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2023-03-31-accounts

Charity registration number 1123066

Company registration number 05843714 (England and Wales)

AXE VALLEY SWIMMING ASSOCIATION

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

AXE VALLEY SWIMMING ASSOCIATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Mr R B Peacock Mrs D Church Mrs J K Broom Mrs S Parris Mrs E Bewsher Mrs S Stokes-Munton Mrs R Jordan (Appointed 1 January 2023) Mr G Parker (Appointed 1 March 2023) Mr J Ebdon (Appointed 1 November 2023) Mrs J E Turner (Appointed 1 May 2023)

Charity number 1123066 Company number 05843714 Registered office The Flamingo Pool Lyme Road Axminster Devon EX13 5AZ Independent examiner Hammett Audit 21 Heavitree Road Exeter Devon EX1 2LD

AXE VALLEY SWIMMING ASSOCIATION

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6 - 7
Notes to the financial statements 8 - 17

AXE VALLEY SWIMMING ASSOCIATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

The trustees present their annual report and financial statements for the year ended 31 March 2023.

The financial statements have been prepared in accordance with the SORP, relevant law and FRS 102.

Objectives and activities

The charity's objects are provision and maintenance of public swimming pool for the benefit of the inhabitants of the Axe Valley and its neighbourhood who are in need thereof by reason of their social circumstances or youth, sickness or old age. There have been no changes in these objectives during the year.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

The charity meets Charity Commission charitable purposes descriptions in the following two categories:

Under the memorandum and articles of association, the charity has the power to make any investments which the trustees see fit.

All investments are kept under continuous review so as to maintain the appropriate balance between security and return.

Achievements and performance

Not the best start for our proposed year of Jubilee celebrations. Major faults were discovered in the support structure beneath the Pool in December 2022 and this required a 6 week closure of the pool. After just recovering from the effects of Covid and the huge increase in energy costs, this was a dreadful financial blow. However, with wonderful support from local contractor Andrew Gibbins, pool management, staff and the local community, all of whom were stoic in their support and patience, we have survived.

On a much happier note, we received a very generous donation from Abbeyfield (Lyme Regis & District Society) Ltd. This was, indeed, a lifeline and explains the healthy balance of the accounts. The Society sold their property in Lyme Regis and distributed the proceeds to worthy causes in the local area and, fortunately, we met their criteria and were selected.

The staffing situation is very much improved. Numerous training courses have been undertaken and we now have a full complement of lifeguards. The training required to become a qualified lifeguard is intense and to ensure continued excellence regular staff training is obligatory.

In this Jubilee year, many events were organised, not only to raise much needed revenue, but to promote awareness of the pool. Many thanks go to the newly formed Jubilee Group and the Fundraisers, who continue to work tirelessly to raise money.

Thanks must also go to the staff, from management to lifeguards, for their loyalty and dedication to the pool.

And lastly to our loyal customers, who have supported us through the last 25 years: keep on swimming and buying those all important raffle tickets!

We still have a long way to go, but the Trustees are working very hard. Grant applications are always being sought and we have Trustee Lizzie Bewsher, who, with assistance from Michelle Spillar, is a wiz at finding these opportunities for us.

Following resignation of the Chairman shortly after the year end, Vice Chairman Gareth Parker stepped in as acting Chairman. Unfortunately, this can only be a temporary measure, as he has full time work commitments and a young family.

There was also a resignation from the Financial Officer, but we are extremely fortunate to have found Jonathan Ebdon, a local young man committed to ensure the secure future of the pool, to step into this position.

Financial review

Income for the year was £696,008. Expenditure for the year was £602,891 giving a net surplus of £93,117.

AXE VALLEY SWIMMING ASSOCIATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to sixty day's income. The trustees consider that reserves at this level will meet ongoing expenditure in case of income loss due to uninsurable disaster.

Additional reserves are maintained in order to cover unforseen repairs. This level of reserves has been maintained throughout the year.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

The charity's website address is: www.flamingopool.co.uk

Structure, governance and management

The charity is a company limited by guarantee, incorporated on 12 June 2006 and registered as charity on 4 March 2008.

The trustees, who are also the directors for the purpose of company law, and who served during the year were: Mr R B Peacock

Mrs D Church Mrs J K Broom Mrs S Parris Mrs K Armstrong (Resigned 1 May 2023) Mr J L Marjoribanks (Resigned 15 May 2023) Mrs E Bewsher Mrs S Stokes-Munton Mrs J Woolgar (Resigned 1 March 2023) Mrs R Jordan (Appointed 1 January 2023) Mr G Parker (Appointed 1 March 2023) Mr J Ebdon (Appointed 1 November 2023) Mrs J E Turner (Appointed 1 May 2023)

Potential trustees are generally recruited from the pool users and other people who express an interest in becoming involved with the charity. When selecting new trustees, the diversity of the board is borne in mind so that the needs of the charity and its users can be fairly represented.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

The charity is administered by a board of trustees who are all directors of the company. This group meets every 4 to 5 weeks. The meetings are minuted and the minutes are available for inspection as a true record of the decisions reached. In addition to the trustees, the meetings are attended by the pool manager Mr S Buxton.

If a decision is required at short notice and is outside the remit of the pool manager, the authority of at least two directors is sought and their decisions later ratified at the subsequent meeting of the board.

AXE VALLEY SWIMMING ASSOCIATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

The trustees' report was approved by the Board of Trustees.

Mrs J K Broom Trustee

30 November 2023

AXE VALLEY SWIMMING ASSOCIATION

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF AXE VALLEY SWIMMING ASSOCIATION

I report to the trustees on my examination of the financial statements of Axe Valley Swimming Association (the charity) for the year ended 31 March 2023, which comprise the Statement of Financial Activities, the Balance Sheet and related notes.

The report is made solely to the charity's trustees as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my work, for this report, or for the views I have formed.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the ICAEW, 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 that in any material respect:

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 financial statements to be reached.

J R Banks FCA

Hammett Audit

21 Heavitree Road Exeter Devon EX1 2LD

Dated: 4 December 2023

AXE VALLEY SWIMMING ASSOCIATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income and endowments from:
Donations and
legacies
3
287,606
-
Provision of public
swimming pool
4
374,455
-
Other trading
activities
5
32,786
-
Investments
6
1,161
-
Other income
7
-
-
Total income
696,008
-
Expenditure on:
Shop activities
8
27,177
-
Provision and
maintenance of
swimming pool
9
542,944
32,122
Other
13
648
-
Total expenditure
570,769
32,122
Net income/(expenditure)
for the year/
Net movement in funds
125,239
(32,122)
Fund balances at 1 April
2022
399,702
1,155,808
Fund balances at 31
March 2023
524,941
1,123,686		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
287,606
19,757
-
374,455
397,821
-
32,786
37,050
-
1,161
1,985
-
-
37,690
-
696,008
494,303
-
27,177
27,577
-
575,066
440,325
32,122
648
216
-
602,891
468,118
32,122
93,117
26,185
(32,122)
1,555,510
373,517
1,187,930
1,648,627
399,702
1,155,808		 Total
2022
£
19,757
397,821
37,050
1,985
37,690
494,303
27,577
472,447
216
500,240
(5,937)
1,561,447
1,555,510
Donations and
legacies
3
Provision of public
swimming pool
4
Other trading
activities
5
Investments
6
Other income
7
Total income
Expenditure on:
Shop activities
8
Provision and
maintenance of
swimming pool
9
Other
13
Total expenditure
Net income/(expenditure)
for the year/
Net movement in funds
Fund balances at 1 April
2022
Fund balances at 31
March 2023

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

AXE VALLEY SWIMMING ASSOCIATION

BALANCE SHEET

AS AT 31 MARCH 2023

Notes
Fixed assets
Tangible assets
15
Current assets
Stocks
16
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within
one year
19
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
20
Net assets
Income funds
Pool project fund
Disability fund
Aquagym fund
Unrestricted funds		 2023
£
£
1,238,107
6,096
21,465
431,443
459,004
(21,817)
437,187
1,675,294
(26,667)
1,648,627
1,109,150
6,900
7,636
1,123,686
524,941
1,648,627		 2022
£
£
1,275,238
7,850
26,137
304,058
338,045
(21,754)
316,291
1,591,529
(36,019)
1,555,510
1,141,272
6,900
7,636
1,155,808
399,702
1,555,510

AXE VALLEY SWIMMING ASSOCIATION

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2023

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 30 November 2023

Mr G Parker

Trustee

Company registration number 05843714

AXE VALLEY SWIMMING ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

Charity information

Axe Valley Swimming Association is a private company limited by guarantee incorporated in England and Wales. The registered office is The Flamingo Pool, Lyme Road, Axminster, Devon, EX13 5AZ.

1.1 Accounting convention

The accounts have been prepared in accordance with the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds

These are funds that 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.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

AXE VALLEY SWIMMING ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Expenditure is recognised on accruals basis when a liability is incurred.

Costs of generating funds are those costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Governance costs include those incurred in the governance of its assets and are primarily associated with constitutional and statutory requirements. They include accountancy and legal costs and costs linked to the strategic management of the charity.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Hydro pool cover straight line over 3 years Pool project expenditure straight line over 50 years Pool equipment 20% reducing balance Office equipment 20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

AXE VALLEY SWIMMING ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

AXE VALLEY SWIMMING ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Donations and gifts 287,606 19,757

4 Provision of public swimming pool

Provision and
Provision and
maintenance of
maintenance of
public swimming
public swimming
pool pool
2023 2022
£ £
Income from provision of public swimming pool 374,455 397,821

5 Other trading activities

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Trading activities 32,786 37,050

AXE VALLEY SWIMMING ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

6 Investments

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Bank interest 1,161 1,985
Other income
**Total ** Unrestricted
funds
2023 2022
£ £
Coronavirus job support scheme funding - 19,690
Coronavirus support grants - 18,000
- 37,690
Shop activities
2023 2022
£ £
Shop activities
Direct trading activities 25,472 25,900
Support costs 1,705 1,677
27,177 27,577

7 Other income

8 Shop activities

AXE VALLEY SWIMMING ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

9 Provision and maintenance of swimming pool

Staff costs
Depreciation and impairment
Water rates
Chemicals
Staff training
Rent
General rates
Insurance
Light and heat
Cleaning
Repairs and renewals
Service agreements
Share of support costs (see note 10)
Share of governance costs (see note 10)
Analysis by fund
Unrestricted funds
Restricted funds
For the year ended 31 March 2022
Unrestricted funds
Restricted funds		 2023
£
303,036
40,201
15,740
10,561
2,410
4,500
640
15,754
78,460
1,757
47,457
14,171
534,687
15,349
25,030
575,066
542,944
32,122
575,066
440,325
32,122
472,447		 2022
£
279,380
40,668
17,144
8,118
4,812
2,625
331
14,237
48,259
1,898
18,387
11,869
447,728
15,090
9,629
472,447
440,325
32,122
472,447

AXE VALLEY SWIMMING ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

10 Support costs

Support
costs
Governance
costs
£
£
Depreciation
410
-
Office supplies
1,547
-
Advertising
1,078
-
Telephone
3,209
-
Licenses
159
-
Cash collection fees
2,301
-
Bank charges
3,861
-
Sundries
3,010
-
Uniforms
558
-
Subscriptions
921
-
Legal and professional
-
17,246
Human resources
-
2,921
Accountancy
-
4,377
Bookkeeping
-
486
17,054
25,030
Analysed between
Shop activities
1,705
-
Swimming pool
15,349
25,030
17,054
25,030		 2023
£
410
1,547
1,078
3,209
159
2,301
3,861
3,010
558
921
17,246
2,921
4,377
486
42,084
1,705
40,379
42,084		 2022 Basis of allocation
£
511 Usage
1,774 Usage
274 Usage
2,579 Usage
159 Usage
1,077 Usage
4,971 Usage
2,692 Usage
2,448 Usage
282 Usage
- Governance
4,673 Governance
4,745 Governance
211 Governance
26,396
1,677
24,719
26,396

Governance costs includes payments to the independent examiner of £600 (2022 - £600).

11 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year.

12 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
43 35

AXE VALLEY SWIMMING ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

12
Employees
Employment costs
Wages and salaries
Social security costs		 (Continued)
2023
2022
£
£
293,683
274,764
9,353
4,616
303,036
279,380		 (Continued)
2023
2022
£
£
293,683
274,764
9,353
4,616
303,036
279,380
279,380

There were no employees whose annual remuneration was more than £60,000.

13 Other

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Financing costs 648 216
648 216

14 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

15 Tangible fixed assets

Cost
At 1 April 2022
Additions
At 31 March 2023
Depreciation and impairment
At 1 April 2022
Depreciation charged in the year
At 31 March 2023
Carrying amount
At 31 March 2023
At 31 March 2022		 Hydro pool
cover
Pool project
expenditure
£
£
62,843
1,786,830
-
-
62,843
1,786,830
53,167
541,616
795
35,048
53,962
576,664
8,881
1,210,166
9,676
1,245,214		 Pool
equipment
£
120,207
3,480
123,687
101,901
4,358
106,259
17,428
18,306		 Office
equipment
£
24,124
-
24,124
22,082
410
22,492
1,632
2,042		 Total
£
1,994,004
3,480
1,997,484
718,766
40,611
759,377
1,238,107
1,275,238

AXE VALLEY SWIMMING ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

16
Stocks
Finished goods and goods for resale
17
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
18
Loans and overdrafts
Bank loans
Payable within one year
Payable after one year
Coronavirus Bounce Back Loan was taken out by the charity.
19
Creditors: amounts falling due within one year
Notes
Bank loans
18
Trade creditors
Accruals and deferred income
20
Creditors: amounts falling due after more than one year
Notes
Bank loans
18		 2023
£
6,096
2023
£
5,171
7,186
9,108
21,465
2023
£
36,667
10,000
26,667
2023
£
10,000
1,209
10,608
21,817
2023
£
26,667		 2022
£
7,850
2022
£
11,045
7,187
7,905
26,137
2022
£
46,667
10,648
36,019
2022
£
10,648
2,313
8,793
21,754
2022
£
36,019

AXE VALLEY SWIMMING ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

21
Analysis of net assets between funds
Unrestricted
fund
Restricted
fund
2023
2023
£
£
Fund balances at 31
March 2023 are
represented by:
Tangible assets
128,957
1,109,150
Current assets/(liabilities)
422,651
14,536
Long term liabilities
(26,667)
-
524,941
1,123,686		 Total Unrestricted
fund
Restricted
fund
2023
2022
2022
£
£
£
1,238,107
133,966
1,141,272
437,187
301,755
14,536
(26,667)
(36,019)
-
1,648,627
399,702
1,155,808		 Total
2022
£
1,275,238
316,291
(36,019)
1,555,510

The Restricted Income Funds consist of the Pool Project Fund, Disability Fund and Aquagym Fund.

The Pool Project Fund was established to provide for the building and subsequent running costs of a public swimming pool in Axminster, Devon. The pool was commissioned and the building work was completed on 12 September 1998. The fund is represented by tangible fixed and current assets.

The Disability Fund was established to provide therapy facilities for those whose physical health would be sustained or improved by the use of swimming pool. The fund is represented by current assets.

In year ended 31 March 2015, the Aquagym was funded by a £50,000 grant from People's Millions project. The fund is represented by current assets.

22 Related party transactions

There were no disclosable related party transactions during the year (2022 - none).