2024-03-31-accounts

REGISTERED COMPANY NUMBER: 05384234 REGISTERED CHARITY NUMBER: 1111467 Grou ort of the Trustees and Audited Financial Statements for the Year Ended 31 March 2024 for Circadian Trust

Circadian Trust Contents of the Consolidated Financial Statements for the Year Ended 31 March 2024 Page Reference Information 3to5 Report of the Trustees 6t017 Strategic Report 18to22 Report of the Independent Auditors 23to25 Consolidated Statement of Financial Activities 26 Consolidated Statement of Financial Position 27to28 Charity Statement of Financial Position 29to30 Consolidated Statement of Cash Flows 31 Notes to the Financial Statements 32to53

Circadian Trust Grou Re ort of the Trustees for the Year Ended 31 March 2024 REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 05384234 Registered Charity number 1111467 Registered office Bradley Stoke Leisure Centre Bradley Stoke Bristol South GIoLtcestershire 8S32 9BS Auditors Sumer Auditco Limited Chartered Accountants and Statutory Auditor 30 Gay Street, Bath, BAI 2PA

Circadian Trust Grou Re ort Df the Trustees for the Year Ended 31 March 2024 REFERENCE AND ADMINISTRATIVE DETAILS Trustees servlng in the reported period Name Derek Segger Biography Derek lives in Chepstow and worked in the aerospace industry in Filton, South Gloucestershire. He is a regular visitor to Circadian Trust facilities. Retired September 2023. Anthony Davis Tony is 3 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 th run a martial arts club at Yate Lifestyle Centre. Retired 11 May 2023. Neil McKen Neil is a management consultant and part-time lecturer. He has been involved in ommunity activities for a number of years and is a regular user of Circadian Trust Lifestyle Centre5. Peter Tuodolo Peter lives in Thornbury and works for Essilor Ltd. one of the biggest lens and optlcal manufacturers in the world. He is also an SRA level 2 club coach in squash and a UEFA B License football coach and currently manages Thornbury Under 16's team. 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 15 committed to working with local groups to benefit the local community and regularly volunteers as a Move Maker at Southmead Hospital. Juniorsheikh Junior is CEO and co-founder of the prestiglous MTM Awards, which celebrates the excellence and achievements of small. medium businesses and grass root communities, and has become the South West's premier Asian, Black & Ethnic Communities event. 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. James Griffiths James is a South Gloucestershire District Councillor and a commerclal manager. with a focu5 in the health sector, with two degrees in Sports Science and Cardio Physiology and experience working in the NH5 and private health care sector, local government and th health & fitne55. Retired 11 May 2023. Peter Viney Peter is an Associate member of Chartered Institute of Profe55i0nal Development with a passion for Human Resource Management. With 21 year5 of retail management experience. Peter joined as a Trustee in 2021 to help shape and grow the facilitie5 and Customer experience to match the need5 ofthe communities they serve. Peter ha5 been a regular customer for many years. using the facilities at Longwell Green and Yate,

Circadian Trust ort of the Trustee5 for the Year Ended 31 March 2024 REFERENCE AND ADMINISTRATIVE DETAILS Trustees (Continued) Name Chris Clarke Biography Chris is an experienced Marketing Manager and is based in South Gloucestershire and is an avid runner, cyclist and swimmer having completed a series of sponsored events. Chris uses Circadian facilities to train for his events. James Iles James is a HR Director within the Telecoms sector majoring in Learning & Development with a strong focus on Customer Experience and Sale5. Having seen his children benefit through active participation in sport land learning to swim via the Trust5 swimming school) James is keen to support the Trust's Social Value charitable aims and objectives within the local community. He is a regular user of Circadian Trust's Longwell Green facilitie5. Nalin Parmar Chartered engineer and qualified accountant with extensive experience in railway infrastructure asset management and the industry regulatory model, gained in British Railways 11979 and 20101 and self- employed consultancy (from 2010 to datel combining engineering. finance, economic regulation and funding. Business Advisor to Group Finance Director of Network Rail12005 to 2010}. Trustee member to Sirona Care and Health Group C.l.C and Treasurer Director of Bristol and Gloucester Gliding Club Ltd. Educated at Imperial College with interests in power flying, Elidlng, badminton, swimming and reading. Valerie Lee Valerie brings extensNe commercial experience from a career in a variety of functions in leading UK retail and consumer companies. Valerie studied Economics at Warwick University and hold5 a Post Graduate Diploma. Valerie ha5 3 deep understanding of consumer marketing, as well as experience in strategic development, business transformation and property management. In addition to her role as Chair at Circadian Trust she works with a number of other organisations that strive to improve the health and well-being of local communities across the South West. Stacey Mead Stacey is a Chartered Fellow of the CIPD and a Director of HR Dept. Bristol and HR Dept. Group Trust. Stacey hasover 20 years of experience in HR which spans a range of sectors including public, private and charitable. working with organisations of all shapes and size5. Andrew Parks Andrew 15 Head of Global Consulting at Mayo Clinic and prior to this worked as a management consultant in a range of sectors. He has Bsc in Economics and International Politics and an MBA from Wa rwick Business School. Andrew lives locally and is a keen Triathlete using Circadian facilities at Yate and Bradley Stoke. Simon Johnson Simon is a Liberal Democrat Councillor and as a Cabinet Member for Children & Young People. he's a nominated Trustee at Circadian Trust. Professionally, Simon work5 as CEO for Tennis Wales, the National Governing 8ody for Tennis and Padel in Wale5, as well as serving on numerous Boards and Committees supporting local interest5.

Circadian Trust Grou Re c)rt of the Trustees for the Year Ended 31 March 2024 REFERENCE AND ADMINISTRATIVE DETAILS Trustees (Continued) Name Samuel Bromiley Biography Sam is a serving councillor and leader of the Conservative group on South Gloucestershire Council. He is a SGC nominated Trustee. Professionally, Sam works for a Charity in the Children and Young People sector. Robert Seaman Rob has worked for the Roy31 Navy and Avon Fire and Rescue and now worked as a Training Safety Adviser for the Marine Society and Sea Cadets and also as a water safety consultant. A user of our facilities for over 30 years and has been a volunteer coach for Thornbury Swimming Club and Sevemside Titans. Amy Coppock Amy has worked in the financial sector for over 20 years and is currently an Executive Director for Coutts and Company (Natwest Group) also representing Coutts on the Natwest South West Regional Board. Amy has strong connections with other charities based in the south west, including Quartet Community Foundation. Amy and her family use our Active Lifestyle5 Centres on a regula r basis. Lawrence Wortman Prior to retirement, Lawrence spent more than 30 years specialising in change management (Digital / Technology and Business Transformation), primarily in the financial services sector including being the owner and Director of a consultancy business with contracts with companies as diverse as ALD Automotive, Nationwide Building Society and Mitie. He has also been a voluntary Director at Yate Town Football Club and is a regular user of Active Lifestyle facilities. Julie Lambden Julie held the position of Director of Clarks Outlet {UK, ROI and EUI immediately prior to her retirement and had gained extensive prior experience within the retail sector. The Director role included delivery across a multi-functional team of over 1,000 staff and 70 stores.

Circadian Trust Grou ort of the Trustees for the Year Ended 31 March 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT Structure of the Charity Circadian Trust I'the companv) is 3 charity and company limited by guarantee. The governing documents are its Memorandurn and Articles of Association which were adopted on incorporation with Companies House on 07 March 2005. The Memorandum and Articles of Association have been amended on 22 November 2005, Th 20 July 2006, 10 November 2011 and 17 September 2013. The Members are the guarantors ofthe 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 orwithin one year after he or she should cease to be a member, for payment of the Company's debts 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 ICT) in accordance with the Charities Act 2011 and they are also Trustee5 in accordance with the Companies Act 2006. The Board has positions for 19 Trustees: 6 with strategic and businesses skills, 4 representin8 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 requi rements of the organisation on a periodic basis. Organisational structure and decislon making process Board Structure and MeetinES: The ful l Board usually meets at least once a quarter to take decisions on strategic and development issues. It met 4 times during 23124. The charity structure allows for the creation of committees to scrutinise detailed policy decisions and proposals and carry out delegated tasks on behalf of the full Board. In 2023-24 Board committees were.. Audit and Finance Committee with responsibility for scrutiny of the finances, risk and auditi ng of the organisation: this met four times to consider the organisation's finances and monitor the charity's financial performance. Human Resources & Remuneration Committee dealing with strategic employment issues such as terms and conditions of employment and the appointments of senior staff and Trustees. This met four times to considerthe organisation's employment policies, legislative requirements, and remuneration in 2023-24. Health, Safety and Environment Committee deals with strategic issues including health and safety policy and oversight of audit and the implementation of our environmental strategy. This met four times in 2023-24 to consider health, safety and environmental compliance and practices.

Circadian Trust Grou ort of the Trustees for the Year Ended 31 March 2024 Organisational structure and decision making process (Continued) Governance and Impact Committee reviewing Governance. Board Policy and looking at the measurement. evaluation, and reporting aspects of the social impact of the charity. The G&1 Committee met4 times in the year. The main considerations included the delivery of the new Strategic Plan 'New Horizons" and reviewing the charity's corporate governance framework. A Task and Finish Committee was formed in 2022 to work with the charity's executive to consider revised contract arrangements with South Gloucestershire Council and a review of our membership of the Local Government Pension Scheme. This committee did not meet in 2023 but its work is ongoing, and it will meet in 2024-25. Board Effectiveness: In March 2022, Circadian Trust Board completed an external audit covering a governance audit and board effectiveness review. The results showed that Circadian Trust is effectively governed, and an improvement action plan was adopted to deal with the minor recommendations from the audit. These were all completed in 2023-24. There will be further opportunity to consider Board Effectiveness in 2024-25. Board Structure: Circadlan Trust Board of Trustees Audit and Financc Committee Human Resources & Remuneration Committee Health, Safety & Enwronment Committee Governance and Impact Commlttte Task and Flnlsh Commltee Executive Structure: The operational management of the company is delegated to the Chief Executive Team ICEOTI led by the Chief Executive. CEOT consists of the Chief Executive. Operations Director, Director of Commercial Development, Director of Buildings and Environment. Finance Director and Head of Human Resources.

Circadia n Trust Grou Re ort of the Trustees for the Year Ended 31 March 2024 Chlef Executive Director of Comrnerclal Development Operètlons Dlrector Head of Human Resources Director of Bulldings and Environment Flnance Director Leisure Centre Operatlons x 5 Customer Services. sphe￿ Lelsvre. Marketing Maintenance Team. Health. Safety & Compliance HR Team Flnance and Administration Risk Management In May 2024, the Board of Trustees considered a revised Risk Map and Matrix. which covers the major risks and uncertainties to which the Company is exposed, and this was updated. The Charity has systems to ensure that the business, financial, operational, and health and safety risks are regularly scrutinised in detail. The Health, Safety, and Environment Committee of the Board reviews health and safety risks to staff and customers, which are specific to our operating environment, on a quarterly basis. Statement of Recommended Prartlce"Accountlng 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 1021 leffective l Januarv 20191 has been complied with. OBJECTIVES AND ACTIVITIES In the 2023 - 24 financial year, Circadian Trust launched a new Strategic Plan: 'New Horizons, to cover the years 2023- 2028. Following the severe impact Covid has had on our business, the wider sector and population health; c105ely followed by a cost of living and energy price crisis. The public sports and leisure sector is at a crossroads. The New Horizons strategy aligns with national and local priorities for the sector and our services and the need to 'pivot" using the public assets we operate from being a traditional leisure offering to a being an "active wellbeing" service. It also recognises the part we must play in tackling climate change, in partnership with our major Stakeholder, South Gloucestershire Council. Our Mission Making a positive difference to our communities by inspiring active lifestyles for all. Our Vision Delivering outstanding physical activity and well-being services and developing new opportunities by collaborating with partners and people to achieve healthier communities.

Circadian Trust Grou Re ort of the Trustees for the Year Ended 31 March 2024 Underneath the Mission and Vision statements are our 4 '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 Value5 l. People First People are at the heart of everything we do, and we alway5 Strive to provide affordable and high-qualitv services for all. We are committed to providing a diverse, inclusive, equitable. and non-judgemental environment for our customers, community, and colleagues. 2. Empowerment We are committed to empowering: Our customers- To be in control of their wellbeing. Our communities - By focussing on their needs, providing local jobs and reflecting their diversity. Our people By developing our colleagues to be the best they can be, we will create great people, great service, and great community culture. 3. Community Focus We believe that good health and well-being start in our communities. This is what makes us unique. We work with great local partners to collaborate. invest. and innovate in local communities to improve wellbelng and resilience. 4. Caring for our Environment We believe that the environment and individual well-being are intrinsically linked. We are committed to: Excellent stewardship, protecting the planet and its resources for future generations. Minimising our environmental impact as a business by collaborating with our commissioners and stakeholders. The key aims ofthe plan are: l. Commercial Development". Increasing market share and surplus via a wider and improved product offering. driving service excellence, and delivering services more conveniently. 2. Community and Partnership Working: Delivering increased social value in existing and new locations by leveraging our unique partnership a nd social enterprise status and skills. A commitment to working with community partners and existing providers of wellbeing activities so we all make the best use of our resources. 3. Improving our Environment: Working with our main stakeholder {SGCI to reduce our carbon footprint and continuing our journey towards minim ising our environmenta l impact. 4. Becoming an Employer of Choice We are committed to recruiting locally and developing our people into sector-leading teams both as a commercial necessity and as part of our commitment to our communities as we move into the health and wellbeing space. io

Circadian Trust Grou Re ort of the Trustees for the Ye3r Ended 31 March 2024 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 object5. Economic pressures including higher than forecast inflation, energy costs and the "cost of living" crisis continued to affect the Charity in 2023-24 and it seems will continue to do so throughout the coming months. Circadian Trust prides itself on its business approach to generate funds to re-invest in service5 for public benefit. Our company structure is geared to ensuring that we offer Services that are accessible to the whole community. and this is enshrined within our memorandum and articles of association. Each weekthe charity delivers public benefit to thousands of visitors and the examples below provide a flavour of the work we carry out. This has been severely disrupted since February 2020 due to Covid-19 but has finally recovered to pre-pandemic levels in 2023-24. Trustees would like to place on record theirthanks for the strong partnership support displayed bythe Charity's main stakeholder and commi55ioner, South Gloucestershire Council. since the pandemic. EQUALITY AND DIVERSITY Circadian Trust has a comprehensive Equality and Diversity Policy, which exceeds the standards laid down by the Equality Act 2010 and was last approved by Trustees in 2022 and is due for review in 2024. The principles of this policy are outlined below: All service-users are valued equallv All sÈrvice-users and potential service-users are seen and treated 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. Welcoming and celebrating dlversity 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 life- experience, outlook and background, and in the kinds of barriers and disadvantage which people may face; in relation to age, disability/impairment, medical needs, ethnicity. colour. creed. nationality. national origin or status, cultu re, religious affiliation, sex, sexual orientation, gender identity, marriage or civil partnership or pregnancy and maternity status. Fostering positive attitudes and relationships, and a shared 5en5e of cohe5i0n and belonging It is intended that our policies, procedures, and activities should promote positive attitudes, an absence of harassment, positive interactioni good relations and dialogue between groups and communities different from each other, and an absence of prejudice-related bullying and harassment and mutual respect. Board Diversity The Circadian Trust board carefully considers diversity when recruiting to find new trustee5, this was last undertaken in 2023. The board received Equality, Diversity, and Inclusion training in 2023/4 and all trustee5 will be offered this again in 2025. li

Circadian Trust Grou ort of the Trustees for the Ye3r Ended 31 March 2024 Circadian Trust as an employer Policies and procedures should benefit all employees and potenti31 employees. for example in recruitment, promotion, a nd i n continuing professional development. Our policies and procedures will hel p 311 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 Circadian Trust proactively ensures th3t it makes progress to ensuring equality of opportunity for 311, and regularly reviews its actions. Not simply seeking to avoid discriminatory practices, but by taking opportunities to maximise positive impacts by actively going about reducing and removing inequalities anol barriers to equality and taking positive actions towards promoting and enhancing equality of opportun ity for all. Creating Opportunity By recognising the needs of every individual along with our commitment to enabling them to achieve thelr full potential. Consultlng wldelv 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. It is intended that the Trust's policies and activities should benefit society, both locally and nationally, bv fostering greater social cohesion, and greater participation. DISABLED PERSONS The charity will employ disabled persons when theyare suitable for a particularvacancy and every effort is made to ensure that they are given full and fair consideration when such vacancie5 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, considering their personal circumstances, to ensure appropriate training, development and advancement opportunities are available to enable them to reach their full potential. 12

Circadian Trust Grou Re ort of the Trustees for the Year Ended 31 March 2024 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 Itve and work in South Gloucestershire and its environs: The provision of facilitie5 for sport, recreation or other physical activity or leisure time occupation of individuals who have need of such facilities and services by rea50n of their youth, age. infirmity or disa blement, f inancial hardship or social and economic circumstances or for the public at large in the interests of social welfare and with the object of improving their condition of life and to advance their education in leisure and health activities; The promotion and protection of good health through community participation in healthy recreation; The maintenance, improvement or provision of public amenities and the provision of schemes to assist and encourage the use of such amenities by members of the public; The advancement of ed ucation and training in leisure and sport related subjects,, Such other charitable purposes for the benefit of the community consistent with the objects above as the Trustees shall determine. ACCESS AND COMMUNITY PROGRAMMES Pricing The Trust's pricinE Strategy forcustomers without need forfurther support isfirmly based in the value for money category. This is also underpinned by a range of payment methods including a "pay as you plav, phi1050phy for most activities we provide. Furthermore, a comprehensive °concessionarf' pricing offering discounts of up to SOY. for those in need of special assistance related to age, health or socio-economic circumstances is made. The majority of concessionary prices offer access to facilities and services at a cost of less than the cost of providing the service. The 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 the charity. 13

Circadian Trust Grou ort of the Trustees for the Year Ended 31 March 2024 Programming Priority is given to programming our facilities to meet the needs of a diverse community and to make special efforts to offer programmes for customers who require access because of age, disability, sex or other needs. Exa mples of this include older people's activities, junior programmes, disability access sessions and sex- specif ic sessions where appropriate. Access and Inclusivity The Trust works hard to make the facilities accessible to customers who are disabled. All of our changing facilities are developed to provide requisite support; with hoists and assistance. All of our facilities have ramps and internal lifts making over 90Yo of our floor areas accessible to wheel chair users. Carer partnership concession prices are offered so that customers requiring a carer to accompany them can participate at no c05t to the carer. The charity ensures that its Staff undertakes equality, diversity and inclusion training; This was offered for all staff in 2023-24 with 92% of the workforce completing the training. The Trust also works with many local groups representing disability, equality and inclusion such as Avon Autistic Group and South Gloucestershire Chinese Association. We welcome the inclusion of all. Clubs and Groups Our lacilities provide a home to over 180 local sports clubs and community groups providing everything from Aikido to Water Polo, and also hosted training sessions and competitions up to national standard on their behalf. These are all voluntary organisations- just like Circadian Trust. GB Re resentative Athletes The Trust offers complimentary member5hip5 given to local individuals representing Great Britain and the home nations at various sports, most G8 athletes receive no funding to pursue their success. In 2023-24, 47 sportsmen or women including Gymnasts, Paralympians and Badminton players received memberships whilst they represented their country to help them maintain their fitness. Community Impact- Healthy Lifestyle Management and Partnerships Health Lifest le on Referral HLOR The 'Healthy Lifestyle on Referral, project at ourfive Lifestyle Centres was created to help and support people with medical or long term conditions become more active has become a great success. There continues to be referral pathways to all 27 local GP surgeries, Sirona Care and Health, North Bristol Trust, Southmead and Cosham Hospital. In 2022-23, the Trust delivered 1,346 referrals. In 2023-24 2,040 referrals were delivered which is a superb achievement. I n respect of Referral patients continuing to use services. This has increased from 533 referrals converting to full membership and 168 regular pay as you go customers in Q4 of 2022-23 to 782 full memberships and 182 regular pay as you go customer. There are now 914 current live members compared to 701 in 2022-23. 14

Circadian Trust Grou Re ort of the Trustees for the Year Ended 31 March 2024 Exercise On Referral Pro The HLOR team have continued to look at new opportunities. There are now a range of contracts that focus on facility operation and physical activity service delivery. Some examples of what has already taken place is Escape Pain in partnership with the Integrated Care Board, and Healthy Weight Management in partnership with SGC Public Health. Following our Specialist Referral Staff obtaining further qualifications we have now got new partnerships with Mcmillan for Cancer rehabilitation and Cosham H05Pltal for Pulmonary reha bilitation. ramme Sirona Care and Health Sirona Care and Health is a local large not for profit health care provider commissioned to deliver 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. Sirona confirm thls partnership has been a real success. The site and Sirona Care are working together to offer options for Sirona patients to come into the Trust's gyms, swimming pools and classes to continue strengthening and rehabilitation after their treatments. Other Access and Communit Grou A number of groups continue to use our sites including Active Breathing, Reach, Impact Mentoring, Breakthrough Mentoring, Choices 4U, Osteoarthritis Exercise, Multiple Sclerosis / Parkinson Disease Classes, and P05t Natal Classes. Besides Health, Sports and Education our facilities managed and offered servicesto a wide range of community partners l organisations including Active Play for babies and toddlers extra needs as prescribed by SGC Children's Services team and U3A which is a group formed of retired and semi-retired people. Aquatics Management As the major provider of public swimming facilities in the district, the Trust continues to work in partnershlp with Swim England to deliver our Aquatics Strategyi which aims to: Increase participation in all aquatic areas; but with special focus on adult swimming Improve access and opportunity for all Successful development (Learn to Swim to club) pathways. The opportunity was take last year to further reprogram all 5 Centre5 swimming poo15 following consideration of the customer data from the last two years to better relate to our target markets and the fact that pools were able to reprogram due to the lifting of any Covid-19 restrittions. Sites have now started to bed in these new programmes as well as being able to take into consideration the factthat last yearfs recruitment problems with regards to Lifeguards (Leisure Assistants) and Swim Teachers have improved. Swimming Teacher recruitment has improved since we now have our own tutors who are able to train our own staff. Schoo15 learn to swim and disability swim groups are fully re-engaged in 2023-24. Free Swimmin to Pre nant Women This activity was started to offer free swimming to pregnant women during public swim sessions across all Active Lifestyle Centres. The 12-month pilot Scheme began on I" February 2020. This was suspended throughout 2020-21 financial year. 15

Circadian Trust Grou ort of the Trustees for the Year Ended 31 March 2024 The scheme has been set up to help overcomethe increasing prevalence of obeslty, and in particularthe efferts of obesity during pregnancy. which increases the risk of adverse health outcomes to both mother and child. This has been identified as a particular problem in South Gloucestershire. In addition, obesity during pregnancy increases the risk of life-long health problems in children, including obesity, type 2 diabetes. and heart disease. The scheme restarted again in April 2021 with over 450 women enrolled up until end March 2022. The Board made the decision to continue with thi5 scheme on a permanent basis in May 2022 and it has now had 770 women enrolled up until end March 2024. ACHIEVEMENTS AND PERFORMANCE The Trustee Board approved a new strategic plan "New Horizons" to commence In April 2023. Our recovery from the Covid pandemic and navigation through the cost-of-living demonstrates the resilience of our model and the careful application of our Trustees, Management Team, and collegues. The new strategy sets out hoe we respond to current and future challenges. Circadian Trust worked very hard to continue to keep the charity viable for the future and to recover its customer base, to this end in 2023- 24 the Trust: Continued to strive to recover the customer and membership base in those services which have historically provided our sound finances, to support the charity in its further objectives. Fully refurbished 2 Gyms including new equipment at Yate and Longwell Green at a cost of £1.5 milllon. Installed a 320kWh Photovoltic array on the roof at Bradley Stoke in partnership with South Gloucestershire Council which will supply up to 36% of the site's electricity needs in the year. significantly reducing the sites carbon footprint at a cost of £200k. Installed 2 Poolview Drowning Detection Systems at Bradley Stoke and Yate at a c05t of £220k, Increased Swim Academy total customer numbers from 10,100 in April 2023 to 11,886 atthe end of March 2024. Installed a new cloud-based Finance System to replace a system that had been in place since 2008. Rolled out mandatory Training to the whole workforce. Modules included Safeguarding, Data Protection, Health and Safety. and Equality, Diversity and Inclusion training and this is now an ongoing process. Transferred the operation of the Café services at Bradley Stoke and Yate from a Soho franchise model to one directly operated by them. Installed a new Telephony System in place to assist front of house and the contact centre. Continued to upgrade our customer booking system to Leisurehub and initiated a project to enhance the wider digital experience. Upgraded all front of house till and computer system hardware at a cost of £25k. Installed a new turnstile entry system at Yate and Kingswood Gyms at a cost of £40k. 16

Circadian Trust Grou ort of the Trustees for the Year Ended 31 March 2024 In January 2024 we achieved Cyber Essentials Plus accreditation for the second year running. Submitted a bid to operate Hanger 16U, Filton. Awaitingfinal approval from the owners Board, before fina lising with our own board of trustees. Continued to nurture successful partnerships with: South Gloucestershire Council 0 Sirona Health and Care o Bristol, Bath. North Somerset, and South Gloucestershire Integrated Care Board 0 southern Brooks Community Partnerships o Local GP Practices These partnerships continue to develop and will enable the creation of new services in Health and education to deepen our social impact delivery in future. Moved the Zoggs swimming retail to a new and simplified consignment model. Created a new Customer Retention team. 17

Circadian Trust Grou Re ort of the Trustees for the Year Ended 31 March 2024 STRATEGIC REPORT BUSINESS PERFORMANCE The Executive Management Team (consisting of the Chief Executive and 4 Directors) reviews the performance of the Charity 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 scrutinised on a quarterly basis by Trustee5. External factors impact in 2023- 24 Covid restrictions were lifted before the start of the last financial year, as a result, we have been able to compare 2023- 24 result5 to those from 2022- 23. A significant number of external factors continue to have a day-to-day impact on our local communities and target markets. Household, business and energy bills have continued to rise and inflation reached a 40-plus year high of 11.4% in October 2022- it has since fallen back but remained at over 4% throughout the year. Our communities have been through the shockwave of the war in Ukraine with high fuel prices and price increases on e$5ential commodities, all contributing to a cost-of-living crisis and resulting loss of consumer confidence. This has recently been exacerbated by the conflitt in Gaza. Performance measurement The Trust's management team and Board have continued to work on the balanced scorecard that was introduced in 2022 - 23 which was designed to measure performance of the business against both the Reset Strategy and key strategic success factors. For the purpose of this report selected measures which focus on customer 'physical activity" uptake, visitor experience. quality. financial performance and social value scores have been selected from both the balanced scorecard and Sport England's national social value benchmarking tool known as the "Moving Communities" portal. Table I shows the following extracts from the balanced scorecard with explanations given below,. Measurement l Metric (Source) Target 2023- 4 Actual Total Profit I Surplus {Balanced Scorecard) £379,000 £530,427 Total Physical Activity Visits (Moving Communities) Social Value Score £'s (Moving Communities) Average Quest Assessment Score {Moving Communities) Net Promoter Score (Balanced Scorecard) DEC Certification {Balanced Scorecard) 2,079,799 2,222,289 £13,992.000 £16,089,743 Very Good Very Good 34 36 18

Circadian Trust Grou ort of the Trustees for the Year Ended 31 March 2024 Table 2 gives 3 more detailed breakdown of participation by physical activity area. Category Total Visits 2023- 24 Totsl Visits 2022- 23 Health and Fitness (Gym) 460,449 422,244 Swimmlng Lessons Group Exercise Classes Swimmlng Activities Sports Hall Hire 511.240 182,774 432.701 446,419 83,556 Other Activities (Inc. Commercial) 433,566 2,079,799 These tables show: We achieved a surplus {profitl for the second time since 2019 - 20 and this was well ahead of target. A 7Yo growth i n our physical or leisure activity visits in 2023 - 24 when compared to 2022 23. This year, visitor numbers were almost back on par with the pre-pandemic period. These figures correlate well with the national average return rates, which are available from Sport England via its Moving Communities portal. We are amongst the higher performers. Our social value score measured in £'s via the moving communities hub increased by 15%. This added value is driven by participation in physical activity and the benefits derived from improvements in health, prevention of ill health, crime diversion, education. and subjective well-being. This is weighted by gender, age, and other information anonymously collected from our membership database about visitors when they book or attend a session. Those of greater lor younger} age. with lower socio-economic factors, or with disabilities or other reEistered health conditions will score higher on the social value scale. The increase in our Social Value this year has been made possible not only because all vulnerable groups and sessions have returned to activities following the pandemic but also have increased their attendances due to OLJr continued focus in this area of our work. Quest 15 the Sport England recognised strategic and quality management accreditation based on the EFQM {European Foundation for Quality Management) framework. Our aim is to have all centres in the upper quartile of this Scheme and we achieved this with three sites accredited as very good and two as excellent Iputting them in the top IO% in the country). Our net promoter score (how well ourcustomer rates us based on whether they would recommend our services) is slightly above service providers from our sector who subscribe to the scheme. Finally, the Display Energy Certification {DECI Scheme measures our energy (gas and electricity} consumption and benchmarks this with 311 public Sector leisure providers, the certification is based on an A - G scheme I like that used on electrical appliances} where D 15 the average. Our aim is to have all sites rated B or better. Currentlv we have four sites rated C and one rated D putting our stock at the lower end for consumption and higher end for energy eff iciency. 19

Circadian Trust Grou ort of the Trustees for the Year Ended 31 March 2024 2023-24 has been a very successful period following the completion of the'Reset Strategw put in place in mid- 2021 following the lifting of Covid 19 restrictions. 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. We budgeted for a capital investment programme in 2023-24, and this is covered in the achievements and performance section below. FINANCIAL REVIEW Total income for the year rose to just under £13m12022-23 £12ml due to the leisure centres recovering from Covid-19 restrictions and some reprogramming at sites. As a result, trading income was just under £lm higher than in 2022 -23. The Company continued to control costs through careful management of staff ing levels and utilisation of energy and other resources, Overall, the Charity made a surplus of £517k in its unrestricted funds with net current assets increasing by over 43%. Cash Balances remain high due to accounting for an unpaid rent debt to the council. To be paid once the leases and contract documents have been completed. South Gloucestershire Council have supported the charity 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 under £4m. Before the FRS 102 adjustment to take account of the Pension movement, the Eroup showed a surplus for the year of £471k. The 8oard 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 has begun to rebuild its reserves it spent to survive the pandemic and net current assets to protect the business during 2024- 5,. and has budgeted to make a surplus of £375k. The Trustees expect the ch3 rity to continue making surpluses, enabling further investment in facilities and services into the future. Re5erve5 Policy The Trustees have reviewed the risks to the Company and established a Reserves Policy to ensure that the Company has sufficient "free reserve" funds to guard against longer term risks. This was reviewed in May 2024, In the short term, reserves will continue to be built to cover any requirements as a result from the effects of the Covid-19 Pandemic. Thi5 has been set at C£l.2m. In the longer term, the Company will aim to rebuild free reserves up to £3m. However. it is recognised that given the current economic operating environment. this will be difficult to achieve. The general reserve at the end of the year was £2.462m 12022-23: £1.944m) (before FR5102 pension adjustments). This yearthe FRS102 Pension Valuation showed a pension deficitof £Nil (2022-23.. deficit £489kl. 20

Circadian Trust Grou Re ort of the Trustees for the Year Ended 31 March 2024 PLANS FOR THE FUTURE Short Term (2024-25) Completion of outstanding lease and contract documentation with SGC; and as part of this review our membership of the Local Government Pension Scheme. Continue developing our new customerjourney to encompass our new product suite including developing its structure, developing our workforce to deliver this, and reframing the message5 to our customers. Continue to recover the general membership base to financially support the charity in achieving further objectives. Refurbish our remaining Gyms with new equipment at Bradley Stoke, Kingswood and Thornbury. Continue to improve customer booking and entry systems to simplify processes for our customers. Continue to deliver agreed environmental and energy projects by installing large Photo Voltaic units at our Thornbury, Yate and Longwell Green centres in 2024. The array at Longwell Green is being paid for by Sport England as a result of a successful bid in partnership with SGC. Continue to manage increasing costs including energy costs, the National Living Wage, pension costs and increased inflation. Working up any bids for new or extended contracts where this is in our interest starting with Hangar 16 U at the Brabazon Development in Filton. Develop our teams SO that we "8row our own" technically qualified and professional staff. Working to reduce the impact of high energy costs on the business by working with the owner of our buildings, South Gloucestershire Council, to invest in further energy saving technology and reduclng our carbon footprint. Medium Term (2025-281 We continue to work on the New Horizons Strategic Implementation Plan including working closely with partners and stakeholders. 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 a nd wellbeing across the population. Long Term To continually improve the range of services available to customers and ensure they match demand including signif icant facility development (as our estate of facilities is ageing). To continue to develop and deliver activities which encourage all sections of the population to undertake healthy attive lifestyle5, being innovative in our approach and intervening for public benefit where necessary to do so. To ensure that our long-term strategy 15 congruent with our stakeholders, plans. 21

Circadian Trust Grou Re ort of the Trustees for the Year Ended 31 March 2024 STATEMENT OF TRUSTEES RESPONSIBILITIES The trustees (who are also the directors of Circadian Trust for the purpose5 of company law} a￿ responsible for preparing the Group Report of the Trustees and the financial statements in accordance with appllcable law 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" 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 intoming 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 select suitable accountinE policies and then apply them consistentlyi observe the methods and principles in the Charity SORP,. make judgements and estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable companywill continue in business. 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 wlth 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". o there is no relevant audit information of which the charitable company's auditors are unaware,, and o the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware ofthat information. AUDITORS The auditors, Sumer Auditco Limited, will be proposed for re-appointment at the forthcomlng 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 .. . o.&/.I.I/Z4................ and signed on the board'5 behalf by: V Lee- Chair 22

Re ort of the Inde Circadian Trust endent Auditor5 to the Member5 of Opinion We have audited the financial statements of CircadianTrust (the group and the parent charity) forthe year ended 31 March 2024 which comprise the consolidated Statement of Financial Activities, the Consolidated Statement of Financia I Position, the charity Statement of Financial Position, the consolidated St3tement of Cash Flows and note5 to the financial statements, i ncluding a Summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (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 f inanci31 statements.. give a true and fair view of the state of the charitable group and charity's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,; and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance wlth International Stsndards on Auditing (UK) IISAS IUKII and applicable law. Our responsibilitie5 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'5 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 provlde a basis for our opinion. Concluslons relating to going concern I n auditing the fi nancial 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 uncertaintie5 relating to events or conditions that, individu3 Ily or collectively, may cast significant doubt on the charitable company's abil ity to continue a5 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 trustee5 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 I ndependent 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. 23

ort of the Inde Circadian Trust endent Auditor5 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 this 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: the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and the Report of the Trustees has been prepared in accordance with applicable legal requirements. Matters on which we are requlred 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 and the Cha ritie5 Act 2011 requires 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 received from branches not visited by u5; or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit. Responslbllltles of trustees As explained more fully in the Statement of Trustees Responsibilities, the trustees Iwho are also the directors of the charitable company for the purposes of company lawl 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. I n 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 IUK) will always detect a material mi55tatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economicdecisions of users taken on the basis of these financial statements. 24

Re ort of the Inde Circadian Trust endent Auditors to the Members of 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 responsibility for the prevention and detection of fraud rest5 Wlth 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, Charities Act 2011, UK Financial Reporting Standards and UK taxation legislation. We obtained an understanding of how the company complies with these requirements by discussions wlth 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 non- compliance or suspected non-compliance with laws and regulations. Based on this understanding. we designed specific appropriate audit procedures to identify instances of non- compliance 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/auditor5responsibilities. 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 and to the charity's Trustees, 3s a body, in accordance with Chapter 3 of Part 8 of the Charitie5 Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charitable company's members and the charity's Trustees those matters we are required tQ 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, the charitable company's members as a body. and its Trustees as a body. for our audit work, for this report, or for the opinions we have formed. Date: Mark Powell (Senior Statutory Auditor) for and on behalf of Sumer Auditco Limited Chartered Accountants and Statutory Auditor 30 Gay Street Bath BAI 2PA 25

Circadi3 n Trust Grou Statement of Financial Artivities for the Year Ended 31 March 2024 31.3.24 Restricted Total funds funds 31.3.23 Total funds Unrestricted funds Pension reserve Notes INCOME AND ENDOWMENTS FROM Donations and grants Charitable activities Leisure activities Generated Funds Commercial Trading Investment income 11,888,855 11.888,855 10,842.079 955,603 108,727 955.603 108,727 1,142,393 13,320 Total 12,953,18S 12,953,185 11,997,792 EXPENDITURE ON Generated Funds Commercial Trading Charltable actlvities Leisure activlties 12 571,221 571.221 440,143 11,882,468 118,000} 64,498 11,928,966 11,495,064 Total NET INCOME/{EXPENDITURE) 12,453,689 {18,OCKIl 64,498 12,500,187 11,935,207 499,496 18,0 {64,498) 452,998 62.585 Tax on commercial trade 13,5201 (3,520) Other recognised gains/(losses) Actuarial gains/losses on defined benefit schemes 471,000 471,000 6,014,000 Net movement In funds 495,976 489,000 (64,498) 920.478 6,076.585 RECONCILIATION OF FUNDS Total funds brought forward 1,944,851 1489,000) 259,409 1.715,260 14,361,325) TOTAL FUNDS CARRIED FORWARD 2,440,827 194.911 2,635,738 1,715,260 CONTINUING OPERATIONS All income and expenditure has arisen from continuing activities. 26

Circadian Trust Grou Statement of Financial Position At 31 March 2024 31.3.24 31.3.23 Re5trirted Total fund5 Total funds funds Unrestricted funds Pension reserve Notes FIXED ASSETS Intangible assets Tangible assets 13 13a 65.777 1,542,843 65,777 1,737,754 74,567 1,625,437 194,911 1,608,620 194,911 1,803,531 1,700,004 CURRENT ASSETS Stocks Debtors Cash in hand 55,994 326,324 3.934,840 55,994 326,324 3,934,840 113,965 407,896 3,152,238 15 4,317,158 4,317,158 3,673,750 CREDITORS Amounts falling due within one year 16 12,(Ki4,9511 {2,004,951) 12,059,494) NET CURRENT ASSETS 2,312,207 2,312,207 1,614,256 TOTAL ASSEfs LES5 CURRENT LIABILITIE5 3,920,827 194,911 4,115,738 3,314,260 CREDITORS Amounts falling due after more than one year 16 (1,480,000) 11.480.000) 11,110.0001 PENSION LIABILITY 19 1489,000) NET ASSETS/{LIABILITIES) 2,440,827 194.911 2.635.738 1,715,260 FUNDS Unrestricted funds: General fund Pension reserve 18 2,440,827 1,944,851 1489,0001 2,440,827 194,911 1.455,851 259,409 Restricted funds TOTAL FUNDS 2,635,738 1,715,260 27

Circadian Trust statement of Financial Position - continued At 31 March 2024 The financial statements were approved by the Board of Trustees on .. signed on its behalf by: O.U.I l /..£..+................. and were V Lee- Chair 28

Circadian Trust Ltd Charit Statement of Financial Position 31 March 2024 31.3.24 Total funds 31.3.23 Total funds Unrestricted funds Pension Restricted funds reserve Notes FIXED ASSETS Intangible assets Tangible assets Investments li 12 13 65.777 1,542,843 65.777 1.737,754 74,567 1,593,937 194,911 1.608,621 194,911 1,803,532 1,668,505 CURRENT ASSETS Stocks Debtors Cash in hand 14 15 55,254 451,066 3,759,479 55,254 451,066 3,759,479 80,394 595,775 2,958,614 4,265,799 4,265,799 3,634,783 CREDITOR5 Amounts fa Iling due within one year 16 {1,953,593) 11,953,593) 12,005,52 1) NET CURRENT ASSETS 2,312,206 2,312,206 1,629,262 TOTAL ASSETS LESS CURRENT LIABILITIES 3,920,827 194,911 4,115,738 3,297,767 CREDITORS Amounts falling due after more than one year 17 11,480,000) 11,480,000) 11,110,000) PENSION LIA81LITY 19 1489,000) NEf ASSETS/ILIABILITI ES) 2,440,827 194,911 2,635,738 1,698,767 29

Circadian Trust Ltd Charit Statement of Financial Position continued 31 March 2024 FUNDS Unrestricted funds- General fund Pension reserve 18 2,440,827 1,928,358 1489,0001 2,440,827 1,439,358 Restricted funds 194,911 259,409 TOTAL FUNDS 2,635,738 1,698,767 The net income for the chartty for the year was £465,971 (2023: Net income of £68,585). After pension Scheme adjustments the net movement in fund5 were £936,97112023: £6,082,585I. The financial statements were approved by the Board of Trustees and authorised for issue on Q.b./.i.1 /14.........,... .... and were signed on its behalf by: V Lee- Chalr 30

Circadian Trust Statement of Cash Flows for the Year Ended 31 March 2024 31.3.24 31.3.23 Notes Cash flows from operating activities: Cash generated from operations 21 1,395,885 1,273,975 Net cash provided by operating activities 1,395,885 1,273,975 Cash flow5 from investing activities: Purchase of intangible and tangible fixed assets Sale of intangible and tangible fixed assets I nterest received 1722,0101 1437,432) 108,727 13,320 Net cash used in investing activities (613,283) 1424,1121 Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 782,602 849,863 3,152,238 2,302,375 Cash and cash equivalents at the end of the reporting period 3.934.840 3,152,238 31

Circadian Trust Note5 to the Financial Statements for the Year Ended 31 March 2024 ACCOUNTING POLICIES Basis of preparing the financial statement5 The f inancial statements of the charitable company. which is 3 public benefit entity under FRS 102. have been prepared in accordance with the Charities SORP IFRS 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 Ireland IFRS 1021 {effective l January 20191,, 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. Golng Concern The Trustees are confident that the Charity will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis. In making this assessment, the Trustees considered the level of employer contributions required to fund the defined benefit pension scheme for the foreseeable future. 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 reliablv. 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 received, 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 a5 expenditure as soon as there is a legal or constructive obligation com mitting the charity to that expenditure. it 15 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. 32

Circadian Trust Notes to the Financial Statements- continued for the Year Ended 31 March 2024 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 atthe following annual rates in orderto write off each asset over its estimated useful life. Improvements to property Fixture5 and fittings Sports equipment Computer equipment Computer Software lintangiblel - IO% on cost IO% on cost 20Yts on cost - 33Yts on cost - 33% on cost Stocks Stocks are valued at the lowerof cost and net realisable value, after making due allowance forobsolete and slow moving items. Crltlcal Accounting Estimates The only significant accounting estimates are the deprecation policy and the defined benef it pension scheme. The details of which are expressed in the notes to the financial statements below. Fund accountlng 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 Local Authorities and other bodies and is managed in accordance with the Local Government Pension Scheme Regulations 1997 las 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 contribution5 to the plan. 33

Circadian Trust Notes to the Financial Statements - continued for the Year Ended 31 March 2024 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 year5 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 liabilitie5 of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value ond 5ub5equently 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. GolnE concern During the period under review and continuing to the date that the Financial Statements were approved, the world wide inflation spike and resulting cost of living crisis continues to cause 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 and have concluded that they have sufficient resources to meet liabilities as they fall d ue for a period of at least 12 months from the date of 5ignin8 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 forecast5 for cashflow and profits, the financial facilities currently available to the charity a nd the agreed deferral of rent payments by the council. Legal statu5 of the Trust The Trust is a company limited by guarantee and incorporated in the UK. It ha5 no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is lim ited to £1 per member of the charity. The Registered office is: Bradley Stoke Leisure Centre Bradley Stoke Bristol South Gloucestershire BS32 9BS 34

Circadian Trust Notes to the Financial Statements- continued for the Year Ended 31 March 2024 DONATIONS AND LEGACIES 31.3.24 31.3.23 Donations Grants INVESTMENT INCOME 31.3.24 31.3.23 Deposit account interest 108,727 13,320 108,727 13,320 INCOME FROM CHARITABLE ACTIVITIES 31.3.24 31.3.23 A¢tivlty Leisure activities Leisure income 11,888,855 10,842,079 35

Circadian Trust Notes to the Financial Statements- continued forthe Year Ended 31 March 2024 CHARITABLE ACTIVITIES COSTS Support costs (See note 61 Direct costs Totals Leisure activities- 31.03.23 7.706.103 3.788,961 11,495.064 Leisure activities- 31.03.24 7,946,502 3,982,464 11,928,966 SUPPORT COST5 Information Management technology Central Governance Support costs Costs Totals Leisure activitSes- 2023 1,312,317 1,691,954 615.690 169,000 3,788,961 Leisure activities- 2024 1,503,315 1,921,939 540,210 17,000 3,982,464 NET INCOME/IEXPENDITURE} Net income/lexpenditure) is stated after charging/(creditingl: 31.3.24 31.3.23 Auditors, remuneration Depreciation and amortisation Rental costs 15,500 578,514 370,000 14,500 523,393 370,000 TRUSTEES, REMUNERATION AND BENEFIT5 There was no trustee remuneration paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees, expenses There were no trustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. 36

Circadian Trust Notes to the Financial Statements- continued for the Year Ended 31 March 2024 STAFF COSTS 31.3.24 31.3.23 Wages and salaries Social security costs Other pension costs 5,447,514 286,505 303,803 5,105,629 286,163 489,688 6,037,822 5,881,480 Included within wages, salaries and pension costs is £Nil (2023 £136,503} in redundancy costs. The average monthly number of employees during the year was as follows: 31.3.24 163 31.3.23 158 Number of leisure staff Number of marketing staff Number of support Staff 47 39 211 198 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: 31.3.24 31.3.23 £60,001- £70,OIKI £90,001- £100.000 Key Management Personnel The aggregated earnings (excluding pension contributions) of the key management personnel was £275,72812023 - £345,587). 37

Circadian Trust Notes to the Financial Statements- continued for the Year Ended 31 March 2024 10. COMPARATIVES FOR THE STATEMENT OF FINANCIALAcfiviTIES 31.3.23 Restricted Total funds funds 31.3.22 Total funds Unrestricted funds Pension reseNe Notes INCOME AND ENDOWMENTS FROM Donations and grants Charitable activities Leisure activities Generated Funds Commercial Trading Investment income 298.442 10,842,079 10,842,079 9,009,442 1,142,393 13,320 1,142,393 13,320 840,176 16 Total 11,997,792 11,997,792 10,148.076 EXPENDITURE ON Generated Funds Commercial Trading Charltable activities Leisure activities 12 440,143 440,143 347,271 11,166,566 264,000 64,498 11,495,064 10,094, 103 Total NET INCOME/{EXPENDITURE) 11,606,709 264.000 64,498 11,935,207 10,441,374 391,083 1264,0001 164,498) (62,5851 {293,2981 Transfers between funds 18 Other recognised gains/11055e5) Actuarial gains/losses on defined benefit scheme5 6,014,000 6,014,000 1,556,000 Net movement in funds 391.083 5.750,000 (64,4981 6,076,585 1,262,702 RECONCILIATION OF FUND5 Total funds brought forward 1,553,768 16.239.000) 323.907 (4.361.325) 15.624.027} TOTAL FUNDS CARRIED FORWARD 1.944,851 1489,0001 259,409 1,715,260 14,361,325) 38

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 charitvs wholly owned subsidia ry, sphere Leisure, which operates the Cafe and bar facilities as well as the retail and lease income. The summary financial performance of the charity alone is: 31.3.24 Total funds 31.3.23 Total funds INCOME 12,146.128 11.382,047 Investment income 248,809 181,602 Total 12,394,937 11,563,649 EXPENDITURE 11,928.966 11,495,064 NET INCOME/IEXPENDITURE) 465,971 68,585 Other recognised gainsll1055esl Actuarial gains/losses on defined benefit schemes 471,000 6,014,000 Net Movement in fund5 936,971 6,082,585 Total funds brought forward 1,698,767 14,383,818) TOTAL FUNDS CARRIED FORWARD 2,635,738 1,698,767 39

Circadian Trust Notes to the Financi31 Statements - continued for the Year Ended 31 March 2024 12. INCOME EARNED FROM OTHER TRADING AcfiviTES 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". 31.3.24 31.3.23 TURNOVER Cost of sales Administrative expenses Interest receivable and similar income PROFIT ON ORDINARY AcfiviTIES BEFORE TAXATION 955,603 1480,0621 (348,4321 1,142,393 {608,8661 1359,2191 130,227 175,602 PROFIT FOR THE FINANCIAL YEAR 130,227 175,602 31.3.24 31.3.23 FIXED ASSETS CURRENT ASSETS CURRENT LIABILITIES TOTAL NEf ASs￿s 17.803 217.905 217 904 31,500 260,356 275 362 16,494 CAPITAL AND RESERVES Called up sha re capital Retained earnings 16,493 SHAREHOLDERS, FUNDS 16,494 On 23rd July 2018 a deed of memorandum was signed stating the companywishesto make covenanted donations of its annual taxable profits to its parent Circadian Trust. The dividend in respect of the 23124 year is £143.200122123 £181.6021. 40

Circadian Trust Notes to the Financial Statements - continued for the Year Ended 31 March 2024 12. INCOME EARNED FROM OTHER TRADING AcfiviTES {Cont.I Called up share capital Retained earnings Total equity Balance at l April 2022 22,493 22,494 Total comprehensive income Dividends 175,602 {181,6021 175,602 1181,6021 Balance at 31 March 2023 16,493 16,494 Total comprehensive income Dividends 126,707 1143.2001 126,707 1143,2001 Balance at 31 March 2024 13. INTANGIBLE FIXED ASSEf5 Group and Charity Computer software COST At L April 2023 Additions 228,140 43,204 At 31 March 2024 271,344 AMORTISATION At l April 2023 Charge for year 153,573 51,994 At 31 March 2024 205,567 NET BOOK VALUE At 31 March 2024 65,777 At 31 March 2023 74,567 41

Circadian Trust Notes to the Financial Statements continued for the Year Ended 31 March 2024 13a. TANGIBLE FIXED ASS￿5 i) Group Improvements to propertv Fixtures and fittings Computer equipment Totals COST At l April 2023 Additions Disposals 2,146,176 3,267,418 26,148 568,168 1710,6881 {1,054,8741 221.822 5.635.416 84,490 678.806 1138,4481 11,904,010) At 31 March 2024 1,461,636 2,780,712 167.864 4,410.212 DEPRECIATION At l April 2023 Charge for year Eliminated on disposal 1,566,684 2,270,217 146,299 325,449 1695,190) 11,030,634) 173,078 4.009,979 54,772 526,520 {138,2171 11.864,0411 At 31 March 2024 1,017,793 1,565,032 89,633 2,672,458 NET 800K VALUE At 31 March 2024 443,843 1,215,680 78,231 1,737,754 At 31 March 2023 579,492 997,201 48,744 1,625,437 42

Circadian Trust Notes to the Financial statements - continued for the Year Ended 31 March 2024 13a. TANGIBLE FIXED ASSETS (Cont.) ii) Charity Improvements Fixtures and to property fittin85 Computer equipment Totals COST At l April 2023 Additions Disp05a15 2.146.176 26.148 (710,6881 2.937,053 568.168 (724,5091 221,822 5,305,051 84,0490 678,806 1138,4481 11,573,645) At 31 March 2024 1,461,636 2,780,712 167,864 4,410,212 DEPRECIATION At l April 2023 Charge for year Eliminated on disposal 1,566.684 146,299 1695,190} 1,971,352 314,865 1721,185) 173.078 3.711,114 54,772 515,936 1138,2171 11,554,592) At 31 March 2024 1.017,793 1,565,032 89.633 2.672.458 NET BOOK VALUE At 31 March 2024 443,843 1,215,680 78,231 1,737,754 At 31 March 2023 579,492 965,701 48,744 1,593,937 14. FIXED ASSET INVESTMENTS Charity Shares in group undertakings MARKET VALUE At l April 2023 and 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 There were no investment assets outside the UK. See note 12 for more information on the subsidiary undertaking relating to this investment. 43

Circadian Trust Notes to the Financial Statements - continued for the Year Ended 31 March 2024 IS. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group Charity 31.3.24 31.3.23 31.3.24 31.3.23 Trade debtors Amounts owed by subsidiary undertaking Other Debtors Prepayments 127,836 68,944 86.032 166,546 35,783 221,389 198,488 338,603 198,488 338,603 326,324 407,547 451,066 595,775 16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group Charlty 31.3.24 31.3.23 31.3.24 31.3.23 Trade creditors Social security and other taxes Other creditors Accruals and deferred income 302,690 108.136 78,279 1,515,846 308,835 107,900 69,679 1,573,080 295,802 100,226 41,719 I,S15,846 287,793 106,919 37,729 1,573,080 2.004.951 2,059.494 1,953,593 2,005,521 Included within soci31 security and other taxes is an amount of £3,520 for corporation tax on the commerci31 trade of Sphere Leisure Limited. CREDITORS: AMOUNTS FALLING DUE GREATER THAN ONE YEAR Group and Charity 31.3.24 31.3.23 Accruals and deferred income 1,480,000 I,iio,000 The amount above reflect5 the rent accrual owed to South Gloucestershire Council. Due to a combination of factors. including covid, a formal rent agreement has not been agreed with the council. Verbal conversation5 suggesting an annual rent charge of £370,000 have been provisionally agreed. On this basis, the total amount in both current and non-current accrua15 owed to South Gloucestershire Council amount to £2,590,000. Current discussions, which provide the best estimate at the point of approval of these accounts, are that £1,110,000 of this will be repaid during the next 12 months. The remaining £1,480.000 15 proposed to be paid over the period of 2028 and 2033.

Circadian Trust Notes to the Financial Statements - continued for the Year Ended 31 March 2024 17. LEASING AGREEMENTS Minimum lease payments under non<ancellable operating leases fall due as follows: Group and Charlty 31.3.24 31.3.23 Within one year Between one and five years In more than five years 339,222 784,884 92,712 380,006 606,386 172,712 1,216,818 1,159,104 18. MOVEMENT IN FUNDS Group Net movement in funds Transfers between funds At 1.4.23 At 31.3.24 Unrestricted funds General fund Pension reserve 1,944.851 1489,000) 495,976 489,000 2,440,827 1,455.851 984.976 2,440,827 Restrirted funds ESC Grant 259,409 {64.498) 194.911 TOTAL FUNDS 1,715,260 920,478 2,635,738 Net movement in funds, included in the above are as follows-. Incoming Resources resources expended Gains and Movement losses in funds Unrestricted funds General fund Pension reserve 12,953,185 (12,457.209} 18,000 499,976 489,000 471.000 12,953,185 {12,439,2091 471,000 984,976 Restricted fund5 ESC Grant (64.498} 164,4981 TOTAL FUNDS 12.953.185 (12.503.707) 471,000 920,478 45

Circadian Trust Notes to thè Financial Statements- continued for the Year Ended 31 March 2024 18. MOVEMENT IN FUNDS Icont.) ESC Grant fund The Esc Grant is a restricted fund from the English sports council to provide energy 53ving ef*iciencie5, through the use of harvesting rainwater and the recollection of heat to generate electricity and heat for the client. Charity Net movement in funds At 31.3.24 At 1.4.23 Unrestrlcted funds Gener31 fund Pension reserve 1,928,358 1489,0001 512.469 489,000 2,440,827 1,439,358 1.001.469 2,440.827 Restricted funds ESC Grant 259,409 (64,498) 194,911 TOTAL FUNDS 1,698,767 936.971 2,635,738 Net movement in funds, included in the above are as follows". Incoming Resources resources expended Gains and Movement losses in funds Unrestrirted funds General fund Pension reserve 12.394,937 {11,882,4681 18.000 512,469 489,000 471.000 12.394.937 111.864.4681 471.000 1,001,469 Restricted funds ESC Grant 164,4981 164,498} TOTAL FUNDS 12,394,937 (11,928,966) 471,000 936,971 46

Circadian Trust Notes to the Financial Statements - continued for the Year Ended 31 March 2024 18. MOVEMENT IN FUNDS (Cont.) Comparative movement in Funds Group Net movement in fund5 Transfers between fund5 At 1.4.22 At 31.3.23 Unrestricted fund5 General fund Pen5i0n reserve 1,553.768 16,239.000) 391.083 5.750,000 1,944,851 1489,000) 14,685.232) 6,141.083 1.455,851 Restricted funds E5C Grant 323,907 164,498) 259,409 TOTAL FUNDS 14,361,325) 6,076,585 1,715,260 Net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and Movement 10sse5 i n funds Unrestricted funds General fund Pension reserve 11,997,792 (11,606,709) (264,0001 391,083 5,750,000 6,014,OQKI 11,997,792 {11,870.709} 6,014,000 6,141,083 Restrirted funds ESC Grant 164.498) {64,4981 TOTAL FUNDS 11,997,792 (11,935,207) 6,014,000 6,076,585 47

Circadian Trust Notes to the Financial Statements - continued for the Year Ended 31 March 2024 18. MOVEMENT IN FUNDS (Cont.) Comp3rative movement in Funds Charity Net movement in funds At 31.3.23 At 1.4.22 Unrestricted funds General fund Pension reserve 1.531,275 16,239,iJJOI 397,083 5,750,000 1,928,358 1489,0001 (4,707.7251 6,147,083 1,439,358 Restricted funds ESC Grant 323,907 {64,4981 259,409 TOTAL FUNDS {4,383,8181 6,082,585 1,698,767 Net movement in funds, included in the above are as follow5.. Incoming Resources resources expended Gains and Movement losses in funds Unrestricted funds General fund Pension reserve 11,563,649 111,166,566) 1264.000) 397,083 5,750,000 6,014,000 11,563,649 (11,430,566) 6.014,000 6,147,083 Restricted funds E5C Grant 164,4981 (64,498) TOTAL FUNDS 11,563,649 {11,495,064} 6,014.000 6.082,585 48

Circadian Trust Notes to the Financial Statements - continued for the Year Ended 31 March 2024 19. EMPLOYEE BENEFIT OBLIGATIONS The Charity is an admitted body to the Avon Pension Fund, a defined benefit pension scheme for all 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 live5. In accordance with actuarial adviceto the trusteesofthe 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 IFRS) 102- Retirement Benefits. The FRS102 valuation was carried out by the actuaries of the fund, Mercer Human Resource Consulting Ltd, as at 31 March 2022. South Gloucestershire Council has given a legal undertaking indemnifying the Charlty in respect of the pension contributions in so far as and to the extent that these may affect pension benefit5 accrued before l November 2005, the transfer date of the leisure services from South Gloucestershire Council to the Charity. At l November 2005 tlie peiisioii liability foi- wliicli tlie Couiicil lias ii)deinnified tlie Cliarity 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 plans 31.3.24 31.3.23 Present value of fu nded obligations Fair value of plan assets (13,180,000) 113,111,0001 13,703,000 12,622,000 523,000 {489,000) Present value of unfunded obligations A55et ceiling adjustment 1523,0001 Deficit 1489,000) Net liability 1489.000) 49

Circadian Trust Ltd Notes to the Financial Statements continued for the Year Ended 31 March 2024 19. EMPLOYEE BENEFIT OBLIGATIONS continued The amounts recognised in the statement of financial activities are as follows-. Defined benefit pension plans 31.3.24 31.3.23 Current service cost Net interest from net defined benefit asset/liabilitv Past seNice cost Admin Expenses 222.000 421,000 17,OCKI 169,000 7,000 7,000 246,000 597,000 Actual return on plan assets 1,002,000 1,035,000 Changes in the present value of the defined benefit obligation are as follows: Defined benefit pension plans 31.3.24 31.3.23 Opening defined benefit obligation Current service cost Contributions by scheme participants Interest cost Actuarial losses/(gains) Benefits paid Curtailments Actua rial Igainslllosses from changes in financial assumptions 13,111,000 20,206,000 222,000 421,000 75.000 74,000 626,000 563,000 (690,0001 19,615,000) (254,0001 {185,000} 90,000 1.647.000 13.180.000 13.111,000 50

Circadian Trust Ltd Notes to the Financial Statement5 - continued for the Year Ended 31 March 2024 19. EMPLOYEE BENEFIT OBLIGATIONS continued Changes in the fair value of scheme assets are as follows: Defined benefit pension plans 31.3.24 31.3.23 Opening fair value of scheme assets Interest on plan assets Contributions by employer Contributions by scheme participants Administration Expenses Benefits paid Return on plan assets (excluding interest income) I2,622,￿0 13,967,000 609,000 394,000 264,000 333,000 75,000 74,000 17,0001 17,0001 {254.0001 (185,0001 394,000 {1,954,0001 13,703,000 12,622,000 The amounts recognised in other recognised gains and losses are as follows.. Defined benefit pension plans 31.3.24 31.3.23 Actuarial {gainsl/losses from changes in financial assumptions Return on plan assets (excluding interest income) Actuarial gains/llosses) Asset ceiling adjustment {90,0001 {1,647,0001 394,000 690,000 1523,0001 {1,954,0001 9,615,000 471,000 6,014,000 Principal actuarial assumptions at the Statement of Financial Position date {expressed a5 weighted averages): 31.3.24 2.60Y. 2.70Y. 4.90Yo 1.60Y. 31.3,23 2.70% Inflation Rate of increase in pensions Discount rate of liabilities Rate of increase in salaries 4.80Yo 1.700A Page 51

Circadian Trust Ltd Notes to the Financial Statements - continued for the Year Ended 31 March 2024 19. EMPLOYEE BENEFIT OBLIGATIONS continued The major categories of scheme assets as amounts of total scheme assets are as follows: Defined benefit pension plans 31.3.24 31.3.23 Equities Bonds- Government Bonds- Other Cash Property Other 6.851,OCNJ 3,152,000 1,233,OC {2,097,0001 713,000 3,851,000 4,405,000 2,423,000 1,123,000 240,000 808,000 3,623,000 13,703,000 12,622,000 In order to achieve the Fund's target equity allocation and constraints arising from elsewhere in the portfolio, the Fund uses a derivative-based equity strategy. Unlike a traditional/physical equity allocation, this strategy requires no upfront payment to gain exposure to the desired equities. The fund is essentially 'borrowing' an amount equivalent to the 'negative cash offset, number to achieve the desired equity exposure. The. negative cash/ liquidity asset allocation is due to the synthetic equity offset being recognlsed as a negative cash item. The Actuary discussed this with the investment team who advised that the most appropriate place to recognise the synthetic equity offset is as a negative cash item. 20. RELATED PARTY DISCLOSURES The charity has 3 close relationship with South Glouceslershire 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.. 2024 Income £'ooo 51 Purchases £'ooo Creditor £'ooo Entit South Gloucestershire Council Debtor £'ooo 2023 Income £'ooo 172 Purchases £'ooo 66 Credifor Entit South Gloucestershire Council Deblor £'ooo Page 52

Circadian Trust Notes to the Financial Statements- continued for the Year Ended 31 March 2024 21. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING A￿1VITIEs 31.3.24 31.3,23 Net income/(expenditure) for the reporting period {as per the Statement of financial artivities) 452,998 62,585 Adjustments for: Depreciation and amortisation charges Interest received Loss on Disposal of fixed assets Decrease/llncre3sel in stocks Decrease/llncrea5el in debtors Increase/lDecreasel i n creditors Difference between pension charge and cash contributions 578,514 1108,727} 39,969 57,971 81,223 311,937 118,0001 523.393 113,3201 3,639 133,7371 21,349 446.066 264.000 Net cash used in operating activities 1,395,885 1,273,975 22. ANALYSIS OF CHANGES IN NET FUNDS At 1.4.23 Cash flow At 31,3.24 Net cash Cash at bank and in hand 3,152,238 782,602 3,934,840 Total 3,152,238 782,602 3,934,840 Page 53