¥J FIukJG REGISTERED COMPANY NUMBER: 04479074 REGISTERED CHARITY NUMBER: 1099941 Trustees. Report and Audited Financial Statements for the Y8ar Ended 31 March 2024 for Fonnby Pool Trust Advance Audit Limited Statutory Auditor 71n3 Hoghton Street Soulhport Mersèyside PR9 OPR
Formby Pool Trust Contents of the Financial Statements for the Year Ended 31 March 2024 Page Reference and Admlnistratlve D¢tslls Trustees. Report Report of the Independent Audito 5 to 7 Statement of Financial Activitigs Balanc• Sh•et Cash Flow Statement 10 Notes to the Cash Flow Statement Notes to the Financial Ststemènts 12 to 20
Fonnby Pool Trust Reference and Administrative Details for the Year Ended 31 March 2024 TRUSTEES D Edwards D Wilson CMPage R Dawson (resigned 11.9.23} S Crean J C Scorgie P Adams CHBull H G Davies G Sidlow lappoirrted 11.9.231 M Snaylam (appointed 11.9.23) COMPANY SECRETARY S J Flgt¢her REGISTERED OFFICE Elbow Lane Fomiby Merseyside L37 4AB REGISTERED COMPANY NUMBER 04479074 REGISTERED CHARITY NUMBER 1099941 AUDITORS Advance Audr( Limited Sfalutory Auditor 71rt3 HDghton Street Southport Merseysid* PR9 OPR Page 1
Forniby Pool Trust (Regi51ered number: 04479074) Trustees. Report for the Year Ended 31 March 2024 The trustees who are also director5 of the ¢h8rity for the purposes of the Companies Act 2006, present their report with the financial statements of the eharity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Report(ng by Charitie5'. Statement of Recommended Practi applicable ID tharrties preparing théir accounts in atxordance wth the Financial Reporting Standard appl(c8blè in the UK and Republic of Ireland (FRS 1021 {effe(*ve 1 January 20191. OBJECTIVES AND ACTnirnES Objectives and aims Fomiby Pool Trust proe$ a swlmmln9 pool, fiiness facAIty and café in a park setting. Wè aim to b8 81 the heart ofthè community promoting the health, wellbeing and welfare of Ial people through the work we do. The Trust WOTks in p8rtnèr8hip wth Formby Land Tnjst as oumers of the Land and builLling and Sefton Metropoliian Borough CLwncil which commissions seTvices. The trust h3s 6 strategic objecb'ves as outlined in 2022-2027 strategy..
Bèing al the heart of the Fomiby Community Delivering a first-dass sèmca, being th& besl that we can be. Being a good employer Achiewng optim31 finanri81 pèrfDmiance to allow future reinvestment Developing our Services and lacililies lo meet the nèed5 of lo<xl pp thing towards environmentsl sustainabilty. ACHIEVEMENT AND PERFORMANCE Ch8rftabl6 activltie8 Significant achievements over the 2023r24 pèriod havè indudèd.. Membership has grown by 11% over the year with 3016 members in Marth 2024, the highest reo)rded n the history of the trust TherÈ has beèn a total of 77,965 fithess dass visrts over the year. a 37°h increase from 202213 kading lo increased heatth and wellbeing for membeTS. The trust has undertaken m¥itsr refurt)i$hment of the facility including the wet side changing facilthes. dry side changing faGilili9s in pathership with Sefton Cwnal and Formby Land Trust. The Trust has invested Sn fUrb1shmen{ of the pCJ1 café resulbng in an improved environment and ineased use. The trust was successful in securiro £58K fvnding ft)r sglar panels from the national Swn School Suppcwt Fund. ThB will fijnd thè installation of 14S solar panels in 202415, offsethng elecaricty use by 11 %. The popular swim school continues to be successfvl with over 1.800 childrén attending weekty desw'le the 6-week closure to enable the installation of the wet sido Changing faLililies. - There has been ntinUed invèstment in developing staff, through a leadership development programme for sènior managers and junior managers and prowding oppothnities for ¢are8r progrèssion and succession planning. Prudent finanrial management has regJrted in a small defiat de$'te capital investment in the cafe and pool dosure lor 6 weeks and high energy costs. The 1 to 1 assisted training has been invaluable for memb8rs vtho would 01herwise not be able lo access fthes$ servi$ and has increased accessibility and diversity. The Trust has hosted a number of free oJncErts, plays and olFEr communty events over the past year. resulting in Improved ownershlp. use of the grounds and cc4nmunity cohesion. Tho wcuss of the Trust over this year is due to the hard work, dedication and commitment Df the management team and stsff. with the leadership and support of trustees and partner organigations and the loyalty and Gornmilmènt of members for which we are very gratefvl. Paga 2
Formby Pool Trust (Registered number: 04479074) Trustees, Report for the Year Ended 31 March 2024 FINANCIAL REVIEW Financial ravièw and reserves The trust aims to become fInanalY sustaiiable and invests lo save. when possible. Inc4)me has inc¥eased in all areas in the finan(ial year. There wore financk41 ¢hallenge$ durfng th¢ y¢¥r induding plannea investment in the Chapel Lane and gym exl8nsDn and unplanned increases in energy. Pnjdent management resulted in deficit of£69,124 for this fina[al year. The trust has invested to bulld financaal r&sili•nc•. Th& Trust has retained much of th6 govèrnment backed business continuity loan lo enable il to maintsin a stsble and strong po3tti.on moving into the ¢oming yèar. FUTURE PLANS Membership of the organisalv)n is continuing to grow followng the investmerbl in faTh1eS and servth$. FLthire plans forthe Trust include". - Continuing to adapt to meoliNJ the needs and demands arising from population ¢hanges. Maintaining the quality of the building, sile and s8tvices whilst expanding the off&r to members. Refuthishment of the cycle store lo encourage actwe travel and planning for further developments onslle. - Agreeing a new lease 10-yèar opèrational leasè with parthers to comménce in January 2027. - A9¢ing long lem plans which wll enable inueasing financial sustainability and communty benefft. STRUCTURE, GOVERNANCE AND MANAGEMENT Goveming document The charity is controllèd by its goV1n9 docum8nL a dged of trust, and ¢onstiluto$ 0 lirnitec4 cKJmpany, limited by guarantee, as defined by the Companies Act 2006. Trustè•¥ Dr Dympna E(hvards Mr Dawd Wlson Cllr Catie Page Mr Mark Snaylam Mrs Sharon Croan Mr Jamia Scorgie Ms Pauline Adams Mrs Katie Bull Mrs Heather Davies Mr Graham Sidlow Chairman Vice Chainnan Trustee and Sefton Council Representative Trustee and Sefton Council Representative Trustee and Fomiby Land Trust Representalwe Trustee Trustee Trustee Trustee TnJstee Trustees are appointed for a three-year perlod. One trustee stood down and two new trustees were recruited 19 thè board at the lastAGM. Ms Samantha Fletcher act5 as Company Secretary. Decision maklng The Board of Trustees has c4)nlinLted to meet bimonthly over the year and has overall responsibility for the management of the business wlh clear oversight and a schÈmÈ of delègation_ It is Suprtd by a ntjmbèr of subcommittÈes_ Regular perfom)ance reports are made to the board against the annual ddivery plan and 5-year strategic plan. Performance is also reported lo a partnership board and scrutinised on a six-monthly basis. Financial transactions undergo indepgndenl theGks by the trustees, particulady Gash-flow, expenditure and income trènds. Chèques are siwed by one authorised signatory. The accounts and supporting records have been reviewed by the Trust's auditors. STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees (who arè also thè dirèctors of Fomiby Pool Trust for the purposes of company law) are sponsible for preparing the Trustees. Report and the financial statements in accordan with appficablè law and United ngdorn Accounting Standards Iuniled Kingdom Generally A¢cepled A¢Unting Practi) induding Finanrial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Rèpubl of Ireland,. Page 3
Formby Pool Trust (Registered number." IM479074 Trustees, Report for the Year Ended 31 March 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES - continued Company law requires the trustees lo prepare financial ststements for each financKg1 year which gwe a true and fair view of the stste ol aff3if8 of the charitable company and of the incoming resources and appliLztion of resources, including the income and expenditure, of the charitable wmpany for that period. In preparing those frnancial statements. the trSteeS are required lo sek¢t $uilable accounting poliaes and then apply them consislendy., observe the methods and PTTnciples the Charity SORP.. make judgements and eslimales that a reasonable and prudent., pmparé th8 financial statements on the going concem basis unless ft is inappropriate to p$me Ihal tha charitable company will continue in business. The tmslees are responsible for keeping proper accounting records whith disclose reasonable accuracy at any time the finanrAal position of the ¢harTtablè company and to enablè th8m to ensure that the financial slalements comply with the Companies Act 2006. They are also responsible for safeguarding tre a35els of the charitable company and hence for taking reasonable step3 ft)r the prevention and detèctitsn of fraud and other irregularities. In so far as the trustees are aware.. there 1$ no rgl$vant audit infomialion of whic* the chwilable companys auditr)rs arè unaware,. and the trustees have taken all stèps that they ought to have taken to make themselves aware of any relevant audtt information and lo establish that the auditors are aware of that infomiation. AUDITORS Thè auditors, Advance Audit Limtted, will be proposed for re-appointment al the fothcomlng Amnual General Meeling. This report has been prepared in aordance vlith thè spèaal provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by order of the board of ITUStees on 25 November 2024 and signfd gn its behalf by.. D Edwards- Trustee Page 4
Report of the Independent Auditors to the Members of Fomiby Pool Trust Opinion We have audile£l the financial st8tements of Formby Pool Trust Ilhe '¢haritsble company'l for the year end 31 Mar¢h 2024 which comprise the Statement of Financial Activities, the Balan Sheet, the Cash Flow Statement and notes to the financial stalemenls, including a summary of signiffcanl acuunling pol1$. Thè finanaal reporting framework that has been applied in their preparation Is applicable law and United Kingdom ACCOnting Standards (United Kingdom Generally Accepted Accounting Practice), induding Financral Reporbng Standard 102'The Financial Reporting Standard appIlble in the UK and Republ of Ireland,. In our opinion the finanoal statements.. give a tNe and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resOurS and application of reUlS. induding its income and expenditure. for Ihe year then ended.. have been properly prepared in a¢¢ordon¢e wth United Kingdom Generally A¢¢epleé A¢¢ounb"ng Practice, induding Finanaal Reporting Standard 102 'The Finala1 Reporting Standard applicable in the UK and Republic of Ireland.; and have been prepared in ac(y)rdance with the requirements of the Companie8 Ad 20(. Basls for opinion We )ndUCted our audit in a¢cordance wth Intemational Standards on Auditing IUKI (ISAS (UK)) and appliGable L4w. Our responsibilfcies under those standards are fvrther described in the Auditors. responsibileS for the audit of the financrdl statements section of our report. We are independent of th$ Charitab cx)mpany in 8trdance with the ethical requirements that are relevant tts our audrt of the finanaal stements in the UK, including the FRC'S Ethical Standard, and we have futlled our other ethi1 responsibile$ n acc4Jrdance wf(h these requirements. We believe that the audit evidence we have obtained is suffKienl and appropriatè to provide a basis for our opinion. Con¢lusions r•lalng to golng concern In auditing the finanaal stalemenls, we have concluded Ihsl the trustees. use of the going COnM ba918 of accounting in the preparation of the financial statèmènts Is appropriatè_ Basèd on the work we have perfomied, we have not identified any matsrial uncertainlie5 relattng to everts or cnnditions that, individually or colleLtivdy. may (a SignifiGant dwbl on the charitablg wmpany's ability to )ntinue as a going concem for a period of at least e1ve months from when the financ4al statements are authDrised for issue. Our TPSpon$iblities and the sF)nSibil1tse$ of the Iruslees with respect to g¢Thng coeM are descbèd in the levanl sections of this report. Other inforrnation The trustees are responSie for the Dttier nft)rmation. The other information wrnprises Ihe information inttludèd in thè Annual Report, other than the finanaal statements and our Report of the Independent Auditors thèrèon. Our opinion on the financial statements does not cover the other infomiation and, except to the extent otherwise exp1TllY $ts18d in our réport, wè do not èxwess any form of assurance a)nclusK)n thèr80n. In conntscion with our audf( of the financial stalemenls, our responsibilty 15 to read the other information and, in doing so, consider whether the other Infomation is materfally Inconslstenl wllh the finandal statements iy our knowlÈdg8 obtained in the audr£ or otherwse appears to be materially misstated. If we identify such material inconsislenaes or apparent material mis51atements. we are required to delemiine whether this gnies rise lo a material misst8tement in the finaneial ststements themselves. If, based on the wort( we have perfomed, we Conclude that there is a material misstatement of this other infomialion, we are Tequired lo report that fart We have nothing to report in this regard. Opinions on other matters prescribed by the Companiès Aet 2006 In our opinion. based on the work undertaken in the course ofthe audit.. the infomation gwen in the Trustees, Report for the financial year for which the finarrial statements are prépared is o)nsislenl with the financial ststenenls- and the Trustees. Report ha$ been prepared in accorda* with applicable le9al requirements. Page 5
Report of the IndependentAuditors to the Members of Formby Pool Trust PJl•tt&rs on whlch we arè requlred to report by exceptlon In the light of the knowledge and understanding of the tharilable company and rts environment obtained in the course oflhe audit, we have not identified Tnalerial mi55talements in the Trustees, Report. We have nothng to report in spect of the following matters where the Companies Act 2006 requires us to repo)rt lo you if, in our opinion. adequate awounting records have not been kept or retums adequate for our audit have not been received from branches not visited by us,. or the finanal statements are nol in 8greem¢nt vAth the a¢cyJJnting re¢ords and returns,. or certain disdosures of trustees, remuneration specrfied by law are not made,. or we have ntsl received all the inlomiatk)n and explanallons we qUI lor our audit- or the trust8es wer8 not ened to take advantage of the small o)mpanies exemption from the requirement to prepare a Strategic Report or in preparing the trustee5' Report. Responsibilitiès of trusteès As explainèd morè fully In thè Statément of Twstees, Rèsponsibilitiès, the trustees (who are also the direGtors of the charrtable company for Ihe purposes of company lawl are responsible for the preparation of the financial statements and for being 5ati5fied that they give 8 true 8nd fair view, 8nd for sueh intemal eontrd ¥$ the tW51ees delemlne is necessary to enable the pr8P8ration of financial statements that are free from material misstatement, whether due lo fraud or error. In prep8rfng th¢ financlal statements, the trustees are responSie for assessing the tharTtable company's ability to continue as a going ncern, disclosing, as applicable, matters related lo going nrn and using the going concem basis of accounts'ng unless the trustees either intend lo liqujdatè th& Charrtab company or to cease OFerations, or have no realist altematr've but to do so. Our responsibiliti6s for the audlt of the financial statements Our objectives are to obtain reasonab assurance about whether the financwl statements as a wholg are Ireè from matèrLg1 mi&%tatemént. whether to fraud or error. and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a hvJh level of assurance, but is not a guarantee that an audit ndUcted in aOrdanCe with ISAS (UK) wll alay5 detect a material misstslement whgn tt exi. MisslatèmÈnts (xn arisè from fraud or etTor and are considered material rf. indThiidually or in the aggregate. they could reasonably be expected to inflLEnce the ewnonNc deagons of u3eTS taken on the basis of the8e financial statements. The extent to which OUT prduleS are capable of detecling irregularities, indudlng fraud its detailed bebw.. ErU5ry of m¥n¥g$mgnt and thos• charged wtih govemance around actual and potential litigation and claims., Enquiry of #ntity staff in tsx and o)mpliance functions to Klenb"fy any StanCeS of nOn-cmpliance wth laws and regulations., Reviewng financial statement disureS and tesling lo supporling duMentatiOn to assess mplianCe with appli12ble laws and regulations. Perfomiing audit wot over th8 risk of management override of contrc4s. induding tesling of joumal entries and other adjustments for appropriateness, evalualirKJ the busines5 rational& of significant transactions outside the normal wurse of business and revièwirvJ aceounting estimales for bias. Because of the inherent limit*ions ()f an audit. there is a risk that we will not detect all irregularities, indudiNJ those leading to a material misstatement in the financial stalemenls or non-compliance wrfch regulation. This risk increases the more that o)mplian¢e wth a law or regul8tion Ss removed from the events and Iransadons rèflect&d in thè finan(xal statements, as we will be less likely to become aware of instances nom)mplianc&. The risk is also greater regarding irregularitie5 OCLurring due to fraud rather than error. as fraud involves intentional wncealment. for9ery, ¢¢llusb)n. omissi¢X or m1$repsenttitiQn. A further description of our responsibilities for the audit of the financial statements is lgcated on the Financial Reporting Council's website at www.frc.org.LJklauditorsresponsibil((ies. This description forms part ot our Report of the Independent Auditors. Page6
Report of the Independent Auditors to the Members of Formby Pool Trust Use of our report This report is made SOlY to the charitable oJmpany's members, as a body. in accx)rdancB with Chaptér 3 of Part 16 of the Companies Act 20CE. Our audf( work has been undertsken SD that we might state to the charitable companY$ rnembers those matters we are QuIred to state to them in an auditors. report aTrY for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyon othèr than thè charitable company and the charitable company's members as a body. for our audit work, for this report, orfor the opinionswe have formed. Jennrfgr T¢)bin FCCA (Senior Stalulory Auditor) for and on behalf of Advance Audit "MIted Stslutory Auditor 71173 H(htOn Slreat Southport Merseyside PR9 OPR Date.. S. 11.203L Page 7
Formby Pool Trust Ststement of Flnancial Activities (Incorporatlng an Income and Expenditure Account) for the Year Ended 31 March 2024 2024 Unrestrited nds 2023 Total funds Note5 INCOME AND ENDOWMENTS FROM Donations and legacios 227.741 280,758 Charitable a¢tivitig8 Activities undertaken directly 2,081,790 1,827,672 Investment Income 5,061 1,753 Total 2,314,592 2,090,183 EXPENDITURE ON Charttabl8 activitios Activities undertaken direc41y 2.383,716 2,116,970 NET INCOMEI{EXPENDITUREI 169,124} 126,7871 RECONCILIATION OF FUNDS Totsl fvnds brought forward 223.679 250.466 TOTAL FUNDS CARRIED FORWARD 154,555 223,679 The notes form part of these financial statements Page 8
Forniby Pool Trust (Registered number: 04479074) Balance Sheet 31 March 2024 2024 Unreslrict funds 2023 Totsl fund3 Notes FIXED ASSETS Tangible assets 202,981 230,372 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 12 13 7,266 172.849 173,353 3,841 99.365 295,528 353,468 398,734 CREDITORS Amounts fall1 due within one year 14 (300,3771 1222,484) NET CURRENT ASSETS 53,091 176,250 TOTAL ASSETS LESS CURRENT LIABILITIES 256,072 406.622 CREDITORS Amounts falling duè aftèr mor8 than one yaar 15 {101,5171 1182,9431 NET AssErs 154,555 223,679 FUNDS Unrèstricted ndS 18 154,555 223,679 TOTAL FUNDS 154,555 223.679 ThÈsè finanaal statements have been prepared in aceordanet wrth the prowsions applicable to charitable companies subject lo the small companie8 regime. The finan¢i81 statements were approved by the Board of Trustees and aulhorised for issue on 25 November 2024 and were signed on its behalf by.. D Edwards- Twslee D Wiknn- Truste The notes form part ofthe8e financial stslemenls Page 9
Fom)by Pool Trust Cash Flow Statement for the Year Ended 31 March 2024 2024 2023 Notes C45h flows from oporating activltl Cash generated from operations Interest paid 26,626 114,170) 124,4331 111,7981 Net cash provided byllused inl operating activrties 12,456 136,2311 Cash flows from investing activities Purchase of tangible fixed 3s3els Interest recoived ie4.418) 5,061 {107,0061 1,753 Nel cash used in investing 8¢tlvllies 159.3571 1105,2531 Cash flows from financing activities Loan repayments in year Caprtal rep8yments in ye8r New borrowings in year 160,0001 115,2741 159,870} {8,3851 49,990 Net Cash used In flnandng advtttes (75.2741 118.2651 Change in cash and cash equivalents in th8 r8portlng porfod cash and cash aquiyalénts at tha beginning of the reporting perfod 1122,1751 1159,7491 295,528 455,277 Cash and cash equivalonts at thg end ot thg reporting period 173,353 295,528 The note8 fomi part of these financial statements Page10
Formby Pool Trust Notes to the Cash Flow Statement for the Year Ended 31 March 2024 RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net expenditure for the rapon period las por the Statsment of Financlal Activitiosl Adjustmants for: Depreck71ion ¢harges Intérest reiVed Interest paid In¢re8se In stocks Increase in debtors Irrease/(deCreasel li Greditors 169.124) 126,7871 91,809 15,0611 14.170 13,425) (73,484) 71,741 84,782 11,7531 11,798 11,1601 {60,3621 {30,951) Net cash provid byllused Inl operations 26,626 (24.433) ANALYSIS OF CHANGES IN NET FUNDSI{DEBTI At 1.4.23 Cash At 31.3.24 Net ¢ash Cash at bank and in hand 295,528 1122,175} 173,353 295,528 1122,175) 173.353 D•bt Finance leases Debts f811ing due within 1 year D8bts falling due after 1 year 143,5461 153.8481 1156,5601 15,274 16.152) 66.152 128,2721 160,0001 190.4081 1253,9541 75.274 {178,6801 Totsl 41.574 {46,901) {5.3271 The notes form part of these fin8nGial 5t*ements Page11
Formby Pool Trust Notes to the Flnanclal Statements forthe Year Ended 31 March 2024 ACCOUNTING POLICIES Basis of preparing the financial 3tstgmgnts The financial statements of the ¢haritable o)mpany, which is a public benefrt entity under FRS 102, have bèen prepared in acujrdance with the Charities SORP (FRS 102) 'Accounb"ftg and Reporting by Charities.. Statement of Recommended Practice applieable to charities preparing their accounts in accordance with the Financial Reportsng Standard applicable in the UK and Republic of IrelanLI IFRS 1021 leffective 1 January 2019}', Financial Reporting Standard 102 The FinancKHI Rèptsrb"ng Standard applicable in the UK and Republic of Iland, and the Companies Act 2006. The ffnancral statements have been prepared underthe historical cost cOnventn. Company status The d)arity is a o)mpany limited by guarantee. The members of the u)mpany are the trustees named on page 1. In the event of the ¢harity beirlq wound up. the latmlity in respect of the guarantee is limited 10 £1 per member of the charity. Incom8 l income is recognised in the Ststement of Finarri81 Actiwties On the charity has enlitlemenl to the nds, il is probab that the InMe wll be received and the anThJunt can be measured reliabty. Revenue support grants are a¢Lounted for as Ihey be(x)me ieceivable. Govemment grants Government gTants aTe rtrcognised at the fair value of the asset received or rerewablè whèn thue is reasonable assurance that the grant o)ndTbons wll be met and the grants will be received. A grant that specTrles perfomiance condibons is reeognised in income when the perfomiance conditions are mel. Where a grant dges not speofy perfomance conditions rt is recognised in income when the proceeds re recèwed or receivable. A grant received before the rÈetsgnitir>n criteria arè sab"sffièd is reco9nised as a liabilty. Expenditurg abilities are re(x)gni8•d as expendf(ure as soon as there is a legal or constructive ¢)blSgats"on comrnitting the charity to that éxpendituré, it is probablè that a transfer of economic benefits will be required in settltrment and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accluals basis and ha5 been dassffied under headings that aggregate all cost related to the category. Whwe wsts cannot be dIdY attributecl to parbcular headings they have been allocated to activibes on a basis c4Jnsistenl with the use of resour. Tangibl• fixad assets Tangible ffixed assets are inthally measured at cost and subsequently measured at cost or valuatn. net of depreCIatn and any impairment losses. Dttpreciation is recognised so as to write off the cost or valuabon of 8ssets lexs their residual values over their useful lives on the following bases.. Equipmént- 50°A on cost, 33% on cost and 25% on cost The gain QT l()ss arising on the disposal of an asset is determine<l as the difference between the sale prOedS and the carying value ofthe asset. and is credited or thar9Èd to profit or loss. Impairment of fixed a8$0ts Al each ieporting period end date, the charty Temews the carrying amounts of rts tsngible and intangible assets to detemine whether there is any indi¢a*on that thosè assets havè suffèr8d an impairrnenl loss. If any sueh Irleation exists, the fecoverable amount of the asset is estsmaled in order lo determlne the extent of the impaimient loss lif any). Vvhere il is not possible lo estirnale the recoverable amount of an individual asset, the company esfjtnates the recoverable amount of the cash-generaling unli lo which thè assèt bèlongs. Pag• 12 ¢xJntinued.-
Forniby Pool Trust Notes to the Finan¢lal Statements - continued for the Year Ended 31 March 2024 ACCOUNTING POLICIES . continued Tanglble fixed assets Recoverable amount is the higher of fair value ltrs¥ wsts to sell an¢J value In usg. In assessing valuè in use. the eslimaled future cash flgws are discountèd to their present value using a pre4ax discount ratè that refflècts current rnaet assessments of the time value of mney and the risks specific lo the asset for whid) the estimates of fvlure cash flows have not been adjusted. If tho recoverable amount of an asset lor cash-generaling unill is eslmaled to be 18SS than its carrying amount, the caryin9 amount of the asset {or cash-generating unf() is reduced to ils recoverable amount. An impaiment loss is COgniSed immediately in profil or loss, unless the relevant asset is CArriéd 8t a rèvaluèd amount, in which case the impairment bs$ is treated as a revaluation deuease. Recogniséd impaimient losses a reversed if, and onty if, the reasons for the Impalrment loss have rkased to apply. Vvhere an impaim8nt loss subsequendy r8vers8s, tha carrying amount of the asset lor cashenerating unil} is increased to the revised estimate of its recoverable amount, but so that the increased carryin9 amount $ not exceed the carrying amount that would have been dètèrmined had no impairment loss been recognised for the asset lor Gash-generaling unrtl in prior years. A reversal of an impairment lo$$ is recognised immediately in profit or loss. unless the relevant a58gl is al a r8valued amount n which case the reveT5al of the impai¥ment Ioss 15 Ired 4$ 8 rev31u3tion increase. stocks stocks are vauad at the lower of cost ar nel realisable value, after making duè allowaneè for obsoth and slow momng items. Cash at bank and In hand Cash at bank and in hand are basic ffinanual assèts and indudè (xsh in hand and deposits held at ca th banks. Finan¢lo1 Instruments The charity only has financial assets and financial liabilities of a kinol that qualify as basic finanaal instruments. Basic finane4al instruments are inibally re(x)gnised at transaction value and subsequently measured al their settlement value. Taxation The chaity ts exempt from ry)rpOrati tsx on its 1*8ritable activrties. Fund accountlng Unrestricte(I fur¥Js can bg used in accordance with the charitable objectives at the discrelM)n of the trustèès. Designated funds compris? unrethdad funds that have been set aside by the Iruslee5 for parts'cular purFv5es. The aim and use of the designated fund is set out in the notes to the finanu81 ststemenls. The charity does not have any re$tri¢ted funds. Leases Rentals applicable to operating leases where substantially all of the benefits and risks of ovmership remain with the lessor are ¢harged against profits on a straight line basis over the period of the lease. Retirement benefits The charitable company operates a deffined contribution pension scheme. Contributions payable lo the charitable company's pension scheme are ¢harggd lo the Statamant of Financial Actiiritias in the pèriod to which they relate. Employee benefits The costs of short-lemi employee benefts are regnised as a liability and an expense, unless those costs ar& raquired lo be recognised as part ofthe cost of st<Jek or fNed assets. Page13 o)ntinued...
Fomiby Pool Trust Notes lo the Flnanclal Statements - continued for the Year Ended 31 March 2024 ACCOUNTING POLICIES- conlinu8d Retlrement benefits The C$t of any unused hollday enfjllemenl Is recognised in the period in which the empioyee's are e1Vd. Temiination benefts ate recwnisèd immediately as an expense when the company is demonstrably committed to terminate the employment ofan employee or to provide lerminalion benefits. Judg•ments and key sources of estimation uncertainty In the applicab'on of the carity's ac(x)unting policies, the trustèes 8re required to make judgements, estimates and 8ssumptK)ns about th¢ ¢arrying amount of assets and liabilities that are r1 readity apparent from olher sources. The estimates and associd assumptions are based on historical experience and other fao*ors that are ¢on8idered to be relevant. Adual results may differ from these estimates. The esb"mates and undetlying assumptnns are rewewed on an ongoing basis. Revisiony to a¢(xJunting estimates are recognised in the perKTrd in which the estimate is revised where thé rèvision affects only that period, or in the period of the revi$ion and fLrture periods where the revision affe both Current and future pemds. The trustees do not believe that there are any ¢stim¥tes and assumptions which have a siwnlcant risk of causin9 a material adjustment to the carying amounl of assets and liabilib"Ès. Irrecoverable VAT AII VAT which can not be LL)vered due to partial exemption regulations 1$ shown within the appropriate expenditure headings in the Stslement of Finanaal Acbwties. Going con¢orn The a(xx)unts show a net asset posrbon at 31 March 2024. Management and the Board of tru¥lee¥ have reviewed the current performance and prepared forecasts alongwde setting athievable bud1$ for the next 12 m()nths. The realisation of these fore¢a$ts may be affe¢Xed by a number of lactors out&de their contfol affecting the charity and the UK economy. Management and the trustees are conlinuousty assessing the impa of these factors on the charty and 8re rea¢bng and adapt9 to ever chaNJing workiro C4UMstanCes. For these reasons, they ntinUe to adopt the going basis in prepaiing thtr finanaal slatemenls. The finanaal ststÈmÈnts do not includè any adjustments that would result from the basis of preparation bdng inaK¥)ropri4te. DONATIONS AND LEGACIES 2(r24 2023 Annual Fee Sefton MBC 227.741 260,758 Page 14 continued..
Fomiby Pool Trust Notes to the Financial Slatements - Continued forthe Year Ended 31 March 2024 INVESTMENT INCOME 2024 2023 Bank interest receivablè 5,061 1,753 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Activty Activibes undertaken directly Activities undertaken directly Activities undertaken directly ActiVeS undertaken directly Activtties undertaken directly Pool Incon Car Patk Income Goods for Resale Café and Events Mi11¥ne0ltS Income 1,910,459 3,249 28,052 139,576 454 1,652.521 28.412 139,142 2.693 2,081.790 1.827,672 CHARITABLE ACTIVITIES COSTS Direct Costs (see note 61 Support ¢0$1s1¥90 note 71 Totals Acfjwlie8 undertaken dwectly 2,362,046 21,670 2,383,716 DIRECT COSTS OF CHARITABLE ACTIVITIES 2024 2023 Stsff costs Freelance instructors Rates and water Insuranre Light and heat Telephone Postage and stationery Advertising Sundries 1.007,433 121,910 61,389 106,323 257,413 5.897 11,436 16,291 31,339 952,844 107.219 12,010 89,107 217,579 5,352 17,032 14,910 28,521 k 11 Repairs, Maintenance and EquSpm&nl Equipment Rental Chapel Lane costs Cleaning IT Supp(rt Hardware and Soare Prowsions Recrurtment and Training ConsU8n¢Y and Professic*)al Fees Finan Charges Security Rent Dapreciation 257,289 14,398 6,037 33,725 58,462 86,529 12.618 38,228 63,955 18,606 60,959 91,809 223,444 8,311 40,642 28,288 51,653 83,105 17,504 31,863 44,881 14,990 22,635 84,782 2,362.046 2.096,672 Page 15 cfjntinued...
Fomiby Pool Trust Notes to th8 Financial Statements - continued for the Year Ended 31 March 2024 SUPPORT COSTS Govemanr costs Actiwties undertaken directly 21.670 Support o)sts, induded in the above, are as follows.. Governance costs 2024 Activities undertaken direclly 2023 Total actMtie$ Audito, remuneration Bank interest 7,500 14,170 8,500 11,798 21,670 20,298 NET INCOMEIIEXPENDITUREI Nel incoN* I lexpendilurel is slated aftar charging I (Cr8dng)= 2024 2023 Auditors, rernuneration Depreaation 7,500 91,809 8,500 84,782 TRUSTEES. REMUNERATION AND BENEFITS There were no knjstees, remuneration or other benefrts for the year end¥d 31 March 2024 nor for the year ended 31 M8rch 2023. Trusts•s' &xpons There were no twslees, expense3 paid foT the year ended 31 Marth 2024 nor for the year ended 31 March 2023. 10. STAFF COSTS 2024 2023 Wages and salaries Social security ajsts Other pension Costs 943.896 49,455 14,082 891,469 47,846 13,529 1,007,433 952,844 Page16 ojnlinued...
Formby Pool Trust Notes to the Financial Statemonts - continued forthe Year Ended 31 March 2024 10. STAFF COSTS - continued The average monthly number of employees during the yearwas as follows.. 2024 76 2023 59 Pool, Gym and Cafe Mainlenan Admin Managemer 98 81 No employees rec8ived emc*luments in exGes5 of £60,000. 11. TANGIBLE FIXED A$ss Equipmènt COST At 1 Aprfl 2023 Addf(ions 761.543 64,418 Al 31 March 2024 825,961 DEPRECIATION At 1 April 2023 harge for year 531.171 91,809 At31 Marth 2024 622.980 NET BOOKVALUE At 31 March 2024 202,981 At31 Marth 2023 230,372 12. STOCKS 2024 2023 stocks 7.266 3,841 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors VAT Prepayments and a¢cw&d ino)me 130.903 5,781 36.165 20,342 3,950 75.073 172.849 99,365 Page 17 continuèd...
Formby Pool Trust Notss to the Financial Stalements - continued for the Year Ended 31 March 2024 14. CREDITORS: AMOUNTS FALLING DUE IkYITHIN ONE YEAR 2024 2023 Bank loans and overdraftslsee note 16) Hire purchase {see note 17) Trade credrtors Social security and other taxes othèr eredit<*s Accruals and deferred ino)me 60,000 17,163 157.872 12.503 28,664 24.375 53,848 17.163 91.127 9,570 31,242 19,534 300,377 222.484 15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 Bank loans (see note 16) Hire pur¢ha$e (see note 17) 90.408 11.109 156,560 26,383 101.517 182,943 16. LOANS An anatysis of the maturity of loans Is given below.. 2024 2023 Arnounls tslling duè within onè year on demand= Bank loans 60,000 53.848 Amounts falling due beyet and five years: Bank loans- 2-5 years 90,408 156.560 17. LEASING AGREEMEtrS Minimum ase payments fall due as follows.. Hire pw¢hase contracts 2024 2023 Net obligations repayable.. Wlhin one year Betsveen one and five yea[$ 17,163 11,109 17,163 26,383 28,272 43.546 Nort-cancellable operating leases 2024 2023 Vlfitrin one year Beeen one and five years 4.708 8,788 1,220 3,355 11.494 4,575 Page18 tt)nknuèd...
Forniby Pool Trust Notes to the Financial Statements - continued forthe Year Ended 31 March 2024 18. MOVEMENT IN FUNDS Capital expenditure Net paid out of movement in devèlopmenl funds fiJnd Transfers beeen nds At 01.04.23 At 31.03.24 Unr95trÉcted funds General fund Development fund 199,255 24.424 169.124) 24,424 124.4241 154,555 TOTAL FUNDS 223.679 169.124} 154,555 Net movement in funds, induded in the above are a8 follows.. IrornIng resources Resources Movement in exwded furKI8 Unrostricted funds General fund 2,314,592 12.383.716) 169.124} TOTAL FUNDS 2,314,592 12,383,716) 169,1241 Comparatives for movement in rtd$ Capital expenditure Net paid out of movement in develvpment funds lund Transfers beeen funds At 01.04.22 At 31.03.23 UnrestriGtod funds General fvnd Developmentfund 226,042 24.424 126,7871 199,255 24,424 TOTAL FUNDS 250.4C 126.7871 223,679 Net movement in fiJnd$, IndUd in the atx)ve are as follows.. In¢oming resources Resour$ Movement in expended funds Unrnstricted fund8 Gen8ral fvnd 2,090,185 12.116,9721 126.787) TOTAL FUMDS 2.090,185 {2,116.9721 126,787) As part of the operating agreement btheen Formby Pool Trust, Formby Land Trust and Sefton M8C, a designated development fund was established. From the year ended 31 MaTch 2018 onward$. 50% of any surpluses generated by Formby Pool TTUSI are transferred lo the Developrnent Fund lo be used lor developments to thé f3eilib.és or se1¢$$ as agreed by tt)e partnership toard. Page19 continued...
Forniby Pool Trust Notes to the Financial Statements - continued forthe Year Ended 31 March 2024 19. RELATED PARTY DISCLOSURES Fomby Pool Twsl are part of a lri-party agreement tQgethor wth Formby Land Trust and Sefton M8C to enable the operation of the leisure centte. Fomby Land Trust own the land and buikling within whl¢h Fomty Pool Trust opèratss the leisure cenlre. The land and building are leased Under the temis of a lease wilained within the Operab'ng Agreement and there is a representativ8 of Fomiby Land Trust on the Fomiby Pool Trust board of tru51ees. Rent totslling £5,000 was charged to profil and loss during the year {2023.' £5.000}. Sefton MBC provide Fomiby Pool Trust with an annual fee contribution towards the operation of the leisure (*ntré. Sefton MBC provKles a Sinking Fund which is accessed for fecYe Maintènan and building requirements at the leisure cenlre. There a ordinarily two preSentateS of Sefton MBC on the Formby Pool Trust board of tru¥tee8. During the 2017 year end the operating agreement was Wi Seflon MBC and a new ten year lease was agreed and The annual fee g)ntlLbulion has been agreed which provides 8 finan¢ial subsidy linked with RPI. Fomby Pool Tnjst received an Annual Fee contribution from Sefton MBC of £227,741 12023.. £260.7581 under the temis of the Operating Agreement and £288.765 12023.. £79,039) was aCsSed in relation to Lifecycle works paid lor out of the Sinkw)g Fund. At the year end £130,493 (2023.. £16,340) was due from Sefton Council in respect of LrfeCy¢le works. Formby Pool Twsl paid Sgfton MBC £7.003 (2023.. £27.7121 foT waste removal and securrty ServIS and £6,432 12023.. £11,950) for general rates. Al the year eThJ an amount of £920 12023." £450} was due to Sefton MBC in resped ofthe above recharges. In an earlier year. Forn)by Pool Trust aeed to provide a contribution in relatn lo equipment to Formby Land Trust following wmpletion of the 8Xtènsion during 2019120. The total conlributiDn was £60,000 of whlch £24,900 rgmains QLtstandirrfJ as at the yearend and falls payable within the 2024r25 anaal year. Page 20