Annual Accounts and Trustees' Report Year ending 31 October 2025
Swim Torquay Limited
Company Number: 01214211 (Limited by guarantee without share capital) Incorporated on 29 May 1975, Registered in England and Wales Registered Charity Number: 272712 Registered Office: St Pauls Road, Plainmoor, Torquay, TQ1 3QP
Trustees' Annual Report
Swim Torquay Limited
Year ended 31 October 2025
Reference and Administrative Information
Charity name: Swim Torquay Limited
Registered charity number: 272712
Company number: 01214211 (a company limited by guarantee without share capital)
Date of incorporation: 29 May 1975, registered in England and Wales
Registered office: St Pauls Road, Plainmoor, Torquay, TQ1 3QP
Trustees / Directors who served during the year: K Merrick (Chair), R Margetts, L Pitts, K Corner
Management committee: Mrs K Merrick (Chair), Mr R Margetts, Mr L Pitts, Ms K Corner, Mr R Downing, Miss T Lee, Ms K Sundholm, Mrs R Ives, Mr A Boulton, C Williams, A Brooks, Mr R Backholer, Mr G Darling
Independent Examiner: Chris Clarke, 12 Red Lion Mews, Odiham, RG29 1HP
Structure, Governance and Management
Governing document: The charity is a company limited by guarantee, governed by its Memorandum and Articles of Association, and is a registered charity.
Objectives and Activities
Principal objects and activities: The principal object and activity of the company continues to be the running of a community-based public swimming pool in accordance with its Memorandum and Articles of Association. The pool and facilities are run on a self-financing basis.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its activities. The charity provides public benefit by operating a community swimming pool that is open to the public and by offering swimming lessons, sessions and facilities to people of all ages and abilities in the local area, including free and subsidised sessions for learners and children.
Achievements and Performance
During the year the charity continued to operate the community swimming pool and to expand its swimming lesson provision. The appointment of a swim co-ordinator, who has promoted lessons and increased class sizes, contributed to growth of 47% in group lesson income. The charity also delivered free swimming sessions for adult learners and summer activities for children, funded through grant support received during the year.
Trustees' Annual Report (continued)
Swim Torquay Limited
Year ended 31 October 2025
Financial Review
Results for the year: The results for the year are set out in the Statement of Financial Activities. Net income for the year was £50,782 (2024: net expenditure of £1,806); total income was £481,421 and total expenditure £430,640. The result was significantly influenced by grant income of £122,092, of which £108,380 was Sport England (SPSF) funding, which was applied to repairs and improvements to the property and to the provision of free and subsidised community swimming sessions during the year. The result is stated after a depreciation charge of £25,265 following the change in the property accounting policy (see Note 1).
Reserves policy: The trustees aim to hold free reserves equivalent to 3 to 6 months of annual operating costs, currently estimated at £45,000 to £90,000. This target reflects the overheads that would need to be met in the event of the pool closing for works (rent, loan repayments, contract staff wages, utilities, insurance and administration).
At 31 October 2025 the trustees regard the free (unallocated) reserves held in the bank as approximately £56,936. The remainder of unrestricted funds has been earmarked by the trustees towards the charity's changing room refurbishment programme and other planned improvement works. Where funds are held in excess of the reserves target, the trustees' policy is to allocate the excess to improvement works and to offering discounted or free sessions to the local community.
Going concern: The trustees have considered the charity's financial position and are satisfied that it remains a going concern. Although the net income for the year was underpinned by grant funding, the trustees note that further funding has been secured or confirmed for the 2025/26 year, including £15,000 from Sport England towards the men's changing room, £53,000 approved from the Jim Rawson Trust for various property improvements, and the continuation of the £12,000 annual grant from Torbay Council. On this basis the trustees consider it appropriate to prepare the financial statements on the going concern basis.
Principal funding sources: The charity's income derives principally from swim sessions, pool hire, lessons and memberships, supplemented by grants, donations and fundraising (see Notes 2 to 4).
Principal Risks and Uncertainties
The trustees have reviewed the principal risks to which the charity is exposed and are satisfied that systems are in place to manage them. The most significant financial risk relates to the charity's ageing plant and facilities, in particular the need to replace the pool's boiler system and to complete the changing room refurbishment programme. The trustees are actively obtaining quotations and pursuing grant funding to meet these costs, and are managing the timing of the works around available funding and reserves.
Plans for Future Periods
The charity is undertaking a programme of capital improvements. The ladies' changing room refurbishment was completed in May 2026 at a cost of £40,275. Work on the men's changing room is expected to begin in September 2026 at an estimated cost of £60,000, towards which £15,000 has been secured from Sport England. A new pool cover has been ordered. The trustees are also evaluating options for replacement of the pool's boilers, weighing cost against energy efficiency, with options ranging from repair of an individual boiler to full replacement with heat-pump technology; quotations are still being obtained. These plans will be funded from a combination of grants, earmarked reserves and operating income.
Trustees' Annual Report (continued)
Swim Torquay Limited
Year ended 31 October 2025
Statement of Trustees' Responsibilities
The trustees (who are also directors of Swim Torquay Limited for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (UK GAAP), including FRS 102 and the Charities SORP (FRS 102). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources for the year. In preparing these financial statements the trustees are required to select suitable accounting policies and apply them consistently; observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained; and prepare the financial statements on the going concern basis unless it is inappropriate to presume the charity will continue in operation. The trustees are responsible for keeping adequate accounting records, safeguarding the charity's assets, and taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small Company Provisions and Audit Exemption
This report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The members have not required the company to obtain an audit of its accounts for the year ended 31 October 2025 in accordance with section 476 of the Companies Act 2006. In the trustees' opinion the company was entitled to exemption from audit under that section, and the accounts are subject to independent examination.
Approved by the Board of Trustees / Directors on 15th July 2026 and signed on their behalf:
……………………………………………… ..................................................................Kim Corner — Director & Treasurer
Independent Examiner's Report to the Trustees of Swim Torquay Limited
Year ended 31 October 2025
I report to the trustees on my examination of the financial statements of Swim Torquay Limited (the charity) for the year ended 31 October 2025.
Responsibilities and basis of report
As the charity's trustees (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view, which is not a matter considered as part of an independent examination; or
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the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (Charities SORP (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Chris Clarke
ICAEW
12 Red Lion Mews, Odiham, RG29 1HP
Signature:
Date: 15th July 2026
Statement of Financial Activities
Swim Torquay Limited
(including Income and Expenditure Account) for the year ended 31 October 2025
| Income and endowments from: Donatons and legacies 2 Charitable actvites 3 Investments 4 Total income Expenditure on: Raising funds 5 Charitable actvites 5 Total expenditure Net income / (expenditure) Transfers between funds Net movement in funds Reconciliaton of funds: Total funds brought forward 12 Total funds carried forward |
Unrestricted funds Restricted funds Total 2025 Total 2024 £ £ £ £ 14,915 - 14,915 20,101 465,678 - 465,678 348,236 829 - 829 1,034 |
|---|---|
| 481,421 - 481,421 369,371 - - - - 430,640 - 430,640 371,177 |
|
| 430,640 - 430,640 371,177 50,782 - 50,782 (1,806) - - - |
|
| 50,782 - 50,782 (1,806) 282,872 - 282,872 284,678 |
|
| 333,654 - 333,654 282,872 |
All income and expenditure derives from continuing activities. The notes form part of these financial statements.
Balance Sheet
Swim Torquay Limited
As at 31 October 2025
| Fixed assets Tangible assets 8 Total fxed assets Current assets Stock Debtors 9 Cash at bank and in hand Total current assets Creditors: amounts falling due within one year 10 Net current assets Total assets less current liabilites Creditors: amounts falling due afer more than one year 10 Net assets The funds of the charity: Restricted income funds 12 Unrestricted funds — revaluaton reserve 12 Unrestricted funds — general (free reserves) 12 Total charity funds |
2025 2024 £ £ 229,602 228,317 |
|---|---|
| 229,602 228,317 2,267 1,949 6,894 18,193 120,425 65,229 |
|
| 129,586 85,370 (14,284) (18,065) |
|
| 115,302 67,305 344,904 295,622 (11,250) (12,750) |
|
| 333,654 282,872 - - 205,485 228,317 128,169 54,555 |
|
| 333,654 282,872 |
Prepared under the small companies regime and the Charities SORP (FRS 102). Approved by the trustees on 15 July 2026 and signed on their behalf by K Merrick and K Corner.
Notes to the Financial Statements
Swim Torquay Limited
Year ended 31 October 2025
1. Accounting policies
Basis of preparation. The financial statements have been prepared in accordance with the Charities SORP (FRS 102) — the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102 (Second Edition, October 2019) — FRS 102, and the Companies Act 2006. The charity is a public benefit entity as defined by FRS 102. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of property.
Prior year comparatives. The 2024 comparative figures have been re-presented from the previously reported company-format accounts into the format required by the Charities SORP. The re-presentation of turnover (which now shows cost of sales separately and reclassifies bank interest to investment income) and the analysis of income between the statement headings do not change the reported net result or net assets for 2024.
Tangible fixed assets and depreciation. During the year the trustees reviewed the basis on which the leasehold property is carried. In prior years the property was held under the revaluation model. As no current professional valuation has been obtained, and given that the leasehold interest has a determinable life and a nil residual value at the end of the lease term, the trustees have concluded that the cost model provides more reliable and relevant information. Accordingly the charity has changed its accounting policy for the leasehold property from the revaluation model to the cost model with effect from 1 November 2024. The carrying value of the property at 1 November 2024 of £228,317 has been adopted as deemed cost at that date, and the accumulated depreciation brought forward has been eliminated against the gross carrying amount on transition. The change has been applied prospectively; comparative figures have not been restated, as the carrying value at the date of transition is unchanged.
Depreciation is provided to write off the carrying value of assets over their estimated useful lives. The leasehold property is depreciated on a straight-line basis over the remaining term of the lease (10 years from 1 November 2024), giving a charge for the year of £22,832. Fixtures, fittings and plant are depreciated at 20% per annum on a reducing balance basis. The total depreciation charge for the year was £25,265 (leasehold property £22,832; fixtures, fittings and plant £2,434), and is recognised within expenditure on charitable activities in the Statement of Financial Activities.
Income. Income is recognised when the charity is entitled to it, receipt is probable, and the amount can be measured reliably. Income from swim sessions, pool hire, lessons, memberships and sales is recognised as the service is provided. Grant income is recognised when the conditions of entitlement have been met; where grants carry conditions requiring future performance, income is deferred until those conditions are met. Donations and fundraising income are recognised when receivable.
Grant income received in the year was fully applied during the year to repairs and improvements to the property and to the provision of free community swimming sessions; accordingly no grant income remained subject to unmet conditions at the year end and no amount has been deferred or carried forward as a restricted balance.
Notes to the Financial Statements (continued)
Swim Torquay Limited
Year ended 31 October 2025
1. Accounting policies (continued)
Expenditure. Expenditure is recognised when a legal or constructive obligation arises, settlement is probable, and the amount can be measured reliably. Expenditure is allocated to charitable activities and, where applicable, the cost of raising funds. Irrecoverable VAT is included with the expenditure to which it relates.
Stock. Stock is valued at the lower of cost and net realisable value.
Debtors and creditors. Debtors and creditors receivable or payable within one year are stated at their settlement amount.
Fund accounting. Unrestricted funds are available for use at the trustees' discretion in furtherance of the charity's objects. Designated funds are unrestricted funds earmarked by the trustees for a particular purpose. Restricted funds are subject to conditions imposed by donors. Fund for changing room works will be taken from the unresticted funds when contacts are agreed and directors and management committee approves spend.
Property revaluation reserve. Following the change to the cost model, the property revaluation reserve is no longer increased or decreased by revaluations. The reserve represents previously recognised revaluation gains, which become realised as the property is consumed. The reserve is therefore released to general unrestricted funds on a straight-line basis in line with the depreciation of the property, being £22,832 in the year. This is presented as a movement within unrestricted funds and is disclosed in Note 12.
Taxation. The charity is exempt from corporation tax on its charitable activities.
Value added tax. The charity is not registered for VAT. The majority of the charity's income arises from activities that are exempt from VAT, including pool hire to schools and clubs and the provision of swimming lessons. The charity's taxable (VATable) turnover for the year was £68,308, which is below the VAT registration threshold of £90,000. The trustees monitor taxable turnover and will register for VAT if it approaches the threshold within any twelve-month period. As the charity is not registered, no VAT is recoverable and irrecoverable VAT is included within the relevant expenditure.
Notes to the Financial Statements (continued)
Swim Torquay Limited
Year ended 31 October 2025
2. Income from donations and legacies
| 2. Income from donatons and legacies | |
|---|---|
| Friends of Plainmoor Donatons / Sponsors Fundraising / Sundry Cash Donatons & Torbay Lotery Total 3. Income from charitable actvites Pool Hire Clubs Group Lessons Pre School Ducklings 1-2-1 and 2-2-1 Lessons Daily Entry fees Season Tickets Members Aqua Parents and Tots Water Mobility Triathlon Shop Sales and Certfcates Vending and Car Parking Partes & Sundry Grants (see Note 4) Total |
2025 2024 940 1,055 4,999 15,125 7,903 3,726 1,073 195 |
| 14,915 20,101 2025 2024 100,158 111,118 59,658 53,505 49,141 33,409 6,043 3,976 39,044 39,230 24,299 20,721 6,160 7,011 24,029 20,063 8,089 6,620 919 967 10,192 7,028 2,865 3,346 2,723 1,874 7,238 4,240 3,030 2,213 122,092 32,915 |
|
| 465,678 348,236 |
3. Income from charitable activities
4. Grants received
| Sport England (SPSF) Torbay Council Torbay Council Sports Hedley Foundaton St Marychurch Total |
2025 108,380 12,000 936 476 300 |
|---|---|
| 122,092 |
Notes to the Financial Statements (continued)
Swim Torquay Limited
Year ended 31 October 2025
5. Expenditure on charitable activities
| Staf costs (Note 6) Employer's Natonal Insurance Employer's pension contributons Repairs & maintenance Gas Electricity Water Chemicals Cleaning Waste disposal Depreciaton Insurance Bank and card fees Ofce expenses and marketng Staf training / DBS / uniforms Telephone & internet Rent Loan interest Sundry expenses Cost of shop sales Total expenditure 6. Staf costs Wages and salaries Employer's Natonal Insurance Employer's pension contributons Total staf costs |
2025 2024 222,598 202,682 927 - 1,180 1,057 92,890 59,908 21,961 19,927 19,143 32,069 9,742 10,281 3,287 5,794 1,808 2,974 4,252 3,345 25,265 - 11,073 13,349 4,249 3,610 3,620 6,311 2,502 3,418 2,043 1,505 900 900 806 806 170 1,482 2,223 1,759 |
|---|---|
| 430,640 371,177 2025 2024 222,598 202,682 927 - 1,180 1,057 |
|
| 224,704 203,739 |
Wages and salaries above include the cost of self-employed teachers of £2,320 (2024: £1,945), which is included within the wages and salaries figure.
Average number of employees during the year: 29
7. Trustee remuneration
No trustee received any remuneration or benefits from the charity during the year, and no trustee was reimbursed expenses.
Notes to the Financial Statements (continued)
Swim Torquay Limited
Year ended 31 October 2025
8. Tangible fixed assets
| 8. Tangible fxed assets | |||
|---|---|---|---|
| Land & Buildings | Fixtures, Fitngs | Total | |
| & Plant | |||
| Cost or valuaton | 228,317 | 26,550 | 254,867 |
| Accumulated depreciaton | (22,832) | (2,434) | (25,265) |
| Net book value at 31 October 2025 | 205,485 | 24,116 | 229,602 |
The charity changed its accounting policy for the leasehold property from the revaluation model to the cost model with effect from 1 November 2024 (see Note 1). The carrying value of the property at that date of £228,317 has been adopted as deemed cost, and the accumulated depreciation brought forward was eliminated against the gross carrying amount on transition. The property is depreciated on a straight-line basis over the remaining lease term of 10 years, giving a charge for the year of £22,832. The property was last formally valued in 2013; no further valuations will be required under the cost model. Should the lease subsequently be renegotiated or extended, the remaining useful life will be reassessed and the depreciation charge adjusted prospectively; any premium paid on an extension would be capitalised as an addition to the asset.
9. Debtors
| 9. Debtors | |
|---|---|
| Accounts receivable Prepayments Total 10. Creditors Amounts falling due within one year: Trade creditors (accounts payable) Deferred income (income in advance) PAYE payable NIC payable Pensions payable (employer) Total Amounts falling due afer more than one year: Torbay Council loan |
2025 2024 6,894 7,623 - 10,570 |
| 6,894 18,193 2025 2024 11,478 8,351 - 9,714 1,647 - 599 - 560 - |
|
| 14,284 18,065 2025 2024 11,250 12,750 |
The loan from Torbay Council is repayable in quarterly instalments of £375 plus interest, with the final instalment due on 1 April 2034.
Notes to the Financial Statements (continued)
Swim Torquay Limited
Year ended 31 October 2025
12. Analysis of charitable funds
| 12. Analysis of charitable funds | |||||
|---|---|---|---|---|---|
| At | 1 Nov 2024 | Net | Transfer At | 31 Oct 2025 | |
| movement | |||||
| Unrestricted funds — general | 54,555 | 50,782 | 22,832 | 128,169 | |
| Unrestricted funds — property revaluaton reserve | 228,317 | - | (22,832) | 205,485 | |
| Restricted funds | - | - | - | - | |
| Total funds | 282,872 | 50,782 | - | 333,654 |
All funds are unrestricted. The trustees have not made any formal designation of funds; amounts intended for the changing room works will be met from unrestricted funds as contracts are agreed and approved. Grant funding received in the year, including the Sport England (SPSF) grant, was applied to the purposes agreed with the funders and no conditions remained outstanding at the year end; accordingly no restricted fund balance arises.
The transfer of £22,832 represents the release of the property revaluation reserve to general funds in line with the depreciation of the leasehold property, following the change to the cost model (see Note 1).
13. Related party transactions
There were no related party transactions during the year requiring disclosure (2024: none).
14. Capital commitments and post balance sheet events
Post balance sheet events. Since the year end the charity has progressed its capital improvement programme: the ladies' changing room refurbishment was completed in May 2026 at a cost of £40,275; work on the men's changing room is expected to begin in September 2026 at an estimated cost of £60,000 (£15,000 secured from Sport England); a new pool cover has been ordered; and the trustees are obtaining quotations for replacement or repair of the pool boilers. Since the year end the charity has also been approved for grant funding of £53,000 from the Jim Rawson Trust towards property improvements, and the £12,000 annual Torbay Council grant is expected to continue.
The changing room works and replacment pool cover have been contracted after financial year ending October 2025.