2023-12-31-accounts

REGisfERED CHARITY NUMBER: 1147348 R￿￿rt of the Trustees and Flnancial stateM￿ts for the Year Ended 311)ecember 2023 mat￿ Allen U AudIt￿S Derby DEI 2HU

Walesby Forest Contents of the Flnandal Ststements for the Year Ended 31 December 2023 Chalrnkin's Report I to 2 Chlef ExeLthivé's RepTht Report of the TNstees 4 to 10 Report of the Independent Audiiws 11 to 14 statement of Flnandal Activities Balance Sheet 16 Cash Fl¢>w Statement 17 N¢)tes to the Cash Flow Statemert 18 Notes to the Flnanaal Ststements 19 to 32 Detalled Statmrt of Hnan17al Activitles 33 to 34

Walesby Forest Chairman's Report for the Year Ended 31 December 2023 Growing revenue and a healthy surplus from our operations through the tough macroeconomic condib'ons the Charity has encountered for several years now have not ￿en easy. We have had to contend with the uncertainties (aused by the surglng inflation, polltical turmoll, and recession. What is dear from the Chadties performance thi5 year, in delivering record revenue whlle growing the buslness, our surplus Is being challenged due to higher costs which is also irnpaLting on OLJr ability to 9enerate a strong cash reserve over the last ￿e1ve months. Our strategy, governed by the trustee board, is simple and affective; operate sustainably, optimise our operation5, expand our offering, and deploy capitsl thoughttully. Whilst the charity objectives have not changed significantly over the last few years, the fundamentsls of the strategy have altered very little. As our capabilities have expanded and the vertically integrated one Stop shop model has matured, our opportunities for self help have grown, reinforcing our resilience, and reducirvJ our relian￿ on one core of ajstomer to generate results As an estsbli5hed charity, with a su￿$Sful record for growth and cash generation, robust corptsrate g0veman￿, ané ambitions for further expansion, we believe time is still right for continued investrnent if we are to contlnue belng the best in dass for oUtd￿r acdvlty centres. We must remain aware of the Un￿rtaInty surrounding economlc growth and the rlslng path of Interest rates and the tential this creates for leisure mad(et 50ftne55. One aspect that has gained momentum 15 the sustsinability agenda. We have always tsken our responsibility seriously but with capltal needed for renewals and growth, this wa5 never at the forefront of our minds. We have now taken steps ensuring all MaIntenan￿ and future projects operate to best practi￿ and adopt an ethical approath tsking our responslb1ll￿eS to our staff, volunteers, and communities seriously. While the Board has Stewarded the Charity through a series of extraordinary circumstances, the credit for delivery must go to our 5tsff and volunteers. They have ontr again, demonstrated their resilience and determlnation. We recognise the Importan￿ of invesb'ng in our staff and volunteers ar￿ we are corrimitted to ensure the S￿11 base Is balanced ensurlng we have a senior leadership team that compliments eath other along with the strategy and commeraal, flnance and operations 15 an area idenb'fied that we wish to develop. To enable we have the buildlng blod< for long temi-suC￿s, the appointment of additlonal senior leaders In this a￿a has ken recognlsed ènd wlll be Implemented in ea￿Y 2024. We have a first-da55 team who we trust and the Ingredients In place for Suc￿ss. l èm, therefore, ¢Jp￿MIs￿C about our future and confident we will deliver our excib'ng ￿ans, Page I

Walesby Forest Chairman's Report for the Year Ended 31 December 2023 Managlng our Risks & Opportunities The Board of Twstees are responsible for the charfb'es system of risk management and strategy and with what has happened over the last few years has shown our vulnerability to operatirwJ in a specialist sector. Heading into 2024 managing our risks and opportunities will continue to be prominent. By idenb'fv'ng and managing our risks effertlvely we can focus on our long-term opportLJnlties. Additional risks not presently known or currenvy deemed to be less material may also have an adverse effect on the charity in the future. Rlsk Is an Inherent and accepted element of doing business and affecbve risk management Is fundamental to how we run the charity. The charity approath to rtsk management is to identify key risks and then to develop ath'ons to Pr￿eSS within the operation to elimlnate or mitigate those risks to an acceptable level. MOmr￿ fonward our risk and controls implemented by the trustees, and senior management team continued to be strengthened with the trial of our new ￿Mits of Authority, new auditors, ap￿intment and the actions tsken in reorganising our senlor leadership team. Walesby Forest is a charity, oterating o dedicated outdoor and artlwty centre for youThJ people Induslve to all. The charity not only requires extensive funding but a large team of volunteers and staff, and without this combinab'on Walesby would not be able to offer the facilities and seNces that our customers demand. While there are many contributors to the SUc￿$S of our (harity, at Walesby Forest its our staff and volunteers that make the most material dlfference. Yet again they have demonstrated remarkable fortrtude In the fa￿ of great uncertainty to produ￿ results and the board of trustees thanks them. Walesby Forest is strow, and I belleve our best day5 are yet to come. Alistair Bow Chairperso Date: Page 2

Walesby Forest Chief Executive's Report for the Year Ended 31 December 2023 2023 proved to be a mixed bag with high levels of customers on site combined with countrywiée economlc issues, poor weather, and operational issues that perpetuated throughout the year. It was the busiest year on record from a customer number point of view and the team worked tirelessly to meet their expectations. Combined wlth the Inaugural Fo￿t Fest UK event our scout numbers were up on 2022, however that only tells part of the story. If the event attend￿ were removed from the customer count then our organised group figures are down year on year. A theme that was a constant for those organising trips to Walesby R)rest Wa5 that as the year went on the numbe￿ comlng to site fell as the cost of living crisis hit harder and harder. Our mixed group numbers were lower than in 2022. No doubt 2022 enjoyed a bounce back from Covid pandemic that would be hard to maintain, but the biggest factor for a fall in numbers wa5 the weather. The season stsrted with a cold Easter holiday period, I￿0 months of warm sunny weather, and then from July to the end of the year the rain came and the customer bookj'ngs dropped away. The impact of the weather forecast on potential bookings is a maj.or influencing fartor ar￿ combined with the ecommlc sltuauon in 2023 resulted in fewer peok71e coming to %te. The numbers of school customers a)ming to site remained stroThJ. These are booknngs made 12 to 18 months in advan￿, and are not goiro to be deaded by last mlnute weather forecasts. The number of children coming for their residential trips fell slightty throughout the year against a bathdrop of countswide economic issues, but remained strong. Encouragingly, the feedbad( received in 2023 was the best on Cxjr major events were a big success brfnging in an additional 8,500 wple to ￿te over the two long weekends. The Camping and Caravanning Club Torchlight event we hosted was better organised by their committee this year with many operab'onal issues resolved. However, In keeping with the rest of the customer5 coming to 51te secorKlary spend was down. The Big Fake Festlval wa5 a big SUC￿55 again ané we are already in discussioTIS about extendiThJ their stay beyond the current 5-year agreement. Operationally the site struggled, the catering departrnent being problematic all year. The oterirwJ manager and her deputy left the charity at the stsrt of the main season in May and their roles were not adequately fill& until the October. In the meantime the in-house controls over food ordemng were rY)t as good as they should have been resulting in an overspend on c3tering produce. Looknng ft)rward to 2024 it is clear that things need to change. The first is the weather and an end to the above seasonal rainfall that has blighted the country for the last 18-months. An improvement in the weather corresponds to an increase in customer b(Kikings. Secondly, the country needs to come out of Its economic cost of living crisis. When people have more money in their pockets we wlll see fewer cancellations across all our customer gmups. The signs at the moment are encouraglng and It looks as if the worst of the crfsls is over, but that now needs to translate into ￿$tomerS increaslng their bookings again. Guy Laurie CEO Date: 17 Page 3

Walesby Forest Report of the Trustees for the Year Ended 31 December 2023 The trustees present their report with the finanoal statements of the charity for the year ended 31 December 2023, The trustees have adopteit the provisions of Accounting and Reporting by Chèrfties.. Statement of Recommended Prath'ce applicable to charities preparing their accounts in accordance with the Finanaal Reporting Standard applicable in the UK and Republlc of Irela[￿ {FRS 102) leffecb've l January 2019). OBJEcllvES AND AcrivrtlES Obiectlves and aims The centre will further the followillg charitsbte pu￿05e5 in Notbnghamshire: The advancement of education (including physical education} for the publlc benefit, good (itizenship and avic responsibility and by advanong the indusive education of young people with the alm that it develop5 their mental, physical and moral capabilities mainly but not exclusively through recreational, sports and lelsure-tlme type actlvittes. To help young people, especially but rKJt exclusively through leisure time acknvities, to develop thelr skllls, capacities and capabilities that they may grow to full maturity as individuals and members of soclety. To prowde or asslst in the promsion of facilities in the interest of soclal welfare for ￿rea￿On, sport or other leisure time occupation of individuals who have need of such fadllfjes by reason of their youth, age Infirniity or disability, financial hardship or soclal Clrcumstsn￿S with the objett of improving their condib'ons of life. The alms of the chartty are as follows., To continue to seajre the lor￿ term finanaal stsbility by athiewng annual operating surpluses. To provide a safe outdoor adventure education ￿ntre offering resldentlal, camplng, att1v1￿eS and faalities for Scouting and other groups. To promote the development of young people, allowlng them to achieve thelr full physlcal, intellectual, soaal and spiritual potendal as Indlvlduals, as responsible cltizens and members of their local, national arn International communitles. To achleve the aims and objethves, the charlty plan to increase advertisiro to tsrgeted market segments, scouts, schools and corporate to drive sales. In addition they also plan to develop and grow these market segments to encourage international scout group5 and attract more 5chcds. The tharity are also ￿annIng to develop a better prowsion for disabled and dlsadvantsged young people, as well as increasing the number of lodges and Crea￿ng an educational classroom, They are also looknng tr) develop a strurture within the staffing levels and match sknlls and opabillties to match a development plan as well a5 consolidab'ng core business and cost controls. The Scouts are an organi5ab.on that the charity co-operates with in a(hleviro their obÈttlves. The charity is gratefvl for the unstinttng efforts of Its volunteers who are involved in assi5tirvJ the Maintenan￿ team, assisting at events and summer artivities arKY the Sup[￿ of Scout Group leaders. It is estimated that over 4,362 volunteer hour5 were provided during the year. Page 4

Walesby Forest Report of the Trustees for the Year Ended 31 December 2023 OBJEcfxvES AND AcrIvrrIES Fund-ralslng Stsndards Informatl(•n The Trustees are Committ￿ to fair. honest and ow fiJTrJra1￿￿g and 5tr1ve for hlghest possltle stsndards. Walesby Fo￿t Is currth unregistered wÉth the FundralYNJ Regulator, lJ3s to date agreed to be by the voluntsry RNKlraisirvJ Pr(Ynise. It15 the pollcy of the charity to have w￿d￿reS In to prOt￿t p￿tle in W1n￿able draNllstan￿. Walesby FO￿5t d￿$ rh)t share or sdl data with thlrd partles for tr￿r ma]kelJrwJ ￿Tref￿. DLJring 2023 the charlty worked wlth furKlraislro who Is a m￿nbe￿ of the Qorter8J Instittjte of Fundrdlslng. The d￿rfjty rTh)nitors the &tvities of the fLJtxlralsirKJ Cons￿nt In order to malntsin hlgh standards and agr& any approths to ftTrJirrfJ. Feedb* Is welcome, Ind￿1￿ a)M￿aInts, and the seeks to ream lessons Wh￿er concems are ralsed by thlrd partie& Publlc bentht In deciding on the of the charlty, the bustees have d￿ regard to the Chartty CiNnmlsslon guldan on public b￿￿flL ACHIEVEMEpif AND PERFORMANCE Detalls of athlevements and perfornian￿ (an be fouThl vltNn the ChalrnTrn's and Ch￿f Executlve's reports. dge5

Walesby Forest Report of the TNstees for the Year Ended 31 December 2023 FINANCIAL REVIEW Financial posltion Although we have *n another challenging year for Walesby Forest, the team managed to produ￿ a small surplus that conb'nues to support our future development plans. Between the "cost of living" challenges and continued climate change, maintaining strong ￿mping boolongs has been o challenge. It Is essents'al ft)r the continued 5UStainability of Walesby that we continue to generate charitable surpluses in order to maintsin the seN1￿5 that are so Important for the development of the young people we seNe. Most actlvity sites across the Sa)ut A550aation have either dosed thelr door5 or are struggling to maintaln Se￿￿5 through these challenging times and this year we have seen more Guiding sites close and be sold. We therefore need to continue to do what we are doing to maintsin W8lesby for future generations. Charitable revenue for this last year was up by £120,000 (to £1.56m), but that was agalnst a backdrop of lower camping numbers. Our special events Induding R)rest Fest, created the additional revenues that enabled growth ané its Importsnt that in future years we continue to balance camplng numbers being supported by special events. Our charftsble costs were higher during the year by £200,OC>O {to £1.48m), which were mainly dnven by challenges within our catering offering both In terms of over purchasing of Stock and having to contratt In staff to cover the main season, after issues were found within our tatering management team. The charitsble surplus for the year was £75K whlch was significantly at variance to the result the year before, but as a manaoement team and board of trustees, le550n5 have been leamed, whlch 15 an essential part of g¢xxJ (harity g0veman￿. At the tum of the last fin8ncial year, we had good cash surpluses In reseNe, which were an important part of our need to invest further in key proFrts at Walesby. With the elettririty supply to the slte neady at capaaty and the quality of our accommodation for summer staff mt being to an adequate standard, we needed to invest in solving both of these. Durlng the year a new supply was implemented at Walesby to double our elertricity capacity. Again, thls was over 160,000 of capital funding, but wlll secure a g(x)d level of expansion for the future. We also Invested In our new staff accommodation pods, with the overall project costing over £400,000 of capital fundlng. Both these capitsl projects are essential In supporting the 5UStainability of Walesby for the years to come and we used our reserves to complete thls as opposed to goining more loan debt. We knew that both of these projects would tske a significant hit on cash resew and as we now tum the end of thbs flnarKial year, our focus will be on the recovery of reseNes once agaln. As we move in to 2024, we will be bjlsterlng our financlal team, and a new ￿nance Director wlll Joln us part of the Management team. Thls Is essential in considering our future finanaal planning as we continue to embark on more joint grant funding channels to support the further development of the site. I would like to pay tiibute to Tara Mllligan who ha5 been our financial controller for many years and a5 she leaves Walesby for new opportunltles, we wish her every sU￿e$s. 2024 will see us continue our grant funding applicatlons for the development of the lake and our daim ègain5t the Coal Authority for the Subsiden￿ we have suffered acr055 parts of the site. It Is essential that we get this external funding to continue to support the 51te and our strategy for land management. In essence, the team have delivered a go￿ financial performance agaln thls year, which 15 testsment to their efforts and our ability to continue to look at opportunltles to support the charitsble purpose, In dellverfng strong and sustainable acknvities and expe￿en￿5 for young people. Page 6

Walesby Forest Report of the Trustees for the Year Ended 31 December 2023 FINANCIAL REVIEW Reserves policy It Is the policy of the Centre to maintsln unrestrlrted funds, which are the free reserves of the Centre.. - tr) cover administrab'on, fund-raising arKI support costs without which the Centre could rKSt funthon, to provide fund5 whith can be designated to specific projects to enable these to be undertsken at short notice. The Trustees conslder It prudent that the Ilquld assets of the unfftstriLted funds should be maintsined at a level suffiaent.. - to cover the fixed costs of the Centre throughout the period of the year when seasonal income is low, - to cover the fixed costs of the Centre when income is interrupted due to arojmstances OLrt of thelr control. The levd of these assets is monltored and review& by the Trustees on a quarterly basis and at 31 December 2023 were considered equlvalent to 10 months of fixed costs. The Twstees viewed this as sattsfactory. The totsl balance on unrestricted reseryes at 31 December 2023 £878,979 12022 £793,940), of this £35,000 (2022 - £26,114) relates to designated fund5 to faalitate the repla￿ment and maintenantr of the facilitie5 Within the ￿ntre. Available resetves which exclude tsngible fixed assets and designated ftjnds totsl a surplus of £29,083 (2022 surplus of £28,711). The totsl balance of restrlcted funds at 31 December 2023 was £67,76812022 - £77,145) this relates to wo to be carr5ed out on the %te. Operating contingency rash reserves Fdlowing the impart of the pandemic and the potential risk to the centre of any fUtLj￿ unplanned impart, the Trustees have agreed that a formal cash reserve of £135,000 should be maintained to provide a minimum of 3 months operating cost cover at any point in time. Whilst at the end of thls flnanclal year the cash reserves fall Short of the target, it is intended that we continue to add to these reseNes wlthin the next financial year to meet the agreed target and wlll maintained from that point forward. FUTURE PLANS Details of plans for future periods can be found withln the thalman's and Chlef Execuyve's ￿port. STRvcfuRE, GOVERNANCE AND MANAGEMEKr Governing document The charity is controlled by Its governing document, a deed of trust and constitutes an unlncorporated charity. Page 7

Walesby Forest Report of the Trustees for the Year Ended 31 December 2023 srRvcfuRE, GOVERNANCE AND MANAGEMENT Charity constttution Walesby Forest was founded under a constitution èdopted on 2 February 2012 and amended on 3 May 2012. The charity is an unincorporated trust,. it registered as a charity on 21 May 2012 under clkHrity number 1147348. Detsils of the Trustees, principal offi￿r5 and professional advisors are given in the Legal and Administration infomiation. The Chief Executive Offi￿r has day to day managerial responsibility for the slte both operationally ènd flnanclally, together wlth the thalman he has strateglc accountablllty and has delegat&l alrthorfty to appropriate limits. Employees cannot auth0ri5e their own expenses or petty cash ftoats, these must be appmved by either a line manager or an authorised person. anges to credit cards, Includlng limlts must be authorised by the chalrman. Arms length transath.ons Including payments made to kmwn assoclates, frlends or family must be authtsrise(I by the Chief Executive Officer or Chabrman. Recruilment and appointment of new trustees The appointment of Trustee5 is set out in the constitution. They are briefed on all asperts of the charity by the Chairman and where applicable other TNstee5 prior to appointment. Oryanisational structure The Trustees are volunteers with apprOp￿ate sknlls who along wlth the Chief Executive, Secretsry and Trustees from the City of Nottingham Dlstrict Scout Council make up the management committee who meet quartedy. Trustee5 who have served during the perii)d and slnce year£nd a￿ *t out within the legal ar￿ administrative information. Key management personnel The key management personnel comprises of Guy Laurie (Chief Executive Offi￿r>, Cart Whitehead (Operations Director) and Tara Milligan {FIn0n￿ Manager). All personnel pay apart from the Chief Executive Officer is decided by the remuneration Committ￿ which is made up of Jean Ramsden, Alastair Luff, Da￿d Hoskins and Guy Laurie. The Chief Executive Officer pay is detemiined by David Huxley and Ajistair Bow to avold any confllct of interest. remuneratlon commlttee meet annually in autumn ané make recommendations on pay rtses and bonuses to the board of Tru5tee5 in the November meeting. The trustees have the final say whether to accept the recommendation5. Bonuses are paid in Marth following the year after the year end management accounts are completed. any pay awards come into force in April for the new tsx year. Risk management The Trustees have examined the major strategic, buslness and operational rtsks which the cent￿ faces and confirm that the systems have been established to enable wular reports to be pr¢xiU￿d so that the rwssary step5 can be taken to le55en the risks. REFERENCE AND ADMINIsfRATIVE DEfAILS Registered Charity number 1147348 Prlncipal address Walesby Forest Brake Road Walesby Newa NG22 9NG Page 8

Wale$by Forest Report of the Twstee$ for the Year Ended 31 December 2023 Trustees ABOW D Hos￿nS ALuff R Pilkington D Wilknnson G Jones Ms J Ramsden A Luc2ko D Huxley The following Tru5tee5 hold titte to property belonging to the charity at the report approval date.. ABOW J Ramsden D Huxtey A Luczko Auditors Mabe Alen LLP Chartered Accountants Statutory Auditors 50 Osmaston Road Derby DEI 2HU Solicitors Knights Solldtors Embankment House Electric Avenue Nottingham NG2 IAS Bankers National Westminster Bank PIC 9 Church Street Mansfield Notbngham NG18 IHP srATEMENT OF TRusfEES' RESPONSIBILrrIES The trustees are responsible for preparing the Annual Report and the financial ststements in accordan￿ with applicable law and Unltsé Kingdom Accountlng Standartjs (United Klngdom Generally AC￿pted Accounting Pracbce). Page 9

Walesby Forest Report of the Trustees for the Year Ended 31 December 2023 srATEMENT OF TRUSTEES. RESPONSIBILTfIES - continued The law applicable to charities in England and Wales, the Charities Act 2011, (Accounts and Reports) Regulations 2008 and the PrO￿510n5 of the trust deed requires the trust￿ to prepare finanoal ststements for each financial year whith give a true and fair view of the stste of affairs of the charity and of the incoming resource5 and application of resources, Including the Income and expenditure, of the charity for that period. In preparing those finandal statements, the trust&5 are required to selett sultable accountlng wlicies and then apply them consistently,. observe the methods and principle5 in the Charity SORP. make judgements ar￿ esbwates that are reasonable and prudent; state whether applicable accounting standards have been followed, subjert to any material departures disclosed and explained in the financial statements,. prepare the financial statements on the going concem ba4s unless It Is Inappmprlate to presume that the charity will continue in buslness. The trustees are responsible for keeping proper accounting records which disclose wlth reasonable hcctJraLy at any time the financial position of the charity and to enable them to ensure that the finandal siatements comply with the Charities Act 2011, the Charity {Accounts and Reports) Regulab'ons 2008 and the provision5 of the trust deed. TtrEy a￿ also responsible for safeguarding the assets of the charty and her￿ for tsknng reasonable steps for the prevention and detection of fraud and other Irregularities. Approved by order of the board of trustees on ................ , and signed on its behalf by.. A Luff - Trustee Page 10

Report of the Independent Auditors to the Trustees of Wale5by Forest Opinion We have audited the financial statements of Walesby FO￿5t (the 'charty') for the year ended 31 December 2023 which comprise the Statement of Finanaal Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, Including a summary of significant accounting poli(ie5. The financial repo￿.ng framewo￿ that has been applied in their preparat'on is applicable law and United Kingdom Accounfjng Stsndards {United Kingdom Generally A￿pted Accounfjng Prac￿￿1. In otjr opinion the financial statements: give a true and fair view of the state of the charity's affair5 as at 31 December 2023 and of its incomlng resources and application of resources, for the year then ended,. have been proFerly prepared in accordance with United Kingdom Generally Accepted Accounting Practi￿. have been prepared In accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordan￿ wlth International Stsndards on Auditing (UK) (ISAS {UK}) and applicable 13w. Our responsibilities under those standards are further desoibed in the Auditors, responsibili￿eS for the audit of the finanoal Statements section of our report. We are independent of the charity in a(rordance with the ethical requirements that are relevant to our audit of the finanaal statements in the UK, including the FRCS Ethical Stsndard, and we hove fulfilled our other ethlcal responsibilities in accordance with these requirements. We believe that the audit ewdence we have obtsIn￿ is suffiaent and appropriate to provide a basis ft)r our oplnlon. Conduslons relating to going concern In auditing the finanaal ststements, we have conclLJded that the trustees, use of the going concem basi5 of accounb'ng in the preparation of the financial ststements Is appropnate. Based on the work we have perfomied, we have not identified any material uncertain￿e5 relatlng to events or conditions that, individually or collettively, may cast significant doubt on the thèrity'5 ability to continue as a golng con￿rn for a period of at least twelve months from when the financial statements are authorfsed for Issue. Our responsibilities and the responsibilitses of the trustees with respect to goSng concern are described in the relevant seth.ons of this report. other information The trustees are responslble for the other information. The other information COmp￿se5 the informatlon Included in the Annual Report, other than the finanaal statements and our Report of the Independent Audltors thereon. Our opinion on the financial 5tstements does not cover the other Infonnation and, ex￿pt to the extent otherwise explidtly stated in our report, we do not express any fomi of assurance conclusion thereon. In connection with our audit of the financial statements, our reswnsibility is to read the other Infomation and, In dobro so, consider whether the other information is materially inu)nsistent with the finandal statements or our knowledge obtsined in the audit or otheNise appears to be materially misstated. If we identify such material inconsiStencie5 or apparent material misstatements, we are required to determine whether this gives rise to a material misstaterllent in the finanaal statements themselves. If, based on the work we have perfomed, we condude that there is a material misstatement of thls other infomiation, we are required to report that fart. We have nothing to report in this regard, Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charitie5 (Accounts and Re￿rts) Regulab'ons 2008 requires us to report to you if, in our opinion.. the information glven in the Report of the Trustees Is inconslstent In any material respect with the financial statements. or sufficient accounting records have not been kept,. or the financial statements are not in agreement with the accounting recorcls and retums; or we have not received all the information and explanations we require for our audit. Page 11

Report of the Independent Auditors to the Trustees of Walesby Forest Responsibilities of trustees As explained more fully in the Statement of Trustees, Resrxinsibilib'es, the trustees are responsible for ts)e preparation of the finanaal statements whlch give a tnje and fair wew, and ft)r such internal control as the trustees detem)ine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or emr. In preparirvJ the financial statements, the trustees are responsible for assesslng the charity's ability to continue as a going cOn￿m, disdosing, as applicable, matters related to going concern and using the going concern basis of accounts'ng unless the trustees either intené to liquidate the charity or to ￿ase OFErations, or have no realistic alternative but to do so. Page 12

Report of the Independent Auditors to the Trustees of Walesby Forest Our responslblllties for the audit of the financlal statements We have been appointed as auditors under Section 144 of the Charities Art 2011 and report in accordance with the Art and relevant regulations made or having effect thereunder. Our objeth've5 are to obtain reasonable assurance about whether the financial statements as a whole are free from material misststement, whether due to fraud or error, and to issue a Report of the Independent Auditors that indudes our opinion. Reasonable assuran￿ Is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISA5 (UK) will always detett 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 ￿asonablY be expected to influence the ecorK)mic deCI￿onS of users taken on the basis of these financial statements. The extent to which our prO￿ureS a￿ capable of detecting Irregularities, indudlng fraLKi is detailed below: Extent to whlch the audit was considered capable of detectlng fraud In identifying and assessing rfsk% of material misstatement in respert of irregularities. Includlng fraud and non-compliarKe wEth laws and regulations, we considered the following.. - The nature of irnlustry and sector, control environment and business perfomiance indudiro tsrgets for income and net surplus,. Results of our enqulrles of management and the trustees about their own identiflcation and assessment of the risk5 of irregularities,. Any matters we identified having obtsined and revlewed the charivs documentsts'on of thelr policies and procedures relating to.. Identrfying, evaluating and complying with laws and regulations and whether they were aware of any instance5 of non-compliance, indudirwJ any related to the General Data Protection Regulations or Bribery Act 2010. Detecti￿ and resptsnding to the rfsks of fraud and whether they have kr￿wledge of any aciu31, susperted or alleged fraud. - The Intemal controls to mitigate risks of fraud or non-compliance with laws and regulations; The matters dlscussed among the audit engagement team and incI￿1ng relevant Intemal tax specialists regarding how and where fraud might occur in the financial Statements and any potents'al indicators of fraud. As a result of these pr￿d￿￿5, we consldered the opportunities and incentives that may exist within the company for fraud and identified the greatest potenlal for fraud in the ability of management to manipulate revenue recognltion. In common with all audits under ISAS IUK}, we are also required to perform speofic procedures to respond to the risk of management override. We also obtsined an understsndlng of the legal and regulatory frdmeworks that the company operates In, focusing on provision5 Of those lèws ènd regulatlons that had a direct effect on the determination of material amounts and disclosure5 in the financial statements. The key laws and regulations we considered in this context Includeé the Charities SORP and the Financial Reporung Stsndard 102. In addition, we u)nsidered provisions of other laws and regulab'ons that do not have a dlrect effect on the financial statements but Complian￿ with which may be fundamental to the charity's abillty to operate or to avoid a material penalty. These include The General Dats Protertion Regulations, the Bribery Art 2010 and Health and Safety poliaes. Audit Response to Risks Identified Our pr¢xedures to respond tr) risks Identified above include the ft)Ilowing.' Page 13

Report of the Independent Auditors to the Trustees of Wale5by Forest Rewewing the financlal statements dlsclosLJres and tesYrvJ to 5UPPOrting documentation to assess Complian￿ wlth provlsions of relevant laws and regulations desaibed os having a direct effect on the financial statements.. Enqulrfng of management and direttors con￿mIng attual and potentlal Iltigation and daim5; Performing analytiol pro￿ureS to identify any unusual or urExpetted relationships that may indicate rlsks of material misstatement due to fra￿d. Reading minutes to meetings of those charged with governan￿ and reviewing relevant corresw)rYlen from regulatory ix)dies. in artdressir￿ the fraud risk in revenue reC￿nI￿On we have tested a Sample of income recorded in the year through agreement to the relevant sales terms and conditr'ons and bank statements. Additionally, at an analytical review level, we developed an expectatlon of the income wbth reference to our experience of the dient and discLssslons on the recognltlon and volatlllty of Income in ￿ year . and In addressing the rlsk of fraud through managernent override of controls, testiThJ the approprfateness of Journal entries and other adju5tments,' asse55iro whether the judgements made maknng atrounting estimates are indicative of a potential bias,. and evaluating the business rational of any significant transactions that a￿ unusual or outsde the nonnal course of business. We also communicated rdevant identtfled laws and regUla￿onS and potential fraud risks to all engagement team members and remain alert to any indIca￿on5 of fraud or non-compliance with laws and regulations throughout the audit. Because of the Inherent limitstions of an audit, there is a risk that we will not detett all Irregularities, includlng those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increase5 the rnore that Complian￿ with a law or regulats.on Is removed from the events and tran5actlOn5 reflerted in the finanoal statements, as we will be less Ilkely to become aware of instan￿5 of non-compliance. The risk is also greater regardlng irreguladties OCCLJrring due to fraLJd rather than error, as fraud involves intentional concealment, forgery, collusion, omlsslon or mlSrep￿Sentèti0n. A futher description of our reswnslb11i￿es for the audit of the financlal ststements is located on the Finandal Reporting Council's website at www.frc.org.uk/audltorsresponsibllities. This desctiption fomis part of our Report of the Independent Auditors. Use of our report This reFK>rt Is made solety to the charity's trustees, as a body, in accordan￿ with Part 4 of the Charitie5 (Accounts and Reports) Regulatr'ons 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state tr) them In an aLJditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or a￿ume responsibility to anyone other than the tharity and the charity's trustw as a bodytr for our audit work, for this report, or for the oplnlons we have formed. Mabe Allen LLP Chartered Accountants Statutory Auditors 50 Osmaston Road Derby DEI 2HU 7.Lt Page 14

Walesby Forest Statement of Financial Activities for the Year Ended 31 December 2023 2023 Total funds 2022 Total funds Unrestricted Restncte funds funds Notss INCOME AND ENDOWMENTS FROM Donations and legaaes 1,803 1,803 1,457 Charitable activitie5 Mixed Camping Camp Fees and Activities Caterlng Ancillary Serv1￿$ 145,352 780,720 147,576 222,216 145,352 780,720 147,576 222,216 172,402 827,739 153,701 196,846 Other trading artlvlfjes Investment income Other income 252,195 9,727 3,233 252,195 9,727 3,233 89,835 6,000 Totsl 1,562,822 1,562,822 1,447,980 EXPENDrnIRE ON Raising funds 123,564 {1) 123,563 108,194 Charftable activities Charitable activities costs 1,354,219 9,378 1,363,597 1,177,573 Totsl 1.477,783 9,377 1,487,160 1,285,767 NET INCOMEIIEXPENDrnIRE) 85,039 {9,377) 75,662 162,213 RECONCILIATION OF FUNDS Total funds brought forward 793,940 77,145 871,085 708,872 TOTAL FUNDS CARRIED FORWARD 878,979 67,768 946,747 871,085 The notes fom part of these flnanaal statements Page 15

Walesby Forest Balance Sheet 31 December 2023 2023 Total funds 2022 Total nds Unrestricted funds Restricted funds Notes FJXED ASSETS Tangible assets 14 814,897 67,767 882,664 800,260 CURRENT ASSErs Stocks Debtors sh at bank and in hand 15 16 13,748 436,516 251,661 13,748 436,516 251,661 14,597 98,023 662,498 701,925 701,925 775,118 CREDrroRS Amounts falling due within one year 17 {347,405) (347,404) {398,559) 14Ef CURRENT ASSErs 354,520 354,521 376,559 TOTAL ASSEfs LESS CURRENT LIABILMES 1,169,417 67,768 1,237,185 1,176,819 CREDrroRS AmoLJnts falling due after more than one year 18 (25YJ,438} (290,438) (305,734) NEf ASSErs 878,979 67,768 946,747 871,085 FUNDS Unrestrirted fLtnds Restrlcted funds 21 878,979 67,768 793,940 77,145 TOTAL FUNDS 946,747 871,085 The finanoal statements were approved by the Board of Trustees and authorised for Issue on and were signed on its behalf by: ALuff-Tr The notes form part of these finanaal statements Page 16

Walesby Fore$t Cash Flow Statement for the Year Ended 31 December 2023 2023 2022 Notes Cash flows from operating artivities Cash generated from operations {241,924) 205,474 Net cash {used in)/provlded by operating artivities (241,924) 205,474 Cash flows from inve5tiThg acttvities Purchase of tangible fixed assets Interest recetved {167,930) 9,727 {43,392) Net cash used In Investing activities {158,203) (43,392) Cash flows from financing activitles Loan repayments in year Capital repayments in year (9,598) (1,112) (18,924) (I,iii) Net cash in flnandng actiwties (10,710) (20,035) Change in cash and cash equlvalents in the reporting period Cash and cash equivalents at the beginnin9 of the reporting period (410,837) 142,047 662,498 520,451 Cash and cash equivalents at the end of the reporting perlod 251,661 662,498 The notes fomi part of these finanaal ststements Page 17

Walesby Forest Notes to the Cash Flow Statement for the Year Ended 31 December 2023 RECONCILIATION OF NET INCOME TO NEf CASH FLOW FROM OPERATING ACtIVThlE5 2023 2022 Net income for the reporting period {as per the Ststement of Financial Artivities) Adjustments for: Depreciation charges Interest received Interest paid Decrease/{Increase) in sto(ks In￿ease in debtors (Decrea*)lincrease in creditors 75,662 162,213 85,525 (9,727} 86,504 7,749 (6651 (62,808) 12,481 849 (350,4921 143,741) Net cash (used in)Iprovided by operations (241,924) 205,474 ANALYSIS OF CHANGES IN NET FUNDSI(DEBT) At 1.1.23 Cash flow At 31.12.23 Net Cash Cash at bank and in hand 662,498 (410,837) 251,661 662,498 (410,837) 251,661 Debt Finance leases Debts falling due within l year Debts falling due after I year (98,241) {ii,000) (208,604) 1,112 (4,586) 14,184 (97,129) (15,586) 1194,420} (317,845) 10,710 1307,135) Total 344,653 (400,127) {55.474) The notes ft)mi part of these financial statements Page 18

Walesby Forest Notes to the Financial Statements for the Year Ended 31 Drfember 2023 AccouNfiNG POLICIES Basis of preparlng the financial statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordan￿ with the Charfties SORP IFRS 102) 'Accounting and Reporknng by Charities.. Statement of Recommended Prartice applicable to tharities preparing their accounts in accordance with the Financial Reporbng Standard applicatAe in the UK and Republlc of Ireland (FRS 1021 {effedve l January 2019),, Fina￿al Reporting Standard 102 The Financial Reportlng Standard applicable In the UK and Republic of Ireland, and the Charitie5 Att 2011. The financial statements have tEen prepared under the historical cost convention. Walesby Forest is a registered thartty In England. The address of the registered Offi￿ 15 given in the charity information on page 8 of these flnancial ststements. The n3￿re of the charity's operations and prinapal activity is that of an artivity centre. The (harity Cons￿tuteS a public benefit entity a5 defined by FRS 102. The finandal statemerts have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Prac￿￿ applicable to charities preparing their accounts in accordance with the Finanaal Repo￿.ng Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Klngdom and Republlc of Ireland (FRS 102), the Charities Att 2011 and UK Generally Accepted Prattice. The flnancial ststements are prepared on a going con￿rn basis under the historical cost convention, modified to include ￿rtain items at fair value. The financial statements are presented in Sterling which is the funct'onal currency of the cha￿ty and rounded to the nearest £. The significant accountirKJ pollcies applled in the preparation of these finanaal ststements are set out bdow. These poliaes have been consistendy applled to all years presented unless otherwise ststed. Funds Unrestricted funds are available for use at the discretion of the trustees In furtheran￿ of the general objecbves of the charity and which have not ￿en designated ft)r other purposes. Designated furKJs comprise unrethtted fijnds that have been set aside by the trust￿ for parbcular purposes. Restritted fiJnd5 are funds which are to be used in accordance with speclflc restrfctions imposed by donors or which have been raised by the charity for parbcular Purposes. The cost of raislng and administemng such funds are charged against the specific fund. Income All incoming resources are included in the Ststement of Financlal Attlvities when the charity is legally entided to the income after any performance condltlons have been met, the amount can be measured rellably and it is probable that the incorrt will be received. IncorTE from charitsble activitles incIL￿e5 income earned from camp fees and camp aCtI￿tieS, catering, Wa￿eaVeS received and telephone and utilities provided. Income is received in exchange for setvices and 15 recogni5ed when the servi￿ Is complete. Income from trading activitie5 includes income eamed from promdore sales to raise funds for the charlty. Income is received in exchange for supplying goods and 15 recogni5ed when entloement has Ixcurred. Investment income comprfses bullding society and bank interest. Income is recognised when the Interest has been eamed. Govemment grants are recogni5ed on the performance method under income. Page 19 continued...

Walesby Forest Notes to the Financial Statements - continued for the Year Ended 31 December 2023 ACCOUNT114G POLICIES - continued Expenditure All expenditLire 15 accounted for on an accruals basis and has b￿n dassified under headings that aggregate all costs related to the category. Expenditure 15 recognised where there is a legal or constructive obllgab.on to make payments to third partie5, It is probable that the settlement will be requlreé and the amount of the obligation can be measured rdiably. It is categorised under the followlng headings.. Costs of raising funds includes stock purthases for the promdore and other costs of running the providore,. Expenditure on charitable athviknes incI￿leS the njnning and maintenance of the slte and camp activities, slte transportab'on and catering purchases. Support costs are those that a55iSt the WO￿ of the charty but do rTrot dirertly represent charitable artlvlties and include office costs, governan￿ costs and payroll costs. They are incurred directty in support of expenditure on the objects of the charity. Where support Costs cannot be directly attrtbuted to parbcular headings they have been allocate(J to the a)st of raising funds and expenditure on charitsble artiwties on a basis consistent wlth use of the resou￿5. Ifrecoverable VAT is tharged as èn expense against the acbvity for which expendlture amse. Tangible flxed assets Depreciation is provided at the following annual rates In order to write off eath a55et over Its estlmated useful life. Freehold property Long leasehold Hant and mathinery Fixiures and fitbngs Motor vehicles 5% - 200kn on cost Stralght Ilne over 99 years 330h on cost 10% - 330/0 on cost 250/0 on c05t Tangible fixed assets are iriitially measured at C05t and subsequentty measured at cost or valuation, net of depreciation and ariy irnpairment losses. The gain or1055 arising on the disposal of an asset Is detem)Ined 85 the ciifference be￿een the sale pr(Keeds and the corrying value of the asset, and is credited or charged to p￿rit or loss. At eath reporting perlod end date, the charty reviews the carrying amounts of Its tangible assets to detem)ine whether there is any indication that those assets have suffered an Impairmentloss. If any such indication exists, the recoverable amount of the asset is estimated in order to deterynine the extent of the impaimient Ioss (if any). Where it is not possible to estimate the recoverable amount of an Individual asset, the company estimates the recoverable amount if the cash4Jenerating unlt to whi(h the asset belongs. Recoverable amount is the higher of fair value le5S Costs to sell and value in use. In a5ses5ing value in use, the estimated ftjture cash flow5 are discounted to their present value using a pr￿taX discount rate that reflerts current market assessments of the time value of money and the risk5 specific to the asset from whith the estimates of future cash flows have not been hdjusted. If the recoverable amount of an asset (or cash-generayng unit) is estimated to be less than its carrying amount, the carrying amount of the asset {or cash-generating unit) is redU￿d to its recoverable amount. An impèirment 1055 is recognised immediately in profit or loss, unless the relevant asset Is carried at a revalued amount, in which case the impairment loss is treated as revaluation decrease. Page 20 contlnued...

Walesby Forest Notes to the Financial Statements - continued for the Year Ended 31 Decembw 2023 ACCOUNTING POLICIES - contlnued stocks stocks are valued at the lower of cost and net realisable value, after makn'ng due allowance for obsolete and slow moving items. Taxation The charity is exempt from tax on Its charitsble activlties. Trade and other debtorslcredbtors Trade and other debtors are recognised initially at transacbon Pri￿ less attributsble transartion costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement con5trtutes a financial transacbon, for example If payment is deferred beyond norm31 busine55 term5, then it is measured at the present value of future payments discounted at a mad(et rate of instrument for a similar debt instrument. Cash at bank and in hand Cash at bank aThJ in hand includes cash and short-temi highly liquld Investments with a short maturfty of three months or less from the date of acquisltion or openlng of the deposit or simllar account. Pension costs and other post-retirement benef The charity operates a defined contiibution pension scheme. Contn'butions payable to the charfty's pension scheme are charged to the profit or105s in the pedod to which they relate. CRrnCAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAIrirY The preparatlon of fina￿la1 statements requlres management to make estlmates and assump￿On$ that affect the reported amounts of assets and liablllties, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue5 ar￿ expenses during the reporting perio(i. Artual results may differ from these estimates under different assumptions and conditions.The judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carying amount of assets and liabilities are in relab'on to specific areas included below.. Expenditure on flxed assets Expenditure ori fixed assets is capitalised in accordan￿ with the above accounting policy. Where fixed a￿ets are being construrted, inib'al capitalisation of cost is based on management's judgement that technical and economic feasibility is confirmed, usually when a project has reached a defined milestone accordlng to an established date of completion. In detemiinino the amounts to be capltallsed or If necessary Impaired, management also makes assumptions and ests"mates regarding the experted future cash generalon of the assets and the expected period of E*neflts. Depreciation of fixed assets The cha￿ty has recognised depreciation of fixed assets in its financial ststements which require management to make judgements concerning the useful life of assets and resldual values. The judgements are based on a combina￿On of Group wllcles, hlstorical experience and other reasonable fattors. Page 21 continued...

Walesby Forest Notes to the Financial Statements- continued for the Year Ended 31 December 2023 DONATIONS AND LEGACIES 2023 2022 Donations and legacies 1,803 1,457 OTHER TRADING AcnvmES 2023 2022 Special events 252,195 89,835 INVEsfMENT INCOME 2023 2022 Interest recelvable 9,727 INCOME FROM CHARITABLE AcfiviTIES 2023 2022 Activity Mixed Camplng Camp Fees and Athvltles Catering Ancillary Servi￿$ Ancillary Servi￿5 Anoliary Servi￿5 Analiary Servi Mixed camping Camp fees and acdvitles Catering u￿lItIeS Bar Wale5by shop Vending machines 145,352 780,720 147,576 22,987 84,831 114,398 172,402 827,739 153,701 27,443 79,789 89,473 141 1,295,864 1,350,688 RAISING FUNDS Other trading acuvitlts 2023 2022 Retsll and provid0￿ costs Stsff costs 99,912 23,651 87,220 20,974 123,563 108,194 Page 22 contlnued...

Walesby Forest Notes to the Flnancial Statements - contsnued for the Year Ended 31 December 2023 CHARrrABLE AcrivTtlES COSTS Direct Costs (see note 9) Support costs (see note 10) Totsls Charitsble activi￿e5 costs 553,350 810,247 1,363,597 DIREcf COSTS OF CHARrrABLE ACtivrtlES 2023 2022 Electiicity, gas & water Sundrie5 Site maintenance and development Rent Sanitstion Site transpOrta￿On and plant Activities & swrts equipment Catering cost of sales Event actiwties Depreaation 86,123 25,111 11,236) 9,003 74,968 11,859 35,887 86,082 140,028 85,525 64,463 17,620 66,167 6,395 74,874 12,554 56,694 68,055 86,504 553,350 453,326 10. SUPPORT cosrs Goveman Management Finan Totsls Charftsble acts'vities costs 764,988 28,150 17,109 810,247 Support costs, induded in the above, are as follows.. 2023 Charltable artivitles costs 2022 Totsl advlties Wages Insuran Telephone Adverbsing Sundries Flnance costs Accountancy Audit Legal and professlonal 672,410 27,501 28,334 26,772 9,971 28,1 3,342 9,669 4,098 602,989 24,657 25,823 25,611 5,573 21,204 2,837 7,053 8,500 810,247 724,247 Page 23 c0n￿nUed...

Walesby Forest Notes to the FSnancial Statements- continued for the Year Ended 31 December 2023 11. TRusfEES' REMuf4ERATION AND BENEFrrs There were no trustees, remuneratH)n or other berEfits for the year ended 31 December 2023 nor for the year ended 31 December 2022. TNstees' expenses There were no tNStees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022. 12. sfAFF cosrs 2023 2022 Wages and salaries Soaal security costs Pension costs 644,029 34,791 573,246 33,655 The average monthly number of employees during the year was as follows.. 2023 42 2022 36 Charitable acbwties FLJndraislng 37 The average hea¢Jcount number of employees during the year was as follow5: 2023 19 24 2022 19 Full-time employees Part-tlme employee5 The full-time equivalent {￿E) number of employees duriTrJ the year was as follows: 2023 30 2022 27 FLtII-tlme eqtjlvalent employee5 There was I 12022.1) stsff member recelving MO￿ than £60,000 in the pe￿0d, wtti emoluments falling between £70,000 - £8Q,OQO per annum, Page 24 continued...

Walesby Forest Notes to the Financial Statements - continued for the Year Ended 31 December 2023 13. COMPARATIVES FOR THE StATEMENT OF FINANCIAL AcrIvrrIES Unrestricted Restricted ftjnds funds Totsl nds INCOME AND ENDOWMENTS FROM t)onations and legacies 1,457 1,457 Charitable artivities Mlxed Camping Camp Fees and Acknvities Catering ArKiliary serv1￿S 172,402 827,739 153,701 196,846 172,402 827,739 153,701 196,846 other trading aLtiviUes Other income 89,835 6,000 89,835 6,000 Ti>tal 1,447,980 1,447,980 EXPENDrruRE ON Raising funds 108,193 108,194 Charitable activities Charitable activities costs 1,169,154 8,419 1,177,573 Total 1,277,347 8,420 1,285,767 NET INCOMEI(EXPENDrruRE} 170,633 (8,420) 162.213 RECONCILIATION OF FUNDS Total funds brought forward 623,307 85,565 708,872 TOTAL FUNDS CARRIED FORWARD 793,940 77,145 871,085 Page 25 continued...

Walesby Forest Notes to the Financial Statements- continued for the Year Ended 31 December 2023 14. TANGIBLE FIXED ASSErs Freehold property Long leasehold Plant and mathinery cosr At l January 2023 Addits'ons 1,052,584 107,910 iio,o¢Jo 67,775 At 31 December 2023 1,160,494 iio,000 67,775 DEPRECIATION At l January 2023 Charge for year 409,008 61,651 11,759 1,112 66,377 605 At 31 December 2023 470,659 12,871 66,982 NET BOOK VALUE At 31 December 2023 689,835 97,129 793 At 31 December 2022 643,576 98,241 1,398 Fixtures and fittings Motor vehicles Totsls cosr At l JanLJary 2023 Additions 283,217 60,020 7,445 1,521,021 167,930 At 31 December 2023 343,237 7,445 1,688,951 DEPRECIATION At l January 2023 Charge for year 231,314 20,787 2,303 1.371 720,761 85,526 At 31 De￿rnber 2023 252,101 3,674 806,287 NET BOOK VALUE At 31 December 2023 91,136 3,771 882,664 At 31 December 2022 51,903 5,142 800,260 InclLJded in the above are assets held under finan￿ leases or hlre purchases contracts. Leasehold property includes depreaation of £1,111 (2022 £1,111) and net book value of £97,129 (2022 £98,241). Page 26 confjnued...

Walesby Forest Notes to the Financial Statements- continued for the Year Ended 31 December 2023 15. sfocKS 2023 2022 Stock for re-sale 13,748 14,597 16. DEBTORS: Amoufffs FALLING DVE WITHIN ONE YEAR 2023 2022 Trade debtors VAT P￿paYments 8n 19,467 416,177 3,980 94,043 436,516 98,023 17. CREDITORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2023 2022 Bank loans and overérafts (see note 19) Hire purchase (see note 20} Trade creditors Taxation and social security Other creditors 15,586 I,iii 51,593 9,142 269,972 11,000 I,iii 37,677 16,697 332,074 347,404 398,559 The finan￿ lease in secured over the assets to whlch it relates. The bank loan is secured over the assets of the chanty. Induded withln accruals are provisions toialllng £nll (2022 - £75,300) that have arisen due to constructive obligation to maintsin the stsndard of the site, Induded In other credltors Is deferred ir￿orne of £239,71812022 - £214,418) whlch ￿lateS to deposlts receved for camps to be held In future years. 18. CREDrroRS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 2023 2022 Bank loans (see note 19) Hire purchase (see note 20} 194,420 96,018 208,604 97,130 290,438 305,734 Page 27 conttnued...

Walesby Forest Notes to the Financial Statements- continued for the Year Ended 31 December 2023 19. LOANS An analy515 of the maturity of loans is given below.. 2023 2022 Amounts falling due within one year on demand: Bank loans 15,586 11,000 Amounts falling btheen one and two years: Bank loans - 1-2 years 16,600 20,500 Amounts falling due between INO and flve years: Bank loans - 2-5 years 56,757 73,500 Amounts falling due in more than five years.. Repayable by instalments.. Bank loans more 5 yr by instal Hire purchase contrarts 121,063 91,574 114,604 92,686 212,637 207.290 20. LEASING AGREEMENTS Minimum lease payments fall due a5 follows.. Hire purchase contracts 2023 2022 Net ob11ga￿onS repayable.. within one year Between one and five years In more than five years I,iii I,iii 91,574 92,686 97,129 98,241 NOn-Can￿lIable operating leases 2023 2022 Within one year Between one and five years In more than five years 4,500 18,000 371,250 4,500 18,000 281,250 393,750 303,750 Page 28 continued...

Walesby Forest Notes to the Flnancial Statements - continued for the Year Ended 31 December 2023 21. MOVEMENT IN FUNDS Net movement in funds Transfers between nds At 31.12.23 At 1.1.23 Unrestricted funds General fund Designated - Hedge Funds Designated - Sherwood Lodge Deslgnated - Lake Repair Fund 767,826 1,217 24,897 85,039 {8,886} (1,217} {24,897) 35,000 843,979 35,000 793,940 85,039 878.979 Restrirted funds Kemp Lodge Tree Plantrng Management Van Catering Barn aimbing Wall 2018 Lodge Toilet Block Robin Hood Suite Roof 34,944 1,000 2,890 6,249 16,000 3,854 7,708 4,500 (6,670) 1105) 152) (500) 1800) (250) (500) (5001 28,274 895 2,838 5,749 15,200 3,604 7,208 4,000 77,145 (9,3771 67,768 TOTAL FUNDS 871,085 75,662 946,747 Net movement in funds, Induded in the a￿ve are as follows,. Incoming resour￿$ Resources expended movement In funds Unrestrlcted funds Generdl fund 1,562,822 {1,477,7831 85,039 Restricted funds Kemp Lodge Tree PlantiThJ Management Van Catering Bam Climbing Wall 2018 Lodge Toilet Block Robln Hood Suite Roof {6,670) (105) 152) {500) (81)0) 1250) {500) {500) (6,670) (105) 152) (500) 1800) (2501 (500) (5001 19,377) {9,377} TOTAL FUNDS 1,562,822 (1,487,160) 75,662 Page 29 continued...

Walesby Forest Notes to the Financial Ststements- continued for the Year Ended 31 December 2023 21. MOVEMENTIN FUNDS- contlnyed Comparatives for movement in funds Net movement In fuThJs At 31.12.22 At 1.1.22 Unrestricted funds General fund Designated Hedge Funds Designated - Sherw¢y)d Lodge 597,193 1,217 24,897 170,633 767,826 1,217 24,897 623,307 170,633 793,940 Restricted funds Kemp Lodge Tree Plants'ng Management Van Catering Barn aimblng Wall 2018 Lodge Toilet Block Robin Hood Suite Roof 41,614 I,ooo 2,84) 6,749 16,000 4,104 8,208 5,000 (6,670) 34,944 1,000 2,890 6,249 16,000 3,854 7,708 4,500 (500) 1250) 1500) 1500) 85,565 (8,420) 77,145 TOTAL FUNDS 708,872 162,213 871,085 Comparative net movement in funds, incluéed In the abtsve are as follows.. Incoming resour Resources expend8J Movement in funds Unrestricted funds General fund 1,447,980 {1,277,347) 170,633 Restrlcted fund$ Kemp Lodge Catering Bam 2018 Lodge Toilet 8lcKk Robin Hood Suite Roof (6,670) (51)0} (2501 (5001 15001 (6,6701 (500) (250) 1500) {500) (8,420) (8,420) TOTAL FUNDS 1,447,980 {1,285,767) 162,213 Page 30 continued...

Walesby Forest Notes to the Finantlal Statements- continued for the Year Ended 31 December 2023 21. MOVEME14T IN FUt4DS. continued A current year 12 months and prior year 12 months comblned ￿SI￿On Is as follows.. Net movement in funds Transfers btheen funds At 31,12.23 At 1.1.22 Unrestricted funds General fund Designat&l - Hedge Funds Designated - Sherwood Lodge Designated - Lake Repalr Fund 597,193 1,217 24,897 255,672 (8,886} (1,217) (24,897) 35,000 843,979 35,000 623,307 255,672 878,979 Restrlcted funds Kemp Lodge Tree Plantsng Management Van Catering Barn aimbing Wall 2018 Lodge Toilet Block Robln Hood Sulte Roof 41,614 1,000 2,890 6,749 16,000 4,104 8,208 5,000 (13,340) (105) (52) {I,000) (800) (500) 11,000) 11,000) 28,274 895 2,838 5,749 15,200 3,604 7,208 4,000 85,565 (17,797) 67,768 TOTAL FUNDS 708,872 237,875 946,747 A current year 12 month5 and prior year 12 months comblned net movement in fvnds, induded in the above are as follows: Incoming resour￿5 Resources expended Movement in funds Unrestricted funds General fund 3,010,802 12,755,130) 255,672 Restrtcted fvnds Kemp Lodge Tree Planting Management Van Catering Barn aimbing Wall 2018 Lodge Toilet B1(￿k Robin Hood Suite Roof 113,340) (1051 (521 11,000) (8001 (500} 11,0001 (1,0001 (13,340) (105} {52) 11,000) (800) {500) (1,000) (1,000) (17,797) (17,797) TOTAL FUNDS 3,010,802 (2,772,927) 237,875 Page 31 conttnued...

Walesby Forest Notes to the Financial Ststements - continued for the Year Ended 31 December 2023 22. EMPLOYEE BENEFIT OBLIGATIONS The Chartty operates a defined contribution pension scheme. The assets of the scheme a￿ hdd separately from those of the Charity in an independently administered fund. The penslon cost (harge represents contribution5 payable by the Charity to the fund and amounted to £17,241 (2022 £17,062). Conthbutions totalling £5,084 (2022 - £314} were payable to the fund at the balan￿ Sheet date. 23. RELATED PARTY DISCLOSURES T￿MaS Bow Llmited is a related party as A Bow, a Trustee, is a director of that company. During the year ended 31 Decernber 2023 the company purchased SeNi￿S and goods amounting to £829 (2022 £nill from Wale5by Forest, and supplied materials amounting to £1,09712022 £1,967) to Walesby F0tr5t. At 31 December 2023 creditors included an amount of £517 {2022 - £nll). Nottingham Gordon Memorfal Trust For Boys And Girls Is a ￿lated paty as Da￿d Huxley and Jean Ramsden, Trustees, are also Trustees of that tharity, During the year ended 31 December 2023 (2022 £nill the charity donated amounts totalling £5,000 to Walesby Forest. City of Notbngham Scout District is a related paty as Dawd Huxley, a Trustee, Is a Trustee of that harity. During the year ended 31 December 2023 (2022 £nil) £16,260 of wages relating to Nests Beaton were Pro￿ssed on the Walesby Forest payroll and recharged to the charity. ULTIMATE CONTROLLING PARTY The Centre Is Controll￿ by the Tnjstees. 25. KEY MANAGEMENT PERSONNEL Totsl ￿mUneratiOn for key management personnel was £135,461 (2022 - £189,317). Page 32

Walesby Forest Detailed Ststement of Financial Activities for the Year Ended 31 December 2023 2023 2022 INCOME AND ENDOWMENrs Donations and legacie$ Donations and legaaes 1,803 1,457 other tradlng activities special events 252,195 89,835 Investment income Interest receNable 9,727 Charitable activitie5 Camp fees and activities Catering Mixed camping Ub'lities 780,720 147,576 145,352 22,987 84,831 114,398 827,739 153,701 172,402 27,H3 79,789 89,473 141 Walesby shop Vending machlnes 1,295,864 1,350,688 other income Other income Grants received 6,000 3,233 3,233 6,000 Total Incomlng resources 1,562,822 1,447,980 EXPENDThURE Other trading activities Retail expenses Providore cost of sales Wages 6,327 93,585 23,651 6,185 81,035 20,974 123,563 108,194 Charftsble activities Elertrlcity, gas & water Sundries Site Maintenar￿e and development Rent Sanitation Site transportation and plant Activities & sports equipment Carried forward 86,123 25,111 (1,2361 9,003 74,968 11,859 35,887 241,715 64,463 17,620 66,167 6,395 74,874 12,554 56,694 298,767 Thls page does not form part of the ststutory finanaal ststements Page 33

Walesby Forest Detailed Statement of Financial Activities for the Year Ended 31 December 2023 2023 2022 Charitable activities Brought fO￿ard Catering cost of sales Event acbvities Depreciation of tsngible fixed assets 241,715 86,082 140,028 85,525 298.767 68,055 86,504 553,350 453,326 Support costs Management Wages Insuran Telephone Advertislng Sundrfes 672,410 27,501 28,334 26,772 9,971 602,989 24,657 25,823 25,611 5,573 764,988 684.653 Finance FInarI￿ costs 28,150 21,204 Governance costs Accountancy Audlt Legal and professional 3,342 9,669 4,098 2,837 7,053 8,500 17,109 18.390 Totsl resources expended 1,487,160 1,285,767 Net income 75,662 162,213 This page does not fomi part of the statL*tory finandal ststements Page 34