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← Legacy Leisure Limited

2024-12-31-accounts

Charity registration number 1152401 (England and Wales) Company registration number 08361324

LEGACY LEISURE LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

LEGACY LEISURE LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Chair E Holmes
Other Trustees M Johnson
S Blount
Charity number 1152401
Company number 08361324
Principal address 3 De Salis Court
Hampton Lovett
Droitwich Spa
Worcestershire
WR9 0QE
Registered office 5 Deansway
Worcester
Worcestershire
WR1 2JG
Auditor Kendall Wadley LLP
Granta Lodge
71 Graham Road
Malvern
Worcestershire
WR14 2JS
Bankers Santander UK plc
2 Triton Square
Regent's Place
London
NW1 3AN
Solicitors HCR Law
5 Deansway
Worcester
WR1 2JG

LEGACY LEISURE LIMITED

CONTENTS

Page
Trustees' report 1 - 11
Statement of Trustees' responsibilities 12
Independent auditor's report 13 - 15
Statement of financial activities 16
Balance sheet 17
Statement of cash flows 18
Notes to the financial statements 19 - 28

LEGACY LEISURE LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees are pleased to present their report together with the financial statements of Legacy Leisure for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's Memorandum and Articles of Association dated 14th March 2013 which was subsequently amended on the 23rd June 2013, 20th September 2013 and 23rd September 2014, by Resolution dated 20th August 2014, 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)".

1) Governance, Stucture and Management

Legacy Leisure is a charitable company limited by guarantee, incorporated on 15th January 2013 and registered as a Charity on 12th June 2013. The Charity was established under a Memorandum of Association which established the objects and powers of the Charity and is governed under its Articles of Association. In the event of the Charity being wound up members are required to contribute an amount not exceeding £1.

The Directors of the company are also the Charity Trustees for the purposes of Charity law and under the Charity’s Articles are known as members of the Management Committee, those who served during the year were:

Eva Holmes (Chair) Martin Johnson (Trustee) Stuart Blount (Trustee)

The Charity may by ordinary resolution appoint a person who is willing to act to be a Trustee. The minimum number of Trustees of the Charity is three. If the number of Trustees is less than the number fixed as the quorum, the continuing Trustees, or Trustee may act only for the purpose of filling vacancies or of calling a general meeting.

Two members of the Management Committee give their time voluntarily and receive no benefits from the Charity. The third member of the Management Committee Eva Holmes, receives a remuneration. Expenses are reclaimed from the Charity please refer to note 8 for details.

Key Management Personnel as detailed in note 9 include the Trustees and the Managing Director.

Directors Duties

The directors (Trustees for the purposes of Charity Law) of the charitable company, as those of all UK companies, must act in accordance with a set of general duties.

These duties are detailed in section 172 of the UK Companies Act 2006 which is summarised as follows:

A director of a company must act in the way he considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:

Organisational Structure

Legacy Leisure has a Management Committee of a minimum of three members who meet on a quarterly basis and are responsible for the strategic direction and policy of the Charity. At present the Committee has three members.

LEGACY LEISURE LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Trustee Induction and Training

Potential Trustees are inducted by means of an induction programme that includes:

Organisational Management and Decision Making Structure

The Board holds its quarterly meetings which are informed by the Legacy Leisure Governance Calendar and the meeting agenda includes:

A scheme of delegation is in place and day to day responsibility for the provision of services rests with the Managing Director of Legacy Leisure, Regional Directors and site Operational Managers. They are responsible for ensuring that Legacy Leisure delivers the services specified and that the key performance indicators are met. They are also responsible for the individual supervision of the staff teams and for ensuring that the team hold relevant qualifications and they continue to develop their skills and working practices in line with good practice.

Benefits and Rewards

Our Executive compensation includes a range of financial rewards and benefits designed to attract, motivate and retain senior management. The length of service of our senior team reflects this robust approach and is further enhanced by the entrepreneurial spirit harnessed within the business, which creates an environment where senior employees can flourish.

Risk Management

The Charity has established an ongoing process for identifying, evaluating and managing Legacy Leisure’s key risks. This process includes the review of non-financial as well as financial risks. The primary concern of Legacy Leisure is to ensure the Health and Safety of the public and employees at its leisure centres. As part of the risk management process, policies and procedures have been established with the intention of managing risk appropriately and ensuring compliance with appropriate legislation. The Trustees take advice from experts where appropriate. A Risk Register is in place and reviewed annually by the Legacy Board.

Legacy Leisure is also concerned with financial risks, the Management Committee reviews and agrees policies for managing each of these risks and they are summarised below.

Price risk

Legacy Leisure consumes significant amounts of energy in the course of its operations due to heating of leisure centre swimming pools and saunas. Therefore, the Charity is exposed to price risk in the energy sector. Details of the management of this risk are included later in this Report.

Credit risk

Legacy Leisure has no significant concentrations of credit risk. The Charity has implemented policies that require appropriate credit checks on potential customers before sales commence.

LEGACY LEISURE LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

2) Objectives and Activities

Legacy Leisure’s purpose, as set out in the objectives contained in Legacy Leisure’s Memorandum of Association and detailed below, is to provide or assist in the provision of facilities in the interests of social welfare for recreation or other leisure time occupation of the public at large, or for individuals who have need of such facilities by reason of their age, infirmity or disability, financial hardship or social circumstances with the object of improving their conditions of life.

The aim of our Charity is to promote sport and leisure activities in the local community, to improve the health and wellbeing of the public at large through the provision of leisure facilities that promote exercise and provide a social arena. No change in the nature of these activities occurred during the year.

The Focus of our Work

Our main objective for the year was the management of leisure facilities. Legacy Leisure undertakes this activity with a view to promoting sport and leisure in local communities. The strategies we used to meet this objective included:

Our Vision

It is the Vision of Legacy Leisure to inspire communities into active, healthy and fulfilling lifestyles that are culturally alert and ethically aware. This will be achieved through a varied programme that will include recreational activities, cultural events, educational schemes and competitive opportunities.

At the very core of our philosophy lies engagement and outreach. Engagement with the communities that we already serve and outreach to the wider community not yet accessed. Legacy Leisure will provide an open and accessible service to all, through effective programming and marketing of products with a diverse appeal, reflecting the wide demographic blend of our modern day communities.

Legacy Leisure will aspire to be the hub of the community, a trustworthy and dependable focal point for social, recreational and cultural enlightenment and fulfilment.

Our Objectives

LEGACY LEISURE LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Our Ethos

Public Benefit

In order to meet our objectives, the Trustees have considered the Charity Commission's guidance on public benefit in deciding what activities Legacy Leisure should undertake.

All of Legacy Leisure’s activities are focused on the delivery of promoting sport, leisure and health & wellbeing activities to the community local to each of our leisure facilities alongside promoting social interaction. The public benefits delivered below including possible outcomes:

LEGACY LEISURE LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Financial/Business Review

2024 was a positive year for Legacy Leisure as we continue to battle with the national wage increases, cost of living price increases, supplier cost increases and the ongoing high utility costs across the business. Customers are also still feeling the high cost of living and prioritising spending accordingly. Despite these challenges, the Charity generated revenues from charitable activities of £36.9 million (2023: £33.0 million), which represents an increase of £3.9 million.

Principal Risks and Uncertainties

The Autumn Budget 2024 saw the Government increase employer’s National Insurance (NI) contributions from 13.8% to 15%, and lower the level at which businesses start paying NI contributions, from £9,100 to £5,000. These changes along with further increases to the National Minimum Wage will inevitably impact the business from April 2025. Work has already commenced in considering how to best adapt our workforces to meet the financial and operational challenges ahead, whilst ensuring compliance with legal obligations.

Utility costs continue to be volatile, with geo-political factors influencing market rates. We have continued to invest in innovative technology and have also been very successful in receiving Public Sector Decarbonisation Scheme funding, as well as grants from the Sport England Swimming Pool Support fund. The subsequent mechanical and electrical enhancements in technology will not only reduce our carbon emissions but also reduce our overall utility cost exposure.

Principal Funding Source

The Charity’s principal source of income is from the provision of leisure facilities to the general public, through the operation of local authority leisure centres. The local authority leisure centres are used by the public for a variety of purposes including recreation, fitness and lessons. The facilities operated by the Charity comprise swimming pools, fitness gyms, sports halls, tennis courts and outdoor playing fields/pitches. This forms the Charity’s Unrestricted Funds.

To enable the leisure facilities to provide a wider range of programmes, individual centres also look to acquire grant funding and subsidies from government schemes. This forms the Charity’s Restricted Funds.

Reserves Policy

The Unrestricted funds as at 31st December 2024 stood at £467,362 (2023: £231,836). During 2024, as anticipated, these funds have started to reflect a positive position. This is helped by a strong management team, dedicated employees and by providing a mix of facilities & programmes to meet the local community needs.

The income and property of the Charity shall be applied solely towards the promotion of its object, the provision of leisure facilities. The Management Committee continually reviews the Charity’s requirements for reserves. The risk to the Charity is the level of fixed costs and committed community funded grants. The Management Committee has retained reserves to meet its budgeted fixed costs plus committed community funded grants for the financial year following the latest approved annual financial statements and will aim to maintain them at this minimum level.

Plans for the Future/New Business

As a result of the strong and positive negotiations we conduct with our Local Authority partners we were well placed to explore future new business opportunities in 2024.

Open procurement has increased across 2024 and we did see an increase in UK public sector contracts coming to market at the end of 2024.

Our focus will clearly be on winning new business which we feel we are well positioned to explore but also to secure contract extension in facilities we already operate. We will continue to review and manage any changes as they happen and as soon as practically possible.

Legacy Leisure will also continue to look for new forms of funding and grants that will allow it to provide or assist in the provision of facilities in the interests of social welfare for recreation or other leisure time occupation of the public at large or for individuals who have need of such facilities by reason of their youth, age, infirmity or disability, financial hardship or social circumstances with the object of improving their conditions of life.

LEGACY LEISURE LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

3) Strategic Report

The description under the headings “Achievements and Performance” and “Financial Review” meet the Charity law requirements for the Trustees to present a strategic report.

Achievements and Performance

Throughout 2024 Legacy Leisure Limited has operated leisure centres with a wide range of both wet and dry facilities along with some dual use sites linked to Schools, a golf facility and an outdoor activity centre.

Legacy Leisure has continued to operate 11 leisure contracts in 2024 together with a new contract commencing in December 2024 on behalf of Milton Keynes City Council : Woughton Leisure Centre and Windmill Hill Golf.

There were 24 centres operated by Legacy Leisure in 2024 throughout which the LeisureCentre.com brand is operated and allows customers to utilise both the fitness gym, swimming pools and health suite where available, by way of monthly memberships or pay and play.

Health & Safety management remains a core focus. We continue to maintain our ISO45001 status throughout the business, this is the foremost ISO standard for management systems of occupational health and safety.

The facilities are used by the local communities, both by customers with memberships and by non-members. Legacy Leisure endeavours to ensure that customers are a key priority and feedback on cleanliness and services provided is encouraged to allow us to monitor that the high standards we set are being achieved, and allow us to make improvements where necessary.

Community Grant Funding

During 2024, the Community Grant Fund had 14 Community Grant applications approved. Some of these included support for training qualification to deliver local community sports activities, training equipment for groups/ organisations for young people and over 50’s to increase participation and funding for activities for mother & baby.

LEGACY LEISURE LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Community and the Environment

The Charity aims to be sensitive to the local communities' cultural, social and economic needs, and seeks to ensure that its activities enhance the communities as places to work and live in. We aim to ensure that our operations do not have a negative impact on the environment. Apart from compliance with all environmental regulations, we endeavour to promote the effective management of natural resources (including renewables) and encourage energy efficiency as well as waste minimisation and recycling where economically viable means of doing so are available. Legacy Leisure seeks to be respectful custodians of the environment whilst carrying out our business activities, by reducing our negative impacts on the environment. Our commitment to maintaining an Environmental Management System (EMS) that meets the requirements of BS EN ISO 14001 aids our dedication to best practice and continual improvement and demonstrates to our employees, partners and other stakeholders our commitment to the environment by promoting environmentally responsible practices and incorporating sustainable principles into our work.

The principles of BS EN ISO 14001 and the fact we have adhered to these strong processes for over 10 years provide a strong foundation for the future utility cost and carbon reduction challenges ahead. The delivery of the internationally recognised standard ensures we evidence our commitment to mitigating our environmental impact by reducing carbon emissions, energy consumption, water usage, whilst at the same time minimising pollution, promoting sustainable raw material sourcing practices and adopting renewable energy sources. Furthermore, we look to our supply chain, through rigorous procurement principles, to equally promote environmental stewardship in an effort to minimise our ecological footprint across the entire value chain.

Ultimately we are striving to breed a culture amongst our workforce, customers, partners and stakeholders that drives innovation and is market leading in our approach to energy and environmental management. Our sustainability action plan captures performance measurement and sets tangible assessment and review to ensure continual improvement.

In 2024, we continued to invest in technology to improve our facilities efficiency and reduce carbon emissions, installing solar PV, upgrades to building management systems and installing variable speed drives. Together, our investment in energy efficiency schemes across the Charity is projected to save 78 tonnes of CO2e annually moving forward.

Social Value, Health, Wellbeing and Active Communities

Legacy Leisure is committed to supporting and delivering place-based community physical activity services, recognising the key role that physical activity can play in supporting physical and mental health, educational attainment and social cohesion.

Our community-based work is framed by contract-specific healthy communities plans, setting out key target groups, partnerships, interventions and resourcing. Specific examples of delivery during 2024 include:

We were delighted to receive the 2024 Health Impact Award from Swim England for our MSK Hubs work in England, alongside a similar Health Impact Award from Swim Wales for our Hubs across South Wales.

We continue to measure the social value of our services, in association with Sport England’s Moving Communities platform, which enables contract-specific impact reporting. In addition, we continue to support key industry agencies including Sport England, Sport Wales, UK Sport and UK Active, as part of our ethos of supporting sector development and learning.

LEGACY LEISURE LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Relationships with other Groups, Charities and Individuals

Legacy Leisure works closely with Local Authorities, for which we run leisure centres, along with National Governing Bodies & Community Groups/Clubs to ensure that the community’s needs for access to the leisure facilities are met & that the programming is all inclusive and accessible.

Related Parties

Legacy Leisure does not currently have any related parties other than its current members.

Disabled Persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort will be made to ensure that their employment within Legacy Leisure continues and that the appropriate support & training is provided. It is the policy of the Charity that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Management and Staff

Our people first culture is vital to our success and remains a business focus at Legacy Leisure. By nurturing our people we are committed to supporting our employees in their career adventures, providing new opportunities and a culture where people can achieve their goals. Achievement of our goals and ambitions depends on the professionalism, engagement and skilled contribution of all our staff.

In 2024, we continued to improve our cloud-based HR and Payroll solution, People XD, which replaced our outdated systems. Enhancements included:

The transition to People XD is now fully integrated into daily operations and our focus has now shifted to enhancing the overall employee experience. Our future roadmap for People XD includes streamlining processes with digital forms and automated workflows, creating a more efficient and welcoming experience for employees. Deliverables will support an improved employee experience (monitored through feedback), the streamlining and simplification of people processes and the identification of clearer accountabilities.

We continue to work with the Royal Society for the Prevention of Accidents (RoSPA) and Chartered Institute for the Management of Sport and Physical Activity (CIMSPA). We have also extended the Coach Mentoring Programme for Managers, to help support our future Succession Plans.

Workforce Responsibility and Employee Engagement

The Charity is committed to providing a safe, welcoming work environment that fosters inclusive working practices. Furthermore, we aim to provide an employee experience that makes our people feel supported and promotes their engagement with the Charity's strategic aims and objectives.

Legacy Leisure is committed to employing a workforce that reflects the community it serves. We aim to implement an equality, diversity and inclusion strategy that harnesses an environment where colleagues feel valued and encourages them to proactively contribute to the business. We recognise human rights throughout the Charity's operations, and supply chain, and value commitment to fair and ethical business practice.

LEGACY LEISURE LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

The Board recognises the need to capture employee feedback and to ensure our business objectives and principles are being delivered and recognised by our workforce. Therefore employee engagement and seeking the views of our workforce are key strategic objectives. There are a number of ways that this is achieved. The principal mechanism for employee engagement in the Charity is the employee forums which are attended by Directors. The forums provide an opportunity for employees to be informed about strategic issues and their views, and ideas are actively sought by the Directors who attend. Topics of discussion include details of business strategy, economic factors affecting us as a Charity, financial performance and health and safety updates. Employees who attend gather feedback and issues from their local colleagues, to be raised at the forums, and there are open sessions for feedback and questions with the Directors. Updates and responses from questions raised to the Directors at the forum are subsequently circulated to each centre.

In 2024 we also conducted our Charity wide employee survey, with over a third of the workforce providing invaluable feedback. The headline results were:

Such feedback helps inform our strategic planning and as a result of the survey a number of additional employee benefits have been introduced during the course of the year. These developments include:

The Charity recognises that the most successful organisations are those where staff feel engaged, empowered and valued. Engaged staff are happier in their jobs and this leads to better performance. Our employees are at the heart of everything that we do, so listening to their ideas and suggestions is important to us, to ensure continual improvement. Furthermore, we strive to be fair and ethical in our business practices, whilst also fostering inclusive and safe workplaces, protecting workers in the supply chain and promoting social welfare.

Business Ethics, Corporate Governance and Stakeholder Relationships

Legacy Leisure takes a robust approach to business ethics and is committed to ensuring a positive culture of health and safety management within the Charity - from top to bottom.

Our framework for ensuring consistently high standards of service delivery in a safe and ethical working environment is embedded within our integrated management system - The Oracle. This library of documents contains all our policies, procedures and files that help inform and train our staff in the appropriate practices/ processes. The Oracle is reviewed periodically within agreed timeframes and updates are automatically communicated throughout the business. Our training regimes are based on the Oracle documents and reinforce our core principles. Key documents, such as our health & safety procedures are reviewed by independent third party specialists, ensuring they meet all statutory/regulatory obligations and adhere to best practice.

LEGACY LEISURE LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Environmental, Social and Governance (ESG) has been incorporated into our core plan and is now a reporting mainstay within Board meetings. As a Charity, we recognise that not only should there be a moral commitment to this part of business planning but there are clear commercial benefits of developing such an approach. These include:

By taking these steps, Legacy Leisure aims to create a positive impact on the environment, society and the economy. It can attract and retain top talent, improve employee morale and productivity, reduce risk of regulatory fines, increase brand value and customer loyalty and access capital from socially responsible investment.

All of our employees seek to be honest and fair in relationships with customers and suppliers. Every attempt is made to ensure that services are provided to the agreed standards and all reasonable steps are taken to ensure the safety and quality of those services.

The Charity understands its role in accountability and has adopted an Anti-bribery Policy and Procedure in order to identify and mitigate any risks that may arise from its dealings with current or prospective clients, contractors, suppliers or consultants that may act on behalf of the Charity.

Our message to colleagues is simple:

Throughout 2024 our open book, transparent and collaborative approach in working with our partners has been well received and has further enhanced our already strong working relationships. We are also mindful of our regulatory requirements and to safeguard shareholder rights and interests, therefore our commitment to strong corporate governance remains steadfast.

The business ethics and corporate governance standards we set internally are also expected to be met by our supply chain. Therefore during 2024 we have introduced further robust metrics to ensure our procurement of suppliers not only captures commercial metrics but also their approach to broader environmental, safety and workforce principles. We recognise that by selecting suppliers that prioritise ethical labour practices, environmental sustainability and community engagement, that this can enhance our reputation and contribute to a more sustainable and equitable world. Furthermore, it ensures that the chosen vendors align with our values of sustainability, fairness and transparency.

Core Principles

We are an experienced business, who remain committed to providing bespoke services in the communities that we serve. We continue to not look to drive our corporate identity, instead, we market the facilities and the activities within the local communities that we operate in.

Our mission is to create strong, lasting partnerships, built on a foundation of efficient and effective delivery, to encourage happier and healthier lifestyles. Our collaborative approach is based on honesty and transparency, working closely with local authorities to deliver against their own corporate, commercial and social objectives.

Safe and welcoming environments are the foundation, but our interaction goes much further than facility operation, making a difference to the health and wellbeing of all of our communities.

LEGACY LEISURE LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

We can only achieve this through our team's collective dedication and passion. At Legacy Leisure, we foster a culture of collaboration, innovation, and continuous learning. Our team members are not just employees; they are partners in our collective success. A motivated and empowered team is the driving force behind our achievements.

These core principles remain at the heart of what we do and are the foundation by which we deliver the services on behalf of our partners.

Auditor

A resolution proposing that Kendall Wadley LLP be reappointed as auditor of the Charity will be put to the Members.

Disclosure of information to auditor

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The Trustees' report, including the strategic report, was approved by the Board of Trustees.

E Holmes Trustee

29 September 2025

LEGACY LEISURE LIMITED

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees, who are also the directors of Legacy Leisure Limited 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 Charity 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 Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

LEGACY LEISURE LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LEGACY LEISURE LIMITED

Opinion

We have audited the financial statements of Legacy Leisure Limited (the ‘Charity’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the 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 Charity 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 Charity’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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters prescribed by the Companies Act 2006

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

LEGACY LEISURE LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF LEGACY LEISURE LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or 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 Charity 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 Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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

LEGACY LEISURE LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF LEGACY LEISURE LIMITED Audit re$pons8 to rfsks identified It is ensured that the engagement team have, collectively, the approprlat6 competence. capabilities and skills to be involved in the asslgnment, are fully briefed and understand the rlsks specific to the charitable company. Processes lo test the outcomes of our assessment include.. a ￿VIeW of the Board of Trustee mlnutes. analytical review. assesslng the relevance and accuracy of slgnificant accountlng esllmates. substantive testing of signlficant transactlons. induding work to Identlfy unusual or unexpected accounting entrles including the lesling of loumal entrles. Informatlon disclosed in the financial statements is agreed to supportlng do¢umentalion. Because of the inherent limitations of an audit, there is a risk that we wlll not detect all irregularitles, including those leading to a material mis-statement In the financial statements or non-compliance with ragulalion. It Is acknowledged that material mis-statements thal arise from fraud may Involve dellberate concealment or collusion and are, therefore, by their very nature harder lo detect than those arlsing from error. It should also be noted that Auditing Standards limit the procedures required to identify non-compliance wlth laws and regulations to enqulry of the Trust6es and other management and th6 Inspection of regulatory and legal correspondence if any. A fijrther description of our responsibilities is available on the Financial Reporting Councll's website at: https:l/ www.frc,org.uklauditorsresponsibillties. This descriptlon forms part of our auditoffs report. Use of our report This report 1$ mado solely to the charltable company's member8, as a body, in accordance wlth Chapter 3 of Part 16 of the Companles Act 2006. Our audlt work has been undertaken so Ihal we might state to the ¢haritatJe company's members those malters we are required to state to them in an audilor's report and for no other purpose. To the fvllest extent permitted by law, we do not accept or assume responsibillty to anyone other than the charltable company and e charltable company's members as a body, for our audlt work, for this report, or for the oplnions we El za eth Needham ACA CTA (VATI Isenlor Statutory Auditor) For and on behalf of Kendall Wadley LLP, Statutory Auditor Chartered Accountants Granta Lodge 71 Graham Road Malvem Worcestershire WR14 2JS 29 Seplember 2025 15-

LEGACY LEISURE LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted
funds
2024
Notes
£
Income from:
Charitable activities
3
36,874,100
Investments
4
170,212
Total
37,044,312
Expenditure on:
5
Charitable activities
36,808,786
Total
36,808,786
Net income/(expenditure) and
movement in funds
235,526
Reconciliation of funds:
Fund balances at 1 January
2024
231,836
Fund balances at 31
December 2024
467,362		 Restricted
funds
2024
£
27,232
-
27,232
27,232
27,232
-
-
-		 Total
Unrestricted
funds
2024
2023
£
£
36,901,332
33,018,433
170,212
35,369
37,071,544
33,053,802
36,836,018
33,084,554
36,836,018
33,084,554
235,526
(30,752)
231,836
262,588
467,362
231,836		 Restricted
funds
2023
£
16,011
-
16,011
16,011
16,011
-
-
-		 Total
2023
£
33,034,444
35,369
33,069,813
33,100,565
33,100,565
(30,752)
262,588
231,836

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

LEGACY LEISURE LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2024

2024 2023
Notes £ £ £ £
Current assets
Stocks 12 308,056 224,491
Debtors 13 3,911,238 3,099,051
Cash at bank and in hand 2,742,086 1,948,776
6,961,380 5,272,318
Creditors: amounts falling due within 14
one year 6,494,018 5,040,482
Total net assets 467,362 231,836
Funds
Unrestricted funds 467,362 231,836
467,362
231,836
~~a~~

The financial statements were approved by the Trustees on 29 September 2025 . E Holmes Trustee

Company registration number 08361324 (England and Wales)

LEGACY LEISURE LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
Cash flows from operating activities
Cash generated from operations
20
Investing activities
Investment income received
Net cash generated from investing activities
Net cash generated from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
£
623,098
170,212
170,212
-
793,310
1,948,776
2,742,086		 2023
£
£
1,168,942
35,369
35,369
-
1,204,311
744,465
1,948,776		 2023
£
£
1,168,942
35,369
35,369
-
1,204,311
744,465
1,948,776
1,204,311
744,465
1,948,776

LEGACY LEISURE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

Charity information

Legacy Leisure Limited is a private company limited by guarantee incorporated in England and Wales and a charity registered in England and Wales. The registered office is 5 Deansway, Worcester, Worcestershire, WR1 2JG.

Activities are transacted through a number of leisure centres, details of which can be found on the website www.legacyleisure.org.uk.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charity Act 2011 and the Charity's Memorandum of Association, the Companies Act 2006, "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) and FRS 102. The Charity is a Public Benefit Entity as defined by FRS 102.

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

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

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources and that there are no material uncertainties about its ability to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in the furtherance of their charitable objectives.

Restricted funds are subject to the specific conditions imposed by donors as to how they may be expended. The purposes and uses of the restricted funds are set out in the notes to the accounts.

1.4 Income

Grant income is recognised in the statement of financial activities when received in accordance with the SORP.

Other sources of income represent monies received in the pursuit of leisure activities or hire of facilities, net of VAT and is recognised in the statement of financial activities at the point at which the activity is undertaken.

Investment income is included in the statement of financial activities in the year in which it is receivable.

1.5 Resources expended

Liabilities are included in the financial statements as soon as recognised.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity.

LEGACY LEISURE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, whereas other costs are apportioned on a basis of estimated usage.

1.6 Stocks

Stocks are stated at the lower of cost and estimated selling price. Cost comprises direct materials and, where applicable, those overheads that have been incurred in bringing the stocks to their present location and condition.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

1.8 Financial instruments

The Charity 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 instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

1.9 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

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

LEGACY LEISURE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

1.10 Retirement benefits

The charitable company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the statement of financial activities in the year they are payable.

The charitable company also has a small number of employees who are members of defined benefit pension schemes. These schemes are multi-employer schemes and the charity is unable to identify its share of the underlying assets and liabilities in them on a consistent and reliable basis. As such the contributions are accounted for as if the schemes were defined contribution and contributions are charged as they become payable.

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustees are 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.

IBNR Provision

From 1 December 2021 the Company has adopted a policy of self-insuring certain losses up to £50,000. The balance of the IBNR provision as at the year end was £273,000 (2023: £216,000). During the year £127,000 was charged (2023: £35,000) and £70,000 was utilised (2023: £69,000) during the year.

LEGACY LEISURE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

3 Charitable activities

Swimming Pool and Memberships
Fitness Gym and Memberships
Tennis and Memberships
Wetside Courses incl. classes
Food and Beverage incl. Vending
Goods for Resale
Accommodation Income
Facilities Hire
Other Indoor Activities
Creche and Holiday Programme
Outdoor Activities
Other Income
Watersports Activities
Managed Business Fees
Performance Related Grants (see detail)
Analysis by fund
Unrestricted funds
Restricted funds
For the year ended 31 December 2023
Unrestricted funds
Restricted funds		 Activities for
generating
funds
£
5,255,861
15,432,295
19,951
7,508,585
1,295,492
481,917
219,479
483,187
967,526
30,704
744,999
3,802,050
346,168
285,886
-
36,874,100
36,874,100
-
36,874,100
33,018,433
-
33,018,433		 Grants and
other
restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
27,232
27,232
-
27,232
27,232
-
16,011
16,011		 Total
2024
£
5,255,861
15,432,295
19,951
7,508,585
1,295,492
481,917
219,479
483,187
967,526
30,704
744,999
3,802,050
346,168
285,886
27,232
36,901,332
36,874,100
27,232
36,901,332		 Total
2023
£
5,327,663
13,658,665
25,131
7,098,767
1,160,889
484,647
151,658
508,334
937,325
42,589
548,498
646,620
390,684
2,036,963
16,011
33,034,444
33,018,433
16,011
33,034,444

Other income includes £3,225,000 relating to Covid Business Interuption insurance claims.

LEGACY LEISURE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

3 Charitable activities (Continued)
2024 2023
£ £
Performance related grants
Health Promotion Officer - 500
West Berkshire Council - Cancer rehab. - 3,865
Swimming lessons - shark funding - 5,833
Holiday Activity and Food programme - 3,813
Swimming Pool Support Fund (SPSF) 27,232 -
Vale of Glamorgan Council - Table tennis equipment - 2,000
27,232 16,011
4 Income from investments
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Interest receivable 170,212 35,369

5 Expenditure on charitable activities

All costs are in connection with the running of the centres, including the operation of activities for which restricted funding has been received (note 15) and grants awarded (note 6).

6 Grants payable

Grants to sports clubs
7
Support costs allocated to activities
Audit fees
Allocated to:
Charitable activities		 2024
£
5,320
2024
£
9,900
9,900		 2023
£
5,215
2023
£
10,800
10,800

LEGACY LEISURE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

8 Trustees

The Trustee E Holmes received remuneration amounting to £18,000 (2023: £18,000) as allowed under the governing documents of the charity for services other than being a trustee, together with pension contributions of £353 (2023: £353).

None of the other trustees (or any persons connected with them) received any remuneration during the year.

One Trustee was also reimbursed £904 (2023: one Trustee, £1,130) in connection with travelling, subsistence, accommodation and other expenses.

9 Employees

The average monthly number of full time equivalent employees during the year was: 560 (2023: 514). On a head count basis the average number is as follows:

Administration and Management
Operations
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2024
Number
246
1,141
1,387
2024
£
15,286,019
770,486
423,049
16,479,554		 2023
Number
240
1,215
1,455
2023
£
14,941,142
714,897
451,490
16,107,529

Included in the above costs for wages and salaries is £365 (2023: £3,776) in respect of redundancy costs.

The number of employees whose annual remuneration was more than £60,000 is as follows:

2024 2023
Number Number
£60,000 - £70,000 1 1
£80,000 - £90,000 - 1
£90,000 - £100,000 1 -

Pension contributions in respect of the higher paid staff amounted to £27,733 (2023 - £27,783).

LEGACY LEISURE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

9 Employees (Continued)
Remuneration of key management personnel
The remuneration of key management personnel was as follows:
2024 2023
£ £
Aggregate compensation 133,016 125,672

10 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

11 Retirement benefit schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. The charge to income and expenditure in respect of defined contribution schemes was £199,057 (2023: £188,918).

Contributions to defined benefit schemes treated as defined contribution schemes (see accounting policies) were £223,992 (2023: £262,572).

12 Stocks

Finished goods and goods for resale
13
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 2024
£
308,056		 2023
£
224,491
2024
£
820,484
229,258
2,861,496
3,911,238		 2023
£
578,022
134,559
2,386,470
3,099,051

LEGACY LEISURE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

14 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Notes
Trade creditors
Other taxation and social security
Deferred income
Other creditors
Accruals		 2024
£
4,019,944
244,218
918,542
348,474
962,840
6,494,018		 2023
£
1,872,180
286,179
724,069
350,836
1,807,218
5,040,482

The deferred income shown above arises from membership fees and services invoiced in advance. The whole amount is released in full in the subsequent accounting period.

15 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At
Swimming Pool Support Fund (SPSF)
Previous year:
At
Health Promotion Officer
Swimming lessons - shark funding
Holiday Activity and Food Programme
Vale of Glamorgan Council - Table tennis
equipment
West Berkshire Council - Cancer rehab.		 1 January
2024
£
-
1 January
2023
£
-
-
-
-
-
-		 Income
Expenditure
At 31
December
2024
£
£
£
27,232
(27,232)
-
Income
Expenditure
At 31
December
2023
£
£
£
500
(500)
-
5,833
(5,833)
-
3,813
(3,813)
-
2,000
(2,000)
-
3,865
(3,865)
-
16,011
(16,011)
-		 Income
Expenditure
At 31
December
2024
£
£
£
27,232
(27,232)
-
Income
Expenditure
At 31
December
2023
£
£
£
500
(500)
-
5,833
(5,833)
-
3,813
(3,813)
-
2,000
(2,000)
-
3,865
(3,865)
-
16,011
(16,011)
-
-

LEGACY LEISURE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

15 Restricted funds

(Continued)

The Swimming Pool Support Fund is a government scheme to support facilities with swimming pools with increased cost pressures, leaving them most vulnerable to closure or significant service reduction.

Health Promotion Officer - Public Health England have provided funding to the Council for Weight Management Service for residents in West Berkshire. Legacy Leisure in partnership with Weight Watchers offer the provision of a Health Promotion Officer (Weight Management Coordinator & client instructor) and an The Activity for Health Coordinator.

Free swimming lessons under the shark scheme - (West Berkshire Borough Council) - To provide free swimming lessons for children who are identified as non swimmers in years 1, 2 and 3 (and down to foundation year). The sessions run on a 50 week continuous program.

Holiday Activity and Food Programme - funding received under the government initiative to assist in providing activity and food during school holidays to those children in receipt of benefits-related free school meals.

Vale of Glamorgan Council - funding received towards the provision of table tennis equipment.

Cancer Rehab (West Berkshire Borough Council) - To provide a cancer rehabilitation programme for people living with or recovering from cancer.

16 Contingent liabilities

The Charity is working with its advisors to resolve issues raised by HMRC in 2025 relating to the Charity's use of the VAT sporting exemption in its business. It is possible this may result in a material liability to the Charity, however at this stage the value of these payments cannot be quantified due to the range of outcomes that are still the subject of discussions with HMRC. The Trustees consider that it could therefore be misleading to assign a value to this potential liability.

17 Events after the reporting date

As a result of the Covid-19 pandemic and the enforced closures of facilities in both March 2020 and, according to tier and geographical location, in September and October 2020, a claim was made to the entity’s insurers for restitution under business interruption clauses.

During the year a without prejudice interim payment was received for the March 2020 claim. Subsequent to the year end the model for the calculation of the quantum for October 2020 is in the process of being agreed between all parties and at this time the likely return is not capable of being quantified. Any income received will have an impact on Professional Services fees and Contract fees payable under such agreements in place at the time of the lock downs.

18 Related party transactions

There were no disclosable related party transactions during the year (2023 - none), other than those shown in note 8.

19 Analysis of changes in net funds

The Charity had no material debt during the year.

LEGACY LEISURE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

20
Cash generated from operations
Surplus/(deficit) for the year
Adjustments for:
Investment income recognised in statement of financial activities
Movements in working capital:
(Increase) in stocks
(Increase) in debtors
Increase in creditors
Increase in deferred income
Cash generated from operations		 2024
£
235,526
(170,212)
(83,565)
(812,187)
1,259,063
194,473
623,098		 2023
£
(30,752)
(35,369)
(28,119)
(111,213)
1,256,138
118,257
1,168,942