SOLL (VALE) Company number: 5184368 Charlty number: 1107823 Accounts For the year ended 31 March 2024 Wenn Townsend Chartered Accountants Oxford
SOLL (VALE) Contents of Accounts for the year ended 31 March 2024 Pages Trustees. Report Independent Auditors. Report Statement of Financial Activities Balance Sheet Statement of Cash Flows Notes to the Accounts 10-15
SOLL (VALE) Reference and Admlnlstratlve infomiatlon for the year ended 31 March 2024 Charity Reglstratlon Number: 1107823 Company Registratlon Number: 05184368 Trustees: R Booker- Chair P Sambrook- Vice Chair P Tumer T Hampson Address: The Park Club 17 Croft Drive Milton Park Abingdon Oxfordshire OX14 4RP Auditors: Wenn Townsend 30 St Giles Oxford OX13LE Solicltors: Hedges Law 13 Beaumont Street Oxford OX12LP Bankers: National Westminster Bank 121 High Street Oxford OX14DD
SOLL IVALE) Trustees, Report for the year ended 31 March 2024 Objectlves and Actlvltles SOLL (VALE) is a Charitable Company that uses its experience, skills and expertise to manage sportslleisure facilities. The company will continue the management of its single site at Milton Park. The company will continue to operate the Milton Park facility pursuant to its ongoing mission Helping you get fltter, healthler & happler. SOLL (VALE) seeks to engage with those within the community who. because of their circumstances. would not othetwise be able to participate in sport and recreation, whilst supporting many national initiatives to reduce physical inactivity and support many conditions that can be helped or even alleviated through programmed and targeted exercise. The Charity allocates significant resources to identify target groups low in participation and implement programmes to increase their activity levels. For the year 2023124 the Charity's continuing objective was to focus on supporting the inactive to be active, which involved focusing on high priority groups that were identified through local and national research. The Charity conlinues to look at all funding opportunities to support the programmes that we not only offer but would like lo offer in the future. The Trustees continue to comply with the duty within the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. Community Development Hlghllghts 2023-24". The continued provision of Corporate wellbeing programmes with three local companies on Milton Park. Continuation of Heart Health screening service in club along with Health Checks delivered at Local businesses. Growih of our Active Health exercise referral scheme with increased referrals and conversions onto memberships. SOLL (VALE) continues to promote exercise through extemal communication including press releases and website articles.
SOLL (VALE) Trustees, Report for the year ended 31 March 2024 Flnanclal Revlew SOLL (VALE) receives the majority of its income in advance or at the time of providing its service. This has enabled the company to prepay its power suppliers and agree with its utility supplier significantly lower gas and electricity costs than would otheISe have been payable through the last year. It is expected that with the negotiated power cost reductions and the reduced usage of gas arising from the replacement boilers the company is in a very good position to navigate future spikes in power costs and supply value to its customers. The company keeps abreast of research in the leisure industry and is constantly reviewing and changing its programme to cater for new activities. In previous years it has been reported that the industry recognised area for growth in the next 5-10 years is low-cost health and fitness and the Trustees and the Senior Management Team agree with this. As at 31 March 2024 the charity had a surplus on reserves of £213,596 (2023: £54.287). The surplus for the period was £159.309 (2023: £172,502) after accounting for one-off repair work totalling £20.460. On 28th March, the Trustees took the decision to make an early repayment of £50,000 of their long-term loan. This early repayment has reduced long term liabilities with a view to repaying the loan at the earliest opportunity. reducing the interest cost to the charty in the process. In part as a result of this repayment, the charity had net current liabilities at 31st March 2024 however a large portion of this liability is in respect of deferred income which will be released in the 202415 financial year. Structure Governance and Management SOLL (VALE) (The Company) commenced trading on 1 September 2004. The goveming document of The Company is the Memorandum and Articles of Association and SOLL (VALE) has no controlling Parent. In the notice 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 Trustees comprises of persons with a broad range of skills and who are likely to contribute to the Company's success. 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-to-day operational management and decision making within the company is provided by the Senior Management Team. Pay and remuneration of staff is reviewed annually for all staff that work for the charity and increases awarded in line with national minimum wage increases and also taking into consideration Job responsibilities. This is presented as a proposal to the trustees for review. Key management personnel. as in the senior management team is reviewed on the same basis with further comparison to industry standards and salary guides. Proposals for increases are presented to the Trustees by the Managing Director for review and authorisation.
SOLL (VALE) Trustees, Report for the year ended 31 March 2024 Future Plans The Charty is continuing to work with partners to identify priorty areas for developing its existing site to increase income and improve the customer experience through independent mystery visits. Along with plans to improve financial performance we are focusing on improving team retention through development and internal prospects. For the foreseeable future, the Company intends to focus on operations at its single site. statement of Trustees, Responslbllltles The Trustees are responsible for preparing the Annual Report and the accounts in accordance with applicable law and regulations. Company law requires the Trustees to prepare accounts for each financial year. Under that law the Trustees have elected to prepare the accounts in accordance with United Kingdom Generally ACpIed Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the accounts unless they are satisfied that they give a true and fair view of Ihe state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these accounts, the Trustees are required to: select suitable accounting policies and then apply them consistently; make judgements and accounting estimates that are reasonable and prudent; prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in operation. The Trustees are responsible for ensuring that adequate accounting records are kept that are sufficient to show and explain the charty's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. So far as the trustees are aware. there is no relevant infomiation (infomiation needed by the company's auditors in connection with preparing their report) of which the company's auditors are unaware and each trustee has laken all steps that he ought to have taken as a trustee in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. This report has been prepared in accordan with the small company's regime under section 419(2) of the Companies Act 2006. This report was approved by the Trustees on r (Chalrj
SOLL (VALE) Independent Auditor's Report to the Members of SOLL (VALE Oplnion We have audited the financial statements of SOLL (Vale) {the 'charitable company,) for the year ended 31 March 2024 which comprise the Statement of Financial Activities. the Balan Sheet, the statement of Cash Flows 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, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the 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. Basls for oplnion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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. Concluslons relatlng to golng concern We have nothing to report in respect of the following matters in relation to which the ISAS (UK) require us to report to you where: the trustees. use of the going concern basis of accounting in the preparation of the financial statements is not appropriate. or the trustees have not disclosed in the financial statements any identified material uncertainties Ihat may cast significant doubt about the Charity's abilty to continue to adopt the going cOnM basis of accounting for period of at least twelve months from the date when the financial statements are authorised for issue. Other Informatlon The trustees are responsible for the other information. The other information comprises the information included in the trustees, report, other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other informalion 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 infomiation and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtsined in the audit or otheiSe appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to detennine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
SOLL (VALE) Independent Audltorfs Report to the Members of SOLL (VALE) Oplnlons on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the trustees, report (incorporating the directors. report) for the financial year for which the financial statements are prepared is consistent with the financial statements: and the directors. report has been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by exceptlon We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you rf, in our opinion: adequate accounting records have not been kept or retums 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 disclosure of trustees, remuneration specified by law are not made. or we have not reiVed all the infomiation and the explanations we require for audit; or the Trustees were not entitled to take advantage of the small companies, exemption in preparing the Trustees, report and take advantage of the small companies, exemption from the requirement to prepare a strategic report. Responslblllties of trustees As explained more fully in the twstees. responsibilities statement set out on page 3. 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 conM. disclosing, as applicable. matters related to going concern and using the going concem 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. Audltor's responslblllt165 for the audit of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and Ihe extent to which these are capable of detecting irregularities. including fraud is detailed below: Enquiry of management. those charged with governance and Ihe entity's solicitors (where relevant) around actual and potential litigation and claims, Reviewing minutes of meetings of those charged with governance. Reviewing financial ststement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; Because of the inherent limitations of an audit. there is a risk that we will not detect all irregularities. including those leading to a material misstatement in the financial statements or non-complian with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud involves intentional concealment, forgery. collusion. omission or misrepresentation.
SOLL IVALE) Independent Audttorfs Report to the Members of SOLL (VALE) Audltor's re8ponslbllltles for tho audlt of the flnanclal statements (contlnued) 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.uklauditorsresponsibilities. This description forms part of our auditor's report. 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 auditor's report and for no other purpose. To the fullest extent permitted by law. we do not accept or assum8 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 fomied. Lee Baker FCA Senior Statutory Audltor For and on behalf of Wenn Townsend Statutory Audltor 30 St Glles Oxford J.f th Avgugt 2024
SOLL IVALE) Statement of Flnanclal Actlvltles {includlng Income and Expenditure Account) for the year ended 31 March 2024 Note Unrestricted & Total Funds 2024 Unrestrlcted & Total Funds 2023 Income Donations and legacies Income from charitable activities Other income 1.707,079 828 1,430,249 Total income 1.707.907 1,430,249 Expenditure Charitable activities 1,548.598 1.257,747 Total expendiiure 1.548,598 1,257,747 Net movement In funds before extraordlnary Items 159.309 172.502 Total funds brought forward 54.287 (118,215) Total funds carried forward 213,596 54.287 There are no recognised gains and losses other than shown above. The notes on pages 10 to 15 form part of the accounts.
SOLL (VALE) Balance Sheet for the year ended 31 March 2024 Note 2024 2023 Flxed assets Tangible assets Investments 314.122 233,375 314,123 233.376 Current assets Stocks Debtors Cash at bank and in hand 10 11 12 7,717 201,042 125.655 7,707 148.300 133,631 334,414 289,638 Creditors Amount falling due within one year 13 (391,238) {309,136) Net current (liabllities) {72,008) (19,488) Total assets less current liabilities 242,115 213,878 Amount falling due after more than one year 15 (43,703) (159,591) Net assets before provlslon for Ilabllltles 213,596 54.287 Net assets 213,596 54,287 Reserves Unrestricted funds 213.596 54.287 Net current Ilabilities Includes deferred Income totalling £137,094 (note 14) whlch wlll be released to Income In the 202415 flnanclal year. In addltlon, on 28th March 2024, the Trustees made an early repayment of £50,000 from their long-temi loan wlth a vlew to repaylng thls In full at the earliest opportuntty. This repayment has effectÈvely reduced net current assets accordlngly. The financial statements have been prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies. The accounts were approved and authorised for issue by the Board of Trustees on on its behalf IC18 2024 and signed RBO halr) The notes on pages 10 to 15 fomi part of the accounts. Registered company number: 05184368
SOLL IVALE) Statement of Cash Flows for the year ended 31 March 2024 2024 2023 Cash flows from operatlng actlvltles: Net cash provided by operating activities (see below) 277,974 137.669 Cash flows from Investlng actlvltles: Purchase of property, plant and equipment (142,127) (54,560) Cash flows from financing activities: Repayment of hire purchase agreements Loan repayments Interest paid (22,182) (108,889) (12,751) {40.249) {58,888) {17.468) Net cash provlded byl(used In) Investlng activitieslfinancing actlvltFes {285.950) (171,165) Change In cash and cash equivalent In the reportlng perfod (7,976) {33.496) Cash and cash equlvalents at the start of the reporting period (note 12) 133,631 167,127 Cash and cash equlvalents at the end of the reportlng perlod (note 12) 125,655 133,631 Reconclliatlon of net movement In funds to net cash flow from operating actlvities 2024 2023 Net movement In funds for the reportlng perlod (as per the Statement of Flnancial ActltIeS 159.309 172,513 Adjustments for.. Depreciation charges Interest paid (Increase)IDecrease in stock {Increase) in debtors Increasel(decrease) in creditors (Decrease) in provisions 61.380 12,751 (10) (52.742) 97,286 37,669 17,468 (1,134) (94,438) 5,591 {46.305) Net cash provlded by operatlng actlvltles 277,974 137,669
SOLL (VALE) Notes to the Accounts for the year ended 31 March 2024 Charitable Company Information The company is limited by guarantee (incorporated in the United Kingdom). not having a share capital. However, every member undertakes to contribute to the assets of the company such amount as may be required. but not exceeding £1 . It is a public benefit entity with its registered office at The Park Club. 17 Milton Park. Abingdon, OX14 4RS. Accountlng Policles The accounts have been prepared under the historical cost convention and in accordance with applicable accounting standards, FRS 102, the Statement of Recommended Practice (SORP), Accounting and Reporting by Charities (FRS 102) and the Companies Act 2006. Golng Concern The financial statements have been prepared on a going conrn basis. The current economic conditions present increased risks for all businesses. In response to such conditions, the trustees have carefully considered these risks, including an assessment of uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements. and the extent to which they might affect the preparation of the financial statements. b) Tanglble flxed assets These are included at cost less accumulated depreciation. Fixed assets with a cost of less than £1,000 are not capitalised. Depreciation of fixed assets is calculated to write off their cost less any residual value over their estimated useful lives as follows: Leasehold buildings Equipment 10 to 20 years (or length of lease if shorter) 3 to 5 years Leases Rentals paid under operating leases are charged to the Statement of Financial Activities as they are incurred. Lease incentives (including rent free periods) are spread over the period up until the next rent review date. Assets obtained under finance leases are capitalised as tangible assets and depreciated over the lease term. Obligations under such agreements are included in credttors net of the finance charge allocated to future years. The finance element of the rental payment is charged to the statement of financial activities on a straight-line basis. d) Stocks Stocks are valued at the lower of cost and net realisable value. Penslons Contributions to defined contribution pension schemes are charged to the statement of financial activities as they become payable in accordance with the rules of the scheme.
SOLL (VALE) Notes to the Accounts for the year ended 31 March 2024 (contlnued) Income Income from clubs is normally accounted for when received. However, course income is deferred until the dates in which it relates to and annual membership is taken to income over the membership year. Funding from local authorities is accounted for in the period to which it relates. The charity receives government grants in respect of the Coronavirus Job Retention Scheme. These grants are recognised using the accrual model and as such are recorded in the SOFA in the period in which the charity is entitled to such grants as a result of having furloughed staff members. g) Expenditure Expenditure is included on an accruals basis and apart from governan costs all relate to the charity's sole charitable activity of operating clubs. Any irrecoverable VAT is included within expenses. h) Trade credltors Trade creditors are obligations to pay ft)r goods or seNices that have been acquired in the ordinary course of operation from suppliers. Accounts payable are classrfied as current liabilities rf the charity does not have an unconditional right at the end of the reporting period, to defer settlement of the creditor for at least 12 months after the reporting date. If there is an unconditional right to defer settlement for at least 12 months after the reporting date. they are presented as non-current liabilities. Trade creditors are recognised at the transaction price. Funds Unrestricted funds comprise those funds which the Trustees are free to use in accordance with the charitable objective. J) Intangible assets Specific pre-startup costs (including payment for goodwill) are capitalised as an intangible asset and amortised over a period of 2 years. These have been disposed of in the year as they relate to sites which are no longer operated by the Charity. k) Cash at bank and In hand This includes balan$ with banks and short-term deposits. Donatlons and legacles 2024 2023 Govemment grants receivable Other Covid support grants Included within donations. gifts and legacies for the Charity is £nil (2023.. nil) of Government grants relating to the Coronavirus Job Retention Scheme. Income from Charitable actlvltles 2024 2023 Leisure centres 1,707.079 1,430,249 1,707,079 1,430.249
SOLL (VALE) Notes to the Accounts for the year ended 31 March 2024 (contlnued) other Income 2024 2023 nterest receivable 828 828 Expendlture on charltable actlvltles Leisure Centres: 2024 2023 Direct costs Support costs Support costs centres other central costs governance costs 803.463 726,203 18,932 658,148 582,922 16,666 1.548,598 1,257.736 Staff Costs The average number of full time equivalent employees during the year was as follows". 2024 No: 2023 Employees 36 31 The aggregate payroll costs of these persons were as follows: 2024 2023 Wages and salaries Social security costs Pension scheme contributions 505,918 33.229 5,951 405,971 26,378 4,599 545,098 436,947 No employee of the Charity reiVed remuneration of more than £60.000 during this period. Other than the trustees, 2 (2023: 2) staff members were considered key management during the year.
SOLL (VALE) Notes to the Accounts for the year ended 31 March 2024 (continued) Staff Costs (continued) 2024 2023 Key Management Compensation 99.207 92,790 Penslon Scheme Pension contributions were payable to defined contribution schemes in respect of all applicable employees. Trustees, remuneratlon and expendlture No trustees received any reimbursement of expenses during the year (2023: £nil) Accruals includes £38,000 (2023: £nil) payable to Trustees for services to the charty in an employed capacity. There are no payments made in respect of services rendered as Trustees. Net Incomlng Resources Is Stated After Charglng 2024 2023 Auditor's remuneration - audit fee Depreciation of owned assets Deprecation of assets held under finance leases Operating lease - land and buildings Operating lease - plant and machinery 10.841 42.851 18.528 162,255 3.060 8,800 15,444 22.225 54,769 3.060 Tanglble Flxed Assets Equlpment Leasehold Property Total Cost: At 1st April 2023 Additions 593.749 68.952 384,999 73,175 978.748 142,127 At 31 st March 2024 662.701 458,174 1.120,875 Depreclation: At 1st April 2023 Charge for the year 537,978 39,485 207.395 21.895 745.373 61.380 At 31st March 2024 577.463 229.290 806,753 Net book value: At 31 st March 2024 85.238 228,8847 314.122 At 31 st March 2023 55.771 177,604 233,375
SOLL {VALE) Notes to the Accounts for the year ended 31 March 2024 (contlnued) 10 stocks 2024 2023 Consumables and re-saleable items 7.717 7,707 11 Debtors 2024 2023 Trade receivables Prepayments Amounts owed by group undertakings Tax and social security 39,284 136,739 12 25,007 40,045 108,243 12 201,042 148,300 12 Cash at Bank and In Hand 2024 2023 Cash balan Bank balance 4,355 121.300 3,799 129,832 125,655 133.631 13 Credltors: Amounts falling due Wlthln One Year 2024 2023 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) 117,412 204,164 23,032 153,465 52,951 1,442 19,357 58,889 1.667 24.290 43,705 391,238 309,136 14 Deferred Income Course fees and subscrlptlons 2024 2023 At 1st April 2023 Released in Ihe year Deferred in the year 125,500 (125,500) 137,094 89,046 {89,046) 125,500 At 31st March 2024 137,094 125,500
SOLL (VALE) Notes to the Accounts for the year 6nded 31 March 2024 (contlnued) 15 Credltors: Amounts falllng du6 after more than one year 2024 2023 Bank borrowing 1-5 years Amounts due under finance lease contracts (1-5 years) 43,703 137,408 22.183 43.703 159,591 16 Loans and bom)wings 2024 2023 Current bank borrowings Non-current bank borrowings 43.705 43.703 58,889 137,408 Total bank borrowing 87.408 196,297 The bank loan was taken out in August 2020 and is denominated in sterling. The loan was interest free for the first 12 months. From August 2021 interest will be charged 81 4.070/0 per annum. The final instalment is due in March 2026. 17 Flnanclal Commltments Financial commitments under operating leases will result in the following total future lease payments being made: 2024 Land & Bulldlngs 2024 Other 2023 Land & Buildlngs 2023 Other Payable Within 1 year Within 2 to 5 years After 5 years 120,000 480,000 410.000 120,000 480.000 530.000 1,465 1.010,000 1,130,000 1,465 The company has now signed a revised lease agreement with MEPC. The temis have changed the basis of rent due. The company pays a base rent of £10,000 per month and has agreed a top-up above that amount that is based on the turnover of the company. The new temis are reflected in the Financial Commitment figure above and the PIL for the current year.