JUBILEE HALL TRUST LIMITED
CHARITY NUMBER 273562
COMPANY NUMBER 01310649
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
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JUBILEE HALL TRUST LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
CONTENTS
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Trustees’ Annual Report
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Statement of Trustees’ Responsibilities
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Independent Auditors' Report to the Trustees of Jubilee Hall Trust Limited
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Group Statement of Financial Activities
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Group Balance Sheet
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Balance Sheet
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Group Statement of Cash Flow
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Notes to the Accounts
Jubilee Hall Trust Limited
Trustees' Annual Report
For the year ended 31 March 2022
1a
The trustees, who comprise the Board of Directors, present their report and financial statements for the year ended 31 March 2022.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the FRS 102.
MISSION
Building Healthier Communities
VISION
Making a Measurable Difference to the Health & Wellbeing of our Local Communities.
VALUES
Passionate We are passionate about our purpose, about the service we provide and about our supporters and members. We love what we do and how we go about doing it Inclusive (open, friendly, accepting) We welcome everyone into our community irrespective of their background, motivations or ability Productive (results-orientated) We are going to make a difference. We set goals and aim to beat them. Enterprising (imaginative, energetic) We go the extra mile, find smart solutions to issues, invent new ways of doing old things better and learn from our mistakes. Supportive (co-operative, compassionate)
Together we’re stronger. We work as a team to build the organisation and no-one colleague, supporter or participant gets left behind.
Introduction to Jubilee Hall Trust – by Jeremy Simpson: Chair
The past three years have been unprecedented for Jubilee Hall Trust and the wider health and leisure sector. Whilst Covid-19 has started to dissipate, the changes wrought on society have been fundamental and it appears increasingly unlikely we will return to “business as usual”. Added to this, a costof-living crisis focuses minds on all expenditure.
Many groups have been disproportionately impacted by the pandemic and Jubilee Hall’s mission is to encourage in particular women, older people and those with underlying health conditions to exercise. Some are nervous about returning to buildings full of other people, some unable to do so for health reasons and others simply do not have the time and/or money.
We have also seen a change in working patterns, which in turn influence the time many members have to come into gyms in Central London.
Our mission has however never been more relevant. As a charity, some 30% of our DD and Annual membership is concessionary, mitigating some of the financial challenges. The advent of conditions such as long Covid and underlying health conditions that worsened through lack of healthcare availability during the pandemic requires significant support for rehabilitation, in which our GP referral programmes are critical.
All of this makes it an interesting time to take on the leadership role for Jubilee Hall Trust and I would like to acknowledge the superb job that Jon Giles has done in taking on the role of CEO. He has stepped up into a hugely challenging environment and shown great resilience in ensuring we could resume trading, whilst protecting customers and staff. On which note, I would also like to register my appreciation to the senior team of Louise, Ollie, Anna, Stuart and Leighton and their respective teams for their dedication and excellence over the past year.
Of course, we would be nothing without our wonderful members and I offer my sincere thanks for their ongoing support. We will continue to provide a fulfilling environment for you to exercise, socialise and achieve your aims.
We look forward to the future with confidence that Jubilee Hall Trust will provide an important service to our communities and our doors remain open to all.
1b
Jubilee Hall Trust Limited
Trustees' Annual Report
For the year ended 31 March 2022
Chief Executive’s report – by Jon Giles
I would like to begin by acknowledging, with a great deal of pride, the tremendous efforts of the entire Jubilee Hall Trust team. They have demonstrated loyalty, resilience, innovation and an unfaltering positive attitude which has created a strong foundation for us to continue building a successful future for the Charity.
All the leadership team have taken on additional responsibilities including Head of People and Community Development, Group Sales, Group Data insight, Safety Health and Wellbeing and the Community Ambassadors Team.
One of the Jubilee Hall Duty managers took on a Group H/S support role and receptionists and gyms instructors across the Charity joined the Community Ambassadors team and Safety Health and Wellbeing committee.
Engaging our team members more broadly across the Charity has meant we have an enhanced, in-depth focus on these elements of our business, and the staff have felt they had greater involvement in running the business. Team members are more invested in our programmes and our teams feel they have been listened to when planning for our future.
We focused on increasing the number of ‘hybrid’ employees able to cover a variety of roles including reception, gym floor and teaching exercise classes. This was achieved by investing in our existing staff through funded training to upskill them in these areas, with 6 employees going through this process.
All new recruits are cross trained to cover all functions and staff teach classes as part of their working day.
The combined impact of this helped us save over £100k per year in freelance instructor costs. An unanticipated benefit was the positive response from our members. Feedback received shows our staff are now the ones building relationships and creating a strong sense of community.
Another area of development is our digital engagement with ‘prospects’ and existing members. Our aim was to expand and improve our social media strategy to include Facebook, Instagram and TikTok, creating meaningful content which was relatable and appropriate. To source this expertise we established a digital intern programme recruiting a graduate in Digital Media to work with us for between three and six months. Over twelve months, three interns completed the programme and because of their experience with the charity, two interns secured full time employment elsewhere. Our first intern stayed in contact with the Charity and acted as a mentor for new recruits.
Jubilee Hall Trust Invested in Mental Health First Aiders to ensure we had a well-rounded approach to employee wellbeing and proactively held mental health check-ins at the start of every meeting.
We circulated a survey to all members to gain feedback about their return to our gyms post-lockdown, focusing on studio occupancy and Covid management systems. As a result, the decision was made to ensure customer wellbeing was given a priority and we favoured safety and inclusion over packing out our studios.
One club created Buddy Up sessions to help those suffering the effects of social isolation, whereby members could make a request for a workout partner and either be introduced to a likeminded customer, or a member of staff to train with.
The Trust has sought to find more efficient working practices. We launched the first of our digital integration services, Bright HR designed for staff use. This allowed for rotas, holiday and other absence tracking to be managed in a streamlined way, with the added benefit of it being a paperless system. This significantly improved our HR administration and payroll function. In addition, we took our Health and Safety administration online, including opening and closing checks, risk assessments and accident and incident reporting so all information was captured digitally. Not only did this reduce the amount of paper wasted but also significantly improved our data recording, resulting in our highest ever audit scores with Right Directions, our external H&S consultant.
I would like to acknowledge and thank Trustees for their support through a difficult period in our Charity's history.
Jubilee Hall Trust Limited
Trustees' Annual Report
For the year ended 31 March 2022
1c
OUR TRADING ENVIRONMENT
When our doors re-opened in April 2021 membership had dropped to 60% of pre-pandemic levels. We were fortunate that we had the reserves to support us through this difficult time, but we have also been supported by a £250k CBILS loan.
Customers are returning and the digital engagement from those working from home has been very popular, driven by the huge surge in both live and ondemand classes, due to the prominence of brands such as Peloton and celebrity trainers like Joe Wicks.
TFL were reporting a 70% drop in commuter journeys and with 90% of our customer base being office and business customers this presented us with a challenge.
95% of our staff had been furloughed through lockdown and upon re-opening, whilst many had the option to work from home, our teams were on site every day. We resumed our clubs’ respective pre-pandemic opening hours to ensure maximum retention of customers and maximum opportunity for new sales and this meant staff returning to their usual shift patterns and enduring the daily commute. Through the use of Westfield Health and personal support we looked after our team members who were struggling with their mental health as they adapted to the “new normal”.
One of Jubilee Hall Trust’s aims was to treat the most vulnerable of our community with the same priority as our fully paying members by ensuring our concession customers who may have struggled with social isolation and loneliness were encouraged back into our facilities with plenty of classes and opportunities for safe social contact.
OUR PARTNERSHIPS
In partnership with Innovatise we launched a new app delivering virtual and on-demand classes. Staff taught live classes from their homes during lockdown and customers (including senior members) could take part in a variety of exercises. The classes were carefully designed without the requirement for gym equipment and to take into account limitations on floor space. Upon re-opening we invested in digital tablets so all classes could be taught live and streamed to those who were still yet to return.
All live stream classes were automatically recorded, building an On-Demand library now featuring over 600 classes.
When we initially launched the online content, we had an average of 8 virtual customers per class but as the year progressed and virtual and on-demand became less popular (big suppliers such as Peloton reporting a 25% drop in their user market) we experienced our numbers dropping significantly and the appetite for digital exercise began to dwindle.
Our library of classes and live streaming still had a place in our membership, so we launched Digital Plus to suit those customers who were still reluctant to return to our facilities, or customers who wanted to freeze their membership. It is still currently available but not a key driver in membership.
We collaborated with UK Active to launch National Fitness Day (on the 22nd September 2021) at Jubilee Hall Covent Garden, with key sponsor TRX. The event was broadcast live across Good Morning Britain and Sky News and was a huge success, further promoting the charity.
Another notable successful partnership was with Peloton. As they were opening their new head office in Covent Garden. Peloton needed a showcase site where they could display their entire range of equipment for potential purchasers and in addition to replacing all of our cardio range, the deal included two new Peloton bikes which gave our customers free access to their content and classes.
We continued to deliver The Trip with Les Mills as the only club in central London to have this facility with 100% of these classes being taught by staff on shift! Les Mills were a terrific support during this period offering significant discounts on our licencing fees for the programmes to remain.
We would like to thank the Charity bank and RBS for their support through this difficult time. We also supported the Charity Bank with their promotional photo shoots. This directly led to a partnership with Wates Housing Group, a private company who offer annual grants and donations by invitation only.
We forged an even stronger relationship with our landlord Capco who have been a tremendous support to the Charity in a variety of means. Capco actively promoted Jubilee Hall Trust to their own employees, encouraging them to become members. They are currently working on a partnership deal to supply their entire portfolio of commercial and residential lets with built-in gym membership, potentially broadening our customer base. We were also offered a significant reduction in our service charge as well as having a flexible approach to our payments to support our cash flow.
In April 2022 we were awarded a £150K grant from Sport England. The original application for this grant was submitted by the previous CEO Phil Rumbelow and he successfully petitioned for the grant earmarked in 2020 (subject to an investment plan and schedule of works being agreed) Sport England have been hugely supportive over the year!
Coin Street and Parliament continue to be strong supporters of Jubilee Hall Trust and we continue to work with them to provide excellent commercial and community programmes within their contracts.
Jubilee Hall Trust Limited
Trustees' Annual Report
For the year ended 31 March 2022
1d
OUR COMMUNITY
Jubilee Hall Trust’s community programmes have continued despite the difficulties the Charity has faced. Our Head of People and Community Development along with our Community Ambassadors played a huge role in ensuring the community programmes are a key focus for the charity and in their monthly meetings new programmes were created, notable examples were Youth Gym, Blind Yoga, Women’s Lifting Club.
In June we collaborated with Camden Councils Active Living Officer and Age UK and hosted two pop-up gym sessions at their outdoor gyms. We also held Gym session for females aged 16-19 (in association with Coram Fields) and Yoga sessions for partially sighted participants (using a current instructor who is partially sighted) in partnership with Blind Aid.
In September Jubilee Hall launched their Exercise Referral programme in partnership with Everyone Health and Active Westminster and in November we successfully bid for £1000 funding through Active Westminster to host a class for females during free Sundays.
We also worked with the This Girl Can Campaign with staff receiving training on delivering classes during the Sport England programme.
Our annual Run for Your Life race event on Hampstead Health was our most successful yet with over 6000 participants ranging in ages from 3 to 80! Feedback from the event was excellent and it generated a surplus of £2,500 for our community programmes.
OUR FUTURE
I believe we have laid some sound foundations in the last year. Our people take responsibility for various aspects of the Trust and innovation is thriving with staff creating our first corporate awareness video to promote the charity to local businesses. We are also launching our first recruitment video to raise our profile in the recruitment market. We are reviewing our CRM systems to source a more streamlined approach to data management and customer engagement. We are also exploring new and exciting business opportunities with Capco.
Jubilee Hall Trust’s greatest challenge at present will be to navigate the cost-of-living crisis. With energy rates soaring upwards of 300% we need to become more energy efficient and scrutinise our fixed and variable costs whilst continuing to deliver exceptional value to our members.
According to our industry competitors, operators will be reviewing their swimming pool services, many with a view to closing pools over the winter. Whilst we do not have pool facilities, the hope is such drastic action may prompt a response from government to support businesses with their utility renewals.
We remain focused, resilient and opportunistic.
1e
REFERENCE AND ADMINISTRATIVE DETAILS
CHARITY NAME AND NUMBER
REGISTERED PRINCIPAL OFFICE
TRUSTEES
CHIEF EXECUTIVE OFFICER
PROFESSIONAL ADVISORS
Jubilee Hall Trust Limited Registered charity number 273562 Company Number: 01310649 30 The Piazza Covent Garden London WC2E 8BE
J D Guy J Weir T Mitchell R Perkins L Chung D Barrett (resigned 15/11/2021) J J C Simpson S Bull (appointed 05/03/2022) J Homer S L Bussey C Martin
J Giles
ACCOUNTANTS
OBK Ltd Chartered Accountants East Wing, Goffs Oak House Goffs Oak Herts EN7 5BW
AUDITORS
UHY Hacker Young (East) Limited Registered Auditors Chartered Accountants PO Box 501 The Nexus Building Broadway Letchworth Garden City Herts SG6 9BL
BANKERS
Royal Bank of Scotland PO Box 412 62/63 Threadneedle Street London EC2R 8LA
SOLICITORS
Royds Withy King 69 Carter Lane London EC4V 5EQ
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3a
Jubilee Hall Trust Limited
Independent Auditors' Report to the Trustees of Jubilee Hall Trust Limited
For the year ended 31 March 2022
OPINION
We have audited the financial statements of Jubilee Hall Trust Ltd (the ‘charity’) for the year ended 31 March 2022 which comprise the Group Statement of Financial Activities, the Group Balance Sheet, the charity's Balance Sheet, the Group Statement of Cash Flows and the notes to the group 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, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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give a true and fair view of the state of the Group's and charitable company's affairs as at 31 March 2022 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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 Auditor's responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts 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 directors' use of the going concern basis of accounting in the preparation of the finiancial statements is appropriate.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
We draw attention to note 2 in the financial statements, which indicates that the Trust obtained a loan covenant waiver for the year ended 31 March 2022, and the Trustees anticipate obtaining a further covenant waiver if it becomes likely that the covenants will be breached without such a waiver in the year ending 31 March 2023. The Trustees expect the lender to continue to be supportive on the basis that sufficient security is held to cover the loan.
OTHER INFORMATION
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 require us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the Trustees' Report; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
3b
Jubilee Hall Trust Limited
Independent Auditors' Report to the Trustees of Jubilee Hall Trust Limited
For the year ended 31 March 2022
RESPONSIBILITIES OF TRUSTEES
As explained more fully in the Statement of Trustees' Responsibilities, the trustees, who are also the directors of the charity for the purpose 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 directors 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 charity’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 charity or to cease operations, or have no realistic alternative but to do so.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
We have been appointed as auditors under section 152 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 an auditor's report 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.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report
This report is made solely to the charity’s trustees, as a body, in accordance with Chapyer 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
IRREGULARITIES AND FRAUD
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the company and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the company, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to financial mismanagement.
Audit procedures performed included: review of the financial statement disclosures to underlying supporting documentation, review of correspondence with and reports to the regulators, enquiries of management, and testing of journals and evaluating whether there was evidence of bias by the Trustees that represented a risk of material misstatement due to fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
John Sheehan BFP FCA (Senior Statutory Auditor), for and on behalf of: UHY Hacker Young (East) Limited Registered Auditors Chartered Accountants PO Box 501 The Nexus Building Broadway Letchworth Garden City Herts, SG6 9BL
UHY Hacker Young (East) Limited is eligible for appointment as auditor by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
Dated
4
Jubilee Hall Trust Limited
Group Statement of Financial Activities
For the year ended 31 March 2022
| Note Income from: 3 3a 4 16 8 Net movement in funds Reconciliation of funds: 16 Transfers between funds Net (expenditure) / income for the year before transfers Recoverable VAT Net (expenditure) / income for the year before transfers Total expenditure Charitable activities Other income Charitable Activities Investments Total income Expenditure on: Total funds carried forward Total funds brought forward Tax on profit on Ordinary Activities |
Unrestricted £ 1,318,275 27 13,577 124,624 1,456,503 1,365,166 1,365,166 91,337 6,000 97,337 80 97,417 374,436 471,853 |
Restricted £ - - - - - - - - (6,000) (6,000) - (6,000) 141,967 135,967 |
2022 Total £ 1,318,275 27 13,577 124,624 1,456,503 1,365,166 1,365,166 91,337 - 91,337 80 91,417 516,403 607,820 |
2021 Total £ 541,243 175 13,773 555,368 1,110,559 1,484,533 1,484,533 (373,974) - (373,974) (5) (373,979) 890,382 516,403 |
|---|---|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities.
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7
Jubilee Hall Trust Limited
Group Statement of Cash Flow
For the year ended 31 March 2022
| Cash flows from operating activities Interest Paid Tax Paid Net cash from operating activities Net cash from investing activities Increase/Decrease in cash and cash equivalents in the year Cash Flows From Investing Activites Interest Received Purchase of tangible fixed assets Proceeds from sale of tangible fixed assets Cash Flows From Financing Activities Repayment of borrowings Borrowing Advanced in Year Analysis of changes in Cash Cash at Bank and in hand |
Notes 6c |
As at 01.04.21 364,587 364,587 |
2022 £ (147,859) (21,767) (18) (169,644) 27 (2,466) 413 (2,026) (27,573) 19,741 (7,832) (179,502) Cashflows (179,502) (179,502) |
2021 £ (259,317) (20,829) (36) (280,182) 175 (87,383) - (87,208) (31,159) 270,827 239,668 (127,722) As at 31.03.22 185,085 185,085 |
|---|---|---|---|---|
8a
Jubilee Hall Trust Limited
Notes to the financial statements
For the year ended 31 March 2022
1 Status of the company
a) Statutory information
The company, a registered charity, is a company limited by guarantee not having share capital. Members are admitted by subscription and their rights are set out in the Articles of Association.
The members are not permitted to receive any dividends and the trustees are not permitted to receive any remuneration from the company.
2 Accounting Policies
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows
Accounting Convention
The financial statements have been prepared in accordance with 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 2015) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) including the provisions of Scetion 1A “Small Entities” and the Companies Act 2006.
The preparation of financial statements in conformity with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" requires management to exercise its judgement in the process of applying the accounting policies. It also requires the use of certain critical accounting estimates and assumptions. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in each relevant note.
Preparation of the Accounts on a Going Concern Basis
The financial statement has been prepared on a going concern basis. Since the period end, trading conditions have been challenging but stable as people continue to return to normal post pandemic. The Trustees have considered the position of the charity in light of the financial resources available to it, together with, if necessary, the crystallisation of assets of the charity, together with available support for charities provided by the government in the form of grants and loan support. The Trust obtained a loan waiver covenant for the year ended 31 March 2022, however the Trustees anticipate obtaining a further covenant waiver in the 31 March 2023 year end. The charity's lender remains understanding and supportive and the lease for Covent Garden was revalued in 2021, suggesting that the value of the lease is greater than the charity's liabilities. These factors have led the Trustees to conclude that the charity can continue its operating activities successfully for the foreseeable future and gives the Trustees a level of comfort that the charity will be able to meet its liabilities as they fall due. The accounts should therefore continue to be prepared on a going concern basis.
Group Financial Statements
These financial statements consolidate the results of the charity and its wholly-owned subsidiary Jubilee Hall 2000 Limited on a line by line basis. A separate Statement of Financial Activities, or income and expenditure account, for the charity itself is not presented because the charity has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006. The profit for the charity alone is £92,514 (2021: loss of £373,996)
Membership Activities
Membership activities include membership fees, gym activities, locker fees and room, equipment and sunbed hire. Membership fees are shown over the period to which it relates.
Café and Drinks Vending
Café and drinks vending is accounted for on a receivable basis, net of VAT.
Management Fees
Management fees are accounted for on a receivable basis.
Donations and Grants
Income from donations and grants, including capital grants, is included in incoming resources when these are receivable.
Resources Expended
Liabilities are recognised as soon as there is a legal and constructive obligation committing the charity to pay out resources.
Recoverable VAT
Recoverable VAT is shown as a separate income heading and was calculated on a monthly basis.
Interest Receivable
Interest is included when receivable by the charity.
8b
Jubilee Hall Trust Limited
Notes to the financial statements
For the year ended 31 March 2022
2 Accounting Policies (continued) Assets and Depreciation
Assets costing below £200 are not capitalised.
Depreciation is provided on all tangible fixed assets at rates calculated to write off the costs, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Sports and Office Equipment over 4 years and 5 years Long Leasehold Improvements over 10 years and 25 years Short Leasehold Improvements over remaining life of lease Long Leasehold over 125 years
Pensions
The company operates a defined contribution scheme for its employees. Contributions are charged to the statement of financial activities as they become payable.
Unrestricted Funds
All of the charity’s income is unrestricted. No restricted or designated funds are held by the charity.
Allocation of Support Costs
Support costs consist of salaries for administrative staff. These are allocated on an estimated income percentage basis of 5% relating to management fees and 95% relating to income.
Allocation of Governance Costs
Governance costs consist of audit fees. These are allocated on an estimated income percentage basis of 5% relating to management fees and 95% relating to income.
Hire Purchase and Leasing Commitments
Assets obtained under hire purchase contracts are capitalised in the balance sheet and are depreciated over their estimated useful lives. Rentals payable Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statements of financial position and the amount of the provision as an expense. It is the company’s policy to make a provision for future expected dilapidation costs in the last 3 years of a property lease to the extent that these costs could be reasonably estimated.
Taxation
The company is a registered charity and there is no liability to corporation tax. However, the subsidiary company – Jubilee Hall 2000 Ltd - is a trading company and liable to tax. There is a tax charge of £Nil (2021 - £98).
Deferred Tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
3 INCOME FROM CHARITABLE ACTIVITIES
| Race Income LMCT Grant Other income includes amounts received from government grants. Café and Drinks Vending Management Fees OTHER INCOME Other Income Profit on Disposal of Assets Membership Activities |
2022 Total £ 1,224,275 921 413 85,690 6,976 1,318,275 2022 Total £ 124,624 - 124,624 |
2021 Total £ 469,972 175 - 71,096 7,378 548,621 2021 Total £ 405,368 150,000 555,368 |
|---|---|---|
3a OTHER INCOME
8c
Jubilee Hall Trust Limited
Notes to the financial statements
For the year ended 31 March 2022
4 EXPENDITURE ON CHARITABLE ACTIVITIES
| Depreciation Repairs and Maintenance First Aid Service Charges Utilities Cleaning Facility Contract Insurance Telephone Postage Stationery Licences and Affiliations Hospitality Travel Staff Training Miscellaneous IT Publicity Recruitment Uniforms Staff Costs External Instructor Costs Interest Governance Costs Dilapidation provision Bank and Credit Card Charges Community Project Costs Professional Fees Support Costs Loss on disposal of assets |
2022 Total £ 150,641 61,634 30 51,856 119,783 70,419 56,078 25,169 8,483 3,864 17,473 28,418 2,535 332 5,035 3,261 54,246 10,994 - 549 635,576 35,857 21,767 8,332 4,746 100,983 174,745 12,360 (300,000) - 1,365,166 |
2021 Total £ 142,786 25,260 - 92,760 109,800 29,435 37,449 26,811 9,222 1,861 12,259 25,227 40 26 6,705 6,766 46,389 11,701 - 302 574,855 7,507 20,829 4,022 - 74,899 183,022 12,360 - 22,240 1,484,533 |
|---|---|---|
5 SUPPORT AND GOVERNANCE COSTS
Support Costs:
| As per note 2 support costs comprise administrative wages entirely Governance Costs: Auditors' Remuneration: Attributed to income Attributed to management fee income Attributed to income Attributed to management fee income |
2022 £ 166,008 8,737 174,745 11,742 618 12,360 |
2021 £ 173,871 9,151 183,022 11,742 618 12,360 |
|---|---|---|
8d
Jubilee Hall Trust Limited
Notes to the financial statements
For the year ended 31 March 2022
6 MOVEMENT IN TOTAL FUNDS FOR THE YEAR
| Staff Costs (see below) (a) This is stated after charging: Pensions Depreciation (b) Staff costs during the year amount to: Salaries Social Security Costs Auditors’ Remuneration The average number of employees during the year was: Operating Lease Charges - Other - Land and Buildings Charitable Activities Office and Administration |
2022 £ 150,641 12,360 810,321 49,537 68,578 1,091,437 2022 £ 725,522 16,589 68,210 810,321 No. 26 2 |
2021 £ 142,786 12,360 757,877 88,935 68,578 1,070,536 2021 £ 681,661 61,051 15,165 757,877 No. 27 3 |
|---|---|---|
| The number of employees during the year, whose gross pay and benefits (excluding employer pension contributions) fell within the | The number of employees during the year, whose gross pay and benefits (excluding employer pension contributions) fell within the | |
|---|---|---|
| following bands, was: | ||
| Banding | 2022 2021 £ £ |
|
| £60,001 - £70,000 | - 1 |
|
| £70,001 - £80,000 | 1 - |
|
| (c) Reconciliation of profit for the year to net cash inflow from operating activities: | ||
| (Loss)/Profit Before Taxation | 2022 2021 £ £ 91,338 (373,976) |
|
| Depreciation Charges | 150,641 142,786 |
|
| Increase/(Decrease) in Provisions | (300,080) - |
|
| Finance Income | (27) (175) |
|
| Finance Costs | 21,767 20,829 |
|
| (Increase)/Decrease in Stock | - - |
|
| (Profit)/Loss on Disposal Of Assets | (413) 22,240 |
|
| (Increase)/Decrease in Debtors and Prepayments | (85,305) 64,396 |
|
| Increase/(Decrease) in Creditors and Accruals | (25,780) (135,417) |
|
| (147,859) (259,317) |
||
| 7 | SURPLUS/ (DEFICIT) FOR THE YEAR | |
| Profit/(Deficit) in the accounts of the Parent Undertaking | 2022 2021 £ £ 92,516 (373,996) |
|
| Profit retained by Subsidiary | (1,178) 20 91,338 (373,976) |
Jubilee Hall Trust Limited
Notes to the financial statements
For the year ended 31 March 2022
| 8 9 Group Long Leasehold £ 275,556 - - 275,556 81,671 2,208 - 83,879 191,677 193,885 Corporation Tax Deferred Tax Tax on profit Charge for the year At the start of the year Additions in year TAX ON PROFIT ON ORDINARY ACTIVITIES At the start of the year Eliminated on disposal Cost or valuation Depreciation At the end of the year Net book value At the end of the year TANGIBLE FIXED ASSETS At the start of the year At the end of the year Disposals in year |
Long leasehold improvements £ 2,194,909 - - 2,194,909 1,134,650 83,916 - 1,218,566 976,343 1,060,259 |
Short Leasehold improvements £ 631,590 - - 631,590 545,026 43,248 - 588,274 43,316 86,564 |
2022 £ 0 -80 -80 Sports & office equipment £ 633,931 2,466 - 636,397 599,453 21,269 - 620,722 15,675 34,478 |
8e 2021 £ 98 -93 5 Total £ 3,735,986 2,466 - 3,738,452 2,360,800 150,641 - 2,511,441 1,227,011 1,375,186 |
|---|---|---|---|---|
Included in the above is equipment held under finance leases:
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Cost | 314,564 | 314,564 |
| Accumulated Depreciation | 312,398 | 290,822 |
8f
Jubilee Hall Trust Limited
Notes to the financial statements
For the year ended 31 March 2022
| 9 Company Long Leasehold £ 275,556 - - 275,556 81,671 2,208 - 83,879 191,677 193,885 10 At the end of the year INVESTMENT IN SUBSIDIARY UNDERTAKINGS At the start of the year At the end of the year At 31 March 2021 COST 3832172 Charge for the year Eliminated on disposal Included in the above is equipment held under finance leases: Cost Accumulated Depreciation Net book value Name of Company Company number Jubilee Hall 2000 Limited At the start of the year TANGIBLE FIXED ASSETS Depreciation Cost or valuation At the start of the year Additions in year Disposals in year At the end of the year At 31 March 2022 |
Long leasehold improvements £ 2,194,909 - - 2,194,909 1,134,650 83,916 - 1,218,566 976,343 1,060,259 |
Short Leasehold improvements £ 631,590 - - 631,590 545,026 43,248 - 588,274 43,316 86,564 Holding 3 Ordinary Shares |
Sports & office equipment £ 571,351 2,466 - 573,817 537,396 20,847 - 558,243 15,574 33,955 2022 £ 314,564 312,398 100.00% Proportion Held |
Total £ 3,673,406 2,466 - 3,675,872 2,298,743 150,219 - 2,448,962 1,226,910 1,374,663 2021 £ 314,564 290,822 £ 3 3 |
|---|---|---|---|---|
The wholly owned subsidiary Jubilee Hall 2000 Ltd, incorporated in England and Wales, pays all its trading profits to the charity by gift aid. The company’s principal activity is the management of a sports and fitness facility situated in the House of Commons at Westminster.
| Aggregate capital and reserves Corporation Tax Turnover Bank Interest Receivable Administration Expenses Recoverable VAT Net Profit/(loss) Amount donated to the charity The results for the year were: |
2022 £ 165,055 377 5 (166,615) (1,178) - 80 (1,098) 25,740 |
2021 £ 112,546 108 24 (107,365) 5,313 (5,288) (5) 20 26,837 |
|---|---|---|
Jubilee Hall Trust Limited
Notes to the financial statements
For the year ended 31 March 2022
| VAT Due to Subsidiary Undertaking Current Instalments on Loans (note 14) Hire Purchase Other Creditor Trade Creditors VAT Other Taxes and Social Security Costs Pension Trade Debtors Other Debtors Prepayments and Accrued Income Petty Cash Due From Subsidiary Undertaking RS: Amounts falling Due within One Year Pension S Accruals Deferred Income |
2022 2021 £ £ 33,734 13,732 3,614 7,584 127,648 63,542 - - 164 41 47 95 5,092 - 170,299 84,994 2022 2021 £ £ 64,960 96,168 6,114 7,623 15,664 13,344 - - 80,504 60,907 43,235 58,564 - - 58,336 31,402 8,450 7,827 5,628 5,377 282,891 281,212 Group Group |
8g 2022 2021 £ £ 32,317 1,267 3,078 7,561 108,508 68,664 - - 164 41 - - 5,092 64 149,159 77,597 2022 2021 £ £ 60,225 96,136 6,114 7,623 15,664 13,246 - - 64,450 56,580 39,806 47,214 183 - 58,336 31,402 8,450 7,827 1,305 789 254,533 260,817 Company Company |
|---|---|---|
11 DEBTORS
12 CREDITORS: Amounts falling Due within One Year
The hire purchase contracts are secured on the assets concerned.
13 CREDITORS: Amounts falling Due after One Year Group and Company
| 14 Hire Purchase Amounts repayable by Instalments: Within 1 year Between 2-5 years Less: Included in Current Liabilities Hire Purchase Other Loans Other Loans at 3.25% Interest Above Base Rate LOANS Group and Company |
2022 £ - 691,664 691,664 2022 £ 750,000 8,450 758,450 66,786 691,664 758,450 (66,786) 691,664 |
2021 £ 8,450 718,598 727,048 2021 £ 750,000 16,277 766,277 39,229 727,048 766,277 (39,229) 727,048 |
|---|---|---|
Jubilee Hall Trust Limited
Notes to the financial statements
For the year ended 31 March 2022
8h
The loan is secured by a fixed charge over the fixed and current assets, and a floating charge over all other assets of the company. On 6 July 2020, the charity drew down on a loan granted by The Charity Bank Limited for £500,000. The loan is for a term of 120 months with capital repayments commencing on 12 January 2023.
15 PROVISION FOR LIABILITIES
| Provision for Dilapidations Deferred Tax 16 Group MOVEMENTS IN FUNDS Unrestricted funds General funds Restricted funds LMCT Grant Total funds |
At the start of the year £ 374,436 141,967 516,403 |
2022 2021 £ £ 100 300,193 (80) (93) 20 300,100 Incoming resources Outgoing resources £ £ 1,456,503 (1,365,086) - - 1,456,503 (1,365,086) Group |
2022 2021 £ £ - 300,000 - - - 300,000 Transfers At the end of the year £ £ 6,000 471,853 (6,000) 135,967 - 607,820 Company |
|---|---|---|---|
LMCT Grant
The purpose of the London Marathon Charitable Trust grant was for the refurbishment project at the Covent Garden gym completed in 2019. This is being released to the SOFA over 25 years which is when the conditions of the grant expire.
16 MOVEMENTS IN FUNDS
Company
| Unrestricted funds General funds Restricted funds LMCT Grant Total funds |
At the start of the year £ 347,605 141,967 489,572 |
Incoming resources £ 1,291,066 - 1,291,066 |
Outgoing resources £ (1,198,550) - (1,198,550) |
Transfers £ 6,000 (6,000) - |
At the end of the year £ 446,121 135,967 582,088 |
|---|---|---|---|---|---|
LMCT Grant
The purpose of the London Marathon Charitable Trust grant was for the refurbishment project at the Covent Garden gym completed in 2019. This is being released to the SOFA over 25 years which is when the conditions of the grant expire.
8i
Jubilee Hall Trust Limited
Notes to the financial statements
For the year ended 31 March 2022
17 PENSIONS
The company operates a defined contributions scheme for its employees. The assets of the scheme are held separately from those of the company.
18 CAPITAL COMMITMENTS
At the year end the company had capital commitments of £Nil (2021: £Nil).
19 OTHER FINANCIAL COMMITMENTS
At 31 March 2022 the group and the company had annual commitments under non cancellable operating leases as set out below:
| Leases which expire: Within 1 Year Within 1 to 5 years Over 5 years |
Land and Building 2022 68,578 - - 68,578 |
Other 2022 120,408 472,509 9,686,434 10,279,351 |
Land and Building 2021 68,578 68,578 - 137,156 |
Other 2021 91,216 355,741 7,381,628 7,828,585 |
|---|---|---|---|---|
The long leasehold expires in the year 2109. The rental payable under the long lease is peppercorn, if demanded.
20 RELATED PARTIES
Total remuneration in respect of key management personnel was £178,191 (2021: £186,484).
Jubilee Hall 2000 Limited is a wholly owned subsidiary of Jubilee Hall Trust Limited. The charity has taken advantage of the exemptions available under Section 33.1A of FRS102 not to disclose intra-group transactions with wholly owned subsidiaries.
21 TRUSTEES
Trustees of the charity receive free membership of the gymnasium at Covent Garden in recognition of the time they devote to it. No payment or reimbursement of expenses is made to the Trustees. None of the trustees received any remuneration.