CHELTENHAM LIDO LIMITED (Limited by guarantee) TRUSTEE'S REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 CHELTENHAM i*wLIDO EST 1935 CHARITY NUMBER: 1052203 COMPANY NUMBER: 03128079
Cheltenham Lido Limited Consolldated flnancial statements for the year ended 31 October 2024 CONTENTS CHARITY INFORMATION TRUSTEES, ANNUAL REPORT INDEPENDENT AUDITOR'S REPORT 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 28
Cheltenham Lido Limited Consolidated flnanclal statements for the year ended 31 October 2024 CHARITY INFORMATION Company registration number 03128079 Charity reglstration number 1052203 Trustees and Directors R Jones (Chairl J Angrave C Billington-wood E Chadwick l Dobie T Coolican A Holding L Ingle D Rolley N Stonebridge Registered Office and Principal Address Keynsham Road Cheltenham Gloucestersh ire GL53 7PU Auditors Kingscott Dix Icheltenhaml Ltd 7 Rockfield Business Park Old Station Drive Leckhampton Cheltenham GL53 OAN Bankers Barclays Bank PIC 128 High Street Cheltenham Gloucestershire GL50 IEL Solicitors Charles Russell Speechlys LLP Compass House Lypiatt Road Cheltenham Gloucestershire GL50 2QJ
Cheltenham Lido Limited Consolidated financial statements for the year ended 31 October 2024 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 2024. The trustees have adopted the provision of the Statement of Recommended Practlce for Charities (Charity SORPI in preparing the annual report and financial statements. Reference and Administrative Details Cheltenham Lido 15 a registered charity {charity number 10522031, 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 off ice address is Keynsham Road, Cheltenham, Gloucestershire, GL53 7PU. The directors of the charitable company (the charltyl 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 Sin the year end were as follows: Elected Trustees: R Jones (Chair) J Angrave P Baker l Dobie C Billington-wood E Chadwick J Claridge T Coolican A Holding L Ingle C James D Rolley N Stonebridge (appointed 27 November 20231 (resigned l May 20251 {appointed 25 June 2025) {resigned 7 October 2024) (appointed 27 November 2023) (completed term 7 October 20241 lappolnted 27 November 2023} Structure, Govemance and Management Cheltenham 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 16January 1996 and 17 February 2025. 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. Existing trustees can invite and appoint additional trustees. Cheltenham Borough Council has the right to appoint one trustee. Newly appointed trustees meet with existing trustees to explain their duties as a trustee and to detemiine if any specific training is required to enable them to fulfil these duties.
Cheltenham Lido Limited Consolidated financial statements for the year ended 31 October 2024 The Board ofTrustees administers the charlty. The board meets at leastquarterly. 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 Chief Executive Officer, Julie Sargent, who have delegated authority, within the terms given by the trustees, for operational matters including finance, staffing and the running of the Lido. Risk Mana ement 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 settlng of a resee5 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 Cheltenham Lido {previously Sandford Parks Lido) and adjolning 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, Cheltenham Lido Trading Ltd, was established to operate the car park at Cheltenham Lido. The company has a licence from the charity to operate the car park and gift aids all of its profits to the charity. Objectives and Activities Cheltenham Lido Limited is incorporated with the charitable object of providing Cheltenham Lido in the interest of social welfare, with the object of improving the conditions of life for the residents and visitors of Gloucestersh ire 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 chargin8. The purpose of Trust is to safeguard Cheltenham 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. During this year we have supported: l. Clubs We've continued to provide low hire fees to ensure local clubs can ac5$ the facility. 2. 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.
Cheltenham Lldo Limited Consolidated financlal statements for the year ended 31 October 2024 3. Aid to Others The bookingsystem in place has still allowed us to haveset session times and keep maximum numbers on site to 1,000 at any one time. We have found our visitors welcome the extra space on site, the guarantee that they can gain entry without long queues and the consistency In service provision. We have continued to offer reduced entry fees and season ticket rates to those on low income, essentlal services, students and the military. Cheltenham Lldo has been able to continue to support Linc, Pied Piper, Winston's Wish, Heidi'5 Hero's, Macmillan 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 nu mber of participants joining the Ildo events continues to slowly increase. We also have a public benefit policy to ensure we are offering assistance to the most in need within our communtty. The goodwill provided within this policy equates to in excess of £11,000 per annum. 4. Supporting Local Business and Community 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. Cheltenham Lido also continues to provide support and attendance at the Friends of Sandford Park meetings. We also attend regular meetings with a group called Future Lidos providing operator knowledge and experience to those aiming to re-open lost lidos. Achievements and Performance Cold water swimrning was once again a success for Cheltenham Lido, with many users taking the opportunity totake a dip in the cold waterfor both physical and mental health gains. Thecold-waterswimming opportunity has brought a real sense of community to the lido during the winter months and really provided a different aspect to the health and wellbeing seNice the lido can provide to the community. We opened onthe 4th May forour 2024 heated season to permit the repainting of the main pool, this resulted in a shorter heated season and so season ticket and day entry income was slightly down on the previous year. However due to increased incorne on events we finished the year overall slightly up on income compared to 2023. The heated season ran from 4th May until Friday Ilth October which included a series of successful events such as Junior Aquathlon and Triathlon, Su nrise swim, Senior Aquathlon, worlds biggest aqua class, midnight swims, British Water Polo Championships, Swim challenge and our main triathlon event which saw over 400 competitors. Our events this year made a profit of £82,529 The pool usage was maximised to its full capacity during all periods of the season, with fitness classes, swimmlng lessons, RLSS courses and Aqua run sessions held both term time and during the holidays.
Cheltenham Lldo Limlted Consolidated financial ststements for the year ended 31 October 2024 We have continued to employ the net promoter scheme this year and were thrilled by the comments and score which by the end of the season was an amazing 90. We have been working with our google reviews, which have increased to 4.5 stars out of 5. Maintenance The trust has again continued with all the annual servicing and with minor and Major repairs required around the facility and car park, Total spending throughout the year was £190,830 this included the repaint of the main pool, accessibility adjustments in the changing room, ramp access to the cafe and automatic doors, sustainability work diverting water away from the fountain at night, repaired a leak on the children's pool and replaced the children's pool cover. The Trustees recognise that for much of the maintenance and associated expenditure, the benefit is hidden away (often in the groundl, not directly improving the visitors experien, 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 90 years old. It is and will remain the area of greatest long- term expenditure to ensu re 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 especially following the exorbitant increases during 2022. Chektenham Lido are delighted to announce that in 2024 we have secured a grant totalling £306,065 from the Swimming Pool Support Fund which will be utilised on additional solar pv In our car park, early design work began in our 2024 year, but work will begin on site in ou r next financial year. Fundlng for this grant has come from the Herltage Lottery Fund and HM Government and distributed by Sport England. The Trust will continue 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 Our year round employed team was reduced by one during the heated season, the decision was made not to replace this person at this stage and roles and responsibilities were adjusted within the remaining team to cover the workload. Financial Review We had 241,845 visitors through the gate5 which is incredible considering it was a shorter heated season. Season ticket sales finished at £390,485 and day ticket sales achieved £410,515. Personnel costs were up compared to the previou5 year due to the upward trend of the national minimum wage so we had to review both seasonal and permanent staff salaries. Fundin Sources The Trust is extremely proud to be self-financing, 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
Cheltenham Lido Limited Consolidated financial statements for the year ended 31 October 2024 business model which helps mitigate this risk by offering season tickets for the season and innovative events to provide certainty over income. Our current lease runs until 2056 whlch enables our organisation to look for capital investment grants to assist with our future plans for the lido. The CEO will focus on developing the facility in line with the following kev principles which have been established following extensive stakeholder, Trustee and employee consultation. Our aspirations for Cheltenham Lido: The lido will remain the focal point of all that we do, but we will: Enhance and diversify our offering Improve acce55ibility across the facility Increase visitor numbers by opening longer Deliver an all-year-round wellbeing experience Reduce our reliance on carbon fuel To fulfil our ambitions for the facility in terms of accessibility, sustainability, year-round operations and maximising community engagement we will require substantial investment. To enable this investment, we have been building cash reserNes, this money will prove crucial to ensure the financial viability of our charity and hopefully attract additional grant funding opportunities. Reserves The Trustees have established a general reserves policy to ensure the charity can withstand prolonged poor weatherconditions that could affect the level of income generated. The Trustees believe a reSee equivalent to two months, income during the season to be appropriate. This equates to a reserve of the order of £ioo,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 neSSary. A reserve was also held to the sum of £80,000 to facilitate a development plan. Further resee5 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 2020 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 requ ire £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.
Cheltenham Lido Limited Consolidated financial statements for the year ended 31 October 2024 Pa and Remuneration The remuneration of key management personnel, such as the Executive Officers, is determined by thetrustees who take into account: comparative pay in the sector. any remuneration trends; and geographic location. Goin 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.. select suitable accounting policies and then apply them consistently,. observe the methods and principles in the Charities SORP; make sound judgements and estimates that are reasonable and prudent; state whether applicable UK accounting standard have been followed, subject to any material departures disclosed in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charit¢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 f raud 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 companws 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 compan¢s auditors are aware of that information. Approved by the Board of Trustees and signed on its behalf: R Jones
Cheltenham Lldo Llmlted Consolidated financial statements for the year ended 31 October 2024 INDEPENDENT AUDITOR'S REPORT To the members of Cheltenham Lido Limited Opinlon We have audited the financial statements of Cheltenham Lido Limited for the year ended 31 October 2024 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 beers applied in their preparation Is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the group'5 and the parent charitable company's affairs as at 31 October 2024 and of its incoming resources and appllcation of resources for the year then ended; have been properly prepared in accordance wlth United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance wlth the requirements of the Companies Act 2006and the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUK)11SAs IUKII 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 COnM 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 collectivelyp may cast slgnlficant 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 other information comprises the information included in the annual report, including the trustees, report, other than the financial statements and our auditorf5 report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover
Cheltenham Lido Limited Consolidated financial statements for the year ended 31 October 2024 the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of 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 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, based on the work undertaken in the course of the audit- the information given in the trustees, report, which includes the directors, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and the directors, report included within the trustees, report has been prepared in accordan with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Annual Report. We have nothingto report in respect of thefollowing matters wherethe CompaniesAtt 2006 and the Charities Act 2011 requires us to report to you if, in our opinion: the parent charitable company has not kept adequate and sufficient accountin8 records, or returns adequate for our audit have not been received from branches not visited by us; or the parent charitable companyfinancial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees, remuneration specified by law are not made; or we have not received all the information and explanations we required for our audit; or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Trustees, Annual Report. Responsibillties of trustees As explained more fully in the Statement of Trustees, Responsibilities Statement, the trustee5 (who are also the directors of the charitable company forthe purposes of company lawl are responsible forthe 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. io-
Cheltenham Lido Limited Consolidated financial statements for the year ended 31 October 2024 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. Auditorfs responsibilities for the audit of the financlal 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 an Auditorfs Report that includes our opinion. Reasonable assurance is a high level of assurance but 15 not a guarantee that an audit condurted 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. 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 considerablv. 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 regulation5 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 non- compliance could have a material effect on amounts disclosed inthefinancial statements, for instancethrough the imposition of f ines or litigation, We identified the following area5 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 law5 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 mi5Statements 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 non- detection 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-complian with all law5 and regulations. Afurther descrlption of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.or8.uk/auditorsresponsibilities. This description forms part of our Audltorfs Report. li-
Cheltenharn Lido Limlted Consolidated financial statements for the year ended 31 October 2024 Use of our report This report Is made solely to the charitable compan¢s trustees, as a body, in accordance wlth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable compan¢s members those matters we are required to state to them in an auditor's report and for no other purpose. Tothe fullest extent permitted by law, we do not accept or assume responsibilityto anyone other than the charitable company and the charitable companTr/s members as a bodyi for our audit work, for this report, or for the opinions we have formed. Robert Harris FCA (Senior Statutory Auditor) Date For and on behalf of Kingscott Dix (Cheltenham) Limited-statutory Auditor 7 Rockfield Business Park, Old Station Drive, Leckhampton, Cheltenham, GL53 OAN -12-
Cheltenham Lido Limited Consolldated financial statements for the year ended 31 October 2024 CONSOLIDATED STATEMENT OF FINANCIAL AcfiviTIES (Including In¢ome and Expenditure Account) 2024 Group Unrestricted Funds 2024 Group Restricted Funds 2024 Group Total Funds 2023 Group Total Funds Note INCOME Income from charitable activities: Operation of Cheltenham Lido 1,048,964 1,048,964 1,036,655 Income from othertrading activitie5: Commercial trading operations 367,982 367,982 407,187 Donations and grants 37,673 37,673 61,563 Interest received 52,377 52,377 8,172 TOTAL INCOME 1.506,996 1,506,996 1,513,577 EXPENDITURE Expenditure on charitable activities: Operation of Cheltenham Lido 1,022,844 2,227 1,025,071 1,026,663 Expenditure on raising funds: Commercial trading operations 23,282 23,282 40,277 TOTAL EXPENDITURE 1,046,126 2,227 1,048.353 1,066,940 NET INCOME / (EXPENDITURE) 460,870 (2,227) 458,643 446,637 Transfers between funds NEf MOVEMENT IN FUNDS 460,870 (2,227) 458.643 446.637 TOTAL FUNDS BROUGHT FORWARD 17 1,724,490 17,765 1,742,255 1,295,618 TOTAL FUNDS CARRIED FORWARD 17 2,185,360 15,538 2,200,898 1,742,255 The statement of financial activities includes all comprehensive income recognised in the year. All income and expenditure derive from continu ing activities. 13-
Cheltenham Lido Limited Consolidated financial statements for the year ended 31 October 2024 CONSOLIDATED BALANCE SHEET {Company number: 03128079) 2024 Group 2023 Group Note FIXED ASSETS Tangible assets Investments 12 13 183,881 97,226 183,881 97,226 CURRENT ASSETS Debtors Cash at bank and in hand 14 15 41,045 2,073,298 2,114,343 30,315 1,716,592 1,746,907 CURRENT LIABILITIES Creditors due within one year 16 97,326 97,326 101,878 101,878 Net current assets 2,017,017 1,645,029 Total assets less current liabilities 2,200,898 1,742,255 NET ASSETS 2,200,898 1,742,255 FUNDS Unrestricted funds Designated funds Restricted funds TOTAL FUNDS 1,505,360 680,000 15,538 2,200,898 1,044,490 680,000 17,765 1,742,255 17 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 8oard of Trustees on . and signed on its behalf by: R Jones -14-
Cheltenham Lido Limited Consolidated fjnancial statements for the year ended 31 October 2024 CHARITY BALANCE SHEET (Company number: 03128079) 2024 Charity 2023 Charity Note FIXED ASSETS Tangible assets Investments 12 13 183,881 loo 183,981 97,226 loo 97,326 CURREIKASSS Debtors Cash at bank and in hand 14 15 141,803 1,950,084 2,091,887 492,632 1,232,565 1,725,197 CURRENT UABILITIES Creditors due within one year 16 74,970 74,970 80,268 80,268 Net current assets 2,016,917 1,644,929 Total assets less current liabilities 2,200,898 1,742,255 NET ASSErs 2,200,898 1,742.255 FUNDS Unrestricted funds Designated funds Restritted funds TOTAL FUNDS 1,505,360 680,000 15,538 2,200,898 1,044,490 680,000 17,765 1,742,255 17 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 clrculation to members of the company, Approved by the Board of Trustees on . and signed on its behalf by: R Jones 15-
Cheltenham Lido Limited Consolidated flnancial statements for the year ended 31 October 2024 CONSOLIDATED CASH FLOW STATEMENT 2024 Group 2023 Group Note CASH FLOWS FROM OPERATING ACTIVITES Net movement in funds Depreciation charge Profit on asset disposals Interest income 458,643 33,670 446,637 26,239 12 152,3771 439,936 (8,1721 464,704 Ilncreasel I decrease in stock (Increase) / decrease in debtors Increase / {decrease) in creditors 14 16 {10,7301 4,552 (9,5741 53,980 Net cash provided by operatlng activities 424,654 509,110 CASH FLOWS FROM INVESTING AcfiviTE5 Interest income Purchase of tangible fixed assets Proceeds from sale of tangible fixed assets Net cash used in Investing activitles 52,377 1120,3251 8,172 {37,3771 12 167,9481 129,205) Change in cash and equlvalents for the year 356,706 479.905 Cash and equivalents at the beginning of the year 1,716.592 1,236,687 CASH AND EQUIVALENTS AT THE END OF THE YEAR 15 2,073.298 1,716,592 16-
Cheltenham Lido Limited Consolidated flnancial statements for the year ended 31 October 2024 NOTE5 TO THE FINANCIAL STATEMENTS General Information Cheltenham Lido Limited is a registered charityi 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 (£1. The Charity is a public benefit entity. 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 1021, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Att 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, Cheltenham 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 recognlsed when the charity has entitlement to the funds, any performance condltlons 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 criterla for income recognition are met. Grants Grant income received for the purpose of acquiring a capital asset is recognised as restricted income, and consequently shown in a separate restricted fund. Any depreciation charged on such assets 15 also allocated to the restrirted fund, over the estimated life of the asset. -17-
Cheltenham Lido Limited Consolidated flnancial statements forthe year ended 31 October 2024 Expenditure Expenditure is recognised once there is a legal or construdive 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: Costs of raising funds are those costs incurred in attracting voluntary income, and those incurred In trading activities that raise funds. Expenditure on charitable activities includes expenditure associated with the running of the Lido and include both the direct costs and support costs relating to these activities. Irrecoverable VAT is charged as a cost against the activity forwhich 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 Poolside equipment offi 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 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. 18-
Cheltenham Lido Limited Consolidated financial statements for the year ended 31 October 2024 Penslons 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 contribution5 made for the accounting period are treated as an expense. Financial instruments The group only has financial assets and financial Ilabilltles of a kind that qualify as basic financial instru ments. Basic flnancial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 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 bythe 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 purpose5. 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. Flnancial perforniance of the charity The consolidated statement of financial activities includes the results of the charitvs wholly owned subsidiary, Sandford Parks Lido (Tradin81 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 f inancial statements. The charity's surplus for the financial year was £458,643 {2023- £462,548). Income from charitable activities 2024 Group 2023 Group Admission fees Season tickets Rental income Private hire Event income Other income 390,482 410,515 12,670 52,437 103,249 79,611 1,048,964 404,974 415,267 12,778 54,610 85,570 63,456 1,036,655 19-
Cheltenham Lido Limited Consolidated financial statements forthe year ended 31 October 2024 Income from other trading actlvities 2024 Group 2023 Group Car parking receipts Café income 367,982 396,821 10,366 407,187 367,982 Total expenditure 2024 Group Total 2023 Group Total Dirert Costs Staff Costs Support Costs Charitsble activities Staff costs Pool running costs Maintenance Water and utilities Support costs Depreciation 438,061 438,061 102,645 203,243 148,967 98,485 33,670 1,025,071 426,712 107,993 159,363 177,198 129,158 26,239 1,026,663 102,645 203,243 148,967 98,485 33,670 132,155 454,855 438,061 Raisingfvnds Staff costs Café purchases Support costs Depreciation 5,841 3,591 30,845 23,282 23,282 23,282 23,282 40,277 Total 2024 454,855 438,061 155,437 1,048.353 Total 2023 448,145 432,553 186,242 1,066,940 Support costs include. café overheads of £1,606 {2023- £8,649); administrative costs in operating the Lido of £109,520 (2023- £141,546); and governance costs in running the charity of £10,641 (2023- £9,808). -20-
Cheltenham Lido Limited Consolldated financial statements for the year ended 31 October 2024 Group expenditure is allocated between restricted and unrestricted funds as follows: 2024 2024 Restrirted Unrestricted 2023 2023 Restricted Unrestricted Charitable activities Raisingfunds 2,227 1,022,844 23,282 1,025,071 2,227 1,024,436 40,277 1,064,713 2,227 2,227 Staff costs 2024 Group 2023 Group 2024 Charity 2023 Charity Wages and salaries Social security costs Pension contributions 417,917 14,988 5,156 438,061 413,944 13,382 5,227 432,553 416,042 14,988 5,156 436,186 408,250 13,235 5,227 426,712 No employees were pald in excess of £60,000 during the current or prevlous year. Staff numbers The average number of employees during the year was: 2024 Group No. 2023 Group No. 2024 Charlty 2023 Charlty Operating services Management and administration 47 50 50 50 53 56 56 56 The numberof employees included above in operating services includes lifeguards, cleaners, receptionists and others who are employed on a part time basis during the Lido's open season each year. 10 Taxation Cheltenham Lido Limited is a registered charity, and all income falls within the exemptions afforded to charities by the Income and Corporation Taxes Act 2000. 21-
Cheltenham Lido Limlted Consolidated financial statements for the year ended 31 October 2024 11 Movement in funds Thls is stated after charging: 2024 Group 2023 Group Depreciation Audttor remuneration: group audit seNices Auditor remuneration: subsidiary audit seNices AudÉtor remuneration: other services 33,670 3,000 2,000 2,934 26,239 3,000 2,000 2,666 12 Tangible fixed assets GROUP Leasehold Improvements Poolside Office & other equipment equipment Total Cost At l November 2023 Additions DisposaSs At 31 October 2024 911,869 293,994 116,779 72,447 3,546 1,278,310 120,325 911,869 410,773 75,993 1,398,635 Depreciation At l November 2023 Charge foryear Eliminated on disposals At 31 October 2024 911,869 214,919 28,682 54,296 4,988 1,181,084 33,670 911,869 243,601 59,284 1,214,754 Net book value At l November 2023 79,075 18,151 97,226 At 31 October 2024 167,172 16,709 183,881 22-
Cheltenham Lido Limited Consolidated financial statements forthe year ended 31 Ortober 2024 CHARITY Leasehold improvements Poolside Office & other equipment equipment Total Cost At l November 2023 Additions Disposals At 31 Ottober 2024 911,869 293,994 116,779 72,447 3,546 1,278,310 120,325 911,869 410,773 75,993 1,398,635 Depreciation At l November 2023 Charge for year Eliminated on disposals At 31 October 2024 911,869 214,919 28,682 54,296 4,988 1,181,084 33,670 911,869 243,601 59,284 1,214,754 Net book value At l November 2023 79,075 18,151 97,226 At 31 October 2024 167,172 16,709 183,881 13 Investments 2024 Group 2023 Group 2024 Charity 2023 Charity Unlisted investments loo loo loo loo The charity owns the entire ordinary share capital of its subsidiary, Cheltenham Lido Trading Limited, which is used to operate the car park situated at the Lido. All profits earned by the subsidiary are transferred to the charity by way of gift aid. -23-
Cheltenham Lido Limited Consolidated financial statements for the year ended 31 October 2024 The results of Cheltenham Lido Trading Limited forthe year ended 31 October 2024 were: 2024 2023 Turnover Cost of sales Gross profit Administrative expenses Other operating income Profit before taxation Taxation Profit after taxation Gift aid distribution Retained profit forthe year 367,982 406,332 {9,4321 396,900 135,8451 855 367,982 (28,282} 339,700 361,910 339,700 361,910 1339,7001 1361,9101 At 31 October 2024, Cheltenham Lido Trading Limited had the following assets and liabilities: 2024 2023 Current assets Current liabilities Net assets 127,399 1127,2991 loo 495,460 1495,3601 loo Share capital Reserves Shareholders, fund5 loo loo 100 loo 14 Debtors 2024 Group 2023 Group 2024 Charity 2023 Charlty Trade debtors Other debtors and prepayments Amounts due from group companies 859 40,186 500 29,815 859 36,001 104,943 141,803 51)0 18,382 473,750 492,632 41,045 30,315 -24-
Cheltenham Lido Limited Consolidated flnanclal statements forthe year ended 31 Ottober 2024 15 Cash at bank and in hand 2024 Group 2023 Group 2024 Charity 2023 Charity Cash at bank Cash in hand Cash and equivalents 2,073,298 1,716,592 1,950,084 1,232,565 2,073,298 1,716,592 1,950,084 1,232,565 16 Creditors 2024 Group 2023 Group 2024 arity 2023 Charity Trade creditors Other creditors and accruals Other taxes and social security 50,998 30,203 16,125 97,326 40,060 45,339 16,479 101,878 44,731 25,400 4,839 74,970 39,699 40,569 80,268 -25-
Cheltenham Lldo Limited Consolldated financial statements for the year ended 31 October 2024 17 Group funds CUrnt year: l Nov 2023 Income Expenditure Transfers 31 Oct 2024 Unrestricted funds General Designated Total unrestrirted funds 1,044,490 680,000 1,724,490 1,506,996 (1,046,126) 1,505,360 680,000 2,185,360 1,506,996 (1,046,126) Restricted funds Restricted capital funds Total restricted funds 17,765 17,765 {2,2271 {2,2271 15,538 15,538 Total funds 1,742,255 1,506,996 11,048,353) 2,200,898 Previous year: l Nov 2022 Income Expenditure Transfers 310rt 2023 Unrestrlcted funds General funds Designated funds Total unrestricted funds 615,618 680,000 1,295,618 1,493,585 {1,064,713) 1,044,490 680,000 1,724,490 1,493,585 (1,064,713) Restrlcted funds Restritted capital funds Total restricted funds 19,992 19,992 {2,2271 {2,2271 17,765 17,765 Total funds 1,295,618 1,513,577 11,066,940} 1,742,255 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- £100,00012023- £100,000) to ensure the charity can withstand prolonged poor weather conditions. £300,00012023- £300,000) to cover possible emergency repairs to the swimming pool strutture. £80,00012023- £80,000) to initiate the development fund. £100,000 {2023- £100,000) to provide financial protection should the charitls utility contratt be withdrawn. £100,00012023 - £100,000) to provide financial protection should the charity have to refund season ticket income if exorbitant chlorine costs force closure mid-season. Restricted funds: A restricted asset fund has been recognised for grant income received for the installation of a solar power system. The fund is being reduced over the estimated life of the asset. 26-
Cheltenham Lldo Limited Consolldated financial statements for the year ended 31 October 2024 18 Analysis ol group net assets between funds Current year: Unrestricted Funds Restrirted Funds Total Funds Tangible fixed assets Current assets Current liabilities 168,343 2,114,343 197,326} 2,185,360 15,538 183,881 2,114,343 {97,326) 2,200,898 15,538 Previous year: Unrestrlcted Funds Restricted Funds Totsl Funds Tangible fixed a55ets Cu rrent assets Current liabilities 79,461 1,746,907 (101,878) 1,724,490 17,765 97,226 1,746,907 1101,8781 1,742,255 17,765 19 Related party transactlons 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 year12023-£nill. Key management personnel: Such personnel are allowed to use Cheltenham Lido on the same terms as any other member of the public. Other: Cheltenham Borough Council lease the Lido grounds and car park to the charity, as described in the accompanying note. 20 Lease commitments The charlty leases the swimming pool, grounds and car park known as Cheltenham 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 Attivities. The lease was renewed during 2021 and continues until 31 March 2056. -27-
Cheltenham Lido Limited Consolidated financial statements for the year ended 31 October 2024 MANAGEMENT INFORMATION: CHARITY INCOME AND EXPENDITURE ACCOUNT 2024 2023 Charlty Charity INCOME Admission fees Season tickets Shop sales Hire of pool facilities Other 390,482 410,515 16,568 52,437 53,348 923,350 404,974 415,267 17,188 54,610 46,268 938,307 Total Incorne EXPENDITURE (see ovedeafl (1.025,0711 11,026.663) OPEIL4TING SURPLUS/ IDEFicin 1101,7211 (88,356) OTHER INCOME Gift aid distribution from subsidiary Occupation license charged to subsidlary Rental income Donatlons Grants Development and other Events and courses Bank interest 339,7] 361.910 5,000 12,778 36,571 24,992 12,670 17,676 10,000 19,692 103,249 52.377 560,364 85,570 8,172 534,993 Total other Income TOTALSURPWSI (DEFICIT) 458,643 446.637 -28-
Cheltenham Lido Limited Consolldated flnancial statements for the year ended 31 October 2024 2024 2023 Charity Charity EXPENDuRE Wages and salaries Training Shop purchases Chemicals Water 438,061 14,502 8,730 47.914 22,848 46,183 77,740 426,712 7,755 17,458 66,171 70,268 47,337 57,M7 15,911 2.146 13.630 148,773 18,412 1,878 10.590 6,186 2,451 5.351 4.866 39,510 802 7.812 5,361 5,761 4,372 1,316 Gas Electricity Rent General rates 2,196 15,253 190,830 20,720 4,531 13,049 9,969 1,494 1.006 5.114 42,600 1,760 7,391 4,443 3,942 4,789 2,681 777 Insurances Buildin& pool and equipment repairs Event costs Advertising and public relations Ground maintenance Cleaning, waste and sanitary Telephone Postsge and stationery Accountancy and audit fees Bank charges Medical supplies Sub5cription5 Sundry expense5 Website, software and IT Uniform and clothing DBS costs Recruitment Professional fees Depreciation of fixed assets Total expenditure 2,878 33,670 1,025.071 12,148 26,239 1,026,663 -29-