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2023-03-31-accounts

REGISTERED COMPANY NUMBER: 07667762 (England and Wales) REGISTERED CHARITY NUMBER: 1148907

Report of the Trustees and

Audited Financial Statements for the Year Ended 31 March 2023

for

Guildford City Swimming Club

JMSolutions 48 Rothschild Drive Sarisbury Green Southampton Hampshire SO31 7NS

Guildford City Swimming Club

Contents of the Financial Statements for the Year Ended 31 March 2023

Page
Report of the Trustees 1 to 9
Report of the Independent Auditor 10 to 12
Statement of Financial Activities 13
Balance Sheet 14
Cash Flow Statement 15
Notes to the Cash Flow Statement 16
Notes to the Financial Statements 17 to 23
Detailed Statement of Financial Activities 24 to 25

Guildford City Swimming Club

Report of the Trustees for the Year Ended 31 March 2023

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES Objectives and aims

(a) the promotion of community participation in healthy recreation for the benefit of the inhabitants of Guildford, its surrounding area and the general public, in particular by the provision of facilities for swimming; and

(b) the preservation of human life by the teaching of swimming, water safety, lifesaving and survival in water.

In the furtherance of the Objects:

(a) the Charity is committed to treating everyone equally within the context of its activity. This shall be, without limitation, regardless of sex, ethnic origin, religion, disability or political persuasion, on any grounds;

(b) the Charity shall implement Swim England's Equal Opportunities policy;

(c) the trustees continue to have regard to the Charity Commission's guidance on public benefit.

Significant activities

Affiliation to Swim England

The Charity shall be affiliated to Swim England through the Swim England South East Region, shall adopt and conform to the rules of Swim England and to such other bodies as the Charity may determine from time to time.

The business and affairs of the Charity shall at all times be conducted in accordance with the Swim England Laws and in particular:

(a) all competing members of the Charity shall be eligible competitors as defined in Swim England Laws;

(b) the Charity shall in accordance with Swim England Laws adopt the Swim England Child Safeguarding Policy and

people have a right to have fun, be safe and be protected from harm; and

(c) members of the Charity shall in accordance with Swim England Laws comply with the Swim England Child Safeguarding Policy and Procedures.

By virtue of the affiliation of the Charity to Swim England through Swim England South East Region, the Charity and all members of the Charity acknowledge that they are subject to the laws, rules and constitutions for the time being in force of:

(a) Swim England South East Region;

(b) Swim England (including, without limitation, the Swim England Handbook and Code of Ethics);

(c) British Swimming (including, without limitation, the British Swimming Anti-Doping Rules and Judicial Code (February 2009)); and

(d) FINA;

In the event that there shall be any conflict between any of these Articles, or by-law of the Charity, any of the Governing Body Rules and the provisions of the Acts then the provisions of the Acts shall prevail.

VOLUNTEERS

The Trustees are indebted to the many volunteers who give their time and expertise to enable the Club to achieve its objectives.

Public benefit

The Trustees and the management committee have kept in mind the Charity Commission's guidance on public benefit and the objectives of the charity accord with this.

Page 1

Guildford City Swimming Club

Report of the Trustees for the Year Ended 31 March 2023

STRATEGIC REPORT Achievement and performance Charitable activities Competitive Swimming Highlights 1st April 2022 - 31st March 2023 April 2022:

May 2022:

July 2022

September 2022:

October 2022

November 2022:

December 2022:

January 2023:

March:

Page 2

Guildford City Swimming Club

Report of the Trustees for the Year Ended 31 March 2023

STRATEGIC REPORT Financial review

Principal funding sources

Review of Income and Expenditure for the year ended 31 March 2023

Total Income for the year amounted to £1,353,807, an increase of £125 thousand on 2022. The principal funding sources are: membership income and training fees (929 thousand); Coaching and Development fees charged for the Learn to Swim programme, camps, clinics and University of Surrey student training (£352 thousand); £55 thousand from GCSC Open meets. Our income from Gift Aid was £3 thousand.

Total Expenditure of the Charity was £1,351 thousand, an increase of £53 thousand on 2022 with the main expenditure being the costs of coaching, teaching and administrative staff; and the hire of pool and land training facilities. Governance costs were £27 thousand (£31 thousand 2022).

Net Assets

The Charity's Net Assets at 31 March 2023 were £131 thousand. This represents an increase of £2 thousand compared to 2022. Net Current Assets were £127 thousand and Fixed Assets £4 thousand.

Reserves policy

Financial Strategy and Reserves

In the absence of unforeseen circumstances, the Charity aims to increase reserves in the region of £30 thousand each year until it reaches the agreed reserves target set by the Trustees. The reserves target at 31 March 2023 was set at £250 thousand. The reserves target is set at a level where the Charity can continue to cover short term commitments should income from members suddenly cease.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The liability of the members is limited to a sum not exceeding £10 per member on winding up.

Recruitment and appointment of new trustees/directors

Following the identification of the present skills and expertise of the current Trustees, the desired additional skills required are identified and potential new Trustees are invited to submit a CV and a letter to the club administrator covering their suitability and experience. They then attend an interview with at least 3 Trustees and at least 4 members of the Management Team to determine suitability. Account will be taken of welfare issues etc.

Page 3

Guildford City Swimming Club

Report of the Trustees for the Year Ended 31 March 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisational structure

The directors shall be responsible for the management of the Charity, for which purpose they may exercise all the powers of the Charity, and they shall have the sole right of appointing and determining the terms and conditions of service of employees of the Charity, and of dismissing them. The directors shall appoint a Management Team which will comprise a minimum of 4 and up to 6 persons and shall act under delegated powers of the directors. The Management Team shall not be directors of the charity but will be members of the charity. The directors shall authorise the Management Team to be responsible for the day to day management of the charity. The directors shall not refuse to follow the recommendations of the Management Team unless there is good cause.

The directors shall be responsible for ensuring that the accounts of the Charity for each financial year be independently audited, such auditor to be appointed by the members in a general meeting.

The directors shall have the power to make regulations and to settle disputed points not otherwise provided for in the Articles of Association after recommendations by the Management Team. Any meeting of directors at which a quorum is present at the time the relevant decision is made, may exercise all the powers exercisable by the directors. Subject to the Articles and any restriction imposed by the Companies Act or any special resolution, the directors, after recommendation by the Management Team, may change any rule about how they take decisions, and about how such rules are to be recorded or communicated to the members.

The directors shall be entitled to an indemnity out of the assets of the Charity for all expenses and other liabilities properly incurred by them in the management of the affairs of the Charity, to the extent permitted by sections 232 to 234 of the Companies Act.

The club administrator shall maintain an accident and incident record on behalf of the directors regarding club members at swimming related activities. Details of such accidents and incidents shall be reported to the relevant Swim England/insurance department. The Charity shall make an annual return to Swim England in the prescribed form. No alteration of the Articles or any special resolution shall have retrospective effect to invalidate any prior act of the directors.

CONFLICT OF INTEREST

A director must declare the nature and extent of any interest, direct or indirect, which he or she has in a proposed transaction or arrangement with the Charity or in any transaction or arrangement entered into by the Charity which has not previously been declared. A director must absent himself or herself from any discussions of the directors in which it is possible that a conflict will arise between his or her duty to act solely in the interests of the Charity and any personal interest (including but not limited to any personal financial interest).

If a conflict of interest arises for a director because of a duty of loyalty owed to another organisation or person and the conflict is not authorised by virtue of any other provision in the Articles, the unconflicted directors may authorise such a conflict of interest where the following conditions apply:

(a) the conflicted director is absent from the part of the meeting at which there is discussion of any arrangement or transaction affecting that other organisation or person;

(b) the conflicted director does not vote on any such matter and is not to be counted when considering whether a quorum of directors is present at the meeting; and

(c) the unconflicted directors consider it is in the interests of the Charity to authorise the conflict of interests in the circumstances applying.

In this Article a conflict of interest arising because of a duty of loyalty owed to another organisation or person only refers to such a conflict which does not involve a direct or indirect benefit of any nature to a director.

VALIDITY OF ACTS OF DIRECTORS

Subject to Article 13.2, all acts done by a meeting of directors shall be valid notwithstanding the participation in any vote of a director:

(a) who was disqualified from holding office;

(b) who had previously retired or who had been obliged by the constitution to vacate office;

(c) who was not entitled to vote on the matter, whether by reason of a conflict of interests or otherwise; if without:

(d) the vote of that director; and

(e) that director being counted in the quorum;

the decision has been made by a majority of the directors at a quorate meeting.

Article 13.1 does not permit a director or connected person to keep any benefit that may be conferred upon him or her by a resolution of the directors if, but for Article13.1, the resolution would have been void.

DISQUALIFICATION AND REMOVAL OF DIRECTORS

A director shall cease to hold office if he or she:

(a) ceases to be a director by virtue of any provision in the Companies Act or is prohibited by law from being a director; (b) is disqualified from acting as a trustee by virtue of sections 178 and 179 of the Charities Act (or any statutory re-enactment or modification of that provision);

(c) ceases to be a member of the Charity or Swim England;

(d) has a bankruptcy order made against them and it remains undischarged, or they have entered into a voluntary arrangement with their creditors;

Page 4

Guildford City Swimming Club

Report of the Trustees for the Year Ended 31 March 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

(e) becomes incapable by reason of mental disorder, illness or injury of managing and administering his or her own affairs;

(f) resigns as a director by notice to the Charity and such resignation has taken effect in accordance with its terms; or (g) is absent without the permission of the directors from all their meetings held within a period of six consecutive months and the directors resolve that his or her office be vacated.

MANAGEMENT TEAM

The Management Team shall be appointed by the directors and shall be at least 4 and up to 6 persons and shall act under delegated powers of the directors. The Management Team shall not be directors of the charity.

All members of the Management Team shall be employed members of the charity. The Management Team shall be balanced between membership/administration members and members who are coaches and whilst the charity maintains such positions the members of the Management Team shall include the Chief Coach who shall be the Management Team Chair and the Club Administrator who shall be the Management Team Secretary. Members of the Management Team shall not be related to each other.

Meetings of the Management Team, which can also be held by suitable electronic means, shall be held not less than once every month (save where the Management Team itself shall by a simple majority resolve not to meet), and the quorum of that meeting shall be at least 3 members of the Team to include either the Management Team Chair or Management Team Secretary.

The Chair shall have discretion to call further meetings of the Management Team if they consider it to be in the interests of the Charity. The Secretary shall give all the members of the Management Team not less than two days verbal or written notice of a meeting. Decisions of the Management Team shall be made by a simple majority (and in the event of equality of votes the Chair (or the acting Chair of that meeting) shall have a casting or additional vote.) Each Management Team member attending shall be entitled to one vote save for the Chair in the circumstance described above. The Secretary, or in his absence a member of the Management Team, shall take minutes and the Management Team shall ensure that the Charity keeps a record, in writing, for at least 10 years from the date of the decision recorded, of every unanimous decision or majority decision taken by the Management Team.

OFFICERS AND HONORARY MEMBERS

The Management Team may elect any person as an honorary member of the Charity (President, Vice-Presidents, Honorary Life Vice-President or other), for such period as it thinks fit and they shall be entitled to all the privileges of membership except that they shall not be entitled to vote at meetings and serve as directors or on the Management Team unless they fulfill the criteria set for such positions in the Articles and any such person is elected in addition to his The Charity shall have a Welfare Officer who shall not be a director, the coach, any of the club teachers, coaches or team managers. The Welfare Officer must be not less than 18 years of age, should have an appropriate background for the role and should be prepared to undertake appropriate training as required by Swim England Child Protection Policy and Procedures. The directors shall invite the Welfare Officer to attend meetings of the directors and/or meetings of the

MINUTES

The Management Team, on behalf of the directors, must keep minutes of all:

(a) appointments of directors and Management Team members made by the Charity;

(b) proceedings at general meetings of the Charity;

(c) meetings of the directors including:

(i) the names of the directors present at the meeting;

(ii) the decisions made at the meetings; and

(iii) where appropriate the reasons for the decisions.

(d) Meetings of the Management Committee including:

(i) the names of those persons present at the meeting;

(ii) the decisions made at the meetings; and

(iii) where appropriate the reasons for the decisions.

ANNUAL GENERAL MEETING

The annual general meeting of the Charity shall be held each year on a date to be determined by the Management Team. The minimum notice required for the Annual General Meeting is 21 clear days The purpose of the annual general meeting is to transact the following business:

(b) to receive and consider the accounts of the Charity for the previous year and the report on the accounts of the independent auditor and the Treasurer's report as to the financial position of the Charity;

(c) to remove and elect the auditor (who must not be a director or a connected person of a director) or confirm that he remain in office;

(d) to elect or re-elect the directors;

(e) to decide on any resolution which may be duly submitted in accordance with Article 18.2.5

Page 5

Guildford City Swimming Club

Report of the Trustees for the Year Ended 31 March 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Nominations for election of members to the Board of Trustees and Directors shall be made in writing by the proposer and seconder to the Secretary not less than 14 days and no more than 35 days before the date of the annual general meeting. The nominee shall be required to indicate in writing on the nomination form his willingness to stand for election. A member may be proposed for more than one office, but may not be elected or appointed to more than one.

ADMISSION OF MEMBERS

The Charity must keep a register of members as required by the Companies Act.

The membership of the Charity, by category, or in total, may not be limited other than by decision of the directors whose decision shall be determined by the availability of resources (principally water time), teachers and/or coaches.

shall include, but not be restricted to, administrators, associate members, voluntary instructors, teachers and coaches, Management Team members, helpers, honorary members, life members, officers, patrons, Presidents, technical and non-

certificates.

Paid instructors, teachers and coaches who are not members of the Charity must be members of a body which accepts Procedures and those parts of the Judicial Code (February 2009) and procedures necessary for their implementation and whilst engaged in activities under the jurisdiction of Swim England shall be subject to all the constraints and privileges of the Judicial Code (February 2009).

Any person who wishes to become a member of the Charity must submit a signed application to the Secretary (and in membership shall be determined by the Membership Applications sub-committee but other person(s) authorised by the -committee shall be required to give reasons for the refusal of any application for membership. Any person refused membership may seek a review of this decision before a review panel appointed by the directors comprised of not less than three members (who may or may not be directors). The panel shall (wherever practicable) include one independent member nominated by Swim England through Swim England South East Region. The person refused membership shall be entitled to make representations to the Review Panel. The procedures for review shall be at the discretion of the Review Panel whose decision shall be final and binding.

The Charity shall not refuse an application for membership on discriminatory grounds, whether in relation to ethnic origin, age, sex, religion, disability, political persuasion or sexual orientation.

The Charity may refuse membership only for good and sufficient cause, such as conduct or character likely to bring the Charity or the sport of swimming into disrepute, or, if acting reasonably and properly, it is considered to be in the best interests of the Charity to refuse the application.

The membership of the Charity shall consist of:

(a) the directors for the time being;

(b) all employed staff;

(c) all adult members;

(d) all junior members;

(e) all persons who assist with the Charity's activities;

(f) any honorary members who become members of the Charity in accordance with Article 16.1. Membership shall not be transferable.

SUBSCRIPTION AND OTHER FEES

directors and the directors shall in so doing make special provision for different classes of membership as it shall determine.

The annual subscription, coaching, Swim England membership fee and entrance fee (if any) shall be due on joining the Charity and thereafter on such dates as determined by Swim England (for membership fees) or the Charity as determined by the Management Team . Parents of junior members shall be responsible for the fees applicable to the junior member.

Any member whose applicable fees remain unpaid by the date falling 30 days after the due date for payment may be suspended by the Management Team from some or all Charity activities from a date to be determined by the Management Team until such payment is made. In coming to a decision as to the suspension of a member under this Article, the Management Team shall follow the Charity's bursary policy and shall have the discretion to waive fees if they consider it to be in the best interests of the Charity or of a beneficiary of the Charity.

Page 6

Guildford City Swimming Club

Report of the Trustees for the Year Ended 31 March 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

The directors shall, from time to time, have the power to determine the annual membership subscription and other fees following consultation with the Management Team (and the directors shall not refuse to follow the recommendation of the Management Team unless for good cause) and shall have the power in special circumstances to remit the whole or part of the fees, including Swim England's membership fees, to address issues of social inclusion. This shall include the power to make such increase in the subscription and shall, where the Charity pays the individual Swim England membership fees to Swim England on behalf of members, be consequential upon an increase in individual Swim England membership fees. Any increase in subscriptions shall be advised to the members in writing with the reasons for any increase to be reported to the members at the next annual general meeting.

RESIGNATION

Membership is terminated if:

(a) the member dies, or, if it is an organisation, ceases to exist;

(b) the member gives to the Membership Administrator written notice of his resignation unless, after the resignation, there would be fewer than two members.

shall commence from the date of the relevant subscription invoice, or the start of any club term, whichever is the later. Where the membership of a member shall be terminated in this way he shall be informed in writing that he is no longer a member.

No member of the Charity is entitled to any refund of applicable fees on ceasing to be a member for any reason. Swim England membership department shall be informed should a member resign when still owing money or goods to the Charity.

EXPULSION OR OTHER DISCIPLINARY ACTION

The directors, following consultation with the Management Team, shall have power to expel a member when, in their opinion, it would not be in the interests of the Charity for him to remain a member. The Charity in exercising this power shall comply with the provisions of the Articles.

the same may be revised from time to time.

Where a member is expelled by the directors under Article 10.1 the resolution removing the member may only be a) passed if the member has been given 21 days notice in writing of the meeting of the directors and Management Team at which the resolution will be proposed and the reasons why it is to be proposed and (b) the member or, at the option of the member, the member's representative,(who need not be a member of the Charity) has been allowed to make representation to the meeting. A member may not be permanently expelled unless the member has been temporarily suspended by the Management Team as under Article 10.4.

Where suspension is approved it shall take immediate effect and shall apply for the period specified. Where expulsion is approved the member shall cease to be a member with immediate effect in accordance with Article 10.5.

The Administrator or Head of Safeguarding, who shall be members of the Management Team, may temporarily suspend or exclude a member from particular training sessions and/or wider club activities, when in their opinion, such action is in the interests of the Charity. Where such action is taken the complaint will thereafter be dealt with in accordance with Swim England Laws and the provision of Article 10.6.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

07667762 (England and Wales)

Registered Charity number

1148907

Registered office

48 Rothschild Drive Sarisbury Green Southampton Hampshire SO31 7NS

Principal address

70 Connaught Road Aldershot Hampshire GU12 4RR

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Guildford City Swimming Club

Report of the Trustees for the Year Ended 31 March 2023

Trustees

J E Ingram Prof C R Victor J R Steele (Lawyer) A Wilson (Managing Director)

Senior Administrators

Mrs J Smith Mrs E Simmons

Auditor

Hughes Waddell Limited The White House 2 Meadrow Godalming Surrey GU7 3HN

Solicitors

Charles Russell Speechlys LLP One London Square Cross Lanes Guildford GU1 1UN

COMMENCEMENT OF ACTIVITIES

The Charity acquired the assets and liabilities of the unincorporated body known as Guildford City Swimming Club on 1 April 2013.

Guildford City Swimming Club was originally established in 1889 and is now a Swim England SwimMark Performance Club and a Swim England National Performance Centre.

It is one of the largest and most successful swimming clubs in the country and operates from 7 different swimming pools, enjoying twin headquarters at both the Guildford Spectrum Leisure Centre and the University of Surrey / Surrey Sports Park 50m facility.

The membership covers a large geographical area including all of Surrey, and parts of Berkshire, Hampshire, Kent, Sussex & London.

The Club is managed by a Management Team with delegated powers from the Board of Trustees/Directors, and a professional staff of qualified coaches, teachers, and administrators. Head Coach Lee Spindlow and his team manage the University of Surrey Swimming Squads. The Club has over 700 active members and employs over 80 members of staff including two Swim England Level 4 Coaches, two specialist strength & conditioning coaches plus a chartered physiotherapist and nutritionist and a psychology intern who deliver our unique training programme to international swimmers including Olympians and Paralympians all the way through to Learn to Swim youngsters.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Guildford City Swimming Club for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

Page 8

Guildford City Swimming Club

Report of the Trustees for the Year Ended 31 March 2023

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITOR

The auditors, Hughes Waddell, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 20 December 2023 and signed on the board's behalf by:

A Wilson - Trustee

Page 9

Report of the Independent Auditor to the Members of Guildford City Swimming Club

Opinion

We have audited the financial statements of Guildford City Swimming Club (the 'charitable company') for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditor thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Page 10

Report of the Independent Auditor to the Members of Guildford City Swimming Club

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditor that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We performed risk assessment procedures and obtained an understanding of the Charity and its environment, the applicable financial reporting framework, the applicable laws and regulations, the Charity's system of internal control and the fraud risk factors relevant to the Charity that affect the susceptibility of assertions to material misstatement due to fraud. We made enquiries with management regarding actual or suspected fraud, non-compliance with laws and regulations, potential litigation and claims. The engagement partner led a discussion among the audit team with particular emphasis on how and where the Charity's financial statements may be susceptible to material misstatement due to fraud, including how fraud might occur. The engagement partner assessed that the engagement team collectively had the appropriate competence and capability to identify or recognise non-compliance with laws and regulations. We considered the Charity Act 2006, UK Companies Act 2006 and UK GAAP as the key laws and regulations which non-compliance with could directly lead to material misstatement due to fraud at the financial statement level. We evaluated whether the selection and application of accounting policies by the Charity may be indicative of fraudulent financial reporting. Our audit procedures responsive to assessed risks of material misstatement due to fraud at the assertion level included but were not limited to:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditor.

Page 11

Report of the Independent Auditor to the Members of Guildford City Swimming Club

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Nicholas Dodd (Senior Statutory Auditor) for and on behalf of Hughes Waddell Limited The White House 2 Meadrow Godalming Surrey GU7 3HN

20 December 2023

Page 12

Guildford City Swimming Club

Statement of Financial Activities

for the Year Ended 31 March 2023

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
Charitable activities
5
Coaching & development
Investment income
4
Total
EXPENDITURE ON
Charitable activities
6
Coaching & development
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 31.3.23
Unrestricted
fund
£
3,434
1,350,006
367
1,353,807
1,351,408
2,399
129,507
131,906		 31.3.22
Total
funds
£
2,409
1,225,961
10
1,228,380
1,298,245
(69,865)
199,372
129,507

The notes form part of these financial statements

Page 13

Guildford City Swimming Club

Balance Sheet 31 March 2023

31.3.23
Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
13
4,232
CURRENT ASSETS
Stocks
14
255
Debtors
15
257,914
Cash at bank
400,567
658,736
CREDITORS
Amounts falling due within one year
16
(531,062)
NET CURRENT ASSETS
127,674
TOTAL ASSETS LESS CURRENT LIABILITIES
131,906
NET ASSETS/(LIABILITIES)
131,906
FUNDS
17
Unrestricted funds
131,906
TOTAL FUNDS
131,906		 31.3.22
Total
funds
£
4,237
525
170,142
394,141
564,808
(439,538)
125,270
129,507
129,507
129,507
129,507

The financial statements were approved by the Board of Trustees and authorised for issue on 20 December 2023 and were signed on its behalf by:

A Wilson - Trustee

The notes form part of these financial statements

Page 14

Guildford City Swimming Club

Cash Flow Statement

for the Year Ended 31 March 2023

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash used in investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 31.3.23
£
9,845
9,845
(3,786)
367
(3,419)
6,426
394,141
400,567		 31.3.22
£
93,949
93,949
(959)
10
(949)
93,000
301,141
394,141

The notes form part of these financial statements

Page 15

Guildford City Swimming Club

Notes to the Cash Flow Statement for the Year Ended 31 March 2023

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

ACTIVITIES
31.3.23 31.3.22
£ £
Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities) 2,399 (69,865)
Adjustments for:
Depreciation charges 3,791 4,928
Interest received (367) (10)
Decrease in stocks 270 230
Increase in debtors (87,772) (75,289)
Increase in creditors 91,524 233,955
Net cash provided by operations 9,845 93,949
ANALYSIS OF CHANGES IN NET FUNDS
At 1.4.22 Cash flow At 31.3.23
£ £ £
Net cash
Cash at bank 394,141 6,426 400,567
394,141 6,426 400,567
Total 394,141 6,426 400,567

2. ANALYSIS OF CHANGES IN NET FUNDS

The notes form part of these financial statements

Page 16

Guildford City Swimming Club

Notes to the Financial Statements for the Year Ended 31 March 2023

1. PRESENTATION CURRENCY

The whole of this report is presented in GB pounds.

2. 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.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Where amounts received and receivable in the year relate to future periods they are carried forward as deferred income. Where amounts relating to the current period are received and receivable after the year end they are included as accrued income.

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.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 33% on cost
Fixtures and fittings - 20% on cost

Tangible fixed assets are initially measured at cost. Cost is measured as the purchase price plus any additional costs incurred in bringing the asset into use in the charity's activities. Tangible fixed assets are subsequently measured at cost less any impairment.

Stocks

Stock comprises swimming badges not yet sold and vouchers for officials not yet used. These are valued at purchase price.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Financial instruments

The financial instruments of the charity comprise financial assets, cash and financial liabilities.

Financial assets

The charity's financial assets comprise trade debtors. The accounting policy for trade debtors is described in the income accounting policy note.

Cash and cash equivalents

Cash and cash equivalents are balances held with banks.

Page 17

continued...

Guildford City Swimming Club

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Financial instruments

Financial liabilities

The charity's financial liabilities include trade and other creditors. The accounting policy for trade and other creditors is described in the expenditure accounting policy note.

3. DONATIONS AND LEGACIES

Gift aid
INVESTMENT INCOME
Deposit account interest
INCOME FROM CHARITABLE ACTIVITIES
Activity
Membership/training fees
Coaching & development
Coaching and development
Coaching & development
GC Open meets
Coaching & development
Other GC activities
Coaching & development
Net commission from shop
Coaching & development
Other membership income
Coaching & development
CJRS Grant
Coaching & development		 31.3.23
£
3,434
31.3.23
£
367
31.3.23
£
929,226
352,099
55,230
288
2,498
10,665
-
1,350,006		 31.3.22
£
2,409
31.3.22
£
10
31.3.22
£
835,398
306,757
46,826
213
3,584
1,295
31,888
1,225,961

4. INVESTMENT INCOME

5. INCOME FROM CHARITABLE ACTIVITIES

6. CHARITABLE ACTIVITIES COSTS

Coaching & development
GRANTS PAYABLE
Coaching & development		 Direct
Costs
£
1,310,719		 Grant
funding of
activities
(see note
7)
£
762		 Support
costs (see
note 8)
£
39,927
31.3.23
£
762		 Totals
£
1,351,408
31.3.22
£
2,569

7. GRANTS PAYABLE

Page 18

continued...

Guildford City Swimming Club

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

8. SUPPORT COSTS

Governance
Management
costs
£
£
Coaching & development
12,101
27,826		 Totals
£
39,927

9. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.3.23 31.3.22
£ £
Auditors' remuneration 5,400 5,400
Depreciation - owned assets 3,791 4,928

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2023.

Trustees' expenses

During the year trustees were reimbursed a total of £NIL (2022 - £NIL) by the Charity for various expenses such as travel, stationery, equipment and refreshments. Any expenses were properly incurred in connection with the Charity's activities.

11. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Swimming coaches and teachers
Administration		 31.3.23
£
748,922
54,317
13,862
817,101
31.3.23
67
2
69		 31.3.22
£
728,506
40,309
13,525
782,340
31.3.22
65
2
67
The number of employees whose employee benefits (excluding employer pension costs) exceeded The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
31.3.23 31.3.22
£60,001 - £70,000 1 1

Page 19

continued...

Guildford City Swimming Club

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Coaching & development
Investment income
Total
EXPENDITURE ON
Charitable activities
Coaching & development
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
2,409
1,225,961
10
1,228,380
1,298,245
(69,865)
199,372
129,507

13. TANGIBLE FIXED ASSETS

Plant and
machinery
£
COST
At 1 April 2022
30,622
Additions
3,725
At 31 March 2023
34,347
DEPRECIATION
At 1 April 2022
26,471
Charge for year
3,722
At 31 March 2023
30,193
NET BOOK VALUE
At 31 March 2023
4,154
At 31 March 2022
4,151		 Fixtures
and
fittings
£
1,135
61
1,196
1,049
69
1,118
78
86		 Totals
£
31,757
3,786
35,543
27,520
3,791
31,311
4,232
4,237

Page 20

continued...

Guildford City Swimming Club

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

14.
STOCKS
Badges & vouchers stock
15.
DEBTORS
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
Amounts falling due after more than one year:
Other debtors
Aggregate amounts
16.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
Other creditors
Deferred income
Accrued expenses
17.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS		 At 1.4.22
£
129,507
129,507
Incoming
resources
£
1,353,807
1,353,807		 31.3.23
£
255
31.3.23
£
218,893
757
37,964
257,614
300
257,914
31.3.23
£
40,993
19,580
44,765
372,728
52,996
531,062
Net
movement
in funds
£
2,399
2,399
Resources
expended
£
(1,351,408)
(1,351,408)		 31.3.22
£
525
31.3.22
£
107,301
4,356
58,185
169,842
300
170,142
31.3.22
£
13,098
18,010
42,988
317,171
48,271
439,538
At
31.3.23
£
131,906
131,906
Movement
in funds
£
2,399
2,399

Page 21

continued...

Guildford City Swimming Club

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

17. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
TOTAL FUNDS		 At 1.4.21
£
199,372
199,372		 Net
movement
in funds
£
(69,865)
(69,865)		 At
31.3.22
£
129,507
129,507

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
1,228,380
1,228,380		 Resources
expended
£
(1,298,245)
(1,298,245)		 Movement
in funds
£
(69,865)
(69,865)

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 At 1.4.21
£
199,372
199,372		 Net
movement
in funds
£
(67,466)
(67,466)		 At
31.3.23
£
131,906
131,906

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
2,582,187
2,582,187		 Resources
expended
£
(2,649,653)
(2,649,653)		 Movement
in funds
£
(67,466)
(67,466)

Page 22

continued...

Guildford City Swimming Club

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

18. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2023.

19. ULTIMATE CONTROLLING PARTY

There is no controlling party over the company.

Page 23

Guildford City Swimming Club

Detailed Statement of Financial Activities for the Year Ended 31 March 2023

INCOME AND ENDOWMENTS
Donations and legacies
Gift aid
Investment income
Deposit account interest
Charitable activities
Membership/training fees
Coaching and development
GC Open meets
Other GC activities
Net commission from shop
Other membership income
CJRS Grant
Total incoming resources
EXPENDITURE
Charitable activities
Coaching & teaching wages
Social security
Pension contributions
Sundries
Pool and training facilities
Administration wages
Social security
Coaches' passes
Relay team entries
Other gala expenses
Arena league final only
Coaches' expenses
Staff & Nationals kit costs
DBS/CRB checks
Land training
Staff education
Sports science
ASA fees (staff & officials)
Bad debts
Depreciation of tangible fixed assets
Grants to individuals
Support costs
Management
Insurance
Health insurance		 31.3.23
£
3,434
367
929,226
352,099
55,230
288
2,498
10,665
-
1,350,006
1,353,807
748,922
54,317
13,862
2,914
352,154
70,507
13,659
1,807
424
1,354
2,124
24,785
2,949
1,673
11,888
2,401
-
1,188
-
3,791
762
1,311,481
1,439
10,662
12,101		 31.3.22
£
2,409
10
835,398
306,757
46,826
213
3,584
1,295
31,888
1,225,961
1,228,380
728,506
40,309
13,525
2,705
345,307
64,257
13,000
854
56
970
1,872
10,813
223
2,214
12,462
2,408
200
1,201
4,412
4,928
2,569
1,252,791
2,171
11,521
13,692

This page does not form part of the statutory financial statements

Page 24

Guildford City Swimming Club

Detailed Statement of Financial Activities for the Year Ended 31 March 2023

Management
Governance costs
Auditors' remuneration
Postage and stationery
Accountancy and legal fees
Legal fees
Management team expenses
Computing & websites
Conference room hire
Welfare expenses
Bank charges
Banners & artwork
Telephones & misc office exps
Total resources expended
Net income/(expenditure)		 31.3.23
£
5,400
1,723
7,983
-
1,413
4,073
2,101
92
184
3,550
1,307
27,826
1,351,408
2,399		 31.3.22
£
5,400
954
7,494
6,442
1,871
3,615
1,142
893
62
2,596
1,293
31,762
1,298,245
(69,865)

This page does not form part of the statutory financial statements

Page 25