2022-03-31-accounts

Consolidated Financial Statements

Rochdale Boroughwide Cultural Trust

For the year ended 31 March 2022

Company No. 06052980

Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Officers and Professional Advisers

Charity operating name:	Your Trust (formerly known as Link4Life)
Charity registration number:	1118610
Company registration number:	06052980
Registered office:	Middleton Arena, Lance Corporal Joel Halliwell VC Way, Middleton, Manchester M24 1AG
Directors:	D Gelsthorpe (Chair)
	A Taylor-Woodward
	J Partington
	M Sarwar
	M Walker
	J Heap
	C Davison
	J Allen
	G Bishop
	C Makin-Bell
	Councillor P Rush
	Councillor S Zaheer
	Councillor R Paolucci-Escobar
Chief Executive:	A King
Secretary:	E Rowe
Bankers:	The Co-operative Bank plc.
	PO Box 101
	1 Balloon Street
	Manchester
	M60 4EP
Auditor:	Mitchell Charlesworth (Audit) Limited
	3rdFloor
	44 Peter Street
	Manchester
	M2 5GP

Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Contents

Report of the Trustees (including the Strategic Report)	1 - 14
Independent Auditor’s Report	15 – 17
Consolidated Statement of Financial Activities (including the Income and Expenditure	18
Account)
Company Statement of Financial Activities (including the Income and Expenditure Account)	19
Consolidated Balance Sheet	20
Company Balance Sheet	21
Consolidated Cash Flow Statement	22
Principal Accounting Policies	23 - 26
Notes to the Financial Statements	27 - 41

Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Report of the Trustees

The Trustees, who are also directors of the Charitable Company for the purposes of the Companies Act, present their report together with the audited financial statements for the year ended 31 March 2022. This is the group’s fifteenth period of account; the Charitable Company was incorporated on 15 January 2007 and commenced trading on 1 April 2007.

Objectives and activities

The Charitable Company has been established for the public benefit of the community and visitors to the borough of Rochdale and surrounding areas. Its principle objectives include, but are not limited to, the following:

• the advancement and support of education, culture, arts, heritage and history including the provision of libraries, museums, galleries, learning and information centres, archives and other related services;

• the provision or assistance in the provision of facilities for recreation or other leisure time occupations in the interest of social welfare, such facilities being provided to the public at large save that special facilities may be provided to 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;

• the promotion and preservation of good health through community participation in healthy recreation; and

• such other charitable purposes beneficial to the public consistent with the objects above as the director Trustees shall in their absolute discretion determine.

The Trust Vision is for “Communities that are Active, Creative and Healthy”. The Trust delivers this vision through the following principle activities:

Sports and leisure

Management and operation of sport and leisure facilities across the Borough including Rochdale Leisure Centre, Heywood Sports Village, Middleton Arena and Littleborough Sports Centre. Together they offer residents the opportunity to be more active through access to gyms, swimming, indoor sports halls, outdoor playing pitches, squash courts and fitness classes. Further targeted activities for children, young people and those with limited mobility or long term conditions are delivered in community, health and educational settings.

Outdoor activities

Management and operation of Hollingworth Country Park, Visitor Centre and Water Activity Centre, offering recreational facilities and organized activities including walking, orienteering, cycling, climbing, archery and sailing. Also, a range of outdoor and nature education programmes accessed by local schools and community groups, traditional craft and nature events and health and wellbeing focused activities such as walking and mindfulness.

Museums and galleries

Management and programming of cultural venues including Touchstones Art Gallery, Museum and Local Studies Library and The Heritage Resource Centre. The venues provide a home for programme of art and heritage based exhibitions, events, participation workshops, classes, socially engaged projects, artist development and care and conservation for the Borough collections. A programme of Creative Learning and outreach is delivered with schools and in communities that are underrepresented or experiencing barriers to participation.

Theatre and live events

Management and programming of theatre and live events venues including Middleton Arena Theatre, Heywood Civic Centre and Touchstones Studio Theatre. Together they provide audiences with access to professional touring and in house produced performances including drama, dance, music, comedy and annual pantomimes as well as live theatre broadcasts, film screenings and productions staged by local community groups. The Trust also delivers audience development projects with under-represented communities and co-produces a range of free outdoor performances, festivals and events.

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Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Report of the Trustees

Health and wellbeing

Development and delivery of a broad portfolio of health projects which aim to help people to remain active into older age, manage long term conditions, and manage weight. Other projects deliver alongside commissioned partners to provide specialist interventions through the Integrated Neighbourhood Support service, Living Well Service and #Thrive emotional health and wellbeing service for young people. The Trust also delivers a range of activities for young people and adults with disabilities

Leadership, advocacy and development

Deploying its skills and expertise to actively lead, convene, advocate and fundraise for the physical activity, culture, health and community agenda, working with and supporting partners locally, regionally and nationally.

Organisation

The Charitable Company is a company limited by guarantee and governed by its Memorandum and Articles of Association dated 15 January 2007. The income and property of the Charitable Company shall be applied solely towards the promotion of its objectives as noted above. No dividend, bonus or profit share shall be paid or transferred directly or indirectly to members of the Charitable Company.

The financial statements show the financial affairs of the Rochdale Boroughwide Cultural Trust ('RBCT', the 'Charitable Company' or 'the Trust') consolidated with Rochdale Boroughwide Cultural Trust Trading Company Limited (together 'the Group'). The group consists of RBCT and its 100% subsidiary, Rochdale Boroughwide Cultural Trust Trading Company Limited (the financial position and results of which are detailed in note 4).

The group was established to provide cultural, sport and leisure services across the borough of Rochdale ('the borough') on behalf of Rochdale Borough Council ('RBC') (Contact us – Rochdale Borough Council) under a 20 year partnership agreement. The Council transferred the operation of sport, leisure and cultural services to the Trust on 1 April 2007.

Charitable status

The Trust registration number is 1118610.

Structure, governance and management

The directors of the Charitable Company are its Trustees for the purpose of charity law and throughout this report are collectively referred to as 'the Trustees'.

The Board of Trustees comprises a broad mix of leisure, culture and business sector specialists, and council nominees. New Trustees are recruited through open adverts in local and specialist press. The Board meets approximately six times (formally and informally) throughout the year with an AGM held before one of the general Board meetings.

Your Trust has established a series of ‘Cornerstones’ which thematically reflect the breadth of the charity’s work. These include the Resources Cornerstone (formerly Finance & Audit Sub Committee and HR Sub Committee), the Remuneration Committee, the Impact Cornerstone, the Community Cornerstone and the Environment Cornerstone. Their membership in 2021/22 is listed below:

• Resources: Gillian Bishop (Chair), Anne Taylor –Woodward, Steven Cooke (resigned March 2022), Julia Heap and Christopher Davison.

• Impact: David Gelsthorpe (Chair), Celia Bell, Chris Davison, Steve Cooke (resigned March 2022)

• Community: Anne Taylor Woodward (Chair), Janice Allen, Janine Partington, Steve Cooke (resigned March 2022)

• Environment: Andy King (Chair), Janine Partington, Anne Taylor Woodward, Martin Walker, David Gelsthorpe

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Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Report of the Trustees

The Remuneration Committee is formed from the members of the Resources Cornerstone and sits at least annually. The Committee considers the performance and remuneration of the CEO in addition to the appointment and remuneration of SLT members.

The Senior Leadership Team meets fortnightly and the Wider Leadership Team monthly.

During the year we said goodbye to two trustees – Roger Platt (Chair) and Steve Cooke. Roger Platt was replaced in April 2022 by David Gelsthorpe. Roger and Steve had served on the Board since 2014 and during that time both made an enormous contribution to the progress and achievements of the charity.

Trustee training and development

All Trustees are offered briefings on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision making process, the Business Plan and financial monitoring of the Trust’s performance. Trustees have also approved financial procedures as part of corporate governance considerations.

Trustees are inducted into the company by the Chair, CEO and Company Secretary and are offered the opportunity to attend courses and briefings commensurate with their development. Regular away-days and workshops are held at which Trustees can gain a deeper insight into the strategic direction and policies of the company.

Decision making

Strategic decisions are approved by the Board of Trustees, but operational decisions are the responsibility of the senior leadership team. Significant operational decisions are however reported to the Board. In March 2020, the Board resolved that meetings and decisions could be held and recorded digitally in light of the pandemic and difficulties with continuing face-to-face meetings.

Impact of the Pandemic

Like many charities, Your Trust experienced a very challenging operating environment over the year, with the need for stronger performance and continuing efficiency to compensate for reductions in income and membership numbers. In 2019/20, the Trust was involved in detailed discussions with the commissioning client (Rochdale Borough Council) with regards to writing a new Partnership Agreement. The aim of the new agreement was to set out a new working relationship between the parties, with a new set of outcome indicators, revised asset management plans, and revised governance arrangements. This work was temporarily put on hold whilst the Trust dealt with the consequences of the pandemic.

At the start of the 2021/22 financial year, all facilities had been compulsorily closed by the government. For the second year running, Rochdale BC provided support to the Trust in terms of cash flow stability and pledged longer term support should it be required. The Trust benefitted from grants from Rochdale BC, the National Heritage Lottery Fund, Arts Council England and Sport England. There was continued regular monitoring and re-forecasting of the financial situation (established in 2020/21) via an open-book process with Rochdale BC.

Leisure centres started to re-open in April 2021 but social distancing guidance remained in place, and indoor group exercise classes were not able to restart straight away. In May 2021 we were able to welcome socially distanced audiences back to Touchstones and Middleton Arena. The majority of activities continued to take place online ensuring that we could continue to support the local community to live active, creative, healthy lives despite capacities in venues being reduced.

Heywood Civic Centre was used for the whole of 2021/22 as a PCR test centre for anyone with coronavirus symptoms.

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Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Report of the Trustees

Corporate developments

In June 2021, we transitioned from Link4Life to Your Trust. The change was planned for the year before but due to the covid-19 pandemic, we had to pause. As a charity, we have evolved in recent years and we are now doing a lot of things that we didn’t do when we set-up. As we focussed on our ‘renewal/recovery’ after the pandemic, and coinciding with a new Partnership Agreement with Rochdale Borough Council and a new five year Business Strategy, it was the right time to take all of the positive and incredible things we have achieved to date and to amplify them; to get even more of the local community engaged with us and with what we offer, and drive to make Rochdale an even better place to live and work.

The Trust continued to take an active part in the democratic life of the borough working closely with Rochdale BC and supporting township priorities. Scrutiny performance reports were provided to Elected Members.

Achievements and Performance

A Year In Numbers

• 833,532 visits to Your Trust

• Over 5,100 local residents benefitted from concessions accessed through the ‘Your Extra’ card supporting the local community in receipt of means tested benefits, over 75 years old, aged 14-24 and in education, training or an apprenticeship, Military Veterans and those completing the Exercise Referral scheme

• Over 2,500 hours of volunteer support for culture, events, sports and health programmes.

• 52 people gained qualifications through free Sport and Leisure courses

Your Health

Mentally Healthy Schools

The Mindful Movements programme, which forms part of the Young Peoples Mental Health in Schools service, is now in its second year of delivery. Through the project, we engaged with children and young people in primary schools across the borough to support their mental health by delivering mindfulness, yoga, breath awareness and mental health workshops.

There is also a regular session at Rochdale Leisure Centre to support home-educated children.

Nutrition, Exercise and Wellbeing

The Community Nutrition team continued to deliver online sessions via Zoom before they were able to return to Your Trust leisure centres. The programme gives support including weight management, nutrition workshops, diabetes awareness, shopping tips and meal planning, simple habits to kick start a healthy lifestyle and food and mood. The team also delivered live cooking sessions, demonstrating how to make quick, nutritious and affordable meals.

A new Tier 2 weight management programme launched at Middleton Arena, Rochdale Leisure Centre and Heywood Sports Village. Working in partnership with Living Well, our fully qualified team deliver the 12 week programme providing specialist information, motivation and support to encourage participants to lose weight, set achievable goals, make healthier food choices, exercise to help with weight loss and learn skills to prevent weight gain.

Working in partnership with Living Well, a new 12 week programme launched - aimed at families, focusing on Tier 2 childhood obesity prevention to help support families to improve their health and wellbeing and get active. It’s a fun, active and educational course for the whole family with our qualified team providing advice and support for those who have concerns about children’s weight or want to become more active.

Healthy Workforce Programme

Our healthy workforce programme, delivered in partnership with Rochdale BC, engaged employers in healthy workforce initiatives including awareness raising, health MOT’s, workplace exercise and healthy eating advice.

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Rochdale Boroughwide Cultural Trust

Financial Statements for the year ended 31 March 2022

Report of the Trustees

Health and Wellbeing classes

Throughout the year, the charity continued to work closely with Public Health partners, providers and commissioners to support the delivery of a number of specialist health and wellbeing programmes.

With some sessions unable to return indoors, new outdoor sessions were introduced at parks across each of the townships to support the activities taking place online. These outdoor classes were designed to help older adults get back into exercise at their own pace and in a safe environment. The classes help participants to improve flexibility, balance and the strength of joints, muscles and bones too. Being outdoors has great health benefits and helps to keep their minds and social life healthy too.

We also introduced easy gentle walks at Hollingworth Lake. These are a great way for participants to socialise and make new friends.

We welcomed Heartline Club back to Middleton Arena. Over 85 people have been attending twice per week and taking part in activities including swimming, gym and light chair based exercises

Over 4,890 participants took part in gentle exercise classes, aimed at those living with or managing long term health conditions.

Prehab4Cancer

As part of GM Active, the charity continued to deliver the Greater Manchester-wide Prehab4Cancer programme, supporting 94 residents in the borough.

Prehab4Cancer is offered to patients undergoing colorectal, lung and oesophago-gastric cancer surgery and is designed to better prepare people physically and mentally for their cancer treatment.

It supports them in their recovery from treatment and gives the opportunity for them to make lifelong changes for overall improved health and wellbeing.

Throughout the year, evaluation showed that the P4C programme demonstrated a range of benefits to patients, providers, and the GM system. Patients experienced fewer post-operative complications and appeared to have a faster recovery back to health. They experience long-lasting health benefits following rehabilitation and there are improvements in quality of life, functional ability (including physical activity) and long-term behavioural change

Headline results for colorectal cancer patients include 1.5-day reduction in hospital length of stay per prehab patient and 0.4-day reduction in critical care length of stay per prehab patient. Five hundred and fifty ward bed days and 146 critical care bed days were ‘released’, resulting in an increased capacity that improves patient flow.

The release of critical care beds supported both the immediate and longer-term need for Greater Manchester in continuing to support a considerable number of critically ill COVID-19 patients. There is also an association with improved patient survival at one-year post-surgery.

Sport & Leisure

We have worked hard to support as many residents in the borough to live active and healthy lives. In 2021/22 there were:

• Over 833,500 visits to Your Trust leisure centres

• 14% of these visits were from those aged 0 – 16

• 11% of these visits were from those aged 65+

• 39% of leisure centre users are from the top 20% most deprived areas of the borough, an increase of 5% on the previous year

• Over 5,100 participants receiving subsidised sport and leisure activities

• 41% of school pupils achieved KS2 swimming

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Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Report of the Trustees

Health Indicators

In 2021/22 the total social value generated for physical & mental health totalled £952,411 (The Social Value for Physical and Mental Health is calculated based on the health care cost savings for eight health outcomes based on the reduced risk and prevented cases combined with the reduced GP visits & psychotherapy usage for physically active people).

Your Culture

The total number of visitor to Touchstones enjoying free creative events and activities was 16,988

Middleton & Heywood’s successful panto season

The return of panto season to Middleton and Heywood was a huge success, in the face of challenges faced by both productions. Middleton Arena’s Treasure Island attracted and audience of over 15,000, an increase of almost 1000 on 2019’s panto. Heywood’s panto faced its own challenges, with a late change of venue to Heywood Sports Village and the build of an entirely new theatre space in the sports hall, but this did not put audiences off. A huge 99.1% of tickets were sold, which was an extra 685 customers than 2019’s panto.

Children engaged by Touchstones programme

Despite the challenges of the pandemic, which affected school visits and family days out, Touchstones managed to reach a total of over 2,400 children through school sessions and events. For example the Banner Project with the Heritage Action Zone, history loan boxed and family theatre

Urban Nature Project (NHM)

We are delighted to have been invited to be the only North West-based partner on this major national learning programme led by the Natural History Museum and designed to inspire the next generation to care for the nature that surrounds them. Over the next 3 years we will be working with schools to develop curriculum-led programmes of activity.

Lowry on Tour

We have continued to reach out to new communities by taking our ‘pop up’ art gallery on tour to housing estates across the Borough. The ‘gallery’ includes the Lowry from the Borough collections and two on loan from the Coop.

Little Amal

Working in partnership with Rochdale borough Council, we worked with Manchester International Festival to bring Little Amal to Rochdale town centre. Residents gave Little Amal the warmest of welcomes to our town by turning out in huge numbers along her route through the town centre to greet and wish her well.

Rochdale was one of 2 Greater Manchester Boroughs Little Amal visited before concluding her journey from the Turkey/Syria border in central Manchester. During her visit, Amal enjoyed meeting the Mayor, Lisa Stansfield, community groups, watching school children displaying circus skills alongside Skylight Circus, was presented with several gifts and had a lullaby sung to her by the Little Heaton choir as a farewell from the borough. She concluded her visit to Rochdale with a community event at Kingsway Park High School.

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Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Report of the Trustees

Gaia

Gaia , the touring artwork by UK artist Luke Jerram, visited Rochdale giving the local community the opportunity to see our planet on a huge scale, floating in three dimensions.

The sculpture is designed as a talking point, a reason to bring people together to think about our home and we hope it gave people a renewed sense of responsibility for taking care of the environment.

A group of volunteers supported the exhibition and enjoyed meeting the public and starting conversations about how the exhibit makes them think about the climate emergency and what they think should be the top environmental priorities for the borough of Rochdale.

Your Community

Sport and Leisure Career Courses

We delivered 3 free Sport & Leisure courses for local residents aged 14 and over interested in a career in the sport and leisure industry.

Fifty two participants gained entry level qualifications in the following:

• A Community Sports Leaders Award Level 2

• Emergency 1st Aid

• Certificate in Safeguarding

• Certificate in Disability Awareness

Participants also benefitted from access to work experience and additional specific qualifications needed in particular areas of the sports, leisure, health and wellbeing industry.

Community Classes

We want as many people as possible to be active and healthy and alongside the activities that are available at Your Trust venues, so we also offer a range of activities in community centres, village halls, parks and other multi-use community facilities across the borough. We want to encourage people to be healthy as well as having fun and making new friends.

Classes moved online during the covid-19 pandemic, but we re-introduced classes including Zumba Basic, Fun Dance, No Strings Badminton, Yoga and Pilates back to community venues as soon as we were able to.

Swimming Lessons

Over 3,100 pupils were part of the Swim Academy programme throughout the year.

School Swimming Attainment

Key Stage 2 swimming and water safety lessons are hugely important as they give pupils the skills and knowledge to perform a safe self-rescue in an aquatic emergency. It is fantastic that so many pupils have progressed so well and obtained the vital swimming and water safety skills and knowledge that may one day save their life.

Throughout the academic year, the Key Stage 2 and water safety programme had over 3,500 pupils from a variety of year groups ranging from year 2 to year 6 across the three Your Trust swimming pools.

41% of the pupils attending the swimming lessons achieved Key Stage 2 - able to swim 25m competently, confidently and proficiently.

Hollingworth Lake

Over 8,000 people took part in organised activities at Hollingworth Lake Adventure and Water Activity Centre including paddle boards.

Gymnastics

Over 450 pupils attended Gymnastics courses.

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Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Report of the Trustees

Holiday Activity and Food (HAF)

The Department of Education allocated £1,165,060 to Rochdale Borough to deliver the programme to the 10,175 children eligible for benefits related free school Meals (FSM) during Easter, Summer and Christmas 2021.

Working in partnership with Rochdale Borough Council, we co-ordinated the 2021 Holiday Activity and Food (HAF) programme across Heywood, Middleton, Rochdale and Pennines.

Throughout the year, 4,000 children eligible for benefits related free school meals from across Heywood, Middleton, Rochdale and the Pennines took part in free holiday activities. Partners from RBC Early Help teams and local schools referred eligible families onto the programmes, prioritising the children identified as vulnerable. Over 38,000 hot and cold healthy meals were provided at different parts of the day.

There were 67 locations and delivery partners. Venues included Your Trust venues, Schools, Community Centres, Parks and Open spaces, Sports Clubs, Nurseries and Childminders.

Holiday Club

Throughout the school holidays, we are commissioned through Rochdale BC Short Breaks to provide physical activity and sports sessions for children with a mild to moderate disability.

Children have the opportunity to take part in activities such as gymnastics, swimming, team building, archery, rugby and multi-sports.

The success of this programme has been built on the strong partnerships with schools and their SENCos ( Special Educational Needs Co-ordinator) , Rochdale Borough Council social workers, early help teams and GPs.

Funding Success

This year, an additional £317,000 was awarded from the Culture Recovery Fund (CRF) bringing the amount raised to £1million, to help face the challenges of the coronavirus pandemic and contributing to the financial stabilisation of the charity.

We received £15,000 to supplement the programme of free summer outdoor theatre performances in parks and town centres in each Township.

Your Trust, along with Consortium members led by local charity Action Together and including Rochdale Borough Council, Rochdale Boroughwide Housing, The Co-operative Group, won a £1million grant from Arts Council England to fund community-led cultural programmes over a three-year period. The Rochdale Borough project will be one of 39 Creative People and Places programmes taking place nationally.

Other Achievements

We’re really proud to support the delivery of covid-19 vaccinations across the borough with the sports hall at Littleborough Sports Centre being used as a local vaccination centre. Since starting in January 2021, over 33,000 vaccinations were administered at the centre.

Inclusive activities

We delivered a diverse range of community programmes children, young people and adults with disabilities or additional needs.

Launch of new website and mobile app

Following the transition from Link4Life to Your Trust throughout the year, we launched a new Your Trust website making it easier for the local community to find out more about the charity and what’s available to support them to live active, creative, happy and healthy lives.

The upgraded online booking system gave a quicker and convenient way for members and customers to book their group exercise classes, sports activities and events tickets.

To ensure we can reach as many residents as possible so everyone needing our services or help can easily find out about and access it, we also launched a new Your Trust mobile app.

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Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Report of the Trustees

Health and Safety audits

Your Trust recognises that health and safety (H&S) is central to all that the organisation does and is integral to ongoing business success.

H&S sits at the heart of the organisation and aims to provide our staff, customers, visitors, contractors and partners with facilities and activities that are safe, secure and welcoming.

As part of our H&S strategy, we undertake independent audits that identify any risks, with our aim being to achieve a total score of above 75% of a benchmark score.

• Results of the audits that took place through the year are:

• Arts & Heritage Resource Centre 84%

• • Heywood Sports Village 88% • Hollingworth Lake Water Activity Centre 76% • Littleborough Sports Centre 84% • Rochdale Leisure Centre 89% • Touchstones 77%

Strategic report

The Strategic Report includes: Risk assessment, results for the year and future plans.

Risk assessment

The Board has approved a Risk Assurance Map and Strategic Risk Register which includes consideration of risk impact and mitigating action plans. It will be subject to continual review and revision by the Board.

The major risks to which the Trust is exposed include:

• Ensuring the continuing support and close working with our major client, Rochdale BC

• Ensuring continuity of supply-chain

• Attracting and retaining a skilled workforce

• Re-building income and reserves following the pandemic at a time of rapidly rising prices

These risks are all to be mitigated, as far as possible, through programmes that are either being considered by the Board or already being delivered.

The Trust is not exposed to currency risk and has minimal exposure to interest rate risk.

Results for the year

The financial statements are prepared in accordance with applicable accounting standards and the Charities Statement of Recommended Practice (SORP/FRS 102) and cover the activities of Rochdale Boroughwide Cultural Trust and its trading subsidiary Rochdale Boroughwide Cultural Trust Trading Company Limited (together ‘the group’).

The statement of financial activities (SOFA) shows the gross income and expenditure from all sources and the split of activity between restricted and unrestricted funds.

The SOFAs are affected by three key pension scheme adjustments - which have no bearing on the cash and underlying profitability of the group - but are a requirement of the SORP. These are shown on the statements below and broken down in Note 21. The adjustments are required in order to recognise the best current estimate of long-term amounts owed under pension scheme benefits and movements in these amounts between years. They are based on audited assumptions for inflation, interest rates and future salary growth. Clearly these assumptions can change significantly over time and the adjustments can vary from one year to the next as actuarial re-forecasts change.

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Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Report of the Trustees

The consolidated trading position, (prior to the actuarial loss on the Defined Benefit Pension Scheme) shows that the total surplus in 2021/22 amounted to £959,544 consisting of an Unrestricted funds surplus of £185,581 and a Restricted funds surplus of £773,963 - the latter is carried forward to meet future project delivery commitments).

The charitable group’s retained income funds fall into the following categories:

• Restricted funds were £1,750,367 as at 31 March 2022 (2021: £976,404). These funds represent various grant income receipts earmarked for specific projects. Further information is provided in note 17 to the accounts. Restricted funds are ring-fenced for specific projects and may only be spent in accordance with the instructions of the relevant funding bodies.

• Unrestricted funds may be spent or applied at the discretion of the trustees to further any of the Trust’s purposes. The underlying picture of Unrestricted funds is also affected by the FRS 102 pension adjustments. ‘Pension Reserve Funds’ shows a negative figure of £5,383,000. This is the notional difference between the value of the assets of the pension fund and the known obligations. However, this figure does not impact the cash position of Your Trust.

• The total amount of unrestricted funds held by the group at 31 March 2022 without FRS102 adjustments was £1,479,969 (2021: £1,209,892) of which around £157,000 is designated for carried forward spending commitments into future years, and £600,000 is designated for stability and price fluctuations (see below).

Reserves policy

The Trust aims to hold a proportion of its unrestricted funds in reserve in order to mitigate against the risks of unforeseen events affecting stability. The Trustees regularly review the risks faced by the organisation and the nature of events that might affect the company. The Trustees have designated a minimum level for a ‘Stability Reserve’ at £400,000. In addition, Trustees have previously agreed that £100,000 should be designated as a ‘Prices Fluctuation Reserve’ which, will help the Trust to form a buffer against price shocks in our supply chain. Owing to current inflationary pressures, Trustees have agreed to add further £100,000 to the Prices Fluctuation Reserve to £200,000.

The Trustees have agreed that unrestricted reserves over and above the designated Stability and Prices Reserves can be applied on a programmed basis to ‘Invest To Save’ projects and energy saving/carbon reduction initiatives. This element of the reserves is effectively self-replenishing, and allows the group to address changing customer needs.

The actual level of unrestricted reserves held at March 2022 is in line with this reserves policy. In 2022/23, it is possible that some reserves will be spent on invest to save projects - complementing the forthcoming capital investment in the Touchstones and Heywood Civic Centre over the next two years (see Future Plans below). However, given that the Trust is still building its financial position following the pandemic, the risk profile of any investments is likely to be low.

Future plans

Our focus will continue to be centred on the Vision of creating “Communities that are Active, Creative and Healthy”. It was anticipated that in 2019/20, we would conclude a new working arrangement with the Council, which would set out a new framework for commissioning and measuring value. However this work was paused as a result of the pandemic. It is expected that the Trust will complete these negotiations and sign a new Partnership Agreement in 2022. This will secure the Trust’s contracting arrangement with the Council until 31 March 2032.

As a result of successful bids to the Cultural Development Fund (a Department for Digital, Culture, Media and Sport (DCMS) fund administered by Arts Council England), both Heywood Civic Centre and Touchstones will be undergoing significant programmes of refurbishment and redevelopment. Whilst the works will not commence until the summer of 2023, the planning and decanting of the buildings will begin in the later stages of 2021/22. These transformative projects will require a high degree of partnership working with the Council and Rochdale Development Agency, and when complete, will present major new opportunities to engage with our communities.

The Trust will maximize the opportunities from Greater Manchester devolution in conjunction with the wider GM Leisure & Cultural Trust (www.gmactive.co.uk) and other GM Forums, and through collaboration across the Borough of Rochdale. In particular, the Trust will continue to work with other local Trusts to align and develop specific opportunities for efficiency and excellence through collaboration, for example, the Prehab For Cancer Service.

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Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Report of the Trustees

Technological advancements and improved data, analysis and profiling of customers is a priority to meet the needs of both the Trust and strategic partners, (particularly in participation and health) in order that we can evaluate and report on levels of participation and our overall impact.

As we emerge from the pandemic, the financial sustainability of the Trust will be a key priority. Clearly the virus will have long term implications for the health and well-being of the borough of Rochdale, and it will be vital that the Trust can deepen its relationships and partnerships with health and well-being sectors in order to offer relevant and effective services aligned to the emerging needs of local residents.

Other priorities and challenges for 2022/23 are:

• Stepping up our response to the climate emergency including establishing benchmarks reporting around Carbon Emissions; approving a sustainability policy and completing the delivery of the ‘Salix’ programme of Solar PV, air source heat pumps, LED Lighting and Building Management systems.

• Building back resilience into our financial model e.g. by becoming more strategic about fundraising and diversifying our range of income sources.

• Securing further investment in leisure buildings e.g. through the national Levelling Up Fund and other sources.

• Finding new ways to recognize the contribution of individuals, clubs and organisations, including establishing a support network for voluntary sector sports and art groups and talented individuals

• Maximizing and maintaining ongoing funding for community development to maintain the holistic offer of the Trust across Arts and Heritage and Sport and Leisure.

• Continuing to invest in and use of information technology and social networking to grow our online business, including further development of online bookings, access to information online, swim course software and website development.

• Working with strategic partners in health and social care to address health inequalities and promote healthy lifestyles across the wider health agenda, with particular focus on mental health and physical activity. In particular targeting priority groups, e.g. older people, sedentary and obese children and young people and adults.

• Continued joint working with the Council’s Public Health service and the Clinical Commissioning Group focusing on the contribution of leisure and culture on health and wellbeing.

• Building and capitalising on the borough’s status as an Arts Council ‘Priority Place’, for example by hosting and supporting the new three-year Creative People and Places programme.

• Designing a new framework for measuring, evaluating and communicating our performance and achievements.

• Increasing volunteering opportunities across the Borough.

• Writing and implementing a new Equality, Diversity and Inclusion strategy.

• Finding new ways to recognize the immense contribution of staff. The continuing disruption of the past year has affected every member of staff and has required huge resilience and levels of commitment.

• Investing in skills development through the Your Trust Training Academy and as part of the EPDR programme.

14

Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Report of the Trustees

Public benefit

The Trustees confirm that they have referred to the Trust Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning the future activities of the Trust. The Trust carries out its public benefit objectives by:

• Not restricting access to its services to any member of the public, irrespective of their place of residence

• Providing access free of charge to the museums that it operates, for example Touchstones

• Providing access to services at concessionary rates for example, the Your Trust Extra Card scheme

• Providing free casual use of our fitness centres to all current serving military personnel

• Your Trust is committed to promoting equality and diversity as both a service provider and employer. It provides a diverse and high quality portfolio of services and activities that aims to be accessible to all, regardless of religious beliefs, sexual orientation, gender, age or race and to reduce barriers to participation in terms of income.

Fundraising

Your Trust has hitherto carried out very little ‘fundraising’ either in its own capacity, or via the services of other agencies. However we are now starting to increase this type of activity. Specifically, Your Trust has begun to generate funds for its ambitious arts and events programmes from a range of funding bodies such as Trusts and Foundations and national bodies. We do not conduct direct fundraising campaigns e.g. by contacting individuals.

All fundraising activity is monitored by the senior leadership team, and in turn the Board.

Reliance on other parties

The group continues to rely on the policies of national and local government for certain income streams.

15

Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Report of the Trustees

Trustees

The Trustees of the Company that served during the year are listed below. All served on the Board for the whole year unless otherwise indicated.

R Platt (Chair until 10.03.22, resigned 31.03.2022) D Gelsthorpe (Chair from 10.03.2022)

A Taylor-Woodward J Partington M Sarwar S Cooke (resigned 31.03.2022)

M Walker J Heap C Davison J Allen G Bishop C Makin-Bell Councillor P Rush Councillor S Zaheer Councillor R Paolucci-Escobar

The Trust has purchased indemnity insurance for the Trustees and officers of the Trust against liability arising for wrongful acts in relation to the Trust. Further details can be found at note 22 to the financial statements.

Trustees' responsibilities for the financial statements

The Trustees (who are also directors of Rochdale Boroughwide Cultural Trust for the purposes of Company law) are responsible for preparing the report of the Trustees and the financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable laws), including FRS 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland. Under Company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and of the incoming resources and application of resources, including the income and expenditure, of the group for that period. 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 Charities SORP (FRS 102);

• Make judgements and accounting estimates that are reasonable and prudent;

• State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable group will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charitable Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charitable Company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

16

Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Report of the Trustees

The Trustees confirm that:

• So far as each Trustee is aware, there is no relevant audit information of which the Charitable Company's auditors are unaware; and

• The Trustees have taken all steps that they ought to have taken as trustees to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charitable Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Going concern

The financial statements have been prepared on a going concern basis, which presumes that the Trust will continue to receive contracted financial support from Rochdale Borough Council ('RBC'). RBC are contracted to use the Trust's services until March 2033, by which date the contract will be reviewed.

The group's activities, together with factors likely to affect its future development, performance and position are set out in the Report of the Trustees. The Report of the Trustees also includes the group's objectives, policies and processes for managing its capital, its financial risk management objectives and its exposure to credit risk and liquidity risk.

At the end of 2021/22, the group held reasonable levels of unrestricted cash balances and enjoyed good relationships with its principal stakeholders and suppliers. In light of the pandemic, careful consideration has been given to the inevitability that local authorities (including RBC) will need to carefully review budgets available for the provision of services such as those provided by the group. While there is considerable uncertainty relating to the nature, scope and quantum of future consequential changes to income, they may be significant.

In this context, the Trustees have worked with management to consider the various scenarios that may arise. Measures to reduce costs and increase external funding income were taken early at the start of the pandemic to mitigate the need for service cuts. Financial viability will be maintained by careful management of income, costs and the contractual arrangements that assist with working capital management. As a consequence, the Trustees believe that the group is well placed to manage its business risks successfully, both in the short term and over the life of the contract to 2032 (assuming the new Partnership Agreement is successfully completed and signed).

The Trust made a surplus (before FRS102 pension adjustments) of £185,581 in 2021/22 - albeit that this was largely supported by grant income. It retains unrestricted reserves comparable to pre-pandemic levels. However, the effect of the ongoing Covid-19 pandemic on the Trust, (in particular the disruptive impact on leisure members and future income levels), creates a material uncertainty that may cast doubt on the company’s ability to continue as a going concern. However with due consideration of the short and medium term economic conditions, Rochdale Borough Council’s approved additional financial support for the Trust (which will extend into 2021/22) and independent assurances that the Trust is in a healthy position compared to other similar businesses, the Trustees consider it appropriate to prepare the financial statements on a going concern basis.

Auditors

The auditor Mitchell Charlesworth will be proposed for appointment in accordance with section 485 of the Companies Act 2006.

Trustees Annual Report, including the Strategic Report, approved on behalf of the Board of Trustees

Estelle Rowe Secretary _______ 2022

17

Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Independent Auditor’s Report to the members of Rochdale Boroughwide Cultural Trust

Opinion

We have audited the financial statements of Rochdale Boroughwide Cultural Trust (the ‘parent charitable company’) and its subsidiary (the ‘group’) for the year ended 31 March 2022 which comprise The Consolidated Statement of Financial Activities, Company Statement of Financial Activities, Consolidated Balance Sheet, Company Balance Sheet and Consolidated Cashflow statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the group’s and parent charitable company’s affairs as at 31 March 2022, and of the group’s 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; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Material uncertainty relating to going concern

We draw attention to the Accounting Policy on Going Concern in the financial statements, which indicates that whilst the Trust has significant cash balances, and has net current assets, the effect of the ongoing Covid-19 pandemic on the Trust, in particular the effect of Rochdale Borough Council’s review of their provision of services provided by the Trust, indicate that a material uncertainty exists, that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Other information

The other information comprises the information included in the Trustees’ Annual Report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the Annual Report. 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. 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 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.

18

Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Independent Auditor’s Report to the members of Rochdale Boroughwide Cultural Trust

Opinions 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 Trustees’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the Trustees’ Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

• adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent charitable company’s 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.

Responsibilities of trustees

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

In preparing the financial statements, the trustees are responsible for assessing the group’s and parent 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 group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed auditor under the Companies Act 2006 and report in accordance with this Act.

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 taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design 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 detecting irregularities, including fraud, is detailed below.

19

Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Independent Auditor’s Report to the members of Rochdale Boroughwide Cultural Trust

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

• the nature of the sector, control environment and the Trust’s performance;

• the Trust’s own assessment of the risks that irregularities may occur either as a result of fraud or error;

• the results of our enquiries of management and Trustees of their own identification and assessment of the risks of irregularities;

• any matters we identified having obtained and reviewed the Trust’s documentation of their policies and procedures relating to:

• identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

• detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

• the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and

• the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the Trust for fraud and identified the greatest potential for fraud in the following areas:

(i) The recognition of revenue, (ii) the potential for misappropriation of cash takings. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management over-ride.

We also obtained an understanding of the legal and regulatory framework that the Trust operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included health and safety regulations, and regulations for safeguarding vulnerable people.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These included Data Protection Regulations.

20

Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Independent Auditor’s Report to the members of Rochdale Boroughwide Cultural Trust

Audit response to risks identified

As a result of performing the above, we identified the recognition of revenue, and the potential for misappropriation of cash takings as the key audit matters related to the potential risk of fraud.

In addition to the above, our procedures to respond to risks identified included the following:

• reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations described above as having a direct effect on the financial statements;

• enquiring of management and the Trustees concerning actual and potential litigation and claims;

• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

• reading minutes of meetings of those charged with governance and reviewing correspondence with relevant authorities where matters identified were significant; and

• in addressing the risk of fraud through management over-ride of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members and its trustees 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 charitable company and its members and trustees as a body for our audit work, for this report, or for the opinions we have formed.

Alison Buckley Senior Statutory Auditor For and on behalf of Mitchell Charlesworth (Audit) Limited 3rd Floor

44 Peter Street Manchester M2 5GP

Mitchell Charlesworth (Audit) Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

21

Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Consolidated Statement of Financial Activities (including the Income and Expenditure Account)

Income Note Donations, gift aid and core funding 1 Income from trading subsidiary 4 Investment income 3 Income from charitable activities 2 Total income Expenditure Raising Funds 5 Expenditure on trading subsidiary 4 Direct charitable expenditure 5&6 Balance of pension scheme operating charge 21 Other pension finance charge 21 Charity activity expenditure Taxation 10 Total expenditure Net (expenditure)/income Actuarial gain/(loss) on defined benefit scheme 21 Net movement in funds Total funds brought forward Total funds carried forward	Unrestricted Funds 2022 £ 3,938 839,483 - 7,951,299	Restricted Funds 2022 £ 2,882,007 - - -	Total year ended 31 March 2022 £ 2,885,945 839,483 - 7,951,299	Unrestricted Funds 2021 £ 1,965 101,135 - 6,011,964	Restricted Funds 2021 £ 2,132,932 - - -	Total year ended 31 March 2021 £ 2,134,897 101,135 - 6,011,964 8,247,996 47,479 93,501 140,980 8,330,245 317,000 18,000 8,665,245
	8,794,720	2,882,007	11,676,727	6,115,064	2,132,932
	33,658 886,676	- -	33,658 886,676	47,479 93,501	- -
	920,334	-	920,334	140,980	-
	7,688,805 997,000 130,000	2,108,044 - -	9,796,849 997,000 130,000	6,337,013 317,000 18,000	1,993,232 - -
	8,815,805	2,108,044	10,923,849	6,672,013	1,993,232
	-
		-	-	-	-	-
	9,736,139	2,108,044	11,844,183	6,812,993	1,993,232	8,806,225 (558,229) (4,439,000) (4,497,229) 1,885,021 (3,112,208)
	(941,419) 5,916,000	773,963 -	(167,456) 5,916,000	(697,929) (4,439,000)	139,700 -
	4,974,581 (4,088,612)	773,963 976,404	5,748,544 (3,112,208)	(5,136,929) 1,048,317	- 139,700 836,704
	885,969	1,750,367	2,636,336	(4,088,612)	976,404

The results relate wholly to continuing activities.

The accompanying notes form part of these financial statements.

22

Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Company Statement of Financial Activities (including the Income and Expenditure Account)

Income Note Donations, gift aid and core funding 1 Investment income 3 Income from charitable activities 2 Total income Expenditure Raising Funds 5 Direct charitable expenditure 5&6 Balance of pension scheme operating charge 21 Other pension finance charge 21 Charitable activity expenditure Total expenditure Net (expenditure)/income Actuarial gain/(loss) on defined benefit scheme 21 Net movement in funds Total funds brought forward Total funds carried forward	Unrestricted Funds 2022 £ 3,938 - 7,951,299	Restricted Funds 2022 £ 2,882,007 - -	Total year ended 31 March 2022 £ 2,885,945 - 7,951,299	Unrestricted Funds 2021 £ 1,965 - 6,011,964	Restricted Funds 2021 £ 2,132,932 - -	Total year ended 31 March 2021 £ 2,134,897 - 6,011,964
	7,955,237	2,882,007	10,837,244	6,013,929	2,132,932	8,146,861
	33,658	-	33,658	47,479	-	47,479
	7,688,805 997,000 130,000	2,108,044 - -	9,796,849 997,000 130,000	6,337,013 317,000 18,000	1,993,232 - -	8,330,245 317,000 18,000
	8,815,805	2,108,044	10,923,849	6,672,013	1,993,232	8,665,245
	8,849,463	2,108,044	10,957,507	6,719,492	1,993,232	8,712,726
	(894,226) 5,916,000	773,963 -	(120,263) 5,916,000	(705,563) (4,439,000)	139,700 -	(565,863) (4,439,000)
	5,021,774 (4,173,108)	773,963 976,404	5,795,737 (3,196,704)	(5,144,563) 971,455	139,700 836,704	(5,004,863) 1,808,159
	848,666	1,750,367	2,599,033	(4,173,108)	976,404	(3,196,704)

The results relate wholly to continuing activities.

The accompanying notes form part of these financial statements.

23

Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Consolidated Balance Sheet

Fixed assets Note Tangible fixed assets 11 Current assets Stocks 13 Debtors 14 Cash at bank and in hand Creditors:amounts falling due within one year 15 Net current assets Total assets less current liabilities Defined benefit pension scheme liability 21 Net assets/(liabilities) Income funds 17 Restricted funds Unrestricted funds: Other charitable funds Non-charitable trading funds Pension reserve funds Total funds 17	2022 £ 133,015	2021 £ 247,327
	31,785 596,164 3,174,380	53,591 1,018,985 1,827,049
	3,802,329 (705,008)	2,899,625 (876,160)
	3,097,321	2,023,465
	3,230,336 (594,000)	2,270,792 (5,383,000)
	2,636,336	(3,112,208)
	1,750,367 1,442,666 37,303 (594,000)	976,404 1,209,892 84,496 (5,383,000)
	885,969	(4,088,612)
	2,636,336	(3,112,208)

The financial statements were approved by the Board of Trustees on 2022 and signed on their behalf by

D Gelsthorp Trustee

Company registration no: 06052980

The accompanying notes form part of these financial statements.

24

Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Company Balance Sheet

Fixed assets Note Tangible fixed assets 11 Investments 12 Current assets Stocks 13 Debtors 14 Cash at bank and in hand Creditors:amounts falling due within one year 15 Net current assets Total assets less current liabilities Defined benefit pension scheme liability 21 Net assets/(liabilities) Income funds 17 Restricted funds Unrestricted funds: Other charitable funds Pension reserve funds Total funds 17	2022 £ 133,015 1	2021 £ 247,327 1
	133,016 11,423 537,534 3,021,403	247,328 23,551 970,587 1,793,148
	3,570,360 (510,343)	2,787,286 (848,318)
	3,060,017	1,938,969
	3,193,033	2,186,296
	(594,000)	(5,383,000)
	2,599,033	(3,196,704)
	1,750,367 1,442,666 (594,000)	976,404 1,209,892 (5,383,000)
	848,666	(4,173,108)
	2,599,033	(3,196,704)

The financial statements were approved by the Board of Trustees on 2022 and signed on their behalf by

D Gelsthorp Trustee

Company registration no: 06052980

The accompanying notes form part of these financial statements.

25

Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Consolidated Cash Flow Statement

Note Net cash inflow/(outflow) from operating activities Cash flow from investing activities Interest received 3 Capital expenditure and financial investment Purchase of tangible fixed assets 11 Net cash outflow investing activities Increase/(decrease) in cash Cash and cash equivalents at beginning of reporting period Cash and cash equivalents at end of reporting period Net cash inflow/(outflow) from operating activities Net income/(expenditure) excluding investment income, finance costs and taxation Depreciation Disposal of fixed assets Decrease in stocks Decrease/(increase) in debtors (Decrease)/increase in creditors Tax receivable Pension: Operating charge Net return on assets Net cash inflow/(outflow) from operating activities	2022 £ 1,350,481	2021 £ (337,315)
	-	-
	- (3,150)	- (4,155)
	(3,150)	(4,155)
	1,347,331	(341,470)
	1,827,049	2,168,519
	3,174,380	1,827,049
	4,402,862 117,462 - 21,806 624,194 (213,842) - 1,967,000 (5,569,000)	(191,229) 131,654 5,925 5,249 (463,609) 206,695 - 175,000 (207,000)
	1,350,481	(337,315)

The accompanying notes form part of these financial statements.

26

Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Principal Accounting Policies

Basis of preparation

The financial statements have been prepared in accordance with 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 (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on the historical cost basis.

The financial statements are presented in Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis, which presumes that the Trust will continue to receive contracted financial support from Rochdale Borough Council ('RBC'). RBC are contracted to use the Trust's services until 2033, by which date the contract will be reviewed.

The group's activities, together with factors likely to affect its future development, performance and position are set out in the Report of the Trustees. The Report of the Trustees also includes the group's objectives, policies and processes for managing its capital, its financial risk management objectives and its exposure to credit risk and liquidity risk.

The group currently has significant cash balances reflecting short-term flexibility granted by receiving significant income in advance of service delivery and good relationships with its principal stakeholders and suppliers. Careful consideration has been given to the consequences of the ongoing need for local authorities (including RBC) to carefully review budgets available for the provision of services such as those provided by the group. While there is still some uncertainty relating to the nature, scope and quantum of future changes to income, they are likely be significant. In this context, the Trustees have worked with management to consider the various scenarios that may arise. The conclusion of such consultations are that services may change but that financial viability will be maintained by careful management of income, costs and the contractual arrangements that assist with working capital management. As a consequence, the Trustees believe that the group is well placed to manage its business risks successfully, despite the current economic climate.

On this basis, and with due consideration of the short and medium-term pension funding requirements, and the current economic conditions, the Trustees consider it appropriate to prepare the financial statements on a going concern basis.

Basis of consolidation

The group financial statements consolidate (using acquisition accounting) those of the Charitable Company and its subsidiary undertaking drawn up to 31 March 2022, on a line by line basis.

Taxation

The Company undertakes charitable activities and is not subject to corporation tax. Rochdale Boroughwide Cultural Trust Trading Company Limited, a subsidiary undertaking, undertakes trading activities and is subject to corporation tax.

Income

All income is included in the statement of financial activities when the group is legally entitled to the income and the amount can be quantified with reasonable accuracy.

27

Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Principal Accounting Policies

Voluntary income

Voluntary income comprises all incoming resources from donations, gifts, core funding grants and investment income. Income from investments is included in the statement of financial activities in the year in which it is receivable.

Donations under Gift Aid, together with the associated income tax recoveries, are credited as income when the donations are received.

Grants receivable

Grants receivable and local authority fees are credited to the statement of financial activities when receivable, provided there are no donor-imposed performance conditions, in which case recognition is deferred until the conditions have been met.

Charitable trading income

Charitable trading income represents amounts receivable by the Charitable Company for services provided, aligned with the Charitable Company's objectives as disclosed on page 1 of these financial statements.

Investment income and rental income

Income from investments and from rental income is included in the statement of financial activities in the year in which it is receivable.

Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category.

Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of other income generation, such as bar and catering income generated by the trading subsidiary.

Charitable expenditure comprises direct expenditure attributable to the charitable activities. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Central overhead costs are allocated to operational functions on the basis of their use of central support services.

Governance costs are the costs associated with the governance arrangements of the Trust which relate to the general running of the Trust as opposed to those costs associated with charitable activities. Included within this category are costs associated with the strategic as opposed to day-to-day management of the group's activities.

Support costs, which include management, finance, human resources, marketing, IT, administration and building costs are allocated across categories of charitable expenditure. The basis of the cost allocation is explained in note 6 to the accounts. Irrecoverable VAT is charged as a cost to the statement of financial activities.

Provision is made, where appropriate, for relevant expenses where a present obligation exists at the balance sheet date in accordance with the requirements of FRS 102.

Fund accounting

Restricted funds are to be used for specific purposes laid down by the donor. Expenditure for these purposes is charged to the fund, together with a fair allocation of overheads and support costs.

Unrestricted funds are incoming resources received or generated for expenditure on general objectives of the Charitable Company.

28

Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Principal Accounting Policies

Fixed assets

The financial statements do not include the cost of land, buildings and equipment used at nominal rent by Rochdale Boroughwide Cultural Trust, whose title rests with Rochdale Borough Council. It is not practicable to attribute a value to this benefit.

Tangible fixed assets and depreciation

The Charitable Company has adopted a £10,000 capitalisation threshold for individual assets, although assets of lesser value are capitalised if they form part of a group with a value in excess of £10,000. The £10,000 figure includes VAT where this is not recoverable.

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment.

Depreciation is calculated so as to write off cost of an asset, less its residual value over the useful economic life of that asset as follows:

Plant and equipment 4 - 5 years straight line Computer equipment and software 4 years straight line

Leased assets

Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet and depreciated over their expected useful lives. The interest element of leasing payments represents a constant proportion of the capital balance outstanding and is charged to the statement of financial activities over the period of the lease.

All other leases are regarded as operating leases and the payments made under them are charged to the statement of financial activities on a straight line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and net realisable value, after making allowance for obsolete and slow-moving items.

Contributions to pension schemes

Defined benefit scheme

Scheme assets are measured at fair values. Scheme liabilities are measured on an actuarial basis using the projected unit method and are discounted at appropriate high-quality corporate bond rates. The net surplus or deficit, adjusted for deferred tax, is presented separately from other net assets on the balance sheet. A net surplus is recognised only to the extent that it is recoverable by the Company.

The current service cost and costs from settlements and curtailments are charged against operating profit. Past service costs are spread over the period until the benefit increases vest. Interest on the scheme liabilities and the expected return on scheme assets are included in other finance costs. Actuarial gains and losses are reported in the statement of total recognised gains and losses.

Retirement benefits other than pensions are accounted for in the same way.

Debtors

Short-term debtors are measured at transaction price, less any impairment.

29

Rochdale Boroughwide Cultural Trust

Financial Statements for the year ended 31 March 2022

Principal Accounting Policies

Creditors

Short-term creditors are measured at transaction price.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these Judgements and estimates have been made include:

Pensions - management consult with experts to provide appropriate assumptions on which to calculate the projected funding position for the scheme. This is updated on an annual basis.

Company information

Rochdale Boroughwide Cultural Trust is a Charitable Company limited by guarantee, incorporated in England and Wales under the Companies Act 2006 (registration number 06052980).

The registered address is PO Box 428, Number One, Riverside Floor 3, Smith Street, Rochdale, Lancashire, OL16 1ZL.

30

Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Notes to the Financial Statements

1 Voluntary income (Group and Company)

Onward Arts funding Mental Health Support Team Living Well SPAA for People with Disabilities Children’s Health & Well-being Tier 2 Weight Management Children's Weight Management Active Living Activ8teMe Activity Programme 13 - 19 Year Skills 4 Sport and Leisure Community Cohesion Projects Bounce Back & Go Funding Integrated Neighbourhood Team AGMA - L4L part Fit & Fed Holiday Activity Fund DCMS Grant CRF2 Local Pilot Satellite Clubs Garfield Weston Fund Total Culture: The Football Art Prize Healthy Schools Study Healthy Workforce Middleton Holiday at Home Harry Meadley: Free-for-all Sub Total Restricted Projects Other Restricted Projects Total Grants Receivable	Unrestricted 2022 £ - - - - - - - - - - - - - - - - - - - - - - - - - -	Restricted 2022 £ 250,700 137,932 243,464 72,902 165,842 72,831 16,200 60,394 31,965 9,400 29,880 29,141 80,000 160,525 56,303 8,000 360,075 240,289 104,000 - 40,000 32,623 5,700 39,700 15,000 18,000	Total year ended 31 March 2022 £ 250,700 137,932 243,464 72,902 165,842 72,831 16,200 60,394 31,965 9,400 29,880 29,141 80,000 160,525 56,303 8,000 360,075 240,289 104,000 - 40,000 32,623 5,700 39,700 15,000 18,000	Unrestricted 2021 £ - - - - - - - - - - - - - - - - - - - - - - - - - -	Restricted 2021 £ 100,700 59,466 146,078 57,550 71,909 - 16,000 26,200 29,762 29,570 38,588 14,304 - 155,183 31,333 25,000 - - - 12,400 - - - 21,800 9,440 -	Total year ended 31 March 2021 £ 100,700 59,466 146,078 57,550 71,909 - 16,000 26,200 29,762 29,570 38,588 14,304 - 155,183 31,333 25,000 - - - 12,400 - - - 21,800 9,440 -
	-	2,280,866	2,280,866	-	845,283	845,283
	-	601,141	601,141	-	1,287,649	1,287,649
	-	2,882,007	2,882,007	-	2,132,932	2,132,932

Other voluntary income (Company) Unrestricted 2022 £ Donations 3,938 Total other income 3,938	Other voluntary income (Company) Unrestricted 2022 £ Donations 3,938 Total other income 3,938	Restricted 2022 £ -	Total year ended 31 March 2022 £ 3,938	Unrestricted 2021 £ 1,965	Restricted 2021 £ -	Total year ended 31 March 2021 £ 1,965
	3,938	-	3,938	1,965	-	1,965

31

Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Notes to the Financial Statements

2 Charitable activities (Group and Company)

Income from charitable activities are:

Activities for generating funds:	Unrestricted 2022 £	Restricted 2022 £	Total year ended 31 March 2022 £	Unrestricted 2021 £	Restricted 2021 £	Total year ended 31 March 2021 £
Rochdale BC annual contract fee	2,381,700	-	2,381,700	2,494,376	-	2,494,376
Fees and charges	4,998,538	-	4,998,538	3,384,014	-	3,384,014
Facilityrental charges	404,166	-	404,166	58,431	-	58,431
Other income	166,895	-	166,895	75,143	-	75,143
	7,951,299	-	7,951,299	6,011,964	-	6,011,964
3 Investment income (Group) Unrestricted 2022 £ Investment income comprises: Bank interest receivable - Investment income (Company) Unrestricted 2022 £ Investment income comprises: Bank interest receivable -	Unrestricted 2022 £	Restricted 2022 £	Total year ended 31 March 2022 £	Unrestricted 2021 £	Restricted 2021 £	Total year ended 31 March 2021 £
	-	-	-	-	-	-
		Restricted 2022 £	Total year ended 31 March 2022 £	Unrestricted 2021 £	Restricted 2021 £	Total year ended 31 March 2021 £
	-	-	-	-	-	-

32

Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Notes to the Financial Statements

4 Income and expenditure of trading subsidiary

A summary of the results of the trading subsidiary is set out below: Turnover (including interest receivable) Other income and charges (Loss)/surplus Tax Loss after tax Brought forward profit and loss account Profit and loss account at 31 March 2022 The net assets and liabilities of the subsidiary were: Current assets Creditors: amounts falling due within one year Net current assets Total assets less current liabilities Aggregate share capital and reserves 5 Raising funds (Group and Company)	Year ended 31 March 2022 £	Year ended 31 March 2021 £
	839,483	101,135
	(886,677)	(93,501)
	(47,192)	7,634
	-	-
	(47,192)	7,634
	84,495	76,861
	37,303	84,495
	Year ended 31 March 2022 £	Year ended 31 March 2021 £
	231,969	112,339
	(194,666)	(27,844)
	37,303	84,495
	37,303	84,495
	37,303	84,495
	Year ended 31 March 2022 Unrestricted Funds £ 31,596 5 2,057 33,658	Year ended 31 March 2021 Unrestricted Funds £ 45,333 - 2,146 47,479
Staff costs and allowances
Transport expenses
Supplier,services and other expenses

33

Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Notes to the Financial Statements

6 Cost of charitable activities (Group and Company)

Staff costs and allowances Establishment expenses Transport expenses Supplier, services and other expenses	Unrestricted Funds 2022 £ 4,730,380 1,284,860 142,881 1,530,684	Restricted Funds 2022 £ 959,281 53,505 405 1,094,853	Year ended 31 March 2022 £ 5,689,661 1,338,365 143,286 2,625,537	Unrestricted Funds 2021 £ 4,448,243 624,166 72,259 1,192,345 6,337,013	Restricted Funds 2021 £	Year ended 31 March 2021 £
					625,626	5,073,869
					-	624,166
					-	72,259
					1,367,606	2,559,951
	7,688,805	2,108,044	9,796,849		1,993,232	8,330,245

Included above are support costs which cannot be directly attributed to charitable activities. These costs have been allocated using an element of judgement as the Trust has had to consider the cost/benefit of producing detailed calculations and the associated record keeping. Therefore support costs have been allocated according to the proportion of direct costs incurred within each charitable activity.

Support Costs Sport and Leisure Arts and Heritage Water Activity Centre Neighbourhood and Communities Marketing Total support costs	Staff costs and allowances £ 539,069 82,961 47,749 28,129 29,455	Establishment expenses £	Transport expenses £	Supplier, services and other expenses £	Agency and contracted services £	Year ended 31 March 2022 £	Year ended 31 March 2021 £
		-	591	399,848	150,663	1,090,171	1,086,326
		-	91	63,218	23,187	169,457	99,594
			53 31	32,452 19,117	13,345 7,862	93,599 55,139
		-					55,523
		-					109,867
		-	32	20,018	8,232	57,737	56,548
	727,363	-	798	534,653	203,289	1,466,103	1,407,858

7 Governance costs are made up of the following (Group and Company)

Internal audit External auditor's fee: audit services Non-audit services Museum Relief services	Year ended 31 March 2022 £ - 18,900 3,152 - 22,052	Year ended 31 March 2021 £ 670 17,630 - -
		18,300

34

Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Notes to the Financial Statements

8 Analysis of expenditure

Total expenditure includes:	Year ended	Year ended
	31 March	31 March
Group and Company	2022	2021
	£	£
Fees payable to the group's auditor for the audit of the Company's annual financial
statements	18,900	17,630
Non-audit services	1,875	-
VAT advisory services	432	-
Balance sheet reconciliations advice	850	-
Museum relief services	-	-
Depreciation	117,462	131,654

9 Trustees and employees

Staff costs during the year were as follows: Wages and salaries Social security costs Pension costs	Year ended 31 March Group 2022 £ 4,604,234 312,567 864,171 5,780,972	Year ended 31 March Group 2021 £ 4,287,155 281,167 788,715	Year ended 31 March Company 2022 £ 4,416,658 294,796 815,654 5,527,108	Year ended 31 March Company 2021 £ 4,312,860 270,639 759,033
		5,357,037		5,342,532

Group

The average monthly number of permanent employees of the group was as follows:	Year ended 31 March 2022 Number	Year ended 31 March 2021 Number
Corporate Support	22	23
Sport and Leisure	173	171
Arts and Heritage	26	32
Grounds Maintenance	-	1
Hollingworth Lake Water ActivityCentre	6	6
Neighbourhood and Communities	38	37
Special Projects and Marketing	4	3
	269	273

35

Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Notes to the Financial Statements

9 Trustees and employees (continued)

The number of full-time equivalents was:	Year ended 31 March 2022 Number	Year ended 31 March 2021 Number
Corporate Support	19	19
Sport & Leisure	92	92
Arts and Heritage	20	23
Grounds Maintenance	-	1
Hollingworth Lake Water ActivityCentre	4	4
Neighbourhood & Communities	27	28
Special Projects & Marketing	4	3
	166	170
Group and Company Employees receiving remuneration in excess of £60,000 are analysed as follows: £130,001 - £140,000 £100,001 - £110,000 £90,001 - £100,000 £80,001 - £90,000 £70,001 - £80,000 £60,001 - £70,000 During the year the following amounts were paid to higher paid employees as shown above:	Year ended 31 March 2022 Number - - 1	Year ended 31 March 2021 Number - - 1
	-	-
	-	-
	-	-
	Year ended 31 March 2022 £	Year ended 31 March 2021 £
Pension contributions to defined benefit schemes	19,975	19,583

During the year £208,514 (2021: £248,411) was paid to the key management personnel. The Key Management Personnel are made up of the Chief Executive, Deputy Chief Executive, Director of Finance and Director of Operations.

The Trustees, or any persons connected with them, have not received any remuneration from the Company during the year. Expenses of £nil were paid to Trustees during the year (2021: £Nil).

36

Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Notes to the Financial Statements

10 Tax on net expenditure

Given that the primary purpose of the Charitable Company is charitable, and the Charitable Company is not trading for profit, the Charitable Company is exempt from taxation under Section 505 of ICTA 1988.

The taxation charge is based on the profit for the period and represents tax on the trading activities of the trading subsidiary as follows:

subsidiary as follows:
	Year ended 31 March 2022 £	Year ended 31 March 2021 £
UK Corporation tax	-	-

11 Tangible fixed assets

Group and Company Cost At 31 March 2021 Additions Disposals At 31 March 2022 Depreciation At 31 March 2021 Charge for the year Disposals At 31 March 2022 Net book amount At 31 March 2022 At 31 March 2021	Plant and equipment £ 357,590 - -	Computer equipment £ 147,162 - -	Leasehold improvement £ 304,907 3,150 -	Vehicles £ 16,895 - -	Total £ 826,554 3,150 - 829,704 579,227 117,462 - 696,689 133,015
	357,590	147,162	308,057	16,895
	263,974 48,629 -	147,162 - -	154,011 66,018 -	14,080 2,815 -
	312,603	147,162	220,029	16,895
	44,987	-	88,028	-
	93,616	-	150,896	2,815	247,327

All tangible fixed assets were used for charitable purposes.

37

Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Notes to the Financial Statements

12 Investments

Company	2022 £	2021 £
Investment in subsidiary	1	1

The Company had the following subsidiary undertakings as at 31 March 2022:

			Proportion held
	Country of	Class of share	by parent
Name of subsidiary	incorporation	capital held	Company	Nature of business
Rochdale Boroughwide Cultural	England & Wales	Ordinary £1	100%	Operation of civic centre
Trust Trading Company Limited				and other trading activity
Company no: 06052982

The subsidiary's aggregate amount of assets, liabilities and funds, together with a summary of turnover, expenditure and results for the year are detailed in note 4.

13 Stocks

13 Stocks
	Group 2022 £	Group 2021 £	Company 2022 £	Company 2021 £
Goods for resale	31,785	53,591	11,423	23,551

Stock recognised in cost of sales during the year as an expense was £134,697 (2021: £6,544).

14 Debtors

Trade debtors Other debtors (note 23) Prepayments 15 Creditors: amounts falling due within one year Other creditors (note 23) Other taxation and social security Accruals Deferred income (see note 16)	Group 2022 £ 277,793 256,819 61,552 596,164 Group 2022 £ 23,846 72,392 287,949 320,821 705,008	Group 2021 £ 739,142 266,332 13,511 1,018,985 Group 2021 £ 17,475 365,109 240,377 253,199 876,160	Company 2022 £ 273,842 202,140 61,552 537,534 Company 2022 £ 23,809 72,392 270,119 144,023 510,343	Company 2021 £ 705,744 251,332 13,511 970,587 Company 2021 £ 17,210 365,109 240,393 225,606 848,318

15 Creditors: amounts falling due within one year

38

Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Notes to the Financial Statements

16 Deferred income Balance at 31 March 2021 Amount released to income Amount deferred in year Balance at 31 March 2022	Group £ 253,199 (253,199) 320,821	Company £ 225,606 (225,606) 144,023
	320,821	144,023

Deferred income includes grant income and fee income received in advance of the revenue being earned or attached conditions being fulfilled.

39

Rochdale Boroughwide Cultural Trust

Financial Statements for the year ended 31 March 2022

17 Income funds and reserves

Group Restricted Onwards Arts Funding Mental Health Support Team Living Well SPAA for People with Disabilities Children's Health and Well-being/Thrive Tier 2 Weight Management Children's Weight Management Active Living Activ8te Me Activity Programme 13-19 Year Olds Skills 4 Sport and Leisure Community Cohesion Projects Bounce Back & Go Funding Integrated Neighbourhood Team AGMA – L4L part Fit & Fed Holiday Activity Fund Active Ageing DCMS Grant CRF2 Local Pilot Satellite Clubs Garfield Weston Fund Total Culture: The Football Art Prize Healthy Schools Study Healthy Workforce Middleton Holiday at Home Harry Meadley: Free-for All Sub Total Restricted projects Other restricted projects Unrestricted Pension reserve	Balance at 31 March 2021 £ 80,960 59,266 70,629 56,805 17,004 - 46,467 19,541 31,265 39,727 40,889 16,728 - 58,487 15,042 36,476	Income £ 250,700 137,932 243,464 72,902 165,842 72,831 16,200 60,394 31,965 9,400 29,880 29,141 80,000 160,525 56,303 8,000	Expenditure £ 132,520 30,264 164,560 31,822 116,411 9,314 3,341 23,791 7,888 496 24,089 16 37,955 178,197 35,113 10,482	Gains and (losses) £ - - - - - - - - - - - - - - - -	Balance at 31 March 2022 £ 199,140 166,934 149,533 97,885 66,435 63,517 59,326 56,144 55,342 48,631 46,680 45,853 42,045 40,815 36,232 33,994 183,846 32,202 31,990 27,037 22,633 20,719 17,423 16,106 15,659 15,465 15,000
	- 36,378	360,075 - 240,289	176,229 4,176	-
	-		208,299	-
	-	104,000	76,963	-
	25,535	-	2,902	-
	- - 10,406 20,000 7,719 -	40,000 32,623 5,700 39,700 15,000 18,000	19,281 15,200 - 44,041 7,254 3,000	- - - - - -
	689,324 287,080	2,280,866 601,141	1,363,604 744,440	- -	1,606,586 143,781 1,750,367 1,479,969 3,230,336 (594,000) 2,636,336
	976,404 1,294,388	2,882,007 8,794,720	2,108,044 8,609,139	- -
	2,270,792 (5,383,000)	11,676,727 130,000	10,717,183 997,000	- 3,662,000
	(3,112,208)	11,806,727	11,714,183	3,662,000

40

Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Notes to the Financial Statements

17 Income funds and reserves (continued)

Company Restricted Onwards Arts Funding Mental Health Support Team Living Well SPAA for People with Disabilities Children's Health and Well-being/Thrive Tier 2 Weight Management Children's Weight Management Active Living Activ8te Me Activity Programme 13-19 Year Olds Skills 4 Sport and Leisure Community Cohesion Projects Bounce Back & Go Funding Integrated Neighbourhood Team AGMA – L4L part Fit & Fed Holiday Activity Fund Active Ageing DCMS Grant CRF2 Local Pilot Satellite Clubs Garfield Weston Fund Total Culture: The Football Art Prize Healthy Schools Study Healthy Workforce Middleton Holiday at Home Harry Meadley: Free-for All Sub Total Restricted projects Other restricted projects Unrestricted Pension reserve	Balance at 31 March 2021 £ 80,960 59,266 70,629 56,805 17,004 - 46,467 19,541 31,265 39,727 40,889 16,728 - 58,487 15,042 36,476	Income £ 250,700 137,932 243,464 72,902 165,842 72,831 16,200 60,394 31,965 9,400 29,880 29,141 80,000 160,525 56,303 8,000	Expenditure £ 132,520 30,264 164,560 31,822 116,411 9,314 3,341 23,791 7,888 496 24,089 16 37,955 178,197 35,113 10,482	Gains and (losses) £ - - - - - - - - - - - - - - - -	Balance at 31 March 2022 £ 199,140 166,934 149,533 97,885 66,435 63,517 59,326 56,144 55,342 48,631 46,680 45,853 42,045 40,814 36,232 33,994 183,846 32,202 31,990 27,037 22,633 20,719 17,423 16,106 15,659 15,465 15,000
	- 36,378	360,075 - 240,289	176,229 4,176	-
	-		208,299	-
	-	104,000	76,963	-
	25,535	-	2,902	-
	- - 10,406 20,000 7,719 -	40,000 32,623 5,700 39,700 15,000 18,000	19,281 15,200 - 44,041 7,254 3,000	- - - - - -
	689,324 287,080	2,280,866 601,141	1,363,604 744,440	- -	1,606,586 143,781 1,750,367 1,442,666 3,193,033 (594,000) 2,599,033
	976,404 1,209,892	2,882,007 7,955,237	2,108,044 7,722,463	- -
	2,186,296 (5,383,000)	10,837,244 130,000	9,830,507 997,000	- 3,662,000
	(3,196,704)	10,967,244	10,827,507	3,662,000

41

Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Notes to the Financial Statements

17 Income funds and reserves (continued)

Restricted funds

Onward Arts funding

Funding to support cultural provision in the borough.

Mental Health Support Team

Mental Health Support Team is a multi-partner programme of delivery with Pennine Care as the lead provider with Your Trust, Place 2BE, Early Break and TOG Mind supporting the new in school mental health and well-being programme.

Living Well

Commissioned community health and well-being services such as exercise referral, and health and nutrition programmes.

SPAA for People with Disabilities

The Project aims to improve access to, and take up of, opportunities for participation in sport and active recreation by people with disabilities.

Children’s Health & Well-being/Thrive

Funding for young people’s emotional health and wellbeing services.

Tier 2 Weight Management

12 week tier 2 weight management courses to be held at each of the following sites - RLC, HSV and the MA.

Children’s Weight Management

To establish new activity programmes for children’s weight management.

Active Living

Sport England Community investment funding to provide sport and physical activity sessions to increase adult participation.

Active8teMe

The programme works to entice the inactive in the heart of communities to become involved in sporting activities.

Activity Programmes 13-19 Year Olds (Go For It Clubs)

An activity programme for young people aged 13-19 years .

Skills 4 Sport & Leisure

Funding for the delivery of sport and leisure-based skills training.

Community Cohesion Projects

To provide for two visual arts projects/commissions with artists Jasleen Kaur and Rachel Kneebone designed to engage new audiences and foster greater community cohesion.

Bounce Back & Go Funding

Focuses on deconditioning after months of isolation and reduced levels of activity at home has had an immense effect on thousands of people across all ages and groups, especially specific cohorts such as our Clinically Extremely Vulnerable and older residents. It looks at interventions to tackle demotivation, and the impact on motivation that the pandemic has caused.

42

Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Notes to the Financial Statements

17 Income funds and reserves (continued)

Integrated Neighbourhood Team

Funding to support the costs of Integrated Neighbourhood Team Offices to provide support for residents to access services promoting improved health and well-being.

AGMA - L4L part

Funding for the delivery of community and cultural projects in the borough.

Fit and Fed

Funding for the provision of holiday activity and lunches for children ordinarily in receipt of free school meals.

Holiday Activity Fund

XXX

Active Ageing

A Sport England funded project supporting Carers or those with Caring responsibility into physical activity.

DCMS Grant CRF2

Second stage of Culture Recovery Fund.

Local Pilot

XXX

Satellite Clubs

Satellite Clubs are delivered on a school venue out of school hours by a designated hub club coach. The clubs run at a different time to the hub club’s training sessions. Participants who wish can then move from Satellite to hub club sessions or continue to engage in the satellite club.

Garfield Weston Fund

Funding to support creative learning and programming.

Total Culture: The Football Art Prize

Competition, touring exhibition & community engagement programme exploring the links between art and football.

Healthy Schools Study

To undertake awareness events on primary school sites.

Active Workforce (formerly Healthy Workforce)

To provide physical activities for employees of Rochdale Borough Council, Heywood, Middleton and Rochdale Primary Care Trust, Impact Partnership, Rochdale Boroughwide Housing and Your Trust.

Middleton Holiday at Home

To deliver a summer holiday programme in Middleton Township for children and young people.

Harry Meadley: Free-for All

Multi-stage project with community groups hosting temporary exhibitions drawn from the collections and then using Touchstones to stage their own creative activities.

43

Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Notes to the Financial Statements

18 Analysis of group net liabilities between funds

Group Tangible fixed assets Current assets Current liabilities Pension liability Total net assets/(liabilities) Company Tangible fixed assets Investments Current assets Current liabilities Pension liability Total net assets/(liabilities)	Unrestricted Funds 2022 £ 133,015 2,051,962 (705,008) (594,000)	Restricted Funds 2022 £ - 1,750,367 - -	Total funds 2022 £ 133,015 3,802,329 (705,008) (594,000)	Unrestricted Funds 2021 £ 247,327 1,923,221 (876,160) (5,383,000)	Restricted Funds 2021 £ - 976,404 - -	Total funds 2021 £ 247,327 2,899,625 (876,160) (5,383,000)
	885,969	1,750,367	2,636,336	(4,088,612)	976,404	(3,112,208)
	Unrestricted Funds 2022 £ 133,015 1 1,819,993 (510,343) (594,000)	Restricted Funds 2022 £ - - 1,750,367 - -	Total funds 2022 £ 133,015 1 3,570,360 (510,343) (594,000)	Unrestricted Funds 2021 £ 247,327 1 1,810,882 (848,318) (5,383,000)	Restricted Funds 2021 £ - - 976,404 - -	Total funds 2021 £ 247,327 1 2,787,286 (847,318) (5,383,000)
	848,666	1,750,367	2,599,033	(4,173,108)	976,404	(3,196,704)

19 Contingent liabilities

There were no material contingent liabilities at 31 March 2022 (2021: £Nil).

20 Capital commitments

There are no capital commitments at 31 March 2022 (2021: £Nil).

21 Pensions

Group and Company

Defined Benefit Scheme

The Charitable Company operates a defined benefit scheme for the employees.

The Greater Manchester Pension Fund (www.gmpf.org.uk), a final salary defined benefit scheme, is administered in accordance with the Local Government Pension Scheme Regulations 1997. For the purposes of FRS 102 it has been possible to identify the Company's share of the underlying assets and liabilities of the Greater Manchester Pension Fund.

The assets of the scheme are administered by Trustees in a fund independent from those of the Company.

Pension costs are assessed in accordance with the advice of a qualified actuary.

44

Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Notes to the Financial Statements

21 Pensions (continued)

The details shown below relate to the aggregate of the underlying assets and liabilities of the Greater Manchester Pension Fund for employees of Rochdale Boroughwide Cultural Trust.

Further information in respect of the defined benefit scheme is detailed below. The principal actuarial assumptions used by the actuaries were as follows:

	2022	2021
Discount rate at 31 March	2.85%	2.20%
Expected return on plan assets at 31 March	3.00%	2.70%
Salary increase rate	3.00%	2.60%
Inflation assumption	3.00%	2.60%

The post-retirement mortality assumptions used to value the benefit obligations at 31 March 2022 are based on the PFA92 and PMA92 tables. Based on these assumptions, average future life expectancies at age 65 are as follows:

	Males	Females
	Years	Years
Current pensioners	20.0	22.8
Future pensioners	21.0	24.5

The amounts charged to pension scheme operating charge within the statement of financial activities:

Current service cost Contributions by the employer Losses on curtailments and settlements Net charge	2022 £ 1,837,000 (840,000) -	2021 £ 1,048,000 (802,000) 71,000
	997,000	317,000

The amounts charged or (credited) to other pension finance costs within the statement of financial activities:

Interest cost Expected return on pension scheme assets The amounts recognised in the balance sheet are as follows: Fair value of plan assets Present value of retirement benefit obligations Net liabilities	2022 £ 941,000 (811,000)	2021 £ 737,000 (719,000)
	130,000	18,000
	2022 £ 41,295,000 (41,889,000)	2021 £ 36,639,000 (42,022,000)
	(594,000)	(5,383,000)

The amounts recognised in the balance sheet are as follows:

45

Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Notes to the Financial Statements

21 Pensions (continued)

The major categories of plan asset, as a percentage of the total plan assets, are as follows:

Equities Bonds Property Cash Changes in the present value of the defined benefit obligation are as follows: Opening defined benefit obligation at 1 April Current service cost Interest cost Changes in demographic assumptions Contributions by plan participants Other experiences Changes in financial assumptions Losses on curtailments and settlements Benefits paid Closing defined benefit obligation at 31 March Changes in the present value of the plan assets are as follows: Fair value of plan assets at 1 April Expected return on assets Contributions by plan participants Contributions by the employer Actuarial gains Benefits paid Closing fair value of plan assets at 31 March	2022 % 67 15 8 10	2021 % 72 12 7 9
	2022 £ 42,022,000 1,837,000 941,000 (30,000) 251,000 183,000 (2,751,000) - (564,000)	2021 £ 30,334,000 1,048,000 737,000 (332,000) 238,000 (290,000) 10,747,000 71,000 (531,000)
	41,889,000	42,022,000
	2022 £ 36,639,000 811,000 251,000 840,000 3,318,000 (564,000)	2021 £ 29,725,000 719,000 238,000 802,000 5,686,000 (531,000)
	41,295,000	36,639,000

The employer's contributions for 2022 are estimated to be approximately £840,000 (2021: £802,000).

22 Indemnity insurance

The Trust has purchased insurance for the Trustees and officers of the Trust against liability arising for wrongful acts in relation to the Trust. The cost of this insurance amounted to £2,369 (2021: £2,369) (including Insurance Premium Tax).

46

Rochdale Boroughwide Cultural Trust Financial Statements for the year ended 31 March 2022

Notes to the Financial Statements

23 Related party transactions

The Company has taken advantage of the exemption in Financial Reporting Standard 102 and has not disclosed transactions with group undertakings. The Company has a close working relationship with Rochdale Borough Council. The Council also has the power to appoint a number of Trustees to the Company's Board.

Group

During the year the group received £2,505,700 (2021: £2,572,577) as part of the annual contract fee together with an additional £Nil (2021: £50,700) voluntary sector grant. At the period end, an amount of £256,819 (2021: £251,332) included in Other debtors was due from Rochdale Borough Council and an amount of £23,846 (2021: £7,804) included in Other creditors was due to Rochdale Borough Council.

Company

During the year the Company received £2,381,700 (2021: £2,572,577) as part of the annual contract fee together with an additional £50,700 (2021: £50,700) voluntary sector grant. At the period end an amount of £202,140 (2021: £251,332) included in Other debtors was due from Rochdale Borough Council and an amount of £23,809 (2021: £7,539) included in Other creditors was due to Rochdale Borough Council.

47