Charlty R•gi8tratK)n No. 301569 LYDNEY RECREATION TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
LYDNEY RECREATION TRUST CONTENTS Pago Truste8s' roport Independent &X8WUrtefs raport statomont of financial adivit Balance sheet Statement of cash fiows Notes to the finan¢i81 ststements 6-13
LYDNEY RECREATION TRUST LEGAL AND ADMINISTRATIVE INFORMATION Tru$ts•s LydneyTown Counc Charity nurnber 301569 Address Claremont Hou8e High Street Lydney Gloucèstershire GL15 5DX Indepomdènt examlner Stephen HumphrÉ8S. GrnTrths Marshall 20 Newerne Street Lydney GL15 5RA
LYDNEY RECREATION TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 hlARCH 2025 The trustees present Iheir annual report and ffin8n¢ial statements br the yaar anded 31 M4rch 2025. The accounts have been prepared in aecordance with the accgunting policies set out in note 1 to the accounts amd compty with the chartty's governing document. the Charities Ad 2011 and the Slatsmerst of Recommanded Prath"co, 'Accounlng and Reportmg by Charrti•s" lapplieable to charities prepartng thelr a¢counts in accordan¢¢ wth the FRS1021. ObJective8 and actlviti•s The objectives of the ¢harty as set out in rts gov•ming do¢umBnt ore the provb5Kn 8nd mainlen8n¢ of playing fi8lds, and othèt rècreational premise$ publK bgnafrt through heaEthfvl and enjcyablg r8eroational activit5. The trustèes, have cornplied with their duty to have regard to the guida& on Public Bengft publish•d by the Charrty Commission in èxercising thebr powrs and duties. Thè trustees have paid due regard to guidance issued by the Charity Commls$ion in deciding %that activities the charity should undertake. Th• charty has conts.nued its work in motntainiNJ Lydney Rerroaiion Ground in fi¢rthgranc* of Publie BènèftL Signthcant expendituT8 had bggn incurred in tssptrct of drau>age and ¢hawJin9 room5. Financial revlèw The trustèès batseve that the th•nty has adequate rostrrvès to finance its 1110$ for th8 wnmèdiate futuro. It 15 the pg1i¢y of the charity that unrestricted fijnds which have not been d8signated fr)r a specific use should be rrraintAined at a level 5ufftttiènt lo ensure that, in the 8vent of a significant drop in fijnding. the tharty's Current activf(ies can be continued while consideration is gwen to in which addrtional funds rrray be raised. This lovel of reserves has been maintained thtoughoÈtt thè year. No funds are in deficit The trustees has assessed the major rjsks to which the chaity is •xposed. and arè satisfied that systems are in place to mrtigate oxposure b) the major risks. The pjans for fijtttre wiods aT¢ lo ¢ontinue the charty's extsttng wo. Structure. governan¢¢ and management Th• charity was èstsblishad by a charitable tnjst deed on 3April 1946 and an order dalgd 6 Jun• 1968. The truste¥s. who served during thè y•arwere". Lydney Town Council No other trustees wll be wuited orappoKit¢d. Tho trustg0s' r•port was authorised by the Trt Seuètsry and signed on behaifof thè Trust. Tru51 Secretary D¥ttrd-. 4 June 2025
LYDNEY RECREATION TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LYDNEY RECREATION TRUST I reportts thè trustees on my gxamination 0ltt)e fjnancial statsmgnts of Lydney Ro¢r•ation Trust ltrtè charity) lortho y&ar end8d 31 March 2025. Respon¥ibSlttl¢s and ba818 ol r•port As the trustees of the chanty you are responsible for the pr¶ts"on of the financial s&ements in SecrdanCe with the requiiemenls ofthe CharitiesAct 2011. l TPOrt In respect of my examination of the charty's finafjcial statemènts carried out under sectton 145 of the CharlS A( 2011. Ift carrying out my examination I have followed the Directions given by the Charty Commi5511)n under sedion 14515llbl of th¢ Chanties Act 2011. lttdependentoxamlnerf¥ statem•nt I hav8 eompleted my eMInatIon. I confiim that no mattérs have come tts Irty attention in ¢onnectb)n with th& xamination giving rr cause to bèliève that ir) any material re5Pe¢t.' account9 records wete not kept in respe¢t of the charty Ès rèquired by s•Gllon 130 of the Charities Act 2011. the financial statemgnts do Th)t accord with those re¢ords-. or thè financial ststements do not comply with the 8pplÉcable requiiements concerning thg form and ¢ont&nt of financial statements set out in the Chariti'es (Accounts and Reports) Regulations 2008 other than any requirement that the financial ststsments give a trua and fair vw, which 15 not a matteT conside18d as part of an independent èxamination. I have no concerns and have ts)m& across no othèr matters in connèetton with the amInatIon to ich attents.on should be drawn lli this report in ordèr to enable a proper understanding of the finanthal statements to ba r&ached. stephen Humphrtas Grifff(hs Marshall 20 Ntrweme Strèet Lydn8y GIouc8stsrshiT GL15 SRA Oated.. 4 June 2025
LYDNEY RECREATION TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 hlARCH 2025 Unrestfietad Unrestrlct•d funds funds 2025 2024 Income from: Donations and legaae5 Charf(able activili Investments 139.429 31.436 1,910 1(K),376 26,925 1.833 Total Ineom• 172,775 129.134 Expndilure on: Charitable actNitle$ 102,942 T21.999 Total •xp•nditure 11r2,942 121,999 N•t Income and mov•ment In fund$ 69.833 7.135 Reconciliafjon otfunds: Fund balan¢frs at 1 April 2024 329.346 322.211 Fund balances al 31 Mah 2025 399,179 329.346 Al incofne and expendrtura is unrestrietèd, anfl derives from ¢ontinuing adfvltoes.
LYDNEY RECREATION TRUST BALANCE SHEET AS AT 31 MARCH 2025 2025 Flxed assets Tangib18 assets 11 143,714 118.546 Current assats Oebtors Cash at bank and in han(J 12 t5,926 241,240 14.560 197,560 257.166 212.120 Creditorn: amounts lal4ng due withl ye4r 13 (1,7011 11.3201 N•tcurrent assets 255,465 210.8 Total assets lus Current liabilltle¥ 399,179 329.346 The lunds ofthe charfty Unreslri¢tsd fijnds 14 399,179 329,346 399,179 329,346 Thefi c(al stgtaments were gppmved by tho trustees on 4 June 2ff25 Lydney Town Council Trustse
LYDNEY RECREATION TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2024 Cash tlows from opeTatlttg activities Cash generated from operation5 18 95.070 19.951 Investlng activities Purchase of langib5e fixed ass8ts Investmént income recelvod 153,3001 1.910 40.4571 1,833 Net cash used in Investlng activities 151.3901 138,6241 Nvteash generated Irom Ilnanclng actlvities N•t Increaselldecrèaae) In cash and ¢•gh equlvalents 43.680 118.673) Cash and ¢ash oquwalents at beginning ofyear 197,580 216.233 Ca¥h and cash equivalents at •nd of year 241,240 197.560
LYDNEY RECREATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting pollcle8 Charity inbmatlon Lydney Recreation Tt Is a eharitablÈ trust 1.1 Accounting conventlon Th• financial statements havo been prepared in 8(tordan¢g th• chartys govèming do¢ument. the Charf(ies Act 2011, FRS 102 The Financial Reporting Standard appIable In the UK and Republ of Ireland, and the Chariti•s SORP "Accounting and Reporting by Charits.. Statsmont of Recommgndd Practtce applicable to ¢harth'es preparing their aount$ in aOrdan with the Financial Repotting Standard applicabte in the UK and Republic of lrnland IFRS 102r. The chefty i% a publ Benefrt Entty as dgfingd by FRS 102. The financial ststemenls have departed from thè CharitEs IAc¢ounts and Report51 RegulatTrS 2006 onty to th8 extent rÈquired to provide a true and fair wèw. This departure has invofved follDwing the Ststèmènt of Recommended Pra¢ti¢e for charrti9s applying FRS 102 rather than the v&rsion of the Statement of Recommgnd•d Practice which is refer to in the Regu18tlons but which ha$ slnee been withdrawn. The accounts arg prepared in sterling, vknich is the fvrTctional currency olthe charrty. The accounts have been pr&pared under tho historical cost ¢on¥8nlion, rrK)dified to include the rwaluation of Certain finan1 Instruments al fair value. The principal accounting polic adopted are set out below. 1.2 Going concern At the "n of approvlng the finan¢Kg1 statements, th¢ trustsas have a rèasonable expectat that the chanty has adequatè resources lo Continue in opèratr'onal existenee for the fore59eable future Thus thè trustsos continue to adoptthe going con¢èrn basis of accounting in preparing the financial Statements. 1.3 Charlt4ble fvnd$ Unrestriced fitnds are avalabb for use at tha discretion of the ttee$ in further8n¢e ol thèir charable Obje[Vas. Restrided lunds are subject to speerflc Conditions by donors or 9rantOTS as to they may be used. Tho PU0 and uses of thè r•stricted fijnds are set out in the Th)tes to the financial statements. Endowment fitnds are sublec to spe¢rf ¢onditions by donors that the ¢apital musl be maSntained by the charity. 1A Income Income is re¢ognised when th8 charrty is legally ontrfded to it after any perfomancè condit¥)ns have been met. tha amounts can bo measured rglrably, and ti is probable that in¢omÈ will be receNèd. 1.5 ExPdItUre Expenditurè is recognised once there is 8 byal or constr¥0 oblgation to transf•r econorréc benefft to a third paty, it is prcbable that a transfer of economi¢ b•n•ffts will bè rèquired in 8ettlement, and the mount of the obligatn can be rneasured reliably_ Expendire 1$ classiffied by actmty. The c05ts of each athvlty are made up of the totsl of dir•ct Costs and shared costs, including support costs involved in undertaking each actNty. Direct costs attTibutabl& to a single activty are 8lh)cated diredly lo that activity. Shar¥d cost5 which eontn'bute to moro than one aebvty and support costs which not attn'butabl• to a Sing actfvity are apportionèd b8fv¥een thosa activiti on a basis consistent with the use of resources Central staff ¢o$ts ale alk)catsd on the ba5i8 Df t.mè spent. an depreciats"C&n chargos are ¥llocated on the portion of the as$eVs use. Resources •xpended are re¢ognised in the p0rlcwJ in wthi¢h they are incurred.
LYDNEY RECREATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 A¢¢outitsng policies (Continued) 1.6 Tanglble fix¢d assets Tangiblè fLYèd assets are initi"811y measurod al co51 and subsequently measured at cost or valuation. net of depreciation and any impairmenl lossès. Depre¢tion is recognisgd so as ts Mitè off tha cost or valuation of assets le55 thèir residual values ¢)vgr their usèful I0$ on the followng bases.. Land and buildings Fi¥turtrs, fittin9s & equipmant 10% Straight lino basis 20% stralght line basis Thè gain or k)ss arising on Ihè disposal of an asset k% detemiined as the differènce ben the sab proceed5 and the ¢airying value of the asseL and 1$ rècognised the statgment of financi81 actNiti•s. 1.7 Impairnwnt of ftx•d assets At ea( reporting end date, the eharity vIewS thè earrying amounts of ts tangible assets to det8rmine whether therè is Any Indication that those assets have suffeiad on impawment b$5. If any such indication 8xists. the recoverable amount of the asset IS 9Stimated in order to det•miine the extent of the impairment b55 {if any). Cash and cash equivalents Cash and cash equlvants include trash in hand. tl•posits held at ¢¥ll with banks, othèr short-temi IiqL5id inv?stm8nts with original maturtknas ofthree rrKJnlhs or lèss. and bank ovwdrafts. Bank overdrafts shown wthin boirown9s in current liabilrties. 1J Financial Instruments The chaity has eleet•d to apply the p[ovi$nS of Section 11 'Bas Financial Instwm8nts' and Soction 12 'Othèr Financ1 Instruments l$sues' of FRS 102 to all of its financial instruments. Financial instwmenls are recogni5ed in tho chariiy's balance sheet when the charity baeomas party to th$ ntractual provbstons of the in5tnJm&nt. Finaneial assets and liabltbes ère offset, with the not amounts wesentèd in thé financial statsmgnts. when there is a legally enforceable rfghtto $91 off th$ reeognise¢J amounts and thore is an intèntion to settle on a net basis or to realise the assèt and settle the li?bilty simultaneously. Ba8k flnanci•l 90 Basi¢ financial assets. which includè debtors and cash and bank balances, ar8 initially measurèd at transaction pri¢¢ including Iransadion costs and are sub5equ•nlly earned at amortised ¢¢st using the effectwe intèr8st methocs unlèss the arrangement c¢n5titutes a ffinanciig transaction, where the transaction is measured at the presènt value of the ftrtur¢ roceipts discounted at a markèt rate of inlertrst Financial assets elassthed a5 receivable Mnthin on8 yèar are not amtsrtised.
LYDNEY RECREATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Pxcounting PDllclè8 (Contknuedl Baslc fin•nelalllabiliti Basic financial liabilities, induding creditors and bank loans am infaally re¢ognl$od at transaction prts unless the arrangemènt conslrtute5 a financing transadion, where thè debt instrument 15 ftasured at the pmsent v¥lue ef the future payments discount¢d at a maiket iata of intsTesl. Financial liabilrtie5 cl¥ssffied as payab within on¢ ygar are not amrtisad. Debt instrumènts are subsequontty ¢arTied at affv)rbs&d st Using the effectwe inltsrest rate Method. Tradé ereditoTS are obligations to pay for yoods or seNi¢es that have been acquired in thg ordinary course of operations from supplier& Amounts payable ar8 classified a5 current liabilities if payment 15 Jue wh1n t8 ygar or less. If not thay are presented as non-current liabilities. Trada creditor5 are recognised inth.alty at transaction price and subsequently measured at aTnoitis•d cost using tha affectNe intèrest method. DeiBcognilion of finanual liablllllas Financial liabilities are deretognis•d when thè Charis contractU81 obligations explro OT are di6¢harg8d Of ¢an¢¥lled. 1.10 Employee beTreltts The c051 of 8mployee bentrffts, including any unused holiday antitment is racognised in th? paiiod in which thè eMpYee'S services are re1v$d. 1.11 Restricted Funds Restiioted funds are to bè used for sp•tyfic purposes as laid down by the donor. Expenditur8 which meats this crit8iKq is charged to thè lund. 1.12 Unrnstricted FuDds Unréstrs'cted funds are incoming 1950urces receivabl or generated for th• objects of the charity ¥thout further specffjèd p¢Jrpose and are availablè as ganeral fvnd$. CiltleAI accountlng •stlmate6 and Judgements In the application of the ¢harity$ accounting poli¢ies, the trustees ar• required to mak• wdgemerds, 8Stimates and assumpts'on5 about the carrying amount ot assets and liabilib.es that are not readity apparent from oth6r sources. Th8 eskn'mates and associ8tÈd assumptions are based on historiral éxperience and other Fdctors that are ¢onsidered to be leVant. Actual rssuts may diffef from these estimate5. Thè estimates and undertying assumptions arè ravwied on an ongoing bas15. R•visions to aeeounting es'nBtes are recognised *) th8 ptriiod in which the estimate is Femsed where the revi&ion affects only that period. 01 in the period of thè rewsion and future periods where the revision affacts both cuffènt and future p•riods.
LYDNEY RECREATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Donation8 and legacle$ Totsl funds 2025 2024 LydneyTown Council & othergrants 139,429 100.378 Incomtr ITOM ibwestment8 unrestrict Unrestrlcted fvnds fund¥ 2025 2024 Interest receNable 1.910 1,833 Charitable *ctlvities 2025 2024 Charitable 18ntal income Other income 26,829 4.607 23.411 3.514 31,436 26,925 Net mOvemt In funds 2025 2024 The not movement in f14nds is stated after ChargIn{Crodttingl.' F808 payable foi the independ9nt exanation of the chaiity's financial statements Depreciation of owned taThJib f• assets 1.000 28,132 900 23.186
LYDNEY RECREATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expendire on ¢harltsble activities Headin9
8c982
2025 Heading
ac982
2024 Direct co¥ts Depreciation and iirpaiTrrEnt Office eosts Insurance ter and businéss rates Grass ¢utting, grounds, general maintenance Littèr pithking. dog w8Ste bins & bag8 SkateboaTd park maintonance Leg818nd professional Independent exarninars f•es GoesemanagerTEnt seCtn 306 changing room ?tc expendlures 28.132 1,386 9.403 3.889 14.789 15.109 147 1,677 1,000 9,615 17.595 23,186 8,851 2,832 29,0 12,662 8.923 900 27.600 5.699 11Y2.942 121.999 Anatysis by fund Unre5trictod funds 102.942 121.999 Tru¥t¢¢s None of the trustses lor any persons ¢onnected with them) recewed any remuneration or benefits from thè ¢harity during th8 year. Ernploy Thè awrag& rnonth numb8r of empk)y8es during the year was: 2025 Number 2024 Number Totsl Thgrg were no employges whose annual r8muneralTrJn more than £60.000. 10 Taxatl¢)n The chanty Is exgmpt from taxation on its acknvitias because all its income is appli&d for charttabte purposes. 10-
LYDNEY RECREATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 11 Tanglblt fix•d assets Land and bubhI95 Fixtures, fittinq3 & •quipmÈnt T441 At 1 April 2024 Additions 336,261 53,300 4,411 339.672 53.300 At 31 Mai¢h 2025 388.561 4,411 392,972 Depreclatlon and ImpaSrnnt At 1 April 2024 Depr•ciation charged in th8 year 216.782 28,087 4,344 45 221,1 28,132 At 31 March 2025 244.869 4,389 249.258 Canylng amount At 31 2025 143.692 143.714 At 31 march 2024 118.479 67 118,548 Addibons to land and building5 in the y&ar ènded 31 Mareh 2025 w8fe Section 106 axpondf(ures in r•spect ol £27,800 on Drainage and £25,500 ifi respect of Lydn8y RFC changing rooms. 12 Debtors 2025 2024 ATrv)unts falling duèwithin one Yr. Trado debtor5 Other debtor5 Prepayments and #ecrued cOme 3,554 2,632 9.740 1,602 3,688 9,270 15,926 14,560 13 CreditoY¥: amounts falllng due wlthln one year 2025 2024 Trade credf(or5 Accruals and deferred 701 1,000 420 900 1,701 1.320 11
LYDNEY RECREATION TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 14 Unrestrithd funds The unrestricted fvnds Dfthe charTty comprise the unexpended balanees ofdonation$ and grants whlch are not subject to specific ttsndrtions by donors and grantor5 as to how they may be used. The59 inclsjde destgnated fvnds vthictt have beèn set asjdg Qut of unrestricted ffijnds by the trustsès for $pè¢the pOse6. Tranthrs At 31 March 2025 At I April In¢omlng Resourc•s 2024 Te•ou¥ces exp•rthd Special Projects Garage Repair Path section 106 Managemènt of geèse GÈne¥al fijnds 109,4D2 988 1.frJO 13.6871 105,715 988 1,000 9,999 3,600 277.877 13.650 13,6511 3,600 214.356 159.125 1102,942) 7.338 329.348 172.775 1102,9421 399.179 Prevlou¥ yw: At 1 April 2023 Incoming Re¥ources reBource8 expended Transfers At 31 March 2024 Special Projects Garage Repair Path Manag•menl ofgèèsè Goneral fund5 128,252 986 1,000 3,600 188.373 <18,8501 109.402 1.000 3,600 214,358 129,134 1121.9991 18.850 322,211 129,134 1121,9991 329.346 Thè designat8d funds ar8 held as part of cuThent assets at 31 March 2025. 15 Related party transactions Income for the year ènd 31 March 2025 includtrs £77.29612024446.289) grant incorr* from Lydn6y Town Council. 12-
LYDNEY RECREATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 16 Ca¥h 9onernt•d from opgratlo 2025 2024 Surplus for the ye?r 69.833 7.135 Adju¥tments for. Investment income recognised Én stat8menl of finanrAal 8ctNities Daprecrdtior+ and imp?Iment oftangible fixed assets 11.9101 28.132 11.8331 23.188 Movements In Tmorklng capilal: IlncTeasel in debtgr¥ Increasellde¢r¢8sel in creditors (1,366) 381 14,2711 14,2661 Ch generated from wratlon$ 95.070 19.951 17 Analysls of change# Fn nÈt funds Tha charity had no material debt during the year. 13-