COVENTRY SPORTS FOUNDATION A COMPANY UMITED BY GUARANTEE Charfty number 700409 Company number 02239584 INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 PAGE Company Informatlon Report of Ihe Dlrectors Independent AudStor's Report Statom8nt of Flnanclal Activiti88 10 Balancè Sheet 11 Statement of Cash Flow 12 Notes to the Financfal Statements 13 Trading Account 22
COVENTRY SPORTS FOUNDATION A COMPANY LIMITED BY GUARANTEE COMPANY INFORMATION FOR THE YEAR ENDED 31 ST MARCH 2024 DIRECTORS M. Shaw (Chairman) Z. J. Gahir J. Horrabin A. Maqsood D. R. Moorcroft R. S. Wildman SECREfARY P. N. Breed SENIOR LEADERSHIP I MANAGEMENT TEAM P. N. Breed (Chi8f Executive Officer) S. D. Wiles (Chief Operating Officer) S. T8rtJlans (Finance Director) J. Murphy (Corporate Strategy Director) E. O'oonnell (Social Impact Director) K. A. Healion (Head of Operations) W. A Jackson (Head of Community D8velopm8nt) C. Panler ( Head of Wellbeing) M. Condlllac (Head of Flnanc81 L. Bowell (Head of Human Resources) A. Surey (Head of Marketing and Communication81 S. Kaur Sahota (Head of Corporate Programmesl J. Biggins (Head of Faclllles Management I REGISTERED OFFICE Xcel Leisure Cenlre, Mitchell Avanue. Canley, Coventry. CV4 8DY. REGISTERED COMPANY NUMBER 02239584 (England and Wales) REGISTERED CHARITY NUMBER 700409 AUDITORS Daffems LLP, Chartered Accountants, One Eastsvood. Harry Weston Road Binley Business Park Binley Coventry CV3 2UB. BANKERS Natwest Bank Plc., Coventry Clty Office, 24 Broadgate. Coventry, CV1 1ZZ. SOLicrroRS Brindley TwistTafft & Jam6$ LLP Lowick Gatg Siskin Diive Coventry CV3 4FJ
COVENTRY SPORTS FOUNDATION A COMPANY LIMITED BY GUARANTEE REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST MARCH 2024 The Directors. who are also the Trustees, ar8 pleased lo present their report. together with the financial statemen15 of the chantable company for the year ended 31st March 2024. PRINCIPAL ACTIVITY The principal activity of the Company in the year under review was that of providing leisure activities and programming recreation and physical education to under-reprv6ented communities. DIRECTORS The direclors who have served during the year and since the year end yre as follows.. M. A. Shaw (Chairman) Earf of Aylesford {R8sign8d 10 July 20231 D. R. Moorcroft Fi S. Wildman Z. J. Gahir J. Horrabin A. Maqsood ADMINISTRATIVE INFORMATION The Company is governed by Ils Memorandum and Article$ of Association. Company Numbor.. 02239584. The comp8ny is a registered charlty (No. 700409). CHARITABLE OBJECTIVES These slate that the overall oblecllve is to provide facilities for recreation, physical education or other leisure lime occupation in or in connection with the City of Cov&ntry. POUCIES TO ACHIEVE OBJECTIVES Coventry Sports Foundation operates and promotes for the benefft of the puLlic various progr8mm8s and projects In support of Its objects.. Centre AT7., the Xcel Lalsure Centr&; the Alan Hlggs Centre; and the Moat House Lelsure and N&lghbourhood Centre - community 18isur8 and recreation centras that specifically programme and prlc8 activities to attract partlcipalion from under-represented groups In identlfi8d areas of deprivation within Coventry. The Wave - the dgslinatlon waterpark venue in the ¢lty centre, which combin85 the waterpark allraction with fitness and health facilities, which are accessible under the Same terms as the other community facilities operated by the Foundatlon. In addition to the facility based provision of sport from its facilities, the Foundation provldes opportunities and experiences through a number of inilialNes and outreach programmes.. Go CV - Coventry Sports Foundation has worked with Goventry City Council to d8V8lop, test and implement a city wide access and loyalty scheme, which se8ks to provide beneficial use to people from Coventry. Community Development- the Foundatlon is unique in so far as it intèrnalises the function of community development within a specific department, to ensure that a wide fftnge of sports, activity and perfomiing arts prograrnmes are researched. programmed and delivered at a neighbourhood level. Acces5- the Foundation delivers numerous events. tournaments and coaching programm8s for disabled groups and individuals, along with activities to ensure ihal acce55 to physical activity and well-being programmes reaches thosg that are most under represented. The Trustees have had regard to the Charity Commission for guidance on public benefit.
COVENTRY SPORTS FOUNDATION A COMPANY LIMITED BY GUARANTEE REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST MARCH 2024 ORGANISATIONAL STRUCTURE The Board of Directors retain the ullirnate control and decision making authority and delegate day to day management responsibilities to the Chief Executive, who leads a Senior Management team in the operational and service delivery. The Board meet quarterly and more frequently when required. New Directors are recomTnended by individual Director5 and their appointment confirmed at a Directors, meeting. All new Directors are provided with an induction to the company and assixiated training in key areas of responsibility- Senlor management remuneratlon The Directors consider annually the pay and remuneration of the charity's Senlor Managernent team by benchmarking within the industry. ACTIVITIES AND ACHIEVEMENTS DURING THE YEAR Throughout the 2023124 year, the Foundation continued to Perfo robvsuy in the face of th& economic and cost of living challenges. The nel financial performanc8 of the company produced a surplus of £650k during the year, which was only then reduced by a d8ficit rev81uation on inv89tmenls of £61 k, turning into a net profit of £589k. The cash flow position of th8 company remained strong in relation to building towards the target set within the Risks and Reserves pollcy. Usage and participation across the Foundation'8 Portfolio of facllltles conts'nued to grow, wlth there being an ov8rall grh in partlGipalion of 385,000 usages 10 8 lolal 012.29 milllon usages - an increas8 of 20./0 on the previous year. Nearfy all of the areas of participation contributed to the growth, with the Lifestyles Health an¢ Fitness mernbership growing to just over 14,000 during the year (with continued growih towards 14,700 at the time of the POrt). The Lifestyle5 team also SUCC855fully launched the Bio Circuit concept within the Xcel Leisure Centre, which is a short, tailored workout whereby the electronic equipment adapts to the body and guides the user as they exercise, providlng the user with a personal training experien. Community Development programm8s also continued to flourish, with the Aquarius Learn to Swim pTogTamme growing to 93Yo of its capacity with 3.300 enrolled swim learners. assisted by the launch of online enrolments., more than 7,000 children participating in the Holiday Activity and Food IHAFI programme., along with the continuad work of the Go Canley, Go Tile Hill, Go Willenhall and Coventry Moves programmes. The continual pursuit of high quality venues and experiences remains c8ntral to the successful growth of participation across the Foundation, with each of the Foundation's venues being progressed through the Quest Assessment process, which is a recognised sector kite mark for the quality of venues and seryices. Moat House Lelsuro and Neighbourhood C8ntre w8S the first to b8 assèss8d achieving a standard of 'Good', with its annual re-assessment having occurred very re¢enlly al the lirng of the report. The Alan Higgs Centre was then assessed lo have achieved a standard of 'Very Good,; followed by C8nlr8 AT7 also achievlng a standard of'very Good, mr8 recently. Aongslde these quallly measures and accredhallons, the Mana Spa wa5 recognised once again by belng ghortlisled for the second time in the final of the 'English Hair and Beauty Awards. and has more recenuy been award8d the Phorest Client Experience Award for an average client rating of over 4 out of 5 stars. The Foundation continued to be successful in attracting funding from external sources for both revenue funded and capital programmes. Throughout the course of the year, the Foundation was successful in attracting £216k of revenue funding from the Sport England- Swimming Pool Support Fund. to support the operations of all four venues that operate swimming pools- The Wave,. Xcel Leisure Centre., Centre AT7,. and the Alan Higgs Cenlre. The fund was launched by Sport England in specific recognition of the increased pressures being incurred by swimming pool operators as a result of escalating energy and swimming pool supplies costs. Similady, a successful capital funding application to the Swimming Pool Support Fund for a new Building Management System and LED lighting al the Xcel Leisure Centre {£216k}, has since been cornplemenled by further awards for investment inio Solar Panels al the Aan Higgs Cenlre1£250kl and Solar Panels and LED lighting improvernents at Centre AT7 {£272kl. The total capital investment by Sport England into the CV Life leisure facilities of £738k, will produ an eslirnated savings in energy costs of in Ihe region of £142k p8r annvm. The Go Canley. Go Tile Hill and Go Willenhall programmes were awarded an additional £200k of funding from the Commonwealth Active Communities fund to 5UPPOrt a two year extension lo the delivery of the prograrnme. with the challenge being to build the sustainability into the programm85 beyond the life of the funding.
COVENTRY SPORTS FOUNDATION A COMPANY LIMITED BY GUARANTEE REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 ST MARCH 2024 ACTIVITIES AND ACHIEVEMENTS DURING THE YEAR (cont...) The Coventry Moves programme was also awarded additional funding to secLJre the d81ivery of the programme into a further year. bul now also being challenged to build sustainability beyond the life of the funding. The journey to understand and continuously improve CV Life's environmental performance commenced with the signing of an 'Environmenlal Sustainability Commitment Slalement, and a partnership with consullanls Nature Positive to assisl in the development of an Environmental Policy and associated Action Plan. Coupled with the appointment of a Social Impact Director, the future ambitions of the Foundation are to ba completely transparent through reporting on financial sustainability- social impact,. and environmental sustainabilty. The work of the Social Impact Director going forward will provide some focussed work and investment into dr8wing cwcial insight into these areas and working with city wide partners to innovate programmes of intervention that can enhance the outcomes from 8ach of these areas. The year ahead will undoubtedly provlde some of th8 most slgnlficanl challenges faced by Covenlry Sports Foundation, as recent budg8t announcements relatlng lo the costs of employment are sel to impact dramatically on the work of the Foundation - not just through the increased costs lo b8 incurred inlemally wllhin the company,. bul also through the cost of Ilvlng Impact and the discr8tionary spend available to people as they prioritlse thelr spend. Indeed, the first slgns of an impact have b88n nolic8d within the holiday participation at the waterpark within th8 Wavè, which r8pr8sents a destination venue for family spend. As always, tha Trust88s would like to record their appreciatlon lo the teams from across the Foundatlon for their continued endeavour to provide such a broad and meanSngful programme of activity and 8XP8riences. amidst the significant challenges being presented to all businesses within the current economic dimale. Fundlng Sources & How They Support Key Objecllves The majority of Income in the Found81ion com89 from sports, racreallon and leisure activities, which is normally more than sufficient lo cover the expenditure incurred. Other significant sources of income include grants and donations. investment income and income from oth8r trading activlties. Related partleB relatlon8hlp8 There are no related paty transactlons. Investments Surplus funds 8re plac8d with professional inv8Stment advisors and invested In low rlsk investments. To dal8 the r8turn has been slgnifi¢antly better than holding monies on deposit with bank5. The performance is reviewed on a regular basis. The investments comprise equities, flxed Inlerasl treasury bonds and prop8ty as detailed in note 11. FINANCIAL REVIEW The results for the year and the financial posillon of the company are shown in the annexed financial st8t8m&nts. Incoming resources this year increased by £1.229.794 to £11,336,988 Total resources expended were £10,686,981 an increase of £850,922. The net result was a surplus of £650,097 before a deficit of 1£61,3321 on the revaluation of investments to give Net Income of £588,765. When added to the fijnd balance brought loard of £2,395,430 at 1 st April 2023 this gives a surplus balance of £2,984,195 of which £39,370 is reslncted. The Balance Sheet shows net current assets of £742,979. The cash balance of £1,994,321 is £578,537 higher Ihan 2023. The companvs assets continued to be used for the companws objectives of providing facilities for Trcreation, physical education and leisure time occupations. The company continues to be grateful for the generous support that it receives from its major sponsors and donors. The Directors consider that the (xjmpany has sufficient funds lo meet its objectives. Kèy Performance Indicator5 Company prOg5S is measured against Key Performance Indicators that relate to both financial and impact indicators both quanlitively and anecdotally- including membership numbers, foottall. adivity participation along with the impact that programmes have made to people's lives.
COVENTRY SPORTS FOUNDATION A COMPANY LIMITED BY GUARANTEE REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST MARCH 2024 RISKS AND RESERVES POLICIES The Directors are conscious that the risks to the cornpany arise from hvo potential sources. The first of these arises from the necessity to obtain the continued 5UPPOrt from grant funding and other charitable sources lo underwrite the service provision to the Foundation's target groups. The second relates directly to the operational management and performance of trading facllities. The Directors consider that the total required funding to meet potential contingencies amounts to approximately £3.4 million equating to 9 months payroll. Reserve5 are defined as investments plus nel current assets, which in 2024 were £2,778,042, being still slightly beneath targ8t. TRUSTEE I DIRECTOR INDEMNITY INSURANCE The Foundation holds insurance to indemnify the Trustees l Directors against the consequences of any neglect or default in their part. PLANS FOR THE FUTURE As for many organisalion5, the short term future of the Foundation is goirsg lo be presented with some significant economic challenges inflation,. the cost of arnployment; energy,. and the reliance upon discretionary spend from visitors and customers who will also be faclng th8 impact of the cost of living crisis. Accordingly. the Foundation is s81 to explore a range of n8w initiatives and 8fficl8ncies across the company, such as working with a Sport England inillaliv8 to review swimming p¢)ol versatility and use, with the possibillty of increasing th8 scope of the Aquarlus Learn to Swim pro9ramme. The delivery of the energy capital inslallalions through the Swimming Pool Support Fund will be critical in not only realising the projected revenue efficiencies, but also in meeting the emerging environmental sustainability targets and markers. The appointment of 8 Head of Commercial Services will continue lo explore and further the cornmercial opportLJnities that are available to the Foundation, whi5s1 the appointment of the Social Impact Diwctor will seak to ensure that Inv8Stment into Gommunity programmes and iniliallves in resulting in largeled impact alongside other city wide partners. Continued focus on th& quality of the venues and service delivery will be cruclal to the 'value' decisions b8ing made by people in relation lo thelr discretionary spend, so that lh8 achievement of the Quest standard at the Wave along with the renewal of th8 varlous Quest awards at the community sites will be central to this ncentratIon. The challenges belng presented by the economlc conditions are unprecedented in the history of the Foundation, so that the need for innovative d81ivery and the ability to achieve the greatest outcomes for investment into servicès and programm85 15 bgcoming rnore Critical tc the future achievements and sustainability of the busine55 than ever, GOING CONCERN The charity currently has a good level of Ilquldity which the trustees consider sufficient to see the company through any potential implic8tion5. Based on these assessments the trustees have a reasonable expectation that the company h85 adequate resources to continue for the fores88able future, as a result the going concern assumption continues to be adopted in the preparation of financial slalements. STATEMENT OF TRUSTEES'IDIRECTORS, RESPONSIBILITIES The Trustees (who are also Directors of Coventry Sports Foundatson for the purposes of company law} are responsible fof prepanng the Tru5tee5' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year, which give a tiue and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, induding the income and expenditure, of the charitable company for that period. In preparing these financial stalemenls, the Truslees are required to- select suitable accounting policies and then apply them consislenlly., observe the methods and principles in the Charities SORP IFRS 102)- make judgements and estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards have been followed, subject to any material departures disdosed and explained in the financial statements.. prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable company will continue in operation.
COVENTRY SPORTS FOUNDATION A COMPANY UMITED BY GUARANTEE REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST MARCH 2024 STATEMENT OF TRUSTEES'IDIRECTORS. RESPONSIBILITIES (cont...) The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any tim the financial position of the charitable corllpally and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charllable company and hence for taking reasonable st8ps for the prevention and detection of fr8ud and other irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on Ihe charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financi81 ststements may differ from legislation in other jUTisdiclion8. STATEMENT OF DISCLOSURE OF INFORMATION TO AUDITORS We, the Directors of the company who held office at the date of approval of these financial st8temenls, as set out above, each confirm so far as we are aware that.. there is no relevant aL4dlt information of which the companvs auditors 8re unaware,. and we have taken all the steps th8t we ought to have taken as Directors in ord8r to make ourselves aware of any relevant audit information and to establi8h Ihal the company's auditors are awar8 of that infomiation. AUDITORS The audrtors, Dafferns LLP, wlll be ra-appoinled at the fOrthming Annual General Meetlng. Thls report has been prapared In accordanc8 Wlth th8 Special provisions of Part 15 of the Companles Act 2006 rnlatlng to small companies. ON BEHALF OF THE BOARD: A. M. Shaw- Dlr•¢tor Dated.. 10lh December 2024
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COVENTRY SPORTS FOUNDATION A COMPANY LIMITED BY GUARANTEE We have audit6d the financial statements of Coventry Sports Foundation (the 'charitable company'l for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cashflows and notes to the financial statements, including a surnmary of significant accounting policies. The financi81 reporting framework that ha5 been applied in their preparation is applicable law and United .gdoM Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in th8 UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the stale 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 propedy prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepad in accordance with the requirements of the Companies Act 2006. 8aBI8 for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in thé Audltor's responsibilities for the audit of the financial statements section of our report. We are Independent of the chantable company in accordance with the ethical requirements that are relevant lo our audit of the financial stslements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with thes8 requiramenls. We believ8 that the audit 8vid8nc8 wo have obtslned is sufficient and appropriate lo provide a basls for our opinion. Con¢luslons relatlng to golng conc•rn In 8uditing the financial statement¥, we have conduded that the trustées, use of the going concern basis of accounllng In the preparatson of the financial statements is appropriate. Based on the work we have performed, we have not identlfiad any m8teri81 uncertainties relallng lo events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability lo continue as a going concem for a perlod of at18ast e1ve months from when the financial statamants ar8 authorlsed for issu8. Our responsibilities and the r8sponsibiliti8s of the trustees with respect to going concern are described in the relevant sections of this report. Oth•r Infomiatlon Thé Trustees are responsible for the other inlormalion. The other infomiation comprises the information Included in the Trustees, annual report, other than the financial slal&menls and our audltor's report Ihereon. Our opinion on the financial statements does not cover the other information and, 8XC8Pt lo the extent otherwise explicitly stated In our report, we do not express any fomi of assurance conclusion thereon. Our responslbillty15 to read the Other Information gnd. in doing so, consider whether the other information is malerlally inconsistent with the financial statements or our knovAedge obtained in the audit or otherwise appears to be materially misstated. If we identify such material in¢onsigtencies or apparent material misstatements, we a required lo determine whether there is a material mlsstatement in the financi81 statement5 or a material misststement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other informalion, we are required lo report that fact. We have nothing to report in this regard. Opinions on other matters prescrlbed by thè Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, report {incorporaling the Directors, report) for the financial year for which the financial statements are prepad is consistent with the financial statements,. and the Directors, report has b88n prepared in accordance with applicable legal r8quirements.
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COVENTRY SPORTS FOUNDATION A COMPANY LIMITED BY GUARANTEE Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misslalements in the Directors, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report 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 visited by us.. or the financial slat8ments are not in agre6m8nt with the accounting records and returns., or c8rtaln dlsdosur8s of Directors, rèmunèration Specified by law are not made: or we have not r6¢eived all the infomallon and &xplanatSons wo roqulre for our audlt., or the Trustees werè not énlllled to prepare the financial statements in accordanc8 Wlth the sm811 companies. regime and take advantsge of the srnall companies. exemptions in preparlng the Directors, r8POrt and from the requirement to prepare a slrateglc report. Responslbllltles of Trustees A5 explained more fully in th8 Tru5tee5' responsibilities statement set out on page 5. the Trustees (who are also the Directors of the charitable company for the purposes of company lawl are responsibl8 for the preparation of the financial Stalements and for being satisfied that they give a true and fair view. and forsuch internal control as the Trustees determine is necessary to enable tha praparation of financial statements that are free from material mi88tatement, whether due lo fraud or error. In prepsring th8 financial statements, the Trustees are responsi1e for assessing the charitable cornpany's abllity to continue as a going concem, disclosing, as appllcable. matters related to going concern and using the going concem basis of accounting unless the Truste&s either inlend lo 1Squidate Ihe charitable company or to cease operations. or have no realistlc 81ternalive bul to do so. Audltor's re8ponBlbllltle8 for the audlt of the financial Statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether dLJe lo fraud or error, and lo issue an auditor's report that includ85 our opinion. Reasonabl 8ssur8nce is 8 high level of assurance but is not a guarantee that an audit conducted in accord8nce with ISAS IUKI will always delect a material misstatement when il exists. Misslalements can arise from fraud or error and a considered material if, indlvldually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basi5 of these financial stalemenls. Irregularits'es, including fraud, are instances of non-compliance with laws and regulations. We design procedures in lin8 with our responsibilitles. outllned above, to detect material misstatements in respect of Irregularities, including fraud. The specific procedures for this engagement and the exlenl lo which these are capable of detecting irregularities, including fraud is detailed below.. Enquiry of management, and thos8 char98d with govérnanca around actual and potential litigation and daims- Enquiry of 8ntity Staff in compliancè functions to idéntify any insiances of non-compliancè with laws and regulations., Reviewing minutès of m8etings of those charged with govern8nce', Reviewing financial staternent disclosures and testing to supporting documentation lo assess compliance with applicable laws and regulations. Perfomiing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationalg of significant transactions outsid8 thg normal course of business and reviewing accounting esb'mates for bia$
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COVENTRY SPORTS FOUNDATION A COMPANY LIMrrED BY GUARANTEE AuditoVs responsibilities for tha audll ol the financlal statements {cont} Because of the inherent limitations of an audit. there Is a risk Ihat we wll not detect all irregularities. including those leading to a material mlsslatement in the financial slalements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions fleCted in the financial statements, as we will be less likely to become aware of instsnces of non-compliance. The risk is also greater regarding irregularilies occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities fc)r the audit of the financial statements is located on the Financial Reporting Council's websit8 at.. ww.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. This report is made solely to the charitable company's Members, as a body. in accordance with Chapter 3 of Part 16 of tho Companles Act 2006. Our audit work has been undertaken so that we might stale to the charllable cornpany's members those matters we are required to state to them In an audilorfs report and for no other purpose. To the fullest extent pemiitted by law. we do not accept or assume r85ponsibilily 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 opinlons we have formed. Geoffrey Cox BA FCA (Senior Statutory Audllor) For and on behalf of Dafferns LLP, Chartered Accountants, Registered Auditors On8 Eastwood, Harry Weston Road Binley Buslness Park, Coventry. CV3 2UB Date.. 10.. bo.
COVENTrY SPORTS FOUNDATION A COMPANY LIMITED BY GUARANTEE STATEMEHf OF FINANCIAL ACTMTIES (Including Incomè and Expenditure Account) FOR THE YEAR ENDED 31ST MARCH 2024 Unrestrlcted lund¥ R•strlctsd funds Tot•1 2024 Total 2023 Nots¥ Income and ondowments from: Donations and legacies 340.833 39.516 380,349 188.033 Charitable activities: Income from sports and l8i5ur8 activities 10,155,640 350,581 10,506,221 9,643,796 other tradlng activltle5 297,986 297,986 203,995 Investments 152,432 152,432 71,370 Total In¢oma and endowments 10,946,891 390,097 11,336,988 10,107,194 Exp•ndltura on: Ralslng fvnds- Investment Managels féés 15,599 15,599 13.748 Charitable activities Cost of operation of sports and leisure activltles 10.280,358 390.934 10,671.292 9,822.221 Total expendltur? 10.295,957 390,934 10,686,891 9,835.989 Not In¢omo1 (expendlturel 650,934 1837) 650,097 271.225 Transfers b8tsY8en funds 650,934 (837) 650,097 271.225 Galnl(loss) on rnvaluatlon of Investments {61,3321 {61,332) 1156.356> Net in¢omel(expendlturo1 589,602 (837) 588,765 114,869 Fund balances brought forward at 1st April 2023 2,355,223 40,207 2,395,430 2,280,561 Fund balances carried forward at 31st March 2024 18 2.944,825 39,370 2,984,195 2,395,430 The note5 form part of these financial statements io
Charity number 700409 Company number 0223954 COVENTRY SPORTS FOUNDATION A COMPANY LIMITED BY GUARANTEE BALANCE SHEEr FOR THE YEAR ENDED 31ST MARCH 2024 2024 2023 Notes FIXED ASSET8: Tangible assets Investments Cash awaiting investrnont 10 11 206,153 2,003,959 31,104 28,211 1,831,680 184,606 2,241,216 2,044,497 CURRENT ASSETS: Stocks Debtors Cash at bank and In hand 22,488 700.753 1,994,321 19,068 538.285 1.415,784 12 2.717,542 1,973,137 CREDITORS: amounts falling du8 wlthin one year 13 1,974.563 1,622,204 NET CURRENT ASSETS 742,979 350,933 NEf ASSErs 2,984,195 2,395,430 FUND8: Unreatrlcted fund8: Dasignated fixed asset funds General fijnds 206,153 2,738,672 28,211 2,327,012 2,944,825 39,370 2,355,223 40.207 Reslrided funds 17 2.984,195 2,395,430 These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to sm811 compani85 and conslilule the annual accounts required by the Companies Act 2006 and are for circularisalion to members of the company. The financial ststsments were approved and 8Uthorised for issue by the Board on 101h Dec8mber 2024. ON BEHALF OF TH OARD: A. M. Shaw- Director The notes fomi part of these financial ststements li
COVENTRY SPORTS FOUNDATION A COMPANY LIMITED BY GUARANTEE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH 2024 2024 2023 Cash flows from opgrating activities Net movement in funds for th8 yéar Depreciation Interest received Dividends from investm8nts Revaluation {gains) I losses from investments Decreasel(increase) in stocks Decreasel{increase) in debtors Increasel(decrease) in creditors 588,765 22.068 (56,724} (95,708) 61,332 (3,400) 1162,468) 352,359 114,869 20,797 13321 171,0381 156,356 {9,4891 136.4191 568,480 Net cash flows from operating actlvlti8$ 706,224 743,224 Cash flow8 from inv•sting activitios Interest receivad Dividends received Payments to acqulra fixed assets Payments to acqulr8 investments Sales proceeds Inv8Stm8nts 56,724 95.708 1200,0101 1759,6441 526,033 332 71,038 1536,747) 101,953 Net cash flow from investing activities (281,1891 1363,424) Net Increase In cash and ¢a$h oqulvalonts 425,035 379.800 Cash and ca8h 8quival8nts at 111 April 2023 1,600,390 1,220,590 C88h and cash equivalents at 3111 March 2024 2,025,425 1,600.390 Ca8h and eash •qulvalents conslsts of: Cash at bank and in han Cash awaiting inv8Stm8nt 1,994,321 31,104 1,415.784 184,606 Cash and cash 8quival8nts at 3111 March 2024 2,025.425 1,600,390 Analy$ls of ¢hango8 In not debt 2023 Cashflows 2024 Cash and cash equivalents 1,600,390 425,035 2,025,425 Total net debt 1,600,390 425,035 2,025,425 The notes form part of these financial statements 12
COVENTRY SPORTS FOUNDATION A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 ACCOUNTING POLICIES: (a) Gon•ral Infomiallon and basis of preparatlon Coventry Sports Foundation is a charity incorporaled in Englandlwales . In the event of the charity being wound up. the liability in respect of the guarantee is limited lo £1 per member of the charity. The address of the registered office is given in Ihe charity information on page 1 of these financial statements. The nature of the charity's operations and principal actimlies are to provide facilities for recreation. physical education or other leisure time occupation in or in connection with the City of Coventry. Th8 charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared In accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charilies preparing their accounts in accordance with the Financial ReF)Orting 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 IFRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice. The flnancial statements are prepared on a going concem basis under the historlcal cost conventlon, modified to include certain items al fair v81ue. The financial slalements are presented in sterling which is the fijnctional currency of the charity and rounded lo the nearest £1. Tho slgnlficant accounting pollclas applled In the preparallon of thde financi81 statements are set out below. These poll¢ies have be8n conslstenlly applied to all years presented unless otherwis6 slated. b) Funds General funds are unrestricted funds whlch are avallable for use at the dlscrètlon of the Trustees In furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purpose5. The aim and use of each designaled fund is set out in the notes to the financi81 statement5. Restricted funds are funds which are lo be used in accordance with specific restricb'ons irnp05ed by donors or which have b88n raised by the charity for particular purposes. The cost of raising and 8dministering such funds 8re charged against the specifi¢ fund. The aim and us8 of each restricted fund is set out in the notes to the financlal slalemenls. cl Ineome recognltlon Donations. grants and other •lmilar Income All donalions, grants and othgr similar income are recognised when tho charity has entltlemenl to the funds. any perforrnance conditions attached to the ilemlsl of income has been met, it is probable that income will be received, and the amount can be méasured reliably. Suth income is only deferred when: The donor specifies that the grant or donation must only be used in future accounting period5- or The donor has imposed conditions which must b8 met before the charity has unconditional entiUem8nt. Actlvltles for generating fund$ Income from activities for generating funds is included in the period in which the charity is entitled to receipt. Income from 5POrts and leisure actlvltles Income from sports and leisure actlvities is induded in the period in which the activity is provided and is excluding value added lax. Investment Income Interest and investment income is recognised when re1Vable. 13
COVENTRY SPORTS FOUNDATION A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 Accounllng pollcles: (continued) d) Expendlture recognltlon Ail expenditure is accounted for on an accruals basi5 and ha5 b88n cla55rfipd under heading5 Ihal aggregate all costs related to the category. Expenditure is recognised where there is a legal or conslruclive obligation to make payments to third parties, il is probable that the selllement will be required, and Ihe amount of the obligation can be measured reliably. It is categorised under the following heading5: Costs of raising funds: Expenditure on charitable activities,. and Other exp8nditur8 represents those items not falling into the categories above. AllOtIon of support costs Support costs indude central functions and have b&&n allocated to activity cost categories on a basis consistent with the use of resources. Support costs include back office costs, personnel and payroll. Irrecoverable VAT Irrecoverable VAT is includéd as 8 separate cost withln costs of the sports and18isuré activitses. Govornanco costs Governance costs Comprise all ¢08ts involving the public accountability of the charity and its compliance with regulation and good pracllce. Th&s& costs Include costs related to slalulory audit and legal fees. el Tanglblo fixod a•8018 Tangible fixed assets are capilalised and induded at cost except for investment propety whlch is Included at valuation. Assets in the course of construction indud8s relevant development expenditure. Depreciation Is provided at the following annual rates in order to write off each asset over Its eslmaled useful life. The annual rates principally used ar8.. Alterations to leasehold premises Plant and machinery etc over the unexpired period of the lease 20Yo straight line and 33.3.10 Straight line fj Investmonts Investments are recognised initially at fair valu8 which is normally the transaction price excluding transaction Costs. Subsequently. they a measured at fair value wlh changes recognised in 'net gains l (losses) on Investments, in the SOFA if the shares are publicly Ir8ded or their fair value can oth8rwis8 be m8asur8d reliably. Other investments are measured at cost less impairment. gl Stock Stock is valued at the lower of c051 and net realisable valu8. h) Debtors and credltors recelvablo I payable wlthln one year Debtors and creditors wilh no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recogniged in expenditure. l) Operallng leases Rentals payable and receivable under operating le8ses are charged lo the SOFA on a straight line basis over the period of the lease. J) Employee beneflts When employees have rendered Se1 to the charlty, short-tem employee benefits to which the employees ara entitled are recognised al the undiscounted amount expected to be paid in exchange for th8t seice. The charity operates a defined contribution plan for the benefft of Its amployees. Contributions are expensed as they become p8y8ble. 14
COVENTRY SPORTS FOUNDATION A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 Accounting policies: (continued) k) Tax The company is a registered charity and as such is entled to certain tax 8xemptions on income and gains to the extent that these are applied lo its charitable aclivili85. 11 Golng Concern The financial ststements have been prepared on a going concern basis as lh8 trustees believe thal no material uncertainties 8XlSt. The trustees have considered the level of fvnds held and the expected level of incom8 and expenditure for 12 months from authorising these financi81 statements. The budgeted income and expendllure is sufficianl with the level of reserves for the charity lo be able to continue as a going concem. GRANTS AND DONATIONS: 2024 2023 Cov&ntry City Council Engage gr8nt Other grants and donations 1.000 53,799 133,234 39,516 340,833 380,349 188,033 Grants and donations in the previous year wgre £188.033 of whlch £53,799 was attributablo to restncted funds and £134,234 was attributable to unrestricted funds. INCOME FROM SPORTS AND LEISURE ACTIVITIES". Sports Centre Activities Perf0mnCe related grants Bar tsklngs Cal&ring income Vending machine Incom8 Lelsure Ir8inlng Manag8m8nt fees Service fees 9,448,284 484.295 263.572 159,380 59,521 2,387 13,182 75,6iXI 8,628,508 434,837 222,142 192,751 1.197 44,719 75.600 10,506.221 9,643,796 Income from sports and leisure activities in the prevlous year were £9,643,796 of which £283,286 was attributable to restricted fund5 and £9,360,510 was attributable to unrestricted funds. INCOME FROM OTHER TRADING ACTIVITIES: Rentsl income Room hire Car bool sales Miscellaneous income 170,449 114,849 12,557 131 123.024 69.716 10,288 297,986 203,995 Income from other trading activities was wholly attributable to unrestricted funds in th6 prior y8ar. 15
COVENTRY SPORTS FOUNDATION A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 INCOME FROM INVESTMENTS: Investment InMe Bank interest 95,708 56,724 71,038 332 152,432 71.370 Income from investsments was wholly attributable to unrestricted funds in the prior year. ANALYSIS OF EXPENDITURE: R•stri¢t•d fund4 Dlrèct ¢o$ts Support ¢osts Total 2024 Total 2023 Ral•lng funds 15,599 15,599 13,748 Charltsbl• 4cllvltl•¥ Cost of op8ralion of sports and 18lsure facilllles 390,934 8,780,898 1,519,462 10,671,292 9.822,221 Total exp8ndlture 3go,934 8,776,495 1,519,462 10,686,891 9,835.969 Support ¢ost• Total 2022 Support Costs Is analys8d as follows: Salari&s Other staff costs Printing and slatsonery Telephone and postage Travel and subslsience Adv8rt15ing Professional charg85- legal Bank charges Sundry expenses Other professional fees- financial 1.137,405 26,818 109,327 74,617 40,366 11,781 50,177 52,858 1,101 15.012 1,114,465 39,480 74.796 80,521 17,182 8,809 20,874 43,762 15,378 9.134 1.519,462 1,424,401 Charitable activities expenditure in the previous year was £9.822,221 of which £340,317 was attributable to restric18d funds and £9,481.9)4 was attrlbulable to unrestricted funds. 16
COVENTRY SPORTS FOUNDATION A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 OTHER DISCLOSURES: 2024 2023 Not income Is staled after charglng: Depreciation Auditors, remuneration- audit fes Tru5t88s expenses Pension costs 22,068 13,575 20.797 12,925 78,192 65,522 Directors, emoluments and oih8r benefits etc. The trustees received no remuneration or reimbursement of expenses In the current or previous year. TAXATION: No1Sability to UK corporation tax arises on ordinary actlvSti0$ for the year ended 31st March 2024 nor for th8 year ended 31st March 2023. EMOLUMENTS OF EMPLOYEES: 2024 2023 Staff costs: Wages and salaries Social security costs Pension costs 4,787.719 265,338 4.410,746 238,572 78,192 65,522 5,131,249 4,714,840 The average monthly number of employ888 during the year was as follows: Numb•r Numb•r Sports and lèisur8 acllvltles Administration 474 26 500 418 The av8rage full time equivalent numb8r of employees for the year was 27112023-2271 One emoyee received emoluments of more than £60.000 in th8 range of £130,001 to £140,000 and one employee received emoluments of more than £60,000 om the range of £60.001 to £70,000.12023= one in the range of £130,00110 £140,000 and two in the range of £60.001 to £70,000). The employer pension contribution for these slaff members amounted to £14,83812023'. £10,631). The charity considers its key management personnel to be the Senior Management Board. The total amount of employee benefits (induding employers, Nl) received by key management personnel is £590,1 (2023.. £632.0201. 17
COVENTRY SPORTS FOUNDATION A COMPANY LIMftED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 10. TANGIBLE FIXED ASSETS: Altèratlons to l•as•hold PT•mige8 Offlce and sports equipment Flxtures and flttlngs Motor vohlcl•s Total COST: Al 1 st April 2023 Additions 40,476 383.762 37,005 168,887 163,005 1,500 594,625 200,010 At 31st March 2024 40,476 420.767 331,892 1,500 794.635 DEPRECIATION., At 1 st April 2023 Charge for year 40,476 376,822 7.029 147,616 15.039 1,500 566.414 22,068 At 318t March 2024 40,476 383,851 162,655 1,500 588,482 NET BOOK VALUE: At 31st March 2024 36,916 169,237 206,153 At 31 st March 2023 21,271 28,211 The closing net book value repr85ents flxed assets used for the direct tharflable purpose of sports and leisure activities. 11. INVESTMENTS: 2024 2023 U•ted Inv••tmonts Valuation as at 1 sl April 2023 Purchases Sales proceeds Revaluallon adjustment 1,831,680 759,644 1526,033) 161,332) 1,553,242 536,747 1101,9531 (156,356) Valuatlon at 31st March 2024 2,003,959 1.831,680 Investments at fair value comprise.. Fixed interest Equities Alternatives Property 924.892 759,866 319,201 583.805 730,933 417.182 99,760 2.003,959 1,831,680 18
COVENTRY SPORTS FOUNDATION A COMPANY UMITED 8Y GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 12. DEBTORS: Amounts falling due within one year: 2024 2023 Trad8 d8blors Prepayments and accrued income Other debtors 275,991 416.571 8.191 345,457 186.334 6.494 700,753 538,285 13. CREDITORS: Amounts lalllng du• wlthln one year: 2024 2023 Trade creditors Social s8curity and other tax8S Accruals and deferred income Other credltor5 828.145 90,890 1,031,865 23.663 783.363 102,824 726,504 9.513 1,974,563 1.622.204 14. DEFERRED INCOME: 2024 2023 At 1 April 2023 Additions during the year Amounts released lo income 25,379 At 31 March 2024 25,379 Deferred Income relates to membershlp income received In advance. 15. OPERATING LEASE COMMITMENTS: Total future mlnlmum lease payments under nOnncelIable operatlng leases are as follows: L•$s••: 2024 2023 Land and bulldlng$ Land and bulldlng• othor Oth•r Within one year Beiween one 8nd flve years In more than fivg years 125,010 500,040 3,900,315 54.804 40.466 125,010 500.040 4,029,493 .084 98,165 4,525,365 95.270 4,654,543 188.249 19
COVENTRY SPORTS FOUNDATION A COMPANY UMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 15. OPERATING LEASE COMMITMENTS: (contlnued) Lessor: 2024 2023 Land and buildings Land and bulldlng$ Oth•r Oth•r Within one year 8eiween one and flv8 y&ars In more than five years 75.000 31)0.000 18,750 75,000 300,000 93,750 393.750 468,750 Alan Higgs Centrn The under lease was granteé for a tsrm commencing 271h February 2020 and 8xplrlng 31È1 March 2060. Both Landlord and Tenant hav8 an exercisable break clause at 3161 March 2025. 16. PENSION COST: The company opgrat8s a defined conlributlon pension scheme. The assets of the schem6 are held separately from those of the charlty in an indep8ndenlly adminlslered fund. The pension costs charge represents contributlons payable by the company to the fund and amounted to £78,19212023 - £65,522). The penslon liability as al 31 March 20241$ £12,80012023: £10,085). 17. RESTRICTED FUNDS: B•l•nc• 1.4.23 Incomln r•¥our¢•• Outgolng r•#(>ure•8 B•lanc• Transf•r* 31.3.24 Engage Rugby CCC Hollday Actlvltles and 39,642 565 39,516 350,581 (39,7881 (351,1461 39,370 40,207 390,097 (390,9341 39,370 Engage Rugby Is a proJecl to promote rugby and Its values. CCC Hollday ActSvities and Food Programme is a project to deliver the OFE'S Hcllday Activities and Food Programme in Coventry through provision of holiday clubs and holiday activities ft)r children in receipt of benefit5-related fr88 school meal5. 20
COVENTRY SPORTS FOUNDATION A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS: Unrè*trlet•d funds Rèstrlct•d funds Totsl fundB Fund balances al 31st March 2024 are represented by: Tangible assets Investments Net current assets 206.153 2.035,063 703,609 206,153 2,035.063 742,979 39.370 Totsl net assets 2.944,825 39,370 2,984,195 19. RELATED PARTY TRANSACTIONS: There ar8 no relal8d paty transactSons In the year12023: £nill. 20. FUNDRAISING REGULATOR STATEMENT OF COMPUANCE: Coventry Sports Foundation does nol contract to a third party to undertake any fundraising on its behalf. The charfty does not employ a Fundraising Officer. We have received no fundr81slng complainls during the year. 21
COVENTRY SPORTS FOUNOATION A COMPANY LIMITED BY GUARANTEE TRADING ACCOUNT FOR THEYEAR ENOEO 31ST MARCH 2024 2024 2023 Not•$ F8(ilty income ProfiV{Lossl on bar and catering ProflV(Lossl on vendlng Rent Miscellaneous incorne Managernenl fegs Service fees 9,448,284 13,032 58,752 17D,449 129,924 13,182 75,600 8.780.057 23,216 44,044 123.024 82.168 44.719 75,600 IA) 181 Ici GROSS PROFIT Grants received Restrfcted grants racelv8d Performance related grant5 reG8iv8d Invastm8nt incom& 9.909.223 9,172,828 39.516 484.295 152.432 53,799 283,286 71.370 10,585,466 9,S81,283 Aetlylty costs Sal8ri83 8nd payroll c05t8 Staff tralning and unlforms Sports equipment Sw)rts equipment rental R&palrs and maintenanca Travèl and trtps Othèr aetlvbty e0818 3.379.480 47.323 99,644 87,668 54,612 50,145 163,458 3,041,341 34.185 93,494 90,925 42,858 146,484 111,457 3,882,326 3,580.742 Proml•o• C1¥ M8lntenancg wagos Lht and h8at R8nl and rat•S In8ufBnc8 Rep8lrs and m81nt¢nance Cleanlng Llcences 394,050 1,447,246 535,841 175,546 1,115.787 154,280 95,605 356,677 1.292,660 510,154 136,511 959,741 157,432 85,213 3.918,3S5 3,498,388 Flnanclal •xp•ng•8 Bank and loan Int8r•$t Irrecov8rabl8 VAT 490.102 471,163 490,102 471,163 support costs Salariès Othèr staff costs Prlnllng and st8tk>nèry Talephone and postag8 Travel and sub8lStenca Advèrtlslng Professional charges- legal Bank charges sUrry expenses Professlonal charges . financlal 1.137.405 26,818 109.327 74,617 40,368 11.781 50,177 52,858 1,101 15,012 1,114.486 39.480 74.796 80,521 17,182 8.809 20,874 43.762 15.378 9.134 1,519,462 1,424.401 775,221 626.589 Donatlon• Coventry Clty Council Other 1,000 133,234 340,833 340.833 134,234 1,116,054 {22.06BI 1388.5021 139,7881 115.5991 760,823 120,7971 1402,4571 IS2.5961 113,7481 Depreci8lion The Wave Resiricted expenses- Engage Rugby Inveglmenl manage¢B fee SURPLUS FOR THE YEAR 650,097 271.225 This page does not fom part of the statutory financial statements 22
COVENTRY SPORTS FOUNDATION A COMPANY LIMITED BY GUARANTEE NOTES TO THE TRADING ACCOUNT FOR THE YEAR ENDED 31ST MARCH 2024 (A} Profrt on Bar and Caterlng 2024 2023 Bar Recgipts Purchases Bar consumables 263,572 222.142 143,250 12.101 116,683 8,268 155,351 124,951 BAR PROFIT BEFORE SALARIES AND MANAGEMENT CHARGES 108.221 97,191 Catsrlng Receipts Purchases Café consumables 159.380 192,751 28,317 28.912 82,685 28,526 57,229 111.211 CATERING PROFIT BEFORE SALARIES AND MANAGEMENT CHARGES 102,151 81,540 Salaries and payroll costs Bar operating expenses 196,800 540 154.404 1,111 13,032 23,216 (B) Profit on ndIng Rec6ipts Purchase8 50,343 770 30,399 49,573 9,179 30,399 13.645 Commission SB.752 44,044 Ici Mlscellaneous Income Leisure training Room hire Car boot sale Other 2,387 114,849 12.557 131 1,197 69,716 10.288 967 129,924 82,168 This pag8 does not form part of the statutory financial stal8m8nts 23