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2020-12-31-accounts

Out to Swim

Annual Report and Accounts

31 December 2020

Charity Registration Number 1181454

Contents

Reports
Legal and administrative information 1
Trustees’ report 3
Independent examiner’s report 12
Accounts
Statement of financial activities 13
Balance sheet 14
Principal accounting policies 16
Notes to the accounts 19

Out to Swim

Legal and administrative information

Trustees Richard Walton Chair
Lucille Thirlby (resigned 20 March 2021)
Joe Palmer (appointed 20 March 2021)
Stephen Lue
Club Committee Stephen Clark Chair of the Club
Committee
Mark Nash Club Secretary
Neal Thomson Club Treasurer
Nick Grant Equality, Diversity and
Inclusivity Officer
Zuzana Manhartova Communications Officer
Michelle Weltman Head Coach
Plus the Chair of each Sub-committee
South Sub-Committee Martin Wheeler Chair of the South Sub-
committee
Alex Davis Membership Secretary
Robert Nemet Sub-committee Treasurer
Matthew Ives Sub-committee Treasurer
Iain Gowers Communications Officer
Kirstin Eibi Social Secretary
Matthew Ives Social Secretary
West Sub-Committee Matthew Bazeley-Bell Co-chairs
Alastair Bazeley-Bell of the West
Rob Eveleigh Sub-Committee
Water Polo Sub- Luke Millican Chair of the Water Polo
Committee Sub-committee
Luke Grundy Sub-committee Treasurer
Joanna Redshaw Women’s Secretary
Kelvin Hall Men’s Secretary
Georgina Toft Women’s Co-captain
Madelaine Sweeney-Nash Women’s Co-captain
James Fesemeyer Men’s A Captain
Michael Curran Men’s B Captain
Daniel Morgan Development Rep
Walid Hazem Referee Rep

Out to Swim 1

Legal and administrative information

Artistic Swimming Stephanie Ramsay Chair of the Artistic Sub-Committee Swimming Sub-committee Mark Hollis Membership Secretary John Amberton Communications Officer Miles Coote Competition Secretary Sai Li Social Secretary Swimming Sub- Titta Laattala (until Oct 20) Chair of the Swimming Sub-committee Committee Dermot Flynn (from Nov 20) Chair of the Swimming Sub-committee Debbie McLauchlan Sub-committee Treasurer Ella Hattey Sub-committee Secretary Keith Millar New Swimmers Rep Jaime Irurzun Attendance Rep Anthony Chamberlain Lanes 5-10 Rep Steph Ramsay Women’s Competition Rep Paul Gray Men’s Competition Rep Rowan Longhurst and Open Water Hunter Charlton Representatives Registered address 73 Cornhill London EC3V 3QQ Charity registration 1181454 number Independent Examiners Buzzacott LLP 130 Wood Street London EC2V 6DL Bankers Lloyds Bank Plc 25 Gresham Street London EC2V 7HN

Out to Swim

2

Trustee’s report 31 December 2020

The trustees present their report and financial statements for the year ended 31 December 2020.

Reference and administrative information set out on pages 1 and 2 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association, the Charities Act 2011, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and activities

Purposes and aims

Out to Swim (OTS) has two Charitable Objects:

The charity’s first purpose is therefore to promote equality of access to, and diversity in, aquatic sport. The charity has a particular focus on LGBTQ+ communities and seeks to educate and broaden awareness of the need for, and benefits of, equality and diversity in aquatic sport. The charity looks to reach out into areas under-represented in aquatic sport in order to make people of under-represented backgrounds feel welcome in a number of aquatic sport disciplines. OTS participates in programmes such as providing swimming teaching and coaching support to both TAGS, a community swimming group for transgender and nonbinary people, and Positive Strokes, a community swimming group for people living with HIV. Women are underrepresented within swimming and water polo so the club runs weekly women only swimming sessions to create an environment where women who feel safer with other women can engage with the club, swim together and improve their health. People from Black and other minority ethnic backgrounds are underrepresented within aquatic sport and Out to Swim has been working on promoting the club within black and minority ethnic (BAME) LGBTQ+ spaces and undertaking other projects such as improving our representation in our online media to encourage participation from the BAME LGBTQ+ community.

Out to Swim 3

Trustee’s report 31 December 2020

Objectives and activities (continued)

Purposes and aims (continued)

In support of the charity’s second object OTS runs a comprehensive programme of swimming lessons and coached sessions on every day of the week. To ensure full community participation is possible the charity runs two grant programmes: The Graham Perlman Fund, which seeks to support people with HIV to access aquatic sport for recreation and to access amateur competitions. The OTS Scholarship Fund seeks to ensure that those members of the community with limited financial means can access the healthy recreation opportunities provided by all of our aquatic disciplines. It also provides support to attend a limited number of amateur competitions. This is important because different members of the community have different motivators to stay healthy.

For those best motivated by friendly competition the ability to access a couple of competitions with other members of OTS can be a key factor in encouraging them to exercise regularly.

The trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity's aims, objectives and activities remain focused on its stated purposes.

The charity’s objects are pursued through three strategic priorities: diversity; development and community bearing in mind the charity’s values of friendship, respect and inclusivity. The enduring priority for the trustees is to ensure that the activities of all the aquatic disciplines are available to as many people as possible. This means a focus on some key areas:

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

Achievements and performance

The charity's main activities and who it tries to help are described below. All its charitable activities focus on aquatic sport and are undertaken to further Out to Swim’s charitable purposes for the public benefit.

Out to Swim

4

Trustee’s report 31 December 2020

Objectives and activities (continued)

Achievements and performance (continued)

The lockdown in March 2020 was a devastating loss of aquatic sport provision and social engagement of all of our members. Out to Swim responded in a number of ways including developing a programme of online fitness sessions and social sessions. The fitness, stretching and yoga sessions proved to be very popular and the social activities were many and varied. London Orca, our water polo team, ran life drawing classes, improv sessions, and, once restrictions eased, informal swims and picnics.

As the year progressed, our branch in Brighton took advantage of the return to open water swimming with some coached sea swims while across all three branches members were able to return to the pool towards the end of 2020.

There were many disappointments this year, particularly for our team sports (water polo and artistic swimming). Competitions were a write off and even the ability to exercise safely and regularly was extremely difficult. We stayed in close contact with pool operators and Swim England London, although this was made difficult by the furlough and reorganisations in these bodies. Early on we took the decision to offer all members a refund of fees; recognising that financial hardship would come to many, and also took the decision to offer continued remuneration to our coaches who are the lifeblood of our aquatics sessions. We were extremely touched by the generosity of members who chose to donate some or all of their refunded fees to the club. While much of this was unrestricted some members chose to ask us to spend the money on specific activities close to their hearts including supporting black swimmers to access aquatic sport and supporting social engagement and cohesion across isolated members of the club.

While many of our access to sport activities were curtailed by the restrictions we were delighted that the first new members we welcomed in 2020 were into our London adult swimming lessons.

Finally, to ensure continued access to all, the trustees continue making grants to enable access to aquatic sports through OTS.

Financial review

The statement of financial activities for the year is set out on page 13 of the financial statements. A summary of the financial results and the work by the Association is set out below.

Income for the year included donations and legacies of £15,665 (2019: £3,134), income from charitable activities of £65,352 (2019: £204,849) and investment income and interest of £650 (2019: £110). Total income amounted to £81,904 (2019: £292,283).

Expenditure for the year comprised costs of activities and totalled £87,608 (2019: £210,547).

In order to support the charity’s income and to efficiently manage cash flow, the trustees have directed that funds identified as surplus to the budget are to be held in cash deposit accounts of no more than 24 months in duration. At present the funds held on deposit are £20,000 (2019: £80,000).

Out to Swim

5

Trustee’s report 31 December 2020

Financial review (continued)

Reserves policy and going concern

The purpose of the Reserves Policy for the charity is to ensure its ongoing operations are protected in the event of a sudden decline in financial health. The reserve is intended to provide an internal source of funds for situations such as a sudden increase in expenses, one-time unbudgeted expenses, unanticipated loss in funding, or uninsured losses. The reserve may also be used for one-time, non-recurring expenses that will build long-term capacity, such as staff development or investment in infrastructure.

Reserves are not intended to replace a permanent loss of funds or eliminate an ongoing budget gap; in situations like this the trustees would use reserves to restructure the charity in order to ensure its future financial viability.

The reserve is defined as unrestricted funding, held in cash or near-cash, that has not been designated for a specific purpose (e.g. for generating income or to support a grants programme). The reserve will be reviewed and adjusted in response to internal and external changes.

The target minimum reserve fund is equal to three months of normal operating costs, which are to be monitored through a cash flow forecast. The calculation of average monthly operating costs includes all recurring, predictable expenses such as contractor invoices, central costs, expenses, marketing, insurance and charity projects including bursaries and grants.

Depreciation, in-kind, and other non-cash expenses are not included in the calculation. The calculation of average monthly expenses also excludes one-time or unusual, capital purchases.

The amount of the reserve fund target minimum will be calculated each year after approval of the annual budget, reported to the trustees and included in the regular financial reports to the club committee.

From time to time the trustees might choose to designate funds for long term investment in order to realise an income that can be used to further the charity’s objects. These funds will not be counted as part of the charity’s free reserves. Reserves will be held in cash or near cash (accessible in no longer than three calendar months).

The reserve fund will be funded with surplus unrestricted funds. The trustees may from time to time direct that a specific source of revenue be set aside for reserves. Examples may include one-time gifts or bequests, special grants, or special appeals.

Use of the reserves requires the following steps:

Out to Swim 6

Trustee’s report 31 December 2020

Financial review (continued)

Reserves policy and going concern (continued)

If the use of reserves will take longer than 12 months to replenish, the request will be scrutinised more carefully. The Club Committee must receive prior approval from the trustees if the reserves will take longer than 12 months to replenish.

In either case the use of reserves will be reported to the trustees at their next scheduled meeting, accompanied by a description of the analysis and determination of the use of funds and plans for replenishment to restore the reserve fund to the target minimum amount.

The target minimum level of reserves in 2019 was £48,586. Because 2020 was such an unusual year, with expenditure significantly depressed, this figure has been again used as the minimum level of reserves. Actual free reserves at 31 December 2020 were £51,400 (2019: £68,638). This means that free reserves are approximately £2,814 (2019: £20,052) in excess of the reserves policy. Given that the members chose to designate £10,000 to the Scholarship Fund during the year the trustees are content with the level of reserves.

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect of a period of one year from the date of approval of these accounts.

The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.

Out to Swim 7

Trustee’s report 31 December 2020

Financial review (continued)

Impact of UK Coronavirus Restrictions on Out to Swim

Prior to UK lockdown in March 2020 Out to Swim realised that the spread of the Coronavirus to the UK would impact on its operations and the trustees started to meet daily with the committee to make decisions about how and when to stop offering coached aquatics sessions and swimming lessons. Recognising that the strong financial position of the charity could be threatened by falling income the treasurer produced financial models, including a worst-case scenario of full annual expenditure and the loss of all annual income. In order to ensure the charity remained liquid the decision was taken to bring back some cash from our deposit account to our current account. This financial modelling carried on throughout 2020 and led to a process of fee setting for pay as you go sessions, after the first lockdown. While attendance was variable these fees did provide some income for the charity during the year.

Recognising the potential financial and health impact on our members, the trustees took the decision to suspend membership fees and to instigate a programme of online fitness and flexibility sessions for members. Liaising with Swim England and our insurers to ensure the charity was properly protected we delivered a daily fitness session and our members also arranged a variety of social activities.

The trustees also approved the recommendation of the committee that we continue to pay our coaches during lockdown, many of whom continued to provide excellent online sessions. This was made possible both by the charity’s reserves position and the fair and reasonable approach of the swimming pools who did not charge us for unused pool space while they were closed.

As lockdown continued, we realised that London Pride would not be going ahead and took the opportunity to raise awareness of our own members of gay and trans history through a range of activities including films, quizzes and panel discussions.

As lockdown started to ease, we set up a “COVID-19 Working Group” to manage the return to aquatic activity. Initially we offered a limited programme of open-water swimming, aided by the good weather and the excellent open water experience of some of our members. Recognising early on that we would be unable to return to our full programme of aquatic sport quickly the COVID-19 Working Group came up with a staged approach to allow us to fairly distribute available pool space across members of all abilities and aquatic disciplines. We have managed to replace some lost pool capacity and are working closely with other providers as they re-open.

Out to Swim has taken a considered approach to the impact of COVID-19. We continue to balance the financial health of the charity against the needs of our members whilst also considering novel ways to further our charitable objectives. In only our second year since converting to a CIO model charity we have also taken advantage of the pause in aquatic activity to modernise some of our governance approaches. The measures we have taken to mitigate the risks faced so far lead us to expect our strong financial health will be maintained and our ability to deliver against our charitable objects will have been strengthened by the end of 2020.

Out to Swim

8

Trustee’s report 31 December 2020

Financial review (continued)

Fundraising

The charity is not a member of the Fundraising Regulator because it does not engage in the kind of fundraising activity that would make this a requirement. The charity’s approach to fundraising activity is to seek grants from organisations in order to achieve a particular aim, for example to support coaching of a particular aquatic sport. Where an individual or group with an interest in the charity’s activities would like to make a donation to the charity we consider the reputational implications of the donation. We do not use a professional fundraiser or a commercial participator.

We offer the facility for individuals to make one off or repeat donations online and offer membership of the charity to individuals. We have received no complaints about fundraising.

This year we contacted our members to ask if they wanted a refund of any fees paid or if they wished to make a donation. We regularly contacted members who had paid annual fees up front to make sure they had every opportunity to receive a refund if that was their wish. We do not normally contact our members or supporters to solicit donations, although this is something we might consider doing should we have a specific fundraising objective in the future.

Structure, governance and management

Out to Swim is a registered Charitable Incorporated Organisation (CIO). The entity was incorporated and registered as a charity with the Charity Commission for England and Wales on 7 January 2019. It is governed by its memorandum and articles of association which were adopted on 2 January 2019. This arrangement replaced an earlier construct of Out to Swim which was constituted by an association model constitution in 1996. The assets of this earlier version of Out to Swim were transferred to the new construct which was duly registered with the Charity Commission under charity number 1181454.

All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 7 to the accounts.

The day-to-day management of the charity is delegated to an elected voluntary committee of charity members and is governed by a set of bye laws voted on by the membership and ratified by the trustees. The Chair of the Club Committee is Stephen Clark who acts as the senior leader of the charity supported by Neal Thomson as Club Treasurer. They are supported by a volunteer Club Committee identified in the reference details on page 1.

The annual budget, including the setting of fees, is approved by the membership in accordance with the bye laws. The finances and day to day running of the club are reviewed at a monthly meeting of the Club Committee and reported to the trustees quarterly. Approved minutes of the Club Committee are circulated to all members by the Club Secretary.

There are a number of sub-committees that carry out much of the day to day running of the charity’s activities including booking of pool space, purchase and maintenance of equipment, membership applications, and the recruiting and scheduling of coaches and teachers.

Out to Swim

9

Trustee’s report 31 December 2020

Structure, governance and management (continued)

The trustees meet at least quarterly and often attend Club Committee meetings. As well as considering policy, risk and strategy the trustees personally assess all grant applications. Once grants have been awarded the Club Secretary notifies successful applicants and the Club Treasurer makes payments and fee adjustments to awardees.

Appointment of trustees

The club constitution specifies that there must be three trustees. Trustees are appointed for a period of three years and may stand for a maximum of two consecutive terms. After a trustee’s second term there is a constitutionally imposed period of one year during which that individual may not stand again for trusteeship. Trustees must be members of Out to Swim.

The process for identifying trustees is to ask the membership for expressions of interest. All members interested in becoming a trustee are given the opportunity to speak with at least one of the existing trustees and may then put their name forward. A poll of members is then conducted at the AGM in accordance with the voting provisions laid down in the constitution.

Should a trustee vacancy occur for any reason other than at an AGM the constitution charges the remaining trustees to co-opt replacement trustees. Co-opted trustees must then stand down at the next election. New trustees are then elected in the manner described above.

Related parties and relationships with other organisations

Out to Swim has relationships with a number of community sports organisations. In particular OTS is a member club of the London Region of Swim England and is affiliated with TAGS, Out for Sport, European Gay and Lesbian Swimming Federation (EGLSF), Federation of Gay Games (FOGG) and International Gay and Lesbian Aquatics (IGLA).

Statement of responsibilities of the trustees

The trustees are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Charity law 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 charitable incorporated organisation and of the incoming resources and application of resources, including the income and expenditure, of the charitable incorporated organisation for that period. In preparing these financial statements, the trustees are required to:

Out to Swim

10

Trustee’s report 31 December 2020

Structure, governance and management (continued)

Statement of responsibilities of the trustees (continued)

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable incorporated organisation. They are also responsible for safeguarding the assets of the charitable incorporated organisation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable incorporated organisation's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

Independent Examiner

Buzzacott LLP was appointed as the charitable incorporated organisation’s independent examiner during the year and has expressed its willingness to act in that capacity.

The trustees’ annual report has been approved by the trustees on and 16 October 2021 signed on their behalf by

Richard Walton

Richard Walton Chair

Out to Swim 11

Trustee’s report 31 December 2020

Independent Examiner’s Report to the Trustees of Out to Swim

I report to the charity trustees on my examination of the financial statements of the charitable incorporated organisation for the year ended 31 December 2020.

Responsibilities and basis of report

As the charity trustees of the charity, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011.

Having satisfied myself that the accounts of the Charity are not required to be audited and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as 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

I have completed my examination. I confirm that no matters have come to my attention in connection with my examination giving me cause to believe in any material respect:

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.

Buzzacott 18 October 2021

Edward Finch Buzzacott LLP Chartered Accountants 130 Wood Street London EC2V 6DL

Out to Swim 12

Statement of financial activities Year to 31 December 2020

Notes
Unrestricted
funds
£		 Restricted
funds
£		 2020
Total
£		 2019
Total
£
Income from:
Donations and legacies
1
Charitable activities

. Aquatic Sport income
2
. Event income
2
. Grant income
2
Interest income
3
Other

Net assets donated from Out to Swim ‘club’

Total income


Expenditure on:

Charitable activities
. Aquatic Sport expenditure
4
. Event expenditure
4
. Grant expenditure
4
Total expenditure


Net (expenditure) income for the year
6

Net movement in funds


Reconciliation of funds:

Total funds brought forward
Total funds carried forward
13,325



65,352

—

—

650

237

—		 2,340
—
—
—
—
—
—
15,665

65,352

—

—

650

237

—
3,134

179,698
23,437
1,714

110

85
84,105

79,564		 2,340
81,904
292,283






82,838

1,231

2,939		 —
—
600
82,838

1,231

3,539
167,988

27,506

15,053

87,008		 600 87,608
210,547



(7,444)		 1,740
(5,704)		 81,736



(7,444)




73,775
1,740

7,961
(5,704)

81,736
81,736

—

66,331		 9,701 76,032
81,736

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 12 to the financial statements.

Out to Swim 13

Statement of financial activities Year to 31 December 2020

Notes
Unrestricted
funds
£		 Restricted
funds
£		 2019
Total
£
Income from:
Donations and legacies
1
Charitable activities

. Aquatic Sport income
2
. Event income
2
. Grant income
2
Interest income
3
Other

Net assets donated from Out to Swim ‘club’

Total income


Expenditure on:

Charitable activities
. Aquatic Sport expenditure
4
. Event expenditure
4
. Grant expenditure
4
Total expenditure


Net income for the year
6

Net movement in funds


Reconciliation of funds:

Total funds brought forward
Total funds carried forward
2,490



179,698

23,437

—

110

85

76,794		 644
—
—
1,714
—
—
7,311
3,134

179,698

23,437

1,714

110

85

84,105

282,614		 9,669
292,283






167,988

27,506

13,346		 —
—
1,708
167,988

27,506

15,053

208,839		 1,708
210,547



73,775		 7,961
81,736



73,775




—		 7,961
—
81,736

—

73,775		 7,961
81,736

Out to Swim 14

Balan¢• $heot 31 December 2020 Total 2020 Total 2019 Notes Current astygta Debtors short-le￿ deposts Cash 8t bank and in hand 2,926 20.01)0 72,676 95,￿2 8,753 80,LKJO 22.956 111,709 Llabllttles: Credilors.. 8rnounts falllng due within one year Net current a88•ts Totsl ngt aJsets 10 119.570) {29,973) 76,032 76,032 81,736 81,736 The funds of the chartty.. Restricted Income lunds Unrestricted income funds.. DesKJnated fund- Scholarship Fund . General fund8 9.701 12 7,961 12 14,931 51.401 5,137 68.637 Total unr8Strict8d funds Totsl charity fund$ 66,331 76.032 73.774 81,736 Approved by the Trustees on 16 October 2021 and signed on their behall by-. Richard Walton Richard Walton Trustee Joseph Palmer Joseph Palmer Trustee Out lo Swim 15

Principal accounting policies 31 December 2020

Out to Swim is a charitable incorporated organisation and is incorporated in England and Wales. The registered office address is 73 Cornhill, London, EC3V 3QQ.

Basis of preparation

The financial statements have been prepared in accordance with 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 2015) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (March 2018) and the Charities Act 2011.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

Assessment of going concern

The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

Income recognition

Aquatic Sport income, primarily relating to membership income, is recognised once the membership fees have been received in cash. These fees are recognised in the period that they relate to.

Income from grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income related to events, which is usually received in advance of the provision of the event, is deferred until the event in reference and related services have been delivered.

Donations of gifts, services and facilities

On receipt, donated services are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Out to Swim

16

Principal accounting policies 31 December 2020

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes. The Charity has set-up a designated Scholarship fund in order to support members financially.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Allocation of support costs

Support and governance costs are re-allocated to each of the activities on the following basis which is an estimate, based on staff time, of the amount attributable to each activity

Aquatic Sport 100%

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Out to Swim 17

Principal accounting policies 31 December 2020

Short term deposits

Short term deposits include cash balances that are invested in accounts with a maturity date of between 3 and 12 months.

Cash at bank and in hand

Cash at bank and cash 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.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

The charity 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.

Out to Swim 18

Notes to the accounts 31 December 2020

1 Income from donations and legacies

Unrestricted
funds
£
13,325
—
13,325		 Restricted
funds
£
2,179
161
2,340		 2020
Total
funds
£
15,504
161
15,665		 Unrestricted
funds
£
2,490
—
2,490		 Restricted
funds
£
—
644
644		 2019
Total
funds
£
2,490
644
3,134
Donations
Donated services

2 Income from charitable activities

Unrestricted
funds
£		 Restricted
funds
£		 2020
Total
funds
£		 Unrestricted
funds
£		 Restricted
funds
£		 2019
Total
funds
£
Aquatic Sport income
Sub-total for Aquatic Sport
income
Events income – Socials
Events income – Competitions
Sub-total for Events income
Grant income
Sub-total for Grants income
Total income from
charitable activities		 65,352 — 65,352 179,698 — 179,698
65,352
—
—		 —
—
—		 65,352
—
—		 179,698
10,498
12,939		 —
—
—		 179,698
10,498
12,939
—
—		 —
—		 —
—		 23,437
—		 —
1,714		 23,437
1,714
— — — — 1,714 1,714
65,352 — 65,352 203,135 1,714 204,849

Out To Swim received several funding grants from Brighton Grass Roots Fund (2020- £nil, 2019- £900) and Pride Sports (2020- £nil, 2019- £814) to support its swimming programme in Brighton.

3 Income from investments

Unrestricted
funds
£		 Restricted
funds
£		 2020
Total
funds
£		 Unrestricted
funds
£		 Restricted
funds
£		 2019
Total
funds
£
Bank and deposits interest 650 — 650 110 — 110
650 — 650 110 — 110

All income from bank deposits and short-term deposits held is unrestricted.

Out to Swim 19

Notes to the accounts 31 December 2020

4
Analysis of expenditure
Aquatic Sport
expenditure
£
Coaching costs
28,772
Hiring of pool space
35,665
Subscription/registration fees
13,510
Event expenditure
—
Competition fees and expenses
—
Kit and equipment costs
—
Grants awarded to members
—
Audit fees
—
Sundry costs
—
77,947
Support costs
3,091
Governance costs
1,800
82,838		 4
Analysis of expenditure
Aquatic Sport
expenditure
£
Coaching costs
28,772
Hiring of pool space
35,665
Subscription/registration fees
13,510
Event expenditure
—
Competition fees and expenses
—
Kit and equipment costs
—
Grants awarded to members
—
Audit fees
—
Sundry costs
—
77,947
Support costs
3,091
Governance costs
1,800
82,838
Event
expenditure
£
Grant
expenditure
£		 Governance
costs
£		 Support costs
£		 2020
Total
£
Coaching costs
Hiring of pool space
Subscription/registration fees
Event expenditure
Competition fees and expenses
Kit and equipment costs
Grants awarded to members
Audit fees
Sundry costs
Support costs
Governance costs		 28,772
35,665
13,510
—
—
—
—
—
—
—

—

—

1,231

—

—

—

—

—
600

—

—

—

—

—

2,939

—

—		 —
—
—
—
—
—
—
1,800
—		 —
—
—
—
—
776
—
—
2,315		 29,372
35,665
13,510
1,231
—
776
2,939
1,800
2,315
77,947
3,091
1,800
1,231

—

—
3,539

—

—		 1,800
—
(1,800)		 3,091
(3,091)
—		 87,608
—
—
82,838 1,231 3,539 — — 87,608
Sport
expenditure
£
Event
expenditure
£		 Grant
expenditure
£		 Governance
costs
£		 Support costs
£		 2019
Total
£
41,219
102,427
14,585
27,506
3,513
3,146
13,939
1,800
2,412
210,547
—
—
210,547
Coaching costs
Hiring of pool space
Subscription/registration fees
Event expenditure
Competition fees and expenses
Kit and equipment costs
Grants awarded to members
Independent examiners fees
Sundry costs
Support costs
Governance costs		 40,105
102,427
14,585
—
3,513
—
—
—
—
—

—

—

27,506

—

—

—

—

—		 1,114
—
—
—
—
—
13,939
—
—		 —
—
—
—
—
—
—
1,800
—		 —
—
—
—
—
3,146
—
—
2,412
160,630
5,558
1,800
27,506

—

—		 15,053
—
—		 1,800
—
(1,800)		 5,558
(5,558)
167,988
27,506		 15,053 — —

5 Grant making

Grants to
institutions
£
Grants to
individuals
£
Support
costs
£
2020
Total
funds
£		 2019
Total
funds
£
—
—
—

2,939
—

—		 —
2,939		 2,080
11,859
—
2,939
—		 2,939 13,939

During the year, Out to Swim provided grants to several members for them to compete in national and international competitions out of the designated Scholarship fund. Multiple members of Out to Swim were also supported financially by grants towards discounting their membership fees. In 2019 all grants were to individuals.

Out to Swim 20

Notes to the accounts 31 December 2020

6 Net (expenditure) income for the year

This is stated after charging:

2020
£		 2019
£
1,800
1,800
Independent examination

7 Related party transactions

8 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

9 Debtors

Debtors
2020
£		 2019
£
Prepayments
Accrued income		 2,733
193		 6,435
2,318
2,926 8,753

10 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2020
£		 2019
£
Accruals 19,570 29,973
19,570 29,973

11 Analysis of net assets between funds

General
unrestricted
£		 Designated
£
Restricted
£		 Total
funds
£
Net current assets
Net assets at 31 December 2020		 51,401 14,930
9,701		 76,032
51,401 14,930
9,701		 76,032
General
unrestricted
£		 Designated
£
Restricted
£		 Total
funds
£
Net current assets
Net assets at 31 December 2019		 68,638 5,137
7,961		 81,736
68,638 5,137
7,961		 81,736

Out to Swim 21

Notes to the accounts 31 December 2020

12 Movements in funds

At 1
January
2019
£
Income &
gains
£
Expenditure
& losses
£		 Transfers
£		 At 31
December
2020
£
Restricted funds:
Graham Pearlman Fund
OTSS Fund
BAME Participation Fund
Social Re-engagement Fund
Total restricted funds
Unrestricted funds:
Designated funds
. Scholarship fund
Total designated funds
General funds
Total unrestricted funds
Total funds		 7,361
600
—
—
161

—

988

1,191
—

(600)

—

—
—

—

—

—		 7,522
—
988
1,191
7,961
2,340
(600)		 — 9,701
5,137
12,732
(2,938)		 — 14,931
5,137
68,638
12,732

66,832
(2,938)

(84,070)
—
—		 14,930
51,400
73,775
79,564
(87,008)
—		 66,331
81,736 81,905
(87,608)		 — 76,033
Transferred
from Out to
Swim club
at January
2018
£
Income &
gains
£
Expenditure
& losses
£		 Transfers
£		 At 31
December
2019
£
Restricted funds:
Graham Pearlman Fund
OTSS Fund
Total restricted funds
Unrestricted funds:
Designated funds
. Scholarship fund
Total designated funds
General funds
Total unrestricted funds
Total funds		 7,311
—
644

1,714
(594)

(1,114)
—
—		 7,361
600
7,311
2,358
(1,708)		 — 7,961
7,233
—
(13,346)		 11,250 5,137
7,233
69,561
—

205,820
(13,346)

(195,494)
11,250
(11,250)		 5,137
68,638
76,794
205,820
(208,839)
—		 73,775
84,104
208,178
(210,547)		 — 81,736

The Graham Pearlman Fund is a fund that was set up from a member’s donation to provide financial support for swimmers with HIV who would otherwise have financial difficulty in being a member of Out to Swim or attending its activities.

The OTSS Fund relates to grant funding received from Pride Sports and Brighton Grassroots to be spent on Out to Swim South’s coaching costs.

Out to Swim 22

Notes to the accounts 31 December 2020

12 Movements in funds (continued)

The BAME Participation fund has been funded by both member and external donations to be utilised on activities to increase BAME membership within Out To Swim.

The Social Re-engagement Fund was set-up from member donations to be utilised on activities and events to re-engage with Out To Swim's membership which has been impacted by the Covid-19 lockdown.

Purposes of designated funds

The Scholarship Fund is a designated fund set up by the Charity to support any members requiring financial support to attend events endorsed, attended or supported by Out to Swim. Expenditure of grant monies from this fund is approved by the Trustees.

Out to Swim 23