Charfty reglstratlon number 1103980 Cornpany reglstrdllon number 04868497 (England and Wales) DACORUM SPORTS TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 DACORUM SPORTS TRUST LEGALAND ADMINISTRATIVE INFORMATION Trustees J E Blackt￿￿ B E Edwards J Gillan BRt)oe (Appointed 14 November 2023) {Appointed 14 November 2023) ATay Secretary G &n(4air Kèy management prsonn•l G Sinclair (Chief Executive) Charfty number 1103980 Company number R8glstered offi Slafferton Way Maidenhead Berkshire United Kingdom SL6 1AY Audltor Azets Audit Services Gladslone House 71-79 HwJh Street Egham Surrey United lfjngdom TW20 9HY DACORUM SPORTS TRUST CONTENTS Page Trustees report Independent auditorfs report Statement of fjnancial actsvitles 10 Balance sheet 11 statement of cash lows 12 Ni)tps to the financial statements 13-24 DACORUM SPORTS TRUST TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The Tntstees present their annual report and financial statements for the year ended 31 Marth 2024. The Trustees confirm Ihal they comply with the requir8ments of the Charib8s Act 2011, as amended by the Companies Act 2006. the Memorandum and Artides of p￿sock8110n and the Charities Statsment of recommended Pradice (SORP) 2019. Objectlves and actlvltles Dacorum Sports Trust is a wholly owned charity Ihat exists to provide or assist in the provision of facilibes and sepiices for recreational or other leisure time occupalion in the interests of social welfare. Such factlities being provided to the public at large save that specia] faCIl￿oS may be provided for persons who by reason of their youth. age, infirmty or disabilty, poverty or social or economic circumstan￿$ may havo need of special facilities and services. Additionalty, the Charity aims to promote and preserve good health through community participation in healthy recreation and l or such other charitable purposes beneficial to the community consistsnt wth the objects of the charity. Achlovements and performance The Charity is very proud to have integrated so wdl wthin the wider Absolutely Together Group. and to have embraced new ways of working. The mar￿geff￿nt Team has welcomed the greater responsibility for their individual site perfomance. Thc dcvelopm¢nt of the Smilos pro9ramme has been hugely succ•ssful and has réceived grèat feedback from parents and children. The Council, both members and officets, have also praised the initiatives we have put in place. The merger with Absolutely Together has brought financial stabilty to the Charity and halted the continual negative cash flow. Throughout the year the Charity Stayed within its ffinancial obligations to Its banks, and it is pleasing that a small surplus has been athieved for the financial year. The Charity receives no local authority or govemmènt funding arKI relies on grants and donations to support programmes. Wrthout this support the Charity V￿Uld not be able to deliver the breadth and scale of activities lo ts beneficiaries. Flnanclal rovlow Trustees are pleas8d to report tt￿t DST has made a surplus for the first time since 2018. The Charity was able to award all staff not receiving minimum wage increases. an annual increase in pay of 2.5•A. Whilst this was below infiation stsff were understanding and grateful for the incr&%e. Resorves Poll¢y The 8oard has an aspiration lo increase its reserves as part of the Groups to a level of £250.000 over th8 next 4 years, whilst recognising that during these extraordinarily turt)ulent times maintaining a consistent reserv8 will be challenging. Rlsk Management The members of thè Board have a duty to identrfy and rewew the risks to which the Charfty Is exposed and to ensure appropriate controls are In place to provlde reasonablè assurdnce against fraud and emy. The Board members confirm that the major fisks to the Charity have been reNiewed and that systems or procedures have been established to manage those risks. The Board of Trustees reviews and upjates the Risk Registsr at every Board Meeting and management work lo rnikngate risks identtfied. Of the most recant emerging risks. tha short tim8 remainlng on the lease for the Litue Hay Golf Complex is thè most pressing. Thankfully. the relatlonship wlth the local authority has greatly improved. and although much work is still needed to maximlse the beneffts of the partnwship. the relationship Is now positive. DACORUM SPORTS TRUST TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Plans for future periods The Trustees are committed to improving not just the financial perfonnance of the 3 sites it operates. but also to exiend its offering to the people of H8mel Hempstead and Dacorum Borough. Ttie Truslees have cotnmitted to growin9 the reach of the Charity gnd to dclNerlng the pro9rammg9 of Absolutely Together In every communty that the Charity works in. Additionally the Trustees want to continue to offer 'enabling supporv to complementary communty groups and d*rities throu9h the use of our venues. Key to the future succe55 of DST will be to positsvely engage with the thncil at all levels. to retain its lease to manage Little Hay Golf Complex, and to redevelop the XC to make it more appealing to a wider audience. StfuetUrn• governan￿ and managemènt Th8 Board of TfUSte8s are also Directors of Dacorum Sports TrusL The Board met for formal meetings 6 times during the year to oversee th8 management and administration of the CharTty, and to receive regular updates on various aspects of the Chaiitys acliviti8s from the Managèment Team. Governlng document The Charitable Company is (x>ntrolled by ts g￿ernIng document. a deed of trust, and constttutes a limited company. limited by guarantee, as defined by the Companies Act 2006. The Trustees, who are also the directors for the purpose of company law. and who seNed during the year and up to the dats of signature of the financial ststements were: J E Blackbum B E Edwards J Gillan BRDoe A Taylor (Apwinted 14 November 2023) (Appointed 14 November 2023) Rocruitment and appolnlment of new Trustees In exercising its powers to nominate, appoinL reappoinL elecL rtrelecL approve and dismiss member, the members shall seek to ensure that Ihe board is representstive of the local community and also comprises persons with a broad range of skills who are likely to conlribute lo the Charitrfs success. Board members Inductlon and tralnlng New trustees are invited to attend and obseNe at least 2 Board Meetings before confirming their a¢optance to become a trustee. During the year the Board completed skills audit to help inform trustee recruitinent. This identtfied the need for legal experience among new trustees. skillsets. All new members joining the Board receivad a full induction Ihat Is aimed at training them in their ststutory responsibilities under Chaiity and company law. The induction V￿11 nomally include: Meeting with the Chaimian and the Board and the Managing Director. Tour of all facilities ad an opportunty to meet staff: R6celve copies of the Charitys rules: Receive copies of of strategy and business planning documents. Recelve an organisational strudure and overview of the managemerrt process: and Detaib of the Charitys relationship with the parent organisation Absolutely Together, as well as assttiations with otsr relevant third parties suth as landlord. dients ètc. Oryanisation structure & how dKision arn mado The Board of Trustees has responsibility for administering the charity. The Trustees have appointed a Chief Execulive Officer to manage the operatior)s of Ihe Charity, The Board has agreed to delegated powers to manage Ihis arrangemenL The Management Team. led by the Chief Executive. meet weekly to r8Vi8w Ihe overall p8rf0rn)ance of the Charity. and to plan and implement necessary actions. The Managem8nt Team indudes Operations. FInan￿. People Management. Health and Safety and Business Development functions. A quarterfy meetlng is held wlth the wider managemént team to discuss and plan future aciivities. Tv40 junior managers are invtted to attend each quarterly meeting to gain a better insight into the Charity and its management. DACORUM SPORTS TRUST TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Govèrnancè and Management The Charity utilises the Absolutely Leisure marwg8m￿ Team. led by the Chief Exeortlve. The team meets weekly lo review the overall perfomiance of the Charity, and to plan and implement necessary actions. The Management Team include8 Operations, Financc. People Managemon( Haalth and Saf•ty and Businoss D8velopm8nt functions. A quarterly meeting is held wryth the wider managernent team lo discuss and ptan future activities. Two junior managers are invited to attend each quarterty meeting to gain a better insight into the Charity and Its management. Settlng of pay The People Development Scheme is a company policy that er￿k¥S￿ all pay rate levels. The B(￿rd approves any pay rises on an annual basis and these are Ihen (xnfirmed with the policy. The pay of the Chief Ex8cutive is set in Isn8 with an historical suNey of similar sized and complex organisations in the wider Third S8Ctor, as well as in regard to the skills and experience of the post-holder. The Chief ExeGutiv8 sets the pay for his immediate team. based on the framework detailed within th8 Charitys People Devetopmenl Scheme, and again with reference to the skills ad experience of the post-holders. Chalr's Report This report covers a period of April 2023 to March 2024. This 15 the ffirst full year of operating the Dacorum Sport5 Tnjst {DST) within th8 Absolutely Togth Group. DST operates three facilities ￿thin Hemd Hempstead: Litu8 Hay Golf Complex, Our and The XC. The focus of the opera￿on$ ieams at the sltes ha5 b8en very muGh lo suG(tSsfvlly integrate ￿thin the verious systems and procedures ofAbsolutety Together. This has t￿n accomplished smoothly and without any reslnicture or redundanues. The senior management team has been w(￿king to develop a more commercial approach to the sites and the management teams within them. It is a fair retlection that Ihis was not previously a skill or area that these teams V￿re required to gNe focus to. Durin9 the year the foll0v￿ng improvements and developments were implemented: A new Disk Golf activity was launched at Little Hay. This Is an irKgusive famity<+riented activty and utilises the existing Footgolf Course. The reception and foyer area at XC were redesigned and refurbished to Improve customer experienc8 and at the same time a limited hot food and drinks menu was introduced. The paty room at thè front of the building at XC has bean repurposed as a skate shop. The Board of Trustees meets bi-monthly as part of the Group Board Meeting timetable. Considerab18 work has tsken place to engage positivety the local authority and to ty to build a new, stronger relalionship based on mutual openness and trust. This has been successful, and although there Is more work needed to fully embed Absolutety into the core programmes of CounGil, 8 good stsrt has been made. It remains our intention to focus on thildren, and now also young adults. wllh additional needs, continualty and pennanently, and to further ernbed our programmes Into every communlty we work In- putttng srnll8s on faces. I, and my fellow Trustees. would like to thank the staff of the Charity. our stakeholders and of course our customers. for supporting Dacorum Sports Trust and makiNJ our WO￿ possible. Jackie Gillan Chair DACORUM SPORTS TRUST TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Publlc Benefit Statement The Trustees confimi that they have referred to the guidance contained in the Chaiity Commission's general gutdance on public benefft when reviewing the Charitys aims and objectives. and In planning future actlvities. As part of the Absolutely Togelher Group the Charity uses Absolutely Together programmes to provide free leisure activities to local families that have children with additional needs. These families are rewgnised as often facing the most challenges a¢￿ssing leisure for many reasons. Our programmes provide free use of Dacorum Sports Trust activities. Absolutely Leisure activitiès, as well as donating vouchers for free access to other local 'partnerf lelsure fa(alities. Programmes run at every venue that W8 operate. We are delighted to report the successful o)mpl8lion of ¢)ur fitst full year of Absolutely Together Activities within the Dacorum Borough. Our three faGilities have hosted free programmes for local families supporting children with additional needs. Additionally, Dacorum-based families have beneffted from free access to Absolutely Leisure facilities in the surrounding area and other local leisure providers. This comprehensive apwoach has allowed us to offer a wide-ranging programme wlth activities that meet the needs of all the families we supporL During the year, ¥￿ delivered over 9.000 smiles to Dacorum-based families supporting children with Special Educational Needs (SEN). helping to alleviate their sociat isolation and improve their mentsl well-being. Activities provided this year have included: TerFpin bowling Kartino Cllmbing Swimming Theatre visits Gym use Disc golf Driving range access Farm park visits Trips to the cinema I,OQOs of Smiles Thanks to a grant from the Dacorum Prosperity Fund. we successfulty launthed our 1,OOOs of Smiles programme in the DacoNm Borough. We purchase vouchers at a discounted rate from various leisure facilities across th8 region and distribute them free of charge to families with SEN children. Partners for the programm8 induded Everyone Active. Cloud 9 Infiatable Park, The Ambassador Thèatre Group. and many more. 1.OOOs of Smiles continues to b8 hugely popular. with over 600 families engaging in the most recent programme. which delivered over 5.000 smiles over a six-month period. Families with SEN children continuè to find their access to leisure adivibes restricted. IMth 82% of the families v engage with saylng they find this challenging. 97% of participants in the programme say that 1.000s of Smiles has improved their families. access to leisure. with 90% of these reporting that the programme has improv8d their well- boing. The impact is b8st illustrated by the comments recerved- We are v6ry gratefvl for the vouchers and havè had some Iov8ly qualty family time bowllng. karting and swlmming. rimes can be S￿SSIu1 when you have neurodiverse childrnn, and haw'ng a little day out makes all the differenG6 for the whole family.. DACORUM SPORTS TRUST TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Woth Expe17ence and SchoolAcc8ss We have contlnued to engage with local SEN schools and are pleased to report that all thm of our farilities In the Dacorum Borough a￿ now being used by SEN students on a weekty basis. We are providing vfftkiy activities for tne Collett School. Wooufteld School, ano ReOI)oum ParK a5 well a5 Qther 5G1K￿ls within the IoGal area. Our work experience programme has grown signif• this year, wlth two of our three facilities now providing opportunilies for young adults with additional needs to develop many of the skills they will need as they transition from education into working lrfe. The statistics around unemployment in young adults with additional needs when Ihey leave education are Unfortunate￿ very high. Wrth our support. we are assisting young people In taking their first steps into employment by providing them a structured environment where they can leam the skills that many employers will look for in their futures. Our programme differs from trad￿onal Work experience by tsknng place over 12-v￿k blocks. wtth students attending once a wèek. We assess each student and tsilor work tasks to their ne8ds. Teachers from the schools are hugely impressed with how we have integrated their students into a real work environmenL and the students enjoy their time with us. The leisure industy remains an incredibty a¢(￿Ible career for y<)ung people with additional needs. The group intends to continue developing its work experien(* programme by launching a supported intem scheme. which will give school leavers the opportunity to gain WO￿ experience with us while continuing th8ir studies and getting real- Ilfe. on-th￿job experiences. 8talem¢nt of Trustscs r¢sp•n•lbllltl The Tnjstees. who are also th8 directors of DawTum Sports Trust for Ihe purpose of company law, are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law 8nd United Kingdom Accounting Standards (United lfjngdom GenerallyAccepted Accounting Practice). Company Law requires the Trustees to prepare ffinandal statements for each financial year which give a true and fair view of the stat8 of affairs of the Charltable Company and of the ￿n￿MIng resource5 and application of resourwJ, induding the income and expenditure. of thè charitable company for that year. In preparing these financial statemènts, the Trustees are required to: - select suitable accounting policies and thèn appty thern consistenty, - obseNe the methods and Fyinciples in the Charities SORP: - make judgements and estimates that are reasonable arxl prudent and prepare the ffinancial sIateff￿nts on the going con(wn basis unless it is Inappropriate to presume that the Charitsble Company will continue In operation. The Trustees are responsible for keeping adequate aCc￿nI1￿j records that disdose with reasonable accuracy at any tim8 the financial position of tho Charltable Company and enable them lo ensure that the ffinancial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charitable Company and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. Audltor In accordance with the companys artides. a resolution pro￿Sing that Azets Audit Services be reappolntsd as auditor of the company will be put at a General Meeting. DACORUM SPORTS TRUST TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees report proved by the Board of Twstees. stse DACORUM SPORTS TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF DACORUM SPORTS TRUST Opinlon We have audited the financial stat8ments of Dacorum Sports Trust (the 'Charitable Company,) for the year ended 31 March 2024 which comprise the statsment of financial activitses, thè balance shee( th8 ststement of cash flows and notes to Ihe financial statements. tnduding slgntficant accounting policies. The financial reporting framework Ihal has been applied in their preparaiion Is appllcable law and Uniled Ifjwi9dom AcGounting Standardo, indudin9 Financial Reporting Stsndard 102 The Financial Repo￿ng Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Acojunting Practice). In our opinion. Ihe financial statements: give a true and fair view of the stste of the charitable cornpanrfs affairs as at 31 Mar¢h 2024 and of its incoming resources and application of resources. the year then ended; have been properly prepared in accordance with United Kiwdom Generally AKepted Accounting Ptadi¢e; and have been prepared in a￿)rdance wilh the requirements of the Companies Act 2006. Basis for oplnlon We conducted our audit in accordance wlh International Standards on Auditing (UK) {ISAs {UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our reporL We are independent of the Charitable Company in accordance with Ihe ethical requir8ments that are relevant to our audti of the fjnancial statements in the UK including the FRC'S Ethical Stsndard, and we have fuEfilled our other elhical responsibilities in accordance wilh these requirements. We believe that the audft evidence we have oblained is stjfficbent and appropriate to provide a basis for our opinton. Concluslons rnlatlng to golng concom In auditing the finan￿al statements. we have (￿uded thal the Trustees use of the going concem basis of accounting in the preparation of the finan(aal statements is appropriat8. Based on the work we have perf0M￿d. we have not identified any material unrRrtainties relating to events or conditions that individually OT collectively. may cast significant doubt on the Charitable Companws abilty to continue as a going concem for a period of at least Iwelve months from when the ffinancial statements are authorised for issue. Our responslbilities and the responslbilities of the Trustees with respect to golng concem are d&scrib8d in Ihe relevant sections of this report. Other Infomiatlon The other information comprises the infomalon induded in the annual report other than the financFal statements and our auditofs report thereon. The Twstees are responsible for the other informatic>n contained within the annual report. Our opinion on the financial statements does not cover the other infomiation and we do r￿t express any fomi of assurance conclusion theTeon. Our responsibilty is to read the other infonnalion and. in doing so, cOns￿er w￿ther the other infonnation is matsrÉally in(x)nsistent with the finanryal statements or our knowledge obtained In the course of the audit, or othenvlse appear5 lo be materially misslated. If we identify suth material inconsistencies or apparent matèrial misstatements, we are requlred lo detemine whether this gtves rlse to a material misststèment In the financial ststements themselves. If. based on the work we have p8rfomed. we conclude that there is a material misstatèm6nt of Ihis othèr infonnation. we are r8quired to r8POrt that fact. We have nothlng to report in this rogard. Matters on whlch wo are requlr•d to report by exceptlon We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requirè us to report to you rf. in our opinion: the Information given In the financial statements is Snconsistent in ary material respect with the Trustees report; or sufficient accounting records have not been kepL' or the financial statements are not in agreement with the aC￿Unting records: or we have not received all the information and eXplanati(￿s require for our audiL DACORUM SPORTS TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF DACORUM SPORTS TRUST Responsrbllltles of Trustees As explained more fulty in the statement of Trustees responsibilibes. the Trustees, who are atso the directors of the Charitable Company for the purpose of company law, are responsible for the preparation of th8 financial statements and for being satisfied that they give a true and fair view. and for suth intemal control as the Trustees determine is necessary to enable the preparation of financial stateménts that are tree from material mlsstatemenl whether due to fraud or error. In preparing the financial statements. the Trustees are responsible for assessing the Charitable Companls ability to continue as a going concem. disdo&ng. as applicable, matters related lo going concem and using the going concem basis of accounting unless the Trustees elU￿r intend to liquidate the Charttable company or to cease operations. or have no realistic altemative bui to do so. Auditofs rnsponsibilities for tho audit of the financlal statements We have been appointed as auditor under section 144 of the Charitres AGt 2011 and report in accordance with the Act and relevant regulation$ made or having effect ther8under. Our objectives are to obtsin reasonable assuran￿ about vthether the financial statements as a whole ar8 free from material misststement, whether due to fraud or error. ar)d to issue an auditoffs report that includes our opinion. Reasonable assurance is a high level of assuran￿ but is not a guarantee thal an audit conducted in accordance with ISAS (UK) will always deted a material misstatement when it e￿Sts. Misststements (an arise from fraud or error and are considèred mateiial rf. individually or in the aggregate. they could reasonably be expeded to influen Ihe economic decisions of users tsken on basis of these financial statements. A further description of our responsibilities Is available on Ihe Financial Reporting Council's website at: https:11 ¥kww.frc.or9.uklauditorEresponeibilili•s. This doscTiption forns part of our auditorfs rewrt. Extent to whlch the audlt was consldered Capable of detecting Irregularftles, Includlng fraud Irregularibes. including fraud. are instances of rK)n-wmpliance with laws and regulations. W8 deswJn procedures in line with our responsibilities. outlined above and on the Financial Reporting Council's website. to d8t8Ct material misstatements in respect of irregularities. indudin9 fraud. We obtain and update our understsnding of the entity. lis activithes. ts ￿ntrol environmenL and likely future developments. including in relatton to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding. we identify and assess the risks of material misstatement of lh8 financial st8tements. whether due to fraud or error. desFgn and perfonn audit procedures responslve to thos6 rfsks. and obtain audit ewdence that is sufficient and appropriate to provide a basis for our opinion. This indudes consideration of th8 risk of acts by the entity that were contrary lo applicable laws and regulations, induding fraud. In response to the risk of irregulafities and nortrr￿ldered to be relevanL Actual results may dtffer from these estimates. The estimatès and underlying assumptions are reviewed on an ongoing basis. Revisions trj accounting estimales are recognised in the period in which the estimate Is rewsed where the revision affects only Ihat period. or In the period of the revision and future penods vthere the revision affects both ojrrent and future periods. Crltlcal Judgemgnts L￿$0$ In categorising leases as finance leases or operating leases. management makes judgements as to whether signkficant risks and rewards of ownership have trar￿ to the Charitable Company as lessee. 15- DACORUM SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Donations and legacies Unrestrictèd funds Total 2024 2023 Donation from fellow group company Absoluiely Together Trading Ltd 185.336 Charltable actlvttles Oporallon of sports centr•s and sports facllities 2024 Caterlng•Operatlon of vending and sports merchandisi centres and sports facllltles 2023 Total 2023 2023 Customer sales 2.055,699 315.095 1.853.092 2,168.187 Total Unrostrlctsd funds 2024 2023 Interest receivable 12 Other Irhcom¢ Unrestricted funds Totsl 2024 2023 Other income 57.414 16- DACORUM SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable activitles Restrlctsd Unrnstrfct•d funds funds 2024 2024 Total Tolal Total 2023 funds 2023 2023 2023 Staff costs Depreciation Marketing and publicty Maintenance and cleaning Gas, 61ectric and wat8r Govemance Costs Venue hire other operational costs OVert￿ad$ Other staff costs Insurance 854.033 170,894 36.127 854.033 412.308 36.127 1,034,439 1,034.439 179.178 420,592 29.304 29,304 241.414 241.414 166,528 256.082 35.419 237,078 97.238 135.386 2.614 64.758 166.528 256.082 35.419 237.078 97.238 135.386 2.614 64.758 199.039 128.929 15,013 241.181 322.169 126.330 13.263 71.546 199.039 128,929 15.013 241.181 322,169 126.330 13.263 71.546 241.414 2.056.157 2.297.571 241,414 2.360.391 2.601.805 The legal costs indude £Nil (2023: £10,000) relating to the acquisition of the company byAbsolutely Together. Auditotrs romuneratlon Fees payable to the Charltable Compan￿8 audltor and assoclates: 2024 2023 Audit of Ihe Charitable CoMpan￿S annual accounts 7.500 15,250 Trustees The Trustees did not receive any remuneration during the year ended 31 Marth 2024 (2023: £nll). There were no Trustee5' expenses paid for the year ended 31 March 2024 {2023: £nil). 10 Employees The avera￿ monthly number of employees during ts year was: 2024 Numbftr 2023 Numhr Leisure aGtivltles 48 52 17- DACORUM SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Employees (Continued) Employmont Costs 2024 2023 Wages and salaries Social security costs other pension costs 779.437 50.234 24.362 928,191 57.747 48.501 854,033 1,034.439 The number of employees whose annual remuneralion was more than £60.000 is as follows: 2024 Number 2023 Number £140.001- £150.000 The remuneration of key management ￿TsOnnel is £Nil {2023: £168.082). 11 Taxatlon No liability to UK corporation tax arose on ordinary actsvitses for the year ended 31 March 2024 or the year ended 31 Marth 2023. 18- 2 IDI 22 41 otso rj 000 -￿0 (yo ej DACORUM SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Tangible fixed assèts (Continued) Land and buildlngs at the XC centre are being wrttten off over the terni of the XC lease (20 year5) whdst the other assets are being written off in accordance with our nomtsl policy. The net carrying value of tangible ffixed assets includes the followng in respect of assets held undef finan¢è leases or hire purchase ￿ntraCts. The depreciation d)arge in respect of such assets amounted to £nil (2023 - £2,367) for the year. 13 Stocks 2024 2023 Flnlshed goods and goods for resale 10.217 9.079 14 Debtors 2024 2023 Amounts falllng duo wllhln one yoar Trade debtors Arnounts owed by fellow group underiakings Other debtors Prepayments and aG¢rued income 20,687 38,676 137,000 204.984 137,000 49.986 399,347 186,986 15 Loans and overdrafts 2024 2023 Bank loans 207.270 284.330 Payable within one year Payable after one year 75.449 131.821 75.449 208.881 The finance lease liabilities of the Charriabl8 Company. £nil (2023: £3,771) of which fall due In18ss than one year. with £nil (2023: £nil) falling due in more than on8 year. are secured over the ass8ts which form part of the finance lease agreements. The bank loans of £75.449 (2023: £75,449) wFthin one sear and £131.821 (2023: £208.881) after one year which is sécured by way of a r￿ed and floating charge, in favour of Bank of Scoland PIC and The Co- Operative Bank Plc, over the assets of the Charitable Company. -20- DACORUM SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Finance lease commitinènts Fuiure minimum lease payments due under )Inance18ases: 2024 2023 Within one year 3.771 17 Cr•dlt¢xs: amounts falllng due withln one year 2024 2023 Notes Bank loans Obligations under ffinance leases Other taxation and social security Deferred income Trade creditors knounts owed to fellow group undertakiryjs Other Creditors Accruals and deferred incom8 15 16 75.449 75.449 3,771 20.119 68.988 134.918 38.41)0 21.085 141.400 30.314 99.713 208,598 20 14.079 109.863 538.016 504.130 18 Credltors: amounts falllng du• aftèr more than ong y￿r 2024 2023 Notes Bank loans Other creditors 15 131.821 25,000 208,881 37.500 156,821 246,381 Provlslons for Ilabllltles 2024 2023 279.533 431,567 Movements on provisions: At 1 April 2023 Release of proviston 431.567 (152.034) At 31 March 2024 279.533 -21- DACORUM SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 20 Dèferred income 2024 2023 Other deferred income 99,713 68.988 2024 2023 Deferred income is included within: Current liabilities 99.713 68,988 Movèments in the year. Deferred income at 1 April 2023 Released from previous periods Resources deferred in the year 68.988 {68.988) 99.713 85.641 (85.641) 68.988 Deferred income at 31 March 2024 99.713 68.988 Deferred inoome related to advance payments for block bookingslevents at the siies that related to future dates. 21 Restrlcted fvnds The income funds of the tharity include restricted funds comprising the following unexpended balances of donations and grants held on trust for spe¢Afic puryloses: Movement In lunds B•l•nrn al R•SoUrc￿ 8•1w￿• at IncomSng Bal#n¢• at 1 Aprfl 2022 ?xpend•d 1 Aprll 2023 rnsour¢M 31 March 2024 My Place Funding- Capital 2.253.201 (241,414) 2.011.787 {241.414) 1.770.373 The grant has been received in full. The purpose of the grant was to fund the construclion of the XC ¢entre for young people at Jamian Park. The funding was made as part of a jThnt application with Youth Connexions who also operate from th8 centre. The balance of the restriiknd fund represetns a proportion of the capital cost less depreciation written off to date. DACORUM SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 22 Deslgnated funds The income funds of the charity indud8 the follc)wing designated funds which have been set aside out of unrestricted funds by the Irustees for specrfic purposes: Movement Movement In funds In funds Balanc• at In¢omlng Balanrn •1 Incomlng Balan￿ al 1 Aprtl 2022 r•sourt•8 1 Aprll 2023 rnsourcos 31 March 2024 Revenue r8seNe XC repairs fijnd 208.500 56.761 208.500 62.761 208,500 68,761 6,000 6.000 265,261 271.261 6.000 277,261 The revenue reserve has been set up to provKle a contirgency r&serve to cover one months expènditure. The Trust reviews this on an annLtal basis. 23 Anaty$ls of net assets between funds Unrostrieted R•£trict•d funds funds 2024 2024 Total Unrestriet•d Restriet•d funds funds 2023 2023 Total 2024 2023 Fund balances at 31 Marth 2024 are represented by. Tangible assets Current assetsl(liabilities) Long tenn liabilities Provisions 538.801 177.124) (156.821} (279.533) 1.770.373 2.309,174 698,630 (77.124) (237.649) (156.821) (246,381) (279.533) {431.567) 2.011.785 2.710,415 (237,649) (246,381) (431.567) 25,323 1.770.373 1.795.696 {216,967) 2.011,785 1.794,818 24 Operating lease commitments At the reporbng end date the Charitable Company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows: 2024 2023 wrthin one year Between two arml five years 189,740 331.227 189,740 522,628 520.967 712,368 -23- DACORUM SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 25 Related party transactions During the yéar. Dacounn Sports Trust paid £120,000 (2023- £38,400) to Absolutely Leisure. another subsidiary ofAbsolutely Together. for the support serviGes provided in the period. 26 Ultlmate parnnt undertaklng and controlling Mlated party The ultimate parent company is Absolutely Together. a cx)mpany limited by guarantee arKI incorporated in Great Britain by virtue of being the sole member. Company Registration No: 08466394 and Registered Charity No: 1152093. This is the smallest and largest group to consolidate these financial statements. Copies of the financial statement can be obtained from The Arena. Stafferton Way, Matdenhead. Berkshire. SL 6 1AY or on companies house website www.￿mpanIeShouse.gOv.uk The Trustees COn￿der the Board of Truslees of Absolutely Together. a ￿MpanY limited by guardntee, to be the ultimate controlling paty. 27 Cash gonerated frorn oporatlons 2024 2023 Surplusl(defi¢it) for the year 878 {433.606) Adjustrnents for Investrnent income recognised in ststement of finan(aal actlvilies Depreciation and impaimient of tsngible ffixed assets {12) 420.592 412.308 Movements in working capital: {Increaseydecrease in stocks (Increase) in debtors (De￿eaSe)[lncrease in creditors Increase in promsions Increasel{de¢rease) in deferred income (1.138) (212.362) (5,567) (152,034) 30,725 1.562 (8.695) 49.382 (86.930) {16.653) Cash generatsd froml{absOrt￿d by) operatlons 72,810 174.360) 28 Analysls of Chang￿ In not {dobtyfunds At 1 Aprll 2023 C••h IlowsAt 31 March 2024 Cash at bank and in hand 70,416 {19.088) 51.328 Loans falling due within one year Loans falling due after mre than on8 year Obligations under finance leases (75.449) {208.881) {3.771) (75.449) (131,821) 77.060 3,771 {217.685) 61,743 (155,9421 -24-