VALLEY LEISURE LIMITED (A company Ilmlted by guarantaa} THE REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Reglatared numbor.. 02188010 Charfty Roglstored numbor: 800760
VALLEY LEISURE LIMITED <A company limlted by guarantee) THE REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CONTENTS Pages Report of the Trustees Auditors. report 12-14 statement of financial activities 15-16 Balance sheet 17 Cash tlow ststement 18 Notes to the financial statements 19-31
VALLEY LEISURE LIMITED (A company Ilmlted by guarantee) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees are pleased to present their annual directors, report together with the financial statements of the charity for the year ending 31 March 2024 which are also prepared to meet the requirements for a directors, report and accounts for Companies Act purposes. The financial staternents comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Company number 02188010 (England and Wales) Registered Charlty number 800760 Reglstorod offlce Wilsons {Company Secretaries) Ltd Alexandra House Sl Johns Street Salisbury, Wiltshire SP12SB Principal Placo of Business Riverside Bowl 2nd Floor 22-30 Bridge Street Andover, Hampshire SP10 1 BN Dlrector8 and trusteos The directors of the charitable company {the charity) are its trustees for the purpose of charity law. The trustees and officers serving during the year and since the year end were as foSlows, except where indicated: Kèy managemant parsonnel Valley Lelgure Limited: Trustees, and Director8 Gavin Alan Scott Duncan {Acting Chairman from 17 August 2024) Peter Jame5 Horne (Acting Chairman until 16 August 2024, resigned 16 August 2024) Elizabeth Mary Strutt (resigned 4 September 2023) Anya Higgins Adam Poulter Ranga Mugabe Chlef Exocutlve Chris Attrill cattrill@valleyleisure.com Company Secretary Wilsons {Company Secretaries) Ltd Alexandra House St Johns Street Salisbury, Wiltshire SP12SB
VALLEY LEISURE LIMITED (A company limited by guarantee) REPORT OF THE TRUSTEES (continu) FOR THE YEAR ENDED 31 MARCH 2024 1. REFERENCE AND ADMINISTRATIVE DETAILS (continued) Kèy management personnel at date of approval of accounts: Senior managers of Valley Leisure Limited: Chief Executive - Chris Attrill Finance Manager- Barry Kermode Partnerships Development Manager - Liz Murray Audltors Knight Goodhead Limited 7 Bournemouth Road Chandler's Ford Eastleigh Hampshire S053 3DA Solicitors Wilsons Solicitors LLP Alexandra House St Johns Street Salisbury Wiltshire SP12SB Prlncipal Bankor8 Lloyds Bank plc 22 High Street Andover Hampshire SP10 2NW Other Bankers Barclays Bank plc 5 High Street Andover Hampshire SP10 1NU Investment Portfolio Managers Ruffer LLP 80 Victoria Street London SW1 E 5JL
VALLEY LEISURE LIMITED (A company limited by guarante8) REPORT OF THE TRUSTEES (contlnued) FOR THE YEAR ENDED 31 MARCH 2024 2. AIMS, OBJECTIVES AND STRATEGIES Our Aims Valley Leisure Limited ( VLL"), charitable objectives are to: a) provide or assist in providing, operating, or managing facilities for recreation and other leisure-time occupation in the interests of social welfare with the object of improving the conditions of life for the general public., b) advance haalth for the public benefit by the promotion of rehabilitative exercise and therapy programmes., and c) advance education for the public benefit by, in particular (but not by way of limitation) the promotion of the arts including theatre, music, dance and visual arts. VISION To be a major contributor in our community to residents, health and wellbeing. Meaning we ensure people Move More and Feel Better MISSION To be a major contributor to our beneficiaries, health and wellbeing. The charity achieves its core mission through three service delivery brands: RSverside Bowl is an exciting family orientated leisure entertainment venue in Andover. Hampshire. Accompanying the 8- lane ten-pin bowling facility is a unique indoor Glo-Golf experience, pool table, AR darts and arcade games. A seasonal ten-pin bowling league runs from Riverside Bowl. With the local community at the heart of Valley Leisure Ltd's ethos, two community rooms are available for local groups and clubs to hire. I Can Therapy Centre is a unique and innovative exercise and socially interactive community wellbeing facility and service. Offering a circuit of specially adapted power assisted exercise equipment and progressive condition specific group exercise classes, the '1 Can, concept enables people to improve their health and wellbeing and feel better by moving more. '1 Can, is ideal for those who may be older, inactive, deconditioned or managing one or more long-term health conditions. I Can Connoct offers an alternate approach to better health and wellbeing. Our online platform is available to all abilities, with a warm and friendly community at your fingertips. Packed full of guided activities, tips and professional support, all in the name of empowering you to move more. We want our communily to feel confident and in control of their health. VALUES A creative provider of unique and innovative services to engage and enthuse people of all ages to move more. A reputable employer harnessing and developing the passion and skills of talented individuals. A successful fundraising organisation enabling the ongoing development of local facilities and services. A dedicated partnership builder forging strong and lasting working relalionships with likeminded groups and organisation.
VALLEY LEISURE LIMITED (A company limited by guarantee) REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 MARCH 2024 2.AIMS, OBJECTIVES AND STRATEGIES (continued) The charity seeks to engage with people of all ages and physical abilities to promote active lifestyles in furtherance of the public benefit. Our Riverside Bowl facility has proved to be a popular and much needed service. Bowling and glo golf form the core mechanism to engage the community in the interests of social welfare with the object of improving the conditions of life for the public. This key initiative has enabled the charity to expand its reach with a specific focus on community engagement in furtherance of the charity's objectives. Our I Can Therapy centre combines the scientrfic knowledge and expertise of an exercise therapist with a comrnunity based rehabilitation facility for the benefit of those with health conditions and also those looking to mobilise and feel better. The '1 Can, Therapy Centre will enable users to move more and to feel better - physically, mentally and socially. With a unique support system in place, from Centre Manager, Exercise Therapist, Circuit Coordinators and a team of volunteer's '1 Can, Activity Buddies, users of the '1 Can, Therapy Centre are encouraged and enabled to move more in a warm, welcoming, safe and supported environment, The overall alm of the '1 Can, Therapy Cenlre will enable people to move as well as possible for as long as possible and feel as good as possible. A development of our I Can service brand, I Can Connect aims to remove both the geographical and financial barrlers people may face when considering where and how they engage with a service in the pursuit of moving more than they are currently. An online based platform means that we can expand the communities we serve, beyond that focused on Andover and surrounding areas. The subscription-based service also provides a lower price point to entry and flexibility that we haven't been able to provide previously. The charity has a strong ethos of community engagement having developed links within excess of 150 local community organisations. Our Objectlve8 With our vision being, to be a major contributor in our community to residents, health and wellbeing. Meaning we ensure people Move More and Feel Belter. Our objectives are set lo reflecl our aims and ethos with operational safety being the priority whatever the financial or olher pressures. Our resources come from fees and charges paid by the public supported by various locally based fund raising initiatives. The overriding aim of our business plannlng is to align financial and strategic objectives to underpin key elements of our strategy to.. Secure VLL'S long term future Develop VLL along commercial lines to meet our social objectives Our Strategies VLL is operated as a social enterprise and the Trustees are responsible for setting a stralegy for achieving both social and commercial outcomes. As part of our community engagement and commitment to getting as many people as possible to move more and feel better, we have focused on providing an excellent and expanded range of services to engage with the widest cross seclion of the communities we serve. Volunteers VLL Trustees all provide their services on a voluntary basis. In addition, with the launch of the '1 Can, Therapy Centre we have taken the opportunity to introduce a group of volunteer"Activity Buddies. who provide support and encouragement to the users of the Therapy Centre.
VALLEY LEISURE LIMITED (A company limited by guarantee) REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 MARCH 2024 3.STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE Buslness Raview VLL is a registered charity governed by a Board of Trustees who are also directors of the charity for purposes of the Companies Act 2006. The charity's aim is to be a major contributor within the community to resident's health and wellbeing. All trading revenue is utilised to operate the charity with any surpluses reinvested into the facilities and services to achieve the charity's aim. Details of the results for the year ended 31 March 2024 are set out in the Statement of Financial Activities on page 15 and for the previous financial year on page 16 of the accounts. Financial Performance Koy Indlcators The company's total funds as at 31 March 2024 were £511 K, down from £665K in the previous financial year. The company has no gains or losses other than those disclosed on page 15 (2023 - page 16). During the year, total incoming resources were £847k, up from £733k in the previous financial year. The rnaiority of this income coming from operating activilies, supported by some grant funding. Other KPIS are noted on page 7. Princlpal Rl8ks or Uncertaintle8 The risks and uncertainties faced by the charity are regularly reviewed by senior management. They are formally reviewed with the Trustee5 as part of the Risk Register Review process which identifies the primary risks faced together with agreed actions and initiatives to mitigate those risks where possible. The risks and uncertainties faced by the charity are those inherent with the charity sector but are primarily: Stralegic risk failure to identify a suilable strategy that takes into account the emerging threats and opportunities for the charity as our communities continue to evolve incurring losses as a result of inadequate or failed internal and external processes, systems and human error or from external events fallure to comply with relevant regulations and procedures, for example health and safety Operational risk Regulatory risk People risk failure to invest in ensuring VLL has a well-trained, competent and motivated workfor Financial risk failure to seize emerging opportunities to ensure the financial success of the charity underpinned by a robust reserves policy. Financlal Effects of Significant Evonts The increase in the cost of living has inevitably impacted our Charity to an extent. Primarily, this impacts our customer bases disposable income. Rising costs for everyday products, energy and fuel combined with higher interest rates, meant the general public's money was seemingly worth less. In attempt lo counter this, we focused on service, cost control and our price points. The Charity also felt Ihe pressure of inflation and the cost of living, and subsequently ensured its salaries and pay rates were competitive and did as much as we could to retain a stable team to deliver the services we offer.
VALLEY LEISURE LIMITED (A company limited by guarantee) REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31st MARCH 2024 4.PUBLIC BENEFIT In setting our objectives and planning our activities, the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance on fee charging. VLL contributes to the reduction of health inequality. As and when the Governments restrictions and policy has allowed, we have continued to deliver many of the seniices. At Riverside Bowl, our Bowling Goldie's programme provides subsidised access lo senior citizens, encouraging them to stay active in a fun and informal environment a key aspect of this programme provides for a much-needed social environment and plays a role in combatting loneliness, which can be an issue for that demographic. The sessions are hosled twice a week and participants can enjoy something to eat and a regular quiz as part of the event. We also organise a school sufflmer activity programme, providing opporlunities for disadvantagedlvulnerable families to have access to a range of fun activities both within the school setting and at our Riverside Bowl facility- Alongside the above initiatives we offer complimentary access lo regislered community groups to our communily rooms. The purpose-built rooms provide an ideal meeting space within a convenient town centre location. The access to meeting rooms can be of benefit to small local community groups freeing up much needed funds to focus on delivery of their core aims. The '1 Can brand, which first launched as the Therapy Centre is our flagship initiative aimed at encouraging people to rnove more and thus feel better. This service has a primary focus on the following groups.. Older people Disabled people People managing long term conditions, for example, MS and Parkinson's and those post Stroke Those requiring rehabilitation following serious illness or injury Helping improve pre-operalive wellbeing of those about to have major surgery to aid post-operative recovery An important aspect of the service is to create welcoming environments, encouraging social interaction and thus playing a crucial role in combating loneliness and aiding menlal wellbeing. We have expanded our group exercise programme as part of the I Can philosophy wilh the aim of providing an extensive range of complemeniary options lo Ihe core offering of power assisted exercise machines. This year we completed our Impact report for the I Can Therapy Centre. The report demonstrates the impact the service Is having within our local community. It brings to lrfe how the carefully planned cuslomer journey provides the evidence base through key measurements at the 1st and review assessments. The service can evidence that it is positively impacling functional movement when comparing the customers abilities from the 181 assessment and then 6 monlhs on at their review. It confirms thal we are bucking the upward trend of inaclive older adults, enabling people to take control of their health, empowering them with hope for their futures, using the posilive power of movement. Our impact is clear to see and we are helping to prevent dependency, slowing down the effects ageing, helping people remain independenl, living the lives they want to for as long as they can. I Can Connect is the second service brand of I Can. Connect has been created to diversify the delivery mechanisms of the Charity. It is a unique offer that Is aimed at a different target audience than the Therapy centre serves. The service is aimed at but not limited to those age 50+ and for those that are not reaching the Chief Medical Officer's guidelines of 150 minutes of activity a week. Taking a personalised approach, the platform aims to tackle inactivity, whilst also ensuring that through the resour of an I Can Connect Coach, there is a Significant social element to the platform. Tracking and monitoring is supported by goals setting and reviews meetings. In pursuit of getting people over a 4 month period to adopt and change behaviours that means they move more than they were, they establish activity and movement as part of their everyday life and that from having done this they have more positive attitude toward their wellbeing. This service empowers people through support and guidance and exercise to change how they spend the later years of life. The ambition 15 to support being living better for longer, meaning relian upon health and social care is lessened and or required later in life.
VALLEY LEISURE LIMITED (A company limited by guarant•o) REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 MARCH 2024 S.FINANCIAL REVIEW Our Achievements Customer Feedback The Trustees place a high priority on customer feedback through targeted customer forums, user surveys, complaints and complements systems, and other media. At Riverside Bowl we use the most popular methods for reviewing FEC'S which tends to be Google and social media reviews. In the year we had the target of maintaining or improving our slar rating from the previous year. At the I Can Therapy Centre we utilise the Nel Promoter Score ("NPS") conp1 as one of the key measurements of customer satisfaction. Riverside Bowl maintained its average of 4.2 out of 5. 1 Can returned a NPS score of 85, which is signrficantly above the industry average of 44. Vlslt Number8 During the course of the year we welcorned over 86,055 visits to the centres. Health and Safety No major accidents were recorded. It is the Trustees, policy to always report accidents and there were no RIDDOR reported accidents in 2023124,. that is accidents reportable to the Health and Safety Executive where any person not al work, as a result of a work-related accident, suffers an injury, and that person is taken from the site of the accident to a hospital for treatment in respect of that injury. As part of VLL'S commitment to excellence in & Safety, we retain the services of an independent Heallh & Safety Advisor providing external challenge and validation lo our practices and procedures. Flnancial Performance Despite the general economic challenges, the Charity had a good trading year. Indeed, compared lo the previous year and other trading years, income of £845k is the highest income we have generated since exiting the contract. Both of the service brands recorded their highest footfall, signalling that the I Can is continuing to be a major contributor towards our community's health and wellbeing, This also shows Ihat the investment made into the Riverside Bowl's pins on string enabled us to provide better and more reliable activities. The more recent investment into socially competitive activities is also proving to be a good decision its income is increasing as an overall percentage of income. Overall, the loss for the year is greater than what we had budgeted for. This is not because of poor operaling income, but a combination of o factors. A disappointing loss from the Investment porffolio of circ8 £38k for the year. The second being our I Can Connect platform not generating the income we had anticipated. Within this year we had budgeted a loss for I Can Connect. As it was the first year of operating, we had anticipaled a steady income growth, even if we had achieved the income. it would not provide a positive return within the year, and we had budgeted a loss of 95K for I Can Connect. It made a loss of 106K. This contributes significantly to the overall loss made within the financial year. Environmental Inltlatlvès It is the Trustees, policy to reduce as far as practical the 'carbon footprint, and carbon dioxide emissions associated with operation of the facilities. We continue to invest in LED technology wherever economically viable. This year we have concentrated on being responsible for the use as far as possible of biodegradable and disposable products. This includes at our I Can Therapy centre removing single use cleaning products in favour of reusable and more environmenlally friendly products. We have been consciously using video conferencing in place of face-to-face meetings. We have also looked to reduce our prinl marketing in favour of digital and videos.
VALLEY LEISURE LIMITED (A company Ilmltad by guarantee) REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 MARCH 2024 6. PLANS FOR THE FUTURE The strategy of the charity is to develop a range of complimentary services which will help to keep people mobile across all age groups- from activities for young people in fun settings through to providing settings to combat loneliness in the elderly whilst promoting physical and mental wellbeing. We have made significant progress in engaging with the communities we serve. We play an important role in encouraging healthy, active lifestyles and the Partnership Development role provides a natural and core focus for our engagement with the community and is aligned to national, regional and local demographic and health data. Our approach recognises and supporls the excellent work of other groups who are our local partners and stakeholders. The next five years will provide the charity with an opportunity to explore how the '1 Can, ethos and serwice brand can translate into other delivery methods. Work is already underway to explore this further and we want to deliver on this strategic objective in a timely and logical way. Over the next year we have the opportunity to review Riverside Bowls premises. The lease is due to expire in November 2024 and with the service growing year on year, it is deemed sensible to consider if the current space is adequate to accommodate the demand for its activities. We have secured the I Can Therapy Centre Andover in principle, up until March 2027, by signing a new 3 year lease in ils current location. We feel that we are in a position to comprehensively demonstrate that the I Can service is essential in any town centre, and that we have an operating and financial model that works from a charitable perspective, with the financial ambition of breaking even being within striking distance. We therefore intend to explore how, when and where we could conceivably open a 2nd centre. The Trustees are confident that, with our revised strategy and financial reserves, VLL is well placed to continue to prosper and deliver on our charitable objectives. 7. STRUCTURE, GOVERNANCE AND MANAGEMENT Our Structure and Governance The Truslees, who are also the Members of VLL, are responsible for the overall management and control of the Charity and meet up to 6 times per year. Each Board Meeting is structured to cover 4 discrete areas namely health and safety, operations, strategy and governance. This provides the Board with the opportunity to regularly assess all areas of Ihe charity. In particular, the Trustees have extensive experience in the development of slrategy, operational and change management both in the private and public seclors, customer service, the development of people and in other areas such as acquisitions and mergers and the health sector. The Governing Document is the Memorandum and Articles of Association dated 3 November 1987 and last amended by Special Resolution dated 26th March 2018 following our Strategic Review. All Trustees give their time freely and Clause 4 of the Governing Document states that no Trustee can be paid either salary or fees or receive any remuneralion or other benefit in money's worth from VLL. Each Truslee has provided a guarantee thal they will contribute £1 to VLL in the evenl thal it is wound up and all have been insured by VLL in respect of any losses, other than fraud and dishonesty. arising from any claims made against them by reason of their services as Trustees. Trustees are appointed by the Members at General Meetings. The Trustees set the policy and principles of VLL'S activities, and the management and staff are responsible for operations. The division of responsibilities and apportionment of authorilies is made clear in VLL'S 'Goverr)ance Document, which is subject to periodic review by the Trustees.
VALLEY LEISURE LIMITED (A company limited by guarantee) REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 MARCH 2024 7. STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Trustea Induction and Training Trustees are recruited for their business skills and interest in the provision of leisure and wellbeing services and posts are advertised widely. On becoming a Trustee, individuals undertake a series of site visils to familiarise themselves with VLL'S operations and facilities. They are directed to read CC3 'The Essential Trustee.. what you need to know,, CC60 'The Hallmarks of an Effective Charity, and Companies House - 'Directors and Secretaries Guide,. They are given a series of briefings by the Chairman and Chief Executive appraising them of their responsibilities as trustees, charity law, how VLL is run and, in particular, on health and safely issues. Individuals are given a pack of key documents including the annual Business P12n, Marketing Plan, Governance document and lalest Statutory Accounts. Existing Trustees provide their analysis of the recent corporate history and new Trustees may attend appropriate external training by professional advisers. It is the Trustees, policy to refresh the Board periodically. Risk Management It is the Trustees, general policy to mitigate risk by seeking external professional advice for all matters where the Board of Trustees has no qualified experience. In addition to legal advice, the Truste8s use key third party advisers for audit, VAT and Health and Safety. The management of risks is an on-going process which happens as part ofthe day to day operations and, in addition, the Trustees oversee an annual review of risks that would impact upon VLL achieving its objectives, which includes input from senior management. A VLL Risk Register and Risk Heat Map is produced and maintained. The Trustees ensure that the Chief Executive reports regularly on a series of action plans that address amongst other things the issues identified in the risk management process. Certain issues are encompassed in the annual Business Plan. The Trustees revisit the Business Plan formally after the Second Quarter results are known when the Chief Executive produces the Mid-year Review. The Trustees receive financial updates against the plan's forecasts monthly. A disaster recovery plan is in place and is reviewed periodically. Our Managament Chief Executive A key aspect of this remit is to ensure VLL develops into a leading social enterprise providing a broad range of high-quality services in keeping with VLL'S charitable objectives. through investment in its people and in new and existing facilities. Organl8ational Managoment Senior management are responsible for the day lo day running of VLL and Head Office is located at Riverside Bowl in Andover. Senior management comprises the Chief Executive. Company Finance Manager and Partnerships Development Manager. With regard to recruiting Staff, VLL, under its equal opportunities policy, does not discriminate against job applicants or employees either directly or indirectly on the grounds of disability. Should an employee become disabled during their employment. VLL will make all reasonable adjustments and provide training to ensure continued employment where practicable.
VALLEY LEISURE LIMITED {A company Ilmlted by guarantee) REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 MARCH 2024 7. STRUCTURE, MANAGEMENT AND GOVERNANCE (continued) Pay Policy for Senior Staff VLL conducts an annual pay review to ensure the business is both efficient and competitive with pay for all areas of the business. This review also ensures there are no inequalities in respect of gender. Evaluation of pay is carried out in respect of the job role in line with the Equal Pay Act. The Company is committed to equality of opportunity and equal pay in accordance with the Equal Opportunities and Diversity Policy and Procedures. Pay scales and bands have been put in place to allow evaluation of pay in order to control recruitment difficulties and any equality issues. Qualrfying Third Party Indemnity Provisions VLL has made qualifying third party indemnity provisions for the benefit of its Trustees, during the year. These provisions remain in force at the reporting date. Inv68tment Policy and Performanc• Under VLL'S Memorandum and Articles of Association. VLL has the power to invest monies not immediately required for its purposes in or upon such investments or securities or property as the Trustees see fit and in line with the Board's appetite for investment risk. During 2023124 VLL'S cash has been maintained in operational interest bearing UK bank accounts. In addition, Ruffer LLP manages an investment portfolio on behalf of VLL as a means of ensuring the charity's funds are used to their best advantage. The Trustee's collective attitude to risk is described as cautious. The preference exists for relatively high security of VLL'S investments accepting that there may be limited growth potenlial. Reserves Pollcy and Golng Concern The Trustees have a fully documenled Reserves Policy which is an integral part of VLL'5 annual business plan process. The policy provides a view of Free Reserves, taking into account.. Restricted Reserves.. these are monies where the donor has specified they be spent on a specific objective and, as such, Ihey are not freely available to the Truslees. 2. Deslgnat•d Reserves: Ihese are sums that have been earmarked by the Trustees for a particular purpose. 3. Tled Resorv•8.' tied reserves represent the value of fixed assets which are financed by reserves and not some form of additional financing. As these reserves are 'tied up, in long lerm or'fixed, assets they cannot be readily realised for the short term financing requirements of VLL and they musl be excluded from the calculation of free reserves. 4. Frae Reserves.. these are the reserves that VLL believes it requires to have to fund specific short term needs. 5. Ongoing trading volatility.. where the risk of trading losses is borne by the Charity, provision should be made for potential varialions in trading results taking into account the position in the business cycle e.g. eady days of an expanded business or a steady state operation. This can either be expressed as a 0/0 of income andlor costs using recent experience as a guide, as well as the outlook for the Plan period. 10
VALLEY LEISURE LIMITED (A company limited by guarantee) REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES RESPONSIBILITIES The Trustees (who are also the directors of Valley Leisure Limited for Ihe purposes of company lawl are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the Trustees are required to select suitable accounting policies and then apply them conslstently., observe the methods and principles In the Charity SORP,. make Judgements and estimates that are reasonable and pwdent,. state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial stalements-, prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeplng proper accounting records which disclose wlth reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS In so far as the trustees are aware at the time of approving our trustees, annual report.. there is no relevant information, being information needed by the auditor in connection with preparing their report, of which the auditor is unaware, and the Irustees, having made enquiries of fellow directors and the auditor that they ought to have individually taken, have each taken all steps that he/she is obliged to lake as a director in order to make themselves aware of any relevant audit information and to 8Stablish that the auditor is aware of that information. 10. AUDITORS Knight Goodhead Limited Is the appointed auditor. ON BEHALF OF THE BOARD: GS Duncan Trustee Date..
VALLEY LEISURE LIMITED (A company limited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF VALLEY LEISURE LIMITED Opinion We have audited the financial statements of Valley Leisure Limited for the year ended 31 March 2024 which comprise the Statement of Financial Activities including the Income and Expenditure Account, the Balance Sheet, the Cash Flow Statement and noles to the financial statements, including a summary of significant accounting policies The financial reporting framework that has been applied in their preparation is applicable law and Unlted Klngdom Accounting Stariddrds including Financial Reporting Standard 102.. The Financial Reporting Standard applicable to the 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 state of the charitable company's affairs as at 31 March 2024, and of its incoming resources and application of resources for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practlce. and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section ofour report. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo our audit of the financial statemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions ralatlng to going concern In auditing the financial statements, we have concluded that the Irustees, use of the going concern basis of accounling in the preparation of the financial stalemenls is appropriate. Based on the work we have performed, we have not identified any material unceriainties relating to events or conditions that, individually or collectively, may c8St significant doubt on the charilable company's ability to continue as a going concern for a period of at least 12 months from when the financial siatemenis are authorised for issue. Our responsibilities and the responsibilities of the trustees wilh respect to going concern a described in the relevant sections of this report. Other Informatlon The other information comprises the information included in the report of the trustees, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the report of the trustees. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit. or otherwise appears to be materially misstated. If we identify such material inconsislencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 12
VALLEY LEISURE LIMITED (A company limited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF VALLEY LEISURE LIMITED (continued) Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit.. The information given in the report of the trustees, which includes the directors, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements., and the directors, report included within the trustees, report have been prepared in accordance with applicable legal requirements. Matter8 on which wa are required to report by axcoption In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit. we have not identified material misstatements in the directors, report included within the report of the trustees. We have nothing to report in respect of the following Matters in relation to which the Companies Act 2006 require us to report lo you if, in our opinion.. adequate and proper accounting records have not been kept, or relurns adequate for our audit have not been received from branches not visited by us., or the financial slatemenis are not in agreement wlth the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made,. or we have not received all the information 8nd explanalions we require for our audit., or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and lake advantage of the small companies, exemptions in preparing the trustees, report and from the requirement to prepare a strategic report. Re8ponsibilitie8 of the tru8te88 As explained more fully in the trustees, responsibilities set out on page 11, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that Ihey give a true and fair view, and for such Internal control as the trustees determine is necessary to enable the preparation of financial stalements that are free from material misstatement, whether due io fraud or error. In preparing the flnancial statements, the trustees are responsible for assessing the company's ability lo continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustee5 either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibllities for the audlt of the financial statements Our objectives are to obtain reasonable assurance about whetherthe financial statements as a whole are free from material rnisstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities, including fraud. The exlent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. The engagement partner ensured that the engagement team collectively had the appropriale competence, capabilities skills to identify or recognise non-compliance with applicable laws and regulations. We identified the laws and regulations applicable to the Charitable company through discussions with Ihe trustees and other management and we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence. 13
VALLEY LEISURE LIMITED (A company Ilmlted by guarantee) INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF VALLEY LEISURE LIMITED (continue We assessed the susceptibility of the Charitable company's financial statements to material misstatements, including obtaining an understanding of how fraud might occur, by making enquiries of managernent as to where they considered there was susceptibility to fraud. their knowledge of actual, suspected and alleged fraud and considering the internal ontrols in place to mitigate risks of fraud and non-compliance with lay and regulations. To address the risk of fraud through management bias and override of controls, we performed analytical procedures to identify any unusual or unexpected relationships, tested journal entries to identify unusual transactions and investigated the rationale behind signrficant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations. we designed procedures which included, but were not limited to.. agreeing financial statements disclosures to underlying supporting documentation- reading the minutes of meetings of those charged with governance,. and enquiring of management as to actual and potential litigation and claims., There are inherent limitations in our audit procedures described above. The more removed laws and regulations are from financial transactions, the less likely It is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and inspection of regulatory and legal correspondence, if any. Material misstatement that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Us• of our report This report is made solely to the charilable company's members, as a body, in accordance with Chapler 3 of Part 16 of the Companies Acl 2006. Our audit work has been undertaken so that we might state to the charitable company's members those mailers we are required to stale to them in an auditor's reporl and for no other purpose. To the fullest extent permitted by law, we do not accepi or assume responsibility to anyone other than the charitable cornpany and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. CJ GOODHEAD FCA Senior Statutory Auditor For and on behalf of: Knlght Goodhead Limited Statulory Auditor and Chartered Accountants 7 Bournemouth Rosd Chandler's Ford Easlleigh Hampshire. S053 3DA 14
VALLEY LEISURE LIMITED (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Unrestrictsd Restrlcted Total Funds funds funds 2024 Note INCOME FROM Charitable activities.. Recreational activities 839,749 7,453 839,749 7,453 Investment income Total Income 847,202 847,202 EXPENDITURE ON Expenditure on charitable 8Ctivities: Recreational activities 948,857 14,712 963,369 Total oxpondllur 948,657 14,712 963,369 Net {expondltureyln¢omo for year 101,455 14,712 116,167 Unr88118ed and alIsed net Ioss88 on fixed asset investm8nts 38,124 38,124 Nat movement In funds {139,5791 114,7121 {154,291) TOTAL FUNDS BROUGHT FORWARD 16 623,921 41,181 665,102 TOTAL FUNDS CARRIED FORWARD 16 484,342 26,469 510,811 The statement of financial activities includes all galns and losses recognised In the year. All income and expendlture derive from continuing activities. The notes on pages 19 to 31 form part of these financial statements. 15
VALLEY LEISURE LIMITED (A company limlted by guarantea) STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023 Unrèstricted funds Re8tricted fund8 Total Funds 2023 Note INCOME FROM Charitable activities.. Recreational activities Investment income 716,845 10,827 5,111 721,956 10,827 732,783 Total income 727,672 5,111 EXPENDITURE ON Expenditure on charitable activities.. Recreational activltles 793,687 30.062 823,749 Total expenditur• 793,687 30,062 823,749 Net (•xpendlture)Ilncomo for year 66,015 24,951 90,966 Unrealised and realised net gains on fixed asset investments 11,721 Not movement In funds (77,736> 124,951) {102,687) TOTAL FUNDS BROUGHT FORWARD TOTAL FUNDS CARRIED FORWARD 701,657 66,132 16 767,789 16 623,921 41,181 665,102 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 19 to 31 form part of Ihese financial statements. 16
VALLEY LEISURE LIMITED (A company limited by guarantee) Company Registered Number 02188010 Charity Registered Number 800760 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes FIXED ASSETS Tangible assets Investments 10 178,228 318,194 230,023 448,868 496,422 678,891 CURRENT ASSETS Stocks Debtors amounts falling due within one year Cash at bank 9,542 25,110 119.806 5,253 27,846 75,680 12 154,458 108,779 LIABILITIES CREDITORS: Amounts falling due within one year 13 {140,069) (122,568) NET CURRENT ASSETS 14,389 (13,789) TOTAL ASSETS LESS CURRENT LIABILITIES 15 510,811 665,102 THE FUNDS OF THE CHARITY Unrestricted income funds Restricted income funds 16 484,342 26,469 623,921 41.181 TOTAL CHARITY FUNDS 16 510,811 665,102 The financial statements were approved by the Board of Trustees on.. its behalf by.. nd were signed on GS Duncan The notes on pages 19 to 31 form part of these financial statements.
VALLEY LEISURE LIMITED (A company limited by guarantee) STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 MARCH 2024 Notes 2024 2023 Cash from operating activities Cash generated from operations 19 (39,690) 14,442 Net cash provlded in op•rating actlvities (39,690) 14,442 Cash flow3 from Investing activities Purchase of tangible fixed assets Proceeds on disposal of other investments Interest received Net cash used in investing actlviti•s {16,188) 100.000 {114,519) 13 (114.506) 83.816 (D•crease}lincrea80 in cash and cash èqulvalents in th• reporting year 44.126 (100,064) Cash and cash equivalonts at the beginning of year 75,680 175,744 Cash and cash oqulvalents at the ond of yoar 119,806 75,680 Relating to: Cash at bank and in hand 119,806 75.680 119,806 75,680 The notes on pages 19 to 31 form part of these financial staternents. 18
VALLEY LEISURE LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Accounting convention The principal accounting policies adopted. judgements and key sources of estimation UnrtaIntY in the preparation of the financial statements are as follows.. Basis of preparatlon The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102>>, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Valley Leisure Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value, with the exception of investments which are induded at market value. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounis in these financial statements are rounded to the nearest £1, The charity's buslness address is located at two premises,. 1) the Riverside Bowl, 22-30 Bridge Street, Andover, 2) the l - Can Therapy Centre, 8- 10 Union Street, Andover. Consolidation The financial statements present information about the charitable company as an individual undertaking and not about its group. Ils subsidiary undertaking can be excluded from consolidation under section 405 of the Companies Act 2006 and therefore the charitable company has taken advantage of Ihe exempiions provided by section 402 of the Companies Act 2006 not to prepare group accounts. Going concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. Income Incoming resources represents the amount receivable by Valley Leisure Limited for goods and services provided in the normal course of business excluding Value Added Tax where appropriate and adjusted for deferred income. Grant income is also received and this is recognised where entitled, probable and when it can be reliably measured. Such income is only deferred when the donor specifies that the grant or donation musl only be used in future accounting periods or the donor has imposed conditions that must be met before the charity has unconditional entitlement. All income was generated in the UK. Investment income Investment income is earned from holding assets for investment purposes and includes dividends and interest and is recognised on a receivables basis. 19
VALLEY LEISURE LIMITED (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (continued) Allocatlon of 8UPPOrt costs Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel. payroll and governance costs which 5UPPOrt the charities activities. The bases on which support costs have been allocated are set out in note 5. Exponditure and irrecov•rable VAT All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of the resources. Charitable activities include expenditure associated with running of the Riverside Bowl and l-can Therapy Centre and include both the direct costs and support costs relating to these activities. Raising funds includes expenditure on investment management costs. Other expenditure represents those items not falling into any olher headline. Irrecoverable VAT is charged as a cost against the actlvity for which the expenditure was Incurred. Tangible fixod assets Tangible fixed assets are stated at cost less accumulated depreciation. Individual fixed assets costing £500 or more are capitalised. Depr•ciatlon Depreciation is calculated so as to write off the cost of an asset, net of anticipated disposal proceeds, over the useful economic life of that asset as follows: Office equipment over expected useful life of the asset (5-8 years) Investments Listed investments are recognised at fair value at the balance sheet date. This gives rise to unrealised gains and losses at the end of the financial year which are included in the Statement of Financial Activities. Realised gains and losses are separately identified in the Statement of Financial Activities and are calculated as the difference between valuation at the beginning of the financial year, or the cost of purchase during the year, and the subsequent sale proceeds. other fixed asset investments are stated at cost, being purchase price. less any permanent diminution in value. Stocks Stocks are v8lued at the lower of cost and net realisable value. after making due allowance for obsolete and slow moving iterns. 20
VALLEY LEISURE LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (continued) Dabtor8 Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and In hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. Creditors Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due lo setlle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due. Financlal In8truments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Llquid resources Liquid resources include current asset investments, being monies held in fixed term deposit accounts. Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds can only be used for particular restrlcted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the note 16. Operating Ipase agreementg Rental applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against irscome on a straight line basis over the period of the lease. Classification of leases In categorising leases as finance leases or operating leases, managemenl makes judgements as to whether significant risks and rewards of ownership have transferred lo Valley Leisure Limited. Legal status of the Trust The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. As at 31 March 2024 there were 5 members (2023.. 5 members). 21
VALLEY LEISURE LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CHARITABLE ACTIVITIES 2024 2023 Recreational activity.. Fitness Children's Activities Grants and donations Catering Wellbeing Resales & sundry Income Bowling 10,559 30.287 8,429 127,265 93,147 13,871 556.191 6,207 28,375 10,018 98.553 83,256 11,413 484,134 Total Income from charltable actlvltle8 839,749 721,956 Grants received, included in the above, are as follows., 2024 2023 RestrlGtad Funds Donations received towards I Can Centre equipment TVBC related grants 3,611 1,500 Unrestricted Fund8 Other Donations 8,429 4.907 8,429 10.018 Explanation of grants are on note 16. INVESTMENT INCOME 2024 2023 Bank interest receivable Dividends from listed investments 13 10,814 7,449 7,453 10,827 22
VALLEY LEISURE LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CHARITABLE ACTIVITIES Direct staff Support costs costs (se• note 5) 2024 Totals Recreational activities 473,637 489,732 963,369 Direct staff Support costs costs (so• noto 5) 2023 Totals Recreational activities 399.108 424,641 823,749 ANALYSIS OF SUPPORT COSTS E8tabli8hment Establishment and and administration admlnlstration 2024 2023 Recreational activities 489.732 424,641 Support costs comprise establishment and administration expenses which can be analysed as follows.. 2024 Recreatlonal Activitles 2023 R•cr•atlonal Activiti08 Premises and dilapidations Marketing and sales promotlon Equipment Administration Food and drink Finance costs and irrecoverable VAT I Can & Riverside Bowl refurbishment Governan costs (see page 24) 106,796 46,355 87,679 132,860 47,846 55.402 119,201 21,427 96,135 96,345 37,668 34,892 214 18,759 12.794 489.732 424,641 23
VALLEY LEISURE LIMITED {A company limited by guarant••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ANALYSIS OF SUPPORT COSTS (continued) Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements. Governance costs consist of the following: 2024 2023 Legal and professional fees Auditors, remuneration 7,244 5,550 13.759 5,000 12,794 18,759 6 NET {EXPENDITURE) / INCOME FOR YEAR This is stated after charging: 2024 2023 Depreciation - owned assets Staff pension contributions Operating leases Auditors, remuneration 67,983 12,136 4,842 5,550 79,141 10,853 6.464 5,000 7 ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES, AND THE COST OF KEY MANAGEMENT PERSONNEL The charily trustees were not paid or received any benefits from employment with the charity in the year (2023 £nil). Neilher were they reimbursed expenses during the year (2023 £nil). No charity trustee received payment for professional or other seNices supplied to the charily (2023 - £nil). Trusta•s' axponses During the year the charity paid for directors and trustees insurance amounting to £447 (2023- £1,156). Remuneration of key management personnel The remuneration of key management personnel, the Senior Management Team, Is as follows: 2024 2023 Aggregate payroll remuneration 154,432 125.371 24
VALLEY LEISURE LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 8 STAFF COSTS 2024 2023 Wages and salaries Social security costs Pension costs and current service costs 430,718 29,922 12.997 357,915 30,340 10.853 473.637 399,108 The average monthly number of employees during the year was as follows: 2024 No. 2023 No. Senior management Other management Customer service assistants I Can Therapy Centre I Can Connect Technicians Administration 14 29 22 The above figure includes 6 {2023'. 6) full-time employees and 23 {2023.' 16) part time employees. One employee received emoluments between £60,000 and £70,000 during the current year {2023.' None). Staff have access to a defined contribution pension scheme and the workplace NEST pension scheme. 9 TAXATION The charity 13 exempt from tsx on income and gains falling within section 505 of the Taxes Act 1988 and section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 25
VALLEY LEISURE LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10 TANGIBLE FIXED ASSETS Plant and Machlnery Cost At 1 April 2023 Additions 626,775 16,188 At 31 March 2024 642,963 Depreclation At 1 April 2023 Charge for the year 396,752 67,983 At 31 March 2024 464,735 Nèt book valu• At 31 March 2024 178,228 At 31 March 2023 230,023 26
VALLEY LEISURE LIMITED (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11 FIXED ASSET INVESTMENTS Subsidiary undertakings Llsted investments Total Market Value of Investments as at 1 April 2023 Disposals Dividends Unrealised gains l (losses) 448,867 (100,000> 7,449 (38,123) 448,868 (100,000) 7,449 (38,123) Total flxed ass•t investment a8 at 31 March 2024 318,193 318,194 The investment is manged by Ruffer LLP. In line with board appetite, their approach is a low risk. In this year, the portfolio did not perform as anticipated. Ruffer's ambltlon of not losing money over a 12-month period and providing a better return Ihan cash in the bank did not come to fruition. Mainly this has been due to the construction of the protection side of the portfolio not being needed in a way that was forecast. This was combined with growlh side of the portfolio not yielding the resulls required to compensate. Since its inception, VLL has benefited from 4.30/0 annualised return. We continue to monitor its performance on a regular basis. The charitable company holds 1000/0 of the ordinary share capital of Valley Health and Leisure Limited which is a cornpany registered In England and Wales and remained dormant throughout the accounting period. The subsidiary is not material for the purpose of giving a true and fair vlew. The company has therefore taken advantage of the exemption provided by Section 405 of the Companles Act 2006 not to prepare group accounts. 2024 2023 Valley Health and Leisure Limited Aggregate capital and reserves Profit for the Year 27
VALLEY LEISURE LIMITED (A company Ilmlted by guaranta•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. FIXED ASSET INVESTMENTS (continued) Llsted investments Analysis of investment by type.. 2024 2023 Equities 318,193 448,867 Listed investments 318,193 448,867 The historic cost of listed investments is £345,407 (2023.. £451.841). The trustees consider that the following investment holdings are material (representing more than 5¥0 of the total portfolio value). 2024 2023 Ruffer Charity Assets Trust Fund 318,193 448,867 12. DEBTORS AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Prepayments and accrued income 210 24,900 1,608 26,240 25.110 27,846 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors VAT PAYE and social security Other creditors Accruals 26,484 16,401 7,785 1,413 87,986 23,764 8,162 6,033 1,176 83,433 140.069 122.568 28
VALLEY LEISURE LIMITED (A company Ilmit by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. OPERATING LEASE COMMITMENTS As at 31 March 2024 the charity has an annual rental contract of £15.000 per year, for the next year in respect of its I Can premises. Under this lease agreement the charity can terminate the lease on an annual basis. This lease is due to expire in March 2027. As al 31 March 2024 the charity also has a rental contract of £18,000 which is due to expire in November 2024, in respect of its site at the Andover Bowling Alley complex. 15, ANALYSIS OF NET ASSETS BETWEEN FUNDS- 2024 Unr•strlcted funds Restrlcted funds 2024 Total Flxed assets Investrnents Current assets Current liabilities 155,933 318,194 150,284 (140.069) 22,295 178,228 318.194 154,458 (140,069) 4,174 484,342 26,469 510.811 ANALYSIS OF NET ASSETS BETWEEN FUNDS- 2023 Unro8trlet•d funds Restrlcted fund8 2023 Total Fixed assets Investments Current assets Current liabilities 211,099 448.868 86,522 (122,568) 18,924 230,023 448,868 108,779 (122,568> 22,257 623,921 41,181 665.102 29
VALLEY LEISURE LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. MOVEMENT IN FUNDS At 1 Aprll Net movement 2023 in funds Transfers between funds At 31 March 2024 Unrestricted funds General fund Designated reserve 368,921 255.000 (139,579) (5,000) 5,000 224,342 260,000 Totsl UnstrICted funds 623,921 (139,579) 484.342 Réstricted fund8 l-can therapy equipment fund Community Asset fund Stannah Stair Lifts l-can fund 19,542 18,750 2,889 (8.990) (5,000) (722) 10,552 13,750 2,167 Total restricted funds 41,181 (14,712) 26,469 TOTAL FUNDS 655,102 (154,291> 510,811 Designated reserve represents certain designated reserve funds categorised under the following headings: Transition and contracts reserve - £65.000 (2023.. £75,000) Equipment replacement - £70,000 (2023.. £60,000) Annual miscellaneous capex- £25,000 (2023.. £20.000) Future growth - £100,000 (2023.. £100,000) Net movement in funds, included in the above. are as follows.. Incoming Re8ourGes resources Expended Galns and Mov•m•nt (108888) In funds Unrestrlcted funds General fund 847,202 (948,657) (38,124) (139,579) Total unrestricted funds 847,202 {948,657) (38,124) (139,579) Restrlcted funds l-can therapy equipment fund Community Asset fund Stannah Stair Lifts l-can fund (8,990) (5,000) (722) {8,990) (5,000) (722) Total restricted funds (14.712) (14,712) Total 847,202 (963.369) (38,124) (154,291) l-can therapy equipment fund This fund relates to the grants received from Simply Health to fund the purchase of equipment for the l-can therapy centre operated by the charity- It represents the net book value of fixed assets funded by the grants.
VALLEY LEISURE LIMITED (A company limited by guarant•a) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. MOVEMENT IN FUNDS (continued) Community Asset fund This fund represents a grant contributed towards the new Pins on String and scoring system as part of an initiative to fund 500/0 of the cost of a project to provide new or enhance existing, important community assets and facilities. As part of the agreement TVBC recognised that the property lease is up for renewal and therefore included a 500/9 clawback provision should operations move outside the TVBC area. Stannah Stair Llfts l-can fund This fund relates to the grant received from Stannah Stair Lifts tofund the purchase equipment for the l-can therapy centre operated by the charity. 17. RELATED PARTY TRANSACTIONS There were no transactions made with related parties during the current or prior year. 18. CONTROLLING PARTY Valley Leisure Limited was controlled throughout the current and previous perlod by the guarantor members, who have all given guarantees of £1 each, and who are also Valley Leisure Limlted's directors. No member has overall control. 19. CASH GENERATED FROM OPERATIONS 2024 2023 Net expenditure for the year (154,291) (102,687) Adjustments for.. Investment income Depreciation of tangible fixed assets (Gain)Iloss on fixed asset investments (7,453) 67,983 38,124 (10,827) 79,141 11,721 Movements in working capltal: 155,637) {11.838) Decreasel {increase)l in stock (Increase)Idecrease in trade and other debtors Increasel(decrease) in trade and other credilors (4,289) 2,736 17,500 2,808 {276) 34,562 Cash generated from operations (39,690) (25,256) 31