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2025-12-31-accounts

Porlock Recreation Ground

CIO

Trustees’ Annual Report and Accounts for the year ended 31 December 2025 Registered Charity number 1176921

1

Index

Index
Page
Report of the Trustees 3-7
Reference and Administrative Information 7-9
Statement of Trustees’ Responsibilities 10
Report of the Independent Examiner 11
Statement of Financial Activities 12
Balance sheet 13
Principal Accounting Policies 14-15
Notes to the financial statements 16-19

2

Report of the Trustees

The Trustees of the Porlock Recreation Ground registered charity number 1176921 (“the Charity”) have pleasure in presenting their Annual Report and Accounts for the year ended 31 December 2025. The financial statements comply with the Charities Act 2011, 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) (updated 1 January 2019).

OBJECTIVES AND ACTIVITIES

The objectives of the Charity are set out in its Constitution. Paraphrasing, the Charity’s objective is to retain, manage and promote Porlock Recreation Ground for the benefit of Porlock’s inhabitants and visitors. In the interests of social welfare, the land is to be used for the provision of facilities for recreation or other leisure time occupation.

The charity achieves its objectives by the following principal activities and in planning such activities the Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit.

The principal activity is the provision and upkeep of about nine acres of open space and facilities for recreational use by all the people of the village of Porlock and visitors to the village. To this end, the charity provides and maintains a pavilion, sports pitches (two football, one cricket), a tennis court, multi-sport court, Bowls Club, children's playground, toddlers’ playground, a dog walking field and a memorial garden.

The facilities are made available for events such as an annual football festival and the Porlock Country Fair which raise funds for the charity and are well attended by local people, visitors, non-profit organisations and local businesses.

Public benefit is derived from use of the facilities, most of which are free of charge. Open spaces are regularly used for physical exercise by walkers as well as participants in organised and ad hoc sport. The children’s play area is popular with children and parents who gain enjoyment and exercise from its use. The floodlit tennis court and multi-use games area also provide an opportunity for exercise and social interaction. The Pavilion is available to rent at low cost for events and use by organisations and businesses.

ACHIEVEMENTS AND PERFORMANCE

Use of the Pavilion decreased significantly during 2025 compared to 2024 and income was lower than forecast. Yoga classes have stopped entirely. A decrease in hiring activity was anticipated, due to the planned extensive building and refurbishment works commencing in Autumn.

Events

All of the events planned for the year were able to take place and these included

The Country Fair raised less than in 2024.

The ESF Football Festival raised more income than previously due to increased charges.

3

Sports Clubs

All clubs were able to have a full programme of training sessions and matches in 2025, bar the football club who had to find other locations to play due to the Pavilion refurbishment.

The invested funds continue to provide an income to support the annual expenditure without the need to charge rents to the affiliated sports clubs.

Porlock Bowls Club reports: “ The Bowls Club has attracted a few more playing Members this year, but only just enough to replace those retiring. This is a constant issue. We are a successful, friendly Club with one of the best greens in the County. Until last year we did ALL the work on the green throughout the year. We now employ a team of green keepers from Ilfracombe at strategic times of the year. This input has improved the green even more.

We are grateful to the Rec for funding the replacement netting around our Club. Unfortunately one of the many named storms snapped one of the uprights. We have finally found someone who can help us rectify this.”

Porlock Cricket Club , established in 1865 for the enjoyment of local residents and to encourage youth involvement in the club, is run by volunteers, the pitch being maintained by two members. The cricket team is not part of a league but plays local teams during the summer from Roadwater, Timberscombe and other villages in West Somerset on a friendly basis. They also host touring teams from around the country for friendly matches. The team managed to play several matches in 2025 and hopes for a similar number in 2026. The club hopes to bring its average playing age down in 2026 to encourage growth and sustainability of cricket within the village. The club reports that they could not survive without the support of the Porlock Recreation Ground Committee and other local businesses and organisations who provide financial support as well as the volunteers within the committee and community that give so much to the Cricket Club.

Porlock Football Club reports “the Porlock first team are doing really well this season and are into the semifinals of the county cup - which is encouraging.

The reserves are also doing well and both teams seem to have plenty of players, which is really good, unfortunately with the changing rooms currently not in us, due to the renovations, it has been difficult finding other pitches and paying for them, but the team looks forward to making use of the new, upgraded facilities at the Recreation ground on their completion”

Future plans

Trustees have made significant progress this year in putting Susan Taylor’s Legacy fund to its intended purpose. The principal project, to refurbish the pavilion, is currently well underway. The work was commenced in Autumn 2025 and KG Dyers, a local building contractor have been appointed as the main Builder

The stand-alone toilet block has been demolished, the pavilion has been extended, the changing rooms have been made larger, the kitchen has been moved to the front and the kitchen furniture is currently being fitted. There are plans to improve the main hall floor and to install double-glazed windows.

The cost of this project is around £250,000.00. When it is completed, the Trustees will discuss how best to invest the rest of the ST Legacy with a view to ensuring a financially sustainable future.

4

The Pavilion

The Pavilion had some regular users throughout the year which include the Youth Club and a twice a week Yoga class. The pavilion was booked for meetings, private parties, groups like Exmoor adventures, bike events, and the annual ESF football festival weekend. As indicated, bookings are suspended until building work is completed.

Youth Club

The Youth Club had a full programme of events for the year and it continues to attract local children. The Charity continued to support the Youth Club in 2025 with free use of the Pavilion and £1000 funding towards the provision of two Youth Workers and is in discussions to continue that support in the coming years.

Children’s Play Area

Regular playground inspections continued in 2025. The inspections are carried out by three trustees who also carry out minor repairs as needed.

Multi Use Games Area & Tennis Courts

These facilities continue to be used throughout the year by ad-hoc and organised groups.

Grounds maintenance, trees and hedges

The grounds continued to be maintained throughout the year. There was less work undertaken than budgeted for building maintenance due to the ongoing Pavilion refurbishment project. There is one tree that requires work in 2026.

Country Fair

The Country Fair is the Recreation Ground's main fund-raising event, and continues to provide a strong community focus, as well as attracting many visitors to Porlock and bringing increased trade to local businesses. Net income decreased for this event in 2025, due to inclement weather

Income

Operational income was lower than initially budgeted. The main sources being the now annual injection of funds from the Investment Fund, hire of the Pavilion and facilities, the Country Fair and FIT income from the solar panels. Income from the ESF Football Festival increased, the Country Fair decreased and the solar panels remained the same, there was a considerable reduction in income from the Pavilion hire.

Expenditure

Operational expenditure was less than budgeted overall. Anticipated tree work was undertaken in 2025, building maintenance expenditure was lower than anticipated, as were electricity and water costs. This was largely due to the ongoing build. The training budget was not spent.

The year

The performance of the invested funds generated another surplus this year and continued the improvement from the prior year. Overall, the funds of the charity at the end of the year stood at £772,988.84, down by £24,206.25 compared to the previous year’s figure of £797,195.09. The reduction consists of capital expenditure in relation to the building project.

Capital expenditure

£65256.00 was spent in 2025 on the Pavillion Refurbishment.

5

Available Funds

At year end the Charity had £537,190.85 invested and £112,506.77 cash held at the bank.

Budget

The budget agreed by the Trustees for 2025 reflected the increased operational costs expected due to inflationary pressures, increased maintenance costs and fuel costs. An injection of funds drawn down from the investments had been included to offset the reduced income as rents from affiliated clubs are no longer charged. The budget for 2026 will include funds for the one tree to be removed. 2026 expenditure is likely to maintain as at 2025 levels, in respect of the caretaker and otherwise. There will be further increases in costs for professional services going forward and financial support for the Youth Club. There may also be rises due to maintenance costs for the tractor and ride-on mower, plus extra expenditure on equipment such as replacement benches.

Investment and Reserve Policy

The Trustees adopted an updated Investment Policy on 13[th] October 2020.

Specifically with respect to reserves, the policy states:

“6.1 Maintenance of reserves

At each General Meeting of the Management Committee, the Treasurer will report a summary of the Charity’s cash flow and reserves. Trustees will review the Treasurer’s report to ensure that the Charity has adequate reserves to meet its commitments.”

Reserves in this respect are adequate and comply with the policy. The Investment Policy also sets aside £100,000 in reserve to cover any potential operating losses in future years. These funds are included in the investments (see Investment Performance below).

Investment Performance

The changes in the management of the investment portfolio over the previous two years have certainly borne fruit again during the year 2025. The total value is again at an all time high at the end of the year and the surplus over cost is now around double that seen at the end of 2024. No further changes to the basic structure of the portfolio were made during this year and the revised structure has held up well in a rising equity market but falling and poorly performing gilt and fixed interest markets. The actual poorest performer during period though is the very small property fund, in common with the wider property investment market, and remains very much under review.

The fixed interest investment value did at least increase by a very small amount in the year, which it had not done in any of the recent previous years, but it also returned a good income. The equity investments have performed very well, with the UK equities up over 6% in the year and the global equities up almost 20%; with both of these categories giving an income in excess of 2%. Overall then the portfolio, having turned to surplus in 2024 has further improved in 2025, and is now comfortably over £90,000 in surplus over the original cost; and this has largely been done without reinvestment of income.

Along with the policy to rearrange the portfolio in 2024, a subsequent decision was made to hold all income generated from the portfolio during the year in the investment manager's cash account, pending its use in the refurbishment of the Pavilion as mentioned elsewhere in this report. As at

6

31st December 2025 the project had barely started and the cash balance from this policy had managed to climb to just over £100,000. This fund will then be used to progress the refurbishment in early 2026.

As reported in the 2024 Report the proceeds from the sales of part of the portfolio disposed of in that year continue to be held outside of the investment manager’s management in various external cash and deposit accounts.

The continuing portfolio consists of a mixture of fixed interest investments, which have been held for some years, but which the investment managers continue to believe will recover in the coming year and a mixture of equity funds mainly in the UK but also a proportion (almost 30%) being held globally. Much of the remaining investment portfolio, less the cash balances, now comprises what was previously termed the Long-Term Fund and is set up to ensure the long term viability of the Charity and thus the amenities of the Recreation Ground to the many and varied users, residents and visitors to this area of Somerset.

Since the end of the year the portfolio has continued to perform well, and even today remains above the end of the 2025 value, but the Investment Committee remains vigilant to the performance of the investment managers, Church House, and to the ongoing needs of the charity. The performance of the now single fund has again significantly improved, as detailed below, and has benefited greatly from the closer management attention to the funds as well as taking advantage of an improving market.

7

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Porlock Recreation Ground CIO was registered as a Charity on 31 January 2018 and is governed by its Constitution dated 31 January 2018.

A review of the Constitution and the Rules was undertaken in 2024 and a number of minor changes have been agreed by the Trustees and approved by the Charity Commission.

Appointment of trustees

Trustees can be elected at the Charity’s Annual Community Meeting (ACM), appointed by invitation to join the Committee as a co-opted trustee or are nominated by specific local organisations defined in the Constitution. Trustees agree to appointment on the basis that they have the necessary skills, experience and time to contribute to the Charity’s activities and to be able to discharge their obligations as Trustees.

Annual Community Meeting (ACM)

The ACM was held on 15[th] April 2025

REFERENCE AND ADMINISTRATIVE INFORMATION

Trustees serving during the year

Chair – Duncan McCanlis Secretary – Nora Maw Treasurer – Suzanne Adlington Sue McCanlis Terry Gable Richard Maw Denys Lyons Ian Fraser (Cricket Club representative) Jay Horne (Porlock Football Club representative) Phil Kenward (Porlock Bowling Club representative) Amber Coles

Trustee and volunteer recruitment

There were 11 trustees on the Committee until the 2025 ACM on 15[th] April 2025.

There were two trustees who are also members of PPC.

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Charity Number: 1176921

Registered Office:

The Pavilion Porlock Recreation Ground Parsons Street Porlock Somerset TA24 8QJ

Independent Examiner: Bankers: Brennen Vowles The Co-op Bank PLC Zig Zag Accountants PO Box 101 12b George Street 1 Balloon Street Bath Manchester BA1 2EH M4 4BE

Investment Managers: Legal advisors: Church House Investment Management Stone King LLP York House Boundary House 6 Coldharbour 91 Charterhouse Street Sherbourne London Dorset, DT9 4JW EC1M 6HR

Approved by the Board and signed on its behalf by: Date: 21st April 2026

Duncan McCanlis Chair

9

Statement of Trustees’ Responsibilities

The Trustees are responsible for preparing the Trustees’ Annual Report and the accounts in accordance with applicable law, UK Accounting Standards and the Charities Act 2011.

The trustees are required to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the Charity and of the surplus or deficit incurred by the Charity for that year. In preparing those financial statements the trustees are required to:

The trustees have overall responsibility for ensuring that the Charity has an appropriate system of controls, financial and otherwise.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy, at any time, the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011.

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 and to provide reasonable assurance that:

10

Independent Examiner’s Report to the Trustees of Porlock Recreation Ground CIO (‘the Charity’)

I report to the charity trustees on my examination of the accounts of the Charity for the period ended 31 December 2025 which are set out on pages 11 to 18.

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 Act’).

I report in respect of my examination of the Charity’s accounts carried out under section 145 of the Act 2011 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 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 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of 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.

Brennan Vowles Zig Zag Accountants 12b George Street Bath BA1 2EH

11

Statement of Financial Activities

Note
Income:
Donations & legacies – donations
Charitable activities
1
Other trading activities
2
Investments – bank interest
Investments – dividends
Total income
Expenditure on:
Raising funds
3
Charitable Activities
3
Total expenditure
Net gains on investments
Net income and net movement
in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Total
funds
2025
£
-
5,159
6,721
2,811
18,801		 Total
funds
2024
£
1,020
3,682
8,748
3,141
19,975
36,566		 Total
funds
2024
£
1,020
3,682
8,748
3,141
19,975
36,566
33,492
3,044
35,854		 4,697
26,025
30,722
38,898
24,410
19,004		 8,520
14,364		 8,520
797,196
816,200		 782,832
797,196

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities and unrestricted funding.

12

Balance Sheet

Notes
Fixed assets
Tangible assets
5
Investments
6
Current Assets
Debtors
7
Cash at bank and in hand
Total current assets
Current Liabilities
Creditors: amounts falling due within one year
8
Net current assets
Net assets
Funds of the Charity:
Unrestricted Funds - general
Unrestricted Funds - designated
9
Unrestricted Funds - total
Total funds of the Charity		 2025
2024
£
£
124,291
79,103
579,273
536,271
703,564
615,374
1,129
1,097
112,507
181,450
113,636
182,547
(1,000)
(725)
112,636
181,822
816,200
797,196
816,200
797,196
-
-
816,200
797,196
816,200
797,196

The accompanying accounting policies and notes form part of these financial statements.

Approved by the Trustees and signed on their behalf by:

Suzanne Adlington Treasurer

Duncan McCanlis Chair

Date: 21st April 2026

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Principal accounting policies

Basis of preparation

The financial statements have been prepared in accordance with the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (updated 1 January 2019) – (Charities SORP FRS 102), and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

The financial statements have been prepared on a going concern basis which assumes that the charity will continue to operate. The validity of this assumption is dependent upon the continuance of support from its supporters. The charity’s business plan shows that the charity will be able to operate in the foreseeable future. Based on this understanding the trustees believe that it remains appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments, which would result from the basis of preparation being inappropriate.

Funds

General accumulated funds are unrestricted funds available for general purposes and include funds designated for a particular purpose; the use of such funds remains at the discretion of the trustees.

Restricted funds are funds subject to conditions imposed by the donor or by specific terms of the appeal under which the funds are raised. The restrictive conditions are binding upon the Charity.

Income and expenditure

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Irrecoverable VAT is allocated to the expense heading to which it relates in accordance with standard accounting practice.

14

Principal accounting policies (continued)

Investment income receivable

Dividends and bank interest are shown on the basis of amounts receivable in the year.

Tangible fixed assets

Depreciation is provided at a rate calculated to write off the cost on a straight line basis over a period of less than the estimated useful life of the assets as follows:

Fixed assets are capitalised when their costs exceed £1,000, an increase from £250 in previous years.

Fixed Asset Investments

Fixed asset investments are included at market value at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities.

Debtors

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid net of any trade discounts due.

Creditors

Creditors are recognised when the charity has a present obligation resulting from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

Taxation

As a registered charity no provision is considered necessary for taxation.

15

Notes to the financial statements

1. Income from charitable activities

Hire of facilities
Energy payments/wayleaves
2. Income from other trading activities
County Fair
Other events
3. Analysis of expenditure
Fundraising – costs of events
Investment managers fees
Maintenance/cleaning
Utilities and fuel
Insurance
Print, postage & stationery
Repairs & equipment
Tree work
Tools & equipment
Equipment maintenance
Sundry expenditure
Grant for Youth Worker
Depreciation
Professional fees
Independent Examiner’s fee
Total		 2025
2024
£
£
2,092
1,055
3,067
2,627
5,159
3,682
2025
2024
£
£
4,186
6,628
2,535
2,120
6,721
8,748
2025
2024
£
£
2,377
2,447
667
2,250
3,044
4,697
4,298
3,968
971
1,476
1,473
1,431
68
39
626
651
200
492
3,263
2,217
360
427
299
282
-
500
22,736
13,541
560
276
1,000
725
35,854
26,025

16

4. Staff costs, trustee remuneration and expenses

The charity employs no staff (2025: none).

The charity’s Trustees were not paid nor received any other benefits from employment in the year (2025: £nil).

Tangible fixed assets

Cost
At beginning of year
Additions
Disposals
At end of year
Depreciation
At beginning of year
Disposals
Charge for the year
At end of year
Net Book Value
At 31 December 2025
At 31 December 2024		 Buildings
and facilities
£
Plant,
machinery
and
equipment
£
Total
£
61,150
130,340
191,490
65,256
-
65,256
-
-
-
126,406
130,340
256,746
43,139
69,250
112,389
-
-
-
10,697
9,370
20,067
53,836
78,620
132,456
72,570
51,720
124,290
18,011
35,973
53,984

17

5. Fixed asset investments

5. Fixed asset investments
Listed Investments
Market value at beginning of period
Disposal proceeds
Additions (including dividends reinvested)
Net gains in year
Market value at end of year
Historic cost at end of year
Church House Tenax Absolute Return Strategic Fund
Church House Investment Grade fixed interest
Church House Balanced Equity income
Church House UK Equity Growth
Alternative investments
UK Equity investments
International Equity investments
Total investments
Cash awaiting investment
Total portfolio
6. Debtors
Prepayments
Deposits
7. Creditors: amounts falling due within one year
Accruals		 2025
£
2024
£
452,385
673,282
(667)
(321,420)
19,259
92,003
24,410
8,520
478,812
452,385
454,063
453,093
-
-
197,309
193,867
-
-
-
-
16,354
16,691
186,432
175,441
78,717
66,386
478,812
452,385
100,460
83,886
579,273
536,271
2025
2024
£
£
1,129
1,097
-
-
1,129
1,097
2025
2024
£
£
1,000
725
1,000
725

18

8. Designated funds

There are no designated funds.

9. Transactions with related parties

Other than that detailed in note 4, there were no transactions with related parties during the year that require disclosure in these financial statements (2024: none).

10. Controlling Interests

The Charity is controlled by the Trustees.

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