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← Somerset Activity And Sports Partnership

2024-03-31-accounts

Somerset Activity and Sports Partnership (A Charitable Company Limited by Guarantee)

Annual Report and Financial Statements

For the Year Ended 31 March 2024

Company Number: 05798066 Charity Registered in England and Wales Number: 1118900

Somerset Activity and Sports Partnership Contents For the Year Ended 31 March 2024

Page
Reference and Administrative Details 1
Trustee Directors’ Report 2 – 14
Independent Auditors’ Report 15 – 18
Statement of Financial Activities 19
Balance Sheet 20 – 21
Statement of Cash Flows 22
Notes to Financial Statements 23 – 44

Somerset Activity and Sports Partnership Reference and Administrative Details For the Year Ended 31 March 2024

Trustee Directors J A Chidley-Sanders J A Chidley-Sanders
A M Coates
A J Cockcroft (Chair)
G R Cox
A E Driscoll
A J Gardner
A J Randle
D J Scarratt
Y G Vigar
J M Whitehead
Chief Executive Officer J Knowles
Deputy Chief Executive Officer J Hannis
Office Manager R Martin
Finance Officer A Britton
Charity Number 1118900
Company Number 05798066
Principal Address and Registered Office First Floor Offices
Castle Business Centre
Castle Road
Chelston Business Park
Wellington, Somerset
TA21 9JQ
Auditors Albert Goodman LLP
Goodwood House
Blackbrook Park Avenue
Taunton, Somerset
TA1 2PX
Bankers Svenska Handelsbanken
1stFloor Equity House
Blackbrook Park Avenue
Taunton, Somerset
TA1 2PX
Solicitors Ashfords
41 St James Street
Taunton, Somerset
TA1 1JR
Investment managers Heartwood Investment Management
No. 1 Kingsway
London
WC2B

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Page 1

Somerset Activity and Sports Partnership Trustee Directors’ Report For the Year Ended 31 March 2024

The Trustees, who are also directors for the purposes of the Companies Act, present their report and the financial statements of the charity for the year ended 31 March 2024, which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 and comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable in the UK and Republic of Ireland (SORP FRS 102) (effective 1 January 2019).

The full name of the Charity is Somerset Activity and Sports Partnership. It was incorporated on 27 April 2006 as a company limited by guarantee. Its company registration number is 05798066. Its Charity registration number is 1118900. The Charity is variously referred to throughout this report as either “the Charity”, “the Company” or “SASP”.

References and Administrative Details

Administrative information is given in a separate section at the front of these financial statements.

Directors and Trustees

The directors of the Company are the Charity’s Trustees for the purpose of charity law and throughout this report are collectively referred to as the Trustees.

The Trustees serving during the year and since the year end are as follows:

None of the Trustees have any beneficial interest in the Company. All of the Trustees are members of the Company and guarantee to contribute £10 in the event of a winding up.

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Somerset Activity and Sports Partnership Trustee Directors’ Report For the Year Ended 31 March 2024

Introduction from The Chair

I remain exceptionally proud of our charity and what the Somerset Activity and Sports Partnership (SASP) can achieve in only twelve short months. 2024 has seen our work accelerating from the starting blocks set down with the launch of the Somerset Moves strategy in 2023 and have made significant strides in delivering our vision to build happier and healthier communities in Somerset. In short, we continue to make a significant difference to the lives of thousands of people from across the County.

We recognise that our vision cannot be achieved in isolation and have worked hard to develop strategic relationships and connections at all levels. The integration of all local and national partners remains one of the single greatest challenges we face to achieving a true, long-term system-wide approach and it will remain a focus of our Somerset Moves strategy.

At the national level the new government has already noted the importance of our work in supporting the NHS – particularly on a renewed focus on prevention and community care. We know that activity is a vital ingredient to any sustainable and effective health system and look forward to working with Government and the NHS as they move through future reform.

Overall, it is incredible to see the impact SASP has had. Thousands of people from every conceivable background have been touched by the work we do every single day. That’s important as the Somerset Moves strategy continues its focus on inequalities in physical activity. Our community programs have delivered benefit to many local communities and have included School Games and Health Walks with campaigns such as Sloppy Slippers and Stronger4Longer adding further value.

We also launched the Take the First Step campaign, designed to help individuals overcome barriers to physical activity by providing support and guidance to hundreds of people, helping them build new, healthier habits.

Although only a short summary, the impact of our work is equally impressive. The sloppy slippers campaign successfully distributed over 1,000 pairs of slippers, leading to a significant decrease in fall-related injuries in the community. Our Stronger4Longer Campaign focused on promoting strength and balance exercises among older adults and saw over 500 participants engage in regular physical activity sessions. Many reported improved mobility and reduced risk of falls.

The School Games programme engaged thousands of school children in various sports activities, fostering a love for physical activity from a young age, also helping to uncover the sporting talent of the future. Health Walks have also encouraged community members to incorporate more physical activity into their daily routines. We have seen a 20% increase in participation, with many reporting improved mental and physical health.

This will be my last introduction to our annual trustee report as Chairman. Although often a cliché, it has been a privilege to be part of an organisation that delivers so much to so many. Working with our wider partners, SASP will continue to be at the heart of activity and wellbeing in Somerset - acting as the sometimes hidden golden thread that underpins so many beneficial activities. I look forward to flying the flag from the sidelines as our influence continues to grow.

Andrew Cockcroft

SASP Chairman

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Page 3

Somerset Activity and Sports Partnership Trustee Directors’ Report For the Year Ended 31 March 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

SASP holds the Tier 3 Code of Sports Governance for Sports Bodies showing compliance against key areas of Structure, People, Communication and Policies and Processes.

Governing Document Memorandum and Articles of Association Constitution Company Limited by Guarantee Trustee Selection Method Election - Trustees are appointed on skill sets and receive induction training on individual roles and responsibilities Organisational Structure The charity has an annual business plan which is ratified by the board. The SASP Chief Executive Officer takes responsibility for day-to-day management of the company. Risk Management A risk register is maintained and identified risks are monitored and reviewed through the Board.

None of the Trustees has any personal pecuniary beneficial interest in the company. All of the Trustees are Directors of the company and guarantee to contribute £10 in the event of a winding up of the company.

Somerset Activity & Sports Partnership encourages all Trustees and requires staff to undertake induction and continuing professional development to familiarise themselves with the political, funding and delivery environment in which the company operates; to set out their respective roles and responsibilities; and to ensure accountability and compliance with statutory Charity and Company law.

The Board of Trustees meets every quarter to discuss the strategic direction of the charity, ensure its core aims and objectives are being met in the most efficient way, and to take account of any risks to the charity and to make sure that all legal obligations are satisfied.

The Board of Directors are supported strategically by Somerset Activity and Sports Partnership senior employees. Outside the meetings, the day-to-day business of the Charity is delegated to the SASP Chief Executive and through them, other staff.

OBJECTIVES AND ACTIVITIES

The charitable objectives of SASP are:

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Somerset Activity and Sports Partnership Trustee Directors’ Report For the Year Ended 31 March 2024

SASP Vision

Achieving healthier and happier communities in Somerset through physical activity and sport.

SASP Mission

We inspire and enable positive life choices through sport and physical activity, and we do this by:

SASP Values are:

Passionate: We are passionate about the power of physical activity and sport to build communities and a sense of belonging to improve the quality of people's lives in Somerset.

Inclusive: We value differences, learn from experiences and welcome varying perspectives to deliver safe, meaningful and real opportunities in physical activity and sport for the people of Somerset.

Dedicated: We are dedicated to connecting Somerset residents to opportunities to be active in ways that feel good to them, offering the best chance to sustain their involvement in and enjoyment of moving.

Inspiring: We lead from within, uplifting communities and individuals to integrate physical activity into their work as an essential part of everyday life.

Connected: We believe that we do things best together, building togetherness and respect and encouraging mutual support within our work.

Strategies for achieving its stated aims and objectives

Somerset Moves, Somerset’s system wide strategy has been a focus this year providing strategic direction to our and others work. The strategic priorities of

  1. Positive experiences for children and young people of all ages

  2. Increasing community activity

  3. Connecting with health and wellbeing

  4. Developing more active environments

  5. Supporting and motivating people to move

  6. Developing leadership, the workforce, and partnerships

have allowed a collective effort across our organisation to improve the access, opportunity and environments for people who are least active to find their way into sustained activity to improve their physical and mental health and reduce social isolation.

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Page 5

Somerset Activity and Sports Partnership Trustee Directors’ Report For the Year Ended 31 March 2024

The role of physical activity and sport to support people to improve the quality of their lives at all ages has been recognised and we have seen huge growth in the interest and interventions around physical activity for our more targeted populations. Alongside this we have provided significant onward investment to organisations in Somerset to build better infrastructure, knowledge and skills to further our mission.

2023/24 saw further progress in embedding the positive messages of sport, physical activity and movement within both the statutory and Voluntary, Charitable, Faith and Social Enterprise (VCFSE) sectors to ensure that physical activity is everyone’s business. Our work has included:

Here are a few highlights from our year:

POSITIVE EXPERIENCES FOR CHILDREN AND YOUNG PEOPLE

We have worked hard to target children and young people who are least active and have most barriers to overcome to be active. All children enjoy being active. It is the environment and people, the welcome and the focus of the sessions that make all the difference to a positive experience and supporting and encouraging providers of activity to think more carefully about the different needs of different children has been a focus of our work this year. Adding food to our holiday activities has really changed the environment for children to a less formal setting encouraging those who would not choose formal sport to give different activities a go.

Feature Programme Happy Healthy Holidays

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Somerset Activity and Sports Partnership Trustee Directors’ Report For the Year Ended 31 March 2024

INCREASING COMMUNITY ACTIVITY

We have continued to focus on inequalities within the community focusing work around those who are likely to be least active to include adults and children with a disability, women and girls and those with low affluence. Our work tries to combine social outcomes as well as increases in activity levels and this increases the reach and relevance of the work while addresses multiple inequalities.

Feature Programme

Fit for work

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Somerset Activity and Sports Partnership Trustee Directors’ Report For the Year Ended 31 March 2024

CONNECTING WITH HEALTH AND WELLBEING

We have seen the expansion of enhanced access using our well qualified personnel within the leisure centres start to increase their role in the health and wellbeing sector. We continued to influence the primary and secondary care agendas, by developing relationships across both the statutory and community sectors to ensure physical activity is embedded in care pathways while supporting the continuous professional development of health and social care professionals and community professionals.

Featured Programme

----- Start of picture text -----
Health Coaches
----- End of picture text -----

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Somerset Activity and Sports Partnership Trustee Directors’ Report For the Year Ended 31 March 2024

DEVELOPING MORE ACTIVE ENVIRONMENTS

We continued to deliver Health Walks across Somerset, increasing the numbers of walks, walkers and volunteers leading the walks. In 2023/24 health walks provided sociable and safe walking for 21,500 residents across Somerset. We have also worked hard with individual schools to provide them with support and revenue to be able to open their facilities to their communities to increase the numbers of places to be active available locally for both children and adults.

Featured Programme Opening School Facilities – Somerset

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Page 9

Somerset Activity and Sports Partnership Trustee Directors’ Report For the Year Ended 31 March 2024

SUPPORTING AND MOTIVATING PEOPLE TO MOVE

We continue to try to inspire people to become active through our campaigns, ambassadors and messaging. This year we have seen much greater collaboration across campaigns we lead and vice versa which has led to successful reach into key audiences within Somerset.

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Page 10

Somerset Activity and Sports Partnership Trustee Directors’ Report For the Year Ended 31 March 2024

DEVELOPING LEADERSHIP, THE WORKFORCE AND PARTNERSHIPS

We continue to build strategic partnerships and provide leadership within the county advocating for physical activity, movement and sport. Somerset Moves, our system wide strategy has gone through some changes but is still providing a strong platform to work from. Our Engagement Morning in 2023 was a huge success encouraging leadership across the system at all levels.

Diversity, Equality and Safeguarding

SASP believes that safeguarding young people and vulnerable adults is fundamental to ensuring that people have good experiences in sport and physical activity. We use physical activity to increase selfesteem and resilience to ensure young people have a fun, safe and purposely experience of sport and active recreation. We are also committed to using our programmes to connect all participants together to create new friendships, social groups and mitigate against social isolation in Somerset. Our safeguarding policies and work in 2023/24 for children and adults have been externally assessed and are deemed robust and fit for purpose.

SASP has strengthened its organisational commitment to Equality, Diversity and Inclusion this year with a robust plan and a 3 day a week appointment to drive this work forwards. Our plan includes ensuring better diversity at all levels of the organisation and a Board commitment to measure this work so it stays as one of our top priorities.

FINANCIAL REVIEW 2023/24

During the year SASP had an income of £2,748k (2023 - £2,358k) and expenditure of £2,405k (2023 – £2,033k) excluding investment, revaluation, and pension costs. Once the investment revaluation of £38,578 is considered, SASP had a net trading position of a surplus of £382k (2023 - £299k).

The defined benefit pension scheme has an impact on the financial results of SASP, with the additional gain this financial year of £15k (2023 - £659k) and the total obligation showing at the balance sheet date of £nil. The trustees have sought to reduce the risk posed by the pension scheme by putting an additional £300k into investment in 2023 and procuring a bond of £66k with the county council.

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Somerset Activity and Sports Partnership Trustee Directors’ Report For the Year Ended 31 March 2024

It is the Trustees opinion that the pension scheme deficit doesn’t represent a current liability or have any impact on the going concern position of SASP. The charity continues to meet obligations for both other liabilities and pension scheme repayments and have set aside the reserves in our funds as a more accurate representation of the financial position of the charity.

Policy on reserves

The Charity's policy is to maintain a level of reserves to ensure we can continue to provide our services for 6 months regardless of income levels.

This equates to approximately £600k compared to the charity’s free reserves as of 31st March 2024 of £1,260k. It is considered that any excess reserves will be held to ensure the financial stability of the Charity in the future, including any potential liability that would arise from the exit of the pension scheme.

Arrangements for setting the pay and remuneration of the charity’s key management personnel

SASP has a remuneration policy based on the following principles:

  1. Pay will be competitive so that the charitable objectives can be delivered.

  2. Bonuses linked to individual performance are not awarded. The charity expects everyone to perform to a high standard.

  3. SASP’s remuneration policy seeks to be fair at both higher and lower ends of the pay scale.

  4. Peoples’ working arrangements can be flexible to aid productivity

  5. SASP encourages a work-life balance and encourages regular breaks

  6. SASP has strong governance structures in place to ensure remuneration is managed in line with best practice.

  7. SASP is transparent in remuneration reporting

  8. Trustees receive reasonable expenses only

The SASP Board review remuneration policy, the remuneration ratio and provide scrutiny to remuneration decisions e.g. annual pay award and remuneration of highly paid staff on an annual basis.

Principal funding sources

Sport England, Somerset specific partners, grant aiding bodies and income generation.

PLANS FOR FUTURE PERIODS

SASP is committed to finding new investment into physical activity to support those that find it most difficult to become active and maintain activity levels or for those who wish to achieve mental, social or community development outcomes. This will always mean new partners, new programmes, and new ways of working to ensure that we are able to work at scale. During 2024/25 our new work will be focusing on increasing our commitment to place related work, increasing our focus around inequality and diversity, active travel and adult and children from less affluent backgrounds.

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Page 12

Somerset Activity and Sports Partnership Trustee Directors’ Report For the Year Ended 31 March 2024

Statement of Trustees’ Responsibilities

The Trustees (who are also directors of Somerset Activity and Sports Partnership for the purposes of company law) are responsible for preparing the Trustee Directors’ Report and the financial statements in accordance with 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).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

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

In so far as the Trustees are aware:

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.

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Page 13

Somerset Activity and Sports Partnership Trustee Directors’ Report For the Year Ended 31 March 2024

Small Company Provisions

This report has been prepared in accordance with the special provision of part 16 of the Companies Act relating to small companies and constitute the annual accounts as required by the Companies Act 2006.

Approved by order of the Trustees on …………………………. and signed on their behalf by:

……………………… ……………………… A Cockcroft G Cox Trustee Trustee

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Page 14

Somerset Activity and Sports Partnership Independent Auditors' Report to the Trustees and Members For the Year Ended 31 March 2024

Opinion

We have audited the financial statements of Somerset Activity and Sports Partnership (the 'charitable company') for the year ended 31 March 2024, which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows, 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 Generally Accepted Accounting Practice, 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:

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 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustee’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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.

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Somerset Activity and Sports Partnership Independent Auditors' Report to the Trustees and Members For the Year Ended 31 March 2024

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

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

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities set out on page 13, 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 charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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.

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:

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Somerset Activity and Sports Partnership Independent Auditors' Report to the Trustees and Members For the Year Ended 31 March 2024

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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Somerset Activity and Sports Partnership Independent Auditors' Report to the Trustees and Members For the Year Ended 31 March 2024

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 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 the charitable company’s members as a body and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

……………………………………………. Michelle Ferris BSc (Hons) FCA DChA Goodwood House Senior Statutory Auditor Blackbrook Park Avenue for and on behalf of Taunton Albert Goodman LLP Somerset Chartered Accountants TA1 2PX Statutory Auditor

Date: ………………………………….

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Page 18

Somerset Activity and Sports Partnership Statement of Financial Activities (including an Income and Expenditure account) For the Year Ended 31 March 2024

Unres-
tricted
Notes
£
Income from:
Donations and legacies
2
766,108
Charitable activities
3
1,460,766
Investment income
4
26,820
Total income
2,253,694
Expenditure on:
Charitable activities
5
2,015,612
Total expenditure
2,015,612
Revaluation of investment
38,578
Net income/(expenditure)
276,660
Transfer between funds
13
34,497
Other recognised gains/(losses)
Actuarial (losses)/gains on
defined benefit pension
schemes
15,000
Net movement in
funds for the year
326,157
Reconciliation of funds
Total funds brought forward
1,692,262
Total funds carried forward
2,018,419		 Unres-
tricted
Notes
£
Income from:
Donations and legacies
2
766,108
Charitable activities
3
1,460,766
Investment income
4
26,820
Total income
2,253,694
Expenditure on:
Charitable activities
5
2,015,612
Total expenditure
2,015,612
Revaluation of investment
38,578
Net income/(expenditure)
276,660
Transfer between funds
13
34,497
Other recognised gains/(losses)
Actuarial (losses)/gains on
defined benefit pension
schemes
15,000
Net movement in
funds for the year
326,157
Reconciliation of funds
Total funds brought forward
1,692,262
Total funds carried forward
2,018,419		 Res-
tricted
£
383,839
110,900
-
494,739
389,292
389,292
-
105,447
(34,497)
-
70,950
289,940
360,890		 Total
2024
£
1,149,947
1,571,666
26,820
2,748,433
2,404,904
2,404,904
38,578		 Unres-
tricted
£
508,920
1,205,974
-		 Res-
tricted
£
376,899
266,573
-		 Total
2023
£
885,819
1,472,547
-
1,714,894 643,472 2,358,366
1,430,077 602,926 2,033,003
1,430,077 602,926 2,033,003
(26,284) - (26,284)
382,107
-
15,000		 258,533
(6,111)
659,000		 40,546
6,111
-		 299,079
-
659,000
326,157
1,692,262		 397,107
1,982,202		 911,422
780,840		 46,657
243,283		 958,079
1,024,123
2,018,419 2,379,309 1,692,262 289,940 1,982,202

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities

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Page 19

Somerset Activity and Sports Partnership- Company Registration Number: 05798066 Balance Sheet As at 31 March 2024

Notes
Fixed assets
Tangible fixed assets
9
Investments
10
Noncurrent assets
Debtors
11
Current assets
Debtors
11
Cash at bank and in hand
Liabilities:
Creditors: amounts falling due within
12
one year
Net current assets
Net assets excluding pension liabilities
Defined benefit pension scheme
liabilities
15
Total net assets including pension
liabilities
The funds of the charity:
Unrestricted funds:
General funds		 2024 2023
£
4,169
688,044
692,213
66,000
203,780
2,578,818
2,848,598
(1,161,502)
1,621,096
2,379,309
-
2,379,309
2,018,419
-		 £
8,909
649,341
658,250
66,000
276,376
1,491,308
1,833,684
(509,732)
1,257,952
1,982,202
-
1,982,202
1,692,262
Designated funds -
Unrestricted funds excluding pension
reserve		 2,018,419
1,692,262
Pension reserve - -
Total unrestricted funds
13
Restricted funds
13
Total charity funds		 2,018,419
360,890
2,379,309
1,692,262
289,940
1,982,202

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Somerset Activity and Sports Partnership- Company Registration Number: 05798066 Balance Sheet (continued) As at 31 March 2024

The financial statements have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The notes on pages 23 – 44 form part of these accounts.

Approved by the Board for issue on …………………….. and signed on their behalf by:

………………………. ……………………… A Cockcroft G Cox Trustee Trustee

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Page 21

Somerset Activity and Sports Partnership Statement of Cash Flows and Consolidated Statement of Cash Flows For the Year Ended 31 March 2024

Notes
Cash flows from operating activities
Net income for the year
Adjustments to cash flows from non-cash items:
Depreciation and amortisation
9
Loss on disposal of fixed assets
Losses/(gains) on investments
10
Movement in other investment held
Defined benefit pension scheme
cost less contributions payable
15
Defined benefit pension scheme
revaluation
15
Working capital adjustments
(Increase)/decrease in debtors
11
Increase/(decrease) in creditors
12
Net cash flow from operations
Cash flows from investing activities
Purchase of tangible fixed assets
9
Purchase of investments
10
Net increase in cash and
cash equivalents
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the
end of the reporting period
Cash & Cash equivalents reconciliation:		 2024
£
397,107
5,359
-
(38,578)
(125)
15,000
(15,000)
363,763
72,596
651,770
1,088,129
(619)
-
(619)
1,087,510
1,491,308
2,578,818		 2023
£
958,079
11,184
18,183
26,284
-
51,000
(659,000)
405,730
(102,073)
105,229
408,886
(10,790)
(300,000)
(310,790)
98,096
1,393,212
1,491,308
Cash at bank 2,578,818 1,491,308
Total cash & cash equivalents at the
end of the reporting period		 2,578,818
1,491,308

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Page 22

Somerset Activity and Sports Partnership Notes to the Financial Statements For the Year Ended 31 March 2024

1 Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

1.1 Basis of accounting

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.

Somerset Activity and Sports Partnership meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s) and all amounts are presented in £ sterling.

The accounts are prepared for the company alone. The company has a dormant subsidiary, and consolidated accounts are not presented as the charity has taken advantage of the exemption provided by S405(2) of the Companies Act 2006 on the grounds of immateriality.

1.2 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.

The company is incorporated in England and Wales and the company registered office is detailed on page 1, reference and administration details.

1.3 Going concern

The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the charity’s ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting when preparing the financial statements.

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Page 23

Somerset Activity and Sports Partnership Notes to the Financial Statements For the Year Ended 31 March 2024

1.4 Income

Income from donations and legacies is recognised in the year in which they are receivable when there is evidence of entitlement, receipt is probable and the amount can be reliably measured. Where income has not been received for gift aid claims relating to donations received in the year, income is accrued.

Income from government grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Where funds are received in advance for a specified purpose, or there are conditions to be met that are not in the control of the charity and these are not purely administrative, the funds are deferred and recognised in the period to which they relate.

Where no conditions are attached to the grant income they are recognised within donations and legacies and where conditions relating to performance of services are attached, grant income is recognised in income from charitable activities within the Statement of Financial Activities.

Income from charitable activities includes grants provided for charitable activities, fees provided for courses and rent provided to other sporting organisations. Course fees are recognised at the point the amount becomes non-refundable, which is either the date of booking or date of the course, depending on the individual item. Rent is recognised when due.

Income from other trading activities, including course income, is included in the period in which the charity is entitled to receipt, it is probable that economic benefits will flow to the entity and the amount can be reliably measured.

1.5 Interest receivable/ Investment income

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

Investment income is recognised at the point it is unconditionally due to the charity.

1.6 Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (or purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later). Realised and unrealised gains are not separated in the Statement of Financial Activities.

1.7 Expenditure

Resources expended are recognised on the accruals basis to match the period in which the expenditure was incurred.

Charitable activity expenditure comprises costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and costs of an indirect nature necessary to support them. Grants payable are at the discretion of the Trustees. Governance costs are those costs associated with the governance arrangements of the charity and relate to general running of the charity as opposed to those costs associated with charitable activities.

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Page 24

Somerset Activity and Sports Partnership Notes to the Financial Statements For the Year Ended 31 March 2024

1.8 Operating leases

The trust classifies the lease of properties as operating leases as title remains with the lessor. Rental charges are charged on a straight line basis over the term of the lease.

1.9 Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of Trust.

Restricted funds are from donations and grants in which the donor or funder has specified are to be solely used for particular areas of the Trust’s work or for specific projects being undertaken by the Trust.

1.10 Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life as follows:

Office equipment 3 years straight line Plant and machinery 15% reducing balance

1.11 Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price (but excludes any transaction costs). Subsequently, investments are held at market value, with all realised and unrealised gains and losses passing through the SOFA.

1.12 Debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due to according to the original terms of the receivables.

Other debtors comprise amounts due from funders, prepayments and accrued income. Amounts due from funders are recognised when the charity is entitled to the money, prepayments arise from the payments for services prior to benefit from those services, and accrued income is amounts due for services provided, recognised at the point of provision of the services.

Where amounts are due but unable to be received in the next 12 months, they are accounted for as non-current. In the current year this is in relation to a bond provided against the pension liability.

1.13 Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

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Page 25

Somerset Activity and Sports Partnership Notes to the Financial Statements For the Year Ended 31 March 2024

1.14 Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

1.15 Defined contribution pension

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as staff pension expense through the profit and loss when they are due.

1.16 Defined benefit pension obligation

Certain employees of the charity are members of the Local Government Pension Schemes (LGPS) managed by Somerset County Council.

These are funded defined benefit schemes where the assets are held separately from those of the charity in separate Trustee administered funds. Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one of more factors such as age, years of service and compensation.

The liability recognised in the Balance Sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of the plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.

Actuarial gains and losses are recognised immediately in other gains and losses.

The net liability in the schemes at the date of the transfer of the employees from the respective councils is shown as a separate item in the Statement of Financial Activities.

1.17 Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

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Page 26

Somerset Activity and Sports Partnership Notes to the Financial Statements For the Year Ended 31 March 2024

1.17 Critical accounting estimates and areas of judgement (cont.)

The present value of the Local Government Pension Scheme defined benefit liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost (income) for pensions include discount rate. Any changes in these assumptions, which are disclosed in note 15, will impact the carrying amount of the pension liability.

The present value of the Local Government Pension Scheme as calculated by the actuary is an asset of £291,000. The asset has been limited to a £0 as the trustees believe that the criteria for recognition of an asset have not been met.

1.18 Taxation

As a registered charity, the company is not liable to corporation tax or capital gains tax to the extent that its income and gains are applicable to charitable purposes only. Value Added Tax (VAT) is partially recoverable by the company. Any irrecoverable VAT is added to the relevant cost and charged as an expense in the Statement of Financial Activities.

1.19 Financial Instruments

The charity only holds basic financial instruments as defined in FRS 102. The financial assets and liabilities of the charity and their measurements are as follows:

Financial assets – trade, other debtors and the pension bond are basic financial instruments and are debt instruments measured at amortised cost as detailed in note 18. Investment portfolios are basic financial instruments measured at fair value through the income and expenditure account. Prepayments are not financial instruments.

Cash at bank and deposit accounts– is classified as a basic financial instrument and is measured at face value.

Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in note 18. Taxation and social security and the LGPS are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

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Page 27

Somerset Activity and Sports Partnership Notes to the Financial Statements For the Year Ended 31 March 2024

2 Donations and legacies

----- Start of picture text -----
Unres- Res- Unres- Res-
tricted tricted 2024 tricted tricted 2023
funds funds Total funds funds Total
£ £ £ £ £ £
Other grant funding 766,017 383,839 1,149,856 508,821 376,899 885,720
Swim award sales 91 - 91 99 - 99
766,108 383,839 1,149,947 508,920 376,899 885,819
3 Income from charitable activities
Unres- Res- Unres- Res-
tricted tricted 2024 tricted tricted 2023
funds funds Total funds funds Total
£ £ £ £ £ £
Fees for services and grants
-
Sports and other activities 831,800 831,800 778,929 740 779,669
- -
Rent 13,219 13,219 14,015 14,015
Sports England 547,363 110,900 658,263 358,999 265,833 624,832
Gym membership and
- -
classes 68,384 68,384 54,031 54,031
1,460,766 110,900 1,571,666 1,205,974 266,573 1,472,547
4 Investment income
Unres- Res- Unres- Res-
tricted tricted 2024 tricted tricted 2023
funds funds Total funds funds Total
£ £ £ £ £ £
- - - -
Interest 26,820 26,820
- - - -
26,820 26,820
----- End of picture text -----

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Page 28

Somerset Activity and Sports Partnership Notes to the Financial Statements For the Year Ended 31 March 2024

5 Expenditure

----- Start of picture text -----
Unres- Res- Unres- Res-
tricted tricted 2024 tricted tricted 2023
funds funds Total funds funds Total
£ £ £ £ £ £
Charitable activities
Wages and salaries 1,408,219 232,229 1,640,448 965,023 438,259 1,403,282
Other staff costs 26,738 2,491 29,229 23,060 3,663 26,723
Office costs 82,663 4,063 86,726 57,222 7,184 64,406
Administration costs 164,372 66,252 230,624 135,974 40,673 176,647
Direct project costs 288,258 84,081 372,339 141,619 111,511 253,130
-
Legal and professional 17,135 17,135 21,112 1,630 22,742
Finance costs 7,868 176 8,044 5,700 6 5,706
- -
Depreciation 5,359 5,359 29,367 29,367
- -
Pension service costs 15,000 15,000 51,000 51,000
2,015,612 389,292 2,404,904 1,430,077 602,926 2,033,003
----- End of picture text -----

Active
Communities
£
Expenditure by activity (2024):
Wages and salaries
296,350
Other staff costs
4,754
Office costs
6,539
Administration costs
39,150
Direct project costs
70,129
Legal and professional
-
Finance costs
-
Depreciation
-
Pension service costs
-
416,922		 Active
Communities
£
Expenditure by activity (2024):
Wages and salaries
296,350
Other staff costs
4,754
Office costs
6,539
Administration costs
39,150
Direct project costs
70,129
Legal and professional
-
Finance costs
-
Depreciation
-
Pension service costs
-
416,922		 Active Child-
ren & Young
People
£
272,255
2,648
5,359
40,893
131,427
-
-
-
-
452,582		 Active
Environ-
ment
£
16,198
227
-
1,127
1,620
-
-
-
-		 Active
Health
£
571,985
17,173
13,966
30,169
146,289
-
-
-
-		 Active
Workforce
£
30,232
1,396
176
1,205
713
-
-
-
-		 Active
Commu-
nications
£
-
-
(3)
2,205
652
-
-
-
-		 Central
costs
£
453,428
3,031
60,689
115,875
21,509
17,135
8,044
5,359
15,000		 2024
Total
£
1,640,448
29,229
86,726
230,624
372,339
17,135
8,044
5,359
15,000
416,922 19,172 779,582 33,722 2,854 700,070 2,404,904

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Page 29

Somerset Activity and Sports Partnership Notes to the Financial Statements For the Year Ended 31 March 2024

5 Expenditure (cont.)

----- Start of picture text -----
Active Child- Active Active
Active ren & Young Environ- Active Active Commu- Central 2023
Communities People ment Health Workforce nications costs Total
£ £ £ £ £ £ £ £
Expenditure by activity (2023):
-
Wages and salaries 309,972 277,019 441,507 62,384 27,893 284,507 1,403,282
Other staff costs 2,073 5,735 - 15,450 2,349 105 1,011 26,723
Office costs 8,231 10,196 - 8,864 1,923 136 35,056 64,406
Administration costs 48,879 44,063 - 40,086 5,722 10,162 27,735 176,647
-
Direct project costs 97,995 96,120 42,476 4,869 8,200 3,470 253,130
- - - - - -
Legal and professional 22,742 22,742
-
Finance costs 5,706 5,706
- - - - - -
Depreciation 29,367 29,367
- - - - - -
Pension service costs 51,000 51,000
-
467,150 433,133 548,383 77,247 46,496 460,594 2,033,003
----- End of picture text -----

6 Income and expenditure by public investor - 2024

Revenue grants
Membership income
Other income
Total income
Active Communities
Active Children & Young People
Active Adults
Active Workforce
Active Environments
Communications
Core costs
Total expenditure
Net income		 £
658,263
-
-
Sport
England		 Local
Authority
£
703,512
-
-

Other Public
Sector
£
180,384
-
499,920
Non-public
income
£
263,242
56,374
311,731
Total 2024
£
1,805,401
56,374
811,651
658,263 703,512 680,304 631,347 2,673,426
17,365
166,755
-
8,123
-
-
611,926		 232,082
104,340
170,075
23,972
1,200
-
-		 118,600
-
419,868
-
17,972
-
-		 48,875
181,487
189,639
1,627
-
2,854
88,144		 416,922
452,582
779,582
33,722
19,172
2,854
700,070
804,169 531,669 556,440 512,626 2,404,904
(145,906) 171,843 123,864 118,721 268,522

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Page 30

Somerset Activity and Sports Partnership Notes to the Financial Statements For the Year Ended 31 March 2024

6 Income and expenditure by public investor - 2023

----- Start of picture text -----
Sport Local Other Public Non-public
England Authority Sector income Total 2023
£ £ £ £ £
Revenue grants 624,832 537,135 301,279 193,597 1,656,843
- - -
Membership income 54,107 54,107
- -
Other income 324,541 322,875 647,416
Total income 624,832 537,135 625,820 570,579 2,358,366
Active Communities 29,770 166,814 127,644 142,922 467,150
-
Active Children & Young People 169,143 89,677 174,313 433,133
-
Active Adults 125,907 308,069 114,407 548,383
-
Active Workforce 38,354 26,644 12,249 77,247
- - -
Active Environments 46,496 46,496
- -
Core costs 385,589 75,005 460,594
Total expenditure 622,856 455,538 435,713 518,896 2,033,003
Net income 1,976 81,597 190,107 51,683 325,363
----- End of picture text -----

Amounts received from government grants are as listed above. There are no unfulfilled conditions or other contingencies attached to grants that have been recognised in income and the charity has not benefitted directly from other forms of government assistance.

7 Net income/ (expenditure) for the year

This is stated after charging

----- Start of picture text -----
Total Total
2024 2023
£ £
Depreciation of
owned assets 5,359 11,184
Operating lease expenses 3,477 3,060
Auditors’ remuneration for:
- Audit services 6,300 7,300
- Other services 2,450 3,884
----- End of picture text -----

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Page 31

Somerset Activity and Sports Partnership Notes to the Financial Statements For the Year Ended 31 March 2024

8 Employees

Number of employees

The average monthly head count (FTE) was during the year was as follows:

----- Start of picture text -----
2024 2023
Office staff 6 6
Projects staff 82 89
88 95
Employment costs 2024 2023
£ £
Wages and salaries 1,470,691 1,257,124
Social security costs 120,680 104,449
Other pension costs 49,077 41,709
1,640,448 1,403,282
----- End of picture text -----

The number of employees whose annual emoluments were £60,000 or more were:

----- Start of picture text -----
2024 2023
number number
£70,001 - £80,000 - 1
£80,001 - £90,000 1 -
----- End of picture text -----

The employee is member of the defined benefit pension scheme, into which contributions of £2,818 (2023: £2,981) were made.

None of the Trustee Directors (or any persons connected with them) received any remuneration during the current or prior year. No Trustees Director were reimbursed travelling expenses (2023: £nil).

Key management personnel comprise of the Chief Executive Officer, the Deputy Chief Executive Officer, the Office Manager and the Finance Officer. The total employee benefits (includes gross pay, employer pension and employer national insurance) of the key management personnel of the charity were £182,604 (2023: £189,794).

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Page 32

Somerset Activity and Sports Partnership Notes to the Financial Statements For the Year Ended 31 March 2024

8 Employees (cont.)

Pension costs

The company operates both defined benefit and defined contribution pension schemes.

The charge to the Statement of Financial Activities for the year is shown above.

Contributions totalling £8,471 (2023 - £16,269) were payable to the schemes at the end of the year and are included in creditors. Further details of the defined benefit scheme are given in note 15.

9 Tangible fixed assets

----- Start of picture text -----
Office Plant Total
equipment & Machinery
£ £ £
Cost
-
At 1 April 2023 63,594 63,594
-
Additions 619 619
At 31 March 2024 63,594 619 64,213
Depreciation
-
At 1 April 2023 54,685 54,685
Charge for the year 5,313 46 5,359
At 31 March 2024 59,998 46 60,044
Net book value
At 31 March 2024 3,596 573 4,169
At 31 March 2023 8,909 - 8,909
----- End of picture text -----

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Page 33

Somerset Activity and Sports Partnership Notes to the Financial Statements For the Year Ended 31 March 2024

10 Investments

----- Start of picture text -----
Total Total
2024 2023
£ £
Shares in subsidiary undertaking 3 3
Listed shares 687,541 648,963
Cash held by investment manager 500 375
688,044 649,341
Listed Shares 2024 2023
£ £
Market Value
At 1 April 2022 648,963 375,247
Additions - 300,000
- -
Disposals
Net gain / (loss) on revaluation 38,578 (26,284)
Market value as at 31 March 2023 687,541 648,963
2024 2023
£ £
Historical cost
At 1 April 2022 615,304 309,798
-
Additions 300,000
-
Other adjustments 5,506
At 31 March 2023 615,304 615,304
----- End of picture text -----

Shares in subsidiary undertaking

SASP Social Enterprises Limited (company no 08869128) was incorporated on 30 January 2014. It is a wholly owned trading subsidiary of Somerset Activity and Sports Partnership. The parent charity holds 100% of the issued share capital and 100% of the voting rights of the subsidiary trading company. The company became dormant on 31 July 2017 and transferred its trade and assets to the parent, Somerset Activity and Sports Partnership.

The profit for the year was £nil (2023: £nil) and the balance sheet total was £3 (2023: £3).

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Page 34

Somerset Activity and Sports Partnership Notes to the Financial Statements For the Year Ended 31 March 2024

11 Debtors
2024 2023
Amounts falling due in less than one year £ £
Trade debtors 105,969 116,890
Other debtors 41,971 -
Prepayments and accrued income 55,840 159,486
203,780 276,376
Amounts falling due in more than one year
Pension bond 66,000 66,000
66,000 66,000
12 Creditors: Amounts falling due within one year
12
Creditors: Amounts falling due within one year
2024 2023
£ £
Trade creditors 63,614 25,431
Other creditors and deferred income 386,800 98,221
Accruals 2,770 25,297
Taxation and social security 34,274 29,264
Amounts owed to group undertakings 3 3
Amounts held on behalf of external funders 674,041 331,516
1,161,502 509,732
Deferred income
2024 2023
£ £
Deferred income at 1 April 2023 81,958 112,315
Released from previous years (81,958) (112,315)
Resources deferred in the year 378,332 81,958
Deferred income at 31 March 2024 378,332 81,958

Income is deferred where funding has been received for a specific time frame which is not yet met, or subject to conditions that are not in the charity’s control. This is comprised of amounts from local government and NHS ICB funding.

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Page 35

Somerset Activity and Sports Partnership Notes to the Financial Statements For the Year Ended 31 March 2024

13
Summary of movement in funds – 2024		 13
Summary of movement in funds – 2024

Unrestricted funds
Opening
balance
£		 Income
£		 Expenditure
£		 Transfers/
revaluation
£		 Closing
balance
£
General 1,692,262 2,253,694 (2,000,612) 73,075 2,018,419
Pension fund
Restricted funds
Sport England
Children Young People
CIN
SCC Move More Project
SCC Jump Start
SCC Active Workforce
SCC Mental Health Grant
SCC Collaborative County
Rethink Mental Health
Rethink Mental Health - Adults
SCC Revive Burnham
SW Health Science Network
Sports Welfare Officer
Tone Sport England
Area Champions
Volunteers
Pluss - Revive
CRF - Chard
SCC - In it Together
SCC - Get Outside
SCC - Beat the Street
Activity Finder		 - - (15,000) 15,000 -
1,692,262 2,253,694 (2,015,612) 88,075 2,018,419
35,722
35,247
13,295
1,914
19,629
10,465
10,000
25,000
5,062
46,780
6,180
5,000
-
-
-
740
3,390
9,162
46,919
5,372
515
9,548		 54,300
-
9,139
-
79,353
-
-
-
55,911
156,387
-
-
27,300
23,800
30,000
-
(3,390)
-
31,439
-
-
30,500		 (40,752)
(750)
(22,434)
(1,914)
(27,756)
-
-
-
(56,808)
(87,609)
(326)
(5,000)
(8,226)
(23,800)
(19,334)
(740)
-
(9,162)
(41,429)
(5,372)
(515)
(37,365)		 -
(34,497)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 49,270
-
-
-
71,226
10,465
10,000
25,000
4,165
115,558
5,854
-
19,074
-
10,666
-
-
-
36,929
-
-
2,683
289,940 494,739 (389,292) (34,497) 360,890
1,982,202 2,748,433 (2,404,904) 53,578 2,379,309

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Page 36

Somerset Activity and Sports Partnership Notes to the Financial Statements For the Year Ended 31 March 2024

Summary of movement in funds – 2023

Unrestricted funds
General
Pension fund
Restricted funds
Sport England
Children in Need 2017-3162/SW
Beat the Street Mendip
Children Young People
CIN
SCC Move More Project
SCC Jump Start
SCC Active Workforce
SCC Mental Health Grant
SCC Collaborative County
Rethink Mental Health
Rethink Mental Health - Adults
SCC Revive Burnham
SW Health Science Network
Youth Justice
Volunteers
Avon and Somerset Police - Jump start
SCC Older Adults Stronger 4 Longer
Pluss - Revive
CRF - Chard
SCC - In it Together
SCC - Get Outside
SCC - Beat the Street
Activity Finder		 Opening
balance
£
1,388,840
(608,000)		 Income
£
1,714,894
-		 Expenditure
£
(1,379,077)
(51,000)		 Transfers/
revaluation
(32,395)
659,000		 Closing
balance
£
1,692,262
-
780,840 1,714,894 (1,430,077) 626,605 1,692,262
75,343
11,365
-
-
-
1,914
67,590
8,819
12,000
25,000
-
-
6,180
5,000
-
-
7,281
-
3,390
(8,495)
20,959
(1,744)
2,431
6,250		 178,150
-
3,000
47,684
9,476
-
78,205
40,000
-
-
35,893
62,916
-
-
16,000
740
10,000
32,500
-
57,467
31,441
15,000
-
25,000		 (179,560)
-
(3,000)
(50,648)
(7,546)
-
(126,166)
(38,354)
(2,000)
-
(30,831)
(16,136)
-
-
(16,000)
(17,281)
(38,611)
-
(39,810)
(5,481)
(7,884)
(1,916)
(21,702)		 (38,211)
(11,365)
-
38,211
11,365
-
-
-
-
-
-
-
-
-
-
-
-
6,111
-
-
-
-
-
-		 35,722
-
-
35,247
13,295
1,914
19,629
10,465
10,000
25,000
5,062
46,780
6,180
5,000
-
740
-
-
3,390
9,162
46,919
5,372
515
9,548
243,283 643,472 (602,926) 6,111 289,940
1,024,123 2,358,366 (2,033,003) 632,716 1,982,202

Produced by Albert Goodman LLP

Page 37

Somerset Activity and Sports Partnership Notes to the Financial Statements For the Year Ended 31 March 2024

13 Summary of movement in funds (cont.)

Produced by Albert Goodman LLP

Page 38

Somerset Activity and Sports Partnership Notes to the Financial Statements For the Year Ended 31 March 2024

13 Summary of movement in funds (cont.)

14 Analysis of assets between funds

----- Start of picture text -----
Non- Net Creditors 2024
Fixed current current more than Total
assets assets assets one year
£ £ £ £ £
Unrestricted funds 692,213 66,000 1,260,206 - 2,018,419
Restricted funds - - 360,890 - 360,890
As at 31 March 2024 692,213 66,000 1,621,096 - 2,379,309
Non- Net Creditors 2023
Fixed current current more than Total
assets assets assets one year
£ £ £ £ £
Unrestricted funds 658,250 66,000 968,012 - 1,692,262
Restricted funds - - 289,940 289,940
As at 31 March 2023 658,250 66,000 1,257,952 - 1,982,202
----- End of picture text -----

15 Pension commitments

The majority of the charity’s employees are part of a defined contribution pension scheme. Contributions for this scheme are recognised as a cost when made in accordance with note 1.15 and there are therefore no liabilities other than contributions that remain outstanding at the year end as disclosed in note 8.

A small number of the charity’s employees belong to the Local Government Pension Scheme (LGPS) managed by Somerset County Council (“SCC”).

Produced by Albert Goodman LLP

Page 39

Somerset Activity and Sports Partnership Notes to the Financial Statements For the Year Ended 31 March 2024

15 Pension commitments (cont.)

The pension costs are assessed in accordance with the advice of independent qualified actuaries. The latest full actuarial valuation was performed at 31 March 2024 and has been used by the actuary in valuing the pension liability at 31 March 2024.

At the year end there were no outstanding contributions due to the scheme.

The scheme is a funded defined benefit pension scheme, with assets held in separate Trustee-administrated funds. The total contributions made for the year ended 31 March 2024 were £13,000, of which employer’s contributions totalled £4,000 and employees’ contributions totalled £9,000. The current employer contribution rate for future years is 13.5%.

Summary of net pension liability as at 31 March 2024:

Present value of defined benefit obligations
Fair value of share of scheme assets
Restrict pension gain
Deficit in the scheme
Net pension liability		 2024
£'000
(1,374)
1,665
(291)
-
-		 2023
£'000
(1,376)
1,486
(110)
-
-

Principal actuarial assumptions

The current mortality assumptions include sufficient allowance for the future improvements in mortality rates.

Salary increases
Pension increases
Discount rate
CPI increases
RPI increases		 2024
3.85%
2.85%
4.95%
2.85%
3.15%		 2023
3.90%
2.90%
4.80%
2.90%
2.60%
The assumed life expectations on retirement age 65 are:
2024 2023
Retiring today
Males 21.1 21.4
Females 23.0 23.2
Retiring in 20 years
Males 22.4 22.7
Females 24.4 24.7

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Page 40

Somerset Activity and Sports Partnership Notes to the Financial Statements For the Year Ended 31 March 2024

15 Pension commitments (cont.)

The Trust’s share of the assets and liabilities in the Somerset County Council Pension Fund are as follows:

----- Start of picture text -----
2024 2023
Fair % of total Fair % of total
value scheme value scheme
£'000 assets £'000 assets
Equities 1,230 74% 1,109 75%
Gilts 71 4% 53 4%
Other bonds 200 12% 154 10%
Property 116 7% 119 8%
Cash 48 3% 51 3%
0%
Total market value of assets 1,665 100% 1,486 100%
Present value of scheme
liabilities - funded (1,374) (1,376)
Restrict pension gain (291) (110)
Deficit in the scheme - -
----- End of picture text -----

The total return on fund assets was 13.02% (2023 – (1.91%)).

Amounts recognised in the statement of financial activities are as follows:

Current service cost (net of employee contributions)
Net interest cost
Administration expenses
Total		 2024
£'000
(17)
-
(1)
(18)		 2023
£'000
(37)
(16)
(1)
(54)

Produced by Albert Goodman LLP

Page 41

Somerset Activity and Sports Partnership Notes to the Financial Statements For the Year Ended 31 March 2024

15 Pension commitments (cont.)

Movements in the present value of defined benefit obligations were as follows:

2024
2023
£'000
£'000
At 1 April 2023
(1,376)
(2,123)
Current service cost
(17)
(37)
Interest cost
(66)
(55)
Estimated benefits paid
25
22
Employee contributions
(9)
(8)
Actuarial gains/(losses)
72
1,145
Experience gain on defined benefit obligation
(3)
(320)
At 31 March 2024
(1,374)
(1,376)
Movements in the fair value of the charity’s share of scheme assets were as follows:		 2024
2023
£'000
£'000
At 1 April 2023
(1,376)
(2,123)
Current service cost
(17)
(37)
Interest cost
(66)
(55)
Estimated benefits paid
25
22
Employee contributions
(9)
(8)
Actuarial gains/(losses)
72
1,145
Experience gain on defined benefit obligation
(3)
(320)
At 31 March 2024
(1,374)
(1,376)
Movements in the fair value of the charity’s share of scheme assets were as follows:		 2023
£'000
(2,123)
(37)
(55)
22
(8)
1,145
(320)
(1,376)
At 1 April 2023
Interest income
Expected return on Fund assets
Employer contributions
Employee contributions
Estimated benefits paid
Actuarial gains/(losses)
Administrative expenses
At 31 March 2024		 2024
£'000
1,486
71
121
4
9
(25)
-
(1)
1,665		 2023
£'000
1,515
39
(67)
3
8
(22)
11
(1)
1,486

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Page 42

Somerset Activity and Sports Partnership Notes to the Financial Statements For the Year Ended 31 March 2024

16 Obligations under leases

Operating leases-

The total future minimum rentals payable under non-cancellable operating leases funded by unrestricted funds are as follows:

Other:
Operating lease which expire:
Within one year
Within two and five years		 2024
£
1,835
1,642
3,477		 2023
£
3,060
-
3,060

17 Related party transactions

There were no related party transactions during the year (2023: none).

Transactions with trustees are disclosed in note 8.

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Page 43

Somerset Activity and Sports Partnership Notes to the Financial Statements For the Year Ended 31 March 2024

18
Financial instruments		 18
Financial instruments
Categorisation of financial instruments
Financial assets measured at fair value through income
and expenditure account		 2024
£
688,044		 2023
£
649,341
Financial assets that are debt instruments measured at
amortised cost		 2,726,758 1,796,763
3,414,802
2,446,104
Financial liabilities measured at amortised cost 453,187 382,244
Item of income, expenditure, gain and loss
Income
£
2024
Financial assets measured at
-
fair value through income
and expenditure account
-
2023
Financial assets measured at
-
fair value through income
and expenditure account
-		 Expense
£
-
-
-
-		 453,187
Net gains
£
38,578
38,578
-
-
382,244
Net losses
£
-
-
26,284
26,284

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Page 44