Charity registration number 1050157 Company registration number 03114783 (England and Wales) ROCKINGHAM FOREST TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
ROCKINGHAM FOREST TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees T K Clarke S A Downer D P Childs D C Mabvaro LEKoch N L Ellis A J Johnson {Appoinled 21 May 20241 (Appointed 26 November 2024} (Appointed 26 Novèmber 2024} (Appointed 26 November 20241 {Appoinled 26 Novernber 2024) Secretary NGBOS Charlty number 1050157 Company number 03114783 Registered office The Visitor Centr8 Stanwick Lakes stanwlck Wellingborough Northamplonshire Uniled Kingdom NN9 6GY Auditor Azels Audit Services Weslpoinl Lynch Wood Pelerborough Cambridgeshire United Kingdom PE2 6FZ Bankers National Westminster PLC 9 Market Place Oundle Pelerborough United Kingdom PE8 48B Solicitors Howes Percival LLP Oxford House Cliftonvillè Northampton United Kingdom NN15PN
ROCKINGHAM FOREST TRUST CONTENTS Page Trustees. report Slalement of Iru51ees' iesponsibiliti8s Independent auditor's r8POrt Slalemenl of financlal a¢livilies 10- 11 Consolidaled balance sheel 12- 13 Company balance she81 14- 15 statement of cash flows 16 Notes lo Ihe accounts 17-33
ROCKINGHAM FOREST TRUST TRUSTEES, REPORT {INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The Irustees present their annual ieport and financial statements for the year ended 31 March 2024. The financial slalements have been Prepared in accordance with the accounting policies sel out in note 110 the financial slatemenls and comply with the charity's governing document, Ihe Companies Act 2006 and "Accounting and Reporting by Charilies.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ifeland IFRS 102)" (effective 1 January 2019} Objectives and actlvities Rockingham Forest Tru51 is an environmental charity. Ils mission is to bring people closer lo and help them engage wilh the natural environment. Ils vision is lo creale and con5oNe special green spaces and exploré local heritage in way5 which educate, involve and inspire visitors and local communities. Rockingham Forest Trust has three core values that support Ils mission.. Enwronmental conservation.. We work lo conserve, protect and improve the natural environment al Slanwick Lakes Celebrating h@rilage'. We explore and celebrate Ihe rich heritage of the sile and the N8ne Valley Engagement and opportunity.. We provide mulliple entry points for Individuals snd communities to engage wilh and enjoy Slanwick Lakes Slanwick Lakes is a unique 750-acre countryside allraclion and nature reseNe located in the heart of Northamptonsl)ire's N8ne Valley. There are exlensive and imaginalive play areas, op8n spaces and paths Ihal fainilies, walkers, cyclists and nature lovers can explore at leSsure. The visitor centre with Café. shop and function spac&s 15 a central feature of the sile, visited by over 300,000 people a year. Slanwick Lakes is managed as a social enterprise by environmenlal charity, Rockingham Forest Trust.11 plays an iinportanl environmental and social leadership role in the county, with long standing collaboratioi)s with dozens ol organisalions locally, and regionally including the Local Nature Partnership, Nene Valley Rivers Trusl and Norfhamplonshlre Heritage Forum. Achlèvements and performance There has been a Change in the senior leadership team during this financial year with the business development manager being given the role of CEO in January 2024. During the 2023124 financial year, visitor numbers have continued lo grow and are expected lo continue to increase, albeit numbers are not al pre-covid level yel. This growth is due lo increased maikeling function. developmenl of increased programme for visilors lo enjoy and a more structured commercial direction for Ihe Group's trading subsidiary, RF Trust Enterpri8es Ltd. Income for the trading subsidiary reflects this uplift with circa £110,000 increase from the 22123 financial year. Costs for Ihe financial year have also increased due to several factors such as an increase in cost of sales, insurance and ulililies. The new CEO carried out a complete review of the Irading subsidiary's operations, and as a consequence of this review, operating costs were reduced. The overall result of Ihis review was that the final quarter, historically the worst perforining quarter of the fin8iicial year, led to a much-reduced deficit in-line wilh our initial expectations al the start of the year. The end-of-year trading position for the Group's subsidiary was a surplus of £52.845 - which the Board considers is a creditable performance as the original budget s<iiig indicated Ihe likelihood of il returning a nel trading deficit for 23124.
ROCKINGHAM FOREST TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Within the Charily. on-going cosl pressures have meant that continuing with the Trust's site conserv31ion work and educational programmes has resulted in a deficit for the financial year. We were however forlunae lo receive a grant from Groundwork UK'S New lo Nature project for the purpose of taking on an addilional ranger froffl July 2023 for a nine-monlh period. This ha5 meanl an increase in the learn's capacity, and despite the ongoing financial pressures the Trust was pleased to offer the individual a full lime. permanenl, contract al the end of the temporary nine-month term when the grant funding covéring his appoinlmenl expired. The board is conscious that Ihe cash réserves of the Trust have reduced as a result of continuing lo meet the conseNation and education programmes costs, and for the fulure, steps are being laken lo identify suitable external funding and grant opporlunilies. There has been a significant shift towards income generalion across all areas of the organisalion, increased cost negoli21ions and streamlining processes lo reduco lime and costs. Towards the end of the financial year the Trust were successful in securing a substantial 'resilience" grant, lotalling £243,690 over the course of ils 12 month duialion. which will be used lo subsidise existing posts, pay for additional posts and provide support aimed al securing the future of the Trusl including (bul not limited lol fundraising, niarkeling, educational progranime and environmental iniprovemenls, all elements will significantly conlribtjle lo the longer lerm suslainabilily of the Trust. Donations During ihe financial year. Rockingham Forest Trust received generou5 donalions lolalling £30.688, which included a donation from D'oyly Carte of £3,500, from the Cummins via Ihe Global Glving Foundation of f_15,275 and £4,017. Marks & Sponcer donated £1,476, Tingdene Parks Lld donaled £1.000, Unilever donated £1,361 and three donalions from Billing Finance lolalling £1,010. All unrestricted donations are used lo conlinue the conservation work of the Trusl, all donations re¢eSved for a specific purpose are ring-fenced for that purpose and for specified activities. Annual maintenance grant from North Northants Council Expenditure against the annual grant for 23124 lolalled £24,101 , due lo having lo postpone key pieces of capital maintenance work. The balance of Ihe allocalion mad8 by North Northanls Council for 23124 will be available for use in 24125. Capital works and expenditure, To preserve funds, only a limited amount of capital expenditur8 and infraslruclural upgradelimprovemenl work was undertaken during the 23124 financial year. The key items of expenditure were.. Installation of the Changing Places exlernal loilel - conlribulion lo costs of £4,370.00 lh8 balance of £65,000 of Ihe inslallalion cosl was grant funded, Refurbishrnenuupgrade of our outside toilet block - £28,280. Modifications lo the Walkers Rest outside shelter - £7,889. Inslallalion of an additional storage container {grant funded) £2,450. Inslallalion of a new electricity supply cabinet (graiil fuiided) - £6,530. Replacement items of kilchei) equipment within the Visitor Centre - £2,401. Inslallalion of air-condilioning within our Hideaway meeting room - £7,169. Financial revlew The financial slalemenls that follow are prepared lo comply with Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing their accounts in accorrjance wilh the Financial RepoTling Slandard applicable in the UK and Republic of Ireland IFRS 1021. The principal Charity income lor the year arose from grants receviable (£203,359), donations and sponsorship (£33,208), bank interest received {£1,0891 and other income (£18,984). Expenditure for the Charily lolalled (£1.523,3151, with staffing costs 1£695,8421. depreciation {£146,823), Heritage Project cosls {£49,3931 and repairs and maintenance across the sile (£50,611) beii)g the major cost factors within the financial year. The trading deficit of Ihe Charity for 23124 is {£276.5681 The Iradino subsidiary, RF Trust Enterprises Ltd, made 2n operating surplus of £52,845 which was gifted lo the Gharily at Ihe end of the finaiicial year in thé usual manner, resulting in an overall group defiul for 23124 of 1£223.723}
ROCKINGHAM FOREST TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Reserves Policy. It is the policy of the charity that unreslricled funds which have not been designated for a speoific use Should maintain an operational capacity of Ihree-six monlhs, The Trustees consider that resérves al this level will ensure that, in the event of a significant drop in funding, they will be able lo continue the charity's CueI aclivilies whilé consideration is given lo ways in which additional funds may be raised. This level of reseNes hgs been maintained throughout the year and has been covered by cash balances on deposit. At 31 March 2024, the unrestricted reserve stood at £154,962. Assets In Ihe opinion of the Trustees, the charitable Company's assets are suffiGienl lo fulfil the obligations of the Charily. Trustee Llability Insurance Liability Insurance exists for the benefit of all Trustee Directors. Legal and Admlnistrative Details The Charity is Rorkingham Forest Trusl (registered nuniber 10501571 and is consliluled as a private limited company limited by guarantee (regislered number 3114783) incorporated in Ihe UK. The principal and registered address is Stanwick Lakes. Slanwick, Northaniptonshire, NN9 6GY. Structural governance and management Rockinyham Forest Trusl is s Charitable Company limited by guaranlee, incorporated on 17 October 1995 and registered as a charity on 26 OGtober 1995. Thé Charitable Company was established under a Memoranduin of Association which eslablish8d Ihe objects and powers of the Charitable Company and is governed under its Articles ol Association. In the event of the Charitable Company being wound up, members are required lo contribut8 an amount not exceeding £1. Rockingharn Forest Trust has established the subsidiary company RF Trust Enterprises Liimiled lo handle the incoine from trading, primarily, bul not exclusively, al Slanwick Lakes. The company has ils own board of Dlreclors, which ii)cludes five of the charity's Trustees, one separate director, plus one member of staff. Decisions for th8 two enlilies are made separately al th& respective boards, but ultimale control lies with the charity s Trustees. The Iruslees, who are 81so the directors for the purpose of company law, and who served durlng the year an(J up to the dale of signatur& of the financial slalemenls were.. J W Green (Resigned 23 January 2024) G M Couldrake (Resigned 26 November 2024) D C Walson (Resigned 17 October 2023) A Woolf (Resigned 25 April 2Q23> C Hardie (Resigned 25 April 2023) T K Clarke S A Downer P C C C Sor8nsen D Pchilds D C Mabvaro LEKoch N L Ellis A J Johnson (Resigned 26 November 2024} (Appoinled 21 May 2024> {Appoinled 26 November 20241 (Appointed 26 November 2024) (Appointed 26 November 2024) (Appoinled 26 November 20241 Conipany Secretary NGBOS Executive Director B Passchier All current Trustees sland as guarantors lo the company in the sum of £1 each.
ROCKINGHAM FOREST TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Appointment of Trustees (Dlrectorsl Rockingham Forest Trust may appoint any person who is willing lo be a Trustee, Trustees are recruited through an open process lo meet idenlified skills gaps and succession planning. Qpportunities are advertised on the Slanwick Lakes website and through other local and regional media channels. New Trustees receive induction and training through meelings with the Chair, Director and staff of the Charity and through receipt of Ihe Charity Commission'8 The Essential Trustee, a copy of thé charity's Articles of Association and other key internal documents including Ihe most recent Business Plan and Board papèrs. John Green stood down as Chalr on 25 April 2023 bul remained on the Board as a Trustee. Gerald Couldrake was appointed as Interim Chair on 25 April 2023. Two Trustees resigned on 25 April 2023. The Finance Trustee resigned 17 October 2023, with a new finance Iruslee being appointed in May 2024. Organlsatlonal Structure The Board of Tiuslees meets a minimum of four limes per year to administer the Trust and review peiform3nce and discuss key lopics. The Board had no slanding commillees, official working parties or sleering groups during 23124. However, this struclure is under review for changes during 24125. The Trust's 2022123 report indicatèd Truslee recruitment would be required and a planned change to Ihe Trust's Chairman. Thercfore, a significant pari of our development plans noted earlier in this report will be a full governance review. A number of the Iruslees were looking lo retire from their posls during 2023 and 2024 following their generous and long-standing contributions lo the Trust. 11 was therefore anlicipaled that a there would be a need lo recruit and build a varied and experi8nced board lo lake the organisalion foard, The recruilrnenl and induction of new members has subsequently been Completed lal the point of publication of thi5 report) and is illuslral8d in the various new members of the board shown under 'slruGlure, governance and management,. The governance review also included the revision of th8 Trusl's memorandum and articles which will allow Ihe trust to broaden ils various grant appliGalions ensuring there is a wider range of funding opportunities available. Day lo day management of the organisalion is delegated lo Rockingham Foiesl Triisl's staff team led by Ilie Tiusl Director. The Trust Director lakes lead responsibility for,, programining. fundraising, marketing and audience development, cominercial operalions and day to day Inanagement, HR, governance and facilities. A Seni)r Management Team meets forlnighlly. Staff meetings take place monlhly. The Trust ended the financial year with 23 members of staff on permanent, fixed-hours, contracts and 11 zero.hours casual staff being on the payroll. All casual staff have continued to receive holiday pay in line with Ihe July 2022 House of Lords ruling on Ihe Harpur Trusl -v- Brazel case, and their subsequent clarification on the Employers, legal iequiremenls regarding making paymenls in lieu of holidays for zero-hours slaff. There was one reduiidancy made during Ihe financial year. Volunteers are vital lo the successful running of the Tru51, Volunteers support conservation work, heritage proie¢ls and family trails and activities. The number of active volunteers has now grown lo circa 60. Salary Review The Board is responsible for approving thé organisalion's annual budgcl which includes the global salaries budget. The Board has delegated responsibility for reviewing and setting individual s312ry levels to the Executive Diieclor, except in the case of hislher own salary. The Board remains iesponsible for making decisions in relation lo the Director's salary. Salary levels across the organisalion are reviewed annually and benchmarked against external peers Ici establish market rale salaries for similar posts in Ihe seclorlarea. Changes lo individual job descriptions are also taken into account. Any changes lo individual staff salaries are iiicluded in the global salary biidgel presented to the Board for approval in March. The Board also makes any decision regarding the pay of the Director al this illeeling. The DirectorlBoard islare under no obligation lo increase annual rates of pay as a re5uII of these reviews. This is reflected in the compaiiy's employmeiil contracls.
ROCKINGHAM FOREST TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Cost ManagÈmÈnl With th& appointment of tho new CEO. the Board are oplimislic regarding the ongoing work lo reduce costs acr055 the Group. All key supplier contracls have been reviewed for quality and value for money. After staff Costs, th8 biggègl Single cost element of Ihe Group is the foodldrinklconsumables that are purchased for use in Ihe visitor centre cafe, and despite b8sl effort5 towards the end of tha linancial year, the year-end c051 of sales flgure has remained at 344/0. This is an area of th6 Group's activities th81 will receive further scrutiny. Looking lo Ihe rulure, reductions will be made 8Bross several fixed contracts that are coming lo Ihe end of their term. allowing the Trust the opportunity lo investigate 2nd negoliale beller terms that reduce Ihe impact on Ihe overhead c051s. Related Partles None of the Trustees receive remunerallon or other benefit from their work with the charily. Any ronnecb'on between B Trustee or senior manager ol the charity with a conlTa¢lor or supplior musl b8 disclosed tr) the full Board in the 58me way a5 any other contractual relalionship wlh a related party Financlal Health Th8 charity continues lo control ils costs whilst diversifying incomg, both earned and volunl8ry to achi8ve a suslalnable fSn8ncial model. Risk Management Th8 Trustees acknowledge their responsibility lo idenlily, revi8w and assess 811 major risks lo which the charity is exposed, in particular those relaled lo ils operalion, financeg and reputation. A formal organisational rigk assessment 15 undertaken as p3rt of the charity's business planning process which id8nlifi85 and ranks Ihe risks the charity f8ces 8nd Ilie means of miligallon. summary Although Ihe Trust has experienced Iwo fin8ncially challenging years, the Board 8re confid8nl11 will remain viable and $uslalnabl8 into the lulure. The Board recognises for future developrnenl. in common with ollieT ¢harilable bodies, ther8 will be a need lo allra¢l appropriate oro111 fin8AC8, subsidy funding and other sponsorshlp lo CDnlinue lo deliver on ils charitable objecls and is making significant progress in Ihls ore8 As part ol lh8 'resilience" grant funded 8ndeavours Islarting in 23124 and laading into 241251 the Trust 15 wnrking with Iwo sector experienced con5ulianls on developing plans lo complimenl our longer-lerm Slislainabilily. This, along wllh a much more fDCUSS@d, income driven approach. wlll lead lo the growth 8nd development of lh6 Trust over many years lo come. Statement of Dlsclosure of Informatlon to Auditor In so far as Ihe Trustees are aware.. Iherels no relevant information ol which the groLJP'S auditor is unaware, and tha Trustees have taken all the sleps that they ought lo h2V6 taken lo rnake themselves aware of any relevant audil information and lo establish that the audilor is aware of that information. (bl Auditor In acco(dance kvilh the companls artScles, a resolvlion proposing Ihal Azels Audit ServSces be reappolnlèd as audilor of the ¢onip8ny will be pul al a General Meellng, This report h8s been prepared under the special provisions of Parl 15 of the Companie$ Ad 2006 relelliiq ID sm211 enlilies. The Iru51ees' report vjas approved by the Board ol Trustees. D P Chllds Trustee Dated.. ..K.%....
ROCKINGHAM FOREST TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The trustees, who are also the direclois of Rockingham Forest Trusl for the purpose of company law, are responsible far pieparing the Trustees. Report and the aountS in accordance with applicable law and Uniled Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires Ihe trustees lo prepare accounts for each financial year which give a Irue and fair view of the slate of affair5 of the charily and of the incoming resources and application of resoiirces, including the income and expenditure, of the charitable company for that year. In preparing these accounts, the trustees are required to.. select suitable accounting policies and Ihen apply them consislenlly; observe the methods and principles in the Charitiés SORP., make judgements and estimates Ihal are reasonable and prudent., slate whether applicable UK Accounting Standards have been followed. subject lo any material departures disclosed and èxplained in th8 accounts., and prepare the accounts on the going concern basis unless il is inappropriate lo presume that the charity will continue in operation. The trustees are responsible for keeping adequale accounllng records that clls¢lose with reasonable accuracy al any lime the financial position of the charity and enable them lo ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of th8 charity and hence for taking reasoriable steps for the prevention and detection of fraud and other irregularities.
ROCKINGHAM FOREST TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ROCKINGHAM FOREST TRUST Opinion We have audited the financial statements of Rockingham Forest Trust (the 'charily'} for Ihe year ended 31 March 2024 which comprise Ihe Group Slalemenl of Financial Activities, the Group & Parenl Charitable Company Balance Sheets, Ihe Group Cashflow Slalemenl and the notes lo the financial slatemenls, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Fiiiancial Reportii?g stanclaKI appliGable in th8 UK aijd R8piiblic ol Ireland (United Kingdom Generally Accepted AGGounling Practice>. In our opinion. the financial slatemenls.. give a true and fair view of the slate of the Group and Parent Charilable company's affairs as al 31 Mar¢h 2024 and of ils incoming resources and application of resources. for the year then ended,, have been properly prepared in accordance with Uniled Kingdom Generally Accepted Accounling Practice., and have been prepared in accordance with the requirements of the Companies A¢1 2006. Basls for oplnion We conducted our audit in accordance with Inlernational Standards on Auditing IUKI {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Aiidilofs resp017sibilities for11?e a(IdNt ol 11?e financial slateineiits section of our reporl. We are independent of the charity in accordance with the ethical requirements that are relevanl lo our audit of the financial slalem8nls in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance wilh these requirements. We believe that the audit evidénGe we have obtained is sufficient and appropriate lo provide a basis for our opinion. Con¢luslon$ relatlng to going con¢grn In audiling the finanGial stalemenls, we have concluded that the Iruslees, use of the going conc8m basis of 8ccounling in Ihe preparallon of the financial slalements is approprlale. Based on the work we have perfoimed, we have not idenlified any malerial uncertainties relating lo events or conditions that, individually or ¢ollcclively, may cast significant doubl on the charity's ability to conliniie as a going concern for a period of al least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and Ihe responsibilities of the trustees with respect lo going concern are describéd in Ihe ielevanl sections of this report, Other Information The other information coniprise5 Ihe infornialion included in the annual report other Ihan the financial slalements and our auditor's report Ihereon. The Iruslees ale responsible for the olher information contained within Ihe annual report. Our opinion on the financial slalemenls does not cover the other infornialion and we do not express any form of assurance conclusion Ihereon, Our responsibility is lo read the other information and, in doing so, consider whelher Ihe Dlher information is materially inconsistent with the financial slalemenls or our knowledge obtained in the course of the audit, or otherwise appears lo be malerially misstated. If we idenlily such malerial inconsi51encies 01 apparenl malorial misslalenienls, we are required lo determine whelher Ihis gives rise lo a material misslalemenl in the financial statements themselves. If, based on the work we have performed, we conclude Ihat there is a material misstalemenl of this other informalion, we are required lo report that fact. We have nothing lo report in this regard. Matters on which we are required to report by ex¢eption We have nothing lo report in respect of the following mallers in relation lo which Ihe Charities (Accounts aiid Reports) Regulations 20Q8 require us to report to you if, in our opinioii.. the information given in the financial statements is inconsistent in any nialerial respect with Ihe Iruslees, report.. or sufficient accounting records have not been kept,. or the financial slalements are nol in agreement with the accounting records., or we have nol received all the information and explanations we reqLJire lor our audit.
ROCKINGHAM FOREST TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED} TO THE TRUSTEES OF ROCKINGHAM FOREST TRUST Responsibillties of trustees As explained more fully in the slalemenl of trustees, responsibilities, the Iiuslees, who are also the directors of the charity foi Ihe purpose of company law, are responsible for the preparation of the financial s181emenls and for being satisfied that they give a true and fair view, and for such internal control as Ihe Iruslees determine is necessary lo enable the preparation of financial slatemenls that are free from material misslatemenl, whether due lo fraud or error. In preparing the financial slalements. the Iruslees are responsible for assessing the charity's ability lo continue as a going concern, disclosing, as applicable, mallers relaled lo going concern and using the going concern basis of accounting unless the trustees either intend lo liquidale the charitable company or to cease operations, or have no realistic allernalive bul to do so. Auditorfs rasponsibilities for the audlt of the flnanclal statements We have been appointed as auditor under section 145 of the Cliarilies Act 2011 and report in accoidance wSlh the Act and rélevant regulalions made or having effect Ihereunder. Our objectives are lo obtain reasonable assurance about whether the financial slalemenls as a whole are free from malerial misstatement, whether due lo fraud or error, and to issue an audilols report that includes oiir opinion. Reasonable assurance is a high lev81 of assurance bul is not a guarantee that an audit conducted in accordance with ISAS (UK> will always delecl a malerial misstalemenl when il exis15. Misslalenienls can arise froir fraud or error and are considered material if, individually or in the aggregate, they ¢ould reasonably be expeclecj lo influence the econornic decisions of users taken on the basis of thèse financial slalemenls. A further description of our responslbililies is available on the Financial Reporting Council's website al.. hllps.'/l www.frc.org.uklaudilorsresponsibililies. This description forms part of our audiloi's report. Extont to whlch the audlt was considered Capable of dotectlng irregularities, Including fraud Irregularities, including fraud, are instances of non-compliance with laws and re9ulalions. We design procedures in line with our responsibilities, outllned abov8 and on the Financial Reporting Council's websile, lo delecl material misslalemenls in respect of Irregularities. including fraud. We obtain and update our understanding of the enlily, ils activities, ils ¢onlrol environment, and likely future developments, including in relation lo the legal and regulatory framework applicable and how the enlily is complying with that framework. Based on this understanding, wè identify and assess Ihe risks of material misslalemenl of Ihe financial slalemenls, whether due lo fraud or error, design and perform audil procedures iesponsive to Ihose risks, and obtain audit evidence that is sufficienl and appropiiale lo provide a basis for our opinion. This includes consideration of the risk of acls by the enlily that were contiary lo applicable laws and regulations, including fraud. In response lo the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included.. Enquiry of management and those charged with governance around actual and polenlisl liligalion and claims as well as actual. suspected and alleged fraud., Reviewing minutes of meetings of those charged with governance., Assessing the exlenl of compliance with the laws and regulations Considered lo have a direct material effect on the financial slalenients or the operations of the entity through enquiry and inspection., Reviewing financial slaleinenl disclosures and lesliny to SUPPOrting documentation lo assess Compliance with applicable laws and regulations., Perforrning audit work over the iisk of management bias and override ol controls. inclvding lesling of journal entries and other adjuslmenls for appropriateness, evaluating the business raliomale of sigiiilicanl Iransaclions outside the normal course of business and reviewing accounting estimates for indicators of potenlial bias. Because of Ihe inherent limitations of an audit, there is a risk that we will not delecl all irregularities, including Ihose leading lo a material Inisslalemenl iii the financial slatemenls or non-compliance with regulalion. This risk increases the more that compliance wilh a law or regulation is ienioved fiom the events and transactions reflecled in the financial slalemeiils, as we will be less likely lo become awaie of inslances of noJ>compliance. The risk ol not delecling a material misslalemenl resulting from fraud is higher than for one resulling from error, as fraud may involve collusion, forgery, intentional omissions, misreprésentations, or the ovèrride of iiilernal coiilrol.
ROCKINGHAM FOREST TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ROCKINGHAM FOREST TRUST This report is made solely to the company's members, as a body. in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so Ihal we might slate lo the company's members those mallers we are required lo stale lo them in an audilor's report and for no other purpose. To the fullest exlenl permilled by law, we do not aacepi or assume responsibility lo anyone other than the company and the company's members as a body, for our audit work. for Ihis report, or for Ihe opinions we have formed. Mr Mark Jackson FCA DChA (Senlor Statutory Auditor) for and on behalf ofAzÈts Audit Ser¥lces Chartered Accountants statutory Auditor Wesipoinl Lynch Wood Pelerborough Cambridgeshire United Kingdom PE2 6FZ Azels Audil Services is eliglble for appointment as auditor of the charity by virtue ol ils eligibility for appointment as auditor of a company under section 1212 of the Compaiiies Act 2006.
ROCKINGHAM FOREST TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestrictéd Designated Restricted funds funds funds general 2024 Total Total 2024 2024 2024 2023 Notes In Generated funds Charitable aclivilies Commercial trading operations in trading subsidiary Investments Olher income 34,788 201,777 236,565 205,820 1,419 1,040,954 1,089 16,984 1,040,954 1,089 16,984 911,573 1,404 448 Total income 1,093,815 201,777 1,295,592 1,120,664 Commercial trading operations in trading subsididry 984,209 984.209 8S5,249 Charitab18 activities 241,067 63,879 244,160 539,106 487,245 Other 12 1,146 Total resources expeiided 1,225,276 53,879 244,160 1,523,315 1,343,640 Net outgolng resources before transfers {131,4611 (53,8791 {42,3831 {227,723) {222,976) Gross transfers between funds 75,559 1101,6931 26,134 Net exponditure for the yearl Net outgolng resources 155,902) (155,572> {16,249} {227,723) 1222,9761 Othor recognised gains and losses Actuarial {105s)Igain on defined benefit pension schemes 4,000 4,000 1,000 Net movement in funds (55,9021 (151,572) (16,2491 1223, 723> {221,9761 Fund balances al 1 April 2023 212,864 184,572 2,593,992 2,971,428 3,193,404 Fund balances at 31 Mareh 2024 156,962 13,000 2,577.743 2,747,705 2,971,428 The slalemenl of financial aclivilies includes all gains and losses recognised in Ihp year. All income and expenditure derive from continuing activities. The slatement of financial activities also complies wilh the requirements foi an inconie and expenditure account under the Companies Act 2006. 10-
ROCKINGHAM FOREST TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Prior financial year Unrestricted Designated RestTlCted funds funds funds general 2023 Total 2023 2023 2023 Notes Generated funds Charitablè activities CommerGial trading operations in Irading subsidiary Investments Olher income 37.061 168,759 1,419 205.820 1,419 911,573 1,404 448 911,573 1,404 448 Total inGome 950,486 170,178 1,120,684 Commercial trading operations in Irading subsidiary 855,249 855,249 Charilabla activities 244,241 10,625 232,379 487,245 Other 12 1.14$ 1,146 Total resources expended 1,099,491 10,625 233,524 1,343,640 Net outgoing resources before liansfers 1149.005} {10,6251 163,346) 1222,9761 Gross transfers between funds 36,803 {345,1971 308,394 Net exponditure for the yearl Net outgolng resources 1112,202) (355,8221 245.048 {222,976} Other recognisod gains and losses Actuarial (loss}Igain on defined benefit pension schemes 1,000 1,000 Net movement in funds (112,202) (354,8221 245,048 1221,976) Fund balances at 1 April 2022 325,066 519,394 2,348,944 3,193,404 Fund balances at 31 MarGh 2023 212,864 164,572 2,593,992 2,971,428 The statement of finaiicial aclivilies includes all gain5 and losses recognised in Ihe year. All income and expenditure derive from continuing activities. The stalemenl of fi'nancial activities also complies wilh the reqiiiremenls lor an income and expenditure account under the Companies Act 2006. 11
ROCKINGHAM FOREST TRUST CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets 17 2,577,743 2,593,564 Current assets Stocks Debtors Cash al bank and in hand 18 19 14,815 48,922 211,332 40,673 68,654 357.434 275.069 466,761 Creditors: amounts falling due within one year 20 1118,107} 1101,8971 Nel curr8nl assets 156,962 364,864 Nel assets excluding pension surplus 2,734,705 2,958,428 Defined benefit pension gurplus 25 13,000 13,000 Net assets 2,747,705 2,971,428 Income funds Reslricl&d funds 23 2,577,743 2,593.992 Desig naled fui)ds General unrestricted funds 22 13,000 156,962 164,572 212,884 169.962 377,438 2,747,705 2,971,428 12
ROCKINGHAM FOREST TRUST CONSOLIDATED BALANCE SHEET ASAT31 MARCH 2024 rhe company is enlilled lo the exemption from the audit requirement contsined in secllon 477 of tho Companies A¢1 20Q6, for the year ended 31 Nlarch 2024, although an audit has been cairied out under section 144 of the Charities Act 2011. No member ol Ihe company has deposited a notice, pursuant lo section 476, requiring an audit of these accoiinls under the requirements ol Ihe Companias Act 2008. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect lo accounting records and the preparation of financial slalemenls. These financial slalemenls have b88n prepared in a¢cordanc8 with th8 provision5 applicabla lo companies Subject lo Ihe small companies regime. Th@ financial slalemenls were approved by the board of directors and 8ulnorised for issue on are signed on115 behalf by.. D P Childs Trustoe Company Réglstrallon No. 03114783
ROCKINGHAM FOREST TRUST CHARITY BALANCE SHEET ASAT 31 MARCH 2024 2024 2023 Notes Flxed assets Tangible assets Investments 17 16 2,577,743 2,593,564 2,577,744 2,593,565 Curront assets Deblors Cash al bank and In hand 19 49,471 140,953 110.956 285,956 190,424 Creditors.. amounts falling due within one year 396,912 20 133.4631 132.049) Nel current assets 156,961 364,863 Net assets excluding pension surplus 2,734,705 2,958,428 Defined benefit p8nslon surplus 25 13,000 13,000 Net assets 2,747,705 2,971,428 Income funds Reslricled funds nres edfu Designated funds General unreslricled funds 23 2,577,743 2.593,992 22 13,000 156,962 164,572 212,864 169,962 377,436 2,747,705 2,971,428 14-
ROCKINGHAM FOREST TRUST CHARITY BALANCE SHEET ASAT31 MARCH 2024 Th8 company is eNlillBd lo the exemption from the audit requirement contrlned In section 477 of the Companies Act 20Q6, for the year ended 31 March 2024. although an audit has been carried out under seclion 144 of tha Charlties Acl 2011. NJ member of the ¢ompany has deposiled a notice, pursuant Io s8clion 476, raquiring an audit ol these accounts under Ihe requSremenls of the Cornpanies Act 2006. The directors acknowledg8 Ihelr responsibililies lor complying with the requirernenls of the Companies Acl 2006 with respect to accounting records and Ihe preparation of financial gtalem8nts. Thes8 financial slalem8nls hav8 been prepared in accordance with the provisions appllcable lo companies $ubi8Ct lo the small compgnies regime. The financial Slalemenls were approvecl by the board of directors and aulhorised lor Issu8 on ar8 slgned on ils behalf by: and O P Childs Trustee Company Règlstratlon No. 03114783 15-
ROCKINGHAM FOREST TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operatlng activitles Cash absorbed by operations 28 116,1891 {31,277} Investlng activilles Purchase of tangible fixed assets Interest received {131,0021 1,089 (420,844) 1,404 Not Cash used In Invesllng activities {129,9131 {419,440> Net cash used In financing actlvitSes Net decrease in cash and ¢ash equivalents 1146,1021 1450,7171 Cash and cash 8quival8nls at beginning of year 357,434 808,151 Cash and cash oquivalents at end of year 211,332 357,434 16-
ROCKINGHAM FOREST TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity information Rockingham Forest Trust is a private company limited by guarantee incorporated in England and Wales. Thè registèred office is The Visitor Cenlre, Slanwick Lakes, Slanwick, Wellingborough, Norlhamplonshire, NN9 6GY, United Kingdom. 1.1 Accountlng convention The financial slalenienls have been prepared in accordance with the charity's governing document the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ( FRS 1021 and the Charities SORP "Accounting and Reporting by Charities.. Slalemcnl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)" {effeclive l January 2019). The charity is a Public Benefit Enlily as defined by FRS 102. Th8 financial slalemenls are piepared in sterling, which Is the functional currency of the charlly. Monetary amounts in these financial slalemenls are rounded lo the nearest £. The f1nancial statements have been prepared under the historical cosl convention. The principal accounting policies adopled are sel out beluw. The grtsup financial slalemenls consolidate those of the charity and of ils subsidiary undertaking RF Trust Enlerpfises Limited drawn up 10 31 March 2024, Surpluses or delicils on intra group transactions are eliminaled in full. 1.2 Going concern Al the lime of approving Ihe financial slalenienls, the Iruslees have a reasonable expectation that the charity has adequate resources lo Continue in operational exlslence for the foreseeable future. Thus the Iruslees Conlinue to adopt Ihe going concern basis of accounting in preparing the financial slalemenls. 1.3 Charitable funds Unfestncled funds are available for use al Ihe discretion of the Ifuslees in furtherance of Iheir charitable objectiv85. Designated fLinds coinprise funds which have been sel aside al the discretion of the trustees for specilic purposes. The purposes and uses of the designated funds are sel out in the notès to the financial sl£lemenls. Reslricled fuiids are subject lo specific conditions by donors as to how they niay be used. The purposes and uses of the resliicled funds are sel out in the notes lo the financial slalemenls. 1.4 Income IIiLome is recognised when the charily is legally entitled lo it after any performance conditlons have been mel, Ihe amounts can be measured reliably. and it Is probable that iiicome will be received. Cash donations are recognised on ieceipl. Other donalions are recognised once the charity has been notified of the donation, Linless performance conditions require deferral of the amount. Income lax recoverable iii rèlalion lo donations received under Gift Aid or deeds of covenant is iecogi)ised al the tini8 of the donation. Inconiing resources represenl the amount receivable during the year in respecl of grants, donations and inve51n?ent inconie. Assets given for use by the charity are recogni5ed when receivable as lon9 as Ihe cost can be reliably measured. 17
ROCKINGHAM FOREST TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 A¢countlng policies {Continued 1.5 Expenditure Expenditure, which is charged on an accruals basis, is allocated belween.. expenditure incurred directly to the fulfilment of the charity's objectives (Gharilable aclivilies} expendilure incurred directly in the effort lo raise volunlary contributions Icosl of raising voluntary income) expenditure incurred in meeling the conslilutional and slalutory requirements of the charity and include Ihe audit fees and the costs related lo Ihe strategic tnanagemenl of the chaiity (governance osls} All costs are allocated between the expenditure categories of the Slalemenl of Financial Activities on a basis that reflects the use of the resource. 1.6 Tanglble flxed assèts Tangible fixed assets are initially measured at C051 and subsequently measured al cost or valuation, nel of depreciation and any impairmenl losses. Deprecialion is recognisod so as lo write off the c05t or valualion of assets less their residual values over their useful lives on the following bases.. Leasehold property Plant and machinery Fixtures, fittings & equipment Office equipnienl 15- 125 years 10 years 4-8years 2-4years During the year, the Iruslees reassessed Ilie eslimaled useful life of the property and believe that il will continue lo have 2 value for the duration of Ihe lease. Depreciation is therefore now being charged over Ihe remainder of the lease unlil 2144. The impact of this change is a reduction in the annual depreciation charge of£33.989. The gain or loss arising on the disposal of an 8ssel is determined as th8 difference between the sale proceeds and the carrying value of the asset, and is recognised in the slalemenl of financial aclivllles. 1.7 Impairment of fixed assets Al each reporting end date. the charity reviews the carrying amounts of ils tangible assets to determine whelh&r there is any indication that those assels have suffered an impairmenl loss. If any such indallOn exisls, the recoverable amount of the asset is esllmated in order lo determine Ihe extent of the impairment Ioss lil any). 1.8 Stocks Slocks are slated 81 the lower of cost and eslimaled selling price less cos15 lo complete and sell. C05t coinprises direct materials aiid, where applicable, direct labour Gosls and those overheads Ihal have been incurred in briiiging the stocks lo their present location and condilioi). Items held for distribution 21 no or nominal consideration are measured the lower of replacement cost and cog1. Nel realisable value is the estimated selling price less all eslimaled costs of completion and costs to be incuried in marketing, selling and disliibulion. 18
ROCKINGHAM FOREST TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continuéd) 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held al call wilh banks, other short-IèTm liquid investments with original maturilies of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current li2bililies. 1.10 Financlal in8truments The charily has elected lo apply the provisions of Section 11 '8asic Financial Inslrumenls, and Seclion 12 'Olher Financial Instruments Issues, of FRS 10210 all of its financial inslrumenls. Financial inslrumenls are recognised in th8 charllrfs balance sheet when the charity becomes party lo the contiaclual provisions ol the inslrumenl. Financlal assels and liabilities are offset, with the nel amounts presented in the financial stalemenls, when there is a legally enforceable right lo sel off the recognised amounts and there is an intention lo sellle on a nel basis or to realise the as581 and sellle the liability simultaneously, Baslc flnaneial assets Basic financial assets, whiGh include debtors and cash and bank balances, are ini11311y measured al transaction price including Iransaclion costs and are subsequently carried al amortised cost Lising the effective interest method unless the arrangement conslilules a financing Iransaclion, where the transaction is measured al Ihe present value of Ilie future receipts discounted al a market rale of interest. Financial assets classified 8s receivable within one year are not amortised. Basic flnancial liabilitles Basic financial liabililios, including ciedilors and bank loans Èr8 initially recognised al transaction price uiiless the arrangement conslilu18s a financing Iransaclion, wheré the debt instrument is measured al the present value of the future payments discounted al a market rale of Interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried al amortised cost, using the effective interest rale rnelhod. Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course of operations from supplieis. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are Presented as non-curienl liabilities. Trad& credilors are recognised initially al transaction price and subsequently measured al amortised cost using the effective interest method. 1.11 Employee benefits The cost of any unused holiday enlillemenl is recognised in Ihe period in which Ihe employee's services are received. Termination benefits are recognised immediately as an expense whcn the charity is demonstrably conimilled lo lerminale the employnient of an employee or to provido lerminalion benefits. 19
ROCKINGHAM FOREST TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continuedl 1.12 Retirement benef its Deflned contribution pension scheme The charity operates a defined contributions pension scheme. Contributions are charged in the aocounls as they become payable in sccordance with the rules of the scheme. Defined benèfit penslon schème The charity also operates a defined benefit pension scheme which is part of the Local Government Pension Scheme, The pension charge is based on a full actuarial valuation dalcd 31 March 2019. Scheme assets are measured al fair values. Scheme liabililies are measured on an actuarial basis using Ihe projected unil method and are discounted at appropriate high corporate bond rates. The nel surplus or deficit, adjusted for deferred tax, is presented separalely from other nel assets on the balance sheet. A nel surplus is recogni5ed only lo the exlenl that il is recoverable by the Charitable Company. The current service cost and ¢osls from sellleinenls and curtailmenls are charg8d in the slalemenl of financial aclivilies, Past s8rvice costs are spread over the period until Ihe benefit increases vest. Interest on the scheme liabilities and the expécted relurn on sch8me assels are included nel in olher finance ¢oslsl{income). Actuarial gains and loss@s are reported in the slalemenl of financial aclivi1Ses. The nel inler8sI element is determined by multiplying th8 nel definèd benefit liability by Ihe discount rate, taking iiilo account any changes in the nel defined benefit liability duiing the period as a result of conlribulion and benefit payments. The n81 interest is recognised in in¢omel{expendilure) for thé y&ar. Remeasuremenl changes compri88 actuarial gains and losses, the effect of Ihe asset ceiling and Ihe return on the nel d8fined benefit liability excluding amounts inGluded in nel inler8sI. These are recognised immèdiately in other recognised gains and losses in the period in which they occur and are nol reclassified lo inGomel (expendilurel in subsequent periods. The nel defined benefit pension a5sel or liability in the balance sheet comprlses the lolal for each plan of lh8 presenl value of the defined benefil obligalion (using a discount rale based on high quality corporate bonds), less the fair value of plan assels oul of which the obligations are lo be sellled dircclly. Fair value 15 based on market price information, and in th8 case of quoted securities is the published bld price. Th8 value of a nel pension benefit asset is limited lo the amount that may be recovered either through reduced ¢onlribulions or agrèed refunds from the scheme. Crltlcal accounting estimates and judgements In Ihe application of Ihe charity's accounting policies, the trustees are required lo make judgements, eslimales and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimales and associated assumptions are based on historical experience snd other factors that are considered to be ielevanl. Actual results Inay differ from Ihese eslimales. The eslimales and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting eslimales are recognised in the period in which the estimate is revised where the revision affects lY that peiiod, or in the period of Ihe revision and fulure periods where the revisioii affects both current and future periods. The present value of the Local Government Pension Scheme defined benefil liability dèpends on a nLMnber of faclors that are deleimined on an acluaiial basis using a variety of a5sumplions. The assumptions used in determining the nel cost or income for pensions include the discount iale. Aiiy changes in these 2ssumplions, which are disdosed in note 25, will impact the carrying amount of the pension liability. FLtrthermore a roll forward approach which projects results from the latest fLIII acluarial valuation performed al 31 March 2019 has been used by Ihe actuary in valuing the pensions liability al 31 March 2024. Any diffe¥en8 beeen the figures derived from the roll forward appioach and a full actuarial valuation would impact on the carrying amounl of the pension liabilily. 20-
ROCKINGHAM FOREST TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED> FOR THE YEAR ENDED 31 MARCH 2024 Cornmercial trading operations in tradlng subsidiary 2024 2023 RF Trust Enlerprises Limited 1,040,954 911,573 Charitable activities 2024 2023 Performance related grants 1,419 Settlers 1,419 1,419 Investments 2024 2023 Interest receivable 1,089 1,404 Other income 2024 2023 Other income 16,984 448 Costs of raising funds 2024 2023 Commercial Irading operations in trading subsidiary 984,209 855,249 22-
ROCKINGHAM FOREST TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable activlties 2024 2023 Staff costs Oeprecialion and impairment Project costs, equipment and materials Telephone and postage Travel and subsistence Fundraising and publicity Premises and sile works Training Subscriptions Sundries 267,546 148,823 49.393 199,414 161,389 38,087 223 258 181) 63.683 181 617 1,605 50,611 40 297 1,963 516,673 465,378 Share of governance costs (see note 11) 22,433 21,869 539,106 487,245 Analysls by fund Unreslricled funds - general Unreslricled funds - designated Restricted funds 241,067 53,879 244,160 244,241 10,625 232,379 539,106 487,245 10 Tiustees None of the Iruslees (or any persons connected with them) receiv8d any remuneration or expenses during ihe year for their role as Iruslee. 11 Governance costs 2024 2023 Audit fees Legal and professional Trusteè expenses 12,600 9,833 11,600 9,617 652 22,433 21,869 Analysed between Charitable activities 22,433 21,869 23-
ROCKINGHAM FOREST TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Other Total Unrestricted Restricted funds funds general 2023 Total 2024 2023 2023 Nel loss on disposal of tangible fixed assets 1,145 1,146 13 Taxation By virtue of ils charitable status, the Charity is not liable for corpor31ion lax under section Parl 2 of the Corporation Taxes Act 2010. 14 Audltorfs remuneration The analysis of audilovs remunerallon is as follows.. 2024 2023 Audit of the company's annual accounts 8.700 8,000 Other setrvices to the group the audit of Ihe company's subsidiaiies 3,900 3.600 Total audit fees 12,600 11,600 15 Employees Number of employees The average monthly number of employees during the year was= 2024 Number 2023 Number Staff employed 44 36 Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 648.625 34,023 13,194 537,959 25,355 12,741 695,842 576,055 There were no employees whose aniiual remuneralioii was £6Q,000 or more. 24-
ROCKINGHAM FOREST TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Flxed asset investmonts The Charity 2024 2023 Notes Inveslménls in subsidiaries The charity holds 100 10 of RF Trust Enterprises Limited. a company incorporated in England and Wales The principle activity of the company is running the operations of Slanwick Lakes. During the year RF Trust Enterprises Lirnited made a profil of £52,845 {2023 £52,725). The company donales all of its surplus lo Rockingham Forest Trust. At the balance sheel date the company's lolal capilal and reserves were £1 {2023 £1 }. 17 Tanglble flxed assets The Group and the Charity only Leasehold Planl and Fixtures, Office property machinery fittings & equipment equlpmeiit Total Cost Al 1 April 2023 Additions 3,085,879 34.170 63,765 9,124 560,043 87,333 32,902 375 3,742.589 131,002 Al 31 March 2024 3,120,049 72,889 647.378 33,277 3,873,591 Dèpreciation and irnpairment Al l April 2023 Depreciation charged in the year 1,031,890 61,694 32,476 8,617 73,538 69,874 11,321 6,638 1,149,025 146,823 Al 31 March 2024 1,093,384 41,093 143,412 17,959 1,295,848 Carrying amount A131 March 2Q124 2,026,665 31,796 503,964 15,318 2,577.743 At 31 March 2023 2,054,189 31,289 486,505 21,581 2,593,564 The charity occupies land under a 125 year lease, comniencing 4 October 2002 for a peppercorn rent. The value of this leasè has not been included in these accounls. 18 Stocks The Group 2023 The Charity 2023 2024 2024 Raw materials and consumables 14,815 40,673 25-
ROCKINGHAM FOREST TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Debtors The Group 2023 The Charity 2023 2024 2024 Amounts falling due within one year: Trade debtors Amounts due from subsidiary undertakings Other debtors Prepayménts and accrued income 14,237 6,120 9,794 7,462 8,086 24,129 3,719 51,450 8,551 47,236 400 34,285 62,534 48,922 68,654 49,471 110,956 20 Creditors: amounts falllng due wlthln one year The Group 2023 The Charity 2023 2024 2024 Other laxalion and social security Deferred incorne Trade creditors Accruals 21,410 23,176 51,984 21,537 16,036 24,236 42,049 19,576 11,315 9,929 21 13,849 8,299 14.120 8,000 118,107 101,897 33,463 32,049 21 Doferred income The Group 2023 The Charity 2023 2024 2024 Other deferred income 23,176 24,236 23,176 24,236 Deferred income is inGludeLI in Ihe financial slalemenls as follows.. The Group 2023 The Charlty 2023 2024 2024 Current liabilities 23,176 24,236 23,176 24,236 26-
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ROCKINGHAM FOREST TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 24 Analysis of net assets beeen funds Unrestricted Designated Restricted 2024 2024 2024 Total 2024 Fund balances al 31 March 2024 are represented by Tangible asse15 Current asselsl(liabililiesl Defined benefit pension asset 2,577,743 2,577,743 156,962 13,000 156,962 13,000 156,962 13,000 2,577,743 2,747,705 Unrestricted Designated Restricted 2023 2023 2023 Total 2023 Fund balances al 31 March 2023 are represented by: Tangible assets Current asselsllliabililiesl Defined benefit pension liability 1,572 2,591,992 2.593,564 150,000 2,000 364,864 13.000 13,000 212,864 212,864 164,572 2,593,992 2,971,428 2S Retirement benefit schemes The ¢harily operates a delined contribution pension scheme for all qualifying employees. The assets ol the scheme are held separately from Ihose of the charity in an independently administered fund. Defined benefit schemes Rockingham Forest Trust is part of the Local Government Pension Scheme ILGPS). This is a defined benefit slalulory scheme, adminisler8d in accordance wilh the Local Government Pension Scheme 18enefils, Membership and Conlribulionsl Regulations 2007, the Local Governinenl Pension Scheme IAdmini5tralion) Regulations 2008 and the Local Governmeiil Pension Scheme (Trar)silional Provisions) Regulations 2008. It s contracted out of the slate second pension. The assets of the Scheme are administered by the Iruslees in a fund independent from th8 assets of the group. The scheme was closed lo new members in 2009110, The pension cosl and provision for Ihe year ending 31 March 2024 are based on the advice of a professionally qualified actuary. The contribution made for the year ended 31 March 2024 was £Nil12023 - £Nill. The company is continuing to pay al rates advised by the 2cluary. The aGluarial valuation prepared under FRS102 in respect of Ihe Local Governn)enl Pensioii Scheme indicated that the Tiusl's share of the scheme was in surplus as al the year end lo the value of £408,000. AI the lime of approving Ihe accoumls, Ihe Iruslees understand Ihal there is a temporary reduction in contributioiis payable lo the scheme and therefore an asset of £13.000 has been recognised in these accounls. They have no indication that there will be 8ilher a refund ol contributions or a furthei reduction in future contributions and therefore the full asset has not been reflected in these accounts. 29-
ROCKINGHAM FOREST TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 25 Retirement benefit schemes (Continued) Key assumptions 2024 2023 Discounl rale Expected rate of increase of pensions in payment Expected rale of salary increases 4.85 2.75 3,25 4.75 2.95 3.45 Morlality assumptions The assumed life expeclalions on retirement al age 85 are.. 2024 Years 2023 Years Retiring loday Males Females 20.5 23.9 20.7 24.1 Retiring in 20 years Males Females 21.9 26.4 22.1 26,7 AOuntS recognised in the profil and Ios5 account.. 2024 2023 Current seNice cost Net inleresl on definèd beiiefil liabililyl{asseti 4,000 {15,000) 7.000 Total costsl(income) 111,0001 7,000 Amoui)Is taken lo other recognised gains and losses 2024 2023 Actual return on scheme assets Less., cal¢ulaled interest element {102,000) 47,000 26,000 28,000 Return on scheime assets excluding interest income Aduarial changes related lo obligations Asset not recogiiised due lo assel ceiling 155,0001 119,0001 395,000 54,000 (365,000) 310,000 Total coslsllincomel 321,000 11,0001 -30-
ROCKINGHAM FOREST TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 25 Retirement benefit schemes {Conlinued) The amounts included in Ihe balance sheet arising from Ihe charity's obligations in respect of defined benefit plans are as follows.. 2024 2023 Present value of dèfined benefil obligations Fair value of plan assets 689,000 682,000 11,097,000) (1,005,000) Surplus in scheme {408,000) {323,000) Asset not recognised due lo assel ceiling 395,000 310,000 Total asset recognised (13.0001 (13,000} Moveinenls in the present value of defined benefit obligations.. 2024 Liabilities al 1 April 2023 Current service cost Benefits paid Contributions Irom scheme members Actuarial gains and losses Interest cost 682,000 4,000 {11,000) 1,000 119,000) 32,000 Al 31 March 2024 689,000 The defined benefit obligations arise froin plans which are wholly unfLrnded. Movements in the fair value of plan assets.. 2024 Fair value of assets al 1 April 2023 Interest incom8 Relijrn on plan assets (excluding amounts included in nel inleresl) Benefits paid Contributions by scheme nien)bers 1,005,000 47.000 55,000 {11,000} 1,000 Al 31 March 2024 1,097,000 31
ROCKINGHAM FOREST TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 25 Retirement benefit schemes (Continued) The fair value of plan assets al Ihe reporting period Ènd was as follows.. 2024 2023 Equity instruments Debt inslrumenls Property Cash 603,350 307,160 153,580 32,910 673.350 190,950 130,650 10,050 1.097,000 1,005,000 26 Events afterthe reporting date Following the end of th8 year the last remaining employee in the Local Government Pension Scheme oased to be employed. The Trust is considering ils options bul anlicipales exiling from Ihe scheme. 27 Operating lease commitments Al the reporliiig énd dale the Gharily had oulslanding commitments for fulure minimum lease payments under non-cancellable operating leases, as follows.. 2024 2023 Wilhln one year 575 1,259 28 Cash generated from operations 2024 2023 Delicil for the year (227,7231 1222,9761 Adjuslmenls for.. Inveslmenl income recognised in slalemenl of finaiici81 activities {Gainllloss on disposal of tangible fixed assets Depreciation and impairment of tangible fixed assets Difference between pension charge and cash ¢onlribulions (1,089} 11,404) 1,146 161,389 1.000 146,823 4,000 Moven)enls in working capilal.. Decreasellincrease) in stocks Decrease in debtors Increaselldecrease} in creditors (Decrease)lincrease in deferred inconie 25,858 19,732 17,270 {1,060} (24,279} 77,181 {23.353) 19 Cash absorbed by operations 116,1891 131,2771 29 Analysis of changes in net flind8 The charity had no debt during the year. 32-
ROCKINGHAM FOREST TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR fHE YEAR ENDED 31 MARCH 2024 30 Related party transactions Transactions with related parties During Ihe year Rockingham Forest Trust made saleslcharges to RF Trust Enterprises Limiled of £1,000 (2023 - £1 ,000} During thé year Rockingham Forest Trust recharged salary costs lo RF Trust Enterprises Limiled of £428,296 (2023 - £376,640). During the year Rocklngham Forest Trust received a distribution under corporate gift aid from RF Trust Enterprises Limited 01 £52,845 (2023 - £52,725). Al the year end the amount owed by RF Trust Enterprises Limited was £7,462 {2023- £54,450). No guarantees have been given or received. 33-