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← Magna Vitae

2024-03-31-accounts

MAGNA VITAE

TRUSTEES’ REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

Charity Registration No. 1160156 Company Registration No. 09078400 (England and Wales)

MAGNA VITAE LEGAL AND ADMINISTRATIVE INFORMATION

Chairman of the Trustees Peter Helps Community Trustees Ian Emmerson OBE (Vice Chairman) Ashley Lidgard (resigned 11 December 2023) Jonathan Stones David Warden Cate Atwater Michelle Howard Eva Hjelms (appointed 19 October 2023) Local Authority Trustees Cllr Sarah Parkin (resigned 24 May 2023) Cllr Steve Kirk (resigned 24 May 2023) Cllr Sam Kemp (appointed 24 May 2023) Cllr Robert Watson (appointed 24 May 2023) James Brindle Executive Directors Aeneas Richardson Charity number 1160156 Company number 09078400 Meridian Leisure Centre Registered office Wood Lane Louth, Lincolnshire LN11 8SA Senior Leadership Team James Brindle, Executive Director Aeneas Richardson, Executive Director Sally Topham, Director of Finance James Turner, Director of Business Development Naomi Wilkinson-Baker, Director of Operations

Independent Auditors

Streets Audit LLP Tower House Lucy Tower Street Lincoln, Lincolnshire LN1 1XW

Bankers

Barclays Bank PLC 1 Churchill Place LONDON E14 5HP

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TRUSTEES’ REPORT (INCLUDING THE STRATEGIC REPORT)

FOR THE YEAR ENDED 31 MARCH 2024

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 year ended 31 March 2024.

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 2 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 (FRS 102) (effective 1 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 in Lincolnshire.

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Magna Vitae has a strategic partnership with East Lindsey District Council (ELDC).

Our Vision, Mission and Values are encapsulated in Magna Vitae’s DNA:

Our Vision is to improve the wellbeing of our community, enabling people to live great lives.

Our Mission is to clearly demonstrate proactive and innovative leadership, that will generate positive changes in the areas of social and economic inequality. We are committed to empower local people by reaching out with humanity and compassion.

Our Values - We are in this together ; we embrace change ; we are always learning and we . celebrate difference

In This Embrace Always Celebrate Together change Learning Differences The team comes first. We innovate. We We constantly seek to We appreciate that we Everyone in our team identify the need to become the best version are all different. We has a voice and a place. change. We routinely of ourselves. A team capitalise on our We are a truly cohesive accept change and agree of human beings with cognitive diversity. We unit that routinely shows that change is necessary, a collective desire to are commited to togetherness, has a change is good. We do flourish in a safe learning minimising our individual positive drive, ambition change well. Our environment. We have blind spots by and holds each other dynamic approach is a growth mindset. We tapping into the accountable. We believe flexible and adaptable. positively blend our collective intelligence that we are stronger We embrace change. professional and of our team. We seek to together and that personal self. We take understand and respect together, we can lead responsibility and we each other’s perspective, the way. do it better every time. views and opinions and Being the best version of thereby maximise our ourselves will allow us to creative potential. better the lives of others.

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Our charitable Objectives form part of our Articles of Assocation

– To provide or assist in the provision of both indoor and 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 at large with the object of improving their conditions of life; and/or

– To promote community participation in healthy recreational activities; and/or

– To provide or assist in the provision of community facilities to be available to all sections of the community without 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 for all who use the facilities; and/or

– To promote the education of the public through the provision of facilities for performing arts and/or

– Such other charitable purposes as the Trustees in their absolute discretion may determine.

We have developed a five year Corporate Strategy 2022-2027 which has five main aims:

AIM 1: Be a trusted AIM 4: Lead a diverse market leading team in local team, enabled with the delivery of wellbeing efficient communication and culture services infrastructure and within targeted systems, towards high communities through performance delivery service excellence, across all service innovation, and local channels partnerships. AIM 3: Offer high quality holistic wellness solutions, visible and available in-venue and online, trusted by customers and supported by research AIM 2: Be sustainably AIM 5: Create working funded by local environments that stakeholders and support career growth, through measured continuous learning and diversification projects diversity through to grow our business teamwork, portfolio and deliver transparency, and value efficiently honest communication

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CURRENT PRINCIPAL ACTIVITIES

The Trust operates cultural and leisure venues across the East Lindsey district of Lincolnshire. These venues are owned by East Lindsey District Council and are:

In addition to physical venues, Magna Vitae supports our communities right across the East Lindsey area and beyond via:

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Achievements and Performance

REVIEW OF ACTIVITIES

Corporate

From April 2023 to March 2024, Magna Vitae continued to provide outstanding service to our members, partners and communities throughout East Lindsey and the surrounding area.

From a business perspective, 2023-24 delivered very positive performance, further cementing our foundations of continued success. Whilst the cost-of-living crisis continues to pose challenges for our operations and customers going forward, the Trust finished the year very strongly and presently finds itself in a significantly better position than originally estimated at the start of the year.

Our work continues to focus on serving communities through our diverse portfolio of facilities, programmes and events. Out of venue, the “Schools Out” and “Holiday Activity & Food (HAF)” programme continue to offer an array of physical activity, nutritional information and healthy food to children in the school holidays. For adults, the Community Team continue to offer “Wellbeing Walks” and “Ageless & Agile” sessions across four (4) sites in East Lindsey.

Our Leisure operations have seen continued growth throughout the year with record breaking business performance regards our fitness membership and gymnastic club. Our venue staff have continued to excel during recent QUEST audits; demonstrating their hard work, dedication and commitment to providing quality wellbeing services at all of our leisure venues. Horncastle Fitness Suite & Swimming Pool maintained its accreditation of “Very Good” and achieved “The Exercise Referral Standard”, confirming consistent delivery of our high-quality operating standard. Meridian Leisure Centre, Louth received a QUEST accreditation banding of “Excellent”. This is the highest level achievable! This is actually the first time in the venue’s 14-year history that this banding has been awarded.

The Embassy Theatre has had an extraordinary year, with eight sell-out shows of the West End production SIX the Musical. This touring show encompassed the largest technical build in the building’s history and also delivered the highest ever recorded box office receipts and customer satisfaction. Excitement continues to build with regard to the proposed £1.4 million “Town Fund” Culture House Development, with completion now anticipated in May 2025.

SO Festival 2023 embraced its new community centered, democratic focus, with the event moving from its traditional slot in August to June, to accommodate and benefit the local residential community. Highlights included some excellent, strategic cultural workshops, mesmerising performances, captivating music and breathtaking art installations.

2023 brought exciting cultural news for Skegness as Magna Vitae partnered with the Royal Shakespeare Company (RSC). The partnership will benefit our local communities for generations, by using arts and culture as a positive tool to boost health and well-being, alongside learning and employment opportunities within the district.

People Power Partnership (PPP), the international street theatre project, headed to Grimsby in July. Magna Vitae is the only UK partner, in this European collaboration of 11 countries where young people develop performances that are unique to each place. Magna Vitae partnered with the North East Lincolnshire, as part of their Cultural Development Fund, and performances took place in the heart of Grimsby’s East Marsh, to 2 sold out nights of extraordinary, bespoke and accessible cultural

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entertainment.

The long-awaited development of the new Station Leisure & Learning Centre in Mablethorpe is now nearing practical completion, with doors expected to open to the general public in mid-July 2024. Excitement is building in the town, a local catering partner has now been confirmed and activities/ training is underway in readiness for opening day!

The success over the last 12 months has been an incredible achievement and continues to demonstrate the hard work, dedication and commitment of every single Magna Vitae staff member, as well as the extraordinary support from our ever-growing number of loyal customers. We are all in this together and look forward to embracing what the next 12 months brings. We all continue to contribute and strive to enable as many people as possible to “live great lives”.

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Physical Activity Opportunities

Meridian Leisure Centre

Skegness Pool & Fitness Suite

Horncastle Pool & Fitness Suite

Staton Sports Centre

Alttude 44, Skegnes

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Magna Vitae Gymnastcs are fnalists!

Magna Vitae Gymnastics team enjoyed an evening out for ~~Te~~ Active Lincolnshire’s ‘Lincolnshire Sport & Physical Activity Awards’ in November 2023. We were honoured to be recognised as finalists in the ‘Positive Experiences for Children and Young People’ category.

Although we didn’t win, it was rewarding to know that our efforts are making a meaningful impact across our community. Our gymnastics programme continues to grow and develop, providing an inclusive learning environment for young children.

Holiday Actvity and Food Programme

The Holiday Activity and Food (HAF) programme, funded by the government, aims to provide opportunities for children to learn, be active, and socialise.

Taking place during the Easter, Summer, and Christmas holidays, all three venues offered a main programme and a teenager programme for ages 4-16. The Meridian Leisure Centre introduced a third programme, the first-ever SEND Stay and Play HAF session, specifically designed for children and young people with complex, additional, or medical needs.

As part of the programme, all children are also offered a hot meal. Each venue was registered as a new food business and achieved a 5* Food Safety rating from East Lindsey District Council. The HAF programme continues to make a positive impact by providing inclusive, safe, and engaging environments for children in need.

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Health Improvements

One You Lincolnshire

682 individuals were assessed on the One You Lincolnshire Exercise on Prescription programme, across the year, which is an increase of 9.1%.

In the last 12 months there was an increase of 137,261 minutes of physical activity with our programme participants.

An average of 33% of referrals are continuing with a Magna Vitae membership, with 43% stemming directly from Station Sports Centre, Mablethorpe.

Ageless & Agile

Ageless & Agile is a community group funded by the Mental Health and Wellbeing Community Investment Fund and Shine Lincolnshire, offering sessions at all our venues. It provides a friendly environment for those looking to get out more, socialise, and stay active.

3 years funding: 2023/24 - £25,000 | 2024/25 - £18,750 | 2025/26 - £12,500 | = £56,250

Activities include nostalgia, quizzes, activities (both seated

exercise and games like boccia), health awareness topics like diabetes, dementia, etc, opportunity to try some new crafts, have a chat, and also some days where we all come together like a sports day.

It has been highly effective in helping individuals who have been struggling with isolation and loneliness feel like they are part of a community.

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Get Actve More Everyday (GAME)

Get Active Move Everyday (GAME) was a funded group for young people aged 13-17. Participants enjoyed inclusive sessions across various activities aimed at boosting confidence and increasing social and physical participation.

The project collaborated with statutory and community partners, including local schools, home-schooled children, and the Lincolnshire Partnership NHS Foundation Trust (LPFT). It was inspiring to see many of the young people’s confidence grow throughout the project, positively impacting their mental and physical health.

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Sport and Physical Actvity Development

We have supported local clubs and community organisations in a variety of ways based on individual need. This support has ranged from coach development, governance, development plans and funding.

Two large scale facility developments have been supported at Queen Elizabeth Grammar School (QEGS), Horncastle and Spilsby Recreation Ground. Combined, both projects total £1.5m of investment, with a 3G proposed at QEGS, and Playzone, Skatepark at Spilsby. Both projects are underpinned by development plans to create sustainable models.

Community Actvites

Community engagement continued to flourish with the development of several targeted sports participation programmes throughout the year. One highlight was the introduction of ‘Pickleball’ to East Lindsey at the Meridian Leisure Centre, which quickly became a hit. Additionally, a successful ‘Walking Rugby’ programme was launched at Sutton-on-Sea Playing Fields with popularity increasing.

In collaboration with Lincolnshire Cricket Ltd, weekly ‘Street Cricket’ sessions were ee aN introduced in Skegness, focusing on engaging teenagers in the community. We also partnered with Lincolnshire Cricket Ltd to expand the Lords Taverners ‘Table Cricket’ competition, catering to individuals with SEN and physical disabilities, hosted at the Meridian Leisure Centre for the past two years.

Magna Vitae teamed up with Lincolnshire Coop to participate in ‘Wellbeing Walks’ training for our Community Activities team. This initiative revitalised the ‘Wellbeing Walks’ in Louth, Horncastle, and Wragby, and enabled us to introduce a new Wellbeing Walk in Binbrook.

Additionally, we delivered fitness sessions in Binbrook and a Yoga session in Brookenby, facilitated by two local qualified instructors. In Wragby, we successfully launched ‘Body Conditioning’ and ‘Core & Stretch’ classes in collaboration with a local self-employed tutor.

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School’s Out Programme

The ‘School’s Out’ programme now has an identity and place in several communities across the district.Each holiday sessions are delivered in the eight community locations with no two weeks ever the same. Activities included Dodgeball, Rounders, Golf, Gymnastics, Street Dance, Multi-Skills, Dance and Cricket along with other sporting activities.

Several ‘away day’ trips were delivered as part of the programme to provide children with activities away from the communities that they live in. This included Kenwick Park Golf Club, Lincoln City FC, Meridian Leisure Centre and Xsite Skate Park.

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Culture, Arts and Events

Embassy Theatre

137 Number of Live Performances 12 Screened Events

60 VIP Experience Events 79 Other Events

68,212 Attended

The Embassy Theatre 2023 season kicked off with Lipstick on your Collar, a popular performance at the beginning of April. Shows such as The Greatest Hits of Motown and That’ll be the Day continue to return for busy live performances on stage.

June saw the national launch of 5 new Associate venue partnerships for the Royal Shakespeare Company hosted Upstairs at The Embassy.

A hugely successful Summer season concluded at the Embassy Theatre with a wonderful performance from those who attended our weekly Matilda workshops throughout August.

The Embassy Theatre kicked off October with it’s biggest technical build in the buildings history, with SIX, the West End touring show, being welcomed into the auditorium. This production SOLD OUT and delivered the highest levels of box office receipts and customer satifaction.

8 Live Performances 9,344 Attended

The in-house pantomime, Snow White, reinvented itself in 2023 to revisit a more traditional style of presentation... This years intent was around strength of cast and creation of Company. The casting of individuals over effect has, this year, been pivotal in achieving this. This year saw teams from 3 local Performance Schools (21 students) rehearsing set choreography with their teachers from October to their first site rehearsal in December to then take on additional character roles... as puppeteers!

Customers of The Embassy Theatre Skegness give to a discreet bucket collection at the end of every performance, this loose change becomes a GOLDEN TICKET experience for nominated members of our local community.

The Embassy Theatre kicked off their NEW season with the Comedy Network on 7th March. The Embassy Theatre team celebrated their fastest on sale in recent memory with Alfie Boe selling out in just 13 minutes on 29th March! Alfie will perform live at the Embassy Theatre on Sunday 30th June to a sold out crowd. The system coped with sales topping £3,000 per minute too – that’s a lot of money!

£4.27 Average Secondary Spend per person during their visit

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SO Festval

SO Festival is an ambitious, international outdoor arts festival which took place on June 16, 17 and 18 in the coastal towns of Skegness and Mablethorpe, Lincolnshire.

The exhilarating three-day festival of theatre, puppetry, dance, comedy, music, acrobatics and immersive installations from local, UK and international artists is set in the scenic outdoor spaces and designed to take audiences away from the everyday, and on a journey of discovery to experience unique and inspirational performances.

In an area of the UK that has historically few opportunities to engage with diverse arts and culture, Danish Artistic Director, Jens Frimann Hansen brings a continental direction to the programming that elevates ambition and aspiration.

Throughout the year the team worked with local partners (both cultural and non-cultural) to support local creatives and communities with a programme of workshops, masterclasses, locally based projects and network developments.

Collaboration and community engagement are key principles and in 2022 SO started on a journey to ‘democratise’ the festival, through co-curation and co-creation. The aim of this approach is to upskill local communities and see the voice of local people reflected in the programming of the festival, making it more relevant and impactful.

SO Festival became an Arts Council England, National Portfolio Organisation in 2023, receiving £962,000 over three years. Match funding is provided by Magna Vitae and East Lindsey District Council.

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People, Power, Partnership

On the 21 and 22 July, two sold out audiences witnessed People Power Partnerships UK Premiere of FACE T(W)O, an international dance project, in Grimsby. Local and international artists, partners and young people came together to provide two nights of extraordinary free entertainment, escapism and reflection.

As the sun set over Grimsby, audiences of all ages flocked to Garibaldi Street Car Park, chosen for its location in the heart of the local community, to be immersed in a spellbinding and striking visual adventure. Audiences were captivated as 32 dancers interacted with stunning projections to a hypnotic soundscape underneath a giant floating mirror, creating a thought provoking and highly relevant reflection of the world we live in today.

Feedback received included:

“Amazing atmospheric show, loved it. Quite surreal in the Garibaldi Street Car Park but I can’t think of a better location!”

“That was absolutely amazing for Grimsby, I could feel my heart going, I have never seen anything like that before.”

54 Local creatives & community groups engaged 109 Participants

5596 Audience members online

494 Overnight stays in Grimsby 2,000 Tickets issued to the live event

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Additionality & Impact

Magna Vitae’s long-term contracted partnership with East Lindsey District Council (ELDC) delivers significant ‘additional’ impact through delivery of a range of targeted interventions that meet the needs of local residents.

This ‘additionality’ is made possible through two key areas of work:

· Development of collaborative partnerships and networks · External fundraising leveraging external investment into the district from a diverse portfolio of funders.

Service Fee: £1.66m (23/24)

including additional contract delivery SO Festival, Sport and Physical Activity and Inland Conurbations

Partnerships: Partnerships and collaboration with local, national and international stakeholders.

Funding Investment:

£1.57m of additional funding and investment, secured from 9 different funders, to deliver programmes to support the health and wellbeing needs of our communities.

Confirmed Funder Amount ~~ee~~ SO Festival NPO Arts Council England £962,000 Multiply Lincolnshire County Council £10,000 ~~re~~ inOrbit UK Shared Prosperity Fund £49,500 Ageless & Agile Shine £56,250 ~~[ti“‘CSC;C;C;C~~ | | Employability Expansion Theddlethorpe GDF £230,000 MUGA (match) TNL £10,000 Exercise Referral OneYou £25,552 ~~[_—OCCCCOC [| TC™—CY~~ Holiday Activity & Food (HAF) programme LCC £84,000 On behalf of Skegness SA GRASSroots (LCF) £24,999 ~~re~~ International People’s College (IPC) UK Shared Prosperity Fund £109,436 £1,517,237*

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Impact:

Each of these projects contributes positively to the local community by addressing various needs from physical health and wellbeing to education, culture, and community engagement.

Multiply

Provides adults with the opportunity to enhance their math skills, which is crucial for daily life and career advancement. Formal qualifications obtained through Multiply can open doors to better job prospects and opportunities for further education.

Ageless & Agile

Sessions across Louth, Mablethorpe, Skegness, and Horncastle cater to older adults, helping them maintain fitness levels and discover new hobbies. Activities like local walks, sporting memories, and seated exercises promote physical and mental well-being, fostering social connections through the simplicity of a “cuppa and a chat”.

GAME (Get Active Move Everyday)

Supports young people in East Lindsey experiencing poor mental health through physical activity. It provides a supportive environment for young individuals to cope with mental health challenges whilst encouraging them to stay active.

Aspire to Be

A skill-building initiative aimed at enhancing employability post-COVID by providing access to skills-based learning. It equips residents with valuable skills and qualifications, preparing them for better job opportunities and career progression.

MUGA (Multi Use Games Area), Louth

Refurbishing the MUGA provides local residents with an improved recreational facility. This project enhances community sports activities, promoting physical activity and social interaction among residents of all ages.

Exercise on Prescription

Funding for personalised exercise programs benefits 600 local residents annually, particularly those with medical conditions. It promotes a more active lifestyle, improving physical health and overall wellbeing.

Holiday Activities and Food Programme (HAF)

Government-funded program offering opportunities for children to stay active, socialize, and learn about food education. Providing a free meal at each session ensures children from disadvantaged backgrounds receive nutritious meals while participating in fun activities during school holidays.

SO Festival

An accessible outdoor arts festival that enriches the cultural life of Mablethorpe, Skegness, and surrounding communities. Designated as part of Arts Council England’s national portfolio, it brings international quality culture to the local community, fostering creativity and community spirit.

International People’s College (IPC)

Offers personal growth and skill development through Danish Folk High School education. IPC provides a unique educational experience focused on life goals, enhancing personal and professional development for participants.

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Financial Review

OVERVIEW INCORPORATING KEY FINANCIAL PERFORMANCE INDICATORS

Full details of our financial performance during the year ended 31 March 2024 are shown in the financial statements and supporting notes. The table below shows the headline income and expenditure for 2023/24 compared to 2022/23 – excluding pension and donated services adjustments and excluding any change in asset market valuation.

31 March 2024 31 March 2023
Income
Service Fee (ELDC) 1,660,769 1,523,308
Fees & Charges 466,450 410,269
Grant Income 729,452 250,525
Gym Membership 1,316,482 1,075,096
Hire Fees 265,897 261,847
Other Income 475,240 577,612
Pool Admissions 418,829 429,281
Rental Income 61,434 57,265
Show Income 1,469,883 972,124
Swimming Lessons 709,249 680,254
Total Income 7,573,685 6,237,581
Expenditure
Depreciation -20,623 -53,731
Employees -3,286,789 -2,877,502
Utilities -922,958 -542,090
Premises -288,645 -313,603
Supplies & Services -2,761,945 -1,983,994
Transport -42,638 -39,493
Support Services -38,424 -35,034
Total Expenditure -7,362,022 -5,845,447
Deficit 211,663 392,134

Income

Income levels performed well during the year, increasing by 21% increase on the previous year particularly in relation to gym membership and show income.

Expenditure

Expenditure of £7.4m was incurred during the year, an increase of 26% on the prior year. The main

areas of increase were staffing costs (+14%) and utilities (+70%)

The surplus for the year was £211,663 against an original deficit budget of £992,000. The deficit budget was set against a backdrop of expected 300% increase in gas costs, which were ultimately lower than anticipated.

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The current allocation of reserves is as follows:

Reserves

Reserves
The current allocation of reserves is as follows:
31 March 2024 31 March 2023
Income £ £
Income Funds (restricted) 218,807 88,433
Income Funds (unrestricted including designated) 1,836,338 1,755,049
Pension Reserves (surplus) 212,000 0
Total Reserves 2,267,145 1,843,482

The trustees note the positive total reserves position of £2.27m at 31 March 2024. This has grown due to the financial performance during the year. The pension reserves position has remained at NIL. The pension reserve reflects an asset of £212,000. The actuarial report of the local government scheme pension, prepared at 31 March 2024 showed a pension asset of £4.175m, however only £212,000 has been recognised as it is not deemed to be recoverable through reduced contributions in the future or through refunds from the plan.

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 future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Trustees are aware that East Lindsey District Council and wider South East Lincolnshire Councils Partnership are looking to make changes to the procurement of leisure services, and that there is potential for change over the next three years. However, they do not consider this will currently impact the going concern basis adopted.

Specific consideration has been given to the impact of inflationary cost pressures, particularly in relation to staffing and energy costs, which remain elevated, and the opening of a new venue in July 2024 Station Leisure & Learning Centre. Trustees have agreed a deficit budget in 2024/25 and continue to work alongside our main client and strategic partner East Lindsey District Council to mitigate the impact of energy cost pressures via energy efficient building works including the application of Sport England Swimming Pool Support Funds at Meridian Leisure Centre, Louth.

KEY CHALLENGES

We agreed a five-year business plan (2022-2027) with East Lindsey District Council including an ongoing service fee level, which also includes Community Commissioning work to further support our local community. This is in line with our Corporate Strategy referenced elsewhere in the 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, so they can live a great life.

The key financial challenges facing Magna Vitae in 2024/25 and beyond relate to decarbonisation of our venues in conjunction with East Lindsey District Council, maintaining and further growing our core business areas, whilst achieving staffing resilience. This work will allow us to ensure focus on achieving our charitable objectives in line with community need whilst remaining financially viable and resilient.

These challenges will most effectively be met through partnership and collaboration with other strategic partners locally, regionally and nationally through a whole system approach.

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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 circumstances. Unrestricted income funds stand at £1,836,338; however, £313,880 is tied up in Magna Vitae’s fixed assets. Therefore, current available or free reserves stand at £1,522,458, including £50,000 designated for Cultural Projects.

This reserves figure is higher than our Reserves Policy which is to hold at least £1m in unrestricted or free reserves. However, trustees have agreed to hold these reserves at 31 March 2024 given that a deficit has been budgeted. The general reserves policy will be further reviewed during the coming year to ensure charity reserves are appropriately held and applied.

PRINCIPAL FUNDING

The principal income and funding streams for Magna Vitae were as follows: Service Fee from East Lindsey District Council; income from customers’ use of leisure venues and theatre income ticket sales; and grant income from Arts Council England and other grant funding bodies.

INVESTMENT POLICY

Magna Vitae’s investment policy is driven by four key factors:

Investments are restricted to

Investments are permitted in the following instruments

A maximum of £750,000 is to be placed with any one bank/institution excluding day to day working capital accounts. Any figure above this amount requires the agreement of the Finance Sub-Group.

This policy is reviewed by the Finance Sub-Group and signed off by the Board of Trustees.

In 2023/24 the income from bank interest receivable amounted to £111,504.

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Structure, Governance and Management

CONSTITUTION

The Trust is a charitable company limited by guarantee, incorporated on 10th June 2014 and registered as a charity on 26th January 2015. East Lindsey District Council transferred its cultural and leisure services, comprising of sports facilities, arts activities and events, sports development and events, health improvement programmes and a theatre on 1st January 2015.

The Trust was established under a Memorandum of Association which established the objectives and powers of the organisation and is governed under its Articles of Association.

Magna Vitae 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. A new lease for the new Mablethorpe Station Leisure & Learning Centre was entered into in June 2024 which is co-terminus with the other venue leases.

Magna Vitae is a company limited by guarantee and does not have share capital.

METHOD OF APPOINTMENT OF ELECTION OF TRUSTEES

As a limited company Magna Vitae is governed by its members. There are two categories of Trustees: Community Trustees and Local Authority Trustees. 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, and up to nine Community Trustees, provided that the Community Trustees are at all times in the majority.

The Local Authority Trustees are selected and appointed by the local authority East Lindsey District Council for such period as the authority determines. Councillor Steve Kirk and Sarah Parkin resigned on 24 May 2023, with Councillors Sam Kemp and Robert Watson being appointed on the same date.

The Community Trustees are selected following a rigorous trustee recruitment process. A Community Trustee 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 Community Trustees 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 October 2023 Eva Hjelms was appointed as a new community trustee and in December 2023 Ashley Lidgard resigned as a community trustee. Due to the change in the community trustee make-up during the year, no trustees retired by rotation and were subsequently reappointed.

Trustees are required to meet at least four times a year to review the management of the organisation. They employ managers to take on the day-to-day running of the activities.

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POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES

The induction process for Trustees includes an induction programme, supported by in-depth briefings from senior managers where required, and visits to our venues. Further training is arranged to meet the specific needs of individual Trustees.

PAY POLICY FOR SENIOR STAFF

Senior Leadership Team salaries are set strictly by the Board of Trustees. These are reviewed annually as part of the budget setting process, generally in January or April of each year. They were last reviewed in January 2024.

Trustees do not receive a salary but are entitled to claim expenses for attending meetings or specific events.

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 members are asked to complete an annual Disclosure Statement to notify Magna Vitae of any involvement in any other organisations. This was most recently completed in May 2024.

A summary of transactions with related parties are set out in note 32 in the financial statements.

RISK MANAGEMENT

The Board of Trustees has overall responsibility for establishing and maintaining the whole system of internal control and reviewing 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 reasonable assurance about the reliability of financial and operational information and the safeguarding of Magna Vitae’s assets and reputation. This approach includes the regular evaluation of the nature and extent of risks 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 internal control are as follows:

22 magnavitae.org

RISK REGISTER

The Trust’s Senior Leadership Team routinely documents, 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 or high are reviewed at every board meeting and the whole risk register is reviewed annually.

PLANNING APPROVAL

Magna Vitae reviews new projects including identifying risks and controls. This 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 setting an internal audit programme of activities to assess the effectiveness of controls. During the year an internal audit was undertaken at four venues in May 2024 by Forrester Boyd.

MONITORING AND CORRECTIVE ACTION

Financial reporting procedures include detailed budgets for the year ahead, detailed monthly management accounts, and longer-term financial plans used for strategic/business planning as part of the five year business plan. The Senior Leadership Team and wider Management Team review management accounts every month, and in depth performance monitoring also takes place at Quarterly Management Team away days. Reports are then 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 considered 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 the Director of Finance has Terms of Reference and reports regularly to the Board of Trustees.

23

HEALTH AND SAFETY

Robust, corporately agreed & implemented policies, procedures & standards are vital to ensure the health, safety & welfare of employees, members of the public, customers, members & others, visiting MV sites and other service areas, including a variety of outreach work taking place in East Lindsey “inland conurbations”. Magna Vitae currently maintains a corporate H&S Manual, management system & implements a strict, annually planned, H&S and quality assurance/management (QUEST) auditing regime.

The H&S performance statistics included in this report are based on the last calendar year - January to December 2023. In part, the data is routinely compared with past performance & general comparative data taken from the previous calendar year, 2022.

The annual Magna Vitae “STITCH of the Nation” results compare very positively against the national benchmark data made available for 2023. Nb: Magna Vitae sites & service areas welcomed a total of 728,348 visits in 2023 compared to 723,155 in the previous twelve (12) months. The Magna Vitae 2023 accident to usage ratio was 0.02% compared to the national average of 0.46%.

80% of Magna Vitae accidents were uncontrollable in 2023 compared against a national average of 70%.

The total number of accidents recorded in 2023 = 164, compared to 93 in 2022. Representing an increase of 76% on the previous year. Staff training has helped ensure re-education meaning that all accidents are recorded and logged within our internal platform (STITCH).

Visits have also increased and this shows a slight rise in the ‘accidents to visits’ ratio.

2023 – 728,348 visits = 164 Accidents = 0.02%

2022 – 723,155 visits = 93 Accidents = 0.01% 2021 – 246,855 visits = 51 Accidents = 0.02% 2019 – 922,704 visits = 162 Accidents = 0.02%

Although acknowledging an increase, the data supplied above confirms that Magna Vitae’s H&S performance is still better than the national average of 0.46%.

As well as directly employing competently qualified and experienced senior managers, Magna Vitae’s commitment to Health and Safety establishes a positive health and safety culture throughout the entire workforce. Since inception in 2015, the Trust has been supported by an annually retained external Health & Safety specialist consultancy (Right Directions Ltd).

During 2023, Magna Vitae continued, for the ninth consecutive year, to invest and work in conjunction with Right Directions Ltd. This is a nationally renowned leisure industry consultancy, specialising in health & safety, quality assurance and environmental management support. Magna Vitae continues to annually invest approximately £13,000 - £14,000 in this service.

Right Directions Ltd provide Magna Vitae with expert advice (industry relevant updates) and support (includes access to 24/7 telephone advice support) to further develop, maintain & review the Magna Vitae H&S Manual and general management system(s). This also includes direct support with a variety of risk assessments, legislative changes, operational auditing, the STITCH accident/incident monitoring management & control system, and the StaffMis operational H&S monitoring system, now more commonly known as ‘The Mag..Net’.

24 magnavitae.org

Since last year, MagNet has been fully rolled out and is utilised across the whole organisation for a variety of functions. These include:

==> picture [114 x 24] intentionally omitted <==

The continued, current level of investment made in these resources reflects the organisation’s ongoing commitment and drive in further developing a positive health & safety culture alongside Magna Vitae striving to continually improve its Health & Safety performance.

Health and Safety arrangements are also supported internally via a robust Health & Safety Working Group that meets quarterly with the meeting minutes being routinely submitted to the Magna Vitae Board of Trustees for update and information. These minutes, along with other supporting H&S performance data, are also routinely circulated to ELDC (Client Contract Officer, PSPSL H&S Manager and ELDC / MV Working Group) as Magna Vitae’s main funding partner and landlord of the East Lindsey leisure venues presently operated / managed by Magna Vitae.

Magna Vitae’ health and safety performance data is routinely collated, monitored and analysed via the STITCH accident, incident and near miss reporting system. This data is also routinely provided to Board and ELDC for information; the data helps the trust benchmark health and safety performance internally (monthly) and nationally (quarterly & annually) against similar leisure facilities and services.

The Trust’s Senior Leadership Team (SLT) routinely documents, monitors and evaluates identified business risks through the update of its Risk Register. This “live” document is reviewed annually and readily shared with the Board of Trustees for update and information.

25

EQUALITY & DIVERSITY

Magna Vitae colleagues attend Community Leisure UK Equality, Diversity & Inclusion Special Interest Group quarterly, regular updates are communicated to managers and employees as necessary as well as HR team keeping up to date with legislation changes and sharing knowledge as appropriate.

Equality & Diversity mandatory training takes place with employees. The training is also mandatory for all new trustees as part of the existing trustees ongoing CPD programme.

TRUSTEES’ LIABILITY

Magna Vitae has indemnified the Trustees of Magna Vitae against liability in respect of proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006. 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

We strive to continually improve the quality and value for money of the services we offer in our communities. Future developments will include improving the website, to improve customers’ online joining and booking experiences, and working with our strategic partner East Lindsey District Council to decarbonise our venues.

We are also excited to work with East Lindsey District Council on their development of the new Mablethorpe Leisure & Learning Centre, due to open in July 2024, and the Embassy Theatre Culture House.

A major focus for the coming year will be on staff development and wider community employability scheme developments.

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 basis.

We worked with TenSense during 2022/23 to engage with the workforce via an anonymous quarterly Employee Survey, a continued mechanism of allowing staff to be able to share their thoughts anonymously. The workforce is 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 throughout the past year.

26

TRUSTEES’ RESPONSIBILITIES STATEMENT

The Trustees, who are also the Directors of Magna Vitae for the purpose of company law, are responsible for preparing the Trustees’ Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare accounts for each financial year which give 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 required to:

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 and other irregularities.

DISCLOSURE OF INFORMATION TO AUDITOR

Each of the Trustees has confirmed that:

This report was approved by the Trustees, on 25 July 2024 and signed on their behalf by:

Peter Helps, Chairman of Trustees

27

MAGNA V TAE TRUST FOR LEISURE & CULTURE Wood Lane Louth Lincolnshire LNII 8SA

MAGNA VITAE

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MAGNA VITAE

Opinion

We have audited the financial statements of Magna Vitae (the 'trust') for the year ended 31 March 2024 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 29

MAGNA VITAE

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MAGNA VITAE (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Page 30

MAGNA VITAE

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MAGNA VITAE (CONTINUED)

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) 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 to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the trust’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

Page 31

MAGNA VITAE

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MAGNA VITAE (CONTINUED)

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.

Page 32

MAGNA VITAE

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MAGNA VITAE (CONTINUED)

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Robert Anderson (Senior statutory auditor)

for and on behalf of

Streets Audit LLP

Chartered Accountants & Statutory Auditor Tower House Lucy Tower Street Lincoln LN1 1XW

2 September 2024

Page 33

MAGNA VITAE

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024

Note
Income from:
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
Total income
Expenditure on:
Raising funds
8
Charitable activities
9
Total expenditure carried
forward		 Unrestricted
funds
2024
£
185,981
6,680,179
-
297,780
7,163,940
18,460
6,857,564
6,876,024		 Restricted
funds
2024
£
5,427
746,568
-
-
751,995
-
735,248
735,248		 Continuing
operations
2024
£
189,158
7,264,223
-
297,780
7,751,161
18,460
7,429,326
7,447,786		 Discontinued
operations
2024
£
2,250
162,524
-
-
164,774
-
163,486
163,486		 Total
funds
2024
£
191,408
7,426,747
-
297,780
7,915,935
18,460
7,592,812
7,611,272		 Continuing
operations
2023
£
191,078
6,054,835
1,622
75,294
6,322,829
40,353
6,148,170
6,188,523		 Discontinued
operations
2023
£
2,250
97,752
-
-
100,002
-
135,174
135,174		 Total
funds
2023
£
193,328
6,152,587
1,622
75,294
6,422,831
40,353
6,283,344
6,323,697

Page 34

MAGNA VITAE

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Note
Total expenditure brought
forward
Net income/(expenditure)
before net gains on
investments
Net gains on investments
Net income/(expenditure)
Transfers between funds
22
Net movement in funds
before other recognised
gains/(losses)
Other recognised
gains/(losses):
Actuarial gains on defined
benefit pension schemes
28
Defined benefit pension
scheme asset not recognised
28
Net movement in funds		 Unrestricted
funds
2024
£
6,876,024
287,916
-
287,916
(113,627)
174,289
854,000
(735,000)
293,289		 Restricted
funds
2024
£
735,248
16,747
-
16,747
113,627
130,374
-
-
130,374		 Continuing
operations
2024
£
7,447,786
303,375
-
303,375
-
303,375
854,000
(735,000)
422,375		 Discontinued
operations
2024
£
163,486
1,288
-
1,288
-
1,288
-
-
1,288		 Total
funds
2024
£
7,611,272
304,663
-
304,663
-
304,663
854,000
(735,000)
423,663		 Continuing
operations
2023
£
6,188,523
134,306
100,000
234,306
-
234,306
4,489,000
(3,228,000)
1,495,306		 Discontinued
operations
2023
£
135,174
(35,172)
-
(35,172)
-
(35,172)
-
-
(35,172)		 Total
funds
2023
£
6,323,697
99,134
100,000
199,134
-
199,134
4,489,000
(3,228,000)
1,460,134

Page 35

MAGNA VITAE

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Note
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2024
£
1,755,049
293,289
2,048,338		 Restricted
funds
2024
£
88,433
130,374
218,807		 Continuing
operations
2024
£
1,843,482
422,375
2,265,857		 Discontinued
operations
2024
£
-
1,288
1,288		 Total
funds
2024
£
1,843,482
423,663
2,267,145		 Continuing
operations
2023
£
383,348
1,495,306
1,878,654		 Discontinued
operations
2023
£
-
(35,172)
(35,172)		 Total
funds
2023
£
383,348
1,460,134
1,843,482

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 40 to 72 form part of these financial statements.

Page 36

MAGNA VITAE (A company limited by guarantee) REGISTERED NUMBER: 09078400

BALANCE SHEET AS AT 31 MARCH 2024

Note
Fixed assets
Intangible assets
14
Tangible assets
15
Investments
17
Investment property
16
Current assets
Stocks
18
Debtors
19
Investments
20
Cash at bank and in hand
Creditors: amounts falling due within one
year
21
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Defined benefit pension scheme asset
28
Total net assets		 34,597
350,958
2,357,377
417,609
3,160,541
(1,419,276)		 2024
£
15,900
47,979
1
250,000
313,880
1,741,265
2,055,145
2,055,145
212,000
2,267,145		 25,349
137,173
1,294,520
2,313,140
3,770,182
(2,215,189)		 2023
£
28,994
9,494
1
250,000
288,489
1,554,993
1,843,482
1,843,482
-
1,843,482

Page 37

MAGNA VITAE (A company limited by guarantee) REGISTERED NUMBER: 09078400

BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024

Note
Trust funds
Restricted funds
22
Unrestricted funds
Unrestricted funds excluding pension
reserve
22
Pension reserve
22
Total unrestricted funds
22
Total funds		 1,836,338
212,000		 2024
£
218,807
2,048,338
2,267,145		 1,755,049
-		 2023
£
88,433
1,755,049
1,843,482

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on 25 July 2024 and signed on their behalf by:

P M Helps Chairman of Trustees

The notes on pages 40 to 72 form part of these financial statements.

Page 38

MAGNA VITAE

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

Note
Cash flows from operating activities
Net cash provided by operating activities
25
Cash flows from investing activities
Purchase of intangible assets
Purchase of tangible fixed assets
Interest received
Rental income
Net cash withdrawn from / (placed in) investments
Net cash (used in)/provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
26		 2024
£
(939,320)
-
(40,036)
117,406
29,276
(1,062,857)
(956,211)
(1,895,531)
2,313,140
417,609		 2023
£
1,776,077
(19,875)
(6,830)
32,798
27,874
(20,010)
13,957
1,790,034
523,106
2,313,140

The notes on pages 40 to 72 form part of these financial statements

Page 39

(A company limited by guarantee)

MAGNA VITAE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. General information

Magna Vitae (the Trust) is a limited company by guarantee incorporated in England and Wales and a registered charity. The Trust's registered office is at Meridian Leisure Centre, Wood Lane, Louth, Lincolnshire, LN11 8SA . The Trust's principal activity is the operation of cultural and leisure facilities.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Magna Vitae meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

In March 2024, the Trust signed a deed of surrender relating to the Pavilion, London Road in Louth. Income and expenditure relating to the activity have been separately disclosed as discontinued operations in the financial statements.

2.2 Consolidation

These financial statements represent the figures of the Trust only. Consolidated financial statements have not been prepared on the basis that the subsidiary company is not material to the financial statements.

2.3 Going concern

The Trustees have reviewed its plans and forecasts and remain confident that the Trust will continue to maintain adequate resources to continue in operational existence for the foreseeable future.

The Trustees consider that it is appropriate to prepare the financial statements on the going concern basis.

Page 40

(A company limited by guarantee)

MAGNA VITAE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. Accounting policies (continued)

2.4 Income

All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Trust which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

2.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity.

Direct costs attributable to a single activity are allocated directly to that activity.

Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

Expenditure on raising funds includes all expenditure incurred by the Trust to raise funds for its charitable purposes.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Trust's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.6 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Trust; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

Page 41

(A company limited by guarantee)

MAGNA VITAE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. Accounting policies (continued)

2.7 Intangible assets and amortisation

Intangible assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.

2.8 Tangible fixed assets and depreciation

Tangible fixed assets costing £5,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Plant, machinery and fixtures - 3 - 6 years

2.9 Fixed asset investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

Page 42

MAGNA VITAE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. Accounting policies (continued)

2.10 Investment property

Investment property is initially recognised at cost and is subsequently measured at fair value at the balance sheet date. Revaluation gains or losses are shown in the heading gains / losses on investment property in the statement of financial activities incorporating income and expenditure account.

Investment property contains a balance in respect of cafe equipment which is initially recognised at cost and subsequently measured cost less an accumulated write-down. The write-down is charged so as to allocate the cost of the assets less their residual value over their estimated useful lives on a straight line basis. The estimated useful life of the assets is 2 years.

2.11 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.12 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.13 Current asset investments

Current asset investments represents cash held in accounts where a fixed notice is required by the Trust to access the funds.

2.14 Cash at bank and in hand

Cash at bank and in hand represents cash held in bank current account and deposit account facilities to which the Trust has instant access and cash floats.

2.15 Liabilities

Liabilities and provisions are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Trust anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.16 Financial instruments

The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Page 43

(A company limited by guarantee)

MAGNA VITAE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. Accounting policies (continued)

2.17 Pensions

The Trust operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Trust to the fund in respect of the year.

The Trust operates a defined benefits pension scheme and the pension charge is based on an actuarial valuation dated 31 March 2024.

2.18 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Trust and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Trust for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Trust makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Investment property are recognised at valuation. The carrying amount of the Trust's investment property is reviewed on a regular basis by the Trustees for any conditions that might show that a need for impairment has arisen with regular independent third-party valuations obtained.

The present value of the Local Government Pension Scheme depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost / income for pensions include the discount rate. Any changes in these assumptions, which are disclosed in note 28, will impact the carrying amount of the pension balance. Furthermore a roll forward approach which projects results from the latest full actuarial valuation performed at 31 March 2022 has been used by the actuary in valuing the pensions liability at 31 March 2024. Any differences between the figures derived from the roll forward approach and a full actuarial valuation would impact on the carrying amount of the pension balance.

Page 44

MAGNA VITAE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

4. Income from donations and legacies

Unrestricted
funds
2024
£
Donations
731
Donated Services and Facilities
185,250
185,981
Unrestricted
funds
2023
£
Donations
231
Donated Services and Facilities
185,250
185,481		 Restricted
funds
2024
£
5,427
-
5,427
Restricted
funds
2023
£
7,847
-
7,847		 Total
funds
2024
£
6,158
185,250
191,408
Total
funds
2023
£
8,078
185,250
193,328

Page 45

MAGNA VITAE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

5. Income from charitable activities

Unrestricted
funds
2024
£
Culture
15,000
Health Improvement
18,136
Sports & Leisure
3,060,578
Theatre
1,915,199
Other
1,671,266
6,680,179
Unrestricted
funds
2023
£
Culture
17,913
Health Improvement
(1,760)
Sports & Leisure
2,761,493
Theatre
1,571,653
Other
1,536,863
5,886,162		 Restricted
funds
2024
£
474,786
228,883
7,635
25,264
10,000
746,568
Restricted
funds
2023
£
219,657
-
44,368
400
2,000
266,425		 Total
funds
2024
£
489,786
247,019
3,068,213
1,940,463
1,681,266
7,426,747
Total
funds
2023
£
237,570
(1,760)
2,805,861
1,572,053
1,538,863
6,152,587

Page 46

MAGNA VITAE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

6. Income from other trading activities

Income from fundraising events

Total Total
funds funds
2024 2023
£ £
Cafe Income - 1,622

7. Investment income

Unrestricted
funds
2024
£
Rental Income
29,276
Bank Interest Receivable
111,504
Pension Finance Income
157,000
297,780		 Total
funds
2024
£
29,276
111,504
157,000
297,780		 Total
funds
2023
£
30,126
45,168
-
75,294

Page 47

MAGNA VITAE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

8. Expenditure on raising funds

Costs of raising voluntary income

Unrestricted
funds
2024
£
Wages and Salaries
14,720
National Insurance
1,743
Pension Costs
1,997
18,460		 Total
funds
2024
£
14,720
1,743
1,997
18,460		 Total
funds
2023
£
7,725
852
2,505
11,082

Expenditure for activities for generating funds

Other Costs
Wages and Salaries
National Insurance
Depreciation		 Total
funds
2024
£
-
-
-
-
-		 Total
funds
2023
£
6,984
520
3
21,764
29,271

Page 48

MAGNA VITAE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

9. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2024
£
Culture
138,914
Health Improvement
248,119
Sports & Leisure
4,345,883
Theatre
2,118,044
Other
6,604
6,857,564
Unrestricted
funds
2023
£
Culture
139,654
Health Improvement
261,111
Sports & Leisure
3,658,343
Theatre
1,700,482
Other
-
5,759,590		 Restricted
funds
2024
£
551,237
146,089
2,658
25,264
10,000
735,248
Restricted
funds
2023
£
296,282
1,237
220,835
3,400
2,000
523,754		 Total
2024
£
690,151
394,208
4,348,541
2,143,308
16,604
7,592,812
Total
2023
£
435,936
262,348
3,879,178
1,703,882
2,000
6,283,344

Page 49

MAGNA VITAE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

10. Analysis of expenditure by activities

Culture
Health Improvement
Sports & Leisure
Theatre
Other		 Activities
undertaken
directly
2024
£
593,901
339,231
3,742,086
1,844,399
16,604
6,536,221		 Support
costs
2024
£
96,250
54,977
606,455
298,909
-
1,056,591		 Total
funds
2024
£
690,151
394,208
4,348,541
2,143,308
16,604
7,592,812
Culture
Health Improvement
Sports & Leisure
Theatre
Other		 Activities
undertaken
directly
2023
£
363,075
218,499
3,230,824
1,419,101
2,000
5,233,499		 Support
costs
2023
£
72,861
43,849
648,354
284,781
-
1,049,845		 Total
funds
2023
£
435,936
262,348
3,879,178
1,703,882
2,000
6,283,344

Page 50

(A company limited by guarantee)

MAGNA VITAE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

10. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff Costs
Depreciation and Amortisation
Service Provision Costs
Goods for Resale
Performers and Entertainers
Other Employee Costs
Rent, Rates and Utilities
Repairs, Maintenance and Cleaning
Insurance
Travel Costs
Printing, Postage and Stationery
Advertising and Promotion
IT, Telephone and Internet
Other Costs
Bank Charges
Irrecoverable VAT		 Culture
2024
£
129,398
1,193
217,799
-
68,281
7,966
3,291
925
7,704
69,750
716
16,154
3,394
31,023
177
36,130
593,901		 Health
Improveme
nt
2024
£
235,153
681
33,059
-
240
3,013
12,461
12,840
4,401
11,628
380
7,779
1,489
10,883
-
5,224
339,231		 Sports &
Leisure
2024
£
1,902,636
12,019
86,983
62,505
-
3,242
1,033,423
296,533
48,539
7,819
5,038
22,236
32,742
49,577
16,067
162,727
3,742,086		 Theatre
2024
£
382,942
6,729
66,296
94,635
824,747
171
131,847
33,895
23,923
286
9,027
39,126
38,509
41,580
18,222
132,464
1,844,399

Page 51

MAGNA VITAE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

10. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Staff Costs
Depreciation and Amortisation
Service Provision Costs
Goods for Resale
Performers and Entertainers
Other Employee Costs
Rent, Rates and Utilities
Repairs, Maintenance and Cleaning
Insurance
Travel Costs
Printing, Postage and Stationery
Advertising and Promotion
IT, Telephone and Internet
Other Costs
Bank Charges
Irrecoverable VAT		 Other
2024
£
10,000
-
-
-
-
-
-
-
-
-
-
-
-
832
-
5,772
16,604		 Total
funds
2024
£
2,660,129
20,622
404,137
157,140
893,268
14,392
1,181,022
344,193
84,567
89,483
15,161
85,295
76,134
133,895
34,466
342,317
6,536,221

Page 52

(A company limited by guarantee)

MAGNA VITAE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

10. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Pension Finance Cost
Staff Costs
Depreciation and Amortisation
Service Provision Costs
Goods for Resale
Performers and Entertainers
Other Employee Costs
Rent, Rates and Utilities
Repairs, Maintenance and Cleaning
Insurance
Travel Costs
Printing, Postage and Stationery
Advertising and Promotion
IT, Telephone and Internet
Other Costs
Bank Charges
Irrecoverable VAT		 Culture
2023
£
1,596
117,089
893
77,312
35
53,295
2,995
1,140
417
5,198
37,772
644
18,914
4,364
26,338
1,107
13,966
363,075		 Health
Improvement
2023
£
961
164,921
537
10,558
21
52
3,167
2,343
4,731
3,128
10,297
427
4,701
1,978
8,186
512
1,979
218,499		 Sports &
Leisure
2023
£
14,204
1,702,066
19,826
88,343
64,776
-
28,410
756,446
254,604
46,254
15,475
5,416
29,613
34,092
47,400
21,605
102,294
3,230,824		 Theatre
2023
£
6,239
357,757
10,713
44,368
73,993
533,600
10,588
118,859
19,634
21,787
4,683
5,712
17,524
29,881
38,232
21,882
103,649
1,419,101

Page 53

MAGNA VITAE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

10. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Pension Finance Cost
Staff Costs
Depreciation and Amortisation
Service Provision Costs
Goods for Resale
Performers and Entertainers
Other Employee Costs
Rent, Rates and Utilities
Repairs, Maintenance and Cleaning
Insurance
Travel Costs
Printing, Postage and Stationery
Advertising and Promotion
IT, Telephone and Internet
Other Costs
Bank Charges
Irrecoverable VAT		 Other
2023
£
-
2,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,000		 Total
funds
2023
£
23,000
2,343,833
31,969
220,581
138,825
586,947
45,160
878,788
279,386
76,367
68,227
12,199
70,752
70,315
120,156
45,106
221,888
5,233,499

Page 54

MAGNA VITAE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

10. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff Costs
Other Costs
Support Service Agreements
Governance Costs
Staff Costs
Other Costs
Support Service Agreements
Governance Costs		 Culture
2024
£
46,823
37,032
3,500
8,895
96,250
Culture
2023
£
43,511
19,540
2,431
7,379
72,861		 Health
Improveme
nt
2024
£
26,746
21,152
1,999
5,080
54,977
Health
Improvement
2023
£
26,185
11,760
1,463
4,441
43,849		 Sports &
Leisure
2024
£
295,028
233,331
22,054
56,042
606,455
Sports &
Leisure
2023
£
387,179
173,878
21,636
65,661
648,354		 Theatre
2024
£
145,414
115,002
10,871
27,622
298,909
Theatre
2023
£
170,064
76,373
9,504
28,840
284,781		 Total
funds
2024
£
514,011
406,517
38,424
97,639
1,056,591
Total
funds
2023
£
626,939
281,551
35,034
106,321
1,049,845

A review of the basis of the allocation of non-department specific expenditure was undertaken during the year which resulted in a refinement in the calculation of amounts allocated between direct and support costs.

11. Auditor's remuneration

2024 2023
£ £
Fees payable to the Trust's auditor for the audit of the Trust's annual
accounts 10,500 8,400

Page 55

(A company limited by guarantee)

MAGNA VITAE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

12. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes
Operating costs of defined benefit pension schemes
Movement on other year-end pension accruals		 2024
£
2,819,112
218,849
69,641
160,000
7,563
3,275,165		 2023
£
2,422,498
184,879
38,216
432,000
-
3,077,593

The average number of persons employed by the Trust during the year was as follows:

Culture
Health Improvement
Sports & Leisure
Theatre
Management		 2024
No.
5
21
99
21
14
160		 2023
No.
4
6
103
20
13
146

The average headcount expressed as full-time equivalents was:

Culture
Health Improvement
Sports & Leisure
Theatre
Management		 2024
No.
3
8
66
12
14
103		 2023
No.
3
5
65
12
13
98

Page 56

MAGNA VITAE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

12. Staff costs (continued)

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2024 2023
No. No.
In the band £60,001 - £70,000 3 2
In the band £80,001 - £90,000 2 2

The key management personnel of the Trust comprise the Employee Trustee and the Senior Leadership Team as included in the Trustees Report. The total amount of employee benefits (including national insurance and employer pension contributions) received by key management personnel for their services to the Trust was £450,000 (2023 - £385,750).

13. Trustees' remuneration and expenses

There was no Employee Trustee during the year.

In the previous year, the Employee Trustee received remuneration in the £0k - £5k banding for the period up to their resignation as trustee. Retirement benefits accrued to the Employee Trustee in respect of the defined benefit pension scheme. Remuneration is received in respect of contracts of employment and not in respect of the role of Employee Trustee.

Other Trustees do not receive any remuneration from the Trust.

During the year ended 31 March 2024, expenses totalling £ 978 were reimbursed or paid directly to 2 Trustees (2023 - £411 to 2 Trustees) . Expenses paid to trustees were reimbursed in relation to travel and related costs.

Page 57

MAGNA VITAE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
14.
Intangible assets
Cost
At 1 April 2023
At 31 March 2024
Amortisation
At 1 April 2023
Charge for the year
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Computer
software
£
65,468
65,468
36,474
13,094
49,568
15,900
28,994

Page 58

MAGNA VITAE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
15.
Tangible fixed assets
Cost or valuation
At 1 April 2023
Additions
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023
16.
Investment property
Valuation
At 1 April 2023
At 31 March 2024		 Plant,
machinery
and fixtures
£
265,897
46,014
311,911
256,403
7,529
263,932
47,979
9,494
Cafe
property
£
250,000
250,000

Cafe property was initially recorded at cost. The property has subsequently valued at fair value based on an independent valuation prepared by a suitably qualified third party as at 31 March 2023. The Trustees do not consider there to be any material movement during the financial year.

Page 59

MAGNA VITAE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

17. Fixed asset investments

Cost or valuation
At 1 April 2023
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Investments
in
subsidiary
companies
£
1
1
1
1

Principal subsidiaries

The following was a subsidiary undertaking of the Trust:

Name Company Principal activity Class of Holding
number shares
Magna Vitae Enterprises Limited 11788244 Dormant Ordinary 100%

As the subsidiary company is dormant, it has made neither a profit nor loss for the year ended 31 March 2024. Net assets at 31 March 2024 are £2,022.

The registered office of the subsidiary company is the same as the Trust as disclosed on page 2.

18. Stocks

2024 2023
£ £
Finished goods and goods for resale 34,597 25,349

Page 60

MAGNA VITAE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

19. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 2024
£
44,731
50,893
255,334
350,958		 2023
£
39,041
2,750
95,382
137,173

20. Current asset investments

Cash investments in notice accounts
Creditors: Amounts falling due within one year
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 1 April
Resources deferred during the year
Amounts released from previous periods
Deferred income at 31 March		 2024
£
2,357,377
2024
£
234,258
48,451
22,348
1,114,219
1,419,276
2024
£
1,632,057
735,423
(1,576,298)
791,182		 2023
£
1,294,520
2023
£
177,016
177,125
13,511
1,847,537
2,215,189
2023
£
442,688
1,600,188
(410,819)
1,632,057

21. Creditors: Amounts falling due within one year

Deferred income represents Grants and Other Income Received in Advance, Box Office Ticket Sales in Advance of Shows and Unspent Gift Vouchers.

Page 61

MAGNA VITAE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

22. Statement of funds

Statement of funds - current year

Unrestricted
Funds
Designated
Funds
Cultural and
Wellbeing
Projects
General Funds
Reserves
Pension
Reserve
Total
Unrestricted
Funds
Restricted
Funds
SO Festival
Theatre Grants
and Donations
Cultural / Health
Improvement
Projects
Sports Projects
Other
Total of Funds		 Balance at 1
April 2023
£
50,000
1,705,049
-
1,755,049
18,841
55,918
3,668
10,006
-
88,433
1,843,482		 Income
£
-
7,006,940
157,000
7,163,940
320,796
30,424
383,140
7,635
10,000
751,995
7,915,935		 Expenditure
£
-
(6,812,024)
(64,000)
(6,876,024)
(381,794)
(25,264)
(315,532)
(2,658)
(10,000)
(735,248)
(7,611,272)		 Transfers
in/out
£
-
(113,627)
-
(113,627)
98,100
-
15,527
-
-
113,627
-		 Gains/
(Losses)
£
-
-
119,000
119,000
-
-
-
-
-
-
119,000		 Balance at
31 March
2024
£
50,000
1,786,338
212,000
2,048,338
55,943
61,078
86,803
14,983
-
218,807
2,267,145

Page 62

MAGNA VITAE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

22. Statement of funds (continued)

Unrestricted Funds:

General Funds

General Funds are those funds not designated towards any project in particular and can be used towards any of the Trust's objectives.

At the year-end, the Trustees have designated £50,000 for cultural and wellbeing projects where the operational budgets may be insufficient or for the match-funding of any new projects.

Pension Reserve

The Pension Reserve represents the year-end balance on the Trust's pension scheme.

Any deficit is not an immediately crystallising liability and contributions have and will be made in line with the actuary's recommendations. East Lindsey District Council continues to act as a guarantor.

Material Restricted Funds:

SO Festival

SO Festival represents incoming resources (including specific funding from Arts Council England totalling £320,796) received to put on the annual SO Festival in August / September each year.

Theatre Grants and Donations

Theatre Grants and Donations represents donations received towards the theatre and a grant received from the UK Shared Prosperity Fund.

Cultural / Health Improvement Projects

This includes funding in relation to:

Material Transfers:

Transfers have been recognised for:

Page 63

MAGNA VITAE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

22. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
Funds
Designated
Funds
Cultural and
Wellbeing
Projects
General Funds
Reserves
Pension
Reserve
Total
Unrestricted
Funds
Restricted
Funds
SO Festival
Theatre Grants
and Donations
Cultural / Health
Improvement
Projects
Sports Projects
Other
National Leisure
Recovery Fund
Total of Funds		 Balance at
1 April 2022
£
50,000
1,038,433
(968,000)
120,433
18,841
52,080
5,521
10,006
-
176,467
262,915
383,348		 Income
£
-
6,148,559
-
6,148,559
152,760
7,238
67,906
44,368
2,000
-
274,272
6,422,831		 Expenditure
£
-
(5,506,943)
(293,000)
(5,799,943)
(263,660)
(3,400)
(33,859)
(44,368)
(2,000)
(176,467)
(523,754)
(6,323,697)		 Transfers
in/out
£
-
(75,000)
-
(75,000)
110,900
-
(35,900)
-
-
-
75,000
-		 Gains/
(Losses)
£
-
100,000
1,261,000
1,361,000
-
-
-
-
-
-
-
1,361,000		 Balance at
31 March
2023
£
50,000
1,705,049
-
1,755,049
18,841
55,918
3,668
10,006
-
-
88,433
1,843,482

Page 64

MAGNA VITAE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

23. Summary of funds

Summary of funds - current year

Designated
funds
General funds
Restricted funds		 Balance at 1
April 2023
£
50,000
1,705,049
88,433
1,843,482		 Income
£
-
7,163,940
751,995
7,915,935
Income
£
-
6,148,559
274,272
6,422,831		 Expenditure
£
-
(6,876,024)
(735,248)
(7,611,272)
Expenditure
£
-
(5,799,943)
(523,754)
(6,323,697)		 Transfers
in/out
£
-
(113,627)
113,627
-
Transfers
in/out
£
-
(75,000)
75,000
-		 Gains/
(Losses)
£
-
119,000
-
119,000
Gains/
(Losses)
£
-
1,361,000
-
1,361,000		 Balance at
31 March
2024
£
50,000
1,998,338
218,807
2,267,145
Balance at
31 March
2023
£
50,000
1,705,049
88,433
1,843,482
Summary of funds - prior year
Designated
funds
General funds
Restricted funds		 Balance at
1 April 2022
£
50,000
70,433
262,915
383,348

Page 65

(A company limited by guarantee)

MAGNA VITAE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

24. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted
funds
2024
£
Tangible fixed assets
47,979
Intangible fixed assets
15,900
Fixed asset investments
1
Investment property
250,000
Current assets
2,941,734
Creditors due within one year
(1,419,276)
Provisions for liabilities and charges
212,000
Total
2,048,338
Analysis of net assets between funds - prior period
Unrestricted
funds
2023
£
Tangible fixed assets
9,494
Intangible fixed assets
28,994
Fixed asset investments
1
Investment property
250,000
Current assets
3,681,749
Creditors due within one year
(2,215,189)
Total
1,755,049		 Restricted
funds
2024
£
-
-
-
-
218,807
-
-
218,807
Restricted
funds
2023
£
-
-
-
-
88,433
-
88,433		 Total
funds
2024
£
47,979
15,900
1
250,000
3,160,541
(1,419,276)
212,000
2,267,145
Total
funds
2023
£
9,494
28,994
1
250,000
3,770,182
(2,215,189)
1,843,482

Page 66

MAGNA VITAE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

25. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the period (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Amortisation charges
Write down of other investment assets
Investment income
Increase in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Pension scheme FRS102 actuarial adjustments
Gain on revaluation of investment property
Net cash provided by/(used in) operating activities
26.
Analysis of cash and cash equivalents
Cash at bank and in hand
Total cash and cash equivalents
27.
Analysis of changes in net debt
At 1 April
2023
£
Cash at bank and in hand
2,313,140
Liquid investments
1,294,520		 2024
£
304,663
7,529
13,094
-
(140,780)
(9,248)
(219,687)
(801,891)
(93,000)
-
(939,320)
2024
£
417,609
417,609
Cash flows
£
(1,895,531)
1,062,857		 2023
£
199,134
22,850
9,118
21,764
(75,294)
(913)
85,069
1,321,349
293,000
(100,000)
1,776,077
2023
£
2,313,140
2,313,140
At 31 March
2024
£
417,609
2,357,377

Page 67

(A company limited by guarantee)

MAGNA VITAE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

28. Pension commitments

The Trust operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Trust in an independently administered fund. The pension cost charge represents contributions payable by the Trust to the fund and amounted to £69,595 (2023 - £37,743). Total contributions amounting to £17,842 (2023 - £9,020) were payable to the fund at the balance sheet date which is included in other creditors.

The Trust operates a defined benefit pension scheme.

The Trust's employees belong to the Local Government Pension Scheme (LGPS), which is managed by Lincolnshire County Council. The pension costs are assessed in accordance with the advice of independent qualified actuaries. The LGPS is subject to a triennial valuation.

The LGPS is a funded defined benefit scheme, with assets held in separate trustee-administered funds. Details of the total contributions during the year are given in the analysis below. The latest triennial valuation was undertaken to 31 March 2022 which set the agreed contribution rate for the 3 years commencing 1 April 2023 at 10.0% for the Trust. Employee contributions remain at various levels based on bandings with a maximum of 12.5%.

Principal actuarial assumptions at the Balance sheet date (expressed as weighted averages):

At 31 March At 31 March
2024 2023
% %
Discount Rate 4.95 4.80
Salary Increase Rate 3.90 3.90
Pension Increase Rate 2.90 2.90
At 31 March At 31 March
2024 2023
Years Years
Mortality rates (in years)
- for a male aged 65 now 19.5 19.8
- at 65 for a male aged 45 now 20.8 21.1
- for a female aged 65 now 22.7 22.9
- at 65 for a female aged 45 now 24.1 24.4

Page 68

MAGNA VITAE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

28. Pension commitments (continued)

Sensitivity analysis

At 31 March At 31 March
2024 2023
£ £
Discount rate +0.1% (174,000) (173,000)
Discount rate -0.1% 180,000 179,000
Mortality assumption - 1 year increase 206,000 209,000
Mortality assumption - 1 year decrease (200,000) (203,000)
CPI rate +0.1% 168,000 167,000
CPI rate -0.1% (163,000) (161,000)

The Trust's share of the assets in the scheme was:

Equities
Bonds
Property
Cash / Temporary Investments
Infrastructure
Absolute Return Fund
Total fair value of assets		 At 31 March
2024
£
5,757,000
1,578,000
783,000
292,000
462,000
2,640,000
11,512,000		 At 31 March
2023
£
5,831,000
1,381,000
787,000
333,000
394,000
1,715,000
10,441,000

The actual return on scheme assets was £545,000 (2023 - £(108,000)) .

The amounts recognised in the Statement of financial activities are as follows:

Current service cost
Interest income
Interest cost
Administrative expenses
Total amount recognised in the Statement of financial activities		 2024
£
160,000
(502,000)
345,000
9,000
12,000		 2023
£
432,000
(267,000)
290,000
8,000
463,000

Page 69

MAGNA VITAE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

28. Pension commitments (continued)

Movements in the present value of the defined benefit obligation were as follows:

Opening defined benefit obligation
Current service cost
Interest cost on defined benefit obligation
Contributions by scheme participants
Changes in assumptions
Benefits paid
Closing defined benefit obligation		 2024
£
7,213,000
160,000
345,000
72,000
(309,000)
(144,000)
7,337,000

Movements in the fair value of the Trust's share of scheme assets were as follows:

Opening fair value of scheme assets
Interest income on plan assets
Return on assets less interest and other actuarial gains / (losses)
Contributions by employer
Contributions by scheme participants
Benefits paid
Administration expenses
Closing fair value of scheme assets		 2024
£
10,441,000
502,000
545,000
105,000
72,000
(144,000)
(9,000)
11,512,000

The actuarial report valued a pension scheme surplus of £4,175,000 as set out by the disclosures above. A balance of £212,000 has been recognised based on the asset ceiling report prepared by the actuary.

Page 70

MAGNA VITAE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

29. Operating lease commitments as lessee

At 31 March 2024 the Trust had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 2024
£
70,000
280,000
752,740
1,102,740		 2023
£
70,000
280,000
822,740
1,172,740

The following lease payments have been recognised as an expense in the Statement of financial activities:

2024 2023
£ £
Operating lease rentals 70,000 70,000

30. Operating lease commitments as lessor

At 31 March 2024 the Trust had commitments to receive future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 2024
£
60,500
98,250
-
158,750		 2023
£
27,500
68,750
-
96,250

Incoming resources in the Statement of financial activities includes £29,000 (2023 - £24,132) relating to lease receipts.

31. Members' liability

Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member.

Page 71

(A company limited by guarantee)

MAGNA VITAE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

32. Related party transactions

The following transactions and balances have been undertaken which require disclosure in line with the requirements of the Charities SORP:

Trustees:

A R Lidgard has significant influence and control over Brackenborough Limited. During the year, the company provided hospitality services at a cost of £591 (2023 - £697). There was no balance outstanding at either year-end. A R Lidgard resigned as a trustee on 11 December 2023.

Key Management Personnel:

The spouse of James Brindle runs First Cricket. During the year, the club was invoiced for hire costs of £735 (2023 - £1,801). The balance outstanding at the year-end was £232 (2023 - £302) which is included in trade debtors.

James Brindle is a part owner of Greenwich House School. During the year, the school was invoiced for swimming lessons of £1,546 (2023 - £1,068). There was no balance outstanding at either year-end.

Page 72