OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-03-31-accounts

Trustees A Davies
G C Davies
LAJ Dineen
P L Fowler
J Locke
D Smith
JAStephens
H Stockham
H Worth
Secretary H Morris-Sayce
Charity number 1161131
Company number 09519616
Registered office Aberavon
Leisure		 And Fitness Centre
Princess Margaret Way
Neath
West Glamorgan
SA12 6QW
Auditor Azets Audit Services
Ty Derw
Lime Tree Court
Cardiff Gate Business Park
Cardiff
United
Kingdom
CF23 SAB
Bankers HSBC UK
1 Centenary Square
Birmingham
B1 1HQ

Page
Trustees'
report		 1-7
Statement oftrustees' responsibilities
Independent
auditor's		 report 9-11
Statement offinancial activities 12
Balance sheet
Statement ofcash flows 14
Notes to the financial statements 15-29

Unrestricted Restricted Total Unrestricted Total Unrestricted Restricted Total
funds funds funds funds
2022 2022 2021 2021 2021
Notes F F F F F
Income from:
Charitable
activities		 3 5,278,237 689,198 5,967,435 3,442,443 1,954,934 5,397,377
Investments 4 35 35
Total income 5,278,272 689,198 5,967,470 3,442,443 1,954,934 5,397,377
Ex enditure on:
Charitable
activities		 5 6,148,273 772,185 6,920,458 3,952,954 2,167,847 6,120,801
Net expenditure for the year/
Net outgoing resources (870,001) (82,987) (952,988) (510,511) (212,913) (723,424)
Other recognised gains and losses
Actuarial
gain/(loss)		 on
defined
benefit		 pension
schemes 4,120,000 4,120,000 (2,010,000) (2,010,000)
Net movement in funds 3,249,999 (82,987) 3,167,012 (2,520,511) (212,913) (2,733,424)
Fund balances at 1 April 2021 (6,623,928) 82,987 (6,540,941) (4,103,417) 295,900 (3,807,517)
Fund balances at 31 March
2022 (3,373,929) (3,373,929) (6,623,928) 82,987 (6,540,941)

2022 2021
Notes
Fixed assets
Tangible assets 107,705
Current assets
Stocks 9 40,621 25,862
Debtors 10 630,098 383,304
Cash at bank and in hand 807,800 886,665
1,478,519 1,295,831
Creditors: amounts falling due within
one year (1,082,448) (924,477)
Net current assets 396,071 371,354
Total assets less current liabilities 396,071 479,059
Provisions
for liabilities		 (3,770,000) (7,020,000)
Net liabilities (3,373,929) (6,540,941)
Income funds
Restricted
funds		 15 82,987
Unrestricted
funds		 (3,373,929) (6,623,928)
(3,373,929) (6,540,941)

2022 2021
Notes
Cash flows from operating activities
Cash (absorbed
by)/generated		 from 22
operations (78,900) 271,754
Investing activities
Proceeds on disposal oftangible
fixed assets		 150,003
Investment income received
Net cash generated
from investing
activities 35 150,003
Net cash used in financing activities
Net (decrease)/increase
in		 cash and cash
equivalents (78,865) 421,757
Cash and cash equivalents
at beginning		 ofyear 886,665 464,908
Cash and cash equivalents at end ofyear 807,800 886,665

2022 2021
Leisure and cultural activities 2,700,715 466,418
Management fees 1,519,522 1,436,025
Performance related grants 1,747,198 3,494,934
5,967,435 5,397,377
Analysis
by		 fund
Unrestricted funds 5,278,237 3,442,443
Restricted
funds		 689,198 1,954,934
5,967,435 5,397,377

Unrestricted Total
funds
2022 2021
F
Interest receivable 35

2022 2021
Staff costs 4,712,294 4,378,681
Depreciation and impairment 107,705 347,812
Premises costs 1,119,766 860,585
Transport costs 11,382 10,692
Supplies and services costs 542,811 336,582
Support services costs 426,500 186,449
6,920,458 6,120,801
Analysis by fund
Unrestricted funds 6,148,273 3,952,954
Restricted funds 772,185 2,167,847
6,920,458 6,120,801

2022 2021
Number Number
Administration 23 23
Leisure 246 248
Total 269 271
Employment costs 2022 2021
Wages and salaries 3,582,700 3,351,055
Social security costs 204,777 201,001
Other pension costs 924,817 826,625
4,712,294 4,378,681

8 Tangible fix ed asset s
Leasehold Plant and Total
improvements
f		 equipmentf
Cost
At 1 April 2021 142,549 451,560 594,109
At 31 March 2022 142,549 451,560 594,109
Depreciation and impairment
At 1 April 2021 126,100 360,304 486,404
Depreciation charged in the year 16,449 91,256 107,705
At 31 March 2022 142,549 451,560 594,109
Carrying
amount
At 31 March 2022
At 31 March 2021 16,449 91,256 107,705
9 Stocks
2022 2021
Finished goods and goods for resale 40,621 25,862

10 Debtors
2022 2021
Amounts
falling due within		 one year: K
Trade debtors 33,848 58,279
Other debtors 240,116
Prepayments
and accrued income		 356,134 325,025
630,098 383,304
11 Creditors: amounts falling due within one year
2022 2021
Notes
Other taxation and social security 92,116 148,822
Deferred income 12 144,805 101,645
Trade creditors 269,020 80,073
Other creditors 16,550 13,676
Accruals 559,957 580,261
1,082,448 924,477
12 Deferred income
2022 2021
Other deferred
income		 144,805 101,645
Deferred income is included in the financial statements as follows:
2022 2021
K
Deferred income is included within:
Current
liabilities		 144,805 101,645
Movements
in the year:
Deferred income at 1 April 2021 101,645 67,878
Released from previous
periods		 (1,380,739) (466,420)
Resources deferred in the year 1,423,899 500,187
Deferred income at 31 March 2022 144,805 101,645

Provisions for liabilities 2022 2021
Notes
Retirement benefit obligations 14 3,770,000 7,020,000
3,770,000 7,020,000

Key assumptio ns
2022 2021
0/ 0/
Discount rate 2.70 2.1
Expected rate of increase of pensions in payment 2.9 2.6
Expected rate ofsalary increases 4.4 4.1
CPI inflation 2.9 2.6
Pension accounts revaluation rate 2.9 2.6
Mortality assumptions
The assumed life expectations on retirement at age 65are:
The ass umed
life expectations
on retirement
at age 6		 5are:
2022 2021
Years Years
Retiring today
- Males 22.1 22.3
- Females 24.2 24.3
Retiring in 20 years
- Males 23.2 23.3
- Females 25.7 25.8

Amounts
recognised
in		 the profit the profit and loss account: loss account: loss account:
2022 2021
Current service cost 970,000 690,000
Net interest on defined benefit liability/(asset) 140,000 100,000
Total costs 1,110,000 790,000
Amounts
taken to other		 comprehensive income:
2022 2021
Actual return on scheme assets (2,130,000) (4,250,000)
Less: calculated
interest		 element 390,000 320,000
Return on scheme assets excluding interest income (1,740,000) (3,930,000)
Actuarial changes
related		 to obligations (2,380,000) 5,940,000
Total costs/(income) (4,120,000) 2,010,000
The
amounts
included		 in
the		 balance sheet arising from the charity's
obligations
in respect ofdefined		 benefit plans are as follows:
2022 2021
Present value of defined benefit obligations 24,390,000 25,380,000
Fair value of plan assets (20,620,000) (18,360,000)
Deficit in scheme 3,770,000 7,020,000
Movements
in the present		 value ofdefined benefit obligations:
2022
Liabilities at 1 April 2021 25,380,000
Current service cost 970,000
Benefits paid (230,000)
Contributions
from scheme members		 120,000
Actuarial
gains and losses		 (2,380,000)
Interest cost 530,000
At 31 March 2022 24,390,000

Retirement
benefit schemes		 (Continued)
The defined
benefit obligations		 arise from plans funded as follows:
2022
Wholly unfunded
obligations		 24,390,000
Wholly or partly funded
obligations
24,390,000
Movements
in the fair value of		 plan assets:
2022
Fair value ofassets at 1 April 2021 18,360,000
Interest income 390,000
Return on plan assets (excluding amounts included in net interest) 1,740,000
Benefits paid (230,000)
Contributions
by the employer		 240,000
Contributions
by scheme members		 120,000
At 31 March 2022 20,620,000
The fair value of plan assets at the reporting period end was as follows:
2022 2021
Equity instruments 16,270,000 14,250,000
Debt instruments 1,730,000 2,110,000
Property 930,000 720,000
Multi Asset Credit 470,000
Cash 190,000 330,000
Other 1,030,000 950,000
20,620,000 18,360,000
~ Cll
C0 CII
eo
V
CICi~
C0		 ee
Vl
4l		 Vl
O
Vl4l
VJ0
CL
CL
O
O4l
CL
Vl
I0
Vl
C0		 a
c
a
e
E
e
O		 I(I~
e 'o
e e
V 1l
o ~~
ee
cDe
i4l
c"
os
oVi e
i e		 O
O
CD
CD
O
O
CD
CD		 O
O
O
O
O
O		 O
O
O
O
O
O		 4lO
Vl
0
CL
(0
C6e
C
C6e
C6		 VlC
VlN
C6
O
Vle
N
C6
4l		 O
E
4l
C60.
CD
0O
4l
K
4l
C0
C6
Ol
C6		 C0 Cll
eo
V
CICi.—
C0 I-o.		 co
CD
Alco		 I 0
CL
C6
Vl4l
O		 Cl
co
CO		 ol
C
I
VlNeC
Vl
VlC0
C6
0
0
NeOC
C6
m
4l
4l
CL
lCeC
Ol
300		 a
c
a
e
E
e
O
K		 c0 'o
ccl
e e
V 1l
o ~~
ee
Cn
C0
CCl
i e
c"
os
V e
i e
~ O
C0 Cll
eo
V Clli—
5 'io.		 Col
CD
0'
CIC
I
O
Cl
CD
CCl
CD		 OO
O
CO
09
OO
00		 O
00
CO
O
00
CO		 Cl
Cl
CD
CCl
CD		 O
E
4l
C
C6
CL
CD
9
0
O
4l
ol
C
I
4l
C6
4l
I-		 (L
(3
Ol
)0
CL
0
Oe
CL
C0
4l
VJe
OC
0O		 I0
Vle
C6
4lol
4l
OC0
O
Cl
ClO
O
CL
G
4l		 Cl
CO
e
0
O
CL
4l
0
Ne
E
4l
E
I0
Vl		 0
00.0.
Ne
Ol0
e)00.
Ol
5
4l
E
I
4l
CI
LLIDZI-Z00
(III-Z
LLI		 e
Ol
Vl
CL
E0
O
Vl
C
4l
O		 C6z
N'
4l
0
CL
CL
Vl0
13		 C0
0
CL
(0
C
C6
C
4l
E
I
4l
0
U
Vl		 C6
0
CL
C6
Ne
C6
Ol
CL
ZOl		 O
C6
00.
CL
Vl0
4l
O4l
Ol		 0
U
CD
E0
4l
4lO4l
K
LLI
lO
OZ
Z
LLIZI-0I-
V)
LUI-0Z		 U
Q
Q
LLI
0
LL.		 N
'U
Il'0e
O
Vle
(L'		 N4l
4l
OC
C6
O
4l
0
N
C
~I—
4l
E0
OC
4l
I-		 ul
0
O
0
Vl
C(		 N
4l
O
(g
Ccl		 LL
4l
4l
N
4l
S
0
(0		 m
Ol
N
0
CO
e
Q
Ce
c
4l
)
O
~
&
CD
Tl		 Q
E
Q
O(0
C0
~
4l
Q
a
mC
0
I
0
O
O		 I
0
Im
0
(L
C6
4l
C6
I
O
C0
m eC
0
N
CL
C6
C6
Z M
Ol
Q
C
4l
U
II—0
I
QCII-		 4l
4lO
4l
Vl
C6
C6
Ol
Vle
Oc
0O
Vl
e
I-		 E0
4l
O4l
4l
Vl
I4l
C6
3
C
gl
m ~
h~
Ne o
IP-
O O
U
O		 00
4l
0
CL
Vl
a
LL
4lOa
4l
Vl4l
O
NO
g O
OO
CII~		 C
a
ol
N
CD
4l
0
a
4l
E
4l
0Q
N		 E
O
Co
0
a
4l
4l
J20
N
mc00
O
O
Kz

16 Analysis of net assets between funds
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2022 2022 2022 2021 2021 2021
F F F
Fund balances at 31
March 2022 are
represented by:
Tangible assets 24,718 82,987 107,705
Current assets/(liabilities) 396,071 396,071 371,354 371,354
Provisionsand
pensions (3,770,000) (3,770,000) (7,020,000) (7,020,000)
(3,373,929) (3,373,929) (6,623,928) 82,987 (6,540,941)

2022 2021
Within one year 3,572 3,572
Between two and five years 410
3,572 3,982

22 Cash generated
from operations		 Cash generated
from operations		 Cash generated
from operations		 2022 2021
Surplus/(deficit)
for the year		 (952,988) (723,424)
Adjustments
for:
Investment
income recognised		 in statement offinancial activities (35)
Depreciation
and impairment		 oftangible fixed assets 107,705 347,812
Difference between
pension charge and		 cash contributions 870,000 530,000
Movements
in working
capital:
(Increase)
in stocks		 (14,759) (761)
(Increase)
in debtors		 (246,794) (94,352)
Increase
in creditors		 114,811 178,712
Increase
in deferred
income		 43,160 33,767
Cash (absorbed
by)/generated		 from operations (78,900) 271,754
23 Analysis ofchanges
in net funds
The charity had no debt during the year.