REGISTERED CHARITY NUMBER: 1175684
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
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 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Statement of Trustees' Responsibilities | 4 | ||
| Independent Examiner's Report | 5 | ||
| Statement of Financial Activities | 6 | ||
| Balance Sheet | 7 | ||
| Notes to the Financial Statements | 8 | to | 12 |
| Detailed Statement of Financial Activities | 13 | to | 14 |
CITY OF COVENTRY SWIMMING CLUB
REPORT OF THE TRUSTEES for the year ended 30 September 2023
The trustees present their report with the financial statements of the charity for the year ended 30 September 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
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 previous 12 months have been a big year for the club with a complete overhaul of the squad structure for the swimming side of the club, a new head of performance coach and 3 new Trustees. The organisation has coped well with all of the changes and has gone from strength to strength. We continue to expand our offering to serve all members of the club. As we continue to develop the focus will be on maintaining the quality of services offered whilst growing at the foundation levels of the club and whilst continuing to work on improvements in the performance of club swimmers on the national and international stage.
FINANCIAL REVIEW
Financial position
The charity continues to have a healthy balance sheet at the end of the accounting period. As reported last year the club has continued to invest in growth with an increase in the employed staff to improve the quality and offering of services available to our members. Home meets, swim camps and the Swim School continue to perform well to enable this investment and plan for the growth, whilst in deficit this year, the deficit was lower than planned and the future plans give confidence that the investments made will return the club to breakeven within the planned timeframe.
Page 1
CITY OF COVENTRY SWIMMING CLUB
REPORT OF THE TRUSTEES for the year ended 30 September 2023
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 (resigned 9.9.2023) C Sherwood (resigned 17.11.2022) S Sinclair (resigned 17.11.2022) W Offer N Sellwood (appointed 17.11.2022) L Whitbread (appointed 17.11.2022) Mrs L Chamberlain (appointed 23.11.2023)
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
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CITY OF COVENTRY SWIMMING CLUB
REPORT OF THE TRUSTEES for the year ended 30 September 2023
Approved by order of the board of trustees on 1 December 2023 and signed on its behalf by:
Miss H Ward - Trustee
Page 3
CITY OF COVENTRY SWIMMING CLUB
STATEMENT OF TRUSTEES' RESPONSIBILITIES for the year ended 30 September 2023
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
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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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.
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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 2023.
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 member of the Institute of Chartered Accountants in England and Wales, 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:
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accounting records were not kept in respect of the Trust as required by Section 130 of the 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 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) The Institute of Chartered Accountants in England and Wales
Harrison Beale & Owen Limited Seven Stars House 1 Wheler Road Coventry CV3 4LB
1 December 2023
Page 5
CITY OF COVENTRY SWIMMING CLUB
STATEMENT OF FINANCIAL ACTIVITIES for the year ended 30 September 2023
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 51,000 Charitable activities Training scheme 250,028 Home meets 77,066 Away meets - Swim camp 21,946 Waterpolo 24,041 Course tutoring 4,487 Other activities 2,163 Learn to swim - Other trading activities 2 48,874 Investment income 3 1,656 Total 481,261 EXPENDITURE ON Charitable activities Training scheme 354,245 Home meets 37,428 Away meets 9,561 Swim camp 5,800 Waterpolo 22,904 Course tutoring 94 Education and training 8,741 Other activities 45,066 Learn to swim - Total 483,839 NET INCOME/(EXPENDITURE) (2,578) Transfers between funds 10 3,081 Net movement in funds 503 RECONCILIATION OF FUNDS Total funds brought forward 296,332 TOTAL FUNDS CARRIED FORWARD 296,835 |
Restricted funds £ 6,677 - - - - - - - - - - 6,677 - - - - - - 1,677 5,000 - 6,677 - (3,081) (3,081) 3,081 - |
2023 Total funds £ 57,677 250,028 77,066 - 21,946 24,041 4,487 2,163 - 48,874 1,656 487,938 354,245 37,428 9,561 5,800 22,904 94 10,418 50,066 - 490,516 (2,578) - (2,578) 299,413 296,835 |
2022 Total funds £ 22,550 236,588 85,887 4,742 13,435 20,508 2,845 13,270 5,000 32,469 91 |
|---|---|---|---|
| 437,385 | |||
| 311,137 38,132 5,752 5,500 21,339 242 3,888 20,775 52 |
|||
| 406,817 | |||
| 30,568 - |
|||
| 30,568 268,845 |
|||
| 299,413 |
The notes form part of these financial statements
Page 6
CITY OF COVENTRY SWIMMING CLUB
BALANCE SHEET 30 September 2023
| Unrestricted fund Notes £ FIXED ASSETS Tangible assets 7 - CURRENT ASSETS Debtors 8 40,406 Cash at bank 334,526 374,932 CREDITORS Amounts falling due within one year 9 (78,097) NET CURRENT ASSETS 296,835 TOTAL ASSETS LESS CURRENT LIABILITIES 296,835 NET ASSETS 296,835 FUNDS 10 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted funds £ - - - - - - - - |
2023 Total funds £ - 40,406 334,526 374,932 (78,097) 296,835 296,835 296,835 296,835 - 296,835 |
2022 Total funds £ 1,667 - 310,634 310,634 (12,888) 297,746 299,413 299,413 296,332 3,081 299,413 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 1 December 2023 and were signed on its behalf by:
H Ward - Trustee
The notes form part of these financial statements
Page 7
CITY OF COVENTRY SWIMMING CLUB
NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2023
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...
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CITY OF COVENTRY SWIMMING CLUB
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 September 2023
2. OTHER TRADING ACTIVITIES
| Fundraising events Shop income Timing system Competition fees Club fees INVESTMENT INCOME Deposit account interest |
2023 £ 4,159 10,342 5,435 10,212 18,726 48,874 2023 £ 1,656 |
2022 £ 3,823 2,677 5,220 - 20,749 |
|---|---|---|
| 32,469 | ||
| 2022 £ 91 |
3. INVESTMENT INCOME
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 September 2023 nor for the year ended 30 September 2022.
Trustees' expenses
Expenses totalling £503 (2022: £3,637) have been paid to two trustees (2022: three trustee) in the year. The nature of these expenses was to repay the trustee for general admin costs incurred in furtherance of the charitable activities.
5. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 2023 | 2022 | |
|---|---|---|
| Coaching and admin staff | 18 | 14 |
No employees received emoluments in excess of £60,000.
6. INDEPENDENT EXAMINERS REMUNERATION
The independent examiners remuneration amounts to an independent examination fee of £1,638 (2022: £1,860) and other services of £nil (2022: £nil).
continued...
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CITY OF COVENTRY SWIMMING CLUB
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 September 2023
7. TANGIBLE FIXED ASSETS
| COST At 1 October 2022 and 30 September 2023 DEPRECIATION At 1 October 2022 Charge for year At 30 September 2023 NET BOOK VALUE At 30 September 2023 At 30 September 2022 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors Accrued expenses 10. MOVEMENT IN FUNDS Net At movement 1.10.22 in funds £ £ Unrestricted funds General fund 296,332 (2,578) Restricted funds Cash for Kids 3,081 - TOTAL FUNDS 299,413 (2,578) |
2023 £ 23,170 17,236 40,406 2023 £ 15,301 62,796 78,097 Transfers between funds £ 3,081 (3,081) - |
Computer equipment £ 10,000 8,333 1,667 10,000 - 1,667 2022 £ - - - 2022 £ - 12,888 12,888 At 30.9.23 £ 296,835 - 296,835 |
|---|---|---|
continued...
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CITY OF COVENTRY SWIMMING CLUB
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 September 2023
10. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Equipment Training bursaries TOTAL FUNDS |
Incoming resources £ 481,261 5,000 1,677 6,677 487,938 |
Resources Movement expended in funds £ £ (483,839) (2,578) (5,000) - (1,677) - (6,677) - (490,516) (2,578) |
|---|---|---|
Comparatives for movement in funds
| At 1.10.21 £ Unrestricted funds General fund 265,764 Restricted funds Cash for Kids 3,081 TOTAL FUNDS 268,845 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 437,385 TOTAL FUNDS 437,385 |
Net movement At in funds 30.9.22 £ £ 30,568 296,332 - 3,081 30,568 299,413 Resources Movement expended in funds £ £ (406,817) 30,568 (406,817) 30,568 |
|---|---|
Restricted funds
Cash for Kids is a fund to be used for under privileged members of the Club, or for disability swimming. The transfer with the general fund represents the fees that were subsidised during the year.
continued...
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CITY OF COVENTRY SWIMMING CLUB
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 September 2023
11. 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 £3,692 (2022: £2,589)
The defined contribution liability is allocated to unrestricted funds and amounts to £nil (2022: £478) at the period end.
12. RELATED PARTY DISCLOSURES
Included in donations received is £50,000 (2022: £20,000) 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 and pool hire to the company, totalling £78,569. Included on the balance sheet at the year end was a debtor due from the related party of £23,034.
13. OPERATING LEASES
The charity has two material operating lease commitments.
It is committed to hiring a minimum amount of pool time each week at one pool, at a current cost of £50,050 per annum. There are four years remaining on this lease agreement.
The charity is also committed to an annual lease of £132,000 at another pool, but with the option to cancel with 12 months' notice (and no further penalty than the 12 months' lease payments).
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CITY OF COVENTRY SWIMMING CLUB
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 30 September 2023
| INCOME AND ENDOWMENTS Donations and legacies Donations Grants Other trading activities Fundraising events Shop income Timing system Competition fees Club fees Investment income Deposit account interest Charitable activities Training fees Meet entries Development galas Swim camp Other income Total incoming resources EXPENDITURE Charitable activities Staffing Pool hire Meet expenses Other costs directly attributable to activities Camp expenses Paypal fees Support costs Management Insurance Telephone and general admin |
2023 £ 50,500 7,177 57,677 4,159 10,342 5,435 10,212 18,726 48,874 1,656 278,556 77,066 - 21,946 2,163 379,731 487,938 176,203 161,814 46,989 63,162 5,800 860 454,828 1,862 25,020 26,882 |
2022 £ 20,000 2,550 |
|---|---|---|
| 22,550 3,823 2,677 5,220 - 20,749 |
||
| 32,469 91 264,819 90,629 122 13,435 13,270 |
||
| 382,275 | ||
| 437,385 152,844 158,293 42,465 28,648 5,500 1,419 |
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| 389,169 617 9,375 |
||
| 9,992 |
This page does not form part of the statutory financial statements
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CITY OF COVENTRY SWIMMING CLUB
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 30 September 2023
| DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 30 September 2023 |
||
|---|---|---|
| Management Finance GoCardless and bank fees Other Depreciation Governance costs Accountancy and legal fees Total resources expended Net (expenditure)/income |
2023 £ 5,501 1,667 1,638 490,516 (2,578) |
2022 £ 3,796 2,000 1,860 |
| 406,817 | ||
| 30,568 |
This page does not form part of the statutory financial statements
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