Charity registratSon number 1165857 STIiATFORD SHARKS SWIMMING CLUB ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STRATFORD SHARKS SWIMMING CLU8 LEGALANDADMINISTRATIVÉ INFORMAMON Tru#ees Mr A Partington Mr D Skinner Dr P Robotham Mrs H Evans Mr R Jame5 Charbty number 1165857 Principal addre55 43 Hunts Road Stratford upon Avon Warwickshirè CV37 7JJ England Independent ex3mirter TC Group Celixir House stratford Business & Technology Park Innovation Way, Banbury Road Stratford-upon-Avtsn Warwickshire United Kingdom CV37 7GZ STRATFORD SHARKS SWIMMING CLU8 CONTENTS Pa8e Trustee5 report Independent examiner's report Statement of financial activitie5 Balance sheet Notes to the fi'nancial statements 7-14 STRATFORD SHARKS SWIMMING CLUB TRUSTEES REPORT FOR ThTE YEAR ENDED 31 MARCH 2024 The trustees prÈ5Ènt their annual report and financial ststements for the year ended 31 Marctr> 2C124. The financial statement5 have been prepared in accordance with the accounting policies set out in the Notes to the financial statements and comply with the Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charitie5 preparir7g their accounts in 3ccord3nce with the FinarTrcial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective l January 20191. Objectives and actlvities The principal objective of the charity is to promute community participation in healthy recreation, In particular by the provision of facilities, teaching and coaching for competitive swimming, water safety and the opptsrtunity to participate in related aquatic event5. Public benefit The tfustees have paid due ¥eg3rd to Èuidance issued by the Charity Commission in deciding what activities the should undertake. Achievements and performante Significunt octivities ttnd tschievements t7goinst objectffves The Charity has achieved its mission, which is.. 'To promote community participation in healthy recreation in particular by the provision of facilities. teaching and coaching for competitive swimming, water safety and the opportunity to participate in related aquatic events" The Club continued with competitive swimming during the 2023-2024 sea50n compEting in a number of meets in the West Midlands. We also Colltinued to compete in the three main league competitions (Arena. Mercian and Nuneaton Junior). Having been promoted to the premier division for the West Midlands Arena League, the competition was too tough and we will return to division 2 for the upcoming season. We Saw 32 swimmers gain at least one qualifying time to compete at the Warwickshire County championships in February with the club also Èntering teams in a number of boys and girls relay events. During the year seven swimmers gained Level l 01 Level 2 teaching qualifications, putting their qualifications to Use 5UPPOrtin@ the coaching te3m with our Academy squads. The Club a150 continues to provide volunteering opportunitie5 to swimmers in 5UPPOrt of their Duke of Edinburgh awards. The Club continues to SUPPOrt the Coventry and District ASA and Warwtckshire ASA, providing representation at their meetings, attending training events and competitions that they arrange. In return the Club h35 benefitted from various butsaries that are provided for the development of yciung coaches. We continue to hold 2 club gala competiOn5 annually, the 'Mike Wardle Sprints, Swimming gala with events swam over 50m to commemorate the contributson made to the club of an Honorary Life Member and the 'lOO's' gala with events SW3m over loom. Both are aimed at allowing swimmers to gain experience of competitive swimming in a fun enviionrnent. Financial rèvlew The Statement of Financtal Attivities show5 a surplus for the year ended 31 March 2024 Of £12,777 12023.. L)eficit of £3,799). The Balance Sheet shows a net assets position at the year end of £18.224 12023: Net a55ets of £5,447). STRATFORD SHARKS SWIMMING CLU8 TRUSTEES REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH2024 Re5Erves policy The Trustees have determined that the club should build towards at least three months, worth of operational expenses in its unrestritted funds as reported on its year-end bal3r*ce sheet. The club requir25 this level of working capital Imainly cashl which will enable it to commit to providing facilities and services to its members. These comrnFtments iftclude swimming pool hire and the salaries and wages of the coaching team. Structure, governance and management The charity Is controlled by its govèrning document, a deed of trust, and constitute5 a charitable incorporated organisation. The charity's activities commenced on l April 2016. The trustees who served during the year and up to the date of signature of the financial statements were. Mr A Partington Mr D Skinner Dr P Robtstham Mrs H Evans Mf R James Mr G ALtrStin (Resigned 15 February 20241 Recruitment ond oppointment of trustees The fllanaEefnent of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. There must at all times be a minimum of three Trustees in office. New Trustees are appointed by a resolution passed by the Trustees In special meeting. Organisationol Structure The Trustee5 alè responsible for the management of the charity and may delegate any of their powers of ftjnrtions to a committee or committees. and, if they do, they must determine the terms and COTiditions Dn which the delegation is made and in accordance with the constitution. Inductiorjul training trf new trustees New Trustees undergo an orientation process tcs brief them on their legal obli£3tion5 under Charity13W the Charity's governing documents. the committee and de(￿S￿On making processe5, the business plafi and recent financial performance of the Charity. During the induction process they meet key employee5 and other trustees. Trustee5 are encouraged to attend appropr53te external and internal training events which will as51St them in carrying out their role. Risk Manogement The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. STIiATFORD SHARKS SWIMMING CLUB TRUSTEES REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH2024 The tru5tee5 report was approved by the Board of Trustees. Mr A Partin8ton Trustee 25 lune 2024 STRATFORD SHARKS SWIMMING CLUB INDEPENDENT EXAMINER'S REPQRT TO THE TRUSTEES OF STRATFORD SHARKS SWIMMING CLUB I report to the trustees on my examination of the financial statements of Stratford Sharks Swimming Club Ithe I for the year ended 31 March 2024. Responsibilitie5 and basis of report A5 the tru5tee5 of the VgLt are respunsible for the p￿paratIOn of the financial statements (n accordance with the requirement5 of the Charitie5 Act 2011 (the 2011 Att). I report in respect of my examination of the's financi35 statements caTFied out under section 145 of the 2011 Act. In carrying out my exarnination I have followed all the applicable Directions given by the Charlty Commission under section 14515llbl of the 2011 Act. Independent ex3miner's statement Your attention 15 drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Finènci31 Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting bv Charities.. Statement of Recommended Practice issued on l April 2005 which is referred to in the extant regulation5 but ha5 now been withdrawn. l understand that this has been done in order for financièl statements to provide a true and fair view in accordance wlth Generally Accepted Accounting Practice effective for reporting periods beginnin8 on or after I lanuary 2015. I have completed my examination. I confirrn that no matters have CDme to my attention in connection with the examination Eiving me cause to believe that in any material re5PeCt'. accounting records were not kept in respect of the 35 required by section 130 of the 2011 Art," or the financial statements do not accord with those records,. or the financial statements do not comply with the applicable requirement5 concerning the form and content of accounts set out the Charities (Accounts and Reportsl Regulations 2008 other than any reqU1￿ment that the accounts givè a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in tonnection with the exèmination to which attention should be drawn in this report in tsrder to enable a proper unde15tandin8 of the financial statements to be reached. TC Group Celixir House Stratford 8u5iness & Technology Park Innovatiun Way. Banbury Road Strattord-upon-Avon Warwickshire CV37 7GZ United Kingdom Dated.. 25 June 2024 STRATFORD SHARKS SWIMMING CW8 STATEMENT OF FINANCIAL ACTIVITIES INCWDING INCOME AND EXPENDITUREACCOIJNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestrirted funds 2024 Unrestricted funds 2023 Notes Incorne from- Donations and legacies Charitable activities Other trading artivitie5 8.165 143,978 5,123 6,622 125,946 5,394 Totsl Income 157.266 137.962 Expenditure on.. Raising funds ChaTLtablÈ arti¥it4es 3,025 141.464 2,D24 139,737 Total expenditure 144,489 141.761 Net incornellexpenditufèl and movement in funds 12,777 13,7991 Reconclllation of funds.. Fund balances at l Apri5 2023 5,447 9,246 Fund balance5 at 31 March 2024 18,224 5,447 The statement of financial artivities Includes all gains and 1055es re¢ugnised in the year. All income and expenditure derive from continuing activities. STRATFORD SHARKS SWIMMING CLUB BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets 12 3,239 3,811 Current assets Debtors C3sh at È)ank and in hand 13 1,823 13,704 7.710 15,527 7,710 Creditors: amounts fallin8 due within one vear 14 15421 16.0741 Net current assets 14.985 1,636 Total assets less ¢urrent Ilabllitles 18.224 5,447 Net assets excludSng penslon liabllity 18.224 5,447 The funds of the Unrestritted funds 18.224 5,447 18,224 5,447 The financièl statements were approved by the trustees on 25 June 2024 Mr A Partington Trustee STrATFORD SHARKS SWIMMING CLUB NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting polkcles Charity infom)atlon Stratford Sharks Swimming Club is a charltable incorporated organisatitsn. 1.1 A¢countin8 conventlon The finèncial statements have been prepared in accordance with the Charities Act 2C>II, FR5 102 "The Financial Reporting Standard applicable in the LJK and Republic Df Ireland" I-FRS 102,1 and the Charities SORP 'Accour)ting and Rèporting by Charities.. Statement of Recommended Prattice applicable to charitie5 preparing their accounts *n accordance with the Financial Reporting Standard applicable in the UK and R8public of Irèland IFRS 1021 (effective l JanuBfV 2C>191. Advantage has bèen taken of the provisions in the SORP for charities not to prepare a Ststement of Cash Flows. The Charity 15 a public benefit entity as defined by FRSIO2. The financial statements have been prepared under the historical cost convention. 1.2 Going concern At the time of approving the financial statements, the trustee5 have a ￿asonable expectation that the ha5 adequate resources to continue in operatitynal existence for the foresee3ble future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statement5. 1.3 Charltable funds Unrestrirted fund5 are available for use at the discrètion of the trustees in furtherance of their charitable objectives. 1.4 Irjcome Income is retognised when the Charity is legally entitled to il after any performance condition5 havE been met, the amounts can be measured reliably. and it 15 probable that income will be received. 1.5 Expenditure Expenditure is recognised ortce there is a legal or constwctive 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 attivity are made up of the total of direct costs and ghared costs, including SLJPPOrt costs involved in undertaking each attivity. Direct COSts att¥ibutable to a single activity Ère allocated directly to that èrtivity. Shared costs which contribute to more than one activity nd support costs which are not attributable to a single activity are OPPDrtiDned between those activities on a basi5 consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated ork the portion of the asset's use. STRATFORD SHARKS SWIMMING CLUB NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR ThE YEAR ENDED31 MARCH 2024 Accounting policies Icontinuedl 1.6 Tanglble fixed assets Tangible fixed assets are initially MeaSu￿d at cost and subsequently measured at cost or valuation. net of depreciation and any impairment losses. Depreciatloll 15 recogntsed so 45 to write off the c05t OT valuation of assets less their residual values over their useful lives on the following bases.. Fixtures and fittings 15% reducing balance Thè 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 flnancial activities. 1.7 Cash and cash equtvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term IiqL¢id investments with original rriatuiities of th￿e months or less, and bank overdrafts. Bank overdrafts are Shown within borrowings in current liab&lities. 1.8 Financial instruments The has elected to apply the provisions of Section 11 '8asic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its finaThcial 4n5truments. Finantial instruments are recognised In the 's balance sheet when the becomes party to the contractual provisions of the instrument. Financial èssets and liabilities are offset. with the net amounts presented in the financial statemenis. when there is a legally enforceable right to set off the recoÈnised amounts and there 15 an intention to settle on a net basi5 or to reali5e the asset and Settle the liability 54multaneously. Bosicfinunciulassets Basic financial assets, which include debtors and cash and bank balances, are initially rneasured at transaction price including trans3Ction 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 futL*re receipts discovnted at a market rate of interest. Financial assets cla55ified a5 receivable within one ye4r are not amortised. STRATFORD SHARKS SWIMMING CLU8 NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Acu)unting polscles Icontlnuedl 8¢7sicfinontiol littbllltles Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitute5 a financing transaction, where the debt instrument is me35ured at the present value of the future payments discounted Bt a market rate of interest. Financi&l liabilities classified as payable within one year Bre not èmortised. Oebt instruments are Subsequently Carried at amortised cost, using the effective interest late Enethod. Trade creditor5 3re obligations to pay for goods or seivices that have been acquiied the ordinary course of operations from suppliers. Amounts payable are cl85sified as current liabilities if payment is due within one Year or less. If not, they are presenred as non-current liabilities. Trade creditors are recognised initially at transactiofi price and subseouently measured èt amortised cost Using rhe effective interest mèthod. 1.9 Emplo¥ee 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 smmediately as an expense when the is demonstrably committed to terminate the employment of an employee or to provide termination benefits. The charity operates a defined contribution scheme, Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. 1.10 Fund Accountlng Unrestrirted fund5 can be used in accordance wilh the chèritable objectives at the discretion of the trusteès. Restricted funds can only be used fvr particular restricted purposes within the objects of the charity. Restrictions arlse when specified by the donor or when funds are raised for particular re5trirtèd purposes. Further expl3nation of the nature and purpose of each fund is included in the notes to the financial statements. In¢ome from dot)atlons and le83cie5 Unrestrlcted funds 2024 Unrestricted funds 2023 Donations and gifts Grant Income 6,787 1,378 6.622 8.165 6,622 STRATFORD SHARKS SWIMMING CLUB NOTES TO THE FINANCIAL sfATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH2024 Income from £h3ritable activhti¢s Unrestrtcted funds 2024 Unrestrlcted funds 2023 Charitable a¢tlvities Swim Carnp Mernbèrship and training Fees G41as and open meet entries 497 114,106 29.872 109,215 16,234 143,978 125,946 Income from other tradinÉ activities Vnrestrlcted Unrestricted lund5 funds 2024 2023 Shop Income Fundraising 2,391 2,732 1,074 4,320 Other trading act¥v4ties 5.123 5,394 Expenditure on raising funds Uftrestricted Unrestrlcted funds funds 2024 2023 Trading costs Purchases 3,025 2,024 10 5TRATFORD SHARKS SWIMMING CLUB NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR ThE YEAR ENDED 31 MARCH 2024 Expendlture on charÉtable actrvltles Unre5trirted Unrestricted Expenditure Empenditure 2024 2023 Irert costs Depreciation and impairment Pool Hire ASA registration and league fees Other direct costs Education and Trainirig Home gala and open meet entries Wages Pension 572 72,033 9,031 5,022 1.165 16,344 35,942 385 673 73,781 7,815 2,166 876 16,572 37,358 496 140.494 139,737 Grant fundin8 of activities Isee note 71 970 141,464 139,737 Analysis by fkbnd Unrestricted funds 141.464 139,737 Grants payablè Grants payable are provided to help with membership costs and club development including trainin8 and equipment. Net movement in funds 2024 2023 The net movement in funds is stated after chargingllcreditingl: Depreciation of owned tangible fixed asset5 572 673 Trusteès None of the trustees lor any per50n5 connected with them) rece*ved any remuneration or benefits from the during the year. srRATFORD SHARKS SWIMMING CLUB NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MAROI 2024 10 Employees Thè average monthly number of employees during the year was.. 2024 Number 2023 Nymber Employment costs 2024 2023 Wages and salaries Other pension ¢05ts 35,942 37,358 496 40,946 37,854 There were no employees whose annual remLtneration wa5 more than £60,000. 11 Taxation The charity is exempt from taxation on its activities bec3u5e all its income 15 applied for charitable purpose5. 12 Tangible fixed assets Flxtures and Cost At l April 2023 11,014 At 31 March 2024 11,014 Depreciation and Impatmlent At l April 2023 Depreciation charged in the year 7,203 572 At 31 March 2024 7,775 Carrylng amovnt At 31 March 2024 3.239 At 31 March 2023 3,811 12- STRATFORD SHARKS SWIMMING CLU8 NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH2024 13 Debtors 2024 2023 Amounts fallih8 due ￿thIn one year: Other debtors 1.823 14 Creditors: amounts falling due wtthln one year 2024 2023 Tax and Soc*al Security Other Creditors 1,673 4,401 542 542 6,074 15 Unrestritted funds The unrestricted fuvtds of the charlty comprise the unexpended balances of donations and grant5 which ère not subject tts Specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purpose5. At l Aprll 2023 Incomln8 resources Resources At 31 March expended 2024 General funds 5,447 157.266 1144,4891 18,224 Previous year: At l Aprll 2022 Incomin8 resources Resources At 31 March expended 2023 General funds 9,246 137,962 1141,7611 5,447 The unrestrided funds of the charity Colllpfise the unexpended balances of donations. income from charitable activitie5 and grants which are not subject to specific conditions by donor or grantor as to how they may be used. These include designated funds which have beeFt set aside out of unrestricted funds by the trustees for specific purposes. 13 STRATFORD 5HARK5 SWIMMING CLUB NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 16 Operating lease commitments Lessee At the reporting end date the had outstanding commitments for future minimum lease payments under non-cancellable operating lease5, which fall due as follows- 2024 2023 Within one year 6,621 6,091 17 Related party transactions There weie nu di5closable related party transactions during the year12023- none). 14-