CHARITY REGISTRATION NUMBER: 216659 Rhayader Market Hall and Smithfield Trust Unaudited Financial Statements 31 March 2024 PJE ACCOUNTANTS & ADVISORS Chartered accountants 23 College Steet Lampeter SA48 7DY
Rhayader Market Hall and Smithfield Trust Financial Statements Year ended 31 March 2024 Page Trustees, annual report Independent examiner's report lo the trLtstees Stalement of financial activities Slatement of financial position Notes to the financial statements
Rhayader Market Hall and Smithfield Trust Trustees. Annual Report Year ended 31 March 2024 The trustees present their report and the unaudited financial slalements of the chaiity for the year ended 31 March 2024. Reference and adn]inistrative detalls Registered charity name Rhayader Market Hall and Smilhfield Trust Charily registratlon number 216659 Principal office Llwyncwtla Rhayader Powys LD6 5NT The trustees Brian Rees Sheree Lewis David Owen Evans F.R.l.C.S l)wain Pugh Clare Evans Christian Walton Rogei Lewis Robert Lewis Robert Lewis Georg& Wozencraft Angela Davis Rhys Thomas Clive Hamer David Davies (Resigned 29 January 2024) {Resigned 29 January 20241 (Appointed 29 January 2024) IResi9ned 29 January 20241 Company secretary Sian Davies Accountants PJE A¢counlanls & Advisors Chartered acGounlanls 23 College Steel Lampeler SA48 7DY Structure, governance and management The governing documents of the charity are the Schemes of 27 August 1909 and 30 May 1922. Objectives and actlvltiès The objects of the charity are "lo benefit the public by providing and maintaining, subject lo and in conformity with, the provisions of Ihe scheme of 1909. 3 market pla lor Ihe use of persons allending the fails and weekly m8rkels held in the ancient borough of Rh8yader and a Convenient place for the reception of callle brought for a sale at the said fairs"
Rhayader Market Hall and Smithfield Trust Truste8s' Annual Report (contlnuedj Year ended 31 March 2024 Achieveinents and performance The Trust has continued lo maintain and enh8nce the market place lacilily during the year under review. Financial revlew The lolal incomin9 resoLtrces of the Trust during the year lo 31 March 2024 were £41,369 {2023 £42.9911. Direct charitable éxpendllure amounted lo £19,151 12022123 £11,548). The nel income for the year lo 31 Maich 2024 was £22,21812023 - £31,443). The Rental income for the Market Hall and Bankhouse was steady with near full occupancy throughout Ihe year. The ren131 income for the year was £21,315 {2023 £21,305). Welshpool Livestock were lenanl of the market throughout the year, generating rental income for the year was £18.00012023 - £18,000). Truslèès. responslbllltiès statèment The trtjslees are responsible for preparing the Iruslees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practi1. The law applicable lo ¢ha¥ilies in England and Wales requires the charity Iruslees lo prepare linancial slalernenls for e8¢h year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of reSoUrs, ol the ¢harily for that period. In preparing Ihese financial slalements, the Iruslees are required lo.. select suilable accounling policies and then apply them consislenlly,. observe the methods and principles in the applicable Charities SORP,, make judgmenls and accounting eslimales that are reasonable and prudent., slate whether applicable UK A¢¢ounling Standards have been followed, subject lo any materi81 departures dlsclosed and explained in the linanGial stalemenls., prepare the financial slalemenls on Ihe going concern basis unless il is inappropriate to presume that the chaKily will conlinue in business. The Irlrslees are responsible for keeping adequale accounting records that are sufficient to show and explain the charily's Iransaclions and disclose with ieasonable accuracy al any lime the financial position of the Charity and enable them lo ensure Ihal the financial slalemenls comply with the Charities Act 2011, the applicablè Charities (Accounls and Reports) Regulations, and the piovisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevenlion and deleclion of fraud and other irregularities.
Rhayader Market Hall and Smithfield Trust Trustees. Annual Report (conlrnu6£1) Year ended 31 March 2024 The Iruslees. annual report was appToved on 17th Febwary 2025 and signed on behalf of the board of Ifuslee5 kby.. Christian Walton Trustee Sian Davies Charity Se¢relary
Rhayader Market Hall and Smithfield Trust Independent Examinar's Report to the Trustees of Rhayader Market Hall and Smlthfield Trust Year ended 31 March 2024 I report lo the Iruslees on my examination of the financial slalements of Rhayader Market Hall and Smilhfield Trust I'the Charity'l for the year ended 31 March 2024. Responsibilitie5 and basls of report As the Iruslees of the charity you are responsible for the preparation ol the financial sl8lemenls in accordance with the ¥equiremenls of the Charities Act 2011 ('Ihe Acl'>. I report in respect of my examination of tha ¢h8rily's financial statements carried out under section 145 of the 2011 Act and iii cairying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examlner's statemènt I have completed my examination. I confirm that no material maller5 have come lo my allenlion in ¢onne¢lion with the examination 9iving me cause lo believe that in any material respe¢l'. accounting records were not kept in respect ol the charity as required by section 130 of the Act., or the financial slatemenls do not accord with those records., or the financial slatemenls do nol Comply with the applicable requirements concerning the form and conlenl of accounts sel out in the Charities IA¢¢ounls and Reports) Regulations 2008 other than any rèquirement that the accounts give a 'lrue and fair, view which is not a maller considered as part ol an independent examination. I have no nCernS and have come across no other matters in connection with the examination to which 8llenlion should be drawn in this leport in order lo enable a proper understanding of the accounts lo be reached. Robert Giay FCA Independent Examiner 23 College Sleet Lampeler SA48 7DY 1 August 2024
Rhayader Market Hall and Smithfield Trust Statement of Financial Activities Year ended 31 Maych 2024 2024 Unreslricled funds Total funds Total funds 2023 Notè Income and endowments Investment in¢ome Other income 80 41,289 80 42.911 41.289 Total Income 41.369 41,369 42,991 Expenditure Expenditure on charitable a¢livilies Total expenditurè 19.151 19,151 19.151 11,548 11,548 19,151 Net Income and net movement in flrnds 22.218 22,218 31,443 Reconciliation of funds Total funds brought foward Total funds carrièd fonNard 699.192 721,410 699,192 667,749 721,410 699,192 The slalemenl of financial activities includes all gains and losses recognised in the year. All incom6 and expenditure derive from continuing aclivilies. Th6 notes on paues 7 to 15 form part of these flnanclal stal&ments.
Rhayader Market Hall and Smithfield Trust Statement of Financial Position 31 March 2024 2024 2023 Noto FSxed assets Tangible fixed assets 12 599,103 543.950 Curr&nt assats Debtors Investments Cash al bank and in hand 6,790 200 120,759 1,681 200 161,208 14 127,749 163,089 Creditors.. amouiits falling due within one year Net current assets 15 4,109 123,640 5,181 157.908 Total assets lèss current liabllitles 722,743 701,858 Creditors.. amounts falling due after morfr than one year Net assèts 16 {1.3331 721,430 12,6661 699.192 Funds of the charity Unreslricled lunds 721,410 721,410 699.192 Total charlty funds 19 699.192 These tinancial slalemenls were approved by the board of Iruslees and aulhoiised for issue on 1 August 2024. and aye signed on behalf of the board by.. Christian Walton Trustee Clwe Hamer Trustee The notes on pag88 7 to IS forin part of these flnanclal statements.
Rhayader Market Hall and Smithfield Trust Notes to the Financial Statements Year ended 31 March 2024 General Informatlorb The charity is a public benefit entity and a registered charity in England and Wales and is unincorpoialed. The addiess of the principal office is Llwyncmrtla Farm, Rhayader, Powys, LD6 5NT, Wales. Statemant of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reportin9 Standard applicable in the UK and the Republic of Ireland., the Statement of Recommended Pracliee applicable to charities PTeparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 Ichariltes SORP (FRS 10211 and the Charities Act 2011. Accounting pollcles Basis of preparatlon The financial slalemenls have been prepared on the historical cost basis. as modilied by the ravalualion of rtain Iinancial assets and liabilities and investment properties measured al fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional ¢urrency ol the entity. Golng concern There are rK) material uncertainties about the charity's ability lo continuè. Judgements and key sources of estimatlon uncertainly The pieparalion of the financial statements requires managemènt lo make judgements, eslimales and assumptions Ihgl affe¢l the amounts reported. These eslimales and judgeinenls are continually reviewed and are based on experience and other factors, including expectations of future events that are believed lo be reasonable under the circumslances. Fund accounting Unreslricled funds are available for use al the discretion of Ihe Iruslees lo further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the Iruslees for particular future project or commitment. Resliicled funds are subjected lo reslriclions on their expenditure declared by the donor or Ihiou9h the terms of an appeal, and fall into one ol Iwo sub<lasses.' reslricled income funds or endowment funds.
Rhayader Market Hall and Smithfield Trust Notes to the Financial Statements (conllnued) Year ended 31 March 2024 AcGoui)ting poliGie$ {¢oiJlliiuod) Incoming resoLErces All incoming resources are included in the slalement of finan¢ial aclivilies when enlillemenl has passed lo the charily- il is probable that the economic benefils associated wilh the transaction will flow to the charily and the amount Can be reliably measured. The following specifi¢ policies are applied lo particular categories of in¢omÉ'. income from donations or grants is recognised when Iheie is eviden of enlillemenl lo the 9ift. receipt is probable and ils amount Can be measured reliably. legacy income is recognised when receipt is probable and enlillemenl is eslablished. income Irom donated goods is measured al the fair value of the goods unless Ihis is impractical lo Measure reliably, in wliich case the value is derived from the ¢osl lo the donor or the eslitnaled resale value. Donated facilities and services are recognised in the accounts when rèceived if the value can be reliabty measured. No amounlg are included for the contribution of general volunleers. in¢ome from contracts for the supply of serviGes is recognised with the delivery of the contracted serviGe. This is classified as unreslricled funds unleys thgré is a contractual requirement for il lo be .%pgnl on a particular purpose and returned if unspent. in whi¢h case il may be re9arded as reslricled. Resources expended Expenditure is recognised on an accruals basis as a liability Is incuried. Expenditure in¢ludes any VAT which cannot be fully recovered, and is classified under headings of the slalemenl ol financial aclwilies lo which11 relates.. expendiluie on iai8ing funds includes the costs of all fut)dKaising activities, events, non-charilable trading aclivilies, and the sale of donated goods. expendilure on ¢harilable acliviltes includes all cosls incurred by a charity in undertaking activities that further ils charitable aims for the benefit ol beneficiaries, including those support costs and ¢osls relating to the governance of the charity apportioned lo Charitable activilles. other expenditure includes all expenditure that is neither relat lo raising funds for the charily nor part of ils expandilure on charitable activities. All costs are allocated lo expenditure calegories reflecting the use of the resource. Dlrecl costs allribulable lo a single a¢livily are allocated directly lo that 8clivily. Shared costs are apportioned belween the activities they conlribule lo on a reasonable, juslili8b18 and consistent basis. Tangible assets Tangible assets are initially recorded al cosl, and subsequently staled al cost less any accumulated depiecialion and impaiimenl losses. Any tangible assets carried al revalued amounts are recorded al the fair value al the dale ol revaluation less any subsequent accumulaled depreciation and subsequent accumulated impairmènt losses.
Rhayader Market Hall and Smithfield Trust Notes to the Financial Statements iconllnuedj Year ended 31 March 2024 Accouiiting poll¢les (¢onllnuedJ Tangible assets (coffttlAuÉ£*J An increase in the carrying amount of an asset as a result of a revaluation, is Kecognised in other recognised gains and losses, unless il reverses a charge for impairment that has previously been recognised as expenditure wilhin the slalemenl of financi818clivilies. A decrease in the carrying amount of an asset as a result of revaluation. is iecognised in other recognised gains and losses. except lo which il offsets any previous revaluation gain, in whi¢h case the loss is shown within other recognised gains and losses on the slalemenl of financial activities. DepreGlation Depreciation is calculated so as lo write off the ¢osl or valuation of an asset, less its residual value, over the useful economic life of that asset as follows.. Plant and machinery Equipment 4.10 slraighl line 25QA slraighl line Impalrment of fixed assets A review for indi¢alois of impai¥menl is carried oul al each reporting dale, wilh the reGoverable amount being eslimaled where such indi¢ators exist. Where the carrying valué exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal al each reporting dale. For the purposes of impairmènt testing, when it is not possible lo eslimale the recoverable amount of an individual assel, an estimate is made of the recoverable amount of the cash-generaling unil lo which the asset belongs. The cash-generalinu unil is Ihe smallest idenliliable group ol assets that includes the Ssset and generates Cash inflows that largely independent ol the cash inflows fiom other assels or gioups of assets. For impairment losling of goodwill, the gi)odwill acquired in a business combinalion is, from the acquisilion dale, allocated lo each of the cash-genei8ting tjnils that are expected lo benefit from the synergies of the combination. irresp8clive of whether other assets or liabilities of the charity are assigned lo those unils. Government grants Government grants are Tecognised al the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the charily will comply with Ihe conditions allaching to them and the grants 11 be received. INhere the grant does not impose specified future performance-relaled conditions on the recipienl. il is recognised in income when the gr8nl prOedS are received or receivable. Where the grgnl does iinpose specified future performance-ielaled conditions on the recipient, it is reGognised in income only when the performance-Telated conditions have been mel. Where grants received are prior lo satisfyin9 the revenue recognition critÈria, they are recognised as a
Rhayader Market Hall and Smithfield Trust Noles to the Financial Statements Iconlliiuedj Year ended 31 March 2024 A¢counting policies (conlinu Financial instruments Financial assets that are measured at cost or amortised cost are remewed lor objective evidence of imp8irmenl al the end of each reporting dale. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the slalemenl of financial aelivllles in which the inilial gain was recognised. Invéstmènt income 2024 2023 Irbcome from listed investments 80 The inveslmenl income comprises quarterly dividend receiplsfrom the charity investment Ihe COIF Charities Investment Fund. The inveslmenl 01147.39 units in the fund is shown as an investment asset in current assets in the balance sheet. al il's orÉginal cost of £200. other income Other income- consists mainly of receipts from'Good Energy,. Ainortisalion ol deferred in¢ome - Capital improvement¥ amounting lo £6,665 were carried out al the market during the y88r ending 31 fvla¥cch 2021. The improvements are being depreciated over 5 equal inslalmenls. The trust received 1000/0 of the expenditure incurred from HCC during the same. The full receipt of £6.665 has likewise been treated as deferred in¢ome in the balance sheèt and is being transferred lo profil and loss (shown as 'amortisalion of granl income. in note 51 in 5 equal annual inslalmenls. Unrestricted Total Funds Unreslricled Total Funds Funds 2024 Funds 2023 Rental In¢ome - Welshpool Livestock Rental income - Markel Hall Other income Amortisalion ol Granl income 18,000 21,315 641 1.333 18.000 21,315 641 1,333 41.289 18.000 21,305 2.273 1,333 42,911 18,000 21.305 2,273 1.333 42.911 41.289 10
Rhayader Market Hall and Smithfield Trust Notes to the Flnanclal Statements (ctsnliiiuedj Year ended 31 March 2024 Expenditure on charitable activitiès by fund type Unrestricted Total Funds Unrestricled Toial Funds Funds 2024 Funds 2023 Market Hall Smithlield Support costs 10,110 4.521 4.520 10,110 4,521 4,520 19,151 6,470 2,539 2,539 11.548 6,470 2,539 2,539 19.151 11,548 Expenditure on charitable aGtlvltl05 by activlty type The chsrilable expenditure incurred for the year to 31 March 2023 was as follows.. Governance costs Market Hall Smilhfield Light & heal Repairs & maintenance Insurance Accountancy Depreciation Sialionery and office Secretary slipend Tolal 300 4.221 4,606 473 5,031 645 3.876 10,110 4,521 4,520 Activities undertaken directly Support cosls Total funds 2024 Total fund 2023 M8rkel Hall Smilhfield Governance costs 10.11U 4.521 10.110 4,521 4,520 fj9,151 6,470 2,539 2,539 4,520 4,520 14,631 11,548 Nel Income Nel income is slated after charging.. 2024 2023 Depreciation of tangible fixed assets 5,031 2,442 Independent examination fees 2024 2023 Fees payable lo the indepèndent examiner foT'. Independent examination of the financial statements 473 450
Rhayader Market Hall and Smithfield Trust Notes to the Financial Statements {conllnuod} Year ended 31 March 2024 10. Staff costs The average head count of employees during the year was Nil {2023'. Nill. No employee received employee benefits of more than £60,000 during the year {2023,' Nill. 11. Trustee reinuneration and expenses No ¥emuneralion or other benefits from employment with the Gharily or a related enlily were received by the Iruslees. 12. Tangible fSxed assets Freehold property Plant and machinery Equipment Total Cost Al 1 April 2023 Additions 516,010 32,265 60,184 6.665 554.940 60,184 615.124 At 3q March 2024 516,010 92,449 6.665 Depreclatlon Al 1 April 2023 Charge for the year At 31 March 2024 5,658 3,698 5,332 1.333 10,990 5,031 16.021 9,356 6,665 Carrying amounl At 31 Mar¢h 2024 516,010 83,093 599,103 543.950 Al 31 March 2023 516,010 26,607 1,333 12
Rhayader Market Hall and Smithfield Trust Notes to the Flnancial Statements {conlinuedJ Year ended 31 March 2024 12. Tangible fixed assets (toltrlinued) Freehold property comprises the following.. Market Hall Smilhfield Total OTiginal Cost Improvements blf 2018 improvements Total freehold property 4.000 30,942 12,000 460,968 8.100 481,068 16,000 491,9fj0 8,100 516,010 34,942 The ffeehold property is shown at historical valuation plus improvements. No depreciation is Charged on these figLFres as the IriJstee5 are confident that the current market values of the properties are considerably in excess of thè slated values. Plant and machinery comprises solar panels which were acquired at a cost of £13,065 in the year lo 31 March 2017. Further,during the year to 31 March 2021 a new weighing slalion was installed al a cost ot 219,485. Finally, in the year under review. a new seperalign syslem w2S conslru¢led a cost of £60,184. The work was ostensibly completed 8nd ac¢ounled for in the year under review and is now up and running. All the above are being wrillen-off over their anticipated lives of 25 years on a sliaighl-line basis. Equipment comprises the complete overhaul of IT equipmenlal the market which was included al tis cost of £6,666 in the year lo 31 March 2020. The equipment is being wiillen-off over ils anticipated life of 5 years on a slraighl-line basis 13. Debtors 2024 2023 Olher debtors 6.790 1,681 14. Investments 2024 2023 COIF inveslmenl (at cost) 200 200 15. Creditors., amounts falllng due wlthin one year 2024 2023 Trade creditors Aru81$ and deferred income Sundry Creditors Tenants, deposits 3,636 473 3.775 1,131 275 4,109 5.181 13
Rhayader Market Hall and Smithfield Trust Notes to the Financial Statements {conllnuedl Year ended 31 March 2024 16. CredStors.' amounts falling due after morè than one year 2024 2023 A¢cruals and deferred income 1,333 2,666 17. Deferred incom 2024 2023 Amount released to income 1,333 2,666 18. Government grants The amounts recognised in the financial slalemenls for government grants are as follows= 2024 2023 Recognised in creditors.. Deferred government grants due after moré than one year 1,333 1.333 19. Analysis of charitable funds Unrestrlcted funds Al 1 April 2023 At Income Expenditure 31 March 2024 General funds 699,192 41,369 {19,f51} 721,410 Al fj April 2022 Al Income Expenditure 31 March 2023 General funds 667.749 42,991 (11,548) 699,192 14
Rhayader Market Hall and Smithfield Trust Notes to the Financial Statements iconlliiued} Year ended 31 March 2024 20. Analysis of net assets between funds Unrestiicled Total Funds Funds 2024 Tangible fixed assets Current assets Credilors less than 1 year Creditors greater than 1 year Net assets 599.103 127.749 14,1091 11,3331 721.410 599,103 127,749 (4,1091 {1,3331 721,410 Unreslricled Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Credilors greater than 1 year Net assets 543.950 163.089 (5,1811 12,6661 699,192 543,950 163,089 15,1811 {2,666) 699,192 15