HLS statement of accounts 2019
Summary
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THE VERDERERS OF THE NEW FOREST
HIGHER LEVEL STEWARDSHIP SCHEME
Reference AG00350016 “The HLS Scheme”
Statement of Accounts for the year ended
31 December 2019
The Verderers of the New Forest Higher Level Stewardship Scheme
Statement of accounts
for the year ended 31 December 2019
Contents
| Page: | |
|---|---|
| 1 | Scheme details |
| 2 | Income and Expenditure account |
| 3 | Balance sheet |
| 4 | Notes to the accounts |
| 5 | Independent Accountants’ Report |
The Verderers of the New Forest Higher Level Stewardship Scheme
Scheme details
- Scheme name:
- The Verderers of the New Forest Higher Level Stewardship Scheme
- Number:
- AG00350016
- For the year to 31 December 2019
- Board
-
Voting Members
- Verderers of the New Forest
- New Forest National Park Authority
- Forestry England
Non-voting Members
- Natural England Hants & IOW
- Commoners Defence Association
The Verderers of the New Forest have entered into an agreement with Natural England to carry out environmental land management and capital works in the New Forest.
The objectives of the HLS Scheme will be implemented by a partnership of the Verderers of the New Forest, The New Forest National Park Authority and Forestry England.
Financial Review
The Scheme has an excess of income over expenditure for the year of £505,792 (2018 : (£342,829)).
The Scheme’s assets and liabilities are reflected in the balance sheet on page 3.
The Verderers of the New Forest Higher Level Stewardship Scheme
Income and Expenditure Account
For the year ended 31 December 2019
| 2019 £ | 2018 £ | |
|---|---|---|
| Income | ||
| Income from Natural England – annual entitlement | 2,041,122 | 2,030,395 |
| Other income | - | 1,371 |
| Commons payments to 2017 VGS | ||
| Waterslade Farm | - | 438 |
| Minstead Estate | - | 2,909 |
| Subtotal | - | 3,347 |
| Commons payments to 2018 VGS | ||
| Wellow PC | - | 2,493 |
| Minstead Estate | - | 2,909 |
| Hampshire County Council | - | 3,378 |
| National Trust | - | 38,552 |
| Subtotal | - | 47,332 |
| Commons payments to 2019 VGS | ||
| Wellow PC | 2,493 | - |
| Minstead Estate | 2,909 | - |
| National Trust | 38,552 | - |
| Subtotal | 43,954 | - |
| Total income | 2,085,076 | 2,082,445 |
| Expenditure | ||
| Forestry England managed project expenditure - Annual programme |
667,566 | 1,522,096 |
| New Forest National Park Authority managed project expenditure | 97,176 | 87,987 |
| Verderers managed project expenditure | 744,745 | 745,362 |
| Verderers managed project expenditure – Commons | 41,047 | 41,079 |
| Total project costs | 1,550,534 | 2,396,524 |
| Administrative costs | ||
| Administration charge from Forestry England | 26,500 | 26,500 |
| Independent Accountant’s Fee | 2,250 | 2,250 |
| 28,750 | 28,750 | |
| Surplus/(deficit) for the year | 505,792 | (342,829) |
The Verderers of the New Forest Higher Level Stewardship Scheme
General Fund Balance Sheet
As at 31 December 2019
| Note | 2019 £ | 2018 £ | |
|---|---|---|---|
| Current assets | |||
| Accrued income from Natural England | - | 2,030,395 | |
| Cash at bank and in hand | 1,814,040 | 1,014,300 | |
| 1,814,040 | 3,044,695 | ||
| Current liabilities | |||
| Accruals | 2,250 | 2,250 | |
| Due to Verderers of the New Forest | 12,294 | 523,635 | |
| Due to National Park Authority | 97,176 | 87,987 | |
| Due to Forestry England | 314,301 | 1,548,596 | |
| 426,021 | 2,162,468 | ||
| Net scheme assets | 1,388,019 | 882,227 | |
| Represented by: | |||
| Funds Brought forward |
882,227 | 1,225,056 | |
| Arising in the year | 505,792 | (342,829) | |
| Funds | 1,388,019 | 882,227 |
The notes on page 4 form part of these financial statements.
Approved on .................................................... and signed on behalf of the Board of the Verderers of the New Forest Higher Level Stewardship Scheme by
Lord Manners
Official Verderer
The Verderers of the New Forest Higher Level Stewardship Scheme
Notes to the accounts
For the period ended 31 December 2019
1 Accounting policies
Basis of preparation
The accounts are prepared under the historical cost convention.
Income
Income from Natural England is recognised in the year to which the Scheme relates. Grants received after the year end that relate to the scheme year are reflected in income as accrued income. Any income (allocated from the year’s grant) that relates to project expenditure incurred after the year end is included in creditors as deferred income. Any unallocated income is carried forward in accumulated fund. Any other income is recognised when receivable.
Expenditure
Expenditure is accounted for on the accruals basis and is recognised in the year the costs are incurred by the scheme and the project partners. Any costs not paid or paid to third parties or reimbursed to the partners before the year end are accrued and included in creditors and accruals.
2 Related party transactions
New Forest National Park Authority and Forestry England are partners to the Scheme. Each partner manages a number of projects and is reimbursed by the Verderers for the expenditure incurred. Amounts paid or payable to the parties were as follows:
| 2019 £ | 2018 £ | |
|---|---|---|
| Forestry England | 694,066 | 1,548,596 |
| New Forest National Park Authority | 97,176 | 87,987 |
The amounts payable included in the above are separately disclosed in the balance sheet.
Amounts paid to individual Verderers from the Verderers’ Grazing Scheme totalled £3,088 in the year.
The Verderers of the New Forest Higher Level Stewardship Scheme
Accountants Report on the unaudited statement of accounts for the year ended
31 December 2019
In accordance with the letter of engagement letter we have compiled the financial information of the Verderers of the New Forest Higher Level Stewardship Scheme for the year ended 31 December 2019 from the accounting records and information and explanations you have given us.
The financial information has been compiled on the accounting basis set out in note 1 and is not intended to achieve full compliance with United Kingdom generally accepted accounting policies.
Our report has been prepared under the terms of our engagement with the Board of HLS and for no other purpose. No person is entitled to rely on this report other than the Board of HLS or any person expressly authorised to do so by our prior written consent. Save as above, we do not accept responsibility for the report to any other person or for any other purpose and we hereby expressly disclaim any and all such liability.
We have carried out this engagement in accordance with technical guidance issued by the Institute of Chartered Accountants in England and Wales and have complied with the ethical guidance laid down by the Institute.
You have approved the financial information and have acknowledged your responsibility for it, for the appropriateness of the accounting policies adopted and for providing all information and explanations necessary for its compilation.
We have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial information.
Date 28 May 2020
PKF Francis Clark is the trading name of Francis Clark LLP, a limited liability partnership registered in England and Wales (registered number OC349116)