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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|
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|||||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)|
##
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||||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)|
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|||||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|
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||||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|
##
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##
|7|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|
##
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##
##
|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|
##
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##
##
|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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##
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|20|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|
##
##
|24|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|