| Page | |||
|---|---|---|---|
| Report ofthe Trustees | 1 | to | 15 |
| Report ofthe Independent Auditors |
16 | to | 19 |
| Statement of Financial Activities | 20 | ||
| Balance Sheet | 21 | ||
| Cash Flow Statement | 22 | ||
| Notes to the Cash Flow Statement | 23 | ||
| Notes to the Financial Statements | 24 | to | 42 |
| 31.3.22 | 31.3.21 | ||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | FRS102 | Restricted | Total | Total | |||
| funds | Pension | funds | funds | funds | |||
| Notes | E | F | E | F | E | ||
| INCOME AND ENDOWMENTS | |||||||
| FROM | |||||||
| Donations and legacies |
2 | 219,280 | 219,280 | 1,750,321 | |||
| Charitable activities |
4 | ||||||
| Operation of leisure/golf |
centres | 7,192,172 | 31,784 | 7,223,956 | 3,160,421 | ||
| Investment income |
1,159 | 1,159 | 394 | ||||
| Total | 7,193,331 | 251,064 | 7,444,395 | 4,911,136 | |||
| EXPENDITURE ON | |||||||
| Charitable activities |
5 | ||||||
| Operation of leisure/golf |
centres | 6,808,539 | 187,000 | 219,280 | 7,214,819 | 5,647,560 | |
| NET INCOME/(EXPENDITURE) | 384,792 | (187,000) | 31,784 | 229,576 | (736,424) | ||
| Other recognised | |||||||
| gains/(losses) | |||||||
| Actuarial gains/(losses) |
on | ||||||
| defined benefit schemes |
316,000 | 316,000 | ~865,000) | ||||
| Net movement in funds |
384,792 | 129,000 | 31,784 | 545,576 | (1,601,424) | ||
| RECONCILIATION OF FUNDS |
|||||||
| Total funds brought forward |
954,862 | (1,706,000) | (751,138) | 850,286 | |||
| TOTAL FUNDS CARRIED | |||||||
| FORWARD | 1,339,654 | ~1,577,000) | 31,784 | ~205,562) | ~751,138) |
| 31.3.22 | 31.3.21 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | FRS102 | Restricted | Total | Total | ||
| funds | Pension | funds | funds | funds | ||
| Notes | E | E | E | E | E | |
| FIXEDASSETS | ||||||
| Tangible assets | 895,501 | 895,501 | 980,805 | |||
| CURRENT ASSETS | ||||||
| Stocks | 12 | 80,757 | 80,757 | 65,599 | ||
| Debtors | 13 | 405,089 | 405,089 | 296,468 | ||
| Investments | 14 | 2,579 | 2,579 | 2,577 | ||
| Cash at bank and in hand | 1,210,856 | 31,784 | 1,242,640 | 487,536 | ||
| 1,699,281 | 31,784 | 1,731,065 | 852,180 | |||
| CREDITORS | ||||||
| Amounts falling due within one |
||||||
| year | 15 | (1,255,128) | (1,255,128) | (878,123) | ||
| NET CURRENT ASSETS | 444,153 | 31,784 | 475,937 | ~25,943) | ||
| TOTAL ASSETS LESS | ||||||
| CURRENT LIABILITIES | 1,339,654 | 31,784 | 1,371,438 | 954,862 | ||
| NET ASSETS EXCLUDING PENSION | ||||||
| LIABILITY | 1,339,654 | 31,784 | 1,371,438 | 954,862 | ||
| PENSION LIABILITY | 18 | 1,577,000 | 1,577,000 | 1,706,000 | ||
| FUNDS | 17 | |||||
| Unrestricted funds |
(237,346) | (751,138) | ||||
| Restricted funds | 31,784 | |||||
| TOTAL FUNDS | ~205,562) | ~751,138) | ||||
| FUNDS EXCLUDING PENSION | ||||||
| LIABILITY | 1,371,438 | 954,862 |
| CASH FLOW | STATEMENT | |||||
|---|---|---|---|---|---|---|
| FOR | THE YEAR ENDED 31 MARCH | 2022 | ||||
| 31.3.22 | 31.3.21 | |||||
| Notes | ||||||
| Cash flows from operating | activities | |||||
| Cash generated from operations |
780,369 | ~457,927) | ||||
| Net cash provided by/(used |
in) operating | activities | 780,369 | ~457,927) | ||
| Cash flows from investing | activities | |||||
| Purchase oftangible fixed assets |
(36,902) | |||||
| Sale oftangible fixed assets |
10,480 | |||||
| 95day deposit account investment | (2) | (9) | ||||
| Interest received | 1,159 | 394 | ||||
| Net cash (used in)/provided | by investing | activities | ~25,265) | 385 | ||
| Change in cash and cash |
equivalents | in | ||||
| the reporting period |
755,104 | (457,542) | ||||
| Cash and cash equivalents | at the | |||||
| beginning ofthe reporting |
period | 487,536 | 945,078 | |||
| Cash and cash equivalents | at the end | of | ||||
| the reporting period |
1,242,640 | 487,536 |
| RECONCILIATION ACTIVITIES |
OF NE | T I | NCOME/(EXPEN | DITURE) TO NET |
CASH FLOW | FROM OPERATI | NG | |
|---|---|---|---|---|---|---|---|---|
| 31.3.22 | 31.3.21 | |||||||
| Net income/(expenditure) | for the reporting | period (as per the | ||||||
| Statement of Financial Activities) | 229,576 | (736,424) | ||||||
| Adjustments for: |
||||||||
| Depreciation charges |
111,726 | 117,934 | ||||||
| Interest received | (1,159) | (394) | ||||||
| (Increase)/decrease | in stocks | (15,158) | 28 | |||||
| (Increase)/decrease | in debtors | (108,621) | 76,988 | |||||
| Increase in creditors |
377,005 | 13,941 | ||||||
| Difference between | pension | charge and cash | contributions | 187,000 | 70,000 | |||
| Net cash provided | by/(used | in) operations | 780,369 | ~457,927) | ||||
| ANALYSIS OF CHANGES | IN | NET FUNDS | ||||||
| At 1.4.21 | Cash flow | At 31.3.22 | ||||||
| E | ||||||||
| Net cash | ||||||||
| Cash at bank and | in | hand | 487,536 | 755,104 | 1,242,640 | |||
| 487,536 | 755,104 | 1,242,640 | ||||||
| Liquid resources | ||||||||
| Deposits included | in | cash | ||||||
| Current asset investments | 2,577 | 2,579 | ||||||
| 2,577 | 2,579 | |||||||
| Total | 490,113 | 755,106 | 1,245,219 |
| DONATIONS | AND LEGACIES | AND LEGACIES | |||||
|---|---|---|---|---|---|---|---|
| 31.3.22 | 31.3.21 | ||||||
| E | |||||||
| Job retention | scheme | 219,280 | 1,750,321 | ||||
| INVESTMENT INCOME | |||||||
| 31,3.22 | 31.3.21 | ||||||
| E | |||||||
| Deposit account interest | 1,159 | 394 | |||||
| INCOME FROM CHARITABLE | ACTIVITIES | ||||||
| 31.3.22 | 31.3.21 | ||||||
| Activity | E | E | |||||
| Leisure centre | income | Operation | ofleisure/golf | centres | 6,287,859 | 1,889,981 | |
| Insurance claim |
Operation | ofleisure/golf | centres | 7,363 | |||
| TMBC reimbursement | Operation | of leisure/golf | centres | 840,724 | |||
| Management | fee | Operation | ofleisure/golf | centres | 700,000 | 300,000 | |
| Grants | Operation | ofleisure/golf | centres | 228,734 | 129,716 | ||
| 7,223,956 | 3,160,421 | ||||||
| Grants received, included |
in the | above, are as follows; | |||||
| 31.3.22 | 31.3.21 | ||||||
| E | E | ||||||
| TMBC COVID-19 grant | 152,549 | 91,712 | |||||
| TMBC Utilities | protection | 38,004 | |||||
| KHPC Deficit | Contribution | 9,101 | |||||
| KCC Reconnect grant | 31,784 | ||||||
| TMBC telephone replacement |
35,300 | ||||||
| 228,734 | 129,716 |
| NOTES TO THE FINANCIAL STATEMENTS | NOTES TO THE FINANCIAL STATEMENTS | NOTES TO THE FINANCIAL STATEMENTS | - continued | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| FOR THE YEAR ENDED 31 | MARCH | 2022 | ||||||||
| 5. | CHARITABLE | ACTIVITIES | COSTS | |||||||
| Support | ||||||||||
| Direct | costs (see | |||||||||
| Costs | note 6) | Totals | ||||||||
| E | ||||||||||
| Operation | of leisure/golf | centres | 5,593,913 | 1,620,906 | 7,214,819 | |||||
| 6. | SUPPORT | COSTS | ||||||||
| Governance | ||||||||||
| Management | costs | Totals | ||||||||
| E | E | E | ||||||||
| Operation | ofleisure/golf | centres | 1,587,932 | 32,974 | 1,620,906 | |||||
| 7. | NET INCOME/(EXPENDITURE) | |||||||||
| Net income/(expenditure) | is | stated after charging/(crediting): | ||||||||
| 31.3.22 | 31.3.21 | |||||||||
| E | ||||||||||
| Audit Fee | 9,730 | 10,750 | ||||||||
| Other non-audit | services | 23,244 | 13,766 | |||||||
| Depreciation | - | owned assets | 111,726 | 117,934 |
| STAFF COSTS | ||||
|---|---|---|---|---|
| 31.3.22 | 31.3.21 | |||
| E | ||||
| Wages and salaries | 3,854,721 | 3,530,629 | ||
| Social security costs | 254,296 | 209,963 | ||
| Other pension costs | 423,389 | 304,968 | ||
| Staff restructuring costs |
39,837 | |||
| 4,532,406 | 4,076,797 | |||
| The average monthly |
number ofemployees | during the year was as follows: | ||
| 31.3.22 | 31.3.21 | |||
| Senior management | 8 | 6 | ||
| Leisure activities | 336 | 355 | ||
| Support | 9 | 9 | ||
| 353 | 370 |
| The number ofemployees whose employee benefits |
(excluding employer pension costs) exceede |
d f60,000 w |
|---|---|---|
| 31.3.22 | 31.3.21 | |
| 260,001 - 270,000 | 1 | |
| 2110,001 - f120,000 | 1 | 1 |
| COMPAR | ATIVES FOR |
THE ST | ATEMENT O | F FINANCIAL ACTIV | ITIES | ||
|---|---|---|---|---|---|---|---|
| Unrestricted | FRS102 | Restricted | Total | ||||
| funds | Pension | funds | funds | ||||
| E | E | ||||||
| INCOME AND ENDOWMENTS | FROM | ||||||
| Donations | and legacies | 1,750,321 | 1,750,321 | ||||
| Charitable | activities | ||||||
| Operation | ofleisure/golf | centres | 3,160,421 | 3,160,421 | |||
| Investment | income | 394 | 394 | ||||
| Total | 3,160,815 | 1,750,321 | 4,911,136 |
| NOTES TO | THE FINANCIAL | STATEMENTS - continued | STATEMENTS - continued | STATEMENTS - continued | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| FOR | THE YEAR ENDED 31 MARCH | 2022 | ||||||||
| 10. | COMPARATIVES | FOR | THE STATEMENT OF FINANCIAL ACTIVITIES - continued | |||||||
| Unrestricted | FRS102 | Restricted | Total | |||||||
| funds | Pension | funds | funds | |||||||
| P | E | F | ||||||||
| EXPENDITURE ON | ||||||||||
| Charitable activities |
||||||||||
| Operation ofleisure/golf |
centres | 3,827,239 | 70,000 | 1,750,321 | 5,647,560 | |||||
| NET INCOME/(EXPENDITURE) | (666,424) | (70,000) | (736,424) | |||||||
| Other recognised | gains/(losses) | |||||||||
| Actuarial gains/(losses) |
on defined | benefit | ||||||||
| schemes | ~865,000) | ~865,000) | ||||||||
| Net movement in |
funds | (666,424) | (935,000) | (1,601,424) | ||||||
| RECONCILIATION | OF | FUNDS | ||||||||
| Total funds brought | forward | 1,621,286 | (771,000) | 850,286 | ||||||
| TOTAL FUNDS CARRIED FORWARD | 954,862 | ~1,706,000) | ~751,138) | |||||||
| 11. | TANGIBLE FIXED | ASSETS | ||||||||
| Improvements | ||||||||||
| to | Plant and | Office | ||||||||
| property | machinery | equipment | Totals | |||||||
| E | E | E | ||||||||
| COST | ||||||||||
| At 1 Apn'I 2021 | 1,042,527 | 232,563 | 66,273 | 1,341,363 | ||||||
| Additions Disposals |
6,018 | 26,963 ~14,455) |
3,921 | 36,902 ~14,455) |
||||||
| At 31 March 2022 | 1,048,545 | 245,071 | 70,194 | 1,363,810 | ||||||
| DEPRECIATION | ||||||||||
| At 1 April 2021 | 196,929 | 114,843 | 48,786 | 360,558 | ||||||
| Charge for year Eliminated on disposal |
69,958 | 32,902 ~3,975) |
8,866 | 111,726 ~3,975) |
||||||
| At 31 March 2022 | 266,887 | 143,770 | 57,652 | 468,309 | ||||||
| NET BOOK VALUE | ||||||||||
| At 31 March 2022 | 781,658 | 101,301 | 12,542 | 895,501 | ||||||
| At 31 March 2021 | 845,598 | 117,720 | 17,487 | 980,805 |
| 12, | STOCKS | |||||
|---|---|---|---|---|---|---|
| 31.3.22 | 31.3.21 | |||||
| F | E | |||||
| Stocks | 80,757 | 65,599 | ||||
| 13. | DEBTORS:AMOUNTS | FALLING DUE WITHIN ONE YEAR | ||||
| 31,3.22 | 31.3.21 | |||||
| E | P | |||||
| Trade debtors | 72,970 | 6,120 | ||||
| Other debtors | 176,717 | 7,299 | ||||
| Prepayments | and accrued | income | 155,402 | 283,049 | ||
| 405,089 | 296,468 | |||||
| 14. | CURRENT ASSET INVESTMENTS | |||||
| 31.3.22 | 31.3,21 | |||||
| E | ||||||
| Unlisted investments |
2,579 | 2,577 | ||||
| 15. | CREDITORS: | AMOUNTS | FALLING DUE WITHIN ONE YEAR | |||
| 31.3.22 | 31.3.21 | |||||
| E | ||||||
| Payments on |
account | 144,361 | ||||
| Trade creditors | 264,096 | 62,768 | ||||
| Social security | and other | taxes | 79,703 | 50,782 | ||
| VAT | 65,622 | 15,348 | ||||
| Other creditors | 160,584 | 50,911 | ||||
| Deferred income |
449,357 | 296,961 | ||||
| Accrued expenses | 235,766 | 256,992 | ||||
| 1,255,128 | 878,123 |
| 31.3.22 | 31.3.21 | |
|---|---|---|
| P. | E | |
| Within one year | 52,745 | 54,231 |
| Between one and five years | 22,354 | 40,099 |
| 75,099 | 94,330 |
| MOVEMENT IN |
FUNDS | |||
|---|---|---|---|---|
| Net | ||||
| movement | At | |||
| At 1.4.21 | in funds | 31.3.22 | ||
| Unrestricted funds |
||||
| General fund |
805,377 | 349,774 | 1,155,151 | |
| IT Replacement | Fund | 149,485 | (282) | 149,203 |
| FRS102 Pension | (1,706,000) | 129,000 | (1,577,000) | |
| Telephone replacement |
35,300 | 35,300 | ||
| (751,138) | 513,792 | (237,346) | ||
| Restricted funds | ||||
| KCC Reconnect | 31,784 | 31,784 | ||
| TOTAL FUNDS | ~751,138) | 545,576 | ~205,562) |
| Incoming | Resources | Gains and | Movement | ||
|---|---|---|---|---|---|
| resources | expended | losses | in funds | ||
| F | F | F | |||
| Unrestricted funds |
|||||
| General fund |
7,158,031 | (6,808,257j | 349,774 | ||
| IT Replacement | Fund | (282j | (282j | ||
| FRS102 Pension | (187,000) | 316,000 | 129,000 | ||
| Telephone replacement |
35,300 | 35,300 | |||
| 7,193,331 | (6,995,539) | 316,000 | 513,792 | ||
| Restricted funds | |||||
| Coronavirus job |
retention scheme | 219,280 | (219,280) | ||
| KCC Reconnect | 31,784 | 31,784 | |||
| 251,064 | ~219,280) | 31,784 | |||
| TOTAL FUNDS | 7,444,395 | ~7,214,819) | 316,000 | 545,576 |
| Net | |||||
|---|---|---|---|---|---|
| movement | At | ||||
| At 1.4.20 | in funds | 31.3.21 | |||
| E | |||||
| 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) | ||
| 850,286 | ~1,601,424) | ~751,138) | |||
| TOTAL FUNDS | 850,286 | ~1,601,424) | ~751,138) |
| Incoming | Resources | Gains and | Movement | |||
|---|---|---|---|---|---|---|
| resources | expended | losses | in funds | |||
| E | E | E | ||||
| Unrestricted | funds | |||||
| General fund FRS102 Pension |
3,160,815 | (3,827,239) ~70,000) |
~865,000) | (666,424) ~935,000) |
||
| 3, 'I 60,815 | (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 1.4,20 | in funds | 31.3.22 | ||
| E | ||||
| Unrestricted funds |
||||
| General fund |
1,471,801 | (316,650) | 1,155,151 | |
| IT Replacement | Fund | 149,485 | (282) | 149,203 |
| FRS102 Pension | (771,000) | (806,000) | (1,577,000) | |
| Telephone replacement |
35,300 | 35,300 | ||
| 850,286 | (1,087,632) | (237,346) | ||
| Restricted funds | ||||
| KCC Reconnect | 31,784 | 31,784 | ||
| TOTAL FUNDS | 850,286 | (1,055,848) | ~205,562) |
| Incoming | Resources | Gains and | Movement | |||
|---|---|---|---|---|---|---|
| resources | expended | losses | in funds | |||
| E | E | E | E | |||
| Unrestricted funds |
||||||
| General fund |
10,318,846 | (10,635,496) | (316,650) | |||
| IT Replacement | Fund | (282) | (282) | |||
| FRS102Pension | (257,000) | (549,000) | (806,000) | |||
| Telephone replacement |
35,300 | 35,300 | ||||
| 10,354,146 | (10,892,778) | (549,000) | (1,087,632) | |||
| Restricted funds | ||||||
| Coronavirus job |
retention | scheme | 1,969,601 | (1,969,601) | ||
| KCC Reconnect | 31,784 | 31,784 | ||||
| 2,001,385 | ~1,969,601 ) | 31,784 | ||||
| TOTAL FUNDS | 12,355,531 | (12,862,379) | ~549,000) | ~1,055,848) |
| Defined | benefit | |||
|---|---|---|---|---|
| pension | plans | |||
| 31.3.22 | 31.3.21 | |||
| E | E | |||
| Present value offunded | obligations | (3,083,000) | (3,084,000) | |
| Fair value of plan assets | 1,506,000 | 1,378,000 | ||
| (1,577,000) | (1,706,000) | |||
| Present value of unfunded | obligations | |||
| Deficit | ~1,577,000) | ~1,706,000) | ||
| Net liability | ~1,577,000) | ~1,706,000) |
| Defined | benefit | ||
|---|---|---|---|
| pension | plans | ||
| 31.3,22 | 31.3.21 | ||
| Current service cost | 223,000 | 112,000 | |
| Net interest | from net defined benefit | ||
| asset/liability | 34,000 | 17,000 | |
| Administrative | expenses | 1,000 | 1,000 |
| 258,000 | 130,000 | ||
| Actual return | on plan assets | 29,000 | 308,000 |
| Defined | benefit | |||||
|---|---|---|---|---|---|---|
| pension | plans | |||||
| 31.3.22 | 31.3.21 | |||||
| E | E | |||||
| Opening defined benefit |
obligation | 3,084,000 | 1,758,000 | |||
| Current service cost | 223,000 | 112,000 | ||||
| Contributions by scheme |
participants | 27,000 | 24,000 | |||
| Interest cost | 63,000 | 42,000 | ||||
| Re measurements: | ||||||
| Experience loss/(gain) | on defined | benefit | ||||
| obligation | 9,000 | (25,000) | ||||
| Actuarial (gains)/losses |
from changes | in | ||||
| demographic assumptions |
(18,000) | |||||
| Actuarial (gains)/losses |
from changes | in | ||||
| financial assumptions | (323,000) | 1,191,000 | ||||
| 3,083,000 | 3,084,000 |
| Defined | benefit | |||
|---|---|---|---|---|
| pension | plans | |||
| 31.3.22 | 31.3.21 | |||
| E | E | |||
| Opening fair |
value ofscheme assets | 1,378,000 | 987,000 | |
| Interest on assets | (1,000) | (1,000) | ||
| Contributions | by employer | 71,000 | 60,000 | |
| Contributions | by scheme participants | 27,000 | 24,000 | |
| Expected return | 29,000 | 25,000 | ||
| Return on plan assets (excluding | interest | |||
| income) | 2,000 | 283,000 | ||
| 1,506,000 | 1,378,000 |
| Defined | benefit | |||||||
|---|---|---|---|---|---|---|---|---|
| pension | plans | |||||||
| 31.3,22 | 31.3.21 | |||||||
| F | E | |||||||
| Actuarial | (gains)/losses | from changes | in | |||||
| demographic | assumptions | (9,000) | 18,000 | |||||
| Actuarial | (gains)/losses | from changes | in | |||||
| financial | assumptions | 323,000 | (1,191,000) | |||||
| Experience | gain/loss | on defined | benefit | |||||
| obligation | 25,000 | |||||||
| Return on plan assets | (excluding | interest | ||||||
| income) | 2,000 | 283,000 | ||||||
| 316,000 | ~665,000) |
| Defined | benefit | |||
|---|---|---|---|---|
| pension | plans | |||
| 31.3.22 | 31.3.21 | |||
| Equities | 64% | 65% | ||
| Gilts | 1% | 1% | ||
| Other Bonds | 14% | 12% | ||
| Property | 12% | 10% | ||
| Cash | 2% | 5% | ||
| Absolute | Return | Fund | 7% | 7% |
| 100% | 100% |
| Sensitivity analysis |
Sensitivity analysis |
||||
|---|---|---|---|---|---|
| Adjustment to discount rate |
+0.1% | 0.0% | -0.1% | ||
| Present value of | total obligation | 2,966,000 | 3,083,000 | 3,205,000 | |
| Projected service | cost | 185,000 | 194,000 | 204,000 | |
| Adjustment to long term salary increase |
01% | 0.0% | -0.1% | ||
| Present value of | total obligation | 3,088,000 | 3,083,000 | 3,078,000 | |
| Projected service | service cost | 195,000 | 194,000 | 194,000 | |
| Adjustment to pension increases and deferred |
01% | +0.0% | -0.1% | ||
| revaluation | |||||
| Present value of | total obligation | 3,199,000 | 3,083,000 | 2,971,00 | |
| Projected service | cost | 203,000 | 194,000 | 185,000 | |
| Adjusted to life | expectancy assumptions | 1 Year | None | ~1 Year | |
| Present value of | total obligation | 3,187,000 | 3,083,000 | 2,982,000 | |
| Projected service | cost | 202,000 | 194,000 | 187,000 | |
| Principal actuarial |
assumptions | at the Balance Sheet date (expressed as weighted | averages): | ||
| 31.3.22 | 31.3.21 | ||||
| Discount rate | 2.55% | 2.05% | |||
| Future salary increases | 4.05% | 3,80% | |||
| Future pension increases | 3.05% | 2.80% |