COMPANY REGISTRATION NUMBER: 6748266 CHARITY REGISTRATION NUMBER: 1134583 Dartmouth and District Indoor Pool Trust Company Limited by Guarantee Unaudited Financial Statements 31 March 2024 Iiiilli AD18ORMP 1811212024 COMPANIES HOUSE A08
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WESTCOThS Chartered accountants Petitor House Nicholson Road Torquay Devon TQ2 ThD
Dartmouth and District Indoor Pool Trust Company Limited by Guarantee Financial Statements Year ended 31 March 2024 Page Trustees, annual report (incorporating the directors, rep)rt) Independent examinerfs report to the trustees Statement of financial activities (including income and expenditure account) Statement of financial position Notes to the financlal statements The followlng pages do not form part of the flnanclal statements Detailed statement of financlal activities 19
Dartmouth and District Indoor Pool Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directors, Report) Year ended 31 March 2024 The trustees, who are also the directors for the purposes of company law. present their report and the unaudited financial statements of the charity for the year ended 31 March 2024. Reference and admlnlstratlve detalls Rogistered charfty name Dartmouth and District Indoor Pool Trust Charfty registratlon number 1134583 Company reglstratlon number 6748266 Principal offi¢& and registerod Dartmouth Leisure Centre offlco Wessex Way Dartmouth Devon TQ6 OJL The trustees Allan Smith Sarah Dorsett Craig Davidson Margaret Bickley Elizabeth Towers l Matthew Cusack Helen Darch Gordon Coutts Susan Manley Samantha Geen Elizabeth Moseley Paul Girardot (Retired 13 June 2023) (Retired 8 October 2024) (Retired 12 December 2023) (Retired 15 August 2024) Company secretary Michael Burden Indopendent examlner S R Smith (FCA) Westcotts Chartered Accountants Pelitor House Nicholson Road Torquay Devon TQ2
Dartmouth and District Indoor Pool Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directors, Report) (continued) Year ended 31 March 2024 Structure, governance and rnanagemént The Trust is a company limited by guarantee and incorporated under its Memorandum and Articles of Association. The Board of trustees meel regularly as business merits and all decisions are made by the Board. Trustees are appointed following a vote by the board. Application is encouraged from members of the local community, by advertisement and networking. Potential trustees are invited to attend a board meeling as an observer and to meei.INstees. If there is willingness to offer themselves as a trustee, they are then asked to meet the Chair and representative trustees for further discussion before appointment at the next board meeting. Following an appointment. new trustees are offered an induclion with the Chair to enable familiarisation of the Trust documents and Trustee Information Pack. Trustees are also directed to Charity Commission and other governance websites and publications. The board understands the importance of the diversity of its trustees in regard to Ihe Charity Governance Code and is mindful of this when going through the recrultment process for new trustees. Prlnclpal Rlsks and Uncertalntles The Trust board regularly discusses the types of risk associated with the operation of a pool open to the publlc. The effect of the pandernic in 2020 and 2021 continues to unwind as revenues build up slowly yet to reach pre-pandernic levels. As we rely on our agent for the operation of the pool, we are mindful of their operations as well. Thus. we are aware the agent has a CBILS loan maturing in 2025 and maintain an interest in the outcome of that application. A number of the trustees are familiar with the operation of pool and leisure facilities and the operator reports incidents on a monthly basis as, part of their port to the Trust. Insurances have been taken out and fully reviewed with the Trust's broker to ensure that cover is appropriaie and adequate for the Trust's specific circumstances. The Trust has confirrned the operator has the necessary up-to-date insurances in place to operate the site. Operatlonal rlsk The main income to the pool cornes from its contract wth the operator and so there is an exposure to the risk of the operator failing to perform on the contract. However, insurance is in place lo cover business interruption and rernedies are in place under the contract. The operating environment of a swlmming pool contains a number of risks to the. public and employees. The Trust.has in place monitoring procedures with Fusion Lifestyle who are an .experienced pool operator. Trustees continue to (x)nsider risk as activity changes in the pool environment. Furtherrnore. the Trust has taken out.. insurance with the advlce of an experienced broker who deals in this type of insurance. The operator 'also has insurance cover. which is reviewed and updated annually.
Dartmouth and District Indoor Pool Trust Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directors, Report) (Gonllnuodj Year ended 31 March 2024 Complian¢0 risk The Pool is registered for VAT and currently within the Capital Goods Scheme regime. This scheme requires ongoing compliance with Certain aspects of the VAT legislation for a period of ten years. from the date the Pool is broughl into use which was 1sl December 2016. This compliance is monitored on regular basis and professional advice is taken with respect to this and other VAT issues. If applicable the details of any signfficant risks facing the Trust is discussed and how the trustees intend to manage them. The Trust uses a payroll agent to pay the Trustee Pool Manager and handle compliance with income taxes and National Insurance. ObJecllve8 and actlvltles We havè referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. The objects of the charily are the advancement of amateur sport and the promotion of community partlcipation in healthy recreation for the benefit of the inhabitants of Dartmouth and the surrounding dislrict by the provision of public facilities for swimming and other active sports. The charity is non-party in politics and non- sectarian in religion and will not discriminate on the grounds of sex, sexual orienlaiion. race or opinion. The Trust actively engages with users in the local community to encourage use of the pool. Among iniliatives the Trust have endeavoured to work with GP'S to promote and initiate social prescribing. where local GP'S prescribe swimming axbrcise to aid recovery. A project is close io being initiated with Level Water. a national charity. lo help disabled children gain confidence in and on the water. The trust continues to explore ways of enabling and supporting 'locals membership, and inviting local schools to use the pool for swimming lessons. A full and varied programm8 of fundraising for the pool continues, including two major fetes held in the town during the summer months. The Trust actively supports a local swimming club to use the site several times a week and introduces youngsters to swirnming. It now enters a numb8r of local, regional and national competitions with swimmers in junior. senior and masters competitions. Th8 swimming club are regularly seeing 150 attendees each week. Achlevements and performance The Trust entered into its sixth full year of operations of the swimming pool. The trustees met mainly during in-person meetings on a monthly basis. They continued to be active in their stewardship and management of Ihe pool siie. They also maintained regular meelings with representatives of Fusion Lifestyle to discuss operations as the site reopened and activity resumed. n 2023 the Trust invested in a new sound absorption system conslsting of panels attached to the Interior walls of the pool. These have resulted in a significant improvement in Ihe acoustics of the pool with important advantages for all swimmers but especially during swimming lessons. This allows easier communication between swim coaches and their swimmers. The other significant improvement we made this year was engaging a local artist to decorale the internal walls of the pool. entrance and viewing gallery with a I0ul and colourful collage of children having fun swimming with turtles, whales, mermaids, and others sea life. This has been hugely popular with both parents and children.
Dartmouth and District Indoor Pool Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directors, Report) (contlnued) Year ended 31 March 2024 Financlal review Fundraising income was £1,080 (2023 £1,389) and swimming pool income was £91,112 (2023 £77,546). Total income for the year was £142,074 (2023 - £128.466) and total expenditure was £133.663 (2023 £121,033), including depreciation of £48,849. giving a net income of £8,411 (2023 £7,433). At 31 March 2024 there were total unrestricted funds of £117.072 (2023 £108.661) and restricted funds of £244,844 (2023 - £244.844). During the year £48,849 of receivable grant income was released from deferred income, which relates to the capital expenditure of Ihe construction of the swimming pool. The deferred income is being released through the income and expenditure account over the useful life of the assets. Reservo8 Pollcy The Trust held £36,000 in the rnain bank account at 31 March 2024. This balance is used to meet tha Trust's anticipated future commitments and ongoing revenue expenses. In addition. £76,000 was held in a deposit account at 31 March 2024. A working party of trustees reviewed the Trust's policy on reserves and reported these to the board for consideration. It was resolved to retain £50.000 toward operations if the Trust should take over the running of the pool. There would be a balance of £26.000 to use on projects that promola the use of the Pool. Including wider use of the pool by locals including youngsters under the 'Dippers' initialive, social prescribing and additional deep cleaning, Plans for future perlods The Trust welcomes Dartmouth Swithming Club which using the pool regularly for both youngsters and adults. It is run by a trustee so a declaration of a potential conflict of interest has been minuted. Th8 initiatives outllned in th8 reserves pollcy are being fleshed out and continue to be developed as they are implemented. The trustees continue to actively work with Fusion on existing and new contractual arrangements especially our contracts manager and the chaimian. This would mean Fusion provide personnel to assist the Trust in their rnanagament and operation of the pool, collect revenues and pay costs on behalf of the Trust. The Trust would then meet regularly to discuss reports provided by its agent and are reviewed by the trustee pool manager. Every quarter the agent submits an account of rts performance, its. management fee and the revenues generated by the pool. Settlement is then agreed and made behveen the parties.
Dartmouth and District Indoor Pool Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directors, Report) (contlnu•dJ Year ended 31 March 2024 Trustees, responslbllltles statement The trusiees. who are also directors for the purposes of company law, are rasponsible for preparing the trustees. report and the financial stalements in accordance with applicable law and United Kingdom Accounting Standards (Uniled Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period. In preparlng these financial statemenls. the trustees are required to: seleet suitable accounting policles and then apply them consistently- observe the methods and prlnclples in the applicable Charill8s SORP; make judgments and accounting estimates that are reasonable and prudent: prepare the financial statements on the going concern basis unless It Is Inappropriate to presume that the charity will conlinue in business. The trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and efjable them to ensure that the fina'ncial statefiients comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charily and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities and for th8 maintenance arKI integrlty of the corporate and financial information on the company's w8bslte. Small company provlslons This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The trustees, annual report was approved on . trustees by.. and signed on behalf of the l)oard of Cralg Davldson Trustee
Dartmouth and District Indoor Pool Trust Company Llmited by Guarantee Independent Examinerfs Report to the Trustees of Dartmouth and District Indoor Pool Trust (contlnuedj Year ended 31 March 2024 I report to the trustees on rny examination of the financial statements of Dartmouth and Dlstrict Indoor Pool Trust ('the charity,) for the year ended 31 March 2024. Responslbllltles and basls of report As the trustees of the company.(and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself thai the accL)unts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's accounts as carried out under section 145 of the Charities Act 2011 {'the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 201.1 Act, Independent examlner's 8tatem8nt I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or the financial statemenls do not accord with those records; or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fairf view which is not a matter consldered as part of an independent examination: or the financial staternents have not been prepared in accordance wilh the methods and principles of the Statement of Recommended Practice for accounllng and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Starard applicable in the UK and Republic of Ireland (FRS 102). I have no concems and have come a¢ross no other matters in connection wlth the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. S R Smlth jFCAj Westcotts Chartered Accountants Independent Examlner Petitor House Nlcholson Road Torquay Devon TQ2 7TD
Dartmouth and District Indoor Pool Trust Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2024 2024 Restricted funds Total funds Total funds 2023 Unrestricted funds Notè Income and endowments Donations and legacies Other trading activities Investment income 232 92,192 801 48.849 49,081 92,192 801 49.389 78.935 142 Total income 93,225 48,849 142,074 128,466 Expondltur• Expenditure on raising funds.. Costs of other trading activities Expenditure on charitable activities Total expendlture 79,329 5,485 48.849 128,178 5.485 113,592 7.441 84,814 48,849 133,663 121,033 Net Incom• and net movement In funds 8,411 8,411 7,433 Reconclllatlon of funds Total fuDds.brought forward Total funds carrled forward 108.661 244,844 353,505 361,916 346,072 117,072 244,844 353,505 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. Tho notes on pages 9 to 17 fomi part of th•89 flnanclal statement&
Dartmouth and District Indoor Pool Trust Company Limited by Guarantee Statement of Financial Position [ntInU¢d) 31 March 2024 2024 2023 Note Flxed assets Tangible fixed assets 16 2,050,931 2.099.780 Current assets Debtors Cash at bank and in hand 17 15,881 111.774 16,997 102.377 127.655 119.374 Creditors: amounts falllng due wlthln one year Net Current a88et8 18 10,583 10,713 117,072 108,661 Total assets less current Ilabllltles 2,168,003 2.208,441 Credltors: amounts falllng due after more than one year 19 1,806,087 361,916 1,854,936 Net assets 353,505 Funds of the charlty Restricted funds Unrestricted funds 244,844 117,072 361,916 244,844 108,661 Total Charlty funds 21 353,505 For the year ending 31 March 2024 the charity was entitled to exemptlon from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities= The members have not required the company to obtain an audit of its financial statements for the year In question in accordance with section 476: The directors acknowledge thair responsibllities for complylng with the requirements of the Act with respect to accounting records and the preparation of financial statements. These flnancial statements have been pPared in accordance with the provisions applicable to companies subject to the small companies. regime. These financia'l statements were Bpproved by the board of trustees and authorlsed for issue on . and are signed on behalf of the board by: Cralg Oavldson Trustee The noto8 on pages 9 to 17 fomi part of these flnanclal statements.
Dartmouth and District Indoor Pool Trust Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2024 Genèral inforniatlon The charity is a public benefit entity, and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Dartmouth Leisu Centre, Wessex Way. Dartrnouth. Devon, TQ6 OJL. Statement of compliance These financial statements 'have been prepared in (x)mpliance with FRS 102, Th8 Financial Reporting Standard applicable in the UK and the Republic of Ireland., the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)> and the Companies Act 2006. Accountlng pollcles Ba818 of preparatlon The financial statements have been prepared on the historical cost basis. Golng concern There are no Material uncertainties about the charity's ability to continue, as there are sufficient reseNes available should the need arise for the Trust to operate the pool themselves. Dlsclosure exemptlons Th8 entity salisfies the criterla of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of. the followlng dlsclosure exemptions available under paragraph 1.12 of FRS 102: No cash flow statement has been presented for the company. Judgem•nt8 and key 8ourc08 of •stlmallon uncertalnty The preparation of the financial statements requires management to make judgements. estimates and assumptions that affect the amounts reported. These esiimates and judgements are continually reviewed and are,based on experlence and other factors, including expectations of future events that are believe¢ to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. Cash and cash equlvalents Cash is represented by cash In hand and deposits with financial instilulions repayable without penalty on.notice of more than 24 hours. Cash equivalents are highly liquld investments that mature in no more than three months from the dat6 of acquisition and that are readily convertible to known arnounts of cash wtth insignificant risk of change in value. Fund accountlng Unrestricted funds are. availa0 for use at the discretion of the trustees in furtherance of the purposes of the charity.
Dartmouth and District Indoor Pool Trust Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2024 Accountlng pollcles (contlnued) Incoming resources Income All income is included in the statement of financial activities when the charity is entrtled to the income. any performance related conditions attached have been met or are fully within the control of the charity, the income is considered probable, and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income: Donations and legacy income Is received by way of donations, legacies. grants and glfts and is included in full in the Statement of Financial Aclivities when receivable. Where legacies have been notified to the charity but the criteria for income recognition have not been met, the legacy is treated as a contingent asset and disclosed if malerial. Where a grant (including government grants) does not impose specrfied future performance- related conditions on Ihe recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions, It is recognised in incom8 only when the p8rformance-relaled condltions have been fflet. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability. Trading income is comprised of Income from the swimming pool and from fundraising. and is stated after discounts, sales tax and net of VAT. Investment income is included when receivable. Resources exp•nded Expendlture Expenditure is recognised on an accruals basss as a liability is incurred. Expendlture includes any VAT which cannot be fully recovered, and Is reported as part of the expenditure to which it relates.. Costs of raising funds Gompris8 the costs associated with attracting donations, grants and legacies and the costs of trading for fundraising purposes. .Charitable expenditure comprises .those costs incurred by the charity in the delivery of its activrties and seNices for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support Ihem. Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs'are allocated between. the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. 10-
Dartmouth and Distrlct Indoor Pool Trust Company Limited by Guarantee Notes to the Flnanclal Statements (contlnu•dJ Year ended 31 March 2024 Accountlng pollcles (continueaT) Tanglble assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated irnpairment losses. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset. less its residual value. over the useful economic life of Ihal asset as follows: Freehold property Fixtures. fittings and equipment 20/0 Straight line 150/0 reducing balance Impalrment ol Ilxed assets A review for indicalors of impairment is carried out at each reporting date. with the recoverable amount being estimated whére such indicators exist. Where the carying value exceeds the recoverable amount. the assei is impaired accordlngly. Prior impairmenls are also reviewed for possible rev.ersal at each reporting dale. Flnanclal Instruments A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provlslons of the instrument. Basic financial.instruments are initially recognised at the amount. receivable or payable Including any related transaction costs. unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a slmllar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted, Llmlted by guarant•o The company is limited by guarantee and accordingly does not have share capital. Every member of the company undertakes to contribute such amount as may be required not exceeding £10 to the assets of the charitable company in the event of ils being wound up while he ot she is a member, or within one year after he or she ceases to be a member. 11
Dartmouth and District Indoor Pool Trust Company Limited by Guarantee Notes to the Financial Statements (¢ontlnued) Year ended 31 March 2024 Donatlons and legaciès Unrestricted Funds Restricted Total Funds Funds 2024 Donatlons Donations 232 232 Grants Grants receivable released 48.849 48.849 232 48.849 49,081 Unrestricted Funds Restricted Total Funds Funds 2023 Donatlons Donations 176 176 Grants Grants receivable released 49.213 49.213 176 49.213 49,389 Other tradlng actlvltle8 Unrestricled Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Fundraising events Swimming pool income 1,080 91,112 1,080 91,112 92,192 1.389 77.546 1,389 77,546 78,935 92.192 78,935 Investment Income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Bank interest receivable 801 801 142 142 Cost6 of other tradlng advitles Unrestricted Funds Restricted Total Funds Funds 2024 Swimmlng pool 79,329 48,849 128,178 Unrestricted Funds Restricted Totsl Funds Funds 2023 Swimming pool 64,379 49.213 113,592 12-
Dartmouth and District Indoor Pool Trust Company Limited'by Guarantee Notes to the Financial Statements (contlnu•d) Year ended 31 March 2024 Expendlture on charltable actlvltles by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Charitable activity Support costs 123 5.362 123 5,362 5,485 1,800 5,641 7,441 1.800 5,641 5,485 7,441 10. Analysls ol support costs Support costs Total 2024 Total 2023 Independent examinerfs fees Professional fees Trustees. insurance Trustees, meetings 4,220 650 470 22 4,220 650 470 22 4.600 650 377 14 5,362 5,362 5,641 11. Analys18 of grants 2024 2023 Grants to Institutlons Dartmouth Swimming Club Tolal grants 123 1,800 123 1,800 12. Net Income Net Income is stated after chargingl(crediting): 2024 2023 Depreciaiion of tangible tIx8d assets 48,849 49,213 13. Independent examinatlon fees 2024 2023 Fees payable to the independent examiner for.. Independent examination of the financial statements Other financial services 2,110 2,110 2.300 2,300 4.600 4,220 -13-
Dartmouth and District Indoor Pool Trust Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 14. Staff costs The total staff costs and employee benefits for the reporting period are analysed a8 follows: 2024 2023 Wages and salaries 4.000 4,000 The average head count of employees during the year was 1 (2023.. 1). The average number of full-time equivalent employees during the.year is anaSysed as follows: 2024 No. 2023 No, Management No employee received employee benefits of more than £60,000 during the year (2023: Nil). Volunteers Twice a year the Trust organises fetes to generate fundraising Income, with the help of approximately Iwenty volunteers. Also, the gardens surrounding the pool are well maintained by six volunteers (including two trustees). 1 S. Trustee remuneratlon and expenses One trustee has been paid remunération from employment with the charity as follows; Mr M J Cusack.receiv8d £4.000 {2023 .' £4,000) during the year as a managerfs salary. This Is based on an annual basic salary of £2,000 and additional p8rformance related pay, which is capped al £2,000. This was approved by the chair and senior trustees. There were no trustees, expenses or reimbursements during the year. 16. Tanglble flxod assets Land and Fixtures and buildings fittings Total Cost At 1 Aprll 2023 and 31 March 2024 Depreclatlon At 1 April 2023 Charge for the year At 31 March 2024 2,398.062 16,312 2,414,374 303,945 48,000 10,649 314,594 48.849 351,945 11.498 363,443 Carrylng amount At 31 March 2024 2,046,117 2,094.117 4,814 2,050,931 At 31 March 2023 5,663 2,099,780 14.
Dartmouth and District Indoor Pool Trust Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 17. Debtors 2024 2023 Trade debtors Prepaymenl8 and accrued income Other debtors 9.333 2,151 4,397 9,333 1,990 5,674 15,881 16,997 18. Creditors: amounts falling due wlthln one year 2024 2023 Trade creditors Accruals and deferred Incorne . 4,580 6,003 10,583 4,580 6,133 10,713 19. Credltorn: amounls falllng due after more than one yoar 2024 2023 Accruals and deferred Income 1.806.087 1,854,936 20. Deferred InGom• 2024 2023 At 1 April 2023 Amount released to income 1,854,936 (48,849) 1,806,087 1,904,149 (49.213) 1,854,936 At 31 March 2024 The deferred income relates to the local councll grants, which funded the construction of the swimming pool and associated equipment. In accordance with accounting standards this income has been deferred and then il will be released over the useful life of the assets. 15-
Dartmouth and District Indoor Pool Trust Company Limited by Guarantee Notes to the Financial Statements (Gontinued) Year ended 31 March 2024 21. Analysis of charitable funds Unrestrlct•d funds At 31 March 20 24 At 1 April 2023 Income Expenditure General funds 108.661 93.225 (84,814) 117,072 At 31 March 20 23 At 1 April 2022 Income Expenditure General funds 101,228 79,253 (71,820) 108,661 Of the unrestricted funds £36.000 are to meet the Trust's anticipated future commitments and ongolng revenue expenses. £50,000 toward operations if the Trust should take over the runnlng of the pool and the remainder to use on projects Ihat promote the use of the pool. including wider use of the pool by locals and additional deep cleaning. Restrlcted funds At 31 March 20 At 1 April 2023 Income Expenditure Restricted Fund 244,844 48,849 (48,849) 244,844 At 31 March 20 23 At 1 April 2022 Incorne Expenditure Restricted Fund 244,844 49.213 (49.213) 244,844 The restricted funds relate to the grants received for the construction of the swimming pool and the associated equipment and the deferred income, whlch Is released over the estimated useful life of the assets. -16-
Dartmouth and District'lndoor Pool Trust Company Llmited by Guarantee Notes to the Financial Statements {¢onllnuedJ Year ended 31 March 2024 22. Analysls of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 2,050.931 2,OSO,931 127,655 {10.583) (1,806,087} 11,806,087) 244,844 361,916 127.655 (10,583) 117.072 Unrèstricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 2,099.780 2,099,780 119,374 (10,713) (1.854,936) {1.854,936) 244,844 353,505 119.374 (10,7131 108,661 23. Relatod partles Fusion Lifestyle is a registered charity, which operates the pool on behalf of the Trust as their on- site agent. Providing personnel to assist the Trust in their managemenl and operation of the pool and collecl ravenues and pay costs on behalf of the Trust. The Trust meets regularfy to discuss reports provided by Ihe agent and reviewed by the trustee pool manager. Every quarter the agent submits an account of its performance, its management fee, and the revenues generaied by the pool. Under an agreement, the agent pays the Trust £7,000 per quarter to cover VAT liabilities and any other day-to-day costs, within Fusion lifestyle Group's latest audited financial statements for tha year ended 31 December 2022, the auditor has again reported on a material uncertainty relating to going concern, over the refinancing of a loan. A loan facility was granted an 18-month extension to May 2025. thls does not affect the Trust's going concem In these financial statements. The pool manager who is also a trustee received £4.000 (2023 . £4,000) during the year. 17-
Dartmouth and District Indoor Pool Trust Company Limited by Guarantee Management Information Year ended 31 March 2024 The followlng pages do not form part of the flnanclal statements. 18-
Dartmouth and District Indoor Pool Trust Company Limited by Guarantee Detailed Statement of Financial Activities Year ended 31 March 2024 2024 2023 Income and endowments Donatlons and legacles Donations Grants receivable released 232 48,849 49,081 176 49,213 49,389 Tradlng actlvltles Fundraising events Swimming pool income 1.080 91,112 92,192 1,389 77,546 78.935 Investment Income Bank interest receivable, 801 142 Total Income 142,074 128,466 Costs of tradlng actlvltles Swlmmlng pool Wages Maintenance Insurances Depreciation Managemenl fees Mural costs Bank charges Costs of tradlng actlvltles 4,000 100 5,606 48,849 67,229 2,300 4.000 399 5.136 49.213 $4,746 98 128.178 113,592 Grant fundlng actlvltles Grant to Dartmouth Swimming Club 123 1.800 Govemance Costs Independent examiners fees Professional fees Trustees, insurance Trustees. meeting5 4,220 650 470 22 4.600 650 377 14 5,362 5,641 Expendlture on charltablo actlvltlè8 ' 5,485 7.441 Total expendlture 133,663 121,033 Net Incorne 8,411 7,433 19-