BOLTON MIDDLEBROOK LEISURE TRUST FINANCIAL STATEMENTS 31 MARCH 2024 Registered charlty No: 1087039 Reglstered company No: 04165498 BARLOW ANDREWS LLP CHARTERED ACCOUNTANTS BOITON
BOLTON MIDDLEBROOK LEISURE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CONTENTS Page Trustees, report Independent auditorfs report 9-11 Con5011dated statement of financial activities 12 Group and company balance sheets 13 Group statement of cash flows 14 Notes to the financial statements 15-28
BOLTON MIDDLEBROOK LEISURE TRUST TRUSTEES, REPORT Reference and admlnlstratlve Informatlon Charity Name: Bolton Middlebrook Leisure Trust Also trades under the name of Bolton Arena Charity registration number: 1087039 Company registration number.. 04165498 Registered office and operational addres5: Bolton Arena Arena Approach Bolton Trustees Mrj M McBrlen MrA Ejones Mrs SA Hilton Mr A Matthalou Mr M Pollitt Cllr N Ayub Cllr M Brady Mr S Mulvaney Dr Z Atcha Mrs E Davenport Mr J Hesketh Chalr Appolnted l July 2023 Secretary Mr N Hutchlnson Senlor Management Team Mr N Hutchlnson Mr S Sharrock Mr L Wood MrSKay Managlng Dlrector Operations Manager Head of Commercial Head of Sport Audltor Barlow Andrews LLP, Carlyle House, 78 Chorley New Road, Bolton Bankers The Co-operative Bank PLC, Knowsley Street, Bolton Santander Corporate & Commercial Banklng, Bridle Road, Bootle Sollcltors DWF Sollcltors, I Scott Place, Manchester
BOLTON MIDDLEBROOK LEISURETRUST TRUSTEES, REPORT (Contlnued) The trustees, who are also directors of the charity for the purposes of the Companies Act, present their annual report and the audited financial statements for the year ended 31 March 2024. The financial statements have been prepared In accordance wlth the accountlng pollcles set out in note I to the financlal statements and comply with the company's Memorandum and Articles of Association, the Charitles Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing thelr accotjnts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102} leffectlve l January 20191" Structurei governance and management Governing document Bolton Middlebrook Leisure Trust is a company Ilmlted by guarantee. Incorporated on 22 February 2001 and registered as charity on 18 June 2001. The company was established under a Memorandum of Association whSch established the objects and powers of the charitable company and is governed under its Articles of Assoclatlon. The company meets the deflnition of a public beneflt entlty under FRSIO2. Trustees The trustees, who are also directors of the charlty for the purposes of company law, are the member5 of the company. As the company Is limlted by guarantee they have no interest in share capital. The liabllity of members is limited to £10 each. The trustees who served durlng the year or who are in post at the date of thls report are as listed on page l. All trustees give their time freely and no trustee remuneration was paid during the year, Details of trustee "out of pocket" expenses are disclosed in the accounts. Trustees are required to disclose all relevant interests and reglster them with the company secretary and, in accordance with the Bolton Arena policy. withdraw from decislons where a conflict of interest may arlse. Recruitment ond oppointment of trustees The recruitment and appointment of Trustees at Bolton Middlebrook Leisure Trust follows the conditions established wlthin the Company's Memorandum and Article5 of Association. Board members are made up from the followin8 cate8ories'. Maximum Local Business Educatlon The Borough Council of Bolton/Public Authorities (not belng local Authorities) Local Recreational and Voluntary organlsatlons io Trustee induction and training All trustees undergo an official induction into the workings of Bolton Middlebrook Leisure Trust. The induction covers.. The obliEatlons of Board members and thelr responsibilities. The maln documents which set out the Arena's mission, vision and value5. Flnancial background and key strategic priorities. Future plans and prioritles. Memorandum and Article5.
BOLTON MIDDLEBROOK LEISURE TRUST TRUSTEES, REPORT (Continued) Reloted partles Certain trustees have an association with companies and organisations that use the Trusl's facilities, includlng Emerson, Bolton Council, Age UK Bolton and University of Bolton. These are undertaken in accordance with the charity's normal terms of business and on an arm's length basis, which the charlty Is able to demonstrate. IT support Is also provided by Digicomm, whose managing director is a trustee of the charity. Any discussions surroundlng the supply of IT services would exclude the related trustee. Organlsatlon structure The organisation structure of Bolton Mlddlebrook Leisure Trust is that the Board of Trustees is responsible for the governance of the Trust and the day to day running is the responsibility of the ManagSng Dlrector and appolnted managers within the predetermined levels of authority. The Board of Trustees meets quarterly, along with the 5enlor management team and determine5 the strateglc direction of the charlty. The Board currently has 11 members from a variety of backgrounds. The day to day responsiblllty and management of the Arena rests wlth the senlor management team. The Managing Director has overall responsibility for dellverlng the alms and oblectives of the TrLbSt, ensuring that Bolton Arena serves all sectlons of the local communlty. The pay and remuneratlon of the Managing Dlrector is approved by the Board and revlewed on an annual basls In Ilne wlth performance. The Managing Dlrector makes annual appralsals of senlor staff to assess performance agalnst agreed objectives and revlews pay on an annual basis. There is a wholly owned 5ubsidlary of the Trust, Bolton Arena Trading Limlted, which provides caterlng and retail facilltles. It pays a monthly management charge to the charity and is managed by the Operatlons Manager of the Trust. Other relatlonshlps Bolton Council owns the sports and leisure premlses occupied by the Trust. The Council has appointed the Trust to operate and manage the sports and leisure facilltles. under a 25 year management agreement that commenced in 2001. As part of this agreement the Charlty must pay an agreed amount each year Snto a fund held by Bolton Council, known as the sinking fund, which is to be used against future repalrs of the building. Funds for repairs may be clalmed from this fund in writing from the Council. During the current flnancial year, the Trust wa5 not required to contrlbute toward5 thls fund. Rlsk management pollcy The trustees have assessed the major rlsks to which the charity 15 exposed, in particular those related to the operatSons and finances of the Trust and are satisfied that adequate systems are in place to mitigate our exposure to the major risks. Oblectlves and actlvltles The charlty Is established to provide world class facilitles, programmes and events that Inspire people of all ages, backgrounds and abilitles to follow a lifelong passion for sport and healthy activities. Prlnclpal octlvltle5 ond objectlves The actlvitles of the charlty are to provide or asslst In providing facllltles for recreatlon, physlcal education or other leisure time occupation for the general benefit of those Ilvlng and working In Bolton and its surroundlng nelghbourhood, In additlon, to educate and asslst young persons from these areas through lelsure actlvltles, to develop their physlcal, mental and splritual capacltles so that thelr condltlon of life may be improved and, in furtherance of that oblective, to make available to them the facillties provlded by the charlty, lecture classes. tralnlng and coachlng facllltles, The Arena has also dlverslfled Into organising and hostlng malor natlonal and Internatlonal events. Each year the trustees review the oblectlves and actlvltles of the charSty to ensure they contlnue to reflect our aims. In carrying out thls revlew, the trustees have consldered the Charlty Commission's general guidance on publlc beneflt and the trustees are more than satlsfied that they do, as reflected in the achlevements and performance In the year.
BOLTON MIDDLEBROOK LEISURE TRUST TRUSTEES, REPORT (Contlnued) Achlevements and performance The year has been another successful one with sustalned growth across the whole business. Overhead costs have stlll been challenglng but with good management and carefully making efflciencles where posslble the team have managed these well. Along wlth growth across all areas thls mean5 we have remained in a really posltive position with no signs of the growth slowing down. Events and conferencin8, which had initially been slow to re-8row after the covid pandemic, are now rising beyond pre- covid levels and showlng signs of further sustained growth. The cafe Is agaln an area that had grown slower but over the last 12 month5 has continue to grow in line with events and conferencing as the two complement each other. Investment into the equipment ondfacilities We have also been worklng collaboratlvely with Bolton Council on deliverlng a planned capltal maintenance programme from the Joint sinking fund we both hold for the Arena. The partnership working with Bolton Council has contlnued to work progressively well and we have continued to deliver a building improvement programme utilising the jolnt slnking fund allocated for the building. Progromming and sports education The development of Bolton Arena as a sportin8 hub for the communlty is somethin8 that has been a priority to re- establish and grow post-covid. Our partnershlp wlth Horwich Harriers has been renewed and refreshed, resulting in several new running groups and a planned Santa dash in December. Our partnership with Age UK has continued to thrive over the last year with some real success with walking football. We continue to be a full member of the CIC charity GM Active, working collaboratively with other leisure trusts acr05S Greater Manchester. This has continued to grow over the year, wlth potentially more access to funding, and we have had staff access the transformation leadership course run by them. We continue to collaboratively work on workstream5 through special interest groups working with other leisure trusts across GM. GM Actlve is a collective of 12 leisure and communlty organisations from across Greater Manchester that are all part of the same movement to get more people physically active. The group accounts for 87 leisure and sports facilities across the region, with a comblned reach of 30 million visits a year, playing a major role In the health of our communltles. Thls wlll Support us in growing our customer base and increaslng our social value across Bolton. Tenni5 We contlnue to be recognised as a reglonal player development centre. A staff restructure and recrultment of a Head of Tennis Performance has further cemented our position as one of the UK'S leading centres. We have also maintalned our increased focus upon junior courses and community outreach tennis wlthin schools, the local parks and clubs, along with developing our own tournament schedule. Our outreach and community tennis programme encoura8es and facllltates multiple 8roups to try tennis. We continue to host large national and international tournaments throughout the year.
BOLTON MIDDLEBROOK LEISURE TRUST TRUSTEES, REPORT (Contlnued) Football and outdoor Bolton Arena boasts nlne artlflclal football pltches, along wlth an 11-a-slde grass pltch and 3 slx-lane runnlng track. Flve thousand customers each week utlllse the facllltles for their fitness, training and competltion requirements. The 5-a-side league programme Is well recognised within the community for the quality of its product; 130 teams now play regularly in organised leagues throughout the week. More recently, Arena Football has introduced a walking football programme. givlng men aged 50 and over the chance to play football in a socially organised environment. Women's walking football has also been launched and we have had earlv success at a national level and are blazing the trail with women's walklng football. Partnershlp with Bolton Cures A significant addition to our communlty offerlngs was the partnership with Bolton Cares. This collaboratlon is particularlv excitlng as It extends the opportunity for individuals in the care sector to participate in sports actlvities, promoting hollstic well-being and inclusion. WheelsforAII offer Restartin8 our Wheels for All offer underscores our commitment to incluslvlty and accessibility. By providing adaptive cycling opportunitSes, we ensure that individuals of all abilities can enjoy the benefits of physical activity. The surplus achleved by P&C this year can be attrlbuted in part to the utilisation of our facllities by three schools, facilitated by their inclusion of P&C'5 offerings wlthln thelr own facilities. Additlonally, the successful Implementation of new programmes, such as the partnership wilh Bolton Cares and the reintroduction of Wheels for All, further contributed to our financial success. The end of this financlal year marks a period of growth, innovatlon, and community impact for Paftner5hip and Communlties. Through our diverse range of programmes and strateglc partnerships, we continue to enrlch the lives of individuals within our communlty, promoting health, well-being, and social incluslon. Looking ahead. we remain commltted to further expanding our offering5 and fosterlng meaningful connectlons within the community. HolidayActivity ond Food (HAF) programme5 Our partnership with Bolton Together to dellver HAF programmes has been instrumental In provldlng nutrltlous meals and engaging activities for chlldren during school holldays. Thls year, we conducted HAF programmes three tlmes, ensurlng conslstent support for families in need wlthln our community. School Outreach progromme Non-performance tennls Inltiated outreach programmes In schools targeting Years 4 to 7, almlng to introduce tennis to a wider audience and expand the player base. Thls inltlatlve ha5 been Instrumental In attracting new participants and fostering interest in the sport among school-aged chlldren. Facllity utilisation Collaboration with local schools, BWFIC, and Lancashire Cricket resulted in an increased utilisation of faclllties to accommodate their requirements. Indicating the versatllity and attractlveness of the facilities for various sports and activities. Desplte faclng challenges in meeting contrlbution targets, non-performance tennis has demonstrated reslllence and achieved notable successes in varlous areas. The focus on increasing participation, expanding outreach efforts, and fosterlng collaborations has contributed to the growth and sustainability of tennis activitles withln the community. Moving forward, contlnued effort5 in these areas, coupled with strategic adjustments to address challenges, will be essentlal for further advancement and success in the comSng year. Wulklngfootboll team success Wlthin our walking football community, we contlnue to go from strength to strength as our player registration stands at 128 players male and female. The 2023124 season brought us success In over 8 regional and national competitions over the year.
BOLTON MIDDLEBROOK LEISURE TRUST TRUSTEES, REPORT Icontlnued) Flnanclal Revlew The Group reported net Income of £114,479 on its consolidated Statement of flnanclal activltles, whllst the charlty Itself reporled net income of £53,614 for the year. Prlnclpolfundlng sources The majority of the Trust's Income is generated from the sportlng, recreational and educational actlvities that take place withln the facllSty. Included In grant income is monies received from Bolton Councll, to support the Trust in making repalrs and improvements to the facilities. Grant fundin8 is also received from the Lawn Tennis Association and is in respect of Performance Tennis. This income is included wlthln charitable activities. Tradin8 activltles Include revenue from the trading subsidlary, revenue from the management of a local school's sports facilities whlch are made available to the general public, rental income from spare office space within the premises and car parkin& advertisin8 revenue and sponsorship of the Arena's name. Investment pollcy There are currently few funds available for longer term Investment, as such cash balances are managed to ensure any balances not required for daily working capital are placed in interest bearing deposit accounts. Once the Trust is in the position to consider other investment opportunities a more detailed investment pollcy will be considered by the Trustees. Reserves policy The Trust will hold in specific reserves amounts relatin8 to a repairs and renewal fund. Thls ensures the general fabrlc of the Arena is malntained. The detailed profile for the expected value of these funds Is given in the Management Agreement. In addition, the Trust intends to target an annual surplus in the region of 4Yo of turnover In order to generate a general free reserve which should equate to 6 months of salary and fixed running costs. The general free reserves will be available to meet any shortfall between the antlclpated Income and budgeted outgoings and any unforeseen expendlture, It will also be avaSlable to assist in the funding of new activities not foreseen In future budgets. At 31 March 2024, the individual charity's free reserves were £536,767 Ibeing unrestricted funds less designated funds and fixed assets). Golng concern Over the last two years we have seen sustained growth across the organlsatlon comblned wlth stringent control on expenditure costs. We have also invested heavlly on several projects that will reduce our energy costs such as widespread LED lighting and new boilers. This will protect us from long term prices rises in this area and give us short term savings. Our 8rowth shows no signs of slowing and is spread across different areas of the business which reduces any downturn risks in any particular areas. Our reserves have grown and our cashflow remains healthy. We are confident that the Trust is in a position to continue to operate and deliver its longer-term strategic goals. Employees Our employees are the most important ingredient in our success. We employ over 80 people and are committed to their welfare and personal development, We offer competitive terms of employment and have a robust personal appralsal system. Disabled persons are not treated less favourably than the non-disabled persons. Reasonable adjustments are made to give a disabled person as much access to any service and the abillty to be employed, trained or promoted as a non-disabled person. We communicate regularly with our employees through monthly team meetings and bi-annual whole staff meetings to help maintain a healthy work force and promote advocates of the service we manage.
BOLTON MIDDLEBROOK LEISURE TRUST TRUSTEES, REPORT Icontlnuedl Flnunclal Performance The trustees conslder a number of key performance Indlcators, both flnanclal and non-flnancial. 2024 2023 Income 2,923,188 114,479 2,736,537 174,370} Net surpluslldeficitl Total health & fitness members 2,510 2,663 At 31 March 2024, the Group had consolidated reserves of £1,202,56712023: £1,088,088) of which £149,13712023: £156,133) were restricted funds and £363,06212023: £335,540) had been designated to be spent as and when requlred per Note 19. Plans for future peylods Some of the areas we wlll be focussing on in the coming year are: Significant upgrade and refurbishment of our Health and Fitness facility. Developlng our Involvement In Greater Manchester-wide health and wellbelng programmes, speclfically through our Involvement with GM Active, an association of Leisure Trusts coverlng all 10 Boroughs wlthln the area. Further developing our partnershlp and stakeholder network both locally and reglonallv.
BOLTON MIDDLEBROOK LEISURE TRUST TRUSTEES, REPORT (Continued) Responslbilitles of trustee5 Company law requlres the dlrectors of the charlty {namely the trustees) to prepare flnanclal statements for each flnanclal year which give a true and fair view of the state of affalrs of the charlty and of the Incomlng and appllcatlon of resources, Includlng the Income and expendlture of the charitable company for that year. In preparing these flnanclal statements the trustees are requlred to.. select suitable accounting policies and then apply them consistently; make judgements and estlmates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures dlsclosed and explalned in the flnancial statements; prepare the financial statements on the goin8 concern basis unless it is inapproprlate to assume that the charity will be able to continue to meet its objectives. The trustee5 are responsible for keeping adequate accounting records whlch dlsclose wlth reasonable accuracy at any tlme the flnancial position of the charity and to enable them to ensure that the fSnanclal statements comply wlth the Companles Act 2006. They are also responslble for safeguardSng the assets of the charity and hence for taklng reasonable steps for the preventlon and detection of fraud or other irregularities. Further, the trustees are responsible for preparlng their Trustee5' Report which should disclose the legal and administrative details of the charity and contain a narratlve report explaining the organisation's objects, a review of the development, actlvities and achlevements of the charity during the period and of its financlal performance and position. statement of dlsclosure to audltors So far a5 we are aware, there is no relevant audlt information of which the company's auditors are unaware; and as the directors of the company we have taken all steps that we ought to have taken in order to make ourselves aware of any relevant audlt Information and to establish that the charity's audltors are aware of that informatlon. Audltor A resolution for the reappointment of Barlow Andrews LLP as auditor is to be proposed at the forthcoming Annual General Meeting. The trustee5 recommend that Barlow Andrews LLP remain in office until further notice. Your attention is drawn to the fact that the charity has prepared accounts in accordance wlth Accounting and Reporting by Charities preparlng thelr accounts in accordance wlth the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charlties: Statement of Recommended Practice applicable for reportlng perlods beglnnlng on or after l January 2019 which is referred to in the extant regulatlons but has not been wlthdrawn. We understand that thi5 has been done in order for the accounts to provlde a true and fair view in accordance with UK Generally Accepted Accounting Practice. This report is approved by the trustees on 20 August 2024 and signed on thelr behalf by Mrs S Hllton Trustee
INDEPENDENT AUDITOR'S REPORTTOTHE MEMBERS OF BOLTON MIDDLEBROOK LEISURE TRUST Oplnlon We have audited the financial statements of Bolton Mlddlebrook Lelsure Trust Ithe 'parent company'l for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Actlvltles, the Consolidated and Charlty Balance Sheets, the Group Statement of Cash Flows and notes to the financial statements, includlng a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation Is applicable law and Unlted Klngdom Accounting Standards, including the Financial Reporting Standard 102. applicable in the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accounting Practice). In our oplnlon the flnanclal statements: give a true and fair view of the state of the group and charltable company's affairs as at 31 March 2024 and of the group's incoming resources and appllcatlon of resources for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accountlng Practlce; and have been prepared in accordance with the requirements of Companies Act 2006. Basls of oplnlon We conducted our audit in accordance with International 5tandard5 on Audltlng IUKI IISAS {UK}l and appllcable law. Our responsibilities under those standards are further descrlbed in the Auditor's responsibllltles for the audit of the flnancial statements section of our report. We are independent of the charltable company in accordance with the ethical requlrements that are relevant to our audit of the financlal statements in the UK, includlng the FRC'S Ethical Standard, and we have fulfilled our other ethlcal responsibilities in accordance wlth these requirements. We believe that the audit evldence we have obtained is sufficient and appropriate to provlde a basis for our opinion. Concluslons relatln8 to 8oln8 concern In auditing the financial statements, we have concluded that the trustee5' Use of the golng concern basls of accounting In the preparation of the financlal statements is appropriate. Based on the work we have performed, we have not identified any material uncertalntles relating to events or conditions that, individually or collectively, may cast slgnificant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and responsibilities of the trustees with respect to going concern are described in the relevant sectlons of th15 report. Other Informatlon The other Informatlon comprlses the Informatlon Included In the annual report, other than the flnanclal statements and our audltorfs reporl thereon. The trustees are responslble for the other informatlon contalned within the annual report. Our opinion on the flnanclal statements does not cover the other informatlon and, except to the extent otherwise explicltly stated in our report, we do not express any form of assurance concluslon thereon. Our responslbility Is to read the other Information and, In doing so, consider whether the other information is materiallv Inconsistent with the flnancSal statements or our knowledge obtalned in Ihe course of the audit, or otherwise appears to be materially mlsstated. If we identify such material inconslstencies or apparent material mlsstatements, we are required to determine whether this glves rlse to a materlal mlsstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there Is a material misstatement of thls other information, we are required to report that fact. We have nothing to report in this regard,
INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF BOLTON MIDDLEBROOK LEISURE TRUST Oplnlon on other matter prescrlbed by the Companles Act 2006 In our opinion based on the work undertaken in the course of our audit.. the informatlon given In the trustees, report, which includes the directors, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and the directors, report included within the trustees, report has been prepared in accordance wlth applicable legal requirements. Matters on whlch we are requlred to report by exceptlon In Ilght of the knowledge and understanding of the group and Its environment, obtalned in the course of the audlt, we have not identified material misstatements in the directors, report included within the trustees, report. We have nothing to report in respect of the followin8 matters In relatlon to which the Companies Act 2006 requlres us to report to you if, in our opinion: adequate accountlng records have not been kept, or returns adequate for our audit have not been recelved from branches not visited by us- or the financial statements are not in agreement with the accounting records and returns,. or certaln disclosures of trustees, remuneration specified by law are not made: or we have not received all the information and explanatlons we require for our audlt. Responslbllltles of trustees As explained more fully in the statement of trustees, responslbilltles, the trustees (who are also directors of Bolton Middlebrook Lelsure Trust for the purposes of company lawl are responslble for the preparation of the flnancial statements and for belng satlsfled that they give a true and fair view, and for such internal control as the trustees determlne Is necessary to enable the preparatlon of flnancial statements that are free from material misstatement, whether due to fraud or error. In preparin8 the financial statements, the trustees are responsible for assessing the 8roup and the charitable compan¢s ability to continue as a going concern, disclosing, as applicable, matters related to golng concern and using the going concern basls of accounting unless the trustees either Intend to liquidate the group or the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responslbllltles for the audlt 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 IUKI will always detect a materlal misstatement when it exlsts. 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 economlc declslons 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 responslblllties, outlined above, to detect material misstatements In respect of irregularlties inclL¢ding fraud. Our approach to identifying and assesslng the risks of material mlsstatement in respect of Irregularities, Includlng fraud and non-compliance with laws and regulations, was as follows: the engagement partner ensured that the engagement team collectlvely had the appropriate competence, capabilitles and skllls to identify or recognlse non-compliance wlth applicable laws and regulations,. we Identified the laws and regulations applicable to the group through dlscussions with trustees and other management, and from our commercial knowledge; we focused on specific laws and regulations which we considered may have a direct material effect on the flnancial statements or the operations of the group, including the Companies Act 2006, taxation legislatlon and data protection, employment and health and safety leglslation; we assessed the extent of compliance wlth the laws and regulatlons identified above through making enqulrles of management,. and Identlfied laws and regulatlons were communicated wlthin the audit team regularly and the team remained alert to instances of non-compllance throughout the audit. io
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BOLTON MIDDLEBROOK LEISURE TRUST We assessed the susceptlbllity of the group's and the companvs financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as to where they considered there was susceptiblllty to fraud, their knowledge of actual, suspected and alleged fraud; and considering the internal controls in place to mltigate risks of fraud and non-compllance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: performed analytical procedures to Identify any unusual or unexpected relationships; tested Journal entrles to Identify unusual transaction5; and assessed whether judgements and assumptlons made In determining the accounting estimates were indicative ar potential bias. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not Ilmlted to: agreeing financial statement dlsclosures to underlying supportlng documentation; reading the minutes of meetings of those charged wlth governance,. and enquiring of management as to actual and potential litigatlon and claims. There are inherent limitations in our audlt procedures described above. The more removed that laws and regulations are from financial transactlons, the less likely it is that we would become aware of non-compliance. Auditlng standards also limit the audit procedures required to Identify non-compliance wlth laws and regulatlons to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, If any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve dellberate concealment or collusion. A further descrlptlon of our responsibilitles for the audit of the financlal statements Is located on the Financial Reporting Councll's website at: www.frc.org.uk/auditorsresponsibillties. This description forms part of our auditor's report. Use of our report This report is made solely to the group and charitable company's members, as a body, In accordance with Chapter 3 of Part 16 ofthe Companies Act 2006. Ouraudit has been undertaken so thatwe might stateto the charitable companls member5 those matters we are required to state to them in an audltor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responslbility to anyone other than the charitable company and the members as a body, for our audit work, for thls report, or for the opinion we have formed. Davld A Kay FCA (Senlor Statutory Auditor} For and on behalf of Barlow Andrews LLP Chartered Accountants and Statutory Auditor Carlyle House, 78 Chorley New Road, Bolton 20 August 2024 li
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BOLTON MIDDLEBROOK LEISURE TRUST CONSOLIDATEDAND CHARITY BALANCE SHEETS AS AT 31 MARCH 2024 Group 2024 Charltv 2024 Group 2023 Charlty 2023 Notes Flxed Assets Tangible assets Investments 14 15 85.574 77,535 114,673 109,428 85,574 77,536 114,673 109,429 Current Assets Stock Debtors Bank and cash balance5 12,651 208,553 1,316,731 14,684 224,116 1,165,345 16 190,112 1,252,440 225,261 1,146,043 1,537,935 1,442,552 1,404,145 1,371,304 Credltors: amounts falling due within one year 17 1420,9421 1393,586} 1430,7301 {407,8451 Net current assets 1,116,993 1,048,966 973,415 963,459 Total assets less eurrent Ilabllltles 1,202,567 1,126,502 1,088,088 1.072,888 Net assets 1,202,567 1,126,502 1,088,088 1,072,888 Total funds of the charlty Unrestrlcted Income funds General Designated 19 19 690,368 363,062 614,303 363,062 596,415 335,540 581,215 335,540 1,053,430 149,137 977,365 149,137 931,955 156,133 916,755 156,133 Restrlcted funds 20 Total reserves 1,202,567 1,126,502 1,088,088 1.072,888 These accounts are prepared in accordance with the special provlsions of part 15 of the Companles Act 2006 relating to small companies. As permitted by S408 Companles Act 2006, the company has not presented it5 own profit and loss account and related notes. There was an Increase in the company's profit and loss account for the year of £53.61412023: decrease of £88,710). The flnanclal statements were approved by the 8oard of Trustees and authorlsed for Issue on 20 August 2024 and slgned on Its behalf by.. Mrs S Hllton Trustee Company reglstratlon number 04165498 13
BOLTON MIDDLEBROOK LEISURE TRUST GROUP STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 Notes 2024 2023 Net cash generated by operatlng actlvltles 22 149.412 89,961 Cash flow from investing activities.. Purchase of plant and equipment Interest received {25,8661 27,840 174,6651 7,042 Net cash generated by/(used In) Investlng actlvltles 1,974 167,6231 Net change In cash and cash equlvalents In reportlng perlod 151,386 22.338 Cash and cash equlvalents brought forward 1,165,345 1,143,007 Cash and cash equlvalents carrled forward 23 1,316,731 1,165,345 14
BOLTON MIDDLEBROOK LEISURE TRUST NOTES TOTHE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Accountlng pollcles Company Informatlon Bolton Middlebrook Leisure Trust I'the companV'I is a charitable company limited by guarantee, incorporated in England and Wales. The reglstered office is Bolton Arena, Arena Approach, Bolton. In the event of the charlty being wound up, the liability in respect of the guarantee is Ilmlted to £10 per member of the charity. The group consists of Bolton Mlddlebrook Leisure Trust and its subsidiary Bolton Arena TradSng Limited. Accountlng convention The financial statements have been prepared In accordance wlth the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Flnancial Reporting Standard applicable in the UK and Republlc of Ireland IFRS 1021 issued In October 2019 and the Charities Act 2011 and UK Generally Accepted Accounting Practice as it applSes from l January 2019. The financial statement5 are prepared in sterling, whlch Is the functional currency of the charltable company. Monetary amounts In these financial statements are rounded to the nearest £. The financial statements have been prepared on the historic cost convention. The prlncipal accounting pollcle5 adopted are set out below. Bolton Mlddlebrook Lelsure Trust meets the deflnltion of a publlc benefit entlty under FRSIO2. Basls of consolldatlon The consolidated financial statements incorporate those of Bolton Middlebrook Leisure Trust and it5 subsidiary. All the financial statements included in the consolidation have been made up to 31 March 2024. All intra-group transactions, balances and unreallsed gains on transactions belween group companles are ellmlnated on consolldatlon. Golng concern At the time of approvlng the financlal statements, the trustees have a reasonable expectation that the company has adequate resources to continue in operational exlstence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. Fund accountlng General funds are unrestrlcted funds which are available for use at the dlscretion of the trustees In furtherance of the objects of the charlty without further purpose and which have not been designated for other purpose5. Designated funds are unrestrlcted funds set aside by the trustees for particular purposes. Restrlcted funds are subject to re5trlctlons on their expenditure imposed by the donor, Expendlture which meets thls criteria is charged to the fund together wlth a fair allocation of overhead costs. 15
BOLTON MIDDLEBROOK LEISURETRusr NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Income Income is recognised when the charity has entitlement to the funds, any performance condltlons attached to the items of income have been met, it is probable that the income wlll be received and the amount can be measured reliably. The specific bases used are as follows: Voluntary income includes, where applicable, donatlons, gifts and certain grants receivable Investment income and health and fitness income is accounted on a recelvable basis Rental income is accounted on a receivable basis over the life of the lease Charitable activity, tradin8 and merchandlsing income is accounted for when earned. Activity income received in advance is deferred untll entitlement to the income has arlsen at which time it is credlted to the statement of financial activitie5 Grants are reco8nised when the entitlement to the grant is conflrmed. Grants for the purpose5 of equipment and towards actlvities are credited in full to various activities in furtherance of the charity's objectives in the year in which they are received Health and fitness memberships are recognised on receipt of funds as they are non-refundable once the contract has been si8ned. Expendllure and Irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that a settlement will be required and the amount of the oblSgation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category. Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs Include back office costs, finance, personnel. payroll and governance costs which support the charity's programmes and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities, The bases on which support costs have been allocated are set out in note 8. Irrecoverable VAT Is charged as a cost agalnst the activlty for whlch the assoclated expenditure was Incurred. Tanglble flxed assets and depreclatlon Tanglble fixed assets are initially measured at cost and subsequently measured at cost or valuatlon, net of depreciatior) and any impalrment losses. Depreciation is recognised so as to wrlte off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Fixtures, fittings and equipment Computer equipment Motor vehicles 10-25% Straight line 33Yo Straight line 25Yo Straight Ilne The gain or loss arislng on the disposal of an asset is determined as the difference between the sale proceeds and the carrylng value of the asset, and is recognised in the profit and loss account. Flxed asset Investments In the parent company financial statements, investments in subsidlaries are initlally measured at cost and subsequently measured at cost less any accumulated impairment losses. A subsidiary Is an entity controlled by the group, Control is the power to govern the financial and operating policies of the entlty so as to obtain benefits from its actlvities. 16
BOLTON MIDDLEBROOK LEISURE TRUST NOTES TOTHE FINANCIALSTATEMENTS YEAR ENDED 31 MARCH 2024 Impalrment of fSxed assets At each reportlng perlod end date, the group reviews the carrying amount5 of its tanglble assets to determlne whether there 15 any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determlne the extent of the impairment loss (if anvl. i.io Stocks stocks are stated at the lower of cost and estlmated selling price less costs to complete and sell. Cost comprlses direct materials. i.ii Cash and cash equlvalents Cash and cash equlvalents are basic financial assets and Include cash In hand, and deposlts held at call wlth bank5. 1,12 Flnanclal Instrumenls The group has elected to apply the provlslons of Section 11 'Basic Financlal Instruments, and Sectlon 12 '0ther Financlal Instruments Issues, of FRS 102 to all of Its financlal Instruments. Financlal instruments are recognised in the group's balance sheet when the group becomes party to the contractual provislons of the instrument. Financial assets and Ilabllities are offset and the net amount5 presented in the financial statements when there Is a legally enforceable right to set off the recognised amounts and there 15 an Intentlon to settle on a net basis or to realise the asset and settle the Ilability simultaneously. Baslc flnanclal assets Basic financial assets, whlch include debtors, loans to group companies and cash and bank balances, are measured at transaction price. Basic flnanclal Ilabllltles Baslc flnanclal Ilabllities, including credltors, are recognlsed at transaction prlce. Flnancial liabSlltles classifled as payable within one year are not amortised. Trade credltors are obllgations to pay for goods or servlces that have been acqulred In the ordlnary course of business from suppllers. Amounts payable are classified as current liabillties If payment Is due within one year or less. If not, they are presented as non-current IlabllltSes. Trade credStors are recognised at transactlon price. 1.13 Ernployee beneflts The costs of short-term employee benefits are recognised as a liability and an expense, The cost of any unused hollday entitlement Is recognised in the period In which the employee's services are received. 1.14 Retlrement beneflts Payments to defined contribution retirement benefit schemes are Charged as an expense as they fall due. 1.15 Leases Rentals payable under operatlng leases, including any lease Incentives received, are charged to income on a Stralght line basis over the term of the relevant lease except where another more 5yStematic basls Is more representatlve of the time pattern In which economic benefits from the lease asset are consumed. 17
BOLTON MIDDLEBROOK LEISURE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 1.16 Taxatlon The charity has charitable status and is thus exempt from taxation of its income and gains falling within section 505 of The Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that they are applied to its charitable objectlves. For the subsidiary the tax expense represents the sum of the tax currently payable and deferred tax. Current tox The tax currently payable is based on taxable profit for the year. Taxable profit dlffers from net profit as reported In the profSt and loss account because It excludes items of income or expense that are taxable or deductlble In other years and it further excludes items that are never taxable or deductlble. The company's liability for current tax Is calculated using tax rates that have been enacted or substantively enacted by the reportlng end date. Delerred tux Deferred tax liabilities are Benerally recognised for all timlng dlfferences and deferred tax assets are recognised to the extent that it is probable that they wlll be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised If the timing difference arises from goodwill or from the initlal recognition of other assets and liabilities In a transaction that affect neither the tax profit nor the accounting profit. Judgements and key sources of estlmatlon uncertalnty In the application of the group's accounting policles, the trustees are required to make judgements, estimates and assumptions about the carrylng amount of assets and liabilities that are not readily apparent from other sources. The estlmates and associated assumptions are based on historical experlence and other factors that are considered to be relevant. Actual results may differ from these estimates. The estlmates and underlying assumptions are reviewed on an ongoing basls. Revisions to accounting estimates are recognised in the perlod In which the estimate is revised where the revision affects only that period, or in the perlod of the revlsion and future periods, where the revision affects both current and future perlods. Income from subsldlar¢s tradlng actlvltles The charlty owns the whole of the ordlnary share capital, consistlng of one ordinary share of £1, of Bolton Arena Tradlng Limited, which provides caterlng and retail facilities at Bolton Arena. Its trading result5 for the year, as extracted from the audited financial statements, are summarised below'.- 2024 2023 Turnover Cost of sales Admlnistratlon costs Other operatin8 income 332,208 {231,9641 140,5661 1,187 266,013 1223,9151 127,7591 Operating profit and profit after tax 60,865 14,339 Details of the subsidiary's balance sheet are given in note 15. 18
BOLTON MIDDLEBROOK LEISURE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 4. Income from charltable activlties Unrestrlcted funds Restrlcted funds Total funds 2024 Total funds 2023 Health & fitness activltles Tennis facilities Other sportlng activlties other events Conference facllitles Other income 659,180 501,708 416,378 127,986 109,387 659,180 603,473 441,228 127,986 109,387 588,826 596,929 515,631 109,743 79,671 14 101,765 24,850 1,814,643 126,615 1.941,258 1,890,814 Total byfund 31 March 2023 1,736,654 154,160 1,890,814 Restricted fund Income of £154,160 included above for 2023 comprlsed tennis facilities £137.105 and other 5portlng faclllties £17,055, Income from oiher tradln8 activlties Unrestrlcted funds Restrlcted funds Total funds 2024 Total funds 2023 Advertising Rental Income Service contracts Caterlng Income 96,877 111,838 71,549 332,208 96,877 111,838 71,549 332,208 101,845 103,569 83,152 266,013 612,472 612,472 554,579 Investment Income Unrestrlcted funds Restrlcted funds Total funds 2024 Total funds 2023 Interest from bank deposits 27,840 27,840 7,042 27,840 27,840 7,042 other operatlng Income Unrestrlcted funds Restrlcted funds Total funds 2024 Total funds 2023 Kickstart scheme Management charge Sncome 8,956 24,499 24,499 24,499 24,499 8,956 19
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BOLTON MIDDLEBROOK LEISURE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 9. Net Incomlng Yesources for the year 2024 2023 This is stated after charging: Depreclation/loss on disp05als 54,965 49,449 Audltor's remuneration Audit fee Other services 22,963 2,751 16,267 2,781 Operatlng leases: equlpment 13,284 11,927 2024 2023 10. Staff costs Salarles Social security costs Pension costs 1,280,281 86,811 70,833 1,268,159 90,086 69,253 1,437,925 1,427,498 The average number of employees: No. No. Sports and fitness Instructor5 Facillty support staff Marketing Management and administration 34 38 39 36 Company 81 82 Catering Group 87 90 One employee received employee benefits (excluding employer pension costs) in the band £90,000 - £100,000 in the current vear. In the prior year, one employee received employee benefits (excluding employer penslon costs) in the band E60,000- £70,000. 11. Penslon cost5 The company operates a defined contributlon pension scheme In respect of the staff. The scheme and Its asset5 are held by independent managers. The pension charge represents contributions due from the company. 12. Key management personnel 2024 2023 Key management personnel are considered to be the trustees (all unpaid) and the senior management team Ilsted on page l. Total key management compensation 255,278 226,857 22
BOLTON MIDDLEBROOK LEISURE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 13. Trustee dlsclosures The charity spent £88112023: £7231 on the purchase of insurance to indemnify the trustees against the consequences of any neglect or default In relation to the charltv. No remuneration or expenses out of the funds of the charity was pald, or payable, during the period to any trustee or to any persons known to be connected to them. However, the facilities of the company are made freely available to the trustees, when not requlred by paying customers. 14. Tangible fixed assets Subsldlary flxtures & flttlngs Flxtures & flttlngs Computer equlpment Motor Vehlcles Charlty Total Group Total Cost At l Aprll 2023 Addltions Disposals 528,827 16,197 129,257 4,122 12,238 670,322 20,319 33,124 5,547 703,446 25,866 At 31 March 2024 545,024 133,379 12,238 690,641 38,671 729,312 Depreclatlon At l April 2023 Charge in the year Disposals 428,483 47,837 121,938 3,769 10,473 606 560,894 52,212 27,879 2,753 588,773 54,965 At 31 March 2024 476,320 125,707 11,079 613,106 30,632 643,738 Net Book Value At 31 March 2024 68,704 7,672 1,159 77,535 8,039 85,574 At 31 March 2023 100,344 7,319 1,765 109,428 5,245 114,673 23
BOLTON MIDDLEBROOK LEISURE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 15. Fixed asset Investments Shares In Subsldlary Cost At l April 2023 and at 31 March 2024 The charity holds 100% of the equlty of the following company: Descrlptlon of holdlng Subsidlary undertaklng Nature of bu51ne55 Bolton Arena Trading Limited Ordinary Provision of catering and conference facilities at Bolton Arena The registered office of the trading subsidiary is that of its parent and the company number Is 04175883. The assets and Ilabllltles of the subsldlary were: 2024 2023 Tangible fixed assets Current assets 8,039 113,520 5,245 64,365 121,559 145,4931 69,610 154,409} Credltors: amounts falling due within one year 76,066 15,201 Representlng: Share capital Proflt and loss account 76,065 15,200 76,066 15,201 Details of the subsldiary's Profit and Loss Account are given in note 3. 16. Debtors 2024 2023 Group Charlty Group Charlty Trade debtors Other debtors Prepayments and accrued income 174,606 580 33,367 140,275 18,137 31,700 149,843 580 73,693 121,350 31,524 72,387 208,553 190,112 224,116 225,261 24
BOLTON MIDDLEBROOK LEISURE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 17. Credltors- amounts falling due within one year 2024 2023 Group Charltv Group Charltv Trade creditors Tax and social security Accruals and deferred income Other creditors 65,454 52,146 294,186 9,156 63,212 34,609 286,609 9,156 69,365 58,392 293,843 9,130 67,962 43,868 286,885 9,130 420,942 393,586 430,730 407,845 Included In accruals and deferred income is deferred income of £213,18812023 £176,693). Deferred income represent5 income received in the year but for speclflc expendSture partly, or wholly, In a later period. 18a. Analys1$ of Group net assets between funds Current year at 31.03.24 Restrlcted Funds General Fund Designated Funds 2024 Total Tangible flxed assets Current assets Creditors due withln one year 85,574 1,025,736 1420,9421 85,574 1,537,935 1420,9421 149,137 363,062 149,137 690,368 363,062 1,202,567 Prlor year at 31.03.23 Restrlcted Funds General Fund Deslgnated Fund 2023 Total Tanglble fixed assets Current assets Creditors due wlthln one year 114,673 912,472 1430,7301 114,673 1,404,145 1430,7301 156,133 335.540 156,133 596,415 335,540 1,088,088 25
BOLTON MIDDLEBROOK LEISURE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 19. Unre5trlcted funds: consolldated movements In the year for the Group Current year: Balance at l April 2023 Balance at 31 March 2024 Income Expendlture Transfers Other unrestrlcted funds.. BMBC sinking fund Designated building maintenance fund Designated equipment fund 298,937 1298,9371 120,2111 310,987 24,553 290,776 72,286 47,733 335,540 298,937 1319,1481 47,733 363,062 General fund5 596,415 2,497,636 12,355,950) 147,7331 690,368 Total unrestrlcted funds 931,955 2,796,573 12,675,098) 1,053,430 Prlor year: Balance at l Aprll 2022 Balance at 31 March 2023 Income Expenditure Transfers Other unrestrlcted fund5- BMBC sinking fund Designated building maintenance fund Designated equipment fund 262,463 1262,4631 19231 124.1981 311,910 310,987 24,553 48,751 311,910 262,463 1287,5841 48,751 335,540 General funds 620,315 2,319,914 12,295,0631 148,7511 596,415 Total unrestrlcted funds 932,225 2,582,377 {2,582,6471 931,955 The trustees have deslgnated funds for repalrs whlch may be requSred for the malntenance of the property and Sports Educatlon Theatre. The trustees also designated funds in 2022123 from the surplus made in 2021122 for new gym and sports equipment. The transfer shown on this fund represented £IOO,000 designated during the year less capital expenditure of £51,249. In the Current year. an additional £47,733 ha5 been designated by the trustees for spendlng in 2024125. Historlcally, the Trust has contrlbuted a sum of money each year to Bolton Council, as part of a service agreement. Thls money goes into a sinking fund, whlch is monitored by Bolton Council. The fund Is held to ensure that The Arena can be maintained to an expected standard. Bolton Middlebrook Lelsure Trust does not have access to this fund. The Council have waived the contributions for the past few years, due to the impact of the coronavirus pandemlc. The slnking fund income and expenditure above relate5 to funds provided from the sinking fund, held by Bolton Council, which were spent on repalrs to the facilities. 26
BOLTON MIDDLEBROOK LEISURE TRUST NOTES TOTHE FINANCIALSTATEMENTS YEAR ENDED 31 MARCH 2024 20. Restrlcted funds: consolldated movements In the year for the Group Current year: Balance at l Aprll 2023 Balance at 31 March 2024 Income Expenditure Transfers Tennis grants Other actlvities 138,988 17,145 101,765 24,850 1119,0651 114,5461 121,688 27,449 Total restrlcted funds 156,133 126,615 1133,6111 149,137 Prlor year: Balance at l Aprll 20ZZ Balance at 31 March 2023 Income Expendlture Transfers Tennls grants Covld recovery support grants Other actlvltles 102,093 122,870 5,270 137,105 1100,2101 {122,8701 15,1801 138,988 17,055 17,145 Total restrlcted funds 230,233 154,160 1228,260 156,133 21, Operatlng lease ¢ommltment5 2024 2023 At the reporting end date the company had outstanding commitments for future minlmum lease payments under non-cancellable operating leases as follows: Wlthln one year Between two and flve years 8,130 3,934 9,687 2,240 12,064 11,927 2Z. Reconclllatlon of net Income to net cash flow from operatlng actlvltles 2024 2023 Net Income/lexpendlturel for the reportlng perlod as per the statement of flnanclal actlvltles 114,479 174,3701 Adjustments for: Investment income Depreciation charges Decrease/lincreasel in stocks Decrease/lincreasel In debtors IDecreasel/increase in creditors Net cash generated by operatlng actlvlties 127,8401 54,965 2,033 15,563 19,7881 17,0421 49,449 12,4031 19,2381 133.565 149,412 89,961 27
BOLTON MIDDLEBROOK LEISURE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 23. Analysls of cash and cash equlvalentS 2024 2023 Cash In hand Notice deposits 1,837 1.314.894 1,343 1,164,002 Total cash and cash equlvalents 1,316,731 1,165,345 24. Related party transactlons Bolton Councll Historically, the Trust has contributed a sum of money each year to Bolton Council, as part of a service agreement. This money goes into a slnking fund, which is monitored by Bolton Council. The fund is held to ensure that The Arena can be maSntalned to an expected standard. Bolton Middlebrook Leisure Trust does not have access to this fund. The Council have waived the contributions for the past few years. due to the Impact of the coronavirus pandemic. The sinking fund income and expendlture shown In note 19 relates to funds provlded from the sinking fund, held by Bolton Council, which were spent on repalrs to the facilitles. Unlverslty of Bolton The charity received £65,000 during the prlor year from the University of Bolton, an entity which Mr A Matthiaou ITru5teel is an executlve dlrector. for sponsorship and a workforce gym membership. An amount of £18,000 was outstanding from the University of Bolton as at 31 March 2023. No amount5 were received during the current year and no balance was owed as at 31 March 2024. Digicomm 360 Ltd The charity received £2,400 during the year from Digicomm 360 Ltd, a company whlch Mr M Pollitt is a director, for advertising and gym memberships12023- £3,408). The charlty also paid £31,231 to Digicomm 360 Ltd for IT equlpment and support servlces during the year12023- £50,056). An amount of£3,547 was owed to Dlglcomm 360 Ltd at the reporting date12023 - £1.3701. Orblt Investments {Northern) Ltd The charity received £4,000 during the year from Orblt Investments (Northern) Ltd, a company of which Mr A E Jones is a director, for commercial partnership12023 - £nill. There were no other transactlons with related parties outside the ordinary course of business. 25. Analysls of changes In net funds The Trust had no debt during the year. 28
BOLTON MIDDLEBROOK LEISURE TRUST MANAGEMENT INFORMATION FOR THE YEAR ENDED 31 MARCH 2024
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