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2023-03-31-accounts

PAGE
Company
Information
Report ofthe Directors
Independent
Auditor's		 Report
Statement of Financial Activities
Balance Sheet
Statement of Cash Flow 12
Notes to the Financial Statements 13
Trading
Account		 22

SECRETARY P. N. Breed
SENIOR LEADERSHIP I MANAGEMENT TEAM P. N. Breed (Chief Executive Oificer)
S.D. Wiles (Director ofOperations)
S.Terblans (Director of Finance)
3. Murphy
(Corporate		 Strategy Director)
K.A. Healion (Operations Manager)
W. A. 3ackson (Community Development Manager)
C. Panter (Lifestyles Manager)
M. Condillac (Management Accountant)
L. Bowell (HR Manager)
A. Surey (Marketing Manager)
S. Kaur Sabots (Programme Manager)
REGISTERED OFFICE Xcel Leisure Centre,
Mitchell Avenue,
Canley,
Coventry,
CV4 BDY.
REGISTERED COMPANY NUMBER 02239584 (England and Wales)
REGISTERED CHARITY NUMBER 700409
AUDITORS Dalferns
LLP,
Chartered
Accountants,
One Eastwood,
Harry Weslon Road
Binley Business Park
Binley
Coventry
CV3 2UB.
BANKERS NatWest
Bank Pic.,
Coventry
City Office,
24 Broadgate,
Coventry,
CV1 1ZZ.
SOLICITORS Brindley Twist Tafft 8.3ames LLP
Lowick Gate
Siskin Drive
Coventry
CV3 4F3

Unrestricted Restricted Total Total
Notes funds funds 2023 2022
E E E
Income and endowments from:
Donations
and legacies		 134,234 53,799 188,033 682,210
Charitable
activities:
Income from sports and leisure activities 9,360,510 283,286 9,643,796 7,557,797
Other trading
activities		 203,995 203,995 187,997
Investments 71,370 71,370 55,345
Total income and endowments 9,770,109 337,085 10,107,194 8,483,349
Expenditure
on:
Raising funds —Investment Manager's fees 13,748 13,748 8,459
Charitable
activities
Cost ofoperation of sports and
leisure activities 9,481,904 340,317 9,822,221 7,862,076
Total expenditure 9,495,652 340,317 9,835,969 7,870,535
Net income / (expenditure) 274,457 (3,232) 271,225 612,814
Transfers
between
funds		 (5,000) 5,000
269,457 1,768 271,225 612,814
Gain/(loss)
on revaluation		 ofinvestments (156,356) (156,356) 63,396
Net income/(expenditure) 113,101 1,768 114,869 676,210
Fund balances brought forward at
1st April 2022 2,242,122 38,439 2,280,561 1,604,351
Fund balances carried forward at
31st March 2023 18 2,355,223 40,207 2,395,430 2,280,561

2023 2022
Notes E I
FIXEDASSETS:
Tangible assets 10 28,211 49,008
Investments 11 2,016,286 1,615,352
2,044,497 1,664,360
CURRENT ASSETS:
Stocks 19,068 9,579
Debtors 12 538,285 501,866
Cash at bank and in hand 1,415,784 1,158,480
1,973,137 1,669,925
CREDITORS: amounts falling due
within one year 13 1,622,204 1,053,724
NET CURRENT ASSETS 350,933 616,201
NET ASSETS 2,395,430 2,280,561
FUNDS:
Unrestricted funds:
Designated
fixed		 asset funds 28,211 49,008
General funds 2,327,012 2,193,114
2,355,223 2,242,122
Restricted funds 17 40,207 38,439
2,395,430 2,280,561

STATEMENT OF CASH FLOWS STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31STMARCH 2023
2023 2022
E E
Cash flows from operating activities
Net movement
in funds for		 the year 114,869 676,210
Depreciation 20,797 26,143
Interest received (332) (74)
Dividends
from investments		 (71,038) (55,271)
Revaluation
(gains) / losses		 from investments 156,356 (63,396)
Decrease/(increase)
in stocks		 (9,489) (2,921)
Decrease/(increase)
in debtors		 (36,419) (210,377)
Increase/(decrease)
in creditors		 568,480 205,806
Net cash flows from operating activities 743,224 576,120
Cash flows from investing activities
Interest received 332 74
Dividends
received		 71,038 55,271
Payments to acquire
investments		 (557,290) (64,563)
Net cash flow from investing activities (485,920) (9,218)
Net increase in cash and cash equivalents 257,304 566,902
Cash and cash equivalents at 1e April 2022 1,158,480 591,578
Cash and cash equivalents at 31e March 2023 1,415,784 1,158,480
Cash and cash equivalents consists of: I E
Cash at bank and
in hand		 1,415,784 1,158,480
Cash and cash equivalents at 31"March 2023 1,415,784 1,158,480
Analysis ofchanges in net debt
2022 CashflowsI 2023
Cash and cash equivalents 1,158,480 257,304 1,415,784
Total net debt 1,158,480 257,304 1,415,784

sufficient with the level ofreserves for the charity to be able to co sufficient with the level ofreserves for the charity to be able to co ntinue as a going concern.
GRANTS AND DONATIONS: 2023 2022
E E
Coventry
City Council		 1,000 54,000
Sports England
National
Leisure Recovery Fund		 344,849
Corona Virus Job Retention Scheme grants 128,383
COVID Response grants 4,550
Engage grant 53,799 75,406
Adult Weight Management Services Grant 19,184
Other grants and donations 133,234 55,838
188,033 682,210

INCOME FR OM SPORTS ANO LEISURE ACTIVIT OM SPORTS ANO LEISURE ACTIVIT IES:
Sports Centre Activities 8,628,506 6,964,988
Performance related grants 434,837 166,455
Bar takings 222,142 158,197
Catering
income		 192,751 125,969
Vending
machine		 income 44,044 26,303
Leisure training 1,197 1,297
Management fees 44,719 38,988
Service fees 75,600 75,600
9,643,796 7,557,797

INCOME FROM I NVEST MENTS:
Investment
income		 71,038 55,271
Bankinterest 332 74
71,370 55,345
Income from investments was wholly attdibutable to unrestricted funds in the prior year.
ANALYSIS OF EXPENDITURE:
Restricted Direct Support Total Total
funds
E		 costs
E		 costsI 2023I 2022
Raising funds 13,748 13,748 8,459
Charitable
activities
Cost ofoperation ofsports and
leisure facilities 340,317 8,057,503 1,424,401 9,822,221 7,862,076
Total expenditure 340,317 8,071,251 1,424,401 9,835,969 7,870,535
Support Total
costs 2022
E
Support costs is analysed
Salaries		 as follows: 1,114,465 1,055,661
Other staff costs 39,480 16,271
Printing
and stationery		 74,796 84,966
Telephone
and postage		 80,521 79,069
Travel and subsistence 17,182 24,957
Advertising 8,809 26,496
Professional
charges - legal		 20,874 15,273
Bank charges 43,762 33,196
Sundry expenses 15,378 48,558
Other professional fees - financial 9,134 15,565
1,424,401 1,400,012

EMOLUMENTS OF EMPLOYEES: 2023 2022
E E
Staffcosts:
Wages and salaries 4,410,746 3,935,563
Social security costs 238,572 207,054
Pension costs
65,522 65,662
4,714,840 4,208,279
The average
monthly		 number ofemployees during the year was as follows: Number Number
Sports and leisure activities 388 326
Administration 30 29
418 355

10. TANGIBLE FIXEDASSETS: Alterations Alterations Alterations Office Fixtures
to leasehold and aporia and Motor
premises equipment fittings vehicles Total
E E E E
COST:
At 1st April 2022 40,476 383,762 168,887 1,500 594,625
Additions
At 31st March 2023 40,476 383,762 168,887 1,500 594,625
DEPRECIATION:
At 1st April 2022 40,476 368,766 134,875 1,500 545,617
Charge for year 8,056 12,741 20,797
At 31st March 2023 40,476 376,822 147,616 1,500 566,414
NET BOOK VALUE:
At 31st March 2023 6,940 21,271 28,211
At 31st March 2022 14,996 34,012 49,008
The closing net book value represents fixed assets used for the direct charitable purpose ofsports and leisure
activities.
INVESTMENTS:
2023 2022
Listed investments E E
Valuation as at 1st April 2022 1,615,352 1,505,144
Additions 500,000
Accrued interest 792
Dividends 71,038 54,479
Management
fee		 (13,748) (8,459)
Revaluation
adjustment		 (156,356) 63,396
Valuation at 31stMarch 2023 2,016,286 1,615,352
Investments
at fair value comprise:
Fixed interest 583,805 431,111
Equities 730,933 529,022
Alternatives 417,182 443,359
Property 99,760 148,958
Interest 792
Cash equivalent 184,606 62,109
2,016,286 1,615,352

DEBTORS: Amounts falling due within falling due within falling due within one year: 2023 2022
E
Trade debtors 345,457 420,238
Prepayments
and accrued		 income 186,334 76,715
Other debtors 6,494 4,913
538,285 501,866
CREDITORS: Amounts falling due within one year: 2023 2022
E
Trade creditors 783,363 541,509
Social security and other taxes 102,824 74,820
Accruals and deferred income 726,504 411,572
Other creditors 9,513 25,823
1,622,204 1,053,724
DEFERRED INCOME: 2023
I		 2022
E
At 1 April 2022 349,000
Additions
during the year
Amounts
released to income		 (349,000)
At 31inarch 2023
Deferred income relates to grants and donations for which performance conditions exist.
OPERATING LEASE COMMITMENTS:
Total future
minimum		 lease payments under non-cancellable operating leases are as follows:
Lessee:
2022
Land and
buildings Other
Within one year 125,010 90,084 125,010 131,507
Between one and five years 500,040 98,165 500,040 264,344
In more than five years 4,029,493 4,229,513 78
4,654,543 188,249 4,854,563 395,929

Balance
1.4.22
f		 Incoming
resources
f		 Outgoing
resources
f		 Transfers
f		 Balance
31.3.23
f
Engage Rugby 38,439 53,799 (52,596) 39,642
CCC Holiday Activities and 283,286 (287,721) 5,000 565
Food Programme Grant
38,439 337,085 (340,317) 5,000 40,207

ANALYSIS OF NET ASSETSBETWEEN FUNDS: Unresb'Icted Restncted Total
funds funds funds
E E E
Fund balances at 31stiearch 2023 are represented by:
Tangible assets 28,211 28,211
Investments 2,016,286 2,016,286
Net current assets 310,726 40,207 350,933
Total net assets 2,355,223 40,207 2,395,430
RELATED PARTY TRANSACTIONS:

COVENTRYSPORTS FOUNDATION COVENTRYSPORTS FOUNDATION COVENTRYSPORTS FOUNDATION COVENTRYSPORTS FOUNDATION
A COMPANY LIMITED BYGUARANTEE
TRADING ACCOUNT FOR THE YEAR ENDED 31STMARCH 2023
Notes E 2023 E 2022 I
Facility income 8,780,057 6,964,988
Profit/(Loss)
on bar and catering		 (A) 23,216 3,617
Profit/(Loss)
on vending		 (8) 44,044 26,303
Rent 123,024 120,546
Miscefianeous
income		 (C) 82,168 68,748
Management
fees		 44,719 38,988
Service fees 75,600 75,600
GROSS PROFIT 9,172,828 7,298,790
Grants received 477,782
Restricted grants received 53,799 94,590
Performance
related grants received		 283,286 166,455
Investment
income		 71,370 55,345
9,581,283 8,092,962
Activity costs
Salaries and payroll costs 3,041,341 2,604,728
Staif training
and uniforms		 34,185 20,650
Sports equipment 93,494 75,115
Sports equipment
rental		 90,925 89,687
Repairs and maintenance 42,856 15,548
Travel and trips 146,484 4,830
Other activity costs 111,457 262,152
3,560,742 3,072,710
Premises costs
Maintenance
wages		 356,677 394,158
Light and heat 1,292,660 1,040,551
Rent and rates 510,154 290,567
Insurance 136,511 117,422
Repaim and maintenance 959,741 569,689
Cleaning 157,432 109,117
Licences 85,213 53,806
3,498,388 2,575,310
Financial expenses
Bank and loan interest
Irrecoverable
VAT		 471,163 370,385
471,163 370,385
Suppo*costs
Salaries 1,114,465 1,055,661
Other staif costs 39,480 16,271
Printing
and stationery		 74,796 84,966
Telephone
and postage		 80,521 79,069
Travel and subsistence 17,182 24,957
Advertising 8,809 26,496
Professional
charges		 —legal 20,874 15,273
Bank charges 43,762 33,196
Sundry expenses 15,378 48,558
Professional
charges		 - financial 9,134 15,565
1,424,401 1,400,012
626,589 674,545
Donations
Coventry
City Council		 1,000 54,000
Other 133,234 55,838
134,234 109,838
760,823 784,383
Depreciabon (20,797) (26,143)
The Wave (402,457) (100,000)
Restricted expenses —Engage Rugby (52,596) (36,967)
Investment
manager's		 fee (13,748) (8,459)
SURPLUS / (DEFICIT) FOR THE YEAR 271,225 612,814

(A) Profit on Barand Profit on Barand Profit on Barand Catering 2023 2022
Bar
Receipts 222,142 158,197
Purchases 116,683 57,890
Bar consumables 8,268 10,793
124,951 68,683
BAR PROFIT BEFORE SALARIES
AND MANAGEMENT CHARGES 97,191 89,514
Catering
Receipts 192,751 125,969
Purchases 82,685 75,191
Cafe consumables 28,526 16,141
111,211 91,332
CATERING PROFIT BEFORE SALARIES
AND MANAGEMENT CHARGES 81,540 34,637
Salaries and payroll costs 154,404 119,620
Bar operating expenses 1,111 914
23,216 3,617
(8) Profit on vending
Receipts 30,399 24,842
Purchases
30,399 28,842
Commission 13,645 1,461
44,044 26,303
(C) Miscellaneous income
Leisure training 1,197 1,297
Room hire 69,716 63,520
Car boot sale 10,288 3,743
Other 967 188
82,168 68,748