Docusign Envelope ID: 48367261-EA07-4063-90E0-56022DAC1A54
REGISTERED COMPANY NUMBER: 04624607 (England and Wales) REGISTERED CHARITY NUMBER: 1105278
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
FOR
INSPIRING HEALTHY LIFESTYLES (A COMPANY LIMITED BY GUARANTEE)
Fairhurst Audit Services Ltd Statutory Auditor Chartered Accountants Douglas Bank House Wigan Lane Wigan Lancashire WN1 2TB
Docusign Envelope ID: 48367261-EA07-4063-90E0-56022DAC1A54
INSPIRING HEALTHY LIFESTYLES
CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 March 2024
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Chair's Introduction - Annual Review | 2 to 3 |
| Report of the Trustees | 4 to 16 |
| Report of the Independent Auditors | 17 to 20 |
| Statement of Financial Activities | 21 |
| Balance Sheet | 22 |
| Cash Flow Statement | 23 |
| Notes to the Cash Flow Statement | 24 |
| Notes to the Financial Statements | 25 to 47 |
Docusign Envelope ID: 48367261-EA07-4063-90E0-56022DAC1A54
INSPIRING HEALTHY LIFESTYLES
REFERENCE AND ADMINISTRATIVE DETAILS for the Year Ended 31 March 2024
| TRUSTEES | P G Farrington |
|---|---|
| C J Wilks | |
| D J Wood | |
| R A Boocock | |
| P J Burt | |
| S J Gambles | |
| J Green | |
| L Peace | |
| COMPANY SECRETARY | D M Heaton |
| REGISTERED OFFICE | Unity House |
| Westwood Park Drive | |
| Wigan | |
| WN3 4HE | |
| REGISTERED COMPANY | 04624607 (England and Wales) |
| NUMBER | |
| REGISTERED CHARITY | 1105278 |
| NUMBER | |
| AUDITORS | Fairhurst Audit Services Ltd |
| Statutory Auditor | |
| Chartered Accountants | |
| Douglas Bank House | |
| Wigan Lane | |
| Wigan | |
| Lancashire | |
| WN1 2TB | |
| BANKERS | The Co-operative Bank plc |
| PO Box 101 | |
| 1 Balloon Street | |
| Manchester | |
| M60 4EP | |
| Nat West Bank | |
| 4 Standishgate | |
| Wigan | |
| Lancashire | |
| WN1 1UE |
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INSPIRING HEALTHY LIFESTYLES
CHAIR'S INTRODUCTION - ANNUAL REVIEW for the Year Ended 31 March 2024
The charities commitment to inspire people to live healthy, happy, and creative lifestyles, remains unwavering and has never been more needed or important.
Health and wellbeing charities across the country continue to face increased running costs as a result of the unpredictability of energy costs, and inflationary pressures on disposable income within the economy. Despite this we have been able to continue to support those most in need of our help as well as maintaining tremendous added social value.
This report overview offers a summary of the charities key highlights over the last twelve months, giving you an insight into the incredible achievements and outcomes despite the challenging national landscape the charity is operating in. Whilst reflecting on these I am tremendously proud of the work of all colleagues in Cannock Chase, Selby, and Wigan. Their dedication and commitment to the charity and the communities we serve stands out, and without their professionalism and positive outlook, inspiring others would simply not be possible.
We are as a charity committed to a greener and sustainable future for our communities, which is why we were delighted to host the Great Imagining event. Working alongside Cannock Chase District Council and the Cannock Chase Cultural Education Partnership. IHL supported the Council's response to climate change, through a major event attracting over 600 residents held at Chase Leisure Centre. It was aimed at Cannock Chase community members, businesses and involved over 900 local school children increasing their knowledge and understanding of climate change.
The Museum of Cannock Chase was successful in bidding for the National Lottery Heritage Fund, Connecting Collections project, resulting in an award of £87,000, which will be used to ensure improved access to the museum's collections and increase opportunities for everyone to engage with them, as well as improving the management of the collections through digitisation, creating an online catalogue that can be utilised as the basis for new displays, engagement activities and research.
The Prince of Wales Theatre launched a work experience program, in an effort to nurture local talent and inspire the next generation of theatre professionals. The team at The Theatre opened its doors to local students for work experience placements from The Hart School, Kingsmead, Cardinal Griffin, and Chase High Schools. Students were invited to the venue, where they gained invaluable hands-on experience in various areas of theatre operations.
Customer returns to our Leisure Centres showed steady growth in the last financial year, along with rising attendance in our Learn to Swim programmes and increased attendance in exercise classes. In the main all our core Wellbeing and Leisure services showed improvement over the course of the last 12 months with attendance for Referrals, Weight Management, Outdoor Pursuits and Falls Prevention all steadily increasing during the course of the year.
Our Adult Weight Management programme in Selby - Move It Lose It celebrated its sixth year with the strongest performance since the programme's inception. Exceeding targets for total clients reaching target weight (5% weight loss) by 15% and almost doubling the Public Health set target for the number of patients maintaining this weight loss after a further three months.
Creating community partnerships and aligning with health priorities are a primary focus for our health and wellbeing programmes in the district and we now have a presence at locality meetings chaired by Citizens Advice, Up For Yorkshire and North Yorkshire Council such as The Dementia Action Group, Anti-Poverty Partnership and the Equity and Advice Network.
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INSPIRING HEALTHY LIFESTYLES
CHAIR'S INTRODUCTION - ANNUAL REVIEW for the Year Ended 31 March 2024
As a charity, we are committed to working with others to support our communities and a key element of that is working in partnership an example of this is the Pedal to Empower project, with funding received from the Midlands Partnership Foundation NHS Trust a progressive programme of indoor leading to outdoor cycling sessions targeted to those with severe mental illness and addiction was launched. The charity, working in partnership with Chase Recovery and other individuals via our social prescribers enabled residents to gain confidence and skills to use cycling to manage their conditions. It's a prime example of how charitable trusts like IHL can play a key role in the healthcare system, supporting and inspiring people to improve their wellbeing and leading to a healthier lifestyle.
Lastly, I'd like to thank our colleagues in Cannock Chase District Council and North Yorkshire Council for their support in what was a progressive year for IHL.
Peter Burt Chair of Trustees
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INSPIRING HEALTHY LIFESTYLES (REGISTERED NUMBER: 04624607)
REPORT OF THE TRUSTEES for the Year Ended 31 March 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Organisation
The charitable company is a company limited by guarantee with the income and property of the charitable company being applied solely towards meeting the objectives of the charity as outlined below. No dividend, bonus or profit share shall be paid or transferred directly or indirectly to members of the charitable company.
The charitable company operates under the memorandum and articles of association as modified in November 2007 and July 2010 and further updated in September 2017.
Charitable status
The company gained charitable status on 3rd August 2004. The charitable company registration number is 1105278.
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INSPIRING HEALTHY LIFESTYLES (REGISTERED NUMBER: 04624607)
REPORT OF THE TRUSTEES for the Year Ended 31 March 2024
STRATEGIC REPORT Achievement and performance
The Strategic Report comprises the following sections: from 'Objectives and Policies' to 'Future Plans'.
Objectives and policies
The charitable company has been established for the public benefit for the following purposes (drawn from the memorandum of the company):
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The advancement and support of education, culture, arts and history
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The provision or assistance in the provision of facilities for recreation or other leisure time occupations
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The promotion of good health through community participation in healthy recreation
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Any other charitable purposes beneficial to the public consistent with the above noted objectives as the Trustees shall determine
Strategies employed in the year
During 2021/22 the organisation approved a new Business Strategy. Progress against the key objectives of the plan have been noted below:
Focus Area 1: A Great Place to Work
We are committed to our charitable objectives and investing in our people and creating a working environment that listens, leads and inspires.
Key Progress
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Developed and launched the 'Heart of Gold' staff recognition awards as part of the Charities 20 years celebrations in 2023.
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Deployed and rolled out a training/CPD programme including ILM Leadership and Management qualification for all senior staff.
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Provided free access to the charities wellbeing facilities to all staff to enable them to improve their wellbeing and strengthen advocacy for our services.
Focus Area 2: Systems and Processes
Ensuring our systems and processes are fit for purpose and enable us to deliver our charity effectively.
Key Progress
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Deployed the new IT Managed Service across the organisation, partnering with a vendor who specialises with ICT infrastructure support within the charitable sector.
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Launched and implemented the new CMS OpenPlay system across our Sports and Leisure facilities.
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Continued roll out of "The Engine" an online management operations platform for consistent application of the organisational QMS and tasks/checks.
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INSPIRING HEALTHY LIFESTYLES (REGISTERED NUMBER: 04624607)
REPORT OF THE TRUSTEES for the Year Ended 31 March 2024
Focus Area 3: Grow the Impact and Reach of the Charity
More people of all ages and abilities accessing activities, more equally, more widely and more often.
Key Progress
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Rebranded the organisation as "The Charity at the Heart of the Community" in line with the new Business Strategy
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Established new partnership with "Up for Yorkshire" AVS, to increase the reach of both organisations in North Yorkshire
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Continued to invest and embed "Cannock Chase Can" - an initiative that gives residents the tools and connectivity to 'find their way to health and wellbeing'.
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Effective collaboration with Bolton Arena through the provision of shared strategic finance advice and further collaboration via the sharing of the Managing Director role and Commercial support.
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Partnership work within the charity involved strengthened connections with Primary Care Networks, such as Cannock North in order to develop joint future programmes in the coming years to support patients representing older populations, such as hosting large health events.
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Continued to develop local community organisations to ensure they were more equipped to re-engage their local residents, such as Friends of Cannock Park and Stadium, Rugeley Community Church. This resulted in a series of engagement days in partnership with Housing at Cannock Chase Council and early years offers using the community allotments with West Chadsmoor Family Centre.
Financial review
Results for the year
The financial statements are prepared in accordance with applicable accounting standards and the Charity Statement of Recommended Practice (FRS102 SORP) (effective 1 January 2015) and covers the activities of Inspiring Healthy Lifestyles.
The Statement of Financial Activities (SOFA) shows the gross income from all sources and the split of activity between restricted, designated and unrestricted funds.
Total funds of the charitable company and the charitable company have increased due in part to actuarial pension gains (see note 22) and amount to a surplus £4,894,787 as at 31 March 2024 (2023: surplus £4,681,672) representing unrestricted funds surplus of £2,262,243 (2023: surplus £2,142,967), which includes designated fund surplus of £Nil (2023: surplus £571,852), pension surplus of £1,505,000 (2023: surplus £800,000) and general unrestricted funds surplus of £757,243 (2023: surplus £771,115). Restricted (including endowment) funds surplus totalled £2,632,544 (2023: surplus £2,538,705).
The statement of financial activities shows that there were net outgoing resources before movements in the valuation of investments and the pension scheme for the charitable group for the financial year amounting to £1,199,885 (2023: net outgoing £2,738,063). This is in part due to exceptional costs of £723,000 (2023 £2,120,000) relating to the restriction of the pension scheme assets.
The Trust met its social and business objectives and through a combination of proactive management and a committed workforce.
Reliance on other parties
The charitable company continues to rely heavily on national and local government policies for contract income.
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INSPIRING HEALTHY LIFESTYLES (REGISTERED NUMBER: 04624607)
REPORT OF THE TRUSTEES for the Year Ended 31 March 2024
STRATEGIC REPORT Financial review
Investment policy and objectives
Bearing in mind the charitable company's commitment to effective stewardship of resources, the Trust has endorsed an investment policy that allows for £1,500,000 to be invested in structured products with the balance of resources being invested in Public Sector Reserve accounts. Structured products are traded on the markets but guarantee, to various degrees, a return of capital invested. However, under the SORP, these investments are valued at market price rather than capital value, and on that basis a gain/loss on revaluation has been recorded for 2023/24.
Reserves policy
The charitable company's reserves policy was last reviewed in June 2018. It was agreed that it was appropriate to seek to maintain a level of general unrestricted reserves (excluding surpluses / deficits on pensions) of £1 million. The purpose of those reserves is to safeguard against both any significant loss of funding and any unforeseen adverse circumstances and to thereby facilitate the continuance of the delivery of the charitable company's stated objectives. The reserves policy will be subject to a further review by the Board following the transfer of the Selby Leisure Services contract to North Yorkshire Council.
The breakdown of reserves held are detailed above.
Going concern
The 2023/2024 financial year has continued to be a slow operating environment for the charity to continue its business recovery.
The charity has been impacted during the financial year in respect of increased running costs because of the ongoing pressure and unpredictability of energy costs, additionally revenue has also continued to be affected due to the sustained inflationary pressure on disposable income within the economy.
The charity continues to operate under the contractual support arrangements through the 'Deeds of Variation' for the two contracts held with Cannock District Council and North Yorkshire Council
Negotiations outside of the 'Deeds of Variation' arrangements have enabled the Cannock District Council contract to be extended to March 2027.
The Selby District Council (now the unitary North Yorkshire Council), arrangements reached their contractual end on the 31st of August 2024, and as a result of the successful transfer back of the contract by the charity, additional funds have/will be released/allocated following the final reconciliation. This is expected to be in the region of £288k, which will support a further increase in the Charities General Unrestricted Reserves position.
Additionally, the charity continues to seek growth, in respect of new opportunities and collaborations within the Sector, and during 2023/2024 the collaboration with Bolton Middlebrook Leisure Trust has been strengthened further following the sharing of senior management roles and commercial development.
The result of the factors outlined above is that the Trustees have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future (being a period of twelve months after the date on which the report and financial statements are signed), and that the going concern assumption is both appropriate and continues to be adopted in the financial statements.
Further information is given in the accounting policies (page 25).
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INSPIRING HEALTHY LIFESTYLES (REGISTERED NUMBER: 04624607)
REPORT OF THE TRUSTEES for the Year Ended 31 March 2024
STRATEGIC REPORT Financial review Grant Policy
The charitable company gives very limited grants to external institutions. Those that are given are approved by the Board through the charitable company's financial monitoring arrangements.
Pension Commitment
Inspiring Healthy Lifestyles Limited is a member of the following employer defined benefit pension schemes, the North Yorkshire Pension Fund and the Staffordshire Pension Fund.
Each member organisation shares a joint and severable liabilities for the pension funds. As such and in accordance with FRS102 section 28, it has been possible to identify Inspiring Healthy Lifestyles share of each scheme's assets and liabilities on the 31st of March 2024, as advised by the appointed actuaries.
Both of the defined benefit schemes have undergone an actuarial valuation for accounting purposes (FRS102) as at the 31st of March 2024.
Whist the North Yorkshire scheme remains in surplus, in line with the decision made by North Yorkshire Council not to renew the contract when it expires in August 2024, the directors have again not recognised the surplus in the pension scheme and have recognised the valuation as £NIL.
The actuaries for the Staffordshire scheme have reported a positive asset value of £4m as of March 2024. However, the FRS102 defined benefit rules state that a pension scheme asset should only be recognised to the value that it is recoverable, either through a refund or through reduced contributions. The Staffordshire scheme has reduced IHL's employer member contributions down to Nil from 25.3%.
In view of this the directors have taken further actuarial advice to calculate an asset ceiling cap for the pension scheme at £1.5m (2023: £0.8m). The cap has resulted in an exceptional cost in year of £0.723m
The total position across both schemes is detailed in note 23.
Trustees have considered the defined benefit pension schemes and the risk of these returning to a liability, and the liability becoming due, and whilst a pension scheme deficit is not a debt but an actuarial estimate of the liability that the charity would need to fund, this would be over the longer term and the Trustees alongside the actions outlined above recognise the need to plan for this.
Specific actions that are already in place to manage this risk are that the Trustees have closed the Local Government Pension Schemes it operates to both new and existing non scheme member employees, in order to manage the future financial risk in relation to pension fund deficits.
Following a thorough evaluation process the Charity joined the National Employment Savings Trust (NEST) scheme, in order to comply with the auto enrolment of employees into a workplace pension, since commencing this and over time a greater proportion of our employees are now part of this as opposed to the local government scheme. As a result of this greater cost certainty can be achieved, as NEST is a contribution-based scheme rather than a final salary/career average-based scheme.
Additionally, any future increased employer contribution rates are forecasted and planned for as part of the budgeted revenue account, and there are Admitted Body Agreements in place alongside cash pension bonds.
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INSPIRING HEALTHY LIFESTYLES (REGISTERED NUMBER: 04624607)
REPORT OF THE TRUSTEES for the Year Ended 31 March 2024
STRATEGIC REPORT Financial and risk management objectives and policies Financial Risk Management
We operate a formal risk management process, where Trustees and senior managers together identify top-level risks to the charitable company, their probability, impact and consequent actions necessary to manage them. A formal risk management policy was approved by Trustees in July 2011 and was last reviewed in March 2023. This includes Corporate and Operational Risk Registers which are constantly under review.
The key risks identified for the year 2023/24 were:
| Risk | How we managed the risk | ||
|---|---|---|---|
| Reduction in future contracted management fees. Requirement to achieve reduced subsidy for contractual clients outside of the Deed of Variation arrangement. |
Review model of service delivery. Exploring other options for funding / partnerships and collaborations.++Dialogue with contractual clients. |
||
| Non adherence to current reserves policy - as a result of ongoing the impact of economic conditions and the subsequent pressure on the operational budgets which may impact on the ongoing level of general unrestricted reserves. |
Reserves policy reassessed in accordance with the current and predicated trading conditions following the transfer of the Selby Leisure services contract and any revised contractual arrangements. |
||
| Effective transition of the ICT service from the BWP ICT Partnership. |
Developed and implemented a new ICT delivery model and ICT strategy for IHL whilst transitioning the ICT infrastructure service to Smartdesc. |
||
| Transfer of the Selby Leisure Services Contract. | Agreed the terms and process with the New Unitary North Yorkshire Council, which has resulted in the successful transfer of the service on the 31st of August 2024. |
The Trust is not exposed to currency risk and has minimal exposure to interest rate risk, price risk or market risk.
Training in risk assessment is delivered to staff, and a small "Risk and Compliance" team has been established to support this area of work.
Fund Raising
The Trustees can confirm that it does not raise funds from the public other than through payment for taking part in the charitable services the Trust provides and has not engaged any professional fundraiser or commercial participator to carry out fundraising activities. The charity has received no complaints about fundraising activity.
Public Benefit
The Trustees confirm that they have referred to the Charity Commission's general guidance on public benefit when reviewing the aims and objectives and in planning the future activities of the Trust.
The Trust delivers public benefit by:
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Not restricting access to its services to any member of the public, irrespective of their place of residence
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Providing access to all leisure facilities at tariffs lower than commercial market tariffs including significant reductions through the implementation of various concessionary schemes
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Providing free access to the Museum of Cannock Chase
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Delivering activities from parks and other open spaces that are open free of charge to the public
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Providing employment opportunities and learning and skills development
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INSPIRING HEALTHY LIFESTYLES (REGISTERED NUMBER: 04624607)
REPORT OF THE TRUSTEES for the Year Ended 31 March 2024
STRATEGIC REPORT
A key priority of the charity is to ensure that more people increase their activity levels so that the health and wellbeing benefits of regular exercise are realised. In 2023/24 the leisure facilities across the two contract areas of Cannock Chase and Selby District have seen increasing footfall, attracting over 1,080,327 visits over the course of the year.
The charity also provides a concessionary card scheme to support residents least likely to access wellbeing services to access the facilities provided. During 2023/24 there were 2,461 active concessionary scheme members.
The Community Wellbeing Team delivered the Chase up programme, which is a National Lottery, Community Funded team, delivering targeted initiatives which involve eco arts, gardening and physical activity in three priority ward areas. This involved developing a school's under used green space which resulted in the formation of a new after school parent and child regular activity group (Red Hill Roots), eco art workshops and an innovative programme using natural dyes to recycle clothes to give to those in need.
Arts and Creativity - Chase Creatures is a visitor destination in Cannock Chase Forest, which has a new Augmented Reality trail developed by IHL. It involved 248 children to work alongside digital specialists to co-create creatures, which families have to discover amongst the trees. The trail is now embedded for all to experience and is permanently available on the Cannock Chase Can app to increase local physical activity and green exercise. Each creature depicts a code message to educate visitors on protecting the Special Area of Conservation
Sports, Physical Activity and Outdoor Recreation
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IHL secured funds from the Staffordshire Police, Fire and Crime Commission to deliver its summer holiday outreach programme (SPACE). Working in partnership with Vysions, a local youth service, disadvantaged children experienced cycling on Cannock Chase many of whom learnt to ride a bike for the first time, and were able to participate in canoeing, swimming, gym and multi sports including Vibe Bounce.
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Inclusive cycling - With funding secured from Cannock Chase National Landscapes, formerly known as AONB, a series of inclusive bikes were purchased to provide a free to hire opportunity for local organisation's which support adults and children with physical and learning disabilities. This ensured access for this community to benefit from Cannock Chase Forest.
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Pedal to Empower - with funding received from MPFT a progressive programme of indoor leading to outdoor cycling sessions targeted those severe mental illness and addiction. Working in partnership with Chase Recovery and other individuals via our social prescribers we enabled residents to gain confidence and skills to use cycling to manage their conditions.
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Cosy Club - in response to and following the cost-of-living crisis and the need to provide warm spaces for our vulnerable residents we teamed up with Chase Leisure Centre and Rugeley Community Church and Centre to set up two new offers which included hot food, games and an opportunity to connect with others to tackle loneliness. These were developed with seed funding via Cannock Chase Council. These have since been sustained through volunteers throughout the year.
The Health Referral Service (HRS)
- With a target of 700 consultations the scheme is now returning on a positive trajectory, with a noticeable increase in mental health related conditions being referred by local social prescribers and GP's.
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INSPIRING HEALTHY LIFESTYLES (REGISTERED NUMBER: 04624607)
REPORT OF THE TRUSTEES for the Year Ended 31 March 2024
STRATEGIC REPORT
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The service continues to be rebuilt and strengthened via partnership work with social prescribers and co-designed offers for 24/25 have commenced. Referral numbers have increased by 44% in 2023/24.
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Work has focussed on re-alignment to the Integrated Care System structures. Supported by the team, key NHS services such as Cardiac Rehab returned to host clinics within our facilities.
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The service also continues to further develop its Community Gym which takes place in a non-IHL managed facility in Rugeley, in response to ensuring those who are digitally disadvantaged or have personal or perceived barriers to accessing our leisure centres are catered for. This partnership approach with Rugeley Community Church is an outstanding success making a huge difference to all those who participate, from assisting the management of physical disabilities, to improving stamina and stability to reduce falls.
In Selby, The Move It Lose It - Our tier 2 Adult Weight Management celebrated its 6th year with the strongest performance since the programme's inception. Exceeding targets for total clients reaching target weight (5% weight loss) by 15% and almost doubling the Public Health set target for the number of patients maintaining this weight loss after a further 3 months.
Additionally, recognising the challenges posed by the rurality of Tadcaster the team in Selby bid for £100k funding from Frailty Health Inequalities. The bid was successful, and work started with local referral partners such as GP's and social prescribers to develop opportunities for people to transition from their homes to engaging in sessions at the leisure centres.
The free to access Museum of Cannock Chase, was delighted to be awarded the prestigious Sandford Award which they have now achieved for the sixth time. Further to this The Visit England VAQAS score for the Museum increased from 89% to 91% and they have also received a Welcome Accolade for the second time, in recognition of their outstanding visitor experience.
The Museum of Cannock Chase was also successful in bidding for the National Lottery Heritage Fund, Connecting Collections project, resulting in an award of £87,000, which will be used to ensure improved access to the museum's collections and increase opportunities for everyone to engage with them, as well as improving the management of the collections through digitisation, creating an online catalogue that can be utilised as the basis for new displays, engagement activities and research.
The Prince of Wales Theatre have played a pivotal role in the growth and success of Seasons Theatre Company a fully inclusive company involving adults with physical and learning disabilities. Over the years, this collaboration has fostered a vibrant artistic community, allowing Seasons to flourish. Now, Seasons proudly performs twice a year on the theatre's stage, captivating audiences with their creative productions.
The Theatre also hosted and supported Art For Arts Sake (AFAS) In a celebration of local creativity and talent. This initiative was to give our local Cannock Chase Arts Council members a showcase opportunity. AFAS highlighted the rich tapestry and quality of hundreds of local residents representing drama, dance, and music and their families and friends as audience members.
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INSPIRING HEALTHY LIFESTYLES (REGISTERED NUMBER: 04624607)
REPORT OF THE TRUSTEES for the Year Ended 31 March 2024
STRATEGIC REPORT Future plans
Our plans are derived from our Business Strategy.
The Mission statement for the Business Strategy is:
- To inspire health and happiness through participation in activities that encourage people to be active, creative and healthy.
Our Vision is to:
- inspire people to choose healthy, more active and more creative lifestyles.
The adoption of the Business Strategy also saw the adoption of a new overall brand for the organisation: "Inspiring Healthy Lifestyles - the charity at the heart of the community".
The vision is underpinned by three core values:
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Achieve - Provide products and services in line with our charitable intent that enable our customers to achieve their health and wellbeing goals.
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Community - Embed IHL within the community by improving the quality of lives for our customers, employees and all their families.
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Togetherness - Working and moving together to bring enjoyment to people's lives, supporting meaningful connections, better life choices and lifelong friendships.
This Vision is delivered through three Focus Areas each underpinned by strategic objectives.
Focus Area 1: A Great Place to Work
We are committed to our charitable objectives and investing in our people and creating a working environment that listens, leads and inspires.
Strategic Objectives
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Create career pathways that retain and develop talent and our people of the future
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A skilled and knowledgeable workforce
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Be recognised as a good employer that people want to work for
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A workforce that lives our values and are advocates for our services to provide an inspiring customer experience
Focus Area 2: Systems and Processes
Ensuring our systems and processes are fit for purpose and enable us to deliver our charity effectively.
Strategic Objectives
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Develop a cloud first approach to ICT systems
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Provide the latest systems that enable our employees to work efficiently with the latest tools and technologies
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Ensure our system and processes encourage interaction with customers and remove barriers to access
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Products and services that are inclusive and reflect the needs and priorities of our communities and partners
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INSPIRING HEALTHY LIFESTYLES (REGISTERED NUMBER: 04624607)
REPORT OF THE TRUSTEES for the Year Ended 31 March 2024
STRATEGIC REPORT
Focus Area 3: Grow the Impact and Reach of the Charity
More people of all ages and abilities accessing activities, more equally, more widely and more often.
Strategic Objectives
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Increase awareness of the Inspiring Healthy Lifestyles brand, which develops a reputation for service relevance, reliability and responsiveness
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Identify opportunities to maximise our impact and deliver our vision
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Seek opportunities to grow the charity through new partnerships
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Identify opportunities to diversify our model to provide new income streams which support financial sustainability
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
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REPORT OF THE TRUSTEES for the Year Ended 31 March 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
The following people served as Trustees during the year:
R A Boocock
P J Burt
P G Farrington S J Gambles
J E Green L Peace C J Wilks D J Wood
The Board of Trustees was set up through a mix of identified specialists and open adverts in the press. Replacement Trustees are recruited in a similar manner. The Board meets on a quarterly cycle.
The Board has two established sub committees - Audit Committee; and the Nominations Committee and their members during 2023/24 are listed below:
Audit Committee:
R Boocock; P Burt; P Farrington (Chair); S Gambles; L Peace The Committee met four times during 2023/24.
Nominations Committee:
Chair of Trustees: Chair of Audit Committee, Vice Chairs and the Managing Director. The Committee met once during 2023/24.
Trustee's attendance record
All Trustees remain active in the charity and sent apologies to meetings they could not attend.
Trustee training and development
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INSPIRING HEALTHY LIFESTYLES (REGISTERED NUMBER: 04624607)
REPORT OF THE TRUSTEES for the Year Ended 31 March 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Trustees have not received any training during the 2023/24 financial year.
Recruitment and rotation of Trustees
The memorandum and articles of the charitable company require Trustees to retire after three years in office. However, they may, if willing, be re-appointed by the Board at a Board meeting at the end of each term of office.
Decision making
Strategic decisions are made by the Board of Trustees, but operational decisions are the province of the Leadership Team of the Trust. Significant operational decisions are, however, reported to the Board. The Memorandum and Articles of Association allows delegation of all management decisions in accordance with such powers approved by the Board to Leadership Team.
Leadership Team
During 2023/24 members of the Leadership Team were:
Neil Hutchinson, Managing Director (appointed October 2023) D Heaton, Finance Director and Company Secretary Greg Barker, Head of ICT Nicola Bingham, Head of Finance Stephen Riley, Head of Organisational Development Lynn Illidge, Head of Operations Sport & Leisure Ben Walker, Head of Development Sport & Leisure Lisa Shephard, Head of Wellbeing
Management Remuneration
The salaries for all roles in the organisation, including senior management, are determined using a pay spine. The pay spine is determined by a mix of benchmarked salaries against market rate, former local authority grades and grades for roles that have transferred into the organisation. Senior and middle management do not receive automatic increments - any increments are performance based through a system of annual appraisals.
Gender Pay Gap
The organisation employed under 250 employees as at the 4th April 2024 and is therefore under the reporting threshold.
Employee involvement
The charitable company has continued the practice of keeping employees informed of matters affecting them as employees and the financial and economic factors affecting the charitable company. In addition to the regular meeting structure, there have been regular MD updates.
Disabled employees
It is the policy of the charitable company that training, career development and promotion opportunities should be available to all employees.
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Docusign Envelope ID: 48367261-EA07-4063-90E0-56022DAC1A54
INSPIRING HEALTHY LIFESTYLES (REGISTERED NUMBER: 04624607)
REPORT OF THE TRUSTEES for the Year Ended 31 March 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
Applications for employment by disabled persons are given full and fair consideration for all vacancies in accordance with their particular aptitudes and abilities. In the event of an employee becoming disabled, every effort is made to retrain them and/or make suitable adjustments in order that their employment with the charitable company may continue.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Inspiring Healthy Lifestyles for the purposes of company law) are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
-
there is no relevant audit information of which the charitable company's auditors are unaware; and
-
the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
The auditors, Fairhurst Audit Services Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on ............................................. and signed on the board's behalf by: 20 December 2024 | 11:03 GMT
.......................................................................... P ) But Trustee
P J Burt
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Docusign Envelope ID: 48367261-EA07-4063-90E0-56022DAC1A54
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF INSPIRING HEALTHY LIFESTYLES
Opinion
We have audited the financial statements of Inspiring Healthy Lifestyles (the 'charitable company') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its 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.
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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 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.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
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.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the Report of the Trustees has been prepared in accordance with applicable legal requirements.
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Docusign Envelope ID: 48367261-EA07-4063-90E0-56022DAC1A54
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF INSPIRING HEALTHY LIFESTYLES
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
-
the 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.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, 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 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 charitable company or to cease operations, or have no realistic alternative but to do so.
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Docusign Envelope ID: 48367261-EA07-4063-90E0-56022DAC1A54
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF INSPIRING HEALTHY LIFESTYLES
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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:
-
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
-
We obtained an understanding of laws and regulations that affect the charitable company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we have identified included Companies Act 2006, Charities Act 2011, Coronavirus Job Retentions Scheme regulations, data protection, employment, environmental and health & safety legislation.
-
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting accreditations and legal correspondence.
In assessing the susceptibility of the charitable company's financial statements to material misstatement, including obtaining and understanding of how fraud might occur;
- We gained an understanding of the controls that management have in place to prevent and detect fraud. We enquired of management about any instances of fraud that had taken place during the year.
To address the risk of fraud through management bias and override of controls;
-
We performed analytical procedures to identify any unusual or unexpected relationships;
-
We tested journal entries to identify unusual transactions; and
-
We assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls
We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.
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 Report of the Independent Auditors.
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Docusign Envelope ID: 48367261-EA07-4063-90E0-56022DAC1A54
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF INSPIRING HEALTHY LIFESTYLES
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Louise Webster BSc BFP ACA (Senior Statutory Auditor) for and on behalf of Fairhurst Audit Services Ltd Statutory Auditor Chartered Accountants Douglas Bank House Wigan Lane Wigan Lancashire WN1 2TB 20 December 2024 | 11:09 GMT Date: .............................................
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Docusign Envelope ID: 48367261-EA07-4063-90E0-56022DAC1A54
INSPIRING HEALTHY LIFESTYLES
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) for the Year Ended 31 March 2024
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Charitable activities 4 Wellbeing 612,712 Sport and Leisure 8,720,985 Investment income 3 67,274 Other income 5 294,106 Total 9,695,077 EXPENDITURE ON Raising funds Investment management costs 6 25,179 25,179 Charitable activities 7 Wellbeing 642,621 Sport and Leisure 9,811,736 Other 723,000 Total 11,202,536 Net gains/(losses) on investments 59,469 NET INCOME/(EXPENDITURE) (1,447,990) Transfers between funds 22 154,266 Other recognised gains/(losses) Actuarial gains on defined benefit schemes 1,413,000 Net movement in funds 119,276 RECONCILIATION OF FUNDS Total funds brought forward 2,142,967 TOTAL FUNDS CARRIED FORWARD 2,262,243 |
Restricted funds £ 501,994 7,000 42,522 - 551,516 - - 306,937 37,691 - 344,628 - 206,888 (154,266) - 52,622 522,955 575,577 |
Endowment fund £ - - - - - 24,272 24,272 - - - 24,272 65,489 41,217 - - 41,217 2,015,750 2,056,967 |
2024 Total funds £ 1,114,706 8,727,985 109,796 294,106 10,246,593 49,451 49,451 949,558 9,849,427 723,000 11,571,436 124,958 (1,199,885) - 1,413,000 213,115 4,681,672 4,894,787 |
2023 Total funds £ 805,819 7,999,976 78,560 15,028 8,899,383 49,619 49,619 687,843 8,718,381 2,120,000 11,575,843 (61,603) (2,738,063) - 2,877,000 138,937 4,542,735 4,681,672 |
|---|---|---|---|---|
The notes form part of these financial statements
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Docusign Envelope ID: 48367261-EA07-4063-90E0-56022DAC1A54
INSPIRING HEALTHY LIFESTYLES (REGISTERED NUMBER: 04624607)
| BALANCE SHEET | |||
|---|---|---|---|
| 31 March 2024 | |||
| 2024 | 2023 | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Tangible assets | 13 | 446,909 | 248,597 |
| Investments | 14 | 4,385,869 | 4,223,076 |
| 4,832,778 | 4,471,673 | ||
| CURRENT ASSETS | |||
| Stocks | 15 | 51,251 | 51,251 |
| Debtors | 16 | 1,044,851 | 1,124,477 |
| Cash at bank and in hand | 4,005 | 663,220 | |
| 1,100,107 | 1,838,948 | ||
| CREDITORS | |||
| Amounts falling due within one year | 17 | (2,543,098) | (2,333,341) |
| NET CURRENT LIABILITIES | (1,442,991) | (494,393) | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 3,389,787 | 3,977,280 | |
| CREDITORS | |||
| Amounts falling due after more than one year | 18 | - | (95,608) |
| PENSION ASSET | 23 | 1,505,000 | 800,000 |
| NET ASSETS | 4,894,787 | 4,681,672 | |
| FUNDS | 22 | ||
| Unrestricted funds | 2,262,243 | 2,142,967 | |
| Restricted funds | 575,577 | 522,955 | |
| Endowment funds | 2,056,967 | 2,015,750 | |
| TOTAL FUNDS | 4,894,787 | 4,681,672 |
20 December 2024 | 11:03 GMT The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Trustee P J Burt
The notes form part of these financial statements
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Docusign Envelope ID: 48367261-EA07-4063-90E0-56022DAC1A54
| INSPIRING HEALTHY LIFESTYLES CASH FLOW STATEMENT for the Year Ended 31 March 2024 2024 Notes £ Cash flows from operating activities Cash generated from operations 1 (260,107) Net cash used in operating activities (260,107) Cash flows from investing activities Purchase of tangible fixed assets (412,833) Purchase of fixed asset investments (37,835) Interest received 109,796 Net cash (used in)/provided by investing activities (340,872) Cash flows from financing activities Capital repayments in year (95,590) Expenditure attributable to endowment (24,272) Net cash used in financing activities (119,862) Change in cash and cash equivalents in the reporting period (720,841) Cash and cash equivalents at the beginning of the reporting period 2 663,220 Cash and cash equivalents at the end of the reporting period 2 (57,621) |
2023 £ (261,790) (261,790) - - 78,560 78,560 (95,818) (24,327) (120,145) (303,375) 966,595 663,220 |
|---|---|
The notes form part of these financial statements
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Docusign Envelope ID: 48367261-EA07-4063-90E0-56022DAC1A54
INSPIRING HEALTHY LIFESTYLES
NOTES TO THE CASH FLOW STATEMENT for the Year Ended 31 March 2024
1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net expenditure for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges (Gain)/losses on investments Interest received Expenditure attributable to endowment Increase in stocks Decrease/(increase) in debtors Increase in creditors Difference between pension charge and cash contributions Net cash used in operations 2. ANALYSIS OF CASH AND CASH EQUIVALENTS Cash in hand Notice deposits (less than 3 months) Overdrafts included in bank loans and overdrafts falling due within one year Total cash and cash equivalents 3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) |
2024 £ (1,199,885) 214,521 (124,958) (109,796) 24,272 - 79,626 148,113 708,000 (260,107) 2024 £ 4,005 - (61,626) (57,621) |
2023 £ (2,738,063) 139,259 60,601 (78,560) 24,327 (8,875) (383,319) 300,840 2,422,000 (261,790) 2023 £ 4,005 659,215 - 663,220 |
|---|---|---|
| At 1/4/23 | Cash flow | At 31/3/24 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank and in hand | 663,220 | (659,215) | 4,005 |
| Bank overdraft | - | (61,626) | (61,626) |
| 663,220 | (720,841) | (57,621) | |
| Debt | |||
| Finance leases | (189,182) | 95,590 | (93,592) |
| (189,182) | 95,590 | (93,592) | |
| Total | 474,038 | (625,251) | (151,213) |
The notes form part of these financial statements
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Docusign Envelope ID: 48367261-EA07-4063-90E0-56022DAC1A54
INSPIRING HEALTHY LIFESTYLES
NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 March 2024
1. COMPANY INFORMATION
Wigan Leisure and Culture Trust is a charity (No: 1105278) and a registered company limited by guarantee (No: 04624607) whose registered office is Unity House, Westwood Park Drive, Wigan, WN3 5HE.
The Trust delivers public benefit by providing free access, or access at tariffs lower than commercial market tariffs, to facilities as set out in the report of the trustees.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The financial statements are presented in sterling (£).
The Trust constitutes a public benefit entity as defined by FRS 102.
Going Concern
The charitable company has net current liabilities of £1,442,991 (2023 £494,393), the trustees do not consider this an indication of going concern issues as the charitable company holds general fixed asset investments of £2,226,416 (2023: £2,147,362) which can be readily accessed.
The 2023/2024 financial year has continued to be a slow operating environment for the Charity to continue its business recovery.
The Charity has been impacted during the financial year in respect of increased running costs because of the ongoing pressure and unpredictability of energy costs, additionally revenue has also continued to be affected due to the sustained inflationary pressure on disposable income within the economy.
The Charity continues to operate under the contractual support arrangements through the 'Deeds of Variation' for the two Contracts held with Cannock District Council and North Yorkshire Council
Negotiations outside of the 'Deeds of Variation' arrangements have enabled the Cannock District Council contract to be extended to March 2027.
The Selby District Council (now the unitary North Yorkshire Council), arrangements reached their contractual end on the 31st of August 2024, and as a result of the successful transfer back of the contract by the Charity, additional funds have/will be released/allocated following the final reconciliation. This is expected to be in the region of £288k, which will support a further increase in the Charities General Unrestricted Reserves position.
Additionally, the Charity continues to seek growth, in respect of new opportunities and collaborations within the Sector, and during 2023/2024 the collaboration with Bolton Middlebrook Leisure Trust has been strengthened further following the sharing of senior management roles and commercial development.
The result of the factors outlined above is that the Trustees have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future (being a period of twelve months after the date on which the report and financial statements are signed), and that the going concern assumption is both appropriate and continues to be adopted in the financial statements.
continued...
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Docusign Envelope ID: 48367261-EA07-4063-90E0-56022DAC1A54
INSPIRING HEALTHY LIFESTYLES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2024
2. ACCOUNTING POLICIES - continued
Critical accounting judgements and key sources of estimation uncertainty
The trustees consider there to be no items in the financial statements where they have had to make significant judgements in the process of applying the group's accounting policies or key sources of estimations uncertainty, other than as stated below:
The present value of the pension scheme defined benefit obligations depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost for pensions include the discount rate. Any changes in these assumptions, which are disclosed in note 19 will impact the carrying amount of the pension liability. Furthermore, a roll forward approach which projects results from the latest full actuarial valuations performed at 31 March 2022 has been used by the actuary in valuing the pensions net position at 31 March 2023. Any differences between the figures derived from the roll forward and approach and a full actuarial valuation would impact on the carrying amount of the pension liability.
Income
Income is recognised to the extent that it is probable that the economic benefits will flow to the group and the income can be reliably measured. Income is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Income from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
-
the amount of income can be measured reliably;
-
it is probably that the charity will receive the consideration due under the contract;
-
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
-
the costs incurred and the costs to complete the contract can be measured reliably
Donations and Legacies
Donations comprises all income from donations, gifts, core funding grants and investment income.
Donations under Gift Aid together with the associated income tax recoveries are credited as income in the year in which they are received.
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution.
Grants receivable and local authority fees
Grants receivable and local authority fees are credited to the statement of financial activities when the charity has entitlement to the funds, any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
Charitable trading income
Charitable trading income represents amounts receivable by the charitable company for services provided aligned with the charitable company's objectives.
continued...
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INSPIRING HEALTHY LIFESTYLES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2024
2. ACCOUNTING POLICIES - continued
Investment income and rental income
Income from investments and from rental income is included in the statement of financial activities in the year in which it is receivable.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.Expenditure is classified under the following activity headings:
Costs of raising funds comprise the costs of commercial trading carried out by the subsidiary undertakings.
Expenditure on charitable activities includes the costs of providing services and other activities undertaken to further the purposes of the charity and their associated support costs.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred
Charitable activities
Wellbeing - this represents mainly public health contracts along with an allocation from the management fees based on actual budget requirement and FTE apportionment.
Sport and Leisure - this includes management fees for the Selby sports contract and the sports element of the Cannock management fee. In addition, fees and admission charges for the use of sports facilities are included in this category of income
Allocation and apportionment of costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activites. Support costs include back office costs, finance, personnel, payroll and governance costs which support the Trusts activities. The basis on which support costs have been allocated is set out in note 7.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Leasehold improvements - Over the period of the lease (15 years) Plant and equipment - at varying rates on cost Computer equipment & software - 10% to 25% on cost
Tangible fixed assets are initially recognised at cost. Tangible fixed assets are subsequently stated at cost less accumulated depreciation and accumulated impairment losses.
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the statement of financial activities.
The financial statements do not include the cost of land, buildings and equipment used at nominal rent by, IHL whose title rests with Selby District Council and Cannock Chase District Council. It is not practicably possible to attribute a value to this benefit.
continued...
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Docusign Envelope ID: 48367261-EA07-4063-90E0-56022DAC1A54
INSPIRING HEALTHY LIFESTYLES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2024
2. ACCOUNTING POLICIES - continued
Tangible fixed assets
Investments
Listed investments are stated at market value at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluations throughout the year.
Movements in value arising from investment changes or revaluation and the profit on disposal of investments have been charged or credited to the funds to which they relate.
Leased assets
Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet and depreciated over their expected useful lives. The interest element of leasing payments represents a constant proportion of the capital balance outstanding and is charged to the statement of financial activities over the period of the lease.
All other leases are regarded as operating leases and the payments made under them are charged to the statement of financial activities on a straight line basis over the lease term.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the Balance Sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.
The interest element of these obligations is charged to the Statement of Financial Activities over the relevant period. The capital element of the future payments is treated as a liability.
Pension costs and other post-retirement benefits
Defined benefit scheme
The Group participates in two local government pension schemes, both of which are defined benefit, multi-employer arrangements.
Scheme assets are measured at fair values. Scheme liabilities are measured on an actuarial basis using the projected unit method and are discounted at appropriate high quality corporate bond rates. The net surplus or deficit is presented separately from other net assets on the balance sheet. A net surplus is recognised only to the extent that it is recoverable by the group through reduced contributions in the future, in accordance with paragraph 28.22 of FRS 102.
The current and past service costs and costs from settlements and curtailments are included within direct charitable activities. Interest on the scheme liabilities and the expected return on scheme assets are included in other finance costs within support costs. Actuarial gains and losses are reported separately in the statement of financial activities.
continued...
Page 28
Docusign Envelope ID: 48367261-EA07-4063-90E0-56022DAC1A54
INSPIRING HEALTHY LIFESTYLES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2024
2. ACCOUNTING POLICIES - continued
Defined contribution pension plan
The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid, the group has no further payment obligations.
The contributions are recognised as an expense in the Statement of Financial Activities when they fall due. The assets of the plan are held separately from the group in independently administered funds.
Employee termination benefits
Redundancy costs are provided for in the year in which they are notified publicly or to employees
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Financial instruments
The group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income and expenditure account.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the group would receive for the asset if it were to be sold at the balance sheet date.
The company holds fixed asset investments in the form of managed portfolios which include a combination of quoted holdings and cash. These are initially recognised at transaction price then are subsequently re-measured at their fair value, which is market rate at the close of business. Recognised and unrecognised profit/(loss) are recognised in the statement of financial activities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
continued...
Page 29
Docusign Envelope ID: 48367261-EA07-4063-90E0-56022DAC1A54
INSPIRING HEALTHY LIFESTYLES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2024
3. INVESTMENT INCOME
| Unrestricted funds £ Bank Deposits 22,510 Investment portfolio income 44,764 67,274 |
Restricted Endowment funds funds £ £ - - 42,522 - 42,522 - |
2024 Total funds £ 22,510 87,286 109,796 |
2023 Total funds £ 7,940 70,620 78,560 |
|---|---|---|---|
4. INCOME FROM CHARITABLE ACTIVITIES
| Management Membership income Outdoor activities Sports & theatre hires Cultural Other Covid related grants (see below) Unrestricted income Restricted income (note 21) Total activities Covid Related Grants Sport and Leisure Misc Covid Grants Total Covid Related Grants |
2024 Wellbeing £ 601,612 - - - - 11,100 - 612,712 501,994 1,114,706 |
Sport and Leisure £ 3,262,255 4,369,822 1,911 573,711 461,218 52,068 - 8,720,985 7,000 8,727,985 |
2023 Wellbeing Sport and Leisure £ £ 589,839 2,756,954 - 3,987,991 - 1,205 (918) 397,101 400 548,758 7,634 138,418 - 23,536 596,955 7,853,963 208,864 146,013 805,819 7,999,976 2024 2023 Total Total £ £ - 23,536 - 23,536 |
2023 Wellbeing Sport and Leisure £ £ 589,839 2,756,954 - 3,987,991 - 1,205 (918) 397,101 400 548,758 7,634 138,418 - 23,536 596,955 7,853,963 208,864 146,013 805,819 7,999,976 2024 2023 Total Total £ £ - 23,536 - 23,536 |
|---|---|---|---|---|
| 2024 Total £ - - |
||||
continued...
Page 30
Docusign Envelope ID: 48367261-EA07-4063-90E0-56022DAC1A54
INSPIRING HEALTHY LIFESTYLES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2024
5. OTHER INCOME
| Unrestricted funds £ Miscellaneous credits 294,106 Other income includes; Misc service level agreement Misc credits Refund of rent (Haigh) ICT contract compensation INVESTMENT MANAGEMENT COSTS Unrestricted funds £ Portfolio management 25,179 CHARITABLE ACTIVITIES COSTS Wellbeing Sport and Leisure |
Restricted funds £ - Restricted funds £ - |
Endowment funds £ - Endowment funds £ 24,272 Direct Costs £ 744,606 8,514,738 9,259,344 |
2024 Total funds £ 294,106 2024 £ 30,000 107,650 61,925 94,531 294,106 2024 Total funds £ 49,451 Support costs (see note 8) £ 204,952 1,334,689 1,539,641 |
2023 Total funds £ 15,028 2023 £ - 15,028 - - 15,028 2023 Total funds £ 49,619 Totals £ 949,558 9,849,427 10,798,985 |
|---|---|---|---|---|
6. INVESTMENT MANAGEMENT COSTS
7. CHARITABLE ACTIVITIES COSTS
continued...
Page 31
Docusign Envelope ID: 48367261-EA07-4063-90E0-56022DAC1A54
INSPIRING HEALTHY LIFESTYLES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2024
7. CHARITABLE ACTIVITIES COSTS - continued
| Unrestricted | Restricted Funds | Endowment | 2024TotalFund | 2023TotalFund | |
|---|---|---|---|---|---|
| Funds | Funds | s | s | ||
| Direct costs | |||||
| Staff costs | 3,802,964 | 102,263 | - | 3,905,227 | 3,398,961 |
| Establishment | 2,926,120 | - | 2,926,120 | 2,400,298 | |
| Transport | 31,508 | 525 | - | 32,033 | 15,268 |
| Supplier services | 1,319,387 | 172,100 | - | 1,491,487 | 1,329,461 |
| Agency costs | 79,334 | 19,000 | - | 98,334 | 300,713 |
| General support | 564,175 | 50,740 | - | 614,915 | 491,511 |
| Depreciation | 191,228 | - | - | 191,228 | 139,259 |
| 8,914,716 | 344,628 | - | 9,259,344 | 8,075,471 | |
| Wellbeing | 437,669 | 306,937 | - | 744,606 | 547,006 |
| Sport and Leisure | 8,477,047 | 37,691 | - | 8,514,738 | 7,528,465 |
| . | 8,914,716 | 344,628 | - | 9,259,344 | 8,075,471 |
Other charitable expenditure of £723,000 (2023: £2,120,000) represents the restriction of the pension scheme asset recognition.
8. SUPPORT COSTS
| Wellbeing Sport and Leisure Wellbeing Sport and Leisure |
Administration £ 32,185 250,558 282,743 |
Management £ 2,579 20,066 22,645 Building £ 14,922 116,178 131,100 |
Finance £ 44,203 83,139 127,342 Marketing £ 14,748 114,834 129,582 |
Information technology £ 73,295 570,671 643,966 Governance costs £ 20,558 160,066 180,624 |
Human resources £ 2,462 19,177 21,639 Totals £ 204,952 1,334,689 1,539,641 |
|---|---|---|---|---|---|
continued...
Page 32
Docusign Envelope ID: 48367261-EA07-4063-90E0-56022DAC1A54
INSPIRING HEALTHY LIFESTYLES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2024
8. SUPPORT COSTS - continued
Cost allocation includes an element of judgement and the charitable company has had to consider the cost benefit of detailed calculations and record keeping. Support costs have been allocated according to the number of full time equivalent staff within each charitable activity.
Support costs, included in the above, are as follows:
Governance costs
| Wages Social security Auditors' remuneration Accountancy and legal fees Professional fees |
Wellbeing £ 11,230 1,473 3,343 1,707 2,805 20,558 |
Sport and Leisure £ 87,437 11,468 26,032 13,293 21,836 160,066 |
2024 Total activities £ 98,667 12,941 29,375 15,000 24,641 180,624 |
2023 Total activities £ 125,814 15,527 28,210 3,300 - |
|---|---|---|---|---|
| 172,851 |
9. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| Auditors remuneration Depreciation - owned assets Depreciation - assets on hire purchase contracts and finance leases |
2024 £ 29,375 137,368 77,153 |
2023 £ 28,210 9,945 129,313 |
|---|---|---|
10. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
continued...
Page 33
Docusign Envelope ID: 48367261-EA07-4063-90E0-56022DAC1A54
INSPIRING HEALTHY LIFESTYLES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2024
11. STAFF COSTS
| Wages and salaries Social security costs Other pension costs |
2024 £ 4,020,179 297,916 302,398 4,620,493 |
2023 £ 3,410,979 228,509 381,216 4,020,704 |
|---|---|---|
The number of full time equivalents permanent employees of the charitable company was as follows:
| Business development and financial services Sport and leisure Wellbeing Senior management team |
2024 13 105 13 1 132 |
2023 14 101 12 2 129 |
|---|---|---|
The average monthly number of employees during the year was as follows:
| services Sport and leisure Wellbeing Senior management team |
2024 14 240 15 1 270 |
2023 15 238 13 2 |
|---|---|---|
| 268 |
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
| £70,001 - £80,000 | 2024 1 |
2023 2 |
|---|---|---|
Key management personnel remunerations including contributions to pension schemes totalled £124,009 (2023: £157,045).
continued...
Page 34
Docusign Envelope ID: 48367261-EA07-4063-90E0-56022DAC1A54
INSPIRING HEALTHY LIFESTYLES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2024
| 12. COMPARATIVES FOR THE STATEMENT INCOME AND ENDOWMENTS FROM Charitable activities Wellbeing Sport and Leisure Investment income Other income Total EXPENDITURE ON Raising funds Investment management costs Charitable activities Wellbeing Sport and Leisure Other Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) Transfers between funds Other recognised gains/(losses) Actuarial gains on defined benefit schemes Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
OF FINANCIAL ACTIVITIES Unrestricted Restricted fund funds £ £ 596,955 208,864 7,853,963 146,013 44,703 33,857 15,028 - 8,510,649 388,734 25,292 - 25,292 - 476,605 211,238 8,468,086 250,295 2,120,000 - 11,089,983 461,533 (30,826) - (2,610,160) (72,799) (52,000) 52,000 2,877,000 - 214,840 (20,799) 1,928,127 543,754 2,142,967 522,955 |
Endowment fund £ - - - - - 24,327 24,327 - - - 24,327 (30,777) (55,104) - - (55,104) 2,070,854 2,015,750 |
Total funds £ 805,819 7,999,976 78,560 15,028 8,899,383 49,619 49,619 687,843 8,718,381 2,120,000 11,575,843 (61,603) (2,738,063) - 2,877,000 138,937 4,542,735 4,681,672 |
|---|---|---|---|
continued...
Page 35
Docusign Envelope ID: 48367261-EA07-4063-90E0-56022DAC1A54
INSPIRING HEALTHY LIFESTYLES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2024
13. TANGIBLE FIXED ASSETS
| COST At 1 April 2023 Additions At 31 March 2024 DEPRECIATION At 1 April 2023 Charge for year At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 |
Leasehold improvements £ 620,430 82,654 703,084 583,963 31,570 615,533 87,551 36,467 |
Plant and equipment £ 1,491,073 - 1,491,073 1,278,943 77,153 1,356,096 134,977 212,130 |
Computer equipment & software £ 32,876 330,179 363,055 32,876 105,798 138,674 224,381 - |
Totals £ 2,144,379 412,833 2,557,212 1,895,782 214,521 2,110,303 446,909 248,597 |
|---|---|---|---|---|
The net book value of tangible fixed assets includes £ 134,976 (2023 - £ 212,129) in respect of assets held under hire purchase contracts.
14. FIXED ASSET INVESTMENTS
Total fixed asset investments comprise:
| Listed investments (a) Listed investments (restricted) (b) |
2024 £ 2,226,416 2,159,453 4,385,869 |
2023 £ 2,147,362 2,075,714 4,223,076 |
|---|---|---|
The listed investments are managed portfolios held with Tilney Investment Management. They are carried at the fair value for the portfolio at the balance sheet date.
The main risk to the Charity from financial instruments lies in the combination of uncertain investment markets and volatility in yield. The Charity is reliant on dividend yield to finance its work and this leads to a greater exposure to international companies, the values of which, together with their yield are exposed to exchange rate risk when converting the holdings into sterling.
continued...
Page 36
Docusign Envelope ID: 48367261-EA07-4063-90E0-56022DAC1A54
INSPIRING HEALTHY LIFESTYLES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2024
14. FIXED ASSET INVESTMENTS - continued
Liquidity risk is anticipated to be low as all assets are traded and the commitment to intervention by central banks and market regulators has continued to provide for orderly trading in the markets and so the ability to buy and sell quoted equities and stock is anticipated to continue. The Charity's investments are mainly traded in markets with good liquidity and high trading volumes. The Charity has no material investment holdings in markets subject to exchange controls or trading restrictions.
The Charity manages these investment risks by retaining expert advisors and operating an investment policy that provides for a high degree of diversification of holdings within investment asset classes that are quoted on recognised stock exchanges. The Charity does not make use of derivatives and similar complex financial instruments as it takes the view that investments are held for their longer term yield total return and historic studies of quoted financial instruments have shown that volatility in any particular five year period will normally by corrected.
The investment in subsidiary is valued at cost.
(a) Listed investments
| Market value at 1 April Investment income Management fees Realised/unrealised profits on revaluation Market value at 31 March |
2024 £ 2,147,362 44,764 (25,179) 59,469 2,226,416 |
2023 £ 2,166,717 36,763 (25,292) (30,826) 2,147,362 |
|---|---|---|
| The investments held within the portfolio are as follows: Investments listed on a recognised stock exchange Cash balances |
2024 £ 2,128,974 97,442 2,226,416 |
2023 £ 2,019,463 127,899 2,147,362 |
|---|---|---|
The historic cost of individual investments (including cash balances) is £2,102,925 (2023 £2,031,951)
Investments forming more than 5% of the value of the investment portfolio are as follows:
| 2024 | |
|---|---|
| £ | |
| UK Bonds | 449,041 |
continued...
Page 37
Docusign Envelope ID: 48367261-EA07-4063-90E0-56022DAC1A54
INSPIRING HEALTHY LIFESTYLES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2024
14. FIXED ASSET INVESTMENTS - continued
( b) Listed investments (restricted)
| Market value at 1 April Investment income Cash withdrawn Management fees Realised/unrealised profits (loss) Market value at 31 March The investments held within the portfolio are as follows: Investments listed on a recognised stock exchange Cash balances |
2024 £ 2,075,714 42,522 - (24,272) 65,489 2,159,453 2023 £ 2,118,647 40,806 2,159,453 |
2023 £ 2,116,961 33,857 (20,000) (24,327) (30,777) 2,075,714 2023 £ 1,959,638 116,076 2,075,714 |
|---|---|---|
The historic cost of individual investments (including cash balances) is £2,008,338 (2023: £1,953,610).
Investments forming more than 5% of the value of the investment portfolio are as follows:
| UK Bonds 15. STOCKS Raw materials and consumables Finished goods & goods for res ale 16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors Wigan Balance Prepayments and accrued income |
2024 £ 13,748 37,503 51,251 2024 £ 180,112 697,567 15,262 151,910 1,044,851 |
2024 £ 347,249 2023 £ 13,749 37,502 51,251 2023 £ 542,665 476,079 (42,435) 148,168 1,124,477 |
|---|---|---|
continued...
Page 38
Docusign Envelope ID: 48367261-EA07-4063-90E0-56022DAC1A54
INSPIRING HEALTHY LIFESTYLES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2024
17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|
| Bank loans and overdrafts (see note 19) Finance leases (see note 20) Trade creditors Other taxation and social secu rity Other creditors Accruals and deferred income Accrued expenses |
2024 £ 61,626 93,592 1,186,636 109,104 253,891 838,249 - 2,543,098 |
2023 £ - 93,574 551,673 193,918 371,317 1,019,576 103,283 |
| 2,333,341 |
18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| Finance leases (see note 20) 19. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank overdrafts 20. LEASING AGREEMENTS |
2024 £ - 2024 £ 61,626 |
2023 £ 95,608 |
|---|---|---|
| 2023 £ - |
||
Minimum lease payments under finance leases fall due as follows:
| Net obligations repayable: Within one year Between one and five years |
Finance leases 2024 2023 £ £ 93,592 93,574 - 95,608 93,592 189,182 |
Finance leases 2024 2023 £ £ 93,592 93,574 - 95,608 93,592 189,182 |
|---|---|---|
| 189,182 |
continued...
Page 39
Docusign Envelope ID: 48367261-EA07-4063-90E0-56022DAC1A54
INSPIRING HEALTHY LIFESTYLES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2024
21. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Fixed assets Investments Current assets Current liabilities Long term liabilities Pension asset |
Unrestricted fund £ 446,909 1,748,956 920,198 (2,358,820) - 1,505,000 2,262,243 |
Restricted funds £ - 477,460 179,909 (81,792) - - 575,577 |
Endowment fund £ - 2,159,453 - (102,486) - - 2,056,967 |
2024 Total funds £ 446,909 4,385,869 1,100,107 (2,543,098) - 1,505,000 4,894,787 |
2023 Total funds £ 248,597 4,223,076 1,838,948 (2,333,341) (95,608) 800,000 4,681,672 |
|---|---|---|---|---|---|
continued...
Page 40
Docusign Envelope ID: 48367261-EA07-4063-90E0-56022DAC1A54
INSPIRING HEALTHY LIFESTYLES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2024
22. MOVEMENT IN FUNDS
| Restricted funds Highams Bequest Cannock Sinking Fund Wellbeing SDU - Cannock Selby Additional Commissioning MILI Cannock Chase Pedal Power Initiative Cannock Chase Woodland Wonder Staffordshire CC Eco Arts Trail Staffordshire Woodland Wonderfest CCEP (University of Wolverhampton) The Community Foundation NHS Chase UP External Funding Cannock Chase DC - Labhurnham Avenue Know Your Neighbourhood Community Foundation Warm Hubs Support Staffordshire Transforming the Trent Grant Staffordshire CC - IHV Closedown AIM Connected Communities Dynamic Collections MEND National Lottery Community Fund Sport and Leisure National Leisure Recovery Fund (Cannock) National Leisure Recovery Fund (Selby) Arts - Cannock Arts - Cannock Grow up Great Chase IT External Funding Iron Bridge Gorge Cannock Chase Sports Council Endowment funds Highams Endowment Fund Unrestricted funds Transformation fund Rebranding fund Pension reserve fund General fund Total unrestricted funds TOTAL FUNDS |
At 1/4/23 £ 144,600 152,000 2,929 51,120 855 5,472 1,436 2,941 15,835 27,648 59,761 - - - - - - - - - 212 - 24,053 527 17,630 1,840 14,096 522,925 2,015,750 531,852 40,000 800,000 771,115 2,142,967 4,681,672 |
Incoming resources £ 42,522 - 20,400 148,822 - - - - 1,050 120,000 15,000 24,000 10,000 3,000 3,925 47,718 43,560 64,519 - 2,000 - - 5,000 - 551,516 - - - - 9,695,077 9,695,077 10,246,593 |
Resources expended £ (4,369) (19,000) (14551) (55,653) (936) (3,487) - - (1,088) (124,106) - (9,971) (7,151) (449) - (1,972) (14,106) (50,476) (8,182) (8,983) - - (6,493 - (344,628) (24,272) - - (708,000) (10,494,536) (11,202,536) (11,571,436) |
Gains and losses £ - - - - ( - - - - - - - - - - - - - - - - - - - - - - - - ( 65,489 - - 1,413,000 59,469 1,472,469 1,537,958 |
Transfers At 31/03/24 £ £ - 182,753 - 133,000 - 8,778 123,108) 21,181 81 - - 1,985 - 1,436 - 2,941 (10,000) 17,610 - 27,648 9,200 64,855 - 15,000 (5,000) 9,029 - 2,849 - 2,551 - 3,925 - 45,746 - 29,454 - 14,043 10,000 1,818 (212) - - - (17,070) - (527) - (17,630) - - 347 - 14,096 154,266) 575,577 - 2,056,967 (531,852) - (40,000) - - 1,505,000 726,118 757,243 154,266 2,262,243 - 4,894,787 |
Transfers At 31/03/24 £ £ - 182,753 - 133,000 - 8,778 123,108) 21,181 81 - - 1,985 - 1,436 - 2,941 (10,000) 17,610 - 27,648 9,200 64,855 - 15,000 (5,000) 9,029 - 2,849 - 2,551 - 3,925 - 45,746 - 29,454 - 14,043 10,000 1,818 (212) - - - (17,070) - (527) - (17,630) - - 347 - 14,096 154,266) 575,577 - 2,056,967 (531,852) - (40,000) - - 1,505,000 726,118 757,243 154,266 2,262,243 - 4,894,787 |
Transfers At 31/03/24 £ £ - 182,753 - 133,000 - 8,778 123,108) 21,181 81 - - 1,985 - 1,436 - 2,941 (10,000) 17,610 - 27,648 9,200 64,855 - 15,000 (5,000) 9,029 - 2,849 - 2,551 - 3,925 - 45,746 - 29,454 - 14,043 10,000 1,818 (212) - - - (17,070) - (527) - (17,630) - - 347 - 14,096 154,266) 575,577 - 2,056,967 (531,852) - (40,000) - - 1,505,000 726,118 757,243 154,266 2,262,243 - 4,894,787 |
|---|---|---|---|---|---|---|---|
2,262,243 |
|||||||
4,894,787 |
continued...
Page 41
Docusign Envelope ID: 48367261-EA07-4063-90E0-56022DAC1A54
INSPIRING HEALTHY LIFESTYLES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2024
22. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Restricted funds Highams Bequest Cannock Sinking Fund Wellbeing SDU - Cannock Selby Additional Commissioning MILI Cannock Chase Pedal Power Initiative Cannock Chase Woodland Wonder Staffordshire CC Eco Arts Trail Staffordshire Woodland Wonderfest CCEP (University of Wolverhampton) The Community Foundation NHS Chase UP External Funding Sport and Leisure National Leisure Recovery Fund (Cannock) National Leisure Recovery Fund (Selby) Arts - Cannock Arts - Cannock Grow up Great Chase IT External Funding Iron Bridge Gorge Cannock Chase Sports Council Endowment funds Highams Endowment Fund Unrestricted funds Transformation fund Rebranding fund Pension reserve fund General fund Total unrestricted funds TOTAL FUNDS |
At 1/4/22 Incoming resources £ £ 118,769 33,857 100,000 - 2,350 5,210 51,219 19,534 - 9,000 - 5,472 - 50,000 - 12,000 - 30,000 - 27,648 116,802 50,000 112,404 - - 130,077 24,053 - 527 - 17,630 - - 1,840 - 14,096 543,754 388,734 2,070,854 - 928,540 - - - 345,000 - 654,587 8,510,649 1,928,127 8,510,649 4,542,735 8,899,383 |
At 1/4/22 Incoming resources £ £ 118,769 33,857 100,000 - 2,350 5,210 51,219 19,534 - 9,000 - 5,472 - 50,000 - 12,000 - 30,000 - 27,648 116,802 50,000 112,404 - - 130,077 24,053 - 527 - 17,630 - - 1,840 - 14,096 543,754 388,734 2,070,854 - 928,540 - - - 345,000 - 654,587 8,510,649 1,928,127 8,510,649 4,542,735 8,899,383 |
Resources expended £ (8,026) - (4,631) (19,633) (8,145) - (48,564) (9,059) (14,165) - (107,041) (112,192) (130,077) - - - - - (461,533) (24,327) - - (2,422,000) (8,667,983) (11,089,983) (11,575,843) |
Gains and losses Transfers At 31/03/23 £ £ £ - - 144,600 - 52,000 152,000 - - 2,929 - - 51,120 - - 855 - - 5,472 - - 1,436 - - 2,941 - - 15,835 - - 27,648 - - 59,761 - - 212 - - - - - 24,053 - - 527 - - 17,630 - - 1,840 - - 14,096 - 52,000 522,925 (30,777) - 2,015,750 - (396,688) 571,852 - 40,000 40,000 2,877,000 - 800,000 (30,826) 304,688 771,115 2,846,174 (52,000) 2,142,967 2,815,397 - 4,681,672 |
Gains and losses Transfers At 31/03/23 £ £ £ - - 144,600 - 52,000 152,000 - - 2,929 - - 51,120 - - 855 - - 5,472 - - 1,436 - - 2,941 - - 15,835 - - 27,648 - - 59,761 - - 212 - - - - - 24,053 - - 527 - - 17,630 - - 1,840 - - 14,096 - 52,000 522,925 (30,777) - 2,015,750 - (396,688) 571,852 - 40,000 40,000 2,877,000 - 800,000 (30,826) 304,688 771,115 2,846,174 (52,000) 2,142,967 2,815,397 - 4,681,672 |
Gains and losses Transfers At 31/03/23 £ £ £ - - 144,600 - 52,000 152,000 - - 2,929 - - 51,120 - - 855 - - 5,472 - - 1,436 - - 2,941 - - 15,835 - - 27,648 - - 59,761 - - 212 - - - - - 24,053 - - 527 - - 17,630 - - 1,840 - - 14,096 - 52,000 522,925 (30,777) - 2,015,750 - (396,688) 571,852 - 40,000 40,000 2,877,000 - 800,000 (30,826) 304,688 771,115 2,846,174 (52,000) 2,142,967 2,815,397 - 4,681,672 |
|---|---|---|---|---|---|---|
| 8,510,649 | 2,142,967 |
|||||
| 8,899,383 | 4,681,672 |
continued...
Page 42
Docusign Envelope ID: 48367261-EA07-4063-90E0-56022DAC1A54
INSPIRING HEALTHY LIFESTYLES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2024
22. MOVEMENT IN FUNDS - continued
Wellbeing - predominately relates to the delivery of contracted Public Health programmes and funding from other external bodies in order to provide health and wellbeing services and the development of community health projects.
Sports & Leisure - External funding for the delivery of a number of projects including the Chase IT project which delivers Active Camps and Activities to disadvantaged and disabled children and the Chase Up project which is a community health and wellbeing project focused on using and developing greenspaces within Cannock Chase.
The Cannock sinking fund relates to the required support and investment into the ATP/Pool at Rugeley LC in line with the agreement of the Board and contractual client.
Highams Endowment and Bequest - the bequest fund is the accumulated income generated from the endowment after the costs for the provision of military bands in Mesnes Park, which is a condition of the bequest.
Designated Funds
During the year the Board has utilised £571,852 of the brought forward designated funds for the conclusion of the transformation of the organisation inclusive of key projects and workstreams (Digitisation/Web Development, HR/Payroll, Transfer of the ICT contract, Implementation of the new Leisure Management System).
continued...
Page 43
Docusign Envelope ID: 48367261-EA07-4063-90E0-56022DAC1A54
INSPIRING HEALTHY LIFESTYLES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2024
23. EMPLOYEE BENEFIT OBLIGATIONS
The charitable company participates in two defined benefit pension schemes. A summary is set out below:
| Surplus at 1 April 2023 after asset cap Pension scheme operating (charge)/income Pension finance (costs)/credits Actuarial gains/(losses) Surplus at 31 March 2024 |
Total £ 800,000 (974,000) 261,000 1,413,000 1,505,000 |
North Yorkshire Staffordshire £ £ - 800,000 (365,000) (609,000) 77,000 184,000 283,000 1,130,000 - 1,505,000 |
|---|---|---|
The amounts recognised in the balance sheet are as follows:
| Present value of funded obligations Fair value of plan assets Surplus at 31 March 2024 |
Total £ (7,573,000) 9,078,000 1,505,000 |
North Yorkshire Staffordshire £ £ (1,812,000) (5,761,000) 1,812,000 7,266,000 - 1,505,000 |
|---|---|---|
Both the North Yorkshire and Staffordshire Pension Schemes were in surplus at the balance sheet date (NYPF; 2024 £2,001,000: 2023 £1,639,000) (SPF; 2024 £5,063,000; 2023 £3,997,000). As the Selby contract ends August 2024 the Trustees have assessed that there is no opportunity to realise the FRS102 disclosure asset and have restricted the recognition of the asset to Nil. The Cannock contract ends in 2027 and as such the Trustees have assessed the maximum amount of asset that should be recognised to the value of the actuarial asset cap of £1,505,000 (2023 equal to the discounted value of contributions recoverable to the contract finish date, being £800,000).
These restrictions have resulted in a charge to the income and expenditure account under Other charitable expenditure of £723,000 (2023 £2,120,000)
The amounts recognised in the Statement of Financial Activities are as follows:
| Current service cost Net interest from net defined benefit asset/liability Past service cost Actual return on plan assets |
Defined benefit pension plans 2024 2023 £ £ 251,000 316,000 355,000 325,000 - 68,000 606,000 709,000 1,053,000 (2,070,000) |
|---|---|
continued...
Page 44
Docusign Envelope ID: 48367261-EA07-4063-90E0-56022DAC1A54
INSPIRING HEALTHY LIFESTYLES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2024
23. EMPLOYEE BENEFIT OBLIGATIONS - continued
Changes in the present value of the defined benefit obligation are as follows:
| Opening defined benefit obligation Current service cost Past service cost Contributions by scheme participants Interest cost Actuarial losses/(gains) Benefits paid Settlements |
Defined benefit pension plans 2024 2023 £ £ 7,406,000 14,585,000 251,000 316,000 - 68,000 61,000 47,000 355,000 325,000 (360,000) (4,947,000) (140,000) (146,000) - (2,842,000) 7,573,000 7,406,000 |
|---|---|
Changes in the fair value of scheme assets are as follows:
| Opening fair value of scheme assets held Effect of asset ceiling cap brought forward Opening fair value of scheme assets recognised Interest on plan assets Contributions by employer Contributions by scheme participants Restriction of asset as a result of asset cap Actuarial gains/(losses) Benefits paid Settlements |
Defined benefit pension plans 2024 2023 £ £ 11,344,000 14,930,000 (3,138,000) - 8,206,000 14,930,000 616,000 403,000 5,000 4,000 61,000 47,000 (723,000) (3,138,000) 1,053,000 (2,070,000) (140,000) (146,000) - (1,824,000) 9,078,000 8,206,000 |
|---|---|
The amounts recognised in other recognised gains and losses are as follows:
| Actuarial gains/(losses) | Defined benefit pension plans 2024 2023 £ £ 1,413,000 2,877,000 1,413,000 2,877,000 |
|---|---|
continued...
Page 45
Docusign Envelope ID: 48367261-EA07-4063-90E0-56022DAC1A54
INSPIRING HEALTHY LIFESTYLES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2024
23. EMPLOYEE BENEFIT OBLIGATIONS - continued
North Yorkshire Pension Fund Defined Benefit Scheme
With effect from 1 September 2009, following the transfer of employees from Selby District Council to the charitable company, the transferred employees of the charitable company have remained as members of the North Yorkshire Pension Fund.
The North Yorkshire Pension Fund, a final salary defined benefit scheme, is administered in accordance with the Local Government Pension Scheme Regulations 1997. For the purposes of FRS 102 it has been possible to identify the charitable company’s share of the underlying assets and liabilities of the North Yorkshire Pension Fund.
The assets of the scheme are invested and managed independently of the finances of the Charity. The pension costs relating to this scheme is calculated on the projected unit method and is assessed with the advice of a qualified actuary. The latest actuarial assessment of this scheme was on 31 March 2022 and was carried out by Aon Hewitt Limited, an independent actuary.
The major categories of scheme assets as a percentage of total scheme assets are as follows:
| Equities Bonds - Government Bonds – Corporate Property Multi asset credit Cash Other |
Defined benefit pension plans 2024 2023 47.2% 52.1% 12.3% 11.0% 7.3% 7.2% 6.1% 6.4% 5.2% 5.3% 4.7% 1.4% 17.2% 16.6% 100% 100% |
|---|---|
Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Discount rate | 4.80% | 4.70% | |||
| Future salary increases | 3.85% | 3.95% | |||
| Future pension increases | 2.60% | 2.70% | |||
| 2024 | 2023 | ||||
| Males | Females | Males | Females | ||
| Years | Years | Years | Years | ||
| Current pensioners | 22.1 | 24.6 | 22.6 | 25.0 | |
| Future pensioners | 23.0 | 25.6 | 23.5 | 26.0 |
Page 46
Docusign Envelope ID: 48367261-EA07-4063-90E0-56022DAC1A54
INSPIRING HEALTHY LIFESTYLES
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2024
23. EMPLOYEE BENEFIT OBLIGATIONS - continued
Staffordshire Pension Fund
Defined Benefit Scheme
With effect from 1 April 2013, following the transfer of employees from Cannock District Council to the charitable company, the transferred employees of the charitable company have remained as members of the Staffordshire Pension Fund.
The Staffordshire Pension Fund, a final salary defined benefit scheme, is administered in accordance with the Local Government Pension Scheme Regulations 1997. For the purposes of FRS 102 it has been possible to identify the charitable company’s share of the underlying assets and liabilities of the Staffordshire Pension Fund.
The assets of the scheme are invested and managed independently of the finances of the Charity. The pension’s costs relating to this scheme is calculated on the projected unit method and is assessed with the advice of a quailed actuary. The latest actuarial assessment of this scheme was on 31 March 2022 and was carried out by Hyman Robertson LLP, an independent actuary.
The major categories of scheme assets as a percentage of total scheme assets are as follows:
| Equities Bonds Property Cash |
Defined benefit pension plans 2024 2023 68% 68% 23% 22% 7% 8% 2% 2% 100% 100% |
Defined benefit pension plans 2024 2023 68% 68% 23% 22% 7% 8% 2% 2% 100% 100% |
|---|---|---|
| 100% |
Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Discount rate | 4.85% | 4.75% | |||
| Future salary increases | 3.25% | 3.45% | |||
| Future pension increases | 2.75% | 2.95% | |||
| 2024 | 2023 | ||||
| Males | Females | Males | Females | ||
| Years | Years | Years | Years | ||
| Current pensioners | 19.6 | 24.4 | 19.6 | 24.4 | |
| Future pensioners | 21.3 | 25.7 | 21.3 | 26.0 |
24. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
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Docusign Envelope ID: 48367261-EA07-4063-90E0-56022DAC1A54
This page does not form part of the statutory financial statements
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