2023-03-31-accounts - Celtic Leisure

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Trustees
		G C Davies
		LAJ Dineen
		P L Fowler
		J Locke
		D Smith
		JAStephens
		H Stockhem
		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 6AB
Bankers		HSBC UK
		1 Centenary	Square
		Birmingham
		81 1HQ

		Page
Trustees' report		1-7
Statement oftrustees'	responsibilities
Independent auditor's	report	9-11
Statement offinancial	activities	12
Balance sheet		13-14
Statement ofcash flows
Notes to the financial	statements	16-29

fifiain activities undertaken to further the Company's purposes forthe public benefit	fifiain activities undertaken to further the Company's purposes forthe public benefit
Our activities summarised below are undertaken to further our charitable purposes	for public benefit			and can be
three areas:
Advancement ofEducation, Culture, Arts &Heritage
Through the provision ofa structured learn to swim programme give the opportunity		for children	to become
confident and proficient in water
Working in close association with schools within the area, provide the opportunity for local children				to learning
to swim in an encouraging environment
Supporting a wide range of live events and films at our Gwyn Hall site to suit all tastes
The programming ofthe latest blockbuster films in our 3cinema screens
The promotion ofshows and pantomimes run by local amateur societies
Regular on stage live music performances
The availability ofthe facility for conferences and meetings
Frequent screenings of National Theatre Live performances
Working with local dance schools with both practices and live stage performances
The promotion ofWelsh language in the Arts through live stage performances	aimed	at younger	children
Recurring monthly quiz nights promoting cinematic themes
Working with local schools in providing a venue to host children's art exhibitions
Assisting the local college in providing working opportunities for students to achieve		customer
service-based qualifications
Providing an environment for more relaxed cinema screenings to benefit individuals		with learning
difiiculties, autism and other cognitive disorders
Provision ofRecreation Facilities To Promote Healthy Living &Welfare
Utilisation of our swimming pool facilities by local swimming and aquatic clubs	for both training
and competitions
Use ofour indoor gyms, sports and bowls halls by various clubs, schools, societies and individuals				for
recreation, training and competitions
Providing two artificial football pitches for use by local junior and senior football teams
Promoting the participation in Walking Football as both an indoors and outdoor sport aiming at keeping
people with lack ofmobility still to be involved with football
Use ofour outdoor athletic track by clubs and individuals allowing them to be	involved in running			at afi
levels of abilities whether at a competitive level orjust for pleasure
Promotion ofother sports such as archery, boxing, trampolining, gymnastics,	martial	arts
Use ofour facilities to undertake vaiious shows to promote the interest ofthe	wider	non-sporting		community
outside ofthe leisure industry by hosting events such as dogs and bird shows
The use of our facilities by various disabled groups

				Unrestricted	Unrestricted	Restricted	Total
				funds	funds	funds
				2023	2022	2022	2022
			Notes		6
Igggmkf mm
Charitable activities			3	6,974,134	5,278,237	689,198	5,967,435
Investments			4		35		35
Total income				6,974,134	5,278,272	689,198	5,967,470
E)gteudJgtfgg tt'
Charitable activities			5	7,604,134	6,148,273	772,185	6,920,458
Net expenditure		for the year/
Net outgoing resources				(630,000)	(870,001)	(82,987)	(952,988)
Other recognised		gains and losses
Actuarial gain on		defined benefit pension
schemes				4,760,000	4,120,000		4,120,000
Net movement	in funds			4,130,000	3,249,999	(82,987)	3,167,012
Fund balances	at	1 April 2022		(3,373,929)	(6,623,928)	82,987	(6,540,941)
Fund balances	at 31 March 2023			756,071	(3,373,929)		(3,373,929)

			2023		2022
		Notes
Fixed assets
Tangible assets				26,802
Current assets
Stocks		10	32,766		40,621
Debtors		11	861,935		630,098
Cash at bank and in hand			771,790		807,800
			1,666,491		1,478,519
Creditors: amounts	falling due	within
one year		12	(1,297,222)		(1,082,448)
Net cunent assets				369,269		396,071
Total assets less current liabilities				396,071		396,071
Net assets excluding	pension	surplus/(deficit)		396,071		396,071
Defined benefit pension surplus/
(deficit)		14		36O,OOO		(3.770,000)
Net assets/(liabilities)				756,071		(3,373,929)
Income funds
~naLirita/t1uot)a
General unrestricted	funds		396,071		396,071
Pension reserve			360,000		(3,770,000)
				756,071		(3,373,929)
				756,071		(3,373,929)

						2023		2022
					Notes	6		6
Cash flows from operating		activities
Cash generated from/(absorbed				by)	21
operations							24,976		(78,900)
Investing	activities
Purchase	oftangible fixed assets					(60,986)
Investment	income received							35
Net cash	(used in)/generated		from
investing	activities						(60,986)		35
Net cash	used in financing	activities
Net decrease in cash and		cash		equivalents			(36,010)		(78,865)
Cash and	cash equivalents	at	beginning		ofyear		807,800		886,665
Cash and	cash equivalents	at end of			year		771,790		807,800

			2023f	2022f
	Leisure and cultural	activities	4,125,259	2,700,715
	Management fees		2,801,159	1,519,522
	Performance related	grants	47,716	1,747,198
			6,9'74, 134	5,967,435
	Analysis by fund
	Unrestdcted funds		6,974,134	5,278,237
	Restricted funds			689,198
4	Investments
			Total	Unrestricted
				funds
			2023 f	2022 f
	Interest receivable			35
5	Charitable activities
			2023f	2022f
	Staif costs		5,101,597	4,712,294
	Depreciation and impairment		34,184	107,705
	Premises costs		1,230,811	1,119,766
	Transport costs		16,712	11,382
	Supplies and services costs		803,957	542,811
	Support services costs		416,873	426,500
			7,604,134	6,920,458
	Analysis by fund
	Unrestricted funds		7,604,134	6,148,273
	Restricted funds			772,185

The average	monthly number ofemployees during th	e year was:
		2023	2022
		Number	Number
Administration		22	23
Leisure		319	246
Total		341	269
Employment	costs	2023	2022
		E
Wages and salaries		3,914,196	3,582,700
Social security	costs	255,566	204,777
Other pension	costs	931,835	924,817
		5,101,597	4,712,294

The number ofemployees whose annual remuneration is as follows:	was more than E60,000
	2023	2022
	Number	Number
E80,000 - E90,000
E140,000 - E150,000

9	Tangible	fixe	d assets
					Leasehold	Plant and	Total
					improvements	equipment
					K	K
	Cost
	At 1 April	2022			142,549	451,560	594,109
	Additions					60,986	60,986
	At 31 March 2023				142,549	512,546	655,095
	Depreciation		and impairment
	At 1 April	2022			142,549	451,560	594,109
	Depreciation		charged	in the year		34,184	34,184
	At 31 March 2023				142,549	485,744	628,293
	Carrying	amount
	At 31 March 2023					26,802	26,802
10	Stocks
						2023	2022
						K	K
	Finished	goods and goods for resale				32,766	40,621
11	Debtors
						2023	2022
	Amounts	falling due		within one year:			K
	Trade debtors					722,326	33,848
	Other debtors					1,024	240,116
	Prepayments		and accrued income			138,585	356,134
						861,935	630,098

12	Creditors: amounts	falling	due within one year
						2023	2022
					Notes	8	6
	Other taxation and social security					136,912	92,116
	Deferred income				13	261,719	144,805
	Trade creditors					121,115	269,020
	Other creditors					9,985	16,550
	Accruals					767,491	559,957
						1,297,222	1.082,448
13	Deferred income
						2023f	2022
	Other deferred income					261,719	144,805
	Deferred income is	included	in the financial statements	as follows:
						2023	2022
						8	8
	Deferred income is	included	within:
	Current liabilities					261,719	144,805
	Movements in the year:
	Deferred income at	1 April 2022				144,805	101,645
	Released from previous periods					(2,022,404)	(1,380,739)
	Resources deferred	in the year				2,139,318	1,423,899
	Deferred income at	31 March 2023				261,719	144,805

Key assumptions
						2023	2022
						'yo
Discount rate						4.60	2.70
Expected rate ofincrease ofpensions				in payment		2.60	2.9
Expected rate of salary		increases				4.1	4.4
CPI inflation						2.6	2.9
Pension accounts revaluation			rate			2.6	2.9
Mortality assumptions
The assumed life expectations			on retirement		at age 65are:
						2023	2022
						Years	Years
Retiring today
-Males						22.2	22.1
- Females						24.7	24.2
Retiring in 20 years
-Males						22.9	23.2
-Females						25.8	25.7
Amounts recognised	in	the profit and		loss account:
						2023	2022f
Current service cost						760,000	970,000
Net interest on defined		benefit	liability/(asset)			100,000	140,000
Total costs						860,000	1,110,000

Retirement benefit schemes										(Continued)
Amounts taken to other comprehensive			income:
									2023	2022
									6	6
Actual return on scheme assets									(490,000)	(2,130,000)
Less: calculated interest element									560,000	390,000
Return on scheme assets excluding		interest		income					70,000	(1,740,000)
Actuarial changes related to obligations									(9,700,000)	(2,380,000)
Effects ofchanges in the amount	ofsurplus			that is	not recoverable				4,870,000
Total costs/(income)									(4,760,000)	(4,120,000)
The amounts included in the	balance			sheet	arising	from	the	charity's
obligations in respect of defined	benefit		plans are as follows:
									2023	2022
Present value ofdefined benefit	obligations								15,980,000	24,390,000
Fair value of plan assets									(21,210,000)	(20,620,000)
(Surplus)/deficit in scheme									(5,230,000)	3,770,000
Restriction on scheme assets									4,870,000
Total (asset)/liability recognised									(360,000)	3,770,000
Movements in the present value	of defined			benefit	obligations:
										2023f
Liabilities at 1 April 2022										24,390,000
Current service cost										760,000
Benefits paid										(240,000)
Contdibutions from scheme members										110,000
Actuarial gains and losses										(9,700,000)
Interest cost										660,000
At 31 March 2023										15,980,000


Retirement	benefit schemes				(Continued)
Movements	in the fair value of plan assets:
					2023
					6
Fair value ofassets at 1 April 2022					20,620,000
Interest income					560,000
Return on plan assets (excluding		amounts	included	in net interest)	(70,000)
Benefits paid					(240,000)
Contributions	by the employer				230,000
Contributions	by scheme members				110,000
At 31 March	2023				21,210,000

The fair value of plan assets at the reporting period	end was as follows:
	2023	2022
	6
Equity instruments	15,010,000	16,270,000
Debt instruments	190,000	1,730,000
Property	810,000	930,000
Multi Asset Credit	450,000	470,000
Cash	1,550,000	190,000
Other	3,200,000	1,030,000
	21,210,000	20,620,000

				Movement	in funds		Movement
							in funds
			Balance at	Incoming	Resources	Balance at	Incoming	Balance at
			1 Aprg 2021 6	resources f	expended 6	1 April 2022	resources 31 March 2023 f
Arts Council of	Wales			199,018	(199,018)
3G Pitches			82,987	—	(82,987)
Welsh Government		Over
60's grant				38,116	(38,116)
HMRC Coronavirus		Job
Retention Scheme				399,030	(399,030)
Neath Port Talbot -		Winter
ofWellbeing				8,034	(8,034)
Neath Port Talbot-
Summer of Fun				41,000	(41,000)
Small business	grant			4,000	(4,000)
			82,987	689,198	(772,185)

21	Cash generated from operations	Cash generated from operations	Cash generated from operations					2023	2022
								6	6
	Surplus for	the year						(630,000)	(952,988)
	Adjustments	for:
	Investment	income recognised	in statement			offinancial	activities		(35)
	Depreciation and impairment oftangible				fixed assets			34,184	107,705
	Ditference	between pension charge		and	cash contrtbutions			630,000	870,000
	Movements	in working capital:
	Decrease/(increase) in stocks							7,855	(14,759)
	(Increase)	in debtors						(231,837)	(246,794)
	Increase in	creditors						97,860	114.811
	Increase in	deferred income						116,914	43,160
	Cash generated from/(absorbed			by) operations				24,976	(78,900)
22	Analysis ofchanges in net funds
	The charity	had no debt during	the	year.