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|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|
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|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||||||
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|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|
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||||||||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|
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|||||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|
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||||||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|
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|||||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|
##
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|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||||
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|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|
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|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|
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|||||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|
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|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|
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|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|
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||||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|
##
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|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|
##
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##
##
|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|
##
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##
|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|