REGISTERED CHARITY NUMBER: 1175684
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021
FOR
CITY OF COVENTRY SWIMMING CLUB
Harrison Beale & Owen Limited Chartered Accountants Seven Stars House 1 Wheler Road Coventry CV3 4LB
CITY OF COVENTRY SWIMMING CLUB
CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 30 September 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 11 |
| Detailed Statement of Financial Activities | 12 | to | 13 |
CITY OF COVENTRY SWIMMING CLUB
REPORT OF THE TRUSTEES for the year ended 30 September 2021
The trustees present their report with the financial statements of the charity for the year ended 30 September 2021. 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
The objective of the charity is the promotion of community participation in healthy recreation, primarily but not exclusively, for the benefit of the inhabitants living in Coventry and the surrounding area by the provision of facilities for swimming, water polo and Para swimming.
Significant activities
Training scheme - Provision of a competitive swim training scheme for children and adults focussing on improving swimming ability and competing at local, county, regional and national level competitions.
Home meets - Provision of gala competitions at the home pool, staffed and organised by the charity.
Away meets - Attendance at gala competitions provided by other competitive clubs or organisations.
Swim camps - Provision of intense swimming sessions, focussing on stroke technique, by qualified coaches.
Waterpolo - Waterpolo provision for adults and youths, including competition at national level.
Pathways - Pathways to competitive swimming is a transition programme for children who have finished the learn to swim programme but are not quite ready for the competitive squads.
Course tutoring - Professional services delivered to governing bodies to provide tutoring for future teachers and coaches.
Education and training - Provision of training and education to volunteers and employees to enable the charity to continue to provide the services on offer.
Learn to swim - Provision of swimming lessons with our trusted partners.
Public benefit
The trustees have considered the Charity Commission's guidance on public benefit.
Volunteers
The charity benefits from significant voluntarily donated time. Volunteers help with the administration of the charity and give their time to support activities.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The Charity has continued in challenging conditions over the last 12 months. With the COVID-19 pandemic causing further lockdowns and impacting our revenue generating activities such as Open Meets, Swim Camps etc. However things have begun to return to more normal circumstances and we were finally able to host our first open meet in the new pool in September 2021. As we look ahead to the next 12 months we are confident that the club will be able to operate a full programme of activities and continue with our growth plans.
FINANCIAL REVIEW
Financial position
The charity has a healthy balance sheet at the end of the accounting period. Despite the lockdown costs have been closely managed and members continued to support and contribute towards the club through lockdown. The future is still challenging and the reserves are needed to ensure the club can continue to operate whilst increasing the turnover in the next 2-3 years. Since closing out the accounts, the club has accepted a final offer of £15,770 from their insurers in relation to a claim for COVID-19 losses impact due to the financial impact of the numerous lockdowns. This will be shown the financial statements for next year.
Page 1
CITY OF COVENTRY SWIMMING CLUB
REPORT OF THE TRUSTEES for the year ended 30 September 2021
FINANCIAL REVIEW
Reserves policy
It is the policy of the trustees to maintain unrestricted funds at a level where they can provide at least six months' expenditure. At the balance sheet date, the funds were sufficient to meet this objective.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a constitution dated 17 November 2018, and constitutes a Charitable Incorporated Organisation ("CIO").
Recruitment and appointment of new trustees
Nominations for election of charity trustees shall be made in writing by the proposer and seconder to the secretary not later than 14 days before the annual general meeting.
The charity trustees will make available to each new charity trustee, on or before his or her first appointment: A copy of the constitution, and any amendments made to it, and a copy of the latest annual report and financial statements.
Organisational structure
The overall day to day management of the charity is carried out by the trustees who are also responsible for significant decisions of a long term operational nature.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1175684
Principal address
The Alan Higgs Centre Allard Way Coventry CV3 1HW
Trustees
Miss H Ward Mrs R Jelley C Sherwood S Sinclair W Offer (appointed 1.11.2020)
Independent Examiner
Harrison Beale & Owen Limited Chartered Accountants Seven Stars House 1 Wheler Road Coventry CV3 4LB
CIO Company number
CE011687
Registered office
The Alan Higgs Centre Allard Way Coventry CV3 1HW
Page 2
CITY OF COVENTRY SWIMMING CLUB
REPORT OF THE TRUSTEES
for the year ended 30 September 2021
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees 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).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on 12 July 2022 and signed on its behalf by:
Miss H Ward - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CITY OF COVENTRY SWIMMING CLUB
Independent examiner's report to the trustees of City of Coventry Swimming Club
I report to the charity trustees on my examination of the accounts of City of Coventry Swimming Club (the Trust) for the year ended 30 September 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of ICAEW which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Gregg Olner MPhil BA(Hons) ICAEW Harrison Beale & Owen Limited Seven Stars House 1 Wheler Road Coventry CV3 4LB
12 July 2022
Page 4
CITY OF COVENTRY SWIMMING CLUB
STATEMENT OF FINANCIAL ACTIVITIES for the year ended 30 September 2021
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 25,920 Charitable activities 4 Training scheme 160,521 Home meets 11,015 Away meets 1,424 Swim camp - Waterpolo 11,563 Pathways - Course tutoring 5,050 Other activities 28,277 Learn to swim 9,948 Other trading activities 2 18,589 Investment income 3 21 Total 272,328 EXPENDITURE ON Charitable activities Training scheme 243,895 Home meets 7,475 Away meets 2,027 Waterpolo 10,839 Pathways - Course tutoring 346 Education and training 4,354 Other activities 12,817 Learn to swim - Other - Total 281,753 NET INCOME/(EXPENDITURE) (9,425) RECONCILIATION OF FUNDS Total funds brought forward 275,189 TOTAL FUNDS CARRIED FORWARD 265,764 |
Restricted fund £ - - - - - - - - - - - - - - - - - - - - - - - - - 3,081 3,081 |
2021 Total funds £ 25,920 160,521 11,015 1,424 - 11,563 - 5,050 28,277 9,948 18,589 21 272,328 243,895 7,475 2,027 10,839 - 346 4,354 12,817 - - 281,753 (9,425) 278,270 268,845 |
2020 Total funds £ 8,500 203,539 21,400 2,839 720 11,093 2,720 6,026 - 11,627 23,155 434 292,053 223,328 10,418 6,463 (2,495) 1,807 635 714 10,466 6,147 2,000 259,483 32,570 245,700 278,270 |
|---|---|---|---|
The notes form part of these financial statements
Page 5
CITY OF COVENTRY SWIMMING CLUB
BALANCE SHEET 30 September 2021
| Unrestricted fund Notes £ FIXED ASSETS Tangible assets 8 3,667 CURRENT ASSETS Debtors 9 - Cash at bank 275,402 275,402 CREDITORS Amounts falling due within one year 10 (13,305) NET CURRENT ASSETS 262,097 TOTAL ASSETS LESS CURRENT LIABILITIES 265,764 NET ASSETS 265,764 FUNDS 11 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted fund £ - - 3,081 3,081 - 3,081 3,081 3,081 |
2021 Total funds £ 3,667 - 278,483 278,483 (13,305) 265,178 268,845 268,845 265,764 3,081 268,845 |
2020 Total funds £ 5,667 21,082 271,778 292,860 (20,257) 272,603 278,270 278,270 275,189 3,081 278,270 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 12 July 2022 and were signed on its behalf by:
H Ward - Trustee
The notes form part of these financial statements
Page 6
CITY OF COVENTRY SWIMMING CLUB
NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, 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 Charities Act 2011. The financial statements have been prepared under the historical cost convention.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the Charities SORP (FRS 102) rather than the Charities SORP 2005, which has since been withdrawn.
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.
Government grants that do not impose future performance-related conditions are recognised in income when the received or receivable.
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.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - Straight line over 5 years
The charity has a policy of only capitalising assets with a value of £1,000 or more.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
continued...
Page 7
CITY OF COVENTRY SWIMMING CLUB
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 September 2021
2. OTHER TRADING ACTIVITIES
3.
| OTHER TRADING ACTIVITIES | ||
|---|---|---|
| Fundraising events Shop income Timing system Club fees INVESTMENT INCOME Deposit account interest |
2021 £ 1,189 539 - 16,861 18,589 2021 £ 21 |
2020 £ 3,858 1,507 1,400 16,390 |
| 23,155 | ||
| 2020 £ 434 |
4. CHARITABLE ACTIVITIES
Government Grants
The charity has received Job Retention Scheme payments from HMRC totalling £28,077 (2020: £25,333) in the year. This is recorded within income from Charitable Activities to match the related expenditure, which is allocated against Charitable Activities also.
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 September 2021 nor for the year ended 30 September 2020.
Trustees' expenses
Expenses totalling £3,694.29 (2020: £2,953) have been paid to one trustee (2020: one trustee) in the year. The nature of these expenses was to repay the trustee for computer and general admin costs incurred in furtherance of the charitable activities.
6. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 2021 | 2020 | |
|---|---|---|
| Staff | 16 | 14 |
No employees received emoluments in excess of £60,000.
continued...
Page 8
CITY OF COVENTRY SWIMMING CLUB
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 September 2021
7. INDEPENDENT EXAMINERS REMUNERATION
The independent examiners remuneration amounts to an independent examination fee of £1,320 (2020: £1,400) and other services of £nil.
8. TANGIBLE FIXED ASSETS
| COST At 1 October 2020 and 30 September 2021 DEPRECIATION At 1 October 2020 Charge for year At 30 September 2021 NET BOOK VALUE At 30 September 2021 At 30 September 2020 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments and accrued income 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accruals and deferred income 11. MOVEMENT IN FUNDS At 1.10.20 £ Unrestricted funds General fund 275,189 Restricted funds Cash for Kids 3,081 TOTAL FUNDS 278,270 |
2021 £ - 2021 £ 13,305 Net movement in funds £ (9,425) - (9,425) |
Computer equipment £ 10,000 4,333 2,000 6,333 3,667 5,667 2020 £ 21,082 2020 £ 20,257 At 30.9.21 £ 265,764 3,081 268,845 |
|---|---|---|
continued...
Page 9
CITY OF COVENTRY SWIMMING CLUB
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 September 2021
11. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 272,328 TOTAL FUNDS 272,328 Comparatives for movement in funds At 1.10.19 £ Unrestricted funds General fund 245,700 Restricted funds Cash for Kids - TOTAL FUNDS 245,700 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 288,972 Restricted funds Cash for Kids 3,081 TOTAL FUNDS 292,053 |
Resources Movement expended in funds £ £ (281,753) (9,425) (281,753) (9,425) Net movement At in funds 30.9.20 £ £ 29,489 275,189 3,081 3,081 32,570 278,270 Resources Movement expended in funds £ £ (259,483) 29,489 - 3,081 (259,483) 32,570 |
|---|---|
Restricted funds
Cash for Kids is a fund to be used for under privileged members of the Club, or for disability swimming.
continued...
Page 10
CITY OF COVENTRY SWIMMING CLUB
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 September 2021
12. EMPLOYEE BENEFIT OBLIGATIONS
The charity operates a defined contribution pension plan for its employees. The amount recognised in the SOFA as an expense in the period was £2,665 (2020: £2,876).
The defined contribution liability is allocated to unrestricted funds and amounts to £nil (2020: £nil) at the period end.
13. RELATED PARTY DISCLOSURES
Included in donations received is £8,200 (2020: £7,500) from Coventry Swim School Ltd, a company limited by guarantee, that is under common control with the charity.
During the year, the charity recharged expenses to the company, at cost, totalling £6,092 (2020: £316), and has charged, at arm's length, £1,050 (2020: £5,050) for use of their leased pool.
14. OPERATING LEASES
The charity is committed to hiring a minimum amount of pool time each week, at a current cost of £37,180 per annum. There are six years remaining on the lease agreement.
Page 11
CITY OF COVENTRY SWIMMING CLUB
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 30 September 2021
| INCOME AND ENDOWMENTS Donations and legacies Donations Grants Other trading activities Fundraising events Shop income Timing system Club fees Investment income Deposit account interest Charitable activities Training fees Meet entries Development galas Swim camp Grants Total incoming resources EXPENDITURE Charitable activities Staffing Pool hire Meet expenses Other costs directly attributable to activities Paypal fees Support costs Management Insurance Telephone and general admin Finance GoCardless and bank fees |
2021 £ 18,700 7,220 25,920 1,189 539 - 16,861 18,589 21 187,082 12,439 - - 28,277 227,798 272,328 146,166 97,175 8,535 17,250 967 270,093 (1,473) 5,046 3,573 3,275 |
2020 £ 8,500 - |
|---|---|---|
| 8,500 3,858 1,507 1,400 16,390 |
||
| 23,155 434 209,672 24,029 210 720 25,333 |
||
| 259,964 | ||
| 292,053 160,140 69,394 16,219 953 662 |
||
| 247,368 958 3,439 |
||
| 4,397 3,107 |
This page does not form part of the statutory financial statements
Page 12
CITY OF COVENTRY SWIMMING CLUB
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 30 September 2021
| DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 30 September 2021 |
||
|---|---|---|
| Finance Other Capital expenditure Depreciation Governance costs Accountancy and legal fees Total resources expended Net (expenditure)/income |
2021 £ 1,492 2,000 3,492 1,320 281,753 (9,425) |
2020 £ 1,211 2,000 |
| 3,211 1,400 |
||
| 259,483 | ||
| 32,570 |
This page does not form part of the statutory financial statements
Page 13