Brixham Admiral Swim Company Ltd - Charities report - 18.1
Brixham Admiral Swim Company Ltd - Charities report - 18.1
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| REPORT OF THE TRUSTEES AND |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR |
| ENDED 30 JUNE 2018 |
| FOR |
| BRIXHAM ADMIRAL SWIM COMPANY LTD |
| BRIXHAM ADMIRAL SWIM COMPANY LTD |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 30 June 2018 |
| Page |
| Report of the Trustees | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 to 7 |
| Notes to the Financial Statements | 8 to 11 |
| BRIXHAM ADMIRAL SWIM COMPANY LTD |
| REPORT OF THE TRUSTEES |
| for the Year Ended 30 June 2018 |
| The charity runs a community swimming pool and community room. It is a heated indoor pool and aims to provide |
| opportunities for leisure and recreation, the teaching of swimming, swimming coaching through Brixham Swimming |
| Club. It works closely with other agencies and groups and groups including the Torbay Care Trust, local schools and |
| colleges, groups specialising in work with the disabled. |
| OBJECTIVES AND ACTIVITIES |
| Objectives and aims |
| To promote, provide and/or assist in the provision of leisure, health, educational and aquatic facilities for the benefit of |
| the inhabitants of Brixham and the surrounding area. For recreation or other leisure time occupation of individuals who |
| have need of such facilities by reason of their youth, age, infirmity or disablement, financial hardship social and |
| economic circumstances or for the public at large in the interests of social welfare and with the object of improving the |
| conditions of life and lifestyle of the said inhabitants. |
| Significant activities |
| The charity considers maintaining the pool and its surrounds at a high level to be key to it's operation. Having |
| successfully re-tiled the pool tank and surround and re-decorated the pool area the Trustees plan further improvements to |
| the facility starting with renewing the boiler plant to ensure it is fit for purpose for the next 25 years and to achieve |
| energy efficiency and cost efficiencies as a result. |
| Public benefit |
| The trustees are aware of the charity commission's guidance on public benefit and have regard for it in their |
| administration of the trust as illustrated by the pursuit of its objectives as set out in this report. |
| Review of the year |
| The Trustees once again wish to thank the Brixham Swimming Club for a significant donation this year towards the |
| future replacement of a boiler. |
| The Trustees also wish to thank Torbay Council for their continuing support enabling the Admiral to maintain and |
| improve our facilities and our ability to teach the children of the area to swim and swim well. |
| During the year the planned addition of leisure equipment took place and is proving popular, bringing more users to the |
| pool. Our zorbs and inflatable assault course being available for parties and school clubs. |
| Another steady year for the Admiral following a number of years continuous improvement. More to follow in 2018/19 |
| when the boiler works will be undertaken. The pool and surround remains in an excellent condition following the |
| improvements over recent years. |
| FINANCIAL REVIEW |
| Reserves policy |
| The Trustees consider it appropriate that the objective of the reserves policy is to protect the organisation against future |
| events and that a level of reserves are held to protect the charity from closure should financial difficulties arise. |
| The Trustees consider that the minimum reserve level is the minimum cash balance of the organisation available for 3 |
| months of keeping the pool open at minimum running costs. The upper limit for reserves being for 12 months of |
| minimum running costs: |
| Minimum | Upper limit |
| Salary Cost of three full time employees | £18,750 | £75,000 |
| Minimum running costs (at 50%) | £9,287 | £37,147 |
| Total reserve | £28,037 | £112,147 |
| Running costs being: Cleaning & Hygiene, Insurance, chemicals, admin costs, rent and rates and all utilities. |
| The Trustees consider that in the unlikely event of the charity having to cease operations, the minimum cash and |
| investment reserve together with the value of non-cash net assets would be sufficient to pay winding up liabilities. |
| Should these reserves fall below this level, for whatever reason, immediate steps will be taken to reinstate them over a |
| reasonable period. |
| BRIXHAM ADMIRAL SWIM COMPANY LTD |
| REPORT OF THE TRUSTEES |
| for the Year Ended 30 June 2018 |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Governing document |
| The charity is controlled by Memorandum and Articles of Association drawn up on incorporation, 5th June 2006, as |
| amended on 15th November 2006 and on 28th February 2017, and by a certificate of change of name dated 27th January |
| 2009. The charity constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
| Organisational structure |
| Trustees are appointed to reflect the needs of the charity - organisational, human relations, financial and legal. They are |
| appropriately trained on the lines suggested by the Commission and keep up to date by attendance at professional |
| seminars and/or reading professional and Commission publications. |
| Whilst accepting responsibility for all aspects of the Company, day to day management is delegated to the Centre |
| Manager, Phil Thomas, who leads the team. |
| The Trustees meet monthly to review all aspects of the Trust's work. The Centre Manager is always present at these |
| meetings for relevant agenda items. |
| Each worker is allotted a trustee as a personal mentor. |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Company number |
| Registered Charity number |
| Registered office |
| Trustees |
| - resigned 22.1.19 |
| - resigned 1.8.17 |
| - resigned 22.1.19 |
| - appointed 1.2.18 |
| - appointed 26.2.18 |
| Company Secretaries |
| Mrs S Pearce |
| Independent examiner |
| I P Barrett |
| FCA FCIE |
| Barretts |
| Chartered Tax Advisers |
| 22 Union Street |
| Newton Abbot |
| Devon |
| TQ12 2JS |
| BRIXHAM ADMIRAL SWIM COMPANY LTD |
| REPORT OF THE TRUSTEES |
| for the Year Ended 30 June 2018 |
| Approved by order of the board of trustees on |
| INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
| BRIXHAM ADMIRAL SWIM COMPANY LTD |
| Independent examiner's report to the trustees of Brixham Admiral Swim Company Ltd ('the Company') |
| I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2018. |
| Responsibilities and basis of report |
| As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
| Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act 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 |
| Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of FCA FCIE which is one of the listed bodies |
| I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: |
| 1. | accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or |
| 2. | the accounts do not accord with those records; or |
| 3. | the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or |
| 4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. |
| 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 |
| I P Barrett |
| FCA FCIE |
| Barretts |
| Chartered Accountants & |
| Chartered Tax Advisers |
| 22 Union Street |
| Newton Abbot |
| Devon |
| TQ12 2JS |
| 27 March 2019 |
| BRIXHAM ADMIRAL SWIM COMPANY LTD |
| STATEMENT OF FINANCIAL ACTIVITIES |
| (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) |
| for the Year Ended 30 June 2018 |
| Period |
| 1.7.15 |
| Year Ended | to |
| 30.6.18 | 30.6.17 |
| Unrestricted fund |
Restricted funds |
Total funds |
Total funds |
| Notes | £ | £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| Charitable activities |
| Investment income | 2 |
| Total |
| EXPENDITURE ON |
| Charitable activities |
| Other |
| Total |
| NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 669,511 |
| BRIXHAM ADMIRAL SWIM COMPANY LTD |
| BALANCE SHEET |
| At 30 June 2018 |
| 2018 | 2017 |
| Unrestricted fund |
Restricted funds |
Total funds |
Total funds |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 7 |
| CURRENT ASSETS |
| Stocks | 8 |
| Debtors | 9 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 10 | ( |
) | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS |
| FUNDS | 11 |
| Unrestricted funds | 635,686 | 669,511 |
| TOTAL FUNDS | 669,511 |
| BRIXHAM ADMIRAL SWIM COMPANY LTD |
| BALANCE SHEET - CONTINUED |
| At 30 June 2018 |
| The charitable company is entitled to exemption from audit under |
| Section 477 of the Companies Act 2006 for the year ended 30 June 2018. |
| The members have not required the company to obtain an audit of its financial statements for the year ended |
| 30 June 2018 in accordance with Section 476 of the Companies Act 2006. |
| The trustees acknowledge their responsibilities for |
| (a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
| These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies |
| Act 2006 relating to charitable small companies. |
| The financial statements were approved by the Board of Trustees on |
| BRIXHAM ADMIRAL SWIM COMPANY LTD |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 30 June 2018 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been |
| prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement |
| of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial |
| Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)', |
| Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of |
| Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost |
| convention. |
| Expenditure |
| Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the |
| charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and |
| the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has |
| been classified under headings that aggregate all cost related to the category. Where costs cannot be directly |
| attributed to particular headings they have been allocated to activities on a basis consistent with the use of |
| resources. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
| life: |
| Leasehold improvements - straight line over 21 years, being the length of the lease |
| Plant & machinery - 20% per annum on cost |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
| moving items. |
| Taxation |
| The charity is exempt from corporation tax on its charitable activities. |
| Fund accounting |
| Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
| Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions |
| arise when specified by the donor or when funds are raised for particular restricted purposes. |
| Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
| 2. | INVESTMENT INCOME |
| Period |
| 1.7.15 |
| Year Ended | to |
| 30.6.18 | 30.6.17 |
| £ | £ |
| Bank account interest |
| BRIXHAM ADMIRAL SWIM COMPANY LTD |
| NOTES TO THE FINANCIAL STATEMENTS - CONTINUED |
| for the Year Ended 30 June 2018 |
| 3. | NET INCOME/(EXPENDITURE) |
| Net income/(expenditure) is stated after charging/(crediting): |
| Period |
| 1.7.15 |
| Year Ended | to |
| 30.6.18 | 30.6.17 |
| £ | £ |
| Depreciation - owned assets |
| 4. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 30 June 2018 nor for the period ended |
| 30 June 2017. |
| Trustees' expenses |
| There were no trustees' expenses paid for the year ended 30 June 2018 nor for the period ended 30 June 2017. |
| 5. | STAFF COSTS |
| The average monthly number of employees during the year was as follows: |
| Period |
| 1.7.15 |
| Year Ended | to |
| 30.6.18 | 30.6.17 |
| Employees | 20 | 20 |
| No employees received emoluments in excess of £60,000. |
| 6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
| Unrestricted fund |
Restricted funds |
Total funds |
| £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| Charitable activities |
| Investment income |
| Total |
| EXPENDITURE ON |
| Charitable activities |
| Other |
| Total |
| NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
| BRIXHAM ADMIRAL SWIM COMPANY LTD |
| NOTES TO THE FINANCIAL STATEMENTS - CONTINUED |
| for the Year Ended 30 June 2018 |
| 6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
| Unrestricted fund |
Restricted funds |
Total funds |
| £ | £ | £ |
| RECONCILIATION OF FUNDS |
| Total funds brought forward | 699,780 | - | 699,780 |
| TOTAL FUNDS CARRIED FORWARD | 669,511 | - | 669,511 |
| 7. | TANGIBLE FIXED ASSETS |
| Long leasehold |
Plant and machinery |
Totals |
| £ | £ | £ |
| COST |
| At 1 July 2017 |
| Additions |
| At 30 June 2018 |
| DEPRECIATION |
| At 1 July 2017 |
| Charge for year |
| At 30 June 2018 |
| NET BOOK VALUE |
| At 30 June 2018 |
| At 30 June 2017 |
| 8. | STOCKS |
| 2018 | 2017 |
| £ | £ |
| Stocks |
| 9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade debtors |
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade creditors |
| BRIXHAM ADMIRAL SWIM COMPANY LTD |
| NOTES TO THE FINANCIAL STATEMENTS - CONTINUED |
| for the Year Ended 30 June 2018 |
| 11. | MOVEMENT IN FUNDS |
At 1.7.17 |
Net movement in funds |
At 30.6.18 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 669,511 | (33,825 | ) | 635,686 |
| TOTAL FUNDS | (33,825 | ) | 635,686 |
| Net movement in funds, included in the above are as follows: |
| Incoming resources |
Resources expended |
Movement in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 256,205 | (290,030 | ) | (33,825 | ) |
| TOTAL FUNDS | ( |
) | (33,825 | ) |
| Comparatives for movement in funds |
At 1.7.15 |
Net movement in funds |
At 30.6.17 |
| £ | £ | £ |
| Unrestricted Funds |
| General fund | 699,780 | (30,269 | ) | 669,511 |
| TOTAL FUNDS | 699,780 | (30,269 | ) | 669,511 |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming resources |
Resources expended |
Movement in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 243,640 | (273,909 | ) | (30,269 | ) |
| TOTAL FUNDS | 243,640 | (273,909 | ) | (30,269 | ) |
| The trustees have designated a donation of £7,211 from the Brixham Swimming Club to go towards the future |
| replacement of a boiler. |
| 12. | RELATED PARTY DISCLOSURES |
| There were no related party transactions for the year ended 30 June 2018. |