Company Number: Charity Number: 00901063 300909 N￿oN ABBOT A14D DISTRICT RECREATIONAL TRUST LIMITED (Luiited by Guarantee) t114AUDITED FINANCIAL STATEMEirrs YRAR E14DED 30 SEPTEbIBER 2024 NEtqTON ABBOT AIqD DISTRICT RECREATIOIIAL TRUST LIMITED (Lthlted by Guarantee) FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 INDBX Page Reference and administration inf ormation Report of the Directors List of Menthers statement of Directors Responsibilitles Independent Examiners Report io li statement of Financial Activities 12 statement of f inancial position 13 14 Notes to the Financial Statements 15 20 ABBOT AND DISTRICT RECREATIONAL TRUST LIMITED ILlmlted by Guarantee} REFERENCE AND ADMINISTRATION IIIFORMATION FOR THE YEAR ENDED 30 SEPTEMBER 2024 Directors N L Flower S J Reynolds M Andrews R C Bellotti M J Benney R B Hayes A Lloyd S O, Donnell D Patchett R Petersen T J Stronghill R G Thoma8 T Villis B WiddicoTnbe Ichalrman) Registered Of flee The Pavilion Marsh Road Newton Abbot Devon TQ12 2AR Company Registration Number 00901063 Registered Charity Number 300909 Bankers Lloyds Bank 41 Courtenay Street Newton Abbot Devon TQ12 2QW Independent Examiner l J Taberner FCA Turnbull & Co Accountants Limited Pilgrim House Oxf ord Place Plynouth PLI 5AJ Page I NEWTON ABBOT A14D DISTRICT RECREATIONAL TRUST LIMITED ILlmited by auarantee} DIRECTORS REPORT 30 SEPTEMBER 2024 The directors present their report and the unaudited financial statements for the year ended 30 September 2024 for the purposes of section 162 of the Charities Act 2011 and for the purpo8e8 of section 41912) of the Cornpanies Act 2006. The directors confirn that they have complled with the duty in 8ection 17 15) of the 2011 Charities Act to have aue regard to guldance published by the CharitieB ConYni83ion. status The company is registered as a charity under section 4 Charities Act 1960 with the registered charity number of 300909 and a company registration number of 00901063 and is limited by guarantee. At the balance sheet date there were 30 members, whose liability is limited to £10 each in the event of winding up. Ob Jectlves and activitle8 The principal actlvity of the company is the provision of recreatlon, physical education, and other leisure time occupation8 in, or in connection with, the town of Newton Abl)ot and its environs. The Trust employs an adrninistrator and other part time staff. The company 18 responsible for the management and operation of a cricket ground, football pitch, car park, pavilion, five squash courts, four tenni8 courts and associated f acilities. The Trust's membershlp consists of five affiliated sports clubs: Newton Abbot Scpash Rackets and Lawn Tennis Club, Newton Abbot Spurs Football Club, South Devon Cricket Club, FIT2run Newton Abbot and Teignbridge Trotter8 Running Club. The hall is also used for a null￿er of recreational activities. The conpany, s subsidiary company, Coralwharf Limited, operates a bar for the sports clubs using the facilities of the Trust. How our actlvltle8 dellver publlc benef It In writing this, the directors have had regard to the Charity Cormnission's Guidance on public benef it. Page 2 NEWTON ABBOT AY4D DISTRICT RECRL4TIONAL TRUST LIMITED (Llmited by Guarantee) DIRECTORS REPORT 30 SEPTEMBER 2024 How our actlvitie8 dellver publlc benefit Icontlnued) TEJe eOTnpany' s activities are the provision of recreation, physical education, and other leisure time occupations in, or in connection with, the town of Newton Abbot and its environs Eor the benefit of the public. Pavlllon and ground8 The company holds tbe land on which the activities take place under a lease granted by Newton Abbot UDC for 99 years from 12 August 1970 at a peppercorn rent. The company has granted an underlease to the trustees of Newton Abbot Squash Rackets and Lawn Tennis Club for 75 years from l October 1993 at an initial rental of £1,000 per annurn, and a Gupplemental underlease dated i April 1998 to expire at the same tirne a8 the tnain underlease for an additional initial rental of £1,250: and ha8 granted to the trustees of the Newton Ablx)t Spurs Football Club an underlease for 25 years frorn l Novethr 2007 at an initial rental of £2,500 per annum. R•sult8 A deficit was made this year of £10, 560. The reserves Carried forward at 30 Septenther 2024 were £279, 618. A substantial amount of time is contributed by Officers and Board Members in relation to the administration of the centre. No payments are rnade to any officers or Board Menther8 in this respect. The value of these 'gifts in kind, has not been quantified by the officers. Acblevernonts and Perforlllaneé 2024 wa5 a year of consolidation in which the Trust invested in and continued to provide much needed sporting facilities and services to the Newton Abbot & District Comrnunity. The comnercial side of the Trust, s operatlon, through Its trading subsidiaryi Coralwharf Ltd, produced a steady increase in turnover 1+4. 5*) and a nominal rise in Gr088 Proflt of 2. 9*. However, after the effect of rising costs and an increased contribution to the Trust of £56, 000 12023: £50, 0001 , Coralwharf produced a loss for the year of £3, 602. Despite the loss, the Bar, known as 'The Rec" continues to trade well and retains adequate reserves. The Member Clubs continued their respective sporting activities and Membership Subscription income exceeded budget with an Increase of 23.7* on Page 3 NE4rroN ABBOT AIqD DISTRICT RECREATIONAL TRUST L1141TED (Limited by auarantee) DIRECTORS REPORT 30 SEPTEMBER 2024 Achievements and Performance Icontlnued) 2023. Hall Hire, whilst on a par with 2023, was di8appointing, falling 9.2* short of budget and ref lecting rnarket sentirnent as pressures continued. 'C08t-of -living, Contributions from Clubs were as budgeted at £7,300. The Accounts show that 2023 was an exceptional year when we received a Grant 0£ £9, 500 to replace the artificial wicket on the Cricket pitch, plus SDCC, 8 additional contribution of £1,035 from the Cricket Testimonial event. Improvements were made to the Pavilion and grounds through the iustallation of bi-fold doors in the Bar, new LED lighting in the changing rooms a new Car Park barrier system to help control our valuable parking area. Income from the Car Park increased 12.8* to £23, 799 1£21, 096). Funds were also expended on the purchase of additional rnachinery, including new tractor mower and equipment to assist with grounds and pitch maintenance. The purchase was helped with a grant obtained by Newton Abbot spurs from the Football Premier League. A special 'thank you, is noted here to the group of volunteers who tend and prepare the £ootball and cricket pitches on a weekly basis. A180, thanks go out to the many volunteer8 who run the vaiious clubs that make up IThe Rec, During the year. the Trust Set up a Capital Grant and Improvement8 Programme aimed at irnproving the current facilities and assisting the Associated clubs with their own capital expenditure. Under the scherne grants were rAade to the Squash & Tennis club of £5,000 for tennis court Tllaintenance and £3,000 towards roof repairs. A further grant of £3.000 was made to Newton Abbot Spurs to assist with the extension of the football pitch to cornply with League regulations. Through the grants, the Trust was able to reco9nise the significant contribution that the constituent member clubs make to it8 collective existence and to assist with their own continuation. Expenditure, excluding the discretionary grants listed above, amounted to £142, 913 which was 8.4* up on 2023 (£131, 7891. Overall, the Trust produced a final deficit of £LO,560 compared to a 8urplus of £7,916 in 2023. The Trust continues to maintain a good level of Reserves and has a strong operating position. The proposed plans for the extension of and improvement to the Pavilion, under 'Project Big Build" continue to remain on hold until such time as a suitable af £ordable scheme can be devised and potential grant funding Page 4 NElfTON ABBOT AND DISTRICT FICREATIONAL TRUST LIMITED (Limited by Guarantee) DIRECTORS REPORT 30 8EPTEMBER 2024 AchlevementB and Per£orTaance (eontlnued) identified. For the time being a further nominal alloeation has been made within the accounts increasing "Designated Funds- to eventually be used towarda funding a viable project. Active involvement in the wider Communlty continued as the Trust has become the home of various groups including Dance and Yoga classes, Darts and Skittles Teams and a Bridge Club that have all made 'The Rec, thelr regular base. Looking forward, the Board will continue to reinvest and will work with the constituent metttt)er clubs to ensure a bright future whilst keeping 'The Rec, in its prime position as a vital part of the well-being of the Newton Abbot and District Conuftuoity. structure and governance Newton Abbot and District Recreational Trust is a company limited by guarantee and governed by it's Memorandum and Articles of Association originally dated 16 March 1967 and then revised on 19 DeceTnber 2017. It is registered as a charity with the Charity ComTnission. The company is overseen by an executive board, who rneet bi-monthly and set the strategic direction in line with the misgion and vi8ion of the charity. MeTnbers of the Executive Board are elected at the Annual General Meeting of the company. Any potential new members are invited to attend the AGM. Day to day responsibility for the irnplementation and operations of the strategy is devolved to Chris Hurrell centre manager. Dlrector3 The directors who served during the year were as £ollows: S J Reynolds R G Thomas R C Bellotti M Andrews M J Benney N L Flower R B Hayes A Lloyd S O, Donnell (appointed 10/05/20241 Page 5 FIEWTON ABBOT A14D DISTRICT RECREATIONAL TRUST LlbIITED (Limlt8d by Guaranteo) DIRECTORS REPORT 30 SEPTEMBER 2024 Director8 (contlnued) J Patchett R Petersen T J Stronghill T Villis B Widdicombe Mwnbers of the Zxecutlve Board at 30 SepteTrber 2024 The executive board during the year under review were". Elected directors N Flower Chairnan S Reynolds Treasurer R Petersen Property manager R Thomas S O, Donnell M Andrews Nomlnated dlrector3 Lloyd Newton Abbot squash & Tennis Club T Villis Newton Abbot Squa8h & Tennis Club R Bellotti Newton Abbot Spurs AFC J Patchett Newton Abbot spurs AFC B Widdicombe South Devon Cricket Club R Hayes Teignbridge Trotters Running Club T Stronghill Fit2Run Newton Abbot M Benney Soclal Honorary Preaident R Lewis R•88rve8 policy It is the policy of the company to build up their reserves to such time as they are needed to complete a project the charity is working towards or there is a large repair/replacement needed. Rlsk Revlew The Executive Board has conducted its own review 0£ the Thajor risks to which the charity is exposed and systerns have been established to mitigate those risks. Should si9ryLif icant external rigks to funding be identified, Page 6 IqEiffoN ABBOT AND DISTRICT RECREATIONA￿ TRUST LIMITED ILthlted by Guarantee) DIRECTORS REPORT 30 SEPTEMBER 2024 strategie plan will be developed which will allow for the diversif ication of funding and activities. Internal risks are rninimised by the implementation of procedures for authorisation of all transactions and projects and to ensure consistent quality of delivery for all operational aspects of the charity. These procedures are periodically reviewed to ensure that they still rneet the needs 0£ the charity. Advantage is being taken in the preparation of the directors report, of the Special exemptions applicable to small companies conferred by the CoTnpanies Act 2006. ON BEHALF OF THE BOABD S O Reynolds Dlrector Date Page 7 NEThN ABBOT AND DISTRICT RECREATIONAL TRUST LIMITED