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 rese￿e5 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 ac￿5$ 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 reSe￿e 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 ne￿SSary.
A reserve was also held to the sum of £80,000 to facilitate a development plan.
Further rese￿e5 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 COn￿M
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
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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
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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
CURREIKASS￿S
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
CUr￿nt 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
EXPEND￿uRE
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-