RECISTERLI D COMPANY 1yu]IBER. 08737838 {E( ngland and Wales) REGISTEREI D CIIARITY NUMBER: 01158520 REPORT OF THE TRUSTEEI S AND AtiDITED fiNANCIAL STATEI MEI NTS FOR YEAR ENDED 31ST MARCH 2024 FOR BURNLEY LEI ISURE AND CULTURE (A COMPANY LITED BY GUARANTEE) Burnley leisure & culture Ainsworths Limited Chattered Accountants atld Statutory Auditors Charter Ilouse Stan8field Street Nelson Lancashire BB9 9XY
BURF4LEI Y LLI ISURE AND CULTURL (A COMPANY LIMrrED BY GUARANIEE) CONTENTS OF TH£{ IqNANCIAL ST ATEMENTS riOR THE YLI AR ENDED 31ST MARCH 2024 Page Report of the Trustses Ito9 Report of the Independent Auditors IOto12 Statement of Financial Activitie8 13 Balance Sheet 141015 Cash Flow statement 16to17 Notes to th¢ Fllwicial Stat¢ments 18to29
BURNLEY Lft ISURCI IIND CULTUR (A COMPANY LDlllT£I D BY GUARANTLI E) REPORT ofi THE TRUSTEs FOR THE YEAR ENDEI D 31ST MARCH 2024 The trustees who are also directors of the company for the purpo8es of the Companies Act 2006, present theirreport wÉth the finatt¢ial statements of the charity for the year end¢d 31" MaTGh 2024. The financial statements comply with the Charities Act 2011, the Companies Act 2W6, the Memorandum and Articles of Association, and Accouttting alld Reporting by Charities: stateetst of Recommended PraGtice applicable to charities preparing their ao¢ounts in a¢¢oTdance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102}, REFEREI NCE AND ADMINISTRATIVE DETAILS Registered Company iiumber 08737838 (EngId and Wales) Reglstered Charity number 01158520 Registered office St Peters Centre Bank Parad chUh Stt'get Burnley LanQhIre BBII 2DL Trustees Mrs D Live5ey Mr Ryan Bradley Dr S Mintell S Haworth-Pearson Mr B Butterwortb MrN Trnnmer (reSIed 12 ' June 2024} Mrs H Tyson Mr W Ra8hid {re8igned 12, April 2024) Cllr S W Cunliffe (resigned 17, November 2023) Mr C J Barne8 Cllr A C Lewi8 Cl]r M Hurt (appointed 22Jd April 2024) Role Chair & ConuTLunity Nominee Comtnunity Nominee Community NoMi[e Community Nomin¢¢ Community Nominee Con)munity Notninee Community Notninee Employee Nominee Council Nominee Communtty Nominee Counoil Nominee Coun¢il Nomine¢ Key Manageinent Personnel Mr G Villton (resigned 3 1st March 2024) Mr P Foster Role Chief EKecutive Deputy Chief Executive l FIead of Development & Wellbeing / Chief Exe¢ulive Head of H08Pltality & Culre Head of Lei8ur¢ Operation8 Mr M Dttmpsey Mr S Bryce Audltors Ainsworths Lin]ited Chartered A¢countan18 and Slalutory Auditor8 Clwter House Stattsfi¢ld Street Nelson ¢ashAre BB9 9XY Bankers HSBC Bank PLC 12 ManGhe8t¢r Road Bumley Lancashire BBII IJH Sollcltors Winckworth Sherwood LLP Minerva House 5 Montague Close London SEI 9BB Page I
BURNLEY LEISU1 AND CULTURE (A COMPANY D BY GUAIi4NTEE) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024 STRUCTURE, GOVERNANCE AND IVIANAGEI MENT Goverjthig document The company wa8 incorporated Oll 17th October 2013 and regL8tered as a charity on 10th September 2014. The charity is Colltrolled by its governing dociiment, the M¢moralldum and Article8 Of Association, and Goll8titutss a 6ompafty> limited by guarante¢, &8 defmed by the Companie8 Act 2006. In the event of the compally being wound up members are requAred to contribute all amount not exceeding £1. Reerultment and 4ppointmellt of new trustees The Board 8hAII Consist of at least thre¢ aod llot more than eleven individuals, cottwrised as follows: One Employee Trusteey,. up to two Local Authority Trn8tees' and up to eight Comtnunity Trustees. The Con]munity Trnstees shall at all times be in the majority. These trustees shall be elected with necessary ¢xpertise co- opted where appropriate by the existing trnSte. When considering COThOPting trustces, the Board has regard to the rt4uirement for any 8peGiali8t skills neede Risk management The tnLStees have examined the major strategic, busiiiess and operational risks which the charity faces and confirm tbat systems have been establi8hed to ensure regular reports are produced and that the neGe5sary steps can be taken to address any issues arising. Bllrnley Leisure and Culture is a registered churity operatillg within a compally Itmitedby guardntee. The board of trustees has the authority to co-opt individuals with relevant expertise w1C appropriate. Organlsatloll Striieture The Board ¢urrently consists of eleven tStee8 and 18 r¢8ponsibLe for key policy decisions and the effective governance of the organisation overall. The Board ha8 a minimutn of six meetings per flnancial year. The day to day operations of Burnley Leisure and Culthre are managed by the clLarity's sellior management team (the ExetiVe} made up of the Chief Executive and Service Mallagers. The Executive 18 given strategic direction by a Board of Trustees (th¢ Board) regarding the provision and operatlon of the servic lll accordance with the contracts, Iwes aud fundmg agreements made with Burnley Borough Council. The Board has ultimate regponsibility for Éhe gov¢rnance of the ¢lrItY> and directs, supports and cballenges the Executive In Ats work, Related partles TnleeS are required to dtsTe an inter¢st if they are involved in any aGtivities which nY compromise their role as a slee and a monAtoring mechanisin 18 in place. The related paty tran8a¢tions during the past year have been disclosed below in the noles to the finanGial Statements. Page 2
JIURNL£I Y LEISURE AND CULTURE (A COMPANY LJMrrED BY GUARANTEE) REI PORT ofi THE TRUSTEES FOR THEI YEAR ENDLI D 31ST MARCH 2024 OBJECTIVES AND ACTIVITIES Burnlry l£i8ure and Culture h&8 been establi8h¢d for Public Benefit., To provide or a8S18t in Lbe provision of both indoor and outdoor facillties in the int¢rest8 of social welfare for recreation or other leisure time occupation OE individuals who have need of such by reason of their yout14 age, itifllrllity of disability, financial hardship or 80cial circumstances or to the public at large with the objeGt of improving their conditions of lif¢. andlor To promote Community participation in Healthy Reereational Activitie8,' and/or To provide or assist in the Provision of community faGilitie8 to be available to all Sections 0£ the community without distinction. including the use for tneetings, leGttwe and classes andlor otber fom]s of recreation tffld leisure time occupation with the object of improving the conditions of life for all tb08¢ who use the facilities,. andlor To advaace the education of the public in all aspects of dramati¢ art through the provision of a theatre. andlor Such other charitable purposes as the trustees in their abs'olute discretion may determine Public benefit The trllstees are confident that the chwity offer8 service8 of real and pra¢ti¢al to the local population aud therefore complies with the r&sponsibility placed on all charities under the Charities Act 2011 to demonstrate a publi¢ benefiL Page 3
BiniNLlI Y LEISURCI AND CULTURE (A COMPANY LIIIIITED BY GUARANTEE) REPORT OF THE TRUSTEEI S FOR THE YEAR ENDED 31ST MARCH 2024 ACHIEVEMENTS AND PERFORMANCE Introduction The end of this fillwicial year 8aw some significant changes to the Trust'8 senior leAdership tea1 with the appointsnent of a new Chief Executive following the retireLnent of the previous st holder, follow¢d by the appointment of a new Head of Community and W¢llbeing. The Trnstees would like to place on record our sincere tlth and best wishes to the outgoing CEO. who led the forniation of the TTUSt, and I8 provided strong leadership and stAbiliÉy throughout its first 10 years. Flcilities We have achieved another outstanding year for all our leisure f&cilities alld continue to be the leading provider for health, fitne8s and wellbeing across Lan¢ashire with increr4sing participation across all area8 through ina0vatio inveslment, quality services, dynamic ketIllg and competitive packages. We have beert extremely seSsl in growing and Optimising cottmierctal income of BLC, against a backdrop of an aggressive c(ydt of living crisi8, spiralling eneLEy Costs, and additiollal competition. Wc have delivered record breaking fitne88 membership acr08s the year, with member8hip growth of 160/0 with our membership base now at an irnpressive 5728. We have witnessed growth within our Swim Academy> with over 35 sch(K>ls and nurseries within our weelcly programme8 with over 3400 children partAGipating 980 swimmer8 Urtdert(ing BLC'8 l¢am to swim 5cheme8 With our upgraded panent schemes. All other spoi'ts ceirtre related activities not related to membership Continue to demonstrate growth, particular racquet 8POrts 1 block bookings. We continue to excel in working in partnership with all stak¢holder8 ld making a real impact across the borougl4 our Present UCLall partnership ha8 720 loGal students regularly tal(ing parl in activities. Furtber investxng in our sporting facilities to ensure our premiu ofFer, with upgrades within all changing and sanitary areas, full refurbislllllent and extensions of our gyrns at St Peter'8 and Padiham leisu centres enabling increayed accessibility. Our commitment to sustainability continues with reducing our carbon £ootyrint in severnl areas and upgrades acros8 8ite8, with £L180 gaitiing ndIng from Sport England for mi¢ro-filtratioll and ellsuring our coll)mitment to net zero. Prairie Sports Village Gontinues to be a central hub of aotivity with reco1 attendances again this year, grow¢h of 150/0 incotlle, with over 2.5 million ballg hit on the rIge demonstrating a 230/0 in balls purchased over the last 3 years. Additionally, we are near capacity for both 3G pitch¢s and grass pitches for various sports alld octivity days. inclusive of over 33 football lean weekly participating. Membership at Towneley Golf col8¢ colltinues to remain strong despite the extsrmely poor weather conditions we have witnessed this year, with 0, present tllembership base at 431 loyal member8, with increased sales within our golf shop. We continue to innovate, cball¢nge, market tsst Ed hvilY invest in the developtllent of our teams to ensuir our local ¢onJmunity receive Oiitstatlftg service8 within premium locations. Page 4
BURNLEY LEISURE AND CULTURL (A COMPANY LIMrrED BY CUARAIYTEE) REPORT ofi THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024 ACHIEI VEMEIYTS AND PEI ]UIORMANCE (CONTINUED) Culture With the Cultural Manager in post for the 1112 month period, ¢ulturul development has begun to n]ake significant progress. A Culture Burnley Steering gTOUP has been established and met monthly to help shape the Culthral Fratneworlc - Our People, Our Cultu. A Cul¢uTal Reimagining of Burnley. This document and its vision towards a Year of Cultur¢ in 2027 has been supported by Bumley CouncAI and the framework document was officially launched on 4 March 2024. Cultural relationships across the borougb are fiher strengthening on a local level through the CUIthr Manager's itivolvement in th¢ Local Cultural Educati] Partnership and Bumley CuLturd Consortium and regionally with Arts, Lan¢ashAre and P¢nnille Lan¢ashire counfriparts. £IOOk rtd8 have been secured by BLC from Arts Council England, fir8tly to deliver The Mechanics Theatre Presents (Hug Burnley} project in collaboration with Culturapedia. This ha8 delivered 25 tiVitieS of varying sizes both in the Mechanics and comlnunity settings including community centres, Down Town, Burnley Youth Zone and community events engaging around 500 people from diverse backgrounds. Learning from this programme will also infonll future plannlng and programming of shows in the Mechanics Front Room ill partilar. Secondly, The Caravan CJallery Burnley Pride of Place Project, U8iDg a nationally successful model of creative engagenwit. Delivery pAriner8 Blaze Arts, cultsal Pmduc¢r Rizwan Iqbal and Burnley's Cultural ConsortiUftL head¢d by Mid Pennine Arts ha8 enabled a broader 8¢0pe to reach key audiefto¢8, Over 900 people have been directly engaged by The Caravan Gallery and partner8 80 far in this pmj¢ct through work8hop8, meetings and visltg with the Caravan Gallery. Thi$ is building relation8hÉps and inspiring participation for the later Stag of the project. During the year greater Collnectivity with Burllley College has seen tbe Mechanicb being used more to display student artwork alld host music events. The venue was also the host of the after parade Bumley Pride event coordinated by the Stand Out Young producers from Blaze Ai'l& 2 sector 8upport "meet the funderf. events have been h08ted at thc Mechanics to raise awarett¢88 0£ local fidIng opportunities attended by 80 people. Ongoing iel&tionship building both with the ¢iiltural sector and acrobs Bundey's busi1s& bealth, education and l¢i8ure sgctors and more, is key to the achievement of our goals for 2027 and beyond, Ho8Pitallty Burnley Leisure & Culture's hospitality bu8ine88 spans several prominent vertU&8 including Prairie Sports Village, Burnley MeGhanicg Theatre, Towneley Golf Course and the Boathouse L'èrfé. Our recent additions in 2023 include Down Town Kitchell & Caf6 and The Rotunda iti Townel¢y Park. This report highlights ourperfonllance, challenges, lcre8, SU8tainability initiatives, recrnitment and 8elKtion Aysue4 and the positive outlook for our busin¢88, OLW Vern have demonstt'ated btrong sales metrics over the. past year. Prairie Sport8 Villag¢, Towneley Golf Course and Biwnley mechani Theatre have 8een an inGreas¢ in foot fall resulting in Strong food and beverag¢ sale8, The Bo&thouse Café has seen steady growth despite the poor summer holiday weather. 2023 saw the opening of I1 Rotunda in Towneley Park and Down Town Kitchen & Café, both VVAiues have ended the fIn[ClaI year in a surplus despite 8ignificant up front opening inve,8tmellt. Th¢ Rotunda has becoxne & popul&r spot for both locals and visiting tourists to the pw'k and attending events hosted in the park, Down Town I(itchett & Café is quickly becoming a real succes8 Story with it8 hard-working tgam of volunteers creating a go to, relaxed, quality and value for moncy venues. To date we have raised over £9000 in paid on meal8 equating to 2250 meals for vuliwable illdividuals and famiEie8 and work ill Pdrtn¢r8hip with Burnley Together to create the thriving oonllnullity hub. Pagc 5
BURNLEI Y LEISURE IIND CULTURL (A COMPANY LIMITLI D BY GUARANTCI E) REPORT OF TRUSTCI ES OR THE YEI AR EINDEID 31ST MARCH 2Q24 ACIllEVEMENTS AND PEI RFORMANCE (CONTINUED) Hospitality {eontinued) Our primary challeng¢ is the recruittnent and 8ele¢tion of qualified chefs. The hospitality industy fa¢¢8 a nationwide thortage of Gulinary professionals, impacting our ability to grow our income fLther. A180, the ri8ing ¢08t of goods and 8tsfIllg have posed financial challenges, tteces8itating careful budget mmagement and cost saving-initiatives, We are pleased to report that we have good cost controls in place tllid the business is perfornjing in line with budget expect&tion8. Su8tsinability remains a core fo¢u8. We hav¢ continued to develop impleftnent more eco-friendly pr&ctice8 such as reducing food wastage through strong gto¢k managemenL over 700/0 of ourproduce is bougELt locally in Burnley reducing our carbon footprint. Despite o¢rtain chaIlenges, the outlook for Burnley Leisiire & culre'S hospitality bu8ine88 is P08itive. Continued Anvestment in staff trdining. custoiller 8¢ryi¢e excellen¢e and sustainability initiatives position us well for tllre growth. The popularity of ournew venues and growing reputation for quality and consistenryplus the support from the community und¢Ore a strong foundation for 8llStailled sucoe88. In ¢onclublOll, our diverse portfolio of venue4 commitment to sustainabilily, and Strategic focus on recrnitment set Us on 3 path of continued achievement alld comtnunity engageEnent. We are confident in our abillty to ttavigate challenge8 and apitali8e on opporLunitie8 that ar18e. Burnley Mechanics Theatre Biirnley Mechanics Theatre ha8 established itself as a premier Cultur assetwithin BurnleyLei8ure & CultLU'e. This report highlights the theatre's recent successes, ohallenges posed by the cost-of-living orisis, the strengthening programming paTtaership with Blackburn with Darwen Venues (BWD), and key area8 for future enhancement. Burnley Mechanics Theatre has experienced another positive year, growth in ticket sales) private hire customers and an inCre8e in diverse programming. The tIllued and growing success of local societies including Blirnley Pantomime Society and Bumley Light Opera sl¢lY have not only boosted revenue but also elevated the theatre's reputation locally alld regionally. The ongoing cost of living ¢rASiS bas had a notsble impact on COnSLimer behaviour, atrecting how people choose to spend theirdisposable income. With increased fillanc1alprellre, nwiy areprioritising e88elltial expenses over leisure activities, leadtng to a slight dip in audience numbers for certain shows. This economio challenge I'equires us to be ionovative in our approach to maintaining attendance and LEvenue, this ha8 been achieved by increasing the number of private hire events. Knowing the wst of visiting a cultural venue is increasing and somswhat challenging for many in our comrnunity, our new ENGAGE woje¢t enables Burnley Together support workers to signpost inthviduals, couples and families who would oth¢rwtse 8ttuggle to pay for theatre tickets to th¢ MeGhall1. We huve provided theatre tickets and refreshentS for over 800 people in 2023, to help enricli their lives, impmving mental health and fosfrring & sense of community withill the theatre. Our partnership with Blackburn with Danven Venues (BWD) has grown stronger, allowing us to share resources, expertige, and marketing efforts. This collaboration has led to joint programLning initiatives that attract broader audiences alld etthance the cultiiral offering. We look forward to continuing thi¥ partnership and bmadening th¢ programrne of events. The prinry challenge8 facing the Lheatre includ¢ rnaintaining high attendance amidst economA¢ pressure4 incr&wing comp¢tition from digital entertainmenL illvestm¢nl iti local theatres in Pendle and Blackburn and the need for continual inv¢siment in f&cilities and technology. Page 6
BURNLEY LEI ISURE AND CULIURE (A COMPANY LIMITED BY GUARANTEE) REPORT OF TItE TRUSTEES FOR THEI YEAR rnED 31ST MARCH 2024 ACHIEVEMENTS AND PERFORMANCE (CONTINUED) Communlty and Wellbeing During the last 12 raonth8 Community and Wellbeing has seen growth and development in several areas. Notable accompli8bments include, the C(Ordination of Beat the Street 2023, which saw over 12,000 residents walking, Cycling and n]ng a088 the borough discovering new places and collecting points. Points whi¢h were converted into trees to be pl£ted. A]m08t 7500 tree8 wei'e planted a088 all wards in the rOUgh thanlcs to residents being mor¢ active. We al80 Witnessed the 8u¢ce8s of the first Park Yoga in LcaShire wbich was launched in Queens Park Burnley. With 1650 participant8 over the 20 weeks. A Park Yoga evaluatiffli found that 920/è of attend¢¢8 reported feeling happier and 73 % reported that they are more physically active. Both school coaching progrAmmes and the family after school (PASTA) prograrnmes have continued to be delivered su¢S$fully, with att average 24 new families per terrn signing up to family progranunes in both school and community 8¢tting8, and on average 22 school coaching sessions being delivered each temi. Health pn)grammes have continued to evolve and improve, With a great deal of work spent on processes and pathways, we are now oonfident we have simpEe and effective prDcedure8 to receive and procew referrals. During the last 6 months we recoived 708 refemily witb an average of 840A of ¢li¢nts starting progralliroe8. These referrals were for Exercise Referral, Weight JlanagemenL Cardiac Rehabilitatton and Health Coaching. We've obseryed a rise in Active Foothall participation, a Socially inclusive 8es8ion that draws average of 16 players per 8ession, Additionally. the Active Streets Sattwday night football evettt at Prairie Sports Village become a cwotal oppi)rtunity for young people, with approximately 40-50 participants eaGh week. We have ¢ontinued to build new, and nurture existing relationships, with partners. Burnley CounGiI have conti1ed to support deVelopellt and enable fantastic impactful community worlc Burnley Football Club in the Community have also ¢ontiiiued to be a valuable partner, with collabordtion8 on IM)liday club8, health progran]me8 and outdoor aotivitie8. Other importllnt partnersbips include both East and West Prinwy Care Networks, Canal and River TNSL Active Lancashire Newgn)und Togetlier. Future developments will see working to bring Beat the Street back ill 2025, tbe launch of an active outdoor hub in Padiham and a collaborative project with Burnley We8t PCN to deliver targeted programme8 fowssing on frailty in older dults and fftll8 prevention. Conclusion As we enter a new era for Burnley Leisure and CiiltUTe, the organisation 18 well positioned at the forefront of local place- bftsed initiatives such as Burnley 2027 and #OutdoorTowtt, whilst iJfluencing wider policy as parl 0£ Sport England's Place ParLner.$hip worlc through Together an Active Future. We continue to develop new relationships whilst workillg closely with existing parthers and our key ptfter, Burnl¢y Council, with whom we launched a new project towards tILe end of this Current financial year, as part of #OutdoorTown and fLmded for 4 Yea by the Community Fund's Clinmte Action Fund. In plamiing for the next 10 years of Buml¢y Leisure and Culture, our immediate priorAties include analysis of our current buginess and future growth opportunitie8, and extgnding our agreement witb Burnley Council, so that together we can continue to invest ill the health alld wellbeing of tbe borough. Page 7
BURNLEI Y LEI ISU1 AND CttL TtIRE (A COMPANY LIMITED BY GUARANTEEI ) REPORT 011 THE TRUSTEEI S FOR THE YEAR ENDLI D 31ST MARCH 2024 FINANCLIL RLI VIEW The attached statement of fiL1claI aclivities shows how our funds were raised and applied during the year. This ststement separates lund8, which the GhaTity itself controls- unrestii¢ted hrtdg, frotll funds which have to be spent in a rnajmer deternitned by th¢ donor- restricted lld$, In this year restricted funds have been received from various grant inaking bodi¢s. Looking to the future we will Continue to maintain a tight control over costs, Onitor income closely? and Strive to identify futUTe nd]llg streams. We aim io ensure that we are well placed to react to any further negative or indeed positive impact of the ecottomy. Investn)ent pollcy The trustees regularly monttor ttLe available cash re8erves of tbe Charity and seek to tnaximi8e the interest earned ott such fund8. Reserves pollcy The charity has insufficient reserves to ensure that it can deal with major unexpeoted &dveLEe developments without direct 8upporl fronl Burnley Borough Council. The trustees maintain a regular dialogue with the Council to ensure thal 8hould major unexpected adverse developnLents arise, any difficultie8 that require attention are addressed in a mutually agreeable manner. The trnstees are confident that th¢ charity has established diversity of operation8, sufficient versatility and control of expellditure8 of such naiure that it 18 able to adapt to changing circumstances that will arise from time to time und¢r nornial business ¢ircumst&n¢es. The trust have considered the current adverse ecollothic clinle when reviewillg their reserves policy and are confident, in light of the changes planne(L that the charity is 8ufficiently robust and able to continue operating nornially whilst it seeks to achieve these targets. At the year end the Glwity had unrestriL'ted re8¢tves of £395,743 and restricted reseTve8 of £249,461. In addition to these reserves the pellsion schetnc was in surplll8 by £2,968,000. Page 8
BURNLII Y LEISUR AND CULTU, (A COMPAIYY LIMITEI D BY GUARANTII E) Rfi PORT OF THCI TRUSTII ES FOR THE YEAR EI NDED 31ST MARCI12024 STATLI MENT 011 TRUSTELS IIESPONSIBILITIES The tru8te¢s are responsible forpreparing the fall¢la1 ststements ill acGordance with appLicable law and United Kingdom Generally AcGep*d Accounting Practice. Company law requires the trustees to prepare fjnancial statements for each financial year. Under that law th¢ trustee8 have elect¢d to prepaxE the financial statements in accordance with the United Icingdorn Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 the FinanGial Reporting Standard applicable in the UK and Republi¢ of Ireland. The financial 8taten]ent8 are required by law to give a true and fair view of the state of affair8 of the charitable cornpany and of th¢ surplus or deficit of the charitable company for that period. In prepEllitig those fittattoial statements. the trustees are required to.. select suitabl¢ accouttting policies and then apply them nsisteIly. observe the methods and principles in the Charities SORP and FRS 102. rnake judgements and esLimate8 that are reasonable and prndent. 8tatr whether applicable UK acrounting standards have been followe(L subj¢¢t to any material departures disclosed and explai1d in the flnallcial statements. prepare the finallcial statements on the going cOtern basis unless it is inappropriate to pre6ume that the charitable company will continue in busin8. The ttee8 are responsible for keeping proper accounting records which disclose with rea8onabl¢ accuracy at any time the financial posttion of the charitable compally and to enable thern to ensure that the financial statements cornply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company alld hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenanc¢ and integrity of the corporate and financial infonnation included on the charitable company's websit¢, IEgi8lation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislatton in other jurisdiction8. STATEI MENT AS TO DISCLOSURE( OF INFORMATION TO AUDITORS So far as th¢ tNste¢s ar# aware, there is no relevant information (as defineAI by Section 418 of the Companie8 Act 2006) of which the charitsble company's auditors are unaware, and each trustee has taken all the 8tep8 that they ought to have taken as a trustee in order to make thetn aware of any audit infonnation and to establish that the charitable corllpany. auditors are aware of that inforniation. AUDITORS The auditors, Ain8WOrths Limite( will be proposed for re-appointment at the forthcoming Annual General Meeting. This report has been Pped in accordance with the special provisions of Part 15 of the coMplle8 Act 2006 relating to iall cotllpanies. ON BEHALf4 OF THE BOARD,. Live8ey Date.. 9, September 2024 Page 9
REPORT ofi THEI INDLI PENDENT AUDITORS TO TlIll MEMBERS OF BURNLEY LEISURE AND CULTUR (A COMPANY LILWllTED BY GUARANTEE) Oplnion We have audited the financial statements of BY¢y Lei8Ute and Cultlll'e (the 'oharit3fj for the year ended 315t March 2024 which comprise the Ststement of Finallcial Activities, BalLU]ce Sheet, Ca8h Flow Stat¢ment and Notes lo the FiLTrncial Statement8, including a summary of signiticant accounting wlicies. The financial reporting framework that has b¢en applied in theirpryardtion is applicabl¢ law and United Kingdom Accountxng Statylards, including Financial Reporting Standard 102 The Fittancial Reporting Standard applicable in the UK and Republi¢ of Ireland, (United Kingdom Generally Accepted Accoimtillg Practice), In our opinion the fanCiaL statements: give a true and fair view of Lh¢ State of the Charity's affairs as at 3 1st March 2024 and of its incoming resources and application of resourceg, llicluding its in¢ome and eXpendiLle, for tbe year then ended. have been properly prepared in accordance with United Kingdom G¢nerally Afj¢¢pted Accounting Practice, and have been prepared in accordance with the requirements of the Companies A¢t 2006. BASIS for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UIC) (ISAS (UK)) applicable law. Our responsibilities under those standards are fjjrther described in tbe AuditOTS' responsibilities for the audit of the fin<m¢ial statements section of our report. We are indq)end¢nt of the charity in accordtuice with the ethical requirements that are relevant to our audit of the financial statements in the ULC, including the FRC'S Ethical Standard, and we have fulfilled our other ethical respon8xbilitie8 in accordance with these requirements. We believe that the audit evidence we have obtallied is sufficient and appropriate to provide a bagis for our opinio Conclusioll relatillg to golng corAcern In auditing the financial statements, we have concluded that the directors, use of the going concern basis of accounting in the preparation of the financial statements 18 appropriate. Based on the work we have perfonned, we have not identified any material uncertaintie8 relating to events or conditions thaL individually or collectsv¢ly, may c&st significant doubt on the charity's ability to colltinue as a going concem for a period of at least twelve month8 from when the financial 8tatements are auth0ri8ed for issue. Our responsibilities and tbe responsibAlities of the directors with respect to going concern are described in the relevant sections of this report. Other informatlon The trustees are responslble for the other infonnation. The other infOrntiOll romprises the infomiation in the Report of the Trustees, but does not inchjde the financial statements and our Report of the Auditors thereon. Our opinion on tlie Ftnancial Statements does llot cover the other inforniation and we do not expr¢8s any forni of assurance conclusiott tknereon, In comie¢tion with our audit of the fAnallcial statements, our r¢sponsibility is to read the other information an(L in doing so, Consider whether the other infonnation is tllaterially inconsistent with the financial statement8 or our l(nowledge obtained in the audit or otherwise appear8 to be materially misstated. If, based on the work we have performe¢ we conclude that there is a material InitateM¢llt of this other infornti0n, we are required to report that fact. We have nothing to report in this regard. Oplnion on other matters preseribed by tILe Companle8 Act 2006 Ill our opinion, ba8ed on the work undertaken in the ¢our8e of the audit.. the information given in the Report of the TrL18t¢es, which includes diLfCtors' report and strategic r¢port for the purposes of company law, for the finallGial year for which the fInancial 8tatenLent8 are prepared is consistent with tbe financial 8takmellts,' and the Strategi¢ RepK)rt and the DireGtor8' Report included within the Report of th¢ Tnjstees ha8 been prq)&LEd in accordance with applicable legal requirements. Page 10
REPORT OF THE INDEPEI NDENT AUDITORS TO THEt mElBERs OF BURNLEY Lfi ISURE IIND CULTURE (A COMPANY LIMITEI D BY GUARANTLI E) Matters on whlch we are requlred to report by exception Ill the light o'f the knowledg¢ and ur1derStEding of the company and its envtronmetLt obtained in the course of the audit we have not identified material MilatementS in the Report of the Trnstee8. We have notliing to report in respect of the following Jnatters where the Companies Act 2006 requires us to report to you it, in our opinion: Adequate and proper accounting r¢¢ords have not been kept, orretUrn8 adequa* for our audit have notbeen received froin br&nches not visited by us. or the fin¢la1 statements are not in agreement with the accounting records and returns. or certain disclosur¢s of trustees, remuneration sperified by law ale not mad¢. or we have not re1ved &ll the infornation and eXplationS we require for our audit,, or the trustees were not entitled to prepare the fllwicial statements in accordance with the 8nlI companies LEgime and take advantage of the small companies, exemption from the requirement to prepare a Strategic Report or inpreparillg the Report of the Tru8te¢s; or Material misstatement in the 8trategic report or directors, report included withill the trustees report. Responslbllltles of trustees As explained more fully in the Statement of TSteeS, Re8pon8ibilities Set out on page seven, the trLt8fres (who are also the director8 of the Charitable company for d]e purposes of cotnpany law) are respon8ibLe for the prepation of the fmancial statements and for being Satisfied that they give a true fair view, and for 8u¢h internal control as the trustees deterniine necew to gllable the preparation of financial statements that are free frorn material misstatement, whether dLie to fraud or error. In preparing the finanGial Statements, the ttwtees are responsible for ass&ssing the Gharitvs ability to continue as a going concen], disclosing, as applicable, matters related to going ¢oncern and using ihe going concern basis of counting unle88 the tmstees eitherintelld to liquidate the charity or to cease operatlOn8, orhave no realistic alten]ative but to do so. Our reypon8ibilities for the audit of the flnallelal statements Our obje¢tives arr to obtain reasonable assurance about whetkner the financial statemfflits a8 a whole are free from rnateriai miwtatement, whether due to frdiTd or em)r, and to Assue a Rq)ort of the Auditors that includes our opinion. Reason&ble assurnllC¢ is a high level of awurance, but 18 not a guarantee Lbat an audit conduGted in accordance with ISA8 (UK) will alw&ys detect a material mi&statement when it exists. Misstatements atise from fraud or error and ar¢ considered material if, individiially orin the aggregate, they couldreasonablybe ¢Apected to influence the economic decisions of users taken on the basAg of these fjnancial statem¢rtt8. in and a&8essin tential risks related to ulariti¢s In ideiitifying and &essing risks of matsrial misstatement in re8P¢Ct of irregularities, we considered the following: the nattLre of the industry and sector, control environment and business perforn]an¢e" results of oui. enquir1 of n]anagement about their own identification and assesstnent of the risks of ieBUIantieg,' any matters we identified havitvg made ¢nquiries of manftgement about theirpolicies &id proc¢dures relating to: identifying, evaluating and complyiijg with laws And Lrglll&tions and whether they were aware of any instances of non¢ompliance'
detecting and responding to the risks of fraud and whether tbey have knowledge of any a¢tuaL suspected or alleg¢d fraud. the tntemul controls tablIshed to mitigate risks of fraud or non-compliance wxth laws and regulations. the ntter&, discu88ed among the audit ¢ngagemenl team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of th&8epro¢edures, we considered the oppormnities and inoentives that may exi8t within tILe organisation for frid. In common with all audits under ISAS (UK), we are also required to perfonn specifL¢ prO¢UTeS to respond to the risk of nwiagement override. Page 11
REPORT OF THE INDEPENDLI IYT AUDITORS TO THLI MEMBIRS or BURNLEY LEISUREI AND CULTURE (A COMPAIqY LIMITED IIY GUARANTEE) We also obtained an illjderstanding of the legal ]d yeIlatOry Frameworks that the compa11y operates focusing on provL810lls Df those laws and regulatlOA18 that had a direct effect on the deterniiiiation of material amounts and disclosures in the financial statements, The key laws and tEgulation8 we considered in this context included the UK Companies Act and local tax legislatiotL ltt addition, we considered provisions of other laws md regulations that do not have a direct effect on the financial statejnents, but COpIlance with which may be ftmdamenlal to th¢ ¢ompany's ability to operate. Audit res onse to risks identified As a result of perfom]ing the above our procedures to r¢spond to the rA8ks identifi'ed included the following.. reviewing the finall¢ial stateinents disclosure and testitig 10 Supporting docutnentation to assess ¢omplian¢e with provisions of relevant laws regulation8 described as having a direcl effect on the fintfftcial statement8,' enquiring of management about actual and potential litigation and claims. pcrfomiing analyti¢al proc¢dures lo identify ally unu8ual or unexpeGted rel&tion8hip8 that may indicate risk of material misstatement due to fr&ud. in addressing the risk of fraud through n]anagement override of controls, tegting the appropriateness of jowllal entries and other adjustments,. assessing whether the judg¢ments made in making accounting estimates ate iiidicative of a pot¢ntialbias' and evaluating the business rationale of any significant transactiolls that are unusual or outside the nornal course of busiiiess. We also communiGated relevant idelltified laws and regulations and potential fraud risl(s to all engagement team members and remained alert to any indications of frnud or non-compliance with laws and regulations throughout the audit. A further description of ovrre8ponsibilities forthe audit of th¢ fanCIal statements is located on tbe Fioancial Reporting Council's website at www.frc,org.uldauditDrsresponsibi]ities.'fhis description formspart of ourReport of the Auditorg. Use ¢Jf our report This report 18 mad¢ yolely to the Gharity's members, as a body> in accordance with Chapter 3 ofPart 16 of the Companies Act 2006. OLW audit work has been undertaken so that we might State to the ¢haritabl¢ ¢ompang8 trustees those ntter8 we are requllEd to state to them in a Report of the Auditors and tor iio otherpurpo8¢. To the fiillest extent pfflynitted by law, we do not accept or. as5urne responsibility to anyone other than the charitsble company and the charitable company's trustee8 as a body, for our audit worK for this report, or for the opinions we have fornied. M£1rk Sunter (Senior Statutory Auditor) for and on behalf of Ainswolth Limited Chartered Accountants and Statutory Auditors Charter House Stan8fteld Stree¢ Nelson Lancashire BB9 9XY Date: 9th September 2024 Page 12
BURNLEY LEI ISTJRE AI4ID CUL TURE (A COMPANY LIMITEI D BY GUARANIEE) STAT'EMENT OF FINANCIAL AcrivrTIEI S (INCLUDINC INCOME AND EXPENDrruRE ACCOUNT) FOR THE YEAR ENDED 31ST MARCH 2024 31.3A4 Total funds 31.3.23 Total Funds Unrestricted funds Restricted funds Notes COME InLoJne from eharlt8ble Aetivitles: Grant income Operation of leisure and artg facilities 83,520 6,169,203 611,229 278,874 694,749 6,448,077 664,144 5,384,287 Otlier income Jnvestment ineome 51,382 14512 6267,235 14,512 7,157,338 Total income 890,103 6,100,843 I XPLNDITtTRE Raisillg funds Charitsble actlvlties: Operntion of leisure and arfs f8¢iIities Other Balance of pension Scheme opernting charge Net interest on pension scheme liability Total expenditure 645,522 565,395 5,534,583 958,129 6,492,712 5,669,189 19 19 40,000 40,OIMJ (94,000 7,084234 604,000 104,000 6,942,584 0,126,105 8,129 NII T INCOMEI(EXPENDII'URE) 141,130 (68,026) 73,104 (841,741) Other recognised gains and losses Pension sChee actu181 gains . 19 1,143,000 1143,000 6,414,000 NIT MOVEMEiYf IN FUNDS 1,284,130 (68,026) 1,216,104 5,572,259 RECONCILIATION OF F[JiS Toknl fullds broiight forward 2,079,613 317,487 2097,1110 (3,175,159) TOTAL FUNDS CAiiRIED FORWARD 3J63,743 249 461 04 2,397,100 The staten]ent of financial activities include5 all gains alld108se8 recogtiised in the y¢aT. All income tmd expendilwe are derived from CA)ntinuing activities. Page 13
BURNLEY LEISURE AND CULTURE (A COIVIPANY LILiirrED BY GUARANTEL) JIALANCLf SHEET AT 31ST MARCH 2024 31.3.24 31.3.23 No*s rilXED ASSETS Tangible assets 10 268,570 143 868 CURRLI NT ASSEI T8 Stock DeblDrs Cash at bank and in haud 139,726 260,766 611,287 124,965 334,092 545,108 12 CURRENT LIABILlEs Amounts falling due within one year 1,011,779 1,004,165 13 {595 J25) (521,933) NET CURRENT ASSETS 416,4S4 482,232 TOTAL ASSETS LESS CURRENT LIABILITIES 685,024 626,100 LONG TERM LIABILITIES Amounts falling due after one year 14 39,820 NET ASSEI TS EXCLiIDING PENSION SCHEME 645,204 626,100 PENSION SCHEME SURPLUS 19 2,968,000 1,771,000 NET LIABILITIEI S INCLUDINC PENSION SCHEME 3 613204 2 397 100 FUNDS Unrestricted fijnds Restricted fwi(Ls Pension Scheme surp11/(defIclt} 17 18 39S,743 249,461 2 968,000 308,613 317,487 1,771000 TOTAL FUIYDS 3 613 204 2,397 100 Page 14
BURNLLI Y LEISURE AND CULTtrR (A COMPANY LIMITED BY GUARANIEI) BALANCE SHEI ET FOII THE YEAR ENDII D 31ST MARCH 2024 The ttee$ hav¢ prepared the accounts in accordance with section 398 of the Cornpanie8 Act 2006 and section 138 of the Charities Act 2011. These financial statements h&ve been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating lo smaIl charitable comptmies and WAth the Finan¢ial Reporting Standard 102 (effective isl Janiiary 2019), The fmancial statements were tu)proved by the Board of Trustees on 9 September 2024 &nd were signed on Ats behalf by.. Chair Page 15
BURNLEI Y LEI ISURL, AND CIiLTURE (A COMPANY LIMfiED BY GUARATrUEE) CASH r(LOW STATLI MENT ri OR YEAR LI NDED 31ST MARCH 2024 31.324 31,3,23 Notes Cash flows from charltable actlrftles Cash generated from &otiviti¢s Net cash from charitable activities 198,516 27,582 198,516 27,582 Cash flows from financing and Investlng actlvltles Fixed assel additions Intewt received New loan in the year (198,840) 14,512 51,991 (174,849} 1,030 Net cash from fllwicing aGtivities {132J37) {173,819) Inereasel(decrease) in cash and cash equlvalents 66,179 {146237) Cash and cash equlvalentg at the beginning of the year 545,108 691,345 Cash and cash equivalellts at the end of the year 611,287 545,108 Page 16
BifRNLEI Y LEI ISURE ADID CULfuRE (A COMPANY LIMITED BY GUARANTEE) CASH FLOW STATEMLNT FOR THE YII AR ENDED 31ST MARCH 2024 RECONCILIATIOTrI OF SURPLUS/(DEfiIcrr) TO CASH GENERATED FROM ACTIVITIES 31.3.24 31.3,23 Surplu8 for the year Interest received Depreciation 1216,104 (14,512} 74,138 5.572,259 (1,030) 30,981 In¢rea8e in stocks Decrease in trade and other debtors (Decrease)/lnGTease in trade and otber creditor8 {Increa8e) in pension sch¢me surplu8 1,275,730 (14,761) 73,326 61,221 (1,197,000) 5,602,210 (33,628) 153,184 11,816 (5,706,000) Cagh generated from ¢haritable Activities 198,516 27,582 CASH AND CASH LI QUIVALENTS The amounts disclosed on the Cash Flow Statement in respect of cash and Qash equivalents are in Tespect Of these Balallce Sheet amounts: Year ended 31$t Mareh 2024 31.3.24 1.4.23 Cash and cash equivalents 611287 545,108 Year ended 31" March 21J23 31.3.23 1.4.22 Cagh and cash equivalent8 545,108 691,345 Page 17
BURNLEY LEISURE AND CULTtniE (A COMPANY LIMITED BY GUARANTEEI ) NOTEI S TO THLI FINANCIAL STATEMKNTS FOR THEI YEAR ]INDED 31ST MARCH 2024 ACCOUNTING POLICIEI S Company Informatffio Burnley Leisure and Cultur¢ is a charitsble company, litnited by guarantee, registered ia England and Wales. The charity's registered number and regi8tered office address catt be found on the Company Infonnation page, Each member's personal liability is limited to an amount not exceeding £1. Basis (Jf preparlng the financlal stRtements The fin1claI slatement8 have been pr¢pared in accordance with applicabl¢ accounting standar(ts. The fitiancial statements bave been prepared on a going concern basis which assumes that the company will be able to meet its liabilities ay th¢y fall due. The related party, Burnley Borough Council, have confirnied their support to the charity by the offer of financial support in the following fmancial year. They have continiied the provision of grant support and continued support of the ¢harAty in its Cash tlow requiren]ents. AGcordingly the trnstee8 have concluded that it is appropriate for these finallcial statements to b¢ prepared on the going concern basis. Accountlng Collventlon The fll]ancial 8t¢entS have been prepared under the bistori¢al cost oonventloll, and in accordance witb Accounting and Reporting by Cknitie8'. Slatement of Recommended Praoti¢e applicable to charities preparing their accounts in accordEw¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (eff¢otive lat January 2015)- (Cbarities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republio of Ireland (FRS 102), the Conww]ie8 Act 2006 alld the Charities Act 2011. Biimley Leisure and Cul¢ure meets the derlItOn of a publi¢ bellefit entity under FRS 102. Assets and liabilities are initially re¢ogni8ed at historical cost or transaction value unles8 Qth¢rwise stated in the relevant accounting policy rtote. Illeoming resources All incoming reSou¢S are included on the Statetnenl of Financi81 Activities when the charity is legally entitled to the income fmd the amount can be quantified with reasonable ac¢urnGy. Income is the atnount deriv¢d from ordinary activitie8, and slated after trade discounts, other sale8 taxes and net of VAT. Graats receivable are ac¢ounted for when due. Income is deferLEd when it 18 received in advance of the period to which IL r¢lates. Investjnent income is recognised on a teceivabl# basi8. Resources expellded Expenditure is account for on accru< basis and ha8 been classified under headings that aggregate all cost related to the category. Where ¢osts' cannot be directly attribud to particular h¢adings they have been allocated to activiti¢6 on a basis consistent with the us¢ of resources, Charitable expenditure COprISeS those costs Incired by the charity in th¢ delivery of ils activities and services for its beneficiaries. It includes both costs that ¢an be allocated directly to Such tiVItieS and those oo¥ts of an indirect natttre necessary to support them. Governance co&ts in¢kide those Costs asBOGiated with Meeting the constitutional aud statutory requirements of the charlty and include audit feu and costs linked to the strategic management and adn)inistration of tlie charity. All suppoi't costs ate allo¢ated between the aGtivity expenditLire categories on a basi8 designed to reflect the use of die resoiu¢e8. Support cost8 are apportioned on An appropriate basis ¢.g, tAe spent, floor areas, or estimated usage. Page 18
BURNLEI Y LLI ISURE AND CULTUR (A COMPANY LIMrrLI D BY GUARANTEE) NOTLI 8 TO 'fiiE ITINANCIAL STATEII(ENTS FOR THEI YEAR [1 NDED 31ST MARCH 2024 ACCOUNTILYG POLIaE8 (CONTINUED) Tanglble fixed assets nd depreciatio DepreGiation is provided at the following annual rates in order to write off each asset over its estinle& usefid life or, if heId under a finance lease, over th¢ l¢ase term. whichever is the 8horter. FiKtur¢8 and Fittings 10 /0-33L/lo on cost Fixed assets The financial stat¢ments do llot include die cost of land, buildings alld equipment used at nominal rent by Bumley IKisure and Culttllr, wh08e title rests with Burnley Borough Coullcll. It is not pr&cticably pOlb1¢ to attribute a value to this benefiL Taxation The uharity is exempt from CoOratIOn tax on its ¢harit&bl¢ activitie8, Fund accountlng Unre8trict¢d lld8 Can bs used in accordance with the Qharitable objectives at the discretion of the tru8t¢es, Restricted fulld8 cau only be used t'or particular restricted purpos¢s within the objects of the ¢harity. Restriction arÈse when specified by the donor or when fimds are raised for particular restricted pUoSe8. Further explanation of the nature andputpose of each fund is InchQd in the notes to the fmanGial statements. Pension costs and other post-retirement benefits The charity participates in a defin benefit scheme. Although the scheme i8 a tnulti-employ¢r scheme it is possil)le to allocate a 8hare of the a88ets and liabilitie8 to the charity and heiice contributions ar¢ accounted for as a defined benefxt scheme in accordance with FRS 102. Stock Stock 18 valued at the lower of c08t and net realisable value, after ll1ng due allowances for 81ow and obsole items. Stock is Valu on a first in fiLBt out basis on hibtorical co8t. Leasing Renta18 payable undeT operaliiig leases are charged against on a straigbt line basis over the lease tenrL Debtors Short l¢nn debtOTS are ineasured at transa¢tion price, lebs any impaiiTrent. Ci'edltorg Short tem Grl¢orS are measured at transaction price. Significant judgements and estimates Preparation of the fall¢la1 8tst¢ments i"equires manageftnent to n¢ significant judgement8 and tInte8. The major Ite in the fiiiancial stat¢nwits where these judgements alld e8titnates must be made is in relatiort to tbc pen8ion hell]e. Management ¢oiMrtt with experts to provide appropriate as6umptiong on which to calculate proje¢ted funding position for the sohome, Details of th¢ a&sumption8 Witbin the oalculations to derive the n¢t value of the pen8ioll fund are Shown within note 19. Page 19
]JURNLEY LEI ISURE AND CULTUR (A COMPANY LIMITED BY GUARANTEEI) NOTLS TO THE FINANCIAL STATEI MENTS FOR TIIE YEAR ENDED 31ST MARCH 2024 ACCOUNTING POLICIES (CONTINULI D) Slgnificant judgements estimates {continued) There has been substantial volatility in fmancial maet8 over recent yeatB due to global war8, and their subsequent impact on global supply chains alld inflation. Th¢6e have consequences for asset and liability values, and tl]is is reflected in the 2023/24 accounting figures. CIiARITABL£ ACTIVITIES- CRANT INCOME 31.3.23 Sport Englaftd 239,979 111,058 83,690 69,882 59,637 30,000 29,400 27,000 25,196 14,907 4,01)0 257,109 138,821 1,499 66,883 45,415 90,000 Arts Council England Lallcashir¢ County Council Business Health Ma¢teL Burnley, Pendle md Ros8¢ndale CVS Actrve Lanca8hire Cardiao Rehabilitation Burnley Borough Council Climate Action Fund Stocks Massey Partner contributions Canal and River TTht 27,275 10,000 4,000 18,142 5,000 Total 694 749 tn 2023, of the kntal grant income, £546,166 wa8 re8triGted and £117,978 wa8 unrestricted fvnds. CEiARITABLE ACTIVITIES -. OPXRATION OF FACILrrILs .11,3.24 31.3.23 Burnley Borough Council anniial contract fee Income from the operation of leisure and ar18 f]litt¢S 951,063 5 497,014 6 448 077 720517 4,663 770 5.384,287 In 2023, of the total c]witable tiVitIeS inconw, £210,757 was restricted and £5,173,530 was unrestriGted fijnds. Page 20
BURNLEY LEISURCI AIYD CUL TURE (A COMPAIIY LIMITED BY GUARANTEI) LYOTEI S TO THE FINANCIAL STATEMEI NTS OR THE YEAR KLYDED 31ST MARCH 2024 RAISING FUNDS Unrestricted Funds Restrleted Funds Total 31.3.24 31 Staff costs and allowances Premi8e8 expenses Services and supplies Tratport expenses Biisiness and technical support (see nots 6) 377,231 17,935 220,188 818 377,231 17,935 220,188 818 321 201 21 645 522 645,522 2023, of the total costs raising funds, £nil was re8tiicted and £565,395 was unrestricted fimds. COSTS OF CHARrrABLL ACTIVITIES 56: Unrestrleted Funds Restrlcted Funds Total 31.323 Totsl 31.3.22 Staff costs and allowances PreAlli5es expenses Supplie8 and services Transport expenses Busine85 and technical support (see note 6) Governance costs (see note 6) 3,146,930 151,044 1958P52 7J62 264,145 691,929 11,419 253,726 1,055 3,838,859 162,463 2,212,678 8,417 264,145 3,325,842 112,398 1,971,463 13,814 239,822 5,850 5 669 189 958,129 6 492 712 In 2023, of the total ¢osts of charitable activities, £824,662 was restricted and £4,844,527 was unrestricted funds. Included in the above are govemance and 1pport costg. Th¢8# costs have been allocad using an element of judgement as the charity has had to consider the co8tlb¢nefit of detailed calculations and record keeping. TherefthE, support cost8 have been allocated accordingly to proportioll of direct costs incurred within each charitable activity. GOVERNANCE AND SUPPORT COSTS 31.324 Total funds 31.3.23 Total Funds Unrestrieted fiinds Restricted fiinds Busille85 and technical support Audit services Non-audit services 293,495 5,250 900 293,495 S250 900 266,469 5,000 850 299,645 272 319 In 2023. of the total governance tmd support costs, £nil wag restricted and £272,319 was unrestricted funds, Page 21
BURNLEY LEI ISURE AND CULTURII (A COMPANY LnvIrfLI D BY GUARANTEEI ) NOTEI S TO I'HE FINANCIAL STATEI MEI NTS OR THEI YEAR ENDII D 31ST MARCH 2024 NEI T OUTGOIIYG RESOURCL Net Tesources are stated after Gharging: 313.24 31.3.23 Auditors remuneration D¢pTeciation 6,150 5,850 30,891 TRUSTEI ES, REMUNERATIOiY AND BENEFrrs Trustees, RemunerRtion During the year remuneration of £43,995 (2023: £40,935) was paid to one (2023.. one) employee tru8tee, in relation to their employment duties. These payments are authorised by the Articles of Association. No trustees recEived remuneration fortheir roles as trustee8 for the year ended 31$1 March 2024 nor for the year ended 3151 March 2023. Trllstees, Expenses 'rhere were no trustees, expenses paid for the year ended 3 1st March 2024 norfor tho year ended 31st March 2023. STAFF COSTS 31.3.24 31.3.23 Wage8 and salaries Social security costs Other pension costs 3,755,429 263,650 445 157 3277.671 228,972 389,850 3,896 493 4,464 236 The average monthly number of employees during the year was as follows: 31.3.24 31.3.23 Employees 188 169 Employees earning Ino than £60,000 during the year,. 31J.24 31.3.23 £60,001- £75,000 The above staff member participated iti the defined benefit pension scheme. Contributions of £10,800 (2023: £10,780) were made in relation to thi8 indivithial. The total remuneration pa(d to Key Management Pellyonnel was £237,186 (2023: £228,581). Page 22
BURNLEI Y LEI JSURE AND CULTURI (A COMPANY LIMfrED BY GUARANIEI E) NOTES TO FINANCIAL STATEMENTS FOR THE YLI AR LI NDED 31ST MARCII 2024 io. TANGIBLI FIXED ASSETS Flxtllres nd fitting8 COST At 1st April 2023 Additions 224,849 At 3 1st March 2024 DEPRECIATION At I st April 2023 Charge for year At 318t March 2024 80,981 155 119 NET BOOK VALUE At 3 1st March 2024 268 570 At 318t Maroh 2023 ii. STOCK 31J.24 31.3.23 Leisur¢ centre stock Town¢ley golf 8ti)ck Bar and catering 13,895 46,769 14,245 39,515 71,205 139 726 124,965 12. DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 31.324 31.3.23 Trade debtors Prepaymenig and a¢¢rued itiGom¢ Other debtors 235,791 24975 249,516 84.576 260 766 334 092 Page 23
BURNLEI Y LEISURE AND CULTUR (A COIVIPANY LllVIITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEllIlENTS FOR THE YEAR ENDED 31ST IVIARCH 2024 13. CREDITORS: AMOUNTS FALLING DUE WITHIN YEAR 31J.24 31.3.23 Trade ¢Tedilo AnLalS and deferred inuome Other creditors Hire puroh&se cotttracts 181,511 251,411 150,232 227,256 223,504 71,173 595J25 521933 14. CREI DITORS: AMOUNTS FALLING DUE AFfER MORE THA ONE YEAR 31.3.24 31.3.23 Hire purchase contracts 15, OPERATING LEASE COMPAtlTIKENTS The followillg operating lease payments are committed and fall due a8 follows.. 31J.24 31.323 I xpiry date: Within l year Between one and five years 8010 20,519 IS,425 28 16. ANALYSIS OF NLT LIABILrrtCi S 14ETWELI N FUNDS 31324 Total funds 31.3.23 Total Funds Unrestrlcted funds Ilestricted funds FriKed assets Curr¢nt as8ets Current liabilities Long temi liabilities Pension 8cheme surpk 268,570 762,318 {59S,325) (39,820) 2 908 000 268,570 1,011,779 (595?25) (39,820) 2 968,000 3,613,204 143,868 1,004,165 (521,933) 249,461 1771000 3 303 743 249 461 2 397 100 Page 24
BURNLLI Y LEISURE AI4D CULTURE (A COMPANY LIMED BY GUARANTELI ) NOTES TO TE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 17. ITrIRKSTRICTED FUNDS Pension surplus General funds Deslgnated funds Total funds Balallce at l# April 2023 Net income / (expenditure) 1,771,000 1,197,000 230,726 53,230 77,887 33,900 2,079,613 1,284,130 283,956 111,787 3 363 743 Purposes of deslgnated funds The trustees have designated fundg to assistin the future development of the charity and theupgrading of faciliti&s. General fund The general fund ¢onsi8ts of the total of free reserve8 available to 8pettd on the objectives of the chariLy. 18. Rtl STRICTED FUNDS At 1st April 2023 Incoming resources Outgolng At 31. MarclL resources 2024 Project flllld Active Streets Beat the Street Climate Action Fund Holiday Activities and Food pmgrattune Healthy Lifestyles Hug Burnley PASTA Pride of Place SHE Project Weight Management 114,757 5,000 94,136 51,961 14,907 16,700 612,709 54,490 10,000 35,200 118,006 56961 90,887 14,907 6,975 99,177 31,156 9,083 78,834 10,000 43,248 18,808 592?66 33J34 53,248 30,200 1,941 5,000 1,359 3,300 53,265 317 487 890,103 958 129 249 461 Th¢ restricted grants receiv¢d in the yeur have been ¢ategorised above, 19. PEI NSION ARRANGEM1 NTS The ¢harity participates ill tbe L4ncashire County Pension Fund which is a nded defined ben¢fit scheme pmviding benefits based on final remuneration. The a88ets of the SGheme held Separately from those of the ohlty. Whilst this is a mlllti-employer scheme, the actuary 18 abl¢ to segregate the assets and liabilitieg relating to the charity, DuTing the year, norn1 employer pension contribiitions of £445.157 (2023.. £389,850) were paid to the scheme. P&ge 25
BURNLEY LEISURE AND CULTURE (A COMPANY LLVIITED BY GUAIL4NTEI E) NOTLI S TO THE FINANCIAL STATEMENTS FOR THLf YEI AR ENDED 31ST MARCH 2024 19. PEI NSION ARRANG£1 MENTS (CONTINUED) The following Galculations &s at 3 1st March 2024 have been provided by the earles, Mercer Litllited, using the projected unit aGtual costs ethOd. Principal a¢tuarial as8umptions used by the actuary were as follows: 31J.24 31.3,23 R&te of CPI inflation Rule of increase in salaries Rale of in¢Lrase in pensions Discount rate Life expeGtaucy of & male futttre pen8ioner aged 65 in 20 years, 2.60 4.10 2.70 4.90 22.40 2.70 4.20 2.80 4,70 22.80 Life expeclaney of a female future pensioner aged 65 yn 20 years, 25.30 25.60 Life expectartcy of a male cutrent pensioner aged 65 Life expectancy of a female Qurrent pensioner agcd 65 21.10 23.50 21.50 23.80 The aAnounts recognised in the balance sheet are as follows: 31.3.24 31.3.23 Present value of fided obligations Fair value of plan assets Net pension surplus/(defiGit) (10,261,000) 13,229 000 2,968 000 (9,945,000) 11,716 000 1771000 Analysis of amouots charged to the Statement of Financial A¢Éivities'. 31.3.24 31.3.23 Opernting charge Current service cost Administration expenses Total operating charge 467,000 18,000 485 000 977,000 992,000 31.3.24 31.3.23 Other flnance costs Expected re.luni on pension 8oheme ussets liiterest on pension scheme liabilitses Net (incomeyL'harge (563,000) 469,000 (321,000) 425 000 104,000 31.324 31,3.23 Total chdtge to TOUrceS expended in Statement of Financial Activities 391,000 1096,000 Page 26
BURNLLY LEI ISURE AND CULTUR (A COMPANY LIMITED BY GUARANTLI E) NO'fEs TO I'HLI IIINIINCIAL STA'fEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 19. PENSION ARRANGEMEIYTS (CONTINUED) Analysis of the actuarial gallts and lo8ses shown in the Statement of Financial A¢tivities.' 31.3.24 31.3.23 ActuaL gaIn(lO8¢S) on a&s¢ts Actuarial gainsl(losses) on liabilitie5 432,000 711000 (278,000) 6 692,0 Actuarial gain / (loss) recognised 1143,000 6 414 000 Changes in the fair Vali of the defmed benefit obligation are as follows.. 31.324 31.3.23 Op¢ning defmed benefit obligation Current service cost Interest on pension scheme liabilities Employee ntrIbUtionS Actuarial {gains)1108se8 Benefits paid l tranbfers 9,945,000 467,000 469,000 180,000 (711,000) {89,000 15,169,000 977,000 425,000 155,000 (6,692,0) 89,000 Closing defined benefit obligation8 10 261000 9 945,000 Change8 in the fair value of plan assets are a8 follows: 31.3.24 31.3.23 Opening fair value of plan assets Expected Teturn on plan Actuatial gaIn(lOsSes) Employer contiibution8 Employee contributions AdinIStrti0n expenses Benefits paid / trausfer8 11,716,000 563,000 432,000 445,000 180,000 (Is,000) 11.234,000 321,000 {278,000) 388,000 155,000 (15,000) Closing fair value ot plan assets 13,229,000 11.716 000 The split of a&sets between investent ¢ategorie8 is as follows.. 31.3,24 31.324 31.3.23 31.3.23 Equities Government bonds Other boj Property CashllÉquidity Otkner 14,000 0.10 12.000 o.io 13,000 172,000 238,000 12 792 000 o.io 1.30 1.80 96.70 23,000 176,000 94,000 11411,000 0.20 1.50 0.80 97.40 13 229,IMJO loo.00 11716 IM)0 100.00 PEtge 27
BURNL£I Y LEISURE AND CULTURE, (A COMPANY LILvIrrLI D BY GUARANTEE) NOTEI S TO THEI IIINANCIAL STATEIIIENTS riOR THEI YEAR ENDED 31ST MARCH 2024 19. PLfN8ION ARIUNGEMEIYTS {CONTINUED) Amounts for the current and previous periods are as follows., 31.3.24 31.3.23 31.3,22 Defed benefit obligation Plan assets (10,261,000) 13,229,000 (9,945,000) (15,169,000) 11716000 11234000 Surplu81(deficit) 2 968 000 1771,000 3,935 000 A full actuarlal review of the scheme was undertaken as at 315¢ March 2024. Following the full actuarial valuation, employer Contr1utionS were agreed to stay at a rate of13.50 /0 with effect from ISI April 2024. The current &8timats of employer contributions for the year ended 3 1st March 2025 is £445,000. Implied service cost is e8tift]ated at £408,000 and & net inÉerest and administration cost at £138,000 r¢8ultin£ in the suo)li increasing by an estitnated £175,000 to £3,143,000. 20. RELATED PARTY TRANSACTIONS Under an agreenwit dated 25 March 2014, ttLe charity acquired the use of the community arts Ld lei8Lwe facilities in the Burnley area from Burnley Borough Council. a related party by virtue of it8 grant fimding to the charity. The comtnunity arts and leisure faciliti include all the equiptnent at ¢ach site and ¢nable the society to operate Imder its prin¢ipdl activity. The value of the equipment and the potsntial liability for the consideration are not included in th¢ accounls in to reflect the substance of the arraDgement. The Charity operate8 from prniSeS owned by Burnley Borough Council. During the perioLI the charity received grant funding fn)m Burnley Borough Council of £951,063 (2023: £720,517). Burnley Borough Councll a180 provides professional services to the Charity under a service agreement which they were G]]arg¢d £293,495 (2023: £266,469) in tbe period. During the year sales of £173,744 (2023: £179,004) w¢ ¢Irg¢d to. and expend1fte of £121,377 (2023." £102 JOI} was charged by, Burnley Borough CounGiI. PilEe 28
BURN4 Y LFISURf AND CULTUR (A COMPANY LIMITED BY GUARANTE£I) LYOTES TO THEI FINANCIAL STATIMENTS FOR IHE YEAR KNDED 31ST MARCH 2024 21. GOING CONCERN AD POST BALANCI SHEET EVEIYTS In preparing this Annual Report and Accoill)ts, the tStee8 have consid¢red their statement made regarding preparation of the financial statements on a going-concern basis. The finan¢ial statemgnts have been produced on a going concern b¥18 as at 3131 March 2024 because the trustees ar¢ sat18fied that the charity will meet all its obligations as and wheAi they fall due over the fores¢eable futLtre. In forming this opinion, the tru8tees have paid particular regard to,. a) The nathre of and future prospe¢ts for the economic clitnate in whiGh the ¢Jwity operates. b) The adequacy of the liquidity in the busines8 demonstrated through the ¢UTrent 12 n]onth forec&8t' c) The continued support of the council. d) The Temaining terni to March 2029 of the management agreement with Burnley Borough Council. e} The competencies of the executive staff employed by the Gharity. fj The actual perfonnan¢e to date for the. fmancial year ending 31" March 2025. The Iru8tee5 are not aware of any otlLer reportable post balance 8he¢t events at the time of this reporL Pag¢ 29