Wincanton Recreational Trust (A Charitable Incorporated Organisation) Annual Report and Unaudited Financial Statements For the Year Ended 30 September 2024 Charity Registered in England and Wales Number: 1174519 Wincanton Recreational Trust Contents For the Year Ended 30 September 2024 Pa Contents Reference and Administrative Details Trustees, Annual Report Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 9-18 Prepared By Albert Goodman LLP Wincanton Recreational Trust Reference and Administrative Details For the Year Ended 30 September 2024 Trustees J French (Chair) A Chestemian H T Ellard S Matthews C Pebworth V Predeth C Stock A Waistell S Darcy Registered Office Maddox Pavilion Wincanton Sports Ground Moor Lane Wincanton Somerset BA9 9RB Independent Examiner Michelle Ferris Bsc (Hons) FCA DChA Albert Goodman LLP Goodwood House Blackbrook Park Avenue Taunton Somerset TA12PX Solicitors Rutter & RLrtter St Audreys Wincanton Somerset BA9 9DR Bankers National Westminster Bank PIC City of Bath 24-25 Stall Street Bath BA1 1QF Prepared By Albert Goodman LLP Wincanton Recreational Trust Trustees, Report For the Year Ended 30 September 2024 The Trustees present their report and unaudited financial statements for the charrty for the year ended 30 September 2024. The financial statemenis have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)- ('the SORP"). Reference and administrative infonnation Details of the charity's trustees, advisors and other reference and administration details are given on page 1. Structure, governance and management The Wincanton Recreational Trust is an independent charity. registered number 1174519. The charity is run by its Trustees. The Trustees who served during the year and since the year end are as follows: J French (Chair) A Chesterman H T Ellard S Matthews C Pebworth V Predeth C Stock L J Tibbatts (Resigned 25 July 2024) A Waistell S Darcy (Appointed 25 July 2024) Additional Trustees may be appointed by the current Trustees. There may be no more than 20 Trustees at any one time. Officers are elected at the Annual General Meeting. All decisions regarding the management and administration of the Trust are made by its Trustees. Objectives and activities The Trust has been constituted with the purpose that the assets of the Trust shall be applied to.. a) provide recreational facilities for the benefit of a widely defined user group for Wincanton and the surrounding area- and b) manage and improve the recreational facilibes and equipment provided. The Trust owns the land and buildings and operates the facilities. In setting our objectives and planning our activities. the trustees have complied with the duty in section 17(5) of the Charities Act 2011 to give careful consideration to the Charity Commission's general guidance on public benefit. The activities of the charity will benefit the local community by providing recreational facilities and equipment for use of the general public. Prepared By Albert Goodman LLP Wincanton Recreational Trust Trustees, Report For the Year Ended 30 September 2024 Risk The Trustees have assessed the major risks to which the charity is exposed and systems have been established to minimise these risks. Achievements and performance During the financial year ending 30th September 2024. the way the day-to-day operations of the Wincanton Sports Ground continued as per the previous year. The activities at the Sports Ground increased significantly after the change of operational responsibility instigated in the previous year, despite some "hangoverf from periods of restrictions being imposed by "lock-down" in late 2020 and early 2021. The new Management Committee continued to be successful in attracting new users to the facility as well as additional volunteers to assist with necessary works. Financial review The financial results of the charity for the year ended 30 September 2024 show a deficit as noted below. Income has seen an increase again due to increased usage and additional income from a land promotion agreement. Unrestricted income in the year was £84,073 (2023: £51,530). Expenditure from unrestricted funds was £58.769 (2023: £64,412). with depreciation being charged against restricted and endowment funds of £23,916 and £2,432 respectively (2023: £28,182 and £2,697). Unrestricted reserves (including designated funds) at the year end were £426,432 (2023.. £422.232). Of this total, £340,723 {2023.' £349,380) is held within fixed assets. with the balan￿ held in Cu￿ent assets. Reserves policy As noted above. nearly all of the restricted and endowment ftjnds carried forward at the year end are held in fixed assets. along with some of the unrestricted funds. Free reserves (unrestricted funds excluding those held in fixed assets) were £111,000 at the year end (2023: £77,052). It is the aim of the trustees that sufficient funds are held to operate the facilities for a period of 6 months without any income sources. This would amount to approximately £28.000. The balance is held to reinvest in the facilities as required. Future plans Since the end of September 2024, the Trust has continued to manage the facility as described. Prepared By Albert Goodman LLP **Wincanton Recreational Trust** Trustees' Report For the Year Ended 30 September 2024 ## **Trustees' responsibilities** The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed/constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the trustees on 06/04/2025 J French Trustee Prepared By Albert Goodman LLP 5 **Wincanton Recreational Trust** Independent Examiners' Report to the Trustees For the Year Ended 30 September 2024 ## **Independent examiners report to the Trustees of Wincanton Recreational Trust.** I report to the trustees on my examination of the accounts for Wincanton Recreational Trust ("the charity'') For the Year Ended 30 September 2024. ## **Responsibilities and basis of report** As the charity trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the 2011 Act"). I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or 2. the accounts do not comply with these records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a "true and fair view'' which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Michelle Ferris BSc (Hons) FCA DChA Albert Goodman LLP Chartered Accountants Lupin Way Yeovil Somerset BA22 8WW Date: 10/04/2025 6 Prepared By Albert Goodman LLP o (N ro o co O LN oocN O CO P- Iiil 111 c ffj q) **Wincanton Recreational Trust** Balance sheet As at 30 September 2024 ||**Notes**||**2024**||**2023**| |---|---|---|---|---|---| ||||£||£| |**Fixed assets**|||||| |Tangible fixed assets|8||953,655||988,647| |**Current assets**|||||| |Debtors|9|740||1,049|| |Cash at bank and in hand||122,180||87,531|| |||122,920||88,580|| |**Creditors**|||||| |Amounts falling due within one year|10|(1,920)||(1,528)|| |**Net current assets**|||121,000||87,052| |**Net assets**|||**1,074,655**||**1,075,699**| |**Funds**|||||| |Unrestricted funds|11||318,323||288,832| |Designated funds|11||133,400||137,600| |Restricted funds|11||601,024||624,914| |Endowment funds|11||21,908||24,353| |**Total charity funds**|||**1,074,655**||**1,075,699**| Approved by the Board for issue on 06/04/2025 and signed on their behalf by: H Ellard Trustee J French Trustee 8 Prepared By Albert Goodman LLP Wincanton Recreational Trust Notes to the Financial Statements For the Year Ended 30 September 2024 Accounting policies 1.1 General information and basis of accounting The financial statements have been prepared in accordance with "Accounting and reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)"_ {Charities SORP (FRS 102)). The charity meets the definition of public benefit under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. On 1 November 2020. the wholly owned subsidiary of the charity, Wincanton Sports Ground Management Company Limited {"WSGMC") (company number 05406944), transferred its trade and assets to the charity. 1.2 Income Income is included in the Statement of Financial Activities {SoFA) when: the charity becomes entitled to the resources" the trustees are virtually ￿rtain they will receive the reSour￿S., and the monetary value can be measured with sufficient reliability. All income is reported as gross of related expenditure. Grants and donations are only included in the SOFA when the charity has unconditional entitlement to the resources. Investment income is included in the accounts when it is receivable. Income from rental of facilities is included when the activty or rental takes place. Bar sales are recognised at the point of sale. 1.3 Expenditure Expenditure is accounted for on the accruals basis. Liabilities are recognised as soon as there is a legal or constructs've oblbgation committing the charity to pay out resour￿5. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities. It includes both costs that are directly attributable to those activities and also costs of an indirect nature that are ne￿SSary to support them. Donations and grants payable are payments made to third parties in the furtherance of the charitable objectives. Grants are recognised in the accounts when a commitment has been made. Prepared By Albert Goodman LLP Wincanton Recreational Trust Notes to the Financial Statements For the Year Ended 30 September 2024 1.4 Fixed assets All assets costing more than £100 are capitalised. Depreciation is calculated to write off the cost of all fixed assets over their useful lives at the following rates.. This comprises grant income received from various organisations for the Maintenan￿ of the land and buildings in order to keep Wincanton's sports and recreational ground in good condition and up to date. Freehold land Freehold building Plant and equipment Fixtures and fixtures O % - not depreciated 10 % reducing balance and 2 % straight line 15 % reducing balance 15 % reducing balance 1.5 Stock Stock is recognised at the lower of cost and net realisable value, on a first in, first out basis. 1.6 Debtors Trade debtors are recognised at the settlement amount due. 1.7 Cash at bank and in hand Cash at bank and in hand comprise cash on hand and call deposits that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. 1.8 Creditors Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount. Accruals are recognised where the charity has a present obligation resulting from a past event and will be invol￿d post year end. 1.9 Funds Unrestricted funds This comprises grant income received from various organisations for the maintenance of the land and buildings in order to keep Wincanton's sports and recreational ground in good condition and up to date. Endowment funds This comprises the land and sports field buildings at the Sports and Recreational Ground. Moor Lane, Wincanton. This fund is an expendable endowment fund which may, at the discretion of the Trustees, be applied as income for the Trust's charitable purp)ses. Restricted funds These comprise funds re￿iVed for capital projects to improve and extend the facilities available at the Sports and recreational Ground, Moor Lane. Wincanton. Desi nated funds The Pavilion Fund has been designated by the Trustees to provide for the building of the pavilion. Prepared By Albert Goodman LLP 10 Wincanton Recreational Trust Notes to the Financial Statements For the Year Ended 30 September 2024 1.10 Taxation The company is a registered charity and is therefore not liable to corporation tax or capital gains tax to the extent that the income and gains are applied to charitable purposes. 1.11 Financial instruments The charity only holds basic financial instruments as defined in FRS 102. The financial assets and liabilities of the charity and their measurements are as follows: Financial assets trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank- is classified as a basic financial instrument and is measured at face value. Financial liabilities - trade creditors, accruals. loans and other creditors are financial instruments, and are measured at amortised cost. Donations {including grants) Unres- tricted Res- tricted Total 2024 Unres- tricted Res- tricted Total 2023 Wincanton Town Council. Other donations 10,000 10,000 1,267 1,267 1.267 1,267 10,000 10,000 'denotes government funding. See note 14 for more details. Wincanton Recreational Trust Prepared By Albert Goodman LLP 11 Notes to the Financial Statements For the Year Ended 30 September 2024 Charitable activities Unres- tricted Res- tricted Total 2024 Unres- tricted Res- tricted Total 2023 Pavillion hire Sports club fees Advertising income Bar income Other rental income Other income 12,000 23,657 300 18,568 4.660 22.506 12,000 23,657 300 18,568 4,660 22,506 11,000 15,772 150 12,281 1.435 163 11,000 15,772 150 12,281 1,435 163 81.691 81,691 40,802 40,802 Investment income Unres- tricted Res- tricted Total 2024 Unres- tricted Res- tricted Total 2023 Bank interest receivable 1.115 1.115 728 728 Prepared By Albert Goodman LLP 12 t <5) COO ￿) a) (N ff) Ln (O Ln Tt Ln o) Thl Ln ln￿ c*> O) CN co- m Co￿-- Offi ￿ Lri o No) coo ￿0) Lf)fo (N ￿ 000>￿7￿ooo)O>o ¢J) r£J v ¢5) (£1 O IXI O Ln Ln Ln ff) Ln ￿(0 (N CO fJ) a> c a) liiiiiiil,11511 ocL>J_J￿Lu(i¢£_CL[£Cnu Wincanton Recreational Trust Notes to the Financial Statements For the Year Ended 30 September 2024 Trustees, expenses and remuneration No trustee received any expenses or remuneration from the trust. (2023.. none) Wages and Salaries There is no key management personnel remuneration to be disclosed (2023: none) and no individual earned more than £60.000 (2023: none). Fixed assets Freehold Land Freehold Building Plant& Equipment Fixtures, & fittings Total Cost As at 01.10.23 196,822 1,741,924 62,194 10,603 2,011,543 As at 30.09.24 196.822 1.741,924 62,194 10,603 2,011,543 Depreciation As at 01.10.23 Charge for the year 980.591 30.385 39,067 3,493 3.238 1.114 1,022,896 34,992 As at 30.09.24 1,010,976 42,560 4,352 1,057,888 Net book value As at 30.09.24 196,822 730,948 19,634 6,251 953,655 As at 30.09.23 196.822 761.333 23,127 7,365 988,647 Prepared By Albert Goodman LLP 14 Wincanton Recreational Trust Notes to the Financial Statements For the Year Ended 30 September 2024 Debtors 2024 2023 Trade debtors 740 1,049 740 1,049 10 Creditors: Amounts due within one year 2024 2023 Trade creditors Accruals 88 1 .440 1.920 1.920 1,528 Prepared By Albert Goodman LLP 15 Wincanton Recreational Trust Notes to the Financial Statements For the Year Ended 30 September 2024 11 Statement of funds Balance 01.10.23 Expend- iture Balance 30.09.24 Income Transfers Restricted funds Tennis courts fund Pavilion and bowling green fund Grandstand Other funds Somerset Community Foundation 19.771 578.774 11,870 4,499 10.000 (1,982) (20,793) (451) (690) 17,789 557,981 11,419 3,835 10,000 26 Total restricted funds 624.914 (23,916) 26 601,024 Designated funds Pavilion fund Astro Turf Pitch fund 117.600 20.000 {4,200) 113,400 20,000 Total designated funds 137,600 (4,200) 133,400 Endowment funds Sportsfield fund 24.353 (2,432) (13) 21,908 Unrestricted funds General 288,832 84,073 (54,569) 113) 318,323 Total Funds 1.075.699 84,073 (85,117) 1,074,655 Prepared By Albert Goodman LLP 16 Wincanton Recreational Trust Notes to the Financial Statements For the Year Ended 30 September 2024 Statement of funds - 2023 Balance 01.10.22 Expend- iture Balance 30.09.23 Income Transfers Restricted funds Tennis courts fund Pavilion and bowling green fund Grandstand Other funds Somerset Community Foundation 21,967 603,754 12,318 9,256 10,000 (2,196) (20,781) (448) (4,757) 19,771 578,774 11,870 4,499 10,000 (4,199) Total restricted funds 657,295 (28,182) 14.199) 624,914 Designated funds Pavilion f und Astro Turf Pitch fund 117,600 20,000 (4,200) 4,200 117,600 20,000 Total designated funds 137,600 (4.200) 4,200 137,600 Endowment funds Sportsfield fund 27,063 (2,697) (13) 24,353 Unrestricted funds General 297,502 51,530 (60.212) 12 288,832 Total Funds 1,119,460 51,530 (95,291) 1,075,699 Each of the funds noted above (other than the Astro Turf Pitch fund, the Somerset Community Foundation fund and the general unrestricted funds) are funds consisting entirely of fixed assets. The expenditure applied to the funds is depreciation and the closing balance equates to the net book value of the assets contained within the funds. The Astro Turf Pitch fund is funding received for the creatKJn of an Astro Turf Pitch. The Somerset Community Foundation fund was received for general business development including general activities, capital investment and volunteer development. Prepared By Albert Goodman LLP 17 Wincanton Recreational Trust Notes to the Financial Statements For the Year Ended 30 September 2024 12 Analysis of net assets between funds Tangible fixed assets Net current assets Totsl 2024 Tangible fixed assets Net current assets Totsl 2023 Endowment fund Restricted fund Unrestricted fund General Designated 21,908 591,024 21.908 601.024 24,353 614,914 24,353 624,914 10,000 10,000 227,323 113,400 91,000 20,000 318.323 133,400 231,780 117,600 57,052 20,000 288,832 137,600 953,655 121,000 1,074,655 988,647 87,052 1,075,699 13 Contingent liability The Trust currently owns a parcel of land upon which a Covenant is held by Mr Millard. The Covenant will be released in full upon the payment by the Trust of £13.750. Such a payment will become due within 28 days of obtaining a planning consent for economic development for industriallemployment usage. 14 Government grants Income from government grants comprise grants made by govemment departments, agencies and public bodies to fund the principal activities of the charity. No performance related grants have been received by the charity and no grants re￿iVed have any unfulfilled conditions or other contingencies attached to them. See note 2 for more infomiation regarding the funders. Government grants re￿iVed during the year amount to £Nil (2023.. £10,000). Prepared By Albert Goodman LLP 18