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

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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

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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,

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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.

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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.

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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.

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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.

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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.

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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.
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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.
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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.
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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.
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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.
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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.
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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