# **Carn Brea Leisure Centre Trust (Limited by Guarantee)** 

**Trustees’ Annual Report and unaudited Financial Statements** 

**For the year ended 31 March 2021** 

Company registration number 03896891 Charity registration number 1079101 



Carn Brea Leisure Centre Trust (Limited by Guarantee) 


|Contents||
|---|---|
||_Page_|
|Reference and administrative information|1 - 2|
|Trustees’ report|3 - 8|
|Independent examiners' report|9 - 10|
|Consolidated statement of financial activities|11|
|Consolidated and company balance sheet|12|
|Consolidated statement of cashflows|13|
|Notes to the financial statements|14 - 30|





Carn Brea Leisure Centre Trust (Limited by Guarantee) 


Reference and administrative information _For the year ended 31 March 2021_ 

|Charity registration number|1079101|
|---|---|
|Company registration number|03896891|
|Registered office and business|Station Road|
|address|Pool|
||REDRUTH|
||Cornwall|
||TR15 3QS|
|Trustees|Mr R Beeching|
||Mr C Hunter|
||Mr N Lake|
||Mr CJ Mcmellon (appointed 30 January 2020,|
||resigned 24 September 2020)|
||Mr M Moyle|
||Mr C Rowe|
||Mr DH Price - Chair|
|Accountants|RRL LLP|
||Peat House|
||Newham Road|
||TRURO|
||Cornwall|
||TR1 2DP|
|Bankers|Lloyds Bank Plc|
||27 Fore Street|
||REDRUTH|
||Cornwall|
||TR15 3BJ|
||CCLA Investment Management Limited|
||Senator House|
||85 Queen Victoria Street|
||LONDON|
||EC4V 4ET|
||Santander UK plc|
||31 Boscawen Street|
||TRURO|
||Cornwall|
||TR1 2QJ|
|Solicitors|Foot Anstey|
||High Water House|
||Malpas Road|
||TRURO|
||Cornwall|
||TR1 1QH|



1 



Carn Brea Leisure Centre Trust (Limited by Guarantee) 


## Reference and administrative information 

_For the year ended 31 March 2021_ 

Key Management Personnel Alex Clifton (Chief Executive Officer) – until 7 June 2020 Alex King (Acting GM – part time secondment) – from September 2020 Simon Hosking (Finance & Resources Manager) – until October 2020 Jenine Williams (Operations Manager) Sharon Christie (Business Administration Manager) 

2 



Carn Brea Leisure Centre Trust (Limited by Guarantee) 


## Trustees’ report 

_For the year ended 31 March 2021_ 

The Trustees of Carn Brea Leisure Centre Trust present their report and financial statements for the year ended 31 March 2021. 

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity’s Memorandum and 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) (effective 1 January 2019)”. 

## **OBJECTIVES AND ACTIVITIES** 

## • **POLICIES AND OBJECTIVES** 

The objects of the charity, as defined by the Memorandum of Association, are to provide recreational facilities together with education and training in sporting and leisure activities with the object of improving the potential user's condition of life. Such facilities should be available to the public at large irrespective of their youth, age, infirmity, disablement, poverty or social or economic circumstances. 

In setting our objectives and planning the activities of the charity the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit. 

## • **STRATEGIES FOR ACHIEVING OBJECTIVES** 

The charity has in place a robust business plan and budgets, complemented by creative sales and marketing initiatives to ensure the facilities are fit for purpose and the leisure activities on offer support delivery of the Trust's charitable objectives. 

The Trustees and management team use a variety of 'key performance indicators' alongside customer feedback schemes to evaluate and measure how effective the charity is at delivering against its charitable goals. 

## • **ACTIVITIES FOR ACHIEVING OBJECTIVES** 

The charity's facility comprises: gym, swimming pools, sports hall, group fitness studios, athletics track, squash courts, Cafe, meeting/training/conference rooms and a therapy suite. Utilising the various facilities, the Trust offers a comprehensive, diverse and accessible range of activities to ensure the community's activity needs are met. 

A number of initiatives have also been used to engage with the local community and ensure wherever possible that facilities/activities are accessible to all, these have included: GP referral schemes, subsidised swimming sessions, corporate membership schemes and a community sponsor's scheme. 

## **ACHIEVEMENTS AND PERFORMANCE** 

## • **REVIEW OF ACTIVITIES** 

Across the trading year in question the Centre, along with many other similar facilities has had its trading significantly affected by the COVID-19 pandemic and restrictions on its trading from total to partial. In reality the Centre only traded for 4 ½ months of the year. 

3 



## Carn Brea Leisure Centre Trust (Limited by Guarantee) 


## Trustees’ report 

_For the year ended 31 March 2021_ 

As has already been referred to above the Centre, like many had a difficult, sporadic and testing trading year due to the effects of and responses to the COVID-19 pandemic and the restrictions and allowances involved in the UK Governments response as they gathered data and created a pathway forwards. 

Following the initial lockdown, the Centre re-opened its doors in mid July 2020 and then operated with suitable and sufficient controls as deemed necessary through until November 2020 when again a national lockdown was in force. In between times, during the tiered system Cornwall remained low level and trading continued. The facility briefly re-opened again in December before the next national lockdown occurred in Early January and remained in place for the remainder of the trading year. 

Whilst a difficult and testing time and with the vast majority of the Centre’s employees being supported by the Governments ‘furlough’ or CJRS scheme, a small team worked behind the scenes to keep communications open, cover matters relating to the estate and customer accounts, seek funding support and indeed manage both the logistical, resource and human challenges created for the facility from closing and re-opening a few times but also from the changing and evolving landscape of restrictions on operations. 

Additionally, and as was mentioned in last year’s report, the former CEO resigned just prior to the start of lockdown 1 which meant his tenure ceased before the first re-opening in July. The trustees sought additional support in that time though market forces conspired against suitable appointment and support was eventually provided via a part time secondee employed by another Leisure sector trust. 

The former Management Accountant also resigned his post late in 2020 and indeed via the seconded ‘Acting GM’ suitable and sufficient business support contracts were procured and approved by the Trustees’ and thankfully in time to be able to operate the payroll remotely during lockdown two with ‘on-site’ support via a new role for a long serving member of the team as the ‘Business Administration Manager’ with support via the Acting GM. 

The structure referred to above aided and supported by the operations Manager and indeed members of the Board of Trustees have worked to ensure that Carn Brea Leisure Centre Trust was both ready and able to meet the needs of its customer base as and when restrictions were lifted. 

## • **FUNDRAISING ACTIVITIES/INCOME GENERATION** 

Carn Brea Leisure Centre Trust owns 100% of the share capital of Carn Brea Leisure Centre (Trading) Limited, a company incorporated in England and Wales (company no. 04212770). The principal activity of Carn Brea Leisure Centre (Trading) Limited is to operate the commercial activities at Carn Brea Leisure Centre.  All taxable profits generated through this trading subsidiary are donated to Carn Brea Leisure Centre Trust. 

Across the year in question the Trust had no option other than to dip into its reserves position but also focused on, bid for and indeed was awarded some not insignificant grant funding which aided to ensure its position was as stable one as possible from which it could move forward post pandemic to restart, re-engage and hopefully work toward full integration and recovery post pandemic. 

4 



Carn Brea Leisure Centre Trust (Limited by Guarantee) 


## Trustees’ report 

_For the year ended 31 March 2021_ 

## **FINANCIAL REVIEW** 

## • **GOING CONCERN** 

Whilst the COVID 19 pandemic indeed has had a profound effect on many and certainly a wide reaching one on Leisure provision within Cornwall the core team has worked tirelessly as mentioned above to ensure that the Centre is in as good a position as possible, and indeed perhaps better than anticipated, to weather the storm of COVID 19 and to the point of writing ensure that is in a strong position to trade its way through, and out the other side of the pandemic (as far as can be reasonably judged). 

On this basis the Trustees do not foresee that there are any immediate going concern issues and indeed would go as far as to suggest that confidence and strength by consequence of determination and resolve have served to ensure that confidence is significantly better than at this point last year. 

The Trust holds limited reserves, and has utilised these when necessary. 

The Trustees, Acting GM and Management Team have considered the impact of Covid-19 based on all known current factors and indeed how the Centre has responded to the pandemic, the impact of Covid-19 will undoubtedly continue to have an effect on the performance of the charity in the short and perhaps medium term. 

Whilst there is a material uncertainty as a result of the Covid-19 pandemic, the Trustees remain confident that with the support of customers, staff and key stakeholders that the Trust will be able to continue to operate for the foreseeable future based on the information available and projections produced at this time. 

As a result the Trustees believe that it is appropriate to continue to prepare the financial statements on the going concern basis. 

## • **FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES** 

The Trustees have assessed the major risks they have identified and are satisfied that systems are in place to mitigate exposure to these risks. 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## • **CONSTITUTION** 

The company was established under a Memorandum of Association which established the objects and powers of the charitable company and it is governed by its Articles of Association. 

The company was incorporated under the Companies Act 1985 as a company limited by guarantee and not having share capital. In the event of a winding up, registered members are liable to contribute a sum not exceeding £10 per member towards the debts and liabilities of the Trust and the costs and expenses of winding up. 

## • 

## **METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES** 

New Trustees are recruited based on the skills, knowledge and experience that the Board requires to ensure that the charity is well governed. Trustees are elected by the members of the charity attending the Annual General Meeting or by proxy vote. 

5 



Carn Brea Leisure Centre Trust (Limited by Guarantee) 


## Trustees’ report 

_For the year ended 31 March 2021_ 

## • **POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES** 

Following appointment, all new Trustees attend an induction with the Company Secretary. The induction includes provision to them of the following material, our Memorandum and Articles of Association, The Hallmarks of an Effective Charity (CC60), The Essential Trustee (CC3), Charities and Risk Management information, management accounts and operational information. 

## • **PAY POLICY FOR SENIOR STAFF** 

It is essential for Carn Brea Leisure Centre Trust (CBLCT) to have competent and credible leaders at the top of the charity to guide us towards achieving our vision in the most effective and efficient ways; and professional staff at all levels. 

Having a competitive salary offering is one of the many ways CBLCT can work to secure the best people to do this important work. CBLCT has pay policies to help us attract and retain great people. 

The remuneration committee within the Board of Trustees, led by the Chair, are responsible for defining CBLCT pay policies, particularly our pay grades and processes to determine the salaries of the Chief Executive and the executive team (our senior managers who lead our other staff). 

An important pay principle in our pay policies is that our pay grades, salaries and benefits should be proportionate to the complexity of role responsibilities, in line with our charitable objectives and competitive within the UK charity sector. 

We aim to pay around the median for similar roles in similar organisations but not compete on salaries within the public or private sectors. To help us achieve this, we monitor charity sector pay trends through available reputable sources such as charity trade associations. 

## • 

## **ORGANISATIONALSTRUCTURE AND DECISION MAKING** 

The centre's structure continues to evolve to reflect the needs of the business, on average we employed between 60 and 80 members of staff primarily from the Camborne, Pool and Redruth community. The team consists of both full time and part time employees. The team is managed by the senior management group, through the departmental and supervisory team leaders. 

## • **RISK MANAGEMENT** 

The Trust takes a pro-active approach to risk management and has a risk management policy in place, which is reviewed annually at the end of each financial year. 

As part of developing the risk management policy the Trustees have assessed the major risks and are satisfied that systems are in place to mitigate exposure to these risks. A strand of the risk management policy is to apportion ‘reserve’ cash funds independent of the fixed assets within the designated fund (£75,474) for the purpose of contingency and at the end of March 2021 the charity held a reserve fund of £10,062 which has been eroded as a result of the trading difficulties faced in the year. The Trust is aiming to increase their general reserve fund going forwards, however, recognises that as a result of the Covid-19 pandemic this will be difficult to achieve in the short term. 

6 



Carn Brea Leisure Centre Trust (Limited by Guarantee) 


## Trustees’ report 

_For the year ended 31 March 2021_ 

## **PLANS FOR FUTURE PERIODS** 

## • **FUTURE DEVELOPMENTS** 

The Trust's short to medium term objective is to deliver an improved and sustainable leisure centre in the CPIR conurbation. Cornwall Council have recently conducted a review of Leisure Facilities within the County which was conducted by SLL on their behalf and whilst we are told found favourable. 

## **INFORMATION ON FUNDRAISING PRACTICES** 

The Trust did and continues to fund raise across a number of platforms in order to create investment, renewals, new opportunities and provide its services on a continual basis to its existing customer base and endeavour to attract new custom and users. 

## **TRUSTEES’ RESPONSIBILITIES STATEMENT** 

The Trustees (who are also directors of Carn Brea Leisure Centre Trust 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 statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group 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 statements on the going concern basis unless it is inappropriate to presume that the charitable group will continue in operation. 

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company and the group's transactions and disclose with reasonable accuracy at any time the financial position of the charitable group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

## **DISCLOSURE OF INFORMATION TO EXAMINER** 

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that: 

- so far as that Trustee is aware, there is no relevant information of which the charitable group's examiner is unaware, and 

- that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant information and to establish that the charitable group's examiner is aware of that information. 

7 



## Carn Brea Leisure Centre Trust (Limited by Guarantee) 


## Trustees’ report 

_For the year ended 31 March 2021_ 

This report was approved by the Trustees, on 16 December 2021 and signed on their behalf by: 

By order of the Board 

Station Road Pool REDRUTH Cornwall TR15 3QS 

**D Price** _Trustee_ 

8 



## Carn Brea Leisure Centre Trust (Limited by Guarantee) 


## Independent examiners’ report to the trustees of Carn Brea Leisure Centre Trust (“the Group) 

I report to the charity trustees on my examination of the consolidated financial statements of the Group comprising the Carn Brea Leisure Centre Trust (‘the Trust’) and its subsidiary undertaking for the year ended 31 March 2021, which are set out on pages 11 to 30. 

## **Responsibilities and basis of report** 

As the trustees of the Trust you are responsible for the preparation of the consolidated financial statements of the Group in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’) and you have chosen to prepare consolidated financial statements for the Group. You are satisfied that the financial statements of both the Trust and the Group are not required by company and charity law to be audited and have chosen instead to have an independent examination. 

I report in respect of my examination of the consolidated financial statements. I have carried out my examination under section 145 of the 2011 Act. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. 

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the consolidated financial statements present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement. 

## **Independent examiner’s statement** 

Since the Trust’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. 

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 

- accounting records were not kept in respect of the Trust as required by section 386 of the 2006 Act; or 

- the financial statements do not accord with those records; or 

- the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the financial statements give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or 

- the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 

9 



## Carn Brea Leisure Centre Trust (Limited by Guarantee) 


## Independent examiners’ report to the trustees of Carn Brea Leisure Centre Trust (“the Group)  - continued 

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 financial statements to be reached. 

**Mark Williams FCA DChA** Chartered Accountant 

RRL LLP Peat House Newham Road TRURO TR1 2DP 

16 December 2021 

10 



Carn Brea Leisure Centre Trust (Limited by Guarantee) 


## Consolidated statement of financial activities (incorporating income and expenditure account) 

_For the year ended 31 March 2021_ 

|||Unrestricted funds|Unrestricted funds||||
|---|---|---|---|---|---|---|
|||General|Designated|Restricted|**Total**|Total|
|||fund|fund|funds|**funds**|funds|
||||||**2021**|2020|
||_Notes_|£|£|£|**£**|£|
|**Income from:**|||||||
|Donations and legacies|_2_|567,575|-|-|**567,575**|42,710|
|Charitable activities|_5_|352,902|-|-|**352,902**|1,599,805|
|Other trading activities|_3_|21,411|-|-|**21,411**|95,423|
|Investments|_4_|290|-|-|**290**|1,989|
|||________|________|________|**________**|________|
|**Total income**||942,178|-|-|<br>**942,178**|1,739,927|
|||________|________|________|**________**|________|
|**Expenditure on:**|||||||
|Raising funds|_3_|11,271|-|-|**11,271**|31,542|
|Charitable activities|_6_|1,242,374|-|47,634|**1,290,008**|1,722,547|
|||________|________|________|**________**|________|
|**Total expenditure**||1,253,645|-|47,634|**1,301,279**|1,754,089|
|||________|________|________|**________**|________|
|**Net expenditure before transfers**||(311,467)|-|(47,634)|**(359,101)**|(14,162)|
|Transfers between funds||183,734|(183,734)|-|**-**|-|
|||________|________|________|**________**|________|
|**Net movement in funds**||(127,733)|(183,734)|(47,634)|**(359,101)**|(14,162)|
|Total funds brought forward||137,795|259,208|609,875|**1,006,878**|1,021,040|
|||________|________|________|**________**|________|
|**Total funds carried forward**||**10,062**|**75,474**|**562,241**|**647,777**|1,006,878|



The notes on pages 14 to 30 form part of these financial statements. 

11 



Carn Brea Leisure Centre Trust (Limited by Guarantee) 


## Consolidated and company balance sheet 

_As at 31 March 2021_ 

|_Notes_<br>**Fixed assets**<br>Tangible assets<br>_12_<br>Investments<br>_13_<br>**Current assets**<br>Stocks<br>_14_<br>Debtors<br>_15_<br>Cash at bank and in hand<br>**Creditors:  amounts falling due**<br>**within one year**<br>_16_<br>**Net current (liabilities)/assets**<br>**Total assets less current liabilities**<br>**Creditors: amounts falling due after more**<br>**than one year**<br>_19_<br>**Net  assets**<br>_20_<br>**Charity funds**<br>Restricted funds<br>_19_<br>Unrestricted funds<br>_19_<br>-  Designated funds<br>-  General fund<br> <br>**Total funds**|The Group<br>**2021**<br>2020<br>**£**<br>£<br>**1,470,070**<br>1,675,506<br>**-**<br>-<br>**________**<br>________<br>**1,470,070**<br>1,675,506<br>**________**<br>________<br>**8,845**<br>10,536<br>**71,086**<br>61,871<br>**187,481**<br>277,646<br>**________**<br>________<br>**267,412**<br>350,053<br>**(293,908)**<br>(300,802)<br>**________**<br>________<br>**(26,496)**<br>49,251<br>**________**<br>________<br>**1,443,574**<br>1,724,757<br>**(795,797)**<br>(717,879)<br>**________**<br>________<br>**647,777**<br>1,006,878<br> <br>**562,241**<br>609,875<br>**75,474**<br>259,208<br>**10,062**<br>137,795<br>**________**<br>________<br>**647,777**<br>1,006,878|The Charity<br>**2021**<br>2020<br>**£**<br>£<br>**1,458,032**<br>1,658,250<br>**10**<br>10<br>**________**<br>________<br>**1,458,042**<br>1,658,260<br>**________**<br>________<br>**8,738**<br>10,429<br>**77,083**<br>69,175<br>**178,349**<br>269,582<br>**________**<br>________<br>**264,170**<br>349,186<br>**(284,278)**<br>(286,760)<br>**________**<br>________<br>**(20,108)**<br>62,426<br>**________**<br>________<br>**1,437,934**<br>1,720,686<br>**(795,797)**<br>(717,879)<br>**________**<br>________<br>**642,137**<br>1,002,807<br>**562,241**<br>609,875<br>**75,474**<br>259,208<br>**4,422**<br>133,724<br>**________**<br>________<br>**642,137**<br>1,002,807|
|---|---|---|



The company (and group) is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006 for the year ended 31 March 2021. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these financial statements. 

The Directors’ responsibilities for ensuring that the company keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. 

The financial statements have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. 

These financial statements were approved and authorised for the issue of the Trustees on 16 December 2021 and signed on their behalf by: 

## **D Price** _Trustee_ 

_These notes on pages 14 to 30 form part of these financial statements._ Company registration no.: 03896891 

12 



## Carn Brea Leisure Centre Trust (Limited by Guarantee) 


## Consolidated statement of cash flows 

_For the year ended 31 March 2021_ 

|||**2021**|2020|
|---|---|---|---|
|||**£**|£|
||_Note_|||
|**Cash flows from operating activities**||||
|Net cash (utilised)/provided by operating activities|_22_|**(114,471)**|212,092|
|||**________**|________|
|**Cash flows from investing activities:**||||
|Dividends, interest and rents from investments||**290**|1,975|
|Purchase of tangible fixed assets||**(17,691)**|(306,672)|
|Interest payable on borrowings||**(34,225)**|(34,057)|
|||**________**|________|
|**Net cash used in investing activities**||**(51,626)**|(338,754)|
|||**________**|________|
|**Cash flows from financing activities:**||||
|Repayments of borrowings||**-**|(72,802)|
|Cash inflows from new borrowing||**75,932**|200,000|
|||________|________|
|**Net cash provided by financing activities**||**75,932**|127,198|
|||**________**|________|
|**Change in cash and cash equivalents in the year**||**(90,165)**|536|
|Cash and cash equivalents brought forward||**277,646**|277,110|
|||**________**|________|
|**Cash and cash equivalents carried forward**|_23_|**187,481**|277,646|



13 



Carn Brea Leisure Centre Trust (Limited by Guarantee) 


## Notes 

_(forming part of the financial statements)_ 

## 1 **Accounting policies** 

## 1.1 **Basis of preparation of financial statements** 

The financial statements have been prepared in accordance with 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 (FRS102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. 

Carn Brea Leisure Centre Trust 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. 

The Statement of financial activities (SOFA) and Balance sheet consolidate the financial statements of the company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. 

## 1.2 **Basis of consolidation** 

The financial statements consolidate the financial statements of Carn Brea Leisure Centre (Trading) Limited its subsidiary undertaking. 

The company has taken advantage of the exemption contained within section 408 of the Companies Act 2006 not to present its own Income and expenditure account. 

The Carn Brea Leisure Centre Trust individual SOFA shows total income of £454,662, total expenditure of £811,103 and a net movement in funds of (£356,441). 

## 1.3 **Company status** 

Carn Brea Leisure Centre Trust is a company limited by guarantee incorporated in England and Wales and accordingly does not have any share capital. Every member undertakes to contribute such amount as may be required not exceeding £10 to the assets of the charitable company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member. 

These financial statements are prepared in sterling, which is the functional currency of the company.  Monetary amounts in these financials statements are rounded to the nearest £. 

The registered office is disclosed within the reference and administrative details of the company, on page 1. 

## 1.4 **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. 

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. 

14 



Carn Brea Leisure Centre Trust (Limited by Guarantee) 


## Notes 

_(forming part of the financial statements)_ 

## 1 **Accounting policies  (continued)** 

## 1.4 **Fund accounting (continued)** 

Restricted funds are funds which are to be used in accordance with specific 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 statements. 

Investment income, gains and losses are allocated to the appropriate fund. 

## 1.5 **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. 

For legacies, entitlement is taken as the earlier of the date on which either the company is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the company has been notified of the executor's intention to make a distribution. Where legacies have been notified to the company, or the company is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. 

Donated services or facilities are recognised when the company has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the company of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Trustees' report for more information about their contribution. 

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the company which is the amount the company would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. 

## 1.6 **Expenditure** 

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 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 direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity 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 between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. 

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. 

15 



Carn Brea Leisure Centre Trust (Limited by Guarantee) 


## Notes 

_(forming part of the financial statements)_ 

## 1 **Accounting policies  (continued)** 

## 1.6 **Expenditure (continued)** 

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds. 

Charitable activities and Governance costs are costs incurred on the company's operations, including support costs and costs relating to the governance of the company apportioned to charitable activities. 

## 1.7 **Going concern** 

The Covid-19 pandemic continues to create challenges for all in the leisure industry, the Trust has taken swift action to ensure that the facilities continue to be available to customers having taken all necessary steps to protect both users and staff. Costs continue to be controlled carefully and grants have been claimed wherever possible (particularly in respect of the Job Retention Scheme). 

The Trust ultimately aims to be able to return to pre Covid levels of income, and whilst there is uncertainty over when this will be achievable, loan funding has been obtained in order that the Trust can continue to operate. 

Whilst there is an element of uncertainty as to when the Trust will return to pre Covid income levels, the Trustees remain confident that with the support of customers, staff and key stakeholders that the charity will be able to continue to operate for the foreseeable future based on the information known at this time. As a result the Trustees believe that it is appropriate to continue to prepare these financial statements on the going concern basis. 

## 1.8 **Tangible fixed assets and depreciation** 

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying 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. Impairment losses are recognised in the statement of financial activities. 

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: 

Short-term leasehold property - Over life of lease (5-25 years) Plant and machinery - 10-33% straight line Fixtures and fittings - 10-33% straight line Computer equipment - 20-50% straight line 

16 



Carn Brea Leisure Centre Trust (Limited by Guarantee) 


## Notes 

_(forming part of the financial statements)_ 

## 1 **Accounting policies (continued)** 

## 1.9 **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 'Gains/(losses) on investments' in the Statement of financial activities. 

Investments in subsidiaries are valued at cost less provision for impairment. 

## 1.10 **Leasing and hire purchase** 

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated o future periods. The finance element of the rental payment is charged to the statement of financial activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. 

## 1.11 **Operating leases** 

Rentals under operating leases are charged to the statement of financial activities on a straight line basis over the lease term. 

## 1.12 **Turnover** 

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. 

## 1.13 **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. 

## 1.14 **Interest receivable** 

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. 

## 1.15 **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. 

## 1.16 **Cash at bank and in hand** 

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 

17 



Carn Brea Leisure Centre Trust (Limited by Guarantee) 


## Notes 

_(forming part of the financial statements)_ 

## 1 **Accounting policies (continued)** 

## 1.17 **Liabilities and provisions** 

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 will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts 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. 

## 1.18 **Financial 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. 

## 1.19 **Pensions** 

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year. 

## 1.20 **Critical accounting estimates and judgements** 

In the application of the company’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.  The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant.  Actual 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. 

18 



Carn Brea Leisure Centre Trust (Limited by Guarantee) 


## Notes 

_(forming part of the financial statements)_ 

## 2 **Income from donations and legacies** 

|2|**Income from donations and legacies**|||||
|---|---|---|---|---|---|
|||Unrestricted|Restricted|**Total**|<br>Total|
|||funds|funds|**2021**|<br>2020|
|||£|£|**£**|<br>£|
||Donations|272|-|**272**|<br>6,710|
||Grants:|||||
||-<br>Cornwall Council|21,589|-|**21,589**|<br>-|
||-<br>HMRC – Job Retention Scheme|477,214||**477,214**|<br>-|
||-<br>Growth Fund Business Support|5,500|-|**5,500**|<br>-|
||-<br>Big Issue Invest|63,000|-|**63,000**|<br>-|
||-<br>Changing Places Project|-|-|**-**|<br>36,000|
|||________|________|**________**|<br>________|
||**Total donations and legacies**|567,575<br>|-<br>|**567,575**|<br>42,710|
||Total 2020|-<br>|42,710<br>|**42,710**<br>|<br>42,710<br>|
||HMRC grants included within the above have been received totalling £477,214|||(2020: Nil) to|assist with the|
||furloughed staff whilst in a nationwide lockdown due to COVID-19.|||||
|3|**Trading activities**|||||
|||Unrestricted|Restricted|**Total**|<br>Total|
|||funds|funds|**2021**|<br>2020|
|||£|£|**£**|<br>£|
||**Trading income**|||||
||Trading income|21,411|-|**21,411**|<br>95,423|
|||________|________|**________**|________|
||**Fundraising trading expenses**|||||
||Trading expenses (including depreciation)|11,271|-|**11,271**|<br>31,542|
|||________|________|**________**|<br>________|
||**Net income from trading activities**|10,140|-<br>|**10,140**|<br>63,881|
|4|**Investment income**|||||
|||Unrestricted|Restricted|**Total**|<br>Total|
|||funds|funds|**2021**|<br>2020|
|||£|£|**£**|<br>£|
||Bank interest receivable|290|-<br>|**290**|<br>1,989|
||Total 2020|1,989|-|**1,989**||



19 



Carn Brea Leisure Centre Trust (Limited by Guarantee) 


## Notes 

_(forming part of the financial statements)_ 

## 5 **Income from charitable activities** 

|Unrestricted<br>funds<br>Restricted<br>funds<br>£<br>£<br>Operation of the leisure centre<br>352,902<br>-<br> <br>1,599,805<br>-<br>Total 2020<br> <br>**Operation of the leisure centre income can be summarised as follows:**<br>Unrestricted<br>funds<br>Restricted<br>funds<br>£<br>£<br>Rent receivable<br>1,584<br>-<br>Gym income<br>198,770<br>-<br>Pool and sports activities<br>146,012<br>-<br>Catering and refreshments income<br>1,146<br>-<br>Sales of sports goods<br>1,765<br>-<br>Other activities<br>3,625<br>-<br>________<br>________<br>**Total**<br>352,902<br>-<br> <br>6<br>**Analysis of expenditure on charitable activities**<br>Unrestricted<br>funds<br>Restricted<br>funds<br>£<br>£<br>Operation of the leisure centre<br>1,242,374<br>38,961<br>Operation of the Hub Club project<br>-<br>8,673<br>________<br>________<br>1,242,374<br>47,634<br> <br>Total 2020<br>1,683,455<br>39,092|**Total**<br>**2021**<br>**£**<br>**352,902**<br> <br>**1,599,805**<br> <br>**Total**<br>**2021**<br>**£**<br>**1,584**<br>**198,770**<br>**146,012**<br>**1,146**<br>**1,765**<br>**3,625**<br>**________**<br>**352,902**<br> <br>**Total**<br>**2021**<br>**£**<br>**1,281,335**<br>**8,673**<br>**________**<br>**1,290,008**<br>**1,722,547**|Total<br>2020<br>£<br>1,599,805<br>Total<br>2020<br>£<br>10,445<br>704,969<br>704,641<br>111,466<br>16,182<br>52,102<br>________<br>1,599,805<br>Total<br>2020<br>£<br>1,713,874<br>8,673<br>________<br>1,722,547|Total<br>2020<br>£<br>1,599,805<br>Total<br>2020<br>£<br>10,445<br>704,969<br>704,641<br>111,466<br>16,182<br>52,102<br>________<br>1,599,805<br>Total<br>2020<br>£<br>1,713,874<br>8,673<br>________<br>1,722,547|
|---|---|---|---|
|||||
||||Total<br>2020<br>£<br>1,713,874<br>8,673<br>________<br>1,722,547|
|||||



20 



Carn Brea Leisure Centre Trust (Limited by Guarantee) 


## Notes 

_(forming part of the financial statements)_ 

## 7 **Direct costs** 

|Cost of sales<br>Leasing and equipment rental costs<br>Cleaning and waste removal<br>Repairs and renewals<br>Other staff costs<br>Printing, postage and stationery<br>Health and safety<br>ICT system expenses<br>Sundry expenses<br>Staff training<br>Premises costs<br>Loss on sales of assets<br>Irrecoverable VAT<br>Bank charges and interest<br>Licenses and subscriptions<br>Legal and professional<br>Bookkeeping<br>Advertising and marketing<br>Wages and salaries<br>National insurance<br>Pension cost<br>Depreciation<br>Total 2020<br>**Support and governance costs**<br>Auditors’ / Independent Examiners remuneration<br>Total 2020|Operation<br>of the<br>leisure<br>centre<br>£<br>9,333<br>3,494<br>5,424<br>22,591<br>-<br>2,805<br>3,547<br>2,321<br>-<br>146<br>128,299<br>-<br>30,546<br>36,259<br>14,961<br>10,509<br>7,128<br>537<br>740,931<br>36,943<br>10,974<br>209,236<br>________<br>1,275,984<br> <br>1,710,624<br>|Operation<br>of the Hub<br>Club<br>project<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>8,673<br>________<br>8,673<br> <br>8,673<br> <br>Operation<br>of the<br>leisure<br>centre<br>£<br>5,350<br>________<br>5,350<br> <br>3,250<br>|**Total**<br>**2021**<br>**£**<br>**9,333**<br>**3,494**<br>**5,424**<br>**22,591**<br>**-**<br>**2,805**<br>**3,547**<br>**2,321**<br>**-**<br>**146**<br>**128,299**<br>**-**<br>**30,546**<br>**36,259**<br>**14,961**<br>**10,509**<br>**7,128**<br>**537**<br>**740,931**<br>**36,943**<br>**10,974**<br>**217,909**<br>**________**<br>**1,284,657**<br> <br>**1,719,297**<br> <br>**Total**<br>**2021**<br>**£**<br>**5,350**<br>________<br>**5,350**<br> <br>**3,250**<br>|Total<br>2020<br>£<br>73,478<br>6,837<br>17,997<br>53,956<br>7,563<br>6,579<br>7,297<br>8,565<br>170<br>-<br>201,552<br>27,540<br>56,466<br>41,999<br>27,575<br>15,547<br>-<br>6,086<br>887,183<br>43,982<br>13,077<br>215,848<br>________<br>1,719,297|
|---|---|---|---|---|
|||||Total<br>2020<br>£<br>3,250<br>________<br>3,250|
||||||



## 8 **Support and governance costs** 

21 



Carn Brea Leisure Centre Trust (Limited by Guarantee) 


## Notes 

_(forming part of the financial statements)_ 

## 9 **Turnover** 

The whole of the turnover is attributable to leisure activities along with education and training in these activities. 

All turnover arose within the United Kingdom. 

## 10 **Net expenditure** 

This is stated after charging: 

|Depreciation|**2021**<br>**£**<br>**223,127**<br>|2020<br>£<br>220,726<br>|
|---|---|---|



During the year, no Trustees received any remuneration (2020: £Nil). During the year, no Trustees received any benefits in kind (2020: £Nil). 

During the year, no Trustees received any reimbursement of expenses (2020: £Nil). 

## 11 **Staff costs** 

|**Staff costs**|||
|---|---|---|
||**2021**|<br>2020|
||**£**|<br>£|
|Wages and salaries|**740,931**|<br>887,183|
|Social security costs|**36,943**|<br>43,982|
|Other pension costs|**10,974**|<br>13,077|
||**________**|<br>________|
||**788,848**|<br>944,242<br>|
|he average monthly numbers of persons employed by the company during the year was as||follows:|
||**2021**|<br>2020|
|Full and part time employees|**69**|<br>85|
|Average headcount expressed as a full time equivalent:|||
||**2021**|<br>2020|
|Management|**2**|<br>3|
|Administrative|**3**|<br>2|
|Operational - Charity|**20**|<br>39|
|Operational - Trading|**1**|<br>1|
||**________**|________|
||**26**<br>|<br>45|



The average monthly numbers of persons employed by the company during the year was as follows: 

No employee received remuneration amounting to more than £60,000 in either year. Total key management personnel remuneration was £90,451 (2020: £112,365) 

22 



Carn Brea Leisure Centre Trust (Limited by Guarantee) 


## Notes 

_(forming part of the financial statements)_ 

## 12 **Tangible fixed assets** 

|**Company**<br>**Short-term**<br>**leasehold**<br>**Property**<br>**Plant and**<br>**machinery**<br>**Fixtures,**<br>**fittings and**<br>**equipment**<br>**£**<br>**£**<br>**£**<br>**Cost**<br>At 1 April 2020<br>1,647,414<br>527,498<br>632,868<br>Additions<br>3,500<br>14,191<br>-<br>________<br>________<br>________<br>At 31 March 2021<br>1,650,914<br>541,689<br>632,868<br> <br>**Depreciation**<br>At 1 April 2020<br>538,251<br>270,276<br>341,003<br>Charge for the year<br>87,511<br>57,569<br>72,829<br>________<br>________<br>________<br>At 31 March 2021<br>625,762<br>327,845<br>413,832<br> <br>**Net book value**<br>**At 31 March 2021**<br>**1,025,152**<br>**213,844**<br>**219,036**<br>________<br>________<br>________<br>At 31 March 2020<br>1,109,163<br>257,222<br>291,865<br>**Group**<br>**Short-term**<br>**leasehold**<br>**Property**<br>**Plant and**<br>**machinery**<br>**Fixtures,**<br>**fittings and**<br>**equipment**<br>**£**<br>**£**<br>**£**<br>**Cost**<br>At 1 April 2020<br>1,647,414<br>531,617<br>670,637<br>Additions<br>3,500<br>14,191<br>-<br>________<br>________<br>________<br>At 31 March 2021<br>1,650,914<br>545,808<br>670,637<br>________<br>________<br>________<br>**Depreciation**<br>At 1 April 2020<br>538,251<br>273,903<br>362,008<br>Charge for the year<br>87,511<br>58,026<br>77,590<br>________<br>________<br>________<br>At 31 March 2021<br>625,762<br>331,929<br>439,598<br>**Net book value**<br>**At 31 March 2021**<br>**1,025,152**<br>**213,879**<br>**231,039**<br>________<br>________<br>________<br>At 31 March 2020<br>1,109,163<br>257,714<br>308,629<br>|**Total**<br>**£**<br>2,807,780<br>17,691<br>________<br>2,825,471<br>1,149,530<br>217,909<br>________<br>1,367,439<br>**1,458,032**<br>________<br>1,658,250<br>**Total**<br>**£**<br>2,849,668<br>17,691<br>________<br>2,867,359<br>________<br>1,174,162<br>223,127<br>________<br>1,397,289<br>**1,470,070**<br>________<br>1,675,506|
|---|---|
|||



23 



Carn Brea Leisure Centre Trust (Limited by Guarantee) 


## Notes 

_(forming part of the financial statements)_ 

## 13 **Fixed asset investments** 

|**Company**<br>**Carrying value at cost**<br>As at 1 April 2020 and 31 March 2021<br>**Carn Brea Leisure Centre (Trading) Limited**<br>**Summary profit and loss account for the year ended 31 March 2021**<br>Turnover<br>Cost of sales<br> <br>Gross profit<br>Administrative expenses<br>Other operating income<br>Interest receivable<br>Donation to parent<br> <br>Result for the year<br>**Balance sheet as at 31 March 2021**<br>Tangible fixed assets<br>Current assets<br>Creditors falling due within one year<br> <br>Aggregate share capital and reserves|**Shares in**<br>**group**<br>**undertaking**<br>**£**<br>**10**<br>**2021**<br>2020<br>**£**<br>£<br>**21,411**<br>98,386<br>**(11)**<br>(3,349)<br>**________**<br>________<br>**21,400**<br>95,037<br>**(11,260)**<br>(28,193)<br>**-**<br>154<br>**3**<br>14<br>**(8,574)**<br>(76,861)<br>**________**<br>________<br>**1,569**<br>(9,849)<br>**12,038**<br>17,256<br>**18,835**<br>16,945<br>**(25,223)**<br>(30,120)<br>**________**<br>________<br>**5,650**<br>4,081|
|---|---|



Carn Brea Leisure Centre Trust owns 100% of the share capital of Carn Brea Leisure Centre (Trading) Limited, a company incorporated in England and Wales (company no. 04212770). The principal activity of Carn Brea Leisure Centre (Trading) Limited is to operate the commercial activities at Carn Brea Leisure Centre.  The registered office of Carn Brea Leisure Centre (Trading) Limited is the same as Carn Brea Leisure Centre Trust. 

## 14 **Stocks** 

|**Stocks**|||||
|---|---|---|---|---|
|||**Group**||**Company**|
|**Group and company**|**2021**|2020|**2021**|2020|
||**£**|£|**£**|£|
|Finished goods and goods for resale|**8,845**|10,536|**8,738**|10,429|



24 



Carn Brea Leisure Centre Trust (Limited by Guarantee) 


## Notes 

_(forming part of the financial statements)_ 

## 15 **Debtors** 

|**2021**<br>**£**<br>Trade debtors<br>**10,630**<br>Amounts owed by group undertakings<br>**-**<br>Prepayments and accrued income<br>**60,456**<br>**________**<br>**71,086**<br>**Creditors: amounts falling due within one year**<br>**2021**<br>**£**<br>Other loans<br>**86,558**<br>Trade creditors<br>**47,222**<br>Other taxation and social security<br>**39,423**<br>Other creditors<br>**2,074**<br>Accruals and deferred income<br>**118,631**<br>**________**<br>**293,908**|**Group**<br>2020<br>£<br>17,526<br>-<br>44,345<br>________<br>61,871<br>**Group**<br>2020<br>£<br>88,544<br>27,456<br>14,542<br>3,452<br>166,808<br>________<br>300,802|<br>**2021**<br>**£**<br>**1,824**<br>**15,593**<br>**59,666**<br>**________**<br>**77,083**<br> <br>**2021**<br>**£**<br>**86,558**<br>**47,162**<br>**37,367**<br>**2,074**<br>**111,117**<br>**________**<br>**284,278**|**Company**<br>2020<br>£<br>9,615<br>16,078<br>43,482<br>________<br>69,175<br>**Company**<br>2020<br>£<br>88,544<br>26,937<br>13,023<br>3,452<br>154,804<br>________<br>286,760|
|---|---|---|---|



## 16 **Creditors: amounts falling due within one year** 

Deferred income comprises booking fees from clubs and schools received in advance, bi-annual and annual gym memberships received in advance and advance payments for swim school courses. 

## **Deferred income** 

|Deferred income at 1 April 2020<br>Resources deferred during the year<br>Amounts released from previous years<br>Deferred income as at 31 March 2021<br>**Financial instruments**<br>**Carrying amount of financial assets**<br>Debt instruments measured at<br>amortised cost<br>**Carrying amount of financial**<br>**liabilities**<br>Measured at amortised cost|**2021**<br>**£**<br>**10,630**<br> <br>**929,577**<br>|**Group**<br>2020<br>£<br>17,526<br> <br>833,879<br>|**Group**<br>**£**<br>**104,993**<br>**67,950**<br>**(104,993)**<br>**________**<br>**67,950**<br> <br>**2021**<br>**£**<br>**1,824**<br> <br>**929,517**<br>|**Company**<br>**£**<br>96,090<br>62,232<br>(96,090)<br>________<br>62,232<br>**Company**<br>2020<br>£<br>9,614<br> <br>833,360<br>|
|---|---|---|---|---|



## 17 **Financial instruments** 

25 



Carn Brea Leisure Centre Trust (Limited by Guarantee) 


## Notes 

_(forming part of the financial statements)_ 

## 18 **Creditors:  amounts falling due after more than one year** 

|||**Group**||**Charity**|
|---|---|---|---|---|
||**2021**|2020|**2021**|2020|
||**£**|£|**£**|£|
|Other loans|**795,797**|717,879|**795,797**|717,879|



Other loans include aggregate amounts of £635,859 (2020: £531,247) which fall due after five years and are repayable by instalments. 

The payment terms and interest rate of each creditor are: the loans from Cornwall Council are repayable over a term of 18 and 19 years and both carry an interest rate of 4%, the loans from Big Issue Invest are repayable over 7 years and carry an interest rate of 7.5%, the Santander bounce back loan is repayable over 6 years and carries an interest rate of 2.5%. 

Other loans are secured by fixed charge and a floating charge over the charity's assets. 

## 19 **Statement of funds – current year** 

|Balance as<br>at 1 April<br>2020<br>£<br>**Designated funds**<br>Capital fund<br>259,208<br>**General funds**<br>137,795<br>________<br>Total unrestricted funds<br>397,003<br>________<br>**Restricted funds**<br>Hub Club project<br>94,028<br>Sport England – Club House<br>37,929<br>Sport England – Pool<br>Refurbishment<br>443,750<br>Changing Places project<br>34,168<br>________<br>609,875<br>________<br>**Total of funds**<br>1,006,878<br>|Income<br>Expenditure<br>£<br>£<br>-<br>-<br>942,178<br>(1,253,645)<br>________<br>________<br>942,178<br>(1,253,645)<br>________<br>________<br>-<br>(8,673)<br>-<br>(5,419)<br>-<br>(25,000)<br>-<br>(8,542)<br>________<br>________<br>-<br>(47,634)<br>________<br>________<br>942,178<br>(1,301,279)<br> <br>|Transfers<br>**Balance as**<br>**at 31 March**<br>**2021**<br>£<br>**£**<br>(183,734)<br>**75,474**<br>183,734<br>**10,062**<br>________<br>**________**<br>-<br>**85,536**<br>________<br>**________**<br>-<br>**85,355**<br>-<br>**32,510**<br>-<br>**418,750**<br>-<br>**25,626**<br>________<br>**________**<br>-<br>**562,241**<br>________<br>**________**<br>-<br>**647,777**<br> <br>|
|---|---|---|



26 



Carn Brea Leisure Centre Trust (Limited by Guarantee) 


## Notes 

_(forming part of the financial statements)_ 

## 19 **Statement of funds (continued)** 

**Statement of funds – prior year** 

|Balance as<br>at 1 April<br>2019<br>£<br>**Designated funds**<br>Capital fund<br>323,076<br>**General funds**<br>83,165<br>________<br>Total unrestricted funds<br>406,241<br>________<br>**Restricted funds**<br>Hub Club project<br>102,701<br>Sport England – Club House<br>43,348<br>Sport England – Pool<br>Refurbishment<br>468,750<br>Changing Places project<br>-<br>________<br>614,799<br>________<br>**Total of funds**<br>1,021,040<br> <br>**Summary of funds – current year**<br>Balance at 1<br>April 2020<br>£<br>Designated funds<br>259,208<br>General funds<br>137,795<br>________<br>397,003<br>Restricted funds<br>609,875<br>________<br>1,006,878<br>|Income<br>Expenditure<br>£<br>£<br>-<br>-<br>1,697,217<br>(1,706,455)<br>________<br>________<br>1,697,217<br>(1,706,455)<br>________<br>________<br>-<br>(8,673)<br>-<br>(5,419)<br>-<br>(25,000)<br>42,710<br>(8,542)<br>________<br>________<br>42,710<br>(47,634)<br>________<br>________<br>1,739,927<br>(1,754,089)<br> <br> <br>Income<br>Expenditure<br>£<br>£<br>-<br>-<br>942,178<br>(1,253,645)<br>________<br>________<br>942,178<br>(1,253,645)<br>-<br>(47,634)<br>________<br>________<br>942,178<br>(1,301,279)<br> <br>|Transfers<br>**Balance as**<br>**at 31 March**<br>**2020**<br>£<br>**£**<br>(63,868)<br>**259,208**<br>63,868<br>**137,795**<br>________<br>**________**<br>-<br>**397,003**<br>________<br>**________**<br>-<br>**94,028**<br>-<br>**37,929**<br>-<br>**443,750**<br>-<br>**34,168**<br>________<br>**________**<br>-<br>**609,875**<br>________<br>**________**<br>-<br>**1,006,878**<br> <br> <br>Transfers<br>**Balance as**<br>**at 31 March**<br>**2021**<br>£<br>**£**<br>(183,734)<br>**75,474**<br>183,734<br>**10,062**<br>________<br>**________**<br>-<br>**85,536**<br>-<br>**562,241**<br>________<br>**________**<br>-<br>**647,777**<br> <br>|
|---|---|---|
|||<br>|



27 



Carn Brea Leisure Centre Trust (Limited by Guarantee) 


## Notes 

_(forming part of the financial statements)_ 

## 19 **Statement of funds (continued)** 

## **Summary of funds – prior year** 

|Balance at<br>1 April<br>2019<br>Income<br>Expenditure<br>£<br>£<br>£<br>Designated funds<br>323,076<br>-<br>-<br>General funds<br>69,245<br>1,697,217<br>(1,706,455)<br>________<br>________<br>________<br> <br>392,321<br>1,697,217<br>(1,706,455)<br>Restricted funds<br>614,799<br>42,710<br>(47,634)<br>________<br>________<br>________<br> <br>1,007,120<br>1,739,927<br>(1,754,089)<br> <br> <br>|Transfers<br>**Balance as**<br>**at 31 March**<br>**2020**<br>£<br>**£**<br>(63,868)<br>**259,208**<br>63,868<br>**137,795**<br>________<br>**________**<br>-<br>**397,003**<br>-<br>**609,875**<br>________<br>**________**<br>-<br>**1,006,878**<br> <br>|
|---|---|



## **Purpose of unrestricted funds** 

The designated capital fund has been created in the year to recognise the Trust’s own reserves that are held in non-cash capital items that cannot readily be converted into cash. 

## **Purpose of restricted funds** 

Restricted funds are to be used for specific purposes as laid down by the donor. 

Funds restricted for the Athletics track were provided for the cost of maintenance and upkeep of the running track facility. This fund has been fully spent for the purposes intended. 

The Hub Club Project comprises the grant funded building used to promote grass roots sports clubs. The building is also rented out as a meeting space. 

The Sport England - Club House fund represents the costs of the Club House funded by a Sport England capital grant. 

The Sport England - Pool Refurbishment fund represents the costs of refurbishing the pool which was funded by a Sport England capital grant. Should the asset be disposed of, or if the charity ceases to operate then this funding may become repayable.  Sport England hold a charge in respect of this. 

Changing Places project – funding obtained towards the Changing Places facilities at the Centre. 

The trustees believe that sufficient resources are held in an appropriate form to enable each fund to be applied in accordance with the restrictions. 

28 



Carn Brea Leisure Centre Trust (Limited by Guarantee) 


## Notes 

_(forming part of the financial statements)_ 

## 20 **Analysis of net assets between funds** 

## **Analysis of net assets between funds – current year** 

|Unrestricted<br>funds<br>Restricted<br>funds<br>£<br>£<br>Tangible fixed assets<br>907,829<br>562,241<br>Current assets<br>267,412<br>-<br>Creditors due within one year<br>(293,908)<br>-<br>Creditors due in more than one year<br>(795,797)<br>-<br>________<br>________<br>85,536<br>562,241<br> <br>**Analysis of net assets between funds – prior year**<br>Unrestricted<br>funds<br>Restricted<br>funds<br>£<br>£<br>Tangible fixed assets<br>1,065,631<br>609,875<br>Current assets<br>350,053<br>-<br>Creditors due within one year<br>(289,527)<br>-<br>Creditors due in more than one year<br>(729,154)<br>-<br>________<br>________<br>397,003<br>609,875|**Total**<br>**funds**<br>**2021**<br>**£**<br>**1,470,070**<br>**267,412**<br>**(293,908)**<br>**(795,797)**<br>________<br>**647,777**<br>**Total**<br>**funds**<br>**2020**<br>**£**<br>**1,675,506**<br>**350,053**<br>**(289,527)**<br>**(729,154)**<br>________<br>**1,006,878**|
|---|---|



## 21 **Reconciliation of net movement in funds to net cash flow from operating activities** 

||**2021**|2020|
|---|---|---|
||**£**|£|
|Net expenditure for the year (as per Statement of Financial Activities)|**(359,101)**|(14,162)|
|Adjustment for:|||
|Depreciation charges|**223,127**|220,726|
|Interest paid|**34,225**|34,057|
|Dividends, interest and rents from investments|**(290)**|(1,975)|
|Loss on the sale of fixed assets|**-**|27,540|
|Decrease/(increase) in stocks|**1,691**|(750)|
|(Increase)/Decrease in debtors|**(9,215)**|8,540|
|(Decrease) in creditors|**(4,908)**|(61,884)|
||**________**|________|
|Cash (utilised)/generated from operating activities|**(114,471)**|212,092|



29 



Carn Brea Leisure Centre Trust (Limited by Guarantee) 


## Notes 

_(forming part of the financial statements)_ 

## 22 **Analysis of cash and cash equivalents** 

||**2021**|2020|
|---|---|---|
||**£**|£|
|Cash in hand|**187,481**|277,640|



## 23 **Pension commitments** 

The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the fund and amounted to £10,974 (2020: £13,077). The outstanding contributions at the year end was £1,846 (2020: £2,747). 

## 24 **Operating lease commitments** 

At 31 March 2021 the total of the group's future minimum lease payments under non-cancellable operating leases was: 

|**Group and company**<br>Within 1 year<br>Between 1 and 5 years<br>**Total**|**2021**<br>**£**<br>**2,768**<br>**3,957**<br>**________**<br>**6,725**<br>|2020<br>£<br>2,768<br>6,725<br>________<br>9,493|
|---|---|---|



## 25 **Related party transactions** 

Carn Brea Leisure Centre (Trading) Limited, a trading subsidiary, made a gift aid donation of £8,574 (2020: £76,861) to the Trust during the year. Included within debtors due within one year is an amount of £15,593 (2020: £16,078) owed to the Trust by Carn Brea Leisure Centre (Trading) Limited.  During the year the Trust recharged its subsidiary £255 (2020: £14,310) for wages and salary costs. 

## 26 **Controlling party** 

The ultimate controlling parties are the Trustees of the company as shown on page 1. 

30