Registered number: 03525067
Charfty number: 1069376
SHENLEY LEISURE CENTRE TRUST LIMITED
(A Company Limited by Guarantee)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

SHENLEY LEISURE CENTRE TRUST LIMITED
(A Company Llmited by Guarantee)
CONTENTS
Page
Reference and Admlnlstrative Details of the Charity* its Trustees and Advisers
Trustees, Report
Independent Examiner's Report
Statement of Flnancial Activities
10
Balance Sheet
11-12
Statement of Cash Flows
13
Notes to the Financial Statements
14-27

SHENLEY LEISURE CENTRE TRUST LIMITED
{A Company Llmited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 MARCH 2025
Trustees
C Brown (Chairman)
J S Howe (Vice Chairman)
A P Dransfield
D W Hoyte
W G Butler
S Milner
G D Morla
M Coppins
GEGadd
P Loose (Appointed 6 February 2025)
L Waldron (Appointed 6 February 2025)
DWHo￿e
Company registered number
03525067
Charity registered number
1069376
Registered office
Burchard Crescent. Shenley Church End, Milton Ke￿e$, MK5 6HF
Independent examiner
MHA, Century House. The Lakes. Northampton. NN4 7HD
Page 1

SHENLEY LEISURE CENTRE TRUST LIMITED
(A Company Limited by Guarantee)
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The Trustees present their annual report together with the financial statements of the Company for the year
1 Aprll 2023 to 31 March 2024. The Annual Report serves the purposes of both a Trustees, report and
directors, report under company law. The Trustees confirm that the Annual Report and financial statements of
the charitable company comply with the current statutory requirements, the requirements of the charitable
companls governing document and the provisions of the Statement of Recommended Praclice (SORP)
applicable to charities preparing theif accounts in accordance with the Financial Reporting Standard applicable
in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 383, Ihe strategic report required of medium and large
companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not
required.
Objectives and Activities
a. POLICIES AND OBJECTIVES
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit
when reviewing our aims and objectives and in planning our future activities.
The object of the Charity is the provision of leisure, sports. recreation and community activities at the Shenley
Leisure Centre to the general public of all ages.
The Shenley Leisure Centre was opened in September 1991 and is sited alongside Denbigh School, by the
Shenley Church End Local Centre in the west of Milton Keynes.
The Leisure Centre was originally managed by Buckinghamshire County Council and linked to the Woughton
Leisure Centre. Following local government reorganisation the Centre came under the jurisdiction of Milton
Keynes Council in 1997.
In 1998 the Centre gained independent Charitable Trust status. and is now overseen by a Board of Trustees.
In order to protect its charitable status. the Trust has formed a subsidiary trading Company to manage the more
commercial aspects of the organisation such as the Bar and Entertainment Programme. Surplus funds
generated by the trading Company are donated to the Trust and. along with other surplus funds generated are
used to help expand and develop the Leisure Centre's programmes and facilities.
The Centre works very hard to encourage people of all ages and from all sections of the community lo use the
facilities for a whole range of both active and more passive types of activities. In planning our activities the
Trustees have considered the Charily Commission guidance on public benefit and fee charging. Since 2016 the
leisure centre relies on the income from fees to cover its operating costs. In setting the level of fees the Trustees
give careful consideration to the accessibility of the Centre to those on low incomes.
In setting objectives and planning for activitles. the Trustees have glven due conslderation to general guidance
published by the Charity Commission relatlng to publlc benefit. including the guidance 'Public benefit- running a
charity.
Page 2

SHENLEY LEISURE CENTRE TRUST LIMITED
(A Company Limited by Guarantee)
TRUSTEES. REPORT (continued)
FOR THE YEAR ENDED 31 MARCH 2025
b. ACTIVITIES FOR ACHIEVING OBJECTIVES
The Trustees have referred to the Charity Commission's guidance on public benefit when deciding on the
activities Shenley Leisure Centre Trust Limited provides. Shenley Lelsure Centre Trust Llmited provides public
benefit in the following way:
To promote for the public benefrt the provision of facilities for recreation or other leisure time occupation
for individuals who have need of such facilities by reason of their youth, age. infirmity or disablement.
financial hardship or social and economic circumstances or for the public at large in the interests of social
welfare and with the object of improving their conditions of life.
Achievements and perfomiance
a. KEY FINANCIAL PERFORMANCE INDICATORS
For the year ended 31 March 2025 the centre made a surplus of £31,904 (2024 - deficit of £26.950).
Unrestricted funds at 31 March 2025 amounted to £906.453 (2024.. £874.549). Restricted funds at 31
March 2025 amounted to £404,642 (2024.. £404.642).
b. REVIEW OF ACTIVITIES
The Trustees and staff have continued to work hard again during the year in moving a stage further lowards the
Trust being self-sustaining following the full withdrawal of grant funding by MK Council in 2016. the pandemic.
and various forced closures of facilities in 2023124.
In order to keep the deficit as low as possible and provide the best chance of being self-sustaining we have
aclioned the following..
The Shenley Leisure Centre Trust Limited agreed to put funds into a fixed term interest account with Lloyds in
December 2022 and continue to do so.
The Trust and Denbigh Alliance have agreed to proceed with the s106 funding (£400.000) for a new Shenley
Leisure Centre facility i.e. golf simulators instead of a larger sports hall for one badminton court. Shenley
Leisure Centre cost saving in construction with improved revenue from golf project. Building is estimated to
begin in August 2024.
Sports Hall was closed 23 November 2022 due to RAAC planks being used which are now not fit for purpose.
The Trust and Shenley Leisure Centre Trust Limited management have pursued our insurers Covea and
subsequently the MK Council and invoices have been produced. We are losing an estimated £2.000 per week
and this issue is still unresolved. The Denblgh Alliance through the Department for Education have won a CIF
grant for £1.2million and works commenced 3 July 2023. The roof of the Sports Hall and Gym will be replaGed
and additionally the Gym floor.
Staffing levels have been reduced as a result of less activitylfootfall in the centre because of the sports hall and
Gymnasium closures.
The Sports Hall reopened 26 February 2024.
. The Gymnasium reopened 22 April 2024.
It is estimated that the Gombined lost revenue is over £150,000 due to the FIiAC closure and is unlikely it will
Page 3

SHENLEY LEISURE CENTRE TRUST LIMITED
(A Company Limited by Guarantee)
TRUSTEES. REPORT (continued)
FOR THE YEAR ENDED 31 MARCH 2025
ba recovered from any paty.
Repair work to both AstrcFturf pitches were completed in June 2023. follow up repairs and further ciosures of
the pitches were done in February 2024. a total of 9 weeks lost revenue as a result. Further repairs will be
Carried out In yearend 2025.
c. INVESTMENT POLICY AND PERFORMANCE
Under the Memorandum and Articles of Association 3 (15). the Centre has the power to invest in any way the
Twstees wish. The Trustees, having regard for the reserves policy. have operated a policy of keeping available
funds in fixed term deposit accounts. Interest received was £20.824 (2024.. £23,904).
Financial review
. GOING CONCERN
After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has
adequate resources to continue in operational existence for the foreseeable future. For this reason, they
continue to adopt the going concern basis in preparing the financial statements. Further details regarding the
adoption of the going concern basis can be found in the accounting policies.
Page 4

SHENLEY LEISURE CENTRE TRUST LIMITED
(A Company Limlted by Guarantee)
TRUSTEES. REPORT (continued)
FOR THE YEAR ENDED 31 MARCH 2025
b. RESERVES POLICY
Through article 15 of the Charivs Memorandum of Association, it has the express legal power to hold income in
reserve instead of expending it promptly.
The charity is required to retain reserves for the following reasons:
1. To ensure a measure of business continuity in the event of a sudden loss of significant part of the income
revenue stream. For this purpose a minimum reserve. equivalent to three months salary costs, will be
maintained.
2. Replacement and refurbishment of equipment and facilities.
3. Investment in new facilities. including buildings, to meet the expanding local community needs.
4. To cover short term high cash flows.
In determining the planned expenditure programme, and therefore planned reserve levels. Management and
Trustees wil take account of-
1. Forecasts of the future income from the Business Plan and possible new sources of income in the future.
2. Forecast expenditure
3. An analysis of future needs with inputs from Management and Trust Committees.
4. An assessment of the risk of discontinuity of elements of income and expenditure streams.
It is though antiGipated that the impact of the hall closure will not deplete all reserves of the Trust
Structure, governance and management
a. CONSTITUTION
The Company. which is limited by guarantee and has no share capital, is governed by its Memorandum and
Articles of Association dated 5 March 1998 and subsequent amendments. It is registered as a charity with the
Charity Commission.
The Company was incorporated on 5 March 1998 and commenced trading on 1 June 1998 and has now
completed Iwenty six years of operation and continues to grow in strength.
b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES
In March 2018 the Articles of Association were changed in order that the Board of Trustees shall consist of at
most 14 members.
The Trustees who served the Company during the year are shown on page 1.
The Company is limited by guarantee, and no Trustee has a beneficial interest in the capital of the charitable
Company. Al Trustees are directors of the Company.
Page 5

## **SHENLEY LEISURE CENTRE TRUST LIMITED** 

## **(A Company Limited by Guarantee)** 

## **TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025** 

## **c. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES** 

New and potential Trustees receive a briefing on their legal obligations under charity and Company law, the content of the Memorandum and Articles of Association, the committee and decision making process, the Business Plan and recent financial performance of the centre. During their visit they will be introduced to members of staff on duty and given a copy of the Business Plan which has a copy of the core staffing structure. They will then be invited to the next Board meeting where introductions are dealt with at the beginning of the meeting. 

## **d. RISK MANAGEMENT** 

The Board is responsible for the management of business risks faced by the Charity. 

The systems of internal control are designed to provide reasonable, but not absolute assurance against material misstatement or loss. They include: 

1. An annual budget is approved by the Trustee’s and a strategic plan regularly considered. 

2. Regular consideration by the Trustees of financial results, variance from budgets, non-financial performance indicators and benchmarking reviews. 

3. Delegation of authority and segregation of duties. 

4. Identification and management of risks. 

The Trustees have previously introduced a formal risk management process to assess business risks and implement risk management strategies. This involved identifying the types of risks the charity faces, prioritising them in terms of potential impact and likelihood of occurence, and identifying means of mitigating the risks. Business risks are identified, assessed and controls established throughout the year. A formal review of the charity's business risk management process is undetaken on a periodic basis. 

Attention has been focused on non-financial risks and in particular, health and safety issues relating to the use of the Trust facilities. 

A key element in the management of financial risk is the setting of a reserve policy and is regularly reviewed by the Trustees. 

Page 6 



SHENLEY LEISURE CENTRE TRUST LIMITED
(A Company Limlted by Guarantee)
TRUSTEES, REPORT (continued)
FOR THE YEAR ENDED 31 MARCH 2025
e. TRUSTEES
The present membership of the Board is set out on page 1. Except as othetwise noted. all trusteesldirectors
served throughout the year. Trustees are invited to join the Board generally on the recommendation of existing
trustees.
The present membership of the Board is as set out below.
C Brown (Chairman)
J S Howe (Vice Chaimian)
W G Butler
A P Dransfield
S Milner
G Morla
M Coppins
D W Hoyle
GEGadd
P Loose {appointed 6 February 2025)
L Waldron (appointed 6 February 2025)
TRUSTEES. RESPONSIBILITIES STATEMENT
The Trustees (who are also directors of Shenley Leisure Centre Trust Limited for the purposes of company law)
are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable
law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law
the Trustees must not approve the financial slatements unless they are satisfied that they give a true and fair
view of the state of affairs of the charitable company and of the incoming resources and application of resources,
including the income and expenditure, of the charitable company for that period. In preparing these financial
statements, the Trustees are required to-
select suitable accounting policies and then apply them consistently,
observe the methods and principles in the Charities SORP,.
make judgments and accounting estimates that are reasonable and prudent.
prepare the financial ststements on the going concem basis unless it is inappropriate to presume that the
charitable company will continue In operation.
The Trustees are responslble for keeping adequate accounting records that are sufficient to show and explain
the charitable companrfs transactions and disclose with reasonable accuracy at any time the financial position of
the charitsble company and enable them to ensure that the financial statements comply with the Companies Act
2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.
This report was signed on the Trustees behatf on
C Brown
Chairman of the Trust
Page 7

SHENLEY LEISURE CENTRE TRUST LIMITED
(A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 31 MARCH 2025
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SHENLEY LEISURE CENTRE TRUST
LIMITED (the 'company')
I report to the charity Trustees on my examination of the accounts of the company for the year ended 31 March
2025.
This report is made solely to the COMpan￿S Trustees. as a body. in accordance wilh Part 4 of the Charities
(Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the companls
Trustees those matters l am required to state to them in an Independent Examiner's Report and for no other
purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the
Company and the companvs Trustees as a body. for my work or for this report.
RESPONSIBILITIES AND BASIS OF REPORT
As the Trustees of the company (and its directors for the purposes of company law) you are responsible for the
preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the
2006 Act and are eligible for independent examination. I report in respect of my examination of the CoMpan￿S
accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act,). In carry7ng out my examination
I have followed the Directions given by the Charity Commission under section 145{5)(b) of the 2011 Act.
INDEPENDENT EXAMINER'S STATEMENT
Since the Companvs gross income ex¢eeded £250,000 your examiner must be a member of a body listed in
section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member
of ICAEW. which is one of the listed bodies.
I have completed my examination. I can confirm that no matters have come to my attention in Connection wilh
the examination giving me cause to believe-.
accounting records were not kept in respect of the company as required by section 386 of the 2006 Act.,
or
the accounts do not accord with those records., or
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than
any requirement that the accounts give a 'tfue and fair, view which is not a matter considered as part of
an independent examination; or
the accounts have not been prepared in accordance with the methods and principles of the Slatement of
Recommended Practice for accounting and reporting by charities applicable to charities preparing their
accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of
Ireland (FRS 102).
Page 8

SHENLEY LEISURE CENTRE TRUST LIMITED
{A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT (contlnued}
FOR THE YEAR ENDED 31 MARCH 2025
I have no concerns and have come across no other matters in connection with the examination to which
attention should be drawn in this report In order to enable a proper understanding of the accounts to be reached.
Signed..
Rebecca Hughes BSc(Hons) FCCA
MHA
Century House
The Lakes
Northampton
NN4 7HD
Dated: 1511212025
Page 9

SHENLEY LEISURE CENTRE TRUST LIMITED
(A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
Unrestricted Restricted
funds
funds
2025
2025
Total
funds
2025
Total
funds
2024
Note
INCOME FROM..
Donations and legacies
Charitable activities
other trading activities
Investments
other income
115,000
443,138
19.834
20,824
90.000
115.000
443,138
19,834
20.824
90,000
115,000
318.210
55,670
23.904
84.000
TOTAL INCOME
688,796
688.796
596.784
EXPENDITURE ON:
Charitable activities
656.892
656,892
623,734
TOTAL EXPENDITURE
656.892
656.892
623,734
NET INCOME I (EXPENDITURE) BEFORE
OTHER RECOGNISED GAINS AND
LOSSES
31,904
31.904
31,904
31,904
(26,950)
(26.950)
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
12
874.549
404,642
1,279,191
1,306,141
TOTAL FUNDS CARRIED FORWARD
906,453
404.642
1.311,095
1.279,191
The notes on pages 14 to 27 form part of these financial statements.
Page 10

SHENLEY LEISURE CENTRE TRUST LIMITED
(A Company Limited by Guarantee)
REGISTERED NUMBER: 03525067
BALANCE SHEET
AS AT 31 MARCH 2025
2025
2024
Note
FIXED ASSETS
Tangible assets
Investments
11
12
421,885
10,000
85.795
10,000
431,885
95.795
CURRENT ASSETS
Stocks
Debtors
Cash at bank and in hand
155
155
107,564
1,181.372
13
83.203
873,176
956.534
1,289,091
CREDITORS: amounts falling due within
one year
14
(77,324)
(105.695)
NET CURRENT ASSETS
879,210
1,183,396
NET ASSETS
1,311.095
1.279.191
CHARITY FUNDS
Restricted funds
Unrestricted funds
15
15
404.642
906,453
404,642
874.549
TOTAL FUNDS
1,311.095
1.279.191
Page11

SHENLEY LEISURE CENTRE TRUST LIMITED
(A Company Limited by Guarantee)
BALANCE SHEET (continued)
AS AT 31 MARCH 2025
The COMpan￿S financial statements have been prepa￿d in accordance with the provisions applicable to
companies subject to the small companies regime.
The Trustees conslder that the company is entitled to exemption from th& requirement to have an audit under the
provisions of section 477 of the Companies Act 2006 ('the Act") and members have not required the company to
obtain an audit for the year in question in accordance with section 476 of the Act.
The Trustees acknowledge their responsibilities for complying with the ￿quirementS of the Companies Act 2006
with respect to accounting records and the preparation of financial statements.
The financial ststements are signed on the Trustees behalf. on
C Brown
Chaimian of the Trust
The notes on pages 14 to 27 form part of these financial stalements.
Page 12

SHENLEY LEISURE CENTRE TRUST LIMITED
(A Company Limited by Guarantee)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
2025
2024
Note
Cash flows from operating actlvities
Net cash provided by operating activities
17
34,287
16,075
Cash flows from Investlng activities:
Purchase of tangible fixed assets
(342,483)
(20,727)
Net cash used In Investing activities
(342,483)
(20.727)
Change In cash and cash equivalents In the year
Cash and cash equivalents brought forward
(308,196)
1,181,372
(4.652)
1.186.024
Cash and cash equivalents carried forward
18
873,176
1,181.372
The notes on pages 14 to 27 form part of these financial statements.
Page 13

SHENLEY LEISURE CENTRE TRUST LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
ACCOUNTING POLICIES
1.1 Basis of preparation of finan¢lal statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102)
Accounting and Reporting by Charities.. Statement of Recommended PraGtice applicable lo charities
preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK
and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard
applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Shenley Leisure Centre Trust Limited meets the definition of a public benefit entity under FRS 102.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise
stated in the relevant accounting policy.
1.2 Company status
The company is a company limited by guarantee. The members of the company are the Trustees
named on page 1. In the event of the company being wound up, the liability in respect of the
guarantee is limited to £1 per member of the company.
If any propety remains upon the winding up or dissolution of the company it shall be given or
transferred to some other charitable institution having similar objects to the company.
1.3 Going concern
The financial statements have been prepared on a going concern basis. The Trustees have not
identified any further material uncertainties that may cast significant doubt about the ability of the
charitable company to continue as a going concern. The charitable companrfs business activities.
together with the factors likely to affect its future development, performance and position, its cash
flows and liquidity position have been assessed. The charitable company has sufficient financial
resources together with long term contracts for its trading centre.
Based on these assessments and having regard to the resources available to the charitable
company. the Trustees have concluded that there is no material uncertainty and that they can
continue to adopt the going concern basis in preparing the annual report and accounts.
Page 14

SHENLEY LEISURE CENTRE TRUST LIMITED
(A Company Limlted by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
ACCOUNTING POLICIES (CONTINUED)
1.4 Income
All income is recognised once the company has entitlement to the income, it is probable that the
income will be received and the amount of income receivable can be measured reliably.
Membership fees
Membership fees are amounts payable to Shenley Leisure Centre on a monthly basis for usage of
the leisure facilities. Details of the various membership categories and the benefits they offer Can be
found on our website at wwW.Shenle￿e1SUre.0rg.Uk.
Centre fees
Centre fees are amounts payable to Shenley Leisure Centre on a visit-by-visit basis for usage of the
leisure faGilities. Details of opening times. activity tables and charges are all available on our
website.
Management fees
Management fees are the fees paid by Shenley Leisure Centre Trading Limited for the use of the
facilities and associatted cost5
Grants receivable
Grants are accounted for when conditions to entitlement have been met.
Donations receivable
Donations are accounted for when the company has control over that ilem and conditions to
entitlement have been met.
Income tax reGoverable in relation to donations received under Gift Aid or deeds of covenant is
recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment
income is receivable.
Other income is recognised in the period in which it is receivable and lo the extent the goods have
been provided or on Completion of the service.
Page 15

SHENLEY LEISURE CENTRE TRUST LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
ACCOUNTING POLICIES {CONTINUED>
1.5 Expendlture
Expenditure is recognised once there is a legal or constructive obligation to transfer economic
benefit to a third paty, it is probable that a transfer of economi¢ benefits will be required in
settlement and the amount of the obligation can be measured reliably. Expenditure is classified by
activity- The costs of each activity are made up of the total of dired costs and shared costs,
including support costs involved in undertaking each activity. Direct costs attributable to a single
activity are allocated directly to Ihat aGtivity. Shared costs which contribute to more than one aclivity
and support costs which are not attributable to a single activity are apportioned between those
activities on a basis consistent with the use of reSoUr￿s. Central staff costs are allocated on the
basis of time spent, and depreciation charges allocated on the portion of the asset's use.
Support costs are those Costs incurred directly in support of expenditure on the objects of the
Company and include project management carried out at Headquarters.
Charitable activsties and Govemance costs are costs incurred on the companls operations.
including support costs and costs relating to the governance of the company apportioned to
charitable activities.
1.6 Turnover
Tumover comprises revenue recognised by the company in respect of goods and servi￿5 supplied
during the year, exclusive of Value Added Tax and trade discounts.
1.7 Tangible fixed assets and depreclation
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicat8
that the Garrying value of any fixed asset may not be recoverable. Shortfalls between the carrying
value of fixed assets and their recoverable amounts are recognised as impairments. Impairmenl
losses are recognised in the Statement of Financial Activities incorporating Income and Expenditure
Account.
Tangible fixed assets are carried at cost. net of depreciation and any provision for impairment.
Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated
residual value. over their expected useful lives on the following bases:
Long-term leasehold property
improvements
Golf Simulator
Furniture and fittings
Equipment
25 years straight line
10 years straight line
33 % straight line
259/0 Straight line
1.8 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their
transaction cost and subsequently measured at fair value at the Balance Sheet date, unless fair
value cannot be measured reliably in which case it is measured at cost less impairment. Investment
gains and losses, whether realised or unrealised, are combined and shown in the heading
'Gainsl(losses) on investments, in the Statement of Financial Activities incorporating Income and
Expenditure Account.
Page 16

SHENLEY LEISURE CENTRE TRUST LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
ACCOUNTING POLICIES (CONTINUED)
1.9 Interest recelvable
Interest on funds held on deposit is included when receivable and the amount can be measured
reliably by the company- this is normally upon notification of the interest paid or payable by the Bank.
1.10 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for
obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of
fixed and variable overheads.
1.11 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered.
Prepayments are valued at the amount prepaid net of any trade discounts due.
1.12 Cash at Bank and in hand
Cash at bank and in hand includes cash and short temi highly liquid investments with a short
maturity of three months or less ffom the date of acquisition or opening of the deposit or similar
account.
1.13 Liabilities and provFSIOIIS
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past
event. it is probable that a transfer of economic benefit will be required in settlement. and the
amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the
company anticipates it wtll pay to settle the debt or the amount it has received as advanced
payments for the goods or seNices it must provide. Provisions are measured at the best estimate of
the arnounts required to settle the obligation. Where the effect of the time value of money is
material, the provision is based on the present value of those amounts, discounted at the pre-tax
discount rate that reflects the risks specific to the liability. The unwinding of the discount is
recognised within interest payable and similar charges.
1.14 Flnancial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial
instruments. Basic financial instruments are initially recognised at transaction value and
subsequently measured at their settlement value with the exception of bank loans which are
subsequently measured at amortised cost using the effective interest method.
Page 17

SHENLEY LEISURE CENTRE TRUST LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
ACCOUNTING POLICIES (CONTINUED)
1.15 Pensions
Defined contributlon pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a
pension plan under which the Company pays fixed contributions into a separate entity. Once the
contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Income and Retained Earnings
when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The
assets of the plan are held separately from the Company in independently administered funds..
1.16 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in
furtherance of the general objectives of the company and which have not been designated for other
purposes.
Restricted funds are funds which are to be used in accordance with specifi¢ restrictions imposed by
donors or which have been raised by the company for particular purposes. The costs of raising and
administering such funds are charged against the specific fund. The aim and use of each restricted
fund is set out in the notes to the financial slatements.
1.17 Government grants
Government grants relating to tangible fixed assets are treated as income and released to
the Statement of Financial Activities over the expected useful lives of the assets concemed.
other grants are credited to the Statement of Financial Activities as the related expenditure is
incurred.
Job retention scheme grants received are accounted for when conditions to entitlement have been
met.
Page 18

SHENLEY LEISURE CENTRE TRUST LIMITED
(A Company Limlted by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
INCOME FROM DONATIONS AND LEGACIES
Unrestricted Restricted
funds
funds
2025
2025
Total
funds
2025
Total
funds
2024
Donation for use of facility
115,000
115.000
115,000
Total 2024
115.000
115,000
The company occupies Shenley Leisure Cenlre for a peppercorn rent. In accordance with the statement of
Recommended Practice.. Accounting by Charities. the Trustees have sought a valuation of this benefit for
inclusion in the Statement of Financial Activities. The benefit of this lease is valued at a commercial rent of
£115,000 (2023 £115.000) per annum assuming a normal commercial lease and no change to the current
exclusive and shared facilities. The valuation was performed by S Greener, Ilssistant Estate Surveyor of Milton
Keynes Council in September 1999. In 2021 the Trustees. under professional advice increased this from
£75,000 to £115,000 This benefit has been included under incoming resources, as intangible income, and the
related cost has been apportioned between ¢haritable and support costs.
INCOME FROM CHARITABLE ACTIVITIES
Unrestricted
funds
2025
Restricted
funds
2025
Total
funds
2025
Total
funds
2024
Room hire
Sporls
Health and fitness
Childrens, activities
79,546
258,357
97.252
7,983
79,546
258,357
97,252
7,983
76,933
157.860
76.907
6,510
443.138
443,138
318.210
Total 2024
318.210
318,210
TRADING ACTIVITIES
Unrestrlcted Restricted
funds
funds
2025
2025
Total
funds
2025
Total
funds
2024
Charity trading Income
Trading income Shenley Leisure Centre
Trading Limited
19,834
19,834
55,670
Nel income from trading activities
19.834
19,834
55.670
Page 19

SHENLEY LEISURE CENTRE TRUST LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
INVESTMENT INCOME
Unrestricted
funds
2025
Restricted
funds
2025
Total
funds
2025
Total
funds
2024
Bank interest receivable
20,824
20,824
23,904
Total 2024
23,904
23,904
OTHER INCOMING RESOURCES
Unrestricted
funds
2025
Restricted
funds
2025
Total
funds
2025
Total
funds
2024
Management charge
90,000
90.000
84.000
90,000
90,000
84,000
Total 2024
84.000
84.000
DIRECT COSTS
Total
2025
Total
2024
Activities
Sports
Health and fitness
Centre marketing
893
5,655
3,627
893
5,655
3,627
1.493
5,159
541
10,175
10,175
7,193
Total 2024
7,193
7,193
Page 20

SHENLEY LEISURE CENTRE TRUST LIMITED
(A Company Limlted by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
SUPPORT COSTS
Support
costs
Total
2025
Total
2024
Wages and salaries
Donated facility
Insurance
Light and heat
Repairs and maintenance
Printing and stationery
Advertising
Legal and professional
Water
Refuse charges
Telephone
Accountancy and book keeper
Computer costs
Cleaning
Health and safety
Bank charges
Sundry
Bad debt
Additional rental paid
Depreciation
367,952
115,000
5,998
62,737
17,006
2,300
145
10,233
3,946
111
488
6,422
20,049
4,550
2,104
5,538
3,680
367,952
115,000
5,998
62,737
17,006
2,300
145
10,233
3.946
111
488
6,422
20.049
4,550
2,104
5,538
3,680
296,731
115,000
6.119
96,289
23,982
1.655
91
5,599
4.610
958
9,582
20.502
4.532
1,900
3,955
3.257
Ill
(359)
12,424
6,393
(359)
12,424
6,393
12,424
9,271
646,717
646.717
616,541
Total 2024
616,541
616.541
During the year ended 31 March 2025, the company incurred the following Governance costs:
£NIL (2024 - £8,891) included within the table above in respect of Support costs.
TURNOVER
The whole of the turnover is attributable to the operation and running of a sports centre for people of all
ages and from all sections of the community to use the facilities for a whole range of both active and more
passive types of activities.
All turnover arose within the United Kingdom.
Page 21

SHENLEY LEISURE CENTRE TRUST LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
10. STAFF COSTS
The average number of persons employed by the company during the year was as follows:
2025
2024
Management and administration
Office staff
Centre staff
25
28
27
30
No employee received remuneration amounting to more than £60,000 in either year.
11. TANGIBLE FIXED ASSETS
Leasehold
property
Improvements
Golf
Flxtures
simulator and fittlngs Equipment
Total
Cost
At 1 April 2024
Additions
132,282
20,727
326,558
135.719
1,368
137,164
14.557
425.892
342.483
At 31 March 2025
132,282
347,285
137.087
151,721
768,375
Depreciation
At 1 April 2024
Charge for the year
74.712
128,221
5,502
137,164
891
340.097
6,393
At 31 March 2025
74,712
133,723
138.055
346,490
Net book value
At 31 March 2025
57.570
347,285
3,364
13,666
421,885
At 31 March 2024
57.570
20.727
7,498
85,795
12. FIXED ASSET INVESTMENTS
Shares in
group
undertakFngs
Market value
At 1 April 2024 and 31 March 2025
10,000
Page 22

SHENLEY LEISURE CENTRE TRUST LIMITED
(A Company Llmited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
12. FIXED ASSET INVESTMENTS (continued)
Subsldlary undertaklngs
The following were subsidiary undertakings of the company.
Name
Shenley Leisure Centre Trading Limited
The aggregate of the share capital and reserves as at 31 March 2025 and of the profit or loss for the year
ended on that date for the subsidiary undertakings were as follows..
Holding
Aggregate of
share capttal
and reserves
Name
Profitl(loss)
Shenley Leisure Centre Trading Limited
110,000
(1.834)
13. DEBTORS
2025
2024
Trade debtors
Amounts owed by group undertakings
Prepayments and accrued income
14,340
62,417
6,446
15.936
83,994
7,634
83,203
107.564
14.
CREDITORS: Amounts falling due within one year
2025
2024
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
25,310
5,089
1.128
45,797
95,205
3,664
930
5,896
77,324
105.695
Page 23

SHENLEY LEISURE CENTRE TRUST LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
15. STATEMENT OF FUNDS
STATEMENT OF FUNDS-CURRENT YEAR
Balance at
31 March
2025
Balance at
1 April 2024
Income Expendlture
Designated funds
Capital expenditure fund
150,000
150.000
General funds
General Funds- all funds
724,549
688,796
(656.892)
756,453
Total Unrestricted funds
874.549
688,796
{656,892}
906,453
Restricted funds
Sports hall facility
404,642
404.642
Total of funds
1,279,191
688,796
(656.892) 1,311.095
The designated capitsl fund represents future Gapital expenditure as shown in the Charity's capital
expenditure programme including a provision for future maintenance. Any amounts not utilised are carried
forward where the specific purpose or project remains part of the expenditure programme.
The lease with Milton Keynes Council stipulates that £30,000 annually adjusted for inflation must be
allocated to a separate designated fund to be used for planned maintenance of the premises including
refurbishment and capitsl works. During the financial statements £30.971 were incurred regarding the
sports centre.
Restricted Funds
Milton Keynes Council grant received towards the legal costs and other expenses associated wtth the
Section 106 Replacement Leisure Facilities Contribution, for the purpose of delivering a new multi-use
sports hall facility at Shenley Leisure Centre.
Milton Keynes Council grant received towards the legal costs and other expenses associated with the
sports hall facility.
Page 24

SHENLEY LEISURE CENTRE TRUST LIMITED
(A Company Llmited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
15. STATEMENT OF FUNDS (continued)
STATEMENT OF FUNDS- PRIOR YEAR
Balance at
31 March
2024
Balance at
1 April 2023
Transfers
inl(out)
Income Expenditure
Capital expenditure fund
150,000
(30,000)
(593.734)
30.000
150,000
General Funds - all funds
751,499
596,784
(30,000)
724,549
Restricted funds
Sports hall facility
404,642
404.642
Total ot funds
1,306,141
596.784
(623,734)
1.279.191
SUMMARY OF FUNDS - CURRENT YEAR
BalanGe at
31 March
2025
Balance at
1 April 2024
Income Expenditure
Designated funds
General funds
150,000
724,549
150,000
756,453
688.796
(656,892)
874,549
404.642
688.796
(656,892)
906,453
404,642
Restricted funds
1.279,191
688,796
{656,892) 1,311,095
SUMMARY OF FUNDS- PRIOR YEAR
Balance at
31 March
2024
Balance at
1 April 2023
Transfers
inl(out)
Income Expenditure
Designated funds
General funds
150,000
751,499
(30,000)
(593,734)
30,000
{30,000)
150,000
724,549
596,784
901.499
404,642
596,784
(623,734)
874,549
404.642
Restricted funds
1,306.141
596,784
(623,734)
1.279,191
Page 25

SHENLEY LEISURE CENTRE TRUST LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
16. ANALYSIS OF NET ASSETS BETWEEN FUNDS
ANALYSIS OF NET ASSETS BETWEEN FUNDS- CURRENTYEAR
Unrestrlcted Restrlcted
funds
funds
2025
2025
Total
funds
2025
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
92,927
10,000
880,850
(77.324)
328.958
421.885
10,000
956,534
(77.324)
75,684
906,453
404.642
1,311,095
ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR
Unrestricted
funds
2024
Restricted
funds
2024
Total
funds
2024
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
85.795
10,000
884,449
{105,695)
85.795
10,000
1,289.091
{105,695)
404,642
874,549
404.642
1.279.191
17. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING
ACTIVITIES
2025
2024
Net incomel{expenditure) for the year (as per Statement of Financial
Activities)
31.904
(26,950)
Adjustment for..
Depreciation charges
Decreasel(increase) In debtors
{Decrease)lincrease in creditors
6,393
24,361
(28,371)
9.271
{20.129)
53,883
Net cash provlded by operating activities
34,287
16.075
Page 26

SHENLEY LEISURE CENTRE TRUST LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
18. ANALYSIS OF CASH AND CASH EQUIVALENTS
2025
2024
Cash in hand
873,176
1,181,372
Total
873,176
1,181.372
19. TRUSTEE REMUNERATION AND EXPENSES
No Trustee received remuneration or reimbursement of expenses during the year (2024 - £nil).
20. RELATED PARTY TRANSACTIONS
Mr W G Butler is a Trustee of Shenley Leisure Centre Trust Limited and a Trustee of The Denbigh
Alliance.
The Denbigh Alliance leases Shenley Leisure Centre lo Milton Keynes CounGil for a peppercorn rent who
sub4ease to Shenley Leisure Centre Trust Limited.
During the year, The Denbigh Ailiance recharged Shenley Leisure Centre Trust Limited in respect of
repairs to shared areas as well as cleaning costs and recharges of uility Costs. At Ihe year end there was a
balance owing by Shenley Leisure Centre Trust Limited of £3,380 (2024 - £9.522).
The Denbigh Alliance also paid Shenley Leisure Centre Trust Limited in respect of the licence fee for a
shared facilities agreement. At the year end there was a balance owing by Shenley Leisure Centre Trust
Limited of £3.106 (2024 - £1,035).
During the year Shenley Leisure Trust Limited recharged Shenley Leisure Centre Trading Limited £90.000
(2024 £84.000) 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 £nil {2024 - £nil).
At 31 March 2025. there was a balance owing by Shenley Leisure Centre Trading Limited of £62.417
{2024 - £83,994). This has no fixed repayment date.
21. PENSION SCHEME
The company operates a defined contribution pension scheme. The assets of the scheme are held
seperately from those of the company in an independently administered fund. The pension cost charge
represents contributions payable by the company to the fund and amounted to £4,398 (2024- £3.713). At
the 31 March 2024 there was a balance owing of £1,028 (2024 - £830).
Page 27