2021-03-31-accounts - Merthyr Tydfil Leisure Trust Limited

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		Page
Chairman's statement
Trustees' report		2-11
Statement oftrustees'	responsibilities	12
Independent auditor's	report	13-16
Statement offinancial	activities	17
Balance sheet		18-19
Statement ofcash flows		20
Notes to the financial	statements	21-40

				Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
				funds	funds		funds	funds
		Notes		2021 f	2021 f	2021 f	2020 f	2020f	2020f
IttggmfL(f9m:
Donations and legacies			3	2,767		2,767	2,373	31,815	34,188
Charitable activities			4	3,302,994	1,027,697	4,330,691	4,171,928	28,638	4,200,566
Investments			5	381		381	882		882
Total income				3,306,142	1,027,697	4,333,839	4,175,183	60,453	4,235,636
~Edit
Charitable activities			6	2,918,819	952,727	3,871,546	4,805,756	67,062	4,872,818
Net incomingl
(outgoing) resources
before transfers				387,323	74,970	462,293	(630,573)	(6,609)	(637,182)
Gross transfers
between funds				(18,524)	18,524
Net incomel(expenditure)
for the yearl
Net incoming/(outgoing)
resources				368,799	93,494	462,293	(630,573)	(6,609)	(637,182)
Other recognised		gains	and	losses
Actuarial loss on
defined benefit pension
schemes				(1,183,000)		(1,183,000)	(671,000)		(671,000)
Net movement	in funds			(814,201)	93,494	(720,707)	(1,301,573)	(6,609)	(1,308,182)
Fund balances at 1
April 2020				(3,049,101)	268,869	(2,780,232)	(1,747,528)	275,478	(1,472,050)
Fund balances	at	31
March 2021				(3,863,302)	362,363	(3,500,939)	(3,049,101)	268,869	(2,780,232)

			2021	2020
		Notes	6	6
Fixed assets
Tangible assets		10	271,866	296,759
Current assets
Stocks		11	33,545	32,675
Debtors		12	348,138	220,409
Cash at bank and in	hand		821,557	136,264
			1,203,240	389,348
Creditors: amounts	falling due within
one year		13	(596,982)	(620,339)
Net current assets/(liabilities)			606,258	(230,991)
Total assets less current liabilities			878,124	65,768
Creditors: amounts	falling due after
more than one year		15	(14,063)
Provisions for liabilities			(4,365,000)	(2,846,000)
Net liabilities			(3,500,939)	(2,780,232)
Income funds
Restricted funds		19	362,363	268,869
Unrestricted funds
General unrestricted	funds		501,698	(203,101)
Pension reserve			(4,365,000)	(2,846,000)
			(3,863,302)	(3,049,101)
			(3,500,939)	(2,780,232)

				2021		2020
			Notes	6		6
Cash flows from operating	activities
Cash generated from operations			23		676,252		18,723
Investing activities
Purchase oftangible fixed assets				(5,403)		(298,634)
Investment income received				381		882
Net cash used in investing	activities				(5,022)		(297,752)
Financing activities
Repayment of borrowings				14,063
Net cash generated from/(used		in)
financing activities					14,063
Net increase/(decrease) in	cash	and cash
equivalents					685,293		(279,029)
Cash and cash equivalents	at beginning		ofyear		136,264		415,293
Cash and cash equivalents	stend of		year		821,557		136,264

			Unrestricted	Unrestricted Restricted	Total
			funds	funds funds
			2021 6	2020f 2020 5	2020 6
Donations	and gifts		2,767	2,373 31,815	34,188
Charitable		activities
				2021	2020
				6
Merthyr Tydfil Leisure Centre				565,425	1,082,958
Aberlan Leisure Centre				239,036	183,037
Libraries				221,930	10,537
Management		fees		2,424,353	2,424,287
Museum s				148,324	60,031
Redhouse				517,118	289,638
Other activities				214,505	150,078
				4,330,691	4,200,566
Analysis by		fund
Unrestricted		funds		3,302,994	4,171,928
Restricted	funds			1,027,697	28,638
				4,330,691	4,200,566

		Unrestricted	Unrestricted
		funds	funds
		2021	2020
		6	f
Interest	receivable	381	882

		2021	2020
		8
Merthyr Tydfil Leisure	Centre	1,031,754	1,711,497
Aberfan Leisure Centre		467,860	502,998
Libraries		440,631	596,572
Museum s		333,654	387,020
Redhouse		298,378	309,564
Other activities		267,207	330,572
		2,839,484	3,838,223
Share ofsupport costs (see note 7)		968,589	971,624
Share ofgovernance	costs (see note 7)	63,473	62,971
		3,871,546	4,872,818
Analysis by fund
Unrestricted funds		2,918,819	4,805,756
Restricted funds		952,727	67,062
		3,871,546	4,872,818

Support costs	Support costs
			Support	Governance	2021	Support	Governance	2020
			costs	costs		costs	costs
			6	6		f	6
Staff costs			445,001	6,938	451,939	321,357	4,200	325,557
Establishment	costs		76,063	1,552	77,615	92,436	1,886	94,322
Legal and professional			363,442	7,417	370,859	413,516	8,439	421,955
Repairs and
maintenance			241	5	246	226	5	231
0%caexpenses			47,420	968	48,388	40,661	830	41,491
Printing, postage		&
stationery			1,484	30	1,514	2,015	42	2,057
Sundry expenses			17,378	355	17.733	73,375	1,497	74,872
Advertising			1,864	38	1,902	7,323	149	7,472
Bad debts			2,455	50	2,505	223	5	228
Bank charges			13,241	270	13,511	20,492	418	20,910
Accountancy	and	audit
fees				45,850	45,850		45,500	45,500
			968,589	63,473	1,032,062	971,624	62,971	1,034,595
Analysed between
Charitable activities			968,589	63,473	1,032,062	971,624	62,971	1,034,595

Number ofemployees The average monthly number ofemployees during	the year was:
	2021	2020
	Number	Number
Staft	103	148
Employment costs	2021f	2020f
Wages and salaries	1,694,558	2,038,713
Social security costs	115,683	129,066
Other pension costs	578,000	735,000
	2,388,241	2,902,779

Tangible fix	ed assets
			Land and	Fixtures and	Computers	Total
			buildings f	ratings f
Cost
At 1 April 2020			276,374	167,759	31,944	476,077
Additions				5,403		5,403
At 31 March	2021		276,374	173,162	31,944	481,480
Depreciation	and impairment
At 1 April 2020			26,843	126,671	25,804	179,318
Depreciation	charged	in the year	15,674	12,258	2,364	30,296
At 31 March	2021		42,517	138,929	28,168	209,614
Carrying amount
At 31 March	2021		233,857	34,233	3,776	271,866
At 31 March	2020		249,531	41,088	6,140	296,759

11	Stocks
					2021	2020
					6
	Finished goods and goods for resale				33,545	32,675
12	Debtors
					2021	2020
	Amounts falling	due	within one year:			6
	Trade debtors				149,417	64,678
	Other debtors				143,022	98,662
	Prepayments and	accrued income			55,699	57,069
					348,138	220,409
13	Cmditors: amounts		falling due within one year
					2021	2020
				Notes	6	6
	Other taxation and social security				27,581	29,422
	Deferred income			14	5,457	6,569
	Trade creditors				180,971	202,095
	Other creditors				267,890	298,652
	Accruals and deferred		income		115,083	83,601
					596,982	620,339
14	Deferred income
					2021 6	2020f
	Other deferred income				5,457	6,569
					2021f	2020 6
	Balance as at tstApril				6,569	19,804
	Income received	in the year			354,892	440,638
	Released to income				(356,004)	(453,873)
	Balance as at 31st March				5,457	6,569

15	Creditor	s: amounts falling due after more than one year
			2021	2020
			E	E
	Borrowing	s	14,063
16	Loans and overdrafts
			2021	2020
			E	E
	Other loans		14,063
	Payable	alter one year	14,063
	Amounts	included above which fall due afier five years:
	Payable	by instalments	14,063

Provisions	for liabilities		2021	2020
		Notes	E	E
Retirement	benefit obligations	18	4,365,000	2,846,000
			4,365,000	2,846,000

Defined benefit schemes
Key assumptions
		2021	2020
		'/o
Discount rate		2.1	2.3
Expected rate ofincrease ofpensions	in payment	2.6	1.8
Expected rate ofsalary increases		3.85	3.05
RPI Inflation		2.6	2.7
CPI Inflation		2.6	1.8

The ass	umed life exp	ec	tations on retirement at age 65are:
				2021	2020
				Years	Years
Retiding	today
- Males				21.8	21.7
-Females				24.1	24
Retidng	in 20years
- Males				22.8	22.7
-Females				25.6	25.5
Amounts	recognised	in	the profit and loss account:
				2021	2020
				8
Current	service cost			515,000	575,000
Net interest on defined			benefit liability/(asset)	63,000	39,000
Other costs and income					121,000
Total costs				578,000	735,000

Amounts taken to other comprehensive	Amounts taken to other comprehensive	Amounts taken to other comprehensive	Amounts taken to other comprehensive	income:	income:
										2021	2020
										8	8
Actual return on scheme	assets									(2,040,000)	20,000
Less: calculated interest	element									142,000	149,000
Return on scheme assets excluding			interest income							(1,898,000)	169,000
Actuarial changes related to obligations										3,081,000	502,000
The amounts included	in the	balance			sheet	ariising	from	the	chariity's
obligations in respect ofdefined		benefit		plans are		as follows:
										2021	2020
										8
Present value ofdefined	benefit	obligations								12,703,000	8,918,000
Fair value of plan assets										(8,338,000)	(6,072,000)
Deficit in scheme										4,365,000	2,846,000
Movements in the present value		ofdefined			benefit	obligations:
											2021
											8
Liabilities at 1 April 2020											8,918,000
Current service cost											515,000
Benefits paid											(108,000)
Contributions from scheme members											92,000
Actuarial gains and losses											3,081,000
Interest cost											205,000
At 31 March 2021											12,703,000

Movements	in the fair value of plan assets:
				2021
				6
Fair value ofassets at 1April 2020				6,072,000
Interest income				142,000
Return on plan assets (excluding amounts		included	in net interest)	1,898,000
Benefits paid				(108,000)
Contributions	by the employer			242,000
Contributions	by scheme members			92,000
At 31 March	2021			8,338,000

	2021	2020
	F
Equity instruments	6,045,050	4,135,032
Debt instruments	1,717,628	1,408,704
Property	525,294	455,400
Cash	50,028	72,864
	8,338,000	6,072,000

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Analysis	ofnet assets	between funds
		Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
		2021	2021	2021	2020	2020	2020
		6	6	f	F	6	6
Fund balances at
31 March	2021
are represented
by:
Tangible assets		42,835	229,031	271,866	51,798	244,961	296,759
Current assets/
(liabilities)		472,926	133,332	606,258	(254,899)	23,908	(230,991)
Long term	liabilities	(14,063)		(14,063)
Provisions	and
pensions		(4,365,000)		(4,365,000)	(2,846,000)		(2,846,000)
		(3,863,302)	362,363	(3,500,939)	(3,049,101)	268,869	(2,780,232)

	under non-cancell	abl	e	operat	in	g l	eases,	wh	ich	fall due	as	follow	s:
															2021		2020
															6
	I/iitthin one year														25,002		25,002
	Between two and	five years													100,008		100,008
	In over five years														225,018		250,020
															350,028		375,030
	Lessor
	At the reporting	end		date	the		charity	had		contracted		with	tenants	for the	following minimum		lease
	payments:
															2021		2020
	yI/ithin one year														203,105		206,950
	Between two and	five years													312,524		512,524
	In over five years														2,921		5,922
															S18,SS0		725,396
23	Cash generated	from		operations											2021		2020
															6		6
	Surplus/ (deficit)	for	the year												462,293	(637,182)
	Adjustments for:
	Investment income		recognised			in	statement		offinancial		activities				(381)		(882)
	Depreciation and	impairment				oftangible		fixed		assets					30,296		38,526
	Difference between		pension		charge and			cash		contributions					336,000		520,000
	Movements in working			capital:
	(Increase)/decrease		in	stocks											(870)		9,815
	(Increase)/decrease		in	debtors											(127,729)		10,282
	(Decrease)/increase		in	creditors											(22,245)		91,399
	(Decrease) in deferred			income											(1,112)		(13,235)
	Cash generated	from		operations											676,252		18,723

Analysis ofchanges in net funds
	At	1Apdl 2020 6	Cash Sawsat 21 March 2021 6 f
Cash at bank and in hand		136,264	685,293	821,557
Loans falling due after more than one year			(14,063)	(14,063)
		136,264	671,230	807,494