COMPANY REGISTRATION NUMBER: 05095316 CHARITY REGISTRATION NUMBER: 1111723 Richmondshire Leisure Trust Company Limited by Guarantee Financial Statements 31 March 2024 'ADDICWFU* 1111012024 COMPANIES HOUSE A12
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Richmondshire Leisure Trust Company Limited by Guarantee Financial Statements Year ended 31 March 2024 Page Trustees, annual report (incorporating the director's report) Independent auditor's report to the members Statement of financial activities (including income and expenditure account} 13 Statement of financial position Statement of cash flows 14 16 Notes to the financial statements 17 The following pages do not form part of the financlal Statements Detailed statement of financial activities 31 Notes to the detailed statement of financial activities 33
Richmondshire Leisure Trust Company Limited by Guarantee Trustees. Annual Report {Incorporatin9 the Director's Report) Year ended 31 March 2024 The trustees. who are also the directors for the purposes of company law. present their report and the financial statements of the charity for the year ended 31 March 2024. Reference and admlnlstratlve detalls Regist•red charlty name Richmondshire Leisure Trust Charity rngistration number 1111723 Company reglstratlon number 05095316 Prlnclpal offlce and reglstered Richmond Swimming Pool offlce Old Station Yard Richmond North Yorkshire DL10 4LD The trustoes A Tutora (Resigned 18 September 2023} (Served from 5 June 2023 to 2 September 20241 J Francis J Stubbs R Joyce A White D A Chefneux J W Riley S L Benson R J Baldwin P J Devlin W H Cross (Appointed 7 September 2023) (Resigned 1 August 2023) {Appointed 2 August 2023) Auditor Chipchase Manners Chartered Accountants & statutory auditor 384 Linthorpe Road Middlesbrough TS5 6HA Bankers Santander 43 High Row Darlington County Durham DL3 7QW
Richmondshire Leisure Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) f¢ontlnued) Year ended 31 March 2024 Report of the Chairman This report covers the period from April 2023 until March 2024. From 2005 until the end of March 2023 the Leisure Trust operated with a Management Agreernent with Richmondshire District Council. 111 April 2023 saw the transfer of ownership of Richmond Swimming Pool from Richmondshire District Council to the newly established unitary North Yorkshire Council INYC). Our Management Agreement and associated leases lechnically transferred to NYC on 1st April 2023. During this year Staff and Board members were able to concentrate their efforts on the single campus of the Pool and Libety's Health Centre, as the previous year had concluded the Trust's management of Colburn Leisure Centre which had transferred to the newly formed Community Group who were being supported with a £SOK annual revenue grant from Colburn Town Council. During the major capital works at the Pool through the summer of 2022, some significant and further capital repairs were unable to be compleied at Richmond Swimming Pool. These included repairs to the rnain tank where leaks had been idenlified and a long outstanding refurbishment to the poolside staff area that had been damaged over time by external water egress leaking through the outside patio area. These items were not included in the initial scheme despite being regularly drawn to the attention to the ovrfner of the pool. The Trust had been requesting a resolve to the external leaks that had damaged the staff area for several years. An altemative location for staff to use on the upper floor had been identified due to the unhealthy damp and often wet conditions in the poolside staff area. As the District Council did not include these major repairs in the initial closure, the newly formed North yorkshi Council accepted their responsibility during this second closure, which lasted from June 2023 until mid- September 2023. The summer closure overran and this seriously affected the re-enrolment to the Trust's"Learn to Swim" scheme. It also affected the usage by schools some of whom delayed their use of the pool until they could get a full 5chool-terms use, The pool also suffered during this financial year from a huge increase in energy consumption following the initial capital works. The boilers were not working efficiently, insulation had been removed from the roof space and not replaced and the heat recovery system was not working. This was, and still is, a major concern for staff and Board members who 811 expected the energy consumption levels at the pool to be lower after the £2M capital scheme that installed solar panels and an air-sourced heat pump. North Yorkshire Council recognised the financial implications of increase in energy consumption and allocated a separate and one-off grant in 2023124 to assist the Trust with the huge increase in the cost of energy. In December 2023, North Yorkshire Council formally agreed that all the County Leisure provision should ultimately be provided by an in-house model. The seven former District Councils had a variety of delivery systems that ranged from external charitable and private managemenl arrangemenls, a Te¢al company and some pre*xisting in-house delivery. Imilst our Trust's Management Agreement allowed the Trust to operate until 2027 the Board agreed to enter discussions with NYC for the takeover to happen earlier. As a result of this it is likely that this will be the last AGM for the Richmondshire Leisure Trust as it is possible that the Trust will cease to manage the Pool and Liberty's from April 2025. Oespite all the change it should be recognised that usage at the Pool has continued to grow during this period as part of our post-covid recovery plan, as set down in our current Business Plan.
Richmondshire Leisure Trust Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (conIlnuj Year ended 31 March 2024 The continued success of Liberty's Health Centre has been a feature of this period. Membership has continued to grow and our post<ovid recovery has exceeded that of most leisure organisations throughout the County. During the financial year 2023124 Liberty's has continued to generate an income that has been able to assist with the finances of the Pool. Both Officers and Elected Members of NYC have realised the great value offered by Libety's. This value recognises the well-being enjoyed by circa 700 members as well as the £40K contribution to the finances of the Pool. As a result, discussions regarding the takeover of the work of the Trust have included the need to also transfer the management of Libety's along with the Council owned pool. As mentioned above, despite difficulties caused by long Pool closures, the Trust has continued to recover its level of provision from the devastation of the Covid Pandemic. All areas of provision has continued to grow. It is also pleasing lo see that a new catering outlet at the Pool is doing well and has added a new and extra dimension lo the life of the Pool. Club usage at the Pool continues as a significant feature. However there remains on-going discussions regarding usage costs as excessive energy costs has forced the Trust to increase the usage charges. This is regrettable as we recognise that clubs draw on a significant volunlary commilment and are themselves charitable organisations. Kfyhilst there will always be individual issues with staff management our team of 38 staff continue to show dedicated commitment to the work of the Trust. They are in turn extremely well managed by our General Manager, in what has been a very challenging year. During the year that this report refers to there have been several meetin9S Wlth staff who are wondering what the future will hold as we approach a time when their employment will change from the Leisure Trust to NYC. It is my opinion that the Council will inherit a very talented and committed group of staff who are committed to improving the lives and general well-being of local people who use our facilities. I would also wish to pay tribute to all members of the Board who have all shown real commitment to the work of the Trust. The Board are highly effective with a range of expertise that reflects both the operational and strategic needs of the Trust. It has been a pleasure to chair the Board with such knowledgeable and effective members. It appears that the make-up of the Board is a model that could be used as an example of good practice as both Trustees of our Charity and Directors of our Company Limited by Guarantee. Our Accounts for the year 2023124 show a defi'cit of £6K that is entirely due to the excessive energy costs, despite a very effective on-site operational management. It has been a privilege to have Chaired Richmondshire Leisure Trust over this period and to see how the Trusl has contributed to the happiness, hope and wellbeing of so many local residents. Structure, governance and management Risk Management The trustees actively revlew the major risks that the charity faces on a regular basis. During the period covered by the Financial Statements, financial pressures continued for the Leisure Trust from elevated utility costs and wider inflationary pressures felt across the UK economy. The resulting cost-of-living crisis in the UK (on-going since 2023) placed a number of financial challenges on the Leisure Trust in terms of both cost pressures and maximising income opportunities. Richmond Swimming Pool was closed from 29th June until 9th September 2023 due to boiler issues
Richmondshire Leisure Trust Company Limlted by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (witlnued) Year ended 31 March 2024 and a requirement to follow-up on capital investment works previously undertaken in 2022. In addition to financial risks, significant work was required to inform customers and manage expectations around the closure and re-opening. The Leisure Trust continued to be impacted by elevated utility prices, which combined with additional gas consumption arising from the capital investment works. Investigations continue into managinglreducing gas consumption in association with North Yorkshire Council who own the building. As done in previous financial years, the Leisure Trust entered a one-year fixed price contract for ulility costs, expiring on 31st March 2024, to manage and mitigate financial risk to the Trust if market prices increased further. The Leisure Trust is grateful to North Yorkshire Council for additional grant support received towards some of the increased utility Costs (£52,339) and in covering the loss of income incurred during the capital investment works (£52,141). The Trust continues to be dependent on the support of North Yorkshire Council, with whom it operates as part of a management agreement, together with a five-year funding agreement which commenced on 1st April 2022 and runs until 31st March 2027. The Trust continues to work closely with the Council in meeting one of their corporate priorities of "providing a healthy environmenr,. From 1st April 2023, North Yorkshire Council took over the role and responsibilities of the previous local aulhority Richmondshire District Council. Following a Strategic Leisure Review undertaken by the new unitary authority in late-2023, a decision has been taken to bring all leisure provision across the county in-house under one combined operation, Although the timetable for transfer of activities from the Leisure Trust to North YorkshiTe Council has yet to be finalised, rt is currently anticipated that Ihis will happen in early-2025. Given the continued support of North Yorkshire Council, their ambition to bring the service in-house from 2025, combined with an annual review of controls over key financial systems, the trustees believe there will be sufficient resources in the event of adverse trading conditions. It continues to monitor very carefully financial pressures as well as income levels and visitorlmembership numbers. The trustees have examined other operational and business risks faced by the charity and believe that they have established systems to mitigate the significant risks. The charity is organised so that the trustees meet regularly to manage its affairs. There is a General Manager, full-time and part time staff who together, take care of the day-to-day administralion of the charity. ObJectlvo8 and actlvltles The charity's objective and principal activity continues to be the provision of facilities and services for recreational, sporting or other leisure time occupation in the interests of social welfare. Such facilities being provided to the public at large save that special facilities may be provided for persons who by reason of their youth, age, infirmity or disability, poverty or social or economic circumstances may have need of special facilities and services and to advan the education and lifelong leaming of the public and to promote and preserve good health through community participation in healthy recreation and such other charitable purposes beneficial to the Gommunity consistent with the objects above as the trustees shall in their absolute discretion determine. The importance and wider benefits offered by the Trust and its facilities were brought to the fore during the global Covid pandemic and cost-of-living crisis and the need to support residents and visitors in respect of mental health and physical wellbeing issues. This focus continues post-covid and with the
Richmondshire Leisure Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnu•d) Year ended 31 March 2024 costf-11vIng crisis continuing to impact mental health. The success of this focus is underlined by the usage and membership numbers which continued to increase during the year. The trustees confirm they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and planning its acts'vities. The work of the Trust has developed since its initial inception in 2005. Initially established to manage public swimming pool, the Trust expanded its position to meet wider community leisure and wellbeing needs and to generate supplementary income to support the financial needs of the pool. These addib'ons included Libety Health Club (a fitness and wellbeing centre). The charitable trust employs around 40 staff who are managed by a General Manager. Many of the activities that operate within the scope of the Trust are provided by volunteers who operate specific sporting and leisure groups across a wide age range. Achlevement$ and p•rforman¢• Business Review The results of the Company for the year are set out in the Statement of Financial Activities and the position at the year4nd is set out on the Statement of Financial Position. As noted earlier, the Leisure Trust has faced signifi'cant challenges during the year arising from th8 impact of utility costs, wider inflationary pressures, the cost-of-living crisis and the bw¢>month closure of Richmond Swimming Pool for additional capital improvements. Despite these challenges, the Leisure Trust had a successful year in driving significant improvements to visitorlmember numbers at both Richmond Swimming Pool and Libety Health Club. Aside of the temporary closure, usage numbers at the Pool exceeded pre-covid levels, despite a reduction in swimming attendances natiorially, whilst membership at Liberty's rose by 22,/0 during the year. Toial income for the year increased by 6.30/0 compared with 2022123. Efficient and effective management of cost pressures ensured total expenditure increased by just under 30h. Throughout this period, the Trust has been very appreciative of the on-going support provided by North Yorkshire Council, who remain a major stakeholder in the Trust through their continued financial support and grant assistance. Financial review Reserve policy It is the goal of the charity to maintain unrestricted funds at a level that equates to approximately three months unrestricted expenditure. This would provide suffi'cient funds to cover management, administration and support costs, in adverse conditions. A significant first step was made in achieving this aim with the creation of a £50,000 Operational Reseple fund during 2020-21. Afurther£50,000 was added to the reserve during 2023-24 from working balances, taking the Operational Reserve to £100,000 at 31st March 2024. During the year, £10,000 was set aside in a new reserve to cover rent payments for Liberty Health Club due as part of the lease agreement with the owner of the building and payable before the end of the
Richmondshire Leisure Trust Company Llmltsd by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnued) Year ended 31 March 2024 current lease period. The Leisure Trust incurred a small operational deficit in 2023-24 of £6,480. Aside of the Operational ReseTve, working balances included as part of Trust's unreslricted funds at 31st March 2024 stood at £88,387. This represents a reduction of £66,480 on the working balance from the previous financial year, which consists of the £50,000 transfer to the Operational Reserve, a further £10,000 set aside to cover rent payments for Liberty Health Club and the deficit for the financial year of £6,480. The Leisure Trust has previously accessed, as a contingency, a £50,000 Bounce-Back loan from the UK government as part of the Covid Bounce-Back Loan Scheme to help mitigate against any cashflow risks arising from the Covid pandemic. Repaymenls of this loan commenced in 2021-22 and continued throughout the financial year 2023-24, with a balance of £23,334 outstanding as at 31st March 2024, of which £10,000 is due to be repaid within the next e1ve months. Business review The Trustees have sought the assurance of North Yorkshire Council for its continued support going forwards and have entered into the 2024125 financial year with this assurance through the five-year extension to the Management and Funding Agreement running through until March 2027. As previously noted, following a Strategic Leisure Review undertaken by North Yorkshire Council in late- 2023, a decision has been taken to bring all leisure provision across the county in-house, under one combined operation. Although the timetable for transfer of activities from the Leisure Trust to North Yorkshire Council has yet to be finalised, It is currently anticipated that this will happen in early-2025. Trustees. re8ponslb116tle8 Statement The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that peflod. In preparing these financial statements, the trustees are required to- select suitable accounting policies and then apply them consistently., observe the methods and principles in the applicable Charities SORP,. make judgments and accounting estimates that are reasonable and prudent., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hen
Richmondshire Leisure Trust Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (contlnued) Year ended 31 March 2024 for taking reasonable steps for the prevention and detection of fraud and other irregularities. Small company provl8lons This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The trustees, annual report was approved on 7 October 2024 and signed on behalf of the board of trustees by.. A White Trustee {Chair}
Richmondshire Leisure Trust Company Limited by Guarantee Independent Auditor's Report to the Members of Richmondshire Leisure Trust Year ended 31 March 2024 Opinion We have audited the financial statements of Richmondshire Leisure Trust (the 'charity') for the year ended 31 March 2024 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Praclice). In our opinion the financial statements- give a true and fair view of the state of the 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., have been prepared in accordance with the requirements of the Charities Act 2011. Ba818 for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going wncern 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.
Richmondshire Leisure Trust Company Limited by Guarantee Independent Auditor's Report to the Members of Richmondshire Leisure Trust (continued) Year ended 31 March 2024 oth•r Inforniatlon The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The twstees are responsible for the other information. Our opinion on the financial statements does not cover Ihe other information and, except to the extent otherwise explicitly stated in our report. we do not express any form of assurance conclusion thereon. In connection with our audit ofthe financial statements. our responsibility is to read the other infomation 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 inconsisiencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on 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. Matter8 on whlch we are requlred to report by exceptlon In the light ofthe knowledge and understanding of Ihe charity and its environment obtained in the course of the audit, we have not idents'fied material misstatements in the trustees, report. We have nothing to report in SpeCt of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion.. the information given in the trustees, report is inconsistent in any material respect with the financial statements., or adequate accounting records have not been kept,. or the financial statements are not in agreement with the accounting records and returns; or we have not received all the information and explanations we require for our audit. R•sponslbllltlo8 of tru8tee8 As explained more fully in the trustees, responsibilities statement, the trustees 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 ststements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going conrn, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic altemative but to do so.
Richmondshire Leisure Trust Company Limited by Guarantee Independent Auditor's Report to the Members of Richmondshire Leisure Trust (continued) Year ended 31 March 2024 Auditorfs 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 an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users tsken on the basis of these financial statements. Irregularities, including fraud, are instances of non<ompliance with laws and regulations. We deson procedures in line with our responsibilities, outlined above, to detect material Misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of delecting irregularities, including fraud is detailed below.. The objectives of our audit are to identify and assess the rlsk of material misstatement of the financial statements due to fraud or error. It is also our objective to obtain sufficient appropriale audit evidence regarding the risks we have assessed and respond as appropriate to them. Even though an audit is planned and performed in accordance with the ISAS (UK), an audit has an unavoidable risk that material misstatements in the financial statements may not be detected. In identifying and assessing the risk of material misstatement in respect of irregularities, including fraud, our audit procedures included the following.. We obtained an understanding of the legal and regulatory frameworks applicable to the charitable company and the environment in which they operate. We obtained an understanding of how the charitable company ensures their compliance with the applicable legal and regulatory frameworks through inquiries to the management and those charged with ensuring such compliance within the charitable company. We corroborated our inquiries through a review of transactions within the financial statements that were linked to compliance with laws and regulations. We also reviewed any available board minuies. We assessed the susceptibility of the charitable company's financial statements to material misstatement with regards io how fraud might occur. Audit procedures performed by the team included.. Identifying and assessing the effectiveness of controls the management of the charitable company has in place to detect and prevent possible fraud. Understanding how those involved with ensuring compliance considered and addressed the potenlial override of controls or undue influence over the financial reports, Challenging any major assumptions and judgements that the management used in any significant accounting estimates: Reviewing journal entries made with emphasis placed on those with unusual combinations and those around the accounting year end: and Assessing the extent of compliance with applicable laws and regulations. 10
Richmondshire Leisure Trust Company Limited by Guarantse Independent Auditor's Report to the Members of Richmondshire Leisure Trust (contlnued) Year ended 31 March 2024 As part of an audrt in accordance with ISAS (UK). we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perfonn audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions. misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the truslees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exisls, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 11
Richmondshire Leisure Trust Company Limited by Guarantee Independent Auditor's Report to the Members of Richmondshire Leisure Trust (contlnued) Year ended 31 March 2024 We communicate with those charged with govemance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Us• of our r•port This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed. Mr Christopher Gorman FCA FCCA (Senior Statutory Auditor) For and on behalf of Chipchase Manners Chartered Accountants & statutory auditor 384 Linthorpe Road Middlesbrough TS5 6HA 7 October 2024 12
Richmondshire Leisure Trust Company Limitsd by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2024 2024 Restricted funds Total funds Total funds 2023 Unrestricted funds Not• Income and endowments Donations and grants Charitable activities Investment income 398,632 522,274 6,371 58,114 456,746 522,274 6,371 985,391 468,306 457,089 1,269 Total Income 927,277 58,114 926,664 Expenditure Expenditure on charitsble activities Other expenditure Total exp•ndltur• 932,059 1,698 933,757 58,122 990,181 1,698 991,879 962,692 483 58,122 963,175 Net expenditure and net movement In funds {6,4801 (8) (6,488) {36,511) Reconclllatlon of funds Total funds brought forward Total funds carried fonNard 204,867 438 205,305 198,817 241,816 205,305 198,387 430 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 17 to 29 fomi part of these financial statements. 13
Richmondshire Leisure Trust Company Llmited by Guarantee ststement of Financial Position 31 March 2024 2024 2023 Note Flxed as8•t8 Tangible fixed assets 17 5,219 6,722 Current assets Stocks Deblors Cash at bank and in hand 18 19 7,310 48,402 422,033 477,745 9,561 82,159 261,714 353,434 Creditors: amounts falllng due within one yoar Net Current assets 20 270,813 206,932 212,151 131,517 221,917 228,639 Total assets less curr•nt liabiliti08 Creditors: amounts falling due after more than one year Net assets 21 13,334 23,334 205,305 198,817 Funds of the charity Restricted funds Unrestricted funds 430 198,387 438 204,867 Total charlty funds 23 198,817 205,305 For the year ending 31 March 2024 the charity was entitled to exernption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities.. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476., The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. The statement of financial position continues on the following page. The notes on pages 17 to 29 fom part of these financlal statements. 14
Richmondshire Leisure Trust Company Limited by Guarantee Statement of Financial Position (contlnued) 31 March 2024 These financial statements were approved by the board of trustees and authorised for issue on 7 October 2024, and are signed on behalf of the board by.. A IAlhite Trustee Tho notes on pages 17 to 29 forni part of these financial statements. 15
Richmondshire Leisure Trust Company Limited by Guarantse ststement of Cash Flows Year ended 31 March 2024 2024 2023 Cash flows from operating actlvltles Net expenditure (6,488} (36,511) Adjustments for.. Oepreciation of tangible fixed assets Olher interest receivable and similar income Accrued expensesl(income) 2,435 (6,371) 41,450 12,543 (1,269) (2.707) Changes in.. Stocks Trade and other debtors Trade and other creditors 2,251 (3,909) 135,512 (557) (9,615) (7,876) (45,992) Cash generated from operations 164,880 Interest received 6,371 1,269 Net cash froml(used in) operating activities 171,251 (44,723) Cash flows from Investlng actlvltles Purchase of tangible assets Loss on disposal of tangible fixed assets Net cash (used in)lfrom investing activities (932) {12,839) 20,474 7,635 (9321 Cash flows from financing activities Proceeds from borrowings Net cash used in financing activities 110,0001 110,0001 {10,000) {10,000) Net increaselldecreasel In cash and cash equivalent8 Cash and cash equivalonts at beglnnlng of year Cash and cash equivalents at end of year 160,319 261,714 422,033 (47,088) 308,802 261,714 The noles on pages 17 to 29 fomi part of these financial statoments. 16
Richmondshire Leisure Trust Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2024 General Informatlon The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered Charity in England and Wales. The address of the registered office is Richmond Swimming Pool, Old Ststion Yard, Richmond, North Yorkshire, DL10 4LD. Statement of compllanco These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Staternent of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial ReF)Orting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102}) and the Companies Act 2006. A¢¢ountlng pollcl•8 Basis of preparatlon The financial statements have been prepad on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Golng concern There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estlmation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumplions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Fund accountlng Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms ofan appeal, and fall into one of bwo sub-classes.. restricted income funds or endowment funds. 17
Richmondshire Leisure Trust Company Limited by Guarantea Notes to the Financial Statements (Contlnued) Year ended 31 March 2024 Accounting policies (Continued) Incomlng resources All incoming resources are included in the statement of financial activities when ents'tlement has passed to the charity., it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activities, events, non- charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all Costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direcl costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned beeen the activities they contribute to on a reasonable, justifiable and consistent basis. Goodwill Goodwill arises on business acquisitions and represents the eXs$ of the cost of the acquisition over the charity's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. 18
Richmondshire Leisure Trust Company Limitsd by Guarantee Notes to the Financial Ststements {c¢>ntlftu•d) Year ended 31 March 2024 Accounting policies (witinued) Goodwlll (Continu)1 Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years. Amortisation Amortisation is calculated so as to write off the cost of an asset. less its estimated residual value, over the useful life of that assel as follows.. Goodwill Goodwill has previously been amortised to nil If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. Tanglble assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. D•pr•¢iation Depreciation is calculated so as to wrrte off the cost or valuation of an asset, less its residual value, over Ihe useful economic life of that asset as follows.. Fixtures, fittings and equipment 20-33% Straight line Impairment of fixed assets A review for Indicators of impairment is carried out at each reporting date. with the recoverable amount bein9 estimated where such indicators exist. Vvhere the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset. an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generaling unit Is the smallest identifiable group of assets that includes the asset and generates cash inflov that largely independent of the cash inflows trom other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. 19
Richmondshire Leisure Trust Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2024 Accounting policies (contlnued) Stocks Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase. costs of conversion and other costs incurred in bringing the stock to its present location and condition. Defined conlributlon plans The pension costs charged in the financial statements represent the contribution payable by the charity during the year. Llmlted by guarantee The charity is constituted as a company limited by guarantee, and is therefore governed by a memorandum and articles of association. Donatlons and grants Unrestricted Funds Restricted Total Fund8 Funds 2024 Donations Donations Grants North Yorkshire Council grants RDC - Sports Development grants Broadacres grants NYC Utility Support grants RDC Area Partnership grants Colburn Town Council grants NYC Locality Fund grants NYC Stronger Communities Born to Move grants NYC FEAST grant Richmond Town Council Born to Move grants NYC loss of income grant 346,491 346,491 250 52,339 250 52,339 1,000 4,375 150 1,000 4,375 150 52,141 52,141 398,632 58,114 456,746 Unrestricted Funds Restricted Total Funds Funds 2023 Donations Donations 20
Richmondshire Leisure Trust Company Limited by Guarantee Notes to the Financial Ststements (¢ontinu¢d) Year ended 31 March 2024 Donations and grants (contlnuodj Unrestricted Funds Reslricted Totsl Funds Funds 2023 Grants North Yorkshire Council grants RDC - Sports Development grants Broadacres grants NYC Utility Support grants RDC Area Partnership grants Colburn Town Council grants NYC Locality Fund grants NYC FEAST grant NYC loss of income grant 298,000 298,000 1 5,000 500 52,907 592 28,000 2,500 2,250 68,556 15,000 500 52,907 592 28,000 2,500 2,250 68,556 366,557 101,749 468,306 Charltable actlvltle8 Unrestricted Total Funds unstrICted Total Funds Funds 2024 Funds 2023 Sports facilities Catering Fundraising events 517,760 3,043 1,471 517,760 3,043 1,471 522,274 453,552 2,343 1,194 453,552 2,343 1,194 522,274 457,089 457,089 Inv•8tmonl Incomo Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 8ank interest receivable 6,371 6,371 1,269 1,269 21
Richmondshire Leisure Trust Company Limited by Guarantee Notes to the Financial Statements (contlnuod) Year ended 31 March 2024 Expendlture on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2024 Sports and Leisure Facilities costs Support costs 632,478 299,581 57.872 250 690,350 299,831 932,059 58,122 990,181 Unrestricted Funds Restricted Total Funds Funds 2023 Sports and Leisure Facilities costs Support costs 555,606 276,878 130,208 685,814 276,878 832,484 130,208 962,692 Expenditure on ¢harltable actlvltles by actlvlty typ• Activities undertaken directly Support Total funds costs 2024 Total fund 2023 Sports and Leisure Facilities costs Governance costs 690,350 690,350 299,831 685,814 276,878 299,831 690,350 299,831 990,181 962,692 10. Analys18 of support Costs Sports and Leisure Facilities Total 2024 Total 2023 Staff costs Premises General office Governance costs Travel and subsistence Depreciation Subscriptions Catering and vending Training Irrecoverable VAT Loss on disposal of tangible fixed assets 262,479 389,960 2,473 299,831 962 2,435 535 1,233 3,366 26,907 262,479 389,960 2,473 299,831 962 2,435 535 1,233 3.366 26,907 297,236 323,372 3,732 276,878 1,385 12,543 535 1,932 3,200 21,405 20,474 990,181 990,181 962,692 22
Richmondshire Leisure Trust Company Limited by Guarantee Notes to the Financial Statements (Contlnued) Year ended 31 March 2024 10. Analysis of support costs (continued) Analysis of Governance Costs.. 2024 2023 Admin gross wages, employers Nl and pension Insurance Audit fees Legal and professional costs Payroll costs Other office costs Printing and promotion Bank charges Fees and licences Special project costs Interest on loans 233,993 13,469 4,600 2,502 6,410 13,180 4,046 8,554 7,892 4,536 649 199,332 17,046 4,600 2,542 6,284 12,793 6,272 7,169 8,748 11,443 649 299,831 276,878 11. othor •xp8nditur• Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Bad debts 1,698 1,698 483 483 12. N•t •xp•ndltur• Net expenditure is stated after chargingl(crediting): 2024 2023 Depreciation of tangible fixed assets 2,435 12,543 13. Audltors remuneratlon 2024 2023 Fees payable for the audit of the financial statements 4,600 4,800 23
Richmondshire Leisure Trust Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 14. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows.. 2024 2023 Wages and salaries Social security costs Employer contributions to pension plans 445,748 24,654 26,070 449.078 23,095 24,395 496,472 496.568 The average head count of employees during the year was 32 (2023.. 33). The average number of full-lime equivalent employees during the year is analysed as follows.. 2024 No. 2023 No. Full time Part time Volunteers 12 20 12 21 33 No employee received employee benefits of more than £60,000 during the year (2023.. Nil). 15. Trustee remuneration and •xp•nses No remuneration or benefits have been received by the trustees. 16. Intanglbl• as39t8 Goodwill C081 At 1 Aprll 2023 and 31 March 2024 Amortlsatlon At 1 April 2023 and 31 March 2024 Carrying amount At 31 March 2024 64,000 64,000 At 31 March 2023 24
Richmondshire Leisure Trust Company Limited by Guarantee Notes to the Financial Ststements (Continued) Year ended 31 March 2024 17. Tanglblo fixed as80ts Fixtures and fittings Cost At 1 April 2023 Additions 106,370 932 At 31 Mareh 2024 107.302 Depreclatlon At 1 April 2023 Charge for the year At 31 March 2024 99.648 2.435 102.083 Carrying amount At 31 March 2024 5.219 At 31 March 2023 6.722 18. Stock8 2024 2023 Raw materials and consumables 7,310 9,561 19. Debtors 2024 2023 Trade debtors Prepayments and accrued income 13,182 35,220 48,402 16,265 65,894 82,159 20. Credltor8; amounts falling duo Wlthin one year 2024 2023 Bank loans and overdrafts Trade creditors Accruals and deferred income Social security and other taxes 10,000 131.788 93,922 35,103 10,000 21,419 90,138 9,960 270,813 131,517 25
Richmondshire Leisure Trust Company Limited by Guarantee Notss to the Financial Statements fconlinued) Year ended 31 March 2024 21. Creditors: amounts falling due after more than one year 2024 2023 Bank loans and overdrafts 13,334 23,334 22. Penslons and othar post-r•tlr•menl b¢n•flts Deflned contributlon plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £26,070 (2023.. £24,395). 23. Analysis of charltabl• funds Unrestricted fund8 At Transfers 31 March 24 At 1 April 23 Income Expenditure General funds Operational reserve fund Liberty rent fund 154,867 927,277 (933,757) (60,000) 88,387 50,000 50,000 10,000 100,000 10,000 204,867 927,277 {933,757) 198,387 At Transfers 31 March 23 At 1 April 22 Income Expenditure General funds Operational reserve fund Utility increase fund Football Foundation pitch project fund 137,919 824,915 (832,967) 25,000 154,867 50,000 15,000 50,000 (15,000) 10,000 (10,000) 212,919 824,915 (832,967) 204,867 The general fund is utllised to ensure that the objectives of the charity are attained. The general fund also contains the fixed asset resepie. The designated Operational fund is earmarked to assist throughout the general operations of its facilities for the foreseeable future or beyond. The designated Liberty fund is earmarked to assist with possible future rental payments due in relation to the Liberty Health Club propety- 26
Richmondshire Leisure Trust Company Limited by Guarantee Notes to the Financial Ststements fcontlnued) Year ended 31 March 2024 Restrlcted funds At Transfers 31 March 24 At 1 April 23 Income Expenditure Sport England Small Grant fund NYCC FEAST fund Broadacres fund NYC Utilities Support fund Richmond TC Born to Move Project NYC Stronger Communities Inspire Born to Move 438 (4381 (4,3751 (250) 4.375 250 52.339 (52,3391 150 (150) 1,000 58.114 (570) (58.122) 430 438 430 At Transfers 31 March 23 At 1 April 22 Income Expenditure Armed Forces Covenant Fund Trust RDC Sports Development Fund RDC Area Partnership Fund NYCC Locality Fund North Richmondshire Community Partnership Fund Sport England Small Grant fund Colburn Town Council fund Nalional lottery fund Football Foundation fund RDC CIF fund NYCC FEAST fund Broadacres fund NYC Utilities Support fund 795 (795) 15,000 (15,000) 592 2,500 (592) {3,076) 576 56 {56) 438 438 28,000 (28,000) 13,004) 3,004 16,250 7,778 (16,250) {7,778) {2,250) (500) 2,250 500 52,907 101,749 (52,907) (130,208) 28,897 438 The purpose of the Armed Forces Covenant Fund Trust Grant was to contribute towards new equipment for the Libety Gym. This is being released at the same rate as the depreciation on the assets for which it assisted the purchase. The purpose of the Sports Development income was to contribute to sports development staff costs. 27
Richmondshire Leisure Trust Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 The purpose of the Sport England Small Grant Fund is to assist with the costs of a Children's Aquafit and Water Body Combat project. The purpose of the NYCC FEAST fund was to assist with a project that aimed to provide healthy food and enriching activities to children on benefits-related free school meals. The purpose of the Broadacres fund was to assist with some general repair work at the leisure centre. The purpose of the NYC Utilities Support fund was to assist with the increased cost of utility bills as a result of the nationwide energy price issues in the UK. The purpose of the Richmond Town Council Born to Move fund was to assist with the costs of providing Born lo Move exercise classes at the facilities. The purpose of the NYC Stronger Communities Inspire Born to Move fund was to assist with the costs of providing Born to Move exercise classes at the facilities. 24. Analysi8 of net assets between funds Unrestricted Funds Restricted Tolal Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 5.219 477,315 (270,813) (13,334) 198,387 5,219 477,745 (270,813) (13,334) 198,817 430 430 Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 6,722 352,996 {131,517) (23,3341 204,867 6,722 353,434 (131,517) (23,334) 205,305 438 438 25. Financial instruments No financial instruments were used by the charitable company that would be considered non-basic in nature and therefore no additional disclosure has been made. 28
Richmondshire Leisure Trust Company Limited by Guarantee Notes to the Financial Statsments (contlnued) Year ended 31 March 2024 26. Analys5s of changes In net debt At At 1 Apr 2023 Cash ITows 31 Mar 2024 Cash at bank and in hand Debt due within one year Debt due after one year 261,714 (10,000) (23,334) 228,380 160,319 422,033 {10,000) {13,334) 398,699 10,000 170,319 29
Richmondshire Leisure Trust Company Limited by Guarantee Management Information Year ended 31 March 2024 The followlng pag•s do not fom) part of the financlal statements. 30