Registered number: 01272519 Charity numbers: 1051631 & SC041988 THE SWIMMING TEACHERS ASSOCIATION LTD (A company limited by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 THE SWIMMING TEACHERS ASSOCIATION LTD IA company limited by guarantee) CONTENTS Page Reference and administrative details of the Company, its Trustees and advisers Trustees. report (Incorporating strategic and director's report Independent auditors. report on the financial statements Consolidated statement of financial activities 9-12 13 Consolidated income and expenditure account Consolidated balance sheet 14 15-16 Company balance sheet Consolidated statement of cash flows 17-18 19 Company statement of cash flows Notes to the financial statements 20 21-42 THE SWIMMING TEACHERS ASSOCIATION LTD (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MAY 2024 Trustees Michael Penfold, Trustee (appointed 17 September 20241 Dave Lewis, Trustee {appointed 6 November 20151 Mike Walters, Trustee (appointed 25 May 2017, resigned 12 September 20231 Alison Beckman, Trustee & President (appointed 11 December 20181 Joanne Bradshaw, Trustee (appointed 5 December 2019, resigned 3 December 2024) Anita Kumari Sharma, Trustee (appointed 14 March 20231 Dana-Kimberley Wells-Bryant, Trustee (appointed 12 September 2023) Sara Abbott, Trustee (appointed 17 September 2024} Company registered number 01272519 Charity registered numbers 1051631 and SC041988 Registered office Anchor House Birch Street Walsall West Midlands WS2 8HZ Principal operating office Anchor House Birch Street Walsall West Midlands WS2 8HZ Chief executive off icer Dave J Candler Independent auditors Fraser Russell Limited 77 Francis Road Edgbaston Birmingham B16 8SP Solicitors Trowers & Hamlins LLP 10 Colmore Row Birmingham 83 2QD Page 1 THE SWIMMING TEACHERS ASSOCIATION LTD (A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MAY 2024 The Trustees present their annual report together with the audited financial statements of the Company for the 1 June 2023 to 31 May 2024. The Annual report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice {SORP) appli¢able to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Objectives and activities a. Policies and objectives 1.1 The Company operates under a strict regime of policies and procedures. The overall objectives of the organisation are the preservation of human life by: (a} Promoting the effective teaching of swimming, lifesaving and survival techniques., Ibl Promoting swimming as a life skill., {c) Promoting water safety,, {dl Promoting safe water environments., and {el Promoting public health and safety by the provision of training courses and by such other means as the Trustees think fit. The advancement of health through the promotion of swimming andlor water exercise as an enjoyable and healthy recreational activity for people of all ages In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. running a charity {PB2>'. b. Strategies for achieving objectives The Company operates to an agreed Business Plan and Strategy devised by the Board of Trustees. c. Activities undertaken to achieve objectives The provision of training courses in swimming teaching, lifesaving, first aid and pool plant. The Company is involved in a number of fund raising Fundraising activities such as increasing membership of the organisation. One of the key objectives within the 5 year plan is the building of new partnerships with other organisations to further our charitable objects. Page 2 THE SWIMMING TEACHERS ASSOCIATION LTD IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 MAY 2024 Strategic report Achievements and performance a. Main achievements of the Company The Company's income has increased and there is an increase to the net assets position. b. Key performance indicators We are delighted to report that the Company has recorded a net income after expenses for the year of £182,599 12023: £211,019). This is in line with the trustees expectations. c. Review of actlvltles The activities of the organisation are continually reviewed in order to ensure that they are suitable and continuing to achieve our objectives as laid down in the business plan and strategy document. Each activity is reviewed by the management team and, if necessary, the Board of Trustees. Use of charitable funds As reported in previous years, the Company is pursuing a claim against its former Chief Executive Officer, John Roger Millward, valued at approximately £4 million in connection with alleged misrepresentation, unjust enrichmenvrestitution and breach of fiduciary duty in connection with unaulhorised remuneration and other benefits, and expenses fraud (the Claim). Mr Millward is defending the Claim. He also brought Employment Tribunal proceedings against the Company, including a claim for unfair dismissal. The Employment Tribunal proceedings are stayed pending the outcome of the Claim in the High Court. John Roger Millward entered into bankruptcy in May 2019 and has since been discharged. The Claim is currently stayed and John Roger Millward's Trustees in Bankruptcy's investigations into his affairs are continuing. The Company regularly updates the Charity Commission regarding the progress of the Claim and the Employment Tribunal proceedings. The Trustees are confident that the ongoing claim against John Roger Millward will be a success. On this basis, no further provision for legal costs has been made in these financial statements. d. Fundraising activities and income generation The Company's development teams is structured to focus on different income streams. Each area adheres to relevant rules and regulations and works within best-practice guidelines of the Charity Commission, the Fundraising Regulator, and the Institute of Fundraising and Company's own policies. The Company fundraising activities are monitored by the senior management team, and additionally overseen and approved by the Board of Trustees. Page 3 THE SWIMMING TEACHERS ASSOCIATION LTD IA company limited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MAY 2024 Strategic report {continued) Achievements and performance (continued) e. Duty to promote the success of the Company to achieve its charitable purposes Section 17211 } statement The trustees have considered their duty under section 172 of the Companies Act 2005 to act in good faith to promote the success of the Company. In particular, the trustees have clear regard to.. Likely consequences of any decision in the long term The interest of the Company's employees. Fostering the Company's business relationships with suppliers, customers, and stakeholders. The impact of the Company's operations on people, the environment, and the communities in which it operates. The Company's strong reputation for high standards of business conduct and values The Company is focusing on strategic relationships with a small nLtmber of customers which have been developed over many years. These are built on mutual integrity and trust and are dynamic and highly collaboralive in nature. The Company has a pool of suppliers with whom it has built strategic relationships. These relationships and in turn strengths have been fundamental in our resilience with the challenges of global supply pressures and Covid. The Company employs a diverse workforce with everyone recruited directly and not through intermediaries, to promote the most personal relationship to reduce low-negative unemployment, is testimony to the business as a good place to work. For those looking to make a long-term career we are a good choice, always looking to help them explore their potential and offering opportunities to develop. We are dedicated to promotion from within and are proud that a large proportion of people holding key positions joined when young, some with modest aspirations but strong personal qualities, and have grown along wilh the business. The managers are high profile and conspicuously active in achieving charitable objectives. The culture is open, informal, and respectful. The setvice teams updates everyone as events demand in a direct and informative manner, whether this is to communicate developments or to provide critical information as was the case through COVID-19. This was key to maintaining morale and confidence through that period, something that was shown in the exceptionally high levels of loyalty and support the company was shown throughout that experience. Our environmental policy takes a prominent place in all our operation from procurement and staff level to cleaning products and energy consumption. This includes using a renewable electricity supplier, Green IT, waste recycling, using recycled and environmentally friendly products where possible and moving towards 'paperless'. Page 4 THE SWIMMING TEACHERS ASSOCIATION LTD (A company limited by guarantee) TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 MAY 2024 Strategic report (continued) Financial review a. Going concern After making appropriate enquiries, the Trustees have a reasonable expectation Ihat the Company has adequate resources to continue in operational existence for the foreseeable future less reliance has been placed on grants with more effort being made on the normal charitable achievements that have almost doubled in revenue streams the net assets have increased from £1,738,930 to £1,921,529. For this reason, they continue lo adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basi5 can be found in the accounting policies. b. Reserves policy The Trustees have reviewed the Company's need for reserves in line with the guidance issued by the Charity Commission. The reserves policy is to maintain liquid reserves at a minimum of £1,000,000 in order to ensure the future stability of the Company and that future objectives are adequately met. The Trustees recognise the need to set aside such a reserve to safeguard the Company's setvice commitment. During the year, the Company had net income of £182,599 less expenses (2023, £211,019) and the planned reserve policy is to have adequate cover to ensure that if there is ever a net deficit on income, enough funds are in place to cover the ongoing commitments and seivice levels remain intact. This level of reserve is well balanced and achievable. c. Principal rlsks and uncertainties The Company faces a number of risks and uncertainties that are both outside its day to day control and within its control. These risks are considered by the Trustees on a regular basis are.. Supplier credit risk In the normal course of business the Company trades with its suppliers and creditors on deferred terms. These terms are negotiated in advance to ensue cash availability remains intact to cover the required payments Liquidity The Company encounters seasonal cash flow fluctuations. To manage this risk, cash flow forecasts are prepared and reviewed to ensure adequate funding is in place to cover ongoing financial commitments d. Financial risk management objectives and policies The Trustees a financial risk management review on a regular basis. The objective of this review is to ensure that cash flow is intact and that all financial risks are minimised. Due to the ongoing financial risk management and review of going concern of this subsidiaries, the financial risks has been minimised. Structure, governance and management a. Constitution The Company and the Group is registered as and was set up on 10 August 1976. The Company and the Group is constituted under a Memorandum of Association and is a registered charity number 1051631. Page 5 THE SWIMMING TEACHERS ASSOCIATION LTD IA company limited by guarantee) TRUSTEES, REPORT {CONTINUED FOR THE YEAR ENDED 31 MAY 2024 Structure, governance and management (continued) b. Methods of appointment or election of Trustees The management of the Group and the Company is the responsibility of the Trustees who are elected and co- opted under the terms of the Memorandum of Association. c. Organisational structure and decision-making policies The day to management of the organisation is undertaken by the Chief Executive Officer and the Senior Management team under the direct supervision of the Board of Trustees. Management team meetings are held regularly and recommendations from these meetings are put to the Board for final ratification. d. Policies adopted for the induction and training of Trustees Each new Trustee undergoes full in-house induction training as well as formal training through Charity Lawyers. Full skills analysis checks are carried out annually to identify skill gaps. Following this exercise training is undertaken to address those gaps or new board members are sought who have the relevant skills, knowledge andlor experience. e. Financial risk management The Trustees have assessed the major risks to which the Group and the Company are exposed, in particular those related lo the operations and finances of the Group and the Company, and are satisfied that systems and procedures are in place to mitigate exposure lo the major risks. f. Engagement with suppliers, customers and others The company regards the engagement with its suppliers and customers including other stakeholders an important part of the business. These parties are consulted accordingly to foster the Company's business relationships. We conduct regular interviews and surveys so we can understand our customers, needs, help Ihem grow their business and gain feedback at all levels of our business. We engage with suppliers and other stakeholders is through regular convening's and providing opportunities to highlight important issues and issues are communicated lo managements to take actions to resolve issues. g. Pension The company operates a defined contribution pension scheme. The pension charge payable by the company for the year amounted to £79,955 (2023.. £92.7081. Page 6 THE SWIMMING TEACHERS ASSOCIATION LTD (A company limited by guarantee TRUSTEES, REPORT (CONTINUED FOR THE YEAR ENDED 31 MAY 2024 Plans for future periods The past 12 months have seen the STA to continue to grow its market share across the sector throughout the whole of the UK, whilst also achieving significant growth around the Globe. To have delivered 61 % of all Level 2 Swimming Teaching qualifications in England shows just how far the organisation has come in the last few years and we expect this growth to continue in the coming months and years. With this achievement, we have been able to truly make a difference to the sector through our continued use of charity funds to enable campaigns to take place. From STAnd Up for Swimming, STArlight, Community STArters and this years Community Heart STArters we are making a tangible difference to the communities we serve. Our members are important to us and we act on their behalf which makes it all the more pleasing that membership has continued to grow steaclily. This year has seen a particular focus on bolstering our membership offering by increasing the benefits package, whether that be through additional insurance products, webinars or podcasts. We continue to utilise our amazing team of Brand Ambassadors for support, ideas and liaison within their regions. For their work, we Ihank them very much. Partnership working and collaboration has always been a vital part of what we do and we plan to continue working with existing partners as well as forging new relationships with other likeminded organisations such as CIMSPA, UK Active, Sport England, Sport and Recreation Alliance, Swim England, Black Swimming Association, Schools, Enterprise Association, Zoggs, Goodboost, Konfidence and many others. This last year has seen the launch of the Swimming Alliance of which we are one of the founding members. This is an Alliance that we truly believe in if we want to increase participation in swimming and ultimately reduce drowning and something that we will continue to give our full support. Greenhouse gas emissions, energy consumption and energy efficiency action The Group's greenhouse gas emissions and energy consumption for the year are given below.. UK Grggnhouse gas gnMs$lons and gngrgy use data for the ￿rIOd I Kwh tC029 Kwh IC02e Juno 2023 to 31 Ma 2024 2024 2024 2023 2023 Electricity 51.609 11 55,417 12 Gas 121.035 22 99,086 18 Total 172,644 33 1S4,$03 30 Average number ol ernployees 29 29 31 31 Per employee 1 5,953 4,984 Energy consvrnplion figures taken frorn on•rgy bills and conv•rtod to Thtrlc tonno5 of C028 using relevant UK ¢onversion factors. Page 7 THE SWIMMING TEACHERS ASSOCIATION LTD (A company limited by guarantee) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MAY 2024 Statement of Trustees, responsibilities The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees, report including the Strategic report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees lo prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consislenlly., observe the methods and principles of the Charities SORP {FRS 1021.. make judgments and accounting estimates that are reasonable and prudent.. slate whether applicable UK Accounting Standards (FRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial statements.. prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the Group will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Company's transactions and disclose with reasonable accuracy al any time the financial position of the Group and the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company and hence for taking reasonable steps for Ihe prevention and detection of fraud and other irregularities. Disclosure of Information to auditors Each of the persons who are Trustees at the time when this Trustees, report is approved has confirmed that.. so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order lo be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that informalion. Auditors The auditors, Fraser Russell Limited, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees. Approved by order of the members of the board of Trustees and signed on their behalf by.. Michael Penfold {Truslee) Date.. 26 February 2025 Page 8 THE SWIMMING TEACHERS ASSOCIATION LTD (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE SWIMMING TEACHERS ASSOCIATION LTD Opinion We have audited the financial statements of The Swimming Teachers Association Ltd {the 'parent charitable company'l and its subsidiaries (the 'group'l for the year ended 31 May 2024 which comprise the Consolidated statement of financial activities, the Consolidated income and expenditure account, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Company Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 May 2024 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011, the Charities and Trustee Investment (Scollandl Act 2005 and regulations 6 and 8 of the Charities Accounts (Scotland) Regulations 2006. Basis for oplnion We conducted our audit in accordance with International Standards on Auditing {UK} (ISAS IUKI) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard. and the provisions available for small enlilies, in the circumstances set out in note 31 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to golng concern In auditing the financial statements. we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least ￿e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Page 9 THE SWIMMING TEACHERS ASSOCIATION LTD IA company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE SWIMMING TEACHERS ASSOCIATION LTD (CONTINUED) other information The other information comprises the information included in the Annual report other than the financial statements and our Auditors, report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities {Accounts and Reports) Regulations 2008 and the Charities Accounts {Scotlandl Regulations 2006 (as amended) requires us to report to you if, in our opinion.. the information given in the Trustees, report is inconsistent in any material respect with the financial statements., or the parent charitable company has not kept sufficient and proper accounting records., or the parent charitable company financial statements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees, responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law} are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so. Page 10 THE SWIMMING TEACHERS ASSOCIATION LTD (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE SWIMMING TEACHERS ASSOCIATION LTD (CONTINUED) Auditors. responsibilities for the audit of the financial statements We have been appointed as auditor under section 151 of the Charities Act 2011 and section 44(1 Ilc) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, 10 detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our.. general commercial and sector experience., through verbal and written communications with those charged with governance and other management,. through communications with other group auditors, through communications with legal counsel, and via inspection of the company's regulatory and legal correspondence. We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations to our team and remained alert to any indicators of non- compliance throughout the audit, we also specifically considered where and how fraud may occur within the company. The potential effect of these laws and regulations on the financial statements varies considerably. Firstly. the company is subject to laws and regulations that directly affect the financial statements, including.. the company's constitution, relevant financial reporting standards., company law,. lax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly the company is subject to many other laws and regulations where the consequences of non- compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties. or through losses arising from liligalions. We identified the following areas as those most likely to have such an affect.. operating licences., employment legislation; health and safety legislation., trade and export legislation., legislation relevant to the commercialldomestic propety rental environment; the regulatory requirements,. GDPR,. anti-bribery and corruption legislation. International Auditing Standards (UK} limit the required procedures to identify non-compliance with these laws and regulations lo the procedures, and no procedures over and above those already noted are required. These limited procedures Idid notl identify any actual or suspected non-compliance which laws and regulations that could have a material impact on the financial statements. I n relation to fraud, we performed the following specific procedures in addition to those already noted. Challenging assumptions made by management in its significant accounting estimates in particular.. Page11 THE SWIMMING TEACHERS ASSOCIATION LTD (A company limited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE SWIMMING TEACHERS ASSOCIATION LTD (CONTINUED) Warranty provision, Dilapidation provision, Decommission cost and Depreciation., Identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account combinations, journal entries crediting cash or any revenue account, journal entries posted by senior management., Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud., Ensuring that testing undertaken on both the Statement of Comprehensive Income including Profit or Loss Account and the Balance Sheet includes a number of items selected on a random basis., These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with International Auditing Standards UK). For example, the further removed non- compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non- compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or . uklauditorsres onsibilities. This description forms part of our Auditors, report. Use of our report This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities {Accounts and Reports) Regulations 2008 and regulation 10 of the Charities Accounts {Scotlandl Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. Shokat Zaman Senior Statuory Auditor For and Behalf of Fraser Russell Limited 77 Francis Road Edgbaston Birmingham B16 8SP 27 February 2025 Fraser Russell Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 12 THE SWIMMING TEACHERS ASSOCIATION LTD IA company limited by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2024 Restricted funds 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Charitable activities Other trading activities Other income 6,103 1,138 2,446,003 183,790 19,016 7,241 2,446,003 183,790 19,016 1.257 2,432,817 204. 192 4,341 Total income 6,103 2,649,947 2,656,050 2,642,607 Expenditure on: Raising funds Charitable activities 192,824 2,274,524 192,824 2,280,627 239, 381 2, 792,207 6,103 Total expenditure 6,103 2,467,348 2,473,451 2,431,588 Net movement in funds 182,599 182,599 211,019 Reconciliation of funds: Total funds brought forward Net movement in funds 1,738,930 182,599 1,738,930 182,599 1,527.911 211,019 Total funds carried for*vard 1,921,529 1,921,529 7, 738,930 The Consolidated statement of financial activities includes all gains and losses recognised in the year. The notes on pages 21 to 42 form part of these financial statements. Page 13 THE SWIMMING TEACHERS ASSOCIATION LTD (A company limited by guarantee) SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MAY 2024 Total funds 2024 Total funds 2023 Gross income in the reporting period Less.. Total expenditure 2,656,050 2,642,607 {2,473,4511 (2,431,588) Net income for the reporting period 182,599 271,019 The notes on pages 21 to 42 form part of these financial statements. Page 14 THE SWIMMING TEACHERS ASSOCIATION LTD (A company limited by guarantee} REGISTERED NUMBER: 01272519 CONSOLIDATED BALANCE SHEET AS AT 31 MAY 2024 2024 2023 Note Fixed assets Tangible assets 14 520,980 527, 646 520,980 527,646 Current assets Stocks 16 189,336 180,938 1,207,599 155,622 211,819 959,400 Debtors Cash at bank and in hand 1,577,871 1,326,841 Creditors.. amounts falling due within one year 18 (177,322) (715,557) Net current assets 1,400.549 1,211,284 Total assets less current liabilities 1,921,529 1. 738. 930 Net assets excluding pension asset 1,921,529 1, 738, 930 Total net assets 1,921,529 1, 738,930 Charity funds Unrestricted funds 20 1,921,529 1, 738,930 Total funds 1,921,529 1, 738, 930 Page15 THE SWIMMING TEACHERS ASSOCIATION LTD {A company limited by guarantee) REGISTERED NUMBER: 01272519 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MAY 2024 The Company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the entity to obtain an audil for the year in question in accordance with section 476 of the Companies Act 2006. However, an audit is required in accordance with section 151 of Ihe Charities Act 2011 and sectiuon 44{11(c) of the Charities and Trustee Investment {Scotland} Acl 2005. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance wilh the provisions applicable to entities subject lo the small companies regime. The financial slalements were approved and authorised for issue by the Trustees and signed on their behalf by: Michael Penfold {Trusleel Date.. 26 February 2025 The notes on pages 21 to 42 form part of these financial statements. Page 16 THE SWIMMING TEACHERS ASSOCIATION LTD (A company limited by guarantee) REGISTERED NUMBER: 01272519 COMPANY BALANCE SHEET AS AT 31 MAY 2024 2024 2023 Note Fixed assets Tangible assets Investments 14 15 520,980 106 527,645 106 521,086 527,751 Current assets Stocks Debtors Cash at bank and in hand 16 17 189,336 179,348 1,207,599 155, 623 206, 274 959,400 1,576,283 1,321,297 Creditors.. amounts falling due within one year 18 (175,839) (7 10,118) Net current assets 1,400,444 1,211,179 Total assets less current liabilities 1,921,530 1, 738,930 Net assets excluding pension asset 1,921,530 t, 738, 930 Total net assets 1,921,530 1, 738,930 Charity funds 20 20 Unrestricted funds 1,921,530 1, 738, 930 Total funds 1,921,530 1, 738,930 Page 17 THE SWIMMING TEACHERS ASSOCIATION LTD IA company limited by guarantee) REGISTERED NUMBER: 01272519 COMPANY BALANCE SHEET {CONTINUED) AS AT 31 MAY 2024 The Company was entitled lo exemption from audit under section 477 of the Companies Act 2006. The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Acl 2006. However, an audit is required in accordance with section 151 of the Charities Act 2011 and secliuon 44{1)(c) of the Charities and Trustee Inveslment {Scotlandl Act 2005. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by.. Michael Penfold (Trustee) Dale.. 26 February 2025 The notes on pages 21 to 42 form part of these financial statements. Page 18 THE SWIMMING TEACHERS ASSOCIATION LTD {A company limited by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MAY 2024 2024 2023 Cash flows from operating activities Net cash used in operating activities 259,732 140, 659 Cash flows from investing activities Purchase of tangible fixed assets (11,533) (29, 943) Net cash used in investing activities 111,5331 (29,943) Cash flows from financing activlties Repayments of borrowing (166,666) Net cash provided byl(used in) financing activities (166,6661 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 248,199 (55,950) t,015,350 959,400 Cash and cash equivalents at the end of the year 1,207,599 959, 400 The notes on pages 21 to 42 form part of these financial statements Page 19 THE SWIMMING TEACHERS ASSOCIATION LTD (A company limited by guarantee) COMPANY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MAY 2024 2024 2023 Cash flows from operating activities Net cash used in operating activities 259,732 140, 659 Cash flows from investing activities Purchase of tangible assets {11.5331 (29, 943) Net cash used in investing activities (11,533) 129,9431 Cash flows from financing activities Repayments of borrowing (166, 666) Net cash provided byl{used in) financing activities (166,666) Change in cash and cash equivalents in the year Cash and cash equivalents al the beginning of the year 248,199 (55,950) 959,400 1,015,350 Cash and cash equlvalents at the end of the year 1,207,599 959,400 The notes on pages 21 to 42 form part of these financial statements Page 20 THE SWIMMING TEACHERS ASSOCIATION LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 General information The Company is a company limited by guarantee. The members of the company are the Trustees name(J onpage1. The Swimming Teachers Association is incorporated in England within the United Kingdom, having a registration of 01272519. The address of the registered office is as per page 1. The principal activity of the company in the year are shown in the Trustees's Report. The financial statements are presented in sterling which is functional currency of the company and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below, These policies have been consistently applied to all years presented unless othe￿iSe stated. Accountlng pollcles 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102} Accounting and Reporting by Charities., Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the Companies Act 2006. The Swimming Teachers Association Ltd meets the definition of a public benefit entity under FRS 102, Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise slated in the relevant accounting policy. The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements. 2.2 Going concern The Company has almost recovered back to their pre-covid position which has lead to increase in the cashflow less reliance has been placed on grants with more effort being made on the normal charitable achievements that have almost doubled in revenue streams the net assets have increased from £1,738,930 to £1,921,529. The Trustees have prepared cash flow forecasts based on appropriate assumption in line with the projections. This forecast shows that the company is expected to meet its liabilities as they fall due for a period of 12 months from date of approval of 2024 financial statements. Management believe it is appropriate to prepare the financial statements on a going concern basis. Page21 THE SWIMMING TEACHERS ASSOCIATION LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 Accounting policies (continued) 2.3 Income All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute lo more than one activity and support costs which are not attributable to a single activity are apportioned be￿een those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and deprecialion charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which f urther the Group's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.5 Government grants Government grants relating to tangible fixed assets are treated as deferred income and released to the Consolidated statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Consolidated statement of financial activities as the related expenditure is incurred. 2.6 Tangible fixed assets and depreciation Tangible fixed assets costing £nil or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model. tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Page 22 THE SWIMMING TEACHERS ASSOCIATION LTD IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 Accounting policies (continued} 2.6 Tangible fixed assets and depreciation {continued) Depreciation is chargecl so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following bases.. Freehold property Motor vehicles Fixtures and fittings Computer equipment Other fixed assets (Regalia & Trophies) 25°/0 10% 25% 2.7 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet dale, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined ancl presented as 'Gainsl{Lossesl on investments, in the Consolidated statement of financial activities. Investments in subsidiaries are valued at cost less provision for impairment. 2.8 Stocks Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 2.9 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.10 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Page 23 THE SWIMMING TEACHERS ASSOCIATION LTD IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 Accounting policies {continued) 2.11 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required lo settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific lo the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost. 2.12 Financial instruments The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.13 Operating leases Rentals paid under operating leases are charged to the Consolidated statement of financial activities on a straight line basis over the lease term. 2.14 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Restricted funds are funds which are lo be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is sel out in the notes to the financial statements. Page 24 THE SWIMMING TEACHERS ASSOCIATION LTD (A company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 Income from donations and legacies Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Donations 6,103 1,138 7,241 Unrestricted funds 2023 Total funds 2023 Donations 7,257 1,257 Income from charitable activities Unrestricted funds 2024 Total funds 2024 Income from charitable activities 2,446.003 2,446,003 Unrestricted funds 2023 Total funds 2023 Income from charitable activities 2.432,817 2,432,817 Page 25 THE SWIMMING TEACHERS ASSOCIATION LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 Income from other trading activities Income frorn non charitable trading activities Unrestricted funds 2024 Total funds 2024 Sales from subsidiary undertakings 183,790 183,790 Unrestricted funds 2023 Total funds 2023 Sales from subsidiary undertakings 204, 192 204, 192 Other Incoming resources Unrestricted funds 2024 Total funds 2024 Interest received 19,016 19,016 Unrestricted funds 2023 Total fiinds 2023 Interest received 4,341 4.341 Page 26 THE SWIMMING TEACHERS ASSOCIATION LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 Expenditure on raising funds Costs of raising voluntary income Unrestricted funds 2024 Total funds 2024 Costs of raising voluntary income { raising funds) 30,434 30,434 Costs of raising voluntary income Icontinued) Unrestricted funds 2023 Total funds 2023 Costs of raising voluntary income (raising funds) 35, 190 35, 190 Other trading expenses Unrestricted funds 2024 Total funds 2024 Cost of sales Administration expenses 159,798 2,592 159,798 2,592 162.390 162,390 Page 27 THE SWIMMING TEACHERS ASSOCIATION LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 Expenditure on raising funds (continued) Other trading expenses (continued) Unrestricted funds 2023 Total funds 2023 Cost of sales Adminislralion expenses Administration depreciation 179, 790 23,401 1,000 179, 790 23,401 1,000 204, 191 204, 191 Analysis of expenditure on charitable activities Summary by fund type Restricted Unreslricted funds funds 2024 2024 Total 2024 Direct costs Wages & Salaries (Note 11 } Costs of Courses Postage & Carriage Repairs & Maintenance Advertising & Marketing Bank Charges Insurances Depreciation & Contract Hire Charges 6,103 485,080 1,234,730 45,159 69,818 15,093 281,625 52.661 72,158 18,200 491,183 1,234,730 45,159 69,818 15,093 281,625 52,661 72,158 18.200 6,103 2,274,524 2,280,627 Page 28 THE SWIMMING TEACHERS ASSOCIATION LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 Analysis of expenditure on charitable activities (continued) Sumrnary by fund type (continued) Unrestricted funds 2023 Total 2023 Direct costs Wages & Salaries (Note 11 } Costs of Courses Postage & Carriage Repairs & Maintenance Advertising & Marketing Bank Charges Insurances Depreciation & Contract Hire Charges 487,810 1,089,667 67,578 77, 725 63, 108 266, 792 53,456 64,583 27,488 487,810 1,089,667 67,578 77, 725 63, 108 266, 792 53,456 64,583 21,488 2,192,207 2, 192,207 Analysis of expenditure by activities Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Direct costs Wages & Salaries {Note 111 Costs of Courses Postage & Carriage Repairs & Maintenance Advertising & Marketing Bank Charges Insurances Depreciation & Contract Hire Charges 6,103 485,080 1,234,730 45,159 69,818 15,093 281,625 52,661 72.158 18,200 491,183 1,234,730 45,159 69.818 15,093 281,625 52,661 72,158 18,200 6,103 2,274,524 2,280,627 Support costs are other charitable activities of the Company. Page 29 THE SWIMMING TEACHERS ASSOCIATION LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 Analysis of expenditure by activities (continued) Support costs 2023 Total funds 2023 Direct costs Wages & Salaries (Note 11 } Costs of Courses Postage & Carriage Repairs & Maintenance Advertising & Marketing Bank Charges Insurances Depreciation & Contract Hire Charges 487,8to 1,089,667 67,578 77, 725 63, 108 266, 792 53,456 64,583 21,488 487.870 1,089,667 67.578 77, 725 63, 108 266, 792 53,456 64, 583 21,488 2, 192,207 2, 192,207 Support costs are other charitable activities of the Company. 10. Auditors, remuneration 2024 2023 Fees payable to Ihe Company's auditor for the audit of the Company's annual accounts 8,000 7,400 Fees payable to the Company's auditor in respect of.. All taxation advisory seNices not included above 300 300 11. Staff costs Group 2024 Group Company 2023 2024 Company 2023 Wages and salaries Contribution to defined contribution pension schemes 1,154,775 996,959 1,154,775 996, 959 79,955 92, 708 79,955 92, 708 1,234.730 1,089,667 1.234,730 1.089, 667 Page 30 THE SWIMMING TEACHERS ASSOCIATION LTD (A company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 11. Staff costs (continued) The average number of persons employed by the Company during the year was as follows.. Group 2024 No. Group 2023 No. Company 2024 No. Company 2023 No. Employees 29 31 29 31 The number of employees whose employee benefits (excluding employer pension costs} exceeded £60,000 was.. Group 2024 No. Group 2023 No. In the band £60,001 £70,000 In the band £70,001- £80,000 In the band £120,000- £130,000 During the year, Dave Chandler, the Chief Executive Officer, received a gross remuneration of £116,739 excluding pension contributions and Other benefits of £15,745. 12. Trustees, remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2023- £NILJ. During Ihe year ended 31 May 2024, expenses totalling £609 were reimbursed or paid directly to Trustee (2023 - £111 to Trustee). 13. Taxation Corporation tax Taxation on net income Page 31 THE SWIMMING TEACHERS ASSOCIATION LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 13. Taxation (continued) The tax assessed for the year is the same as (2023- the same asl the standard rate of corporation tax in the UK of 19 % {2023- 19/1. The differences are explained below: 2024 2023 Net income before tax 182,599 211,019 Net income multiplied by the standard rate of corporation tax in the UK of 19 (2023- 19% . Effects of: 34,694 40,094 Non-taxable income less expenses not deductible foi tax purposes (34,694) (40, 094) Total tax charge for the year The Charity is exempt from corproalion tax as all its income is charitable and is applied for charitable purpose. There are no factors considered likely to affect future tax charges. Page 32 THE SWIMMING TEACHERS ASSOCIATION LTD {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 14. Tangible fixed assets {continued) Company Freehold propety Motor vehicles Fixtures and fittings Total Cost or valuation At 1 June 2023 Additions 471,507 5,921 33,023 189,826 5,612 694,356 11,533 At 31 May 2024 477,428 33,023 195,438 705.889 Depreciatlon At 1 June 2023 Charge for the year 18,502 4,250 148.208 13,949 166,710 18,199 At 31 May 2024 22,752 162,157 184,909 Net book value At 31 May 2024 477,428 10,271 33,281 520,980 At 31 May 2023 471,507 14,521 41,618 527,646 Included in freehold property is land with a estimated fair value of £50,00012023.. £50,000) which is not depreciated. The freehold building is not depreciated as the Trustees believe a life expectancy of the freehold building to be that long term and not less than 80 years as at the year end date. Page 34 THE SWIMMING TEACHERS ASSOCIATION LTD {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 15. Fixed asset investments Investments in subsidiary companies Company Cost or valuation At 1 June 2023 106 At 31 May 2024 106 Net book value At 31 May 2024 106 At 31 May 2023 106 16. Stocks Group 2024 Group Company 2023 2024 Company 2023 Finished goods and goods for resale 189,336 155,622 189,336 155, 623 17. Debtors Group 2024 Groiip Company 2023 2024 Company 2023 Due within one year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income 104,778 166,434 83,707 19,483 6,882 69,276 136, 259 24,631 4,323 41,061 6,882 69,276 4,327 41,058 180,936 217,819 179.348 206,274 Page 35 THE SWIMMING TEACHERS ASSOCIATION LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 18. Creditors: Amounts falling due within one year Group 2024 Group Company 2023 2024 Company 2023 Trade creditors Other taxation and social security Other creditors Accruals and deferred income 112.280 33,078 17,791 14,173 54,598 38,898 t2,613 9,448 110,945 33,078 17,893 13,923 49,307 38,898 12,717 9,196 177,322 115,557 175,839 110,118 19. Financial instruments Group 2024 Group Company 2023 2024 Company 2023 Financial assets Financial assets measured at fair value through income and expenditure 1,207,599 959,400 1,207,599 959,400 Financial assets measured at fair value through income and expenditure comprise those amounts that have been booked through the Balance Sheet. Page 36 THE SWIMMING TEACHERS ASSOCIATION LTD {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 3q MAY 2024 20. Statement of funds statement of funds - current year Balance at 1 June 2023 Balance at 31 May 2024 Income Expenditure Unrestricted funds General Funds - all funds 1,738,930 2,649,947 {2,467,348} 1,921,529 Restricted funds Restricted Funds - all funds 6,103 {6,1031 Total of funds 1,738,930 2,656,050 (2,473,451) 1,921,529 Statement of funds - prior year Balance at 1 June 2022 Balance al Income Expenditure 31 May 2023 Unrestricted funds General Funds- all funds 1,527,911 2, 642,607 (2,431,588) 1, 738,930 21. Summary of funds Summary of funds - current year Balance at 1 June 2023 Balance at 31 May 2024 Income Expenditure General funds Restricted funds 1,738,930 2,649,947 6,103 12,467,348) 16,103) 1,921,529 1,738,930 2,656,050 {2,473,4511 1,921,529 Page 37 THE SWIMMING TEACHERS ASSOCIATION LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 21. Summary of funds (continued) Summary of funds- prioryear Balance at l June 2022 Balance al Income Expenditure 31 May 2023 General funds 1,527,911 2,642,607 (2, 437, 588) 1, 738,930 22. Analysis of net assets between funds Analysis of net assets between funds - current perlod Unrestricted funds 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year 520,980 1,577,871 {177,322) 520,980 1,577,871 (177,322> Total 1,921,529 1,921,529 Analysis of net assets between funds - prior perlod Unrestricted funds 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due within one year Other 527.646 1,326.841 (115,557) 527,646 1,326,841 (115,557) Total 1, 738,931 7, 738,931 Page 38 THE SWIMMING TEACHERS ASSOCIATION LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 23. Reconciliation of net movement in funds to net cash flow from operating activities Group 2024 Group Company 2023 2024 Company 2023 Net income for the period (as per Statement of Financial Activities) 182,599 271,019 182,600 211,019 Adjustments for.. Depreciation charges Increase in stocks Decreasellincreasel in debtors Increaselldecrease} in creditors 18,200 133,714) 30,882 61,765 22,488 (15,419) (48,325) (29, 104) 18,200 {33,714} 30.882 61,765 21,488 (15,419) (43,078) (33. 352) Net cash provided by operatlng activities 259,732 140,659 259,733 140.658 24. Analysis of cash and cash equivalents Group 2024 Group Company 2023 2024 Company 2023 Cash in hand 1,207,599 959,400 1,207,599 959,400 Total cash and cash equivalents 1,207,599 959,400 1,207,599 959,400 25. Analysis of changes in net debt At 1 June 2023 Cash flows At 31 May 2024 Cash at bank and in hand 959,400 248,199 1,207,599 959,400 248,199 1,207,599 Page 39 THE SWIMMING TEACHERS ASSOCIATION LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 26. Pension commitments The company operates a defined contribution pension scheme. The pension charge payable by the company for the year amounted to £79.99512023.. £92,708). The balance payable at 31 May 2024 was £17, 791 {2023.' £12,612} which is included in creditors due within one year. 27. Operating lease commitments At 31 May 2024 the Group and the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows.. Group 2024 Group Company 2023 2024 Company 2023 Not later than 1 year Later than 1 year and not later than 5 years 5,162 11,441 4,444 11,099 5,162 11,441 4,444 11,099 16,603 15,543 16,603 15,543 28. Related party transactions The Company has significant control over International Federation of Swimming Teachers Association Limited. The Company manages transactions on behalf of International Federation of Swimming Teachers Association Limited. Subscription and other income of £nil (2023.. £5001 were received on it's behalf and expenses of £4,30512023. £1,100} were paid on its behalf. At the year end, £5,062 {2023'. £7571 was due from International Federation of Swimming Teachers Association Limited which is included in debtors due within one year. The company has taken advantage of the exemption under Financial Reporting Standard No 102, not to disclose transactions with wholly owned subsidiaries and companies in the same group with 100% ownership. 29. Controlling party The company has no controlling paty Page 40 Il I I I I I I I I,. ,1 I I I I c￿0C0 o c£ O In (n OJU CJ o) (ts ttE OCOD￿Q <>to<>co<>cO<>￿