Charity Reglstratlon No. 1074808 Company Registration No. 03531443 (England and Wales) TAMESIDE SPORTS TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TAMESIDE
TAMESIDE SPORTS TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Martin Nield Chris Easton Daniel Clark Jacqueline Moores Julian Sexton David Wadsworth Phillip Brown Aron Shaw Louise Nolan Gareth Hurfurt {Appointed 6 September 2023) (Appointed 6 September 2023) (Appointed 31 July 2024) (Appointed 31 July 2024) Charlty number 1074808 Company number 03531443 Reglstered offlce Ken Ward Sports Centr8 Hattersley Road East Hattersley Hyde Cheshire SK14 3NL Audltor Chadwick & Company (Manchester) Limited Chartered Accountants Statutory Auditors Capital House 272 Manchester Road Droylsden Manchester M43 6PW Bankers The Co-operative Bank PIC 1 Market Place Ashton-under-Lyne Lancashire OL6 6DL Sollcltors Pannone & Partners 23 Deansgate Manchester M3 2BU
TAMESIDE SPORTS TRUST CONTENTS Page Trustees, report Statement of trustees, responsibilities Independent auditorfs report 9-12 Statement of financial activities 13 Balance sheet 14 Statement of cash flows 15 Notes to the financial statements 16-33 The following pages do not fomi part of the audrted financial statements.. 34-35 Detailed ststement of financial activities
TAMESIDE SPORTS TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The directors present their report and accounts for the year ended 31 March 2024. The financial slatements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Trust's Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods commencing from 1 January 2019). structure, governance and management Tameside Sports Trust {the Trust) is a company limited by guarantee and governed by its Articles of Association adopted on 21 November 2018. It is registered as a charity with the Charity Commission. Each director has a liability limiled to £10 each in the event of the winding up of the charity. The Board has adopted the 2016 Code for Sports Governance produced by Sport England and Sport UK. The trustees have delegated the day to day management to the chief executive officer Reg Patel (appointed 22 May 2023). The directors who are also the trustees for the purpose of company law and vtho served during the year were.. Jon Kealing Martin Nield Chris Easton Daniel Clark Jacqueline Moores Julian Sexton David Wadsworth Michaela Bowker Phillip Brown Aron Shaw Louise Nolan Gareth Hurfurt (Resigned 31 May 2023) (Resigned 17 July 2024) (Appointed 6 September 2023) (Appointed 6 September 2023) (Appointed 31 July 2024) (Appointed 31 July 2024) Recrultment and appolntment of new DlrectorJ The Board consists of no less than three and no more than eleven directors of which up to two can be nominated by Tameside Melropolilan Borough Councll. The remaining directors are appointed from within the local community by process of advertisement, application and interview. Each director would expect to serve for three years before reselection or retirement. Induction and tralnlng of trustses New Directors are given an induction summarising the activities of the Trust, the role of the directors, an organisalion chart, board meeting procedures and contact details. All new direclors provide a signed declaration confirming the director understands their responsibilities and obligations as a director. Board Meetings The directors meet every two months. Ad-hoc groups are organised as and when required for unique considerations. The organisation is in the pro$5 of creating three sub groups for deeper consideration.
TAMESIDE SPORTS TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Relatlonshlp wlth related partles The Trust has a close relationship with Tameside Metropolitan Borough Council (The Council) for whom It manages the Borough's sports and leisure facilities to deliver their community use function. Council facilities include Active Copley, Active Medlock, Active Ashton. Active Hyde, i-Train. Tameside Wlellness Centre Denton, Acliv8 Etherow, Active Ken Ward, Active Oxford Park, Tameside Cycle Circurt and Adventure Longendale. In September 2023 This estate sadly reduced due to a combination of factors including spiralling eXJSts of delivery and also due to the site conditions. Ultimately Active Ashton and Adventure Longdendale both ceased to operate but an agreement was reached with the landowners and a private individual to take over the services at Active Etherow. The remaining facilities now consist of five swimming pools, one of which, Hyde also operates a bespoke leisure pool, and five state of the art gyms and dance studios. In addition, Ken Ward Sports Centre and Oxford Park provide a further two gyms and two dance studios and a 1km outdoor cycle track with classroom and oTrsite facilities. There are currently two council nominated directors who are the Chair of the Board and as shown above. In addition, the Chief Executive and the Chair of the Sports Trust have regular meetings with senior Council officers. The Trust has an agreement with the Council to operate the Council's sports facilities and deliver sports activities, the outcomes of which are determined by a number of agreed partnership objectives. The Trust has an agreement with Copley High School for the provision of sports facilities at Active Copley. Copley High School is part of Great Academies Education Trust {GAET). And also. an agreement with TMBC to operate the catering services at Loxley House and through Jigsaw Homes we additionally operate the catering service at Beatrix House.
TAMESIDE SPORTS TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Objectives, actlvltles. achievements and performance The Trust's objectives and principal activities, as contained in its Articles of Association are: "To provide or assist in the provision of facilities for recreation or other leisure time occupation for the general public in connection wilh the Tameside Metropolitan Borough and its surrounding ar8as (and such other areas as the Trustees determine from time to time) in the interests of sorial welfare." AS an organisation over the previous years we have become so much more than this to our community. morphing into a deliverer of Health. Wellbeing, and social care services, working with TMBC and key stakeholders focusing attention on the most affected in our society- This approach has received local and national accolath, and we are seen in our industry as a force for community good and change. The Information below shares this journey with some key metrics for capturing context. We have Introduced, developed, and expanded several of our services during this year such as: The Adult Daycare Services for Adults with disabilities and additional needs delivered 28,468 sessions to clients throughout the year. We delivered 13,188 hours of holiday and respite care to children, young people and adults wlth a disability or additional needs throughout this year. Through our 'Live Active. scheme- we delivered 2,471 referrals of which 61 % are actively engaging. This year we have seen a new reintegration model reduction which will ensure greater numbers coming through the pathway with 92% uptake from referral. Our Fuel for Fun hollday activities sessions experienced 71,201 attendances across the year and In addition providing 53,920 nutritional meal food hampers for families affected across the borough. New GM integrated NHS partnership funded post for SEND Participation officer to support families and young people who are on long-tem waiting list for diagnosis and signpost to new and existing community provision. Tameside sport and physical activity Network ITSPAN) has 127 affiliated clubs, group & Faith organisations in Tameside who focus on tackling inequalilies and ensuring they are sustainable for future generations. This resulted in supporting clubs in leverage of exiernal funding in Tameside £125.200. Active Tameside delivered Bikeability level 1 & 2 road safety training program to year 6 pupils in Tameside primary schools, on behalf of Tameside MBC from funding through Active travel England. We also received £66,000 from Sport England for the deepen submission of the local delivery pilot for work we are doing around falls prevention. This will bring an additional 400 clients into the Live Active service. Additional funding has been agreed from 2025-2028 which will enable an additional 1200 people with a long-term condition to come through the service. Our Active Education team- delivering high quality physical education and developing a child's understanding of physical literacy in school curriculum. with 368,968 attendances and supported with the delivery of after school sports clubs delivering after school clubs with 16,066 attendances. Which provided pathway into community sports clubs and physical activity groups for 358 young people. TSPAN supported 38 underprivileged volunteers with mandatory and NGB qualifications. Active Tameside delivered a Health & Wellbeing program (Active Body Active Mind) funded through NHS (SEND Improvement) which supported 30 schools to improve and instil mental coping strategies. Active Education introduced Mini Medics which is a basic introduction to first aid and deliberation aimed at key stage 2 children. We have currently delivered to 16 schools or 960 children in its inception year. Active Tameside also increased the number of contracts to deliver in partnership with a range of local organisations, Adult Day Care services, Early Years & school readiness, Jigsaw homes, Active body Active mind, Bikeability and delivery of the Holiday activty & Food grant.
TAMESIDE SPORTS TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Working with Sport England and its partner organisations to produce credible social return on investment metrics which must shift the discussion from the sector to an imperative investment opportunity and proof positive that we could and should be a bigger part of the answer through our health and social impacts as it is made significantly tangible in the metrics above. This is being delivered in partnership with 4Global and Moving Communities platform. This year in addition to the soclal outturns we have enhanced our physical estate by investing and refurbishing the dance studio at Active Copley and environmentally by installing LED lighting. Through the GMCA and the borough council funding for investing in energy efficiency measures at Adiv8 Hyde including additional solar panels, replacing all internal lighting to LED and through the installation of air source heating pumps have all been introduced to improve the sites energy efficiency and reduce the companies carbon footprint. The same scope of works have also been actioned at Active Medlock with the additionality of cavity wall insulation around the old sports hall structure Health and Fitness revenue in particular has grown this year, not just from the recovery of membeT5hip levels peaking at over 13,487 monthly members including our Live Active clients, but also, from enhand overall yield via pricing and promotion which encouraged upgrading. Put simply. the proportion of high yielding Premier direct debit memberships grew steadily reaching £24.35 per membership for our overall yield including our Live Active concessionary Pfices. The same growth was also being experienced in our other key commercial income streams. Private learn to Swim weekly lessons capacity had held firm despite our closure of a key site Active Ashton retaining 5,757 across our remaining estate. In addition, the Active Tameside Digital App which is our primary platfomi for live information sharing. queries and booklng classes and session8 has now been downloaded by over 71,666 individuals, wilh 17,001 new downloads this year. The plan that was developed to enable the delivery of a balanced budget in 2023124 was successfully implem8nted during the financial year. The closing of 3 sites - Ath've Ashton. Adventure Longdendale and Etherow - has been achieved with little or no negative impact to the Trust - redundancies were successfully avoided and membershlp retention exceeded expectation. More than 60Vo of the Active Tameside work force vRre on the National MinimumlLiving wage which now concertinas 4 grades of posts into the one singular rate of pay stretching from Cleaners to Sports Coaches. It's also the case that year by year, a bigger and bigger proportion of the Workfor is dragged into MinimumiLiving wage status as 'mainstream' inflationary awards fail lo keep pace. In the light of improved financial performance during the current financial year a pay award has been agreed for April 2024 that will separate out the lower pay grades and give all staff a more than inflationary pay award. By April 2025 the aim is to have all employees (aged 21+) on at least the Real Living Wage, to ensure compliance with Tameside Borough Council's agency management plan. In conclusion, 2023124 has been an exceptionally challenging year. However, the Trust has ended the year in a much stronger position than could have been expected. and looking fotward to an even stronger 2024125 with significant surplus anticipated. Rlsk management The major risks to which the charity is exposed. as identified by the directors. have been reviewed and systems have been established to mitigate those risks. strategic report The description under the heading "Financial review, meets the company law requirements for the trustees to present a strategic report.
TAMESIDE SPORTS TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Publlc beneflt 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. In particular the Directors consider how planned activities will contribute to the aims and objectives they have set. The Trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance by the Charity Commission for England and Wales. Charltable actlvltles To supplement the provision of high-quality leisure facilities the Trust remains committed to developing a high- quality service. The Trust is working with partner organisations to introduce cost effective, fit for purpose, peer quality assurance processes. Flnanclal revlew The financial statements have been prepared on a going concern basis, which presumes that the Trust will continue to receive financial support from the Council by means of a management fee. The management fee from the Council including the health contribution has been settled at £777,000 for 2023124. This figure has again been agreed for 2024125 as the amount available to assist with the concessionary rates required and maintenance costs of operating the estate. To supplement the provision of high-quality leisure facilities the Trust remains committed to developing a high- quality service. The Trust is worklng with partner organisations to introduce cost effective. fit for purpose, peer quality assurance processes. Charity's main income comes from health & fitness memberships throughout the centres, plus the commissioned services delivered on behalf of Tameside local authority. The Trust also delivered various programmes on behalf of local schools which include swimming, bikeablity and football. Total income for the year ended 31 March 2024 was £14,490,375 (2023.. £ 14,103.643) from Charitable Activities which is an increase of 2.7% from the previous year as operations continue to grow. Total expenditure for the year ended 202312024 was £ 15,927,253 (202212023 £ 18,671,636), a decrease of 150/0 as the Trust was able to demonstrate sound financial management and control costs. The Trust had an overall funds £4,577,636 as at 31 March 2024. This included an increase in the pension fund surplus to £8,903,000 (2023 £7,438,000) and was an asset on the balan sheet. Reserves pollcy It is the aim of the Directors to build up unrestricted reserves to cover a reasonable level of fUre management, administration and support costs. Due to the on-going effects of recent challenge5, the Directors have not included an annual conlribution for 2023124 but remain committed to developing a reserve policy to 5UPPOrt the medium-term financial strategy. The Restricted Reserve of £376,065 represents the balance of the development funding for the Ashton, Copley & Hyde Facility refurbishment plus funding was also reiVed for major refurbishments such as Denton Wellness Centre and ITrain (Dukinfield). Investment pollcy The Trust does not at this stage in its development consider it necessary to have a formal investment policy. Since its formalion all surplus monies have been invested on our behalf through the Trust's bankers who have provided us with access to an interest bearing Reserve Account.
TAMESIDE SPORTS TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Employee Involvemont Tameside Sports Trust operates an all-inclusive equal opportunities and diversity policy in relation to employment applications. The Trust is striving to be an effective Equal Opportunities Employer. The purpose of this policy is to provide opportunities to all in employment irrespective of gender, race, ethnic origin. disabilities. age, nationality, national origin, sexuallty, religion, marital status and social class. We oppose all foms of unlawful and unfair discrimination. This year's analysis tells us that we have a gender pay gap for 2024 of 3.14% vA)ich means that the average pay for males is higher than female, this is a decrease from 7.02% on last year. Active Tameside's employs more females than males with a 59% of employees being female; this is a 1 % increase on last year. The Trust is committed to the ongoing development and training of all its employees who it considers to be its most valuable asset. As such an employee who becomes disabled will be provided with any necessary training to ensure Iheir continued employment within the Trust. The Trust has a comprehensive stsff review procedure which ensures that the training requirements and the career development of all its employees. The Trust produces a bimonthly newsletter which is distributed to every member of staff which includes information relating to the performance of the organisation and also any information and "news" items that may be considered relevant to the staff. The Senior Leadership Teams also hold regular meetings with site and service staff to ensure they are updated on all key activtty. Future Developments An application to Sport England for capital investment funding (Via the council) has been successful and plans are being developed to install a solar panel scheme at Tameside Wellness Centre - Denton which will reduce the sites electricity consumption in the forthcoming years. The company has managed the facilities reduction plan during 2023124 and will in 2024125 consider optlons for growth where a strong, robust business model can offer assurances that profit will be created in the appropriate timeframe. Prlncipal rlsks and uncertaintles The Trust continues to receive funding from Tameside Metropolitan Borough Council by way of a management charge. TMBC is also the biggest single credrtor excluding the Local Government Pension Scheme. The biggest risk facing the Trust is the unprecedented increase in utilities and rises in the national living wa3e and Real living wage. Golng Concern The directors have reviewed budgets and cash flow forecasts for the periods to 31 March 2025. They beli8ve the Trust has sufficient financial headroom coupled with energy efficiency savings and robust income streams to have sufficient confidence in the organisation's financial resilience. The directors have considered the budgets, forecasts, the proposed savings and future income and consider them to be reasonable. After making enquiries and considering the issues described above, the directors have a reasonable 8xpectation that the Trust has adequate resources to continue in operational existence for Ihe foreseeable future. For these reasons they continue to adopt the going concern basis of accounting in preparing these financial statements. Dlsclosure of informatlon to audltor EaGh of the Irustees has confirmed that there is no infomiation of vthich they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confimied that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.
TAMESIDE SPORTS TRUST TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Audltor A resolution proposing that Chadwick & Company (Manchester) Limited be reappointed as auditors will be put to the members. On behalf of the board of Directors Phillip Brown Dlrector 17 December 2024
TAMESIDE SPORTS TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The trustees, who are also the directors of Tameside Sports Trust for the purpose 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 trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the trust and of the incoming resources and application of resources, including the income and expenditure. of the charitable company for that year. 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 judgements and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the trust will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial posilion of the trust and enable them to ensure that financial statements comply with the Companies Act 2008. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other IegUlaties.
TAMESIDE SPORTS TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TAMESIDE SPORTS TRUST Oplnion We have audited the financial statements of Tameside Sports Trust ('the trust,) for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practi,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing {UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described In the Auditors responsibilities for the audit ol the accounts section of our report. We are independent of the trust in accordance with the ethical requirements that are relevant to cr audit of the accounts in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical r&8ponsibilities In accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the trustees, use of the going concem basi8 Of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relatlng to events or conditions that, individually or collectively, may cast significant doubt on the the trust's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Informatlon The other information comprises the information included in the annual report other than the finartial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otheiSe explicitly stated in our report, we do not express any fonn of assuran conclusion thereon. Our responsibility is to read the other information and, in doing so. consider vthether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfomied, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
TAMESIDE SPORTS TRUST INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE MEMBERS OF TAMESIDE SPORTS TRUST Opinions on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the vrfork undertaken in the course of our audit: the information given in the trustees, report, which includes the directors, report and the strategic r8POrt prepared for the purposes of company law, for the financial year for which the financial slatements are prepared is consistent with the financial statements., and the strategic report and the directors, report included within the trustees, report have been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by exceptlon In the light of the knowledge and understanding of the trust and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the dir8Ctors' report included within the trustees, report. We have nothing to report in respect of the following matters in relats'on to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees, remuneration specified by law are not made., or we have not reiVed all the information and explanations we require for our audit. Responslbllltles of trustees As explained more fully in the statement of trustees, responsibilities, the trustees, who are also the directors of the trust for the purpose of company law, are responsible for the preparation of the financial statements and for being salisfied that they give a true and fair view. and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing ihe financial statements. the trustees are responsible for assessing the trust's ability to continue as a going concern, disclosing, as applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Audltor's responslblllties for the audlt of the financlal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance wilh ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities is available on the Financial Reporting Council's website at.. httPS'.11 www.frc.org.uklauditorsresponsibilities. This description fornis part of our auditors report. Extent to which the audlt was considered capable of detectlng Irregularltles, Includlng fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line wilh our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our ProdureS are capable of detecting irregularities, including fraud, is detailed below. We considered and updated our knowledge of the company's specific industry and its regulatory environment, and reviewed the company's documentation surrounding the policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities. Based on this understanding, we identified and assessed the risks of material misstatement in the financial statements and designed and performed audit procedures in response to those risks. 10-
TAMESIDE SPORTS TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF TAMESIDE SPORTS TRUST We identified the key laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, the most significant of these is the UK Companies Act 2006 but also includes the Charities Act, Health & Safety Act. Food Hygiene Act and regulations on Chemical and SUbStans Harmful to Health (COSHH} . We also gained knowledge of the legal and regulatory frameworks which do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. Audit rosponse to rlsks identlfled The audit engagement team were made aware of the potential opportunities and incentives that may exist within the company for fraudulent activity and how and where fraud might occur or b8 concealed within the financial statements. In common with all audits under ISAS (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other manual adjustments,. assessed whether the judgements made in making accounting estimates are indicative of a potential bias- and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business. In addition to the above, we designed procedures vthich included: enquiring of management and those charged with governance concerning actual and potential litigation and claims and any known instances of non-compliance with laws and regulations- reviewing minutes of meetings of those charged with governance., assessing Ihe extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry or inspection; reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulalions., performing detalled audit work on areas identified as being susceptible to management bias and override of controls, such as provisions, estimates and journal entries, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of bias., performing analytical procedures to identify any unusual relationships that may indicate a risk of materlal misstatement due to fraud. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increas88 the more that compliance with a law or regulalion is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fud is higher than for one resulting from error, as fraud may involve collusion, forgery. intentional omissions, misrepresenta.on$. or the override of internal control. 11
TAMESIDE SPORTS TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF TAMESIDE SPORTS TRUST Use of our report This report is made solely to the charitable company's members. as a body, in accordan with Chapter 3 of Parl 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitat4e company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Tracey Connor (Senlor Statutory Audltor) for and on behalf of Chadwick & Company (Manchestor) Llmlted Chartered Accountants Statutory Auditors Capital House 272 Manchester Road Droylsden Manchester M43 6PW 18 December 2024 12-
TAMESIDE SPORTS TRUST STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlcted Restrlcted funds funds Total 2024 Total 2023 Notes Charitable activities Investments 14,490,375 1,390,000 14,490,375 14,103,643 1.390,000 789.000 Total Income 15,880,375 15,880,375 14,892,643 Charitable activities 15.739,220 188,033 15,927,253 18,871,636 Net Incomel(expenditure) for the yearl Net Incomlnglloutgolngl resources 141,155 (188,033) (46,878) {3,778.993) Other recognlsed gains and losses Actuarial gain on defined benefit pension schemes 944,000 944,000 11,225,000 Nèt movement In funds 1,085.155 (188,033) 897,122 7,446,007 Fund balances at 1 Aprll 2023 3.116.416 564,098 3,880,514 (3,765,493) Fund balances at 31 March 2024 4,201,571 376.065 4,577,636 3,680,514 The statement of financial activities includes all gains and losses recognised in the year. The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure d8rive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the CompaniesAct 2008. 13-
TAMESIDE SPORTS TRUST BALANCE SHEET ASAT 31 MARCH 2024 2024 2023 Notes Flxed assets Tangible assets 11 684,257 1,258,954 Current assets stocks Debtors Cash at bank and in hand 12 13 34,451 418,143 314,198 34,215 1,671,748 123,441 766,792 1,829,404 Creditors: amounts falllng due wlthln one year 14 2,803,746 3,883,681 Net Current Ilabilities (2,036,954) (2,054,277) Total assets less current Ilabllltles (1,352,697) (795,323) Creditors: amounts falllng due after more than one year 16 (2,972,687) (2,960,163) Net assets excludlng penslon surplus (4,325,364) (3,755,486) Defined benefit pension surplus 17 8,903.000 7,436,000 Net assets 4,577,636 3,680,514 The funds of the the trust Restricted income funds Unrestricted funds Pension reserve 18 376,065 {4,701.429) 8,903,000 564,098 14,319,584) 7,436,000 4,577,636 3,680,514 The financial statements were approved by the trustees on 17 December 2024 Phillip Brown Trustee Company registration number 03531443 (England and INales) 14-
TAMESIDE SPORTS TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flovts from oporatlng actlvltles Cash generated froml(absorbed by) operations 23 129.507 (221,892) Investlng activltles Purchase of tangible fixed assets Proceeds on disposal of tangible fixed assets (597.669) 3,449 Net cash generated froml(used In} Investing actlvltles 3,449 (597,669) Flnanclng actlvltles Repayment of borrowings 57.801 52.121 Net cash generated from flnan¢lng activltles 57,801 52,121 Net Increasel(d•crea8a) In cash and cash equlvalents 190,757 (767,440) Cash and cash equivalents at beginning of year 123,441 890,881 Cash and cash equlvalonts at end of year 314,198 123,441 15-
TAMESIDE SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policles Company Information Tameside Sports Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Ken Ward Sports Cenlre, Hattersley Road East, Hatlersley, Hyde, Chèshire. SK14 3NL. The Trust is registered with the Charities Commission with reference number 1074808 and also uses the name Active Tameside. 1.1 Accountlng convention The financial statements have been prepared in accordance with the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (as amended for accounting periods commencing from 1 January 2019)" The the trust is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the the trust. Monetsry amounts in these financial statements are rounded lo the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Golng concern The Trust has nel current liablllties of £2,038,954 (2023- £2.054,277) at 31 March 2024 but a defined benefit pension surplus of £8,903,000 (2023 £7,436,000) which leaves an overall net assets of th8 trust at £4,577,636 (2023- £3,380,514). The directors have reviewed budgets and cash flow forecasts for the periods to 31 March 2026. Th&y believe the Trust has sufficient financial headroom coupled with energy efficiency savings and robust income streams to have sufficient confidence in the organisation's financial resilience. The directors have considered the budgets, forecasts, the proposed savings and future income and consider them to be reasonable. After maklng enquiries and considering the issues described above, the directors have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable futur8. For these reasons they continue to adopt the going concern basis of accounting in preparing these financial ststements. Company status The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding-up is limited to £10. 1.3 Charltable funds Unrestricted funds can be used in accordance with the charitable objectives at the dIretIOn of the directors. Restricted funds can only be used for particular restricted purposes within the objectives of the charity. Reslriclions arise when specified by the donor or vthen funds are raised for particular restricted purposes. Designated funds are set aside by the directors out of unrestricted general funds for specific purposes or projects. Further explanation of the nature and purpose of each fund is included in the notes to the fi'nancial statements. 16-
TAMESIDE SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcles (Contlnuedl 1.4 Incomlng resources Charltable actlvltles The fees and charges represent the value of the seprfices and goods provided, excluding value added tax. Grants Grants are accounted for on a receivable basis. Intanglble incom8 Intangible income, which would comprise the use of the donated facilities is not recognised, as there is no financial cost borne by the third party. Interest recelvable Interest is included when received by the charity. 1.5 Resources expended Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in $8ttlement. 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 totsl of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activily are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned beeen those activities on a basis consistent wilh the use of resources. Central staff costs are allocat8d on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. Resources expended are included in the statement of financlal activities on an accruals basis, inclusive of any VAT which cannot be recovered. Expenditure on charitable aclivities comprises those costs incurred by the charity In furtherance of its aclivilies and services. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include audit fees and costs linked to the strategic management of the charity. 1.6 Tanglble flxed assets The Trust's policy is to write off the costs of the replacement of the landlord's fixed assets to the statement of financial activities in the year of acquisition. Major refurblshments It is the Trust's policy to capitalise expenditure on the major refurbishments and to write off this expenditure over a period not exceeding their effective useful life as follows-_ over the remaining tenn of the lease 5.1 Ooh straight line 10-33% straight line Leasehold property refurbishment Football pitches IT and general equipment 1.7 Stocks Slocks are valued at the lower of cost and net realisable value, after make due allowan for obsolete and slow moving items. 17-
TAMESIDE SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcles (Continued) 1.8 Cash and cash 8qulvalents Cash and cash equivalents include cash in hand, deposits held at call wth banks, other short-term liquid investments wilh original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Financlal Instrum8nts The trust has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues. of FRS 102 to all of its financial instruments. Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic flnancial assets Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted In an active market are classified as 'loans and receivables,. Loans and receivables are measured at amortised cosl using the effective interest method, less any impairment. Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. Derecognltlon of financlal assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled or when the trust transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party, Basic Ilnanclal Ilabilitles Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a non basic financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial Siabilities classified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or seprfices that have been acquired in the ordinary course of operations from suppliers. Amunts payable are classified as current liabilities if payment is due within one year or less. Derecognition of financial Ilabilities Financial liabilities are derecognised when the trust's contractual obligations expire or are discharged or cancelled. 1.10 Employee beneflts The cost of any unused holiday entiilement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the trust is demonstrably committed to terminate the employment of an employee or to provide temination benefits. 18-
TAMESIDE SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles (Contlnued) 1.11 Retirement benefits The cost of providing benefits under defined benefit plans is detemiined separately for each plan using the projected unit credit method, and is based on actuarial advice. The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as incurred. The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in incomel(expenditure) for the year. Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other recognised gains and losses in the period in which they occur and are not reclassified to incomel(expenditure) in subsequent periods. The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefil asset is limited to the amount that may be recovered either through reduced contributions or agreed r8funds from the scheme. 1.12 Leases Rentals payable under operating leases. including any lease incentives received, are charged as an expensa on a straight line basis over the term of the relevant lease. 1.13 Taxatlon The charity is exempt from corporation tsx on its charitsble activities. 1.14 Government Grants Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. INhere a grant does not specify performance conditions it is recognised in income when the protseds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. 19-
TAMESIDE SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Critlcal accounting estlmates and Judgements In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from olher sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Adual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. There have been no material judgements. ests'mates or assumptions conceming the carrying amount of assets and liabilities in the period.
TAMESIDE SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Investments Unrestrlcted funds Total 2024 2023 Net interest on defined benefit pension scheme 1,390,000 789,000 Charitable activltles 2024 2023 Staff costs Pensions Coaching Cost of trading Filness suite expenses Rent, heat, light and water Premises repairs and maintenance Adult social care costs Slaff training Depreciation of leasehold property refurbishment Depreciation of IT and general equipment Depreciation of football pitches Loss l (profit) on disposal of tangible fixed assets 7,000,605 7,323,057 657,881 1,554,132 657,477 557,700 656,635 564,123 599,754 527,453 2,016,948 1,928,513 776,188 999,862 346,696 1,046,672 96,928 86,315 185,819 956,877 199,410 463,834 40,989 (83,875> 186,020 13,380,157 15,965,652 Support costs {see note 6) Governance Costs (see note 6) 2,529,096 2,887,484 18,000 18,500 15,927,253 18,671,636 Analysls by fund Unrestricted funds Restricted funds - general 15.739,220 18,037,034 188,033 634,602 15,927.253 18,671,636
TAMESIDE SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs Support Governance costs costs 2024 2023 Insurance Cleaning Legal and professional Travelling expens8S Telephone, post and carriage Printing and stationery Marketing Bank charges and interest Bank loan interest and charges Cash collection service Sundry expenses Finance costs Audit 180,277 91.806 56,077 479.409 21,942 17,595 137,232 119,288 67,801 6.214 335,455 1,026,000 180,277 91,808 56,077 479,409 21,942 17,595 137,232 119,288 57,801 6,214 335,455 1.026.000 18,000 120,180 93,661 172,154 677,717 25,985 26,052 284,874 117,798 52,121 26,241 208,701 882,000 18,500 18,000 2,529,096 18,000 2,547,096 2.705,984 Analysed between Charitable activities 2,529,096 18,000 2.547,096 2.705,984 Audltor's remuneratlon The analysls of auditorfs remuneration is as follows.. 2024 2023 Audlt of the company's annual accounts 18,000 18,500 Trustees None of the trustee directors (or any persons connected with them) received any remuneration during the year, or were reimbursed any expenses. -23-
TAMESIDE SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Employees Number of employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Operational Management and administration 483 35 476 35 518 511 Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 6,617,078 383,527 657,681 6,965,151 357,906 1,554,131 7,658,286 8,877,188 The key management personnel of the trust comprise those persons having responsibility for plannlng, controlling and directing the activities of the organisation. The compensation of the key management personnel of Tameside Sports Trust is disclosed in note 22. The number of employees whose annual remuneration was £60,000 or more were.. 2024 Number 2023 Number £60,001- £70,000 £80,001- £90,000 Of the employees whose emoluments exceed £60.000, one (2023.. 1) has retirement benefits accruing under defined benefit pension schemes. 10 Taxatlon The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. -24-
TAMESIDE SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Tangibl6 flxed assets Leasehold property returbi5hment Football IT and ggneral pitches equlpment Total Cost At 1 April 2023 Disposals 10.255.977 1.119.740 4,009,585 15,385,302 {2,084,532) (463,860) (2,548,392) At 31 March 2024 8,171,445 1,119,740 3,545,725 12,836,910 Depreciation and Impalrment At 1 April 2023 Depreciation charged in the year Eliminated in respect of disposals 9.560,491 185,818 (1.943,754) 1.119,740 3,446,117 14,128,348 199,410 385,228 (415,169) 12,358,923) At 31 March 2024 7,802,555 1,119,740 3,230,358 12,152,653 Camilng amount At 31 March 2024 368,890 315,367 684,257 At 31 March 2023 695,488 563,488 1,258,954 12 Stocks 2024 2023 Finished goods and goods for resale 34,451 34,215 13 Debtor8 2024 2023 Amounts falllng due wlthin oné year: Trade debtors Other debtors Prepayments and accrued income 197,001 1,194 219,948 1,246,960 4,118 420,670 418,143 1,671,748 -25-
TAMESIDE SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Creditors: amounts falling due wlthln one year 2024 2023 Debenture loans Other taxation and social security Trade creditors Other creditors Accruals and deferred income 775,193 330,444 849,032 20,770 828,307 729,896 272,110 911,699 418,638 1,551,338 2,803,746 3.883,681 15 Credltors: amounts falllng due after more than one year 2024 2023 Debenture loans 2,972,667 2,960,163 16 Loans and overdrafts 2024 2023 Debenture loans 3,747,860 3,690,059 Payable within one year Payable after one year 775,193 2,972,667 729,896 2,960,163 Amounts included above which fall due after five years: Payable by instalments 131,004 131,000 The borrowings include a loan from Tameside MBC repayable over a period of fifteen y88rs by equal instalments and bears interest at a fixed rate of 5.17%. There are additional loans from Tameside MBC which are repayable over periods beeen seven and ten years by equal monthly instalments and bear interest at a fixed rate of 1.95%. 17 Retlrement beneflt schemes The trust operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the trust in an independently administered fund. -26-
TAMESIDE SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Retlrement benefit schemes (Continued) Defined beneflt schemes The company operates a defined benefrt pension scheme. The scheme funds are administered by Tameside Metropolitan Borough Council on behalf of Greater Manchester Pension Fund. The most recent full actuarial valuation was on 31 March 2019 and was carried out by a qualified independent actuary. The directors have obtained an actuarial valuation as at 31 March 2024, prepared by Hymans Robertson LLP only for the purposes of FRS 102 and has no validity in other circumstances. Key 8ssumplions 2024 2023 Dlscount rate Expected rate of increase of pensions In payment Expected rate of salary increases 4.85 2.75 3.55 4.85 2.85 4.91 Mortality assumptions The assumed life expectations on retirement at age 65 are.. 2024 Years 2023 Years Retiring today Males Females 20.4 22.5 20.6 22.7 Retiring in 20 years Males Females 20.1 24.3 20.3 24.6 Amounts recognised in the profit and loss account.. 2024 2023 Current service cost Net interest on defined benefit liabilty 673,000 (364,000) 1,717,000 93,000 Total costs 309,000 1,810,000 -27-
TAMESIDE SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 R8llrement beneflt schemes (Contlnued) Amounts taken to other comprehensive income: 2024 2023 Return on scheme assets excluding interest income Actuarial changes related to obligations 750,000 194,000 (296,000) 11,521,000 944,000 11,225,000 The amounts included in the balance sheet arising from the the trust's obligations in respect of defined benefit plans are as follows.. 2024 2023 Present value of defined benefit obligations Fair value of plan assets 22,071,000 21,062,000 (30,974,000> (28,498,000) Surplus in scheme (8,903,000) (7,436,000) Movements in the present value of defined benefit obligations: 2024 Liabilities at 1 April 2023 Current service cost Benefits paid Contributions from scheme members Actuarial gains and losses Interest cost 21.062,000 673,000 (748,000) 252,000 (194,000) 1,026,000 At 31 March 2024 22,071,000 The defined benefit obligations arise from plans funded as follows- 2024 Wholly unfunded obligations Wholly or partly funded obligations 22.071,000 22,071.000 -28-
TAMESIDE SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Retlremènt benefit schemes (Continued) Movements in the fair value of plan assets- 2024 Fair value of assets at 1 April 2023 Interest income Return on plan assets (excluding amounts included in net interest) Benefits paid Contributions by the employer Contributions by scheme members 28,498,000 1,390,000 750,000 (748,000) 832,000 252,000 At 31 March 2024 30,974,000 The actual return on plan assets was £2,140,000 (2023 - £493,000). The fair value of plan assets at the reporting period end was as follows.. 2024 2023 Equity instruments Debt instruments Property Cash 21,372,060 4,846,100 2,477,920 2,477,920 19,378,640 4,274,700 2,564,820 2,279,840 30,974,000 28.498,000 18 Restrlcted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At 1 Aprll 2023 Resources At 31 March expendad 2024 Restricted funds 584,098 (188.033) 376,065 Previous year: At 1 Aprll 2022 Resources At 31 March expended 2023 Restricted funds 1,198,700 (634,602) 564,098 -29-
TAMESIDE SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 R88trlcted funds IContinu8d) The restricted fund consists of the balances of a grant received from the Football Foundation towards Ihe cost of building eight six-a-side football pitches, a grant from The Neighbourhood Learning in Deprived Communities Fund in respect of fitness suite equipment at Oxford Park Community Sports Centre and the grant and contributions received in respect of the facility development programme. In 2017 a contribution of £1,300,000 was received from Tameside Metropolitan Borough Council for building works undertaken in the development of the iTrain gym. The Council then made a contribution of £1,015,179 in 2020 for the development of th8 facilities at Tameside Wellness Centre. The assets are depreciated according to the accounting policies. The net book value of these grants 1$ £376,065 (2023.. £564,098) with depreciation charged in the year of £188,033 (2023: £634,602). 19 Unrestrlcted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. Galns and At 31 March losses 2024 At 1 Aprll 2023 Incomlng resources Resources expended General funds Pension fund (4,319.584) 15.880.375 (16,262.220) 7.436.000 523,000 (4,701,429) 8,903,000 944,000 3,116,416 15,880,375 (15,739,220) 944,000 4,201,571 Prevlous year: At 1 Aprfl 2022 Incomlng resources Resources expendèd Galns and At 31 March losses 2023 General funds Pension fund (2,071,193) 14,892,643 (17,141,034) (2,893.000) (896,000) 11.225,000 (4,319,584) 7,436,000 (4.964,193) 14,892,643 (18,037.034) 11,225,000 3,116,418 20 Analysls of net assets between funds Unrestrlcted Restrlcted Total Fund balances at 31 Mard12024 are represented by: Tangible assets Current assetsl(liabilities) Long term liabilities Provisions and pensions 308,192 (2.036,954) (2,972,667) 8.903.000 376,085 684,257 (2,036,954) {2,972,667) 8,903,000 4,201.571 376,065 4,577,638 -30-
TAMESIDE SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 21 Operatlng 18ase commitments Lessee At the reporting end date the the trust had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows: 2024 2023 Within one year Between two and five years 399,655 396,868 60,072 796,523 60,072 31
TAMESIDE SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 22 Related party transactlons Remuneratlon of key managèment personnel The remuneration of key management personnel is as follows. 2024 2023 Aggregate compensation 277,624 345,864 The charity has a Close relationship with Tameside Metropolitsn Borough Council which nominates two directors and provides funding to enable the charity to cary on its charitable objectives. The Trust received a management fee (including public health contributs'ons) in the year of £777.000 (2023 - £777,000). At the balance sheet date, £225,983 (2023 - £1,117,008) was owed from and £32,036 (2023 - £52.783) due to Tameside Metropolitan Borough Council. The Trust received a donation of the use of the facilities, the value of whlch could not be quantified and therefore has not been induded in these financial statements. During 2009, a loan of £4,280.000 was received from Tameside Metropolitan Borough Council on which interest of £36,273 (2023 - £22,191) VRS charged in the year. At the balance sheet date £1,859,656 (2023 - £1,823,383) as owing by the Trust. In 2015116 a loan of £1.185,000 was received from Tameside Metropolitan Borough Council on which interest of £12,504 (2023 - £12,504) was charged in the year. At the balance sheet date £773,516 (2023 - £761,012) was owing by the Trust. In 2016117, a loan of £600,000 was received from Tameside Metropolitan Borough Council on whlch interest of £ nil12023 - £8,402) was charged in the year. At the balance sheet date £402,840 {2023 £402,840) was owing by the Trust. In 2016117, a loan of £1,000.000 was recelved from Tameside Metropolitan Borough Council on which interest of £9,024 (2023 £9.024) was charged in the year. At the balance sheet date £711,848 (2023 £702,824) was owing by the Trust. The Trust has Local Authority board members and due to the nature of th8 relationship with Tameside Metropolitan Borough Council, would like to acknowledge them as a related party. These members do not influence any contracts between the Trust and the council. Members of the board have links with a number of organisations such as Comerstone Digital Marketing and Great Academies Trust. Again no advantage is gained from these links. The Trust is under the control of the directors.
TAMESIDE SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 23 Cash g8nerated from operations 2024 2023 Deficit for the year (46,878) (3,778.993) Adjustments for. Loss on disposal of tangible fixed assets Depreciation and impairment of tangible fixed assets Difference between pension charge and cash contributions 186,020 385,228 (523,000) 1,481.700 896,000 Movements in working capital: (Increase)Idecrease in stocks Decreasel(increase) in debtors (Decrease)lincrease in creditors (236) 1,253,805 (1.125,232) 5,003 (639,189) 1.833,587 Cash generatsd froml(absorbed by) operatlons 129,507 (221,892) 24 Analysls of changes In not (debtlnunds At l Aprll 2023 Cash flow8At 31 March 2024 Cash at bank and in hand 123,441 190,757 314,198 Loans falling due within one year Loans falllng due after more than one year (729,896) (2,960,163) (45,297) 1775,193) (12,504) (2,972,667) {3.566,618) 132,956 (3,433,662) -33-
TAMESIDE SPORTS TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 INCOMING RESOURCES Incoming resources from charitsble actlvlties Management fee Public health contributions Swimming School use Health suites Other courts etc All weather pitches Fitness suite Gymnastics Climbing and caving Adult social care Other activities Bar and catering charges Sports goods and badges Vending machine royalties 777.000 269,526 2,542,119 685,968 46,282 119,410 231,313 3,854,929 316,300 213,783 2,176,090 2,354,338 672,827 153,328 77,162 777,000 222,199 2,408,854 649,342 30,987 104,926 208,870 3,476,991 308,808 211,426 1,276,558 3,576,835 617,785 174,317 58,745 Total Incoming re8ource8 14,490,375 14,103,643 RESOURCES EXPENDED Charltable actlvities Wages and social security Pensions Coaching Cost of Irading Fitness suite expenses Rates, heat, light and water Premises repairs and maintenance Adult social care Staff training Profit on disposal of assets Depreciation of leasehold property refurbishment Depreciation of IT and general equipment Depreciation of football pitches 7,000,605 657,681 657,477 656.635 599.754 2,016,946 776,186 346,696 96,928 186,020 185,819 199,410 7,323,057 1,554,132 557,700 564,123 527,453 1,928,513 999,862 1,046,672 86,315 (83,875) 956,877 463,834 40,989 (13,380,157) (15,965,652) This page does not fom part of the statutory financial statements -34-
TAMESIDE SPORTS TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Governance costs Auditors, remuneration (18,000) {18,5001 Support costs Management Insurance Cleaning Legal and professional Travelling expenses Telephone, post and carriage Printing 8nd ststionery Marketing Bank charges and interest Bank loan interest and charges Cash collection service Sundry expenses 180,277 91,806 56,077 479,409 21,942 17,595 137,232 119.288 57,801 6.214 335,455 120.180 93,661 172,154 677,717 25,985 26,052 284,874 117,798 52,121 26,241 208,701 (1.503,096) (1,805,484) Flnance Interest cost on defined benefit pension scheme Interest income on defined benefit pension scheme 1,026,000 (1.390,000) 882,000 (789,000) 364,000 (93,000) Total resources expended (14,537,253) (17,882,636) Net expenditure 146,878 (3,778,993) This page does not form part of the statutory financial statements -35-