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2024-03-31-accounts

Carn Brea Leisure Centre Trust (Limited by Guarantee)

Trustees’ Annual Report and Financial Statements

For the year ended 31 March 2024

Company registration number 03896891 Charity registration number 1079101

Carn Brea Leisure Centre Trust (Limited by Guarantee)

Contents

Page
Reference and administrative information 1
Trustees’ report 2 – 7
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 – 33

Carn Brea Leisure Centre Trust (Limited by Guarantee)

Reference and administrative information

For the year ended 31 March 2024

Charity registration number 1079101
Company registration number 03896891
Registered office and business Station Road
address Pool
REDRUTH
Cornwall
TR15 3QS
Trustees Mr C Rowe – Chair
Mr L Bateman (appointed 25 January 2024)
Mr R Beeching (resigned 24 October 2024)
Mr C Hunter
Mr N Lake
Ms L May (resigned 6 September 2023)
Mr M Moyle (resigned 25 January 2024)
Mrs A Pascoe
Mr J Rowe (appointed 25 January 2024)
Ms N Smith (resigned 29 August 2024)
Auditors 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
Key Management Personnel Sharon Christie (Business Administration Manager)
Robert Rosevear (General Manager)

1

Carn Brea Leisure Centre Trust (Limited by Guarantee)

Trustees’ report

For the year ended 31 March 2024

The Trustees of Carn Brea Leisure Centre Trust present their report and financial statements for the year ended 31 March 2024.

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 continued to be used throughout the year 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.

2

Carn Brea Leisure Centre Trust (Limited by Guarantee)

Trustees’ report

For the year ended 31 March 2024

ACHIEVEMENTS AND PERFORMANCE

REVIEW OF ACTIVITIES

The Trustees are pleased to report that demand continued to grow across all activities offered by the centre.

The Senior Management Team led by the General Manager continue to review all Policies, Protocols and Procedures throughout the year. Staff and Managers have worked hard to ensure these are up to date and training has been implemented as and where thought necessary.

High customer demand has continued to put pressure upon the Staff and Management Team who continued to respond in a very professional manner. Staff recruitment has become more settled through the year and the vacancies are being filled. A longstanding ambition of the Trustees was achieved in September 2023 when the centre was able to move to the Real Living Wage as set out by the Real Living Wage Foundation.

The year has continued to be challenging due to energy costs increasing but with prudent management these have been controlled. The Management Team continued to monitor and manage usage to ensure customers continued to enjoy their experience within the centre. This is still very much work in progress.

The Team continues to engage with Community and Business Sponsors and work continues to build upon these valuable connections.

The Trustees are delighted to report that the Centre continues to be well managed. The condition of the building and facilities continues to be challenging but the Management Team and Trustees are engaging with partners to investigate options for repairing, improving and investing in the estate where funding and opportunities are possible.

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 hire activities at Carn Brea Leisure Centre. All taxable profits generated through this trading subsidiary are donated to Carn Brea Leisure Centre Trust.

FINANCIAL REVIEW

RESERVES

As at 31 March 2024, the group held £490,898 of funds (2023: £427,935), of which £421,749 (2023: £470,383) were restricted for specific purposes and £69,149 (2023: (£42,448)) were unrestricted.

3

Carn Brea Leisure Centre Trust (Limited by Guarantee)

Trustees’ report

For the year ended 31 March 2024

GOING CONCERN

The Trustees are pleased to report that CBLCT has continued to recover well from the impact of The Covid-19 Pandemic with demand across all activities returning to pre-pandemic levels or above. In recognising the importance of Health and Fitness Activities, to all age groups and sectors of the local demographic, the Trust has continued to work with Cornwall Council (Active Cornwall) and other Partners to help with the accessibility of our offerings.

The Trustees and Management Team continue to engage with Cornwall Council and other Key Stakeholders, including the local MP and Local Councillors, to investigate the most appropriate Funding Bid to improve and enhance the facilities and activities for the future.

Trustees are delighted that the Trust has returned a surplus during the 2023/24 financial year. The Trustees are satisfied with the performance, however, we acknowledge that limited unrestricted funds are held by the group totalling £69,149. Although there are plans in place to remain profitable and increase this figure, there are challenges facing the group especially in terms of a volatile energy market, increasing employers’ national insurance contributions and an aging infrastructure that requires replacement.

With the continued support and dedication of the Senior Management Team and Staff, under the Leadership of the General Manager, the loyal Customer Base and Local Community Support and working with all Key Stakeholders, the Trustees remain confident that the Trust can operate for the foreseeable future based upon the information and projections available at this time.

The Trustees believe that it is appropriate to continue to prepare the financial statements on the going concern basis. As part of developing the Risk Management Policy, Trustees continue to assess the major risks and are satisfied that systems and controls are in place to mitigate these risks. The Trust aspires to increase its general reserve fund going forwards but recognises that the ageing building requires constant investment.

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.

4

Carn Brea Leisure Centre Trust (Limited by Guarantee)

Trustees’ report

For the year ended 31 March 2024

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. The Trust is aiming to increase the general reserve fund going forwards, however, recognises that as a result of the utility market this continues to be challenging.

5

Carn Brea Leisure Centre Trust (Limited by Guarantee)

Trustees’ report

For the year ended 31 March 2024

PLANS FOR FUTURE PERIODS

FUTURE DEVELOPMENTS

The Senior Management Team and Trustees continue in discussions with all Key Stakeholders and have engaged Architects and Funding Specialists to prepare a plan and relevant bids to enhance and improve the facilities. It has never been more important to investigate how the facility can be made more energy sustainable for the future and are currently working on several initiatives.

We continue to appreciate the support the local MP, Cornwall Council and all of our Key Stakeholders and Sponsors.

INFORMATION ON FUNDRAISING PRACTICES

The Trust continues to raise funds 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.

The Trust engaged Two Green Magpies who continue to fundraise on behalf of the Trust. There were no complaints with regards to fundraising during the year.

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:

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.

6

Carn Brea Leisure Centre Trust (Limited by Guarantee)

Trustees’ report

For the year ended 31 March 2024

DISCLOSURE OF INFORMATION TO AUDITORS

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

This report was approved by the Trustees, on 5 December 2024 and signed on their behalf by:

By order of the Board

Station Road Pool REDRUTH Cornwall TR15 3QS

C Rowe Trustee

7

Carn Brea Leisure Centre Trust (Limited by Guarantee)

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 charitable charity’) and its subsidiary (the ‘group’) for the year ended 31 March 2024 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 Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 accordance 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.

Material uncertainty relating to going concern

We draw attention to Note 1.7 in the financial statements, which indicates that as at 31 March 2024, the group had general funds of £69,149 and is facing challenges especially in terms of a volatile energy market, increasing employers’ NI contributions and an aging infrastructure that requires replacement. As stated in Note 1.7 these conditions indicate that a material uncertainty exists that may cast significant doubt on the group’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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.

8

Carn Brea Leisure Centre Trust (Limited by Guarantee)

Independent auditors’ report to the members of Carn Brea Leisure Centre Trust

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

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 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 6, the trustees (who are also the directors of the parent charitable company for the 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 material misstatement, 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 accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative 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 auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

9

Carn Brea Leisure Centre Trust (Limited by Guarantee)

Independent auditors’ report to the members of Carn Brea Leisure Centre Trust

As part of our audit work, we obtained an understanding of the legal and regulatory frameworks applicable to the group and the sector in which they operate. We determined that the laws and regulations most significant to the group, as well as the laws and regulations that have a direct impact on the preparation of the financial statements are: Health & Safety regulations, safeguarding legislation employment legislation, General Data Protection Regulation, Food Safety & Hygiene regulations and compliance with the Charities Act 2011, the Companies Act 2006 and with the Charities Statement of Recommended Practice.

The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

We also communicate relevant identified laws and regulations and potential fraud risk to all engagement team members and remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit approach also considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud being in respect of cut off and completion risk around revenue recognition. Under ISA (UK) we are also required to undertake procedures to respond to the risk of management override of controls. Our procedures included the following:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our audit report.

10

Carn Brea Leisure Centre Trust (Limited by Guarantee)

Independent auditors’ report to the members of Carn Brea Leisure Centre Trust

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. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Josh Stevens ACA (Senior Statutory Auditor)

For and on behalf of RRL LLP Statutory Auditors Peat House Newham Road TRURO Cornwall TR1 2DP

17 December 2024

11

Carn Brea Leisure Centre Trust (Limited by Guarantee)

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

For the year ended 31 March 2024

General Restricted Total Total
unrestricted funds funds funds
fund 2024 2023
Notes £ £ £ £
Income from:
Donations and legacies 2 - - - 5,000
Charitable activities 5 1,992,543 - 1,992,543 1,725,138
Other trading activities 3 134,954 - 134,954 98,493
Investments 4 22,855 - 22,855 5,755
__ __ __ __
Total income 2,150,352 - 2,150,352 1,834,386
__ __ __ __
Expenditure on:
Raising funds 3 18,173 - 18,173 15,399
Charitable activities 6 2,020,582 48,634 2,069,216 1,918,512
__ __ __ __
Total expenditure 2,038,755 48,634 2,087,389 1,933,911
__ __ __ __
Net income / (expenditure) before transfers 111,597 (48,634) 62,963 (99,525)
Transfers between funds - - - -
__ __ __ __
Net movement in funds 111,597 (48,634) 62,963 (99,525)
Total funds brought forward (42,448) 470,383 427,935 527,460
__ __ __ __
Total funds carried forward 69,149 421,749 490,898 427,935

The notes on pages 15 to 33 form part of these financial statements.

12

Carn Brea Leisure Centre Trust (Limited by Guarantee)

Consolidated and company balance sheet

As at 31 March 2024

Notes
Fixed assets
Tangible assets
12
Investments
13
Current assets
Stocks
14
Debtors
15
Cash at bank and in hand
22
Creditors: amounts falling due
within one year
16
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
18
Net assets
20
Charity funds
Restricted funds
19
Unrestricted funds
- General fund
19

Total funds		 The Group
2024
2023
£
£
1,000,874
1,140,393
-
-
__
_
1,000,874
1,140,393
__
_
14,757
10,970
92,529
52,263
478,822
403,241
__
_
586,108
466,474
(377,232)
(391,508)
__
_
208,876
74,966
__
_
1,209,750
1,215,359
(718,852)
(787,424)
__
_
490,898
427,935
421,749
470,383
69,149
(42,448)
__
__
490,898
427,935		 The Charity
2024
2023
£
£
997,187
1,133,259
10
10
__
_
997,197
1,133,269
__
_
14,650
10,863
88,773
48,761
477,488
401,787
__
_
580,911
461,411
(374,430)
(385,063)
__
_
206,481
76,348
__
_
1,203,678
1,209,617
(718,852)
(787,424)
__
_
484,826
422,193
421,749
470,383
63,077
(48,190)
__
__
484,826
422,193

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 5 December 2024 and signed on their behalf by:

C Rowe Trustee

These notes on pages 15 to 33 form part of these financial statements.

Company registration no.: 03896891

13

Carn Brea Leisure Centre Trust (Limited by Guarantee)

Consolidated statement of cash flows

For the year ended 31 March 2024

2024 2023
£ £
Note
Cash flows from operating activities
Net cash provided/(utilised) by operating activities 21 205,928 187,233
__ __
Cash flows from investing activities:
Dividends, interest and rents from investments 22,855 5,755
Purchase of tangible fixed assets (45,439) (67,033)
Interest payable on borrowings (36,281) (37,768)
__ __
Net cash used in investing activities (58,865) (99,046)
__ __
Cash flows from financing activities:
Repayments of borrowings (71,482) (63,505)
__ __
Net cash used in financing activities (71,482) (63,505)
__ __
Change in cash and cash equivalents in the year 75,581 24,682
Cash and cash equivalents brought forward 403,241 378,559
__ __
Cash and cash equivalents carried forward 22 478,822 403,241

14

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 2019) - (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 £2,131,849, total expenditure of £2,069,216 and a net movement in funds of £62,633.

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.

15

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.

Grants, including grants for the purchase of fixed assets, are recognised in full in the statement of financial activities in the year in which they are receivable. Grants could become repayable if certain conditions are not met.

16

Carn Brea Leisure Centre Trust (Limited by Guarantee)

Notes

(forming part of the financial statements)

1 Accounting policies (continued)

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.

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

Whilst the trustees are pleased to report a surplus during the year, demonstrating the increased demand across all activities, they acknowledge that there are limited unrestricted funds held by the group totalling £69,149 as at 31 March 2024. Although there are plans in place to continue to remain profitable, there are challenges facing the group especially in terms of a volatile energy market, increasing employers’ national insurance contributions and an aging infrastructure which requires repair and replacement. This coupled with a small general fund casts material uncertainty on the group’s ability to continue as a going concern.

However, with continued support and dedication of the senior management team and staff, under the leadership of the General Manager, the loyal customer base and local community support and working with all key stakeholders, the trustees remain confident that the group can operate for the foreseeable future based upon the information and projects available 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.

17

Carn Brea Leisure Centre Trust (Limited by Guarantee)

Notes

(forming part of the financial statements)

1 Accounting policies (continued)

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:

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

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 Operating leases

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

1.11 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.

1.12 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.

1.13 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.

1.14 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)

Notes

(forming part of the financial statements)

1 Accounting policies (continued)

1.15 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.

1.16 Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interestbearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowings.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

1.17 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.

1.18 Employee benefits

The cost of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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.

19

Carn Brea Leisure Centre Trust (Limited by Guarantee)

Notes

(forming part of the financial statements)

1 Accounting policies (continued)

1.20 Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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

1.21 Judgements and key sources of estimation uncertainty

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.

20

Carn Brea Leisure Centre Trust (Limited by Guarantee)

Notes

(forming part of the financial statements)

2 Income from donations and legacies

Unrestricted
funds
£
Donations
-
Grants:
-
Active Cornwall
-
_
Total donations and legacies
-
Total 2023
5,000
3
Trading activities
Unrestricted
funds
£
Trading income
Trading income
134,954
_
Fundraising trading expenses
Trading expenses (including depreciation)
18,173
__
Net income from trading activities
116,781
4
Investment income
Unrestricted
funds
£
Bank interest receivable
22,855
Total 2023
5,755		 Restricted
funds
£
-
-
_
-
-
Restricted
funds
£
-
_
-
__
-
Restricted
funds
£
-
-		 Total
2024
£
-
-
__
-
5,000
Total
2024
£
134,954
__
18,173
__
116,781
Total
2024
£
22,855
5,755		 Total
2023
£
-
5,000
__
5,000
Total
Unrestricted
2023
£
98,493
_
15,399
_
83,094
Total
2023
£
5,755

21

Carn Brea Leisure Centre Trust (Limited by Guarantee)

Notes

(forming part of the financial statements)

5 Income from charitable activities

Unrestricted
funds
Restricted
funds
£
£
Operation of the leisure centre
1,992,543
-
1,725,138
-
Total 2023
Operation of the leisure centre income can be summarised as follows:
Unrestricted
funds
Restricted
funds
£
£
Gym income
861,274
-
Pool and sports activities
962,136
-
Catering and refreshments income
126,277
-
Sales of sports goods
16,727
-
Other activities
26,129
-
_
_
Total
1,992,543
-
6
Analysis of expenditure on charitable activities
Unrestricted
funds
Restricted
funds
£
£
Operation of the leisure centre
2,020,582
39,961
Operation of the Hub Club project
-
8,673
_
_
2,020,582
48,634
Total 2023
1,869,878
48,634		 Total
2024
£
1,992,543
1,725,138
Total
2024
£
861,274
962,136
126,277
16,727
26,129
__
1,992,543
Total
2024
£
2,060,543
8,673
__
2,069,216
1,918,512		 Total
2023
£
1,725,138
Total
2023
£
752,234
813,515
104,284
13,918
41,187
_
1,725,138
Total
2023
£
1,909,839
8,673
_
1,918,512		 Total
2023
£
1,725,138
Total
2023
£
752,234
813,515
104,284
13,918
41,187
_
1,725,138
Total
2023
£
1,909,839
8,673
_
1,918,512
Total
2023
£
1,909,839
8,673
__
1,918,512

22

Carn Brea Leisure Centre Trust (Limited by Guarantee)

Notes

(forming part of the financial statements)

7 Direct costs

Cost of sales
Leasing and equipment rental costs
Cleaning and waste removal
Repairs and renewals
Printing, postage and stationery
Health and safety
ICT system expenses
Travel expenses
Staff training
Premises costs
Irrecoverable VAT
Bank charges and interest
Licenses and subscriptions
Legal and professional
Bookkeeping
Advertising and marketing
Wages and salaries
National insurance
Pension cost
Depreciation
Loss on disposal of fixed assets
Total 2023		 Operation
of the
leisure
centre
£
96,305
8,160
26,310
84,503
6,597
12,884
31,000
-
5,993
298,399
105,332
53,963
30,334
33,111
15,924
5,074
993,090
52,831
19,710
172,838
-
__
2,052,358
1,899,089		 Operation
of the Hub
Club
project
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8,673
-
__
8,673
8,673		 Total
2024
£
96,305
8,160
26,310
84,503
6,597
12,884
31,000
-
5,993
298,399
105,332
53,963
30,334
33,111
15,924
5,074
993,090
52,831
19,710
181,511
-
__
2,061,031
1,907,762		 Total
2023
£
84,199
7,012
22,416
68,046
5,591
13,000
24,523
44
6,634
344,085
89,130
49,805
24,472
12,063
15,973
3,508
878,604
47,511
15,058
191,337
4,751
__
1,907,762
Auditors’ remuneration
Total 2023		 Operation
of the
leisure
centre
£
8,185
__
8,185
10,750		 Total
2024
£
8,185
__
8,185
10,750		 Total
2023
£
10,750
__
10,750

23

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
Operating lease costs
Loss on disposal of fixed assets
11
Staff costs
Wages and salaries
Social security costs
Other pension costs		 2024
£
183,958
2,235
-
2024
£
993,090
52,831
19,710
__

1,065,631		 2023
£
194,746
1,800
4,751
2023
£
878,604
47,511
15,058
__
941,173

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

2024 2023
Management 2 2
Administrative 4 4
Operational - Charity 66 64
__ __
72 70

No employee received remuneration amounting to more than £60,000 in either year.

Total key management personnel remuneration was £100,883 (2023: £91,804)

24

Carn Brea Leisure Centre Trust (Limited by Guarantee)

Notes

(forming part of the financial statements)

12 Tangible fixed assets

Company
Leasehold
Property
Plant and
machinery
Fixtures,
fittings and
equipment
£
£
£
Cost
At 1 April 2023
1,673,979
570,461
649,103
Additions
7,750
10,294
27,395
_
_
_
At 31 March 2024
1,681,729
580,755
676,498

Depreciation
At 1 April 2023
792,812
423,338
544,134
Charge for the year
82,771
49,923
48,817
_
_
_
At 31 March 2024
875,583
473,261
592,951

Net book value
At 31 March 2024
806,146
107,494
83,547
_
_
_
At 31 March 2023
881,167
147,123
104,969
Group
Leasehold
Property
Plant and
machinery
Fixtures,
fittings and
equipment
£
£
£
Cost
At 1 April 2023
1,673,979
574,580
689,178
Additions
7,750
10,294
27,395
_
_
_
At 31 March 2024
1,681,729
584,874
716,573
_
_
_
Depreciation
At 1 April 2023
792,812
427,457
577,075
Charge for the year
82,771
49,923
52,264
_
_
_
At 31 March 2024
875,583
477,380
629,339
Net book value
At 31 March 2024
806,146
107,494
87,234
_
_
__
At 31 March 2023
881,167
147,123
112,103
 Total
£
2,893,543
45,439
_
2,938,982
1,760,284
181,511
_
1,941,795
997,187
_
1,133,259
Total
£
2,937,737
45,439
_
2,983,176
_
1,797,344
184,958
_
1,982,302
1,000,874
__
1,140,393		 Total
£
2,893,543
45,439
_
2,938,982
1,760,284
181,511
_
1,941,795
997,187
_
1,133,259
Total
£
2,937,737
45,439
_
2,983,176
_
1,797,344
184,958
_
1,982,302
1,000,874
__
1,140,393
1,760,284
181,511
__
1,941,795
997,187
__
1,133,259

The net carrying value of tangible fixed assets includes £20,201 (2023: £25,359) in respect of assets held under hire purchase contracts.

25

Carn Brea Leisure Centre Trust (Limited by Guarantee)

Notes

(forming part of the financial statements)

13 Fixed asset investments

Company
Carrying value at cost
As at 1 April 2023 and 31 March 2024
Carn Brea Leisure Centre (Trading) Limited
Summary profit and loss account for the year ended 31 March 2024
Turnover
Cost of sales

Gross profit
Administrative expenses
Donation to parent

Result for the year
Balance sheet as at 31 March 2024
Tangible fixed assets
Current assets
Creditors falling due within one year

Aggregate share capital and reserves		 Shares in
group
undertaking
£
10
2024
2023
£
£
46,503
44,803
(1,371)
(603)
__
_
45,132
44,200
(16,802)
(14,796)
(28,000)
(34,000)
__
_
330
(4,596)
3,687
7,134
13,928
9,439
(11,533)
(10,821)
__
__
6,082
5,752		 Shares in
group
undertaking
£
10
2024
2023
£
£
46,503
44,803
(1,371)
(603)
__
_
45,132
44,200
(16,802)
(14,796)
(28,000)
(34,000)
__
_
330
(4,596)
3,687
7,134
13,928
9,439
(11,533)
(10,821)
__
__
6,082
5,752
2023
£
44,803
(603)
_
44,200
(14,796)
(34,000)
_
(4,596)
7,134
9,439
(10,821)
__
5,752

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 hire 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

Group Company
Group and company 2024 2023 2024 2023
£ £ £ £
Finished goods and goods for resale 14,757 10,970 14,650 10,863

26

Carn Brea Leisure Centre Trust (Limited by Guarantee)

Notes

(forming part of the financial statements)

15 Debtors

2024
£
Trade debtors
28,916
Other debtors
600
Prepayments and accrued income
63,013
__
92,529
Creditors: amounts falling due within one year
2024
£
Other loans
65,775
Hire purchase
4,515
Trade creditors
64,460
Amounts due to group undertakings
-
Other taxation and social security
2,553
Other creditors
9,963
Accruals and deferred income (see note
17)
229,966
__
377,232		 Group
2023
£
29,680
5,034
17,549
_
52,263
Group
2023
£
69,369
3,831
77,703
-
1,241
17,222
222,142
_
391,508
2024
£
25,160
600
63,013
__
88,773
2024
£
65,775
4,515
64,460
8,731
866
9,963
220,120
__
374,430		 Company
2023
£
26,178
5,034
17,549
_
48,761
Company
2023
£
69,369
3,831
77,703
4,376
-
7,642
222,142
_
385,063

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.

17 Deferred income

Group Company
£ £
Deferred income at 1 April 2023 151,862 143,656
Resources deferred during the year 154,741 149,895
Amounts released from previous years (151,862) (143,656)
__ __
Deferred income as at 31 March 2024 154,741 149,895

27

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

Other loans
Hire purchase
2024
£
702,161
16,691
__
718,852
 Group
2023
£
766,218
21,206
__
787,424		 2024
£
702,161
16,691
__
718,852		 Charity
2023
£
766,218
21,206
__
787,424

Other loans include aggregate amounts of £513,580 (2023: £556,761) 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.

Hire purchase payments represent amounts payable by the company for certain items of plant and machinery. No restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Finance leases are secured on the assets to which they relate.

Balance as Income Expenditure Transfers Balance as
at 1 April at 31 March
2023 2024
£ £ £ £ £
General funds (42,448) 2,150,352 (2,038,755) - 69,149
__ __ __ __ __
Total unrestricted funds (42,448) 2,150,352 (2,038,755) - 69,149
__ __ __ __ __
Restricted funds
Hub Club project 68,009 - (8,673) - 59,336
Sport England – Club House 21,672 - (5,419) - 16,253
Sport England – Pool
Refurbishment 368,750 - (25,000) - 343,750
Changing Places project 8,542 - (8,542) - -
England Athletics 3,410 - (1,000) - 2,410
__ __ __ __ __
470,383 - (48,634) - 421,749
__ __ __ __ __
Total of funds 427,935 2,150,352 (2,087,389) - 490,898

28

Carn Brea Leisure Centre Trust (Limited by Guarantee)

Notes

(forming part of the financial statements)

19 Statement of funds (continued)

Group statement of funds – prior year

Balance as
at 1 April
2022
Income
Expenditure
£
£
£
General funds
8,443
1,834,386
(1,885,277)
_
_
_
Total unrestricted funds
8,443
1,834,386
(1,885,277)
_
_
_
Restricted funds
Hub Club project
76,682
-
(8,673)
Sport England – Club House
27,091
-
(5,419)
Sport England – Pool
Refurbishment
393,750
-
(25,000)
Changing Places project
17,084
-
(8,542)
England Athletics
4,410
-
(1,000)
_
_
_
519,017
-
(48,634)
_
_
_
Total of funds
527,460
1,834,386
(1,933,911)

Charity summary of funds – current year
Balance as
at 1 April
2023
Income
Expenditure
£
£
£
General funds
(48,190)
2,131,849
(2,020,582)
_
_
_
(48,190)
2,131,849
(2,020,582)
Restricted funds
470,383
-
(48,634)
_
_
_
422,193
2,131,849
(2,069,216)


 Transfers
Balance as
at 31 March
2023
£
£
-
(42,448)
_
__
-
(42,448)
_
__
-
68,009
-
21,672
-
368,750
-
8,542
-
3,410
_
__
-
470,383
_
__
-
427,935

Transfers
Balance as
at 31 March
2024
£
£
-
63,077
_
__
-
63,077
-
421,749
_
__
-
484,826

29

Carn Brea Leisure Centre Trust (Limited by Guarantee)

Notes

(forming part of the financial statements)

19 Statement of funds (continued)

Charity summary of funds – prior year

Balance as Income Expenditure Transfers Balance as
at 1 April at 31 March
2022 2023
£ £ £ £ £
General funds (1,895) 1,823,583 (1,869,878) - (48,190)
__ __ __ __ __
(1,895) 1,823,583 (1,869,878) - (48,190)
Restricted funds 519,017 - (48,634) - 470,383
__ __ __ __ __
517,122 1,823,583 (1,918,512) - 422,193

Purpose of restricted funds

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

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.

England Athletics – funding towards repairing the hammer cage 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.

30

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
funds
Restricted
funds
£
£
Tangible fixed assets
579,125
421,749
Current assets
586,108
-
Creditors due within one year
(377,232)
-
Creditors due in more than one year
(718,852)
-
_
_
69,149
421,749
Analysis of net assets between funds – prior year
Unrestricted
funds
Restricted
funds
£
£
Tangible fixed assets
670,010
470,383
Current assets
466,474
-
Creditors due within one year
(391,508)
-
Creditors due in more than one year
(787,424)
-
_
_
(42,448)
470,383		 Total
funds
2024
£
1,000,874
586,108
(377,232)
(718,852)
_
490,898
Total
funds
2023
£
1,140,393
466,474
(391,508)
(787,424)
_
427,935

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

2024 2023
£ £
Net income/(expenditure) for the year (as per Statement of Financial
Activities) 62,963 (99,525)
Adjustment for:
Depreciation charges 184,958 194,746
Interest paid 36,281 37,768
Dividends, interest and rents from investments (22,855) (5,755)
Loss on sale of fixed assets - 4,751
(Increase)/decrease in stocks (3,787) 8
(Increase)/decrease in debtors (40,266) (5,253)
(Decrease)/increase in creditors (11,366) 60,493
__ __
Cash generated by operating activities 205,928 187,233

31

Carn Brea Leisure Centre Trust (Limited by Guarantee)

Notes

(forming part of the financial statements)

Cash at bank and in hand
Analysis of changes in net debt
1 April 2023
£
Cash at bank and in hand
403,241
Loans
(835,587)
Hire purchase
(25,307)
__
(457,653)		 2024
£
478,822

Cash flows
£
75,581

67,651

4,101
__

147,333		 2023
£
403,241
31 March
2024
£
478,822
(767,936)
(21,206)
__
(310,320)

23 Analysis of changes in net debt

24 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 £19,710 (2023: £15,058). The outstanding contributions at the year end was £7,693 (2023: £4,574).

25 Commitments

At 31 March 2024 the total of the group's future minimum lease payments under non-cancellable operating leases was:

Group and company
Within 1 year
Between 1 and 5 years
Total
Capital expenditure contracted for but not provided in the financial statements
Group and company		 2024
£
2,980
10,428
__
13,408

2024
£
177,984		 2023
£
-
-
__
-
2023
£
-

32

Carn Brea Leisure Centre Trust (Limited by Guarantee)

Notes

(forming part of the financial statements)

26 Contingent liability

Income amounting to £500,000 was received from The Sport England in prior years in relation to the refurbishment of the swimming pool within the leisure centre. Should the asset be disposed of, or if the charity ceases to operate then this funding may become repayable. Sport England hold a charge over the leasehold property held by the charity in respect of this.

27 Related party transactions

The trustees of the charity are the directors under company law and received no remuneration (2023: £Nil). No expenses were claimed by trustees during the year or preceding year.

There were no related party transactions during the year or the preceding year other than the below:

Carn Brea Leisure Centre (Trading) Limited, a trading subsidiary, made a gift aid donation of £28,000 (2023: £34,000) to the Trust during the year. Included within creditors due within one year is an amount of £8,731 (2023: £4,376) owed by the Trust to Carn Brea Leisure Centre (Trading) Limited.

28 Controlling party

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

29

Auditor’s limitation of liability

For the year ended 31 March 2024, the charity entered into a liability limitation agreement with its auditors, the principal terms of which limit the liability of the auditors to £2,250,000 in relation to their responsibilities as auditors of the charity. The date this was agreed by the charity was 5 December 2024.

33