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2025-03-31-accounts

charity reglstration number 1203603 PENDENNIS LEISURE CIO ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDE031 MARCH 2025

PENDENNIS IE15URE CIO LEGAL AND ADMINISThATIVE INFORMATION Trustees Mr M Thomson Mr M J Woodbridge Ms G LAd3ms MrCILee Charity number 1203603 Independent examlner TC Group Vivian House Newham Road Truro Comwall. United Kingdom TRI 20P

PENDENNIS LEISURE CIO CONTEf4TS Page Trustees, report Independent examiner'5 report Statement of financial activities Balance sheet Notes to the financial statements 7-18

PENDENNIS LEISURE CIO

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The trustees present their annual report and financial statements for the year ended 31 March 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "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).

Objectives and activities

To benefit the residents of Falmouth, Penryn, Mabe and the surrounding area to advance education and to provide facilities for social welfare, recreation and leisure time. To establish and manage a community centre for activities promoted by the charity in furtherance of the above objects.

Public benefit

The Trustees have been provided with the Charity Commission Public Benefit guidelines and are reminded of them at the beginning of each Board meeting.

Significant activities

We support our community through:

• Working with a team of volunteers to run parts of the old Ships and Castles Centre as Pendennis Community Centre.

Volunteers

PENDENNIS LEISURE CID

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Achievements and performance

Significant activities and achievements against objectives

The charity took on a long lease for the leisure centre and car park from Falmouth Town Council on 11th August 2023 thereby protecting it for community use. Pendennis Community Centre opened on September 18th 2023 and is continuing to operate successfully. We currently have:

The Centre is used extensively by the community including French and Spanish classes, Line Dancing, Gong Baths, Dog Training, NHS etc.

Our strategic mission is to create a multifunctional activity centre including a public swimming pool for the benefit of local people, visitors and businesses. Our initial design feasibility study was well received by planners. It demonstrated how the redevelopment of the existing building to passivhaus standards would ensure low energy operation of the priority facilities the local community has told us it needs:

Financial review

At 31st March 2025 the charity is in a good financial position with a bank balance of £39k (2024: £43k).

The charity successfully operates a cafe and exercise classes which make a financial contribution towards the running costs of the centre. Due to the high operating and utility costs of running such a large and inefficient building some donations and grants are required to maintain financial viability.

Going concern

The charity will continue to need donations and grants to take its objectives forward. It is currently in a good financial position with sufficient funds to stay cashflow positive for the next year.

Reserves policy

The charity holds zero reserves and manages the financial risk by forecasting cash flow over the next 6 months and ensuring sufficient funds are available.

At 31st March 2025 the charity held reserves of £18,493 (2024: £20,515). Unrestricted reserves had a surplus of £17,243 (2024: deficit of £688) and restricted reserves had a surplus of £1.250 (2024: £21,203).

Major risks

The charity manages risk by managing cashflow and using its available funds to have the maximum impact to deliver our objectives.

PENDENNIS LEISURE CIO

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Structure, governance and management

Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

The trustees who served during the year and up to the date of signature of the financial statements were: Mr M Thomson

Mr M J Woodbridge Ms G LAdams Mr CJ Lee

Recruitment and appointment of trustees

Apart from the first charity trustees, every trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees.

In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO. was appcoved by the Boacd ofTcustees. ;-?

····�········· Mr M Thomson

Trustee

Date: ........ 11th June 2025 .................................... .

PENDENNIS LEISURE CIO INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PENDENNIS LEISURE CIO I report to the trustees on my examination of the financial statements of Pendennis Leisure CIO Ithe charity) for the year ended 31 March 2025. Responslbilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in 3ccordance with the requirements of the Charities Act 2011 (the 2011 Act). 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 examinatlon I have ftsllowed all the applicable Dlrections given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examiner'5 Statement I have completed my examination. I confirm that no matters have come to my attention in connection with the ex3mination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act., or the financial statements do not accord with ihose record5,' or the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is nctt a matter considered as part of an independent examination. I have no concerns and have come across no other rnatters in connection with the examination to which attention should be drawn in this ￿pOrt in order to enable a proper understanding of the financial statements to be reached. TC Group Vivian House Newham Road Truro Cornwall TRI 2DP United Kingdom Dated.. ao

PENDENNIS LEISURE CIO STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOMEAND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH2025 Unrestrlcted Restrlcted funds funds 2025 2025 Total Unrestrlcted Restrirtèd funds funds 2024 2024 Total 2025 2024 Notes Income and endowments from: Donations and legacies Charitable activities Other trading activities Investments Other income 6,349 56,373 17.204 398 13,250 19,599 56,373 17,204 398 45.487 22,S74 10,264 60,963 106,450 22,574 10,264 7,250 7.250 6.822 6,822 Total Income 87.574 13.250 100,824 85,147 60,963 146,110 Expendlture on: Raising lunds Charitable activities 3.104 66,540 3,104 99,743 2,519 83,316 2.519 123,076 33,203 39.760 Total expenditure 69,644 33.203 102,847 85,835 39,760 125,595 Net incomellexpendtturel and movement in funds 17,930 119,9531 12.0231 16881 21,203 20,515 Re¢on¢illation of lunds: Fund balances at l April 2024 16881 21,203 20,515 Fund balances at 31 Marth 2025 17,242 1,250 18,492 16881 21.203 20,515 The statement of financial activities includes all gasns and losses recognised in the year. All income and expenditure derive from contlnulng activities.

PENDENNIS LEISURE CIO

BALANCE SHEET

AS AT 31 MARCH 2025

2025 2024
Notes £ £ £ £
Current assets
Debtors 15 2,895 269
Cash at bank and in hand 38,700 43,295
41,595 43,564
Creditors: amounts falling due within one 16
year (23,103) (23,049)
Net current assets 18,492 20,515
Net assets excluding pension liability 18,492 20,515
--
The funds of the charity
Restricted income funds 17 1,250 21,203
Unrestricted funds 17,242 (688)
18,492 20,515

The financial statements were approved by the trustees on .. 11th June 2025 ..................... ..

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PENDENNIS LEISURE CIO NOTES TO THE FINANCIAL ￿ATEmENTs FOR THE YEAR ENDED 31 MARCH2025 Ac¢ountlng politl¢s Charity information The charity is a public benefit entity and is constituted as a Charitable Incorporated Organisation. 1.1 AccountinÉ tomientlon The financial statements have been prepared in accordance with the charity's Igoverning docvmentl, the Charities Act 2011, FRS 102 'The Financial Reporting Standard 3pplicable in the UK and Republic of Ireland" 'FRS 102"13nd the Charities SORP 'Accountin8 and ReportSng by Charities.. Statement ol Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" leffective l January 20191. The charity is a Public 8enelit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements a￿ prepared in sterlin& which is the functitsnal currency of the charity. Monet3rv mounts in these financial statements are rounded to the nearest £. The financial statemen15 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern The trustees consider the charity to be a going concern and that no material uncertainties exist. The accounts have been prepared accordingly. 1.3 Charitable funds Unrestricted funds are available for use at the dlscretion of the trustees in furtherance of Eheir charitsble objectives. Restricted funds are subject to Specific conditions by donors or 8r3ntors as to how they may be used. The purposes and uses of the restricted funds are set Dut in the notes to the financlal statements. 1.4 Income Income from donations and grants is recognised in the 5taternent of Financial Activities once the charity has entitlement to the fund5, It is probable that the Income wi15 be received and the amount can be measured reliably. Income from grants, including government grants, is recognised when the charity ha5 an entltlement to the funds and any condltions to the grants have been met. Where performance conditions to the grants have been met. Where performance conditions are attached to the grant and are yet to be met the income is recognised as a llability and included in the balance sheet as deferred income to be released. Income from trading activities including exercise elasses and café Income is recogni5ed on the basls of when the Service is delivered.

PENDENNIS LEISURE CIO NOTES TO THE FINANCIAL sfATEMENTS ICONnNUEDI FOR TIIE YEAR ENDED31 MARCH 2025 Attounting pollcies Icontlnuedl 1.5 Expenditure Liabilities are recognised as expenditure as soon as therels a legal or constructive obligation committing the charity to that expenditure, 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 is accounted for on an accrua15 basis and has been classified under headings that aggregate all c05t related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis conslstent wlth the use ol resources. Charllable actlvities The objects of the charity are to benefit the residents of Falmouth, Penryn, Mabe and the surrounding 3rea to advance education and to provide facilities lor Social welfare. recreation and leisure time. To establish and rnanage a community centre for activities prornoted by the charity in furtherance of the above projects. 1.6 Cash atid cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with ori8inal maturities of three rnonths or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.7 Flnanclal Instruments The charity has elected to apply the provision5 of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments15sues' of FRS 102 10 311 of its financial instruments. Financial instruments are recoBnised in the charity's balance sheel when the charity becomes party to the contractual provisions of the instrument. Financial assets ahd liabilitles are tsffset, with the net amounts presented it7 the financlal statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basi5 or to réalise the asset and Settle the liability simultaneously. BasicAinoncialo5sets Basic linancial assets, which include debtors and cash and bank balances, are initially meèsured at transaction price inclyding transaction costs and are subsequently carried at amortised cost Using the effective interest method unless the arrangernent constitutes 3 financing transactSon, where the transaction Is measured at the present value of the future receipts dlscounted at a market rate of interest. Financlal assets classified as receivable within one year are not amortised.

PENDENNIS LEISURE CIO NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR ThE YEAR ENDED 31 MARCH2025 AccountSng pollcles ICont5nuedl 805icfin¢7llCi¢711iabilities Basic financial liabilitles, includlng credltors and other credltors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is meaSU￿d at the present value of the future payments discounted at a market rate of interest. Financlal liabilities classified as payable within one year are not amortised. Debt in5tiuments are Subsequently c3rried al arnortlsed cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or servi¢es that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilitie5. Trade creditors are recognised initially at transaction price and subsequently measured at 3mortised cost using the effective interest method. Derecggnitktn ofAlnoncla111¢7bllitles Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.8 Taxailon The charity is exempt from tax on it5 charitable activitie5. 1.9 Employee beneftts The cost ol any unused holiday entitlernent is recognised in the period in which the employee's services are received. Termination behefits are reeognlsed immedlately as an expense when the charity is demonstiably committed to terminate the employment of an employee or to provide terrnination benefits. Crltlcal accountin8 estlmates and judgement5 In the application of the charity'5 accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and 113billties that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongolng basis. Revisions to accountin8 estimates are recognised in the period in which the estimate is revised where the revision affects only that period, tsr in the perlod of the revision and future periods where the revision affects both ct¢rrent and futur periods.

PENDENNIS LEISURE CIO NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDE031 MARCH2025 Income frorn donations and legaoes Unrestricted Restricted funds funds 2025 2025 Total Unrestrirted Restricted funds funds 2024 2024 Total 202S 2024 Donations and gifts Grants 6,146 203 6,146 13,453 45,487 1,121 59.842 46,608 59,842 13,250 6,349 13.250 19,599 45.487 60,963 106,450 Donations and gifts Donations from Pendennis Leisure CIC Donations 38,480 7,007 38,480 8.128 6,146 6.146 1,121 6,146 6,146 45,487 1,121 46,608 Grants receivable for tore artivitiès Cornwall Council 203 Cornwall Community Foundation National Grid Electricity Distribution South West Water Falmouth Town Council 1,250 1,453 30,080 30,080 20,Th)0 20,000 9.762 9,762 2,OC iO,OCM) 2,000 10,000 203 13,250 13,453 59,842 59.842 10

PENDENNIS LEISURE CIO NOTES TO THE FINANCIAL sfATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH2025 In¢om* from charitable a¢tlvlties Unrestrltted funds 2025 Unrestrl¢ted nds 2024 Providing buildings, facllltles and open space for recreation Exercise class income Room hire Toddler sessions and table hire Line dancing 41,697 9,575 3,893 1,208 17,578 3,426 1,570 56,373 22,574 Income from other trading activities Unrestrlcted Unrestricted funds funds 2025 2024 Car park hire Cafe income 3,000 14,204 10,264 Othei trading activities 17,204 10.264 Income frorn bnvestments Unrestricted Unrestricted funds funds 2024 2025 Interest receivable 398 11

PENDENNIS LEISURE CIO NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH2025 othey Intome Unrestricted Unrestricted funds funds 202S 2024 Other Sncome Radio mast loo 500 6,322 7,150 7,250 6,822 Expendlture on raÉsing funds Unmstrlcted Unrestrlcted fund5 funds 2025 2024 Trading tosts Café costs 3,104 2,519 12-

PENDENNIS LEISURE CIO NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Expenditure on charitsble artivities Providing Providin8 buildings. building5, facllltles and facilities and open space open spa for for recreation recreation 2025 2024 Dired costs Exercise class costs 35.707 14,937 Share of 5UPPOrt and governznce costs (see note 101 Support Governance 57,570 6,466 102,531 5,608 99,743 123,076 Analy515 by fund Unrestricted fttnds Restritt2d funds- general 66,540 33,203 83,316 39,760 99,743 123,076 13.

PENDENNIS LEISURE CIO NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH2025 10 Support tOSts allocated to activltles 2025 2024 Staff costs Rates and water Insurance Light and heat Advertising Sundries Future focus project Costs Subscription5 Repairs and renewals Security Bank charges Governance costs 10,752 10.725 2,731 19,568 912 6,334 2,499 13,951 212 486 53.996 1,793 19,563 2.687 98 2,908 9.666 1,024 196 6,466 5,608 64,036 108.139 Ahaly5ed between: Providing bulldings, facillties and open space for recreation 64,036 108.139 2025 2024 Governance costs comprlso.. Accountancv Le8al and professional 2,820 3,646 3,180 2,428 6,466 5,608 11 Net movement In funds 2025 2024 The net movement in fund5 IS stated after chargingllcreditingl.. Fee5 payable for the independent exarnination of the charity's financial statements 2,820 3,180 12 Trustees None of the trustee5 lor any persons connected with thernl received any rernuneration or benefits from the charity during the year. 14-

PENDENNIS LEISURE CIO NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 12 Trustees IContlnued} There have been expenses paid to the trustees for equipment, subscriptions and training course5 incurred on behalf of the tharity totalling £80612024.. £4,213). 13 Employee5 The average monthly number of employees during the year was.. 2025 Number 2024 Number Employment costs 2025 2024 Wages and salaries 10.752 912 There were no employees whose annual remuneration was more than £60,000. 14 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 15 Debtors 2025 2024 Amounts falllng due wlthln one year.. Prep3ymeHts and accrued income 2,895 269 16 Creditors.. amounts fallin8 due within one year 2025 2024 Trade creditors Accruals and deferred income 5,986 17,063 23,103 23,103 23,049 15

PENDENNIS LEISURE CIO NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH2025 17 RestrScted funds The restricted funds of the charity ctsmprise the unexpended balances of donations and grants held on trust Subject to specific conditions by donDrs as to how they may be used. At l April 2024 Incomlng resources Resources At 31 Mar¢h expended 2025 Cornwall Council Cornwall Councillor Community Chest Laurie Magowan Cornwall Community Foundation- VCSE Health Improvement Fund South West Water- Action Funder Falmouth Town Council 3,482 721 1,250 13,4821 17211 1,250 17,000 117.0001 12,0001 iio,0001 2,0(X) 10,000 21,203 13,250 133.2031 1.250 Previous year: At l April 2023 Incoming resource5 Resources At 31 March expended 2024 Cornwall Cornmunity Foundation- Community Activity Cornwall Council- Good Growth Hub National Grid Electricity Distribution Cornwall Council Cornwall Councillor Community Chest Laurie Magowan Cornwall Community Foundation- VCSE Health Improvement Fund 3.000 26,998 9.762 13,0001 126,9981 19.7621 3.482 721 3,482 721 17,000 17,000 60,963 139,7601 21.203 16

PENDENNIS LEISURE CIO NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH2025 17 Rèstricted funds Iconttnuedl Comwall Community Foundation- Community Adivity Thi5 fund represents a grant received from the Cornwall Cornmunity Foundation for training, security, utilitie5 and equipment. Comwall Countil- Good Gr0￿h Hub Thi5 fund represents a grant received from the Cornwall Council for professional fees including architect, surveyor, structural engineerlng fees. Natlonal Grid Elettricity Distribution This fund represènts a grant received Irom the National Grid for equipment and utilities. Cornwall Councll- Cornwall Council Community Chest Thi5 represents lunds received from the Cornwall Counc51 Communlty Chest for outslde lights. Laurie Magowan Thi5 fund represent5 donations received specifically for the purchase of outdoor lights and CCTV cameras. Cornwall Community Foundation- VCSE Health Improvement Fund This fund represents a grant received from the Cornwall Community Foundation for salaries, training, activitv Costs and utilities. South West Water- Actlon Funder This fund represents a grant received from South West Water for electrical works. Falmouth Town Council This fund represents 3 grant received from Falmouth Town Council for general overheads and utilities. 18 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out ol unrestricted funds by the trustees for specific purposes. At l Aprll 2024 Incoming rèsourtÈ5 Resour￿5 At 31 March Èxpended 2025 General Fund 16881 87,574 169,6441 17,242 Prevlous year: At l Aprll 2023 Incomlng resources Resources At 31 March expended 2024 General fund 85.147 185,8351 16881 17

PENDENNIS LEISURE CIO NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 19 Analysis of net assets between funds Unrestfltted funds 2025 Restricted funds 2025 Total 2025 At 31 March 2025: 17,242 1.250 18.492 17,242 1,250 18,492 Unrestricted funds Re5trlcted funds 2024 Total 2024 2024 At 31 March 2024.. Current assetsllliabilitiesl 16881 21,203 20,515 16881 21,203 20,515 20 Related party transactions On 16 June 2023 Pendennis Leisure Community Interest Company (Company Number.. 137939001, in which all the trtsstees of the CIO were directors, donated the value of its net assets of £38,478 to the CIO. 18-