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 STATEMEp￿s
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
GIou￿tershIre
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
Che￿enhaM
Gloucestershire
GL50 IEL
Solicitors
Charles Russell Speech￿$ LLP
Compass House
Lypiatt Road
Cheltenham
GIou￿sterShIre
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, Grou￿SterShIre, 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 c￿￿entlY 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 aC￿sS 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 aC￿ss. 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 hea￿h 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 th￿e 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 Che￿enharn 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
InC￿8$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 CoMpan￿S 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 reqU1￿MentS 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, ￿M￿neratIOn 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 p￿ParatIOn 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 identif￿d 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
2,902￿52
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
(Inc￿ase) 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 A￿1vITE$
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 p￿paid 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 serVI￿S
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 a￿free 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 r￿ed 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 sUb￿diary
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-