Rydal Hall Limited Annual Report and Financial Statements 31 December 2024 Company registration number: 02561024 Charity Trgistration number: 1176419 dOdd&co Rydal Hall Limited Contents Referen¢e and Administrats've Details Trustees, report Tnts1￿. responsibilities in Telation to the finanual ststements IndependeTrt aLtdrtors' r?port (Co Act) statement ol financial activrties B8lanTr Sheet 10 Charity balance 5h8et Cash tlow statement 12 Notes to the finanaal statements 13 Rydal Hall Limited Reference and Administralive Details Charty name Rydal Hall Lrmiled Charity regiStratton number 1176419 Company registratltsn nurnber 02561024 Principal offlce Rydal Hall BLESIDE LA22 9LX RegiSter*J office Church House Friargate PENRITH CA11 7XR Trustees Rev WE Sanders IRetired 31 July 20241 P N Yates The V&nerable Dr R D Pratt (Retired 31 March 20241 R D Jaques A Whiqham The Venerable R E Newton IAppointed l August 20241 Rev Lwilson (Appointed 16 July ￿24) IAppointed 16 July 20241 M I Carnpion R D Jaques Auditor Dodd & Co Audit Limrted FIFTEEN Rosehill Montgomèry Way Rosehill Estate CARLISLE CA12RW Page 1 Rydal Hall Limited Trustees, Report for the Year Ended 31 t￿Cember 2024 The Trustees, who are directors of the Compafiy foi the purposes of company ￿w, ￿sent their roF>Ort together the finanrxal state￿￿nts ol the Charf(y for the year end8d 31 December 2024. <*)veming Docurnent Rydal Hall Lsn)ited was incotporated on 21 Novembef 1990 as a trading subsidiary of Cartisle Diocesan Board of Finance. It obtained ¢l*arity registratson on 21 December 2017 Inumber 11764191 and stsrted to operate a5 a charity fir¥rn 1 January 2018. The company was èstablished under a Memorandurr, of Assoeiath"on, which established the obpcts and powers ol the chantable company as)d rs govemed under rts Articles of Association as amended on 6 Doc8mb8r 2017. The financial sialernents have been prepared in accordance wrth the a(Lounting policies set out in notes to the accounts and c¢mply with the charitfs governing documenl, thè Ch8rrtiés Act 2011 a6 updated by the Charrties A¢1 2072 and Accounting and Reporting by Charities.. Statement ol RecomrrÈended Practice IFRA 1021 applicable to ¢h8nti85 preparing their accounts In accordance with the Finanual Reporting Stsndard for Smaller Entrties published in October 2019 App)intn*nt of DlrectorsThrustees Up to Ihrtye Trustees can be appointed by the Carlisle Dioeesan Board of Finance lor a three year term. Up to an 8ddrtional fve, who shall not be employees or officèrs of th¢ Cartisle Diocesan Board of Finance. be appointed by a resolulon of the Trustees. One third lor the number nearest one thirdl of the Trustee5 appointed by resolution of th& TpJstoe$, must rgliro at 8 meetin9 Called loi that puipose. A retiring Trustee rrrdy be T88ppointed. Tnjstees wll, on a regular basis, assess the need lor and provide any Trustee training as be required. Risk Assessment The trustees have examined the major Strategic. busin85s and operational risks which the charrty laces and (yjnfirms that 5yStenE have been estsblished to enable regular reports to be pro(luced so thal the ne¢e$$ary Steps ¢an laken to lessen these risk5. Investment poweT¥ and restri￿10n￿ The Trustees have the power to Invest in such assets as they see frt after seeking surtable expert rfujnsl¢fe￿d necessary. obj￿ Ind Acttvitles The objects of thè charrty are". To promote and assist the work ol the church ol England for th6 advanLYFll8nt Df the Christian religirjn in the Oio¢ese of Carlisle and county of Cumbria To advance the Chfiskn'an religKJn by Ibut without prejudice lo the generality of the foregoing). ProvKling a ￿PIc0￿e and retreat house and faciif(ies lor ￿￿mberS of thè publte from wf(hiA and outs¢de the county wshing to leam about andlor praCt￿e the Christian religion," Oeveloping and providing opportunrties for growth in prayer, mi$5ion and spirrtualty within Ihe ￿.0¢03& of Carfisle and county of Cumbria". Such other exclusively charitable purposes according to the law of England and walos that the trustees in their absolute d￿c￿tiOn decNJe frorn time to time. In setting the objectives of the cha¥ity the twstees have o)mplied with the Charty Commission guidance on public benefit Achiwrnmnts and Performance Folkjwng the arrrlal of our hew General Manager in April 2023, progres5 continued to be made improving tme guest experience and operations at Rydal Hall, as well as making significant inroads into the wdrious aspocts of repairs and rnaintenan￿ across the eslale and buildings. Poge 2 Rydal Hall Limited Trustees. Report for the Year Ended 31 December 2024 TheTe continue to be strong 'headTMnds' impacting the whole of Ihe Retieot, and Lake District hospitality séetors, induding a tendency for rwre last-minut8 bookings, and the increasing costs tsl Utilit￿S. food and wages (Rydal Hall a 'Real Living Wage, employer) - and so to Produ￿ another improved 'operat"ng' result in 2024 ffte progress being made in tsking the Charty forwards. We continue lo explore how we can further ub.llsè the Hall and Estate grounds to be a resource for the tho￿tr in rts 'God lor Al, WO￿ - we again W0￿ed th15 year wrth thè Diocese's Outdoor Pioneef and excited to open thé labyrinth and launch the'wander and wondef trails. We said goodbye to our Chaplain Rev David Wilmott In April, but V￿re pleased to welcome Rev Lawrence 8a5harn in October and k)ok forward to expanding the progrnmn* of acbvit￿5 at Rydal. The Trustse5 &￿'gr*efu7 forth& dedication and hard worf( ofthe staff who continued to welcom& our guests and help futhl the objects of the ¢harty, as well as those volunteer in support of ourwork. The Tru5t88s wntinu8 to be grateful for the ￿ntrIbUt￿)n5 made from the 'Friends of Rydal Hall, group, both through Iheir support of the Rydal Communty, and through many hours oft1[T￿ volunteered on site with practiol support. Following the retirerrent in March of our Chair, the Venerable Dr. Rich8rd Pratt. the Board saw a nuwber ol ¢hanges in the year, witti the departure of Rgv Wéndy Sanders alter many yèaTs of service to Rydal. And ￿ were delighteo to Welcorm Ven Ruth NvNton (Atchdeacon of Carlisle) a$ Chair, znd Rev Lisa Moore Wilson and Molty Campion as Trustees. FlnanclAI Review Tho group recorded an unrestrided deficit for th8 year of £TO,5ffi12023 saw a deficit of £104.036 although this was boosted by a net surplus on the designated fund by £39,167, resuliing In the final dgfi¢it ftsr the yew being £64.8691 This is the second yeaf in a row in which the deficrt has bèen reduced which is encouraging. (kntsp income fell slightly from £1,342,686 to £1,329.882. Charitable a¢tivf(ies in the Hall fèll to £710,252 Ilrom £720,514) a5 ha15 Q￿UpancY levels fell. ActNrties in the trading subsidiary Increased to £565.2341fr0rn £515,927) as 'non-hall' elèments of the estate saw 0￿up3￿cY levels and sales increase. Whilst defined as 'non-eharrtable' 8thlt*, we $tlll regard these aspeds to ba very nwch a part ol our mission and ministry, as we seek ways to help all of guests and visf(ors catch a glimpse of our ¢re8tor Qjd. Costs fell from £1,407,555 to £1,400,388 dèspit& high l•vels of inflation, %*Ath savings in mny areas but particularfy in staff and focxj costs. A more èffe¢t4ve staff management pro9ramMe has allowed the eharity lo run 8 better level of saNic* wth a smabler staff team. Closing resèNes were £311.781 n deffid( wth no rèstricted reseryes. The defieit rètortled Y¢ 2024 was slightly lower than that in the fwe-year p&n . tumoveTS had not incTea5ed by as much as had been hoped, but costs were also ltswei than expected The Board continue to work wrth Rydal Hall managemènt and staff wth a view to achieving brÈak-6ven in the near fuiure_ Dloce8an Support s previously reported, the Cp¥lisle Diocesan Board of Finance as sole shareholdgr of the charty, undertook a review of the valise of the estate, potential future incorne an¢S expendrtures, and the Impact of missKin and mintstry (xrried out in and through Ryd81 Hall. 0￿ce$an Synod in March 2021. approved almst unaniwKJusly. to retain and support the activitigs at Rydal Hall as an important part Df its 'God for All, v1510n, committing finan¢e5 to restore the charity's reserve5 in 2021, and to wovide addition81 capit81 to provide a stronger future. ReserveB Pollcy The Charty's re$￿eS policy is to move lo a posf(ion where it ha5 free reserves equal to fv40 month's group expenditu￿ which, based on 2024 expendibjre would be £233,398 Free reserves at 31 December 2024 ￿re £277.649 in defi(aL Small provlsk)n6 This report has been prepared in accordance wrth the small companps regim¢ under the Companios Act 20￿. Page 3 Rydal Hall Limited Trnstees. Report for the Year Ended 31 December 2024 pproved by the Board and signed on r(s behalf by.. ques Page 4 Rydal Hall Limited Trustees, Resp¢)nsibilities in relation to the Flnancial Slatements The trustees (who ara also directors of Rydal Hall Lim((ed for the purposes of wmpany lawl are responsiblé for preparing the Trustees. Annual Repvrt and the financial statements in accordance appIl￿b* law and thè Finanual Reporting Stsndard I￿2- The Finanaal Reporting Stsndard applicable in the UK and Republic of Ireland.. Company law requires Ihe trustees to prepare financial statements for each financial ye8r v4hich grve a tNe and fair view of the state ol affairs of the charitable company and ol the incoming resources snd application of resource5. in¢luding inccpme and expenditure. of the charitable company foT that period In preparing those finarKial State￿￿nIS, the trustees are required to.. select 5uilab18 aceounting polic￿S and then appty them consistentty., obseNe the methods and principles in the Chariti85 SORP., make judgements and èstimates that are re8son8ble and prudent.. stste whether applicable UK atxounting standard5 have befyn followed, $uty'èd to any material departures disclosed and explaingd in the financial statsm&nts', and prepare th8 financial staternents on the going concern basis unless it is inappropriate lo prosurre that the harilablt eompany will continue in busine55. The trustees r¢sponsible for keeping proper accounting records that disclose vrith reasonable èccuracy at any tirre the finaneial posrtion of the charrtable comparly and enable them to ensure Ihat the ffinan￿al statements comply wilh the Companiès Act 2006. They are also responsibl8 for safeguarding the ass$ts of the charrtablÈ company and hence for ta￿n9 reasonable steps forthe preventlom and detection of fraud and other irregularities Page 5 Independent Audilors, Report to the Trustees of Rydal Hall Limited Opln We hav8 audited the financial statèmgnis of Rydal Hall Limited for the year ended 31 December2024 which comprise Consolid8ted State￿￿Trt of Financial ActNthes, Consolidated Balance Sh8gt, Chanty ￿lance Sheet, Cash Flow statfrmonl and the related notes. including a summory of significant accounting polieies The financial reporting frarrEwork that has teen applied In their preparation is applicabl6 law and Un¢(ed Kingdom Accounb"ng Stsnderds, including Financial Reporb"ng Standard 102. The Financial Report¢ng StBndard applicable in the UK and Republic of Ireland Iunrted lQ"ngdom Generally Accepted Auounting Practice). In our opinion the financ1al ststements.. gNe a In* and fair view of the state of the charitable companls affairs at 31 Decen*er 2024 and ol th4 group's in￿ming resources and application ol resources, including its incon* and expenditure, forthe year then ended.. have b8èn pioperly prepared in accordance wrth Unrted Kinydom f*neralty Acr£pted Accounting Praelice", and have been prepared in accordance wth the requiren*nts of the Companies Act 2008. Basis lor opinion We conducted our audVL in attordance ￿ International Standards on Aucliting IUKI IISAS IUKII and applicable18W. Our iesponsibilities under those stÈnd8rds are fiwther described in the Auditovs responsibilrties lor the audit ol the financral statements section of wr ieport. We are independent of the Chority in accordance Mlh the ethical require￿Ents that are relevant to our audit of the fin8n¢ial statements In th• UK. including the FRC'S &th￿al Standard and we have fu￿l[led our othei ethical responsibilits'es in actordance ¥Mth these requirements. We believe that the audrt ewdènt* we have obtained is sufficsent and appropriate to provKlt a basss for our opinion. Conclusions ￿lating to going eon<%rn In auditing the financEal statettpnls, we have (x)ncluded that the trustees, use of the going roncem basis DI a(uunting in the preparation of the financial statements is appropriate. Based on the WO￿ have performed, ￿ have not Idèntrfied any m8terTral uncertainti8s rèlating to events or condrtions that, indwidually or eo11o¢Dv•ly, m8y ¢a$t 51gniticant doubt on the group's Bbilrty to continue as a going concem lor o period of at leasl tweTr￿e rmllths from then the ortginal financial statements vere aulhorised for issue. Our responsibilities and the resptsnsibilities of the dire¢tors th respect to going concern are described in the rathnt sedions of this report. (Xher information The trustees are rBsponsQ)le for the othgr infoimalKSn. The other information Cfjmprises tho inlornyation included ifi the annual report other than the finanLMal staten*nts erbd our Èudrf(orfs report thereon. Our opinion on the financial ststen*nts does not Ctsver the other inloimatioll and, except to the extent otherwise explicitly stated in our report. we do not express any forrn ol 8ssu[an￿ Conclusion Ihereon In connection our audit of the financial state￿Ents, our responsibilty is to Tead Ihe other information and, in doing so, consider whether the other inforr(wtKJn 15 rroten.ally inconsistent with the financial statements or our kno￿&dy8 obtained In the aud1t or othafwise appears to be rrrat8rially misstgled. If we identify such rrAterial In&)n￿stÈnraes or apparènt matérial misstatemènts, WÈ 8te requirèd to determine whether there is a material misstat8Thenl in the financial statements or a material mi5Statement of the other information. If, based on the work we have perfoirT*d, we conclude that there is a material misstatement of this other ￿lO[Mat￿n, we are required to report that fa(£ We have nothing to rèport in this regard. Opinions on other matters preÉcrkned bythè Compan1￿ 20C6 In Dur opinion. based on the work undertaken in the course of the audrt.. the infomation glven in the Irustees, report lincorpoTth'ng the strategic report and th8 dimctors, r6pr>rti tor thÈ fin85)cial year for which the frnanrjal state￿ntS are prepared is consistentwith the financial statenEnts', and . the trustees. report linajtpotating the strategic r9POrt and the directors, report) been prepar&J In accordance applicabl8 legal r8qULrertpnls. Page 6 Independent Auditors. Report to the Trustees of Rydal Hall Limlted .. ¢ontirt( Matters on whlch we are requlred tts report by exception In the light of the kn￿edge and understanding of the Charity and its environThnt obtained in the ¢our5e of the audit, we have not idenb.fied material mis$latements in the Trustees, Annuèl Report. We have nothing to report in respad of thè tslltswing matters in rèlation to whSch the Companies Act 20C6 requlres us to report to you if, in our opinion." certain disclosures of truslee5' remuneration sp$¢ified by law are not made,. or adequate accounting records have not beèn kept or Tetums •Jtsquate for our 8vdrt have not been ￿ceived from branchès not Visited by us., or th6 financial ststerrents arè not in agreementwf(h the accounting reeords and retums., or we have not obtsined all the infornTrtion and explanations necessary for the purposès of our audit Re$ponslb11tt105 of the trustees As explained more lully in the Trustees. R8sponsibililies Stst@m@nt set out on page 5, the trustees (who are also the director5 of Ihe charrtable company foi the purposes of company lawl a￿ ￿SPOnSib￿ for the wep8ratltsn of the ffinancial statements #nd for being satisfied that they give a true and fair view, and tor such internal contrD15 a5 they deteffiiine is necessary to eriable the preparalion of financial statements that are free from m#teiittl ￿5$EateMent whether due to fraud or error. In prepaiing the financial state￿￿ntS. the trEkste6s are responsibk for assessiftg the Chanty's a￿"Ity to continue 8S 8 going wncern. disclosing. as appliceble, matter5 related lo going concern and using th£ going concem basis of accounting unless the trustee5 etther intend to Iiquid8te the Char(£y or to cease operations, or have no realistic amematwe but to do so. Our r•sponsibilities for the audlt of the financlal staten*nts Our objectives ar8 to obtain reasonable assurance aboul whether the financ4al staten*nts as a whole are free from enal mt8$latsm8n( whather due to fraud or grrgr, and lo issue an auditoffs report that includes OUT opinion. Rtsasongble assurance is a high level of assurance, but Is not a guèrantee that an audit conducted in accordance wth ISAS IUKI will ahvays dete¢l a material m5SStatemenl when tt exists. Misstatémènts ¢an arise from fraud or error and are considered mgterial it. indNidualty 4r In the aggregate, they could reèsonably be èxpected tc influence the econoThHc decisions ol users taken on the basis ol these financial statemènts. IAdd expknation as to what extent the audrf ¥Y4$ ¢onsldered capable of detecting lrre9ukrit￿s, including fraudl A further description of our responsibilsties for the audit of thé financ181 5tstements is located on the Finanaal Reporting Couneil's website at. vthv.frc.org.uklaudit9rsresponsibilities. This dèscription foms part of our 8udth)fs report. policies and procedures relating to.. identifying, ev8luakn.ng and conv1y￿9 wrth18ws and regulations and whethèr thèy arg 8waTe of any in8tsnces of non-complianee", detecting and rEsponding to the risks of fraud and whgther they have knowledge of any actual, suspected oi alleged fraud., the internal cx)ntrols establishèd to mitigate risks of fraud or non-complian(￿Wlth law5 and regulations.. U•e of our reFJOrt This report is made solely to the charrtable company's m¢rrbers, as a body. in accordance h%ilh Chapter 3 01 PÈrt 16 of the Companies Ad 2006. Our audrt work has been undertaken so that we might state to th8 charitable company's mombers those matters we a￿ r¢qulred lo st8te to thern in 8n auditorfs report and for no other purpose. To the fullest exienl permitted by ￿, ￿ do not acc8Pt or assume responsibilty to anyone other than the ¢haritable company and the charitablg ¢ornpany's ￿rnber$ as a body. br our audrf£ wo￿, foTthis repoit or forthe tspinions V+E have fomed. Page 7 Independent Auditors. Report to the Trustses of Rydal Hall LÉmited . conts.nued Armstrong (Senior Statutory Auditor) Fa For and on behaff of Dodd & Co Audft Limited, St8tulory Auditor FIFTEEN Rosehill Montgomoryway Rosehill Estat8 CARLISLE CA1 2RW Dodd & Co Audrt Limited ￿ eligible to act as an audf(or in terms of section 1212 of thé Companies At# 2006 Page 8 Rydal Hall Limited Con$olidaled Statement of Financial Aclivities {including Income and Expenditure Account I for the Year Ended 31 December 2024 Unrèstrleted Destgnatsl Totsl Fundo Total Fund# Funds Funds 2024 2023 Note In¢ome and endowments from: Donab"ons and legacies Rydal Hall Trading Lrted trading actNit¢os Invèstments Chat*able activities other Total ltWo￿ and en(￿￿Tr￿rrt¥ 3.123 565,234 6,311 710,252 44,Se2 1,329,882 3.123 5.Y34 8,311 710.252 44.962 1,329,882 ,305 515.927 6,167 720.514 43,773 1,342,686 Ex￿ndttura on: Charrtable actwities Totsl expenditure 1,400.388 1,400,388 1,400,388 1,400,388 1,407,555 1,407,555 Nèt expenditure before Iranslers 170,5061 170,5061 164,8691 Tramfe TranslefS betreen funds 10,OOQ 110,(1)01 Net moven*nts in fvrKIs 160,506) 110.0001 170,51AI 164.8691 ReCon￿lIation of funds Total fvnds brought forward Total fijnds cairied foward 1280,4421 134Q,9481 39,167 29,167 1241.2751 117S,4C61 1311,7811 1241,2751 All ofthe Charty's actwities deriv• from wnlinuing operations during the abovè périods The notes on pages 13 to 28 fomi an integral part ofthese financtal slatem¢nts. Page 9 Rydal Hall Limit•d Company registration number: 02561024 Consolidatsd Balan¢• Sh••t as al 31 December 2024 2024 2023 Fixed assets Tar>gible as5tts 12 166,668 141,988 Current assets stocks and work in PTogress Debtors Cash at b8nk and in hand 8.253 36.576 195,936 240.765 8,738 20,953 132,294 161,985 14 Cr¢dilors: Amtyjnts falllng due withlft one JEar 15 1518,8141 1344,6481 Nèt currnnt liabilitiès (277,8491 1182,6631 Net liabilities 1111,1811 140,8751 The fund$ofthe charity: Duignated fund• Unrestricted funds Called up share capital Unrestrieted income funds Totsl unrestrlGted funds 29,187 39,167 200,600 1340,9481 200.600 1280.442) 1140,3481 179.8421 Total chartty funds 1111,1811 140,6751 Thesè a￿oUnts have been prepared in accordance with the provisions applicab￿ to companies subject lo the small eonpanies regime. Approved by the Board on J.IlrJts. and Signed on its behalf by.. RDJ ques The notès on pag&s 13 to 26 form an integral part of tr18se financial slatèmonts. Page 10 Rydal Hall Limited Charity Balance Sheet as at 31 December 2024 2024 2023 Fixed a$$ets Tangible assets Investment5 12 13 166,868 141,988 166,e89 141.989 CunÈnt atssel# stocks and WO￿ in progress Debtors C8sh at bonk and in hand 8,253 38.578 195,936 240,765 8,738 20,&53 132,294 161,985 14 Credltors: amounts falllng due wthin one 15 1518,6151 1344,$491 Net current {li4billt1è$Va#￿s Net assets 1277.8501 1111,1811 1181864} 140.6751 The fuwjs of thechari1￿. UArestrfcted funds Called up share capit81 Unrestricted income fund5 Total unre•tslcted tund$ 200.600 (311.7811 2W,600 1241,2751 140,6751 Total charlty fvr These accounts have been Prepared in ac¢ordane* with the provisions applicablè to conyanie5 subject to the sm811 corr¢ianies regime. No Statemont of Financial Activty 15 presented for the eharty as permitt8d by Section 408 of th& Companie5 Act 21106. Th8 chertty posted a defiat forthe financial year Df £181,75312023 - deficit 01£162,5941. 1111,1811 140.6751 Approvad by the Board on . ).i.}s}2s. a nd signed on its behall by. RDJ The notes on pages 13 to ￿ form an integral part ofthese financial statements. Page 11 Rydal Hall Limited Consolidated Cash Fl¢)w Statement for the Year Ended 31 December 2024 2024 2023 Net cash provided by by) operating activities Net expenditure lor the period Depreeiation charges Loss on the sale of fixed assets DècreaséllinerÈasÈl in stocks Ilncreaseyde¢rease in debtOT5 Inerease/ldecreas61 in credrtors 170,5061 49,755 184,869 33.004 2.636 11.0051 26.085 112.8871 1?7,0%1 485 115,6231 173,966 138,077 Net cash provided by lused inl investing activilies Puichase of property, plant and equipment 174,4351 174.435) {91.5841 {91.5841 Decrease In c#sh 163,6421 1108,62DI The notes on pages 13 to 26 f¢m an intègral part of these financial statements. Page 12 Rydal Hall Limited Notes to the Financial Stalemenls for the Year Ended 31 December 2024 Accountlng pollcles Summary of skjnlllcont accountlng pollclès and key accountlng e6timateB Thé principal accounting policies applied in the preparab.on of thesè finanryal statements are set out belthy. These pol￿1¢$ have been consistefttjy app￿ed to all the years pro5eWlted, unlo55 Qthetwise stated. state1￿￿t of complian¢t The financial stst8m8nls have ￿en prepared lft accordance with Accounting and R6POrtin9 by Charitios.. statenwnt of Recolnrrended Practice applicable to charities preparing Iheir actounts in accorgjance with the Financ￿1 Reporb"ng Standard applicable in the UK and Rèpublic of Ireland IFRS I￿) leffective 1 January 20191 (Gharflies SORP IFRS 10211, the Financial Reporting Standard aPpli￿ble the UK and Rep¢Jbli¢ ol Ireland IFRS 1021 and the Cornponies Act 2Th%. Bas1$ tsf preparatlon The charitable company meets the definition of a public benèfrt entity under FRS 102. Assets and liabilities are inf(ially recognised al historical cost OT transaction value othe￿15e slated in the relevant accounting policy notes. r￿lI¥j concern These linancial statemènts have been prepared on a going mnceTn basis. The trustees ass8ss whether th8 use of going ¢oncem is appfopriate i.e. whether therfr are any matorial uncertainties ￿lated to events or COnd￿onS that may cast 5ignrficant doubt on the ability ol the Charity lo ntinue as a going concern. The trustees npke this assessment in respect of a ￿ll0d ol one year from the date of approval of the financial 5tatewonts. The group is dependent on the ongoing support r)f rt5 por•nl ¢harty. Carfisle Diocesan Board of Finance {CD8FI, In ¢rder to continue tradlng. CDBF has fomielly Confirw￿￿ such supptsrt sh811 ￿ntinue to ￿ pthdthl and on that basis the charty rgNRins J going concern. Fund xcouThting policy Unrestiided income ILtnds are g*neral fu5MJ5 that are available for u$8 al the trustees, discretion in fv[lheran￿ of the objectwes of the eharjty. Oesignat•d funds are unrestricted funds s8t asKJ¢ at the dlscietion of the trustees for specific purposes. Further details of each fund are disclosed in not8 20. Pag¢ 13 Rydal Hall Limit•d Notes to the Financial Statements for the Year Ended 31 December 2024 . contrnugd Inco￿ and endowment$ Donation$ are rg¢0gnised when the Charity has been notified In wriiing of both the anwunt and settlemènt dale In the event that a donation is subject ta condttions that require a level of perfofmance by the Charity beknre the Chanty entrtled to the funds, the income Is deferrgd and not recognised until erther those condrtion5 are fully met. or th¢ fijlfilmant ol those conditions is wholly within the Control of the Charlly and rt Is probable that these ondrtioNs wll be fvffillod in the reporting period. Legacy gifts are ￿cogniSed on a case by case b8sis following the grant of probate whèn the administorlexeculor for the est8te h#5 J)mmunK¥ted In wrrting both the amount and settlement date. In the event that the gift Is in tha form of an asset other than cash 01 a financial asset traded on a recognised stock ex¢h8nge, recognition is subject to the value of the gift being teliabty n￿asured wrth a degree of reasonable accuracy and th8 trtle to the asset having been transferred to the Charity. I￿￿>m8 from Govemment and oth8r grants, whether'capital, grants or'revenue, grènts, is recogni5ed when the Charrty has entitlement to the fvnds. any perfomanc8 condrtions attached to ttte grants have been met, it IS probable that the incorre wll be receNed and the amount can be measured reli8bly and is not deferred. Investment incon* is reo)gnised on a r0ceWab￿ basis. Inco￿ from L*arrtabk a¢llvf(ie5 includes Income recognised as earned las the relatg¢J goods or services are provid8dl under contract. Expenditure Liabilities are recognised as soon as there ￿ a legal or constructive obligation committing the charity lo the expenditure. AJI expendrture rs accounted for on an accruals basis and has been ei4ssifi8d under headings that aggregate all costs related to the category. Charitable expenditure comprises those costs incurred by the chanty in th8 deIr￿￿ry Df its actr4rties and serrfices for its btrnefi¢iaries. 11 includes L￿th costs that can be allocated directly tD such adivrties and those costs of an indlrecl neture neeessaryto supportthem. 8upp¢rt¢osts Support costs indudè e8ntral lun¢tbn8 and have been alltscatad to aCt￿r(y cost categories on a basis conststènt wth Ihe use of resources. for exarry>le, allocab'ng propewty costs by Iloor areas, or per caprta, staff eosts by the tirn* spent and other costs by their usage. Irrecoveratsle VAT Irrecoverable VAT ￿ chargèd againstthe category ol rosoureès expendad for which ft was incurred Taxation The Charty ￿ consid8r8d to pass the t8Sts sèt out in Paragraph 1 Schedul8 6 of the Finance A(* 2010 and therefore (I meets the ithefinition of a charitable company for UK COFporation tax putpose5. Accordingly, the Charrty is potentially exempt from laxalion in respect of income or caprt81 gains received wlhin categories vered by Chapter 3 Part 11 of the Corporation Tax ALt 2010 or Section 256 of the Taxalton ol Chargeable Gains Act 1992, to the extent that such income or g8ins are applied exdusNely to tharrtable p4Jrposes. Fixed assets IndFvidual fixed asse15 C05ting £1000 or more are initially recorded al cost. Page 14 Rydal Hall Limited Notes to the Financial Statsments for the Year Ended 31 December 2024 . ¢onllnu8d Depreclatlon Depreciatton is provided on tangible ￿ed assels so as to write off the cost or Valuation. less any •stimated Teshlual value. over their expected usefvl ewnonye lffo as follows.. Lèas8hold lond and buildings 10 years stralght lino basi5 Plant and machinery including IT￿0T 25% straght line basis or 10 Yea￿ straight line basrd vohic185 IxturBs, frtlirt95 and 4Uip￿￿nI 25% straight line basis or 2 ye8TS straighl Ilne basis 8tlun*rts of rnoré than £60,000 during the year. The key management personnel comprise the Trustees. The lot21 em￿oyee benefit$ of the key management pgr59FEt)el of th¢ Charity weEP £nil12023- £nill. Page 20 Rydal Hall Limited Notes to the Financial Statements for the Year Ended 31 December 2024 conlinued 12 Tangible fixed assets Group aEEd Charity Plant and ma¢hSnery FlxtureJ, Lea8ehokl land Includlng nKrtor fittings and and bulldlngs v¢hl¢les equipmEnt Total As 811 January 2024 Addrf£ions As at 31 December 2024 86,377 16,974 103.351 66,889 9,431 76,￿0 91,924 48,030 139,954 245, 1YO 74,435 319,625 Deprnclatlon As al 1 January 2024 Charge forlh• y8ar As at 31 Oecember 2024 42,702 10,052 52,754 21,335 13,015 34,350 39,165 26.688 65,853 103.202 49,755 152,957 Net iK)ok valve As at 31 ne¢ernber 2024 As èt 31 Dèeèmber 2023 50,597 43,675 41,970 45,554 74.101 52.759 186,888 141,988 13 Investments In sub$ldiarie8 The charty hL4ds more than 20% of thè shar8 tspital ofthe following company.. Country of Incorporatk¥n Principal activity Class Subsidlary undertakings Rydal Hall Trading Limited Unf(ed Kingdom Provision of ¢8mp stte frdcilities Ordlnary 100 Capital & reserves ProfiVIIos81 fDr the perlod Sub8idiory undertakings Rydal Hall Trading Limited Page 21 Rydal Hall Limited Notes to the FinanGial Statements for the Year Ended 31 December 2024 . ¢ontsnued 14 Debtofs 2024 2023 er debtors Prepayments and accruèd income 27.695 8,881 36,576 11,429 9,524 20,953 Charity 2024 )23 other debtors Prepayments and accrued income 27,695 8,881 36,576 11,429 9,524 20,953 15 Crnditors: Amunts falling due within one year Group 2024 2023 Trade creditors An¥)unts owed to gr￿P undert8kngs Taxation and souèl sécurty othèr eredrtor Accruals and deferrEd incow 32,089 279,960 22,371 97.779 8S.415 518,614 11,759 166,107 21.135 84,220 61,427 344,648 Charmy 2024 2023 Trade credrtors ATrounts owed to gr￿P undertakings Taxation and soual securrty Other ¢redilor6 Accruals and deferred inco 32.089 280,611 22,371 97,779 85,765 518,615 11,759 186,758 21,135 84.220 80,777 344,649 16 Share Capital 2024 2023 Alloted, called up and fully paid Ordinary £1 share Capitsl 0,600 200,600 200,600 200,600 P8ge 22 Rydal Hall Limited Notes to the Financial Stslements for the Year Ended 31 Decèmber 2024 continued 17 Capital commitments Exp6ndNure contracted for but not wwdod in the financial slatemnl6'. 3)24 2023 Fire alami inslallalion 11.662 18 ￿nsIOn $cheme The chaity operates a defin8d (xjntribulion pension scheme. The pension cost charge for the Peri￿ represents ntn"butms payab￿ by the charty to the scheme and anwunt8d to £50,77412023- £59,141). There were no outstandiThg or prepaid contributions at etheithe beginning or end of the financtal year. Page 23 Rydal Hall Limttod Notes lo the Financial Statements foi the Year Ended 31 December 2024 continued 19 Rela￿{ parties Controlllng •ntty Carttsle Diocesan Board ol Flnan¢e Limited liegistered eharityl is the uttirTKqte controlling party C¢1 both Rydal Hal Limited. and Rydal Hall Limited's wholly ovmed trading subsidiary Rydal Hall Trading Limited. Carlisle Diocesan Board of Finan￿ provided grant fvnding to Rydal Hall in tho peri(Kl of £nl12023 - £40.0001. The balance due lo Carli81e Diocesan Board ol Finance at 31 Do¢ember 2023 i8 £280,61112023- £16,758). Dunng the year Rydal H811 Trading Limrted committed to making a donation lo Rydal Hall Limitèd 01 £111.248 12023- £97.7251. The balance due to Rydal Hall Trading Limited at 31 Decertier 2024 is £nil12023- £nill. 20 Analysi$ of fund$ At31 Deeember 2024 At 1 January 2024 In¢oming resources Resourcas expemled Transfe General Funds Unrestricted incon* fvnd 1280,4421 1,329,882 11,400,388) 10,(X)O 1340.9481 DesvJnated FLtnd$ Cabins 39, 167 110.Crf)01 29.167 1241,2751 1,329,882 11,400,388) 1311,7811 cab￿￿ - Fuf)ds ￿e￿IVed from DBF which has been used to fund the purchase of 3 cabins. The trustees have agreed the designated fund5 will b& fed back to unre5triLted funds inline wf(h depreciation. 21 Tran$fer¥ Otjnng 2023, £40.NO has been transferred frorn unrestricted funds to designatod fund5 foi Ihg pvrcba5e of 3 cabins The cabins were purchased in the year and the trustees have agreed the deS￿nated funds Wll fed baek to unrestricted funds inline with depreciats'on. Page 24 Rydal Hall Limited Notes to the Financial Sk*ements for the Year Ended 31 December 2024 . continued Prior perisxl January 2023 In¢omlng resources Resource5 expended At31 Transfers DÈcembér 23 (￿*￿1 Fund• Unrestrict8d incorre fund I176,4￿) 1,330.222 11,4C13,722) (27.S381 1280,4421 Designated Fund Cabins 18331 40,000 39,167 Restrlcted Funds Low Carbgn Lake District Grant Schemè Carfisle DBF 9,464 3,000 12,464 19.4641 13,000 112,464 1176,4061 1,342,688 11,407,555} 1241,275) Pa9e 25 Rydal Hall Limited Notes to the Financial Statements for the Year Ended 31 December 2024 . conb'nued 22 Net assets by fund Unrestricted Funds Totsl Funds 2024 Total Funds 2Q23 Tangible assets Current 855ets Creditors.. AnKJuntsfal1ing duewithin one year Ordinary shkré eaprtal Net assets 166.668 240,785 1518,6141 1200,6001 1311,7811 166.668 240,765 1518,6141 1200,6001 1311.7811 141,988 161,985 1344,6481 1200,6001 1241.275) Prlor p8rlod Unrestrictsd Funds Total Fund$ 2023 Total Fund6 2022 TèrTrgible assets Current assets Cr6df(ots". Atmunls falling ￿1n one year Ordinary shar8 eaprtal Nel assets 141,988 161,985 344,648 1200,6001 1241,2751 141,988 161,985 1344,6481 1200,6COI 1241,2751 SS.044 295,688 1357,5381 1200,6001 1176,4061 Page 25