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2023-03-31-accounts

Trustees JW Green
G M Couldrake
D C Watson
T K Clarke (Appointed 11October
2022)
SA Downer (Appointed 11 October
2022)
P C C C Sorensen (Appointed 11 October
2022)
Secretary HP Secretarial Services Limited
Charity number 1050157
Company number 03114783
Registered office The Visitor Centre
Stanwick Lakes
Stanwick
Wellingborough
Northamptonshire
United
Kingdom
NN96GY
Auditor Azets Audit Services
Ruthlyn
House
90 Lincoln Road
Peterborough
Cambridgeshire
United
Kingdom
PE1 2SP
Bankers National
Westminster		 PLC
9Market Place
Oundle
Peterborough
United
Kingdom
PES4SS
Solicitors Howes Percival LLP
Oxford House
Cliftonville
Northampton
United
Kingdom
NN1 5PN

Page
Trustees' report 1-7
Statement of trustees' responsibilities
Independent audito(s report 7-9
Statement of financial activities 12-13
Consolidated balance sheet 12-13
Company balance sheet 14-15
Statement of cash flows 18
Notes to the accounts 19-35

Unrestricted Designated Restricted Total Total
funds funds funds
general
2023 2023 2023 2023 2022
Notes 8 8 8 6
Income and endowments from.
Generated
funds		 37,061 168,759 205,820 235,225
Charitable
activities		 1,419 1,419 18,704
Commercial
trading		 operations in
trading
subsidiary		 911,573 911,573 707,785
Investments 1,404 1,404 531
Other income 448 448 368,527
Total income 950,486 170,178 1,120,664 1,330,772
g8ggn&i~ore on:
Commercial
trading		 operations in
trading
subsidiary		 8 855,249 855,249 554,563
Charitable
activities		 9 244,241 10,625 232,379 487,245 510,244
Net interest on defined benefit pension
scheme 3,000
Other 12 1,145 1,146 176,320
Total resources expended 1,099,491 10,625 233,524 1,343,640 1,244,127
Net (outgoing)/incoming resources
before transfers (149,005) (10,625) (63,346) (222,976) 86,645
Gross transfers
between		 funds 36,803 (345,197) 308,394
Net (expenditure)/income for the year/
Net (outgoing)/incoming resources (112,202) (355,822) 245,048 (222,976) 86,645
Other recognised gains and losses
Actuarial
(loss)/gain		 on defined benefit
pension schemes 1,000 1,000 124,000
Net movement
in funds		 (112,202) (354,822) 245,048 (221,976) 210,645
Fund balances
at 1 April		 2022 325,066 519,394 2,348,944 3,193,404 2,982,759
Fund balances at 31 INarch 2023 212,864 164,572 2,593,992 2,971,428 3,193,404

Prior financial year Unrestricted Designated Restricted Total
funds funds funds
general
Notes 2022f 2022 2022
F		 2022
nd end nts from.
Generated
funds		 42,565 18,500 174,160 235,225
Charitable
activities		 18,704 18,704
Commercial
trading
subsidiary
Investments		 operations in trading 707,785
531		 707,785
531
Other income 368,527 368,527
Total income 1,119,408 18,500 192,864 1,330,772
mEggttditt/D~
Commercial
trading
subsidiary		 operations in trading 8 554,563 554,563
Charitable
activities		 9 245,885 7,228 257,131 510,244
Net interest on defined
benefit		 pension scheme 3,000 3,000
Other 12 176,320 176,320
Total resources expended 803,448 7,228 433,451 1,244,127
Net (outgoing)/incoming
transfers		 resources before 315,960 11,272 (240,587) 86,645
Gross transfers
between		 funds (361,447) 318,902 42,545
Net (expenditure)/income for the year/
Net (outgoing)/incoming resources (45,487) 330,174 (198,042) 86,645
Other recognised gains and losses
Actuarial
(loss)/gain
schemes		 on defined benefit pension 124,000 124,000
Net movement
in funds		 78,513 330,174 (198,042) 210,645
Fund balances at 1 April 2021 246,553 189,220 2,546,986 2,982,759
Fund balances at 31 March 2022 325,066 519,394 2,348,944 3,193,404

Notes 2023
f		 2022
6
Fixed assets
Tangible assets 2,593,564 2,335,255
Current assets
Stocks 18 40,673 16,394
Debtors 19 68,654 145,835
Cash at bank and in hand 357,434 808,151
466,761 970,380
Creditors: amounts falling due within 20
one year (101,897) (125,231)
Net current assets 364,864 845,149
Net assets excluding pension surplus 2,958,428 3,180,404
Defined benefit pension surplus 25 13,000 13,000
Net assets 2,971,428 3,193,404
Income funds
Restricted funds
U
\
IOt		 23 2,593,992 2,348,944
Designated
funds		 22 164,572 519,394
General unrestricted funds 212,864 325,066
377,436 844,460
2,971,428 3,193,404

2023 2022
Notes 8 8
Fixed assets
Tangible assets 16 2,593,564 2,335,255
Investments 17 1 1
2,593,565 2,335,256
Current assets
Debtors 19 110,956 255,819
Cash at bank and in hand 285,816 635,075
396,772 890,894
Creditors: amounts falling due within 20
one year (32,049) (45,746)
Net current assets 364,723 845,148
Net assets excluding pension surplus 2,958,288 3,180,404
Defined benefit pension surplus 25 13,000 13,000
Net assets 2,971,288 3,193,404
Income funds
Restricted
~d»i
t		 funds
df		 d 23 2,593,992 2,348,944
Designated funds 22 164,572 519,394
General
unrestricted		 funds 212,864 325,066
377,436 844,460
2,971,428 3,193,404

Notes 2023
F		 2022
f
Cash flows from operating activities
Cash (absorbed
by)/generated		 from 27
operations (31,277) 358,125
Investing activities
Purchase oftangible
fixed assets		 (420,844) (184,811)
Interest received 1,404 531
Net cash used
in investing		 activities (419,440) (184,280)
Financing activities
Payment of obligations
under		 finance leases (3,642)
Net cash used
in financing		 activities (3,642)
Net (decrease)/increase
in		 cash and cash
equivalents (450,717) 170,203
Cash and cash equivalents
at beginning		 ofyear 808,151 637,948
Cash and cash equivalents atend of year 357,434 808,151

3 Generated
f		 unds
Unrestricted Designated Restricted Total Total
funds funds funds 2023 2022
Donations
and giRs
Grants receivable
for		 core activities 37,061 168,759 37,061
168,759		 59,856
175,369
37,061 168,759 205,820 235,225
For the year ended 31 March 2022 42,565 18,500 174,160 235,225
4 Commercial trading operations in trading subsidiary
2023 2022
8 F
RF Trust Enterprises Limited 911,573 707,785
5 Charitable
activities
2023 2022
8
Performance related grants 1,419 18,704
Settlers 1,419 18,704
1,419 18,704
6 investments
2023 2022
F 8
Interest receivable 1,404 531

2023 2022
5
Other income 448 3,810
Insurance claim 364,717
448 368,527
8 Costs ofraising funds
2023 2022
6 5
Commercial trading operations in trading subsidiary 855,249 554,563
9 Charitable activities
2023 2022
5 8
Staff costs 199,415 141,352
Depreciation and impairment 161,389 119,606
Project costs, equipment and materials 38,086 55,797
Printing
and		 stationery 630
Telephone and postage 223 807
Travel and subsistence 258 2,317
Fundraising and publicity (81) 283
Premises and site works 63,683 158,710
Training 181 7,110
Subscriptions 617 361
Sundries 1,605 7,135
465,376 494,108
Share ofgovernance costs (see note 11) 21,869 16,136
487,245 510,244
Analysis by fund
Unrestricted funds —general 244,241 245,885
Unrestricted funds - designated 10,625 7,228
Restricted funds 232,379 257,131
487,245 510,244

2023 2022
6 9
Audit fees 11,600 10,500
Legal and professional 9,617 5,636
Trustee expenses 652
21,869 16,136
Analysed between
Charitable activities 21.869 16,136

Restricted Total Restricted
funds funds
f
2023 2023 2022
Net loss on disposal oftangible fixed assets 1,145 1,146 176,320
1,145 1,146 176,320

The analysis
of auditor'		 s
rem		 uneration
is as follows:
2023 2022
8
Audit ofthe company's annual accounts 8,000 7,250
Other services to the group
-the audit ofthe company's subsidiaries 3,600 3,250
Total audit fees 11,600 10,500

The average
 monthly
number
ofemployees
during th		 e year was:
2023 2022
Number Number
Staff employed 36 22
Employment costs 2023 2022
5 8
Wages and salaries 544,611 364,755
Social security costs 25,355 14,701
Other pension costs 6,090 8,187
576,056 387,643

The Grou p a nd the Charity only
Leasehold Plant and Fixtures, Office Total
property machinery fittings 8 equipment
equipment
8
Cost
At 1 April 2022 3,085,879 45,011 180,607 25,577 3,337,074
Additions 19,543 392,438 8,863 420,844
Disposals (789) (13,002) (1,538) (15,329)
At 31 March 2023 3,085,879 63,765 560,043 32,902 3,742,589
Depreciation and impairment
At 1 April 2022 936,207 26,621 32,663 6,330 1,001,821
Depreciation charged in the year 95,483 5,883 53,877 6,144 161,387
Eliminated in respect ofdisposals (28) (13,002) (1,153) (14,183)
At 31 March 2023 1,031,690 32,476 73,538 11321 1 149025
Carrying amount
At 31 March 2023 2,054,189 31,289 486,505 21,581 2,593,564
At 31 March 2022 2,149,674 18,390 147,944 19,247 2,335,255

17 Fixed asset investments Fixed asset investments
The Chadity Notes 2023
6		 2022
8
Investments
in		 subsidiaries
The charity holds 100%of RF Trust Enterprises
Limited,
principle
activity ofthe company
is running
the operations		 a company
incorporated
ofStanwick Lakes.		 in England
and		 Wales. The
During
the year RF Trust
Enterprises
donates
all of its surplus
to Rockingham
and reserves were 81 (2022 - f1).		 Limited
made a profit of f52,725 (2022
Forest Trust. At the balance sheet date		 - 8149,972). The company
the company's
total capital
18 Stocks
The Group The Charity
2023 2022
8		 2023
6		 2022
f
Raw materials and consumables 40,673 16,394
19 Debtors
The Group The Charity
2023 2022 2023 2022
Amounts
falling due within one year:		 8 6 8
Trade debtors 6,120 4,569 3,719
Amounts
due		 from subsidiary
undertakings		 51,450 128,898
Other debtors 39,392 8,551 33,287
Prepayments and accrued income 62,534 101,874 47,236 93,634
68,654 145,835 110,956 255,819
20 Creditors: amounts
falling due		 within one year
The Group The Charity
2023 2022
8		 2023f 2022
Other taxation and social security 16,036 7,741 9,929 7,741
Deferred income 21 24,236 24,217
Trade creditors 42,049 63,316 14,120 30,118
Accruals 19,576 29,957 8,000 7,887
101,897 125,231 32,049 45,746

21 Deferred income Deferred income
The Group The Charity
2023 2022 2023 2022
6 E E
Other deferred income 24,236 24,217
24,236 24,217
Deferred income is included in the financial statements as follows:
The Group The Charity
2023 2022 2023 2022
6 8
Current liabilities 24,236 24,217
24,236 24,217
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24 Analysis ofnet assets between funds Unrestricted Designated Restricted Total
2023 2023 2023 2023
8 5 6
Fund balances at 31 March 2023 are represented
by:
Tangible		 assets 1,572 2,591,992 2,593,564
Current assets/(liabilities) 212,864 150,000 2,000 364,864
Defined benefit pension asset 26,000 13,000 13,000
238,864 164,572 2,593,992 2,971,428
Unrestricted Designated Restricted Total
2022
6		 2022
6		 2022 2022f
Fund balances at 31 March 2021 are represented
by:
Tangible
Current		 assets
assets/(liabilities)		 325,066 4,992
501,402		 2,330,263
18,681		 2,335,255
845,149
Defined benefit pension liability 13,000 13,000
325,066 519,394 2,348,944 3,193,404

25 Retirement
benefit		 schemes schemes (Continued)
Key assumptions
2023 2022
0/ 0/
Discount rate 4.75 2.7
Expected rate ofincrease ofpensions in payment 2.95 3.2
Expected rate ofsalary increases 3.45 3.7
Mortality assumptions
The assumed
life expectations		 on retirement at age 65are:
2023 2022
Years Years
Retiring today
- Males 20.7 21.7
- Females 24.1 24
Retiring
in 20 years
- Males 22.1 22.7
-Females 26.7 25.8
Amounts
recognised		 in the profit and loss account
2023 2022
8 8
Current service cost 7,000 29,000
Net interest on defined benefit liability/(asset) 2,000
Total costs 7,000 31,000
Amounts
taken to other		 recognised gains and losses
2023 2022
8 8
Actual return on scheme assets 26,000 (63,000)
Less: calculated
interest element		 28,000 19,000
Return on scheme assets excluding interest income 54,000 (44,000)
Actuarial changes related to obligations (365,000) (80,000)
Asset not recognised due to asset ceiling 310,000
Total costs/(income) (1,000) (124,000)

The
amounts
included
in		 the balance sheet arising from the charity's
obligations
in respect of defined		 benefit plans are as follows:
2023 2022
f f
Present value ofdefined benefit obligations 682,000 1,021,000
Fair value of plan assets (1,005,000) (1,034,000)
Surplus
in scheme		 (323,000) (13,000)
Asset not recognised
due to		 asset ceiling 310,000
Total asset recognised (13,000) (13,000)
Movements
in the present value		 ofdefined benefit obligations:
2023
6
Liabilities at 1 April 2022 1,021,000
Current service cost 7,000
Benefits paid (10,000)
Contdibutions
from scheme		 members 1,000
Actuarial
gains and losses		 (365,000)
Interest cost 28,000
At 31 March 2023 682,000
2023
6
Fair value of assets at 1 April 2022 1,034,000
Interest income 28,000
Return on plan assets (excluding amounts included in net interest) (54,000)
Benefits paid (10,000)
Contributions
Contributions		 by the employer
by scheme members		 6,000
1,000
At 31 March 2023 1,005,000

The fair value of plan assets The fair value of plan assets at the reporting the reporting period end period end was as follows: was as follows:
2023 2022
F
Equity instruments 673,350 692,780
Debt instruments 190,950 196,460
Property 130,650 134,420
Cash 10,050 10,340
1,005,000 1,034,000
26 Operating
lease commitments
At the reporting
end date the charity had outstanding
non-cancellable
operating
leases, as follows:		 commitments for future minimum lease payments under
2023 2022
6
Within one year 1,259 1,875
27 Cash generated
from operations		 2023 2022
6 5
(Deficit)/surpus
for the year		 (222,976) 86,645
Adjustments
for:
Investment
income		 recognised in statement offinancial activities (1,404) (531)
Loss on disposal
of		 tangible fixed assets 1,146 176,320
Depreciation
and impairment		 oftangible fixed assets 161,389 119,606
Difference between pension charge and cash contributions 1,000 21,000
Movements
in working
capital:
(Increase)
in stocks		 (24,279) (11,253)
Decrease/(increase) in debtors 77,181 (84,182)
(Decrease)/increase in creditors (23,353) 57,840
Increase/(decrease) in deferred income 19 (7,320)
Cash (absorbed
by)/generated		 from operations (31,277) 358,125
28 Analysis
ofchanges
in net		 funds
The charity had no debt during the year.