**REGISTERED COMPANY NUMBER: 05837232 (England and Wales) REGISTERED CHARITY NUMBER: 1116154**
## REPORT OF THE TRUSTEES AND
## UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
## FOR
## BRIXHAM ADMIRAL SWIM COMPANY LTD
Barretts
Chartered Accountants & Chartered Tax Advisers
22 Union Street Newton Abbot Devon TQ12 2JS
BRIXHAM ADMIRAL SWIM COMPANY LTD
CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 30 June 2023
|||Page||
|---|---|---|---|
|Report of the Trustees|1|to|3|
|Independent Examiner's Report||4||
|Statement of Financial Activities||5||
|Balance Sheet|6|to|7|
|Notes to the Financial Statements|8|to|12|
|Detailed Statement of Financial Activities|13|to|14|
BRIXHAM ADMIRAL SWIM COMPANY LTD
## REPORT OF THE TRUSTEES
## for the Year Ended 30 June 2023
The charity runs a community swimming pool and community room. It is a heated indoor pool providing opportunities for leisure and recreation, the teaching of swimming through its Swim School and swimming coaching through Brixham Swimming Club. It works closely with other local agencies including schools and colleges and groups specialising in work with the disabled.
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
To promote, provide and/or assist in the provision of leisure, health, educational and aquatic facilities for the benefit of the inhabitants of Brixham and the surrounding area. For recreation or other leisure time occupation of individuals who have need of such facilities by reason of their youth, age, infirmity or disablement, financial hardship social and economic circumstances or for the public at large in the interests of social welfare and with the object of improving the conditions of life and lifestyle of the said inhabitants.
## **Significant activities**
The charity considers maintaining the pool and its surrounds at a high level to be key to its operation. The Trustees continually look for ways to achieve energy efficiency and cost efficiencies as a result.
## **Public benefit**
The trustees are aware of the charity commission's guidance on public benefit and have regard for it in their administration of the trust as illustrated by the pursuit of its objectives as set out in this report.
## **ACHIEVEMENT AND PERFORMANCE Review of the year**
CHAIRMAN’S REPORT
I am reporting on the period 1 July 2022-30 June 2023.
In 2022 we started the reporting period with the COVID pandemic behind us. Our reserves were particularly healthy as a result of the pool staffs’ hard work and generous grants in the previous year. We are grateful that we received a number of grants this year. These are:
- Torbay Community Grant (£5,000);
- Torbay Council Community Fund (£500);
- Torbay Council Back2Sport (£860);
- One Devon SW Cost of Living Community Fund (£4,530);
- Torbay Council Cost of Living crisis fund (£6,000);
As the year progressed we realised, that along with other charities and businesses, we were facing the challenges of the cost of living crisis and energy crisis.
Several of our grants enabled us address the cost of living crisis. We were able to provide subsidised sessions for children learning to swim, free swims for Foodbank users and subsidised lifeguard training.
Two grants provided help with our energy costs by providing funds for a new pool cover and disabled persons’ shower. We continue to make economy measures wherever possible. Fortunately it was a hot summer and reducing the pool temperature by a couple of degrees helped our energy costs substantially. Constantly aware that energy costs continue to rise and the need to improve our carbon footprint, we consulted with Torbay Council representatives including their mechanical engineer. He recommended that we fit a heat exchanger to make better use of our gas boilers and reduce our electricity use. The work was completed in February 2023. In the long term he advised we update our heating and ventilation system and we continue to seek grants to enable us to do this as the cost would be considerable.
The local community continue to support us with donations. In particular in July we had a donation from the family of a lifelong supporter of swimming and the pool since it was built in the 1970’s. I would also like to thank our volunteers-Board members, cleaner and 50+ Aqua Fit session leader for their tireless work for the pool. Finally I would like to thank pool staff for their energy saving measures taken throughout the year and work to increase the number of swimmers of all ages-all of which have kept the pool finances healthy.
The Trustees consider that the charity has sufficient reserves and good prospects for the future.
Page 1
BRIXHAM ADMIRAL SWIM COMPANY LTD
## REPORT OF THE TRUSTEES
## for the Year Ended 30 June 2023
## **FINANCIAL REVIEW**
## **Reserves policy**
The Trustees consider it appropriate that the objective of the reserves policy is to protect the organisation against future events and that a level of reserves are held to protect the charity from closure should financial difficulties arise. The Trustees consider that the minimum reserve level is the minimum cash balance of the organisation available for 3 months of keeping the pool open at minimum running costs. The upper limit for reserves being for 12 months of minimum running costs:
|Minimum
Upper limit|Minimum
Upper limit|Minimum
Upper limit|Minimum
Upper limit|
|---|---|---|---|
|Salary Cost of two full time employees
|£14,760
||£59,039|
|Minimum running costs (at 50%)
|£14,899
||£59,597|
|
Total reserve
|£29,659
|£118,636||
Running costs being: Cleaning & Hygiene, Insurance, chemicals, admin costs, rent and rates and all utilities.
This year has seen no change to the method of the reserves calculation.
The Trustees consider that in the unlikely event of the charity having to cease operations, the minimum cash and investment reserve together with the value of non-cash net assets would be sufficient to pay winding up liabilities.
Should these reserves fall below this level, for whatever reason, immediate steps will be taken to reinstate them over a reasonable period.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by Memorandum and Articles of Association drawn up on incorporation, 5th June 2006, as amended on 15th November 2006 and on 28th February 2017, and by a certificate of change of name dated 27th January 2009. The charity constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
## **Organisational structure**
Trustees are appointed to reflect the needs of the charity - organisational, human relations, financial and legal. They are appropriately trained on the lines suggested by the Commission and keep up to date by attendance at professional seminars and/or reading professional and Commission publications.
Whilst accepting responsibility for all aspects of the Company, day to day management is delegated to the Centre Manager, Phil Thomas, who leads the team.
The Trustees meet monthly to review all aspects of the Trust's work. The Centre Manager is always present at these meetings for relevant agenda items.
Each worker is allotted a trustee as a personal mentor.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Registered Company number**
05837232 (England and Wales)
## **Registered Charity number**
1116154
## **Registered office**
Admiral Swimming Centre Higher Ranscombe Road Brixham Devon TQ5 9HF
Page 2
BRIXHAM ADMIRAL SWIM COMPANY LTD
## REPORT OF THE TRUSTEES
## for the Year Ended 30 June 2023
## **Trustees**
M Morey J Hill M J Seffert Chair Ms J Minchinton Mrs S Pearce
## **Company Secretary**
Mrs S Pearce
## **Independent Examiner**
I P Barrett FCA FCIE Barretts Chartered Accountants & Chartered Tax Advisers 22 Union Street Newton Abbot Devon TQ12 2JS
Approved by order of the board of trustees on 22 February 2024 and signed on its behalf by:
J Hill - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BRIXHAM ADMIRAL SWIM COMPANY LTD
## **Independent examiner's report to the trustees of Brixham Admiral Swim Company Ltd ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 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:
1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
I P Barrett FCA FCIE
Barretts Chartered Accountants & Chartered Tax Advisers 22 Union Street Newton Abbot Devon TQ12 2JS
25 March 2024
Page 4
BRIXHAM ADMIRAL SWIM COMPANY LTD
## STATEMENT OF FINANCIAL ACTIVITIES
## (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) for the Year Ended 30 June 2023
|Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
**20,939**
**Charitable activities**
General
**258,599**
Investment income
2
**328**
**Total**
**279,866**
**EXPENDITURE ON**
**Charitable activities**
General
**319,138**
Other
**387**
**Total**
**319,525**
**NET INCOME/(EXPENDITURE)**
**(39,659)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**492,313**
**TOTAL FUNDS CARRIED FORWARD**
**452,654**|Restricted
funds
£
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**2023**
**Total**
**funds**
**£**
**20,939**
**258,599**
**328**
**279,866**
**319,138**
**387**
**319,525**
**(39,659)**
**492,313**
**452,654**|2022
Total
funds
£
71,034|
|---|---|---|---|
|||||
||||240,006|
||||11|
||||311,051|
|||||
||||303,725|
||||426|
||||304,151|
||||6,900|
||||485,413|
|||||
||||492,313|
The notes form part of these financial statements
Page 5
BRIXHAM ADMIRAL SWIM COMPANY LTD
## BALANCE SHEET
## 30 June 2023
|Unrestricted
fund
Notes
£
**FIXED ASSETS**
Tangible assets
7
**346,036**
**CURRENT ASSETS**
Stocks
8
**1,536**
Debtors
9
**3,010**
Cash at bank and in hand
**118,564**
**123,110**
**CREDITORS**
Amounts falling due within one year
10
**(16,492)**
**NET CURRENT ASSETS**
**106,618**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**452,654**
**NET ASSETS**
**452,654**
**FUNDS**
11
Unrestricted funds
**TOTAL FUNDS**|Restricted
funds
£
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**2023**
**Total**
**funds**
**£**
**346,036**
**1,536**
**3,010**
**118,564**
**123,110**
**(16,492)**
**106,618**
**452,654**
**452,654**
**452,654**
**452,654**|2022
Total
funds
£
389,821
1,486
4,840
124,921|
|---|---|---|---|
||||131,247|
||||(28,755)
102,492
492,313|
||||492,313|
||||492,313
492,313|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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
Page 6
continued...
BRIXHAM ADMIRAL SWIM COMPANY LTD
## BALANCE SHEET - continued
## 30 June 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 22 February 2024 and were signed on its behalf by:
J Hill - Trustee
The notes form part of these financial statements
Page 7
BRIXHAM ADMIRAL SWIM COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 30 June 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.
## **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:
Leasehold improvements - straight line over 21 years, being the length of the lease Plant & machinery - 20% per annum on cost
## **Stocks**
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
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.
## **2. INVESTMENT INCOME**
|**INVESTMENT INCOME**|||
|---|---|---|
||**2023**|2022|
||**£**|£|
|Bank account interest|**328**|11|
||||
continued...
Page 8
BRIXHAM ADMIRAL SWIM COMPANY LTD
## NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 30 June 2023
## **3. NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
|Depreciation - owned assets|**2023**
**£**
**59,000**|2022|
|---|---|---|
|||£
55,957|
## **4. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 30 June 2023 nor for the year ended 30 June 2022.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 30 June 2023 nor for the year ended 30 June 2022.
## **5. STAFF COSTS**
The average monthly number of employees during the year was as follows:
## **6.**
|Employees
No employees received emoluments in excess of £60,000.
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
fund
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
71,034
**Charitable activities**
General
240,006
Investment income
11
**Total**
311,051
**EXPENDITURE ON**
**Charitable activities**
General
303,725
Other
426
**Total**
304,151
**NET INCOME**
6,900
**RECONCILIATION OF FUNDS**
Total funds brought forward
485,413|**2023**
**15**
Restricted
funds
£
-
-
-
-
-
-
-
-
-|2022|
|---|---|---|
|||19|
|||Total
funds
£
71,034
240,006
11|
|||311,051|
|||303,725
426|
|||304,151|
|||6,900
485,413|
continued...
Page 9
BRIXHAM ADMIRAL SWIM COMPANY LTD
## NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 30 June 2023
|**6.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
fund
£
**TOTAL FUNDS CARRIED FORWARD**
492,313
**7.**
**TANGIBLE FIXED ASSETS**
Long
leasehold
£
**COST**
At 1 July 2022
**1,102,756**
Additions
**-**
At 30 June 2023
**1,102,756**
**DEPRECIATION**
At 1 July 2022
**719,116**
Charge for year
**52,512**
At 30 June 2023
**771,628**
**NET BOOK VALUE**
At 30 June 2023
**331,128**
At 30 June 2022
383,640
**8.**
**STOCKS**
Stocks
**9.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade debtors|**6.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
fund
£
**TOTAL FUNDS CARRIED FORWARD**
492,313
**7.**
**TANGIBLE FIXED ASSETS**
Long
leasehold
£
**COST**
At 1 July 2022
**1,102,756**
Additions
**-**
At 30 June 2023
**1,102,756**
**DEPRECIATION**
At 1 July 2022
**719,116**
Charge for year
**52,512**
At 30 June 2023
**771,628**
**NET BOOK VALUE**
At 30 June 2023
**331,128**
At 30 June 2022
383,640
**8.**
**STOCKS**
Stocks
**9.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade debtors|**- continued**
Restricted
funds
£
-
Plant and
machinery
£
**43,719**
**15,215**
**58,934**
**37,538**
**6,488**
**44,026**
**14,908**|**- continued**
Restricted
funds
£
-
Plant and
machinery
£
**43,719**
**15,215**
**58,934**
**37,538**
**6,488**
**44,026**
**14,908**|Total
funds
£
492,313
Totals
£
**1,146,475**
**15,215**
**1,161,690**
**756,654**
**59,000**
**815,654**
**346,036**|Total
funds
£|Total
funds
£|
|---|---|---|---|---|---|---|
||||||492,313||
||||||||
||383,640||6,181|389,821|||
||||||||
||||**2023**
**£**
**1,536**
**2023**
**£**
**3,010**||||
|||||||2022
£|
|||||||1,486|
||||||||
|||||||2022
£|
|||||||4,840|
||||||||
continued...
Page 10
BRIXHAM ADMIRAL SWIM COMPANY LTD
## NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 30 June 2023
## **10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Trade creditors
**11.**
**MOVEMENT IN FUNDS**
At 1.7.22
£
**Unrestricted funds**
General fund
**492,313**
**TOTAL FUNDS**
**492,313**
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
**279,866**
**TOTAL FUNDS**
**279,866**
**Comparatives for movement in funds**
At 1.7.21
£
**Unrestricted funds**
General fund
485,413
**TOTAL FUNDS**
485,413
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
311,051
**TOTAL FUNDS**
311,051|**2023**
2022
**£**
£
**16,492**
28,755
Net
movement
At
in funds
30.6.23
£
£
**(39,659)**
**452,654**
**(39,659)**
**452,654**
Resources
Movement
expended
in funds
£
£
**(319,525)**
**(39,659)**
**(319,525)**
**(39,659)**
Net
movement
At
in funds
30.6.22
£
£
6,900
492,313
6,900
492,313
Resources
Movement
expended
in funds
£
£
(304,151)
6,900
(304,151)
6,900||2022
£|
|---|---|---|---|
||||28,755|
|||||
continued...
Page 11
BRIXHAM ADMIRAL SWIM COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 30 June 2023
## **12. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 30 June 2023.
Page 12
BRIXHAM ADMIRAL SWIM COMPANY LTD
## DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 30 June 2023
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
Grants
**Investment income**
Bank account interest
**Charitable activities**
Pool receipts
Swimming groups & lessons
Education
Shop income
Hire of pool & rooms
Vending machine
Advertising income
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Wages
Cleaning & hygiene
Insurance
Pool chemicals
Telephone
Sundries
Office expenses
Rent & rates
Stock purchases
Light & heat
Water
Repairs & renewals
Long leasehold
Plant and machinery
**Other**
Credit card charges
**Support costs**|2023
£
**13,950**
**6,989**
**20,939**
**328**
**76,152**
**48,674**
**51,218**
**2,143**
**75,786**
**4,401**
**225**
**258,599**
**279,866**
**122,782**
**4,563**
**8,897**
**4,857**
**437**
**3,210**
**1,828**
**375**
**1,424**
**88,267**
**6,758**
**15,984**
**52,512**
**6,488**
**318,382**
**387**|2022
£
9,586
61,448
71,034
11
71,075
54,031
33,076
1,659
76,840
2,916
409
240,006
311,051
132,855
4,573
8,038
3,987
442
567
2,827
625
3,310
65,170
6,913
17,741
52,512
3,445
303,005
426|
|---|---|---|
This page does not form part of the statutory financial statements
Page 13
BRIXHAM ADMIRAL SWIM COMPANY LTD
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 30 June 2023
|DETAILED STATEMENT OF FINANCIAL ACTIVITIES
for the Year Ended 30 June 2023|||
|---|---|---|
|**Support costs**
**Governance costs**
Accountancy fees
Total resources expended
**Net (expenditure)/income**|2023
£
**756**
**319,525**
**(39,659)**|2022
£|
|||720
304,151
6,900|
This page does not form part of the statutory financial statements
Page 14