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 (Contlnu￿j
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