HLS statement of accounts to 31 March 2023

Summary

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Financial statements for the Verderers of the New Forest Higher Level Stewardship Scheme (AG00350016) cover a 15-month period to 31 March 2023. The scheme is an agreement with Natural England to deliver environmental land management and capital works, implemented by a partnership of the Verderers, the New Forest National Park Authority, and Forestry England, with other stakeholder members. Total income was £2,078,968, mainly £2,030,699 from Natural England plus commons contributions. Total expenditure was £2,018,258, largely project costs of £1,989,328 across Forestry England, the National Park Authority, and the Verderers, plus £28,930 of administrative costs. The period ended with a surplus of £60,710. Net scheme assets were £2,219,912, primarily held as cash. The accountants compiled, but did not audit or provide an opinion on, the accounts.
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The Verderers of the New Forest

Higher Level Stewardship Scheme

Reference AG00350016 “The HLS Scheme”

Statement of Accounts for the 15 month period ended
31 March 2023

Contents

The Verderers of the New Forest Higher Level Stewardship Scheme
Statement of accounts
for the 15 month period ended 31 March 2023

1 Scheme details
2 Income and expenditure account
3 Balance sheet
4 Notes to the accounts
5 Independent accountants’ report

1 Scheme details

The Verderers of the New Forest Higher Level Stewardship Scheme

Scheme name:
The Verderers of the New Forest Higher Level Stewardship Scheme
Number:
AG00350016
Period:
For the 15 month period to 31 March 2023

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 15 month period of £60,710 (2021: 12 months £502,770). The Scheme’s assets and liabilities are reflected in the balance sheet on page 3.

2 Income and Expenditure Account

The Verderers of the New Forest Higher Level Stewardship Scheme
For the 15 month period ended 31 March 2023

1 Jan 2022 to 31 March 2023 (£) 1 Jan 2021 to 31 Dec 2021 (£)
Income
Income from Natural England – annual entitlement 2,030,699 2,030,700
Other income 937 937
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
Commons payments to 2022 VGS – Wellow PC 2,493 -
Commons payments to 2022 VGS – Minstead Estate 2,909 -
Commons payments to 2022 VGS – Hampshire County Council 3,378 -
Commons payments to 2022 VGS – National Trust 38,552 -
Commons payments to 2022 VGS (total) 47,332 -
Total income 2,078,968 2,076,154
Expenditure
Forestry England managed project expenditure – Annual programme 1,119,548 685,690
New Forest National Park Authority managed project expenditure 85,255 82,623
Verderers managed project expenditure 740,062 739,847
Verderers managed project expenditure – Commons 44,463 36,474
Total project costs 1,989,328 1,544,634
Administrative costs
Administration charge from Forestry England 26,500 26,500
Independent Accountant’s Fee 2,430 2,250
Total administrative costs 28,930 28,750
Surplus for the period 60,710 502,770

3 General Fund Balance Sheet

The Verderers of the New Forest Higher Level Stewardship Scheme
As at 31 March 2023

Note 31 March 2023 (£) 31 December 2021 (£)
Current assets
Accrued income from Natural England - -
Commons contributions due - 39,115
Other monies due - 660
Cash at bank and in hand 2,483,212 2,926,790
2,483,212 2,966,565
Current liabilities
Accruals 2,340 2,250
Due to Verderers of the New Forest 6,808 518,467
Due to National Park Authority - 82,623
Due to Forestry England 254,152 204,023
263,300 807,363
Net scheme assets 2,219,912 2,159,202
Represented by:
Funds brought forward 2,159,202 1,656,432
Arising in the period 60,710 502,770
Funds 2,219,912 2,159,202

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

Approved on 8 November 2023 and signed on behalf of the Board of the Verderers of the New Forest Higher Level Stewardship Scheme by

Edward Heron
Official Verderer

4 Notes to the accounts

The Verderers of the New Forest Higher Level Stewardship Scheme
For the 15 month period ended 31 March 2023

1 Accounting policies

Basis of preparation

The accounts are prepared under the historical cost convention.

Income

Income from Natural England is recognised in the period to which the Scheme relates. Grants received after the period end that relate to the scheme period are reflected in income as accrued income. Any income (allocated from the period’s grant) that relates to project expenditure incurred after the period 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 period 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 period 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:

1 January 2022 to 31 March 2023 (£) 1 January 2021 to 31 December 2021 (£)
Forestry England 1,146,048 712,190
New Forest National Park Authority 85,255 82,623

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 £6,106 in the period.

5 Accountants Report on the unaudited statement of accounts for the 15 month period ended 31 March 2023

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 15 month period ended 31 March 2023 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 19 January 2024

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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