**Registered number: 04135924 Charity number: 1089400** **WOLVERTON LEISURE TRUST AND ITS SUBSIDIARY (A company limited by guarantee)** ## **ANNUAL REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 MARCH 2024** ## **WOLVERTON LEISURE TRUST** ## **(A company limited by guarantee)** ## **CONTENTS** ||Page| |---|---| |**Reference and administrative details of the Company, its Trustees and advisers**|1| |**Trustees' report**|2 - 5| |**Trustees' responsibilities statement**|6| |**Independent auditor's report on the financial statements**|7 - 10| |**Consolidated statement of financial activities**|11| |**Consolidated balance sheet**|12 - 13| |**Company balance sheet**|14 - 15| |**Consolidated statement of cash flows**|16| |**Notes to the financial statements**|17 - 39| ## **WOLVERTON LEISURE TRUST** ## **(A company limited by guarantee)** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024** |**Trustees**|N Miles| |---|---| ||M L Levitt| ||H M Saunders| ||J E Haynes| ||Y Cook| ||L Sharkey| ||M Lemon (appointed 26 May 2024)| ||A Hussain (appointed 30 November 2024)| ||V Wheeler (appointed 1 December 2024)| |**Company registered**
**number**
04135924
**Charity registered**
**number**
1089400
**Registered office**
Wolverton Swimming & Fitness Centre
Addington Avenue
Wolverton
Milton Keynes
MK12 5GH
**Company secretary**
M Leeder
**Independent auditor**
MHA
Chartered Accountants
Statutory Auditors
The Pinnacle
Building A
150 - 170 Midsummer Boulevard
Milton Keynes
Buckinghamshire
MK9 1FD
**Bankers**
National Westminster Bank Plc
80 High Street
Stony Stratford
Milton Keynes
MK11 1AJ
**General Manager**
M Leeder|| Page 1 ## **WOLVERTON LEISURE TRUST** ## **(A company limited by guarantee)** ## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024** The trustees present their report and financial statements of the charity 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 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 from 1 January 2019) ## **Objectives and activities** The object of the Charity is the provision of leisure and recreational services in Milton Keynes and the surrounding area. To achieve this object, the company operates a swimming pool and leisure centre. The leisure centre opened in April 2013, it has a pool, fitness gym and multi use studio. ## **Public benefit** The Trust works very hard to encourage people of all ages and from all sections of the community to use the facilities. In planning the activities, the Trustees have considered the Charity Commission guidance on public benefit and fee charging. The Trust relies on the income from fees to cover its operating costs. In setting the level of fees the Trustees consider the accessibility to those on low incomes. The Trust operates a membership system and its activities can also be booked on a pay as you go basis. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. ## **Achievements and performance** ## **Usage Numbers** All areas of the business have nearly fully recovered from the effects of covid years. Usage of all areas is running at high levels and nearing saturation point. Running at this level far exceeds the level the trust needs to sustain a healthy budget and enable us to ensure that we have sufficient fund to continue to operate in an unrestricted manner and down turn in usage from members or PAYG use can be reacted to quickly if needed. Main KPI metric looked at to ensure the trust operates a positive balance is membership Numbers which would need to drop by 20% to cause any budget changes which would still be possible as less usage would mean a reductio in staffing hours from our casual staff base so no risk to the main core workforce. This scenario on the other hand is not predicted to happen as no real competition in Milton Keynes offers our level of facilities and service level. With the growing population of Milton Keynes and the lack of newly built leisure facilities the only issue we will be facing in the short to medium term is too much demand which can have a damaging effect. ## **Customer Feedback** We still are receiving good comments with very little complaints about our service provision, but we are still looking to improve where possible. This is monitored using our NPS system and customer comments. This scores us between 75-80 compared to the bench mark of 45-50 for our industry competition, this system allows us to ensure that we operate at a higher level which maintains customer base and cashflow which can be reinvested into the centre. ## **Swimming Lessons** Swimming Lessons are running at full capacity. Page 2 ## **WOLVERTON LEISURE TRUST** ## **(A company limited by guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024** ## **Gym/Swim Memberships** Memberships have recovered somewhat over the course of the last year to 2,500 gym members and swim members have gained by 240 to 900 which shows the demand is strong. The drop in Gym memberships from last year has recovered to a good level and is down to ensuring quality of service is strong, this is predicted to grow as we move through the coming year and into the summer months. The trust is not far from reaching capacity. ## **Studio Classes** Our studio classes have operated well, it will take a little time for numbers to fully return to peak, but this will happen in the next few months. ## **Pool Bookings** Private hire of the pool for outside groups has recovered now and up to capacity once more ## **Pool Parties** Bookings are now flowing in but at a slower rate than before this has very little impact on trading. ## **Staffing** Staffing has been a challenge over the previous years, and we are now operating in a normal way with only in certain areas finding it a challenge to recruit. This has no effect on the operation of the business. ## **Building Performance** The building has performed well and over the last year with no problems to report the trust is looking at options to reduce its energy usage and carbon footprint. We will be investing in solar panels in the future to offset the rise in utility prices coming in 2025. Further energy saving project will take place moving forward to reduce the financial burden of utilities for the Trust. ## **Financial review** The Trust in the previous years had to work hard to survive and the reserves had to be drawn on to cover the costs and loses of the previous year, over the course of 2023 24 the trust has been rebuilding its reserves back to £350,000 and at the end of this period had managed to have £1,163,297 in reserves. At the beginning of April 2024, the trust is confident that it can hit its budget which will ensure that reserves will be fully replenished over the coming financial year. ## **Reserves policy** Through article 15 of the Charity's Memorandum of Association, it has the express legal power to hold income in reserve instead of expending it promptly. It is the Trustees intention to hold reserves equivalent to 3 months running costs of £350,000 and we are pleased to confirm that reserves comfortably exceed this level. At this level the Charity has a working capital base and sufficient funds to update the building and equipment as required. This of course is still the aim of the Trust and we will be working hard to recover back to this level in the future. ## **Risk management** The Trust will look to increase reserve levels to ensure that any future issues can be overcome and is on track to Page 3 ## **WOLVERTON LEISURE TRUST** ## **(A company limited by guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024** be able to do this moving forward, we are in a strong position and have energy security in our gas and electric contracts which are fixed until 2025 and also capped between 2025 and 2027, this will enable us to invest in the building and its services which will intern reduce operating costs and enable us to maintain a string financial position which reduces the risk of us unable being able to react to any downturns in the market although since covid the public will prioritise heath and fitness spend other secondary spend which cements a strong operating budget. ## **Plans for future periods** Looking forward we know that the centre and the team are working well, and we will not rest and we are always looking to all areas of the business to ensure that we are in the best possible position to maintain our position in the market. The one area we are still driving at the moment is staff training and customer service as this is the key area that stays in the forefront of the customer mind in this demanding time of people expectations of getting more for less. We are operating at an excellent level considering the last 24 months. The team are still working with focus to keep our service level up. The centre and staff are focused on delivering another year to the same standard as last with a focus on improving areas that still need some extra attention to ensure that we keep ourselves as streamline as possible without effecting the core business. Looking to the future of the business we will push forward to maintain our service level and peak usage. The Trust will now be working on building up the reserves over the next 3 years and hopefully be able to look at future developments in time. ## **Structure, governance and management** The organisation is a charitable company limited by guarantee, incorporated on 4 January 2001 and registered as a charity on 19 November 2001. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association amended in Dec 2022. The Trust is in the process of looking for new trustees with skill base at present. The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: N Miles M L Levitt H M Saunders J E Haynes Y Cook L Sharkey M Lemon (appointed 26 May 2024) ## **Appointment of Trustees** The Articles of Association requires that the Board of Trustees The members of the Company shall be: Two members as nominated by the Council or its successors in title and such other persons or bodies as the directors may think fit; Up to nine unless the Company shall determine otherwise. Page 4 WOLVERTON LEISURE TRUST (A company limlted by guarants•) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 None of the truste8s has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. Organlsation The Board of Trustees administer5 the Charity. The Trustees are unpaid volunteers. Day to day control of the facilities is delegated by the Trustees to the general manager, who reports to the Truste8s on a regular basis. Trustee Inductlon and Tralnlng New Trustees are Invited to visit the facilities and meet existing Trustees and are made aware of their responsibilities before accepting appointment. Exists'ng Trustees are kept up to date in chanty sector legislation through circulation of Charity Cornmission material on a periodic basis. Pay and remuneratlon An annual review of payTnent to the charitys key management personnel is overseen by the trustees and decisions made in accordanc8 With the needs of the charity. There is not an annual automatic rise in salaries. Dlsclosure of Infomiation to auditors Each of the persons who are Trustees at the tlme when this Trustees, report is approved has confinned that.. ' so far as that Truslee is aware, there is no relevanl audit infonnation of which the charitys auditors are un8ware. and . that Trust88 has taken all the steps that ought to have been taken as a Trustee in ord6r to be aware of any relevant audit informats'on and to establish that the charitys auditors are aware of that information. Audltor Appolntment A r8solutlon to reappoint MHA as ind8P8ndent auditor will be proposed at the next Trustees Meeting. Approved by order of the members of the board of Trustees and signed on their behalf by: N Miles Trustee Date.. Page 5 WOLVERTON LEISURE TRUST (A company limited by guarantee) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees (who are also the directors of the Company for Ihe purposes of cornpany 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 . Under company law. the Trustees must not approve the finanaal statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of their in￿ming resourc£s and application of resources, including their income and expenditure. for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently: observe the methods and principles of the Charities SORP (FRS 102)" make judgments and accounting estimates that are reasonable and prudent: state whether applicable UK Accounting Stsndards (FRS 102) have been followed. subject to any material departures disclosed and explained in the financial statements. prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Group will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the CoMpan￿S transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company 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 Group and the Company and hence for taklng reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on its behalf by. es Trustee 5/,.1ty Date: Page 6 ## **WOLVERTON LEISURE TRUST** ## **(A company limited by guarantee)** ## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WOLVERTON LEISURE TRUST** ## **Opinion** We have audited the financial statements of Wolverton Leisure Trust (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows and the related notes, 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 of the parent charitable company's affairs as at 31 March 2024 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 Charities Act 2011. ## **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 in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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. ## **Conclusions relating to going concern** 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. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company'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 the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Page 7 **(A company limited by guarantee)** ## **WOLVERTON LEISURE TRUST** ## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WOLVERTON LEISURE TRUST (CONTINUED)** ## **Other information** The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Opinion 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 for the financial year for which the financial statements are prepared is consistent with the financial statements. • the Trustees' report has been prepared in accordance with applicable legal requirements. ## **Matters on which we are required to report by exception** In the light of our knowledge and understanding of the Group and the parent Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion • the parent charitable company has not kept adequate and sufficient accounting records, 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 Trustees' remuneration specified by law are not made; or • we have not received all the information and explanations we require for our audit; or • the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a Strategic report. Page 8 **(A company limited by guarantee)** ## **WOLVERTON LEISURE TRUST** ## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WOLVERTON LEISURE TRUST (CONTINUED)** ## **Responsibilities of trustees** As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the 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 the 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** We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: • enquiry of management and those charged with governance around actual and potential ligation and claims; • enquiry of entity staff in compliance functions to identify any instances of non-compliance with laws and regulations; • performing audit work over the risk of management override of controls, including testing of journal entries and other adjustment for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; • reviewing financial statement disclosures and testing to supporting documentation to access compliance with applicable laws and regulations. - performing substantive tests of detail over the completeness of income within the financial system. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report. Page 9 ## **WOLVERTON LEISURE TRUST** ## **(A company limited by guarantee)** **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WOLVERTON LEISURE TRUST (CONTINUED)** ## **Use of our report** This report is made solely to the charitable company's members, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed. **MHA** Statutory Auditors Milton Keynes, United Kingdom ## Date: 24/12/2024 MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313). MHA are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 10 **(A company limited by guarantee)** ## **WOLVERTON LEISURE TRUST** ## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024** |**Note**
**Income from:**
Donations and legacies
4
Charitable activities
5
Trading income
6
Investments
7
Other income
8
**Total income**
**Expenditure on:**
Trading expenditure
Charitable activities
9
Financing costs
10
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2024**
**£**
**25,508**
**1,913,538**
**84,046**
**210**
**78,181**
**2,101,483**
**59,388**
**1,857,928**
**12,636**
**1,929,952**
**171,531**
**987,006**
**171,531**
**1,158,537**|**Restricted**
**funds**
**2024**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**3,490**
**-**
**3,490**
**(3,490)**
**8,250**
**(3,490)**
**4,760**|**Total**
**funds**
**2024**
**£**
**25,508**
**1,913,538**
**84,046**
**210**
**78,181**
**2,101,483**
**59,388**
**1,861,418**
**12,636**
**1,933,442**
**168,041**
**995,256**
**168,041**
**1,163,297**|Total
funds
2023 (as
restated)
£
39,868
1,682,855
80,988
61
77,613| |---|---|---|---|---| |||||1,881,385| |||||42,056
1,780,976
2,107| |||||1,825,139| |||||56,246| |||||939,010
56,246| |||||995,256| Page 11 **(A company limited by guarantee) REGISTERED NUMBER: 04135924** ## **WOLVERTON LEISURE TRUST** ## **CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024** |**Note**
**Fixed assets**
Tangible assets
16
**Current assets**
Stocks
18
Debtors
19
Cash at bank and in hand
Creditors: amounts falling due within one
year
20
**Net current assets**
**Total assets less current liabilities**
Creditors: amounts falling due after more
than one year
21
**Total net assets**
**Charity funds**
Restricted funds
24
Unrestricted funds
24
**Total funds**|**8,706**
**23,366**
**561,711**
**593,783**
**(250,381)**|**2024**
**£**
**889,322**
**889,322**
**343,402**
**1,232,724**
**(69,427)**
**1,163,297**
**4,760**
**1,158,537**
**1,163,297**|4,334
25,773
346,549
376,656
(216,756)|2023 (as
restated)
£
880,866
880,866
159,900
1,040,766
(45,510)
995,256
8,250
987,006
995,256| |---|---|---|---|---| Page 12 WOLVERTON LEISURE TRUST (A company limited by guarantee) REGISTERED NUMBER: 04135924 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024 The Trustees 8cknowledge their responsibilities for complying with the requirements of the Act with respect lo accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable lo entities subject to the small companies r8gime. The financial statements were approved and aulhonsed for issue by the Trustees orfiyil12tr and signed on their behalf by.. N Miles Trustee The notes on pages 17 to 39 form part of these financial statements. Page 13 **(A company limited by guarantee) REGISTERED NUMBER: 04135924** ## **WOLVERTON LEISURE TRUST** ## **COMPANY BALANCE SHEET AS AT 31 MARCH 2024** |**Note**
**Fixed assets**
Tangible assets
16
Investments
17
**Current assets**
Stocks
18
Debtors
19
Cash at bank and in hand
Creditors: amounts falling due within one
year
20
**Net current assets**
**Total assets less current liabilities**
Creditors: amounts falling due after more
than one year
21
**Total net assets**
**Charity funds**
Restricted funds
24
Unrestricted funds
24
**Total funds**|**7,322**
**29,059**
**552,272**
**588,653**
**(244,881)**|**2024**
**£**
**889,322**
**1**
**889,323**
**343,772**
**1,233,095**
**(69,427)**
**1,163,668**
**4,760**
**1,158,908**
**1,163,668**|3,438
56,919
337,110
397,467
(212,756)|2023 (as
restated)
£
880,636
1
880,637
184,711
1,065,348
(45,510)
1,019,838
8,250
1,011,588
1,019,838| |---|---|---|---|---| Page 14 WOLVERTON LEISURE TRUST IA company limited by guarantee) REGISTERED NUMBER: 04135924 COMPANY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024 The Companls net movement in funds for the year was £143.830 (2023 - £53.544). The Trustees acknowledge their responsibilities for (x)mplw'ng with the requirements of the Act with respect to accounting records and preparation of financial ststements. The financial statements have been prepared in accordance With the provisions applicable to entities subject to the small companies regime. The financial ststements were approved and authorised for issue by the Trustees and signed on their behalf by.. N Miles Trustee Date: 13/,. /4Af The notes on pages 17 to 39 fomi part of these finanaal statements. Page 15 ## **WOLVERTON LEISURE TRUST** ## **(A company limited by guarantee)** ## **CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024** |**Cash flows from operating activities**
Net cash used in operating activities
**Cash flows from investing activities**
Dividends, interests and rents from investments
Purchase of tangible fixed assets
**Net cash used in investing activities**
**Cash flows from financing activities**
Net cash flow from borrowings
**Net cash provided by financing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
The notes on pages 17 to 39 form part of these financial statements|**2024**
**£**
**294,748**
**210**
**(108,466)**
**(108,256)**
**28,670**
**28,670**
**215,162**
**346,549**
**561,711**|2023 (as
restated)
£
189,526
61
(34,818)
**(34,757)**
-
**-**
**154,769**
191,780
346,549| |---|---|---| Page 16 **WOLVERTON LEISURE TRUST (A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **1. General information** Wolverton Leisure Trust is a charity and a private company limited by guarantee incorporated in England and Wales and a registered charity in England and Wales. The principal place of business and registered office is Addington Avenue, Wolverton, Milton Keynes, MK12 5GH. ## **2. Accounting policies** ## **2.1 Basis of preparation of financial statements** The financial statements have been prepared in accordance with 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 from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below ## **Consolidation** The consolidated financial statements include the results of the charity and its subsidiary undertaking, Wolverton Leisure Trading Limited, on a line by line basis. The Charity has availed itself of Paragraph 4 (1) of schedule 1 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 and adapted the Companies Act formats to reflect the special nature of the charity’s activities. No separate SOFA has been presented for the charity alone as permitted by Section 408 of the Companies Act 2006 and paragraph 397 of the SORP. ## **2.2 Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **2.3 Charitable funds** Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Page 17 **(A company limited by guarantee)** ## **WOLVERTON LEISURE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **2. Accounting policies (continued)** ## **2.4 Incoming resources** Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Income from donations or grants are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. Income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. Income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. ## **2.5 Resources expended** Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates. Expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. ## **Irrecoverable VAT** The Trust is not registered for VAT purposes and irrecoverable VAT is charged against the category of resources expenditure for which it was incurred. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. Page 18 **WOLVERTON LEISURE TRUST** **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **2. Accounting policies (continued)** ## **2.6 Government grants** Government grants relating to tangible fixed assets are treated as deferred income and released to the Consolidated statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Consolidated statement of financial activities as the related expenditure is incurred. ## **2.7 Interest receivable** Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. ## **2.8 Taxation** The Company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. ## **2.9 Tangible fixed assets and depreciation** Tangible fixed assets costing £200 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis: |Leasehold building and land|-|over the life of the lease| |---|---|---| |Plant and machinery|-|20% per annum of cost| |Fixtures and fittings|-|20% per annum of cost| |Computer equipment|-|20% per annum of cost| The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year. Page 19 **(A company limited by guarantee)** ## **WOLVERTON LEISURE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **2. Accounting policies (continued)** ## **2.10 Fixed asset investments** Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred. A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. Investments in subsidiaries are valued at cost less provision for impairment. ## **2.11 Impairment of fixed assets** At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is 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 determine the extent of the impairment loss (if any). Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired. ## **2.12 Stocks** Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. ## **2.13 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. ## **2.14 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Page 20 **(A company limited by guarantee)** ## **WOLVERTON LEISURE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **2. Accounting policies (continued)** ## **2.15 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 in the Consolidated statement of financial activities as a finance cost. ## **2.16 Financial instruments** The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## **Basic financial assets** Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## **Basic financial liabilities** Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## **Derecognition of financial liabilities** Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled. Page 21 **WOLVERTON LEISURE TRUST** **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **2. Accounting policies (continued)** ## **2.17 Finance leases and hire purchase** Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Consolidated statement of financial activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. ## **2.18 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 Group and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group 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. ## **2.19 Defined contribution plans** Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. ## **2.20 Limited by guarantee** The company is a company limited by guarantee. All present members and those who have left within the previous twelve months have guaranteed to contribute to the assets of the company a maximum of £1 each in the event of the company being wound up. Page 22 **WOLVERTON LEISURE TRUST** **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **3. Critical accounting estimates and areas of judgment** In the application of the charity’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. Critical accounting estimates and assumptions: 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. ## **4. Income from donations and legacies** |**Unrestricted**
**funds**
**2024**
**£**
Grants
25,508
Unrestricted
funds
2023
£
Grants
24,868
Government grants
15,000
39,868|**Total**
**funds**
**2024**
**£**
**25,508**| |---|---| ||Total
funds
2023
£
24,868
15,000| ||39,868| Page 23 ## **WOLVERTON LEISURE TRUST** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **5. Income from charitable activities** |**Unrestricted**
**funds**
**2024**
**£**
Wolverton income
822,438
Gym membership
983,412
Pool hire
107,688
1,913,538
Unrestricted
funds
2023 (as
restated)
£
Wolverton income
734,623
Gym membership
848,341
Pool hire
99,891
1,682,855
**6.**
**Income from other trading activities**
**Income from non charitable trading activities**
**Unrestricted**
**funds**
**2024**
**£**
Sales
84,046|**Total**
**funds**
**2024**
**£**
**822,438**
**983,412**
**107,688**| |---|---| ||**1,913,538**| ||Total
funds
2023 (as
restated)
£
734,623
848,341
99,891| ||1,682,855| ||**Total**
**funds**
**2024**
**£**
**84,046**| Page 24 ## **WOLVERTON LEISURE TRUST** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** |**6.**
**Income from other trading activities (continued)**
**Income from non charitable trading activities (continued)**
Sales
**7.**
**Investment income**|Unrestricted
funds
2023
£
80,988|Total
funds
2023
£
80,988| |---|---|---| |||| |**Unrestricted**
**funds**
**2024**
**£**
Interest receivable
210
Unrestricted
funds
2023
£
Interest receivable
61|**Total**
**funds**
**2024**
**£**
**210**| |---|---| ||Total
funds
2023
£
61| Page 25 ## **WOLVERTON LEISURE TRUST** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **8. Other Income** |Other income
Donated facility
Other income
Donated facility|**Unrestricted**
**funds**
**2024**
**£**
3,181
75,000
78,181
Unrestricted
funds
2023
£
2,613
75,000
77,613|**Total**
**funds**
**2024**
**£**
**3,181**
**75,000**| |---|---|---| |||**78,181**| |||Total
funds
2023
£
2,613
75,000| |||77,613| **9. Analysis of expenditure on charitable activities Summary by fund type** |**Unrestricted**
**funds**
**2024**
**£**
Charitable activities
1,857,928
Unrestricted
funds
2023
£
Charitable activities
1,779,801|**Restricted**
**funds**
**2024**
**£**
3,490
Restricted
funds
2023
£
1,175|**Total**
**2024**
**£**
**1,861,418**| |---|---|---| |||Total
2023
£
1,780,976| Page 26 ## **WOLVERTON LEISURE TRUST** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **10. Other expenditure** |Financing costs
Financing costs
**Analysis of expenditure by activities**
Charitable activities
Charitable activities|**Unrestricted**
**funds**
**2024**
**£**
12,636
Unrestricted
funds
2023
£
2,107
**Activities**
**undertaken**
**directly**
**2024**
**Support**
**costs**
**2024**
**£**
**£**
1,832,676
28,742
Activities
undertaken
directly
2023 (as
restated -
See note 33)
Support
costs
2023 (as
restated -
See note 33)
£
£
1,758,481
22,495|**Total**
**funds**
**2024**
**£**
**12,636**| |---|---|---| |||Total
funds
2023
£
2,107| |||**Total**
**funds**
**2024**
**£**
**1,861,418**| |||Total
funds
2023 (as
restated -
See note 33)
£
1,780,976| ## **11. Analysis of expenditure by activities** Page 27 **(A company limited by guarantee)** ## **WOLVERTON LEISURE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **11. Analysis of expenditure by activities (continued)** ## **Analysis of direct costs** |Staff costs
Gym/Pool costs
Establishment costs
General expenses|**Total**
**funds**
**2024**
**£**
**1,100,593**
**88,045**
**400,097**
**243,941**
**1,832,676**|Total
funds
2023(as
restated)
£
1,055,526
87,866
377,393
237,696| |---|---|---| |||1,758,481| ## **12. Auditor's remuneration** ||**2024**|2023| |---|---|---| ||**£**|£| |Fees payable to the Company's auditor for the audit of the Company's||| |annual accounts|**12,500**|8,000| ## **13. Staff costs** |Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes|**Group**
**2024**
**£**
**996,982**
**52,612**
**50,999**
**1,100,593**|Group
2023
£
942,641
60,715
52,170
1,055,526|**Company**
**2024**
**£**
**996,982**
**52,612**
**50,999**
**1,100,593**|Company
2023
£
942,641
60,715
52,170| |---|---|---|---|---| |||||1,055,526| Page 28 **WOLVERTON LEISURE TRUST** **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **13. Staff costs (continued)** The average number of persons employed by the Company during the year was as follows: ||**Group**|Group|**Company**|Company| |---|---|---|---|---| ||**2024**|2023|**2024**|2023| ||**No.**|No.|**No.**|No.| |All employees|**65**|62|**65**|62| The average headcount expressed as full-time equivalents was: |Charitable Activities
Management and administration|**Group**
**2024**
**No.**
**19**
**2**
**21**|Group
2023
No.
18
2
20|**Company**
**2024**
**No.**
**19**
**2**
**21**|Company
2023
No.
18
2| |---|---|---|---|---| |||||| |||||20| No employee received remuneration amounting to more than £60,000 in either year. The key management personnel of the charity comprise of the General Manager and Business Administrator throughout the current and preceding year. The amount of staff costs relating to the remuneration of Key Management Personnel in the year amounted to £202,209 (2023: £118,238). Page 29 **WOLVERTON LEISURE TRUST** **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **14. Trustees' remuneration and expenses** During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL). ## **15. Taxation** The company is exempt from any corporation tax liability due to its charitable status. If appropriate the subsidiary makes a qualifying charitable donation to the Trust to avoid any corporation tax liability. Deferred taxation is provided in the subsidiary's accounts on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in full in respect of all material timing differences. ## **16. Tangible fixed assets** ## **Group** |**Cost or valuation**
At 1 April 2023
Additions
Disposals
At 31 March 2024
**Depreciation**
At 1 April 2023
Charge for the year
On disposals
At 31 March 2024
**Net book value**
At 31 March 2024
At 31 March 2023|**Long-term**
**leasehold**
**property**
**£**
**1,027,597**
**-**
**(4,135)**
**1,023,462**
**202,451**
**51,094**
**(1,654)**
**251,891**
**771,571**
825,146|**Plant and**
**machinery**
**£**
**393,023**
**108,466**
**(26,923)**
**474,566**
**340,719**
**43,549**
**(25,017)**
**359,251**
**115,315**
52,304|**Fixtures and**
**fittings**
**£**
**9,043**
**-**
**-**
**9,043**
**8,813**
**230**
**-**
**9,043**
**-**
230|**Computer**
**equipment**
**£**
**14,929**
**-**
**-**
**14,929**
**11,743**
**750**
**-**
**12,493**
**2,436**
3,186|**Total**
**£**
**1,444,592**
**108,466**
**(31,058)**
**1,522,000**
**563,726**
**95,623**
**(26,671)**
**632,678**
**889,322**
880,866| |---|---|---|---|---|---| Page 30 **(A company limited by guarantee)** ## **WOLVERTON LEISURE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **16. Tangible fixed assets (continued)** ## **Company** |**Cost or valuation**
At 1 April 2023
Additions
Disposals
At 31 March 2024
**Depreciation**
At 1 April 2023
Charge for the year
On disposals
At 31 March 2024
**Net book value**
At 31 March 2024
At 31 March 2023|**Long-term**
**leasehold**
**property**
**£**
**1,027,597**
**-**
**(4,135)**
**1,023,462**
**202,451**
**51,094**
**(1,654)**
**251,891**
**771,571**
825,146|**Plant and**
**machinery**
**£**
**393,023**
**108,466**
**(26,923)**
**474,566**
**340,719**
**43,549**
**(25,017)**
**359,251**
**115,315**
52,304|**Computer**
**equipment**
**£**
**14,929**
**-**
**-**
**14,929**
**11,743**
**750**
**-**
**12,493**
**2,436**
3,186|**Total**
**£**
**1,435,549**
**108,466**
**(31,058)**
**1,512,957**
**554,913**
**95,393**
**(26,671)**
**623,635**
**889,322**
880,636| |---|---|---|---|---| Page 31 **(A company limited by guarantee)** ## **WOLVERTON LEISURE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **17. Fixed asset investments** |**Company**
**Cost or valuation**
At 1 April 2023
At 31 March 2024
**Net book value**
At 31 March 2024
At 31 March 2023|**Investments**
**in**
**subsidiary**
**companies**
**£**
**1**| |---|---| ||**1**| ||**1**| ||1| ## **Principal subsidiaries** The following were subsidiary undertakings of the Company: |**Names**|**Company**|**Registered office or**|**Principal activity**|**Class of**|**Holding**| |---|---|---|---|---|---| ||**number**|**principal place of**||**shares**|| |||**business**|||| |Wolverton Leisure|08467872|Wolverton Swimming|Running a cafe and|Ordinary|100%| |Trading Limited||And Fitness Centre|vending machine||| |||Addington Avenue,|||| |||Wolverton, Milton|||| |||Keynes, MK12 5GH|||| Page 32 ## **WOLVERTON LEISURE TRUST** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **17. Fixed asset investments (continued)** The financial results of the subsidiaries for the year were: |**Names**
**Income**
**£**
**Expenditure**
**£**
**Profit/(Loss)**
**/ Surplus/**
**(Deficit) for**
**the year**
**£**
Wolverton Leisure Trading Limited
**95,799**
**100,653**
**(4,854)**
**18.**
**Stocks**
**Group**
Group
**Company**
**2024**
2023
**2024**
**£**
£
**£**
Finished goods and goods for resale
**8,706**
4,334
**7,322**
**19.**
**Debtors**
**Group**
Group
**Company**
**2024**
2023
**2024**
**£**
£
**£**
**Due within one year**
Trade debtors
**4,814**
15,048
**4,814**
Amounts owed by participating interests
**-**
-
**9,439**
Other debtors
**5,615**
-
**1,869**
Prepayments and accrued income
**12,937**
10,725
**12,937**
**23,366**
25,773
**29,059**|**Net assets**
**£**
**(29,435)**
Company
2023
£
3,438| |---|---| ||Company
2023
£
15,048
31,146
-
10,725| ||| ||56,919| Page 33 **(A company limited by guarantee)** ## **WOLVERTON LEISURE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **20. Creditors: Amounts falling due within one year** |Bank loans
Trade creditors
Other taxation and social security
Obligations under finance lease and hire
purchase contracts
Other creditors
Accruals and deferred income|**Group**
**2024**
**£**
**10,077**
**3,540**
**28,830**
**27,287**
**74,609**
**106,038**
**250,381**|Group
2023 (as
restated)
£
9,829
8,505
13,872
22,782
61,082
100,686
216,756|**Company**
**2024**
**£**
**10,077**
**3,540**
**28,830**
**27,287**
**74,609**
**100,538**
**244,881**|Company
2023 (as
restated)
£
9,829
8,505
13,872
22,782
61,082
96,686| |---|---|---|---|---| |||||212,756| National Westminster Bank have a charge of deposit over £6,000 to secure any liabilities due to the bank. Obligations under finance lease and hire purchase contracts are secured over the assets to which they relate. ## **21. Creditors: Amounts falling due after more than one year** |Bank loans
Net obligations under finance lease and hire
purchase contracts|**Group**
**2024**
**£**
**16,503**
**52,924**
**69,427**|Group
2023
£
26,580
18,930
45,510|**Company**
**2024**
**£**
**16,503**
**52,924**
**69,427**|Company
2023
£
26,580
18,930| |---|---|---|---|---| |||||45,510| National Westminster Bank have a charge of deposit over £6,000 to secure any liabilities due to the bank. Obligations under finance lease and hire purchase contracts are secured over the assets to which they relate. Page 34 **(A company limited by guarantee)** ## **WOLVERTON LEISURE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **22. Financial instruments** ||**Group**|Group|**Company**|Company| |---|---|---|---|---| ||**2024**|2023|**2024**|2023| ||**£**|£|**£**|£| |**Financial assets**||||| |Debt instruments measured at amortised cost|**561,711**|346,549|**552,272**|337,110| Financial assets measured at amortised cost comprise of trade debtors and other debtors. Financial liabilities measured at amortised cost comprise of trade creditors, other creditors and taxation. ## **23. Retirement benefit schemes** ## **Defined contribution plans** The amount recognised in income or expenditure as an expense in relation to pension plans was £50,999 (2023 - £52,170). The Trust operates two different pension schemes. i) The Company participates in the London Pensions Fund Authority Pension Scheme, a multi-employer defined benefit pension scheme, the assets of which are held in a separate fund administered by the London Pension Fund Authority. The scheme is closed to new entrants from the company. The scheme is governed by the Local Government Pension Scheme Regulations 1997 and is required to have actuarial valuations performed every three years, the last full valuation being as at 31 March 2022. The estimated results using an approach consistent with the 2019 valuation shows a slight improvement to the funding position. The results show a funding level of 109.9% compared with 112.6% at the 2019 valuation. The Company is not provided with details of its individual share of the underlying assets and liabilities of the scheme and consequently accounts for the contributions as if it were a defined contribution scheme. On 1 April 2008 the new Local Government Pension Scheme came into force. The main change from the previous scheme is that contributions made by scheme members will now be dependent on the level of their whole time equivalent earnings. Contributions paid to the fund amounted to £12,607 (2023 £12,006) for the year. ii) The company started the government auto-enrolment scheme in 2015. This is a defined contribution scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions to the scheme amounted to £38,392 (2023 £40,164). Amounts outstanding at the year end amounted to £7,920 (2023 £10,686). Page 35 ## **WOLVERTON LEISURE TRUST** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **24. Statement of funds** ## **Statement of funds - current year** |**Unrestricted funds**
General Funds - all funds
**Restricted funds**
Disinfection system
**Total of funds**
**Summary of funds**
**Summary of funds - current year**
General funds
Restricted funds|**Balance at 1**
**April 2023**
**(as**
**restated)**
**£**
**987,006**
**8,250**
**995,256**
**Balance at 1**
**April 2023**
**(as**
**restated)**
**£**
**987,006**
**8,250**
**995,256**|**Income**
**£**
**2,101,483**
**-**
**2,101,483**
**Income**
**£**
**2,101,483**
**-**
**2,101,483**|**Expenditure**
**£**
**(1,929,952)**
**(3,490)**
**(1,933,442)**
**Expenditure**
**£**
**(1,929,952)**
**(3,490)**
**(1,933,442)**|**Balance at**
**31 March**
**2024**
**£**
**1,158,537**| |---|---|---|---|---| |||||**4,760**| |||||**1,163,297**| |||||**Balance at**
**31 March**
**2024**
**£**
**1,158,537**
**4,760**| |||||**1,163,297**| ## **25. Summary of funds Summary of funds - current year** Page 36 **WOLVERTON LEISURE TRUST** **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **26. Analysis of net assets between funds** ## **Analysis of net assets between funds - current period** |**Unrestricted**
**funds**
**2024**
**£**
Tangible fixed assets
884,562
Current assets
593,783
Creditors due within one year
(250,381)
Creditors due in more than one year
(69,427)
**Total**
1,158,537|**Restricted**
**funds**
**2024**
**£**
4,760
-
-
-
4,760|**Total**
**funds**
**2024**
**£**
**889,322**
**593,783**
**(250,381)**
**(69,427)**
**1,163,297**| |---|---|---| ## **27. Financial commitments, guarantees and contingent liabilities** The trust signed a 25 year lease in April 2013 with Milton Keynes Council in respect of the lease of the Leisure Centre for which a peppercorn rent is paid. ## **28. Related party transactions** There were no disclosable related party transactions during the year (2023 - none). Page 37 **WOLVERTON LEISURE TRUST** **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **29. Subsidiaries** These financial statements are separate charity financial statements for Wolverton Leisure Trust. Details of the charity's subsidiaries at 31 March 2024 are as follows: |**Name of undertaking Registered**|**Nature of business**|**Class of**|**% Held**| |---|---|---|---| |**office**
||**shares held**|**Direct Indirect**| |Wolverton Leisure Trading See below|Running a cafe and|Ordinary|100.00 -| |Limited
|vending machine||| The investments in subsidiaries are all stated at cost. All subsidiary companies are registered in England and Wales at the same address as the parent, Wolverton Leisure Trust. The wholly owned trading subsidiary, Wolverton Leisure Trading Limited, was incorporated on 2 April 2013, is incorporated in the United Kingdom, pays its taxable profit, if any to the Charity as a qualifying charitable donation. The subsidiary operates the café and vending machines which are part of the leisure centre. The Charity owns the entire issued share capital. The trading income and expenditure is shown on the Consolidated Statement of Financial Activities. ## **30. Reconciliation of net movement in funds to net cash flow from operating activities** |Net income for the period (as per Statement of Financial Activities)
**Adjustments for:**
Depreciation charges
Dividends, interests and rents from investments
Loss on the sale of fixed assets
Increase in stocks
Decrease in debtors
Increase/(decrease) in creditors
**Net cash provided by operating activities**|**Group**
**2024**
**£**
**168,041**
**95,623**
**(210)**
**4,387**
**(4,372)**
**2,407**
**28,872**
**294,748**|Group
2023 (as
restated)
£
56,246
111,857
(61)
-
(2,118)
29,682
(6,080)
189,526| |---|---|---| Page 38 ## **WOLVERTON LEISURE TRUST** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **31. Analysis of cash and cash equivalents** ||**Group**|Group| |---|---|---| ||**2024**|2023| ||**£**|£| |Cash at bank and in hand|**561,711**|346,549| ## **32. Analysis of changes in net debt** |Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year
Finance leases|**At 1 April**
**2023**
**£**
**346,549**
**(9,829)**
**(26,580)**
**(41,712)**
**268,428**|**Cash flows**
**£**
**215,162**
**(248)**
**10,077**
**(38,499)**
**186,492**|**At 31 March**
**2024**
**£**
**561,711**
**(10,077)**
**(16,503)**
**(80,211)**| |---|---|---|---| ||||**454,920**| ## **33. Prior year adjustment** The prior year financial statements have been restated to include deferred income that was incorrectly taken to income from charitable activities. The impact of this restatement is to increase creditors by £74,457 and decrease in income from charitable activities by £74,457. Further the financial statements include a prior year adjustment relating to a reclassification of the support cost from the direct cost. There is no impact in consolidated statements of financial activities and consolidated statement of financial position due to the restatment. ## **34. Capital commitments** |**Contracted for but not provided in these financial statements**
Acquisition of tangible fixed assets
There are no capital commitments at the year end (2023: £57,811).|**Company**
**2024**
**£**
**-**|Company
2023
£
57,811| |---|---|---| |||| Page 39