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|||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|
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|||||||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|
##
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|||||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|
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|||||||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|
##
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##
|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|
##
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