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.
- Working to design and get funding for a new 25m pool and associated facilities.
## _Volunteers_
- Our 30 active volunteers are fundamental to the operation of the Community Centre. Including operation of: • The cafe
- The reception
- The stay and play toddler group
- Language classes
- 1 -
## **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:
- Over 1,000 attendees at over 100 fitness and well-being classes a month
- Stay & Play Toddler group (weekly term time on Wednesdays)
- 30 active volunteers
- 12 self employed fitness/wellbeing instructors
- 1 part-time employee
- Organised regular training for our volunteers (EFAW/ Food Health & Hygiene)
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:
- 25m 6-lane competition-standard swimming pool with spectator seating
- Teaching pool
- SO-station gym
- 2 x fitness studios
- Wellness spa centre
## **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.
- 2 -
## **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 .................................... .
- 3 -
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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Trustee
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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 meaSUd 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 Gr0h 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
Resour5 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-