MAGNA V TAE TRUST FOR LEISURE & CULTURE MAGNAVITAE TRUSTEES, REPORT ANDACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022 Charity Registration No. 1160156 Company Registration No. 09078400 (England and Wales) AVITAE GALANDADMINISTRATIVE INFORMATION Chairman of the Trustees Peter Helps (Interim Chairman) Community Trustees lan Emmerson OBE Ilnterim Vice Chairman) Doreen Stephenson (resigned 9th July 2021) Ashley Lidgard Jon Stones Kenneth Ball (resigned 26th July 20211 David Warden (appointed 25th August 2021) Local Authority Trustees Cllr Sarah Parkin Cllr Helen Matthews (resigned 20 May 2021) Cllr Steve Kirk (appointed 20 May 2021) Employee Trustee Ross Cameron (resigned 13th April 20221 Executive Directors James Brindle Aeneas Richardson Charity number 1160156 Company number 09078400 Registered office Meridian Leisure Centre Wood Lane Louth, Lincolnshire LNII 8SA Senior Leadership Team James Brindle, Executive Director Aeneas Richardson, Executive Director Sally Topham, Director of Finance Jarnes Turner, Director of Business Development Independent Auditors Streets Audit LLP Tower House Lucy Tower Street Lincoln, Lincolnshire LNI IXW Bankers Barclays Bank PLC I Churchill Place LONDON E14 5HP IIW TRUSTEES, REPORT (INCLUDINGTHE STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2022 The Trustees (who are also Directors of the charity for the purposes of the Companies Act) are pleased to present their Annual Report together with the audited financial statements of Magna Vitae (the Trust) for the a ll￿,, yearended 31 March 2022. The Trustees confirm that the Annual Report and Financial Statements of the Trust have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective l January 2019). Since the charity qualifies as small, under section 383. the strategic report required of medium and large companies under The Companies Act 2006 {Strategic Report and Director's Report) Regulations 2013 is not required. Objectives and Activities POLICIES AND OBJECTIVES The Trustees confirm that they have considered their duties and have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities. The Trustees are confident that the activities of Magna Vitae are carried out for the benefit of others as is detailed in the rest of the information within the Trustees report. The charity's revenues and any operating surpluses are re-invested to continually develop and improve outcomes for the people of East Lindsey. Our Purpose As a charitable trust our mission is to provide an extraordinary range of cultural, leisure and health related facilities gnd services that allow local people to lead a great life. We will develop and sustain a thriving and successful culture and leisure business that encourages innovation and expansion to maximise the opportunities forthe community we serve. Ourvision Our VISION is to improve the wellbein8 of our community, enabling people to live great lives. Our Mission Our MISSION is to clearly demonstrate proactive and innovative leadership that will generate posi- tive change in the areas of social and economic inequality. We are committed to empower local people by reaching out with humanity and compassion. Ourvalues We are in thi5 together We embrace change We are always learning We celebrate differences Our charitable Objectives To provide or assist in the provision of both indoor ond outdoor facilities in the interests of social welfare for recreation or other leisure time occupation of individuals who have need of such by reason of their youth, age. infirmity or disability, financial hardship or social circumstance or to the public ot lorge with the object of improving their condition5 of life,. and/or To promote community participation In healthy recreational dctivities.. and/or To provide or assist in the provision of community facilities to be available to all sections of the communitywithout distinction, including use for meetings, lectures and classes and/or other forms of recreation and leisure time occupation with the object of improving the conditions of life forall who use the facilities,. ond/or To promote the educotion of the public through the provision of facilities forperforming arts and/or Such otherchoritable purposes as the Trustees in their absolute discretion may determine. Magna Vitae has a strategic partnership with East Lindsey District Council IELDCI. During the next five years it is the objective of the Board, Senior Leadership Team and staff of Magna Vitae to strategically develop and grow the business in collaboration following the COVID 19 Pandemic. The business will seek to achieve this through four key drivers: Ensuring correct structure, systems and people in place. Enabling more people to access our services., Improving customer experiences., Growing our income, supporters, partners and beneficiaries both inside and outside East Lindsey. MARKET CONDITIONS Aprll 2021 to Mar disrupted by venues affecte ma second successive year of service / business slgnificantly wn 3 came to a welcome end on April 12th 2021 for our leisure ranu of the following months access restrictions and regulations negatively Iness perf rmance. The Embassy Theatre felt the effects for longer, not re-opening to Ic until mid-may 2021, a significant closure period of 17 months. According to the Office of National Statistics IONS) mid-year population estimates for the District in 2015 - the latest available - show the population of East Lindsey is 137,900. The District's population is projected to experlence growth of 11.4°A by 2037. It has been projected that the 16-64 years age group will reduce from 56.4% of the population in 2015 to 48.8% of the population in 2037, along with a slight reduction in the proporknon who are aged 0-15 years, this means that the proportion of the population of East Lindsey that is aged 65 or olderwill continue to grow, In terms of deprivation, East Lindsey is ranked the 33rd most deprived local authority district area in England. out of 326. This means that the District is just on the border of being ranked in the top 10% of the most deprived local authority district areas in England. When compared against figures for England males have an average life expectancy of 0.6 fewer years than the national average. whereas females have an average life expectancy of 0.9 feweryears than the national average. The success of Magna Vitse's activities is evidence of the community value generated from investment in leisure, sport, culture and physical activity. Magna Vitse has invested in national benchmarking regarding its social value in order to measure community impact/savings generated across four key areas. Wellbeing Education Healthcare Crime CURRENT PRINCIPALACTIVITIES Physical Activity and Sport Magna Vitae provides a broad and diverse infrastructure and range of community focused facilities and services, incorporating swimming pools (indoor and outdoor), sports halls, fitness facilities, fitness classes, meeting rooms, conferencing venues, outdoor sports pitches, and multi-use games area. The Trust operates the leisure venues owned by the District Council comprising: Meridian Leisure Centre IMLCI, Louth opened in 2010. This is the flagship leisure facility and welcomed 130,429 visits in 2021/22 Wood Lane football pitch & Multi-use Games Area IMUGAI. London Road Pavilion ILRPI, Louth this is the home ground to local football, cricket and hockey clubs. It includes grass pitches and an all-weather full size playing services, all used for training and competitive parkncipation. Charles Street Recreation Ground, Louth - provides tennis and communitygardens. Hornc35tle Pool & Fitness Suite IHSPI - offers a wide and diverse programme. which saw 45,958 visits in 2021122 Skegness Pool & Fitness Suite ISSPI - consists of an indoor pool , attractive seasonal outdoor pool and fitness suite. Annual throughput of 61,312 visits in 2021122 Station Sports Centre ISSCI, Mablethorpe - this is the least 'fit for purpose, venue in the portfolio. Opened in 1984 and refurbished in 1997. Attracted overjust over 28,301 visits in 2021122 Sutton-on-sea Multi-use Games Area IMUGAI - caters for football, tennis. basketball and has a trim trail. Altitude44 (A441- Operated the season with restrictions in pla￿. A total of 2,406 Climbs took place. Health and Wellbeing Magna Vitae provides a wide range of programmes. workshops and support to tsckle physical inactivity. social isolation and poor health within East Lindsey. Initiatives include nutritional advice, nutrition workshops. mental health support, exercise on prescription programme5 and activities for people with dementia. mental health conditions and other life-changing illnesses. Programmes aim to support older people who may have become socially isolated, lonely and with caring responsibilities. Alongside this, there is also the work taking place in targeted towns an villages where there is no Magna Vitae venue I y, Alford, Wainfleet, Wragby and Binbroo cludes the 'Schools Out, activity pro8ra en and young people alongside co entw hin these locations. Culture, Arts and Events The Trust manages and develops, on behalf of the District Council the arts, culture nd events opportunities across the district comprising education31 programmes, arts productions, festivals, and arts/sports/cultural events. Examples include: Arts and Culture Development and Funding Advice Management of the district's flagship cultural event. SO Festival, an Arts Council England. National Portfolio Organisation INPOI programme Management and development of a local, national and international cultural activities and events programme In terms of economic impact ourwod( has previously succeeded in.. Bringing an average of £1 million annually as extra benefit to the local economy. Attractin8 single event audiences of up to 20,000 visitors: Bringing'new, media coverage and positive promotion of the area. Securing the involvement of key strategic partners including for example Arts Council England. the FA; Sport England; AMCA. The Mighty Creatives. Without Walls. Spirit of 2012. DCMS. Royal Air Force-, etc. Theatre EmbassyTheatre with a seating capacity of 1.027 is situated in a key location on Grand Parade, Skegness. It hosts and promotes in excess of 150 individual live shows each year,. a combination of top name celebrity acts, seaside favourites, West End musicals and community productions in the fields of music. comedy, dance, drama, circus and variety. The creative team atThe Embassy also produce a professional 2 week Pantomime season of 22 performances each year. In addition to mainstay theatre productions the EmbassyTheatre has the capabilityto maximise usage into a multi-functional auditorium with hydraulic seating, to house large-scale exhibitions, parttes, roller disco, conferences and ballroom dancing etc. as well as installation of a high performing digital big screen system in 2020 and now screens live seasons via Satellite from The National Theatre, Royal Opera House as well as Disney family film favourites. Café Magna Café Magna is a purpose-built coffee shop and pizzeria located next door to the A44 climbing facility and Skegness Swimming Pool & Fitness Suite. It was built in 2019 and was operated until November 2020 by Magna Vitae Enterprises IMVEI, a wholly owned trading subsidiary of Magna Vitae. From November 2020 the business operations transferred back to Magna Vitae. 19 ary TheTrust aims to operate and develop these activities, facilities and seNices to achieve the gre outcomes for the local community. These activities, facilities 2nd services detailed above broadly represent the current scope of Magna Vitae operation5 and are reviewed regularly to ensure they continue to meet the needs of the local population and attract people who don't currently participate. Some of these activities/programmeslservices are subject to partnership funding and their ongoing provision will therefore be dependent upon those partner requirements. The Trust recognises the importance of developin8 and improving its activities, facilities and services, and will actively engage in pursuing innovative and dynamic programmes designed to maximise access and opportunity to all ages and demographic groups Within the local community. The Trust will deliver services to the highest standards of professionalism and expertise and will seek to maintain and build quality and increase accessibility. In so doing, it will strive to: Continuously improve facilities and satisfy ever increasing se￿iCe expectation for existing Generate growth and uptake by introducing new ways of engaging with non-users., Provide a wide-ranging, relevant and up-to-date programme that appeals to a broad cross-section of service users. Continue to extend and improve the provision of high quality exercise referral services and other health related programmes., Work closely with all local schools, sporting clubs, cultural organisations and national governing bodies. Achievements and Performance REVIEW OF ACTIVITIES Corporate April 2021 to March 2022 marked a second successive year of service / business significantly disrupted by COVID 19. Lockdown 3 came to a welcome end on April 12th 2021 for our leisure venues, albeit for a number of the following months access restrictions and regulations negatively affected business performance. The Embassy Theatre felt the effects for longer, not re-opening to the public until mid-may 2021, a significant closure period of 17 months. The long-awaited lifting of all COVID restrictions paved the way for Magna Vitae to begin to re-build our business and once again start to provide outstanding service to our customers, patrons and members throughout East Lindsey and the surrounding area. From 3 business performance perspective, given the continually challenging operating circumstances, 2021- 2022 has produced extremely positive and highly encouraging outcomes for the company. The Trust finished the year very strongly indeed and presently finds itself is In a better Position than originally estimated at the start of the year. The complexion of our programme of use has changed beyond recognition in the past 12 months. Customer return regards health & fitness memberships continually rose throughout the yearand performed strongly during the traditional "Golden Quarter" Newyear period. Swimming lessons growth has exceeded all expectations and we finished the year with over 1.800 learners accessing the Waterwise programme. Across all five leisure sites, the public gradually continued to increase their frequency of use, still utilising our innovative virtual provision but responding extremely positively to the site doors being fully open once again. Introduced in late Spring, our newly commissioned Sport, Activity & Community"Outreach' team has gradually developed its work and in its first part-year has achieved fabulous community activity results in the five market towns of Spilsby, Wragby, Binbrook, Alford and Wainfleet. These are all East Lindsey towns linland conurbationsl, that are not served with purpose-built leisure / sports venues. In these locations. Magna Vitae is now delivering significantly more sport and activity in the community during both term time and school holiday periods. This was a testingyear for the Magnavitae CommunityTeam. Long standing partnership5 With Louth and District Hospice and TED (East Lindsey) came to an end and due the COVID grant landscape no alternative funding could be found to continue to maintain these programmes. Sadly, much of this work has now ceased. Magna Vitae are now considering new partnershlps and models that will allow these progr3mmes to be rekindled overtime. All at Magna Vitae would want to place on record our thanks to the staff that delivered these very valued schemes and resulted in profound community impact. 2022 marks the final year of the current Arts Council England NPO {SO Festival) programme. Again, even in the most difficult of COVID circumstances the team has continued to innovate and deliver artistic excellence. Magna Vitae has now submitted ourappllcation to the 2023-2026 NPO round and we currently await the result of this application. The Embassy Theatre, having reopened its doors. produced a highly successful pantomime season in December. The post-christmas season opened in February with 'Burn the Floor., which brought with it a diverse audience of theatre lovers. Patrons have since enjoyed a variety of productions including the Circus of Horrors. Comedy Hotspot and Game Show Party Night. The venue stsged a busy Easter holiday period. Huge excitement continues to build regards the proposed £1.43M 'Town Fund. Culture House development, with work currentlyscheduled to commence in January 2023. In 2022 Magna Vitae partnered with Pan Optikum, an international. professional physical theatre company. A collaborative project with 12 other partners taking part from 11 European countries. Magna Vitse was the only UK partner involved. The first performance delivered in the Grimsby Min- ster brought together 6 creative agencies, 13 dancers and entertained an audience of 120+. Throughout the year our customer base has returned strongly. Ouryear end finances are extremely positive. We continue to work with a significantly smaller stsff team than was employed pre-pan- demic. Staff have worked incredibly hard, they have adapted, continually innovate and employa flexible team approach. Magna Vitae has continued to invest significantly in the development of its organisational culture (its DNA), alongside the vocational learning and development of its workforce, This will continue to be a priority. Some staff continue to work primarilyfrom home. Given the circumstantial challenges faced by the Charity. the year 2021122 has been a marked success and the future, going forward, looks a little bit brighter. Physical Activity and Sport Leisure venues recorded 625,577 physical activity visits for the year 21122. Despite being able to open our doors on April 12th, restrictions were still very much in place. Reduced capacity, nervous custom and no instructor lead sessions for sever31 months meant that our build back was Steady. All sites are recovering well and continue to adapt to new ways of working. Our Waterwise programme, which follows the Swim England Le3rn to swim framework, comprising of Group lessons, School swimming, I:1 tution and also intensive sessions delivered during half terms are growing from strength to strength. All venues now have exceeded pre-pandemic enrolment figures for group sessions and income levels matching that. A battle regards recruitment of qualified instructors is now growth of our I:1 provision but will continue to be an area of focus forthe upcoming year. Our Magna Vitae Gymnastics programme continues to build back and now has 207 members paying a monthly subscription for their weekly class. Altitude44 re-opened in April 2021, but still operated to some level of restriction. This year, operating under the one complex umbrella at Skegness. lli -ri 10 magnavitae.org Health and Wellbelng After devising many new ways to engage with socially isolated indlviduals throughout the Covid 19 pandemic 2021122 sawthe team resuming face to face contact with participants in the community. When some venues were still inaccessible the team delivered walks within the community which included themed heritage walks and 'seaside safaris,, using safe outdoor spaces to help people to reconnect with each other after such a long time apart. Some online contact remained in place for some of the first part of the year with IT support still being provided for some individuals. The 'StiII Me, project continued to successfully support individuals living with a life limiting illness, including dementia, as well as support for their carers and families. During 2021122, face to face sessions resumed in Louth at the Meridian Leisure Centre and Skegness Tower gardens with the sessions returning to it's original home of Barratt Court in January 2022. Support for those in other locations remained by phone call and with occasional doorstep visits and vi3 online activity such as seated exercise and dance. The project held a 'welcome back, celebration in September 2022 and Christmas Party atAlford Manor House in December 2022. The project's funding came to an end on 31st October 2021 with sessions continuing until 31st March 2022. Throughout the five years of the project a total number of 723 individuals have been supported bythe team. The project provided 258 opportunities of remote support for individuals with a throughput of 660 within face to face sessions throughout 2021/22. 'Still Me, has also been part of a research programme undertaken by the University of Lincoln looking into the benefits of organised physical activity on those who live with dementia. The findings of this research is to be presented on the 31st March 2022. The team also chair5 the Louth & East Lindsey Dementia Action Alliance which brings together local stskeholders to work together to help build dementia friendly communities. Magna Vitse continued with one TED (Talk, Eat, Drink In East Lindsey) programme projects which are funded by the National Lottery as part of the Ageing Better programme. Fitness Food and Friends was awarded a furtheryear of funding which allowed sessions to continue through until the end of January 2022. Activity throughout the year provided 312 contacts of'blended support, with a mix of wellbeing calls, virtual and email of support and outdoor activities up to August 2021. Sessions returned to village halls and Magna Vitae venues August onwards with 242 different individuals accessing sessions with a throughput of 428 attendances. The TED project ended with 3 celebration event which brought together all the stakeholders and many beneficiaries of the programme at an event which was held at the Embassy Theatre on 10th March 2022. The TED Chaps project was not re-commissloned bythe National Lottery Communlfy Fund but the team continued to deliverthe'sporting Memories, model with the support of some funding through Louth Rotary Club. The virtual and online sessions provided 188 contacts of support for individu315. Face-to-face sessions commencing at Louth Bowls Club in September 2022 and have supported 19 different individuals throu8h the weekly sessions. The team continue to engage with various support services which include, IT skills, scam awareness, nutritional support and nature, as well as supporting isolated individuals to access statutory service5 such a5 NHS Steps2Change mental health service and the support provided by LPFT Windsor House. The Exercise on Prescription scheme, delivered as part of the Llncolnshire County Council funded integrated lifestyle service through One You Lincolnshire was put on hold for the whole of 2020121 whilst leisure facilities were closed. The One You Lincolnshire programme recommence in May 2022 with the service belng delivered at the Louth, Horncastle and Mablethorpe leisure venues with the li service re ing at Skegness in January 2022. Throughout the period from May 21- March 2022 435 people were referred or referred themselves to the programme for support from the Lifestyle Consultants within Magna Vitae venues. Magna Vitae also workwith Oneyou Lincolnshire to support the delivery of other One You Lincolnshire programmes including 'Weight Management, sessions to be held at the Meridian Leisure Centre and Station Sports Centre and have also been involved with recruitment of individuals to the Thrive Tribe'Gloji' virtual weight loss programme between October 21 and March 2022 where over 50 individuals have been able to benefit from a 'holistic' wellbeing programme which not only focuses on weight loss but also provides advice around alcohol, smoking. sleep. mindfulness and physical activity. The Trust worked with manyother partners including Louth & District Hospice Limited, DWPJob Centre Plus, Carers First, YMCA Lincolnshire, Active Lincolnshire, Lincolnshire County Council. Lincoln City Community Foundation, Platform Housing, Age UK Lindsey, LCVS (Lincolnshire Communityvoluntary Service), the Admiral nursing team and the Alzheimer's Society. Sport, Physlcal Actlvlty and Development Schools Out The'schools Out, programme was launched back in August with a very successful Football Day at Alford Cricket Club, the programme has developed since with varied activities offered to youngsters which includes Multi Skills days, Dance. Football, Cricket, Zorblng, Skate Park, Fitness to Music, Fairy Doors Adventure as well as educational food classes that many families from East Lindsey would not normally be able to experience. Part of the Schools Out programme is to create a programme which also offers something forthe less sporty types by allowing them to engage in different activities with friends. We have taken groups from the 5 x Areas to Ascend Climbing in Louth and to the Aquapark in Mablethorpe using the Wolds Mini-Bus with more away trips planned. We have made the conscious effort to develop coaches we have previously used from across East Lindsey. This allows us to create a bank of casual coaches to deliver all MV programmes in the future. It allows us to develop the Schools Out Programme further and to upskill them for the coaching they deliver on behalf of MV and/or in other areas of East Lindsey. Facilities & Development Part of my role 15 to look at club support and development which mayfrom time to time include facility development. In Spilsby we are working with partners to resurrect the old MUGA with a vision to have a Multi-use Games Area {MUGAI which could accommodate Tennis, Hockey and Football and have a skate park close by. In Binbrook we are in the process of driving the set up a constituted community group to drive the offer of3ctivities for people of all ages from the local communities of Binbrook and Brookenby, once formed the group will be able to apply for grant f unding and will also then discuss possible facility needs in which to develop further offers. 12 magnavit2e.org Culture, Arts and Events SO Festival After an extremelydifficultyear in 2020, the everchan8ing soclo-economic lan months has provided a rollercoaster ride for the cultural wlng of MV, with challeng opportunities at everyturn, of the past 12 Unfortunately, in June, followlng the government's announcement concerning COVID-19 and ongoing uncertainty regarding changing restrictions. we were once again forced to cancel SO Festival in its usual form. A large-scale event, such as the SO Festival, relies he3vily on our ability to plan every element and predict every eventuality, whilst the global situation and ever-changing regulations meant this simply was not Possible. We therefore felt a more proactive approach would be to steer away from such events and, instead, use this unusual year as a valLsable opportunity to trial new, exciting and more targeted cultural offerings. Members of the SO Festival team planned to pool their resources, utilise their creativity 2nd focus efforts on bringing arts and culture to our local community through a progr3mme of innovative, engaging and accessible activities, delivered over the remaining 9 months of 2021. To this end, the latter half of 2021 finally provided a welcome glimpse at normality, as venues began to reopen, audiences ventured out, live events made a return and our ambitious programme of activities kicked in. The Socials Throughout the year, in spite of the challenges we faced, The Social - our informal, creative network- ing events - continued to run. These meetings are free and aim to celebrate the Greater Lincolnshire art scene and provlde a plat- form for local creatives to connect, collaborate and createl We alternate between open discussions/ networking events- where attendees can all share project updates, any commission orwork opportunities they know about and generally chat- and workshops. with guest speakers chatting about a specific topic. Due to the ongoing pandemic, we ran events digitally through Zoom once a month. We returned to in person sessions in November. with The Social: A Christmas Special forming part of our Sovember Weekender programme. sessions delivered throughout April 21- March 22: 6 Total attendees: 67 LCC Cultural Days From July 2021, SO Festival and Lincolnshire County Council collaborated to deliver a suite of cultural, performance-based activities for adults with learning disabilities 2nd complex needs, in Skegness and Louth. 12 weeks, (July - October) members from Skegness Day Opportunities. along with their carers diverse cultural programme, jam packed with different creative workshops. The cultural d by Lizzie Atkin. a drama facilitatorworking in the Magna Vitse CommunityTeam, mbassyTheatre and offered workshops from drumming to dance, drama to music to magic. alongwith a cinema screening of some of the members most loved enj days, f were h technology an iiiusicals. 13 Over Sn Louth, Lizzie supported members of the Lincolnshire County Council Day Opportunities, Blackbird Flies Theatre Group, along with their carer5, to devise a play over 6 months (August - March). As well as encouraging and supporting the individuals to learn and develop new skills, confidence and ffe¢dom of expression, Lizzie supported the carers to develop their creative practice too. Skegness: 18 Day Opportunities Members took part in the project, along with 14 carers. Totsl throughput: 304 Louth.. 12 Day Opportunities members engaged in the project, along with 7 carers. Totsl throughput: 322 Feedback from carers: .1 have never seen him smile so much. o 'He never keeps headphones on, they usually get throw off within 2 minutes (Ben had headphones on for over an hour). o 'We didn't actually think Michael COLtld hear anything until toda o 'This is the first time Richard has ever used headphones, l am so impressed wlth him. .1 was so impressed with your session; they love singing and it was so apprppriate for them. .1 lust want to say thank you for howyou are with ourguys, we all love coming to your sessions and look forward to every week. It's just what the service has needed after a very difficult 18 months" Eco Centre Programme In August 2021, as part of SO Festival's Year-round programme, we arranged for 2 Lincolnshire based theatre companies - Tales from the Heartwood and BarmpotTheatre- to provide 3 performances at the Eco Centre in Skegness. as part of their existing Summer Holidays event programme. These performances received positive feedback from the 75 audience members, with the artists and venue also expressing their gratitude for the opportunity to deliver live performances once more. 2 theatre companies - Tales of the Heartwood & Barmpot Theatre 3 performances in I venue 75 audience members Craft Soclals Between October 2021- March 2022, Craft Socials workshops were delivered on a fortnightly basis at Hope House, Mablethorpe and The Storehouse, Skegness, plus additional family-friendly events. The project was funded by Without Walls and aimed at involving people who were experiencing a range of challenging circumstances. The overall ambition of the project was to stimulate participation by people who typically do not attend SO Festival, by raising awareness and self-confidence and by building relationships with SO Festival staff. The sessions themselves were positive experiences and generated lots of social interaction as well as creativity. They have created connections for people with SO Festival, with the venues and with each other and we are confident that this will contribute to future success when SO Festival is delivered in Mablethorpe and 5kegness in summer 2022. 26 sessions113 in each venue) across 6 months .73 individuals attended one or more sessions.. 40 in Mablethorpe and 33 in Skegness Of these, 26 attended more than once, ranging between 2-10 sessions lav. of 5 sessions) Of these, 2 attendees were Llncolnshire Community and Voluntsry Service Social Prescriber staff, who used the sessions as an opportunity to bring clients they were supporting. A total of 176 cumulative visits were achieved. Sovember November 2021 saw our Cultural collaborating to dew SOV and exploratson for assy Theatre staff and Helsingor Teater colleagues ender.. a weekend of digital arts encounters, experiences As Sto w across the North Sea, so too did our international creative team's ideas, rked to ensure that audiences of all ages and backgrounds - including representatives rts Council England, East Lindsey District Council, the Cultural Development Fund and the ayor of Skegness - were welcomed into the warmth of the Embassy Theatre, ready to experience the weekend's carefully curated programme of thought-provoking art and culture. Film screenings from mixed heritage filmmakers sparked discussion, dancing digital gravity inspired local creatives and the hotly anticipated headline act The Third Reich by acclaimed Italian Theatre Director, Romeo Castellucci - left audiences astounded and feeling as though they had "travelled to a different dimension.. 4 artistic companles from 3 countries 6 performances and I networking session Total audience of 200 plus People Power Partnership November also saw the long-awaited auditions for international dance project, People Power Partnership, take place. Originally planned for March 2021, but delayed due to travel restrictions, the creative team from professional physical theatre company. Pan Optikum, travelled over to Grimsby to recruit our dance team who will represent Grimsby in the European dance project. During these auditions, 11 dancers from all overthe UK auditioned with 8 being selected to form ourfinal team. Skip forward to March 2022, the creative team from Pan Optikum returned to Grimsby with another dance team from Gemiany. Togetherwith the Grimsbyteam, theyworked hard over an intense 100-d3y period to create and perform a bespoke physical theatre piece with the overall theme of dilemma. Drawing inspiration from personal experiences and the current situation in Ukraine, this powerful piece showcased the high skill level of all the young dancers. Fri 18 March, Preview performance - invited guests from the creative sector in Greater Lincolnshire - 78 totsl audience Sat 19 March. Public performance, as part of the brand-new local festival. Grimsby Creates Noise - sold out but sadly, low turnout at 43 audience 4 creative team from Pan Optikum 8 dancers from Freiburg team 5 dancers from Grimsby team - I local dancer from Grimsby, 2 more from Greater Lincolnshire. 2 from London I f vil.[ oulot Dodo IMBDI The SO Festival team started 2022 with a bang, working alongside award wlnnlng, Leicester b arts organisation, Metro Boulot Dodo IM BDI, to bring not just one, but two ambitious, digital projects to our local communities, doorsteps. The first project was Paint to Pixel: an innovative Virtual Reality experience that took audiences on an immersive tour of UK graffiti and street art. Comprised of origin31 artworks, interviews and ar- chive materials from prominent graffiti artists, past and present, this interactive exhibition toured East Lindsey, astounding audiences of 315 ages at venues acro55 the county. The second project was a series of free, expert-led. Digital Skills workshops, aimed at engaging and inspiring young people aged 8-17 years old. Workshops entitled 'Transport Design in Minecraft, and 'Introduction to 3D Modelling & Animation, were delivered at 3 venues in East Lindsey, providing aspiring digital creatives with valuable hands-on experience with cutting-edge software and technology. Paint to Pixel Tour- 10 dates, 6 venues. Total audience.. 3111<16: 151, 16-65: 115. 65+: 451 Digital Skills Workshops - 10 workshops, 3 venues. Total attendees: 54 AudioTales Aside from SO Festiv21 projects and PPP, from February 2022. our cultural team have also been working on Audio Tales.. an ambitious audio trail, inviting audiences to explore East Lindsey, scan QR codes and listen to the stories of East Lindsey. Following a creative call-out and recruitment process involving Writing East Midlands, 22 writers were commissioned to write original audio pieces inspi￿d by a town. village or location of their choice. Writing workshops were also delivered at North Sea Observatory and Skegness Academy, providing opportunities for locals of all ages to be involved in the creative process and resulting in two collaboratively written pieces for the trail. 49 creatives engaged - producers, writers, voice 3Ctors, sound engineers, directors, workshop facilitators, graphic designers 23 workshop participants- 8 adults at NSO, 15 pupi15 at Skegness Academy trIWDllO yR[ES eyPIOREIHE - "sropJEJwp&Jwt OF EA3T UNDSef Embassy Theatre April 2021 at The Embassy Theatre began with the venue permltted only to operate as C-19 Test centre and for Blood Doning sessions but - planning was now under-way (again) for re-opening with social distsncing measures and capacity restrictions in place. May21st sawthe first pilot event and launch of the STAGE TO SCREEN event Clnema Instsllation take place - this was followed swiftly by a family season of films and in transition 'Back to Livel. an in-house production with WestEnd and professional local musicians/performers bringing LIVE Entertainment back to a socially distanced paying audience on The Embassy stage on June 26th 2021 what a feeling. Until capacity ing product allo deliveryof the rictions were fully lifted on July 23rd a continuation of smaller events and screen- e building to breathe in new life and the team to get back into re-learning erience in a still changing landscape. Summerseason 2021- Unlike the majorityof Theatres in the UK we operated a relatively normal Summer season seeing majority of those twicelthree times postponed shows delivering to customers who had kept their tickets and many more who were clearly very ready for a great night out. Autumn 2021 season contined in much a similarway seeing great houses return forthose shows wlth transferred customers but the12te autumn weeks also brought a newwave of dour media mes- saging and hesitancy thereafter from both promoters and public. Despite this'from our slumberwe did wake. and so did audience appetite for our Pantomime production - Sleeping Beauty. Through Industry support and a significant amount of goodwill from supporters the costs of production were slashed to ensure that even with a slight downturn on attending numbers the companywould continue to see the history of significant profit under the strategic planning and delivery of the Embassy Theatre in-house creative team. JIMMY CARR IBI.Y FUN Wlnter/Spring 2022 - Programming continues to be extremely challenging and due to many knock-on-effects of the Pandemic a significant loss of a week long WestEnd musical has seen a sizable loss of potential earnings for April 2023. This said a full programme now stands through L¢ntil the end of the calendar year in anticipation of the Summerand Autumn market being as buoyant as demonstrated in 2021 if not more so. New product delivered through March challenged a slight change in audience demographic here at the Embassy- good attendance, secondary spend and a Net Promoter Score of 83 all point to yet another healthy branch of growth for our programme and future audience development. During the past 12 months we have welcomed in the reglon of 35,000 paying customers back through our doors - in reality this number has been achieved with the ability to operate in a rela- tively normal way for just 6 months. Resourclng: After 2 years of reduced workforce The Embassy Theatre is now at a point where Customer demand requires a return lin areas) to pre-covid levels of stsffing. This approach Is being monitored tight- ly and previous ways of working/operating have been land continue to bel under efficient review throughout. In order to maintain position as the second highest income generator in Magna Vitae's portfolio and Iso to facilitate new growth and partnerships in the shape of the Culture House development; focused and driven delivery through adequate resourcing must now become a priority. 17 Financlal Review OVERVIEW INCORPORATING KEY FINANCIAL PERFORMANCE INDICATORS Full details of ourfinancial performance during the yearended 31st March 2022 are shown in the financial statements and supporting notes. The table below shows the headline income and expenditure for 2021/22 compared to 2020121- excluding pension and donated services adjustments. 31 March 22 31 March 21 Income Service Fee IELDCI Fees & Charge5 Grant Income 1,527,732 257,575 1.668.848 22.778 1,013.725 704.162 234.769 1,718,276 187,062 57,376 Gym Membership Hire Fees Other Income 352,647 315,637 17.097 160,147 36,322 2,865 Pool Admissions Rental Income Show Income 519.574 1.256 Swimrning Lessons Total Income 492,236 5A35,154 63,677 3,918,607 Expenditure Depreciation Employees Prerni5es -07,643 -2.542,949 -180.007 -2,677,865 -638,646 -371.156 Supplie5 & Services -1.532,887 -700.083 Transport Support Service5 Totsl Expenditure Deficit -41,814 -17,214 -34,550 -35.149 .4,858.489 576,665 -3,981,475 .62,867 Income The year was spent recovering from the impact of the Covid-19 pandemlc with venues reopening after national lockdowns in Spring 2021. Total income was £5.4m, a 39% increase on the prioryear. Expenditure penditure increased in line wlth our levels of activity. Employee costs remained our largest area of diture are t £2.5m, representing 52% of overall expenditure. The s £576,665 compared to the prioryear deficit of £62,867. The current allocation of reserves 15 as follows: 31 March 22 31 March 21 Income Income Funds Irestrictedl Income Funds (unrestricted including designated) Pension ReseNes Ideficitl Total Reserves 262,915 1,088,433 -968,000 383.348 83,154 691,529 -2,455,000 -1,680,317 The trustees note the positive total reserves position of £383,348 at 31 March 2022. This arises despite the accounting pension deficit of £968,000. In respect of this penslon deficlt, all payments have and will be made in accordance with the actuary's recommendation. GOING CONCERN After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable f uture. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Specific consid- eration has been given to the impact of inflationary cost pressures particularly in relation to energy costs. Magna Vitae will continue to work alongside our main client East Lindsey District Council to mitigate the impact of these escalating costs. KEYCHALLENGES We have agreed our five-year business plan12022-20271 with East Lindsey District Council including ongoing service fee level, which also includes Community Commissioning works to further support our community. This is In Ilne with our new Corporate Strategy referenced elsewhere in this report. This partnership and relationship with the Council is key to ensuring that the Trust continues to thrive and support the wellbeing of our communities, residents and customers. The keyfinancial challenges are continued growth following the Covid-19 pandemic and cost infla- tionary pressures particularly surrounding energy costs. Gas prices for our venues have increased by 86% in April 2022. These are the most critical financial risks identified on Magna Vitae's risk register. Our utmost focus IS to ensure the Trust achieves its charitable objectives in line with community need whilst remaining financially viable & resilient. These challenges will most effectively be met through partnership and collaboration with strate8lC partners locally. regionally and nationally through a whole system approach. RESERVES POLICY Whilst Magna Vitae is a not-for-profit organisation, it is aware that it needs to hold working surpluses to create a reserve for unforeseen circumstsnces. The current reseNes policy reviewed in May 2022 is to hold at least £500,000 unrestricted reseNes. Unrestricted income funds stand at £1,088,433 excluding pension adjustments, Magna Vitae's fixed assets stand at £222k and its current (unrestricted) assets stand at £866k. The reserves will be requlred to support Magna Vitae durlng the coming year to cover inflationary cost increases including energy costs. PRINCIP NDING The principal income and funding streams for Magna Vitae were as follows: Service Fee from East Lindsey District Council., grant income from Arts Council England, central government via Sport England National Leisure Recovery Fund, Covid business grants and the Louth and District Hospice. Income from customer's use of leisure venues and theatre income ticket sales. INVESTMENT POLICY Magna Vitae's investment policy is driven by four key factors: Security., Liquidity- Rate of return. Accessibility. Investments are restricted to:. UK Government investments. UK Banks and Building Societies Investments are permitted in the following instruments: Time deposits and deposit accounts with banks in accordance with the above criteria. Treasury Bills of I month, 3 month or 6 month duration. Common Deposit Funds and Money Market Funds A maximum of £500.000 is to be placed with anyone banklinstitution excluding dayto dayworking capital accounts. Any figure above this amount requires the agreement of the Finance Sub-Group and will be subsequently reported via minutes of this group to the full Board. This policy is reviewed by the Finance Sub-Group. In 2021122 the income from interest amounted to £1,922. &KEGNESS t i+S.O IT 20 magnavitae.org structure, Governance and Management CONSTITUTION The Trust is a charitable company limited by guarantee, incorporated on lot registered as a charity on 26th January 2015. East Lindsey District Council trans and leisure services, comprising of sports facilities, arts activities and events, Sports 2nd event5, health improvement programmes and a theatre on 1st January 2015. 14 and cultural opment The Trust was estsblished under a Memorandum of Association which established the objecknve and powers of the organisation and is governed under its Articles of Association. Magna Vit3e operates, for an agreed service fee, certain culture, arts, recreational and sports activities on behalf of East Lindsey District Council, which leases to Magna Vitae buildings and other assets. The assets are provided at no charge to Magna Vitae on a 25 year lease/licence, which commenced on 1st January 2015 with the exception of Station Sports Centre that is on a 10 year lease. Magna Vitse operates from 5 main sites throughout East Lindseyand employs over 100 people. Magna Vitse is a company limited by guarantee and does not have share capital. METHOD OFAPPOINTMENT OF ELECTION OFTRUSTEES As a limited company Magna Vitae is governed by its Members. There are three categories of Trustees: Community Trustees, Local Authority Trustees and an Employee Trustee. The Board of Trustees is fixed at a minimum of three and maximum of eleven, with Board composition consisting of up to two Local Authority Trustees, up to eight Community Trustees arbd one Employee Trustee provided that the Community Trustees are at all times in the majority. The Local Authority Trustees are selected and appointed by the local authority for such period as the authority determines. Councillor Helen Matthews resigned on 20 May 2021, with Councillor Steve Kirk being appointed on the same date. The Community Trustees are selected following a rigorous trustee recruitment process. A CommunityTrustee will be required to retire by rotation whereby one third of the Community Trustees shall be required to retire each year but will be eligible for reappointment. The Community Trustees required to retire will be those who have been longest in office or in the event of the CommunityTrustees serving the same period of office, those required to retire shall be determined by lot. The rotational retirement requirement for Community Trustees became effective from January 2018. In May 2021 Jonathan Stones, Peter Helps and lan Emmerson retired by rotation and were subsequently reappointed. Doreen Stephenson and Kenneth Ball resigned as community trustees in July 2021, David Warden was appointed as a community trustee in August 2021. The Employee Trustee is elected by the employees for a fixed term of 3 years and is eligible for reappointment. Ross Cameron was the Employee Trustee during the year, resigning in April 2022. Trustees are required to meet at least four times 2 year to review the management of the organisation. They employ managers to tske on the day-to-day running of the activities. LICIESADOPTED FOR THE INDUCTION AND TRAINING OFTRUSTEES uction process forTrustees includes an induction programme, supported by in-depth m senior managers where required and visits to our venues. Further training is arranged ific needs of individual Trustees. to mee 21 OLICY FOR SENIOR STAFF enior Leadership Team salaries are set strictly by the Board of Trustees. These were revie effectivelyfollowing on from the pandemic in October 2021 at the direction of the Board of Trustees. Trustees do not receive a salary. but are entitled to claim expenses for attending meetings. ORGANISATIONAL STRUCTURE The Trustees who served during the year and the Senior Leadership Team are listed on Page 2. RELATED PARTIES Trustees and the senior Leadership Team member5 are asked to complete an annual Disclosure Statement to notify Magna Vitae of any involvement in any other organlsations. This was most recently completed in May 2022. A summary of transactions with related parties are set out in note 31 in the financial statements. RISK MANAGEMENT The Board of Trustees has overall responsibility for establishin8 and maintaining the whole system of internal control and reviewlng its effectiveness. The Trustees recognise that no system of internal control can provide absolute assurance against material misstatement or loss or eliminate all risk of failure to achieve the organisation's objectives. The system of internal control is designed to manage key risks and to provide reasonable assurance that planned objectives and outcomes are achieved. This will also give re3son3ble 3ssurance about the reliability of financial and operational information and the safeguardin8 of Magna Vitae's assets and reputstion. This approach includes the regular evaluation of the nature and extent of rlsks to which Magna Vitae is exposed. The Board has developed a culture of strong corporate governance. Key elements of the control framework and the system for reviewing the effectiveness of the system of intern31 control are as follows.. RISK REGISTER The Trust's Senior Leadership Team routinelydocuments, monitors and evaluates identified business risks through the risk register. This°live" document is reviewed quarterly by the Finance Sub Group, who quantify financial impact of risk. Risks deemed to be extreme and high are reviewed at every board meeting and the whole risk register is reviewed annu311y. li I (J PLANNING APPROVAL Magna Vitae has adopted a formal proces5 for approval of new projects which identifies risks and controls. Thi5 combined with the budget process, which reviews risks and controls in existing processes, generates a comprehensive review of risks. INTERNAL AUDIT The Board together with the Senior Leadership Team reviews the major risks and assesses the effectiveness of controls in managing those risks. This includes setknng an internal audit programme of activities to assess the effectiveness of controls. During the year this work was undertaken by Assurance Lincolnshire. MONITORING AND CORRECTIVEACTION Financial reporting procedures include detsiled budgets for the year ahead, detailed monthly management accounts, and longer-term financial plans used for strategic/business planning. The Senior Leadership Team reviews the reports in detail and they are considered and approved by the Trustees. Where objectives are not being met, the Senior Leadership Team report on actions being taken to correct performance, and these reports are also cor15idered and approved by the Trustees. Additionally, the Finance Sub-Group review in more depth the financial performance, forecasting, budgeting, business planning, audit reports and associated policies and procedures. The sub-group which consists of Community Trustees. the Executive Directors and Director of Finance has a Terms of Reference and reports regularly to the Board of Trustees. HEALTH AND SAFETY Magna Vitae maintains suitable and sufficient management systems and implements operating processes and procedures that ensure a safe environment for all employees, customers and visitors legitimately entering and using our facilities and services. All operations conform to and, in a number of cases, exceed the current standards laid out in relevant UK ststute and regulation. This remained the case throughout 2021. with regular reviews, adaptations & developments to 311 systems being made to account for COVID 19 and the continu31 changes to operational legislation and regulation following Lockdown 3 ending in April 2021. As well as directly employing competently qualified and experienced senior managers, Magna Vitae's commitment to Health and Safety establishes a positive organisational health and safety culture throughout the workforce. The Trust continued to be expertly 5UPPOrted by an annually retained external Health & Safety specialist consultancy (Right Directions Ltdl. Health and Safety arrangements are also supported and led internally via a robust health and safety Working Group that meets quarterly with the meeting minutes being routinely submitted to the Board land ELDC Client Officer) for update and information. Magna Vitae health and safety performance data is also routinely collated, monitored and analysed via the STITCH accident, incident and near miss reporting system. This data is also provided to Board and ELDC Client Officerfor information. monitoring and review. the dats helps the Trust to benchmark its health and safety performance internally Imonthlyl and nationally (quarterly & annually) against similar leisure / cultural services and facilities. The Trust recorded 51 accidents and 19 incidents in 2021. Th15 data compares and benchmarks positively on a national level. In 2022. at the time ofwriting, there were no insurance claims of any type received by Magna Vitae. As Lockdown 3 came to an end, QUEST qualityaccreditation processes were re-lntroduced and accreditstions began to take place again from September. Quality inspections took place at all leisure centre venues between September and December. All sites were deemed Health & Safety compliant and gained accreditstion. The Embassy Theatre was fire risk assessed IFRAI on a number 23 of occasions in this year following ongoing issues experienced regards the installation of a new stage fire curtain in 2020. Operational procedures were established in accordance with these assessments. PSPSL {on behalf of ELDCI conducted a corporate health and safety assurance audit in the latter months of 2021. Magn3 Vitae received a SUBSTANTIALASSURANCE rating. A similaraudit will follow in June 2022. As was the case pre-COVID 19. a comprehensive and detailed external Health & Safety, FRA and QUEST auditing plan has been agreed between Magna Vitae and Right Directions for 2022. EQUALITY& DIVERSITY During March and April 2021, equality and diversity training was undertaken by all trustees, Senior Management and Management Team members. This training will become mandatoryfor all new Trustees as well as part of existing Trustees ongoing CPD programme. To champion and support our work to become more inclusive and relevant, an Inclusion and Relevance working group has been established that is engaging staff and board members to analyse the results of our dlversity surveys, set out our ambitions and develop our policy, action plan, training and education. TRUSTEES, LIABILITY Magna Vitae has indemnified the Trustees of M3gn3 Vitae against liability in respect of proceedings brought by third parties, subject to the conditions set out in the CompaniesAct 2CK)6. Such qualifying third party indemnity provision was in force during the year. None of the Trustees have any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of winding up. FUTURE DEVELOPMENTS Magna VitaeTrustees have approved the Mission, Vision and Values"DNA' document. The organis3tion is currently finalising a new Corporate Strategy which will link to Magna Vitae five-year business plan12022 to 20271. The Corporate Strategy will fully align with Magna Vitse's mission, vision and values and also with the current East Lindsey District Council 10-year Corporate Plarb. EMPLOYEE INVOLVEMENT We are committed to providing our employees with information about our activities, consulting with them on major changes and generally developing an open culture in the organisation. Regular meetings are held between managers and staff teams to allow free flow of information, and we hold team briefing and social sessions to update staff on strategy and other major developments on a regular bas1S. 2021/22 continued the Independent organisational workforce consultation through Tensense. Thls Al technology provides feedback, a business neNous system employed across the organisation to help shape organisational priorities, empower, inform and subsequently motivate the workforce. The workforce being our most valued asset. STAFF, VOLUNTEERS AND TRUSTEES Finally, I would like to thank the staff, volunteers and Trustees of Magna Vitae for their undiminishing commitment, resolve and hard work under the most testing of circumstances throughout the past year. TRUSTEES, RESPONSIBILI MENT The Trustees. who responsibli andu Practi th ctors of Magna Vitae for the purpose of company law. are rustees, Report and the accounts in accordance with applicable law unting Stsndards Iunited Kingdom GenerallyAccepted Accounting mpany law requires the Trustees to prepare accounts for each financial yearwhich glve a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these accounts, the Trustees are ￿qUired to: Select suitable accounting policies and then apply them consistently. Observe the methods and principles in the Charities SORP-, Make judgements and estimates that are reasonable and prudent., and Prepare the accounts on the going concern basis unless It is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud 2nd other irregularities. DISCLOSURE OF INFORMATION TO AUDITOR Each of the Trustees has confirmed that: So far as that Trustee is aware, there Is no relevant audit information of which the charitsble company's auditor is unaware, and That Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to estsblish that the charitsble company's auditor is aware of that information. This report was approved by the Trustees, onl'odd* 2ts2Z and signed on their behalf by: Peter Helps, Interim Chairman of Trustees MAGNA VITAE IA company limited by guarantea} INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF MAGNA VITAE Opinion W8 have audited the financial statements of Magna Vilae Ilhe 'lrust'l for the year ended 31 March 2022 which compiise the Stslemenl ol financial activities, the Balance sheel, the Stalemenl ol cash flows and the related notes, including a surnmary of significant acoounling poli¢ies. The flnanci81 roportlng Ir8Mework that has been appliad in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard I02'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Pi#¢ti¢el. In our opinion the financial stalemenls.. give a true and fair view of the state of the charitable company'8 affairs as at 31 March 2022 and of 118 incoming resources and applicalion of resources, including its income and expenditure for the year then ended- have been property prepared in accordance with United Kingdom Generalty Accepted Accounting Practice," and have been prepared in accordance with Ihe requirements of the Companies Act 2006. Basis for opinion We conducted oui audit in ac¢ordan¢a with Intèmational Standards on Auditing {UKI {ISAs IUKII and applicable law. Our responsibilities under Ihose standards are further described in the Audilo¢s rÉsponsibililies for the audit of the financial statements section of our report. We are independent of the charilable company In accordance with the ethical requiietllenls Ihal ar8 relevant to our audit of the financial statements in the United Kingdorn, including Ihe Financial Reporiing Council's Ethical Standard, and we have ftjlfilled our other ethical responsibilities in accordan￿ wth these requirements. We believe that the audit evidence we h8ve obtained Is sufficient and appropriate lo providè a basis for our opinion. Conclusions relating to yolng ¢on¢orn In auditing the fin8nci81 slalemenls, we hav8 concluded that thè Trustees, use of the going concern basis of accounling in Ihe preparation of the financial slalemenls IS 8pproprial8. Based on Ihe work we have performed. we have not identified any material uncertainiies relallng lo events or condtlions that, individually or eollactively, may cast significant doubl on the charitable companls ability lo continue as a going concern for a period of al least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going ￿ncern are described in the relevant $e¢Uon$ of thls report. Page 26 MAGNA VITAE (A company Ilmlted by guaranteel INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MAGNA VITAE ICONTINUEDI Other information The other infoim8llon comprises the infomialion included in the Annual report other than the financi81 slatemenls and our Auditor's ieport thereon. The Trustees are responsible for the olher information contained within the Annual report. Our opinion on the financial slaleménls does not cover the other informalion and, except lo the extent olheTwise explicitly stated in our report, we do not express any foim ol 855uranc8 conclusion Ihereon. Our responsibility is to read the other information and. in doing so, consider whether the other information is malerially inconsistent with the financial slalements or our knowledge oblained in the course of the audit, or olheN4ise appears to be materially misstated. If we identify such matèrial inconsistencies or apparent m8lerial misstatements. we are required to delermine whether this gives rise lo 3 maleiial misstatement in the financial slalemenls themselves, If, based on Ihe work we have performed, we conclude that Ihere is a m31erial misstatemenl of Ihis other information. we ale required lo roport that fact. We have nothing lo roport In Ihls regard. Opinion on other matters pres¢rlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. Iha inlormalion given in the Trustees. report including the Strategie report for the financAal year for which the financial statements are prepared is consislenl with the financial statements. thé Trustees, report and the Strategic report have been prèpared in accordance with applicable legal 18quirÈments. Matters on which we are requlred to report by exceptlon In the light of our knowledge and underslandino of Ihe charitable company and ils environment obtained the ¢ourso ol the audit, we have not identified rnalerial misstaleTnenls in th8 Trustees, report including the Strategic report. We have nothing lo r&port in rèspect of the following mallers in relat￿n lo which Companies Act 2006 rèquirès us to report lo you if, in our opinion.. adequate accounling records have not been kept, or retums adequate for our audit have not been received from branches not visited by us., or the finanaal slalements are not in agreement with the accounting records and returns.. o¥ certain disclosures of Trustees, remuneration specified by18w are not made., or we have not received all the information anif explanation5 we Fequire for our audit. Page 27 MAGNA VITAE IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF MAGNA VITAE ICONTINUEDI Responsibilities of trustses As explained rnore fully in the Trustees, iesponsibililies stslemenl, the Trustees (who are 3150 the directors of the charilable company lor the purposes of company lawl are responsible lor the preparation of Ihe financial $181emenls and for being satisfied (hat they give a true and lair view. and for such internal control as the Trustee5 determine is necessary lo on8bltr the prep8ralSon of finan¢ial s18l¢menls that are free from material misslalemenl, whelher due lo fraud or error. In preparing the financial slalemenls, the Trustees are responsible for assessing the charitable companys 8bilily to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basls of accounting unless the Trustees eithèr intend to liquidate thè charitablè company or lo cease operations, or have no realistic allernalive bul lo do so. Audltovs resp0nslblli￿eS for the audit of the financlal statements Our objectives are to obtain reasonable assurance aboul whether the financial siatements as a whole are free from material misslalemenl. whether due lo fraud or 6tror, and lo issue an Audilols repori that includes our opinion. Reasonable assur8n¢e is a high level of assurance, bul is not a guar8nlee that an audit conducted in aecordance with ISAS IUK) will always detect a Material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on thè basis of these financi81 statements. Irregularities, including fraud. are instances of non-complian￿ with laws and regulations. We design procedures in line wilh our responsibilities. outlined above, to detect Mate￿81 misstatements in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecting irregularities. including fraud is detailed below.. Our approach lo idenlifwng and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement team collectively had Ihe appropriate competence, capabilities and skills to identify or recognise non-eompliance with applicable laws and regulations., we identified the laws and regulations 8ppli¢able lo the Iiusl through discu55ions with director5 alld olher management, and frorn our commercial knowledge and expertence of the trust and sector i which it operates., we focused on specifie laws and regulations vthich we considered may have a direct material effect on the financial slalemenls or the operations of the Irusl, including the Companies Act 2006, laxalion legislation, data proleclion, anti-bribery, employment. environmental and health and safely legislation.. we assessed the exlenl of compliance with the laws and regulations identified above through making enquiries of managernenl and inSp￿tIng legal correspondence., and identified laws and regulations were communicated within the audit le8m regularly and the team remained alert to instances of non-compliance Ihroughout the audit. We assessed the 5uscepllbilfty of the Irusl's financlal statements lo material misststement. in¢lLJding obtaining an understanding of how fraud mwJht occur, by.. maklng enquiries of management as to where they considered there was susceplibilily to fraud. their knowledge ol actual. suspeoted and alleged fraud". and considering the inlernal controls in place lo miligale risks of fraud and non-compliance with laws and regulations. Page 28 MAGNA VITAE {A company limited by guarantsel INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MAGNA VITAE ICONTINUEDI To address the risk of fraud IhroL¢gh management bias 8nd ovèrride of controls, we.. performed analyti¢al procedurgs to identify any unusual or unexpected relationship5., tested journal enlries to identify unusual tran5aCtions', revlewed a sample ol granls in the year lo ensure 8¢cur8le rècognition-, reviewed the claims of Government and local authority support lo determine aQCUTacy and eligibility., agreed a sample of employees on the trust payroll lo existence and agreed the a￿￿racY of their pay., assessed and reviewed the appropTialeness and effe¢livénèss of the key systems and controls.. assessed wh61her judgements and assumptions made in determining th8 accounting estimates set out in Note 3 were indicative of potèntial bias.. and investigated the rationale behind significant or unusLJal Iransa¢tions. In response lo the risk of irregularities and non-complianoe with laws and regulations, we designed procedures which In¢luded, bLJI were not limited to.. agreeing financial st8tement disclosures lo underlying supporting documenlatlon; reading the minutes of meetings of thosé charged ￿nth governance., enquiring of managemenl as to actual and potential lilig81ion and claims., and reviewing any coirespondence with HMRC, relevant regulators and the tiusl's legal advisors. There are inherent limitations in our audit procedurès dèscribed above. The more removed that laws and regulations are from fingneia1 transactions, the less likely il is that we would become awa￿ of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and règulations lo enquiry of the trustees and other management and the inspaction of regulatory and legal correspondence, if any. Maleiial misslatements that arise due lo Iiaud can be harder to detect than those that arise from error 85 they ay involve deliberate concealment or collusion. A further description of our responsibilities lor the audit of the financi81 statements is located on the Financial Reporting Council's webslte al.. www.lrc.or .uklauditorsres onsibilities. This description forms part of our Audllor's report. Page 29 MAGNA VITAE IA company Ilmltèd by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MAGNA VITAE ICONTINUEDI Use of our report This report is made solely to the charitable compantys members. as a body, in ae¢ord8n¢a ￿th Chapter 3 of Part 16 of the Companies Act 2006. Ou¥ audit work has been undertaken so that we rnighl state lo the charitable company's membeis those mallérs wts are required lo slate lo them in an Audilofs report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our aLJdit work, for this rèport, or for the opinions we have formed. //• Robert Anderson (Senior statutory auditor) lor and on behalf ol Streets Audit LLP Chartered Accounlanls & Slalulory Auditor Tower House Lucy Tower Slrè@I Lincoln LN1 1XW Dale.. Page 30 MAGNA VITAE IA company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2022 Unrestrlct8d fund$ 2022 Restrlcted fund$ 2022 Total funds 2022 Total runds 2021 Note Ineome from.. Don8tions and legacies Ch3rllable aetivilies Other trading activities Investments 185.766 4,315,544 65,438 1,922 35,059 1.011,673 5,002 220,825 5.327.217 70,440 1,922 209,433 3,891,802 75 2,547 Total Income 4,568.670 1.051,734 5,620,404 4, 103,857 Expenditure on.. Raising funds Charitable activities 103.554 4,435,212 103.SS4 5,307.185 58,266 4,224.499 871,973 Total expenditure 4,538,766 871,973 5,410,739 4.262,765 Net incomellexpendlturel bèforè nèt losses on Investments 29,904 179,761 209.665 (158,908) Loss on revaluation of investment property Net movement in funds before other recognised galnslllossesl (102,959) 29.904 179,761 209.665 (261,867) Other recognised gainslllosse81', Actuarial gaii)slllosse51 on defined benefil pension schemes 28 1.854,000 1,854,000 {1,381,OOOJ Nèt movèmènt In funds 1,883,904 179.761 2,063.665 (7,642,867) Reconclllatlon of funds: Total funds brought fO￿ard Net movement in funds 11.763,4711 1,883,904 83.154 179.761 {1,680,3171 2,063,665 (37,450J (1,642,867) Total funds carried fon¥ard 120,433 262,915 383,348 (1,680,3t7) Thè Slalement of financial acliilllies includes all gains and losses recognised in the year. The noles on pages 35 to 68 form part of these financial 8tal¢menls. Page 31 MAGNA VITAE IA company limited by guaranleel REGISTERED NUMBER: 09078400 BALANCE SHEET AS AT 31 MARCH 2022 2022 2021 Nota Fixed assets Intangible assets Tangible assets Investments Investment property 14 15 17 18,237 32,344 27.356 68,024 171,764 193,528 222,346 288,909 Current assets Sloeks Debtors Investments Cash at bank and in hand 18 19 20 24,436 207,620 1,274,510 S23.106 16,060 241, 115 527,956 527, 753 2,029.672 1,312,884 Creditors.. amounls falling due within one year 21 1900.670} (827, 110) Net current assets 1,129.002 485,774 Total assets less current liabilities 1,351.348 774,683 Net assets excluding pension liability Defined benefit pension scheme Ikibilily 1,351,348 1968,0001 774,685 28 {2.455,OQQJ Total nèt assèts 383,348 {9.680,317) Page 32 MAGNA VITAE {A company limited by guarantee) REGISTERED NUMBER.. 09078400 BALANCE SHEET ICONTINUEDI AS AT 31 MARCH 2022 2022 2021 Note Trust funds Restricted lunds Unreslricled funds Unreslricled funils excluding pension reserve 22 262,91S 83, 154 22 22 1,088,433 1968,0001 691,52 (2,455,OOOJ Pension reserve Total unrestricted funds 22 120,433 (1,763.471) Total funds 383,348 {1.68Q,317J The Trustees acknowledge their résponsibilities for complwng with Ihe requirements of the Act with respect to accounting records and preparation of fin8nci81 st8tements. The financial statements wèré approve and aulhorised for issue by the Trustees and signed on their behalf by.. P M Helps. Chaimian of Trust•es Ilnteriml Th8 nolas on pages 35 to 68 form part of these financial slalements. Page 33 MAGNA VITAE (A company Ilmlted by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022 2022 2021 Cash flows from opèratlng aetlvitlès Nel cash used in operating activities 734,235 26,3T1 Cash flows from investing activitias Procèeds frorn the sale of tangible fixed assets Purchase of tangible I￿ed assets InlÉres1 ieceived Nel cash withdrawn from I (placed in} investrnents 5.750 (f3,490) 2,717 (251,740) 1,922 1746,S541 Net cash used in investing activities 1738,8821 (262,513) ChangÈ in caih and cash equivalents in the year Cash and cash equivalen15 81 the beginning of the year 14,6471 (236,142) 527,753 763,895 Cash and ¢ash equivalents at the end of the year 523,106 527. 753 The notes on pages 35 10 68 form parl (>f Ih¢se financial statements P8ge 34 MAGNA VITAE IA company limSted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 General Infomiation Magna Vitae (the Trust) Is a limited company by guarantee inoorporaléd in England and Wales and a regi518red charity. The Trust's regisleied office is at Meridian Leisure Cenlre, Wood Lane, Louth. Lincolnshlre. LNI 1 8SA . The Trust's principal aclivily is the operation of cultural and leisure facilities. Accounting policles 2.1 Basis of praparatSon of financial statements The financAal statements have been prepared in accordance with the Charities SORP IFRS 1021 Acc(>unling and Reporting by Charities.. Slalern6nt of Recommended Practi￿ applicable lo charities preparing Iheii accounts in accordance wilh the Finallci81 Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, Ihe Financial Reporting Standard applicablè irn the UK and Republic of Ireland {FRS 1021 and the Companies Aet 20(K. Magna Vilae meets the definilion of a publio benefil enlily under FRS 102. AssÉts and liabilities are initially recognised at historical cost or transaction value unless otherwise slated in the relevant accounting policy. 2.2 Consolldation These financial $181ements rep￿sent the figures of the Tiusl only. Consolidaled finanaal staternenls have not been prepared on the basis thal the subsidiary company 15 1101 material to the financial statements. 2.3 Golng concem The Tiuslees have reviewed its plans and forecasts and remain confident that the Trust will continue to mainiain adequate resources to continue in operational existen¢6 lor the foreseeable future. The Trustees conslder that il is appropriale lo prepaTe the financial slatements on Ihe going concern basis. 2.4 In¢ome All income is TecL)gnised once thè Trust has enlillement to Ihe income, il is probable that the income will be received and the amount of income re¢8ivablè can be measured reliably. Grants are included in the Slalemenl of financial activities on a receivable basis. The balance of in¢omo r¢¢eived for specific PUTposes bul not expended during the period is shown in the ielevant funds on the Balance sheel. Where income Is received in advance of enlillernenl of receipt, ils recognition is deferred and induded in creditors as deferied income. Whère entitlement occurs belore income is received, th8 income is accrued. other income is recognised in the period in which il Is re¢8ivabl8 and lo the extent the goods have been provided or on ¢omplèlion ol the service. On receipt, donated professional senrices and fa¢ililles are recognised on the basis of the value of the gift lo the Trust whith is the amount it would have been willing to pay to obtain services or facilities of equivalenl economic benefit on the open market,. 8 ￿rreSpOnding amount is then recognlsed in expendilure in the period of r8cèlpl. Page 35 MAGNAVITAE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies Icontinuedl 2.5 Exp8ndltur• Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit lo a third party, it is probablè that a transfer of economic benefits will be required in settlement and the amoynl of the obligation carl be Measured reliably. Expenditure is classified by aclivily, The costs of each activity are made up of the total of direct costs 8nd shaied cos15, induding support cosls involved in undertaking each activity. Direct Costs allribulable lo a single activity are allocated directly to that activity. Sh8red costs which conlribule lo more than one activity and support ¢osls which are not altiibulable lo a single activity are apportioned between those activities on a basis consistenl with the use of resources. Expenditure on iaising funds in¢ludes all expenditure inwrred by the Trust lo raise funds for ils ch8rilable purposes. ExpÈndilurè on ¢harflable 3¢liwliès is in¢urred on directty undertaking the activities which further the Tiusl's objeclivÈs, as well as any associated support costs. All expenditure is ineltlsi￿ of irr6eovèrablè VAT. 2.6 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Trusi,- this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.7 Intangible a$$et8 and amortlsatlon Intangible assets are capitalised and recognised when fulura economic benefits are probable and the cost or value of the assel ¢an be measured reliab￿. Intangible assets are initially recognised al cost. After recognition. under the cost rrodel, intangible assets are measured at cost less any a¢¢umulaled amortisalion and any accumulated impairment lossès. Amortisalion is provided on intangible assets at ralas ¢al¢ulaled lo write off the cost of each asset on a straight-line basis over its expected useful life. Computer sollware 5 years 2.8 Tanyiblè fixéd 888èts and dèprèciation Tangible fixed assets costing £5.000 or more are capitalised and recognised when future Éconornic benefits are probable and the cost or value of the asset ¢8n be measured reliably. Tangible frxed assets are initially recognised al cost. After recognition. under the cost model, tangible fixed assets are measured at cost less accumulated depreclalion and any accumulated impaiment losses. All costs incurred lo bring a tangible fixed asset into ils intended working ondilion should be In¢luded in the measurernent ol cost. P8ge 36 MAGNA VITAE IA company limitèd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies Icontinuedl 2.8 Tangible fixed assets and dèpraclallon Icontinuedl Dèpreciation is charged so as to allocate the cost of tangible Ilxed assets lass their iesidual value over their eslimaled useful livès, using the straight-line method. The estimated useful lives range as follows.. Plant. machinery and fixtures 6 years 2.9 Investments Fixed asset investrnenls are a form of financial Inslrum@nl and are inilially recognised al their Iransa¢lion cost and subsequently measured al fair value al the Balance sheet d8te, unless the value cannot be measured reliably in which case it is Measured at Cost less impairment. Investrnènl gains and losses, whether realised or unrealised, ale ¢ombined and presenled as 'GainsllLosses} on investments, in the Statement of financial activities. Investments in subsidiaries ale valued at ¢osl ￿s$ prowsion lor impairment. 2.10 Investment property Investment property is initially recognised at cost and Is subsequently measured at fair value at Ihe bal8n¢e sheet date. Revaluation gains or losses are shown in Ihe hoading gains I losses on investment property in th8 slatèmant of financial activilies incorporating income and expenditure aCCOLJnt. Inveslrnenl property wnlains a balance in respect of cafe equipmenl which is initially recognised al cost and subsequently rneasured cost less an accumulated write-down. The write-down is charged 80 as lo allocate the cosl ol the assets less Iheir residual value over Ihelr estimated tjseful lives on a straight line basi5. The estimated useful life of the assets is 4 years. 2.11 Stoek8 Stocks are valued al the lower of ¢osl and nel realisable value after making due allowance for obsolete and slow-moving slocks. Cost indudes all dlre¢l ¢osls and an appropriate proportion of fixed and vartablè overheads. 2.12 Debtors Trade and other debtors are recognised at the settlement amount after any trade d￿scount offered. Prepayments are valued al the amount prepaid nel ol any trade discounts due. 2.13 Ca8h at bank and In hand Cash al bank and in hand represents eash held in bank currenl account and deposit account facilities that the Trust has instant acceess and cash floats. Page 37 MAGNAVITAE {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies Icontinuedl 2.14 Liabilitie8 Liabilities and provisions are recognised when there Is 8n obligation 8t the Balance sheet dale as a result of a pa51 event, il 15 probable Ihal a transfer of economic benefil will be required in selllemenl, and the amount of the selllemelll can be estimated reliably. Liabilities are recognised at the amount Ihat the Trust anticipates il will pay to settle the debt or the amount il has received as advanced payrnenls for the goods or services il must provide. 2.15 Flnancial Instrumènts The Trust only has financial assets and financial liabilities of a kind thal qualify as basic financial instruments. Basic financial instruments arè initially recognised al Iran5aclion value and subsequently measured 81 their selllemenl value. 2.16 Pensions The Trust operates a defined ￿ntribution pension scheme and the pension charge represents the arnounls payable by the T¥usl lo the fund in respect of the year. The Trust opeial85 a d8fined bènelils pÈnsion scheme and the pension charge is based on a full actuarial valuation dated 31 March 2022. 2.17 Fund accounting General funds are unrestricted funds which are available for use al the discretion of thè Trvslees in furtherance of Ihe general objectives of th£ Trust and whith have not been designated for other purposes. Designaled funds Comprise unreslricled funds that havè been set a5id8 by th8 Trustees for particular purposes. The aim and use of each designated fund is sel out in the notes lo the financial stalernents. Restricted funds are funds which are lo be used in a¢¢ordance with specific restr￿110￿$ imposed by donors or which have b¢en raised by the Trust for particular purposes. The costs of raising and adminislerillg such funds are charged against the specific fund. The aim and use of each iesliic18d fund is set out in the notes to the financial statements. Investment inwme, g8in5 and105ses are allocated lo the appropriate fund. Page 38 MAGNA VITAE {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Critical accounting estimates and areas of ludgment Estimales and judgments are continually evaluated and are based on historical ￿perIenCe and other fadors, including expeclalion8 of future evanls that are believed lo be reasonable under th& rcurnslanees. Critical accounting estlmales and assumptions: The Trust makes estlm8les and assumptions concetning the future. Thè resulting aceounling estimates and assumplions will. by definibon. seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjuslment to the carrying amounts of assets and li8bililies within the next financial year alè discussèd bèlow. Intangible, tangible fixed assets and investment property are recognised al cost or v81valion. less accurnu181ed depreciation l amortisalion and any impairmént. D6preaalion l amortisalion lakes place over the estimated useful life, down to the assessed residual value. The carrying amount of the Trust's fixed assets is tested as as changed concsitions show that a need for impairment has orisen. The present value of Ihe Local Govemmenl Pension Scheme definèd benèfit liability depends on a number of factors that are dètermined on an acluarial basis using a vaiiely of assumptions. The assumptions used in delermining the nel cost lincomel for pensions include Ihe discount rate, Any changes in these assumptions, which are disck)sed in note 26, wll impact the carrying amount of the pension liability. Furthermore a roll forward approach which projects results from the lalesl full actuarial valu81ion performed al 31 March 2019 has been used by the actuary in valuino the pensions liability al 31 March 2022. Any differences between the figures derived from the roll fon￿ard approach and a full actuarial valuation would impact on the carrying amount of the pension liability. Income from donations and legacles Unrestrlcted funds Restri¢t¢d funds 2022 Total funds 2022 2022 Donations Donated SeNces and Facilities 516 185,250 35,059 35,575 185,250 185,766 35,059 220,825 Unreslricled funds 2021 Reslricled lunds 2021 Total unds 2021 Donalions Donaled servI￿s and Facillli&s 24, 183 24, 183 185,250 185,250 785,250 24, 183 209,433 Page 39 MAGNAVITAE IA compAny limitèd by gtsaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Income from charltable actlvltles Unrestricted fund$ 2022 R8Strlcted funds 2022 Total fund5 2022 CullLJre Health Improvement Sports & L&isure Theatre 47,282 44,876 1,960,610 713.e88 1,549,108 263,429 119,911 434,550 192,531 1.252 310,714 164,787 2,395,160 906,199 1,550,360 Other 4,315,544 1,011.673 5,327,247 UnreslriGled funds 2021 Reslricled funds 2021 Total lunds 2021 CullurÉ Health Improvement Sports & Leisure Theatre Olh¢r 1,801 74,599 399,579 (73,629) 1. 712,593 189,430 152,418 902,082 405,819 67,110 191,231 227,017 1.301.661 392, 190 1.779, 703 2, 174,943 1,716,859 3,891,802 Page 40 MAGNA VITAE IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Incoma from other trading activities Income from fundraising evénts Unrestr*cted funds 2022 Restricted funds 2022 Total funds 2022 Cafe Inwme 65.438 5,002 70.440 Unr8Stricted funds 2021 Total funds 2021 Cafe Income 75 75 Investment Incoma Unrestrlcted funds 2022 Total fvnds 2022 Tol81 funds 2021 Group Interest Receiv8ble Bank Interest Receivable 261 2.286 1,922 1,922 1,922 1.922 2,547 Page 41 MAGNA VITAE IA company limited by guaranieel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Expenditure on raising funds Costs of rdising voluntary income Unrestrlcted funds 2022 Total funds 2022 Total funds 2021 Waoes and Salaries National Insurance Pension Costs 7,500 806 7,500 806 6.080 619 2,364 2,364 1. 157 10,670 10,670 7,856 Expenditure for activities for generating funds Unrestricted funds 2022 Total funds Total funds 2021 2022 Other Cosls Wages and Salaries National Insurance Depreciation 41.570 29,269 281 21,764 41,570 29,269 281 21,764 8,645 21,765 92,884 92,884 30.410 Page42 MAGNA VITAE IA company limited by guarnnteèl NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Analys1$ of &xpèndltuM on charitable activities Summary byfund type Unw$trlt¢ed funds 2022 Restrlctod funds 2022 Yotal funds 2022 Cuhure Health Improvtsmenl Sports & Leisure Theatre Other 251.005 242.981 2,905.090 1,036,136 268,204 88,479 305,591 208,447 1,252 519,209 331,460 3,210,681 1.244,583 1,252 4,435,212 871,973 5.307,185 Unreslricl8d funds 2021 Rèstricted runds 2021 Total funds 2021 Cutture Health Improvement Sports & Leisure Theatre 68,584 211.957 1.871,939 408. 184 170,598 132,862 902,360 390,819 67, 196 239, 182 344,819 2, 774,299 799,003 67. 196 Other 2,560,664 1.663,835 4,224,499 Page 43 MAGNA VITAE {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 10. Analysis of expenditure by activltles Activitlés undertak8n dlrectly 2022 Support ¢osts 2022 Total fund5 2022 Culture 435,229 277,848 2,691,367 1,043,277 1,252 83.980 53.612 519.314 201.306 519,209 331,460 3,210.681 1,244,583 1.252 Healm Improvement Sports & Leisure Theatre Other 4,448.973 858,212 5.307,485 Aclivities und8rt8k8n directly 2021 Support cosls 2021 Total funds 2021 CultLJre Health Improvement Sports & Leisure Theatrè Other 196,081 282.682 2,274,363 655,020 67, 196 43, 101 62, 137 499,936 143,983 239, 182 344,819 2.774.299 799,003 67. 196 3,475,342 749, t57 4,224,499 Page 44 MAGNA VITAE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 10. Analysis of expenditurè by activlties Icontinuedl Analysis of direct costs Health Cultu1• Improvement 2022 2022 Sports & Lelsure 2022 Yh8atre 2022 Pension Finance Cost Staff Costs Depreciation Service Prowsion Costs Goods for Resale Performers and Entertainers Other Employee Gosts Rent, Rates and Ulililies Repairs. Maintenance and Cleaning Insurance 4,795 112,409 1,259 196,080 3,061 222,135 1,596 11,026 29.650 1,485.913 32.055 50.722 29.237 11,494 356,353 11,922 20,145 39,134 321,866 10,711 100,348 57,307 13,933 3,402 4,212 25,966 7,642 26,501 30,130 2,211 44,609 4,657 3,839 1,132 5.813 23,782 547 4,844 3,132 2,301 5,326 3,710 11,061 4fj7 3,175 782 31.222 575,060 207.283 35,944 16,236 4,726 22,489 32,076 62,699 17,564 58,491 Travel Costs Printing, Postage and Stationery Advertising and Promotion IT, Telephone and Internet Other Costs Bank Charges Irrecoverable VAT 11,227 1.154 9.780 965 2,713 587 13.181 1,982 435.229 277,848 2,691,367 1,043,277 Page 45 MAGNA VITAE IA company limited by guaranteè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 10. Analy$É$ of èxp•ndlture by actlvltles Icontlnuedl Analysis of direct costs Icontinuedl Total funds 2022 Oth8r 2022 Pension Finance Cost 49,000 2.178,062 46,832 277,973 68,371 371,319 49,722 681,548 271,048 59,400 54,481 9.902 62.857 41.654 101,693 49,246 75.865 Slaff Costs 1,252 Depreciation Service Provision Costs Goods for Resale Pèrformers and Entertainers Other Employee Costs Rent. Rates and Utilities Repairs, Maintenance and Cleaning Insuran¢e Travel Costs Printing, Postage and Slalionery Advertising and Promotion IT. Telephone and Internet Other Costs Bank Charges Irrecoverable VAT 1,252 4.448,973 Page 46 MAGNA VITAE IA company limited by guaranteè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 10. Analysis of expendlture by actlvities Icontinuedl Analysls of dlrect costs Icontlnuedl Health Cultur8 Improvemenl 2021 2021 Sports & Leisure 2021 Theatr8 2021 Pension Financè Cost Staff Costs Depreciallon Serwce Provision Costs Goods for Resale Performers and Entertainers Other Employee Costs Rent. Rates and Ulililies Repairs. Maintenance and Cleaning Insurance Travel Cos15 Printing, Postage and Slalionery Advertising and Promotlon IT, Telephone and Inlernel Other Costs Bank Charges Irrecoverable VAT 1,036 124,523 832 77,027 1,493 232,276 1,992 6,132 12,012 1,462, 138 36, 121 21,332 6,580 3,459 410,691 16,338 20.902 1,765 278 8,612 91,991 51,845 11,772 775 (564J 6,096 2,845 3,270 22,263 2,682 37,784 485 810 (123J 11,987 5,080 7,024 372 3,980 6,755 1,677 316 2,917 7,121 4￿,644 101,564 40,875 8,430 1, 129 14,477 31,222 22,061 6,072 44,585 665 1,950 3,524 834 183 2,Q79 489 1,075 252 3.343 196,081 282,682 2,274,363 655,020 Page 47 MAGNA VITAE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 40. Analysls (>f expendlture by a¢tlvltl8s Icontlnuedl Analysis of direct costs Icontinuedl Total funds 2021 Other 2021 Pension Finance Cost Staff Costs Depreciation seN1￿ Prowsion Costs 18,000 2,286,988 55,283 65,393 8,345 38,062 17,028 55f, 177 169,387 61,251 17,063 1, 120 26,636 42,352 34.833 28,903 53,521 57,360 Goods for Resale Performers and Entertainers Other Employee Costs Rent, Rates and Utilities Repairs, Maintenance and Cleaning Insurance Travel Costs Printing, Poslaoe and Slalionery Adveriising and Promotion IT. Telephone and Internet Other Costs Bank Charges Irrecoverable VAT 2,041 1,041 6, 750 67, 196 3,475,342 Page 48 MAGNAVITAE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 10, Analysi6 of èxpèndlture by actlvlties Icontinuedl Analysls of support costs Health Culture Improvement 2022 2022 Sports & Le18ur8 2022 Total funds 2022 Theatre 2022 Staff Costs Other Gosls 47,097 22,666 4,092 10,125 30,067 14,469 2,612 6,464 291,236 140,166 25,302 62,610 112,895 54.333 9,808 24,270 481,295 231,634 41,814 03,469 Support SerV￿e Agreements Governance Costs 83,980 53,612 519,314 201,306 858,212 He81th Cultur6 Improv8m8nl 2021 2021 Sports & Lgisu 2021 Total fuiids 2021 Theatr8 2021 Staff Cosls Other Costs Support serV￿e Agreements Govemance Costs 25,992 10,743 2,022 4,344 37,473 15,486 2,915 6,263 301,489 724,600 23,457 ,390 86,829 35,886 6,755 14,513 451,783 186,715 35. 149 75,510 43,#01 62, 137 499,936 143,983 749, 157 Audltorfs rèmunèration 2022 2021 Fees payable to the Trust's auditor for the audit of the Trust's annual aceounls 7.650 7,250 Page 49 MAGNA VITAE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 12. Staff costs 2022 2021 Wages and salaries Social seeurily costs Contribution to definéd eontribution pension schemes Operating costs of defined benefit pension schemes 2.113,206 157,842 28,995 492,000 2,254,219 145,831 26,317 387,000 2,792.043 2,813,367 Wage$ and salari&s above in¢lude a total of £19.67012021 £167,624) relallng lo redundan¢y. PILON and other exil payments during the year. The average number of persons employed by Ihe Trust during the year was as follows.. 2022 No. 2021 No. Culture Health Improvement Sports & Leisure Theatre Management 76 15 88 16 13 12 119 129 The aveTage h8adcounl expr8SS8d as full-timè èquivalanls was.. 2022 2021 No, Culture Health Improvement Sports & Leisure Theatre Management 52 66 12 13 12 86 98 Page 50 MAGNA VITAE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 12. Staff eosts l¢ontlnuedl The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. 2022 No. 2021 No. In the band £60.001 - £70,OLK) In the band £70.001- £80,OLKI In the band £160.001- £170,000 The key management personnel ol the Trust comprise the Employee Trustee and the Senlor Leadership Team as included in the Trustees Report. The lolal arnounl of employee benefits linduding national insurance and employer pension contribulionsl ¥eceived by key management personnel for their services lo the Trust was £348,(X)0 {2021- £440,75(1). The remuneration of key management personnel and disclosure of higher paid employees above include an ex¢eplional one-off exil payment durin9 the prevKJus year. 13. Trusts•s' r&muneration and expenses The Employee Trustee received remuneration in Ibe folbwing banding for the period Iheywere a trustee.. 2022 2021 R A S Cameron £25k- £30k £20k- £25k During the year. retirement benefits were accruing lo 1 Truslee12021 1 Trusleel in respect of defined benefit pension schemes. Rernuneralion is received in respe¢l of conlTa¢ls of employment and not in respect of the role of Employee Trustee. other Trustees do not receive any remun&ralion from the Trust. During the year, no Trustees received any remuneration or other benefits (2021- £NIL). During the year ended 31 March 2022, expenses lolalling £287 were reimbursed or paid directly to 2 Trustees (2021 £nil). The Trustees claimed for mileage expenses in the year. Page 51 MAGNA VITAE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 14 Intangiblè assèts Computer software Cost At 1 April 2021 45,S93 Al 31 March 2022 45.593 Amortisation At 1 April 2021 Charge for the year 18.237 9.119 At 31 March 2022 27.356 Net book value At 31 March 2022 48.237 Al 37 M8r¢h 2021 27,356 Page 52 MAGNAVITAE IA company limited by guaranleèl NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 15, Tanglbl• flxed assets Plant, ma¢hinery and fixtures Cost or valuation Al 1 April 2021 Additions 271.162 6.830 (12.0951 Disposals At 31 March 2Q22 265,897 Depreciation Al 1 Apiil 2021 Charge for the year On disposals 203.138 37.713 17.2981 At 31 March 2022 233.553 Net book valu¥ Al 31 March 2022 32.344 Al 31 March 2021 68,024 Page 53 MAGNA VITAE IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 16. Investment property Cafe property Cafe equipment Total Valuatlon At 1 April 2021 Write-down 150.000 43,528 121,7641 193,528 121,7641 Al 31 March 2022 150,000 21,764 171,764 Cafe property was initially recorded * cost. The property has subsequently valved al fair v81ue based on an independent valuation prepared by a suitably qualified Ihird party as al 31 March 2021. The Trustees ¢onlirm that the property valualion remains an appropriate estimate of current market value and are not aware of any faclois that would suggèsl impairment of the property. Cafe equipmenl has initially been recorded at cost and is being writlen down to its residual value over its useful economic life. Page 54 MAGNAVITAE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 17. Flxèd assèt Inv•stments Investments In subsidiary companie3 Cost orvaluatlon Al 1 April 2021 At 31 March 2022 Net book valu& At 31 March 2022 At 31 Alarch 2021 Prlneipal subsidiaries The following was a subsidiary undertaking of the Trust.. Name Company number Prlnclpal actlvlty Class of shares Holding Magna Wlae Enterprises Limited 11788244 Ceased Trading Ordinary 1000A The flnancial results of the subsidiary for the year were.. Name Expendlturè Profit for the Year Nèt Ass&tg Magna Vitae Enterprises Limited 136.3291 36.329 2.495 The registered office of Magna Vilae Enterprises Limitèd is th& $8mo as the Trust as disclosed on page Page 55 MAGNA VITAE IA company limlted by guaranteè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 18. Stocks 2022 2021 Finlshed goods and goods for resale 24,436 16,060 19. Debtors 2022 2021 Due uhthln one year Trade debtors Amounts owed by group undertakings Other dèbloTS Prepayments and accnjed inc<)me 33,112 81.966 298 32,941 141,567 11,832 147,019 207,620 241,If5 20. Current assèt investments 2022 2021 Cash inveslrnenls in notice accounts 1.274.510 527,956 Page 56 MAGNA VITAE IA company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 21. Creditors: Amounts falling due within one yèar 2022 2021 Trade creditors Olher iaxation and social securily Other creditors Accruals and deferred income 167,302 38,851 13,021 681,496 111.836 29,166 20,114 665,994 900,670 527, 110 2022 2Q21 Deferred income al 1 April ReSoUr￿S deferred during the yeaT Amounts released from previous periods 487,732 350,664 1396.7081 470,437 159.427 (142, 132) Deferrèd Ineomè at 31 March 442.688 487,732 Deferred income represents Grants and Other Income Received in Advance. Box Office Ticket Sales in Advance of Shows and Unspent Gift Vouchers. Page 57 MAGNA VITAE IA company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 22. Statemènt of funds Statement of funds- current yèar Balance at 31 March 2022 Balance at 1 April 2021 Gainsl (Losses) Income Exp*ndltur8 Unrestrlcted Funds Designated Funds Cultural and Wallbaing Projecls so,000 50,000 General Funds Reserves Pension Reserve 641,529 12,455,000) 4,568,670 14,171.7661 1367.0001 1,038,433 1968.0001 1.854,000 11,813.4711 4.568.670 14.538,7661 1.854,000 70,433 Total Unrestricted Funds 11,763,471) 4.568.670 14,638,766) 1,854,000 120,433 Restrlcted Funds SO Festival Theatre Donations Cultural l Heallh Improv8tnènl Projects Sports Projects Othèr COVID Support Gullural Recovery Fund National Leisure Recovery Fund 18,841 35,492 152,760 34,002 1152,7601 117,4141 18,841 52,080 18,815 10,006 180,144 10,000 65.643 145,061 1 S9,S57 1193.4381 110.0001 165.6431 1145,0611 1159,5571 5,521 10,006 3D4.567 1128.1001 176,467 83,IS4 1.051.734 1871.9731 262,915 Total of Funds 11,680.3171 5.620A04 {5,410,7391 1,854,000 383,348 Page 58 MAGNA VITAE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 22. Statemènt of funds Icontinuedl Unrestricted Funds- Gen&ral Funds General Funds are those funds not designaled towards any project in particular and can be used towards any ol the Trust's objectives. Al the year-end. the Truste85 havè designated £50,000 for cultural and wellbeing projects where the operational budgets may be insufficient or for the malch-funding ol any new projects. Pension Reserve The Pension Reserve represents the year-end deficit balance on the Trust's pension scheme. Whilsl Ihis erea16s a deficit in unrestricted funds, it is not an immediately ¢ryslallsing liability and contributions have and will be made in line with the actuarls recommendations. East Lindsey District Council continues la act as a guarantor. Material Restricted Funds.. Festival SO Festival represents incoming resources linduding specific funding from Arts Coun¢il England) received lo pul on the annual SO Festival in August I September each year. Cultural l Health Im rovement Pro ects This includes funding from Louth and District Hospice lo fund the Still Me dementia support project and the Talk, Eat. Drink in East Lindsey and All Togèth8r projects funded by the National Lollery. GOVID Su COVID Support indudes funding frotn the Govèrnmènt's Coronavirus Job Retention Scheme ICJRSI to 5UPPOrt the Trust's employees through the pandemic a8 well as local authority grants available to support th& re-opening of facililies. Cultural Recover Fund The Cultural Reoovery Fund is a grant to support the recovery of cultural venues and 8¢1ivllies followlng the liftir)g of palldemic reslriclions. National Leisure Recover FLJnd The National Leisure Recovery Fund is a grant lo support the recovery of leisure facilities following the lifting of pandemic restrictions. Page 59 MAGNA VITAE IA company Ilmitèd by guarantsal NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 22. Statement of funds Icontlnuedl Statement of funds- prior year Salance al I Ap1712020 Transfe in/oul Gaiii (Losses) 31 March 2021 Income Expendrture Unrestrictsd Funds D•signatèd Fu#d8 Cultural and Wellbeing Projects 50,000 50,000 General Funds Reserves Pension ReseNe 775,824 2,362,815 (2,399,930) 5,779 (102,959} 641,529 (875.000) (199,000) (1,381,000) (2,455,000) (99, 176) 2,362,815 (2,598,930? 5,779 (1,483,959) (1.813,471) Total Unre$trict*d Funds {49,176) 2.362,815 (2,598,930) 5,779 (1,483,959) {1, 763,471) Restricted Funds SO Festival Theatre Donations Cultural l Health Improvement Projects Sports Projects Other COVID Support Cultural Recovery Fund 155, 779 (136,878) 98,841 35.492 35,492 9, 720 10,006 150,379 278 (127,419) (278) 9,750 (9,836) 1. 174,731 fl. 174, 731) {5,865) 18,815 10,006 86 214,693 (214,693) 11.726 1, 741,042 (7,663,635J (5, 779) 83, 154 Page 60 MAGNAVITAE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 22. Statement of funds Icontinuedl Balanc6 af 31 M&r¢h 2021 Balance al l Apiil 2020 Transfers in/oul Gain (Lossgs) Income Expendilu Totsl of Fund (37,450) 4. 103,857 (4,262, 765) (1,483,959) (1,680,317) 23. Summary of funds Summary of funds - current year Balance at 31 March 2022 Balance at 1 Aprll 2021 Gainsl ILo$tse$l In¢ome Exp¥ndltu Designated funds General funds Restr￿e￿ funds 50,000 11,813.4711 83.154 50.000 70,433 262.915 4,568,670 1,051,734 14.538.766) 1871,9731 1,854,000 11,680.3171 5,620,404 15.410,7391 1,854,000 383,348 Summary of funds . prior year Balanc8 al 31 March 2021 5al8nc& al l Apnl 2020 Transfers in/oul Gains/ (Losses) Income Expenditure Designatèd funds General funds Restricted funds 50,000 (99,176) 2,362,875 (2,598,930) 50.000 5, 779 (1.483,959) (1.813,471) 11,726 1,741,042 (1,663,835J (5, 779) 83, 154 (37,450) 4. 703,857 (4,262, 765) (1,483,959) (1,680,317J Page 61 MAGNA VITAE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 24. Analysis of net assets betsveen funds Analysis of net asset$ b•tw•èn funds- current year Vnr8Strlct8d funds 2022 Restrlcted funds 2022 Total funds 2022 Tangible fixed assets Intangible fixed assets Fixed asset investments Investment property Current assets Creditors due within one year Prowsions for liabilities and charges 32,344 18,237 32,344 18,237 171.764 1,766,757 I9￿,670) 1968.0001 171,764 2,029.672 1900,6701 1968.0001 282.915 Total 120,433 2e2,915 383,348 Analysis of net as$ets betWè8n funds - prlor year Unreslnct6d funds 2021 Restri¢led funds 2021 Total funds 2021 Tangible fixed assets Intangible fixed assets Fixed asset investments Investment property Current assets Creditors due wlhin one year Provisions for liabilities and charges 68,024 27,356 68,024 27.356 195.528 1,229, 730 (827. 110) f2,455,OOOJ 193,528 1.312,884 (827, Iloj (2,455.￿Oj 83, 154 Total (1,763,471J 83, 154 (1,68Q.317J Page 62 MAGNA VITAE IA company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 25. Reconciliation of net movement in funds to net cash flow from operatlng activities 2022 2021 Net incomelexpenditure for the year (as p8r Slalemenl of Fin8n¢lal Activities) 209,665 (261,867J Adjustment8 for. Depreciatlon ¢h8rges Amortisalion chaiges Loss on rèvalu81ion of invéslrnenl property Interest iecefvable Profil on the sale of fixed 8ssels Decreasellincrease) in stocks Decreasellincrease) in debtors Increaselldecreasel in creditors Pension scheme FRS102 actuarial adjustments 37,713 9,119 21,764 11.9221 19631 18,3761 33,495 66,730 367,000 67,930 9,118 102,959 (2,547) 6,377 (81,823) (f 2, 776) 199,000 Nat cash provldèd by op•rating aetivltlès 734.235 26.371 26. Analysls of cash and cash oqulval•nts 2022 2021 Cash in hand 523,106 527, 753 Total cash and cash equlvalents 523,106 527, 753 27. Analysis of changes in net deht At 1 Aprll 2021 At 31 March 2022 Cash flows Cash al bank and in hand Cash investments 527,7S3 627,966 14.6471 746.654 523.106 1,274.510 1,055,709 741.907 1,797.616 Page 63 MAGNA VITAE {A company limited by guardnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 28, Pension commltments The Trust operates a dellned contribution pension scheme. The assels of (he scheme are held S8parately from Ihose of the Trust in an independently adminisfered fund. The pension cost charge represents contributions payable by the Trusl lo the lund and amounted lo £29,415 12021 £26,317). Tolal contributions amounllnu to £8.15812021 £5,480) were payable lo the fund al the balance sheet date which is included in other creditors. The Trust operates a defined b8nefil pension scheme. The Trusfs employees belong lo the Local Govérnment Pension Schèma ILGPSI, which is managed by Lincolnshiie County Council. The pension costs are assessed in accordance with the ad￿￿ of independent qualified acluariès. The LGPS is subject to a triennial valuation. The LGPS is a funded defined benefit scheme. with as5els held in sepaiale Iiustee-administered funds. Details of the total contributions during the year are given in the analysis below. The agreed ¢onlribulion rates for fulure years are 16.5% for th¢ Trust and a maximum of 12.5°k for employees. Principal actuaTial assumptions at the Balance sheet dale (èxpressed as weighted 8veragesl'. At 31 March Al 31 Ma￿h 2022 2021 Discoun( Rate 2.55 2.05 Salary Increase Rale Pension Increase Ratts 1.00 3.05 2.80 At 31 March Al 31 M&r¢h 2022 2021 Years Yea Mortality Tales lin years) for a male aged 65 now al 65 for a mal$ aged 45 now for a femalè aged 65 now al 65 foT a female aged 45 now 21.2 22.1 21.1 22.0 23.7 25.1 23.6 25.0 Page64 MAGNA VITAE {A company limited by guarantèè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 28. Penslon commltments Icontlnuedl Sensitivity analysis At 31 M8r¢h Al 31 Mareh 2022 2021 Discount rale +0.1% t)iscounl rale -0.1°/0 Mortality assumption- 1 year increase Mortality assumption- 1 year decrease CPI rate +0.10/. CPI rate-0.1% 1350,0001 361,000 443,000 1426,0001 302,000 1292,0001 (366,000) 378,000 480,000 (461,000) 311,000 (301,000) The Twsvs share of the assets in the scherne was.. At 31 March Al 31 March 2022 2021 Equities Bonds Property Cash 7,540,000 1,323,000 1,150,000 411,000 fj, 753,000 1,297.000 985,000 383,000 Total falrvalue of assèts 10,424,000 9.418,000 The actual return on scheme assets was £1,010,000 (2021- £1, 717,000). The amounts recognised in the Slalemenl of financial aclivilre5 are as follows.. 2022 2021 Current sErviee Cost Past servicè cost 490,000 2.000 1193,0001 242.000 7.000 365,000 22,000 (17S,L￿O) 193.000 6.000 Interest income Interest cosl Administrati￿ 6xpenses Totsl amount re¢ognl$ed In thè Statemènt of financlal activities 548,000 411,000 Page 65 AGNA VITAE IA company limited by guaranteè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 28. Penslon commitments IGOntinu&dl Movernenls in thè present value of the defined benefit obligation were as follows.. 2022 Opening defined benefit obligation Current service cost Inter851 cost on defined benefit obligation Contributions by scheme partiCTpants Ghanges in assumptions Benefits p8ld Past Se￿¢tr ¢osts 11,873,000 490,000 242,000 71,000 11,037,000) {249,0001 2,000 Closing defined ben&fit obllgation 11,392.000 Movements in the fair value of the Trust's share of scheme assets were as follows.. 2022 Opening fair value of scheme assèts Interest income on plan asse15 Return on assets exduding amounts included in nel interest Contributions by employer Contributions by scheme partlcipants Benefits paid Administration expenses 9.418,000 193,000 817,000 181,000 71,000 1249,0001 17,0001 Closing falr valu& of scheme assets 10,424,000 Page 68 MAGNA VITAE IA company limited by guarante&l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 29. Opèrating lease commitments Al 31 March 2022 the Trust had commitments to make future minimum lease payments under no cancellab16 OP81ating leases as follows.. 2022 2027 Not later than 1 year Later than 1 year and not later than 5 ye8r8 Later than 5 years 70,000 280,000 B92,740 70,000 280,OQO 962, 740 1,242,740 1.312,740 The following lease payments have been recognised as an expense in the Ststement of financial activities-. 2022 2027 Operating lease rentals 70,000 70,000 30. Members. liability Ead) mernber of the charitable company undertakas to contribute lo the assets of the company in the evelll of it being wound up while helshe is a member, or within one year after helshe cease5 to be a member. such amount as may be required. not exceeding £1 for the dÈbls and liabilities contracted bèfore helshe ceases lo be a member. P8ge 67 MAGNA VITAE IA ¢ompany1Smited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 31. Related party transactlons The following Iransaclions and balan¢es have been undertaken whcih requlre dlsclosure in line with the requirements of the Charities SORP". Magna Vitae Enterprise8 LÈmltèd: agna Vilae Enterprises Limited is a wholly ownod subsldi2ry of Magna Vilae. During the year, M8gna Vitae continued lo provida finance and rechgrge expenses paid for on behalf ol Magna Vitae Enterprises Limited. The balance oulslanding at the year-end was £11,031 12021 £36.3291. Due to continued uncertainty over recoverability, Magn¥ Vilae have included a provision of £11,031 12021 £36,031) leaving a balance of £nll (2021 £2981 included in amounts owed by group undertakings. TnJ8tees- A R Lidgard has significant influence and control over Brackènborough Limited. During the year, the company provided hospitality services 8t a cosl of £3.978 12021 £8001. Th$r8 was no balance outstanding 81 either year-end. Kèy Management Personnel: The spouse ol Jame5 Brindle runs First Cricket. During Ihe year, the dub has paid hire costs of £2.072 12021 £3611. The balan¢e outstanding at the year wa5 £769 12021 £nill which is included in Iiade debtors. The spouse of Jarnes Brindle also runs Greenwich House S¢hool. During the year, the school has paid for swimming lessons of £986 {2021 £nill. There was no balance oulslanding at either year-end. Page 68 MAGNA V TAE TRUST FOR LEISURE & CULTURE Wood Lane Louth Lincolnshire LNII 8SA