## 



## 

## 

|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<br>Kingdom||||
|||NN96GY||||
|Auditor||Azets Audit Services||||
|||Ruthlyn<br>House||||
|||90 Lincoln Road||||
|||Peterborough||||
|||Cambridgeshire||||
|||United<br>Kingdom||||
|||PE1 2SP||||
|Bankers||National<br>Westminster|PLC|||
|||9Market Place||||
|||Oundle||||
|||Peterborough||||
|||United<br>Kingdom||||
|||PES4SS||||
|Solicitors||Howes Percival LLP||||
|||Oxford House||||
|||Cliftonville||||
|||Northampton||||
|||United<br>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|





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||||||Unrestricted|Designated|Restricted|Total|Total|
|---|---|---|---|---|---|---|---|---|---|
||||||funds|funds|funds|||
||||||general|||||
||||||2023|2023|2023|2023|2022|
|||||Notes|8|8|8|6||
|Income and endowments|||from.|||||||
|Generated<br>funds|||||37,061||168,759|205,820|235,225|
|Charitable<br>activities|||||||1,419|1,419|18,704|
|Commercial<br>trading|operations|||in||||||
|trading<br>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<br>trading|operations|||in||||||
|trading<br>subsidiary||||8|855,249|||855,249|554,563|
|Charitable<br>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<br>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<br>(loss)/gain|on|defined||benefit||||||
|pension schemes||||||1,000||1,000|124,000|
|Net movement<br>in funds|||||(112,202)|(354,822)|245,048|(221,976)|210,645|
|Fund balances<br>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<br>F|2022|
|nd end|nts||from.|||||||
|Generated<br>funds||||||42,565|18,500|174,160|235,225|
|Charitable<br>activities||||||||18,704|18,704|
|Commercial<br>trading<br>subsidiary<br>Investments|operations|||in trading||707,785<br>531|||707,785<br>531|
|Other income||||||368,527|||368,527|
|Total income||||||1,119,408|18,500|192,864|1,330,772|
|mEggttditt/D~||||||||||
|Commercial<br>trading<br>subsidiary|operations|||in trading|8|554,563|||554,563|
|Charitable<br>activities|||||9|245,885|7,228|257,131|510,244|
|Net interest on defined<br>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<br>transfers|||resources before|||315,960|11,272|(240,587)|86,645|
|Gross transfers<br>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<br>(loss)/gain<br>schemes|on defined|||benefit pension||124,000|||124,000|
|Net movement<br>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|





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||||Notes|2023<br>f||2022<br>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<br>U<br>\<br>IOt|||23||2,593,992||2,348,944|
|Designated<br>funds|||22|164,572||519,394||
|General unrestricted||funds||212,864||325,066||
||||||377,436||844,460|
||||||2,971,428||3,193,404|





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||||||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<br>~d»i<br>t|funds<br> df|d||23||2,593,992||2,348,944|
|Designated|funds|||22|164,572||519,394||
|General<br>unrestricted|||funds||212,864||325,066||
|||||||377,436||844,460|
|||||||2,971,428||3,193,404|





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## 

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





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|3|Generated<br>f|unds||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||Unrestricted||Designated|Restricted|Total|Total|
||||||||funds|funds|funds|2023|2022|
||Donations<br>and giRs<br>Grants receivable<br>for|||core activities|||37,061||168,759|37,061<br>168,759|59,856<br>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<br>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|



## 



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||||||||||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<br>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|



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|||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<br>of auditor'|s<br>rem|uneration<br>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|





## 

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## 

|The average<br>|monthly<br>number<br>ofemployees<br>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<br>6||2022<br>8|
||Investments<br>in|subsidiaries||||||||||||
||The charity holds 100%of RF Trust Enterprises<br>Limited, <br>principle<br>activity ofthe company<br>is running<br>the operations|||||||a company<br>incorporated<br>ofStanwick Lakes.|||in England<br>and|Wales. The||
||During<br>the year RF Trust<br>Enterprises<br>donates<br>all of its surplus<br>to Rockingham<br>and reserves were 81 (2022 - f1).||||Limited<br>made a profit of f52,725 (2022 <br>Forest Trust. At the balance sheet date||||||- 8149,972). The company<br> the company's<br>total capital|||
|18|Stocks|||||||||||||
||||||||||The Group|||The Charity||
|||||||||2023||2022<br>8|2023<br>6||2022<br>f|
||Raw materials|and consumables|||||40,673|||16,394||||
|19|Debtors|||||||||||||
||||||||||The Group|||The Charity||
|||||||||2023||2022|2023||2022|
||Amounts<br>falling due within one year:|||||||8||6|||8|
||Trade debtors|||||||6,120||4,569|3,719|||
||Amounts<br>due|from subsidiary<br>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<br>falling due|||within|one year|||||||||
|||||||||||The Group||The Charity||
|||||||||2023||2022<br>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:<br>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<br>6|2022<br>6|2022|2022f|
||Fund balances at 31 March 2021 are represented|||||||
||by:<br>Tangible <br>Current|assets<br> assets/(liabilities)||325,066|4,992<br>501,402|2,330,263<br>18,681|2,335,255<br>845,149|
||Defined|benefit pension|liability||13,000||13,000|
|||||325,066|519,394|2,348,944|3,193,404|



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## 

## 

## 

|25|Retirement<br>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<br>life expectations|||on retirement|||at age 65are:|||
|||||||||2023|2022|
|||||||||Years|Years|
||Retiring today|||||||||
||- Males|||||||20.7|21.7|
||- Females|||||||24.1|24|
||Retiring<br>in 20 years|||||||||
||- Males|||||||22.1|22.7|
||-Females|||||||26.7|25.8|
||Amounts<br>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<br>taken to other||recognised||gains and losses|||||
|||||||||2023|2022|
|||||||||8|8|
||Actual return on scheme assets|||||||26,000|(63,000)|
||Less: calculated<br>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<br>amounts<br>included<br>in|the|balance|sheet|arising|from|the|charity's|||
|---|---|---|---|---|---|---|---|---|---|
|obligations<br>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<br>in scheme||||||||(323,000)|(13,000)|
|Asset not recognised<br>due to|asset ceiling|||||||310,000||
|Total asset recognised||||||||(13,000)|(13,000)|
|Movements<br>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<br>from scheme|members||||||||1,000|
|Actuarial<br>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<br>Contributions|by the employer<br>by scheme members||||6,000<br>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<br>lease commitments|||||||||||||
||At the reporting<br>end date the charity had outstanding<br>non-cancellable<br>operating<br>leases, as follows:||||||commitments||for future|minimum|lease payments||under|
||||||||||||2023||2022|
||||||||||||||6|
||Within one year||||||||||1,259||1,875|
|27|Cash generated<br>from operations||||||||||2023||2022|
||||||||||||6||5|
||(Deficit)/surpus<br>for the year||||||||||(222,976)||86,645|
||Adjustments<br>for:|||||||||||||
||Investment<br>income|recognised||in statement||offinancial||activities|||(1,404)||(531)|
||Loss on disposal<br>of|tangible|fixed assets||||||||1,146||176,320|
||Depreciation<br>and impairment||oftangible||fixed assets||||||161,389||119,606|
||Difference between|pension|charge and||cash contributions||||||1,000||21,000|
||Movements<br>in working<br>capital:|||||||||||||
||(Increase)<br>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<br>by)/generated|||from operations|||||||(31,277)||358,125|
|28|Analysis<br>ofchanges<br>in net||funds|||||||||||
||The charity had no|debt during||the year.||||||||||



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