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 rnar￿ge 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
be￿een 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 con￿rn 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 PraCt￿e.,
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 fina￿la1 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 con￿rn 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 be￿een 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 re￿iVed 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 ￿nd￿atIOn
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
fO￿ard 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 be￿een 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-

lil"

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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Ui<><IUZ<Co￿¥Z>L

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 balan￿S 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 be￿een 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.
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