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|||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|
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|||||||||
|---|---|---|---|---|---|---|---|
|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||||||
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||||||||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|
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|||||||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|
##
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||||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|
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|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|
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|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|
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|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|
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|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|
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|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|
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||||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|
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|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|
##
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|(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|