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2025-03-31-accounts

REGISTERED COMPANY NUMBER: 09519616 (England and Wales) REGISTERED CHARITY NUMBER: 1161131

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR CELTIC LEISURE

Bevan Buckland LLP (Statutory Auditors) Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA7 9LA

CELTIC LEISURE

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Page
Report of the Trustees 1 to 5
Report of the Independent Auditors 6 to 8
Statement of Financial Activities 9
Balance Sheet 10
Cash Flow Statement 11
Notes to the Cash Flow Statement 12
Notes to the Financial Statements 13 to 24
Detailed Statement of Financial Activities 25

CELTIC LEISURE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

The trustees present their annual report and financial statements for the year ended 31 March 2025.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "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 102) (effective 1 January 2019)".

OBJECTIVES AND ACTIVITIES

Objectives and activities

As a company limited by guarantee and a registered charity, Celtic Leisure (the Company) is committed to demonstrating the benefits it provides in the County Borough of Neath Port Talbot. This statement sets out the objectives, vision and values of the Charity.

Objectives

The overall aims of Celtic Leisure as set out in its Articles of Association are:

Vision

To be South Wales leading provider of active wellbeing, leisure and cultural services - inspiring and empowering our communities to thrive.

Mission

We exist to help people live healthier, happier and more connected lives - physically, mentally, and culturally, by delivering inclusive, high-quality services that enrich lives and strengthen communities.

To achieve our vision and mission, Celtic Leisure has developed a 5-year business strategy built on five strategic pillars: investing in its people, developing an outstanding customer experience, engaging with the community, driving commercial growth, and enhancing brand development.

Celtic Leisure is committed to supporting Neath Port Talbot Borough Council in achieving its strategic objectives, positioning itself as an essential service delivery partner. As a true community leisure provider, Celtic Leisure offers high-quality products and services that are both affordable and accessible to all.

Organisational Core Values

The following core values underpin our strategy:

Public benefit

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Page 1

CELTIC LEISURE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

OBJECTIVES AND ACTIVITIES

Strategies for achieving objectives

Celtic Leisure ('the Company') is a not-for-profit organisation registered as a charity, operating under the leisure trust model. The Company functions independently of the Local Authority and collaborates while working in collaboration to achieve outcomes aligned with its vision, strategy, and charitable objects.

Activities undertaken to achieve objectives

The Company's objective is to provide a range of recreational, cultural, and leisure services that support social welfare for the public in the County Borough of Neath Port Talbot and surrounding areas.

During the financial year ending March 2025, Celtic Leisure operated the following facilities:

Gym and Swimming Pool Centres : Aberavon Leisure & Fitness Centre, Neath Leisure Centre, and Vale of Neath Leisure Centre

Gym and Sports Complex : Neath Sports Centre, Pontardawe Leisure Centre

Theatre/Cinemas : Gwyn Hall Seasonal Seafront Activity : Aberavon Beach Splash Bowls Halls : Pontardawe and Aberafan

The company's activities are summarised below and are conducted to further our charitable purposes for community benefit.

Advancements of Education

Celtic Leisure offers a comprehensive learn-to-swim programme, providing children with structured opportunities to develop water confidence. The programme includes one-to-one lessons, an Aqua Academy, and school swimming, which is delivered in partnership with Neath Port Talbot schools.

Advancements of Culture, Arts & Heritage

Gwyn Hall delivers a wide range of cultural experiences, including live performances, music events, and cinema screenings. The venue supports local dance schools, promotes the Welsh language through performances for young audiences, and hosts children's art exhibitions in collaboration with local schools. Gwyn Hall also encourages social inclusion through diverse programming and relaxed cinema screenings suited to individuals with learning difficulties.

Promotion of Healthy Living & Wellbeing

Celtic Leisure's centres provide facilities for local clubs, schools, and societies to train, prepare, and compete. Facilities include swimming pools, athletics tracks, sports halls, and outdoor pitches. The centres also host events that extend beyond sport, such as dog and bird shows, and offer accessible facilities for people with disabilities.

Promotion of Good Health and Wellbeing in the Community

Celtic Leisure offers an extensive range of exercise classes, encouraging individuals of all ages and abilities to stay active in a supportive environment. The Company collaborates with local businesses as a corporate health partner to provide staff health reviews and delivers tailored nutrition and fitness advice through qualified gym instructors. Celtic also supports and sponsors local community festivals, promoting health and fitness across the region.

STRATEGIC REPORT

Achievements and performance

Fundraising activities

Celtic Leisure's fundraising activities throughout the financial year included sourcing funds through the range of available grants which in 2025 totalled £232,185 (2024: £99,814)

Financial review

Results

Following the decision of the extension of the operating contract with the local authority, the Company had started to focus more on growth and commercial goals which reflected well on its year end results. The company's surplus in 2025 totalled £305,295 (2024: £257,958 deficit) before defined benefit pension remeasurement adjustment for the year ended 31 March 2025. After considering actuarial gains of the Pension Fund (£160,000), the net movement of funds resulted in a surplus of £465,295.

The Company continues to target the External Income growth with 2025 results of £5,607,358 being 1% higher than in the prior year (2024: £5,602,331). This result includes an offset of income loss from discontinued operation of the Pontardawe Swimming Pool.

The ongoing partnership with NPTCBC continues to strengthen which has a positive impact on financial growth and sustainability.

Page 2

CELTIC LEISURE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

STRATEGIC REPORT Financial review

Reserves policy

The Company's reserves as at 31 March 2025 before accounting for any asset/liability from the Company's defined benefit pension scheme amounted to £1,063,408 (2024: £458,113).

However, after accounting for the Company's defined benefit pension scheme gains the net unrestricted funds totalled £1,243,408 (2024: £778,113).

At the end of the financial year, the Company reviewed and updated its cash reserves policy, determining that a sustainable level of free cash reserves should be £850,000. Since then, the Company has developed a financial plan to achieve this target by year 4 of the contract.

The Company maintains a positive working capital provision, with most of its income received in advance of expenditure.

Going concern

In October 2024, the 5-year contract extension between Celtic Leisure and Neath Port Talbot County Borough Council (NPTCBC) was formally agreed, resulting in a Deed of Variation being signed on 28 May 2025. The new contract will run until 31st March 2030.

Expansion and improvement plans

The Company is actively exploring ways to enhance its efficiency and expand its commercial portfolio. This involves increasing and prioritising commercial activities, as well as investigating available investment opportunities.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Charity constitution

Celtic Leisure is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association.

The Company is constituted under a Memorandum of Association dated 31 March 2015 and is a registered charity number 1161131.

The principal objects of the Company are:

The Trustees meet formally four times a year for regular business. Celtic Leisure seeks to have Trustees comprised as follows:

The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.

Organisational structure and decision-making policies

The board of Trustees, which can have up to 12 members, administers the Charity. The board normally meets quarterly. A Chief Executive is appointed by the Trustees to manage the day-to-day operations of the Charity. To facilitate effective operations, the Chief Executive has delegated authority, within terms of delegation approved by the Trustees, for operational matters including finance, employment and artistic performance related activity.

�Policies adopted for the induction and training of Trustees

It is Celtic Leisure's intention to make its Trustees aware of their duties and responsibilities as Trustees of the Charity. It is also our intention that as and when those legal responsibilities change the Trustees will be made aware of any such changes. In the future Trustees recruited to the Board will undergo an induction day and will meet key personnel during this session.

Page 3

CELTIC LEISURE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Key management remuneration

The arrangements for setting pay and remuneration of key management personnel is linked to the general staff pay award as agreed with Union Representatives. Consideration is given to the National Joint Council Pay Award for Local Government during these negotiations, and subject to affordability are ratified by the Board of Trustees.

Related party relationships

Two of our Trustees were appointed from our staff team and receive remuneration for their work with the charity. Any connection between a Trustee or senior manager of the Charity with a supplier or company who undertakes a service for the Charity must be disclosed to the full board of Trustees in the same way as any other contractual relationship with a related party. The trustees encourage members of staff to take on the role of trusteeship on behalf of the Charity.

Risk management

The Trustees manage risk through regular reviews of the following documents:

- The Health & Safety Policy

At the end of the financial year, the Risk Register was updated to distinguish between strategic and operational risks. This significantly improved the management process, with operational risks being reviewed and adjusted more frequently than strategic ones.

A few strategic risks remain at a moderate level even after implementing mitigation strategies. These include: the influence of competition on commercial income performance, rising operating costs, insufficient free cash reserves, and uncertainty regarding macroeconomic factors.

Trustees' indemnities

Celtic Leisure currently provide for Trustee indemnity.

Engagement with employees and employment of individuals with a disability

The policy of Celtic Leisure is to consult and discuss with employees on matters likely to affect employees' interests.

Information on matters of concern to employees is given through such means as briefing meetings, notice boards and announcements through the companies Sage HR app.

Celtic Leisure is a disability confident organisation and continues to be part of the government's Disability Confident Employer Scheme offering employment opportunities to individuals with a disability provided they meet the shortlisting criteria.

Remuneration of Key Management Personnel

The arrangements for setting pay and remuneration of key management personnel is linked to National Pay Award. Consideration is given to the National Joint Council Pay Award for Local Government during these negotiations, and subject to affordability are ratified by the Board of Trustees.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

09519616 (England and Wales)

Registered Charity number

1161131

Registered office

Aberavon Leisure And Fitness Centre Princess Margaret Way Port Talbot SA12 6QW

Page 4

CELTIC LEISURE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Trustees

L A J Dineen (resigned 31.3.25) P L Fowler J A Stephens (resigned 25.9.24) H H Worth H Stockham (resigned 25.9.24) D Smith (resigned 11.12.24) J Locke (resigned 24.9.25) G C Davies B Anderson (appointed 25.9.24) (resigned 26.8.25) P Randall (appointed 25.9.24) B Miller (appointed 11.12.24)

Company Secretary

H J Morris-Sayce

Auditors

Bevan Buckland LLP (Statutory Auditors) Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA7 9LA

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Celtic Leisure for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

In accordance with the company's articles, a resolution proposing that Bevan Buckland LLP be reappointed as an auditor of the company will be put at a General Meeting.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on ............................................. and signed on the board's behalf by:

........................................................................ P L Fowler - Trustee

Page 5

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF CELTIC LEISURE

Opinion

We have audited the financial statements of Celtic Leisure (the 'charitable company') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, 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 (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that 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 a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF CELTIC LEISURE

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, 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 assessing the charitable company's ability 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 alternative but to do so.

Our responsibilities for the audit of the financial statements

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 a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then, design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

We discussed our audit independence complying with the Revised Ethical Standard 2019 with the engagement team members whilst planning the audit and continually monitored our independence throughout the process.

Identifying and assessing potential risks related to irregularities.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

Audit response to risks identified

In addition to the above, our procedures to respond to risks identified included the following:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF CELTIC LEISURE

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance 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 auditors' 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 the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Henry Lloyd Davies (Senior Statutory Auditor) for and on behalf of Bevan Buckland LLP (Statutory Auditors) Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA7 9LA

Date: .............................................

Page 8

CELTIC LEISURE

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

Notes
INCOME AND ENDOWMENTS FROM
Charitable activities
4
Charitable Activities
Investment income
3
Total
EXPENDITURE ON
Charitable activities
5
Charitable Activities
NET INCOME/(EXPENDITURE)
Transfers between funds
16
Other recognised gains/(losses)
Actuarial gains on defined benefit schemes
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
9,140,389
26,426
9,166,815
9,055,590
111,225
194,070
160,000
465,295
778,113
1,243,408		 Restricted
funds
£
194,070
-
194,070
-
194,070
(194,070)
-
-
-
-		 2025
Total
funds
£
9,334,459
26,426
9,360,885
9,055,590
305,295
-
160,000
465,295
778,113
1,243,408		 2024
Total
funds
£
9,117,089
16,614
9,133,703
9,391,661
(257,958)
-
280,000
22,042
756,071
778,113

The notes form part of these financial statements

Page 9

CELTIC LEISURE

BALANCE SHEET 31 MARCH 2025

Notes
FIXED ASSETS
Tangible assets
11
CURRENT ASSETS
Stocks
12
Debtors
13
Cash at bank
CREDITORS
Amounts falling due within one year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
PENSION ASSET
17
NET ASSETS
FUNDS
16
Unrestricted funds
TOTAL FUNDS		 Unrestricted
funds
£
592,544
49,959
301,279
1,457,185
1,808,423
(1,337,559)
470,864
1,063,408
180,000
1,243,408		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-		 2025
Total
funds
£
592,544
49,959
301,279
1,457,185
1,808,423
(1,337,559)
470,864
1,063,408
180,000
1,243,408
1,243,408
1,243,408		 2024
Total
funds
£
161,652
55,016
769,399
666,401
1,490,816
(1,194,355)
296,461
458,113
320,000
778,113
778,113
778,113

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. P L Fowler - Trustee

The notes form part of these financial statements

Page 10

CELTIC LEISURE

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash used in investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2025
£
1,226,392
1,226,392
(462,034)
26,426
(435,608)
790,784
666,401
1,457,185		 2024
£
37,330
37,330
(159,333)
16,614
(142,719)
(105,389)
771,790
666,401

The notes form part of these financial statements

Page 11

CELTIC LEISURE

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

ACTIVITIES
2025 2024
£ £
Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities) 305,295 (257,958)
Adjustments for:
Depreciation charges 31,142 24,843
Interest received (26,426) (16,614)
Decrease/(increase) in stocks 5,057 (22,250)
Decrease in debtors 468,120 92,176
Increase/(decrease) in creditors 143,204 (102,867)
Difference between pension charge and cash contributions 300,000 320,000
Net cash provided by operations 1,226,392 37,330

2. ANALYSIS OF CHANGES IN NET FUNDS

Net cash
Cash at bank
Total		 At 1.4.24
£
666,401
666,401
666,401		 Cash flow
£
790,784
790,784
790,784		 At 31.3.25
£
1,457,185
1,457,185
1,457,185

The notes form part of these financial statements

Page 12

CELTIC LEISURE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. CHARITY INFORMATION

Celtic Leisure is a private company limited by guarantee incorporated in England and Wales. The registered office is Aberavon Leisure and Fitness Centre, Princess Margaret Way, Port Talbot, Wales, SA12 6QW.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance 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 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, unless otherwise stated in the relevant accounting policy. The principal accounting policies adopted are set out below.

Going concern

The current contract between Celtic Leisure and Neath Port Talbot County Borough Council was renewed in 2025, and will last for five years. There are no issues around Going concern.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Pension asset

The Company has obligations to pay pension benefits to certain employees. The cost of these benefits and the present value of the asset or liability depend upon a number of factors, including life expectancy, salary increases, asset valuations and the discount rate on corporate bonds. Management estimates these factors in determining the net pension asset or liability in the balance sheet, as well as the appropriateness of the recognition of any asset. The assumptions reflect historical experience and current trends. When a scheme has surplus the asset to be recognised is calculated at the lower of the surplus in the defined benefit plan and the asset ceiling. The asset ceiling is the higher of the economic benefit that could be achieved from a refund of surplus on exiting the Fund, and the economic benefit from payment of future service contributions to the Fund below future expected Current Service Costs.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and the receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Income from grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably. Income from grants is deferred only when the terms and conditions of the grant permit the income to be deferred to future periods.

Certain income is received in advance of the provision of the relevant service and as such is deferred until he service commences.

Page 13

continued...

CELTIC LEISURE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

2. ACCOUNTING POLICIES - continued

Income

The management fee is an unrestricted fund which is available for use at the discretion of the trustees in furtherance of the general objectives of the charitable company. The income is invoiced and recognised in the period to which it relates.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

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 apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use.

Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.

Expenditure on charitable activities which further the Charitable company's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

The company participates in a defined contribution pension scheme. Contributions to the scheme are charged to the profit and loss account as they fall due

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements Over the life of the lease Plant and machinery Over 5 - 10 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from corporation tax on its charitable activities.

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continued...

CELTIC LEISURE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

2. ACCOUNTING POLICIES - continued

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the company has a present obligation (legal and constructive) resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

The charitable company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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CELTIC LEISURE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

2. ACCOUNTING POLICIES - continued

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

3. INVESTMENT INCOME

Deposit account interest
4.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Grants
Charitable Activities
Leisure & cultural activites
Charitable Activities
Management Fees
Charitable Activities
Grants received, included in the above, are as follows:
Sport Wales Grant
UKSPF Smaller Projects Grant
ACW Gwyn Activities Grant
5.
CHARITABLE ACTIVITIES COSTS
Charitable Activities
6.
SUPPORT COSTS
Charitable Activities		 Direct
Costs
£
8,360,636		 2025
£
26,426
2025
£
232,185
5,580,932
3,521,342
9,334,459
2025
£
38,115
150,000
44,070
232,185
Support
costs (see
note 6)
£
694,954		 2024
£
16,614
2024
£
99,814
5,585,717
3,431,558		 2024
£
16,614
2024
£
99,814
5,585,717
3,431,558		 2024
£
16,614
9,117,089
2024
£
38,115
61,699
-
99,814
Totals
£
9,055,590		 2024
£
38,115
61,699
-
99,814
Support
costs
£
694,954

The auditor's remuneration amounts to an audit fee of £16,000 (2024 £15,950) and £4,000 for accountancy fees (2024 £4,750).

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continued...

CELTIC LEISURE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

6. SUPPORT COSTS - continued

Support costs, included in the above, are as follows:

Support costs

7.

Support costs
2025 2024
Charitable Total
Activities activities
£ £
Insurance and Banking costs 226,927 194,877
Postage and stationery 16,210 39,809
Sundries 416,604 332,869
Accountancy and legal fees 35,213 45,801
694,954 613,356
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
2025 2024
£ £
Depreciation - owned assets 31,142 24,483

8. TRUSTEES' REMUNERATION AND BENEFITS

During the year two trustees received remuneration from their employment with the charity but not for their services as a Trustee.

The Memorandum and Articles of Association of the charity provides the charity with the legal authority to make such payments.

The employees have two staff representatives on the Trustee board.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

9. STAFF COSTS

Wages and salaries
The average monthly number of employees during the year was as follows:
Administration
Leisure		 2025
£
5,370,239
5,370,239
2025
23
308
331		 2024
£
5,212,339		 2024
£
5,212,339
5,212,339
2024
23
290
313

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

£60,001 - £70,000
£90,001 - £100,000
£100,000 - £110,000		 2025
1
-
1
2		 2024
1
1
-
2

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continued...

CELTIC LEISURE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

9. STAFF COSTS - continued

Wages & salaries costs are split as below.:

2025 2024
£ £
Wages and salaries 4,642,554 4,541,259
Social Security costs 280,147 263,658
Contribution to defined contribution pension schemes 125,686 67,422
Operating costs of defined benefit pension schemes 310,000 340,000
Total 5,370,239 5,212,339

Key management remuneration

Key management compensation includes members of senior management. The compensation paid or payable to key management for employee services totalled £346,157 (2024: £349,214).

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Charitable activities
Charitable Activities
Investment income
Total
EXPENDITURE ON
Charitable activities
Charitable Activities
NET INCOME/(EXPENDITURE)
Other recognised gains/(losses)
Actuarial gains on defined benefit schemes
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
9,017,275
16,614
9,033,889
9,291,847
(257,958)
280,000
22,042
756,071
778,113		 Restricted
funds
£
99,814
-
99,814
99,814
-
-
-
-
-		 Total
funds
£
9,117,089
16,614
9,133,703
9,391,661
(257,958)
280,000
22,042
756,071
778,113

Page 18

continued...

CELTIC LEISURE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

11. TANGIBLE FIXED ASSETS

Improvements
to
property
£
COST
At 1 April 2024
142,549
Additions
-
Disposals
-
Reclassification
-
At 31 March 2025
142,549
DEPRECIATION
At 1 April 2024
142,549
Charge for year
-
Eliminated on disposal
-
At 31 March 2025
142,549
NET BOOK VALUE
At 31 March 2025
-
At 31 March 2024
-
12.
STOCKS
Stocks
13.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade and other debtors
Prepayments
14.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
VAT
Other creditors
Accruals and deferred income
Accrued expenses
Deferred income is included in the financial statements as follows:
Movements in the year:
Deferred income at 1 April 2024
Released from previous periods
Resources deferred in the year
Deferred income at 31 March 2025		 Plant and
machinery
£
610,180
462,034
(451,201)
61,699
682,712
510,227
31,142
(451,201)
90,168
592,544
99,953		 Plant and
machinery
£
610,180
462,034
(451,201)
61,699
682,712
510,227
31,142
(451,201)
90,168
592,544
99,953
2025 2024
£ £
212,838 261,719
(1,217,034) (1,229,837)
1,249,398 1,180,956
245,202 212,838

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continued...

CELTIC LEISURE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
Between one and five years		 2025
£
2,967
3,441
6,408		 2024
£
428
214
642

16. MOVEMENT IN FUNDS

At 1.4.24
£
Unrestricted funds
General fund
458,113
Pension Reserve
320,000
Fixed Asset
-
778,113
Restricted funds
UKSPF Smaller Projects Grant
-
ACW Gwyn Activities Grant
-
-
TOTAL FUNDS
778,113
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
9,166,815
Pension Reserve
-
9,166,815
Restricted funds
UKSPF Smaller Projects Grant
150,000
ACW Gwyn Activities Grant
44,070
194,070
TOTAL FUNDS
9,360,885		 Net
movement
in funds
£
411,225
(140,000)
-
271,225
150,000
44,070
194,070
465,295
Resources
expended
£
(8,755,590)
(300,000)
(9,055,590)
-
-
-
(9,055,590)		 Transfers
between
funds
£
(398,474)
-
592,544
194,070
(150,000)
(44,070)
(194,070)
-
Gains and
losses
£
-
160,000
160,000
-
-
-
160,000		 At
31.3.25
£
470,864
180,000
592,544
1,243,408
-
-
-
1,243,408
Movement
in funds
£
411,225
(140,000)		 At
31.3.25
£
470,864
180,000
592,544
271,225
150,000
44,070
194,070
465,295

Comparatives for movement in funds

Unrestricted funds
General fund
Pension Reserve
TOTAL FUNDS		 At 1.4.23
£
396,071
360,000
756,071
756,071		 Net
movement
in funds
£
62,042
(40,000)
22,042
22,042		 At
31.3.24
£
458,113
320,000
778,113
778,113

Page 20

continued...

CELTIC LEISURE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

16. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Pension Reserve
Restricted funds
UKSPF Smaller Projects Grant
Sport Wales Grant
TOTAL FUNDS		 Incoming
resources
£
9,033,889
-
9,033,889
61,699
38,115
99,814
9,133,703		 Resources
expended
£
(8,971,847)
(320,000)
(9,291,847)
(61,699)
(38,115)
(99,814)
(9,391,661)		 Gains and
losses
£
-
280,000
280,000
-
-
-
280,000		 Movement
in funds
£
62,042
(40,000)
22,042
-
-
-
22,042

Designated Fund

Fixed Asset

Relates to the net book value of the charity's unrestricted fixed asset.

Pension Reserve

The Pension Reserve Fund reflects the charity’s defined benefit pension scheme liability under FRS 102. It highlights the estimated future funding obligation and is updated annually based on actuarial valuations. Movements are shown in the Statement of Financial Activities.

Restricted Fund

Sport Wales Grant

Funding received has been allocated to provide exercise classes for individuals aged 60 and above.

UKSPF Smaller Projects Grant

This grant has been used to finance the upgrade of outdated equipment in Gwyn Hall, the cinema and theatre operated by Celtic Leisure.

ACW Activities Grant

This grant has also been used to finance the upgrade of equipment within Gwyn Hall, the cinema and theatre operated by Celtic Leisure.

Transfers between funds

After completing the activities funded by the UKSPF smaller grants project and the ACW Gwyn activities grant, a surplus of £194,070 remained. As the original restrictions were fully met, the trustees have transferred the surplus to the general funds to support related future activities.

17. EMPLOYEE BENEFIT OBLIGATIONS

Defined benefit scheme

Celtic Leisure contributes to the City and County of Swansea Pension Scheme (which is a multi-employer defined benefit scheme).

The valuation of the fund and the pension costs are assessed with the advice of a qualified independent actuary, using the projected unit method. The most recent actuarial valuation of the City and County of Swansea Pension Fund (the 'Fund') was carried out at 31 March 2022.

In accordance with the requirements of FRS 102, a qualified independent actuary updated the results of the valuation based on information supplied by the scheme administrators, in order to ascertain the valuation of the scheme at 31 March 2022.

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continued...

CELTIC LEISURE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

17. EMPLOYEE BENEFIT OBLIGATIONS - continued

The amounts recognised in the Statement of Financial Activities are as follows:

Current service cost
Net interest from net defined benefit
asset/liability
Past service cost
Actual return on plan assets
Changes in the present value of the defined benefit obligation are as follows:
Opening defined benefit obligation
Current service cost
Past service cost
Contributions by scheme participants
Interest cost
Actuarial losses/(gains)
Benefits paid		 Defined benefit
pension plans
2025
2024
£
£
310,000
340,000
(10,000)
(20,000)
20,000
-
320,000
320,000
-
-
Defined benefit
pension plans
2025
2024
£
£
16,270,000
15,980,000
310,000
340,000
20,000
-
100,000
110,000
760,000
730,000
(3,860,000)
(390,000)
(510,000)
(500,000)
13,090,000
16,270,000		 Defined benefit
pension plans
2025
2024
£
£
310,000
340,000
(10,000)
(20,000)
20,000
-
320,000
320,000
-
-
Defined benefit
pension plans
2025
2024
£
£
16,270,000
15,980,000
310,000
340,000
20,000
-
100,000
110,000
760,000
730,000
(3,860,000)
(390,000)
(510,000)
(500,000)
13,090,000
16,270,000
16,270,000

Changes in the fair value of scheme assets are as follows:

Opening fair value of scheme assets
Contributions by scheme participants
Assets Interest Income
Benefits paid
Assets other remeasurement		 Defined benefit
pension plans
2025
2024
£
£
23,780,000
21,210,000
120,000
110,000
1,110,000
970,000
(510,000)
(500,000)
(800,000)
1,990,000
23,700,000
23,780,000		 Defined benefit
pension plans
2025
2024
£
£
23,780,000
21,210,000
120,000
110,000
1,110,000
970,000
(510,000)
(500,000)
(800,000)
1,990,000
23,700,000
23,780,000
23,780,000

The amounts recognised in other recognised gains and losses are as follows:

Assets other remeasurement Defined benefit
pension plans
2025
2024
£
£
(800,000)
1,990,000
(800,000)
1,990,000		 Defined benefit
pension plans
2025
2024
£
£
(800,000)
1,990,000
(800,000)
1,990,000
1,990,000

Page 22

continued...

CELTIC LEISURE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

17. EMPLOYEE BENEFIT OBLIGATIONS - continued

The major categories of scheme assets as amounts of total scheme assets are as follows:

Equities
Government bonds
Multi Asset Credit
Cash
Other
Property		 Defined benefit
pension plans
2025
2024
£
£
15,880,000
16,460,000
170,000
210,000
-
500,000
70,000
140,000
6,920,000
5,710,000
660,000
760,000
23,700,000
23,780,000		 Defined benefit
pension plans
2025
2024
£
£
15,880,000
16,460,000
170,000
210,000
-
500,000
70,000
140,000
6,920,000
5,710,000
660,000
760,000
23,700,000
23,780,000
23,780,000

Principal actuarial assumptions at the Balance Sheet date (expressed as weighted averages):

Discount rate
Future salary increases
Future pension increases
CPI Inflation
Pension Accounts Revaluation Rate
Mortality assumptions
The assumed life expectations on retirement at age 65 are:		 2025
5.80%
4.00%
2.50%
2.50%
2.50%		 2024
4.70%
4.10%
2.60%
2.60%
2.60%
2025 2024
Years Years
Retiring today
-Males 21.6 21.7
-Females 21.9 22.4
Retiring in 20 years
-Males 24.2 24.3
-Females 25.0 25.3
Amounts taken to other comprehensive income:
2025 2024
£ £
Actual return on scheme assets (310,000) (2,960,000)
Less: calculated interest element 1,110,000 970,000
(800,000) (1,990,000)
Actuarial changes related to obligations (3,860,000) (390,000)
Effects of changes in the amount of surplus that is not recoverable 2,900,000 2,100,000
(160,000) (280,000)

The amounts included in the balance sheet arising from the charity's obligations in respect of defined plans are as follows:

2025 2024
£ £
Present value of defined benefit obligations (13,090,000 ) (16,270,000 )
Fair value of plan assets 23,700,000 23,780,000
10,610,000 7,510,000
Restriction on scheme assets (10,430,000 ) (7,190,000)
Total asset/(liability) recognised 180,000 320,000

Page 23

continued...

CELTIC LEISURE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

17. EMPLOYEE BENEFIT OBLIGATIONS - continued

Defined contribution scheme

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to the profit or loss in respect of defined contribution schemes was £435,686 (2024 £407,422).

18. RELATED PARTY DISCLOSURES

The Trustees of Celtic Leisure are related parties. Trustees' emoluments are disclosed in note 7 to the financial statement's. Two Trustees holding office during the year ended 31 March 2025 (2024: 2) were contributing members for the defined benefit pension scheme.

The employer's pension contribution for these members was at the rate of 12.9% (2024: 12.9%). The aggregate employer's contributions in respect of the two Trustees was £4,418 for the year ended 31 March 2025 (2024 £4,915). The employers contribution for 2025 in respect of the highest paid Trustee £ (2024 : £2,624).

A Trustee during our year was also a director of a related party, Sales to this company was £13,101 (2024: £9,731) and purchases £7,162 (2024: £23,430). These transactions took place at arms length.

Celtic Leisure has received income of £4,040,010 (2024: £3,641,248) from Neath Port Talbot Council in the year ended 31st March 2025, of this £3,541,342 relates to management fees (2024 £3,431,558). Expenditure from Neath Port Talbot Council totalled £369,147 (2024: £395,477).

19. MEMBERS' LIABILITY

Each member of the charitable company undertakes to contribute to the assets of the Charitable company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as maybe required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member.

Page 24

CELTIC LEISURE

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

2025 2024
£ £
INCOME AND ENDOWMENTS
Investment income
Deposit account interest 26,426 16,614
Charitable activities
Grants 232,185 99,814
Leisure & cultural activites 5,580,932 5,585,717
Management Fees 3,521,342 3,431,558
9,334,459 9,117,089
Total incoming resources 9,360,885 9,133,703
EXPENDITURE
Charitable activities
Wages 5,370,239 5,212,339
Supplies & service costs 1,084,459 935,158
Premises costs 1,886,648 2,605,965
Plant and machinery 19,290 24,843
8,360,636 8,778,305
Support costs
Support costs
Insurance and Banking costs 226,927 194,877
Postage and stationery 16,210 39,809
Sundries 416,604 332,869
Accountancy and legal fees 35,213 45,801
694,954 613,356
Total resources expended 9,055,590 9,391,661
Net income/(expenditure) 305,295 (257,958)

This page does not form part of the statutory financial statements

Page 25