Wigton Baths Trust (A company limited by guarantee) Annual Report and Financial Statements 31 March 2024 Company registration number: 08952126 Charlty registration number: 1159069 dOdd&co
Wigton Baths Trust Contents Reference and Administrative Details Trustees, report Trustees, responsibilities in relalion to the financial statements Independent examine¢s report Stalement of financial activities 10 Balance sheet Notes to the financial statements 12
Wigton Baths Trust Referenco and Administrative Details Charity name Wiglon Baths Trust Charfty registration number 1159069 Company registration number 08952126 Principal office Wigton Baths Stony Banks Lane WIGTON CA7 9GZ Registered office Wigton Balhs stony Banks Lane WIGTON CA7 9GZ Trustees M Tickner. VI Chair (Resigned 10 September 2024) C Shepherd {Resigned 1 October 2024> J M Wolloff L Baxter SRae (Resigned 10 April 2024) (Appointed 18 June 2024) {Appointed 18 June 2024) (Resigned 28 October 2024) K Amistrong A Mattinson Secretary J M Wolloff Bankers Natwest 92 English Street CARLISLE CA3 8NF Cumberland Building Society 2 Market Place WIGTON CA7 9NW Accountant Dod(J & Co Limited FIEEN Rosehill Montgomery Way Rosehill Estate CARLISLE CA12RW Page 1
Wigton Baths Trust Trustees, Report for the Year Ended 31 March 2024 The financial statements have been prepared in accordan with the accounting policies set out in notes to the accounts and comply with the charity's goveming document, the Charitie5 Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice 8pplicable lo charities preparing their accounts in accordance with the FinanGial Reporting Standard applicable in the UK and Republic of Ireland. structu Governance and Mdnag Wigton Baths Trust is a company limited by guarantee and is govemed by its memorandum and articles of association. It is also a charity registered with the Charities Commission. Wiglon Baths Trust {'the Trust,) has 3 trustees, a rolling chair rota was adopted to help manage the Trust as a colleclive, with a very active Secretary supporting the Trustees on key matters. Responsibility for key issues, such as fund-raising. grant applications. operations, promotion, communication, swimming clubs. legal issues etc, is assigned to trustees (either individually or as sub-group). who report to the main body of the Trust at regular Trust meetings. The Trustees have agreed to carry out a G0Veman review in the later part of 2024 and will take this opportunity with the support of professional advisors to update the existing governance arrangements which will include an updated company articles of association which have been in place since 2014 when the charity was initialty established. The Trust employs a pool manager who oversees the day-toaY running of Wigton pool, who is supported by two duty managers. The Trust also employs several part-time lifeguards and swimming teachers to provid8 poolside lifeguarding and teaching. During the year the Trustees appointed Croner to help support Trustees in the staff management and to ensure that policies and procedures are updated and reviewed on a regular basis in line with current legislation. The Trust's trustees meet regularly lo discuss all matters relating to the pool.. every month or more frequently. if necessary. Recruitment and retention of Trustees continues to be a challenge for the Charity. New trustees are appointed based upon the Trust's needs. New trustees are trained by fellow trustèes to understand their role within the Trust and are provided with guidance and handy tips that both Cumbria CVS and Charities Commission have developed. Attracting and retaining Trustees has been a challenge and something that is regularly reviewed, recruitment drives are posled to attract nthr Trustees to help run the Baths. Major risks A risk register and process for updating and reviewing risks at quarterly meetings has been adopted by Trustees. A risk matrix has been developed and risks are updated with relevant mitigations assigned to key Trustees and staff employed by the Trust, The top 3 risks are noted below in Table 1: Page 2
Wigton Baths Trust Trustees, Report for the Year Ended 31 March 2024 l- Bat Risk Descri ion Miti ation to address Risk Failure to secure additional capital funds to carry out the heating intervention projects lo reduce ulility costs and ultimately having to stop the heating projects before grant fvnding expires in December 2024 & February 2025 Financial Risk Community Fundraisingl Justgiving Drive sel-up to drive more communty donations with target of £24k Treasurer and Sub-group to apply for grants and other financial support. Regular review ofenergy consumption and ongoing interventions being addressed. Regular Health & Safety checks are carried by Pool stsff, and updates reported to Trustees. Staff follow clear pool operating procedures. Improved promotional plan & ommunication with public via social media, website and newsletters and to carry out customer satisfaction survey to address community needs An accident or other healthlsafety incident occurring at the pool during the course of its operation Operational Risk Insufficient members of the public using the pool leading to poor income generation and reduction in participation of community swimmers Financial Risk Objectives and activities Article 4 of the current articles of association state that the objectives of the charity are: 'To promote for the benefit of the inhabitants of Wigton and the surrounding area the provision of facilities for recreation or other leisure time occupation of individuals who have need of such facilities by reason of their youth, age, infirmity or disablement, financial hardship or social and economic circumstances or for the public at largé in the interests of social welfare and with the object of improving the conditions of life of the said inhabitants, in particular by the provision of facilities for swimming., In settin9 the objectives of the charity the trustees have complied with the Charity Commission guidance on public benefit. OveNlew of year Wigton Baths Trust is a community trust which was formed in early 2014 to prevenl the closure of Wiglon Baths. a public swimming pool earmarked for closure by Cumbria County Council at thè end of March 2015. The baths were transferred to the Trust in March 2015. The baths have now been open for 9 full years operating as charity. Wigton Baths Trust provides the only Community Swimming Pool in North Allerdale. The Baths continue lo be used for a diverse range of activilies including school sessions, swimming lessons, Aquacise, Aqua natal. and Aquababes, Chrysalis, the Youth Station. the Sub aqua club, and Adult Improvers. The Swimming Club attracts about 70 members. Booking from the Naturists, Society conts.nues to attract out of county visitors. Financial and operational review The Trustees have reviewed the operations of the Trust and have prepared the Annual Report on a going concern basis, with a view that the financial sustainability of the Trust can most likely continue for the next 12 months with the proposed recovery and sustainability plan to help address the financial challenges that face the Trust, but this does require that employment costs are reduced. This review does present some challenges for the longevity of the pool and does require more active support from community members to help retain the community pool for future generations. The increase in operational costs will continue lo be 8 challenge. the Trustees are addressing Ihe rise in heating costs with various projects bLrt the increase in wages will be Ihe biggest hurdle lo navigate and Trustees must look to the community for more volunteer lifeguards and supporters to help reduce the significant employee costs. The clear message is if the community does not use the pool, they risk losing the pool for future generations. Page 3
Wigton Baths Trust Trustees. Report for the Year Ended 31 March 2024 The Trust has been successful in raising signrficant financial and training support for the year ended 31 st March 2024: Grants During the reporting period the Trust has obtsined the following grants.. Phase 1 Swimming Pool Support fund [SPSFI of £23,891 from UK Gov to meet the additional utility costs Peoples Postcode Lottery IPPL] awarded £25,000 this is an unrestricted grant and it was agreed to use the grant to meet training and operational costs resulting from the increase in opérational costs Sport England Small Grants awarded £5,910 towards the swimming teaching training program Sport England Capital Grant for Energy Efficiency improvements £17,075 for lh8 installation of new energy efficient windows Donatlons During the reporting period, donations were generously received from the following,. LoGal parish councils lotalling £2,400.00 Wigton Town Council has awarded an annual precept of £9,000. Great Orton Wind Farm's annual contribution £10,071 Lord Roger Liddle £500 - Patron of Wigton Bath Trust Charity Allerdale & Lakéland Lottery £310 Donations are very much appreciated from our various supporters, this year we had ongoing support from our Local Parish Council's and Wigton Town Council which is very generous in thesè difficult times. As part of the fundraising drive to secure funding to carry out the essèntial heating intervention projects, we had amazing support from the community at the various local awareness sessions that were held. This has resulted in a volunteer group being set-up on an infomial basis call the Friends of Wigton Bath, who will support the Trustees in carrying out tasks, promoting the Community Pool and also to promotè the benefits of the wonderful facility to the wider community. Reserves Poliey Following the significant impact of COVID as well as the increase in energy bills on the Baths Reserves, the Trustees regularly review the Reserves and a detailed forecast of Year end Reserve position is provided and discussed at the quarter financial review meetings. The Trustees recognise that the previous Reserves Policy was detemiined on the historic calculation of holding 3 months operating costs which equates to a reserves value of £48,000 is not realistic, nor has this been achieved or maintained during the current finanal year. After careful consideratlDn, the ReseNe policy has been recalculated based on the cost of winding up the charity and a new Reserve Level of £20,000 has been adopted by Trustees. The nature of the seasonal teaching terms. does result in the cashflow of the Baths during the Summer months to often breach the minimum res8Nes target and this is being addressed, wth a view to introducing new payment options in early 2025. Free reserves at 31 March 2024 were £7,952 which are below the current reserves level, however a recovery plan is in place to incr8ase the reserves level. Wigton Baths recovery & sustainability plan has been developed by the Trustees lo ensure that the Reserve levels can be maintain8d during the traditional quieter months. this concept revolves around a theory of change, moving from merely Wigton Pool to Wigton Community Hub and will aim to provide additional revenue opportunities for the charity and benefits for the wider community. Page 4
Wigton Baths Trust Trustees, Report for the Year Ended 31 March 2024 Training According to a study conducted by Swim England and the Swimming Teacherfs Association (STA), there is a severe shortage of swimming teachers in Ihe UK. The study found that 65/0 of learn-to-swim providers ale unable to expand their programs due to the lack of swimming teachers. The survey has predicted that more than 660,000 children could be missing out on swimming lessons and may never learn a skill that could one day save their life. Trustees are very minded of this shortage of teachers, which had been exacerbated by the pandemic. Wigton Baths lost two key teachers during the Pandemic but with the additional training more lifeguard5 and swimming teachers have been trained and additional classes have been built into the timetable. The cost of living crisis has made the affordability of rnany starting a career in aquatics very diffiGuIt and the Trust has therefore developed a program of providing funding from various grants secured to develop and train new teachers and will continue to promote the beneffts of a career in Aquatics by joining the Wigton Bath community pool. Achievements and performancè Our pool manager and the team have been able to continue to provide high quality swimming lessons to both schools and members of the public. Footfall has increased since the pool fully re-opened following Ihe Pandemic, and we are pleased that the number of schools attending the baths for swimming lessons has increased. Our new website has provided an increased online presence of the Wigton Baths and its facilities to the Gommunty and this has been very helpful in getting the message of support and need for Volunteers out to the Community. The Trustees have secured funding lo help with our parlicipation drive and promotion of the facilities to the Community and we are very grateful to the professional support that we have secured to diive forward key promotional initiatives. Flnan¢ial Overview The totsl income for the current year ended 31 March 2024 of £240,786 compared with lotsl income of £247,690 in the previous financial year, included in these figures are capital grants for specific projects lotalling £80,876 in 2023124 (£98,259 in last financial year). The analysis of the income exduding specific Capital grants is OLrtlined in the Table 2 below. incomè category 2022123 2021122 Swimming lessons & admissions 120,203 113,009 Donations & other 29,228 12,405 Total Trading Income 149,431 125,414 Grant income 98,259 67,277 TOTAL Income 247,690 492,691 2023124 126,216 33,694 159,910 80,876 240,786 The swimming lessons and pool admission income included in Table 2 above total £126,216 for the year ended 31 st March 2024, compared with £120,203 for the previous financial year, this represents an increase. back towards our pre-covid income levels and is encouraging to see the pool being used again by the communty for its purpose. Key Expenditure is oullined in the detailed note 6 in the Annual Accounts, lotal expenditure for year ended 31 st March 2024 was £264,114 (£197,381 in 2022123). which equates to a deficit for the financial year in the region of £23,828. The Direct costs of running Wigion Baths is £236.391 for the year ended 31 st March 2024, compared with £181,360 in previous financial year, the most significant increase being additional utility costs in the region of £20.IJ)O and additional repairs and maintenance on old equipment totally £12,000. Table 2 above outlines the Charities Trading income for current year in the region of £159,910 whilst our direct nning costs equate to £236,391 Ihis is a shortfall of £76,781 before Grant fkjnding income is offset. 11 is anticipaled that these direct Costs will be reduced in future years once the new heating inteNention projects have been completed and move towards a more sustainable financial future for Wigton Bath Trust. Page 5
Wlgton Baths Trust Trustees, Rèport for the Year Ended 31 March 2024 Plans for the Future The main focus for the Truslees during the financial year has been to address the increasing utilty Costs for both our electricity and gas contracts and to identify suitable funding streams to develop the Swimming Teacher training program. These will continue as key priorities for the Tnjstees. for the next 12 months. As part of the Sport England energy improvernent project. we were successful with the installation of a new Air Handing Unit as well as some improved quality windows installed above the pool hall ceiling and we have already seen savings on our energy bills. The Baths building was first opened in July 1901 and the insulation on the exterior facing walls was not built to modern day insulation standards. Trustees explored solutions to achieve better themial insulation efficiencies in the pool hall. Funding has been secured to implement a range of heating inteprfention projects which will help to modemise the heating and insulation at the pool. During October 2024 & November 2024, the pool will close for a 2 week period, whilst these vrkS are carried out to install a new energy efficient boiler and to erect wall insulation and tiling around the intemal pool hall wall and V anticipate a saving in the region of 25 /D on our annual gas consumption going fowiard. The much-awaited access road to provide a new vehicle access road to Wigton Baths was agreed as part of the Wigton Woolner Brook Development. Home Group are progressing well with this project and the last phase of house builds should be completed at the end of 2024. The new road asS was inspected by Cumberland Highways and dedared complete in March 2024. The current vehicle access over the footpath at Stony Banks will now be solely for pedestrians and cyclists. This irnproved vehicle access will be a bonus not only to baths users bul also to those residents who live on Tenters who are only too aware of the increase in traffic to the baths over the last 9 years. This new road will increase footfall and we will be delighted to see this improved acss. The planned extension to provide additional space in the Loft area and a new reception area with full accessibility was awarded planning pemiission by Allerdale Borough Council in July 2018. This planning pemiission lapsed but was re-submitted in November 2021 and has subsequently been extended, and work should begin no later than. 3 years after the planning pemission was granted, in this case, the effective date would be 30th November 2024 before it lapsed again. Trustees are not confident that they will be able to secure funding to do the Loft ProjeGt works which could be in the region of £600,000 or that this will present value for money. 'IMPACT OF ENERGY CRISIS- The UK govemment has recognised the importance of supporting facilities with swimming pools during the current energy crisis and in March 2023 they annoUnd Iwo specific funds, called the Swimming Pool Support Fund ISPSF)- This fijnd is managed by Sport England and aims to help swimming pool operators wilh the short term revenue pressures and also the longer term capiial improvement projects to help reduce energy bills and install and improve energy efficiency at public swimming pools. The governmenvs Swimming Pool Support Fund (SPSFI provides a total of £60 million to loc81 authorities in England as a support package for public leisure facilities with swimming pools and is split into two phases. Phase l Revenue:£20m is available to support facilities with swimming pools with increased cost pressures. leaving thern most vulnerable to closure or significant service reduction. Phase 11 Capital:£40m is available from the govemment for capital investment to improve the energy efficiency of public facilities with pools in the medium to long tem). Wiglon Bath Trust with the support and guidan frorn Cumberland Council has been successful in securing £23,891 in the current financial year 202312024 from the SPSF phase 1 fund for revenue support to address the increased costs of energy bills. A further £47,OC(J was secured from the SPSF phase 2 for capital intervention projects and this work will be arried out in October & November 2024 during the current 202412025 financial year. Further funding support was awarded to Wigton Balh Trust during the Cuffent 202412025 financial year, from the UK Levelling Up fund to inslall a new boiler room and system al Wigton Baths and Ihe funding secured for this project was in the region of £43,000. Page 6
Wigton Baths Trust Trustees, Report for the Year Ended 31 March 2024 In the 202412025 financial year heating intervention projects in the region of £125,000 will be installed to help modemise and improve the energy efficiency of Wigton Bath Community Pool. Whilst this is very good news for Wigton Bath. it is worth noting that since 2015 the same year that Wigton Bath Trust was established, over 276 Local Authority Pools have closed due lo increased operaling costs and the lack of opportunity developed to making the facilities sustainable for the longer term. The Ghallenge for Wigton Bath Trustees and The Community is to develop a sustsinable future for Ihe Community pool, to increase the participation numbers and to identify additional inttsme streams for the charity to thrive and exist for futu generations. Some of these choices will involve new ways of working and operaling more efficiently and we hope that all our supporters and key stskeholders will work with us in keeping this wonderful community asset operating for many more years and not to become another statistic in the increasing number of swimming pool closures. The clear message is if the community does not use the pool, they risk losing the pool for future generations. Small company provisions This report has been prepared in accordance with the small companies regime under the Companies Act 2006. Approved by the Board on 19 November 2024 and signed on its behalf by.. J M Woll¢)ff Secretary K Armstrong Trustee Page 7
Wlgton Baths Trust Trustses, Responsibilities in relatlon to the Flnancial Statements The trustees (who are also directors of Wigton Baths Trust for the purposes of company law) are responsible for preparing the Trustees. Annual Report and the financial Statements in accordan with applicable law and the Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. Company law requires the trustees to prepare financial ststements for eaGh financial year whith give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees 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" stste whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements: and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records that disclos8 Wlth rèasonable accuracy at any time the financial position of the charitable company and enable them lo ensure that the financial Statements comply with the Companies Act 2CM)8. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 8
Independent Examiner's Report to the Trustees of Wigton Baths Trust I report on the accounts of the company for the year ended 31 March 2024, which are set out on pages 10 to 22. Respectlve responslbllities of trustses and examiner The trustees (who a also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 as amended by the Charities Act 2022 (the Act) and that an independent examination is needed. Having satisfied myself that the charity is not subject to audit under Part 16 of the Companies Ad 2006 and is eligible for independent examination, it is my responsibility to". examine the accounls under section 145 of the Act. follow the procedures laid down in the General Directions given by the Charity Commission under section 145 (5) Ibl of the Act., and state whether particular matters have come to my attention. Basis of independent examlneffs report My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. 11 also includes consideration of any unusual ilems or disclosures in the accounts, and seeking explanations from you as Iruslees concerning any such matters. The procedures undertaken do not provide all the evidence that would be requirèd in an audit and consequently no opinion is given 8S to whether the accounts present a 'true and fair view and the report is limited to those matters set out in the statement below. Independent examiners ststement In connection with my examinalion, no matter has come to my attention: (1) which gives me reasonable cause to believe that in any material respect the requirements.. to keep accounting records in accordance with section 386 of the Companies Act 2006., and to prepare accounls which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with Ihe methods and principles of the Statement of Recornmended Pradice.. Accounting and Reporting by Charities have not been met., or (2) to lCh, in my opinion, attention should be dravm in order to enable a proper understanding of the accounts to be reached. FIFTEEN Rosehill Montgomery Way Rosehill Estate CARLISLE CA12RW nne Thomlinson FCA odd & Co Limited Chartered Accountants 19 November 2024 Pag8 9
Wlgton Baths Trust Statement of Financial Activities (Including Income and Expenditure Account) for the Year Ended 31 March 2024 Unrestricted Restricted Endowment Total Funds Total Funds Funds Funds Funds 2024 2023 Note Income and endowments from: Donations and legacies Other trading activities Investments Charitable activities Total income and endowments 54,690 12,252 352 126,616 193,910 46.876 101.566 12,252 352 126,618 240,786 120.769 6,598 120 120,203 247,690 46,876 Expendlture on: Raising funds Charitsble activities Total expendilure 500 234.150 234,650 500 264,114 264.614 715 197,381 198.096 29,964 29,964 Net (expenditure)fincorne before transfers (40,740) 16,912 (23,828) 49.594 Transfer3 Transfers between fijnds 16,301 (16.301) Net movements in fvnds {24,439) 611 (23.828) 49,594 Reconcillatlon of funds Total funds brought forward Total funds carried forward 152,516 128,077 3,429 4,040 50,000 50,000 205,945 182,117 156,351 205,945 All of the Charity's adivities derive from continuing operations during the above periods. The note5 on pages 12 to 22 form an integral part of these financial staternents. Page 10
Wigton Baths Trust Company registration number: 08952126 Balance Sheet as at 31 March 2024 2024 2023 Note Fixed assets Tangible assets 11 170,125 172,895 Current assets Stocks and work in progress Debtors Cash at bank and in hand 300 1,635 27,521 29,456 300 3,119 44,368 47,787 12 Creditors: Amounts falling due within one year 13 (17,464) 114,737) Net current assets 11,992 33.050 Net assets 182,117 205,945 The fund8 of the charity: Endowment funds 50,000 50,000 Restrfctsd funds 4,040 3,429 Unrestricted funds Unrestrided income funds 128,077 152.516 Totsl charity funds For the finan¢i81 year ended 31 March 2024. the charity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476 of the Act. 182,117 205,945 The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. Approved by the Bcard on 19 November 2024 and signed on its behalf by.. Ji J M Wolloff Secretary K Armstr Trustee The notes on pages 12 to 22 fom an integral part of these financial statements. Page 11
Wigton Baths Trust Notes to the Flnanclal Statements for the Year Ended 31 March 2024 Accounting policies Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presenled, unless otherwise stated. statement of compliance The financial statements have been prepared in accordance wth Accounting and Reporting by Chatities: Statement of Recommended practi appliGable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Companies Act 20ChS. Basis of preparatlon The charitable wmpany meels the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or Iransaction value unless otheThvise stated in the relevant accounting policy notes. Restatement of comparatives The 2023 comparatives have been restated. A small number of items of income have been shown against dtfferent headings in order to better reflect the nature of the items. There are no changes to the overall totals on the Statement of Financial Aclivities and no changes to any figures on the balance sheet. Going concem These financial statements have been prepared on a going concern basis. The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to evenls or condrtions that tnay cast significant doubt on the ability of the Charity to continue as a going concem. The trustees make this assessment in respeGI of a period of one year from the date of approval of the financial statements. Fund accounting policy Unrestricted income funds are general funds that are available for use at the trustees, discretion in furtherance of Ihe objectives of the charity. Restricted income funds are those donated for use in a particular area or for specific purposes. the use of which is restricted to that area or purpose. Further details of each fund are disdosed in note 17. Page 12
Wigton Baths Trust Notes to the Financial Statements for the Year Ended 31 March 2024 . conbnued Income and endowments Donations are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the Charity before the Charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilmenl of those conditions is wholly within the control of the Charity and it is probable that these conditions will be fulfilled in the reporting period. Legacy gifts are recognised on a case by case basis following the grant of probate when the administorlexecutor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the fomi of an asset other than cash or a financial asset traded on a recognised stock exchange. recognition is subject to the value of the gift being reliably measured with a degree of reasonable accuracy and the title to the asset having been transferred lo the Charity. Income from Government and other grants. vthether 'capilal' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds. any perf0mlan condilions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Investment income is recognised on a receivable basis. Income from charitable activities indudes income recognised as earned (as the related goods or services are provided) under contract. Expgnditure Liabilities are recognised as soon as there is a legal or construdive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure on raising funds are the costs of trading for fundraising purposes. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to suth aclivities and those costs of an indirect nature necessary to support them. Support costs Support costs include central functions and have been allocated to activty cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the lime spenl and other costs by their usag8. Taxation The Charty is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains recerved within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusivety to charitable purposes. Fixed assets Individual fixed assets costing £100 or more are initlally reGorde(J at cost. Depreciation Depreciation is provided on tangible fixed assets so as to write off the cost or valuation. less any estimated residual value, over their exp8ded useful economic life as follows= Freehold interest in land and buildings Fixture5, fittings and equipmenl Not depreciated 150/0 reducing balance basis Page 13
Wigton Baths Trust Notes to the Financial Ststements for the Year Ended 31 March 2024 . continued Stock Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Items donated for resale or distribution are not included in the financial statements until they are sold or distributed. Trade Debtors Trade debtors are amounts due from customers for merchandise sold or ServIS performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured al amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objedive evidence that the Charity will not be able to collect all amounts due awording to the original terms of the receivables. Cash and Cash Equlvalents Cash and cash equivalents comprise ¢ash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of hange in value. Liabilities Trade creditors are obligations to pay for goods or serVIS that have been acquired in the ordinary course of business from suppliers Accounts payable are classified as current liabilities if the Charity does not have an unconditional right. at the end of the reporting period, to defer settlernenl of the creditor for at least twelve months after the reporting date. If theie is an unconditional right to defer settlement for at least Iwelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. Pensions The charity operates a defined contribution pension scheme. Contributions are Gharged in the statement of financial activities as they become payable in accordance with the rules of the scheme. Page 14
Wlgton Baths Trust Notes to the Financial Statements for the Year Ended 31 March 2024 .. continued Flnanclal instruments Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that eVIdenS a residual interest in the assets of the Charity after deducting all of its liabilities. All financial assets and liabilities are initially measured at transaction price (including transaction Costs), expt for those financial assets classified as at fair value through profit or loss, which are initially measured al fair value (which is nomally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constilules a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted al a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offs8t in the statement of financial position when, and only when there exist5 8 legally enforceable ri9ht to set off the recognised amounts and the Charity intends either to settle on a net basis, or to realise the asset and Settle the liability simullaneously. Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or ¢} the Charily, despite having retained 80me, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specifiéd in the contract is discharged, cancelled or expires. Donations and legacies Unrestricted Restricted Endowment Totsl Funds Total Funds Funds Funds Funds 2024 2023 Donations and legacies Appeals and donations 20,690 20,690 22.510 Grants Grants receivablè 34,0 46.876 80,876 98,259 54,690 46.876 101,566 120,769 Of the donations and legacies income received in 2023, £89,259 related lo restricted funds and £31,510 related to unr8Strict8d funds. Page 15
Wigton Baths Trust Notss to the Financial Statements for the Year Ended 31 March 2024 continued Other trading activities Unrestricted Restrfcted Endowment Total Funds Total Funds Funds Fund6 Funds 2024 2023 Other income Sale of goods 6,824 5.428 12,252 6,824 5,428 12,252 2.945 3,653 6,598 All of the other trading activites income in 2023 related to unrestricted funds. Investments Unrestricted Restrlctsd Endowment Total Funds Total Funds Funds Funds Funds 2024 2023 Interest on cash deposits 352 352 120 All of the investments income in 2023 related to unrestricted funds. Charitable activities Unrestricted Restrlcted Endowment Total Funds Total Funds Fund5 Funds Funds 2024 2023 Pool admissions Lessons and clubs 40,769 85,847 126,616 40,769 85,847 126,616 38,704 81,499 120,203 All of the income from charitable activities in 2023 related lo unrestricted funds. Page 16
Wigton Baths Trust Notes to the Financial Statements for the Year Ended 31 March 2024 . continued Expenditure Runnlng Wigton Baths Fundraising Total 2024 Totsl 2023 Direct costs Fundraising costs Pur¢hases Wages and salaries Staff NIC (Employers) Staff pensions Staff trainlng Insurance Light, heat and power Repairs and maintenance Chemical costs Swimming equipment Telephone and fax Advertising 500 500 3,852 138,261 1,872 2,034 6,281 6,055 48,899 25,544 2,670 740 3,431 126,389 882 1,688 1,372 4,914 27,519 12,352 978 223 1,559 53 182,100 3,852 138,261 1,872 2,034 6,281 6,055 48,899 25,544 2,670 923 923 500 236,391 236,891 Support costs Printing, postage and stationery Sundry expenses Accountsncy fees Independent examinerfs fee Legal and professional fees Bank charges Depreciation of fixtures and fittings 1,044 2,755 1,843 660 923 1,427 19,071 27,723 1,044 2,755 1.843 660 923 1,427 19,071 27,723 674 1,969 3,047 660 1,596 1,634 6.416 15,996 264,114 264,614 198,096 All of the expenditure in 2023 £192,575 related to unrestricted funds and £5,521 related to restricted funds. Governance costs 2024 2023 Accountancy fees Independent examinerfs fee 1,843 660 2,503 3,047 660 3,707 Page 17
Wigton Baths Trust Notes to the Financial Statements for the Year Ended 31 March 2024 . conlinugd Trustees. remuneratlon and expenses L Baxter was paid £4,775 of remuneration during the year for teaching swimming lessons, authority for these payments was obtained from the Charily Commission. Net (expondlture)Ilncome Net (èxpenditure)lincome is stated after charging.. 2024 2023 Depreciation of tsngible fixed assets 19,071 6,416 10 Employees, remuneration The monthly average number of persons (including senior management) employed by the charity during the year was as follows: 2024 2023 Charitable activities 12 The aggregate payroll sts of these persons were as follows.. 2024 2023 Wages and salaries Social security Other pension costs 138,261 1,872 2,034 142,167 126,389 882 1,688 128,959 No employee received emoluments of more than £60,000 during the year. The key management personnel comprise the Trustees and the pool manager. The total employee benefits of the key management personnel of the Charity were £23,559 (2023- £22,832). Page 18
Wigton Baths Trust Notes to the Financial Statements for the Year Ended 31 March 2024 . continued 1 l Tanglble fixed assots Freehold Fixtures, Interest in land fittings and and buildings equipment Total Cost As at 1 April 2023 Additions As at 31 March 2024 61,254 149.1C 16.301 165,407 210,360 16,301 226,661 61,254 Depre¢iatson As at 1 April 2023 Charge forthe year As at 31 March 2024 37,465 19,071 56,536 37,465 19,071 56,536 Net book value As at 31 MarGh 2024 As at 31 March 2023 61,254 61,254 108,871 111,641 170,125 172,895 12 Debtors 2024 2023 Trade debtors Prep8yments and accrued income 1,394 241 1,635 3,119 3,119 13 Creditors.. Amounts falling due within one year 2024 2023 Trade credf(ors Taxation and social security Other creditors ruals and deferred income 7,598 1,992 502 7,372 17,464 8,217 874 5,646 14,737 14 Members, liability The ¢harity is a private Gompany limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation. Page 19
Wlgton Baths Trust Notes to the Financial Statements for the Year Ended 31 March 2024 . continued 15 Pension scheme Defined contribution p8nsion scheme The charity operates a defined ccntribution pension scheme. The pènsion cost charge for the period represents contribulions payable by the charity to the scheme an(i amounted to £2,034 (2023 - £1,688). Contributions totalling £502 (2023 - £nil) were payable to the stheme at the end of the period and arè induded in creditors. 16 Related parties Controlllng entity The charity is controlled by the trustees. 17 Analysis of funds At 1 Aprfl 2023 Incoming resources Resources expended At 31 March 2024 Transfers General Funds Unrestricted income fund 152,516 193,910 (234,650) 16,301 128,077 Restricted Funds Cumbria County Council Sport England Swimming pool support fund Sports England small grants 3,429 3,429 611 17,075 (163) (16,301} 23,891 (23,891) 5,910 46,876 {5,9101 (29,964) 3,429 (16,301) 4,040 Endowment Funds Wigton Baths Fund So,0 50,000 205,945 240,786 {264,614) 182,117 The Cumbria County Council fund is to fund an energy audit and install invertors on plant pumps. The Sport England fund is to fund energy efficient improvem8nts for the installation of new energy efficient windows. The swimming pool support fund is a grant from the government to meet additional utility costs. The Sport England sm811 grants is to fund the swimming teaching training program. Wigton Baths Fund This represènts the value of Wiglon Baths, which was transferred lo the trust via a community asset transfer from Cumbria County Council. Page 20
Wigton Baths Trust Notss to the Financial Ststements for the Year Ended 31 March 2024 . Gontinued Prior period At 1 Aprll 2022 Incoming resources Resource8 expended At 31 March 2023 Transfers General Funds Unrestricted income fund 97.129 158,431 {192,575) 89,531 152,516 Restricted Funds Cumbria County Council Allerdale Borough Council Joy¢e Wilkinson Charilable Trust CO-OP Sport England 3,429 3,429 5.580 (1,879) (3,701) (4,630) 4,630 3,642 (3.642) 81.200 89,259 {81,200) (89,531) 9,222 (5,521) 3.429 Endowment Funds Wigton Baths Fund 50,000 156,351 50.000 205,945 247,690 (198,0961 18 Transfers The transfers totalling £16,301 from restricted funds to unrestricted funds represenls restricted fundB received to purchase fixed assets. Once purchased the original restriction on the funds was met and the assets were therefore transferred to unrestricted funds to reflect the fact that they are unrestricted in use. Page 21
Wigton Baths Trust Notes to the Financial Statements for the Year Ended 31 March 2024 . continued 19 Net assets by fund Unrestrlcted Funds Restricted Funds Endowment Funds Tangible assets Current assets Creditors.. Amount5 falling due within one year Net assets 120,125 25,416 (17.464) 128,077 50,000 4,040 4,040 50,000 Total Funds 2024 Total Funds 2023 Tangible assets Current assets Creditors.. Amounts falling due within one year Nel assets 170,125 29,456 117,464) 182.117 172,895 47,787 (14.737> 205,945 Prior period Unrestrlcted Fund5 Restricted Funds Endowment Funds Total Funds 2023 Total Funds 2022 Tangible assets Current assets Credttors.. Amounts falling due within one year Net assets 122,895 44,358 50,000 172.895 47,787 85,981 78,052 3,429 (14,73n (14,737) (7,682) 152,516 3,429 50,000 205,945 156,351 Page 22