Charity number: 1079101 Company number: 03896891 Carn Brea Leisure Centre Trust (LIMITED BY GUARANTEE) Trustees. Annual Report and Flnanclal Statements For The Year Ended 31 March 2025 Carn Brea Leisure Centre Trust (Limited by Guarantee) Contents Pa Reference and administrative information Trustees. annual report Independent auditors, report 8-11 Consolidated statement of financial activities 12 Consolidated and company balance sheet 13 Consolidated statement of cash flows 14 Notes to the financial statements 15-32 Carn Brea Leisure Centre Trust (Limited by Guarantee) Reference and administrative information For the yeor ended 31 Morch 2025 Charity registration number 1079101 Company registratlon number 03896891 Registered office and buslness address Station Road Pool Redruth Cornwall TRIS 3QS Trustees Mr C Hunter-chair Mr C Rowe Mr L Bateman Mr R Beeching Ire51gned 24 October 20241 Mr N Lake Mrs A Pascoe Mrj Rowe Ms N Smith Iresigned 29 August 20241 Mr J Murray (appointed 30 January 20251 Ms R Crocker (appointed 30 January 20251 Mr J5H James lappointed 30 January 20251 Mr J James lappointed 26 June 20251 Auditors BK Plus Audit Limited 3 chapel Street Redruth Cornwall TR15 28Y Bankers Lloyds Bank PIC 27 Fore Street Redruth Cornwall TR15 38J CCLA Investment Management Limitèd Senator House 85 Queen Victoria Street London EC4V 4ET Santander UK plc 31 Boscawen Street Truro Cornw311 TRI 2QI Solicitors Foot ADStev High Water House Malpas Road Truro Cornwall TRI IQH Key Management Personnel Sharon Christie (Business Administratlon Managerl Robert Rosevear (General Managerl Carn Brea Leisure Centre Trust (Limited by Guarantee) Trustees, report For the yeor ended 31 March 2025 The Trustees of Carn Brea Leisure Centre Trust present their report and financial statements for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out in note I 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 charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effettive l January 2019)" Objectives and Activities Policies and Objertives 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 irrespectlve of their youth, age, infirmitvi 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 ObjectNes The charity has in place a robust plan and budgets, complemented by creative sales and marketing Inltlatives 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. Activltles for Achieving Objectives The charitys facility comprises., 8ym, swimming pools. sports hall, group fitness studios, athletics track, squash courts. Cafe, meetin8/training/conference rooms and a therapy sulte. Utilising the various facilities, the Trust offers a comprehensive, diverse and accessible range of activities to ensure the community'5 activity needs are met. A number of initiative5 have continued to be used throughout the year to engage with the local community and ensure wherever possible that facilities/activitie5 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) Trustees, report For the yeor ended 31 March 2025 Achievements and Performance Review of Activitie5 The Trustees are pleased to report that demand continued to grow acros5 all activities offered by the centre with record member numbers and a strengthening user base. 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 required to maintain and raise standards to all departments and in all areas. Staff continue to perform exceptionally well and to a high professional standard. Increaslng customer demand and a number of capital repair and improvement projects have put increased pressure upon the Staff and ManaEementTeam, but all have responded well and there 15 an increased feeling of positivity going forward, The year has continued to be challenging due to energy costs increasing. roof repair works and ongoing pressures due to increased user numbers. These have been controlled effectively byThe Mana8ement Team and we are seeing stability and improvements in all areas. The Team continues to engage with Community, Local Authority and Business Sponsors and work continues to build upon these valuable connections. The Trustees are delighted to reportthatthe Centre continues to be well managed and is in a healthy position to invest in the future. The condition of the building and facilities continues to be challenging but the Management Team and Trustees have outlined key projects and have invested in development work to ensure projects can be taken from planning to implementation stage swiftly when funding opportunities arise. Fundraising Activities/lncome Generation Carn Brea Leisure Centre Trust owns 100% of the share capital of Carn Brea Leisure Centre {Tradingl Limited, a company incorporated in England and Wales (company no. 04212770}. The principal activity of Carn Brea Leisure Centre (Trading) Limited is to operate the commercial activities at Carn Brea Leisure Centre. All taxable profits generated through this trading subsidiary are donated to Carn Brea Leisure Centre Trust. The Trust is actively fundraising for various repalr and improvement projects and we are engaging with a range of organisations in a bid to secure the funding we require. Financial Review Reserves As at 31 March 2025, the group held £618.769 of funds (2024: £490,898), of which £436,045 (2024: £421,749) were restricted for specific purposes and £182,72412024: £69,149) were unrestricted. Carn Brea Leisure Centre Trust (Limited by Guarantee} Trustees. report For the yeor ended 31 March 2025 Going Concern The Trustees are pleased to report that CBLCT has continued to grow and the number of activities offered and user numbers have reached an all time high and continue to expand. In recognising the importance of Health and Fitness Activities, to all age groups and sectors of the local demographic, the Trust ha5 continued to work with Cornwall Council and other Partners to help with the acce55ibility of our offerings. The Trustees and Management Team continue to engage with Cornwall Council and other Key Stakeholders. including our local MP and Local Councillors. to investigate the most appropriate Funding Bid to improve and enhance the facilities and activities for the future. We have also strong ties with sporting bodies and organisations throughout the country and continue to grow local connections with Cornwall leisure providers. Trustees are delighted that the Trust has maintained a surplus during the 2024125 financial year. The Trustees are very satisfied with the performance of the trust. With the continued support and dedication ofthe Senior ManagementTeam 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 maintain its general reseNe fund going forwards but recognises that the ageing building requires constant investment. Financial Risk Management Objective5 and Policies The Trustee5 have assessed the major risks they have identified and are satisfied that systems are in place to mitigate exposure to these risks. Structure. Governante and Management Constltution The company was established under a Memorandum of Association which established the objects and powe rs of the charitable company and it is governed by its Articles of Association. The company was incorporated under the Companies Act 1985 a5 a company limited by guarantee and not having Share capital. In the event of a winding up, registered member5 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 Trustee5 New Trustees are recruited based on the skills, knowledge and experience that the Board require5 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) Trustees, report For the yeor ended 31 March 2025 Policles Adopted for the Induction and Tratning 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 ICC601, The Essential Trustee ICC31, Charities and Risk Management information, management accounts and operational information. Pay Policy for Senior Staff It is essential for Carn Brea Leisure Centre ICBLCTI 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 arbd processes to determine the salaries of the executive team. 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 avai lable reputable sources such as charity trade associations. Organisational Structure and Decision Making The centre'5 Structure continues to evolve to reflect the needs of the busine55, on average we employed between 60 and 80 members of staff primarily from the Camborne, Pool and Redruth community. The team consist5 of both full time and part time employee5. 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 policythe Trustees have assessed the major risks and are satlsfied that systems are in place to mitigate exposure to these risks. 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. Carn Brea Leisure Centre Trust (Limited by Guarantee} Trustees, report For the yeor ended 31 March 2025 We continue to appreciate the sUPPOrt from the local MP, Cornwall Council and all of our Key Stakeholders and Sponsors. Information on Fundraising Practices The Trust continues to raise fund5 across a number of platfomis in order to create investment, renew31s, 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 this year. Trurtees, Responsibilities Statement The Trustees (who are 3150 directors of Carn Brea Leisure Centre Trust for the purposes of company lawl are responsible for preparing the Trustees, report and the financial statements in accordance with appl icable 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 financlal statements, the Trustees are required to.. select suitable accounting policies and then apply them con5iStently; observe the methods and principles in the Charities SORP: make judgements 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 CDmp3ny and the group'5 transactions and disclose with reasonable accuraty at any time the financial position of the charitable group and enable them to ensure that the financial statements com ply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence fortaking reasonable steps for the prevention and detection offraud and other irregularities. Disclosure of Information to Auditors Each ofthe 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 charita ble group's auditor is unaware- and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant information and to establish that the charitable group's auditor is aware of that information. Carn Brea Leisure Centre Trust (Limited by Guarantee) Trustee5' report For the yeor ended 31 March 2025 This report was approved by the Trustees. on ..- and signed on their behalf by: By order of the Board Station Road Pool Redruth Cornwall TR15 3QS Trustee Carn Brea Leisure Centre Trust (Limited by Guarantee) Independent auditors, report to the members of Carn Brea Leisure Centre Trust For the year ended 31 Mt7rch 2025 Opinion We have audited the financial statements of Carn Brea Leisure Centre Trust (the 'parent charitable compan￿) and its subsidiary (the 'group'l for the ye3r ended 31 March 2025 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: give a true and fair view of the state of the group's and parent charitable company's affairs as at 31 March 2025, and of the group's incoming resources and application of resources, including its income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice: and have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) IISAS {UKII and applicable law. Our responsibilities under those standards are further described in the Aud itorfs responsibilities for the audit of the financial statements section of our report. We are i ndependent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the f inancial statements in the UK, including the FRUS Ethical Standa rd, and we have fulfilled our other eth ical responsibilities in accordance with these requirements. We believe that the a udit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statement5, we have concluded that the trustees, use of the going concern basis of accounting i n the preparation of the financial statements is appropriate. 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 company's ability to co ntinue as a going concern for a period of at least twelve months from when the original 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. Carn Brea Leisure Centre Trust (Limited by Guarantee) Independent auditors, report to the members of Carn Brea Leisure Centre Trust For the year ended 31 March 2025 Other information The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements doe5 notcoverthe other information and, exceptto the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 the course of the audit: the Information given in the trustees. report incorporating the directors, report for the financial year for which the fina ncial statements are prepared is consistent with the financial statements,. and the director5, report has been prepared in accordance with applicable legal requirement5. Matters on which we are required to report by exceptlon In the light of our knowledge and understanding of the group and parent charitable company and their 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: adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us,. or the parent charitable company 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. Responsibilities of trustees As explained more ful ly in the trustees. responsibilities statement set out on page 6, the trustees (who are a150 the director5 of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisf led that they give a true and fa ir 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. Carn &rea Leisure Centre Trust (Limited by Guarantee) Independent auditors, report to the member5 of Carn Brea Leisure Centre Trust For the year ended 31 March 2025 In preparing the group financial staternents and parent charitable company financial statements, the trustees are responsible for assessing the group's and parent charitable compar)y's ability to continue as a going concern, disclosing, as applicable. matters related to going concern and using the going concern basi5 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. Auditorfs responsibilities for the audit of the financial statement5 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 15 a high level of 355urance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI 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 flnancial statements. Irregularities, including fraud, are instances of non