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 ho￿5 E3ch otheraccoun1a￿e. We
believe that we are stron8ei toseiher and
lthi togeiltr.we can lead Iheway.
We innovale.we identify Uie need lo
cliange. We roLtbneIyac￿pt cliange and
agree t1￿1 change is necessary: chan8e 15
800d. We do dHnBewell. Olf dynamic
p￿chI5 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
gr￿h mindset. We positively IAend our
olessional and ￿rS￿l sell. We tske
r￿ponSIbfl1ty 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 pU￿oSe8 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 eXperIen￿S 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.
Partne￿h¥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.. u￿CrS 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 servi￿5 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
G￿nt Incgme
6yrn Metnbership
Hire F￿5
other Income
Pooj Admissions
Rental InL￿rne
Show Income
Swimmin
Lessons
Total Income
Ex nditure
epreciation I Itnpairment
Ernploy
Ulililies
Premises
Supplies & SeNi
Transport
Sli
rt SeNi
Total Ex nditure
SU￿lusI-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 acCIden￿lnCldent 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 prO￿dureS 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 SUS￿ptibl1itY 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 Othe￿ISe 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 So￿are
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 bets￿een 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.
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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.
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