SOLL (VALE) Company numbgr. 5184368 Charity nurnr. 1107823 Accounts For th¢ year ended 31 March 2023 Iiiilliiiiii •K7SJQ)3* 1510712023 CWPANIES HOUSE A24 Wenn Townsend Chartered Antants Oxford
SOLL (VALE) Contents of Accounts for the y•ar ended 31 March 2023 Pages Trustees. Rep)rt Independent Auditors. RetMNt stateffnt of Financial Activities Balance Sheet Statement of Cash Flows Notes to the Accounts 10-15
SOLL NALE) Referen¢e and AdmiDiStrolive Inforniatlon for the year ended 31 March 2023 Charity Regislration Number: 1107823 Company Reglstration Number. 05184368 Twstees: R Booker- Chair P Sambrook- Vte Chair P Tumer T Hampson Address: The Park Club 17 Croft Drive Milton Park Abingdon Oxfordshire OX14 4RP Auditors: Wenn TownserKI 30 St GiS Oxford OX1 3LE Soli¢itor$-. Hedges Law 13 Beaumnt Street Oxford OX1 2LP Bankers: National V4estminster Bank 121 High Street Oxford OX14DD
SOLL NALE Trustees, Report for the year ended 31 March 2023 Objectives and Activities SOLL IVALE) is a Charitable Company thal uses its eXperTren. skills aTrJ expertise to manage stKJrtslleisure facilities. The cornpany will continue the management of ils single site at Milton Park pursuant to a revised lease agreément with its landlord al that sile. The company will ntinUe to operate the Milton Parf( facility in partnership with ils landlord MEPC pursuant lo its ongoing misson Helping you get fitter, healthier & happier. SOLL IVALEI seeks to engage with those within the community vtho, be¢ause of their eircumstsnces, would not olhetwise be able to participate in sport and recreats"on. whilst supporb.ng many national inttialives to reduce physical inactivity and support many conrt)n$ that can be helped or even alleviated through programmed and targeted exercise. The Charity allocates sNJnifi¢ant resources to identify tsrget groups low in participats'on and implement programmes io increase their adivty levels. For the year 2022123 the Chartty's continuing objecbve was to fS on supporbng the inaGtive lo be a¢tive, which involved focusing on tth priority groups thal were identified through local and national searCh. The Charty continues to look at all funding OPPOrtunrties to supp)rt Ihe programmes that we not only offer bul would like to offer in the fijture. The Trustees continue to compty with the duty within the Charities Act 2011 to have dLFe gard to public benefit guidance published by the Charity Commissn. Community Development Highlights 202243: The continued provision of CorrL)rate well1n9 prc•3rammes with three local companies on Milton Park. Continuation of Heart Health screening seThu in club atong with Health Checks delivered at Local bJsinesses. Growth of our Active Health exercise referral scheme wrth increased referrals and conversions onto memberships. SOLL IVALE) continues to promote exercise through extemal communicats.on induding press releases and website articles.
SOLL (VALE) Truslees. Report for the year ended 31 March 2023 Finan¢ial Review SOLL IVALEI receives the majority of its income in advance or at ihe of providing its service. This ha$ enabled the company to prepay its power suppliers and agree with rts utslty supplier significantly lower gas and electricity costs than would otherwise have been payable through the last year. In addition it has agreed with the landlord a revised lease agreement that has a base commitment and a top-up elernent that has significant reduced current and expected future renlal expense and have also agreed that they will fvnd £60,000 of the capital costs lo replace all Ihe boilers at the Milton Park site. It is eslirnaled that this funding will pay for c105e to 1000/0 of the c051s of Ihe reaCeMentS. 11 is expected thal with the negotiated power cost dCtiOnS and the reduced usage of gas arising from the replacenEnl boilers the company is in a very good position to navigate future spikes in power costs and supply value to its s1OMerS. The company keeps abfeasl of research in the leisure industy and is constsntiy reviewing and changing ils programme to cater for new acb'vities. In previous years rt has been reported that the industry recognised area for growth in the nexl 5-10 years is low cost heatth and fitness and the Trustees and the Senior Management Team agree with this and subject to the temis of the CVA has aayS operated in satsfa¢lion of its charitable objects"ves. As al 31 March 2023 the charity had a surplus on reserves of £54.298 (2022-. de11 of £118.2151 Both MEPC Ilandlordl and Natwesl Ibankerl continue lo support the Company through conb'nued financial support and the revised lease mntioned above. Structure Governonce and Managernent SOLL {VALEI (The Company) commenced Iradirvj on 1 September 2004. The goveming document of The Company is the Memorandum and Articles ofAssociabon and SOLL (VALEI has no controlling ParenL In the nots'ce for an annual general meeting, the Board sets out its requirements for the skills, qualities and experience that it needs from its members. The Board of Tnjslees comprises of persons with a broad range of skills and who are likely to contrb'bute to the Company's SUC5. As a result of the CVA and the reduced operation of the Charity, the Charity now has four Trustees and does noi intend lo appoint replacements for those that have resigned. The key roles that the Board performs and provides are leadership. advocacy. influence, strategic direction and governance. None of the Trustees received any payment or reimbursement for expenses incurred during the year. The daY-tdaY operational management and dec¢s)n making Wrthin the company is provided by the Senh?r Management Team. Pay and remuneration of staff is reviewed annualty for all stsff that work for the charity and increases awarded in line with nab'onal minimum wage increases and also taking into wnsideration job responsibilitses. This is presented as a proposal to the trustees for review. Key management personnel, as in the senKY management team is reviewed on the same basis with further comparison to industy standards and salary guides. Proposals for increases are presented to the Trustees by the Managing Director for review and authorisat)n.
SOLL (VALE) Trustees. Report for the year ended 31 March 2023 Futtsre Plans The Charity is continuing lo work with partners to identify prKJrity areas for developing its existsng site to increase income and improve the Customer experience through independent mystery visits. Along with plan$ to improve financial perfomiance we are focusing on improving team retention through development and internal prospects. For the foreseeable futu. the Company intends to focus on operations at its single site. Statement of Trustees, Responsibilities The Trustees are responsible for preparing the Annual ReFrt)rt and the accounts in accordance with applicable law and regulations. Company law requires the Trustees to prepare accounts for each finanual year. Under that law the Trustees have elected to prepare the accounts in a¢¢ordanee with United Kingdom Generally Accepted Accounting Practice (United Kingdom A¢¢ounling Standards and applicable lawl. Under company law the Trustees musl not approve the acwunts unless they are satisfied that they give a true and fair view of the stale of affairs of the charity and of the incoming resources and application of resources of the charity for that pericvJ. In preparing these accounts, the Tfuslees are reqUId to.. $elecl suiiable accounting policies and then app them consistentty", make judgements and accounting estimates that are reasonable and prudent.. prepare the accounts on the goiThJ concern basis unless rt is inappropnate to pSUrne that the company will continue in operation. The Trustees are responsible for ensuring that adequate accounting records are kept Ihal are sufficient to show and explain the charity's transactions and disclose with feasonable accuracy at any ts.me Ihe financial posib'on of the charity and enable them to ensure that the accounts comply with the Compan5 Act 20ffi. They are also responsible for safeguarding the assets of the charity and hence for takin9 reasonable steps for the prevention and detection of fraud and other irregularities. So far as the trustees are aware. there is no relevant infmtion {infonnatK)n needed ty the company's audrtors in conneth.on with preparing their report) of which the Company's auditors are unaware and each tnjslee has tsken all step5 that he ought to have taken as a trustee in order to make himself aware of any relevant audit inforrnation and to estsblish that the Company's auditors are aware of that information. This report has been prepared in accordance wth the small company's regime under section 419121 of the Companies Act 2006. This report was approved by the Trustees on 6 June 2023 R Booker jcihiir)
SOLL (VALE) Independent Auditovs Report to the Members of SOLL (VALE) Oplnlon We have audited the financial statements of SOLL Ivale) {the 'charitable company'l for the year ended 31 March 2023 which comprise the Slatemenl of Financial ActNilies. the Balance Sheet. the statement of Cash Flows and notes lo the financial stslements, including a summary of svJnificant accounbng policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting StsntJard 102 The Financial Reporting Standard app1&ble in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounts"ng Practice). In our opinion the financial statements- give a true and fair view of the state of the charrtable company'5 affairs as at 31 March 2023. and of its incoming resources and appIats"0n of resources, induding its InMe and expenditure. for the year then have been properly prepared in accordance Voryth United Kingdom Generally Accepted Accounting Practice,. and have been prepared in a¢cordance with the requirennts of the Companies Act 21. Basis for opinion We conducted our audit in accordance with Intemational Standards on Audib'ng {UKI IISAS {UKI) and applicable law. Our responsibilities under those stsndards are lurther described in the Auditor's 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 futfilled our other ethical responsibiirties in accordance with Ihese requirements. We believe that the audit e¥ence we have obtained is sufficient and appropriate to provide a basi$ for our opinion. Concluslons relating to going concern We have nothing to report in respect of the followng matters in rekth'on to which the ISAS IUKI require us to report to you where.. the Iruslees, use of the going co1M basis of acEounbng in the preparats.on of the financial sLitements is not appropriate". or the trustees have not disclosed in the financial statements any identsfied material uncertainties that may cast significant doubl about the Charity's ability lo continue to adopt the going concern basis of accounting for a period of al least tsvefve rmnth5 from the date when the financial statements are authorised for issue. Other infomiation The twslees are responsible for the other infom)ation. The other informabon comprises the inforrnation induded in the Iruslees. report, other than the financial slatemenls and our auditorf5 reptsrt thereon Our opinion on the financtal slatemenls does not cover the other information and, except lo the extent otherwise explicitly stated in our ieport we do not express any ftym of assurance conclusion Ihereon. In ¢onnection vAlh our audit of the financial slalerrents, our responsibility is to read the other informats.on and, in doing so, consider whether the other informath)n is materially inconsistent wilh the financial statements or our knowledge obtained in the audrt or othemise appears to be materially misstaled. If we identify such material inconsisteneies or apparent material misstatements, we are required to determine whether there is a material misslalement in the finanaal statements or a material misstatement of the other information. If, based on the work we have perfomied. we condude that there is a mater1 missta1ernt of this other infom)ation, we are quired to report that fa¢L We have nothing to rewi in this regard.
SOLL (VALE) Independent Auditofs Report to the Membern of SOLL (VALE) Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audrt.. the infonnalion given in the trustees. report (ineorwating the directOTS' reiM)rt} for the financial year for which the finan¢ial statements are prepared is consistent with the financial statements.. and the directors. report has been prepared in accordan wth applicable legal requirements. Matters on which we are required to report by exception We have nothing to report in respect of the folliywing matters where the Companies Act 2006 requires U5 to report lo you if, in our opinion". adequate accounting records have nol been kept or retums equate for audit have not been received from branehes not visited by us" or the financial statements are not in agreement with the accountin9 records and returns,. or certain disclosure of trustees. remuneration sFecified by law are not made.. or we have not re¢eived all the infom*tion and the explanations we require for avdit.. or the Trustees were not entitled to tske advantage of the small companies. exemption in preparing the Trustees, report and tske advantage of the small companies, exernption from the requirement lo prepare strategic report. Responslbllltles of trustees As explained more fully in the trustees, responsibilities statement set out on page 3. the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial stalemenls and for being salisffied that they give a true and fair view. and for such internal control as the trustees determine is necessary to enatAe the preparation of finan¢ial Statents that are free from material misstatement, whether due to fraud or error. In preparing the finanaal statements, the Iruslees are responsible for assessing the charitsble company's ability to continue as a going concem, disdosing, as applicable, matters related lo going concem and using the going concern basis of accounting unless the trustees either intend to liquidate the charitsble company or to cease operations. or have no realistsc altemative bul to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are lo obtsin aSOnable assurance at<Jut vh)ether the financial statents as a whole are free from rnalerial misstslement. whether due to fraud or error. and to issue an auditorfs pOrt that includes our opinion. Reasonable assurance is a high level ol assurance, bul is not a guarantee that an audit conducted in accordance with ISAS {UKI will aayS delecl a material misstatement when it e$ts. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regvlalions. We design procedures in line with our responsibilities, oudined aVe. lo detect material misstatements in respect of irregularities, including fraud. The speufic procedures for this engagement and Ihe extent to which Ihese are capable of detecting iffegularitses. including fraud is detailed below.. Enquiry of management. those charged with governance and the entty's soliciiors (where relevant) around actual and potential lilats"On and daims. Reviewing minutes of meetings of those charge(I wth goveman¢e; Reviewing financial ststemenl disdosures arKI iesbng to 5upporty.ng d0Mentst to assess compliance with applicable laws and regulalions: Performing audit work over the risk of ffnageMent overrKle of controls. including lesling ofjoumal entries and other adjustments fof appropriateness. evaluabng the business rationale of significant transactions outside the normal course of business and reviewing accounbng esb'males for lias., Because of the inherent limitatnS of an audit. there is a risk that we will not detect all irregularities. including those leading lo a material misstatement in the financial statements or non-¢ornpliance with regulation. This risk increases the MO that compliance wth a law or regulation is removed from the events and transactions reflected in the financial statements. as we will be less likely to tecorre aware of Instan of non-compliance. The risk 15 also greater regarding irregularits'es occurring due to fraud rather than error, as fraud involves intentional concealment. forgery, collusion. omission rrmsrepresentaiion.
SOLL (VALE) Indep¢nd¢nt Auditovs Report to the Membets of SOLL IVALEI Auditorfs responsibillties for the audit ol the financial ststements Icontinuedl A further descripts'on of our responsibilib.es for the audit of the financial statements is located on the Financial Reporting Council's website al: wwM.frc.org.uklaudilorsresponsibilities. This description fonns part of our audilorfs reFVJrt. Use of our report This report is made solety to the charitable company's members. as a body. in accordanee wtih Chapter 3 of Part 16 of the CompanEs A¢t 2CQ6. Our audrt work has been undertaken so that we might stsle to the charilable company's members those mattets we are required to sLite to them in an auditorfs report and for no other purpose. To the fvllest extent permitted bylaw, we do nol accept or assume reswnsibility lo anyone other than the ¢haritable company and the charitable company's members as a body, for our audit work. for this report. or for the opini¢$ we have fonred. Leg Baker FCA Senior Statutory Auditor For and on behalf of Wenn Townsend statutory Auditor 30 St Giles Oxford 6 June 2023
SOLL (VALE) Stat¢m¢nt of Financial Aclivltles {including Income and Expenditure Aceountl lof the year ended 31 March 2023 Unrestricted & Total Funds 2023 Unrestricted & Total Funds 2022 Income Donations and legacies Income from charitable activiti.es Other income 54,645 1.071,380 48,663 1.430.249 Total income 1.430,249 1,174,688 Expenditure Charitable activities 1.257,736 1.072,254 Totsl expenditu 1.257,736 1,072,254 Net movement In fvnds before extraordinary items 172.513 102,434 Totsl fvnds brought forward 1118,215) 1220,6491 Total funds carried forward 54,298 1118,2151 There are no re¢ognised gains and losses other than shown above. The notes on pages 10 to 15 fomi part of the accounts.
SOLL (VALE> Balance She•t for the year ended 31 March 2023 Note 2023 2022 Flxed as$el$ Tangible assets Investments 233.375 216.484 233,376 216,485 Current assets Stocks Debtors Cash at bank aThJ in hand 10 11 12 7.707 148.300 133.631 6,573 53,862 167,127 289,638 227.562 Credltors Amount falling due within one year 13 (309,1251 1297,279) Net eurrent Illablllesl (19,4871 {69.717) Total assets less current liabilities 213.889 146.768 Amount falling due after rmre than one year 15 (159,5911 1264,9831 Net assets before provlslon for Ilabilities 54.298 1118.215) Net assets 54.298 1118.215) Reserves Unrestricted funds 54,298 1118.215) The financial ststemenls have been prepared in accordance wrlh special provisions of part 15 of the Companies Aet 2006 relatsng lo small eompanies. The accounts were approved and authorised ft)r issue by the Board of Trustees on 6 June 2023 and signed on its behalf R Booker (Chair) The noles on pages 10 to 15 form part of the accounts. Reglslered company number: 05184368
SOLL IVALE ststement of Cash Flov•s for the year ended 31 March 2023 2023 2022 Cash flows from operating activities: Net cash provided by operatirvj activib"e5 (see below) 137.669 48.682 Cash flows from Investin9 aclivities: Purchase of property. plant and equipment 154.5601 13.5851 Cash flows from financing activilies: Repayment of hire purchase agreements Loan repayments Interest paid 140,2491 158,8881 {17.4681 129,3671 19,8151 14,2161 Net ¢a$h provided byl(used in) Investing adivitieslfinancing activities (171.1651 146,9831 Change In cash and cash equivalent in the reporting period (33.4961 1,699 Cash and cash equivalents at the start of the reporting period (note 12) 167.127 165,428 Cash and ¢ash equivalents at the end ol the reporting period Inole 12) 133,631 167,127 Reconciliation of net movement In funds to net cash flow from operating actlvitits 2023 2022 Net movement in funds for the reporting perlod (as per the Statement of Financial A¢tivities) 172.513 102,434 Adjustments for. Depreciatson charges Interest paid IlncreaseyDecrease in stc¢k (Increa) in debtors In¢reasel(decreasel in creditors (Deereasel in provisions 37.669 17.468 {1,1341 {94.4381 5,591 (46,3051 83,638 4,216 192 140,0141 155,4791 Net cash provided by operdting activities 137.669 48.682
SOLL ALE) Notes to the Accounts for the year ended 31 March 2023 Charitable Company Infomiation The company 1$ limited by guarantee (incorporated in the United Kingdom), not having a Sha ¢apitsl. However, every member undertakes to contribute to the assets of the company such amunt as may be required, but not exceeding £1. It is a publ¢ benefft entsty with ts registered office at The Park Club, 17 Milton Park, Abingdon, OX14 4RS. Accounting Pollcles The accounts have been prepared under the historical cost convention and in accordance with applicable accounting standards. FRS 102. the Statement of Recommended Practi ISORP). Accounting and Reporb"ng by CharilEs (FRS 1021 and the Companies Act 2006. Going Con¢ern Lhe.financial stateffnts,have been",prepared'C.a.g0lng concem'basis. Thejcurrentteconomic conditionsj presentl increasedi risksifor alll businesses.. Inp responseblo suchicondilions.. theitrusteesihavei¢arefully,,considereditheseirisks', includingianiassessment ofiuncertaintyionifutureitradingiprojection5for. aipenodiofiatllea5t' 12monthsifromithe',dateio! signingithepfinancia115talemenls,' andltheJextentito>whichitheyLmuht'.affectithe)preparationiof the financial statements b} Tangible fixed assets These are included at cost less a¢¢umulaled depreciation. Fixed assets with a c051 of less than £1,000 are not capitslised. DeprecIat)n of fixed assets is ¢alculated to write off their cost less any residual value over their estimated useful INes as follows.. Leasehold buildings Equipment 10 to 20 years lor length of lease if shorter) -3to5years Leases Rentsls pa under operating leases are charged to the Statement of FinaTrcrdl Activities as they are incurred. Lease incentives (including rent free periods) are spread over the period up unbl the next rent revw date. Assets obtained under finance feases are caprtalised as tangib assets and deprecoled over the lease term. OblationS under such agreements a included in creditors net of the finan charge allocated lo future years. The finance element of Ihe rentsl paynE is charged lo the ststement of financial activieS on a straight-line basis. dl Stocks Stocks are valued at the of Cost and net realisable value. Pen$ion$ Contributions to defined contribution pension s¢hemes are Charged to the stslement of financial ath"vilies as they become payable in a¢dance with the rules of the scheme. 10
SOLL IVALE Notes to the Accounts for the year ended 31 March 2023 (continu} Income Income from dubs is nOMllY accounted for when feceived. However. course InMe is deferred until the dates in which it relates to and annual membership is tsken to income over the mernbership year_ Funding from Ic1 authorits'es is accounted for in the period to which it relates. The charity receives g0veMnt grants in respect of the Coronavirus Job Retention Scherne. These grants are reccgnised using the accrual model and as such are recorded in the SOFA in the period in which the charity is entied to such grants as a resutt of having fvrloughed staff members. gl Expenditure Expenditure is included on an accruals basis and apart from govemance costs all relate to the charity's sole charitable actwty of operats.ng dubs. Any irrecoverable.VAT is included within expenses. h) Trade creditors Trade credrtors are oblKJations to pay for gocxjs or services that have been acquired in the ordinary course of operabon from suppliers. Accounts payable are Classified as current liabilities rf the charity does not have an uncondib'onal nght at the end of the reporting period, to defer settlement of the credrtor for al least 12 months after the repoib'ng dale. If there is an unconditional right to defer SeerrEnt for at kast 12 months after the repoth'ng date, they are presented as non-current lbilib"es. Trade creditors are reccgntsed at the transactson price. Funds Unrestricted funds comprise those funds which the Trustees a free to use in a¢wrdan¢e with the eharitsble objective. J) Intsngible assets Specific pre-startup cost5 linduding payment for gocthilll are capitalised as an intsngible asset arbd amortised over a pefiC*J of 2 years. These have been disposed of in the year as they relate to siles whh are no longer operated by the Charity. k) Cash at bank and in hand This includes balances with banks and short-term deposits. Donations and legacies 2023 2022 Government grants receNable Other Cowd support grants 10.565 44.080 54,645 Included wrthin donations. gnls and lega for the Charity is £nil (2022.. £10.5651 of Government grants relats'ng to the Coronavirus Job Retenlion Scheme. Income from Charitsble •¢tivities 2023 2022 Leisure centres 1,430,249 1,071,380 1,430.249 1,071,380 11
SOLL IVALE) Notes to the A¢counts for the year onded 31 March 2023 l¢ontinued) Other Income 2023 2022 Insurance daim reimbursement 48.663 48.663 Expenditure on ¢hariLgbl¢ activities Ltisure Centres: 2023 2022 Direct costs Support costs Support costs centres other central ¢osls govemanee costs 658.148 582.922 16.666 610,576 455.678 6,000 1.257,736 1.072,254 Staff Costs The average number of full equNalenl empl¢)yees during the year was as follows." 2023 No: 2022 No: Employees 31 26 The a99regate payroll costs of these persons were as folk5. 2023 2022 Wages and salaries Sccial security costs Pension scheme contributions 405.971 26.378 4.599 322,777 21,241 4,533 436,947 348,551 No emFAoyee of the Chanty received remuneratr.on of than £60.000 during this perKd. Other than the trustees. 2 {2022'. 2) staff memter5 We Consided key management during the year. 12
SOLL IVALE) Notes lo the Accounls for the year ended 31 March 2023 Icontinued) staff Costs {¢ontinued 2023 2022 Key Management CompensatN)n 92.790 81,322 Pension Scheme Pension contributiWs We payable to defined ¢ontributK)n sche$ in respect of all applicable employees. Trnstees, remuneratlon and expendlture Trustees Vre reimbursed for £3.157 of expenses during the year (2022.. £Nill. The trustees received no remuneratson during the year. Net In¢oming Resources Is Stated After Charylng 2023 2022 Auditor's remuneration - audit fee Auditor's remuneration - other servKes Depreciation of ¢)wned assets Dewecalion of assets held under finance leases Operating lease- land and buildings Operating lease- plant and machinery 7,200 1,600 15,444 22,225 166,735 3,060 6,800 1.400 34.446 49.192 54.769 3,060 Tangible FIX Assets Equipment Leasehold Property Tolal At 1st April 2022 Addrtions 539.189 384.999 924,188 54,560 At 31st March 2023 593.749 384.999 978,748 D•preciation: At 151 April 2022 Charge for the year 507,359 30,619 200.345 7,050 707,704 37,669 Al 31st March 2023 537.978 207.395 74S,373 Net book value: Al 31st March 2023 55.771 177,604 233,375 At 31st March 2022 31.830 184.654 216.484 Tangible ffixed assets are all hehj for direci CharItsb purposes. Included above are assets with a net bts)k value of £Nil12022." £28.696) hetd under finance aseS. 13
SOLL (VALE) Notes lo the Accounts for the year ended 31 IAarch 2023 Icontinued) 10 stocks 2023 2022 Consumables and re-saleable items 7.707 6,573 11 Debto 2023 2022 Trade recewables Prepayments Amounts owed by group undertakings 40.045 108,243 12 2.442 51,408 12 148,300 53.862 12 Cash at Bank and in Hand 2023 2022 Cash balan Bank balance 3,799 129.832 167.127 133,631 167.127 13 Credltors: Amounts falllng due Wrthln One Year 2023 2022 Trade creditors Accruals and deferred income Other tax and social security Other creditors Amounts due under finance leases contracts < 1 yr Bank borrowing {note 16) 23,032 153,465 52,951 1.431 19,357 58,889 70.277 140.303 14.708 24.751 47.240 322,909 297.279 14 Deferred Income Coutse fees and sub8crSptions 2023 2022 At 1st April 2022 Released in the year "Deferred in the year 89,046 189,046} 125,500 112,639 (112,639) 89,046 At 31 st March 2023 125,SC 89,046 14
SOLL (VALE) Notes to the Accounts for the year ended 31 March 20231contlnuedl 15 Creditors: Amounts falling due after more than one year 2023 2022 Bank boffowing 1-5 years Amounts due under finare lease ctracts (1-5 years) 137.408 22.183 207,945 57,038 159,591 264,983 16 Loons and borr¢bwings 2023 2022 Current bank borrowings Non<urTent bank borrowngs 58,889 137,408 47,240 207,945 Total bank borrowing 196,297 255,185 The bank loan was taken out in August 2020 and is denominated in 51erling. The loan was interest free fof the first 12 months. From August 2021 interest will be tharged at 4.074/0 per annum. The final instalment 15 due in IAarth 2026. The carrying aff#)unt al year end is £196,297 {2022.' £255.1851- 17 Flnanclal Commltments Financial commitments under operats.ng leases will result in the folbwing total future lease payments being made.. 2023 Land & Buildings 2023 Other 2022 Land & Buildings 2022 Other Payable Wlhin 1 year Wlhin 2 10 5 years After 5 years 120,1YXI 480,C 281,390 1,125,560 1,524.196 1.465 1.080,Crf)O 2,931.146 1,465 The company ha5 now signed a revised lease agreement with MEPC. The terms have changed the basis of rent due. The company pays a base rent of £10,000 per month and has agreed a lop-up above that amount that is based on the tumover of the company. The new terms are reflected in the Financial Commilmenl figure above and the PIL for the cJJrrent year. 15