| Page | ||||
|---|---|---|---|---|
| Report ofthe Trustees | 1 | to16 | ||
| Report ofthe Independent Auditors |
17 | to | 20 | |
| Statement of Financial | Activities | 21 | ||
| Balance Sheet | 22 | |||
| Cash Flow Statement | 23 | |||
| Notes to the Cash Flow Statement | 24 | |||
| Notes to the Financial | Statements | 25 | to | 42 |
| 31.3.23 | 31.3.22 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | FRS102 | Restricted | Total | Total | ||
| funds | Pension | funds | funds | funds | ||
| Notes | f | f | f | f | f | |
| INCOME AND ENDOWMENTS | ||||||
| FROM | ||||||
| Donations and legacies |
2 | 219,280 | ||||
| Charitable activities |
||||||
| Operation of leisure/golf |
||||||
| centres/country park |
9,682,283 | 7,946 | 9,690,229 | 7,223,956 | ||
| Investment income |
3 | 9,785 | 9,785 | 1,159 | ||
| Total | 9,692 068 | 7,946 | 9,700,014 | 7,444,395 | ||
| EXPENDITURE ON | ||||||
| Charitable activities |
||||||
| Operation of leisure/golf |
||||||
| centres/country park |
9,846,707 | 135,000 | 30,488 | 10,012,195 | 7,214,819 | |
| NET INCOME/(EXPENDITURE) | (154,639) | (135,000) | (22,542) | (312,181) | 229,576 | |
| Other recognised | ||||||
| gains/(losses) | ||||||
| Actuarial gains on defined |
||||||
| benefit schemes | 1,761,000 | 1,761,000 | 316,000 | |||
| Net movement in funds |
(154,639) | 1,626,000 | (22,542) | 1,448,819 | 545,576 | |
| RECONCILIATION OF FUNDS |
||||||
| Total funds brought forward |
1,339,654 | (1,577,000) | 31,784 | (205,562) | (751,138) | |
| TOTAL FUNDS CARRIED FORWARD |
1,185,015 | 49,000 | 9,242 | 1,243257 | ~205,562 |
| BALANCE | BALANCE | SHEET | ||||||
|---|---|---|---|---|---|---|---|---|
| 31 MARCH | 2023 | |||||||
| 31.3.23 | 31.3.22 | |||||||
| Unrestricted | FR6102 | Restricted | Total | Total | ||||
| funds | Pension | funds | funds | funds | ||||
| Notes | 6 | 6 | 6 | 6 | 6 | |||
| FIXEDASSETS | ||||||||
| Tangible assets | 11 | 863,351 | 863,351 | 895,501 | ||||
| CURRENT ASSETS | ||||||||
| Stocks | 12 | 98,238 | 98,238 | 80,757 | ||||
| Debtors | 13 | 271,274 | 271,274 | 405,089 | ||||
| Investments Cash at bank and |
In hand | 14 | 252,783 1,052,694 |
~9242 | 252,783 1,061,936 |
2,579 1,242 640 |
||
| 1,674,989 | 9,242 | 1,684,231 | 1,731,065 | |||||
| CREDITORS | ||||||||
| Amounts falling due within one |
||||||||
| year | 15 | (1,353,325) | (1,353,325) | (1,255,128) | ||||
| NET CURRENT ASSETS | 321,664 | 9,242 | 330,906 | 475,937 | ||||
| TOTAL ASSETS | LESS | |||||||
| CURRENT LIABILITIES | 1,185,015 | 9,242 | 1,194,257 | 1,371,438 | ||||
| PENSION ASSET/(LIABILITY) | 18 | 49,000 | 49,000 | (1,577,000) | ||||
| NET ASSETS/(LIABILITIES) | 1,185,015 | 49,000 | 9,242 | 1,243,257 | 205,562) | |||
| FUNDS | 17 | |||||||
| Unrestricted funds |
1,234,015 | (237,346) | ||||||
| Restricted funds | 9,242 | 31,784 | ||||||
| TOTAL FUNDS | 1,243,257 | ~205,562) |
| CASH FLOW | STATEMENT | ||||
|---|---|---|---|---|---|
| FOR THE YEAR ENDED 31 MARCH | 2023 | ||||
| 31.3.23 | 31.3.22 | ||||
| Notes | f | ||||
| Cash flows from operating activities Cash generated from operations |
132,714 | 780,369 | |||
| Net cash provided by operating activities |
132,714 | 780,369 | |||
| Cash flows from Investing | activities | ||||
| Purchase oftangible fixed assets |
(72,999) | (36,902) | |||
| Sale oftangible fixed assets |
10,480 | ||||
| 95day deposit account investment Interest received |
(250,204) 9,785 |
(2) 1,159 |
|||
| Net cash used in investing activities |
~313,418) | ~25,265) | |||
| Change in cash and cash the reporting period |
equivalents | In | (180,704) | 755,104 | |
| Cash and cash equivalents beginning ofthe reporting |
at the period |
1,242,640 | 487,536 | ||
| Cash and cash equivalents | at the end | of | |||
| the reporting period |
1,061,936 | 1,242,640 |
| ACTIVITIES | |||||||
|---|---|---|---|---|---|---|---|
| 31.3.23 | 31.3.22 | ||||||
| f | 8 | ||||||
| Net (expenditure)/income | for the reporting | period (as per the | |||||
| Statement of Financial | Activities) | (312,181) | 229,576 | ||||
| Adjustments for: |
|||||||
| Depreciation charges |
105,149 | 111,726 | |||||
| Interest received Increase in stocks |
(9,785) (17,481) |
(1,159) (15,158) |
|||||
| Decrease/(increase) | in debtors | 133,815 | (108,621) | ||||
| Increase in creditors |
98,197 | 377,005 | |||||
| Difference between | pension | charge and cash | contributions | 135,000 | 187,000 | ||
| Net cash provided | by operations | 132714 | 780369 | ||||
| ANALYSIS OF CHANGES | IN NET FUNDS | ||||||
| AI1.4.22 | Cash flow | At 31,3.23 | |||||
| 8 | 8 | 8 | |||||
| Net cash | |||||||
| Cash at bank and in | hand | 1,242,640 | ~180,704 | 1,061,936 | |||
| 1,242,640 | ~160,204 | 1.061,936 | |||||
| Liquid resources | |||||||
| Deposits included in |
cash | ||||||
| Current asset investments | 2,579 | 250,204 | 252,783 | ||||
| 2,579 | 250,204 | 252,783 | |||||
| Total | 1,245,219 | 69,500 | 1,314,719 |
| 31.3.23 | 31.3.22 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Activity | f | f | |||||||||||
| Operation | of leisure/golf | centres/country | park | ||||||||||
| Leisure centre income | 9,682,283 | 6,987,859 | |||||||||||
| Operation | ofleisure/golf | centres/country | park | ||||||||||
| Insurance | claim | 7,363 | |||||||||||
| Operation | ofleisure/golf | centres/country | park | ||||||||||
| Grants | 7,946 | 228,734 | |||||||||||
| ~9690,229 | ~7223,956 | ||||||||||||
| Grants received, | included | in the | above, | are as follows: | |||||||||
| 31.3.23 | 31.3.22 | ||||||||||||
| 6 | f | ||||||||||||
| TMBC covid grant | 152,549 | ||||||||||||
| KHPC Deficit Contrbution | 9,101 | ||||||||||||
| KCC Reconnect | grant | 7,946 | 31,784 | ||||||||||
| TMBC telephone | replacement | 35,300 | |||||||||||
| 7,946 | 228,734 | ||||||||||||
| 5. | CHARITABLE ACTIVITIES COSTS | ||||||||||||
| Support | |||||||||||||
| Direct | costs (see | ||||||||||||
| Costs | note 6) | Totals | |||||||||||
| 6 | 6 | 6 | |||||||||||
| Operation | ofleisure/golf | centres/country | |||||||||||
| park | 7,866,843 | 2,145,352 | 10,012,195 | ||||||||||
| 6. | SUPPORT | COSTS | |||||||||||
| Governance | |||||||||||||
| Management | costs | Totals | |||||||||||
| f | f | 6 | |||||||||||
| Operation | of leisure/golf | centres/country | park | ||||||||||
| 2,119,992 | 25,360 | 2,145,352 | |||||||||||
| 7. | NET INCOME/(EXPENDITURE) | ||||||||||||
| Net income/(expenditure) | is stated after | charging/(crediting): | |||||||||||
| 31.3.23 | 31.3.22 | ||||||||||||
| f | |||||||||||||
| Audit Fee | 21,260 | 9,730 | |||||||||||
| Other non-audit services |
4,100 | 23,244 | |||||||||||
| Depreciation | - owned assets | 105,149 | 111,726 |
| STAFF COSTS | ||
|---|---|---|
| 31.3.23 | 31.3.22 | |
| 6 | f | |
| Wages and salaries Social security costs |
4,711,550 318,190 |
3,854,721 254,296 |
| Other pension costs | 382,744 | 423,389 |
| 5,412,484 | 4,532,406 |
| The av | erage monthly number ofemployees during t |
he year was as follows: | |
|---|---|---|---|
| 31.3.23 | 31.3.22 | ||
| Senior | management | 9 | 8 |
| Leisure | activities | 375 | 336 |
| Support | 11 | 9 | |
| 395 | 353 |
| The number of employees whose employee benefits |
(excluding employer pension costs) exceeded |
660,000w |
|---|---|---|
| 31.3.23 | 31.3,22 | |
| 860,001 - 870,000 | 2 | 1 |
| 8110,001 - 6120,000 | 1 | 1 |
| FOR THE YEAR | FOR THE YEAR | FOR THE YEAR | FOR THE YEAR | ENDED 31 MARCH 2023 |
ENDED 31 MARCH 2023 |
||||
|---|---|---|---|---|---|---|---|---|---|
| 10. | COMPARATIVES FOR | THE STATEMENT OF | FINANCIAL ACTIVITIES | ||||||
| Unrestricted | FRS102 | Restricted | Total | ||||||
| funds | Pension | funds | funds | ||||||
| f | f | f | f | ||||||
| INCOME AND ENDOWMENTS | FROM | ||||||||
| Donations and legacies |
219,280 | 219,280 | |||||||
| Charitable activities |
|||||||||
| Operation of leisure/golf |
centres/country | park | 7,192,172 | 31,784 | 7,223,956 | ||||
| Investment income |
1,159 | 1,159 | |||||||
| Total | 7,193,331 | 251,064 | 7,444,395 | ||||||
| EXPENDITURE ON | |||||||||
| Charitable activities |
|||||||||
| Operation of leisure/golf |
centres/country | park | 6,808,539 | 187,000 | 219,280 | 7,214,819 | |||
| NET INCOME/(EXPENDITURE) | 384,792 | (187,000) | 31,784 | 229,576 | |||||
| Other recognised gains/(losses) |
|||||||||
| Actuarial gains on defined |
benefit | schemes | 316,000 | 316,000 | |||||
| Net movement in funds |
384,792 | 129,000 | 31,784 | 545,576 | |||||
| RECONCILIATION OF FUNDS |
|||||||||
| Total funds brought forward |
954,862 | (1,706,000) | (751,138) | ||||||
| TOTAL FUNDS CARRIED | FORWARD | 1,333,654 | ~1,577,000 | 31,764 | ~205,562 |
| 11. | TANGIBLE FIXEDASSETS | TANGIBLE FIXEDASSETS | |||
|---|---|---|---|---|---|
| Improvements | |||||
| to | Plant and | Office | |||
| property f |
machinery | equipment 6 |
Totals | ||
| COST | |||||
| At 1 April 2022 Additions |
1,048,545 20,452 |
245,071 50,042 |
70,194 2,505 |
1,363,810 72,999 |
|
| At 31 March 2023 | 1,068,997 | 295,113 | 72,699 | 1,436,809 | |
| DEPRECIATION | |||||
| At 1 April 2022 Charge for year |
266,887 71,093 |
143,770 31,303 |
57,652 2,753 |
468,309 105,149 |
|
| At 31 March 2023 | 337,980 | 175,073 | 60,405 | 573,458 | |
| NET BOOK VALUE | |||||
| At 31 March 2023 | 731,017 | 120,040 | 12,294 | 863,351 | |
| At 31 March 2022 | 781,658 | 101,301 | 12,542 | 895,501 | |
| 12. | STOCKS | ||||
| 31.3.23 | 31.3.22 | ||||
| 6 | 8 | ||||
| Stocks | 98,238 | 80,757 | |||
| 13. | DEBTORS:AMOUNTS | FALLING DUE WITHIN ONE YEAR | 31.3.23 | 31.3.22 | |
| 2 | 8 | ||||
| Trade debtors | 68,370 | 72,970 | |||
| Other debtors | 4,725 | 176,717 | |||
| Prepayments and accrued income |
198,179 | 155,402 | |||
| 271,274 | 405,089 |
| 31.3.23 | 31.3.22 | |||
|---|---|---|---|---|
| 6 | f | |||
| Unlisted | investments | 252,753 | 2,573 | |
| CREDITORS: AMOUNTS | FALLING DUE WITHIN ONE YEAR | |||
| 31.3.23 | 31.3.22 | |||
| Trade creditors | 159,211 | 264,096 | ||
| Social security and other | taxes | 78,874 | 79,703 | |
| VAT | 131,622 | 65,622 | ||
| Other creditors Deferred income |
59,875 512,704 |
160,584 449,357 |
||
| Accrued | expenses | 411,039 | 235,766 | |
| 1,353,325 | 1,255,128 |
| 31.3.23 | 31.3.22 | |
|---|---|---|
| Within one year | 54,986 | 52,745 |
| Between one and five years | 31,375 | 22,354 |
| 86,361 | 75,099 |
| MOVEMENT IN |
FUNDS | |||||
|---|---|---|---|---|---|---|
| Net | ||||||
| movement | At | |||||
| At 1.4.22 | in funds | 31.3,23 | ||||
| 6 | 8 | |||||
| Unrestricted funds |
||||||
| General fund | 1,155,151 | (119,953) | 1,035,198 | |||
| IT Replacement Fund |
149,203 | (20,563) | 128,640 | |||
| FRS102 Pension Telephone replacement |
(1,577,000) 35,300 |
1,626,000 ~14,1 23) |
49,000 21,177 |
|||
| (237,346) | 1,471,361 | 1,234,015 | ||||
| Restricted funds | ||||||
| KCC Reconnect | 31,784 | (22,542) | 9,242 | |||
| TOTAL FUNDS | ||||||
| Net movement in |
funds, | included | in the above are as follows: | |||
| Incoming | Resources | Gains and | Movement | |||
| resources | expended | losses | in funds | |||
| 8 | 8 | 8 | ||||
| Unrestricted funds |
||||||
| General fund |
9,692,068 | (9,812,021) | (119,953) | |||
| IT Replacement | Fund | (20,563) | (20,563) | |||
| FRS102 Pension Telephone replacement |
(135,000) ~)4,) 23) |
1,761,000 | 1,626,000 ~14,123) |
|||
| 9,692,068 | (9,981,707) | 1,761,000 | 1,471,361 | |||
| Restricted funds | ||||||
| KCC Reconnect | 7,946 | (30,488) | (22,542) | |||
| TOTALFUNDS | 97001114 | JI0012,195) | 1,761,000 | 1,449919 |
| Net | ||||
|---|---|---|---|---|
| movement | At | |||
| At 1,4.21 | in funds | 31.3.22 | ||
| 6 | f | |||
| Unrestricted funds |
||||
| General fund |
805,377 | 349,774 | 1,155,151 | |
| IT Replacement Fund FRS102Pension Telephone replacement |
149,485 (1,706,000) |
(282) 129,000 35,300 |
149,203 (1,577,000) 35,300 |
|
| Restricted funds | (751,138) | 513,792 | (237,346) | |
| KCC Reconnect | 31,784 | 31,784 | ||
| TOTAL FUNDS | ~751,138) | 545,576 | ~205,562) |
| Incoming | Resources | Gains and | Movement | |||
|---|---|---|---|---|---|---|
| fesoul'ces | expended | losses | in funds | |||
| 6 | 6 | 6 | 6 | |||
| Unrestricted funds |
||||||
| General fund |
7,158,031 | (6,808,257) | 349,774 | |||
| IT Replacement FRS102 Pension |
Fund | (282) (187,000) |
316,000 | (282) 129,000 |
||
| Telephone replacement |
35,300 | 35,300 | ||||
| Restricted funds |
7,193,331 | (6,995,539) | 316,000 | 513,792 | ||
| Coronavirus )ob retention |
scheme | 219,280 | (219,280) | |||
| KCC Reconnect | 31,784 | 31,784 | ||||
| 251,064 | 219,280 | 31,784 |
| Net | ||||
|---|---|---|---|---|
| movement | At | |||
| At 1.4.21 | in funds | 31.3.23 | ||
| f | ||||
| Unrestricted funds |
||||
| General fund |
805,377 | 229,821 | 1,035,198 | |
| IT Replacement | Fund | 149,485 | (20,845) | 128,640 |
| FRS102Pension | (1,706,000) | 1,755,000 | 49,000 | |
| Telephone replacement |
21,177 | 21,177 | ||
| (751,138) | 1,985,153 | 1,234,015 | ||
| Restricted funds | ||||
| KCC Reconnect | 9,242 | 9,242 |
| A current year 1 as follows; |
2 months | and prior year | 12months combined |
net movement in f |
unds, induded |
in the above a |
|---|---|---|---|---|---|---|
| Incoming | Resources | Gains and | Movement | |||
| resources f |
expended f |
losses f |
in funds f |
|||
| Unrestricted funds |
||||||
| General fund |
16,850,099 | (16,620,278) | 229,821 | |||
| IT Replacement | Fund | (20,845) | (20,845) | |||
| FRS102 Pension Telephone replacement |
35,300 | (322,000) ~74,)23) |
2,077,000 | 1,755,000 21,177 |
||
| 16,885,399 | (16,977,246) | 2,077,000 | 1,985,153 | |||
| Restricted funds | ||||||
| Coronavirus job KCC Reconnect |
retention | scheme | 219,280 39,730 |
(219,280) ~30,488) |
9,242 | |
| 259,0ltl | ~249768 | 9,242 | ||||
| TOTAL FUNDS | 17,144,4tl9 | ~)7,227,074) | 207IXO | , 1,9,94,395 |
| Defined | benefit | |||
|---|---|---|---|---|
| pension | plans | |||
| 31.3.23 | 31.3.22 | |||
| 6 | f | |||
| Present value offunded Fair value of plan assets |
obligations | (1,527,000) 1,576,000 |
(3,083,000) 1,506,000 |
|
| 49,000 | (1,577,000) | |||
| Present value of unfunded | obligations | |||
| Surplus/(Deficit) | 49,000 | ~1,577,000) | ||
| Net asset/(liability) | 49,000 | ~1,577000 |
| Defined | benefit | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| pension | plans | ||||||||||
| 31.3.23 | 31.3.22 | ||||||||||
| 6 | f | ||||||||||
| Current | service cost | 164,000 | 223,000 | ||||||||
| Net interest | from net defined | benefit | |||||||||
| asset/liability | 39,000 | 34,000 | |||||||||
| Past service | cost | ||||||||||
| Administrative | expenses | 1,000 | 1,000 | ||||||||
| ~204 000 | 258,000 | ||||||||||
| Actual return | on plan assets | ~2,000 | 29,000 | ||||||||
| Changes | in the present | value | ofthe defined | benefit obligation | are as follows: | ||||||
| Defined | benefit | ||||||||||
| pension | plans | ||||||||||
| 31.3.23 | 31.3.22 | ||||||||||
| 6 | 6 | ||||||||||
| Opening | defined benefit |
obligation | 3,083,000 | 3,084,000 | |||||||
| Current | service cost | 164,000 | 223,000 | ||||||||
| Contributions | by scheme participants | 24,000 | 27,000 | ||||||||
| Interest | cost | 79,000 | 63,000 | ||||||||
| Remeasurements; | |||||||||||
| Actuarial | (gains)Rosses | from | changes | in | |||||||
| demographic | assumptions | (65,000) | |||||||||
| Actuarial | (gains)/losses | from | changes | in | |||||||
| financial | assumptions | (1,837,000) | (323,000) | ||||||||
| Experience | loss/(gain) | on defined | benefit obligation | 79,000 | 9,000 | ||||||
| 1,527,000 | ~3,083000 |
| Defined | benefit | ||
|---|---|---|---|
| pension | plans | ||
| 31.3.23 | 31.3.22 | ||
| 8 | f | ||
| Opening fair value ofscheme assets |
1,506,000 | 1,378,000 | |
| Interest on assets | (1,000) | (1,000) | |
| Contributions by employer |
69,000 | 71,000 | |
| Contributions by scheme participants |
24,000 | 27,000 | |
| Expected return | 40,000 | 29,000 | |
| Actuarial gains/(losses) | (42,000) | ||
| Return on plan assets (excluding | interest | ||
| income) | ~20,000) | 2,000 | |
| 1,576,000 | 1,506,000 |
| Defined | benefit | |||||
|---|---|---|---|---|---|---|
| pension | plans | |||||
| 31.3.23 | 31.3.22 | |||||
| 8 | f | |||||
| Actuarial | (gains)/losses | from changes | in | |||
| demographic assumptions |
65,000 | |||||
| Actuarial | (gains)/losses | from changes | In | |||
| financial | assumptions | 1,837,000 | 323,000 | |||
| Actuarial | (gains/losses | from changes | in | |||
| demographic assumptions |
(79,000) | (9,000) | ||||
| Return on plan assets |
(excluding | interest | ||||
| income) Other actuarial gains/(losses) |
(20,000) ~42,000) |
2,000 | ||||
| 1,761,000 | 316000 |
| Defined | benefit | |||||||
|---|---|---|---|---|---|---|---|---|
| pension | plans | |||||||
| 31.3.23 | 31.3.22 | |||||||
| Equities | 64'/ | 64'/o | ||||||
| Gilts | 1 '/o | 1 '/o | ||||||
| Other Bonds | 13o/ | 14o/ | ||||||
| Infrastructure | 3'/o | |||||||
| Property | 10'/o | 12'/o | ||||||
| Cash | 2'/o | 2'/o | ||||||
| Absolute Return |
Fund | 7'/o | 7'/o | |||||
| 100'/o | 18. | |||||||
| Sensitivity | analysis | 6 | 6 | |||||
| Adjustment | to discount rate | +0.1'/o | p po/o | -0.1'/o | ||||
| 1,159,000 | 1,527,000 | 2,063,000 | ||||||
| Present value of | total obligation | |||||||
| Projected service cost | 34,000 | 55,000 | 87,000 | |||||
| Adjustment | to long term salary increase | +P | 1 o/o | p po/o | -0.1'/o | |||
| 1,552,000 | 1,527,000 | 1,505,000 | ||||||
| Present value | of | total obligation | ||||||
| Projected service | service cost | 56,000 | 55,000 | 55,000 | ||||
| Adjustment | to pension Increases and deferred | |||||||
| revaluation | +0 1o/o | +p po/o | -0 1'/ | |||||
| 2,043,000 | 1,527,000 | 1,172,000 | ||||||
| Present value | of | total obligation | ||||||
| Projected service | cost | 87,000 | 55,000 | 33,000 | ||||
| Adjusted to | life | expectancy assumptions | 1Year | None | .1 Year | |||
| 1,571,000 | 1,527,000 | 1,485,000 | ||||||
| Present value | of | total obligation | ||||||
| Projected service | cost | 57,000 | 55,000 | 53,000 | ||||
| Principal actuarial |
assumptions | at the Balance Sheet date (expressed as weighted | averages): | |||||
| 31.3.23 | 31.3.22 | |||||||
| Discount rate | 4.80'/o | 2,55'/o | ||||||
| Future salary | increases | 3.90'/o | 4.05'/o | |||||
| Future pension increases | 2.90'/o | 3.05'/o |