REGISTERED COMPANY NUMBER: 02763474 (England and Wales) REGISTERED CHARITY NUMBER: 1068928
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2023
for
King Edward VII School Swimming Pool Trust
Heather Lea Business Services 49 Heather Lea Avenue Sheffield S17 3DL
King Edward VII School Swimming Pool Trust
Contents of the Financial Statements for the Year Ended 31 December 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | to | 6 |
| Notes to the Financial Statements | 7 | to | 13 |
| Detailed Statement of Financial Activities | 14 | to | 15 |
King Edward VII School Swimming Pool Trust
Report of the Trustees for the Year Ended 31 December 2023
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 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objective of the company is to provide and manage a full range of swimming pool services for the people of Sheffield in accordance with the terms of its charitable status.
Significant activities
The company's principal activities are (i) the provision of children's swimming lessons and (ii) a range of services to the general public which in the year to 31st December 2023 generated income of £204,512 (59.5%) {2022 £210,822 (56.9%)}, and £98,018 (28.5%) {2022 £117,806 (31.8%) } respectively.Other miscellaneous income amounted to £41,380 (12.0%) {2022 £41,849 (11.3%)} .
Public benefit
All the company's facilities are available to the wider community of Sheffield.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The company's activities are either educational or community based and as such satisfy the necessary charitable criteria.
FINANCIAL REVIEW
Financial position
The company continues to be in a relatively sound financial position despite the Covid pandemic.
Reserves policy
The policy of the company is to manage its business in a prudent and conservative manner such that reserves are maximised and all legal requirements are satisfied.
It is the directors' policy to build up the company's free reserves to a level which will be sufficient to cover all expenses for a minimum of 3 months.
REFURBISHMENT PLANS
The company continues to spend all surplus resources on an ongoing programme of refurbishment.In the future the company expects to refurbish the men's changing room facilities.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
The company seeks to maintain a board of no less that 5 trustees each of whom has a specialist skill to offer. The board of trustees is fully cognisant of the benefits of gender diversity.
Organisational structure
In a normal year the company has a general manager, 2 supervisors and approximately 16 part time staff, all of whom are either qualified teachers and/or lifeguards
All staff meet all regulatory requirements and attend regular training courses.
Page 1
King Edward VII School Swimming Pool Trust
Report of the Trustees for the Year Ended 31 December 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT Decision making
The day to day operations of the company are the responsibility of the general manager, who reports to the board of trustees; major decisions on issues such as fundraising and capital expenditure are taken by the trustees in co-operation with the general manager.
Induction and training of new trustees
New trustees with specialist expertise are inducted as and when appropriate.
Related parties
The company enjoys a close relationship with Sheffield City Council, who are freeholders of the pool facility.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
02763474 (England and Wales)
Registered Charity number
1068928
Registered office
49 Heather Lea Avenue Sheffield S17 3DL
Trustees
P Kay M Jacobi C L Moriarty J Appleby C J Grant
Company Secretary
P Kay
Independent Examiner
D Mangles FCA Heather Lea Business Services 49 Heather Lea Avenue Sheffield S17 3DL
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 11 July 2024 and signed on its behalf by:
J Appleby - Trustee
Page 2
Independent Examiner's Report to the Trustees of King Edward VII School Swimming Pool Trust
Independent examiner's report to the trustees of King Edward VII School Swimming Pool Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2023.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
D Mangles FCA The Institute of Chartered Accountants in England and Wales
Heather Lea Business Services 49 Heather Lea Avenue Sheffield S17 3DL
11 July 2024
Page 3
King Edward VII School Swimming Pool Trust
Statement of Financial Activities for the Year Ended 31 December 2023
| Unrestricted fund Notes £ INCOME FROM Grants 2 13,250 Other trading activities 3 343,910 Investment income 4 1,078 Total 358,238 EXPENDITURE ON Other trading activities 5 342,236 NET INCOME 16,002 RECONCILIATION OF FUNDS Total funds brought forward 71,940 TOTAL FUNDS CARRIED FORWARD 87,942 |
Restricted fund £ - - - - - - - - |
31.12.23 Total funds £ 13,250 343,910 1,078 358,238 342,236 16,002 71,940 87,942 |
31.12.22 Total funds £ - 370,477 83 370,560 273,958 96,602 (24,662) 71,940 |
|---|---|---|---|
The notes form part of these financial statements
Page 4
King Edward VII School Swimming Pool Trust
Balance Sheet 31 December 2023
| Unrestricted fund Notes £ CURRENT ASSETS Debtors 10 2,824 Cash at bank and in hand 150,704 153,528 CREDITORS Amounts falling due within one year 11 (65,586) NET CURRENT ASSETS 87,942 TOTAL ASSETS LESS CURRENT LIABILITIES 87,942 CREDITORS Amounts falling due after more than one year 12 - NET ASSETS 87,942 FUNDS 14 Unrestricted funds TOTAL FUNDS |
Restricted fund £ - - - - - - - - |
31.12.23 Total funds £ 2,824 150,704 153,528 (65,586) 87,942 87,942 - 87,942 87,942 87,942 |
31.12.22 Total funds £ 5,854 134,275 140,129 (53,940) 86,189 86,189 (14,249) 71,940 71,940 71,940 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
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continued...
King Edward VII School Swimming Pool Trust
Balance Sheet - continued
31 December 2023
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 11 July 2024 and were signed on its behalf by:
P Kay - Trustee
J Appleby - Trustee
The notes form part of these financial statements
Page 6
King Edward VII School Swimming Pool Trust Notes to the Financial Statements for the Year Ended 31 December 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance Fixtures and fittings - 25% on reducing balance Office equipment - 25% on reducing balance
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
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continued...
King Edward VII School Swimming Pool Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
| 2. GRANTS Grants Grants received, included in the above, are as follows: Key Fund Investment Grant Other grants 3. OTHER TRADING ACTIVITIES Swimming pool income Sale of confectionery Miscellaneous income 4. INVESTMENT INCOME Bank interest received 5. OTHER TRADING ACTIVITIES Expenditure on other trading activities Staff costs Rates and water Insurance Light and heat Telephone Sundries Repairs and maintenance Towels/wipes Service cont/equip Resaleable items Pool dosing chemicals Pool requisits other Confectionery Cleaning Advertising Carried forward |
31.12.23 £ 13,250 31.12.23 £ 12,750 500 13,250 31.12.23 £ 342,612 943 355 343,910 31.12.23 £ 1,078 31.12.23 £ 174,166 11,279 7,747 56,307 1,470 407 36,618 656 580 425 3,961 5,479 747 1,623 120 301,585 |
31.12.22 £ - 31.12.22 £ - - - 31.12.22 £ 366,810 1,060 2,607 |
|---|---|---|
| 370,477 | ||
| 31.12.22 £ 83 31.12.22 £ 147,416 9,870 7,334 46,525 1,353 846 7,739 349 566 565 5,508 7,959 803 2,272 165 |
||
| 239,270 |
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King Edward VII School Swimming Pool Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
5. OTHER TRADING ACTIVITIES - continued
Expenditure on other trading activities - continued
| Brought forward Entertaining Printing, postage & stationery Subscriptions Uniforms etc Training Fun session equipment Tools and small office repairs Travel and accommodation Canteen costs DBS checks Computer costs Web Site costs Rent Accountancy fees Credit Card charges Pension costs Interest payable and similar charges Support costs |
31.12.23 £ 301,585 - 967 191 340 4,870 36 2,636 230 405 927 114 25 250 12,200 5,726 1,443 3,494 6,797 342,236 |
31.12.22 £ 239,270 557 621 120 608 4,042 36 3,634 - 218 882 122 53 251 10,390 6,204 1,876 4,875 199 |
|---|---|---|
| 273,958 |
6. TRUSTEES' REMUNERATION AND BENEFITS
The trustees received no remuneration or benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
7. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 31.12.23 | 31.12.22 | |
|---|---|---|
| Management | 1 | 1 |
| Permanent part time | 2 | 2 |
| Casuals | 11 | 14 |
| 14 | 17 |
No employees received emoluments in excess of £60,000.
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continued...
King Edward VII School Swimming Pool Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
| 8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted fund fund £ £ INCOME FROM Other trading activities 370,477 - Investment income 83 - Total 370,560 - EXPENDITURE ON Other trading activities 273,958 - NET INCOME 96,602 - RECONCILIATION OF FUNDS Total funds brought forward (24,662) - TOTAL FUNDS CARRIED FORWARD 71,940 - 9. TANGIBLE FIXED ASSETS Fixtures Plant and and Office machinery fittings equipment £ £ £ COST At 1 January 2023 and 31 December 2023 12,552 3,838 4,608 DEPRECIATION At 1 January 2023 and 31 December 2023 12,552 3,838 4,608 NET BOOK VALUE At 31 December 2023 - - - At 31 December 2022 - - - |
Total funds £ 370,477 83 370,560 273,958 96,602 (24,662) 71,940 Totals £ 20,998 20,998 - - |
|---|---|
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continued...
King Edward VII School Swimming Pool Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
| 10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|---|
| 31.12.23 | 31.12.22 | ||
| £ | £ | ||
| Trade debtors | 3,371 | 3,786 | |
| Sales Credit Note Provision | - | (770) | |
| Bad Debt provision | (3,371) | - | |
| Prepayments | 2,824 | 2,838 | |
| 2,824 | 5,854 | ||
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 31.12.23 | 31.12.22 | ||
| £ | £ | ||
| Other loans (see note 13) | 11,537 | 11,538 | |
| Trade creditors | 5,437 | 4,956 | |
| Social security and other taxes | 6,609 | 4,971 | |
| Pension creditor | 1,335 | 509 | |
| VAT | 38 | 10 | |
| Other creditors | 24 | 177 | |
| Prepaid swimming lessons | 27,967 | 26,016 | |
| Accrued expenses | 12,639 | 5,763 | |
| 65,586 | 53,940 | ||
| 12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||
| 31.12.23 | 31.12.22 | ||
| £ | £ | ||
| Other loans (see note 13) | - | 14,249 | |
| 13. | LOANS | ||
| An analysis of the maturity of loans is given below: | |||
| 31.12.23 | 31.12.22 | ||
| £ | £ | ||
| Amounts falling due within one year on demand: | |||
| Key Fund Loan | 11,537 | 11,538 | |
| Amounts falling due in more than five years: | |||
| Repayable by instalments: | |||
| Key Fund Loan | - | 14,249 |
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continued...
King Edward VII School Swimming Pool Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
14. MOVEMENT IN FUNDS
| At 1.1.23 £ Unrestricted funds General fund 71,940 TOTAL FUNDS 71,940 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 358,238 TOTAL FUNDS 358,238 Comparatives for movement in funds At 1.1.22 £ Unrestricted funds General fund (24,662) TOTAL FUNDS (24,662) Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 370,560 TOTAL FUNDS 370,560 |
Net movement At in funds 31.12.23 £ £ 16,002 87,942 16,002 87,942 Resources Movement expended in funds £ £ (342,236) 16,002 (342,236) 16,002 Net movement At in funds 31.12.22 £ £ 96,602 71,940 96,602 71,940 Resources Movement expended in funds £ £ (273,958) 96,602 (273,958) 96,602 |
|---|---|
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continued...
King Edward VII School Swimming Pool Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
14. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Net movement At At 1.1.22 in funds 31.12.23 £ £ £ (24,662) 112,604 87,942 (24,662) 112,604 87,942 |
Net movement At At 1.1.22 in funds 31.12.23 £ £ £ (24,662) 112,604 87,942 (24,662) 112,604 87,942 |
|---|---|---|
| 87,942 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 728,798 | (616,194) | 112,604 |
| TOTAL FUNDS | 728,798 | (616,194) | 112,604 |
15. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2023.
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King Edward VII School Swimming Pool Trust
Detailed Statement of Financial Activities for the Year Ended 31 December 2023
| 31.12.23 | 31.12.22 | |
|---|---|---|
| £ | £ | |
| INCOME | ||
| Grants | ||
| Grants | 13,250 | - |
| Other trading activities | ||
| Swimming pool income | 342,612 | 366,810 |
| Sale of confectionery | 943 | 1,060 |
| Miscellaneous income | 355 | 2,607 |
| 343,910 | 370,477 | |
| Investment income | ||
| Bank interest received | 1,078 | 83 |
| Total incoming resources | 358,238 | 370,560 |
| EXPENDITURE | ||
| Expenditure on other trading activities | ||
| Wages | 168,913 | 143,774 |
| Social security | 5,253 | 3,642 |
| Rates and water | 11,279 | 9,870 |
| Insurance | 7,747 | 7,334 |
| Light and heat | 56,307 | 46,525 |
| Telephone | 1,470 | 1,353 |
| Sundries | 407 | 846 |
| Repairs and maintenance | 36,618 | 7,739 |
| Towels/wipes | 656 | 349 |
| Service cont/equip | 580 | 566 |
| Resaleable items | 425 | 565 |
| Pool dosing chemicals | 3,961 | 5,508 |
| Pool requisits other | 5,479 | 7,959 |
| Confectionery | 747 | 803 |
| Cleaning | 1,623 | 2,272 |
| Advertising | 120 | 165 |
| Entertaining | - | 557 |
| Printing, postage & stationery | 967 | 621 |
| Subscriptions | 191 | 120 |
| Uniforms etc | 340 | 608 |
| Training | 4,870 | 4,042 |
| Fun session equipment | 36 | 36 |
| Tools and small office repairs | 2,636 | 3,634 |
| Travel and accommodation | 230 | - |
| Canteen costs | 405 | 218 |
| DBS checks | 927 | 882 |
| Carried forward | 312,187 | 249,988 |
This page does not form part of the statutory financial statements
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King Edward VII School Swimming Pool Trust
Detailed Statement of Financial Activities for the Year Ended 31 December 2023
| 31.12.23 | 31.12.22 | |
|---|---|---|
| £ | £ | |
| Expenditure on other trading activities | ||
| Brought forward | 312,187 | 249,988 |
| Computer costs | 114 | 122 |
| Web Site costs | 25 | 53 |
| Rent | 250 | 251 |
| Accountancy fees | 12,200 | 10,390 |
| Credit Card charges | 5,726 | 6,204 |
| Pension costs | 1,443 | 1,876 |
| Key Fund Loan interest | 3,494 | 4,875 |
| 335,439 | 273,759 | |
| Support costs | ||
| Finance | ||
| Bank interest | - | 15 |
| Governance costs | ||
| Professional fees | 3,296 | 74 |
| Bank charges | 130 | 110 |
| Bad debt provision | 3,371 | - |
| 6,797 | 184 | |
| Total resources expended | 342,236 | 273,958 |
| Net income | 16,002 | 96,602 |
This page does not form part of the statutory financial statements
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