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).
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.