REGISTERED COMPANY NUMBER: 10735297 (England and Wales) REGISTERED CHARITY NUMBER: 1173521
Group Report of the Trustees and Group Financial Statements for the Year Ended 31 March 2024
for Bath Recreation Limited
Sumer Auditco Limited Statutory Auditor Chartered Accountants County Gate County Way Trowbridge Wiltshire BA14 7FJ
Bath Recreation Limited
Contents of the Financial Statements for the Year Ended 31 March 2024
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 6 |
| Report of the Independent Auditors | 7 to 9 |
| Consolidated Statement of Financial Activities | 10 |
| Consolidated Balance Sheet | 11 |
| Charity Balance Sheet | 12 |
| Consolidated Cash Flow Statement | 13 |
| Notes to the Consolidated Financial Statements | 14 to 26 |
Bath Recreation Limited
Reference and Administrative Details for the Year Ended 31 March 2024
TRUSTEES Jason Dalley (Chair) Naomi Defroand (Vice Chair) Martin Harman CBE Keziah Trump Mark Powell (resigned 25 October 2024) Alistair Colston Angela Lewis (resigned 31 August 2023) Tim Withers (resigned 31 December 2023) Helen Donovan (appointed 20 September 2023) REGISTERED OFFICE Pulteney Mews Bath BA2 4DS
REGISTERED COMPANY NUMBER 10735297 (England and Wales) REGISTERED CHARITY NUMBER 1173521 AUDITORS Sumer Auditco Limited Statutory Auditor Chartered Accountants County Gate County Way Trowbridge Wiltshire BA14 7FJ BANKERS HSBC 41 Southgate Bath BA1 1TN SOLICITORS Veale Wasborough Vizards Narrow Quay House Narrow Quay Bristol BS1 4QA INVESTMENT MANAGER Investec Wealth & Investment Limited 3 Temple Quay 3 Temple Back East Bristol BS1 6DZ
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Bath Recreation Limited
Report of the Trustees for the Year Ended 31 March 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. 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 financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and 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
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charitable company has continued to deliver its objectives at the Recreation Ground and other sites; the provision, with or without charge, of property in or near Bath (including, but not limited to, the Bath Recreation Ground) for use as indoor (to assist in providing ancillary recreation facilities such as changing rooms, toilets and clubhouses and the like to support outdoor recreational space) and outdoor recreational facilities for the benefit of the public.
Our strategic focus is to build our influence by acting as a voice for the benefits of recreation and the preservation of key facilities, provide sustainable growth of our organisation and maintain robust financial stability in order to achieve the best impact possible in the recreation property landscape locally.
We have continued to provide recreation facilities for a wide range of organisations and activities; we have produced a separate impact report annually for the last 3 years which is distributed widely to demonstrate our work and impact to beneficiaries. Our foundational work with schools and young people continues to deliver great impact and we have moved to bringing staff to support this work into employed roles rather than rely on contracted suppliers. The aim is to deepen relationships with schools and organisations over the long term, the accounts will show this direct investment in staff costs which the trustees continue to feel is a positive step forward as we create permanent jobs for local people.
We have continued to grow our partnerships with direct support from St John's Foundation, the Medlock Charitable Trust and the George Cadbury Trust specifically to deliver the Glasshouse Academy programme and to target primary schools with high levels of need (such as the number of children entitled to free school meals, with special educational needs or English as a second language). The trustees see this type of collaboration to be a force multiplier as we harness greater skills and capabilities for the good of our shared beneficiaries. An initial 5-year agreement for funding from St Johns Foundation is in the final year and we are working with them to review the impact and look at future collaboration.
As part of our strategy to diversify our capabilities and revenue the wholly owned trading subsidiary, Bath Recreation Trading Limited, has completed a very successful first year of activity. Following an extended period of due diligence and professional advice the Trustees approved the acquisition of an existing, complimentary business. The transaction was for equipment, goodwill and existing client base and was subsumed seamlessly in February 2024. The aim was to accelerate the benefit to the Charity of the Trading Company and the first 6-months of trading have been above budget and expectations.
The activities undertaken across our estate during the year are considered by the Trustees to be of direct benefit to the public at large, and they confirm that they have had regard to the guidance issued by the Charity Commission on public benefit and have followed this in planning and undertaking the activities.
The charitable company does not actively solicit donations from the public and has no need to develop formal policies on its fundraising approach at this stage.
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Bath Recreation Limited
Report of the Trustees for the Year Ended 31 March 2024
ACHIEVEMENT AND PERFORMANCE Charitable activities
Following on from the Covid recovery focus last year the Board again set a challenging budget to ensure all in-year revenue was utilised in direct activity. The expansion of the Trading Company has assisted beneficiaries as we have greater capacity and capability to support organisations with increasing costs in maintaining recreation property.
Our property and sites have now built activity back up to pre-covid levels with old activities returning, some that didn’t are now replaced by new activities and bookings. The Recreation Ground played host to Bath Rotary Fireworks, Bath Carnival and a wide range of school festivals during the year. Glasshouse has continued to develop a wide range of beneficiaries with schools activity on the increase. A strong relationship has developed with the Local Authority Children Services team and the site is used for activities and staff training.
As the post covid impact is becoming more clear we have maintained the ability to support key community organisations with advice and financial support. We are focused on our charitable objects and vulnerable recreation property has been at the forefront of our activity. As such we are working closely with a local sports club, Odd Down AFC to protect and enhance their facilities for the good of the community. We expect there to be an increase in owner operated community sites with low liquidity coming under pressure and remain mindful to hold sufficient reserves to assist where appropriate and within our means.
The new management and trustee working group structure introduced last year is now operating coherently supporting our growth and strong decision making between the executive and Board of Trustees. Whilst the Property Working Group maintain focus on the stadium and Odd Down site opportunities the Education Working Group is shifting their focus to add strategic partnerships and future strategy to the oversight of the Glasshouse and Buds programmes.
The Charity subsidiary company has delivered a positive financial contribution and is ahead of budget to meet expectations in the current financial year. Aside from the diversification of revenue the Trading Company is broadening our reach into the recreation community and provides harmonious support to the recreation property landscape. One key secondary benefit is the creation of permanent jobs that preserve key skills needed to support recreation activity such as the maintenance of cricket wickets and fine turf sports pitches. As our operating area is also a Conservation Area, small community organisations can find their obligations to maintain trees a significant burden and this is an additional benefit to the expertise we now possess.
FINANCIAL REVIEW Reserves policy
It is the policy of the Trustees that the charitable company should hold sufficient unrestricted reserves to enable it to meet its ongoing commitments equal to 6 months operating expenditure.
For the year ending 31 March 2024 this was approximately £0.48m and cash held at year end was £0.33m.
A further £1.2m is held in an investment portfolio and this amount is held to provide sufficient resources to enable the Charity to fund any additional opportunities for the charitable company’s objectives to be furthered as they may arise.
Of the remaining reserves £7.4m are not easily realisable as they relate to fixed assets or freehold property.
The Charity has recently designated £400k to capital projects.
Details of the restricted, endowment and unrestricted funds available to the charitable company at the balance sheet date are given in note 19 to these financial statements. The Trustees consider the reserves position at this date to be satisfactory.
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Bath Recreation Limited
Report of the Trustees for the Year Ended 31 March 2024
Going concern
The charitable company receives the majority of its ongoing income from Bath Rugby and Bath and North East Somerset Council for the ongoing use of its facilities. A significant proportion of this income relates to leases granted by the charitable company which have an end date in 2069 and the Trustees are of the view that this provides sufficient security to mitigate any risk to its continued existence.
Taking into account the operations of the charitable company and the current reserves position, the Trustees are of the opinion that the going concern basis for the preparation of the financial statements is appropriate.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity operating through a company limited by guarantee which is the sole Trustee of Bath Recreation Ground Trust is governed by a Scheme dated 14 December 2016, a Direction given on 3 November 2017 and the Articles of Association. The Articles of Association were amended by resolution on 9 March 2022 to reflect the changing needs for the governance structure. The additional provision for an extra 3-year term of office (changing the maximum period from 6 years to 9 years).
Recruitment and appointment of new trustees
The Company Trustee body is made up of not less than three co-opted trustees. Following the removal of nominating bodies one of the nominated trustees was retained as a co-opted trustee and the recruitment process was started to identify 2 new trustees with specialist knowledge and experience in the property and education fields.
Alistair Colston and Tim Withers joined the Board of Trustees in June 2022 and add strength to key areas as identified above. After serving the charity for 1 year Tim Withers resigned and Helen Donovan joined in September 2023.
When appointing co-opted Trustees, the Trustees must:
a. identify the needs of the charity regarding skills or knowledge of its Trustees; and
b. consider the extent to which appointees demonstrate the skills or knowledge; and
c. not appoint members of Bath and North East Somerset Council.
Of the co-opted Trustees, the Trustees must appoint at least one whose skills and knowledge include an ability to represent those groups of beneficiaries that use the recreation ground, other than Bath Rugby.
In appointing co-opted Trustees, the Trustees must have regard to the desirability of advertising or using trustee brokerage services. Candidates must be asked to consider and declare any existing or potential conflicts of interest before appointment.
At least three of the Trustees must be resident within 5 miles of Bath Abbey.
The Trustees are responsible for monitoring the ongoing risks facing the charitable company. The Trustees are satisfied that major risks have been reviewed and that systems and procedures appropriately established to manage those risks.
Key management remuneration
Trustees are not remunerated by the charity. Remuneration levels of the charitable company's key management are set in accordance with market rates and kept under review by the Trustees.
Events since the year end
Information relating to events since the end of the year is given in the notes to the financial statements.
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Bath Recreation Limited
Report of the Trustees for the Year Ended 31 March 2024
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Bath Recreation Limited for the purposes of company law) are responsible for preparing the Report of the Trustees 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".
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company 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 charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
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Bath Recreation Limited
Report of the Trustees for the Year Ended 31 March 2024
AUDITORS
The auditors, Sumer Auditco Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 11 November 2024. and signed on its behalf by:
........................................................................ Jason Dalley - Trustee
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Report of the Independent Auditors to the Members of Bath Recreation Limited
Opinion
We have audited the financial statements of Bath Recreation Limited (the ‘parent charity’) and its subsidiary (‘the group’)for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated 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:
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give a true and fair view of the state of the group’s and of the parent charity’s affairs as at 31 March 2024 and the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;
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- 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
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (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 charitable company 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 charitable company'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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
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Report of the Independent Auditors to the Members of Bath Recreation Limited
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
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:
Based on our understanding of the charitable company and sector, we identified that the principal risks of non-compliance with laws and regulations related company and charity legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements of the charitable company. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Statement of Recommended Practice and the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to potential lack of segregation of duties, bookkeeping errors and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included:
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Enquiry of management and those charged with governance about any known or suspected instances of noncompliance with laws and regulations and fraud;
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Reviewing minutes of meetings of those charged with governance and any correspondence with The Charity Commission;
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Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
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Performing analytical procedures to identify any unusual or unexpected relationship that might indicate a risk of material misstatement due to fraud;
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Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
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. Also, 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 or intentional misrepresentations, or through collusion.
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.
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Report of the Independent Auditors to the Members of Bath Recreation Limited
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. - James Gare (Senior Statutory Auditor) for and on behalf of Sumer Auditco Limited Statutory Auditor Chartered Accountants County Gate County Way Trowbridge Wiltshire BA14 7FJ
Date: 20 November 2024
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Bath Recreation Limited
| Consolidated Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 March 2024 Unrestricted Restricted Endowment fund funds fund Notes £ £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 56,586 - - Charitable activities 4 Provision of recreational facilities and supporting events consistent with the charitable objects Other trading activities – income from subsidiary 416,537 117,014 - - Investment income 3 273,048 - - Total 863,185 - - EXPENDITURE ON Fundraising Raising funds – cost of running subsidiary 41,684 - - Charitable activities 5 Provision of recreational facilities and supporting events consistent with the charitable objects 922,100 - - 963,784 - - Net gains/(losses) on investments 58,890 - - NET INCOME/(EXPENDITURE) (41,709) - - RECONCILIATION OF FUNDS Total funds brought forward 2,941,015 - 6,080,953 TOTAL FUNDS CARRIED FORWARD 2,899,306 - 6,080,953 Total |
2024 Total funds £ 56,586 416,537 117,014 273,048 863,185 41,684 922,100 963,784 58,890 (41,709) 9,021,968 8,980,259 |
2023 Total funds £ 63,300 503,990 53,275 303,880 924,445 26,707 791,890 818,597 (84,964) 20,884 9,001,084 9,021,968 |
|---|---|---|
The notes form part of these financial statements
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Bath Recreation Limited (Registered number: 10735297)
| Consolidated Balance Sheet | Consolidated Balance Sheet | ||
|---|---|---|---|
| 31 March 2024 | |||
| 2024 | 2023 | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Intangible assets 12 | Intangible assets 12 | 442,500- | - |
| Tangible assets | 13 | 3,763,612 | 3,712,421 |
| Investments | |||
| Investments | 14 | 1,193,287 | 1,116,880 |
| Investment property | 15 | 3,670,000 | 3,670,000 |
| 9,069,399 | 8,499,301 | ||
| CURRENT ASSETS | |||
| Debtors | 16 | 74,188 | 156,993 |
| Cash at bank | 329,644 | 536,559 | |
| 403,832 | 693,552 | ||
| CREDITORS | |||
| Amounts falling due within one year | 17 | (192,972) | (170,885) |
| NET CURRENT ASSETS | 210,860 | 552,667 | |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 9,280,259 | 9,021,968 | |
| CREDITORS | |||
| Amounts falling due after more than one year | 18 | (300,000) | - |
| NET ASSETS | 8,980,259 | 9,021,968 | |
| FUNDS | 19 | ||
| Unrestricted funds | 2,499,306 | 2,941,015 | |
| Designated funds | 400,000 | - | |
| Endowment funds | 6,080,953 | 6,080,953 | |
| TOTAL FUNDS | 8,980,259 | 9,021,968 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 11 November 2024 and were signed on its behalf by:
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.............................................
Jason Dalley - Trustee
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The notes form part of these financial statements
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Bath Recreation Limited (Registered number: 10735297)
| Charity Balance Sheet | |||
|---|---|---|---|
| 31 March 2024 | |||
| 2024 | 2023 | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Intangible Assets | 12 | 442,500 - | 442,500 - |
| Tangible assets | 13 | 3,763,612 | 3,712,421 |
| Investments | |||
| Investments | 14 | 1,193,288 | 1,116,881 |
| Investment property | 15 | 3,670,000 | 3,670,000 |
| 9,069,400 | 8,499,302 | ||
| CURRENT ASSETS | |||
| Debtors | 16 | 139,529 | 205,158 |
| Cash at bank | 228,855 | 482,603 | |
| 368,384 | 687,761 | ||
| CREDITORS | |||
| Amounts falling due within one year | 17 | (187,158) | (166,663) |
| NET CURRENT ASSETS | 181,226 | 521,098 | |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 9,250,626 | 9,020,400 | |
| CREDITORS | |||
| Amounts falling due after more than one year | 18 | (300,000) | - |
| NET ASSETS | 8,950,626 | 9,020,400 | |
| FUNDS | 19 | ||
| Unrestricted funds | 2,469,673 | 2,939,447 | |
| Designated funds | 400,000 | - | |
| Endowment funds | 6,080,953 | 6,080,953 | |
| TOTAL FUNDS | 8,950,626 | 9,020,400 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 11 November 2024 and were signed on its behalf by:
............................................. Jason Dalley - Trustee
The notes form part of these financial statements
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Bath Recreation Limited
| Consolidated Cash Flow Statement for the Year Ended 31 March 2024 2024 Notes £ Cash flows from operating activities Group cash generated from operations 22 425,967 Net group cash (used in)/provided by operating activities 425,967 Group cash flows from investing activities Purchase of tangible fixed assets (150,000) Purchase of fixed asset investments (396,672) Acquisition of trade (450,000) Sale of fixed asset investments 347,000 Investment fees charged 10,742 Interest received 6,048 Net group cash used in investing activities (632,882) Change in group cash and cash equivalents in the reporting period (206,915) Group cash and cash equivalents at the beginning of the reporting period 536,559 Group cash and cash equivalents at the end of the reporting period 329,644 |
2023 £ 52,228 52,228 (24,717) (297,347) - 274,144 10,770 1,966 (35,184) 17,044 519,515 536,559 |
|---|---|
The notes form part of these financial statements
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Bath Recreation Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Bath Recreation Limited as a charitable company established in England and Wales. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £1 per member of the charitable company. The address of the registered office is given in the reference and administrative details on page 1 of these financial statements. The nature of the charitable company's operations and principal activities are described in the Report of the Trustees.
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The functional currency of the charitable company, and the presentation currency of these financial statements is the pound sterling ("£").
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated
Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from approving these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
Preparation of consolidated financial statements
The financial statements consolidate the results of the Charity and its wholly-owned subsidiary Bath Recreation (Trading) Limited both of which make up their financial statements to 31 March. A separate statement of financial activities, or income and expenditure account, for the charity itself is not presented because the charity has taken advantage of the exemptions afforded by Section 408 of the Companies Act 2006.
Income
All income is recognised in the Statement of Financial Activities once the charitable company has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
Fees and rental income receivable
Fees and rental income receivable are recognised in the Statement of Financial Activities in the period to which they relate. Where fee or rental income is received or receivable in advance of the period to which it relates, its recognition is deferred and included in creditors as deferred income.
Donations
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing.
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.
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continued...
Bath Recreation Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
1. ACCOUNTING POLICIES - continued
Intangible fixed assets
Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is 10 years.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - Nil Glasshouse building - 2% on straight line basis Improvements to property - 10% on reducing balance Machinery and equipment - 25% on reducing balance Motor vehicles - 25% on reducing balance
No depreciation is charged on land. Assets costing over £250 are capitalised.
Investments
Listed investments are included in the balance sheet at fair value (their market value).
The realised and unrealised gains on investments are reflected in the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value as the period end and opening market value (or purchase date if later). Realised and unrealised gains are not separated in the statement of financial activities.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Taxation
The charitable company is exempt from corporation 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 charitable company. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
The charitable company has a single permanent endowment which represents the land and buildings of the Bath Recreation Ground. As described in Note 23, the recreation ground is held by a linked charity
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Linked charities
Branch accounting has been adopted for the linked unincorporated charitable trust, see Note 24.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash at bank
Cash at bank includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
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Bath Recreation Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
1. ACCOUNTING POLICIES - continued
Financial instruments
The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transition value and subsequently measured at their settlement value.
Debtors
Critical accounting estimates and areas of judgement
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions
The charitable company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant impact on the carrying amounts of assets and liabilities within the next financial year are:
-
the useful economic life of the charitable company's tangible fixed assets;
-
the proportion of the overall land value that relates to buildings on the charitable company's land.
Critical areas of judgement
The charitable company includes its investment property at an estimated value of £3.67m. In the absence of an intention to sell and a committed buyer, this figure is a matter of judgement for the Trustees in consultation with their professional advisers.
2. DONATIONS AND LEGACIES
| Other donations 3. INVESTMENT INCOME Rent from Bath & North East Somerset Council Dividend income Deposit account interest Other interest receivable 4. INCOME FROM CHARITABLE ACTIVITIES |
2024 £ 56,586 2024 £ 238,742 28,258 6,048 - 273,048 |
2023 £ 63,300 |
|---|---|---|
| 2023 £ 278,711 23,020 1,966 183 |
||
| 303,880 | ||
| 2024 Provision of recreational facilities and supporting events consistent with the charitable £ Bath Rugby 246,670 Other income 140,667 Grants 29,200 416,537 |
2023 Total activities £ 294,649 178,316 31,025 503,990 |
|---|---|
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Bath Recreation Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
4. INCOME FROM CHARITABLE ACTIVITIES – continued
Rental income
The charity has the following amounts of rent due to it under operating lease agreements with various tenants at the Recreation Ground site:
| Due within two | and five | Due in more than | Due in more than | Due in more than | ||
|---|---|---|---|---|---|---|
| Due within one year | years | five years | ||||
| Rental income due | 416,294 | 944,067 | 8,318,944 | |||
| 5. | CHARITABLE ACTIVITIES COSTS | |||||
| Support | ||||||
| Direct | costs (see | |||||
| Costs | note 6) | Totals | ||||
| £ | £ | £ | ||||
| Provision of recreational facilities and | ||||||
| supporting events consistent with the | 820,247 | 101,853 | 922,100 | |||
| charitable objects | ||||||
| 6. | SUPPORT COSTS | |||||
| Governance | ||||||
| Other | costs | Totals | ||||
| £ | £ | £ | ||||
| Provision of recreational facilities and | ||||||
| supporting events consistent with the | 27,778 | 74,075 | 101,853 | |||
| charitable objects | ||||||
| 7. | NET INCOME/(EXPENDITURE) | |||||
| Net income/(expenditure) is stated after charging/(crediting): | ||||||
| 2024 | 2023 | |||||
| £ | £ | |||||
| Depreciation - owned assets | 98,812 | 100,154 | ||||
| Goodwill amortisation | 7,500 | - | ||||
| 8. | AUDITORS' REMUNERATION | |||||
| 2024 | 2023 | |||||
| £ | £ | |||||
| Fees payable to the charity's auditors for the audit of the charity's financial | ||||||
| statements | 13,300 | 11,000 | ||||
| Fees payable to the charity's auditors for other services: | ||||||
| Accounts, VAT advice and payroll | 745 | 3,750 | ||||
| Total audit fees | 14,045 | 14,750 |
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no other trustees' remuneration or benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
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Bath Recreation Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
9. TRUSTEES' REMUNERATION AND BENEFITS - continued
Trustees' expenses
During the year reimbursed expenses totalling £1,016 (2023: £765) were paid to five (2023: five) trustees for travel and training.
10. STAFF COSTS
| Wages and salaries Social security costs Other pension costs |
2024 £ 310,144 25,209 7,614 342,967 |
2023 £ 233,649 19,682 5,196 |
|---|---|---|
| 258,527 |
Included in wages and salaries are redundancy payments amounting to £nil (2023 - £nil).
The average monthly number of employees during the year was as follows:
| Management and administration Ground management |
2024 3 7 10 |
2023 1 7 |
|---|---|---|
| 8 |
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
| 2024 | 2023 | ||
|---|---|---|---|
| £70,001 | - £80,000 | - | 1 |
| £80,001 | - £90,000 | 1 | - |
The key management personnel of the charity comprise the trustees and the Chief Executive, to whom responsibility for the day-to-day activities of the charity is delegated. The total employee benefits received by key management personnel during the year were £89,785 (2023: £79,593).
11. COMPARATIVES FOR THE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Provision of recreational facilities and supporting events consistent with the charitable objects Other trading activities – Income from subsidiary Investment income Total EXPENDITURE ON Charitable activities Provision of recreational facilities and supporting events consistent with the charitable objects Raising funds – cost of running Subsidiary Net gains / (Losses) on investments |
Unrestricted fund £ 63,300 503,990 53,275 303,879 924,445 791,890 26,707 (84,964) |
Restricted funds £ - - - - - - - - |
Endowment fund £ - - - - - - - |
Total funds £ 63,300 503,990 53,275 303,879 924,445 791,890 26,707 (84,964) |
|---|---|---|---|---|
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Bath Recreation Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
11. COMPARATIVES FOR THE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES - continued
| NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 12. INTANGIBLE FIXED ASSETS CHARITY AND GROUP COST Additions AMORTISATION Charge for year NET BOOK VALUE At 31 March 2024 At 31 March 2023 |
Unrestricted fund £ 20,884 2,920,131 2,941,015 |
Restricted funds £ - - - |
Endowment fund £ - 6,080,953 6,080,953 |
Total funds £ 20,884 9,001,084 9,021,968 Goodwill £ 450,000 7,500 442,500 - |
|
|---|---|---|---|---|---|
Goodwill has arisen on the acquisition of Capital Projects. The charity has adopted amortisation over 10 years.
| 13. TANGIBLE FIXED ASSETS CHARITY AND GROUP COST At 1 April 2023 Additions At 31 March 2024 DEPRECIATION At 1 April 2023 Charge for year Eliminated on disposal At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 |
Land and buildings £ 2,410,953 - 2,410,953 - - - - 2,410,953 2,410,953 |
Glasshouse building £ 745,441 - 745,441 31,041 14,908 - 45,949 699,492 714,400 |
Improvement to property £ 869,013 - 869,013 408,261 46,075 - 454,336 414,677 460,752 |
|---|---|---|---|
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Bath Recreation Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
13. TANGIBLE FIXED ASSETS - continued
| COST At 1 April 2023 Additions At 31 March 2024 DEPRECIATION At 1 April 2023 Charge for year Eliminated on disposal At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 |
Machinery and equipment £ 323,439 45,000 368,439 197,123 33,451 - 230,574 137,863 126,316 |
Motor vehicles £ - 105,000 105,000 - 4,375 - 4,375 100,625 - |
Totals £ 4,348,846 150,000 4,498,846 636,425 98,809 - 735,234 3,763,612 3,712,421 |
|---|---|---|---|
Land and buildings represent the Bath Recreation Grounds and the main fabric of the various outbuildings erected on the land between 1894 and 1954. Land is not depreciated and the main fabric of these outbuildings is deemed to have an indefinite useful life and are therefore not depreciated either.
Impairment is considered periodically and commercial valuations are obtained to facilitate this. The latest valuation was obtained from Carter Jonas as at 31 March 2022.
The Land and buildings of the Bath Recreation Ground are held by a linked charity - The Bath Recreation Ground Trust.
Improvement to properties represents the conversion of an outbuilding to become the charity's office, creation of changing facilities and other building improvements. These improvements have a limited useful life and are depreciated over 10 years.
The freehold of a park off Broadmoor Lane, Bath currently generates no rental income yet incurs annual maintenance costs. Given that the land does not produce a yield to the charitable company, nor has any resale value, the Trustees have decided not to value the land in its financial statements.
The leasehold of the Glasshouse playing fields does not generate a significant surplus. Given that the land does not produce a net yield to the charitable company, nor has any resale value, the trustees have decided not to value the land in its financial statements.
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Bath Recreation Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
14. FIXED ASSET INVESTMENTS
Group
| MARKET VALUE At 1 April 2023 Additions Disposals Revaluations Investment management charges At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 Charity MARKET VALUE At 1 April 2023 Additions Disposals Revaluations Investment management charges At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 There were no investment assets outside the UK. Cost or valuation at 31 March 2024 is represented by: Valuation in 2024 |
Investment portfolio £ 1,116,880 396,672 (347,000) 37,477 (10,742) 1,193,287 1,193,287 1,116,880 Shares in group undertakings £ 1 - - - - 1 1 1 Shares in group undertakings £ 1 |
Totals £ 1,116,880 396,672 (347,000) 37,477 (10,742) 1,193,287 1,193,287 1,116,880 Investment portfolio £ 1,116,880 396,672 (347,000) 37,477 (10,742) 1,193,287 1,193,287 1,116,880 Investment portfolio £ 1,193,287 |
Totals £ 1,116,881 396,672 (347,000) 37,477 (10,742) 1,193,288 1,193,288 1,116,881 Totals £ 1,193,288 |
|---|---|---|---|
The company's investments at the balance sheet date in the share capital of companies include the following:
The charity has a wholly owned trading subsidiary, Bath Recreation (Trading) Limited, company number 13553734. The company is incorporated in the United Kingdom and its registered office is Bath Recreation Ground, Pulteney Mews, Bath, England, BA2 4DS. The company was incorporated on 6 August 2021 and did trade during the period from 31 March 2023 to 31 March 2024. Note 26 provides further information on the activities of the subsidiary.
The investment portfolio consists of £1,156,494 listed investments and £36,793 cash balance.
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Bath Recreation Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
| 15. INVESTMENT PROPERTY Group and Charity FAIR VALUE At 1 April 2023 and 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 |
£ 3,670,000 |
|---|---|
| 3,670,000 | |
| 3,670,000 |
The investment property built on the Bath Recreation Ground is held by a linked charity - the Bath Recreation Ground Trust.
Bath Sports & Leisure Centre became part of the Trust's assets following a decision of the Charity Tribunal in March 2014 which was reflected in an order of the Tribunal in April 2014. Attached to the asset is an obligation to demolish the building when it becomes life expired. It was not possible to recognise the value of the Sports and Leisure Centre fully until agreement was reached with Bath and North East Somerset Council on how the leisure centre would be used. The Trust have negotiated a lease and other arrangements with Bath and North East Somerset Council which resulted in Bath and North East Somerset Council paying substantial rent to the Trust from 1 April 2014 and assuming the obligation to demolish. The lease and ancillary documents were completed on 22 July 2016 and the full valuation including the Sports and Leisure Centre was included in the year ended 31 March 2018.
The £3,670,000 valuation of the land and buildings as at 31 March 2022 is based on an independent report prepared by Carter Jonas. The Trustees will take professional advice on the carrying amount of the investment property every five years.
Fair value at 31 March 2024 is represented by:
| Fair value at 31 March 2024 is represented by: | |
|---|---|
| Valuation in 2017 Valuation in 2022 |
£ 1,700,000 1,970,000 |
| 3,670,000 |
16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Group 2024 £ Trade debtors 28,736 Amounts owed by group undertakings - Other debtors 499 Prepayments and accrued income 44,953 74,188 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2024 £ Trade creditors 48,342 Social security and other taxes VAT Accruals and deferred income 13,824 20,251 110,555 192,972 |
2023 £ 7,927 - 499 148,567 156,993 2023 £ 22,382 12,593 16,982 118,928 170,885 |
Charity 2024 £ 10,111 83,966 499 44,953 139,529 Charity 2024 £ 47,293 13,824 15,486 110,555 187,158 |
2023 £ 3,061 53,031 499 148,567 |
|---|---|---|---|
| 205,158 2023 £ 21,834 12,593 13,308 118,928 |
|||
| 166,663 |
17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Deferred income at 31 March 2024 of £97,589 (2023: £87,200) represents income invoiced in advance.
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Bath Recreation Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
| 18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN Deferred consideration 19. ANALYSIS OF NET ASSETS BETWEEN FUNDS Group Unrestricted Restricted fund funds £ £ Fixed assets 1,795,159 - Investments 1,193,287 - Current assets 403,832 - Current liabilities (492,972) - 2,899,306 - 20. MOVEMENT IN FUNDS Group and Charity Unrestricted funds General fund Designated funds – Capital Projects Endowment funds Bath Recreation Ground FUNDS OF CHARITY Funds of subsidiary company TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources in funds £ Unrestricted funds General fund 746,171 Designated funds – Capital Projects - TOTAL FUNDS 746,171 |
ONE YEAR 2024 2023 £ £ 300,000 - 2024 2023 Endowment Total Total fund funds funds £ £ £ 2,410,953 4,206,112 3,712,421 3,670,000 4,863,287 4,786,880 - 403,832 693,552 - (492,972) (170,885) 6,080,953 8,980,259 9,021,968 Net movement At At 1.4.23 in funds 31.3.24 £ £ £ 2,939,446 (469,773) 2,469,673 - 400,000 400,000 6,080,953 - 6,080,953 9,020,399 (69,773) 8,950,626 1,569 28,064 29,633 9,021,968 (41,709) 8,980,259 Resources Gains and Movement expended losses / Transfers £ £ £ (874,834) (341,110) (469,773) - 400,000 400,000 (874,834) 58,890 (69,773) |
|---|---|
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Bath Recreation Limited
Notes to the Financial Statements - continued
for the Year Ended 31 March 2024
20. Comparatives for movement in funds - continued
| Unrestricted funds General fund Endowment funds Bath Recreation Ground FUNDS OF CHARITY Funds of subsidiary company TOTAL FUNDS Comparative net movement in funds, included in Unrestricted funds General fund Endowment funds Bath Recreation Ground TOTAL FUNDS |
At 1.4.22 £ 2,920,131 6,080,953 9,001,084 1 9,001,085 the above are as follows: Incoming Resources resources expended £ £ 896,169 (791,890) - - 896,169 (791,890) |
Net movement in funds £ 19,315 - 19,315 1,568 20,883 Gains and losses £ (84,964) - (84,964) |
At 31.3.23 £ 2,939,446 6,080,953 9,020,399 1,569 9,021,968 Movement in funds £ 19,315 19,315 |
|
|---|---|---|---|---|
Bath Recreation Ground
This endowment fund represents the valuation of the land and buildings known as The Recreation Ground and the Sports Centre built upon it.
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Bath Recreation Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
21. RELATED PARTY DISCLOSURES
During the year wages of £4,080 (2023: £5,760) were paid to H Flinn, the son of the Chief Executive Officer J Flinn.
22. ULTIMATE CONTROLLING PARTY
There is no ultimate controlling party of the charity.
23. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| ACTIVITIES | |||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Net (expenditure)/income for the reporting period (as per the | |||
| Statement of Financial Activities) | (41,709) | 20,884 | |
| Adjustments for: | |||
| Depreciation charges | 98,809 | 100,154 | |
| Amortisation charges | 7,500 | ||
| Losses/(gain) on investments | (37,477) | 84,964 | |
| Loss on disposal of fixed assets | - | - | |
| Interest received | (6,048) | (1,966) | |
| (Increase)/decrease in debtors | 82,805 | (144,498) | |
| (Decrease)/increase in creditors | 322,087 | (7,310) | |
| Net cash (used in)/provided by operations | 425,967 | 52,228 | |
| ANALYSIS OF CHANGES IN NET FUNDS | |||
| Group | |||
| At 1.4.23 | Cash flow | At 31.3.24 | |
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 536,559 | (206,915) | 329,644 |
| Charity | |||
| At 1.4.23 | Cash flow | At 31.3.24 | |
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 482,603 | (253,748) | 228,855 |
24. ANALYSIS OF CHANGES IN NET FUNDS
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Bath Recreation Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
25. CORPORATE STRUCTURE AND LINKED CHARITY
The charitable company is an incorporated charity (the new charity), previously its activities were administered through the Bath Recreation Ground Trust (the old trust). The new charity was incorporated on 21 April 2017, but had no activities or transactions until 1 January 2018 when it took over the old trust's assets and operations, with the exception of the Bath Recreation Ground itself. Under trust law the land of the Recreation Ground cannot be held directly by the Charitable Company. Under a scheme agreed with the Charity Commission, from 1 January 2018, the new charity became the sole Trustee of old trust and the old trust became a linked charity to Bath Recreation Limited (linked charity number 1173521-1) and the assets and activities are included in these accounts under the rules of branch accounting.
26.
SUBSIDIARY COMPANY
The charity has a wholly owned trading subsidiary, Bath Recreation (Trading) Limited, company number 13553734. The company is incorporated in the United Kingdom and its registered office is Bath Recreation Ground, Pulteney Mews, Bath, England, BA2 4DS. The company was incorporated on 6 August 2021 and did trade during the period from 31 March 2023 to 31 March 2024. The company donates all its taxable profits to Bath Recreation.
A summary of the financial performance of the subsidiary is shown below:
| Turnover Expenditure Profit for the financial period The assets and liabilities of the company were: Current assets Current liabilities Long term liabilities Net current assets Reserves Share capital Net current assets |
2024 £ 117,014 (88,950) 28,064 2024 £ 119,413 (89,780) - 29,633 29,632 1 29,633 |
2023 £ 53,275 (51,707) 1,568 2023 £ 58,822 (57,253) - 1,569 1,568 1 1,569 |
|---|---|---|
27. Financial results of the charity
The gross income for the year of the charity alone is £793,437 (2023: £896,170) and the deficit for the year of the charity alone is £72,535 (2023: £104,279 surplus).
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