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 dIr￿t￿$ rewrt) rndependent audlliK's retAyt to the membe Consolldaled statement of financkal a(b￿lIeS (1￿lU￿"r¥j Ir￿oMe 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 conso￿date1 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 A￿lt 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 GtsVer￿ng Document.. Bay Leisure Limited was inCor￿ated on 8th A*Just 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, eM￿￿Yment or otherwise have special krmledge of the area of be￿fit 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 puT￿fje of CoM￿nY 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 cOmmu￿ty pawtiopation in healthy reueallon for the publlc tknefft by wovtsion of C(¥nTh￿nIty gym facilibes and related exerose activ5￿5 and classes. During the pwiod the tharity canied fAJt these d)iecbYe5 tlwh ￿ wovision of hlgh quallty, affordable fitness faCIl￿tieS. 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 prO￿ded thr¢JJgh its Ob]￿ts and as9xiaLed actlv1￿es. Strateglc report The following secttons for aclmevements and p&forrts3rKe a￿1 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 Cf￿1 of livlng (rlsls, rising law materlal arKI ut¢lity costs and an increa&ngty Competibve health aThJ fitness market. De5￿te 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 environn￿L 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 e￿1 a market whlch was LEcotning i[Kreas1￿￿ comtttitsve and pK)5ed syjniknnt risks lo continulng viability. Financlal review DU￿n9 the 2023124 finanLial year, Charfty r￿￿ded a rEt surplus of £J.427,950, We draw your attention to note 17 which detalls an eXtra￿dInary Item rec(%Jni5ed in Ihese finanaal statements totalllng £676,072. At the end of the reporhng period the Charity remains in a Sor￿ rinancial W￿ltion, as is shth¥n by the Consolidated Statement of Fir￿n0a1 Post'tion on page 13 of these financial siatements. The Charlty has nrestricted l￿dS 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 y￿r end, the Charlty no longer opErales in It5 prevlous capaclty. Although the Charity will no I￿ger 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 ￿ d￿trIbuted 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 cOn￿lIdated Financial Statements ill accordance with appllcaile law and Unlted Kingth)m AcCo￿￿n9 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(YJ￿e8 I)￿￿￿ty the IrK(Nne and eXp￿Ilur< for that period. In preparlng these AnnLKI Repjrt and C(ffisdidaied Statements. trustees are requ1￿￿ to: selett $L￿talle aCc￿nting ￿lIk)eS and then apply them consIst￿)Uy. observe Ihe melh(Kls and prlnciple5 in the aprAichble char￿e5 SORP. make judgments and aCc(￿ttn9 e*imate5 that are reasonat4e and wthnt: #ale whether applicable UK ACco￿￿ng 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 resp￿ble for ke￿fig adequate aCco￿ttng 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 r*evention 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 ttorI￿S audltor Is unaware,, they have taken all 5tep5 that tlw oughl io have taken as a tTUStee lo make t￿mSelveS 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 w1￿ch comprise the consolidated statement of finanaal activities (includiryj income and eXpe￿Ilt￿le account). cOnx￿ldated statement of finaniial positlon, siatement of cash flows arKI the relatal note5, ind￿11￿9 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 (U￿ted KJtWom Generally Accepted Accounting Prattl￿). our opinlon the Anrkual Report a￿1 cOn9￿l￿ated 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 ap￿1(all￿ of rex￿r(e$, including its i￿O￿e 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 r￿ponsIbIlItIeS 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 Con￿l￿ated F￿anUal 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 ba￿5 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 fina￿al sta￿Thents. Accordingly, the fina￿￿71 Statements have been prepared ￿ a bays other than g(Ang concern as descrfbed in Note 3. Our o￿nIOn is mDJifted in reS￿t 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 lnftirma￿0n arhj, except to the extent othe￿Ise expllcldy ststed in ￿r repc*, we do r￿t express any fomi of assurarKe conclusion therem. In connectic¥Tr imth our audit of the Annual Rewxt and CL¥b501k￿ated finanaal Statements, our responsiblllty Is to read the other Information and, itb (k¥ng so, cons￿er 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 ￿￿0￿51$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 knOw￿ge 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 i￿7 kq)t. returns ￿q￿ate for our a￿￿1t have Trjt iEen received from brancl*s 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 rern￿rat￿ ycified by Eow are not made: or we have not rerelved all the Informalion arml explanavons we require for our a￿lIt. 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 pr￿ration 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 cOn￿m. d1￿051￿9, as applIca￿e, Inaiters related to golng (oncern a￿1 Usi￿ the going cor￿rn 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 cC￿￿lIdated Finanoal Stèrements ès a whole are free from material mi55tratement. Whettr￿r 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 aC￿danCe 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 d￿lsiOnS of users tsken on the basis of these Amual Report and Corbsolidatal Flnanoal Statements. Irr8Jularilies, including fraE¥J. are tr￿￿5 01 wH)n-￿￿p11al￿e 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 pryon, ornisson or Misrepr￿n1OtsOTr. 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 prof￿5[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*, 1*sign and perfom) audit procedures ￿Sponsive to I￿)se riths, and obtsin Bthlit eiAdence ihat is ￿fr￿ent and approwiate to pr￿de 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 c￿ltr￿. Obtaln an U￿JerStandrng of Internal control rekvant to the audit In order to design audit prO￿dureS 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 e￿MateS and reLated dI￿o￿Jres made by the Iru51ee5. Cortlude on the apprwlata￿sS of the trusteeg use of the going (C￿￿rn bags cl acccyJntlrrfJ and, ba￿d on the authit evidence obtainal, whether a materlal tJrKertalnty e￿sts related to events or ccq)dlll￿S that may cast &gnific3nt doubt on the charity's ability to conOnue as a g(xng concern. If we c￿clUde that a mateiial uncertsinty e￿$ts, sye are reV￿red to draw attention Sn our audltor's rep(rt to the related dIsclosu￿5 in the Annual RetKrt and Consdidated Financial Staternents or, if such d￿ClosU￿5 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 con￿n. Evaluate the ovwall pre5entatton, structure and content of the Annual Report and Con￿lIdated Flnancia5 Statenients, nduding the disdosures, aThJ whether the Annual Retmt and fyg)lidated Flnancial Statements repre￿t the Lw¥jerl￿n9 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 sUb￿dIar1e5 Year ended 31 March 2024 We communicate with those charged with g(Ner￿a￿ re9arrJir#J, 4mwJ othEr rT)atters, tre pknned and tsrning of the and ggnificarlt audr( fir￿11￿, it￿4￿1￿g any ggnth[￿rt defiGercÈs in irternal control blat we identty durir*J wr a￿di 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)* n￿tter5 we a￿ FeVuir￿ b) state to tr￿rn 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 Re￿rt aTrJ Fhwdal Ststements wwe èpwcw￿ iry the board of tru5kn au1kn5ed fty tssue on ...l%..?.,If.-....., M K Willlams Trustee P H T￿rf￿jrn 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 sW￿d 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 taTrai￿e 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 debtVerne￿ts- 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 tr*en 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 0￿rati(￿ OF its last r￿nallY￿g gym in 2024. The assets of Ihls gym h￿1 been previc¥J4y invalr￿j to £25,Oc￿> In the finarKial slate1T￿l￿5 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 IMpalrn*nt tsf a55ets In relalton to Simply Gym Cardiff Bayi followlng recurring fjos5es, lease uncertainty, and ￿sSIble demolition off the propety. a fvll impairment ye￿eW was Cond￿ted. 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 IM￿l￿eSseS 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 (conilnt￿dj 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 Lea*lM)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 tang1t￿e r￿ed assets are Ihe following amcMJnts relating to assets held under fIna￿e 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 Ir￿Orne 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 i￿ome Social security and other taxes (Xligations under fina￿e 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 underto￿ngS 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 k￿n5 and 0V￿draftS o￿t93tiOnS under fnance leases and knre purchase contrdts 124,537 95,082 219,619 Charity 2024 2023 Bank loans arKI oveiiirafts ObligalKbns under finar*ce 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 F￿L 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 ex￿1)Se in relati￿ to defined COnt￿bUt￿)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 Expe￿IltUre 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 C￿e 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 payrn￿ts urnler nOn￿rKe[lable ottrating leases are a5 follows.. 2024 2023 Not later than l year Later than l yeai a￿1 ¥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-