The Trustees present their report and financial statements for the year ended 31 March 2023.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016).
The Charity's objects are to advance the education of the public in the history, ecology, management and economy of woodlands, trees and other wildlife habitats and their place in the characteristic landscapes of the forty-one parishes currently within the District of West Oxfordshire all of which are wholly or partly within the area of the former Norman royal hunting Forest of Wychwood and such other areas as the Charity may from time to time decide; and to conserve, restore, re-establish and promote the management and use of trees, woodlands, other wildlife habitats and characteristic landscapes for the benefit and wherever appropriate with the participation of the public and thereby to enhance the natural beauty, amenities and rural economy of the countryside of the parishes and of West Oxfordshire and such other areas as the Charity may from time to time decide.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.
The strategies adopted in furtherance of these objects are:
1 Conserve and restore natural landscapes and wildlife habitats.
manage our reserves to an exemplary level to improve wildlife habitats
directly, through partnerships or via influence or advice, plant and manage trees to create more wildlife habitat and connectivity with other habitats
deliver landscape scale conservation projects to bring more land into better conservation status
support our conservation groups (currently Bird Aid, Hedgelaying, Barn Owl, Flora, Drystone Walling)
2. Impart natural landscapes and wildlife habitats learning. We will:
increase awareness and understanding of the Wychwood Forest’s natural environment
build knowledge and skills that support restoration and conservation
3. Engage individuals and organisations in conservation support and action. We will:
collaborate in funding and delivery partnerships
offer a variety of volunteering opportunities
promote membership of the Wychwood Forest Trust
communicate with individuals, communities and organisations
4. Govern and run an effective financially viable organisation that adheres to its mission and values. We will:
ensure we have the necessary policies and processes in place, keeping abreast of current legislation and best practice
support our trustees, staff and volunteers with training and equipment needed to perform their role
maintain and develop income streams and manage our finances prudently
During the year the Charity continued to forge ahead with a broad range of activities, guided by the key themes of our current Strategic Plan. Our charitable activities are designed to have cross-cutting effects with these themes to maximise the impact of our resources and some key activities are outlined here.
Conservation and Restoration
The Charity continued to maintain its freehold ownership of the nature reserves at Foxburrow Wood, Grimes Meadow and Singe Wood, and achieved legal transfer of a new legacy site near Witney, Gibbets Close Hill. We also continued our management or lease agreements for Wigwell in Charlbury and Dean Common near Chadlington. Management of these reserves to maintain and enhance their value for people and wildlife was the focus of our site-based conservation activity during the year.
At Foxburrow Wood we continued to allow a wilder character of Foxburrow emerge through management emphasis on benign neglect. We developed a ‘visitor upgrade’ project to enhance the interpretation, car park and site infrastructure facilities now that the original layout and entrance to Foxburrow is more than a decade old. We were successful in a grant funding bid to FCC Communities Foundation just before year end, and will execute the project in the coming year.
At Wigwell we continued to work with the Friends of Wigwell volunteer group and a wider group of stakeholders to further implement plans for creating a wilder and more diverse habitat mosaic across the reserve, whilst continuing to maintain the existing valuable ecological features such as the limestone grassland Local Wildlife Site. Important scrub species such as blackthorn, hawthorn and dog rose have been allowed to encroach from hedgerows and field margins. We received funding through from the Evenlode Catchment Partnership to install a series of ‘beaver dam analogues’ across the Wigwell stream to create additional wetland habitats, and early results have been promising.
Probate was completed on the transfer of the legacy of Gibbets Close Hill, our latest 20 ha landholding on the outskirts of Witney. We plan to use the new land as an experimental restoration site, allowing woodland habitat to re-establish largely through ecological succession and natural processes. We have been developing a partnership with Oxford University’s HERO (Healthy Ecosystem Restoration in Oxfordshire) research group to collaborate on experimental design and monitoring.
Good progress was made with a new initiative to increase awareness and recording of butterflies across the Wychwood area. With support from Butterfly Conservation and funding from TOE and TVERC, many new Churchyard surveys were completed and a butterfly monitoring transect established at Wigwell. More than 150 people participated in training sessions, guided walks and recording activities.
Beyond our own nature reserves, we have worked on or given conservation advice to many individuals or organisations, including community woodland groups, private estates and parish councils. There was particular interest this year in establishing more Nature Recovery Networks at parish level.
Learning & Volunteering
Our learning and volunteering activities throughout the year were focussed around our range of work parties, outreach events and school visits. Throughout the year we have used our conservation volunteers across all of our own sites, including starting a new group at Gibbets Close. We have held a program of walling and hedge laying skills courses and another of guided walks and training sessions covering winter tree identification, reptile natural history and landscape ecology amongst others. We have continued to build stronger, deeper links with local Scout, Brownie and Beaver groups and visited numerous local primary schools to talk about nature and WFT.
We also provided the final year of courses in rural skills and countryside management at Cogges Manor Farm for ‘NEETs’ (those Not in Education, Employment or Training). The young people are taught a variety of skills including coppicing, walling, fencing and tool maintenance and several have used the platform to re-enter the world of employment.
Partnership and Participation
The hedge laying group continued to work on the outgrown boundary hedge at our own Foxburrow Wood, at hedges connecting to Breach Wood in Hailey, and at several other community-owned sites within the Wychwood. We also began to lay more than 1 km of young hedge along Jubilee Way in Witney to the north of Gibbets Close Hill in partnership with West Oxfordshire District Council.
The Dry Stone Walling Group continued to thrive and its member’s skills were still very much in demand. During the year the group continued and completed a major project to construct new boundary walls at Cogges Manor Farm. Our dry stone walls are a proud heritage feature of the Wychwood area and the wider Cotswolds in their own right, but they also provide important habitats for a wide range of plants and animals.
The Flora Group monitored seven rare species across more than 20 different sites. The Wychwood remains a last stronghold in our region for a number of species that have become very rare in the modern landscape, such as meadow clary, red hemp-nettle, and yellow star-of-Bethlehem. The group monitor trends in these special rarities over the years. They also make recommendations and take management actions to ensure the continued survival and where possible, local expansion, of these species at their remaining known locations.
The Wychwood Forest Fair, our largest annual event, was held at Foxburrow Wood again during July. The fair is far more than just a fundraising event, and brings together environmental and community groups from across Oxfordshire to collaborate and share information on local projects. The fair was attended by approximately 2,500 people.
It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to meet at least six months' expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The Charity has a reserves policy that also encompasses contingency funds against losses in institutional funding and a development fund for investment in new projects.
The Trustees identify and periodically review the major risks to which the Charity is exposed and ensure that systems are in place to mitigate these risks. These risks include financial, environmental, compliance and operational areas. In order that the risks to which we are exposed are minimised we ensure that we have adequate insurance in place, maintain and monitor our reserves policy, monitor our financial activities against an approved budget and strategic plan, seek to widen the range of fund-raising activities, pay particular attention to publicity and keeping our members informed about our activities, ensure a close working relationship between the Trustees and the Wychwood Forest Trust partners and understand and comply with company and charity law and regulation.
Wychwood Forest Trust Ltd - the Charity - is a company limited by guarantee, governed by a Memorandum and Articles of Association, which are dated 22nd May 2012.
The Trustees meet as a Board every three months to oversee the activities of the Charity to ensure its objectives are being achieved. Certain responsibilities of the Board have been delegated to various sub-committees that additionally meet as required.
The Chief Executive, Neil Clennell, has delegated authority to manage the Charity’s day to day affairs, in line with the Charity’s objectives. The Trustees remain responsible for the strategy and policies of the Charity. The Trustees have been elected for their experience and knowledge of various aspects of an environmental charity’s affairs. The administrative and financial housekeeping of the Charity are covered by the Finance Manager.
The Chief Executive continues to develop and implement fund raising activities to complement the grants that we receive from our local authority partners and generate from our operational activities. The Charity would like to offer its thanks for the continued support of Oxfordshire County Council and West Oxfordshire District Council.
The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
None of the Trustees has any beneficial interest in the Company. All of the Trustees are members of the Company and guarantee to contribute £1 in the event of a winding up.
The Trustees are required to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Charity and the incoming resources and application of resources, including the net income or expenditure for the year. In preparing those financial statements, the Trustees are required to:
select suitable accounting policies and apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees' report was approved by the Board of Trustees.
I report to the Trustees on my examination of the financial statements of Wychwood Forest Trust Ltd (the Charity) for the year ended 31 March 2023.
As the Trustees of the Charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the Charity 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 the Charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Since the Charity’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 ICAEW, 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 Charity as required by section 386 of the 2006 Act; or
the financial statements do not accord with those records; or
the financial statements 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 financial statements 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).
Donations
Event income
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Wychwood Forest Trust Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is WODC Woodgreen, New Yatt Road, Witney, Oxfordshire, OX28 1NB.
The financial statements have been prepared in accordance with the Charity's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The Charity is a Public Benefit Entity as defined by FRS 102.
The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
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. Bank overdrafts are shown within borrowings in current liabilities.
The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are 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.
Donations
Grants receivable
Donations reflect the legal transfer of a legacy of approximately 50 acres of agricultural land at Gibbets Close Hill near Witney which the Trustees have valued at £375,000. The land is included within additions to fixed assets (see note 13) and is represented by a new restricted fund (see note 18).
Grants received
Event income
Event income
Sale of goods/services
Forest fair expenditure
Event expenditure
Project costs
Rent
Bookkeeping
Sundry
Printing
IT software
Independent examiner's fee
AGM meeting costs
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year. (2022: None)
The average monthly number of employees during the year was:
There are no employees who received total employee benefits of more than £60,000.
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund.
The income funds of the Charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes: