Scottish Swimming Finance Report 2012 The enclosed accounts are extracts taken from the certified accounts of Scottish Amateur Swimming Association Limited (SASA Ltd). A copy of the statutory accounts can be obtained from the Finance Manager at the National Swimming Academy should any member or partner of the Association wish to review them. The main highlights to report are the final accounts show a profit totalling £65,021 and an increase in turnover to £3M for 2011-12. There were a number of factors that contributed towards this growth with the main being recovering VAT totalling £82k under the partial exemption method. The other significant contribution came from Comic Relief funding and the Scottish Government which will be used to support the Early Years/Active Adults/School Swimming programme that underpins the work of the participation team. Membership income continues to be strong with £519k received (↑£21k from 2010-11). We achieved a number of our income targets during the course of this year all of which strengthens our financial position further at the end of October 2012. Medal success in London ensured that we delivered against our shared sportscotland targets thus reducing any potential funding pressures from sportscotland for the year 2012-13. The accounts presented to our members are in the same format as the last year with comprehensive notes to the accounts to assist with comparing this year’s figures to the previous year. The notes to the accounts are as follows:1. The final accounts show after investing the sum of £100k towards Performance we still have a surplus totalling c£65k with £50k being ring-fenced for 2012-13 to support two areas. a. The first area is Scottish Swimming investigating a move to an Online Membership System (OMS). This will bring Scottish Swimming in line with ASA and WASA. b. The second area will be to support the website. This is an area that is in need of significant redevelopment to provide a solid platform for all online marketing operations. 2. The remaining surplus £15k will be allocated towards the High Performance Reserves (£250k) needed to fund our four year high performance plan. We are now half way through this plan. To date we have generated £155k with £100k being re-invested during 2011-12 to support our high performance plan. This leaves us with a High Performance Reserves balance of £55k and a target of £95k to be achieved over the next two years. The projected surplus for 2012-13 is £40k. 3. The funding from sportscotland totals £1,285,292 for 2011-12 compared to £1,202,481 for 2010-11 (↑£82k). This is primarily due to ring-fenced funding released to support UKCC course programmes. 4. Under Services, the sportscotland funding in this area has not declined but is a reallocation of Top Up grant totalling £15k to Development. 5. Membership continues to grow with only c£5k short fall against our target this year (2011-12) and I would expect the membership income target of £525k to be achieved next year (2012-13) as figures indicate that our membership numbers are growing. 6. Under Services, the VAT recovered (£82k) under the partial exemption included financial years 2008-09 and 2009-10 (£47k), 2010-11 (£13k) and 2011-12 (£22k). 7. Under Performance, the funding from British Swimming is less this year (£50k) compared to last year (£120k). The main reason for this was due to increased activities associated with the ITC programme (£105k) in a pre-Olympic year (2010-11). 8. The cost of the Olympics is mainly reflected under the Performance heading with World Class Competitions showing investment totalling £83k which is an increase of c£50k compared with 2010-11. In addition to this further investment was made towards Athlete Training and Competition totalling £404k which is an increase of £69k (net) compared to 2010-11. 9. Under Development, the report shows grants from sportscotland being more this year (£422k) compared to last year (£377k). The main reasons for this are due to the release of funding to support UKCC bursaries paid out this year totalling £164k compared to £139k last year and the release of Top Up grants to support planned activities. 10. Our UKCC target (£195k) was achieved and I am pleased to report that we maintained income generated through UKCC from candidates fees despite a reduction in the bursary grant received from sportscotland; reported profits generated during this year is £40k (providing a 20% return on investment).
11. Our Awards scheme also showed an increase in sales; £137k turnover in 2011-12 compared with £108k in 2010-11. 12. The total income under the Development heading has increased significantly; £1,020,564 (201112) compared with £902,642 in (2010-11) due to the participation team now being allocated to this area. 13. Staffing costs are shown as being higher than the previous year as they also include future job posts (SCVO – posts covered purely by external funds) and maternity cover. Under Development, it appears that staffing costs are up on the previous year, however, this is simply due to the transfer of the Participation Team to Development. 14. The balance sheet continues to show our strong cash flow position with a healthy bank balance reported at the end of the financial year. The stock value has increased and now includes merchandise stock. Debtors totalling £123k includes all monies owed to Scottish Swimming as at the end of October with no debts older than three months. I would like to take this opportunity to thank the Board, Council, committees, budget holders, commercial partners and all our supporters for their cooperation and support during 2012. I wish clubs, members and all connected with Scottish Swimming a very successful 2013.
Deborah McGinniss, Finance Manager
Scottish Amateur Swimming Association Limited Overview of Income & Expenditure for year ending 31/10/12 2011-12 *Area of Investment (Summary) Income Expenditure Services £ 940,807 £ 674,763 Performance £ 1,023,616 £ 1,275,929 Development £ 1,020,564 £ 986,473 Release of Olympic Ticket Reserve £ 17,200 £ Total Income/Expenditure £ 3,002,186 £ 2,937,165
2010-11 (restated) Income Expenditure £ 826,979 £ 561,631 £ 1,051,965 £ 1,224,226 £ 902,642 £ 938,081 £ 2,781,585
15,021 50,000
£ £
40,447 17,200
Excess to CMS/Website Redevelopment
£ £ £
*Total grants received from sportscotland
£
1,285,292
£
1,202,481
Excess to High Performance Reserves Excess to Olympic Ticket Reserves
£ 2,723,938
Corporate Headings Analysis for Period to 31/10/12 2011-12 Services
Income
Membership
2010-11 (restated)
Expenditure
Income
Expenditure
£
519,938
£
498,554
- sportscotland
£
185,000
£
200,000
Sponsorship
£
83,587
Merchandise / Commercial Development
£
15,182
£
Fundraising/Bank Interest
£
17,910
VAT - Partial Exemption
£
82,318
Grants £
77,056
24,713
£
7,485
£
2,929
£
2,159
£
16,420
£
2,405
£
14,274
£
-
£
-
Staffing
£
6,995
£
376,457
£
4,190
£
326,412
National Swimming Academy
£
22,007
£
147,818
£
15,787
£
137,740
£
36,183
£
27,787
£
34,811
£
38,349
£
674,763
Committee Expenses Marketing & Communications
£
7,870
General Overheads Services Income & Expenditure
£
940,807
Release of Olympic Ticket Reserves
£
8,135
Surplus/Deficit*
£
274,179
£ £
826,979
£
265,348
2011-12 Performance
Income
7,487
£
31,148
£
33,210
£
561,631
2010-11 (restated)
Expenditure
Income
Expenditure
Grants - sportscotland
£
662,839
- British Swimming & British Disability
£
50,756
£
82,415
£
624,894
£
120,673
£
75,980
- Stirling Integrated Programme
£
62,199
£
80,379
Staffing/Coaches
£
24,770
£
325,450
£
29,763
£
337,128
Athlete Training & Competition Costs
£
152,292
£
404,070
£
169,786
£
352,137
World Class Competitions
£
25,674
£
83,259
£
1,845
£
9,728
Performance Coaching & Development
£
10,556
£
113,376
£
10,220
£
157,251
Performance Programmes
£
34,530
£
265,093
£
14,405
£
289,807
£
2,266
£
2,195
£
1,275,929
£
1,224,226
-£
243,888
-£
172,261
Committee Expenses Perf Income & Expenditure
£
1,023,616
Release of Olympic Ticket Reserves
£
8,425
Surplus/Deficit*
£
1,051,965
2011-12 Development
Income
2010-11 (restated)
Expenditure
Income
Expenditure
Grants - sportscotland
£
422,453
£
377,587
- Scottish Government / Comic Relief
£
120,207
£
54,078
- Kelloggs
£
46,838
£
63,834
- British Gas
£
-
£
1,965
Swimming Awards & Products
£
138,167
£
49,731
£
109,429
£
47,091
Education (UKCC & CPD)
£
219,334
£
253,421
£
215,050
£
261,938
Staffing
£
6,983
£
483,360
£
409,885
£
54,595
£
16,150
£
63,662
Club Development
£
5,755
£
17,169
£
1,795
£
28,420
Discipline Support
£
60,827
£
123,975
£
58,882
£
124,239
£
4,221
£
3,872
£
2,846
£
986,473
£
902,642
£
938,081
-£
35,439
Participation/Healthy Living
National Committees/Swimmer Pathway Dev Income & Expenditure
£
1,020,564
Release of Olympic Ticket Reserves
£
640
Surplus/Deficit*
£
34,731
Total Income (incl Release of Olympic Ticket Reserve)
£
3,002,186
Total Income
£
2,785,585
Total Expenditure
£
2,937,165
Total Expenditure
£
2,723,938
Website & CMS/Integra redevelopment
£
50,000
£
-
Total Surplus to High Performance Reserves
£
15,021
Excess to High Perf Reserves
£
40,447
Release of Olympic Ticket Reserves
-£
17,200
Excess to Olympic Tickets
£
17,200
Balance Sheet as at 31/10/12 2011-12
2010-11 (restated)
Fixed Assets
£
25,250
£
17,868
Current Assets Stock Debtors Prepayment Bank & Float
£ 46,189 £ 123,162 £ 23,859 £ 1,141,964
£ £ £ £
34,701 175,624 74,595 978,650
£ 1,335,173
£ 1,263,570
£ £
329,761 566,685
£ £
245,484 619,801
£
896,446
£
865,285
Current Assets Less Current Liabilities
£
438,727
£
398,285
Total Assets less Current Liabilities
£
463,975
£
416,153
£ £ £ £
358,507 55,468 50,000
£ £ £ £
358,507 40,447 17,200 -
£
463,975
£
416,153
Current Liabilities Creditors Grants c/f & Other Deferred Income
Represented by:Retained Reserves Retained High Perf Reserves to support 2014 Olympic Ticket Reserve
Website & CMS/Integra Reserve
Notes to Accounts for the year ended 31 October 2012 1. Government grants were received during the year from sportscotland, Scottish Government and Comic Relief. The total amount within income amounted to £1,405,499. Last year government grants received from sportscotland and Health Prevention amounted to £1,256,559. A core grant is received to support the basic functions of the Company and in addition grants are received to support coaching, performance, development and other specific areas. Grants not fully utilised during the year are deferred to later accounting periods in accordance with the terms of the offer documents. 2. The analysis of Income and Expenditure has been changed in this year's accounts due a restructure with the Participation Team moving from the Services Team into the Development Team. As a result, the comparative figures for 2010-11 have been re-stated to be consistent with this analysis. The total income and expenditure from Services in 2010-11 have decreased to £826,979 and £561,631 respectively (formerly £917,206 and £666,909). The income and expenditure for Development have increased to £902,642 and £938,081 respectively (formerly £812,413 and £832,803). The main income and expenditure headings reclassified were Scottish Government/Comic Relief and Participation/Healthy Living (See Development). The reanalysis has had no impact on the total Income and Expenditure for 2010-11, or the transfer to reserves. 3. These accounts are prepared under the historical cost convention. 4. Fixed assets are depreciated over three years. The charge for the year amounted to £14,411 compared to £11,002 during 2011. 5. Stocks are valued at cost. 6. At 31 October 2012 the Association had a financial commitment of £11,550 p.a. plus VAT for a period of fourteen years for the rental of premises at Stirling. 7. During the year fixed assets costing £22,999 were purchased. Assets were disposed of which had a written down value of £1,204. 8. Reserves include Bell Legacy totalling £176 and a JY Coutts Fund totalling £308.
Report of the Accountants to the members of Scottish Amateur Swimming Association Limited "We have examined the financial statements for the year end 31st October 2012 and are satisfied to the best of our knowledge and belief, that in accordance with the information and explanations supplied to us, the financial statements have been properly prepared from the accounting records of the company. The procedures undertaken do not provide all of the evidence that would be required in an audit, and consequently we do not express an audit opinion on the view given by the accounts."
Walton Kilgour Chartered Accountants 2 Marshall Place Perth PH2 8AH