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2021-03-31-accounts

REGISTERED COMPANY NUMBER: 05384234 REGISTERED CHARITY NUMBER: 1111467

Group Report of the Trustees and Audited Financial Statements for the Year Ended 31 March 2021 for Circadian Trust

Circadian Trust

Contents of the Consolidated Financial Statements for the Year Ended 31 March 2021

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||||||||| |---|---|---|---|---|---|---|---| |Page| |Reference|Information|3to6| |Report|of the Trustees|7|to|20| |Report|of the|Independent Auditors|21 to|23| |Consolidated|Statement|of|Financial|Activities|24| |Consolidated|Statement|of|Financial|Position|25|to|26| |Charity Statement of Financial|Position|27 to|28| |Consolidated|Statement|of Cash|Flows|29| |Notes|to the|Financial|Statements|30to|51|

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Circadian Trust

Group Report of the Trustees for the Year Ended 31 March 2021

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 05384234

Registered Charity number 1111467

Registered office Bradley Stoke Lelsure Centre Bradley Stoke Bristol South Gloucestershire BS32 SBS

Company Secretary Juliet Kilty

Auditors

Moore Chartered Accountants and Statutory Auditor 30 Gay Street, Bath, BA1 2PA

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Circadian Trust

Group Report of the Trustees for the Year Ended 31 March 2021

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |REFERENCE AND ADMINISTRATIVE|DETAILS| |Trustees| |Name|Biography|Notes| |Derek Segger|Derek|lives|In Chepstow|and|works|in the|aerospace| |Industry|in|Filton,|South|Gloucestershire.|He|is|a| |regular visitor to|Circadian|Trust facilities.| |Patrick|Van|Beek|Patrick|is an|actuary|and|works|in the|life|insurance| |industry.|He|has|previous|experience|as|a|non| |executive|director|while working|overseas.|He and| |his family|are|regular customers|of Circadian Trust's| |facilities.| |Robert Wimbush|Rob works|in|the|sales|and|marketing function|in| |the finance|and|pensions|industry.|He|lives|in| |Downend|and|js|a|regular|customer of|Circadian| |Trusts|facilities.| |Anthony|Davis|Tony|is|a|nominated|trustee|as|a|sitting|Councillor| |of South|Gloucestershire|Council|and|is|a|member| |of Yate|Council.|He|is|retired|and|lives|in|Yate.|For| |the|last 30|years|he|has|run|a|martial|arts|club|at| |Yate|Lifestyle|Centre.| |Neil|McKen|Neil|is|a|management|consultant|and|pat-time| |lecturer.|He|has|been|involved|in|community| |activities|for|a|number|of years|and|Is|a|regular|user| |of Circadian|Trust|Lifestyle|Centres.| |Peter Tuodolo|Peter|lived|in Thornbury and|works|for|Essilor|LTD.| |One|of the|biggest|kens|and|optical|manufacturer|in| |the world.|He|is|also|an|SRA|level|2|club|coach|in| |squash|and|a|UEFAB|License football|coach|and| |currently manages|Thornbury|Under|16’s team.|

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Circadian Trust

Report of the Trustees for the Year Ended 31 March 2021 REFERENCE AND ADMINISTRATIVE DETAILS Trustees (Continued)

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Ben|Hilton|Ben|is|currently the CEO|for the|Dame|Kelly Homes|Resigned|08.03.21| |Trust and|is|responsible|for the|overall|running|and| |impact of the|charity.|He|is|experienced|in|strategic| |planning,|impact management|and|programme| |design|to|ensure|maximum|impact to the| |beneficiaries.| |Janet|Raven|Janet|works|for the|Lawn|Tennis|Association| |working with|elite junior tennis|players.|She|has| |over|20|years|teaching|experience|within South| |Gloucestershire|primary schools|and|was|a|Head| |Teacher for 11 years.|She|lives|in|Thornbury.| |Roland|Sims|Prior to|his|retirement|Roland was|an|Area|Manager| |for Circadian Trust|and was|employed|within the| |Lifestyle|Centres|for over 30 years.|He|is|committed| |to working|with|local groups to|benefit the|local| |community|and|regularly volunteers|as|a|Move| |Maker at Southmead|Hospital.| |Becky|Lee|Becky works|as|an|Analyst within|the|Civil|Service.|Resigned|23.06.20| |She|grew up|in|South|Gloucestershire|and|has|been| |a|regular user of Circadian|Trust|Lifestyle|Centres| |for many years.| |Junior Sheikh|Junior|is|CEO|and|co-founder|of the|prestigious| |MTM|Awards,|which|celebrates|the|excellence|and| |achievements|of small,|medium|businesses|and| |frass|root communities,|and|has|become the|South| |West’s|premier Asian,|Black &|Ethnic|Communities| |event engaging|over 4000,|with|over 4500| |nominees|and|having|had|over 135,000 people| |voting|online|since|Inception|In|2012. A|key focus|Is| |building|bridges|and|creating|awareness|of the| |importance|of diversity,|and|celebrating|excellence| |and|achievements|of our|rich|and|diverse| |communities.|The|MT|Junior|joined|the|Board|in| |2019.| |James|Griffiths|James|is|a|South|Gloucestershire|District|Councillor| |and|a|commercial|manager,|with|a|focus|in the| |health|sector, with two|degrees|in|“Sports Science”| |and|“Cardiology|Physiology”|and|experience| |working|in the|NHS|and|private|health|care sector,| |local government|and|health|&|fitness.|

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Circadian Trust

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|||||||||| |---|---|---|---|---|---|---|---|---| |Report|of the Trustees| |for the|Year Ended|34|March|2021| |REFERENCE AND|ADMINISTRATIVE|DETAILS| |Trustees|(Continued)| |Peter Viney|Peter|Is|an Associate member of Chartered|Institute| |of|Professional|Development|with|a|passion for| |Human|Resource|Management.|With|21 years of| |retail|management|experience,|Peter joined|as|a| |Trustee|in|2021 to|help|shape|and|grow the facilities| |and customer experience to match the|needs|of|[the]| |communities|they serve.|Peter has|been|a|regular| |customer for many years,|using|the|facilities|at| |Longwell|Green|and|Yate.| |Nalin|Parmar|Chartered|engineer and|qualified|accountant with| |extensive|experience|In|railway|infrastructure|asset| |management and|the|industry|regulatory|model,| |gained|in|British|Railways|(1979|and|2010)|and|self-| |employed|consultancy (from|20110 to|date)| |combining|engineering,|finance,|economic| |regulation|and funding.|Business Advisorto|Group| |Finance|Director|of Network|Rail|(2005 to|2010).| |Trustee|member to|Sirona|Care|and|Health Group| |C.1.C and Treasurer|Director|of|Bristol|and| |Gloucester|Gliding|Club|Ltd.|Educated|at|Imperial| |College|with|interests|in|power flying,|gliding,| |badminton, swimming|and|reading.| |Stacey Mead|Appointed 7" September 2021| |Suzanna|Hinnell|Suzanna works for|a|consultancy|managing| |commercial|Improvement|programmes.|With|two| |young children who|enjoy a|range|of|sports,|her| |family|are|regular centre|users.| |Phil|Boobier|Phil|qualified|as|a|Management Accountant|in|1992| |and|before then|had|over 10|years’|experience|as|an| |electrical|engineer|tn the shipbullding|Industry.|He| |has|worked|in|a|range|of different|roles|within|the| |public sector|but|with|a|focus|on|investment|project| |governance|and|accounting.|Phil|was|a|keen| |participant|in|sport when|he was|younger and|is| |now|a|regular user of|[the]|[leisure]|[centres.]|[He]|[Is]|[also]| |a supporter and|season|ticket|holder at|Plymouth| |Argyle.|Having joined|the|Trust|in|November 2013| |he|hopes to|use|his financial|experience to|support| |the Trust|in|continuing to|deliver|high-quality| |facilities to the|local|community.|

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Circadian Trust

Group Report of the Trustees

for the Year Ended 31 March 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT

Structure of the Charity

Circadian Trust (‘the company’) Is a charity and company limited by guarantee. The governing documents are its Memorandum and Articles of Association which were adopted on Incorporation with Compantes House on 07 March 2005. The Memorandum and Articles of Association have been amended on 22 November 2005, 20 July 2006, 10 November 2011 and 17" September 2013.

The Members are the guarantors of the Company and each has undertaken to contribute such amount as may be required (but not exceeding £1) to the Company’s assets if it should be wound up while he or she is a member or within one year after he or she should cease to be a member, for payment of the Company’s debis and liabilities contracted before he or she ceased to be a member, and of the costs, charges and expenses of the winding up, and for the adjustments of the rights of the contributories among themselves. The Trustees The Trustees are the Trustees of Circadian Trust (CT) in accordance with the Charities Act 2011 and they are also Trustees in accordance with the Companies Act 2006. The Board has positions for 19 Trustees: 6 with strategic and businesses skills, 4 representing community interests, 2 South Gloucestershire Councillors, 3 employees and 4 other Trustees,

New Trustees are interviewed to ensure that the Board has the necessary skills and depth of experience to run the business effectively. On appointment new Trustees meet with senior staff and are invited on an induction process and undertake a tour of the facilities. Training needs are established by completion of training questionnaires, the Human Resources & Remuneration Committee reviews the skills and training requirements of the organisation on a periodic basis.

Organisational structure and decision making process

The full Board usually meets at least once a quarter to take decisions on strategic and development issues. However, during 2020-21 due to the Covid pandemic, and its effect on the Charity’s ability to trade, it met 7 times

The charity structure allows for the creation of committees to scrutinise detailed policy declslons and proposals and carry out delegated tasks on behalf of the full Board. In 2020 - 21 Board committees were:

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Circadian Trust

Group Report of the Trustees for the Year Ended 31 March 2021

Organisational structure and decision making process (Continued)

The operational management of the company Is delegated to the Chief Executive Team (CEOT) led by the Chief ExecutIve. CEOT consists of the Chief Executive, Business Support Director, Operations Director, Commercial Development Director, Director of Buildings and Environment and Head of Human Resources.

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Chief Executive...
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PECTE I Huirian Resources “Development fmm. ond Eavrenment: MBE Director.
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Circadian Trust

Group Report of the Trustees for the Year Ended 32 March 2021

Risk Management

The Covid-19 Pandemic caused facilities to be closed for Lockdown and reopened repeatedly in 2020-21. First closure was between 20" March and 27" July 2020, again in November 2020 and then between 4° January and April 12 2021. Each re-opening required full risk assessments and changes to operational practices. The Charity only traded for 4 months in the 2020-21 financial year and due to Covid-19 compliance was required to operate in a severely restricted manner during those open months.

The Board and CEOT team developed a separate strategic Risk Matrix specifically for managing the impact of Covid-19. This was considered at every full Board meeting in 2020 -21 to ensure that financial, strategic and Covid-19 risks emanating from the pandemic have been properly considered and managed.

In November 2020 the Board of Trustees reviewed the Risk Management Policy including other risks and uncertainties to which the Company is exposed and updated its risk map and matrix.

The Charity has systems to ensure that the business, flnancial, operational and health and safety risks are regularly scrutinised in detail. Health and Safety Risks to staff and customers, which are specific to our operating environment are reviewed on a quarterly basis by the Health and Safety Committee of the Board.

Statement of Recommended Practice “Accounting and Reporting by Charities”

The Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) has been complied with.

OBJECTIVES AND ACTIVITIES

Circadian Trust is an independent Charitable Company based in South Gloucestershire managing a range of sports, leisure and lifestyle facilities and services for its local community.

Our Mission e _{nsplring Active Lifestyles. Our Vision

e AHealthy, Active Community

Underneath the Mission and Vision statements are 3 “overarching” values which underpin the culture of[the] Trust and its planning and decision making processes, as well as linking, via stated actions, to the Charitable objects (see Public Benefit section below).

Our Values

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Circadian Trust

Group Report of the Trustees for the Year Ended 31 March 2021

During the 2020-21 Financial Year Circadian Trust had been in the final year of its Strategic Plan, Evolution: Developing Sustainably. This was intended to cover the period 2018 to 2021 and focussed on 4 strategic aims:

  1. Delivering for our customers and communities

  2. Developing and delivering a sustainable business model

  3. Growing the Business

  4. Business Efficiency

Achieving the strategic aims is the focus of the business with the ultimate aim of delivering our public benefit objectives. The purpose of this Annual Report is to demonstrate how we are working towards these aims and our charitable objects.

The impact of Covid-19 has completely undermined the final year of this strategy and indeed seen the Charity fighting for survival as this report demonstrates.

Circadian Trust usually prides itself on its business approach to generate funds to re-invest in services for public benefit. Our company structure is geared to ensuring that we offer services that are accessible to the whole community and this enshrined within our memorandum and articles of association.

Each week we deliver public benefit to thousands ofvisitors and the examples below provide a flavour of the work we carry out. This has been severely disrupted for the whole year due to Covid-19.

We are now certain that we will survive the pandemic, but it will take many months (potentially up until the end of 2022-23 financial year) to recover our services and finances to a similar position to that we enjoyed prior to the first lockdown in March 2020.

We launched a new Strategic Plan: ‘Reset’ to cover the years 2021-23. The plan recognises that the impact of Covid has impacted on our previous long term plans and places focus on the recovery and normalisation of our commercial business first; this is to enable the long terms sustainability of those facilities and services which require cross subsidy. The key aims of the plan are;

  1. Delivering a sustainable charitable business for our customers and communities;

  2. Re-establishing the charity and the customer base;

  3. Capitalising on new social value and business opportunities.

EQUALITY AND DIVERSITY

Circadian Trust has a comprehensive Equality and Diversity Policy which exceeds the standards laid down by the Equality Act 2010, is approved by Trustees and is regularly reviewed. The principles of this policy are oullined below:

All service-users are valued equally

We see all service-users and potential service-users as of equal value regardless of disability/impairment, ethnicity, colour, creed, nationality, national origin or status, culture, religion or belief, gender, sexual orientation, gender identity, marriage or civil partnership or pregnancy and maternity status.

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Circadian Trust

Group Report of the Trustees for the Year Ended 31 March 2021

Welcoming and celebrating diversity

Treating people equally does not necessarily mean treating them all the same. Our policies, procedures and activities must not discriminate, but are differentiated, as appropriate to take account of differences of lifeexperience, outlook and background, and in the kinds of barriers and disadvantage which people may face; in relation to disability/Impairment, medical needs, ethnicity, colour, creed, nationality, national origin or status, culture, religious affiliation, sex, sexual orientation, gender identity, marriage or civil partnership or pregnancy and maternity status.

Fostering positive attitudes and relationships, and a shared sense of cohesion and belonging We intend that our policies, procedures and activities should promote positive attitudes, an absence of harassment, positive interaction, good relations and dialogue between groups and communities different from each other, and the absence of prejudice-related bullying and harassment and mutual respect.

Circadian Trust as an employer

Policies and procedures should benefit all employees and potential employees, for example in recruitment, promotion, and in continuing professional development. Our policies and procedures will help all those who work for us to develop their full potential and the talents and resources of the workforce will be utilised fully to maximize the efficiency of the organisation.

Proactively reviewing what we do in order to reduce and remove inequalities and barriers We proactively ensure that we make progress In regard to ensuring equality of opportunity for all, and we regularly review our actions. We will not simply seek to avoid discriminatory practices, we will take opportunities to maximise positive impacts by actively going about reducing and removing inequalities and barriers to equality and taking positive actions towards promoting and enhancing equallty of opportunity forall.

Creating Opportunity

We recognise the needs of every individual along with our commitment to enabling them to achieve their full potential.

Consulting widely

People affected by a policy or activity should be consulted and involved in the design of new policies, and in the review of existing ones.

Society as a whole should benefit

We intend that our policies and activities should benefit society as a whole, both locally and nationally, by fostering greater social cohesion, and greater participation.

DISABLED PERSONS

The charity will employ disabled persons when they are suitable fora particular vacancy and every effort is made to ensure that they are given full and fair consideration when such vacancies arise. There is a redeployment scheme in operation so that employees who have been injured or disabled during their period of employment can, where possible, continue in employment with the Charity.

During employment the charity seeks to work with employees, taking into account their personal circumstances, to ensure appropriate training, development and advancement opportunities area available to enable them to reach their full potential.

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Circadian Trust

Group Report of the Trustees for the Year Ended 31 March 2021

PUBLIC BENEFIT

The Trustees confirm that they have complied with the duties in public benefit requirement outlined in section 4 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit.

In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set. The objects for which the Charity is established are to undertake and promote for the benefit of the general public and in particular, but without limitation, the people who live and work in South Gloucestershire and its environs:

ACCESS AND COMMUNITY PROGRAMMES

Pricing

Our pricing strategy for customers without need for further support is firmly based in the value for money category. This is also underpinned by a range of payment methods including a “pay as you play” philosophy for most activities we provide.

Furthermore we offer comprehensive “concessionary” pricing offering discounts of up to 50% for those in need of special assistance related to age, health or socio economic circumstances. The majority of concessionary prices offer access to facilities and services at a cost of less than the cost of providing the service.

Our inclusive pricing policy also extends to local sports clubs who use our facilities with junior and disability sports clubs benefiting from concessionary prices for the facilities they hire from us.

Programming

We programme our facilities to meet the needs of a diverse community and make special efforts to offer programmes for customers who require access because of age, disability, sex or other needs. Examples of this include older people’s activities, junior programmes, disability access sessions and sex specific sessions where appropriate. However, this has significantly been affected in 2020-21 due to the Covid-19 restrictions.

Access and Inclusivity

We go the extra mile In making our facilities accessible to customers who are disabled. All of our changing facilities are developed to “changing places” standards; with hoists and equipment up to the standard of being able to deal with quadriplegic disability. All of our facilities have ramps and internal lifts making over 90% of our floor areas accessible to wheel chair users.

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Circadian Trust Group Report of the Trustees for the Year Ended 31 March 2021

We also offer carer partnership concessions so that customers requiring a carer to accompany them can participate at no cost to the carer.

We usually ensure that staff undertake access and inclusivity training, however this has had to be put on hold this year due to Covid-19 and will be reinstated for all new starters and staff requiring training in 2021-22.

We also work with groups such as Paul’s Place, Avon Autistic Group and South Gloucestershire Chinese Association all of which are beginning to return to the Centres following the removal of restrictions on 1gt July 2021.

Clubs and Groups

We usually provide a home to over 200 local sports clubs and community groups providing everything from Aikido to Water Polo and everything in between each week; we host training sessions and competitions up to national standard on their behalf. These are all voluntary organisations — just like us. Unfortunately, they have had nowhere to meet, practice or play for parts of this year due to the pandemic, Clubs have returned or are planning to following the lifting of Covid-19 restrictions. However, several clubs did not survive the pandemic.

GB Representative Athletes — we offer complimentary memberships given to local individuals representing Great Britain at various sport, most GB athletes receive no funding to pursue their success. 40 sportsmen or women including Gymnasts, Paralympians and Badminton players receive memberships whilst they represent their country to help them maintain their fitness. These athletes have also been restricted by Covid-19 but most have now returned to training.

Healthy Lifestyle Vianagement and Partnerships

The ‘Healthy Lifestyle on Referral’ (HLOR) project at our five Lifestyle Centres was created to help and support people with medical or long term conditions become more active has become a great success.

There are now referral pathways to all our 25 local GP surgeries, Sirona Care and Health, North Bristol Trust, Southmead and Cosham Hospital.

In 2019-20 giving a total of 1240 Referrals used our services which was an excellent achievement.

Our target within our Active Lifestyle Strategy is to engage with 2,500 referral clients per annum by 2021. Unfortunately, due to Covid-19 we have had to extend this target to year 2022-23 due to the fact that we have been unable to provide this service and therefore have not had any new clients in 2020-21.

Following the lifting of Covid restrictions we are now back to 100% of the level we were in 2019-20 with 301 new referrals in Q1 of 2021-22.

Sirona Care and Health

Sirona Care and Health is a local large not for profit health care provider commissioned to dellver a range of services by the NHS in the sub region. They relocated to Thornbury Active Lifestyle Centre in 2018 having previously been based at Thornbury Hospital and are seeing over a thousand clients a month. Both parties can confirm this partnership has been a real success.

The site and Sirona care are working together to offer options for Sirona patients to come into the gym, swimming pool etc. to continue strengthening and rehabilitation after their treatments.

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Circadian Trust

Group Report of the Trustees

for the Year Ended 31 March 2021

Other Access and Community Groups

There are a number of groups including Active in Life, Dementia Social Groups, Active Breathing, Reach, Impact Mentoring, Breakthrough Mentoring, Choices 4U, Osteoarthritis Exercise, Multiple Sclerosis/ Parkinson Disease Classes, and Post Natal Classes that have been unable to use our facilities this year due to Covid-19. It is planned to resume these classes following government and UK Active guidelines.

Aquatics Management As the major provider of public swimming facilities in the district, we continue to work in partnership with Swim England to deliver our Aquatics Strategy; which aims to:

Due to Covid-19 we have been restricted with regards to increasing particlpation. However, we have taken this opportunity to reprogram all 5 Centres swimming pools. This was following looking at the use of data from the previous year to better understand our target markets plus the fact that we had to reprogram the pools due to Covid-19 restrictions and social distancing.

Schools learn to swim and disability swim groups have been restricted this year but are all looking to re-engage in 2021-22 and have retuned either when guidelines allow, or when they were comfortable to do so.

Free Swimming to Pregnant Women

We started to offer free swimming to pregnant women during public swim sessions across all the 5 Active Lifestyle Centres. The 12-month pilot scheme began on 1* February 2020. This was suspended throughout 2020-21 financial year.

The scheme has been set up to help overcome the increasing prevalence of obesity and in particular the effects of obesity during pregnancy which increases the risk of adverse health outcomes to both mother and child. In addition, obesity during pregnancy Increases the risk of life-long health problems in children, including obesity, type 2 diabetes, and heart disease. This scheme restarted again on April 12™ with over 130 women enrolled in the first quarter of 2021-22.

Community Impact

Besides Health, Sports and Education our facilities managed and offered services to a wide range of community partners / organisations in 2019 — 20. These services have been severely restricted in 2020-21 due to Covid-19 but are planned to start again in 2021-22.

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Circadian Trust Group Report of the Trustees for the Year Ended 31 March 2024

Active Play (previously Play on Prescription) — Relaunched in September 2021.

U3A — U3A stands for University of the Third Age. Yate LC provides activities to this group who are formed of retired and semi-retired people. This restarted in September 2021.

ACHIEVEMENTS AND PERFORMANCE

The year saw significant disruption to our business due to Covid-19, we have worked very hard to remain solvent and keep the charity viable for the future and to this end we:

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Circadian Trust

Group Report of the Trustees

for the Year Ended 31 March 2021

These continue to develop and will enable the resumption of existing and creation of new services In Health and education to deepen our social impact delivery in future.

STRATEGIC REPORT

BUSINESS PERFORMANCE

Trustees and the Management Team (consisting of the Chief Executive and the5 Directors) regularly reviews performance of the Charity management on a monthly basis to ensure that the organisation is hitting key targets in relation to business performance and other factors.

Performance and results are usually scrutinised on a quarterly basis by Trustees. During the past year this has increased to a monthly basis due to the impact of Covid-19 on the Charity.

Coronavirus (Covid-19) and its impact

Business performance was decimated in 2020 - 21 due to the Covid-19 lockdowns and restrictions and the pandemic continues to affect the business performance with income expected to be at 75% of pre pandemic levels in 2021-22. The business reopened successfully in April with most activities re-commenced by July 21. A downsizing in staff (and customers) meant that some programmes were limited but the business hit its Q1 financial targets and is confident about being on track to increase monthly income to cover monthly costs in early 2022.

In previous annual reports, trustees and management have used a balanced scorecard as one of the tools to assess performance and this was regularly reviewed to take Into account strategies adopted. A traffic light system was used to show figures in red that are below target and not improving; in amber where figures are behind target but improving; and green where figures are beating target or has improved on previous year.

The scorecard takes a range of measures which are either related to our strategy or agreed business plan, and show that the Charity is on track. Due to the effect of Covid-19 and the fact that the business has been locked down for muchofthe year it was not possible to use this scorecard.

We intend to get back to a revised full format scorecard when we are clear that our services are properly measurable and unaffected by the pandemic.

The decision was made to focus on customer “physical activity” visits during the pandemic as this area was critical to ensuring we had a sustainable business moving forward. The visits can be related to the lockdown dates and phases stated previously in the report:

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Circadian Trust

Group Report of the Trustees for the Year Ended 31 March 2021

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||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |(partial)|||sna|Oct-20|||29|a|||21|Fa|at|Ps pares| |||Health and|572|211|97821|40508|5385|29207|3674;|0|Remy|735,605| |i|Fitness|‘|{|oS| |Lessons|nla|ta|24035|27468|3|3848|17344|3886|||0|||0|ees:|274,742| |*|Exercise|:|;|;|Tn|Se| |‘|Classes|1392|‘O42|14424|17485|-|4744|- 0|7 8|7”|0|0|cate|216,788| |}|Casual|||:|iad| |i|Swimming|||va|4679|.|12414|;|16721|;|3169|||9531|. 1283|0,|oO|Z CER|340,800| |‘Pool Hire:|nla|:|wa|:|4674|6512|.|938|4054|.|270|0|0|46,444|.| |;|Sports|Hall|47527320|G2|14573888471|254,874|«| |+|Commercial|:|:|{|Y ihene| |:|Facilites|nla|1608|5810;|8524|1055|||0°|0|!|0,|0|Rigeeey|796617| |[gece|cose haces|ieee|tea|ens|| asa|er|||ial) i|A|

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The main negatives that can be seen from these figures are the losses we have had in our attendances — the business has been decimated on 2020-21.

However, on the positive side, we can see that as soon as we have had a period that the Centres have been open then the members have started to come back to the Centres demonstrating that underlying demand remains,

In 2020-21 the real focus has been to keep the business sustainable. Operationally the focus was on ensuring customers and staff feel safe, which has been achieved by ensuring that we are following government and UK Active guidelines for Covid-19, Social Distancing measures being put in place (one way systems, screens reprogramming areas), vigilant cleaning and sanitisation by both staff and customers and wearing the relevant PPE (facemasks) where appropriate.

In 2021-22 we will be able to start refocussing on the previous Customer Performance Indicators, Social Impact indicators, and Business Performance indicators

Capital Investment

The company is committed when funds allow; to Invest in improvements to the facilities it manages, the equipment it provides for customers and staff; and the services it delivers across the business.

However, in 2020-21 due to the loss of income from Covid-19, Circadian Trust has not been in a position to invest capital into the business this year. We aim to budget for a capital investment programme in 2022-23, with investments being limited to essential Items only in 2021-22.

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Circadian Trust

Group Report of the Trustees for the Year Ended 31 March 2021

FINANCIAL REVIEW

Total income for the year dropped to £5.7m due to the leisure centres being closed during lockdowns due to Covid-19. The centres were closed for eight months and as a result trading income was over £7m lower than in 2019-20. The Company made significant expenditure savings through reducing staffing levels, the Furlough scheme and the support of suppliers who allowed payment holidays for many contracts.

Overall the Charity made a loss of £2.1m in its unrestricted funds with net current assets reducing by over 50%. Cash Balances had been high at the beginning of the pandemic due to an unpaid rent debt to the council. South Gloucestershire Council have supported the charlty by converting the debt to a long term liability thus ensuring the solvency of the charity. Cash Balances at the end of the year were at just over £1m.

After the FRS 102 adjustment to take account of the Pension Deficit the group showed a loss for the year of £3.5m. The Board are reviewing Pension arrangements as part of their long term strategy to meet the challenges of rising staff costs due to increases in the national minimum and living wages.

The Company intends to use its reserves and net current assets to support the business during 2021-22 and has budgeted to make a loss of £714k. This loss is attributable to the continuing restrictions to operation caused by the pandemic and recovering from this towards the end of the financial year. The Trustees expect the charity to start making monthly surpluses by the end of 2021-22 and make an annual surplus by 2022-23, returning to pre-pandemic surplus levels during the financial year 2023-24. Trustees continue to meet regularly to review finances and ensure the solvency of the Company.

Reserves Policy

The Trustees have reviewed the risks to the company and established a Reserves Policy to ensure that the Company has sufficient funds to guard against long term risk. In the short term reserves will continue to be used to cover the shortfall of income as a result of the Covid-19 Pandemic, in the longer term the Company will aim to rebuild free reserves of up to 3 months trading expenses.

The general reserve at the end of the year was £1.5m (before FRS102 pension adjustments). This year the FRS102 Pension Valuation showed a pension deficit of £7.5m. This is higher than our general reserves and Trustees continue to review the pension arrangements and ways to limit the costs of the scheme are being explored.

18

Circadian Trust

Group Report of the Trustees for the Year Ended 31 March 2021

PLANS FOR THE FUTURE

Short Term (2021-22)

Medium Term (2022-24)

To continue to work towards delivery of the mission, vision and longer term objectives agreed in the Strategic Plan for the period 2021-2024.

Bringing back as many subsidised social / community benefit services as soon as it is safe and affordable to do so.

Reintroducing a Capital Expenditure Programme to continue to invest in better facilities, equipment and services for our local communities as soon as we are able to do so.

Update our ICT network systems as our existing contractual arrangements end tn 2022.

Develop our teams so that we “grow our own” technically qualified and professional staff.

Working with partners and stakeholders to ensure that lessons and opportunities arising from the Covid-19 pandemic are applied locally. For example, the very important part that physical activity and fitness play in physical and mental resilience both preventing and reducing the severity of illness and improving mental health and wellbeing.

Long Term

To continually improve our range of services available to our customers and ensure they match demand including significant facility development (as our estate of facilities is ageing).

19

Circadian Trust

Group Report of the Trustees for the Year Ended 31 March 2021

To continue to develop and deliver activities which encourage all sections of the population to undertake healthy active lifestyles, being innovative in our approach and intervening for pubilc benefit where necessary to do so.

To ensure that our long term strategy is congruent with our stakeholders’ plans.

To develop the range of Business and Partnerships opportunities to improve the overall business performance of Circadian Trust.

STATEMENT OF TRUSTEES RESPONSIBILITIES

The trustees (who are also the directors of Circadian Trust for the purposes of company law) are responsible for preparing the Group Report ofthe Trustees and the financial statements in accordance with applicable law and Uniled Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland”.

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, Moore, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Group Report of the Trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 11November 2021 and signed on the board's behalf by:

P Boobier - Chairman

20

Report of the Independent Auditars to the Members of

Circadian Trust

Opinion

We have audited the financial statements of Circadian Trust {the group and the parent charity) for the year ended 31 March 2021 which comprise the consolidated Statement of Financial Activities, the consolidated Statement of Financial Position, the charity Statement of Financial Position, the consolidated 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 faw and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’,

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK}) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report, We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities In accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting In the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

21

Circadian Trust

Report of the Independent Auditors to the Members of

Other information

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of thls other information, we are required to report that fact. We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

in our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted In accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered matertal 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.

22

Report of the Independent Auditors to the Members of

Circadian Trust

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responstbillty for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK Financial Reporting Standards and UK taxation legislation.

We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations.

Based on this understanding, we designed specific appropriate audit procedures to identify instances of noncompliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for thif Jl oan n f e for the opinions we have formed. aniel Slocombe (Senior Statutory Auditor) for and on behalf of Moore Chartered Accountants and Statutory Auditor 30 Gay Street Bath BAI 2PA Date:eon.

23

Circadian Trust

Group Statement of Financial Activities for the Year Ended 31 March 2021

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |31.3.21|31.3,.20| |Unrestricted|Pension|Restricted|Totalfunds|Total funds| |funds|reserve|funds| |Notes|£|£|£|£|£| |INCOME AND| |ENDOWMENTS|FROM| |Donations|and|grants|2|917,546|-|2,482,249|3,399,795|-| |Charitable|activities|4| |Leisure|activities|2,200,165|-|-|2,200,165|11,398,835| |Generated|Funds| |Commercial Trading|141,117|-|-|141,117|1,456,573| |Investment|income|3|190|-|-|190|9,303| |Total|3,259,018|-|2,482,249|5,741,267|12,864,711| |EXPENDITURE|ON| |Generated|Funds|12| |Commercial Trading|87,774|-|-|87,774|590,866| |Charitable|activities|5| |Leisure|activities|5,336,981|181,000|2,546,747|8,064,728|12,073,683| |Total|5,424,755|181,000|3,320,350|8,152,502|12,664,549| |NET| |INCOME/({EXPENDITURE}|(2,165,737)|(181,000)|(64,498)|(2,411,235)|200,162| |Transfers|between|funds|18|-|-|-|-|-| |Other|recognised| |gains/(losses)| |Actuarial|gains/losses|on| |defined|benefit schemes|-|(1,125,000)|-|(1,125,000)|(491,000)| |Net movement|in|funds|(2,165,737)|{1,306,000}|(64,498)|(3,536,235)|(290,838)| |RECONCILIATION|OF|FUNDS| |Total funds|brought forward|3,667,305|(6,208,000)|452,903|(2,087,792)|(1,796,954)| |TOTAL|FUNDS CARRIED| |FORWARD|4,501,568|(7,514,000)|388,405|(5,624,027)|_ (2,087,792)|

----- End of picture text -----

CONTINUING OPERATIONS All income and expenditure has arisen from continuing activities.

24

Circadian Trust

Group Statement of Financial Position

At 31 March 2021

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |31.3.21|31.3.20| |Unrestricted|Pension|Restricted|Total|funds|Total|funds| |funds|reserve|funds| |Notes|£|£|£|£|£| |FIXED|ASSETS| |Intangible assets|13|1,107|-|-|1,107|22,594| |Tangible|assets|13a|1,668,132|-|388,405|2,056,537|2,573,156| |1,669,239|-|388,405|2,057,644|2,595,750| |CURRENT ASSETS| |Stocks|97,315|-|-|97,315|130,630| |Debtors|15|1,112,575|-|-|1,112,575|381,684| |Cash|in|hand|1,032,981|-|-|1,032,981|2,940,595| |2,242,871|-|-|2,242,871|3,452,909| |CREDITORS| |Amounts|falling|due|within| |one year|16|(961,375)|-|-|(961,375)|(818,451)| |NET CURRENT ASSETS|1,281,496|-|-|1,281,496|2,634,458| |TOTAL ASSETS|LESS| |CURRENT|LIABILITIES|2,950,735|-|388,405|3,339,140|5,230,208| |CREDITORS| |Amounts|falling|due|after| |more than|one year|16|=|{1,449,167}|-|-|(1,449,167}|{1,110,000}| |PENSION|LIABILITY|13|-|(7,514,000)|-|(7,514,000)|(6,208,000)| |NET ASSETS/{LIABILITIES)|1,501,568|{7,514,000}|388,405|(5,624,027)|(2,087,792)| |FUNDS|18| |Unrestricted|funds:| |General|fund|1,501,568|3,667,305| |Pension|reserve|(7,514,000)|(6,208,000)| |{6,012,432}|(2,540,695)| |Restricted|funds|388,405|452,903| |TOTAL FUNDS|(5,624,027)|(2,087,792)|

----- End of picture text -----

25

Circadian Trust

Statement of Financial Position - continued At 31 March 2021

The financial! statements were approved by the Board of Trustees on Mth Noo 202 signed on its behalf by:

and were

LLL Trustee 2. beobie-

26

Circadian Trust Ltd

Statement of Financial Position 31 March 2021

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |31.3.212|31.3.20| |Unrestricted|Pension|Restricted|Total|Total| |funds|reserve|funds|funds|funds| |as|restated| |Notes|£|£|£|£|£| |FIXED|ASSETS| |Intangible assets|13|1,107|-|-|1,107|22,594| |Tangible|assets|13a|1,617,674|-|388,405|2,006,079|2,500,537| |Investments|14|1|-|-|1|1| |1,618,782|-|388,405|2,007,187|2,523,132| |CURRENT ASSETS| |Stocks|57,605|-|-|57,605|71,628| |Debtors|15|1,262,007|-|-|1,262,007|933,567| |Cash|in|hand|940,026|-|-|940,026|2,445,149| |2,259,638|-|-|2,259,638|3,450,344| |CREDITORS| |Amounts|falling|due within| |one year|16|(951,223)|-|-|(951,223}|(782,183}| |NET CURRENT ASSETS|1,308,415|-|-|1,308,415|2,668,161| |TOTAL ASSETS|LESS| |CURRENT|LIABILITIES|2,927,197|-|388,405|3,315,602|§,191,293| |CREDITORS| |Amounts|falling|due|after| |more than|one year|16|(1,449,167)|-|-|(1,449,167)|(1,110,000)| |PENSION|LIABILITY|19|-|(7,514,000)|-|(7,514,000)|(6,208,000)| |NET ASSETS/|(LIABILITIES)|1,478,030|(7,514,000)|388,405|(5,647,565)|(2,126,707)|

----- End of picture text -----

27

Circadian Trust Ltd

Statement of Financial Position - continued 33 March 2021

----- Start of picture text -----
||||| |---|---|---|---| |FUNDS|18| |Unrestricted|funds:| |General|fund|1,478,030|3,628,390| |Pension|reserve|(7,514,000)|(6,208,000)| |(6,035,970)|(2,579,610)| |Restricted|funds|388,405|452,903| |TOTAL FUNDS|{5,647,565}|(2,126,707)|

----- End of picture text -----

)

Thevamdhth‘nangN22,statements 2% wereand wereapproved signed onby itsthe behalfBoard by: of Trustees -and authorised for issue on

Trustee Pe. Bel: ar

28

Circadian Trust

Statement ofCash Flows
forthe YearEnded 31 March 2021
31.3.21 313.20
Notes £ £
Cash flowsfrom operating activities:
Cashgeneratedfromoperations 21 (1,901,271) 601,037
Netcash provided byoperating activities
(1,901,271) 601,037
Cashflowsfrom investing activities:
Purchase ofintangibleandtangiblefixed (6,533) (444,431)
assets
Saleofintangibleandtangible fixed assets - 453
Interest received 190 9,303
Netcash used in investing activities
(6,343) (434,675)
Change in cash and cash equivalents inthe
reporting period (1,907,614) 166,362
Cash andcash equivalents atthe beginning of
the reportingperiod 2,940,595 2,774,233
Cash andcash equivalents atthe end ofthe
reportingperiod 1,032,981 2,940,595

29

Circadian Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

  1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charltable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of treland (FRS 102) (effective 1 January 2015)’, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 and where applicable Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value.

Under FRS 102, the deficit on the Charity's pension scheme has been included In the Financial Statements and the Charity's funds have therefore been reduced by the pension deficit. The Trustees are satisfied that the Charity will be able to meet all of its obligations as and when they fall due.

Having taken into consideration the level of employer contributions required to find the defined benefit obligation for the foreseeable future, the Trustees consider that contributions do not compromise the Charity's ability to operate. Accordingly, the Trustees have concluded that it remains appropriate to prepare the accounts on the basis that the Charity is a going concern.

Group Financial Statements

The financial statements consolidate the results of the charity and its wholly owned subsidiary Sphere Ltd on a line-by-line basis. A separate Statement of Financial Activities and Income and Expenditure Account for the charity have not been presented because the Trust has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

Income

All income Is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received, and the amount can be measured reliably.

income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, It is probable that the income will be recelved, and the amount can be measured reliably and is not deferred.

Membership income is deferred over the life of the membership period. Swimming lessons are deferred over the course duration.

Expenditure

Liabilities are recognised as expenditure as soon as there Is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category, Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

30

Circadian Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

  1. ACCOUNTING POLICIES - continued

Tangible fixed assets

Intangible and tangible fixed assets costing more than £1,000 are capitalised and included at cost Including any incidental expenses of acquisition. Amortisation and depreciation Is provided at the following annual rates in order to write off each asset over Its estimated useful life. Improvements to property - 10% on cost Fixtures and fittings - 10% on cost Sports equipment - 20% on cost Computer equipment ~ 33% on cost Computer Software (intangible) - 33% on cost

Stocks Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving Items.

Critical Accounting Estimates

The only significant accounting estimates are the deprecation policy and the defined benefit pension scheme. The details of which are expressed in the notes to the financial statements below.

Fund accounting

Unrestricted funds are available for use at the discretion of the Trustees, in furtherance of the general objectives of the Charity. Restricted funds are subject to specific restrictive conditions imposed by donors. The purpose and use of each restricted fund are set out in the notes to the financial statements. When the conditions attached to the donation have been met, a transfer is made to Unrestricted Income Funds. All income and expenditure is shown in the Statement of Financial Activities.

Pension costs and other post-retirement benefits

The Charity operates a local government pension scheme providing benefits based on final pensionable pay. The trust also operates a defined contribution scheme for auto enrolment purposes.

The Avon Pension Fund is a multi-employer defined benefit scheme administered for the benefit of Loca! Authorities and other bodies and is managed in accordance with the Local Government Pension Scheme Regulations 1997 (as amended}. Past and present employees are covered by the provisions of the County Pension Scheme.

For defined benefit retirement benefit plans, the cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial valuations being carried out at each reporting date. Actuarial gains and losses arising from experience adjustments and changes in assumptions are recognised Immediately in other comprehensive income. All costs related to the defined benefit plan are recognised in the income statement within employee benefit costs.

The retirement benefit obligation recognised in the statement of financial position represents the present value of the defined benefit obligation as reduced by the fair value of plan assets. Any asset resulting from this calculation is limited to the present value of available refunds and reductions in future contributions to the plan.

31

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

Circadian Trust

  1. ACCOUNTING POLICIES - continued

Operating leases

The charity classifies the lease of printing, service agreements and gym equipment as operating leases; the title to the equipment remains with the lessor and the equipment is replaced every 5 years whilst the economic life of such equipment is normally 10 years. Longer operating lease agreements of 15 years are in place for CHP equipment which is standard for this type of equipment.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Going concern

During the period under review and continuing to the date that the Financial Statements were approved, the Covid-19 outbreak has caused and continues to cause extensive disruptions to the charitable group as well as to businesses and economic activities globally.

The trustees have considered the financial resources and commitments of the charity, particularly in light of the Covid-19 pandemic and have concluded that they have sufficient resources to meet liabilities as they fall due for a period of at least 12 months from the date of signing these financial statements. The trustees’ therefore consider it appropriate to prepare the financial statements on the going concern basis.

In arriving at this conclusion, the trustees’ have considered a number of factors including the regularly updated forecasts for cashflow and profits, the financial facilities currently available to the charity and the agreed deferral of rent payments by the council as well as the potential removal of government funding support in the future.

Legal status of the Trust

The Trust is a company limited by guarantee and incorporated in the UK. It has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

The Registered office is:

Bradley Stoke Leisure Centre Bradley Stoke Bristol South Gloucestershire BS32 9BS

32

Circadian Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

2. DONATIONS AND LEGACIES

----- Start of picture text -----
|||| |---|---|---| |31.3.21|31.3.20| |E|£| |Donations|143,943| |Grants|3,255,852|-| |3,399,795|-|

----- End of picture text -----

During the year when the leisure centres were unable to open, some customers chose to continue to support the charity by gifting their monthly membership fees to Circadian Trust as donations.

Grants received, included in the above, are as follows:

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |31.3.21|31.3.20| |£|£| |Government|Covid|Job|Retention|Scheme|2,482,249|-| |South|Gloucestershire|Council|121,070| |National|Leisure|Recovery|Fund|650,000| |Other|grants|2,533| |3,255,852|-|

----- End of picture text -----

3. INVESTMENT INCOME

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |31.3.21|31.3.20| |£|£| |Deposit|account|interest|190|9,303| |190|9,303| |INCOME|FROM|CHARITABLE|ACTIVITIES| |31.3.21|31.3.20| |Activity|£|£| |Leisure|income|Leisure|activities|2,200,165|11,398,835|

----- End of picture text -----

  1. INCOME FROM CHARITABLE ACTIVITIES

33

Circadian Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

5. CHARITABLE ACTIVITIES COSTS

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Support| |Direct|costs|costs|Totals| |(See|note|6)| |£|£|£| |Leisure|activities|— 31.03.21|5,767,374|2,297,354|8,064,728| |Leisure|activities|— 31.03.20|8,485,860|3,587,823|12,073,683| |SUPPORT|COSTS| |Information|Central|Governance| |Management|technology|Support|costs|Totals| |Costs| |£|£|£|£|£| |Leisure|activities —|2021|1,193,041|666,338|299,975|138,000|2,297,354| |Leisure|activities —|2020|1,835,792|998,416|609,015|144,600|3,587,823|

----- End of picture text -----

6. SUPPORT COSTS

7. NET INCOME/{EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

----- Start of picture text -----
|||||| |---|---|---|---|---| |31.3.21|31.3.20| |£|£| |Auditors'|remuneration|11,425|11,425| |Depreciation|and|amortisation|544,639|568,590| |Rental|costs|370,000|370,000|

----- End of picture text -----

8. TRUSTEES' REMUNERATION AND BENEFITS

There was no trustee remuneration paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.

Trustees’ expenses

There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.

34

Circadian Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

9. STAFF COSTS

31.3.21 31.3.20
£ £
Wages and salaries 4,311,673 5,968,858
Social security costs 206,420 260,241
Other pension costs 313,949 455,056
4,832,042 6,684,155

Included within wages, salaries and pension costs is £102,124 in redundancy costs.

The average monthly number of employees during the year was as follows:

31.3.21 31.3.20
Number of leisure staff 164 235
Number ofmarketing marketing staff 1 2
Number ofsupport support staff 28 35
193 272

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

31.3.21 31.3.20
£60,000 - £69,999 - -
£80,000 - £89,999 1 1
1 1

Key Management Personnel

The aggregated earnings and benefits of the key management personnel was £288,243 (2020 - £291,999).

35

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

Circadian Trust

  1. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
31.3.20
Unrestricted Pension Restricted Total funds
funds reserve funds
£ £ £ £
INCOMEAND
ENDOWMENTS FROM
Donations and legacies - - - -
INCOME AND
ENDOWMENTS FROM
Charitable activities
Leisure activities 11,398,835 - - 11,398,835
Generated Funds
Commercial Trading 1,456,573 - - 1,456,573
Investment income 9,303 - - 9,303
Total Income 12,864,711 - - 12,864,711
EXPENDITURE ON
Generated Funds
Commercial Trading 590,866 - - 590,866
Charitable activities
Leisure activities 11,723,185 286,000 64,498 12,073,683
Total Expenditure 12,314,051 286,000 64,498 12,664,549
NET
INCOME/(EXPENDITURE) 550,660 (286,000) (64,498) 200,162
Other recognised
gains/(losses)
Actuarial gains/losses on
defined benefit schemes - (491,000) - (491,000)
Netmovement in funds 550,660 (777,000) (64,498) (290,838)
RECONCILIATION OF FUNDS
Tota! funds brought forward 3,116,645 (5,431,000) 517,401 (1,796,954)
TOTAL FUNDS CARRIED
FORWARD 3,667,305 (6,208,000) 452,903 (2,087,792)

36

Circadian Trust

Notes to the Financial Statements - continued

for the Year Ended 31 March 2024

11. FINANCIAL PERFORMANCE OF THE CHARITY

The consolidated statement of financial activities includes the results of the charity’s wholly owned subsidiary, Sphere Leisure, which operates the Cafe and bar facilities as well as the retail and lease income.

The summary financial performance ofthe charity alone is:

31.3.21 31.3.20
Total funds Total funds
as restated
£ £
INCOME 5,624,589 12,119,961
Investment incomefrom subsidiarycompany 44,281 218,960
Total 5,668,870 12,338,921
EXPENDITURE 8,064,728 12,344,833
NETINCOME/(EXPENDITURE) (2,395,858) 194,088
Other recognised gains/ (losses)
Actuarial gains/losses on defined benefit
schemes (1,125,000) (491,000)
NetMovement in funds (3,520,858) (296,912)
Total funds brought forward
As previously reported (2,100,709) (1,812,493)
Prioryearadjustment (25,998) (17,302)
(2,126,707) (1,829,795)
TOTAL FUNDS CARRIED
FORWARD (5,647,565) (2,126,707)

37

Circadian Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

12. INCOME EARNED FROM OTHER TRADING ACTIVITES

The wholly owned trading subsidiary Sphere Leisure Limited is incorporated in the United Kingdom (company number 05449293) and pays profits up to its taxable threshold to the charity through dividends. Sphere Leisure Limited operates the cafes and all other commercial trading operations on behalf of the Trust. A summary of the trading results is shown below.

The summary financial performance of the subsidiary alone is:

31,.3.21 31.3.20
As restated
£ E
TURNOVER 141,117 1,501,725
Cost ofsales (71,142) (937,673)
Administrative expenses (41,261) (348,321)
Interest receivable and similar income 190 559
PROFITON ORDINARYACTIVITIES BEFORETAXATION 28,904 216,290
PROFIT FORTHE FINANCIALYEAR 28,904 216,290
31.3.21 31.3.20
As restated
£ £
FIXEDASSETS 50,458 72,619
CURRENTASSETS 141,720 585,656
CURRENT LIABILITIES (168,639) (619,359)
TOTAL NETASSETS 23,539 38,916
CAPITALAND RESERVES
Called up share capital 1 1
Retained earnings 23,538 38,915
SHAREHOLDERS’FUNDS 23,539 38,916

On 23rd July 2018 a deed of memorandum was signed stating the company wishes to make covenanted donations of its annual profits to its parent Circadian Trust.

The dividend in respect of the 20/21 year is £44,281 (19/20 £210,216).

38

Circadian Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

12. INCOME EARNED FROM OTHER TRADING ACTIVITES (Cont.)

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 April 2019 1 15,539 15,540
Prioryear adjustment - 17,302 17,302
As restated 1 32,841 32,842
Total comprehensive income - 190,292 190,292
Dividends - (210,216) (210,216)
Balance at 31 March 2020 1 12,917 12,918
Prioryear adjustment 25,998 25,998
Total comprehensive income - 28,904 28,904
Dividends - (44,281) (44,281)
Balance at31 March 2021 1 23,538 25,539
13. INTANGIBLE FIXED ASSETS
Computer
Groupand and Charity software
£
COST
At 1 April 2020 64,498
Additions -
At 31 March 2021 64,498
AMORTISATION
At 1 April 2020 41,904
Charge foryear 21,487
At 31 March 2021 63,391
NET BOOKVALUE
At 31 March 2021 1,107
At 31 March 2020 22,594
39

Circadian Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

13a. TANGIBLE FIXEDASSETS
i} Group
Improvements Fixtures and Computer
to property fittings equipment
£ £ f£ £
COST
At 1 April 2020 1,848,027 3,375,677 497,674 5,721,378
Additions . 6,533 - 6,533
At 31 March 2021 1,848,027 3,382,210 497,674 5,727,911
DEPRECIATION
At 1 April 2020 985,821 1,694,036 468,365 3,148,222
Charge foryear 216,126 289,667 17,3593 523,152
At 31 March 2021 1,201,947 1,983,703 485,724 3,671,374
NET BOOKVALUE
At 31 March 2021 646,080 1,398,507 11,950 2,056,537
At 31 March 2020 862,206 1,681,641 29,309 2,573,156
Improvements Fixtures&
ii) Charity to fittings Computer
property equipment Totals
as restated
COST £ £ £ £
At 1 April 2020 1,848,027 3,039,552 497,674 5,385,253
Additions - 6,533 - 6,533
At 31 March 2021 1,848,027 3,046,085 497,674 5,391,786
DEPRECIATION
At 1 April 2020 985,821 1,430,530 468,365 2,884,716
Charge foryear 216,126 267,506 17,359 500,991
At 31 March 2021 1,201,947 1,698,036 485,724 3,385,707
NETBOOKVALUE
At31 March 2021 646,080 1,348,049 11,950 2,006,079
At31March2020 862,206 1,609,022 29,309 2,500,537

40

Circadian Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

14. FIXED ASSET INVESTMENTS Charity

Charity
Shares in
group
undertakings
£
MARKETVALUE
At 1 April 2019 and 31 March 2021 1
NET BOOKVALUE
At 31 March 2021 1
At31March2020 1

There were no investment assets outside the UK.

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Charity

31.3.21 31.3.20 31.3.21 31.3.20
As restated
£ £ £ £
Trade debtors 872,461 76,946 863,406 52,020
Amounts owed by group - - 158,487 583,091
Other debtors - 6,282 - -
Prepayments 240,114 298,456 240,114 298,456
1,112,575 381,684 1,262,007 933,567

41

Circadian Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

  1. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group Charity Charity
31.3.21 31.3.20 31.3.21 31.3.20
£ £ £ £
Trade creditors 250,614 129,140 249,818 102,419
Amounts owed bygroup - - - -
Social security and othertaxes 60,136 109,698 57,108 109,968
Other creditors 38,749 49,865 32,421 40,318
Accruals and deferred income 611,876 529,478 611,876 529,478
961,375 818,451 951,223 782,183

CREDITORS: AMOUNTS FALLING DUE GREATER THAN ONE YEAR

31.3.21 31.3.20
£ £
Accruals and deferred income 1,449,167 1,110,000

The amount above reflects 4 years rent accrual owed to South Gloucestershire Council. Due to Covid and the ongoing lease discussions, agreement has been made to withhold the demand for payment until at least 31 March 2022. At this point the annual charge of £370,000 will begin to be repaid and the built up arrears will be spread as per the agreement over a 9 year period.

  1. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Group and Charity 31,3.21 31.3.20
£ £
Within oneyear 659,844 551,896
Between one and five years 1,252,498 1,507,302
In morethan five years 332,932 439,644
2,245,273 2,498,842

42

Circadian Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

18. MOVEMENT IN FUNDS
Group Net Transfers
movement in between
At 1.4.20 funds funds At 31.3.21
£ £ £ £
Unrestricted funds
General fund 3,667,305 {2,165,737) - 1,501,568
Pension reserve (6,208,000) (1,306,000) - (7,514,000)
(2,540,695) (3,471,737) - (6,012,432)
Restricted funds
ESCGrant 452,903 (64,498) - 388,405
TOTALFUNDS (2,087,792) (3,536,235) - (5,624,027)
Net movement in funds, included inthe above are as follows:
Incoming Resources Gainsand Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 3,259,018 (5,424,755) - (2,165,737)
Pension reserve - {181,000} (1,125,000) (1,306,000)
3,259,018 (5,605,755) (1,125,000) (3,471,737)
Restricted funds
ESCGrant - (64,498) - (64,498)
Government Covid Job Retention
Scheme 2,482,249 (2,482,249) - -
2,482,249 (2,546,747) - (64,498)
TOTALFUNDS 5,741,267 (8,152,502) (1,125,000) (3,536,235)

ESC Grant fund

The Esc Grant is a restricted fund from the English sports council to provide energy saving efficiencies, through the use of harvesting rainwater and the recollection of heat to generate electricity and heat for the client.

43

Circadian Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

18. MOVEMENT IN FUNDS ({Cont.)

Charity

----- Start of picture text -----
|||||| |---|---|---|---|---| |Net| |movement|At| |At|1.4.20|in|funds|31.3.21| |As|restated| |£|£|£| |Unrestricted|funds| |General|fund|3,628,390|(2,150,360)|1,478,030| |Pension|reserve|(6,208,000)|(1,306,000)|(7,514,000)| |(2,579,610)|(3,456,360)|(6,035,970)| |Restricted|funds| |ESC Grant|452,903|(64,498)|388,405| |TOTAL FUNDS|(2,126,707)|(3,520,858)|(5,647,565)|

----- End of picture text -----

Net movement in funds, included in the above are as follows:

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Incoming|Resources|Gainsand|Movement| |resources|expended|losses|in|funds| |£|£|£|£| |Unrestricted|funds| |General|fund|3,186,621|(5,336,981)|-|(2,150,360)| |Pension|reserve|-|(181,000)|(1,125,000)|(1,306,000)| |3,186,621|(5,517,981)|(1,125,000)|(3,456,360)| |Restricted|funds| |ESC|Grant|-|(64,498)|-|(64,498)| |Government|Covid|Job|Retention| |Scheme|2,482,249|(2,482,249)|-|-| |2,482,249|(2,546,747)|-|(64,498)| |TOTAL FUNDS|5,668,870|(8,064,728)|(1,125,000)|(3,520,858)|

----- End of picture text -----

44

Circadian Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |18.|MOVEMENT|IN|FUNDS|(Cont.)| |Comparative|movement|in|Funds| |Group|Net|Transfers| |movement|in|between| |At|1.4.19|funds|funds|At|31.3.20| |£|£|£|£| |Unrestricted|funds| |General|fund|3,116,645|550,660|-|3,667,305| |Pension|reserve|(5,431,000)|(777,000}|-|(6,208,000)| |(2,314,355)|(226,340)|-|(2,540,695)| |Restricted|funds| |ESC Grant|517,401|(64,498)|-|452,903| |TOTAL FUNDS|(1,796,954)|(290,838)|-|(2,087,792)| |Net|movement|in|funds,|included|in|the|above|are|as follows:| |Incoming|Resources|Gainsand|Movement| |resources|expended|losses|in|funds| |£|£|£|£| |Unrestricted|funds| |General|fund|12,864,711|(12,314,051)|-|550,660| |Pension|reserve|-|(286,000)|(491,000)|(777,000)| |12,864,711|(12,600,051)|(491,000)|(226,340)| |Restricted|funds| |ESC Grant|-|(64,498)|-|(64,498)| |TOTAL FUNDS|12,864,711|(12,664,549)|(491,000)|(290,838)|

----- End of picture text -----

45

Circadian Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

  1. MOVEMENT IN FUNDS (Cont.) Comparative movement in Funds Charity

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Net|Transfers| |movement|in|between| |At|1.4.19|funds|funds|At|31.3.20| |As|restated| |£|£|£|£| |Unrestricted|funds| |General|fund|3,083,804|544,586|-|3,628,390| |Pension|reserve|(5,431,000}|(777,000)|-|(6,208,000)| |{2,347,196}|(232,414)|-|(2,579,610)| |Restricted|funds| |ESC|Grant|517,401|(64,498)|-|452,903| |TOTAL FUNDS|(1,829,795)|(296,912)|-|(2,126,707)|

----- End of picture text -----

Net movement in funds, included in the above are as follows:

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Incoming|Resources|Gains|and|Movement| |resources|expended|losses|in|funds| |£|£|£|£| |Unrestricted|funds| |General|fund|12,338,921|(11,794,335)|-|544,586| |Pension|reserve|-|(286,000)|(491,000)|(777,000)| |12,338,921|(12,080,335)|(491,000)|(232,414)| |Restricted|funds| |ESC Grant|-|(64,498)|-|(64,498}| |TOTAL FUNDS|12,338,921|(12,144,833)|(491,000)|(296,912)|

----- End of picture text -----

46

Circadian Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

19. EMPLOYEE BENEFIT OBLIGATIONS

The Charity is an admitted body to the Avon Pension Fund, a defined benefit pension scheme for ail permanent employees.

Contributions to the scheme are based on pension costs determined by independent qualified actuaries and are charged to the income and expenditure account so as to spread the cost of pensions over members’ working lives.

In accordance with actuarial advice to the trustees of the scheme, pension contributions were set at 21.2% from April 2020.

Each year end the administrators undertake an actuarial valuation of the scheme according to the provisions of Financial Reporting Standard (FRS) 102: Retirement Benefits.

The FRS102 valuation was carried out by the actuaries of the fund, Mercer Human Resource Consulting Ltd, as at 31 March 2021.

South Gloucestershire Council has given a legal undertaking indemnifying the Charity in respect of the pension contributions in so far as and to the extent that these may affect pension benefits accrued before 4 November 2005, the transfer date of the leisure services from South Gloucestershire Council to the Charity.

At 1 November 2005 the pension liability for which the Council has indemnified the Charity amounted to £911,000. As this indemnity represents a contingent asset it has not been reflected in within the financial statements.

The amounts recognised in the balance sheet are as follows:

Defined benefit pension Defined benefit pension
plans
31.3.21 31.3.20
£ £
Presentvalue offunded obligations (19,974,000) (16,571,000)
Fairvalue of plan assets 12,460,000 10,363,000
Liability (7,514,000) (6,208,000)

47

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

Circadian Trust Ltd

19. EMPLOYEE BENEFIT OBLIGATIONS - continued

The amounts recognised in the statement of financial activities are as follows:

Defined benefit pension
plans
31.3.21 31.3.20
£ £
Current service cost 377,000 456,000
Net interestfrom net defined benefit asset/liability 138,000 133,000
Admin Expenses 7,000 8,000
Curtailments - 106,000
Less Employer Contributions (341,000) (443,000)
Past Service Costs - 26,000
181,000 286,000
Actual return on plan assets (1,818,000) (699,000)
Changes in the present value ofthe defined benefit obligation are asfollows:
Defined benefit pension
plans
31.3.21 31.3.20
£ £
Defined benefit obligation b/f 16,571,000 16,320,000
Current service cost 377,000 456,000
Contributions byscheme participants 77,000 98,000
Interest cost 380,000 408,000
Benefits paid (131,000) (200,000)
PastService Costs - 26,000
Curtailments - 106,000
Remeasurement on Experience (gain)/ loss (279,000) (221,000)
Remeasurement on assumptions (gain} / loss - (422,000)
Actuarial losses/(gains) 2,979,000 -
Definedbenefitobligationc/f 19,974,000 16,571,000

Changes in the present value of the defined benefit obligation are as follows:

48

Circadian Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

19. EMPLOYEE BENEFIT OBLIGATIONS - continued

Changes in the fair value of scheme assets are as follows:

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Defined|benefit|pension| |plans| |31,3.21|31.3.20| |£|£| |Fair value|of scheme|assets|b/f|10,363,000|10,889,000| |Interest|on|plan|assets|242,000|275,000| |Contributions|by|employer|341,000|443,000| |Contributions|by scheme|participants|77,000|98,000| |Administration|Expenses|(7,000}|(8,000)| |Benefits|paid|(131,000)|(200,000)| |Remeasurement|on|plan|assets|(excluding|interest|income)|1,575,000|(1,134,000)| |Fair value|of scheme|assets|c/f|12,460,000|10,363,000|

----- End of picture text -----

The amounts recognised in other recognised gains and losses are as follows:

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Defined|benefit|pension| |plans| |31,3.21|31.3.20| |£|£| |Remeasurement|on|liability|assumptions|(2,700,000)|643,000| |Remeasurement|on|plan|assets|(excluding|interest|income)|1,575,000|(1,134,000)| |(1,125,000)|(491,000)|

----- End of picture text -----

Page 49

Circadian Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

19. EMPLOYEE BENEFIT OBLIGATIONS - continued

The major categories of scheme assets as amounts of total scheme assets are as follows:

----- Start of picture text -----
|||||| |---|---|---|---|---| |Defined|benefit|pension| |plans| |31.3,.21|31.3.20| |£|£| |Equities|4,673,000|4,508,000| |Bonds|-|Government|1,757,000|580,000| |Bonds|-|Other|1,059,000|943,000| |Cash|361,000|228,000| |Property|897,000|1,026,000| |Other|3,713,000|3,078,000| |12,460,000|10,363,000|

----- End of picture text -----

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages)

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |31.3.21|31.3.20| |Inflation|2.7%|2.1%| |Rate|of increase|in|pensions|2.8%|2.2%| |Discount|rate|of|liabilities|2.2%|2.3%| |Rate|of increase|in|salaries|1.7%|1.1%|

----- End of picture text -----

20. RELATED PARTY DISCLOSURES

The charity has a close relationship with South Gloucestershire Council, who provide funding and support services to enable the charity to carry out its financial objectives and have nominated trustees on the board.

The following related party transactions occurred during the year ended:

2021

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Debtor|(£|Creditor|(£| |South|Gloucestershire|Council|99,131|1,003|2,880| |2020| |Debtor|(£,|Creditor|(£| |South Gloucestershire|Council|||316,714|97,756|16,024|

----- End of picture text -----

Page 50

Circadian Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

21. RECONCILIATION OF NET INCOME/(EXPENDITURE} TO NET CASH FLOW FROM OPERATING ACTIVITIES

ACTIVITIES
31.3.21 31.3.20
£ £
Net income/(expenditure) forthe reporting period (as perthe
statementoffinancial activities) {2,411,235} 200,162
Adjustments for:
Depreciation and amortisation charges 544,639 568,590
Interest received (190) (9,303)
Decrease/(Increase) in stocks 33,315 (11,639)
Decrease/(Increase) in debtors {730,891} (67,608)
Increase/(Decrease) in creditors 482,091 (365,165)
Difference between pension charge and cash contributions 181,000 286,000
Net cash used in operating activities (1,901,271) 601,037
22. ANALYSIS OF CHANGES IN NET FUNDS
At 1.4.20 Cash flow At 31.3.21
£ £ E
Net cash
Cash at bank and in hand 2,940,595 (1,907,614) 1,032,981
Total 2,940,595 (1,907,614) 1,032,981

23. PRIOR YEAR ADJUSTMENT

The prior year adjustment relates to the reallocation of assets owned by the parent company, Circadian Trust, that were incorrectly classified as additions of Sphere Leisure Limited. This does not impact the consolidated figures and is immaterial to the charity.

Page 51