Registered number: 09078400 Charity number: 1160156 MAGNA VITAE {A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
MAGNA VITAE (A company limited by guarantee) CONTENTS Page Reference and admlrtlstrative details of the Trust, its Trustees and advisers Trustees, report Independent audltorfs report on the financial statements Statement of financlal actlvltles 2-23 24-28 29-31 Balance sheet 32-33 Statem8nt of cash flows Notes to the financial statements 35-88
MAGNA VITAE (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAtLS OF THE TRUST, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustees C Atwater l R Emmerson OBE P M Helps E Hjelms M Howard S W H Kemp (resigned 21 May 2025) J c stones D Warden R W Watson Cllr R Fry (appointed 21 May 2025) Company Registered Number 09078400 Charlty Reglsterad Number 1160156 Reglstered Offlce Meridian Leisure Centre Wood Lane Louth Lincolnshire LN118SA Executive Directors J Brindle A Richardson Senior Leadership Team J Brindle, Executive DireGtor A Richardson, Executive Director S Topham, Director of Finance J Turner, Director of Business Development N Baker, Director of Operations Independent Auditors streets Audit LLP Chartered Accountants & Statutory Auditor Tower Hous8 Lucy Tower Street Llncoln LN11XW Bankers Barclays Bank plc 1 Churchill Place London E14 5HP Page 1
MAGNA VITAE (A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees (who are also Directors of the Gharity 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 2025. The Trustees confim that the Annual Report and Financial Statements of the Trust have been prepared in accordance with the accounting policies set out in note 1 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 Charllies.- Statement of ReGommended Practice applicable to charities preparing their accoLtnts in accordance with the Financial Reporting Standard applicable in the UK and RepubliG of Ireland (FRS 1021 (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 {Slrategic Report and Directorfs Report) Regulations 2013 is not required. Objectlves 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 Garried 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. Magna Vitae has a strategic partnership with East Lindsey District Council IELDC). Page 2
MAGNA VITAE IA company limited by guarantee) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Ourvision, Mission and Values are encapsulated in Magna Vrtae's DNA: Magna Vitae s D Ourvision is to Improve the wellbeln8 of our communlty, enablln8 people to live great Ilves. Our M155ion is to clearfy demonstrate pro3cifve and Innovative leadershlp. that will generate posilive changes in the area5 of soclal and economic inequality. We are committed to empower Incal people by reachSng out wlth humanity and compassion. Our Values: We are in this together: We embrace change; We are alway5 learning; We celebrate difference. team come5 firsL Everwjne In teani has a voice ary4 a place. We are a Iiuly cohe5Ne unlt that routinety 5how5 tOBelhemess, a poslknve dri, amblti ard ho5 E3ch otheraccoun1ae. We believe that we are stron8ei toseiher and lthi togeiltr.we can lead Iheway. We innovale.we identify Uie need lo cliange. We roLtbneIyacpt cliange and agree t11 change is necessary: chan8e 15 800d. We do dHnBewell. Olf dynamic pchI5 flexible and 3d3PtaAe. We embrace change. We constsnily seek to beconie the be51 version of our5elve5. A team of huffta bein85 th 2 colleciive de5ife to flourish In 3 safe leaming environment. We h4ve a grh mindset. We positively IAend our olessional and rSl sell. We tske rponSIbfl1ty and we do it better time. BdThg the be51 versDn of QLtrselves wlll allow u5 to bEtterthe li of other5, We appreciate that we ate a11 differenL We capit31ise on our cognitive dt¥eisity. We are commiteil lo minimlslng our indNidual blind spots by tspp5ng Into the collectlve inlellL4ence ol Dur team. We seek to rxierstand and Spect each olhels ppr5pective, views and opSnion% thereby maximlslng our creatlve potentsl. Our charltable Objectlves form part of our Articles of Associatlon To provide or assist in the pmvision of both indoor and outdoor facilities in the interesls of social welfare for recreation or otherleisure time occup8tion of individuals who have need of such by reason of their youth, age, infirmity or disability, financi81 hardship or social circumstance or to the public 8t large with th8 object of improving their conditions of lrfe,. and/or To promote communily participation in he81Èhy recrealion818ctivilies,' and/or To provide or assist in the provision of community facilities to be available to all sections of the community wilhout distinction, inGluding use for n7eelings, lectures and classes and/or otherforms of recr8ation and leisure time occupation with the object of improving the conditions of life for all who use the facilibes,- and/or To promote th8 educatlon of the public Éhrough Ihe provision of f8Gilities forperfom7ing arts and/or SuGh othorcharitable pUoSe8 as the Trustees in their absolute discretion n7ay detenTJine. Page 3
MAGNA VITAE (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Our five-year Corporate Strategy 2022-2027 has five main aims: ••••• MAGNA V TAE 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 Counc51 and are.. Embassy Theatre, Skegness has a seating capacity of 1,081 and hosts and promotes over 150 liva shows each year, including a professional two-week Christmas Pantomime, produced by the Magna Vitae in house team. Meridian Leisure Centre, Louth opened in 2010. Has an 8 lane 25m pool plus leisure pool and flume, newly refurbished gym over two floors plus spin studio, sports hall, dance studio, multi-purpose ground floor rooms and café. This is Magna Vitae's flagship leisure centr8. Wood Lane football pitch & Multi-use Games Area, Louth. Horncastle Swimming Pool & Fitness Suite has an indoor 4 lane 25m pool and gym. Skegness Swimming Pool & Fitness Suite has an indoor pool 6 lane 25m pool, attractive seasonal outdoor pool and gym, Station Leisure & Learning Centre, Mablethorpe- A brand-new leisure centre adjacent to the original station Sports Centre venue has been buill and opened in in July 2024 with a 4 lane 25m indoor swimming pool, Fitness Suite, mulli-use sludios and Magna Tag, a digital multi activity attraction. Altitude44 is the UK'S tallest urban ropes course, based in Skegness. In addition to physical venue5, M2gna Vitae supports our communities right across the East Lindsey area and beyond via- Health and wellbeing programmes. High quality axercise on prescription servtces. Sports and physiGal development work. Management of the district's flagship cultural event, the SO Festival, an Arts Council England National Portfolio Organisation (NPO) programme. Page 4
MAGNA VITAE (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achievements and PerfomianGe REVIEW OF ACTIVITIES Magna Vitae began the financial year in a strong position, delivering outstanding service to a growing number of customers and members throughout East Lindsey and surrounding areas. Thls outstanding service continued throughout the year, with impressive quarterly figures highlighting increased engagement with their programmes and facilities. This success is attrlbuted to the hard work, passion, and dedication of all teams across the organisation. The year saw fantastic website and moblle app updates, and soaring success from teams, products, and seNices. A significant highlight was the opening of 2 brand new venues: the Station Leisure & Learning Centre in Mablethorpe, and the completion of redevelopment works at the Embassy Theatre's Culture House. These multi-million-pound investments not only enhanced the leisure and culture seNices offered but also strengthened the wider Magna Vitae Trust. Fitness membership, swimming lesson, and gymnastic participatlon numbers continued to perform strongly. During the year, Magna Vitae recorded 713,899 visits across its diverse actlvlty programmes. Thls achievement demonstrates the hard work and dedication of all Magna Vitae staff members. Across leisure venues, continued momentum was reported, with recent fitness campaigns celebrating real customer stories that deeply resonated and inspired their work. Customer engagement in health and wellbeing activities has seen numbers continue to rise. Community teams have been instrumental in supporting local facilities and businesses through their activities. The Ageless & Agile sessions notably exceeded expectations and won an 'lmpact on Health, award. Participation in 'Aspire to Be, and 'School's Out, programmes also continued to grow. reflecting the energy and passion of the teams. The 'Schools Out, Programme successfully engaged children and families from over 20 different local ¢ommuniti8S Wlth brilliant holiday activities. Looking ahead, Magna Vilae expresses excitement for the future, They are committed to creating spaces and opportunities that make a difference, in collaboration with dedicated staff, supportive partners, and loyal customers. The Board of Trustees and Senior Leadership Team extended thanks for continued support and engagement in their journey to improve lives through culture, leisure, and community. Physical Activlty Opportunitles Participation in fitness memberships, swlmming lessons, and gymnastics remained strong. Total visits across Magna Vitae's diverse activity programmes for the year (April 2024-March 2025) reached 713,899. Quarter 1 {April-June 2024): 162,672 visits. Quarter 2 {July-September 2024): A record-breaking 200.280 visits. Quarter 3 {October-December 20241: 160,465 visits. Quarter 4 {January-March 2025): 190.482 visits. Within Our Venues (as of March 2025): Station Leisure & Learnlng Centre (Mablethorpe): Has 1,564 fitness members and 145 learners in the Walerwise Learn to Swim Programme. Health and fitness memberships here surpassed expectations, with an impressive increase of over 1,000 members compared to the previous Mablethorpe venue. Skegness Pool & Fitness Suite: Hosts 767 fitness members and 342 learners In the Waterwise Learn to Swim Programme. The seasonal outdoor pool also exceeded its general swimming targets during the summer. Page 5
MAGNA VITAE (A company limited by guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Horncastle Pool & Fitness Suite: Has 836 fitness members and 345 children enrolled in the Waterwise Learn to Swim Programme. This is partlGularly impressive as Horncastle is their smallest venue. Meridian Leisure Centre (Louth): Boasts 2,505 fltness members, 989 learners in the Waterwise Learn to Swim Programme, and 281 gymnasts enrolled in the Magna Vitae Gymnastics Programme (exclusive to Louth). Magna Vitae consistently reported a positive Net Promoter Score {NPS)'. Quarter 1: NPS score of 61 (national average 47). Quarter 2: NPS scare of 69 (national average 45). Quarter 3: NPS score of 64 (national average 44). NPS measures customer loyalty based on their likelihood of recommending a business, with a higher score (from -100 to +100) being desirable. Communlty Teams: School's Outl Programme: Coaches delivered holiday activities to support Ioc81 facllities and buslnesses. During the April (Easter) and May Half-T8rm holidays, activities were held for 13 days, angaglng 265 children from over 40 different communities. During the Summer Holidays, the team delivered 39 sessions across 23 days, wlth 583 young people participating at 8 East Lindsey locations. October Half-Term saw 164 partlcipants, and February Half-Term had 165 children, with Spilsby recording the highest attendance, Activities included various sports camps (Football, Netball, Multi-sports, Dance) and trips to the station Leisure & Learning Centre. Partnershlps with Kenwick Park Golf Club, Xsite Skatepark, and Boston United FC provided fun and educational experiences, giving children access to free activities and opportunities to SOCl81ise. Page 6
MAGNA VITAE (A company limited by guarantee} TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 other Activities within the Community: Community ongagement flourished with new targeled sports participation programmes. Introductions included 'Pickleball' and 'Walklng Rugby,. Partnerships with Lincolnshire Cricket Ltd introduced weekly'street Cricket, sessions for teenagers, and the Lords Taverners 'Table Cricket, competition was expanded for individuals with special educational needs (SEN) and physiGal disabilities. Magna Vitaeteamed up with Lincolnshire Coop for'wellbeing Walks, training, revitalising walks in Louth, Horncastle, and Wragby, and introducing a new walk in Binbrook. Fitness and Yoga sessions were delivered in Binbrook and Brookenby, and 'Body Conditioning, and 'Core & Stretch, classes launched in Wragby. This resulted in 352 sessions delivered, 2,954 participants, and 18 new activities. The Hollday Activity and Food Programme (HAF): Quarter 1 saw its gth delivery, reaching 158 participants over 19 days. Quarter 2 expanded to include Station Leisure & Learning Centre, offering over 78 days of delivery wlth 1,556 spaces utilised, incorpor8ting SEND Stay and Play and Teen progrsmmes. Quarter 3 had 376 spaces utilised across 12 delivery days. The programme provides healthy meals and enriching actlvitles during Easter, Summer, and Christmas holTdays. All three venues registered as newfood businesses 8nd achieved a 5-Star Food Safety rating from East Lindsey District Council. The Summer 2023 HAF delivery provided funded activity days and healthy hot meals, and encouraged participation in new activities, with 25% of all places attended by chlldren trying new activities. Health Improvement The Ageless & Aglle programme: Funded by the Mental Health and Wellbeing Community Investment Fund and Shine Llncolnshire, this programme offers sessions in all local venues. It provides a friendly environment for individuals looklng to socialise and stay active, partlcularly those struggling with isolation and loneliness. The programme received £56,250 In funding over three years {2023124.. £25,000,. 2024125.. £18,750,. 2025126: £12,5QO). Activities include nostalgic games, quizzes, seated exercises, and discussions on health awareness topics. It continues to grow, with 87 people attending since April 1st, 2024, exceeding the annual target of 70 set by Shine. In Quarter 4 alone, 20 new beneficiaries joined, bringing the total to 107. The programme is developed around the NHS'S 5 Pillars of Wellbeing, incorporating diverse health and wellbeing topics and inclusive physical activities such as archery, tennis, and bowls. Ageless & AgiSe proudly won the 'lmpact on Health, award at the AGtive Lincolnshire Physical Activity Awards in November. The One You Llncolnshire Exercise on Prescription programme {EOP}'. Continues to benefit residents by providing a personal exerGise plan for thase with medical conditions who would benefit from an aclive lifestyle. In Quarter 1, 204 individuals were assessed. with 230/0 continuing with a Magna Vitae membership after their programme. In Quarter 2, 188 individuals were assessed, with 33°/0 continuing a Magna Vitae membership. In Quarter 3, 166 individuals were assessed, with 29°/o continuing. Quarter 4 saw 204 individuals assessed, exceeding the target of 156. To manage waiting lists, referrals are now only being accepted from Healthcare Professionals. The programme is currently under an Integrated Lifestyle Service tender process. Page 7
MAGNA VITAE {A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Dementia Action Week (May 13th-19th): The community team hosted the'spring Games,, a dementia-friendly sports day at Meridian Leisure Centre. This event featured simple, inclusive games designed by Magna Vitae and was attende(J by various activity groups, local dementia cafes, and children from primary schools. The event was a finalist for the 'Active Event Award, at the Active Lincolnshire Awards. Efforts related to Dementia Friendly Communtties also included maintaining connections with the steering group to improve eXperIenS for those impacted by dementia. Drowning Prevention Week (June 15th-22nd): Magna Vitae participated in this initialive by the Royal Life Saving Society (RLSSI. They created a water safety code video that has been widely spread both locally and natlonally. Headllne Marketlng Campalgns Magna Vitae's latest fitness campaigns celebrated real customer stories that deeply resonated and Inspired their work. "Every Moment Matters" campaign: Launched in September, whlch was their second-largest membership period. This campaign reinforced the value of their offering and focused on positive affirmation, using a video that showcased the lives of four customers facing real-life Ghallenges to inspire others. Annual fitness campaign (November, around Black Friday): Offered reduced annual memberships across their venues. Multi-venue memberships were £360 (down from £3751. Single-venue memberships were £2841down from £2951. This prornotion attracted both new and retuming members. 'Golden Quarter, campalgn- 'No Excuses" Delivered in Quarter 4, designed to challenge people to prioritise thelr health and wellbeing, The campaign highlighted the importance of shrfting mindset for lasting changes. It featured two inspiring Gustomer stories. Caron and Malcolm, as 'No Excuses Ambassadors,. Caron's Story.. At 59, Caron, a secondary school teacher, experienced mini-strokes due to work-related stress. Her second stroke led her to re-evaluate her life and, through Magna Vitse, she transfornied her health and wellbeing. Her story was featured in the"No Excuses" campaign. Malcolm's Story.. Sixteen years ago, Malcolm suffered a severe stroke that impacted his right side. After recovery, he was referred to the Exercise on Prescription programme by his doctor and has remained committed to staying active, a testament to his resilience and passion for exercise. Malcolm's story was also part of the No Excuses campaign. The direct tone of the"No Excuses" campaign resonated powerfully with both audiences and stakeholders. Future campaigns: Include 'Phase 2, of No Excuses (Price Comparisons), the Superhero"Pool Powe campaign, and the re-utilisation of their Drowning Prevention Water Safety Video. Page 8
MAGNA VITAE (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Crealive & Cultural Opportunities The Embassy Theatre: In partnership with The Royal Shakespeare Company (RSC), the theatre held its inaugural °First Encounters. performance of Romeo & Juliet, welcoming children from five local SGhools. It also hosted the RSC'S national celebration of Shakespeare's birthday. In Quarter 2 (July-september 2024), live performances included 'Blood Brothers" and °Jimmy Carr" Auditions for the Annual Pantomime attraGted over 60 local performers. Phase one of the Culture House concept construction project began in early September 2024. This extensive renovation and extension of The Embassy Theatre was scheduled from September 2024 to April 2025. Key works in Quarter4 (Janu8ry-March 2025) included stripping the auditorium, removing sealing, demolishing exterlor walls for new extensions, painting the entire building, installing new interior walls, a new office space, a new fire curtain, and the installation of over 1,000 brand new seats. The venue reopened to the public on April 3rd, 2025. Patronage and Performance Data: Quarter 1: 16,474 patrons, 49 live performances, £4.24 average spend per person. Quarter 2: 22,718 patrons, 46 live performances, £3.59 average spend per person. Quarter 3: 19,851 patrons, 49 live performances. Quarter 4: The theatre was closed for renovations. The Annual Pantomime, Dick Whittington, performed in Quarter 3 to an audience of 8,362 patrons. Audience donations in Quarter 3 enabled 140 students & young carers to enjoy the perfomance. SO Festlval 2024 (June 14th-16th): Despite challenging weather, the festival was a great SUGGess. The full programme for Skegness dates was Inoved indoors to The Embassy Theatre, and the Mablethorpe programme was tailored to the wealher, with activities in Queen's Park Car Park, along The Promenade, and in Beach Huts. The festival featured seven UK premiers and performances from local, UK-wide, and European artists. Visitors had opportunities for aerial acrobatics workshops, custom-written poems, and contributing to street art. The SO 'Talks' programme, featuring national and international speakers. is an increasingly important part of the Festival. Overall, the Festival featured 17 performances and presentations from artists across five countries, engaging 45 individuals, and included three talks from industry specialists with a total of 100 attendees. SO Festlval Team Initiatives: The Festival supported three companies touring to consortium partners (Newark. Sleaford, Gainsborough) and four communtty-based projects. Ten Festival Assistants were employed, iiicluding local freelancers, University of Lincoln students, and Magna Vitae staff. The team is collaborating with Passage Festival in Denmark to bring innovative artists to the SO Page g
MAGNA VITAE (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Festival weekend in June 2025. In November, the SO Festival team hosted their first Creative Careers Week event at The Embassy Theatre, attended by over 60 participants from local schools and creative freelancers aged 16-25, providing nehmorking and collaboration opportunities. The Community Programming Team contributes to shortlisting artists for the festival programme. In February 2025, a new Linkedln account and group were created for Llncolnshlre Creatlves, growing to 869 active members in the group and almost 140 followers on the account. The first Creative Meetup of the year was hosted in March as part of Newark Ignite. Magna Vitae has been developing its first Outdoor Arts Development Scheme to support Lincolnshire artists engaged in outdoor arts, appointing 3 Supported Artists. The SO Festival team attended the Outdoor Arts UK Conference, engaging with national partners and discussing sector challenges. Cultural Collaboratlons, Hlghlights & Awards Cultural Collaborations: Magna Vitae has been asked to 'Chalr' the Natlonal Coastal Cultural Network ICCN>, a legacy project from the 'Opera far All, programme, aiming to develop an advocacy platform and potentially access additional Arts Council England funds. Through international cultural relationships and funding collaboration, local young people participated in the FITS (Fostival International de Teatru de la Sibiu) Volunteer Programme In Romanla. In Quarter 4, Magna Vitae supported three more individuals in the International People's College {IPCl cultural exchange programme in Denmark, a three-month learning experience focused on personal development and cultural exploralion. One participant, Louise, a swim teacher, shared it was a great experience These programmes are shaping a more connected, confident, and skilled Community, Magna Vitae's Executive Director, James Brlndlej joined Community Lelsure UK'S Board as their new Cultural Dlrector. He emphasizes that cultural consumption improves health and wellbeing, with the power to alleviate pain, frailty, depression, and medication dependence, highlighting the sector's crucial role in developing cultural health programmes. Page 10
MAGNA VITAE {A company limited by guarantee) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Highlights & Awards: Magna Vitae significantly lowered its Carbon Footprint by 40 Tonnes of C02e annually, equivalent to 40 transatlantic flights. Magna Vitae had several nominated finalists for the Active Lincolnshire Awards.. Their Ageless & Agile programme W88 nominated for the 'lmpact on Health Award,. Their Spring Games- Dementia Friendly Sports Day was a finalist for the 'Active Event Award,. In November 2024, Ageless & Agile won the 'lmpact on Health, award. Ruby Fox, a young coach, received the 'Actlve Achievement Award, for her contributions to the Magna Vitae Gymnastics Programme. Nik Fox from the Sport & Development team was a finalist for the 'Outstanding SeNice to Sport & Physical Activity Award, for enhancing golf opportunities. Llndsay Linder, a swimming teacher, was a finalist for the'Active Youth Champion Award, for inspiring young people in swimming. Debbie Prince, a long-standing member, was a finalist for the 'Unsung Hero Award, for encouraging physical activity. Magna Vitae Gymnastics was nominated as a finalist for British Gymnastics 'OFFICIAL DELIVERY PARTNER VENUE OF THE YEAR, for their commitment to providing highquality, inclusive, and enjoyable gymnastics. The Merldian Lelsure Centre team achieved 'EXCELLENT' In its most recent Quest audst, marking the first time a Magna Vitae venue achieved a full excellent banding. Meridian Leisure Centre also received "The TacklTng Inequalitles in Leisure" Standard. At the East Lindsey Community Ambassador Awards 2024, Magna Vitae sponsored the Youth Champion Award, which Summer Willetts won. Magna Vitae was shortlisted for the "People Above Profit" category at the inaugural Community Leisure UK Seriously Social Awards 2024, reGognising the inspiring journey of Paul. Addltlonallty & Impact Magna Vitae's long-term partnership with East Lindsey District Council {ELDC) delivers significant 'additional' impact through targeted intetventions meeting resident needs. This 'additionality' is achieved through: Development of collabor8tive partnerships 8nd n8bNorks. Fundraising that leverages external investment into the district from diverse funders. Financlal Impact Summary: Servlce Fee {24125): £1.74m, including 8dditional contract delivery for SO Festival, Sport & Physical Activity, and Inland Conurbations. Partneh¥p5. Engaged in loGal, national, and international partnerships and Gollaborations. Funding Investment: Secured £2.31m of additional funding from 11 different funders to deliver health and wellbeing programmes for communities. {This £2.3m includes all live revenue projects & capital funding secured over the last 12 months). Page11
MAGNA VITAE (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Confirmed Funder & Amount (Examples).. SO Festival NPO (Arts Council England).. £962,000 (Nov 2022) Ageless & Agile (Shine).. £56.250 (April 2023) Aspire to be.. {Theddlethorpe GDF): £230,000 {Sept 20231 Exercise Referral {OneYou): £25,552 (July 2023) Holiday Activity & Food (HAF) Programme {LCCI'. £84,000 (Dec 2024) International People's College (IPC) (UK Shared Prosperity Fund).. £109,436 (Sepl 2023) Swimming Pool Support Fund (Sport England).. £591,173 (March 2024) Spilsby Recreation Ground & Pavilion {UKSPF Grassroots).. £24,000 (May 2024) Spilsby Recreation Ground & Pavilion (Football Foundation).. £214,000 (June 2Q24) Wolds Community Activity Group (Brookenby Community Land Trust LTD): £7,500 (April 20241 Multiply Grant ILCC).. £6,000 (Nov 2024) Moving Communities Total Soclal Value: The total social value generated by participants over the last 12 months is £4,164,263. PhysiGal & Mental Health.. £981,791 Subjective Wellbeing.. £2,163,866 Individual Development.. £30,246 Social & Community Development.. £988,327 The Social Value Calculator (SVC) measures and values the impacts of sport & physical activity using evidence-based academic research funded by Digital, Culture, Media & Sport and Sport England. Programmes Overvl8w.' Ageless & Agile.. Provides weekly sessions in Louth, Mablethorpe, Skegness, and Horncastle for older adults to maintain fitness and find new hobbies, including walking routes, sporting memories, walking cricket, seated exercises, and social "cuppa and a chat" sessions. Asplre to Be.. A skill-building programme designed to improve access to skills-based leaming and enhance employability. Exercise Referral,. Provides funding for personalized exercise plans for residents with medical conditions who would benefit from a more active lifestyle, benefiting 600 residents annually. Holiday Activities and Food Programme (HAF): Government-funded initiative offering active opportunities, socialisation, food education, and a free meal at each session for children aged 5-16 years during school holidays. SO Festival.. An accessible, annual outdoor arts festival designated as part of Arts Council England's national portfolio. bringing international quality culture to Mablethorpe, Skegness, and surrounding communities. International Peoples College.. Offers personal growth and skill development through Danish Folk High School education, focusing on achieving lrfe goals and enhancing personal and profe88ion81 development. Swimming Pool Support Fund: Investment to help Meiidian Leisure Centre implement sustainable energy-efficient infrastructure, reducing operational costs and carbon emissions. Page 12
MAGNA VITAE (A company limited by guarantee) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Spilsby Recreation Ground & Pavilion.. The Football Foundation has awarded £214,000 towards a Playzone, which is due for installation and completion in November. Wolds Communlty Activity Group (WCAG): Utilises funding for outdoor gym equipment in Binbrook and Brookenby, and to purchase table tennis tables. Multlply Grant.. Alms to create opportunities for adults to develop numeracy skills, improving their employment prospects and life chances. Aspir8 to Be & Work Placements The A5plre to Be programme Gontinues to motivate, support, and train individuals, improving their physical and mental wellbeing to prepare them for the wider workforce. This is a two-year project funded by Theddlethorpe GDF Community Partnership with £230,000, focusing on Mablethorpe and surrounding villages. Magna Vitae's HR Team engaged wilh Secondary and Higher Education providers across East Lindsey, offering career advice, mock inteNiews, and employment skills workshops to young people. Key outcomes of Aspire to Be.. 68 Individuals engaged in the programme. 63 individuals attended a training course (online orface-to-face). 27 individuals galned employment. 27 indivlduals are now worklng full-timelpart-tirnelzero-hour contracts at the Mablethorpe leisure centre, having accessed qualifications in customer service and transferable skills. 10 indivlduals completed their National Pool Lifeguard Qualificatlon or are booked on an upcoming course. 9 Individuals have their Level 1 swim teacher qualificatlon or are booked onto a course. 1 individual has taken their Level 2 Fitness Qualification (with others planned for 2025126). I Indivldual completed their Aquacise course. 2 individuals completed their Level 2 Food Safety. 7 Individuals completed their Emergency Flrst Aid and are booked on Mental Health awareness training in April 2025. Work Placements & Skllls D8velopment'. 19 work placements were successfully dellvered across teams and venues overthe past year. Participants included students from Lincoln College, Somercotes Academy, Louth King Edward Vl Grammar School, Louth Academy, Queen Elizabeth Grammar School in Alford. Linkage. and St Bernard's SEND School in Louth. These placements offer students valuable hands-on experience, allowing them to experience a real working environment, engage with colleagues and customers, and gain practical insight. Notably, 7 students who conipleted these placements have since qualified as Lifeguards and secured employment that fits around their ongoing studies, demonstrating the positive and lasting impact of the programme. Page 13
MAGNA VITAE (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Digital Analytlcs Summary Magna Vitae continues to see consistent increases In digital engagement. Website Performance {magnavltae.org, sofestival.org, embassytheatre.co.uk, altitude44.co.ukl'. Total number of page views: 1,564,101. Total number of unique users.. 304,282. Average length of time on a page.. 2 mlnutes 5 seconds. Magna Vltae Moblle App: 11,062 downloads in the last 12 months. Currently has 36,258 total users. Social Media Channels {Facebook, Instagram, XITwltter)'. Continues to generate strong engagement. Total followers (across all related accounts including Leisure Venues, Corporate, Community, Altitude44, EmbassyTheatre & SO Festival).. 60,272. Total engagement.. 25,797. Total reach.. 1,144,958. SO Festival's New Social Medla Channels.. Dramatic growth in followers and interaction on SO Festival's social media accounts. A new Linkedln account and group for Lincolnshlre Creatives were created in February 2025, as an alternative to X (formerly Twitter) for reaching stakeholders and arts professionals. The Linkedln group is managed by SO Festival and partners to increase usage and following, aiming to be a useful community for all Lincolnshire-based arts organisations 8nd professionals. The group has 869 actlve members. The Linkedln account (@magn&vitae-culturel has almost 140 followers. Testlmonials Magna Vilae is proud of the consistently positive feedback received throughout the year. Here are some ex8mples: HornGastle Pool & Fitness Suite.. Users praised "good local facilities, easy access to booking via the app," and very friendll, staff who resolved issues. Staff were described as 'Yriendly, kind, making users comfortable,, and the facility as "disabled friendll, and 'non-judgmenlal" Station Leisure & Learning Centre: Customers noted its positive impact an the community as "a very good meeting place It was described as "clean, so Glean. Modern with great f8cilities especially for those with disabilities. A varied programme including the pool. The Gafe is lovely- but the main thing is all the staff...are so frtendly and welcoming" Skcgncss Pool & Fltnoss Sultc.. uCrS cnJoy tho gym and swimming, highlighting "very helpful and friendll, staff and lifeguards. One user commended a lifeguard for handling a situation with 'incredible professionalism" A new resident expressed delight at finding a nearby swimming pool. Page 14
MAGNA VITAE (A cornpany limited by guarantee) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Meridlan Leisure Centre: Staff are described as'super friendly and the environment as really welcoming with great faGilities" Users appreciate having a local swimming pool and regular attendees praised staff as "very friendly and helpful,, leading to an excellent" overall experience. Embassy Theatre: Patrons "love coming to see the shows." noting the staff are always helpful and friendlw,. A grandparent commented that'lhe grandchildren loved it, Great Grandad loved it, we all loved it and thought it was brilliant,, appreciating the opportunity for young students from local dance schools. School's Out Programme: Half-term sports camps were called brilliant with "lots of different activities" and 'Yriendly and welcoming" staff, with children thoroughly enjoytng it. Good News Stories Caron's Story.. A 59-year-old seGondary school teacher, Caron experienced bNO mini-strokes due to work-related stress. After her second stroke, she re-evaluated her life and, through working with Magna Vitae, has transformed her health and wellbeing. Her storywas featured in the No Excuses" campaign. Malcolm's Story.. Sixteen years ago, Malcolm suffered a severe stroke. Afler his recovery, he was referred to the Exercise on Prescription programme by his doctor and has remained committed to staying active ever since, embodying resilience and a passion for exercise. Malcolm's story was also part of the No Excuses campaign. Ron & Jane.. This couple trains at Magna Vitaa's Louth venue and support each other in their individual frtness goals, making exercise an integral part of their lifestyle. Katie & Toni: These two found the new Station Leisure & Learning Centre in Mablethorpe to be the perfect place to stay active, motivated, and connecled. They highlight the non-judgmental environment and shared positive experiences. choosing activities that Improve their overall physical and mental wellbeing. OVERVIEW INCORPORATING KEY FINANCIAL PERFORMANCE INDICATORS Full details of our financial performance during the year ended 31 March 2025 are shown in the financial statements and supporting notes. The table below shows the headline income and expenditure for 2024125 compared to 2023124- excluding pension and donated servi5 adjustment. Page 15
MAGNA VITAE (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 31 March 25 31 hlarch 24 Income Service Fee (ELDC} & Charges Gnt Incgme 6yrn Metnbership Hire F5 other Income Pooj Admissions Rental InLrne Show Income Swimmin Lessons Total Income Ex nditure epreciation I Itnpairment Ernploy Ulililies Premises Supplies & SeNi Transport Sli rt SeNi Total Ex nditure SUlusI-Der1clt 1,766.714 477.845 478.602 1.697.629 250.075 438.471 482.747 71.691 1,36U.751 69456B 7719 093 1,660,769 468,450 729,452 1.316.482 265.897 475,240 418,829 61,434 1,469,883 7 573 685 -109,576 4,800,380 -837.699 -277.324 -2,606.623 -3B.424 43.355 -77fj3 381 5.712 -20,623 -3,286,789 ~922,958 -288,645 -2,761,945 42,638 -7 362 022 211,663 Income Income levels increased on the previous year relation to gym memberships and pool admlssions. Show income and swimming lessons saw a reduction. Expenditure Expenditure of £7.7m was incurred during the year, an increase of 4.80/0 on the prior year. The main area of increase was staffing costs (+15 % ), offset by a decrease in utilities and other supplies costs. The surplus for the year was £6k against an original deficit budget of £316k and was ach5eved due to higher Income and lower utilities and other supplies. Page 16
MAGNA VITAE (A company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Reserves The current allocation of reseNes is as follows.. 31 MaTch 2025 31 March 2024 Income Fund& (T88triGted) Income Funds tunre8tricted Includlng deslgnated} PenBion ReB8fve8 (8urplusl-defic¢() Total R88erves 255,036 1,805,822 218,807 1.836,33 212,000 2.267.145 2,Q60.858 The trustees note the POSTtive total reserves posltion of £2,060,858 at 31 March 2025. This has reduced slnce last year due to the pension reserves position reducing from £212,000 asset to NIL. The actuarial report of the local government scheme pension, prepared at 31 March 2025 showed a pension asset of £5.959m, however the balance has not been recognised on the basis that 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. Speciffc conslder8tion has been given to the impact of inflationary cost pressures, particularly in relation to stafflng (employers Nl and National Living Wage) and energy costs, which remain elevated, and the opening of new venue in July 2024 Station Leisure & Learning Centre. Trustees have agreed a budget with a small surplus in 2025126. KEY CHALLENGES On 30 Sept8mber 2024. East Lindsey Distrlct Council gave notice that it was partially t&rminatlng its contract with Magn8 Vitae on a "no fault. basis, in order to carry out a procurement exercise for leisure seNices across the South East Lincolnshire Councils Partnership area (East Lindsey, Boston and South Holland). The partial termination relates to leisure seNioes and the contract will terminate on 30 September 2027 (a 36 month notice period). Magn8 Vitae has taken part in the leisure procurement exercise but at the time of signing these accounts, it is not known if we have been successful in our bid to contiiiue operating the East Lindsey based venues. We agreed a five-year business plan (2022-20271 with East Lindsey District Council including an ongoing seNice fee level, whiGh also include5 Community Commissioning work to further support our local community. This is in line with our Corporate Strategy referenced elsewhere in the report and therefore until 2027 our service fee income is confirmed. Page 17
MAGNA VITAE (A company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 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 £1,805,822,. however, £341,628 is tied up in Magna Vitae's fixed assets and £50,000 is designated for Cultural Projects. Therefore, current available or free reseNes stand at £1,414,194. This reserves figure is higher than our ReseNes Policy which is to hold at least £1 m in unrestricted or free reserves. Trustees have agreed to hold Ihese reserves at 31 March 2025 until a clear position is known regarding Magna Vitae's future business direction - specifically in relation to the termination of the leisure aspect of our contract with East Lindsey District Council. The general reseNes policy will be further reviewed during the coming year to ensure charity reserves are appropriately held and applied to our charitable objects. PRINCIPAL FUNDING The prffincipal income and funding streams for Magna Vitae were as follows., SeNice 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.. Security Liquidity Rate of return Accessibility Investments are restricted to UK Government investments UK Banks and Building Societies Investments are permitted in the following instruments: Time deposits and deposit accounts wilh banks in accordance with the above criteria. Treasury Bills of 1 rnonth, 3 month or 8-month duration. Common Deposit Funds and Money Market Funds A maximum of £750,000 is to be placed with any one banklinstitution excluding day to day working capttal accounts. Any figure above this arnount requires the agreement of the Finance Sub-Group. At 31 March 2025, a balance higher than £750,000 was held with Barclays Corporate and this was approved by the Finance Sub- Group. This policy is reviewed by th@ Finance SLrb-Group and signed off by the Board of Trustees. In 2024125 the income from bank interest receivable amounted to £118,140. Page 18
MAGNA VITAE (A company limited by guarantee) T.RUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 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 seNices, comprising of sports facilities, arts activities and events, sports development and events, health improvement programmes and 8 theatre on 1st January 2015. The Trust was establlshed under a Memorandum of Association which est8blished the objectives and powers of the organisation and is governed under its Articles of Association. Magn8 Vitae operates, for an agreed service fee, certain culture, arts, recreational and sports activitles on behalf of East Lindsey District Council, which leases to Magna Vilae buildings and other assets. The assets are provided at no charge to Magna Vitae on a 25-year leasellicence, which commenced on 1st January 201J Wlth the exception of Station Leisure & Learning Centre in Mablethorpe. A new lease for this site was entered into in June 2024 and is co-terminus with the other venue leases. Magna Vitae is 8 company limited by guarantee and does not have share capital. METHOD OF APPOINTMENT OF ELECTION OF TRUSTEES As a limited company Magna Vilae is governed by its members. There are 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 ¢omposition Gonsisting 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. There was no change in the local authority trustees during the period of account, however on 21 May 2025, Cllr Sam Kemp resigned and Cllr RiGhard Fry was appointed. The Community Trustees are selecte(S following a rlgorous trustee recruitment process. A Community Trustee will be requlred to retire by rotation whereby one third of the Community Trustees shall be required to retire each year bul will be ellgible for reappointment. The Community Trustees required to retlre will be those who have been longest in office or in the event of the Community Trustees seNing 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. During the year (July 2024), Peter Helps, lan Emmerson and Jonathan Stones 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 activitie5. POUCIES 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 indiwdual Trustees. PAY POLICY FOR SENIOR STAFF Senior Leadership Team salaries are set strictly by the Board of Tnjstees. These are reviewed annually as part of the budget setting process, generally in January or April of each year. They were last reviewed in April 2025. Trustees do not receive a salary but are entitled to claim expenses for attending meetings or speGific events. Page 19
MAGNA VITAE (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 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 2025. A summsry of transactions with related parties sre set OLrt in note 31 in the financlal ststements. RISK MANAGEMENT The Board of Trustees has overall responslbility for establishing and maintaining the whole system of internal control and reviewing its effectiveness. The Trustees recognlse that no system of internal control can provide absolute 8S5urance against material misstatement or loss or eliminate all rtsk of failure to achleve the organisatlon's objectives. The system of internal control is designed to manage key risks and to provlde reasonable assurance thst 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 govemance. Key elements of the control framework and the system for reviewing the effectiveness of the sy6tem of internal control are as follows.. 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 Subgroup 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 and Approval Magna Vitae reviews new projects including identifying risks and controls. This combined wtth the budget process, which reviews risks and controls in 8XiSting processes, generates a comprehensive review of risk8. Internal Audlt The Board together with the Senior Leadership Team reviews the major risks and assesses the effectiveness of Gontrols 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 strategiclbusiness 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 review meetings. Reports are then considered and approved by the Trustees. Where objectives are not being mel, 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 perfomance, forecasting, budgeting busiiiess planniiig, audit I'eports and associated poliGigs aiid pi'uLeduieb. Tlie sub-yioup whiLh consists of Community Trustees, the Executive Directors and the Director of Finance has Terms of Reference and reports regularlyto the Board of Trustees. Page 20
MAGNA VITAE (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 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, wsiting MV sites and other Servi 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 striGt, annually planned, H&S and quality assurancelmanagement (QUEST) auditing regime. The H&S performance statistics included in this report are based on the last calendar year -January to December 2024. In part, the data is routinely compared with past perfomiance & general comparative data taken from the previous calendar year, 2023. The annual Magna Vitae°STITCH of the Nation" results compare very positively against the national benGhmark data made available for 2023. Nb.. Magna Vitae sites & service areas welcomed a total of 738,390 visits in 2024 compared to 728,348 in the previous twelve (12) months. The Magna Vitae 2024 accident to usage ratio was 0.04 % compared to the national average of 0.100A. 76 % of Magna Vitae accidents were uncontrollable in 2024 compared againsl a national average of 720/0. The total number of accidents recorded in 2024 = 281, compared to 164 in 2023. Representing an increase of 711 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 reduced from the previous year, but accidents significantly increased and shows a rise in the 'accidents to visits, ratio. 2024- 738,390 visits - 281 Accidents - 0.0400/0. 2023- 728,348 visits = 164 Accidents - 0.020 %. 2022- 723,155 visits = 93 Accidenls= 0.012 %. 2021- 246,855 visits - 51 Accidents - 0.020 %. 2019- 922.704 visits = 162 Accidents- 0.017010 Although acknowledging an increase, the data supplied above confirms that Magna Vitae's H&S performance is still better th8n the national 8verage. As w811 as directly employing competently qualified and experienced senior managers, Magna Vitae's commitment to Health and Safety establishes a posrtive 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 2024, {Magna Vitae) continued, for the tenth consecutive year, to invest and work in conjunction with Right Directions Ltd. This is a nationally renowned leisure industry consultancy. specializing in health & safety, quality assurance and environmental management supporL Magna Vitae continues to annually invest approximately £13,500 in this servi. Right Directions Ltd provide Magna Vitae with expert advice {industry relevant updates) and support {includes access to 2417 telephone advice support) to further develop, maintain & review the Magna Ifitae 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 acCIdenlnCldent monitoring management & control system, and the Staffmis operational H&S monitoring system, now more commonly known as 'MagNet'. MagNet is NOW ulilised across the whole organisation for a variety of functions. These include., Communication methods including compliance-based acknowledgement and sign off. H&S training via Right Directions. NPLQ Training - The management of fault reporting and repairs. H&S libraries for important documents such as our H&S manual and HR policies and procedures. Page 21
MAGNA VITAE (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The continued, current level of investment made in these resources reflects the organization'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 I MV Working Group} as Magna Vitae's main funding partner and landlord of the East Lindsey leisure venues presently operatedlmanaged by Magna Vitae. Magna Vitae's health and safety performance data is routinely Gollated, monttored 8nd analysed via the STITCH accident, Incident and near miss reporting system. This data is also routinely provided to the 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 setvices. 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. EQUALITY & DIVERSITY Magna Vitae colleagues attend Community Leisure UK Equality, Diversity & Inclusion Special Interest Group quarterly, regular updates are Gommunicated lo managers and employees as necessary as well as HR team keeping up to date with legislation changes and sharing knowledge as appropriate. TRUSTEES, LIABILITY Magna Vitae has indemnified the Trustees of Magna Vita8 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 contlnually improve the quality and value for money of the services we offer in our communities. Future developments will focus on the outcome of the leisure procurement exercise referenced above with digital development a key priority - and the further development of the Culture House at Embassy Theatre Skegness. EMPLOYEE INVOLVEMENT We are committed to providing our employees with information about our activities, consulting wtth 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 infomiation, and we hold team briefing and SOGial sessions to update staff on strategy and other major developments on a regular basis. STAFF, VOLUNTEERS AND TRUSTEES Finally, I would likc to thanlc the staff, Voluntee and Trustces of Magna Vltae for ihoir undlmlnl?hlng Gommitment, resolve and hard work throughout the past year. Page 22
MAGNA VITAE (A company limited by guarantee) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 DJiARCH 2025 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 GenerallyAccepted Accounting PraGtice). Company law r8quires the Trustees to prepare accounts for each financial year which give 8 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: Select suitable accounting policies and then apply them conslstently., Observe the methods and principles in the Charities SORP., Make judgements and estimates that are reasonable and prudent., and Prepare the accounts on the going concern basis unless it 15 inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any tlme the financial position of the charity and enable them to ensure that the accounts comply with the Companles 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 confimed that: So far as that Trustee is aware, there is no relevant audit Information of which the charitable company's auditor is unaware, and That Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable company's auditor is aware of that information. Approved by order of the members of the board of Trustees on 24 July 2025 and sign8d on their behalf by,. /0• P M Helps Chaimian of Trustees Page 23
MAGNA VITAE (A company limlted by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MAGNA VITAE Opinion We have audited the financial statements of Magna Vitae (the 'trust'l for the year ended 31 March 2025 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.. give a true and fair view af the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expanditure for the year then ended., have been properly prepared in accordance wlth United Kingdom Generally Accepted Accounting Practice., and have been pr8pared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI (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 elhicai 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. Concluslons relating to golng concern In auditing the financial statements, we hav8 conclud8d th8t 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 8 period of al least twelve months from when the financial statements are 8Uthorised for issue. Our responsibilities and the responsibilities of the Trustees wth respect to going concern are described in the relevant sedions of this report. Page 24
MAGNA VITAE (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MAGNA VITAE (CONTINUED) other infomiation The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report Ihereon. The Trustees are responsible for the other informatlon 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 detemiine 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. Oplnlon on other matters prescribed by th8 Companies Act 2006 In our opinion, based on the woth undertaken in the course of the audit: the infomiation given in the Trustees, report for the financial year for which the financial statements are prepared is consistent Imth the financial statements. the Trustees, report has been prepared in accordance with applicable legal requirements. Matters on whiGh we are requlred to report by exceptlon In the light of our knowledge and understanding of the charitable company and its environment obtsined 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 m8tters in relation to which Comp8nies Act 2006 requires us to report to you if, in our opinion.. adequate aGGounling records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the aGGounting records and returns- or certain disclosures of Trustees, remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit., or the Trustees were not entitled to prepare the financial statements in accordance with the small companie5 regime and take advantage of the small companies, exemptions in preparing the Trustees, report and from the requirement to prepare a Strategic report. Page 25
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 8ssessing the charitable company's abillty 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 alternatlve but to do so. AuditoVs responslbllltles for the audlt of the flnancial statem8nts 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 wtth ISAS {UKI will always detect a material misstatement when il 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, lo detect material misstatements in respect of irregularities, including fraud. The extent to which our prOdureS 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 with18ws and regulations, was as follows. the engagement Partner ensured that the engsgement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations., we identified the laws and regulations applicable to the trust through discussions with directors and other management, and from our commercial knowledge and experience of the trust and sector in which it operates,. we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the trust, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation., we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence,. and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the SUSptibl1itY of the trust's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as to where they considered there was susceptibility to fraud. their knowledqe of actual, suspected and alleqed fraud- and Gonsidering the intemal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. Page 26
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: performed analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions., reviewed a sample of grants and other income streams in the year to ensure accurate recognition., agreed a sample of employees on the trust payroll to existence and agreed the accuracy of their pay., assessed and reviewed the appropriateness and effectiveness of the key systems and controls., assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias,. and investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-Gompliance with laws and regulations. we designed procedures which included, but were not limited to: agreeing financial statement disclosures to underlying supporting documentation; reading the minutes of meetings of those charged with govemance; enquiring of management 8S to actu81 and potential litigation and claims,. 8nd reviewing any correspondence with HMRC, re18vant regulators and the trust's legal advisors, 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-¢omplian¢e 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 financlal statements is located on the Financial Reporting Council's website at.. ww.frc.or -uklauditorsres onsibililies. This description foms part of our Auditor's report. Page 27
MAGNA VITAE (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEIIIBERS OF MAGNA VITAE (CONTINUED) Use of our report This report is made solely to the charitable company's members, as a body, in accardance 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 Audlt LLP Chartered Accountants & Statutory Auditor Tower House Lucy Tower Street Lincoln LN11XW Date- O.311112112.5 Page 28
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MAGNA VITAE (A company limited by guarantee) REGISTERED NUMBER: 09078400 BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Nots Flxed assets Intangible assets Tangible assets Investments Investment property 13 14 16 15 56,903 104.724 15,900 47,979 180,000 250,000 341,628 313,880 Current assets Stocks Debtors Investments Cash at bank and in hand 17 18 19 32,569 231,090 2,464,138 509,589 34,597 350,958 2,357,377 417,609 3,237,386 3, 160,541 Creditors- amounts falling due wtthin one year 20 (1,518,156) (1,419,276) Net current assets 1,719.230 1, 741,265 Total assets less current Ilablllties 2,060,858 2, 055, 145 Net assets excluding penslon asset Defined benefit pension scheme asset 2,060,858 2, 055, 145 212,000 27 Total net assets 2,060,858 2,267, 145 Charity funds Restricted funds Unrestricted funds Unrestricted funds excluding pension asset I 21 255,036 218,807 21 21 1.805,822 1,836,338 212,000 Pension reserve Total unrestricted funds 21 1,805,822 2, 048,338 Total funds 2,060,858 2,267, 145 Page 32
MAGNA VITAE (A company limited by guarantee) REGISTERED NUMBER: 09078400 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The Trustees acknowledge their responsibilities for complying with the requiraments of the Act wfth 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 24 July 2025 and signed on their behalf by: M Helps (Chair of Trustees) The notes on pages 35 to 86 form part of these financial statements. Page 33
MAGNA VITAE (A company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Note Cash flows from operating actlvities Net cash provided by operating adrvities 24 186,119 (939,320) Cash flovrfs from Investlng activities Purchase of intanglble assets Purch8se of tangible fixed assets Interest received Rental income Net cash withdrawn from l (placed in) investments (56,687) {88,8311 (40,036) 18,140 117,406 40,000 29,276 (106,761) (1,062,857) Net cash used In Investlng actlvitles (94,139) (956,211) Change in cash and cash equivalents In the year Cash and cash equivalents at the beginning of the year 91,980 (1, 895,531) 2,313, 140 417,609 Cash and cash equivalents at the end of the year 25 509,589 417,609 The notes on pages 35 to 66 form part of these financial statements Page 34
MAGNA VITAE {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 General infomation 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, LN118SA . The Trust's principal activity is the operation of cultural and leisure facilities. Accountlng policies 2.1 Basls of preparation of flnancial statements The financial statements have been prepared in accordan 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 1021, 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 liabillties are initially recognised at historical cost or transairtion value unless OtheISe 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 lo the financial statements. 2.3 Going concern The Trustees have reviewed its plans and foreGasts 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 tt Is 8ppropriate to prepare the financlal statements on the going concern basis. Page 35
MAGNA VITAE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policles (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 recelvable and to the extent the goods have been provided or on completion of the setvice. 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,. 8 corresponding amount is than recognised in expenditure in the period of receipt. 2.5 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it 15 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 8PPOrtioned between those activities on a basis consistenl with the use of resources. Expenditure on raising funds includes all expenditure incurred by the Trust to raise funds for its charitable purposes. ExpenditLJre on Gharitable activities is incurred on directly undertaking the activities whiGh further the Trust's objeGtive5, as well as any associatad 8UPPOrt 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 36
MAGNA VITAE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (continued) 2.7 Intangible assets and amortisation Intangible assets are capitalised and recognised when future economic benefrts are probable and Ihe cost or value of the asset Gan be measured reliably. Intangible assets are initially recognised at cost. After recognition, under the cost model, intanglble assets are measured at cost less any accumulated amortisation and any 8c¢umulated impairment losses. AmortlS8tion 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 lffe. Computer Soare 5-6yaars 2.8 Tangible flxed assets and depreclatlon 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. Th8 estimated useful lives range as follows: Plant, machlnery and fixtures 3-6years 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 whiGh case it is measured at Cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl{Losses) on investments, in the Statement of finanGial activities. Investments in subsidiaries are valued at cost less provision for impairment. Page 37
MAGNA VITAE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (continued) 2.10 Inv8Stment 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 I losses on investment property in the statement of financial activities incorporating income and expenditure account. Investment property contains an amount relating to café equipment. This equipment is initially recognised at cost and subsequently measured at cost less accumulated depreciation. Depreciation is charged on a straight-line basis over the estimated useful life of the assets, which is years, taking into account any residual value. 2.11 Stocks stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving slocks. 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 Curront 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 and provisions Liabilities are reGognised 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 provido. 2.16 Financial instruments The Trust only has financial assets and financial liabilities of a kind that qualify as basiG financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently mca4f urod at thoir Éetll8ment valu8. Page 38
MAGNAVITAE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (continued) 2.17 Pensions Th8 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 oper8tes a defined benefits pension scheme and the pension charge is based on an acluarial valuation dated 31 March 2024. 2.18 Fund accounting General funds are unrestricted funds which are av8ilable for use at the discretion of the Trustees in furtherance of the general objectives of the Twst 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. 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 accountlng 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 8S5umptions 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 l income for pensions include the discount rate. Any changes in these assumptions, which are disclosed in note 27, 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 2025. Any differences betseen the f5gures derived from the roll fomard approach and a full actuarial valuation would imp8Gt on the carrying amount of the pension balance. Page 39
MAGNA VITAE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from donations and legacies Unrestrlcted Restricted funds funds 2025 2025 Total funds 2025 Donations Don8ted S8Nices and Facilities 1,043 183,000 5,000 6,043 183,000 184,043 5,000 189,043 Unrestrict8d funds 2024 Restricted funds 2024 Total funds 2024 Donations Donated Services and Facilities 731 185,250 5,427 6, 158 185,250 185,981 5,427 191,408 Page 40
MAGNA VITAE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from Gharitable activities Unrestr6Cted Restrlcted funds funds 2025 2025 Total funds 2025 Culture Health Improvement Sports & Leisure Theatre other 5,770 371,067 118,501 8,350 376,837 118,501 3,494,358 1,818,608 1,766,714 3,486,008 1,818,608 1,766,714 7,077,100 497,918 7,575,018 Unr8slricted funds 2024 Restricted funds 2024 Total funds 2024 Culture Health Improvement Sports & Leisure Theatre other 15,000 18,136 3,060, 578 1,915, 199 1,671,266 474, 786 228,883 7, 635 25, 264 10,000 489, 786 247,Ot9 3,068,213 1,940,463 1,681,266 6,680, 179 746, 568 7,426,747 Investment income Unrestricted funds 2025 Total funds 2025 Tot81 funds 2024 Rental Income Bank Interest Receivable Pension Finance Income 20,000 118,140 198,000 20.000 118,140 q98,000 29,276 111,504 157,000 336,140 336,140 297, 780 Page 41
MAGNA VITAE (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Expendlture on raising funds Costs of raising voluntary income Unrestricted funds 2025 Total funds 2025 Total funds 2024 Wages and Salaries National Insurance Pension Costs 13,903 1,549 1,725 13,903 1,549 1.725 14, 720 1, 743 1,997 17,177 17,177 18,460 Page 42
MAGNAVITAE {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure on charitable activities Summary by fund type Unrestricted Restricted funds funds 2025 2025 Total 2025 Culture Health Improvement Sports & Leisure Theatre other 27,420 232,444 4,977,422 1,994.707 9,185 419,707 183,926 7,500 447,127 416,370 4,984,922 1,994,707 9,185 7,241,178 611,133 7,852,311 Unrestricled funds 2024 Restricted funds 2024 Totsl 2024 Culture Health Improvement Sports & Leisure Theatre Other 138,914 248, 119 4,345,883 2, 118,044 6, 604 551,237 146,089 2.658 25,264 10,000 690, 151 394,208 4,348,541 2, 143,308 16,604 6,857,564 735,248 7,592,812 Page 43
MAGNA VITAE (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure by activitles Activltles undertaken directly 2025 Support costs 2025 Total funds 2025 Culture Health Improvement Sports & Lelsure Theatre Other 399,061 370,356 4,251,460 1,766,148 7,558 48,086 46,014 733,462 228,559 1,627 447,127 416,370 4.984,922 1,994,707 9,185 6,794,583 1,057,728 7,852,311 Activities undertaken directly 2024 Support costs 2024 Tot81 funds 2024 Culture Health Improvement Sports & Leisure Theatre other 593,901 339.231 3, 742,086 1,844,399 16,604 96, 250 54,977 606,455 298,909 690, 151 394, 208 4.348,541 2, 143,308 16,604 6,536,221 1,056, 591 7, 592,812 Page 44
MAGNA VITAE (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure by activities (continued) Analysis of direct costs Health Culture Improvement 2025 2025 Sports & Leisure 2025 Theatre 2025 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 126,922 683 97,469 249,012 582 27,047 2,331,651 38,918 145,221 58,426 382,747 10,474 59,518 84,185 760,374 130 135,805 33,066 23,754 481 5,884 33,294 33,538 47,534 18,720 136,644 58,604 18,123 1,789 2,653 4,433 49,697 19,149 22,883 13,444 1,424 11,766 5,525 1,020,564 259,841 60,476 13,591 837 34,668 28,961 69,261 24,187 159,453 20,484 1,063 34,890 284 5,576 551 13,524 (16,067) 5,398 399,061 370,356 4,251,460 1.766,148 Page 45
MAGNA VITAE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure by activities (continued) Analysis of direct costs (continued) Total funds 2025 Other 2025 Staff Costs Depreciation and AmortlS8tion 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 3,090.232 50,657 329,255 142,611 818,978 40,927 1,181,041 309,004 90,087 75,535 6,755 94,022 64,113 166,778 43,171 291,417 1,569 5,989 7,558 6,794,583 Page 46
MAGNA VITAE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure by activlties (continued) AnalysTS of direct costs {continued) Health Culturo Improvament 2024 2024 Sports & Leisur8 2024 Theatre 2024 staff Costs Depreciation and Amortisatlon 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 129,398 1, 193 217,799 235, 153 681 33,059 1,902, 636 12,019 86,983 62,505 382,942 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 68,281 7, 966 3,291 925 7, 704 69, 750 716 16, 154 3,394 31,023 177 36, 130 240 3,013 12,461 12,840 4,401 11.628 380 7, 779 1,489 10,883 3,242 1,033,423 296, 533 48,539 7.819 5,038 22,238 32, 742 49,577 16,067 162,727 5, 224 593,901 339,231 3, 742,086 1,844,399 Page 47
MAGNA VITAE (A company limited by guardntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of èxpenditure by activities (continued) Analysis of direct costs (continued) Total funds 2024 Other 2024 Staff Costs Depreciation and Amortisation SeNice Provision Costs Goods for Resal8 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 10,000 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 34,466 342,317 832 5, 772 16,604 6,536,221 Page 48
MAGNAVITAE (A Gompany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure by activities (continued) Analysis of support costs Health Improveme nt 2025 Sports & Leisure 2025 Culture 2025 Theatre 2025 Staff Costs Other Costs 38,493 9,573 32,801 13,213 395,094 338,368 157,796 70,763 48,066 46.014 733,462 228,559 Total funds 2025 other 2025 staff costs Exp type 3 Exptype 12 624,1 84 1,627 431,917 1,627 1,627 1,057,728 He81th Culture Impmv8m8nt 2024 2024 Sports & Leisura 2024 Theatre 2024 staff Costs other Costs Support SeNice Agreements Governance Costs 46.823 37,032 3,5( 8. 895 26, 746 21, 152 t,999 5,080 295,028 233,331 22.054 56,042 145,414 115.002 10,871 27,622 96,250 54,977 606,455 298,909 A review of the basis of the allocation of non-department specific expenditure was undertaken during the prror year which resulted in a refinement in the calculation of amounts allocated between direct and support costs. Page 49
MAGNA VITAE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure by activities {cont(nued) Analysis of support costs (continued) Total funds 2024 Other 2024 staff costs Exp type 12 Exp type 14 Governance costs 514,011 406,517 38, 424 97,639 1,056,591 10. Audltor's remuneration 2025 2024 Fees payable to the Trust's auditor for the audit of the Trust's annual accounts 11,000 10,500 11. Staff costs 2025 2024 Wages and salaries SoGial security costs Contribution to defined contribution pension schemes Operating costs of defined benefit pension schemes Movement on other year-end pension accruals 3,248,905 242,332 232,793 149,000 2,819, 112 218,849 77,204 160, 000 7,563 3,873,030 3,282, 728 Wages and salaries above include a total of £11.063 (2024- £nil) relating to redundancy payments during the year to 2 employees (2024- no employees). Page 50
MAGNA VITAE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1 l. Staff costs {continued) The average number of persons employed by the Trust during the year was as follows.. 2025 2024 No. Culture Health Improvement Sports & Leisure Theatre Management 16 121 22 21 99 21 14 179 160 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: 2025 2024 In the band £60,001- £70,000 In the band £80,001- £90,000 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) reGeived by key management personnel for their services to the Trust was £435,101 (2024 - £450,071J. 12. Trustees. remuneratlon and expenses There was no employee trustees during the year or in the previous ye8r. During the year ended 31 March 2025. expenses tot811ing £2,029 were reimbursed or paid directly to 2 Trustees (2024 - £978 to 2 Trustees). Expenses paid to trustees were reimbursed in relation to travel and related costs. Page 51
MAGNA VITAE (A company limlted by guardntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13. Intangible assets Computer software Cost At 1 April 2024 Additions 65,468 56,687 At 31 March 2025 122,155 Amortlsation At 1 April 2024 Charge forthe year 49,568 15,684 At 31 March 2025 65.252 Net book valuo At 31 March 2025 56,903 At 31 March 2024 15,900 Page 52
MAGNAVITAE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14. Tangible fixed assets Plant, machinery and fixtures Cost or valuatlon At 1 April 2024 Additions 311,911 88,831 At 31 March 2025 400,742 Depreciation At 1 April 2024 Charge for the year 263,932 32,086 At 31 March 2025 296,018 Net book value At 31 March 2025 104,724 At 31 March 2024 47,979 15. Investment property Cafe property Valuation At 1 April 2024 Revaluation 250,000 (70,000) At 31 March 2025 180,000 Cafe property was initially recorded at cost. The property has subsequently valued at fair value based on an independent valuation prepared by Sanderson Weatherall a suitably qualified third party as at 31 March 2025 on an open market existing use basis. Page 53
MAGNA VITAE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Fixed asset Investments Investments in subsidiary companies Cost or valuatlon At 1 April 2024 At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024 Principal subsidiaries The following was a subsidiary undertaking of the Trust.. Name Company number Prlnclpal actlvlty Class of shares Holdlng Magna Vitse Enterprlses Limited 11788244 Dormant Ordinary As the subsidiary company is dormant, it has made neither a profit nor loss for the year ended 31 March 2025. Net assets at 31 March 2025 are £2,022. The registered office of the subsidiary company is the same as the Trust Ss disclosed on page 1. 17. Stocks 2025 2024 Finished goods and goods for resale 32,569 34,597 Page 54
MAGNA VITAE {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 18. Debtors 2025 2024 Due wlthin one year Trade debtors other debtors Prepayments and accrued income 46,808 44,890 139,392 44,731 50,893 255,334 231,090 350, 958 19. Current asset Inv8Stments 2025 2024 Cash investments in notice accounts 2,464,138 2,357,377 20. Creditors: Amounts falllng due wlthin one year 2025 2024 Trade creditors other taxation and social security Other creditors Accruals and deferred income 232,171 53,607 273 1,232,105 234,258 48,451 22,348 1,114,219 1.518,156 1,419,276 2025 2024 Deferred income at 1 April Resources deferred during the year Amounts released from previous periods 791,182 1, 632,057 967,788 735,423 (791,182) (1,576,298) Deferred income at 31 March 967,788 791, 182 Deferred income represents grants and other income received in advance, box office ticket sales in advance of shows and unspent gift vouchers. Page 55
MAGNA VITAE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 21. Statement of funds Statement of funds - current year Balance at 31 March 2025 Balance at 1 April 2024 Transfers Inlout Gain81 (Losses) Incom8 Expendlture Unrestrict8d Funds Deslgnated Funds Cultural and Wellbeing Projects 50,000 50,000 General Fund5 Reserves Pension ReseNe 1,786,338 7,399,283 (7.224,662) {135,1371 (70,000) 1,755,822 212,000 198,000 (43,0001 (367,000) Total Unrestricted Funds 2,048,338 7.597,283 (7.267,662) (135,137) {437,0001 1,805,822 Restricted Funds SO Festival Theatr& Grants and Donations Cultur81 l Health Improvement Projects Sports Projects other 55,943 337.817 {354,6641 85,500 124,596 61,078 5,000 66,078 86,803 14,983 52,601 (239,6621 50,389 17521 50,131 14,231 7,500 {7,500) 218,807 502,918 {601,826) 135,137 255,036 Total of Funds 2,267,145 8,100,201 {7,869,4881 (437,000) 2,060,858 Page 56
MAGNA VITAE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 21. Statement of funds (Continued) Unrestrlcted 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 operalional budgets may be insufficient or for the match-funding of any new projects. Penslon Reserve The Pension Reserve represents the year-end balance on the Trust's pension scheme. Any deficlt is not an immediately crystallising liabiltty and contributions have and will be m8de 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 June each year. Theatre Grants and Donation5 Theatre Grants and Donations represents donations received towards the theatre. Cultural l Health Im rovement Pro ects This includes funding in relation to: People Power Partnership- funding from EU Cultural Fund and North East Lincolnshire Council. International People's College - funding received to provide local people the opportunity to travel to Denmark lo study. Employability Programme- funding from Nuclear Waste SeNlces (totalling £150,000 to date) Holiday Activities and Food (HAF) Programme- funding from Llncolnshire County Council and Platfom Housing (tot811ing £81,001). Material Transfers: Transfers have been recognised for.. SO Festival - the allocation of Service Fee match funding received from unrestricted funds and other cultural income received and allocated towards the running costs of the festival. Cultural l Health Improvement Projects - unrestricted funding to cover the shortfall of running the People Power Partnership project in the year. Page 57
MAGNA VITAE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 21. Statement of funds (continued) statement of funds - prioy year Balance 81 31 March 2024 Balance at 1 Apnl 2023 Transfars in/oul Gains/ (Losses) IncomG Exp8nditur8 Unrestricted Funds Designated Funds Cultur81 and Wellbeing Projects 50,000 50,000 General Funds Reserves Pension Reserve 1, 705,049 7,006, 940 (6, 812, 024) (113,627) 1, 786,338 157,000 (64,000) 119,000 212,000 Total Unrestricted Funds 1, 755,049 7, 163,940 (6,876,024) (113,627) 119,000 2, 048,338 Restricted Funds SO Festival Theatre Grants and Donations Cultural l Health Improvement Projects Sports Projects Other 18,841 320, 796 (381, 794) 98, 100 55,943 55,918 30,424 (25,264) 61,078 3, 668 10,006 383, 140 7. 635 10,000 (315, 532) (2, 658) (10,000) 15,527 86,803 14,983 88,433 751,995 (735,248) 113,627 218,807 Total of Funds 1,843,482 7,915,935 (7,611,272) 119,000 2,267, 145 Page 58
MAGNA VITAE (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 22. Summary offunds Summary of funds- current year Balance at 31 March 2025 Balance at 1 April 2024 Transfers Inlout Galnsl (Losses) Income Expenditure Designated funds General funds Restricted funds 50,000 1,998,338 218,807 50,000 (437,000) 1,755,822 255,036 7,597.283 {7,267,662) (135,1371 502,918 (601,826) 135,137 2,267,145 8.100,201 (7,869,488) {437,000) 2.060,858 Surnmary of fund5 - prioryear Balance al 31 March 2024 Balance at 1 Apnl 2023 Transfers in/out Gainsl (Losses) Income Expenditure Designated funds General funds Restricted funds 50, 000 1, 705,049 88,433 50,000 1,998,338 218,807 7, 163,940 (6,876,024) (113,627) 751, 995 (735,248) 113.627 119,000 1, 843,482 7,915,935 {7,611,272) 119,000 2,267, 145 Page 59
MAGNA VITAE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 23. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted Restricted funds funds 2025 2025 Total funds 2025 Tangible fixed assets Intangible fixed assets Fixed asset investments Investment property Current assets Creditors due within one year 104,724 58.903 104.724 56,903 180,000 2,982,350 (1,518,156) 180.000 3,237,386 (1,518,156} 255,038 Total 1,805,822 255,036 2,060,858 Analysls of net assets between funds - prior year Unr8Stricl8d funds 2024 RGStrict8d funds 2024 Total funds 2024 Tangib18 fixed assets Intsngible fixed assets Fixed asset Investments Investment propety Current assets Creditors due withln one year Provisions for liabilities and charges 47,979 15,900 47,979 15,900 250,000 2,941, 734 (1,419,276) 212,000 250,000 3, 160,541 (1, 419,276) 212,000 218,807 Total 2,048,338 218,807 2,267, 145 Page 60
MAGNA VITAE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 24. Reconciliation of net movement in funds to net cash flow from operating actlvities 2025 2024 Net income for the year {as per Statement of Financial Activities) 160,713 304, 663 Adjustments for: Depreciation charges Amortisation charges Investment income Decreasel(increas8) in stocks Decre8sel{increase) in debtors Increasel(decrease) in creditors Pension scheme FRS102 actuarial adjustments Lossl{Gain) on revaluation of investrnent propety 32,086 7.529 15,684 13,094 {158,140) (140,780) 2.028 (9,248) 119,868 (2t9,687) 98,880 (801, 891) {155,000) (93,000) 70,000 Net cash provided byl{used Inl operating actlvities 186,119 (939,320) 25. Analysls of cash and cash equivalents 2025 2024 C8sh at bank and in hand 509,589 417,609 Total cash and cash equivalents 509,589 417,609 26. Analysis of changes in net debt At l April 2024 Cash flows At 31 March 2025 Cash at bank and in hand Liquid investments 417,609 2,357,377 91,980 06.761 509,589 2,464,138 Page 61
MAGNA VITAE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 27. 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 £106,000 (2024 £69,595). Total contributions amounting to £Nil (2024- £17,842) were payable to the fund at the balance sheet date which is included in other creditors, The Trust operates a defined benefrt 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 adviGe of independent qualified aGtuaries. The LGPS is subject to a triennial valuation. The LGPS Is a funded defined benefrt 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 al 10.OOh for the Trust. Employee contributions rem8in at various levels based on bandings with a maximum of 12.50/0. Principal actuarial assumptions at the Balance sheet date (expressed as weighted averages): At 31 March AÈ 31 March 2025 2024 Discount Rate Salary Increase Rate Pension Increase Rate 5.95 3.85 2.85 4.95 3.90 2.90 At 31 March At 31 March 2025 2024 Years Ye8rs Mortality rates (in years) - for a male aged 65 now - at 65 for a male aged 45 now - for a female aged 65 now - at 65 for a female aged 45 now 19.5 20.8 22.7 24.1 t9.5 20.8 22.7 24.1 Page 62
MAGNA VITAE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 27. Pension commltments (Gontinued) Sensitivity analysls At 31 March At 31 March 2025 2024 Discount rate +0.1 % Discount rate-0.1 / Mortalty assumption- 1 year increase Mortality assumption- 1 year decrease CPI rate +0.10/0 CPI rate -0.10 {131,000) (174,000) 135,000 IBO,000 148,000 206, 000 {145,000) (200,000) 127,000 168,000 (123,000) (163, 000) The Trust's share of the assets in the scheme was: At 31 March At 31 March 2025 2024 Equities Bonds Property Cash l Temporary Investments Infrastructure Absolute Retum Fund 5,687,000 1,742,000 850,000 414,000 556,000 2,768,000 5, 757,000 1,578,000 783, 000 292,000 462,000 2, 640, 000 Total falr valu8 of assets 12,017,000 11,512,000 The actual return on scheme assets was £-122,000 (2024 - £545,000). The amounts recognised in the Statement of financial activities are as follows- 2025 2024 Current serwce cost Interest income Interest cost Administrative expenses Interest on impact of asset Gelling 149,000 160,000 (571.000) (502,000) 362,000 345,000 11,000 9, 000 4 96,000 Total amount recognised In the Statement of finanGial activities 147.000 12,000 Page 63
MAGNA VITAE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 27. Pension commltments (continued) Movements in the present value of the defined benefit obligation were as follows: 2025 Opening defined benefit obligation Current service cost Interest cost on defined benefit obligation Contributions by scheme partiClP2nts Changes in assumptions Benefits paid 7,337,000 149,000 362,000 76,000 (1,751,0001 (115,000) Closlng deflned benefit obllgation 6,058,000 Movements in the fair value of the Trust's share of scheme assets were as follows., 2025 Opening fair value of scheme assets Interest income on plan assets Retum on assets less interest and other actuarial gains l {losses) Contributions by employer Contributions by scheme participants Benefits paid Administration expenses 11,512,000 560,000 (122,000) 106,000 76,000 (115,000) Closlng falr value of scheme assets 12,017,000 The actuarial report valued a pension scheme surplus of £5,959,000 as set out by the disclosures above. A balance of £Nil has been recognised based on the asset ceiling report prepared by the actuary. Page 64
MAGNA VITAE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 3q MARCH 2025 28. Operating lease commitments as lessee At 31 March 2025 the Trust had commitments to make future minimum lease payments under non- cancellable operating leases as follows: 2025 2024 Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 70,000 105.000 70,000 280,000 752, 740 175,000 1, 102, 740 The following lease payments have been recognised as an expense in the Statement of financial activities: 2025 2024 Operating lease rentals 80,898 70.000 29. Operating lease commitments as lessor At 31 March 2025 the Trust had commitments to receive future minlmum lease payments under non- cancellable operating leases as follows: 2025 2024 Not later than 1 year Later than 1 year and not later than 5 years Laterthan 5 years 71,250 121,875 27,500 68, 750 193,125 96,250 Incoming resources in the Statement of financial activities includes £29,000 (2024 - £29,000) relating to lease receipts. 30. Members. liability Each member of the charitable company undertakes to contrtbute to the assets of the company in the event of it being wound up while helshe is a member, or within one year after helshe Geases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before helshe ceases to be a member. Page 65
MAGNA VITAE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 31. Related party transactions The following transactions and balances have been undertaken which require disclosure in line with the requirements of the Charities SORP: Trustees: P M Helps has significant influence and control over Community Leisure UK. During the year. the charity provided Leisure and culture services at a cost of £2,100 {2024 £Nil). There was no balance outstanding at either year-end. Key Management Personnel: The ex spouse of James Brindle runs First Cricket, Durlng th8 year, the club was invoiced for hire costs of £606 (2024 £735). The balance outstanding at the year-end was £135 (2024 - £232) which Is included in trade debtors, James 8rindle is a part owner of GreenwSch House School during part of the year. During the year, the school was invoiced for swimming lessons of £1,953 (2024 - £1,546). The balance outstanding al the year-end was £1,26312024- £Nil) which is included in trade debtors. Page 66