COMPANY REGISFRATION NUMBER: 06337728 CHARrrY REGISTRATIOP4 NUMBER.. 1190403 Bay Leisure Limited and its Subsidiaries Charitable Company Limited by Guarantee Annual Report and Consolidated Financial Statements For the year ended 31 March 2024
Bay Leisure Limited and its Subsidiaries Charitable Company Limited by Guarantee Annual Report and Consolidated Financial Statements Year ended 31 March 2024 Page Trustees, annual report (inccwrM)ratirwJ Ihe dIrt$ rewrt) rndependent audlliK's retAyt to the membe Consolldaled statement of financkal a(blIeS (1lU"r¥j IroMe and expenditure account) li Cotbsolidated statement of flnancial FQStb"c 13 rtty statement of financlal tF[ 14 Statement of cash kns 15 Note5 to the annual repcrt wKI consodate1 finanaal statements 16
Bay Leisure Limited and its Subsidiaries Charitable Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) Year ended 31 March 2024 The trustees, who are also the dirertors fty the WTp¥Jse5 of company law, present their rew)rt and the Annual Report wyj Consolidated FThn(ial Slalements of the (haNty for the year ended 31 March 2024. Reference and administrative details Reglstered charlty name Bay Le19Jre LIMIt arml Its Subsldiartes Charity registratlon number 1190403 Company registration number 06337728 Principal office and reglstered lIe 4 office st Helens Rwby WKJ Oicket Gr(MJnd Bryn Road Swansea SA2 OAR The trustees J A Cha¥fes R G Dames P N Hawkins R D Thomas M K W411iams P H ThoriNJn Company secretary DJEvar Audltor XeThdin Alt Limited Chartered accountants & statutory auditr)r {Statut(My Auditor) Higmale Hou 7 Centre Court TrefoKest industdal E#ate Pontyprhld Rhc*dda CyTh)n Taff CF37 SYR Bankers Barday5 Bank Flc 262 Oxford Street Swan West Glamorgan SAI 38R
Bay Leisure Limited and its Subsidiaries Charitable Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (conlinuèdj Year ended 31 March 2024 Structurei governance and management GtsVerng Document.. Bay Leisure Limited was inCorated on 8th AJust 2(M)7 and registered with the Charfty Commisslon on 14th luly 2020. Bay Leisure Limlted Is a con4)&ry limrted ty guarantee and 9ovemed by Its Artides of ociatton. Recruitment and app(MntJnent Lif trvstees.. Trustees shall be persons who thiough restdeJw cKcupation, eMYment or otherwise have special krmledge of the area of befit or who are otherwise by virtue of their nal or professsonal qualificalons to make a contribution to the wrsuit OF the objects of the charity. Trusiees are direclrys of the company for the puTfje of CoMnY AN in&ees as at the dale of tNs report and whom hekl Offi throlNJIK) the year are shown on page l. Objectives and artivitles The objects of the Charity are spedflcally re5trtcted to the pronM)tion of cOmmuty pawtiopation in healthy reueallon for the publlc tknefft by wovtsion of C(¥nThnIty gym facilibes and related exerose activ55 and classes. During the pwiod the tharity canied fAJt these d)iecbYe5 tlwh wovision of hlgh quallty, affordable fitness faCIltieS. These f¥Olile5 were made availabk to the wFM)le community on both an ongolng memltr4)ip arKI pay arKI Flay bas& The Trustees confirm that they have reviewed tt Charity Commission guiiklines on pubtic beJ)efit and consider a public benefit is prOded thr¢JJgh its Ob]ts and as9xiaLed actlv1es. Strateglc report The following secttons for aclmevements and p&forrts3rKe a1 finanaal review form the straleglc report of the tharity. Athievements and perfomiance 2023124 has ken another thallenging year for the Charity, Mlh continued headwirKJs as a result of the Cf1 of livlng (rlsls, rising law materlal arKI ut¢lity costs and an increa&ngty Competibve health aThJ fitness market. De5te these hethiinds, the Charity rnana to delivw )lkj member5hlp an(J net proflt performance duiirvJ year. However. the risks future profitsbility posed by competitor expansion and the wlder macroeconomic environnL were slgnifi£anL On IB March 2024 the trade and assets Gym UansamteL Gym Gorsdnon. Slmply Gym Cwmbran and Simply Gym Uxbddge were sold to JD Sports Gyms Umite(t. At ihe same tlme, [K)ti ¥Yas gNen to Cardiff Council to surieiKkr the short term lease on Sivnply Gym Cardlff Bayt with th2 sjte closlng to the public on 28 Mai(h 2024.
Bay Leisure Limited and its Subsidiaries Charitable Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (conunwedj Year ended 31 March 2024 Achievements and performance [continuedJ The sale to JD Sports and dogJre of Simply Gym Car(fiff Bay were by the organisalion, after the conslderation of appropriate professiortal advice, to in the Interests of the Charity. The tranwtyt)ns niaximised the availab return to the Charity the assets held and allowed the organ15atbn io e1 a market whlch was LEcotning i[Kreas1 comtttitsve and pK)5ed syjniknnt risks lo continulng viability. Financlal review DUn9 the 2023124 finanLial year, Charfty rded a rEt surplus of £J.427,950, We draw your attention to note 17 which detalls an eXtradInary Item rec(%Jni5ed in Ihese finanaal statements totalllng £676,072. At the end of the reporhng period the Charity remains in a Sor rinancial Wltion, as is shth¥n by the Consolidated Statement of Firn0a1 Post'tion on page 13 of these financial siatements. The Charlty has nrestricted ldS of £3,350,812 and a cash baLin of É3,366.212 * the rerxxttng date. Plans for future periods Following the sale and ck)sure of all tradiThJ aclNities before the yr end, the Charlty no longer opErales in It5 prevlous capaclty. Although the Charity will no Iger trade and operate gym facllities, il will conbnw Its existence in the foreseeable future to Sett a51 finanoal obligatiorks as they fall due. Surplus cash reserve5 wlll dtrIbuted In accordance with the tharity's objects at the awropriate time. Trustees, responsibilities statement The trustees, who are also directors fv the purp> of company law, are respongb* for preparlng the trustees, report and the Annual Retxrt and cOnlIdated Financial Statements ill accordance with appllcaile law and Unlted Kingth)m AcCon9 Standards (Ut7lted lth"rodom Generally Accepted l(cwn¥ng practi).
Bay Leisure Limlted and its Subsidiaries Charltable Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (eonttnued) Year ended 31 March 2024 Company law requlres the charity trustees lo prepare Annual Rewrt and Consdldated Flnaniial Stalernents foT each ye3r which glve a true and fair vlew of the state of affaws of the charttable company and the Incotntng resources and applIcats"( of res(YJe8 I)ty the IrK(Nne and eXpIlur< for that period. In preparlng these AnnLKI Repjrt and C(ffisdidaied Statements. trustees are requ1 to: selett $Ltalle aCcnting lIk)eS and then apply them consIst)Uy. observe Ihe melh(Kls and prlnciple5 in the aprAichble chare5 SORP. make judgments and aCc(ttn9 e*imate5 that are reasonat4e and wthnt:
ale whether applicable UK ACcong Standard5 have been fdlowed, subject to any matertal
departures di5dosed and explawbed In the Ar)nual Rewt Consolidated Hnanckal Statements; prepare Annual Report and CL¥Il(ted Finandal Statements on the gdng C(eM basls unless It Is in3ppvopriate to wesume that charity 1] continue In 1xts1ne. The trustees are respble for kefig adequate aCcottng records that are suffiaent to show and explaln the charivs transa(t((A)s and disdose wlth reasonalAe accuracy at any tin the flnanclal positlon of the charity and enatAe them to ensure that the Annual Rewt and Consolldated Anandal Statements comply th the Companjes Act 21J)6. They are also reskx¥151ble for 5Jfeguarding V)e assets of the charity and hen for rea[tratIe step5 for the revention and ¢knbon cé fraud aNI rAhtr Irregularities. Audltor Each of ihe pers who Ls a trL&ee at the date of aprff(Nal of thls report c(M)fvms that.. so far as Lhey are aware, therels rn retevartatkyit lthmètion of whth the ttorIS audltor Is unaware,, they have taken all 5tep5 that tlw oughl io have taken as a tTUStee lo make tmSelveS aware of ar relevant audit Infomwtion and to establish that the charity's auditox ts aware of that informatlon, zE.IZ The trustees, annual repjrt and the strawc rewrt were apwoved ......................... .... and stglled or) behalf of the btraré of trLlStees . M K Wllliams Trustee P H Thort*Jn TFUStee
Bay Leisure Limited and its Subsidiaries Charitable Company Limited by Guarantee Independent Auditor's Report to the Members of Bay Leisure Llmited and its Subsidiaries Year ended 31 March 2024 Opinion We have aLKlited the Annual ReF(%t and Con501idated Financial Statements of &3y Leisure Llmited and its Subsidiades (the 'thariV) for the year ent*d 31 Marth 2024 w1ch comprise the consolidated statement of finanaal activities (includiryj income and eXpeIltle account). cOnxldated statement of finaniial positlon, siatement of cash flows arKI the relatal note5, ind119 a 5umfflary of gnifIcant accounting lioes. The finandal reportlng frarnework that has twi opplied in their preparation is arplicable law and United tudom Accounting StarKl3rds, iodfjJdiTr) FRS 102 The Flnandal Reixxtlng Starxlard applioble in the UK and Republic of Ireland (Uted KJtWom Generally Accepted Accounting Prattl). our opinlon the Anrkual Report a1 cOn9lated financial Ststements: gNe a true and fair view of the state of the chariivs affairs as at 31 March 2024 and of Its incomlng re50urce5 and ap1(all of rexr(e$, including its iOe and expen(liiure, for the year then ended; have been property prepared In 8CcOrdan ryth United KtngdTrm Genwally Accepted Accounting Practi. have been prepared In acc(Ythrte with the requkements of the CoFnpanies Act 2. Basis for opinion We conducted our aud¢t in accordance with Enternatl(KFal St8fKfards on Auditlng (UK) [1 (UK)) and applicèbte law. Our re¥K>nsibilitaes under ttK)se standards are further described in the audilorfs rponsIbIlItIeS for the audlt of the annual TeiK¥t aThJ c(M)9Sthted fin8nual ststements section of our rep(¥t. We are independerit of the charlty in accordatKe wth the elhical requiremenfs that are relevant to our audit of the Annual Report and Conlated FanUal Statements in the UK, 1nclijdl the FRC'S Ethical Standard, and we have fulfilled (Mjr other ethical responsiblllties Trn accordance with these requirements. We belleve that the audit eviden we have obtained Is sufficlent atKI appropriate to provth a ba5 our opin. Emphasls of matter- flnanclal statements prepared on a basis other than a going concer We draw attention io Note 3 to the finanoal staternents whtch explairts that the O)artty ceased ils gym operallon5 in Maich 2024 arml therefore do not c(der il to be ap(wriate to a(k)pt the gry"r¥J corKern basls of accounbng In prepartng Ihe finaal staThents. Accordingly, the fina71 Statements have been prepared a bays other than g(Ang concern as descrfbed in Note 3. Our onIOn is mDJifted in reSt of ttus matter.
Bay Leisure Limited and its Subsidiaries Charitable Company Limited by Guarantee Independent Auditor's Report to the Members of Bay Leisure Limited and Its Svbsidiaries fcontlnuedj Year ended 31 March 2024 Emphasis of matter- extraordlnary Items We draw attenuon to Note 17 to the finanrial ststements whith explatns the everts and transacbons falling outslth the charity's ordinary aLliv)lies are by thelr nature extreme5y Rre aThl are referred lo as extraordinary items. Extraordinary items are material events or transaciThs thal fall outside of the tharivs Lrdinary activities, re abn(rnial in the4r nature, and are not expected to iecur. Our oiinlon is not mc%Jifi&J In respect of ttus malter. other Information The other information comprises the inf(Kmation IFKtud&l In Ihe annual rewt, other than the Anrnal Rewrt and Consolidated Financial Ststemenls and our auditorfs rep)rt thereon. The trustees are responsible for the other Informabon. Iljr opinion on the Annual Report arKJ Consolidated Finanaal stèiements does Flot cover the other lnftirma0n arhj, except to the extent otheIse expllcldy ststed in r repc*, we do rt express any fomi of assurarKe conclusion therem. In connectic¥Tr imth our audit of the Annual Rewxt and CL¥b501kated finanaal Statements, our responsiblllty Is to read the other Information and, itb (k¥ng so, conser whether the other information is materially Inconslstent wilh the Annual Report and Consofidated Financial Ststements or our knowledge obtained in the auth"t or otherwise appeals to be nkiterially misstated. If we idenb.fy such material 051$tencre5 or apparent material misstatements, we are required lo detwmine whether there is a material misstatement the Annual Rewrt and Consdidated Finanaal Aatements a material misststement of the other information. If, based on the work we have performed, we condtxje that there Is a materfal misstatement of this other iiformatlon, we are reqwred to rem that fact We have nothirwJ to reF4Yt In thls regard. Oplnlons on other matters prescribed by the Companles Art 2006 In our opSnion, based on the work undertaken fn the cowse the audit: the informab'on given Fn Iru5tees' report the finanoal year for iyhich the Annual Report and Consolidated Flnanoal Statements are wepared 15 consistent with Annual Report and Consolidated Flnancial Statements- and the trvstees, reEx)rt has been prepared in acCOr(kn with OFplicaLle kgal wuirements.
Bay Leisure Limited and its Subsidiaries Charitable Company Limited by Guarantee Independent Auditor's Report to the Members of Bay Leisure Limited and its Subsldiarles (contlnu¥d) Year ended 31 March 2024 Matters on which we are required to repurt by exception In the light of the knOwge arml understarMITng of the charity and tts envlronment obtained in the course of the audio we have not identified material misstaternents In the trustees, rewrt. We have nothing to report In resrEIt of the followry Matt in rel3kn.on to which the Companies Att 2006 requires us to rermyt to you if, our opinion: Bdequate accoJnting records have mt i7 kq)t. returns qate for our a1t have Trjt iEen received from brancls not vlslted by us; or the Annual Rekx)rt arKI Consofidated Flnanctsl Statefwlts are not in agreement wlth the ac(ountyng records Kj returns; or erlaln dlsdosures of trusteeg rernrat ycified by Eow are not made: or we have not rerelved all the Informalion arml explanavons we require for our alIt. Responsibilities of tnlstees As explained more fully In the trustees. resptsnsibililles ststernent, the trustees (who are also V)e dlrectors for the purwses of company law) are reyngble for the preparation the Annual Reiw)rt and Consolidated Financial Sialements and for treing satisfied that they g.ve a true and fair view, and for such intern&1 contr(A as the trustees deteiffllne is [essary to enable prration of Annual Report and ConsolidalwJ Financial Statements that are free from materfal mlsstatement, whether due to fraud or error. In preparing the Annual Rep)rt and Consdxlated Finantial Statem)ts. the Irusiees are restM)nsible for as5essiTrJ the charlty's ability to continue as a gc4ng cOnm. d10519, as applIcae, Inaiters related to golng (oncern a1 Usi the going corrn basis of acc(wnting unless the trustees elthet intend to Ilquldate the ¢hariV or to cease operations. have no realistic alteinalive but to do so.
Bay Leisure Limited and its Subsidiaries
Charitable Company Limited by Guarantee
Independent Auditor's Report to the Members of Bay Leisure Limited and
its Subsidiaries (conunued)
Year ended 31 March 2024
AudÈtw's responsibilities for the audlt of the annual report and consolidated financial
statements
Our objecttveg a to obtain reasorkatrAe aSSUrar abwt whether the knnual Rep and cClIdated
Finanoal Stèrements ès a whole are free from material mi55tratement. Whettrr due to fraud or error, and to
Issue an audltor s report that includes our opi¥uon. Rea9Jnable assurance is a high level of assurance, but15
not a guarantee that an audit condurted in aCdanCe with ISAS (UK) will always derett a material
mlsststemenl when It exists. Misststements can arise from fraud or error and are consldered materlal if,
Individually or In the aggregate, they ccMJld rea9)nabty be expecteij to knfluence the economt dlsiOnS of
users tsken on the basis of these Amual Report and Corbsolidatal Flnanoal Statements.
Irr8Jularilies, including fraE¥J. are tr5 01 wH)n-p11ale with laws and r8Julatyons. We deslgn
procedures in line with our resp)nsitilitres, oudirEd aiK)ve. to de materlal mlsstalements in respect of
Irre9ularlUes, Induding fraud. The exient to which our pr
Bay Leisure Limited and its Subsidiaries Charitable Company Limited by Guarantee Independent Auditor's Report to the Members of Bay Leisure Limited and its Subsidiaries (¢ontinuedJ Year ended 31 March 2024 As part ol an audll in accordance with ISAS (UK). we exercise professkjnal Ju(SJment and rnolntsln prof5[on31 scepti(ism thrwhout the audit. We a150. ldentr.fy and asse the risks of matwial mFsstatement of the Annual Reky)rt and ConscAidated Flnancial StatemeJ)Is, vA)ether due to fraud errc, 1sign and perfom) audit procedures Sponsive to I)se riths, and obtsin Bthlit eiAdence ihat is frent and approwiate to prde a basls for our 0.niOn. The risk of not detertiThJ a material misstatement resultin9 from fraud Is higher than for one resulting frorn error, as frèLvJ may involve collusi. intentional Omissi$, misrepresentations, or the Overri of *ttemal cltr. Obtaln an UJerStandrng of Internal control rekvant to the audit In order to design audit prOdureS that are approprlate in the arcumstances, but not for the purpose of expressi an opinlon on the effethvene5s of the intwnal contrd. Evaluate the approprkiteness of accwnbllg wjlides ttsed aFXt the reasonableness ol accounbng eMateS and reLated dIoJres made by the Iru51ee5. Cortlude on the apprwlatasS of the trusteeg use of the going (Crn bags cl acccyJntlrrfJ and, bad on the authit evidence obtainal, whether a materlal tJrKertalnty ests related to events or ccq)dlllS that may cast &gnific3nt doubt on the charity's ability to conOnue as a g(xng concern. If we cclUde that a mateiial uncertsinty e$ts, sye are reVred to draw attention Sn our audltor's rep(rt to the related dIsclosu5 in the Annual RetKrt and Consdidated Financial Staternents or, if such dClosU5 are inadequate, to mcmlify our opnw. Ow condu&th)s are based on the audit eviden obtalned up to Ihe date of r auditcy's retM)rL However, (ure events or condib.ons may cause Ihe charity to cease to continue as a gxng conn. Evaluate the ovwall pre5entatton, structure and content of the Annual Report and ConlIdated Flnancia5 Statenients, nduding the disdosures, aThJ whether the Annual Retmt and fyg)lidated Flnancial Statements repret the Lw¥jerln9 transaction5 aThJ events in a manner that ach4e¥es fa presenta.
Bay Leisure Limited and its Subsidiaries Charitable Company Limjted by Guarantee Independent Auditorfs Report tg tbe 14embers of Bay Leistsre Limited and its sUbdIar1e5 Year ended 31 March 2024 We communicate with those charged with g(Nera re9arrJir#J, 4mwJ othEr rT)atters, tre pknned and tsrning of the and ggnificarlt audr( fir11, it41g any ggnth[rt defiGercÈs in irternal control blat we identty durirJ wr adi Its¢ of our report Thi5 report is rDade %)lety to t d7arrtV5 bers, as a trty. in aoExxdanTr wiv) Chapter 3 of Part 16 of the Cotnpanies Act 2006. OLr eudit work has been urxlertakffi tlwt rThght te to the rnernbers ttrx) ntter5 we a FeVuir b) state to trrn in an aLbdttorfs rewt ar for no cthr purpfft. To the fullest extent permitted by law, we do actrpt (K asAvne tespjnsbility to anyorE (thw than the (tk4rity and the (hartys mernbvs as a iKxly. for ¢)ur aJdit fDr this rerrf the opirlors have formed. Tarri3 Qegg FCCA l&nior Sta• AL4ltor) FCK and on irh21F of Xeinadin Aldit Umited Chartered acccyJntallts & statutory aLvJiior (Statutry Audltor) Hi9hdale HiJuse 7 Cestse Court Trefo.st Industrkl E•te Pfftrk8d ndda CTrTK)n Taff CF37 SYR i)4104 | ioLS
r40 m* u u
Bay Leisure Limited and its Subsidiaries Charitable Company Limited by Guarantee Consolidated Statement of Financlal Position 31 March 2024 2024 2023 FlxÈd èssets Intangiwe assets Tangible fixed assets 18 19 234,620 1,915,472 25,Otn 2,150,092 2S.LXKI Current assets Debtors Cash at bank and In hand 21 261,224 3,366,212 3,627,436 719,472 862,264 1,581,736 CreditQTS: Amounts falllng dug wltNn tsne year Net cwient a55ets 301,624 3.325.B12 1,589,347 (7,611) 2,142,481 Total assets less curKnt Ilabllltles 3,350,812 Credltors: Amounts falling due after mare than one year Net assets 219,619 3,350,812 1,922,B62 Funds of the char•ty Unreslrkled fttr¥ds 3,350,812 3,350,612 1,922,862 1,922,862 Total tharity lunds 26 These Amual Rert aTrJ Fhwdal Ststements wwe èpwcw iry the board of tru5kn au1kn5ed fty tssue on ...l%..?.,If.-....., M K Willlams Trustee P H Trfjrn Tnjstee The notss on pages 16 to 36 forni part ol these Annual Report and Cons¢lldated Flnanclal Statements. 13-
Bay Leisure Limited and its Subsidiaries Charitable Company Limited by Guarantee Charity statement of Financial Position 31 March 2024 2024 2023 14ote Fixed assets Intanglble assets Tangible fixed assets Investments 18 19 20 481,577 1,915,472 loo 25,000 loo 25,100 2,397,149 Current assets Debtors Cash at bank and kn hand 21 276.5 3,193,645 3,470,450 722,767 724,B73 1,447,640 Creditors: Amounts falllng due within one year Net current assets 22 516,349 1,7+1,788 (297.148) 2,100.001 2.954.101 Total assets less cuireht liabilitles 2,979,201 Credilors: Amounts falling due after more th•n one year Net assets 219,619 1.880.382 2,979.201 Funds of the tharity Unrestrlcted fun(Ss 2,979,201 1,860,382 1,880,382 Total charity funds 16 2,979,201 These Annual Report aThl Con authoYls&1 for Issue on .... iilated da1 Statements weTe approved by the board of trustees and ., and are sWd cn beholf of f K Williams Trustee P H Thortmxn The notes on pages 16 to 36 form part of these Annual Report and Consolidated Financlal Statements. 14-
Bay Leisure Limited and its Subsidiaries Charitable Company Limited by Guarantee Consolidated Statement of Cash Flows Year ended 31 March 2024 2024 2023 Cash flows from operatlng activities Net income 751,878 185,950 Adjustments fcy.. Depreciation of taTraie fix&J assets Amortisation of intaTrglble assets other interest re&Vable and &fflil6r Income Interest payhble and similar charges Loss on disposal of tsngible ftxed assets Taxatton Accrued incfflie Extraordinary Iterrs 352,227 46,946 (A74) 122,020 582,811 68,768 (1,860) 101.404 2,295 37,212 1381,006) £111,020) 2,414.316 (326,666) Trade and other debt<ws Trade and dher credltors Provlstons and employee LEnefits Cash generated from (Verati$ 458,248 (466,677) 69,879 (36,778) {45,000) 526,995 3,297,778 InteYe5t recaved Tax receIv1 174 206,295 Net cash from OratiThJ advlli 3,297,952 734,176 Cash flows from investing activities Purd)ase of tanglble as*ts Proceeds from sale of langible assets Net used In InveStW actie5 (12.325) (254,440} 22,175 (12,325) {232,265) Cash flow5 from financing activltles Repayments of tx)rrowings Payments of finance lease liabllities Net used in firTrancing actiwties (237,863) (112,226) (543,816) (688,596) (781,679) {800,822) Net Increasel(dÈtrea5e) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 2,503,948 862,264 (298,911) 1,161,175 3,366,212 862,264 The notes on pages 16 to 36 form part of these Annual Report and Consolidated Financial statements. 15-
Bay Leisure Limited and its Subsidiaries Charitable Company Limited by Guarantee Notes to the Annual Report and Con501idated Financial Statements Year ended 31 March 2024 General information The d)arity is a public benefit elltity alld a wivaie company limited by guaran, registered In England and Wales and a registered charity in EnglatKI and Wales. The è(klre55 ( the wistered office 15 Suite 4, St Helens Rugby and CrKket Ground. Bryn Road, Swansea, SA2 OAR. Statement of compliance These Annual Report and Consolidated Finana31 Statements have been prep3red in compliBrKe with FRS 102, The FiRanoal Reportin9 Starthrd èppllcable in the UK and the Republlc of Irejarnl., the Statement of Recommended Practice alcable to charitS weparino their accounts in aCcIdaCe wllh the Finandal Repong Stsndard applicable in the UK and ftepubI of Ireland {FRS 102) (ChèrlUes SORP IFRS 102)) and the Comrjanies Act 216. Accounting policies Basis of preparation The financial statements have been prepared tsa on a discontinuan of trading actiVitS d[n9 the 2024 accounting 1(1. Basss of consolidion The consolidated financial statemerts incowate the finarrial statements of the CharTrty and all group undertakings. As a consoltdated Statement of h"nanial Activilies and Income and expenditure account Is publis, 0 Separate Slatement L* Finanoal Actiwt(e5 for the rellt company is omitted from the group financlal slalements by vÉrtue of secb.on 408 of the Companies Act 2006. -16-
Bay Leisure Limited and its Subsidiaries Charitable Company Limited by Guarantee Notes to the Annual Report and Consolidated Financial Statements (corttlKuedJ Year ended 31 March 2024 Accounting ptsli¢ies (¢ontlnuedJ Going concern Charities normally prepare thelr accounts on the of tH"ng a golThJ concern. The trustees Must make Ihelr own assessment of the charity's ability to conb.nue a5 a wn9 cOnM to assure themselves ol the vaIlty of this assumpt when preparing ihelr accounts. In maklng thls assessmen( a charlivs trLE#ees should take into account all availab infortnali£)n about the future for at least, but not limited to, 12 nnthS from the date the accounts are approved. Afi charities mLtst explain if there ale material unwlainbes relatal to events or condltions that cast slgnificanl bl on the charity's abllity to ty"ne as a golng coe[n. In making their explanation, charities thuld provide: a bdef explanallon a5 to those factors that suppxjrt the ojnduson that the thrity is a going a thlanced, prop)rVonate dear thsd(6ure of any unrtaIne5 that makes the g(yng cOnrn assumption doubtful,. ( Ir the accounts are wtot pretkired m a gl¥j corKEm bs, this fact fflust be disclosed, together wllh the baS on which the trustees Jxepared the COunt5 and the reason why the charlty is not regarded as a golng COnn. In assessng ihether the ing concem assumption is appropriate, the trustees have taken In to account all available infoimakn.on atxxrt the future. The Charity has 501d the trade a1 assets of rtaIn gym I(Katio5 and has wsed operations at ihe iemainlng l(Kations. The Chartty r¢0 longer 0rateS kn its prevlous capacity. The Charity will continue in $terbCe for the foreseeable future to sethe all financial obligations as they fall due, and will Ifonate its wrplus cash reseNes to other charitres. Discontlnued operations DIOntInUed opeyatlons Tepresent Ihe complete {th5(J)ntiatian (, iy dlsposal of, a separate Ilne of tAJlrbess artlvlty or charltabte acttvity and rnt 51mply Ihe ¥ending out of a restricted fund. An anatysis of iontinLRng ioni1nued operati(*)s Ik3s tEen prowded in the 50FA by way of an additional column. 17-
Bay Leisure Limited and its Subsidiaries Charitable Company Limited by Guarantee Note5 to the Annual Report and Consolidated Financial Statements (contlnued) Year ended 31 March 2024 Judgements and key sources of estimatlon uncertainty The Charity make5 estimates and assumptions concerning the Future. The resultlng ac(ounttng esllmates will, by definiuon, seld(¥n equal the related tUal rlt% The estimates arKI assumptlCXlS that have 5ignifKant risk of CaLLSifU a material adjustment to ihe carying aFnovnts ol assets an lalieS wlthln the next finanoal year are addressed ith. (l) Useful economlc Ilves of tangible asts The amual depreciation charge for tarvjlble assets is wsitive to change5 in the estimated useful economic lives and residual values of the assets. The useful economic live5 residual valves are re-assessed annually. They are amen(kd when necessary to reflt current estimates. See nole 20 for the carrying amount of ttr propety, plant and eqpment and note 3 for the v5eful noMiC lives for each class of assets. Iii) aas4fication of leases lease 15 classifd as a finanTr lease if it transfers substantially all the risks and rewards incidental to ownership. A lease is classified as an opvating if it not transfer sub5tanlially all the risks and rewards Incidental to OWrhIp. Whether a lease is a finance leè or an operating lease depends on the sUbthn of the tiansadion rather than the form of the contract. The crity will forrn a judgement on each lease contract whebY MpleS of gtuab'ons that indivédually or In In CLKnbination would rMalLY lead to a lease being das%fied as a finan lease as folltsws.. The lease trSfer$ owneTsNp of the asset to the lessee by the errd of the lease term: The lessee has the Opon to purd¥5 the asset at a pri that is expected to be sufficientty lower than the fair value at the date the option beconks exercisatAe for it to rea50natAy certain, at the IpIlon of the lease, thal the optlon wlll exerdsed: The lease term is for the rnaiLY part L* the eCotlC life of the asset even if tiue is not transferred,. At the Snception of the lease the present value of the minimum lease payments amounts to at least substanllally all of the fair value the Sed asset,. and The leased assets are OF swh a swallsed nature that onty the le55ee can use them without Thar modificatiCmS. Taxatlon The tsxalK)n expense represents the aggregate alt of CLrrent and deferred tax recojnised in the reportlng perl¢yJ. Current lax 15 recognised on laxèble I[Me or expenditure for the current and pa5¥ periods. Current tax Is nOsUred al the anKunts of tsx extecled to pay or recove¥ using the tax rate5 and laws that have beerk enatted or subs¥antr"vely enacted al the iewting date 18-
Bay Leisure Limited and its Subsidiaries Charitable Company Limited by Guarantee Notes to the Annual Report and Consolidated Financial Statements (continued) Year ended 31 March 2024 Accounting policies (contlnuedj Taxatlon (¢Mtlnu¢d) Deferred tax Is recognlsed in resptt of all ttinirg (k"fferences at the t)[ng date. Unielleved tax losses and other deferred tsx a55ets are reiognlsed to Ihe extent that it is probatAe that they will be recovered ègainst the reversal of deferred tsx liabiliti& or other fulure taxable Profits. Defeffed tax is measured uslng the lax rates arHJ laws that have been enacied or substantively enacted by the reporting date that are expected to 4¥pty to the reversal of the bming differert Fund Kc¢)untin9 Unrestricted funds are available for use at the d*eth)n of the trustees to further any of the chadty's purtx)ses. DÉ£lgnated funds are urnestrlcted fund5 eaimarked ty the tsijstees particular fijture projeLt or commitment. Restricied ftjnds are subjected to restricb"on5 on their expendith dedared by the donor or throthjh the terms of an appeal, and fall into one of tsyo sulkclasses: restriLted Income funds or endowrnent funds. Incoming resource5 All income Is included in the StateMt of finla1 attlvities wn entidement has passed to the charity, it is probable that the economic benefits asxxiated wlth the transacbon wlll flow to the charity ar the amount can rdiably ffleasured. The followng SPEafic Oicies ale applied to p3rbcular categorie5 of irme. Dorn$ and gants - revenue granls are credited as Incoming resource5 In the wlod to which Ihey relate promded conditions fc receipt have teen com[4 wbth. Charltstle a"tIeS . heallh fftness Income Is [lSe wilh Ihe dellvery of the contracted servlce. Trading income - all trading irrnme is accounted for or) an accrua15 ba5. This Income indudes IIKMI and beverage sales. retsil sales r(x)m hlre and 50ft play. Investment income- investment is acccxtnted an a¢truals basis and relates to bank Interest. other inco£ - all otther ie 15 induded in the statement of fan001 activitfies In the to which lateS provided the charlty Is legally enuiled to the IoMe. -19-
Bay Leisure Limited and its Subsidiaries Charitable Company Limited by Guarantee Notes to the Annual Report and Consolidated Financial Statements (continued) Year ended 31 March 2024 Accountin9 policies fconmmied) Resources expended Expenditure is recogniSe on an acuuals basls as a lialm.lity is Incurral. EUEndIre Indudes any VAT whlch cannot be fulty recovered, afKI 15 dassifieé urYJer headings the statement of flnancial activities to which il rdates.. Costs of tradlng activities COmPTises costs incurred by the charity in re5Fect of ftod and beverage sèles, retail sales, room le and soft play. (haritable expenditwe conwrlw t costs Incurr&l by the thaiity in the ddivery rf its activitles and seNces for ils Iknefidarie5. It indude5 both costs that con be allcKoted dircttly to suth activities and those costs of an in(lirect nature r*cewry to support them. Support cost5 are Ihose that assist the work of the Charity but Th)t directly represent tharltable acllvltses. Governance costs indude those costs assodated wiEh nEebrg Ihe consUtuty"onal and 5tatiJtory requirements ol the charity arKJ ilfe the audit fees armj costs Ilnked to the slraleglc marogement of the chartty. All costs are éllocated between the expenditure catewies of the statement of finala1 acb"wkn'es on a basis dgned to reflect the use of the re. Costs relating to a pa"cUlar actiwty are allcKated directty, others are aPptiO[d on an approwiate basis. OperJtlDg leases Lease payments a recLYJtlsed as an expense over the lease term oft a straight-llne basls. The Bregate benefit of lease incentlves is recoj5ed as a ieductton to exFErise over the lease term, on a 51raighl-line basts. Goodwlll Goodwill adses on business acqui&tions and represents the eXS of the cost of the acquisltion over the company's interest in thè net amount of the Ideriae assets, liaix"lities ar#1 contingent liabilltles of the acquired lsInes% Gcthwil Is rnea5urad al cost less acCumulad anvb5ation and accumulated ifTyairment10sses. It IS amorlised on a straight-line basls over Ils LSseful life. Where a reliable estimate of the useful lire of goodwlll or IntanglNe assets cannot made. the life pr&sund not lo exceed ten year& Amortlsatlon Amortisatlon rs cakulated so as to ivrite (AF Ihe cost of an asset, less its estimated red[traI value, over the useful life of that asset as fd10. Goodwill IO% straight li
Bay Leisure Limited and its Subsidiaries Charitable Company Limited by Guarantee Notes to the Annual Report and Consolidated Financial Statements Ccontlnued) Year ended 31 March 2024 Accounting polwties {<ontlnuedJ Amortlsatton fcontlnued) 11 there 15 an Indication that there has been a %9niflont chatwje in amortisabon rate, useful life or resldual value of an intangible asset. the aM"SauC Is revised proycb.vely to renert rhe new estimates. Tanglble assets Tangible assets are iniually re£orded at co* subsequently stated at cost less any accumulated depreciation and Impairment losse& Cost lide5 Costs directty attribulatrAe to making the asset capable of (peièting as Nltended. Depreciatio Depreciation is calculated 9) as to write off the cost or valuation of an asset, less its resldual valLt, over the useful economic life of that asset as foll(5.. Long le3sehcAd property Motor vehides Equipment 10%- 33% straight Ilne 20% straight line 10¥0 - 33% straight ltrbe Investments ItTvestments in subsldiarfes are measured at cost less ImpalrmertL Debtors and t¥edltors rrfesvablelpayable within one year Debtors and creditors with no stated interest rale and reoivable c payable within one year are recorded at transaction prKe. losse5 from I1¥ment are recognthl In expen(titure. Loans and borrowlngs Loans and borrowings are in¢tially recogr4sed at the transaction price induding transaction costs. Subsequentty. Èhey are measured at amcrtised cost usir¥J the effective interest rate method, les5 impalrment. Finance leases and hire purchase contracts Assels held ullder finan lease5 and hire r(hase contrdrts are rec(MJf)Ised In the cl5Jated statement of ftnanclol poyuon as a55ets ond Ilatslities at the lower of the fair value of the assets and the present value of the minimum lease payments, whith 15 deterfflIr at the Inption of the lease term. Any inltial direct costs of the lease are addgj to the aT¥KJunt recogni$ as èn asset. Lease payments are apportlonel bewn the finar charges and of the Outstandi lease liability using the effective Interest melhod. Finan d)arges we allooted to ch perlod so a5 to produ a c(Stant rale of intwest C the rema?nlrKJ balan of the liai¥lity. 21-
Bay Leisure Limited and its Subsidiaries Charitable Company Limited by Guarantee Notes to the Annual Report and Consolidated Financlal Statements (mitlnued) Year ended 31 March 2024 Accounting policies (c•ntinuedJ Financlal Instrnments A finanool asset or a financwl liabllity is recognised when the entity trEcomes a party to the contractual provlslons of the instwment. Basic financial Instrufflents are bnitk?Ily OgniSed at the amount receivable or payèble includiro any relat transaction (osts, t arrangement conslllules a finwKiTrJ Irdnsactim, where it is recognised al the present Val of the future payments dIscoLted at a market rate of interest for a similar debt instrLunenL Currnt assets arKI current liabilities are yJbsequenUy MeasLed at the cath tx otr consideratlon exFeCted to be pald or reIVed and r¥)t discounied. Debt in5trurnents are sth&4uenUy msur&l at am[111 cost. Any reversals of impairment a reiognised imTnediatety, to the extent that the revers81 does n( re5uII In a carrying arnount ( the financial asset ttrt exceeds what the ratryirbg amount would have been had the Impairment not previouly been recogn1. Defined contribution plans ContributioTrs lo defined contrtbubon plans are recowised as an expense in the pericxl In which the rekted Vi is provi(Jed. Prepaid contnbution5 are rrnsed as an asset to the ektent that the prepayment will lead to a red1¢ in future aYMents or a cash refurKI. When conlribultons are not experted to LE settled vth(Aly within 12 months of the er of the rep(xting date in whKh the emrAoyees reThler the related Nice, the liability is measured on a discounteyf prnt value The unwinding of the disccxjnt is reugnised as expense In the peri in whKh it ar1. Limited by guarantee The Charitable Company is limited by guarante& Undw Clause 3 of the deS of Associatlon, all members undertake to contribute to the Chadtoble Company such an amount as may required, not exceeding £1, in the event of it LEin9 wc*Jnd ijp durirrfJ the pericé of meMbehIP wilhln one year aftenvords. Charltable actlvlties Unre5tri£ted Total Fund5 Lh)restritted Total Funds 2024 F$ 2023 Health and fitness 4,539,525 4.539,525 4,50L,642 4,501,642
Bay Leisure Limited and its Subsidiaries Charitable Company Limited by Guarantee Notes to the Annual Report and Consolidated Financial Statements (confynuealj Year ended 31 March 2024 Other trading activities UnrestTKted Total Funds Unrestricted Toial FurKfs Fmls 2024 2023 VetKling machine commisson Relail sales Room hire other IoMe 17.559 17.559 16,313 325 35,846 16,313 325 35,848 27,743 27,743 45,302 45.302 52,493 52,493 Investment Income UntrIL*ed Total Funds Unrestricted Total Funds Furn85 2024 Fund5 2023 Bank Interest receivaNe 174 174 886 886 Costs of other troding activities UnrestriCtj Total Funds UnrestrKted Total Funds Fur¥Js 2024 Funds 2023 Retall wrchases (367) (367) Expendlture on tharitable activltles by fund type Unrestrlctèj Total Funds Unresfrlcted Total Furkds Funds 2024 Fund5 2023 Health and fitness Support costs 3,208,369 624,754 3.208,369 624.754 3,7(K),894 629,037 3,700,894 629,037 4,329,931 3,833,123 3,833,123 4,329,931 -23-
Bay Leisure Limited and its Subsidiaries Charitable Company Limited by Guarantee Notes to the Annual Report and ConsoRidated Financial Statements (¢ontlnuedJ Year ended 31 March 2024 10. Expendlture on charftable activities by activity type Activitie5 undertaken direclly SuprKJrt costs Total funds 2024 Total fund 2023 Health and fitne Governance costs 3.208.369 58,718 566,036 624,754 3,267,087 566,036 3,833,123 3,737,498 592,433 4,329,931 3,208,369 Analysis of actlvlties undertaken dtrattly 2024 2023 External instructors Stsff costs Operating leases Rates and water Light and heat 81,215 862,054 364,453 113.217 2,257 93,262 836,786 667,027 117,869 261,857 E 11 other establishment costs Inwrance General consumables Adverbsng Other Offl costs AnthisatlDn ol inlangible ossets Depreclalion of equlpmerbt 261,325 52,963 39,698 186.973 5,689 46,94S 350,471 194,972 44,200 48,127 185,947 12,390 68,768 579,836 2024 2023 Interest on bank loans ar overdrèfts Interest on finarKe leases and hlre purcha (£tra(S Lionce5 Costs Irrecoverable VAT Retenlion costs 13,697 87,635 57,310 35,937 281,403 107,126 3,208,369 11,392 89,038 64,323 39,621 317,112 68,367 3,700,894
Bay Leisure Limited and its SubsAdiaries Charitable Company Limited by Guarantee Notes to the Annual Report and Consolidated Financial Statements (conllnuedj Year ended 31 March 2024 11. Analysls ol support tosts Trkalth and fithes5 )Veran Total 2024 Total 2023 Staff costs Premises Communlcallons ar¥J LT Telephone Operating leases LenC Other office costs Irrecoverable VAT Oepreciation Legal and professic4)al fees AIMIIt fees Travel and Subsist Interest and similar charges 441.169 13,319 11,911 1,594 22.428 2.278 3,663 17,075 1.756 30,093 20.750 441,169 13,319 11.911 21,486 22.428 2,278 3,663 17,075 1,756 30,093 20.750 18,138 20,688 484,449 9,645 8,72G 22,265 20,941 12,673 2,085 10,817 2,976 24,857 14,000 14,635 974 19,892 18,138 20.688 58,718 566,036 624,754 629,037 12. Other expendithre Lknrestricted Total Fund5 Unrestrthd Total Funds Funds 2024 Funds 2023 Loss on Ifisp0561 of tsngible fixed assets held for charity'5 own use 2,29S 2,295 13. Net income Net income is skted after chargingl{crediting): 2024 2023 Anvtisatlon of intanglble assets Depreciabon of tangitje ffed assets Loss on disposal of tangible fued assels Operating lease renta15 46,946 352,227 68,768 582,811 2,295 687,968 386,881 14. Auditots remuneration 2024 2023 Fees payable for the audit of annual reFAyt and congjidated financlal 5taternents 20.750 14,000 Fees payable to the charitys aLKlitor and its aslateS for ther se[W5. Taxation cornpliaFKe servi 575 1,550
Bay Leisure Limited and its Subsidiaries Charltable Company Limited by Guarantee Notes to the Annual Report and Consolidated Financial Statements (ronlinued) Year ended 31 March 2024 15. Staff c0515 The total staff costs arKJ employee berkefits for Ihe retxjrting ricKl are analysed as follows.. 2024 2023 Wages and salaries Social security costs Employer contributions to pension plans 1,093,963 100,640 108,621 1.303.224 1,119.379 91,556 110,300 1.321,235 The average head count of emrAoyees durfing the year was 60 (2023.. 61). The avera ThUMr of full-time eouivalent emKtyes during the year is anlysed as follows.. 2024 No. 2023 No. Management Admlnlslrallve Operaliorkal 55 56 60 61 The numier of eOYeeS whDSe remunerati for the year fell within the Fo14ng barkds, were.. 2024 2023 No. No. £L50,000 to EL50,999 Key Management Personnel Key maTragemenl [erSonr include all perstsns that have authority and responsibility for planning, direcUn9 and coTrlrolli the actTrvities of the tharity. The total comrensation to key management kErsonnel for swvices provided to the charity wa5 E368.844 (2023'.E348,416}- 16. Trustee remunerntlon and expenses No trustees Teceived any remuneration duriTrJ the year (2023: £rill. No trustees had travel expenges rdmbursed durin9 the year (2023: £nil).
Bay Leisure Limited and its Subsidiaries Charitable Company Limited by Guarantee Notes to the Annual Report and Consolidated Financial Statements (conunuedj Year ended 31 March 2024 17. Extraordlnary Items Event5 and transaction5 Falling outside a charity's ordinary activities aTe by their nature extremely rare and are referred to as extro(Kdinary items. Extraordinary items ère material events or transaction5 ihal, fall QUIde of charivs ordinary actiwlies, are abnormal in their nature, and are not expected to rer. 2024 Discontinued operations- sale of four gyms In March 2024, the company sold f(xw of Its gyms to ID srts Gyrns Limit. The Sa re5vlied in a nel gakn of £676,072. as detsikd telow: 2024 PrcKeeds from the sale of trade and as< Legal and professional fees td Notice fee5 ld Disp0531 of go(NJwlll - NBV removed at dare of salè Disposal of equiprnent- NBV removed at date of sale 'sposal of leasehold imp>Vernets- NBV renkwed at dale of te 2,500,000 {85,435) (248) (187,674) (1,119,416) (431,1551 676,072 As part of the Sa agfeement f the fow gyffls, E150,(XKI of the pr((eeds has been retalned as claims ietenkn'on and £7,0 has tren relained as a Wk mts. relenuon in iespert of the Cwnibran lease. These amounts are contrnga)t on certain conditior2s atKI will rettynised when recaved o¥ released based on the final setuement of oblig3trons. The totsl net gain from the sale is recorded after deduding these retentions. Discontsnued operatlon$- ¢lo$ure of the fifth gym The company ceased 0rati( OF its last rnallYg gym in 2024. The assets of Ihls gym h1 been previc¥J4y invalrj to £25,Oc> In the finarKial slate1Tl5 for the year endeil 31 March 2023. These assets were subsequentsy sc4d in luly 2024 for £65,000, generating a year erxj gain of E40,(KK>. Thts galn will te recognlsed in the financial statements for the year w(ling 31 f¥lard) 2025. 2023 IMpalrnnt tsf a55ets In relalton to Simply Gym Cardiff Bayi followlng recurring fjos5es, lease uncertainty, and sSIble demolition off the propety. a fvll impairment yeeW was Condted. This resulted in a total impalrment chaige of £699,244 being recogFused in the firbanoal statewnents for the year ended 31 March 2023, covering leasknld irnprovenRnts gym equipment. -27-
Bay Leisure Limited and its Subsidiaries Charitable Company Limited by Guarantee Notes to the Annual Report and Consolidated Financial Statements (continued) Year ended 31 March 2024 2023 (contlnued) Discontinued operations The dosure of Slniply Gyni Southend led to restructwirwJ provlsions aTht losse5 on asset disposals. Thls Induded a £326,666 reslrucluriTrJ provision, a É262.9361055 on wodwill distx>sal, and a £93,881 loss on fixed a55et di5P05aE5. briFTging total extr8(¥dinary costs to £683,483. 18. Intangible assets Go(Klwlll Cost At l April 2023 A(klition5 Dlsposals of previou5ty acquir businesses At 31 March 2024 485,465 (485,4651 Amortisatlon At l April 2023 Charge for the year Dlsposa15 Of preMou5ty acouired IMleSseS At 31 March 2024 250,845 46,946 (297,791) Carrying amount At 31 March 2024 At 31 Marth 2023 234,620
Bay Leisure Limited and its Subsidiaries Charitable Company Limited by Guarantee Notes to the Annual Report and Consolidated Financial Statements (conbnued) Year ended 31 March 2024 18. Intangible assets (conilntdj Charlty Goodwlll At l Awil 2023 Dlsw)&ils of prevtOLFsty acqulred buslnesses At 31 Marth 2024 743,297 (640,399) 102,898 AmortFsation Go(xJwtll At l April 2023 Charge for the year Dlswsals of prvthcrtjsty acquired txjsinesses At 31 March 2024 261,720 7S,801 (235,623) 102,898 Carrylng amount Gocxjwill At 31 March 2024 Gotsjwlll At 31 March 2023 481,577 -29-
Bay Leisure Limited and its Subsidiaries Charitable Company Limited by Guarantee Notes to the Annual Report and Consolidated Financial Statements (conllnued) Year ended 31 March 2024 19. Tangible fixed assets Leasehold improveTnents Motor vehlcles Equipmertt Total Cost At l Aprll 2023 Additlons DI5)$al5 At 31 March 2024 2.911,501 11,831 {2,216,811) 706.521 14,858 3,982,361 6,908,720 494 12,325 (3,367,593) {5,584,404) 615,262 1,336,641 14.858 DepTeciation At l April 2023 Charge for the year Dlsposals At 31 March 2024 2,352,593 139,585 11.765,657) 706,521 13,102 1.756 2,627,553 4.993,248 210,886 352,227 (2,248,L77) 14,033,834) 590,262 1,311,641 14,858 Carrying amount At 31 March 2024 25,OOLI 1,354,808 25,000 At 31 March 2023 558,908 1.756 1,915,472 -30-
Bay Leisure Limited and its Subsidiaries Charitable Company Limited by Guarantee Notes to the Annual Report and Consolidated Financial Statements (conbnued) Year ended 31 March 2024 19. Tanglble flxed assets (L¥nthwedJ Charity Leasehold improvement vehicles Equipment Totsl At l April 2023 Additions DIsP05als At 31 March 2024 2,911,501 11,831 (2.216,811) 706,521 14.858 3,982,361 6,9)8,720 494 12,325 (3,367,5B3) (5,584,4(14) 615.272 1,336,641 14.858 Depreclatlon LealM)td improvement Motor vehides Equlpment Totsl At l Aprll 2023 Charge for the year D19Josals At 31 March 2024 1352,593 139,585 (1,785.657) 706,521 13,102 1.756 2.627,553 4,993,248 210,886 352,227 (2,246,177) 14,033,834) 590,262 1,311,641 14,858 CaFYylng amount LeasehcAd Improvemenr Motor vehic$ Equipment Totsl At 31 March 2024 25,000 25,CQD Improvement vehicles Equipment Total At 31 March 2023 558,918 1,756 1,354,808 1,915,472 Finance leases and hire PUTchase contracts Included wSthin the carying value of tang1te red assets are Ihe following amcMJnts relating to assets held under fInae leases ( hire purchase agreewnerts: Equlpment At 31 March 2024 At 31 MaKh 2023 959,603 -31-
Bay Leisure Limited and its Subsidiaries Charitable Company Limited by Guarantee Notes to the Annual Report and Con501Fdated Financial Statements (contlnue Year ended 31 March 2024 20. Jnvestments Group The group ha5 no investment& Charlty Shares in group undertèknngs Cost and net l)(KJk valve at l April 2023 and 31 March 2024 loo Details of the Investmenfs in whkh tharity has an inlerest of 20% or more are as folows: SUBSIDIARY COMPANY HOLDING % HELD SlmtAy Lelswe Ltd Ityj Or(linary £1 thares loo 21. Debtors 2024 2023 Trade debt(Ys Prepayments and accnEd Ir(cffie r debtors 9.519 251.705 15,621 700,684 3,167 261,224 719,472 Charity 2024 2023 Trade debtors Prepayments arKI accrueAd IrOrne other debtors 9,519 251.705 15,581 276,805 12,288 700,684 9,795 722,767 -32-
Bay Leisure Limited and its Subsidiaries Charitable Company Limited by Guarantee Notes to the Annual Report and Consolidated Financial Statements (tontinuedj Year ended 31 March 2024 22. Credltors: Amounts falling due within one year 2024 2023 Bank loans and overdrafts Trade creditors Accruals and (leferred iome Social security and other taxes (Xligations under finae la3ses arKS hire pur(ha5e contracts Other creditor5 99,630 694,959 415,533 29,200 340,899 9,126 1,589,347 215.839 35,016 41,201 301,624 Charfty 2024 2023 Bank loans and ¢)wdrafts Tr6de creditors Amotjnts owed to group undertongS Accruals and deferred illCOFne Social securlty and other taxes Obligati(75 under finance lease5 arLI INre purchase contrdcts 99,630 694,614 178,852 415,533 15,260 340,899 1,744,788 215,636 242,280 35,016 23.417 516,349 23. Creditors; Amounts fallTllg due after more than one year 2024 2023 Bank kn5 and 0VdraftS ot93tiOnS under fnance leases and knre purchase contrdts 124,537 95,082 219,619 Charity 2024 2023 Bank loans arKI oveiiirafts ObligalKbns under finarce leases and INre purthase contracts 124,537 95,082 219,619 -33-
Bay Leisure Limited and its Subsidiaries Charitable Company Limited by Guarantee Notes to the Annual Report and Consolidated Financial Statements (contlnuedj Year ended 31 March 2024 24. Finance leases and hire purchase tontracts The total future rdnlmum lease paymemts under firb3nce lease5 and htre pwdiase contracts are as folbws: 2024 2023 Not later than l year Later than l yeai and not later than 5 years 340,899 95,082 435,981 Charity 2024 2023 Not latei than l year Later than l year and FL later than 5 years 340,899 95,lJ82 435.981 25. Pensions and 0th8T Post retirement benefits Dellned contribution plans The amount recognised in Income or expErKllture as an ex1)Se in relati to defined COntbUt)n pian5 was £108,621 {2023'. £110.3CKS). 26. Analysis of charitable fund5 Llnvestrirted funds At 31 March 20 24 t l April 2023 Income ExpeIltUre Genwal furKts 1,922.862 5.261.073 (3,833,123) 3.350,812 At I[KOft Expendibjre 31 Mard) 2023 At l April 2022 General fuTrJs 3,119,639 4.555,021 (5,751,798) 1,922,862
Bay Leisure Limited and its Subsidiaries Charitable Company Limited by Guarantee Notes to the Annual Report and Consolidated Financial Statements (continued) Year ended 31 March 2024 27. Analysrs of net assets between funds Unrestricted Total Funds Funds 2024 Jntangible assets Tangible fixed assets Current assets Creditors: amounts falling due within year Creditors: amounts tslllng th after wrK)re than one year Net assets 25,000 3,627,436 (301,624) 25,CKJO 3,627,436 1301,624) 3,350,812 3,350,812 Unrestrtcted Total Funds Funds 2023 IntanglbPe assets Tanglble fixed assets Cvrrenl assets Credltors.. amounts fallbro due wlthln Ce ye Credit(¥5'. atnounts falli due after rrttxe than one year Provisions 234,620 234,620 1,915.472 1,915,472 1,581.736 1,581,736 (1,589,347) 11,589,347) {219,619) 1219,619) Net assets 1,922,862 1.922,862 28. Ath)lysis of changes in net debt At At l Api 2023 Cash flows 31 Mar 2024 Cash at bank in hand Debt due withln one year Debt due aftw one year 862,264 (440,529) {2k9,619) 202,116 2,503,948 440,529 219,619 3.366,212 3,164,096 3,366,212 29. Capital commitments The Charlty had rto ca"tal commiiments at 31 Mar(h 2024 {2023: £nll). 30. Operatlng lease commitments The totsl fvture minimum lease payrnts urnler nOnrKe[lable ottrating leases are a5 follows.. 2024 2023 Not later than l year Later than l yeai a1 ¥K)t later tN4n 5 ye*$ Later than 5 years 16,272 5,519 441,629 1,656,187 4,349,320 21,791 6,447,136 -35-
Bay Leisure Limited and its Subsidiaries Charitable Company Limited by Guarantee Notes to the Annual Report and Consolidated Financial Statements (rontintsed) Year ended 31 March 2024 30. Operatlng lease cornmitments (tonbnuedj Charity 2024 2023 Not later than l year Laler than l year and not later llon 5 years Later than 5 years 16,272 5,519 441,629 1,656,187 4,349.320 21.791 6,447,136 31. Contingent liabilities There were Trj conb"ngent Ilabll1ts at 31 Marth 2024 (2023: £nll}. 32. Related partles Simply Lelsure Urntted is a IIJJVO subsidiary of Bay Leisure Limited and as gjch, the group has taken advantage of the exemmi(xi un(kr FRS 102 from dixlosing transartKffts with other wholly owned group companies. -36-