Registered number". 03525067 Charity numbor: 1069376 SHENLEY LEISURE CENTRE TRUST LIMITED (A Company Limited by Guarantee) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
SHENLEY LEISURE CEKfRE TRUST LIMITED IA Company Llmited by Guarantee) CONTENTS Page R•f•rnnc• and Adminl8tratlv• Detalls of th• Charlty. Its Trusloos and Advlsgrs Trust••$' Report Independent Examlnerfs Report Statemont of Fln•n¢lal A¢llvltl•s 8alance Sh•et 10- 11 stat•m•nt ol Cash Flows 12 Nots8 to th• Flnanclal Stst•m•nts
SHENLEY LEISURE CENTRE TRUST LIMtTED IA Company Lirnited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023 Trustees C Brown (Chairman) J S Howe Ivice Chaimian) A P Dfansfield OWHOY B G Connell W G Butler S Milner GDMorfa K Brewis M Coppins G E Gadd lappointsd 31 August 20221 Compony r•glst•red number 03525067 Charlty r•g[$ter numb•r 1069376 Règlstgr•d offlce Buichard Crescent, Shen* Church End. Milton Keyne5, MK5 6HF Independent examlner MHA. Century House, The Lakes, Northampton. NN4 7HD Page 1
SHENLEY LEISURE CENTRE TRUST LIIAITED {A Company Llmited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 The Tiuslees present their annual report together wth the financial ststements of the Company for the year 1 April 2022 10 31 March 2023. The Annual Report serves the pulposes of ix)th a Trustees, report and a directors, report undef company law. The Tru51ees confirm that the Annual Report and financral slaiements of the charitable company comply with the current stalutw requirements, the requirernen15 of the charitable company's governing document and the provisions of the Statement of Recommended Piaclice ISORPI applicable to charits.es preparing their accounts in accordance wlh the Finandal Rep)rting Standard applicabLg in the UK and Republic of Ireland IFRS102} leffective 1 January 20191. Since the Company qualif*s as small under seth.on 383, the strategic report required of medium and large companies undei The Companies Act 2Cth Istralegic Report and Directorfs Report) RegulatnS 2013 is not required. ObJ•¢tlve• •nd Actlvltles . POLICIES AND 08JECTIVES We have relerred lo the guhlance contsined in the Charity Commiss•n'S general guidance on publiG benefit when reviewing our aims and objeciwes and in planning our future activrt$. The object of the Charity is the PTOViSh)n ol kisure. SF$. recreat1 and ommunity activities al the Shenley Leisure Cenfre lo the general public of all ages. The Shenley Leisu Centre was opengd in September 1991 and is srted alOngse Denbigh Sehool, by the Shenley Church End Lttèl Centre in the wesl of Milton Keynes. The Leisure Centre was Original managed by Buckinghamshire County C¢)uncil and linked lo the Woughlon Leisure Cenlre. Following local government reorganisation the Centre came under the jurisdidion of Milton Keynes Council in 1997. In 1998 the Centre gained independent Charitabk Trust slatus. and 15 now oversegn by a Board ol Trustees. In order lo protect ils charrtable status. the Trust has fomed a subsidiary trading Company lo manage the more commercial aspects of the organisation such as the Bar and Enlertainmenl Progr8mme. Surplus funds generated by the trading Company are donale<l lo the Twsl and, along with other surplus fund8 genorated are used to help expand and develop Ihe Leisu Centre's prcgrammes and facilities. The Centre works very hard lo encourage people of all ages and from all sections of the community to use the facilities for a whole range of both active and more passNe types of activitses. In planning our activities the Trustees have conside the Charity Commission guidance on pU1C benefit and fee charging. Since 2016 the leisure centre relS on the income from fees to cover rts operating costs. In seth.ng the level of fees the Trustees give carefvl con$ideratyon to the aClbIl of the Centre to those on low incomes. In setttng objectives and planning for activities, the Trustees have gwen due conside¥atson lo general guidance published by the Charity Commissw relating to public benefi( induding the guvJance'Public benef iunning charity. Page 2
SHENLEY LEISURE CENTRE TRUST UMITED IA Company Limited by Guarant••l TRUSTEES, REPORT l¢ontinuedl FOR THE YEAR ENDED 31 MARCH 2023 b. ACTivmES FOR ACHIEVING OBJECTIVES The Trustees have referred lo the Charity Commissh)n's guidano on public benefit when deciding on the activities sherny Leisure Centre Trust Limrted prov. Shenley Leisure Centre Trust Limited provides public benefit in the follwng way.. . To promote for the public benefft the provision of facilib'es for wreabon C other lSu[e lime cccupation for individuals who have need of such facilitses by reason of their youth, age, infirmty or disablement, linancial hardship or social and econom circumstances or for the public al large in the Inte$ts ol social weffare and with the object of improving their condib"on$ of lrfe. A¢hlev•mgnts and p•rforn)an . KEY FINANCIAL PERFORMANCE INDICATORS For the year ended 31 March 2023 thè centre made 8 defiul of £52,536 {2022 deficrt £72.0521, before the penslon scheme adjuslmenl. Unreslricled funds al 31 March 2023 amounted to £901,49912022.' £473,595). Restn"cled funds 8131 Mah 2023 amounted to £404.64212021.' £4C13,0821. b. REVIEW OF ACTMTIES The Trustees and staff have eonlinued to woik hard again durlng the year In moving a stage further towards the Trust belng self-sustaining followng the full withdrawal of grant funding by MK Council in 2016. To ensure Ihat our customers fell as mfortable as Ihey couhj we changed the way our facillties were laid out to provide better social distancing beN¥een our customers. We aelivety sourced all Fossible grants and funding opp)rtunilies to keep the busine$$ financially stable and afltsal and we regulary communicated vthh the team whilst they were on fijrlgugh. In ordei lo keep the deficrt as low as possible we have aCtned the follow"ng', • Previous General Manager Grievartce issue during 2022 and closed and settled in January 2023. . Appointed new General Manger Chris Passfield stsrbng dale 11 Juty 2022. . New Trustee appointed Graham Gadd. Chartered Surveyor. aged 39 years old and Shenw Leisure Centro user. The London Pension Fund AUthlty ed lo the SLC £497.000 deficit after interest rates had improved significandy Since the Febwary 2022 Actuary evalLk*ion. Febry 2023 ShenY Leisure Centre Trust Limrted paid £4,000 in LPFA legal lees to sNJn off the debt The Shenley Leisure Centre Trust Limited agreed to put fvnds into a high interest account with Lloyds in December 2022. . The Trust and Dentygh Aliance have agreed to pr(Keed with the s106 fvnding {£400,0) for a new Shenley Leisure Centre fa¢ilty i.e. hyo golf Simulators instead of a larger sports hall for one badminton ¢ourt. Shenley Leisure Centre cost savin9 in conslruthon with improved revenue from 9olf project. Building is eslimaled to begin in April 2024. Page 3
SHENLEY LEISURE CENTRE TRUST LIMITED IA Company Limited by Guarantee) TRUSTEES. REPORT l¢ontlnu•dl FOR THE YEAR ENDED 31 MARCH 2023 Sports Hall was closed 23 Novembei 2022 dtje lo RAAC planks being used which are now not fil for purpose. The Trusl and Shenley Leisu Centre Trust Limiled management have pursued our insurers Covea and subsequently the MK Council and invoices have been produced. We are losing an estirnaled £2,000 per week and this iSSLe is still unresofved. The Denbwjh Alliance throLTrgh the Department for Education have won a CIF grant for £1.2million and works commenced 3 Juty 2023 and are due lo finish April 2024. The roof of the Sports and Gym will be replaced and additionalty the gym floor. Core stsffing Jevels have been reduced and we have cut back on Support staff hours as a result of less aclivitylfoollall in Ihe centre beSe ol Ihe sports hall closure. . Improvementslrepair work to both AstrTrturt pilehes in June 2023. folhx up opairs TBC. c. INVESTMENT POLICY AND PERFORMANCE Under the Memorandum and Articles of Association 31151, Ihe Centre has the power to invest in any way the Trustees wish. The Trustees. hawng regard for the resetves polw. have opgrated a policy of keeping available funds in fixed term (Feposil accounts. Interest received was £1.065 {2022.. £401. Flnanclal revlew . GOING CONCERN After making appropnats enquirres. the Trustees have a reasonable eXpectstn that the Company has adequate resources io continue in operatnal existen for the foreseeable future. Fo( this reason, they continue lo adopt the going concern basis in preparing the financial stslements. Further details regarding Iht adoption of the going concem basis can t found In the accounting policw. Page 4
SHENLEY LEISURE CENTRE TRUST LIMITED IA Company Limlt•d by Guarant¢el TRUSTEES. REPORT {continuedl FOR THE YEAR ENDED 31 MARCH 2023 b. RESERVES POLICY Through article 15 of the Charity's Memorandum of AssociatKJn, it has the express legal power lo hold income in reserve instead of expending it prompty. The charity is required lo taIn feseryes for ihe folIcn9 Teasons". 1. To ensure a measure of business continuty in the event of a sudden bss of swnificant part of the income ievenue stream. For th purpose a minimum reserve, equNalent lo three months Salary costs, will be rnaintained. 2. Replaeèmenl and refurbishment ol equipment and falitIeS. 3. Investment in new lacililies, includin9 buildings. to meet the expanding local communtty needs. 4. To cover short term high cash flows. In determining the planned expenditure programme. and therefore anned reserve lavels, Management and Trustees wil take asxounl ot. 1. Foiecasls ol the future income from the Business Plan and p)ssible new sources ol income in the future. 2, Forecast expendilure 3. An analysis of future needs wrth inputs from Management and Twsl Committees. 4. An assessment of the risk of disttjnb'nuty of elements of income and expenditure streams. It is though anticipated that the impact of the hall closure wll not deplete all reserves of the Trust structure, governance and management . CONSTITUTION The Company, which is limited by guarantee and has no share caprtal, is governed by sts Memtsrandum and Articles of Association dated 5 March 1998 arm1 subsequent amendments. 11 is registered as a chanty with the Charity Commission, The Company wa5 IOrpOrated on 5 March 1998 and commenced trading on 1 June 1998 and has now completed five years of operation and continues to grthy in streruth. b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES In March 2018 Ihe AJtides of Association were changed in order that the Board of Trustees shall consist of al most 14 membern. The Trustees who served the Company during the year are sh¢Jwn on page 1. The Company is limited by guarantee. and no Trustee has a benefKial InteSt in the capital ol the charitable Company. All Trustees are directors of the Company. Page 5
SHENLEY LEISURE CENTRE TRUST LIMITED IA Company Limited by Guaranteel TRUSTEES. REPORT lcontlnuedl FOR THE YEAR ENDED 31 MARCH 2023 c. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES New and polenth.al Trustees reeeive a brièfing on their kgal oblwalions under charity and Company law, the Content of the Memorandum and Arts"cles of A5s0csation, the committee and decision making piocess, the Business Plan and recent financial rf0m)an¢e of the centre. During theii visf( they will be introduced to members of $tsff on duty and given a copy of the Business Plan which has a pY of the core stsffing slruclure. They will then be invite(I to the next Board meeting where infroductions are dealt with al the beginning of the meeting. d. RISK MANAGEMENT The Board is responsible for the management of business risks faced by the Chanty. The systems of inlemal control are designed lo provKle reasonable, bul not absoluts assurance •38insl material misstaiemenl or loss They include.. 1. A strategic plan and an annual budget approved by the Trnstees. 2. Regular consideration by the Trustees of financial iesults, variance from budgets, non-financial perfom)ance Indicatois an¢J benchmarking reviews. 3. DelegatK)n of authority and segregation of duties. 4. Identification and management of risks. The Trustees have introduced 8 fom181 risk management pre$S to asse$$ business risks and Implement risk management slralegies. This involved idenlfying the types of risks the tharity faces, priorilising them in lems of polenlk81 impact and likelihood of C*Curen, and pjentifying means of miligaling the risks. Business risks are hjentified, assessed and controls established throughout the year. A formal rev¢ew of Ihe charity's business iisk management process is urbdetaken on a penodic basis. Attention has been focused on non-financsal risks and in particular. health and safety issues relatin9 to the use of the Trust facilities. A key element in the management of fjnancial risk 15 the setts'ng of a reserve policy and is regularfy reviowed by the Trustsos. Page 6
SHENLEY LEISURE CENTRE TRUST LIMTTED IA Company Limited by Guarantè•) TRUSTEES. REPORT l¢ontinued) FOR THE YEAR ENDED 31 MARCH 2023 •. TRUSTEES The present membership of the Board is set out on page 1. Except as otherwse noted. all truste9directorS served throughout the year. Trnstees are invited to join the Board generally on the recommendalicn of existing trustees. The present membgrship of the Board is as set out below. C Brown Ichaimianl J S Howe (Wice Chairman) B G Connell W G Butler A P Dransfi¢Jd S Milner G Morla K Brewis M Coppins D W Hoyle GEGadd TRUSTEES. RESPONSIBILITIES STATEMENT The Twslees (who a also directors ol Shenley Leisure Centre Trust Limited for the purposes of company lawl are responsiblg for Pparing the Twslees, Rewrt and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (Unrted Kingdom Generally Accepted AcUn.n9 Praclicel. Company law requires the Tmslees lo prepare finanu81 statements kn each financial year. Under MpanY law the Trustees musl not approve the financial statements unless they are satisfied that they give o true and fair view of Ihe slate of affairs of the charitsble company and of the incoming sOUrCeS and applicaty'on of resource5, induding the income and expendrture. of the charitable company for that period. In preparing these finaneial slalements, the Trustees are requireo to. sejecl suitable accounting pol and then appty them consistenty, observe the methods and principles in the Charities SORP.. make judgments and accounting eslimales that are reasonabfe and pwdenl., prepare the financial statements on the goirvj basis unth it is inappropriate to presume that the charitable company wll conts.nue in operation. The Trustees a respcsnsible for keeping adequate accounling records lh* are sufficient to show and explain the charrtable companys trans3[0n$ and disclose wrth asOnable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial stalements comply wth the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for tsklng reasonable steps for the prevention and delectson of fraud and other irregularities. This report was gned on the Trustees tehalf on C Brown ChaiMn of the TNst Pw3e 7
SHENLEY LEISURE CENTRE TRUST LIMITED IA Company Llmltèd by Guarantee INOEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2023 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SHENLEY LEISURE CENTRE TRUST LIMITED Ithe'company'l I report lo the charity Trustees on my examinatKsrtr of ths accounts of the Company for the year ended 31 March 2023. RESPONSIBILITIES AND BASIS OF REPORT As the Trustees of the company (and its directors for the purposes of eL)mpany lawl you are re5ponsibl¢ lor the preparation of the accounts in accordance wth the requirements of the Companies 2006 {'the Acri. Having satisfied myself that the accounts of the company are not required to be audited under Part 16 01 the 2006 A¢i and are eligible for independent examin8tion. I report in respeel of my examination of the companws accounts carried out under section 145 of the Charities Act 2011 Ilhe 2011 Act). In carrying out my examinats'on I havè followed the Dlrections given ty the Chaitty Commissty)n under section 14515llbl of the 2011 Act. INDEPENDENT EXAMINER'S STATEMENT Since the Companys gross Income exceeded £250.(1 your examiner musl be • membei of a t>)dy listed in se¢lion 145 of the 2011 Act. I confim that l am qualified lo undertake the examination because l am a mgmber of The A$slati ol Chartered Certifd Accountants. 1$ one of the listed L4ies. I have completed my examinabon. l can confimi that no matters have Come to my attentlon in nnectIOn with the examination giving me cause lo believe". accounting records were not kept in respect of the company as required by section 386 of the 2006 Act,. or tho accounts do not accor(I those records." or the accounts do not compty wlh the aUntsng ieq(tirements of section 396 of Ihe 2006 Ael other than any requirement that the accounts give a 'lrue and fairf vthich is not a matter conshlered as part of an independent examination.. or the accounts have not been prepared in aceordance wrth the methods 8nd principles of the Statement of Recommended Pracb'ce for accounting and repJth"ng by charib"e$ 8pplicable to charities preparing their accounis in accordance wlh the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021. I have no concems and have come across no other mattets in connectts)n wlh the examination lo which attention shoLtld be drawn in this port in order to enab a proper understanding of the accounts to be reached. Signed.. Rebecca Hughes BSc(Hons} FCCA MHA Century House The Lakes Northampton NN4 7HD Daled.. 8 N4)er 2023 Page 8
SHENLEY LEISURE CETrRE TRUST LIMITED (A Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTWITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Unrestrlctèd R•strlctfyd funds fund$ 2023 2023 Total funds 2023 Total funds 2022 Notè INCOME FROP41: Donations and legaciès Charitable activities Other tiading aclivit*s Investments other income 115,000 339,660 84.411 1.065 72.000 115,000 339.660 84,411 1,065 72.000 250,636 317,188 40 64,274 TOTAL INCOME 612.136 612.136 632.138 EXPENDITURE ON: Charitable activities 663.232 664.672 704,190 TOTAL EXPENDITURe 663,232 864.672 704.190 NET EXPENDITURE BEFORE OTHER RECOGNISED GAINS AND LOSSES Actuarial gains on defined benefit pensKJn hemes 151.096} 11A401 152,$361 172,0521 18 479.000 479,000 NET MOVEMENT IN FUNDS 427,904 (1.4401 426,464 172,0521 RECONCILIATION OF FUNDS: Total funds brought lorward 12 473.595 406.082 879,677 951.729 TOTAL FUNDS CARRIED FORWARD 901,499 404.642 1,306.141 879,677 The notes on pages 13 10 27 lom part of these financial sLitements. Page 9
SHENLEY LEISURE CENTRE TRUST LIMITED IA Company Limited by Guarantee) REGISTERED NUMBER.. 03525067 BALANCE SHEET AS AT 31 MARCH 2023 2023 2022 Note FIXED ASSETS Tangible assets Investments 11 12 74.339 10.000 87,556 10,000 84,339 97.556 CURRENT ASSETS Sltxks Debtors Cash at bank and in hand 155 155 62.505 1.256,134 13 87.435 1,186,024 1,273,614 1,318.794 CREDITORS: amounts falling due within one year 14 151.812} 157,6731 NET CURRENT ASSETS 1.221,802 1,261,121 TOTAL ASSETS LESS CURRENT LIABILITIES Defined benefit pènsion scheme liability 1,306.141 1,358,fj77 {479,0001 18 NET ASSETS INCLUDING PENSION SCHEME LIABILITIES 1,306,141 879,677 CHARITY FUNDS Reslricled funds Unreslricled funds 15 15 404,642 901,499 4C6,082 473,595 TOTAL FUNDS 1,306.141 879,677 Page 10
SHENLEY LEISURE CENTRE TRUST LIMrrED {A Company LIm•d by Guarantee) BALANCE SHEET {¢ontlnuedl AS AT 31 MARCH 2023 The companls financial stslements have been prepared in accordance wth the provIsn5 applicable to companies subject lo the small companies regime. The Trustees consider that the company is enb.ued lo exemption from the requirnent to have an audit under the provisions of section 4r1 of the Compan$ Act 2006 llhe Act") and members have not required the Company lo obtsin an audit for the year in question in accordance sectK7n 476 of the Art The Trustees acknowkdge their re$ponsibt'lrtE$ for comptying the requirements of the Compan$ Act 2006 with respeGI lo accounting records and the preparation of finanaal stalemenls. The financial stslements are s¥Jned on the Trustees khalf. on by C Brown JSHowe The n¢)tes on pages 13 10 27 fom) part ol these financial sts¢ements. Page11
SHENLEY LEISURE CENTRE TRUST LIMrrED IA Cofflpany Limited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Noto Cash flows from op•ratlng activltles Nel cash used in OFeraling aetNttres 17 170,1101 158,7951 Catsh flow8 from Investlng *ctlvltles: Purchase of tangible fixed assets 126.8851 Net ¢a¥h used In Inyestlng actlvitl•8 126,8851 Change In Cash and Cash •qulvalents In the ye•r Cash and cash equivalents brou9hl forward {70.1101 1,256,134 185,6801 1,341.814 Cash and cash equlval•nts ¢•rrf•d fornard 18 1,186.024 1,256,134 The notes on pages 13 10 27 fom) part of these financial statements. Page 12
SHENLEY LEISURE CENTRE TRUST LIPAITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES 1.1 8a$l$ of preparntion of financial statements The financial statements have l)een prepared in accordance the Chanties SORP IFRS 1021- Accounting and Reporting by Charities." Stslement ol Reeommentled Practice applicable to charities preparing their accounts in accordance the Financial Repon9 Standard applicable in the UK and Republic ol Ireland IFRS 1021 (effective 1 January 20191, the Financial Reporting Standard applicable in the UK arKI Republic of Ireland IFRS 1021 and the Companies Act 2006. Shenley Leisu Centre Tnjsl Limrted meets the definits.on of a public benefil entity under FRS 102. Assets and liabilibes a inibally recognised at historical cost or transaction value unless otherwise staie(l in tho retevant accounting poliw. 1.2 Company 8tstu# The company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the evenl of the company being wound up, the liability in respect of the guarantee is limited to £1 per member ol the company. If any property remains upon the ndIng up or dISlt of the company il shall be given Dr transferred lo some other charitable Insb"tutn having milar objects lo the company. 1.3 Golng conc•rn The financial statements have been prepared on a going concern basis. The Trustees have t1 identified any further material uncertainties thit may cast signthcanl doubt alx)ul the ability of the charitable company lo continue as a going concem. The charitsble company's busines5 aclivib'es, together with the lactofs likely lo affect its futu development, performance and posin, ils cash flows and liquidity positton have been assessed The ¢harilable MpanY has sulficient financial resources logelher wrth bng term witracts for its trading centre. Based on these assessments and having regard to the resources available to the charitable company, the Trustees have eoncluded that there is no material uncertainty and that they can continue lo adopt the going concem basis in preparing the annual rep)rt and accounts. Page 13
SHENLEY LEISURE cErRE TRUST LIAIITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES (CONTINUED) 1.4 Income All income is recognised once the company has enbtlement to the income, il is probabie that the income wll be received and the amount of inwne re1Vable be measured reliably. Membershlp fees Mernber$hip fees are amounts payable to Shenley Leisu Centre on a monthly basis lor usa9e of the leisure facilities Details of the various membership categories and the benefits they offer can be found on our website at www.shenleyleisure.org.uk. Centre l•e8 Centre fees a amounts payab to Shenley Leisure Centre on a visil-by-visil basis for usage of the isure fa¢ilibes. Details of opening limes, a¢lwity tsbfes and chafges are all available on our website. Manag•m•nt fe•s Management lees ale the fees papJ by ShenY Leisure Centre Tradlng Limited for the use of tho facilities and assKiatted costs Grants rK•lvabl• Grants are accounted for when tA)nditions to ents'uemenl have mel. Donatlons rn¢•lv•ble Donation$ are accounted for VA1 the company has cltrol over that item and conditions lo ents'tlement have been mel. Income tax recoverable in rdab.on to don8ti¢)ns received under Gift or deeds of wvenanl Is reccgnised al the lime of the donation. Income tax recoveTrble in relation lo inveslment income is rgcognised al the lime the investment income is receNable. Other Income is fecognised in the period in which it is recefv8ble and to the extent the goods have been provided or on comptiOn of the service. Page 14
SHENLEY LEISURE CENTRE TRUST LIED IA Company Lirnltgd by Guarant••l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES (CONTINUED} 1.5 Exp•ndltur• Expenditure is recognised once ihere Is a kgal or constructh obligation to transfer economic benefit to a third paty. rt is probable that a transfer of economic benefi'ts will be required in settjement and the amount of the oblHJation can be measured felu8bly. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including SUPPOrt costs involved In undertaking each ath'vity. Direct Costs attributable to a single acts'vity are allocated direcly lo that aets"vity. Shared eosls whth eontribule lo more than one activity and support $ts which are not attributsble lo a single acbvity a apportioned betsveen those activities on a basis consistent the use of resources. Central staff costs are allocated on thè basis of lime spent. and depreciatw charges althated on the portion of the asset's Use. SupF<)rt costs are those C4)sts incuned direcuy in support of expenditure on the objects of Ihe company and indude woiect management carrled out al Headquarters. Charitable actiVrtS and Govemance costs are costs InrTed on the companls operations, including support costs and costs relirvJ to the governance of the company apwrtKsned lo charitsble aclivilies. 1.6 Tumov•r Turnover comprises revenue recogni8ed by the Company in respect ol goods and sèrvices supplied during the year, exclusNe of Value Added Tax and trade discounts. 1.7 TangSblo Ilx•d assets and depre¢latlon A rewew for impairment of a fixed asset B rrie(l oul rf events or changes in circumstances indicate that the carrying value ol any fixed asset may not be recoverable. Shortfalls befvleen the carrying value of fixed assets and their recoverable amounts are recognised as impaiment5. Impairment losses a recognised in the Statement ol Financial Activrts incorporats'ng Income and Expendrture Account. Tangible fixed assets are carr at cosl. nel of depwation and any provision for impairment. DepreciatKJn is prowded at rates kulated to write off the cost of fixed assets. less their estimated residual value. over their expected useful Ibves on the followng bases.. Long-tem leasehold property improvements Furnitu and ffttings Equipment 25 years straKJhl line 33% Straht line 25% Straht line 1.8 Investments Fixed asset investments are a fom of financial instrument and afe initialty recognised at their transaction cost and subsequently measured at fair value al the Balance Sheet date, unless fair value cannot be measured reliabty in whKh case il is measured al cost less impairment Investment gains and Josses, whether realised or unrealised. are combined and shown in the heading 'Gainslllossesl on investments, in the Statement of Fin8nual Activities incorporating Income and Expenditure AccounL Page 15
SHENLEY LEISURE CENTRE TRUST LIMrrED IA Company LÉmit¢d by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES ICONTINUEDI 1.9 Interest receivable Intefesl on ftjnds held on deposit is inc4uded when rtteiv81)le and the amount can be meastjrèd reliabty by the company.. this is nom)Jly upon notification of ihe interest paid or payable by the Bank. 1.10 stocks Stocks are ValLd at the lower of e£Jsl ar net realisabk value after making due all¢)wanee for obsolete and slow-movirhg stocks. Cost inclu¢Jes all diwl eosls and an appropriate proportion of fixed and variabfe oveiheads_ 1.11 Dobtor• Trade and other debtors 8re rectranised al the setuemenl amount after any trade discount offered. Piepaymenls a valued al the amount ppa nel of any trade d¢scounls due. 1.12 Cosh at 8ank and In hand Cash al bank and in hand includes cash arKI short term hohly liquKI investments with a short maturity of three months or $$ from the dale of acquisikn'on or opening ol the deposrt or similar accounL 1.13 Llabllltles and provlslons Liabilities are recognised when the is an cknlrjation at the Balance Sheet dale as a result of a past event. il is probable Ihal a transfer of enoMiC benefit VAII be fequired in settlement, and the amount of the settfemenl can be eslimaled reliably. Liabilities are iecognised al the amount that the mpany anticipafes it wll pay to settke the debt or the amount il has received as advanwl payments for the goods or services il must prowde. Provisions are measured al the best eslimale of the amounts required lo setue the ob1vain. Where the effect of the lime value ol money is material, the provision is based on the PTesenl value of Iftose amounts, discounted al the pre-tax discount rale that flects the risks $cIfiC lo the Iwbility. The unwndin9 01 the discount is reC3nISed wlhin interest payable and similar charges. 1.14 Flnanclal In8trum•nts The company onty has finanaal assets finartial Ik4kn"1rt*5 of a kind that qualfy as basic financial instruments. Basic financ1 instruments are initsally ¢)nised al Iransacb'on value and subsequently measured at their settlement value with the exception of bank loarts which are subsequently measured al amorts.sed cost using the effective interest method. Page 16
SHENLEY LEISURE CENTRE TRUST LIMITED IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES {CONTINUEDI 1.15 Pen$lon8 Defined contribution penston plan The Cornpany operates a defined contribuiion plan for its empbyees. A defined contribution plan is a pension plan under which the Company pays fixed (y)ntn"bulions into a separate entity. Once the cthlribubons have been paRI the CLvnpany has no fvrther payment ob1Watn5. The conlribulions are ognISed as an expense in the Stslemenl of Income and Retsined Earnings when they fall due. Amounts not are shown in accruals as a liability in the Balance Sheet. The as5el$ ol the plan are hekl separately from the Company in independently adminisleied funds.. 1.16 Fund •c¢ountlng General funds are unreslrthd funds which are available for use al the discretion of the Tfuslees in furtherance ol the general objectives of the company and which have not ken designated for other purposes. Desonaled fijnds comprise unrestricted fund$ that have been set aside by the Trustees lor particular purposes. The aim and use of each desvJnated fund is sel out in the notes to the financial statements. Restricted funds are funds whth are lo be use(1 in accordance vAth sp8Crf restrictsons imposed by donors or which have been raised by the rnPanY for particular purposes. The costs of raising and administering such funds ère Charged a9ainst the specific fund. The aim and use of each striCted lund is sel out in the notes lo the financial stslements. 1.17 Governm•nt grnnts Govemmenl grants Telaling to tangible fixed assets are treated a$ income and released lo the Statement of Financial Actmties over the expected useful INe5 of the assets coneemed. Other grants are credTied to the Statement of Financial Activities as the related expenditure is incurred. Job retention xheme grants receNed are accounted for when cOndttnS lo entiuemenl have been met Page 17
SHENLEY LEISURE CENTRE TRUST LIME0 IA Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 INCOME FROM DONATIONS AND LEGACIES Unrestricted Restricted fund$ fund8 2023 2023 Total funds 2023 Totsl funds 2022 DonalKJn for use of facility Govemment grants 115.000 115.000 115,000 135,636 Total donati8 and legacies 115.000 115.0¢)0 250,636 Total 2022 250.636 250,630 The company cvupies Shenley Leisu Centre for a peppercom rent. In accordance wrth the statement of Recommended Pra¢lice'. Acwunling by Charities. the Trustees have sought a valuatign of this benefit foi inclusion in the Statement of Financial Activibes. The beneh't ol this lease is valued al a commercial rent of £115.000 12022 - £115,000) per annum assuming a normal commercial lease and no change to the current exclusive and share(J faalitses. The v8lualK)n was performed by S Greener, Assistant Estste Surveyor of Milton Keynes Counal in September 1999. In 2021 the Tfiislees. un¢Jer professional advice increased this from £75,000 lo £115.000 This benefit has been included under incoming resources, as intangible income, and the relaled Cost has been apportioned betsveen charitabb and support costs. INCOME FROM CHARITABLE ACTIVITIES Unrnsirlctod funds 2023 R•strfcted funds 2023 Total fund8 2023 Total funds 2022 Room hire Sports Health and fitness Childrens. acliwlies 62,335 211,734 61,196 4,395 62,335 211,734 61,196 4,39S 62,794 215,655 38,334 2,405 339.660 339.660 317,188 Total 2022 317.188 317,188 Page 18
SHENLEY LEISURE CENTRE TRUST LIMITED (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 TRADING ACTIVITIES Unrestricted lunds 2023 Restrlcted funds 2023 Total lund$ 2023 Total funds 2022 Charfty tradlng Incomtr Trading in¢ome Shenley Leisurn Centre Trading Limrted 84811 84,411 Ng1 income from trading activibes 84.411 84.411 INVESTMENT INCOME Unmtrlct•d R¢strl¢ted fund• funds 2023 2023 Total funds 2023 Total funds 2022 Bank interest receivab 1.065 1.06S 40 Total 2022 40 40 OTHER INCOMING RESOURCES Vnre8trl¢t•d Restrlcted funds funds 2023 2023 Total funds 2023 Total funds 2022 Cleaning income Management charge Furlough income 841 39,840 23.593 72.IM)O 72,000 72.000 72.000 64,274 Total 2022 64.274 64.274 Page 19
SHENLEY LEISURE CENTRE TRUST LIMThED IA Company LIMIt by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 DIRECT COSTS Total 2023 Total 2022 Actlvltles Sports Health and fitness Childrens, activities Centre m8rkets.ng 511 3.582 6.790 5,860 611 3,S82 6,790 5.860 562 1.934 1,771 2,507 16.743 16,743 6,774 Total 2022 6,774 6,774 SUPPORT COSTS Support costs Totsl 2023 Total 2022 Wages 8nd salaries Donated facility Insurance Light and heal Repairs and maintenan Printing an¢J stslionery Advertising Legal and professional Water Refuse charges Telephone Accountancy and book keeper Computer costs caning Health and salety Bank charges Sundry Bad debt Additional iental paid Grant expenditure Depreaalion 303.051 115.000 8,863 83,621 32,330 2,889 3.295 6.680 3,873 303,051 115,000 8,863 83.621 32.330 2.889 3.29S 6,680 3,873 346.779 115,000 3,384 34,393 13,543 3,141 2,294 35.434 6.600 885 10,599 28.867 4.847 10.305 4,293 3,701 133SI 11,948 8BS 10.599 28.867 4.847 10,305 4,293 3,701 13351 11.948 1,349 8,866 27,891 5.605 903 4,351 1,854 17,427 11,448 46,027 11,043 13.217 13.217 647,929 647,929 697,416 Total 2022 697,416 697,416 Page 20
SHENLEY LEISURE CENTrE TRUST LIMITED (A Company Limited by Guaranteè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 SUPPORT COSTS (continued) During the year ended 31 March 2023, the company incurred the following Governance costs.. £9,33212022 - £8,866) included IMthin the table above in re¥ect of Supp)rt costs. TURNOVER The whole of the turnover is atlributsble lo the operation and running of a Sports centre for pPIe of all age5 and from all sections of the commLFnity to use Ihe faciliiies for a whok range of both active and mole passive types of activities. AJI lumovei arose within the United Kingdom. 10. STAFF COSTS The average number of Fersons emptyd by the company during the year was as lollows.. 2023 2022 Management and adminislrats'on off staff CeniTe staff 35 31 37 33 No employee received remuneratK)n amounting to rn0 than £60,000 in etther year. 11. TANGIBLE FIXED ASSETS Leasehold property Flxturns and Improvements fittlngs Eqtslpment Total Cost At 1 April 2022 and 31 March 2023 132.282 135,719 137,164 405.165 Depre¢latlon Al 1 April 2022 Charge for the year 74.712 108,015 10,935 134,882 2.282 317.609 13.217 At 31 March 2023 74.712 118.950 137,164 330,826 Net book value At 31 March 2023 57,570 16.769 74,339 At 31 March 2022 57,570 27,704 2,282 87,5 Page21
SHENLEY LEISURE CEpmiE TRUST LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 12. FIXED ASSET INVESTMENTS Shares In group undert•klngs Mark•t valu• At l April 2022 and 31 March 2023 10.000 Subsldlary und•rtaklng$ The follLwing were subsKFiary undgrtakings of the company.. Nam• Holdlng Shenley Leisure Centre Trading Limited 100% The aggregate of the share capital and reserves as al 31 March 2023 and of the profil or loss for the year ended on that dale for the subsidiary undertaking$ were as folbws. Aggregate of $hartr ¢apttal and ro¥erye• ProflUIIos81 Shenley Leisure Centre Trading Limrted 152.666 136,6611 13. DEBTORS 2023 2022 Trade debtors Amounts owed by group undertakings Prepayments and accrued income 17.210 61,382 8,843 4,941 50.008 7,556 87.435 62,505 14. CREDITORS: Amounts falling due wlthln one year 2023 2022 Trade creditors Other taxation and scoal security Other creditors Accruals and deferred income 8,295 3,803 804 38,910 17,190 6,859 1,313 32,311 51.812 57,673 Page 22
SHENLEY LEISURE CENTRE TRUST LIMrrED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 15. STATEMENT OF FUNDS STATEMENT OF FUNDS - CURRENT YEAR Balan¢• at 31 March 2023 Balan¢0 at 1 Aprll 2022 Transfers Penslon Inl{outl lund cost Income Expenditure D•8lgn*t•d funds Capital expenditu lund 150.000 130,0001 30.000 150,000 Goneral funds General Funds - 811 funds 323.595 612,136 1633,2321 (30,000) 479,000 751,499 Total UnstriCted furKIs 473,595 612,136 1663.232) 479,000 901.499 Restrtcted funds Sports hall facilty 406.082 11.4401 404,642 Total ol funds 879.6YY 612.136 {664,672) 479.000 1,306,141 The designale(1 capital fund represents fijture capital expenditure as shown in the Chanty's ¢aprtal expenditure programme including a piovision for fijlure maintenance. Any amounts not uli115ed are carried forward where the specific pucpose or project femains part of the expenditure programrne. The lease Milton Keynes Council stipulate$ that £30,000 annualty adjusted for inflation must be allocated lo a separate designated lund to be used for planned maintenance ol the premises including furbishmenl and c8pilal wths. During the financial statements £31,415 were incuried iegarding the sports cenlre. R•strl¢tod Fund¥ Milton Keynes Council grant ieceNed towa$ the al costs and other expenses assoualed wlh the Section 106 Rep1arnent Leisure Facilities C0nln'but. for the purpose of delivering a new mulli-use sports hall facility al Shenley Leisure Centre. Milton Keynes Council grant received towards the legal Costs and other expenses assocrated wth the SForts hall facilty. Page 23
SHENLEY LEISURE CENTRE TRUST LIMrrED IA Company Limited by Guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 15. STATEMENT OF FUNDS Icontlnuedl STATEMENT OF FUNDS- PRIOR YEAR Balance al 31 March 2022 Balance at 1 April 2021 Transfers inl{outi Income Expenditu Capital expendrtLtre fund General FLFnds- all funds 150.LKKI (30.0001 1674,1901 30.000 150,000 323,595 395.647 632.138 130.01)01 Restrlct¢d funds Sports hall facility 4C6.082 406.082 SUMMARY OF FUNDS- CURRENT YEAR Balanc• at 31 March 2023 Balance at 1 Aprll 2022 Tran$f•rn Inlloutl Pen$lon fund cost Incom• ExpendStur• Designated funds General funds 150.000 323,595 iJo.000) 1633.232 30,000 {30,0001 150,000 751,499 612,136 479,000 473,595 406.082 612.136 1663,2321 {1,440) 479,000 901,499 404,642 Restricted funds 879.677 612,136 1664.672) 479,000 1,306,141 SUMMARY OF FUNDS- PRIOR YEAR Balance al 31 March 2022 Balan al 1 April 2021 Transfeis inl{oull Income Expenditure Designated funds Goneral funds 150.000 395,647 130,000) 1674.1901 30,0) {30,0001 150,000 323,595 632.138 545,647 4,082 632.138 {704.1901 473,595 406,082 Reslricled funds 951.729 632,138 1704,190) 879,677 Pa3e 24
SHENLEY LEISURE CENTRE TRUST LIMITED IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 16. ANALYSIS OF NET ASS$ BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS- CURRENT YEAR Unrestricted R•$trlcted funds fund$ 2023 2023 Total fund8 2023 Tangible fixed assets Fixed 8ssel investments Current assets Creditors due wthin one year 74.339 10.000 867,128 149,9681 74,339 10,000 1.271.770 149.9681 404,642 901,499 404,642 1,306,141 ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR Unrestricted Jnds 2022 Reslricled funds 2022 Total funds 2022 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Provisions lor liabililies and charges 87,556 10.000 912.712 157,6731 (479,Crt)01 87,556 10.000 1,318.794 157,8731 1479,0001 406,082 473.595 4l,082 879,677 1Y. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 2022 Net expenditure for the year {as per Statement of Finanaal Activities) {52,$381 172,OS21 Adjustment for: Depreciation charges Increase In debtors (Decreaseyincrease in credito 13.217 123.086) 17.705 11,043 18.8421 11,056 Net cash used in operating activities 170.1101 {58.795} Page 25
SHENLEY LEISURE CEirrRE TRUST LIE0 IA Company Limltod by Guarant&el NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 RCH 2023 ANALYSIS OF CASH AND CASH EQUIVALENTS 2023 2022 Cash in hand 1,186,024 1.258,134 Total 1,186,024 1,256,134 19. TRUSTEE REMUNERATION AND EXPENSES No Trustee receNed remuneration or reimbursement of expenses during the year12022 - £nil). 20. RELATED PARTY TRANSACTIONS Mr W G BLttier is a Trustee of Shen Leisure Centre Trust Limited and a Trustee of The Denbigh Allnce. The Denbigh Allianee leases Shenley Lsure Centre lo Mitton Keynes Coundl for a peppercom rent who sub4ease to Shenley Leisure Centre Trust Limited. During the year, The Denbigh Alliance recharged Shenley Leisure Centre Trust Limited in respect ol repairs lo shared areas as well as cleaning costs. The Denbigh Alliance also paid Shenley Leisure Centre Trust Limited in respect of the licence fee lor a shared facilities agreement and recharges ol utility cost5. Al the year end trere was a balance owng by Shenky Leisure Centre Twsl Limi¢fjd 01 £3,106 12022 - £35,219). During the year Shenley Leisure Trusl 'mted retharyed Shenley Leisure Centre Trading Limited £72,0 12022 - £39,840) in respect of management charges for shared facilities, utility costs and wages. At the end of the year there was a balance due to Shenley Leisure Centre Trading Limited of £nil12022 - £nill. At 31 March 2023, there was a balance owing by Shenley Leisure Centre Trading Limited of £55.382 12022 - £50,008). This has no fixed fepayment date. Page 26
SHENLEY LEISURE CENTRE TRUST UMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 21. PENSION SCHEME The Trust operatsd three different pensK)n schemes. il The company participates in the London Pensws Fund Authority Pen$KJn Schemè. a mulliomployer defined benefit pension scheme. the assets of whth are held in a separate fund administered by the London Pension5 Funds Authority. The scheme is csosed lo new entrants from the company. The scheme is governed by the Lc¢al Govemment Pension Scheme Regulations 1997 and is feqLFired lo have actuarial valuabons performed every three years. the last fvll valuatk)n being as al 31 March 2016. The results show a funding level of 103% 1pared with 94% al the 2013 valuation. The company ts not kyovided wth details of its indTVNfjual Sha of the Under.ng assets and liabilities of the scheme and consequendy accounts for the contributions as if rt weie a defined wntribution $¢hem?. On 1 April 2W8 the new Local Government PervJion Stheme came into force. The main change from the previous scheme is that contribulnS made by Scme members will now be dependent ¢)n the level of their whole time equNalenl eamings. In 2015 a secure income stream assessment Was carried out and the actuary recommended a frjture service funding rate of 31.7% and past servKe adjustment payments of £24,000 p.a. wlh effect from 1 April 2016. On 26 May 2019 the last active member left the servrce ol the Company. The lund has now ceased and had lo undertake a valuation of the essets and liabilities wlhin the fund. The purpose of the valuation was lo assess the deficit or surplu$ attributabb to Shenley Leisure Centre Trust al 26 May 2019. Based on the valuation results a payment of £479.OCrf) VJ due from ShenY Lsure Centre Trust lo the hjnd In order to rernove ils obligalKJn lo the fund. li) Certaln newer employees are enrolled in a defined conth'butn scheme wrth Scoth'sh Wid¢)ws. The assets ol the scheme ale held seperately from those of Ihe company in an independenUy administered fund. Employer conlribuib)ns to the scheme amounted to £3,77712022.. £6,761). The balance outstsndiThJ at the year end amounted lo £nil12022." £nill. iiil The eompany started the govemment aUtnrO¢Ment scheme in 2021 for those ernployees who were not included in the other pensh)n schemes. payments in the year amounled lo £nil12022.. £5471. The balance outstsnding at the year end amounted to £80412022.. £1,313). Page 27