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2021-10-31-accounts

CHARITY NUMBER: 1158739

CIRENCESTER OPEN AIR SWIMMING POOL ASSOCIATION CIO

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2021

CIRENCESTER OPEN AIR SWIMMING POOL ASSOCIATION CIO

INDEX

Trustees’ Report
Independent Examiner’s Report
Statement of Financial Activities
Balance Sheet
Notes to the Financial Statements
 Page

No.
1 - 3
4
5
6
7 - 12

CIRENCESTER OPEN AIR SWIMMING POOL ASSOCIATION CIO MANAGEMENT COMMITTEE’S REPORT FOR THE YEAR ENDED 31ST OCTOBER 2021

The Management Committee presents its report along with the financial statements of the Charity for the year ended 31st October 2021. The financial statements have been prepared in accordance with the accounting policies set out on page 7 and comply with the Charity’s Trust Deed and applicable law

Objectives and Activities

The Objects of the Association are:

To this end the Charity collects donations and grants towards improving the site and has started a major scheme of site improvements.

Public Benefit

The Charity operates the swimming pool to improve the physical and mental health of the public in following the Charity Commission's guidance on public benefit.

Achievements and Performance

The Trustees are pleased to report the swimming pool (now run by an operating company) was able to open for a full summer season although with reduced attendances due to the COVID 19 pandemic restrictions. The restrictions had a modest impact on attendances, but potential pool occupancy was maximized by the online booking system, and this combines with the reduced VAT rate meant that income generation was strong. The combined Operating Company and Charity results show a surplus of £32,083 for the year.

The Trustees were pleased to be able to open the facility and the feedback from users confirmed that the health benefits of swimming and relaxing in the open air continue to be valued by the local community and wider public particularly so during the pandemic.

Financial Review

The Charity holds funds of £138,959 (Note 11) in bank accounts. The Trustees consider this to be adequate funding to plan for potential continuing restrictions relating to the Covid 19 Pandemic together with future planned site enhancements.

Reserves Policy

Restricted funds of £674,121 have been donated for the specific purpose of the improvement scheme (Note 14), and the remaining funds are an unrestricted General fund amounting to £442,205.

Structure, Governance and Management

The Charity is constituted as a Charitable Incorporated Organisation no. 1158739 under a Trust Deed registered 1st October 2014. New trustees are nominated at the Annual General Meeting and vetted by the committee before appointment.

Risk Management

The Trustees have conducted a review of the major risks to which the Charity is exposed. A risk register has been established and is reviewed at least annually. Systems or procedures have been established to mitigate the risks which the Charity faces. All risks fall into the low or medium categories. Internal control risks are minimised as the Trustees authorise all transactions and projects. Written procedures are in place to ensure the health and safety of staff, volunteers and visitors to our premises.

1

CIRENCESTER OPEN AIR SWIMMING POOL ASSOCIATION CIO MANAGEMENT COMMITTEE AND ADVISERS FOR THE YEAR ENDED 31ST OCTOBER 2021

Legal and Administrative Status

The Cirencester Open Air Swimming Pool Association is a registered charity No. 1158739.

The Management Committee holding office during the year

Ms J Leo (Chair) Mrs S Bond Mrs C Maggs (Vice Chairman) Mr M Athienites Mrs A Baker Mr P Jenkins Mrs V Wheeler Mrs S Plowman Mrs J Harrison Mr D Wright Ms J Hale Ms G Mercier Mr I Sadler

Advisers :

Banker National Westminster Bank plc Market Place Cirencester Gloucestershire GL7 2NU Independent Examiner Ruth Herbert FCCA 5 Gosditch Street Cirencester Gloucestershire GL7 2AG Solicitors Sewell Mullings Logie 7 Dollar Street Cirencester Gloucestershire GL7 2AS

Registered Address

Chantilly House Baunton Lane Cirencester Gloucestershire

GL7 2LL

2

CIRENCESTER OPEN AIR SWIMMING POOL ASSOCIATION CIO MANAGEMENT COMMITTEE’S REPORT (CONTINUED) FOR THE YEAR ENDED 31ST OCTOBER 2021

Management Committee’s Responsibilities

The Management Committee are responsible for preparing the Management Committee Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Management Committee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Management Committee are required to:

The Management Committee are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and reports) Regulations 2015 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Treasurer – Mr P Jenkins

Date: 9th April 2022

3

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF

CIRENCESTER OPEN AIR SWIMMING POOL ASSOCIATION CIO

I report to the Charity Trustees on my examination of the accounts of the Charity for the year ended 31st October 2021, which are set out on pages 5 to 12.

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 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.

Ruth Herbert FCCA Fellow of Chartered Certified Accountants 5 Gosditch Street Cirencester Gloucestershire GL7 2AG

Date: 11th April 2022

4

CIRENCESTER OPEN AIR SWIMMING POOL ASSOCIATION CIO

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST OCTOBER 2021

INCOME FROM:
Donations, Legacies and
Charitable Activities
Donations
Grants
Pool
Fund Raising
Other Income
Interest
Total Income
EXPENDITURE ON:
Costs of Raising Funds
Charitable Activities
Other Support Costs
Total Expenditure
Net Movement on Funds
for the Year
Total Funds brought Forward
Fund Balance carried forward at
31st October 2021		 Note
2021
2020
General
Restricted
Total
Total
Fund
Fund
Fund
Fund
2 (a)
10,994
-
10,994
3,709
-
-
-
-
2
27,500
-
27,500
27,500
3
1,247
-
1,247
1,261
-
-
-
114,338
5
-
5
321
__
_


39,746
-
39,746
147,129




4
-
-
-
-
5
22,934
829
23,763
73,488
6
2,000
-
2,000
60,141




24,934
829
25,763
133,629




14,812
(829)
13,983
13,500
427,393
674,950
1,102,343 1,088,843




£ 442,205
£ 674,121 £ 1,116,326
£ 1,102,343



___

5

CIRENCESTER OPEN AIR SWIMMING POOL ASSOCIATION CIO

BALANCE SHEET 31ST OCTOBER 2021

Fixed Assets
Tangible Fixed Assets
Investments
Current Assets
Debtors

Cash at Bank and in Hand
Deduct:Creditors
Net Current Assets
Net Assets
Unrestricted Funds
General
Restricted Funds
Note
2021
2020
8
878,078
900,809
9
1
1
__
_
878,079
900,810


10
107,288
77,249
11
138,959
149,803


246,247
227,052
12
8,000
25,519


238,247
201,533


£ 1,116,326
£ 1,102,343


442,205
427,393
674,121
674,950


£ 1,116,326
£ 1,102,343

___

Approved by the Management Committee on 11th April 2022 and signed on its behalf by Mr P Jenkins.

6

CIRENCESTER OPEN AIR SWIMMING POOL ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2021

Basis of accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: 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)). Cirencester Open Air Swimming Pool Association CIO meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The Charity has applied Update Bulletin 2 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A.

Reconciliation with previous Generally Accepted Accounting Practice.

1. Accounting Policies

a) Income

All income is included in the Statement of Financial Activities in the year in which it is receivable.

b) Expenditure

Resources expended are recognised in the year in which they are incurred.

c) Fund Accounting

Unrestricted general funds comprise those funds which the committee members are free to use in accordance with the charitable objects. Designated funds are unrestricted funds earmarked by the Committee for particular purposes. Restricted Funds can only be used for the purposes identified.

d) Depreciation

Depreciation is charged on a straight-line basis over 50 years on leasehold improvements, plants and machinery 10 years straight line.

e) Concessionary Loans

Concessionary loans include those receivable and payable to a third party which are interest free or below market interest rates and are made to advance charitable purposes. These loans are initially measured at the amount received and recognised as a liability on the balance sheet.

2.

Activities in furtherance of the Charity’s Objects

Activities in furtherance of the Charity’s Objects
2021 2020
Pool Commercial Exploitation Licence Fee £ 27,500 £ 27,500
______ ______

7

CIRENCESTER OPEN AIR SWIMMING POOL ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED ) FOR THE YEAR ENDED 31ST OCTOBER 2021

2 (a)
3.
4.
5.
6.		 2021
2020
Donations
Other donations
£ 10,994
£ 3,709
__
_
Activities for Generating Funds
Fund Raising:
Events and book sales
£ 1,247
£ 1,261


Costs of Raising Funds
Fund Raising
£ -
£ -


Charitable Activities
Premises expenses 1,032 50,732
Insurance
-
-
Sundries
-
25
Depreciation
22,731
22,731


£ 23,763
£ 73,488


Other support costs
Examination Fee
2,000
2,100
Legal fees
-
58,041


£ 2,000
£ 60,141

___		 2020

8

CIRENCESTER OPEN AIR SWIMMING POOL ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST OCTOBER 2021

7. Staff Costs and Trustees’ Remuneration

There were no staff costs during the year.

Trustees received no remuneration in the year

Expenses reimbursed to Trustees during the year amounted to £nil.

8. Fixed Assets

Cost
Brought Forward
Additions in year
Depreciation
Brought forward
Depreciation charge for year
Net book value at 31st October 2021
Net book value at 31st October 2020		 Leasehold
Improvements
978,570
-
__
978,570
_
96,718
19,572

116,290

£ 862,280

£ 881,852
___		 Plants &
Machinery
Total
31,593
1,010,163
-
-
__
_
31,593
1,010,163


12,636
109,354
3,159
22,731


15,795
132,085


£ 15,798
£ 878,078


£ 18,957
£ 900,809

___		 Total

9

CIRENCESTER OPEN AIR SWIMMING POOL ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31ST OCTOBER 2021

9. Investments


10.

11.		 Cirencester Open Air Swimming Pool Ltd
£ 1
A summary of the Financial Performance of the subsidiary alone is noted below:
2021
2020
£
£
Turnover
130,683
51,877
Cost of sales
(11,832)
(4,256)
Staff Costs
(33,253 )
(13,218)
Administration Expenses
(67,498)
(59,166)
Covenant to the Cirencester Open Air Swimming Pool
-
-
The aggregate of the assets, liabilities and funds is:
2021
2020
£
£
Assets
128,133
51,549
Liabilities
(131,423)
(72,939)
Funds
(3,290)
(21,390)
As a result of trading in 2021 the company covenanted profits of £ nil (2020: £ nil)
Debtors
2021
2020
Intercompany Balance
107,288
68,923
Prepayments - 8,326
__
_
£ 107,288
£ 77,249


Cash at Bank and in Hand
Current Account – NatWest
95,173
106,022
Deposit Account – COIF
43,786
43,781


£ 138,959
£ 149,803

___

10

CIRENCESTER OPEN AIR SWIMMING POOL ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST OCTOBER 2021

12. Creditors: Amounts falling due

within one year

Creditors:Amounts falling due
within one year
2021 2020
Accruals 2,500 2,500
Taxation and Social Security 5,500 23,019
______ ______
£ 8,000 £ 25,519
______ ______

13. Lease

Cirencester Open Air Swimming Pool Association CIO has a 125-year lease on the site running to 29th September 2139.

14. Analysis of Net Assets by Fund


<-Unrestricted Funds->
General
Fixed Assets
203,957
Investments
1
Debtors
107,288
Cash at bank
138,959
Creditors
(8,000)
__
£ 442,205
____
Total
Total
Restricted
2021
2020
674,121
878,078
900,809
-
1
1
-
107,288
77,249
-
138,959
149,803
-
(8,000)
(25,519)
__
_

£ 674,121
£ 1,116,326
£ 1,102,343


___

11

CIRENCESTER OPEN AIR SWIMMING POOL ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST OCTOBER 2021

15.



 Funds
General
Funds B/fwd
427,393
Surplus/(loss) for the year
14,812
Transfers
-
__
£ 442,205
____		 Total
Total
Restricted
2021
2020
674,950
1,102,343
1,088,843
(829)
13,983
13,500
-
-
-
__
_

£ 674,121
£ 1,116,326
£ 1,102,343


___		 Total
2020

The designated reserve relates to funds earmarked for major improvements.

16. Related Party Transactions

During the year the Charity received £27,500 from its Subsidiary Company for a licence to exploit the swimming pool.

The Charity received a covenanted donation of £nil during the year from the Subsidiary Company.

At the year end date it was owed by the Subsidiary Company £107,288 via an intercompany account repayable on demand.

12