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← Saltdean Lido Trust

2024-12-31-accounts

Docusign Envelope ID: 78667784-65CA-439E-9BD6-A2C367DBF601

Charity number: 1173503

Saltdean Lido Trust

Trustees' report and consolidated financial statements For the year ended 31 December 2024

Docusign Envelope ID: 78667784-65CA-439E-9BD6-A2C367DBF601

Saltdean Lido Trust

Contents

Page
Reference and administrative details of the parent charity, its Trustees and advisers 1
Trustees' report 2 - 5
Independent auditors' report on the financial statements 6 - 8
Consolidated statement of financial activities 9
Consolidated balance sheet 10
Parent charity balance sheet 11
Consolidated statement of cash flows 12
Notes to the financial statements 13 - 27

Docusign Envelope ID: 78667784-65CA-439E-9BD6-A2C367DBF601

Saltdean Lido Trust

Reference and administrative details of the parent charity, its Trustees and advisers For the year ended 31 December 2024

Trustees D Leaver
D Bailey
P Shepherd
D Chester
S Horrox
K Tong (appointed 7 August 2024)
P Haslam (appointed 26 May 2025)
M Brophy (appointed 28 July 2025)
Charity registered
number
1173503
Principal office
c/o Kreston Reeves
9 Donnington Park
Chichester
West Sussex
PO20 7AJ
Independent auditors
Lewis Brownlee (Chichester) Limited
Chartered Accountants
Appledram Barns
Birdham Road
Chichester
West Sussex
PO20 7EQ
Bankers
HSBC PLC
1 Warwick Street
Worthing
West Sussex
BN11 3DE

Page 1

Docusign Envelope ID: 78667784-65CA-439E-9BD6-A2C367DBF601

Saltdean Lido Trust

Trustees' report For the year ended 31 December 2024

The Trustees present their annual report together with the audited financial statements of the Group and the parent charity for the period 1 January 2024 to 31 December 2024. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Objectives and activities

a. Policies and objectives

The Trust’s charitable aims and objectives are set out in its constitution, agreed by the Board of Trustees on 21 June 2017. The Trust was registered with the Charity Commission on the 21 June 2017 (Charity Number 1173503).

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Strategies for achieving objectives

The Trust’s strategy is to raise funds from organisations and individuals that support charitable causes associated with historic buildings, sporting activities and local communities, and grant those funds, when required, to it's not-for-profit trading subsidiary (“the CIC”) to execute a programme of work that further the aims of the Trust. The CIC operates the building and pool with the aim of running it on a basis which provides at least sufficient return to provide for future maintenance of the site, after allowing for income from the Trust.

The aim of the above is to create a self-sustaining business model that creates funds for the ongoing preservation of the Lido in line with the underlying charitable objectives, whilst in doing so fulfilling the Trust’s community, heritage and educational objectives.

c. Activities undertaken to achieve objectives

The building refurbishment was completed and the building fully opened for business during the reporting period and is widely used by the local community, with a library, gym, café and function spaces. The Trust made grants to the CIC to distribute certain restricted and designated funds for use with their intended purpose on the refurbishment project. The pool continues to be used by thousands of visitors each year. The library is a well used community facility and the building incorporates interactive heritage displays which further the educational aims of the Trust.

The Trust and CIC are well supported by a large team of volunteers, who help with a wide variety of tasks including running events, gardening, facilities and manning reception. It is not practicable to measure volunteer hours, but there are approximately 99 volunteers involved in these tasks.

d. Public Benefit

In accordance with our duties as stated in section 17(5) of the 2011 Charities Act, we have considered the guidance provided by the Charity Commission in regard to public benefit. This public benefit has been demonstrated by the activities undertaken since the inception of the charity outlined in the ‘Activities’ section above.

Page 2

Docusign Envelope ID: 78667784-65CA-439E-9BD6-A2C367DBF601

Saltdean Lido Trust

Trustees' report (continued) For the year ended 31 December 2024

Achievements and performance

a. Main achievements of the parent charity

During 2024 the Trust received donations in support of its aims and distributed funds to the CIC to complete the refurbishment of the building. The CIC completed major restoration works on the main Saltdean Lido building which opened for business during the reporting period. This represented a historic milestone in the life of the Trust, being one of its key objectives and reasons for existence.

The CIC has evolved into a fully operational small business, with around 12 employees and trading revenue of around £0.7m in 2024 arising from less than a full year of activity. The Trustees consider that the Trust is now well placed, in conjunction with the CIC, to build on the initial opening and establish the building and pool as an ongoing not for profit business operation.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the parent charity and group have adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

Saltdean Lido Trust operates through a group structure, with significant activities and reserves held by its wholly owned subsidiary Saltdean Lido CIC. While the CIC’s reserves are unrestricted, they are held within a separate legal entity and may be subject to operational constraints. The trustees have assessed the availability of these funds for group purposes and consider them accessible for supporting the charity’s objectives.

The Trustees have a policy to retain minimum free reserves within the parent charity equal to expected overheads for 12 months (currently estimated at £8,000) to ensure future sustainability.

Unrestricted general reserves in the parent charity alone at 31 December 2024 totalled £118,445 (2023 - £321,555). The reserves in excess of the minimum will be used to further the objectives of the Trust. The trustees consider the Trust to be operating in line with the reserves policy.

The CIC had reserves at 31 December 2024 totalling £8,957,208 (2023 - £7,877,380), these reserves are held for continuing operations in accordance with its ongoing social purpose.

c. Financial Review

The Trust reports total consolidated income (i.e. including that of the CIC as converted to charitable accounting standards) for the year ended 31 December 2024 of £2,292,862 (2023 - £2,651,284). This comprised a mix of trading income and grants receivable in both years.

The expenditure is primarily associated with the trading of the CIC, with the largest components being utilities and salaries. The past and future trajectory of utility costs remains a trading risk.

On consolidation a number of consolidation adjustments have been made in respect of the CIC accounting treatment of grant income. Under FRS 102 the grants received in relation to the restoration of the Lido were deferred within the CIC's accounts and released in line with depreciation of the Lido. However, under the Charities SORP, the basis on which the groups' consolidated accounts are prepared, requires the grants to be recognised as income on a receivable basis.

Page 3

Docusign Envelope ID: 78667784-65CA-439E-9BD6-A2C367DBF601

Saltdean Lido Trust

Trustees' report (continued) For the year ended 31 December 2024

d. Risk Management

The Board of Trustees holds overall responsibility for risk management for the organisation and periodically receives risk assessments from the CIC and reviews the major risks to which the charity itself is exposed. Consequently and where appropriate, systems or procedures have been established to manage the risks that the Charity and the CIC face.

The significant risks and uncertainties associated with the Charity and CIC include: - Financial (trading performance, trading partner performance, and funding requirements)

These risks are managed by appropriate controls, mitigating measures and contingency plans.

Structure, governance and management

a. Constitution

Saltdean Lido Trust is a registered charity, number 1173503, and is constituted under a Trust deed.

b. Methods of appointment or election of Trustees

The management of the Group and the parent charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. New Trustees receive guidance on Trustee responsibilities.

c. Organisational structure

During the period, the Board of Trustees consisted of the following individuals:

D Chester S Horrox P Shepherd D Bailey D Leaver K Tong

Since the end of the reporting period further Trustees have joined the Board as listed on page 3. The Board members, who are all volunteers, come from a wide variety of backgrounds and possess skills that are relevant to the work of the organisation.

d. Governance

The Trust is run by the Board of Trustees. The Trustees take key decisions at Trustee meetings, if necessary by majority vote, and for anything time sensitive by electronic communication between Trustees. The Board has access to external legal and financial advice were it to be required.

The CIC has a separate Board of Directors. As at the date of signature the Trustees and Directors are separate groups of people, other than the Chair who is common to both organisations.

As set out in “Objectives and Activities” above, the parent charity raises funds to support the CIC, collaborating with the CIC on funding requirements and funding bids, and the CIC operates the building and pool with the aim of delivering on the charitable objectives of the CIC within the constraints of creating a financially sustainable business model after allowing for income from the parent charity.

Page 4

Docusign Envelope ID: 78667784-65CA-439E-9BD6-A2C367DBF601

Saltdean Lido Trust

Trustees' report (continued) For the year ended 31 December 2024

Structure, governance and management (continued)

e. Financial risk management

The Trustees have assessed the major risks to which the Group and the parent charity are exposed, in particular those related to the operations and finances of the Group and the parent charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Plans for future periods

The charity plans on continuing the activities outlined above in the forthcoming years subject to satisfactory funding arrangements. The CIC is expected to continue to operate the Lido in ways that balance the need to create revenue for financial sustainability, and for social benefit of the community, taking into account the experiences of the first year of operating as a trading business.

Statement of Trustees' responsibilities

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 to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Group and the parent charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the parent charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the parent charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Group and the parent charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees and signed on their behalf by:

................................................ [DreC164684F272A459...by: D Leaver (Trustee)

Date: 30 October 2025 | 23:19 GMT

Page 5

Docusign Envelope ID: 78667784-65CA-439E-9BD6-A2C367DBF601

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF

SALTDEAN LIDO TRUST

Opinion

We have audited the financial statements of Saltdean Lido Trust (the 'parent charity) and it’s subsidiary company (the ‘group’) for the year ended 31[st] December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 fulfilled 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 opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other matters

The prior year financial statements and therefore the corresponding figures, being the year ended 31 December 2023, were not audited.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the group financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement in the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Page 6

Docusign Envelope ID: 78667784-65CA-439E-9BD6-A2C367DBF601

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF SALTDEAN LIDO TRUST

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charity’s and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees Responsibilities, the trustees are responsible 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 group financial statements, the Trustees are responsible for assessing the group and parent charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the group and parent charity or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors 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 (UK) 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 detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is listed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

Page 7

Docusign Envelope ID: 78667784-65CA-439E-9BD6-A2C367DBF601

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF SALTDEAN LIDO TRUST

Our responsibilities for the audit of the financial statements

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

[ nis Brower CUichestur) limited

Lewis Brownlee (Chichester) Limited Statutory Auditors Appledram Barns Birdham Road Chichester West Sussex PO20 7EQ 31 October 2025 | 05:15 PDT Date: ………………………………………………………

Page 8

Docusign Envelope ID: 78667784-65CA-439E-9BD6-A2C367DBF601

Saltdean Lido Trust

Consolidated Statement of financial activities For the year ended 31 December 2024

Note
Income from:
Donations and legacies
3
Other trading activities
4
Interest income
5
Total income
Expenditure on:
Raising funds:
6
Other trading expenses
Raising funds
Charitable activities
7
Total expenditure
Net income before taxation
Taxation
13
Net income after taxation
Transfers between funds
17
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2024
£
12,216
2,275,565
5,081
2,292,862
1,413,526
216
18,191
1,431,933
860,929
(7,011)
853,918
6,215,952
7,069,870
2,005,783
7,069,870
9,075,653		 Restricted
funds
2024
£
-
-
-
-
-
-
-
-
-
-
-
(6,215,952)
(6,215,952)
6,215,952
(6,215,952)
-		 Total
funds
2024
£
12,216
2,275,565
5,081
2,292,862
1,413,526
216
18,191
1,431,933
860,929
(7,011)
853,918
-
853,918
8,221,735
853,918
9,075,653		 Total
funds
2023
£
88,685
2,555,760
6,839
2,651,284
615,579
216
7,928
623,723
2,027,561
2,517
2,030,078
-
2,030,078
6,191,657
2,030,078
8,221,735

Page 9

Docusign Envelope ID: 78667784-65CA-439E-9BD6-A2C367DBF601

Saltdean Lido Trust

Consolidated balance sheet As at 31 December 2024

2024 2024 2023
Note £ £
Tangible assets 14 8,618,106 7,838,827
8,618,106 7,838,827
Current assets
Debtors 15 190,682 31,816
Cash at bank and in hand 878,257 1,110,185
1,068,939 1,142,001
Current liabilities
Creditors: amounts falling due within one
year 16 (611,392) (759,093)
Net current assets 457,547 382,908
Total net assets 9,075,653 8,221,735
Charity funds
Restricted funds 17 - 6,215,952
Unrestricted funds 17 9,075,653 2,005,783
Total funds 9,075,653 8,221,735

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

C DocuSigned by:

................................................ C164684F272A459...

D Leaver

(Trustee)

Date: 30 October 2025 | 23:19 GMT

The notes on pages 13 to 27 form part of these financial statements.

Page 10

Docusign Envelope ID: 78667784-65CA-439E-9BD6-A2C367DBF601

Saltdean Lido Trust

Parent charity balance sheet As at 31 December 2024

2024 2023
Note £ £
Current assets
Debtors 15 2,019 2,352
Cash at bank and in hand 129,086 345,539
131,105 347,891
Current liabilities
Creditors: amounts falling due within one
year 16 (12,660) (3,536)
Net current assets 118,445 344,355
Total net assets 118,445 344,355
Charity funds
Restricted funds 17 - 22,800
Unrestricted funds 17 118,445 321,555
Total funds 118,445 344,355

The parent charity's net movement in funds for the year was £(225,910) (2023 - £(112,620)).

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................ C C164684F272A459...DocuSigned by:

D Leaver

(Trustee) Date: 30 October 2025 | 23:19 GMT

The notes on pages 13 to 27 form part of these financial statements.

Page 11

Docusign Envelope ID: 78667784-65CA-439E-9BD6-A2C367DBF601

Saltdean Lido Trust

Consolidated statement of cash flows
For the year ended 31 December 2024
Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 13 to 27 form part of these financial statements		 2024
£
1,401,190
5,081
(1,638,199)
(1,633,118)
(231,928)
1,110,185
878,257		 2023
£
3,093,862
6,839
(3,158,284)
(3,151,445)
(57,583)
1,167,768
1,110,185

Page 12

Docusign Envelope ID: 78667784-65CA-439E-9BD6-A2C367DBF601

Saltdean Lido Trust

Notes to the financial statements For the year ended 31 December 2024

1. General information

Saltdean Lido Trust is registered as a charitable incorporated organisation, registered in England and Wales. The charitable incorporated organisation's registered number and registered office address can be found on the Legal and Administrative information page. The princpal place of business is Saltdean Park Road, The Oval Park, Brighton, BN2 8SP.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Saltdean Lido Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The consolidated statement of financial activities (SOFA) and consolidated balance sheet leave the financial statements of the Group and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The financial statements are prepared in sterling, which is the functional currency of the Group. Monetary amounts in these financial statements are rounded to the nearest £.

2.2 Going concern

The Trustees assess whether the going concern basis is appropriate and whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. Having reviewed the revised future projected cash flows, the Trustees have a reasonable expectation that the charity has adequate resources to continue its activities for the foreseeable future. The Trustees have considered the level of reserves held and the expected level of income and expenditure for a period of twelve months from finalisation of these financial statements. Therefore the Trustees continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Trustees’ responsibilities.

Page 13

Docusign Envelope ID: 78667784-65CA-439E-9BD6-A2C367DBF601

Saltdean Lido Trust

Notes to the financial statements For the year ended 31 December 2024

2. Accounting policies (continued)

2.3 Income

All income is recognised once the parent charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the parent charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the parent charity, can be reliably measured.

Grants are included in the Consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Taxation

The parent charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable incorporated organisation for UK corporation tax purposes. Accordingly, the parent charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

The subsidiary, a Community Interest Company (CIC), is subject to corporation tax. Therefore, appropriate disclosures have been brought in to reflect the subsidiary’s tax position.

Page 14

Docusign Envelope ID: 78667784-65CA-439E-9BD6-A2C367DBF601

Saltdean Lido Trust

Notes to the financial statements For the year ended 31 December 2024

2. Accounting policies (continued)

2.7 Tangible fixed assets and depreciation

Tangible fixed assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

Long leasehold and - shorter of lease and life of asset
improvements
Plant and machinery - over 5 years
Computer equipment - over 5 years
Assets under construction - no depreciation

2.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.9 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the parent charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.

2.11 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Page 15

Docusign Envelope ID: 78667784-65CA-439E-9BD6-A2C367DBF601

Saltdean Lido Trust

Notes to the financial statements For the year ended 31 December 2024

2. Accounting policies (continued)

2.12 Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

2.13 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

3. Income from donations and legacies

Unrestricted
funds
2024
£
Donations
12,216
Unrestricted
funds
2023
£
Donations
8,549
Legacies
80,136
88,685		 Total
funds
2024
£
12,216
Total
funds
2023
£
8,549
80,136
88,685

Page 16

Docusign Envelope ID: 78667784-65CA-439E-9BD6-A2C367DBF601

Saltdean Lido Trust

Notes to the financial statements For the year ended 31 December 2024

4. Income from other trading activities

Income from non charitable trading activities

Turnover
Other operating income
Interest receivable
Turnover
Other operating income
Interest receivable		 Unrestricted
funds
2024
£
787,447
1,476,799
11,319
2,275,565
Unrestricted
funds
2023
Restricted
funds
2023
£
£
117,331
-
282,631
2,151,893
3,905
-
403,867
2,151,893		 Total
funds
2024
£
787,447
1,476,799
11,319
2,275,565
Total
funds
2023
£
117,331
2,434,524
3,905
2,555,760

5. Interest income

Unrestricted
funds
2024
£
Bank interest
5,081
Unrestricted
funds
2023
£
Bank interest
6,839		 Total
funds
2024
£
5,081
Total
funds
2023
£
6,839

Page 17

Docusign Envelope ID: 78667784-65CA-439E-9BD6-A2C367DBF601

Saltdean Lido Trust

Notes to the financial statements For the year ended 31 December 2024

6. Expenditure on raising funds

Fundraising trading expenses

Unrestricted
funds
2024
£
Fundraising costs
216
Unrestricted
funds
2023
£
Fundraising costs
216
Other trading expenses
Unrestricted
funds
2024
£
Cost of sales
214,727
Administrative expenses
961,184
Staff costs
237,615
1,413,526		 Total
funds
2024
£
216
Total
funds
2023
£
216
Total
funds
2024
£
214,727
961,184
237,615
1,413,526
Cost of sales
Administrative expenses
Staff costs		 Unrestricted
funds
2023
£
79,400
282,013
80,268
441,681		 Restricted
funds
2023
£
-
173,898
-
173,898		 Total
funds
2023
£
79,400
455,911
80,268
615,579

Page 18

Docusign Envelope ID: 78667784-65CA-439E-9BD6-A2C367DBF601

Saltdean Lido Trust

Notes to the financial statements For the year ended 31 December 2024

7. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2024
£
Restoration and preservation of the Saltdean Lido
18,191
Unrestricted
funds
2023
£
Restoration and preservation of the Saltdean Lido
7,928		 Total
2024
£
18,191
Total
2023
£
7,928

8. Analysis of expenditure by activities

Restoration and preservation of the Saltdean Lido
Restoration and preservation of the Saltdean Lido		 Activities
undertaken
directly
2024
£
2,786
Activities
undertaken
directly
2023
£
443		 Support
costs
2024
£
15,405
Support
costs
2023
£
7,485		 Total
funds
2024
£
18,191
Total
funds
2023
£
7,928

Page 19

Docusign Envelope ID: 78667784-65CA-439E-9BD6-A2C367DBF601

Saltdean Lido Trust

Notes to the financial statements For the year ended 31 December 2024

8. Analysis of expenditure by activities (continued)

Analysis of support costs

Insurance
Governance costs
Insurance
Governance costs
9.
Auditors' remuneration
Fees payable to the Charity's auditors for the audit of the Charity's annual
accounts
10.
Accountants' remuneration
Fees payable to the Charity's independent examiner for the independent
examination of the Charity's annual accounts
All other services not included above		 Activities
2024
£
4,591
10,814
15,405
Activities
2023
£
4,294
3,191
7,485
2024
£
14,000
2024
£
-
7,214		 Total
funds
2024
£
4,591
10,814
15,405
Total
funds
2023
£
4,294
3,191
7,485
2023
£
-
2023
£
2,500
2,942

Page 20

Docusign Envelope ID: 78667784-65CA-439E-9BD6-A2C367DBF601

Saltdean Lido Trust

Notes to the financial statements For the year ended 31 December 2024

11. Staff costs

Group Group
2024 2023
£ £
Wages and salaries 220,393 77,074
Social security costs 14,176 1,887
Contribution to defined contribution pension schemes 3,046 1,307
237,615 80,268
The average number of persons employed by the parent charity during the year was as follows:
Group Group
2024 2023
No. No.
Employees 9 2

No employee received remuneration amounting to more than £60,000 in either year.

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).

During the year ended 31 December 2024, no Trustee expenses have been incurred (2023 - £NIL).

13. Taxation

Corporation tax
Total current tax
Deferred tax
Origination and reversal of timing differences
Total deferred tax
Taxation on net income		 2024
£
-
7,011
7,011
7,011		 2023
£
-
(2,517)
(2,517)
(2,517)

The tax charge for the group relates souly to deferred tax in relation to the CIC.

Page 21

Docusign Envelope ID: 78667784-65CA-439E-9BD6-A2C367DBF601

Saltdean Lido Trust

Notes to the financial statements For the year ended 31 December 2024

14. Tangible fixed assets

Group

Cost or valuation
At 1 January 2024
Additions
Transfers between classes
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Long
leasehold and
improvements
£
2,670,283
41,515
7,287,207
9,999,005
1,227,762
299,703
1,527,465
8,471,540
1,442,521		 Plant and
machinery
£
326,208
115,043
-
441,251
290,697
20,128
310,825
130,426
35,511		 Computer
equipment
£
23,641
2,075
-
25,716
4,601
4,975
9,576
16,140
19,040		 Assets under
construction
£
6,341,755
945,452
(7,287,207)
-
-
-
-
-
6,341,755		 Total
£
9,361,887
1,104,085
-
10,465,972
1,523,060
324,806
1,847,866
8,618,106
7,838,827

The Trustees have given consideration to the carrying value of the Charity's fixed assets and deem that the market value does not significantly differ from the carrying value.

15. Debtors

Due after more than one year
Other debtors
Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 Group
2024
£
-
-
45,839
69,621
75,222
190,682		 Group
2023
£
7,011
7,011
1,005
18,968
4,832
31,816		 Charity
2024
£
-
-
-
-
2,019
2,019		 Charity
2023
£
-
-
-
-
2,352
2,352

Page 22

Docusign Envelope ID: 78667784-65CA-439E-9BD6-A2C367DBF601

Saltdean Lido Trust

Notes to the financial statements For the year ended 31 December 2024

16. Creditors: Amounts falling due within one year

Trade creditors
Amounts owed to group undertakings
Other creditors
Accruals and deferred income
Deferred income at 1 January 2024
Resources deferred during the year
Amounts released from previous periods		 Group
2024
£
244,977
-
84,100
282,315
611,392		 Group
2023
£
41,278
-
84,476
633,339
759,093		 Charity
2024
£
3,120
-
-
9,540
12,660
Group
2024
£
5,300
28,125
(5,300)
28,125		 Charity
2023
£
-
1,036
-
2,500
3,536
Group
2023
£
-
5,300
-
5,300

Deferred income in 2024 and 2023 relates to customer bookings and annual gym memberships.

Page 23

Docusign Envelope ID: 78667784-65CA-439E-9BD6-A2C367DBF601

Saltdean Lido Trust

Notes to the financial statements For the year ended 31 December 2024

17. Statement of funds

Statement of funds - current year

Unrestricted funds
Designated funds
Lido building
General funds
General Funds
Total Unrestricted funds
Restricted funds
Restoration of Saltdean Lido
Total of funds		 Balance at 1
January
2024
£
310,000
1,695,783
2,005,783
6,215,952
8,221,735		 Income
£
-
2,292,862
2,292,862
-
2,292,862		 Expenditure
£
-
(1,438,944)
(1,438,944)
-
(1,438,944)		 Transfers
in/out
£
(202,000)
6,417,952
6,215,952
(6,215,952)
-		 Balance at
31
December
2024
£
108,000
8,967,653
9,075,653
-
9,075,653

Restricted Funds

Restoration of Saltdean Lido - This is for use towards the restoration of Saltdean Lido.

The charity has met the restricted conditions of the grants and donations by completing the renovation of the pool and buildings and therefore it is considered appropriate to transfer these to unrestricted reserves.

Designated Funds

Lido building - This is to support the funding requirements of the main project of restoration, preservation and operation of the Saltdean Lido.

Page 24

Docusign Envelope ID: 78667784-65CA-439E-9BD6-A2C367DBF601

Saltdean Lido Trust

Notes to the financial statements For the year ended 31 December 2024

17. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Designated funds
Lido building
General funds
General Funds
Total Unrestricted funds
Restricted funds
Restoration of Saltdean Lido
Total of funds		 Balance at
1 January
2023
£
225,000
1,728,700
1,953,700
4,237,957
6,191,657		 Income
£
-
499,391
499,391
2,151,893
2,651,284		 Expenditure
£
-
(447,308)
(447,308)
(173,898)
(621,206)		 Transfers
in/out
£
85,000
(85,000)
-
-
-		 Balance at
31
December
2023
£
310,000
1,695,783
2,005,783
6,215,952
8,221,735

Restricted Funds

Restoration of Saltdean Lido - This is for use towards the restoration of Saltdean Lido.

Designated Funds

Lido building - This is to support the funding requirements of the main project of restoration and preservation of the Saltdean Lido.

Page 25

Docusign Envelope ID: 78667784-65CA-439E-9BD6-A2C367DBF601

Saltdean Lido Trust

Notes to the financial statements For the year ended 31 December 2024

18. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted
funds
2024
£
Tangible fixed assets
8,618,106
Current assets
1,068,939
Creditors due within one year
(611,392)
Total
9,075,653		 Total
funds
2024
£
8,618,106
1,068,939
(611,392)
9,075,653

Analysis of net assets between funds - prior period

Tangible fixed assets
Debtors due after more than one year
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2023
£
1,622,875
7,011
1,134,990
(759,093)
2,005,783		 Restricted
funds
2023
£
6,215,952
-
-
-
6,215,952		 Total
funds
2023
£
7,838,827
7,011
1,134,990
(759,093)
8,221,735

19. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the period (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Dividends, interests and rents from investments
(Increase) / decrease in debtors
(Decrease) / increase in creditors
Revaluation of building
Net cash provided by operating activities		 Group
2024
£
853,918
324,806
(5,081)
(158,866)
(147,701)
534,114
1,401,190		 Group
2023
£
2,030,078
190,694
(6,839)
181,930
697,999
-
3,093,862

Page 26

Docusign Envelope ID: 78667784-65CA-439E-9BD6-A2C367DBF601

Saltdean Lido Trust

Notes to the financial statements For the year ended 31 December 2024

20. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 Group
2024
£
878,257
878,257		 Group
2023
£
1,110,185
1,110,185

21. Analysis of changes in net debt

Cash at bank and in hand At 1
January
2024
£
1,110,185
1,110,185		 Cash flows
£
(231,928)
(231,928)		 At 31
December
2024
£
878,257
878,257

22. Related party transactions

There were total donations from trustees received without conditions during the period to 31 December 2024 totalling £6,000 (2023 - £NIL).

23. Principal Subsidiaries

The following was a subsidiary undertaking of the Trust:

Saltdean Lido CIC, the company registered number is 08206744.

For the year ended 31 December 2024, reporting under the Companies Act 2006, Saltdean Lido CIC presented income of £1,569,987 and expenditure of £1,406,526 resulting in a profit before tax of £163,461. Saltdean Lido presented net assets of £253,937.

The subsidiary's registered office is: C/O Kreston Reeves, 9 Donnington Park, 85 Birdham Road, Chichester, West Sussex, PO20 7AJ.

The subsidiary's principal place of business is: Saltdean Park Road, The Oval Park, Brighton, BN2 8SP.

The principal activity of the trading subsidiary is that of the preservation and operation of the Saltdean Lido.

Page 27