2023-07-31-accounts

COMPANY REGISTRATION NUMBER: 02494406 CHARITY REGISTRATION NUMBER: 702897

Millom Recreation Centre Limited Company Limited by Guarantee Unaudited Financial Statements 31 July 2023

SAINT & CO Chartered accountants 12/13 Church Street Whitehaven Cumbria CA28 7AY

Millom Recreation Centre Limited

Company Limited by Guarantee

Financial Statements

Year ended 31 July 2023

	Page
Trustees’ annual report (incorporating the director's report)	1
Independent examiner's report to the trustees	4
Statement offinancial activities (including income and expenditure account)	6
Statement offinancial position	7
Notes to the financial statements	9
The following pages do not form part ofthe financial statements
Detailed statement offinancial activities	21
Notestothedetailedstatementoffinancialactivities	23

Millom Recreation Centre Limited

Company Limited by Guarantee

Trustees’ Annual Report (Incorporating the Director's Report)

Year ended 31 July 2023

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 July 2023.

Reference and administrative details

Registered charity name	Millom Recreation Centre Limited
Charity registration number	702897
Company registration number	02494406
Principal office and registered	Lancashire Road
office	Millom
	Cumbria
	LA18 4BX
	England
The trustees
	M Giles
	N Tomlinson
		M Kirk
	D Billing
	JS Cairns	(Retired 15 November 2022)
Company secretary	DE Tyson
Independent examiner	lan Scott BA(hons),FCA,DChA Saint&	& Co.
	12/13 Church Street
	Whitehaven
	Cumbria
	CA287AY

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Millom Recreation Centre Limited

Company Limited by Guarantee

Trustees’ Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 July 2023

Structure, governance and management

The Company is a registered Charity limited by guarantee. The Charity was incorporated on 20 April 1990.

Risk Management

The Trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen the risks.

Key Management Personnel Remuneration

The trustees consider the Board of Trustees and the manager as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All trustees give of their time freely and no trustee remuneration was paid in the year.

The pay of the charity's manager is reviewed and assessed in accordance with average earnings. The remuneration is also bench-marked with charities of a similar size and activity to ensure that the remuneration set is fair and not out of line with that generally paid for similar roles.

Objectives and activities

The objectives of the centre are to provide or assist in providing facilities for recreation, physical education or other leisure time occupation in or in connection with Millom and its neighbourhood.

We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aim and objectives and in planning our future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set.

Achievements and performance

The Chair thanked everyone for their support during the last financial year. It has been a difficult and uncertain time for us all, but if we continue to work together as a team, share the workload and stay positive, we can continue to provide a sport and recreational facility for our community.

Financial review

Following a deficit for the year of £47,688 there wasa total of £74,941 in net assets on the general fund and £11,052 on the restricted fund.

Reserves Policy

It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level which equates to about twelve months unrestricted expenditure plus an allowance for any forecast shortfall on project expenditure. This provides sufficient funds to cover management and administration and support costs.

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Millom Recreation Centre Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 July 2023

Plans for future periods

The Centre will continue to provide services to Millom and the surrounding areas, including gymnastics, climbing and activities during school holidays. The Centre will continue to work in a safe and compliant manner, adhering to all Health and Safety company policies. The year ahead will see the Millom Town Deal interacting more with MRC's Management team, as they move forward to work on the operating for the New Health and Wellbeing Centre. With our knowledge and expertise, we can give our support to this. As the Millom Town Deal continues to work on a new facility, we can only help to support this and continue to provide a much-needed facility at Millom Recreation Centre.

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The trustees’ annual report was approved on 21 May 2024 and signed on behalf of the board of trustees by:

M Giles - Trustee

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Millom Recreation Centre Limited

Company Limited by Guarantee

Independent Examiner's Report to the Trustees of Millom Recreation Centre Limited

Year ended 31 July 2023

| report to the trustees on my examination of the financial statements of Millom Recreation Centre Limited (‘the charity’) for the year ended 31 July 2023.

Responsibilities and basis of report

As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, | report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination | have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

2. the financial statements do not accord with those records; or

3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or

4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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Millom Recreation Centre Limited

Company Limited by Guarantee

Independent Examiner's Report to the Trustees of Millom Recreation Centre Limited (continued)

Year ended 31 July 2023

| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

lan Scott BA(hons),FCA,DChA Saint & Co. Independent Examiner

12/13 Church Street Whitehaven Cumbria CA28 7AY

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Millom Recreation Centre Limited

Company Limited by Guarantee

Statement of Financial Activities

(including income and expenditure account)

Year ended 31 July 2023

			2023		2022
		Unrestricted	Restricted
		funds	funds	Totalfunds	Total funds
	Note	£	£	t	£
Income and endowments
Donations and legacies	5	12,456	40,539	52,994	56,342
Charitable activities	6	117,434	(1,522)	115,912	118,852
Investment income	7	120	=	120	202
Total income		130,010	39,017	169,026	175,396
Expenditure
Expenditure on charitable activities	8,9	167,165	49,550	216,714	175,082
Total expenditure		167,165	49,550	216,714	175,082
Net (expenditure)/income and net
movement in funds		(37,155)	(10,533)	(47,688)	314
Reconciliation offunds
Total funds brought forward		112,096	21,585	133,681	133,367
Totalfundscarriedforward		74,941	11,052	85,993	133,681

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 9 to 19 form part of these financial statements.

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Millom Recreation Centre Limited

Company Limited by Guarantee

Statement of Financial Position

31 July 2023

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||||||||| |---|---|---|---|---|---|---|---| |2023|2022| |Note|£|£|£| |Fixed|assets| |Tangible|fixed|assets|14|31,126|23,185| |Current|assets| |Stocks|15|1,500|1,500| |Debtors|16|1,502|23,272| |Cash|at|bank|and|in|hand|56,962|91,748| |59,964|116,520| |Creditors:|amounts|falling due|within|one year|leg|5,097|6,024| |Net|current|assets|54,867|110,496| |Total|assets|less|current|liabilities|85,993|133,681| |Net|assets|85,993|133,681| |Funds|of the|charity| |Restricted|funds|11,052|21,585| |Unrestricted|funds|74,941|112,096| |Total|charity funds|18|85,993|133,681|

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For the year ending 31 July 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• e The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

• e The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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

The statement of financial position continues on the following page. The notes on pages 9 to 19 form part of these financial statements.

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Millom Recreation Centre Limited

Company Limited by Guarantee

Statement of Financial Position (continued)

31 July 2023

These financial statements were approved by the board of trustees and authorised for issue on 21 May 2024, and are signed on behalf of the board by:

M Giles Trustee

The notes on pages 9 to 19 form part of these financial statements.

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Millom Recreation Centre Limited

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 July 2023

1. General information

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Lancashire Road, Millom, Cumbria, LA18 4BX, England.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland’, the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The Charity has taken advantage of the exemption in the Financial Reporting Standard No1 (revised 1996) from the requirement to produce a cash flow statement on the grounds that it qualifies as a small charity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Disclosure exemptions

The charity has taken advantage of the disclosure exemptions permitted by the Charities SORP 2015 (FRS102) regarding the inclusion of a Statement of Cash Flows as the Charity is a small charity as defined in Update Bulletin 1 of the Charities SORP (FRS102).

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Millom Recreation Centre Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 July 2023

3. Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant judgements

The trustees consider there were no significant judgements in preparing the financial statements.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The trustees consider there are no key sources of estimation uncertainty.

Fund accounting

General funds are unrestricted which are available for use at the discretion 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 purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income and gains are allocated to the appropriate fund.

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Millom Recreation Centre Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 July 2023

3. Accounting policies (continued)

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

• e income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.

• ° legacy income is recognised when receipt is probable and entitlement is established.

• ° income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.

• ° income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Resources expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources.

Costs in respect of charitable activities relate to the operating costs of running the recreation centre. Management and administration costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Tangible assets

All fixed assets are initially recorded at cost.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings - 15% reducing balance Equipment - 20% reducing balance

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Millom Recreation Centre Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 July 2023

3. Accounting policies (continued)

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

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Millom Recreation Centre Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 July 2023

3. Accounting policies (continued)

Financial instruments (continued)

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Limited by guarantee

Every member undertakes, if the company is dissolved while he or she is a member or within 12 months after he or she ceases to be a member, to contribute such sum (not exceeding £1) as may be deemed of him or her towards the payment of the debts and liabilities of the company incurred before he or she ceases to be a member, and of the costs, charges and expenses of winding up, and the adjustment of the rights and of the contributories among themselves.

5. Donations and legacies

	Unrestricted	Restricted	Total Funds
	Funds	Funds	2023
	£	£	£
Donations
General grants and donations	12,456	25,539	37,994
Copeland borough council - service level agreement	-	15,000	15,000
Covid 19job retention scheme grants	-	-	-
	12,456	40,539	52,994

495

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Millom Recreation Centre Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 July 2023

5. Donations and legacies (continued)

	Unrestricted	Restricted	Total Funds
	Funds	Funds	2022
	£	£	£
Donations
General grants and donations	1,621	38,692	40,313
Copeland borough council - service level agreement	-	15,000	15,000
Covid 19job retention scheme grants	1,029	-	1,029
	2,650	53,692	56,342
Charitable activities
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2023
	£	£	£
Hire of hall	25,352	(1,522)	23,830
Gym hire	2,762	-	2,762
Sun bed hire	25	-	25
Refreshments	2,371	-	2,371
Spinning	1,347	-	1,347
Clothing	12,598	-	12,598
Gymnastic fees	61,476	-	61,476
Fitness classes	8,965	-	8,965
Equipment hire and other sales	2,538	-	2,538
	117,434	(1,522)	115,912
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2022
	£	£	£
Hire of hall	28,643		28,643
Gym hire	2,150	-	2,150
Sun bed hire	275	-	275
Refreshments	2,336	-	2,336
Spinning	1,290	=	1,290
Clothing	3,805	-	3,805
Gymnastic fees	67,955	-	67,955
Fitness classes	11,049	-	11,049
Equipment hire and other sales	1,349	-	1,349
	118,852	~	118,852

6. Charitable activities

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Millom Recreation Centre Limited

Company Limited by Guarantee

Notes to the Financial Statements (continuea)

Year ended 31 July 2023

7. Investment income

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2023	Funds	2022
	£	£	£	£
Building society interest receivable	120	120	202	202
Expenditure on charitable activities by fund type
		Unrestricted	Restricted	Total Funds
		Funds	Funds	2023
		f	£	£
Charitable activities		163,731	49,550	213,279
Support costs		3,434	-	3,435
		167,165	49,550	216,714
		Unrestricted	Restricted	Total Funds
		Funds	Funds	2022
		£	£	£
Charitable activities		117,736	53,692	171,427
Support costs		3,654	-	3,655
		121,390	53,692	175,082

8. Expenditure on charitable activities by fund type

9. Expenditure on charitable activities by activity type

	Activities
	undertaken		Total funds	Total fund
	directly Support costs		2023	2022
	£	£	£	£
Charitable activities	213,279	-	213,279	171,427
Governance costs	-	3,435	3,435	3,655
	213,279	3,435	216,714	175,082

10. Net (expenditure)/income

Net (expenditure)/income is stated after charging/(crediting):

Depreciation of tangible fixed assets

2023	2022
£	£
7,730	5,734

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Millom Recreation Centre Limited

Company Limited by Guarantee

Notes to the Financial Statements (continuea)

Year ended 31 July 2023

11. Independent examination fees

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2023|2022| |£|£| |Fees|payable|to|the|independent|examiner|for:| |Independent|examination|of the|financial|statements|3,432|3,654|

----- End of picture text -----

12. Staff costs

The average head count of employees during the year was 8 (2022: 8). The average number of full-time equivalent employees during the year is analysed as follows:

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2023|2022| |No.|No.| |Number|of|administrative|staff|7|7| |Number|of management|staff|uJ|1| |8|8|

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No employee received employee benefits of more than £60,000 during the year (2022: Nil).

13. Trustee remuneration and expenses

During the year Mr | Kirk (a trustee) received £20,749 (2022: £18,128) for services provided to the charity relating to gym sessions for the charity’s beneficiaries. The amounts charged were at an arm’s length. No remuneration or other benefits from employment with the charity or a related entity were received by any other trustee.

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Millom Recreation Centre Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 July 2023

14. Tangible fixed assets

		Fixtures and
		fittings	Equipment	Total
		c.	£	£
	Cost
	At 1 August 2022	8,406	87,486	95,892
	Additions	-	15,671	15,671
	At 31 July 2023	8,406	103,157	111,563
	Depreciation
	At 1 August 2022	7,545	65,162	72,707
	Charge forthe year	130	7,600	7,730
	At 31 July 2023	7,675	72,762	80,437
	Carryingamount
	At 31 July 2023	731	30,395	31,126
	At 31 July 2022	861	22,324	23,185
15.	Stocks
			2023	2022
			£	£
	Raw materials and consumables		1,500	1,500
16.	Debtors
			2023	2022
			£	£
	Prepayments and accrued income		1,502	23,272
17.	Creditors: amounts falling due within one year
			2023	2022
			£	£
	Accruals and deferred income		3,977	4,399
	Social security and other taxes		1,120	1,625
			5,097	6,024

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Millom Recreation Centre Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 July 2023

18. Analysis of charitable funds

Unrestricted funds
	At			At
	1 August 2022	Income	Expenditure	31 July2023
	£	£	£	£
General funds	112,096	130,010	(167,165)	74,941
	At			At
	1 August 2021	Income	Expenditure	31 July 2022
	if:	£	£	£
General funds	111,782	121,704	(121,390)	112,096
Restricted funds
	At			At
	1 August 2022	Income	Expenditure	31 July 2023
	£	£	if	£
Restricted Fund— HAF Funding	21,585	39,017	(49,550)	11,052
	At			At
	1 August 2021	Income	Expenditure	31 July 2022
	£	£	£	£
RestrictedFund-PropertyExtension	21,585	53,692	(53,692)	21,585

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Millom Recreation Centre Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 July 2023

19. Analysis of net assets between funds

	Unrestricted	Restricted	Total Funds
	Funds	Funds	2023
	£	£	£
Tangible fixed assets	31,126	-	31,126
Current assets	48,912	T1052	59,964
Creditors less than 1 year	(5,097)	-	(5,097)
Net assets	74,941	11,052	85,993
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2022
	£	£	£
Tangible fixed assets	23,185	_	23,185
Current assets	94,935	21,585	116,520
Creditors less than 1 year	(6,024)	-	(6,024)
Netassets	112,096	21,585	133,681

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