## **PIRATE FITNESS CIO**
**Accounts – 31[st] December 2024**
## **PIRATE FITNESS CIO**
Charity number: 1154471
Accounts – 31[st] December 2024
## **INDEX**
- 1-2. Report of the Trustees and General Information 3. Independent Examiner’s Report to the Trustees
4. Statement of Financial Activities
5. Balance Sheet
- 6-10. Notes to the Accounts
**PIRATE FITNESS CIO**
1.
## **REPORT OF THE TRUSTEES for the year ended 31[st] December 2024**
The Trustees are pleased to present their annual report and financial statements of the charity for the year ended 31[st] December 2024.
The Financial Statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and complies with the Charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice (second edition) and Financial Reporting Standard FRS 102.
## **Reference and Administration Details**
The charity’s name is Pirate Fitness CIO.
Charity Registration Number: 1154471
Registered Address: Pirate Fitness CIO 32 Bridge Street Mills Bridge Street Witney Oxfordshire OX28 1YH
## **Trustees**
The Trustees and officers who served during the year and since the year end were as follows:
D Wood (Chair) M Duffin P Bradley
## **Objects and Activities**
The main objects of the charity are the promotion of community participation in healthy recreation for the benefit of the inhabitants of Witney and the surrounding area by the provision and maintenance of facilities for sports, exercise and fitness training.
## **Achievements and Performance**
The charity continues its efforts to recover from the Covid Pandemic during which the charity was badly affected. Income from membership fees is still lower than Pre Covid levels but are increasing year on year. Efforts continue to reduce costs. In recent years the charity has reduced the size of the gym to reduce rental costs and has moved to a non-staffed system of operation. This has resulted in the charity making a surplus in this financial year.
## **Financial Review**
Total income in 2024 was £157,602 compared to £137,085 in 2023 and total expenditure was £138,369 compared to £160,388 in 2023.
2.
## **PIRATE FITNESS CIO**
**REPORT OF THE TRUSTEES for the year ended 31[st] December 2024 (** Continued)
## **Structure, Governance and Management**
## **Governing Document**
Pirate Fitness CIO is registered as a Charitable Incorporated Organisation with the Charity Commission, registered charity number 1154471.
## **Appointment of Trustees**
The charity ensures existing trustees are kept informed of the activities and performance of the charity and are provided with regular management information.
The trustees keep the composition of the board under review and will seek to appoint additional members with appropriate skills and expertise should the need arise. Interested parties are given details of the background of the charitable company in order to make them aware of current activities.
Approved by the directors on 27th October 2025 and signed on its behalf by:
D Wood
…………………………………… Trustee
Witney
## **PIRATE FITNESS CIO**
## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES**
I report to the trustees on my examination of the accounts of Pirate Fitness CIO for the year ended 31st December 2024.
## **Responsibilities and Basis of Report**
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent Examiner’s Statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
A P Williams FCCA A J Carter & Co Limited Chartered Certified Accountants
22b High Street Witney Oxon OX28 6RB
28th October 2025
4.
## **PIRATE FITNESS**
## **STATEMENT OF FINANCIAL ACTIVITIES**
_(including an income and expenditure account)_ **for the year ended 31[st] December 2024**
|Note
**Income from:**
Donations and grants
3
Charitable activities
4
Other trading activities
5
**Total incoming resources**
**Expenditure on:**
Charitable activities
6
**Total expenditure**
**Net income/(expenditure) and net**
**movement in funds for the year**
**Transfer between funds**
**Net movement in funds**
**Reconciliation of funds**
Total funds brought forward
**Total funds carried forward**|**Unrestricted Restricted**
**Total**
**Funds**
**Funds**
**Funds**
**2024**
**£**
**£**
**£**
185
-
185
151,738
-
151,738
5,679
-
5,679
157,602
-
157,602
138,369
-
138,369
138,369
-
138,369
19,233
-
19,233
-
-
-
19,233
-
19,233
(66,642)
-
(66,642)
£(47,409)
£-£(47,409)|**Total**
**Funds**
**2023**
**£**
410
124,751
11,924|
|---|---|---|
|||137,085|
|||160,388|
|||160,388|
|||(23,303)
-|
|||(23,303)
(43,339)|
|||£(66,642)|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derives from continuing activities.
The notes on pages 6 to 10 form part of these financial statements
**PIRATE FITNESS CIO**
5.
## **BALANCE SHEET as at 31[st] December 2024**
|Note
**Fixed assets**
Tangible assets
11
**Total fixed assets**
**Current assets**
Debtors
12
Cash at bank and in hand
**Total current assets**
**Liabilities**
Creditors falling due within one year
13
**Net current assets**
**Total assets less current liabilities**
**Total net assets**
14
**The funds of the Charity**
Restricted income funds
15
Unrestricted income funds
15
Designated income funds
15
Total unrestricted funds
**Total charity funds**|**2024**
**£**
3,375
3,375
1,503
11,436
12,939
63,723
(50,784)
(47,409)
£(47,409)
-
(47,409)
-
(47,409)
£(47,409)|**2023**
**£**
4,500|
|---|---|---|
|||4,500|
|||262
9,703|
|||9,965
81,107|
|||(71,142)|
|||(66,642)|
|||£(66,642)|
|||-|
|||(66,642)
-|
|||(66,642)|
|||£(66,642)|
These accounts were approved by the trustees and authorised for issue on: 27th October 2025 and are signed on their behalf by:
D Wood
………………………….
Trustee
The notes on pages 6 to 10 form part of these financial statements
**PIRATE FITNESS CIO**
6.
## **NOTES TO THE ACCOUNTS**
## **for the year ended 31[st ] December 2024**
## 1. **Accounting Policies**
The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
a) **Basis of Preparation** The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
- b) **Public Benefit Entity**
Pirate Fitness CIO meets the definition of a public benefit entity under FRS 102.
- c) **Going Concern**
The charity was badly affected by Covid 19 and turnover in the year ended 31 December 2024 has still not returned to expected levels. A bounce back loan was taken out and used to fund cash flow. Efforts continue to reduce costs, however the Charity will continue to need the support of the Landlord to continue trading.
- d) **Income Recognition Policies**
Items of income are recognised and included in the accounts when all of the following criteria are met:
- The charity has entitlement to the funds;
- any performance conditions attached to the items of income have been met or are fully within the control of the charity;
- there is sufficient certainty that receipt of the income is considered probable; and
- the amount can be measured reliably.
Income received in advance of a specific performance or provision of other specified service is deferred until the criteria for income recognition are met.
- e) **Interest Receivable** Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the bank.
- f) **Fund Accounting**
- Unrestricted funds are available to spend on activities that further any of the purposes of the Charity. Designated funds are unrestricted funds of the Charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for the particular areas of the Charity’s work or for specific projects being undertaken by the Charity.
**PIRATE FITNESS CIO**
7.
## **NOTES TO THE ACCOUNTS**
**for the year ended 31[st] December 2024** (continued)
- g) **Expenditure and Irrecoverable VAT**
- 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 amount of the obligation can be measured reliably.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
- h) **Tangible Fixed Assets**
- Individual fixed assets are capitalised if they can be used for more than one year and cost at least £200. They are depreciated at 25% each year on the reducing balance basis.
- i) **Cash at Bank and in Hand** Cash at bank and cash in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
- j) **Creditors and Provisions** Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
2. **Legal Status of the Charity**
Pirate Fitness CIO is a registered charity, charity number 1154471, formed on 5[th] November 2013.
3. **Income from donations**
|Donations
**Income from charitable activities**
Memberships
Classes
**Income earned from other trading activity**
Food and drinks
Advertising
Sale of assets
Other|2024
£
185
£185
2024
£
142,035
9,703
£151,738
2024
£
4,808
846
-
25
£5,679|2023
£
410|
|---|---|---|
|||£410|
|||2023
£
117,218
7,533|
|||£124,751|
|||2023
£
3,377
2,155
6,111
281|
|||£11,924|
## 4. **Income from charitable activities**
5. **Income earned from other trading activity**
**PIRATE FITNESS CIO**
8.
**NOTES TO THE ACCOUNTS for the year ended 31[st] December 2024** (continued)
## 6. **Analysis of expenditure on charitable activities**
|**_Gym Running Costs_**
Fitness instructors
Drinks
Licences
Music
Equipment hire and maintenance
**_Property Costs_**
Rent and rates
Electricity
Repairs and maintenance
Cleaning
**_Administration Costs_**
Staff salaries
Receptionists
Insurance
Telephone
Office costs
Advertising
Professional fees
Bank charges
Miscellaneous
Depreciation
Governance costs
**Total**
7.
**Net income/(expenditure) for the year**
_This is stated after charging:_
Depreciation
Independent examiner's fee|2024
Total
£
2,621
2,880
173
2,665
1,105
50,288
12,304
10,454
12,131
30,015
-
1,590
1,666
2,547
688
729
4,102
446
1,125
840
£138,369
2024
£
1,125
840
£1,965|2023
Total
£
23,574
2,396
615
1,766
1,419
48,491
8,582
20,084
9,556
25,485
1,518
1,493
3,786
2,279
550
1,574
3,261
234
2,996
729|
|---|---|---|
|||£160,388|
|||2023
£
2,996
729|
|||£3,725|
**PIRATE FITNESS CIO**
9.
## **NOTES TO THE ACCOUNTS**
**for the year ended 31[st] December 2024** (continued)
## 8. **Analysis of staff costs and trustee remuneration and expenses**
|Salaries and wages
Social security costs
Employer contribution to defined contribution pension scheme|2024
£
32,767
-
883
£33,650|2023
£
55,454
-
1,031|
|---|---|---|
|||£56,485|
No employees had emoluments in excess of £60,000 (2023: Nil). Pension costs are allocated to activities in proportion to the related staffing costs incurred.
No trustees were remunerated during the year (2023: Nil)
## 9. **Staff numbers**
The average monthly number of employees during the year was as follows:
|Charitable activities
Governance|2024
Number
1
2
3|2023
Number
5
1|
|---|---|---|
|||6|
## 10. **Related party transactions**
The property rented by the CIO is owned by the trustee Duncan Wood. In the year under review, rent of £48,000 was paid to Duncan Wood.
No trustees were paid any expenses in the year (2023: £nil).
## 11. **Tangible fixed assets**
|Cost:
As at 01.01.24
Additions
As at 31.12.24
Depreciation:
As at 01.01.24
Charge for year
As at 31.12.24
Net book value:
As at 31.12.24
As at 31.12.23|Equipment
£
42,481
-
42,481
37,981
1,125
39,106
£3,375
£4,500|Total
£
42,481
-|
|---|---|---|
|||42,481|
|||37,981
1,125|
|||39,106|
|||£3,375|
|||£4,500|
10.
## **PIRATE FITNESS CIO**
**NOTES TO THE ACCOUNTS for the year ended 31[st] December 2024** (continued)
|12.**Debtors**
Debtors
13.**Creditors: amounts falling due within one year**
Trade creditors
Accruals and other creditors
Bank loans
Taxation and social security costs
14.**Analysis of net assets between funds**
Tangible fixed assets
Cash at bank and in hand
Other net current assets/(liabilities)
**Total**|General
Fund
£
3,375
11,436
(62,220)|2024
£
1,503
£1,503
2024
£
27,034
2,945
33,744
-
£63,723
Restricted
Funds
£
-
-
-|2023
£
262|
|---|---|---|---|
||||£262|
||||2023
£
38,337
2,673
39,699
398|
||||£81,107|
||||Total
£
3,375
11,436
(62,220)|
||£(47,409)|£-|£(47,409)|
15. **Analysis of charitable funds Analysis of movements in unrestricted funds**
|General fund
**Total**|Balance
Incoming
Resources
Funds
01.01.24
resources
expended
Transfer
s
31.12.24
£
£
£
£
£
(66,642)
157,602
(138,369)
-
(47,409)|
|---|---|
||£(66,642)
£157,602
£(138,369)
£-
£(47,409)|
## 16. **Pension commitments**
The charity operates a defined contribution scheme the assets of which are held separately from those of the charity in an independently administered fund. Contributions made in the year total £883 (2023: £1,031). At the balance sheet date unpaid contributions of £Nil (2023: £160) were due to the fund.