MIDLAND SPORTS CENTRE FOR THE DISABLED TRUST UMITED A COMPANY LIMITED BY GUARANTEE Charlty number 514391 Company number 01755462 INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 318T MARCH 2024 PAGE Company Infornallon Report of the Directors Report ofthe AudhorB Statement of Financial Activities Balance Sheet Note8 to the Flnancial Statemonts 10 MIDLAND SPORTS CENTRE FOR THE DISABLED TRUST LIMITED A COMPANY UMITED BY GUARANTEE COMPANY INFORMATION FOR THE YEAR ENDED 31ST MARCH 2024 DIRECTORS J. A. R. Mclntosh (Chairman) R. J. Grlev8- resigned 4th October 2024 D.R. Moorcroft- appointed 4th October 2024 SECRETARY P. N. Breéd REGISTERED OFFICE Xcel Lelsure Centre, Mitchell Avenue, Canley, Coventry, CV4 80Y. REGISTERED COMPANY NUMBER 01755462 (England and Wales) REGISTERED CHARITY NUMBER 514391 AUDITORS Dafferns LLP, Chartar8d Accountants, One Eas￿oOd, Harry Weston Road, Blnley 8uslness Park, Coventry. CV3 2UB. 8ANKERS NatWe8t Bank Plc., Coventry City Office, 24 8roadgate, Coventry, CV1 1ZZ. MIDLAND SPORTS CENTRE FOR THE DISABLED TRUST LIMITED A COMPANY LIMITED BY GUARANTEE REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST MARCH 2024 The Directors, who are also the Trustees, present their report with the finanGial statements of the charitable company for the year ended 31st March 2024. PRINCIPAL ACTIVITY The principal activity of the company in the year under r8Vi8w was the provision of sports and leisur8 facililies for disablèd and able bodied persons in an integrated setting. DIRECTORS The Directors who have served durlng th8 yèar and slnce the year end were as follows: J. A. R. Mclntosh (Chairman) A. J. McCary- Re5igngd 6LhApril 2023 R. J. Griev8- r851gned 4th October 2024 D.R. Moor¢roft- appoint8d 4th October 2024 ADMINISTRATIVE INFORMATION The company is governed by Sls Memorandum and Artrcles ofAssoclation. Company Numbor.. 01755462. Tha company is a regislergd charlty {No. 514391 I. CHARITABLE OBJECTIVES These state that th8 overall objective is to provlde and m8intain facilities for tha recreation and other leisure lime occupallon of disabled and able bodied persons. POLICIES TO ACHIEVE OBJECTIVES To promote for the beneflt of the publlc the provision of sports facllltl&s and opportunltles through Gov8nlry Sports Foundation, who In turn deliver a range of indusive experiences. Centre AT7, the Xcel Leisure Cenlre, Moat Hous& Lelsure and Neighbourhood Centre and the Alan Higgs Centr& - community leisure and recreation centres that sp&clfi¢ally programme and price aGtivili8s to attract participation from dlsabled and other under-repres8nted groups in identified areas of deprivation wlthln Coventry. The Wave - 8 d85Unatlon waterpark venue, whlch Indude8 some of the most Snnovatlve In¢luslvlty and accessibility design of any modem waterpark. In addillon to the facility based provision of sport from its faclllUe$. the Foundation provld8s opportunitles and experiences through a numbor of inltSativ88 and outrea¢h programmes.. Go CV- Coventry Sports Foundation h88 worked with Covantry City Council to develop, lest and impl8m&nt a new city wide access and loyalty scheme, which seeks to provlde beneficial use to people from Coventry. Community Development Ihg Foundation is uniquè in so far as It Intemali8e8 the function of community development within 8 Specific departmgnt, to ensure that a wlde range of sport5, activity and performing arts programmes are researched, programmed and deliVe￿d at a neighbourhood level. Access - the Foundation delivers numerous events. toumaments and coaching programmes for disabled groups and individuals, along with aclivili8S to ensure that access to physical activity and well-being programmes reaches those that are most under rgprgsenled. The Trustees have had regard to Charity Commission guidancg on publi¢ benefit. ORGANISATIONAL STRUCTURE The Board of Directors are responsible for the operational and financial management of the Trust. New Directors are recommended by individual directors and their appointment confirmed al a Directors, meeting. Upon the appointment of any new Directors. a full and bespoke Induction process is planned in order lo ensure Complete familiarity and understanding of the Trust's objectives and operation and the roles and responsibilities of the Dir8Ctors. MIDLAND SPORTS CENTRE FOR THE DISABLED TRUST LIMITED A COMPANY LIMITED BY GUARANTEE REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST MARCH 2024 PAY AND REMUNERATION OF KEY MANAGEMENT PERSONNEL The company employs no staff, the Company Secretary acts as it5 key management and overseas day to day activities through his role as Chief Executive Officer of Coventy Sports Foundation. ACTIVITIES AND ACHIEVEMENTS DURING THE YEAR The Trust continued to secure levels of charitable funding in support of its objectives. Accordingly, the Trust continued ils rental and equipment leasing charges to Coventy Swrts Foundation. PLANS FOR THE FUTURE Thè Tnjsl will continue to work with Coventry Sports Foundatson throughout the yoar to monitor thè impact of the challenging economic conditions and cost of living pressures. The Trust will also work wllh Coventry Sports Foundation in the deliv8ry of some energy efflclency ¢apStal InstallatSons In the premises of the Xcel Leisure Centre. FINANCIAL REVIEW, RISKS AND RESERVES POLICIES The r8suIts for the year and financial posltlon of the Trust are shown In the annexed financlal stat8m8nl$. The Trust's assets continue to be used for the company's objective of providing sports and leisur8 facilities for the disabled and able bodied. The majority of the Trust's income is in rent5 received from Coventry Sports Foundation in respect of the Xcel Leisure Centre and the Trustees consider this income to be relatively secure for th8 future. In addition to this, the Trust receives an annual donation from one benefactor and the Trustees arg conscious of the inherent risks that this presents, should funding from this source be reduced or withdrawn. The Trustees are mindful of thgir responsibilit18s for the repair. replacement and renewal of any major capital items wllhln the premlses of tha Xcel Lelsura C6nlre and Gonsider that the current level of free reseryes of £660,302 being unrestricted investments and nel current assets, is some way short of what would be required for any substantial capital works. Therefore. the Trustees 8re committed to building sufficient reserves lo service fijture capital replacements that will b& necessary to maintsln the standard of its premises. STATEMENT OF TRUSTEES'IDIRECTORS. RESPONSIBILITIES The Trustees (who are also Directors of Midlands Sports Centre for the Disabled Trust for the purposes of company lawl are responsible for preparing the TnJste&s' Annual Report and the financial statements in accordance wllh applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accountlng Pracllc61. Company law requires the TTuslees to prepare financial statements for each flnancial year, whSch glve a true 8nd falr vléw of the slate of affairs of Ihè charitable company and of the incoming resources and applicatson of resources, including the income and expenditure. of the Ghantable Gompany for that period. In preparing these financial statements, the Trustees ar8 required lo.. select sullable a¢countlng pollcles and thon apply them consistently,, observe the methods and principles in the Charities SORP 2019 IFRS 1021,. make judgement5 and estimat9S that are reasonable and prudent- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial slalements., prepare the financlal statements on th8 going concem basis unless it is inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping adequate accounting record5 that disdose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the as58ts of the charitable company and hence for taking reasonable slep5 for the prevention and detection of Iraud and other irregUlar￿.eS. The Truste8s are responsible for the maintenance and inlegrity of the corporate and flnanclal Infomiation included on the charitable company's website. Legislation in the United Kingdom goveming the preparation and dissemination of financial statements may differ from legislation in oth8r jurisdictions. MIDLAND SPORTS CENTRE FOR THE DISABLED TRUST LIMITED A COMPANY LIMITED BY GUARANTEE REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST MARCH 2024 STATEMENT OF DISCLOSURE OF INFORMATION TO AUDITORS We, the Directors of the Company who held office al Ihe dale of approval of these financial statements, as sel out abova, each confirm so far as wa are aware that.. there is no relevant audit information of which the company's auditors ar8 unawar8', and we have tsken all the steps that we OLJght to have taken as directors in order to make OUTselves aware of any rdevant audit information and to establish that the company's auditors ar8 aware of that information. AUDITORS The audltors, Daffarn$ LLP, have been appolnled In the year anded 31 March 2024 and will be re-appolnled at the forthcoming Annual General Meeting. The roport of the directors has been prepared taking advantage of the small companies, exemption of sectlon 415A of the Companies Aet 2006. ON BEHALF OF THE BOARD: J. A. R. Mclntoth - Dlrnctor Dated: 1 DDecember 2024 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MIDLAND SPORTS CENTRE FOR THE DISABLED TRUST LIMITED A COMPANY LIMITED BY GUARANTEE We have audited the financial slalements of Midlands Sports Centre for the Disableé Trust (the 'chariL9ble company'l for the year ended 31 March 2024 which comprise the Statement of Financial Aclivilies, the Balance Sheet and notes to the financial statements, including a sulnmary of signific2nt accounting poliaes. The financial reporting framework thal has been applied in Ihair preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The FinanGial Reporting Standard applicable in thg UK and Republic of Ire18nd (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statemenl8'. give a true and fair view of the slate of the charitable company s affairs as at 31 March 2024, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have b88n prapared in accordanc8 Wlth the requirements of the Companles Act 2006. Basls for oplnlon We conducted our audit In accordance with International Standards on Auditing {UKI1ISAs IUKII and applicable law. Our responslbilitl8s under those standards are further described in the Audltor's responslbllltles for the audit of the financSal statements section of our report. W8 ar8 independent of the charitable company in accordance with the elhical requirements that are relevant lo our audit of the financial slalemenls in the UK, including the FRC'S Ethical Standard. and we have fulfillgd our other ethical responsibilities in accordance with these requirements. We believe that the audll evidence wo have obtalned Is sufflcient and appropriate to provide a basis for our opinion. Conclusions relating to golng concorn In auditing the financial statements, we have concluded that the Truste88' use of the going concern basis of accountlng in the preparation of the financial slalements is appropriate. Based on the work we have performed, we have nol idenlifiad any material uncertainties relating to events or condition5 that. individually or collectively, m8y C8sI significant doubt on the charitable company's ability to continue as a golng concem for a period of at least tr4elve month5 from when th8 flnanclal $lat6ments aro aulhorised for issue, Our responsibilities and th8 r&sponsibllS118s of tho Truslees wSth respect to golng ¢onc8rn are described in the re18vant sectlons of this report. Other Infomiation The Trustees are responsible for the other inlomalion. The other infomiation comprises the information included in the Trustees. annual report. other than the financial slalemenls and our audilorfs ￿port the￿on. Our opinion on the financial stalemenls does not Cover the other information and. except to the extent otherwise explic1￿Y stated in our report. we do not express any form of assurance conclusion Ih8reon. Our responsibility is to read the other infornation and, in doing so, consider whether the other information is malerially inconsistent with the financial statements or our knowledge obtained In the audit or otherwise appears to be materially misslaled. If we identify such material incongiglencies or apparent matenal misstatements, we are required to determine whether there is a material mi5Stalement in the financial slalemenls or a material misstatement of the other information. If. based on the work we have perforrned, we conclude that there is a malarial misstatement of this other information, we are required to report that fact. We have nothing to ￿port in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit- the information given in the Truste85' Report (incorporating the Directors, Report) for the financial year for which the financial statements are prepared is consistent with the financial slatem8nt5', and the Directors, Report has been pr8pared in accordanc8 with applicable legal requirements. INDEPENDENT AUDITOR'S REPORT TO THE PJIEMBERS OF MIDLAND SPORTS CENTRE FOR THE DISABLED TRUST LIMITED A COMPANY LIMITED BY GUARANTEE Matters on which we are requlred to report by exception In the light of our kno￿edge and understanding of the charitable company and its environment obtained in the course of the audit, we have not idenlifled material misstatements in the directors, ￿POrL W& have nothing to report in respect of the following matters in relation lo which the Companies Act 2006 requires us to r8POrt to you if, in our opinion.. adequate accounting records have not been kept. or retums adequate for our audit have not been received from branches not Vlslted by us,. or the financial statements are not in agreemenl with the accounting records and returns., or certaln dlsclosures of Dir8Ctors' remuneration specified by law are not mad8', or we hav8 not received all the infomia*ion and 8xplanations we requir8 for our audit., or the Trustees were not entitled to prepare the financial slalements in accordance with the small companies, regime and take advantage of the srnall companles, exemptions in preparing th8 Directors. Report and from the requirement to prepaw a strategic report. Rosponslbllltles of TrustO95 As 8xplained more fully in the Truste8s' r8sponsibililies statement set out on page 3, the Trustees (who are also the Dlreclors of the charitable company for the purposes of company lawl are responsible for the preparation of Ihe financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees delemiine is necessary to enable the preparation of financial sta18ments that ar8 free from material misslalem8nl, wh8lher due to fraud or error. In preparlng the ff nanclal slatemenls, the Trustees are responslble for assesslng the charltable company's ablllty to continue as a going concern, disclosing. as applicable, matters related to going concern and using the going concem basis of accounting unless the Trust88s either int8nd to liquidate the charitable company or to cease operations, or have no reallstic altemative bul to do 80. Audltorfs responslbllltles for the audit of tha financlal stat8m6nts Our objectives a￿ lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstalernent. whether due lo fraud or error, and lo issue an auditorfs report that includes our apinion. Reasonable a8surance is a high level of assurance but Is not a guarantee that An audlt conductèd In accordancè wlth SSAS IUKI wlll always detect a material misstatement when il exists. Misstatements can arlse from fraud or error and are considered material if, individually or in the aggregat8, they could reasonably be expected to inluenGg the economic decisions of users taken on the basis of these financial statements. Irregularftles, In¢ludlng fraud, 8rg Insl8n¢es of nonrycompli8nce wlth laws 8rKI regulallons, We deslgn procedures In Ilne with our responsibilities, outlined above, lo detect mal&rial missta16m6nls in respect of irr8gularitl8s, including fraud. Th specific procedures for this engagement and the exlenl lo which these are capable of del&cling irregularities, including fraud is detailed below.. • Enquiry of management, and th058 charged with govefflance around actual and potential litigation and claims., Enquiry of entity staff in compliance functions to identify any instances of non-cornpliance with laws and regulations; Reviewing minutes of meetings of those charged with govemance., Reviewing financial statement disclosures and tesling to supporting documenlalion lo assess compliance with applicable laws and regulations.. Perfomiing audit work over the risk of management override of controls, includlng testing of joumal entries and other adjuslrnent5 for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MIDLAND SPORTS CENTRE FOR THE DISABLED TRUST LIMITED A COMPANY LIMITED BY GUARANTEE Audltofs responslbillties for the audit of the financial stalements {cont) Because of the Inherent Ilmltatlons of an audlt, there Is a rfsk Ihat we will not detect all irregularities, including those leading lo a material misstatement in the financial statements or non-compliance with regulation. This iisk increases the more that compliance with a law or regulation is removed from the events and transacb'ons reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk Is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery. collusion. omission or misrepresentation. A furth&r description of our responsibilities for the audit of the financial statements is located on the Flnancial Reporting Council's website at.. vhvw.frc.org.uklaudltorsresponsSbllill6s This description forms part of our auditols reporL Thls report Is made Solely to the charftsble company's members. as a body. In accordance wlth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate lo the chafilable compan￿8 member5 those matters we are required to stale to th8m in an audilorfs report and for no olhgr purpose. To the fullest extent pemitted by law, we do not accept or assume responsibllily lo anyone other than the ¢h8ritable Company and th8 charitable company's members as a body, for our audit work, for this report, or for thé opinlons we hav8 fomod. Geoffrey Cox BA FCA (Senlor Ststutory Audltorl For and on behalf of Dafferns LLP, Chartered Accountants. Regis18red Auditors One Eas￿oOd, Harry Weston Road Binley Buslness Park. Cov8nlry, CV3 2UB Date.. MIDLAND SPORTS CENTRE FOR THE DISABLED TRUST LIMITED A COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES Ilncludlng Income and Expenditure Account) FOR THE YEAR ENDED 31ST MARCH 2024 Unr•strlet•d funds Rastrlctèd fund• Total 2024 Total 2023 Not•# Income and ondowm•nts from: Donations and lega¢ies R8ntal income Investments 30.864 76,556 23.178 30,864 76,556 23,178 20,200 76.556 19,762 Total Incomo and endowrn8nt8: 130,598 130,598 116,518 Expendllure on: Investment Managers fees Charitable actlviti8s Govem8n¢e costs 3.354 100,332 3.030 3,354 100,332 3,030 3,550 92,202 3,065 Total resources oxponded 106,716 106,716 98,817 Loss on revaluation of investments {38,9171 138,917) (45,925) N•t Incom• l (oxponditurol (15.035) 115,0351 (28,2241 Fund balances brought forward at 1st Aprfl 2023 9,884,655 9,884,655 9,912,879 Fund balance8 Carrled forward at 31st March 2024 9,869,620 9,869,620 9,884,655 Th8 notes on pages 10 to 15 fom) part of these financial statements Charlty Number 514391 Company Number 01755462 MIDLAND SPORTS CENTRE FOR THE DISABLED TRUST LIMITED A COMPANY LIMITED BY GUARANTEE BALANCE SHEET AS AT 31ST MARCH 2024 2024 2023 Note8 FIXED ASSETS: Tangible assets Investmants 9,209,318 420.227 9,183,367 442.728 9,629.545 9,626,095 CURRENT ASSETS: Debtors Cash at bank and In hand 10 3,363 258,603 2,420 279,048 261,966 281,468 CREDITORS: amounts falling due within one year (21,891) (22,9081 NEf CURRENT ASSETS 240,075 258,560 NET ASSETS 9,869,620 9,884,655 FUNDS: Restrfetéd funds Unrestricted funds.. General fvnds 9,869,620 9,884,855 TOTAL FUNDS 9.869,620 9,884.655 These financial statements have been prepared in accordance Wlth the special provisions of Part 15 of the Companies Act 2006 re18ting to Small companies and with FRS102. Th8 financial statements were approved and authorised for i55ue by the board on 1 QDecemb8r 2024. ON BEHALF THE BOARD: J.AR. losh - Director The notes on pages 10 to 16 form part of these financial statements MIDLAND SPORTS CENTRE FOR THE DISABLED TRUST LIMITED A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 ACCOUNTING POLICIES: (a) Genéral Inforniatlon and bas18 Ot preparatlon Midlands Sports Centre for th8 Disabled Trust Limited is a charity incorporated in England I Wales. In th& event of the charity being wound up. the liability in respect of the guarantee is limited lo £1 per member of Ihe charity. The address of the registered offic8 is given in the charity infomialion on page 1 of these financial slalements. The nature of the charity's operations and principal activities are to provide and maintain facllilies for the re¢re81ion and other leisure lime occupation of disabled and able bodied persons. Th8 charity conslilules a publie benefit entity as defined by FRS 102. Th8 financlal slatements have been prepared in accordance with AccountSng and Reporting by Charities- Slat8rnenl of Recommended Practice applicable to charities preparing th8ir accounts in accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Cha￿lle$ Act 2011. the Companies Act 2006 and UK Generally Accepted AG¢ounling Pracllce. The financlal statements are prepared on a golng concern baslg under the historic81 cost convention, modified to include certain Items al fair value. The financial statements are presented in stgrling which is the functional currency of the charlty and rounded to the nearest £1. The significant accounting policies applied in the preparatlon of thege financial statements are sel out below. These policies have b88n con51s18ndy applied to all y8ar5 presented unless otherwlse ststed. b) Funds General funds are unrestricted funds which are avallable for use al the dlscreuon of the Trustees in furtherance of the general objectives of the charity and which have not been designated for olh8r purposas. Designated fund8 comprise unrestricted funds that have been set aside by the Tru8tees for particular purposes. The alm and use of each deslgnated fund Is sel out in the notes to th& financial slatementg. Restricted funds are funds which are lo be used in accordance with specific reslriclions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against th& specific fund. The aim and us& of &a¢h restricted fund is set out in the notes to the financial slatemenls. cl Incomo ro¢ognltlon Donations, grants and othor voluntary Incom• All donallons, grants and other similar income are recognl8ed when the charlty has entitlement to the fiJnds, any performance conditions 8ttoched to the item{sl of income have been mel. it is probable that income will be received. and the amount can be measured reliably. Such is in¢ome is only deferred when.. the donor specifies that the grant or donation must onty be used in future accounting perlods, or the donor has imposed conditions which musl be mel before the charity has unconditional entillement Incorne frorn rental actlvlties Income from rentsl activities is included in the period to whith the activity is provided. Investment Income Interest and investment income is recognised when receivable. 10- MIDLAND SPORTS CENTRE FOR THE DISABLED TRUST UMITED A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 ACCOUNTING POLICIES (continued): d) Expendlturg rgcognltlon All expenditure is accounted for on an accruals basis and has b8en classified under headings that aggregate all costs related to the category. Expenditure 15 recognised whore there is a legal or Gonslruclive obligation lo make payments lo third parties, il Is probable that the setuement will be required, and Ihe amount of Ihe obligation can be measured ￿liablY. It is categorised under the following headings.. Costs of raising funds., Expenditure on charitable activities,. and Other expenditure represents those iterns not falling into the categories above. Govemance costs, shown within professional fees, comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to slalutory audit and legal fees. el Tanglbla Ilxed assets Tangiblo fixed ass8t$ are capllalised and Included at cost except for Investment propety which is induded al valuation. Assets in the course of construction includes relevant d8velopment expenditurè. DeprecialSon 18 provided al the following annu81 rat8s in order lo write off each asset ovér its esllmated u8oful life. The annual rates principally used are.. Sports equipment - 20Vo straight line Fixtures and fittings 20Q/o straight line Officg equipment - 33.33% stralght line The property is belng held for the provlslon of social benefit and hence 18 to be classified as Property, Plant & Equlpmenl. The Trustees conslder that Depreclated Replacement Cost Ss the most appropriate methodology for the valuation of Xcel Leisure Cenlre. Given the nature of the assets, the Trustees bellev8 that ther6 Is no rellable market valuo Infomiallon avallable for use, fj Inv•8tments Investments are recognised initially at falr value which is nomially the transaction prlce excluding transaction costs. Subsequently, they are me8sured al fair value with changes rgcognised in 'nel gains I Ilossesl on investments, in the SOFA if the shares ar8 publicly traded or their fair value can otherwise be measured reliably. Other investments are m&asured al cost less impaimient. g) Dobtors and creditorn recelvable I payable wlthln one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impaiment are recognised in expenditure. h) Oporating leases Renlals payable and recelvable under operating leases are charged to the SOFA on a straight4ine basls over the period of the lease. 11 Tax The charity Is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests sel out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets th8 definition of a charitable company for UK Gorporation tax purposes. 11 MIDLAND SPORTS CENTRE FOR THE DISABLED TRUST LIMITED A COMPANY UMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 INCOME FROM INVESTMENTS: Unr•strlct•d funds Re8trfcted funds Total 2024 Total 2023 Bank interest receivable Investment income 3,409 19,769 3,409 19,769 947 18,815 23,178 23,178 19.762 Income from investments is wholly attributable to Unrestricted funds in the previous year. expENDITURE ON CHARITABLE: ACTIVITIES Déprèciatlon Insuranc8 Sundry expenses 83,979 16,346 83,979 16,346 82,792 9.358 52 100,332 100,332 92,202 Charltable expenditure Is wholly attributable to Unrestricted funds in the previous year. GOVERNANCE COSTS: Professional fees 3,030 3.030 3,065 Govemance costs are wholly attributabl8 to Unrestricted funds in the pr8vlous year. OTHER DISCLOSURES: 2024 2023 Net Incornlng r•sourc•s16 &tat•d aft•r charglng: Deprecialion Auditors, remun8rallon'. Audll services - Other services Trustees, expenses Directors, emoluments and other benefits etc. 83,979 82,792 1,735 1,295 1,650 1,415 No trustee (2023.. none) received 8ither r8muner8tion or reimbursement of expenses during the year. TAXATION: No liability to UK corporatlon tax arlses on ordinary activities for the year ended 31 st March 2024 nor for the year ended 31 st March 2023. STAFF COSTS: There were no persons employed by th8 Charity durlng tha yaar. 12- ro￿ i MIDLAND SPORTS CENTRE FOR THE DISABLED TRUST LIMITED A COMPANY UMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 INVESTMENTS: LIBt•d In￿stMentS V81ualion as at 1st April 2023 Net additionsl Idispo$al$l Int8r8St reinvest8d Dlvldends reinvested Revaluation 442,728 413 16,003 138,9171 Valuation as at 31 st March 2024 420,227 Inv88tments at fair valu8 comprlse: Fixed interest Equities Other Cash within investment portfolio Inter8BI 167,094 143,492 98,457 10,771 413 420,227 10. DEBTORS: Amounts falllng due wlthln on• y•ar: 2024 2023 Other debtors 3,363 2.420 3,363 2,420 11. CREDITORS: Amounts falllng due wlthln one year: Trade Greditors Other creditors Accruals Deferred Income 2,593 3,768 3,030 12,500 3,695 3,828 2,885 12,500 21,891 22,908 14- MIDLAND SPORTS CENTRE FOR THE DISABLED TRUST LIMITED A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST MARCH 2024 12. DEFERRED INCOME: 2024 2023 Balance 1 April 2023 Released Additions 12,5 (12,500) 12,500 12.500 Balance 31 March 2024 12,500 12,500 Due wllhin one year Due within 1-5 years Due after 5 years 12,500 12,500 12,500 12,500 Income has b88n deferred in respect of rental Income rec8ived In advance. 13. ANALYSIS OF NET ASSETS BETWEEN FUNDS: Fund balances at 31st March 2024 ar8 r8presented by: Unre8trlcted funds Re8trlcted lunds Total funds T8ngible fix6d 88S8tB Investments Net current assets 9,209,318 420,227 240,075 9.209,318 420,227 240.075 Totsl net assets 9.869,620 9,869,620 RELATED PARTY TRANSACTIONS: There are no related party transactlons during the year12023: £nlll. 15- MIDLAND SPORTS CENTRE FOR THE DISABLED TRUST LIMITED A COMPANY LIMffeD BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 15. OPERATING LEASE COMMrrMENTS: L•s8or Sports equipment has been leased to Coventry Sports Foundation from 1 February 2019 10 1 F8bruary 2024. The rent receivable is £26.556 per annum. A rental holiday was ag￿ed in response to the global pandemic to cover the period sports C8ritres were c105ed and an additional SIX months has been wjded to the lease term to rofle¢t this,. th818888 will now expire 1 August 2024. Mlnlmum lease paymenls under non