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 othe￿ISe 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 AC￿pIed 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 cOn￿M 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 othe￿iSe 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 re￿iVed 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 con￿M. 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 Act￿ltIeS
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 con￿rn 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 re￿iVed 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.