Docusign Envelope ID: 885FE410-233B-4443-8E28-8B1B9574C306
Charity Registration No. 1186656 Company No. 11787042
NEW FOREST HERITAGE TRUST
TRUSTEES' REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Docusign Envelope ID: 885FE410-233B-4443-8E28-8B1B9574C306
NEW FOREST HERITAGE TRUST LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Hon Mrs M R Montagu-Scott (Chairman) Mr E C Sutton (Secretary) Mr P G Power Mr D M Adams Ms J Broomfield Mr M R Harris OBE (Treasurer) Mr M Shaw Ms C A Gannon Mr A Climpson OBE Secretary Mr E C Sutton Director Mr A 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
Docusign Envelope ID: 885FE410-233B-4443-8E28-8B1B9574C306
NEW FOREST HERITAGE TRUST CONTENTS
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Page
Trustees' report 1 – 4
Independent examiner’s report 5
Consolidated statement of financial activities 6
Consolidated balance sheet 7 - 8
Consolidated statement of cash flows 9
Notes to the financial statements 10 – 26
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Docusign Envelope ID: 885FE410-233B-4443-8E28-8B1B9574C306
NEW FOREST HERITAGE TRUST TRUSTEES’ REPORT TO THE TRUSTEES OF NEW FOREST HERITAGE TRUST
The trustees present their report and financial statements for the year ended 31 January 2024, 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
We were delighted to welcome 153,000 visitors through our doors over the course of the year – representing a 6% increase on 2023, and a continuation of the gradual climb back to where we were before the pandemic. 48% of these visitors enjoyed our free-to-enter museum.
Our Learning team facilitated 8,567 education participants across formal and informal activities through the year.
Our brilliant volunteers gave 1,956 hours of their time supporting our paid staff in a range of roles including library cataloguing, and front of house greeting and helping with visitor information enquiries.
In June we were delighted to commence a new annual initiative with Brockenhurst College – inviting students on their art and design courses to take over our gallery for a two-week period to display their final year projects. This gave them experience of staging an exhibition in a public place and it gave us the opportunity to engage with young and creative people.
Having received a generous donation of books from the Lewis Carroll Society, we held a series of events and activities on the theme of Alice in Wonderland, including two evenings of talks about the real Alice – Alice Liddell – who married a local man and lived for many years in Lyndhurst. One of these talks was delivered by Alice’s great-granddaughter, Vaness St Clair.
Our summer exhibition “The Spirit of the Forest” told the story of local woodcarver and spiritualist Tom Charman and related his beliefs to present day mysticism and mindfulness relationships with the Forest.
We maintained our position as the primary agent for selling tickets for the New Forest National Park Authority Tour Bus during the summer season. This is an important sustainable travel service, and we collaborated with New Forest Mencap to offer young people with learning difficulties the chance to build their confidence by helping us with ticket selling. This collaboration extended to offering a longterm volunteering post to young person in our library.
Our Learning team secured an Arts Fund grant to deliver a Wild Escape project to two groups of young children in the Spring and the team also delivered two excellent workshops for brain injury sufferers supported by local charity, Headway. We also partnered with a books and manuscripts conservationist from the Hampshire Record Office to deliver a pilot workshop to another group from Headway, who benefitted from the haptic therapy of cleaning, handling and talking about old documents in our collection.
We considered ourselves extremely lucky to have been able to recruit Judy Faraday as our new Head of Collections. Judy is a very experienced archivist and the first with such professional credentials that the Centre has ever had. Between her arrival in May and New Year 2024, Judy had already made huge gains in our collections management processes and secured a coveted National Archives grant to rearrange our library spaces, create a new Local Studies Room, and purchase new catalogue software.
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Docusign Envelope ID: 885FE410-233B-4443-8E28-8B1B9574C306
NEW FOREST HERITAGE TRUST TRUSTEES’ REPORT
TO THE TRUSTEES OF NEW FOREST HERITAGE TRUST
The Trustees and senior staff engaged in a very productive visioning session facilitated by consultant David Tucker in June.
Our trading space was boosted by upgrades to our café which included the installation of a new high speed dishwasher (purchased with the help of a grant from Hampshire County Council), as well as new bench seating, decoration and a huge image from our collection wallpapered onto one wall. As always – we are supremely grateful for all the support we receive each year from our Friends, grant funders and supporters and our excellent dedicated team at the centre – without whom we couldn’t exist.
Mary Montagu-Scott DL, Chair of Trustees
FINANCIAL REVIEW
The total incoming resources for the year were £625,319 (2023: £449,951), a increase of 39%.
The charity itself has a net deficit for the year of £3,913 (2023: deficit of £152,276). On consolidation, having allowed for the amortisation of assets held by the trading subsidiary, there was an overall deficit of £15,550 (2023: deficit of £186,537).
The charity's wholly owned subsidiary, New Forest Museum Trading Limited, made a loss of £13,660 (2023: loss of £30,661) in the year.
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:
-
To protect the charity in the event of a loss of trading income for a period of up to six months
-
To safeguard the charity from an unexpected but essential one-off cost
-
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 2024 the charity has consolidated unrestricted funds amounting to £271,965.
The charity’s reserves policy will continue to be reviewed on an annual 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.
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Docusign Envelope ID: 885FE410-233B-4443-8E28-8B1B9574C306
NEW FOREST HERITAGE TRUST TRUSTEES’ REPORT TO THE TRUSTEES OF NEW FOREST HERITAGE TRUST
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 Director.
Employee remuneration is set taking account of the salary guidelines published by the Museums Association.
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;
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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.
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Docusign Envelope ID: 885FE410-233B-4443-8E28-8B1B9574C306
NEW FOREST HERITAGE TRUST TRUSTEES’ REPORT
TO THE TRUSTEES OF NEW FOREST HERITAGE TRUST
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
28/10/2024 | 14:45 GMT Dated........................
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Docusign Envelope ID: 885FE410-233B-4443-8E28-8B1B9574C306
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 2024 which are set out on pages 6 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:
-
accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
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
-
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 FCA FCCA
Fiander Tovell Limited Chartered Accountants Stag Gates House 63/64 The Avenue Southampton Hampshire SO17 1XS
29/10/2024 | 07:38 GMT Dated: …………………..
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Docusign Envelope ID: 885FE410-233B-4443-8E28-8B1B9574C306
NEW FOREST HERITAGE TRUST
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2024
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Unrestricted Restricted Endowment Total Total
funds funds fund 2024 2023
Notes £ £ £ £ £
Incoming resources
Incoming resources from:
Donations and legacies 3 138,229 126,134 - 264,363 121,907
Charitable activities 5 5,811 - - 5,811 2,556
Other trading activities 4 349,921 - - 349,921 303,808
Investments - - - - -
Other incoming resources 6 5,224 - - 5,224 21,680
-
Total incoming resources 499,185 126,134 625,319 449,951
Resources expended
Expenditure on:
- -
Raising funds 327,102 327,102 305,654
Charitable activities 7 232,365 81,402 - 313,767 330,834
-
Total resources expended 559,467 81,402 640,869 636,488
Net incoming/(outgoing) resources
-
before gains/losses on investments (60,282) 44,732 (15,550) (186,537)
Other recognised gains and losses
- - - - -
(Losses)/gains on revaluation of fixed
assets
Net incoming/(outgoing)
resources before transfers (60,282) 44,732 - (15,550) (186,537)
Transfers between funds (896) 896 - - -
Net movement in funds (61,178) 45,628 - (15,550) (186,537)
-
Fund balances at 1 February 2023 333,143 1,412,050 1,745,193 1,931,730
-
Fund balances at 31 January 2024 271,965 1,457,678 1,729,643 1,745,193
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Docusign Envelope ID: 885FE410-233B-4443-8E28-8B1B9574C306
NEW FOREST HERITAGE TRUST
CONSOLIDATED BALANCE SHEET
FOR THE YEAR ENDED 31 JANUARY 2024
| Notes Fixed assets Tangible assets 13 Heritage assets 14 Intangible assets 15 Investments 16 Current assets Stocks 17 Debtors 18 Cash at bank and in hand Creditors: amounts falling due within one year 19 Net current assets Total assets less current liabilities Net assets Income funds Restricted funds 21 Endowment funds Unrestricted funds 22 |
2024 2023 £ £ 1,491,942 1,498,820 9,000 9,000 2,241 3,537 - - 1,503,183 1,511,357 48,650 45,999 4,481 1,970 212,665 224,214 265,796 272,183 (39,336) (38,347) 226,460 233,836 1,729,643 1,745,193 1,729,643 1,745,193 1,457,678 1,412,050 - - 271,965 333,143 1,729,643 1,745,193 - - Group |
2024 2023 £ £ 1,483,676 1,494,584 9,000 9,000 2,241 3,537 2 2 1,494,919 1,507,123 5,712 2,017 26,980 28,423 188,710 185,020 221,402 215,460 (15,568) (17,917) 205,834 197,543 1,700,753 1,704,666 1,700,753 1,704,666 1,457,678 1,412,050 - - 243,075 292,616 1,700,753 1,704,666 - - Charity |
|---|---|---|
The notes at pages 10 to 26 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 2024. 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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Docusign Envelope ID: 885FE410-233B-4443-8E28-8B1B9574C306
NEW FOREST HERITAGE TRUST
CONSOLIDATED BALANCE SHEET - CONTINUED
FOR THE YEAR ENDED 31 JANUARY 2024
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.
28/10/2024 | 14:45 GMT
The financial statements were approved by the board on ……………………………..
……………………………………… Mrs M R Montagu-Scott
Director
Company Registration No: 11787042
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Docusign Envelope ID: 885FE410-233B-4443-8E28-8B1B9574C306
NEW FOREST HERITAGE TRUST
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
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2024 2023
£ £ £ £
Cashflows from operating activities:
Net cash provided by/(used in) operating activities (1,606) (154,972)
Cashflows from investing activities:
Investment income - -
Purchase of property, plant and equipment (10,092) (1,037)
Proceeds from disposal of property, plant and equipment 149 -
Net cash provided by/(used in) investing activities (9,943) (1,037)
Change in cash and cash equivalents (11,549) (156,009)
Cash and cash equivalents at the beginning of the reporting period 224,214 380,223
Cash and cash equivalents at the end of the reporting period 212,665 224,214
Reconciliation of net income/(expenditure) to net cash flow from operating activities
Net income/(expenditure) for the reporting period (15,550) (186,537)
Adjustments for:
Depreciation charges 16,892 19,311
Amortisation charges 1,296 1,296
Investment income - -
(Increase)/decrease in stock (2,651) 555
(Increase)/decrease in debtors (2,511) 1,027
Increase/(decrease) in creditors 989 9,376
-
Profit/(loss) on disposal of tangible fixed assets (71)
- -
Profit/(loss) on disposal of intangible fixed assets
Net cash provided by/(used in) operating activities (1,606) (154,972)
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Docusign Envelope ID: 885FE410-233B-4443-8E28-8B1B9574C306
NEW FOREST HERITAGE TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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 as defined by FRS 102
1.1 Basis of preparation
The financial statements have been prepared under the historical cost convention.
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 £.
The parent entity has taken advantage of the reduced disclosure framework exemption in connection with its own results. This gives exemption from the following disclosures: statement of cash flows and key management remuneration.
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 and 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.
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.
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Docusign Envelope ID: 885FE410-233B-4443-8E28-8B1B9574C306
NEW FOREST HERITAGE TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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 7).
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 9).
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 21.
1.6 Tangible fixed assets and depreciation
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 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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Docusign Envelope ID: 885FE410-233B-4443-8E28-8B1B9574C306
NEW FOREST HERITAGE TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTST
FOR THE YEAR ENDED 31 JANUARY 2024
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: 885FE410-233B-4443-8E28-8B1B9574C306
NEW FOREST HERITAGE TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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 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. 1.17 Basis of consolidation 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. All intergroup transactions have been eliminated on consolidation. A separate Statement of Financial Activities for the Trust itself is not presented.
2 Key estimates and judgements In the application of the charitable company's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates 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.
The trustees do not consider there to be any judgements or key sources of estimation uncertainty that could materially affect the financial statements
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Docusign Envelope ID: 885FE410-233B-4443-8E28-8B1B9574C306
NEW FOREST HERITAGE TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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3 Donations and legacies
Unrestricted Restricted
funds funds 2024 2023
£ £ £ £
Donations 29,727 55 29,782 21,004
Grants receivable:
The RLH Foundation 8,000 8,000 18,000
-
Caroline Montagu Weston Fund 25,000
Hampshire Chamber of Commerce Kickstart - 941
-
New Forest District Council - Continuity Grant 6,000
Christopher Tower Endowment Fund 43,502 43,502 40,978
SEMD Collections Care Grant - 1,000
Skills Builder Grant - 182
Hampshire Archives Trust 6,672 6,672 728
Creative Collections Grant - 2,520
-
The Wild Escape Grant 1,368
-
Grant for gallery audio equipment 1,050
HAT Grant - 146
Grant Hannah Eastwood Travel - 240
-
Recovery Grant 2,750
Garfield Weston 30,000 30,000
HIWCF 15,000 15,000
Foyle Foundation 20,000 20,000
Beaulieu Beaufort - Capital Fund Raiser 11,000 11,000
Royal Pavilion & Museums Trust 277 277
Hampshire County Council 3,340 3,340
ARTS Council - Embroided Tales 16,925 16,925
Esmee Fairbairn - Embroided Tales 62,800 62,800
The National Archives Trust - Springboard 17,065 17,065
138,229 126,134 264,363 121,907
The breakdown of the comparative figure between funds is as follows:
Donations and legacies 95,513 26,394 121,907
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Docusign Envelope ID: 885FE410-233B-4443-8E28-8B1B9574C306
NEW FOREST HERITAGE TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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||||
|---|---|---|
|4|Other trading activities|
|2024|2023|
|£|£|
|Hire of rooms and equipment|4,903|618|
|Hire of visitor information centre|-|-|
|Sales of books|4,481|600|
|Income from trading subsidiary (sale of goods)|340,537|302,590|
|Income from other trading activities|349,921|303,808|
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Other trading activities relate wholly to unrestricted funds for both the current and previous year.
5 Income from charitable activities
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|||||
|---|---|---|---|
|Unrestricted|Restricted|2024|2023|
|funds|funds|£|£|
|-|
|Income from museum and teaching|5,811|5,811|2,556|
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Charitable activities relates wholly to unrestricted funds for both the current and previous year.
6 Other incoming resources
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|||||
|---|---|---|---|
|Unrestricted|Restricted|2024|2023|
|funds|funds|£|£|
|-|
|Royalties and sundry income|5,224|5,224|21,680|
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Other incoming resources relates wholly to unrestricted funds for both the current and previous year.
7 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.
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|||||||
|---|---|---|---|---|---|
|2024|2023|
|Direct|Support|Governance|
|costs|costs|costs|Total|Total|
|£|£|£|£|£|
|Museum and library|30,229|129,826|37,808|197,863|230,820|
|Education and promotion|47,800|51,901|16,203|115,904|100,014|
|78,029|181,727|54,011|313,767|330,834|
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Docusign Envelope ID: 885FE410-233B-4443-8E28-8B1B9574C306
NEW FOREST HERITAGE TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
8 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 |
£ 447 21,116 15,034 45,739 30 11,470 473 907 - 5,618 10,871 18,121 129,826 Museum and library |
£ 146 6,893 4,908 19,602 13 4,916 202 389 - 2,407 4,659 7,766 51,901 Education and promotion |
Grants £ - - - - - - - - - - - - - |
2024 £ 593 28,009 19,942 65,341 43 16,386 675 1,296 - 8,025 15,530 25,887 181,727 Total allocated |
2023 £ 5,956 29,087 22,552 74,007 493 18,412 - 1,296 - 7,937 10,359 46,258 216,357 Total allocated |
|---|---|---|---|---|---|
9 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:
| Bookkeeping Auditor/Independent examiner's fees Consultancy |
£ 5,856 2,629 29,323 37,808 Museum and library |
£ 2,509 1,127 12,567 16,203 Education and promotion |
£ 10,435 3,891 - 14,326 Raising funds |
2024 £ 18,800 7,647 41,890 68,337 Total allocated |
2023 £ 18,770 6,439 9,461 34,670 Total allocated |
|---|---|---|---|---|---|
Included above are the following amounts payable to the auditor/independent examiner:
| Independent examination Other services |
2024 £ 4,956 2,691 7,647 |
2023 £ 3,504 2,935 6,439 |
|---|---|---|
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Docusign Envelope ID: 885FE410-233B-4443-8E28-8B1B9574C306
NEW FOREST HERITAGE TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
10 Expenditure
The breakdown of expenditure between funds for the comparative year is as follows:
| Raising funds Charitable activities |
£ 305,654 233,955 539,609 Unrestricted funds |
£ - 96,879 96,879 Restricted funds |
Total £ 305,654 330,834 636,488 |
|---|---|---|---|
11 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 Café staff Part time Full time Full time equivalents Employment costs Wages and salaries Social security costs Other pension costs |
2024 Number 3 2 2 6 8 21 18 3 21 11 2024 £ 267,252 9,691 3,720 280,663 |
2023 Number 4 2 1 5 8 20 7 13 20 11 2023 £ 272,223 15,587 3,314 291,124 |
|---|---|---|
There were no employees with emoluments exceeding £60,000 (2023: £0).
The total employment benefits of key management personnel were £68,314 (2023: £58,184).
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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Docusign Envelope ID: 885FE410-233B-4443-8E28-8B1B9574C306
NEW FOREST HERITAGE TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
12 Trustees and related party transactions
No Trustees received remuneration for their services as a trustee during the year (2023: £Nil). No trustees had expenses reimbursed during the year (2023: £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 £11,000 (2023: £Nil) from the Beaulieu Beaufort Foundation.
13 Tangible fixed assets
| Group £ Cost or Valuation At 1 February 2023 1,405,194 Additions - - Revaluations - At 31 January 2024 1,405,194 Depreciation At 1 February 2023 - - Charge for year - At 31 January 2024 - Net Book Value At 31 January 2024 1,405,194 At 1 February 2023 1,405,194 Leasehold & freehold property Eliminated on disposals Eliminated on disposals |
Land £ 5,250 - - - 5,250 - - - - 5,250 5,250 |
£ 254,110 10,092 (200) - 264,002 232,738 (122) 16,892 249,508 14,494 21,372 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 £ 1,731,558 10,092 (200) - 1,741,450 232,738 (122) 16,892 249,508 1,491,942 1,498,820 |
|---|---|---|---|---|---|
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 (2023: £1,659,890) and accumulated depreciation of £Nil (2023: £Nil).
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Docusign Envelope ID: 885FE410-233B-4443-8E28-8B1B9574C306
NEW FOREST HERITAGE TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
13 Tangible fixed assets (continued)
| Charity Cost or Valuation At 1 February 2023 Additions Disposals Revaluations At 31 January 2024 Depreciation At 1 February 2023 On disposals Charge for year At 31 January 2024 Net Book Value At 31 January 2024 At 1 February 2023 |
£ 1,405,194 - - - 1,405,194 - - - - 1,405,194 1,405,194 Leasehold & freehold property |
Land £ 5,250 - - - 5,250 - - - - 5,250 5,250 |
£ 91,877 809 - - 92,686 74,741 - 11,717 86,458 6,228 17,136 Equipment, furniture & display |
Library £ 45,266 - - 45,266 - - - - 45,266 45,266 |
£ 21,738 - - - 21,738 - - - - 21,738 21,738 Paintings and artefacts |
Total £ 1,569,325 809 - - 1,570,134 74,741 - 11,717 86,458 1,483,676 1,494,584 |
|---|---|---|---|---|---|---|
14 Heritage assets
| Cost and Net Book Value At 1 February 2023 Additions At 31 January 2024 |
Group 2024 £ 9,000 - 9,000 |
Charity 2024 £ 9,000 - 9,000 |
|---|---|---|
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Docusign Envelope ID: 885FE410-233B-4443-8E28-8B1B9574C306
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
15 Intangible fixed assets
Group and charity
| Cost At 1 February 2023 Additions Disposals At 31 January 2024 Depreciation At 1 February 2023 On disposals Charge for year At 31 January 2024 Net Book Value At 31 January 2024 At 1 February 2023 |
£ 6,480 - - 6,480 2,943 - 1,296 4,239 2,241 3,537 Website costs |
Total £ 6,480 - - 6,480 2,943 - 1,296 4,239 2,241 3,537 |
|---|---|---|
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Docusign Envelope ID: 885FE410-233B-4443-8E28-8B1B9574C306
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
16 Fixed asset investments
Investments held by the Trust include an additional £2 (2023: £2), relating to the investment in the subsidiary company at cost (see note 26).
17 Stock
| Goods for resale | 2024 2023 £ £ 48,650 45,999 48,650 45,999 Group |
2024 2023 £ £ 5,712 2,017 5,712 2,017 Charity |
|---|---|---|
During the year, impairment losses of £Nil (2023: £Nil) were recognised on stock following a review of the saleability of older stock.
18 Debtors
| Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income |
2024 2023 £ £ 2,141 1,970 - - - - 2,340 - 4,481 1,970 Group |
2024 2023 £ £ 1,883 1,962 25,097 26,461 - - - - 26,980 28,423 Charity |
|---|---|---|
19 Creditors: amounts falling due within one year
| Amounts owed to group undertakings Trade creditors Taxes and social security costs Other creditors Accruals |
2024 2023 £ £ - - 6,859 11,269 12,054 12,012 221 2,206 20,202 12,860 39,336 38,347 Group |
2024 2023 £ £ - - 1,210 6,312 1,208 2,410 - - 13,150 9,195 15,568 17,917 Charity |
|---|---|---|
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Docusign Envelope ID: 885FE410-233B-4443-8E28-8B1B9574C306
NEW FOREST HERITAGE TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
20 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 £Nil (2023: £182).
21 Restricted funds
| Notes £ Building fund i) 1,354,228 RLH fund ii) 838 Beaulieu Beaufort iii) 8,696 NFNPA iv) 6,172 Caroline Montagu Weston fund v) 15,117 Hampshire Chamber Of Commerce vi) 941 Library project vii) 25,480 SEMD Collections Care Grant viii) 663 Hampshire Archives Trust ix) (3,095) Creative Collections Grant x) 1,658 The Wild Escape Grant xi) 302 Hampshire County Council xii) 1,050 Royal Pavilion & Museums Trust - Skills Builder Grant xiii) ARTS Council xiv) Esmee Fairbairn Collections xiv) The National Archives xv) 1,412,050 |
£ £ 8,000 (8,838) 11,000 (17,148) 55 (1,824) (15,949) 152 6,672 (3,422) (1,066) (1,198) 3,340 (3,340) 125 16,925 (882) 62,800 (24,151) 17,065 (3,584) 126,134 (81,402) Movement in funds Incoming resources Resources expended/ Investment losses |
Transfers £ - - - - - - - - - - 896 - 896 |
£ 1,354,228 - 2,548 4,403 15,117 941 9,531 815 155 592 - 1,050 125 16,043 38,649 13,481 1,457,678 Balance at 31 January 2024 |
|---|---|---|---|
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Docusign Envelope ID: 885FE410-233B-4443-8E28-8B1B9574C306
NEW FOREST HERITAGE TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
21 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 RLH Foundation fund
The RLH 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) NFNPA fund
Funds to cover maintenance of the New Forest Knowledge Website.
v) Caroline Montagu-Weston
Funds are provided to support investigation and possible redevelopment of the New Forest Heritage Centre.
vi) Hampshire Chamber of Commerce Kickstart fund
This fund is to cover costs in relation to the kick start programme for Jasmine Fry.
vii) Library project
Funds have been received for the capital library project
viii) SEMD Collections Care Grant
Specialist cleaning of New Forest Embroidery
ix) Hampshire Archives Trust
Project grant
x) Creative Collections Grant SEMD Creative Collections Grant
xi) The Wild Escape Grant Art Fund Wild Escape Grant
xii) Hampshire County Council - AV equipment grant Grant for gallery audio equipment
xiii) Royal Pavilion & Museums Trust - Skills Builder Grant A grant for an education training course
xiv) ARTS Council & Esmee Fairbairn - Embroided Tales
A 2 year project reimagining the new forest embroidery working with groups we would not normally engage with to uncover hidden histories and represent these on a new digital platform.
xv) The National Archives - Springboard
A project to improve elements of our archive operation including acquisitions of new collections management software porting our catalogue to it, rearranging our archive workspaces and creating a local history and drop-in room for members of the public wishing to access the archive.
Page 23
Docusign Envelope ID: 885FE410-233B-4443-8E28-8B1B9574C306
NEW FOREST HERITAGE TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
21 Restricted funds (Continued)
The comparative fund movements are as follows:
| Building fund RLH fund Beaulieu Beaufort Clive Bowring NFNPA Library project SEMD Collections Care Grant Skills Builder Grant Hampshire Archives Trust Creative Collections Grant The Wild Escape Grant Hampshire County Council Fund for staff travel Caroline Montagu Weston fund Hampshire Chamber of |
£ 1,354,228 16,508 30,513 15,000 8,547 15,117 - 42,622 - - - - - - - 1,482,535 Balance at 1 February 2022 |
£ £ - - 18,000 (33,670) - (21,817) - (15,000) 219 (2,594) - - 941 - - (17,142) 1,000 (337) 182 (182) 874 (3,969) 2,520 (862) 1,368 (1,066) 1,050 240 (240) 26,394 (96,879) Incoming resources Resources expended Movement in funds |
Transfers £ - - - - - - - - - - - - - - - - |
£ 1,354,228 838 8,696 - 6,172 15,117 941 25,480 663 - (3,095) 1,658 302 1,050 - 1,412,050 Balance at 31 January 2023 |
|---|---|---|---|---|
22 Unrestricted funds
| Unrestricted funds Designated funds |
£ 333,143 - 333,143 Balance at 1 February 2023 |
Movement in funds Incoming resources Resources expended £ £ 499,185 (559,467) - - 499,185 (559,467) |
Transfers £ (896) - (896) |
£ 271,965 - 271,965 Balance at 31 January 2024 |
|---|---|---|---|---|
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Docusign Envelope ID: 885FE410-233B-4443-8E28-8B1B9574C306
NEW FOREST HERITAGE TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
23 Analysis of net assets between funds
| Unrestricted Restricted funds funds £ £ Fund balances at 31 January 2024 are represented by: Tangible fixed assets 137,714 1,354,228 Intangible fixed assets 2,241 - Heritage assets 9,000 - Other net assets 13,795 - Bank and cash 109,215 103,450 271,965 1,457,678 Fund balances at 31 January 2023 (as restated) are represented by: Tangible fixed assets 144,592 1,354,228 Intangible fixed assets 3,537 - Heritage assets 9,000 - Other net assets 9,622 - Bank and cash 166,392 57,822 333,143 1,412,050 |
Endowment funds £ - - - - - - - - - - - - |
Total £ 1,491,942 2,241 9,000 13,795 212,665 1,729,643 1,498,820 3,537 9,000 9,622 224,214 1,745,193 |
|---|---|---|
24 Commitments under operating leases
As at 31 January 2024 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 |
2024 2023 £ £ - 1,611 - - - 1,611 1,638 1,611 Group and charity |
|---|---|
25 Contingent liabilities
There are no contingent liabilities to disclose.
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Docusign Envelope ID: 885FE410-233B-4443-8E28-8B1B9574C306
NEW FOREST HERITAGE TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
26 Subsidiary undertakings
The charitable company owns the whole of the issued ordinary share capital of New Forest Museum
| Turnover Other income Staff costs Other operating costs Rent paid to parent Donation to parent charity Net profit/(loss) |
2024 £ 340,537 3,340 (144,474) (193,063) (20,000) - (13,660) |
2023 £ 302,592 - (139,527) (173,726) (20,000) - (30,661) |
|---|---|---|
The aggregate assets, liabilities and reserves of New Forest Museum Trading Limited were:
| Assets Liabilities Reserves |
83,479 (50,887) 32,592 |
93,143 (46,891) 46,252 |
|---|---|---|
27 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 deficit of £3,913 (2023: deficit of £152,276).
The charity's gross income for the year was £322,653 (2023: £169,361).
28 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.
29 Analysis of changes in net funds
| Cash at bank and in hand | 1 February 2023 224,214 |
Cashflows 11,549 - |
31 January 2024 212,665 |
|---|---|---|---|
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Docusign Envelope ID." 885FE410-2338444ME2&881B9574C306 NEW FOREST HERITAGE TRUST MANAGEMENT INFORMATION FOR THE YEAR ENDED 31 JANUARY 2024
Docusign Envelope ID: 885FE410-233B-4443-8E28-8B1B9574C306
NEW FOREST HERITAGE TRUST
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024
----- Start of picture text -----
Total Total
2024 2023
£ £
Grants receivable
Garfield Weston 30,000 -
HIWCF 15,000 -
-
Foyle Foundation 20,000
-
Beaulieu Beaufort - Capital Fund Raiser 11,000
Royal Pavilion & Museums Trust 277 -
-
Hampshire County Council 3,340
ARTS Council - Embroided Tales 16,925 -
Esmee Fairbairn - Embroided Tales 62,800 -
-
The National Archives Trust - Springboard 17,065
-
Caroline Montagu Weston Fund 25,000
Hampshire Chamber of Commerce Kickstart - 941
-
New Forest District Council - Continuity Grant 6,000
Christopher Tower Endowment Fund 43,502 40,978
Education Grant 8,000 18,000
SEMD Collections Care Grant - 1,000
Skills Builder Grant - 182
Hampshire Archives Trust - Grant Received 6,672 728
Creative Collections Grant - 2,520
-
The Wild Escape Grant 1,368
-
Grant for gallery audio equipment 1,050
HAT Grant - 146
Grant Hannah Eastwood Travel - 240
-
Recovery Grant 2,750
234,581 100,903
Donations 29,782 21,004
Investment income - -
Education 2,185 2,506
Rental income 23,262 22,364
Sundry income 32,843 22,584
- -
Gift Aid from subsidiary
Total incoming resources 322,653 169,361
Resources expended 326,566 321,637
Net income/(expenditure) for the year (3,913) (152,276)
----- End of picture text -----
Docusign Envelope ID: 885FE410-233B-4443-8E28-8B1B9574C306
NEW FOREST HERITAGE TRUST
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024
----- Start of picture text -----
Total Total
2024 2023
£ £
Resources expended
Wages and salaries 133,726 149,312
Staff pension costs 2,463 2,285
Staff training and recruitment 1,644 2,406
Rates 593 5,956
Insurance 14,646 12,576
Light and heat 13,363 16,511
Cleaning 3,388 2,804
Repairs and maintenance 19,942 22,552
Printing, postage and stationery 2,223 1,709
Advertising and marketing 15,175 10,359
Library costs 1,889 10,443
Museum and exhibition costs 8,998 6,454
Education costs 1,384 1,596
Telephone 2,937 2,821
Computer running costs 18,684 19,022
Travelling expenses 43 493
Legal and professional fees 41,572 9,509
Accountancy 3,756 11,354
Bookkeeping 8,365 470
Bank charges 355 301
Sundry expenses 1,478 439
Disbursements 15,762 14,538
Books, membership and subscriptions 1,167 3,016
Depreciation 11,717 13,415
Amortisation 1,296 1,296
- -
Loss on disposal of intangible assets
326,566 321,637
----- End of picture text -----