The Charity Registration Number is :- 1200463
Bristol Penguin Olympic Swimming Club
Report and Accounts
31 March 2024
Bristol Penguin Olympic Swimming Club
Report and accounts for the year ended 31 March 2024
Contents
| Page | ||
|---|---|---|
| Charity information | 1 | |
| Trustees' Annual Report | 1 | |
| Statement of Trustees' & Apost & "responsibilities | 8 | |
| Independent Accountant's Report | 9 | |
| Funds Statements:- | ||
| Balance sheet | 14 | |
| Notes to the accounts | 15 |
Bristol Penguin Olympic Swimming Club
Trustees' Annual Report for the year ended 31 March 2024
The Trustees present their Report and Accounts for the year ended 31 March 2024.
Reference and administrative details
The charity name.
The legal name of the charity is:- Bristol Penguin Olympic Swimming Club.
The charity's areas operation and UK charitable registration.
The charity is registered in England & Wales with the Charity Commission in England & Wales (CCEW) with charity number 1200463.
.
The charity does not operate in any overseas jurisdictions.
Legal structure of the charity
The charity is constituted as a Charitable Incorporated Organisation (CIO) in England & Wales. The governing document of the charity is the constitution of the CIO as approved by the Charity Commission in England & Wales (CCEW) .
There are no restrictions in the governing documents on the operation of the Charity or on its investment powers other than those imposed by Charity Law.
The trustees are all individuals.
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Bristol Penguin Olympic Swimming Club
Trustees' Annual Report for the year ended 31 March 2024
The principal operating address of the charity is:-
115 Church Road Hanham, Bristol BS15 3AL
The Trustees in office on the date the report was approved were:-
Benjamin Mullen Vashti Wyatt Susan Rees Jeremy Dudley
Objects and activities of the charity
The purposes of the charity as set out in its governing document.
The promotion of community participation in healthy recreation, primarily but not exclusively, for the benefit of the inhabitants of Bristol and the surrounding areas by the provision of facilities for swimming and associated activities and where appropriate to compete.
The main activities undertaken in relation to those purposes during the year.
Bristol Penguins is a swimming club based primarily at Easton Leisure Centre and Badminton School Swimming Pool with use of various other swimming pools around Bristol and Bath. Our ethos is to teach and coach our members, not just to swim but to become lifelong swimmers. We aim to provide a productive yet fun atmosphere where each swimmer can progress along their own individual swimming journey. We also aim to do our bit to help our young members develop as young people as well as swimmers, such as through our young volunteer programme. Our club is managed by a group of dedicated and well organised volunteer committee members and have achieved Swim Mark accreditation – the kite mark for swimming clubs to confirm they are run properly, including a check to ensure necessary safeguarding arrangements are in place.
We are a friendly swimming club and aim to value each one of our members. We have around 650 members ranging from those learning to be swimmers, competitive and less competitive swimmers, performance athletes, a masters section for adults and provision for those with additional needs. In the summer we run an open water programme. Social events are also an important part of the calendar. We have a policy of supporting those in hardship to be able to access club activities and we organise swimming galas for local primary schools and swimming lessons to support older primary aged children to be able to swim at least 25m and have an understanding of water safety.
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Bristol Penguin Olympic Swimming Club
Trustees' Annual Report for the year ended 31 March 2024
The main activities undertaken during the year to further the charity's purpose for the public benefit.
This last swimming season, the club has run a full weekly swimming programme. This has been complemented by additional activities such as swimming competitions. We continue to work with swimming pool operators, local schools, UWE and have a partnership with Badminton School. These working relationships help ensure we have sufficient water time for our swimming activities and we can attract new members to join the club. Ready for swimming season 24-25, we now additionally provide swimming coaching services for Bristol University.
We follow the Swim England guidance and continue to hold ‘Swim Mark’ Accreditation – the kite mark for swimming clubs to confirm they are run properly, including that the necessary governance and safeguarding arrangements are in place.
The club has continued with its wider commitment to supporting swimming in Bristol. We offer financial support where costs are a barrier to participation and swimming lessons for local primary school children unable to swim 25m. We continue to provide a dedicated session for para swimmers, potential para swimmers and those with additional needs. In April 2024 we will establish an Inclusive Learn to Swim programme of lessons supported by Access Sport which will introduce swimming to children with varying needs.
The trustees have had regard to the Charity Commission's guidance on public benefit in managing the activities of the charity.
The short term aims and objectives.
Plans for Swimming Season 24-25 The main priorities for this swimming season are as follows:-
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To develop collaboration opportunities with Soundwell Swimming Club with the view to improve the swimming provision offered at both clubs, especially to give the highest performing swimmers the opportunity to do some joint training and to compete together.
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Implement swimming coaching provision for Bristol University.
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Work on the reinstatement of long course swim training provision at Hengrove Park Leisure Centre.
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Development of the inclusive learn to swim programme - adding a second session.
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Following the completion of the upgrade works at Badminton School Swimming Pool, to fully reestablish bookings and aim to return to a member of around 670 members.
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Reestablishment of club link with Everyone Active.
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Collaboration with UWE and Bristol Uni to allow swimmers to access a local club while at university.
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Recruitment of a coach who will lead the masters squad.
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To better support swimmers who are neurodivergent, through workforce training and subsequent follow up.
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Bristol Penguin Olympic Swimming Club
Trustees' Annual Report for the year ended 31 March 2024
The main achievements and performance of the charity during the year.
Continuation of all our extensive range of activities across swimming lessons / training, various competitions and open water swimming. A summary of these are provided below.
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Improvement in overall swimming performance. We had a record number of county, regional and national swimmers. For example, eight swimmers competing in national events in the summer of 202 and three swimmers competing across national para events or Down Syndrome National Championships. The notable success in team galas was finishing a close second in the Arena National League Division 1 and promotion to the Premier Division.
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Hosting several swimming galas for our swimmers and inviting other clubs including our annual Dave Bryant and Tim Bratchel Memorial Galas.
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Continuation of our popular internal house galas.
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Organisation of three open meets which included our own club championships and for our November meet to now run over two days and include a wider range of events (previously a one day sprint meet).
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A residential swim camp at St Swithun’s School.
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Practice swimming sessions for local primary school swimming teams 12 teams taking part in the Bristol Penguin Primary School Swimming - a competition that has three rounds during the school year.
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Extra lessons on diving, turns and finishes as well as distance award sessions.
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Summertime open water swimming sessions at Cromhall Quarry Lake and a Bristol Penguin organised Gloucester County Open Water Swimming Festival.
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Social events: Christmas and Summer parties / presentation evenings.
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We continue to provide third party swimming teaching and coaching provision and this now includes Bristol University.
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Development of inclusive learn-to-swim lessons, in collaboration with Access Sport. To provide affordable small group lessons for those children with additional needs who may find it more challenging to access swimming lessons. The introduction of these lessons then also provide the opportunity for swimmers to progress to our Para Penguin sessions for older children.
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Bristol Penguin Olympic Swimming Club
Trustees' Annual Report for the year ended 31 March 2024
The degree to which the achievements and performance during the year have benefited beneficiaries of the charity and the wider society.
We continue to provide a swimming club for around 650 swimmers and we attract members from across Bristol. The club caters for those learning to swim (from Stage 5) and three pathways: recreational / less competitive, competitive and performance. Also, we provide coaching for a Masters (adults) group to support lifelong participation.
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Continuation of our swimming.
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Hosting several swimming galas for our swimmers and inviting other clubs including our annual Dave Bryant and Tim Bratchel Memorial Galas and also three junior league galas.
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Organisation of three open meets which allow swimmers from other clubs to take part.
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Practice swimming sessions for local primary school swimming teams with 12 teams taking part in the Bristol Penguin Primary School Swimming - a competition that has three rounds during the school year.
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Summertime open water swimming sessions at Cromhall Quarry Lake.
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Organisation of the Gloucester County Open Water Swimming Festival.
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Hardship support where costs are a barrier to participation.
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We continue to provide third party swimming teaching and coaching provision for Badminton School, QEH School, St Bonaventure’s Catholic Primary School, UWE and now Bristol University.
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Development of inclusive learn-to-swim lessons, in collaboration with Access Sport. To provide affordable small group lessons for those children with additional needs who may find it more challenging to access swimming lessons. The introduction of these lessons then also provide the opportunity for swimmers to progress to our Para Penguin sessions for older children.
Structure, governance and management of the charity
The methods used to recruit and appoint new charity trustees.
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Charity Commission Scheme. The trustees are eligible, in committee, to appoint trustees under the terms of the CIO constitution.
In selecting individuals for appointment as trustees, the existing trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO.
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Bristol Penguin Olympic Swimming Club
Trustees' Annual Report for the year ended 31 March 2024
The charity's organisational structure.
The charity is governed by the constitution and was approved initially by Swim England (national governing body) and subsequently was then approved by the members at the Bristol Penguin AGM on 26th May 2022. The constitution and application for eligible trustees was approved by the Charity Commission on 22nd September 2022. The Club Committee meets once per month during the swimming season and no fewer than four times in total for the duration of the swimming season. The CIO is managed and administrated by the Committee and some aspects are delegated to others who have organisational and administrative positions but are not committee members themselves.
Bankers HSBC - Bristol Branch Solicitors Barcan + Kirby - 25 North St, Bristol, BS3 1EN
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Bristol Penguin Olympic Swimming Club
Trustees' Annual Report for the year ended 31 March 2024
Financial review
The charity's financial position at the end of the year ended 31 March 2024
The financial position of the charity at 31 March 2024 and comparatives for the prior period, as more fully detailed in the accounts, can be summarised as follows:-
| Total Funds Net income Unrestricted Revenue Funds available for the general purposes of the charity |
2024 £ 8,766 178,117 178,117 |
2023 £ 13,617 169,350 169,350 |
|---|---|---|
Financial review of the position at the reporting date, 31 March 2024 .
Policies on reserves.
Reserves are needed to bridge the gap between the spending and receiving of income and to cover any unplanned expenditure.
The Trustees’ consider the current level of reserves appropriate to cover us for such eventualities while also providing financial stability and the means for development of our principal activities.
Availability and adequacy of assets of each of the funds
The board of trustees is satisfied that the charity's assets in each fund are available and adequate to fulfil its obligations in respect of each fund.
Details of The Independent Examiner
Scott Canning
Member of Association of accounting technicians
10 Meadow Street Avonmouth Bristol City of Bristol BS11 9AR
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Bristol Penguin Olympic Swimming Club
Trustees' Annual Report for the year ended 31 March 2024
Statement of Trustees' Responsibilities
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2008. Notwithstanding the explicit requirement in the extant statutory regulations,the Charities (Accounts and Reports) Regulations 2008, to prepare the financial statements in accordance with the SORP 2005, in view of the fact that the SORP 2005 has been withdrawn, the Trustees determined to interpret this responsibility as requiring them to follow current best practice and prepare the accounts according to the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), .
In particular, charity law requires the Trustees, if they prepare accounts on an accruals basis, to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Trustees are required to :-
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to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
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select suitable accounting policies and apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business;
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state whether applicable accounting standards and statements of
recommended practice have been followed, subject to any material
departures disclosed and explained in the financial statements;
The law requires that the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for the year.
The Trustees are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with regulations made under the Charities Act 2011. 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.
The Trustees are also responsible for the contents of the Trustees' report, and the statutory responsibility of the Independent Examiner in relation to the Trustees' report is limited to examining the report and ensuring that , on the face of the report, there are no material inconsistencies with the figures disclosed in the financial statements.
This report was approved by the board of trustees on 27 November 2024.
BEN MULLEN
Trustee
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Bristol Penguin Olympic Swimming Club
Report of the Independent Examiner to the Trustees of the charity on the accounts for the year ended 31 March 2024
I report to the Trustees on my examination of the financial statements of the charity on pages 11 to 19 for the year ended 31 March 2024 which have been prepared in accordance with the Charities Act 2011 (the Act) and with the Financial Reporting Standard 102, (effective 1st January 2016) as modified by FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), published by the Charity Commission in England & Wales (CCEW) , and under the historical cost convention and the accounting policies set out on page 15.
Respective responsibilities of the Trustees and the Independent Examiner and the basis of the report
As described on page 8, you, the charity's Trustees, are responsible for the preparation of the financial statements in accordance with the Charities Act 2011 and all other applicable law and with United Kingdom Generally Accepted Accounting Practice, applicable to smaller entities, and for being satisfied that the financial statements give a true and fair view.
The Trustees consider that the audit requirement of Section 144(1) of the Charities Act 2011 (the Act) does not apply, and that there is no requirement in the Governing Document for the conducting of an audit. As a consequence, the Trustees have elected that the financial statements be subject to independent examination.
Having satisfied myself that the financial statements are not required to be audited under any legal provision, or otherwise, and are eligible for independent examination, it is my responsibility to:-
a) examine the financial statements of the charity under Section 145 of the Act;
b) follow the applicable procedures in the Directions given by the Charity Commission under section 145(5)(b) of the Act.
Basis of Independent Examiner's Statement and scope of work undertaken
I report in respect of my examination of the charity's financial statements carried out under s145 of the Act. In carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act setting out the duties of an independent examiner in relation to the conducting of an independent examination. An independent examination includes a review of the accounting records kept by the charity and of the accounting systems employed by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you, as Trustees, concerning such matters. The purpose of the examination is to establish as far as possible that there have been no breaches of charity legislation and that, on a test basis of evidence relevant to the amounts and disclosures made, the financial statements comply with the SORP.
The procedures undertaken do not provide all the evidence that would be required in an audit, and information supplied by the Trustees in the course of the examination is not subjected to audit tests or enquiries and does not cover all the matters that an auditor would consider in arriving at an opinion. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide
Consequently, I do not express an audit opinion on the view given by the financial statements, and in particular, I express no opinion as to whether the financial statements give a true and fair view of the affairs of the charity, and my report is limited to the matters set out in the statement below.
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Bristol Penguin Olympic Swimming Club
I planned and performed my examination so as to satisfy myself that the objectives of the independent examination are achieved and before finalising the report I obtained written assurances from the Trustees of all material matters.
Independent Examiner's Statement, Report and Opinion
Subject to the limitations upon the scope of my work as detailed above, I have completed my examination: and can confirm that:-
This is a report in respect of an examination carried out under 145 of the Act and in accordance with Directions given by the Charity Commission under section 145(5)(b) of the Act which may be applicable;
and that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:-
accounting records were not kept in respect of the charity as required by with Section 130 of The Charities Act 2011;
the financial statements do not accord with those records; or
the financial statements 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;
have not been prepared in accordance with the methods and principles set out in the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP).
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 financial statements to be reached.
Signed:-
Scott Canning - Independent Examiner
Association of accounting technicians
10 Meadow Street Avonmouth Bristol City of Bristol BS11 9AR
This report was signed on 27 November 2024
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Bristol Penguin Olympic Swimming Club - Statement of Financial Activities for the year ended 31 March 2024
Statement of Financial Activities for the year ended 31 March 2024
| Current year Unrestricted Funds 2024 £ Income & Endowments from: Donations & Legacies A1 1,600 Charitable activities A2 514,017 Investments A4 3,101 Total income A 518,718 Expenditure on: Charitable activities B2 509,952 Total expenditure B 509,952 Net income for the year 8,766 Net income after transfers A-B-C 8,766 8,766 Reconciliation of funds:- E Total funds carried forward 22,383 Net movement in funds SORP Ref |
Current year Restricted Funds 2024 £ - - - - - - - - - - |
Current year Total Funds 2024 £ 1,600 514,017 3,101 518,718 509,952 509,952 8,766 8,766 8,766 22,383 |
Prior Year Total Funds 2023 £ 1,569 267,058 577 269,204 255,587 255,587 13,617 13,617 13,617 13,617 |
|---|---|---|---|
The 'SORP Ref' indicated above is the classification of income set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the Balance Sheet.
All activities derive from continuing operations
Bristol Penguin Olympic Swimming Club - Resources applied in the year ended 31 March 2024 towards fixed assets for Charity use:-
| Funds generated in the year as detailed in the SOFA Net resources available to fund charitable activities |
2024 £ 8,766 8,766 |
2023 £ 13,617 13,617 |
|---|---|---|
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Bristol Penguin Olympic Swimming Club - Statement of Financial Activities for the year ended 31 March 2024
Movements in revenue and capital funds for the year ended 31 March 2024
Revenue accumulated funds
| Unrestricted Funds 2024 £ Accumulated funds brought forward 13,617 8,766 22,383 Closing revenue funds 22,383 Summary of funds Unrestricted and Designated funds 2024 £ Revenue accumulated funds 22,383 Recognised gains and losses before transfers |
Restricted Funds 2024 £ - - - - Restricted Funds 2024 £ - |
Total Funds 2024 £ 13,617 8,766 22,383 22,383 Total Funds 2024 £ 22,383 |
Last year Total Funds 2023 £ - 13,617 13,617 13,617 Last Year Total Funds 2023 £ 13,617 |
|---|---|---|---|
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Bristol Penguin Olympic Swimming Club - Statement of Financial Activities for the year ended 31 March 2024
Bristol Penguin Olympic Swimming Club
Income and Expenditure Account for the year ended 31 March 2024 as required by the Companies Act 2006
| Income Income from operations Interest receivable Gross income in the year before exceptional items Gross income in the year including exceptional items Expenditure Charitable expenditure, excluding depreciation and amortisation Governance costs Realised losses on disposals of social investments which are programme related Total expenditure in the year Tax on surplus on ordinary activities Retained surplus for the financial year Net income after tax in the financial year Net income before tax in the financial year Investment income |
2024 £ 515,617 3,101 518,718 518,718 508,752 1,200 - 509,952 8,766 - 8,766 8,766 |
2023 £ 268,627 577 269,204 269,204 254,687 900 - 255,587 13,617 - 13,617 13,617 |
|---|---|---|
All activities derive from continuing operations
In accordance with the provisions of the Companies Act 2006, the headings and subheadings used in the Income and Expenditure account have been adapted to reflect the special nature of the charity's activities.
The note on pages 15 to 20 form an integral part of these accounts.
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Bristol Penguin Olympic Swimming Club - Balance Sheet as at 31 March 2024
| Notes | 2024 | 2023 | |||
|---|---|---|---|---|---|
| £ | £ | ||||
| Current assets | |||||
| Debtors | 8 | 22,554 | 17,358 | ||
| Cash at bank and in hand | 165,275 | 170,739 | |||
| Total current assets | 187,829 | 188,097 | |||
| Creditors: amounts falling due within | |||||
| one year | 9 | (9,712) | (18,747) | ||
| Net current assets | 178,117 | 169,350 | |||
| The total net assets of the charity | 178,117 | 169,350 | |||
| The total net assets of the charity are | funded by the funds of the | charity, as follows:- | |||
| Restricted funds | |||||
| Unrestricted Funds | - | - | |||
| Unrestricted Revenue Funds | 11 | 178,117 | 169,350 | ||
| Designated Funds | 178,117 | 169,350 | |||
| Total charity funds | 178,117 | 169,350 |
The Trustees acknowledge their responsibilities for complying with the requirements of charity legislation with respect to accounting records and the preparation of accounts.
The charity is subject to Independent Examination under charity legislation, and the report of the Independent Examiner is on page 9.
The Trustees are satisfied that, although the charity is not registered under the Companies Acts, if it were so registered, it would be eligible to prepare accounts in accordance with the provisions in Part 15 of the Companies Act 2006. applicable to companies subject to the small companies regime.
BEN MULLEN
Trustee
Approved by the board of trustees on 27 November 2024
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Bristol Penguin Olympic Swimming Club
Notes to the Accounts for the year ended 31 March 2024
1 Accounting policies
Policies relating to the production of the accounts.
Basis of preparation and accounting convention
The accounts have been prepared on the accruals basis, under the historical cost convention, and in accordance with the Financial Reporting Standard 102, (effective 1st January 2016) and 'FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), published by the Charity Commission in England & Wales (CCEW) , effective January 2016, , and in accordance with all applicable law in the charity's jurisdiction of registration, except that the charity has prepared the financial statements in accordance with the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), in preference to the previous SORP, the SORP 2005, which has been withdrawn, notwithstanding the fact that the extant statutory regulations, the Charities (Accounts and Reports) Regulations 2008 refer explicitly to the SORP 2005. This has been done to accord with current best practice.
Going Concern
After making appropriate enquiries, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
Risks and future assumptions
The charity is a public benefit entity.
The Club has in place systems of internal controls that are designed to provide reasonable assurance against material mismanagement or loss. These include financial controls and comprehensive insurance policies are in place to ensure
Policies relating to categories of income and income recognition.
Nature of income
Gross income represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Categories of Income
Income is categorised as income from exchange transactions (contract income) and income from non-exchange transactions (gifts), investment income and other income.
Income from exchange transactions is received by the charity for goods or services supplied under contract or where entitlement is subject to fulfilling performance related conditions. The income the charity receives is approximately equal in value to the goods or services supplied by the charity to the purchaser.
Income from a non-exchange transaction is where the charity receives value from the donor without providing equal value in exchange, and includes donations of money, goods and services freely given without giving equal value in exchange.
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Bristol Penguin Olympic Swimming Club
Notes to the Accounts for the year ended 31 March 2024
Income recognition
Income, whether from exchange or non exchange transactions, is recognised in the statement of financial activities (SOFA) on a receivable basis, when a transaction or other event results in an increase in the charity’s assets or a reduction in its liabilities and only when the charity has legal entitlement, the income is probable and can be measured reliably.
Dividends are accrued when the shareholder’s right to receive payment is established.
Income subject to terms and conditions which must be met before the charity is entitled to the resources is not recognised until the conditions have been met.
All income is accounted for gross, before deducting any related fees or costs.
Accounting for deferred income and income received in advance
Where terms and conditions relating to income have not been met or uncertainty exists as to whether the charity can meet any terms or conditions otherwise within its control, income is not recognised but is deferred as a liability until it is probable that the terms or conditions imposed can be met.
Any grant that is subject to performance-related conditions received in advance of delivering the goods and services required by that condition, or is subject to unmet conditions wholly outside the control of the recipient charity, is accounted for as a liability and shown on the balance sheet as deferred income. Deferred income is released to income in the reporting period in which the performance-related or other conditions that limit recognition are met.
When income from a grant or donation has not been recognised due to the conditions applying to the gift not being wholly within the control of the recipient charity, it is disclosed as a contingent asset if receipt of the grant or donation is probable once those conditions are met.
Where time related conditions are imposed or implied by a funder, then the income is apportioned to the time periods concerned,and, where applicable, is accounted for as a liability and shown on the balance sheet as deferred income. When grants are received in advance of the expenditure on the activity funded by them, but there are no specific time related conditions, then the income is not deferred.
Any condition that allows for the recovery by the donor of any unexpended part of a grant does not prevent recognition of the income concerned, but a liability to any repayment is recognised when repayment becomes probable.
Membership subscriptions
The income and any associated Gift Aid or other tax refund from a membership subscription received by the charity in the nature of a gift, is accounted for on the same basis as a donation.
The income from a membership subscription received by the charity where the subscription purchases the right to services or benefits is recognised as income from charitable activities.
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Bristol Penguin Olympic Swimming Club
Notes to the Accounts for the year ended 31 March 2024
Policies relating to expenditure on goods and services provided to the charity.
Recognition of liabilities and expenditure
A liability, and the related expenditure, is recognised when a legal or constructive obligation exists as a result of a past event, and when it is more likely than not that a transfer of economic benefits will be required in settlement, and when the amount of the obligation can be measured or reliably estimated..
Liabilities arising from future funding commitments and constructive obligations, including performance related grants, where the timing or the amount of the future expenditure required to settle the obligation are uncertain, give rise to a provision in the accounts, which is reviewed at the accounting year end. The provision is increased to reflect any increases in liabilities, and is decreased by the utilisation of any provision within the period, and reversed if any provision is no longer required. These movements are charged or credited to the respective funds and activities to which the provision relates.
Allocating costs to activities
Direct costs that are specifically related to an activity are allocated to that activity. Shared direct costs and support costs are apportioned between activities.
The basis for apportionment, which is consistently applied, and proportionate to the circumstances, is :-
Staffing - on the basis of time spent in connection with any particular activity.
Staffing - on a per capita basis, based on the number of of people employed within any partiular activity. Premises related costs - on the proportion of floor area occupied by a particular activity.
Non specific support costs - on the basis of the usage of resources, in terms of time taken, capacity used, request made or other measures
Estimation techniques used in apportioning costs - give details
Volunteers
In accordance with the SORP, and in recognition of the difficulties in placing a monetary value on the contribution from volunteers, the contribution of volunteers is not included within the income of the charity.
However, the trustees value the significant contribution made to the activities of the charity by unpaid volunteers and this is described more fully in Note5.
Policies relating to assets, liabilities and provisions and other matters.
Debtors
Debtors are measured at their recoverable amounts at the balance sheet date.
Creditors and provisions
The charity has creditors which are measured at settlement amounts.
Cash and bank balances
Cash held by the charity is included at the amount actually held and counted at the year end. Bank balances, whether in credit or overdrawn, are shown at the amounts properly reconciled to the bank statements.
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Bristol Penguin Olympic Swimming Club
Notes to the Accounts for the year ended 31 March 2024
1 Fund Accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
There are no endowment funds.
2 Liability to taxation
The Trustees consider that the charity satisfies the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 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 on the specific charitable objects of the charity and for no other purpose. Value Added Tax is not recoverable by the charity, and is therefore included in the relevant costs in the Statement of Financial Activities.
3 Winding up or dissolution of the charity
If upon winding up or dissolution of the charity there remain any assets, after the satisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodies having similar objects to the charity.
4 Significance of financial instruments to the charity's position
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.
5 The contribution of volunteers
The charity depends on the support of its volunteers, which is much appreciated. The arrangements with volunteers are difficult to value precisely in monetary terms and have not been recognised in the Statement of Financial Activities. The volunteers and the charity accept and agree that no contract of employment is created by these arrangements.
6 Staff costs and emoluments
| Salary costs Gross Salaries excluding trustees and key management personnel Employer's National Insurance for all staff Employer's contribution to defined benefit pension schemes Total salaries, wages and related costs Numbers of full time employees or full time equivalents The average number of total staff employed in the year was |
2024 £ 103,997 3,494 3,120 110,611 2024 8 |
2023 £ - - - - 2023 - |
|---|---|---|
18
Bristol Penguin Olympic Swimming Club
Notes to the Accounts for the year ended 31 March 2024
7 Defined contribution pension schemes
The charity operates a defined contribution pension scheme, the costs of which are shown above.
Any liabilites and assets associated with the scheme are shown under debtors and creditors.
8 Debtors
| Trade debtors Prepayments and accrued income 9 Creditors: amounts falling due within one year Trade creditors Accruals Other creditors 10 Income and Expenditure account summary At 1 April 2023 Surplus after tax for the year At 31 March 2024 |
2024 £ 7,515 15,039 22,554 2024 £ 8,503 1,200 9 9,712 2024 £ 13,617 8,766 22,383 |
2023 £ 3,380 13,978 17,358 2023 £ 17,837 900 10 18,747 2023 £ - 13,617 13,617 |
|---|---|---|
11 Particulars of how particular funds are represented by assets and liabilities
| At 31 March 2024 Current Assets Current Liabilities At 1 April 2023 |
Unrestricted funds £ 187,829 (9,712) 178,117 Unrestricted funds £ 169,350 |
Designated funds £ - - Designated funds £ - |
Restricted funds £ - - - Restricted funds £ - |
Total Funds £ 187,829 (9,712) 178,117 Total Funds £ 169,350 |
|---|---|---|---|---|
19
Bristol Penguin Olympic Swimming Club
Notes to the Accounts for the year ended 31 March 2024
12 Change in total funds over the year as shown in Note 11 , analysed by individual funds
| Funds brought forward from 2023 Movement in funds in 2024 £ £ Unrestricted and designated funds:- Unrestricted Revenue Funds 13,617 8,766 Total unrestricted and designated funds 13,617 8,766 Total charity funds 13,617 8,766 13 Analysis of movements in funds over the year as shown in Note 12 Income Expenditure 2024 2024 £ £ Unrestricted and designated funds:- Unrestricted Revenue Funds 518,718 (509,952) 518,718 (509,952) |
Transfers between funds in 2024 £ - - - Other Gains & Losses 2024 £ - - |
Funds carried forward to 2025 £ 22,383 22,383 22,383 Movement in funds 2024 £ 8,766 8,766 |
|---|---|---|
20