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2022-10-31-accounts

CHARITY NUMBER: 1158739

CIRENCESTER OPEN AIR SWIMMING POOL ASSOCIATION CIO

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2022

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 2022

The Management Committee presents its report along with the financial statements of the Charity for the year ended 31st October 2022. 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.

Jane Leo – Chair 2018-2022

With enormous sadness, the trustees of COASP wish to inform you of the death of our Chair, Jane Leo, on 6th June 2022. As our chair, Jane inspired us all with her leadership. No-one could fail to be impressed by the effortless creativity she brought to problem-solving or touched by the generosity with which she treated everyone: She was creative, clever, kind and funny. Jane was deeply committed to the service of the community and ensured that serving that community was at the centre of all decision making. The “Inclusive swim” was introduced on her initiative to serve those who might otherwise have been overlooked.

We will all miss her enormously but will take comfort in happy memories and, I have no doubt, will often be moved in trustee’s meetings to ask ourselves, “What would Jane do?” In this way, we will maintain and continue to build on her legacy.

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. The excellent summer weather had a big impact on attendances and the pool had a record year. The combined Operating Company and Charity results show a surplus of £45,523 for the year.

The Trustees are delighted with the performance 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.

Financial Review

The Charity holds funds of £127,239 (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 £673,292 have been donated for the specific purpose of the improvement scheme (Note 14), and the remaining funds are an unrestricted General fund amounting to £481.976 .

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.

1

CIRENCESTER OPEN AIR SWIMMING POOL ASSOCIATION CIO MANAGEMENT COMMITTEE AND ADVISERS FOR THE YEAR ENDED 31ST OCTOBER 2022

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.

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) deceased 6th June 2022 Mrs S Bond Mrs C Maggs (Vice Chairman) Mr M Athienites Mrs A Baker resigned 7th February 2023 Mr P Jenkins Mrs V Wheeler Mrs S Plowman Mrs J Harrison Mr D Wright Ms J Hale Ms G Mercier Mr I Sadler (chair) appointed 7th June 2022

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 2022

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: 22nd February 2023

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 2022, 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: 20th March 2023

4

CIRENCESTER OPEN AIR SWIMMING POOL ASSOCIATION CIO

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST OCTOBER 2022

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 2022		 Note
2022
2021
General
Restricted
Total
Total
Fund
Fund
Fund
Fund
2 (a)
34,341
-
34,341
10,994
-
-
-
-
2
27,500
-
27,500
27,500
3
2,669
-
2,669
1,247
-
-
-
-
198
-
198
5
__
_


64,708
-
64,708
39,746




4
-
-
-
-
5
23,037
829
23,866
23,763
6
1,900
-
1,900
2,000




24,937
829
25,766
25,763




39,771
(829)
38,942
13,983
442,205
674,121
1,116,326 1,102,343




£ 481,976
£ 673,292 £ 1,155,268
£ 1,116,326



___

5

CIRENCESTER OPEN AIR SWIMMING POOL ASSOCIATION CIO

BALANCE SHEET 31ST OCTOBER 2022

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
2022
2021
8
864,104
878,078
9
1
1
__
_
864,105
878,079


10
171,924
107,288
11
127,239
138,959


299,163
246,247
12
8,000
8,000


291,163
238,247


£ 1,155,268
£ 1,116,326


481,976
442,205
673,292
674,121


£ 1,155,268
£ 1,116,326

___

Approved by the Management Committee on 22nd February 2023 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 2022

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
2022 2021
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 2022

2 (a)
3.
4.
5.
6.
 2022
2021
Donations
Other donations
£ 34,341
£ 10,994
__
_
Activities for Generating Funds
Fund Raising:
Events and book sales
£ 2,669
£1,247


Costs of Raising Funds
Fund Raising
£ -
£ -


Charitable Activities
Premises expenses - 1,032
Insurance
-
-
Bank charges
162
-
Depreciation
23,704
22,731


£ 23,866
£ 23,763


Other support costs
Examination Fee
1,900
2,000
Legal fees
-
-


£1,900 £ 2,000

___

8

CIRENCESTER OPEN AIR SWIMMING POOL ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST OCTOBER 2022

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 2022
Net book value at 31st October 2021		 Leasehold
Improvements
978,570
-
__
978,570
_
116,290
19,572

135,862

£ 842,708

£ 862,280
___		 Plants &
Machinery
Total
31,593
1,010,163
9,730
9,730
__
_
41,323
1,019,863


15,795
132,085
4,132
23,704


19,927
155,159


£ 21,396
£ 864,104


£ 15,798
£ 878,078

___

9

CIRENCESTER OPEN AIR SWIMMING POOL ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31ST OCTOBER 2022

9. Investments

Cirencester Open Air Swimming Pool Ltd £ 1

A summary of the Financial Performance of the subsidiary alone is noted below:

10.

11.		 2022
2021
£
£
Turnover
177,547
130,683
Cost of sales
(17,899)
(11,832)
Staff Costs
(54,351) (33,253)
Administration Expenses
(75,910)
(67,498)
Covenant to the Cirencester Open Air Swimming Pool
(22,806)
-
The aggregate of the assets, liabilities and funds is:
2022
2021
£
£
Assets
185,381
128,133
Liabilities
(182,090) (131,423)
Funds
3,291
(3,290)
As a result of trading in 2022 the company covenanted profits of £22,806 (2021: £nil)
Debtors
2022
2021
Intercompany Balance
171,924
107,288
Prepayments - -
__
_
£ 171,924
£ 107,288


Cash at Bank and in Hand
Current Account – NatWest
83,255
95,173
Deposit Account – COIF
43,984
43,786


£ 127,239
£ 138,959

___

10

CIRENCESTER OPEN AIR SWIMMING POOL ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST OCTOBER 2022

12. Creditors: Amounts falling due

within one year

Creditors:Amounts falling due
within one year
2022 2021
Accruals 2,500 2,500
Taxation and Social Security 5,500 5,500
______ ______
£ 8,000 £ 8,000
______ ______

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
190,812
Investments
1
Debtors
171,924
Cash at bank
127,239
Creditors
(8,000)
__
£ 481,976
____
Total
Total
Restricted
2022
2021
673,292
864,104
878,078
-
1
1
-
171,924
107,288
-
127,239
138,959
-
(8,000)
(8,000)
__
_

£ 673,292
£ 1,155,268
£ 1,116,326


___

11

CIRENCESTER OPEN AIR SWIMMING POOL ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST OCTOBER 2022

15.



 Funds
General
Funds B/fwd
442,205
Surplus/(loss) for the year
39,771
Transfers
-
__
£ 481,976
____		 Total
Total
Restricted
2022
2021
674,121
1,116,326
1,102,343
(829)
38,942
13,983
-
-
-
__
_

£ 673,292
£ 1,115,268
£ 1,116,326


___		 Total
2021

The restricted reserve relates to 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 £22,806 during the year from the Subsidiary Company.

At the year end date it was owed by the Subsidiary Company £171,924 via an intercompany account repayable on demand.

12