## **Cambridge Sports Hall Trust Limited** Annual Report **AUGUST 2021 – JULY 2022** ## **Kelse Kerrid e S orts Centre y g p** **Tel** 01223 462226 Queen Anne Terrace, Cambridge, www.kelseykerridge.co.uk CB1 1NA info@kelseykerridge.co.uk ## **Contents** Chairman’s Report ___________________________________________________________ 2 Board Members ______________________________________________________________ 4 Staff _______________________________________________________________________ 5 Staff Training ________________________________________________________________ 6 Accident Figures _____________________________________________________________ 7 Notable Bookings ____________________________________________________________ 8 Fitness Gyms – Outlooks Gym _________________________________________________ 10 Fitness Gyms – Free Weights Gym _____________________________________________ 12 Fitness Classes _____________________________________________________________ 13 Working with the Community __________________________________________________ 14 Conclusion_________________________________________________________________ 15 **Annual Report – Cambridge Sports Hall Trust Ltd** ## **Chairman’s Re ort p** It is always an opportunity for reflection when I write the Chair’s annual report for the Sports Centre, to focus on the successes and challenges of the year gone by and on future plans. My last two annual statements were naturally dominated by the impact of Covid on the Centre and our members, therefore, writing this year’s statement is particularly refreshing as the worst seems to be over. After an incredibly challenging two years, at last the local community is increasingly able to enjoy leisure, sport and fitness activities in a manner close to the pre-pandemic norm. However, as the impact of Covid restrictions lessens, new challenges are emerging for the Centre. The number of visits to the Centre still remains well below pre-Covid levels, reducing the income to the charity. The Trustees consider that this is influenced by a number of factors, including fewer people working in the city centre due to the work-from-home revolution, lasting changes in people’s leisure and fitness habits and a residual concern about Covid. Along of course, with the ever-present competition from other gyms. Just as we emerge from one financial challenge, wider world events threaten to have an impact on the Centre with the upward trajectory of energy costs of particular concern at the present time. The predicted crisis in the cost of living is also a concern and it will be essential that the Centre continues to offer good value for money as our members and prospective members find their disposable incomes reducing. Despite these challenges, I am pleased to be able to report that at the end of this period the Centre remains in a sound financial position as borne out by the annual accounts and recorded a small surplus for the financial year. The financial stewardship over a number of years which had enabled the charity to build up a moderate level of funds in reserve to mitigate against any unexpected changes in financial circumstance, places us in a strong position to meet the financial challenges. The majority of funds are held in financial investments to provide longer-term benefits, however, the trustees are not complacent and have ensured that investments may be withdrawn at short notice should the need arise. The Board and management closely monitor our financial performance and are conscious of the need to carefully manage costs and to promote the Centre, particularly its excellent facilities and professional friendly staff, in order to drive up memberships and visits. Kelsey Kerridge Sports Centre seeks primarily to serve the people of Cambridge and the surrounding area. We greatly value working in partnership with Anglia Ruskin University. We are also proud of our work with the local community to make the Sports Centre accessible to those people who would find it difficult to access similar activities offered on a commercial basis. Whilst I always appreciate this opportunity to extend my thanks to our staff and trustees, this last year has again truly tested everyone’s resolve and resilience and they all deserve exceptional praise for their dedication and fortitude. Also, of course, 2 **Annual Report – Cambridge Sports Hall Trust Ltd** my thanks go out to our loyal members whose enthusiasm has kept the charity active throughout the various challenges. Lee Phanco Chairman 3 **Annual Report – Cambridge Sports Hall Trust Ltd** ## **Board Members** ## **Constitution** Cambridge Sports Hall Trust Limited is a company limited by guarantee and a registered charity governed by its memorandum and articles of association. Charity number 979813 ## **Directors & Trustees** The Directors of the charitable company (“the charity”) are its Trustees for the purpose of charity law and throughout this report are collectively referred to as Trustees. As set out in the articles of association, the Chairman and other Trustees are elected annually by members of the charitable company. The number of Trustees so elected shall be a minimum of eight and a maximum of eleven and additionally the Trustees may co-opt a further two members if they so wish. The charity shall also invite each of the following bodies to appoint a representative (without voting rights) to attend the board meetings: - - Cambridge City Council - South Cambridgeshire District Council - Cambridgeshire County Council - Cambridge University The Trustees serving during the year and since the year end are as follows: - ## **Trustees:** Chairman Mr. L Phanco Vice Chairman Mr. K Amiri President Mr. P B Kerridge Directors Mr. A L Johnson Mr. P B Kerridge Mr. K Amiri Mr. L Phanco Mr. M Roman Mrs. S Dean Mr. S Powley ## **Appointed Representatives (at the year end)** Cambridge City Council No appointment Cambridgeshire County Council Cllr Catherine Rae Cambridge University Stephen Goddard South Cambridgeshire District Council No appointment 4 **Annual Report – Cambridge Sports Hall Trust Ltd** ## **Staff** **Manager** Liane Shadrack **Administration** Company Secretary/Accountant Donna Cowell Administration Assistant Melinda Butler **Recreation** Gym Manager Mustafa Ustamehmetoglu Duty Managers Ian Butler Sharon Downham Senior Recreation Assistants Nathan Stokes Ramin Pirzad Recreation Assistants Melford Crowe Rachel Kendrick Meghan Madden Dan Toyer (left 28/03/22) Reshmika Damuni (appointed 05/02/022) Charlie Mercer (appointed 19/04/22) **Reception** Receptionists Wendy Towers Lewis Henderson Duncan Dickerson (Casual) Collin Miller (Part-time) Maria Baptista (Casual) Kirsty Simms (Casual) Joanne McClure (Casual) (appointed 10/01/22) **Maintenance/Cleaning** Maintenance/Cleaning Supervisor Keith Towers Maintenance/Cleaning Elliott Wymer (Part time) (Left 07/01/22) Ethan Jones (part time) (Left 12/10/22) Amber Healy (part time) (Left 08/10/22) Daniel Kabongo (Part time) (appointed 23/11/22) Jonathan Williams (Part time) (appointed 13/12/22) 5 **Annual Report – Cambridge Sports Hall Trust Ltd** ## **Staff Trainin g** Below is a summary of staff training undertaken August 2021 to July 2022 |**Course**|**Staff member passed**| |---|---| |**First Aid Re-Qualification**|Melford Crowe, Mustafa Ustamehmetoglu| |**First Aid at Work**|Charlie Mercer| |**NSPCC Child Protection in Sport**|Rachel Kendrick, Reshmika Damuni, Charlie
Mercer| |**NSPCC Child Protection in Sport**
**Renewal**|Liane Shadrack, Mustafa Ustamehmetoglu,
Nathan Stokes, Ian Butler,| |**Working Platform Requalification**|Keith Towers| |**Basic Fire Safety Course**|Dan Toyer, Reshmika Damuni, Charlie
Mercer| |**Working at Height Course**|Dan Toyer, Ethan Jones, Reshmika Damuni,
Charlie Mercer| |**Manual Handling Course**|Reshmika Damuni, Charlie Mercer| |**Site Specific Climbing Re-**
**Qualification**|Ramin Pirzad, Nathan Stokes, Melford Crowe| 6 **Annual Report – Cambridge Sports Hall Trust Ltd** ## **Accident Figures** _We have 12 qualified first aiders, ensuring there is always somebody on shift to deal with any accidents that occur._ **Below is a summary of accidents that occurred between 1[st] August 2021 and 31[st] July 2022** ||**Total**
**Injuries**|**Breaks**|**Dislocations**|**Ambulance**
**called**| |---|---|---|---|---| |**Badminton**|**13**|||| |**Basketball**|**12**|||| |**Circuit Training**|**1**|||| |**Climbing**|**23**|||| |**Fencing**|**1**|||| |**Football**|**19**|||| |**Korfball**|**3**|||| |**Martial Arts**|**3**|||| |**Netball**|**5**|||| |**Outlooks**|**2**|||| |**Outside Building**|**2**|||| |**Rollerbillies**|**3**|||| |**Short Tennis**|**1**|||| |**Spectator**|**1**|||| |**Squash**|**5**|||| |**Table Tennis**|**1**|||| |**Uni Hoc**|**2**|||| |**Volleyball**|**16**|||| |**Weights**|**2**|||| |**Total**|**115**|**3**|**7**|**4**| 7 **Annual Report – Cambridge Sports Hall Trust Ltd** ## **Notable Bookings** This year we have been fortunate to retain the custom of the below three major event bookings, whilst it is not the usual number that we are used to, we do feel very grateful for their return. In addition we have hosted two public consultation events for the Greater Cambridgeshire Partnership, these additional bookings were a great success, we are hopeful that they will continue to use our venue in future. - ➢ The Imperial Society of Teachers of Dancing (ISTD) Dance Competitions (June) - ➢ Anglia Ruskin Examinations (January, May & July) - ➢ Greater Cambridgeshire Partnership Public Consultation Meetings (March & July) - ➢ Romsey Town Rollerbillies Roller Derby’s (various dates) Sadly due to the impact of the pandemic both Anglia Ruskin and Cambridge universities have taken their annual Freshers Fairs out of doors these last two years. Cambridge University have held the event on Parkers Piece whilst Anglia Ruskin held their event on site. This has been a great loss to us both financially and in terms of the opportunity to give tours of the facilities and to sell memberships to the large numbers of new students that we see through the doors at these events. On a positive note however; we are in negotiation to have a space at the ARU Freshers event, a great opportunity to acquaint the new intake of students with our facilities and student membership offering. 8 **Annual Report – Cambridge Sports Hall Trust Ltd** We have been fortunate to this year to also retain the custom of the additional badminton groups (below) that came to us during the latter stages of the pandemic, this due to their original school venues being under tighter restrictions than us and other centre’s having shorter opening hours than they previously had. Badminton has proven to be a very popular sport, especially as it was one of the few allowed to return with fewer restrictions post lockdown, this popularity has not waned since. - Corpus Christi College - Jesus College - Kings College - Murray Edwards College - Trinity Hall - Darwin College - Pembroke College - Downing College 9 **Annual Report – Cambridge Sports Hall Trust Ltd** ## **Fitness G ms – Outlooks G m y y** 2021 was the second year that the business was severely impacted by the COVID-19 pandemic. However, the steps we took in 2021 benefitted from our experience of managing the crisis in 2020 and, as a result, we were well-placed to capitalise as restrictions eased and people returned to gyms. We fully expect that 2022 will represent a return to a near normal environment. Whilst full-year results were impacted by the pandemic, significant progress has been made when compared with 2020. Revenue was 2% over the budget generating £117,436 for the financial year. Even though we have achieved an income over the budget, this was still significantly less than pre- COVID times. We believe, as a business that we are in good position to progress in the years’ ahead and look forward with confidence to further recovery as the operating environment normalises. The market dynamics for our business are very strong. The demand for health and fitness will continue to increase because of the health shock that the pandemic has given to so many people. 10 **Annual Report – Cambridge Sports Hall Trust Ltd** We continue to evolve and adapt our gyms to exceed member expectations. 2022 saw us buy two 10G Stairmaster fitness equipment to complement our cardiovascular offering. The StairMaster 10G marks a revolutionary shift in stair-climbing technology. The 10G’s advancements all focus on delivering the best climbing experience ever created. Stairmaster 10Gs have been very popular and we have received excellent feedback from our members. Our purpose is to provide affordable fitness for all and we are delivering on that goal. We are hopeful to continue to build upon the level of usage and memberships that we have achieved so far, as we continue to put the challenges of the pandemic behind us. 11 **Annual Report – Cambridge Sports Hall Trust Ltd** ## **Fitness G ms – Free Wei hts G m y g y** This year has again been challenging overall for the Free-Weights Gym as a result of the COVID-19 pandemic and increased competition in Cambridge. Whilst this has had an inevitable detrimental impact on financial performance in the year, we have navigated the challenges well and taken a number of actions to mitigate the impact of the lost revenue; including reducing costs and capital expenditure to conserve cash. Revenue was £68.255, down 8% from the budgeted income. Demand for our sports supplements’ range continued to grow this year, we introduced new products which have been very popular amongst customers and generated a substantial revenue. We will continue to look for new products that can be added to our supplements range in the coming year. With over 40 pieces equipment from the industry’s leading manufacturers Hammer Strength, Cybex, Matrix and Watson; Free Weights Gym offers a wide range of training options for Bodybuilders, Powerlifters, Athletes or other users who want to get back in shape and improve their fitness. Free weights gym has many different type of bars, namely trap bar, football bar, safety squat bars, powerlifting and Olympic lifting bars giving customers a wide array of choices to complement their training. 12 **Annual Report – Cambridge Sports Hall Trust Ltd** ## **Fitness Classes** Fitness classes have again had low attendance numbers post covid, subsequently generating lower levels of income. Revenue was £49,885, although this was above the budgeted income, we were still below pre covid levels. We are in the process of adding new classes to the timetable to attract new customers and add more variety to our timetable. In addition most of our classes were taught by our instructors, therefore helping to reduce our costs substantially. They have once again worked tirelessly and showed great professionalism teaching our in house classes. Fitness Circuits, Indoor Cycling, Bootcamp, Krunch & Kore, Boxercise, Smash H.I.T and +50 Fitness. I would like to say a massive thank you and well done for the great work they have done during this challenging time. Furthermore, Zumba classes run by outside instructors have continued to be very popular this year and enjoyed high attendance numbers. I would like to thank them for their hard work and commitment that contributed to this success. Demand for our One to One Boxing and PT sessions have continued to increase this year. Our instructors have provided high quality PT sessions, helping customers reaching their goals and generating a substantial revenue for the centre. We will continue to provide first-class PT sessions, helping customers to achieve their goals in the coming year. Based on this years’ requests, the demand for PT sessions will continue to rise. Despite the challenges that the last two years have presented us with, the centre has emerged from the COVID-19 pandemic in good health. With experienced and expert instructors, a wide mixture of classes, great equipment and flexible payment methods, we will turn these challenges into opportunities. 13 **Annual Report – Cambridge Sports Hall Trust Ltd** ## **Workin with the Communit g y** This is the tenth year we have been working in partnership with Anglia Ruskin University (ARU). During this time we have built a strong working relationship. We are proud to be in partnership with ARU, which is clearly a University with a vision to promote sport and to provide a full range of sports clubs and facilities for their students. We hope to work in partnership with ARU for many more years to come. In addition to our partnership with ARU, we have continued to attract a wide diversity of both individual and group users, including the following educational & disadvantaged groups:- ## **Educational Groups** - Cambridge University - Heritage School - Landmark School - Little Kickers - MPW 5[th] & 6[th] Form - Parkside Federation - Sancton Wood - Studio School - St Andrew’s School - The Stephen Perse Foundation - Stafford House Summer Schools - St Lukes - The Galfrid School ## **Disadvantaged Groups & Older Adults** - Castle School (Community special school) - City Council Sports Development Team and community use - Forever Active (50+ age group) - Cambridge United Walking Football - Horizon Group - Invigorate (mental health service users) - Red Balloon Learner Centre (Education for severely bullied children) - University of the Third Age - U3A (Educational/social activities for those no longer in employment) 14 **Annual Report – Cambridge Sports Hall Trust Ltd** ## **Conclusion** As another unprecedented year draws to a close, it seems a long time has passed since the Sports Centre was silent. It has however been a slow recovery which has still not returned to pre-pandemic levels. Gym memberships are down and there is still low attendance for our fitness classes. The usage from local businesses has taken a hit due to many workers still choosing to work from home, the new normal that might be here to stay! We are hopeful that the students will return in abundance come the end of September/October, we are already working on marketing campaigns to entice them back. Bookings in the main hall are a lot more positive, with clubs, schools and organisations returning for their regular slots. We have lost some of the habitual bookings from the local businesses, but several of the slots have already been replaced with new bookings, thanks to the hard work of Melinda in the booking office. Climbing is another positive area, sadly not quite back to the levels it was but the climbing community seem to just want to get back to normal, this is reflected by the strong footfall. Since the pandemic started, we have tried to keep costs to a minimum, however this cannot continue going forward. There will be the need for both capital expenditure and refurbishment work in this year’s budget. This coming year is going to be extremely tough. There has been a big increase in expenditure for almost everything and as we are all aware on a personal level, rising gas and electricity bills are a big concern! 2021-22 has also been a turbulent time for staffing, with recruitment proving very difficult. The number of applicants we are getting is very low, we are hoping that the uptake of students in the coming months will enable us to fill our vacancies with greater ease. With a tough year ahead of us, all of the staff need to work together and do what they can to come through this difficult time. I am hopeful that next years’ report will be more positive as Kelsey Kerridge has been through tough times before and always seems to pull through! Liane Shadrack – Manager 15 Registered number: 00979813 Charity number: 300371 CAMBRIDGE SPORTS HALL TRUST LIMITED (A Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 CAMBRIDGE SPORTS HALL TRUST LIMITED (A Cornpany Limited by Guaranteel CONTENTS Page Trustees. Report Reference and Admintstralive Details of the Charity, its Trustees and Advise Independent Examinerfs Report statement of Financial Activities Balance Sheet 10-11 statement of Cash Flows 12 Notes to the Financial Ststements 13-30 CAMBRIDGE SPORTS HALL TRUST LIMTfED IA Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2022 The Trustees present their annual report together wtth the financial staterrEnis of the Cambridge Sports Hall Trust Limited for the year 1 August 2021 to 31 Juty 2022. The annual rewrt serves the purposes of both a Trustees, retx)rt and a directors, rew)rt under company law. The Trustees confimi that the annual report and financial statements of the charrtable company compty with the cUr￿nt statutory requirements, the requirements of the charttable company's goveming dr￿urnent and the provisions of the Statement of Recommended Practice {SORPI. applicable to chatiti.es preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republr of Ireland (FRS 102) (second edrtion - October 2019 effective 1 January 2019). Since the company qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Acl 21X)6 (Strategic Rewrt and Directors, Report) Regulations 2013 has been omitted. OBJECTIVES AND ACTIVITIES POLICIES AND 0￿ECTIVEs The objects of the charity are to provide sporbng and recreational facilibes for the residents of and visitors to Cambridge and the surrounding areas. The p)licy of extending free membership to the disabled continues, as does its work with disadvantaged groups within the community. The chattty operates as Kelsey Kerridge Sports Centre. MAIN ACTIVrnES UNDERTAKEN TO FURTHER THE CHARITfs PURPOSES FOR PUBLIC BENEFIT In the exerase of our powers to that end, we have paid due regard to the published guidance from the Charity Commission on the operation of the Public Benefit requirement under the Chartties Act 2011. Kelsey Kerridge aims to provide a facilty 2t an affordable rate which is accessible for everyone. We work in partnership wtth the City Council and other extetnal organisations to provide facilities for disadvantaged groups at a discounted rate. giving indwiduals the chance to get invofved with sporting activities, who otherwise would not get the opportunity- Funding received from the City Council amunted to £20.089 in the financial year for which the charity is most grateful. Because of our chartsble status, we do not aim to make a profic so all profits are used to improve the facilities for our users by providing up-t(Hlate sports & fitness equipment, maintaining the building and refurbishing where necessary. SUSTAINABILrrY Kelsey Kerridge Sports Centre wll look ￿refUIty at our thits'es and deryde where we can take acb'on lo reduce our impact on the global environment and protect or improve the local environment. We wtll aim to achieve this by.. Making energy efficient measures wrthin the building on an on-going basis". Considering what impact our decisions wll make on the local environment Maknng decisions that wll improve recycling". and Considering what impact our deC￿lOn$ will have on the environment when choosing suppliers and purchasing goods. Page 1 CAMBRIDGE SPORTS HALL TRUST LIMfTED IA Company Limited by Guardntee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2022 ACHIEVEMENTS AND PERFORMANCE REVIEW OF ACTIVITIES This financial year has been the first year of 0￿rating wtthout any restrictions due to Covid-19 since the pandemic began in 2020. The income for the year ended 31s1 Juty 2022 did not ￿turn to pre-pandemic l*vels. This is thought to be paruy due lo changes in lifestyle and people finding alternative ways to exercise during the lockdowns. Changes to working pattems has also had an iET2pact. with many people now working from home and fewer people therefore travelling in to the City every day. There has also been an increase in local competition in the local area. Reduced rates continued to be given to individuals wtth disabilities and groups on low income. Our vision is to make fitness accessible to all. Individuals do not have to commit to a membership but can attend on a pay-as- you-go basis. The cost of these concessions during the year was £6,103. We continue to have regular contact with Cambridge City Council sports and wreakn.on officers for the benefit of the local inhabitants. INFORMATION ON FUNDRAISING PRACTICES The Charity does not currently raise fijnds from the public nor d￿$ r( receive funding from, or make applications to, trusts and foundations. nor does it receNe public subsidies. Should ￿ndraising activities pccur in the future, the Charity is committed to avoiding any intrustve furEdraising approaches and will never gpply undue pressure to donate. FINANCIAL REVIEW FINANCIAL PERFORMANCE Income from charitable activities for the year increased by 116% as the Centre was open for the entire year and operating without any social distancing reslrictions due to Covid-19. The costs of running the Charity were still very carefully managed and onty increased by 7%. The Charity received a grant of £3,000 from the local authorlty to compensate ft)r loss of foottall and takings during the Omicron {variant of Covid-191 wave in wintsr 2021. Members of the public were encouraged not to mix too much to avoid spreading the virus. The Charrty was awarded £50,000 from the Sport England Community Leisure Recovery Fund in 2021. This nding was made available by Sport England for qualrfying multi-use Sports Centres to bridge the gap between income and expendtture for the period 1* April 202110 30th September 2021. This was in recognition of the fact that Sports Centres were not able to OK￿rate at full Capacity for the majority of this period. The local govemment defined benefit pension scheme has historically been in a deficit position, but for the 2022 financial year there was a net asset Postbon of £389.000. This asset has not been recognised in Ihese Financial Statements in accordan￿ wtth FRS102 and a nil position has been shown on the Balance Sheet. Whilst the pension deficit has swJnificantly decreased during the year. this is unlikely to change our contribution rate. Additional contributions spectfically to clear the deficit began in April 2021 as agreed with the scheme provider and these are expected to Ix)nb"nue as well. Ppge 2 CAMBRIDGE SPORTS HALL TRUST LIMrrED IA Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2022 In previous years the c3sh generated from operating surpluses has been invested in new equipment and maintenance of the Sports Centre. Due to this continued investment prior to the pandemic, the Trustees are confident that both facilities and sports equipment remain at a very high stsndard. The Trustee5 will look to increase income levels in fijture accounting periods by conlinued investrnent in the sports facilities and by providing a wide range of actjvrties. There are new challenges to face in the near )￿tUre due to high inflab'on and significant increases in the cost of tunning the Centre. The Trustees regularly ￿VIeW the thartty's acbvit]es and the opportun¢ttes available and the risks lo which the charity is exposed. The Trustes rYKJnitor ffnancial perforrnan￿ against budget and the previous year each month and variances are explained. A detsiled budget r6 prepar&J annualty. RESERVES POLICY Historically, it has been the wlicy of the Trustees to ensure that the reserves of the charty do not fall below a minimum of thr￿ months, operational costs. At the year end, unrestricted funds, exduding the pension asset of £389,ODO, stood at £1,109.072, of which £36,200 had been designated for future capital projects, £730,440 was represented by fixed assets and £382,130 was represented by fixed asset investments, leaving negative free reserves of £39,698. This is not in line thi￿ n￿nthS operational costs and Ihe Trustees recognise that this desired poI￿Y may not be achievable in the short tern). However, the Trustees will continue to manage costs wherever F)ossible and they are confident surpluses can be achieved again in the fijture. Under the Memorandum and Artic5e5 of Association, the charty has the power to make investments and or borrowings which the Trustees see ft GOING CONCERN The Centre has been in operation wilhout social distancing restricbons for a fvll firsanaal year and although the income has not yet reached pre-pandemtc levels, costs have tten managed and a surplus before gains and losses for the year has been achieved. Costs are projected to increase in the next year due to inflation rises in the UK. however the Trustees are sab"sfied that the Charity does have sufficient cash reserves to cover a deficit between income and expenditure in the short temi. The majorty of the Charity's ￿sh is held in Investments ￿￿naged by JM Finn. The cash can be redeemed at short noti￿ and the cash flow is beirKJ closely monrtored in case thi% becomes ne￿Ssary. INVESTMENTS POLICY Any investment decisions undertaken by the Trustees must safeguard the assets of the charity and the￿fore are in accordance wf(h the guidelines laid d¢y•vn by the Chartty Commission. PLANS FOR FUTURE PERIODS The Trustees Ix)ntinue to reinvest funds to improve the f*ilities by keeping up to date with new equipment and refurbishing areas of the sports fraultty as and where required. There is a detailed programme of work that sets the dates for major reftjrbishment and mainlenance acttvtbes over the next few yeats. Any surpluses on opefftting activities are therefore fully committed to alk)w this work to take pla￿. Page 3 CAMBRIDGE SPORTS HALL TRUST LIMITED (A Company Limited by Guarantee TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2022 STRUCTURE, GOVERNANCE AND MANAGEMENT CONSTITUTION The chartty is registered as a tharitable company limited by guarantee and was set up by a Memorandum and Articles of Association on 18 May 1970 as amended 17 November 1999. It is registered as a charity with the Charity Commission, under charity number 30037. METHOD OF AppoIKfMENT OR ELECTION OF TRUSTEES The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum and th.cles of Association. POLICIES ADOPTED FOR THE INDUCTION AND TrAINING OF TRUSTEES New Trustees are briefed on their legal obligatsons under Chanty and Comparsy Law, the content of the Articles of Association, the Trustee decision making pr￿sSeS. and recent financial performance of the charity. Trustees are encouraged to attend appropriate extemal training events where these will facilitate the undertaking of their role. and Tnjstees. meets"n9s whenever possible in order to maintain their awareness of the charity's activities. PAY POLICY FOR SENIOR STAFF No sPe￿C benchmarks are employed in setb'ng the paramete[5 for staff payment including that of senior staff. other than a broad regard of currenl paymenL infiation and competitive 'going rates,. The govemment 'living Wage, criteria are also observed. ORGANISATIONAL STRUCTURE AND DECISION MAKING The Trustees are responsible for establishing the overall policy and direction to ersable the charity to meet its objectives. The key management decisions are taken by the Trustees as a whole allhough the Trustees have delegated ￿rtain types of management derysions to the charity's executive staff. The main stakeholders a￿ entitte(I to a formal representation on the board and are induded on the reference and administrative details of the charity (page 61. RISK MANAGEMENT The Trustees regulady review the activities and the opportuntties available and the risks to which the charity is exposed, in particular those related to Ihe operations and finances of the chanty. The Trustees monitor financial performance against budget and the previous year each month and variances are explained. A detailed budget is prepared annually. Key risks to the charity in¢Eude kjss of key staff and the reliance placed on Cambridge City Council for the lease of the premises. The Trustees review a formal risk register at each meeting as a standard agenda item and are satisfied that systems and procedures are in place to mth.gate our exposure to the rnajor risks. Page 4 CAMBRIDGE SPORTS HALL TRUST LIMITED (A Company Lirnited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2022 MEMBERS. LIABILrrY The Members of the (*arrtable company guarant* to conlribute an ar￿Unt not exceeding £1 to the assets of the chanty in Ihe event of winding up. TRUSTEES. RESPONSIBILITIES STATEMENT The Trustees (who are also directors of Cambridge Sports Hall Trust Limite(I for the purposes of company lawl are responsible for prepating the Trustees, Report and the financial statements in accordance with applicable law and reguL3tions_ Company law requires the Trustees to prepare finanaal statements for each financial year. Under company law the Trustees must not approve the finanual statements unless they are satisfied that they gThie a true and fair view of the state of affairs of the Charitab￿ company of Ihe incoming resources and applicats'on of resources, including the income and expenditure, of the char(iable company for that peri)d. In preparing these financial statements. the Trustees are requir&Y to.. select suitable accounting p￿ICieS and then appty them consistentty; observe the methods and principles in the Charities SORP.. make judgments and a(Lounting estimates that are reasonable and prudent prepare the financial statements on the going concem basis unless rt ts inappropriate to presume that the charitable ¢ornpany wi51 continue in operats"on. The Trustees are responsible for keeping adequate accoLtnting records that are sufficient to show and explain the charitable company's transactions and disclose wrth reasonable accuracy at any time the financial position of the charttable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularrties. This report was approved by the Trustees and signed on their behatf by.. Mr L Phanco Chaimian Date.. lc KJUJ IOL Page 5 CAMBRIDGE SPORTS HALL TRUST LIM￿ED IA Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ￿s TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2022 Trustees Mr K Amiri Mr A L Johnson Mr M Roman Mrs S Dean Mr P B Kerridge Mr L Phanco Mi S Powley Company registered number 00979813 Charity registered nutnber 300371 Registered office Kelsey Kerridge Sports Centre Queen Anne Terrace Gonville Place Cambridge CB1 1NA Company Secretary Mrs D Cowell President Mr P B Kerridge Chairman Mr L Phanco Vice£hainnan Mr K Amiri Manager Miss L J M Shadrack Appointed representatives Cambridge City Council Cambridgeshire County Council Cambridge Universty South Cambridgeshire District Council No appointment Clli C Rae Mr S Goddard No appointsment Independent examiners Peters E￿¥OrthY & Moore Chartered Accountants Stslulory Auditors Salisbury House Station Road Cambridge CB12LA Bankers Barclays Bank plc St Andrews Street Cambridge CB2 3AA Page 6 CAMBRIDGE SPORTS HALL TRUST LSMITED (A Company Limited by Guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JULY 2022 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CAMBRIDGE SPORTS HALL TRUST LIMITED (the 'charity'l I report to the charity Trustees on my examination of the ac￿Unts of the charity for the year ended 31 July 2022. This report is made solety to the charity's Trustees, as a bc#Yy. in accordance wrth Part 4 of the Charities (Accounts and Reports) Regulats"ons 2008. My work has tEen undertaken so that I might state to the charty's Trustees those matters l am required to state to them in an Inde￿ndent Examiner's Report and for no other purpose. To the fullest extent perrnitted by law. I do not a￿pt or assume reS￿nSibility to anyone other than the charity and the charity's Trustees as a bc*Jy, for my work or ft)rthis reporL RESPONSIBILITIES AND BASIS OF REPORT As the Trustees of the charity you are responsible for the pre￿ratIOn of the ￿lUnts in accordance with the requirements of the Charities Act 2011 Ilhe 2011 Adl. I report in respect of my examinab.on of the charity's accounts ￿trIed out under s￿10￿ 145 of the 2011 Act and in carying out my examination I have followed all the applubte Directions gtven by the Charity Commission under section 14515)Ibl of the 2011 Act. INDEPENDENT EXAMINER'S STATEMEP Your attention is drawn to the fact that the charity has prepared the accounts in accordan￿ with Accounting and Reporbng by Charit"es.' Statement of Recommended Practice applicable to charities preparing their accounts accordance with the Financial Reporting Standard applrable in the UK and Republic of Ireland IFRS 1021 in preferen￿ to the Accounth"ng and ReFX)Tting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant reguL4tions but has been withdrawn. l understand that this has b￿n done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting praCt￿e effectrve for reporbng periods beginning on or after 1 January 2015. I have eompleted my examination. l Confi￿ that no matters have come lo my attentson in connection with the examination giving me ￿USe to believe that in any m*rial respect" accounting records were not kept in respect of the thartty as required by section 130 of the 2011 Act", or the accounts do not accord with those records: or the accouftts do not comply with the 2ppli(xble require￿Ents con￿mIng the form and content of accounts set out in the Charities {Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a Irue and fairf view whith is not a matter considered as part of an independent examinalion. Page 7 CAMBRIDGE SPORTS HALL TRUST LIMITED IA Company Limiteil by Guarantee) INDEPENDENT EXAMINER'S REPORT (continued FOR THE YEAR ENDED 31 JULY 2022 I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Kelly Bretheri¢k FCA Peters Elworthy & Moore Salisbury House Station Road Carnbridge C81 2LA Dale.. 25 Novèmbèr 2022 Page 8 CAMBRIDGE SPORTS HALL TRUST LIMITED (A Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTivrriES (INCORPORATING INCOME AND EXPENDrruRE ACCOUNTI FOR THE YEAR ENDED 31 JULY 2022 Unrestricted Restrlct¢d funds funds 2022 2022 Total funds 2022 Total funds 2021 Note INCOME FROM: Donations and grants Other trading activities Investments Charitable activities Other income 19,667 24.750 10,044 854.630 20.089 39,756 24.750 10,044 854,630 100.694 19,105 9,976 395,514 106,711 TOTAL INCOME 909 091 20,089 929,180 632.000 EXPENDITURE ON: Raising funds Other trading activities Investment management Charitable activities 4.207 4.745 894.387 4,207 4,745 917,044 2,723 4.698 798,526 22,657 TOTAL EXPENDITURE 903.339 22.657 925,996 805,947 NET INCOME BEFORE INVESTMENT GAINSI{LOSSESI 5,752 12.568) 3.184 (173,9471 Net gains on investments 14 (25.1821 {25,1821 63,123 NET INCOME BEFORE OTHER RECOGNISED GAINSI{LOSSESI 119.4301 (2,%8) {21,998) 1110,8241 Actuarial gains on defined benefft pension schemes 25 1.345,000 1.345,000 193,000 NET MOVEMENT IN FUNDS 1.325.570 (2,%81 1,323,002 82,176 RECONCILIATION OF FUNDS: Total ￿ndS brought forward {219.0221 5,092 1213,930} 1296,106} TOTAL FUNDS CARRIED FORWARD 1.106.548 2.524 1,109,072 213,930 All activities relate to continuing operatw)ns. The notes on pages 13 to 30 form part of these financaal ststements. Page 9 CAMBRIDGE SPORTS HALL TRUST LIM￿ED (A Company Limited by Guarantee) BALANCE SHEET AS AT 31 JULY 2022 2022 2022 2021 2021 FIXED ASSETS Tangible assets Investments 13 14 730,440 382,130 1.112.570 800,152 402,032 1,202,184 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 15 16 23 3,746 69,061 225,232 298,039 3.516 57,125 146,126 206,767 CREDITORS: amounts falling due within one year 17 271,537 268,877 NET CURRENT ASSETS I (LIABILITIES) 26,502 {62,1101 TOTAL ASSETS LESS CURRENT LIABILITIES 1,139.072 1,140,074 CREDITORS: am05Jnts falling due after more than one year 18 30.000 NET ASSETS EXCLUDING PENSION ASSETsI(LIABIL￿IESj 1,109,072 1.100,070 Defined benefit pension scheme liabiltiy 25 {1,314,0001 ASSETSI (LIA8ILmESI 1.109,072 213,930 CHARITY FUNDS Restricted funds Unrestricted funds 20 19 2,524 1,106.548 5,092 {219,0221 TOTAL FUNDS 1,109,072 213,930 For the financial year in question the company was enliued to exemption under section 477 of the Companies Act 2006 relating to small companies. No members have required the company to obtain an audrt of lis accounts for the year in question in ac¢ordan<* with section 476 of the Companies Act 20C6. The directors acknowledge their responsibilty for complying with the requirements of the Act with respect to accounting tecords and for the preparation of accounts. Page 10 CAMBRIDGE SPORTS HALL TRUST LIMITED {A Company Limited by Guarantee BALANCE SHEET AS AT 31 JULY 2022 These accounts have b￿n prepared in a[Xx)rdan￿ wÉth the provisions applicable to companies subject to the small companies. regime. The financial statements were approved by the Trustees and signed on their beh2W. by: Mr L Phanco Director Date.. Ll WJOJ The notes on pages 13 to 30 form part of these financial statements. Page 11 CAMBRIDGE SPORTS HALL TRUST LIMrrED (A Company Limited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2022 Note 2022 2021 CASH FLOWS FROM OPERATING ACTIVtriES Cash provided by I (used inl operating activitie5 89.370 120,596) CASH FLOWS FROM INVESTING ACTIVMES: Interest incorne Dividends and interest from investsnents Purchase of langible fixed asse15 Purchase of investments Sale of investments 19 10,025 110,299) 124,9001 24.891 9,969 12,507) {32,2751 72,275 CASH (USED INI I PROVIDED BY INVESTING ACTNMES 47,469 CASH FLOWS FROM FINANCING ACT￿lEs. Repayment of borrowin9 110.000) CASH USED IN FINANCING ACTWMES 10,000 Increase in cash and cash equivalents in the year 79,106 26,873 Cash and cash equNalents at the beginning ofthe year 23 146.126 119.253 CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 23 225,232 146,126 The notes on pages 13 to 30 form part of these financial statements. Page 12 CAMBRIDGE SPORTS HALL TRUST LIMtrED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 ACCOUNTING POLICIES 1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial statemeftts have been prepar&J in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practre appIl￿ble to charities preparing their accounts in accordance with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (second editton of Charsbes SORP IFRS 1021 October 20211, the Financial Reporting Standard applicatrAe in the UK and Republ￿ of Ireland {FRS 1021 and the Companies Act 2006. Cambridge Sports Hall Trust knmtted m￿ts the definthon of a public benefft entity under FRS 102. As*ts and liabilities are initi.ally reo)gni8ed at historical cost or transaction value unless otherwise stated in the relevant accounb'ng FX)Iry. 1.2 GOING CONCERN At the year end the Charity had net assets of £1,109,072. This is a vast improvement on the prior year and is due to the reduction in Ihe defined benefit pension scheme deficit The Tnjstees have revEwed the cash Itows and forecasts and athough an operating deficit is anticipated in the short term due to the current rising costs and high inllation rates, they are confident the Charty has Suf￿lent cash re*rves to enable them to continue in operats.onal existence for the foreseeable future. 1.3 COMPANY STATUS The charity is a company limited by guaranlee. The members of the company are the Trustees named on page 5. In the event of the company being wound up. the liability in respect of the guarantee is limited to £1 per member of the company. 1.4 SIGNIFICANT JUDGEMENTS AND ESTIMATES No significant judgements have had to be made by managenEnt in preparing these financial statements. 1.5 FUND ACCOUNTING General fvnds are unrestricted funds whith are available for use at the discretion of the Trustees in furtherance of the general objecb.ves of the charity and which have not been designated for other purFX)ses Restricted ftjnds are ￿ndS whtch are to LE used in ac(x)r(lance wth specific rest[￿lOnS imposed by donors or which have been raised by the charty for particular purposes. The ￿$1$ of raising and admiTllStering such funds are charged against the speak fvnd. The aim and use of each restricted fvnd is set out in ￿ notes to the finanryal statements. Designated funds comprise Unrestri￿ funds that have b*n set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Page 13 CAMBRIDGE SPORTS HALL TRUST UMrrED {A Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 ACCOUNTING POLICIES (Continued) 1.6 INCOME All income is recognised once the charty has entitiement to the income, tt is probable that the income will be received and the amount of income r￿1Vable can be measured reliably. Admissions income is recognised on the date of admtssion. Other in(x)me is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion ol the service. Grants are included as income when these are receNed I receNable. Grant income is deferred where it relates to discretionary rate relief for future periods. Interest on ￿ndS held on deF*)sf( is included when ￿e1Vable and the amount can be measured reliably by the chartty", this is normalty uw)n notification of the interest paid or payable by the Bank. Other income represent amounts receivable under the Coronavinjs Job Retention Scheme ICJRSI to cover salaries of fvdoughed slaff. This inconE is recognised on the accruals basis, over the same period as the related expenditure. 1.7 EXPENDITURE Expenditure is recognised once there is a legal or constructive obltgation to transfer economic benefit to a thir¢J party, it is probable th* a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activty are made up of the total of direct costs and shared costs, including support cost5 involved in undertaking each acts"vity- Direct costs attributable to a single activity are allocated direclly lo that actwity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single actNity are apFK)rtioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of ts.me S￿n[ and depreckqtion charges allocated on the wrtion ofthe asset's use. Support costs are those costs in¢)Jrred directy in support of expenditure on the objects of the charity and include govemance costs. Govemance costs are those incurred in connection with administration of the charty and Complian￿ with constituts.onal and statutory requirements. Irrecoverable VAT is charged against the expenditure heading forwhich it was incurred. Page 14 CAMBRIDGE SPORTS HALL TRUST LIMrtED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMETrrrs FOR THE YEAR ENDED 31 JULY 2022 ACCOUNTING POLICIES l¢ontinued) 1.8 TANGIBLE FIXED ASs￿s AND DEPRECIATION Tangible fixed assets are carried at cost, net of depreciation and any provision for impairlnent. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their ests"ryated residual value, over their expe(tsd useful INes on the following bases.. Leasehold Property Equipment, fixtutes and fittings Ouuooks gymnasium Climbing wall Straight line over life of lease 5¥0 - 331/>o on cost 5% - 330A on cost 4% on cost INVESTMENTS Fixed asset investments are a form of financial instrument and are initially recognised at their trarbsaction cost and subsequenty measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which ￿se it is measured at cost less impairrnent Investment gains and losses, whether realised or unrealised, are u)mbined and presented as 'Gains I ILoFsesl on investrnents, in the statement of ffinar7Ctal acttvtbes. 1.10 STOCKS Stocks are valued at the lower of cost and net realisable value after making due allowan￿ for obsolete and siow-moving stocks. 1.11 TAXATION The charity is cOn￿dered to pass the tests set oui in Paragraph 1 Schedule 6 of the FinanTr Act 2010 and therefore it meets the defintbon of a charttable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capttal gains received w-rthin categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the T8xatton of Chargeable Gains Act 1992. to the extent that such income or gains are applied exclusively to charitable purposes. 1.12 DEBTORS Trade and other debtors are re(wnised at the sethement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.13 CASH AT BANK AND IN HAND Cash al bank and in hand includes cash and short term highly liquid investsments wilh a short maturity of three months or less from the date of acquisition or opening of the depostt or slmilar account. Page 15 CAMBRIDGE SPORTS HALL TRUST LIMrrED (A Company Limtted by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 ACCOUNTING POLICIES (continued) 1.14 LIABILITIES AND PROVISIONS Liabilities are recognised when the￿ is an obligation at the Balance Sheet date as a result of a past event it is probable that a transfer of economic benefit will be required in setuemenl. and the amount of the settlement can be estimated reliably. Liabiltties ale recognised at the amount that the chanty anticipales it will pay lo settle the debt or the amount it has received as advanced payments for the goods or services it m¥Jst provide_ Provisions are measured at the best estimate of the amounts required to se￿e the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted ai the pr&tax di$￿Unt rate that refiects the risks spectfic to the liabilty. The unwnding of the discount is recognised within interest payable and similar charges. 1.15 FINANCIAL INSTRUMENTS The charity onty has ffinan￿aI assets and financial liabilthes of a kind that qualify as basic financial instruments. Basic financial instruments are initially rwnised at transaction value and subsequently measured at their settlement value. Financial assets mwdsured at amortised cost comprise trade debtors and other debtors. Financial liabilities measured at amorkn.sed cost comprise trade credttots, financial liabilities and accruals and deferred income. 1.16 PENSIONS The charity participates in the local govemment pension scheme operated by Cambridgeshire County Council. The scheme is a defined benefft scheme and the pension charge is based on a full actuarial valuation dated 31 Juty 2022. The LGPS is a fvnded scheme and the assets are held separately from those of the charitable company in separate Trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuatial basis using the projected unit method and discounted at a rate equtvalent to the current rale of return on a high quality corporate bond of equNalent tetm and currency to the liabilities. The actuarial valuations are obtained at least triennialty and are updated at each balance sheet date. The aTnounts charged lo operating surplus are the current service costs and gains and losses on the settlements and curtailments. They are included as part of staff costs. Past seTvÈce costs are recognised immediately in the Statement of Financial Activiti"es rf the beneffts have vested. If the benefits have not vested immediately, the costs a￿ recognised over the period vesting occurs. The expected return on assets and the interest cost are shown as a net finan￿ arrKTrunt of other finance costs or credits adjacent to interesL Actuarial gains and losses are rec()gni5ed immediately in other gains and losses. The charity also operates Iwo defined contsibth.on pension schemes and the pension charge includes the amounts payable by the charity to the fund in respect of the year. Page 16 CAMBRIDGE SPORTS HALL TRUST LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 JULY 2022 INCOME FROM DONATIONS AND GRANTS Unrestricted Restricted Funds funds 2022 2022 Totsl funds 2022 Total Funds 2021 Cambridge City Counul grant and rates relief Local restrictions support grant Community Leisu￿ Recovery Fund 20.089 20.089 3.000 16,667 21,676 42,085 36,933 3,000 16.667 19.fO7 39,756 In 2021 £25,276 of the irwme was reSt￿ted. TRADING INCOME Unrestricted Funds 2022 Restricted funds 2022 Total nds 2022 Total Funds 2021 Other trading income 24.750 24,750 19,105 24,750 24,750 19,105 In 2021 all ofthe was unrestricted. Page 17 CAMBRIDGE SPORTS HALL TRUST LIMtrED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 INVESTMENT INCOME Unrestricted funds 2022 Restricted funds 2022 Total funds 2022 Total Funds 2021 Bank Interest re￿Ivable Dividends and interest from invesknents 19 10.025 19 10,025 9,969 10,044 10,044 9.976 In 2021 all of Ihe income was unrestricted. INCOME FROM CHARITABLE ACTivmES Totsl funds 2022 Total fijnds 2021 funds 2022 funds 2022 Admission fees and memberships Use of facilities 157,428 697,202 157.428 697,202 94,994 300,520 854,630 854,630 395,514 In 2021 all of the income was unrestricted. OTHER INCOME Unrestrieted fvnds 2022 Restrieted funds 2022 Total funds 2022 Total funds 2021 Government grants receivable 106,711 106,711 Govemment grants represents amounts receNable'. under the Coronavirus Job Retenlion Scheme {CJRS) of £NIL {2021 £105,461) to cover salaries of furloughed staff., and under the standard terms of the Bounce Back Loan Scheme {BBLSI of £NIL (2021 - £1,250). Page 18 CAMBRIDGE SPORTS HALL TRUST LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 EXPENDrruRE ON RAISING FUNDS Unrestricted Funds 2022 Restricted funds 2022 Total Funds 2022 Totsl funds 2021 Other trading expenditure 4.207 4,207 2.723 4,207 4,207 2,723 In 2021 all of the expenditu￿ was unrestrtcted. CHARrrABLE ACTIVITIES EXPENDITURE Unrestricted Restricted funds funds 2022 2022 Total funds 2022 Total funds 2021 Direct costs (note 9) Support costs {note 101 565.912 328,475 15.105 7.552 581,017 336,027 520,558 277,968 894.387 22,657 917,044 798,526 In 2021, expendibjre on charitab]e ￿tiVItieS was £798.526 of which £778.342 was unrestricted and £20, 184 was restricted. DIRECT COSTS Charitable attivities Total 2022 Total 2021 Wages and salaries Social security costs Other pension costs Net interest cost on defined benefit pension schemes Electricity. gas and water Cleaning Equipment, renewals and refvrbishments Rent and rates Insurance Professional fees Bad debts Depreciation Profit on disposal of fixed assets 268,007 17,427 56,019 59.000 48,198 5.129 39.370 17,968 6.697 9.174 820 53,341 {1331 268.007 17,427 56,019 59,000 48,198 5,129 39,370 17,968 6,697 9,174 820 53,341 (133) 243,997 15,798 55,175 45,000 34,657 4,467 18,664 17,958 17,707 6,257 60,878 581.017 581,017 520,558 Page 19 CAMBRIDGE SPORTS HALL TRUST LIMTfED IA Company Limited by Guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 10. SUPPORT COSTS other Support Total 2022 Total 2021 Governance Wages and salaries Social security costs Other pension costs Electricrty, gas and water Cleaning Equipment, renewals and refurbishments Rent and rates Insurance Professional fees Travel and parking Marketing Audit and accountancy fees Printing, postsge and stationery IT and telecommunications Subscriptions Performing rights Collector5 fees mis￿lIaneOuS Staff welfare and beneffts Recruitment fees Bank charges Depreciation Interest payabte Profit on disposal of fixed assets 134.004 8,714 28,010 24,099 2,565 134,004 8,714 28,010 24,099 2.565 121,998 7,899 27,588 17.329 2,232 19,685 8,984 3,349 4.587 10,874 31.529 19,685 8,984 3,349 4,587 10,874 31,529 3,655 5,267 6.544 1,363 4,354 9,332 8,979 8.853 3,128 3,900 11,011 567 4,776 6,266 1,409 4,843 16 938 1,366 3,655 5.267 6,544 1.363 4,354 435 2,255 269 7,750 26,670 1,132 (67} 435 2,255 269 7,750 26,670 1,132 167} 3,756 30,439 1,343 3.655 332.372 336,027 277,968 11. NET INCOMEIIEXPENDrruRE} This is ststed after charging: 2022 2021 Operating lease payments 9,500 9,500 Depreciation and loss on disposal of tsngible fixed assets.. - owned by the charity 79,811 91,317 Page 20 CAMBRIDGE SPORTS HALL TRUST LIMITED IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 12. STAFF COSTS. TRUSTEE REMUNERATION AND EXPENSES AND THE COST OF KEY MANAGEMENT PERSONNEL Stsff costs were folbws.. 2022 2021 Wages and salaries Social securty costs Other pension costs 402,011 26,141 84,029 365,995 23.697 82,763 512,181 472,455 The average number of persons employed by the ch2rity during the yearwas as follows: Number Number Administration and management Reception Maintenan Recreation 18 18 There were no employees Who￿ annual remuneraion and t*neffts was £60.OCQ or more. The key management personnel of the charity comprise the Trustees. The Trustees all give their time and expertise without any kind of remuneration or other benefit in kind12021- £NILI. During the year, no Trustees r￿￿ed any reimbursement of expenses {2021- £NILI. Page 21 oc)>O D>> ¢XS0)0 J ¢D CAMBRIDGE SPORTS HALL TRUST LIMITED (A Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 14. FIXED ASSET INVESTMENTS Cash held at Listed investsnent securities manager Totsl Securities MARKETVALUE At 1 August 2021 Additions Disposals {pro(£eds £28,266) Movement on cash at investor5 Revaluations 398,490 24.900 {30,3021 3.542 402,032 24,900 130,3021 8,646 23,146 8.646 23,146 At 31 July 2022 369,942 12,188 382,130 15. STOCKS 2022 2021 Goods for resale and stationery 3,746 3,516 16. DEBTORS 2022 2021 Trade debtors Other debtors Prepayments 35,739 1,296 32,026 30,024 2,601 24,500 69,061 57,125 Page 23 CAMBRIDGE SPORTS HALL TRUST LIMrrED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 17. CREDITORS: Amounts falling due wiihin one year 2022 2021 Bank loans Trade creditors Other taxation and social security Accruals Deferred income Other creditors 10,000 5,880 7.647 158,831 77,364 11,815 9,996 12,165 6,892 138,329 86,133 15.362 271537 268,877 Bank loans includes a Govemment backed 'bOUn￿ back, loan, which was drawn down in July 2020. This loan is 1000A guaranteed by the Govemment and there were no fees or interest payable in the first 12 months. After this 12-month period, interest is being charged al 2.5tIA per annum. Deferred income comprises local authorlty contributions. n￿bership fees, admission, hire tharges and mobile phone rental recewed in advan￿. DEFERRED INCOME Deferred income at 1 August 2021 Resources deferred during the year Amounts released from previous years 86,133 77.364 86.133 Deferred income at 31 July 2022 77,364 18. CREDITORS: Amounts falling due after more than one year 2022 2021 Bank loans 30.000 40.004 30,000 40,004 Bank loans includes a Government backed 'txjUn￿ back, loan, which was drawn down in July 2020. This loan is 1 OOOA guaranteed by the Government and there were no f￿5 or interest payable in the first 12 months. After this 12-month period. interest is being charged at 2.5°/o per annum. Page 24 CAMBRIDGE SPORTS HALL TRUST LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 19. UNRESTRICTED FUNDS General funds Designated fund5 Pension Totsl 2022 Total 2021 Balance at 1 August 2021 Income Expenditure Net gains on inveslmenls Transfers in l (out) Actuarial gains on defin tenefit Fension schemes 1.058.Tt8 909,091 {857.4001 125.182) (14.939) 36.21XJ (1.314.000) 1219,0221 909,091 1903,3391 125.182} {296.1061 606,724 1785,7631 63,123 {14,939} (31.1XJO) 14,939 1,345,CNJO 1,345,000 193,000 Balance at 31 ju￿ 2022 1.070.348 36.200 1,106.548 219,022 As part of unrestricted funds. the foll¢y•ving funts have been designated for SFeafic purp)ses.' 1 August 2021 31 July 2022 Expenditure Transfers Equiprnent Plant renewals 20.000 16,200 (9,656) (5,2831 9,656 5,283 20,000 16,200 14.939 14,939 36,200 Transfers represent intemal alIc￿ationS for fvrture caprtal costs. 20. RESTRICTED FUNDS CLRF Grant Communty Grant Total 2022 Total 2021 Balance at 1 August 2021 Income Expendrture 1.200 3.892 20.089 {21,4571 5,092 20,089 122,657) 25,276 {20,1841 {1.2CKJ) Balance at 31 July 2022 2,524 2,524 5.092 Page 25 CAMBRIDGE SPORTS HALL TRUST LIMITED (A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 21. ANALYSIS OF ASSETS BETWEEN FUNDS Unrestricted Funds 2022 Restricted Funds 2022 Total Funds 2022 Total Funds 2021 Tangible fixed assets Investments Current assets Creditors due within one year Creditors due in more than one year Deftned benefit pension scheme liabilty 730,440 382,130 295,515 (271.5371 (30.000) 730,440 382,130 298.039 {271,5371 (30.0001 800,152 402,032 206,767 (268.8771 140,0041 (1,314.0001 2,524 1.106,548 2,524 1.109.072 213,930 22. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 2022 2021 Net incomellexpenditurel for the year las per Statement of financial actniitiesl 1.323,002 82,176 Adjustments for: Depreciation charges Interest income Dividends and interest from investments {Increaseydecrease in stocks Increase in debtors Increase in creditor5 Decrease pension liability Decreasel{Increasel in value of invesknents 80.011 {191 (10.025> 1230} (11,9361 2,656 (1.314.000) 19,911 91,317 171 (9,9691 810 15,6321 65,103 {176,0001 (68,3941 89,370 2Q.596 23. ANALYSIS OF CASH AND CASH EQUIVALENTS 2022 2021 Cash in hand 225,232 146,126 225.232 146,126 Page 26 CAMBRIDGE SPORTS HALL TRUST LIMITED {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 24. ANALYSIS OF NET DEBT At1 August 2021 Other non-cash changes At31 July 2022 Cash Flows Cash in hand 146.126 79,1C6 225,232 Creditors- Amounts falling due within one year Bank loans {9.9*) 10.000 110,0041 {10.000) Creditors: Amounts falling after rnore than one year Bank loans (40,004) 10,004 (30.0001 .126 89.106 185.232 25. PENSION Comm￿MENTs The charty has pension oblrgatsorts under the Lwal Govemment Pension Scheme and a money purchase scheme. The assets of the schemes are administered by Trustees in a fvnd indewndent from those of the charity. At the year end, pension contributions outstanding induded in credf(ors amounted to £7,95412021 - £7.6831. Tre chartty has a further obligation to pay a ￿nSIOn for an ex-employee and spouse (estimated al approximately £5,220 per annum) until their deaths. This amount has not been accrued due to the uncertainty of fvture life expectancy and the cost of preparing an actuarial valualion. Principal actuarial assumpts.ons at the Balan￿ Sheet date {express&l as weighted averages).. 2022 2021 Pension increase rale Salary increase rate Discount rate 2.75% 3.250 2.85Yo 1.60Yo Page 27 CAMBRIDGE SPORTS HALL TRUST LIMrfED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 25. PENSION COMMITMENTS Icontsnued} Movements in the present value of the defined benefft obligation were as follows". 2022 2021 Opening defined benefft obligation Interest cost Contn"butions by scheme participants Current seNiee costs Past service costs Benefits paid Remeasurements Changes in demographic assumpb.ons Changes in financial assumptions Other experience 5,392,000 86,000 13,000 108,000 4,962,000 69,000 13,000 94,000 {142,0001 1171,000) (20,000) (1,667,000) 7,000 61,000 411,000 147.0001 Closing defined benefft obligation 3,777,000 5,392,000 Changes in the fair value of stherre assets were as follows: 2022 2021 Opening fair value of scheme assets Interest income Contributions by employer Contributions by scheme participants Benefits paid Remeasurements.. Retum on assets 4,078,000 65,000 98,000 13,000 1142,000) 54,000 3.472.000 48,000 98,000 13,000 1171.000) 618,000 Closing fair value of scheme assets 4,166,000 4,078,000 The charity expects to contribute £98.000 to the defined benefft pension scheme for the period to 31 July 2023. Amounts for the current and previous perKKI are as follows: 2022 2021 Defined beneffi obligation Scheme a55ets Derecognition of Sufplus 13,777,000) 4.166,000 1389,000) {5,392,000} 4,078,000 Surplus 1,314,000 Experience adjustments on Sche￿ assets 1,734,000 193,000 Page 28 CAMBRIDGE SPORTS HALL TRUST LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 25. PENSION COMMrrMENTS (continued) Fair value of employer assets 2022 2021 Equities Bonds Propety Cash 70° 13Y& 16° 1Q 17% 14° 2Yo Mortality assumptions Life expectancy is based on the Fund's WJtaCuTves with improvements in line with the CMI 2021 model, with a Ook weighting of 2021 (and 20201 data, standard smoothing {Sk71, initial adjustment of 0.25DA and a long temi rate of improvement of 1.5% p.a. for both males and females. Based on these assumptions, the average future life expectancies at age 65 are summarised bek)w'. Males years Females years Current pensioners Future pensioners 22.0 years 22.9 years 24.2 years 26.0 years Historic mortality Life expectancies for the prior period end are based on the Fund's VrtaCuTves. The allowance for fvture improvements are shown below". Current pensioners - CMI 2020 model with a 0% weighting of 2020 data. stsndard smoothing ISk7}, inrtial adjustment of 0.5UA and a long temi rate of improvernent of 1.50/0 p.a_ Future pensioners - CMI 2020 model with a ￿ weighting of 2020 data, stsndard smoothing {Sk7), initial adjustment of 0.5% and a long teTm rate of improvement of 1.5°k p.a. Commutation A commutation albwance is included for fvture retirements to elect to take 25 /0 of the maximum additional tax-free cash up lo HMRC limits for pre-April 2008 servu and 64% of the maximum tax-free cash for post- April 2008 service. AJI other demographic assumpb.ons are as per the latest funding valuation of the Employer. Page 29 CAMBRIDGE SPORTS HALL TRUST LIMITED {A Company Limited by Guardnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 26. OPERATING LEASE comm￿ME*￿s At 31 July 2022 the charity had future minimum lease payments under nOn￿ncelIable operating leases as follows: Land and buildings 2022 2021 Wrthin 1 year Between 2 and 5 years Greater than 5 years 9.500 38.000 180,372 9,500 38,000 189,872 227 872 237,372 27. OTHER FINANCIAL COMMITMENTS At 31 Jijly 2022 the chartty had IZFNFal commttments. cnntracted for but not provided in these financial statements of £NIL12021 - £NIL)_ 28. RELATED PAR￿ TRANSACTIONS The charty has not entered into any related party transaction during the year. nor are there any outstsnding balances owing betsveen related parties and the thartty at 31 July 2022. 29. CONTROLLING PARTY The charity is limited by guarantee and it is not considered ihat there is a controlling paty. Page 30 Registered number: 00979813 Charity number: 300371 CAMBRIDGE SPORTS HALL TRUST LIMITED (A Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 CAMBRIDGE SPORTS HALL TRUST LIMITED (A Cornpany Limited by Guaranteel CONTENTS Page Trustees. Report Reference and Admintstralive Details of the Charity, its Trustees and Advise Independent Examinerfs Report statement of Financial Activities Balance Sheet 10-11 statement of Cash Flows 12 Notes to the Financial Ststements 13-30 CAMBRIDGE SPORTS HALL TRUST LIMTfED IA Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2022 The Trustees present their annual report together wtth the financial staterrEnis of the Cambridge Sports Hall Trust Limited for the year 1 August 2021 to 31 Juty 2022. The annual rewrt serves the purposes of both a Trustees, retx)rt and a directors, rew)rt under company law. The Trustees confimi that the annual report and financial statements of the charrtable company compty with the cUr￿nt statutory requirements, the requirements of the charttable company's goveming dr￿urnent and the provisions of the Statement of Recommended Practice {SORPI. applicable to chatiti.es preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republr of Ireland (FRS 102) (second edrtion - October 2019 effective 1 January 2019). Since the company qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Acl 21X)6 (Strategic Rewrt and Directors, Report) Regulations 2013 has been omitted. OBJECTIVES AND ACTIVITIES POLICIES AND 0￿ECTIVEs The objects of the charity are to provide sporbng and recreational facilibes for the residents of and visitors to Cambridge and the surrounding areas. The p)licy of extending free membership to the disabled continues, as does its work with disadvantaged groups within the community. The chattty operates as Kelsey Kerridge Sports Centre. MAIN ACTIVrnES UNDERTAKEN TO FURTHER THE CHARITfs PURPOSES FOR PUBLIC BENEFIT In the exerase of our powers to that end, we have paid due regard to the published guidance from the Charity Commission on the operation of the Public Benefit requirement under the Chartties Act 2011. Kelsey Kerridge aims to provide a facilty 2t an affordable rate which is accessible for everyone. We work in partnership wtth the City Council and other extetnal organisations to provide facilities for disadvantaged groups at a discounted rate. giving indwiduals the chance to get invofved with sporting activities, who otherwise would not get the opportunity- Funding received from the City Council amunted to £20.089 in the financial year for which the charity is most grateful. Because of our chartsble status, we do not aim to make a profic so all profits are used to improve the facilities for our users by providing up-t(Hlate sports & fitness equipment, maintaining the building and refurbishing where necessary. SUSTAINABILrrY Kelsey Kerridge Sports Centre wll look ￿refUIty at our thits'es and deryde where we can take acb'on lo reduce our impact on the global environment and protect or improve the local environment. We wtll aim to achieve this by.. Making energy efficient measures wrthin the building on an on-going basis". Considering what impact our decisions wll make on the local environment Maknng decisions that wll improve recycling". and Considering what impact our deC￿lOn$ will have on the environment when choosing suppliers and purchasing goods. Page 1 CAMBRIDGE SPORTS HALL TRUST LIMfTED IA Company Limited by Guardntee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2022 ACHIEVEMENTS AND PERFORMANCE REVIEW OF ACTIVITIES This financial year has been the first year of 0￿rating wtthout any restrictions due to Covid-19 since the pandemic began in 2020. The income for the year ended 31s1 Juty 2022 did not ￿turn to pre-pandemic l*vels. This is thought to be paruy due lo changes in lifestyle and people finding alternative ways to exercise during the lockdowns. Changes to working pattems has also had an iET2pact. with many people now working from home and fewer people therefore travelling in to the City every day. There has also been an increase in local competition in the local area. Reduced rates continued to be given to individuals wtth disabilities and groups on low income. Our vision is to make fitness accessible to all. Individuals do not have to commit to a membership but can attend on a pay-as- you-go basis. The cost of these concessions during the year was £6,103. We continue to have regular contact with Cambridge City Council sports and wreakn.on officers for the benefit of the local inhabitants. INFORMATION ON FUNDRAISING PRACTICES The Charity does not currently raise fijnds from the public nor d￿$ r( receive funding from, or make applications to, trusts and foundations. nor does it receNe public subsidies. Should ￿ndraising activities pccur in the future, the Charity is committed to avoiding any intrustve furEdraising approaches and will never gpply undue pressure to donate. FINANCIAL REVIEW FINANCIAL PERFORMANCE Income from charitable activities for the year increased by 116% as the Centre was open for the entire year and operating without any social distancing reslrictions due to Covid-19. The costs of running the Charity were still very carefully managed and onty increased by 7%. The Charity received a grant of £3,000 from the local authorlty to compensate ft)r loss of foottall and takings during the Omicron {variant of Covid-191 wave in wintsr 2021. Members of the public were encouraged not to mix too much to avoid spreading the virus. The Charrty was awarded £50,000 from the Sport England Community Leisure Recovery Fund in 2021. This nding was made available by Sport England for qualrfying multi-use Sports Centres to bridge the gap between income and expendtture for the period 1* April 202110 30th September 2021. This was in recognition of the fact that Sports Centres were not able to OK￿rate at full Capacity for the majority of this period. The local govemment defined benefit pension scheme has historically been in a deficit position, but for the 2022 financial year there was a net asset Postbon of £389.000. This asset has not been recognised in Ihese Financial Statements in accordan￿ wtth FRS102 and a nil position has been shown on the Balance Sheet. Whilst the pension deficit has swJnificantly decreased during the year. this is unlikely to change our contribution rate. Additional contributions spectfically to clear the deficit began in April 2021 as agreed with the scheme provider and these are expected to Ix)nb"nue as well. Ppge 2 CAMBRIDGE SPORTS HALL TRUST LIMrrED IA Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2022 In previous years the c3sh generated from operating surpluses has been invested in new equipment and maintenance of the Sports Centre. Due to this continued investment prior to the pandemic, the Trustees are confident that both facilities and sports equipment remain at a very high stsndard. The Trustee5 will look to increase income levels in fijture accounting periods by conlinued investrnent in the sports facilities and by providing a wide range of actjvrties. There are new challenges to face in the near )￿tUre due to high inflab'on and significant increases in the cost of tunning the Centre. The Trustees regularly ￿VIeW the thartty's acbvit]es and the opportun¢ttes available and the risks lo which the charity is exposed. The Trustes rYKJnitor ffnancial perforrnan￿ against budget and the previous year each month and variances are explained. A detsiled budget r6 prepar&J annualty. RESERVES POLICY Historically, it has been the wlicy of the Trustees to ensure that the reserves of the charty do not fall below a minimum of thr￿ months, operational costs. At the year end, unrestricted funds, exduding the pension asset of £389,ODO, stood at £1,109.072, of which £36,200 had been designated for future capital projects, £730,440 was represented by fixed assets and £382,130 was represented by fixed asset investments, leaving negative free reserves of £39,698. This is not in line thi￿ n￿nthS operational costs and Ihe Trustees recognise that this desired poI￿Y may not be achievable in the short tern). However, the Trustees will continue to manage costs wherever F)ossible and they are confident surpluses can be achieved again in the fijture. Under the Memorandum and Artic5e5 of Association, the charty has the power to make investments and or borrowings which the Trustees see ft GOING CONCERN The Centre has been in operation wilhout social distancing restricbons for a fvll firsanaal year and although the income has not yet reached pre-pandemtc levels, costs have tten managed and a surplus before gains and losses for the year has been achieved. Costs are projected to increase in the next year due to inflation rises in the UK. however the Trustees are sab"sfied that the Charity does have sufficient cash reserves to cover a deficit between income and expenditure in the short temi. The majorty of the Charity's ￿sh is held in Investments ￿￿naged by JM Finn. The cash can be redeemed at short noti￿ and the cash flow is beirKJ closely monrtored in case thi% becomes ne￿Ssary. INVESTMENTS POLICY Any investment decisions undertaken by the Trustees must safeguard the assets of the charity and the￿fore are in accordance wf(h the guidelines laid d¢y•vn by the Chartty Commission. PLANS FOR FUTURE PERIODS The Trustees Ix)ntinue to reinvest funds to improve the f*ilities by keeping up to date with new equipment and refurbishing areas of the sports fraultty as and where required. There is a detailed programme of work that sets the dates for major reftjrbishment and mainlenance acttvtbes over the next few yeats. Any surpluses on opefftting activities are therefore fully committed to alk)w this work to take pla￿. Page 3 CAMBRIDGE SPORTS HALL TRUST LIMITED (A Company Limited by Guarantee TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2022 STRUCTURE, GOVERNANCE AND MANAGEMENT CONSTITUTION The chartty is registered as a tharitable company limited by guarantee and was set up by a Memorandum and Articles of Association on 18 May 1970 as amended 17 November 1999. It is registered as a charity with the Charity Commission, under charity number 30037. METHOD OF AppoIKfMENT OR ELECTION OF TRUSTEES The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum and th.cles of Association. POLICIES ADOPTED FOR THE INDUCTION AND TrAINING OF TRUSTEES New Trustees are briefed on their legal obligatsons under Chanty and Comparsy Law, the content of the Articles of Association, the Trustee decision making pr￿sSeS. and recent financial performance of the charity. Trustees are encouraged to attend appropriate extemal training events where these will facilitate the undertaking of their role. and Tnjstees. meets"n9s whenever possible in order to maintain their awareness of the charity's activities. PAY POLICY FOR SENIOR STAFF No sPe￿C benchmarks are employed in setb'ng the paramete[5 for staff payment including that of senior staff. other than a broad regard of currenl paymenL infiation and competitive 'going rates,. The govemment 'living Wage, criteria are also observed. ORGANISATIONAL STRUCTURE AND DECISION MAKING The Trustees are responsible for establishing the overall policy and direction to ersable the charity to meet its objectives. The key management decisions are taken by the Trustees as a whole allhough the Trustees have delegated ￿rtain types of management derysions to the charity's executive staff. The main stakeholders a￿ entitte(I to a formal representation on the board and are induded on the reference and administrative details of the charity (page 61. RISK MANAGEMENT The Trustees regulady review the activities and the opportuntties available and the risks to which the charity is exposed, in particular those related to Ihe operations and finances of the chanty. The Trustees monitor financial performance against budget and the previous year each month and variances are explained. A detailed budget is prepared annually. Key risks to the charity in¢Eude kjss of key staff and the reliance placed on Cambridge City Council for the lease of the premises. The Trustees review a formal risk register at each meeting as a standard agenda item and are satisfied that systems and procedures are in place to mth.gate our exposure to the rnajor risks. Page 4 CAMBRIDGE SPORTS HALL TRUST LIMITED (A Company Lirnited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2022 MEMBERS. LIABILrrY The Members of the (*arrtable company guarant* to conlribute an ar￿Unt not exceeding £1 to the assets of the chanty in Ihe event of winding up. TRUSTEES. RESPONSIBILITIES STATEMENT The Trustees (who are also directors of Cambridge Sports Hall Trust Limite(I for the purposes of company lawl are responsible for prepating the Trustees, Report and the financial statements in accordance with applicable law and reguL3tions_ Company law requires the Trustees to prepare finanaal statements for each financial year. Under company law the Trustees must not approve the finanual statements unless they are satisfied that they gThie a true and fair view of the state of affairs of the Charitab￿ company of Ihe incoming resources and applicats'on of resources, including the income and expenditure, of the char(iable company for that peri)d. In preparing these financial statements. the Trustees are requir&Y to.. select suitable accounting p￿ICieS and then appty them consistentty; observe the methods and principles in the Charities SORP.. make judgments and a(Lounting estimates that are reasonable and prudent prepare the financial statements on the going concem basis unless rt ts inappropriate to presume that the charitable ¢ornpany wi51 continue in operats"on. The Trustees are responsible for keeping adequate accoLtnting records that are sufficient to show and explain the charitable company's transactions and disclose wrth reasonable accuracy at any time the financial position of the charttable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularrties. This report was approved by the Trustees and signed on their behatf by.. Mr L Phanco Chaimian Date.. lc KJUJ IOL Page 5 CAMBRIDGE SPORTS HALL TRUST LIM￿ED IA Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ￿s TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2022 Trustees Mr K Amiri Mr A L Johnson Mr M Roman Mrs S Dean Mr P B Kerridge Mr L Phanco Mi S Powley Company registered number 00979813 Charity registered nutnber 300371 Registered office Kelsey Kerridge Sports Centre Queen Anne Terrace Gonville Place Cambridge CB1 1NA Company Secretary Mrs D Cowell President Mr P B Kerridge Chairman Mr L Phanco Vice£hainnan Mr K Amiri Manager Miss L J M Shadrack Appointed representatives Cambridge City Council Cambridgeshire County Council Cambridge Universty South Cambridgeshire District Council No appointment Clli C Rae Mr S Goddard No appointsment Independent examiners Peters E￿¥OrthY & Moore Chartered Accountants Stslulory Auditors Salisbury House Station Road Cambridge CB12LA Bankers Barclays Bank plc St Andrews Street Cambridge CB2 3AA Page 6 CAMBRIDGE SPORTS HALL TRUST LSMITED (A Company Limited by Guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JULY 2022 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CAMBRIDGE SPORTS HALL TRUST LIMITED (the 'charity'l I report to the charity Trustees on my examination of the ac￿Unts of the charity for the year ended 31 July 2022. This report is made solety to the charity's Trustees, as a bc#Yy. in accordance wrth Part 4 of the Charities (Accounts and Reports) Regulats"ons 2008. My work has tEen undertaken so that I might state to the charty's Trustees those matters l am required to state to them in an Inde￿ndent Examiner's Report and for no other purpose. To the fullest extent perrnitted by law. I do not a￿pt or assume reS￿nSibility to anyone other than the charity and the charity's Trustees as a bc*Jy, for my work or ft)rthis reporL RESPONSIBILITIES AND BASIS OF REPORT As the Trustees of the charity you are responsible for the pre￿ratIOn of the ￿lUnts in accordance with the requirements of the Charities Act 2011 Ilhe 2011 Adl. I report in respect of my examinab.on of the charity's accounts ￿trIed out under s￿10￿ 145 of the 2011 Act and in carying out my examination I have followed all the applubte Directions gtven by the Charity Commission under section 14515)Ibl of the 2011 Act. INDEPENDENT EXAMINER'S STATEMEP Your attention is drawn to the fact that the charity has prepared the accounts in accordan￿ with Accounting and Reporbng by Charit"es.' Statement of Recommended Practice applicable to charities preparing their accounts accordance with the Financial Reporting Standard applrable in the UK and Republic of Ireland IFRS 1021 in preferen￿ to the Accounth"ng and ReFX)Tting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant reguL4tions but has been withdrawn. l understand that this has b￿n done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting praCt￿e effectrve for reporbng periods beginning on or after 1 January 2015. I have eompleted my examination. l Confi￿ that no matters have come lo my attentson in connection with the examination giving me ￿USe to believe that in any m*rial respect" accounting records were not kept in respect of the thartty as required by section 130 of the 2011 Act", or the accounts do not accord with those records: or the accouftts do not comply with the 2ppli(xble require￿Ents con￿mIng the form and content of accounts set out in the Charities {Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a Irue and fairf view whith is not a matter considered as part of an independent examinalion. Page 7 CAMBRIDGE SPORTS HALL TRUST LIMITED IA Company Limiteil by Guarantee) INDEPENDENT EXAMINER'S REPORT (continued FOR THE YEAR ENDED 31 JULY 2022 I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Kelly Bretheri¢k FCA Peters Elworthy & Moore Salisbury House Station Road Carnbridge C81 2LA Dale.. 25 Novèmbèr 2022 Page 8 CAMBRIDGE SPORTS HALL TRUST LIMITED (A Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTivrriES (INCORPORATING INCOME AND EXPENDrruRE ACCOUNTI FOR THE YEAR ENDED 31 JULY 2022 Unrestricted Restrlct¢d funds funds 2022 2022 Total funds 2022 Total funds 2021 Note INCOME FROM: Donations and grants Other trading activities Investments Charitable activities Other income 19,667 24.750 10,044 854.630 20.089 39,756 24.750 10,044 854,630 100.694 19,105 9,976 395,514 106,711 TOTAL INCOME 909 091 20,089 929,180 632.000 EXPENDITURE ON: Raising funds Other trading activities Investment management Charitable activities 4.207 4.745 894.387 4,207 4,745 917,044 2,723 4.698 798,526 22,657 TOTAL EXPENDITURE 903.339 22.657 925,996 805,947 NET INCOME BEFORE INVESTMENT GAINSI{LOSSESI 5,752 12.568) 3.184 (173,9471 Net gains on investments 14 (25.1821 {25,1821 63,123 NET INCOME BEFORE OTHER RECOGNISED GAINSI{LOSSESI 119.4301 (2,%8) {21,998) 1110,8241 Actuarial gains on defined benefft pension schemes 25 1.345,000 1.345,000 193,000 NET MOVEMENT IN FUNDS 1.325.570 (2,%81 1,323,002 82,176 RECONCILIATION OF FUNDS: Total ￿ndS brought forward {219.0221 5,092 1213,930} 1296,106} TOTAL FUNDS CARRIED FORWARD 1.106.548 2.524 1,109,072 213,930 All activities relate to continuing operatw)ns. The notes on pages 13 to 30 form part of these financaal ststements. Page 9 CAMBRIDGE SPORTS HALL TRUST LIM￿ED (A Company Limited by Guarantee) BALANCE SHEET AS AT 31 JULY 2022 2022 2022 2021 2021 FIXED ASSETS Tangible assets Investments 13 14 730,440 382,130 1.112.570 800,152 402,032 1,202,184 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 15 16 23 3,746 69,061 225,232 298,039 3.516 57,125 146,126 206,767 CREDITORS: amounts falling due within one year 17 271,537 268,877 NET CURRENT ASSETS I (LIABILITIES) 26,502 {62,1101 TOTAL ASSETS LESS CURRENT LIABILITIES 1,139.072 1,140,074 CREDITORS: am05Jnts falling due after more than one year 18 30.000 NET ASSETS EXCLUDING PENSION ASSETsI(LIABIL￿IESj 1,109,072 1.100,070 Defined benefit pension scheme liabiltiy 25 {1,314,0001 ASSETSI (LIA8ILmESI 1.109,072 213,930 CHARITY FUNDS Restricted funds Unrestricted funds 20 19 2,524 1,106.548 5,092 {219,0221 TOTAL FUNDS 1,109,072 213,930 For the financial year in question the company was enliued to exemption under section 477 of the Companies Act 2006 relating to small companies. No members have required the company to obtain an audrt of lis accounts for the year in question in ac¢ordan<* with section 476 of the Companies Act 20C6. The directors acknowledge their responsibilty for complying with the requirements of the Act with respect to accounting tecords and for the preparation of accounts. Page 10 CAMBRIDGE SPORTS HALL TRUST LIMITED {A Company Limited by Guarantee BALANCE SHEET AS AT 31 JULY 2022 These accounts have b￿n prepared in a[Xx)rdan￿ wÉth the provisions applicable to companies subject to the small companies. regime. The financial statements were approved by the Trustees and signed on their beh2W. by: Mr L Phanco Director Date.. Ll WJOJ The notes on pages 13 to 30 form part of these financial statements. Page 11 CAMBRIDGE SPORTS HALL TRUST LIMrrED (A Company Limited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2022 Note 2022 2021 CASH FLOWS FROM OPERATING ACTIVtriES Cash provided by I (used inl operating activitie5 89.370 120,596) CASH FLOWS FROM INVESTING ACTIVMES: Interest incorne Dividends and interest from investsnents Purchase of langible fixed asse15 Purchase of investments Sale of investments 19 10,025 110,299) 124,9001 24.891 9,969 12,507) {32,2751 72,275 CASH (USED INI I PROVIDED BY INVESTING ACTNMES 47,469 CASH FLOWS FROM FINANCING ACT￿lEs. Repayment of borrowin9 110.000) CASH USED IN FINANCING ACTWMES 10,000 Increase in cash and cash equivalents in the year 79,106 26,873 Cash and cash equNalents at the beginning ofthe year 23 146.126 119.253 CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 23 225,232 146,126 The notes on pages 13 to 30 form part of these financial statements. Page 12 CAMBRIDGE SPORTS HALL TRUST LIMtrED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 ACCOUNTING POLICIES 1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial statemeftts have been prepar&J in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practre appIl￿ble to charities preparing their accounts in accordance with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (second editton of Charsbes SORP IFRS 1021 October 20211, the Financial Reporting Standard applicatrAe in the UK and Republ￿ of Ireland {FRS 1021 and the Companies Act 2006. Cambridge Sports Hall Trust knmtted m￿ts the definthon of a public benefft entity under FRS 102. As*ts and liabilities are initi.ally reo)gni8ed at historical cost or transaction value unless otherwise stated in the relevant accounb'ng FX)Iry. 1.2 GOING CONCERN At the year end the Charity had net assets of £1,109,072. This is a vast improvement on the prior year and is due to the reduction in Ihe defined benefit pension scheme deficit The Tnjstees have revEwed the cash Itows and forecasts and athough an operating deficit is anticipated in the short term due to the current rising costs and high inllation rates, they are confident the Charty has Suf￿lent cash re*rves to enable them to continue in operats.onal existence for the foreseeable future. 1.3 COMPANY STATUS The charity is a company limited by guaranlee. The members of the company are the Trustees named on page 5. In the event of the company being wound up. the liability in respect of the guarantee is limited to £1 per member of the company. 1.4 SIGNIFICANT JUDGEMENTS AND ESTIMATES No significant judgements have had to be made by managenEnt in preparing these financial statements. 1.5 FUND ACCOUNTING General fvnds are unrestricted funds whith are available for use at the discretion of the Trustees in furtherance of the general objecb.ves of the charity and which have not been designated for other purFX)ses Restricted ftjnds are ￿ndS whtch are to LE used in ac(x)r(lance wth specific rest[￿lOnS imposed by donors or which have been raised by the charty for particular purposes. The ￿$1$ of raising and admiTllStering such funds are charged against the speak fvnd. The aim and use of each restricted fvnd is set out in ￿ notes to the finanryal statements. Designated funds comprise Unrestri￿ funds that have b*n set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Page 13 CAMBRIDGE SPORTS HALL TRUST UMrrED {A Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 ACCOUNTING POLICIES (Continued) 1.6 INCOME All income is recognised once the charty has entitiement to the income, tt is probable that the income will be received and the amount of income r￿1Vable can be measured reliably. Admissions income is recognised on the date of admtssion. Other in(x)me is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion ol the service. Grants are included as income when these are receNed I receNable. Grant income is deferred where it relates to discretionary rate relief for future periods. Interest on ￿ndS held on deF*)sf( is included when ￿e1Vable and the amount can be measured reliably by the chartty", this is normalty uw)n notification of the interest paid or payable by the Bank. Other income represent amounts receivable under the Coronavinjs Job Retention Scheme ICJRSI to cover salaries of fvdoughed slaff. This inconE is recognised on the accruals basis, over the same period as the related expenditure. 1.7 EXPENDITURE Expenditure is recognised once there is a legal or constructive obltgation to transfer economic benefit to a thir¢J party, it is probable th* a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activty are made up of the total of direct costs and shared costs, including support cost5 involved in undertaking each acts"vity- Direct costs attributable to a single activity are allocated direclly lo that actwity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single actNity are apFK)rtioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of ts.me S￿n[ and depreckqtion charges allocated on the wrtion ofthe asset's use. Support costs are those costs in¢)Jrred directy in support of expenditure on the objects of the charity and include govemance costs. Govemance costs are those incurred in connection with administration of the charty and Complian￿ with constituts.onal and statutory requirements. Irrecoverable VAT is charged against the expenditure heading forwhich it was incurred. Page 14 CAMBRIDGE SPORTS HALL TRUST LIMrtED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMETrrrs FOR THE YEAR ENDED 31 JULY 2022 ACCOUNTING POLICIES l¢ontinued) 1.8 TANGIBLE FIXED ASs￿s AND DEPRECIATION Tangible fixed assets are carried at cost, net of depreciation and any provision for impairlnent. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their ests"ryated residual value, over their expe(tsd useful INes on the following bases.. Leasehold Property Equipment, fixtutes and fittings Ouuooks gymnasium Climbing wall Straight line over life of lease 5¥0 - 331/>o on cost 5% - 330A on cost 4% on cost INVESTMENTS Fixed asset investments are a form of financial instrument and are initially recognised at their trarbsaction cost and subsequenty measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which ￿se it is measured at cost less impairrnent Investment gains and losses, whether realised or unrealised, are u)mbined and presented as 'Gains I ILoFsesl on investrnents, in the statement of ffinar7Ctal acttvtbes. 1.10 STOCKS Stocks are valued at the lower of cost and net realisable value after making due allowan￿ for obsolete and siow-moving stocks. 1.11 TAXATION The charity is cOn￿dered to pass the tests set oui in Paragraph 1 Schedule 6 of the FinanTr Act 2010 and therefore it meets the defintbon of a charttable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capttal gains received w-rthin categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the T8xatton of Chargeable Gains Act 1992. to the extent that such income or gains are applied exclusively to charitable purposes. 1.12 DEBTORS Trade and other debtors are re(wnised at the sethement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.13 CASH AT BANK AND IN HAND Cash al bank and in hand includes cash and short term highly liquid investsments wilh a short maturity of three months or less from the date of acquisition or opening of the depostt or slmilar account. Page 15 CAMBRIDGE SPORTS HALL TRUST LIMrrED (A Company Limtted by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 ACCOUNTING POLICIES (continued) 1.14 LIABILITIES AND PROVISIONS Liabilities are recognised when the￿ is an obligation at the Balance Sheet date as a result of a past event it is probable that a transfer of economic benefit will be required in setuemenl. and the amount of the settlement can be estimated reliably. Liabiltties ale recognised at the amount that the chanty anticipales it will pay lo settle the debt or the amount it has received as advanced payments for the goods or services it m¥Jst provide_ Provisions are measured at the best estimate of the amounts required to se￿e the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted ai the pr&tax di$￿Unt rate that refiects the risks spectfic to the liabilty. The unwnding of the discount is recognised within interest payable and similar charges. 1.15 FINANCIAL INSTRUMENTS The charity onty has ffinan￿aI assets and financial liabilthes of a kind that qualify as basic financial instruments. Basic financial instruments are initially rwnised at transaction value and subsequently measured at their settlement value. Financial assets mwdsured at amortised cost comprise trade debtors and other debtors. Financial liabilities measured at amorkn.sed cost comprise trade credttots, financial liabilities and accruals and deferred income. 1.16 PENSIONS The charity participates in the local govemment pension scheme operated by Cambridgeshire County Council. The scheme is a defined benefft scheme and the pension charge is based on a full actuarial valuation dated 31 Juty 2022. The LGPS is a fvnded scheme and the assets are held separately from those of the charitable company in separate Trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuatial basis using the projected unit method and discounted at a rate equtvalent to the current rale of return on a high quality corporate bond of equNalent tetm and currency to the liabilities. The actuarial valuations are obtained at least triennialty and are updated at each balance sheet date. The aTnounts charged lo operating surplus are the current service costs and gains and losses on the settlements and curtailments. They are included as part of staff costs. Past seTvÈce costs are recognised immediately in the Statement of Financial Activiti"es rf the beneffts have vested. If the benefits have not vested immediately, the costs a￿ recognised over the period vesting occurs. The expected return on assets and the interest cost are shown as a net finan￿ arrKTrunt of other finance costs or credits adjacent to interesL Actuarial gains and losses are rec()gni5ed immediately in other gains and losses. The charity also operates Iwo defined contsibth.on pension schemes and the pension charge includes the amounts payable by the charity to the fund in respect of the year. Page 16 CAMBRIDGE SPORTS HALL TRUST LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 JULY 2022 INCOME FROM DONATIONS AND GRANTS Unrestricted Restricted Funds funds 2022 2022 Totsl funds 2022 Total Funds 2021 Cambridge City Counul grant and rates relief Local restrictions support grant Community Leisu￿ Recovery Fund 20.089 20.089 3.000 16,667 21,676 42,085 36,933 3,000 16.667 19.fO7 39,756 In 2021 £25,276 of the irwme was reSt￿ted. TRADING INCOME Unrestricted Funds 2022 Restricted funds 2022 Total nds 2022 Total Funds 2021 Other trading income 24.750 24,750 19,105 24,750 24,750 19,105 In 2021 all ofthe was unrestricted. Page 17 CAMBRIDGE SPORTS HALL TRUST LIMtrED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 INVESTMENT INCOME Unrestricted funds 2022 Restricted funds 2022 Total funds 2022 Total Funds 2021 Bank Interest re￿Ivable Dividends and interest from invesknents 19 10.025 19 10,025 9,969 10,044 10,044 9.976 In 2021 all of Ihe income was unrestricted. INCOME FROM CHARITABLE ACTivmES Totsl funds 2022 Total fijnds 2021 funds 2022 funds 2022 Admission fees and memberships Use of facilities 157,428 697,202 157.428 697,202 94,994 300,520 854,630 854,630 395,514 In 2021 all of the income was unrestricted. OTHER INCOME Unrestrieted fvnds 2022 Restrieted funds 2022 Total funds 2022 Total funds 2021 Government grants receivable 106,711 106,711 Govemment grants represents amounts receNable'. under the Coronavirus Job Retenlion Scheme {CJRS) of £NIL {2021 £105,461) to cover salaries of furloughed staff., and under the standard terms of the Bounce Back Loan Scheme {BBLSI of £NIL (2021 - £1,250). Page 18 CAMBRIDGE SPORTS HALL TRUST LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 EXPENDrruRE ON RAISING FUNDS Unrestricted Funds 2022 Restricted funds 2022 Total Funds 2022 Totsl funds 2021 Other trading expenditure 4.207 4,207 2.723 4,207 4,207 2,723 In 2021 all of the expenditu￿ was unrestrtcted. CHARrrABLE ACTIVITIES EXPENDITURE Unrestricted Restricted funds funds 2022 2022 Total funds 2022 Total funds 2021 Direct costs (note 9) Support costs {note 101 565.912 328,475 15.105 7.552 581,017 336,027 520,558 277,968 894.387 22,657 917,044 798,526 In 2021, expendibjre on charitab]e ￿tiVItieS was £798.526 of which £778.342 was unrestricted and £20, 184 was restricted. DIRECT COSTS Charitable attivities Total 2022 Total 2021 Wages and salaries Social security costs Other pension costs Net interest cost on defined benefit pension schemes Electricity. gas and water Cleaning Equipment, renewals and refvrbishments Rent and rates Insurance Professional fees Bad debts Depreciation Profit on disposal of fixed assets 268,007 17,427 56,019 59.000 48,198 5.129 39.370 17,968 6.697 9.174 820 53,341 {1331 268.007 17,427 56,019 59,000 48,198 5,129 39,370 17,968 6,697 9,174 820 53,341 (133) 243,997 15,798 55,175 45,000 34,657 4,467 18,664 17,958 17,707 6,257 60,878 581.017 581,017 520,558 Page 19 CAMBRIDGE SPORTS HALL TRUST LIMTfED IA Company Limited by Guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 10. SUPPORT COSTS other Support Total 2022 Total 2021 Governance Wages and salaries Social security costs Other pension costs Electricrty, gas and water Cleaning Equipment, renewals and refurbishments Rent and rates Insurance Professional fees Travel and parking Marketing Audit and accountancy fees Printing, postsge and stationery IT and telecommunications Subscriptions Performing rights Collector5 fees mis￿lIaneOuS Staff welfare and beneffts Recruitment fees Bank charges Depreciation Interest payabte Profit on disposal of fixed assets 134.004 8,714 28,010 24,099 2,565 134,004 8,714 28,010 24,099 2.565 121,998 7,899 27,588 17.329 2,232 19,685 8,984 3,349 4.587 10,874 31.529 19,685 8,984 3,349 4,587 10,874 31,529 3,655 5,267 6.544 1,363 4,354 9,332 8,979 8.853 3,128 3,900 11,011 567 4,776 6,266 1,409 4,843 16 938 1,366 3,655 5.267 6,544 1.363 4,354 435 2,255 269 7,750 26,670 1,132 (67} 435 2,255 269 7,750 26,670 1,132 167} 3,756 30,439 1,343 3.655 332.372 336,027 277,968 11. NET INCOMEIIEXPENDrruRE} This is ststed after charging: 2022 2021 Operating lease payments 9,500 9,500 Depreciation and loss on disposal of tsngible fixed assets.. - owned by the charity 79,811 91,317 Page 20 CAMBRIDGE SPORTS HALL TRUST LIMITED IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 12. STAFF COSTS. TRUSTEE REMUNERATION AND EXPENSES AND THE COST OF KEY MANAGEMENT PERSONNEL Stsff costs were folbws.. 2022 2021 Wages and salaries Social securty costs Other pension costs 402,011 26,141 84,029 365,995 23.697 82,763 512,181 472,455 The average number of persons employed by the ch2rity during the yearwas as follows: Number Number Administration and management Reception Maintenan Recreation 18 18 There were no employees Who￿ annual remuneraion and t*neffts was £60.OCQ or more. The key management personnel of the charity comprise the Trustees. The Trustees all give their time and expertise without any kind of remuneration or other benefit in kind12021- £NILI. During the year, no Trustees r￿￿ed any reimbursement of expenses {2021- £NILI. Page 21 oc)>O D>> ¢XS0)0 J ¢D CAMBRIDGE SPORTS HALL TRUST LIMITED (A Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 14. FIXED ASSET INVESTMENTS Cash held at Listed investsnent securities manager Totsl Securities MARKETVALUE At 1 August 2021 Additions Disposals {pro(£eds £28,266) Movement on cash at investor5 Revaluations 398,490 24.900 {30,3021 3.542 402,032 24,900 130,3021 8,646 23,146 8.646 23,146 At 31 July 2022 369,942 12,188 382,130 15. STOCKS 2022 2021 Goods for resale and stationery 3,746 3,516 16. DEBTORS 2022 2021 Trade debtors Other debtors Prepayments 35,739 1,296 32,026 30,024 2,601 24,500 69,061 57,125 Page 23 CAMBRIDGE SPORTS HALL TRUST LIMrrED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 17. CREDITORS: Amounts falling due wiihin one year 2022 2021 Bank loans Trade creditors Other taxation and social security Accruals Deferred income Other creditors 10,000 5,880 7.647 158,831 77,364 11,815 9,996 12,165 6,892 138,329 86,133 15.362 271537 268,877 Bank loans includes a Govemment backed 'bOUn￿ back, loan, which was drawn down in July 2020. This loan is 1000A guaranteed by the Govemment and there were no fees or interest payable in the first 12 months. After this 12-month period, interest is being charged al 2.5tIA per annum. Deferred income comprises local authorlty contributions. n￿bership fees, admission, hire tharges and mobile phone rental recewed in advan￿. DEFERRED INCOME Deferred income at 1 August 2021 Resources deferred during the year Amounts released from previous years 86,133 77.364 86.133 Deferred income at 31 July 2022 77,364 18. CREDITORS: Amounts falling due after more than one year 2022 2021 Bank loans 30.000 40.004 30,000 40,004 Bank loans includes a Government backed 'txjUn￿ back, loan, which was drawn down in July 2020. This loan is 1 OOOA guaranteed by the Government and there were no f￿5 or interest payable in the first 12 months. After this 12-month period. interest is being charged at 2.5°/o per annum. Page 24 CAMBRIDGE SPORTS HALL TRUST LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 19. UNRESTRICTED FUNDS General funds Designated fund5 Pension Totsl 2022 Total 2021 Balance at 1 August 2021 Income Expenditure Net gains on inveslmenls Transfers in l (out) Actuarial gains on defin tenefit Fension schemes 1.058.Tt8 909,091 {857.4001 125.182) (14.939) 36.21XJ (1.314.000) 1219,0221 909,091 1903,3391 125.182} {296.1061 606,724 1785,7631 63,123 {14,939} (31.1XJO) 14,939 1,345,CNJO 1,345,000 193,000 Balance at 31 ju￿ 2022 1.070.348 36.200 1,106.548 219,022 As part of unrestricted funds. the foll¢y•ving funts have been designated for SFeafic purp)ses.' 1 August 2021 31 July 2022 Expenditure Transfers Equiprnent Plant renewals 20.000 16,200 (9,656) (5,2831 9,656 5,283 20,000 16,200 14.939 14,939 36,200 Transfers represent intemal alIc￿ationS for fvrture caprtal costs. 20. RESTRICTED FUNDS CLRF Grant Communty Grant Total 2022 Total 2021 Balance at 1 August 2021 Income Expendrture 1.200 3.892 20.089 {21,4571 5,092 20,089 122,657) 25,276 {20,1841 {1.2CKJ) Balance at 31 July 2022 2,524 2,524 5.092 Page 25 CAMBRIDGE SPORTS HALL TRUST LIMITED (A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 21. ANALYSIS OF ASSETS BETWEEN FUNDS Unrestricted Funds 2022 Restricted Funds 2022 Total Funds 2022 Total Funds 2021 Tangible fixed assets Investments Current assets Creditors due within one year Creditors due in more than one year Deftned benefit pension scheme liabilty 730,440 382,130 295,515 (271.5371 (30.000) 730,440 382,130 298.039 {271,5371 (30.0001 800,152 402,032 206,767 (268.8771 140,0041 (1,314.0001 2,524 1.106,548 2,524 1.109.072 213,930 22. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 2022 2021 Net incomellexpenditurel for the year las per Statement of financial actniitiesl 1.323,002 82,176 Adjustments for: Depreciation charges Interest income Dividends and interest from investments {Increaseydecrease in stocks Increase in debtors Increase in creditor5 Decrease pension liability Decreasel{Increasel in value of invesknents 80.011 {191 (10.025> 1230} (11,9361 2,656 (1.314.000) 19,911 91,317 171 (9,9691 810 15,6321 65,103 {176,0001 (68,3941 89,370 2Q.596 23. ANALYSIS OF CASH AND CASH EQUIVALENTS 2022 2021 Cash in hand 225,232 146,126 225.232 146,126 Page 26 CAMBRIDGE SPORTS HALL TRUST LIMITED {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 24. ANALYSIS OF NET DEBT At1 August 2021 Other non-cash changes At31 July 2022 Cash Flows Cash in hand 146.126 79,1C6 225,232 Creditors- Amounts falling due within one year Bank loans {9.9*) 10.000 110,0041 {10.000) Creditors: Amounts falling after rnore than one year Bank loans (40,004) 10,004 (30.0001 .126 89.106 185.232 25. PENSION Comm￿MENTs The charty has pension oblrgatsorts under the Lwal Govemment Pension Scheme and a money purchase scheme. The assets of the schemes are administered by Trustees in a fvnd indewndent from those of the charity. At the year end, pension contributions outstanding induded in credf(ors amounted to £7,95412021 - £7.6831. Tre chartty has a further obligation to pay a ￿nSIOn for an ex-employee and spouse (estimated al approximately £5,220 per annum) until their deaths. This amount has not been accrued due to the uncertainty of fvture life expectancy and the cost of preparing an actuarial valualion. Principal actuarial assumpts.ons at the Balan￿ Sheet date {express&l as weighted averages).. 2022 2021 Pension increase rale Salary increase rate Discount rate 2.75% 3.250 2.85Yo 1.60Yo Page 27 CAMBRIDGE SPORTS HALL TRUST LIMrfED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 25. PENSION COMMITMENTS Icontsnued} Movements in the present value of the defined benefft obligation were as follows". 2022 2021 Opening defined benefft obligation Interest cost Contn"butions by scheme participants Current seNiee costs Past service costs Benefits paid Remeasurements Changes in demographic assumpb.ons Changes in financial assumptions Other experience 5,392,000 86,000 13,000 108,000 4,962,000 69,000 13,000 94,000 {142,0001 1171,000) (20,000) (1,667,000) 7,000 61,000 411,000 147.0001 Closing defined benefft obligation 3,777,000 5,392,000 Changes in the fair value of stherre assets were as follows: 2022 2021 Opening fair value of scheme assets Interest income Contributions by employer Contributions by scheme participants Benefits paid Remeasurements.. Retum on assets 4,078,000 65,000 98,000 13,000 1142,000) 54,000 3.472.000 48,000 98,000 13,000 1171.000) 618,000 Closing fair value of scheme assets 4,166,000 4,078,000 The charity expects to contribute £98.000 to the defined benefft pension scheme for the period to 31 July 2023. Amounts for the current and previous perKKI are as follows: 2022 2021 Defined beneffi obligation Scheme a55ets Derecognition of Sufplus 13,777,000) 4.166,000 1389,000) {5,392,000} 4,078,000 Surplus 1,314,000 Experience adjustments on Sche￿ assets 1,734,000 193,000 Page 28 CAMBRIDGE SPORTS HALL TRUST LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 25. PENSION COMMrrMENTS (continued) Fair value of employer assets 2022 2021 Equities Bonds Propety Cash 70° 13Y& 16° 1Q 17% 14° 2Yo Mortality assumptions Life expectancy is based on the Fund's WJtaCuTves with improvements in line with the CMI 2021 model, with a Ook weighting of 2021 (and 20201 data, standard smoothing {Sk71, initial adjustment of 0.25DA and a long temi rate of improvement of 1.5% p.a. for both males and females. Based on these assumptions, the average future life expectancies at age 65 are summarised bek)w'. Males years Females years Current pensioners Future pensioners 22.0 years 22.9 years 24.2 years 26.0 years Historic mortality Life expectancies for the prior period end are based on the Fund's VrtaCuTves. The allowance for fvture improvements are shown below". Current pensioners - CMI 2020 model with a 0% weighting of 2020 data. stsndard smoothing ISk7}, inrtial adjustment of 0.5UA and a long temi rate of improvernent of 1.50/0 p.a_ Future pensioners - CMI 2020 model with a ￿ weighting of 2020 data, stsndard smoothing {Sk7), initial adjustment of 0.5% and a long teTm rate of improvement of 1.5°k p.a. Commutation A commutation albwance is included for fvture retirements to elect to take 25 /0 of the maximum additional tax-free cash up lo HMRC limits for pre-April 2008 servu and 64% of the maximum tax-free cash for post- April 2008 service. AJI other demographic assumpb.ons are as per the latest funding valuation of the Employer. Page 29 CAMBRIDGE SPORTS HALL TRUST LIMITED {A Company Limited by Guardnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 26. OPERATING LEASE comm￿ME*￿s At 31 July 2022 the charity had future minimum lease payments under nOn￿ncelIable operating leases as follows: Land and buildings 2022 2021 Wrthin 1 year Between 2 and 5 years Greater than 5 years 9.500 38.000 180,372 9,500 38,000 189,872 227 872 237,372 27. OTHER FINANCIAL COMMITMENTS At 31 Jijly 2022 the chartty had IZFNFal commttments. cnntracted for but not provided in these financial statements of £NIL12021 - £NIL)_ 28. RELATED PAR￿ TRANSACTIONS The charty has not entered into any related party transaction during the year. nor are there any outstsnding balances owing betsveen related parties and the thartty at 31 July 2022. 29. CONTROLLING PARTY The charity is limited by guarantee and it is not considered ihat there is a controlling paty. Page 30