Registered number: 10525194 Charity number: 1175050
WYCOMBE DISTRICT SWIMMING CLUB
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
WYCOMBE DISTRICT SWIMMING CLUB (A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the company, its Trustees and advisers | 1 |
| Trustees' report | 2 - 8 |
| Independent examiner's report | 9 |
| Statement of financial activities | 10 |
| Balance sheet | 11 - 12 |
| Statement of cash flows | 13 |
| Notes to the financial statements | 14 - 27 |
WYCOMBE DISTRICT SWIMMING CLUB (A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2020
| Trustees | Mr John Reed, Chairman (appointed 26 November 2020) |
|---|---|
| Mrs Samantha Dyson, Vice Chair | |
| Mr Simon Shaw, Club Secretary | |
| Mrs Chun Mui Ng, Treasurer (appointed 26 November 2020) | |
| Mr Edward Sansome, Chairperson (resigned 26 November 2020) | |
| Mr William Kenny, Hon treasurer (resigned 26 November 2020) | |
| Company registered number 10525194 Charity registered number 1175050 Registered office Wycombe Leisure Centre Handycross High Wycombe HP11 1UP Accountants MHA MacIntyre Hudson Chartered Accountants Abbey Place 24-28 Easton Street High Wycombe Buckinghamshire HP11 1NT |
Page 1
WYCOMBE DISTRICT SWIMMING CLUB
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2020
The Trustees present their annual report together with the financial statements of the company for the year 1 October 2019 to 30 September 2020. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Wycombe District Swimming Club (“WDSC”) was incorporated on 14th December 2016 as a company limited by guarantee. The company became a charity on 9th October 2018 in accordance with a members’ resolution.
Since the company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.
Objectives and activities
a. Policies and objectives
All of our charitable activities are focused on furthering our charitable objectives for the public benefit of the local community.
In carrying out our objectives and planning our activities, the trustees have given careful consideration to the Charity Commission’s public benefit guidance.
The principal objects of the charity are:
1) The promotion of community participation in healthy recreation for the benefit of the inhabitants of High Wycombe and the surrounding area, by providing teaching, development and practice, from advanced learn to swim skills to competitive swimming and water polo in a cost-effective method for all;
2). The preservation of human life by the teaching and practice of swimming, water safety, lifesaving, resuscitation and survival in the water.
3). To promote the development of young people of all backgrounds and abilities through competitive and fitness activities, so as to develop personal and social capabilities through individual goals and team spirit, creating mature members of society.
b. Performance of Material Fundraising Against Objectives
The charity has held various fundraising activities throughout the year, however, it does not rely on these activities to fund its day to day operating activities.
c. Significance of Volunteers to the Charity’s Activities
Volunteers are of a major significance to WDSC. Volunteers assist both poolside and administratively in an array of roles including coaches, team managers, the open meets team, the committee, and the welfare team to name a few. Without our team of volunteers, our costs would be significantly higher than they are.
Page 2
WYCOMBE DISTRICT SWIMMING CLUB
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
Chairman's Report on Achievements and performance
a. Main achievements of the company
During the year ended 30 September 2020, WDSC provided services for an average of over 600 members in accordance with its stated objectives which are to develop aquatic skills and to promote healthy and active lifestyles. The reality of COVID-19 restrictions however and the inability to recruit more swimmers during lockdowns meant that despite best efforts WDSC shrank from March to September 2020 finishing the financial year with 579 members. WDSC remains active in providing educational and CPD courses for coaches, teachers, lifeguards and members although this was hampered significantly by COVID-19 restrictions.
In previous years we have been able to report on continued success in the pool and until 23 March 2020 this was still the case – with excellent showings at the County Championships (held at WDSC home pool) in January 2020–WDSC once again dominating in both boys’ and girls’ competitions. Following lockdown on 23 March 2020 and closure of all pools, WDSC quickly enacted contingency plans and began to provide online content for all our members. This online offering included guided fitness sessions, health and wellbeing, cookery and social content across the entire Club and was instrumental in keeping Club membership up and in making sure that our swimmers were best prepared for returning to swimming – which they did in August 2020.
The uncertainty caused by COVID-19 has been a challenge for WDSC and continues to be so, but great credit is due to the Committee and the Coaches for navigating WDSC through the initial stages of the pandemic in a safe and assured way. WDSC remains on a very sound footing thanks to their actions and the continuing and unwavering support of the membership who have been remarkable throughout – at one point activating some 150 volunteers to ensure our swimmers could return to training in a COVID-19 secure environment. This is in stark contrast to other Clubs both locally and nationwide where the impact of COVID-19 has been huge and will be felt for many years throughout the swimming family. Many Clubs have not or will not survive and opportunities to swim competitively for many will be lost permanently.
WDSC retains its Swim England SwimMark quality accreditation and works with Local Authorities to promote the provision and scope of aquatic disciplines in High Wycombe and surrounding areas. WDSC has an established bursary fund of £5,000 which provides any necessary support for less affluent Wycombe District families and support to performance athletes selected for representation at regional level or above.
The Board of Trustees has met regularly over the past year to review the quarterly accounts and discuss other issues requiring their input. I would like to thank my fellow trustees for their support and commitment – navigating the financial impact of COVID-19 has been difficult but if anything has demonstrated how strong a position WDSC is in thanks to their management.
I must also thank the Committee who shoulder the responsibility for the day to day running of WDSC. Of course, WDSC could not exist without its team of coaches and poolside helpers who work so hard across all sections to ensure that members have the best possible experience in their chosen aquatic discipline and during their online sessions. This year has truly shown how great WDSC is with every member pulling together for their teammates and for WDSC.
Page 3
WYCOMBE DISTRICT SWIMMING CLUB (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
Financial review
a. Going concern
After making appropriate enquiries, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. Considering the unprecedented situation due to the COVID-19 pandemic, an additional section is included in this report covering the effect of the pandemic on our operations and the potential financial impact, with specific attention to financial sustainability and implications for the Club as a going concern.
b. Reserves policy
The reserves policy is reviewed annually by the trustees in light of current events. The reserves currently retained to secure the future long-term liabilities are set at £150,000. This represent three months of operating costs for the club. All liquid assets are to be held at trustee approved financial institutions.
The reserves held at the year end amounted to £118,687 (2019: £168,180) of which £2,213 related to restricted funds (2019: £5,899).
The reserves at year end are lower than the trustees had targeted due to the effects of Covid-19 lockdowns on our income. It is our aim to recover these reserves to target level as soon as possible.
c. Principal risks and uncertainties
The trustees actively review the major risks which WDSC faces on a regular basis. These include health and safety, operational and human risks as well as reputational and financial risks. The trustees believe that the maintenance of general reserves, combined with the regular review of controls over financial systems, will provide sufficient resources in the event of adverse conditions.
The trustees have also examined the other operational and business risks which WDSC faces and confirm that policies and systems have been established to mitigate most of the significant risks. It is noted that, as a consequence of its status as a company limited by guarantee, the trustees of the company are liable to contribute £1 each should the company be wound up insolvent. Public liability insurance is purchased in respect of certain events where the potential for liability exists.
Page 4
WYCOMBE DISTRICT SWIMMING CLUB
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
d. Financial Review by Hon. Treasurer
Income in the year to 30 September 2020 was £495,121 (2019: £605,225). Membership numbers decreased from 599 in September 2019 to 579 on 30 September 2020.
The main operating costs are pool hire and contract costs for coaching staff. Pool hire costs and contract costs for coaching staff amounted to £120,167 (2019: £179,226) and £192,513 (2019: £242,273) respectively for the period, both are in line with budgeted costs.
Total costs for the year were £544,614 (2019: £604,552) and broadly in line with expectations.
The Club made a deficit in the period of £49,493 (2019: £673 surplus). It is the Club’s expectation that a deficit of circa £35,000 will be generated in the year to 30 September 2021.
The cash balance at the end of the year was £147,577 increasing from £134,167 on 30 September 2019. This balance will assist the club should there be further pool closures or cancellations of open meets due to Covid-19 restrictions. This includes £30,895 of money paid in advance by members.
The Club sets yearly budgets which are to be approved by the Trustee board. Financial performance against these targets is reviewed on a quarterly basis by the Trustees via the production of regular management accounts and cash-flow forecasts.
A regular review of the financial controls at Wycombe District Swimming Club has and will continue to take place to ensure the safeguarding of the Charity’s Assets. A review of system processes, including methods of payments, is undertaken as necessary.
As outlined on Page 4 above, The Executive Committee, having reviewed cashflow projections is confident that the Club will be able to continue as a going concern.
Page 5
(A company limited by guarantee)
WYCOMBE DISTRICT SWIMMING CLUB
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
Structure, governance and management
a. Constitution
The Trustees are responsible for the overall governance and oversight of the operational management of the club. The directors of the company are also charity Trustees for the purposes of Charity law. The Management committee and Head Coach are responsible for the day-to-day operational management of the club. The charity also has a Welfare Officer.
The role, scope and responsibilities of the Trustees are enshrined in law, principally the Charities Act 2011 and the Companies Act 2006, and also the Articles of Association. The role and scope are detailed in the club’s Terms of Reference. By virtue of the affiliation of WDSC to SwimEngland South East Region, the charity and all members of WDSC acknowledge that they are subject to the rules of SwimEngland, British Swimming and FINA, the world governing body for the sport of swimming.
Co-opted Trustees are selected following a search, advertising on the club website and personal recommendation. They meet with the existing Trustees, including the Chairman of the charity. It is the intention of the charity to have Trustees who have a strong interest in the sport of swimming, especially to encourage wide community participation for health and leisure purposes, and an appreciation of the governance role. The policy is to have a strong, gender diverse trustee board with a range of experience and skills.
Between General Meetings Trustees may be co-opted to the Board, but are then subject to vote at the next General Meeting. Trustees serve a 2 year term but are able to offer themselves for re-election. All club members over the age of 16 are entitled to vote.
b. Methods of appointment or election of Trustees
The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association.
c. Policies adopted for the induction and training of Trustees
A list of induction documents has been developed for new trustees. These include copies of all relevant policy statements and procedures. WDSC will encourage trustees to attend relevant courses and seminars to keep abreast of developments in the areas for which the Trustee Board has responsibility on behalf of the WDSC.
Plans for future periods
The long-term strategy continues to be to grow the Club to take full advantage of the amazing 50 metre, 8-lane pool and to expand where possible into other pools locally in order to further promote community participation in swimming. In the short term this will involve recovering the lost ground due to COVID-19, but we expect this to be done in short order once lockdowns are over. Our partnership with local schools and our relationship with the local outdoor facility have if anything improved due to the pandemic and we are in a strong position to make the most of these relationships in the future.
Page 6
WYCOMBE DISTRICT SWIMMING CLUB (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
Covid-19
Almost six months of this financial period has been during the Covid 19 pandemic. Initially, the Club was operating as normal until on March 23rd pools were forced to close due to Government direction as the country entered lockdown. Throughout the first and subsequent lockdowns the Club instigated an online remote training and engagement programme of both fitness and social aspects to ensure our community and family ethos continued as well as to preserve the fitness of our members whilst out of the pool. We wish to offer support for our members in terms of their fitness and their mental wellbeing and have endeavoured to offer a mixture of activities to this end.
Our online programme and the assistance of government subsidies has enabled us to continue to contract our full time coaches at reduced hours to maintain their livelihoods and continue to engage with our members in a bid to preserve as many of them as possible over these difficult times. We have been able to reduce our training fees to reflect our reduced costs of no pool hire and provide support to families financially affected by the pandemic through our bursary scheme and by means of fee waivers to those requesting it whilst pools are closed.
The executive has enacted a plan that is likely to involve the use of our financial reserves but over a conservative period, given the timeframe of this pandemic is unclear. Our plan is to remain as a going concern and be in a position to recommence swimming with a team of qualified coaches as soon as we are physically able. As mentioned earlier we have managed to retain all our full time coaches thus far and have a strong team of part time and volunteer coaches who are still engaged with the club and ready to step back onto poolside once we are able to. Whilst we have seen an understandable but modest decline in our membership numbers from pre-pandemic levels we are confident that this decline can be quickly reversed once pools re-open and we can run trials for new members again. We still have a healthy waiting list of people wishing to join our club despite the length of time they have been forced to wait for trials.
Page 7
WYCOMBE DISTRICT SWIMMING CLUB (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees on 19/5/21 and signed on their behalf by:
J Reed Chairman
Page 8
WYCOMBE DISTRICT SWIMMING CLUB (A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2020
Independent examiner's report to the Trustees of Wycombe District Swimming Club ('the company')
I report to the charity Trustees on my examination of the accounts of the company for the year ended 30 September 2020.
Responsibilities and basis of report
As the Trustees of the company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the ICAEW, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's Trustees as a body, for my work or for this report.
Signed: Dated: 20 May 2021 Bianca Silva ACA
MHA MacIntyre Hudson, Abbey Place, 24-28 Easton Street, High Wycombe, Bucks, HP11 1NT
Page 9
WYCOMBE DISTRICT SWIMMING CLUB
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2020
| Note Income from: Charitable activities 3 Other trading activities 5 Investments 6 Total income Expenditure on: Charitable activities 7 Total expenditure Transfers between funds 15 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2020 £ 452,715 2,925 125 455,765 497,613 497,613 (3,959) (45,807) 162,281 (45,807) 116,474 |
Restricted funds 2020 £ 39,356 - - 39,356 47,001 47,001 3,959 (3,686) 5,899 (3,686) 2,213 |
Total funds 2020 £ 492,071 2,925 125 495,121 544,614 544,614 - (49,493) 168,180 (49,493) 118,687 |
Total funds 2019 £ 597,638 7,534 53 605,225 |
|---|---|---|---|---|
| 604,552 604,552 |
||||
| - 673 |
||||
| 167,507 673 168,180 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 14 to 27 form part of these financial statements.
Page 10
WYCOMBE DISTRICT SWIMMING CLUB (A company limited by guarantee) REGISTERED NUMBER: 10525194
BALANCE SHEET AS AT 30 SEPTEMBER 2020
| Note Fixed assets Tangible assets 12 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 15 Unrestricted funds 15 Total funds |
14,254 147,577 161,831 (45,362) |
2020 £ 2,218 2,218 116,469 118,687 118,687 2,213 116,474 118,687 |
140,072 134,167 274,239 (111,563) |
2019 £ 5,504 |
|---|---|---|---|---|
| 5,504 162,676 |
||||
| 168,180 | ||||
| 168,180 | ||||
| 5,899 162,281 |
||||
| 168,180 |
Page 11
WYCOMBE DISTRICT SWIMMING CLUB
(A company limited by guarantee) REGISTERED NUMBER: 10525194
BALANCE SHEET (CONTINUED) AS AT 30 SEPTEMBER 2020
The company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on 19/5/21 and signed on their behalf by:
J Reed Chairman
The notes on pages 14 to 27 form part of these financial statements.
Page 12
WYCOMBE DISTRICT SWIMMING CLUB
(A company limited by guarantee)
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2020
| Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Proceeds from the sale of tangible fixed assets Net cash provided by/(used in) investing activities Cash flows from financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 14 to 27 form part of these financial statements |
2020 £ 13,410 - - 13,410 134,167 147,577 |
2019 £ (43,727) (4,400) (4,400) (48,127) 182,294 134,167 |
|---|---|---|
Page 13
WYCOMBE DISTRICT SWIMMING CLUB (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
1. General information
The company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Wycombe District Swimming Club meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
The Trustees assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the trust to continue as a going concern. The Trustees make this assessment in respect of a period of one year from the date of approval of the financial statements, having considered the impact of COVID-19 on the operations, activities and finances of the Club, and based on information and Government policies to date of signing. Further details are provided in the Trustees’ Report.
2.3 Income
All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Page 14
WYCOMBE DISTRICT SWIMMING CLUB (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
2. Accounting policies (continued)
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive 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 activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the bank.
2.6 Tangible fixed assets and depreciation
Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Fixtures and fittings - 33% on cost
2.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 15
WYCOMBE DISTRICT SWIMMING CLUB (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
2. Accounting policies (continued)
2.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.10 Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.11 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
3. Income from charitable activities
| Unrestricted | Restricted | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2020 | 2020 | 2020 | |
| £ | £ | £ | |
| Swimming club | 452,715 | 39,356 | 492,071 |
Page 16
WYCOMBE DISTRICT SWIMMING CLUB (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
3. Income from charitable activities (continued)
| Swimming club Analysis of income from charitable activities ASA membership fees External gala entry Training fees Open meet income Event income Membership fees Other income Grant income |
Unrestricted funds 2019 £ 553,905 |
Restricted funds 2019 £ 43,733 2020 £ 15,028 24,328 245,100 92,205 75,998 24,974 4,438 10,000 492,071 |
Total funds 2019 £ 597,638 |
|---|---|---|---|
| 2019 £ 20,540 23,193 338,082 150,330 452 25,607 29,434 10,000 597,638 |
4. Analysis of income from charitable activities
ASA membership fees and External gala entry income relate to restricted funds in the current and prior year.
5. Income from other trading activities
Income from fundraising events
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2020 | 2020 | |
| £ | £ | |
| Sponsorship income | 2,925 | 2,925 |
Page 17
WYCOMBE DISTRICT SWIMMING CLUB
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
5. Income from other trading activities (continued) Income from fundraising events (continued)
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2019 | 2019 | |
| £ | £ | |
| Sponsorship income | 7,534 | 7,534 |
6. Investment income
| Unrestricted funds 2020 £ Interest receivable 125 Unrestricted funds 2019 £ Interest receivable 53 |
Total funds 2020 £ 125 |
|---|---|
| Total funds 2019 £ 53 |
7. Analysis of expenditure on charitable activities Summary by fund type
| Unrestricted | Restricted | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2020 | 2020 | 2020 | |
| £ | £ | £ | |
| Swimming club | 497,613 | 47,001 | 544,614 |
Page 18
WYCOMBE DISTRICT SWIMMING CLUB
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
7. Analysis of expenditure on charitable activities (continued) Summary by fund type (continued)
| Unrestricted | Restricted | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2019 | 2019 | 2019 | |
| £ | £ | £ | |
| Swimming club | 556,069 | 48,483 | 604,552 |
8. Analysis of expenditure by activities
| Support | Total | ||
|---|---|---|---|
| Direct costs | costs | funds | |
| 2020 | 2020 | 2020 | |
| £ | £ | £ | |
| Swimming club | 480,314 | 64,300 | 544,614 |
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WYCOMBE DISTRICT SWIMMING CLUB (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
8. Analysis of expenditure by activities (continued)
| Swimming club Analysis of direct costs Depreciation ASA membership fees Gala entry fees Pool hire Coaching Equipment Open meet Event travel Other travel and regional costs Other costs Lifeguard costs |
Activities undertaken directly 2019 £ 528,753 |
Support costs 2019 £ 75,799 Total funds 2020 £ 3,286 24,886 22,115 120,167 192,513 3,730 138 93,680 7,886 9,580 2,333 480,314 |
Total funds 2019 £ 604,552 |
|---|---|---|---|
| Total funds 2019 £ 2,826 18,937 29,546 179,226 242,273 2,890 - 21,034 9,033 22,988 - 528,753 |
Page 20
WYCOMBE DISTRICT SWIMMING CLUB
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
8. Analysis of expenditure by activities (continued)
Analysis of support costs
| Radio hire Printing and stationery Telephone and internet Insurance Security Advertising and marketing Administration Catering Travel expenses Bank charges Governance 9. Governance costs Accountancy costs Legal and professional fees 10. Net income/(expenditure) Depreciation on tangible fixed assets: - Owned by the charity Independent Examiner's fee Independent Examiner's fee for other services |
Total funds 2020 £ - 10,720 1,453 72 744 239 35,808 8,669 2,250 125 4,220 64,300 2020 £ 4,220 - 4,220 2020 £ 3,286 3,600 - |
Total funds 2019 £ 2,160 10,508 1,066 454 2,173 419 37,042 10,859 6,633 245 4,240 75,799 |
|---|---|---|
| 2019 £ 4,040 200 4,240 |
||
| 2019 £ 2,826 2,760 360 |
Page 21
WYCOMBE DISTRICT SWIMMING CLUB
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
11. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2019 - £NIL) .
During the year ended 30 September 2020, no Trustee expenses have been incurred (2019 - £NIL) .
12. Tangible fixed assets
| Cost or valuation At 1 October 2019 At 30 September 2020 Depreciation At 1 October 2019 Charge for the year At 30 September 2020 Net book value At 30 September 2020 At 30 September 2019 |
Fixtures and fittings £ 11,101 |
|---|---|
| 11,101 | |
| 5,597 3,286 |
|
| 8,883 | |
| 2,218 | |
| 5,504 |
13. Debtors
| Due within one year Trade debtors Prepayments and accrued income |
2020 £ 8,705 5,549 14,254 |
2019 £ 38,764 101,308 |
|---|---|---|
| 140,072 |
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WYCOMBE DISTRICT SWIMMING CLUB
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
14. Creditors: Amounts falling due within one year
| Accruals and deferred income Deferred income at 1 October 2019 Resources deferred during the year Amounts released from previous periods |
2020 £ 45,362 2020 £ 56,433 40,462 (56,433) 40,462 |
2019 £ 111,563 2019 £ - 89,673 (33,240) 56,433 |
|---|---|---|
Deferred income represents income received in advance for events taking place in future years and membership income received in advance.
Page 23
(A company limited by guarantee)
WYCOMBE DISTRICT SWIMMING CLUB
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
15. Statement of funds
Statement of funds - current year
| Unrestricted funds Designated funds Bursary and contingencies fund General funds General Funds - all funds Total Unrestricted funds Restricted funds ASA membership External gala events Total of funds |
Balance at 1 October 2019 £ 7,340 154,941 162,281 5,899 - 5,899 168,180 |
Income £ - 455,765 455,765 15,028 24,328 39,356 495,121 |
Expenditure £ (1,622) (495,991) (497,613) (24,886) (22,115) (47,001) (544,614) |
Transfers in/out £ (5,718) 1,759 (3,959) 3,959 - 3,959 - |
Balance at 30 September 2020 £ - |
|---|---|---|---|---|---|
| 116,474 | |||||
| 116,474 | |||||
| - 2,213 2,213 |
|||||
| 118,687 |
Page 24
WYCOMBE DISTRICT SWIMMING CLUB
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
15. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds Designated funds Bursary and contingencies fund General funds General Funds - all funds Total Unrestricted funds Restricted funds ASA membership External gala events Total restricted funds Total of funds |
Balance at 1 October 2018 £ 7,340 154,884 162,224 4,296 987 5,283 167,507 |
Income £ - 561,492 561,492 20,540 23,193 43,733 605,225 |
Expenditure £ - (556,069) (556,069) (18,937) (29,546) (48,483) (604,552) |
Transfers in/out £ - (5,366) (5,366) - 5,366 5,366 - |
Balance at 30 September 2019 £ 7,340 |
|---|---|---|---|---|---|
| 154,941 | |||||
| 162,281 | |||||
| 5,899 - 5,899 |
|||||
| 168,180 |
Page 25
WYCOMBE DISTRICT SWIMMING CLUB
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
16. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Unrestricted funds 2020 £ Tangible fixed assets 2,218 Current assets 159,618 Creditors due within one year (45,362) Total 116,474 Analysis of net assets between funds - prior period Unrestricted funds 2019 £ Tangible fixed assets 5,504 Current assets 268,340 Creditors due within one year (111,563) Total 162,281 |
Restricted funds 2020 £ - 2,213 - 2,213 Restricted funds 2019 £ - 5,899 - 5,899 |
Total funds 2020 £ 2,218 161,831 (45,362) 118,687 Total funds 2019 £ 5,504 274,239 (111,563) 168,180 |
|---|---|---|
17. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income/expenditure for the period (as per Statement of Financial Activities) Adjustments for: Depreciation charges Decrease/(increase) in debtors Increase/(decrease) in creditors Net cash provided by/(used in) operating activities |
2020 £ (49,493) 3,286 125,818 (66,201) 13,410 |
2019 £ 673 2,826 (100,032) 52,806 (43,727) |
|---|---|---|
Page 26
WYCOMBE DISTRICT SWIMMING CLUB
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
18. Analysis of cash and cash equivalents
| Cash in hand Total cash and cash equivalents |
2020 £ 147,577 147,577 |
2019 £ 134,167 |
|---|---|---|
| 134,167 |
19. Analysis of changes in net debt
| Cash at bank and in hand | At 1 October 2019 £ 134,167 134,167 |
Cash flows £ 13,410 13,410 |
At 30 September 2020 £ 147,577 147,577 |
|---|---|---|---|
20. Related party transactions
There were no related party transactions during the year (2019: £nil).
Page 27