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2023-12-31-accounts

Company registration number: CE027844 Charity registration number: 1197368

Hatfield Swim Club CIO

Annual Report and Financial Statements

for the Year Ended 31 December 2023

Hatfield Swim Club CIO

Contents

Strategic Report 1
Trustees' Report 2 to 5
Independent Examiner's Report 6
Statement of Financial Activities 7 to 8
Balance Sheet 9
Statement of Cash Flows 10
Notes to the Financial Statements 11 to 18

Hatfield Swim Club CIO

Strategic Report for the Year Ended 31 December 2023

The trustees, who are directors for the purposes of company law, present their strategic report for the year ended 31 December 2023, in compliance with s414C of the Companies Act 2006.

Achievements and performance

2023 was a challenging year for Hatfield Swim Club CIO (Hatfield Swimming Club), both financially and organisationally. The cost base of the Club had to be significantly reduced, leading to a reorganisation of the coaching team. By the end of the year, the Club was more stable but there remains much to be done by the Trustees and Members to assure that Hatfield Swim Club CIO can continue to provide opportunities to enjoy swimming training and competition for the people of Hatfield and surrounding areas

Plans for future periods

Aims and key objectives for future periods

During 2023 the swimming club’s ongoing financial activity was consolidated into the CIO.

The strategic report was approved by the trustees of the charity on 28 October 2024 and signed on its behalf by:

.........................................

Mr Duncan James Hartley Chairman

Page 1

Hatfield Swim Club CIO

Trustees' Report

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 December 2023.

Objectives and activities

Objects and aims

Future plans include:

Public benefit

The promotion of the community participation in healthy recreation for the benefit of the inhabitants of Hatfield and the surrounding area by the provision of facilities for Swimming, Artistic Swimming, Open Water Swimming and Water Polo

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Reference and Administrative Details

Charity Registration Number: 1197368 Company Registration Number: CE027844 The charity is incorporated in England. Registered Office: Hatfield Swim Centre Lemsford Road Hatfield Hertfordshire AL10 0EB

Trustees and officers

The trustees and officers serving during the year and since the year end were as follows:

Page 2

Hatfield Swim Club CIO

Trustees' Report

Trustees: Mrs Amanda Baskerville (appointed 28 September 2023) Mr Keith Green (appointed 28 September 2023) Ms Jeannine Blight (appointed 28 September 2023) Mrs Janice Bridgeland (appointed 5 October 2023) Dr Annette Margaret Payne (appointed 28 September 2023) Mrs Rebecca Hartley (appointed 28 September 2023) Gavin Boswell (appointed 5 October 2023) Glenn Jordan (resigned 28 September 2023) Poormina Kirloskar-Saini (resigned 6 January 2023) Belinda Ives (resigned 6 January 2023) Ann Quinn (resigned 28 September 2023) Janko Gojkovic (resigned 31 January 2023) Chairman: Mr Duncan James Hartley (appointed 28 September 2023) Secretary: Mrs Amanda Baskerville (appointed 28 September 2023)

Structure, governance and management Financial instruments

Objectives and policies

The charity's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.

Cash flow risk

The charity’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The charity uses foreign exchange forward contracts and interest rate swap contracts to hedge these exposures.

Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.

Page 3

Hatfield Swim Club CIO

Trustees' Report

Credit risk

The charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments.

The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.

The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.

The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity uses a mixture of long-term and short-term debt finance. Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.

Statement of trustees' responsibilities

The trustees (who are also the directors of Hatfield Swim Club CIO for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company 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 company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Page 4

Hatfield Swim Club CIO

Trustees' Report

The annual report was approved by the trustees of the charity on 28 October 2024 and signed on its behalf by:

......................................... Mr Duncan James Hartley Chairman

Page 5

Hatfield Swim Club CIO

Independent Examiner's Report to the trustees of Hatfield Swim Club CIO

I report on the accounts of the charity for the year ended 31 December 2023 which are set out on pages 7 to 18 .

Respective responsibilities of trustees and examiner

The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. The charity's gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of Chartered Certified Accountants.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

Basis of independent examiner’s report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

have not been met; or

......................................

Pi Accounatnts Chartered Certified Accountants

28 October 2024

Page 6

Hatfield Swim Club CIO

Statement of Financial Activities for the Year Ended 31 December 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Other trading activities
4
Other income
5
Total income
Expenditure on:
Raising funds
6
Charitable activities
7
Other expenditure
8
Total expenditure
Net expenditure
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
15
Note
Income and Endowments from:
Donations and legacies
3
Other trading activities
4
Total income
Expenditure on:
Charitable activities
7
Other expenditure
8
Total expenditure
Net income
Net movement in funds
Unrestricted
funds
£
37,843
262,257
1,544
301,644
(221,943)
(90,301)
(155)
(312,399)
(10,755)
(10,755)
5,542
(5,213)
Unrestricted
funds
£
4,000
12,627
16,627
(11,064)
(21)
(11,085)
5,542
5,542
Total
2023
£
37,843
262,257
1,544
301,644
(221,943)
(90,301)
(155)
(312,399)
(10,755)
(10,755)
5,542
(5,213)
Total
2022
£
4,000
12,627
16,627
(11,064)
(21)
(11,085)
5,542
5,542

The notes on pages 11 to 18 form an integral part of these financial statements. Page 7

Hatfield Swim Club CIO

Statement of Financial Activities for the Year Ended 31 December 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Reconciliation of funds
Total funds carried forward
15
Unrestricted
funds
£
5,542
Total
2022
£
5,542

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2022 is shown in note 15.

The notes on pages 11 to 18 form an integral part of these financial statements. Page 8

Hatfield Swim Club CIO

(Registration number: CE027844) Balance Sheet as at 31 December 2023

Note
Current assets
Stocks
10
Debtors
11
Cash at bank and in hand
12
Creditors: Amounts falling due within one year
13
Net (liabilities)/assets
Funds of the charity:
Unrestricted income funds
Unrestricted funds
Total funds
15
2023
£
150
16,530
15,537
32,217
(37,430)
(5,213)
(5,213)
(5,213)
2022
£
-
-
5,542
5,542
-
5,542
5,542
5,542

For the financial year ending 31 December 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements on pages 7 to 18 were approved by the trustees, and authorised for issue on 28 October 2024 and signed on their behalf by:

.........................................

Mr Duncan James Hartley Chairman

The notes on pages 11 to 18 form an integral part of these financial statements. Page 9

Hatfield Swim Club CIO

Statement of Cash Flows for the Year Ended 31 December 2023

Note
Cash flows from operating activities
Net cash (expenditure)/income
Working capital adjustments
Increase in stocks
10
Increase in debtors
11
Increase in creditors
13
Net cash flows from operating activities
Net increase in cash and cash equivalents
Cash and cash equivalents at 1 January
Cash and cash equivalents at 31 December
2023
£
(10,755)
(150)
(16,530)
37,430
9,995
9,995
5,542
15,537
2022
£
5,542
-
-
-
5,542
5,542
-
5,542

All of the cash flows are derived from continuing operations during the above two periods.

The notes on pages 11 to 18 form an integral part of these financial statements. Page 10

Hatfield Swim Club CIO

Notes to the Financial Statements for the Year Ended 31 December 2023

1 Charity status

The charity is limited by share capital, incorporated in England.

The address of its registered office is: Hatfield Swim Centre Lemsford Road Hatfield Hertfordshire AL10 0EB

These financial statements were authorised for issue by the trustees on 28 October 2024.

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Basis of preparation

Hatfield Swim Club CIO meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.

Income and endowments

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

Page 11

Hatfield Swim Club CIO

Notes to the Financial Statements for the Year Ended 31 December 2023

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Legacy gifts are recognised on a case by case basis following the grant of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity.

Grants receivable

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Page 12

Hatfield Swim Club CIO

Notes to the Financial Statements for the Year Ended 31 December 2023

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Stock

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.

Page 13

Hatfield Swim Club CIO

Notes to the Financial Statements for the Year Ended 31 December 2023

Financial instruments

Classification

Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.

Recognition and measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

3 Income from donations and legacies

Donations and legacies;
Donations from individuals
Legacies
Total for period ended 31 December 2023
Total for period ended 31 December 2022
Unrestricted
funds
General
£
4,750
33,093
37,843
4,000
Total
funds
£
4,750
33,093
37,843
4,000

Page 14

Hatfield Swim Club CIO

Notes to the Financial Statements for the Year Ended 31 December 2023

4 Income from other trading activities

Trading income;
Sales of goods and services
Membership subscriptions
Total for period ended 31 December 2023
Total for period ended 31 December 2022
Unrestricted
funds
General
£
594
261,663
262,257
12,627
Total
funds
£
594
261,663
262,257
12,627

5 Other income

Total funds £

6 Expenditure on raising funds

a) Costs of trading activities

Note
Costs of goods sold
Allocated support costs
Total for period ended 31 December 2023
Unrestricted
funds
General
£
600
221,343
221,943
Total
funds
£
600
221,343
221,943

Page 15

Hatfield Swim Club CIO

Notes to the Financial Statements for the Year Ended 31 December 2023

7
Expenditure on charitable activities
Note
Allocated support costs
Total for period ended 31 December 2022
Unrestricted
funds
General
£
90,301
11,064
Total
costs
£
Total
funds
£
90,301
11,064

Total expenditure £

8 Other expenditure

Note
Other resources expended
Total for period ended 31 December 2023
Total for period ended 31 December 2022
Unrestricted
funds
General
£
155
155
21
Total
funds
£
155
155
21

Page 16

Hatfield Swim Club CIO

Notes to the Financial Statements for the Year Ended 31 December 2023

9 Taxation

The charity is a registered charity and is therefore exempt from taxation.

10 Stock

2023 £ Stocks 150 11 Debtors 2023 £ Trade debtors 11,357 Other debtors 5,173 16,530

12 Cash and cash equivalents

----- Start of picture text -----
2023 2022
£ £
Cash at bank 15,537 5,542
----- End of picture text -----

13 Creditors: amounts falling due within one year

2023 £ Trade creditors 17,425 Other creditors 117 Accruals 19,888 37,430

14 Share capital

15 Funds

Page 17

Hatfield Swim Club CIO

Notes to the Financial Statements for the Year Ended 31 December 2023

Balance at 1
January 2023
£
Unrestricted funds
General
5,542
Unrestricted funds
General
16 Analysis of net assets between funds
Current assets
Current liabilities
Total net assets
Current assets
Incoming
resources
£
301,644
Incoming
resources
£
16,627
Resources
expended
£
(312,399)
Resources
expended
£
(11,085)
Unrestricted
funds
General
£
32,217
(37,430)
(5,213)
Unrestricted
funds
General
£
5,542
Balance at 31
December
2023
£
(5,213)
Balance at 31
December
2022
£
5,542
Total funds
at 31
December
2023
£
32,217
(37,430)
(5,213)
Total funds
at 31
December
2022
£
5,542

Page 18

Hatfield Swim Club CIO

Statement of Financial Activities by fund for the Year Ended 31 December 2023

Unrestricted Funds

Unrestricted Funds
Total Total
Unrestricted Unrestricted
Funds Funds
2023 2022
£ £
Income and Endowments from:
Donations and legacies 37,843 4,000
Other trading activities 262,257 12,627
Other income 1,544 -
Total income 301,644 16,627
Expenditure on:
Raising funds (221,943) -
Charitable activities (90,301) (11,064)
Other expenditure (155) (21)
Total expenditure (312,399) (11,085)
Net (expenditure)/income (10,755) 5,542
Net movement in funds (10,755) 5,542
Reconciliation of funds
Total funds brought forward 5,542 -
Total funds carried forward (5,213) 5,542

This page does not form part of the statutory financial statements. Page 19

Hatfield Swim Club CIO

Detailed Statement of Financial Activities for the Year Ended 31 December 2023

Income and Endowments from:
Donations and legacies (analysed below)
Other trading activities (analysed below)
Other income (analysed below)
Total income
Expenditure on:
Raising funds (analysed below)
Charitable activities (analysed below)
Other expenditure (analysed below)
Total expenditure
Net (expenditure)/income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
Total
2023
£
37,843
262,257
1,544
301,644
(221,943)
(90,301)
(155)
(312,399)
(10,755)
(10,755)
5,542
(5,213)
Total
2022
£
4,000
12,627
-
16,627
-
(11,064)
(21)
(11,085)
5,542
5,542
-
5,542

This page does not form part of the statutory financial statements. Page 20

Hatfield Swim Club CIO

Detailed Statement of Financial Activities for the Year Ended 31 December 2023

Donations and legacies
Legacies and bequests
Appeals and donations
Grants - other agencies
Other trading activities
Subscriptions
Sales of purchased goods
Other income
Other income
Raising funds
Direct costs
Closing stock
Office expenses
Computer software and maintenance costs
Staff training
Meet & Pool Hire Costs
Printing, postage and stationery
Competition Entry fees
Trade subscriptions
Legal and professional fees
Charitable activities
Coaching Fees
Other expenditure
Bank charges
Total
2023
£
33,093
4,750
-
37,843
261,663
594
262,257
1,544
1,544
(750)
150
(13)
(1,530)
(16,890)
(199,973)
(161)
(2,576)
(50)
(150)
(221,943)
(90,301)
(90,301)
(155)
(155)
Total
2022
£
-
-
4,000
4,000
12,627
-
12,627
-
-
-
-
-
-
-
-
-
-
-
-
-
(11,064)
(11,064)
(21)
(21)

This page does not form part of the statutory financial statements. Page 21