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2021-10-31-accounts

SANDFORD LIDO LIMITED (Limited by guarantee)

TRUSTEE’S REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

CHARITY NUMBER: 1052203

COMPANY NUMBER: 03128079

Sandford Lido Limited Consolidated financial statements for the year ended 31 October 2021

CONTENTS

CHARITY INFORMATION 2
TRUSTEES’ ANNUAL REPORT 3
INDEPENDENT AUDITOR’S REPORT 10
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES 13
CONSOLIDATED BALANCE SHEET 14
CHARITY BALANCE SHEET 15
CONSOLIDATED CASH FLOW STATEMENT 16
NOTES TO THE FINANCIAL STATEMENTS 17
MANAGEMENT INFORMATION: CHARITY INCOME AND EXPENDITURE ACCOUNT 27

Sandford Lido Limited Consolidated financial statements for the year ended 31 October 2021

CHARITY INFORMATION

Company registration number 03128079
Charity registration number 1052203
Trustees and Directors J Claridge (Chairman)
C Billington-Wood
E Chadwick
A Cherrington
T Coolican
P Eggleston
W Flynn
A Holding
C James
R Jones
N Morton
D Rolley
Registered Office and Principal Address Sandford Parks Lido
Keynsham Road
Cheltenham
Gloucestershire
GL53 7PU
Auditors Kingscott Dix (Cheltenham) Ltd
Malvern View Business Park
Stella Way
Bishops Cleeve
Cheltenham
Gloucestershire
GL52 7DQ
Bankers Barclays Bank Plc
128 High Street
Cheltenham
Gloucestershire
GL50 1EL
Solicitors Charles Russell Speechlys LLP
Compass House
Lypiatt Road
Cheltenham
Gloucestershire
GL50 2QJ

Sandford Lido Limited Consolidated financial statements for the year ended 31 October 2021

TRUSTEES’ ANNUAL REPORT

(Incorporating the Directors’ Report)

The Trustees have pleasure in presenting their annual report and the financial statements of Sandford Lido (the “Lido”) for the year ended 31 October 2021.

The trustees have adopted the provision of the Statement of Recommended Practice for Charities (Charity SORP) in preparing the annual report and financial statements.

Reference and Administrative Details

Sandford Lido is a registered charity (charity number 1052203), which is incorporated as a company (company number 03128079) in the United Kingdom. It is limited by guarantee and accordingly has no share capital. The registered office address is Sandford Parks Lido, Keynsham Road, Cheltenham, Gloucestershire, GL53 7PU.

The directors of the charitable company (the charity) are its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees.

The trustees serving during the year and since the year end were as follows:

Elected Trustees: J Claridge (Chairman) C Billington-Wood E Chadwick A Cherrington T Coolican (Appointed 18 January 2022) P Eggleston (Treasurer) (Appointed 1 April 2021) W Flynn (Appointed 12 October 2021) A Holding C James R Jones (Vice Chair) N Morton D Rolley

Structure, Governance and Management

Sandford Lido Limited is a company limited by guarantee governed by its Memorandum and Articles of Association dated 9 November 1995 and amended by Special Resolution of 16 January 1996. It is registered as a charity with the Charity Commission. There are currently ten subscribers who have agreed to contribute £1 in the event the charity is wound up.

As set out in the Articles of Association, there shall be a minimum of five trustees who are the “Committee of Management”. Existing trustees invite and appoint additional trustees. Cheltenham Borough Council has the right to appoint one trustee if the total number of trustees is 11 or less, or two if there are more than 11. Cheltenham Borough Council have chosen not to appoint someone at the present time.

Newly appointed trustees meet with existing trustees to explain their duties as a trustee and to determine if any specific training is required to enable them to fulfil these duties.

Sandford Lido Limited Consolidated financial statements for the year ended 31 October 2021

The Board of Trustees administers the charity. The board meets at least quarterly. Sub committees are formed where a particular issue needs to be addressed but are not permanent. The trustees delegate day to day operational matters to the Executive Officers who have delegated authority, within the terms given by the trustees, for operational matters including finance, staffing and the running of the Lido.

Risk Management

The trustees have a risk management strategy which includes a regular review of the risks the charity faces, and addressing those risks so far as practicable. A key element in the management of financial risk is the setting of a reserves policy and its regular review by the trustees. Non-financial risks addressed include health and safety and child safety in respect of the operation of the pool.

Related Parties

The freehold site known as Sandford Parks Lido and adjoining car park is owned by Cheltenham Borough Council who lease the complex to the charity. The charity is responsible for the maintenance of the site under the terms of the lease.

The charity’s wholly owned subsidiary, Sandford Parks Lido Trading Ltd, was established to operate the car park and café at Sandford Lido. The company has a licence from the charity to operate both the car park and café and gift aids all of its profits to the charity.

Objectives and Activities

Sandford Lido Limited is incorporated with the charitable object of providing Sandford Lido in the interest of social welfare, with the object of improving the conditions of life for the residents and visitors of Gloucestershire and the surrounding areas. Its activities during the period have related to the operation of Sandford Lido to enable people to enjoy Cheltenham’s outdoor heated swimming pool.

Public Benefit

The Trustees have considered the Charity Commissioner’s guidance on public benefit and fee charging. The purpose of Trust is to safeguard Sandford Parks Lido and its heritage as a community facility providing a wide range of innovative events which engage our customers. The Trust is proud to be self-sustaining, and one of the most significant Lido’s of its kind in Britain, providing a national community asset for health, fitness and well-being of the population.

The Trustee’s believe as a valuable facility we have a duty to support our community wherever possible. This year has been extremely challenging due to the coronavirus pandemic, but we have still tried to support our community whenever possible.

During this year we have supported:

1. The National Health Service

We continued to support the National Health Service during the pandemic by providing the opportunity to locate a portacabin to enable service to those with diabetes and also permitting the volunteers and staff administering the vaccines free parking in our season ticket holders car park thus reducing the pressure the service was experiencing during this unprecedented time.

Sandford Lido Limited Consolidated financial statements for the year ended 31 October 2021

2. Clubs

Usage has returned to pre-covid levels and we’ve continued to provide low hire fees to ensure local clubs can access the facility.

  1. Emergency Services

The Trust continued to provide a water training venue for Gloucestershire Fire and Rescue. Throughout the year both Gloucester and Cheltenham fire stations will use the Lido for their waterbased training.

4. Aid to Others

Whilst we couldn’t return to pre-covid attendance levels we were able to open and provide a great service for the residents and visitors to Cheltenham and the surrounding area, maintaining Cheltenham Borough Councils objective back in 1935 to improve the health and wellbeing of their community and to ensure the lido was available to everyone’s purse. We continued to offer reduced entry fees and season ticket rates to those on low income, essential services, students and the military. Our customers returned keen to take part in social activities in a safe outdoor venue. We provided greater opportunity for people to book the entire small pool which proved extremely popular. We were able to support schools although numbers were restricted and other charities where possible but unfortunately our major in season events remained on hold for another year. We hope to resurrect events next season and continue to support Linc, Colbalt, Pied Piper, Winston’s Wish, Heidi’s Heroes, Macmillan and Maggie’s when we are able to organise large fundraising initiatives.

  1. Supporting Local Business and Community

  2. The Trust supports local business as we believe that keeping money local has a profound economic impact on our community, which the Lido is a significant part of. Sandford Lido also continues to provide support and attendance at the Friends of Sandford Park meetings.

Achievements and Performance

Following all the lockdowns and restrictions from the 2020 season due to the pandemic we started this year cautiously. Unfortunately the first event the Christmas Day swim was cancelled and we were facing the problem of deferred sales of season tickets from 2020, but the public were buoyant and very keen to return to the lido. Season ticket sales began on the 15th April and initial uptake was very positive.

The season began on the 1st May and we planned to remain operational until 10th Oct. Initially we operated only the cafe shack, but once restrictions started to lift for catering we were joined by the Meadow Cafe who would run all catering provision until the end of the season. We managed to run a couple of events, such as theatre, Cinema, the sunrise swim and the dog swim.

We introduced a net promoter scheme this year and we were thrilled by the comments and score which by the end of the season was an amazing +91 (anything over +72 and you are considered as being in the top 25% of performers).

We were also voted by the public as the top sporting venue in Gloucestershire in 2021, beating some very strong local competition, which we felt truly honoured to receive after such a difficult couple of seasons.

Sandford Lido Limited Consolidated financial statements for the year ended 31 October 2021

We ran cold water swim sessions throughout the winter months which proved very popular. Visitors could purchase a monthly swimming pass or pay per session. We opened 3 days a week for 2 sessions each day.

Maintenance

The Trust restricted expenditure this year due to the unknowns surrounding covid, we did however make the necessary and important decisions to repaint the main pool and replace the gas booster pump and impellers on the main pool pumps on top of the annual servicing and maintenance. The total spend this year was £69,084.

The Trustees recognise that for much of the maintenance and associated expenditure, the benefit is hidden away (often in the ground), not directly improving the visitors experience, but providing an indirect benefit. The Trustees are prudent in where financial resources are expended in each financial period to ensure the continued successful operation of the Lido which is well over 80 years old. It is and will remain the area of greatest long-term expenditure to ensure the facilities are maintained and improved over the long term.

Environment

The Trust recognises that after salaries and repairs & maintenance, the single biggest expense are the utilities; water, electric and gas. The Trust continues to investigate ways of reducing our water and utility consumption, as well as looking for green sources of energy with a number of projects being considered.

Company Structure

In October 2021 we employed a full time Operations Supervisor taking our year round employed team to 7 people as we found the new structure a little too tight to fulfil all our ambitions for the facility. This change would enable the continued development of key staff already within the organisation.

The Board of Trustees is made up of individuals from a wide range of backgrounds and professionals which help support the operation of the Lido from their respective fields. As a board we are always interested to hear from individuals who may wish to become a part of the Lido and bring in skills which may be missing or complement our objectives.

Financial Review

Understandably, lido income was impacted by the reduced number of visitors permitted on site at any one time, however the visitors thoroughly enjoyed the experience which was evident by frequently running at capacity with less peaks and troughs as a business thus making it easier to plan and operate whilst ensuring a high standard of provision throughout the year. We continue to learn from this process and look to maintain a booking system going forward so we can maintain the standards of service achieved during the nation's recovery from the pandemic.

Season ticket sales finished at £278,699 which was an amazing feat considering the amount of deferred members from the previous we had to accommodate (2020 - £51,373, 2019 - £284,788) and day tickets finished at £298,479 (2020 - £127,888, 2019 - £274,869)

Personnel costs were up on the previous year as operations had started to return to pre-pandemic levels.

Sandford Lido Limited Consolidated financial statements for the year ended 31 October 2021

Maintenance costs were kept to a minimum to ensure expenditure was as low as possible as our business recovered from the pandemic.

We received significant external funding streams which truly assisted our business during this time one was grants to the value of £80,130 and the other was a bereavement donation from a customer which took our donations figure to £181,388

With the assistance of these funding streams and the publics positive response the lido opening following the pandemic we achieved a profit of £616,178 compared with a deficit in 2020 0f 286,963.

Funding Sources

The Trust has previously been discouraged to apply for grant funding due to the short-term nature of the Lido lease in place with Cheltenham Borough Council. However, we signed a new lease with Cheltenham Borough Council on the 3rd February 2021 which will run until 2056.

The new lease brings with it new opportunities and the Trustees are keen to explore development and funding opportunities. We are thankful to Cheltenham Borough Council for working with the Trust on this matter and hope our relationship continues to grow to support our mutual objectives.

The CEO will focus on developing the facility in line with the following keys principles which have been established following extensive stakeholder, Trustee and employee consultation.

Our aspirations for Sandford Parks Lido. The lido will remain the focal point of all that we do, but we will:

The Trust is extremely proud to have been self-funding, especially given the primary source of income of the Trust is heavily weather dependent. The management of finances within the business is inherently difficult against a cost base which is largely fixed and has an extensive maintenance requirement. As such the Trust has built a business model which helps mitigate this risk by offering season tickets for the season and innovative events to provide certainty over income.

Reserves

The Trustees have established a general reserves policy to ensure the charity can withstand prolonged poor weather conditions that could affect the level of income generated. The Trustees believe a reserve equivalent to two months’ income during the season to be appropriate. This equates to a reserve of the order of £100,000.

Reserves are also held to ensure we can cover the cost of possible emergency repairs to the swimming pools, buildings or engineering equipment and major pool refurbishment work. The Trustees allocated £300,000 to ensure that sufficient funds exist at the time a major pool refurbishment is necessary.

A reserve was also held to the sum of £80,000 to facilitate a development plan.

Sandford Lido Limited Consolidated financial statements for the year ended 31 October 2021

Further reserves of £200,000 have been created for financial protection should the charity’s energy and chemical costs increase substantially.

When considering the Charities reserves, the Trustees are mindful that in order of fulfil plans for future and completing tasks contained within our facilities maintenance document, we need to raise significant sums each year. In 2016 the charity went about updating the facilities maintenance schedule, previously commissioned by the Trustees and completed by Alder King. In order to maintain the facilities over the next 25 years the Charity is forecast to require £6 million in today’s prices.

Investments

Under the Memorandum and Articles of Association, the charity may invest funds not immediately required in such investments, securities or property as the trustees see fit.

It is of the opinion of The Board of Trustees, that due to the current unpredictability of cash flows and maintenance schedule, it is appropriate at present time to hold surplus cash in short to medium term deposit accounts.

Pay and Remuneration

The remuneration of key management personnel, such as the Executive Officers, is determined by the trustees who take into account: comparative pay in the sector; any remuneration trends; and geographic location.

Going concern

The trustees have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future and consider it appropriate to adopt the going concern basis in the preparation of the financial statements.

Statement of Trustees’ Responsibilities

The trustees’ (who are also directors for the purposes of company law) are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and regulations.

Company law requires 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 (UK GAAP). 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 income and expenditure of the company for that period. In preparing these financial statements the directors are required to:

Sandford Lido Limited Consolidated financial statements for the year ended 31 October 2021

The trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of Information to the Auditors

As far as the trustees 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. Each director has taken all the steps that he or she ought to have taken as a director to make himself or herself aware of any relevant audit information and to establish that the company’s auditors are aware of that information.

Approved by the Board of Trustees and signed on its behalf:

…………………………………………… …………………………………………… J Claridge – Chairman Date

Sandford Lido Limited Consolidated financial statements for the year ended 31 October 2021

INDEPENDENT AUDITOR’S REPORT

To the members of Sandford Lido Limited

Opinion

We have audited the financial statements of Sandford Lido Limited for the year ended 31 October 2021 which are comprised of the Consolidated Statement of Financial Activities, Consolidated and Parent Charitable Company Balance Sheets, Consolidated Cash Flow Statement and related notes, 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 (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 charitable 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

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information in the Trustees’ Annual Report, but does not include the financial statements and our Auditor’s Report 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.

Sandford Lido Limited Consolidated financial statements for the year ended 31 October 2021

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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matter prescribed by the Companies Act 2006

In our opinion the information given in the Trustees’ Annual Report for the financial year for which the financial statements are prepared is consistent with the financial statements.

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 Trustees’ Annual Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ Responsibilities Statement, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 trustees are responsible for assessing the charitable 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 trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s 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 Auditor’s Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Sandford Lido Limited Consolidated financial statements for the year ended 31 October 2021

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of law and regulations that could reasonably be expected to have a material effect on the financial statements from: our charity and sector experience; our accountancy and tax knowledge; inspection of the charitable company's relevant correspondence; a review of Companies House and Charity Commission filings; and discussions with management and the Trustees. We discussed laws and regulations throughout our team and remained alert to any indication of non-compliance throughout the audit. The potential effect of the law and regulations on the financial statements varies considerably.

Firstly, the charitable company's is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the charitable company's is subject to other laws and regulations where the consequences of noncompliance could have a material effect on amounts disclosed in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety, and employment laws and regulations, recognising the nature of the charitable company's activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiries of management, and inspection of regulatory and legal correspondence, if any. These limited procedures did not identify actual or suspected non-compliance.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. As with any audit, there remained a higher risk of nondetection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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 Auditor’s Report.

Use of our report

This report is made solely to the charitable company’s trustees, 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 charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

…………………………………………… …………………………………………… Kingscott Dix (Cheltenham) Limited Date Chartered Accountants and Registered Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Malvern View Business Park, Stella Way, Bishops Cleeve, Cheltenham, Gloucestershire, GL52 7DQ

Sandford Lido Limited Consolidated financial statements for the year ended 31 October 2021

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Including Income and Expenditure Account)

Note
INCOME
Income from charitable activities:
Operation of Sandford Lido
5
Income from other trading activities:
Commercial trading operations
6
Donations and grants
Interest received
TOTAL INCOME
EXPENDITURE
Expenditure on charitable activities:
Operation of Sandford Lido
Expenditure on raising funds:
Commercial trading operations
TOTAL EXPENDITURE
7
NET INCOME / (EXPENDITURE)
Transfers between funds
NET MOVEMENT IN FUNDS
10
TOTAL FUNDS BROUGHT FORWARD
17
TOTAL FUNDS CARRIED FORWARD
17		 2021
2021
2021
Group
Group
Group
Unrestricted
Restricted
Total
Funds
Funds
Funds
£
£
£
675,083
-
675,083
335,001
-
335,001
261,518
-
261,518
5
-
5
1,271,607
-
1,271,607
598,220
-
598,220
57,209
-
57,209
655,429
-
655,429
616,178
-
616,178
-
-
-
616,178
-
616,178
301,752
-
301,752
917,930
-
917,930		 2020
Group
Total
Funds
£
214,482
269,586
90,402
-
574,470
777,121
84,312
861,433
(286,963)
-
(286,963)
588,715
301,752

The statement of financial activities includes all comprehensive income recognised in the year. All income and expenditure derive from continuing activities.

Sandford Lido Limited Consolidated financial statements for the year ended 31 October 2021

CONSOLIDATED BALANCE SHEET (Company number: 03128079)

Note
FIXED ASSETS
Tangible assets
12
Investments
13
CURRENT ASSETS
Stock
Debtors
14
Cash at bank and in hand
15
CURRENT LIABILITIES
Creditors due within one year
16
Net current assets
Total assets less current liabilities
NET ASSETS
FUNDS
Unrestricted funds
Designated funds
Restricted funds
TOTAL FUNDS
17		 2021
Group
£
65,961
-
65,961
-
1,726
909,933
911,659
59,690
59,690
851,969
917,930
917,930
237,930
680,000
-
917,930		 2020
Group
£
85,292
-
85,292
-
-
407,620
407,620
191,160
191,160
216,460
301,752
301,752
1,752
300,000
-
301,752

The trustees have prepared group accounts in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011. These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

Approved by the Board of Trustees on ………………………………… and signed on its behalf by:

……………………………………………

J Claridge

Sandford Lido Limited Consolidated financial statements for the year ended 31 October 2021

CHARITY BALANCE SHEET (Company number: 03128079)

Note
FIXED ASSETS
Tangible assets
12
Investments
13
CURRENT ASSETS
Stock
Debtors
14
Cash at bank and in hand
15
CURRENT LIABILITIES
Creditors due within one year
16
Net current assets
Total assets less current liabilities
NET ASSETS
FUNDS
Unrestricted funds
Designated funds
Restricted funds
TOTAL FUNDS
17		 2021
Group
£
35,544
100
35,644
-
237,820
684,759
922,579
40,293
40,293
882,286
917,930
917,930
237,930
680,000
-
917,930		 2020
Group
£
47,441
100
47,541
-
303,386
128,063
431,449
177,238
177,238
254,211
301,752
301,752
1,752
300,000
-
301,752

The trustees have prepared group accounts in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011. These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

Approved by the Board of Trustees on ………………………………… and signed on its behalf by:

…………………………………………… J Claridge

Sandford Lido Limited Consolidated financial statements for the year ended 31 October 2021

CONSOLIDATED CASH FLOW STATEMENT

Note
CASH FLOWS FROM OPERATING ACTIVITES
Net movement in funds
Depreciation charge
12
Profit on asset disposals
Interest income
(Increase) / decrease in stock
(Increase) / decrease in debtors
14
Increase / (decrease) in creditors
16
Net cash provided by operating activities
CASH FLOWS FROM INVESTING ACTIVITES
Interest income
Purchase of tangible fixed assets
12
Proceeds from sale of tangible fixed assets
Net cash used in investing activities
Change in cash and equivalents for the year
Cash and equivalents at the beginning of the year
CASH AND EQUIVALENTS AT THE END OF THE YEAR		 2021
Group
£
616,178
19,331
-
(5)
635,504
4,181
(1,726)
(131,470)
502,308
5
-
-
5
502,313
407,620
909,933		 2020
Group
£
(286,963)
25,077
-
-
(261,886)
4,181
23,104
108,764
(125,837)
-
(9,799)
-
(9,799)
(135,636)
543,256
407,620

Sandford Lido Limited Consolidated financial statements for the year ended 31 October 2021

NOTES TO THE FINANCIAL STATEMENTS

1 General Information

Sandford Lido Limited is a registered charity, incorporated in the United Kingdom as a company limited by guarantee. General information about the charity can be found on the Charity information page. The functional and presentational currency of both the Group and the Charity is British Sterling (£). The Charity is a public benefit entity.

2 Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (Charities SORP – FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated below.

Going concern

The group has cash resources and has no requirement for external funding. The trustees have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future, and consider it appropriate to adopt the going concern basis in the preparation of the financial statements.

Consolidated group accounts

The consolidated statement of financial activities (SOFA) and consolidated balance sheet consolidate the financial statements of the charity and its wholly owned subsidiary, Sandford Parks Lido (Trading) Limited, company registration number 03177909, on a line-by-line basis. No separate SOFA, nor income and expenditure account, is presented for the charity itself as the charity has taken advantage of the exemptions afforded by section 408A of the Companies Act 2006.

Judgements and estimation uncertainty

The trustees are of the opinion that the financial statements do not contain any significant judgements or estimations.

Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received, and the amount can be measured reliably. Income received in advance is deferred until the criteria for income recognition are met.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Sandford Lido Limited Consolidated financial statements for the year ended 31 October 2021

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Allocation of support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources.

Tangible fixed assets

Tangible fixed assets costing more than £500 are capitalised at cost and are depreciated over their useful economic lives as follows: Leasehold improvements 10 years straight line Poolside equipment 25% on net book value Office and other equipment 10 years straight line

Investments

Investments in equity shares are measured at cost less impairment.

Stock

Stock is stated at the lower of cost and net realisable value.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered, less any provision for unrecoverable amounts. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and equivalents

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months.

Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Pensions

Employees of the charity are entitled to join a money purchase defined contribution pension scheme. Any employees joining the money purchase pension scheme, contract directly with the insurance company. The group makes contributions to the individual schemes of employees and acts as agent in collecting and paying over employee pension contributions. The contributions made for the accounting period are treated as an expense.

Financial instruments

The group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Sandford Lido Limited Consolidated financial statements for the year ended 31 October 2021

Fund Accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes.

3 Legal status of the charity

In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

4 Financial performance of the charity

The consolidated statement of financial activities includes the results of the charity’s wholly owned subsidiary, Sandford Parks Lido (Trading) Limited. As permitted by section 408 of the Companies Act 2016, the parent charity’s statement of financial activities has not been included in these financial statements. The charity’s deficit for the financial year was £286,963 (2019 – deficit of £69,352).

5 Income from charitable activities

Admission fees
Season tickets
Rental income
Private hire
Event income
Other income
Income from other trading activities
Car parking receipts
Café income		 2021
2020
Group
Group
£
£
298,479
127,888
278,699
51,373
8,729
-
41,106
12,268
3,822
12,318
85,354
10,635
675,083
214,482
2021
2020
Group
Group
£
£
317,019
260,096
17,982
9,490
335,001
269,586

6 Income from other trading activities

Sandford Lido Limited Consolidated financial statements for the year ended 31 October 2021

7 Total expenditure

Charitable activities
Staff costs
Pool running costs
Maintenance
Water and utilities
Support costs
Depreciation
Raising funds
Staff costs
Café purchases
Support costs
Depreciation
Total 2021
Total 2020		 2021
Direct
Staff
Support
Group
Costs
Costs
Costs
Total
£
£
£
£
-
285,461
-
285,461
38,942
-
-
38,942
93,998
-
-
93,998
99,568
-
-
99,568
-
-
68,355
68,355
-
-
11,896
11,896
232,508
285,461
80,251
598,220
-
11,511
-
11,511
6,926
-
-
6,926
-
-
31,337
31,337
-
-
7,435
7,435
6,926
11,511
38,772
57,209
239,434
296,972
119,023
655,429
425,357
247,557
188,519		 2020
Group
Total
£
241,450
28,808
306,687
82,252
102,104
15,820
777,121
6,107
7,610
61,338
9,257
84,312
861,433

Support costs include: car park management of £nil (2020 – £17,323); café overheads of £11,460 (2020 - £43,672); administrative costs in operating the Lido of £74,108 (2020 – £86,740); and governance costs in running the charity of £14,124 (2020 – £15,657).

Group expenditure is allocated between restricted and unrestricted funds as follows:

Charitable activities
Raising funds		 2021
2021
Restricted Unrestricted
£
£
-
598,220
-
57,209
-
655,429		 2020
2020
Restricted Unrestricted
£
£
-
777,121
-
84,312
-
861,433

Sandford Lido Limited Consolidated financial statements for the year ended 31 October 2021

8 Staff costs

Wages and salaries
Social security costs
Pension contributions		 2021
2020
Group
Group
£
£
283,760
223,606
9,832
20,004
3,380
3,947
296,972
247,557		 2021
2020
Charity
Charity
£
£
272,343
218,158
9,738
19,303
3,380
3,989
285,461
241,450

Staff costs include £30,706 (2020 – £79,775) of Coronavirus Job Retention Scheme grants. No employees were paid in excess of £60,000 during the current or previous year.

9 Staff numbers

The average number of employees during the year was:

Operating services
Management and administration		 2021
2020
Group
Group
No.
No.
48
52
6
6
54
58		 2021
2020
Charity
Charity
No.
No.
31
32
6
6
37
38

The number of employees included above in operating services includes lifeguards, café staff, cleaners, receptionists and others who are employed on a part time basis while the Lido is open (i.e. from April to October each year).

10 Movement in funds
This is stated after charging: 2021 2020
Group Group
£ £
Depreciation 19,331 25,077
Auditors remuneration: external audit 4,200 4,200
Auditors remuneration: other services 4,560 4,998

11 Taxation

Sandford Lido Limited is a registered charity and all income falls within the exemptions afforded to charities by the Income and Corporation Taxes Act 2000.

Sandford Lido Limited Consolidated financial statements for the year ended 31 October 2021

12 Tangible fixed assets

GROUP
Cost
At 1 November 2020
Additions
Disposals
At 31 October 2021
Depreciation
At 1 November 2020
Charge for year
Eliminated on disposals
At 31 October 2021
Net book value
At 1 November 2020
At 31 October 2021
CHARITY
Cost
At 1 November 2020
Additions
Disposals
At 31 October 2021
Depreciation
At 1 November 2020
Charge for year
Eliminated on disposals
At 31 October 2021
Net book value
At 1 November 2020
At 31 October 2021		 Leasehold
Poolside
Office & other
improvements
equipment
equipment
Total
£
£
£
£
911,869
205,925
118,329
1,236,123
-
-
-
-
-
-
-
-
911,869
205,925
118,329
1,236,123
911,869
169,729
69,233
1,150,831
-
9,050
10,281
19,331
-
-
-
-
911,869
178,779
79,514
1,170,162
-
36,196
49,096
85,292
-
27,146
38,815
65,961
Leasehold
Poolside
Office & other
improvements
equipment
equipment
Total
£
£
£
£
911,869
205,925
55,131
1,172,925
-
-
-
-
-
-
-
-
911,869
205,925
55,131
1,172,925
911,869
169,729
43,887
1,125,485
-
9,050
2,846
11,896
-
-
-
-
911,869
178,779
46,733
1,137,381
-
48,263
11,244
47,440
-
48,263
11,244
35,544

Sandford Lido Limited Consolidated financial statements for the year ended 31 October 2021

13 Investments

Investments
Unlisted investments 2021
2020
Group
Group
£
£
-
-
-
-		 2021
2020
Charity
Charity
£
£
100
100
100
100

The charity owns the entire ordinary share capital of its subsidiary, Sandford Parks Lido (Trading) Limited, which is used to operate the café and car park situated at the Lido. All profits earned by the subsidiary are transferred to the charity by way of gift aid.

The results of Sandford Parks Lido (Trading) Limited for the year ended 31 October 2021 were:

Turnover
Cost of sales
Gross profit
Administrative expenses
Profit before taxation
Taxation
Profit after taxation
Gift aid distribution
Retained profit for the year		 2021
2020
£
£
335,001
269,586
(18,437)
(31,090)
316,564
238,496
(43,772)
(79,912)
272,792
158,584
-
-
272,792
158,584
(272,792)
(158,584)
-
-

At 31 October 2021, Sandford Parks Lido (Trading) Limited had the following assets and liabilities:

Fixed assets
Current assets
Current liabilities
Net assets
Share capital
Reserves
Shareholders’ funds		 2021
2020
£
£
30,417
37,852
225,174
279,557
(255,491)
(317,752)
100
100
100
100
-
-
100
100

Sandford Lido Limited Consolidated financial statements for the year ended 31 October 2021

14
Debtors
Trade debtors
Other debtors and prepayments
Amounts due from group companies
15
Cash at bank and in hand
Cash at bank
Cash in hand
Cash and equivalents
16
Creditors
Trade creditors
Other creditors and accruals
Other taxes and social security
Bank loans		 2021
2020
Group
Group
£
£
1,726
-
-
-
-
-
1,726
-
2021
2020
Group
Group
£
£
908,233
404,419
1,700
3,201
909,933
407,620
2021
2020
Group
Group
£
£
12,490
26,694
38,603
106,516
8,597
7,950
-
50,000
59,690
191,160		 2021
2020
Charity
Charity
£
£
1,726
-
-
-
236,094
303,386
237,820
303,386
2021
2020
Charity
Charity
£
£
683,059
124,862
1,700
3,201
684,759
128,063
2021
2020
Charity
Charity
£
£
12,016
26,181
25,625
96,779
2,652
4,278
-
50,000
40,293
177,238

Sandford Lido Limited Consolidated financial statements for the year ended 31 October 2021

17
Group funds
Current year:
Unrestricted funds
General
Designated
Total unrestricted funds
Restricted funds
Total restricted funds
Total funds
Previous year:
Unrestricted funds
General funds
Designated funds
Total unrestricted funds
Restricted funds
Total restricted funds
Total funds		 1 Nov 2020
Income
Expenditure
Transfers
31 Oct 2021
£
£
£
£
£
1,752
1,271,607
(655,429)
(380,000)
237,930
300,000
-
-
380,000
680,000
301,752
1,271,607
(655,429)
-
917,930
-
-
-
-
-
-
-
-
-
-
301,752
1,271,607
(655,429)
-
917,930
1 Nov 2019
Income
Expenditure
Transfers
31 Oct 2020
£
£
£
£
£
188,715
574,470
(861,433)
100,000
1,752
400,000
-
-
(100,000)
300,000
588,715
574,470
(861,433)
-
301,752
-
-
-
-
-
-
-
-
-
-
588,715
574,470
(861,433)
-
301,752

General funds:

The group has general unrestricted funds that are free reserves for use in achieving the charity’s aims and objectives.

Designated funds:

The following amounts have been set aside in designated funds –

£100,000 (2020 – £100,000) to ensure the charity can withstand prolonged poor weather conditions.

£300,000 (2020 – £200,000) to cover possible emergency repairs to the swimming pool structure.

£80,000 (2020 – £nil) to initiate the development fund.

£100,000 (2020 – £nil) to provide financial protection should the charity’s utilities contract be withdrawn.

£100,000 (2020 – £nil) to provide financial protection should the charity have to refund season ticket income if exorbitant chlorine costs force closure mid-season.

Sandford Lido Limited Consolidated financial statements for the year ended 31 October 2021

18 Analysis of group net assets between funds

Current year:

Tangible fixed assets
Current assets
Current liabilities
Previous year:

Tangible fixed assets
Current assets
Current liabilities		 Unrestricted
Restricted
Total
Funds
Funds
Funds
£
£
£
65,961
-
65,961
911,659
-
911,659
(59,690)
-
(59,690)
917,930
-
917,930
Unrestricted
Restricted
Total
Funds
Funds
Funds
£
£
£
85,292
-
85,292
407,620
-
407,620
(191,160)
-
(191,160)
301,172
-
301,172

19 Related party transactions

Group companies: The group has taken advantage of the exemption from disclosing transactions between group companies.

Trustees: No trustee received any remuneration nor any reimbursed expenses during the year (2020 – £nil).

Other: Cheltenham Borough Council lease the Lido grounds and car park to the charity, as described in the accompanying note.

20 Lease commitments

The charity leases the swimming pool, grounds and car park known as Sandford Parks Lido to carry out its charitable activity. The charity pays a nominal annual rent to Cheltenham Borough Council, and any deficit in rental value is considered to be a grant from Cheltenham Borough Council. The trustees’ do not consider it possible to quantify in monetary terms the value of this grant and as such neither the deemed grant nor deemed rental are included in the Statement of Financial Activities. The lease was renewed during the year and continues until 31 March 2056.

Sandford Lido Limited Consolidated financial statements for the year ended 31 October 2021

MANAGEMENT INFORMATION: CHARITY INCOME AND EXPENDITURE ACCOUNT

INCOME
Admission fees
Season tickets
Shop sales
Hire of pool facilities
Other
Total income
EXPENDITURE(see overleaf)
OPERATING SURPLUS / (DEFICIT)
OTHER INCOME
Gift aid distribution from subsidiary
Occupation license charged to subsidiary
Rental income
Donations
Grants
Events and courses
Bank interest
Total other income
TOTAL SURPLUS / (DEFICIT)		 2021
Charity
£
298,479
278,699
8,308
41,106
1,850
628,442
(598,220)
30,222
272,792
5,000
8,729
181,388
80,130
37,912
5
585,956
616,178		 2020
Charity
£
127,888
51,373
-
12,268
10,635
202,164
(761,431)
(559,267)
158,584
11,000
-
40,402
50,000
12,318
-
272,304
(286,963)

Sandford Lido Limited Consolidated financial statements for the year ended 31 October 2021

EXPENDITURE
Wages and salaries
Training
Recruitment
Shop purchases
Chemicals
Security and cash handling
Water
Gas
Electricity
General rates
Insurances
Building, pool and equipment repairs
Event costs
Advertising and public relations
Ground maintenance
Cleaning, waste and sanitary
Postage and telephone
Stationary
Accountancy and audit fees
Bank charges
Medical supplies
Subscriptions
Travelling
Sundry expenses
Website, software and IT
Uniform and clothing
DBS costs
Professional fees
Compensation
Depreciation of fixed assets
Total expenditure		 2021
Charity
£
285,461
6,831
-
3,268
29,664
-
24,690
38,114
35,963
801
9,721
69,084
1,099
820
12,585
-
2,042
4,160
5,940
25,007
-
4,034
-
16,397
2,281
1,348
-
7,014
-
11,896
598,220		 2020
Charity
£
241,450
3,331
40
667
11,076
-
34,585
21,248
24,734
1,685
8,797
300,925
567
7,502
5,762
3,657
4,823
2,497
8,729
27,369
2,442
2,185
304
4,754
3,405
2,981
1,544
8,957
9,595
15,820
761,431