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 s￿rn 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/