CHELTENHAM LIDO LIMITED (Limited by guarantee) TRUSTEE'S REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 CHELTENHAM TLIDO EST 1935 CHARITY NUMBER: 1052203 COMPANY NUMBER: 03128079
Cheltenham d0 Limited Consolidated financial statements forthe year ended 31 Ortober 2025 CONTEIUS CHARITY INFORMATION TRusfEES' ANNUAL REPORT INDEPENDENT AUDITOR'S REPORT CONSOUDATED STATEMENT OF FINANCIAL AaMTIES 13 CONSOUDATED BALANCE SHE 14 CHARrrY BALANCE SHEEr 15 CONSOLIDATED CASH FLOW sfATEMENT 16 NOTES TOTHE FINANCIAL STATEMEps 17 MANAGEMEiif INFORMATION: CHARITY INCOME AND EXPENoffuRE ACCOUNT 28
Cheltenham d0 Limtted Consolidated frnancial statements hrthe year ended 31 Ortober 2025 CHARITY INFORMATION Company registration number 03128079 Charity registration number 1052203 Trustees and Directors R Jones (Chairl J Angrave C Billington-wood A Broomhall E Chadwick T CoolKan l Dobie A Holding L Ingle J Plew5 D Rolley N Stonebridge Reglstered Office and Principal Address Keynsham Road Cheltenham GIoutershIre GL53 7PU Auditors Kingscott Dix Ichettenhaml Ltd 7 Rockfield Business Park Old Station Drive Leckhampton Chemenham GL53 OAN Bankers Barclays Bank PIC 128 High Street CheenhaM Gloucestershire GL50 IEL Solicitors Charles Russell Speech$ LLP Compass House Lypiatt Road Cheltenham GIousterShIre GL50 2QI
Cheltenham Lido Limited Consolidated financial statements forthe year ended 31 October 2025 TRUSTEES, ANNUAL REPORT Ilncorporating the Dirertorg Report) The Trustees have pleasure in presenting their annual report and the financial statements of Cheltenham Lido Ithe"Lido"I for the year ended 31 October 2025. The trustees have adopted the provision of the Statement of Recommended Practice for Charities (Chartty SORPI in preparing the annual report and financh?I statements. Reference and Adminlstrative Detsils Cheltenham Lido is a registered charity Icharsty number 10522031. which is intorporated a5 a company (company number 031280791 in the United Kingdom. It is limr¢ed by guarantee and accordingly has no share capital. The registered office address is Keynsham Road, Cheltenham, GrouSterShIre, GL53 7PU. The directors of the charitable company (the charTtyI are rts trustees for the purpose of charity law and throughout this report are collertively referred to as the trustees. The trustees serving during the year and since the year end were as follows- Elected Trustees: R Jones (Chairl J Angrave P Baker C Billington-wood A Broomhall E Chadwick T Coolican l Dobie A Holding Llngle J Plews D Rolley N Stonebridge Irestgned l May 20251 lappointed 6 October 20251 (appointed l May 20251 lappointed 6 October 20251 Strurture. Governance and Management Cheltenham Lido Limited is a company limited by guarantee governed by its Memorandum and Artides of Association dated 9 November 1995 and amended by Special Resolution of 16 January 1996 and 17 February 2025. It is registered as a charity with the Charity Commission. There are centlY ten subscribers who have agreed to contribute £1 the event the charity 15 wound up. As set out in the Articles of Association, there shall be a minimum of five tnjstees. Existing trustees can invite and appoint additional trustees. Cheltenham Borough Council ha5 the right to appoint one trustee. Newly appointed trustees meet with existing trustees to explain their duties as a trustee and to detem)ine if any specific training is required to enable them to fulfil these duties.
Cheltenham Lido Limited Con501idated financial statements for the year ended 31 Ortober 2025 The Board of Trustees administersthe charity. The board meets at least quartety- Sub commtttees areformed 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 term5 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 prattitable. A key element in the management of financial risk is the setting of a reserves policy and its regular review bythe 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 Cheltenharn Lido (previously Sandford Parks ii(lo} and adjoining car park is owned by Cheltenham Borough Council who lease the complex to the charity. The charity is responsible for the maintenance of the site under the terms of the lease. The chartvs wholty 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 Activitie5 Chelienham Lido Limf(ed is incorporated with the charitable object of providing Cheltenham Lido in the interest of Social welfare, with the object of improving the conditions of lrfe for the residents and visitors of Gloucestershire and the surrounding areas. Its artNities during the period have related to the operation of Cheltenham Lido to enable people to enjoy Cheltenham's outdoor heated swimming p)ol. Public Benefft The Trustees have considered the Charity Commissionerfs guidance on public benefit and fee charging. The purpose of Trust is to safeguard Cheltenham Lido and its heritage as a community faciltty providing a wide range of innovative events which engage our customers. The Trust 15 proud to be self-sustaining, and one of the most significant Lido's of its kind in Britain. providing a national communty asset for health, fftness and well-being of the population. The Trustee'5 believe as a valuable facilty we have a duty to support our community wherever p055ible. During this year we have supported: l. Clubs We've corbtinued to provide low hire fees to ensure local clubs can aCsS the faolity. 2. Aid to Others The current booking system still enables us to operdte fixed session times while limiting on-site capacity to I,(K)O people at any given time. We've found that visitors appreciate the additional space, the assurance of entry wf(hout long queues. and the consistent level of service.
Cheltenham Lido Mited Con501idated finan¢iHI statements forthe year ended 31 October 2025 We have continued to offer reduced entry fees and season ticket rates to those on low income, essential Services and Students. Cheltenham Lido has continued to support charities including knnc. Pied Piper, Sue Ryder. Heidi's Heroes, and Macmillan through its own events, as well as by providing free or discounted pool space for organisations to host events during the off-season. Participation in Lido events has aL40 continued to grow overall. We also have a publit benefrt policy to ensure we are offering assistance to the most in need within our communty- The goodwill provided within thi5 policy equates to in excess of £11,000 per annum. 3. Supporting Local Business and Communtty The Trust is committed to supporting local businesses. recognising that keeping spending within the local economy has a meaningFul an(1 lasting iwnpact on the wider community, of which the Lido plays a key role. We have also actively supported communty inf(iatives across Gloucestershire by donating raffle prizes to events and activtiies that raise funds for local charities. Cheltenham Lido a150 continues to provide support and attendan at the Friends of Sandford Park meetings. We also attend regular meetings wtth a group called Future Lidos providing operator knowledge and experience to those alming to re-open lost lidos. Athievements and Perfomian At the start of this financial year work began on a large sustsinabiltty project in the tar park. The project involved a redesign of the car pa layout to provide safe pedestrian aCss. improved cycle storage, carports to hold four large solar arrays which can generate up to 93% of the energy demanded by the lido and 8 EV Charging stations. The solar panets and sub station was financed via a large grant from Sport England, HMRC and The Lottery Fund as part of the safeguarding swimming pools campaign. The project was completed in time for our heated season. Cheltenham lido opened for its heated season on 29th March and closed on 10th October, marking our busiest period to date. Over the six-month season. we welcomed more than 290,m) visitors and had 3.000 season ticket holders. Our events programme whith included, Senior and junior triathlon5 and aquathlons, British water polo tournaments along with our popular sunrise and midnight swims, generated a profrt of £77,889. Thls year, we introduced a Quiet Swim session to better support accessibilty within our communÉty, providing a calmer, more relaxed environment for those who benefit from reduced noise and activity levels. Cold water swimming continued to be a major 5ucce55. With many participants embracing the physical and mental health benefits of swimming in colder condr¢ions. Beyond the obvious physical gains, It has also encouraged mindfulness, helping swimmers to focus on their breathin& remain present in the moment, and build mental resilience. This practice has supported stress reduction and improved overall wellbeing for many of our users.
Cheltenham Lido Umlted Consolidated financial statements for the year ended 31 Ortober 2025 The initlative has strengthenetl our sense of community throughout the winter months and added a valuable new dimension to the Lido's heah and wellbeing offering. Alongside thi5, we introduced a mindfulness programme duringthe winter period, which proved highly popular. The sessions provided a calm and reflective space for participants, complementing the cold water experience and further 5UPPOrting mental clarity, relaxation. and emotional wellbeing. The pool usage was maxim¢se(I to its full capaaty during all periods of the season, with frtne5s classes, swimming lessons, RLSS courses and Aqua run sessions held both term time and during the holidays. Maintenance Winter and main sf(e maintenance actwities were signtficantly reduced during the winter period due to the car park development works. Essential repairs and general Maintenan were carried out as required; however, the primary focus was on the car park development. including the installation of car port5 and solar PV systems. Environment The Trust recognises that after salaries and repairs & maintenance, the single biggest expense are the utilities especially following the exorbttant Increases during 2022. The installation of solar pv will help to reduce the energy costs associated with running the lido but the trust will continue to investigate ways of reducing our water and utiltty consumption as well as looking for green sources of energy. Company Structure Our year-round staffing has now returned to full capacity after being reduced by one position in the previou5 season. The team Currently consists of four full-time staff members and the part-time contracted staff. forming our core year-round workforce Financial Review We had 297,W9 visrcors through the gates duringthe heated season. Season ticket sales flnlshed at £463,257. and day ticket sales achieved £532,406. Personnel costs We 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 setf-finantin& especially given the prifnary Source of income of the Trust Is heavily weather dependent. The management of finance5 Wtthin the business is inherently difficult against a cost base which is largely fixed and has an extensive maintenance requirement. As such the Trust has built a business model which helps mitigate this risk by offering season tickets for the season and innovatTve events to provide certainty over income. Our cuffent lease runs until 2056 which enable5 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 key principles which have been established following extensive stakeholder, Trustee and employee consultation.
Cheltenham Lido Llmlted Consolidated financial statemerts forthe year ended 31 Ortober 2025 OLEr aspirations for Cheenharn Lido: The lido will remain the focal point of all that we do, but we will.. Enhance and diversify our offering lrnprove accessibilrty across the facilty InC8$e visttor 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, SU5tainability. year-round operation5 and maximising community engagement we will require substantial investment. To enable this investment, we have been building cash reserves, thi5 money will prove crucial to ensure the financial viability of our charity and hopefvlty attract additional grant funding opportunities. ReseNes The Trustees have established a general reserves policy to ensure the charity can withstand prolonged poor weather conditions that could affect the level of income generated. The Trustees believe a reserve equivalent to two month5, income during the Season to be appropriate. This equate5 to a SeNe of the order of £100,0. Reserves are also held to ensure we can cover the cost of possible ernergenry repairs to the swimming pools, buildings or engineering equipment and major pool refurbishment work. The Trustees allocated £3,000 to ensure that sufficient funds exist at the time a major pool refurbishment is necessary. A reserve was also held to the sum of £80,IhJO to facilitate a development plan. Further reserves of £200.(KM) have been created for financial protection should the charivs energy and chemical costs increase substantially. When considering the Charities reserve5. the Trustees are mindful that in order to fulfill plans for the future and completing tasks contained within ourfacilitie5 maintenance document, we need to raise significant sums eath year. Irb 2020 the chartty went atrt)ut updating the facilities maintenance schedule, previously commissioned by the Trustees and completed by Alder King. In order to maintain the facilities over the next 25 years the Charity is forecast to require £6 million in toda¥s prices. Investments Under the Memorandum and Articles of Association, the charity may invest funds not immediatety 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. and Remuneration The remuneration of key management personnel, such asthe Executive Offiters, is detemiined by thetrustees who take into account: comparative pay in the sector.- any remuneration trends,. and geographic location.
Cheltenham Lido Limrted Consolidated financial statements for the year ended 31 October 2025 Goin concern The tn15tees have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable futu and consider it appropriate to adopt the going concern basis in the preparation of the financial Statements. Statement of Trustees, Responsibilitles The trustees, Iwho are also director5 for the purpose5 of company lawl are responsible for preparing a trustees, annual report and financial statements in accordan with applicable law and regulation5. Company law requires directors to prepare financial statements for each finarbcial year. Under that law the directors have elected to prepare the financial slatements in accordance with United Kingdom Generally Accepted Accounting Practice (UK GAAPI. Under company law the (lirectors must not approve the financial statements unless they a satlsfied that they gwe 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 an(1 then appty them consistent. observe the method5 and principles in the Charriies SORP,. make sound judgements and estimates that a 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 responsiblefor keeping proper accounting records that are sufficient to show and explain the chariws tTansactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements compty with the Companies Act 2¢X)6. They are a150 responsible forsafeguardingthe assets of the charity and hencefortsking reasonable steps forthe prevention and detection of fraud and other irregularities. Disclosure of Inlormation to the Auditors As far as the trustees are aware, there is no relevant audit information las defined by Section 418 of the Companies Act 20061 of which the companVs auditors are unaware. Each dirertor has taken all the steps that he or she ought to have taken as a directorto make himself or herself aware of any relevant audit information and to establish that the CoMpanS auditors are aware of that information. Approved by the Board of Trustees and signed on its behalfr. R Jones man Date
Cheltenham d0 Limited Consolidated financial statements for the year ended 31 OLtober 2025 INDEPENDENT AUDITOR'S REPORT To the members of Cheltenham Lido Limited Opinion We have audited the financial statements of Cheltenham tido Limtted for the year ended 31 October 2025 which a comprised of the Consolidated Statemerit of Financial Activities. Consolidated and Parent Charttable Company Balance Sheets, Consolidated Cash Flow Statement and related notes, including a summary of significant accounting policies. The financial porting framework that has been applied in their preparation Is applicable law and Untted Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (Untted Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a tnje and fair view of the state of the group's and the parent charf(able companVs affairs as at 31 October 2025 and of its incoming resources and applitation of re50ur¢es for the year then ended; have been propedy prepared in accordance wrth United Kingdom Generally Accepted Accounting Practite,. and have been prepared in accordancewith the requirementsof the Companies Act 2006 and the Charitie5 Act 2011. Basis lor opinion We conducted our audit in accordancewith Internationalstandards onAudTtinglUKI IISAS IUKII and applicable law. Our responsibilrcies 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 reqU1MentS that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our otherethical 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 opinlon. Con¢luslons relating to going concem In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accoijnting in the prepayation of the financial ststernents is appropriate. Based on the work we have perfomied. we have not identified any material uncertainties relating to events or conditions that, individually or collectivety, may cast signtficant doubt on the charitable company's ability to continue as a going concern for a period of at least twefve 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 sectlons of this report. Other infom)atlon The other information comprises the infonnation induded in the annual report. including the tnjstees. report, other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial sLitements does not cover
Cheltenham Lido Limited Consolidated financial statements forthe year ended 31 October 2025 the other information and, except to the exlent otherwise explicrtty stated in our report. we do not express any form of assurance conclusion thereon. Our responsibility ts to read the other information and. in doing so. consider whetherthe other infom)ation 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 idertrfysuch material inconsistencies or apparent material misstatements, we are required to determine whether this gtves rise to a material misstatement in the financial statements themsefves. If, based on the work we have perfornied. we conclude that there is a material misstaternent of this other infomiation. we are required to report that fact. We have nothing to report in this regard. Oplnions on other matter prescribed by the Companies Act 2(K16 In OL¢r opinion, based on the work undertaken in the course of the audit- the inforniation gtven in the tW5tees' report, which Includes the directors. report prepared for the purpose5 of company law. for the financial year for which the financial statements are prepared is consistent with the financial statements: and the director5. report included within the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowled@e and understanding of the company and tts environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Annual Report. We have nothing to report in respect of the following matter5wherethe Companies Act 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 accounting records. or returns adequate for our audit have not been recewed from branche5 not vistted by us- or the parent charitable company financial statements are not in agreement with the accounting records and rettJrns- or certain disclosures of trustees, MneratIOn 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 gIMe and take advantage of the small companie5 exemption from the requirement to prepare a Strategic Report or in preparrng the Trustees. Annual Report. Responsibilities of trustees As explained more fully in the Statement of Trustees, ResFy)nsibilities Statement, the trustees (who are also the directors of the charitable companyforthe purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control a5 the directors determine necessary to enable the pParatIOn of financial statements that are free from material misstatement, whether due to fraud or error. -io-
Cheltenham Lido Llmlted Consolidated financial rtatements for the year ended 31 Ortober 2025 In preparing the financial statements, the trustees are responsible for asse$5in8 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 tru5tee5 either intend to liquidate the charitable company or to cease operation5. or have no realistic attemative but to do so. Auditorfs responsibilities for the audit of the ffinancial statements Our objectives are to obtain reasonable assurance about whetherthe finanaal statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an Auditorf5 Report that includes our opinion. Reasonable assuran is a high level of Assuran but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and a considered material rf, 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 reasonabty 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 Cornpanie5 House and Charity Commission filings; and discussion5 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 varie5 considerably. Firstly, the charitable company's is subjeLt 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 law5 and regulation5 as part of our procedures on the related financial statement items. Secondly, the charitable company's is subjert to other laws and regulations where the consequences of non- compliance could have a material effect on amounts disclosed inthe financial statements, for instancethrough the imposition of fine5 or litigation. We identifd the following areas as those most likely to have such an effect- health and safety, and employment laws and regulations. recognising the nature of the charitable company's activwties. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiries of management, and inspettion of regulatory and legal correspondence, rf any. These limited procedures did not identify actual or suspected non-compliance. Due to the inherent limitations of an audit, there 15 an unavoidable risk that we may not have deterted some material misstatements in the financial statements. even though we have properly planned and performed our audit in accordance with auditing standard5. As wtth any audit, the remained a higher risk of non- detection of irregularities, as these may invofve collusion, forgery, intentional omissions, misrepresentations. or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detert non-compliance with all laws and regulations. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's websrte at www.frcor&uVauditorsresponsibilities. This de5CriPtion fomis part of our Auditorfs Report. -li-
Cheltenham Lido Lirnited Consolidated financial statements for the year ended 31 October 2025 Use of our report This report is made solely to the charitable company's trustees. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor'5 report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable companws members as a body, for our audit work. for this report, or for the opinions we have formed. Robert Harri5 FCA Isenior Statutory Auditor) Date For and on behalf of Kingscott Dix Icheltenhaml Limited- Statutory Auditor 7 Rockfield Business Park, Old Station Drive, Leckhampton, Cheltenham, GL53 OAN 12-
Cheltenham Lido Limited Consolidated financial statements for the year ended 31 Ortober 2025 CONSOLIDATED STATEMENT OF FINANCIALAcmimES Ilncludlng Income and Expenditure Account) 2025 2025 Group Group Unrestricted Restricted Funds Funds 2025 Group Total Funds 2024 Group Total Funds INCOME Income ftom charitable artivities- Operation of Cheltenham Lido 1.262,889 1.262.889 1,048,964 Income from other trading artwities- Commercial trading operations 249.682 249,682 367,982 Donations and grants 13.594 373.833 387,427 37,673 Interest receNed 40.732 40,732 52,377 TOTAL INCOME 1.566.897 373.833 1,940,730 1.506,996 EXPENDITURE Expenditure on charitable actNities- Operation of Cheltenham Lido 1.172,429 39,610 1,212,039 1.025,071 Expenditure on raising funds: Commercial trading operations 26.737 26.737 23,282 TOTAL EXPENDITURE 1,199,166 39,610 1,238.776 1,048.353 INCOME/ IEXPENDrruREI 367.731 701,954 458,643 Transfers between funds MOVEMENT IN FUNDS 367.731 334,223 701.954 458,643 TOTAL FUNDS BROUGHT FORWARD 17 2.185.3EiI 15.538 2,200,898 1.742,255 TOTAL FUNDS CARRIED FORWARD 17 2.553.091 349.761 2,90252 2.200,898 The statement of financial activrties includes all comprehensrve income recognised in the year. All income and expenditure derive from continuing activities.
Cheltenham Lido Limited Consolldated financial statements forthe year ended 31 October 2025 CONSOUDATED BALANCE SHEET Icornpany number: 031280791 2025 Group 2024 Group FIXED ASSETS Tangible assets Investments 12 1,333,194 183.881 L333,194 183,881 CURRENT ASSErs Debtors Cash at bank and in hand 14 30,850 1,639,290 1,670,140 41,045 2,073,298 2,114,343 15 CURRENT UABILITIES Creditors due within one year 16 100,482 100.482 97,326 97,326 Net current assets 1.569.658 2,017,017 Total assets less current liabilities 2.902.852 2.2¢X).898 NEfASSErs 2.902.852 2.200.898 FUNDS Unrestrirted funds Designated funds Restricted funds TOTAL FUNDS 1.873,091 680.LK)O 349,761 2,902,852 1,505,360 680,000 15,538 2,200,898 17 The trustees have Pfepared group accounts in accordan wfth section 398 of the Companies Act 2(K)6 and section 138 of the Charities Act 2011. These accounts are prepared in accordance with the special provisions of Part 15 of the Companles Act lating to small companies and constitute the annual accounts required by the Companies Act 2(#J6 and are for circulation to members of the company. Approved by the Board of Trustees on ..-.-....... . and signed on its behalf by.. R Jones -14-
Cheltenham Lido Llmited Consolidated financial ststements for the year ended 31 October 2025 CHARrrY BALANCE SHEET (Company number: 031280791 2025 Charity 2024 Charity Note FIXED ASSErs Tangible asset5 Investments 12 13 1,333,194 ICK) 1.333,294 183,881 100 183.981 CURRENT ASSErs Debtors Cash at bank and in hand 14 15 121,675 1,531,177 1,6S7,482 141,803 1,950,084 2,091,887 CURRENT UABILMES Creditors due within one year 16 83,294 83,294 74,970 74,970 Net current assets 1.569,558 2.016,917 Total assets less current liabilities 2.902,852 2.200,898 NET ASSErs 2.902,852 2,200,898 FUNDS Unrestricted fLFnds Designated funds Restricted funds TOTAL FUNDS 1,873,091 680,000 349,761 2.902.852 1,505,360 680,000 15,538 2,200,898 17 The trustees have prepared group accounts in accordance with settion 398 of the Companies Act 2006 and section 138 of the Charities Act 2011. These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company. Approved by the Board of Trustees on ............ and signed on its behalf by. R Jones -15-
Cheltenham Lido limited Consolidated financial statements forthe year ended 31 Ortober 2025 CONSOUDATED CASH FLOW STATEMEP 2Q25 Group 2024 Group Note CASH FLOWS FROM OPERATING AcnvrrES Net movement in funds Depreciation charge Profit on asset disposals Interest income Capital grants received 701,954 162.360 458.643 33,670 12 140,7321 1373,8331 449,749 152,3771 439,936 Ilncreasel I decrease in stock (Incase) I decrease in debtors Increase I Idecrea5el in creditors 14 16 10,195 3.156 110,7301 4,552 Net cash provided by operating actl¥ities 463,100 424.654 CASH FLOWS FROM INVE5llNG A1vITE$ Interest income Capttal grants received Purchase of tangible fixed assets Proceeds from sale of tangible fixed assets Net cash used in investing activities 40.732 373,833 11.311,6731 52.377 12 1120,3251 {897.1081 167,9481 Change in cash and equivalents forthe year 1434,008} 356,706 Cash and equivalents at the beginning of the year 073,298 1,716.592 CASH AND EQUIVALEpifs ATTHE END OF THE YEAR 15 L639.29) 2.073.298 -16-
Cheltenham Lido Limited Consolidated financial statements for the year ended 31 Ortober 2025 NOTESTO THE FINANCIAL STATEMEKrs General Inforniatlon Cheltenham Lido Limited is a registered charity. incorporated in the United Kingdom as a company limited bv guarantee. General information about the charty 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 entr(y. Accounting poli(ies Basis of preparation The financial statements have been prepared in accordance wtth Accounting and Reporting by Charities.. Statement of Recommended Practice Icharities SORP- FRS 1021. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Assets and liabilities are initially recognised at historital 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 3$Onable 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 ISOFAI and consolidated balance sheet consolidate the financial statements of ihe chartty and its wholly owned subsidiary, Cheltenham Lido Trading Lim(ted, company registration number 03177909. on a lin&by-line basi5. 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 2LN)6. Judgements and estimation uncertainty The trustee5 are of the opinion that the financial statements do not contain any significant judgements or estimations. Income Income is cOgnised when the charity has enttilement to the fvnds. any performance conditions attached to the income have been met, it is probable that the income will be receNed, and the amount can be measured reliably. Income receNed in advance is deferred until the criteria for income recognition are met. Grants Grant income received for the purpose of acquiring a capital asset is recognised as restricted income, and consequently shown in a separate restricted fund. Any depreciation charged on such assets is also allocated to the restricted fund. over the estimated lrfe of the asset. 17-
Cheltenham Lido Lrmited Consolidated finantial 5tstements forthe year ended 31 October 2025 Expenditure Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amoijnt 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 charttable artivf(ies includes expenditure associated with the running of the Lido and include both the dirert costs and support costs relating to these actwities. Irrecoverable VAT is tharged as a cost against the acisvity for which the expenditure was incurred. Allocation of support Costs Support Costs include centralfunctions and have been allocated to artNity cost categories on a basis consistent wrth the use of resources. Tangible fixed assets Tangible fixed assets costing more than £51XI are capitalised at cost and are depreciated over their useful economic lives as follows- Leasehold improvements Poolside equipment Office and other equipment 10 years straight line 25% on net book value 10 years straight line Investments Investments in equity shares are measured at cost less impairment. Stock Stock 1$ stated at the lower of c05t and net alIsable value. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered, le5S any provision for unrecoverable amounts. Prepayments are valued at the amount ppaid net of any trade discounts due. Cash and equivalents Cash at bank and cash in hand indudes cash and short temi highly liquid investments with a short maturity of three months. Creditors Creditor5 and provisions are recognised where the charity ha5 a present obligation resultingfrom 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 prowsion5 are nomially recognised at their settlement amount after allowing for any trade discounts due. 18-
Cheltenham Lido Limtted Con501idated financial statements for the year ended 31 October 2025 Pensions Employees of the charity are entitled to join a money purchase defined contribution pension scheme. Any employees joining the money purchase pension scheme, contract directly with the insurance company. The group makes contribution5 to the individual schemes of employees and acts as agent in collecting and paying over employee pension contributions. The contributions made for the accounting period a treated as an expense. Financial Instruments The group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are inttially recognised at transaction value and subsequently measured at their settlement value. Fund Accounting General funds are Un$tritted fundswhich are availableforuse atthe discretion of thetru5tees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricied fundsthat have been Set aside bythetrustees for particular purpose5. The aim and use of each desiBnated fijnd ss 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 charityfor particular purp05e5. Legal status ol the tharity In the event of the charity being wound up, the liabilty in respert of the guarantee is limited to £1 per member of the chartty. Flnanclal performance of the charity The consolidated statement of financial activities includesthe sU[ts of the charitvs wholly owned subsidiary, Cheltenham Lido (Tradingl Limited. As perniitted by section 408 of the Companies Act 2016. the parent charity's statement of financial activities has not been included in these financial statements. The chariws surplu5 for the finarbcial year was £699.46612024-£458.6431. Income from charitable activities 2025 Group 2024 Group Admission fees Season tickets Rental income Private hire Event income Other income 556,158 461,725 15,920 58,050 96,769 74,267 1.262,889 390,482 410,515 12,670 52,437 103,249 79,611 1,048,964 19-
Cheltenham Lido LlmitÈd Consolidated financial statements forthe year ended 31 Ortober 2025 Income from other tradin8 activities 2025 Group 2024 Group Car parking receipts Other 240,265 9,417 249,682 367,982 367,982 Totsl expenditure 2025 GTOUP Totsl 2024 Group Total Direct Staff Support Charitable actlvities Staff costs Pool running costs Maintenance Water and utilities Support Costs Depreciation 521.131 521,131 102,505 148,437 155,990 121,616 162,360 1,212,039 438,061 102,645 203,243 148,967 98,485 33,670 1,025,071 102.505 148,437 155.990 121.616 162,360 283,976 406.932 521,131 Raising funds Support costs Depreciation 26.737 26.737 23,282 26,737 26,737 23,282 Total 2025 406,932 521.131 310.713 1.238.776 Totsl 2024 454.855 438,061 155,437 1,048,353 Support costs include.. café overheads of £3,46712024- £1,6061- administrative costs in operating the Lido of £130,40812024- £109,5201- and governance costs in running the charity of £11.86112024- £10,641). -20-
Chèltenham Lido Ltmited Consolidated financial statements foT the year ended 31 Ortober 2025 Group expenditure is allocated between restricted and unrestrirted funds as follows: 2025 2025 Restrirted Unrestricted 2024 2024 Restrirted Unrestricted Charitable artivities Raising funds 39,610 1,172,429 26,737 1.199.166 2.227 1,022,844 23,282 1,025,071 39.610 2,227 Staff costs 2025 2024 Group 2025 Charity 2024 Charitv Group Wages and salaries Social security costs Pension contribution5 493.336 21.418 6,377 521,131 417,917 14.988 5,156 438,061 493,336 21,418 6,377 521,131 416,042 14,988 5,156 436,186 No employees were paid in excess of £60,CX)O (luring the current or previous year. Staff number5 Theaverage number ofemployees durin8theyearwa5- 2025 Group 2024 Group No. 2025 Chartty No. 2024 Charity No. Operating services Management and administration 49 47 49 47 56 53 56 53 The number of employees Included above in operating services includes lrfeguards. 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 21XQ. -21-
Cheltenham Lido Limited Consolidated financial Statements forthe year ended 31 October 2025 li Movement in funds This is stated after charging-. 2025 Group 2024 Group Depreciation Auditor remuneration: group audit Services Auditor muneratIOn-. subsidiary audrt services Auditor remuneration: other serVIS 162,360 33,670 3,000 2,000 2,934 2,934 12 Tangible fixed assets GROUP Leasehold improvements PoGlslde Office & other equipment equipment Totsl Cost At l November 2024 Additions Disposals At 31 October 2025 911.869 410.773 1,308,889 75,993 2,784 1,398.635 1,311,673 911.869 1,719.662 78,777 2,710,308 DeP(latiOn At l November 2024 Charge for year Eliminated on disposals At 31 October 2025 911.869 243,601 157,486 59,284 4,874 1,214.754 162,360 911,869 401,087 64,158 1,377,114 Net book value At l November 2024 167,172 16.709 183,881 At 31 October 2025 1.318.575 14,619 1,333,194 -22-
Cheltenham Lido Limited Consolidated financial ststements forthe year ended 31 October 2025 CHARrrY Leasehold improvements Poolside Office & other equipment equipment Totsl Cost At l November 2024 Additions Disposals At 31 Ortober2025 911,869 410.773 1,308,889 75,993 2,784 1,398,635 1,311,673 911.869 1,719,662 78,777 2,710,308 Depreciation At l November 2024 Charge for year Eliminated on disposa At 31 Ortober2025 911,869 243,601 157,486 59,284 4,874 1,214,754 162,360 911,869 401,087 64,158 1.377,114 Net book value At l November 2024 167,172 16.709 183.881 At 31 October 2025 1.318,575 14,619 1,333,194 13 Investrients 2025 Group 2024 Group 2025 Charity 2024 Chartty Unlisted investments 100 100 loo 100 The charity owns the entire ordinary share capital of tts subsidiary. Chelienham Lido Trading Limited, which 15 used to operate the car park situated at the Lido. All proftts earned by the subsidiary are transferred to the charity by way of gift aid. -23-
Cheltenham lido Ltmited Consolidated financial statements forthe year ended 31 October 2025 The results of Cheltenham Lido Trading Limited for the year ended 31 October 2025 were.. 2025 2024 Turnover Cost of sales Gross profit Adrninistrative expenses Other operating income Profit before taxation Taxation Profit after taxation Gift aid distribution Retained profit for the year 249,682 367,982 249,682 131.7371 367.982 128,2821 217,945 339,700 217,945 339,700 1217,9451 1339,7001 At 31 October 2025. Cheltenham Lido Trading Limited had the following assets and liabilitie5.' 2025 2024 Current assets Current liabilities Net assets 122,891 127,399 1122,7911 1127,2991 l(M) 100 Share capital Reserves Shareholders, funds Ic 100 100 14 Debtors 2025 Group 2024 Group 2025 Charity 2024 Charity Trade debtors Other debtors and prepayments Amounts due from group companies 91 29.950 859 40,186 900 15,172 105,603 126,305 859 36,001 104,943 141,803 30,850 41,045 -24-
Cheltenham Lido Limited Consolldated financial Statements forthe year ended 31 October 2025 Is Cash at bank and in hand 2025 Group 2024 Group 2025 Charfty 2024 Charity Cash at bank Cash in hand Cash and equivalents 1,639,290 2.073.298 1,531,177 1,950,084 1.639,290 2.073,298 1,531,177 1,950,084 16 Creditor5 2025 Group 2024 Group 2025 Charity 2024 Charlty Trade creditors Other creditors and accruals Other taxes and social securlty 25.476 52,773 22.233 100,482 50.998 30.203 16,125 97,326 25,049 48,192 10,053 83,294 44,731 25,400 4,839 74,970 -25-
Cheltenham Lido Limited Consolidated financial statements for the year ended 31 October 2025 17 Group funds Current year: l Nov 2024 Income Expendltu Transfers 310rt 2025 Unrestrirted fund$ General Designated Total unrestricted funds 1,505,360 680.LKIO 2,185.360 1,566.897 IL199.1661 1,873,091 680.000 2,553,091 1.566,897 11,199.1661 Restrlrted funds Restricted capital fijnds Total restricted funds 15,538 15,538 373.833 373.833 139.610) 139,6101 349,761 349,761 Totsl fvnds 2,200,898 1,940.730 11,238.776) 2,902,852 Previous year: l Nov 2023 Income Expenditure Transfers 31 Oct 2024 Vnrestrfrted funds General funds Designated funds Total unrestricted funds 1,044,490 680.QKIO 1,724,490 1.506.996 IL046,126) 1,505,360 680.OOD 2,185,360 1.506,996 11,046,126) Restricted funds Restritted capfcal funds Total restricted funds 17,765 17,765 12.2271 12.2271 15,538 15,538 Total funds 1,742,255 1,506,996 11.048,3531 2,200,898 Generalfunds-The group has general unrestricted ftFndsthat afree reserves for use in achievingthe charitI5 airns and objectives. Designated funds.. The following amounts have been set aside in designated funds- £100,00012024- £100,000) to ensure the charsty can withstand prolonged poor weather conditions. £300,00012024- £300,OCKJI to cover possible emergencyTepairs to the swimming pool structure. £80,00012024- £80.LYJOI to initiate the development fund. £100,00012024-£100,¢KM)I to provide financial protection should the charivs utility contract be withdrawn. £100,00012024- £100.0001 to provide financial protection should the charity have to refund season ticket income if exorbitant chlorine costs force closure mid-season. Restrirted funds: A restricted ass fund has been recognised for grant and donation income recetved for the nstallation of a solar power system and redevelopment of the tar park area. The fund is being reduced over the estimated lrfe of the assets. -26-
Cheltenham Lido limited Consolidated financial statements forthe year ended 31 Ortober 2025 18 Analysls of group net assets between fund5 Current year: Unrestricted Restricted Funds Funds Total Funds Tangible red assets Current assets Current liabilities 983.433 1,670,140 1100,4821 2,553,091 349,761 1,333.194 1,670,140 1100,4821 2,902,852 349.761 Prevlous year: Unrestricted Funds Restrirted Funds Total Funds Tangible fixed assets Current assets Current liabilities 168,343 2,114,343 197,3261 2,185,360 15.538 183,881 2,114,343 197,3261 2,200,898 15,538 19 Related party transartions Group companies.. The group has taken advantage of the exemption fmm disc105ing trdnsartions between group companies. Tru5tees- No trustee received any remuneration nor any reimbursed expenses during the year12023- £nill. Key management personnel.. Such personnel are allowed to use Cheftenham 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 charlty, as describeij in the accompanying note. 20 Lease ¢ommltments The charity leases the swimming pool, grounds and car park known as Cheltenham Lido to carry out its tharitable activity. The chartty pays a nominal annual rent to Chemenham Borough Council, and any deficit in rental value is considered to be a grant from Cheltenham Borough Council. The trustee5' do not consider it POS5ible to quantify in monetary temis the value of this grant and as such neither the deemed grant nor deemed rental are included in the Statement of Financial Actrvitie5. The lease wa5 renewed during 2021 and continues until 31 March 2056. -27-
Cheltenham lido Mited Consolidated financial statements for the year ended 31 October 2025 MANAGEME INFORMATION: CHARITY INCOME AND EXPENDrruRE ACCOUNT 2025 2024 Charity Charity INCOME Admission fee5 Season tickets Shop sales Hlre of pool facillues Other 556,158 46L725 19.882 58.050 7,073 1,102W8 390.482 410,515 16,568 52.437 53.348 9233Y) Total Income EXPENDITURE (see overleaf) {1212039) {1,025J)71) OPERATING SURPLUSI (DEFICIT) (lo9,1) 1101,721) OTHER INCOME Gift aid distribution from sUbdiary Occupation license char8ed to subsidiary Rent31 income 217,945 339,7(KJ 15.920 7.260 3T3.833 6,334 144.081 40,732 811.105 12.670 17,676 10.0 19.692 103,249 52.377 Donations Grants Development and other Events and courses Bank interest Total other income TOTALSURPLU51 (DEFICIT) 701.954 458.643 -28-
Cheltenham Lido rnited Consolidated financial ststements for the year ended 31 Ortober 2025 2025 Charity 2024 Charrty EXPENDITURE Wages and salaries Training Shop purchases Chemicals Water 521.131 438.061 14.502 8.730 47,914 22,848 46.183 77,740 2.196 15.253 190,830 20,720 4.531 13,049 9.969 1.494 13.884 51,521 52. 37.336 60,885 4.863 17.117 165.573 20.702 4.558 13,951 11.529 1.607 1,179 4.332 26,890 983 5.319 4.254 5,411 8.628 5.558 782 Gas Elertricity General rates Insurances Buildin& pool and equipment repairs Event costs Advertising and public relations Ground maintenance Cleanin& waste and sanitsry Telephone Postage and stationery Accountancyand audit fees Bank £har8es Medical supplies Subscriptions Sundry expenses Web51te, software and Unlforni and clothing Healthcare and benefits DBS costs 5.114 42,6(M) 1,79) 7.391 1.452 3,942 4.789 2.991 2.681 777 Recruitment Professional fees Depreciation of fixed assets Total expendlture 3.712 162,3(4) 1212,039 2,878 33,670 L025,071 -29-