Derby Excel SNvimming Club Contents Pages 2to3 Tru5tees' Annual Report Independent Examinèr's Report Statement of Financial Actlvliles Balance Sheet Notes to the Accounts Detalled Statement Df Financlal Actlvltles 7t012 13to14 Page 1
Derby Excol Swimming Club Trustees Annual fteport The trustees present their réport with the unaudit8d financial statements of the charity for the pèriod ended 30 April 2024. REFERENCE AND ADMINISTRATIVE DETAILS Ch@rity No. 1202349 Principal Officè Moorways Sports Viiiage Moor Lane Aiienton Derby OE24 9HY Trustees Th9 following trustees servod during the year: N.V. Balns P. Hlbbs B. Ingram Accountants Davls Accountants Limlted Big Wtsod House 109 Woodlands RoFJd Allèstre Derby DE22 2HH 08JECTIVES AND ACTIVITIES The promotion of community participation in h•fjlthy rècr6atlon, prlmarlly bul not excluslvÈly. for the bèneflt of the inhBbliants of Derby and the surroundlng urea5 by the provislon of dèvelopm8nil¢¢mpetitlv actlvltleslswimming and wssoclclted activitles. The main octivltles undertaken In relatlon to those purposes.,.SwSmmlng lessons, swlmmlng tralnlng, compotltlve swimmlng. Providlng a swimming pathway in Derbyshlre. Capturing chil(tren leaving the learn to swlm programme at Moorways sports vlllage and other swlm schoo15 and improvlng thelr health nd swlmmlng ability. Providlng a competitlve swimming club for thè City of Derby. Provldlng a performance swlm trainlng programmo for tho county of DÈrbyshir&. ACHIEVEMENTS AND PERFORMANCE The establlshmenl of a swimmlng aeademy for children at the end of learn ltr swim programme who wlsh to continue In th& sport of swlmmlng. The provision of a community swim club. The rAovision of a performancé swim club and performanca pathway for the county of Derbyshire. Hosting six high quality swlmming compelitlons for Iwal and natlonwid8 swimmers. Co.hostlng a schools gala ror Ihe City of Derby. Running raster 5esglons throughout the year for childrèn to encourage tliem to join our swimming club. Page 2
Derby Excel Swimrhing Club Trusteè5 Annual Report FINANCIAL REVIEW Reserves are held in hlgh interest acctsunt and are retainèd for predicted future threats to thè ¢harity'5 finance5. These Include increased pool hire charges. Current threats are significant increased pool hire Charges at our main facility, Moorways Sports Villège. PLANS FOR FUTURE PERIODS Growth of the D8rby Excel Academy. STRUCTURE, GOVERNANCE AND MANAGEMENT Details can be found In our constitutlon.. Derby Exc$1 Constitution Statoment of trustees, responsibilities in relation to the financial statèments Th& ¢harity trusrees are responslble for preparlng a trustees, annu81 report and f5nan¢lal Statements in accordance with applicable law and Uniled Kingdom Aceounting Standards (Unlied Kingdom Generally Accepied Accounting PraGticel. The trustees are responsible for keeplng proper accounting records that dis¢1050 Wlth raasonable accuracy at any tim6 the financi¢11 posltion of the ¢hariry and to ènAble Ihem to ensuro that the financial stwtements comply wlth the Charities Act 2011, the applicablo Chorities IA¢counts and Reports) Regulations, and tho provlslon5 of the Trust deed. Thè Trustèes are also responslble for safeguarding the as5et5 of tha Charlty and hen¢0 ¢aklng rgasoniblg 5lèps for ihè pr9V9ntlon and det6Ctlon offraud and othgr irregularltles. Signgd on bghalf ol th8 charity'$ trustees B. Ingram Trust 17 Sept8mber 2024 Page 3
Derby Excel Swlmming Club Indèpend&nt Examiners Report Independent Examiner's R&p¢rt to the trustees of Derby Excel Swimming Club I report lo tha trustéès on my examination of the flnan¢lal statements of Derby Excel Swimming Club for thg period ended 30 Aprll 2024. Responsibilities ènd ba515 of report As the charity's trust8e5 you are responslble for ihe preparation of the financi815l4tements in accordan¢e wlth thè requir&ment5 of the Charlt16s Act 20111'tlie Act'l. I report In respect of my examlnation af the charliy's flnancit)1 statements carried out under section 145 of tlie 2011 Act and In carrying out my examination I have followed all the applicabl& Dirèctlon5 given by the Charity Commission under secilon 1451511bl of the Act. Independent examiner s statement As the charity's gros5 Sncome exceeded £250,000 your eKominer musi be a member of a body listed in section 145 of tlie 2011 Act. l confirm Iliat l am quallfied to undertake the examination by bèing a qualifled mèmber of ACCA. I have complet8¢J my examlnatlon. I can ¢onflrm that no matèrlal matters have come lo my attentlon in onnectlon wlth the examinatlon glvlng me ¢ausè to belleve that In any maierlal respect.. th¢ accountlng records were noi kepr In respect of the ¢harlty as requlred by sectlon 130 of the Act., or the flnanclal statements do not i¢cord with those records,. or the flnancial stalomènts do not comply wSth thè applS¢ablts requirem8nt$ concornlng the form content of financlal stalament5 set out In the Charltiés IAc¢ounis and Reports) Rogulations 2008 othor than any requiremènt thut the 1Snanclol statements glve a 'true and filr, vlew whicli Is not a matier cohsldergd as part of an Independent examlnatlon. I liavè no concerns and have Come acr055 no other matigrs In conne¢ilon wlth the examlnatlon to whl¢h atl8ntlon should bg drawn In thls rgport In order to 8nabla 8 proper understanding of the financial statem6ntS lo be reached. Bibl SaadS0 Davls FCCA ACCA Dav15 Account¢ints Limited Big Wood House 109 Woodlands Roaé Aiie5tree Derby DE22 2HH 17 September 2024 Page 4
Derby Exc61 Swimming Club Statement of Financial Activities for the period ended 30 April 2024 Unrestricted funds Total fund5 2024 2024 Notes Ineome and endovvments from.. Donationg and legacies Charltable activities Othèr trading activit1&$ Oth6r 8,376 403,843 5,731 138,292 8.376 403,843 5,731 138,292 Total 556,242 556,242 Expenditur? on.. Raising ftjnds Charitable aetivities O¢har 5,436 401,089 9,559 5,436 401,089 9,559 Total 416,084 416,084 Net galns on Investments Not Incom• 140,158 140,158 Transfers bgtween funds Net income beforè other gains/llossèsl 140,158 140,158 Other gains end losses Net movement in funds 140,158 140,158 R袢n¢llialion of funds., Total funds carried forw&rd 140,158 140,158 Page 5
Derby Excel Swimming Club Balan¢e Sheet at 30 April 2024 Charity No. 1202349 2024 Current assets Stocks Cash at bank and In hand 10 6.283 172,005 178,288 138,1301 140,158 140,158 140.158 Creditors.. Amount falllng due within one year Net currant assets Total assets lèss current liabilitiès Net assèts Excluding pension asset or liability Total net assets 11 140,158 The funds of tlie cliarity Re5trictod funds Unrestricted funds General funds 12 12 140,158 140,158 Reserves 12 Total funds 140,158 Approved by the tru5te85 on 17 September 2024 And slgned on thelr behalf by.. 8. Ingrim Trustèe 17 Septembar 2024 Page 6
Derby Excèl Swimming Club Notes to thè Accounts for thè period ended 30 April 2024 l Accounting policies Basis of preparation The financial statements have been prepar8d in accordance with Statement of Recommend8d Practlc&'. Accouniing and Reporting by Charities preparing thplr 8ccounts in accordance wlth the Financial Reporrlng Standard èppli¢able in the UK and Rèpublic if Ireland (FRS 1021155ued on 16 July 2014 and thè Financial Reporling Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. Change in basis of accounting or to previous a¢¢ounts There has been no Chango to the accountlng poll¢le$ (valuation rulè% method of accoLsntlngl s1n¢e last year and no changes have been made io accounts for prevÈou5 years. Fund accounting Unrestrbcted funds These are avallable for use at thè discr&tlon of the trustees in fUrthSrare of the general obJec¢s of che cliarity. These are unrestrlcted funds earmarked by rhe irustee5 for particular purposes. Those aro unrestrlcted fund5 which includg a revaluatlon reserve representlng the restaiemont of investment k)ssets at thelr market valu¥s. These are available lor u58 subjèct to restrbctlons Imposed by the donor or through tèrms of an appeal. Deslgnated funds Ravaluailon funds Re5trlcted fund$ Income Recognltlon of Income Income Is Included In ilie Statement oi FinanclEJI Actlvl¢le$1SoFAI when ihè ¢harlty be¢omes entltled to, and vlrtually c@rtaln lo rec&lve, Ihe In¢ome and the amount tsr the In¢¢me can b8 mèbsured wlth 5ufflclent rellablllty. Income wlth related Where Ineome has related expendlture the Income and related expenditure is expendlture reportèd grosg In the SOFA. Donatlon5 and legacies Voluntary Income r•cÈlved by Wciy of ants, donations and gifts is included In the the SOFA when r&¢elvable and only when the Charlty has uncondltional entlllement tc* the Income. Tax reclaim5 Qn Income from tax reclaim5 Is Included In the SOFA ai ihe same ilme a5 the donations and gift5 giftldonatlon to which it relatos. Donated services These aro only Included in i10me (wiih an èqulvalÈnt amount in @xpenditurgl and faclllrles whore the benefit to tlie Charlty is reasonably quantifiable, measurable and material. Volunteer help The value of any volunieer help received is not Included In the accounts. Investment income Thi5 15 included in rhe accounts when receSvable. Gainsll1ossesl on Thi5 include5 any gain or105s resultlng from revalulng Invesimenis io markei value revaluatlon of fixed at the ènd of the year. asset5 Gains/llossèsl trn investment aSSèC5 This includes any galn or1055 on the sÈl& of investments. Page 7
Derby Excel Swimming CluE) Notes to the Accounts Expenditure Recognition of expenditure Exppnditure is recognised on an accruals basis. Expenditure includes any VAT which annot be fully recovered, and is reported as part of the expenditure io which It relates. Expendlture on These comprise th& tosts a550ciated wlth attra¢tlng volunlary income, fundra15ing raising funds tradlng costs and investment management ¢osts. Expenditure on Thesè comprlso the costs Sncurred by rhe Charity in the delivery of115 activlties and charitable actlvltles services in the furtherance ol Its obje¢is, Including the maklng of grants and govornonte to$ts. Ali grant expendlture Ss accounted for on an actual paid basis plus an accrual for grants thai have been approved by the trustees at the ènd of the yoar but rtot yel paid. Those include ihose cost5 associated with mèeting the constltutlonal and statuiory requlrements of the Charlty, Ineludlng any auditlindÈpendent examination fees, ¢osis Ilnked to the strateglr management of the Charlty, together wllh a Share of other 4dmini5tratlon costs, These are Support costs noi allocaied to a particular actlvliy. Grants payablè Governance costs Other trxpenditure Taxatlon The charlty is exempt from tax on Its charltable a¢tlvicIès. Fraghold investment proparty Investment prop8rtles are meosured inltlally at co$L and subsequently at fair value at aach balance sheet dalg and are noi depreclated. Ali galn5 or losses are taken io the Statement of Finan¢lal A¢tlvltI¥9 as they arls8. Stocks Sto¢k Is Included al the lower of cost or nat raallsable value. Donated items ol stock are recognlsed ot falr value which 15 tho amount rhe ¢harSty would havg b¢trn wllllng lo pay lor the items on the open merket. Trade and other debtors Trade and other debtors arè reeognlsed at the sèttlement amount due after any trade dls¢()un¢ offered. Prepayments are valued at the amount prppaid net of any trade dlscounts due. Cash and cash equlvalonts Cash and cash equivalent5 comprlse eash at bank and on hand, demand deposlts wlth banks and oiher short-term highly Ilquld Invesiment5 Wlth original maturities of threp montlis or less and bÉink ovèrdrafts. In the statement of finincial position, bank overdrafts are shown wlthin borrowlng5 or currenl Ilablllilos. In the Statement of Cash Flows, cash and cash equlvalent5 are shown net of bank overdrafts that are repayable on demand and form an Integral part of the company's cash managemtsni. Tradè and otlier creditors Shorl term crèdllors are measured ai Ihe transactlon prlce. Other credliors and provlslons ¢ire recognlsed where the charity has a present obligatlon resultlng from o 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 rèllably. Creditors and prov191ons are normally recogni5ed at thew seltlement amount after allowing for any trade dis¢ounts due. Page 8
Derby Excel Swimming Club Notes to the Account5 Research and devèlopmènt Expenditure on re5ear¢h and dev@lopmÈni ts writton off in the year In whiGh it is incurred. Foreign CLrrr•nEies Monetary assets and liabilitie5 denominaied In curren¢ie5 other than the functional currency of thè charity are translated at the rates of exchange wevalllng at the end of thè rèporiing period. Transactlon5 in currencies other than the functional currenGy of Ihe charity ara r8corded at the rale ol •xchange on the datè thai ihe transaction rxcurred. Ali exchange differences &rè ère taken into account in arriving at neL Incomelexpenditure. Lèased 455ets Wheré the charity enters Into a lease which entalls taking subst1[ ntlally all the risks and rewards of ownership of an assei, the leaso is treated as a fin8nce lease. Leases whlch do not transfer substantially all t11& rlsks and rewards ol ownershlp to charlty are classified s op6rclting leases. A$5ets held under finance leases are inltlally rocognised as assets of the charlty at their fair valuè at tho Inceptlon of the lease or, If lower, at thè present value of rhe mlnlmum leaso paym&nis. The correspondlng liability to ihe18550r is included in the balance sheer dale as a finance lease obllgatlon. Lease payments are apporlloned between flnance expenses end reductlon of the lèagÉ c>bligation 50 a$ 10 ochleve a constant rate of interest on the remalning balance of the liability. Flnit nco oxpen5es are r8cognl$ed Immediately, unless they ara dlrectly attributAble to quallfying asset$, in wliich etyso tlioy are capit211sed In accordjncg wlth the charlty's pollcy on borrowlng ¢o$i$. Assers held under flnanco laa$es are depreclatèd In the same way 8$ owned assel5. Op8ratlng lèase payment5 are recognlsed as an 8xpgnse on a straight-line basls over the lease lerm. In the ev$nt that1oa5e Incentlves Ejro re¢elved to enior Into operatlng leeses, su¢tt Incentlves are recognlsed k)s a Ilablllty. The aggregate benellt of Inc8ntlves Is recognlsed as 8 rgdu¢rion of renlal expenso on a straight.llno ba515. Pènsion costs The charlty oper4tes a deflned contrlbution plan for Its employees. A deflned contributlon plan is a peiislon plan under whlch the charlty pays flxed conrrlbuiions into a s8paratè entity. Once the contrlbuiions have been paid the charity has no furthèr paymenl5 obllgations. The contrlburlons are recognlsed as expense5 when they fall due. Amounts not paid are shown In a¢¢ruals In the balance sheet. Thè assets of the plan are hold Separately from tlie charity in independenlly admlnislered funds. Rec¢ipt of donated goods, facilities and s@rvices All d()nated goo(Js, fa¢llltles and Services recelved are recogni5ed wllhln Incoming rosources and expendiiure it an estimate of the value to the charity. 2 Income from donations and legacies Unrestricted Total 2024 8,376 8,376 8.376 8.376 Page 9
Derby Ex¢81 Swimming Club Note5 to the Accounts 3 Income from charitable a¢tivltles Unrestricted Total 2024 Home Event Incomè Extèrnal Mèei Income 171,165 21.308 167,653 43.717 403,843 171,165 21.308 Monthly Fee Other Charitablè ActlviLi95 167,653 43,717 403,843 4 Income from othgr tradirvj 8¢tivities Unrestrlcted Total 2024 5,731 5,731 S,731 5,731 S Other income Unrostri¢ted Total 2024 Income on merger ol Derby Cliy Swlmmlng Club and Derventlo 138,292 138,292 138,292 138,292 6 Expendlture on raising funds Unre$tri¢ted Total 2024 Fundralsing trading costs 5,436 5,436 5,436 5,436 Page 10
Derby Excel Swimming Club Notes to thè Accounts 7 Expendlture on choritable activities Unre5triEted Total 2024 Expenditurè on charitBble activities Home Event Income Ext&rnal Meet Income Monthly Fee Other Charltable Activities Gov&rnance costs 130,601 50,360 204,011 11,673 130,601 50,360 204,011 11,673 3.954 3,954 490 490 401,089 401,089 B Other exp6nditure Unrestricted Total 2024 Employee ¢ost$ Premlses costs Genoral admlnlstratlvo ¢ost5 6,215 1,221 2,123 9,559 6,215 1,221 2,123 9,559 9 Staff costs 2024 4,253 4,253 Penslon cost9 No employee rocelved emoluments In eK¢ess of £60,000. 10 Stgcks 2024 Finlshed goods 6,283 6,283 Carrying value analysed by activltles 2024 Home Ev6nt In¢tsme 6,283 6,283 11 Creditors: amounts falling due wilhln one year 2024 Accruals 38,130 38,130 Page11
Dèrby Excel Swimming Club Notes to the A¢c¢unts 12 Movement in funds Incoming resources (including other gainsllosses Resources expended At 30 April 2024 Restri¢t&d funcls: Unrèstricted funds: General funds 556,242 1416,0841 140,158 Total funds 13 Ancily5is of net assets botweÈn funds 556.242 1416,0841 140,158 Unrestricted funds Total Nei current assets 140,158 140,158 140,158 140,158 14 Recon¢iliatlon of net debt At 30 Aprll 2024 Cash flows Cash and ¢a$h equlvsJlentS 172,005 172,005 172,005 172,005 Net debt 172,005 172,005 15 Commitment5 Operating 10&58 commitments Annual commltments under non.can¢ellable operatlng leases arg a5 follows.. 2024 2024 Land and buildings Otlier Operating lease5 Wlth expiry date., Pension commitment5 2024 The penslon cost charge to the chFJrlty amounted to.. 4,253 Page 12
Derby Excel Swimming Club Detail@d Stitement of Financial Activities for the period ended 30 April 2024 Unrestricted funds Total funds 2024 2024 Income and endowments from.. Donaclons and legacies 8,376 8,376 8.376 8,376 Charltable activities Homé Event Income External Meet Incomè Monthly Fee Other Charltable Activitiès 171,165 21,308 167,653 43,717 403,843 171,1Gfj 21,308 167,653 43,717 403,843 Other tradlng actlvltl&s 5,731 5,731 5,731 5,731 Other Income on merger of Derby Clty Swlmmlng Club and Derventlo 138,292 138,292 138,292 138,292 556,242 Totol incomè and endowments Expenditure on.. Cost5 01 othor tradlng actlvltle$ 556,242 5,436 5,436 5,436 5,436 Total of expènditure on ralslng funds 5,436 5,436 Charltable actlvlrle5 Home Event Income External Meei In¢omÈ Monthly Feè Other Charltabl& Activitie5 130,601 50,360 204,011 11,673 396,645 130,601 50,360 204.011 11,673 396,645 Governance ¢osts 3.954 490 4,444 3,954 490 4,444 Total of expenditur8 on ch¢lritable 8Gtivities 401,089 401,089 Employee costs Pension c05ts 4.253 4,253 Pxge13
Derby Excel Swimming Club Detailed Statement of Financial Activities Staff entertainment Siaff training Siaff welfare 89 1,255 618 6,215 89 1,255 618 6,215 Premlses G05t5 Rent 1,221 1.221 1,221 1,221 General administrative costs, Includlng depreciatioii and amortlsatlon Bank charg&s Software, IT support and related ¢osrs Statlonery and printing 547 547 871 871 705 2,123 9,559 705 2,123 9,559 Total of expenditure of other costs Total expenditure Nèt gains on invostmgnt5 416,084 416,084 Net Income 140,158 140,158 Nei Sncome before othgr oains/l1055e51 Other Galns 140,158 140,158 Net movement In funds 140,158 140,158 Reconcillation of funds.. T¢ral funds brought forward Total funds ¢arried lorwbrd 140,158 140,158 Page 14