**REGISTERED CHARITY NUMBER: 1175684**
## **REPORT OF THE TRUSTEES AND**
**UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024**
## **FOR**
## **CITY OF COVENTRY SWIMMING CLUB**
HB&O Ltd 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 2024**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|5|
|**Independent Examiner's Report**||6||
|**Statement of Financial Activities**||7||
|**Balance Sheet**||8||
|**Cash Flow Statement**||9||
|**Notes to the Cash Flow Statement**||10||
|**Notes to the Financial Statements**|11|to|16|
|**Detailed Statement of Financial Activities**|17|to|18|
**CITY OF COVENTRY SWIMMING CLUB**
## **REPORT OF THE TRUSTEES for the year ended 30 September 2024**
The trustees present their report with the financial statements of the charity for the year ended 30 September 2024. 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 principal objects of the CIO are:
1. To foster community involvement in competitive aquatic sport across Coventry and neighbouring areas by delivering high-calibre programmes that support all levels of ability. From developing advanced swimming skills to participation in competitive swimming, water polo and synchronised swimming, our focus is on nurturing talent and progression in an accessible and cost-effective way
2. To safeguard human life by educating individuals in swimming, water safety, and aquatic survival skill.
3. To support the growth of young individuals from diverse backgrounds and skill levels by engaging them in athletic and competitive pursuits, fostering both personal achievement and collaboration, and shaping well-rounded contributors to society
## **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**
All of our 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 CIO Commission's public benefit guidance.
## **Volunteers**
Volunteers play a vital role within the charity, contributing both at poolside and behind the scenes across a wide range of responsibilities. From team management and event coordination to committee work and safeguarding, their involvement is essential. Their dedication helps keep operational costs considerably lower than they would otherwise be
## **ACHIEVEMENTS 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.
Page 1
**CITY OF COVENTRY SWIMMING CLUB**
## **REPORT OF THE TRUSTEES for the year ended 30 September 2024**
## **ACHIEVEMENTS AND PERFORMANCE**
## **Fundraising activities**
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.
## **Chairman's report on Achievements and Performance**
The past year has been one of change, challenge, and progress for our club. As always, it has been a busy time for our Officers and Trustees, navigating transitions with new faces joining us and others moving on. While farewells are never easy, these changes have allowed us to reflect, reassess, and refine our vision to ensure the club's continued growth and success.
We started the year by thoroughly reviewing every aspect of the club's operations. Our goal has been to deliver an even better experience for members, from swimmers and water polo players to volunteers and supporters. This review led to a significant restructuring, including the introduction of two new key leadership roles, Head of Aquatics and Head of Operations
This split enables the Aquatics team to focus on developing performance, while the operational team ensures professional communications, improved processes, and better support for coaches, volunteers, and Swim School staff.
Our team has been strengthened by the arrival of two new coaches and the creation of Assistant Head of Aquatics role. This new role is to allow the Head of Aquatics to mentor the team, upskill staff, and oversee all areas of the club, including water polo.
We are fortunate to have the continued support of a loyal membership, and membership numbers are steady with 704 members as of 30 September 2024. This reflects commitment and excellence of all our professional coaching team supported by our numerous volunteers as well as the fantastic facilities available to us.
## **FINANCIAL REVIEW**
## **Financial position**
Income for the year ended 30 September 2024 totalled £529,497, an increase from £487,938 in 2023. Membership numbers saw a slight decline, falling from 763 in September 2023 to 703 by the end of the reporting period.
The Club's principal operating expenses remain pool hire and staffing costs for coaching personnel. During the year, pool hire amounted to £181,772 (2023: £161,814), while staffing costs totalled £226,383 (2023: £176,203). Both figures were in line with budgeted expectations.
Overall expenditure for the year reached £547,692 (2023: £490,516), resulting in a deficit of £18,195 (2023: £2,578). The cash balance at year-end stood at £293,216, down from £334,526 in the previous year.
Annual budgets are approved by the Trustee Board, with financial performance monitored quarterly through the production of management accounts and cash-flow forecasts.
The Club continues to conduct regular reviews of its financial controls to safeguard the assets of the charity. System processes, including payment methods, are assessed and updated as needed. Following a review of cashflow projections, the Executive Committee remains confident in the Club's ability to operate as a going concern.
## **Reserves policy**
The reserves policy is reviewed annually by the trustees. The reserves currently retained to secure the future long-term liabilities are set at £200,000. This represents 6 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 £278,640 (2023: £296,835) of which £10,000 related to restricted funds (2023: £nil), exceeding the reserve level. This surplus provides additional flexibility to support planned investments and future growth while maintaining financial resilience.
The reserves policy will be reviewed annually by the Trustee Board as part of the budgeting process. Any significant changes in operating costs or strategic direction will prompt a reassessment of the target reserve level.
Page 2
**CITY OF COVENTRY SWIMMING CLUB**
## **REPORT OF THE TRUSTEES for the year ended 30 September 2024**
## **FINANCIAL REVIEW**
## **Going concern**
Following appropriate enquiries, the trustees are satisfied that the charity has sufficient resources to maintain its operations for the foreseeable future. Accordingly, they have prepared the financial statements on a going concern basis.
## **FUTURE PLANS**
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 to further promote community participation in swimming. Our partnership with local puts the club in a strong position to make the most of these relationships in the future.
For the forthcoming year, our aims include to:
- Continued growth of our Learn To Swim partner Coventry Swim School
- Expand provision of our Academy provision for those new to competitive swimming and build closer relationships with schools and other Learn to Swim Providers
- Continue to review our management structure as a club to consider incorporating regular professional input into a revised management team to support the club better as it continues to grow to make the workload more sustainable for our volunteer committee and executive teams.
- Investigate and look to develop further club partnerships with other local clubs, particularly those within Warwickshire and West Midlands
- Maintain and sustain our volunteer workforce to train more officials and team managers and recruit new committee members to take the Club to the next stage.
## **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**
Trustees may be elected or co-opted in accordance with the provisions of the CIO's Constitution. Co-opted Trustees are identified through open recruitment, including advertising on the Club's website and personal recommendations. Prospective Trustees meet with existing Board members, including the Chair, prior to appointment.
Trustees are selected based on their commitment to the sport of swimming, their support for community participation in health and leisure activities, and their understanding of governance responsibilities. The CIO is committed to maintaining a diverse and skilled Trustee Board, with a strong emphasis on gender balance and a broad range of professional experience.
Trustees serve a two-year term and may stand for re-election. Between General Meetings, Trustees may be co-opted to the Board but must be formally elected at the next General Meeting. All Club members aged 16 and over are eligible to vote in Trustee elections.
## **Organisational structure**
The Trustees hold ultimate responsibility for the governance and strategic oversight of the CIO. Operational management is delegated to the Club's Management Committee, which oversees day-to-day activities. The CIO also appoints a Welfare Officer to ensure safeguarding and welfare standards are upheld across all programmes.
## **Induction and training of new trustees**
Trustees are encouraged to attend training courses and seminars to stay informed about developments in charity governance, safeguarding, and the operational areas for which they are responsible.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
1175684
Page 3
**CITY OF COVENTRY SWIMMING CLUB**
## **REPORT OF THE TRUSTEES for the year ended 30 September 2024**
## **Principal address**
The Alan Higgs Centre Allard Way Coventry CV3 1HW
## **Trustees**
Miss H Ward W Offer N Sellwood L Whitbread Mrs L Chamberlain Trustee (appointed 23.11.2023) M Crow (appointed 4.2.2025)
## **Independent Examiner**
HB&O Ltd 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
## **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;
- state whether applicable accounting standards 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 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.
Page 4
**CITY OF COVENTRY SWIMMING CLUB**
## **REPORT OF THE TRUSTEES for the year ended 30 September 2024**
Approved by order of the board of trustees on 9 August 2025 and signed on its behalf by:
Miss H Ward - Trustee
Page 5
## **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 2024.
## **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:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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
HB&O Ltd Seven Stars House 1 Wheler Road Coventry CV3 4LB
9 August 2025
Page 6
## **CITY OF COVENTRY SWIMMING CLUB**
## **STATEMENT OF FINANCIAL ACTIVITIES for the year ended 30 September 2024**
|Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
**40,500**
**Charitable activities**
5
Training scheme
**280,222**
Home meets
**101,223**
Swim camp
**18,037**
Waterpolo
**23,759**
Course tutoring
**-**
Other activities
**-**
Other trading activities
3
**49,400**
Investment income
4
**3,390**
**Total**
**516,531**
**EXPENDITURE ON**
**Charitable activities**
6
Training scheme
**406,934**
Home meets
**45,194**
Away meets
**17,728**
Swim camp
**4,400**
Waterpolo
**26,504**
Course tutoring
**-**
Education and training
**9,249**
Other activities
**34,717**
**Total**
**544,726**
**NET INCOME/(EXPENDITURE)**
**(28,195)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**296,835**
**TOTAL FUNDS CARRIED FORWARD**
**268,640**|Restricted
funds
£
**12,966**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**12,966**
**2,000**
**-**
**-**
**-**
**-**
**-**
**966**
**-**
**2,966**
**10,000**
**-**
**10,000**|**2024**
**Total**
**funds**
**£**
**53,466**
**280,222**
**101,223**
**18,037**
**23,759**
**-**
**-**
**49,400**
**3,390**
**529,497**
**408,934**
**45,194**
**17,728**
**4,400**
**26,504**
**-**
**10,215**
**34,717**
**547,692**
**(18,195)**
**296,835**
**278,640**|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)
299,413
296,835|
|---|---|---|---|
The notes form part of these financial statements
Page 7
## **CITY OF COVENTRY SWIMMING CLUB**
## **BALANCE SHEET 30 September 2024**
|Unrestricted
fund
Notes
£
**CURRENT ASSETS**
Debtors
12
**22,259**
Cash at bank
**283,216**
**305,475**
**CREDITORS**
Amounts falling due within one year
13
**(36,835)**
**NET CURRENT ASSETS**
**268,640**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**268,640**
**NET ASSETS**
**268,640**
**FUNDS**
14
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Restricted
funds
£
**-**
**10,000**
**10,000**
**-**
**10,000**
**10,000**
**10,000**|**2024**
**Total**
**funds**
**£**
**22,259**
**293,216**
**315,475**
**(36,835)**
**278,640**
**278,640**
**278,640**
**268,640**
**10,000**
**278,640**|2023
Total
funds
£
40,406
334,526
374,932
(78,097)
296,835
296,835
296,835
296,835
-
296,835|
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 9 August 2025 and were signed on its behalf by:
H Ward - Trustee
The notes form part of these financial statements
Page 8
## **CITY OF COVENTRY SWIMMING CLUB**
## **CASH FLOW STATEMENT for the year ended 30 September 2024**
|Notes
**Cash flows from operating activities**
Cash generated from operations
1
Finance costs paid
Net cash (used in)/provided by operating activities
**Cash flows from investing activities**
Interest received
Net cash provided by investing activities
**Change in cash and cash equivalents in**
**the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end of**
**the reporting period**|**2024**
**£**
**(44,700)**
**-**
**(44,700)**
**3,390**
**3,390**
**(41,310)**
**334,526**
**293,216**|2023
£
23,096
(860)
22,236
1,656
1,656
23,892
310,634
334,526|
|---|---|---|
The notes form part of these financial statements
Page 9
**CITY OF COVENTRY SWIMMING CLUB**
## **NOTES TO THE CASH FLOW STATEMENT for the year ended 30 September 2024**
## **1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**ACTIVITIES**|||
|---|---|---|
|**Net expenditure for the reporting period (as per the Statement of**
**Financial Activities)**
**Adjustments for:**
Depreciation charges
Interest received
Finance costs
Decrease/(increase) in debtors
(Decrease)/increase in creditors
**Net cash (used in)/provided by operations**|**2024**
**£**
**(18,195)**
**-**
**(3,390)**
**-**
**18,147**
**(41,262)**
**(44,700)**|2023
£
(2,578)
1,667
(1,656)
860
(40,406)
65,209|
|||23,096|
## **2. ANALYSIS OF CHANGES IN NET FUNDS**
||At 1.10.23|Cash flow|**At 30.9.24**|
|---|---|---|---|
||£|£|**£**|
|**Net cash**||||
|Cash at bank|**334,526**|**(41,310)**|**293,216**|
||**334,526**|**(41,310)**|**293,216**|
|**Total**|**334,526**|**(41,310)**|**293,216**|
The notes form part of these financial statements
Page 10
**CITY OF COVENTRY SWIMMING CLUB**
## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2024**
## **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 11
**CITY OF COVENTRY SWIMMING CLUB**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 September 2024**
|**2.**
**DONATIONS AND LEGACIES**
Donations
Grants
Grants received, included in the above, are as follows:
Other grants
**3.**
**OTHER TRADING ACTIVITIES**
Fundraising events
Shop income
Timing system
Competition fees
Club fees
**4.**
**INVESTMENT INCOME**
Deposit account interest
**5.**
**INCOME FROM CHARITABLE ACTIVITIES**
Activity
Training fees
Training scheme
Meet entries
Home meets
Swim camp
Swim camp
Training fees
Waterpolo
Training fees
Course tutoring
Other income
Other activities|**2024**
**£**
**40,000**
**13,466**
**53,466**
**2024**
**£**
**13,466**
**2024**
**£**
**5,455**
**10,094**
**5,700**
**9,632**
**18,519**
**49,400**
**2024**
**£**
**3,390**
**2024**
**£**
**280,222**
**101,223**
**18,037**
**23,759**
**-**
**-**
**423,241**|2023
£
50,500
7,177
57,677
2023
£
7,177
2023
£
4,159
10,342
5,435
10,212
18,726
48,874
2023
£
1,656
2023
£
250,028
77,066
21,946
24,041
4,487
2,163|2023
£
50,500
7,177|
|---|---|---|---|
||||57,677|
||||2023
£
7,177|
||||2023
£
4,159
10,342
5,435
10,212
18,726|
||||48,874|
|||379,731||
continued...
Page 12
**CITY OF COVENTRY SWIMMING CLUB**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 September 2024**
## **6. CHARITABLE ACTIVITIES COSTS**
|Training scheme
Home meets
Away meets
Swim camp
Waterpolo
Education and training
Other activities
**7.**
**SUPPORT COSTS**
Management
£
Other activities
**19,527**|Support
Direct
costs (see
Costs
note 7)
£
£
**408,934**
**-**
**45,194**
**-**
**17,728**
**-**
**4,400**
**-**
**26,504**
**-**
**10,215**
**-**
**6,451**
**28,266**
**519,426**
**28,266**
Governance
Finance
costs
£
£
**6,879**
**1,860**|Totals
£
**408,934**
**45,194**
**17,728**
**4,400**
**26,504**
**10,215**
**34,717**|
|---|---|---|
|||**547,692**|
|||Totals
£
**28,266**|
## **8. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 30 September 2024 nor for the year ended 30 September 2023.
## **Trustees' expenses**
Expenses totalling £4,408 (2023: £503) have been paid to one trustee (2023: two trustees) in the year. The nature of these expenses was to repay the trustee for direct costs for a Water Polo camp (2023: for general admin costs) incurred in furtherance of the charitable activities.
## **9. STAFF COSTS**
|Wages and salaries
The average monthly number of employees during the year was as follows:
Coaching and admin staff|**2024**
**£**
**226,383**
**226,383**
**2024**
**19**|2023
£
176,203|
|---|---|---|
|||176,203|
|||2023
18|
No employees received emoluments in excess of £60,000.
continued...
Page 13
**CITY OF COVENTRY SWIMMING CLUB**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 September 2024**
## **10. INDEPENDENT EXAMINERS REMUNERATION**
The independent examiners remuneration amounts to an independent examination fee of £1,860 (2023: £1,638) and other services of £nil (2022: £nil).
## **11. TANGIBLE FIXED ASSETS**
|**COST**
At 1 October 2023 and 30 September 2024
**DEPRECIATION**
At 1 October 2023 and 30 September 2024
**NET BOOK VALUE**
At 30 September 2024
At 30 September 2023
**12.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade debtors
Other debtors
**13.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors
Accrued expenses
**14.**
**MOVEMENT IN FUNDS**
At
1.10.23
£
**Unrestricted funds**
General fund
**296,835**
**Restricted funds**
Graduate fund
**-**
**TOTAL FUNDS**
**296,835**|**2024**
**£**
**11,417**
**10,842**
**22,259**
**2024**
**£**
**-**
**36,835**
**36,835**
Net
movement
in funds
£
**(28,195)**
**10,000**
**(18,195)**|Computer
equipment
£
**10,000**
**10,000**
**-**
-
2023
£
23,170
17,236
40,406
2023
£
15,301
62,796
78,097
At
30.9.24
£
**268,640**
**10,000**
**278,640**|
|---|---|---|
continued...
Page 14
**CITY OF COVENTRY SWIMMING CLUB**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 September 2024**
## **14. MOVEMENT IN FUNDS - continued**
Net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Training bursaries
Graduate fund
Para swimming
**TOTAL FUNDS**|Incoming
resources
£
**516,531**
**966**
**10,000**
**2,000**
**12,966**
**529,497**|Resources
Movement
expended
in funds
£
£
**(544,726)**
**(28,195)**
**(966)**
**-**
**-**
**10,000**
**(2,000)**
**-**
**(2,966)**
**10,000**
**(547,692)**
**(18,195)**|Resources
Movement
expended
in funds
£
£
**(544,726)**
**(28,195)**
**(966)**
**-**
**-**
**10,000**
**(2,000)**
**-**
**(2,966)**
**10,000**
**(547,692)**
**(18,195)**|
|---|---|---|---|
||||**10,000**|
||||**(18,195)**|
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
**Restricted funds**
Cash for Kids
**TOTAL FUNDS**|At
1.10.22
£
296,332
3,081
299,413|Net
movement
in funds
£
(2,578)
-
(2,578)|Transfers
between
funds
£
3,081
(3,081)
-|At
30.9.23
£
296,835
-|
|---|---|---|---|---|
|||||296,835|
Comparative 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)|Resources
Movement
expended
in funds
£
£
(483,839)
(2,578)
(5,000)
-
(1,677)
-
(6,677)
-
(490,516)
(2,578)|
|---|---|---|---|
||||-|
||||(2,578)|
## **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 in 2023 represents the fees that were subsidised during the year.
Page 15
continued...
**CITY OF COVENTRY SWIMMING CLUB**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 September 2024**
## **14. MOVEMENT IN FUNDS - continued**
Training bursaries are received, usually from Swim England, to assist with costs associated with coaching costs and training.
The Graduate fund, granted to the charity by the 29th May 1961 Charitable Trust, is to fund a graduate in September 2025.
The Para swimming fund was received from Swim England in relation to training for Para swimming.
## **15. 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 £4,562 (2023: £3,692)
The defined contribution liability is allocated to unrestricted funds and amounts to £nil (2023: £nil) at the period end.
## **16. RELATED PARTY DISCLOSURES**
Included in donations received is £40,000 (2023: £50,000) 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 £96,322 (2023: £78,569). Included on the balance sheet at the year end was a debtor due from the related party of £9,991 (2023:23,034).
## **17. 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 £69,713 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).
Page 16
**CITY OF COVENTRY SWIMMING CLUB**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 30 September 2024**
|**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
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|2024
£
**40,000**
**13,466**
**53,466**
**5,455**
**10,094**
**5,700**
**9,632**
**18,519**
**49,400**
**3,390**
**303,981**
**101,223**
**18,037**
**-**
**423,241**
**529,497**
**226,383**
**181,772**
**62,922**
**43,949**
**4,400**
**-**
**519,426**
**2,303**
**17,224**
**19,527**|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|
This page does not form part of the statutory financial statements
Page 17
**CITY OF COVENTRY SWIMMING CLUB**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 30 September 2024**
|**Management**
**Finance**
GoCardless and bank fees
**Other**
Depreciation
**Governance costs**
Accountancy and legal fees
Total resources expended
**Net expenditure**|2024
£
**6,879**
**-**
**1,860**
**547,692**
**(18,195)**|2023
£
5,501
1,667
1,638
490,516
(2,578)|
|---|---|---|
This page does not form part of the statutory financial statements
Page 18