Charity registration number 1168906 (England and Wales) ST NEOTS AQUATIC AND LEISURE CIO ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
ST NEOTS AQUATIC AND LEISURE CIO LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr M H Marks MBE CEng Cmgr Ms J L Drennan Ms E J Speed Mr L E Fitch Mr I PTaylor Ms Allison Schonder Ms K Dundas-Todorov Charity number (England and Wales) 1168906 Principal address 66 Wren Walk Eynesbury St Neots Cambridgeshire PE19 2GE Independent examiner Kinnaird Hill Brunel House 1 Archers Court Huntingdon Cambridgeshire PE29 6XG Bankers Lloyds Bank plc Lloyds Bank plc Commercial Banking PO Box 1000 BX1 1LT Natwest Bank plc 37 High Street St Neots Cambs PE19 1BP
ST NEOTS AQUATIC AND LEISURE CIO CONTENTS Page Trustees report Slalement of Trustees responsibilities Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 8-15
ST NEOTS AQUATIC AND LEISURE CIO TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report and financial statements for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1.1 lo the financial statements and comply with the Charity's Constitution, the Charities Act 2011 and "Accounting and Reporting by Charities.. Slatemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 January 2019)" Objectives and activities The Charity's object is to promote for the benefit of the inhabitants of Sl Neots and the surrounding area. the provision of facililies for recreation. in particular aquatic facilities 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 improving the condition of life of the said inhabitants. In setting objectives and planning for aclivilies, the Trustees have give due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. running a charity (PB2)'. The charity has three main activities.. It provides a lease to the Ten-Pin Bowling Centre which already operates on the site. It is developing plans for a splash park and Cafélcommunity building on the site of the old outdoor pool site. It is working with various parties in the hope of building a viable swimming pool on the site. Achievements and perfomiance The lease of land to the Eat 'n' Bowl for the Ten-Pin Bowling Centre continued throughout the year. The full Splash Park Site plans have now received Planning Permission from Huntingdon District Council {HDC}. The CIO have continued the ongoing discussions with St Neols Town Council lo obtain the necessary financial support to cover consliuction costs. The CIO has entered into a short term lease with HDC to allow the stte to be used lo enable other works to improve the town centre. After clarification legal work supplemental deed has been signed beeen the St Neots Town Council and the CIO confirming the full transfer of Ihe Land and associated assets to the CIO. Therefore, the CIO is the custodian trustee lor St Neots Swimming Pool Trust and, in accordance with the terms of the Charity Commission Scheme applicable to St Neots Swimming Pool Trust, the land continue5 to be a permanently endowed asset following its transfer for Sl Neots Aquatic and Leisure CIO.
ST NEOTS AQUATIC AND LEISURE CIO TRUSTEES REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Financial review Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that Ihe chartty has adequate resources to continue in operational existence for the foreseeable future. The St Neots Town Council have formally voted to 'ring fence. the £650,000.00 CIL money requested by the CIO with a number of legal caveats having to be completed before release can be approved. Ithhilst working with the St Neots Town Council to complete the steps required, the CIO leased the land to HDC so that the Market Square project could use the site for the Prime contractorfs to store building materials and operate a site management office. There are 4 benefits to this activity being permitted.. 1. The CIO will receive £3000.00 per month in rental income. d. The CIO is enabling the wider St Neots Town Centre improvement Project. HDC are completing the work and planning permission lo establish a permanent second access to the sile. The CIO can dictate the standard that the sile is left in when the Prime Contractor leaves the site. Resewes policy The trustees are continuing seeking financial support to fund the proposed swimming pool through other means. There are minimal operating costs at the present time. and all funds generated from the rent of the sile to Eat 'n' Bowl and the lease of Ihe site to HDC are being added to the general resee. Fundraising The charity has via the short term lease to HDC raised additional funds during the period. Grants and donations continue to be sought for the future development of the site. There is no intention to use professional fundraisers at the present time. Structure, governance and management Constitution St Neots Aquatic and Leisure CIO is a registered charity, number 1168906, and is constituted under a Trust deed. The Trustees who Seed during the year and up to the date of signature of the financial statements were.. Mr M H Marks MBE CEng Cmgr Ms J L Drennan Ms E J Speed Mr L E Fitch Mr I P Taylor MsAllison Schonder Ms K Dundas-Todorov Methods of appointment or election of Trustees The charity's constitution, the CIO Foundalion document, initially required the charily to have a minimum of 3 and maximum of 12 trustees. wilh at least one trustee being over 18 years of age. Sl Neots Town Council was able to appoint up to 3 trustees. with each appointment being for a lem of 3 years. In December 2018, the trustees agreed to amend the charily's constitutions so that, for up to nine trustees not appointed by St Neots Town Council, there should be one representative from St Neots Town Council. Trustees can be re-appointed for three consecutive terms and may not be re-appointed for a fourth consecutive term, but they may be reappointed after an interval of at least one year. The charity's trustees have been appoinled in order lo establish the range of skills required to oversee and manage Ihe proposed development of the new facilities.
ST NEOTS AQUATIC AND LEISURE CIO TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Organisational structure and decisionwmaking pollcles The trustees meet regularly to discuss the charivs plans for the future and to take n8Ges$ary decisions to enable the development of the charity's facilities. Oecisions may be taken either: lal at a meeting of the charity trustees; or Ibl by resolution in writing or electronic fom agreed by all tnjstees. which may comprise either a single document or several documents containing Ihe test of the resolution in like form tr) each of which one or more Irustees h8S signified their agreement. Policies adopted fof the induction and training of Trustees The charivs constitution, the CIO Foundation document, reqUIS the Charity to make available to new trustees, on or before his or her first appoinlment: lal a Copy of Éhe current version of the constitution (b} a copy of the CIO'S latest Trustees, Annual Report and statement of accounts Financial rlsk management The trustees have assessed the major risks to which the charity is exposed. in particular those related to the operations and fInanS of the charity. and are satisfied that systems and procedures are in place to mitigate our exposur8 to the major risks. Plans for future periods The trustees continue io work on plans for the development of a new swimming pool and splash park at the site on Huntingdon Street. St Neols. The Trust report was pproved by the Board of Trustees. Mr M H Marks MBE CEng Cmgr Trustee MrlPT8 Trustee or Date: .....
ST NEOTS AQUATIC AND LEISURE CIO STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that year. In preparing these financial statements. the Trustees are required to- select suitable accounting policies and then apply them conslstently., observe the methods and principles in Ihe Charities SORP.. make judgements and estimates thal are reasonable and prudent: state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial stalemenls on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping sufficienl accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial slatements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Irusl deed. They are also responsible for safeguarding the assels of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
ST NEOTS AQUATIC AND LEISURE CIO INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ST NEOTS AQUATIC AND LEISURE CIO I report to the Trustees on my examination of the financial statements of Sl Neols Aquatic and Leisure CIO (the Charity) for the year ended 31 December 2024. Responsibilities and basis of report As the Trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011. I report in respect of my examination of the Charity's financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent exarninerfs statement Your attention is drawn to the fact that the charity has prepared the financial statemenls in accordance with the relevant version of the Slalement of Recommended Practice applicable lo charities preparing Iheir financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) in preference to the Accounting and Reporling by Charities- Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. l understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Praclice. I have completed my examinalion. I confirm thal no matters have come to my attention in connection with the examination giving me cause to believe that in any material respecl.. accounting records were not kept in respect of the Charity as required by section 130 of the Charities Act 2011. the financial statements do nol accord with those records., or the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in Ihe Charilies (Accounts and Reports) Regulations 2008 other than any requirement that Ihe financial statements give a true and fair view, which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection wilh the examination to which attention should be drawn in this report in order to enable a proper understsnding of the financial statements to be reached. LJ JQQL Kinnaird Hill Brunel House 1 Archers Court Hunlingdon Cambridgeshire PE29 6XG Date: 101,.12)1rf
ST NEOTS AQUATIC AND LEISURE CIO STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Endowment funds funds 2024 2024 Total Unrestricted Endovmient funds funds 2023 2023 Total 2024 2023 Notes Income and endowments from: Donations and legacies Charitable activities Investments Other income 62 12,231 2,230 62 12,231 2,230 42,777 4.081 289 42,777 4,081 289 Total income 47,147 47,147 14,523 14,523 Expenditure on: Charitable activities Other expenditure 2,377 2,377 2,212 2.212 Total expenditure 2,377 2,377 2,212 2,212 Net income and movement in funds 44,770 44,770 12,311 12,311 Reconciliation of funds: Fund balances at 1 January 2024 193,373 1.000,000 1.193.373 181,062 1.000.000 1,181,062 Fund balances at 31 December 2024 238,143 1,000,000 1.238,143 193.373 1,000,000 1,193.373 The statement of financial activities includes all gains and losses recognised in the year. All income and expendilure derive from continuing activities. The notes on page5 8 to 15 form part of these financial statements.
ST NEOTS AQUATIC AND LEISURE CIO BALANCE SHEET ASAT31 DECEMBER 2024 2024 2023 Notes Flxed assets Tangible assets 13 1,001,936 1.001,936 Current assets Debtors Cash at bank and in hand 14 64,68g 177,277 55,681 139.039 241.966 194,720 Credltors: amounts falllng due wllhln one year 15 15.759) (3,283) Not current assets 236,207 191.437 Total assets less current Ilabilities 1,238.143 1,193,373 The funds of the Charity Endowment fvnds Unrestricted funds 16 17 1,000,000 238.143 1,000.000 193,373 1.238,143 1,193,373 The notes on pages 8 to 15 form part of these financial statements. The financial s ents re approved by the Trustses on ......................... Mr M H Marks MBE CEng Cmgr Trustee Trustee
ST NEOTS AQUATIC AND LEISURE CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Charity information St Neots Aquatic and Leisure CIO is a registered charity in England and Wales and operates from 66 Wren Walk, Eynesbury, St Neots, PE19 2GE 1.1 Accounting convention The financial statements have been prepared in accordance with the Charity's governing doGument, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" {"FRS 102") and the Charities SORP 'Accounling and Reporting by Charities.. Slatement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102. The Charily has tsken advantage of Ihe provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial slalements have departed from the Charilies (Accounts and Reports) Regulations 2008 only to the extenl required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statemenl of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statemenls are prepared in sterling. which is the fundional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements. the Truslees have a reasonable expectation that the Charity has adequate resources lo continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the dis¢retion of the Trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors a5 to how they may be used. The purposes and uses of the restricted funds are sel out in the notes to the financial slatements. Endowment funds are subjecl to specific conditions by donors that the capital must be maintained by the Charity. 1.4 Income Income is recognised when the Charity is legally enlitled to it afier any performance ¢onditions have been met. the amounts can be measured reliably, and it is probable Ihat income will be received. Cash donations are recognised on receipt. other donations are recognised once Ihe Charily has been notified of the donation, unless performance conditions require deferral of the amount. Legacies are recognised on receipt or othernisé if the Charity has been notified of an impending distribulion, the amount is known, and receipt is expected. If the amount is not known, the legacy is trealed a5 a contingent asset.
ST NEOTS AQUATIC AND LEISURE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) Income under the 125 year lease is recognised over the period of the lease and is included in charitable activities. 1.5 Expenditure Expenditure is recognised once there is a legal or conslructive obligation to transfer economic benefit lo a third party. it is probable that a transfer of economic benefils will be required in settlement. and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly lo 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 the use of resources. Central staff costs are allocated on the basis of time spent, and deprecialion charges are allocated on Ihe portion of the asset's use. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Freehold land not depreciated The gain or10ss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is iecognised in net incomel(expenditure) for the year. 1.7 Impairment of fixed assets At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication Ihal those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is eslimated in order to determine the extent of the impairment loss (if any). 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held at call with banks. other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafis are shown within borrowings in current liabilities. 1.9 Financial instruments The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Charitls balance sheet when the Charity becomes party to the ontractual provisions of the instrument. Financial assets and liabilities are offset. with the net amounts presenled in the financial statements. when there is a legally enforceable right to sel off the recognised amounts and there is an inlention to settle on a net basis or to realise the asset and settle the liability simultaneously.
ST NEOTS AQUATIC AND LEISURE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies {Continuedl Basic financial assets Basic financial assets, which include debtors and cash and bank balances. are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future reiptS discounted at a market rale of interest. Financial assets classified as re1vable within one year are not amortised. Basic financial liabilities Basic financial liabililies, including creditors and bank loans 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 discounled at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Derecognition of financial liabilities Financial liabilities are derecognised when the Charity's contractual obligalions expire or are discharged or ancelled. Critical accounting estimates and judgements In the application of the Charity's accounting policies, the Trustees are required to make judgement5, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumplions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these estimates. The estimates and undèrlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period. or in the period of the revision and future periods where the revision affects both Current and future periods. Income from donatlons and legacies Unrestricted Unrestricted funds funds 2024 2023 Donations and gifts 62 Charitable activities Income fromln¢ome from charitable charitsble activities activities 2024 2023 Promsion of community facilities 42,777 12,231 10
ST NEOTS AQUATIC AND LEISURE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from inveslments Unrestricted Unrestricted funds funds 2024 2023 Interest receivable 4,081 2,230 Other income Unrestricted Unrestricted funds funds 2024 2023 Other income 289 Expenditure on charitable activities other Other expenditure expenditure 2024 2023 Direct costs Insurance Legal and professional fees Bank charges 507 1,828 42 486 1,649 77 2,377 2.212 Analysis by fund Unrestricted fijnds 2.377 2,212 Support costs allocated to activities Other expenditure 2024 Total 2023 Governan¢e 1,280 525 11
ST NEOTS AQUATIC AND LEISURE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support costs allocated to activities (Continued) 2024 2023 Governance costs comprise: Independant examination fee 1,280 525 1.280 525 Net movement in funds 2024 2023 The net movement in funds is stated after ehargingl(crediting)'. Fees payable for the indepèndent examination of the charity's financial stalements 1,280 525 10 Trustees None of the Trustees lor any persons connected with them) received any remuneration or benefits from the Charity during the year. 11 Employees 2024 Number 2023 Number Total There were no employees whose annual remuneration was more than £60,000. Remuneration of key management personnel There were no remuneration of key management personnel during the year {2023- none) 12 Taxation The charily is exempt from taxation on its activilies because all its income is applied lor charitable purposes. 12-
ST NEOTS AQUATIC AND LEISURE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 Tangible fixed assets Freahold land Cost At 1 January 2024 1,001,936 At 31 December 2024 1,001,936 Carrying amount At 31 December 2024 1,001,936 At 31 December 2023 1,001,936 The freehold land is held on Trust as a permanently endowed asset to be used by the company. 14 Debtors 2024 2023 Amounts falling due withln one year: Other debtors Prepayments and accrued income 5,635 50,046 64,689 64,689 55,681 15 Creditors: amounts falling due within one year 2024 2023 Other taxation and social security Accruals and deferred income 2,078 3,681 3,283 5.759 3,283 16 Endowment funds Endowment funds represent assets which must be held permanently by the Charity. Income arising on the endowment funds can be used in accordance with the objects of the Charity and is included as unrestricted income. Any Gapital gains or losses arising on the assets form part of the fund. At 1 January 2024 At31 December 2024 Pemianent endowments 1,000,000 1,000.000 13-
ST NEOTS AQUATIC AND LEISURE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Endowment funds (Continued) Previous year: At 1 January 2023 At31 December 2023 Pemianent endowments 1,000,000 1,000,000 17 Unrestricted funds The unrestricted fund5 oflhe charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and granlors as to how they may be used. These include designaled funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 January 2024 Incoming resources Resources expended At31 December 2024 General fijnds 193.373 47,147 (2,377) 238,143 Previous year: At 1 January 2023 Incoming resources Resources expended At31 December 2023 General funds 181,062 14,523 (2,212) 193.373 18 Analysis of net assets between funds Unrestricted Endowment funds funds 2024 2024 Total 2024 At 31 December 2024: Tangible assels Current assetsl(liabilities) 1,936 236,207 1,000,000 1,001,936 236,207 238,143 1,000,000 1,238,143 14-
ST NEOTS AQUATIC AND LEISURE CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 Analysis of net assets between funds (Continued) Unrestricted Endov4Thent funds funds 2023 2023 Total 2023 At 31 December 2023: Tangible assels Current assetsl(liabilitiesl 1,936 191,437 1.000,000 1,001,936 191,437 193,373 1,000,000 1,193.373 19 Related party transactions There were no related party transactions during the year (2023- none). 15-