Charlty reglstratlon number 1160663 Company regjstralion numbèr 06548736 (England and Wales) THE WORCESTER CITIZENS. SWIMMING BATH ASSOCIATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE WORCESTER CITIZENS. SWIMMING BATH ASSOCIATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr B C Morgan Mr M R Henley Mr G P Kibblewhile Mr P J Maclaren Mrs J Kendall Mrs A J Broadbent Mr T P Mlmnagh (Appointed 12 March 2024) Secretary Mr B C Morgan Charlly number 1160663 Company numbor 06548736 Day to day management Mr A Massey Registerad offlc8 Weir Lane Lower Wick Worcester WR2 4AY Indep8ndent examiner Kendall Wadley LLP Granta Lodge 71 Graham Road Malvern Worcestershire WR14 2JS Bankers HSBC Bank PIC 6 Broad Street Worcester WR12EJ Solicltors Thursfields Solicitors 42 Foregate Street Worcester WR1 1EF
THE WORCESTER CITIZENS, SWIMMING BATH ASSOCIATION CONTENTS Page Trustees, report Independent examinels report statement of financial activities Balan sheet Statemant of cash flows Notes to the flnancial statements 8-19
THE WORCESTER CITIZENS, SWIMMING BATH ASSOCIATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees pres6nt Ihelr annual report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordan with the accounting policies set out in note 1 to the financial statements and comply with the Charity's Memorandum and Arlicles of Association, tho Companies Act 2006 and "Accounting and R8POrting by Charities.. Statement of Recommended Practice applicable to charities preparing thelr accounts in accordance with the Financlal Reporting Standard applicabl6 In the UK and Republlc of Ireland (FRS 102) (effectlve 1 January 2019)" Objectives and activilies The Charlty's objects are that of providing leisure facllltles. The pollcies adopted in furtherance of these objects are providing lelsure facllllles for publlc use and these have contlnued durlng the year. The trustaas have paid due regard to guidance Issued by the Charity Commission in deciding what activities the Charity should undertaka. Achievèments and perfonnance Income from swimming pool sources have increased by 13.5&/0 to £589,685 and the surplus from Ihe studio has Increased by £4.734 to £36,439. All aspects of the pool parformance have improved ovor tha year and the trustees would like to 9lve their thanks to the staff for their substantial support In achlevlng this. Public swims continue to increase and we continue to monitor numbers in an effort to ensure that customars have the easlest access to the pool but without any overcrowdlng. Swimming lessons continuo as a success story with nearly 1,000 custom@rs taking lessons. Again our thanks to staff for their work in making changes to timetabling enabling more swimmers to experience our 6xcellent lessons. The Fitness Studio, having returned to pre-covid levels, has maintained 118 Increase In performance and variety of lypes of exerclse. Financial revlew Our net surplus has improved from £56,041 to £91,319 an incrèase of £35,278 of which the trustee8 are most pleased. However we are aware of the dangers of becoming complacent. Our overheads have increased by 8.7/0 totallng £42.882. With the likellhood of higher than expected increases In mlnimum wage over the next few years we feel obliged lo continue our programme of price increases to ensure that costs are covered. We have just installed roof solar panels funded by a grant from Sport England, to whom we glve our grateful thanks, which should give us savings on our electricity charges. Total reserves are £546,906 (2023 - £455.587) of thls £82,352 is restricted12023- £87,744) and £18,611 (2023 - £19,024) designated. The designated funds will be used to continue the programme of facility enhancement. The remaining £445,943 is unrestricted and of this amount £189,848 (2023 £194,272) is represented by tangible fixed assets not of associated loan funding leaving £256,095 (2023- £154,547) as readily available reseNes. This is withln the preferred level of between three and six months overheads, and the trustees are Satisfied that this wlll enable the Associatlon to carry out the objectSves of the charity. The trustees have assessed the malor risks to which the Charity is exposed, and are satlsfied that systems are in place to mitlgate exposure to the major risks.
THE WORCESTER CITIZENS. SWIMMING BATH ASSOCIATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 501h Anniversary 2024 heralds the 50th annlversary of tho openlng of the pool.To mark this occassion a serles of events is being arranged throughout the year ranging from a swimming gala for the schools who use our facllities for swimming lessons to a party for those who have supported us over the years including customers and theirfamilies. ex staff, ex trustees and committee membars and many others. S*ructure J governance and management The Charity is a company limited by guarantee and is governed by its Memorandum and Articles of Association and is reglstered with the Charsty Commission, Charlty Reglstration No 1160663. The trustees, who a also the dlrectors for the purpose of company law, and who served during the year and up to Ihe date of slgnature of the financial statements were: Mr B C Morgan Mr M R Henley Mr G P Kibblewhite Mr P J Maclaren Mrs J K6ndall Mrs A J Broadbent Mr T P Mlmnagh {Appointed 12 March 2024) The Board have the statutory pow8r to appoinl n&w trustees under the terms of the Trust Deed and provide the necessary tralnlng in order that they may fulfil their obligations as Trustees. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in tha event of a winding up. The Charity is governed by the Board of Trustees which Ss responsible for formulating the strategies and policies of Ihe Charity including the approval of budgets and Ihe exerclslng of financlal controls. Day to day management is delegated to and performed by the pool manager Thls report has been prepared in accordance with the special provisions relating io small companies within Part 15 of the CompaniesAct 2006. Dlsclosure of Infomiation to auditor Each of th& trustees has confirmed that Ihere is no information of which they are aware which is relevant to the audit, but of which the auditor is is unaware. They have further confimied that they have taken appropriate steps to identify such relevant infomiation and to establish that the auditor is aware of such information. This report has been prepared in accordance with Ihe special provisions relating to small companies within Part 15 of the Companies Act 2006. The Trustee report was approved by the Board of Trustees. Mr B C Morgan Trustee Dated: 12 November 2024
THE WORCESTER CITIZENS. SWIMMING BATH ASSOCIATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WORCESTER CITIZENS. SWIMMING BATH ASSOCIATION I report to the trustees on my examination of the financial statements of The Worcester Ctdzens, Swimmlng Bath Association (Ihe Charity) for the year ended 31 March 2024. Rosponslbllltles and basis of report As the trustees of the Charity (and also its directors for the purposes of company law) you are rosponslble for the preparation of the financial statements in accordance with the requlrements of the Companies Acl 2006 (the 2006 Act). Having satisfied myself that the financial statements of the Charity are not required to be audlted under Part 16 of the 2006 Act and are ellglble for Independent examination, I report In respect of my examlnatlon of the Charity's financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examinatlon I have followed all the applicable Directions given by the Charity Commission under $gCtion 145(5)(b) of th8 2011 Act. Independent examiner's statement Since the Charity's gross income exceeded £250,000 your examiner must b& a member of a body lisled in section 145 of the 2011 Act. I confimi that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants In England & Wales, which is one of the Ilsled bodies. I have completed my examinatlon. I confirm that no matters have come to my attention in connection with the examination glving me cause to believe that in any material respect-. accounting records were not kept in respact of the Charlty as required by saction 386 of the 2006 Act; or tha financlal statements do not accord with those records; or the flnancial statements do not comply wlth the accountlng requirements of sectlon 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a malter considered as part of an independent examination. or the financial statements have not been preparad in accordance with the methods and principles of the Staloment of Recommended Practice for accountlng and reporting by charities applicable to charities preparlng their accounts in accordance with the Flnancial Reporting Standard appllcable in the UK and Republic of Ireland (FRS 102). I have o concems and have come across no other matters in connection with the examination to whlch attention wn I thls report in order to enable a proper understanding of the financial stat6ments to be reached. Ellzabeth Ne&dham ACA CTA (VAT) Kendall Wadlay LLP Granta Lodge 71 Graham Road Malvern Worcestershire WR14 2JS Dated: 12 November 2024
THE WORCESTER CITIZENS, SWIMMING BATH ASSOCIATION STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restrictod funds funds 2024 2024 Total Unrestricted Restrlcted funds funds 2023 2023 Totsl 2024 2023 Notes Income from: Charltabla activities Investments 626,124 3,919 626,124 3,919 551,151 732 551,151 732 Total Income 630,043 630.043 551.883 551.883 Expenditure on: Charitable activitles 536,132 5,392 541.524 489,426 6,416 495,842 Total expendlture 536,132 5,392 541,524 489,426 6,416 495,842 Net Incomel{expenditure) 93.911 (5,392) 88,519 62.457 16,416) 56,041 Transfars b&een funds (168) 168 Net movement in funds 93,911 (5,392) 88,519 62,289 (6,248) 56,041 Reconciliatlon of funds: Fund balances at 1 April 2023 367,843 87,744 455,587 305,554 93,992 399.548 Fund balances at 31 March 2024 461,754 82,352 544,106 367,843 87,744 455.587 The statement of financial activitias includès all gains and losses r6cognised in the year. All income and expenditure derive from continuing activities.
THE WORCESTER CITIZENS, SWIMMING BATH ASSOCIATION BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Flxed assets Tanglble assets 10 365,254 382,259 Current assets Stocks Debtors Investments Cash at bank and in hand 11 12 13 5,549 9,216 100,000 199,555 6,008 4,811 209,115 314,320 219,934 Creditors.. amounts falllng due wlthln one year 14 (41,450} (38,572) Net current assets 272,870 181,362 Total assets less current liabilities 638,124 563,621 Credltors: amounts falling due after more than one year 15 (94,018) {108.034) Net assets 544,106 455,587 Income funds Restricted funds Unrestricted funds - Designated funds General unrestrlcted funds 18 82,352 87,744 eneral 19 18,611 443,143 19,024 348,819 461,754 367,843 544,106 455,587
THE WORCESTER CITIZENS. SWIMMING BATH ASSOCIATION BALANCE SHEET (CONTINUED) ASAT 31 MARCH 2024 The company is entilled to the exemptlon from the audit requirement contained In section 477 of the Companies Act 2006. for the year ended 31 March 2024. The directors acknowledge their responsibilitles for complying with the requlrements of the Companies Act 2006 wSth respect to accounting records and the preparatlon of financial statements. The members have not required the company to obtain an audlt of its financial statements for the year In question in accordance with section 478. These flnancial statements have been prepared accordance with the prov181ons applicable to companies subject to the small companies regime, The financi statements were approved by the Trustees on 12 November 2024 MrBCMor Trustee an Company Reglstration No. 06548736
THE WORCESTER CITIZENS. SWIMMING BATH ASSOCIATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating actlvilios Cash generated from operations 23 112,296 85,305 Investing actlvltles Purchase of tangible fixed assets Proceeds from disposal of investmenls Investment income re¢elved (11,183) {100,000) 2,878 (40,380) 732 Net cash used In investing activities {108,305) (39.648) Financing activlties Repaymenl of borrowings Repaym@nt of bank loans (3,706) (9,845} 13,4901 (9,609) Net cash used in flnanclng activities (13,551) (13,099) Net (decrease)Ilncrease In cash and cash equivalents (9,560) 32,558 Cash and cash equivalents at boginning of year 209,115 176,557 Cash and cash equlvalents at end of year 199.555 209,115
THE WORCESTER CITIZENS, SWIMMING BATH ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity Inforn)atlon The Worcester Citizens, Swimming Bath Associatlon is a private company limited by guarantee incorporated in England and Wales. The registered office is Welr Lane, Lower Wick, Worcester, WR2 4AY. 1.1 Accounting conv8ntion The financial stalements have been prepared in accordance wlth the Charity's Memorandum and Articles of Association, the Companies Act 2006 and 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charitles preparing their accounts in accordance with tha Financlal Reportlng Standard applicable in the UK and Republic of Sreland {FRS 102) (effective 1 January 2019)" The Charity is a Public Benefit Entity as defined by FRS 102. The flnancial statements are prepared in sterling, which is the functlonal currency of the Charity. Monetary amounls In these financial statements are rounded to the nearest £. The accounts have been prepar8d under the historical cost convention. The principal accounting pollcies adopted are set out below. 1.2 Going concorn At the time of approving the financial statements, the trustees have a reasonable oxpectation thaf the Charity has adequate resources to continue in operatlonal oxistence for the foreseeable future. Thus the trustees continue to adopt the going concem basis of accountlng in preparing the flnancial statements. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Designated funds are unrestricted funds earmarked by the Management Committee for particular purposes. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restrlctad funds are set out In the notes to th6 financial statamants. 1.4 Income Income is recognlsed when the Charity Is legally entllled to it after any performance condltlons have been met. the amounts can be measured reliably. and it is probable that income wlll be received. Cash donatlons arG recognised on receipt. Other donations are recognised once the Charity has been nolified of the donatlon, unless performance conditions require deferral of the amount. Income tax recoverabl@ in relation to donations receivad under Gift Aid or deeds of covenant is recogn5sed at the time of the donatlon. Tumover is measured at the fair value of the consideratlon recelved or recelvable and represents amounts receivable for goods and services provided in the normal course of business, net of VAT and other sales relat8d taxes.
THE WORCESTER CITIZENS, SWIMMING BATH ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng poll¢les (Continued) 1.5 Expenditure Expenditure is recognlsed once there is a legal or constructlve obllgatSon to transfer economic beneflt to a third party, it is probable that a transfer of economic benefits will be required in s6ttlement. and the amount of the obligation can be measured rellably. Expendlture is classlfied by activity. The costs of each activity are made up of th& total of direct costs and shared costs, includlng support costs involved in undertaking each activlty. Dlrect costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with tho use of resourc8s. Central staff costs are allocated on the basis of time spent, and depreclation charges are allocat8d on the portlon of the asset's US8. Dlrect charitable expenditure consists of all expenditure directly r61atlng to the objects of the Associatlon. Expenditure is shown excluding that portion of value added tax whlch Is recoverable and is recognised on an accruals basis. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and include the audit fees and costs linked to the stralegic management of the Charity. 1.6 Tangible fixed assets Tangible fixed assets are initlally measured at cost and subsequently measured at cost or valuatlon, nel of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assels less their residual values over their useful Ilves on the following bases.. Swimming pool & building Fixtures, fittings & equipment 2.5D/o14 /,1100/o Straight line basis 25 % straight line basis The gain or loss arislng on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Impalrment of fixed assets At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determlne whelher there is any indication that those assets have SLrffered an impairment loss. If any such indication exists, the recoverable amount of th@ asset is estimated in order to determine th& extent of the impaimient loss (if any). 1.8 Stocks Stocks are stated at the lower of cost and net reallsable value. 1.9 Cash and cash equivalents Cash and cash equivalents Include cash In hand, deposits held at call with banks, other short-term liquid Investments wlth original maturities of threa months or less. Cash placed on long term deposit is treated as a current asset investment.
THE WORCESTER CITIZENS. SWIMMING BATH ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcies (Contlnued) 1.10 Flnancial instruments The Charity has elected to apply the provlsions of Section 11 'Baslc Financial Instnjments, and Secllon 12 'other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments ar8 recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument. Financlal assets and liabillties are offset, with the net amounts presented in the financlal stalements, when there is a legally enforceable right to set off Ihe recognised amounts and there is an intention to settle on a net b8sls or to realise the assèt and settle the liability simultaneously. Baslc flnancial assets Basic financlal assets. which include debtors and cash and bank balances, are initially measured at transactlon price includlng transaction costs and are subsequently carried at amortised cost using the effeclive interesl method unless the arrangement constitutes a financing transaction, where the transaction is measured at the pres@nt value of the future receipts discounted at a market rate of interest. Flnancial assets classified as receivable within one year are not amortised. Basic Ilnancial liabllltles Basic financial liabilities, including creditors are Initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument Is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Trade creditors are obllgatlons to pay for goods or services that have been acquired in the ordinary coursa of operations from suppllers, Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amorlised cost using the effective interest method. Derecognition of flnanclal Ilabllltles Financial liabllilies are derecognised when the Charity's contractual obligations expire or are discharged or cancelled. 1.11 Employee benefits The cost of any unused holiday entitlement is recognlsed in the perlod in which the employee's servlces are received. Termination benefits ar8 recognised Immedlately as an @xpense wh8n the Charty is demonstrably committed to terminate the employment of an employee or to provide tennination benefits. 1.12 Retirement beneflts Tha Charity operates a defined contributions pension scheme. Payments to defined contribution retirement beneflt schemas are charged as an expense as they fall due. Contrtbutlons for the year amountod to £5,697 (2023 £5,098).The assets of the scheme are held separately from those of the Charlty in an independently administered fund. Other contributions are made lo the personal p8nsion arrang8m8nts of certain staff. 10-
THE WORCESTER CITIZENS, SWIMMING BATH ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Crltical accounting estlmates and Judgements In the application of the Charity's accountlng policies, the trustees are required to make judgements, estimates and assumptions about tho carrying amount of assets and liabilities that are not readily apparent from other sources. Th6 estimates and associated assumptlons ar& based on historical experience and other factors that are consldered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognis8d in the pgriod in which th6 estimate is r&vised where the revision aff8cts only that period, or in the perlod of the revision and future periods where the revlslon affects both curr@nt and future perlods. Charitable activities Leisure fa¢llltles 2024 Leisure facllltles 2023 Sales within charitable activities Fiiness studio Fitness studio expenditure 589,685 57,775 (21,3361 519,446 49.074 (17,369) 626,124 551,151 Income from Investments Unrèstrlcted Unrestricted funds funds 2024 2023 Interest receivab18 3,919 732 11
THE WORCESTER CITIZENS. SWIMMING BATH ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable activities Total 2024 Total 2023 staff costs Depreciatlon and Impairment Water rates Insurance Llght and heat Repairs and maintenance Advertlsing and office supplies Telephone Sundry expenses Subscriptions Pool runnSng expenses Bank charges other interest paid Staff tralning 376,913 28,188 16,595 20,216 38,051 16,688 4.675 2,800 1,000 5,627 13,220 4,091 4,248 4,704 344,114 25,660 10.665 18,929 42,773 12,185 4,095 4,121 1.205 5,960 7,626 3,568 4.700 6,011 537,016 491.612 Share of govemance costs (see note 6) 4,508 4,230 541,524 495,842 Analysis by fund Unrestricted funds - general Restricted funds 536,132 5,392 489,426 6,416 541,524 495.842 Governance ¢osts allocated to activlties 2024 2023 Governanc8 Costs 4,508 4.230 Analysed between: Oparation of pool and facilities 4,508 4,230 Included in govemance costs is £750 in respect of Independent Examination fees (2023 - £840 for audit fees), together wlth £3,300 (2023 - £3240) In connection with the preparation of the statutory accounts. Trustees None of the trustees (or any persons connected wlth them) received any remuneration or benefits from the Charity during the year. 12-
THE WORCESTER CITIZENS, SWIMMING BATH ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Employees The average monthly number of employees during the year was.. 2024 Number 2023 Numbor Pool Staff Administration 37 37 Total 39 39 Employment costs 2024 2023 Wages and salaries SocSal securfty costs Other pension costs 347.767 20,649 8,497 317,136 19,080 7,898 376,913 344,114 During the year key personnel remuneration was £84,543 (2023- £78,323) There were no employees whose annual remuneration was more than £60.000. Taxatlon The charity is exempt from taxation on its aclivities because all its income is applied for charilable purpos@s. 13-
THE WORCESTER CITIZENS, SWIMMING BATH ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Tangtble flxed assets Swlmmlng pool & bulldlng Fixtures, flttlngs & equlpment Total Cost At 1 April 2023 Addilions Disposals 720,625 11,183 (10,238} 135,454 856,079 11,183 (10,238) At 31 March 2024 721,570 135,454 857,024 Dopreciatlon and impalrment At 1 April 2023 Depreciation charged In the year Eliminated in respect of disposals 340,309 27,674 (10,238) 133,511 514 473,820 28,188 (10,238) At 31 March 2024 357,745 134.025 491,770 Carrying amount At 31 March 2024 363,825 1,429 365.254 At 31 March 2023 380,316 1,943 382,259 11 Stocks 2024 2023 Goods held for resale and consumables 5,549 6,008 12 Debtors 2024 2023 Amounts falling due within one year". Trade debtors Prepayments and accrued income 5,676 3,540 2,577 2,234 9,216 4.811 13 Current asset Investments 2024 2023 Cash on long term deposlt 100,000 14-
THE WORCESTER CITIZENS. SWIMMING BATH ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Credltors: amounts falling due wlthln one year 2024 2023 Notes Bank loans Other bOowingS Other taxation and soclal security Trade creditors Accruals and deferred income 16 10,099 11,072 5,742 3,453 11,084 9,849 10,857 4,787 2,395 10,684 41,450 38.572 15 Credltors: amounls falllng due after more Ihan one year 2024 2023 Notes Bank loans Other borrowings 16 16,514 77,504 26,609 81,425 94,018 108,034 16 Loans and overdrafts 2024 2023 Bank loans Other loans 26.613 88.576 36,458 92,282 115,189 128.740 Payable wlthln one year Payable after one year 21,171 94,018 20,706 108,034 Amounts Includad above which fall due after five years: Payable by inslalments 59,867 64,449 A long term loan was received from Worcester City Council to enable the pool to be refurbished. The loan Is unsecured, carries interest at 40/0 per annum and is repayable by instalments over a period of 20 years. A bounce back loan of £50.000 was secured In October 2020 to assist with the impact of the Covid-19 pandemlc. This loan is for 72 months with interest at 2.5010, the first 12 months of interest Is covered by the government and the first repayment is made in monlh 13. 15-
THE WORCESTER CITIZENS. SWIMMING BATH ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 R8tlr8ment benaflt schemes 2024 2023 Deflned contrlbutlon schemes Charge to profit or loss in respect of defined contribution schames 8,497 7.898 The Charlty operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independ8ntly administered fund. 18 Restrfcted funds The restrlcted fvnds of the charlty comprise the unexpendad balances of donatlons and grants held on trust subject to speclflc Conditions by donors Ss to how they may be used. At 1 April Resourcos 2023 6xpended Transfers At 31 March 2024 Roof Replacement Fund Boiler Replacement Fund 74,304 13,440 {2,599) (2,793) 71,705 10,647 87,744 (5,392) 82.352 Previous year: At 1 April 2022 Resourcos expended Transfers At 31 March 2023 Roof Replacement Fund Pool Cover Replacement Fund Boi18r Replacemant Fund 76,903 856 16,233 {2,599) {1,0241 (2,793) 74,304 168 13,440 93,992 (6,416) 168 87,744 19 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to speclfic conditions by donors and grantors as to how they may be used. These include designated funds whlch have been set aslde out of unrestrlcted funds by the trustees for specific purposes. At 1 Aprll 2023 Incoming resources Resources expended Transfers At 31 March 2024 Building Development Fund General funds 19,024 348,819 (413) (535,719) 18,611 443,143 630,043 367,843 630,043 (536,132) 461,754
THE WORCESTER CITIZENS, SWIMMING BATH ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Unr8Stricted funds (Contlnued) Pravious year: At 1 April 2022 Incoming resources Rosources expended Transfers At 31 March 2023 Building Development Fund General Yunds 19,437 286.117 (413) {489,013) 19,024 348,819 551,883 1168) 305,554 551,883 (489,426) {168} 367,843 20 Operatlng lease commitments Lessee At the reporting end date the Charity had outstandlng commitments for future mlnimum lease payments under non-cancellable operating leases, which fall due as follows: 2024 2023 Within one year 789 Lessor The amount recognised in the statement of financial activities as an expense in the period in respect of operating leases totslSed £789 12023 £2,151). 17-
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THE WORCESTER CITIZENS. SWIMMING BATH ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 22 Related party transactions There were no disclosable related paty transactions during the year12023 - none). 23 Cash generated from operatlons 2024 2023 Surplus for the year 88,519 56,041 Adjustments for: Investment income recognised in statement of financial activities Depr8ciation and impaiment of tangibl@ fixed asset8 (3,919) 28.188 (732) 25,660 Movement8 in working c8Pltal'. Decreasel(increase} In stocks (Increase)Idecrease in debtors Increase in creditors 459 13,364} 2,413 (3,533} 4,241 3.628 Cash generatad from operatlons 112,296 85,305 24 Analysis of changes In net funds Ai 1 Aprll 2023 Cash flows other non-¢a$hAt 31 Mar¢h 2024 chang8S Cash at bank and in hand 209,115 (9.560) 199,555 Loans falllng due withln one year Loans falllng due after more than one year 120,706) (108,034) 13,551 (14,016) 14,016 (21,171) (94,018) 80,375 3,991 84.366 19-