SOLL {VALE) Company number: 05184368 Charlty number: 1107823 Accounts For the yèar endod 31 March 2025 Wenn Townsend Chartered Accountants Oxford
SOLL IVALEI Contents of Accounts for the year ended 31 March 2025 Pages Trustees. Report Independent Auditors, Report Statement of Financial Activities Balance Sheet Statement of Cash Flows Notes to the Accounts 10-16
SOLL (VALEI Reference and Administrative information for the year ended 31 March 2025 Charity Registration Number: 1107823 Company Registration Number: 05184368 Trustees: R Booker- Chair P Sambrook- Wice Chair P Tumer T Hampson Address: The Park Club 17 Croft Drive Milton Park Abingdon Oxfordshire OX14 4RP Audltors: Wenn Townsend 30 St Giles Oxford OX13LE Solicitors: Hedges Law 13 Beaumont Street Oxford OX12LP Bankers: National Westminster Bank 121 High Street Oxford OX14DD
SOLL (VALE) Trustees, Report for the year ended 31 March 2025 Objectlves and Activities SOLL (VALE) is a Charitable Company that uses ils experience, skills and expertise lo manage sportslleisur8 facilities. The company will Gontinue the management of its single site at Milton Park. The company will continue to operate the Milton Park facility pursuant to its ongoing rnission Helping you get fitter, healthier & happier. SOLL {VALEI seeks to engage with those within the community who, because of their circumstances. would not otherwise be able to participate in sport and recrealion, whilsl supporting many national initiatives to reduce physical inactivity and support many conditions that can be helped or even alleviat8d through programmed and targeted exercise. The Charity allocates significant resources to id8nlify target groups low in participation and implement programmes to increase their activity levels. For the year 2024125 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 continues to look at all funding opportunitiés to support thé programmes that we not only offer but would like to offer in the future. The Trustees continue lo comply with the duly within the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. Community Devolopment Hlghllghts 2024-25: 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 Ch6cks delivered at Local businesses. Growth of our Active Health exercise referral scheme with increased referrals and conversions onlo memberships. SOLL {VALEI continues to promote exercise through external communication including press r618ases and website articles. With the assistance of it's landlord, MEPC, the charity continues to upgrade its facilities.
SOLL {VALEI Trustees, Report for the year ended 31 March 2025 Flnancial Review SOLL (VALEI receives the majority of its income in advance or al 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 otheTwise have been payable through the last year. It is expected that with the negotiated power cost reductions, the reduced usage of gas arising from tha réplacement boilèrs and other investments including the pool cover and upgraded air handling units, the company is in a very good position to navigate future spikes in power costs and supply value lo ils customers. The company keeps abreast of research in the leisure industry and is constantly reviewing and changing ils 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 Managemenl Team agree with this. As at 31 March 2025 the charily had a surplus on reseNes of £387,53312024.. £213,596). The surplus for the perlod was £173,937 (2024= £159,309.) structuro Governance and Managernent SOLL {VALE) (The Company) commenced trading on 1 September 2004. The governing 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 Ihe Board performs and provides are leadership, advocacy, influence, strategic direction and governance. Tha day-to-day operational management and decision making within the company is provided by the Senior Managemenl T8am. 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 prèsentéd as a proposal to the trustees for review. Key management personnel. as in the senior management team is reviewed on the same basis wilh 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 2025 Future Plans The Charity is continuing lo work with partners, including it's landlord, MEPC, to identify priority areas for developing its existing site to increase income and improve the customer experience through independent mystery vlslts. Along with plans lo irnprove financial performance we are focusing on improving team retantion through development and internal prospects. For the foreseeable future, the Company intends to focus on operations at its single site. Slatement of Trustees, Responsibllitles 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 Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees musl nol approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that peri¢)d. In preparing Ihese accounts. the Trustees are required to.. select suitable accounling policies and then apply them consistently., make judgements and accounting estimales that are reasonable and prudent., preparé the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in operation. The Truslees are responsible for ensuring that adequate accounting records are kept thal are sufficient to show and explain the charity's Iransactions and disclose with reasonable accuracy at any time the financial posilion of the Charity and enable them lo ensure that the accounts comply wilh 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 irregularikn'es. So far as the trustees are aware, there is no relevant information (information needed by th8 company's auditors in connection with preparing their report) of which the company's auditors are unawar8 and each Irustee has taken all sleps that he ought lo have taken as a trustee in order to make himself aware of any relevant audit information and to establish that Ihe ¢ompany's auditors are aware of that information. This report has been prepared in accordance with the small company's regime under section 419{21 of the Companies Act 2006. This report was approved by the Trustees on R Booker (Chalrj
SOLL {VALE) Independent Auditor's Report to the Members of SOLL (VALE) Oplnion We have audited the finar)cial statements of SOLL (Vale) (the 'charitable company,) for the year ended 31 March 2025 which comprise Ihe Statement of Financial Activities. the Balance Sheet, the statement of Cash Flows and notes to the financial statements, including a summary of significant accounling 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 oplnion the financial statements.. giv8 a true and fair viéw of the slate of th8 charitable company s affairs as at 31 March 2025, 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 oplnlon We condLFcled our audit in accordance with International Standards on Audiling (UK) (ISAS (UKI} and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of Ihe financial statements section of our report. We are independent of the charitable company in accordance wilh the ethical requirements that are relevant lo our audit of the financial statements in Ihe 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 In auditing the financial slatements, we have concluded thal 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 group and charitable company's ability lo 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 descrtbed in Ihe relevant seclions of this report. Oth•r Informatlon The trustees are responsible for the other information. The other information comprises the infonT)ation included in Ihe trustees, report, other than tre financial slatemenls and our auditor's report Ihereon. Our opinion on the financial statement5 does not cover the other information and, except to the extent otherwise explicitly staled in our report. we do not express any form of assurance ¢onclusion 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 oth8rwise appears to be materially misstated. If we identify such material inconsistencies or apparent malerial misstatements. we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on Ihe 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 {VALEI Independent Auditor's Report to the Members 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 audit.. the information giv8n in the trustees, r8POrt {incorporating the directors, report) for the financial year for which the financial statements are prepared is consistenl with the financial slatements,. and the directors, report has been prepared in accordance with applicable legal requiremenls. Matters on which we are required to report by exception We have nothing to report in respect ofthe following matters where the Companies Act 2006 requirés 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 receive from branches not visited by us., or the financial statemenls are not in agreement with the accounting records and retums., or certain disclosure of Iruslees, remuneration specified by law are not made- or we have not received all the infomialion 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. Responslbilities of trustees As explained more fully in the trustees. responsibilities statement set out on page 3. the trustees (who are also thè directors of th8 charitable company for the purposes of company lawl are responsible for the preparalion 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 finanGial ststements that are free from material misstatement. whether due to fraud or error. In preparing the financial statemenls. the truslees 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 liquidale the charitable company or to cease operations, or have no realistic alternative bul to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance aboul whether the financial statements as a whole are free from material misslalemenl, 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. bul is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. Irr8gularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. to detecl material misstatements in respect of irregularities, including fraud. The specific procedures for this engagemenl and the extent to which these are capable of detecting irregularities. including fraud is detailed below.. Enquiry of management, those charged with governance and the entity's solicitors (where relevant) around actual and potential litigation and claims., Reviewing minutes of meetings of those charged with governance.. Reviewing financial statement disclosures and testing lo 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 adjuslments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; 8ecause of the inherent limitations of an audit, there is a risk that we will not detecl all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the mora that compliance with a law or regulation is removed from the events and transactions reflected in the financial stalemenls, 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, a5 fraud involves intentional concealment forgery, collusion, omission or misrepresentation.
SOLL (VALEI Independent Auditor's Report to the Membors of SOLL (VALE) Auditor's responsibilities for the audit of the financial statements (continued) A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. WWw.f.Org.k1audIt0rsresponSlbllitles. 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 slate to the charitable company's members those matters we are required to slate to them in an auditor's report and for no other purpose. To the fullest exlent 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 r8port. or for the opinions we have formed. Loe Baker FCA Senior Statutory Auditor For and on behalf of Wenn Townsend Statutory Auditor 30 St Glles Oxford 21 July.. 2025
SOLL {VALE) Statement of Financial Activities (including Income and Expenditure Account) for the year anded 31 March 2025 Note Unrestrlcted & Total Funds 2025 Unrestrlcted & Total Funds 2024 Income Income from charitable activities Other income 2,023,919 481 1,707,079 828 Total income 2,024.400 1.707,907 Expendltur8 Charitable activities 1,849,915 1.548,598 Total expenditure 1,849,915 1.548,598 Net movement In funds boforè axtraordlnary Items 174,485 159,309 Total funds brought forward 213,596 54.287 Total funds carried fornard 388,081 213,596 Thérè are no recognised gains and losses other than shown above. The note5 on pages 10 to 15 form part of the accounts.
SOLL (VALE) Balance Sheet for the year ended 31 March 2025 Not8 2025 2024 Fixed assets Tangible assets Investments 311,863 314,122 311,864 314,123 Current assets Stocks Debtors Cash at bank and in hand 8,147 173,063 392,051 7.717 201.042 125,655 10 11 573,261 334,414 Craditors Amount falling due within one year 12 1497,044) {391,238) Net Current assetsl(liabilities) 76,217 {56,8241 Total assets lèss current liabilities 388,081 257,299 Amount falling due after more than one year 14 143,703) Net asset$ before provl$ion for Ilabllltles 388,081 213,596 N81 assets 388,081 213,596 Reserves Unrastricted funds 388,081 213,596 Net current Ilabllities Includes deferred Income totalling £165,385 (note 13) which will all be released to income In the 2025126 financlal year. The financial statements have been prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies. The accounts were approved and authorised on ils behalf or issue by the Board of Trustees on ob 2025 and signed er The notes on pagès 10 to 15 form part of the accounts. Registered company number.. 05184368
SOLL (VALE) Statement of Cash Flows for the year onded 31 March 2025 2025 2024 Cash flows from operating activities: Net cash provided by operating activities (see below) 426,446 277,974 Cash flows from investing activities.. Purchase of propety, plant and equipment (68,044) 1142,127) Cash flows from flnanclng actlvltles: Repayment of hire purchase agreements Loan repayments Interest paid (22,182) 1108,889) (12,751) (87,407} 14.5991 Net cash provided byl(used in) investing actlvitiesMinan¢ing activities (160,049) (285,950) Change in cash and cash equivalent in the reporting period 266,396 (7,9761 Cash and cash equivalents at the start of the reporting period {note 11) 125,655 133,631 Cash and cash equivalents at the end of the reportlng period (note 111 392.051 125,655 Reconclliation of net movement in funds to net cash flow from operating activities 2025 2024 Net movement in funds for the reporting period {a$ per the Stalement of Financial Activities) 174,485 159,309 Adjustments for: Depreciation charges Interest paid Ilncrease}IDecrease in stock Ilncreasel in debtors Increaselldecreasel in creditors {Decrease} in provision5 70.304 4,599 {4301 27,979 149,509 61,380 12,751 (10) {52,7421 97,286 Net cash provlded by operating actlvltles 426,446 277.974
SOLL IVALE) Notes to the Accounts for the year ended 31 March 2025 Charitable Company Information The company is limited by guarantee {incorporaled in the United Kingdom), not having a share capital. However. every member undertakes to contribute lo the assets of the company such amount as may be required, bul not exceeding £1. It is a public benefit entity with its registered office at The Park Club, 17 Milton Park, Abingdon, OX14 4RS. Accounting Policies The accounts have been prepared under the historical cost convention and in accordance with applicable accounting standards, FRS 102, the Statement of Recomrnended Practice (SORPI, Accounting and Reporting by Charities IFRS 1021 and the Companies Act 2006. Going Concern Thé financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and tha axpected leval of income and expenditura for 12 months from authorising Ihese financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity lo be able lo continue as a going concern. bl Tangible fixed assets These are included at cost less a¢cumulated depreciation. Fixed assets with a cost of less than £1.000 are not capilalised. Depreciation of fixed assets is calculated to write off their cost less any residual value over their &stimated useful livès as follows.. Leasehold buildings Equipment 10 to 20 years lor length of lease if shorter) 3 to 5 years Léases Renlals paid under operating leases are charged to the Statement of Financial Activities as they are incurred. Lease incentives lincluding rent free periods} are Spread over the period up until the next rent review date. Assets obtained under finance léases arè capilalised as tangible assets and depreciated over the lease term. Obligations under such agreemen15 are included in creditors net of the finance charge allocated to future yoars. The finance element of the rental payment is charged to the stalem8nt of financial activities on a straight-line basis. d) Stocks Stocks are valued at the lower of Gosl and nel realisable value. Pensions Contributions lo defined contribution pension schemes are charged to the statement of financial activities as they become payable in accordance with the rules of the scheme. 10
SOLL {VALE) Notes to the Accounts for the year ended 31 March 2025 (continued) Income Income from clubs is normally accounted for when received. However, course income is deferred until the dates in which il relates to and annual membership is taken lo income over the membership year. Funding from local authorities is accounted for in the period to which it relates. gl Expenditure Expenditure is included on an accruals basis and apart from governance costs all rglale to the charity's sole charitable activity of operating clubs. Any irrecoverable VAT is included within expenses. h) Trade creditors Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course of operation from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right at the end of the reporting périod, 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 datè, they ar8 presented as non-current liabilities. Trade creditors are recognised al the transaction price. Funds Unrestricted fvnds comprise those funds which the Trustees are free to use in accordance with the charitable objective. 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 relale lo sites which are no longer operated by the Charity. k) Cash at bank and in hand This includ8s balances with banks and short-term deposits. Income from Charitable activities 2025 2024 Leisure centres 2,023,919 1,707,079 2.023,919 1.707.079 11
SOLL (VALEI Notes to the Accounts for the year ended 31 March 2025 {contlnued> other income 2025 2024 Interest receivable 481 828 481 828 Expenditure on charltablo activlties Lelsura Centras: 2025 2024 Direct costs Support costs Support costs centre5 other central costs govemance costs 959.211 871,701 19,003 803,463 726,203 18.932 1,849,915 1,548,598 Staff Costs The average number of full time equivalent employees during the year was as follows.. 2025 No: 2024 Employees 36 36 The aggregate payroll costs of these persons were as follows.. 2025 2024 Wages and salaries Social security costs Pension scheme contributions 606,717 42,460 7,250 505,918 33,229 5,951 656,427 545,098 12
SOLL (VALE) Notes to the Accounts for the year ended 31 March 2025 {continued) Staff Costs (contlnuedl The number of employees who received total employee bènefits {excluding employer pension costs of more Ihan £60,000 is as follows: 2025 Number 2024 Numbar £60,000- £70,000 2025 2024 Key Management Compensation 116,742 99,207 Pension Scheme Pension contribLrtions were payable to defined contribution schemes in respect of all applicable employees. Trustees, remuneration and expendlture Accruals Includes £25,00012024'. £38,000} payable to Trustees for services to the charity in a consultancy capacity. There are no payments made in respect of services rendered as Trustees. Nel Incoming Resour¢os is Stated After Charging 2025 2024 Auditor'5 remuneration - audit fee Depreciation of owned assets Deprecation of assets held under finance leases Operating lease - land and buildings Operating lea5e- plant and machinery 9,382 65,286 5.018 309.986 10,841 42,851 18.528 162,255 3,060 14
SOLL (VALEI Notes to the Accounts forthe year ended 31 March 2025 (continued) Tangible Fixed Assets Equlpment Leasehold Property Total Cost: At 1 st April 2024 Additions 662,701 59,058 458,174 8,986 1,120,875 68,044 At 31st March 2025 721,759 467,160 1,188,919 Depreciation: At 1 st April 2024 Charge for the year 577,463 39,363 229,289 30,940 806,752 70,304 At 31 st March 2025 616,826 260,229 877,056 Net book value: At 31st March 2025 104,933 206,930 311,863 Al 31st March 2024 85,238 228,884 314.122 Stocks 2025 2024 Consumables and re-saleable items 8,147 7,717 10 Debtors 2025 2024 Trade receivables Prepayments Amounts owed by group undertakings Tax and social security 27,416 104,110 12 41,525 39,284 136,739 12 25,007 173,063 201,042 11 Cash at Bank and In Hand 2025 2024 Cash balance Bank balance 2.232 389.819 4,355 121,300 392,051 125,655 14
SOLL (VALE) Notes to the Accounls for the year ended 31 March 2025 (continued) 12 Credltors: Amounts falllng due Wlthin One Year 2025 2024 Trade Creditors Accruals and deferred income Other lax and social security Other creditors Amounts due under finance leases contracts < 1 yr Bank borrowing (note 16) 83,461 392,326 19,376 1,881 117.412 204.164 1,667 24,290 43,705 497,044 391,238 13 Deferred Income Memborshlp Income 2025 2024 At 1 st April 2024 Released in the year Deferred in the year 137,094 {137.094) 165.385 125.500 {125,5001 137,094 Al 31st March 2025 165,385 137,094 14 Creditors: Amounts falllng due after more than one year 2025 2024 Bank borrowing 1-5 years Amounts due under financ8 lease contracts {1-5 years) 43.703 43,703 15 Loans and borrowings 2025 2024 Current bank borrowings Non-current bank borrowings 43,705 43,703 Total bank borrowing 87,408 The bank loan was taken out in August 2020 and is denominated in stèrling. The loan was repaid in the financial year. 14
SOLL (VALEI Notes to the Accounts for the year ended 31 March 2025 (continued) 16 Financial Commitments Financial commitments under operating leases will result in the following total future lease payments being made.. 2025 Land & Bulldlngs 2025 other 2024 Land & Buildings 2024 Other Payable Within 1 year Within 2 10 5 years After 5 years 120,000 480,000 290,000 120,000 480,000 410,000 890,000 1,010,000 Pursuant lo the terms of the Charity's lease agreement, it pays a base rent of £10,000 per month with a top up based on turnover due in April of the following financial year. The amount due al 31st March 2026 was £178,912, including VAT which was paid on 30th April 2025.This amount is included in current liabilities at 31 sl March 2025. 14