Friends Of Bude Sea Pool - Charities report

REGISTERED COMPANY NUMBER: 07630060 (England and Wales)

REGISTERED CHARITY NUMBER: 1143156

Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 31 October 2025

for

Friends Of Bude Sea Pool

Page

Report of the Trustees

1

to

4

Independent Examiner's Report

5

Statement of Financial Activities

6

Balance Sheet

7

Notes to the Financial Statements

8

to

15

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 October 2025. The trustees have adopted the provisions of 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 statements have been prepared in accordance with the accounting policies set out in notes to the accounts 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 published in October 2019.

The charity is also known by its operating name, FoBSP.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The charity's objectives as set out by its articles of association are:

To promote for the benefit of the public the provision of facilities for recreation or other leisure time occupation for the public at large in the interest of social welfare and with the object of improving their condition of life.

Significant activities

The company's principal activity is the maintaining of the historical sea pool on Summerleaze Beach, Bude. In practice this means that FoBSP manages, maintains and, where possible, improves Bude Sea Pool (BSP). Since FoBSP took over responsibility for the pool in 2011 on a 99-year lease from Cornwall County Council, the trustees, committee members, paid employees, volunteers, and sponsors have worked together to ensure that BSP provides a safe, open access, free of charge environment for swimming and related activities for the use of local residents and visitors alike. In 2011 the company took over the responsibility of the pool from Cornwall Council and contracted for significant improvement work to be undertaken.

Public benefit

In setting their objectives and planning their activities the trustees have given careful consideration to the Charity Commission's general guidance on public benefit.

Volunteers

The charity is a volunteer-led organisation and has approximately 200 active volunteers, including those on the committee and the trustees. Activities, which the volunteers take part in, include:

- Maintenance at the pool

- Managing and running fundraising events

- Baking for fundraising events

- Serving customers at the charity's shop

The number of volunteers compare to 6 paid staff, rising to 14 in the high season.

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

The main activities undertaken during the year to further the charity's purpose for the public benefit

We have delivered tangible and enduring improvements to the pool and its associated amenities while ensuring that regular essential maintenance is completed to an annual schedule. This has entailed us conducting fund-raising activities, backed by a successful campaign to raise awareness of BSP's importance to Bude and the BSP's visibility at both local and national levels. BSP is an asset to the town and contributes to attracting revenue to local businesses. Pool use, and recognition of the BSP's importance to the leisure economy of Bude that is generated through social media feedback, has increased year on year. BSP is frequently a top-rated visitor attraction on TripAdvisor. We are well-regarded and respected in the local area - we continue to receive the support of many local businesses.

We have also responded positively to the changes in the environment in which we operate, both regulatory, financial and more broadly as Bude develops as a year-round holiday destination, and, just as importantly, we have always looked ahead and sought to be proactive in developing BSP in ways that will secure its long-term future as an amenity for the local community and visitors alike, whilst retaining its natural and open aspects.

In summer 2025, we opened a new shop in Bude's town centre to sell merchandise, promote BSP and encourage the take-up of membership subscriptions. This entailed closing our previous shop, located in Summerleaze car park.

The short-term and longer-term aims and objectives

Our website is being updated to be more accessible and informative. We continue to research new products, ensuring that they fit with our objectives of being manufactured sustainably and locally where possible. We also plan fundraising events to support BSP but also ensure that we contribute to and remain part of the Bude community.

The charity's strategies for achieving its aims and objectives in the future

The trustees have updated the strategic plan for the sea pool and it covers 1 April 2020 to 31 March 2025. The plan is published on the sea pool website. The plan includes the work and development for the plan period and looks forward to the 100th anniversary in 2030 of the construction and opening of the sea pool. The plan remains for the sea pool to remain open to the public free of charge for the foreseeable future.

FINANCIAL REVIEW

Financial position

As at 31 October 2025, the charity held total reserves of £499,011 (2024: £478,140) of which £57 was restricted and tangible fixed assets totalling £1,893.

The charity's principal funding sources are from income from its shops as well as from membership subscriptions.

Reserves policy

The trustees have considered the level of free reserves that need to be retained, in the light of the Charities Commission document "Building Resilience" published in June 2023.

In the opinion of the trustees the reserves held need to include an operational cashflow balance in the region of £125,000.

In addition to this amount the trustees believe they need over a period of time to build a further balance in retained reserves as the charity is unable to buy insurance cover against damage to the sea pool from such events as storms. Further details are noted below. As a result, the trustees' policy is to build the reserves up annually to provide against such a risk through allocation from each year's net income.

Designated reserves currently held are as follows-

Designated Fund

£

Beach Hut replacement

55,000

Pool repairs

315,000

Beach Hut Replacement

This reserve is designated for the replacement of the charity's beach huts following an uninsured loss event. The beach huts are ancillary to the charity's primary purpose and in the event of the need to replace them as a matter of urgency, funds must be available immediately. Whilst the beach huts and their revenue are insured, given their construction and location, it is not possible to insure them against many insurable perils (i.e storm damage).

Pool repairs

This reserve is for the major repairs and maintenance to Bude Sea Pool. The location of the pool makes it very vulnerable to storm damage, cliff collapse and other natural hazards. As the charity is unable to secure natural perils insurance on the sea pool structure itself or the adjacent terracing, the charity requires a substantial designed reserve for quick remedial action to be taken in the event of major damage, in order to prevent further damage, additional repair costs, and a potential loss of income if the pool had to be taken out of use for a prolonged period. The aim is to maintain a self-insurance reserve to protect against such eventualities. The reserve does not represent the costs of the complete replacement of the sea pool, which was estimated to be in the region of £7m. The trustees believe the eventuality of its complete destruction is unlikely to occur, based on previous experience.

FUTURE PLANS

Since the year end a new trading subsidiary has been incorporated.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is a private company limited by guarantee which is registered in England and Wales. Its governing document is its Memorandum and Articles of Association. The governing document is dated 29 July 2011.

Recruitment and appointment of new trustees

The process for recruiting and appointing new trustees is:

1. Invite expressions of interest in joining the trustee board from volunteers and friends via our standard communication channels.

2. Expressions of interest are matched against the specific skills and experience which the trustees have identified as required.

3. Applicants are interviewed by a minimum of two trustees.

4. Following interviews, the trustee board makes a decision on whether the applicants are suitable.

5. Applicants are invited to attend a trustee and committee meeting as observers and are provided with an induction checklist.

6. Following this attendance, new trustees are confirmed in their post and are put to a members' vote at the next AGM. Governance issues are dealt with within the required timescales.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

07630060 (England and Wales)

Registered Charity number

1143156

Registered office

1 Morwenna Terrace

Bude

Cornwall

EX23 8BU

Trustees

S Collins-Powell (appointed 25/1/25)

M D Holehouse (resigned 22/3/26)

Ms K M Kemp

S M Bennett (resigned 20/1/25)

L J Bragg (appointed 25/1/25) (resigned 4/12/25)

Mrs E Stacey (appointed 22/3/26)

C N Cannon

Mrs S Moore

Independent Examiner

Streets Metherell Gard Limited

Burn View

Bude

Cornwall

EX23 8BX

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 11 May 2026 and signed on its behalf by:

Mrs S Moore - Trustee

Independent examiner's report to the trustees of Friends Of Bude Sea Pool ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 October 2025.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company 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 your charity's accounts as 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

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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:

1.	accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

2.	the accounts do not accord with those records; or

3.	the accounts 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

4.

the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (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 accounts to be reached.

Thomas Vigg ACA

The Institute of Chartered Accountants in England and Wales

Streets Metherell Gard Limited

Burn View

Bude

Cornwall

EX23 8BX

11 May 2026

2025

2024

Unrestricted

Restricted

Total

funds

fund

funds

as restated

Notes

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

75,888

-

75,888

88,791

Charitable activities

4

Promotion of facilities for recreation

92,544

2,000

94,544

120,986

Other trading activities

2

65,305

-

65,305

27,877

Investment income

3

17,910

-

17,910

16,299

Total

251,647

2,000

253,647

253,953

EXPENDITURE ON

Raising funds

60,155

-

60,155

63,865

Charitable activities

5

Promotion of facilities for recreation

170,678

1,943

172,621

166,101

Total

230,833

1,943

232,776

229,966

NET INCOME

20,814

57

20,871

23,987

RECONCILIATION OF FUNDS

Total funds brought forward

As previously reported

343,140

-

343,140

319,153

Prior year adjustment

11

135,000

-

135,000

As restated

478,140

-

478,140

454,153

TOTAL FUNDS CARRIED FORWARD

498,954

57

499,011

478,140

2025

2024

Unrestricted

Restricted

Total

funds

fund

funds

as restated

Notes

£

FIXED ASSETS

Tangible assets

12

1,893

-

1,893

1,650

CURRENT ASSETS

Stocks

13

21,422

-

21,422

14,898

Debtors

14

7,235

-

7,235

3,744

Cash at bank and in hand

476,849

57

476,906

463,007

505,506

57

505,563

481,649

CREDITORS

Amounts falling due within one year

15

(8,445

)

-

(8,445

)

(5,159

)

NET CURRENT ASSETS

497,061

57

497,118

476,490

TOTAL ASSETS LESS CURRENT LIABILITIES

498,954

57

499,011

478,140

NET ASSETS

498,954

57

499,011

478,140

FUNDS

17

Unrestricted funds

498,954

478,140

Restricted funds

57

-

TOTAL FUNDS

499,011

478,140

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2025 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with and delivered in accordance with the special provisions applicable to small charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 11 May 2026 and were signed on its behalf by:

S Moore - Trustee

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The Charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. See charity reference and administration details on the trustees report.

Going Concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Income from corporate membership and beach hut hire is recognised at the date that the income falls due.

The income from a membership subscription received by the charity where the subscription purchases the right to services or benefits is recognised as income from charitable activities.

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Income is recognised for the sale of goods when the vendor has transferred the significant risks and rewards of ownership, it is probable that the economic benefit will flow to the entity and the revenue and associated costs can be reliably measured. This is usually when the possession of goods has been passed on to the customer.

Interest and all other income is recognised when receivable and the amount can be measured reliably.

Grants received

Income from grants is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is 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 accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant & machinery

- 25% reducing balance

Assets are not generally capitalised below a value of £250.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

Restricted funds are subject to restrictions on their expenditure imposed by the donor.

Further details can be found in the trustees report.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Volunteers

The charity has benefited from the services of volunteers, in accordance with the SORP, and in recognition of the difficulties in placing monetary value on the contribution from volunteers, the contribution of volunteers is not included within the income of the charity.

Employee benefits

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Details of contributions are shown in note 9.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Financial instruments

All financial instruments are recognised initially at transaction price excluding transaction costs and subsequently at amortised cost. These include cash at bank, debtors and creditors.

2.	OTHER TRADING ACTIVITIES

2025

2024

as restated

£

Fundraising events

12,499

12,640

Shop income

38,227

-

Sponsorships

813

-

Refreshments

813

1,359

Sundry

-

50

Corporate membership

12,953

13,828

65,305

27,877

3.	INVESTMENT INCOME

2025

2024

as restated

£

Deposit account interest

17,910

16,299

4.	INCOME FROM CHARITABLE ACTIVITIES

2025

2024

as restated

Activity

£

Beach Hut hire

Promotion of facilities for recreation

25,292

21,869

Deck Chair hire

Promotion of facilities for recreation

958

818

Merchandise

Promotion of facilities for recreation

63,174

94,891

Grants

Promotion of facilities for recreation

2,000

-

Rents received

Promotion of facilities for recreation

3,120

3,408

94,544

120,986

Grants received, included in the above, are as follows:

2025

2024

as restated

£

Pool School

2,000

-

5.	CHARITABLE ACTIVITIES COSTS

Direct

Costs (see

Support

note 6)

costs

Totals

£

Promotion of facilities for recreation

148,847

23,774

172,621

6.	DIRECT COSTS OF CHARITABLE ACTIVITIES

2025

2024

as restated

£

Staff costs

105,523

114,428

Repairs and maintenance

39,998

24,153

Travel and subsistence

683

574

Staff training and welfare

700

485

Pool school

1,943

-

148,847

139,640

7.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2025

2024

as restated

£

Independent examiner's costs

3,000

1,000

Other accountancy services

1,951

1,480

Depreciation - owned assets

479

550

Hire of plant and machinery

817

545

Other operating leases

8,851

5,500

8.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 October 2025 nor for the year ended 31 October 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 October 2025 nor for the year ended 31 October 2024.

9.	STAFF COSTS

2025

2024

as restated

£

Wages and salaries

104,063

108,822

Social security costs

541

2,587

Other pension costs

919

3,019

105,523

114,428

The average monthly number of employees during the year was as follows:

2025

2024

as restated

Head count- excluding trustees

9

10

No employees received emoluments in excess of £60,000.

10.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

funds

fund

funds

as restated

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

88,791

-

88,791

Charitable activities

Promotion of facilities for recreation

120,986

-

120,986

Other trading activities

27,877

-

27,877

Investment income

16,299

-

16,299

Total

253,953

-

253,953

EXPENDITURE ON

Raising funds

63,865

-

63,865

Charitable activities

Promotion of facilities for recreation

166,101

-

166,101

Total

229,966

-

229,966

NET INCOME

23,987

-

23,987

RECONCILIATION OF FUNDS

Total funds brought forward

As previously reported

319,153

-

319,153

Prior year adjustment

135,000

-

135,000

As restated

454,153

-

454,153

TOTAL FUNDS CARRIED FORWARD

478,140

-

478,140

11.	PRIOR YEAR ADJUSTMENT

An adjustment has been made to remove the historical accrual of £135,000 which relates to future costs for structural repairs to the sea pool. This should have been designated funds rather than an accrued expense.

12.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 November 2024

2,200

Additions

722

At 31 October 2025

2,922

DEPRECIATION

At 1 November 2024

550

Charge for year

479

At 31 October 2025

1,029

NET BOOK VALUE

At 31 October 2025

1,893

At 31 October 2024

1,650

13.

STOCKS

2025

2024

as restated

£

Stocks

21,422

14,898

14.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

as restated

£

Trade debtors

871

517

Other debtors

1,318

1,356

VAT

-

326

Prepayments and accrued income

5,046

1,545

7,235

3,744

15.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

as restated

£

Trade creditors

2,383

3,643

Social security and other taxes

1,599

1,516

VAT

44

-

Other creditors

548

-

Accruals and deferred income

3,871

-

8,445

5,159

Deferred income is the result of funds being received in advance. This is calculated as follows:

2025

2024

£

Sponsorship income received in advance

412

-

412

-

16.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

as restated

£

Within one year

12,100

5,500

Between one and five years

19,817

15,417

31,917

20,917

17.	MOVEMENT IN FUNDS

Prior

Net

Transfers

At

year

movement

between

At

1.11.24

adjustment

in funds

funds

31.10.25

£

Unrestricted funds

General fund

121,231

-

20,814

(33,091

)

108,954

Designated fund- pool

repairs

200,000

135,000

-

335,000

Designated fund- Beach

Hut replacement

21,909

-

33,091

55,000

343,140

135,000

20,814

-

498,954

Restricted funds

Pool School

-

57

-

57

TOTAL FUNDS

343,140

135,000

20,871

-

499,011

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

Unrestricted funds

General fund

251,647

(230,833

)

20,814

Restricted funds

Pool School

2,000

(1,943

)

57

TOTAL FUNDS

253,647

(232,776

)

20,871

Comparatives for movement in funds

Prior

Net

Transfers

At

year

movement

between

At

1.11.23

adjustment

in funds

funds

31.10.24

£

Unrestricted funds

General fund

97,244

135,000

23,987

(135,000

)

121,231

Designated fund- pool

repairs

200,000

-

135,000

335,000

Designated fund- Beach

Hut replacement

21,909

-

21,909

319,153

135,000

23,987

-

478,140

TOTAL FUNDS

319,153

135,000

23,987

-

478,140

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

Unrestricted funds

General fund

253,953

(229,966

)

23,987

TOTAL FUNDS

253,953

(229,966

)

23,987

18.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 October 2025.

19.	POST YEAR END

On review of the charities activities it was decided by the trustees to form a new trading subsidiary to carry out the activities of the shop, this was formed after the year end.

20.	DIRECTORS' AND OFFICERS' LIABILITY INSURANCE

The company has taken out insurance cover regarding directors' and officers' liability.