RECISTERED CHAIUTY NUMBER: SCIM18314 Re orto FiDanci41 Sta h 2024 ror entre Rogersffl & Goldie Statuttsry Audilor5 Chartered Accountants 29 Portland Road KihKarnock KAI 2BY
8 The GalleTrn Centre Page Report ofthe Trustees Report of the Independtht AdItOrs 5 to 8 Statement of Fi•anei41 Activities Balgnce Sbeet Ca$h Flow Stgternent Not&s to the Casb Flow Statement Notes to the Fin&Dclwl St*tement5 13 to 20 Detalled Statsment of Financial ActivltlES 21 to 22
Th Gall ent th r Fnded The trusteespr&5Cnttheirreport with th¢ luw]cial 5talem¢nts of the charity forthe yearcndcd 31 March 2024. Th¢ tnL8t¢¢$ have adopied ibe provisions of AOunting and Rcp(rting by Cknaritie5: Ststement of Recomm¢nd¢d Pradi¢¢ applicable io charilies pr¢pariiig th¢ir accounts in accordancc with the fillancial Reporting Standard applicable iti the UK and Republic of trcland (FRS 102} {effectiv¢ l January 2019). OBJECTIVES AND A1VITIEs Objectives aims The Trust objecis and principal aetiyities are to'.- Encourage the widest use of the recreational facilities provid by residents within ld visitors to E&8t Ayrshire District. To provide facilities for the development of sport including coaching and trainin& to LY15ur¢ that y(Ag persons. the disabled and minority and undcrprivil¢ged social 0upS have acccs5 10 thc farilities on re&sonable tern]5 gnd otherwi5¢ promth¢ leisure and recreatiollal ad1vill within East Ayrshlre. SIglfiCal aetivitit$ The Ki]mamock Leisure Centr¢ trnst h&4 developed the busine&s into four niain activity departtnents which are Fitness Zone, Aqua Zone, Ice Zone and Dryside for the purpose of peTforn3anc¢ indi&ilors and tw(Tr other% which are Administration and Bar & Catering as secondary spend (kpartments. This allows Trustees to evaluate the busiThess perforniance monthlyj quarterly and annually and interna] benchmarking is evaluated each year with previous yearfs compariSL. ACHIEVEMEKf AP4D PERFORMANCE Charltsble activie$ In conjundion with the figures outlined in significant activities the Trust 5UPPOrts rnany other cbaritable Oocal and national) organisauons in fundraising by offering ¥omplinMiw iickets for activities at th¢ Gallcon C¢ntr¢ as well as entering differing sporting competitions to aSSlSt the their obligations. The Trnst don¢d £9,205 inco]nplimenthri¢s andheld in ho activities which are included in the above. Th¢s¢ includ¢ th¢ followin8 bul hav¢ contnl>uted to many mote. - Ajyshire Hospice - Clic Sargent - Mind over Matter Motor Nellrons Scotland - AShire Cancer Support - National Autistic So¢i¢ty - Magic lllterllal thnd extsrnl factors TNst¢¢S IA assessing these factors have many totake itito Consideratio national and l¢xal tren th¢ ¢ontinuing increase in ¢le¢trÈ¢ity. g&8 w*¢rall pre1 their own ¢hallenges. New busines$ in the private gym sector, the new PFI Sehool Build programmes all iM¢t on the operation of the chwity. TnJs¢ees will continualty review and ass¢9 they arise. FINANCIAL REVIEW Prineiphl fundthg sour¢¢s The principal funding Sour are generated from the servi¢¢s to the g¢n¢r41 public of all the activities within the Galleon Centre th¢ op¢rational revenue from East Ayrshir¢ cow11. P48¢ 1
Lelsure Cell tla Tlje Re ort of th Tru for the Yeur Ended FINA'CIAL REVIEW FIlladl Review The Financial year 2023r24 has shown signs of recovery including higher income, custer f(K)rfall and r0eMbeIpS due to ongoing investment in the facilities. However, the sharp increAse in wage& ¢ostof suppli&%. utilities and the current marial srate of the building leading io in¢r¢as¢d maintenance ¢osts has posed SilfiCant challenges to the re¢ovtty plans in place. Reorganisatiorn innovation and improv¢dwfomianr¢ of the Tnain income streams whilst recommencing the Centre RefU1$hment Progrdmrne will b¢ inslnmientsl in ¢nsuTiDg the ongoing viability of tbe Trust. Durnigthe perN)dthe Tnt will Continuously monitorongoing viabilty, ¢&sh flow, profitability 4nd th¢ long-temi impact of the ongoing cost-of-living ¢risi5. The Centre has external funding and wscrves allocat¢d to rnitigat¢ against th¢ Irnt of itiflation and the curr¢nt m¢1 voletility. The Kihnarnock Leisure Centre Trnst secured funding from East AyTshire Council has Fen approved as follows... 2024r25 £139.800 The are six main leisure tiVity departmMts of AdminiStion, Fitness Zon¢, Aqua z(e. Swimming Pool. Ice Zone. Drysid¢ and Bar & Catering which Cumulatively generared £2,358,039 (2023 - £1.986.333) which adthd to the above operation81 subsidy, other grants and inter¢5t relurned £2,626,866 (2023 - £1256,279) in income genetation. Rewrves Poliey Trustees continue to monitor the charities requiments forreseryes in lit of the main risks to the organisatiort. General reserves carried forward from 2022123 of £50.032 have increased due to the over budget income generation of £3,701 to reserves of £53,733. The Tst will continue with the strategy of continuing lo incrcase resery¢s at every opportunity in the long and short terni to build added secuTity to mect the business need5. This will be achieved further by capital investment required to continue to operate to all legislative requirements ID coniurAclion with contiTrUOUs imwovement of the fabric of the building. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing dOCu¢llt The charity, a not forpTofit organisation, is controlled by 1¢$ governing d0Ment. a Deed of Trll5t sct up in 1985. A minute of variation to the De of Trust wa5 appmved ty OSCR in March 2014. A new 30 year lease for th¢ Galleon CenlTe was agTeaJ with East Ayrshire Council on 13th Janury 2016. Recruitment #nd appointment of new Irustee5 Thistee5 of th¢'Ki]marno¢k Leisure Centre Trust" arc cat¢goris¢d a5 Appointed Trustee - Fivc fr¢)m la$t Ayrshire Council Business Trustee - Two from th¢ business community Sports Council Twslee - Two from the local Sports Ci)uncil The purpose of the Trust is to encourage thewide5t U5¢ of there¢reation facilities provided by residents within and visittrs to East Ayrshire (East Aytshire by natural succession from Kilmarnock and Loudoun) District. To provide facilities for the development of 5POrt including coaching and trdining, to ensure that young person5, the disabled and minority and underprivileged social groups hav¢ a¢5& 10 the facilities rea50llable ternis and othetwise io promote leisure and re¢reationAI aciiviries within East Ayrshi. Page 2
alleon Ccntr heTr for the Vear Ended 31 M rc srRUCTURE, GOVERNANCE AND MANAGEMENT Orggntsatlollal struciure The Trustees hdv¢ appointed a management tcam 1VIs¢ th¢ Twst¢es on the management and operation ofTh¢ Galleon Centre and to uiidertake such duties as the Trustc¢s may d¢cid¢. Board of Trustees General Manager Depuie General Manager Operations Manager A schem¢ of delegation is inplace and it is the restKynsibAlity of the Generdlmanager in conjunction with his management team for the resp)nsibility for the provision of the services and ensurtng that the ¢hariry delivers the services sCIfIed and that key r¢rforn)allee indicators are meL The General Manager through delegation to his team is responsible for the day to day 0[*rlonal nydnagementof the Centre, individual supeiS1On of the staff tram and also that the continue to develop their skills and working PticeS in lin¢ with gwd practice and besi value. Illductio and tt•inlll£ of new trustees All Trust¢es are atre familiarth the work of tbe Galleon Centty and its ]m[an¢t and role IA the community. Trusteds offered training alld dev¢lop]neni when tEquired and this is recorded at Tn]5t meetings. All TNstees aTe reques to sigll and date the TTUStees D¢¢lwion alld a¢t with due care and diligence managing the &ffars of the Kilmamock Leisure Centre TrusL Related parties The Charities objectives are guided by lo¢al and national policy. The Galleott Centre works in partswship with East Ayrshire Council CHIP (Commwiity Heahh Improvement Project) and the GP r¢f¢rral scheme, Young Scot and Shout Cards tha¢ assist to meet the Deed of Trnst. The Trust is committed to Continuous improvem¢nt in wnjullction with Visit Scotlattd Visitor Attraction alIty Assuran¢¢ S¢hem¢. REFERENCE APID ADMINISTRATIVE DETAILS Registered Chgrity Ornber SC008314 Prineipal address The Galleon Centre 99 Ti(chfield Street Kilmarnock KAI IQY Page 3
Klljn a The Galleon CtMtre ustecs Mareh 2024 REFERENCE AND ADMINISTRATIVE DETAILS Allditor$ Rogerson & Goldie Statutory Auditors Chartered Accountants ?9 Portland Road Kilmarnock KAI 2BY STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees are responsible for preparing the R¢wrt of the Twstees and th¢ fmancial statements in a¢cordance with applicable law and Unit¢d Kingdom Accounting Standards {Unit¢d Kingdom GenerlY A¢¢epted A¢¢ounting Pra¢ti¢e). The law applicable to charities in Scotland the Charities and Trnstee Investment(Scotland) Act 2005, Charities Accounts (Scotland) Regtslations 2006 (as amended) and the provisions of the charity's Constitlon, requires the trnstee% to prepare financial statetnent8 for each financial year which give a trne and fair view of the 8t8te of affai of the charity 2nd of the incoming resources application of resources, including the income and expendittTrre. of the charity for th* peri(xl. In preparing those fuM)¢ial stsiements, the trnstees are required to select suitablc accounting rM)Iicic5 and then apply thn GonsI5tet]y. observe the mdhods and prAt)¢iple5 in the Charity SORP. make judgements and estimatss that are asonable and p[dt. state whether applicable accounting standards have been follow¢d, subjcct to any material dqJarture$ disclosed explained in th¢ financial statements- prepare the financial statements on the 80in8 concem balis Unle it is inappropriate to presume that the charity will continue in business. The trust¢¢5 ar¢ rcspon5ibl¢ for k¢¢ping proper accounting Tecords which disclose with reasonable accuracy at any time thc financial position of ihe ¢harity and to enable th¢m to £nsU that thc fancial stat¢nJ¢nts comply with ih¢ Chariti¢5 and Trustee Investm¢nl (&otland) Act 2005. Ihc Charities Accounts (Scotland) R¢gulation$ 2006 (as amended) and the provisions ofthe charity's ConstitiOn. They are also responsible for safeguarding thc a55cts of the charity and hence for ¢aking r¢Jsonabl¢ 5teP5 for the prevention and d¢t¢¢tion of fraud and other irregularities. Approyed by order of the board of trus¢¢¢s OA 18 S¢ptember 2024 and sisned on its b¢half by.. Page 4
)ort KslmArnock Th ure CeThtrt Trust Opitiion We have audited the fll)ancial staternents of Kilmamock l£isure Centr¢ T]u8t Va The Galleon Centre (the 'Chi,) for the year ended 31 March 2024 which comprise the Statement of Financial Activiries, the Balance SheeL the Cash Flow Siatemellt and notes to the financial 5tst¢meni& including a surnrnary of 5ignifi¢ani accounting kX)liri¢s. Th¢ f]nancial reporting framework that bas ett applied in their prepardtion is applirablc law and United Kingdom Accounting Stsndards (Uniied Kingdotn G¢n¢rally ALCfPted Accounting Practic¢). In our opinion the fllwicial statements: give a and fair vi¢w of the state of the chariry's affairs at 31 March 2024 and of its iornIng r¢sour¢¢s ¥ttd 4)plicatim of resour, for the year then ended.. have been properly prepaT¢d in accordance with Unitrd Kingdom Gen¢rally Accepted Accounting PtiCe. and have been prePad in accordance with the requirements of the Chariti¢s and Trustee Investment (Scotland) Act 2005 and Regula¢ion g of the Charities Accounts (Seotland) Regulations 2(KJ6. Basis for opinlo We conducted our audil in aC¢OrdCe with thternational Standards on Auditing (UK) OSAS (UK)) and applithl¢ law. Our responsibilitieg un(kr Ihose srandards are furth¥r dtribed the Audil(XS' responsibilities for the audit of the f]narLcial statements se¢tiun of our report. We are ind¢p¢ndent of the charity iti accordance with the ethical requiretnents that ar¢ rel¢Yant to OUT audit of the finan¢ial statemellts in the UK including the FRC'S Ethical Standar(L and we have fuifdied our oth¢r ethical r¢gpon5ibilities in a¢c4)rdan¢e with these requirements. We believe that the audit evidence we have obtsiti¢d is sufficient and appropriat¢ to provide a basis for our opinion. Con¢lu$lons relstlng to going concrtL In auditing the ffftan¢ial stot¢rneDt4 we have concluded the trnstees, use of the going concern basis of ac¢ouDting in the pr¢p8ration of the fll)ancial statements is appropriate. Based OJLthe Work we hav¢ perfonned. we have not ideniified Any matrrial uncertainties Telating to events or nditionS that, individually or colle¢tiv¢ly, may cast significant doubt on the ¢harity's ability to continue as a goi con¢ern for a peri of at leasttw¢lv¢ motllbs from when the financial statellbents are auttrl0ris for issu¢. Our r¢sponsibilities and th¢ restN)ll5ibilities of the trus¢s with respe£t to going ¢on¢ern ar¢ (ks¢ril)ed in the relevant sections of this r¢porL Other iDform8¢iott The trustees are respon$ibl¢ for the other infonnation. The other ]nforntIOn comprises the informa¢ion included ill the Annual Report, oth¢r than the financial statements and our e)rt of the kndependent Auditors thereon. Our opinion on the finan¢ial statemenis does not¢Dverthe other infornarion all exceptto th¢ exteni herWiSe exp]i¢itly stated in (r report. we do not expTes$ any form of assurance conclusion thereon. In connection with our audit of the fu7¢1a1 stat¢tnW our rewn5ibility is to r¢ad th¢ other InforntiOn an(L in doing so. consi(kr whether the other inforniaiion is mat¢rially ithconststenl with the fJnan¢ial stat¢m¢llts or our knowledge obtained in the audit or otherwise appears io bc m¢r111Y misstat¢d. If we identify Such mal¢rial illwnsist¢ncies or &ppar¢nt material mis3tatem¢nts. we ar¢ required to deternine whether this gives ris¢ to a material misststement in the fjnaneial statements themselves. If. based on the work we have p¢rfoTm¢d, we Conclude that there is a material misstatement of this otb¢r informatio]L we are required to report that faet. We have nothing to report in this regard. Mjtters ott wbieb we are required to report by exception We have nothing to report in Tespect of the following mattets whtre the Charities Accounts (scodd) Regulations 2006 requires us to report lo you if, in our opinion.. the infi)rmation given in the Report of the Trustees is incon5iSt¢llt in any mClIalr¢Sp¢¢tWIth th¢ fjnancial ststements" or proper aOW1ting TOrdS have not been kept- or th¢ ron¢La1 statements are not in agreement with th¢ ac¢ounting rt¢( 8nd retUrn&' OT w¢ have not reccivcd all tho infonnati¢m 4nd ¢xplanAtions we require for our audiL
r¢ Centr¢ Trus Re5PQTh5ibIliti trustee5 As explain¢d more fully in the Siatement of Truste¢s' R¢sFKnsibilitie4 the trustees are responsible for the preparation of the financial stat¢Tn¢nts which giv¢ a tru¢ and fairview, and for such internal contrgl as th¢ trust¢¢s deterniine 15 esSITY to ¢uabl¢ th¢ prEparation of fu)an¢ial 5tat¢]ncnts that fr¢¢ from Tnat¢rial mi55tatcm¢nl, wh¢th¢r du¢ to fraud or crroT. In prcparing th¢ financia] stat¢m¢nts, th¢ trustKs ar¢ r¢sFKFnsibl¢ for as%ssing th¢ ¢harity's ability to contin a5 a going concem, disclosing, as applicable, matters related togoing conc¢m and u5ingthe going conceTn basis of accounting unless the trlee5 eItr intend to liquidate the charÉty or to cease operations, or have no realistic alternative but to do so. Pa8e O
ilrnarn ek Leisure C¢ntre ru Our responsibilities lor the avdit of the financial statements We have en appoinl¢d as auditot3 uler Section 44(1){cl of the Charities amd Ttustre Investment (Scotland) Act 2005 and report in aGrdance with th¢ Act and relevant regulations llmde or having ¢ff¢d ther¢Utr. Our obicctivcs toobtain reL8onable assurance about wh¢th¢r the financial statements as awhole are free from material misstat¢m¢nt, whethcr due to frnud or ¢m)r, and to issu¢ a Rwrt of the Independent Auditors that iticludes our opinion. Reonable assurdnce 15 a high level of assurance. but is nol a guarant¢e that an audit conduthed in accordance with ISAS (UK) will always detect a material mi5Stat¢ment when it exists. Misststements can arise from fraud or ern)r attd are ¢on5idered material if, individually or in the aggr¢gate, they could reasonably be expected to infiuence the economic decisions of users tsken on the basis ofthese financial statements. Irregularities. including fraud, are ingtances of non-compliance with laws and regulations. We design procedures in line wilh our responsibilities, out]ined above, to detect rnaterial mi%st&tements in respect of irregularities, including fraud. The extent to which our procedures are capable of detrcting itTegularitie& including fraud is detailed low.. As of designing our audii, w¢ thiLYminedAnatrrialiry and assessed the risks of material missthtement in the financiai Strments, includiug how fraud tnay (ur by enquirillg of mattsgement ofits own consideration of fraud. In tiCUlar, we Ik¢d at where managemenl made subjectiv¢ JuT¢¢tS, for example in respect of sAgnificaMt accounting eslllnale5 that involved making a9sumptions and considering tUre events that are inherently uncertain. We also considered p)I)tial fuw)¢iai or oth¢r pressures, opportullity and n]otivations for fraud. As part of this discussion we identifiedthe int¢rnal ¢ontro]s establithedto mitigate risks related to fraud ornoncompliance with Laws andregulations and howmanag¢tnenl monitortheseprocesses. Appropriate procedures included the review andtestingof manual journals and key estimates and jUdgents made by manage]nent. We gained an underslanding of the legal amd re£ulaiory meWOrk applieable to the company and the industry in which li operates, drawtng on our broad sector experience. and considered the risk of acis by the company thai were Contrary to th¢ laws andgUlatiOnS, including frauiL W¢ focused on laws and regulatiOll5 thai could give rise to a matla1 miss¢at¢m¢nt in tb¢ fll)an¢ial stst¢m¢nt$. We made ¢nquiri¢s of managementwith regards to compliance with laws and regulatLODS. We ¢omplet¢d a satnpl¢ of branch wdit reviews with a focus on the inc<)me, expenditure and cash balances thrimkghout the period to enre that activities were 8pOrted 9nd in line with company Nles and practi¢¢g. Ourtests included agreeing the financial statements disclosu9 to ullderlying y4)F4)rting dotllrnentation And enqumes with management. W¢ did not ideniify any key audit tnatter5 relating to I¢gu[arItlcs, including frau(L As in all of our audit& we also athlressed the risk of management ov¢rrid¢ of tllt¢rnal wntrols in¢luding t¢Sting JOWna and ¢Yaluation wbdh¢r th¢T¢ was ¢viden¢¢ of bias that represented arisk of materia] misstaiement due to fraud. Our audit procedures w£ desig)ed to respond to risks of material misstatement in the fmallcial statements, recognisAng that th¢ risk of not dctecting a materitl misstatement due to fraud is higher than th¢ risk of not detecting one resulting from error, as fraud may involve deliberate conceajment b>, for example. forgery. misrepre5entats.ons or through collusion. Ther¢ are inherent lirnitarions in the audit procedures perfornied and the fi]rther removed non-compliance with law$ and regu]ationy is from th¢ evenis and transactions refiected in the fUncIal st&ements, the le likely we are ro become aware of IL A further description of our r¢sponsibiliti¢5 lorth¢ audit of thc faL¢la1 s¢a*m¢llts i5 1(Kat¢d on th¢ Financial R¢portillg Council's website atwww.fv.0rg.uklwdit0rpOn5lbI1lti¢s. This d¢s¢rÉptiOD fom$ patt of our R¢port ofth¢ Independent Auditors. Poge 7
Kilmarn Use of our report This rert is made solely to the charity's trustees, as a dy, Tn aeeordancewith Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our alldit work has been undertaken so that we might state lo the charity'4 trnstees those matters we are required io stale to thetn in an auditors, report and for no other PUTFose. To the fullest extent perniitted by law. we do not accept or assume reswnsibility to anyone other than the charity and the charitys INsiees as a body. for L)Ul Éiudil work. fui Iliis rL ort. f r ih¢ opiniolls w¢ hav¢ fom¢d. behal Ilthgier£oll & CToldie Statutory Auditors Chartered Accowilants Eligible to act as an alldiror in fern of Section 1212 of the Companies Act 2006 29 Portiand Road Kilmarnock KA12BY Dat¢ 18 Sept¢mb¢r 2024 Page 8
Ila The G 11 n Cent Fin ror the Y 24 21124 Total funds 2023 Total fLmds Unr¢stricted runds estrithd fund Not¢5 tNCOME AND ENDOWMENTS FROM Cbaritabk actlvlties Charitable Activities 263,927 263,927 268.891 Other trading activities Investment income 2J58,039 2,358,039 1,986333 Total 2,62@866 2,626066 2,256,279 EXPENDITURE ON CharitAble activities Charitabl¢ Artiyities 2,623,165 2,623,165 2,247,699 NET INCOMEI(EXPENDITURE) 3,701 3,701 8,580 RECONCILIATION OF FUNDS Total funds brought forward 750,032 7,5,032 7,541,452 TOTAL FUIWS CARRIED FORWARD 7 550 032 The not¢s fom) part of these fjnancial statements Pag¢ 9
Ilm e Galle entre lance Sh 21124 Totsl funds 2023 Total funds Unrestricted funds Resthcted nd Notes FIXED ASSETS Tangible assets 7,500,OiM) 7,500,000 7,569,642 CURRENT ASSETS Sto¢ks Debtors CLth at b8nk 12 13 2&818 29,137 393 28,818 29,137 393 27,098 15,208 352 819 451 J35 45JJ35 395,125 CREDITORS Amounts falling due within one year 14 1380,062) (380,062) (340,811) NET CURRENT ASSETS TOTAL ASSETS LESS CURREP LIABILrrIES 7,571,273 7,571373 7.623,956 CREDITORS Amounts fa]ling thie after more than one year 15 (17,540) (17,340) (27,109) ACCRUALS AIW DEFERRED INCOME 17 (46,815) NET ASSETS 7 553 733 7 550 032 FUNDS Unrestricted fimds 18 7 550 032 TOTAL FUNDS 7 550 032 The financial stalements were approved b>. the Board of Trustees and authorised for i58ue on 18 September 2024 Ind were si ed on its h1t b The notes foym part of these f]nancial at¢rn¢nts Page 10
KilJn tla The Ileon Celltre h Flow Stleme ArEnded 31 or h 1024 2024 2023 NeS Csh flows from opeTatlllg ¢ilvlll¢s Cash gen¢rdted from operaiiix)s 230 Net cash used in op¢rating activities 230 Cash flows from inv¢5ting activities Interest receivcd Net cash provided by investing activities ChaDge IN cash g4nd c¥4sh equiYgl¢nts i the reporting p¢riod Cash and cash equivalents At tbe beglnniDg of the Teporting period 4OA61 231,286 352 819 121533 and cash equivalents at the end of ¢he reportill£ period 393 352 819 The notes form part ofthcs¢ flnancial stalements Page 11
Kilmarn tla Tbe Galleon Centre P4otes to the Cash Flow Staternellt lor the Year Ellded 31 March 2 REcof4CILIATION OF NET EXPENDITURE TO IYET CASH FLOW FROM OPERATING AcriviTIES 2024 2¢Y23 Net incomeJ(e%penditure) f(br the reporting period (as per the Statement of Financial AetivitiÉs) Adjustments for: Depreciation charges b)terest r¢ceiv¢d (Increasevdecrease in stocks (In¢rease}Idecrease in debtors (Decr¢aseyin¢r¢ase in creditors 3,701 8,580 69,642 (4,900) (1,720) (13,929) 71.819 (1,055) 13,420) 11,686 142 621 Net used in operotlons 35,661 230,231 AJ¥ALYSJS OF CHANGES IN NET FUNDS At 1.4.23 Cash flow At 31J.24 Net ellsh C&8h at bank 393 352.819 40JOI 393 Debt Debis falling due within l year D¢bts fallillg due after l year (&333) (&333} 442 73 Total Thc ngtes forn) part of these finan¢ial 5t#tem¢nts Page 12
rnock Ua The Calleon Notes to the Fina ror the Year E d eme Srch 2 ACCOUNTING POLICIES B*sls of prtparlng the IlnaTrclal state¢ts The fituwGial slAtcmenLs' of ihe charity. which is a publir kn¢fit ¢ntity under FRS 102, have been prepared in aordanC¢ with the Charities SORP (FRS 102) 'A¢counting and Reporting by Chariti¢s'. sta1cmt of Recomm¢nded Practiceapplicable to chatities preparing th¢iraccounts in accordance with the Financial Reporting Standard applicable inthe UK and Republic of Ireland (FRS 102) (effe¢tiYe l January 2019),, Financial Reporting Standard 102 The Financi31 Reporting Standard applicable in the UK and RUbli¢ of Ireland, 2nd the Charities and Trjstee Inv&8ttnent (Scotland) Act 2005. The fancial statements have been prepared UfKler th¢ historical C05t convention, as m(Klified by the revaluation of eertain &8sets. The fjnallcial stalements have prepared on a goitvd concern basis which assumes that the company will continue to trade for a period of 12 mmths from the dale of approval by the trustees. The current and fjjture Cash posiiion of the trusi has beeTh reviewed by the ErtTrard of trustees. Thi8 included a comprehensive review ¢OV¢Tin¥ it ptriod olone year froni the dale ofapproval of the financial stalements. The Ix)ard of mistees acknowl¢dg¢s that the ITUSt's liquidity position may be reliant on the ¢ontinued support of East Ayrshire Council and after du¢ consideration the board of tntee'S is satisfied that there is reaso[ble ¢xpectstion that the ttust will be able to obtain such funding if required and therefore have adequate resources to ¢ontinue in operational ¢xist¢y) for th¢ foresceable future. Accordingly) the board of SleeS consi(krs it appropriate to prep¢ the fuJan¢ial statements on the golljg coTh¢ern basis. Ineome Ineome from leisure. and reled #ctiviti49 Are recoliSed in the period in which the charity is entitled to receipt and th¢ amount ean be measured with rOnable cerfAinry. Income is deferral only when the Charity has to fulfil Conditions before Oming entiiled to it. Revenue grants, including thos¢ ftorn ¥overnmenL are rOgnised in the Statemeni of FiThan¢ial A¢tLVities (SOFA) in the period in which th¢ Charity is EntitL¢d LO receipt attd the amount cah) be measur¢d with reasonable ts]nty. Such income 15 deferred when th¢ ¢haTity has to fulfil conditiong befor¢ becoming entitled to it. Investm1 income is recognised in the riod iti whi¢h li is receivable. E3penditur¢ Liabilities ar¢ T¢¢ognised as expendifttre as SOC as there is a legal or ¢onstruetive obligation eommitting the charity to that expenditur¢, it is probabl¢ that * trs[er of economic benefits will be required in settlement ond the amount of the (Trbligatioll Can be measured reliably. ExnditUre is ac¢ounted for on acetwdls basis and has been classified under headings that aggregate all cost related w the categi)ry. Where ¢05ts ¢OmJOt be direcily attributed to particular headmgs the have been allo¢at¢d to aa1viti OTh a basis collsi5teut with the use of resources. GTants olyered subject to conditions which bav¢ not been md at th¢ y¢4r date are noted &8 & conhmitment but not accru¢d as ¢xp¢nditLfe. Grpnt$ Grants are recognised 31 the (avalUe ofthe &qset reeeived or receivable when their is areosonable assuronce that the grJnt condiiiony will be met and and the antS will be received. A grant that specifies perfornian¢e ¢onditions is recognised in income when the perforniance conditions are rnet. Where a grdnt does not specify perfornkince conditions it is reco1]Sed in income when the proceeds are rC]Y or receivable. A grant received before the recognition criteria are sati5ficd is r¢cognis¢d a a liability. Tangible fix¢d &s5ets Depreciation is provid¢d at thc following aDnuai rat¢s in orderto write off each ass OvltS estimateduseful life. Plant and machinery (m ¢(kft Page 13 ¢Olllinu¢d..
marnoek i1 llr e Galleon CeTrtre e Financial St#tements- eonthiued Year Ended 31 March 2024 AccouNfING POLICIES- ¢ontittu¢d Stoeks Stocks atr val1 at the lower of cost and net realisable valu¢ ar making due allowance for obsolde and slow moving items. Taxation The Charity is exempt from on Ats Chilable a¢tiviti¢s. Fund eeountffillE Ut)restrieted ndS call be us¢d in a¢¢orth¢e with th¢ eharitabl¢ obj¢¢tiv¢$ at tb¢ diretIOn of the tThstees. Restri¢t&l fimds Can only be used forparticular restricted puwes within the objects of the charity. Restrictions arise when 4)e¢ified by the donor OT when fifftds are rni$¢d for p4rtirulaT restrirted putTroses. Further explanation of the nare and putpose of each fi]nd is included in the notes to the financia] $Litements. Pension costs and other PDSt-retirement benefits The charity op¢rates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are thged to the Statement of Financial Activities in the period to which they relate. Financial as5cts attd finaneiAI li#biliti Short tem) debtors are measured at tramsaction price, less 8ny impairtnenL Short tenn creditors are measured atthe trdnsaction price. Other fttwneial liAbilities are measured initialty at fair value, net of tran¢tion costs, and are measured subsequently at amortised cost using the effective interest rnethod. Impairment of non4urrent g$$ets At ea¢h r¢portingp¢riod end dale. the charity reviews the carrying amounts of itstangible fixed ass¢ts todeterniine whcthcr thuc 15 3Y indication that those assets have suffered an impaimient loss. If any such indication exists, th¢ r¢wv¢rabl¢ amowit of the asset is estimated in ordcr to d¢t¢rniin¢ th¢ cxt¢nt of any impairmcnt loss {if any). Wherc it 15 not $sible to CStin)at¢ th¢ recoverable amowit of an individual a5SCt. th¢ charity estijnates th¢ recoverdble amount of the c4sh-gen¢rnting unit to which the &8set belongs. Recoverable amount is th¢ higher of fair value less costs to sell and value in use, In &55¢55Lng value in use, th¢ estiinat¢d futu ush flows are discounted to thcir presrnt valu¢ using a pre-tax discollnt rate thal refkcts the current market assessments of ihe lime value of Tnomey and the risks specific to the asset for which th¢ ¢stirnateS of tre cash flows have not becn adjusted. tf the recoverable amount ofas asset (or cash genernting unit) is ¢5tiTnat¢d to b¢ Ic55 than its carrying arnount. the Lan¥ amoutlt of thr ¥Set (or cash gcii¢ra¢ing unit) is reduced to its recoverable amount. An impainnent loss is recogpised immediately in profit or10ss, unlcss the relevant asset is wried at a r¢va]ucd amount in which ¢as¢ the impairjnent loss is treated as a revaluation de£rea5e. Recognised impairrnent loss¢s ar¢ reversed if, and and only if, the reasons for the irnpaimeni loss have ceased to apply. Where an impairnient loss subsequently reverscs, the carrying amount of the asset (or cash-generating unit) is increased to the rewi5ed estimate of ils recov¢rdb]e aOunt that would have been deterniined has an impairnient loss been recogni8ed for the a8set ((Jr cash-generdting unit) in pri( yea. A reversal of irnpaiment loss is recogniscd imm¢diately in profil or 105s, un1¢53 the relevant tt is carried at a valued amout)L in which case the r¢versal of the impaimient105S i5 treated as a r¢Yalu8tiM incrwe. Page 14 continued...
Ua Tho Galleon C f rtheye rEnd rch2 OTHER TRADING ACTIVITIES 2024 2023 Charge5 for fa¢iliti¢s Bar & catering incomc 2226,5111 131 ,874,950 1986 333 INVEsfMENT INCOME 2024 2023 Deposit accowil in¢¢r¢st INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Activity EAC grant- op¢rational Charitable Activities BAC grant- lee rink Charitable A¢tivit1¢5 Sp)rts Scoiland capital grnnt Charitsble Activities Ihher grants Charitable Aclivities CJRS grants Charitable Activities 139,790 24096 21,919 77J22 139,790 24,896 21,919 82,286 263 7 268 891 CHARITABLE ACTIVITIES COSTS fLmding of a¢tiviti¢s (s¢e note SuNyort costs (sc¢ note 7) Dire¢1 6) Totsls Charitabl¢ Athivities GRANTS PAY ABLE 2024 2023 Clwitable Athivities 9.205 10,164 Page 15 eontinued..
Th Gallcon Centr¢ SUPPORT COSTS Fee's payable to the charity's audiiors in respect of the statuiory audit amounted (0 £1.500 (2023 - £1.5(K>). Ftts payable to the auditor in respe of non audit service5 amouiited to £6,000 (2023 - £5,IMM)). TRUSTEES, REMUNERATION AND BENEFITS The were no trustees, remwieration or other benefjts for th¢ y¢ar ended 31 Mar¢h 2024 nor for the year ended 31 March 2023. Trustse$' expenseg There were no wqnents made to trustee5 for expenses. STAFF COSTS Wages and nio cou)TXiS¢ £1,412,361 (2023 - £1,216,788) on 0$& wage5 £80,659 (2023 - £75,474) employer national insurance o)sts £36,667 (2023- £34,045) on pension costs and £1,077 (2023 - £1,808) on oth¢r ¢mploye¢ benefits. No (2023 - none) employe¢s received employuJ¢nt b¢n¢fits (excluding p¢nsion $ts) of rnor¢ than than £60,0(M). The average staff numbers were l47 (2023- 1401. COMPARATtVES FOR THE STATEMEDrf OF FINANCIAL ACTIVITIES Unrestricted funds Restricted fund Total fim(ts INCOME AND EfiDOWMENTS FROM Charitable activities Charttable Activities 268,891 268,891 Other tltig aciivities Investment iticome 1986,333 ,986J33 Totsl 2256,279 2256279 EXPENDtTURE ON Charitable acttvitits Charitable Activities 2247,699 2247,699 NET INCOMEI(EXPENDrfuRE) 8.580 8580 RECONCILIATION OF FUNDS Totsl [ndS brougknt forward 7.541.452 7,541.452 TOTAL FUNDS CARRIED FORWARD 7 550 032 7 550 032 Page 16 continued..
k Leisure tla The Galleo ¢ntr the Financial he Yegr Ended JI Dts-eon h 2024 in TANGIBLE FIXED ASSETS Long Ivdsehold Plant and mathincry Totals COST At l April 2023 and 31 March 2024 952 913 913 DEPRECIATION At l Apri] 2023 Charge foryear 883271 883271 At 31 March 2024 952 913 NLT BOOK VALL At 31 March 2024 At 31 March 2023 7 569 642 The proTW w&$ valued at depreciated replacement cost (Trn 21 MaTch 2017 by Graham & Sibbald, Chartered Surveyors 5 St. Marnock Place. Kiimamock, KAI IDU. Th¢ original cost of th¢ property was £4,026,767.10. li STOCKS 2024 2023 Stocks DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade deixo Prepayments 29,137 15,208 29,137 13208 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Bank loans and ov¢Tdraft515w note 16) Trad¢ creditors TallOn and social security Other cr&litors ,333 7,454 29.192 295,832 11,801 34,775 340811 Page 17 continued...
re Centr ru I th FinaThcial StAtemeKts- Ended 31 Mareh 2 cREDORS. AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 21124 2023 Bank loalls (see noie 16) 17.540 16. LOANS An analysis of the maturity of loan5 is givcn brlow.. 2024 2023 Amounts falling due within one year OD dernand.. Bank loarts 8J33 8.333 Amoutts falling b¢ttN¢en one and two years.. Bank loan5- 1-2 y¢srs 17. ACCRUALS Af4D DEFERRED INCOME 2024 2023 Def¢ed grants Grdnts r¢1v¢a for the Ice Rink UPgr]e are le&sed to ittcome over a period of 10 years in line with the depreciation wlicy. I& MOVEMENT IN FUNDS Net movernent in funds Ai 31.3.24 At 1.4.23 Unrestrlcted fllnds General fund R¢valu8tion reserve 511,032 3,7111 53,733 7 553 733 TOTAL FUM)S 7 550 032 7 5S3 733 N¢t movement in furK15. included in the abovc ar¢ follow5: In¢oming resourS Resources expended Movemertt in tunds UreriC1ed funds Gejheral fund 2ffj20066 2ffj23.165 3,7111 TOTAL FUNDS 866 2 623 165 Pag¢ 18 contittued..
tlaTheG I Centr f rtheye rEnd r£h2 MOVEMENT IN FUNDS- conlinued Comparailves for movement In fund$ Net movement in funds At 31.3.23 At 1.422 Unre8trieted funds General fund Revaluation reserve 41.452 8.580 50.032 7 500 000 7 541452 7,550,032 TOTAL FUNDS 7541452 7 550 032 Comparative net movemellt in fw]ds, included in the above are as follows.. Incoming resources R¢50urc ¢xp¢ndcd Movement in fidS Unrestrlcted funds General fund 2,256,279 (2,247,699) 8.580 TOTAL FUNDS 2 256 279 2 ?47 699 A cUent y¢aT 12 months and prior year 12 nionihs rombined position is as follows- Net movetnent in funds At 31.3.24 At 1.4.22 Unrestricted fun(Ls Generdl fut)d Revaluation reserve 41.452 12,281 53.733 7 541452 12 81 7 553 733 TOTAL Fuf4DS 7 541452 7 553 733 A curreni ye4r 12 months and prior year 12 months combined net movetnent in funds, included An the aknve are &8 follows.. tD¢omin8 Resourees expended Mov¢ment in fijnds Unr¢stritted ThdS General fimd 4,883,145 {4,870,864) 12.281 TOTAL FUNDS 4 833 145 4 870 864 Page 19 continue(L..
h Financisl Stat ded IM2r 24 19. RELATED PARTY DISCLOSURES There were no related paty transactions for the year ended 31 M4r¢h 2024. Pdge 20
allcots Centre ment f Fina h YesrEnded31 M r h20 2024 2023 INCOME AND ENDOWMENTS Other trnding aetlvitles Charg¢5 for facilities Bar & catuing incom¢ 2226,510 131529 1,874,950 111383 2J58,039 1,986J33 IVt¢t intome Deposit a¢wunt int¥egt 1,055 Cbaritsble *¢tSvities EAC grdnt- operdiionai EAC grant- ice rink Swrts Scot18tsJ capital Other grants CJIiS grants 139,790 24,896 21,919 77a22 139,790 24,896 21,919 82,286 268 891 Total Incoming resources 1626066 2.256,279 EXPEF4DITURE Chxrltsbie aetlvldes Wages & nic Bar & catering costs Repairs & MaltenanCe Fixttwes & fittin&8 Energy costs Rates Insurance EquipmenL tool$ & rnItUre Cl¢aning suppliey Clothin& uniforms & laundry Offi¢¢ & otlLer athnin costs BaDk ¢lLarges Depreciation of tangible f]xed agsets Communications Fees for s¢rYi¢es Marketing Cos Grants lo inslithuons 1.530.764 66,900 206253 4,009 242,171 63,238 4&425 29OJ69 16,950 4,417 27,397 7,615 69.642 5,339 24,904 4,M7 1.328.115 35,646 17,941 7,297 279,253 54.460 50,851 290.650 16,251 2,925 19,097 6,789 71,819 7.33J 24,376 3,230 2,621,665 2.246.199 Support C115ts Gov¢rnaTree e•sty Auditors, r¢muneration 1,500 Thi5 page does not fom] part of th¢ statut(ry fJnan¢ial ststements P&ge21
k [isre a The Gal entre tement of Finfineisl Acttvi ear Ended 31 March 2024 2024 2023 Total re8ow¢es expended Nel income (expenditutt) This pag¢ does not fomi part of th¢ stAtuiory financial statements Page 22