| Trustees' Report |
Trustees' Report |
|||
|---|---|---|---|---|
| Auditor's Report |
13 | |||
| Consolidated | Statement | of | Financial Activities | 17 |
| Consolidated | and Company | Balance Sheets | 18 | |
| Consolidated | Cash Flow | Statement | 19 | |
| Notes to the | Financial Statements |
20 |
| eference and admi | eference and admi | nistrative details |
||||||
|---|---|---|---|---|---|---|---|---|
| Charity Number | 1060896 | |||||||
| Company | Number | 3319069 | ||||||
| Registered | Office | Havant Leisure Centre, |
Civic Centre Road, Havant, | Hampshire, | PO92AY | |||
| Our advisers | ||||||||
| Mazars LLP | ||||||||
| Auditors | Merck House, Seldown, | Poole, Dorset, BH15 1TW | ||||||
| National Westminster |
Bank pie | |||||||
| Bankers | 23West Street, Havant, | Hampshire, | PO91EU | |||||
| Blake Morgan | ||||||||
| Solicitors | New Kings Court, Tailgate, Chandler's | Ford, Hampshire, | SO53 3LG | |||||
| Aston Lark Ltd | ||||||||
| Insurers | Mailing House, West | Mailing, Kent, ME196QL |
| includin | the | consol | idated | income an | d ex endif | ure accou | nt | ||
|---|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Unrestricted | Restricted | Total | |||||
| funds | funds | Total funds | funds | funds | funds | ||||
| 2021 | 2021 | 2021 | 2020 | 2020 | 2020 | ||||
| Note | 6 | 6 | f | K | |||||
| Income: | |||||||||
| Income from charitable | |||||||||
| activities | |||||||||
| Operation of centres |
leisure | 2,030,927 | 2,030,927 | 5,049,418 | 6,025 | 5,055,443 | |||
| Income from donations | 3 | 288,768 | 288,768 | 490,851 | 490,851 | ||||
| Income for other trading | |||||||||
| activities: | |||||||||
| Commercial operations |
trading | 99,310 | 99,310 | 491,769 | 491,769 | ||||
| Investment income |
12,536 | 12536 | 44 025 | 44 025 | |||||
| Total income | 2,431,541 | 2,431,541 | 6,076,063 | 6,025 | 6,082,088 | ||||
| Expenditure: | |||||||||
| Cost of raising | funds. | ||||||||
| Commercial | trading | ||||||||
| operations | 91,954 | 91,954 | 462,430 | 462,430 | |||||
| Expenditure on |
charitable | ||||||||
| activities: | |||||||||
| Operation of |
leisure | ||||||||
| centres | 7 | 3,336,437 | 3,336,437 | 5,450,321 | 19,649 | 5,469,970 | |||
| Donated facilities |
7 | 288,768 | - | 288,768 | 490,851 | 490,851 | |||
| Total expenditure | 26 | 3,717,159 | - | 3,717,159 | 6,403,603 | 19,649 | 6,423,251 | ||
| Net gains/(losses) | on | ||||||||
| investments | 121,889 | 121,889 | (83,518) | (83,518) | |||||
| Net income/(expenditure) | (1,163,729) | (1,163,729) | (411,058) | (13,624) | (424,682) | ||||
| Transfers between |
funds | ||||||||
| Other recognised | |||||||||
| gains/(losses): | |||||||||
| Actuarial (losses) / |
gains on | (43,000) | (43,000) | (166,000) | (166,000) | ||||
| defined benefit |
pension | ||||||||
| schemes | 30 | ||||||||
| Net movement | in | funds | (1,206,729) | (1,206,729) | (577,058) | (13,624) | (590,682) | ||
| Reconciliation | of | funds: | |||||||
| Total funds brought |
forward | 6,311,769 | 345,830 | 6,657,599 | 6,888829 | 359,454 | 7,248,283 | ||
| Total funds carried forward | 5,105,040 | 345,830 | 5,450,870 | 6,311,770 | 345,830 | 6,657,600 |
| Group | Group | Charity | Charity | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Notes | 2021 | 2020 | 2021 | 2020 | ||||||
| F | F | 6 | E | |||||||
| Fixed assets | ||||||||||
| Tangible fixed assets |
18 | 4,693,690 | 4,839,809 | 4,690,515 | 4,831,383 | |||||
| Investments | 16 | 543 388 | 421 498 | 543 390 | 421,500 | |||||
| Total fixed assets | 5,237,078 | 5,261,307 | 5,233,905 | 5,252,883 | ||||||
| Current assets | ||||||||||
| Stocks | 20 | 5,568 | 10,910 | |||||||
| Investments | 21 | 1,330,857 | 2,285,881 | 1,330,857 | 2,285,881 | |||||
| Debtors | 22 | 282,816 | 206,506 | 283,812 | 224,815 | |||||
| Cash at bank and in | hand | 626,395 | 1,117,039 | 613,399 | 1,012,419 | |||||
| Total current assets | 2,245,636 | 3,620,335 | 2,228,068 | 3,523,115 | ||||||
| Liabilities | ||||||||||
| Creditors falling due |
within | one | year | 23 | (304,576) | (557,164) | (301,137) | (502,529) | ||
| Net current assets | 1,941,060 | 3,063,170 | 1,926,931 | 3,020,585 | ||||||
| Total assets less current | liabilities | 7,178,138 | 8,324,478 | 7,160,836 | 8,273,469 | |||||
| Creditors falling due |
after | more | than one | year | 25 | |||||
| Net assets excluding | pension | liability | 7,080,870 | 8,193,599 | 7,063,568 | 8,142,590 | ||||
| Defined benefit pension scheme | liability | 30 | (1,630,000) | (1,536,000) | (1,630,000) | (1,536,000) | ||||
| Total net assets | 5,450,870 | 6,657,599 | 5,433,568 | 6,606,590 | ||||||
| CHARITY FUNDS | ||||||||||
| Restricted funds |
26 | 345,830 | 345,830 | 345,830 | 345,830 | |||||
| Unrestricted funds: |
||||||||||
| Unrestricted funds |
excluding | pension | liability | 6,735,040 | 7,847,769 | 6,717,738 | 7,796,760 | |||
| Pension reserve |
1,630,000 | 1,536,000 | 1,630,000 | 1,536,000 | ||||||
| Total unrestricted | funds | 26 | 5,105,040 | 6,311,769 | 5,087,738 | 6,260,760 | ||||
| Total charity funds |
5,450,870 | 6,657,599 | 5,433,568 | 6,606,590 |
| Group | Group | Charity | Charity | ||||
|---|---|---|---|---|---|---|---|
| 2021 | 2020 | 2021 | 2020 | ||||
| Note | E | f. | E | ||||
| Cash used in operating activities |
28 | (1,167,105) | 15,566 | (1,075,453) | 63,586 | ||
| Cash flows used in investing activities |
|||||||
| Interest income | 12,536 | 44,025 | 12,511 | 43,899 | |||
| Proceeds on sale of investments | 955,024 | -1,595,039 | 955,024 | -1,595,039 | |||
| Proceeds on sale offixed assets | 700 | 700 | |||||
| Purchase of tangible fixed assets |
(258,190) | -628,727 | (258,190) | -624,485 | |||
| Cash used in investing activities |
710,070 | -2,179,741 | 710,045 | -2,175,626 | |||
| Cash flows from financing activities |
|||||||
| Cash inflows from new borrowing |
172,989 | 172,989 | |||||
| Repayment of borrowing |
(33,612) | (33,612) | |||||
| Net cash provided by financing |
activities | (33,612) | 172,989 | (33,612) | 172,989 | ||
| Increase/(decrease) in cash and cash |
|||||||
| equivalents in the year |
(490,647) | (1,991,186) | (399,020) | (1,939,051) | |||
| Cash and cash equivalents at the beginning the year |
of | 1,117,042 | 3,108,228 | 1,012,419 | 2,951,470 | ||
| Cash and cash equivalents at the end of the |
|||||||
| year | 29 | 626,395 | 1,117,042 | 613,399 | 1,012,419 |
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| F | E | |||||
| Donated | facilities | 288,768 | 490,851 | |||
| INCOME | FROM CHARITABLE ACTIVITIES | |||||
| Unrestncted | Restricted | Unrestricted | Restricted | |||
| funds | Funds | funds | Funds | |||
| 2021 | 2021 | 2020 | 2020 | |||
| Grants | from institutions | 6,025 | ||||
| Operation | ofleisure centres | 2,030,927 | 5,049,418 | |||
| 2,030,927 | 5,049,418 | 6,025 |
| Basis of | General | Governance | ||||||
|---|---|---|---|---|---|---|---|---|
| apportionment | support | function | Total | |||||
| F | E | |||||||
| Audit, legal and professional | (Note 11) | Governance | 7,521 | 33,883 | 41,404 | |||
| Trustee expenses and indemnity |
insurance | Governance | 10,973 | 10,973 | ||||
| Corporate office staff costs | Allocated | on time | 662,920 | 662,920 | ||||
| IT and payroll running costs |
Invoiced | Amounts | 10,430 | 10,430 | ||||
| Council pension settlement |
Support | |||||||
| 680,871 | 44,856 | 725,727 | ||||||
| TURNOVER | ||||||||
| All turnover arose within the United | Kingdom. | |||||||
| NET INCOMING RESOURCES |
||||||||
| This is stated after charging: | 2021 | 2020 | ||||||
| F | E | |||||||
| Depreciation oftangible fixed |
assets: | |||||||
| Owned by the charitable group Assets held under finance lease |
362,679 | 364,879 44,009 |
||||||
| (Surplus)/Loss on disposal of |
fixed assets | 466 | 4,702 | |||||
| Auditor's remuneration: |
||||||||
| Audit fees | 14,430 | 'I4,000 | ||||||
| Other advice | ||||||||
| Operating leases —equipment |
12,075 | 36,032 |
| Staff costs | were as follows: | 2021 | 2020 | |
|---|---|---|---|---|
| F | E | |||
| Wages and salaries Social security costs |
2,123,791 105,834 |
2,531,747 126,442 |
||
| Other pension costs (Note 31) | 52,909 | 80,165 | ||
| 2,282,534 | 2,738,354 | |||
| The number | of higher paid employees | was: | No. | No. |
| In the band | ||||
| F100,001 - | F110,000 | |||
| F110,001 - | F120,000 |
| CORPORATION TAX |
CORPORATION TAX |
CORPORATION TAX |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| As a charity, Borough of Havant |
Sport and Leisure Trust benefits | from various exemptions |
from taxation | afforded by |
||||||||
| tax legislation and is therefore |
not | liable to corporation tax on |
income or gains falling within | those exemptions. | ||||||||
| OTHER FINANCE EXPENSES | ||||||||||||
| 2021 | 2020 | |||||||||||
| E | ||||||||||||
| Expected return on pension scheme Interest on pension scheme liabilities |
assets | 79,000 114000 |
76,000 107,000 |
|||||||||
| 35,000 | 31,000 | |||||||||||
| TANGIBLE FIXEDASSETS | ||||||||||||
| Assets | L/Term | Income | ||||||||||
| under | Leasehold | Plant and | generating | Operational | ||||||||
| Group | construction | Property | Machinery | equipment | Equipment | Total | ||||||
| Cost | ||||||||||||
| At 1 April 2020 | 21,396 | 6,674,176 | 37,786 | 1,359,243 | 504,025 | 8,596,626 | ||||||
| Additions | 880 | 176,061 | 29,943 | 51,306 | 258,190 | |||||||
| Disposals | 2,328 | 2,328 | ||||||||||
| At 31 March 2021 | 22,276 | 6,850,237 | 37,786 | 1,389,186 | 553,003 | 8,852,488 | ||||||
| Depreciation At 1 April 2020 |
2,238,823 | 29,360 | 1,042,097 | 446,538 | 3,756,818 | |||||||
| Charge for the year | 249,670 | 5,250 | 113,009 | 35913 | 403,042 | |||||||
| Transfer to other category Depreciation on disposals |
1,862 | 1,862 | ||||||||||
| At 31 March 2021 | 2,488,493 | 34,610 | 1,155,106 | 480,589 | 4,158,798 | |||||||
| Net Book Value | ||||||||||||
| At 31 March 2021 | 22,276 | 4,361,744 | 3,176 | 234,080 | 72,414 | 4,693,690 | ||||||
| At 31 March 2020 | 21,396 | 4,435,354 | 8,426 | 317,147 | 57,488 | 4,839,809 | ||||||
| Assets | L/Term | Income | ||||||||||
| under | Leasehold | Plant and | generating | Operational | ||||||||
| Charity | construction | Property | Machinery | equipment | Equipment | Total | ||||||
| Cost | ||||||||||||
| At 1 April 2020 | 21,396 | 6,674,176 | 1,351,773 | 504,025 | 8,551,370 | |||||||
| Additions | 880 | 176,061 | 29,943 | 51,306 | 258,190 | |||||||
| Transfer to other category | ||||||||||||
| Disposals | 2,328 | 2,328 | ||||||||||
| At 31 March 2021 | 22,276.00 | 6,850,237 | 1,381,716 | 553,003 | 8,807,232 | |||||||
| Depreciation | ||||||||||||
| At 1 April 2020 Charge for the year Depreciation on disposals |
2,238,823 249,670 |
1,034,626 113,009 |
446,538 35,913 1,862 |
3,719,987 398,592 1 862 |
||||||||
| At 31 March 2021 | 2,488,493 | 1,147,635 | 480,589 | 4,116,716 | ||||||||
| Net Book Value | ||||||||||||
| At 31 March 2021 | 22,276 | 4,361,744 | 234,081 | 72,415 | 4,690,515 | |||||||
| At 31 March 2020 | 21,396 | 4,435,353 | 317,147 | 57,487 | 4,831,383 |
| FIXEDASSET INVESTMENTS | ||
|---|---|---|
| Group | Listed securities |
|
| F. | ||
| Market Value | ||
| At 1 April 2020 | 421,498 | |
| Revaluations | 121,890 | |
| At 31 March 2021 | 543,388 | |
| Historical Cost | 175,000 | |
| The listed securities are all held | in unit trusts listed on the UK Stock Exchange. |
| The listed securities are all held in unit trusts |
listed on the UK Stock Exchange. | |||
|---|---|---|---|---|
| Charity | Listed securities |
Shares in group undertakings |
Total | |
| F | F. | |||
| Market Value | ||||
| At 1 April 2020 | 421,498 | 421,500 | ||
| Revaluations | 121,890 | 121,890 | ||
| At 31 March 2021 | 543,388 | 2 | 543,390 | |
| Historical Cost | 175,000 | 2 | 175,000 |
| Group | Charity | |||||
|---|---|---|---|---|---|---|
| 2021 | 2020 | 2021 | 2020 | |||
| F | F | |||||
| Catering | supplies | 5,568 | 10,910 | |||
| CURRENTINVESTMENT | ||||||
| Group | Charity | |||||
| 2021 | 2020 | 2021 | 2020 | |||
| Cash on | deposit between 3 and 12 months | 1,330,857 | 2,285,881 | 1,330,857 | 2,285,881 | |
| DEBTORS | ||||||
| Group | Charity | |||||
| 2021f | 2020 Z |
2021 F |
2020 F |
|||
| Trade debtors | 177 | 14,227 | 13,063 | |||
| Prepayments | and accrued income | 272,639 | 192,279 | 272,639 | 188,725 | |
| Other debtors | ||||||
| Amounts | owed by group undertakings | 10,000 | 'I 1,173 | 23,027 | ||
| 282,816 | 206,506 | 283,812 | 224,815 |
| Amounts falling due within one year |
Amounts falling due within one year |
Group | Charity | ||
|---|---|---|---|---|---|
| 2021 | 2020 | 2021 | 2020 | ||
| E | f. | ||||
| Trade creditors | 78,942 | 112,717 | 78,942 | 101,957 | |
| Social security and other taxes | 17,080 | 73,666 | 16,829 | 35,975 | |
| Other creditors | 21,526 | 15,791 | 21,526 | 14,67'I | |
| Loans due & 1 year Accruals and deferred |
income | 42,110 144918 |
42,110 312,879 |
42,110 141,730 |
42,110 307,816 |
| 304,576 | 557,164 | 301,137 | 502,529 |
| Group | Charity | ||||||
|---|---|---|---|---|---|---|---|
| E | E | ||||||
| At 1 April | 2020 | 188,114 | 74,408 | ||||
| Amount | released | to income | (188,114) | (74,408) | |||
| Amount | deferred | in the year | 42,683 | 188,114 | |||
| At 31 March 2021 | 42,683 | 188,114 | |||||
| CREDITORS: AMOUNTS | FALI ING DUE AFTER MORE THAN ONE | YEAR | |||||
| Group | Charity | ||||||
| 2021 | 2020 | 2021 | 2020 | ||||
| F | F | E | F | ||||
| Finance | leases (falling due | in less than 5 years) | 97,268 | 130,879 | 97,268 | 130,879 |
| FOR THE YEAR ENDED | FOR THE YEAR ENDED | 31MARCH 202 | 1 | ||||
|---|---|---|---|---|---|---|---|
| STATEMENT OF FUNDS | |||||||
| Brought | Incoming | Resources | Transfers | Gains I | Carried | ||
| forward | resources | expended | in/(out) | (Losses) | forward | ||
| F | E | F | F | F | |||
| Designated funds |
|||||||
| Operational reserve |
550,000 | (121,889) | 121,889 | 550,000 | |||
| Improvement reserve |
2,506,404 | (129,676) | (332,402) | 2,044,326 | |||
| Small Capital Projects | |||||||
| Life cycle programme reserve |
200,000 | 200,000 | |||||
| LGPS deficit reserve | 510,000 | (500,000) | 10,000 | ||||
| Fixed assets reserve | 4,485553 | 163,056 | 4,322,497 | ||||
| 8,251,957 | (129,676) | (1,117,348) | 121,889 | 7,126,823 | |||
| General Funds |
|||||||
| General Funds |
(455,197) | 2,222,206 | (3,296,593) | 1,120,500 | (409,085) | ||
| Trading reserve |
51,009 | 99,335 | (129,890) | (3,152) | 17,302 | ||
| Pension reserve |
1,536,000 | 110,000 | 161,000 | 43,000 | 1,630,000 | ||
| 1,940,188 | 2,431,541 | 3,587,483 | 1,117,348 | 43,000 | 2,021,783 | ||
| Total unrestricted funds |
6,311,769 | 2,431,541 | 3,717,159 | 78,889 | 5,105,040 | ||
| Restricted funds |
|||||||
| WLC Extension fund |
182,863 | 182,863 | |||||
| New Direction Grant |
|||||||
| Pool Hoist grant | |||||||
| Fitness Measurement | Grant | ||||||
| GP Referral Training grant |
460 | 460.00 | |||||
| Refurbishment project |
fund | 150,527 | 150,527.00 | ||||
| Disabled changing room fund |
11,980 | 11,980.00 | |||||
| Total restricted funds |
345,830 | 345,830 | |||||
| Total offunds | 6,657,599 | 2,431,541 | 3,717,159 | 78,889 | 5,450,870 | ||
| SUMMARY OF FUNDS | Brought forward |
Incoming resources |
Resources expended |
Transfers in/(out) |
Gains I (Losses) |
Carried forward |
|
| F | F | F | E | E | |||
| Designated funds |
8,251,957 | (129,676) | (1,117,348) | 121,889 | 7,126,823 | ||
| Pension reserve General funds |
(1,536,000) ~404,188 |
110,000 2,321,541 |
(161,000) 3,426,483 |
1,117,348 | (43,000) | (1,630,000) 391,783 |
|
| Total unrestricted funds |
6,311,769 | 2,431,541 | (3,717,159) | 78,889 | 5,105,040 | ||
| Restricted | 345,830 | 345,830 | |||||
| 6,657,599 | 2,431,541 | 3,717,159 | 78,889 | 5,450,870 |
| Group | Group | Charity | Charity | |||
|---|---|---|---|---|---|---|
| 2021 | 2020 | 2021 | 2020 | |||
| E | E | E | F | |||
| Cash in | hand | 626,395 | 1,117,038 | 613,399 | 1,012,419 | |
| Overdraft | facility repayable | on demand | ||||
| Total cash and cash equivalents | 626,396 | 1,117,038 | 613,399 | 1,012,419 |
| schemes at 3 | 1 March are: | ||
|---|---|---|---|
| 2021 | 2020 | ||
| E | E | ||
| Scheme assets at fair value | |||
| Equities | 2,424,000 | 1,811,826 | |
| Government | bonds | 736,000 | 749,484 |
| Corporate bonds | |||
| Cash | 60,000 | 68,760 | |
| Property | 259,000 | 250,974 | |
| Other | 774,000 | 556,956 | |
| Fair value of | scheme assets | 4,253,000 | 3,438,000 |
| Present value | ofscheme liabilities | 5,884,000 | 4,975,000 |
| 1,63'I,OOO | 1,537,000 |
| PENSION COMMITMEN | TS (CONTINUED |
TS (CONTINUED |
TS (CONTINUED |
) | ) | |||
|---|---|---|---|---|---|---|---|---|
| The amounts recognised |
in the Statement | of Financial | Activities are as follows: | |||||
| Recognised in the Statement |
of Financial | Activities | 2021f | 2020 F |
||||
| Current service cost |
(47,000) | (51,000) | ||||||
| Net interest on defined benefit | liability | 35,000 | 31,000 | |||||
| Total recognised in net |
income | 82,000 | 82,000 | |||||
| Taken to other comprehensive | income | |||||||
| Asset gains/(losses) arising during the period |
777,000 | 217,000 | ||||||
| Liability gains/(losses) arising |
during | the | period | 820,000 | 383,000 | |||
| Remeasurement gains and losses recognised income |
in other | comprehensive | (43,000) | (166,000) | ||||
| 2021 | 2020 | |||||||
| Main assumptions: Rate ofsalary increases |
0/ 3.7 |
3.7 | ||||||
| Rate ofincrease in pension payment |
2.7 | 2.2 | ||||||
| Discount rate | 2.1 | 2.4 | ||||||
| RP I Inflation assumption |
2.7 | 3.3 | ||||||
| CPI Inflation assumption |
2.7 | 2.2 | ||||||
| Post-retirement mortality |
||||||||
| Current pensioners | at 65 - male | 23.1 | 23.3 | |||||
| Current pensioners | at 65 - female | 25.5 | 26.1 | |||||
| Future pensioners | at 65 | - male | 24.8 | 24.9 | ||||
| Future pensioners | at 65 | —female | 27.3 | 27.8 |
| Changes | in the present value of the defined benefit obligations are anal |
ysed as follows: | |
|---|---|---|---|
| 2021 | 2020 | ||
| E | E | ||
| Opening | defined benefit obligation |
4,975,000 | 4,506,000 |
| Current | service cost | 47,000 | 51,000 |
| Past service cost | 1,000 | ||
| Interest | expense on defined benefit obligation | 114,000 | 107,000 |
| Contributions by scheme participants |
14,000 | 14,000 | |
| Benefits | paid | (86,000) | (87,000) |
| Actuarial | Losses/(Gains) | 820,000 | 383,000 |
| Closing | defined benefit obligation |
5,884,000 | 4,975,000 |
| Changes | in the fair value ofscheme assets were as follows: | ||
| 2021 | 2020 | ||
| E | |||
| Opening fair value ofscheme assets Remeasurement (losses)/gains |
3,438,000 777,000 |
3,165,000 217,000 |
|
| Interest | income on assets | 79,000 | 76,000 |
| Contributions by employer Contributions by scheme participants |
31,000 14,000 |
53,000 14,000 |
|
| Benefits | paid | 86,000 | 87,000 |
| 4,253,000 | 3,438,000 |
| At the balance sheet date, the group had annual co operating leases as follows: |
At the balance sheet date, the group had annual co operating leases as follows: |
mmitments for equipment under non-cancellabl |
e |
|---|---|---|---|
| Group Expiry date: |
2021f | 2020f | |
| Less than | 1 year | 9,808 | 12,075 |
| 1 —2 years 2-5years |
9,591 28,642 |
9,548 37,325 |
|
| 48,041 | 58,948 |
| 2021 | 2020 |
|---|---|
| 96 133 | |
| 96,133 |