2023-10-31-accounts - Cirencester Open Air Swimming Pool Association

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CHARITY NUMBER: 1158739

CIRENCESTER OPEN AIR SWIMMING POOL ASSOCIATION CIO

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2023

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 2023

The Management Committee presents its report along with the financial statements of the Charity for the year ended 31st October 2023. 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 maintain and improve the Cirencester Open Air Swimming Pool for the benefit of the local community and the wider public.
The promotion of good physical and mental health for the benefit of the local community and wider public
To promote water-safety principles
To protect the site and the original function of Cirencester Open Air Swimming Pool as part of local and national heritage.

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. 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 £37,573 for the year.

The Trustees are pleased 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 £119,061 (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 £672,463 have been donated for the specific purpose of the improvement scheme (Note 14), and the remaining funds are an unrestricted General fund amounting to £520,378.

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.

CIRENCESTER OPEN AIR SWIMMING POOL ASSOCIATION CIO MANAGEMENT COMMITTEE AND ADVISERS FOR THE YEAR ENDED 31ST OCTOBER 2023

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

Mr I Sadler (Chair) Ms G Mercier Mrs C Maggs Mr M Athienites Mr P Jenkins Mrs S Bond Mrs V Wheeler (resigned 14th November 2023) Mrs S Plowman Mrs J Harrison Mr D Wright Ms J Hale

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

CIRENCESTER OPEN AIR SWIMMING POOL ASSOCIATION CIO MANAGEMENT COMMITTEE’S REPORT (CONTINUED) FOR THE YEAR ENDED 31ST OCTOBER 2023

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:

Select suitable accounting policies and then apply them consistently;
Observe the methods and principles in the Charities SORP;
Make judgements and estimates that are reasonable and prudent;
State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

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: 13th March 2024

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 2023, 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:

accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
the accounts do not accord with those records; or
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: 28th March 2024

CIRENCESTER OPEN AIR SWIMMING POOL ASSOCIATION CIO

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST OCTOBER 2023

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 2023

Note
2023
2022
General
Restricted
Total
Total
Fund
Fund
Fund
Fund
2 (a)
32,846
-
32,846
34,341
-
-
-
-
2
27,500
-
27,500
27,500
3
3,262
-
3,262
2,669
-
-
-
-
1,772
-
1,772
198
__
_

65,380
-
65,380
64,708

4
-
-
-
-
5
25,078
829
25,907
23,866
6
1,900
-
1,900
1,900

26,978
829
27,807
25,766

38,402
(829)
37,573
38,942
481,976
673,292
1,155,268 1,116,326

£ 520,378
£ 672,463 £1,192,841 £ 1,155,268

___

CIRENCESTER OPEN AIR SWIMMING POOL ASSOCIATION CIO

BALANCE SHEET 31ST OCTOBER 2023

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 2023 2022 8 857,715 864,104 9 1 1 __ _ 857,716 864,105 10 224,051 171,924 11 119,061 127,239 343,112 299,163 12 7,987 8,000 335,125 291,163 £ 1,192,841 £ 1,155,268 520,378 481,976 672,463 673,292 £ 1,192,841 £ 1,155,268 ___

Approved by the Management Committee on 13th March 2024 and signed on its behalf by Mr P Jenkins.

CIRENCESTER OPEN AIR SWIMMING POOL ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2023

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
	2023	2022
Pool Commercial Exploitation Licence Fee	£ 27,500	£ 27,500
	______	______

CIRENCESTER OPEN AIR SWIMMING POOL ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED ) FOR THE YEAR ENDED 31ST OCTOBER 2023

2 (a)
3.
4.
5.
6.

2023
2022
Donations
Other donations
£ 32,846
£ 34,341
__
_
Activities for Generating Funds
Fund Raising:
Events and book sales
£ 3,262
£2,669

Costs of Raising Funds
Fund Raising
£ -
£ -

Charitable Activities
Premises expenses - -
Advertising
64
-
Bank charges
216
162
Depreciation
25,627
23,704

£ 25,907
£ 23,866

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

£ 1,900 £ 1,900

___

CIRENCESTER OPEN AIR SWIMMING POOL ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST OCTOBER 2023

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 2023 Net book value at 31st October 2022	Leasehold Improvements 978,570 - __ 978,570 _ 135,862 19,572 *155,434* *£ 823,136* *£ 842,708* ___	Plants & Machinery Total 41,323 1,019,863 19,238 19,238 __ _ 60,561 1,039,131 19,927 155,789 6,055 25,627 25,982 181,416 £ 34,579 £ 857,715 £ 21,396 £ 864,104 ___

CIRENCESTER OPEN AIR SWIMMING POOL ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31ST OCTOBER 2023

9. Investments

10.

11.

Cirencester Open Air Swimming Pool Ltd
£ 1
A summary of the Financial Performance of the subsidiary alone is noted below:
2023
2022
£
£
Turnover
208,598
177,547
Cost of sales
(23,491)
(17,899)
Staff Costs
(70,267) (54,351)
Administration Expenses
(93,998)
(75,910)
Covenant to the Cirencester Open Air Swimming Pool
(20,842)
(22,806)
The aggregate of the assets, liabilities and funds is:
2023
2022
£
£
Assets
236,875
185,381
Liabilities
(233,584) (182,090)
Funds
3,291
3,291
As a result of trading in 2023 the company covenanted profits of £20,842 (2022: £22,806)
Debtors
2023
2022
Intercompany Balance
224,051
171,924
Prepayments - -
__
_
£ 224,051
£ 171,924

Cash at Bank and in Hand20232022
Current Account – NatWest
73,305
83,255
Deposit Account – COIF
45,756
43,984

£ 119,061
£ 127,239

___

CIRENCESTER OPEN AIR SWIMMING POOL ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST OCTOBER 2023

12. Creditors: Amounts falling due

within one year

Creditors:Amounts falling due within one year
	2023	2022
Accruals	2,500	2,500
Taxation and Social Security	5,487	5,500
	______	______
	£ 7,987	£ 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 185,252 Investments 1 Debtors 224,051 Cash at bank 119,061 Creditors (7,987) __ £ 520,378 ____	Total Total Restricted 2023 2022 672,463 857,715 864,104 - 1 1 - 224,051 171,924 - 119,061 127,239 - (7,987) (8,000) __ _ £ 672,463 £ 1,192,841 £ 1,155,268 ___

CIRENCESTER OPEN AIR SWIMMING POOL ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST OCTOBER 2023

15.	Funds General Funds B/fwd 481,976 Surplus/(loss) for the year 38,402 Transfers - __ £ 520,378 ____	Total Total Restricted 2023 2022 673,292 1,155,268 1,116,326 (829) 37,573 38,942 - - - __ _ £ 672,463 £ 1,192,841 £ 1,155,268 ___	Total 2022

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 £20,842 during the year from the Subsidiary Company.

At the year end date it was owed by the Subsidiary Company £224,051 via an intercompany account repayable on demand.