greenwich leisure limited report of the · pdf filegreenwich leisure limited report of the...
TRANSCRIPT
i
REGISTERED COMPANY NUMBER: IP27793R (England and Wales) REGISTERED CHARITY NUMBER: XR 43398
GREENWICH LEISURE LIMITED
REPORT OF THE COMMITTEE OF MANAGEMENT AND SUMMARY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
CONTENTS
Report of the Committee of Management .................................................. 2 to 26
Independent Auditor’s statement to the members of GLL ................................ 27
Summary Financial Statements:
Balance Sheet ............................................................................................ 29
Cash flow statement .................................................................................. 29
Statement of Financial Activities .............................................................. 30
(incorporating the Income & Expenditure Statement)
2
SECTION 1. REPORT OF THE COMMITTEE OF MANAGEMENT The Committee of Management present their report with the financial statements of the Society for the year ended 31 December 2013. The Committee of Management have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in March 2005.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number: IP27793R (England and Wales) Registered Charity number: XR43398 Registered office Middlegate House 1 Seymour Street The Royal Arsenal London SE18 6SX
Committee of Management J M Sesnan S Ward A Ritchie C Hebblewhite - resigned and reappointed 26 June 2013 G Kirk L Smith J Rham L Cook - resigned 26 June 2013 D Sawyer H Singh P Brooks A Bindon J Stemp
- resigned 26 June 2013
T Wallace J Davenport M Hayes B Brown S Wright - appointed 26 June 2013 R Durrant - appointed 7 November 2013 M Perren
- appointed 26 June 2013
Secretary P Donnay
Bankers Coop Bank Lloyds Bank 14 Hythe Street Faryners House Dartford DA1 1BD 25 Monument Street DA1 1BD London EC3R 8BQ
Auditors Clair Rayner ACA DChA (Senior Statutory Auditor) McCabe Ford Williams Statutory Auditors and Chartered Accountants Bank Chambers, 1 Central Avenue, SITTINGBOURNE ME10 4AE
3
4
STRUCTURE, GOVERNANCE AND MANAGEMENT Greenwich Leisure Limited, hereinafter referred to as GLL, is an Exempt Charity and a Society for the Benefit of the Community registered under the Industrial and Provident Society Acts. The Society does not distribute profit. Any surplus is applied solely to a general reserve for the continuation and development of the Society. GLL was established in 1993 with a portfolio of seven leisure centres in one Partnership. In 2013 GLL directly managed more than 145 facilities including public leisure centres, play centres and libraries in partnership with over 30 local councils and other organisations. The turnover of the Society in 2013 was £133.5m. GLL is widely acknowledged to be the UK’s leading charitable social enterprise delivering leisure, health and community services. GLL is governed by a Board of Trustees appointed by the annual general meeting. Our governing document is our rules, first registered in 1993, and most recently revised and re-registered with the Financial Conduct Authority on the 17th February 2010. The GLL Board of Trustees has representation from a number of stakeholders including Customers, Local Authority members, Independent skilled professionals and significantly, the Workforce. This stakeholder mix has helped create empowerment, enthusiasm and ownership at all levels of the organisation.
The governance structure reporting to the Board includes the:
Executive Sub Committee for urgent and major decisions. Audit Sub Committee responsible for managing GLL’s risk register Remuneration Sub Committee responsible for the employment and terms and conditions of the
executive directors and the general pay and remuneration terms of all employees (No members of staff can sit on this sub committee)
The Board of Trustees reviews and sets the Strategy and Objectives annually in the context of the five year corporate plan. It meets quarterly to review progress and consider additional strategy and policy decisions. GLL operates a risk register to record any potential risk the society may face. The risk register is a working document that is updated on an ongoing basis with mitigating strategies as necessary. The register is reviewed by the Audit Sub Committee every quarter. Day to day management and delivery of GLL’s annual corporate plan is delegated to the Managing Director and the Executive Director team. The Managing Director reports to the Board of Trustees and is a full ex officio member of the Board. Recruitment and appointment of new Board Members In exercising its powers to nominate, appoint, reappoint, elect, re-elect, approve and dismiss Members, the Society Members seek to ensure that the Board is representative of the local community and also comprises persons with a broad range of skills who are likely to contribute to the Society's success. Induction and training of new Board Members Board Members follow an induction and familiarisation programme as required, and attend development sessions to discuss improvement proposals, which also feature externally facilitated sessions with leisure industry representatives and health professionals.
MainBoard of Trustees
AuditSub Committee
Executive Sub Committee
RemunerationSub Committee
(external independent members only)
5
Staff Empowerment All eligible staff in GLL are encouraged to join the Society as voting members. This leads to a high level of commitment, empowerment and motivation resulting in an improved quality of service to the community. GLL also enjoys remarkably low absence levels. Currently 70% of eligible staff have opted to join the Society.
OBJECTIVES AND ACTIVITIES The objects of the Society are:
(a) to provide or assist in the provision of facilities and services for the public benefit for recreational, sporting or other leisure time occupation in the interests of social welfare, healthy living and education, such facilities being provided to the public at large save that special facilities may be provided for persons who by reason of their youth, age, infirmity or disability, poverty or social or economic circumstances may have need of special facilities and services, and /or
(b) to promote community participation in healthy living, and/or (c) to advance the education of the public in the benefits of healthy lifestyles, and /or (d) to advance the arts, culture and / or heritage, and / or (e) to provide support services relating to the above, and / or (f) to provide consultancy and advise to public, sporting and charitable organisations, and / or (g) such other charitable purposes beneficial to the community consistent with the objects above
as the Trustees shall in their absolute discretion determine. In 2013, GLL worked in direct Partnership with the following Councils and organisations delivering some of their public services including leisure centres, libraries and play centres:
Bellingham Community Project Ltd Black Prince Trust Cambridge City Council Chiltern District Council City of Westminster City of York Epsom and Ewell Borough Council Jubilee Halls Trust Greater London Assembly (Crystal Palace National Sports Centre) Henley Town Council London Legacy Development Corporation London Borough of Barnet London Borough of Camden London Borough of Ealing London Borough of Lambeth London Borough of Hackney London Borough of Hammersmith & Fulham London Borough of Harrow London Borough of Hillingdon London Borough of Islington London Borough of Merton London Borough of Tower Hamlets London Borough of Waltham Forest London Borough of Wandsworth London Playing Fields Foundation (Peter May Leisure Centre) Maplewood School Millbrook School Prestwood Sport and Leisure Association Reading Borough Council
6
Reigate and Banstead Borough Council Royal Borough of Greenwich Royal Borough of Kensington & Cheslea Rugby Borough Council South Bucks District Council South Oxfordshire District Council Swindon Borough Council West Oxfordshire District Council
This partnership approach with the various Councils and organisations has been a key plank of our success. However, each relationship is underpinned by a formal contract and each contract is subject to termination dates and possible tendering for renewal. In addition, GLL worked in partnership with fellow social enterprises: Freedom Leisure Limited in delivering the services of 11 public leisure centres in the South and South East for the following Councils:
Crawley Borough Council Guildford Borough Council Mid Sussex District Council Woking Borough Council
Halo Leisure Limited in delivering services in 8 leisure centres for Bridgend County Borough Council. Outside of partnership arrangements, GLL holds the 97 year lease of Charlton Lido and is in the process of redeveloping the centre. This is GLL’s first “directly owned” facility. GLL also signed a 15 year lease on a building in Bexleyheath to deliver affordable health and fitness facilities to the community – “Gym London at Bexleyheath”. Further such arrangements are planned in 2014.
7
CORE PURPOSE GLL’s overarching aim is to deliver sustainable and affordable provision of facilities and services for the public benefit for recreational, sporting, cultural and other leisure time occupation in the interest of social welfare, healthy living and education. GLL has adopted Four Pillars to frame our vision and mission:
1. Service Excellence “BETTER SERVICE” 2. Strong Business “BETTER BUSINESS” 3. Motivated, Engaged and Well Trained Staff “BETTER PEOPLE” 4. Social Impact “BETTER COMMUNITIES”
We seek to drive our business across all four of these objectives using a balanced scorecard to track our progress and ensuring our Charitable Objectives are continuously met.
Service Excellence “BETTER SERVICE” GLL aims to:
- Operate facilities that are accessible by all sections of the community save that special facilities may be provided for persons who by reason of their youth, age, infirmity or disability, poverty or social or economic circumstances may have need of special facilities and services
- Provide a balanced programme and pricing of activities for sport, physical activities and cultural services
- Deliver services and facilities that are consistently rated as excellent as well as utilise quality benchmarks such as Quest and the Customer Service Excellence Standard
Strong Business “BETTER BUSINESS” GLL aims to:
- Achieve stability and growth in our existing operations whilst developing new products and markets including our online portals
- Continue to improve efficiencies and effectiveness, making sure our available resources are maximised and put to best use
- Develop new business opportunities and partnerships where they can bring added value - Continue to build on our existing partnerships for the long term - Continue to invest into the leisure centre and library buildings - Build our asset portfolio
Motivated, Engaged and Well Trained Staff “BETTER PEOPLE”
GLL aims to: - Train our staff well, pay our staff well and ensure they are engaged in the long term future and
success of our business and our mission - Work with employment agencies and Sector Skills Councils to provide long term career
opportunities for local people within sport, leisure and cultural services - Develop our staff through continuous professional development through our own industry
accredited training college (the London Leisure College) and a suite of career-long academies
Social Impact “BETTER COMMUNITIES”
GLL aims to: - Work with volunteers, clubs, national governing bodies, health & social service organisations to
provide improved lifestyles, health and education for local communities - Deliver across the environmental and sustainability agenda - Promote the values that Social Enterprise can bring - Promote the Olympic and Paralympic Games legacy agendas and ideals and to maximise the
8
associated benefits - Acknowledge and reward young individuals with sporting talent through the GLL Sport Foundation
programme and associated partner schemes - As a charitable organisation, GLL reinvests ALL surpluses into delivering our social aims.
Wider Partnerships GLL works closely with or seeks to have a relationship with many other partners in addition to our local authority partners, these include:
- The London Mayors office and Greater London Assembly - Sports and Recreation Trusts Association (Sporta) - London Legacy Development Corporation (LLDC) - The Sector Skills Council, SkillsActive and the National Skills Academy - Sport England and the London ProActives Network - Greenwich, Newham and Hackney Community Colleges - Social Enterprise London (SEL) and the Social Enterprise Coalition (SE UK) - UK Active (FIA) and CIMPSA - British Swimming / ASA, British Gymnastics, GB Basketball, British Basketball League, England
Basketball, GB Handball, England Netball, UK Athletics, England Athletics, Badminton England, Volleyball England, British Fencing, Squash England and other UK Sports Governing Bodies
We aim to support local and government initiatives that promote the development of services for the benefit of the wider community particularly in the areas of Sport, Health, cultural and Physical Activity. These aims and objectives are delivered through a range of strategies that are listed in GLL’s annual and 5 year Corporate Plans. These plans are managed by the Executive Director team and reviewed by the Board.
9
ACHIEVEMENTS AND PERFORMANCE Last year we reported that 2012 had been a unique year for GLL with the Olympic and Paralympic Games held in London. 2013 has seen GLL continue this momentum with a wide range of achievements and improved performance.
With continued growth and the addition of new partnerships to the GLL family, the following were the key highlights for 2013:
The 6,000 capacity Copper Box Arena was opened to the public in July, the first venue on the Queen Elizabeth Olympic Park to open after the Games
A 10 year new partnership was signed with Rugby Borough Council to operate the new Queens Diamond Jubilee Centre
A 7 year partnership was signed with Cambridge City Council for the operation of five leisure facilities
A 25 year partnership was signed for the operation of the Oasis Leisure Centre in Swindon
GLL was selected as the preferred partner for the operation of the £16m new build and refurbished Poplar Baths in London Borough of Tower Hamlets. This partnership is for 35 years
A 7 year partnership was signed with Wandsworth Borough Council for the operation of the Council’s Library Service
GLL opened Streatham Ice and Leisure Centre, a new £20m state of the art facility in Lambeth
We invested £12.3m of capital into GLL leisure centres over the year
Over £1m was invested into energy saving technology reflecting our commitment to continued energy and environmental management
55 centres were put forward and achieved the leisure industry’s Quest Quality Award
Over 3,000 members are now on our Inclusive Card, a concessionary membership for those with disabilities
60,000 swim school pupils transferred onto our new Course Pro management systems
The Gold Series Grand Prix Badminton event with the world’s best players was delivered at the Copper Box Arena
GLL launched the first leisure industry Social Bond that secured £5m of investment funds for delivery of our social charitable objectives
In summary, 2013 has been another successful year that has seen GLL continue to grow and deliver the key requirements set out under our Four Pillars.
FINANCIAL REVIEW The results for the year 2013 (January 1st - December 31st) are set out within the financial statements. Overall GLL overachieved on its financial targets. Turnover grew by 8.5% in 2013 compared with 2012 to £133.5m. The net trading surplus from operating activities was £4 million for the year representing a 3.1% margin (ahead of our corporate target of 2.5%). Other key performance indicators:
Total staff cost to income was 51.5% (2008 – 55.7%; 2009 – 52.8%; 2010 – 53.5%; 2011 – 52.1%; 2012 – 52.1%).
The Balance Sheet shows a positive liquidity ratio and low gearing.
10
Reserves Policy and Social funds: The Board has considered the risks and opportunities and reviewed the level of cash reserves which it deems prudent to maintain. The funds held are considered adequate for the coming year. A strategy to increase the Company’s cash reserves and asset portfolio over the coming years has been adopted by the Board to support investment plans and protect the organisation against future risks. GLL will evaluate all opportunities as they arise with an aim to build our asset portfolio over time. At 31 December 2013, the Society had accumulated cash reserves of £18.3m (2012 - £17.7m). The Society is in a relatively favourable cash flow position because we receive some of our income in advance of expenditure. The Committee of Management recognise the need for a level of financial reserves that will:
1. Allow for planned investment and other similar purposes; 2. Allow for cyclical maintenance expenditure which the Society has an obligation to
incur under various property leases; and 3. Shield the Society from the possibility of adverse unforeseen circumstances.
These unforeseen circumstances include a number of specific events that have been identified in the Society’s Risk Register.
Social Bond Issue During the year, GLL with sustainable bank Triodos successfully raised £5 million of capital funds through a social bond issue. The bond will help GLL to further develop our sport and social legacy strategy, which includes two London 2012 Olympic venues on the Queen Elizabeth Olympic Park – the Copper Box Arena, which launched in July 2013 and the London Aquatic Centre which re-opens to the public in March 2014. The investment will ensure that the facilities are available both to elite sportsmen and women but also local residents and community groups. The bond will also contribute to the on-going restoration and expansion of the historic Charlton Lido and Lifestyle Club, which offers affordable swimming and fitness facilities to Londoners. The five-year bond will pay 5% gross fixed interest per year. Investors were split evenly between retail (54%) and institutional investors (46%) with support from the City of London Corporation Social Investment Fund, Rathbone Ethical Bond Fund and the Bank Workers Charity. The minimum investment was £2,000 or £200 for GLL employees. The bond issue was made possible with support from the Investment and Contract Readiness Fund (ICRF) that offers grants to high growth social enterprises like GLL to bring in corporate finance expertise. Commenting on the successful issue, GLL Managing Director Mark Sesnan said: “We are delighted that the bond has been fully subscribed. The funding will help us to continue our social mission – providing access to quality community leisure and fitness facilities at a price everyone can afford while offering investors a decent return and the chance to make a social impact.” Dan Hird, head of Corporate Finance at Triodos Bank added: “We’re really pleased with the successful outcome of the bond issue. It is clear that more and more investors are becoming motivated by the prospect of doing something socially useful with part of their investment portfolio whilst also receiving a reasonable financial return.”
Jonathan Jenkins, Chief Executive of the Social Investment Business Group said: “We have seen an unprecedented demand for our investment readiness grants in the past few months indicating that the Fund is becoming vital to the investment journey of high-growth social ventures. Investment readiness is critical to
11
creating a vibrant social investment market in the UK and GLL’s success shows that the right support can really deliver results to help social ventures access new forms of finance to grow.” Minister for Civil Society, Nick Hurd said: “It is hugely encouraging to see such a positive deal secured through the Investment and Contract Readiness Fund. In this particular case, for every £1 government gave, GLL was able to raise £39 in private investment. This shows the power of smart grant funding to ambitious social ventures.” “Thanks to this investment, GLL can make world-class sports facilities accessible to local communities. This is exactly why social enterprises should be supported to grow and scale.” As part of the bond issue and to provide comfort to investors, 2 financial covenants were put in place. We are pleased to report against these below:
Net Asset Covenant The Bonds incorporates a Net Asset Covenant which is designed to ensure that the Bond liability is covered at least two times by the unrestricted net asset value of the Society. The rationale for the Net Asset Covenant is to provide comfort to Bondholders by ensuring that GLL retains sufficient ability to liquidate or re-finance its assets to repay the Bonds at any time if necessary. As at the 31st December, the bond liability was covered 3.3 times by the unrestricted net asset value of the Society. This comfortably exceeds the covenant target. Bond Interest Cover Covenant The Bonds also include a Bond Interest Cover Covenant which is designed to ensure that the annual Bond interest payable is covered at least five times by available surpluses. The surplus declared for 2013 covers the annual bond interest by more than 16 times and thus comfortably exceeds the covenant target.
12
SOCIAL IMPACT AND PUBLIC BENEFIT GLL is the UK’s largest leisure and cultural charitable social enterprise, operating over 140 facilities with a diverse workforce of over 6,500. Our inherent social ethos, linked to our charitable objectives, ensures that accessibility, affordability and equality are at the heart of our community provision. GLL, as part of our core service, provides:
Affordable sport, leisure activity and cultural opportunities A network of accessible local leisure centres and cultural facilities Continuous reinvestment of all financial surpluses to ensure high quality services Good Local Jobs and training for people to get into these jobs
In 2013, GLL welcomed in excess of 39 million visits from users and spectators participating in a wide range of activities. GLL continues to strive to be the best at delivering social impact across all our partnerships. This social delivery is a key ethos of the organisation and a reflection of our commitment to the communities we serve. Outlined in this section of the business review are highlights of the programmes delivered in 2013 as well as some key performance indicators. In addition to day to day delivery of community programmes through the local staff teams of each facility we operate, GLL has a large dedicated team of Community Service Officers whose purpose is to reach out into the communities we serve and deliver targeted specific programmes. They form the Sport and Community Engagement (SCE) team from which we operate a three tiered participation growth pathway which provides a clear framework for delivery:
Engage and Participate: delivering targeted interventions and activities that maximise and promote the wider benefits of sport and physical activity.
Inspire and Sustain: developing, promoting and delivering engaging and inspirational participation programmes, campaigns and events for all.
Nurture and Excel: Developing inclusive sporting pathways from grassroots to excellence.
Engage and Participate Highlights and facts: • We attended/delivered 204 events in 2013, examples include; community festivals, Country Shows,
delivering community Play Days, school fetes & inclusive open days. • We delivered 20 Be Inspired events engaging over 2500 participants. Families took part in a range of
challenges in athletics, football, gymnastics, basketball, badminton and swimming. • We worked with over 100 local partners to help engage with communities and break down initial
barriers. Partners include; Pro Actives and County Sports Partnerships, Interactive, Local Authorities, Public Health, Mencap, Age UK and London Youth.
• We launched the Better Inclusive membership in 2013, with 1,567 members enrolled by December. The membership was set up to encourage children and adults with disabilities to participate in a variety of sporting activities.
• We delivered the 8th Annual Club Games for the those aged over 55. This was held on Friday 18th October at Brixton Recreation Centre. In attendance were over 500 participants from 15 GLL Partnerships. Activities included Table Tennis, bowls, darts, badminton and dominoes. The winning team was Epsom and Ewell.
• Once again, GLL supported the Swimathon. Established in 1986, the Swimathon is a nationwide swimming challenge that encourages swimmers up and down the UK to swim a variety of challenge distances at their local pool and raise money for charity.
13
• GLL was ranked top with 2,101 entries and raising £235,302 across the GLL estate in 2013. This represents an increase of 231 entries or 12.4%.
• The London Fields Lido was the top recruiting pool in the UK with 291 entries • We were successful in gaining £247,000 funding to deliver 40 projects for women and girls, children
and young people, low income families & older people. A great number of these people were not previously engaged in sport or physical activity and had never set foot in a leisure centre.
14
Inspire and Sustain Highlights and facts: • We continued to develop and grow a range of attractive and high quality leisure centre based sports
lessons & courses including Swimming, Athletics, Gymnastics, Basketball, Football and Racquets with nearly 70,000 participants receiving high quality coaching from beginner, improver and performance level every week.
• We reviewed lessons & courses programmes, developed sports club links and rolled out the state-of-the-art CoursePro technology solutions. 800 Teachers & Coaches were trained to use iPods to track ongoing pupil attainment levels in each of our Lessons & Courses core sports which parents can access via a home portal.
• A constant challenge for leisure operators is to maintain a quality coaching workforce that meets demands and delivers a quality product to customers. In 2013 we trained, supported and recruited 242 coaches across 27 partnerships and 24 sports.
• We carried out nearly 1,000 non-technical audits across all our Lessons & Courses. Additionally 135 of our Swim School programmes have completed a Quality Compliance Audit to ensure safe, effective and good quality swimming lesson programme is achieved against expected standards. This level of quality assurance ensures our customers receive the best service and coaching on our Lessons & Courses.
• Since the London 2012 Olympic & Paralympic Games the sport of Gymnastics has proved especially popular. We have seen a 33% growth since this period with nearly 5,000 participants receiving weekly coached sessions in Gymnastics and Trampolining at 33 GLL-operated leisure centres. Similarly we have seen a growth of 19% in squad/club level gymnastics with nearly 600 participants in 7 centres delivering to club level. The Sports Unit deliver an annual Better Gymnastics Competition at Thomas Tallis School which provides a competition pathway for over 500 of our gymnasts. We also supported the Mini Games and the Barnet Festival.
• GLL is committed to actively promote and deliver Water Safety Lessons to all pupils who access our school swimming programme. During RLSS Drowning Prevention Week 22nd-30th June 2013, we delivered lessons to over 40,000 pupils in primary and secondary schools.
• GLL have developed a partnership with Reach & Teach to jointly increase the awareness, participation and sporting pathways of Basketball across the Capital with over 145 young people now taking part in weekly coached sessions.
• In addition, GLL worked with Reach and Teach to support the community based Central Basketball League. The league caters for under 12 to under 23 years and is a mix of female and male participants. 258 hours of total court time was delivered across 4 venues (Britannia Leisure Centre, Canons Leisure Centre, The Copper Box Arena and Crystal Palace National Sport Centre). The league played host to 85 teams in the CBL with over 700 players taking part.
• We supported the development of Athletics with over 900 young people on weekly coaching sessions in 9 locations across the organisation.
• We developed further our strong partnership with Badminton England (BE). BE recognises GLL as a major player in increasing regular participation in badminton. GLL has signed up 48 centres to the play badminton network. This provides various opportunities to increase usage of GLL operated courts. For example; o 140 participants have signed up to online league Battle badminton through GLL centres. o 40 No strings sessions operating weekly with on average 690 participants attending sessions.
Nurture and Excel Highlights and facts: • We are committed to ensuring the legacy of the London 2012 Games is continued throughout all GLL
partnerships. To this aim, we have been working closely with a range of national and local partners to ensure sporting talent is nurtured and participants have the opportunity to excel in their chosen sport. Greater details of our 2013 achievements are outlined later in this business review.
• As a result of our strong partnership working, GLL has been successful in obtaining £60K worth of funding from Badminton England (BE) to deliver capital works projects at 4 of our facilities.
15
GLL’s support of the new play badminton network, Copper Box delivery of BE Grand prix and general close working relationship have all helped GLL receive the largest amount of funding for one single organisation.
• GLL secured funding from the LTA to part fund a tennis development officer role in GLL. Our aim is to take tennis to a different audience and capitalise on Sport England identified latent demand.
• GLL has signed a memorandum of understanding with Triathlon England to develop a pathway programme of development linked to ‘centres of excellence’ based at identified facilities. We receive support from the NGB to offer coaching advice and direction as well as promoting the opportunities in GLL centres.
• GLL, the London Lions and Reach and Teach entered into a partnership agreement that aims to develop the London Lions to be the premier BBL franchise in London and develop the sport of basketball within the London region.
o The partnership will create exclusive use of the London Lions brand to develop the game of Basketball within those areas of London under the operation of GLL.
o GLL will develop the game of basketball and associated activities e.g. cheerleading within a community framework based in the centres they operate in their partner boroughs and councils.
o Reach & Teach/The London School of Basketball have entered into a joint agreement to develop their community and Junior programmes in conjunction with the partners.
• In 2008 GLL were the first leisure organisation to join in partnership with British Gymnastics. The partnership has led to record growth in participation for gymnastics in GLL and led to our award as ‘club of the year’ for London 2013.
• England Squash and Racketball have provided funding for five centres to implement and support Racket Ball for 55+ groups in centres.
• GLL hosted the London Grand Prix, part of the Badminton World Federation’s (BWF) Grand Prix Gold event series, taking place over six days from 1st to 6th October 2013.
• Various Athletics events were delivered in 2013: 6 Indoor ‘Open’ Graded track meetings at Crystal Palace, 3 Outdoor ‘Open Graded track meetings at Crystal Palace, Open track meetings at Mile End, Paddington Rec and Waltham Forest. GLL also delivered the 5k Your Way race at Hackney Marshes with over 1000 participants. The first Better Open Water Swims and Aquathlon at Stoke Newington West Reservoir attracted 40 participants.
16
PROVIDING LOCAL JOBS AND UP-SKILLING LOCAL PEOPLE
At the year end, GLL provided jobs for over 2500 permanent and 4000 casual staff. Some key statistics for 2013 include: - 1403 qualifications & renewals were awarded. - 4777 CPD attendances to in house training were recorded. - Development activities 60 employees took part in the GLL Talent Initiative (GTI’s), 24 Trainee
Managers were supported and 22 members of staff attended the annual “Hearts and Minds Training Conference”
- 1500 employees attended GLL’s Annual communications Day - 891 staff took part in GLL social and engagement events. - 1564 jobs were given to new employees. - 537 individuals received promotion. This was delivered with the continued recognition that GLL benefits from working in partnership with a range of government and community partners both in terms of meeting business needs for cost effective recruitment of local staff but also in terms of our values and ethos as a social enterprise supporting local communities and our local authority client partners in reducing unemployment.
GLL Apprentice Scheme During 2013, GLL continued to deliver our well established apprenticeship programme through our newly developed partnership with Lifetime Health and Fitness, an experienced UK wide training provider. The scheme also continued to work via our London Leisure College (LLC) to deliver parts of the course such as the Level 2 National Pool Lifeguard Qualification. The apprenticeship takes at least 12 months to complete and during this time apprentices undertake the following qualifications alongside their employment: Level 2 Certificate in Active Leisure, Learning and Wellbeing Level 2 Award in Employment Awareness in Active Leisure and Learning Key skills Level 1 Application of Number and Level 1 Application of Communication or Functional Skills Level 2 Certificate in Leisure Operations National Pool Lifeguard qualification With hard work and the right attitude successful apprentices are offered permanent employment with GLL, commence working as a Recreation Assistant and go on for the next 12 months to complete their full training and qualifications combining their normal Recreation Assistant shift pattern with classroom study and on the job continuous assessment. Apprentices graduate with all the skills and qualifications needed to become a Recreation Assistant, and are paid and employed by GLL whilst they are training. During 2013 GLL ran four apprenticeship schemes with 35 candidates 30 of whom remain in employment with GLL. Further schemes continue in 2014 with a targeted intake of five courses of 12 candidates – 48 in total. We also plan to extend our apprenticeship provision with the addition of Customer Service and Fitness Apprenticeships as well as apprenticeship opportunities for existing staff at Level 3 supervisory levels and level 4 and 5 management levels increasing the numbers of apprenticeships offered to nearly 200 on an annual basis. The schemes are also being developed to operate pan London and across GLL out of London Regions.
GLL Recreation Assistants Academy The Academy is a great way for people to enter a career in leisure as a Recreation Assistant or Customer
17
Service Assistant. The programme can provide people with recognised and transferable qualifications. Previous participants have reported that it has improved their self confidence, belief and self esteem – and they normally feel fitter and generally better than they did at the start of the programme. The programmes continue to be delivered in GLL leisure centres in partnership with our funding partner the Princes Trust and are a mixture of classroom based training, practical training and work experience under supervision. Successful completion usually leads to casual or full time employment with GLL. In 2013, 36 people went through the Academies and 18 (50%) went on to gain employment. The Princes Trust is keen to continue the partnership in 2014.
Employing people with disabilities Disabled people are underrepresented in the GLL workforce and in Leisure in general. We know that people with disabilities are less likely to have formal qualifications and more likely to be unemployed. This issue has therefore been a focus of our Workforce Equality Strategy. One of the steps we have taken is to deliver targeted programmes in collaboration with partners with specialist knowledge and access to this group. We continue to work with Remploy (one of the UK's leading providers of employment services to people with disabilities), to identify and make suitable adjustments for disabled applicants and employees and, during late 2013 we started a 9 month Steps into Work programme to provide job coaching and work experience opportunities for 9 students with learning disabilities. All are gaining life skills, such as improved communication and the ability to use public transport to get to work.
They are also developing the ‘soft skills’ that are so vital in the workplace, including the importance of reliability and punctuality, and a better understanding of social norms and acceptable behaviour in the world of work. GLL explains it has been a two-way street “our staff have learned so much working alongside the students, we are starting to understand what their abilities are, not just their disabilities.” Following the programme all students will be guaranteed an interview for a work opportunity with GLL, and previous schemes with Remploy have resulted in up to a 50% employment outcome.
Disability ‘Two Tick’ Symbol
As part of the Disability Agenda GLL successfully achieved the Two Tick Accreditation; The symbol is recognition to employers based in Great Britain who have agreed to take action to meet five commitments regarding the employment, retention, training and career development of disabled employees and recognised by people with disabilities that we are positive about disabled people and will welcome job applications from them. The ‘Two Tick’ symbol is displayed on all job advertisements internal posters and external via glljobs.org and on all recruitment literature and will be used on all relevant business literature such as headed paper from 2014 - 15.
Company wide partnerships
GLL’s approach to targeted employment and skills provision is one of partnership. We recognise that different local communities, and our target groups within them, often have specific characteristics and issues. We therefore try to work closely with the agencies and groups that have local and/or specialist knowledge and can provide direct access to those we are trying to reach. The partnerships we work with to ensure we maximise local employment opportunities include: Jobcentre Plus Underpinning GLL’s entry level recruitment strategy is our on-going partnership with Jobcentre Plus (JCP) and our membership of a Local Employment Partnership. All of our entry level vacancies are advertised across the JCP network and we work closely with their regional representatives and account managers to ensure that they have a good understanding of our organisation and our recruitment and training needs in order that they can communicate these clearly to potential applicants.
18
Local partnerships
During 2013, GLL recruited and provided 39 jobs across the Olympic Park, we have also continued to develop links with the Olympic Host Boroughs in the partnerships they work in and in particular with their labour and business organisations. We issue them with regular updates on available opportunities in GLL. These include: - Greenwich Local Labour and Business Scheme (GLLaB) - Tower Hamlets Local Labour Business Scheme: GLL worked with Skills Match and the Limehouse
Project to run a female only Lifeguard Academy at the Mile End Leisure Centre for twelve Tower Hamlets residents.
- The London Borough of Hackney’s local labour and business scheme, the HVB Enterprise Centre; - The London Borough of Waltham Forest’s local labour and business scheme, Worknet - The London Borough of Barking and Dagenham’s Skills and Employment department - The University of East London - The London Citizens
19
2012 GAMES AND SPORTING LEGACY GLL has committed to invest significant corporate energies into supporting the future legacy opportunities arising from the successes of the Olympic and Paralympic Games in 2012. In January 2013, we launched our Corporate Legacy Strategy “GLL Inspired” and innovative legacy membership for people with disabilities “GLL Inclusive” at an event at the House of Commons, London. This launch event marked GLL’s comprehensive public commitments to local community impact and promotion of sport and physical activity. The legacy programmes are carried out in every partnership with GLL managed facilities and are amongst the most innovative within the sporting sector. GLL Inspired, our corporate legacy strategy has 47 commitments covering the following service areas: Sport and Activity Community, health & inclusion Economy, employment and skills development Environment The 2012 Games and the Queen Elizabeth Olympic Park
As part of this legacy programme, GLL have supported over 200 community events during 2013 to inspire local communities to be more active, healthy and engage in more sport activities. Over 250,000 people attended these events. In addition to community events, a further 1,100 hours of outreach to local groups, schools and community initiatives have been undertaken by GLL’s team of dedicated Community Sports Officers. During this period GLL have worked with over 100 local partners to help engage with communities and break down initial barriers. Partners include; Pro Actives and County Sports Partnerships, Interactive, Local Authorities, Public Health, Mencap, Age UK and London Youth. GLL have been successful in gaining £247,000 of external match funding to deliver 40 projects for women and girls, children and young people, low income families & older people. A number of these people were not previously engaged in sport or physical activity and had never set foot in a leisure centre. Examples include:
o Sport 4 Women in Tower Hamlets o the Chilterns Youth Project o Camden Give it a Go
CASE STUDY: GIVE IT A GO Give it a Go (GIAG) is a physical activity intervention and is a product of partnership working between GLL, London Borough of Camden, NHS, Jubilee Hall Trust and the CYMCA. Established in 2010, GIAG was introduced to tackle inequalities and remove cost as a barrier to participating in physical activity. Participants were required to use leisure centres 5 times per month and could get a maximum of 4 months free membership. Headlines from Give it a Go 3 which finished in April 2013 includes: * 74% of those registered residing in national quintile (1) and (2) * 70% of those registered were in receipt of ‘housing benefit’ and 59% in receipt of ‘council tax credit’ In three years, Give it a Go across three pilots has engaged with 3658 individuals who have registered for a free leisure membership. * 20% of those registered for the programme were disabled and 34% of this sample self reported as having a mental health condition or learning disability * 35% of those registered were male (n= 358) and 65% were female (n= 667) * Approximately 50% of those registered were from a BAME background
20
Throughout 2013, GLL has worked in close partnership with a range of key National Governing Bodies of Sport, Olympic and Paralympic Associations on increasing sports participation and talent development. Partnership agreements have been secured with four key National Sport Governing Bodies to foster enhanced joint working on these initiatives. GLL are proud to be leading the way nationally on a range of such partnership agreements. As part of our extensive legacy agenda, we have commenced our partnership to manage the key Olympic Legacy venues Copper Box Arena and London Aquatics Centre. In partnership with the London Legacy Development Corporation, GLL opened the Copper Box Arena to the public in July 2013. A range of high profile international sporting events have already been completed at the venue, creating a sporting reputation and track record as one of London’s leading sport event venues. These have included international basketball, boxing, badminton, fencing and handball. For the launch weekend of the Copper Box Arena, GLL delivered a ‘Be Inspired’ activity programme that allowed people to try 6 core sports for free and watch associated demonstrations. This was held with the support of four specialist sports clubs and various National Governing Body Partners. Over 10,000 people attended the event. As part of the launch of the Copper Box Arena an extensive local recruitment programme was launched which resulted in 70% of all new GLL employment opportunities on the Queen Elizabeth Olympic Park being secured by people who reside within the neighbouring local Boroughs. New apprenticeship programmes were also created as part of our commitment to providing a pathway for local young people to get into employment Preparations were underway throughout 2013 to prepare the physical transformation and mobilisation of the London Aquatics Centre on the Queen Elizabeth Olympic Park. This Olympic legacy venue will be opened by GLL in March 2014. During 2013, the GLL Sport Foundation continued to grow and has become one of the Country’s largest independent talent development scheme fro young sports people. 2013 saw the Foundation support to over 1,300 young athletes with over £500,000 worth of support value for training and bursary awards. The GLL Sport Foundation has extended its working partnership with SportsAid and numerous National Governing
CASE STUDY: SPORT 4 WOMEN The Tower Hamlets Active Women project funded by Sport England, aims to get more women in the borough taking part in sport and exercise and provide employment opportunities for local women. The scheme, which was developed through local consultation, identified cost, timing of sessions and a lack of women-only sports facilities as barriers to participation. The project has seen more than 2500 take part to date, 1000 over the Sport England target. Sessions include badminton, basketball, netball, swimming lessons and group exercise classes. This year has seen Sport4Women work with partners including the London Legacy Development Corporation, the Barry McGuigan Boxing Academy and many National Governing Bodies. New sessions including aqua-jogging, street dance and hockey have become part of the programme in 2013. The Sport England funding was set up to bridge the gender gap in sport, with new figures revealing only one in eight women take part in regular sport, compared to one in five men. This figure decreases to one in ten women in some parts of Tower Hamlets, prior to the implementation of this scheme. The success of this initiative is shown through the increased number of community links and the increased volume of participants. Key findings from the year 2 evaluation are as follows: Over 2500 participants on the scheme, 1000 participants above the initial Sport England target. Over 16500 total attendances reported to date More than 80 places have been made available on training courses Over 90% of participants said they would recommend the project to a friend
21
Bodies of Sport to ensure that our programme fits with National Sport Development pathways for young talented athletes. Some headline targets and results from the “GLL Inspired” commitment are reported as follows:
SPORT AND ACTIVITY TARGETS 2013 target
2013 actual
2014 target
2015 target
Raising participation Increased annual GLL visits. 38.8m 39m 39.5m 40.5m GLL everyday sport sessions. 255 284 310 365 Support community and sport events. 44 204 48 52 GLL Sport Foundation (GSF) / talent pathways Annual number of GSF supported athletes. 1,150 1,300 1,200 1,250 To provide GSF support in GLL partner Regions. 28 28 29 30 To extend GSF support to partner sport trusts. 2 2 3 3 SportsAid partnership. ✓ ✓ ✓ ✓
Sports and activity brands Core set of sport and activity brands in GLL partner regions.
25 25 27 30
Increase sports and activity course spaces offered. 1,920,000 3,481,104 2,016,000 2,160,000 Sport development and National Governing Bodies (NGB) Formal memorandum of understanding with NGB’s
4 5 5 6
NGB partnership programmes in key regions. 4 5 5 6
22
GLL’s “GREEN AGENDA” We takes our responsibility about the environment seriously. To this aim, each year we strive to reduce energy consumption and our impact on the environment through investment into proven and new technologies and the adoption of best practices. In 2013 GLL continued our work on key environmental objectives through the delivery of our Strategic Action Plan as well as the corporate plan. The key principles of reducing carbon emissions and energy use remain core agenda items. Other actions completed in 2013 included:
GLL set a further Carbon reduction target of 10% to be achieved by 2017 in like for like facilities. The GLL waste and recycling policy and strategy were signed off by the energy & environment
steering group. The implementation commenced during 2013. A review of Gllgreen Energy Champion Training was completed with updated sessions being
planned from January 2014 through GLL’s Learning and Development Hub Successful re-certification to ISO14001:2004 was completed at Rivermead Leisure Complex Sustainability monitoring and reporting commenced at the Queen Elizabeth Olympic Park as full
operations began at the Copper Box Arena and London Aquatics Centre. A new on-line utility monitoring website was launched for all facilities to upload monthly meter
readings, view current bills and run energy consumption reports.
Waste and Recycling In 2013 GLL tendered for a new Waste contractor to supply waste and recycling services on a company wide basis, reduce costs, prevent waste from going to landfill and increase recycling levels throughout GLL.
COMMUNITY, HEALTH AND INCLUSION TARGETS
2013 target
2013 actual
2014 target
2015 target
Programmes for young people GLL “Kids for a Quid” in GLL partner regions. 30 30 30 30 Young people fitness offer in GLL partner 27 27 30 30 Dedicated women / girls activity sessions. 26 78 28 30 Free swimming GLL free swimming initiative in GLL partner regions.
26 26 28 30
GLL ‘Swim Guarantee’ initiative in GLL partner regions.
26 28 28 30
People over 55 Years GLL senior club in all partner regions 18 18 24 30 Hold annual GLL senior games tournament. ✓ ✓ ✓ ✓
Disability Sport One IFI registration in key GLL partner regions. 16 16 18 20 GSF / GLL support to key disability sport clubs. 5 5 6 6 To increase the Better Inclusive membership base by 5% per annum
✓ ✓ ✓ ✓
Health GP referral / health programme in GLL regions. 18 18 24 30
23
The successful company, Grundon Waste Services, has started the phased roll out with 9 partnerships included at the end of 2013. As part of the agreement GLL will receive regular reports on key performance indicators, general waste and recycling services at all centres, internal recycling bins and a range of additional collection options. The key objectives of the new contract are below: Zero waste to landfill by the end of 2015 Increase in recycling to 50% Reduction in total waste volume over the 3 year contract
GLL GREEN – Continuous Improvements Following a comprehensive review in 2011 further comparisons have been completed looking at energy consumption and carbon emissions across the organisation in 2013. A number of projects have been completed as part of centre refurbishments, life cycle maintenance and through partnership working with GLL partners. The following are examples:
Combined Heat and Power Unit’s (CHP) have been installed at the Waterfront LC and Charlton Leisure and Lifestyle Club to provide low carbon heat and electricity for the centres.
LED pool lighting has been installed at Clissold Leisure Centre to reduce electricity consumptions and carbon emissions
A voltage optimisation unit was installed at Didcot Wave Leisure Centre in June 2013 that has reduced electrical consumption by 10% in the first 6 months equating to a saving of around 20 tonnes of CO2 annually.
A 240kW Biomass boiler was installed at the Queens Diamond Jubilee Centre in Rugby to provide Low Carbon heat to the new leisure centre in addition to the boiler already in operation at Horley LC Over the first 5 months of operation the biomass produced 282814 kWh of heat for the centre reducing associated carbon emissions by around 52 tonnes.
Key Statistics Energy use in like for like centres – Year on Year In 2013 the utility consumption in like for like centres showed the following results against 2012:
Gas consumption increased by 3% overall. The increase has been attributed primarily to the extended cold period through February, March and April 2013.
Electricity consumption decreased by 0.4% remaining broadly similar 2012.
Carbon Efficiency & organisational changes 2013 brought the addition of 11 new Libraries and 8 Leisure Centres to the GLL portfolio with a
majority of supplies transferring to GLL’s core utilities contracts in October. Also facilities that had joined GLL in 2012 now have a full year of energy use included in CRC and
energy consumption reporting.
2010/11 2011/12 2012/13
Total Carbon Footprint (tCO2e) 47,345 52,495 57,063
GLL Turnover £1000's £93,295 (2010) £109,058 (2011) £123,072 (2012) Carbon Efficiency tCO2e/£m Turnover 507 481 464
Cumulative Change % 0.00 -5.15 -8.64
24
As the graph and table above show, although GLL’s total Carbon footprint has increased in the last 3
years by approximately 20% the efficiency of the facilities has increased when compared to turnover.
Carbon Reduction Commitment Energy Efficiency Scheme GLL registered a CRC Annual footprint of 57,063 t/CO2e in year 3 of the scheme (2012-2013) which
was the final year of the first phase The figure is an increase of just under 10,000 t/CO2e or 21% against the first year of the scheme in 2011
due to the increase in the size of the business and the number of facilities’ operated. The allowance cost for GLL was £684,756 for the 2012/13 compliance year Moving into the second phase of the scheme in 2014 will pose significant challenges to GLL as the cost
of allowances increase and the company continues to grow in size keeping GLL’s sustainability plans at the top of the agenda.
Awards & Recognition GLL continues to hold ISO14001:2004 and recertified in 2013 at Rivermead Leisure Complex and is committed to certifying GLL’s Environmental Management System at further key GLL centres including the Copper Box Arena and London Aquatics Centre under over the next year. This agenda is an ongoing process that GLL is fully signed up to.
200
300
400
500
600
700
800
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
2011 2012 2013
tco2e per £m Turnover (Carbon
Efficiency)
Turnover £100's & Tonnes of CO2
Year
Increased Carbon (CO2e) efficiency 2011 - 2013 (GLL CRC Annual report)
Total CarbonFootprint(tCO2e)
GLL Turnover£1000's
25
LOOKING TO THE FUTURE and DELIVERING OUR AMBITION As a charitable social enterprise, GLL’s social responsibility is central to each part of our business. Everything we do is designed to ‘add value’ and improve the lives and health of the communities we serve. It is important for us that the public understand the difference between GLL and some other types of providers and we will work hard to demonstrate this difference in all we do. Our service delivery and community benefits are made possible by the commitment and dedication of our staff and volunteers. These people are predominantly from the local communities in which they work. We positively support this local impact and actively develop career structures within GLL as a significant local employer.
Our vision is to be recognised as: The Country’s leading inclusive sport and leisure provider The Country’s leading social enterprise provider of library and cultural services The Country’s leading social enterprise delivering social and environmental values and ethics The service provider of choice for our service partners, customers and communities A service provider that will consider further social enterprise opportunities and service sectors that will benefit our aims and social impact Meaningful ambition however, requires meaningful delivery. To work towards this we have focused on our delivery of our corporate ambition To provide service quality and excellence to our customers and our service partners To help make the communities in areas we operate more active, empowered and culturally engaged. To be a successful business with inherent social and environmental responsibility To be recognised as Social Enterprise pioneers and to promote replication of ‘socially focussed’ business To be known as responsible, accessible organisation respected by customers, partners and our staff To work in partnership to support the growth of social enterprises is other service sectors To be a significant player in the delivery of the legacy from the 2012 Olympic & Paralympic Games. To promote the development of sporting opportunities for young people and provide additional funding and opportunities through our GLL Sport Foundation To protect our non-profit distributing and charitable status To continue to be staff-led and to promote the development of our people.
26
STATEMENT OF THE COMMITTEE OF MANAGEMENT’S RESPONSIBILITIES The Committee of Management are responsible for preparing the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Society law requires the Committee of Management to prepare financial statements for each financial year. Under that law the Committee of Management have elected to prepare the financial statements in accordance with the United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the Society and of the surplus or deficit of the Society for that period. In preparing those financial statements, the Committee of Management are required to
- select suitable accounting policies and then apply them consistently; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material
departures explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Society will continue in business.
The Committee of Management are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Society and to enable them to ensure that the financial statements comply with the Industrial and Provident Societies Act 1965 to 2002. They are also responsible for safeguarding the assets of the Society and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS So far as the Committee of Management are aware, there is no relevant information (as defined by the Industrial and Provident Societies Acts 1965 to 2002) of which the Society’s auditors are unaware, and each committee member has taken all the steps that he or she ought to have taken as a Committee Member in order to make himself or herself aware of any audit information and to establish that the Society’s auditors are aware of that information. The summarised financial statements in this report are not the statutory accounts but a summary of information relating to both the sofa and the balance sheet. An audit has been carried out on the full financial statements from which the summary is derived and the audit report on the statutory financial statements is not qualified. The full annual accounts, auditors report and the report of the committee management can be obtained by contacting the secretary Mr P Donnay at the registered office address as shown in the summarised financial statements. The annual accounts were approved by the board on the 28 May 2014. The annual report and the statutory accounts have been filed with the Financial Conduct Authority.
ON BEHALF OF THE COMMITTEE OF MANAGEMENT: J M Sesnan – Committee Member S Ward – Committee Member Date: 28 May 2014
27
SECTION 2.
INDEPENDENT AUDITOR'S STATEMENT TO THE MEMBERS OF GREENWICH LEISURE LIMITED We have examined the summarised financial statement for the year ended 31 December 2013.
Respective responsibilities of the Committee of Management and the Auditor
The Committee Members are responsible for preparing the summarised financial statement in accordance with applicable United Kingdom law. Our responsibility is to report to you our opinion on the consistency of the summarised financial statement with the full annual financial statements and the Committee of Managements Report.
We conducted our work in accordance with Bulletin 2008/3 issued by the Auditing Practices Board. Our report on the company’s full annual financial statements describes the basis of our opinion on those financial statements and on the Committee of Managements Report.
Opinion
In our opinion the summarised financial statement is consistent with the full annual financial statements and the Committee of Managements Report of Greenwich Leisure Limited for the year ended 31 December 2013.
Clair Rayner ACA DChA (Senior Statutory Auditor) for and on behalf of McCabe Ford Williams Statutory Auditors and Chartered Accountants Bank Chambers 1 Central Avenue SITTINGBOURNE Kent ME10 4AE Date: 28 May 2014
28
The accounts presented in this document represent summaries only of the Balance Sheet, Cash flow and the Statement of Financial Activities.
For a complete set of accounts including notes and disclosures, please contact the Secretary.
Alternatively, a handful of copies of the full Report of the Committee of Management and audited Financial Statements for the year ended 31 December
2013 will be available for viewing before and after the Annual General Meeting on the 25th June 2014.
29
SECTION 3. - SUMMARY FINANCIAL STATEMENTS BALANCE SHEET AT 31 DECEMBER 2013
As at 31st December 2013 As at 31st December 2012
£ £ £ £
FIXED ASSETS
Intangible assets 834,102 912,253
Tangible assets 17,919,882 15,507,617
Investments 10,011 10,011
Investment Properties 997,690 997,690
19,761,685 17,427,571
CURRENT ASSETS
Stock 155,277 154,742
Debtors 26,593,823 13,903,387
Cash at bank and in hand 18,331,327 17,669,743
45,080,427 31,727,872
CREDITORS
Amounts falling due within 1 year 37,107,551 30,270,659
NET CURRENT ASSETS 7,972,876 1,457,213
TOTAL ASSETS LESS CURRENT LIABILITIES 27,734,561 18,884,784
Amounts falling due after more than 1 year (5,028,067) (315,133)
Provisions for liabilites (150,000) (131,175)
NET ASSET BEFORE PENSION LIABILITY 22,556,494 18,438,476
Pensions Liability 11,000,743 11,028,144
Funds:
General unrestricted funds 11,401,926 7,388,557
Share capital 29,125 21,775
Restricted funds 124,700 ‐
11,555,751 7,410,332
22,556,494 18,438,476 The financial statements were approved by the Committee of Management on the 28 May 2014 and were signed on its behalf by:
J M Sesnan ‐ Committee Member S Ward ‐ Committee Member P Donnay ‐ Secretary
CASHFLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2013 2013 (£) 2012 (£)
Net cash inflow from operating activities 2,309,375 9,161,369
Returns on investments and servicing of finance 200,921 253,461
Capital Expenditure and financial investment (6,588,562) (6,333,950)
(4,078,266) 3,080,880
Financing 4,739,850 (67,194)
increase in cash in the period 661,584 3,013,686
Reconciliation of net cash flow to movement in net funds/debt
Increase in cash in the period 661,584 3,013,686
Cash (inflow)/outflow from (increase)/decrease in debt and lease financing (4,732,500) 69,094
Change in net funds resulting from cash flows (4,070,916) 3,082,780
Net fund at 1 January 17,271,376 14,188,596
Net funds at 31 December 13,200,460 17,271,376
30
SUMMARY STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure account and Statement of Total Recognised Gains and Losses)
For the Year ended 31 December 2013 For the Year ended 31 December 2012 Unrestricted
Funds Restricted Funds
FRS17 Adjustments
Total Funds Unrestricted Funds
Restricted Funds
FRS17 Adjustments
Total Funds
£ £ £ £ £ £ £ £
INCOME RESOURCES:
Income resources from generated funds
Investment Income 316,273 ‐ ‐ 316,273 325,537 ‐ ‐ 325,537
Income resources from charitable activities:
Operation Income 112,997,967 ‐ ‐ 112,997,967 109,072,339 ‐ ‐ 109,072,339
Management Fee Income 18,927,598 ‐ ‐ 18,927,598 12,895,272 ‐ ‐ 12,895,272
Other funding 1,115,129 ‐ ‐ 1,115,129 779,606 ‐ ‐ 779,606
Total income from Charitable activities 133,040,694 ‐ ‐ 133,040,694 122,747,217 ‐ ‐ 122,747,217
Other incoming resources ‐ 129,000 ‐ 129,000 ‐ ‐ ‐ ‐
TOTAL INCOMING RESOURCES 133,356,967 129,000 ‐ 133,485,967 123,072,754 ‐ ‐ 123,072,754
RESOURCES EXPENDED:
Cost of generating funds:
Investment management costs 16,095 ‐ ‐ 16,095 14,622 ‐ ‐ 14,622
Charitable activities:
Operation Cost 129,260,737 ‐ 461,397 129,722,134 120,049,335 ‐ 524,391 120,573,726
(Gains) /losses on settlements ‐ ‐ (1,044,000) (1,044,000) ‐ ‐ 1,573,000 1,573,000
Inherited pension deficit ‐ ‐ 392,000 392,000 ‐ ‐ ‐ ‐
Governance Costs 52,500 ‐ ‐ 52,500 38,000 ‐ ‐ 38,000
Other resources expended 41,667 4,300 ‐ 45,967 ‐ ‐ ‐ ‐
TOTAL RESOURCES EXPENDED 129,370,999 4,300 (190,603) 129,184,696 120,101,957 ‐ 2,097,391 122,199,348
Net Income / (outgoing) resources before other recognised gains & losses 3,985,968 124,700 190,603 4,301,271 2,970,797 ‐ (2,097,391) 873,406
Actuarial losses on defined benefit pension schemes ‐ ‐ (163,202) (163,202) ‐ ‐ (576,166) (576,166)
Net income after other recognised gains and losses 3,985,968 124,700 27,401 4,138,069 2,970,797 ‐ (2,673,557) 297,240
Shares issued 8,150 ‐ ‐ 8,150 6,000 ‐ ‐ 6,000
Shares Cancelled (800) ‐ ‐ (800) (4,100) ‐ ‐ (4,100)
Total funds brought forward 18,438,476 ‐ (11,028,144) 7,410,332 15,465,779 ‐ (8,354,587) 7,111,192
Total funds carried forward 22,431,794 124,700 (11,000,743) 11,555,751 18,438,476 ‐ (11,028,144) 7,410,332
Continuing Operations ‐ All incoming resources and resources expended arise from continuing activities
