**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: 

- The advancement and support of education, culture, arts and heritage. 

- The provision or assistance in the provision of facilities for recreation or other leisure time occupation in the interest of 

- social welfare, such facilities being provided to the public at large. 

- The promotion and preservation of good health through community participation in healthy recreation. 

## **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: 

- Empowerment, respect, and continuous development of employees. 

- Excellence in service and responsiveness to customer needs. 

- Inclusivity, accessibility, and social responsibility 

- Forward-thinking, adaptability, and commercial awareness 

- Trust, transparency, and mutual support 

## **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 advancement and support of education, culture, arts and heritage; 

- The provision or assistance in the provision of facilities for recreation or other leisure time occupation in the of social welfare, such facilities being provided to the public at large; and 

- The promotion and preservation of good health through community participation in health recreation. 

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

- Up to two representatives appointed by Neath Port Talbot County Borough Council; and 

- Eight persons, who are not local authority persons defined by the Local Government and Housing Action, who represent the wider community which the Charity serves and are appointed by the Trustees. 

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 Risk Register, focusing on the strategic risk component 

## - 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 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgements and estimates that are reasonable and prudent; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 

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: 

- there is no relevant audit information of which the charitable company's auditors are unaware; and 

- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. 

## **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: 

- give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **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: 

- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the Report of the Trustees has been prepared in accordance with applicable legal requirements. 

## **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: 

- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees' remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit. 

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: 

- enquiring of management, including obtaining and reviewing supporting documentation, concerning the Company's policies and procedures relating to: 

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; 

- detecting and responding to the risks of fraud and whether they have knowledge of any actual. suspected or alleged fraud; 

- the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; 

- - Discussing among the engagement team how and where fraud might occur in the Financial Statements and any potential indicators of fraud. 

- obtaining an understanding of the legal and regulatory frameworks that the Company operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on the operations of the Company, The key laws and regulations we considered in this context included the UK Companies Act and relevant tax legislation. 

## **Audit response to risks identified** 

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

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations; 

- enquiring of management concerning actual and potential litigation and claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; 

- reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and 

- - in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; 

- assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and 

- - evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. 

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



The notes form part of these financial statements 

Page 9 



## **CELTIC LEISURE** 

## **BALANCE SHEET 31 MARCH 2025** 

|Notes<br>**FIXED ASSETS**<br>Tangible assets<br>11<br>**CURRENT ASSETS**<br>Stocks<br>12<br>Debtors<br>13<br>Cash at bank<br>**CREDITORS**<br>Amounts falling due within one year<br>14<br>**NET CURRENT ASSETS**<br>**TOTAL ASSETS LESS CURRENT LIABILITIES**<br>**PENSION ASSET**<br>17<br>**NET ASSETS**<br>**FUNDS**<br>16<br>Unrestricted funds<br>**TOTAL FUNDS**|Unrestricted<br>funds<br>£<br>592,544<br>49,959<br>301,279<br>1,457,185<br>1,808,423<br>(1,337,559)<br>470,864<br>1,063,408<br>180,000<br>1,243,408|Restricted<br>funds<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|2025<br>Total<br>funds<br>£<br>592,544<br>49,959<br>301,279<br>1,457,185<br>1,808,423<br>(1,337,559)<br>470,864<br>1,063,408<br>180,000<br>1,243,408<br>1,243,408<br>1,243,408|2024<br>Total<br>funds<br>£<br>161,652<br>55,016<br>769,399<br>666,401<br>1,490,816<br>(1,194,355)<br>296,461<br>458,113<br>320,000<br>778,113<br>778,113<br>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<br>**Cash flows from operating activities**<br>Cash generated from operations<br>1<br>Net cash provided by operating activities<br>**Cash flows from investing activities**<br>Purchase of tangible fixed assets<br>Interest received<br>Net cash used in investing activities<br>**Change in cash and cash equivalents in**<br>**the reporting period**<br>**Cash and cash equivalents at the**<br>**beginning of the reporting period**<br>**Cash and cash equivalents at the end of**<br>**the reporting period**|2025<br>£<br>1,226,392<br>1,226,392<br>(462,034)<br>26,426<br>(435,608)<br>790,784<br>666,401<br>1,457,185|2024<br>£<br>37,330<br>37,330<br>(159,333)<br>16,614<br>(142,719)<br>(105,389)<br>771,790<br>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**<br>Cash at bank<br>**Total**|At 1.4.24<br>£<br>666,401<br>666,401<br>666,401|Cash flow<br>£<br>790,784<br>790,784<br>790,784|At 31.3.25<br>£<br>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 

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**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. 

Page 14 

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**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. 

Page 15 

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

Page 16 

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**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<br>The average monthly number of employees during the year was as follows:<br>Administration<br>Leisure|2025<br>£<br>5,370,239<br>5,370,239<br>2025<br>23<br>308<br>331|2024<br>£<br>5,212,339|2024<br>£<br>5,212,339|
|---|---|---|---|
|||5,212,339||
||||2024<br>23<br>290<br>313|



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

|£60,001 - £70,000<br>£90,001 - £100,000<br>£100,000 - £110,000|2025<br>1<br>-<br>1<br>2|2024<br>1<br>1<br>-|
|---|---|---|
|||2|



Page 17 

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**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**<br>**Charitable activities**<br>Charitable Activities<br>Investment income<br>**Total**<br>**EXPENDITURE ON**<br>**Charitable activities**<br>Charitable Activities<br>**NET INCOME/(EXPENDITURE)**<br>**Other recognised gains/(losses)**<br>Actuarial gains on defined benefit schemes<br>**Net movement in funds**<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>**TOTAL FUNDS CARRIED FORWARD**|Unrestricted<br>funds<br>£<br>9,017,275<br>16,614<br>9,033,889<br>9,291,847<br>(257,958)<br>280,000<br>22,042<br>756,071<br>778,113|Restricted<br>funds<br>£<br>99,814<br>-<br>99,814<br>99,814<br>-<br>-<br>-<br>-<br>-|Total<br>funds<br>£<br>9,117,089<br>16,614|
|---|---|---|---|
||||9,133,703|
||||9,391,661|
||||(257,958)<br>280,000|
||||22,042<br>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<br>to<br>property<br>£<br>**COST**<br>At 1 April 2024<br>142,549<br>Additions<br>-<br>Disposals<br>-<br>Reclassification<br>-<br>At 31 March 2025<br>142,549<br>**DEPRECIATION**<br>At 1 April 2024<br>142,549<br>Charge for year<br>-<br>Eliminated on disposal<br>-<br>At 31 March 2025<br>142,549<br>**NET BOOK VALUE**<br>At 31 March 2025<br>-<br>At 31 March 2024<br>-<br>**12.**<br>**STOCKS**<br>Stocks<br>**13.**<br>**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>Trade and other debtors<br>Prepayments<br>**14.**<br>**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>Trade creditors<br>VAT<br>Other creditors<br>Accruals and deferred income<br>Accrued expenses<br>Deferred income is included in the financial statements as follows:<br>Movements in the year:<br>Deferred income at 1 April 2024<br>Released from previous periods<br>Resources deferred in the year<br>Deferred income at 31 March 2025|Plant and<br>machinery<br>£<br>610,180<br>462,034<br>(451,201)<br>61,699<br>682,712<br>510,227<br>31,142<br>(451,201)<br>90,168<br>592,544<br>99,953|Plant and<br>machinery<br>£<br>610,180<br>462,034<br>(451,201)<br>61,699<br>682,712<br>510,227<br>31,142<br>(451,201)<br>90,168<br>592,544<br>99,953|||||
|---|---|---|---|---|---|---|
||||||||
||||||||
||||||||
||||||||
||||||||
||||2025|||2024|
||||£|||£|
||||212,838|||261,719|
||||(1,217,034)|||(1,229,837)|
||||1,249,398|||1,180,956|
||||||||
||||||||
||||245,202|||212,838|
||||||||
||||||||



Page 19 

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<br>Between one and five years|2025<br>£<br>2,967<br>3,441<br>6,408|2024<br>£<br>428<br>214|
|---|---|---|
|||642|



## **16. MOVEMENT IN FUNDS** 

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



## **Comparatives for movement in funds** 

|**Unrestricted funds**<br>General fund<br>Pension Reserve<br>**TOTAL FUNDS**|At 1.4.23<br>£<br>396,071<br>360,000<br>756,071<br>756,071|Net<br>movement<br>in funds<br>£<br>62,042<br>(40,000)<br>22,042<br>22,042|At<br>31.3.24<br>£<br>458,113<br>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**<br>General fund<br>Pension Reserve<br>**Restricted funds**<br>UKSPF Smaller Projects Grant<br>Sport Wales Grant<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>9,033,889<br>-<br>9,033,889<br>61,699<br>38,115<br>99,814<br>9,133,703|Resources<br>expended<br>£<br>(8,971,847)<br>(320,000)<br>(9,291,847)<br>(61,699)<br>(38,115)<br>(99,814)<br>(9,391,661)|Gains and<br>losses<br>£<br>-<br>280,000<br>280,000<br>-<br>-<br>-<br>280,000|Movement<br>in funds<br>£<br>62,042<br>(40,000)<br>22,042<br>-<br>-<br>-<br>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. 

Page 21 

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



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

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



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

|Assets other remeasurement|Defined benefit<br>pension plans<br>2025<br>2024<br>£<br>£<br>(800,000)<br>1,990,000<br>(800,000)<br>1,990,000|Defined benefit<br>pension plans<br>2025<br>2024<br>£<br>£<br>(800,000)<br>1,990,000<br>(800,000)<br>1,990,000|
|---|---|---|
|||1,990,000|



Page 22 

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



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

|Discount rate<br>Future salary increases<br>Future pension increases<br>CPI Inflation<br>Pension Accounts Revaluation Rate<br>Mortality assumptions<br>The assumed life expectations on retirement at age 65 are:|2025<br>5.80%<br>4.00%<br>2.50%<br>2.50%<br>2.50%|2024<br>4.70%<br>4.10%<br>2.60%<br>2.60%<br>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