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REPORT OF THE TREASURER FOR THE FINANCIAL YEAR 1[ST] APRIL 2020 TO 31[ST] MARCH 2021
The club’s financial records have been prepared by me and independently examined and assessed by Festus Makinde.
The following report is based on the prepared accounts.
Financial Highlights/History:
| Financial Highlights | 2020/2021 | 2019/2020 | 2018/19 | 2017/18 | 2016/17 | 2015/16 | 2014/15 | 2013/14 |
|---|---|---|---|---|---|---|---|---|
| Fee income (Squads/LTS/Mem Fees) |
62208 | 129147 | 129,626 | 139,927 | 142,476 | 143,425 | 152,772 | 168,181 |
| Other Income | 62879 | 94344 | 86,007 | 85,694 | 67,098 | 40,875 | 35,992 | 51,327 |
| Total Income | 125087 | 223491 | 215,633 | 225,621 | 209,574 | 184,300 | 188,764 | 219,508 |
| Pool Hire | 22702 | 88449 | 86,532 | 77,798 | 77,076 | 83,000 | 89,886 | 89,649 |
| Staffing Costs (Inc Expenses) | 59591 | 30953 | 96,100 | 106,567 | 88,894 | 82,075 | 75,231 | 82,424 |
| Other Expenses | 1345 | 50323 | 44,822 | 65,647 | 64,258 | 35,206 | 28,767 | 28,834 |
| Total Expenditure | 83638 | 169725 | 227,454 | 250,012 | 230,228 | 200,281 | 193,685 | 200,907 |
| Profit / (Deficit) for year | 41449 | 53766 | (11,818) | (24,390) | (20,812) | (15,981) | (5,121) | 18,601 |
| Net Assets | 66750 | 25406 | (28792) | (16,974) | 7,416 | 28,228 | 44,209 | 49,330 |
2020/21 Overview
2020/21 has been a very difficult year for the club due to Covid pandemic. As a result of the Lockdowns, we had in the country ,the swimming was suspended for few months. Income from swim fees was reduced to 50% as pools were closed and the swimmers had to work out from home. Pool hire cost was significantly reduced for the year. Staffing cost were like last year but all the employees were on furlough while pools were closed, so we managed to get grants to help with the staff wages. We have been successful in claiming additional grants which are to secure the clubs future.
A conscience effort has been made to stabilise the club this year and this has been demonstrated in a slight profit in comparison to previous years. We have managed to pay for the expenses and all the grants and fundraising money raised are kept in the club’s reserve is available for a “rainy day” if required.
Unfortunately, the Masters squad had to be closed as it wasn’t cost affective to keep it.
We have been extremely fortunate with our additional income which was due to an exerted effort from very dedicated volunteers again this year via fundraising (Jack Petchy, Charities trust, lottery, Pro Swimwear, Swimzi, etc.) and focus on having a stronger presence for the LTS members, all of which have been instrumental in ensuring that most of our liabilities have been met. A consolidation of use of pool times and smart pool hire decisions have once again assisted in keeping costs down.
The Executive committee members have identified ongoing concerns which they continue to address, these being:
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Start to run Open Meets after the pandemic
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Consistent review and management of surplus pool time
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Focus on building the LTS,
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Look at processes for ensuring capture of non-payers and underpayers
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Consistent Staffing
Despite the improved financial results for last year, and our struggle to secure pool times, and retaining members, we are starting to see the improvements and look forward to a growing strength in the club with the great dedication, efforts and determination of our volunteers, staff and swimmers (and their families).
Squad Members/LTS Swimmers
The following table illustrates the average numbers of Squad Members and LTS Swimmers involved during 2020/21 with a comparison to previous years.
| Squad Numbers (avg/approx) | 2020/21 | 2019/20 | 2018/19 | 2017/18 | 2016/17 | 2015/16 | 2014/15 | 2013/14 | 2012/13 |
|---|---|---|---|---|---|---|---|---|---|
| A Squad | 17 | 16 | 23 | 22 | 20 | 22 | 25 | 29 | 29 |
| B Squad | 15 | 22 | 23 | 23 | 20 | 23 | 26 | 29 | 33 |
| C Squad | 29 | 21 | 26 | 23 | 21 | 27 | 23 | 19 | 28 |
| D Squad | 8 | 19 | 23 | 25 | 15 | 30 | 30 | 31 | 30 |
| Masters | 6 | 14 | 20 | 29 | 25 | 34 | 35 | 35 | 34 |
| Total Members | 92 | 115 | 122 | 101 | 137 | 139 | 143 | 154 | |
| LTS | 127 | 88 | 195 | 225 | 233 | 288 | 334 | 379 | 340 |
| Total Club | 202 | 180 | 310 | 347 | 334 | 424 | 473 | 522 | 494 |
The numbers in squads remain constant however at lower levels. We need to improve our development pathway to D squad through learn to swim.
Income
Fee income remains the club’s main source of income and can be split as follows:
| Fee Income | 2020/21 | 2019/20 | 2018/19 | 2017/18 | 2016/17 | 2015/16 | 2014/15 | 2013/14 | 2012/13 |
|---|---|---|---|---|---|---|---|---|---|
| Squad Fees (A-D) | 27414 | 57,113 | 53,820 | 55,129 | 53,837 | 55,164 | 54,423 | 55,093 | 60,436 |
| LTS | 5632 | 34,332 | 48,401 | 49,958 | 52,852 | 57,520 | 66,781 | 82,188 | 75,498 |
| Masters | 3654 | 8,522 | 5,529 | 12,864 | 12,715 | 13,030 | 13,568 | 12,620 | 12,380 |
| Active Membership Fee | 25508 | 29180 | 21,875 | 16,490 | 20,950 | 17,711 | 18,000 | 18,280 | 19,540 |
| Total Fee Income | 62208 | 129147 | 129,626 | 139,927 | 140,354 | 143,425 | 152,772 | 168,181 | 167,853 |
The income from squad fees is 50% lower than last year, The club fees were reduced during the Lock downs as all pools were closed. Memberships have decreased, so we can pay the overheads. This has been achieved by our membership secretary putting in place more structure to enrolment and a better communication between members.
Other income was positively impacted by government grants and fundraising.
Continued efforts to manage the swim kit shop, and setting up fundraising links and events has contributed massively to extra income, and we as a club are becoming more reliant on this. Many thanks to those involved, as these contributions really help and ensure the continuation of the Club.
Expenditure
Around 80% of all our costs continue to be Staffing and Pool Hire costs. Staffing costs have stabilised. Staffing and pool hire are always going to be a necessary and therefore efforts to generate any additional income must be addressed to return to a healthy financial situation. These being populating LTS and squads where able, to its full capacity. Ensuring Squad fees are paid promptly and at the correct rates.
Conclusion
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In summary, 2020/21 was unprecedented year.. We have kept our head above water but this is not sustainable for the long term. We managed to save in reserve nearly 40K.
LTS payments in has been more structured and professional. Memberships have been easier to identify and ensure payments but the intention for more Open Galas in the future will make a great difference to our bottom line, as will chasing more vehemently for fees not paid and lost through the cracks. Continual focus and assessment of the club will ensure our focuses will be where they need to be.
With energetic and enthusiastic members, I hope the financial security and the smooth running of the club can be preserved, but this can only be done with the support of the staff, volunteers, parents, swimmers, helpers ets , Their commitment helps keep running costs generally lower than they otherwise would have been and this is very much appreciated. Correct and timely payment of fees etc, will help minimise workloads and will assist in cashflow. We would urge any parents interested in helping to speak to a committee member, there are many areas in which you could assist… you would be surprised.
I look forward to reporting more positively for the coming years and hope that we have your support in doing this
Zoya Dreleva
Treasurer – RTSC
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ROMFORD TOWN SWIMMING CLUB
INDEPENDENT ASSESSORS’ COMMENTS
FOR THE YEAR ENDED 31[ST] MARCH 2021
I have reviewed, without carrying out an audit the financial statements set out on pages 1 and 2 from the accounting records of the Club and from the explanations given to me by the Club’s Officers.
In my opinion the financial statements have been properly prepared from the accounting records kept by the Club and accurately reflect the state for the Club’s affairs at the 31[st] March 2021 and of the excess of income over expenditure for the year then ended.
Festus Makinde
37 Fuchsia Close, Rush Green Romford RM7 0YZ
These accounts were approved by the Management Committee on:
Laura Scannell-Wood – Chairman Zoya Dreleva – Treasurer
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Romford Town Swimming Club
Profit and Loss
April 2020 - March 2021
| TOTAL | |
|---|---|
| Income | |
| Fees | |
| Active Membership Fee | 19,036.00 |
| Annual RTSC Registration Fee | 6,472.00 |
| ASA Annual Subs | -3,366.45 |
| LTS Income | 5,632.35 |
| Masters Fees | 3,653.75 |
| Squad Fees | |
| A Squad | 14,218.00 |
| B Squad | 13,501.00 |
| C Squad | 9,623.28 |
| D Squad | 4,563.00 |
| X Squad | 289.00 |
| Total Squad Fees | 42,194.28 |
| Total Fees | 73,621.93 |
| Open Meets / Galas - Income | |
| Swimmers Entry Fees (to RTSC) | -698.00 |
| Total Open Meets / Galas - Income | -698.00 |
| Other Own Gala Net Income | |
| Swimmer Entries | 2.00 |
| Total Other Own Gala Net Income | 2.00 |
| Services | -11,125.35 |
| Sponsorship Donations Fundrais | 25.77 |
| AON Sponsorship | 300.00 |
| Fundraising | 15,652.19 |
| Grants | 4,500.00 |
| Jack Petchey Award | 1,000.00 |
| Total Sponsorship Donations Fundrais | 21,477.96 |
| Uncategorised Income | 407.20 |
| Total Income | £83,685.74 |
| GROSS PROFIT | £83,685.74 |
| Expenses | |
| Dues and Subscriptions | |
| ASA & Regional Fees | 300.00 |
| Other Dues & Subscriptions | 231.18 |
| Total Dues and Subscriptions | 531.18 |
| Fee Shortfalls | 74.30 |
| Insurance | 985.32 |
| Miscellaneous Expenses | 224.68 |
| Office Supplies | 5.00 |
| Software Expense | 168.00 |
| Training & Courses | 16.99 |
| Total Miscellaneous Expenses | 414.67 |
Accrual Basis Sunday, 30 January 2022 07:25 pm GMT+00:00
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Romford Town Swimming Club
Profit and Loss
April 2020 - March 2021
| TOTAL | |
|---|---|
| Open Meets / Galas - Expenses | |
| Coach Hire | 200.00 |
| Total Open Meets / Galas - Expenses | 200.00 |
| Payroll Expenses | |
| Pension | 810.87 |
| Taxes | 286.39 |
| Wages | 46,936.77 |
| Total Payroll Expenses | 48,034.03 |
| Pool Hire | 2,914.50 |
| Abbs Cross | 6,956.55 |
| Campion School | 192.00 |
| Central Park | 6,838.50 |
| Sapphire Ice & Leisure | 5,800.00 |
| Total Pool Hire | 22,701.55 |
| RTSC Own Gala - Expenses | |
| Medals & Engaving | 240.32 |
| Total RTSC Own Gala - Expenses | 240.32 |
| Sponsorships Donations Fundrais | |
| Jack Petchey Award | -900.00 |
| Total Sponsorships Donations Fundrais | -900.00 |
| Staffing Costs | |
| Coaches Expenses | 302.60 |
| Lane Coaching | 11,054.29 |
| Total Staffing Costs | 11,356.89 |
| Total Expenses | £83,638.26 |
| NET OPERATING INCOME | £47.48 |
| Other Income | |
| Interest Income | 1.75 |
| Other Income | 41,836.45 |
| Total Other Income | £41,838.20 |
| Other Expenses | |
| Other Expenses | 437.41 |
| Total Other Expenses | £437.41 |
| NET OTHER INCOME | £41,400.79 |
| NET INCOME | £41,448.27 |
Accrual Basis Sunday, 30 January 2022 07:25 pm GMT+00:00
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Romford Town Swimming Club
Balance Sheet
As of March 31, 2021
| TOTAL | |
|---|---|
| Fixed Asset | |
| Total Fixed Asset | |
| Cash at bank and in hand | |
| Deposit - 30 Day Account | 39,793.05 |
| LTS Current Account | 6,744.73 |
| Main Current Account | 13,044.24 |
| Open Meet Cash Float | 200.00 |
| Petty Cash | 0.00 |
| Total Cash at bank and in hand | £59,782.02 |
| Debtors | |
| Accounts Receivable | 12,918.30 |
| Total Debtors | £12,918.30 |
| Current Assets | |
| Undeposited Funds | 40.00 |
| Total Current Assets | £40.00 |
| NET CURRENT ASSETS | £72,740.32 |
| Creditors: amounts falling due within one year | |
| Trade Creditors | |
| Accounts Payable | 6,425.40 |
| Total Trade Creditors | £6,425.40 |
| Current Liabilities | |
| Payroll Liabilities | 0.00 |
| HMRC | -335.65 |
| Pension | -99.25 |
| Total Payroll Liabilities | -434.90 |
| VAT Control | 0.00 |
| Total Current Liabilities | £ -434.90 |
| Total Creditors: amounts falling due within one year | £5,990.50 |
| NET CURRENT ASSETS (LIABILITIES) | £66,749.82 |
| TOTAL ASSETS LESS CURRENT LIABILITIES | £66,749.82 |
| TOTAL NET ASSETS (LIABILITIES) | £66,749.82 |
| Capital and Reserves | |
| Opening Bal Equity | 102,955.32 |
| Retained Earnings | -77,653.77 |
| Profit for the year | 41,448.27 |
| Total Capital and Reserves | £66,749.82 |
Accrual Basis Sunday, 30 January 2022 07:28 pm GMT+00:00
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