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2021-03-31-accounts

Charity Registration No. 1152093

Company Registration No. 08466394 (England and Wales)

ABSOLUTELY TOGETHER

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

ABSOLUTELY TOGETHER

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees A C Taylor
B R Doe
B E Edwards
J H Gillan
Key management personnel G Sinclair (Chief Executive – Absolutely Leisure)
Charity number 1152093
Company number 08466394
Registered office The Arena
Stafferton Way
Maidenhead
Berkshire
SL6 1AY
Auditor Azets Audit Services
Gladstone House
77-79 High Street
Egham
Surrey
TW20 9HY

ABSOLUTELY TOGETHER

CONTENTS

Page
Trustees report 1 – 6
Statement of Trustees responsibilities 7
Independent auditor's report 8 – 10
Statement of financial activities 11
Consolidated balance sheet 12
Company balance sheet 13
Consolidated statement of cash flows 14
Notes to the financial statements 15 - 34

ABSOLUTELY TOGETHER

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 MARCH 2021

The Trustees present their report and financial statements for the year ended 31 March 2021.

The Trustees confirm that they comply with the requirements of the Charities Act 2011, as amended by the Companies Act 2006, the Memorandum and Articles of Association and the Charities Statement of recommended Practice (SORP) 2019.

Objectives and activities

The objects of the Group per the governing documents are:

To provide or assist in the provision of facilities and services for recreational or other leisure time occupation in the interests of social welfare, such facilities being provided to the public at large save that special facilities may be provided for persons who by reason of their youth, age, infirmity or disability, poverty or social or economic circumstances may have need of special facilities and services.

To promote and preserve good health through community participation in healthy recreation and / or such other charitable purposes beneficial to the community consistent with the objects of the Group.

The principal activity of the Group is the provision of high quality and affordable health, fitness, leisure and cultural services for the local communities within which it operates; these are broadly within the Thames Valley corridor including Slough, Maidenhead, Bracknell, Aylesbury and Bristol. The Group has a wealth of experience in the management of community leisure facilities.

It is the intention of trustees that while delivering these activities, a special focus will be placed on providing activities both within the charity’s own facilities, and by partnering with others, for the benefit of children with additional needs, and their families.

Services are provided at the following facilities:

How our activities deliver public benefit

The Board Members confirm that they have complied with the duty in Section 17(5) of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit.

The Board have referred to the guidance in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the Board Members consider how planned activities will contribute to the aims and objectives they have set. The Group and Charity is committed to the on-going improvement of the community sport, leisure and culture in the areas which it operates. The Group and Charity will achieve this through well operated facilities that adapt to the changing needs of the community it serves. The Group recognises that any services it operates must provide good quality, inclusive, accessible, affordable sport, leisure and cultural activities that improve overall health and wellbeing. The Group and Charity works closely with all of its partners to ensure it meets all of its objectives for the community.

Setting of pay

The People Development Scheme is a company policy that endorses all pay rate levels across both Absolutely Together (AT) and Absolutely Leisure (AL). Both Boards approve any pay rises on an annual basis and these are then confirmed within the policy.

The pay of the Chief Executive is set in line with a historical survey of similar sized and complex organisations in the wider Third Sector, as well as in regard to the skills and experience of the post-holder. The Chief Executive sets the pay for his immediate team, based on the framework detailed within the Charity’s People Development Scheme, and again with reference to the skills and experience of the post-holders.

ABSOLUTELY TOGETHER

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

During the entire financial year the Chief executive along with other full time staff took a 20% pay cut.

Structure, governance and management

Governing document

The Charitable Company is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new Trustees

In exercising its powers to nominate, appoint, reappoint, elect, re-elect, approve and dismiss member, the members shall seek to ensure that the board is representative of the local community and also comprises persons with a broad range of skills who are likely to contribute to the Charity's success

Board members induction and training

All new members joining the Board received a full induction that is aimed at training them in their statutory responsibilities under Charity and company law. This induction is reviewed regularly to ensure that it is up to date with any relevant changes. The induction will normally include:

Organisation structure & how decision are made

The Board of Trustees, which can have up to 11 members, administers the Charity. The Board meets six times each year to undertake its responsibilities. The trustees have appointed a Chief Executive to manage the operations of the Charity. The board have agreed to delegated powers to manage this arrangement.

The members of the Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

B R Doe B E Edwards J H Gillan A C Taylor

Investment in subsidiary company

The Charity is the sole member of Absolutely Leisure Limited (AL). It also owns 100% of the ordinary share capital of Absolutely Together Trading Limited (ATT).

Chair's Report

Absolutely Together has not traded in the year 2020/21, but remains the parent company of Absolutely Leisure and Absolutely Together Trading Limited.

Jackie Gillan Chair

23 November 2021

ABSOLUTELY TOGETHER

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

STRATEGIC REPORT

Achievements and performance

The Charity has not operated any facilities in the year 2020/21 in accordance with its previous decisions around contract management for local authorities.

The Group exists to provide or assist in the provision of facilities and services for recreational or other leisure time occupation in the interests of social welfare. Such facilities being provided to the public at large save that special facilities may be provided for persons who by reason of their youth, age, infirmity or disability, poverty or social or economic circumstance may have need of special facilities and services.

Additionally, the Group aims to promote and preserve good health through community participation in healthy recreation and/or such other charitable purposes beneficial to the community consistent with the objects of the charity.

Financial Review

Total income for the Group was £1.89M. This was generated by Absolutely Leisure and Absolutely Together Trading Limited and outlined by the Board’s decision to leave Absolutely Together dormant during the year.

The Group reached the nadir of its financial challenges in March 2020 and was set for a return to profitability and continued growth in 2020/21. The global pandemic that followed created a further unprecedented challenge. The Group was required to seek a Government backed CBILS loan of £570K to maintain its existence during the subsequent lockdown.

When restrictions eased in July / August 2020 the Group’s facilities were allowed to slowly re-open, albeit with significant restrictions still in place. Nonetheless, trading was positive and this combined with the continued use of the Government Job Retention Scheme, and with the support of landlords enabled the Group to make some surpluses.

However, the operations were forced to close yet again in November, and bar for a couple of weeks in December at some sites, we remained closed for the rest of the financial year. During this time it received no income other than Government support via community and business based grants. The Management Team worked hard with landlords to agree terms individually. These ranged from rent free periods, half rent periods, to deferment of full rents (effectively increasing the Group’s indebtedness).

The result of such a turbulent year can be seen in the audited accounts for the period. Despite making an unsurprising significant deficit during the year, the Group was able to remain in existence and has re-opened with renewed vigour.

During the year senior staff agreed a 20% pay cut – from March 2020 through the entire year. There were no inflationary pay awards made during the year except for those receiving the National Minimum Wage increase. Senior management have not received a pay award for 5 years now.

The results for the year are set out in the annexed financial statements.

Going Concern

Since the year end the Management Team have worked on improving its financial forecasting with the help and support of Kroll Ltd and NatWest Bank. Management have also significantly improved its operational processes, which has resulted in a substantial reduction in staffing costs, and with the launch of new websites have increased revenues. Since re-opening sites post year end the Group has recorded a surplus every month to date. The Statement of Financial Activities and cash flow forecast up to March 2023 shows the Group running to annual surpluses in both YE22 and YE23, with bank balances in excess of £200K.

Further information regarding going concern is contained in note 1.2. In the light of this, the Board have a reasonable expectation that the group has adequate resource to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its financial statements.

ABSOLUTELY TOGETHER

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Financial management

The executive management team prepare the annual operational budget for the Group and Charity and this is approved by the board of management prior to the commencement of the financial year.

The board of management receive reports on the financial performance of the Group and Charity.

These reports include an income and expenditure statement, balance sheet and cash flow, which are compared to budget and last year for the month and year to date.

All funds are generated through receipts from customers or from contractual deficit funding provided by our local authority partners. The majority of funds are spent on staffing, utilities and facility/equipment maintenance and improvement. Expenditure of these funds supports the key community objectives of the Group and Charity and the continued investment in improved services and facilities for the community.

Plans for future periods

The Trustees have committed to growing the reach of the Group and to delivering the programmes of Absolutely Together in every community that we work in. Additionally the Trustees want to continue to offer ‘enabling support’ to complementary community groups and charities through the use of our venues.

The charity is returning to a steady and sustainable position following the pandemic. Only then will Trustees direct the Management Team to identify and partner with organisations that can help deliver that strategy, and to extend its reach into new communities. This will be delivered through management contracts. In the next year, the Charity intends to extend its Absolutely Together programme to encompass every community with at least one programme.

The Board of Trustees approved the disposal of a parcel of land in Maidenhead that it holds the long lease for, and for which it currently sub-lets to a garage for parking. This work continues.

Post year-end the Group has been able to slowly re-open its facilities in line with the easing of Government restrictions, and did not need any further financial support from its bank. The Group lost several staff during the lockdown and has re-opened with restricted opening hours, effectively migrating customers towards a 4 – 5 day operation for karting and ten pin. This has resulted in substantial savings in payroll. Management envisage that staff recruitment will become more challenging due to the unsocial working hours and relative low pay of the leisure and hospitality industries. Customer confidence is returning, helped by continued foreign travel restrictions which has meant that more people stayed at home during the summer holiday period, and had greater disposable incomes.

In November 2021, NatWest removed the covenants on the loans held by the Group. These loans expire in 2024.

Reserves policy

During the year the Board of Trustees monitored the group’s reserves to ensure that a minimum reserve of £100k was maintained. However, in order to complete the purchase of the Maidenhead Kart Track, the Board approved the use of this reserve and put in place further monitoring and safeguarding measures. The Board has an aspiration to increase its reserves to a level of £250,000 over the next 5 years.

Pension Costs

Trustees are aware of the pension information required to be included in the statutory accounts. The pension referred to is a Local Government Pension Scheme (LGPS) for a total of 9 employees who have previously been transferred from the local authority. The scheme is underwritten by HM Government.

Trustees understand that the calculations required to be used for statutory purposes are notional and represent only one view of the pension fund, as directed by the FSA. In contrast, the latest actuarial review from the Fund Managers appointed actuary, Barnet Waddingham, shows a real position - the fund is in surplus and employers’ contribution for the next 3 years are reducing substantially.

ABSOLUTELY TOGETHER

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

Risk management

The members of the Board have a duty to identify and review the risks to which the Group and Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Board members confirm that the major risks to the Group and Charity have been reviewed and that systems or procedures have been established to manage those risks. The Board of Trustees reviews and updates the Risk Register at every Board Meeting and management work to mitigate risks identified. Like the vast majority of businesses, the Risk Register did not include provision for a global pandemic. Nonetheless the training and experiences of the senior management team allowed for the rapid formulation of a plan to manage the charity during the pandemic, and this was reviewed and revised continually.

The Risk Register includes ‘events’ that would materially impact the performance of the Group. These include the loss of senior staff, the closure of a site, the potential impact of changes in legislation or taxation, health and safety risks. The Group’s management of the Pandemic and it’s implications for staff and customers is well documented, as are the steps necessary should restrictive measure be put in place again.

Qualifying third party indemnity provisions

The Charitable Company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Public Benefit Statement

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives, and in planning future activities.

During normal operation the charity’s Absolutely Together programme provides free leisure activities to local families that have children with additional needs. The programmes provide free use of Absolutely Leisure activities as well as donating vouchers for free access to other local “partner” leisure facilities. During the national lockdown between March and July, and again later in the year, both our own and the partner leisure facilities were forced to close to the public, meaning that the traditional programmes could not be delivered.

The team therefore looked at further opportunities to help families confined to their homes, with the challenge of keeping their children occupied during this difficult period.

Smile Boxes

With the assistance of a grant from the Tesco’s Bag for Help scheme, and working with the local Age Concern charity in Berkshire. Absolutely Leisure redistributed some of the toys, games and children’s books from local charity shops unable to trade due to local restrictions.

Smile Boxes were created, including some of these items as well as arts and crafts packs and other activities that families could participate in together at home. Working closely with local SEND schools over 40 boxes were distributed to families in Berkshire and Buckinghamshire.

The feedback from the families that received the boxes was extremely positive, families were so grateful and commented on the lift that it gave their children and themselves at a very challenging time. The aim was to improve families’ mental wellbeing through this difficult period.

Together Karting

Following a grant from the Wooden Spoon, Absolutely Leisure has been able to expand its successful Together Karting programme. The programme offers children with additional needs the unique opportunity to experience karting through the use of specialist dual seat karts. The grant enabled the purchase of 2 additional karts, allowing the capacity of the existing programme at Maidenhead to be doubled and the launch of a new programme in Aylesbury. Despite facility closures the group were able to provide 41 sessions across the two facilities, between September and October 2020.

Absolutely Leisure remains the only charity in the UK delivering dual seat karting for free to families that have children with additional needs. Feedback from the sessions shows that not only do participants enjoy the experience, it significantly helps them develop their co-ordination and confidence.

ABSOLUTELY TOGETHER

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

1,000s of Smiles

Following a grant from the “Heart of Bucks” foundation, Absolutely Together were able to launch a 1,000’s of smiles campaign in Buckinghamshire. The programme purchases vouchers at discounted rates from local leisure providers which are then distributed at no cost to local families that have children with additional needs. These activities are supplemented with free activities at Absolutely Leisure facilities. Despite the challenges of facility closures, the programme launched in October and ensured that families were able to get some well needed leisure activity during the half term break. Despite the quick turnaround, vouchers where distributed to 47 families in Bucks providing 162 smiles for them during the last week of October.

As the majority of leisure facilities remained closed from the beginning of November until the summer of 2021, the remainder of the 1,000 smiles programme will be completed during the second 6 months of 2021.

Below are a sample of the feedback received from parents after participating in Absolutely Together programmes:

“A big thankyou to Absolutely Together a fantastic charity that gives kids with special needs the opportunity to experience the fun of Go Karting, with double Go karts so that a child can have the chance to drive with an adult. My son suffers from ASD and finds it hard to interact and socialise, he visited the track in Maidenhead and the staff are so friendly, his confidence has grown. Hope this charity gets the recognition they so rightly deserve, Daniel was so pleased to have his brother and dad join in too.”

PARENT A

Just wanted to get in touch to thank you for providing us with a swimming voucher. We used it today and had an amazing 2hours of family fun. The water was warm, it wasn't too crowded and our children were relaxed and happy throughout. It enabled us to have 1-2-1 in turn with each of our children and just have fun. Each one of us laughed, splashed and just enjoyed being in each other’s company. Family outings are always planned weeks in advance so we can prepare our children and many SEN sessions are charged at a higher rate than 'normal' which can price some options out if our budget. Thank you and the charity for providing us with a much needed family fun day!

PARENT B

On behalf of our group I would like to thank Absolutely Karting for generously accommodating the variety of special needs within our large party of families last weekend. Everyone had an exciting morning experiencing both Go Karting and Lazer Quest for the first time and those sharing karts with your kind staff had an especially thrilling session! The feedback was that it was one of the best group activities we have ever one. We all had an amazingly memorable time and are particularly grateful for the caring attention shown to the children needing individual attention.

PARENT C

Auditors

In accordance with the company’s articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the group will be put at a General Meeting.

This report has been prepared in accordance with the provisions applicable to companies entitled the small companies exemption.

ON BEHALF OF THE BOARD:

J H Gillan Chair

Date: 23 November 2021

ABSOLUTELY TOGETHER

STATEMENT OF TRUSTEES RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2021

The Trustees, who are also the directors of Absolutely Together for the purpose of company law, are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the 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 incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

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 it to ensure that the financial statements comply with the Companies Act 2006. It is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the Trustees are aware, there is no relevant information of which the Charitable Company’s auditors are unaware. Additionally, the Trustees have taken all the steps that they ought to have taken as trustees in order to make them aware of any audit information and to establish that the Charitable Company’s auditors are aware of that information.

ABSOLUTELY TOGETHER

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF ABSOLUTELY TOGETHER

Opinion

We have audited the financial statements of Absolutely Together (the ‘parent Charitable Company’) and its subsidiaries (the ‘Group’) for the year ended 31 March 2021 which comprise the consolidated statement of financial activities, consolidated balance sheet, company balance sheet, statement of cash flows and the 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:

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 trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. We also draw attention to the disclosure in note 1.2 regarding going concern. Our opinion is not modified in this respect.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the annual 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 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.

ABSOLUTELY TOGETHER

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF ABSOLUTELY TOGETHER

Opinions on other matters 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

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within 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:

Responsibilities of Trustees

As explained more fully in the statement of Trustees responsibilities, the Trustees, who are also the directors of the Charitable Company for the purpose 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 and 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

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: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

ABSOLUTELY TOGETHER

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF ABSOLUTELY LEISURE

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement arising from fraud is also higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable company’s members in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008 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 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.

Paul Creasey (Senior Statutory Auditor) for and on behalf of Azets Audit Services

24 November 2021 .........................

Statutory Auditor

Gladstone House 77/79 High Street Egham Surrey TW20 9HY

ABSOLUTELY TOGETHER

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2021

Notes
Income from:
Investments
5
Other trading activities
Commercial trading operations
3
Donations and grants
6
Charitable activities
Leisure income
7
Funding income
7
Total income
Expenditure from:
Other expenditure
Commercial trading operations
3
Charitable activities
Operation of leisure and recreation
sites
8
Total expenditure
Net expenditure for the year/
Net outgoing resources
Other recognised gains and losses
Actuarial (loss)/gain on defined benefit
pension schemes
Net movement in funds
Fund balances at 1 April 2020
21
Fund balances at 31 March 2021
21		 Unrestricted
funds
£
-
43,523
890,845
882,805
73,440
1,890,613
38,861
2,820,515
2,859,376
(968,763)
-
(968,763)
118,993
(849,770)		 Defined
Benefit
Pension
Unrestricted
Funds
£
-
-
-
-
-
-
-
57,000
57,000
(57,000)
(792,000)
(849,000)
(624,000)
(1,473,000)		 Total
2021
£
-
43,523
890,845
882,805
73,440
1,890,613
38,861
2,877,515
2,916,376
(1,025,763)
(792,000)
(1,817,763)
(505,007)
(2,322,770)		 Total
2020
£
4
489,403
10,980
3,901,665
101,640
4,503,692
175,275
4,781,265
4,956,540
(452,848)
367,000
(85,848)
(419,159)
(505,007)

All amounts derive from continuing activities.

All gains and losses for the year are included in the statement of financial activities.

ABSOLUTELY TOGETHER

CONSOLIDATED BALANCE SHEET

AS AT 31 MARCH 2021

2021
Notes
£
£
Fixed assets
Tangible assets
12
2,324,108
Current assets
Stocks
14
6,240
Debtors
15
183,107
Cash at bank and in hand
80,086
269,443
Creditors: amounts falling due within
one year
18
(2,528,372)
Net current liabilities
(2,258,939)
Total assets less current liabilities
65,169
Creditors: amounts falling due after
more than one year
19
(914,939)
Net (liabilities)/assets excluding
pension liability
(849,770)
Defined benefit pension liability
22
(1,473,000)
Net liabilities
(2,322,770)
Income funds
Unrestricted funds:
General unrestricted funds
(849,770)
Pension reserve
(1,473,000)
(2,322,770)
(2,322,770)		 2020
£
£
2,662,844
15,171
110,349
3,995
129,515
(2,150,524)
(2,021,009)
641,835
(522,842)
118,993
(624,000)
(505,007)
118,993
(624,000)
(505,007)
(505,007)

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

23 November 2021

The financial statements were approved by the Trustees on .........................

.............................. J H Gillan Trustee

ABSOLUTELY TOGETHER

COMPANY BALANCE SHEET

AS AT 31 MARCH 2021

Notes
Fixed assets
Investments
13
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within
one year
18
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
19
Net assets
Income funds
Unrestricted funds		 2021
£
323,410
37
323,447
(6,308)		 £
1
317,139
317,140
-
317,140
317,140
317,140		 2020
£
324,067
-
324,067
(6,485)		 £
1
317,582
317,583
-
317,583
317,583
317,583

As permitted by S408 Companies Act 2006, the company has not presented it own profit and loss account and related notes as it prepares Group accounts. The charitable company’s loss for the year was £443 (2020: £584).

The financial statements were approved by the Trustees on .........................23 November 2021

.............................. J H Gillan Chair

ABSOLUTELY TOGETHER

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2021

Notes
Cash flows from operating activities
Cash generated from operations
29
Interest paid
Net cash generated by operating
activities
Investing activities
Purchase of tangible fixed assets
Proceeds on disposal of tangible fixed assets
Interest received
Net cash used in investing activities
Financing activities
New bank loans
Repayment of borrowings
Repayment of bank loans
Payment of obligations under finance leases
Net cash (used in)/generated from
financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Relating to:
Cash at bank and in hand
Bank overdrafts included in creditors
payable within one year		 2021
£
£
(265,262)
(71,548)
(336,810)
(2,549)
-
-
(2,549)
570,000
(15,145)
(37,001)
(50,838)
467,016
127,657
(47,571)
80,086
80,086
-		 2020
£
£
284,696
(87,239)
197,457
(61,014)
6,622
4
(54,388)
-
(83,251)
(43,954)
(149,541)
(276,746)
(133,677)
86,106
(47,571)
3,995
(51,566)

ABSOLUTELY TOGETHER

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

Charity information

Absolutely Together is a private company limited by guarantee incorporated in England and Wales. The registered office is The Arena, Stafferton Way, Maidenhead, Berkshire, SL6 1AY.

The Group consists of Absolutely Together, Absolutely Leisure and Absolutely Together Trading Limited.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Companies Act 2006 and "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)". The Charitable Company is a Public Benefit Entity as defined by FRS 102.

Absolutely Together meets the definition under FRS 102 of a public benefit entity.

The financial statements are prepared in sterling, which is the functional currency of the Charitable Company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Reduced Disclosures

In accordance with FRS 102, the Charitable Company has taken advantage of the exemptions from the following disclosure requirements:

The financial statements of the Charitable Company are consolidated in the financial statement of Absolutely Together. the consolidated financial statements of Absolutely Together are available from its registered office, The Arena, Stafferton Way, Maidenhead, Berkshire, SL6 1AY.

1.2 Going concern

As described in the Trustees Report, the Covid-19 pandemic has been challenging for the leisure industry with two national lockdowns imposed in the financial year. As a result, even after various Government support packages, the Group suffered a loss for the year of £1,817,763 which includes an actuarial loss on our defined benefit pension scheme of £792,000. Net current liabilities amounted to £2,258,939 and total group net liabilities at the year end were £2,322,770.

Since the year end, restrictions have ceased and we re-opened our leisure and gym sites in accordance with Government guidelines. A combination of summer staycations, less than brilliant weather and pent up demand has enabled the group to trade strongly and cash positively in the year to date.

Management have produced forecasts for the period to March 2023 which after suitable contingency planning show a continued recovery of cash positive trading.

ABSOLUTELY TOGETHER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

In relation to the year-end balance sheet liabilities:

In the light of the above, management and the Board have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its financial statements.

1.3 Group Financial Statements

The financial statements consolidate the results of the Charitable Company and its wholly owned subsidiaries Absolutely Leisure and Absolutely Together Trading Limited on a line by line basis. All financial statements are made up to 31 March 2021. All intra Group transactions and balances between Group companies are eliminated on consolidation.

A separate Statement of Financial Activities and Income and Expenditure accounts is not presented for the Charitable Company itself in accordance with the exemptions afforded by section 408 of the Companies Act 2006.

1.4 Charitable funds

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees

Restricted funds can only be used for particular restricted purposes within the objects of the Group. Restrictions arise when specified by the donor or when the funds are raised for particular restricted purposes.

1.5 Income

All income included in the Statement of Financial Activities is recognised when it is legally entitled to the income and the amount can be quantified with reasonable accuracy. Certain income is received in advance of the provision of the relevant service and as such is deferred until the service commences. Income for annual memberships is accounted for over the membership year.

Income from leisure activities are recognised as the related goods and services are provided.

Income from government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.

Management fees are unrestricted income which is available for use at the discretion of the Trustees in furtherance of the general objectives of the Group.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

ABSOLUTELY TOGETHER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

1.6 Expenditure

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

1.7 Allocation and apportionment of costs

Charitable activities are those costs incurred directly in the carrying out of the charitable activities and are split into recreation and leisure site costs, which are those costs incurred directly in the running of each of the sites, and support costs which are those costs incurred directly in support of expenditure on the objects of the Group. Governance costs are those incurred in the undertakings of the Group’s constitutional and statutory requirements.

1.8 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold property straight line over 25 years Improvements to property over remaining term of lease Plant and machinery straight line over 3 to 15 years or over the life of the lease

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.9 Impairment of fixed assets

At each reporting year end date, the Group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. In any such indication exists, the recoverable amounts of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.10 Fixed asset investments

In the individual accounts of the Group, interests in subsidiaries are measured at costs less any accumulated impairment losses.

Interests in subsidiaries are assessed for impairment at each reporting date. Any impairment losses or reversals of impairment losses are recognised immediately in the Statement of Financial Activities.

1.11 Stocks

Stocks are valued at the lower of cost and net realisable value, on a first-in-first-out basis, after making due allowance for obsolete and slow moving items.

1.12 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

ABSOLUTELY TOGETHER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

1.13 Financial instruments

The Group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial assets and liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument, and are offset only when the Group currently has a legally enforceable right to set off the recognised amounts and tends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities

Basic financial liabilities are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Other financial liabilities classified as fair value through profit or loss are measured at fair value.

1.14 Employee benefits

Termination benefits are recognised immediately as an expense when the Group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15 Retirement benefits

The Group operates a defined contribution pension scheme. Contributions payable to the Group's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

The Group has also assumed responsibility for a pension scheme providing benefits base on final pensionable pay. Contributions to the defined benefit scheme are charged to income and expenditure in order to allocation the cost of providing the pensions recognising any actuarial gain or loss (where appropriate), over the working lives of the relevant employees as assessed in accordance with the advice of a professional qualified actuary.

The LGPS is a funded multi-employer scheme and the assets are held separately from those of the Charitable Company in separate Trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit credit method and discounted at a rate equivalent to the current rate of return on a high quality corporate bond of equivalent term and currency to the liabilities. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date. The amounts charged to operating surplus are the current service costs and the costs of scheme introduction, benefit charges, settlements and curtailments. They are included as part of staff costs as incurred. Net interest on the net defined benefit liability/asset is also defined benefit obligation and interest income on the scheme assets, calculated by multiplying the fair value of the scheme assets at the beginning of the period by the rate used to discount the benefit obligations. The difference between the interest income on the scheme assets and the actual return on the scheme assets is recognised in other recognised gains and losses.

Under section 28 (Defined Benefit Pension) of FRS102, the net deficit of the Group’s pension scheme has been included in the Financial Statements and the reserves have therefore been reduced by the pension deficit creating net liabilities of £2,339,270 (2020; £505,007) at the year end. The Trustees are satisfied that the Group will be able to meet all of its obligations as and when they fall due.

The Group also operates a defined contribution pension scheme. Contributions payable to this pension scheme are charged to the Statement of Financial Activities in the period to which they relate. The assets of this scheme are held separately from those of the Group in an independently administered scheme.

ABSOLUTELY TOGETHER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

1.16 Leases

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to income and expenditure so as to produce a constant periodic rate of charge of the net obligation outstanding in each period.

Rentals payable under operating leases are charged as an expense on a straight line basis over the lease term.

1.17 Irrecoverable VAT

VAT on revenue expenditure which can not be recovered is charged as a separate cost to the Statement of Financial Activities. VAT on capital expenditure which can not be recovered is capitalised as part of the cost of acquiring the relevant asset.

2 Critical accounting estimates and judgements

In the application of the Group’s accounting policies, the Trustees is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

Leases

In categorising leases as finance leases or operating leases, management makes judgements as to whether significant risks and rewards of ownership have transferred to the Group as lessee.

Key sources of estimation uncertainty

Carrying value of assets and liabilities

The Group 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.

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 or income for pensions include the discount rate. Any changes in these assumptions, which are disclosed in note 22 will impact the carrying amount of the pension liability.

ABSOLUTELY TOGETHER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

3 Income/(expenditure) from other trading activities

A summary of the trading results of the wholly owned subsidiary Absolutely Together Trading Limited is shown below:

Turnover
Cost of sales and administration costs
Donations to Group companies – eliminated on consolidation		 2021
2020
£
£
43,523
489,403
(38,861)
(175,275)
(4,662)
(314,128)
-
-		 2021
2020
£
£
43,523
489,403
(38,861)
(175,275)
(4,662)
(314,128)
-
-
-

4 Result of Parent Entity

The parent company has taken the exemption under section 408 of the Companies Act 2006 not to present its income and expenditure accounts as apart of these financial statements. The parent entity’s total income for the year was £Nil (2020: £4) and their deficit for the financial years before actuarial gains/losses under defined benefit scheme was £433 (2020 £584).

5 Investment Income

2021 2020
£ £
Deposit account interest - 4

The income from investments of £Nil (2020: £4) was all unrestricted.

6 Donations

Other donations
Government grants		 2021
2020
£
£
19,861
10,980
870,984
-
890,845
10,980

The income from donations of £890,845 (2020: £10,980) was all unrestricted. The £870,984 (2020: £Nil) of government grants relate to CJRS income and local authority grants as result of the pandemic.

ABSOLUTELY TOGETHER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

7 Charitable activities

Leisure Management Total Leisure Management Total
activities fees 2021 activities fees 2020
2021 2021 2020 2020
£ £ £ £ £ £
Charitable activities 882,805 73,440 956,245 3,901,665 101,640 4,003,305

All income received by the Group is derived from the United Kingdom.

The income from charitable activities of £956,245 (2020: £4,003,305) was all unrestricted.

8 Charitable activities

Direct Costs
2021
£
Staff costs
1,133,868
Depreciation
-
Overheads
52,073
Lease Charges
-
Other Loan Interest
-
Bank Charges
-
Legal and Professional
-
Premises Expenses
-
Defined Benefit Pension
Costs
-
Consultancy
-
Governance costs
Auditors Remuneration
-
1,185,941		 Support
Costs
2021
£
-
341,285
1,171,751
11,544
4,700
55,746
-
-
57,000
36,723
12,825
1,691,574		 Total
Direct Costs
2021
2020
£
£
1,133,868
1,637,267
341,285
-
1,223,824
77,142
11,544
-
4,700
-
55,746
-
-
-
-
-
57,000
-
36,723
-
12,825
-
2,877,515
1,714,409		 Support
Costs
2020
£
-
424,485
2,302,438
17,228
14,515
56,084
2,180
45,510
116,000
76,416
12,000
3,066,856		 Total
2020
£
1,637,267
424,485
2,379,580
17,228
14,515
56,084
2,180
45,510
116,000
76,416
12,000
4,781,265

The expenditure on charitable activities of £2,877,515 (2020: £4,781,265) was all from unrestricted funds.

All support costs relate to the sole charitable activity of the Group, being the provision of leisure, recreation and well being services.

ABSOLUTELY TOGETHER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

9 Trustees

Trustees only receive remuneration in respect of services they provide undertaking the roles of staff and not in respect of their services as Trustees. These payments are in accordance with a provision in the governing document of the Charitable Company. The value of Trustee’s remuneration was as follows:

B R Doe (Trustee): £43,970 (2020: £51,900) and incurred pension contributions of £7,180 (2020: £10,051).

The number of board members to whom retirement benefits were accruing was 1 (2020: 1).

No Trustees’ expenses were incurred in the current or prior year.

10 Employees

Number of employees

The average monthly number of employees during the year was:

Leisure activities
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2021
Number
89
2021
£
1,018,277
58,879
56,712
1,133,868		 2020
Number
124
2020
£
1,463,780
96,034
77,453
1,637,267

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

2021 2020
Number Number
£70,001 - £80,000 1 -
£80,001 - £90,000 - 1

The remuneration of key management personnel is £90,156 (2020: £112,690).

11 Taxation

No liability to UK corporation tax arose on ordinary activities for the year ended 31 March 2021 or the year ended 31 March 2020.

ABSOLUTELY TOGETHER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

12 Tangible fixed assets Group

Cost
At 1 April 2020
Additions
At 31 March 2021
Depreciation and impairment
At 1 April 2020
Depreciation charged in the year
At 31 March 2021
Carrying amount
At 31 March 2021
At 31 March 2020		 Leasehold
property
Improvements
to property
£
£
1,832,270
603,782
-
-
1,832,270
603,782
109,936
603,782
73,291
-
183,227
603,782
1,649,043
-
1,722,334
-		 Plant and
machinery
£
2,832,362
2,549
2,834,911
1,891,852
267,994
2,159,846
675,065
940,510		 Total
£
5,268,414
2,549
5,270,963
2,605,570
341,285
2,946,855
2,324,108
2,662,844

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £77,922 (2020: £286,443) for the year.

leases or hire purchase contracts. The depreciation
(2020: £286,443) for the year.		 charge in respect of such assets amounted to £77,922
2021 2020
£ £
Plant and machinery 175,820 253,741

Company

There are no tangible fixed assets held by the company.

ABSOLUTELY TOGETHER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

13 Fixed asset investments

Company Shares in
group
undertakings
£
Cost
At 1 April 2020 and 31 March 2021 1
Carrying amount
At 31 March 2021 1

In the opinion of the Trustees, the aggregate value of the Charitable Company’s investment in subsidiary undertakings is not less than the amount indicated in the Balance Sheet.

Holdings of more than 20%

The Charitable Company holds more than 20% of the share capital in the following companies

Company Registered office Class Shares held Shares held
%
Subsidiary undertakings Direct Indirect
Absolutely Leisure a) Limited by guarantee 100.00
Absolutely Together Trading a) Ordinary 100.00

a) The Arena, Stafferton Way, Maidenhead, Berkshire, SL6 1AY

The principal activity of these undertakings for the last relevant financial year was as follows:

Principal Activity

Absolutely Leisure Provision of health, fitness and leisure services
Absolutely Together Trading Provision of catering and leisure services
Limited

The aggregate amount of capital and reserves and results of these undertakings for the last relevant financial year were as follows:

2021 2021
Income for
Expenditure		 Deficit for Aggregate
the year
for the year		 the year funds
Absolutely Leisure 1,851,752 2,533,662 (1,493,910) (2,316,500)
Company Number: 06822082
Charity Registration Number: 1131013
Turnover for
Expenditure
Profit for the		 Capital and
the year
for the year
year		 reserves
Absolutely Together Trading Limited 43,523 38,861 4,662 1
Company Number: 07375879

ABSOLUTELY TOGETHER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

14 Stocks

Group
2021
2020
£
£
Finished goods and goods for resale
6,240
15,171
6,240
15,171
Debtors
Group
2021
2020
£
£
Trade debtors
15,361
14,972
Amounts owed by group undertakings
-
-
Other debtors
45,506
45,506
Prepayments and accrued income
122,240
49,871
183,107
110,349		 Company
2021
2020
£
£
-
-
-
-
Company
2021
2020
£
£
-
-
323,410
324,067
-
-
-
-
323,410
324,067

15 Debtors

Amounts falling due after more than one year and included in the debtors above are:

Group
2021
2020
£
£
Other debtors
-
45,506
-
45,506
Loans and overdrafts
Group
2021
2020
£
£
Bank overdrafts
-
51,566
Bank loans
1,911,402
1,378,403
Other loans
45,069
60,214
1,956,471
1,490,183
£
£
Payable within one year
1,436,609
1,445,114
Payable after one year
519,862
45,069		 Company
2021
2020
£
£
-
-
-
-
Company
2021
2020
£
£
-
875
-
-
-
-
-
875
£
£
-
875
-
-

16 Loans and overdrafts

ABSOLUTELY TOGETHER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

16 Loans and overdrafts (continued)

Amounts included above which fall due after five years:

Group Company Company
2021 2020 2021 2020
£ £ £ £
Payable by instalments 81,105 - - -

The finance lease liabilities of £72,936 (2020: £77,745) of which fall due in less than one year, with £148,409 (2020: £194,439) falling due in more than one year, are secured over the assets which form part of the finance lease agreements.

The bank loans of £1,419,413 (2020: £1,378,403) within one year and £491,989 (2020: £Nil) after one year are secured by way of a fixed and floating charge, in favour of National Westminster Bank Plc, over the assets of the Charitable Company.

The loans of £17,196 (2020: £15,145) within one year and £27,873 (2020: £45,069) after one year are secured by way of a fixed and floating charge, in favour of Asset Advantage Limited and Louise Cox, over the assets of the Group.

The bank loan is subject to covenant clauses, whereby the Group is required to meet certain key financial ratios. The Group did not fulfil the debt servicing ratio as required in the agreement.

Due to this breach of the covenant clause, the bank is contractually entitled to request for immediate repayment of the outstanding loan amount of £1,341,402. The outstanding balance is presented within current liabilities as at 31 March 2020 and 2021.

Since the year end the covenants have been formally waived and the debt is no longer payable on demand. Has this agreement been in place at the year end, net current liabilities would have improved by £1,284,015.

17 Finance lease commitments

Future minimum lease payments due under finance leases:

Group
2021
2020
£
£
Within one year
72,936
77,745
Within two and five years
148,409
194,439
221,345
272,184		 Company
2021
2020
£
£
-
-
-
-
-
-		 Company
2021
2020
£
£
-
-
-
-
-
-
-

ABSOLUTELY TOGETHER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

18 Creditors: amounts falling due within one year

Group
2021
2020
Notes
£
£
Bank loans and overdrafts
16
1,419,413
1,429,969
Obligations under finance leases
17
72,936
77,745
Other borrowings
16
17,196
15,145
Other taxation and social security
33,519
37,776
Accruals and Deferred income
365,489
311,519
Trade creditors
526,635
190,168
Amounts owed to fellow group undertakings
-
-
Other creditors
93,184
88,202
2,528,372
2,150,524
19 Creditors: amounts falling due after more than one year
Group
2021
2020
Notes
£
£
Bank loans and overdrafts
16
491,989
-
Obligations under finance leases
17
148,410
194,440
Other borrowings
16
27,873
45,069
Other creditors
246,667
283,333
914,939
522,842		 Company
2021
2020
£
£
-
875
-
-
-
-
-
-
2,000
2,000
-
-
1
1
4,307
3,609
6,308
6,485
Company
2021
2020
£
£
-
-
-
-
-
-
-
-
-
-		 Company
2021
2020
£
£
-
875
-
-
-
-
-
-
2,000
2,000
-
-
1
1
4,307
3,609
6,308
6,485
Company
2021
2020
£
£
-
-
-
-
-
-
-
-
-
-
-

20 Deferred Income

Deferred income relates to advance payments for block bookings/events at the sites that relate to future dates.

Group
2021
2020
£
£
Balance brought forward
103,035
101,496
Amounts released to income
(103,035)
(101,496)
Amounts deferred in the year
136,800
103,035
136,800
103,035		 Company
2021
2020
£
£
-
-
-
-
-
-
-
-		 Company
2021
2020
£
£
-
-
-
-
-
-
-
-
-

ABSOLUTELY TOGETHER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

21
Funds
Group
At 1 April
2020
£
UNRESTRCITED FUNDS
General fund
118,993
Pension fund
(624,000)
TOTAL FUNDS
(505,007)
Company
At 1 April
2020
£
UNRESTRCITED FUNDS
General fund
317,583
TOTAL FUNDS
317,583
Group
At 1 April
2019
£
UNRESTRCITED FUNDS
General fund
455,841
Pension fund
(875,000)
TOTAL FUNDS
(419,159)
Company
At 1 April
2019
£
UNRESTRCITED FUNDS
General fund
318,167
TOTAL FUNDS
318,167		 Income
Expenditure
Transfer and
other gains
At 31 March
2021
£
£
£
£
1,701,613
(2,670,376)
-
(849,770)
189,000
(246,000)
(792,000)
(1,473,000)
1,890,613
(2,916,376)
(792,000)
(2,322,770)
Income
Expenditure
Transfer and
other gains
At 31 March
2021
£
£
£
£
-
(443)
-
317,140
-
(443)
-
317,140
Income
Expenditure
Transfer and
other gains
At 31 March
2020
£
£
£
£
4,503,692
(4,840,540)
-
118,993
-
(116,000)
367,000
(624,000)
4,503,692
(4,956,540)
367,000
(505,007)
Income
Expenditure
Transfer and
other gains
At 31 March
2020
£
£
£
£
4
(588)
-
317,583
4
(588)
-
317,583

ABSOLUTELY TOGETHER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

22 Retirement benefit schemes

Defined contribution schemes

The contributions payable during the year amounted to £23,886 (2020: £33,546). At 31 March 2021 there was £3,804 (2020: £5,279) owing to the scheme and this is included within other creditors.

The pension contributions and liability is all allocated from unrestricted funds which is the only fund basis of the Charity.

Defined benefit schemes

Key assumptions

Defined benefit schemes
Key assumptions
2021 2020
% %
Discount rate 2.05 2.35
Expected rate of increase of pensions in payment 2.80 1.75
Expected rate of salary increases 3.80 2.75

Mortality assumptions

The assumed life expectations on retirement at age 65 are:

2021 2020
Years Years
Retiring today
- Males 21.2 21.5
- Females 23.9 24.1
Retiring in 20 years
- Males 22.5 22.9
- Females 25.4 25.5

ABSOLUTELY TOGETHER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

22 Retirement benefit schemes (continued)

Amounts recognised in the profit and loss account:

Current service cost
Net interest on defined benefit liability/(asset)
Other costs and income
Total costs
Amounts taken to other comprehensive income:
Actual return on scheme assets
Less: calculated interest element
Return on scheme assets excluding interest income
Actuarial changes related to obligations
The amounts included in the balance sheet arising from obligations in respect
of defined benefit plans are as follows:
Present value of defined benefit obligations
Fair value of plan assets
Deficit in scheme
Movements in the present value of defined benefit obligations:
Liabilities at 1 April 2020
Current service cost
Contributions from scheme members
Actuarial gains and losses
Interest cost
At 31 March 2021		 2021
£
91,000
14,000
1,000
106,000
2021
£
(140,000)
26,000
(114,000)
906,000
2021
£
2,760,000
(1,287,000)
1,473,000		 2020
£
130,000
21,000
34,000
185,000
2020
£
3,000
25,000
28,000
(395,000)
2020
£
1,699,000
(1,075,000)
624,000
2021
£
1,699,000
91,000
24,000
906,000
40,000
2,760,000

The defined benefit obligations arise from plans which are wholly or partly funded.

ABSOLUTELY TOGETHER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

22 Retirement benefit schemes (continued)

Movements in the fair value of plan assets:

Fair value of assets at 1 April 2020
Interest income
Return on plan assets (excluding amounts included in net interest)
Contributions by the employer
Contributions by scheme members
Other
At 31 March 2021
The fair value of plan assets at the reporting period end was as follows:
Equity instruments
Debt instruments
Property
Cash
Target ratio portfolio
Commodities
Infrastructure
Longevity insurance		 2021
£
771,000
210,000
159,000
59,000
53,000
-
105,000
(70,000)
1,287,000		 2021
£
1,075,000
26,000
114,000
49,000
24,000
(1,000)
1,287,000
2020
£
607,000
100,000
148,000
127,000
45,000
6,000
88,000
(46,000)
1,075,000

23 Analysis of net assets between funds

Group

Analysis of net assets between funds
Group
Unrestricted Unrestricted
funds funds
2021 2020
£ £
Fund balances at 31 March 2021 are represented by:
Tangible assets 2,324,108 2,662,844
Current assets/(liabilities) (2,258,939) (2,021,009)
Long term liabilities (914,939) (522,842)
Provisions and pensions (1,473,000) (624,000)
(2,322,770) (505,007)

ABSOLUTELY TOGETHER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

23 Analysis of net assets between funds (continued) Company

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Fund balances at 31 March 2021 are represented by:
Investments 1 1
Current assets/(liabilities) 317,139 317,582
Long term liabilities - -
Provisions and pensions - -
317,140 317,583

24 Operating lease commitments

At the reporting end date the Charitable Company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
2021
2020

£
£
Within one year
557,211
475,151
Between two and five years
2,246,022
1,628,883
In over five years
711,790
1,070,140
3,515,023
3,174,174		 Company
2021
2020
£
£
-
-
-
-
-
-
-
-		 Company
2021
2020
£
£
-
-
-
-
-
-
-
-
-

25 Events after the reporting date

In November 2021, NatWest formally agreed to remove the covenants on the bank loans. Instead the Group must ensure that a minimum bank balance of £150,000, including the overdraft, is maintained at all times. Has this agreement been in place at the year end, net current liabilities would have improved by £1,284,015.

26 Controlling related party

The Trustees consider the Board of Trustees of Absolutely Together to be the ultimate controlling party.

27 Limited by guarantee

The Charity is a company limited by guarantee and has no share capital. the liability of each member in the event of winding up is limited to £1.

ABSOLUTELY TOGETHER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

28 Financial instruments

The carrying value of the Group’s financial instruments are as follows:

Financial assets
Debt instruments measured at amortised cost:
- Trade debtors
- Other debtors
Financial liabilities
Measured at amortised cost
- Bank loans and overdrafts
- Trade creditors
- Finance leases
- Other creditors
29
Cash generated from operations
Deficit for the year
Adjustments for:
Depreciation and impairment of tangible fixed assets
Difference between pension charge and cash contributions
Profit on sale on tangible assets
Interest received
Interest paid
Movements in working capital:
Decrease in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Cash generated from operations		 2021
£
15,361
45,506
60,867
1,911,402
526,635
221,346
93,184
2,752,567
2021
£
(1,817,763)

341,285

849,000
-
-
71,548

8,931
(72,758)
354,495

(265,262)		 2020
£
14,972
45,506
60,478
1,490,183
190,168
272,184
88,203
2,040,738





2020
£
(85,848)
424,485
(251,000)
-
(4)
87,239
4,556
228,602
(123,334)
284,696

ABSOLUTELY TOGETHER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

30
Analysis of changes in net (debt)
Cash at bank and in hand
Bank overdrafts
Loans falling due within one year
Loans falling due after more than one year
Obligations under finance leases		 At 1 April 2020
Cash flows
New finance
leases
Other
movements
At 31 March
2021
£
£
£
£
£
3,995
76,054
-
-
80,049
(51,566)
51,566
-
-
-
(47,571)
127,620
-
-
80,049
(1,445,114)
8,505
-
- (
(1,436,609)

(45,069)
(474,793)
-
-
(519,862)
(272,184)
50,838
-
-
(221,346)
(1,809,938)
(287,830)
-
-
(2,097,768)