DocuSign Envelope ID: 583A0959-C788-4FF1-9312-2B2BACDB0CF1 

**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 



DocuSign Envelope ID: 583A0959-C788-4FF1-9312-2B2BACDB0CF1 

## **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: 

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 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 



DocuSign Envelope ID: 583A0959-C788-4FF1-9312-2B2BACDB0CF1 

## **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: 

- 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. 

On behalf of the board of trustees 


Mrs M R Montagu-Scott Trustee 15/5/2024 | 12:06 BST Dated........................ 

Page 3 



DocuSign Envelope ID: 583A0959-C788-4FF1-9312-2B2BACDB0CF1 

## **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: 

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 

15/5/2024 | 12:32 BST Dated: ………………….. 

Page 4 



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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 and1￿acleS
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
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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.
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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
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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
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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 serVI￿S 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

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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 be￿een 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 servI￿s. 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 bel￿een 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.
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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.
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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 reqUI￿d 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..
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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 Re￿iVed
Creative Collections Grant
The Wild Escape Grant
Gfftnl for gallery audio equipment
Grant Hannah EaS1￿00d 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.
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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
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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 be￿een 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
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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.
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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}.
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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
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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
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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
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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
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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
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NEW FOREST HERITAGE TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
21 Restri￿ed 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
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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

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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.
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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