REPORT OF THE TREASURER FOR THE FINANCIAL YEAR 1[ST] APRIL 2024 TO 31[ST] MARCH 2025
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 2024/2025
Financial Highlights/History:
| Financial Highlights | 2024/2025 | 2023/2024 | 2022/2023 | 2021/2022 | 2020/2021 | 2019/2020 | 2018/19 |
|---|---|---|---|---|---|---|---|
| Fee income (Squads/LTS/Mem Fees) |
134,257 | 124,454 | 130,881 | 104,453 | 62,208 | 129,147 | 129,626 |
| Other Income | 145,425 | 126,476 | 71,976 | 38,100 | 62,879 | 94,344 | 86,007 |
| Total Income | 279,682 | 250,930 | 202,858 | 142,553 | 125,087 | 223,491 | 215,633 |
| Pool Hire | 94,966 | 77,754 | 76,969 | 59,902 | 22702 | 88449 | 86,532 |
| Staffing Costs (Inc Expenses) | 96,616 | 97,586 | 91,484 | 67,367 | 59591 | 30953 | 96,100 |
| Other Expenses | 73,394 | 77,943 | 27,270 | 6,076 | 1345 | 50323 | 44,822 |
| Total Expenditure | 264,976 | 253,283 | 195,722 | 133,345 | 83638 | 169725 | 227,454 |
| Profit / (Deficit) for year | 15,406 | (2,353) | 6,941 | 9,028 | 41449 | 53766 | (11,818) |
| Net Assets | 95,829 | 80,545 | 82,898 | 75,958 | 66750 | 25406 | (28792) |
2024/2025 Financial Overview
The club’s financial performance for 2024/2025 shows a strong recovery and a return to surplus, despite a reduction in swimmer numbers in parts of the year. Total income for the year was £279,683 with total expenditure of £264,976, resulting in an operating surplus of £14,706. After including interest income of £699, the club delivered a net surplus of £15,406. Net assets increased to £95,829 as at 31 March 2025, reflecting a more resilient and stable position.
The club also benefitted from significant additional income through the dedicated efforts of volunteers in running successful galas and events. We currently host seven 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 | 24/25 | 23/24 | 22/23 | 21/22 | 20/21 | 19/20 | 18/19 |
|---|---|---|---|---|---|---|---|
| Squad Fees(A-D) | 57,263 | 45,964 | 54,817 | 43,593 | 27,414 | 57,113 | 53,820 |
| LTS | 42,237 | 45,250 | 43,748 | 37,761 | 5,632 | 34,332 | 48,401 |
| Masters | 3,654 | 8,522 | 5,529 | ||||
| Active MembershipFee | 30,129 | 36,284 | 23,362 | 23,098 | 25,508 | 29,180 | 21,875 |
| Total Fee Income | 134,257 | 124,454 | 130,881 | 104,452 | 62,208 | 129,147 | 129,626 |
Compared with 2023/2024, total fee income increased by around 8% overall. Squad fee income increased significantly as squads were better populated, while Learn to Swim (LTS) income reduced slightly year-on-year. Active membership income reduced compared with last year, reflecting membership changes across the season. Overall, our ability to run successful licensed meets and maintain strong fee collection has helped keep the club in a healthy financial position.
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 2024/2025 has been marked by disciplined cost control, strong volunteerled income generation and continued focus on fee collection. The accounts show a return to surplus and an improvement in the club’s overall financial resilience.
Fee income (squads, LTS and membership) increased overall compared with 2023/2024. This was supported by additional income generated through licensed meets and fundraising activities.
Expenditure remains largely driven by pool hire and staffing costs (including payroll and coaching expenses), which together represent around three quarters of total costs. These are essential services, so continued work to maximise participation, manage pool-time utilisation and keep fee collection accurate and timely remains vital.
Looking ahead, the club will continue to prioritise: fully populating squads and LTS, prompt and accurate payment of fees, careful management of pool hire commitments, and maintaining staffing levels that support swimmer development and a safe training environment.
With the continued support of our staff, volunteers, parents and swimmers, we are wellplaced to manage future cost pressures and invest in sustainable growth. We will also continue building reserves to support contingencies and planned activity across the club.
In conclusion, 2024/2025 has been a year of strategic financial management and positive progress. We extend our sincere gratitude to everyone who contributes their time and
support to RTSC. Together, we look forward to another successful and financially stable year.
Balance Sheet Summary (as at 31 March 2025)
| Item | Amount |
|---|---|
| Cash at bank and in hand | £94,241 |
| Debtors (Accounts Receivable) | £12,523 |
| Total current assets | £106,804 |
| Creditors (due within one year) | £10,976 |
| Net assets / reserves | £95,829 |
Treasurer – RTSC
Profit and Loss
Romford Town Swimming Club
April 1, 2024-March 31, 2025
| DISTRIBUTION ACCOUNT | TOTAL |
|---|---|
| Income | |
| Fees | |
| Active Membership Fee | 30,128.70 |
| Annual RTSC Registration Fee | 95.95 |
| ASA Annual Subs | 4,533.35 |
| LTS Income | 42,236.80 |
| Squad Fees | £80.00 |
| A Squad | 18,684.80 |
| B Squad | 15,818.85 |
| C Squad | 13,882.75 |
| D Squad | 8,389.00 |
| X Squad | 407.20 |
| Total for Squad Fees | £57,262.60 |
| Total for Fees | £134,257.40 |
| Open Meets / Galas - Income | £9,743.80 |
| Swimmers EntryFees(to RTSC) | -34,945.72 |
| Total for Open Meets / Galas - Income | -£25,201.92 |
| RTSC Own Gala - Net Income | 142,226.09 |
| Services | 705.00 |
| Shop Sales | 1,066.00 |
| Sponsorship Donations Fundrais | £819.73 |
| Jack Petchey Award | 1,800.00 |
| Social Activities | 265.00 |
| Total for Sponsorship Donations Fundrais | £2,884.73 |
| Training Camp Income | 22,505.46 |
| Training& Courses | 1,240.00 |
| Total for Income | £279,682.76 |
| Gross Profit | £279,682.76 |
| Expenses | |
| Accountants Fees | 2,020.00 |
| County Qualifiers Shirt | 561.60 |
| Courses | 135.00 |
| Insurance | 304.97 |
| Miscellaneous Expenses | £2.00 |
| Software Expense | 644.40 |
| Training& Courses | 1,430.00 |
| Total for Miscellaneous Expenses | £2,076.40 |
| Open Meets / Galas - Expenses | £1,550.00 |
| Open Gala Entries | 20.00 |
| Total for Open Meets / Galas - Expenses | £1,570.00 |
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Accrual Basis Tuesday, December 09, 2025 01:07 PM GMTZ
Profit and Loss
Romford Town Swimming Club
April 1, 2024-March 31, 2025
| DISTRIBUTION ACCOUNT | TOTAL |
|---|---|
| Payroll Expenses | |
| Pension | 987.84 |
| Taxes | 869.33 |
| Wages | 87,015.08 |
| Total for Payroll Expenses | £88,872.25 |
| Pool Hire | £82,115.62 |
| Abbs Cross | 7,773.50 |
| Becontree | 2,227.50 |
| Central Park | 1,075.00 |
| Sapphire Ice & Leisure | 1,775.25 |
| Total for Pool Hire | £94,966.87 |
| Rent | 2,574.30 |
| RTSC Own Gala - Expenses | £16,769.60 |
| ASA Levy | 5,196.80 |
| Electronic Timing Equip. Hire | 2,746.96 |
| Food / Catering | 876.32 |
| Medals & Engaving | 11,999.13 |
| Other Expenses | 4,427.71 |
| Pool Hire | 4,592.34 |
| Raffle Prizes | 1,925.00 |
| Total for RTSC Own Gala - Expenses | £48,533.86 |
| Shop Purchases | 802.95 |
| Staffing Costs | |
| Coaches Expenses | 4,106.66 |
| Lane Coaching | 3,637.50 |
| Total for Staffing Costs | £7,744.16 |
| TraingCampCosts | 14,813.99 |
| Total for Expenses | £264,976.35 |
| Net Operating Income | £14,706.41 |
| Other Income | |
| Interest Income | 699.20 |
| Total for Other Income | £699.20 |
| Net Other Income | £699.20 |
| Net Income | £15,405.61 |
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Accrual Basis Tuesday, December 09, 2025 01:07 PM GMTZ
Balance Sheet
Romford Town Swimming Club
As of March 31, 2025
| DISTRIBUTION ACCOUNT | TOTAL |
|---|---|
| Fixed Asset | |
| Total for Fixed Asset | |
| Cash at bank and in hand | |
| Deposit - 30 Day Account | 56,552.39 |
| Land training | 180.00 |
| LTS Current Account | 16,488.78 |
| LTS Refund | 226.75 |
| Main Current Account | 20,553.47 |
| Open Meet Cash Float | 200.00 |
| Petty Cash | 0.00 |
| Rejection | 40.00 |
| Total for Cash at bank and in hand | £94,241.39 |
| Debtors | |
| Accounts Receivable | 12,523.10 |
| Total for Debtors | £12,523.10 |
| Current Assets | |
| Undeposited Funds | 40.00 |
| Total for Current Assets | £40.00 |
| NET CURRENT ASSETS | £106,804.49 |
| Creditors: amounts falling due within one year | |
| Trade Creditors | |
| Accounts Payable | 8,916.00 |
| Total for Trade Creditors | £8,916.00 |
| Current Liabilities | |
| Payroll Liabilities | £0.00 |
| HMRC | 1,339.46 |
| Pension | 720.39 |
| Total for Payroll Liabilities | £2,059.85 |
| VAT Control | 0.00 |
| Total for Current Liabilities | £2,059.85 |
| Total for Creditors: amounts falling due within one year | £10,975.85 |
| NET CURRENT ASSETS (LIABILITIES) | £95,828.64 |
| TOTAL ASSETS LESS CURRENT LIABILITIES | £95,828.64 |
| TOTAL NET ASSETS (LIABILITIES) | £95,828.64 |
| Capital and Reserves | |
| Opening Bal Equity | 102,955.32 |
| Retained Earnings | -22,532.29 |
| Net Income | 15,405.61 |
| Total for Capital and Reserves | £95,828.64 |
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Accrual Basis Tuesday, December 09, 2025 01:22 PM GMTZ