Wythenshawe Forum Trust Limited - Limited company accounts 18.2

REGISTERED NUMBER: 04548636 (England and Wales)

Report of the Directors and

Financial Statements

for the Year Ended 31 March 2019

for

Wythenshawe Forum Trust Limited

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Profit and Loss Account

7

Balance Sheet

8

Notes to the Financial Statements

9

DIRECTORS:

Councillor G Evans

D Halsall

J Churchill

N Fairlamb

Ms C Hemingway

M Rainey

P Jarvis

Ms P Stross

REGISTERED OFFICE:

Wythenshawe Forum Centre

Forum Square

Wythenshawe

Manchester

M22 5RX

REGISTERED NUMBER:

04548636 (England and Wales)

AUDITORS:

Thompson Wright Limited

Chartered Accountants

and Statutory Auditors

Ebenezer House

Ryecroft

Newcastle under Lyme

Staffordshire

ST5 2BE

SOLICITORS:

Pannone LLP

123 Deansgate

Manchester

M3 2BU

The directors present their report with the financial statements of the company for the year ended 31 March 2019.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2018 to the date of this report.

Councillor G Evans

D Halsall

J Churchill

N Fairlamb

Ms C Hemingway

M Rainey

P Jarvis

Other changes in directors holding office are as follows:

N P Wilson - resigned 29 January 2019

Ms P Stross was appointed as a director after 31 March 2019 but prior to the date of this report.

Rev S M Edwards ceased to be a director after 31 March 2019 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with

applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the

directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted

Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard

102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors

must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of

affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial

statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the

company's transactions and disclose with reasonable accuracy at any time the financial position of the company and

enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible

for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of

fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on

the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial

statements may differ from legislation in other jurisdictions.

GOING CONCERN

After making enquiries, the board has a reasonable expectation that the company has adequate resources to continue

in operational existence for the foreseeable future, being a period of twelve months after the date on which the report

and financial statements are signed. For this reason, it continues to adopt the going concern basis in the financial

statements. Further information is given in the accounting policies (page 9).

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies

Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought

to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish

that the company's auditors are aware of that information.

AUDITORS

The auditors, Thompson Wright Limited, will be proposed for re-appointment at the forthcoming Annual General

Meeting in accordance with section 485 of the Companies Act 2006.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

Councillor G Evans - Director

12 December 2019

Opinion

We have audited the financial statements of Wythenshawe Forum Trust Limited (the 'company') for the year ended

31 March 2019 which comprise the Profit and Loss Account, Balance Sheet and Notes to the Financial Statements,

including a summary of significant accounting policies. The financial reporting framework that has been applied in their

preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102

Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally

Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2019 and of its surplus for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.

Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the

financial statements section of our report. We are independent of the company in accordance with the ethical

requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard,

and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the

audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to

you where:

-	the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report

of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise

explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in

doing so, consider whether the other information is materially inconsistent with the financial statements or our

knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material

inconsistencies or apparent material misstatements, we are required to determine whether there is a material

misstatement in the financial statements or a material misstatement of the other information. If, based on the work

we have performed, we conclude that there is a material misstatement of this other information, we are required to

report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the

audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to

you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are

responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view,

and for such internal control as the directors determine necessary to enable the preparation of financial statements

that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a

going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of

accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic

alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from

material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with

ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and

are considered material if, individually or in the aggregate, they could reasonably be expected to influence the

economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial

Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the

Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the

Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those

matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent

permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's

members as a body, for our audit work, for this report, or for the opinions we have formed.

Jeremy Bostock (Senior Statutory Auditor)

for and on behalf of Thompson Wright Limited

Chartered Accountants

and Statutory Auditors

Ebenezer House

Ryecroft

Newcastle under Lyme

Staffordshire

ST5 2BE

12 December 2019

TURNOVER

2,837,477

2,766,282

Operating Costs

2,888,288

2,823,832

(50,811

)

(57,550

)

Other operating income

57,102

64,473

OPERATING SURPLUS

4

6,291

6,923

Interest payable and similar expenses

5

684

655

SURPLUS BEFORE TAXATION

5,607

6,268

Tax on surplus

6

5,607

6,268

SURPLUS FOR THE FINANCIAL YEAR

-

-

FIXED ASSETS

Tangible assets

7

3,490,008

3,906,679

CURRENT ASSETS

Debtors

8

463,186

446,778

Cash at bank and in hand

559,208

203,041

1,022,394

649,819

CREDITORS

Amounts falling due within one year

9

1,487,499

1,151,675

NET CURRENT LIABILITIES

(465,105

)

(501,856

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,024,903

3,404,823

CREDITORS

Amounts falling due after more than one year

10

(3,021,182

)

(3,398,832

)

PROVISIONS FOR LIABILITIES

(3,721

)

(5,991

)

NET LIABILITIES

-

-

RESERVES

-

-

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

The financial statements were approved by the Board of Directors on 12 December 2019 and were signed on its behalf by:

Councillor G Evans - Director

1.	STATUTORY INFORMATION

Wythenshawe Forum Trust Limited is a private company, limited by guarantee , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern

The financial statements have been prepared on a going concern basis, which presumes that the company will

continue to receive financial support from Manchester City Council via contracted service fees and other

related income. Manchester City Council are contracted to use the company to manage Wythenshawe Forum

until 2023, by which date the contract will be reviewed.

On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis.

The directors are not aware of any reason why the arrangement with Manchester City Council would be

materially modified notwithstanding the ongoing uncertainty attaching to public sector expenditure at the

present time.

Turnover

Turnover represents income and grants receivable and are described below.

Sales in respect of the use of leisure facilities at the Wythenshawe Forum are accounted for on a receivable

basis net of value added tax where applicable.

Rental income is included in the profit and loss account in the period in which it arises under the relevant

agreements.

Grants and service fees are recognised on an accruals basis and matched to the related expenditure.

Grants and services fees received towards revenue expenditure are recognised within turnover in the same

period as the related expenditure. Any revenue grant or service fee received towards future expenditure is

treated as deferred income.

Grants received towards capital expenditure are treated as deferred income and are credited to the profit and

loss amount on a basis consistent with the depreciation policy of the related asset.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20 - 25% on cost

Tangible fixed assets are stated at cost. Improvements to leased property include directly attributable

professional fees and irrecoverable VAT.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

life.

Improvements to leased property - over the remaining term of the lease.

Fixtures, fittings and equipment - 20 - 25% on cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that

they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

2019

2018

£

£

Wages and salaries

79,797

155,934

Social security costs

10,983

12,724

Other pension costs

5,676

10,593

96,456

179,251

The average number of employees during the year was as follows:

2019

2018

Average number of employees during year

50

50

The directors did not receive any remuneration from the company during the year. No directors (2018-: nil)

were accruing benefits under defined benefit schemes during the year.

4.	OPERATING SURPLUS

The operating surplus is stated after charging:

2019

2018

£

£

Depreciation - owned assets

416,671

418,537

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2019

2018

£

£

Bank Charges

684

655

6.

TAXATION

Analysis of the tax charge

The tax charge on the surplus for the year was as follows:

2019

2018

£

£

Current tax:

UK corporation tax

8,371

9,321

Over provision in tax prior

year

(494

)

-

Total current tax

7,877

9,321

Deferred tax

(2,270

)

(3,053

)

Tax on surplus

5,607

6,268

7.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

property

fittings

Totals

£

£

£

COST

At 1 April 2018

and 31 March 2019

9,515,555

145,234

9,660,789

DEPRECIATION

At 1 April 2018

5,700,054

54,056

5,754,110

Charge for year

404,151

12,520

416,671

At 31 March 2019

6,104,205

66,576

6,170,781

NET BOOK VALUE

At 31 March 2019

3,411,350

78,658

3,490,008

At 31 March 2018

3,815,501

91,178

3,906,679

The company entered into an agreement to lease the Wythenshawe Forum from Manchester City Council for a

period of 25 years from 7 February 2003 at a Red Rose (peppercorn) rent.

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

278,410

140,618

Other debtors

-

10,058

Prepayments and accrued income

184,776

296,102

463,186

446,778

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

172,518

98,262

Corporation tax

8,371

9,321

VAT

7,635

9,933

Other creditors

295,646

-

Accruals and deferred income

64,657

149,674

Accruals and deferred income

due to Manchester City Council

938,672

884,485

1,487,499

1,151,675

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Accruals and deferred income due to Manchester City Council

3,021,182

3,398,832

Included in the above balance is £1,510,579 (2018: £1,888,229) due after five years.

During the year, the company recognised deferred income and service fees relating to Manchester City Council

totalling £744,650 (2018: £819,650). This amount comprises a release of £377,650 (2018: £377,650) of brought

forward deferred income and £367,000 (2018: £442,000) of service fees.

At 31 March 2019, accruals and deferred income relating to Manchester City Council totalled £3,959,854,

(2018: £4,283,317). This balance comprised £3,398,832 (2018: £3,776,482) in respect of capital expenditure

(deferred capital grants) and £561,022, (2018: £506,835) in respect of revenue expenditure. With regard to

deferred capital grants £377,650 (2018: £377,650) is shown as due within one year (reflecting expected release)

and £3,021,182 (2018: £3,398,832) is shown as due after more than one year (reflecting expected release). The

movement in total deferred capital grants during the year ended 31 March 2019 comprised an amortisation

release of £377,650 (2018: £377,650).

During the year deficit funding has been reallocated back to Manchester City Council amounting to £54,187

(2018: £39,888).

11.	CAPITAL COMMITMENTS

2019

2018

£

£

Contracted but not provided for in the

financial statements

-

-

12.	RELATED PARTY DISCLOSURES

13.	SHARE CAPITAL

Wythenshawe Forum Trust Limited is a company limited by guarantee and does not have any share capital.

Each member's liability is limited to £1.