REPORT OF THE TREASURER FOR THE FINANCIAL YEAR 1[ST] APRIL 2023 TO 31[ST] MARCH 2024
The club’s financial records have been prepared and independently examined and assessed by Festus Makinde.
The following report is based on the prepared accounts for the financial year 2023/2024
Financial Highlights/History:
| Financial Highlights | 2023/2024 | 2022/2023 | 2021/2022 | 2020/2021 | 2019/2020 | 2018/19 | 2017/18 |
|---|---|---|---|---|---|---|---|
| Fee income (Squads/LTS/Mem Fees) |
124,454 | 130,881 | 104,453 | 62,208 | 129,147 | 129,626 | 139,927 |
| Other Income | 126,476 | 71,976 | 38,100 | 62,879 | 94,344 | 86,007 | 85,694 |
| Total Income | 250,930 | 202,858 | 142,553 | 125,087 | 223,491 | 215,633 | 225,621 |
| Pool Hire | 77,754 | 76,969 | 59,902 | 22702 | 88449 | 86,532 | 77,798 |
| Staffing Costs (Inc Expenses) | 97,586 | 91,484 | 67,367 | 59591 | 30953 | 96,100 | 106,567 |
| Other Expenses | 77,943 | 27,270 | 6,076 | 1345 | 50323 | 44,822 | 65,647 |
| Total Expenditure | 253,283 | 195,722 | 133,345 | 83638 | 169725 | 227,454 | 250,012 |
| Profit / (Deficit) for year | (2,353) | 6,941 | 9,028 | 41449 | 53766 | (11,818) | (24,390) |
| Net Assets | 80,545 | 82,898 | 75,958 | 66750 | 25406 | (28792) | (16,974) |
2023/2024 Financial Overview
The financial performance of the club for the year 2023/2024 has shown a notable improvement. Our income streams, while showing some fluctuations, have overall remained robust. Despite ending the year with a slight deficit of £2,353. The net assets for the year currently sits at £80,545, witnessing fluctuations throughout the year but culminating in a more stable financial position. A concerted effort has been made to pay off expenses, and all the grants and fundraising monies raised previously have been wisely reserved for future contingencies.
The club has benefitted from significant additional income through the dedicated efforts of volunteers in running successful open meet. We currently host 7 open meets within the swimming calendar year
Fundraising activities such as Jack Petchey, Easy Fundraising, Charities Trust and Club lottery, have been instrumental in meeting most of the club's liabilities.
The executive committee has also focused on several key areas of concern:
-
Regular review and management of surplus pool time
-
Building the Learn to Swim (LTS) program
-
Ensuring accurate capture of non-payers and underpayers
-
Maintaining consistent staffing levels
Overall, the dedicated efforts of volunteers, staff, and swimmers (along with their families) have contributed significantly to the financial stability and growth of the club. The improvements seen this year offer a promising outlook for the future, setting the stage for further strengthening of the club's financial health and operational capabilities.
Income
Income from fees remains the primary source of revenue for the club and can be classified as follows:
| Fee Income | 2023/2024 | 2022/2023 | 2021/2022 | 2020/21 | 2019/20 | 2018/19 | 2017/18 |
|---|---|---|---|---|---|---|---|
| Squad Fees (A-D) | 45,964 | 54,817 | 43,593 | 27414 | 57,113 | 53,820 | 55,129 |
| LTS | 45,250 | 43,748 | 37,761 | 5632 | 34,332 | 48,401 | 49,958 |
| Masters | 3654 | 8,522 | 5,529 | 12,864 | |||
| Active Membership Fee | 36,284 | 23,362 | 23,098 | 25508 | 29180 | 21,875 | 16,490 |
| Total Fee Income | 124,454 | 130,881 | 104,452 | 62208 | 129147 | 129,626 | 139,927 |
While these figures represent a significant portion of our income, it is important to note the context in which these numbers were achieved. The income from squad fees is 19% lower than last year whilst LTS income has slightly increased by 4% we are still in a good place as the LTS programme continues to grow and we continue to run successful open meets.
Expenditure
Around 80% of our costs continue to be related to staffing and pool hire. Staffing costs have stabilised. Since staffing and pool hire are essential, efforts to generate additional income must be made to achieve a healthy financial situation. These efforts include fully populating LTS and squads, ensuring squad fees are paid promptly and at the correct rates, and organising RTSC open meets, among other areas.
Conclusion
The financial year 2023/2024 has been marked by several noteworthy financial trends and outcomes. The figures indicate a continuation of efforts to stabilize and grow our financial standing.
Although the income from squad fees was 19% lower than the previous year, the income from our Learn to Swim (LTS) program has seen a slight increase of 4%. This is encouraging as the LTS program continues to expand, and our open meets remain successful.
Expenditure remains largely consistent, with around 80% dedicated to staffing and pool hire. These costs have stabilised, reflecting our ongoing commitment to maintaining essential services for our members.
Efforts to generate additional income have been pivotal in achieving a healthy financial balance. These efforts include ensuring full participation in LTS and squads, prompt and accurate payment of squad fees, and organising RTSC open meets.
Looking ahead, the club aims to sustain and build on its financial health. With the continued support of our staff, volunteers, parents, swimmers, and helpers, we are confident in our ability to navigate the challenges ahead. Increased participation in open galas and proactive fee collection will further enhance our financial stability.
In conclusion, 2023/2024 has been a year of strategic financial management and positive growth. We extend our sincere gratitude to all members of the RTSC community for their dedication and support. Together, we look forward to a prosperous future.
Treasurer – RTSC
Romford Town Swimming Club
Profit and Loss
April 2023 - March 2024
| TOTAL | |
|---|---|
| Income | |
| Fees | 1,361.80 |
| Active Membership Fee | 36,283.75 |
| Annual RTSC Registration Fee | 1,161.70 |
| ASA Annual Subs | -4,610.50 |
| LTS Income | 45,249.77 |
| Masters Fees | -956.00 |
| Squad Fees | 192.00 |
| A Squad | 18,542.60 |
| B Squad | 11,817.25 |
| C Squad | 10,267.00 |
| D Squad | 4,529.20 |
| X Squad | 615.80 |
| Total Squad Fees | 45,963.85 |
| Total Fees | 124,454.37 |
| Non-Profit Income | 90.00 |
| Open Meets / Galas - Income | 13,829.30 |
| Rejections | 10.00 |
| Swimmers Entry Fees (to RTSC) | -5,730.20 |
| Total Open Meets / Galas - Income | 8,109.10 |
| Reimbursed Expenses | -444.00 |
| RTSC Own Gala - Net Income | 103,565.33 |
| Services | 864.70 |
| Shop Sales | 398.50 |
| Sponsorship Donations Fundrais | 881.03 |
| Fundraising | 206.17 |
| Jack Petchey Award | 1,200.00 |
| Social Activities | -194.00 |
| Total Sponsorship Donations Fundrais | 2,093.20 |
| Training & Courses | 380.00 |
| Training Camp Income | 11,047.00 |
| Total Income | £250,558.20 |
| Cost of Sales | |
| Cost of Goods Sold | -372.00 |
| Total Cost of Sales | £ -372.00 |
| GROSS PROFIT | £250,930.20 |
| Expenses | |
| Accountants Fees | 360.00 |
| Dues and Subscriptions | 316.54 |
| ASA & Regional Fees | 195.00 |
| Other Dues & Subscriptions | 444.00 |
| Total Dues and Subscriptions | 955.54 |
| Fee Shortfalls | 110.00 |
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Accrual Basis Thursday 13 February 2025 10:38 am GMT+00:00
Romford Town Swimming Club
Profit and Loss
April 2023 - March 2024
| TOTAL | |
|---|---|
| Miscellaneous Expenses | 50.00 |
| Gifts and Donations | 788.72 |
| Software Expense | 155.16 |
| Training & Courses | 7.00 |
| Total Miscellaneous Expenses | 1,000.88 |
| Open Meets / Galas - Expenses | 20,597.65 |
| Coach Hire | 1,245.00 |
| Home Gala Catering | 2,199.95 |
| Medals & Engraving | 901.39 |
| National | 4,776.38 |
| Open Gala Entries | 2,979.00 |
| Total Open Meets / Galas - Expenses | 32,699.37 |
| Payroll Expenses | -386.25 |
| Pension | 822.31 |
| Taxes | 815.37 |
| Wages | 87,655.68 |
| Total Payroll Expenses | 88,907.11 |
| Pool Hire | 77,753.73 |
| Programme Expense | 211.58 |
| Rent | 1,602.02 |
| RTSC Own Gala - Expenses | 6,607.44 |
| ASA Levy | 2,074.60 |
| Electronic Timing Equip. Hire | 1,308.50 |
| Food / Catering | 1,748.07 |
| Medals & Engaving | 4,977.71 |
| Other Expenses | 956.44 |
| Pool Hire | 4,053.80 |
| Raffle Prizes | 1,411.78 |
| Total RTSC Own Gala - Expenses | 23,138.34 |
| Shop Purchases | 85.46 |
| Sponsorships Donations Fundrais | |
| Jack Petchey Award | -600.00 |
| Total Sponsorships Donations Fundrais | -600.00 |
| Staffing Costs | 60.00 |
| Coaches Expenses | 7,206.89 |
| Lane Coaching | 1,412.00 |
| Total Staffing Costs | 8,678.89 |
| Traing Camp Costs | 3,555.00 |
| Total Expenses | £238,457.92 |
| NET OPERATING INCOME | £12,472.28 |
| Other Income | |
| Interest Income | 493.32 |
| Total Other Income | £493.32 |
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Accrual Basis Thursday 13 February 2025 10:38 am GMT+00:00
Romford Town Swimming Club
Profit and Loss
April 2023 - March 2024
| TOTAL | |
|---|---|
| Other Expenses | |
| Other Expenses | 15,318.50 |
| Total Other Expenses | £15,318.50 |
| NET OTHER INCOME | £ -14,825.18 |
| NET INCOME | £ -2,352.90 |
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Accrual Basis Thursday 13 February 2025 10:38 am GMT+00:00
Romford Town Swimming Club
Balance Sheet
As of March 31, 2024
| TOTAL | |
|---|---|
| Fixed Asset | |
| Total Fixed Asset | |
| Cash at bank and in hand | |
| Deposit - 30 Day Account | 42,853.19 |
| Land training | 180.00 |
| LTS Current Account | 16,285.83 |
| LTS Refund | 226.75 |
| Main Current Account | 15,170.21 |
| Open Meet Cash Float | 200.00 |
| Petty Cash | 0.00 |
| Rejection | 40.00 |
| Total Cash at bank and in hand | £74,955.98 |
| Debtors | |
| Accounts Receivable | 6,591.40 |
| Total Debtors | £6,591.40 |
| Current Assets | |
| Undeposited Funds | 40.00 |
| Total Current Assets | £40.00 |
| NET CURRENT ASSETS | £81,587.38 |
| Creditors: amounts falling due within one year | |
| Trade Creditors | |
| Accounts Payable | 0.00 |
| Total Trade Creditors | £0.00 |
| Current Liabilities | |
| Payroll Liabilities | 0.00 |
| HMRC | 321.56 |
| Pension | 720.39 |
| Total Payroll Liabilities | 1,041.95 |
| VAT Control | 0.00 |
| Total Current Liabilities | £1,041.95 |
| Total Creditors: amounts falling due within one year | £1,041.95 |
| NET CURRENT ASSETS (LIABILITIES) | £80,545.43 |
| TOTAL ASSETS LESS CURRENT LIABILITIES | £80,545.43 |
| TOTAL NET ASSETS (LIABILITIES) | £80,545.43 |
| Capital and Reserves | |
| Opening Bal Equity | 102,955.32 |
| Retained Earnings | -20,056.99 |
| Profit for the year | -2,352.90 |
| Total Capital and Reserves | £80,545.43 |
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Accrual Basis Thursday 13 February 2025 10:49 am GMT+00:00