Regislered number: 01092545 Charity number.. 308189 FOLKESTONE SPORTS CENTRE TRUST LIMITED T.RUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 *ABJGIQUX* 2311212022 COMPANIES HOUSE A28 FOLKESTONE SPORTS CENTRE TRUST UMITED CONTENTS Pa9e Reterence and administrative details of the Company. its Trustees and advisers Chaimian's staternent Trustees. report IndepÈndent auditors. report on the financial statements 8-11 Consolldated statement of financial a¢livities 12 Consolidated balance sheet 13 Company balance Sheet 14 Consolidated statement of cash flows 15 Noles to the financial statements 16-33 FOLKESTONE SPORTS CENTRE TRUST LIMITED REFERENCE ANO ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022 Trustees P Gardner, Trustee G Hibbert. Trustee A Mackie, Trustee L Mayatt. Truslee L Smith. Twstee R Steam. TTUStee (reS￿ned 18 A￿ust 20221 D Timmins, Trustee A White. Trustee D Muggridge, Trustee (appointed 15 December 2022) L Game. Twstee (appointed 15 December 2022) Company registered number 01092545 Charity r•gister•d numbèr 308189 Reglstered office Ra¢Jnor Park Avenue FcAkestone Kent CT19 5HX Independent auditors Magee Garrrnn Corporate LuThted HenwcM)d House Ashford Kent TN24 80H Bankers National Westminster Bank PLC Europa House 49 Sandgale Road Folkeslone Kent CT20 1RU Solicito Fredeiic Ham York House 32 Cheriton Road Folkestone Kent CT20 2UR Page 1 FOLKESTONE SPORTS CENTRE TRUST UMITED CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2022 The chainian p￿Sefits his statement for the year. The Trust continues lo strive to provide the best of sports and leisure, together with the growing need for Heatth and Well4eing 5UPPOrt - greater need. p0st-p3ndem￿, than we have ever seen before. With our diminished financial ￿sOurceS being stretched even lurthei. the Trust has had to make some very difficult decisions. in reducing the amount of social impacl support programmes in order to maintain commercial viabilty. The 'Bounce Back, from Lockdown with subsequenl shorter closure perichgs ￿lef 41 and continued restrictions. has been far slawer than originally Pred￿ted. As wrth the resl of the world. this was reaching into the unknown. However, growih there ha5 been in small steps. Financial strains have impacted greatty on our opwation5 and the Tnjstees made Ihe decis*)n to enter into loan agreements and lin September 20221 to take an Overdraft faalty for a short period. Careful consideration and with exlernal financial advice. borrowing was enlefed into, in the knowledge that a subslantial Overage Payment, tjue from the sale of a portion of Ihe former gotf Course. would be made to the Trust by the end of the Calendar year. enabling the Trust to safely Servi￿ the loans going forward into 2022123. The expectation is to be in financial r￿0Very by the end of December 2022 and financially stable by the end of December 2023. 11 is essential that costs are reduced and to this end Energy effici2ncy is high on the Agenda for the beginning of 2023, which will also have environmental benefits. which support the agenda of the k)cal authorty- The Trustees have undertaken a complete review of all operalions, actwrties and staffing levels Wlth the support of an external consultancy and, even th¢JJgh we are in an enmronment where other leisure facilrties are ￿￿ing, the way fomard for the Twst looks exciting. The Trustees remaui grateful for the WO￿ of the Management team and staff for their continued determinat￿n to maintan seThices al such a difficuli time. P Gardn Date.. 21 12 202 Page 2 FOLKESTONE SPORTS CENTRE TRUST LIMITED TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Truslees present their annual report together with the audited financial Statements of the Company for the year from 1 April 2021 to 31 March 2022. The Annual report serves the purposes of both a Trustees, report and a directors. report under company law_ The Trustees confirm that the Annual report and financial slalements of the charitable Company comply wilh the CU￿ent stslulory requirements, the requirements of the charitable companys governing document and the provisions of the Slalemenl of Recommended Practice ISORP} applicable to charities preparing their accounts In accordance wrth the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland {FRS102} (effective 1 January 2019}- Since the group and the Company qualify as small under section 383 of the Companies Act 2006, the Group strategic report required of medium and Jarge companies under the Companies Act 2006 (Strategic Report and Directors. Report) Regulations 2013 has been omitted. Objective5 and activities a. Policies and Objectives The principal actiwty of the Charity is to womote, manage. prowde or to assist in leisure activrties for the instruction in sports. games, re¢￿ation or other I￿sU￿ time afAiwty wthin or in conne¢lion with the area of the District of Folkeslone and it5 neTrghbourhood. The ChaTity, through rts Tnjslees, hc4ds all the share caprtal of Folkeslone Sports Centre LimTted. a Company originally incorporated lo manage and operate a bar and restaurant within the Sports Centre in support of the activities of the Centre and the benefft and enjoyment of the users of the Centre The Memorandum of Association require5 thal all income and propety of the Charity be applied towards the promotion and ftjrtherance of the objectives of the Charity and that no portK)n thereof shall be paid lo members by way of dividends or return of capital and no director or Trustee shall be appointed to a salaried office of the Charty and may only receive remunerat￿1 for services rendered to the Charrty the prior written consent of th8 Charity commis￿On. In setting objectThies and planning for activIt￿s, the Trustees have gNen due consideration to general guidance Ptsblished by the Chanty Commtss￿n relating to public benefft. including the guidance 'Public benefit.. wnning a charity IPB2}'. b. Slrategles foi achieving objectlves The slralwy consistently adopted by the Charity to meet its aims and objectives ha5 been the investment in and the maintenance and operation of a sports centre occupwng over 11 acres in the Borough of Folkestone, The centre is desKJned around the provision of swimming and learner p(x)l$, a fitness cent￿, squash courts and a sports hall indoors wlh tennis. MUGA, skiing and foolgoff being the main outdoor facilities ak)ng with the recent additK>n of the Swalk faclty. The Borough of Folkeslone and lalterfy it5 5ucce5sor, Folkeslone & Whe District Council. have regularfy assisted the Ch8rity and indeed until 15 January 2005 hetd one haff of the share capital and appointed one half of the authorised directorate. The local authority has regularly provided, and continues to promde and annual grant Irjwards operating costs in add￿0￿ to capit81 contributions from time lo lime lo meet specific liabilibes. Under normal Circumstances Ihe centre is open on average 356 days per year and in addition to bwkings from individuals, the directors have encourage use by corporate bodies and a nelworfr of sporting clubs running within the uMb￿lIa of the centre. Page 3 FOLKESTONE SPORTS CENTRE TRUST UPXTED TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Objectives and actiyitles {conlinued c. Main activities undertaken lo further the Company's purposes for the public benefit Through the principal activities of the Charity, the Trusl aims to support the impiovernent of the heatth and wel being of the community, Ihr¢ugh affordable exercise actI¥￿e$. Working wrth schools, heaf(h professionals, Social service5 and other extemal agencies. induding those who work wilh adults antj young people with leaming and physical disabilities, the Trust is able lo support those for whcffn access is piohibilive. either through financial or transport constraints. The Trust's stsff and volunleers w(xk cbsely with those SLrfFering Mentd Health issues and the effeets of loneliness, using the power of exercise and the benefits of S￿la1 interactKJn. lo improve their Setf•e5teem and confidence, empowering them lo become more self-sufficient The Charrty also supports young pe13p￿ and families at risk, who S￿ financialty assisted by the NHS lo improve their well*eing, and works cfosety wlh the Youth Offending Team lo gwe artemalive behaviour patterns lo young people on probation. As aduts wrthin the community, the Trust ha5 been Prc￿1ve in supporting children through trauma and in particular the anxiety ofthe transition into Secondary Schod educatson and adulihood. The Trust gives free access to those strtwng to improve their natural abilty at sports, and those demonstrating talent and excellence. workin9 towards wnty. national or intemational aspirations. Wthoul the fac11rt￿$ of the Tnjst. there would be a large proportK)n of the population of Folkestone and surrounding area5 who woukl not be able lo enjoy the sports. fftness and social aetivrties which should be the entillemenl of every person. d. Covid- 19 Pandemic Changes to peOp￿s. attrtude lo exercise and physical a¢trvty indoors. changes to social interaction and people's work life balance are still being feli with reduced footfall. The COV￿-19 pandernic has driven significant innovation in digital fitness participation." 31Y/• of consumets now participate in digrta fftness and expect to continue doing so. 2023 is eXP￿ted lo be a most challenging year due to ￿ expeded infialionary SqLEeze on diseretionary spend and Ihen sl¢)wllimiled growth for 2024 to 2027. The focus for the Trust is now on recovering trom this challenging perh>J. and en5uriny measures are put in place to safeguard future delNery. While we are still recovering from Covid restricb"on5 and ¢ustomers' ￿ul10n, we are starting to benefrt from a giadual retum to a full program of sport and leisure facilth"es. e. Hawkinge Community Centre IHCCI The Trust is nearing completion of the creation of a small Fitness Centre and meeting room frjr the benefit of the community in Hawkinge. The Centre be operated under the temis of a lease wrth Hawkinge Town Council. Achlevements and perforniance a. Main achievements ol the Company The Trust continues to evaluate each adivty lo ensure that the facilit￿$ are provhling the best to meet the communitys needs. and that those activities are financially viable to delNer. The Trust continues to provide Health referrals to exercise programs, induding cardiac and 51roke iehabililalion, SUPPOrting those with limited fflobil¢ty. disabilty and learning disabilities. often al the expense of the Tru51. With the move to more and more Social lrnpacl benefit being required of the third sector, Ihe Trust must look lo improved funding support from Statutory bodies in order to continue lo achieve the tsrgeted outcome5. Page 4 FOLKESTONE SPORTS CENTRE TRUST UMITED TrUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Achievements and performance {corrtinuedl The Trust is working with the PCN to identfy where Communty Health and Wellbeing needs are not being mel by the Health Service and NYhe￿ the Trust can support this provision, to be funded via the PCNICCG b. Revlew of aetivitles The new Skywa* facility arKI refurbished Snowsp)rts provisions beC￿e operational during the year. Finan¢ial review a. Going concern As a ￿nSeQUence of a variety of econrxnic pressu￿$. most notably the global pandemic. the Trustees have had extensive diseussN)ns with the Chatity Bank. With conb'nuing support from them. together with grant funding, exceptional income from an overage agreement aad a loyal customer base. the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For thi5 reason, they continue to adopt the going ¢oncem basis in preparing the financial statements. Further details regarding the adoption of Ihe going concern basis can be found in the accountsng policies. b. Reserves policy The Trust reserve policy is to hold a level of 5- 7% ¢xb ￿Serye. Structure. governance and management a. Constitution Folkeslone Sports Centre Trust Limited is registered as a charitable CoMp￿Y limited by guarantee and was set up by a Tfust deed. b. Methods of appointment or election of Trnstees The management of the Group and the Company is the responsibdty of the Trustees vkno are elected and co- opted under the temis of Ihe Tnjst deed. Page 5 FOLKESTONE SPORTS CENTRE TRUST UMITED TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Future plans The Trustees are currentty working wrth speckqlist extemal consullanls on a Stialeg￿ fewew. the outcome of which will be to establish a business plan for the next fNe years. The plan is close to completion. A key feature of thi5 prKess is to recognize that the last tsvo years have been very Challenging for the Trust. Whilst we are by no means alone in the leisure facilities sector in facing these challenges, one e￿ment of the strategic review process was lo evaluate these challenges and the long tem impact on the Trust. and lo eslablish a road map for recovery. Regular membership payments are now not expected to fully recover until 2023 but with the continued improvements to our gym fa￿litieS. it is hoped Ihat membership will increase to previous levels. We expect the opening of Ihe Gym * HCC attract new users and wll prove lo be a popular and cruGial hub for that community. In July 2022, our former POS system provhler ceased trading without waming or notice. whi¢h meant that a new provider needed to be sourced very quickly. Thi5 has seen the temporary withdrawal of 'Online' Membership Sale5 and On-Line bookings: work is orgoin9 Wth the new prOV￿eT to reestsblish this facilty as quick￿ as possible. As a result of the sale of land al Radnor Park during the financial year lo 31 March 2021, the Trust is in receipt of overage payThenls ultimalety expected lo total £1m. The Trustees have given careful consideration lo this exceptional incorne. at the present ts"me, rt is intended that £200.O¢XI will be allocated to clear temporary bank facilities and any outstanding supplier invoices. a fvrther £200,000 will be allocated to designated funds for ¢arbon reduction works to the plant room. including replaciny pumps and inverters and associated works, £200.000 will be transferred lo reseThes to aid the long temi secuiity of the Trust and £200,000 wll be allocated to redu¢elseNce existing borrowing. The Trustees are inveslNJats"ng the possibilty of m*ehed funding grants lor the improvements to the plant room and other environmentally friendly projects. The Trustees regard these investmen15 as crucial lo help in reducing Ihe Trust's long term exposure lo increases in utilty costs arKI to $upF¥)rt k)ng term sustainabilty. National Lottery has agreed to support some of heallh and welbeir¥J woth for 3 years and has committed lo a grant of £50,000 per annum to assist this. DireGtor5' intefests The Directors. interests in shares of the Company are as follows.. Ordina shares of £1 each At 31 March 2022 AI 31 March 2021 P Gardner 12 12 G Hibbert A Mackie L Smith D Timmins L Mayatt R steam A Whrte 11 11 11 11 11 11 11 The rernaining 11 shales are hekl by n￿￿11reCtor RWR Pocock. Page 6 FOLKESTONE SPORTS cETr￿RE TRUST LIMITED TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Statement of Trustees. responsibilities The Trustees (who are also the diredors of the Company for the purposes of Company Fawl are responsible for preparing the Trustees, report and the financial slalement5 in a¢cordance wilh applicable law ané United Kingdom Accounting Standards (Unrted kn"ngdom GenerallyAccepted Accounting Pract￿8). Company law ¥8quires the Tnjslees to prepare finanaal statements for each ffinancila period. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they g(ve 8 true and fair view of the state of affairs of the Group and the Company and of their incoming resDurces and application of resources. including their In￿Me and expenditure, for that period. In preparing these financial slalements. the Trustees are reqvired lo.. select suitable accounting pc4icies and then appty them con5i5tently. observe the methods and principles of the charikn.es SORP IFRS 1021". make judgments and accounting estimates that are reasonable and prudenl-, State whether applicable UK Accounting Slandards IFRS 1021 have been followed. subject lo any material departures ¢Jisclosed and explained in the financial statements., prepare the financial statements on the g)ing COn￿M basis unless it is inappropriate to presume that the Group will continue in business. The Trustees are responsible for keeping adeqLTrate accounting records that S￿ sufficient to show and explain the Group and the Companls transactk)ns and disclose with reasonable accuracy al any time the financial position of the Group and the Company and enable them to ensure that the financial statements comply with the Companies Art 2006. They a￿ also responsible for safeguarding the assels of the Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of inloTmatlon lo auditots Each of the per50n5 who are Trustees al the t¥ne when this Trustees. report is approved has confimied that.. so far as that Trustee is aware, there is no relevant audit infomiation of wh￿h the tharilable group's aLKlilor5 are unaware. and that Trustee has taken all the steps that oughi to have been tsken as a Trustee in order to be aware of any relevant audrt information and to estsblish that the charitable group's auditors a￿ aware of that information. Auditors The audilols, Magee Gammon Corporate Limited, have indicated their wllingness lo continue in office. The design*ed TnJslee5 will propose a motion reappointing the audrtors at a meeting of the Trustees. Approved by order of the members of the board of Twstees on 21 December 2022 and signed on their behalf by: P Gardner-T stee Page 7 FOLKESTONE SPORTS CENTRE TRUST UMITED INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF FOLKESTONE SPORTS CENTRE TRUST UMITED Opinlon We have audited the financial statements of Folkestone Sp￿ts Centre Trust Limited Ilhe 'parent charitable company'l and rts subsidiaries Ilhe 'group'} for the year ended 31 March 2022 which Comprise the Consolidated statement of financial aclNities. the Consolidated balance sheet. the Company balance sheet, the Ct)nsolidated statement of cash flows and Ihe related notes. including a summary of significant accounting policies. The financial reporting framewo￿ that has been applied in their preparation is applicable law and Unrted Kingdom A¢¢ounting Standards. including Financial Reporting Stsndard 102'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generalty Accepted Accounting Practice}. In our opinion the financial statements". give a true and fair wew of the stale of the Gr0￿'S and of the parent Charitable company's affairs as at 31 March 2022 and of the Group's inccffning resources and application of resources. including its income and eyp8ndrture for the year then ended". have been pioperly prepared in accc¥dance v￿th United Ktngdom Generally Accepted Accounting Praclice", and have been prepared in accordance with the requirements of the Corr￿anieS Ad 2006 and the Charities Act2011. Basis for opinion We conducted our audr( in a¢¢ordan¢e %wth Intern*ional Standards on Audrting IUKI {ISA5 {UKI) and applicable law. Our fesponsibilities under those stsndards a￿ further described in the Auditors, ￿sponSibl11tieS for the audit of the financial slalemenls section of our report. We are independent of the Group in accordan￿ wrth the ethical requirements that are relevant lo our audit of the financial slalements in the United Kingdom, including the Financial Reporb"ng Council's Elhjcal Standard. and we have fulfilled our other ethical responsibilities in a￿OrdanCe with these requirements. We believe that the evidence we have obtained is sufficient and appropriate to piovide a basis for our opinion. Conclusions relating to going conc•rn In audrting the financial slatements. we have conduded that the TnJstees' use of the goin9 concem basis of )unting in the prepar*ion of the finan￿al ststements is appropriate. Based on the work we have performed. we have 1den1rf￿d any material ul￿ertaInl1es relating to events or condrtions that. indwidualty or collectively. may cast signrftsnl doubt on the Group's or the parent charitable companys ability lo continue as a g¢ing concem for a period of at ￿ast ￿e1ve months from when the financial ststemenls are authorised for issue. Our responsibilities and the responSib￿lI1e5 of the Tru5tee5 *lth respect to going concern are described in the relevant wlions of this reporL Page 8 FOLKESTONE SPORTS CENTrE TRUST UMITED INOEPENDENT AUDITORS. REPORT TO THE MEMBERS OF FOLKESTONE SPORTS CENTRE TRUST UMITED (CONTINUED) Other inforniation The other irrformalion cornprise5 the informatK•n irKluded in the Annual report otlw than the financial statements and our Audilois. report Ihereon. The Trustees are responsible for the other information eontained wthin the Annual report. Our opinion on the financial statements does not cover the other infomalion and, except to the extent otherwise explicitly stated in our reF)Ort. we do nol express any form of assurance conclusion Ihereon. Our responsibilty is to ￿ad the other infomation and. in d¢ing so. consider whether the other information is malerially inconsi51efil wlh the financial stslements or our knowledge obtained in the course of the audit. or othe￿ise appear5 to be Mater￿llY misslaled. If we identfy such material inconsistencies or apparent material misslatement5, we are required lo delemiine whether this gT¥es rise to a mateiial misslalernent in the financial statements Ihernselves. If, based on the work we have performed, we conclude that there is a material misslalemenl of this other infomiats"on, we are required lo report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing lo report in respect of the follcming malters where the Charities (Accounts and Reports} Regulations 2008 requires us to report lo rf, in our opinion= the infomialion gNen in the Trustees, ￿P¢￿t is inconsistent in any malerial respect with the financial statements.. or the parent charilable company has not kept sufficient accounting records,. or the parent charitable company Iinancial statements are not in agreement wrth the accounting records and retums-. or we have not ￿¢eNed all the information and explanations we require for our audit. Responsibilities of trustees As explained mofe fulty in the Trustees, responsibilrties statement. the Trustees {who are also the directors of the charrtable company for the purposes of company lawl are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view. and for such internal control a5 the Trustees determine 15 necessary to eriable the p￿paratIon of financial statements that are free from material mis$tatement. whether due lo fraud or error. In preparing the finan￿al slatemenls. the Trustee5 are responsible for assessing the Group's and the parent charitable companys abilty lo continue as a g¢￿ng concern, disclosing. as applicabfe, matters related to going concern and using the going concem basis of accounting unless the Trustees either intend to liquidate the GroLtp or the parent charitable Company or to cease operatK)ns, or have no realIst￿ a￿eMatIVe bul to do so. Page 9 FOLKESTONE SPORTS CENTRE TRUST UMITED INOEPENDENT AUDITORS. REPORT TO THE MEM8ERS OF FOLKESTONE SPORTS CENTRE TRUST LIMITED (CONTINUED} Auditors. responsibilities for the audit of the financial ststements We have been appointed as auditor under Ihe C￿1pan*S Act 20C6 and section 151 of the Charities Act 2011 and report in accordan￿ with the Act and relevant regulations made or having effect thereundgr. Our objectives are lo obtain reasonable assurance about wthether the financial ststement$ as a whole are free from material misslalemenl, whether due to fraud or error. and lo issue an .Audilors' ￿port that includes our opinion. Reasonable assurance is a hwjh level of assutance, bul 15 not a guarantee that an audit conducted in accordance wrth ISAS IUKI will a￿VaYS detect a material misstatement when rt exi51s. Mi5slalemenls can arise from fraud or error and a￿ considered material if. indiwdualty or in the aggregate, they could reasonably be expected to influence the economic deusions of usets taken on the basis of these financial slalemenls. Irregularities, induding fraud. are instsn¢es of non-wmplian¢e with laws and regulations. We design Pfocedures in line with our responsibilities. outlined above. to delect material misstatements in respect of irregulanties. including fraud. The extent lo which our procedure5 ￿ capable of deteth'ng irregularities. including fraud 15 detailed below.. Based on our understsnding of the company. we have conS￿ered those laws and regulations that have a direct impact on the preparation of the financial 5taterTrenls such as the Companies Act 2006. We evaluated management incentives and opportunities for fraudulent manipulation of the financial ststements including management override. and considered that the princpal risk was related lo the posI￿g of inappropiiate jOUTnal entrie5 10 improve the result before tax for the year. W8 designed audit procedures to respond to the risk. recognising that the risk of not detecting a malerial misstatement due lo fraud is higher than the risk of not detecting one resuhing from error, as fraud may involve deliberate concealment by. for example. I￿gery. nNsrep￿$ert￿tsons or through Collusion. Pr¢eeduTes perfomRd by the audit team included". Discussions with management regarding knu4•m or suspected instarÈces of non-complhlnce with laws and regulations., Evaluation of contrds designed to prevent and delecl irregularities: Assessing journal entries as part of our planned audit approach. There are inherent limrtations in the audit procedures described above, and the further removed non4ompliance with laws and ￿gUlationS is from Ihe events and transadions reflected in the financial slalemenls. the less likety we would beeome aware of rt. As Wi all of our audrts we also addressed Ihe risk of management override of intemal contro15, including testing joufflals and evaluating whether there was evidence of bias by the directors that rep￿sented a risk of rnaterk￿ misstaterr*nt due lo fraud. A further description of our responsibilities for the audit of Ihe financial statements is located on the Financial Reporting Coijncifs websrte at.. I￿.fr¢.0 .ukJaudilorsres nsibilrtie This description fomis part of our Audrtors. report. Page10 FOLKESTONE SPORTS CENTRE TRUST UMITED INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF FOLKESTONE SPORTS CENTRE TRUST UMITED ICONTINUEDI Use of our report This report is made soldy to the charitable CoMpan￿S trustees. as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audrt work has been undertaken so that we might stale lo the ¢harilable companls trustees those matters we are required lo stale to them in an Auditors, report for no other purpose. To the fullest extent pem)itted by law, we do not xcept or assume responsibilty lo anyone other than the chafilable company arKI its members. a5 a b￿￿. for our aud(( work, for this report, or for the opinion5 we have formed. Magee mmon Corporate Limited Henwood House Henwood Ashford Kent TN24 80H 21 December 2022 Magee Gammon Cofporate Limited are ￿￿ible to act a$ auditors ￿ terms of section 1212 of the Companies Act Page11 FOLKESTONE SPORTS CETrrrRE TRUST UMITED CONSOUDATED STATEMENT OF FINANCIAL ACTMTIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2022 Restricted Unrestricted fund$ funds 2022 2022 Total funds 2022 Total funds 2021 Note Income from: Donations antl legacies Charitable activities Other trading activities Investments Other income 58,271 339,962 1,039.293 82,235 5.381 398,233 1,039,293 82,235 5,381 985,494 334,229 14,05T 4,213 412,077 Tolal Income 58.271 1.466.871 1,525,142 1, 750,OTO Expenditure on: Raising funds Charitable activrties 155.199 1.737.954 15S,199 1.759.360 94,502 1,284,457 21.406 Total expenditure 21,406 1,893.153 1.914.559 1.378,959 Net movement in funds 36.865 1426.2821 1389.417 371,111 Reconciliation of funds- Total funds brought forward Nel movement in funds 648,055 36.865 573,990 1426.2821 1.222,045 1389.417) 850,934 371.111 Total funds Carrled forward 684.920 147,708 832.628 1,222,045 The notes on pages 16 to 33 form part of these ffinancial statements. Page 12 FOLKESTONE SPORTS CENTRE TRUST UMITED REGISTERED NUMBER: 01092545 CONSOLIDATED BALANCE SHEET AS AT 31 IWICH 2022 2022 2021 Note Flxed assets Tangible assets 13 2.272.579 2, 110,485 2,272.579 2. 110.485 Current assets Stocks Debtors Cash al bank and in hand 1S 16 S.2S2 44,630 68,975 5.125 76,IT9 219,952 118,857 301,256 Credrtors= amounts falling due within one year 17 1358.3251 (97.806) Net ¢UTrent liabilities l assets (239.4681 203,450 Total a55ets less Gurrent liabilities 2,033,111 2.313.935 Creditors.. amounts fauing due after more than one year 18 (1.200.483} {1.091.890J Total net assets 832,628 1,222.045 Charity fvnds Rests￿ell funds Unreslricled funds 20 684.920 147.708 648,055 573.990 20 Total funds 832.628 1,222,045 The financial statements were approved and. authorised for issue by the Trustees 21 D￿ernber 2022 and signed on their behall by.. The notes on pages 16 to 33 fom part of these financial statements. Page 13 FOLKESTONE SPORTS CENTRE TrUST UMITED REGISTERED NUMBER: 01092S45 COMPANY BALANCE SHEET AS AT 31 MARCH 2022 2022 2021 Note Fixed assets Tangible assets Investments 13 14 2.272.579 2. 110,485 2.272.$81 2. 170.487 Current as$8ts Stocks Debtors Cash at bank and in hand 15 16 2,603 89.910 49,105 88,263 217.236 141,618 310,499 Credrtors- amounts falling due wthin one year 17 (336.811) (94.097) Net Current Ilabilities l assets 1195.193) 216,402 Total assets less Current liabilrties 2.077,388 2.326,889 Creditors.. amounts falling due after mc*e than one year 18 {1,21)0.483} (1,091.890) Total net assets 876.905 1.234.999 Charfty funds Share captal Restricted fund5 Unrestricted funds 20 100 100 648,0 586,843 20 20 680.345 196,460 Total funds 876.9Q5 1,234,999 The Company was entrtled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the entty to obtain an audrt for the year in qUes1K￿ in accordance with sedion 476 of the Companies A¢1 20C6. However. an audrt is require(l in accordance with Sect￿ 151 of the Ch¥ities Act 2011. The Trustees acknowledge their responsibilities for coMp￿ng wth the requirements of the Act with respect lo accounting records and preparatjon of financial statements. The financial 5talemenls have t*n prepared in accordance with the provisions apPI￿le lo entities subject to the small companies regime. The financial slalernent5 were approved and aLrthorised for issue by the Trustees on 21 December 2022 and signed on their behaW by: VLY Peki% COWJ GrtOAJ& The notes on pages 16 to 33 fomi part of these financial stalemenls. Page 14 £/JoY FOLKESTONE SPORTS CENTRE TRUST UMITED CONSOUDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022 2022 2021 Cash Ilows from operatlng activities Net cash used in operating activities 205.745 20,459 Cash flows from investing aetivitles Pr¢xeeds from the sal8 of tangible fixed assets Purchase of tangible fLxed assets 372,203 1278.3041 (333,239) Net cash {used inllprovlded by investing activities 1278.304 38,964 Cash Ilows from financing activities Cash inflows from new borrowing Inte￿$1 paid {Increa5elldecrease in st¢xks 14,389 192.6801 11271 200,000 (30.535) 4,637 Net cash (used in)Iprovided by financing activities 178.418) 174.096 Change in cash and cash equivalents in theyear Cash and cash equivalents at the beginning of the year 11SO,9771 219,952 233.$19 (13,567J Cash and cash equivalents at the end of the year 68.975 219,952 The notes on pages 16 to 33 form part of these financial statements Page 15 FOLKESTONE SPORTS CENTRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 General infommtion Folke5tone Sports Centre Trust Limrted 15 a priv*e, limrted company by shares, in¢orpoTated in England and Wale5. The company registration number is 01092545. The registered office address is Radnor Park Avenue. Folkeslone, Kent, CT19 5HX. Accounting policies 2.1 Basis of preparation of financial statements The financial ststements have been prepared in accordance with the Charities SORP (FRS 1021- Accounting and Reporting by Charilie5-. Statemenl of Recommended Practice applicable to charrties preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 {effecti¥e 1 January 2019}. the Financial Reporting Standard appI￿able in the UK and Republ￿ of Ireland IFRS 1021 and the Companies Acl 2006. Folkeslone Sports Centre Trust Limrted mee15 the definition of a public benefrt entrty undei FRS 102. Assets and liabilrties are initially recognised al historKal cost ￿ tran&Klion value unless otherwise staled in the relevant accounting pM)lry. The Consolbjated statement of financial xb"vities (SOFA) and Consolidaled balance sheet consolidate the financial statements of the Company and rts subsidiary undertaking. The results of the subsidkary are wis01￿ated on a line by line basis. The Company ha5 taken advanlage of the exemption allowed under seciion 408 of the Companies Act 2006 and has not presented ils ovm Statement of financial activ((ies in Ihese financial statement5. 2.2 Going ¢oncern The Trustees c¢)nfimi that at the time of appromng the ffinanC￿l staemenls, there is reasonable expedabon that the Charity had adequate reSOu￿eS lo continue in operational exislance for the foreseeable future. In arriwng * this wclusion. the Trustees have taken account of currentand anticipated financial performance in the Current economic condrtions, and the Charity's reserves posistion. Since the 5ignJfi¢ance of the econmic impacts of Covid-19 outbreak have become spparant. the Trustees have reV￿￿d in detail the Chantys position and the appropriate basis on which lo prepare the finacial statements. As a consequence of a var• of economic pressufes, most notabty the global pandernic. the Twslees have had extensive discus510rts wrth the Charty Bar￿. With continuing support from them, logelhw with grant funding, exceptional income from an overnge agreement and a loyal customer base, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason. Ihey continue lo adopt the going concem basis in prepallng the financial ststements. Further details can be found in note 28. Post Balance Sheet Events. Page 16 FOLKESTONE SPORTS CENTRE TRUST UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policles Icontinuedl 2.3 Income All income is recognised once the Company has entrtkment lo the income, it is probable that the inctyne will be received and the amount of income receivable Can be measured reliably. Grants are included in the ConwlKlated 5tstement of financial a¢tivrties on a receNable basis. The balance of in¢¢me ￿CeiVed for specific purposes but not expended during the period is shown in the relevant funds on the Ba￿nCe sheet. Where income is weNed in advance of entitlement of receipt. ils recognition is deferred arKI induded in creditors as deferred income. Where entitlement occurs before income is receNed. the income is accrued. Income tax recoverable in relatron to inveslment inccffle is recogni5ed at the l#ne the investment inc¢)me is recervable. Olhef income is rewgnised in the period in which it is receivable and lo the extent the good5 have been pwded or on completiL￿ of the seNi¢e. 2A Expenditure Expendrture is recognised onee there is a legal or constructive ¢)bligalion to transfer economtc benefil lo a third party, it is probable that a transfer of economic benefrts will be required in setuemenl and the amount of the obligation can be measured ￿llabty. ExpendrtuTe is classified by activity. The costs of each actiwty are made up of the totsl ol direct costs and shared costs, including support Costs involved in undertaking each aclivty. Direct costs attn"butable to a single activity are allocated directty lo that activity. Shared costs which contribute lo more than one aclivity and support costs whi¢h are not altribulable to a single adrvty a￿ apportK)ned befvleen those a¢livilies on a basis consislenl wrth the use of resources. Central staff costs are aii(xated on the basis of time spent, and depreciation charges auocaled on the pc¥ts"on of the asset's use. Expenditure on charitable actmties is incurred on directly undert*ing the *tivities which further the Group's cbjeclives. as well as any asscciated SUp￿t Costs. All expenditure is inchjsive of irrecoverable VAT. IS Tangible fixed assets and depreciatlon Tangible fixed assets costing £NIL or m¢xe are ￿Pita￿"Sed and T￿OgnIsed when future economic beneffts a￿ probable and the cost or value of the asset be rTwsured reliably. Tangible r￿ed assets are inrtialty recogni5ed at cost. After recognition. under the cost model, tsngible fixed assets are measured at cosl less ￿￿M￿lated depreciatsjn and any accumulated impaiment bsses. All costs incurred to bring a tangible fixed asset into rts intended working condrtion sh¢uld be included in the measurement of cosL Depreeiation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful Ir¥es. as below. DepTecialion is provided on the folkm.ng bases: Freehold land Freehold buildings & improvements Plant and m￿hanICal equipment Fixlures. fittings and equyment - 21YA reduung balance 2.5% or 11rh straight line l￿A reducing balance Page 17 FOLKESTONE SPORTS CENTRE TRUST UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accountlng policies I￿ntinued} 16 Investments Fixed asset investments are a form of financial in5tr¥Jment and are initially recognlsed at their transaction cost and subsequentty measured at fair value at the Balance sheet dale. unless the value cannot be measuied reliably in which case rt is measured * cost less impairment. Investment gains and losses, whether reali5ed or unrealised, are combined and presented as 'GainsllLosses} on inveslrnents. in the Consolidated Statement of financial activrties. Investments in subsidiaries are valued at cost less provis￿n for impairment. 2.7 St4xks Stocks are valued * the lower of cost and net ￿alIsable value after making due allowance for obsdete and slow-mowng stocks. Cost includes all direcl costs and an appiopnale proportion of fixed and variabk overheads. 18 Debtor5 Trade and other debtors are recognised at the settkment amount after any tr* diswunt offer￿. PrepayThenls are vdued at the amount prepa￿ net of any trade discounts due. 2.9 Cash * bank and in hand Cash al bank and in hand includes cash and short4enm high￿ h'quid investments with a short maturity of three month5 or less from the date of acquisiiK)n or opening of the deposit or similar account. 2.10 Liabilities and provisions Liabil￿.es are recognised when the￿ is an (*JligatTron at the Balance Sheet dale as a result of a past event. il is probable that a transfer of economic benefit wll be required in settlement, and the amount of the setuement can be eSt￿ated reliabty. Liabilities are recognised at the amount that the Company anlicipales il will pay to settle the debt or the amount it has received as advanced payments for the goods or services il musl prowde. Prowsions are measured at the best estimate of the amounts ￿qUired lo settle the oblwalion. Where the effect of the time value of money is material, the provision is based on the p￿sent value of those amounts, discounted al the pre-tax discount rale that reflects the risks specific lo the liability. The unwinding of the discount 15 re¢ognised in the ConsolKlated statement of finanaal acttvrties as a finance cost. 2.11 Financial instruments The Group only has financial assets and financial 1kibilit￿S of a kind that qualify as basic financial instruments. BasK fJnan¢ial instruments are inrtially r￿QgnISed al Iransadion value and subsequently rneasLtrred at their settlement value with the exception of bank loans which are subsequently rneasu￿d at amortised cost using the effective intere51 method. Page 18 FOLKESTONE SPORTS CENTRE TRUST UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies (continued) 2.12 Fund accounting Genefal funds a￿ unreslricled fijnds which are availabbe for use at the discretion of the Trustees in fijrtherance of the general objeth.ves of the Group and which have not been designated for other pU￿oSe$. Designated funds comprise Un￿$triCted funds that have been set aside by the Tiuslees for particular purposes. The aim and use of each deS￿nated fund is set out in the notes to the financial slalemenls. Restricted fijnds are funds %￿ich are to be used in accordance with specrfic restrictions imposed by donors or which have been raised by the Group for particular purpose5. The costs of ra15ing and administefing such fLtnds are ¢harged against the specifi¢ fund. The aim and use of each restricted fund is set out irb the notes to the financial stalemenls. Invesknent income, gains and losses ¥e alkxated to Ihe apprcpriale fund. Page 19 FOLKESTONE SPORTS CENTRE TRUST UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Ineome from donations and legacies Restricted Unrestricted lunds funds 2022 2022 Total funds 2022 Tolal fvnds 2021 Donations Donations 26,953 26.953 63.305 Grants SDC - Annual grant Fit Together CJRS grant Utilities Fil 4 Ke￿thers Ski Project HCC Capital works National lottery Folkeslone Hythe th"slrict Council Walking netball Training Toning heateflboiler HAF grant 150,000 150.000 148, 700 29,320 455. 782 10.000 81.351 81.351 4.342 21,TOO 60,000 139.945 39.000 39.000 45,658 36,000 400 2,000 12.296 4.575 45.658 36.Cl)O 12.296 4.575 Subtotal detailed disclosure 58.271 339,962 398.233 934,094 Insurance daim 51.400 58.271 339.962 398,233 985,494 Total 2021 126.362 859, 132 985,494 Income from charltable acliviligs Unrestricted funds 2022 Total funds 2022 Total funds 2021 Admission and membership fees 1.039.293 1,039,293 334,229 1,039,293 1,039,293 334,229 Total 2021 334.229 334,229 Page 20 FOLKESTONE SPORTS CENTRE TRUST UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Income from other trading activities Income from non charitable trading activltles Unrestricted funds 2022 Total funds 2022 Total funds 2021 Advertising revenue Tumover of trading sUbS￿lary 30 280 13.777 82.205 82.205 82,235 82.235 14,057 Total 2021 14,057 14,057 Investment income Unfe$tri¢ted funds 2022 Total funds 2022 Total funds 2021 Rent reeeived 5.370 5.370 11 Interest receivable 13 5.381 5,381 4.213 Total 2021 4.213 4,2f3 Other Incoming resources Restricted Unrestricted funds fvnds 2022 2022 Total funds 2022 Total funds 2021 Other operating income Profrt on disposal of asset 47.874 364,203 412,077 Total 2021 364.203 47.874 412,077 Page21 FOLKESTONE SPORTS CENTRE TRUST UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 2022 Analysis of expendlture on charitable activtties Summary by fund type Restrided Unrestricted funds funds 2022 2022 Total 2022 Total 2021 Charitable activites 21.4( 1,737.954 1,759,360 1.284,457 Tolal 2021 32,908 1,251,549 1,284.457 Anatysis of expenditure by activities Activities undertaken directly 2022 Support Costs 2022 Total funds 2022 Tot funds 2021 Chantable ￿tivIte5 1.142,942 616.418 1,7S9.360 1,284,457 Tofal 2021 894.033 390.424 1,284,457 Anatysis of direct costs Total fund$ 2022 Total funds 2021 Activities 2022 Wages and salaries Depreciation staff costs L￿ht and he* Cleaning and water rates Propety equipment and repair5 and renewa15 740,792 116.210 740,792 116,210 612, 764 95.376 108 167.032 48,293 70.615 167.032 48,293 70,615 129,365 29.364 27,056 1.142,942 1.142,942 894,033 Total 2021 894,033 894,033 Page 22 FOLKESTONE SPORTS CENTRE TRUST UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Analysis of expenditure by activities {¢ontinuedl Anatysis of Support costs Totsl lunds 2022 Total funds 2021 Activities 2022 Wages 8 Salaries Telephones Printing. poslage & statronery PUbl￿ty Mini bus running costs & twel Sundry Health care Staff training Infomation technology Bank charges Insurance Loan interest 196.337 6.994 7.048 196.337 6,994 158,250 7,202 1,305 70 2.219 6,521 387 1.488 310 1,488 310 2.528 38.032 18.504 102.773 92.680 32.055 96.699 8,390 12.580 2,528 38,032 18,504 102,773 92,680 32,055 96.699 8,390 12.$80 7T5 37.882 6,327 61,118 30,535 5, 959 59.662 10,932 1.280 Legal and professional Non recoverable value added tax Operating ka5e5 Govemance costs 616.418 616.418 390.424 Total 2021 390.424 390,424 10. Auditots. remuneration 2022 2021 Fees payable lo the Companrfs auditorfor the audit of the CoTnpanI5 annual accounts 6.600 5.400 Page 23 FOLKESTONE SPORTS CENTRE TRUST UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 11. Stsff costs Group 2022 Group 2021 Company 2022 Company 2021 Wages and saL4ries 988.084 822.972 937.129 771.014 988.084 822.912 937.129 7T1.014 The average number of persons efflployed by the Ccthpany dumg the year was as follows.. Group 2022 No. Gmup 2021 No. Employees 108 The average headcount expressed as fiJ￿tIrne equivalents was". Group 2022 No. Group 2021 No. Direct Chaiitsble Administration 103 108 No eryloyee received remuneration amounting to mre than £60.000 in either year. The key management personnel of the charity comprise of the Tnjstees and the Centre Manager. Total employee benefrt5 of key management personnel of the charity aTnount to £36.27012021- £34,686} 12. Tru$lees' rernuneration and expenses During the year, no Trustees received any remuneration OT other beneffls (2027 - £NIU. During the year ended 31 Ma￿h 2022. no Trustee expenses have been incurred (2021- £NILJ. Page 24 FOLKESTONE SPORTS CENTRE TRUST UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 13. Tangible fixed assets Group and Cornpany Land & 8uildings Plant and machinery Motor Flxtures and vehicles fittings Total Cost or valuallon Al 1 April 2021 Additions 2.866.919 91.096 436.083 161.659 23.811 728.282 25.549 4,055.095 278.304 Al 31 March 2022 2.958.01S 597.742 23.811 7S3.831 4,333.399 Oepreciation At 1 April 2021 Charge for the ye 890,$42 73.144 362,688 25.144 10.418 680,962 14,574 1,944,610 116.210 Al 31 March 2022 963.686 387,832 13.766 695.536 2,060,820 Net book value Al 31 March 2022 1.994.329 209.910 10.045 58.295 2.272,579 At 31 March 2021 1.976.377 73,395 13,393 47.320 2. 110,485 Anatysis of net book value of land and buildirvjs.. 31 March 2022 31 March 2021 Land Buildings 93.560 93,560 1 882 817 1,976.377 1.994.329 Page 25 FOLKESTONE SPORTS CENTRE TRUST UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 14. Flxed asset investments Investments in subsidiary companies Company Cost or valuatlon Al 1 April 2021 At 31 March 2022 Net book value Al 31 Ma￿h 2022 Al 31 March 2021 Principal subsidiaries The following was a subsidiary undertaknng of the Ctynpany. Name Company number Registered office or principal Holding place of business Folkestone Sport Centre knmiled 01533437 The Sport5 Centre, Radnor Part Avenue, Folkeslone, Kent. CT19 100% The financial resutts of the subshliary for the year were: Name Income Expendlture ProfitllLo$sl I Surplus1 {Deficitl for the year Folkestone Swt Centre Limited 89.631 (120.9541 {31,3231 The charity through ils Trustees. holds 100•A of the issued share caprtal of Folke5tone Sports Centre Limrted. Page 26 FOLKESTONE SPORTS CENTRE TRUST UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 1& Stocks Group 2022 Gmup 2021 Company 2022 Company 2021 Finished good5 and goods for resale 5.252 4125 2.603 5.252 5, 125 2.603 16. Debtors Group 2022 Group 2021 Company 2022 Cme Expenditure General lund5 Restri￿￿ funds 573.990 648.055 1,466.871 58,271 11.893.153) 121,406) 147.708 684.920 1.222.045 1,525.142 {1.914.5591 832.628 Summary of funds- prior year Balance al 31 Ma￿h 2021 Balance al 1 AprN 2020 Trnisfets inloul Income Expenditure Genera funds Restricted fvnds 276, 168 574, 766 I.259.￿ (1.329.292) 490.565 (49.667) 367, 609 (367, 609) 573.990 648,055 850,934 I. T50,070 (1.378.959) 1,222,045 22. Analysis f net assets between funds Analysis of net assets beiween funds- currenl year Restrf¢ted Unrestrl¢ted funds funds 2022 2022 Total funds 2022 Tangible fixed assets Current assets Creditors due within one year Credrtor5 due in nv)re than one y 395,477 289.443 1,877,102 2,272,579 1170.586) 118,857 1358,324) 1358,3241 (1,200,484) {1,200,4841 Totsl 684,920 147,708 832.628 Pa9e 32 FOLKESTONE SPORTS CENTRE TRUST UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 PIARCH 2022 22. Analysis of net assets between fvnds (continued) Analysi$ of net assets between funds . prior year Reslncled Unreslilcled lunds funds 2021 2021 Total funds 2021 Tangible fixed assets Current assets Creditors due within year Creditors due in more than one year 573. 178 74.877 t,537,307 2,110.485 226,379 301.256 (97,806) (97,806) (1.091.890) fl,091.890J Tolal 648,055 573,990 1,222,045 Operating lease C¢)mmitments Al 31 March 2022 the Group and the CcKnpany had commitments to make futuie minimum lease payTnenls under non-cancellable operating leases as follows". Group 2022 Gmup 2Q31 Company 2022 Company 2021 Not later than 1 year Later than 1 year and not later than S yea 7.405 22,215 20,495 12,082 20,495 12.082 29,620 32.577 32,5TT Related party transactions The Company has entered into any related paty transaction during the year. ncf are there any outstanding balance5 owing between feiated parties and the Company at 31 March 2022. 25. Post balance sheet events On 11 November 2022, the Trust receNed ¢onfimialion of enlrtlement to payments under an overage agreement relating to the Sale of land durirvj the financial year ended 31 March 2021. The total amount due to the Trust is £1m, payable in instalmenls of £200,000, £400.000 and £400.000 in November and December 2022 and January 2023. The fifst payment of £200.000 was received by the Trust on 25 November 2022. The Trustees ¢ons*Jer that this income sh(xJld be appl*d to the loThJ term benefrt of the Trust. It is the inlenlion of Ihe Truslees that an amount of £200.000 will be Iransferred to re5eryes. £200,000 will be set aside for capital projects and Ihe bJan¢e will be used to pay down joans Irom National We5trninsler Bank atid the Charity Ban P￿e 33