BROOMFIELD PARK SWIMMING & RECREATIONAL CLUB LIMITED (COMPANY NUMBER 2911208, CHARITY NUMBER 1057118) TRUSTEES REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2024
Contents Page Content Page Number Charity Information 2to4 Trustees Report 5t09 Independent Examinerfs Report 10 Statement of Financial Activities 11 Balanc8 Sheet 12 Exemption from Audit Report 13 Statement of Cash Flow 14 Notes to the Accounts 15to19
BROOMFIELD PARK SWIMMING AND RECREATIONAL CLUB LIMITED Report of the Trustees for the Year Ended 31 December 2024 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 December 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORPI 'Accounting and Reporting by Charities, issued in March 2005. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 2911208 (England and Wales) Reglstered Charlty number 1057118 Reglstered offlce 7 Todhunter Terrace Barnet EN5 SAH Trustees A Crowfoot Appointed Nov 2016 H McKibben Appointed Nov 2017 M Chilton Appointed Nov 2018 Company Secretary B Laattoe Independent Examlner Community Barnet Accountant 24 Hendon Lane Finchley Central London N4 4SA STRucfuRE. GOVERNANCE AND MANAGEMENT Governlng document Broomfield Park Swimming and Recreational Club Limited (hereafter "the Club") is a company limited by guarantee, Incorporated on 22 March 1994 and registered as a charity on 26 July 1996. The Club was established under a Memorandum of Association, which established the objects and powers of the charltable company and is governed under its Articles of Association. Recruitment and appointment of new trustees According to the Articles of Association. Trustees are elected for a thrpg-year term. After this period, they must be re-elected at the Annual General Meeting (AGM). Before the AGM, all members are invited to nominate candidates for Trustee positions, including those retirino.-
BROOMFIELD PARK SWIMMING AND RECREATIONAL CLUB LIMITED Report of the Trustees for the Year Ended 31 December 2024 Inductlon and trainlng of new Trustees New Trustees receive briefings on their legal obligations, the Club's governing documents, decision-making processes, and current financial status. They are also encouraged to attend relevant external training events to support their role. Organisational structure The Board of Trustees. consisting of at least two members, oversees the Club. Daily operations are managed by the Management Committee, led by a Chair, Fin?ncitil Controller, and Secretary. The Committee meets monthly, and minutes are shared with the -1 ruslees promptly. The Club relies heavily on volunteers, highlighting the need for broader sUPPOrt to ensure balanced representation and mitigate risks as volunteers often step down when their children stop swimmints Related partles The Club is affillated wlth Swlm England, the London Re2ion, and tlie Middlesex County Amateur Swimming Association {MCASA). We adhere tn t')e nc,,,, ie-. r. frions. Rlsk management The Trustees and Committee implement a risk management stratLbVy that includes: Annual risk reviews. Systems and procedures to mitigate idp.n+ifipd ri: Contingency plans to minimise pot.. Internal controls Include procedures for authori%in% transc?r+innf ?nd ensuring compliance with health and safety regulatlons. The Club also follows Swim England's 8lll('.,. ,?n siviirming coaching, lifesaving, pool supervision, safeguardlng, and ethics.
OBJECTIVES AND ACTIVITIES The Club's purpose is to teach, develop. and promote swimming and related aquatic activities for its members, including providing opportunities to compete. We are cornmitted to equality and follow Swim England's Equal Opportunities Poli in all aspects of our operation. We offer swimming session5 for all abilities. with members ranging in age from under four to over eighty. Regular training is provided across our Development, Junior. Senior, and Masters squads. However, we recognise the need to expand and improve our provision for recreational (Active) swimmers, and we currently lack sufficient capacity to offer Learn to Swim programmes for older children and adults. The Club relies heavily on the dedication of volunteers, whose contribution is equivalent to approximately two full-time staff roles, saving the Club an estimated £40,000 per year.
ACHIEVEMENTS AND PERFORMANCE Background We closed 2024 with a surplus of 12% {£18K). exceeding our target of maintaining a margin within +5% and breaking even over the medium term. Our income is driven primarily by membership and swimming fees. In 2023, we saw increases in both pool hire and staffing costs, which led us to adjust fees to ensure financial stability. As expected, fee income rose by around IO%, and pool costs increased in line with forecasts. However, staffing costs did not rise as projected and remained 8% below forecast throughout 2024. This underspend was the principal driver of the surplus. With a fully staffed coaching team particularly at higher qualification levels costs would align more closely with forecasts. Recruitment remains difficult, reflecting a wider shortage of Level 2 coaches across local clubs despite increased advertising efforts. Overall Membershlp Membershlp levels continue to follow a slight year-on-year decline. Despite this, income from swimming fees remalned broadly In Ilne with forecasts. A return to 2018 membership levels is not anticlpated, due primarily to restricted pool access {loss of Monday sessions and later allocations on Tuesdays}. 2018 150 102 32 45 2019 2020 2021 2022 2023 2024 L•*rn to srn Comp•tltlv• iwlmm•rn Actlv• Swlmm•ri Adults & Mast•ri |Total 199 91 40 35 88 76 37 90 109 79 38 105 76 35 92 70 35 15 20 28 30 35 329 365 235 169 254 246 232 Key Points on the numbers Learn to Swim (LTS): Numbers are lower, with fewer enquiries received. This is likely due to: l. A new swlm school opening in late 2023 at QE Girls School, operating daily. 2. A significant increase in LTS fees during 2023 to bring them in line with local competitors, moving away from our historic "best value/cheapest" position. Competitive Swimmers.. The traditional pyramid structure of progression has reversed, raising concerns about the long-term flow of swimmers through the Club. In 2024: Development Squad: 19 swimmers Junior Squad: 24 swimmers Senior Squad: 28 swimmers The unusually high Senior Squad numbers are also placing pressure on pool space, requiring a fourth lane. This lane allocation has been taken from the Active and Adults & Masters programmes, reducing their capacity. Capacity Constralnts Membership is not capped except by practical pool capacity. At present, QE Boys School enforces a maximum bather load of 40 swimmer5 far below Swim England guidance of IO0+ swimmers for a pool of this size. Maintaining a long-term limit of 40 would be financiilly 'Jnsi.' inable without further fee increases. Discussions with QE Boys are ongoing to align their maximum capacity policy more closely with Swlm England standards.
Adult Swlmmers The adult programme, including Masters. continues to focus on fitness and wellbeing. A Small number of Masters compete regularly with notable success. and several also participate in open-water events. Learn to Swlm (LTS) LTS membership remains strong despite the significant fee increases to align with local competitors in 2023. Additional support from the LTS Coordinators has improved operations and communication with parents. The programme also provides a pathway for swimmers aged 13+ to become Waterhelpers, with progression to teaching and coaching roles. Competltlve Swlmming The Development Squad continues to be constrained by limited early evening pool time, and securing additional hours remains a priority. Junior and Senior squads are well resourced, with financial support, priority access to pool tlme, and coaching from our most qualified staff. 2024 marked a full year of galas with strong attendance and several outstanding performances. Actlve Swimmers Active swimmers focus on fitness and skill development ratlier th,an coni,getition. Balancing their needs alongside competitive swimmers remains an area reqLiirinp further atrtpntion. Trainin8 and Development The Club continues to invest in the progression of Waterhelpers, Teachers and coaching staff, with aim to provide sufficient staff through internal development, given the challenges for recruiting external coaches. All coaches and teachers are supported to gain the NR,ICTf I',Cprii,,nq r.1iilification, which is fully funded and supplemented with an enhanced coaching rate. The Club also promotes training for parents and adult members to qualify as swimming officials, ensuring adequate officiating capacity at galas. Training expenditure In 2024 was c.£l,000, still down h',stnrir.3lly, primarily due to an age-group gap Icovid impact) preventlng Level 2 coach/teacher qualificatio ted to have worked through by 2026. Most training spend in 2024 was directed towii.A£ I,'fe£,?[rjn.n in '-Iieguardlng. Committee and Coaching Team The Club continues to operate without a formal Head Coach, and efforts to fill this posltion remaln ongoing. The dedication and commitment of the Committep ai.. vit,- l io il:. Cltil,'4 operation. However, vacancies within both the Committee and coaching structure p,-Le illci L%dSIi - Jure on existing volunteers and affect the smooth running of activities. There is a sioriificant risk of ili G'lkidu31s stepping down, particularly as parents, involvement often ends when their children leive thp Cliih. Addresslng these gaps and ensuring a more even distribution of responsibilities remain key priorities.
FINANCIAL REVIEW Reserves Posltlon The Club maintains reserves equivalent to approximately one term's expenses (around one-third of annual expenditure) to safeguard financial stability. At the end of 2024. reserves remained at a satisfactory level. with the Committee committed to maintaining a break-even position over the medium term. Investment Powers and Policy The Club has the authority to invest funds at the Trustees. discretion. Reserve funds are held in a low-risk interest-bearing deposit account. 2024 Financial Performance In 2024, the Club generated an income of approximately £153K against outgoings of around £135K, resulting in a surplu5 of about £18K. While positive, this surplus was outside the Club's planned targets and was largely driven by lower-than-forecast Staffing costs, as the Club had to rely more heavily on lower- paid, less-qualified staff. A structural flnancial imbalance continues to exist between squads. Competitive swimmers particularly in the older age groups are belng subsidised by other member£. The traditional "pyramid model" of club swimmlng, where larger numbers of younger swimmers cover the costs of older competitive squads, is no longer sustainable due to shifts in participation patterns and limited access to early pool time. Example of the imbalance: A 14-year-old competltlve swimmer contributes only 60% of the cost of their pool time. If that same swimmer rnoves to the Active programme, their fees cover 110% of their pool-time cost. Addressing these imbalances is essential to achieving fairness, equality, and long-term flnancial Sustainability, With membership and swimming fees remaining our sole income source, effective management of member numbers and fee struttures is critical to the Club's future. Future Developments The Club intends to continue its activities in a financially sustiin,Ikle m3nner, with a focus on improvlng quality and efficiency. To reduce administrative workload, the Committpe is inve%tlP,clting the iise of the financlal functionality within the Team Unify platform. This would enable a transition to Direct Debit or card payments, subject to a 3% transaction fee.
Independent Examination Report For the period 31st December 2024 Respectlve responsibilities of trustees and examiner. The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 and that an independent examination is needed. It is my responsibility to: examine the accounts under section 145 of the Charities Act, to follow the procedures laid down in the general directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and to state whether matters have come to my attention. Basis of Independent examinerfs statement My examination was carried out in accordance with general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also indudes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair, view and the report is limited to those matters set out in the statement below. Independent examinerfs statement In connection with my examination, no matter has come to my attention . which gives me reasonable cause to believe that in, any material respect, the requirements: to keep accounting records in accordance with section 130 of the Charities Act; and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Acl have not been met; or 2. to which, in my opinion, attention should be drawn to enable a proper understandlng of the accounts to be reached. 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 to enable a proper understanding of the accounts to be reached. tklrotè Flatt Signature: Name: Dorota Platt ..Dorota Platt...... Date: 1110912023 Professional Qualffication: PQ ACCA Address: CB Plus 24 Hendon Lane, Finchley Central, N4 4SA
Statement of Financial Activities For the year ended 31# December 2024 Unrestricted Funds 2024 Total Funds 2024 Total Funds 2023 Income from: Donations Charitable activities Other Trading Activrties Investment Income Other Income Total Income 10 151,514 571 872 10 151,514 571 872 475 148,915 1.014 651 152.967 152.967 151.055 Expenditure on.. Raising Funds (547) (547) (134.040 (904} Charitable Activities 134.040 (134,587 Total Expendlture {134,587) (139,872) Net Expenditure Totsl Brought Forward Totsl Carried Forward 18,379 69,402 87,781 18,379 69,402 87.781 11,183 58,219 69.402 10
Balanco Sheet as at 31st December 2024 2024 2023 Current Assets Stock Cash at Hand and Bank Debtors 155 83,887 5.355 89.397 226 64.916 10.213 75.355 Credftors.. Amounts f8lllng due within one year Net Current Assets 10 1,616 87,781 5,953 69.402 Restricted Funds Unrestricted Funds 11 87.781 87.781 69,402 69.402 The trustees declare that they have approved the accounts above. Signed on behalf of the charity's trustees". The Trustees declare that they have approved this reporL Full Name: rfl//rlkFfL L'tIlL/<K' Position- Signature: Date: i/ 11
Exemptlon of Audit Exemption from audlt For the year ending 31 * December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relats'ng to small companies. Directors, responsibilities: The directors have not required the company to obtain an audit of its accounts for the year in question in accordance with sectÉon 476: The directors acknowledge their responsibilities for complying with the reqUirnents of the Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime and with the FRS 102 The Financial Reporting Standard for England and Republic of Ireland and the Companies Act 2006. The trustees declare that they have approved the accounts above. Signed on behalf of the charity's trustees: The Trustees declare that they have approved this report. Full Name: Position: Signature: Date: 12
Cash Flow Statement For the year ended 31%t December 2024 Total Funds 2024 Total Funds 2023 Net Cash inflowl(ouffiow) from Operating Aclivities 19.906 Cash flow from investing activities". Interest 872 651 Net Cash provided by investing activities 872 651 Cash Flow from financing activities: Change in cash and cash equivalents in the year 20,778 9,634 Cash and Cash Equivalent brought for*vard 64,916 55,283 Cash and Cash Equivalent carried forward 85.694 64.916 13
Notes to the Financial Statemenls For the year ended 31# December 2024 Basis of accounting The financial statements have been prepared in accordan with Accounting and Reporting by Charities: Statement of Recommended Praclice 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) - (Charities SORP {FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Broomfield Park Swimming and Recreational Park 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 stated in the relevant accounting policy note(s). In preparing the accounts, the trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 the restatement of comparative items was required. After due consideration. it was conduded that no reststement of the comparatives was required. The financial statements have been prepared on a going conrn basis. In arriving at this conclusion, the trustees have considered any material uncertainties that may affect the charity's ability to continue as a going conc8m. Recognition of Incoming Resources These are included in the Statement of Financial Activities (SOFA) when: the charity becomes entitled lo the resources; the trustees are virtually certain they will receive the resources; and the monetary value can be measured with sufficient reliability. Funds Structure Unrestricted income funds comprise those funds which the trustees are free lo use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the trustees, at their discretion, have created a fund for a specific purpose. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the funder. Income recognition All income is recognised once the charity has entitlement to the income, there is sufficient certainty or receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably. Grants and Donations Grants and donations are only included in the SOFA when the charity has unconditional entitlement to the reSoUrs. Donations represent voluntsry amounts received during the year. Expenditure recognition Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation 14
committing the charity to that expenditure. it is probable that settlement will be required, and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses, including support costs and govemance costs. are allocated or apportioned to the applicable expenditure headings in the statement of financial activities. Notes to the Financial Statements For the year ended 31¥1 December 2024 1. ACCOUNTING POUCIES (continued) Trade Debtors Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. Trade Creditors Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a Ihird party and the amount due to settle the obligation can be measured or estimated reliably. Flxed Assets The charity does not own any fixed assets 2. Donatlons Unrestrkted Funds 2024 io Total Funds 2024 io Total Funds 2023 475 Donatlons Donations 3. Charitable Actlvltlas Unrestrlcted Total funds Funds 2024 2024 Totsl funds 2023 Fundraising events Gala enty costs refunded Gala kit incorne 742 742 494 750 2.289 647 647 Gala Swimming incorne Gift & collections Pool Hire refunds Swimming Fees & Membership Training Income z.Other 22,155 22.155 17,502 575 126,957 250 763 126,957 250 763 126.905 250 150 151,514 151.514 148,915 15
- Oth•r Trdding Activities Unrestricte d Funds 2024 Total funds 2024 Totsl funds 2023 Shop activities 571 571 1.014
- Investment Income Unrestrl¢ts d Funds 2024 Totsi funds 2024 Total fvnds 2023 Bank interest 872 872 651
- ExpendSture on Raising Funds Unrestrlcte d Funds 2024 Total funds 2024 Total fvnds 2023 Cost of Goods Sold (547) {547) (904)
- Expenditure on Charltsble Acllvttles Unrestrlcted Funds 2024 Tolal Funds 2024 Total Funds 2023 Banking Fees Gala Entry Costs Gifts and Collections Instructors Pool Hire Equiprnent Training Gala Expenses Independent Examine Fees Webservice Swim fees and membership Staff Kit Gala Kit Admin Fundraising Swim England Fees Other Expenditure (60) (60) (60) (15,939) (15.939) (17.241) (575) (25.560) (25.560) (34.264) {61,724) (61.724) {65.452) (125) (125) (254) (1.029) (1.029) {722) (3,617) (3,617) (3,902) (950) (868) {950) (1,863) (868) (965) (226) (226) (232) (232) (325) (529) (529) {2.013) (5.166) (5.166) (4,330) (203) {203) (6.648) (6.648) (6,306) (572) (572) (150) 16
Adverts 1.128 1.128 547 (124,574 {138,968 (124.574) 8.Reconclllatlon of the Net Incoming l (Outgoing) Resources to Net Cash Inflowl{Oufflow} from Operating Actlvlties Net (outgoing)lin¢omin g resources Depreciation Interest reiVed Increaldecrease in debtors Increaldecrease in inventory Increaldecrease in creditors net cash flow in 18,380 11.183 -872 4,858 -91 -2,368 51 4,083 12 2,522 9.Debtors 2024 2023 Prepayments Accrued Income 5,335 10,213 5,335 10,213 10.Creditors: Amounts falling due within one year 2024 2023 Accruals Deferred Income 1.616 5,060 893 5,953 1,616 11. Movement of Funds Unrestricted Opening Funds Balance Incoming Resources ReSoUrS Expended Closing Balance General Funds 69,402 152.967 134,587 87,781 12.Trustees The Trustees do not receive any remuneration in respect of their role as Trustees 17