OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-03-31-accounts

Page
Report ofthe Trustees 1 to 19
Report ofthe Independent
Auditors		 20 to 22
Statement ofFinancial Activities 23
Balance Sheet 24 to 25
Cash Flow Statement 26
Notes to the Cash Flow Statement 27
Notes to the Financial Statements 28 to 43

Site Project Purpose 2021 Update
Peacehaven Leisure Create new gym, dance Revenue Generation In Progress
Centre studio and health
hub		 Customer Satisfaction
Seahaven Leisure Health
Hub development		 Revenue Generation In Progress
Centre incorporating
a complete		 Customer Satisfaction
refurbishment
ofthe
current centre, extension
and introduction
ofnew
facilities and activities
aligned to the new
strategy,
empowering
independent
health and
wellbeing
for those with
health conditions.
Newhaven Fort Improve visitor experience Increase Visitor Numbers Towns Fund Project in
through
aseries ofprojects		 Revenue Generation Improve Progress
linked to: Visitor Experience
~
Health, Safety
and Environment
~
Visitor Attractions
~
Restoration
Downs Leisure Centre Health
Hub		 To support the new Strategy, In Progress
empowering independent
health
and		 wellbeing for those
with health conditions.

Figure 2
Serving Board
Members Occupation Core Skills Gender
Eric Khilstrom (Chair) Chairman/Trustee Strategy,
Financial
Management,		 Male
National
Governing
Bodies, Healthcare
Services, Social/Care
Services
Mark Beaumont Founder/MD/ Entrepreneur Business start-up and new product Male
development
Phil Clarke Retired Director Tesco Private sector - retail and service Male
Stores Ltd management
Mike Price Retired Head Teacher Public and Charity sector- Special Male
Bamados Needs Education
Alan Wisniewski Retired Sales &General Strategy,
Financial
Management,		 Male
Manager Auditing,
Information
Technology,
Social Care Services
Kevin Ellis Retired Actuary 8 Private Strategy,
Financial
Management,		 Male
Maths Tutor Accountancy,
Treasury Management,
Governance,
Training
8 Development
Marcel Miller Treasurer Financial Management,
Accountancy,		 Male
Banking, Treasury
Management,
Insurance,
Pensions,
Cllr Laurence O'Connor Dept for Work & Pensions Working
with Local Authorities		 Male
Cllr Johnny Denis Cabinet Member for Fundraising,
Strategy, Community		 Male
Customers &Communities Relations
and Governance
Cat Harwood-Smith Charity Senior Leader Strategy,
Community
Relations,		 Local Female
Government,
Working
with Local
Authorities,
Healthcare
Services
Cllr Joanne Saunders Sound Designer Media Female

Schedule oft
Figure 2		 he work t hat the Boar d operates is provided
in figure 2:
Minimum
Wave Leisure Trust Frequency Method ofScrutiny Elected Chair No. of
Trustees
7perannum Matters Reserved for the Eric Kihlstrom
including the AGM Board agreed and in
(although place
Full Board of additional
Trustees meetings
may be called as
required)
Governance Sub 6 per annum Terms ofReference Mike Price
Group agreed and in place
Health and Safety 4 per annum Terms ofReference David Hearn
Sub Group agreed and in place
Finance and Audit 6 per annum Terms ofReference Marcell Miller
Sub Group agreed and in place
Wave Active Health 6 per annum Terms ofReference TBC
agreed and in place

Figure 3:C omposition and Attendance s
at Board M		 ee tings: tings:
Name Full Board Governance Finance & Health & Strategy Wave
(incl AGM) Sub Group Audit Sub Safety Sub Development Active
Group Group Sub Group Health
Board
Eric Kihlstrom 6/7 1/6 3/6 0/4 2/2
(Chair)
Registe&:
04/04/2022
Mark 6/7 n/a 5/6 n/a 0/4
Beaumont
Re istered: 16/07/15
Mike Price 3/7 Chair 6/6 n/a n/a 0/4
Re istered: 16/07/1 5
Phil Clarke 6n 6/6 n/a n/a 0/4
Re istered: 25/02/16
Kevin Ellis n/a 6/6 n/a 0/4
Registered:
31/07/2018
Marcel 7/7 n/a Chair 6/6 n/a 0/4
Miller
Registered:
22/02/2018
Alan Wisniewski 6/6 n/a n/a 0/4
Registered;
26/05/2017
Cllr Laurence n/a n/a 4/4 0/4
O'Connor
Cllr Johnn Denis n/a n/a n/a 0/4
Co-opted David 7/7 n/a n/a Chair 3/4 0/4
Hearn
CllrJoanne Appointed after the year end date
Saunders
Cat Harwood-Smith A ointed after the ear end date

STRUCTURE, GOVERNANCE STRUCTURE, GOVERNANCE STRUCTURE, GOVERNANCE STRUCTURE, GOVERNANCE AND MANAGEMENT
Risk management
Figure 5: Identified Risks and Management
Procedures
Identified Risk Description How we manage the risk
Contractual Risk Failure to perform
in terms ofthe		 Through
regular partnership
contract to provide leisure and meetings
and reporting
with		 Local
recreational
services to		 Authority
partners
highlighting
communities, Charity Performance
and Impact.
Operational Risk Incurring
losses as a result of		 Internal
audit and external
audit
inadequate
or failed internal		 and programme
in place. Documented
external processes, systems and processes
in place for all financial
human
error or from external		 controls and processes.
events.
Failure to comply with relevant Robust systems
of internal		 and
regulations
and procedures,		 for external
audits
and
training		 by
example
health and safety.		 specialist
training
providers		 and
third-party
advisors
with
specialist
knowledge
of the
sports and leisure sector.
People risk Failure to ensure we maintain a Comprehensive
programme		 of
well-trained,
competent
and		 training
provided
across		 the
motivated
workforce.		 business
including
annual
assessment
needs, competency
checks
and
systems		 for
behaviour
and
performance
monitoring.
Financial risk Failure to ensure we maintain Reserves policy regularly
reviewed
adequate
reserves to ensure		 the as part ofthe annual
Board
on-going financial
requirements		 of assessment
in line with the future
the Charity are met. needs ofthe business.
Reputational risk Failure to meet the expectations of Comprehensive
partner relations
our key stakeholders,
our		 established
with key stakeholder
partners,
staff and		 groups that have a direct or indirect
customers
in the performance		 and influence
on the performance		 ofthe
management
ofthe charity's		 business.
affairs.
Economic risk Failure to achieve income levels Regular review of pricing against
due to increased
competition		 or a competitors,
price promotion		 and
reduction
in levels ofcustomers		 comprehensive
systems for
disposable
income.		 gathering
customer feedback

STATEMENT OF FINANCIAL ACTIVITIES STATEMENT OF FINANCIAL ACTIVITIES STATEMENT OF FINANCIAL ACTIVITIES STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2023
31.3.23 31.3.22
FRS 102
Pension
Unrestricted Adjustment Restricted Total Total
funds Un-restricted funds funds funds
Notes E E F F
INCOME AND ENDOWMENTS
FROM
Donations
and legacies		 2 14,692 14,692 211,053
Charitable
activities
Leisure Centre activity 6,291,952 9,840 6,301,792 4,968,381
Investment
income		 8,051 8,051 204
Total 6,314,695 9,840 6,324,535 5,179,638
EXPENDITURE ON
Charitable
activities
Leisure Centre activity 5,897,404 134,000 97,761 6,129,165 5,348,440
NET INCOME/(EXPENDITURE) 417,291 (134,000) (87,921) 195,370 (168,802)
Other recognised
gains/(losses)
Actuarial
gains		 on defined
benefit schemes 3,425,000 3,425,000 1,665,000
Net movement in funds 417,291 3,291,000 (87,921) 3,620,370 1,496,198
RECONCILIATION
OF FUNDS
Total funds brought
forward		 672,011 (720,000) 710,596 662,607 (833,591)
TOTAL FUNDS CARRIED
FORWARD 1,089,302 2,571,000 622,675 4,282,977 662,607
BALANCE SHEET BALANCE SHEET BALANCE SHEET
31 MARCH 2023
31.3.23 31.3.22
FRS 102
Pension
Unrestricted Adjustment Restricted Total Total
funds Un-restricted funds funds funds
Notes E f. F
FIXEDASSETS
Tangible assets 11 342,510 622,675 965,185 1,012,266
Investments 12 1 1 1
342,511 622,675 965,186 1,012,267
CURRENT ASSETS
Stocks 13 27,681 27,681 21,443
Debtors 14 669,641 669,641 622,942
Cash at bank and in hand 1,933,350 1,933,350 1,772,595
2,630,672 2,630,672 2,416,980
CREDITORS
Amounts
falling due within one
year 15 (986,533) (986,533) (1,015,231)
NET CURRENT ASSETS 1,644,139 1,644,139 1,401,749
TOTAL ASSETS LESS
CURRENT LIABILITIES 1,986,650 622,675 2,609,325 2,414,016
CREDITORS
Amounts
falling due after more
than one year 16 (897,348) (897,348) (1,031,409)
PENSION ASSET/(LIABILITY) 20 2,571,000 2,571,000 (720,000)
NET ASSETS 1,089,302 2,571,000 622,675 4,282,977 662,607

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023
31.3.23 31.3.22
Notes
Cash flows from operating activities
Cash generated
from operations		 404,051 99,750
Net cash provided
by operating
activities		 404,051 99,750
Cash flows from investing activities
Purchase oftangible
fixed assets		 (151,698) (160,554)
Interest received 6051 204
Net cash used
in investing		 activities ~143,647) ~160,350)
Cash flows from financing activities
New loans
in year
Loan repayments
in year		 ~99,649 650,000
Net cash (used in)/provided by financing activities ~99,649) 650,000
Change
in cash and cash		 equivalents in
the reporting
period		 160,755 589,400
Cash and cash equivalents at the
beginning
ofthe reporting		 period 1,772,595 1,183,195
Cash and cash equivalents at the end of
the reporting
period		 1,933,350 1772595, ,

RECONCILIATION
ACTIVITIES		 OF NET INCOME/(EXPEN DITURE)
TO NET CASH F		 LOW FROM OPERATIN G
31.3.23 31.3.22
F E
Net income/(expenditure)
forthe reporting		 period (as per the
Statement ofFinancial Activities) 195,370 (168,802)
Adjustments
for:
Depreciation
charges		 171,471 152,292
Loss on disposal of fixed assets 27,308
Interest received (8,051) (204)
Increase
in stocks		 (6,238) (20,397)
(Increase)/decrease in debtors (46,699) 5,751
Decrease
in creditors		 (63,110) (136,890)
Difference between pension charge and cash contributions 134,000 268,000
Net cash provided by operations 404,051 99,750

At 1.4.22 Cash flow At 31.3.23
P
Net cash
Cash at bank and in hand 1,772,595 160,755 1,933,350
1,772,595 160,755 1,933,350
Debt
Debts falling due within 1 year (118,591) (34,412) (153,003)
Debts falling due after 1 year ~1,031,409) 134,061 ~897,348)
1,150,000 99,649 ~1,050,351)
Total 622,595 260404 882,999

4. INCOME FR OM CH ARITA BLE ACTIVITIE S
31.3.23 31.3.22
Leisure
Centre Total
activity activities
P E
Leisure centre income 5,257,041 3,858,792
Management Fee 188,204 146,204
Joint Use Agreement Income 384,707 281,786
Grants 471,840 681,599
6,301,792 4,968,381
Grants received,
included		 in the above, are as follows:
31.3.23 31.3.22
F
Eastboume Borough Council 462,000 462,000
Tackling
Inequalities		 Fund 5,000
NLRF (LDC) 14,599
SIBGrant 200,000
Adult Social Care Infection Control Fund 9,840
471,840 681,599
5. CHARITABLE ACTIVITIES COSTS
Support
Direct costs (see
Costs note 6) Totals
E E
Leisure Centre activity 2,243,405 3,885,760
Governance		 6,129,165
6. SUPPORT COSTS
Management Finance costs Totals
F E F E
Leisure Centre activity 3,585,096 286,918 13,746 3,885,760

31.3.23 31.3.22
Auditor's
remuneration		 13,746 10,500
Depreciation
-owned assets		 171,471 152,292
Hire of plant and machinery 116,542 144,097
Deficit on disposal offixed assets 27,308

31.3.23 31.3.22
F
Wages and salaries 2,807,410 2,640,473
Social security costs 188,843 169,681
Other pension costs 211,737 288,416
3,207,990 3 098,570
The average
monthly
number ofemployees
during
t		 he year was as follows;
31.3.23 31.3.22
Senior management 11 11
Recreation Sites 78 82
Administration 11 11
Casual Staff 169 134
269 238

31.3.23 31.3.22
290,001 - E100,000 1
2110,001 - 8120,000

2023 2022
1 1

COMPARATIVES FOR TH E ST ATEMENT OF FINANCIAL ACTI VITIES
FRS 102
Pension
Unrestricted Adjustment Restricted Total
funds Un-restricted funds funds
E E E
INCOME AND ENDOWMENTS FROM
Donations
and legacies		 5,000 206,053 211,053
Charitable
activities
Leisure Centre activity 4,948,782 19,599 4,968,381
Investment
income		 204 204
Total 4 953,966 225,652 5,179,638
EXPENDITURE ON
Charitable
activities
Leisure Centre activity 4,535,342 268,000 545,098 5,348,440
NET INCOME/(EXPENDITURE) 418,644 (268,000) (319,446) (168,802)
Transfers
between funds		 162,664 (162,664)
Other recognised
gains/(losses)
Actuarial
gains on defined		 benefit schemes 1,665,000 1,665,000
Net movement
in funds		 581,308 1,397,000 (482,110) 1,496,198

10, COMPARATIVES
F		 OR THE STATEMENT O F FINANCIAL AC TIVITIES
~ contin
FRS 102		 ued
Pension
Unrestricted Adjustment Restricted Total
funds Un-restricted funds funds
E F
RECONCILIATION OF FUNDS
Total funds brought forward 90,703 (2,117,000) 1,192,706 (833,591j
TOTAL FUNDS CARRIED FORWARD
11. TANGIBLE FIXEDASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
E E
COST
At 1 April 2022 2,155,282 176,239 21,692
Additions
Disposals		 41,414
~27,397)		 67,537
~16604)		 11,426
At 31 March 2023 2,169,299 227,172 33,118
DEPRECIATION
At 1 April 2022 1,296,782 117,881 5,685
Charge for year
Eliminated
on disposal		 109,774
~12,252)		 14,795
~4,696)		 3,227
At 31 March 2023 1,394,304 127,980 8,912
NET BOOK VALUE
At 31 March 2023 774,995 99,192 24,206
At 31 March 2022 858,500 58,358 16,007

11. TANGIBLE FIXEDASSETS - continued
Motor Computer
vehicles equipment Totals
E E
COST
At 1 April 2022 8,580 187,480 2,549,273
Additions
Disposals		 31,321
~2,552)		 151,698
~46,553)
At 31 March 2023 8,580 216,249 2,654 416
DEPRECIATION
At 1 April 2022 8,580 108,079 1,537,007
Charge for year
Eliminated
on disposal		 43,675
~2,297)		 171,471
~19,245)
At 31 March 2023 8,580 149,457 1,689,233
NET BOOK VALUE
At 31 March 2023 66,792 965,185
At 31 March 2022 79,401 1,012,266
12. FIXEDASSET INVESTMENTS
Shares
in
group
undertakings
E
MARKET VALUE
At 1 April 2022 and 31 March 2023
NET BOOK VALUE
At 31 March 2023 1
At 31 March 2022 1
Class ofshare holding
Ordinary 100
31.3.23 31.3.22
NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023
13. STOCKS
31.3.23 31.3.22
E E
Stocks 27,681 21,443
14. DEBTORS
31.3.23 31.3.22
Amounts
falling due within		 one year:
Trade debtors 205,831 303,417
Amounts
owed by group undertakings		 750 750
Other debtors 34,673 37,413
Prepayments
and accrued		 income 370,337 223,312
611,591 564,892
Amounts
falling due after more		 than one year.
Other debtors 58,050 58,050
Aggregate
amounts		 669,641 622,942
15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
E
Other loans (see note 17) 153,003 118,591
Trade creditors 150,068 332,186
Social security and other taxes 79,359 76,495
Other creditors 113,385 89,723
Accruals and deferred income 490,718 398,236
986,533 1,015,231

31.3.23 31.3.22
Amounts
falling due within		 one year on demand:
Other loans 153,003 118,591
Amounts
falling between one		 and two years:
Other loans -1-2 years 164,185 169,416
Amounts
falling due between		 two and five years:
Other loans -2-5 years 233,163 361,993
Amounts
falling due in more than five years:
Repayable
otherwise
than		 by instalments:
Other loans more 5yrs non-inst 500,000 500,000
LEASING AGREEMENTS
Minimum
lease payments		 under non-cancellable operating leases fall due as follows:
31.3.23 31.3.22
F F
Within one year 3,169 115,085
Between one and five years 10,330 8,016
13,499 123,101

MOVEMENT
IN FUNDS
Net
movement At
At 1.4.22 in funds 31.3.23
F E P
Unrestricted
funds
General
fund		 672,011 417,291 1,089,302
FRS 102
Pension Adjustment
Un-restricted ~720,000) 3291,000 2,571,000
(47,989) 3,708,291 3,660,302
Restricted funds
Ancient
History Centre
Newhaven
Fort Recovery		 27,968
682,628		 (3,460)
~84,461)		 24,508
598,165
710,596 ~87,921) 622,675
TOTAL FUNDS 662,607 3,620,370 4,282,977
Net movement
in funds,		 included in the above are as follows:
Incoming Resources Gains and Movement
resources expended losses in funds
P E
Unrestricted
funds
General
fund		 6,314,695 (5,897,404) 417,291
FRS 102
Pension Adjustment
Un-restricted ~134,000) 3,425,000 3,291,000
6,314,695 (6,031,404) 3,425,000 3,708,291
Restricted funds
Ancient
History Centre		 (3,460) (3,460)
Newhaven
Fort Recovery
Adult Social Care Infection Control Fund		 9,840 (84,461)
~9,840)		 (84,461)
9,840 97,761 87,921
TOTAL FUNDS 6,324,535 ~6, 129,165) 3,425,000 3,620,370

Net Transfers
movement between At
At 1.4.21 in funds funds 31.3.22
E E
Unrestricted
funds
General fund 90,703 418,644 162,664 672,011
FRS 102
Pension		 Adjustment
Un-restricted ~2,117,000) 1,397,000 ~720,000)
(2,026,297) 1,815,644 162,664 (47,989)
Restricted funds
Ancient History Centre 31,429 (3,461) 27,968
Big Lottery 92,613 (92,613)
Newhaven
Fort Recovery		 818,522 26,770 (162,664) 682,628
Tackling Inequalities Fund 5,000 (5,000)
Summer Events Programme 8,500 (8,500)
National Leisure Recoverability Fund 236,642 ~236,642)
1,192,706 ~319,446 ~162664) 710596
TOTAL FUNDS ~833,591) 1,496,198 662,607
Incoming Resources Gains and Movement
resources expended losses in funds
E E E
Unrestricted
funds
General
fund		 4,953,986 (4,535,342) 418,644
FRS 102
Pension		 Adjustment
Un-restricted ~268,000) 1,665,000 1,397,000
4,953,986 (4,803,342) 1,665,000 1,815,644
Restricted funds
Ancient
History Centre		 (3,461) (3,461)
Big Lottery (92,613) (92,613)
Newhaven
Fort Recovery		 26,770 26,770
Job Retention Scheme 206,053 (206,053)
Tackling
Inequalities		 Fund 5,000 (10,000) (5,000)
Summer
Events Programme		 (8,500) (8,500)
National
Leisure Recoverability		 Fund 14,599 ~251,241) ~236,642)
225,652 545,098 ~319,446)
TOTAL FUNDS 5,179,638 ~5,348,440) 1,665,000 1,496,198

Defined benefit
pension plans
31.3.23 31.3.22
E E
Current service cost 184,000 218,000
Net interest from net defined benefit
asset/liability 18,000 44,000
Admin cost 8,000 6,000
210,000 288,000
Actual return on plan assets 287,000 204,000

Defined benefit
pension plans
31.3.23 31.3.22
Opening defined benefit obligation 11,799,000 12,133,000
Current service cost 184,000 218,000
Contributions
by scheme		 participants 61,000 40,000
Interest cost 305,000 248,000
Benefits paid (169,000) (121,000)
Remeasurements:
Actuarial (gains)Rosses from changes in
demographic
assumptions		 506,000
Actuarial (gains)Rosses from changes in
financial assumptions (5,595,000) (744,000)
Obligations
other remeasurement		 879,000 25,000
7,970,000 11,799,000
Defined benefit
pension plans
31.3.23 31.3.22
E F
Opening
fair		 value ofscheme assets 11,079,000 10,016,000
Contributions by employer 76,000
Contributions by scheme participants 61,000 40,000
Expected
return		 287,000 204,000
Benefits paid (169,000) (121,000)
Assets no descr (8,000) (6,000)
Remeasurements:
Return on plan assets (excluding interest
income)
Assets other		 remeasurement (591,000)
~194,000)		 946,000
10,541,000 11,079,000

Defined benefit
pension plans
31.3.23 31.3.22
E E
Actuarial (gains)Rosses from changes in
demographic
assumptions		 (506,000)
Actuarial (gains)/losses from changes in
financial assumptions 5,595,000 744,000
Oblig other remeasurement (879,000) (25,000)
Return on plan assets (excluding interest
income) (591,000) 946,000
Assets other remeasurement ~194,000)
3,425,000 1,665,000
Defined benefit
pension plans
31.3.23 31.3.22
Equities 71% 74%
Bonds 12% 16%
Property 16% 8%
Cash 1% 2%
100% 100%
Principal actuarial assumptions at the Balance Sheet date (expressed as weighted averages):
31.3.23 31.3.22
Discount rate 4.80% 2.60%
Future salary increases 2.90% 3.15%
Future pension increases 2.90% 3,15%
Amounts for the current and previous four periods are as follows:
2023 2022 2021 2020 2019
Defined benefit pension plans
Defined benefit obligation (7,970,000) (11,799,000) (12,133,000) (9,062,000) (11,146,000)
Fair value ofscheme assets 10,541,000 11,079,000 10,016,000 8,333,000 9,161,000
(Deficit)surplus 2,571,000 (720,000) (2,117,000) (729,000) (1,985,000)