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&ltiiig 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 Cu￿e￿I 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 fo￿ard, 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 a￿ountS 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 ind￿allOn
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¥en￿8 be￿een 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 be￿een 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
A￿OuntS 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-