COMPANY REGISTRATION NUMBER 3344871 CHARITY REGISTRATION NUMBER 1062281 CREWKERNE LEISURE MANAGEMENT LIMITED COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS 31 MARCH 2024 CHALMERS & CO LIMITED Chartered accountsnts & statutory auditor Trading as Chalmers & Co. 6 The Linen Yard South Street Crewkeme Somerset TA18 8AB
CREWKERNE LEISURE MANAGEMENT LIMITED COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023 CONTENTS PAGES Legal and administrative details Trustees annual report 2to5 Independent auditorfs report to the members 6t09 Statement of Financial Activities 10 Statement of Financial Position 11 Statement of Cash Flows 12 Notes to the financial statements 13to21
CREWKERNE LEISURE MANAGEMENT LIMITED COMPANY LIMITED BY GUARANTEE LEGAL AND ADMINISTRATIVE DETAILS Charity number 1062281 Company registration number 3344871 The board of managemént and trustees C Saxby M Best D Pittard N Sale R Campbell -smith K Dawson Company secretary None Registered office Henhayes South Street Crewkeme Somerset TA18 7LZ Auditor Chalmers & Co (SW) Limited Chartered Accountsnts & Statutory Auditor Trading as Chalmers & Co. 6 Th8 Linen Yard South Street Crewkerne Somerset TA18 8AB Bankers Lloyds Bank PLC 37 Market Square Cr8wkerne Somerset Solicitors BPL Solicitors Lld 1st Floor Mansion House Princes Street Yeovil Somerset BA20 1EP
CREWKERNE LEISURE MANAGEMENT LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2024 The trustees, who are also directors for the putposes of company law, have pleasure in presenting their report and the financial statements of the charity for thc ycar cndd 31 March 2024. REFERENCE AND ADMINISTRATIVE DETAILS Reference and administrative details are shown on pagc l of the financial statcmcnts. The company trades under the name of Crcwkcrne Aqua Centre. STRUCTURE, GOVERNANCE AM) MANAGEMENr The company was fornied on 3 April 1997 and is govcrncd by its Memorandum and Articles of Association. Registration as a charity was obtained on 9 May 1997. There are no subsidiary undertakings. The financial statements have been prepared in accordance with the accounting policies set out in note 3 to the fmancial statements and comply with the charity's memorandum and articles of association, the Charities Act 2011, the Compani¢s Act 2006 and the Financial R¢porting Standard applicable in the UK and Republic of Ireland (FRS102) {Chariti¢s SORP (FRSI 02)). The tnt who served the charity duTing the year were as follows: Claire Saxby Mike Best David Pittard Nicholas Sale Rthea Campbell-smith Karen Dawson In accordance with clause 47 of ihe Articles of Association, Rhea Campbell-smith and Karen Dawson are due to retire by rotation and offer themselves for re-election at the AGM. The following organisations can appoint a representative to the board of management: Crewkerne Town Council. The board of managemenl may also appoint any mcmber of thc company as a g¢neral member of the board and their appointmcnt is thcn voted on at the AGM. The minimum and maximum number of trustccs (and directors) is 5 and 12 SpeCtive1Y of whom no more than l O may bc gen¢ral mcmbers and no more than 2 may be nominated members. Trustee training is provided on an ad-hoc basis as required. Day to day managcmcnt tasks are delegated to the ccntrc manager and overseen by the trustecs. however all decisions affecting the charity are ultimately decided by the members of th¢ board. No tmstee has or had during the year or at the end of the year any beneficial interest in any material contract with the company, which was or is significant in relation to the company's business. There is an insurance policy providing liability cover for the trustees and officers of the company. The cost of this policy for the year is £642 {2023: £632). This amount is included with other insurance wsts shown on page 21.
CREWKERNE LEISURE MANAGEMENT LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) The company has no issued slwe capital and is limited by guarantee of its members, each member guarantees £1 on the winding up of the company. Each trustee is also a member of the company. Jn accordance with the provisions of the Health and Safety at Work Act 1974 the company has issued a written statement of its general policy with regard to health and safety at work of its employees and the organisational affangements for carrying out that policy. The ststement has been brought to the attention of the company's staff. OBJECTIVES AND ACTIVITIES The main objective and principal activity of the charity is the management of the Crewkerne Aqua Centre operating from Henhayes, South Street, Crewkerne, Somersct. The Crewkerne Aqua Centre includes a swin]ming pool, healthy lifestyle centre and fitness studio. There have been no significant changes in the objectives or activities of the charity. When planning the activities for the year, the trustees have considered the Charity Commission's general guidance on public benefit and, in particular, the specific guidance for charities for the advancement of health and education. The tnteeS believe the activities carried out in the facilities clearly demonstrate th¢ charity's commitment to providing an identifiable public benefit and that access to this benefit is not restricted in any way. The trustees have reviewed th¢ company's cumt trading position and believe that it has sufficient resources and is well placed to manage its business risks successfully. After making enquiries, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The trustees have also considered the effects of the Continued rise in operational costs especially energy costs and the effect of the impact of the increase in the minimum wage. Stq)s have been tsken to limit the impact on profitability and cash flow. Fllrthenno, forecasts have been prepared which factor in these impacts and demonstrdte that the company is well placed to continue trading for more than 12 months from the date of approval of these accounts, subject to any unforcseen restrictions again set down by the Government. Accordingly, the trustees continue to adopt the going concern basis in preparing the accounts. The trustees are very grateful and extend their thanks to the volunt¢ers who give freely of thcir time to assist the running of the Centr¢. During the year volunteers gave approximately 6(Y) hours of time free of charge to the clwity. The value of this time is not reflectd in the Statement of Financial Activities but goes a long way to ensuTing that the charity is able to run the Centre at a surplus and to securing the future of the Centre for the community. ACHIEVEMENTS Al PERFORMANCE The Aqua Centre continucs to be successful and has remained price competitive in the local leisure provision.
CREWKERNE LEISURE MANAGEMENT LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2024 FUTURE DEVELOPMENTS The company remains committed to providing a fwst-class community leisure and health facilities in Crewkeme for the benefit of the town and district. The company will continue to monitor, assess and seek other opportunities which may present themselves. subject to these being commercially viable and in the interests of the community. From its opening in 1997 the company continues in its program of refutbishments and renewals at the Centre. NANcL REEw Total incoming resources were £752,243 (2023: £688,602), with the majority of income arising from the fitness centre and swimming admission fees as disclosed further in note 15. Total resources expended were £748,399 (2023: £681,756), the major categories of expenditure being staff costs and premises running costs. as disclosed further in note 18. Net funds therefore increased by £8,197 (2023 In¢ased by £7,475). Cash at bank and in hand at the year-end was £394,354 (2023: £365,397) as disclosed in note 8 on page 18. The grant paid of £19,906 (2023: £19,906) as shown in note 4 is being funded out of operations. It is payable to Crewkerne Town Council in lieu of additional rent on the property from which the Cr¢wkerne Aqwd Centre is operated. The reserves at the year end stand at £614,237 all of which are unrestricted reserves. The trustees, policy on reserves is to maintain sufficient reserves for the charity to continue to meet its ongoing commitments and to provide financial stability and the means for the development of the principal activity. The charity does not aim to hold substantial reserves. The tteeS consider the level of reserves shown on page I I to be sufficient to meet the periodic maintenance of the pool, fitness centre and building and also the replacement and maintenance of machinery. INVESTMEiYf POLICY It is the trustees, policy to invcst sury)lus cash funds in a high interest account wbilst allowing access to those funds as necessary to meet expenditure as it arises. TAK4TIOI¥4 STATUS The charity is a registered charity and the results of its nornial activities are not liable to cooratIon RISK MANAGEMENT The trustees have considered the major risks to which the charity is exposed. They have reviewed those risks and ¢stablished systems and procedures to minimise those risks and manage them appropriately. INDEPENDEIYT AUDITORS A resolution to reappoint Chalmers and Co (SW) Limited as auditors for the ensuing year and to authorise the trustees to fix their remuneration will be proposed at the annual general meeting.
CREWKERNE LEISURE MANAGEMENT LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees, who are also trnstees of Crewkerne t£isure Management Limited for the PUTposes of ompany law, are responsible for preparing the Trustees, Report and the fancIal statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted A0llnting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitsble company and of the incoming resources and application of resources, including the income and expenditure. of the chaTitable company for that period. In preparing these fmancial statements, the trustees are required to: select suitable accounting policies and then apply them consistently" observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements, and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trnstees responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the fuclaI position of the charitable company and enable them to that the fmancial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitabl¢ company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware: there is no relevant audit inforniation of which the charitable company's auditors are unaware" and the trustces have taken all steps that they ought to have taken to make themselves aware of any relevant audit inforniation and to establish that the auditors are aware of that inforniation. SMALL COMPANY PROVISIONS This report has been prepared in accordance with the special provisions applicable to companies entitled to the small companies, exemptions. Registered office: H¢nhay¢s South Street Crewkerne Somerset TA18 7LZ Signed by order of the trustees M BEST Trustee Approved by the trustees on 25 October 2024
CREWKERNE LEISURE MANAGEMENT LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITORS REPORT OF THE TRUSTEES OF CREWKERNE LEISURE MANAGEMENT LIMITED Opinion We have audited the financial statements of Crewkerne Leisure Management Limited (the charity) for the year ended 31 March 2024 which comprise the Statement of Financial Activity (including the Income and Expenditure Account), Statement of Financial Position, Cash Flow Statement and Notes to the Financial Statements, including a summary of significant aOUntIng policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Rewrting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accq)ted Accounting Practice). In our opinion the financial statements" give a true and fair view of the state of the clwitable company's affairs as at 31 March 2024 and of its incoming resources. application of resources, including its income and expenditure, profit for the year then ended. have been pIoperly prared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared Én accordance with the requiranents of the Charilies Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) OSAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK including the FRC'S Ethical Standard, and the provisions available for small entities, and we hav¢ fulfilled our other ethical responsibilities in accordance with these requirements. We beli¢ve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to golng concern In auditing the fmancial statements, we have concluded that the tTUStees' use of the going concern basis of accounting in the preparation of the financial statements is appmpriate. Based on the work we have perfornied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast signifivant doubt on the clmrity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other inforniation The other inforniation comprises the inforniation in the Annual Report other than the financial statements and our Auditors, Report thereon. The trustees (who are also the directors of the charitable company for the pUOse$ of company law) are responsible for the other inforniation. Our opinion on the financial statements does not cover the other inforn]ation and we do not express any form of assurnnce conclusion thereon. Our responsibility is to read the other inforniation and, in doing so, consider whether the other infonnation is materially inconsistent with th¢ financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsisl¢ncies or
CREWKERNE LEISURE MANAGEMENT LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITORS REPORT OF THE TRUSTEES OF CREWKERNE LEISURE MANAGEMENT LIMITED apparent material misstatemenls, we are required to deterniine whether there is a material misstatemcnt in the financial statements themsclv¢s. If, based on the work we have perfornied. we conclude that thcrc is a material misstatement of this other inforniation, we are rcquired to rq)ort that fact. We have nothing to rcport in this regard. Matters on which we are required to report by exception In light of the knoWIge and understanding of the company and its cnviroDmcnt obtained in the course of thc audit, we have not identified material misstatements in the directors, report included within the trustees, T¢rt. We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reporting) Regulations 2008 require us to report to you if, in our opinion: adequat¢ and proper accounting records have not been kept. or the financial statements are not in agreem¢nt with the accounting records and Teturns. or certain disclosures of trustees remunerntion specified by law are not made. or we have not received all the inforniation and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the Statement of Trustees, Responsibilities set out on pages 4 and 5, the trustees (who are also the directors of the charitable company for the purpose of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees detennine necessary to enable the preparation of financial statements that are fr¢e from material misstatement, whether due to fraud or In preEing the financial statements, the directors are responsible for assessing the company's ability to continue as a going conccThL disclosing, as applicable, mattcrs rclated to going concern and using thc going concern basis of accounting unless th¢ directors either intend to liquidate the company or to cease operations. or have no realistic alternative but to do so. Auditors, responsibilities for the audit of the finallcial statements Our objectives are to obtain reasonable assurance about whether the financial ststernents as a whole are free from material misstatement. whether due to fraud or ermr, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance but is nol a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstat¢ment when it exists. Misstatements can arise from fraud or emr and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on th¢ basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and gUlatiOns. We design procedures in line with our responsibilities, outlined above, to detect material misstat¢ments in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
CREWKERNE LEISURE MANAGEMENT LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITORS REPORT OF THE TRUSTEES OF CREWKERNE LEISURE MANAGEMENT LIMITED We have considered thc following: The nature of the industy and the sector, control cnvirontn¢nt and business perforniance Results of our enquiries of managcmcnt and directors in relation to their own identification and assessment of the risks of irregularities within the company: and Any matters we identified having obtained and reviewed the charity's documentation of thcir policies and procedures relating to identifying, cvaluation and complying with laws and regulations and whdhcr they were aware of any illstanccs of non-compliance" detecting and responding to the risks of fraud and whether they have knowledge of any aual, suspected or alleged fraud. the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations. As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the areas of high risk to be in relation to revenue recognition. In common with all audits under ISAS (UK) we are also required to perfonn specifi procedures to respond to the risk of management override. We have also obtained an understanding of th¢ l¢gal and regulatory frameworks that the company operates focussing on provisions of those laws and regulations that had a d1ct on the det¢rn]ination of material amounts and disclosures within the fmancial statements. The key laws and regulations we considered in this context included the UK Companies Act, Financial Reporting Standard 102 and UK Tax Legislation. In additio we considered the provision of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fvndamental for the Charity's ability to operatc or avoid a material penalty. The included health and safety regulations. employment legislation" and dats protection laws. Our audit procedures perfornied to respond to the risks identified included, but were not limited to: Reviewing the fmancial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements. Reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue. Discussions with management, including consi(kratioll of known or suspected instances of non-compliance with laws alld regulations and fraud; Pcrforniing analytical procedures to identify any unusual or unexpccted relationships that may indicate risk of material misstatcmcnt duc to fraud" Review of trnstee minutes. Identifying and testing journal entries. evaluating whether thcrc was evidence of bias by the directors that represented a risk of material misstatement due to fraud" and Challenging assumptions and judgements made by management in their significant accounting estimat¢s.
CREWKERNE LEISURE MANAGEMENT LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITORS REPORT OF THE TRUSTEES OF CREWKERNE LEISURE MANAGEMENT LIMITED We also communicated relevant identified laws and regulations and potential fraud risks to all engagemcnt team mcmbcrs and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Our audit procedures were designed to respond to risks of matetial misstatement in the financial statements, recognising that the risk of not detecting a material misstatemeni du¢ to fraud is higher than the risk of not detecting one resulting from an crn)r, as fraud may involve deliberate concealment by, for instance, forgery) misrepresentations or through collusion. There are inherent limitations in the audit procedures perfornied and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial stat¢m¢nts, the less likely we would b¢comc aware of it. A further description of our r¢sponsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.or .uklauditorsTes onsibilities This description fornis part of our Report of the Auditors. Use of our report This rort is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the clwity's tTUStees those matters we are required to state to them in an Auditor's Report and for no other pun)ose. To the fullest cxtcnt pctmitted by law, we do not accq)t or assume responsibility to anyone other than the charitable company and the charity's trustees as a body. for our audit work, for this report, or for thc opinions we have fornled. CHALMERS & CO (SWI LIMrrED Chartered Accountants & Ststutory Auditors Trading as Chalmers & Co 6 The Linen Yard South Street Crewkerne Somerset TA18 8AB IC t21&~ 102
CREWKERNE LEISURE MANAGEMENT LIMITED COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITES INCLUDING THE INCOME AND EXPENDITURE ACCOUNT YEAR ENDED 31 MARCH 2024 Totsl Restated Funds Total Funds 2024 2023 Unrestricted Restricted Funds Funds INCOMING RESOURCES Incoming resources from generated funds Trading Activities Investtnent inwme Other incoming resources li TOTAL llYCOMING RESOURCES 17 17 17 752243 4J54 752.243 4J54 688,102 629 500 756597 756597 689.231 RESOURCES EXPENDED Cost of Trading Activities Other resouTces expended Governance costs 18 18 18 688,113 53,717 6.569 688,113 53,717 6,569 630,956 44,659 6,141 TOTAL RESOURCES EXPEIYDED 748a99 748J99 681.756 NET INCOMING RESOURCES Rcconciliation of funds Balance brought forward at l April 2023 Balance carried forward at 31 March 2024 8,197 606,040 614,237 8.197 606,040 614237 7.475 598,565 606,040 The results for the year derive from continuing activities and there are no gains or losses other than those shown above. Prior year has been restated as disclosed in note 16. The notes on pages 13- 21 form part of these finandal stataments. 10-
CREWKERNE LEISURE MANAGEMENT LIMITED COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL POSITION YEAR ENDED 31 MARCH 2024 Restated 2023 2024 Note FIXED ASSETS Tangible assets 98,249 106,059 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 12,695 157,077 394,354 11,578 176,174 365.397 564,126 553,149 CREDITORS: Amounts falling due Trvithin one year 48,138 53,168 NET CI]RRENT ASSETS 515,988 614237 499,981 TOTAL ASSETS LESS CURRENT LIABILITIES 606,040 FUNDS Restricted Unrestricted 11 614237 614237 606,040 MEMBERS, FUNDS 666,040 Prior ycar has been restated as disclosed in note 16. Th¢se accounts have been prepared in accordance with the provÉsions applicable to companies. subject to the small companies, rcgime. These financial statements were approved by the truslces and authorised for issue on 25 October 2024 and are signed on their behalf by: C SAXBY M BEST Trustcc Trustee Company Registration Number. 3344871 Charity Registration Number: 1062281 The notes on pages 13- 21 form part of these financial slatements. 11
CREWKERNE LEISURE MANAGEMENT LIMITED COMPANY LIMITED BY GUARANTEE STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2024 Restated 2023 2024 Note CASH FLOWS FROM OPERATING ACTIVITIES Net income Adjustmentsfor.. Dq)reciation of tangible fixed assets Net losses on fixed &ssets Changes in.. Stocks Trade and other debtors Trade and other creditors 8,197 7,475 22,706 86 27,237 (1,117) 19,097 (5,030) 3,034 26.600 5,837 Cash generated from operations 43,939 70,473 Net cash from operating activities 43,939 70,473 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of tangiblc assets Disposal of tangible assets (14,981) (33,094) Net cash used in invcsting activities (14,981) {33,094) CASH FLOWS FROM FllYANCING ACTIVITIES Proceeds from bom)wings Net cash used in financing activities Net Increase in cash And cash equivalents Cash and cash equivalents at beginning of year 28,957 365,397 37,379 328,018 Cash and cash equivllents at end of year 394J54 365,397 Prior year has b¢¢n restated as disclosed in note 16. Tho notss on pages 13 - 21 fomi part of these financial stslements. 12-
CREWKERNE LEISURE MANAGEMENT LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 General Inforniatlon The charity is a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered otyice and principal place of business is Henhayes, South Street, Crewkerne, Somerset, TAI 8 7LZ. Statement of compliance These financial statements have been prepared in compliance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, th¢ Statement of Recommended Practice applicable to charilies preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)), the Companies Act 2006 and the Charities Act 2011. ACCOUNTING POLICIES Basis of preparation The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the fimctional currency of the entity. Going concern There are no material unccrtainties about the charity's ability to continue. Judgements aDd key sources of estlmation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements aTr continually reviewed and are based on experience and other factors, includÈng expectations of future events that are believed to be reasonable under the c]uMStanCes. Fund aceounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Restricted funds are subjected to restrictions on th¢ir expenditure deClad by the donor or through the temis of an appeal. Designated funds are unrestricted funds eannarked by the trustees for particular future projects or commitments. TAxatioD The company is a registered charity. As such the company has obtained confirniation from HM Revenue and Customs that Cotporation tax is not payable on the profits generated. 13-
CREWKERNE LEISURE MANAGEMENT LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (continued) Incoming resources The incoming resources shown in the Statement of Financial Activities represents amounts derived from ordinary activities receivable during the year. The charity is not registered for VAT. Incoming resources are included gross and are accounted for once the charity has entitlement to the resources, it is certain that the resources will be received, and the monetary value of the incoming resources can be measured with sufficient reliability. Incoming resources received in respect of future periods are deferred to that period. Activities income from trading include all monies received for swimming and fitness centre admission fees and membership and other sundry sales relating to the principal activities of the charity, for instance the sale of swimming accessories. Monies are included in full in the Ststement of Financial Activities when receivable. Investment income includes bank interest and is included when Ceivable. Other incoming resources include all income which cannot be allocated directly to the other income categories. Grants recelvAble All grants receivable are credited to Ihe income and expenditure account as incoming resources. Where a restriction is placed on the use of the grant, the amount of the wt is includcd in restricted funds. Resources expended Resourccs expended are shown gross and are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and costs are allocatcd directly to the category to which they relate. Costs of trading activities include all costs directly relating to the principal activities of the charity including the running costs of the building from which the charity operates and the direct wages costs needed to enable the charity to operate. Other resources expended comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These StS include the preparation and examination of statutory accounts and Eegal advice to trnstees on governance or constitutional matters. Also included are all costs which vannot be allocated directly to the other expense categories. All support costs are included within 'other resources expended,. 14-
CREWKERNE LEISURE MANAGEMENT LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (eontlnued) Pension Costs The company operates a defined contribution pension scheme for certain employees. Thc assets of the scheme are held separately from those of the company in an independently a(Iminister¢d fimd. Pension costs charged to the Statement of Financial Activities as incurred and represent contributions payable by the company. Grants paid Grants paid of a revenue nature are charged in the period of expenditure. Grants paid of a capital nature, to obtsin future benefit for the company, are treated as prepaid expenditure and released to expenditure over the expected benefit period. The grant disclosed in note 16 is in lieu of additional rent for the use of the premises. Volunteer costs The charity keeps its wages costs to a minimum by using volunteeTS for some reception and adnjinistrative duties. The deemed cost of the volunteers, services has not been calculated and included in the accounts as this would be very time consuming and not considered by the trustees to be cost effective or beneficial to the charÈty. Value Added Tax The charitable company is not registered for VAT. Irrecoverable VAT is charged against the category of resources expended for which it was incued. Income Tax The company is a registered charity. As such the company has obtained confmnation from HM Revenue & Customs that corporation tax is not payable on the profits generated. Fund Accounting Restricted funds are where grants or donations are received by the charity which must be used for a specific purpose, this income is shown as restrict funds and only the expenditure which is in accordance with the pUoSe of the grant is allocated against these funds. Unrestricted fvnds are general accumulated funds of the charity that are not subject to any restrictions regarding their use and are available for application on the general purposes of the chlty. These funds are used in achieving any of the objectives of the charity as decided by the trustees. Fixed assets All fixed assets are initially recorded at cost and subsequently stated at cost less ally accumulated depreciation and impairnient losses. Exp¢nditure under £250 is charged to the Statement of Financial Activities in the year of purchase. Depreciation Dq)r¢ciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful onoMiC life of that asset as follows: Leasehold Property Improvements - straight line over the remaining period of the lease Plant & Machinery- 250/0 reducing balance 15-
CREWKERNE LEISURE MANAGEMENT LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 ACCOUNfiNG POLICIES (continued) Impydirment of fjxed assets A review for indicators of impairnient is carried out at each reporting date, with the rccoverdble amount being estillted where such indicators exist. Where the catrying value exceeds the recoverable amount. the asset is impaired accordingly. Prior impainnents aTe also r¢vi¢wed for possible reversal at each reporting datc. For ih¢ purposes of impairnient testing, when it is not possiblc to estimate the rccovcrable amount of an individual asset. an estimate is made of the recoverable amount of the cash-gcnerating unit to which the asset belongs. The cash-generating unit is the smallcst identifiable group of assets that includes the assct and generates cash inflows that largely independent of the cash inflows from other assets OT group of assets Stocks Stocks are valued at the lower of cost and nd r¢alisable value, after making due allowance for obsolete and slow-moving items. Cost includes all costs of purchase and other costs incurred bringing the totsl to its pr¢sent location and condition. Operating lease agreements Rentals applicable to operating leases where subsLqntially all of the benefits and risks of ownership remain with the lessor are charged against income on a straight-line basis over the period of the l¢ase. Finalleial Instruments Financial instruments are classified and accounted for, according to the substance of the contractual arrangcmcnt, as either financial assets. financial liabilities or equity instruments. An cquity instrument is any contract that cvid¢nces a residual intercst in the assets of the company after deducting all of its liabilities. Cash and Casb equivalents Cash and cash equivaEcnts comprise bank balances including cash on hand, dcposits held at call with batths and other short-terni highly liquid investments with original maturities of three months or Icss which are available on demand. These are carried in the Balance Shcct at face value. GRANTS PAID During the year a grant totslling £19.906 (2023: £19,906) was released to the Statement of Financial Activities. A grant. totalling £572,298, was originally paid to the Crewk¢rne Town Council in the 2005 and 2006 accounting years. A proportion is released annually to this company's accounts over thc lease temi of the property. OPERATING SURPLUS Operating surplus is stated after charging: 2024 2023 Depreciation of owned fixed assets Loss on disposal of fixed assets Auditor's fees- audit Auditorfs fees- other svIceS 22,706 86 2,500 4,767 27,237 290 2,500 4,003 16-
CREWKERNE LEISURE MANAGEMENT LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 TANGIBLE ASSETS Leasehold Plant & Property Machinery Total COST At l April 2023 Additions Disposals 115,615 158.650 14.981 (9.969) 274265 14,981 (9,969) At 31 March 2024 115,615 163,662 279,277 DEPRECIATION At l Awil 2023 Charge for the year On disposals 54,900 10,987 113,306 11,719 (9,884) 168206 22,706 (9,884) At 31 March 2024 65,887 115,141 181.028 NET BOOK VALUE At 31 March 2024 49.728 48.521 98349 At 31 March 2023 60,715 45.344 106,059 No prop¢ty is shown in the Fixcd Assets of the Company. as the propety from which the Company operates is owned by Crewkerne Town Council. Rent is paid at the agreed rate of £1,200 per annum. DEBTORS 2024 2023 Trade debtors Other debtors Prepaymcnts and accrucd income 2,478 800 153,799 157,077 3,135 900 172,139 176,174 The debtors above include thc following amounts falling due after more than one year: 2024 2023 Prepayments and accrued income 119,436 139,342 17-
CREWKERNE LEISURE MANAGEMENT LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Cash equivalents Cash cquivalenls comprise the following: 2024 2023 Cash at bank and in hand 394J54 365,397 CREDITORS: Amounts falling due within one year Restated 2023 2024 Trade creditors PAYE & NIC Accruals and deferred income 4,755 5,213 38,170 48,138 846 3,950 48,372 53,168 Prior year has be restated as disclosed in note 16. 10. COMMITMENTS UNDER OPERATING LEASES At 31 March 2024 the charity had aggregate commitments under non-cancellable operating leases as set out below. 2024 2023 Operating Jeases which expire: Less thall l year Later than l year and not later than 5 years After 5 years 30,483 70,687 6,000 30,483 92,730 8,400 11. ANALYSIS OF NET ASSETS (between restricted and unrestricted funds) Tangible fixed assets Other net assets Total Unrestricted Funds Restricted funds 98,249 515,988 614,237 98,249 515,988 614,237 18-
CREWKERNE LEISURE MANAGEMENT LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 12. RELATED PARTY TRANSACTIONS During the year the charity paid K Dawson £7,497 (2023: £2,421) for her services inStnting in the gym studio. K Dawson is a trustee of the charity. The services were provided at arnis, length and are considered to represent best value. The amount outstanding to K Dawson at the year end is £588 (2023: £846). Indcmnity insurnnce is held by the chaTity in Tespect of, and on behalf of, the trustees. Premiums paid in the year amount to £642 (2023: £846). No rcmuneration or expenses have been paid to the truste¢s during the ycar. 13. COMPANY LIMITED BY GUARANTEE The company was incorw)rnted as a company limited by guarantee and has no share capital. The guarantee to the company is £1 per member on the winding up of the Mpany. At 31 March 2024 the company had 31 members and the total amount guaranteed is therefore £31. 14. STAFF COSTS 2024 2023 Wages and salaries Social security costs Pension costs 328,600 19J94 4,946 318,061 20,786 4.773 352,940 343,620 The average number of employees in the year, many of whom are part time, was 24 (2023: 26). No employees earned in excess of £60,000. None of the trustees reccived any remuneration in the year for their work as a trustee. 15. AUDITORS REMUNERATION 2024 2023 Fees payable for the audit of the financial statements 2,500 16. PRIOR PERIOD ADJUSTMENT The accounts bav¢ bccn restated to incorporate the impact of including April 23 Direct Debit for gym membership in the 31 March 2023 financial statements. There is no impact on funds at 31 March 2024, only incoming resources and deferred income at 31 March 2023. 19-
CREWKERNE LEISURE MANAGEMENT LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 17. INCOMING RESOURCES Restated Total 2023 Unrestrieted Restricted Funds Funds Total 2024 Income from Tradlng Activiti¢s Admission fees and sundry sales Direct debit membership fees Swim club and swim 00] 403571 327J95 21,277 403,571 327J95 21,277 392,212 273,460 22,430 752243 752343 688,102 Investment income Bank int¢rest receivable 4J55 4a55 629 Other incoming resources Membctship fees Grants receivable 500 500 756598 756,598 689,231 Prior year has been restated as disclosed in notc 16. Incoming resources of £16,118 (2023: £7,871) have been deferred in the year. This represents the annual membership. swim school and 12 for l O sessions income ¢1Ved in advance. -20-
CREWKERNE LEISURE MANAGEMENT LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 18. RESOURCES EXPENDED Unrestricted R¢strlcted Funds Funds Totsl 2024 Total 2023 Cost of trading actiiities Purchases Studio classes Grants paid to Crewkerne Town Council Light, heat and power Water rdtes Rent Rates Direct wages and NIC Pension Contributions Hire of plant and machinery Insurance Repairs and maintenance Equipment renewals Staff training Staff uniforn]s Subscriptions Travel and subsistence Advcrtising 31,735 25,155 19,906 99,765 21,757 1,200 3J12 347,993 4946 32,033 10,809 58,645 1,474 8,629 1203 15,376 31,735 25,155 19,906 99,765 21,757 1200 3J12 347,993 4946 32,033 10,809 58,645 1,474 8,629 1,203 15J76 33,011 25,349 19,906 59,251 23,082 1,200 338,847 4,773 54,298 8,945 36,751 3,719 4,378 1,543 10,416 303 5,184 4,175 4,175 688,113 688,113 630,956 Other resources expended Telephone Stationery, printing and postagc Sundry expenses Legal and professional costs Accountancy fees Depreciation Loss on disposal of assets 3,1198 6,107 1,220 15,733 4,767 22,706 86 3,098 6,107 1,220 15,733 4,767 22,706 86 2,627 4,945 647 4,910 4,003 27,237 290 53,717 53,717 44,659 Governance costs Auditors Fees Bank Charges 2,500 4,069 200 4,069 2,500 3,641 6,569 6,569 6,141 748,399 748,399 681,756 -21