##
##
##
##
|||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%|
##
##
##
##