CHARITY REGISTRATION NUMBER: 268128
Watton Sports and Recreational Centre Unaudited financial statements
31 March 2025
Watton Sports and Recreational Centre
Financial statements
Year ended 31 March 2025
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 6 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Notes to the financial statements | 10 |
Watton Sports and Recreational Centre
Trustees' annual report
Year ended 31 March 2025
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2025.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 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 published in October 2019.
Reference and administrative details
Registered charity name Watton Sports and Recreational Centre Charity registration number 268128 Principal office Dereham Road Watton Thetford Norfolk IP25 6EZ
The trustees
The trustees who served during the year and at the date of approval were as follows:
J Jackson (Treasurer) K Jones MBE (resigned 11 October 2024) P Kibler (Chairman) P McCarthy T Amadasun (resigned 11 October 2024) C Hayward (Vice Chairman) K Pell (resigned 11 October 2024) G Luxton (appointed 11 October 2024) S Dingle (Secretary) (appointed 11 October 2024) G Watson (appointed 11 October 2024) W Fincham (appointed 11 October 2024, resigned 6 May 2025)
Watton Town Council are custodians of the land and buildings and Watton Sports Association are responsible for their upkeep.
Independent examiner Jamie Norton FCCA Lovewell Blake LLP Chartered accountants First Floor Suite 2 Hillside Business Park Bury St Edmunds IP32 7EA Bankers Barclays Bank Plc Leicester Leicestershire LE87 2BB
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Watton Sports and Recreational Centre
Trustees' annual report (continued)
Year ended 31 March 2025
Objectives and activities
The object of the charity is the provision and maintenance of a recreation ground and facilities ancillary thereto for the use of the inhabitants of the town of Watton and the surrounding area without distinction of political, religious or other opinions, with the object of improving the conditions of like for said inhabitants.
Public benefit
The Trustees have considered the Charity Commission's guidance on public benefit. They confirm that in planning and carrying out the charity's activities they have had regard to this guidance.
Achievements and performance
Watton is fortunate to have a Charity that provides the Town with such a varied range of facilities at both the Sports Centre and the adjacent Loch Neaton.
The breadth of activities we offer come at a high cost and over recent years it has become increasingly difficult to achieve the income required to cover the basic running costs and the variety of repairs needed to our ageing building.
Our staff and Trustees understand the importance of the Centre to the people of Watton and surrounding areas, not just for Sports, but also for Social activities and we are proud to host the Men's Shed and various community social groups as well as many sports and martial arts groups.
We have looked at where investment may enable us to reduce costs and accordingly, borrowed the money to fit 150 solar panels to our roof. This has substantially reduced our electricity costs to the point, that even after repayment of the lending, we are making savings of hundreds of pounds a quarter. We are also now selling surplus electricity back to the grid to further enhance our savings.
The bar is an important income stream for the Charity and one kind resident recently paid for the repainting of the bar area.
We have installed a new Rijo coffee machine and this has increased sales, but our most important change is to reintroduce darts. We have created three darts areas and the weekly matches generate significant income for us.
To further enhance customer experience in this area, we have renegotiated our Sky contract and now our new Sky Matrix Server allows us to play different programs on each screen or to show computer or smart device information on screen.
After years of planning, the new "SK8@thesporty" skatepark opened this summer and has proved incredibly popular with young people. Funded by Breckland District Council via S106 funds, this was built at no cost to the ratepayers of Watton.
Breckland District Council also provided us with S106 funds to refurbish the gentleman's toilets next to reception. This work will be completed mid October.
The gym partnership with Armoured Muscle continues to attract more members, especially those who do not want to be in a commercial gym packed shoulder to shoulder with other users.
On the grounds, as well as football and hockey, we host various events such as the Carnival, the Bike Weekend, Classic Car show, fairs etc.
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Watton Sports and Recreational Centre
Trustees' annual report (continued)
Year ended 31 March 2025
Financial review
The total income amounted to £131,697 (2024: £128,185) and after expenditure of £153,039 (2024: £151,646) the net deficit for the year was £21,342 (2024: £23,461).
The Trustees consider the year end position to be satisfactory and are working hard to increase revenue and reduce expenditure.
Reserves policy
The Charity has no free reserves at 31 March 2025, with net current liabilities in unrestricted funds of £68,562 (2024: £51,739). The Charity also held restricted funds of £96,706 (2024: £97,001) at the year end. It is therefore the Trustees' intention to rebuild reserves in the coming years in order to establish a sink fund and to meet future maintenance costs.
The Charity has a target reserves figure of £300,000 as a sink fund, with the reserves to be used for the resurfacing of the Astroturf.
Plans for future periods
One major issue we face is trying to raise the funds to resurface the hockey pitch. We have raised nearly £100,000 but need another £100,000 to undertake the work. This will provide a surface with a useable life of 25 years.
Hall hire for parties, wakes and wedding receptions is an important income stream for us and we are working on improved IT systems for potential users to see what we can offer.
Within the building, we are constantly looking at how we can improve our facilities at little or no cost and we will be remodelling the reception area to improve appearance and operation and, outside, shortly we will be renewing much of our signage to make it easier for people passing to see where we are.
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Watton Sports and Recreational Centre
Trustees' annual report (continued)
Year ended 31 March 2025
Structure, governance and management
Governing document
Watton Sports Association was established in 1975 and the constitution was registered with the Charity Commission (registration number 268128) on 24 September 1997 and amended by resolution on 21 September 2015 and again on 30 October 2023.
Appointment and recruitment of Trustees
According to the Charity's constitution, the board of Trustees should consist of up to 6 elected members and up to 4 co-opted members appointed by the committee of management. In addition, Watton Town Council may at their discretion appoint a Member to the Committee. This Member will have a non-executive role and will not be registered as a Trustee of the Charity. Elected Members shall be appointed at the annual general meeting to be held as hereinafter provided and shall hold office from the end of the annual general meeting (AGM) at which they are appointed. These members, together with any member they may co-opt will be the Trustees and will have responsibility for the running of the Charity. Anyone who wishes to stand for election as a Trustee shall notify the secretary of the committee at least 14 days before the AGM so that their details may be shown on the agenda. All Elected and Co-Opted Members of the Committee of Management will be registered with the Charity Commission as Trustees of the Charity.
Trustees' induction and training
All new Trustees will be provided with copies of:
-
The Charity's constitution
-
The latest accounts of the charity
and are encouraged to read the Charity Commission guidance notes CC3 - "The Essential Trustee: what you need to know, what you need to do".
In addition, the Trustees are encouraged to read Charity Commission and other newsletters and to attend courses designed to keep them abreast of their duties and responsibilities.
True and fair view
The financial statements have been prepared to give a "true and fair" view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a "true and fair view". This departure has involved following 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) issues in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Pratice effective from 1 April 2005 which has since been withdrawn.
Independent examiner
Jamie Norton FCCA has been reappointed as independent examiner for the ensuing year.
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Trustees' annual report (continued)
Watton Sports and Recreational Centre
Year ended 31 March 2025
22/1/2026 The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by:
P Kibler J Jackson Chairman Treasurer
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Watton Sports and Recreational Centre
Independent examiner's report to the trustees of Watton Sports and Recreational Centre
Year ended 31 March 2025
I report to the charity trustees on my examination of the financial statements of the charity for the year ended 31 March 2025 which comprise the statement of financial activities, balance sheet and the related notes.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the financial 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 section 145 of the Act 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:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements 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.
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Watton Sports and Recreational Centre
Independent examiner's report to the trustees of Watton Sports and Recreational Centre (continued)
Year ended 31 March 2025
Your attention is drawn to the fact that the Charity has prepared the accounts (financial statements) in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has since been withdrawn. I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
Jamie Norton FCCA Independent Examiner
Lovewell Blake LLP Chartered accountants First Floor Suite 2 Hillside Business Park Bury St Edmunds IP32 7EA
26/1/2026
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Watton Sports and Recreational Centre
Statement of financial activities
Year ended 31 March 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 4 | 13,668 | – | 13,668 | 13,762 |
| Charitable activities | 5 | 116,987 | – | 116,987 | 92,542 |
| Other trading activities | 6 | – | – | – | 20,856 |
| Investment income | 7 | 1,042 | – | 1,042 | 1,025 |
|
|
|
|
||
| Total income | 131,697 | – | 131,697 | 128,185 | |
|
|
|
|
||
| Expenditure | |||||
| Charitable activities | 8 | 151,358 | – | 151,358 | 151,646 |
| Other expenditure | 9 | 1,681 | – | 1,681 | – |
|
|
|
|
||
| Total expenditure | 153,039 | – | 153,039 | 151,646 | |
|
|
|
|
||
| Net expenditure before transfer of funds | (21,342) | – | (21,342) | (23,461) | |
| Transfers between funds | 295 | (295) | – | – | |
|
|
|
|
||
| Net movement in funds | (21,047) | (295) | (21,342) | (23,461) | |
| Reconciliation of funds | |||||
| Total funds brought forward | 1,246,393 | 97,001 | 1,343,394 | 1,366,855 | |
|
|
|
|
||
| Total funds carried forward | 1,225,346 | 96,706 | 1,322,052 | 1,343,394 | |
|
|
|
|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 10 to 16 form part of these financial statements.
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Watton Sports and Recreational Centre
Balance sheet
31 March 2025
| 2025 | 2024 | |||||
|---|---|---|---|---|---|---|
| (restated) | ||||||
| Note | £ | £ | £ | £ | ||
| Fixed assets | ||||||
| Tangible fixed assets | 14 | 1,305,614 | 1,309,838 | |||
| Current assets | ||||||
| Debtors | 15 | 7,250 | 14,938 | |||
| Cash at bank and in hand | 61,837 | 80,894 | ||||
|
|
|||||
| 69,087 | 95,832 | |||||
| Creditors: Amounts falling due within | ||||||
| one year | 16 | (52,649) | (62,276) | |||
|
|
|||||
| Net current assets | 16,438 | 33,556 | ||||
|
|
|||||
| Total assets less current liabilities | 1,322,052 | 1,343,394 | ||||
|
|
|||||
| Net assets | 1,322,052 | 1,343,394 | ||||
|
|
|||||
| Funds of the charity | ||||||
| Restricted funds | 96,706 | 97,001 | ||||
| Unrestricted funds | 1,225,346 | 1,246,393 | ||||
|
|
|||||
| Total charity funds | 17 | 1,322,052 | 1,343,394 | |||
|
|
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| These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by: 22/1/2026 |
||||||
| P Kibler | J Jackson | |||||
| Chairman | Treasurer |
These financial statements were approved by the board of trustees and authorised for issue on 22/1/2026 ........................, and are signed on behalf of the board by:
The notes on pages 10 to 16 form part of these financial statements.
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Watton Sports and Recreational Centre
Notes to the financial statements
Year ended 31 March 2025
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Dereham Road, Watton, Thetford, Norfolk, IP25 6EZ.
2. Statement of compliance
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity and rounded to the nearest £.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Income
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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Watton Sports and Recreational Centre
Notes to the financial statements (continued)
Year ended 31 March 2025
3. Accounting policies (continued)
Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
| Fixtures and fittings | - | 25% reducing balance | 25% reducing balance | ||
|---|---|---|---|---|---|
| Donations and legacies | |||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2025 | Funds | 2024 | ||
| (restated) | |||||
| £ | £ | £ | £ | ||
| Donations | |||||
| Donations and sponsorship | 6,168 | 6,168 | 13,762 | 13,762 | |
| Grants | |||||
| Grants receivable | 7,500 | 7,500 | – | – | |
|
|
|
|
||
| 13,668 | 13,668 | 13,762 | 13,762 | ||
|
|
|
|
4. Donations and legacies
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Watton Sports and Recreational Centre
Notes to the financial statements (continued)
Year ended 31 March 2025
5. Charitable activities
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2025 | Funds | 2024 | ||
| (restated) | |||||
| £ | £ | £ | £ | ||
| Gym | 34,027 | 34,027 | 17,242 | 17,242 | |
| Sports hall | 17,336 | 17,336 | 18,683 | 18,683 | |
| Astro turf | 11,637 | 11,637 | 11,228 | 11,228 | |
| Playing field | 9,415 | 9,415 | 6,727 | 6,727 | |
| Badminton | 19,949 | 19,949 | 14,614 | 14,614 | |
| Snooker | 4,870 | 4,870 | 4,211 | 4,211 | |
| Squash | 3,178 | 3,178 | 2,827 | 2,827 | |
| All weather court | 12 | 12 | 169 | 169 | |
| Room hire | 14,528 | 14,528 | 15,027 | 15,027 | |
| Table Tennis | 2,035 | 2,035 | 1,814 | 1,814 | |
|
|
|
|
||
| 116,987 | 116,987 | 92,542 | 92,542 | ||
|
|
|
|
||
| 6. | Other trading activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2025 | Funds | 2024 | ||
| (restated) | |||||
| £ | £ | £ | £ | ||
| Event income | – | – | 3,858 | 3,858 | |
| Profit from Social Club | – | – | 16,998 | 16,998 | |
|
|
|
|
||
| – | – | 20,856 | 20,856 | ||
|
|
|
|
||
| 7. | Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2025 | Funds | 2024 | ||
| (restated) | |||||
| £ | £ | £ | £ | ||
| Bank interest receivable | 1,042 | 1,042 | 1,025 | 1,025 | |
|
|
|
|
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Watton Sports and Recreational Centre
Notes to the financial statements (continued)
Year ended 31 March 2025
8. Expenditure on charitable activities by fund type
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2025 | Funds | 2024 | |
| (restated) | ||||
| £ | £ | £ | £ | |
| Purchases | 22,807 | 22,807 | 3,498 | 3,498 |
| Wages | 58,413 | 58,413 | 74,049 | 74,049 |
| Rates and water | 6,587 | 6,587 | 7,388 | 7,388 |
| Light and heat | 24,703 | 24,703 | 29,816 | 29,816 |
| Repairs and maintenance | 10,532 | 10,532 | 9,165 | 9,165 |
| Insurance | 12,451 | 12,451 | 10,682 | 10,682 |
| Telephone | 1,255 | 1,255 | 1,098 | 1,098 |
| Depreciation | 4,224 | 4,224 | 5,630 | 5,630 |
| Cleaning | 1,389 | 1,389 | 714 | 714 |
| Printing, stationery and computer costs | 2,526 | 2,526 | 2,485 | 2,485 |
| Miscellaneous expenses | 1,281 | 1,281 | 1,381 | 1,381 |
| Bank charges | 1,086 | 1,086 | 1,027 | 1,027 |
| Non reclaimed VAT | (2,861) | (2,861) | (2,690) | (2,690) |
| Support costs | 6,965 | 6,965 | 7,403 | 7,403 |
|
|
|
|
|
| 151,358 | 151,358 | 151,646 | 151,646 | |
|
|
|
|
|
| Analysis of governance costs: | ||||
| Total Funds | Total Funds | |||
| 2025 | 2024 | |||
| £ | £ | |||
| Independent examination fees | 2,250 | 2,100 | ||
| Other legal fees | 295 | – | ||
| Accountancy fees | 4,420 | 5,303 | ||
|
|
|||
| 6,965 | 7,403 | |||
|
|
9. Other expenditure
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2025 | Funds | 2024 | ||
| (restated) | |||||
| £ | £ | £ | £ | ||
| Loss from Social Club | 1,681 | 1,681 | – | – | |
|
|
|
|
||
| 10. | Net expenditure | ||||
| Net expenditure is stated after charging/(crediting): | |||||
| 2025 | 2024 | ||||
| (restated) | |||||
| £ | £ | ||||
| Depreciation of tangible fixed assets | 4,224 | 5,630 | |||
|
|
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Watton Sports and Recreational Centre
Notes to the financial statements (continued)
Year ended 31 March 2025
11. Independent examination fees
| 2025 | 2024 | |
|---|---|---|
| (restated) | ||
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | 2,250 | 2,100 |
|
|
12. Staff costs
No employee received employee benefits of more than £60,000 during the year (2024: Nil).
13. Trustee remuneration and expenses
No trustee received remuneration from employment with the charity (2024: £nil) and no re-imbursed expenses (2024: £nil).
14. Tangible fixed assets
| Freehold | Fixtures and | ||
|---|---|---|---|
| property | fittings | Total | |
| £ | £ | £ | |
| Cost | |||
| At 1 April 2024 (as restated) and 31 March 2025 | 1,292,955 | 132,468 | 1,425,423 |
|
|
|
|
| Depreciation | |||
| At 1 April 2024 | – | 115,585 | 115,585 |
| Charge for the year | – | 4,224 | 4,224 |
|
|
|
|
| At 31 March 2025 | – | 119,809 | 119,809 |
|
|
|
|
| Carrying amount | |||
| At 31 March 2025 | 1,292,955 | 12,659 | 1,305,614 |
|
|
|
|
| At 31 March 2024 | 1,292,955 | 16,883 | 1,309,838 |
|
|
|
|
| Debtors | |||
| 2025 | 2024 | ||
| (restated) | |||
| £ | £ | ||
| Trade debtors | 7,250 | 14,938 | |
|
|
15. Debtors
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Watton Sports and Recreational Centre
Notes to the financial statements (continued)
Year ended 31 March 2025
16. Creditors: Amounts falling due within one year
| 2025 | 2024 | |
|---|---|---|
| (restated) | ||
| £ | £ | |
| Trade creditors | 1,018 | 11,060 |
| Accruals and deferred income | 2,540 | 2,100 |
| Social security and other taxes | 11,200 | 3,209 |
| Breckland Council loan | 1,619 | 1,619 |
| Social Club loan | 26,272 | 34,288 |
| Other creditors | 10,000 | 10,000 |
|
|
|
| 52,649 | 62,276 | |
|
|
17. Analysis of charitable funds
| Balance at 1 | Balance at | ||||
|---|---|---|---|---|---|
| Apr 2024 | **Income ** | Expenditure | Transfers | 31 Mar 2025 | |
| £ | £ | £ | £ | £ | |
| Restricted funds | |||||
| Breckland Council District | |||||
| Grant | 97,001 | – | – | (295) | 96,706 |
| Unrestricted funds | |||||
| General funds | 1,246,393 | 131,697 | (153,039) | 295 | 1,225,346 |
|
|
|
|
|
|
| 1,343,394 | 131,697 | (153,039) | – | 1,322,052 | |
|
|
|
|
|
|
| Balance at 1 | Balance at | ||||
| Apr 2023 | **Income ** | Expenditure | Transfers | 31 Mar 2024 | |
| £ | £ | £ | £ | £ | |
| Breckland Council District | |||||
| Grant | 107,587 | – | – | (10,586) | 97,001 |
| Breckland Council Market | |||||
| Town Initiative | 1,120 | – | – | (1,120) | – |
|
|
|
|
|
|
| 108,707 | – | – | (11,706) | 97,001 | |
| Unrestricted funds | |||||
| General funds | 1,258,148 | 128,538 | (151,999) | 11,706 | 1,246,393 |
|
|
|
|
|
|
| 1,366,855 | 128,538 | (151,999) | – | 1,343,394 | |
|
|
|
|
|
The Breckland Council District Grant fund was funded by Breckland District Council towards the build of a skatepark which will be located at the Sports Centre.
The Breckland Council Market Town Initiative fund was funded by Breckland District Council towards the refurbishment of the astroturf lights, refencing the bowls green and the resurfacing of the Sports Centre car park.
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Watton Sports and Recreational Centre
Notes to the financial statements (continued)
Year ended 31 March 2025
18. Analysis of net assets between funds
As at 31 March 2025
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2025 | |
| £ | £ | ||
| Tangible fixed assets | 1,293,908 | 11,706 | 1,305,614 |
| Current assets | (15,913) | 85,000 | 69,087 |
| Creditors less than 1 year | (52,649) | – | (52,649) |
|
|
|
|
| Net Assets | 1,225,346 | 96,706 | 1,322,052 |
|
|
|
|
| As at 31 March 2024 | |||
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2024 | |
| £ | £ | ||
| Tangible fixed assets | 1,298,132 | 11,706 | 1,309,838 |
| Current assets | 10,537 | 85,295 | 95,832 |
| Creditors less than 1 year | (62,276) | – | (62,276) |
|
|
|
|
| Net Assets | 1,246,393 | 97,001 | 1,343,394 |
|
|
|
19. Prior year adjustments
During the year ended 31 March 2025, the Charity identified an error in the recognition of a current liability relating to the prior financial year.
The comparative figures have been restated to correct this error. There have been no changes to the opening reserves.
20. Related parties
In November 2023 the Charity's trustees accepted an interest free loan from P McCarthy, a trustee of the Charity, of £10,000. The outstanding balance as at 31 March 2025 was £10,000.
These accounts do not include the income and expenditure of the Social club, for which separate accounts are prepared, although its net result is shown as income/expenditure to the Charity. The results for the year and preceding year were: Income £206,680 expenditure £208,361, net loss £1,681 (2024: income £191,899, expenditure £174,901, net profit £16,998).
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