SANDFORD LIDO LIMITED (Limited by guarantee) TRUSTEE'S REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ocfoBER 2023 SANDFORD PARKS ¥LIDO CHARITY NUMBER: 1052203 COMPANY NUMBER: 03128079 Sandford Lido Limited Consolldated financial statements for the year ended 31 Ortober 2023 coTrirENTS CHARrrY INFORMATION TRUSTEES, ANNUAL REPORT INDEpENDEP￿ AUDrroR'S REpoiir io CONSOLIDATED STATEMENT OF FINANCIAL AcfiwnES 14 CONSOLIDATED BALANCE SHEEr 15 CHARrrY BALANCE SHEEr 16 CONSOUDATED CASH FLOW STATEMENT 17 NOTESTO THE FINANCIAL STATEMEKf5 MANAGEME￿ INFORMATION: CHARrri INCOME AND EXPENDITURE ACCOUNT 29 Sandford Lido Llmlted Consolidated financial statemerrts for the yearended 31 Ortober 2023 CHARrrY INFORMATION Company registration number 03128079 Charity registration number 1052203 Trustees and Directors J aaridge (Chairman) J Angrave P Baker C Billington-wood E Chadwick T Coolican A Holding L Ingle Cjames R Jones D Rolley N Stonebridge Re815tered Office and Principal A(Idres5 Sandford Parks Lido Keynsham Road Cheltenham GlouCeste￿hIre GL53 7PU Auditors Kingscott Dix Icheltenhaml Ltd Malvern View Business Park Stella Way Bishops Cleeve Cheltenham Gloucestershire GL52 7DQ Bankers Barclays Bank PIC 128 High Street Cheltenham Gloucestershire GL50 IEL Solicitors Charles Russell Speechlys LLP Compass House Lypiatt Road Cheltenham Gloucestershire GL50 2QI Sandford Lido Limited Consolldated financial Statements forthe year ended 31 October 2023 TRUSTEES, ANNUAL REPORT Ilncorporatingthe Director< Report) The Trustees have pleasure in presenting their annual rewrt and the finanaal statements of Sandford Lido Ithe "Lido") for the year ended 31 Ortober 2023. The trustees have adopted the provision of the Statement of Recommended PraLtice for Charit￿5 Icharty SORPI in preparing the annual report and financial statements. Referen￿ and Admlnistrative Oetails Sandford Lido is a registered charity Icharrty number 10522031, which is incorporated as a company (company number 031280791 in the United Kingdom. It is limtted by guarantee and accordingly has no share capital. The registered ofFice address is Sandford Parks Lido, Keynsham Road. Cheltenham, Gbucestershire, GL53 7PU. The directors of the tharitable company Ithe charity) are its trustees for the purpose of charity law and throughout this report are collectively referred to as the tnjstees. The trustees serving during the year and sinte the year end were as follows- Elected Trustees: J Claridge (Chairl J Angrave P Baker C Billington-wood E Chadwick T Coolican P Eggleston A Holding Llngle CJame5 R Jones D Rollev N Stonebridge IresEned 10 July 20231 lappointed 9 October 20231 Structure, Govefnance and Management Sandford Lido Limited is a company limTted by guarantee governed by tts Memorandum and Articles of Association dated 9 November 1995 and amended by Special Resolution of 16 January 1996. It is re8lStered as a charity with the Charity Commission. The￿ are Current￿ 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 Managemenf. Existing trustees invite and appoint additional trustees. Cheltenham Borough Council ha5 the right to appoint one trustee rf the total number of tnjstees is 11 or less. or two if there are more than 11. Cheltenham Borough Council have chosen not to apw)int someone at the present time. Newly appointed trustee5 meet WTth existing trustees to explain their duties as a trustee and to detemine rf any specrfictraining is required to enable them to fulfil these duties. Sandford Lldo Limited Consolidated financial statements for the year ended 31 Ortober 2023 The Board ofTrLtstees administersthe charrty. The board meets at least quarterly. Sub committees are forrned where a particular issue needs to be addressed but a￿ not pernianent. The trustees delegate day to day operational matters to the Chief Executive Offttr. Julie Sargent, who have delegated authority, within the terms given bythe tTUStees. for operational Matte￿ includlng finance. staffing and the running of the Lido. Risk Mana ement The trustees have a risk management 5trategry which include5 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 it5 regular review by the trustees. Non-financial risks addressed include health and safety and child safety in respeci of the operatlon of the pool. Related Parties The freehold site known as Sandford Parks Lido and adjoining car park is owned by Cheltenham Borough Co¥Jntil who lease the complex to the charty- The charity is responsible forthe Maintenan￿ of the site under the term5 of the kase. The charit￿5 wholly owned subsidiary, Sandford Parks Lido Trading Ltd. was established to operate the car park at Sandford Lido. The company has a licence from the charity to operate the car park and gift aids all of its profrts to the tharity. ObJertl¥es and Acti¥ltles Sandford Lldo Lirnited is incory)orated with the charttable objert of providing Sandford Lido in the interest of social welFare, with the object of improving the conditions of lffe for the residents and visttors of Gloucestershire and the surrounding areas. Its artivities during the period have related to the operation of Sandford Lido to enable people to enjoy Cheltenham's outdoor heated swimming pool. Public Benefrt The Trustee5 have consldered the Charity Commisslonerfs guidance on public benefrt and fee charging. The purpose of Trust is to safeguard Sandford Parks Lido and tts heritage as a community facility providing a wide range of innovative events which engage our customers. The Trust is proud to be self-svstainin& and one of the most signrficant Lido's of its kirkd in Britiiin, 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 kX)ssible. Duringthis year we have supported: l. The National Health Service We continued to suptmirt the National Health Service following the covid pandemic by providing the opportunity for staff and volunteers working at the vaccination centre at the fire station to park free of charge thus reducing the pressure the service was experiencing during this unprecedented time. 2. Clubs We've continued to provide low hire fees to ensure local clubs can attess the facility. Sandford Lldo Llmfted Consolidated financial ststements for the year ended 31 Ortober 2023 3. Emergency SeNices 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 water- based training. 4. Aid to Others The bookKng system in place has Still allowed usto have setsession times and keep maximum number5 on site to I,LW at any one time. We have found our visitors welcome the extra Spa￿ on site, the guarantee thatthey can gain entry without long queues and the consistency in service provislon. We have continued to offer reduced entry fees and season ticket rates to those on low income, essential servi￿5, students and the military. Sandford parks lido has been able to continue to support Linc. Cobalt. Pied Piper. Winston's Wish. Heidi's Hero's, Macmillan and Maggies through both the Lido events and by offering free of charge or reduced cost pool space for charities to host their own events during the closed season. The overall numberof participants joining the lido events has slowly increased since the drop in trend from Covid. We also reviewed our public benefrt policy to ensure we are offering assistance to the most in need within our community. The goodwill provided within this polKy equates to £10,350 per annum. 5. Supporting Local Business and Communtty 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 lo provide support and attendance at the Friends of SandFord Park meetings. In line with our pU￿1C benefrt policy, we gave out £10,189.17 worth of donatknns to local charities to support their fundraising goals. Achievements and PerfomHnce Cold water swimming was once again a success for SandFord parks Lido. wtth many users taking the opportunitytotake a dip in the cold water for both ph￿1¢31 and mental health gains. The cold water swimmlng opportunity has brought a real sense of community to the lido during the winler months and realty provided a different aspect to the health and wellbeing service the lido can provide to the communty. Season ticket sales for the 2023 season were highly successful, pre season sale5 took off well, with sale5 continuing as we progressed into the height of the season. Season ticket holders enjoyed a preseason swim on the 24th March along with two others throughout the season. The heated season ran from 25th March until Friday 6th October which included a serles of suc￿Ssful events such as JuniorTriathlon and Aquathlon. Senior Aquatbn. Swim challenge and our main triathlon event which saw over4CQ competitors. This year, through our events. we have been able to support three other charrties. The Pied Piper appeal received £290.08 through theJuniorTriathlon & Aquathlon, and the Linc fund received £1,626.57 throu8h the Che￿enhaM Triathlon. We successfulty h05ted 21 events and made a profft of £63.CK)O. Sandford Lldo Llmited Consolidated financial Statements forthe year ended 31 Ortober 2023 The pool usage was maximised to its full capactty during all periods of the season, wlth fitness classes, swimming lessons, RLSS courses and Aqua run se55￿n5 hebj both term time and during the holidays. We have continued to employ the net promoter scheme thts year and were thrilled by the comments and score which by the end of the season was an amazing 9). We have been working with our google reviews, which have increased to 4.6 stars out of 5. Wfth the chkfyrine crisis still very apparent in our mind and still a fairly volatile situation, we continued to purchase thlorine during our closed season to ensure. rf the situation was to present itsetf again during the 2023 Season, we would be covered to a ￿rtain degree. Malntenance The trust has again continued with all the annual seNcing and with minor and Major repairs required around the facility and car park. Total spend throughout the year was £94,328. It Was decided that the pool painting can be pushed back another year. So this will be completed prior to the 2024 season. The Trustees recognise that for much of the Maintenan￿ antl ass¢xiated expendtture. the benefrt is hidden away loften in the groundl, not dirertty impn)ving the visitor5 experience, but providinB an indirect benefit. The Trustees are prudent in where financial resources are expended in each financial period to ensure the continued successfvl operation of the Lido which is 88 years old. It is and will remain the a￿a of 8reatest long term expenditure to ensure the facilities are maintained and improved over the k)ng term. Envlronment The TTU5t recognises that after salaries and repairs & maintenano, the single biggest expense are the utllities especially followingthe exorbitant increases during 2022. Sandford Parks Lido are delighted to announce that we have installed solar panels on the plant room roof and have been operational since the summer of 2023. They have been fully funded by two very special organisations. The lead funder ￿ Enovert Community Trust (Ecn. It distributes essential funds to support communities and environmental projects through the Landfill Communities Fund. However to fulfil our agreement with Enovert we had to find an independent 3rd party funder to pay I[￿ of the bill. Will Merritt, a local businessman and Ildo lovercame to our rescue and will pay the remaining money required via local business. The Trust will continue to investigate ways of reducing our water and utility consumption. as well as looking for green sources of energy wtth a number of projects being considered. Company Str￿tUre Our year round employed team has stayed the same in regard5 to structure. One member of the operational team left the business, but was replaced with a like to for like replacement Financial Review Wwth chlorine shortage behlnd us, the lido was ableto operdte at its fullest capacty underthe booking system. We had 244,599 visltors through the gates which bs the highest number of visitors since before covid. Sandford Lido Limited Consolldated financial Statements forthe year ended 31 Ortober 2023 Season ticket sales finished at £389,581 which was a record-breaking amount for our charity- Day ticket sales achieved £415,267. which is an increase from our 2022 season. Personnel costs were up on the previous year as the operat￿n was at full capacty. Due to the national minimum wage increase we had to review t*)th seasonal and permanent staff salarie5. Fundin Source5 The Trust is extremely proud to be self-financin& eS￿CIallY given the primary source of income of the Trust is heavily weather dependent. The management of finance5 Within the business is inherently drfficult against a cost base which is largely fixed and has an extensive maintenance requirement. As such the Trust has built business model which helps mitigate this risk by offering season tickets for the season and innovatwe events to provide certainty over income. Our current lease runs until 2056 which enables our organisation to kiok forcapital investmentgrants to as51St with our future plans for the lido. The CEO will focus on developing the facility in line with the following key principles which have been established following extensive stakeholder, Trustee and employee consultation. Our aspiration5 for Sandford Parks Lido. The lido will remain the focal point of all that we do, but we will: Enhance and dNersify our offering Improve accessibiltty acro￿ the facility Increase visitor numbers by o￿nIng longer DelNer an all-year-round wellbeing experience Reduce our reliance on carbon fuel To fulfil our arnbrtions for the facility in terms of accessibility, sustainability, year-round operation5 and maximtsing community engagement we will require substantial investment. To enable this investment, we have been building cash reserves, this money will prove crucial to ensure the financial viability of our charity and hopefvlty attrart additional grant funding opwjrtunities. ReseNes The Trustees have established a general ￿seNe$ policy to ensure the chartty can wfchstand prolonged poor weather conditions that could affert the level of income generated. The Trustees believe a reseNe equivalent to two months. income during the season to be appropriate. This equates to a resetve of the order of £ioo,ow. Reserves are aL%o held to ensure we can coverthe cost of pjssible emergency repairs to the swimming w>ols, buildings or engineering equipment and major pwl refurbishment work. The Trustees allocated £3(M).O￿ to ensure that sufficient funds exist at the time a Ma￿)r pool refUrb￿hment is necessary. A reserve was also held to the sum of £80.(KKJ to facilitate a development plan. Further reserves of £2(KI.C￿) have been created for financial protection should the charl￿5 energy and chemical costs increase substantially. When considering the Chartties ￿seNe5, the Trustees are mindful that in order of fulfil plans for future and completin8 tasks contained within our facilities maintenance document, we need to raise significant sums Sandford Lido Llmlted Consolldated financial ststements for the year ended 31 October 2023 each year. In 2020 the charity went about updating the facilities maintenance schedule, previously commissioned by the Trustees and completed by Alder King. In order to rnaintain the facilities over the next 25 years the Chartty is forecast to require £6 million in todaVs prices. Investments Under the Memorandum and Articles of Association, the charity may invest funds not immediately required in such investments. securrtie5 or property a5 the trustees see frt. It is of the opinion of The Board of Trustees. that due to the cvrrent unpredictabllity of cash flows and maintenance schedule, it is appropriate at present time to hold surplus cash in short to medium temi deposit accounts. Pa and Remuneration The remuneration of key management personnel. such as the Executive Officers, is detem)ined by thetTUStees who take into account: comparatNe pay in the sector- any remuneration trends: and geographic location. Goin concem The trustees have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable futu￿ and consider it appropriate to adopt the going concern basis in the preparation of the financial statements. statement of Trusteeg Responslblltties The tru5tees' Iwho are also directors for the purwses of company lawl are responsible for preparing a trusteeg annual repjrt and f5nancial statements in accordance wtth applicable law and regulatlons. 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 wtth Unf(ed Kingdom Generally Accepted Accounting Practice (UK GAAPI. 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 affair5 of the company and of the income and expenditure of the company for that perlod. In preparing these financial statements the directors are required to- Select suitable accounting policles and then apply them consistently: observe the methods and principles in the Charities SORP,. make sound judgements and estimates that are ￿asonable and prudent: state whether applicable UK accounting standard have ￿en followed, subject to any material (lepartures disclosed in the financial statements- prepare the financial statements on the going con￿rn basts unless it 15 inapproprlate to presume that the company will continue in busine5S. The trustees are responsible for keeping proper 3ccounting records that are sufficient to show and explain the charlvs transactions and disclose wrf(h reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply wtth the Companies Act 21X>6. They are also responsible for safeguardingthe assets of the charity and hencefor taking ￿aSonable steps forthe prevention and detection of frdud and other irregularities. Sandford Lido Limited Consolldated finanaal statements for the year ended 31 Ortober 2023 Disclosure of Information to the Au&rtors As far as the trustees are aware, there is no relewdnt audit inforn)ation las defined by Section 418 of the Companies Act 20061 of which the CoMpan￿S auditors a￿ unaware. Each director has taken all the steps that he or she ought to have taken as a director to make him5elfor herseW aware of any relevant audit information and to establish that the companvs auditors are aware of that infoffliation. Approved by the Board of Trustees and 5Ened on its behalF: Z4. ¢7. Dats e- Chairman Sandford Lido Limited Consolldated financial stateme[￿ forthe year enthd 31 October 2023 INDEPENOENT AUDITOIYS REPORT To the members of Sandford Lido Limited Oplnion We have audited the financial statements of Sandford Lido Limr6 and section 138 of the Charities Act 2011. These accounts are prepared in accordan￿ with the special provisions of Part 15 of the CoMpan￿S Act relating to small companies and tonstttute the annual accounts required by the Companies Act 2￿6 and are for circulatiorb to members of the company. CS.07.&Ep Approved by the Board of Trustees on ........ .... . and signed on it5 behalf by: -15- Sandford Lido Limited Consolidated financial statements for the year ended 31 October 2023 CHARITY BALANCE SHE (Company number: 031280791 2023 Charlty 2022 Charity Nrte FIXED ASSETS Tangible assets Investments 12 97,226 ICKJ 97,326 86,088 IOD 86,188 CURRENT ASSErs Debtors Cash at bank and in hand 14 15 492,632 1,232,565 1.725.197 375,014 860,882 1,235,896 cuRRETr￿ UABILITIES Creditors due within one year 16 80,268 80,268 26,466 26,466 Net current assets 1.644,929 1.209,430 Total assets less current liabilities 1,742,255 1,295,618 NEf ASSETS 1,742.255 1,295.618 FUNDS Unrestricted funds Designated funds Restricted funds TOTAL FUNDS L044.490 680,IKK) 17.765 1.742.255 615,618 17 1.295,618 The trustees have prepared group accounts in aCcOr(lan￿ with section 398 of the Companies Act 2006 and section 138 of the Charities Art 2011. These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act ￿lating to small companies and constitute the annual accounts required by the Companies Act 2LK)6 and are for circulation to member5 of the company. Approved by the Board of Trustees on...........-.................... . . and signed on its behalf by: dge 16- Sandford Lido Llmlted Consolidated financial statements for the year ended 31 Ortober 202 CONSOUDATED CASH FLOW STATEMENT 2023 Group 2022 Group Note CASH FLOWS FROM OPERATING AcfivThES Net movement in funds Depreciation charge Profit on asset disposals Interest income 446,637 26.239 377,688 23,430 12 18,1721 464,704 401,118 Ilncreasel I decrease in Stock Ilncreasel I decrease in debtors Increase / Idecreasel in creditors 14 16 19,5741 53,980 119,0151 111,7921 Net cash provided by operalln8 adivities 509.110 370,311 CASH FLOWS FROM INVESTING A￿li￿￿E5 Interest income Purchase of tangible f￿ed assets Procee(Is from sale of tangible fixed assets Net cash used in investing artivities 8.172 137,3771 12 143,5571 129.2051 143,5571 Change In cash and equivalents for the year 479.905 326,754 Cash and equivalents at the beginning of the year 1,236.687 909,933 CASH AND EQUIVALENTS ATTHE END OFTHE YEAR 1.716.592 1,236,687 -17- Sandford Lido Limited Consolidated financial Statements fw the year ended 31 October 2023 NOTES TO THE FINANaALSTATEMErirs General Infomiallon Sandford Lido Limited is a regISte￿d charrty. incorporated in the United Kingdom as a company limited by guarantee. General information about the chartty can be found on the Charty information page. The functional and presentational cU￿encY of both the Group and the Charity is British Sterling 1£). The Charity is a publlc benefit entity. Accountlng policies Basis of preparatlon The financial statements have been prepared in accordan￿ with Accounting and Reporting by Charities: Statement of Recommended Practice (Charities SORP- FRS 1021, the Financial RetNJrting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2(K16. ksets and liabilities are initial recognised at historical cost or trdnsaction 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 resour￿ to continue in operatM)nal existence for the foreseeable future, and consider r( appropriate to adopt the going concern basis in the preparation of the financial Statements. Con501idated group accounts The consolidated statement of financial attNit￿$ ISOFA} and consolidated balan￿ sheet consolidate the financial statements of the charity and its Whol￿ owned subsidiary, Sandford Parks Lido (Trading) Limrted, company registration number 03177909, on a linfrby-line basis. No separate SOFA, nor intome and expendlture accounl, 15 presented for the charity itself as the charity has taken advantage of the exemptions afforded by section 408A of the Companies Act 21J)6. Judgements and estimati{￿ uncertainty The trustees are of the opinion that the financial statements do not contain any Significant judgements or estimations. Income Income is reCOgn￿ed when the charity has erititlement to the fund5, arty perfomiance 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 receNed in advance is deferred until the criteria for income recognition are met. Grants Grant income received for the purpose of acquiring a capital asset is recognised as restricted income, and con5equentty shi)wn in a separate restricted fund. Any depreciation charged on such assets is also allocated to the restricted fund, over the estimated life of the asset. -18- Sandford Lido Limited Consolldated financial statsments forthe year ended 31 Ortober 2023 Expenditure Expenditure is recognised once there is a legal or constnJctive 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 underthe following activty headings- Costs of raising funds are those o)sts incurred in attracting voluntary income. and those incurred in trading activities that raise funds. Expenditure on charitable activtties includes expenditure associated with the running of the Lido and include both the direct costs and supwrt Costs relating to these activities. Irrecoverable VAT is charged as a cost agalnst the artivity for which the expenditure was incurred. Alloution of support costs Support costs include central functions and have ￿en allocated to actwrty Cost categories on a basls consistent wf(h the use of ￿sources. Tangible fixed assets Tangible fixed assets costing more than £5LK) are capltalised at cost and are depreciated over their usefvl economic lives as follows: Leasehold improvements Poolside equipment Office and other equipment 10 years straight line 25% on net book value 10 years straight line Investments Investments in equity shares are measured at cost less impaiment. Siock Stock 15 Stated at the lower of cost and net realisable value. Debtor5 Trade and other debtors a￿ reCOgn￿ed 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 imiestments with a short maturity of three months. Creditors Creditor5 and provisions are recogni5ed Whe￿ the charity has a present obligation resultingfrom a past event that wlll probabty result In the transfer of funds to a third party and the amount due to settle the obliBatlon can be measured or estimated reliab￿. Credttors and provision5 are nonnally recognised at their settlement amount after allowing for any trade discounts due. -19- Sandford kndo Llmlted Consolidated financial statements for the year ended 31 Ortober 2023 Pensions Employees of the charity are entitled to join a money purchase defined contribution pension scheme. Any employees joining the money Plkrchase pension scheme. contract directly with the insurance company. The group makes contributions to the indNidual schemes of employees and acts as agent in collerting and paying over employee pension contributions. The contributions made for the accounting period are treated as an expense. FinaNtal Instruments The group only has financial assets and financial liabilsties 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. Fund Accounting General funds are unrestricted fundswhich areavailable for use atthe discretion of the trustees in furtheran of the general objectives of the charity and whKh have not been designated for other purposes. Designated funds comprise unrestrictedfunds that have been set aside bythe trustees for particular purposes. The aim and use of each designated fund 15 set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specffjc ￿Strictl0nS ifflposed by donors or which have been raised by the charity for particular purposes. Legal status of the charity In the event of the charity belngwound up. the liability in respert of theguarnntee is limited to £1 per member of the charity. FinarKial perf0rrnan￿ of the ch•rlty The consolidated statement of financial activities includes the results of the chariws wholly owned subsidiary, Sandford Parks Lido ITradingl Limited. As permitted by section 408 of the Companies Act 2016, the parent charit¢s statement of financial artivtlies has not been included in these financial ststements. The charit¢s surplus for the financial year was £462,54812022- £377.6881. Income from ¢haritsble artivities 2023 Group 2022 Group Admission fees Season tickets Rental income Prwate hire Event income Other income 404,974 415,267 12,778 54,610 85,570 63.456 1,036,655 382,833 335,360 21,490 50,220 58,672 46,103 894,678 -20- Sandford Lido Llmited Consolidated financial ststements for the year ended 31 Ortober 2023 Income from othertrading art￿ltieS 2023 Gr¢up 2022 Group Car parking receipts Café income 396,821 10,366 407,187 370,402 3,033 373,435 Total expendlture 2023 Group Total 2022 Group Total Direct Costs Stsff Costs Supptyl Costs Charitable actlvftles Staff costs Pool running costs Maintenance Waterand utilities Support costs Depreciation 426.712 426,712 107,993 159.363 177,198 129,158 26,239 1,026,663 407,224 94,1 98,855 131,044 111,102 17.464 859,879 107.993 159.363 177.198 129,158 26,239 155,397 444,554 426,712 Raising funds Staff costs Café purchases Support tosts Depreciation 5.841 5.841 3.591 30,845 1,574 502 36,467 5,966 44.509 3.591 30,845 3,591 5,841 30,845 40,277 Total 2023 448.145 432.553 186.242 1,066,940 Total 2022 324,591 408,798 170,999 904.388 Support costs include- café overheads of £8,64912022- £2.1681- administrative costs in operatingthe Lido of £141,54612022- £114,164): and governance costs in wnnin8 the charity of £9,80812022-£10,4241. -21- Sandford Lido Limited Consolidated financial Statements forthe year ended 31 Ortober 2023 Group expenditure is allocated between restritted and unrestrirted fund5 as follows: 2023 2023 Restrirted Unrestricted 2022 2022 Restrirted Unrestricted Charitable activities Raising fund5 2,227 1.024,436 40,277 1,064,713 859,879 44,509 904,388 2.227 stsff costs 2023 Group 2022 Group 2023 Charity 2022 Charity Wages and salaries Social security costs Pension contributions 413,944 13,382 5,227 432.553 387.336 16,920 4,542 408,798 408,250 13,235 5.227 426,712 385,762 16,920 4,542 407,224 No employees were paid in excess of £E￿,(￿MI duringthe ajrrent or previous year. Staff numbers The average number of employees during the year was: 2023 Group No. 2022 Group No. 2023 Charity No. 2022 Charity No. Operating seNices Management and administration 50 56 56 50 The number of employees included above in operating servi￿5 includes lifeguards, café staff, cleaners, receptionists and others who are employed on a part time basis while the Lido is open li.e. from April to Ortober each yearl. 10 Taxatlon Sandford Lido Limited is a registered charity. and all income falls within the exemptions afftjrded to charitles by the Income and Corporation Taxes Act 2(K(l. -22- Sandford Lido Limited Consolidated financial statsmerts forthe year ended 31 Ortober 2023 li Movement in funds This 15 Stated after charging: 2023 Gr¢)up 2022 Group Depreciation Auditor remuneration- group audit seN1￿5 Auditor remuneration- subsidiary audit services Auditor remuneration- other setvices 26,239 23,430 2,000 2,902 2.666 12 Tanglble fixed a55ets GROUP Leasehold Improvements Poolside Office & other equipment equipment Totsl Cost At l November 2022 Addttions Disposals At 31 Ortober 2023 911.869 268,062 25.932 61,W2 11,445 1,240,933 37,377 911,869 293,994 72,447 1,278,310 Depreciation At l November 2022 Charge for year Eliminated on disp05als At 31 Ortober2023 911,869 193.612 21307 49.364 4,932 1,154,845 26,239 911,869 214.919 54,296 1,181,084 Net book value At l November 2022 74.450 11,638 86.088 At 31 October 2023 79.075 18,151 97,226 -23- Sandford Lldo Limited Con501idated financial statements for the year ended 31 October 2023 CHARITY Leasehold improvements Poolside Office & other equipment equipment Total Cost At l November 2022 Adtlttions Disposa15 At 31 October 2023 911.869 268.062 25.932 61,￿2 11,445 1,240,933 37,377 911,869 293,994 72.447 1,278,310 Depreclation At l November 2022 Charge for year Eliminated on disp05als At 31 October 2023 911.869 193.612 21.307 49,364 4,932 L154,845 26,239 911.869 214.919 54,296 1,181,084 Net book value At l November 2022 74,450 11.638 86,088 At 31 October 2023 79.075 18,151 97,226 13 Investments 2023 Group 2022 Group 2023 Charity 2022 Charity Unlisted investments 100 ILK) 100 The charrty owns the entire ordinary share ca￿tal of its subsidiary. Sandford Parks Lido (Tradingl Limited, which is used to operate the car park situated at the Lido. All proffts earned by the subsidiary are transferred to the charity by way of gift aid. -24- Sandford Lldo Limtted Consolidated financial ststements forthe yearended 31 October 2023 The results of Sandford Parks Lido (Trading) Limited for the year ended 31 October 2023 were: 2023 2022 Tumover Cost of sales Gross profit Administratwe expenses Other operating Income Profit before taxation TaxatKJn Profrt after taxation Glft aid distribution Retained profr( for the year 406,332 19,4321 396, {35,8451 855 366,242 12,0761 364,166 147,4331 7,193 323,926 361.910 361,910 1361,9101 323,926 1323,9261 At 31 October 2023, Sandford Parks Lido (Trading) Limtted had the following assets and liabilities: 2023 2022 Current assets Current liabilitie5 Net assets 495,460 1495,3601 ILX) 3￿,496 1390,3961 100 Share capttal Resetves Shareholder5, funds Icrfj ICK) ILK) ILK) 14 Debtors 2023 Group 2022 Group 2023 Charity 2022 Charity Trade debtors Other debtors and prepayments Amounts due from group companies 51X) 29,815 2.748 17.993 5CM) 18,382 473,750 492,632 65 5.985 368,964 375,014 30,315 20,741 -25- Sandford Lido Limlted Consolidated financial Statements forthe year ended 31 October 2023 15 Cash at bank and In hand 2023 Group 2022 Group 2023 Charity 2022 Charlty Cash at bank Cash in hand Cash and equivalents 1.716,592 1.236,687 1.232,565 860,882 1,716,592 1,236,687 1.232,565 860,882 16 Creditors 2023 Group 2022 Grnup 2023 Charity 2022 Charlty Trade creditors Other creditors and accruals Other taxes and social security 8,798 23,422 15,678 47.898 39,699 40,569 8,125 18,341 45.339 16,479 101,878 80,268 26,466 -26- Sandford Lido ilmited Con501idated financial statements for the year ended 31 Ortober 2023 17 Group funds Current year: l Nov 2022 Income Expenditure Transfers 310rt 2023 Unrestri(ted funds General Designated Total unrestriLte(I funds 615,618 1.493.585 11.064.713) 1,044,490 680,000 1.724.4 1.295,618 1,493,585 11,064,713) Restricted fund5 RestrKted capital funds Total restricted funds 19.992 19.992 12,2271 12.2271 17,765 17,765 Total funds 1.295.618 1.513.577 11,066,940> 1,742,255 Pre￿oU$ year: l Nov2021 Income Expenditure Transfers 31 O£t 2022 Unrestrlrted fund$ General funds Designated funds Total unrestricted funds 237,930 680,CMKJ 917,930 1.282,076 1904,388) 615,618 1,282,076 1904,3881 1,295,618 Restricted fvnds Restricted capital funds Total restricted funds Total funds 917,930 1,282,076 1904,3881 1,295,618 General funds-The group has general unrestrirtedfundsthatarefree reseThes for use in achievingthe charl￿S aims and objectives. Deslgnated funds: The following amounts have been set aside in designated funds- £IOD,LKHJ12022- £ILK>,¢XJOI to ensure the charity can withstand prolonged ￿or weather conditions. £300,00012022- £31X),¢X>Ol to cover possible emergenry ￿paIrS to the Swimmi￿ pool structure. £80.LK)012022- £80,Oc￿l to initiate the development fund. £100,0￿(2O22- £100,0001 to provide financial protection should the charitls utility contract be withdrawn. £Ioo,o(K)12022 - £1(K),OCN)I to provide financial protection should the charity have to refund season ticket Income rfexorbitsnt chlorine costs for￿ closure mid-season. Restricted funds.. A restricted asset fvnd has been recognised for grant income ￿CeNed for the installation of a solar power system. The fvnd is being reduced over the estimated life of the asset. -27- Sandfard Lido Llmlted Consolidated financial ststements for the year ended 31 October 2023 Analysis of group net a55ets between I￿)d$ Currenl year: Unrestricted Funds Restrfrted Funds Total Funds Tangible fixed assets Current assets Current liabilities 79,461 1,746,907 1101,8781 1,724,4 17,765 97,226 1,746,907 1101,8781 1,742,255 17,765 Pre￿OU$ year: Unrestricted Funds Restrirted Funds Total Funds Tangible fixed assets CUr￿nt assets Current liabilities 86.088 1,257,428 147,8981 1.295.618 86,088 1,257,428 147,8981 1,295,618 19 Related partytransactions Group companies: The group has taken aoknntage of the exemption from disclosing transartions between group companies. Trustees.. No trustee received any remuneration nor any reimbursed expense5 during the year12022- £nill. Key management personnel: ￿ch personnel are allowed to use Sandford Lido on the same tem)s as any other memberof the public. Other: Chelienham Borough Council ￿ase the Lido grounds and car park to the chartty, as described in the accompanying note. 20 Lease commitments The charity leases the swimming pooli grounds and car park krknvn as Sandford Paths Lido to carry out charitable actNity. The chartty 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 nol consider it possible to quantify in monetary ternis the value of this Erant and as such neither the deemed grant nor deemed rental are included in the Statement of Financial ALtivttie5. The lease was renewed during 2021 and continues until 31 March 2056. -28- Sandford Lido Limited Consolidated financial Statements for the year ended 31 Ortober 2023 MANAGEMEFU INFORMATION: CHARrrY INCOME AND EXPENDrruRE ACCOUNT 2022 Charity Charlty INCOME Admission fees Season tickets Shop sales Hire of pool facilitles Other 404.974 415.267 17.188 54.610 46,268 938307 377.674 335,360 14.464 50,220 Total Income 777.718 EXPENDtnJRE (see ovedeaf) I1W6￿63? (859A791 OPEFLATING SURPLUS I IDEFIOT) (883561 182.161) OTHER INCOME Gift aid distribution from subsidiary Occupation litsnse tharged to subsidiary Rental income Donations Grants Events and courses Bank interest 361,910 323.926 12.778 36,571 24.992 85,570 8,172 534,993 18.750 9.729 4,234 98,210 Totsl other Income 459A49 TOTAL SURPWS I IDEHcin 4146.637 377M8 -29- Sandford Udo Limited Consolidated financlal ststements for the year ended 31 Ortober 2023 2023 2022 arity Charity EXPENDITURE Wages and salarie5 Training Shop purchases Chemicals Water Gas 426,712 7.755 17.458 66,171 70.268 47,337 57,447 15.911 2,146 13.630 148.773 18.412 L878 10.590 6.186 2.451 5.351 407.224 7.552 13.728 59.819 40,888 46,462 41.286 Electrfaty Rent General rdte5 Insurances 8ulldin& p￿1 and equipment repars Event cost5 Advertising and publsc relations Ground maintenance aeanin& waste and sanitary Postage and tdephone Stationary Accountancy and audit fees Bank charges Medical supplie5 Subscriptions Sundry expenses Website, software and Llniform and clothing DBS costs 10,118 75,290 15.769 5,363 11.085 4,584 1,407 1.489 4.980 39,555 3,3(Kl 3.977 13,211 9,841 3.166 1.217 18,696 17.464 S59￿79 39.510 7,812 5.361 5.761 4,372 1,316 12.148 26.239 U126.663 Professional fees Depreciation of fixed assets Total èxpendlture -30-