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) Regulat￿nS 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￿$.
The object of the Charity is the PTOViSh)n ol kisure. SF￿$. recreat￿1 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 alOngs￿e 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 pU￿1C benefit and fee charging. Since 2016 the
leisure centre rel￿S 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 aC￿lbIl￿ 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 shern￿y 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
Ma￿h 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 aCt￿ned 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 AUth￿lty ￿￿ed lo the SLC £497.000 deficit after interest rates had
improved significandy Since the Febwary 2022 Actuary evalLk*ion. Feb￿￿ry 2023 Shen￿Y 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 iSSL*e 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 be￿￿Se 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 eXpectst￿n that the Company has
adequate resources io continue in operat￿nal 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 folIc￿n9 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 fa￿litIeS.
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 I￿OrpOrated 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 Inte￿St 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 $tsff on duty and given a copy of the Business Plan which has a ￿pY of the core stsffing slruclure.
They will then be invite(I to the next Board meeting where infroductions are dealt with al the beginning of the
meeting.
d. RISK MANAGEMENT
The Board is responsible for the management of business risks faced by the Chanty.
The systems of inlemal control are designed lo provKle reasonable, bul not absoluts assurance •38insl material
misstaiemenl or loss They include..
1. A strategic plan and an annual budget approved by the Trnstees.
2. Regular consideration by the Trustees of financial iesults, variance from budgets, non-financial perfom)ance
Indicatois an¢J benchmarking reviews.
3. DelegatK)n of authority and segregation of duties.
4. Identification and management of risks.
The Trustees have introduced 8 fom181 risk management pr￿e$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 truste9￿directorS
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 P￿paring the Twslees, Rewrt and the financial statements in accordance with applicable
law and United Kingdom Accounting Standards (Unrted Kingdom Generally Accepted Ac￿Un￿.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
ChaiM￿n 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$s￿lati￿ ol Chartered Certif*d Accountants. 1$ one of the listed L*4ies.
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 a￿Untsng 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 N￿￿￿4)er 2023
Page 8

SHENLEY LEISURE CETr￿RE 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 provIs￿n5 applicable to
companies subject lo the small companies regime.
The Trustees consider that the company is enb.ued lo exemption from the requi￿rnent 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 Repo￿n9 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 dIS￿l￿t￿ of the company il shall be given Dr
transferred lo some other charitable Insb"tut￿n 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 t￿1
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 posi￿n, 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 cE￿rRE 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 r￿e1Vable be measured reliably.
Membershlp fees
Mernber$hip fees are amounts payable to Shenley Leisu￿ Centre on a monthly basis lor usa9e of
the leisure facilities Details of the various membership categories and the benefits they offer can be
found on our website at www.shenleyleisure.org.uk.
Centre l•e8
Centre fees a￿ amounts payab￿ to Shenley Leisure Centre on a visil-by-visil basis for usage of the
isure fa¢ilibes. Details of opening limes, a¢lwity tsbfes and chafges are all available on our
website.
Manag•m•nt fe•s
Management lees ale the fees papJ by Shen￿Y Leisure Centre Tradlng Limited for the use of tho
facilities and assKiatted costs
Grants rK•lvabl•
Grants are accounted for when tA)nditions to ents'uemenl have mel.
Donatlons rn¢•lv•ble
Donation$ are accounted for VA￿1 the company has cl￿trol 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 comp￿tiOn of the service.
Page 14

SHENLEY LEISURE CENTRE TRUST LI￿￿ED
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 actiVrt￿S and Govemance costs are costs In￿rTed on the companls operations,
including support costs and costs rel*irvJ 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 Activrt*s 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% Stra￿ht line
25% Stra￿ht 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 ValL￿d 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 p￿pa￿ 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 e￿noMiC 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 ob1vai￿n. 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
reC￿3nISed 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 financ￿1 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$lon8
Defined contribution penston plan
The Cornpany operates a defined contribuiion plan for its empbyees. A defined contribution plan is a
pension plan under which the Company pays fixed (y)ntn"bulions into a separate entity. Once the
cthlribubons have been paRI the CLvnpany has no fvrther payment ob1Wat￿n5.
The conlribulions are ￿ognISed as an expense in the Stslemenl of Income and Retsined Earnings
when they fall due. Amounts not are shown in accruals as a liability in the Balance Sheet. The
as5el$ 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 cOndtt￿nS lo entiuemenl have been
met
Page 17

SHENLEY LEISURE CENTRE TRUST LIM￿E0
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 donati￿8 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
c￿aning
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 p￿PIe 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 Un￿striCted 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 Rep1a￿rnent 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 LI￿￿E0
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
All￿nce.
The Denbigh Allianee leases Shenley L*sure 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 ￿'m￿ted 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 $¢hem?.
On 1 April 2W8 the new Local Government PervJion Stheme came into force. The main change from the
previous scheme is that contribul￿nS made by Sc*￿me members will now be dependent ¢)n the level of
their whole time equNalenl eamings.
In 2015 a secure income stream assessment Was carried out and the actuary recommended a frjture
service funding rate of 31.7% and past servKe adjustment payments of £24,000 p.a. wlh effect from 1
April 2016.
On 26 May 2019 the last active member left the servrce ol the Company. The lund has now ceased and
had lo undertake a valuation of the essets and liabilities wlhin the fund. The purpose of the valuation was
lo assess the deficit or surplu$ attributabb to Shenley Leisure Centre Trust al 26 May 2019. Based on the
valuation results a payment of £479.OCrf) VJ due from Shen￿Y L*sure Centre Trust lo the hjnd In order to
rernove ils obligalKJn lo the fund.
li) Certaln newer employees are enrolled in a defined conth'but￿n 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 aUt￿nrO¢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