Wythenshawe Forum Trust Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 04548636 (England and Wales)

Financial Statements

for the Year Ended 31 March 2018

for

Wythenshawe Forum Trust Limited

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Tangible assets

4

3,906,679

4,325,216

CURRENT ASSETS

Debtors

5

446,778

233,699

Cash at bank and in hand

203,041

366,055

649,819

599,754

CREDITORS

Amounts falling due within one year

6

1,151,675

1,139,444

NET CURRENT LIABILITIES

(501,856

)

(539,690

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,404,823

3,785,526

CREDITORS

Amounts falling due after more than one
year

7

(3,398,832

)

(3,776,482

)

PROVISIONS FOR LIABILITIES

(5,991

)

(9,044

)

NET LIABILITIES

-

RESERVES

-

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 12 December 2018 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 are as below:

Registered number:

04548636

Registered office:

Wythenshawe Forum Centre

Forum Square

Wythenshawe

Manchester

M22 5RX

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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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

The average number of employees during the year was NIL (2017 - 50 ).

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

property

fittings

Totals

£

COST

At 1 April 2017

and 31 March 2018

9,515,555

145,234

9,660,789

DEPRECIATION

At 1 April 2017

5,295,902

39,671

5,335,573

Charge for year

404,152

14,385

418,537

At 31 March 2018

5,700,054

54,056

5,754,110

NET BOOK VALUE

At 31 March 2018

3,815,501

91,178

3,906,679

At 31 March 2017

4,219,653

105,563

4,325,216

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.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

Trade debtors

140,618

23,605

Other debtors

10,058

28,990

Prepayments and accrued income

296,102

181,104

446,778

233,699

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

Trade creditors

98,262

71,041

Corporation tax

9,321

8,493

VAT

9,933

-

Other creditors

-

16,653

Accruals and deferred income

149,674

198,660

Accruals and deferred income

due to Manchester City Council

884,485

844,597

1,151,675

1,139,444

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

Accruals and deferred income due to
Manchester City Council

3,398,832

3,776,482

Included in the above balance is £1,888,229 (2017: £2,265,879) due after five years.

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

totalling £819,650 (2017: £862,650). This amount comprises a release of £377,650 (2017: £377,650) of brought

forward deferred income and £442,000 (2017: £485,000) of service fees.

At 31 March 2018, accruals and deferred income relating to Manchester City Council totalled £4,283,317 (2017:

£4,621,079). This balance comprised £3,776,482 (2017: £4,154,132) in respect of capital expenditure (deferred

capital grants) and £506,835, (2017: £466,947) in respect of revenue expenditure. With regard to deferred

capital grants £377,650 (2017: £377,650) is shown as due within one year (reflecting expected release) and

£3,398,832 (2017: £3,776,482) 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 2018 comprised an amortisation

release of £377,650 (2017: £377,650).

During the year deficit funding has been reallocated back to Manchester City Council amounting to £39,888

(2017: £18,978).

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jeremy Bostock (Senior Statutory Auditor)

for and on behalf of Thompson Wright Limited

9.	CAPITAL COMMITMENTS

2018

2017

£

Contracted but not provided for in the

financial statements

-

10.	RELATED PARTY DISCLOSURES

The Articles of Association of the company provide that Manchester City Council may appoint up to three

directors provided that at all times the number of directors associated with Manchester City Council as defined

in Section 69 of the Local Government and Housing Act 1989 shall be less than 20% of the total number of

directors of the company. During this period one director and one alternate director held senior positions with

Manchester City Council and one director is a member of the Manchester City Council Executive for Adult

Services.

Transactions with Manchester City Council during the year ended 31 March 2018 were as follows:-

The company has 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.

Manchester City Council entered into an agreement dated 7 February 2003 to lease the library zone within the

Wythenshawe Forum from the company for a 21 year period. During the year ended 31 March 2018, total

rents and service charges of £270,240 (2017: £270,240) were charged to Manchester City Council.

The company has a service fee funding agreement with Manchester City Council dated 7 February 2003. The

income and expenditure account for the year ended 31 March 2018 recognises service fees totalling £442,000

(2017: £485,000) and the release of deferred grants totalling £377,650 (2017: £377,650).

At 31 March 2018, the following amounts were included in creditors relating to Manchester City Council, being

£506,835 (2017: £466,947) in respect of deferred income and £3,776,482 (2017: £4,154,132) in respect of

deferred capital grants. See note 11 for further analysis and commentary.

At 31 March 2018, £Nil (2017: £2,445) is due from Manchester City Council and £45,407 (2017: £46,019) is

included in trade creditors, being due to Manchester City Council.

During the year ended 31 March 2018, one director held a senior position at Wythenshawe Community

Housing Group. During the year ended 31 March 2018, operating costs of £4,035 (2017: £24,374) were charged

to the company by Wythenshawe Community Housing Group. At the balance sheet date £nil was due to

Wythenshawe Community Housing Group (2017: £nil).

Owing to the nature of the Company's operations and the composition of the board of directors being drawn

from local public and private sector organizations, it is inevitable that transactions will take place with

organisations in which a member of the board of directors may have an interest. All transactions involving such

organisations are conducted at arm's length and in accordance with the Company's financial regulations and

normal procurement procedures.

11.	POST BALANCE SHEET EVENTS

On 1st December 2018 Greenwich Leisure Limited, who are the management agent for leisure and facilities

management services, will be replaced by Sport & Leisure Management Limited.

12.	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.

Wythenshawe Forum Trust Limited - Accounts to registrar (filleted) - small 18.2

Wythenshawe Forum Trust Limited - Accounts to registrar (filleted) - small 18.2