlopÈ ID." 583AO95WC7884FF1-9312-2828ACDBOCF1 NEW FOREST HERITAGE TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 Accounting policies Iconlinuedl 1.4 Resources expended Resources expended are rec(niSed in the Peri when the liability is incurred and include attributable VAT where it is not recoverable. All costs are allocated beeen 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 servIs. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary lo support them Isee note 71. Governance costs include those costs primarily associated with conslitulional and slatulory requirements of the charity and include the costs of audit or independent examination and costs linked to the strategic management of the charity. Governan costs are allocated beleen categories of expenditure (see note 81. 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 sel aside by the Trustees out of the unrestricted funds for a specific purpose. Restricted funds are those which are lo 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 22. 1.6 Tangible fixed assets and depreciation Fixed assets costing more than £1,000 are capilalised. Tangible fixed assets, other than freehold land, are staled at cost or valuation less depreciation unless otherwise slated below. Depreciation is provided al rates calculated lo write off the cost less estimated residual value of each asset over its expected useful life, as follows". Freehold buildings Equipment, furniture and display Library, paintings and artefacls Not depreciated 25°/o Straight line Not depreciated Tradin subsidia Leasehold propety Office equipment Fixtures and equipment Over the term of the lease 330/0 Straight line 250/0 reducing balance Buildings No depreciation is provided in respect of freehold buildings. The Iruslees consider that the buildings are maintained lo a high stsndard such that the residual value is sufficiently high for any depreciation charge to be immaterial. The Iruslees undertake an annual impairment review lo confirm that there is no material impairment lo freehold buildings. Library, paintings and artefacls No depreciation is provided on paintings, artefacls and books forming the Trust's library as the Trustees consider that due lo their long life they maintain their value and that any element of depreciation would be immaterial. Page 10
Docusign En¥ÈlopÈ ID." 583AO95WC7884FF1-9312-2828ACDBOCF1 NEW FOREST HERITAGE TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 Accounting policies (Continued) 1.7 Intangible fixed assets Website expènditure 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 ils estimated useful economic life which is considered lo 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. Newty purchased heritage assets are capilalised and included at cost including any incidental expenses of acquisition. Where heritage assets were acquired in past accounting periods and not capitalised, il can be difficult or costly to allribute 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 al 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 lo result in the transfer of funds to a third paty, and the amount due to settle the obligation can be measured or eslimaled reliably. Creditors and provisions are normally recognised al 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. Page 11
Docusign En¥ÈlopÈ ID." 583AO95WC7884FF1-9312-2828ACDBOCF1 NEW FOREST HERITAGE TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 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 al transaction value and subsequently measured at their settlement value. 1.14 Pensions The Trust and ils subsidiary operate a defined eontribulion 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 lo 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 ststed al cost less provision for diminution in value. Interest on cash deposited with banks and investment management companies is included in investment income in the Statement of Financial Aclivilies. 1.17 Group accounts These financial statements consolidate the results of the Trust and ils 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. Key estimates and judgements In the application of the charitable company's accounting policies, the trustees are reqUId to make judgements, eslimales and assumptions about the carrying amount of assets and liabilities that not readily apparent from other sources. The eslimales and associated assumptions are based on historical experien and other factors that are considered lo be relevant. Actual results may differ from these eslimales. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting eslimales are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Key sources of estimation uncertainty The eslimales and assumptions which have a significant risk of causing a material adjustment lo the carrying amount of assets and liabilities are as follows.. Page 12
Docusign En¥ÈlopÈ ID." 583AO95WC7884FF1-9312-2828ACDBOCF1 NEW FOREST HERITAGE TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 Donations and legacios Unrestricted Restricted funds funds 2023 2022 Donations Grants receivable- The Reta Lila Howard Foundation Clive Bowring Trust Beaulieu Beaufort- Capital Fund Raiser Caroline Monlagu Weston Fund National Lottery Culture Recovery Fund - Covid 1 Hampshire Chamber of Commerce Kickstart NFDC Annual Revenue Grant Legacy grant lollery funded OPOF New Forest District Council- Continuity Grant National Heritage Continuity Grant Christopher Tower Endowment Fund SEMD Collections Care Grant Skills Builder Grant Hampshire Archives Trust- Grant ReiVed Creative Collections Grant The Wild Escape Grant Gfftnl for gallery audio equipment Grant Hannah EaS100d Travel Recovery Grant 20,785 219 21,004 28,944 18,000 18,000 12,500 15,000 44,000 25,000 25,000 42,900 6,206 5,000 9,950 22,714 8,580 48,054 941 941 6,000 6,000 40,978 40,978 1,000 182 874 2,520 1,368 1,050 240 2,750 1,000 182 874 2,520 1,368 1,050 240 2,750 95,513 26,394 121,907 243,848 The breakdown of the comparative figure between funds is as follows". Donations and legacies 154,897 88,951 243,848 other trading activities 2023 2022 Hire of rooms and equipment Sales of books Income from trading subsidiary Isale of goods) Income from other trading activities 618 600 302,590 269 290 259,128 303,808 259,687 Other trading activities relate wholly to unrestricted funds for both the current and previous year. Page 13
Docusign En¥ÈlopÈ ID." 583AO95WC7884FF1-9312-2828ACDBOCF1 NEW FOREST HERITAGE TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 Incomg from charitable activitios Unrestricted Restricted funds funds 2023 2022 Income from museum and leaching 2,556 2,556 4,835 Charitable activities relates wholly to unrestricted funds for both the current and previous year. Other incoming resources Unrestricted Restricted funds funds 2023 2022 Royalties and sundry income Grants receivable- CJRS 21,680 21,680 18,514 6,250 24,764 21,680 21,680 Other incoming resources relates wholly to unreslricled funds for both the current and previous year. Analysis of charitable expenditure The Trust fulfils ils objectives by running and maintaining the museum and library of the New Forest and providing education regarding the New Forest lo the public. 2023 2022 Direct costs Support costs Governance Costs Total Total Museum and library Education and promotion 61,366 31,826 154,554 61,803 14,900 6,385 230,820 100,014 183,968 66,959 93,192 216,357 21,285 330,834 250,927 Page 14
Docusign En¥ÈlopÈ ID." 583AO95WC7884FF1-9312-2828ACDBOCF1 NEW FOREST HERITAGE TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 8 Allocation of support ¢osts 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 alloc*ed on a percentage basis, ba$ed on head¢ount as a proxy for activity levels. 2023 2022 Education Museum and and library promotion Totsl allocated Total allocated Cost type Grants Rates and water Light, heat and insurance Repairs Stsff costs Travel Depre¢ialitsn Depre¢ialitsn - assets from shop and museum refurbishment fund Amortisation Loss on disposal of intangibles Telephone Advertising and promotion Office costs 4,490 21,929 17,002 51,805 345 12,888 1,466 7,158 5,550 22,202 148 5,524 5,956 29,087 22,552 74,007 493 18,412 2,034 20,955 24,891 70,119 334 17,640 1,200 1,296 907 389 1,296 5,556 7,251 32,381 2,381 3,108 13,877 7,937 10,359 46,258 7,584 5,118 26,368 154,554 61,803 216,357 177,539 9 Allocatlon of govèrnancé costs The breakdown of governance costs and how they are allocated beeen 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.. 2023 2022 Education Museum and and library promotlon Raising funds Totsl Totsl allocated allocated Bookkeeping AuditorAndependent examine¢s fees Consultan¢y 5,824 2,453 6,623 2,496 1,051 2,838 10,450 2,935 18,770 6,439 9,461 16,075 6,215 11,820 14,900 6,385 13,385 34,670 34,110 Included above are the following amounts payable to the auditorlindependent examiner.. 2023 2022 Independent examination Other services 3,504 2,935 3,348 2,867 6,439 6.215 Page15
Docusign En¥ÈlopÈ ID." 583AO95WC7884FF1-9312-2828ACDBOCF1 NEW FOREST HERITAGE TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 10 Expenditure The breakdown of expenditure between funds for the comparative year is as follows". Unrestricted Restricted fund8 funds Total Raising funds Charitable activities 255,298 201,990 255,298 250.927 48,937 457,288 48,937 506,225 11 Employees and Remuneration of Key Management Personnel Number of employees The average number of employees during the year was.. 2023 Number 2022 Number Museum staff Library staff Education staff Shop staff 13 12 20 19 Part lime Full lime 13 20 19 Full lime equivalents 11 10 Employment costs 2023 2022 Wages and salaries Social security costs Other pension costs 272,223 15,587 3,314 220.561 7,442 3,050 291,124 231,053 There were no employees with emoluments exceeding £60,00012022'. £01. The total employment benefits of key management personnel were £58,18412022'. £64,012). The Trust continues to benefit considerably from services provided by a larye group of unremunerated volunteers. The Trustees greatly appreciate the lime, effort, energy and enthusiasm invested by the volunteer team during the year, without which the Trust would not have been able lo offer the range and quality of services il has been able to provide. Page 16
Docusign En¥ÈlopÈ ID." 583AO95WC7884FF1-9312-2828ACDBOCF1 NEW FOREST HERITAGE TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 12 Trustees and related party transactions No Trustees received remuneration for their setvices as a Iruslee during the year 12022.. £Nill. No trustees had expenses reimbursed during the year12022.. £Nill. The husband of the Hon Mrs M R Montsgu-scott, a trustee, is a trustee of the Beaulieu Beaufort Foundation. During the year the Charity received a grant of £Nil12022'. £44,000) from the Beaulieu Beaufort Foundation. 13 Tanglble flxed assets Group Leasehold & freehold property Equipment, furniture and display Library Paintings and artefacts Land Total Cost or Valuation Al 1 February 2022 Additions 1,405,194 5,250 253,073 1,037 45,266 21,738 1,730,521 1,037 Al 31 January 2023 1,405,194 5,250 254,110 45,266 21,738 1,731,558 Depreciation Al 1 February 2022 Charge for year 213,427 19,311 213,427 19,311 Al 31 January 2023 232,738 232,738 Net Book Value Al 31 January 2023 1,405,194 5,250 21,372 45,266 21,738 1,498,820 Al 1 February 2022 1,405,194 5,250 39,646 45,266 21,738 1,517,094 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 slated at cost of £1,659,89012022." £1,659,8901 and accumulated depreciation of £Nil12022.. £Nil}. Page 17
Docusign En¥ÈlopÈ ID." 583AO95WC7884FF1-9312-2828ACDBOCF1 NEW FOREST HERITAGE TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 13 Tangible fixed assets Icontinuedl Charity Leasehold & freehold property Equipment. furniture & display Paintings and artefacts Land Library Total Cost or Valuation Al 1 February 2022 Additions Disposals Revaluations 1,405,194 5,250 90,840 1,037 45,266 21,738 1,568,288 1,037 Al 31 January 2023 1,405,194 5,250 91,877 45,266 21,738 1,569,325 Depreciation Al 1 February 2022 On disposals Charge for year 61,326 61,326 13,415 13,415 Al 31 January 2023 74.741 74,741 Net Book Value Al 31 January 2023 1,405,194 5,250 17,136 45,266 21,738 1,494,584 Al 1 February 2022 1,405,194 5,250 29,514 45,266 21,738 1,506,962 14 Heritage assets Group 2023 Charity 2023 Cost and Net Book Value Al 1 February 2022 Additions 9,000 9,000 Al 31 January 2023 9,000 9,000 Page 18
Docusign En¥ÈlopÈ ID." 583AO95WC7884FF1-9312-2828ACDBOCF1 NEW FOREST HERITAGE TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 15 Intangiblo fixed assets Group and charity Website costs Total Cost Al 1 February 2022 Additions Disposals 6,480 6,480 Al 31 January 2023 6,480 6,480 Depreciation Al 1 February 2022 On disposals Charge for year 1,647 1,647 1,296 1,296 Al 31 January 2023 2,943 2,943 Net Book Valuo Al 31 January 2023 3,537 3,537 Al 1 February 2022 4,833 4,833 Page 19
Docusign En¥ÈlopÈ ID." 583AO95WC7884FF1-9312-2828ACDBOCF1 NEW FOREST HERITAGE TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 16 Fixed asset investments Investments held by the Trust includes £2 12022.. £21, relating lo the investment in the subsidiary company al cost Isee note 261. 17 Stock Group 2023 Charlty 2023 2022 2022 Goods for resale 45,999 46,554 2,017 2,280 45,999 46,554 2,017 2,280 During the year, impairment losses of £Nil12022". £Nill weo recognised on stock following a review of the saleability of older stock. 18 Debtors Group 2023 Charty 2023 2022 2022 Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income 1,970 1,370 1,962 26,461 1,362 3,209 521 1,106 521 1,106 1,970 2,997 28,423 6,198 19 Creditors: amounts falling due within one year Group 2023 Charity 2023 2022 2022 Amounts owed to group undertakings Trade creditors Taxes and social security costs Other creditors Accruals 11,269 12,012 2,206 12,860 6,007 9,788 385 12,791 6,312 2,410 4,004 3,426 9,195 10,062 38,347 28,971 17,917 17,492 Page 20
Docusign En¥ÈlopÈ ID." 583AO95WC7884FF1-9312-2828ACDBOCF1 NEW FOREST HERITAGE TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 20 Pension and other po¥t-retirement benefit commitsnents The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independenlty administered fund. The pension cost ¢harge represents oonlributions payable by the group to the fund. At the year end there were contributions outstanding of £18212022.. £2691. 21 Restricted funds Movèmènt in funds Resources Balance at expendedl 1 Fèbruary Incoming Invèstmant 2022 r¢$our¢e$ lo$$e$ Balance at 31 January 2023 Tran$fers Notes Building fund Rela Lila Howard fund Bèaulieu Beaufort Clive Bowring NFNPA Caroline Montagu Weston fund Harllpshire Chamber of Library project SEMO Collections Care Grant Skills Builder Grant Hampshire Archives Trust Creative Collections Grant The Wild Escape Grant Hampshire County Council Fund for staff travèl 1,354,228 16,508 30,513 15,000 8,547 15,117 1,354,228 838 8,696 18,000 133.6701 121,8171 115,0001 12,5941 219 6,172 15,117 941 25.480 663 42.622 117,1421 13371 11821 13,9691 18621 11,0661 1,000 182 874 2,520 1,368 1,050 240 13,0951 1,658 302 1,050 xivl 12401 1.482,535 26,394 196,8791 1,412.050 Page 21
Docusign En¥ÈlopÈ ID." 583AO95WC7884FF1-9312-2828ACDBOCF1 NEW FOREST HERITAGE TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 21 Restricted funds Icontinuedl i) 5uilding fund Grants have been received over several years, originally to assist in the funding of the museum building. Subslanlial grants were received from the Heritage Lollery Fund, the Christopher Tower Foundation, Hampshire County Council and New Forest District Council lo 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 Rita Lila Howard Foundation - education grant iii) Beaulieu Seaufort Beaulieu Beaufort Foundation fundraising costs iv) Clive Bowring fund This fund is to cover the future salary of Jasmine Fry. VI NFNPA fund Funds lo cover maintenance of the New Forest Knowledge Website. vil Caroline Monlagu-vveslon Funds are provided to support investigation and possible redevelopment of the New Forest Heritage Cenlre. vill Hampshire Chamber of commer Kickstsrt fund This fund is lo Cover costs in relation lo the kick start programme for Jasmine Fry. viiil Library project Funds have been received for the capital library project ix) SEMD Collections Care Grant Specialist cleaning of New Forest Embroidery xl Skills Builder Grant Staff training xil Hampshire Archives Trust Project grant xiil Creative Collections Grant SEMD Creative Collections Grant xiii) The Wild Escape Grant Art Fund Wild Escape Grant xiv) Hampshire County Council - AV equipment grant Grant for gallery audio equipment xvl Fund for staff travel SEMD- staff conference travel grant Page 22
Docusign En¥ÈlopÈ ID." 583AO95WC7884FF1-9312-2828ACDBOCF1 NEW FOREST HERITAGE TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 21 Restried funds (Continued) The comparative fund movements are as follows.. Movement in funds Balance at 1 February 2021 Balance at 31 January 2022 Incoming resources Resources expended Transfers Building fund Reta Lila Howard fund Beaulieu Beaufort Clive Bowring NFNPA Caroline Monlagu Weston Fund Hampshire Chamber of Commerce Library project 1,354,228 23,744 3,011 1,354,228 16,508 30,513 15,000 8,547 15,117 12,500 44.000 15,000 11,245 119,7361 116,4981 12.6981 13,7131 16.2061 1861 18,830 6,206 42,708 42,622 1,442,521 88,951 148,9371 1,482,535 22 Unrestricted funds Balance at 1 February 2022 Movement in funds Incomlng Resources resources expended Balance at 31 January 2023 Transfers Unreslricled funds 449,195 423,557 1539,6091 333,143 Designated funds 449,195 423,557 1539,6091 333,143 Page 23
Docusign En¥ÈlopÈ ID." 583AO95WC7884FF1-9312-2828ACDBOCF1 NEW FOREST HERITAGE TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 23 Analysis of net assets between funds Unrestricted Restricted funds funds Total Fund balances at 31 January 2023 are represented by.. Tangible fixed assets Intangible fixed assets Heritage assets Other nel assets Bank and cash 144,592 1,354,228 3,537 9,000 9,622 166,392 1,498,820 3,537 9,000 9,622 224,214 57,822 333,143 1,412,050 1,745,193 Fund balances at 31 January 2022 are represented by.. Tangible fixed assets Intangible fixed assets Heritage assets Other nel assets Bank and eash 162,866 1,354,228 4,833 9,000 20,580 251,916 1,517,094 4,833 9,000 20,580 380,223 128,307 449,195 1,482,535 1,931,730 Page 24
Docusign En¥ÈlopÈ ID." 583AO95WC7884FF1-9312-2828ACDBOCF1 NEW FOREST HERITAGE TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 24 Commitments under operating leases As at 31 January 2023 the group had outstsnding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows.. Group and charity 2023 2022 Within one year Between two and five years 1,611 945 1,611 945 Lease payments recognised as an expense during the year 1,611 1.547 25 Contingent liabilities There are no contingent liabilities to disclose. Page 25
Docusign En¥ÈlopÈ ID." 583AO95WC7884FF1-9312-2828ACDBOCF1 NEW FOREST HERITAGE TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023 26 Subsidiary undertakings The charitable company owns the whole of the issued ordinary share capital of New Forest Museum 2023 2022 Turnover Other income Staff costs Other operating costs Rent paid lo parent Donation to parent charity 302,590 259,128 19,883 1139,5271 {108,7801 1173,7261 1155,5571 120,0001 116,6671 Net profiullossl 130,6631 11,9931 The aggregate assets, liabilities and reserves of New Forest Museum Trading Limited were.. Assets 93,141 146,8911 95,199 118,2851 Reserves 46,250 76,914 27 Deficit I Surplus for the financial year The Trust has taken advantage of the exemptions allowed under the Statement of Recommended PraCts. Accounting and Reporting by Charities" and has not presented ils own Statement of Financial Activities. The net movement in funds of the charity for the year was a deficit of £152,276 12022.. surplus of £30,102). The charity's gross income for the year was £169,361 12022. £288,540). 28 Merger accounting New Forest Heritsge 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 nel assets of the unincorporated charity, New Forest Ninth Centenary Trust. The activities and charitable purpose remain the same as those of the unincorporated charity. 29 Analysis of changes in net funds 1 February 2022 31 January Cashflows 2023 Cash at bank and in hand 380,223 1156,0091 224,214 Page 26