RRL, Carn Brea Leisure Centre Trust (Limited by Guarantee) Trustees, Annual Report and Financial Statements For the year ended 31 March 2022 Company registration number 03896891 Charity registration number 1079101 Carn Brea Leisure Centre Trust (Limited by Guarantee) RRL, Contents Page Reference and administrative infomation Trustees, report Independent auditor's report 8-11 Consolidated statement of financial activities 12 Consolidation and company balance sheet 13 Consolidated statement of cashflows 14 Notes to the financial statements 15-32 Carn Brea Leisure Centre Trust (Limited by Guarantee) RRL, Reference and administrative information For the year ended 31 March 2022 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 M Moyle Mr DH Price- Chair (until 16 December 2021) Mr C Rowe- Chair (from 16 December 2021) Ms L May {appoinled 27 January 2022) Ms N Smith (appointed 27 January 20221 Auditors RRL LLP Peat House Newham Road TRURO Cornwall TR1 2DP Bankers Lloyds Bank PIC 27 Fore Street REDRUTH Cornwall TR15 3BJ CCLA Investmenl 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 Key Managemenl Personnel Jenine Williams (Operations Manager) Sharon Christie (Business Administration Manager) Alex King (Acting General Manager) Carn Brea Leisure Centre Trust (Limited by Guarantee) RRL, Trustees, report For the year ended 31 March 2022 The Trustees of Carn Brea Leisure Cenlre Trust present their report and financial statements for the year ended 31 March 2022. 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 1021 (effective 1 January 20191" 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, infimiity, 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 charitls facility comprises.. gym, swimming pools, sports hall, group frtness sludios, athletics track, squash courts, Cafe, meetingllraininglconference rooms and a therapy suite. Utilising the various facilities, the Trust offers a comprehensive, diverse and accessible range of activities to ensure the Gommunity's adivity needs are met. A number of initiatives have also been used to engage with the local Gommunity and ensure wherever possible that facilitieslactivities are accessible to all, these have included.. GP referral schemes, subsidised swimming sessions, corporate membership schemes and a community sponsorfs scheme. Carn Brea Leisure Centre Trust (Limited by Guarantee) RRL, Trustees, report For the year ended 31 March 2022 ACHIEVEMENTS AND PERFORMANCE REVIEW OF ACTIVITIES The Trustees are pleased to report that following the prolonged closure from the third lockdown customers have steadily returned to using the centre across all activities. The Centre still had lo follow government advice and protocols to provide a safe environment for both visitors and staff and this inevitably put pressure upon the Management Team to ensure adequate social distancing and cleaning measures were adhered to throughout. Across all areas visitor numbers were monitored and controlled. As the trading year progressed and confidence returned so did demand across all areas of the centre. It was also fantastic to see many local schools, that use the Centre for swimming lessons, return for the 2021122 academic year as well as a return to the amazing Swim School Program. The Management and Staff worked tirelessly throughout this period to return the Centre to an "as normal" operation as possible. Staff numbers had been depleted during the previous trading year and the team worked hard to deliver the quality of service expected by our loyal customer base. Staff recruitment however proved to be challenging throughout the 2021122 trading year. The Trustees were grateful for the continued support from the Acting General Manager- seconded from another Leisure Sector Trust on a part-time basis in 2020- guiding the Operations Manager and Business Administration Manger during what was becoming a busy trading year. Visitorluser numbers were returning to near pre-pandemic numbers across all areas of the Centre that was still having to operate under 'safe" protocols. Late in 2021 the Trustees were confident that the Trust needed to recruit a new Senior Manager to repla￿ the previous CEO, who had left in June 2020, and to take over from the Acting General Manager who had extended his tenure of support to the end of Ihe current financial year. The Trustees carried out a thorough review of the Trust's requirements for this Senior Role to support and develop the existing management team and to safely manage and take the charity foNard. A robust recruitment pro￿dure was put in place to recruit a General Manger and the successful candidate was appointed lo start early in April 2022. Although it was a testing trading year in so many ways it is testament to both the Management Team and Staff that the loyal customers and the amazing local community have continued to be able to safely use and to enjoy the many different activities provided by Carn Brea Leisure Centre Trust. FUNDRAISING ACTIVITIESIINCOME GENERATION Carn Brea Leisure Centre Trust owns 1000/0 of the share capital of Carn Brea Leisure Centre (Trading} Limited, a company incorporated in England and Wales (company no. 042127701. 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. The Trust received some significant grant funding in 2020121 which had a positive impact on the earty 2021122 financial year and with the return of the users this has seen the cash reserves held by the Trust return to a more healthy position. Carn Brea Leisure Centre Trust (Limited by Guarantee) RRL, Trustees, report For the year ended 31 March 2022 FINANCIAL REVIEW GOING CONCERN There is no doubt that the Covid-19 pandemic has had a profound effect on many businesses and individuals in so many different ways and Carn Brea Leisure Centre Trust has not been immune to this whether from a customer or staff point of view. Working closely with Cornwall Council and other partners it has been recognised how important Health and Fitness Activities, across all disciplines, are to the Health and Well Being, both physically and mentally, of both our local and wider community. The Trustees and Management have engaged with Cornwall Council and other stakeholders and are currently encouraged with the support being given by George EuSt1￿ MP and Cornwall Council to submit a funding bid lo both improve and enhance the aging facilities but also to make the Centre more sustainable energy wise and to future proof the operation for future generations of users. Although the Trust returned a trading loss for the financial year 2021122 the Trustees are pleased with the overall performance during eX￿ptIOnal and difficult circumstances and are delighted that the indications for the 2022123 trading year, under the leadership of the new General Manager, are encouraging with demand across all sectors at record levels. With the support and dedication of the Management Team and Staff, the loyal customer base and local community support, with all key stakeholders and with the prospect of a significant funding bid, the Trustees remain confident that the Trust will be able to operate for the foreseeable future based upon 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 objeds 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 liabilrties ofthe 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. Carn Brea Leisure Centre Trust (Limited by Guarantee) RRL, Trustees, report For the year ended 31 March 2022 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 {CC31, Charities and Risk Management information, management accounts and operational information. PAY POLICY FOR SENIOR STAFF It is essential for Cam 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 lo 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 lour 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 organisalions 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 cenlre's structure continues lo 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 communrty. The team consists of both full time and part lime 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 pla￿, 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. The Trust is aiming to increase the general reserve fund going forwards, however, recognise5 that as a result of the Covid- 19 pandemic this continues to be challenging. Carn Brea Leisure Centre Trust (Limited by Guarantee) RRL, Trustees, report For the year ended 31 March 2022 PLANS FOR FUTURE PERIODS FUTURE DEVELOPMENTS As mentioned above the Trust is in early discussions with key stakeholders to submit a bid for significant funding to enhance and improve the facilities across the centre. It is our wish lo upgrade and improve the facilities to be more energy sustainable in the future. We continue to work with Cornwall Council to provide leisure facilities across the county and we have engaged a Leisure Consultant to advise the Board on these future opportunities. We are delighted to have the support of George Eustice MP, Cornwall Council and our key Stakeholders. 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 ServI￿S on a continual basis to its existing Guslomer base and endeavour to attract new custom and users. TRUSTEES, RESPONSIBILITIES STATEMENT The Trustees (who are also directors of Cam Brea Leisure Centre Trust for the purposes of company law) are responsible for preparing the Trustees, report and the financial statements in accordan￿ with applicable law and United Kingdom Accounting Standards {Uniled 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 lo 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 hen￿ for laking reasonable steps for the prevention and detection of fraud and other irregularities. DISCLOSURE OF INFORMATION TO AUDITORS 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 auditor is unaware, and that Trustee has taken all the steps that ought lo have been taken as a Trustee in order to be aware of any relevant information and to establish that the charitable group's auditor is aware of that information. Carn Brea Leisure Centre Trust (Limited by Guarantee) RRL, Trustees, report For the year ended 31 March 2022 This report was approved by the Trustees, on 1 December 2022 and signed on their behalf by.. By order of the Board Station Road Pool REDRUTH Cornwall TR15 3QS C Rowe Trustee Carn Brea Leisure Centre Trust (Limited by Guarantee) RRL, Independent auditors, report to the members of Carn Brea Leisure Centre Trust Opinion We have audited the financial statements of Carn Brea Leisure Centre Trust (the 'parent charity'l and its subsidiary (the 'group') for the year ended 31 March 2022 which comprise the consolidated statement of financial activities, consolidated and company balance sheet, consolidated statement of cash flows and 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 AC￿pted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of Ihe group's and parent charitable company s affairs as at 31 March 2022, and of the group's incoming resources and applicalion of resources, including its income and expenditure, for Ihe period then ended", have been properly prepared in accordance with Uniled Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing {UKI IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordan￿ with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities 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. The impact of macroryeconomic uncertainties on our audit Our audit of the financial statements requires us to obtain an understanding of all relevant uncertainties, including those arising as a Consequen￿ of the effects of macro-economic uncertainb.es such as Covid-19 and Brexit. All audits assess and challenge the reasonableness of estimates made by the directors and the related disclosures and the appropriateness of the going concern basis of preparation of the financial statements. All of these depend on assessments of the future economic environment and the company's future prospects and performance. Covid-19 and Brexit are amongst the most significant economic events currently faced by the UK, and at the date of this report their effects are subject to unprecedented levels of un￿rtainlY, with the full range of possible outcorlles and their impacts unknown. We applied a standardised firm-wide approach in response to these uncertainties when assessing the company's future prospects and performance. However, no audit should be expecled to predicl the unknowable faclors or all possible future implications for a company associated with these particular events. Concluslons relatlng to golng concern In auditing the financial statemenls, we have concluded that Ihe Irustees, use of the going concern basis of accounting in the preparation of the financial statemenls is appropriate. Carn Brea Leisure Centre Trust (Limited by Guarantee) RRL, Independent auditors, report to the members of Carn Brea Leisure Centre Trust Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or parent charitable company's ability lo 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. In our evalualion of the directors, conclusion, we considered the risks associated wth the company s business, including effects arising from macro-economic uncertainties such as Covid-19 and Brexit. We analysed how those risks might affect the company's financial resources or ability to continue operations over Ihe period of at least Iwelve months from Ihe date when the financial stalemenls are authorised for issue. In accordance with the above, we have nothing to report in these respects. However, as we cannol predict all future events or conditions and as subsequenl events may result in oulcomes thal are inconsistenl wilh judgements that were reasonable at the lime they were made, the absence of reference to a material uncertainly in this auditor's report is not a guarantee thal the company will continue in operalion. other infomiation The olher information comprises Ihe information included in Ihe trustees annual report, other than the financial 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 otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether 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 performed, 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. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in Ihe course of the audit.. the information given in the trustees, report incorporating the directors, report for the financial year for which the financial slatements are prepared is consistent wilh the financial slalements., and the directors, report has been prepared in accordance with applicable legal requiremenls. Matters on whlch we are requlred to report by exceptlon In the light of our knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion.. Carn Brea Leisure Centre Trust (Limited by Guarantee) RRL, Independent auditors, report to the members of Carn Brea Leisure Centre Trust adequate and sufficient accounting records have not been kept by the parent charitable company, or retums adequate for our audit have not been received from branches not visited by us,. or the parent charitable companls financial statements are not in agreement with the accounting records and returns., or certain disclosures of directors, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit., or the trustees were not entitled to prepare the financial statements in accordance with the small companies, regime and take advantage of the small companies, exemption in preparing the directors, report and from the requirement lo prepare a strategic report. Responsibilities of trustees As explained more fvlly in the Iruslees, responsibilities slalement set out on page 6, the trustees (who are also the directors of the charitable company for Ihe purposes of company law) are responsible for the preparation of the financial statements and for being satisfied 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 malerial misslalement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group's and parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounts'ng unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic attemats've but to do so. Auditor's responsibilities for the audit of the financial 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 assuran￿, but is not a guarantee that an audit conducted in accordance with ISAS IUKI wll 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. Irregularities, including fraud, are instances of non-compliance wilh laws and regulalions. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. As part of our audit work, we obtained an underslanding of the legal and regulalory frameworks applicable to the charity and the sector in which they operate. We determined that Ihe laws and regulations thal were most significant were those that have a direct impact on the preparation of the financial statements such as the Companies Acl 2006, the Charities Acl 2011, and compliance with the Charities Statement of Recommended Practice. In addition, we have considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Charity's ability to operate or to avoid a material penalty. These include data protection regulations, health and safety regulations, licensing acts and employment legislation. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below.. Obtain an understanding of the legal and regulatory frameworks applicable to the charity and the seclor in which they operate. We detemined that the following laws and regulalions were most significant.. the Charities Act 2011, the Companies Act 2006, Health and Safety Regulab'ons, Safeguarding and GDPR., Review of the disclosures in the financial statements and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements., 10 Carn Brea Leisure Centre Trust (Limited by Guarantee) RRL, Independent auditors, report to the members of Carn Brea Leisure Centre Trust Enquiries of management conceming actual and potential litigation and claims., Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud., Reviewing minutes of trustee meetings and correspondence with regulators., Performing audit work in connection with the risk of management override of controls, including tesb'ng journal entries for reasonableness and evaluab'ng the business rationale of significant transactions outside the normal course of business. We also ￿MMunICate relevanl identified laws and regulations and potential fraud risk to all engagemenl team members and remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audil. Because of the inherent limitations of an audit, Ihere is a risk that we will not detect all irregularities, including those leading to a material misslatement in the financial slatements or non-compliance wilh regulab'on. This risk increases Ihe more that compliance a law or regulation is removed from the evenls and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as traud involves intenlional concealment, forgery, ¢ollusion, omission or misrepresentab'on. A further description of our responsibilib'es for the audit of the financial statements is located on the Financial Reporting Council's website at.. htt s'.IIwwN.frc.or .uklauditorslaudit-assurancelauditor-s-res onsibilities-for- the-audit-of-lhe-fildescri tion-of-the-audilorO/oE20/08001099s-res onsibilities-for. This description forms part of our auditor's report. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable company's Iruslees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members and its trustees those rllatters we are required to state to them in an auditor's report and for no olher purpose. To the fullest extent permitted by law, we do nol a¢￿pt or assume responsibility to anyone olher than the charitable company and the charilable company s members as a body and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have fomed. Mark Williams (Senior Statutory Auditor) For and on behalf of RRL LLP Statutory Auditors Peat House Newham Road TRURO Cornwall TR12DP 12 December 2022 Carn Brea Leisure Centre Trust (Limited by Guarantee) RRL, Consolidated statement of financial activities (incorporating income and expenditure account) For the year ended 31 March 2022 Unrestricted funds General Designated Restricted fund fund funds Total funds 2022 Total funds 2021 Notes Income from: Donations and legacies Charitable activities Other trading activities Investments 284,912 1,181,703 73,364 350 5,000 289.912 1.181.703 73.364 350 567,575 352,902 21,411 290 Total income 1,540,329 5,000 1.545.329 942,178 Expenditure on: Raising funds Charitable activities 10,878 1,606,544 10,878 11,271 48,224 1.654.768 1,290,008 Total expenditure 1,617,422 48,224 1.665.646 1,301,279 Net expenditure before transfers 177,0931 143,2241 1120,3171 1359,1011 Transfers between funds 75,474 175,4741 Net movement In funds 11,6191 175,4741 143,2241 (120,3171 1359,1011 Totsl funds brought forward 10,062 75,474 562,241 647,777 1,006,878 Total funds carried forward 8,443 519,017 527,460 647,777 The notes on pages 15 to 32 form part of these financial statements. 12 Carn Brea Leisure Centre Trust (Limited by Guarantee) RRL, Consolidated and company balance sheet As at 31 March 2022 The Group 2022 The Charity 2022 2021 2021 Notes Fixed assets Tangible assets Inve5trnents 12 13 1,272,857 1,470.070 1,262,942 10 1.458,032 1,272,857 1.470.070 1,262,952 1.458.042 Current a888tB Stocks Debtors Cash at bank and in hand 14 15 10.978 47,010 378,559 8,845 71.086 187,481 10.871 55.186 359,776 8,738 77,083 178,349 436,547 267,412 425.833 264,170 Creditors= amounts falling duè within one year 16 1342.3141 1293,9081 1332.0331 1284,2781 Net current assetsllllabllltlesl 94,233 126,4961 93,800 120,1081 Total assets less current Ilabllltles 1,367,090 1,443,574 1,356,752 1,437,934 Creditors: amounts falling due after more than one year 18 1839,6301 1795,79n 1839,6301 1795,7971 Net assets 20 527,460 647,777 S17,122 642,137 Charity funds Restricted funds Unrestricted fvnds Design8ted fund5 General fund 19 19 519.017 562,241 519.017 562,241 75.474 10.062 75.474 4.422 8,443 11,8951 Total funds 527.460 647,777 517.122 642,137 The financial statements have been prepared in accordanee wth the speaal provisions applicable to cornpanies subieet to the small companies regime. These financial statements weie approved and authorised foi the issue of the Trustees tsn 1 December 2022 and signed on their behalf by". C Rowe Trustee These notes on pages 15 to 32 form part of these financial statements. Company registrats'on no.: 03896891 13 Carn Brea Leisure Centre Trust (Limited by Guarantee) RRL, Consolidated statement of cash flows For the year ended 31 March 2022 2022 2021 Note Cash flows from operatlng actlvltles Nel cash providedllulilisedl by operating activities 21 223,753 1114,4711 Cash flows from Investlng actlvltles: Dividends, interest and rents from investments Purchase of tsngible fixed assets Interest payable on borrowings 350 112.5411 137,2211 290 {17,6911 {34,2251 Net cash used in investing activities 149.4121 {51,6261 Cash flows from financing activitios: Repayments of borrowings Cash inflows trom new borrowing {9.9221 26.659 75,932 Net cash provided by financing activities 16,737 75,932 Change in cash and eash equivalents in the year 191,078 (90,1651 Cash and cash equivalents brought forward 187,481 277,646 Cash and cash equivalents carried forward 22 378,559 187,481 14 Carn Brea Leisure Centre Trust (Limited by Guarantee) RRL, Notes (fomiing part of the financial statements) 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 charrties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 {effective 1 January 2019} - {Charities SORP IFRS 1021), the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 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 al historical cost or transaction value unless othenmse stated in the relevant accounting policy. The Statement of financial activities ISOFAI 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 £1,529,753, total expenditure of £1,654,768 and a net movement in funds of {£125,015). 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 lo 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. 15 Carn Brea Leisure Centre Trust (Limited by Guarantee) RRL, Notes (fomiing part of the financial statements) Accounting policies (continued) 1.4 Fund accounting (continued Restricted funds are funds which are lo be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The osts 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 eslale has been finalised and notificalion has been made by the executor(sl to the Trust that a distribution will be made, or when a distribution is received from the eslate. 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 ofthe executor's intention to make a dislribution. 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 mel, 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 oflhe Gompany ofthe item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP {FRS 1021, the general volunteer lime of the Friends is not recognised and refer to the Trustees, report for more information about their contribution. On receipt, donated professional ServI￿S 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 orresponding 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 lolal of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single aclivity are allocated directly to that activity. Shared costs which contribute to more than one aclivily and support costs which are not attributable lo a single activily 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 cosls are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. 16 Carn Brea Leisure Centre Trust (Limited by Guarantee) RRL, Notes (fomiing part of the financial statements) Accounting policies (continued) 1.6 Expenditure {continued) Costs of generating funds are costs incU￿ed 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 haritable activities. 1.7 Going concern The Covid-19 pandemic created challenges for all in the leisure industry. Despite the loss within the 2021122 financial year, the indications for the 2022123 financial year are encouraging and indicating a return to pre-covid income levels in the near future. Whilst there is an element of uncertainty as to the impact of the current cost of living crisis, currenl demand is at record levels and as a result, the Truslees remain confident thal 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 infomation 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 impaimient. 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 {&25 years) Plant and machinery 10_33 % straight line Fixtures and fittings 10_330/0 Straight line Computer equipment 20_500/0 Straight line 17 Carn Brea Leisure Centre Trust (Limited by Guarantee) Notes (fomiing part of the financial statements) Accounting policies Icontinuedl 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 'Gainsl{lossesl 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 temi 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 produ￿ 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 lerm. 1.12 Turnover Turnover comprises revenue recognised by the company in respect of goods and serVI￿S supplied during the year, exclusive of Value Added Tax and trade discounts. 1.13 Stocks Stocks are valued al 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. 18 Carn Brea Leisure Centre Trust (Limited by Guarantee) RRL, Notes (fomiing part of the financial statements) Accounting policies Icontinuedl 1.17 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance sheet dale 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 re￿iVed 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 unwnding 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 qualrfy as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their seltlement value wilh 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 ofthe year. 1.20 Critical accounting estimates and judgements In the application of the company's accounting policies, the trustees are required lo make judgements, estimates and assumptions about the Garrying 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. 19 Carn Brea Leisure Centre Trust (Limited by Guarantee) RRL, Notes (fomiing part of the financial statements) Income from donations and legacies Unrestricted funds Restricted funds Total 2022 Total 2021 Donations Grants.. 272 Cornwall Council - National Leisure Recovery Fund HMRC- Job Retention Scheme Growth Fund Business Support Big Issue Invest The National Lollery- Community Leisure Recovery Fund England Athletics 127,300 118,912 127,300 118,912 21,589 477,214 5,500 63,000 38,700 38.700 5.000 5,000 Total donations andlogacies 284,912 5,000 289.912 567,575 Totsl 2021 567,575 567.575 567,575 HMRC grants included wthin the above have been received lotalling £118,912 12021.. £477,214) to assist with the furloughed staff whilst in a nationwide lockdown due to COVID-19. Trading activities Unrestricted funds Restricted funds Total 2022 Total 2021 Trading income Trading income 73,364 73,364 21,411 Fundraising trading expenses Trading expenses lincluding depreciation) 10,878 10.878 11,271 Net income from trading activities 62,486 62.486 10,140 Investment income Unrestricted funds Reslricled funds Total 2022 Total 2021 Bank interest receivable 350 350 290 Total 2021 290 290 20 Carn Brea Leisure Centre Trust (Limited by Guarantee) RRL, Notes (fomiing part of the financial statements) Income from eharitable activities Unrestricted funds Restricted funds Total 2022 Total 2021 Operation of the leisure centre 1,181,703 1,181,703 352,902 352,902 352,902 Total 2021 Operation of the leisure centre income can be summarised as follows: Unreslricled funds Reslricled funds Total 2022 Total 2021 Rent receivable Gym Income Pool and sports activities Catering and refreshments Income Sales of sports goods Other activities 7,915 563,033 529,020 52,555 9,489 19,691 7.915 563.033 529.020 52,555 9,489 19,691 1,584 198,770 146,012 1,146 1,765 3,625 Total 1,181,703 1,181,703 352,902 Analysis of expenditure on charitable activities Unrestricted funds Restricted funds Total 2022 Total 2021 Operation of the leisure centre Operation of the Hub Club project 1,606,544 39,551 8,673 1,646,095 8,673 1,281,335 8,673 1,606,544 48,224 1,654,768 1,290,008 Total 2021 1,242,374 47,634 1.290.008 21 Carn Brea Leisure Centre Trust (Limited by Guarantee) RRL, Notes (fomiing part of the financial statements) Direct costs Operation of the leisure centre Opemtion ofthe Hub Club project Total 2022 Total 2021 Cost of sales Leasing and equipment rental costs Cleaning and waste removal Repairs and renewals Printing, postage and stationery Health and safely ICT system expenses Staff training Premises costs Irrecoverable VAT Bank charges and Interest LI￿nseS and subscriptions Legal and professional Consulting Bookkeeping Advertising and marketing Wages and salaries National insurance Pension cost Depreciation 48,025 5,158 15,745 53,347 3,813 3,218 16,102 6,027 272,215 72,910 44,015 19,625 8,759 3,598 16,912 2,595 798,705 39,224 11,972 197,280 48,025 5,158 15,745 53.347 3.813 3.218 16.102 6.027 272.215 72,910 44,015 19,625 8,759 3,598 16,912 2,595 798,705 39,224 11,972 205,953 9,333 3,494 5,424 22,591 2,805 3,547 2,321 146 128,299 30,546 36,259 14,961 10,509 7,128 537 740,931 36,943 10,974 217,909 8,673 1,639,245 8,673 1,647,918 1,284,657 Total 2021 1,275,984 8,673 1,284,657 Support and governance costs Operation of the leisure centre Total 2022 Total 2021 Auditors, I Independent Examiners remuneration 6,850 6.850 5,350 6,850 6.850 5,350 Total 2021 5,350 5.350 22 Carn Brea Leisure Centre Trust (Limited by Guarantee) RRL, Notes (fomiing part of the financial statements) Tumover The whole of the tumover is attributable to leisure activities along with education and training in these aclivilies. Al turnover arose within the United Kingdom. 10 Net expendlture This is staled after charging.. 2022 2021 Depreciation 209.754 223,127 During the year, no Trustees received any remuneralion12021'. £Nill. During the year, no Trustees received any benefits In kind12021'. £Nill. During the year, no Trustees received any reimbursement of expenses12021.' £Nill. Staff costs 2022 2021 Wages and salaries Social security costs Other pension costs 798,705 39,224 11,972 740,931 36,943 10,974 849,901 788,848 The average monthly numbers of persons employed by the company during the year was as follows.. 2022 2021 Full and part time employees 59 69 Average headcount expressed as a full time equivalent.. 2022 2021 Management Adminislralive Operational- Charity Operational- Trading 26 20 33 26 No employee received remuneration amounting lo more than £60,000 in either year. Total key management personnel remuneration was £97,11212021.' £90,451) 23 Carn Brea Leisure Centre Trust (Limited by Guarantee) RRL, Notes (fomiing part of the financial statements) 12 Tangible fixed assets Short-temi leasehold Property Fixtures. fittings and equipment Group Plant and machinery Total Cost At 1 April 2021 Additions 1,650,914 545,808 2,039 670,637 10,502 2,867,359 12,541 At 31 March 2022 1,650,914 547,847 681,139 2,879,900 Depreciation At 1 April 2021 Charge for the year 625,762 85,081 331,929 52,326 439,598 72,347 1,397,289 209,754 At 31 March 2022 710,843 384,255 511,945 1,607,043 Net book value At 31 March 2022 940.071 163,592 169.194 1,272.857 At 31 March 2021 1,025,152 213,879 231,039 1,470,070 Short-term leasehold Property Fixtures. fittings and equipment Company Plant and machinery Total Cost At 1 April 2021 Additions 1,650,914 541,689 2,039 632,868 8,824 2,825,471 10,863 At 31 March 2022 1,650,914 543,728 641,692 2,836,334 Depreciation At 1 April 2021 Charge for the year 625,782 85,081 327,845 52,291 413,832 68,581 1,367,439 205,953 At 31 March 2022 710,843 380,136 482,413 1,573,392 Net book value At 31 March 2022 940,071 163,592 159,279 1,262,942 At 31 March 2021 1,025,152 213,844 219,036 1,458,032 24 Carn Brea Leisure Centre Trust (Limited by Guarantee) RRL, Notes (fomiing part of the financial statements) 13 Fixed asset investments Shares in group undertaking Company Carrying value at cost As at 1 April 2021 and 31 March 2022 10 Carn Brea Leisure Centre (Trading) Limited 2022 2021 Summary profit and loss account for the year ended 31 March 2022 Turnover Cost of sales 73.364 {477) 21,411 Gross profit Administrative expenses Interest reTrivable Donation lo parent 72,887 110,401) 21,400 111,2601 157,788) 18,574} Result for the year 4,698 1,569 Balance sheet as at 31 March 2022 Tangible fi'xed assets Current assets Creditors falling due within one year 9,915 22,698 122,265) 12,038 18,835 125,2231 Aggregate share capital and reserves 10,348 5,650 Carn Brea Leisure Centre Trust owns 1 OOQA of the share capital of Carn Brea Leisure Centre {Tradingl Limited, a company incorporated in England and Wales (company no. 042127701. The principal activity of Carn Brea Leisure Centre (Trading) Limited is lo operate the commercial activities al Carn Brea Leisure Cenlre. The registered Offi￿ of Carn Brea Leisure Centre (Trading) Limited is the same as Carn Brea Leisure Centre Trust. 14 Stocks Group 2021 Company 2021 Group and company 2022 2022 Finished goods and goods for resale 10,978 8,845 10,871 8,738 25 Carn Brea Leisure Centre Trust (Limited by Guarantee) RRL, Notes (fom7ing part of the financial statements) 15 Debtors Group 2021 Company 2021 2022 2022 Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income 18,993 10,630 15,185 11,984 2,379 25,638 1,824 15,593 2,379 25,638 60,456 59,666 47,010 71,086 55.186 77,083 16 Creditors: amounts falling due within one year Group 2021 Company 2021 2022 2022 other loans Trade creditors Other taxation and social security Other creditors Accruals and deferred income 59.462 65,051 44,583 13,198 160,020 86,558 47,222 39,423 2.074 118,631 59,462 64,989 42,175 5,387 160,020 86,558 47,162 37,367 2,074 111,117 342,314 293,908 332,033 284,278 Deferred income comprises booking fees from clubs and schools received in advance, bi-annual and annLJal gym memberships received in advance and advance payments for swim school courses. Deferred Income Group Company Deferred income at 1 April 2021 Resources deferred during the year Amounts released from previous years 67,950 98,247 {67,950) 62,232 93,506 162,2321 Deferred income as at 31 March 2022 98,247 93,506 17 Financial instruments Group 2021 Company 2021 2022 2022 Carrying amount of financial assets Debt instruments measured at amortised cost 18.993 10,630 15,185 1,824 Carrying amount of flnanclal Ilabilities Measured at amortised cost 1,087,777 929,577 1,062,974 929,517 26 Carn Brea Leisure Centre Trust (Limited by Guarantee) RRL, Notes (fom7ing part of the financial statements) 18 Creditors- amounts falling due after more than one year Group 2021 Charity 2021 2022 2022 Other loans 839,630 795,797 839,630 795,797 Other loans include aggregate amounts of £578,941 12021.. £635,859) which fall due after five years and are repayable by instalments. The payment terms and interest rale 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 40/.. the loans from Big Issue Invest are repayable over 7 years and carry an interest rate of 7.5 %, the Santsnder bounce back loan is repayable over 6 years and carries an interest rale of 2.50/0. Other loans are secured by fixed charge and a floating charge over the charity's assets. 19 Group statement offunds- Current year Balance as at 1 April 2021 Income Expenditure Transfers Balance as at 31 March 2022 Designated funds Capital fund 75,474 175,4741 General fund$ 10,062 1,540,329 11,617,422) 75,474 8,443 Totsl unrestricted funds 85,536 1,540,329 11,617,422) 8,443 Restricted funds Hub Club project Sport England - Club House Sport England - Pool Refurbishment Changing Places project England Athletics 85,355 32,510 18,6731 15,4191 76,682 27.091 393.750 418,750 25,626 125,0001 18,5421 15901 17.084 4.410 5,000 562,241 5,000 148,2241 519.017 Total of funds 647,777 1,545,329 11,665,646) 527.460 27 Carn Brea Leisure Centre Trust (Limited by Guarantee) RRL, Notes (forming part of the financial statements) 19 Statement of funds Icontinued) Group Statement of funds- prior year Balance as at 1 April 2020 Income Expenditure Transfers Balance as at 31 March 2021 Designated funds Capital fund 259,208 {183,7341 75.474 General funds 137,795 942,178 11,253,645) 183,734 10.062 Total unrestricted funds 397,003 942,178 11,253,645) 85.536 Restricted funds Hub Club project Sport England - Club House Sport England - Pool Refurbishment Changing Places project 94,028 37,929 18,6731 15,4191 85.355 32.510 443,750 34,168 125,0001 18,5421 418,750 25,626 609,875 147,6341 562.241 Total of funds 1,006,878 942,178 11,301,279) 647,777 Charlty summary offunds- current year Balance at 1 April 2021 Income Expenditure Transfers Balante as at 31 March 2022 Designated funds General funds 75,474 4,422 {75,4741 75,474 1,524,753 11,606,544) {1,895) 79,896 1,524,753 11,606,544) {1.895) Restricted funds 562,241 5,000 {48,2241 519.017 642,137 1,529,753 11,654,768) 517.122 28 Carn Brea Leisure Centre Trust (Limited by Guarantee) RRL, Notes (forming part of the financial statements) 19 Statement of funds Icontinued) Charity summary offunds- prior year Balance at 1 April 2020 Income Expenditure Transfers Balance as at 31 March 2021 Designated funds General funds 259,208 133,724 1183,7341 183,734 75,474 4,422 929,338 11,242,374) 392,932 929,338 11,242,374) 79,896 Restricted funds 609,875 147,6341 562.241 1,002,807 929,338 11,290,008) 642.137 Purpose of unrestrlcted funds The designated capitsl fund has been created In the year lo recognise the Trust's own reserves that are held in non