CHARITY REGISTRATION NUMBER: 216659 Rhayader Market Hall and Smithfield Trust Unaudited Financial Statements 31 March 2025 PJE ACCOUNTANTS & ADVISORS Chartered accountants 23 College Steet Lampeter SA48 7DY
Rhayader Market Hall and Smithfield Trust Financial Statements Year ended 31 March 2025 Page Trustees, annual report Independent examiner's report to the trustees Statement of financial activities Statement of financial position Notes to the financial statements
Rhayader Market Hall and Smithfield Trust Trustees, Annual Report Year ended 31 March 2025 The trustees present their report and the unaudited financial statemenls of the charity for the year ended 31 March 2025. Reference and admlnlstratlve delalls Reglstered charlty name Rhayader Market Hall and Smithfield Trust Charlty reglstration number 216659 Prlnclpal offlce Llwyncwlta Rhayader Powys LD6 5NT The trusteos Brian Rees Sheree Lewis David Evans Owain Pugh Clare Evans Chrislian Walton Robert Lewis {Frondorddu) Angela Davls Rhys Thomas Clive Hamer Liam MoTgan George Wozencr8ft Company secretary Sian Davles Accounlants PJE Accountanls & Advisors Charlered accounlanÉs 23 College Steet Lampeter SA48 7DY structure, governance and managem8nt The governing documents of the charily are the Schemes of 27 August 1909 and 30 May 1922. Objectlves and actlvltles The objects of Ihe charity are "lo benefit the publlc by Providing and maintaining, subject to and In conformily with, the provisions of the scheme of 1909. a marketplace for the use of persons attendlng the falrs and weekly markels held in the ancient borough of Rhayader and a convenient place for the recepllon of cattle brought for a sale al the said fairs"
Rhayader Market Hall and Smithfield Trust Trustees. Annual Report (contlnu Year ended 31 March 2025 Achlevements and performance The Trust has continued to maintain and enhance the marketplace faclllly during the year und6r revlew. Flnanclal revlew The total incoming resources of Ihe Trust during the year lo 31 March 2025 were £43,793 (2024 £41,369). Direct charitable expendituré amounted to £47,572 (2024 - £19,151). The net(expendlturo)lincome for the yèar to 31 March 2025 was £ (3,779) (2024 - £22,218). The Rental income for Ihe Market Hall and Bankhouse was steady with near full occupancy throughout the year. Tha rental incomo for the year was £23.110 (2024 £21,315). Welshpool Livestock were tenant of the market throughout the year, generating rental Income for the ye8r was £18.000 (2024 - £18,000). Trustees. responslbllltles statement The trusi868 are responsible for preparing Ihe truste8s' report and the financlal statements in accordance wlth applicable law and Uniled Kingdom Accounling Standards (Unlted Klngdom Generally Accepled Accounting Practice). The law applicable to charities in England and Wales requires the charily trustees to prgpare flnancial slatemenls for each year which give a true and fair view of Ihe situation of Ihe charity and of the Incoming resources and application of resources, of the charity for ihat period. In preparing these financlal stataments, the trustees are required to: select sultabl8 accounting policles and then apply them consistently. obserye the methods and principles in the applicable Charities SORP; make Judgments and accounting estimales thal are reasonable and prudent. state whether applicable UK Accountlng Slandards have been followed, subject to any materlal departures disclosed and explained in the financial siatements. prepare the financial statements on the going concem basis unless it Is Inappropriale to presume Ihat the charity wlll continue in business. The trustees are responsible for keeping adequate accounting records thal are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial posS1ion of the charity and enable them to ensure Ihal the financial slatemenls comply with the Charltles Act 2011, Ihe applicable Charities (Accounts and Reports) Regulalions, and the provisions of the Trust Deed. They are also Tesponsible for safeguaiding the assets of the charity and hence for taking reasonable sleps fur Ihe prevention and detection of fraud and other irregularilies.
Rhayader Market Hall and Smithfleld Trust Trustees. Annual Report (contlnued) Year ended 31 March 2025 The trustees, annual report was approved on 22 October 2025 and signed on behalf of the board of trustees by: Christian Walton Trustee Sian Davies Charity Secretary
Rhayader Market Hall and Smithfield Trust Independent Examiner's Report to the Trustees of Rhayader Market Hall and Smithfield Trust Year ended 31 March 2025 I report to the trustees on my examinalion of the financial statements of Rhayader Market Hall and Smilhfleld Trust ('Ihe charily,) for Ihe year ended 31 March 2025. Responslblllties and basls of report As the trustees of the charlty, you are responsible for the preparation of the financlal statements in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the charity's financial statements carried out under sectlon 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by Ihe Charity Commisslon under section 145{5)(b) of thè Act. Independent examlner's statement I have completed my examination. I confirm th8t no material malters have come to my attentlon in connectlon wilh (he examinallon giving me cause to beli8V8 that In any material resp8cI: accountlng records were nol kept in respect of the charity as raqulred by section 130 of the the flnancial statem8nts do not accord wlth those records; or the flnancial statements do not comply with the applicable requirements concernlng the form and content of accounts set out In the Charitles (Accounts and Reports) Regulatlons 2008 other than any requirement that the accounts giv8 a 'lru8 and falr, view whlch Is not matter consid8red as part of an Independent examlnatlon. I have no concerns and have come across no other matters In connection wlth the examlnatlon to which attentSon should be drawn In this report to enable a proper understandlng of th8 accounts to be reached. Robert Gray FCA Independent Examiner 23 College Steet Lampeter SA48 7DY 22 October 2025
Rhayader Market Hall and Smithfield Trust Statement of Financial Activities Year ended 31 March 2025 2025 Unrestficted funds Total funds Tolal funds 2024 Noto Income and endowments Investment income Other income 82 43.711 82 43,711 80 41.289 Total Income 43,793 43,793 41,369 Expondlture Expenditure on charitable activities Total expendlture 47,572 47,572 19,151 47.572 47,572 19,151 Net (exp6ndlture)Ilncome and not movement In funds (3.779) (3,779) 22,218 Reconclllatlon of funds Total funds brought foTward Total funds carrled forward 721,410 721,410 699,192 717,631 717,631 721,410 The slatement of financial activlties Includes all galns and losses recognised in the year. All Income and exp8ndilure derive from contlnuing activities. The notes on pages 7 to 15 form part of theso flnanclal statements.
Rhayader Market Hall and Smithfield Trust Statement of Financlal Position 31 March 2025 2025 2024 Note Flxed assets Tangible fixed assets 12 594.072 599,103 Current assets Debtors Investments Cash at bank and in hand 13 14 357 200 134.408 6,790 200 120,759 127,749 134,965 Credltors: amounts falllng duè withln one year Net current a88ets 15 11,406 123,559 4,109 123,640 722,743 Total assets less current Ilabllltles 717,631 Credltors: amount8 falllng due after moro than one year Net assets 16 (1,333) 721,410 717,631 Funds of the charlty Unrestricted funds 717,631 717,631 721,410 721,410 Total charlty fund8 19 These financlal stal8mentS W6r8 approved by the board of truste8s and 8Uthorised for Issue on 22 October 2025, and are signed on behalf of the board by.. Brian Re Trust Christian Walton Trustee Clive Hamer Trustee Th8 notes on pagès 7 to 15 form port of Ihese Ilnanclal statements.
Rhayader Market Hall and Smithfield Trust Notes to the Financial Statements Year ended 31 March 2025 General Information The charity is a public benefit enlity and a registered chaiily in England and Wales and is unincorporated. The address of the principal office is Llwyncwita Fami. Rhayadei. Powys, LD6 5NT. Wales. statement of compllance These financlal statements have been prepared in compliance with FRS 102, 'The Financial Reporling Standard applicable in the UK and the Republic of Ireland,. the Statement of Recommended Practice applicable to charitl8s preparing their accounts in accordance wilh the Flnancial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charilies Act 2011. Accountlng pollcles Basls of preparatlon The financlal staternents have been prepared on the historical cosl basls, as modlfied by Ihe révaluatlon of certain financial assets and liabilities and investment proporties measured al falr value through income or expenditure. The financial statements are preparéd in sterllng, which is Ihe functional currency of Ihg entlly. Golng concern There ar6 no matarlal uncertainties about the chaTiIYs abllity to continu8. Judgements and key Sourcès ol estlmatlon uncertalnty The preparalion of the flnancial stalements requires m8nagemenl to make Judgements, estimates and assumptions that affect the amounts reported. These esiimates and judgements are contlnually reviewed and are based on experienc8 and other factors. includlng expectations of future evenls that are belièved to be reasonable under lh8 circumstances. Fund accountlng Unrestricted funds are ava51able for use at th8 discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by Ihe trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal and fall into one of two sub-classes: restricted income funds or endowment funds.
Rhayader Market Hall and Smithfield Trust Notes to the Financial Statements (conllnu8d) Year ended 31 March 2025 Accountlng pollcies (conllnued) Incomlng resources All incoming resources are included in Ihe statement of financlal a¢tivitles when entitlemenl has passed to the charity; it is probable Ihat the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following speclfic pollcies are applied to categories of income". Income from donations or grants is recognised when there is evidence of enlillement to the gift. receipt is probable, and its amount can be measured reliably. legacy income Ss recognised when receipi is probable and entiilement is established. income from donated goods is measured at the fair value of the goods unless this is impractlcal to measure reliably. in which case Ihe value is derived from the cost to th8 donor or the esiimaled resale valu8. Donated facilities and services ale recognised in the accounts when received if the value can be relSably measured. No amounts ar8 included for the contributlon of general volunteers. Income from contracls for the supply of services is recognised wlth th8 delivery of Ihe contracted service. Thls is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned If unspent, in which case it may be regarded as restrlcted. Resources expended Expendllure Is recognlsed on an accruals basls as a liability is incuffed. Expendltur8 includes any VAT whlch cannot be fully recovered, and is classified under headlngs of th8 Statement of financial actlvilles to whlch It relates: expendlture on raising funds Includes Ihe costs of all fundralslng 8ctivilles. evenls, non.charitable trading aclivities, and the sale of donated goods. expenditure on charitable actlvities includes all costs incurred by a charlty In undertaking actlvitles that further its charitable aims for the beneflt of its beneficiari85, including those support costs and costs relating to the governance of the charity apporlloned to charltable activilles. other expendilura Includes all expendilure that is nellher ts18ted to ralsing funds for the charlly nor part of its expenditure on charitable actlvilies. All costs are allocated to expendilure caiegories reflectlng the use of the resource. Dlrect costs attributable lo a single activity are allocated directly to Ihal activily. Shared costs are apportioned beiween the actSvilies they contribute to on a reasonable. justifiable and consistent basls. Tanglble assels Tangible assets are inillally recorded at cosl and subsequently slated at cost less any accumulated depreclatlon and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value al the dale of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairmenl losses.
Rhayader Market Hall and Smlthfield Trust Notes to the Financial Statements (¢onllnued) Year ended 31 March 2025 Accounting pollcies (contlnued) Tangible assets (Gontlnuedj An increase in the carrying amount of an asset because of a revaluatlon, Is recognlsed In olher recognised gains and lossgs. unless it reverses a charge for impalrment that has previously been recognised as expendllure within the statement of financial activiti8s. A decrease in the carrying amount of an assel because of revaluallon, is recognised in other recognised gains and losses, except to which it offsets any previous revalualion gain. in which case the loss is shown wilhin other recognised gains and losses on the statement of financial activities, Dapreclatlon Depreclation Is calculated to write off the cosl or valuation of an asset, less Sts resldual value, over the useful economic life of that asset as follows: Plant and machlnery Equipmant 4tsA stralght Ilne 20°A straight line Impalrment of flxed asset8 A revlew for indlcators of Smpairment Is carried out at each reporting date, with the r8coverable amount being eslimated wher8 such Indicators exist. Where the carrying value exceeds the recoverable amount, the asset is Impalred accordingly. Prior impalrments ar8 also revlowed for posslble reversal at each reporling dale. For the purposes of Impairment testing, when it is not posslble to estimate tho recoverable amount of an individual asset, an estlmate Is made of the recoverable amount of the cash-generallng unlt to which Ihe asset belongs. The cash-gener8tlng unit Ss the smallest identifiable group of assets Ihat includes the asset and generates cash inflows that 18rg8ly independent of the cash inflows from other assets or groups of assels. For impalrment testlng of goodwlll, the goodwill acquired in a business combinatlon Is, from Ihe acquisition date, allocated to each of the cash-generaling units that are expected to ban6fit from the synergles of the comblnation, iirespective of whether other assets or liabilitles of the charity are assigned to those units. Government grants Government grants are recognised at the fair value of th8 asset received or receivable. Grants are not recognised unlil there is reasonable assurance that the charlty will comply with th8 condltlons attaching to them and the grants will be received. Where the grant does not impose specified future performance-related conditions on the recipient, It Is recognised in income when the granl proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the reciplent, 11 Ss recognised In income only when the performance-related condilions have been met. Where grants recelved are prior lo satisfying the revenue recoonilion criteria, they are recognlsed as a liabilily.
Rhayader Market Hall and Smithfield Trust Notès to the Financial Statements (Gonllnued) Year ended 31 March 2025 Accountlng policles (con¢lnuedJ Flnanclal Instruments Financlal assets that are measured at cost or amortised cost are reviewed for objectlve evidence of impairment at the end of each reporling date. If there is objective evidence of impalrment, an impairment loss is recognised under the appropriate heading in the statement of financial actlvilies in which the initlal gain was recognised. Investment Income 2025 2024 Income from listed investments 82 80 The Investment Income comprlses quarterly divldend receipts from the charlty investment in the COIF Charities Investment Fund. The investment of 147.39 units In the fund is shown as an inveslment asset in current assets in the balance sheel, at its oilginal cost of £200. Othèr Incomo Other incom& - consists malnly of recelpts from 'Good Energy,. Amortlsation of deferred Incom8 - Capital Improvements amounting to £6,665 were carrled out at the market during Ihe year ending 31 March 2021. The improvements are belng depreciated over 5 equal instalments, The trust received 100°/o of the expendilure Incurred from HCC during the same. The full recelpt of £6.665 has likewise b88n treated as deferred income in the balance sheet and Is being iransferred to profil and loss (shown as 'amorlisallon of grant Income, in noi8 5) In 5 equal annual instalments. Unrestrlcted Total Fund8 Unrestrlcted Total Funds Funds 2025 Funds 2024 Rental Income - Welshpool Llvestock R6ntal income - Market Hall Olher income Amortisation of Grant Income 18,000 23,110 1,268 1.333 18,000 23.110 1.268 1.333 18,000 21,315 641 1,333 18,000 21,315 641 1,333 43.711 43,711 41,289 41.289 10
Rhayader Market Hall and Smithfield Trust Notes to the Financial Statements (conllnued) Year ended 31 March 2025 Expendlture on charltable actlvitles by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Market Hall Smithfield Support costs 10,979 31,671 4,922 10,979 31,671 4,922 47.572 10,110 4.521 4,520 10,110 4,521 4,520 19,151 47.572 19,151 Expendlturè on charltable activities by actlvlty type The ¢harilable expendlture Incurred for the year to 31 March 2025 was as follows: Governance costs Market Hall Smlthfield Light & heat Repairs & malntenance Insurance Accountancy Depr8clatlon Stationery and office Secretary stipend Total 300 31,371 5.420 528 5,031 922 4,000 10.979 31,671 4,922 Actlvlties undertaken directly Support costs Total funds 2025 Total fund 2024 Market Hall Smithfield Governance costs 10,979 31,671 10,979 31.671 4,922 47,572 10,110 4,521 4,520 19,151 4,922 42,650 4.922 Net (expendlture)Ilncome Net (expenditure)lincome is stated after chargingl{creditlng): 2025 2024 Deprecialion of tangible fixed ass81s 5,031 5,031 Independent examlnatlon fees 2025 2024 Fees payable to the independent examlner for.. Independent examination of the financial slatemenls 500 473 11
Rhayader Market Hall and Smithfield Trust Notes to the Financial Statements (contlnuedj Year ended 31 March 2025 10. Staff Gosts The average head count of employees duting the year was Nil (2024: Nil). No employee received employee benefits of more than £60,000 during the year (2024: Nil). 11. Tru8teo remuneratlon and expenses No remuneration or otheT benefits from employment with the charity or a related entlty were received by the trustees. 12. Tanglble flxed assets Freehold property Plant and machinery Equlpment Total Cost At 1 Aprll 2024 and 31 March 2025 Depreclatlon At 1 April 2024 Charge for Ihe year At 31 March 2025 516,010 92,449 6,665 615,124 9,356 3,698 6,665 1,333 16,021 5,031 13,054 7,998 21,052 Carrylng amount At 31 March 2025 516,010 79.395 (1,333) 594,072 At 31 March 2024 516,010 83,093 599,103 12
Rhayader Market Hall and Smithfield Trust Notes to the Financial Statements (¢onllnuedJ Year ended 31 March 2025 12. Tanglble fixed assets (Contlnuj Freehold property comprises the following: Markel Hall Smithfleld Total Original Cost Improvements blf 2018 improvements Total freehold property 4,000 30,942 12.000 460,968 8,100 481,068 16,000 491,910 8.100 34,942 516,010 The freehold prop8rty is shown at historical valuation plus improvements. No depreclatlon is charged on Ihese figures as the trustees are confident that the current markot values of the properties ar8 considerably in excess of the stated values. Planl and machlnery comprise solar panels which were acquired at a cost of £13,065 In the year to 31 March 2017. Further, during the year to 31 March 2021 a new welghing station was Installed al a cost of £19.200. Finally, during the year lo 31 March 2024, a new separatlon system was conslrucled a cost of £60,184. All the above ara being wrillen off over thelr anticipated Ilves of 25 years on a straight-llne basis. Equipment comprises the complete overhaul of IT equlpment al the market whlch was Included al its cost of £6.665 in the year to 31 March 2020. This equlpment has b8gn written off over ils anticlpated life of 5 y8ars on a straight-line basls (the last instalment being In the year under revlew). 13. Debtors 2025 2024 Other d8btors 357 6,790 14. Investments 2025 2024 COIF Investment (at cost) 200 200 15. Crodltors: amounts falllng due wlthln one year 2025 2024 Trade credltors Accruals and deferred income 6,456 4.950 3.636 473 11,406 4,109 13
Rhayader Market Hall and Smithfield Trust Notes to the Flnancial Statements Iconllnuodj Year ended 31 March 2025 16. Credltors: amounts falllng due after moro than one year 2025 2024 Accruals and deferred income 1,333 17. Deferred Income 2025 2024 Amount released to income 1,333 18. Government grants The amounts recognlsed Sn the flnanclal statements for government grants are as follows.. 2025 2024 Recognised In credltors: Oeferred government grants due after more Ihan one year (1,333) (1,333) 19. Analysls of charltable funds Unreslrlcled funds At 1 April 2024 At Incom8 Exp8ndlture 31 Mar 2025 General funds 721,410 43,793 (47,572) 717,631 At 31 March 202 At 1 Aprll 2023 Income Expenditure Gener81 funds 699,192 41,369 (19,151) 721,410 14
Rhayader Market Hall and Smithfield Trust Notes to the Flnanclal Statements (contthuod) Year ended 31 March 2025 20. Analysls of net assets b8tween funds Unrestrloted Total Funds Funds 2025 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 594,072 134,965 (11,406) 594,072 134,965 111,406) 717,631 717,631 Unrestrlcted Total Funds Funds 2024 Tangible flxed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net assats 599,103 127,749 (4,109) {1,333) 721,410 599,103 127.749 (4,109) (1.333) 721,410 15