**REGISTERED CHARITY NUMBER: 1162650**
Report of the Trustees and
Financial Statements for the Year Ended 31 March 2025
for
The Peter Ashley Activity Centres CIO
The Peter Ashley Activity Centres CIO
## Contents of the Financial Statements for the Year Ended 31 March 2025
|||Page||
|---|---|---|---|
|Reference and Administrative Details||1||
|Chairman's Report||2||
|Report of the Trustees|3|to|13|
|Report of the Independent Auditors|14|to|16|
|Statement of Financial Activities||17||
|Balance Sheet||18||
|Cash Flow Statement||19||
|Notes to the Cash Flow Statement||20||
|Notes to the Financial Statements|21|to|30|
The Peter Ashley Activity Centres CIO
Reference and Administrative Details for the Year Ended 31 March 2025
|**TRUSTEES**|Lyn Ashley President|
|---|---|
||Daniel Hawley|
||Bruce Strugnell Chair|
||Paul Bishopp|
||Deborah Hodson (resigned 25.9.2024)|
||Stuart Seagrove|
||Elizabeth Weston|
||Bill Sainsbury|
||Michael Thornton (appointed 16.10.2024)|
|**PRINCIPAL ADDRESS**|Fort Purbrook|
||Peter Ashley Lane|
||Portsdown Hill Road|
||Portsmouth|
||PO6 1BJ|
|**REGISTERED CHARITY**|1162650|
|**NUMBER**||
|**AUDITORS**|JWR Audit Limited|
||Statutory Auditor|
||24 Picton House|
||Hussar Court|
||Waterlooville|
||Hampshire|
||PO7 7SQ|
|**BANKERS**|NatWest|
||130 Commercial Road|
||Portsmouth|
||PO1 1EJ|
|**SOLICITORS**|Knights PLC|
||1000 Lakeside North Harbour|
||Western Road|
||Portsmouth|
||PO6 3EN|
|**ACCOUNTANTS**|Maximus Accountancy Services Limited|
||47 Kensington Road|
||Chichester|
||West Sussex|
||PO19 7XS|
Page 1
The Peter Ashley Activity Centres CIO
## Chairman's Report for the Year Ended 31 March 2025
It is a privilege to reflect on another remarkable year for the Peter Ashley Activity Centres. Success, for me, is measured by the quality of the experiences we provide for young people, families and our wider community, and over the past twelve months, the feedback from participants, schools and partners has been overwhelmingly positive. It is clear that the work we do continues to make a real difference in people's lives.
When our Five-Year Strategy (2021-2026) was first set, the world around us looked very different. While economic pressures and government policy shifts have made long-term planning more challenging, the Charity has demonstrated resilience, adaptability and focus. We remain firmly on track with our objectives, now in the final stages of the Thrive Phase of our strategy. Extending the cycle to April 2026 gives us the valuable opportunity to consult widely with stakeholders as we shape the next chapter of our journey.
Our greatest strength remains our people, the thirty-one activity and equestrian staff whose dedication, skill and creativity have been nothing short of inspirational. Alongside them stands our magnificent herd of thirty horses, whose welfare and role in our programmes continue to be a top priority. Trustees and management alike have worked to ensure our staff feel supported, valued and equipped to deliver excellence, even in a climate of rising costs and operational pressures. Their ability to deliver high-quality services while keeping activities affordable for our community is an achievement we should all be proud of.
This year also saw major progress in our conservation work. The completion of the Fort Widley footbridges represents a significant milestone in safeguarding our historic sites for future generations. The fact that both of our scheduled monuments are now in better condition than they were is a considerable achievement, one made possible only through the generous support of our funding partners, including Historic England, Portsmouth City Council and the Rural Payments Agency. These partnerships continue to be a cornerstone of our success.
The Trustee Board remains committed to strengthening our governance. A refreshed skills audit will guide the recruitment of new trustees, ensuring we maintain a board equipped to meet the challenges and opportunities ahead. While the broader economic outlook remains uncertain, I am confident that with careful planning, responsible budgeting and the continued commitment of our supporters, we will remain financially resilient and operationally strong.
On behalf of the Trustees, I would like to thank our incredible staff team, volunteers, partners, funders and the community for their unwavering support and belief in what we do. Together, we are ensuring that the Peter Ashley Activity Centres not only survive but thrive, delivering exceptional opportunities and experiences for all.
Mr Bruce Strugnell - Chairman
Page 2
The Peter Ashley Activity Centres CIO
Report of the Trustees for the Year Ended 31 March 2025
The trustees present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of 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 report of the trustees has been prepared by the Chief Executive Officer on behalf of the trustees of The Peter Ashley Activities Centres CIO (charity number 1162650). Its purpose is to provide a transparent account of the Charity's activities, achievements, financial performance and strategic direction during the year under review.
The Peter Ashley Activity Centres operate from two historic Victorian fortifications (Fort Purbrook and Fort Widley) serving as inclusive community hubs that deliver outdoor education, conservation programmes and accessible recreational opportunities. The Centres offer a wide range of leisure, residential and equestrian activities, working with thousands of individuals each year to improve physical health, mental well-being and social connectedness.
This year marked an important period of consolidation and forward planning. Building on our Five-Year Strategy (2021-2026), the Charity has entered the Thrive Phase of its development. Activity levels remained high across all service areas, with notable growth in equestrian participation and a sharp rise in engagement within our archery and club-based programmes. At the same time, the Charity expanded its community outreach, introduced new services, and deepened its support for those with additional needs, including through our Riding for the Disabled provision and Holiday Activities and Food (HAF) programme.
Conservation efforts also moved forward, supported by a significant increase in grant funding and strengthened partnerships with Historic England, Portsmouth City Council, the Rural Payments Agency and other stakeholders. These relationships have enabled the Charity to progress critical heritage work while embedding a sustainable environmental approach through the Countryside Stewardship Scheme.
Throughout the year, the Trustees and staff have worked together to balance short-term delivery with long-term planning, responding with resilience to economic uncertainty and rising costs. This report reflects the collective effort of our team, volunteers, funders and partners, and highlights the ways in which we are delivering on our mission: to create meaningful and challenging opportunities in a unique environment, for the benefit of all.
The Trustees are proud to present this Annual Report and the accompanying financial statements, which have been prepared in accordance with the Charities SORP (FRS 102) and applicable UK accounting standards. On behalf of the Board, we offer our sincere thanks to all those who contribute to the success of the Peter Ashley Activity Centres.
Page 3
The Peter Ashley Activity Centres CIO
## Report of the Trustees
## for the Year Ended 31 March 2025
## **OBJECTIVES AND ACTIVITIES Objectives and aims**
The vision that shapes our annual activities is to: "Provide meaningful and challenging opportunities in a unique environment". This vision is supported by the broader mission of the charity to: "Contribute to the development of young people to be the best they can be, while using the Victorian Forts for the benefit of all". By embedding these Vision and Mission statements into the work of the charity we seek to achieve the following charity aims:
Provide Opportunities : Offer young people experiences and activities in a semi-rural setting, free from the immediate pressures and distrac tions of modern life.
Challenge and Stimulate : Deliver activities that are challenging, stimulating, and character-building.
Promote Equal Access: Ensure all activities are accessible regardless of ability, gender, ethnicity, or social background, fostering community spirit and teamwork.
Work Experience : Provide work experience opportunities for young people.
Community Use: Offer facilities for community use, supporting our primary focus on young people.
Heritage Conservation : Protect and conserve the Victorian Forts and their environment, part of the UK's rich heritage, for future generation s and for enjoyment by local, national, and international visitors.
The charity's objects which guide our efforts to achieve the charity's aims are:
Youth Development : Help young people, particularly through leisure time activities, to develop their physical, mental and social capaci ties, fostering their growth into mature individuals and members of society;
Community Benefit: Enhance the lives of South Hampshire residents and visitors, regardless of gender, sexual orientation, race, disability, or political, religious, or other opinions, by working with local authorities and organizations to advance educat ion and provide social welfare facilities for recreation and leisure.
Activity Centres: Establish and manage activity centres, either independently or in cooperation with local authorities, individuals, or organisations, to further our objectives.
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The Peter Ashley Activity Centres CIO
for the Year Ended 31 March 2025
## Report of the Trustees
## **OBJECTIVES AND ACTIVITIES Significant activities**
We focus on two core areas of charitable activities: Leisure Activities (including residential programmes) and Equestrian Activities. To support these, we generate income from various trading activities, which include:
- Adult leisure
- Catering income
- Miscellaneous leisure and equestrian income
- Adult riding
- Rental income from Purbrook and Widley
Our diverse and sustainable income streams allow us to subsidise participation costs for our core activities. We strive to provide opportunities for community engagement and to educate visitors about the heritage of our buildings.
## **Leisure Activities**
At Fort Purbrook, we offer a wide range of activities to engage the community, balancing physical activities with team-building experiences. Our accessible programmes serve a broad spectrum of disabled service users.
Our leisure activities include:
- Indoor and Outdoor Archery
- Bouldering and Accessible Climbing
- Indoor and Outdoor Rifle Shooting
- On-site and Off-site Mountain Biking
- On-site and Off-site Orienteering
- Kayaking and Canoeing
- Bushcraft and Survival Training
- Laser Tag
- Adult and Junior Assault Course
- Initiative Tests, String Trail and Team Building Activities
- School Holiday Activity Programmes
- Birthday Party Packages
- Activity and Adventure Residentials
- Soft Play Facilities (based at Fort Widley)
The leisure activities also include a comprehensive club offering, which includes:
- Senior and Junior Archery Club
- Senior and Junior Rifle Shooting Club
- Senior and Junior Judo Club
## **Equestrian Activities**
Our expanding Equestrian provision includes the successful Riding for the Disabled (RDA) programme, offering cost-effective access to equestrian activities for disabled service users.
Our Equestrian activities encompass:
- Individual Private Lessons
- Semi- Private Lessons (2-3 people booking together)
- Group Lessons
- Walk-Outs
- Mechanical Simulator
- RDA (Riding for the Disabled Association Lessons)
- RDA Carriage Driving
- Own a Pony Days
- Tiny Tots (Under 5 years Old)
Page 5
The Peter Ashley Activity Centres CIO
for the Year Ended 31 March 2025
## Report of the Trustees
## **OBJECTIVES AND ACTIVITIES**
- Indoor and Outdoor School Hire
- Stable Management Sessions
- Shows
- Pony Parties
- Special Olympics
- British Horse Society (BHS) Exams
The Equestrian activities also include a strong club offer, including:
- Pony Club Ridden Sessions
- Saddle Club
## **Public benefit**
In shaping our yearly objectives and planning activities, the Trustees consider the Charity Commission's guidance on public benefit. The Charity relies on grants, donations, and income from fees and charges to cover operating costs. The Charity continues to progress through our five-year strategy, experiencing increased engagement and associated operational income. Our sustainable approach to securing grants and donations supports our aims and objectives, with specific focus of this programme being linking to our conservation aims. We maintain positive relationships with professional organisations including the Rural Payment Agency, Historic England, Natural England and Portsmouth City Council, while developing new relationships with funders. We actively encourage community participation in our programmes and events.
Page 6
The Peter Ashley Activity Centres CIO
for the Year Ended 31 March 2025
## Report of the Trustees
## **ACHIEVEMENTS AND PERFORMANCE Charitable activities**
The 2024-25 financial year has been one of continued progress for the Peter Ashley Activity Centres, building on previous growth while adapting to a shifting funding landscape and increasing operational demands. Despite challenges within the broader economic environment, the Charity has continued to deliver a diverse and impactful programme of activities, with community engagement and inclusivity remaining at the heart of our work.
Across both sites, participation remained strong. Total audience engagement stood at 94,997, reflecting a near identical reach to the previous year. At Fort Purbrook, activity club attendance rose from 7,611 to 8,394, marking a notable 10% increase and demonstrating growing interest from both local schools and family groups. Archery sessions in particular saw a sharp rise in participation, increasing from 1,072 to 2,085 attendees, while climbing and rifle shooting also remained popular. Mountain biking saw a doubling of session delivery, supporting our objective to offer accessible outdoor learning opportunities for young people.
The Centres' residential provision experienced a dip, with 1,831 young people attending overnight programmes, compared to 2,425 the previous year. This decline is attributed in part to tightening school budgets and growing logistical challenges in group transport. However, the programme itself remained robust and well-attended, maintaining its place as a core offering.
Fort Widley continued to develop its equestrian and community services, with total participation in equestrian activities rising to 16,317, up from 14,837 the year before. Growth was recorded across private and group riding lessons, with the expansion of our Riding for the Disabled (RDA) programme being particularly significant. Participation in RDA private rides, walkouts and assessments all increased, reflecting the success of our inclusive approach and the high-quality support provided by our coaching team. Our Saddle Club and Pony Club memberships also grew, with a combined total exceeding 3,600 annual participations. A newly introduced soft play area further widened the Centre's family friendly appeal, attracting 488 users in its first year.
Community engagement remained central to our mission. Attendance at public events rose slightly to 10,653, and we continued to deliver free and subsidised access through the Holiday Activities and Food (HAF) programme. Conservation and heritage work progressed in parallel, with funding secured for vital repairs and biodiversity enhancements, helping to future-proof our sites for generations to come.
While there was a marginal decrease in total engagement compared to the previous year, this reflects a strategic refocus on quality, targeted programming and the strengthening of services for those with the greatest need. Taken together, these achievements affirm our position as a trusted community charity, delivering real impact through inclusive, heritage-based activity.
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The Peter Ashley Activity Centres CIO
for the Year Ended 31 March 2025
## Report of the Trustees
## **ACHIEVEMENTS AND PERFORMANCE**
## **Monitoring**
The trustees are responsible for monitoring and evaluating the charity's performance based on the following key criteria:
## Impact Assessment
The charity diligently monitors the impact of our offerings on service users in alignment with the charity's aims and objectives. This is achieved through a comprehensive process involving three primary data collection methods: participant feedback, targeted questioning, and case studies. Each of these methods provides valuable insights:
- Participant Feedback: Regular feedback is gathered from service users to gauge their satisfaction and identify areas for improvement.
- Targeted Questioning: Specific questions are designed to delve deeper into the users' experiences and outcomes.
- Case Studies: Detailed case studies are compiled to illustrate the real-life impact of our services on individuals.
All collected data is thoroughly reviewed, and necessary changes and improvements are implemented to enhance our service offerings.
## Increased Participation
The charity is committed to raising awareness about its work and increasing participation. A critical measure of success in this area is the number of participants utilising our facilities and the growth in these numbers over time. To achieve this, we focus on the following:
- Awareness Campaigns: Implementing strategic campaigns to raise awareness about the charity's services.
- Participation Metrics: Continuously tracking and analysing the number of participants.
- Community Analysis: Utilising data to understand the demographics and origins of our service users, thereby assessing our impact on both local and broader communities.
## Financial Sustainability
Ensuring financial sustainability is a key priority for the charity. To maintain fiscal health, the charity undertakes the following actions:
- Quarterly Reviews: Financial performance is reviewed quarterly, comparing actual results against budgeted projections and conducting year-over-year comparisons.
- Budgeting: The primary goal in budget setting is to achieve a break-even position by the end of the fiscal year (March 31st). This involves meticulous planning and allocation of resources.
- Contingency Planning: A 5% contingency fund is incorporated into the budget to safeguard the charity's financial stability against unforeseen circumstances.
By adhering to these criteria, the trustees ensure that the charity not only meets its objectives but also sustains its operations and impact over the long term.
Page 8
The Peter Ashley Activity Centres CIO
## Report of the Trustees
## for the Year Ended 31 March 2025
## **FINANCIAL REVIEW**
## **Financial review**
During 2024-25, the Charity has continued to pursue its core financial aim: to achieve a balanced position while investing meaningfully in its charitable purpose. The year has been shaped by a combination of steady trading performance, sustained capital investment and the completion of a major conservation project at Fort Widley. While overall expenditure increased in line with this activity, careful financial management and a proactive approach to grant funding ensured that the Charity remained well-positioned throughout the year.
Total income for the year was £1,352,164, a significant increase from £994,905 in the previous period. This uplift was driven by targeted capital funding, with £408,346 received in restricted grants. The Charity was particularly grateful for continued support from Historic England, who contributed £237,863 toward vital heritage works, alongside £111,602 from Portsmouth City Council and further contributions from the Rural Payments Agency. These grants enabled the successful delivery of the Widley bridge conservation project and the progression of long-term biodiversity and wider conservation commitments across both sites.
Income from charitable activities remained strong at £606,066, only slightly down from £623,023 the previous year. While leisure income saw a minor reduction, the Charity's equestrian services continued to grow, reaching £295,421 in income and reflecting increasing demand for inclusive, high-quality provision. Other trading activities, including adult riding, facility hire and newer offers such as soft play, generated £328,259, a modest but welcome increase.
Total expenditure rose to £1,418,429, compared to £1,013,880 in 2023-24. This increase was anticipated and largely reflects the completion of capital works funded in previous periods. Building-related costs totalled £651,461, nearly double the previous year, as the Charity delivered on its multi-year commitment to heritage conservation. Other rises in expenditure were spread across frontline service delivery, administration, utilities and an increase in non-recurring investment to improve infrastructure and operational sustainability.
The resulting year-end position was a net deficit of £66,265. While this represents a greater shortfall than originally forecast, it is not indicative of financial strain. The revised figure reflects a year-end adjustment, following guidance from the Charity's independent auditors, to reallocate £26,429 of capital grant income, originally recognised in 2024-25, into the current financial period (2025-26), aligning with the practical completion of the Widley bridge project. This adjustment ensures accurate income recognition and transparency in how our restricted funds are reported.
At the close of the financial year, the Charity held £179,876 in total reserves, comprising £135,666 in unrestricted funds and £44,210 in restricted funds. Unrestricted reserves remained in line with the Charity's reserve policy, while restricted reserves reflected the year-end position on capital and programme-based grants. The Charity also maintained a healthy cash position of £149,419 and remains committed to holding sufficient reserves to cover at least three months of operating costs.
The Trustees remain satisfied with the financial performance and position of the Charity. They are confident that it continues to operate from a place of financial stability, with the flexibility and foresight needed to adapt to external pressures while investing in long-term charitable impact.
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The Peter Ashley Activity Centres CIO
for the Year Ended 31 March 2025
## Report of the Trustees
## **PLANS FOR FUTURE PERIODS Five-Year Strategy: 2021-2026**
The Peter Ashley Activity Centres' Five-Year Strategy (2021-2026) was developed during one of the most challenging periods in the Charity's history. Initiated in direct response to the COVID-19 pandemic, the strategy was structured around three core phases: Respond, Recover and Thrive. These phases reflect the Charity's resilience journey, from emergency stabilisation, through to rebuilding confidence and operations, and ultimately positioning for sustainable growth and impact.
## **Respond Phase (2021-2022)**
The Respond Phase focused on safeguarding the future of the Charity during the height of the pandemic. With operations significantly curtailed, staff and trustees worked collaboratively to ensure continuity and readiness for recovery. This included using analytical tools to review financial viability and organisational resilience, engaging with national support schemes such as furlough, and prioritising the welfare of our horses and care of our sites. This period also laid the foundations for a leaner, more focused organisation, driven by a shared commitment to community service.
## **Recover Phase (2022-2024)**
By late 2022, the Charity had formally entered the Recovery Phase. This period saw a deliberate emphasis on rebuilding trust with communities, schools and local authorities. Operational capacity was expanded, and a clear focus was placed on income generation, partnership development and the refinement of our core activity offer, particularly in equestrian services, residential programmes and inclusive leisure activities. Strategic tools such as a balanced scorecard and growth matrix were used to shape our business planning and decision-making.
Notably, the Recovery Phase also enabled the Charity to reassert its role as a valued community asset. New partnerships were forged with educational institutions and public sector partners and service development was increasingly guided by data and evidence of need. Through this work, the groundwork was laid for a more outward-looking and responsive organisation.
## **Thrive Phase (2024-2026)**
In early 2024, the Charity entered the Thrive Phase, a defining period in which the focus shifts from stabilisation to strategic growth. At the heart of this phase is the question: What does a thriving Peter Ashley Activity Centres look like for our young people, for our heritage assets and for the communities we serve?
This period is characterised by the development of new, sustainable income streams, the refinement of our charitable programmes and the strengthening of governance and leadership practices. Importantly, Thrive is not just about financial growth, it is about deeper impact, broader inclusion and long-term resilience.
Trustees have taken the considered decision to extend the current strategic cycle to April 2026. This extension ensures that the final 6 months of the Thrive Phase are used effectively to consult with stakeholders, including service users, funders, delivery partners, staff and volunteers on the development of a new three-year strategy. This commitment to engagement and co-design reflects our values and ambition to evolve the Charity in partnership with the community.
## **Looking Ahead**
A refreshed action plan underpins the final stages of this strategy cycle, with key priorities including:
- Reviewing and refining our offer to meet evolving community needs;
- Securing long-term capital investment to preserve and protect our historic sites;
- Continuing to develop services that drive inclusion, accessibility and well-being;
- Building capacity within our team and governance to support sustainable delivery.
The Charity's future lies in its ability to innovate while remaining rooted in its founding purpose: to provide meaningful and challenging opportunities in a unique environment. As we look toward 2026 and beyond, we are excited to continue this journey alongside those who use, support and champion our work.
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The Peter Ashley Activity Centres CIO
for the Year Ended 31 March 2025
## Report of the Trustees
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document**
The Peter Ashley Activity Centres is a Charitable Incorporated Organisation (CIO) governed by its Constitution dated 3 June 2015. It is registered as a charity with the Charity Commission, registration number 1162650. The members of the CIO shall be its charity trustees for the time being. The only persons eligible to be members of the CIO are its charity trustees. Membership of the CIO cannot be transferred to anyone else. Any member and charity trustee who ceases to be a charity trustee automatically ceases to be a member of the CIO. If the CIO is wound up the charity trustees have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.
## **Recruitment and appointment of new trustees**
The charity has a standard process for the selection and induction of trustees and our Constitution allows for a maximum of 12 trustees. A candidate needs to satisfy trustees that they have relevant experience and expertise and can commit the necessary time to work on behalf of the charity.
The trustee selection process is:
1. Initial approach
2. Submission of CV
3. Interview 4. Invitation to attend a Board Meeting
5. Induction as a trustee
The charity would expect a candidate to be able to commit to learning about all the facets of the charity by spending time in the various areas and then to use their experience and skills to further the charity.
As set out in the Constitution on the first anniversary of the registration of this constitution with the Charity Commission one-third of the first charity trustees shall retire from office and on the second anniversary a further third of the first charity trustees shall retire from office. If the number of charity trustees is not a multiple of three, then the number nearest to one-third shall retire from office. When considering co-opting trustees, the trustees must have regard to the skills, knowledge and experience needed for the effective operation of the CIO.
## **Organisational structure**
The Board of Trustees, which can have up to 12 members but no less than 3, administers the charity. The Board normally meets quarterly and there are sub-committees covering personnel, finance and audit which meet regularly. The Chief Executive is appointed by the trustees to manage the day-to-day operations of the charity. To facilitate effective operations, the Chief Executive has delegated authority, within terms of reference approved by the trustees, for operational matters including finance, employment and charity related activities.
The charity's arrangements for setting pay for key management personnel are strictly governed by the personnel sub-committee. Salaries have been set in accordance with industry expectation and current market rates, while ensuring appropriate key performance indicators (KPI's) have been set to monitor the employee's performance. Key management personnel pay is reviewed annually in line with the overall performance of the charity.
## **Key Management Personnel**
The key management personnel to whom the trustees delegate the day to day management of the charity are as follows:
Chief Executive Officer: Darren Bridgman Head of Operations: Lisa Wheatley Centre Manager (Fort Widley): Jodie Thackeray Finance Officer: Charlotte McCarroll Health & Safety Officer: Duncan Judge
## **Induction and training of new trustees**
New trustees undergo orientation to brief them on their legal obligations under charity law, the Charity Commission guidance on public benefit, and inform them of the content of the Constitution, the committee and decision-making processes, the business plan and recent financial performance of the charity. During the induction, they meet key employees and other trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role and are directed to the Charity Commissions website to consult the wealth of advice that is available.
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The Peter Ashley Activity Centres CIO
Report of the Trustees for the Year Ended 31 March 2025
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Related parties and co-operation**
None of our Trustees receive remuneration or other benefit from their work with the charity. A charity trustee must declare the nature and extent of any interest, direct or indirect, which he or she has in any proposed transaction or arrangement with the charity or any transaction or arrangement entered into by the charity which has not previously been declared, and absent himself or herself from any discussion of the charity trustees in which it is possible that a conflict of interest will arise between his or her duty to act solely in the interests of the charity and any personal interest (including but not limited to any financial interest). Any charity trustee absenting himself or herself from any discussions in accordance with this clause must not vote or be counted as part of the quorum in any decision of the charity trustees on the matter.
## **Risk management**
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The trustees have a Risk Management Strategy which comprises:
- a quarterly review of the principal risks and uncertainties that the charity faces;
- the establishment of policies, systems and procedures to mitigate those risks identified in the annual review;
- the implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise; and
- a review of significant risks on a rolling basis at each Board Meeting.
This work has identified that financial sustainability which includes elements associated with the restoration of the building, is the major financial risk for the charity. A key component in the management of financial risk is a regular review of available funds to undertake planned repairs, settle debts as they fall due, regular liaison with the bank, and active management of trade debtors' and creditors' balances to ensure enough working capital is held by the charity. Consequently, the major focus must be in achieving substantial grant aid to halt deterioration and to restore much of the buildings to enable their continuing use.
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Charity law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under charity law the trustees must not approve the financial statements unless they are satisfied that they 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 charity for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011 and The Charity (Accounts and Reports) Regulations 2008. 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.
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The Peter Ashley Activity Centres CIO
for the Year Ended 31 March 2025
## Report of the Trustees
Approved by order of the board of trustees on 23 October 2025 and signed on its behalf by:
Bruce Strugnell - Trustee
Page 13
Report of the Independent Auditors to the Trustees of The Peter Ashley Activity Centres CIO
## **Opinion**
We have audited the financial statements of The Peter Ashley Activity Centres CIO (the 'charity') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and 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 (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
## In our opinion the financial statements:
- give a true and fair view of the state of the charity'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 accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical 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 that the trustees' use of the going concern basis of accounting in the 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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in 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 material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 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 Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the Report of the Trustees is inconsistent 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 records and returns; or
- we have not received all the information and explanations we require for our audit.
Page 14
Report of the Independent Auditors to the Trustees of The Peter Ashley Activity Centres CIO
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which 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 concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Our responsibilities for the audit of the financial statements**
We have been appointed as auditors under Section 144 of the 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 a Report of the Independent Auditors 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Irregularities, including fraud, are instances of non-compliance with laws and regulations.
We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.
Procedures performed by the audit team included:
- Discussions with management regarding known or suspected instances of non-compliance with laws and regulations; - Evaluation of controls designed to prevent and detect irregularities; and
- Assessing journals entries as part of our planned audit approach.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
As in all of our audits we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Page 15
Report of the Independent Auditors to the Trustees of The Peter Ashley Activity Centres CIO
## **Use of our report**
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 auditors' 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 charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
JWR Audit Limited Statutory Auditor 24 Picton House Hussar Court Waterlooville Hampshire PO7 7SQ
21 November 2025
Page 16
The Peter Ashley Activity Centres CIO
## Statement of Financial Activities
## for the Year Ended 31 March 2025
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
**Charitable activities**
5
Leisure
Equestrian
Other trading activities
3
Investment income
4
**Total**
**EXPENDITURE ON**
Raising funds
6
**Charitable activities**
7
Leisure
Equestrian
Administration
Building costs
Finance costs
**Total**
**NET INCOME/(EXPENDITURE)**
**Transfers between funds**
19
**Net movement in funds**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
fund
£
5,312
310,645
295,421
328,259
1,130
940,767
9,286
244,098
336,825
156,452
263,121
19,635
1,029,417
(88,650)
15,948
(72,702)
208,368
135,666|Restricted
funds
£
410,446
-
-
-
951
411,397
672
-
-
-
388,340
-
389,012
22,385
(15,948)
6,437
37,773
44,210|2025
Total
funds
£
415,758
310,645
295,421
328,259
2,081
1,352,164
9,958
244,098
336,825
156,452
651,461
19,635
1,418,429
(66,265)
-
(66,265)
246,141
179,876|2024
Total
funds
£
49,722
355,827
267,196
320,308
1,852
994,905
12,616
232,879
265,885
125,404
356,604
20,492
1,013,880
(18,975)
-
(18,975)
265,116
246,141|
|---|---|---|---|---|
The notes form part of these financial statements
Page 17
The Peter Ashley Activity Centres CIO
## Balance Sheet
## 31 March 2025
|Unrestricted
fund
Notes
£
**FIXED ASSETS**
Tangible assets
12
218,923
**CURRENT ASSETS**
Stocks
13
851
Debtors
14
78,140
Cash at bank
92,060
171,051
**CREDITORS**
Amounts falling due within one year
15
(238,940)
**NET CURRENT ASSETS**
(67,889)
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
151,034
**CREDITORS**
Amounts falling due after more than one year
16
(15,368)
**NET ASSETS**
135,666
**FUNDS**
19
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Restricted
funds
£
-
-
-
57,359
57,359
(13,149)
44,210
44,210
-
44,210|2025
Total
funds
£
218,923
851
78,140
149,419
228,410
(252,089)
(23,679)
195,244
(15,368)
179,876
135,666
44,210
179,876|2024
Total
funds
£
254,989
945
65,803
136,638
203,386
(178,318)
25,068
280,057
(33,916)
246,141
208,368
37,773
246,141|
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 23 October 2025 and were signed on its behalf by:
Bruce Strugnell - Trustee
The notes form part of these financial statements
Page 18
The Peter Ashley Activity Centres CIO
## Cash Flow Statement for the Year Ended 31 March 2025
|Notes
**Cash flows from operating activities**
Cash generated from operations
1
Net cash provided by operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
Sale of tangible fixed assets
Interest received
Net cash used in investing activities
**Cash flows from financing activities**
New loans in year
Capital repayments in year
Net cash provided by/(used in) financing activities
**Change in cash and cash equivalents in**
**the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end of**
**the reporting period**|2025
£
102
102
(15,122)
5
2,081
(13,036)
41,293
(15,578)
25,715
12,781
136,638
149,419|2024
£
71,797
71,797
(25,742)
4,500
1,852
(19,390)
-
(18,547)
(18,547)
33,860
102,778
136,638|
|---|---|---|
The notes form part of these financial statements
Page 19
The Peter Ashley Activity Centres CIO
## Notes to the Cash Flow Statement for the Year Ended 31 March 2025
## **1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**Net expenditure for the reporting period (as per the Statement of**
**Financial Activities)**
**Adjustments for:**
Depreciation charges
Loss on disposal of fixed assets
Interest received
Decrease/(increase) in stocks
(Increase)/decrease in debtors
Increase in creditors
**Net cash provided by operations**|2025
£
(66,265)
49,288
1,895
(2,081)
94
(12,337)
29,508
102|2024
£
(18,975)
61,825
2,500
(1,852)
(945)
13,295
15,949
71,797|
|---|---|---|
## **2.**
## **ANALYSIS OF CHANGES IN NET FUNDS**
||At 1.4.24|Cash flow|At 31.3.25|
|---|---|---|---|
||£|£|£|
|**Net cash**||||
|Cash at bank|136,638|12,781|149,419|
||136,638|12,781|149,419|
|**Debt**||||
|Finance leases|(52,463)|15,578|(36,885)|
|Debts falling due within 1 year|-|(41,293)|(41,293)|
||(52,463)|(25,715)|(78,178)|
|**Total**|84,175|(12,934)|71,241|
The notes form part of these financial statements
Page 20
The Peter Ashley Activity Centres CIO
Notes to the Financial Statements for the Year Ended 31 March 2025
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Income from events and activities is recognised in the accounting period in which the activity occurs and is deferred to the extent to which it relates to activities which will take place in future accounting periods.
Income from grants is recognised when the charity has received written confirmation of the offer of funding or when any conditions relating to the grant have been met.
Income from donations is recognised when it is received.
Income from legacies is recognised when it is probable that the legacy will be received and the amount receivable can be estimated with sufficient accuracy.
Rental income is recognised in the accounting period to which it relates.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Allocation and apportionment of costs**
The majority of costs can be directly attributed to the various activities of the charity based on what the expenditure is for. Where costs are apportioned, this is on a basis consistent with the use of resources, such as headcount.
## **Tangible fixed assets**
Assets purchased for the continuing use of the charity are carried in the balance sheet at their cost less depreciation. Fixed assets costing less than £500 are not capitalised.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Property improvements - 25% reducing balance Equestrian equipment - 25% reducing balance Leisure and office equipment - 20% reducing balance Motor vehicles - 20% reducing balance
Depreciation is not charged on the riding school horses as the trustees are of the opinion that their value to the charity exceeds their book value. The carrying value of the horses is reviewed at each year end and any impairment is reflected in the Statement of Financial Activities in the year in which it occurs.
continued...
Page 21
The Peter Ashley Activity Centres CIO
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
## **1. ACCOUNTING POLICIES - continued**
## **Stocks**
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Pension costs and other post-retirement benefits**
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
## **Heritage assets**
The charity operates from two Victorian forts, Fort Purbrook and Fort Widley. During the year ended 31 March 2022 the charity entered into 99-year leases of both forts from Portsmouth City Council, at a peppercorn rent. Whilst the forts are of significant heritage value, the charity is not dependent on them to deliver its activities and, given enough time, could be relocated to alternative premises. However, the aims of the charity include protecting and preserving the forts and their immediate surroundings for future generations, as part of the United Kingdom's heritage, and on this basis the forts could be classed as heritage assets.
There is no information available on the cost or valuation of the forts and, given the size and complexity of the fortifications it is not possible to obtain a valuation without incurring significant expense. Any such valuation is further complicated by the fact that there is a conservation deficit of approximately £10m across the two forts.
As the cost of providing any such information significantly outweighs any benefit to the users of the accounts, the heritage assets are not recognised on the balance sheet.
## **Debtors and creditors due within one year**
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
## **2. DONATIONS AND LEGACIES**
|Donations
Grants|2025
£
7,412
408,346
415,758|2024
£
3,314
46,408|
|---|---|---|
|||49,722|
continued...
Page 22
The Peter Ashley Activity Centres CIO
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
## **2. DONATIONS AND LEGACIES - continued**
Grants received, included in the above, are as follows:
|Historic England
Portsmouth City Council
Other
Rural Payments Agency|2025
£
237,863
111,602
3,500
55,381
408,346|2024
£
-
39,208
7,200
-|
|---|---|---|
|||46,408|
The grants from Portsmouth City Council include £101,305 (2024 £25,020) payable towards the conservation of the forts.
## **3. OTHER TRADING ACTIVITIES**
## **4.**
## **5.**
|Adult leisure
Catering income
Adult riding
Miscellaneous income - leisure
Miscellaneous income - equestrian
Rental income - Purbrook
Rental income - Widley
**INVESTMENT INCOME**
Deposit account interest
**INCOME FROM CHARITABLE ACTIVITIES**
Activity
Youth leisure activities
Leisure
Youth rental
Leisure
Youth riding
Equestrian|2025
£
28,695
2,497
83,145
15,809
8,498
61,710
127,905
328,259
2025
£
2,081
2025
£
180,072
130,573
295,421
606,066|2024
£
24,674
2,009
76,265
14,715
13,663
63,445
125,537|
|---|---|---|
|||320,308|
|||2024
£
1,852
2024
£
157,051
198,776
267,196|
|||623,023|
continued...
Page 23
The Peter Ashley Activity Centres CIO
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
## **6. RAISING FUNDS**
## **Other trading activities**
|Purchases
**CHARITABLE ACTIVITIES COSTS**
Leisure
Equestrian
Administration
Building costs
Finance costs
**SUPPORT COSTS**
Equestrian
Administration
Building costs
Finance costs|Direct
Costs
£
244,098
335,081
14,090
13,424
-
606,693
Management
£
1,744
142,362
638,037
15,696
797,839|2025
£
9,958
Support
costs (see
note 8)
£
-
1,744
142,362
638,037
19,635
801,778
Governance
costs
£
-
-
-
3,939
3,939|2024
£
12,616
Totals
£
244,098
336,825
156,452
651,461
19,635|2024
£
12,616
Totals
£
244,098
336,825
156,452
651,461
19,635|2024
£
12,616|
|---|---|---|---|---|---|
||||1,408,471|||
|||||Totals
£
1,744
142,362
638,037
19,635||
|||||801,778||
## **7. CHARITABLE ACTIVITIES COSTS**
## **8. SUPPORT COSTS**
Governance costs includes £3,000 (2024: £2,760) payable to the auditors.
## **9. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.
## **Trustees' expenses**
|**Trustees' expenses**|||
|---|---|---|
||2025|2024|
||£|£|
|Trustees' expenses|939|1,030|
No trustees were reimbursed for any expenses during the year or during the prior year.
continued...
Page 24
The Peter Ashley Activity Centres CIO
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
## **10. STAFF COSTS**
|Wages and salaries
Social security costs
Other pension costs|2025
£
578,231
42,322
10,129
630,682|2024
£
555,696
40,433
10,351|
|---|---|---|
|||606,480|
The average monthly number of employees during the year was as follows:
|Leisure
Equestrian
Management|2025
11
11
6
28|2024
11
10
6|
|---|---|---|
|||27|
No employees received emoluments in excess of £60,000.
## **11.**
|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL**
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
**Charitable activities**
Leisure
Equestrian
Other trading activities
Investment income
**Total**
**EXPENDITURE ON**
Raising funds
**Charitable activities**
Leisure
Equestrian
Administration
Building costs
Finance costs
**Total**
**NET INCOME/(EXPENDITURE)**
**Transfers between funds**
**Net movement in funds**
**RECONCILIATION OF FUNDS**
Total funds brought forward|**ACTIVITIES**
Unrestricted
fund
£
10,214
355,827
267,196
320,308
1,474
955,019
9,884
232,879
265,885
125,404
356,918
20,492
1,011,462
(56,443)
10,960
(45,483)
253,851|Restricted
funds
£
39,508
-
-
-
378
39,886
2,732
-
-
-
(314)
-
2,418
37,468
(10,960)
26,508
11,265|Total
funds
£
49,722
355,827
267,196
320,308
1,852
994,905
12,616
232,879
265,885
125,404
356,604
20,492
1,013,880
(18,975)
-
(18,975)
265,116|
|---|---|---|---|
Page 25
continued...
The Peter Ashley Activity Centres CIO
## Notes to the Financial Statements - continued for the Year Ended 31 March 2025
## **11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**
|**TOTAL FUNDS CARRIED FORWARD**
**12.**
**TANGIBLE FIXED ASSETS**
Improvements
to
property
£
**COST**
At 1 April 2024
310,877
Additions
4,592
Disposals
-
Reversal of impairments
-
At 31 March 2025
315,469
**DEPRECIATION**
At 1 April 2024
191,029
Charge for year
30,127
At 31 March 2025
221,156
**NET BOOK VALUE**
At 31 March 2025
94,313
At 31 March 2024
119,848|Plant and
machinery
£
89,075
9,025
(3,000)
1,100
96,200
27,451
4,244
31,695
64,505
61,624||Unrestricted
fund
£
208,368
Fixtures
and
fittings
£
43,959
1,505
-
-
45,464
23,250
4,356
27,606
17,858
20,709||Restricted
funds
£
37,773
Motor
vehicles
£
76,060
-
-
-
76,060
23,252
10,561
33,813
42,247
52,808||Total
funds
£|
|---|---|---|---|---|---|---|---|
||||||||246,141|
||||||||Totals
£
519,971
15,122
(3,000)
1,100
533,193
264,982
49,288
314,270
218,923
254,989|
The net book value of assets held under finance leases and similar hire purchase agreements at the balance sheet date was £40,779 (2024 £54,371), and is included in improvements to property.
## **13. STOCKS**
|Stocks
**14.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade debtors
Other debtors|2025
£
851
2025
£
48,991
29,149
78,140|2024
£
945
2024
£
30,116
35,687|2024
£
945|
|---|---|---|---|
|||65,803||
Page 26
continued...
The Peter Ashley Activity Centres CIO
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
## **15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||
|---|---|---|
|Hire purchase (see note 18)
Trade creditors
Taxation and social security
Other creditors|2025
£
21,517
42,054
8,756
179,762
252,089|2024
£
18,547
32,539
8,738
118,494|
|||178,318|
Other creditors includes £108,410 (2024 £101,677) of deferred income, which represents amounts received in advance of activities and rental income in respect of future periods.
## **16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
|Hire purchase (see note 18)
**17.**
**LOANS**
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Other loans
**18.**
**LEASING AGREEMENTS**|2025
£
15,368
2025
£
41,293|2024
£
33,916|
|---|---|---|
|||2024
£
-|
||||
Minimum lease payments fall due as follows:
||Hire purchase contracts|Hire purchase contracts|Hire purchase contracts|
|---|---|---|---|
||2025||2024|
||£||£|
|Net obligations repayable:||||
|Within one year|21,517||18,547|
|Between one and five years|15,368||33,916|
||36,885||52,463|
||Non-cancellable||operating|
|||leases||
||2025||2024|
||£||£|
|Within one year|7,046||6,088|
|Between one and five years|8,453||10,112|
||15,499||16,200|
Operating lease payments made during the year amounted to £7,355 (2024 £6,191).
continued...
Page 27
The Peter Ashley Activity Centres CIO
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
## **19. MOVEMENT IN FUNDS**
|**Unrestricted funds**
General fund
**Restricted funds**
Riding for Disabled Fund
Historic Forts Conservation Fund
Horse Welfare Fund
Lottery Community Fund
Holiday Activities Fund
**TOTAL FUNDS**
Net movement in funds, included in the above are as
**Unrestricted funds**
General fund
**Restricted funds**
Riding for Disabled Fund
Historic Forts Conservation Fund
Horse Welfare Fund
Holiday Activities Fund
**TOTAL FUNDS**|At 1.4.24
£
208,368
8,838
25,712
-
900
2,323
37,773
246,141
follows:||
|---|---|---|
||||
continued...
Page 28
The Peter Ashley Activity Centres CIO
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
## **19. MOVEMENT IN FUNDS - continued**
**Comparatives for movement in funds**
|**Unrestricted funds**
General fund
**Restricted funds**
Riding for Disabled Fund
Historic Forts Conservation Fund
Lottery Community Fund
Holiday Activities Fund
Sustainable Travel Fund
**TOTAL FUNDS**|At 1.4.23
£
253,851
8,538
-
900
1,827
-
11,265
265,116|Net
movement
in funds
£
(56,443)
300
25,712
-
9,385
2,071
37,468
(18,975)|Transfers
between
funds
£
10,960
-
-
-
(8,889)
(2,071)
(10,960)
-|At
31.3.24
£
208,368
8,838
25,712
900
2,323
-|
|---|---|---|---|---|
|||||37,773|
|||||246,141|
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Riding for Disabled Fund
Historic Forts Conservation Fund
Holiday Activities Fund
Sustainable Travel Fund
**TOTAL FUNDS**|Incoming
resources
£
955,019
300
25,398
12,117
2,071
39,886
994,905|Resources
expended
£
(1,011,462 )
-
314
(2,732)
-
(2,418)
(1,013,880 )|Movement
in funds
£
(56,443)
300
25,712
9,385
2,071|
|---|---|---|---|
||||37,468|
||||(18,975)|
The Historic Fort Conservation Fund is grants received from Historic England and other parties towards the repair of Fort Purbrook and Fort Widley, less the related expenditure up to the balance sheet date.
The Riding for the Disabled Fund consists of donations given to purchase horses and equipment suitable for use by the profoundly disabled.
The Lottery Community Fund consists of a grant for the provision of free activities for key workers.
The Horse Welfare Fund consists of a donation towards the upkeep of the horses.
The Holiday Activities Fund consists of grants from Portsmouth City Council to fund activities for local children during the school holidays.
continued...
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The Peter Ashley Activity Centres CIO
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
## **20. RELATED PARTY DISCLOSURES**
The charity charged Woodland Crafts Limited, a business connected with Paul Bishopp, a trustee, £4,546 (2024: £4,520) in total for the use of the charity's facilities during the year. None of this amount was unpaid at the balance sheet date.
In the year purchases were made from the tack shop by two employees, Jodie Thackeray and Darren Bridgeman. These items were purchased at cost and the total value of these transactions was as follows: Jodie Thackeray £25.88, Darren Bridgeman £29.25. There were no outstanding balances at the balance sheet date. In addition, Lisa Wheatley, an employee, purchased bedding for a cost of £90. This amount was outstanding at the balance sheet date.
There were no other transactions with related parties during the year to be disclosed.
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