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2024-03-31-accounts

REGISTERED COMPANY NUMBER: 02042583 (England and Wales) REGISTERED CHARITY NUMBER: 518586

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

EXERCISE REHABILITATION ASSOCIATION LTD

Saxon & Co Accountants Ltd Statutory Auditors Chartered Certified Accountants Kings Chambers Queens Cross High Street Dudley West Midlands DY1 1QT

EXERCISE REHABILITATION ASSOCIATION LTD

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Page
Report of the Trustees 1 to 4
Report of the Independent Auditors 5 to 8
Statement of Financial Activities 9
Balance Sheet 10 to 11
Cash Flow Statement 12
Notes to the Cash Flow Statement 13
Notes to the Financial Statements 14 to 22
Detailed Statement of Financial Activities 23 to 24

EXERCISE REHABILITATION ASSOCIATION LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The charity provides a cardiovascular rehabilitation service that helps people who suffer from heart or vascular related conditions. These aims are mainly achieved via its clinical activities at the Action Heart Centre at Russells Hall Hospital in Dudley, West Midlands.

The charity is a public benefit entity. The trustees have had due regard for guidance published by the Charity Commission, including guidance on public benefit.

Action Heart serves its local community via its 'core service', the cardiovascular rehabilitation programme, which receives referrals from the Dudley Health economy and also from certain catchment areas within Sandwell, Staffordshire, Worcestershire, Wolverhampton and Birmingham health economies. The above geographical areas result in Action Heart serving a population in excess of 400,000. Action Heart also runs exercise rehabilitation programmes for patients with other conditions, such as diabetes, obesity and cancer.

Although Action Heart receives funding for the above clinical activities, the charity continues to trade through its wholly owned subsidiary Action Heart (Trading) Ltd, in order to generate additional funding to further the charity's objectives. Fundraising activities include sporting events, exercise classes and sales of goods. Its performance during the year is detailed in note 12 of the financial statements.

The charity's work is also underpinned by the wonderful contribution it receives from its volunteers, many of whom are ex-patients or carers of Action Heart's services. Indeed, the volunteers are an integral part of Action Heart's service and receive appropriate training and support to carry out their activities.

ACHIEVEMENT AND PERFORMANCE

All of Action Heart's services were greatly affected by the COVID-19 pandemic, in line with most other health providers in the UK.

At the start of the new financial and clinical year, although there continued to be optimistic signs that services were returning to normal, it was generally accepted that the recovery was taking much longer than predicted. Referrals continued at pre pandemic levels but the charity's income streams were still significantly down resulting in the services having to function with reduced staffing compared to pre pandemic levels.

The staff have worked incredibly hard to maintain service standards and to keep waiting lists to manageable levels, although waits remained significantly longer at the end of the year compared to pre pandemic standards. This was due to the fact that the charity was still not in a position to recruit to replace the staff who were lost during the pandemic.

It is envisaged that Action Heart's 'forced' adoption of virtual services during the pandemic will help the charity to develop 'hybrid' rehabilitation services in the future, offering a combination of virtual and face to face contact, which may even help to increase patient uptake.

Action Heart's 'maintenance' patient numbers continued to increase but remain well down when compared to pre pandemic levels which then results in this line of income being significantly reduced.

In summary, referrals to Action Heart remained high and although waiting lists were generally longer, the most vulnerable patients were prioritised and still seen according to pre pandemic expectations. All services were operational and gradually returning to normal, albeit in difficult staff and financial circumstances.

Page 1

EXERCISE REHABILITATION ASSOCIATION LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

FINANCIAL REVIEW

At the beginning of this financial year, Action Heart's commissioners, Dudley CCG and Dudley Public Health once again assured Action Heart that normal funding would be continued, with a view of gradually returning to normal activity levels and the usual contract Key Performance Indicators.

Although Action Heart's clinical income streams continued, the charity's fundraising income remained extremely low when compared with pre pandemic levels. This, combined with the reduced income from the health club suggested the immediate future was going to be challenging for Action Heart.

During the year Action Heart was successful in keeping its Exercise Referral contract under the umbrella service of a new lifestyle provider to Dudley, ABL Health Ltd.

On another positive note, Action Heart started the new financial year having been informed that it had been chosen to be the 'charity of the year' by a local radio station which would likely generate a donation of approximately £8,000.

FUTURE PLANS

The charity still aspires to return to its full portfolio of clinical services, supported by a return to a full fundraising calendar. The charity’s new working relationship with ABL Ltd may also open up new opportunities to further develop its work in the prevention of cardiovascular disease.

The trustees will continue to closely monitor the charity's income and expenditure levels.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity constitutes a limited company registered in England & Wales, limited by guarantee, as defined by the Companies Act 2006. It is controlled by its Memorandum and Articles of Association, which form its governing document. The charity is known as 'Action Heart'.

Recruitment and appointment of new trustees

The directors of the company are also charity trustees for the purpose of charity law and under the company's Articles are known as members of the Council of Management.

Under the requirements of the Memorandum and Articles of Association one third of the longest serving members of the council must retire from office each year. (If their number is not three or a multiple of three, then the number nearest one third shall retire from office). A retiring member of the council can be re-elected at the next Annual General Meeting or a new member, who must have been recommended by the council, can be appointed by resolution.

Organisational structure and key management

The board of directors, who are also the trustees, are the charity's key management personnel. The day to day decision making and management of the charity is performed by Russell Tipson. Any major decisions are made by the Trustees. Russell Tipson's remuneration is authorised by the charity commission and is set by the other trustees who review it on an annual basis. The charity trades through a 100% owned subsidiary Action Heart (Trading) Ltd and its performance is detailed in note 12 of the accounts.

Induction and training of new trustees

The charity has procedures in place to train new trustees and this includes making them aware of their legal obligations under charity and company law, briefing them on charity commission guidance and trustee resources and making them aware of the contents of the governing document.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

02042583 (England and Wales)

Page 2

EXERCISE REHABILITATION ASSOCIATION LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

Registered Charity number 518586

Registered office

5 Baird House Dudley Innovation Centre Pensnett Estate Dudley West Midlands DY6 7YA

Trustees

L D Dugmore R J Tipson P A Owen R J Ennis

Company Secretary

R J Tipson

Auditors

Saxon & Co Accountants Ltd Statutory Auditors Chartered Certified Accountants Kings Chambers Queens Cross High Street Dudley West Midlands DY1 1QT

Solicitors

Rees Page 8/12 Waterloo Road Wolverhampton WV1 4BL

Bankers

Lloyds Bank PLC 63 High Street Dudley West Midlands DY1 1PY

Use of Other Names

The charity also operates under the name "Action Heart".

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Exercise Rehabilitation Association Ltd for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Page 3

EXERCISE REHABILITATION ASSOCIATION LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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 irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, Saxon & Co Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 18 December 2024 and signed on its behalf by:

P A Owen - Trustee

Page 4

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF EXERCISE REHABILITATION ASSOCIATION LTD

Opinion

We have audited the financial statements of Exercise Rehabilitation Association Ltd (the 'charitable company') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Page 5

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF EXERCISE REHABILITATION ASSOCIATION LTD

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF EXERCISE REHABILITATION ASSOCIATION LTD

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks to obtain sufficient appropriate audit evidence on which to base our opinion.

To identify and assess risks of material misstatement in respect of irregularities, including fraud, we conduct general and specific risk assessment procedures which include considering:

We also hold an audit engagement team meeting to discuss how and where fraud might occur, if any opportunities and incentives may exist within the charity and assess any potential indicators of fraud.

As a result of our procedures we identify direct and indirect laws and regulations applicable to the entity. Direct laws and regulations are those that effect the financial statements and indirect laws and regulations are those that may be central to the entity's ability to operate. The direct laws and regulations identified are the Companies Act, Charities Act, UK GAAP (FRS 102 SORP) and UK Tax Legislation. Indirect laws and regulations identified are the charity's governing document, charity law and the Charity Commission public benefit.

Our response to the risks identified include:

We exercise professional judgement and also communicate the requirement to maintain professional skepticism to all members of the engagement team and ensure they are aware of relevant identified laws and regulations, related parties and potential fraud risks and remain alert to any indicators of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF EXERCISE REHABILITATION ASSOCIATION LTD

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Matthew Saxon (Senior Statutory Auditor) for and on behalf of Saxon & Co Accountants Ltd Statutory Auditors Chartered Certified Accountants Kings Chambers Queens Cross High Street Dudley West Midlands DY1 1QT

18 December 2024

Page 8

EXERCISE REHABILITATION ASSOCIATION LTD

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024

2024
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations, legacies, charitable and other trading
activities
2
371,978
Investment income
3
77,876
Total
449,854
EXPENDITURE ON
Charitable activities
4
General
513,224
NET INCOME/(EXPENDITURE)
(63,370)
RECONCILIATION OF FUNDS
Total funds brought forward
109,113
TOTAL FUNDS CARRIED FORWARD
45,743		 2023
Total
funds
£
387,044
40,471
427,515
492,435
(64,920)
174,033
109,113

The notes form part of these financial statements

Page 9

EXERCISE REHABILITATION ASSOCIATION LTD

BALANCE SHEET 31 MARCH 2024

2024
Unrestricted
fund
Notes
£
FIXED ASSETS
Intangible assets
10
2,152
Tangible assets
11
17,487
Investments
12
2
19,641
CURRENT ASSETS
Debtors
13
25,609
Cash at bank
25,435
51,044
CREDITORS
Amounts falling due within one year
14
(24,942)
NET CURRENT ASSETS
26,102
TOTAL ASSETS LESS CURRENT
LIABILITIES
45,743
NET ASSETS
45,743
FUNDS
16
Unrestricted funds
45,743
TOTAL FUNDS
45,743		 2023
Total
funds
£
3,584
21,240
2
24,826
27,952
76,107
104,059
(19,772)
84,287
109,113
109,113
109,113
109,113

The notes form part of these financial statements

continued...

Page 10

EXERCISE REHABILITATION ASSOCIATION LTD

BALANCE SHEET - continued 31 MARCH 2024

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 18 December 2024 and were signed on its behalf by:

P A Owen - Trustee

R J Tipson - Trustee

R J Ennis - Trustee

The notes form part of these financial statements

Page 11

EXERCISE REHABILITATION ASSOCIATION LTD

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash used in operating activities
Cash flows from investing activities
Purchase of intangible fixed assets
Purchase of tangible fixed assets
Covenant
Interest received
Net cash provided by investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning
of the reporting period
Cash and cash equivalents at the end of the
reporting period		 2024
£
(126,766)
(126,766)
-
(1,782)
77,410
466
76,094
(50,672)
76,107
25,435		 2023
£
(96,336)
(96,336)
(4,300)
(6,824)
40,260
211
29,347
(66,989)
143,096
76,107

The notes form part of these financial statements

Page 12

EXERCISE REHABILITATION ASSOCIATION LTD

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024

1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
2024 2023
£ £
Net expenditure for the reporting period (as per the Statement of
Financial Activities) (63,370) (64,920)
Adjustments for:
Depreciation charges 6,946 6,479
Loss on disposal of fixed assets 21 163
Interest received (466) (211)
Covenant (77,410) (40,260)
Decrease in debtors 2,343 71
Increase in creditors 5,170 2,342
Net cash used in operations (126,766) (96,336)

2.

ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23
Cash flow
At
£
£
Net cash
Cash at bank
76,107
(50,672)
76,107
(50,672)
Total
76,107
(50,672)		 31.3.24
£
25,435
25,435
25,435

The notes form part of these financial statements

Page 13

EXERCISE REHABILITATION ASSOCIATION LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES

Basis of preparation

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

The company is a parent and prepares separate financial statements that present information about the charity as an individual undertaking and not as a group. The charity is exempt from preparing consolidated financial statements by virtue of its size..

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Income derived from the provision of goods and services is stated net of VAT.

Donated resources are recognised as income once the subsequent sale of the donated goods is made. Contributions from unpaid general volunteers are not recognised.

The charity is given use of facilities at Russell Hall NHS hospital from which to conduct its activities. These donated facilities are not recognised as income because the value of such specialist facilities cannot be reliably measured.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Governance costs

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Equipment - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment and software - 25% on reducing balance

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

continued...

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EXERCISE REHABILITATION ASSOCIATION LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Leasing commitments

Rentals paid under operating leases are charged to the statement of financial activities on a straight line basis over the period of the lease.

Financial instruments

The charity only has basic financial instruments. Basic financial instruments are measured at amortised cost.

Government grants

Once the recognition criteria have been met the charity recognises grants using either the performance model or the accruals model. Covid-19 grants are revenue based grants and are therefore recognised immediately.

2. DONATIONS, LEGACIES, CHARITABLE AND OTHER TRADING ACTIVITIES

2023 2023
£ £
Donations and legacies 110,627 85,858
Income from charitable activities 253,819 296,082
Income from other trading activities 7,532 5,104
371,978 387,044

The amount received from non-exchange transactions included in the above amounts is £95,996 (2023- £74,533). These relate to donations and sales of donated goods.

3.

INVESTMENT INCOME

Covenant- Action Heart (Trading) Limited
Interest received		 2024
£
77,410
466
77,876		 2023
£
40,260
211
40,471

Page 15

continued...

EXERCISE REHABILITATION ASSOCIATION LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

4. CHARITABLE ACTIVITIES COSTS

General
5.
SUPPORT COSTS
General
Support costs, included in the above, are as follows:
Auditors' remuneration
Auditors' remuneration for non audit work
6.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Auditors' remuneration
Other non-audit services
Depreciation - owned assets
Deficit on disposal of fixed assets
Computer software amortisation
7.
TRUSTEES' REMUNERATION AND BENEFITS
Trustees' salaries
Trustees' pension contributions to money purchase schemes		 Direct
Costs
£
507,035		 Support
costs (see
note 5)
Totals
£
£
6,189
513,224
Governance
costs
£
6,189
2024
2023
Total
General
activities
£
£
5,589
3,900
600
500
6,189
4,400
2024
2023
£
£
5,589
3,900
600
500
5,514
5,762
21
163
1,432
716
2024
2023
£
£
58,300
58,586
1,313
1,321
59,613
59,907

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.

Page 16

continued...

EXERCISE REHABILITATION ASSOCIATION LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

8. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Staff
No employees received emoluments in excess of £60,000.
9.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
INCOME AND ENDOWMENTS FROM
Donations, legacies, charitable and other trading
activities
Investment income
Total
EXPENDITURE ON
Charitable activities
General
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2024
2023
£
£
376,115
369,555
26,312
27,669
8,170
8,551
410,597
405,775
2024
2023
19
23
Unrestricted
fund
£
387,044
40,471
427,515
492,435
(64,920)
174,033
109,113

continued...

Page 17

EXERCISE REHABILITATION ASSOCIATION LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

10. INTANGIBLE FIXED ASSETS

COST
At 1 April 2023 and 31 March 2024
AMORTISATION
At 1 April 2023
Charge for year
At 31 March 2024
NET BOOK VALUE
At 31 March 2024
At 31 March 2023
TANGIBLE FIXED ASSETS
COST
At 1 April 2023
Additions
Disposals
At 31 March 2024
DEPRECIATION
At 1 April 2023
Charge for year
Eliminated on disposal
At 31 March 2024
NET BOOK VALUE
At 31 March 2024
At 31 March 2023		 Equipment
£
191,311
1,782
(6,950)
186,143
185,259
1,916
(6,929)
180,246
5,897
6,052		 Fixtures
and
fittings
£
54,539
-
-
54,539
52,559
296
-
52,855
1,684
1,980		 Computer
equipment
and
software
£
36,472
-
-
36,472
23,264
3,302
-
26,566
9,906
13,208		 Computer
software
£
4,300
716
1,432
2,148
2,152
3,584
Totals
£
282,322
1,782
(6,950)
277,154
261,082
5,514
(6,929)
259,667
17,487
21,240

11. TANGIBLE FIXED ASSETS

continued...

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EXERCISE REHABILITATION ASSOCIATION LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

12. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
MARKET VALUE
At 1 April 2023 and 31 March 2024 2
NET BOOK VALUE
At 31 March 2024 2
At 31 March 2023 2

There were no investment assets outside the UK.

The company's investments at the balance sheet date in the share capital of companies include the following:

Action Heart (Trading) Limited

Registered office: 5 Baird House, Dudley Innovation Centre, Pensnett Estate, Dudley, West Midlands, DY6 7YA. Nature of business: Supply of goods and services

Nature of business: Supply of goods and services
%
Class of share:
holding
Ordinary
100
Aggregate capital and reserves
Profit for the year		 2024
£
3,727
77,956		 2023
£
3,181
40,201
Summary financial information of subsidiary: 2024 2023
£ £
Turnover 143,294 103,363
Expenditure (65,338) (63,162)
Profit for the year 77,956 40,201
Assets 39,423 42,497
Liabilities (35,696) (39,316)
Net Assets 3,727 3,181

continued...

Page 19

EXERCISE REHABILITATION ASSOCIATION LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

13.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Amounts owed by group undertakings
Taxation and social security
Prepayments and accrued income
14.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Social security and other taxes
Other creditors
Accrued expenses
15.
LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
Within one year
Between one and five years
16.
MOVEMENT IN FUNDS
At 1.4.23
£
Unrestricted funds
General fund
109,113
TOTAL FUNDS
109,113		 2024
£
9,347
-
16,262
25,609
2024
£
6,553
3,237
15,152
24,942
2024
£
19,084
-
19,084
Net
movement
in funds
£
(63,370)
(63,370)		 2023
£
12,156
2,150
13,646
27,952
2023
£
7,243
3,664
8,865
19,772
2023
£
22,901
19,084
41,985
At
31.3.24
£
45,743		 2023
£
12,156
2,150
13,646
27,952
2023
£
7,243
3,664
8,865
19,772
2023
£
22,901
19,084
41,985
45,743

continued...

Page 20

EXERCISE REHABILITATION ASSOCIATION LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

16. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming
resources
£
Unrestricted funds
General fund
449,854
TOTAL FUNDS
449,854
Comparatives for movement in funds
At 1.4.22
£
Unrestricted funds
General fund
174,033
TOTAL FUNDS
174,033
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
427,515
TOTAL FUNDS
427,515
A current year 12 months and prior year 12 months combined position is as follows:
At 1.4.22
£
Unrestricted funds
General fund
174,033
TOTAL FUNDS
174,033		 Resources
Movement
expended
in funds
£
£
(513,224)
(63,370)
(513,224)
(63,370)
Net
movement
At
in funds
31.3.23
£
£
(64,920)
109,113
(64,920)
109,113
Resources
Movement
expended
in funds
£
£
(492,435)
(64,920)
(492,435)
(64,920)
Net
movement
At
in funds
31.3.24
£
£
(128,290)
45,743
(128,290)
45,743

continued...

Page 21

EXERCISE REHABILITATION ASSOCIATION LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

16. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
Resources
Movement
resources
expended
in funds
£
£
£
877,369
(1,005,659 )
(128,290)
877,369
(1,005,659 )
(128,290)

17. RELATED PARTY DISCLOSURES

Rees Page Solicitors charged the charity £1,193 during the year (2023- £Nil). Mr R J Ennis is a partner in the firm.

R Tipson was paid a salary of £58,300 during the year (2023- £58,586). This remuneration was approved by the charity commission.

Action Heart (Trading) Ltd, a 100% owned subsidiary, paid the charity by way of covenant £77,410 during the year (2023- £40,260) and £12,000 (2023- £13,500) for service recharges. At the 31st March 2024 the subsidiary owed the charity £9,347 (2023 -£12,156).

Pleagrove Ltd charged the charity £16,240 (2023- £13,920) for bookkeeping and payroll services. Mr P A Owen is a director and shareholder in this company.

Page 22

EXERCISE REHABILITATION ASSOCIATION LTD

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024

2024
Unrestricted
funds
£
INCOME AND ENDOWMENTS
Donations, legacies, charitable and other trading activities
Income
371,978
Investment income
Covenant- Action Heart (Trading) Limited
77,410
Interest received
466
77,876
Total incoming resources
449,854
EXPENDITURE
Charitable activities
Trustees' salaries
58,300
Trustees' pension contributions
1,313
Wages
317,815
Employers national insurance
26,312
Pensions
6,857
Insurance
7,916
Light and heat
4,766
Postage, stationery, telephone and advertising
4,779
Repairs, maintenance and training
1,162
Computer expenses, software and support
24,116
Sundries and subscriptions
3,998
Motor and travelling expenses
3,992
Professional charges
16,471
Equipment spares and accessories
535
Rent and service charge
21,130
Bank charges
606
Software ammortisation
1,432
Depreciation equipment
1,916
Depreciation fixtures and fittings
296
Depreciation computer equipment
3,302
Loss on sale of tangible fixed assets
21
507,035
Support costs
Governance costs
Auditors' remuneration
5,589
Carried forward
5,589		 2023
Total
funds
£
387,044
40,260
211
40,471
427,515
58,586
1,321
310,969
27,669
7,230
8,326
3,774
2,669
591
17,011
3,935
3,234
13,920
466
21,408
284
716
2,017
348
3,398
163
488,035
3,900
3,900

This page does not form part of the statutory financial statements

Page 23

EXERCISE REHABILITATION ASSOCIATION LTD

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024

2024
Unrestricted
funds
£
Governance costs
Brought forward
5,589
Auditors' remuneration for non audit work
600
6,189
Total resources expended
513,224
Net income
(63,370)		 2023
Total
funds
£
3,900
500
4,400
492,435
(64,920)

This page does not form part of the statutory financial statements

Page 24