HLS statement of accounts 2021

Summary

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Accounts for the Verderers of the New Forest Higher Level Stewardship Scheme for the year ended 31 December 2021 report funding from Natural England to deliver environmental land management and capital works in partnership with the New Forest National Park Authority and Forestry England. Total income was £2,076,154, mainly the annual Natural England entitlement, plus small other income and commons payments. Total expenditure was £1,573,384, largely project costs managed by Forestry England, the Verderers, and the National Park Authority, plus £28,750 in administration and accountant fees. The scheme recorded a surplus of £502,770 (2020: £268,413). Net assets increased to £2,159,202, with cash at bank of £2,926,790 and amounts due to partner bodies shown as current liabilities. The accounts use historical cost and accruals, and were independently compiled but not audited.
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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 2021

1 Scheme details

Scheme name:
The Verderers of the New Forest Higher Level Stewardship Scheme
Number:
AG00350016
For the year to
31 December 2021

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 £502,770 (2020 : £268,413). The Scheme’s assets and liabilities are reflected in the balance sheet on page 3.

2 Income and Expenditure Account

For the year ended 31 December 2021

2021 (£) 2020 (£)
Income
Income from Natural England – annual entitlement 2,030,700 2,078,717
Other income 937 1,975
Commons payments to 2020 VGS – Wellow PC - 2,493
Commons payments to 2020 VGS – Minstead Estate - 2,909
Commons payments to 2020 VGS – National Trust - 38,552
Commons payments to 2020 VGS – Total - 43,954
Commons payments to 2021 VGS – Wellow PC 2,493 -
Commons payments to 2021 VGS – Minstead Estate 2,909 -
Commons payments to 2021 VGS – Hampshire County Council 563 -
Commons payments to 2021 VGS – National Trust 38,552 -
Commons payments to 2021 VGS – Total 44,517 -
Total income 2,076,154 2,124,646
Expenditure
Forestry England managed project expenditure – Annual programme 685,690 887,828
New Forest National Park Authority managed project expenditure 82,623 107,529
Verderers managed project expenditure 739,847 791,085
Verderers managed project expenditure – Commons 36,474 41,041
Total project costs 1,544,634 1,827,483
Administrative costs
Administration charge from Forestry England 26,500 26,500
Independent Accountant’s Fee 2,250 2,250
28,750 28,750
Surplus for the year 502,770 268,413

3 General Fund Balance Sheet

As at 31 December 2021

Note 2021 (£) 2020 (£)
Current assets
Accrued income from Natural England - - 2,030,710
Commons contributions due 39,115 41,461
Other monies due 660 7,050
Cash at bank and in hand 2,926,790 561,021
2,966,565 2,640,242
Current liabilities
Accruals 2,250 2,250
Due to Verderers of the New Forest 518,467 582,163
Due to National Park Authority 82,623 102,029
Due to Forestry England 204,023 297,368
807,363 983,810
Net scheme assets 2,159,202 1,656,432
Represented by:
Funds
Brought forward 1,656,432 1,388,019
Arising in the year 502,770 268,413
Funds 2,159,202 1,656,432

The notes on page 4 form part of these financial statements.

Approved on 1 September 2022 and signed on behalf of the Board of the Verderers of the New Forest Higher Level Stewardship Scheme by

Lord Manners

Official Verderer

4 Notes to the accounts

For the period ended 31 December 2021

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:

2021 (£) 2020 (£)
Forestry England 712,190 914,328
New Forest National Park Authority 82,623 107,529

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 £5,434 in the year.

5 Accountants Report on the unaudited statement of accounts for the year ended 31 December 2021

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 2021 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.

PKF Francis Clark
Towngate House
2 – 8 Parkstone Road
Poole
Dorset
BH15 2PW

Date 26 September 2022

PKF Francis Clark is the trading name of Francis Clark LLP, a limited liability partnership registered in England and Wales (registered number OC349116)

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