| Page | |||
|---|---|---|---|
| Report ofthe Trustees | 1 | to | 13 |
| Report ofthe Independent Auditors |
14 | to | 17 |
| Statement of Financial Activities |
18 | ||
| Balance Sheet | 19 | ||
| Cash Flow Statement | 20 | ||
| Notes to the Cash Flow Statement | 21 | ||
| Notes to the Financial Statements | 22 | to | 38 |
| 31,3.21 | 31.3.20 | ||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | FRS102 | Restricted | Total | Total | |||
| funds | Pension | funds | funds | funds | |||
| As restated | |||||||
| Notes | 6 | 6 | |||||
| INCOME AND ENDOWMENTS | |||||||
| FROM | |||||||
| Donations and legacies |
2 | 1,750,321 | 1,750,321 | 53,561 | |||
| Charitable activities |
4 | ||||||
| Operation ofleisure/golf |
centres | 3,160,421 | 3,160,421 | 7,004,521 | |||
| Investment income |
3 | 394 | 394 | 5,684 | |||
| Total | 3,160,815 | 1,750,321 | 4,911,136 | 7,063,766 | |||
| EXPENDITURE ON |
|||||||
| Charitable activities |
5 | ||||||
| Operation of leisure/golf |
centres | 3,827,239 | 70,000 | 1,750,321 | 5,647,560 | 7,247,920 | |
| NET INCOME/(EXPENDITURE) | (666,424) | (70,000) | (736,424) | (184,154) | |||
| Other recognised | |||||||
| gains/(losses) | |||||||
| Actuarial gains/(losses) |
on | ||||||
| defined benefit schemes |
~865,000) | 865,000 | 483,000 | ||||
| Net movement In funds |
(666,424) | (935,000) | (1,601,424) | 298,846 | |||
| RECONCILIATION OF |
FUNDS | ||||||
| Total funds brought forward |
1,621,286 | (771,000) | 850,286 | 551,440 | |||
| TOTAL FUNDS CARRIED | |||||||
| FORWARD | 954,862 | ~1,706,000) | ~751,f38) | 850,286 |
| 31.3.21 | 31,3.20 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| funds | funds | funds | funds | ||
| Notes | f | 8 | 8 | 6 | |
| FIXED ASSETS | |||||
| Tangible assets | 11 | 980,805 | 980,805 | 1,098,739 | |
| CURRENT ASSETS | |||||
| Stocks | 12 | 65,599 | 65,599 | 65,627 | |
| Debtors | 13 | 296,468 | 296,468 | 373,456 | |
| Investments | 14 | 2,577 | 2,577 | 2,568 | |
| Cash at bank and in hand | 487,536 | 487,536 | 945,078 | ||
| 852,180 | 852,180 | 1,386,729 | |||
| CREDITORS | |||||
| Amounts falling due within one year |
15 | (878,123) | (878,123) | (864,182) | |
| NET CURRENT ASSETS | ~25,943) | ~25,943) | 522,547 | ||
| TOTAL ASSETS LESSCURRENT LIABILITIES | 954,862 | 954,862 | 1,621,286 | ||
| NET ASSETS EXCLUDING PENSION LIABILITY | 954,862 | - | 954,862 | 1,621,286 | |
| PENSION LIABILITY |
18 | 1,706,000 | 1,706,000 | 771,000 | |
| TOTAL FUNDS | 17 | ||||
| Unrestricted funds |
~751,138) | 850,286 | |||
| FUNDS EXCLUDING PENSION | |||||
| LIABILITY | 954,862 | 1,621,286 |
| CASH FLOW | STATEMENT | |||||
|---|---|---|---|---|---|---|
| FOR | THE YEAR ENDED 31 MARCH | 2021 | ||||
| 31.3.21 | 31.3.20 | |||||
| Notes | ||||||
| Cash flows from operating | activities | |||||
| Cash generated from operations |
~457,927) | ~108,722) | ||||
| Net cash used in operating |
activities | ~457,927) | ~108,722) | |||
| Cash flows from investing | activities | |||||
| Purchase oftangible fixed assets |
(29,449) | |||||
| 95 Deposit account investment | (9) | (2,568) | ||||
| Interest received | 394 | 5,684 | ||||
| Net cash provided by/(used |
in) investing | activities | 385 | ~26,333) | ||
| Change in cash and cash |
equivalents | in | ||||
| the reporting period |
(457,542) | (135,055) | ||||
| Cash and cash equivalents | at the | |||||
| beginning ofthe reporting |
period | 945,078 | 1,080,133 | |||
| Cash and cash equivalents | at the end | of | ||||
| the reporting period |
487,536 | 945,078 |
| RECONCILIATION |
OF NET EXPE | NDITURE TO NET CASH FLOW FROM | OPERATING ACTIVI | TIES | |
|---|---|---|---|---|---|
| 31.3.21 | 31.3.20 | ||||
| 6 | 6 | ||||
| Net expenditure for |
the reporting | period (as per the Statement of | |||
| Financial Activities) | (736,424) | (184,154) | |||
| Adjustments for: |
|||||
| Depreciation charges |
117,934 | 117,570 | |||
| Interest received | (394) | (5,684) | |||
| Decrease/(increase) | in stocks | 28 | (20,641) | ||
| Decrease/(increase) | in debtors | 76,988 | (181,635) | ||
| Increase/(decrease) | in creditors | 13,941 | (15,178) | ||
| Difference between | pension charge | and cash contributions | 70,000 | 181,000 | |
| Net cash used in operations | ~457,927) | ~108,722) |
| At 1.4.20 | Cash flow | At 31.3.21 | ||
|---|---|---|---|---|
| F | 6 | 6 | ||
| Net cash | ||||
| Cash at bank and | in hand | 945,078 | ~457,542 | 487,536 |
| 945,078 | (457,542) | 487,536 |
| 31.3.21 | 31.3.20 | ||||||
|---|---|---|---|---|---|---|---|
| 6 | f | ||||||
| Deposit account interest | 394 | 5,684 | |||||
| INCOME FROM | CHARITABLE ACTIVITIES | ||||||
| 31.3.21 | 31.3.20 | ||||||
| As restated | |||||||
| Activity | |||||||
| Leisure centre | income | Operation | of leisure/golf | centres | 1,889,981 | 6,945,245 | |
| TMBC reimbursement | Operation | of leisure/golf | centres | 840,724 | 59,276 | ||
| Management | fee | Operation | of leisure/golf | centres | 300,000 | ||
| Grants | Operation | of leisure/golf | centres | 129,716 | |||
| 3,160,421 | 7,004,521 | ||||||
| Grants received, | included | in the above, are as follows: | |||||
| 31.3.21 | 31.3.20 | ||||||
| As restated | |||||||
| 6 | |||||||
| TMBC COVID-19 grant | 91,712 | ||||||
| TMBC Utilities | protection | 38,004 | |||||
| 129,716 |
| Support | ||||||
|---|---|---|---|---|---|---|
| Direct | costs (see | |||||
| Costs | note 6) | Totals | ||||
| 6 | f | 6 | ||||
| Operation | of leisure/golf | centres | 4,382,374 | 1,265,186 | 5,647,560 | |
| SUPPORT | COSTS | |||||
| Governance | ||||||
| Management | costs | Totals | ||||
| 6 | 6 | 6 | ||||
| Operation | of leisure/golf | centres | 1,240,670 | 24,516 | 1,265,186 | |
| NET INCOME/(EXPENDITURE) | ||||||
| Net income/(expenditure) | is stated after charging/(crediting): | |||||
| 31.3.21 | 31.3.20 | |||||
| f | 6 | |||||
| Audit Fee | 10,750 | 9,003 | ||||
| Other non-audit | services | 13,766 | 13,247 | |||
| Depreciation - |
owned assets | 117,934 | 117,570 |
| STAFF COSTS | ||
|---|---|---|
| 31.3.21 | 31.3.20 | |
| 6 | 6 | |
| Wages and salaries | 3,530,629 | 3,811,928 |
| Social security costs | 209,963 | 236,760 |
| Other pension costs | 296,368 | 408,974 |
| Staff restructuring costs |
39,837 | |
| 4,076,797 | 4,457,662 |
| 31.3.21 | 31.3.20 | ||
|---|---|---|---|
| Senior | management | 7 | 6 |
| Leisure | activities | 354 | 360 |
| Support | 9 | 11 | |
| 370 | 377 |
| COMPARATIVES | COMPARATIVES | FOR | THE STATEMENT OF FINANCIAL ACTIVITIES | THE STATEMENT OF FINANCIAL ACTIVITIES | |||
|---|---|---|---|---|---|---|---|
| Unrestricted | FRS | 102 | Total | ||||
| funds | pension | fund | funds | ||||
| 6 | 6 | 6 | |||||
| INCOME AND ENDOWMENTS | FROM | ||||||
| Charitable | activities | ||||||
| Operation | of leisure/golf | centres | 7,058,082 | 7,058,082 | |||
| Investment | income | 5,684 | 5,684 | ||||
| Total | 7,063,766 | 7,063,766 |
| 10. | COMPARATIVES | FOR | THE STATEMENT OF FINANCIAL ACTIVITIES - continued | THE STATEMENT OF FINANCIAL ACTIVITIES - continued | THE STATEMENT OF FINANCIAL ACTIVITIES - continued | THE STATEMENT OF FINANCIAL ACTIVITIES - continued | THE STATEMENT OF FINANCIAL ACTIVITIES - continued | ||
|---|---|---|---|---|---|---|---|---|---|
| Unrestricted | FRS102 | Total | |||||||
| funds | pension | fund | funds | ||||||
| f | f | 6 | |||||||
| EXPENDITURE ON | |||||||||
| Charitable activities |
|||||||||
| Operation of leisure/golf |
centres | 7,066,920 | 181,000 | 7,247,920 | |||||
| NET INCOME/(EXPENDITURE) | (3,154) | (181,000) | (184,154) | ||||||
| Other recognised | gains/(losses) | ||||||||
| Actuarial gains on defined |
benefit schemes | 483,000 | 483,000 | ||||||
| Net movement in funds |
(3,154) | 302,000 | 298,846 | ||||||
| RECONCILIATION | OF FUNDS | ||||||||
| Total funds brought forward |
1,624,440 | (1,073,000) | 551,440 | ||||||
| TOTAL FUNDS CARRIED | FORWARD | ||||||||
| 11. | TANGIBLE FIXED | ASSETS | |||||||
| Improvements | |||||||||
| to | Plant and | Office | |||||||
| property | machinery | equipment | Totals | ||||||
| E | 2 | 6 | 2 | ||||||
| COST | |||||||||
| At 1 April 2020 and | 31 March 2021 | 1,042,527 | 232,563 | 66,273 | 1,341,363 | ||||
| DEPRECIATION | |||||||||
| At 1 April 2020 | 126,970 | 78,388 | 37,266 | 242,624 | |||||
| Charge for year | 69,959 | 36,455 | 11,520 | 117,934 | |||||
| At 31 March 2021 | 196,929 | 114,843 | 48,786 | 360,558 | |||||
| NET BOOK VALUE | |||||||||
| At 31 March 2021 | 845,598 | 117,720 | 17,487 | 980,805 | |||||
| At 31 March 2020 | 915,557 | 154,175 | 29,007 | 1,098,739 |
| NOTES TO THE FINANCIAL STATEMENTS | - continued | |||||
|---|---|---|---|---|---|---|
| FOR THE YEAR ENDED 31 MARCH | 2021 | |||||
| 12. | STOCKS | |||||
| 31.3.21 | 31.3.20 | |||||
| 6 | ||||||
| Stocks | 65,599 | 65,627 | ||||
| 13. | DEBTORS:AMOUNTS | FALLING DUE WITHIN ONE YEAR | ||||
| 31.3.21 | 31.3.20 | |||||
| Trade debtors | 6,120 | 135,600 | ||||
| Other debtors | 7,299 | 9,011 | ||||
| Prepayments | and accrued income | 283,049 | 228,845 | |||
| 296,468 | 373,456 | |||||
| 14. | CURRENT ASSET INVESTMENTS | |||||
| 31.3.21 | 31.3.20 | |||||
| 6 | ||||||
| Unlisted investments |
2,577 | 2,568 | ||||
| 15. | CREDITORS: | AMOUNTS FALLING DUE WITHIN ONE YEAR |
||||
| 31.3.21 | 31.3.20 | |||||
| Trade creditors | 207,129 | 297,978 | ||||
| Social security | and other taxes | 50,782 | 66,375 | |||
| VAT | 15,348 | 18,058 | ||||
| Other creditors | 50,911 | 47,835 | ||||
| Deferred income |
296,961 | 271,555 | ||||
| Accrued expenses | 256,992 | 162,381 | ||||
| 878,123 | 864,182 |
| 31.3.21 | 31.3.20 | |
|---|---|---|
| Within one year | 54,231 | 43,914 |
| Between one and five years | 40,099 | 16,342 |
| 94,330 | 60,256 |
| MOVEMENT IN |
FUNDS | |||||
|---|---|---|---|---|---|---|
| Net | ||||||
| movement | At | |||||
| At 1.4.20 | in funds | 31.3,21 | ||||
| 6 | f | |||||
| Unrestricted funds |
||||||
| General fund |
1,471,801 | (666,424) | 805,377 | |||
| IT Replacement | Fund | 149,485 | 149,485 | |||
| FRS102 Pension | ~771,000) | ~935,000) | ~1,706,000 | |||
| TOTAL FUNDS | 850,286 | ~1,601,424) | ~751,138) | |||
| Net movement in |
funds, | included | in the above are as follows: | |||
| Incoming | Resources | Gains and | Movement | |||
| resources | expended | losses | in funds | |||
| 6 | 6 | f | 6 | |||
| Unrestricted funds |
||||||
| General fund FRS102 Pension |
3,160,815 | (3,827,239) ~70,000) |
~865,000) | (666,424) ~935,000 |
||
| 3,160,815 | (3,897,239) | (865,000) | (1,601,424) | |||
| Restricted funds | ||||||
| Coronavirus job retention |
scheme | 1,750,321 | (1,750,321) | |||
| TOTAL FUNDS | 4,911,136 | ~5,647,560) | ~865,000) | ~1,601,424) |
| Net | |||||
|---|---|---|---|---|---|
| movement | At | ||||
| At 1.4.19 | in funds | 31.3.20 | |||
| 6 | 6 | 6 | |||
| Unrestricted | funds | ||||
| General fund |
1,473,032 | (1,231) | 1,471,801 | ||
| IT Replacement | Fund | 151,408 | (1,923) | 149,485 | |
| FRS102Pension | (1,073,000) | 302,000 | (771,000) | ||
| 551,440 | 298,846 | 850,286 | |||
| TOTAL FUNDS | 551,440 | 298,846 | 850,286 |
| Incoming | Resources | Gains and | Movement | ||||
|---|---|---|---|---|---|---|---|
| resources | expended | losses | in funds | ||||
| 6 | 6 | 6 | |||||
| Unrestricted | funds | ||||||
| General | fund | 7,063,766 | (7,064,997) | (1,231) | |||
| IT Replacement FRS102 Pension |
Fund | (1,923) ~181,000) |
483,000 | (1,923) 302,000 |
| Net | ||||||
|---|---|---|---|---|---|---|
| movement | At | |||||
| At 1.4.19 | in funds | 31.3.21 | ||||
| f | f | f | ||||
| Unrestricted | funds | |||||
| General | fund | 1,473,032 | (667,655) | 805,377 | ||
| IT Replacement | Fund | 151,408 | (1,923) | 149,485 | ||
| FRS102 | Pension | ~1,073,000) | ~833,000 | ~1,706,000 | ||
| 551,440 | 1,302,578 | 751,138 | ||||
| TOTAL | FUNDS | 551,440 | ~1,302,578) | ~751,138) |
| Incoming | Resources | Gains and | Movement | |||
|---|---|---|---|---|---|---|
| resources f |
expended f |
losses f |
in funds f |
|||
| Unrestricted funds |
||||||
| General fund |
10,224,581 | (10,892,236) | (667,655) | |||
| IT Replacement FRS102Pension |
Fund | (1,923) ~251 000) |
~382 000) | (1,923) ~633000) |
||
| 10,224,581 | (11,145,159) | (382,000) | (1,302,578) | |||
| Restricted funds | ||||||
| Coronavirus job |
retention | scheme | 1,750,321 | (1,750,321) | ||
| TOTAL FUNDS | 11,974,902 | (12,895,4807 | ~382,000 | J1,302,5787 |
| Defined | benefit | ||||||
|---|---|---|---|---|---|---|---|
| pension | plans | ||||||
| 31.3.21 | 31.3.20 | ||||||
| f | 8 | ||||||
| Present value of funded | obligations | (3,084,000) | (1,758,000) | ||||
| Fair value of | plan assets | 1,378,000 | 987,000 | ||||
| (1,706,000) | (771,000) | ||||||
| Present value | of unfunded | obligations | |||||
| Deficit | ~1,706,000) | ~771,000 | |||||
| Net liability | ~1,706,000) | ~771,000) | |||||
| The amounts | recognised | in | the Statement of Financial | Activities are as follows; | |||
| Defined | benefit | ||||||
| pension | plans | ||||||
| 31.3.21 | 31.3.20 | ||||||
| f | 6 | ||||||
| Current service cost | 112,000 | 217,000 | |||||
| Net interest from net defined | benefit | ||||||
| asset/tiability | 17,000 | 25,000 | |||||
| Administrative | expenses | 1,000 | 1,000 | ||||
| 130,000 | 243 000 | ||||||
| Actual return on plan assets | 308,000 | ~75,000 |
| Defined | benefit | ||||
|---|---|---|---|---|---|
| pension | plans | ||||
| 31.3.21 | 31.3,20 | ||||
| f | 6 | ||||
| Opening | defined benefit |
obligation | 1,758,000 | 2,047,000 | |
| Current | service cost | 112,000 | 197,000 | ||
| Past service cost | 20,000 | ||||
| Contributions by scheme participants |
24,000 | 27,000 | |||
| Interest | cost | 42,000 | 50,000 | ||
| Actuarial | losses/(gains) | (25,000) | (111,000) | ||
| Remeasure ments: | |||||
| Actuarial | (gains)/losses | from changes | in | ||
| demographic assumptions |
(18,000) | (124,000) | |||
| Actuarial | (gains)/losses | from changes | in | ||
| financial | assumptions | 1,191,000 | ~348,000) | ||
| 3,084,000 | 1,758,000 |
| Defined | benefit | ||||
|---|---|---|---|---|---|
| pension | plans | ||||
| 31.3.21 | 31.3.20 | ||||
| 6 | f | ||||
| Opening | fair | value ofscheme assets | 987,000 | 974,000 | |
| Interest on assets | (1,000) | (1,000) | |||
| Contributions | by employer | 60,000 | 62,000 | ||
| Contributions | by scheme participants | 24,000 | 27,000 | ||
| Expected | return | 25,000 | 25,000 | ||
| Return on plan assets (excluding | interest | ||||
| income) | 283,000 | ~100,000) | |||
| 1,378,000 | 987,000 |
| The amo | unts | re | cognis | e | d in other |
reco | gnised gains and |
losses are as follows: | |
|---|---|---|---|---|---|---|---|---|---|
| Defined | benefit | ||||||||
| pension | plans | ||||||||
| 31.3.21 | 31.3.20 | ||||||||
| E | 6 | ||||||||
| Actuarial | (gains)/losses | from changes | in | ||||||
| demographic | assumptions | 18,000 | 124,000 | ||||||
| Actuarial | (gains)Rosses | from changes | in | ||||||
| financial | assumptions | (1,191,000) | 348,000 | ||||||
| Return on plan | assets | (excluding | interest | ||||||
| income) | 283,000 | (100,000) | |||||||
| Experience gain/loss | on defined | benefit | |||||||
| obligation | 25,000 | 111,000 | |||||||
| ~865,000) | 483,000 | ||||||||
| The major categories | ofscheme | assets as a percentage | of total scheme assets are as follows: | ||||||
| Defined | benefit | ||||||||
| pension | plans | ||||||||
| 31.3.21 | 31.3.20 | ||||||||
| Equities | 65% | 62% | |||||||
| Gilts | 1% | 1% | |||||||
| Other Bonds | 12% | 12% | |||||||
| Property | 10% | 14'/ | |||||||
| Cash | 5% | 3'/o | |||||||
| Absolute | Return | Fund | 7% | 8% | |||||
| 100% | 100% |
| projected | service cost along with a +/-1 year a |
ge rating adjustment | to the mortalily assump |
tion: | |
|---|---|---|---|---|---|
| 6 | 9 | 6 | |||
| Adjustment | to discount rate | +0.1% | 00% | 0.1% | |
| Present value of total obligation | 2,966,000 | 3,084,000 | 3,206,000 | ||
| Projected service cost | 195,000 | 204,000 | 214,000 | ||
| Adjustment | to long term salary increase | +0.1% | 0.0% | -0.1% | |
| Present value of total obligation | 3,089,000 | 3,084,000 | 3,079,000 | ||
| Projected service cost | 204,000 | 204,000 | 204,000 | ||
| Adjustment | to pension increases and deferred |
revaluation | +1 year | None | -1year |
| Present value of total obligation | 3,200,000 | 3,084,000 | 2,972,000 | ||
| Projected service cost | 214,000 | 204,000 | 195,000 | ||
| Adjustment | to life expectancy assumptions |
+1 year | None | -1year | |
| Present value of total obligation | 3,193,000 | 3,084,000 | 2,979,000 | ||
| Projected service cost | 212,000 | 204,000 | 196,000 |