REGISTERED COMPANY NUMBER: 10735297 (England 8nd Walés) REGISTERED CHARITY NUMBER.. 1173511 Grou rt of tho Tru es and Grou Flnanc. ment8 foy thé Year ded 1 March 25 Ba RgcK8atk)n L Sumer Auditco Limited Statutory Auditor CharterBd Accourrtanls County Gate Counly Way Trowbridg& Wiltshire BA14 7FJ
h Recrèatlon Ll Iled Cont&nts of he Fl anclal Statèments the Year Ended 3 arc 2025 Page Reforen¢o and A(Imlnlstratlv9 Detslls Report of the Tru8te&s 2 to 6 R•port ot th# Independent AudltOf8 7 to 9 Con8olldated S¢atoment ol Flnanclal Actlviti08 10 Con8011dated Balance Sh90t 11 Charlty Balance Shèet 12 Consolklated Cash Flow Statem9nt 13 Notes to the Con5011dated Flnanclal Statsments 14 to 29
gcr8atkJn Llmlted nc6 and Admlnl ded 31 March 202 18 TRUSTEES Mlchael Laughton (apInted 17 March 2026) Chair (appolnted 29 September 2025) Naomi Defroand Vlcb Chalr Martln Harman CBE Jason Dalley Allstalr Colslon Cassle Stokes lappc4nted 17 M&rch 2025} Mark Pow&H (resigned 25 October 20241 Kazlah Trump (resigned 4 March 20251 Helen Donovan {r6swJned 6 August 2025) REGISTERED OFFICE Pultoney Mews Bath BA2 4DS REGISTERED COMPANY NUMBER 10735297 (England and Wales) REGISTERED CHARITY NUMBER 1173521 AUDITORS Sumer Audilco Limlt8d statutory Auditor Charlered Accountants County Gate County Way Trowbridge Wlmshlro BA14 TFJ 8ANKER8 HSBC 41 Soulhgate 8A11TN SOLicrroR8 Veale Wasbrough Vizards Narrow Quay House Narrow Quay Brlslol BS14QA INVESTMENT MANAGER Rathbones Invèstment Management Limfried EQ 71h Fknor 111 Vktoria Street Redcliffe Bri8101 BS16AX Page 1
Bath Recreati rtofth T forth6 Year Ended 31 20 The trustees who 8te also directors of the charlly for thè putrM)ses of the Companle& Act 2006. present their rept wSlh th8 financlal statements of the charity for the year ended 31 March 2025. The tnJslee8 have adoptèd the provisi0r gf Ac¢ounling and Reportlng by Charllles.. Stalemenl of Rewmmendod Practro apF4icable to tharities preparing Ih&ir accounts in accordance with the Financlal R6porting Standard applicable in the UK and Rgpubllc of Ireland {FR8 1021 leffeclive 1 January 20191. Thè fInla1 statèments have been prepared In accordance wlth the aw)untWbg p)licles s&t out in th6 notes to the acix>unts and comply wlth th& chajlly's governing doGument. th6 Ch8ritl•s Act 2011 and Ac(x)unling &nd R&porttw)g by Charllies: Statement of Recommended Practice appllcable lo charitles preparlng thelr accnts in accord8n¢e wtlh the Financial Reporting Standard appl¢able In th8 UK OBJECTIVES AMD ACTlVtTIES (IbJeclivgs and alms The charitable company has contlnu8d lo delivor Its objecffjves at th6 Recreatlon Ground and other sites., the provisk)n, wlth or wSihout charge, of pr(yerty irF or near Bath {Includlng. but not limlted to. the Bath Recr8atlon Groundl for use as Indoor {to assist in provldlng 8nclllary rgcreallon facilities such as changlng rooms, tdlets and dubhouses a1 the Ilk810 support outdoor rgoreallonal space) and outth)or r8cr¢atlonal facllifte3 for the benefit of th6 publlc. Our slratsgic focu9 is to bulld our Irrf8n¢$ by acttng a5 a vdce for the b6n6flt8 of recTr8tlon and th6 Prrvatknn of key facllllie8. provldg su8talnable growth of our organisallon and maintaln robust financlal stablllly In ordor lo athleve the bèst impact P03sible in th8 r8cr&afk)n property landscape locally. We have contlnued to provlde recreation facilities for a wide nge of organlsations and activiti4 we produce a separate Imp report annually which L8 dl8bIbut wldely to demonstrate our wort( and irnpact to beneficiaries. Our fouThllional wort< with sohoDls and young people continues lo dellver great impact &nd we have moved to bringlng staff to supwrt this wotk into employed roles rather than rely on contracted suppliers. Th8 aim Is lo deepen relalionshSp8 wllh schools and organlsations cver the long16rm, the accounts show th[$ direGI invèstrnenl ni staff ct)sls whlch the trustees ¢ontinue to f981 is a wsltlve stop foM8rd as we C(tInuE to create permanent jobs for lo¢al people. W8 havo contlnueLI to grow our partnerships18d by ts General Manager (Activity), & n8w rolè to provld¢ greater GOnt with beneflclarles and particularly partner organisations who dlredly dellver activity and need propsrty support. The trustees se6 this type of collaboratk)n to bè a forc MtiplIer as we hame88 greatsr 8klll$ and capabilille5 for the good of our sharod benelclarfes providing Spall81 property guidanc8, adv1 and resourc8s. As part of our strategy tt) dIVerfy our capabllities and revenue the Trading Cornpany has been a notable 8u¢cess lo dat8. contrlbutlng 2 grnater r8venue diversity but also extendlng thè ChartW6 reach to organlsatlons, dubs and schools. Th6 adiv1118s undertaken our eslate durfw the yoar are considered by the Truste8s to bo of dSrect benefit lo tho public at lafg8. and Ihgy conflmi that they have had regard tr) th@ gUIdan Issu1 by the Charlty Commlsslon on publio boneflt and have followed this In plannlng and undertakiro the a¢Uvilles. Th6 charitab16 company doas not athdy solioil donallons from Lhe publlc and has no need to deveiop formal wjlldes on tts fijndralsing approach al this Stago. P2ge 2
Bath Recreatlon L ftheT for the Yèar Endod 31 Mare 25 ACHIEVEMENT AND PERFORMANCE Charltable acllvlt1•5 Our property and sltes Gonlinue to provide for a widè range of coxnmunity adivity,. mid-slzad events are becomlng more frequent at the Rac after Ihe prolonged recove¥y period post covid. Th& Glasshouse slte is now an estabiishod ¢ommunity venue and attracts a v¥ld& range of activlty from sthool sports. club eJlckg1 to famlly s4vl¢es and training for th8 Local Authority and thlrd seotor services. The programme$ the Charity s81 up for young po0e anrl s(thools over 5 years ago are fvlly embedded and furKled diradly by the Charity. We are very grnteful forthe lmIng support provkjod by Sl John's Foundatlon, the Medlock Gharitable Tw8t and George Cadbury Tru81. We wore epproached by a lo¢al sports dub, Larkhall AFC who had $6lf-fiJnded a naw 3G pitch as they sought assistanca lo Compkte the proJe¢t and successfijlly launch 51 for thèlr dub and wider mmunIty. Wo we aNe to provide a lo&n for £50k tr) 8UPlX)rt the prol¢¢t and will work with the club to ènsure th& facifty can opera161011'8 full potontld for as wkle a range of beneficiartes as poBslbl&. Th@ management and Iruslee worklng group slruclure Introduced In 2023 (x)ntlnues to enable an effecllve link bgtW99n Iru5tees and Senior managemerrt 8nd18 0ratIng coherenlly supporting our growth and strong declsion making between th8 gXgGuIIv8 and Board ofTrustee8. Whlst the Property Worf(Ing Group MntaIn fows on the stadlum d6velopmenl the Activity WothiTr3 Group (renam from Education WGI is ghifting th8irfLw lo add slralegic partnerships 8nd futur& strategy to the ovwswJht of the Gl&sshous8 8nd Buds programmes. The Charlly subsidiary company has dalw6red a positwe financial conlribution and looklng to identiTrJ a permanent basg to develop a¢fivily. FINANCIAL REVIEW Résorvd$ pollcy It Is the pollcy of the Trustees the tharitabla company should hold sufficnt unrestricted r8serv&& lo ènable It to meet I ongolng commitmenits equal to six monts operating exp8ndttur6, For th8 year endlng 31 March 2025 six months operating 8xp&ndItsj wa$ approximately £0.45m and eash held at year end was £0.33rn. £1.2m Is hèld In an Investment portlolio and thts amount 18 held to provide 8uffi¢renl resources to 8nabl8 the Charity to fund any additicwl opportunltte8 forth& charltable (%ympany's objectives to be furthgred a$ they may ar@. Togethor the cash and Investment portfolio 1$ sufficrenl to meet these resèNes. Of Ihe remalnlng reserves £7.7m 8re not èasily reaifsable as they relate lo fixed aB80ts or freehold propety. The Charity contInU to d8slgnats £400k for future slte opportunittes. Dètalls of the restdcted. endowment and unre$lricted lund8 avallable to the charltabl6 company at tho balae sheet date are glven in note 2110 these flnandal stateMent5. The Trustees wnsider the r8sery8s pos11ion al this date to be salisfacw. Page 3
Bath ReGreatlon Ll Re farth6 Yaar Endgd 31 Marth Golng ¢oncem The Gharilable c)Jmpany receives the majority of It5 ongoing inwme from trading actlvlly together with Bath Rugby and Bath and North East Somarsel Cwncll for tha ongolng use of Ils fa¢illtks. The tling activlty18 g6n8ratlng a Str return and togeth wllh a proportlon of ase incom8 having an end dat& In 2069, the Trustees are of the view th81 th18 provldgs suffrcienl security to mitigate any rlsk to Its contit)u¢d e$tenCe. Taking into aCCnt the op8ratlons (Jf the charltable company and the current reserves position, the Tnlee$ are of the oplIMon that th8 gDlrKJ Concern basi8 forts weparalion of the financial ststements is appropriate. 3TRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The charlty IV9fdting through a company limited by guarantsg is the $010 Trustoe of Bath Recrealion Ground Trust and is govemed by a Scheme dated 14 Dc4cembor 2016, a Dlr8clion glven on 3 Novembor 2017 and the Artlclgs of Assoclatlon. Th&Artldes of Association were amended by resolutlon on 9 Mar¢h 2D22 to rpflect tho changlng ngeds for Ihe govemance structure. The 8ddltlonal kyovlslon for an extra 3-year term of offlcé Ichanglng the maximum period from 6 y$ars to 9 year81. Re¢ruitment and appolntmont of n8W trnslg9S The Company Trustee body is nde up of not less than three co-opl8d Iruslees. Folkjwing the removal of MinatIng bodies one of the nominated trus199s was retained BS a co-opled Iruste8 aThJ the recnjltmenl proces8 Yds 8tart8d to Identlfy 2 new Iruslees with speoalEI knowAedge and gxperience In the accountivvJ and educallon fields. Mike Laughton and C45sie Wllson {Slokes) lolned Ihe Board of Trustees In March 2025 and add strength to key areas as Idsnlif18d above. Due lo a work-relaled conflict ma Powell had to resp3n in OGtober 2024,. the Charity rwnise signific&nt contrlbutk>n made by hlm over 8 very busy pEd where h18 professlond knowledgg and skill wgr9 8 gr@at asset to the devdopment of the Charily. When appointing co.opted Tru8t8es. the Trustees must.. a. Idgntlfy the needs of Ihe chartly regarding skills or knowledg6 of Its Twslee8; and b. consider tha extent to N¥hich appolnlees demonslrale the skills or knowledge: armj ¢. not appoint m&mbers of Bath and North East Some0t Councll. Of the cwpted Trust8es, th8 Trustees musl appolnt at leastone wlKse sl(1118 and knowAedge include an ebility to reprasènt thck8e gr(p5 of beneficiaries that US8 the racreatlon ground. other than Bath Rugby. In appointtng ¢(p TnJstee8, tho Trusts8s must have regard lo the desir&blllty of athy8rKslrKJ or using trustee brokerage SaNiC8s. Candldates must be asked to cDnsld8r and declara any exlsling or potential confllcts of Interest befor appointment. At least three of the Truste9$ must be resldent within 5 mlle8 of Bath Abbey. The Trustees are responsible ft)r mDnitotlng thè Ongoi dsks fadng kn charitsble company. Th8 TYu8fiees are Satisfied that major rl8ks have been revlewed and that Wems and procedurns approprlalely establlshed to manag8 tl)ose rlsks. K•y management remuneratlon Truste98 are not reMuted by the charlty. Remuner8tioN level8 Of tharltablè companfs key management ara set In aTdance with market Tates a1 kept under revlew by the Trustees. Events since the year end Information relating to events Since fhe end of th8 year Is glven In the notes to tho financlal Slalements. Page 4
Bath Recreatlon Umlted Re ortoft eTr for the Year Ended 31 March 2025 8TATEMENT OF TRU8TEE8' RESPONSIBILITIES The Irustees (who are also Ihe dlreGtors of Balh Recreallon LThited for the puryJo¥es of company law) arg re8pJn8lNo for pr6parfng the Report of the Trustees and th6 flnanclal stat8mènts In accordance applicuble law arKI United Kingdom Accounting Standards (United Kingthjm Gen8rally Accepted AL*ounling PICe} includlng Financlal Reporting Standard 102 The Financial Reportlng Stalard appllcable In the UK and Republic of Ireland" Company law requlr8s th• trustees lo prepare fln&nclal statements for eaGh financial year which give a Irue and fair vlew of the slat6 of 8ffalrs of the charitabl& company and of the incoming resources and aFvlicalion of resources, including the incDme and eXpeTlIUre. of the charitable company for that period. In preparfng Ihose financtal stalem8nts. the tNstse8 are requlred lo select SUItab accn11ng pollcles and then apply them consistsntly. obseN8 the m8thod8 and prlnclplg$ In the Charlly SORP,, mak6 judgements and estlmales that are reasonable and prudenL prepare tho flnandal statements on the going conc8m basls unless it 15 IrpprOpriate to presume that th& charltablo company will conllnue In busln$ss. The truslees are resptsnslble for kbgplng prop8r accountlng records whkh dl3ok>se reasonable 8¢curacy al any Ilme the financial posilion of the Gh8ritable (panY and lo enable them lo ensure that the financial statements comply vvilh the Companies Act 2006. Th8y are also resptsnslble for safeguardlng tho assets of the chaiitable company and hencB for taklng reasonable 8tep8 forthe preventlon and detectlon of fraud and other Irregularitie$. In so far as tho trustees arg aware: there is relevanl 8udil information of Nvhich the charilabl& companws auditr)rs are unaware.. and the trustees have laken all steps that they ought lo havo taken lo wke themsolves &warn of any relevant audlt Informatlon and tc &st8b1I8h that th8 auditors are awarè of that irrformallm. Page 5
Bath R6cr&*lon Llmtte ortof heT lor the Year Ended 31 March 2025 AUDITORS The audllors. Sumer Audilco Llmited, wll be proposed for rfrappolntmenl at the forthcoming Annual Gener81 Meeting. This report has been prppared in accordance th the 8p&dal provislons of Part 15 of the Companies Act 2006 relallng to SM1 companies. Awrov¢d by orderof the board oflru3tees on...,..,..,.,.,..,.,.,,.,..,.................. and slgngd on Its behalf by," Michael Laughton ni8tee Page
ortot udltors to tho Mem ml Bath Recreal Oplnlon W8 have audlted the financial statements of Bath Recreation Llmlled (the 'parent chartty'l #nd118 subsldiary I'the group, for Ihe y8ar endèd 31 Mah 2025 whiGh cclmprise the ConsolidA18d Statament of Financial Activilles, th& Consolidated Balance Sheet, Ihe Charity Balanc& Shoal, the Consolidated Cash Flow Stalemant and notes lo the financial stat@monts, Induding a summary of significant aGwunting policles. The financlal reporting framework that has been applled In their preparation is appllcab16 law and Unlted Klngdom AccountiwvJ Standards {Unll8d Klngdom Genetaly Accep Accounting Practlce). Including FinanGial Reporting Standard 102 Th8 Flnan¢ial Reporting stalard appllcab16 In th8 UK8nd Republlc of Ireland,. n our oplnlon th& financlal 8lalements'. give a true and fair view of the slate of the groLtp's and of the parent charivs affalrd as at 31 March 2025 and the group's Incomiw resourc88 and Application of r&sources, Including its Èncom8 and 8xpendlture. forlhe year then ended., have b00n proparly prepared in accordance wrth Unlted Kingdom G8neraNy Accepted Accounllng Practko, inGluding Flnancial Rew)rting Standard 12 The Flnancial Rewrting Slandalll applicabla In the UK and Republic of Ireland,; and have bèen prepar1 in a(rdance with tho requirements of the Companie8 Ad 2006. Basls for oplnlon We conducted our audlt In ance wlth lntem811onal Standards on Audltlng (UK) IISAS (UK)) and appllc8ble law, Our responsibilltl8s under those sthndards are fUrtr described In the AudltorB' rgSPCbslbllllles for the audit of the finandal statgmehts se¢llon of our report. We ar8 Indepondent of the charitable comp8ny In accordants with the ethlcal requirernents that ar8 re18vanl lo our audll of the finan(ial statemgnls in the UK InGludirvJ the FRC'S Ethlcal Standard. and we have fv1Tr118d our other ethlcal responslbllitt88 In a¢¢Ordan with th88e r8qulr8ments. We believe that tha audlt idenc8 we have obtalned is sufficient and appropriate to provld8 a basf5 for our opinion, Concluslons rolatlng to golng concern In audltlng the flnandal statements. we have (x)nGluded that the truste, use of the golng o)nc8rn basis of accounting In Ihe preparation of the financlal 8tatemènts is appn>prwts. Based on Ihg WO w6 have performed, we have rnt idenlifiod any material un¢ertainties lating to evts or conditions thaL Indivldualty or cdlectiv&ly. may east slonificant doubt cm the charitable company's abilily to Cfmtinue as a Ing conc8m for A parknd of al least twelve month5 from wh8n th8 financlal statements a aLrthorl8ed for issua. Our respon8lblities and th8 Sponsibl11118s of the trustee8 wllh resped to going concem ar8 described in the relevant seclions of thFs r8port. other Informat1< The twstees 8re reSn&1b1o for the other inf0MtIOn. The olh8r Infom1ation MPriSeS the informatlon Incjuded In th6 Annual Report, other than the financ]al statamants and our Report of the IndepgndèntAudltors thereon. Our opinion on Ihg financlal sl8t8ments doès not cover the other infDrmatlon and, exctpt to the extent oth8NAse expll¢ltly sta18d in our report. we do not expross any fomi of assurance conclusion thereon. In connection Yth our audit of the flnandal statements. our responslbilrty 18 to read the other Informatlon and. in dolng so csIderWhther the other information l¥ materialty inconslstent wlth Ihe finarmxal statgments or our knowled obtainod in the audit or oth&rwlse appears to be Material mi55tated. If we Idendfy such material inconsi8tendeB or apparent materlal mlsstatem6nl$, we are r8qulr8d lo d@IGrmln8 whelPr this gives ris8 to 8 material ml$statement in the financial statements thémsalves. If. based tho work we havo perfom)èd. w8 condudo that Ihere is a matgdal mlwalgmenl or Ihis other KfvNrnation, we are requlred to report that knt. We have nothlng to rBpcfft In regard, Opinlons on oth&r matters prèscribed by Ihe Companle8 Act 2008 In our opinion, based on tho work und@rtak8n In the course of the audit.. the infomiatlon gen in the Report of the Tru8tee$ for the financlal yearfor whth tho financial statements are prepared is wrnistent wllh th8 financlal slatèments" and thè RÈw)rt of the Trustees hes been pr6pafBd In accordance th applicable legal requlr8mant8. Matters on which we aro 1oqulr9d to roport by excepllon In the Ilght of the knowledge and un(ierstandlng of the charttable company and its environment obtalned in the course of the audit, we have not Identlflod matwial mi$stalemenl8 in the Rew)rt of thg frustees. Wo have nothlng to report In respect of the followlng matters whore the Companies Act 2006 requlras us lo rep(Yt lo you If, in our opinlon.. adequate accounting records have not been kèpt or retums adequate fly our audit hav8 not been recelwed from branche8 not vlgit6d by us. or thg financial statements 8r9 not In Jr99ment wlth the accountlng CordS aThl relum8; or cèrtaln dlsdosures of trustees, remungration sp@clfiod by law are not m8de- or we havo Th)t rece1v all th8 Information and explanations we requlr8 for our audit,. or the trustees were not entlttad lo lake advantage of the small compan168 6X6mprfon from the requlremenl to prepare a Strateglc R6POrt or in preparing the Report of the Trusto&$. Page 7
de Bath Recrea Itors to th& M8mbÈr Iled R•sponslbllltl¢s of tru¥tees As explain6d more fully In th8 Statemenl of Trugtses, Re5pon8ibllltle8, the trustees (who gre also tho directors of tho ¢haritable company for the purp0888 of company12wl are feswnsible for the preparatlon of the financial ststements and for bel satlsfied Ihat they give a true and fair view, and for su( Intemal ntrol as the tru81688 delermlne Is neoessary io enable the preparatlon of flnanclal statemonts that are fiee from malerlal mi5Stalement, whether due to fraud or srror. In preparlng the financlal stgtern¢nts, the trustees are re8pon81Lle for assesslng the charitable companvs abllltyto continue as a goiwvJ concern, disclosing, as appllcable, matters rdated tu going concern and using the going concem basls of acrA)unling uDless the tswstees oither intend lo IIqLildate the charltable Company orto ceaBe operations, or have no realistic alternative bul to do so. Our responslblllilès for the audlt of tho financlal statements Ourobjeclives arn to obtaln reasonabl8 assurance about whether the financlal slatem6nts as a whole are free from malerlal mSs6talemont, whefher due lo fraud or erK)r, and to Issu8 a Repurt of the Independent Auditors thaf Includes our opinion. ReasonaNe assurance 1$ a hh level of assuran¢&, but Is not a gu8ranleè that an audit conducted in acCOrdanr wlth ISAS (UK) will always cletect a matertal m18g1at6ment when11 exlsts. Mi8slaternents can arls8 from fraud or error and are oonskJ8red material If. Indlvldually or in the aggregate, they could reasonably be expect8d to Influenco the economio deci5ion8 of users takèn on tha ba$ls of thege flnancbal 5tatsments, Th8 6Xtent to whleh our procedureg are capabte of delectlng IrregUlatI$$, InclLKling frnud18 detslltsd below.. Based on our understandlng of the charitable company and se(#or, we Idenlified thal the prlnclpal rfsks of non-complian¢e wilh laws and regulatlons related company and charity legislation, and we consldered the extent to which non-compilan mlght have a material effeGI on the financlal st8temenls of the charitable company. W8 also nSIdered those knfs and regulall(M)s that have a dlrect Impact on the preparation of the flngncial statements such as the chatI6$ Stalemenl of RecomMded Practice 8j the Companles Ad 2006. We evolu8t8d man8gomenl's incentives 8nd typortunlli8g for fraudulent manipulati(ffi of the flnancial statem8nls (Includlng the risk of oveIde of controls). and detemiined that the principal rlsk8 wère rdaled to potential lack of segregation of dutles, bookkeeping err(5 and management blas in accounting estimates and I1g8MnI8I ar8a5 of the flnanoial s1gtement8, Audlt proGadures performed by tha audit Bngagem8nt team Included.. Dls¢ussions WFth management, Includlng considerallon of known or suspected Instances of non-C(xnpliance with I&w8 and r8gulalions and fraud- Understanding of m8nag8nnV8 Int8mal controis de51gned to prevent and d8t8Ct Irreyularitle5 and fraud", Revi$wlng the Charllies, legal ¢ost5 tts check for nonwC(Mnpliance wtth law8 and regulatlon8 and fraud., Reviewing Board of Trusl88s mlnutes" Dosigniro audrt procedures to Sncorpordte unprodl¢tabilty around the nature, Ilming, or axlenl of our testing of eXn808., Testlng transn8 entered Intr) outsldo of the normal WUTse of the Charltles buslness" and Idenllfylng and testtng loumal entri88. There are inherent limilalions in the audlt prolUreS described above and the furthor removed non-c¥)mpIlan wSth law8 Snd rtsgulallons Is from the events and Iransaclions r&fl8ct9d In the flnancial sietsments, th818sg Ilkely we would become aware of iti Al80, Ihs rlsk of not detectlng a malerlal misslalement due to fraud Is higher than the risk of not detectlng one resulllng from error, as fraud may InvoJv8 dellberatg ¢oncoalment by, for 8xample. forgery or Intenllonal mi8representallons. or through colusion. A further deSGription of our responsibilitie8 for th& audtt of the flnanclal 5talemen& Fs k)Gat8d on the Flnancial Reportlng Councifs website at www.Irc.org.uklaudrtOYssp0nSibi1iII08. Thls d8scriptlon forms part of our R6porl of the Independerrt Auditors. Page 8
ort of the Inde endont Audltors to the Members of Recreatl Llm. U80 of our report This report18 Made solely ID tho charftab18 company's members, as a body, in accordan wlth Chapter 3 Df Part 16 of the Compani95 Acl 201, Our auc5il work has bèen UfKlert8ken w Ihal wo mlghl 8lat8 to lh& charitabl& companYs member$ th088 mattern w8 ar6 requtred to stale lo them In an audltors, réport and forno Othol purpose. To Ihe fullest ext6nl pemiitled by law, we do tbot aGcept or assume responsibility to anyone other than the charltsble Gompany and the charitable cotrrf)any's mwi rs as a body. forour audit work, for this report, orfor the opinions wo have formed. James Gare (Senior Statutory Audiior) for and on behalf of Sumor Audltco Limit8d Slabjtory Audilor Chartered Accountants County Gate County Way Trowbrldge Wlltshirg BA14 7FJ Dale= 131111 loz,r P8ge 9
onso ont of Flnanclal Actlvltles Incor ratln an Inc ndlture unt for the Year Ended 31 MarGh 2025 2025 Tol81 nds 2024 Total fund8 UnTe5tricled fund Re8trlcl8d fund¥ Endowmant fund Notes INCOME AND ENDOWMENTS FROM Donaoons and legacles 69,725 69,725 56.586 Charltsble actlvltle$ ProvK8ion of recreatlonal facllfd&s and supporting events consist8nt th8 Gharilable oblecls 427.916 427.916 416,537 Othèr tradlng actMtl&$- Income 21 from subsldlary 499.969 499,969 117,014 InveBtmenl incoma 307,332 Totgl 1235217 EXPENDITURE ON Fundralslng Raisiro funds- cost of running 21 8ubsldiary 242,157 242.157 41,684 Charflable actlvltlos Provlslon of rgcraational fadlltles and supporting gvgn18 consistent with the ctwritable otiects 909,634 69.725 979,359 922.100 Total 1.151,791 69.725 1.221,516 963,784 Nel gainslOosses1 on invBslments 14 6,287 NET INCOMEIIEXPENDITVREI 89.713 89,713 {41,709) RECONCILIATION OF FVNIX8 Total funds brought I0rd 2,899,306 6,080,953 8.980,259 9,021,968 TOTAL FUNDS CARRIED FORWARD 2 989,019 6 080 953 9 OSg,972 8,980 259 The notes fomi part of these flnanclal stat6merrts Page 10
ath R•cr•atlon Llmlted ber: 1073529 olldate 31 March 202 Sho@ 2025 2024 Not68 FIXED ASSETS Intanglble assets Tanglble ass&ls Investments Investments Investmont propety 12 13 398,250 3.650.572 442,500 3,763,612 14 15 1,21 D,088 3 670,¢0 8,928.910 1,193,287 3 670,0 9,069,399 CURRENT ASSETS Deblors Ca8h at bank 18 164,485 334.378 498.863 74.188 329,B44 403,832 CREDITOR8 Amounts falllng due within one year 17 {207.802) (192,9721 NET CURRENT ASSETS 291061 210.860 TOTAL ASSEfs LESS CURRENT LIABILITIES 9,219,971 9,280,259 CREDITORS Amounts falling dug after more than one yèar 18 1150,000) 13DO.000) NET ASSETS 9,069.971 8 980,259 FUNDS unrestric funds DesIgnatl fiJThJs EndDwm8nt fund8 21 2,589.018 400,(K)O 2,499,30e 400,(K)O TOTAL FUNDS 9 069 971 8,980,259 The8e fin8ndal stalem8nts have been pr8par&J in accordance wlth the provlslons applicable to charftsble companies subiect to the small cixnpanies regim&. The fInala1 statemants were approved by the Board of Trustee8 and aulhoA5ed for i53ue on and were signed on Ils behalf by: 1-11 Michael Lwghton - Trustse The notes fomi part of these financtal statements Pago 11
Balh Rec Ll umber 1 D73S297 31 Pllarch 2 2025 2024 Notes FIXED ASSErs IntaThJibte As8&t8 Tangible assets Invastmonts Investmen18 Investm8nl prop8rty 12 13 398,250 3.848,080 442,500 3.783.612 14 15 1.210,089 3 870 000 8,926,419 1.193,288 3 670.000 9,069,400 CURRENT $SETs Debtors Ca8h al bank 16 182,999 108,671 291,670 139,530 228,863 368,393 CREDITOR8 Amount$ 18111ng due thkn on8 year 17 {202,4901 (187,159) CURRENT ssET5 TOTAL A88ET8 LESS CURRENT LIABILITIES 9,015,599 9.250.634 CREDrroRS Amountg falling du8 after more than one year 18 (150.0001 130a,000) NET ASSETS 8,885,599 8 950,634 FUNDS Unrestricted funds Deslgnat6d funds Endowment funds 21 2,384,646 400,000 6 080,953 2,469,681 4(N),C 6,080,953 TOTAL FUND8 8 865 599 8 950,634 These flnancial stalemenis have b86n preparéd In 8ccordance wlth the provisiorn appllcable to charftable companles sublecl lo thg small oompanies regime. The financial statemenls were approv ty the Board of Tru8t8es and aulhorise(I for Issue on and wer8 slgned on hs behalf by: Michael Laughton - Trustee The notss fomi part of the8e flnanclal slatements Pag& 12
Bath RecY8allon Llmltod Con6011dated Cash Fl emen ear Ended 31 March 2025 2025 2024 Noles cash flows Irom opprating actlvltles Group cash gen6rated from opsrallons 23 425 967 Net group cash (used In)IprovId by operatlng acuvltlgs 425,967 Group cash flows from Invesllng acllvllles Purchas6 of tanglNe fixed ass915 Purchase offo(e.d at inveslments AcquisiliDn of trade Sale of fixod asset investment8 Inv9$1mrrt fo85 charged Inter06t r@CeN 2.958} (716,385> 1150,000) (3%,6721 1450.0001 347.000 10,742 705.871 Net group cash used in inveslFng activltres 632,8821 Chan90 In group cash and Gash equlvalonts In the reportlng p•rlod Group cash and cash equivylonts at tho beglnnlng of tha reportlny perlod 4,734 1206.9151 329 644 538 559 Group cash and ¢a8h oqulvalonts at the end of tho rgporting period 334,378 329.644 The notgs fomi part of these finandal statem8nts Page 13
atk>n Llmlted Not88 to th6 Flnanclal Statem earE arch 2025 ACCOUNTING POLICIE8 Ba¥1¥ of proparlng the flnanclal 8tatam&nts The ffnan¢lal statements of the ¢haritsble FT1pany. which a publlc benoffl entity under FR8 102, hav& been ppared In accordanca wtth th8 Charftles SORP (FRS 102)'Accounting and Reportlng by Charliles.. Statement of Rec(nmended Praolice applicable to charttie8 pr8parfng th8lr accounts In accordance with th8 Flnanclal Reportlng Standard appllcable in the UK and Republic of Ireland {FRS 102) {effectlv& 1 January 2019),, Financial Reporting Standard 102'Th6 Flnanclal R6POrting Standard applkable In the UK and Republic of Ireland, and thè C(Mmpanies Aot 2006. The financi81 statements have been Prepared under tho historkd cost conv&ntr)n, wilh the excoptlon of Inv&slmnts whlch are Includod at market value, 88 rnodified by tho revaluation of certakn assets. Bath Recreatk)n Limited as a Charitable ¢ompany established in England and Wale$. In the event of the charitab mpany belng wound up, tha Ilabillty In r£Set of the guarantee is limited lo £1 per m8mber of the chaiitable Ixsmpany. The address of the registered offe is gNen in the rof6rgnG8 and administrative delails on pag& 1 of thes& fln8nclal slal&mgnts. The nature of the charltsble componWs op6ratlons and prln¢ipal actlvlll8s are described in the Report of Ihtr Ttustoe8. The financial 8tatemenls have been prepar8d on a golng concem basis undgr the hISto¢ cost convention, modffied lo indude oertain itewns al fair walue. The functsonal currency of the charitable ox)mpany, and the prasentation wrrency of these finanGlal staternents 18 the pouThJ 8t9rling {"Vl. The slgnifiGant accountFng policles applled In the prgparation of Ih@s&financ5al statements are 8etoul below. Thoso pollcles have beèn consistently aWled to all years presented unle¥s 0rWISe stated Golng concern The financial slat8menl8 hav6 be8n prepar8d on a gotng concem basis 85 the tru8t888 boligv8 that no material unGert8inties exist The Iru8tees have considered the18vel of funds held and the expected level of incomè and expendlture for 12 months from approvlro these finanual 31atem6nts. Tha budg&tgd incom and expenditure sufficrent wllh the level of Tr8eNe8 for th8 charity to be able to contwiue as a going GY)ncern. Preparatlon of con8olldalgd flnanclal statements The financial statements consolidaie th8 re8ult8 of the Chaiily and wholly-owned subsidiary Bath Recreatlon radingl Limited both of which rnake up their financi81 ststomgnl8 tr) 31 March. A separate statemont of financial ivilles. or income and 8xpendlture ae(xJunt, for the chartly itself is not presented b6cau8e the chadiy has taken ntage tsf the exemptions afft)rded by S8clion 408 ofth& Compan186 Act 2006. Income All Income Is r8cognisad in the Statement of Financial Activi1S88 onco Ihg charftable MpanY has enlitlemenl to th8 funds, It Es probable that t118 Income 11 be re¢¢lved and the amount can be m888urod rlably. Intarost on fiJrKls hgld on dep051t Is included when recewablg 8ThJ the amount can be measured roliabty by th8 harity., this is norrnally upon notlfficatlon of thg Intorest pald or payable by the bank. Fees and rental Income recelvable Fees and rentsl income r8celvabl6 ar8 OgnIsed In the Stat8menl of Flnanclal AcliviliBs in th& perlod to whlch th&y late. Vvhere fee or rental income is received or recsivable In a(fvance of the period lo which rt relates, its recognition Is deferred and included In credltors as dgferred Income. Donations For donations to be rwnised the charity will have been notifi8d of the am(wnts and the Settlement date In wrfllng. Expondilurn Llablllues are {gnISed a$ expendliure as soon as Ihore 18 a legal orconstru¢llve obligation committsThJ the charty to that expenditure, it18 probable that a transfer of ecMI¢ benefits wlll be requlred In setllemenl and the arUt of lh8 obligation can be measured rellably. ExpendSttfr8 Is a¢(x>unled for on an accrua18 basls and has been cla88ified under headings that aggregate all ¢osl related to the category. Wh8re cos cannot d1 allributed lo pai*cular headings th6y have been allocated lo a¢rfviti8s on a basis consistent wSth th6 Usg of r8sourcas. Page 14
tton Llmlted Nots8 to th& Flnanclal Statements - c orthe Year E arch 2023 ACCOUNTING POLICIE8 . contlnugd Intangible flxed a8S•ts Goodwlll arising on business ¢ombwiations Is ixpilallsed, da881fled as an asset on th& balance 8heel and amorused Dn a 8trdlghl line b8818 Over Its u68ful Itf8. Thé P9fic chosen forwrfling off goo¢Jwlll18 10 years. Tanglblè nxed assets D8precration16 provld(d at th6 followlng annual rat&s In order to wrlte off each as881 over Its estlmated Iff8. Land and bulldlngs Glasshouse bvildlrvJ IMproventS lo property Machlnery and UIpMent Motor vehicles Nil 20A on stralght Ilne basis 10% on redu(#ng balance 25% on reducing balance 25% on redudng balance No depreclatlon is Charg on land. Assets cosllng ov8r£250 are ¢apilali5ed. Investments Listed invegtments are included in the balance sh881 st falr value (thelr market valu81. The re8llsed &nd unraa1188d galns on Invastmonts ar8 reltecied in the statement of financlal actlvllle8 as Ihgy arlse. Realised gains and10sses gn investrnenls are calculated as the difference belween sales prrKeeds and opening market valLJ@ (purchase date if later). UnreaSed gains and1088es are calculated as tho dSfference between th& marketvalue 8$ Ihe period end and opening rnarkÈt valu8 {or purchase dale if later). Realised and unTralls&d galns arg not separated in the slaternent of fin8nGial aGlivilies. Invesbnont property Inv681rnonl property 18 shown at most recent V8lu8lion. Any aggregate surplus or deficlt arlslng from ohanges in fair value is rocognl88d In the Statement of FinanGlal Acllvlllg$. Taxatlon The Charitab company ts exempt from corporatlon lax on hs charltable activities. Fund accountlng Unrestricted funds can be used in X0rdanCe with the chabi8 obJa¢tlves at the discretion of th8 TTUStees. Restricted fuThls can only b& u88d for partlcular raslrlcted purposes within the objects of the charltablo company. R8Strlthns arise when specified by the donor or when funds are ralsed for partlcular restricted purposes. The charltable ¢ompany ha8 a slngl8 P8mianent @nt)wment whl¢h represants the land and buildSng8 of the Bath Racrgalon Ground. As described in Note 25, Ihe r1[0 ground Is hèld by a Ilnked charlty Furlher explanation of the nglure and purpxise of each fund Is Induded In the note5 to the finaal statements. Llnked ¢haritie8 Branch accounting has been adopbj for the linked unincorporated dwri18ble trust. see Note 26, Penslon cosls and other post.retlrem&nt b&nttflt8 The tharilabl& company operates a define(I contrtbution pension 8cheme. Contslbullons payab lo the charitable company's pen81on scheme are charged to the St*8ment of Hnancial Activities in the perlod to which they r81ale. DtsbtOTS Trade and other debtors are recognlsod at the settlement amount due after any trade discount off&r8d. Prep8ymonts ar8 valuod ¥t the amount prepaid ot any trade dlscounts due. C8$h at bank Cash at bank includes cash short tem highly liquid investments with a short maturlty of three months or less ftDm the date of affjulsilion CY opening of tha doposit or simllar account Credlloys and provlslons CTrdllors and provisions ar6 recognlsed where Ihè Charity has a preEent obligation SU111g from a past Bvgnl that WFII probaNy rasull in the transfer of fundB to 8 third party and th8 amount du9 to $elllg the oblig&llon be m9a8ured or @sllmal¢d r6llably. Cr8dllors and provisions are normally recognlsed at t1r $8t118m8nl amount after allowiro for any tsade discounts due. Page 15
Bath Rècr•atlon Llmlted Notss to the Flnanclal S for the Year Ended 31 IAaYch 2025 in ACCOUNTING POLICIES - contlnuod Flnanclal Instrumonts The ¢harf*able CpanY has chosen to adopt the requlremenls of sodion8 11 and 12 of FRS 102 In resp6cI ofthe measurement and disclosur9 of fInala1 Instruments. Trado and othér d•btoYs Trade and olher debtors a initially recognised at fairvalu8 and thereaftèr stated at amortised cost uslng tho èffecllve IarnSt mèthod, less Impalmiant Ios58s for bad and doubtful debts except Whe the 8ffgcI of discounting Nvould be lrnmaterlal. In such cases, the receivab18S aro Sta at cost1888 Impairment h)sse8 for bad and thjublful debts. Cash and cash equlvalents Cash and cash equiva19nts comprke cash at bank and 1$ measured et falr value. Trade and other tdItOrS Trade and othw credltorn ar8 Initlally rècognisgd at fair value and thereafter staled at amortlsèd c08t U81ng the effective interest method unless the effect of discounting woulrl be immatorial. In which ¢ase they are staw al cost. Investments InvB8tsments are r&cognlsed and measured al falr value. crttlcal accounting o$tlmatgs and areas of5udgement Estimates and lurjgements aro contlnuèlly evaluated and are based on historical expgllgnce and other factors, incIling oxpect8lons of fuiure evenls Ihal are bglieved to b& reasonabla under drcumslances. ntin atos and assum Ilons The charitable GompaTry mal(es estimates and assumptions concemlng thg fvtur8. The re5ulllng accounting e8tlmates and aBgumptlons wlll. by deftnltlon. seld equal the relatsd actual rB8uIt8. The esdmatgs and aswmptions that have a 8lgnifscant impact on the Carng arrnunls of ass8t8 and Ikblliktes within the nextfif)anclal y&ar are.. - the useful economlc Ilfe ol Ihe charltablè company's tanglble fixed assets,. - the prowtion of the overall land volue Ihat relates ID buding8 on th@ tharitable companVs18nd. are&s of ud emont The charitable Company includes its inve8tmenl property 81 an estlmaled valu& of £3.67m. In the absence of an intentlon to sell and a committed buyer, Ihls figur6 Is a matter of judyement fvr the Trus168s In con8ultation wth Iheir professional adviseFS. DONATIQNS AND LEGACIES 2025 2024 Other donations INVE8TMEMf INCOME 2025 2024 Renl fr(m Bath & North East Somorset Council Dlvldend In¢ome Deposit account Interest Other Intaresl recelv8ble 279,319 25,678 2.335 238,742 28,258 6,048 273,048 Page 16
NoteB to Iho Flnanclal Stat*nts - con ' for the Year Ended 1 Plarch 2D25 INCOME FROM CHARITABLE ACTIVITIES 2D25 Provl8lon of recrealluinal facili11gS and suppjrtlng events n8lst&nt wilh the harilable 2024 Total 8¢11vitie8 Bath Rugby O£her Irwry G)Bnts 279.367 148.549 246.670 140.687 29200 427916 416537 Rantal Incomo The charfly has the followlng amounts of ront due to il und8r cyeratlng leaso agr88mont8 wllh varfou8 tenants at Ihe Recreatlon Ground slte: Du8 wlthin yaar Due wlthln two and five years Due in morg than five year8 R8ntsl income due 421,339 1,151.958 8.741.920 CHARITABLE ACTMTIES COSTS Support sts (see te6) Direct Cos(s Totals Prov18ion of recreational faGilities and supwrting events conslstent with Ihe charitable objects 857,431 121.928 979,359 SUPPORT COSTS Governance costs Other Totsls Provision of recreational facilili8s and supportlng events Gonsistent wllh the charitsbl& objects 50.538 71,3 121,928 NET INCOTrAEI{EXPENDrruRE) Net Incomel(expendilure) is slated afler Charg11{¢red01ing)'. 2025 2024 Depreciation - owned assets Goodwill amortisatlon 115.998 44,250 98.812 7,500 Page 17
Bath RactIon Llmltsd Notes Fln Ista ontln lor the Year Ended 31 March 2025 AUDrroRY REMUNERATION 2025 F88s paya0 to the charlt¢s audltors for the audlt of the ¢har(Iy's tlnandal statements Foes payabl6 lo the oharity's audltors for oth6r servl¢e8.' Ac¢oun18, VAT advr& and payroll 14.080 13.300 775 745 rotal audit fees IRUSTEES, REMUNERATION AND BENEFITS Th&re ware no 0th9r tNstees' remunerallon or t*n8fll8 for th8 year end6d 31 Mah 2025 rnr for th6 year 6ndgd 31 Marth 2024. Truste88' exp0& During the year reimbursed expenses totalling £70712024,. £1,016) were paid to fjve (2024: five) trustees for travel and tralning. 10. STAFF C08TS 2025 2024 Wage$ and salaries Soclal $8curfty cost8 Other penSn costs 454,691 41.229 15,063 310.144 25,209 7,614 342.967 Induded In wages aThl salarfo& are redundancy payments amounllng to £nil {2024- £nll). Tho av@rag8 monthly number of employees during the year was as follows: 2025 2024 Management and administration Ground managemonl 13 10 The number of employees whose employee benefits (excluding 8mployer pensltsn $ts) 8xcaeded £60,000 wa¥: 2025 2024 £60,(K11- £70,OIXI £80.001- £90,000 The key management personnel of the charity comprise Ihe trustees and the Chief ExecxrtEve, to whom responslbillty fN the day-lo-day actDJities of the charity is delegated. The total 8mploy@e b8neflls recehthd by key rnanagement personnel duri thg yearwere £86,865 (2024: £89,785). Page 18
Bath Racrèatlon Llml Notes lo the Flna men for the Year Ended 31 Pdlarch 2025 ued 11. COMPARATIVES FOR THE CONSOLIDATED STATEMENT OF FINANCIAL ACTivrriES Unretstrided Reslrlctsd Endowment fund fund8 fund Total nds INCOME AND ENDOWMENTS FROM Donation$ and legacies 56,586 58.586 Charltsble actlvltl88 Provision of rocreatknnal facilities and supportlrrfJ ovents conslslonl wlth tho tharilable object8 416,537 416,537 Other tradlng aotfvltleB~ Incoma fM sub51dlary 117,014 117,014 Investment inc>)me 273,048 273,048 Total 863,185 EXPENDITURE ON Charitsblg actlvllle8 Provl$lm of Creational facilities and supportlng events ¢tsnsislent whh th8 charitable objects 922,100 922,100 Ralshg fund8- C08t of njnnlw Subsldlary 41.e84 41.684 Total Expgndlture Net gains l {Losses} on investments NET INCOME {41,7091 141,7091 RECONCILIATION OF FUNDS Total funds b)Ught fcmard 2,941,015 6,080,953 9,021,968 TOTAL FUNDS CARRIED FORWARD 2 899 306 6,080,953 Pag& 19
on Llmltgd Not88 to the Flnanclal Statemonts - con r the Year Ended 3 M vch 2025 12. INTANGIBLE FIXED ASSETS CHARifY AND GROUP Goodwjll COST At 1 Awil 2024 Addilions 450,000 Al 31 Mar¢h 2025 450 000 AMORT18ATION At 1 April 2024 Charg8 for year 7.500 44.250 At 31 March 2025 NET BOOK VALUE At 31 Mah 2025 398,250 At 31 March 2D24 442,5f)) Go¢xlwlll has arken on the acqulslllon of Capltal Project5. The charity has adopted amrllsatlon over 10 years. 13. TANGIBLE FIXED ASSErs GROUP Improvement lo property Land and bulldlngs Gla88hous building COST At1 A4)rll 2024 AdditlDfk8 2,410,953 745,441 869,013 At 31 Mardi 21Y25 2.410,953 869013 DEPRECIATION At 1 April 2024 Charge for year Ellmlnat8d on <Jlspos 45,949 14,gJ9 454,334 41,467 At 31 March 2025 60,858 495,801 NET BOOK VALUE At 31 MarGh 2025 2.410.953 684,583 373,212 At 31 March 2024 2,410 953 699,492 414,679 Page 20
th Rocreatlon Ll Note# to thg Flnanclal Slat&mènt8 - tontlnued 31Ma 13. TANGIBLE FIXED ASSETS- GROUP contlnued Mathinery Motor vehlcle6 equiwient Totsl8 COST At 1 April 2024 Addlllons 368,439 105,000 4,498,846 At 31 March 2025 371397 105,0 4 501804 DEPRECIATION At 1 ANil 2024 Charg6 for yoar Eliminated on disFosal 230,576 34,466 4,375 25,156 735,234 115,998 At 31 March 2025 265.042 851232 NEf BOOK VALUE At 31 March 2025 106.355 3 650 572 At 31 March 2024 137.863 100,625 3.763.612 Charity Improvement Land and buildin Glasshou6e building propèrty COST At 1 ApTiI 2024 AddiliDns 2,410,953 745A41 869,013 At 31 Marth 2025 2,410,953 745 441 869.013 DEPRECIATION At 1 AEXII 2024 Charge for year Eliminated on disFQ5al 45,949 14,909 454,334 41,467 At 31 March 21Y25 60,858 495.801 BOOKVALUE At 31 March 2025 373 212 At 31 March 2024 2,410.953 699,492 414,679 Page 21
ath Recr8atlon Llmlte Note8 to the Flna lals T Endod 31 Pllarch 202 Inued 13. TANGIBLE FIXED ASSET8- CHARITY contlnuèd Machinery equipment vehlcl6s Totals C08T At 1 Awil 2024 Additions 368,439 466 105,OC 4.498,846 At 31 March 2ff25 368 905 105000 4.499 312 DEPRECIATION At 1 April 2024 Charga for year Ellmlrkated on dlsp08al 230,576 34.466 4,375 25,1S6 735,234 115,998 At 31 March 2025 NET BOOK VALUE Al 31 March 2025 103.863 3 648,080 At 31 Marth 2024 137,863 100,625 3 763,612 Land and buildirwJs represerrt the Bath RB¢rgallon Ground5 and Ihe maln fabrlc Df the varlous oulbuildings erected on the land bgtwegn 1894 and 1954. Land is not deprecl8t8d and the rnain f8bric of these outbuildings18 deemed to h8V8 an inijeltnile useful lif6 and are therefore ncl deprecialod elther. Impaimi&nt18 considèred Per11raI[Y and commercial valuallons are obtained to faoililale thi8. The latest valuation was obtained fM Garter Jona8 as at 31 Maych 2022. The Land &nd bulldlngs of the Bath ReGfgation Ground are held by a linked Charity - The Bath Rocrnatlon Ground TNst. Improvement to prope.3 repr6swts the Convers1( of 8n outbuildkng to bècome the charitys offico, creation of changlng fa¢illeS and other building Impmv&m8nts. Those improvemgnls have a limtt8d useful life and ara d8pr8clated ovèr 10 years. Tho freehold of a park off Broadm¢yJr Lane, Bath currgntly generates no rental Incomo yet InrS annual maintenancg c08k. Glwn that the land does not produco a yield lo the charitable company. rnr ha8 any resale value, the TNslee8 have decid not lo valu8 th818nd In Ils finan(ial stalemenls. The leaselvjld of the Gla8shouge playlrKJ fiolds does not generate a 8lgnificanl $urplus. Glven that the land does not produce a net ylold to the charltable company, nor has any resale value, tho trustees hav8 doolded notlo valLJ8 the land In Ils flnandal statsments. Page 22
Bath Rec Ile es o the Flnancl forthe Year Ended 31 ent8 ntlnugd 202 14. FIXED ASSET INVESTMENTS Group Investmgnl portfolhj Tolals MARKET VALUE Al 1 April 21)24 Additknns DIsp08als Flevduatlons 1,1g3,287 716.385 (705,871) 6,287 1.193,287 716,385 (705,8711 At 31 Mar¢h 2025 1,210,088 NEf BOOK VALUE At 31 March 2025 1,210088 1210,088 At 31 March 2024 1,193,288 Charlty Share8 InvestThnt portfolio undertaklngs Totals MARKET VALUE At 1 April 2024 Additions Dlsposals R8Vaallon$ 1.193287 718,385 (705,871) 6,287 1.193288 716.3B5 {705,871) At 31 March 2025 1,210088 1,2tO.089 NET BOOK VALUE At 31 Marth 21Y25 1,210.088 1,210089 Al 31 March 2024 1193287 1.193,288 There were no investment assets oul8id8 the UK. Cost orvaluatlon at 31 M8rch 2D251s rapr8s8n18d by. Shares In group undertaklngs Investment portfollo Totals Valuallon In 2025 1210088 1,210,089 The company's Inve8tm8nts at the balance $et d*0 In the share pital of companles include the following: Tho oharity has a wholly owned tradlng subsldlary. Bath Recreation ITradlngl Llmlted, company number 13553734. The c(vnpany is incorporaled In thè United Kkngdom and Its regIster office 15 Balh Re¢reation Ground, PuFtsney Mgws, Bath, EnglaMI. BA2 4DS. The company wa$ Incorporated on 6 August 2021 and dld trade during Ihe perfod from 31 March 2024 to 31 Mar¢h 2025. Notg 26 provldes further informallon on th8 80t1&S of the subsldlary. The Investrnant portfollo nSISts of £1,210,088 listed inveslmenls. Pa 23
Bath Recreatlon Ll I al Sta for thè Yèar Endgd 31 Mar - contlnued 15. INVESTMENT PROPERTY Group and Charity FAIR VALUE At 1 April 2024 and 31 March 2025 3,670,(KJQ NET BOOK VALUE At 31 March 2025 3 670 000 At 31 March 2024 3,670,0 The investment property bulll on the Bath Recreatlon Ground is held by a linked charity - Ihe Balh Recrpation Ground Ttusl. Bath Sports & Leisure Cenlre became paTI of the Trusfs asÈots follong a decision of the Charity Tribunal in arch 2014 which was reflected In an order of the Tribunal In ApTI 2014. Attached to the asset Is an obligalv)n to derN)Il$h Ihe building when it become8 Ilfe explrèd. 11 wa5 rKJt Possible to ¢18@ Ihe value of the Sw)rts and Lelsure Centre fully until agreement was ched wilh Baih and North Ea8t Somerset Councll on how U)9 leisurè centr& would be usecl. Th8 Trust have negotlated a lèas& anLI other arrangements wlth Bath and NDrth East Somersel Counal which resulted in Bath and North East Somersel Coundl paying $ubslanli&l rent to the Trust from 1 Aprll 2014 8nd assumlng the obligation lo demolish. The lease and arKallary docum8nts were complet1 on 22 July 2016 and the full valuthn Iludirj the Sports and Leisure Centre was included In the year ended 31 March 2018. The r3,670,000 valu8tlon of the land and bulldlng$ as at 31 March 2022 18 based on an IndepBndent raporl preParj by Carter Jonas. Tr Tru¥lees will lake prof6sslonal a(Mce on th9 carylng amount of Ihe irwe8tsmont property every flvo years Falr vak* at 31 March 20251s represented by- Valuallon In 2017 Upllft In valuallon in 2022 1.700,000 1.970,000 3 670.000 DEBTORS: AMOUrs FALLING DUE VIITHIN ONE YEAR Group 2025 Charlty 2025 2024 2(Y24 Trade debtor8 Amounts owed by group undertalangs Other debtors Prèpayments and accnjeol income 24,556 28.736 167 88.704 50.499 63.629 10,111 83.967 499 55,351 499 44.953 164485 182,999 17. CREDITOR8: Amouwfs FALUNG DUE WITHIN ONE YEAR Group 2025 Charfty 2025 2024 2024 Trade crèditors Socla seGurlty and othertaxes VAT Accruals and dofgrr9d Incoma 31,485 13.450 44,103 118,764 48,342 13.824 20,251 110 555 27,277 13,450 44,103 117,660 47,294 13,824 15,486 110,5 207.802 202 490 187 159 Page 24
eati s to Ihe Fln for the Year E I Slatemants - contlnue 17. CREDITORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR contInd Included wlthln aGGrua18 and deferd irthme aro r8Cglpts In advanc8: Deferred In(¥)me at 1 AprH 2024 Incoming resource8 deferréd in th8 cunBTrt year Afflwn released from the previous year 97.589 99.369 197.589) Deferd income at 31 March 2025 99,369 18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 21Y25 2024 Other credftors 150.000 FINANCIAL INSTRUMENTS Group 2025 Charily 2025 2024 2024 Flnanclal a888t8 Cash Flnanclal asse that are debt instrument3 Investments 334.378 128.982 1,210,088 329,644 65,088 1,193,287 108,671 314.236 1210.089 228.863 130.430 1,193288 1,673 448 1.588,019 1 fj32 996 1552,581 Flnanclal Llabllltl•s Financial li8blllfles mèasuracl 8t amorflsed (49,4741 {61,308} 145,2661 (60.260) 49,474 45.266 Financial assets that are debt instrumants mea8urèd at amortised cost conwrise tr&d& dèbtoTr. amounts Owgd by group undertaking. other debtors and amounts rèGoverable on conlracb. FInarla1 liabilities rnoasud at a[rtiSed cost comprisa trade credito. AmouT owed lo group undertaklng and acGruals. 20. ANALYSIS OF NET ASSETS BETWEEN FUNDS Group 2025 Total fuTbds 2024 Total funds Unr8sl*ic fijnd Restrlct8d funds En(k)wmenl funrl FIx8d assets Investments Current assets Current Ilabllltles Lon9 Igrm liabili1188 1,637,869 1,210,089 498,863 1207,802) 150.000) 2,410,953 3,670,000 4.048,822 4.880.089 498,863 {207.802) 150,000) 4,206.112 4.863,287 403.832 1192,972} 300 0001 2,989,019 6,080.953 9 069,972 8,980,259 Page 25
tlon Umlted ote8 to tho Flnanclal Slat e Ye8r Ende ment8 . CO h 2025 ANALYSIS OF NET ASSET8 BETWEEN FUNDS Charlty 2025 Total funds 2024 Tolal funds Unrgstrlcted fund Restrlcted fLJnds Endowment fund Fixed as8Ot8 Investments Current assets Current liabilities Long tsnn liabilities 1,835,377 1,210,089 291,670 1202,490) 2,410,953 3,670.000 4,046,33D 4,880,089 291.670 1202,49)) 4,206,112 4,863,288 368,393 1187,1591 300,OIXII 2,784,646 6.080 953 8,865,599 8.950.634 21. MOVEMENT IN FUNDS Group Net movem9nl In funds At 31.3.25 At 1.4.24 Unreslrlcted ndS Ikneral fund 068lgnaled fvnds- Capltal Projects 2.469.673 400,000 {168,099) 2.301.574 400.000 Endowm)Ènt funds Bath RecreaUon Ground 6,080,953 6.080.953 FUNDS OF CHARITY 8,950,626 (168,0931 8,182,527 Funds of 8ubsidlary ¢ompany 29.632 257,812 287,444 TOTAL FUNDS 8 980 258 9.069,977 Charlty Not movement In funds At 31.3.25 At 1.4.24 UnrestriGted funds General fund D&sign8ted fvnds- Capital Projects 2,469,681 400,(M)O (85.035) 2.384,646 40D,000 Endowm8nt funds Bath Recreation Ground 6,080.953 6,080,953 FLINDS OF CHARITY 8,950,634 {85.035) 8.865,599 Page 26
Bath Recreatlon Llml Notes to temen - contlnued for the Year Endèd 31 March 20 21. MOVEMEwf IN FUNDS contlnuèd Group N8t movoment In funds. Inoluded In Ihp aly)ve are as follow8., Incoming resource8 In funds Rgsources Gains and expended losses / Tr8nsfers Movement Unrestrlclèd funds Genoral fund Destgnaled funds- Capltal Pr4ect8 Rgstdcted fund8 Funds of sub 735,248 {909,634) 6,287 {168,0) 69,725 499.g69 169,725) (242,157) 257,812 TOTAL FUNDS 1304 942 1.221.516 Charlty Npt movement In funds. iThJuded In Ihg above are gs frJllDWS: Incoming Resources Galns and expended k)8se8 l Transfers Movement In funds Unr&strlct•d funds General fund 888 037 979 359 6,287 85,035 TOTAL FUND8 888 037 979,359 ComparatIv for movement In fund8 Group N81 rrwjvement in funds At 1.4.23 31.3.24 Unrè8trlctèd funds G6neral fu1 Designated funds- Capital Projec*s 2,939,446 (469,773) 400,0(K) 2.469,673 4(M),000 Endowment fund$ Bath Recrealion Grwnd 6,080.953 6,080.953 FUNDS OF CHARITY 9.020,399 {69,773) 8,950,626 FU15 of subsidiary company 1,568 28,064 29,632 TOTAL FUND8 9,021,967 {41,7091 8.980,258 Page 27
Bath Ited otheFI forthg Yoar Ende tatem&nts - co rch 25 21. MOVEMEMf IN FUNDS . contlnued Comparatlves for movement In fund5 Charlty N81 movemnt In funds At 31.3.24 At 1.4.28 Unroslrlcted fund$ General fund De8lgnated funds- Capitsl Projects 2,939A54 1469,7731 4,000 2,469,681 400,OtM) Endowmonl funds Bath ReeatIon Ground 6,080,953 6,080,953 TOTAL FUNDS 9.020.407 (69.773} 8,950,634 Compardtiv8 nat rnovement in fiJnd8, included in the above are 8$ follow8: Group Incoming r88ourco8 in fvnds Re8oureAs Gal and expw)ded Ioss88 I transfers Movement Unra#trl¢tsd funds GeneTrl fund Deslgnated fvnds- C8pilal Project8 Funds of sub 746.171 {922.100) (341.110} 400.000 {517,039) 400.000 75.330 117,014 <41,684) Endowment funds Bath ReLTeation Ground TOTAL FUNDS 58,890 Charity Nel movemènt in funds. included in the above ate as follows: Incomlng Resources Galns and resources expènded losses I transfers In funds Movement Unrestricted ndS General fund 793.437 922,1 69,773) TOTAL FUNDS 793.437 922.100 Bath Recreatlon Ground Thig ondowffEnl fund reprasents the valuation of the land and bulklings kno as The Reoreation Ground and the srts Centre built upon it. Pagg 28
Not88 to the Flnanclal Statemants - contlnued 31Nar h 22. RELATED PARTY DISCLOSURE8 During th8 yearwages of £nll12024: £4.080) were pakj to H Flinn, the son of tha Chief Executlve OfficerJ Flinn. Durlng the year wage8 of £615 (2024: £nil) were paid to F Flinn. the Daughter of Ihe Chief Ex6Gutiv8 officerJ Fllnn. 23. ULTIMATE CONTROLLING PARTY Th8ro18 no ultlmat6 controlllThJ party of tho charity. RECONCILIATION OF NET (EXPENDITURE)IINCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2025 2024 Not (oxpenditufeylncome for the reporting POTiod (as per tho statfrmont of Flnandal A¢tlvlllè$l Adlustments for: Daprèdatlon charge$ AnrtiSatIOn chatYJe8 LossBsl{gain) on inv88tments Int&rest ro¢elv8d {IncrEaseydeaY88e In debtors {Decrgasoyin¢rBase in credit 89,713 (41.709} 115,998 98,809 7,500 (37,4771 {6,0481 82,805 322,087 (6,2871 (2,335) 190,298} 135 170 cash {us6d Invprovldod by opgratlons 425.967 25. ANALYSIS OF CHANGES IN NEf FUNDS Group At 1.4.24 C05h flow At 31.3.25 Net cash Cash at bank 4.734 334,378 Charlty At 1.4.24 Cash fflo)w At 31.3.25 Not cash Cash at bank 120.184 108,671 CORPORATE STRUCTURE AND LINKED CHARITY The clwritable company is an Incorporated charfty (the new charity), prev5ously Its activities were lMinIStered Ihrough the Bath Recreation Ground Trust (the old tnJsl}. The new charity vrds incorporated on 21 April 2017, but had no aCtles or transactions untll 1 January 2018 Wh It took over the otd trust's a¥sets and operations, wllh Ihe ex¢eplton of Ihe Bath Recreation Ground iiself. Undor trust law Ihe l•d of the Recreallon Ground oannot be held dlreGlly by the Charitable Company. Under a schema agreed Yrith the Chority Commlssion, from 1 January 2018, the new tharity became the Sole TYustè8 of old trust and the old trust became a linked charity to Bath Recreation Llmiled Ilinked charity numtor 1173521-11 a1 the 888ets and a¢tÉvilFes 8r6 Included In these accounts under tho rules of bfftnch accounllng. Page 29
h Recrea lo clal Statemenlg . contlnuod 2025 forthe Y SUBSIDIARY COPJiPANY Th8 d)arityhas a wholly ovffjd tradlng subsidiary, Bath Recr8atlon trradiThJl Llmited, cDmpany number13553734. The company is incorporated in th8 Unlled KIn10M and Its r6gls16red office is Bath Recreation Gwound. Pulten8y ews, Bath, EnglaNI, BA2 4DS. The Gompany was inco[rated 6 August 2021 and rnMenced trade on 31 March 2023. The company dcThte8 all Its taxablg profits to Balh Recreation. A Summary ofthg flnancial rf0mlanc8 of th& subsldlary is sh¢xvn bdow. 2025 2024 Turnover Expendiluro DtslrttÈns to par6nl 499.969 1267,1511 117,014 (88,) Profil forth6 financlal pe0d 174,754 28,064 Tha ats and Itabilities of the company w; 2025 2024 Fixed as88ts Current assels Current Nabllllles Long terrn liabiliti88 2.492 275.905 174,010} 119.413 189.780) Nel assets 204,387 204.386 29,632 Share oapital Net rrOt a5S8ts 204,387 29.633 Flnan¢ial results of tho charlty Th8 gr088 Income for tho yèar of thè charlty alonè19 £888,03712024". £793,437) and th8 deflclt for the year of the clwrity atone is £85.035 (2024.. £69,773 defltit). Page 30