Charlty Rogigtratlon No. 301569 LYDNEY RECREATION TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
LYDNEY RECREATION TRUST CONTENTS Page Tntstees. rep)rt Independent examlnerf$ report Statement of finan¢ial aCtiVeS Balance sheet Statement of cash Notes to the financ4al statements 6-13
LYDNEY RECREATION TRUST LEGAL AND ADMINISTRATIVE INFORMATION Truste08 Lydney TO5 Council Charlty nUMr 301569 Addre ctaremont Hwse High Street Lydney Gloucestershire GL15 5DX Indep•ndent •xamln¢r stephen HLwnphries, Grrffilhs Marshall 20 Neweme Street Lydngy GL15 S
LYDNEY RECREATION TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and finanaal statements for the year ended 31 Mard12024. The accounts have been prepared in acwrdance with the a¢¢ounling policies set out in nole 1 to the aUnIS and comply with the charity's governing document. th8 Charities Acl 2011 and the Statement of Recommended Practice. "Accounting and Reporting by Charities. {applicable to charities prepamg their accounts in accordance with the FRS1021. ObJ•ctlv8s and actlvlties The objectives of the charity as sel out In Its goveming document are the provision and mainten8nce of playing elds, and other creational premises providing public benefit through healthful and enjoyable recreational actNi118S. The trustees. have comled with tsir duty lo have regard lo the guidance on Public Benefrt publlshed by thtr Charity Commission In exerasing thr powers and duties. The trustees have paid due regard lo gdance is8 by the Charity CommissKJn In declding what aVe$ the tharrty should undertake. Achlevements and pgrft>rrnance The charity has continuèd its work in maintaining Lydney RecreatiLin GrourKI in fijrtheranca of Publk Benefrt. A drainage scheme has been wt in place across all the sporting prtches. Flnancial revlew The trustees believe that the charty has adequate reseNes lo flnance its •¢bvilies for the immethate future. 11 is the policy of the charity that unrestri¢ted fvnds which have not been designated for a specffi¢ use slK)uld be maintsined at a level sufficient to 8nsure that, in the event of a significant drop in funding, the charity's current activrties can be cLJnlinued lIe considerakn.on is given to ways in which addital fvnds may be ralsed. This level of resgrves ha$ been maintsined throughoLrt the year. No funds are in defiat. The trustees has assessed the major risks lo whlch the charity is exposed, are satisfied that systems are in place to mib'gate exp(ISLKe to the major ri$k$. The plans for future periods are lo conlinue the charity'8 existing work. Slructiirei govemance and managemont The eh8rity was 8stablished by a charilable trust deed on 3 April 1946 and an order date(16 June 1968. Th8 Iruslees, vtho served during the year wgre.. Lydney Town Council No oth¢r Iruslees wll t* f8cruited or appointed. The trustees, rew1 was authorlsed by the Trust Serjetary a1 signed behalf of the TNst. Trust se¢tsry Dated= 29 July 2024
LYDNEY RECREATION TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LYDNEY RECREATION TRUST I report to the trustees on my examination of the financial statements of Lydney Recreat*)n Trust (the tharty) for the year ended 31 March 2024. Responslbllltles and b•g1s of report As the trustees of the charity you are responsible for the preparation of the fin8nckql Statements in accordance with the requirements of the Ch8riti8sAct 2011 (the 2011 Act). I repjrt in respecl of my examination of the Gharity's financial statements carried out under sedon 145 of the 2011 Act. In carrying out my examination I have follfftd all the applK•ble Dlrectlons given by the Charity Commission under section 1451Sllbl of the 2011 Act. Independent examlner's ststsmant I have mpleted my examination. l ¢onfim) that no matters have come to my attention In conngction wth the examinats'on givirE me cause lo believe that In any materiol r8speGt'. a¢counting records were not kept in respect of the charity as required by sectlon 130 of Ihe 2011 A¢t', or the financial statements do not accord with those records,. or the fina181 statement8 do not ¢omply whh the applicable requirements concerning the form and e4Jntent of accounts set out In the Charities (Aftts and Reports) Regulatie$ 2008 other than any requirement Ihat the accounts gve a true and fair view which is not a matter considered as part of an independent examinatlcffl. I have no concerns and have come across other matters in nneon th the exarnin8lion to which attention should be dfawn in this report in order to enable a proper understanding of the financial statements to be reached. Stephen Humphrtes Griffilhs Marshall 20 Newerne Street Lydnay Gloucestershire GL15 5RA Dated.. 30 August 2024
LYDNEY RECREATION TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unr•stricted Unrestrlcted funds funds 2024 2023 Notes Incom• from: Donations and legades Charitable activities Investmanls 100,376 26,925 1.833 59,315 24,582 Total Income 129,134 84.283 Expenditure on: Charitable activities 121,999 102,250 Ti)tal expendilure 121,999 102,250 Nèt Inc¢mellexpondlturo1 and movement in fvnds 7.135 117,96n Reconclllatlon of funds: Fund balances 811 April 2023 322,211 340.178 Fund balancès at 31 March 2024 329,346 322,211 All incorne and expenditure is unrestricted, and derives from continuing 8ctivities.
LYDNEY RECREATION TRUST BALANCE SHEET AS AT31 MARCH 2024 2024 2023 Notes Flxod assets Tangible assets 11 118,546 101,275 Current assets Debtors Cash at bank and In hand 12 14,560 197,560 10,289 216.233 212,120 226.522 Credltors.. amounts falling due wlthln one year 13 (1,320) 15.586) Nèt current assets 210,800 220.936 Total a5$ets1oM curront Ilabllities 329,346 322,211 Net assets excludlng penslon liability 329,346 322.211 The funds of the charlty Unresin'cled fvnds- general Designated fiJnds 214,358 114,988 188,373 133,838 329,346 322,211 The finanaal statements were approved by tha trustees on 29 July 2024 Lydney Town Council Trustee
LYDNEY RECREATION TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 N¢t•s Cash flows from operating actlvltles Cash generoled from operabor 16 19.951 5,956 Investlng actl¥ttl•s Purchase of tangible fixed assets Investment income received 140,4571 1,833 Net cash lused inllgenernted from Investlng aetivltles {38,624) Not cash usod in flnanclng actlvttlos Ngt Id8crnas•Vincr•a$8 In cash and cash equivalents (18.8731 6,342 Cash and cash equlvalenls at beginning of year 216,233 209,891 Cash and ¢ash •quiv•lents at end of year 197,560 216.233
LYDNEY RECREATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 AGGounting pollcles Charfty Infomiatlon Lydney Recreation Trust is a charitable tru$l. 1.1 Accounting conventlon Thg finanaal statements have been prepared In accordance with the charitys Igoveming documentl, the Charities Act 2011, FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. C'FRS 102") and the Charities SORP "Accounb"ng and Reporting by Charities.. Ststement of Recommenéed Praelice applicable to charities preparing their accounts in aCCordce with the Financial Rep)rting Standard applicable in the UK and Republic of Ireland IFRS 1021" leffective 1 January 20191. The tharity is a Publi Benefit Entity as defined by FRS 102. The ¥CLounts are prepad in stedlng, whth is the functional currency of the charity. Th& acGounl$ have been prepared under the historical cost corwention. modffied to In¢le the revaluation of certain financial instruments at fair value. The prinapal accounting poliGie¥ adoptsd are sel c*rt below. 1.2 Golng concgrn At the lime of approwng the financial Stalgments, the trustees have a reasonable expectation that th8 charity h85 adewate resources to continue in operational existence for the foreseeabl8 fvlure. Thus the trustee8 continue to a¢Jopt the going concem basis of aecounting in pr8paring the financial statements. 1.3 Charitable funds Unreslrided funds are available for use al the diretion of the trustee$ in furtherance of their charitable objectives. Restricted fvnds are subject to specific condilions by donors or grantors as to how they may be used. The purposes uses of the r8Stricted funds are set out in the notes to the fInCIal statements. End0%Ment funds are subject to specific wndili¢Jns by donors that the capitd must be maintained by tha tharty. IA Income Income is recognised when the charity is legally entitled to il after any perfom8nce conditions have been mot, the amounts can be measured reliably. and it is probable that Income will be received. 1.6 Expendlture Expenthture is recognised once there is a legal or construdive obllgalion lo transfer economic beneff( to a third paty, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the oNigation can be measured reliably. Expenditure is classified by activity. The costs of each activty are made up of the lolal of dire¢t costs and shared costs. including support costs involved in undertaking each activity. Direct costs attritrHJlable to a single activity are allocated directly to that aclivily. Shared co$ls which contribute to more than one achvity and support costs which are not attributable to a single adivity are apFK)rtioned between those actiwties on a basis consistent %Mth the use of resourees. Central staff costs are allocated on the basis of lime spent, and depreatIOn charges are allocated on the portion of the asset's use. Resources expended are rgcognised in the period in 1¢h Ih&y we incurred.
LYDNEY RECREATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 AccourEting poll¢lo5 Icontlnugdl 1.6 Tangibl• fixed assets Tangible fixed assets are initially measur8d at cost and subsequently measured at CO81 or valuation, nét of depreciation and any imp8imient losses. Depreciation is recognised so as to lte off the cost or valuation of assets les5 their residual valu8s over their useful lives on the fdlowing bases-. Land and bulldings Fixtures, fith'ngs & equipment 10% Straight line basis 200A straight line basis The gain or105s arising on the disposal of an asset is determined as the difference between the sole proL*ed8 and the carying value of the asset, and is recognised in the statement of fingncial activities. 1.7 Impairniènt of flxed assets At each reporting end dale, the charity reviews the corrying amounts of its tangible assets to dtrtsmine whether ther8 is any indication that those a88ets have suffered an impaimi8nl loss. If any suth indiealion exists, the recoverable amount of the asset is estimated in order to d&termine the extent of the impaiment loss {if any}. 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held at call wth banks. other short-lerm liquid ir)vestments th original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown thin borrowing¥ in eurrent liabilities. 1.9 Financlal Instruments The charity ha$ elected lo apply the provisbons of Section 11 'Ba8ic Financial Instruments, and Sedion 12 'Other Financlal Instruments Issues. of FRS 102 to all ol its financial instrumen Financial instruments are regnised in the charitys balance sh88t when the charity becomes paty lo conlrodual provisions of the instrument. Financial assets and liabilities are offset. wth the net amounts presented in the finandal ststements, when ther8 is 8 legally enforceable rlghl lo set off the recognised amounts 8nd there is an intentson lo settle on a net basi8 or lo realise the asset and setue the lla.11ty simullan8ously. Basle Ilnancial assèts Basic financial assets. 1¢h include debtors and cash and b8nk balances. are initially measured at transaction priee indudiro transaction costs and are subsequently carried al amortised cost ugrbg the effective int8r8St method unless the arrangement conslf(utes a finanang transaction. where the transaction is measured al the present value of the future receipts discounted al a market rate of intere$l. Flnanaal assets classified as receivable within one year are not am¢rts"sed.
LYDNEY RECREATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting polkles IContSnuedl Bas1¢ finanelal Ilabllltles Basic ffinancial liabilitie$, induding C110r$ and bank loans are initially recognised at Iransactlon price unless the arrangement constilLrtes a flnancing transa¢tion, where the debt instrument is measured at the present value ol the future payments discounted al a market rate of interest. Financial liabilities classified as payable within one year ar8 not amortised. Debt instruments are subsequently carried al 8morti6ed cost, using the effectlve intere$1 rats method. Trade ueditors gre obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are dassthed as current liabilities if payment is due wlhin one year OT less. If not, they are presented as non-currenl liabilities. Trade creditors are rwnised initially at transaction Pri and subsequently meaSud at amortised ¢ost using the effective interest melhod. Dere¢ognlUon of Ilnanelal Ilabllltles Financ4al liabilities are derecognised when the charity's contradual obllgations expire or are discharged or cancelled. 1.10 Employee ben?flts The co81 of employee benefits, induding any unused holiday entitlement, 1$ recognised In the period in which the em0ye8,8 ¥ervKes are received. 1.11 Rèstrlcted Funds Restricted fvnds are to be used for speufic wjrposes as laid down by the donor. Expenditure %thich meets this crilena is charged lo th8 fund. 1.12 Unr08trfcted Funds Unrestricted funds are incoming resources reCeiVae or generated for the objects of the tharity thOut further specified purpose and are available as general funds. Critlcal accounting estImal •nd judgements In the applKation of the charlty's xcounting policies, the trustee$ ar8 required to make judgements, estimates ond assumptions about the caryng amount of assets and liabilities that are not Teadily apparent from other sources. The eslmnates and associatsd assumptions are based on historical experiente and other factors that are considered to be relevant. Actual results may drffer from these estimates. The eslimales and underlying a5$umptions are review8d on an ongoing basis. Rewsion8 to accounting eslimales aro re¢ognised in th8 period in which the estimatè is revised where the revision affects only th81 period, or in the perio(l of the revision and fulufe periods where the revision affect5 both current and future period5.
LYDNEY RECREATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Donations and legacles Unre8trict•d funds Total 2024 2023 Lydney Tovm CoLmciI & other grants 1W,376 59,315 Incomo from Invesbnents Unrestflctod Unmtrlcted lund5 funds 2024 2023 Interest receiv4te 1,833 Charltablo •¢tlvltles 2024 2023 Charitable rental in¢ome other in¢ome 23.411 3,514 24,582 26.925 24.582
LYDNEY RECREATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Exp•ndlture on charitablo actlvltl•s Heading
a¢982
2024 Hgading
ac982
2023 Dlrect costs Depreciation and imp8irmanl OffiGe c(ksts Insurance dter and business rates Grass cutting, grounds, gener81 maintenance Litter plcklng, Ik>g wasle bins & bags Skateboard park maintenance Legal and profesonal Heaf(h and safety lincl tree works) Independent examiners fees Drainage Geesemanagement Section 106 changing room etc expw)ditures 23,186 1,446 8.851 2,832 29,900 12.662 8.923 19,326 8,100 3,256 11,758 12,509 614 80 3,191 870 38,800 3,600 900 27,600 5.699 121,999 102,250 Analysis by fund Unre8tricted fLmds 121,999 102,250 Net movement in funds 2024 2023 The Mt movement in ffiJnds is staled after chargIlIcedth.ng}- Depredation of owned iangible fixed assets 23,186 19.326 Trustees None of the trustees (cf any parsons connected with them) received any remuneration or beneffts from the charity during the year. Employ•ès The average MCthlY nLtmber ofemploy8es during the ye8r was: 2024 Number 2023 NumboT Total There were no employees whose annu81 remuneralion was more t119n £60,000. 10-
LYDNEY RECREATION TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED> FOR THE YEAR ENDED 31 MARCH 2024 10 Taxation The charity 1$ exempt from taxation on its aclivilies because all its i1me is applied for charitable purposes. 11 Tanglblo fix•d assets La1 and bulbJln95 Flxturo4 fittingg & equlpmert Totsl Cost At 1 April 2023 Additions 294.804 40.457 4.411 299,215 40,457 At 31 March 2024 335,261 4,411 339,672 Deproclatlon and Impaimient At 1 April 2023 DepreciatKJn charged In the year 194,025 22,757 3.915 429 197.940 23.186 At 31 March 2024 216,782 221.126 Carrylng amount Al 31 March 2024 118,479 67 118.546 Al 31 March 2023 100,779 496 101.275 Addllion8 to land and buildings in the year ended 31 Marth 2024 were SectK>n 106 expenditures on Drainage. 12 Deblors 2024 2023 Amounts falling due withln one year. Trade debtors other debtors Prepayments and accwed income 1.602 3.688 9.270 1,296 754 8.239 14.560 10.289 13 Crndltors: amounts falling due wlthln one year 2024 2023 Trade creditors Accruals and deferred incorr 420 900 5.586 1.320 S,$86 11
LYDNEY RECREATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Unrestrict•d funds The unrestricted fijnds of the charity mplIS0 the unexpended balanc8s of donations and grants bvhich are not subject to $ifiC conditions by donors and grantors as to how they may be used. Thesè include designated fiJnds which have been sel aside out of unrestricted funds by the trustees for specific purposes. Transfers At 31 March 2024 At 1 Aprll 2023 Incoming Rosources r8s¢urces expended Special Projects Garage Repalr Path Management of geeso General funds 128.252 {18,850) 109,402 1.000 3,600 188,373 1,000 3,600 214,358 129,134 1121,9991 18,850 322.211 129.134 1121,9991 329,346 Prgvlous year: At 1 Aprfl 2022 Incomlng Rosour¢ r080urc8s expgndod Transfers At 31 m?h 2023 Drainage Special Projects Garage Repair Path Management of geese General funds 47,582 16,906 2,000 1,000 147,5821 111,346 (1,014} 128,252 986 1,000 3,600 188,373 3,600 (66,3501 272,690 84,283 {102,250) 340,178 84,283 (102.250) 322,211 The d8gnated funds are held 88 part of current ass6t8. 15 Relatsd party transactlons Income for the year ended 31 March 2024 Indudes £46.26912023.£20.515) grant Income Lydney Town Council. 12-
LYDNEY RECREATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Cash genernted from op•ratlon8 2024 2023 Surpluslldefiull for the year 7,135 (17.967) Adlustmenls for.. Investment income recognised In sl*ement of financial activitl8S Depreciation and impaiment of tsngible ffixed assets 11,8331 23,186 (386) 19,328 Movements in working capital.. {Inase11deCrease in debtors {Decrease}lincrease in creditors 14,271) 14,266) 227 4.756 Cash generaled from operatlons 19.951 5.956 17 Anaty5is of chang•s in nelfur$ The charity had no material debt duriNJ the year. 13-