Charlty Roglstratlon No. 1152093 Company Reglstratlon No. 08466394 (Ervaland and Wales) ABSOLUTELY TOGETHER ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
ABSOLUTELY TOGETHER LEGAL AND ADMINISTRATIVE INFORMATION Trusteos J H Gillan D V Gregory J E Blackbum Key management personngl G Sincla¢r (Chief Exe¢utive- Absolutsly Leisure) Charlty numbor 1152093 Company nUrnr 08466394 Reglstored offico stafferton Way Maidenh8ad Berkshire SL6 1AY Auditor Azets Audit SeNices Gladstone House 77-79 High Street Egham Surrey TW20 9HY
ABSOLUTELY TOGETHER CONTENTS Pago Trustees report Statement of Trustees responsibilities Independent auditorfs report 10-12 ststement of financial actsvitses 13-14 Consolidated balance sheet 15 Company balance sheet 16 Consolidated statement of cash Ilows 17 Notss to the ffinancial ststements 18-40
ABSOLUTELY TOGETHER TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their report and fjnancial s&2lements for Ihe year ended 31 March 2024. The Trustees confimi thal they mplY with th8 requirements ofthe Charities Act 2011. as amend8d by the Companies Act 2006. the Memorandum and Articles of 50¢lation and the Charities Statement of recommended Pradice (SORP) 2019. Objectives and activilies AbsoluteEy Leisure and Dacorum Sports Trust are wholly owned charilies that exist to provide or assist in the provision of facilities and serwces 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 disabilty. poverty or so¢ial or ecOrN1C arcumstances may have need of specjal facilities and services. Additionally. the Group aims to promote and preserve good health through community participation In healthy recreation and l or suth other charitable purposes benefiaal to the communty Consistent with the objects of the charity. How our actlvltles dellver public bènefit The Board Members confinn that they have complied with the duty in Section 17(5} of the Charities Act 2011 to have due regard to th8 Charity Commission's general guidance on wblio nefft. The Board have refeed to the guidance in the Charity Commission's general guidance on public benefft when reviewing our airYL •nd objectives and in planning our future activities. In particular. the Board Members consider how planned activities will contribute to the aims and objective5 they have set. The Group arKI Charity is committed to the on-going improvement of th8 communty sporL leisure and culture in the areas vthich it operates. The Group and CharÈty will achieve this through well operated faciltties that adapt to the thanging needs of the community tt serves. The Group reGognises that any seNices it operates must provide good quality. inclusive. accessible. affordable sport, leisure and cultural activities that improve overall health and wellbeing. The Group and Charity vrkS dosely with all of its partners to ensure it meets all of its objectives for the community. Settlng of pay The Péople Development Sd)eme is a Company poly that endorses all pay Tate18vels across Absolutely Together (AT). Dacorum Sports trust (DST) and Absolutely Leisure IAL). All Boards approve any pay rlses on an annual basis and these are then conffinned within the policy. The pay of the Chief Executive is set in line with a historical sur4ey 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 immediat8 team. based on the framework detailed rythin the Charity's People Development Scheme. and again with reference to the skills and experience of the post-holdern. Structure. govomance, and management Governlng document The Charitabl8 Company Is controlled by tts goveming documen( a deed of trust, and constitutes a limitsd c<Nnpany, timitsd by guarantee. as defined by the Companies Act 2006. R¢crultment and appolntmont of new TTUStees New trustees are invited to attend and obser¥e al least 2 Board Meetings before confiming thelr acceptsnce to beGome a trustee. Durin9 the year the Board completed skills audlt to help infom trustee recruitment. This identified the need for legal experience among new trustees. skillsets.
ABSOLUTELY TOGETHER TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Board membors Inductlon and tralnlng I new members joining the Board received a full Induct[ that is aimed at training them In their ststutory 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 nOMllY include: meeting with the Chaimian of the Board of Management and the Chief Executive: tour of leisurè centre and head office facility; receiving copies of the rules: receiving copies of business strategy documents. and receiving copies of corporate policies and documents. Organisatlon structure & how decision arn mado The Board of Trustees are also Directors of the parent company Absolutely Together and the wholty Iwined limited company and subsidiary Absolutely Together Trading Limited. wre a taxable profit is made by th8 subsidiary this Is gifted to the Charity. The Board met for fom7al meetings 6 times during the year to oversee the managèment and administration of the Charity. and to receNe regular uwlates on various aspects of th8 Charitys activities from the Management Team. The Management Team. led by the Chief Executive. meet weekly to review the overall perfonnance of the Charity. and to plan and implement necessary actions. The Management Team includes Operations. Finance, People Management. Health and Safety and Business Development functions. A quarterly meeting is held the wider management team to discuss and plan future adivities. Two junior managers are inviied to attend each quarterly mceting to gain a better insight into the Charity and its managèmonL 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 stalements were: J H Gillan D J Gale-Page (resigned on 20 February 2024) D V Gregory J E Blackburn (appointed on 4 April 2023} Invèstmènt In subsldlary company The Charity is the sole member of Absolutely Leisure Linmted (AL) and Dacorum Sports Trust {DST). It also owns 1 OOYO of the ordinary share capital of Absdutely Together Trading Limited (Arn.
ABSOLUTELY TOGETHER TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Chairfs Report This report covers a period of Aprfl 2023 to March 2024. Abs(Autety Together Is the 'umbrella' charity Ihat owns the operating charities- AbsolLrtely Leisure and Dacorum Sports Trust. During the year we have achieved our primary tsrget providing over 40.000 Smile actsvities for children with additional needs- and their families. We now have regular programmès at every one of our venues, including those new venues within Dacorum Borough, as well as worklng V•ith pathers across the community to provlde greater access to our target beneficiaries. During the year the charity continued to develop its business operations and to grow on what was a very positive previous year. The economic environment continued to be problematic for all businesses. and charities especially. The impact of the war in Ukraine forced utility costs to 'skyrockef - this impact lagged due to the fixed contracts that charity had entered before the conflict. The annual increase in the National Minimum Wage continues to impact the charity. and while the Govemmerfs Intention is laudable. it does add a huge strain to the finances of the charity. l am pleased to ststa that the charity rs robusl enough to weather these various extemal pressures and continues to provid8 invaluable activilies for children with additional needs, and their families. We continue to expand our programmes and our ambitions and in the coming year are aiming for a 250A increase in activities- delivering 50.000 Smile activities in the communities we serve. It remains our intention to focus on children with additional needs. continually and pennanendy. and to further embed 'Absolutell Into every communty we work in- putting smHes on faces. I, and my fellow Trust customers. tor suppo S. K+uld like to thank the staff of the Charity. our stskeholders and of course our lutely Leisure and maKIng our wotk p0551bte. kie Gillan Chair
ABSOLUTELY TOGETHER TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 STRATEGIC REPORT Achl¢vemonts and rfornianC0 Th• Charity is very proud to havo V#th•r the unprecedentod hirbuleneA of the18st 4 y8ars. And although these turbulent times look set to continue, the Charity is in a stronger and more resilient place than it wa5 4 years ago. During the last year the Charity met its target to provide over 40.000 Smile activities to the communities Èt works with. We now provide regular school curriculum acbvitses to 9 SEN schools. Staff retention is among the highest in our sector and slaff report a feeling a positive engagement in the work of the chartty. The merger with DST In 2022 continues to provide additional stsbilty to th8 Group as well as increasing our reach to a new community. Throughout the year the Charity stayed within its financial obligations to the Naiwest and it is pleasing that a surplus has been achieved for the financial year. The Charity receives no local authority or govemmenl funding and relies on grants and donations to support ts programmes. Without this supporL the Charity would not be able to deliver the breadth and scale of adivlties lo Its beneficiaries. During last year the Chanty received grants and donations totalling nearly £7.000. Flnanclal Revlew Trustees are pleased to report that Absolutely Leisure has made a surplus for the third year in surx8ssion and DST has made a surplus for the first time since 2018. Cash Ilow within the Group remains well managed. and although there ar8 dips in cash flow throughout rtain points. the Charity has not needed to use its overdraft facility. A significant challenge throughout 202314 was the impact of the National Minimum Wage. The Charity was able to award all staff not receiving minimum wage increases. an annual increase in pay of 2.5°A. Whilst this was below inflation staff vRre understanding and grateful for the increase. Financial managemont Thè execulive management team prepare the annual opgrational budget for the Group and Charity and Ihls is approved by the board of management prior lo the commonment of th8 f nancial year. Th8 board of management receive reports on the financial perforniance of the Group and Charity. Thesè reports Include an income and expenditure statemen( balance sheet and cash l]cw, 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 pathers. The majority of fvnds are spent on staffing. utilities and facilitylequipment maintenance and ImprovemenL Expenditure of these funds supports the key community objectives of Ihe Group and Charity arKI the continued investsnent in improved services and laalilies for Ihe communty.
ABSOLUTELY TOGETHER TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Plans for future periods The Trustees have committed to growing the reach of the Charity and to delTvering the programmes of Absolutely Tog8th8r in every community that the Charity works in. Additionalty, the Trustees want to continu8 to offer 'enabling support. to ¢omplementary community groups and ¢hariknes using our venues. In April of Ihis year th8 Board approved a revised set of ouuine strategic objectives for the Charity for tr£ next 5 years. These include.. Growth of our Smile programmes to neighbouring communities Further development of ourwork Placementl Experience programmes and extend ourtarget beneficiaries to include young adults with additional needs Greater parthering with leisure providers to support our Smiles programme$ Retain key contracts and leases Redevelop Maidenhead and XC venu8S Dispose of car park land at Maidenh8ad Post ye8r-end th8 Charity introduced a new fl88t of electri¢ karts for children aged 4 to 7 yeaTS old at Maidenhead. and replaced its gym membership software to a new, more dynamic software that provides greater features for members. Our contract with the (ywner5 of Rogue Leisure has been extended for up to a further 12 months. Key to the fuiure success of DST will be to Postbvely engage wlih the Council at all levels. to retain its lease to manage Little Hay Golf Complex. and to redevelop the XC to make it more appealing to a wÉder audience. Reserve? poll¢y The Board has an aspiration to increase its reserrfes to a18vel of £250.000 over the next 4 yeats. whilst recognising that during these extraordinarily turbulent times m8intsining a consistent reserve will be ¢h8118nging. Pension Costs Trustees are aware of the penslon information required to be induded in Ihe statutory accounts. The pension refeThed lo is a Local Govemment Pension Scheme (LGPS) for a total of 8 employees wtK) have previously b88n transferred from the local authority. The scheme is under•nilkn by HM GovemmenL Trustees understand that the calculations required to be used for statutory purposes are notional and represent only one vlew of the pensi fund. as directed by the FSA In contrast the latest actuariai review from the Fund Managers appointed actuary. Bamet Waddingham. shows an alternative position- the fund is in surplus and employers. contribution for the next 3 years are static. Risk Management The members of the Board have a duty to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Board members confimi that the major risks to the Charity have been reviewed and that systems or procedures have been estsblished to manage those risks. The Board of Trustees reviews and updates the Risk Register at every Board Meeting and management work to mitigate risks idenlified. Of the most recent emerging risk, the impact of the National Minimum Wage continues to be a focus of ManagemenL looking at ways to work differently to absorb these slgnlficant costs within the nom)al operating costs. It is pleasing lo report that the relationshlp wlth DaGowm Borough Council has developed positively, and regular communication has begun. Quallfying thlrd party Indemnity provislons The Chadtable Company has made qualtyng third paty indemnty provisions for the benefft of its directors during the year. These provisions remain in force at the reporting date.
ABSOLUTELY TOGETHER TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Public Benefit Statement The Trustees confim 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. Absolutely Together progFatw]me5 PFuvid¢ Ir¥e leisuie aGIltieS to local families that have children wtth additional needs. These families are recognised as often facing the most challenges accessing leisure for many reasons. Our programmes provide free use of Absolutely Leisure activities as well as donating vouchers for free access to other local °partneff leisure faciltlies. Programmes run at every venue that we operate. meaning that we serve 7 communities within the wider Thames Valley region. During the year we provided over 30.000 places to children with additional needs within our communities. These activities induded: ten pin bowling. karting. dimbing. swimming. theatre visits. visits to local attractions. gym use. arMI trips to the loGa] cin8ma. Through our Absolutely Together aclivitres, we continue to support families with ¢hildren who have addtlional needs. Our programmes operate at ea¢h of our 9 venues as well as at carefully selected leisure partners in the communitiès we setve. This allo us to offer a wide-ranging programme wtth activitTres that meet the needs of all the families we support. During the year, we delivered over 40.000 Smiles to local families supporting thildren vrith Special Educational Needs {SEN). helping religve their social isolation and improve Iheir mental wellbeing. Activities provided Ihis year have included: Ten-pin bowling Kartlng Climbing Swimming Theatre visits Theme park visits Gym use Disc golf Trips to the cinema Togeth8r Karting We now operate our Together Karting programme across our kart tracks in Aylesbury. Bristol. and Maidenhead. Our SpeCi[Y adapt8d karts give thildren the unique OPFortunity to experience karting alongside members of their family, creating memories that will last a lrfetime. Our work with local SEN schools has continued lo expand across the three faciltties and now provides 10 hours of kaiting per week. supporting schools with their extracurricular programme at no Cost to them. Teachers involved In the programme are very complimentsry ab(Art Ihe befftS for their pupils, as this comment form a teacher demonstratss: We have had such gt feedback from students. staff. and parents regarding the benefit of attending the Go- Karting sew'ons wllh you. tt has held to impmve our stud8ntS' attainment at school as they arn now wanting to engage and leam due to having such a great reward-based activity to attend. It has also helped to impmve our students, confidence wKh engaging with unfamiliar aduRs and in an unfamiliarenvlmnmenL' Across the year. over 12.000 smiles were delivered across the karting sites. whlch bs a large increase on last year. We will look for further opportunities to Increase this in the year ahead.
ABSOLUTELY TOGETHER TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 I,OOOs of Smi16S Thanks to a grant from the Rectory Foundation. we were atle to continue our I,OOOs of Smiles programme in Buckinghamshire. We purchase V0herS at a discounted rats from various leisure facilities across the region and distributo them free of ¢har90 to familics viith SEN ¢hildrgn. 1.OOOs of Smiles continues to be hugely popular. with over 600 familiès engaging in the most recent programme, vthich delpiered over 6.000 smiles over a six-month penod. Families with SEN children continue to find their access to leisure aclivitses restricted. with 82% of the families v ongage with saying they find this challenging. 97% of parbcipants in the programme say that 1,000$ of Smiles has improved their families, access to leisure. wilh 90% of these reporting that the programme has improved their wellbeing. The impact Is best shown In the comments received: his helped my family so much. I have such tnjuble getbng Ihe children out together. but being able to spend a dayout altogetherhas made such a bigimpart and we allloved it11 the children hadhuge smiles on theirfac8s." "As the mum of an autisticson. it takes a long time (andmoney) to build up confidonce andtolerance of new things. Absolutelyhas reallyb8èn a beam ofsunshine ding these financialty difficult times andallowedmy son to expand his horizons. We ar8 grateful to the chai?ty." Smiles in Dacowm Our first full year of operating our Smiles programmes wlthln the Dacowm Borough has been a huge success. We have been able to offer free inclusive climbing sessions at the XC Centre. foot and dis¢ golf sessions at the Little Hay Golf Complex. and gym access at the Our Gym farility for local families. Participation across the facilities grew throughout the year. and we are pleased to have delivéred over 9.000 smiles to th8 local community durirHJ our first year of operation in the area. The addition of these acbwties has enabled us to broaden our appeal to families with SEN children and reach more people desperately in need of supporL Our programme with local schools viithin DaGoNm has also been a great success also, with three local SEN schools participating in weekly activities across all three of our DST facilities. The a¢tivities and opportunities we have provided to local pupils have b88n irKredibty well received, as this comm8nt from a teachèr involved in the programmes demonstrates: "Due to the Va.ng. and often complex, special educational needs of our students and the financial strains faced by many of their families. thoso actiwties can be challenging for them to access. Having tho opportunity to take part during the school day and kwth the support of Absolulely Together means most students acmss th8 school have been able to take part in ono or more oltheso aCtsv8s this year. Taking part in these activthes supports ou students to develop th8 essential life sknlls they need to be successful independent adufts beyond school and college. ft builds confidence andpmvides opportunities to develop thr communication skills thmugh interactic>ns in different ¢ontexts.' Work Experience During the year we developed a work experience programme for young adults with additional needs to develop many of the skills they will ne8d as they transttion from education into working life. The ststisti¢X around unemployment in young adults wlth additional needs when they leave educatton are unfortunately very high. With our support, we are assisting young p8ople in tsking their first steps into employment by providing them with structured envlronment wherè they can leam thè skills that many employers wlll look for in their fututss. Our programme differs from traditional experien¢6 by taking place over 12-we8k blocks, with students attending once a week. We assess each student and tailor work tasks to their needs. Teathers from the schools are hugely impressed with how we have integrated their students into a real work environment. and the students enjoy their time with us.
ABSOLUTELY TOGETHER TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 We are Incredibly proud that two of the "graduates" of our work experience programme have now entered paid employment wlth us. which we understand is incredibly rare. The confidence and skills that these two young people continue to develop will give them a platform to help develop their careers in the future. The leisure industry rriviains an inGiedibly aGGessible Gareer for young people with additional nccds. The group Intends to continue developing its work experien programme by launching a supported Intem schem8, which will give school leavers the opportunity to gain work exFerience with us vthile continuing their studies and getting real- life. On-thj0b experiences. Auditors In accordance with the companYs articles. a resolution proposirwj that Azets Audit Services be reappointed as auditor of the group will be pul al a General Meetir. This report has been prepared in accordance with the provisions applicable to companies entitled the small companies exempti¢m. ON BEHALF OF THE Gillan air Date. c<& - 11-24
ABSOLUTELY TOGETHER STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees. who are also the directors of Absolutety Together for the purFrf)se of company law. are responsible for preparing the Trustses Report and the financial statements in accordance with applicable law and Unitsd lfjngdom Accounting Stsndards (United Kingdom G8nerally Acc&epted Accounting Practice). Company Law requireb Tiusiees to prepare finanGial statements for each finandal year which give a true and fair view of thè state of affairs of the Charitable Company and of the incoming resources and application of resources. including the income and expenditure. of the charitable I1panY for that year. In preparing th8se financial ststements. the Twstees are required to: sdect suitable accounting policies and then appty them consistently: observ8 the methods and principles in the Charities SORP" make judgements and estimates that are teasonable and PnKlert, state whether applicable UK Accounling Slandards have been followed, subject to any material departurès disclosed and explained in the financial statements. and prepare the financial statements on the going concem basis unless it is inappropriat8 to presum8 that the Charitsble Company V11 continue in operation. The Trustees are responsible for keeping adequate accountiNJ records that disdose with reasonable a¢curacy at any time th8 financial posityon of the Charitsble Company and enable Ft to ensure Ihal ili¢ fi¥wiiGial statements Gomply wlth the Companies Act 2006. tt is also responsible for safeguarding the assets of the Charitable Company and hence for taking rèasonable steps for the prevention and detection of fraud and other irregularities. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDrroRS So far as the Trustees are aware. there is no relevant information of which the Charitable CompanYs auditors are unaware. Additionally, the Ttustees have taken all the steps that they ought to have tsken as trustees in order to make them aware of any audit information and to estsblish that the Charitsble Company's auditOT5 are aware of that Information.
ABSOLUTELY TOGETHER INDEPENDENT AUDrroR'S REPORT TO THE TRUSTEES OF ABSOLUTELY TOGEfHER Opinion We have audited the finanual statements of Absolutely Together {the 'parent Charitable Company,) and its subsidiaries {the 'Group') for the year ended 31 March 2024 vthich comprise the consolidated statemenl of financial 8diviti8s, consolidated balance sheet. company balance sheet. ststement of cash flows and the notes to the financlal statements. including a summary of signifitsnt accounting policies. The financial repornng tramework that has l)een applied In their preparation is applicable law and United lQngdom Accounting Standards, induding Financlal Reporknng Stsndard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Praclice). In our opinion. the financial statements: give a true and fair view of the state of the Group's and the parent charrtable companvs affairs as at 31 March 2024 and of the Group's incoming resources ar application of resources. for the year th8n ended. have been properfy prepared In accordan with United lfjrvJdom Generally Accepted Accounting Practice: and have been prepared in accordance with the requirements of the Companies Act 2006 and th8 Charities A 2011. Basls for oplnlon We conducted our audit in accordance ryth Irrtemational Stsndards on Auditing (UIQ (ISAS {UK)) and applicable law. Our spOnSIbl11eS under those standards are further described in Ihe Auditorfs reswnsibilities for the audit of the fjnancial statements section of our reporL We are independent of the Charitable Company In accordance with the ethical requir•m8nts that a relÈv2nt to our audit of the ffinanual statements in the UK. including the FRC'S Ethical Stsndard. and we have fulfilled our other ethical responsibilities in accordance these requirements. We believe that the audii evldence we have obtsined is sufficient and approprlate to provide a basis for our opinlon. Concluslons rolatlng to golng concèrn In auditing the financial statements. we have C(dUded thatthe trustees. use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfom)ed. we have t idenlffied any material unr2rtainties relating to events or condilions thaL indwidualty or collectively. may cast slgnificant doubt on the charitsble companls abilty to continue as a going ¢oncem for a period of at least twelve months from when the ffinancial statements are authorised for issu8. Our responsibilities and th8 responsibilities of the trustees with respect to going concem ar8 described in the relevant sections of this report. We also draw attention to the disdosure in note 1.2 regarding going concem. Our opinion is not modified in this respecL Other Inforniation The Twstees are responsible for the other infonnation. The other information ¢omprise5 th8 infomiation included in the annual repor( other than the financial statements and our auditorfs report thereon. Our oplnion on the financial ststements does not cover the other infonnation and we do not express any fom of assurance conclusion thereon. In connection wth our audit of the financial statements. crfjr responsibilty is to read the other infonnation and, in doing so, consider whether the other infonnation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstatsd. If we identfy such materlal Inconsistenries or apparent material misststements. we are rUIred to detemine whether there Is a material misstatement In the financial ststements or a material misstatement of the other infomiation. If. based on the work we have perfonned, we ¢ondude that there is a materlal misstatement of this other infonnatlon, we are requlred to report that facL We have nothing to report in this regard. 10-
ABSOLUTELY TOGETHER INDEPENDENT AUDrroR'S REPORT (CONTINUED) TO THE TRUSTEES OF ABSOLUTELY TOGEfHER Opinions on other matters prescribed by the Companiès Act 2006 In our opinion. based on the work undertaken in the of the audit. th8 infonnation given in the trustees. report. which indudès Ihe directOf5' report prepared for the purposes of company law. for the financlal year for whlch the flnanGlal 51al¥ments ore pteparedls Gonsistont wlth the financial ststem8nts.' and the directors, report induded withln the trustees. report has been prepared in accordance wllh applicable legal requirements Matters on whlch we are requlred to roport by exceptlon In the light of the knowledge and understanding ofthe charitable company and its environment obtained in thè course of lh8 audit. we have not identified matsrial misstatements in the directors. report induded within the trustses, report. We hav8 nothing to report in respect of the following matters in relation to which the Companies Act 2006 requlros us to report to you rf, in our opinion: adequate accounting records have not been kept or relums adequate for our audit have not been received from branches rK)t visited by us: or the financial statements are not in agreement with the accounting records and retums., or certain disdosures of trustees, remuneration speafied by law are not made: or we have not received all the infomiation and explanations we require for our audit" or the Trustees were not entitled to prepare the finanaal slatements in accordance with th8 srnall companies. regime and take advantsge of the small companies. exemptions in preparing the directors. report and from the requirement to prepare a stratsgiG reporL Responslbllltles 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 vtew. and for such intemal control as the Trustees determine is necessary to enable the preparation of finanaal statements that are free from material misstatemenL whether due to fraud or error. In preparing the financial statements. the Tntstees are re¥thslble for assessing the Group's and parent Charitsble Company's ability to continue as a going concem. disdosing. as applicable. matters related to going concem and using the going conGem basis of accounting unless the Trusteès either intend to liquidate the Group and parent charitable company or to cease operations. or have no realistic altemative but to do so. Auditors rosponslbllltles for tho audlt of the financlal statsmonts Our obj8clives are to obtain reasonable assurance about vhlether the financial ststem8nts as a whole are tr88 from material misststement. whether due to fraud or errw. and to issue an auditorfs 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) wlll always detect a materlal misststsment vthen it exists. Misstatements can arise from fraud or error and ar8 considered material rf. individually or in the aggregate, they could reasonably be expe¢ted to infiuence the economic decisions of users tsken on the basis of these financ1 statements. A further description of our responsibiltties for the audit of the financial statements is located on the Financial Reporting Council's website at: httpJhY*M.froorg.uklauditorsresponsibililies. This description fomis part of our auditoffs reporL Extent to whlch the audlt was consld•red capable of detectlng Irregularltles, Includlng fraud Irregularities, indudlng fraud. are instances of norrfompliance with laws and regulations. We design procedures In line with our responsibiltties, outlined above and on the Financial R6POrtin9 Council's website, to deteGt material misstatements in respect of irregularities. induding fraud. 11
ABSOLUTELY TOGETHER INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ABSOLUTELY LEISURE We obtain and update our understsnding of the entity. ts activitses. its control environmenL and likely future developments. induding in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on thts understanding. we identify and a5SeSS the risks of material mi55tatement of th8 fjnancial statements. whether due to fraud or error. design and rforrn audit procedures responslve to those risks. ana otizain audii evl¢Jen¢e thal Is suffiGient and appwpriole io provide a basis for our opinion. Thig includcs consid8ration of the risk of acts by the entity that were contrary to applicable laws and regulations, includlng fraud. In response to the risk of irregulartlies and norFcompliance with laws and regulations. induding fraud. we designed proGedures which included: Enquiry of management and those ¢har9ed with governance around actual and potential litigation and daims as wdl as actual. suspethd and alleged fraud" Reviewing minutes of meetings of those charged with govemance: Assessing the extent of compliance with the laws and regulations considered to hav8 a direct material effect on the ffinancial ststements or the operations of the company through enquiry and inspection Reviewing financial slatement disdosures and testing to supporting documentation to assess compliance with applrcable laws and regulations. Performing audit work over the risk of management override of controls. including testing ofjoumal entries and other adjustments for appripriateness. evaluating the business rationale of signifficant transactions outside the nomial course of business and revieing accounting estimates for bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities. including those lèadino to a material mi&8tatement in the financial ststements or nonrycompliance 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 malerial misstatement arising frotn fraud is also higher than for one resulting from error. as fraud may involve collusion, forgery. intentional omissions. misrepresentations. or the override of intemal control. Use of our report This port Is made soleEy to Ihe charitsble coMpanS members, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable Company s mernrs 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 companvs members and its trustses those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent pennttted by law, we do not accept or assume responsibility to anyone other than the tharitable company and the charitable company's member5 as a body and the charitable company's trustees as a body. for our audit work. for this reporL or for the opinions VR have formed. Paul Creasey (Senlor Statutory Auditor) for and on behalf of Azets Audlt Sorvico$ Chartorod Accountants Statutory Audltor Gladstone House 7T179 High Street Egham Surrey TW20 9HY 12-
ABSOLUTELY TOGETHER CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Defined Benefft Pension Unrestricted Funds Unrestricted funds Restricted funds Total 2024 Total 2023 Income from: Other trading activities Commercial tradin9 Donations and grants Value of net assets acquired in DST Charltable actiwties Leisure incomé Funding income Other inc(Ime 799.700 26.806 799.700 26.806 445.485 44.899 2,069,045 5.738.087 55.440 57.414 5,738.087 55.440 57h14 4.688.756 57.040 Total income 6,677.447 6.677,447 7,305.225 Gome fiviii A T 8GbtieS Value of assets acquir8d on onsolidation 6,677.447 6,677,447 5.236,18 2.069,04 Total income 6.677.447 6.677.447 7,305.22 Expendlture from: Other expenditure Commercial trading Charitable adivitiès Operation of leisure and recreation sites 295.623 295.623 118.695 6,090,231 130.000 241,414 6A61,645 5.572,453 Total expenditure 6,385,854 130.000 241.414 6.757.268 5.691.148 Net exp8ndlturo for the yearl Net incomlng resour¢es 291.593 (130.000) (241.414) (79.821) 1.614.079 et incoming/(outgoing) sources from A TaGtiwties Value of assets acqulrnd on con801idation et Incomlnty{outgolng) 291.593 (130.000) (241.414) 179,821) (454.966 2.069,04 291.593 (130.000) {241,414) 179.821) 1.614.07 Other recognlmd galns and losses Actuarial gain on defined ben8fit pension schèmes 126.000 126,000 1.065,000 Net movoment In funds 291.593 (4,IXKI) {241,414) 46.179 2.679.079 13-
ABSOLUTELY TOGETHER CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Fund balances at 1 April 2023 21 {857.343) 2.011.785 1,176842 (1.502,637) Fund balances at 31 Mah 2024 21 (565.750) 18.000 1.770.371 1.222,621 (1,176,442) All amounts derive from continuing activities. All gains and losses for the year are induded in the statement of financial activities. 14-
ABSOLUTELY TOGETHER CONSOLIDATED BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Flxed assets Tangible assets 11 4.124,343 4,638.252 Currnnt assets Stocks Debtors Cash at bank and in hand 13 14 23.764 507,751 137,886 22.718 355.237 214,025 669.401 591.980 Credltors: amounts falllng due within one yoar 17 {1.734,844) (1.771,799) Net current liabilities (1,065.443) {1.179,819) Total ass•ts ¢urr•nt Ilabllltlos 3.058,900 3.458.433 Creditors: amounts falling due after morè than on• yr 18 (1.574.746) (1.872.424) Provi$lon for Ilabilities 20 {279.533) (431,567) Net (liabllltlos)lassets èxcluding ponslon Ilabillty 1.204,621 1,154.442 Defined benefit penslon surplusl{deficlt) 18.IXIO 22.000 Net assetsl(liabilities) 1.222,621 1.176,442 In¢omè funds Unrestrided funds: General unrestricted funds Pension reserve Designated fund- revenue reserve XC Repalrs fund Restricted funds (843.013) 18,000 208.500 68.761 1.770,373 (1,128.604) 22,000 208.500 62.761 2,011,785 1.222.621 1,176.442 1,222.621 1,176.442 These financial statements have been prepared in accordance with the provisions appllcable to companies subject to the small companies regime. e financial were approved by the Trustees on .. Gillan sto8 15-
ABSOLUTELY TOGETHER COMPANY BALANCE SHEET AS A T31 MARCH 2024 2024 2023 Flxed assets Investments 12 Currnnt as80ts Debtors 14 110.752 190,752 110.752 190.752 Crgditors: amounts falllng du• wlthln ono year 17 (1) (1) Net current assets 110.751 190,751 Total assèts less current liabilities 110,752 190,752 Net assets 110.752 190.752 Income funds Unrestricted funds 110,752 190.752 110.752 190.752 As pemiitted by S408 Companies Act 2006. the company has not presented it own profit and loss account and related notes as it prepares Group aGrnunts. The charitsble companls loss for the year was £80,000 (2023: £58,000). The financial stateme re approved by the Tnjstees on .. O Vtcl- H Gillan Chalr 16-
ABSOLUTELY TOGETHER STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Nates Cash flows from operatlng actlvltles Cash generated from operations Cash acquired from DST Interest paid Net cash generated by 0ratIng activities 331.248 2,536,175 312,885 {64.138) {60.397) 270.851 2.784,922 Investlng actmtlos Purchase of tangible fixed assets Tangib18 fLxed assets acquired from DST (100.885) (55.218) (2.920.056) Net Cash used In Investing actlvlllos (100.885) (2.975.274) Financing activities Bank loans acquired from DST Finance leases acquired from DST Repayment of borrowings Repayment of bank loans Payment of obligations under finance leases 321.633 8.791 (19,247) (211,893) (66,918) 65,276 <8.625) (255.012} (47.744) Net cash (used Invgenerated from flnancing activltles (246.105) 32.366 Net {decreaseylncrease In cash and Cash oqulvalents (76.139) (157,986) Cash and cash equivalents at beginning of year 214.025 372,011 Cash and cash oquivalonts at •nd of yoar 137.886 214.025 Rolatlng to: Cash at bank and in hand Bank overdrafts induded in (¥ediiors payable within one year 137,886 214.025 17-
ABSOLUTELY TOGETHER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 AluntIng policies Charlty Inforn)ation Absolutely Together is 8 private company lirnited by guarantee incorporated In EnglarKI and Wales. The registered office is The Arena. Stafferton Way. Maidenhead. Berkshire. SL6 1AY. The Group consists ofAbsolutely Tog8ther. Absolutety Leisure, Dacorum Sports Trust and Absolutsly Together Trading Limited. 1.1 Accounting Convèntlon The financial statements have been prepared in accordance with the Companies Ad 2006 and 'Aunting and Reporting by Charities: Statèment of Recommended Practice applicable to charities preparing their accounts in accordanr£ with the Financial Reporting Standard applirAble in the UK and R6publiG of Ireland (FRS 102) (effedive 1 January 2019)". The Charitable Company is a Public Benefft Entity as defined by FRS 102. Absolutely Together meets the definition under FRS 102 of a public benefit entity. The finanaal statements are prepared in sterfing. which is the fijnctional currency of the Charitable Company. Monetary amounts in these financial statements are rounded to the nearest £. The finanGial statements have been prepared undcr thc historical ¢ost convèntion. Thg principal •ccounting policies adopted are set out below. Reduced Dlsclosures In accordance with FRS 102. the Charitable Company has taken advantage of the exemptions from the following disdosure requirements: Section 7 'Statement of Cash Flows. _ Presentation of a Statement of Cash Flow and related n¢)tes and disclosures: Section 11 'Basic Financial Instruments. & Section 12 '0ther Financial Instrument Issues. _ Carrylng amounts. interest incomel8xp8nse and netgainsllosses for each rategory offinancial instrument. basis for detennining fair values. The financial statements of the Charitable Company are consolidaled in the financial statement of Absolutely Togethar. The g)nsolidated financial statements of Absolutety Together are available from its registsred office. The Arena. Stafferton Way. Maidenhead. Berkshire, SL6 1AY. 1.2 Golng concern At the time of approving the financial statements and based on the 2025126 forecasts. the Trustees have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concem basis of accountino in preparino the financial statements. 18-
ABSOLUTELY TOGETHER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies 1.3 Group Flnancial Statemonts The financial statements consolidate the results of the Charitabl8 Company and its wholly owned subsidiafi8S Absolutely Leisure arKI Absolulety Together Trading Limited on a line by line basis. All financial statements are made up to 31 March 2024. All intra Group trdnsacticKts and balance5 betW8en Group companies are eliminated consolidation. The 2024 accounts also include Dacorum Sports Trust which was acquired into the Group from 01 October 2022. therefore the 2023 accounts are not comparative. A separate Ststernent of Financial Acfivities and Inrne and Expenditure accounts is not presented for the Charitable Company itself in ardance wilh the exemptions afforded by section 408 of the Companies Act 2006. 1.4 CharEtsblè funds Unrestricted funds can be used in accordance with the charitable objectives at the disctstion of the TTUStees Restricted fvnds can only be us8d for particular rnstricted purposes within the objects of the Group. Restrictions arise when specified by the donor or when Ihe funds are raised for particular restricted purposes. 1.5 Income l income induded in the Statsment of Finan(xal Acliviknes is recognised when it is18gally entitlèd to the Income and the amount can be quantified with reasonable acwracy. Certain income is received in advance of the provision of the relevant seplice and as such 15 deferred until the seNice commences. Income for annual memberships is accounted for over the membership year. Income from leisure activities are recognised as the rdated goods and semces are provided. Income from government and other grants are recognised at fair value when the charity has entitlement after any perfomiance conditions have been met. it is probable that the income will be received and the amount can be measured reliably. If entilement is not met then these amounts are deferred. Management fees are unrestrided income which ts available for use at the discretion of the Trustees in furtherance of the general (JeCtiVeS of the Group. Government grants are recognised at the fair value oftho asset received or receivablg *then there is reasonable assurance that the grant conditions wlll be met and Ihe grants will be received. 1.6 Eyndfturo Expenditure is accounted for on an accruals basis and has been dassified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to partilar headings they have been allocated to aclivities on a basis o)nsistent with the use of resources. 1.7 Allocatlon and apportlonmont of costs Charitable acllvlties are those costs incuffed directy in the caffying out of the charTtable activities and are spllt into recreation and leisur6 site costs. Ythith are those costs incurred dIreY in the running of each of the sites, and support Costs which are those costs incurred direcuy in support of expenditure on the objects of the Group. Govemance costs are those incurred in the undertakings of the Group's ¢onstitutional and 5tstutory requirements. 19-
ABSOLUTELY TOGETHER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies 1.8 Tanglble fixed assets Tangible fixed assets are initially measured at ¢ost and subsequently measured at Cost or valuation. net of depreciation and any impaimient losses. Depreciation is recognised so as to wrike off the cost orvalualton of assets less their residual values over their useful lives on the following bases: Leasehold property Improvements to property Plant and machinery Fixbjres and fittings IT expenditure and softwa Gym equipment straight line over 20- 25 years straight line over 10 years or over the lrfe of the lease straight line over 3 to 15 years or over the life of the Sease straight line over 5 years straight line over 3 years straight line over 5 years The gain or loss arising on the disposal of an assel is determined as the difference between the sa18 proceeds and thè carying value of the asset. arKI is recognised in net incomel{experHditure) for the year. 1.9 Impalmient of flxed assets At éach reporting year end date. the Group reviews the carrying amounts of its tangible assets to detemine wheth6r there is any indiotion that Ihose assets have suffered an impainnent loss. In any such indication 8xists. the recoverable amounts of the asset is estimated in order to detemine the extent of the impairment loss (rf any). Where Ét 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 assèt Investments In the individual acUnts of the Group. inlerests in subsidiaries are measured at costs18ss any a¢cumulated Impainnent losses. Interests in subsidiaries are assessed for impainnent at each reporting date. Any impaim8nt losses or reversals of impaiment losses are recognised immediately in the Statement of Financial Adivities. 1.11 Stocks stocks are valued at the lower of cost and net realisable value. a fir5t4n-ffirst-OUt basis. after making due allowance for obsolete and slow moving items. 1.12 Cash and ¢ash equlvalents Cash and cash equivalents include cash in harKI. deposits held at call vrith banks, other short-temi liquid Investments with orlglnal malufities of Ihree months or less. -20-
ABSOLUTELY TOGETHER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policies 1.13 Flnanclal Instruments The Group has elected to apply the provlsions of Section 11 'Basic Financial Instruments. and Section 12'0ther Financial Instruments Issues. of FRS 102 to all of its financial instruments. Financial assets and liabilities are recognised when the Group becomes a paty to the contractud provisions of the instrument. and are offset only when the Group rrentlY has a legally enforceable right to set off the recognised amounts and tends either to settle on a net basis, or to realis8 the asset and settle the liability simultaneously. Flnanclal assets Basic ffinancial assets. which include trade and other r1VableS and cash and bank balances. are initially MeaSud al transaclion pri(* including transaclion costs and are subsequendy carried at amortised cost using the effective interest method. unless the arrarvJemenl constitutes a financing transaction, where th8 transaction Is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities Basic financial liabilit'es are inrtially measured at transaclion price, unloss 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 interesL Other financial liabilities dassified as fair value through profit or loss ar8 measured at fair value. 1.14 Employee benefits Temiination benefits are regnised Immediate as an expense when the Group is demonstrably wmmitted to terminate the employment of an employee or to provide tennination benefits. 1.15 Rotlromont benellts The Group operates a defined contribution pension scheme. Contribulions payable to the Group's pension scheme are tharaed to the Ststement of Financial Activities in Ihe period to which they rélate. The Group has also assumed responsibilty for a pensi(x) scheme providirKJ benefits base on final pensionable pay. Contributions to the defined benefrt scherne are char9ed 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 accordan with the advice of a professional qualtfied actuary. The LGPS is a funded multi-employer scheme and th8 assets are held separately from those of the Charitable Company in separate Trustee administered funds. Penston 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 oquivalent to tho rrent fate of return on a high quality corporate bond of equivalent temi and currency lo the Ilabilities. The actuarial valuations are obtained at least triennialty and are updated at each balance sheet dats. The amounts charged to operating surplus are the current service costs and the Ix>sts of scheme introduction. benefit charges. setuements and curtailments. They are induded as part of staff costs as incurred. Net intarest on the n8t defined benefit liabiltylasset is also defined benefft obligation and interest income on the scheme assets. calculated by multiptying the fair value of the scheme as56ts at the beginning of the perfod by the rate used to discount the benefit obligations. The difference between the interest income on the scherne assets and the actual retum on the scheme assets is recognised in other re¢ognised gains and losses. Under section 28 (Dèfined Benefit Pension) of FRS102. the net surplus of the Group's pension scheme has been induded in the Financaal Statsments and the reserves have therefore been incxeased by the pension surplus creating net assets of £1.222,621 (2023.. assets of £1.176,442) at the y8ar end. Thè Trustees are satisffied that the Group will be able to rneel all of its obligations as and wh8n Ihey fall du8. The Group also operates a defined contribution pension scheme. Contributions payable to this pension scheme are charged to the Ststement of Financial Activities In the period to which they relate. The assets of this scheme ar6 held separatèly from those of the Group In an independenlly administered scheme. 21-
ABSOLUTELY TOGETHER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcles 1.16 Leases Assets obt8in8d under hire purthase contracts arKI finance leases are capitalised as tangible fixed assets and depreciated over the shorter of the lease tem and their useful lives. Obligations under such agreements are included in creditors net of the ffinance tharge allocated lo future periods. The finance element of the rental payment is charged to income and expenditure so as to produce a constsnt periodic rate of charge of thè net obligation outstanding in each period. Renlals payable underoperating leases are charged as an expense on a straight line basis overthe lease temi. 1.17 Irrecovorablo VAT VAT on revenue expenditure which can not be recovered bs charged as a separate cost to the Statement of Financial Aclivities. VAT on capital expenditure whi(* can not be recovered ss capitalised as part ofthe cost of acquiring the relevant asseL Crltlcal accountlng estlmates and Judgements In the application of the Group's accounting policles. the Trustees is required to make judgements, estimates and assumptions about the carying amount of assets arKI liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historÉcal experience and other factors that are ¢onsidored to be rglovanl. Adual results may drffor from these 8StFmat•s. 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 onty that period. or in Ihe period of the revision and future periods where the revision affects both current and future periods. Crltlcal Judg•monts Leases In categorising leases as finance leases or operating leases. management makes judgements as to whether Significant rlsks and rewards of ownership have transferred to the Group as lessee. Key sources of estimation uncortainty Carrylng valuo of ass•ts and Ilabllltlos The Group makes estimates and assumplions concemir¥J the future. Thè resulting accounting estimates and assumptions will. by dèfinition. seldom equal the related actual results. The èstlmates 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 prèsent value of th8 Local Govemment Pension sMe defined benefft liabllity dep8nds on a number of factors that ar8 detem)ined on an acbjarial basis using a variety of assumptions. The assumptions used in determining the net cost or income for pensions indude the discount rate. Any ¢hanges in these assumptlons, which are disdosed in note 22 will impact the C•anying amount of the pension asseV(liability).
ABSOLUTELY TOGETHER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 3 Incomel(expendlture) from other tradlng actlvhl A summary of the trading results of the whotty owned subsidiary Absolutety Together Trading Limited Is shown below: 2024 2023 Tumover and other operating income Cost of sales and administration Costs other operating income 799,700 445.485 (295.623) (118.695) 8,000 6,700 512.077 333,490 4 Result of Parnnt Entlty The parent company has taken the exempkn'on under section 408 of the Companies Act 2006 not to present its income and expenditure accounts as apart of these financial statemènts. The parent entity's total income for the year was £Nil (2023: £Nil) and their deficit for the finanGial years before atharial gainsllosses under defined benefit scheme was £80.000 (2023: £58.000). 5 Donallons 2024 2023 Other donations Govemment grants Value of net assets acquired in DST 26,806 35.899 9.000 2,069.045 26806 2113944 The income from donations of £26,806 (2023: £44.899) was unrestrict8d. There was no grant from the local authority in the year (2023: £9.000). The gift in kn'nd in prior year rdates to the acquisition of Dacorum Sports Twsl on 01 Odober 2022. Charilablo ac1fv5ties L•lsuv• M•n•gwn•rt Lel¥ur• Managwn•nl Total 2023 2024 2024 2023 2023 Charitable activities 5.738.087 55.440 5,793,527 4,688,756 57,040 4,745.796 All Income rec£ived by the Group is derfved from the Unlled Kingdom. The income from charitable activities of £5,793,527 {2023: £4,745,796) was all unrestricted. -24-
ABSOLUTELY TOGETHER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charltable actlvit Dlrect Costs SuPrt Total Dlroct Costs Support Total 2024 2024 2024 2023 2023 2023 Staff wsts Depreciation Overheads Lease Charges Olher Loan Interest Bank Charges Lal and Professional Defined Ben8fft Pension Costs Consultancy 2.446.005 2.446.005 614.796 614.796 76.714 3.057,942 3.134.656 214 214 13.253 13.253 46.929 46.929 27.208 27,208 2.211.758 2,211.758 441.585 441.585 89.362 2.515.340 2.604.702 1.966 1.966 11.241 11.241 50,931 50.931 49.933 49.933 130.1100 12,284 130,000 12,284 143.000 20.087 143.000 20.087 Governance costs Auditors Remuneration 36.300 36.300 37.250 37.250 2,522.719 3,938.928 6.461.645 2.301,120 3.271.333 5.572.453 The expendFture on charitable actsvities of £6.220.231 (2023: £5.451.746) was from unrestricted funds and £241.41412023: £120.707) was restricted. All support costs relatè to the sole charitsble activity of the Group. being the provision of leisure, recreation and well being services. Trustees Trustees only receive remuneration in respect of services they Kmvide Undertang the roles of staff and not in respect of their ser¥llces as Trustees. These payments are in accordance with a provision in the goveming document of th8 Charitable Company. The value of Trustee's remuneration was a5 follows: B R Doe rUStee). £56.391 (2023.. £56.808) and Incurred pension contributiorts of £8.233 {2023: £6,437). The number of board members to whom retirement benefits were accruing was 1 (2023: 1). No Trustees. expenses were incurred in the ¢urrent or prior year. -24-
ABSOLUTELY TOGETHER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Employees Number of employees Th8 avÉrage monthly numbèr of employees during the year was: 2024 Numbor 2023 Numbèr Leisure acliviknes 150 126 Employment costs 2024 2023 Wagès and salaries Social security costs Other pension costs 2,186,234 150.109 93.912 2,014.545 121.693 75.520 2 430,255 2.211.758 Thg nurnber of employees whose annual remuneration wag £60,000 or more wero: 2024 Number 2023 Number £90.001- £100.000 Th8 remuneration of key management personnel is £123.964 (2023: £153.444). 10 Taxation No liability to UK corporation tsx an)se on ordinary aclivities for Ihe year ended 31 March 2024 or the year ended 31 March 2023.
ooa) Eèwa)00 mry (TJ 40 t(0* V4 i 0> t4
ABSOLUTELY TOGETHER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Fixèd asset investments Company Sharns In group ndortaklngs Cost At 1 Aoril 2023 and 31 March 2024 Carrylng amount At 31 March 2024 In the opinion of Ihe Trustees. the aggregate value of the Charttable Companrfs investment in subsidiary urKlertakings is rt less than the amount indicated in Ihe Balance SheeL Holdlngs of morn than 20% The Charitable Company holds more than 20% of the share rAixtal in the following companies Company Roglstered oflke Class Sharos held SubsldEary undortaklnos Absolutely Leisure Absolutely Together Trading Dacowm Sports Trust Dlrèct Indlrect 100.00 100.00 100.00 Limited by guarantee Ordinary Limited by guarantee a) The Arena, Stafferton Way, Matdenhead, Berkshire. SL6 1AY The principal activty of these undertakings for the last relevant financial year was as follows: Prfnclpal tI¥lty Provision of health. fitness and leisure services Provision of catering and leisure serrfices Absolutely Lèisure Absolutely Together Trading Limited Dacorum Sports Trust Provision ol health. fjtness and leisure services aggregate amount of capital and reserves and results of these undertakings for the last relevant financial year were as foll0v. 2024 In¢om• for Expendlturo Surplus for tho year for the year the year Aggregate funds Absolutely Lelsure Company Number. 06822082 Charity Reglstration Number. 1131013 4283.375 4284.070 125.305 (683,827)
ABSOLUTELY TOGETHER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Flxed asset Investmonts {continued) Turnover for ExpendiiureProfit for the tho yw for tha yoar yoar Capital and r•serv85 Absolutely Together Trading Limited Company Number. 07375879 807.700 295.623 512.077 Tumover for Expendlture Deficlt for Capllal and the year for tho year the year roserves Dacorum Sports Trust Company Number. 04868497 Chaiity Registration Number. 1103980 2.298.449 2,297.571 878 1,795.696 13 Stocks Group Company 2024 2023 2024 2023 Finished goods and goods for resale 23.764 22.718 23,764 22.718 14 Debtors Group Company 2024 2023 2024 2023 Trade debtors Amounts owed by grwp undertakings Other debtors Prepayments and accrued inwme 36.970 7.758 144.610 326,171 153.649 193.830 110,752 190.752 507,751 355,237 110,752 190,752
ABSOLUTELY TOGETHER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Loans and ovordrafts Group Company 2024 2023 2024 2023 Bank loans other loans 1,613.677 1,868.689 8,625 1.613.677 1.877.314 Payable wlthin one year Payable after one year 255.723 1,357.954 261.596 1,615.718 Amounts induded above which fa]1 due after fNe y Group Company 2024 2023 2024 2023 Payable by instalmerts 907.875 950.518 The finance lease liabilities of £52.690 {2023: £47.744) of which fall due in less than one year. with £55.125 (2023.. £42.539) falling due in more than rne year. are secured over the assets which fom part of the finance lease agre8ments. The bank loans of £255.723 {2023.' £252.971) within (x)e year and £1,357.954 {2023.' £1.615,718) after one year are secured by way of a fixed and floating charge. in favour of National Westrninster Bank Plc. Bank of Scotland Pl¢ and The coperative Bank PIG. over the assets of the Charitable Companies. The loans of £Nil (2023: £8,625) within one year and £Nil (2023: £Nil} 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. 16 Flnance lease commllmonts Future minimum lease payments due under finance leases: Group Company 2024 2023 2024 2023 Within one year Within tsvo and five y6ars 52.690 55.125 47.744 42,539 Payable by instalments 107.815 90.283 -31
ABSOLUTELY TOGETHER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Credltors: amounts falllng due whhln one year Group Company 2024 2023 2024 2023 Bank loans and overdrdfts Obligations under finance leases other borrowings Other taxation and social secunty Accruals and deferred income Trade creditors Amounts owed to fellow group undertakings Other creditors 15 16 15 255.723 52.690 252.971 47.744 8.625 81,360 719,108 569.313 80,649 668.038 593.267 84,477 92.678 1.734.844 1,771.799 18 Crodltors: amounts falling duo after more than one year Group Company 2024 2023 2024 2023 Bank loans and overdrafts Obligations under finance leases Other bom)wings Otrjer creditors 15 16 15 1.357.954 55.125 1,615.718 42,539 161.667 214.167 1,574.746 1,872,424 19 Deferred Incomo Deferred income relates to advance payments for bl(Kk b(K)knngslevents at the sites that relate to future dates. Group Company 2024 2023 2024 2023 Balance brought forward Amounts released to income Amounts deferred In the year 308,047 (308.047) 243.555 206,972 (206.972) 308.047 243.555 308.047 -32-
ABSOLUTELY TOGETHER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 20 Provlsions for liabS1iti Gmup Company 2024 2023 2024 2023 Onerou5 contract 279,533 431.567 IAovomonts on provislons 2024 2023 At 1 AprFI 2023 New provisions Release of provision 431,567 468.517 (36,950) (152,034) 279.533 431.567 21 Funds Gr•up At 1 Aprfl 2023 Income Expendituro Transfèr and At 31 March other galns 2024 UNRESTRIGTED FUNDS General fund Pension fund R & R Fund (XC) Deslgnated fund- revenue reserve (1.128,604) 22,000 62,761 6,817,895 (6,534,302) 247,000 {377,000) (845,011) 18.000 68.761 126.000 208.500 208.500 RESTRICTED FUNDS Restricted income fund 2.011.785 (241,414) 1.770.371 TOTAL FUNDS 1,176.442 7,070.895 (7.152,716) 126.000 1.220,621 Company At 1 Aprfl 2023 Income Exp•nditurn Transfor and At 31 March other galns 2024 UNRESTRICTED FUNDS General fund 190.752 (80.000) 110.752 TOTAL FUNDS 190.752 {80,000> 110,752
ABSOLUTELY TOGETHER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 21 Funds (conllnued) Group At 1 Aprfl 2022 Inconio Expndlturo Transfor and At 31 March other gains 2023 UNRESTRICTED FUNDS General fund Pension fund R & R Fund (XC) Designated fvnd- revenue reserve {602.635) {900.0(KJ) 3.548,472 (4.074.441 } 1.353,000 {1.496.000) 62.761 {1.128.604) 22,000 62.761 1,065.1)00 208.500 208.500 RESTRICTED FUNDS Restricted income fund 2,132,492 (120,707) 2,011.785 TOTAL FUNDS (1.502,635) 7.305.225 (5.691.148) 1.065.000 1.176,442 Company At 1 Awil 2022 Inrne Expondltur• Transfor and At 31 March other galns 2023 UNRESTRICTED FUNDS General fund 248.752 {58.000) 190.752 TOTAL FUNDS 248.752 (58.000) 190.752 22 Retlrnment bonefft schemos Deflned contrlbutlon schomes The contributions payable during the yèar amounted to £40,000 (2023: £30.022). At 31 March 2024 there was £3.171 (2023: £2,413) owing to th8 scheme and this is included within 0th8rcreditors. The pension contributiork and liability is all allocated from unrestricted lunds which is the only fund basis of Ihe Charity. Dèfined benefit schemes Key assumptions 2024 2023 Discount rate Expected rate of in¢rease of pensions in payment Expected rate of salary increases 4.95 4.80 2.90 Mortalty assumptions The assumed lrfe expectatirms on retirement at age 65 are: 2024 Years 2023 Years Reliring today - Males - Females 20.8 23.6 21.1 23.9 Retiring in 20 years - Males - Females 22.0 25.0 22.3 25.3
ABSOLUTELY TOGETHER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 22 Retirement benèfft schemes (continued) Amounts recognised in the profit and loss accounl: 2024 2023 Current service cost Net interest on defined benefit liabiltyl(asset) Other costs and income 61.000 (3,000) 1.000 164.000 23.000 1.000 Totai costs 59.000 188.000 Amounts taken to other comprehensive income: 2024 2023 Actual relum on scheme assets Less.. calculated interest element (127.000) 69.000 165.000 39.000 Retuin On 5Ghetri¢ assets exdudin9 interesl income Actuarial changes related to obligations Effects of changes in the amount of SUTP]us that is not recoverable (58,000) 204,000 {68.000) {1.269,000) 123,000 The amounts induded in the balance sheet arising from obligations in respect of defined benefrt plans are as 2024 2023 Present value of defined benefit obligalions Fair value of plan assets 1,452.000 1.371.000 (1.593.000) (1.393.000) {141.000) 123.¢)00 (22.000) Impact of asset ceiling Sufplus in scheme (18.000) {22.000) Movements In Ihe present value of defined benefft oblall0S. 2024 Liabilities al 1 April 2023 Current service cosl Benefits paid Conlributions from scheme members Actuarial gains and losses Interest cost 1,371.000 61,000 (8,000) 30,000 (68,000) 66.000 At 31 March 2024 1.452.000
ABSOLUTELY TOGETHER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Retirement benefrt schemes (contlnued) The defined benefit obligations arise from plans which are wholly or partly funded. Movements in the falr value of plan assets: 2024 Fair value of assets at 1 April 2023 Interest irtcoma Retum on plan assets (exduding amounts induded in net interest) Benefits paid Contributions by the employer Contributions by scheme members other 1.393,000 69.¢XIO 58.000 (8.000) 52.000 30,000 (1,000} At 31 March 2024 1,593.000 The far value of plan assets at the reportiry peTi(xl end was as follows: 2024 2023 Equty instruments Debt instruments Property Cash Target ratio portfolio InfrastTUCture Longevity Insurance 1.095.000 209.000 145.000 15,000 874,000 202.000 176.000 21.000 200,000 (71,000) 192.000 (72,000) 1.593,000 1.393.000 23 Analysls of n•t assets betw•¢n funds Gmup Unrestrlcted Restrlctsd fvnds funds 2024 2024 Total Total 2024 2023 Fund balances at 31 March 2024 are represented by: Tangible assets Current assètsl(liabilities) Long term liabllitiès Provislons and pensior 2.353,612 1.770.731 (1.065.443) (1,574.746) 1279.533) 4.124.343 4.638.252 (1.065.443) (1,179.819) (1.574.746) {1,872,424) (279.533) {409.567) {566.110) 1.770.731 1.204.621 1.176,442
ABSOLUTELY TOGETHER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Anatysis of not assets between funds (continued) Company Unrestrlcted Unrestricted funds funds 20Z4 2023 Fund balances at 31 Marth 2023 are Presented by: Investments Current assetsl(liabilites) LorKJ tenn liabilities Provisions and pensions 110.751 190.751 110.752 190.752 24 Op•ratlng lease commltments At the reporting end date the Charitable Company had outstanding commitments for futurè minimum lease payments under non-can¢ellable operating leases. whith fall due as follows.. Group Company 2024 2023 2024 2023 Within one year Between and fve years In over five years 745.372 1.747,341 721,982 2.571.588 117,991 2.492,713 3,411.561 25 Controlllng related party The Trustees consider thè Board of Trustees of Absclulely Together to be th8 ulb'mats controlling party. 26 Llmfted by guarantse The Charity is a company limited by guarantee and has no share ¢apital. the liability of oach membor In the event of winding up Is limited to £1. -37-
ABSOLUTELY TOGETHER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 27 Financial instruments The carying value of the Group's financial instruments are as follows: 2024 2023 Financial assets Debt instrumènts measured at amortised cost: - Trade debtors - other debtors 36.970 144.610 181.580 7.752 153.649 161.401 FinanGial liabililies Measured at amortised cost - Bank loans and overdrafts - Trade creditors - Finance leases - Other (Yeditors 1,613,677 593,267 107,815 246,144 2,560.903 1.868,689 569,313 90.283 92,678 2.620,963 28 Cash genoratod from oparatlons 2024 2023 Surplus for the year 46,179 2.679,079 Adjustments for. Depreciation and impairment of tangible fixed assets Difference bebmeen pension charge and cash contributions Provisions Interest paid 614,796 4.000 (152.034) 60,401 441.585 (922,000) 431.567 64.138 Movements in working capitsl: (Increase) in st¢xks {Incr6ase)IDecrease In debtors Increase In creditors (1,046) (152,520) (88.528) (10,731) (553.443) 405.980 Cash goneratsd from operatlons 331.248 2.536,175
ABSOLUTELY TOGETHER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 29 Analysls of chang In net (debt)Ifunds At 1 Aprll 2023 Calh llo lo• At 31 M•r¢h 2024 Cash at bank and in hand 214.025 (76.139) 137.886 214,025 {76,139) 137.886 Loans falling due within one year Loans falling due after more than one year ObligaJons under finance leases (261.596) (1,615.718) (90,283) 5.873 257.764 49.983 (255.723) {1,357.954) (107,815) (67,515) (1,753,572} 237,481 (67,515) (1,583.606)