Company registratlon number: 09515855 Charity reglstration number: 1167366 Love Withington Baths IA company limited by guarantee} Annual Report and Flnancial Statements for the Year Ended 31 March 2024 The Moffatts Partnership LLP Suite 1.1, Flrst Floor Jackson House Sibson Road Sale M33 7RR
Love Wlthlngton Baths Contents Reference and Adrnlnistratlve Detalls Trustees, Report 2to7 Statement of Trustees, Responslbllltle5 Independent Audltors, Report 9toll Statement of Flnanclal Actlvltles 12 Balance Sheet 13 Statement of Cash Flows 14 Notes to the Flnanclal Statements 1Sto30
Love Withington Baths Reference and Administrative Details Trustees Mr Paul David Smith. Managing Oirector Mr Saqlb Mohammed Hus5aln Ms Allce De Araujo Mr Oavld Robert Payne Ms Jennlfer Clalre Green Secretary Mr Willlam Brock Russell Plnnock Charlty Reglstratlan Number 1167366 Company Re8lstratlon Number 09515855 The charlty Is Incorporated Sn England & Wales. 30 Burton Road Wlthington Manchester M20 3E8 Rezlstered Offtce Audltor The Moffatts Partnershlp LLP Suite 1.1. First Hoor Jackson House 5ibson Road Sale M33 7RR Pa8e I
Love Withington Baths Trustees, Report The trustees, who are directors for the purposes of cornpany law, present the annual report together with the financial statements and auditors, report of the charitable company for the year ended 31 March 2024. Objective5 and activitie5 object5 and oims The objects and aims for Love Withington 8?th5 ore.. •To advance the education of the public, and the knowledge and appreciatlon of the heritage of South Manthester by the preservation of the buildings known as Withington Baths •To advance educatlon by the provision of facilities for physical education and swimming lessons at the Baths,. •To advance the health of the publlc by the provision of facilities for swimming. exercise and physical therapies at the Baths for the Intended 8enefi¢iarles,' tsTo advance amateur sport by the provision of facllities for swimming and other sports at the Baths for the Intended Beneflc12ries,' •To promote communlty development in an area of social and economic deprivation by the promotion of urban regeneration In partlcular In the areas of Withington and Old Moat, South Manchester, as follows: the creation of training and employment opportunities by the provlslon of workspace, bulldin8s, andlor land for use on favourable terms; the mainten3nce, improvement or provision of public amenitles; the preservation of buildings or sites of historic or architectural importance. •The provision of recreational facilities for the public at large or those who by reason of their youth, age, Infirmlty or disablement. financial hardship or social and economic circumstances, have need of such facilities. •To promote for the benefit of the inhabitants of Withington and Old Moat in South Manchester and the surroundlng 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 large in the interests of social welfare and with the object of improvin8 the Condition of life of the said inhabitants. Page 2
Love Withington Baths Trustees, Report Strategy to achieve the objectlves Love Withington Baths took over the runnin8 of Withington Baths and Lelsure Centre In June 2015 wlth a focus on providing varled servlces and affordable prlces for the dlverse commLtnlty we serve. Nine years on we are now a well-established faclllty whlch has an Increa51ngSy posltlve Impact on the people who use our services. Thls year saw the completlon of our major refurbishment project to restore the swimming pool hall and both studios back to their former 810ry. Tllln8, brlckwork and extemal stained glas5 were all repaired and we also Installed a new AHU Into the pool. Alongslde the capltal work, we also completed an engagement programme Involvlng prlmary schools and adult SEND learners In the deslgn of stalned glass wlndows; oral hlstory project, productlon of a tlmellne to show the hlstory of the baths and other slgnage to help tell the story of the baths, The total project cost was around £2.8M. We contlnued to dellver all of our seNices durSn8 the refurblshment whlch was no mean feat and there was a hu8e sense of relSef for both swlmmers and staff when the crash deck was removed from the pool hall. The cublcles were then installed and the faclllty looks fabulous. Herltage tours were then Inltlated and have been very popular. The feedback from members and communlty stakeholders has been hugely posltlve. Page 3
Love Withington Baths Trustees, Report Achievements and performance Provision of our core leisure services. Provided gym services to approximately 3,500 members by year end. A growth of 850 over the year Provided approximately 120 classe5 each week once both studios were back in action in April Provided swimmin8 for 480 children through our schools swimming programme and being the best performing pool in Manchester Provided after-school swimmin8 for 950- 1,050 children every week of the year Provided our Baby Swimming proEramme for over 100 Under 3's Oelivered 1-2-1 swimming lessons for young people and adults Provided a Family Fun swim every Sunday morning Additional Services. Run heritage tours and workshops for young people and adults Established a volunteering programme for local people who are involved in maintaining and enhancing the external space5 and also running heritage tours Established Withington Works so that it now has approximately 25 regular monthly users Operated our community café which provides an additional service for members and other users and also provides an invaluable social function in providing a space for local people who are socially isolated or vulnerable Continued to provide a room for a physiotherapy business which remains very busy Delivered ten lifeguard training courses Continued to operate a Swim Assistants programme to provide employment and qualifications for young people and which enhances the quality of our after school swim-programme H05ted 3 PARS classes for the NHS each week for an average of 10 people per class Delivered 2 classe5 per week for older people free of charge Isilver Circuits) and 2 weekly table tennis sessions also targeting older people Ran a number of activities specifically targeting teenagers, including a boxing club, junior and family maftial arts. These are run in association with local stakeholders including GMP and Southway Anti Social Behaviour Team Organised a number of activitie5 for our members to improve social cohesion, including day trips, fashion shows, member nights out and walking groups Additional achievements.. Became an accredited Real Living Wage employer and participated in Council activities to promote the scheme Won the Locality Enterprising Organisation award Initiated repayments of the £IM loan from Manchester City Council towards the refurbishment costs and successfully renegotiated the terms of this facility to reduce 24125 interest payments. Implemented a highly effective rnarketing and external communications plan, boosting engagement and our profile Commissioned a social impact report to measure the value we create through our work. This report identified a return of £21 for every £1 invested in the Baths. Page 4
Love Withington Baths Trustees, Report Trustee review This ha5 been an excellent year, The completion of the refurbishment project means we have a beautiful facility which adds considerable value to our members user experience a5 well a5 being a functioning heritage asset. The pool hall and studios are now restored for the next generation. The re-opening of the tre provided an opportunity to celebrate that success with project partners and other stakeholders. All of our leisure services have Brown in quality and/or numbers over the year. The growth In gym membershlp from 2,950 to 3,800 has been particularly pleasing and provides the foundation for our business, contrlbutlng significantly to the surplus we make and which we can re-invest back into the building. our staff and our ommunity. The implementatlon of the project was a significant challenge but ultimately very rewarding. Other key challenges related to the increasing operatlng costs, princlpally from rising electrlcity prices, but also from rlses across the board. Public benefit Love Withington Baths is 3 public benefit entity. All Services provided are for the benefit of the public of Withington and surrounding areos. Following a recent social impact study by an external consultancy, it has been calculated that for every £1 invested in the 8aths, there is £22 of benefit to wlder society. The trustee5 confirm that they have complied with the requirements of section 17 of the Charities Art 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Flnancial review Total intoming resources amounted to £1,678.33212022123 £1,904,7291 with unrestricted income of £1,472,705 and restricted incorne of E205.627. Total resources expended amounted to El,267,82712022123 - f 909.979}. All ot the expenditure related to unrestricted funds. Transfers between funds relates to the release of restrictions on grants received once these have been expended on the capital projert5 that the restricted grants have been received for. The total net result for the year wa5 an operating surplus of £410.50512022123 - £994.750}. We received grants for refurblshment of £205,627 with the assoclated costs moved straight on to the balance sheet under flxed assets. Fixed assets are now £3,060,863 compared to £2,144,301 In March 2023. Total retalned funds carried forward at the end of the year amounted to £2,504.956 {2022123 £2,094,662), all funds being unrestricted. Page S
Love Withington Baths Trustees, Report Pollcy on reserves The Trustees objective is to maintain a level of reserve5 whlch ensure5 that all commitments can be met if the buslne55 was requlred to close at short notice. The trustee5 have set this level at £150,000 which has been achieved during this year. Funds In deficit There are no funds in defSclt. PrlnclpolAundlnq sources The prlnciple funding sources is the income recelved for the services provided by the lelsure facilities. Plans for future perlods Alm5 and key obJectlve5 Jorfuture perlods The priorities for 2024125 are.. Carbon reduction measures, including the Installation of a pool cover and the replacement of our 4 obsolete boilers and associated equipment. We will be Introducing a range of practlces to reduce our carbon footprint and reduce waste. Enhancement of our external space to establish a space whlch can accommodate our community events, café users and provide a better quality experience for gym members and users Bring forward a lully specified and costed project for the refurbishment of our gym roof. We my potentiallv initlate Ihls project this year if funding is secured but it is more Ilkely to be Implemented early in 2025126 Continue to Identify and pursue opportunbties to take over local leisure facilltles where we can add value Increasing the capacity of Withington Works with extra desk space and further facilities for private meetinBS The forecast revenue for 24125 is £1,338,000 with £1,057,000 of costs and a resultlng operating surplus of £280,414. This include5 the repayment of both interest and the principal sum borrowed from Manchester City Council. The expenditure forecast allows for the sl8nificant increase in our gas price from lune 23 as we reach the end of our current deal. For 25126 onwards, we are forecasting a surplus of around £280,000, rising arbd falling around this mark over future years. Our surpluses wlll continue to be used to fund subsequent capital works and Investments In plant. Golng concern The trustees are satisfied that the charity remains a going concern for a period in excess of twelve months. Strurturei governance and management Nature olgovernlng dotument The charity is controlled by its 8overnin8 document, a deed of trust, and constitutes a limited company, limited bv guorantee, 05 defined by the Companies Act 2006. Page 6
Love Withington Baths Trustees, Report Mojor rlsks ond monugement ol those rlsks 6eneral Risk Policy The Trustees regularly revlew all areas of activitie5 to Identlfy rlsks to the charlty and potentlal rlsk areas. The trustees have established appropriate levels of reportln8 and controls to mltigate both Identifled and potentlal rlsks. Credltor payment pollcy Involces are paid by direct deblt or usually wlthln two weeks of receipt of invoice, Dls¢losure of Informatlon to audltor Each trustee ha5 taken steps that they ought to have taken as a trustee In order to make themselves aware of any relevant audlt Informatlon and to establlsh that the charlty's audltor Is aware of that Informatlon. The trustees Confirm that there 15 no relevant Informailon that they know of and of whlch they know the auditor is unaware. Reappolntment of audltor The auditors The Moffatts Partnershlp LLP are deemed to be reappolnted under sectlon 487121 of the Companles Act 2006. Th ual report was approved by the trustees of the charlty on 30 july 2024 and slgned on Its behalf by; Mr Paul David Smlth Managln8 Dlrector and Trustee Pa8e 7
Love Wlthington Baths Statement of Trustees, Responsibilities The trustees {who are also the directors of Love Withington 8aths for the purpose5 of company lawl are responslble for preparing the trustees, report and the financial statements In accordance wlth applicable law and United Kingdom Accountin8 Standards Iunited Kingdom Generally Accepted Accounting Practice). inclvding FRS 102 "The Financial Reportln8 Standard applicable in the UK and Republlc of Ireland.. The report and accounts have been prepared In accordance with the provlslons In the Companles Act 2006 relating to small companles. Company law requlres the trustees to prepare financlal Statements for each flnanclal year. Under company law the trijstees musl. not approve the financlal ststements unless they are satisfied that they give a true and fair vlew of the state of affalrs of the charitable company and of the Incomlng resources and applicatlon of resources, Includlng Its Income and expendlture, of the charitable company for that perl¢d. In preparlng these financlal statements, the trustees are requlred to: select sultable accountlng pollcles and apply them consistently,. obseNe the methods and princlples In the Charltles SORP,. make ludgements and estlmates that are reasonable and prudent,. state whether applicable accounting Standards, comprlsing FRS 102 have been followed. sublect to any materlal departures dlsclosed and explained In the financlal statements., and prepare the financial statements on the goln8 concern basls unless it Is Inapproprlate to presume that the charltable company wlll contlnue In buslness. The trustees are responsible for keeping proper accountln8 records that can disclose wlth reasonable accuracy at any time the finanelal posltion of the Charitable company and enable them to ensure that the flnanclal statements comply wlth the Companles Act 2006. They are also responslble for safe8uardln8 the assets of the charltable company and hence for taklng reasonable steps for the preventlon and detection of fraud and other Irregularltles. The trustees are responslble for the maintenance and inte8rlty of the corporate and ftnanclal Informatlon Included on the charltable company's website. Legislation governln8 the preparatlon and dlssemlnatlon of flnanclal Statements may differ from legislation In other lurlsdlctSons. by the trustees of the charlty on 30 July 2024 and 51gned on Its behalf by: Mr Paul David Smith Managing Director and Trustee Page 8
Love Withington Baths Independent Auditor's Report to the Members of Love Withington Baths Oplnion We have audited the financial statements of Love Within8ton Baths (the 'charity'l for the year ended 31 March 2024, which comprise the Statement of Financial Activities. Balance Sheet. Statement of Cash Flows, and Notes to the Financial Statements, Includlng a summary of significant accounting policles. The financial reporting framework that has been applied in their preparation is United Kingdom Accountlng Standards, comprising Charitie5 SORP FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law Iunlted Kingdom Generally Accepted Accountin8 Practice). In our opinion the financial Statements: give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incomin8 resources and application of resources, including its income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance wlth the requlrements of the Companles Act 2CK)6. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our iespon5ibilities Under Ih05e standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have lulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinlon. Concluslons relatlng to golnl concern In auditing the financial statements. we have concluded ihat the trustees use of the going concern basis of accounting in the preparation of the financial statements Is appropriate. 8ased on the work we have perfofmed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast $18nificant doubt on the charity's ability to continue a5 a going concern for a perlod of at least twelve months trom when the original financlal statements were authorised for issue. Our responsibilities and the responsibilities of the trustees With respect to 80in8 concern are described in the relevant sections of this report. Other Informatlon The trustees are responsible for the other information. The other information comprise5 the information included in the annual report. other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Page 9
Love Withington Bath5 Independent Audltor's Report to the Members of Love Withington Baths In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent witli the financial statements or our knowledge obtained in the audit or otherwise appears to be makerially misstated. If we ideiitify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a materlal mlsstatemenl of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other Informatlon, we are required to report that fact. We have nothing to report in this regard. Opinion on other matter prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit.. the information given in the Tru5tees' Report for the financial year for which the financial statements are prepared Is consistent with the financial statements; and the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothing to report in respect of the following matters where tne Companies Act 2006 require5 US to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adeouate for our audit have not been received from branches not visited by us; or the financiol statemenls are not in agreement with the accounting records and returns,. or certain disclosures of trustees remuneration specified by Saw are not made; or we have not received all the information and explanations we require for our audit. the directors were not entitled to prepare the financial statement5 in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the directors, report and from the requirement to prepare a strategic report. Responslb511tles of trustees As explained more fully in the Statement of Trustees, Responsibilitie5 Iset out on page 81, the trustees are fe5ponsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to contirkue as a going concèrn, disclosing. 35 applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Page 10
Love Withington Baths Independent Auditor's Report to the Members of Love Withington Baths Audltor responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statement$ as a whole are free from material misstatement. wheiher due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of deteding irregularities. including fraud is detailed below.. Irregularities. including fraud, are instances ol non-compliance with laws and regulation5. We design procedures in line with our responsibilities. outlined above. to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the charity. we identified that the principle risks of non-compliance with laws and regulations related to breaches of the legal and regulatory framework that the charity operates in. We considered the extent to which non-compliante might have a material effect on the financial statements. The key laws and regulations we considered in this context included Charities Commission. employment law and health and safety. Use of our report This report is made solely to the charitable company's trustee5. as a body, in accordance with Chapter 3 of Part 16 of the Companie5 Act 2006. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law. we do not accept cr assume resF)onsibility to anyone other than the charitable company and its trustees as a body. for our audit work, for this report. or for the opinions we have formed. axon IS ndon r Statutory Auditor) If of The Moffatts Partnership LLP. Statutory Auditor Fo Suite 1.1, Wirst Floor Jackson House Sibson Road Sale M33 7RR 30 July 2024 Page 11
Love Withington Baths Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognlsed Gains and Losses) unrestricted funds Restricted fund5 Total 2024 Total 2023 Note Income and Endowments from: Donations and legacies Charitable activities 16.898 1.453.588 2,509 205.627 222,525 1,453.588 2,509 686,820 1,217,556 353 Investment income Total Income 1.472,995 205,627 1,678,622 1,904,729 Expendlture on: Raising funds Charitable activities 1,363 1911,3421 {1,268,3271 11.268,3271 Total expenditure {1.268,3271 11,268.3271 1909.9791 Net Income 204,668 205,627 205,627 1205,6271 410,295 994,750 Transfers between funds Net movement In funds 410.295 410.295 994.750 Reconclliatlon of fund5 Total funds brought forward 2.094.662 2.094,662 1,099.912 Total funds carrled forward 22 2.504,957 2.504,957 2,094,662 All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 15 Shown In note 22. The notes on pages 15 to 30 form an integral part of these financial statements. Page 12
Love Withington Baths (Registration number: 095158551 Balance Sheet as at 31 March 2024 2024 2023 Note Fixed assets Tangible a55etS Investments 14 3,060.863 loo 2,114,300 15 3,060,963 2.114,300 Current assets Stocks 16 867 687 Debtors Cash at bank and in hand 17 10,826 529,239 24,218 440,805 Is 540,932 46S,710 Creditots: Amount5 talling due within one year 19 1154,0231 193,412 Net current assets 386,909 372,298 Total a55ets less current liabilities 3,447,872 2,486.598 Creditors: Amounts falling due after more than one year 20 1942,9151 1391,9361 Net assets 2,504,957 2,094,662 Fund5 of the charity., Unrestricted income fund5 Unrestricted funds 2,504,957 2,094,662 Total funds 22 2,504,957 2.094.662 These financial statements have been prepared in accordance with the special provisions relating to companies ct o the small companies regime within Part 15 of the Companies Act 2006. ncial st tements on pages 12 to 30 were approved by the trustees, and authorised for issue on 30 July nd signed on ir behalf bv: Mr Paul David Smith Managing Director and Trustee The notes on pages 15 to 30 form an integral part of ihese financial statements. Page 13
Love Withington Baths Statement of Cash Flows for the Year Ended 31 March 2024 2024 2023 Note Cash flows from operatlng actlvltles Net cash Income 502,412 993,727 AdJu5tment5 to Cash flows from non-cash Items Depreclatlon Investment Income 67,653 12,2191 75,558 13531 567,846 1,068,932 Worklng capltal adjustment5 Increase In stocks Decrease In debtors Increaselldecreasel In creditors 16 {1801 13,392 60,511 {6871 38,838 150.9331 17 19 Net cash flows from operatln8 actlvltles 641,569 1,056,150 Cash flow5 from Investlng aetlvltSes Interest recelved 2,219 1,106,333) 353 (1,706,563) Acquisitlons of tanglble a55ets Net cash flows from Investlng activltles (1,104.1141 {1,706,2101 Cash flows from fln?nclng actlvltles Repayment of other borrowln8S 550,979 432,167 Net Increase/lde¢rease) In cash and cash equlvalents 88,434 1217,8931 Cash and cash equivalents at l Aprll 440,805 658,698 Cash and cash equlvalents at 31 March 529,239 440,805 All of the cash flows are derlved from contlnulng operatlons during the above two periods. The note5 on page5 15 to 30 form an integral part of these financial statements, Page 14
Love Withington Baths Notes to the Financial Statements for the Year Ended 31 March 2024 I Charity Status The charity Is limlted by guarantee, Incorporated in England & Wales. and consequently does not have share capital. Each of the truslees is liable to contribute an amount not exceeding £1 towards the asset5 of the charity in the event of liquidation. The address of its registered office is: 30 Burton Road Withington Manchester M20 3EB These flnanclal statements were authorised for Issue by the trustees on 30 July 2024. 2 Accountlni pollcles Summary of slgnlflcant accountlng pollcles and key accountlng estlmates The prlncipal accounting policies applied in rhe preparation of these financial statements are set out below. These policies hove been consistently applied to all the years p,"esented. unless otherwise stated. Statement of compllance The financial statements have been prepared in accordance with Accounting and Reportin8 by Charlties.. 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 IFRS 10211 (issued in October 2019 Icharities SORP IFRS 10211, the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companles Act 2006. Basis of preparatlon Love Withington Baths meets the definition of a public benefit entlty under FRS 102. Assets and Ilabilitie5 are initially reco8nised at historical cost or transaction value unless otherwise stated in the relevant accounting policv notes. Going concern The trustees consider that there are no material uncertainties about the charitvs ability to continue as a going concern nor any 518nificant area5 01 uncertainty that affect the carrying value of assets held by the charlty. Income and endowments All income is recognised once the charity has entitlement to the income. it is probable that the income wlll be received and the amount of the income receivable can be measured reliably. Page 15
Love Withington Baths Notes to the Financial Statements for the Year Ended 31 March 2024 Donotlons ond legocles 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 fund5. the income is deferred and not recognised until either those condition5 are fully met, or the fulfilment of "hose conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period. Gmnts receivoble Grants are recognised when the charity hès an entitlement to the funds and any conditions Ilnked to the grants have been met. Where performènce conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released. Investment income Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Choritoble octivities Income from ¢haritable activities intludes any income received which is a payment for goods and services provided for the benefit of the charity's beneficièries. Expenditure All expenditure is recognlsed once there Is a legal or constructlve obllgation to that expenditurè, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a b3S15 consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Raisingfvnds These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds. Choritable artivities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and seTvices for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Support costs Support costs include central functions and have been allocated to activity 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 time spent and other cost5 by their usage. Page 16
Love Withington Baths Note5 to the Financial statements for the Year Ended 31 March 2024 Governance costs These include the costs attribuiable to the charity's compliance with constitutional and statutory requirements. including audit. strategic management and trustees meetin8s and reimbursed expenses. Govemment grants Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are cla55iffed a5 relating either to revenue or to assets. Grants relating to revenue are recognised in income over the perlod in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asseL Where part of a grant relating to an a55et is deferred. it i5 recognised as deferred income. Taxation The charity 15 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 15 potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporaiion Tax Act 2010 or Section 256 ot the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Tanglble fixed assets Individual fixed assets c05ting £1. or more are initially recorded at cosL Depreclatlon and amortlsatlon Depreciation is provided on tangible fixed assets so as to write off the cost or Wdluatlon, less any estimated residual value, over their expected useful economic life as follows: Asset dass Restoration Improvements Other property improvements Furniture, fittings and equipment Depreclatlon method and rate Over the remaining years of the lease 15% reducing balance ba515 25% reducing balance basis Fixed asset investments Fixed asset investments, other than programrne related investments. are induded at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales prOed$ and their market value at the start of the year. or their subsequent cost. and are tharged or credited to the Statement of Financial Artivities in the period of disposal. Unreallsed gains and losses represent the movement in market values during the year and are credited or char8ed to the Statement of Financial Activities based on the market value at the year end. Page 17
Love Withlngton Baths Notes to the Flnanclal Statement5 for the Year Ended 31 March 2024 Stock Stock is valL5ed at the lower of tost and estlmated selling prlce less costs to complete and sell. ofter due regard for obsolete and slow movln8 Stocks. Cost Is determined using the first-ln, first-out IFIFOI. Trade debtors Trade debt¢rs are amounts due from customers for merchandise sold or servlces performed In the ordlnary course of buslness. Trade debtors are recoBnlsed Inltlally at the transactlon prlce. They are subsequently measured at amortlsed cost usln8 the effectlve Interest method, less provlslon for Impalrment. A provislon for the impalrment of trade debtors is established when there is objectlve evldence that the charlty wlll not be able to collect all amounts due accordln8 to the original terms of the recelvables. Cash and cash equlvalents Cash and cash equlvalents comprlse cash on hand and call deposlt5. and other short-term hl8hly Ilquld Investments that are readlly convertlble to a known amount of cash and are subject to an Inslgnlficant rlsk of change In value. Trade credltors Trade credltors are obll8atlons to pay for goods or servlces that have been acqLTrlred In the ardlnary course of buslness from suppllers. Accounts payable are classlfied as current Ilabllltles If the charlty does not have an unconditlonal rlght, at the end of the reportln8 perlod, to defer settlement of the credltor for at least twelve months after the reporting date. If there Is an uncondltional rl8ht to defer settlement for at least twelve months after the reportln8 date, they are presented as non-current liabllltles. Trade credltors are recognised Inltlally at the transactlon prl¢e and subsequently measured at amortised cost using the effectlve Interest method. Borrowlng5 Interest-bearlng borrowlngs are Inltlally recorded at falr value, net of transactlon costs. Interest-bearin8 borrowlngs are subsequently carrled at amortlsed cost, wlth the dlfference between the proceeds, net of transactlon costs, and the amount due on redemptlon being recognlsed as a charge to the Statement of Flnanclal Actlvltles over the perlod of the relevant borrowlng. Interest expense Is recognlsed on the basls of the effective interest method and is included in Interest payable and slmllar charEes. 8orrowings are classlfled as current Ilablllties unless the charity has an unconditional right to deter settlement of the liability far at least twelve months after the reporting date, Page 18
Love Withington Baths Notes to the Financial Statements for the Year Ended 31 March 2024 Fund structure Unrestricted income funds are general funds that are available for use at the trustee's discretion in furtherance of the objectives of the charity. Pensions and other post retirement obligation5 The charity operates a defined contribution pension scheme which is a pen5i0n plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If conlribution payments exceed the contribution due for semce. the excess is recognised as a prepayment. Flnancial instruments Classlllcotlon 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 5ub5tance of the contractual arrangement5 entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. Recognition ond meosurement All financial assets and liabilities are initially measured at transaction price {including transaction costs), except for those financial assets classified as at fair value through profit or loss. which are initially measured at fair value (which is normally the transaction price excluding transaction costs). unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction. the financial asset or financial liabilitv is measured at the present value of the future p3ymeniS discounted at a rnarket rate of interest fo., a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, ènd only when there exists a legally enforceable right 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 simultaneously. Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled. bl the charity tonsfers to another party substantially all of the risks and rewards of ownership of the financial asset, or cl the charity. despite having retained some. but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilitie5 are derecognised only when the obligation specified in the contrart is discharged, cancelled or expires. Page 19
Love Withlngton Baths Notes to the Financial Ststements for the Year Ended 31 March 2024 3 Income from donations and legades Unrestrirted funds General Restrirted fvnds Total Z024 Total 2023 Donations and legacies". Donations from individuals 876 876 2,328 Grants, including capital grants; Government grants 16.022 205,627 221.649 684.492 16.898 205.627 222.525 686.820 4 Income from charitable activltles Unrestricted funds General Totsl 2024 Total 2023 Membership Fees Swimming pool and swimming lessons Gym, PT and other dasses Room hire 848.968 539,208 16.828 29.956 17.629 848.968 539,208 16,828 29.956 17.629 694,399 457,331 17,604 33,382 14,841 Shop and Cafe income 1.452.S89 1.452.589 1,217,557 S Investrnent Income Unrestrlcted funds General Total 2024 Total 2023 Interest receNable and similar income. Interest receivable on bank deposlts 2,509 2.509 353 Page 20
Love Withington Baths Notes to the Financial Statements for the Year Ended 31 March 2024 6 Expenditure on tharitable activities Unre5trirted funds General Total 2024 Total 2023 £ (As re5tatedl 84,933 11,592 459,40S 21,142 81,099 15.548 26.122 2.071 36,907 75,899 3,073 769 Instructors and dasses 109,714 9,018 562,581 17,680 IIYd.780 18.549 19,528 5,319 38,510 159.769 5.219 1,698 109.714 9,018 562.581 17.680 108,780 18,549 19.528 5319 38.510 159.769 5.219 1.698 Shop and Cafe purchases Staff costs Rates and water Light. power and heating Insurance Cleaning Equipment Repairs and maintenance Depreciation Ltcenses Netwarklng & Entertalnment 1.056,365 1,056.365 818,560 In addition to the expenditure analysed above. there are also governance costs of £29,94912023 - £22.8531 which relate directly to charitable activities. See note 7 for further details. Page 21
Love Withlngton Baths Notes to the Financial Statements for the Year Ended 31 March 2024 7 Analysis of governance and support costs Charitable activities expenditure Unrestrlcted funds General Total 2024 Total 2023 Payment collectlon servlce fees IT y)ftware and consumable5 18,465 16,575 32,954 2,202 2,970 2,$43 1,517 2,368 72,448 24,238 5,233 500 18,465 16,575 32.954 2,202 2.970 2,543 l.S17 2,368 72,448 24.238 5.233 11,951 11,023 13.583 1,969 3,149 5,737 1,017 104 Advertlsing Telephone Printing, postage and stationery General expenses Travel & Subsistence Bank fees Loan interest 6,580 8.281 5.513 Consultin8 Subscrlptlons Donations 182,013 182,013 68,907 Governance costs Unrestricted fund5 General Total 2024 Total 2023 Audit fees Audit of the financial statements 6,600 10.332 13,017 6,600 10,332 13.017 6,000 10,008 6,504 341 Other fees paid to auditors Legal fees Depreciation. amorti5ation and other similar costs 29,949 29,949 22,8S3 Page 22
Love Withington Baths Notes to the Financial Statements for the Year Ended 31 March 2024 8 Governmentgrants Grants have been recelved to fund the capltal restoratlon project of the bullding5 and restsrt grants after the Covld pandemlc. The amount of grants recognlsed In the finandal statements vffis £221.649 {2023 - £684,492). 9 Net Incomingloutgoing resour Net Incoming resource5 for the year indude: 2024 2023 Audit fees 6.000 75.899 Depreciation of fixed assets 159,769 10 Trustees remuneratlon and expenses During the year the charity made the following transartions With trustees: Mr Paul David Smith Mr Paul Dawd Smith received remuneration of £10.67612023: £10.1211 during the year. No trustees have receTved any other benefits from the charity during the year. Page 23
Love Withington Baths Notes to the Financial Statements for the Year Ended 31 March 2024 11 Staff costs The aEgregate payroll costs were as follows.. 2024 2023 Staff Costs duringthe year were: Wages and salaries Social security costs Pension costs 514,067 31,007 8,298 9,209 422,058 26,258 7,264 3,825 Other staff costs 562,581 459,405 The monthly average number of persons lincluding senior management I leadership teaml employed by the charity during the year expressed as full time equivalents wa5 as follows: 2024 2023 No Average employees 45 35 24 (2023 - 181 of the above employee5 participated in the Defined Contribution Pension Schemes. Contributions to the employee pension schemes for the year totalled £8.982 {2023 - £7,264). No employee received emoluments ofmore than £60,CMIO during the year. The totsl employee benefits of the key management personnel of the charity were £69.96212023 - £59,395). The chief executive officer, as the hlghest paid member of staff, received benefits totalling £59.153 12023 £49,274). 12 Auditors, rèmuneratlon 2024 2023 Audlt of the financial statements 6.600 6,000 Other fees to audltors All other non-audit seNices 10.332 10,008 Page 24
Love Withington Baths Notes to the Flnanclal Statements for the Year Ended 31 March 2024 13 Taxatlon The charlty is a reglstered charity and Is therefore exempt from taxatlon. 14 Tanglble flxed asset5 Land and bulldln8S FumlturÈ and Èqulpment Total Cost At l Aprll 2023 Addltlons 2,346,699 1,091.546 39,272 14,787 2,385.971 1,106,333 At 31 March 2024 3,438,245 54,059 3,492,304 Depreclatlon At l Aprll 2023 Charge for the year 249,495 151,793 22,176 7,977 271.671 159,770 At 31 March 2024 401,288 30,153 431,441 Net book value At 31 March 2024 3,036,957 23,906 3,060,863 At 31 March 2023 2,097,204 17,096 2,114,300 Included wlthln the net book value of land and buildings above is £NII12023 £NIII In respect of freehold land and bulldln8s and E3,036,95712023 - £2,097,204) In respect of leasehold improvements. IS Flxed asset Investments 2024 Shares in group undertakings and partlclpatlng interests loo Page 25
Love Withington Baths Notes to the Financial Statements for the Year Ended 31 March 2024 Shares In group undertaklngs and partlclpatlng Interests Subsidlary undertaking5 Total Cost Additlons loo At 31 March 2024 loo Net book value At 31 March 2024 loo Detalls of undertaklngs Details of the investments in which the charity holds 20% or more of the nominal value of any class of share capital are a5 follow5.. Countryof incorporation Proportion of votlng rights and share5 held Principal activity Undertaking Holding 2024 2023 Subsldlary undertaklngs Management of real estate and catering activities LWB Trading Ltd Engalnd & Wales Ordinary £1 Shares loo% 5ubsldlarles The profit for the financial period of LWB Trading Ltd was £NII12023 - £NIII and the aggregate amount of capital and resetves at the end of the period was £IOO12023- £Nill. 16 Stock 2024 2023 Stocks 867 687 Page 26
Love Withington Bath5 Notes to the Financial Statements for the Year Ended 31 March 2024 17 Oebtors 2024 2023 Trade debtors 3,103 7,723 3,483 1,964 17.965 806 Prepayments Accrued income Other debtors 10,826 24,218 18 Cash and cash equlvalents 2024 2023 C3sh on hand 2,395 438.410 Cash at bank 529.239 529.239 440.805 19 Creditors: amounts falling due within one year 2024 2023 Bank loans Trade creditors 40,231 28,271 15,154 1,798 68.569 40,231 4,424 15,318 1.437 32.002 Other taxation and soclal security Other creditors Accruals 154,023 93.412 20 Creditors: amounts falllng due after one year 2024 2023 Bank loans 942,915 391.936 Page 27
Love Withington Baths Notes to the Financial Statements for the Year Ended 31 March 2024 21 Penslon and other schemÈs Deflned contrlbutlon penslon scheme The chaiity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £8,29812023 £7.2641. 22 Funds 831ancÈ at 31 March 2024 Balance at I Aprll 2023 Incomlng resources Resources expended Transfers Unrestrlcted funds General General funds 2,094,662 1,472,995 11,268.3271 205,627 2,504,957 Restrlcted funds Heritage Lottery Fund 205,627 1205,6271 Total funds 2,094,662 1,678,622 11,268,327) 2,504,957 Balance at 31 March 2023 Balance at I Aprll 2022 Incomlng resources Resources expended Transfers UnréstrScted funds General General funds 1,099.912 1,291,737 1909,9791 612.992 2,094,662 Restricted Heritage Lottery Fund 612,992 1612,9921 Total funds 1,099,912 1,904,729 1909.9791 2,094,662 The specific purposes for whlch the funds are to be applied are as follows.. National Lottery Heritage Fund - Grants are received from the Heritage Fund specifically for the repairs and refurbi5hrnent of Withington 8aths. Page 28
Love Withlngton Baths Notes to the Financial Statements for the Year Ended 31 March 2024 23 Analysis of net a55ets between funds Restrlcted funds Unrestricted funds General Total fund5 at 31 March 2023 Restricted funds Tangible fixed assets Current assets 2,113,278 465,710 193,412) 1391.936) 2,113.278 465,710 193,4121 1391,9361 Current Ilabllltles Creditors over l year Total net a55et5 2.093.640 2,093.640 24 Analysis of nèt funds At 31 March 2024 At l April 2023 Cash at bank and In hand 440.805 440,805 Net debt 440,805 Flnancing cash flows 440,805 At 31 March 20Z3 At l April 2022 Cash at bank and in hand 658,698 121S,824) 442,874 Net debt 6S8,698 1215,8241 442,874 Page 29
Love Withington Baths Notes to the Financial Statements for the Year Ended 31 March 2024 25 Related party transactlons Durlng the year the charlty made the followlng related party transactions: Davld Payne (David Payne is a trustee) David Payne is provlding proJect managementlplannlng work Re Wlthlngton Baths refurblshment & transformatlon project in a profe551onal capacity. During the year he h35 been paid £4,38812023 - £3,881) for servlce5 Supplied. At the balance Sheet date the amount due tolfrom Oavid Payne was £NII12023 - £NIII. Glalsyers Iwllllam Plnnock, the company secretary, 15 a partner at the above flrni of 5011cltor51 Legal servlces have been provlded to the charlty durin8 the year. Amount5 pald to Glaisyers In the year are £NII I 2023- £NIII. At the balance sheet date the amount due tolfrom Glaisyer5 Vlas £NII12023 - £NIII. Mr Dennls Anthonyshannon (Dennis Shannon is a Director) Mr Dennls Shannon recelved remuneratlon of £57.907 {2023: £49.2741 durln8 the year. At the balance sheer date the amount due tolfrom Mr Oenn15 Anthony Shannon was £Nil {2023- £NIII. Page 30