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 (ap￿Inted 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 rep￿t 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 fIn￿￿la1 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 acc￿nts 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 a￿1 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 Irrf￿8n¢$ by acttng a5 a vdce for the b6n6flt8 of recTr8tlon and th6 Pr￿rvatknn 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 fouThl*lional 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 GOn￿t 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* M￿tiplIer as we hame88 greatsr 8klll$ and capabilille5 for the good of our sharod benelclarfes providing Sp￿￿all81 property guidanc8, adv1￿ and resourc8s. As part of our strategy tt) dIVer￿fy 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￿ Issu￿1 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 po0￿e 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 $6lf-fiJnded a naw 3G pitch as they sought assistanca lo Compkte the proJe¢t and successfijlly launch 51 for thèlr dub and wider ￿mmunIty. Wo we￿ aNe to provide a lo&n for £50k tr) 8UPlX)rt the prol¢¢t and will work with the club to ènsure th& facifty can opera161011'8 full potontld for as wkle a range of beneficiartes as poBslbl&. Th@ management and Iruslee worklng group slruclure Introduced In 2023 (x)ntlnues to enable an effecllve link bgtW99n Iru5tees and Senior managemerrt 8nd18 0￿ratIng coherenlly supporting our growth and strong declsion making between th8 gXgGuIIv8 and Board ofTrustee8. Whlst the Property Worf(Ing Group M￿ntaIn fows on the stadlum d6velopmenl the Activity WothiTr3 Group (renam￿ from Education WGI is ghifting th8irfLw lo add slralegic partnerships 8nd futur& strategy to the ovwswJht of the Gl&sshous8 8nd Buds programmes. The Charlly subsidiary company has dalw6red a positwe financial conlribution and looklng to identiTrJ a permanent basg to develop a¢fivily. FINANCIAL REVIEW Résorvd$ pollcy It Is the pollcy of the Trustees the tharitabla company should hold suffic￿nt 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$lricted lund8 avallable to the charltabl6 company at tho bala￿e sheet date are glven in note 2110 these flnandal stateMent5. The Trustees wnsider the r8sery8s pos11ion al this date to be salisfacw. Page 3 Bath ReGreatlon Ll Re farth6 Yaar Endgd 31 Marth Golng ¢oncem The Gharilable c)Jmpany receives the majority of It5 ongoing inwme from trading actlvlly together with Bath Rugby and Bath and North East Somarsel Cwncll for tha ongolng use of Ils fa¢illtks. The t￿ling activlty18 g6n8ratlng a Str￿ return and togeth￿ wllh a proportlon of ￿ase incom8 having an end dat& In 2069, the Trustees are of the view th81 th18 provldgs suffrcienl security to mitigate any rlsk to Its contit)u¢d e￿$tenCe. Taking into aCC￿nt the op8ratlons (Jf the charltable company and the current reserves position, the Tn￿lee$ 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 n￿de 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 pE￿d 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 Some￿0t 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 reMu￿￿ted by the charlty. Remuner8tioN level8 Of￿ tharltablè companfs key management ara set In a￿￿Tdance with market Tates a￿1 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 P￿ICe} includlng Financlal Reporting Standard 102 The Financial Reportlng Sta￿lard 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 eXpeT￿lIUre. of the charitable company for that period. In preparfng Ihose financtal stalem8nts. the tNstse8 are requlred lo select SUItab￿ acc￿n11ng 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 Ir￿pprOpriate 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 SM￿1 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 Ma￿h 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 sta￿lard 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 1￿2 The Flnancial Rewrting Slandalll applicabla In the UK and Republic of Ireland,; and have bèen prepar￿1 in a(￿rdance with tho requirements of the Companie8 Ad 2006. Basls for oplnlon We conducted our audlt In a￿￿￿nce wlth lntem811onal Standards on Audltlng (UK) IISAS (UK)) and appllc8ble law, Our responsibilltl8s under those sthndards are fUrt￿r described In the AudltorB' rgSPC*bslbllllles 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 ev￿ts 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 reS￿n&1b1o for the other inf0M￿tIOn. 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 Y￿th our audit of the flnandal statements. our responslbilrty 18 to read the other Informatlon and. in dolng so c￿sIderWhther 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$, we are r8qulr8d lo d@IGrmln8 whelP￿r this gives ris8 to 8 material ml$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 g￿en 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 h￿h 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 IrregUla￿tI$$, 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 cha￿tI6$ Stalemenl of RecomM￿ded Practice 8￿j the Companles Ad 2006. We evolu8t8d man8gomenl's incentives 8nd typortunlli8g for fraudulent manipulati(ffi of the flnancial statem8nls (Includlng the risk of ove￿Ide 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 I￿1g8M￿nI8I 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 m8nag8n*nV8 Int8mal controis de51gned to prevent and d8t8Ct Irreyularitle5 and fraud", Revi$wlng the Charllies, legal ¢ost5 tts check for nonwC(Mnpliance wtth law8 and regulatlon8 and fraud., Reviewing Board of Trusl88s mlnutes" Dosigniro audrt procedures to Sncorpordte unprodl¢tabilty around the nature, Ilming, or axlenl of our testing of eX￿n808., Testlng trans￿n8 entered Intr) outsldo of the normal WUTse of the Charltles buslness" and Idenllfylng and testtng loumal entri88. There are inherent limilalions in the audlt pro￿lUreS described above and the furthor removed non-c¥)mpIlan￿ wSth law8 Snd rtsgulallons Is from the events and Iransaclions r&fl8ct9d In the flnancial sietsments, th818sg Ilkely we would become aware of iti Al80, Ihs rlsk of not detectlng a malerlal misslalement due to fraud Is higher than the risk of not detectlng one resulllng from error, as fraud may InvoJv8 dellberatg ¢oncoalment by, for 8xample. forgery or Intenllonal mi8representallons. or through colusion. A further deSGription of our responsibilitie8 for th& audtt of the flnanclal 5talemen& Fs k)Gat8d on the Flnancial Reportlng Councifs website at www.Irc.org.uklaudrtOYs￿sp0nSibi1iII08. Thls d8scriptlon forms part of our R6porl of the Independerrt Auditors. Page 8 ort of the Inde endont Audltors to the Members of Recreatl Llm. U80 of our report This report18 Made solely ID tho charftab18 company's members, as a body, in accordan￿ wlth Chapter 3 Df Part 16 of the Compani95 Acl 201￿, Our auc5il work has bèen UfKlert8ken w Ihal wo mlghl 8lat8 to lh& charitabl& companYs member$ 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 I0￿rd 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 DesIgnat￿l 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 fIna￿la1 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 a￿t inveslments AcquisiliDn of trade Sale of fixod asset investment8 Inv9$1mrrt fo85 charged Inter06t r@CeN 2.958} (716,385> 1150,000) (3%,6721 1450.0001 347.000 10,742 705.871 Net group cash used in inveslFng activltres 632,8821 Chan90 In group cash and Gash equlvalonts In the reportlng p•rlod Group cash and cash equivylonts at tho beglnnlng of tha reportlny perlod 4,734 1206.9151 329 644 538 559 Group cash and ¢a8h oqulvalonts at the end of tho rgporting period 334,378 329.644 The notgs fomi part of these finandal statem8nts Page 13 atk>n Llmlted Not88 to th6 Flnanclal Statem earE arch 2025 ACCOUNTING POLICIE8 Ba¥1¥ of proparlng the flnanclal 8tatam&nts The ffnan¢lal statements of the ¢haritsble ￿FT1pany. which a publlc benoffl entity under FR8 102, hav& been p￿pared In accordanca wtth th8 Charftles SORP (FRS 102)'Accounting and Reportlng by Charliles.. Statement of Rec(*nmended Praolice applicable to charttie8 pr8parfng th8lr accounts In accordance with th8 Flnanclal Reportlng Standard appllcable in the UK and Republic of Ireland {FRS 102) {effectlv& 1 January 2019),, Financial Reporting Standard 102'Th6 Flnanclal R6POrting Standard applkable In the UK and Republic of Ireland, and thè C(Mmpanies Aot 2006. The financi81 statements have been Prepared under tho historkd cost conv&ntr)n, wilh the excoptlon of Inv&slmnts whlch are Includod at market value, 88 rnodified by tho revaluation of certakn assets. Bath Recreatk)n Limited as a Charitable ¢ompany established in England and Wale$. In the event of the charitab mpany belng wound up, tha Ilabillty In r£S￿et of the guarantee is limited lo £1 per m8mber of the chaiitable Ixsmpany. The address of the registered off￿e 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 0￿rWISe 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 r￿lably. 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 ec￿MI¢ benefits wlll be requlred In setllemenl and the ar￿U￿t 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 co*s 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 IMprove￿ntS 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). Unrea￿Sed 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$. Taxatlon The Charitab￿ company ts exempt from corporatlon lax on hs charltable activities. Fund accountlng Unrestricted funds can be used in ￿X0rdanCe with the cha￿bi8 obJa¢tlves at the discretion of th8 TTUStees. Restricted fuThls can only b& u88d for partlcular raslrlcted purposes within the objects of the charltablo company. R8Strlthns arise when specified by the donor or when funds are ralsed for partlcular restricted purposes. The charltable ¢ompany ha8 a slngl8 P8mianent @nt*)wment whl¢h represants the land and buildSng8 of the Bath Racrgalon Ground. As described in Note 25, Ihe r￿1[0￿ ground Is hèld by a Ilnked charlty Furlher explanation of the nglure and purpxise of each fund Is Induded In the note5 to the fina￿￿al statements. Llnked ¢haritie8 Branch accounting has been adopbj for the linked unincorporated dwri18ble trust. see Note 26, Penslon cosls and other post.retlrem&nt b&nttflt8 The tharilabl& company operates a define(I contrtbution pension 8cheme. Contslbullons payab￿ lo the charitable company's pen81on scheme are charged to the St*8ment of Hnancial Activities in the perlod to which they r81ale. DtsbtOTS Trade and other debtors are recognlsod at the settlement amount due after any trade discount off&r8d. Prep8ymonts ar8 valuod ¥t the amount prepaid ot any trade dlscounts due. C8$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 ￿SU111￿g 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 t￿1r $8t118m8nl amount after allowiro for any tsade discounts due. Page 15 Bath Rècr•atlon Llmlted Notss to the Flnanclal S for the Year Ended 31 IAaYch 2025 in ACCOUNTING POLICIES - contlnuod Flnanclal Instrumonts The ¢harf*able C￿panY has chosen to adopt the requlremenls of sodion8 11 and 12 of FRS 102 In resp6cI ofthe measurement and disclosur9 of fIna￿la1 Instruments. Trado and othér d•btoYs Trade and olher debtors a￿ initially recognised at fairvalu8 and thereaftèr stated at amortised cost uslng tho èffecllve I￿arnSt mèthod, less Impalmiant Ios58s for bad and doubtful debts except Whe￿ the 8ffgcI of discounting Nvould be lrnmaterlal. In such cases, the receivab18S aro Sta￿ at cost1888 Impairment h)sse8 for bad and thjublful debts. Cash and cash equlvalents Cash and cash equiva19nts comprke cash at bank and 1$ measured et falr value. Trade and other t￿dItOrS 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, incI￿ling 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 Car￿ng 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 bu￿ding8 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 Charg1￿1{¢red01ing)'. 2025 2024 Depreciation - owned assets Goodwill amortisatlon 115.998 44,250 98.812 7,500 Page 17 Bath Rac￿￿tIon Llmltsd Notes Fln Ista ontln lor the Year Ended 31 March 2025 AUDrroRY REMUNERATION 2025 F88s paya￿0 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 Ma￿h 2025 rnr for th6 year 6ndgd 31 Marth 2024. Truste88' exp￿￿0& 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 $8curfty cost8 Other penS￿n costs 454,691 41.229 15,063 310.144 25,209 7,614 342.967 Induded In wages aThl salarfo& are redundancy payments amounllng to £nil {2024- £nll). Tho av@rag8 monthly number of employees during the year was as follows: 2025 2024 Management and administration Ground managemonl 13 10 The number of employees whose employee benefits (excluding 8mployer pensltsn ￿$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 f￿M 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 Ma￿h 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