Charlty registration number 1050157 Company registration number 03114783 (England and Walesl ROCKINGHAM FOREST TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
ROCKINGHAM FOREST TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees SA Downer D P Childs D C Mabvaro LEKoch N L Ellis A J Johnson A Philips (Appointed 21 May 2024) (Appointed 26 November 2024) (Appointed 26 November 2024) (Appointed 26 November 2024) (Appointed 26 November 2024) (Appointed 28 January 2025) Secretsry NGBOS Charlty number 1050157 Company number 03114783 Reglstered office The Visitor Centre Stanwick Lakes Stanwick Wellingborough Northamptonshire United Kingdom NN9 6GY Audttor Azets Audit Services Westpoint Lynch Wood Peterborough Cambridgeshire United Kingdom PE2 6FZ Bankers National Westminster PLC 9 Market Place Oundle Peterborough United Kingdom PE8 4BB Sollcltors Howes Percival LLP Oxford House Cliftonville Northampton United Kingdom NN1 SPN
ROCKINGHAM FOREST TRUST CONTENTS Page Trustees, report Statement of trustees, responsibilities Independent auditorfs report 8-10 Statement of financial activities 10-11 Consolidated balance sheet 13-14 Company balance sheet 15-16 Statement of cash flows Notes to the accounts 17-35
ROCKINGHAM FOREST TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The Trustees, some of whom are also Directors of the charity for the purposes of the Companies Act 2006, are pleased to present their annual report and the audited consolidated fi'nancial statements of the charity for the year ending 31 March 2025 which are prepared to meet the requirements for a Directors, report and a¢xounts for Companies Act purposes. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" {effective 1 January 2019). Objectives and activltles Rockingham Forest Trust is an environmental charity. Its mission is to bring people closer to and help them engage with the natural environment. Its vision is to create and conserve special green spaces and explore local heritage in ways which educate, involve and inspire visitors and local communities. Rockingham Forest Trust has three core values that support its mission.. Nature.. We work to conserve, protect and improve the natural environment at Stanwick Lakes Heritage.. We explore and celebrate the rich heritage of the site and the Nene Valley Adventure.. We provide multiple entry points for individuals and communities to engage with and enjoy Stanwick Lakes Stanwick Lakes is a unique 750-acre countryside attraction and nature reserve located in the heart of Northamptonshire's Nene Valley. There are extensive and imaginative play areas, open spaces and paths that families, walkers, cyclists and nature lovers can explore at leisure. The visitor centre with café, shop and function spaces is a central feature of the site, visited by over 350,000 people a year. Stsnwick Lakes is managed as a social enterprise by environmental charity, Rockingham Forest Trust. It plays an important environmental and social leadership role in the county, with long standing collaborations with dozens of organisations locally, and regionally including the Local Nature Partnership, Nene Valley Rivers Trust and Northamptonshire Heritage Forum. The Trustees have complied with the duty in section 4 of the Charities Act 2006 to have due regard to public benefit guidance published by the Charity Commission. Achievements and performance 2024-2025 Throughout 2024-25 the Director's focus has been to deliver the resilience grant funding awarded by the National Lottery Heritage Fund NLHF, to reduce additional or unnecessary expenditure and so to increase the profitability of the trading subsidiary. The trading subsidiary has performed extremely well and outstripped forecast expectation reporting a net profil of £159.680. This Is triple the profits of the previous fi'nancial year and illustrates a greater degree of scrutiny with regards to costs and the profitability of individual activities by the executive, and development of our corporate hospitality offer. wthin the Charity, on-going cost pressures have meant that continuing with the Trust's site conservation work and educational programmes has resulted in a deficit for 24125 of £152,232, although taking account of the trading subsidiary surplus that is passed to the Charity it results in a Group net surplus for the financial year.
ROCKINGHAM FOREST TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Resilience Grant The resilience grant. that was awarded by the NLHF at the end of the 202312024 financial year, has been delivered during this financial year with expenditure in 24125 totalling £175,657. This grant has included various elements including four full time paid roles. two of which are key to the development of the Trust's work Schools and Community Programme Manager, responsible for formalising and developing the education programme and a Fundraiser who has immediately started to develop a fundraising strategy and apply for grants and funds across the breadth of the charity's work. The grant also included a full governance review. building a stronger, more engaged board of trustees and rewriting the articles of association., Environmental improvements to the visitor centre which resulted in the installation of 80 solar panels on to the roof of the visitor centre and a strategic heritage document - looking to make heritage more sustainable in the longer term. An addttional broadband connection was installed and plans to adopt a new CRM system, aimed at providing valuable data about our visitors and stakeholders. are ongoing Additionally, there was funding for staff training to make the team more resilient and sustainable. The executs've and trustees are developing a long-term strategic plan to develop further passive income streams and equally to develop plans for a more sustainable commercial business model which will, in turn support the charitable objectives of the trust. Donations During the financial year Rockingham Forest Trust received generous donations & gifts totalling £78,986 which included a donation of £20,372 from Cummins specified for educational use, £16,674 from Grantscape used to help fund more accessible play equipment. £2,410 from Unilever, and £3,718 from Ernest Klein to help fund one of the ranger posts. Fundraising for accessible play continues and there is ambition to achieve the required funding by the close of 25126. Annual maintenance grant from North Northants Council (NNCI Expenditure against the annual grant was spent in three key areas - fence replacement down the main drive, replacing the kickboards on two bridges and the repainting of one of the main bridges-Avenue bridge. Capital works and expenditure To preserve funds, only a limited amount of capital expenditure was undertaken by 2024125 which totalled £88,958, which was mainly spent on accessible play equipment (£17.4KI, the installation of solar panels on the visitor centre roof (£27.5K- grant funded) and our new Woodland Workshop build {£30.2K- part grant funded). Financial review The financial statements that follow are prepared to comply with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021. The principal Charity income for the year arose from grants retsivable (£431,705), which included the Department of Ihe Environment's Rural Payments Agency {£22,362), Donations & Gifts (£78,986), bank interest received (£3,984) and other miscellaneous income {£9,658). Additionally, the departure of a member of staff who was the last of Ihe Trust's active contributors to the Northants Local Government Pension Scheme led to the Trust's exit of the scheme, which resulted in an exit settlement of £69,000 in respect of ovef-contributions made in previous financial years. This was paid over to the Trust early in April 2025. Expenditure for the Charity totalled £737,214, with staffing costs (£293,945), depreciation (£151,849), project costs (£111,936), premises & site maintenance costs (£157,645) being the major cost factors within the fi'nancial year. Other costs totslled £21,839.
ROCKINGHAM FOREST TRUST TRUSTEES, REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Reserves Policy It is the policy of the charity thal unrestricted funds which have not been designated for a specific use should maintain an operational capacity of three-six months. The Trustees consider that reserves at this level will ensure that, in the evenl of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reseNes has been maintained throughout the year and has been covered by cash balances on deposit. At 31 March 2025. the unrestricted reserve stood at £208,138, which is covered in full by cash balances being held at that date (£244,227)_ This represents approximately four months, operating costs. Assets In the opinion of the Trustees, the charitable company's assets are sufficient to fulfil the obligations of the Charity in al spheres. Trustee Liability Insurance Liability Insurance exists for the benefit of all Trustee Directors. Legal and Administrative Details The Charity is Rockingham Forest Trust (registered number 1050157) and is constituted as a private limited company limited by guarantee (registered number 3114783) incorporated in the UK. The principal and registered address is Stanwick Lakes, Slanwick. Northamptonshire, NN9 6GY. Structure. governance and management Rockingham Forest Trust is a Charitable Company limited by guarantee, incorporated on 17 October 1995 and registered as a charity on 26 October 1995. The Charitable Company was established under a Memorandum of Association which established the objects and powers of the Charitable Company and is governed under its Articles of Association. In the event of the Charitable Company being wound up, members are required to contribute an amount not exceeding £1. Rockingham Forest Trust has established the subsidiary company RF Trust Enterprises Limited to rnarge the income from trading. primarily, but not exclusively, at Stanwick Lakes. The company has its own board of Directors, which includes five of the charity's Trustees, one separate director, plus one member of staff. Decisions for the 0 entities are made separately at the respective boards, but ultimate control lies with the charity's Trustees. The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were.. G M Couldrake T K Clarke S A Downer P C C C Sorensen D P Childs D C Mabvaro LEKoch N L Ellis A J Johnson A Philips (Resigned 26 November 2024) (Resigned 29 April 2025) (Resigned 26 November 2024) (Appointed 21 May 2024) {Appointed 26 November 2024) (Appointed 26 November 2024) (Appointed 26 November 2024} {Appointed 26 November 20241 (Appointed 28 January 2025) Company Secretary NGBOS Executive Director B Passchier All current Trustees stand as guarantors to the company in the sum of £1 each.
ROCKINGHAM FOREST TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Appointment of Trustees (Directors) Rockingham Forest Trust may appoint any person who is willing to be a Trustee. Trustees are recruited through an open process to meet identified skills gaps and succession planning. Opportunities are advertised on the Stanwick Lakes website and through other local and regional media channels. New Trustees receive induclion and training through meetings with the Chair, Director and staff of the Charity and through receipt of the Charity Commission's The Essential Trustee, a copy of the charity's Articles of Association and other key internal documents including the most recent Business Plan and Board papers. SA Downer took over as the Charty's interim chair in November 2024, succeeding G M Couldrake who had declared his intention to resign from the post at the outset of the financial year. One further trustee resigned in November 2024 and 4 trustees were appointed at the same meeting. A further Trustee A Phillips, was appointed in January 2025. Organisational Structure The Board of Trustees meets a minimum of four times per year to administer the Trusl and review performance and discuss key topics. The Board had no standing committees. or official working parties but formed a steering group to oversee the resilience project during 24125. There has been a relatively significant change in the board of trustees in the last few years, and during the 2024125 our longest serving Trustee and Chair, G M Couldrake. retired from the board after some 24 years of service. We are deeply grateful for his contribution and support over the years. The governance review, funded by the NLHF, has significantly assisted with the development and recruitment of a new board of trustees with skills across various sectors such as finance, heritage, commercial, media, HR and ndraising. The revision of the articles has also assisted in a better governance model for the Trust allowing broader grant applications and the ability to develop into further potential cultural areas if and where required. Day to day management of the organisation is delegated to Rockingham Forest Trust's staff team led by the Trust's Executive Director. The Trusl Director takes lead responsibility for.. programming, fundraising, marketing and audience development, commercial operations and day to day management, HR, governan and facilities. A Senior Management Team meets fortnightly. Staff meetings take place monthly. 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. Volunteers are vital to the successful running of the Trust. Volunteers support conservation work, heritage projects and family trails and activities. The number of active volunteers has now grown to circa 100. Salary revlew The Board has delegated responsibility for reviewing and setting individual salary levels to the Trust's Executive Director, except in the case of hislher own salary. The Board remains responsible for making decisions in relation to the Executive Director's salary. Salary levels across the organisation are reviewed annually and benchmarked against external peers to establish market rate salaries for similar posts in the sectorlarea. Changes to individual job descriptions, and responsibilities contained within them, are also taken into account. The Charity observes the requirement to pay the National Living Wage as a minimum lat rates dependent on age), and all casual employees receive rolled-up-holiday-pay-in-lieu for the hours they work as required under the Working Time Directive {2023). Any changes to individual staff salaries are included in the global salary budget presented to the Board for approval prior to the commencement of each financial year. The Board also makes any decision regarding the pay of the Executive Director at this meeting. The DirectorlBoard islare under no obligation to increase annual rates of pay as a result of these reviews. This is reflected in the company's employment contracts.
ROCKINGHAM FOREST TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 During the 2024125 financial year, no officer of the Charity received a remuneration in excess of £60,OOOpa. Cost Management The Board continues to be optimistic regarding the ongoing work to reduce costs across the Group. All key supplier contracts continue to be reviewed for quality and value for money. After staff costs, the biggesl single cost element of the Group is the foodldrinkjconsumables that are purchased for use in the visitor centre cafe. the cost of sales figure has continued to remain at circa 340/0 for a second year. This is an area of the Group's activities that will receive further scrutiny. The board also expect to see further reductions on utilily bills due to taking OLrt a new three year supplier agreement with Scottish Power (effective 6th April 2025} at Kwn) consumption rates below our previous contract with EDF Energy and the solar panel installation that was undertaken in 2024 continues to contribute to energy production. Related Parties None of the Trustees receive remuneration or other benefit from their work with the charity. Any connection beeen a Trustee or senior manager of the charity with a contractor or supplier must be disclosed to the full Board in the same way as any other contractual relationship with a related party. Financial Health The charity continues to control rts costs whilst diversifying income, both eamed and voluntary to achieve a sustainable financial model. Risk Management The Truslees acknowledge their responsibility to identify, review and assess all major risks to which the charity is exposed, in particular those related to its operation, finances and reputation. A formal organisational risk assessment is undertaken as part of the charity's business planning process which identifies and ranks the risks the charity faces and the means of miligation. Summary Although the Trust has previously experienced financially challenging years, the Board are confident it will remain viable and sustainable into the future. The Board recognises for future development, in common with other charitable bodies, there will be a need lo attract appropriate grant finance, subsidy funding and other sponsorship to continue to deliver on its charitable objects and is making significant progress in this area. Statement of Disclosure of Inforniation to Auditor In so far as the Trustees are aware.. There is no relevant information of which the group's auditor is unaware. and the Trustees have taken all the steps that they ought to have taken to fflake themselve5 aware of any relevant audit information and to establish that the auditor is aware of that information. Auditor In accordance with the company's articles, a resolution proposing that A2ets Audit Services be reappointed as auditor of the company will be put at a General Meeting. This report has been prepared under Ihe special provisions of Part 15 of the Companies Act 2006 relating to small entities. The trustees, report was approved by the Board of Trustees. S A Downer Interim Chairman
ROCKINGHAM FOREST TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The trustees, who are also Ihe directors of Rockingham Forest Trust for the purpose of company law, are responsible for preparing the Trustees, Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, 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 then apply them consistently- observe the methods and principles in the Charities SORP- make judgemenls and estimates that are reasonable and prudent- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts., and prepare the accounts on the going conrn basis unless it is inappropriate to presume that the tharity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply wilh the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable 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 audiled the financial statements of Rockingham Forest Trust (the 'charity ) for the year ended 31 March 2025 which comprise the Group Statement of Financial Activities, the Group & Parent Charitable Company Balance Sheets, the Group Cashflow Statement and the notes to the financial statements, 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 Financial Reporting Standard applicable in the UK and Republic ol Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the fi'nancial statements.. give a true and fair view of the state of the Group and Parent charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, for the year then ended., have been properly prepared in accordan with United Kingdom Generally Accepted Accounting PraCte., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs (UKI) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audil ol the financial statements section of our report. We are independent of the charity in accordance with the elhical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded thal the trustees, use of the going concem basis of accounting in Ihe preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The other infomialion comprises the information included in the annual report other than the finala1 statements and our audilor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so. consider whether the other information is materially inconsislent with the financial statements or our knowledge obtained in the course of the audit. or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a materk91 misstatement in the financial statements themselves. If, based on the work we have performed, we conclude thal there is a material misstatement of this olher informalion, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exceptlon We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion-. the information given in the fi'nancial statements is inconsistent in any material respect with the trustees, report; or sufficient accounting records have not been kept,. or the financial statements are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit.
ROCKINGHAM FOREST TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ROCKINGHAM FOREST TRUST Responslbilities of trustees As explained more fully in the statement of trustees, responsibilities, the trustees, who are also the directors of the harity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable. matters related to going conrn and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to ase operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 145 of Ihe Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https'.11 www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's reF)Ort. Extent to which the audit was Considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud. We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. In response to 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 govemance around actual and potential litigation and claims as well as actual, suspected and alleged fraud., Reviewing minutes of meetings of those charged with governance., Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statemenls or the operations of the entity through enquiry and inspection., Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations., Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noTrcOmplian. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresenlations, or the override of internal control.
ROCKINGHAM FOREST TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ROCKINGHAM FOREST TRUST This report is made solely to the charity's trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone Other than the charity and the charty's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Azets Audlt Servlces Chartered Accountsnts Statutory Audltor Westpoint Lynch Wood Peterborough Cambridgeshire United Kingdom PE2 6FZ A2ets Audit Services is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 ofthe CompaniesAct 2006.
ROCKINGHAM FOREST TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestrlcted Designated Restricted funds funds funds general 2025 Total Total 2025 2025 2025 2024 Notes and Generated funds Commercial trading operations in trading subsidiary Investments Other income 50,048 460,643 510,691 236.565 1,108,272 3,984 9,658 1,108,272 3,984 9,658 1,040,954 1,089 16,984 Total income 1,171,962 460,643 1,832,605 1,295,592 enditur Commercial trading operations in trading subsidiary 943,943 943,943 984,209 Charitable activities 191,441 545,773 737,214 539,106 Totsl sourceS expended 1,135,384 545,773 1,681,157 1,523,315 Net outgoing resources before transfers 36,578 185,130) {48,552) (227,723) Gross transfers beeen funds 14,778 (56,500} 41.722 Net expenditure for the yearl Net outgoing resources 51,356 {56,500) (43,408) (48,552) (227,723) Other recognised gains and losses Actuarial (lossllgain on defi'ned benefit pension schemes 56,000 56,000 4,000 Net movement In funds 51,356 {500} (43,408) 7,448 (223.723) Fund balances al 1 April 2024 156,962 13,000 2,577,743 2,747.705 2,971,428 Fund balances at 31 March 2025 208,318 12,500 2,534,335 2,755,153 2,747,705 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also Complies with the requirements for an income 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 2025 Prior financlal year Unrestrlcted Designated Restricted funds funds funds general 2024 Total 2024 2024 2024 Notes an Generated funds Commercial trading operations in trading subsidiary Investments Other income 34,788 201,777 236.565 1,040,954 1,089 16,984 1,040,954 1,089 16,984 Total income 1,093,815 201,777 1.295,592 endit r on: Commercial trading operations in trading subsidiary 984,209 984,209 Charitable activities 241,067 53,879 244.160 539,106 Total resources expended 1,225,276 53,879 244,160 1,523,315 Net incomingl(outgoing} resources before transfers (131,461) {53,879) (42,383) (227,723} Gross transfers between funds 75,559 1101,693) 26,134 Net in¢omel{expenditurel for the yearl Net incominglloutgoing) resources (55,902} (155,572) (16,249) (227,723) Other recognised gains and losses Actuarial Iloss)Igain on defined benefit pension schemes 4,000 4,000 Net movement In funds (55,902} {151,572) (16,249) (223,723) Fund balan$ at 1 April 2023 212,864 164.572 2,593,992 2,971,428 Fund balances at 31 March 2024 156,962 13,000 2,577,743 2,747,705 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The slatement of financial activities also complies with the requirements for an income and expenditure account under the CompaniesAct 2006. 11
ROCKINGHAM FOREST TRUST CONSOLIDATED BALANCE SHEET AS AT31 MARCH 2025 2025 2024 Notes Fixed assets Tangible assets 16 2,515,261 2,577,743 Current assets Stocks Debtors Cash at bank and in hand 16 17 11,695 131,162 244,227 14,815 48,922 211,332 387,084 275,069 Credltors: amounts falllng due wlthln one year 18 (147,192) (118,107) Net current assets 239,892 156,962 Not a$s•t$ •xcludlng penslon (Ilabllty)l$urplus 2,755,153 2,734,705 Deflned beneflt penslon (Ilablllty)I surplus 23 13,000 Net assots 2,755,153 2,747,705 Incom• funds Restricted funds estricted f Designated funds General unrestricted funds 21 2,534,335 2,577,743 20 12,500 208,318 13,000 156,962 220,818 169.962 2.755,153 2,747,705 12-
ROCKINGHAM FOREST TRUST CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2025 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2025, although an audit has been carried out under section 144 of the Charities Act 2011. No member of the company has deposited a noti, pursuant to section 476, requiring an audit of these accounts under the requirernents of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the board of directors and authorised for issue on . IZ ! o'zQl? and are signed on its behalf by: D P Childs Trustee Company Reglstratlon No. 03114783 13-
ROCKINGHAM FOREST TRUST CHARITY BALANCE SHEET AS AT31 MARCH 2025 2025 2024 Notes Flxed assets Tangible assets Investments 16 14 2,515,261 2,577,743 2,515,262 2,577.744 Current assots Debtors Cash at bank and in hand 17 236,086 77,412 49,471 140,953 313,498 190,424 Cr•dltors: amounts falllng due wlthln on• year 18 (73,607) (33,463) Net current assets 239,891 156,961 Net assets excludlng pension (Ilabllltyvsurplus 2,755,153 2,734,705 Deflned beneflt penslon (liablllty)I surplus 23 13,000 Net assets 2.755,153 2,747,705 Income funds Restricted funds nr 21 2,534,335 2,577,743 Designated funds General unrestricted funds 20 12,500 208,318 13,000 156,962 220,818 169,962 2,755,153 2,747,705 14-
ROCKINGHAM FOREST TRUST CHARITY BALANCE SHEET ASAT31 MARCH 2025 The company is entitled to the exemption from the audit requirement contsined in section 477 of the Companies Act 2006, for the year ended 31 March 2025, although an audit has been carried out under section 144 of the Charities Act 2011. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these accounts under the requirements of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. ?2:1?...29.L The financial statements were approved by the board of directors and aLrthorised tor issue on ..*. are signed on its behalf by: and D P Childs Tru$tO0 Company Reglstratlon No. 03114783 15-
ROCKINGHAM FOREST TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2026 2024 Notes Cash flows from operatlng activltles Cash generated froml{absorbed by) operations 25 118,278 (16,189) Investlng actlvftles Purchase of tangible fixed assets Interest received (89,367) 3,984 (131.002) 1,089 Net cash used In Investlng actlvltles {85,383) (129,913) Net cash used In flnanclng actlvltles Net In¢raaselldocrease) In cash and cash equlvalents 32,895 (146,102) Cash and cash equivalents at beginning of year 211,332 357,434 Cash and cash equlvalents at end of yoar 244,227 211,332 16-
ROCKINGHAM FOREST TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policies Charity information Rockingham Forest Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is The Visitor Centre, Stanwick Lakes, Stanwick, Wellingborough, Northamptonshire, NN9 6GY, United Kingdom. 1.1 Accounting convention The financial statements 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 102,1 and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. The group financial statements consolidate those of the charity and of its subsidiary undertaking RF Trust Enterprises Limited drawn up to 31 March 2024. Surpluses or deficits on intra group transactions are eliminated in full. 1.2 Going concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charty has adequate resources to continue in operational existence for the foreseeable future. Thus the trLStees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitsble funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Designaled funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements 1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations reiVed under GiftAid or deeds of covenant is recognised at the time of the donation. Incoming resources represent the amount receivable during the year in respect of grants, donations and investment income. Assets given for use by the charity are recognised when receivable as long as the cost can be reliably measured. 17-
ROCKINGHAM FOREST TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting pollcles (Continued} 1.5 Expendlture Expenditure, which is charged on an accruals basis. is allocated between.. expenditure incurred directly to the fulfilment of the charity's objectives (charitable activitie5) expenditure incurred directly in the effort to raise voluntary contributions (cost of raising voluntary income) • expenditure incurred in meeting the constitutional and statutory requirements of the charity and include the audit fees and the costs related to the strategic management of the charity Igovernan costs) All costs are allocated belween the expenditure categories of the Statement of Financial Activities on a basis that reflects the use of the resource. 1.6 Tangible fixed assets Tangible fixed assets are inrtially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Deprecialion is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Leasehold property Plant and machinery Fixtures, fittings & equipment Office equipment 15- 125 years 10 years 4-8years 2-4years The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activrties. 1.7 Impalrment of fixed assets At each reporting end dale, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such ndatIOn exists. the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 1.8 Stocks Slocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable. direct labour costs and those overheads that have been incurred in bringing the stocks to their present Socation and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 18
ROCKINGHAM FOREST TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting pollcles (Continued) 1.10 Financlal Instruments The charity has elected lo apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transadion costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction. where the transaction is measured at the presenl value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement conslitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost. using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classifi'ed as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cosl using the effective interest method. 1.11 Employee benefrts The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 19-
ROCKINGHAM FOREST TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED> FOR THE YEAR ENDED 31 MARCH 2025 Accounting pollcies Icontlnued) 1.12 Retirement benefits Defined contribution penslon scheme The charity operates a defined contributions pension scheme. Contributions are charged in the accounts as they become payable in accordance with the rules of the scheme. Defined benefit pension scheme 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 dated 31 March 2019. Scheme assets are measured at fair values. Scheme liabilities are measured on an actuarial basis using the projected unit method and are discounted at appropriate high corporate bond rates. The net surplus or deficit, adjusted for deferred tax, is presented separately from other net assets on the balance sheet. A net surplus is recognised only to the extent that it is recoverable by the Charitable Company. The current service cost and costs from settlements and curtailments are charged in the statement of financial activities. Past service costs are spread over the period until the benefit increases vest. Interest on the scheme liabilities and the expected return on scheme assets are included net in other finance costsl{incomel. Actuarial gains and losses are reported in the statement of financial activities. The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in income/(expenditurel for the year. Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other recognised gains and losses in the period in which they occur and are not reclassified to incomel {expenditure} in subsequent periods. The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme. 20-
ROCKINGHAM FOREST TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Critical accounting estimates and judgements In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The present value of the Local Government Pension Scheme defined benefit liability depends on a nLrnber of factors that are detem)ined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost or income for pensions include the discount rate. Any changes in these assumptions, which are disclosed in note 25, will impact the carrying amount of the pension liability. Furthermore a roll fOard approach which projects results from the latest full actuarial valuation performed at 31 March 2019 has been used by the actuary in valuing the pensions liability at 31 March 2025. Any differentss beeen the figures derived from the roll forward approach and a full actuarial valuation would impact on the carrying amount of the pension liability. Commercial trading operations in trading subsidiary 2025 2024 RF Trust Enterprises Limited 1,108,272 1,040,954 Investments 2025 2024 Interest receivable 3,984 1,089 Other income 2025 2024 Other income 9,658 16,984 Costs of ralslng funds 2025 2024 Commercial trading operations in trading subsidiary 943,943 984,209 22-
ROCKINGHAM FOREST TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Charftsble actlvitles 2025 2024 Staff costs Depreciation and impaiment Project costs, equipment and materials Travel and subsistence Premises and site works Training Subscriptions Sundries 293,945 151,849 111,936 537 157.645 622 48 1,506 267,546 146.823 49,393 50,611 40 297 1,963 718,088 518,673 Share of governance costs (see note 10) 19,126 22,433 737,214 539,1C6 Analys1$ by fund Unrestricted funds - general Unrestricted funds - designated Restricted funds 191,441 241,067 53,879 244,160 545,773 737,214 539,106 Trustees None of the trustees (or any persons connected with them) recelved any remuneration or expenses during the year for their role as trustee. 10 Governance costs 2025 2024 Audit fees Legal and professional 13,775 5,351 12,600 9,833 19,126 22,433 Analysed between Charitable activities 19,126 22,433 11 Taxatlon By virtue of its charitable status, the Charity is not liable for corporation tax under section Part 2 of the Corporation Taxes Act 2010. -23-
ROCKINGHAM FOREST TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 12 Auditor's remuneration The analysis of auditor's remuneralion is as follows.. 2025 2024 Audit of the company's annual accounts 9,125 8.700 Other services to the group the audit of the company's 5ubsid1aries 4,650 3,900 Total audit fees 13,775 12,600 13 Employees Number of employees The average monthly number of employees during the year was.. 2025 Number 2024 Number Staff employed 44 44 Employment costs 2025 2024 Wa9es and salaries Social security costs Other pension costs 630.341 38.942 8,769 648,625 34,023 13.194 678,052 695.842 Theie were no employees whose annual remuneration was £60,000 or more. 14 Fixed asset investments The Charity 2025 2024 Notes Inveslmenls in subsidiaries The charity holds 100°/o of RF Trust Enterprises Limited, a company incorporated in England and Wales. The principle activity ol the compaiiy is running the operations of Slanwick Lakes. During the year RF Trust Enterprises Limiled made a profit of £159,680 {2024 - £52,845). The company donates all ol Ils surplus lo Rockingham Forest Trust. Al the balance sheet dale the company's lolal Capital and reserves were £1 12024 - £11 24-
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ROCKINGHAM FOREST TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 16 Tanglble flxed assets (Contlnued} The charity occupies land under a 125 year lease, commencing 4 October 2002 for a peppercorn rent. The value of this lease has not been included in these accounts. 16 Stocks The Group 2024 The Charlty 2024 2025 2025 Raw materials and consumables 11,695 14,815 17 Debtors The Group 2024 The Charlty 2024 2025 2025 Amounts falllng dua wlthln one year: Trade debtors Amounts due from subsidiary undertakings Other debtors Prepayments and accrued Income 11,076 14,237 5,718 90,437 26,086 113,845 9,794 7,462 8,086 24,129 400 34.285 120,086 131,162 48,922 236,086 49,471 18 Cr•dltors: amounts falllng due wlthln one year The Group 2024 The Charlty 2024 2025 2025 Other taxation and social securlty Deferred income Trade creditors Accruals 6,703 22,292 100,702 17,495 21,410 23,176 51,984 21,537 10,145 11,315 19 52,108 11,354 13,849 8,299 147,192 118,107 73,607 33,463 -26-
ROCKINGHAM FOREST TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 19 Deferred Income Th• Group 2024 The Charlty 2024 2025 2025 Other deferred income 22,292 23,176 22,292 23,176 Deferred income is included in the financial statements as follows.. The Group 2024 The Charfty 2024 2025 2025 Cuffent li8bilities 22,292 23,176 22,292 23,176 -27-
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ROCKINGHAM FOREST TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 22 Analysls of net assets between funds Unrestricted Designated Restricted 2025 2025 2025 Total 2025 Fund balances at 31 March 2025 are represented by.. Tangible assets Current assetsl(liabilities) 2,515,261 19,074 2,515,261 239,892 208,318 12,500 208,318 12,500 2,534,335 2,755,153 Unrestricted Designated Restricted 2024 2024 2024 Total 2024 Fund balanS at 31 March 2024 are represented by.. Tangible assets Current assetsl(liabilities) Defined benefit pension liability 2,577,743 2,577,743 156,962 13,000 156.962 13,000 156,962 13,000 2.577,743 2,747,705 23 Retirement benefit schemes The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an Independently administered fund. Defined benefit schemes Rockingham Forest Trusl was part of the Local Government Pension Scheme (LGPS) until part way through the year when it exited from the scheme, which triggered a repayment of £69.000 which was received after the end of the year but has been accrued in these accounts. This is a defined benefit statutory scheme. administered in accordance with the Local Govemment Pension Scheme (Benefits, Membership and Contributions) Regulations 2007, the Local Government Pension Scheme (Administration) Regulations 2008 and the Local Govemment Pension Scheme (Transitional Provisions) Regulations 2008. It is contracted out of the state second pension. The assets of the scheme are administered by the trustees in a fund independent from the assets of the group. The scheme was closed to new members in 2009110. On the basis that the charity has exited the scheme, no actuarial valuation has been prepared under FRS102 as at the end of the year. The contribution made for the year ended 31 March 2025 was £Nil {2024- £Nil). 31
ROCKINGHAM FOREST TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 23 Retirement benefrt schemes (Contlnued) Key assumptions 2025 2024 Discount rate Expected rate of increase of pensions in payment Expected rate of salary increases NIA NIA NIA 4.85 2.75 3.25 Mortality assumptions The assumed life expectations on retirement at age 65 are: 2025 Years 2024 Years Retiring today Males Females NIA NIA 20.5 23.9 Retiring in 20 years Males Females NIA NIA 21.9 26.4 Amounts recognised in the profi't and loss account.. 2025 2024 Current service cost Net interest on defined benefit liabilityl(asset) The effect of any curtailment or settlement 4,000 (15,000) (56,0001 Total costsl{income) (56,000) (11,000) Amounts taken to other recognised gains and losses 2026 2024 Actual return on scheme assets Less.. calculated interest element {102,000} 47,000 Return on scheme assets excluding interest income Actuarial changes related to obligations Asset not recognised due to asset ceiling {55,000) 119,000) 395,000 Total costs 321,000 32-
ROCKINGHAM FOREST TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 23 Retlrement benefit schemes (Contlnuedl The amounts included in the balance sheet arising from the charity's obligations in respect of defined benefit plans are as follows.. 2025 2024 Present value of defined benefit obligations Fair value of plan assets 689,000 (1,097,000) DeficiU(surplus) In scheme (408,000) Asset not recognised due to asset ceiling 395,000 Total liabilityl(asset) recognised (13,0001 Movements in the present value of defined benefit obligations.. 2025 Liabilities at 1 April 2024 Plan introductions, changes, curtailments and settlements 689,000 (689,000) The defined benefit obligations arise from plans which are wholly unfunded. Movements in the fair value of plan assets.. 2025 Fair value of assets at 1 April 2024 Plan introductions, changes, curtailments and settlements 1,097,000 (1,097,000) The actual return on plan assets was £- (2024 - £102,000). The fair value of plan assets at the reporting period end was as follows., 2025 2024 Equity instruments Debt instruments Property Cash 803,350 307,160 153,580 32,910 1,097,000 -33-
ROCKINGHAM FOREST TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 24 Operatlng lease commltments At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows.. 2025 2024 Within one year Between two and five years 1,140 4,223 575 5,383 575 26 Cash genorated from oparatlons 2025 2024 Surplusl{deficit} for the year (48,552) (227,723) Adjustments for.. Investment income recognised in statement of financial activities Depreciation and impairment of tangible fixed assets Difference beeen pension charge and cash contributions (3,984) 151,849 69,000 (1,089) 146,823 4,000 Movements in working capital.. Decrease in stocks {Increase}Idecrease in debtors Increase in creditors (Decrease) in deferred income 3,120 (82,240) 29,969 {884} 25,858 19,732 17,270 (1,060) Cash generated froml(absorbed by) operations 118,278 (16,189)
ROCKINGHAM FOREST TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 26 Related party transactlons Transactlons wlth related partles During the year Rockingham Forest Trust made saleslcharges to RF Trust Enterprises Limited of £1,000 (2024 - £1,000) During the ye8r Rockingham Forest Trust recharged salary costs to RF Trust Enterprises Limited of £389,633 (2024 - £428,296). During the year Rockingham Forest Trust received a distribution under corporate gift aid from RF Trust Enterprises Limited of £159,680 (2024 - £52,845). At the year end the amount owed by RF Trust Enterprises Limited was £90,437 (2024 - £7,462). No guarantees have been given or received. -35-