Registered number: 112024
IRISH AMATEUR SWIMMING ASSOCIATION COMPANY LIMITED BY GUARANTEE ACCOUNTS 2020
IRISH AMATEUR SWIMMING ASSOCIATION COMPANY LIMITED BY GUARANTEE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 IRISH AMATEUR SWIMMING ASSOCIATION COMPANY LIMITED BY GUARANTEE
COMPANY INFORMATION
Directors Paul Hannigan (resigned 4 July 2020) Mary Haughney (resigned 4 July 2020) Gary Stoops John Mullins (resigned 1 October 2020) Colin Morrissey Noel Hiney (resigned 4 July 2020) Peter Conway (Chairperson) Dara O'Mahony Patricia Cleary Gillian Markey (appointed 17 December 2020) Aidan McLaughlin (appointed 4 July 2020) Sorcha Ni Chleirigh (appointed 4 July 2020) Katie Sadleir (appointed 4 July 2020) Mariea Flanagan Graham Beegan (Honorary Treasurer)
Company secretary Mary McMorrow
Registered number 112024
Registered office Irish Sport HQ National Sports Campus Blanchardstown Dublin 15
Independent auditors OSK Audit Limited East Point Plaza East Point Dublin 3
Bankers Allied Irish Bank West End Retail Park Blanchardstown Dublin 15
Danske Bank Connswater S.C. Bloomfield Avenue Belfast Co. Down
Solicitors Leman Solicitors 8 - 34 Percy Place Dublin 4 IRISH AMATEUR SWIMMING ASSOCIATION COMPANY LIMITED BY GUARANTEE
CONTENTS
Page Directors' Report 1
Independent Auditors' Report 7 - 9
Income and expenditure account 10 - 11
Statement of Financial Position 12
Statement of Cash Flows 13
Notes to the Financial Statements 14 - 24
The following pages do not form part of the statutory financial statements:
Detailed income and expenditure account and summaries 26 - 35 IRISH AMATEUR SWIMMING ASSOCIATION COMPANY LIMITED BY GUARANTEE
DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020
The directors present their annual report and the audited financial statements for the year ended 31 December 2020.
Directors' responsibilities statement
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with Irish law and regulations.
Irish company law requires the directors to prepare the financial statements for each financial year giving a true and fair view of the state of the affairs of the company. Under the law, the directors have elected to prepare the financial statements in accordance with Irish Generally Accepted Accounting Practice in Ireland, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' applying Section 1A of the standard, which is issued by the Financial Reporting Council.
Under company law, the directors must not approve the financial statements unless they are satisfied they give a true and fair view of the assets, liabilities and financial position of the company as at the financial year end date, of the profit or loss for that financial year and otherwise comply with the Companies Act 2014.
In preparing these financial statements, the directors are required to: select suitable accounting policies for the company's financial statements and then apply them consistently; make judgments and accounting estimates that are reasonable and prudent; state whether the financial statements have been prepared in accordance with applicable accounting standards, identify those standards, and note the effect and the reasons for any material departure from those standards; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for ensuring that the company keeps or causes to be kept adequate accounting records which correctly explain and record the transactions of the company, enable at any time the assets, liabilities, financial position and profit or loss of the company to be determined with reasonable accuracy, enable them to ensure that the financial statements and Directors' Report comply with the Companies Act 2014 and enable the financial statements to be audited. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Principal activities
The principal activity of the company is the regulation, promotion and development of swimming, waterpolo, diving and associated water activities in the four provinces of Ireland.
Results
The surplus for the year, after taxation, amounted to €18,725 (2019 - deficit €69,031).
Page 1 IRISH AMATEUR SWIMMING ASSOCIATION COMPANY LIMITED BY GUARANTEE
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Directors and secretary's interest
The present membership of the board is as listed below. No director has any beneficial interest in the company.
The directors who served during the year were:
Paul Hannigan (resigned 4 July 2020) Mary Haughney (resigned 4 July 2020) Gary Stoops John Mullins (resigned 1 October 2020) Colin Morrissey Noel Hiney (resigned 4 July 2020) Peter Conway (Chairperson) Dara O'Mahony Patricia Cleary Gillian Markey (appointed 17 December 2020) Aidan McLaughlin (appointed 4 July 2020) Sorcha Ni Chleirigh (appointed 4 July 2020) Katie Sadleir (appointed 4 July 2020) Mariea Flanagan Graham Beegan (Honorary Treasurer)
Envirormental matters
The company will seek to minimise adverse impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. The company has complied with all applicable legislation and regulations.
Principal risks and uncertainties
In common with all companies operating in Ireland in this sector, the company faces risks and uncertainties such as reduced goverment funding. The directors are of the opinion that the company is well positioned to manage these risks.
With respect to the Covid-19 Pandemic and the associated risks and uncertainties for the organisation, management has produced a detailed set of projections covering the 2021 financial year and the board are of the opinion that the company will be in a position to provide a full service to its members when normal activities are able to resume and it will continue on as a going concern.
Accounting records
The measures taken by the directors to ensure compliance with the requirements of Sections 281 to 285 of the Companies Act 2014 with regard to the keeping of accounting records, are the employment of appropriately qualified accounting personnel and the maintenance of computerised accounting systems. The company's accounting records are maintained at the company's registered office at Irish Sports HQ, National Sports Campus, Blanchardstown, Dublin 15.
Page 2 IRISH AMATEUR SWIMMING ASSOCIATION COMPANY LIMITED BY GUARANTEE
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Review of the year
The strenght of the relationship between the Swim Ireland Board and Executive became very clear during 2020 as we managed the crisis of the COVID-19 Pandemic and its impact on our Sport.
We are proud that as an organisation we never stopped or stuttered but were always open for business and driving forwards despite the challenges the COVID-19 Pandemic brought and we sought out the opportunities that arose, as well as managing the challenges.
Throughout 2020, our positive working relationship with Ireland Active, the Industry and local government continued to grow, to support facilities during the year to help keep swimming pools open and viable. Our submissions to Government in relation to this and their subsequent allocation of the Swimming Pool Resilience Grant of close to €3.5million was extremely welcome across the sector and the first of its kind in the Country.
The passion, drive, resilience, and sincere commitment of the Swim Ireland staff, board, volunteers, clubs, and overall Aquatics family was demonstrated repeatedly in 2020 which inspired us all during an incredibly challenging time, noting the following 2020 key highlights:
€780k awarded to Swim Ireland and its Clubs by Sport Ireland under the Sport Ireland COVID-19 Grant Scheme 10,000 attendees on Webinars (availing of learning and development opportunities) 16 Qualifications delivered through Online Classrooms for the first time 60 Online BY Athletes FOR Athletics Clinics delivered to 1,500 athletes 22,000 views of #WePlay Online (Women in Sport Conference) Fully booked Online Athlete Coaching Programme (c600 athletes) Open Water Online Series & CPDS (c650 attendees) Over 1,000 participants in our Open Water Participation Programmes Over 4,000 downloads of our Activity Pack & COVID Capsule 50 Women from 20 sports completed a Women in Sport Leadership Programme instigated by Swim Ireland Coaches Programme - 20 webinars delivered to 40 identified coaches with an average of 30 coaches attending each talk Return to Water - full complement of supports and protocols available for clubs, communities, and facilities Weekly Online Workouts viewed by over 10,000 people Aquatic Parent Programme delivered to 150 parents Ten CCO Forums delivered to 402 CCOs in 70 clubs accross the country Mental Health and Wellbeing seminars delivered to 250 participants Irish Winter Meet delivered for 50 swimmers (the first indoor sports event in Ireland since March 2020)
We enter 2021 with the same passion, drive, and resilience of the Swim Ireland staff, board, volunteers, clubs, and overall Aquatics family recognising the ongoing challenges of this Pandemic but committed to ensuring that our Sport continues to survive and thrive at every opportunity.
Page 3 IRISH AMATEUR SWIMMING ASSOCIATION COMPANY LIMITED BY GUARANTEE
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
2020 Results and Funding
As shown in the Income & Expenditure Account, our total income in 2020 is 25% lower than 2019 as we feel the effects of the COVID-19 Pandemic.
60% of our 2020 income has been funded by Sport Ireland through various grants in comparison to 43% in 2019. The increase in this funding in 2020 can be attributed largely to the Sport Ireland COVID-19 Grant Scheme rolled out by Sport Ireland in 2020 in direct response to the COVID-19 Pandemic.
As always, we remain extremely thankful to Sport Ireland for this continued support and we seek to further develop our relationship with Sport Ireland to ensure our secured funding in going forward.
We continue to seek to grow our self-generated income into the future in securing further sponsorship partnerships, increasing our membership by providing the best resources and support to our Clubs and Members and to be recognised as the leading organisation in offering Learning and Development opportunities to our Members. In 2021, a key priority is to develop and grow our Participation Department and in turn provide opportunities to all to become a part of the Swim Ireland family.
Following 2020 and as we move into 2021, the key risk in generating this self-generated income continues to be the ongoing COVID-19 Pandemic as we continue to feel its effects around pool closures and reduced activity in general.
You will note both reduced income and expenditure in 2020 in comparison to 2019 which as noted above is the direct impact of the COVID-19 Pandemic, government restrictions and reduced activity, that was with us throughout 2020.
Throughout 2020, we continuously forecasted our financials with a range of scenarios in trying to reflect the constant changes the COVID-19 Pandemic brought and in turn, delivered on our ‘COVID-19 Budget’.
Swim Ireland has continued to operate as fully as possible and we have also continued to engage with and support our Members, Clubs, and wider Community with various online initiatives, clinics and programmes and remained ‘open for business’ throughout 2020.
As noted, as our income reduced during the year, we continued to monitor our expenditure very closely to ensure the financial stability of the Company in moving into 2021, whereby we estimate we may be harder hit financially in this period, however we remain focused and determined to grow in 2021 to the best of our ability.
Reserve Policy
Swim Ireland’s Operating Reserve Policy is to ensure the stability of the mission, programmes, employment, and on-going operations of the organisation. The Operating Reserve is intended to provide an internal source of fund for situations such as a sudden increase in expenses, one-time unbudgeted expenditure, unanticipated loss in funding or uninsured losses.
Our 2020 Financial Statements show reserves of €873,245 at 31 December 2020 broken down as follows:
Swim Ireland €449,486 Water Polo €88,873 Leinster Region €94,254 Munster Region €169,479 Connacht Region €71,153
In 2021, our Reserves Policy will be reviewed against our 2020 expenditure and in consideration of our 2021 Budget, our strategic financial planning to 2024 and in trying to grow our income back up to pre-COVID-19 levels.
Page 4 IRISH AMATEUR SWIMMING ASSOCIATION COMPANY LIMITED BY GUARANTEE
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Risk Management
Our Risk Register identifies 19 key risks and these risks have been categorised according to the company’s risk tolerance and risk appetite.
Each risk has been assigned a risk owner who is the responsible person to mitigate the risk as far as is practicable. The Risk Register is reviewed and updated monthly by the CEO and the Finance Director and is reviewed on a quarterly basis by the Board.
We undertake a review of our Internal Controls on an annual basis with the last review having taken place in December 2020.
The key risks as we move into 2021 are highlighted as follows:
1. Risk of loss in Club Memberships due to members and Clubs not affiliating resulting in reduction of members and a corresponding reduction of income. Risk of loss of members post the COVID-19 Pandemic.
We mitigate against this risk as follows:
Continued development of new training opportunities and supports for our Clubs/Members. Constant review of our National Competition structure to ensure we are catering for the whole pathway and implement changes where necessary. Education development and the creation of a wide range of online opportunities. The continuous monitoring and review of the support offered to our Clubs and Members to increase this year on year. The continuous monitoring and review of our direct engagement with Members and Clubs to deliver engagement opportunities to maintain athletes in our sport. We have significantly increased our online engagement, communication and offerings to our Members and Clubs during the current crisis. Continued advocacy on behalf of our Clubs and members and sport. Engagment and support of the Industry who provide the facilities and access for most of our Club operations.
2. Risk of Health & Safety/Legal issues due to Clubs not following the Return to Water protocols issued.
We mitigate against this risk as follows:
COVID Officer training rolled out to Clubs. Return to Water protocols rolled out following review and sign off by both Sport Ireland and the Department of Sport. Relevant legal advoce sought, as necessary. Continue to review & update, where necessary, these Policies and Training in line with HSA/Government guidelines.
3. In this 2020+1 Olympic year, the risk of lack in achievement from Performance results which may result in reduced levels of funding in the future.
We mitigate against this risk as follows:
Comprehensive monitoring of the Performance Programme on a continuous basis. Ensure the Performance Programme is properly resourced. Ensure progressive and sufficient monitoring of both Athletes and Coaches. Ensure our top Athletes are prioritised and resourced and ensuring our ‘Person First, Athlete Second’ motto is adhered to.
Page 5 IRISH AMATEUR SWIMMING ASSOCIATION COMPANY LIMITED BY GUARANTEE
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Future Outlook
The new National Sports Policy specifies swimming as a priority sport and calls for the development of a National Swimming Strategy. The first 3-year Activation Plan for the new National Sports Policy (NSP) is set to be published and the development of a National Swimming Strategy is included as an output for the Department of Sport for 2021.
Together with the Get Ireland Swimming Action Plan that we published in 2019 we will work hard with our partners to seek to secure both our position and relevant resources to drive to get the wider population in Ireland swimming, to develop our relationship with the leisure industry and to develop our Participation Department in 2021 and appoint our first Head of Participation in this regard in Q1 2021.
2021 is a significant year in sporting terms as we simultaneously prepare for the 2020+1 Tokyo Olympic Games and the beginning of the Paris 2024 cycle. 2021 will see the rollout of the 2021 to 2024 Performance Strategy.
As we reach the end of our current Strategic Plan, 2021 will see the development of our 2021 to 2024 Company Strategic Plan, with the above key points at the forefront of our strategic planning to 2024.
In 2021, we will seek to increase our engagement across all our swimming, water polo and diving Clubs, and as noted above, with the industry, to support as best we can, increased pool time for our Clubs.
Statement on relevant audit information
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.
This report was approved by the board and signed on its behalf.
______Peter Conway Graham Beegan Chairperson Honorary Treasurer
Date: 16 March 2021 Date: 16 March 2021
Page 6 IRISH AMATEUR SWIMMING ASSOCIATION COMPANY LIMITED BY GUARANTEE
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IRISH AMATEUR SWIMMING ASSOCIATION COMPANY LIMITED BY GUARANTEE
Report on the audit of the financial statements
Opinion
We have audited the financial statements of Irish Amateur Swimming Association Company Limited by Guarantee (the 'company') for the year ended 31 December 2020, which comprise the Income and Expenditure account, the Statement of Financial Position, the Statement of Cash Flows and the notes to the financial statements, including a summary of significant accounting policies set out in note 2. The financial reporting framework that has been applied in their preparation is Irish law and Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland', applying Section 1A of that Standard.
In our opinion, the accompanying financial statements:
give a true and fair view of the assets, liabilities and financial position of the company as at 31 December 2020 and of its surplus for the year then ended; have been properly prepared in accordance with Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and have been properly prepared in accordance with the requirements of the Companies Act 2014.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (Ireland) (ISAs (Ireland)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of financial statements in Ireland, including the Ethical Standard issued by the Irish Auditing and Accounting Supervisory Authority (IAASA), and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Page 7 IRISH AMATEUR SWIMMING ASSOCIATION COMPANY LIMITED BY GUARANTEE
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IRISH AMATEUR SWIMMING ASSOCIATION COMPANY LIMITED BY GUARANTEE (CONTINUED)
Other information
The directors are responsible for the other information. The other information comprises the information included in the Annual report, other than the financial statements and our Auditors' report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2014
Based solely on the work undertaken in the course of the audit, we report that:
in our opinion, the information given in the Directors' Report is consistent with the financial statements; and in our opinion, the Directors' Report has been prepared in accordance with applicable legal requirements.
We have obtained all the information and explanations which we consider necessary for the purposes of our audit.
In our opinion the accounting records of the company were sufficient to permit the financial statements to be readily and properly audited, and the financial statements are in agreement with the accounting records.
Matters on which we are required to report by exception
Based on the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Directors' Report.
The Companies Act 2014 requires us to report to you if, in our opinion, the disclosures of directors' remuneration and transactions required by sections 305 to 312 of the Act are not made. We have nothing to report in this regard.
Page 8 IRISH AMATEUR SWIMMING ASSOCIATION COMPANY LIMITED BY GUARANTEE
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IRISH AMATEUR SWIMMING ASSOCIATION COMPANY LIMITED BY GUARANTEE (CONTINUED)
Respective responsibilities and restrictions on use
Responsibilities of directors
As explained more fully in the Directors responsibilities statement on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the management either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the IAASA's website at: https://www.iaasa.ie/Publications/Auditing-standards. This description forms part of our Auditors' Report.
The purpose of our audit work and to whom we owe our responsibilities
This report is made solely to the company's members, as a body, in accordance with Section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
______Brian Dignam for and on behalf of OSK Audit Limited Statutory Audit Firm East Point Plaza East Point Dublin 3 16 March 2021
Page 9 IRISH AMATEUR SWi'lMlNG ASSOCIATION COMPANY LIMITED BY GUARANTEE
INCOME AND EXPENDlTURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2O2O
2020 2019 Notes Sch. € € lncome Sport lreland 6rants Received: - Core Grant 950,000 910,000 - Performance - Swimming / Diving Grant 654,000 675,000 - Women in Sport Grant 8 81,000 55,000 - LEN Congress 6rant 20,000 - Dormant Accounts Funding I 100,000 100,000 - Carding {Performance) Funding 155,000 144,000 - Get lreland Swimming (Healthy lreland) Funding 8 79,699 L1,7,506 - Aspire Graduate Programme Funding 8 3,905 2t,607 - COVID-19 6rant Scheme ll Resilience Fund NGB 150,000 - COVID -19 Grant Scheme lll Club Resilience Fund 8 434,478 - COVID-19 Grant Scheme lV Resilience Fund Programmes I 3,500 Department of Tourism, Culture, Arts, Gaeltacht, Sport & Media Capital Grant 3 14,000 47,531
Affiliation Fees 46"1,330 625,774 Competition lncome t 29,037 132,833 Education & Development lncome il 306,102 519,944 Water Polo lncome ilt 70,397 2L7,672 Performance lncome rv 151,631 212,247 Events lncome v 66,474 t46,3t? Disciplines lncome vt 9,511 t4,296 Participation lncome vlt 84,752 188,019 Other lncome vlfl 37,492 31,334 Sponsorship lncome 60,500 7g,ogl Leinster Regional lncome rx 97,352 276,639 Munster Regional lncome x 46,877 t78,262 Connacht Regional lncome xt 22,805 98,O22 _19?6d31 _4,822,084
Expenditure Operating Expenditure xll 1,502,940 1,527,746 G rants xilt 88,000 98,000 CIub Resilience Fund Expenditure I 434,478 Competition Expenditure I 54,235 201,098 Education & Development Expenditu re I 373,618 449,773 Water Polo Expenditure llt 67,926 214,817 Performance Expenditure tv 939,943 7,25L,421 Events Expenditure v 161,546 195,923 Disciplines Expenditure vl 7,883 L6,646 Participation Expenditure vlr 247,104 399,830 Leinster Regional Expenditure tx 101,879 269,576 Munster Regional Expenditure x 46,819 173,636 Connacht Regional Expenditure xl . 31,639 _ 92,709 4,058,110 4,891,115
Surplus/ forthe Year --16715 -l6EF5rI
Opening Revenue Balance 854,520 923,551
Closing Revenue Balance 873,245 854,520
Page 10 lRlsH AMATEUR SWtMtt/ilNG ASSOCTATTON COMPANY LtMtTEp By GUARANTEE
INCOME AND EXPENDITURE ACCOUNT FORTHE YEAR ENDED 3{ DECEMBER 2O2O
All amounts relates to continued operations.
There were no recognised gains or losses f or 2020 or 2019 other than those in the income and expenditure account.
Signed on behalf of the board.
Peter Gonway Graham Beegan Chairperson Honorary Treasurer
Date: 16th March 2021
The notes on pages 14lo 24 form part of these financial statements.
All numbers refer to notes to the accounts and all roman numerals refer to detailed schedules to the accounts.
The Department of Tourism, Culture, Arts, Gealtacht, Sport & Media is the sponsoring Department for all lreland grant income, except for Get lreland Swimming (Healthy lreland) Funding, the Department of Health is the sponsoring department for this grant income.
Page 11 IRISH AMATEUR SWIMMING ASSOCIATION COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2020
2020 2019 Note € €
Fixed assets Intangible assets 9 29,598 34,821 Tangible assets 10 141,881 127,789
171,479 162,610 Current assets Stocks 11 19,390 27,229 Debtors: amounts falling due within one year 12 192,583 354,958 Cash at bank and in hand 1,989,067 1,419,501
2,201,040 1,801,688 Creditors: amounts falling due within one year 13 (1,499,274) (1,109,778)
Net current assets 701,766 691,910
Total assets less current liabilities 873,245 854,520
Net assets 873,245 854,520
Reserves Income and expenditure account 14 873,245 854,520
Members' funds 873,245 854,520
These financial statements have been prepared in accordance with the small companies regime.
The financial statements were approved and authorised for issue by the board:
______Peter Conway Graham Beegan Chairperson Honorary Treasurer
Date: 16 March 2021
The notes on pages 14 to 24 form part of these financial statements.
Page 12 IRISH AMATEUR SWIMMING ASSOCIATION COMPANY LIMITED BY GUARANTEE
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020
2020 2019 € € Cash flows from operating activities Surplus/(deficit) for the financial year 18,725 (69,031) Adjustments for: Amortisation of intangible assets 13,152 10,162 Depreciation of tangible assets 51,481 80,603 Interest received (21) (147) Decrease/(increase) in stocks 7,839 (446) Decrease/(increase) in debtors 162,375 (134,589) Increase in creditors 389,496 135,914
Net cash generated from operating activities 643,047 22,466
Cash flows from investing activities Purchase of intangible fixed assets (7,929) (13,871) Purchase of tangible fixed assets (65,573) (23,786) Interest received 21 147
Net cash from investing activities (73,481) (37,510)
Net increase/(decrease) in cash and cash equivalents 569,566 (15,044) Cash and cash equivalents at beginning of year 1,419,501 1,434,545
Cash and cash equivalents at the end of year 1,989,067 1,419,501
Cash and cash equivalents at the end of year comprise: Cash at bank and in hand 1,989,067 1,419,501
Net funds as at 31st December 1,989,067 1,419,501
The notes on pages 14 to 24 form part of these financial statements.
Page 13 IRISH AMATEUR SWIMMING ASSOCIATION COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1. General information
The financial statements comprise of the Income and Expenditure account, the Statement of Financial position, Cash Flow Statement and the related notes constitute the financial statements of the Irish Amateur Swimming Association CLG for the financial year ended 31st December 2020.
The Irish Amateur Swimming Association is a company limited by guarantee having no share capital, incorporated and registered in the Republic of Ireland (CRO number: 112024). The company's registered office address is Irish Sports HQ, National Sports Campus, Blanchardstown, Dublin 15, which is also the principal place of business of the company. The nature of the company's operations and its principal actitivies are set out in the Directors' report.
Statement of compliance
The financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (FRS 102), applying section 1A of that standard.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared on the going concern basis in accordance with the historical cost convention modified to include certain items at fair value. The financial reporting framework that has been applied in their preparation is the Companies Act 2014 and FRS 102 The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland issued by the Financial Reporting Council. The company qualifies as a small company for the period, as defined by section 280A of that Act, in respect of the financial year, and has applied the rules of the 'Small Companies Regime' in accordance with section 280C of the Act and Section 1A of FRS 102.
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements:
2.2 Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives are determined at aquisition date and have generally been estimated to be between three and five years.
2.3 Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Page 14 IRISH AMATEUR SWIMMING ASSOCIATION COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
2. Accounting policies (continued)
2.3 Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Fixtures & Fittings - 20% Straight Line Motor vehicles - 20% Straight Line Swimming equipment - 20% Straight Line Office furniture - 25% Straight Line Computer & telephone - 25% Straight Line equipment Water Polo equipment - 25% Straight Line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
2.4 Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the income and expenditure account.
2.5 Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
2.6 Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
Page 15 IRISH AMATEUR SWIMMING ASSOCIATION COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
2. Accounting policies (continued)
2.7 Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
2.8 Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the income and expenditure account in the same period as the related expenditure.
OSK confirm that Sport Ireland grants received during the year were expended for the purpose for which they were intended.
2.9 Foreign currency translation
Functional and presentation currency
The company's functional and presentational currency is Euro.
Transactions and balances
Transactions in sterling have been translated during the year at the prevailing rate at that time. Assets and liabilities denominated in sterling at the year end have been translated at the closing rate of STG £0.89903 = €1.
2.10 Pensions
Defined contribution pension plan
The defined contribution plan is a pension plan under which the company pays fixed contributions into a seperate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the income and expenditure account when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held seperately from the company in independently administrated funds.
2.11 Interest income
Interest income is recognised in the income and expenditure account using the effective interest method.
3. Department of Tourism, Culture, Arts, Gealtacht, Sport & Media
The capital grants are credited to the income and expenditure account over the economic useful life of the assets acquired with the grant.
Page 16 IRISH AMATEUR SWIMMING ASSOCIATION COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
4. Sport Ireland Grants
Sport Ireland - Core Funding Grant of €950,000 This grant contributes towards the annual general administration costs incurred by the Association. The grant covers the calendar year ending on 31 December 2020. The total grant received is included in Income and Expenditure Account of the Association for the financial year ended 31 December 2020. The Sport Ireland grant is sponsored by the Department for Tourism, Culture, Arts, Gaeltacht, Sport and Media.
Sport Ireland - Women in Sport Funding Grant of €75,000 This grant contributed towards expenditure incurred by the Association in promoting women’s participation in sport. The grant covers the calendar year ending 31 December 2020. The grant received is included in the Income and Expenditure Account of the Association for the financial year ended 31 December 2020 with €4,000 of the 2020 grant received, deferred into 2021 as highlighted in Note 8 within the Financial Statements. The Sport Ireland grant is sponsored by the Department for Tourism, Culture, Arts, Gaeltacht, Sport and Media.
Sport Ireland - Performance Funding Grant of €654,000 This grant contributes towards expenditure incurred by the Association in operating its Performance programme, both swimming and diving. The grant covers the calendar year ending on 31 December 2020. The total grant received is included in Income and Expenditure Account of the Association for the financial year ended 31 December 2020. The Sport Ireland grant is sponsored by the Department for Tourism, Culture, Arts, Gaeltacht, Sport and Media.
Sport Ireland - Dormant Accounts Funding Grant of €211,750 This grant contributed towards expenditure incurred by the Association in increasing participation in our Sport. The grant covers the calendar year ending on 31 December 2020. €100,000 is included in the Income and Expenditure Account of the Association for the financial year ended 31st December 2020 with €201,750 deferred in to 2021 as highlighted in note 8 within these financial statements. The Sport Ireland grant is sponsored by the Department for Tourism, Culture, Arts, Gaeltacht, Sport and Media.
Sport Ireland - Get Ireland Swimming Funding Grant of €119,500 This grant contributes towards expenditure incurred by the Association in increasing participation in our Sport. The grant covers the period April 2020 to March 2021 and in turn €56,402 of the 2020 Grant received has been deferred into 2021 as highlighted in Note 8 within the Financial Statements. The Sport Ireland grant is sponsored by the Department of Health.
Sport Ireland - Aspire Funding Grant of €22,904 This grant contributes towards expenditure incurred by the Association in hiring an employee under the Sport Ireland ‘Aspire Programme’. The grant covers the period December 2020 to November 2021 and in turn €20,784 of the 2020 Grant received has been deferred into 2021 as highlighted in Note 8 within the Financial Statements. The Sport Ireland grant is sponsored by the Department of Tourism, Culture, Arts, Gaeltacht, Sport and Media.
Sport Ireland - COVID-19 Grant Scheme II Funding Grant of €150,000 This grant contributed towards the sustainability of the Association resulting from the financial impacts of the COVID-19 Pandemic. The grant covers the calendar year ending on 31 December 2020. The total grant received is included in the Income and Expenditure Account of the Association for the financial year ended 31 December 2020. The Sport Ireland grant is sponsored by the Department for Tourism, Culture, Arts, Gaeltacht, Sport and Media.
Page 17 IRISH AMATEUR SWIMMING ASSOCIATION COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
Sport Ireland - Covid-19 Grant Scheme III Club Resilience Funding Grant of €500,000 This grant contributes towards the sustainability of the Associations' clubs resulting from the COVID-19 Pandemic. €434,478 of the Club Resilience fund received in 2020 is included in the Income and Expenditure Account of the Association for the financial year ended 31st December 2020 with €65,522 of the 2020 Grant deferred into 2021 as highlighted in Note 8 within the Financial Statements. The Sport Ireland grant is sponsored by the Department for Tourism, Culture, Arts, Gaeltacht, Sport and Media.
Sport Ireland - Covid-19 Grant Scheme IV Funding Grant of €180,000 This grant contributes towards the sustainability of the Association resulting from the COVID-19 Pandemic with this Scheme focused on a ‘Restart & Renew Programme’. €3,500 of the grant received in Q4 2020 is included in the Income and Expenditure Account of the Association for the financial year ended 31 December 2020 with €176,500 of the 2020 Grant deferred into 2021 as highlighted in Note 8 within the Financial Statements. The Sport Ireland grant is sponsored by the Department for Tourism, Culture, Arts, Gaeltacht, Sport and Media.
5. Employees
The average monthly number of employees, including the directors, during the year was as follows:
No directors emoluments were paid during the year (2019 - nil).
2020 2019 No. No. Education 6 6 Corporate 10 8 Members Services 8 9 Performance 12 10 Events / Women in Sport / Participation 3 3
39 36
Number of employees whose benefits (excluding pension) are €60,000 or greater:
€60,000 2 2 €70,000 3 2 €110,000 0 1 €120,000 1 0 €130,000 1 1
6. Surplus/(deficit) on ordinary activities
The surplus/(deficit) is stated after charging:
2020 2019 € € Depreciation of tangible fixed assets 51,481 80,603 Amortisation of intangible assets 13,152 10,162 Exchange loss/(gain) 10,511 (11,376) Defined contribution pension cost 11,268 11,272
Page 18 IRISH AMATEUR SWIMMING ASSOCIATION COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
7. Taxation
Irish Amateur Swimming Association Company Limited by Guarantee is exempt from Corporation Tax in Ireland. The company is fully tax compliant.
8. Sport Ireland Deferred Grants
2020 2019 € € Sport Ireland Aspire Grant
Unspent grant brought forward 1,785 - Grant received during the year 22,904 23,392 Grant expenditure during the year (3,905) (21,607)
Grant deferred 20,784 1,785
2020 2019 € € Sport Ireland Women In Sport Grant
Unspent grant brought forward 10,000 - Grant received during the year 75,000 75,000 Grant expenditure during the year (81,000) (65,000)
Grant deferred 4,000 10,000
2020 2019 € € Sport Ireland Dormant Accounts Grant
Unspent grant brought forward 90,000 90,000 Grant received during the year 211,750 100,000 Grant expenditure during the year (100,000) (100,000)
Grant deferred 201,750 90,000
Page 19 IRISH AMATEUR SWIMMING ASSOCIATION COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
2020 2019 € € Sport Ireland Get Ireland Swimming Grant
Unspent grant brought forward 16,601 18,607 Grant received during the year 119,500 115,500 Grant expenditure during the year (79,699) (117,506)
Grant deferred 56,402 16,601
2020 2019 € € Sport Ireland - Tokyo
Grant received during the year 30,000 - Grant expenditure during the year - -
Grant deferred 30,000 -
2020 2019 € € Sport Ireland - Down Syndrome
Grant received during the year 10,000 - Grant expenditure during the year - -
Grant deferred 10,000 -
2020 2019 € € Sport Ireland COVID-19 Grant Scheme III Club Resilience Funding
Grant received during the year 500,000 - Grant expenditure during the year (434,478) -
Grant deferred 65,522 -
Page 20 IRISH AMATEUR SWIMMING ASSOCIATION COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
2020 2019 € € Sport Ireland COVID-19 Grant Scheme IV Resilience Funding
Grant received during the year 180,000 - Grant expenditure during the year (3,500) -
Grant deferred 176,500 -
9. Intangible assets
€
Cost At 1 January 2020 59,286 Additions 7,929
At 31 December 2020 67,215
Amortisation At 1 January 2020 24,465 Charge for the year on owned assets 13,152
At 31 December 2020 37,617
Net book value
At 31 December 2020 29,598
At 31 December 2019 34,821
Page 21 IRISH AMATEUR SWIMMING ASSOCIATION COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
10. Tangible fixed assets
Computer & Water Polo Motor Swimming Office telephone Equipment vehicles equipment furniture equipment € € € € €
Cost or valuation At 1 January 2020 3,792 27,250 303,842 5,635 82,197 Additions - - 55,671 - 9,902 Disposals - - (204,059) (640) (6,670)
At 31 December 2020 3,792 27,250 155,454 4,995 85,429
Depreciation At 1 January 2020 1,738 8,488 240,530 3,663 43,810 Charge for the year on owned assets 948 5,450 22,748 1,153 20,202 Disposals - - (204,059) (640) (6,670)
At 31 December 2020 2,686 13,938 59,219 4,176 57,342
Net book value
At 31 December 2020 1,106 13,312 96,235 819 28,087
At 31 December 2019 2,054 18,762 63,312 1,972 38,387
Page 22 IRISH AMATEUR SWIMMING ASSOCIATION COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
10. Tangible fixed assets (continued)
Fixture & Fittings Total € €
Cost or valuation At 1 January 2020 4,900 427,616 Additions - 65,573 Disposals - (211,369)
At 31 December 2020 4,900 281,820
Depreciation At 1 January 2020 1,598 299,827
Charge for the year on owned assets 980 51,481 Disposals - (211,369)
At 31 December 2020 2,578 139,939
Net book value
At 31 December 2020 2,322 141,881
At 31 December 2019 3,302 127,789
11. Stocks
2020 2019 € € Finished goods and goods for resale 19,390 27,229
19,390 27,229
12. Debtors
2020 2019 € €
Trade debtors 109,041 169,825 Other debtors 7,600 71,659 Prepayments 75,942 113,474
192,583 354,958
Page 23 IRISH AMATEUR SWIMMING ASSOCIATION COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
13. Creditors: Amounts falling due within one year
2020 2019 € € Trade creditors 32,227 148,003 Taxation and social insurance 63,920 53,637 Other creditors 1,411 1,689 Accruals 28,694 137,762 Deferred income 769,064 613,041 Deferred revenue and capital grants 603,958 155,646
1,499,274 1,109,778
14. Reserves
Income and expenditure account
The income and expenditure account represents cumulative gains and losses recognised in the income and expenditure account, net of transfers to / from other reserves.
15. Company Status
The company is limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding €1.27 towards the assets of the company in the event of liquidation.
16. Post balance sheet events
COVID-19 is having a material impact on the company's operations. Post year end COVID-19 continues to have an impact on the company's financial statements. In response to this the company has implemented a series of measures to reduce operating costs, maximise available cash flow and maintain and strengthen the company's liquidity position.
17. Approval of financial statements
The board of directors approved these financial statements for issue on 16 March 2021
Page 24 Registered number: 112024
IRISH AMATEUR SWIMMING ASSOCIATION COMPANY LIMITED BY GUARANTEE
DETAILED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2020
SCHEDULE TO THE DETAILED ACCOUNTS FOR THE YEAR ENDED 3I DECEMBER 2O2O
I Competitions General Competition McCullegh lrish lrlsh Summer lrl!h lrlrh SC Total Total C03ts lntemational Open N.tionall DiYilio,l 2 N6tlonal. 2020 2019 € € €C € t € € lncome Entries/Fines - 27,035 - 2,OO2 29,037 126.833 Sponsorship/Grants 27,035 _ ,,002 --TEIaf ---i3xfu3
Expondlture lndividual Competition Running Costs ____gEL ___Jg€tt __3!t1 3,,re4 1,8s7 6,e12 54,2s5 201,0e8 e,696 30,654 2,EE2 3,19/+ :!.S9' -e,etZ 5113t 20tm-
PaBe 26 IRISH AMATEUR SWIMMING ASSOCIATION COMPANY LIMITED BY GUARANTEE
SCHEDULE TO THE DETAILED ACCOUNTS FOR THE YEAR ENDED 3I DECEMBER 2O2O
2020 2019 € € ll Education & Development
lncome Associate Membership Fees 18,672 21,306 Course Fees 255,862 433,456 Awarding Body lncome 1,325 3,243 Learn to Swim , 30,243 61,939 306,102 -__-fl-g,e11_ Expenditure Staff Salaries 205,430 163,9't5 Staff Expenses 2,441 10,290 lnstitute of Swimming Teashers & Coaches 15,470 20,848 Course ExBenses 124,022 219,210 Programme & Development Expenseg 22,445 26,171 Learn to Swim 3,811 9339 373,619 449,773
Page 27 IRISH AMATEUR SWIMMING ASSOCIATION COMPANY LIMITED BY GUARANTEE
SCHEDULE TO THE DETAILED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2O2O
2020 2019 Sch € € lll NationalWater Polo Committee
lncome Swim lreland Grant xilt 40,000 50,000 Affiliation Fees 270 8,799 Match Fees 19,412 66,241 Competition Contributions - lnternational 5,145 59,862 Competition Contributions - National 5,564 32,770 70,391 217,672
Expenses Competition Costs - lnternational 27,584 101 ,01 I Competition Costs - National 8,226 33,115 Facility / Pool Hire 16,800 33,282 Referee & Bench Fees 2,930 19,254 Kit & Equipment 2,717 19,304 National Squad Training Costs 2,425 4,645 Committee Expenses 7,245 5,1q9 67,926 214,q1? , Surplus for the Year ::zaaE -:?,Itr Water Polo subsumed into Swim lreland during 2013. Closing Revenue Balance @ 3111212020 88,873
Page 28 tRrsH AMATEUR SWIMM|NG ASSOCTATTON COMPANY LIM|TED By GUARANTEE
SCHEDULE TO THE DETAILED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2O2O
2020 2019 € € lV Performance
lncome* University of Limerick Grant 15,000 15,000 OFlGrant 14,350 27,385 lrish Research Council Grant 15,328 Camp Fees & Athlete Fees 58,313 105,399 Sporting Winners: Athlete Development 29,441 50,700 LEN Grant 4,1 96 Athlete Accomodation lncome 11,705 22,251 Athlete lnternational Meet Contributions 4,578 12,905 Diving lncome 2,916 9,411 Sponsorship lncome 25,000 151,63{ _n2,247_ Expenses lnternationalMeet & National Squad Expenses 137,692 368,795 Performance Staff Salaries 543,1 36 510,'158 Performance Staff Expenses 18,686 46,966 Kit 3,742 4,484 Sports Science & Medicine 29,270 77,431 Committee Expenses 1,759 Athlete Accomodation Costs 26,671 32,778 Diving Expenditure 24,746 52,107 Athlete Grants / Carding 155,999 156,943 _9!9919_ _1,251,!a * lncome dfsclosed on face of lncome & Expendlture Accountt
Sport lreland Performance Carding: 156,000 144,000
Sport lreland Performance Grant: 654,000 675,000
Page29 IRISH AMATEUR SWIMMING ASSOCIATION COMPANY LIMITED BY GUARANTEE
SCHEDULE TO THE DETAILED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2O2O
2020 20t9 € € V Events / Women in Sport
lncome* Merchandise 24,278 68,1 34 Swim for a Mile 16,696 50,912 Awards Night 6,695 Christmas Cracker Gala 3,165 Swim Clinics & WIS Programmes 25,500 17,411 66,474 146,317
Expenses Staff Salaries 38,757 36,521 Staff Expenses 218 2,206 Cost of Purchases 21,748 33,104 AGM 4,176 5,793 Awards Night 786 34,800 WIS Conference & Programmes 58,663 37,204 Christmas Cracker Gala 807 Swim for a Mile 37,339 45,488 l6t,646 ,l95,923
" lncome drbclosed on face of lncome & Expenditure Account:- Sport lreland - Women in Sport Grant 81,000 65,000
Page 30 IRISH AMATEUR SWIMIT,IING ASSOCIATION COMPANY LIMITED BY GUARANTEE
SCHEDULE TO THE DETAILED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2O2O
2020 2019 € € U Disciplines
lncome Masters Contributions Schools Contributions g,sr r , ?;i33 ___9.1_ ____!.t399_ Expenses Committees 280 1,335 Masters 2,819 9,920 Schools 4,784 , 5,391 7,993 __-_lgEq_
2020 20r9 € € Vll Participation
lncome* Waterways lreland 5,050 Dublin City Council 6,550 FINA/LEN 3,573 Other Participation Events '19,810 7,597 Sean Mac Dermott Street ,64,943 165,249 84,752 189,019
Expenses Dormant Accounts 100,000 100,000 Healthy lreland Get lreland Swimming 79,699 't17,506 Waterurrays lreland 5,050 Dublin City Council 6,550 FINA/LEN 3,573 Renew & Restart Project - Daily Dippers 3,500 Other Participation Expenditure 18,962 8,605 Sean Mac Dermott Street 44,943 158,546 ---ffi;856- * @ lncome disclosed on face of lncome & Expenditure Account:- - Healthy lreland - Get lreland Swimming Grant 79,699 1 17,506 - Dormant Accounts Grant 100,000 100,000 - COVID-19 Grant Scheme lV Resilience Fund: 3,500
2020 2019 € € Vlll Other lncome
SICDC Fees 300 550 FINA Olympic Aquatics Support Programme 23,471 23,205 Licencing 4,648 5,561 Miscellaneous lncome 9,052 1,871 Deposit interest 21 147 37,492 --i;5EA-
Page 31 IRISH AMATEUR SWIMMING ASSOCIATION COMPANY LIMITED BY GUARANTEE
SCHEDULE TO THE DETAILED ACCOUNTS FOR THE YEAR ENDED 3{ DECEMBER 2O2O
2020 2019 € € lX Leinster Regional Accounts
lncome Grant lncome 20,000 20,000 Gala fees 77,102 141,280 Programme sales 4,370 Schools fees 27,A85 Squad fees 250 18,934 Other lncome 4,970 97,352 216,639
Expenses Gala expenditure 37,737 141,401 Committee expenditure 3,588 10,081 Schools expenditure 66 17,500 Squad expenditure 4,342 33,823 Support expenditure 50,952 48;54s Trip expenditure 8,845 Kit/Equipment 5,194 9,321 101,879 269,516
(Deficit) for the Year 14,5271 152,8771
The Leinster Region subsumed into Swim lreland during 2014. Closing Revenue Balance @ 31 I 1212020 94,254
Page 32 IRISH AM,ATEUR SWIMMING ASSOCIATION COMPANY LIMITED BY GUARANTEE
SGHEDULE TO THE DETAILED ACCOUNTS FOR THE YEAR ENDED 3I DECEMBER 2O2O
2020 2019 € € X Munster Regional Accounts
lncome Grant lncome 16,000 16,000 Gala fees 21,872 131,307 Squad fees 6,755 28,610 Trip fees 2,250 2,345 _46,877 _178,262*
Expenses Gala expenditure 19,725 91,564 Committee expenditure 4,503 16,953 Squad expenditure 20,074 49,180 Trip expenditure 150 7,337 KiVEquipment 2,371 8,602 46,8'19 -im56- Surplus for the Year 58 4,626
The Munster Region subsumed into Swim lreland during 2014. Closing Revenue Balance @ 31 11212A20 189,479
2020 2019 € € Xl Connacht Reglonal Accounts
lncome Grant lncome 12,000 12,000 Gala fees 5,1 55 60,836 Squad fees 2,950 17,286 Trip fees 1,350 1,600 Affiliation 1,2A0 4,500 Coaching & Education 150 , 1,800 ----n'605- :_q9@- Expensea Gala expenditure 9,580 24,346 Committee expenditure 608 2,829 Squad expenditure 12,541 43,950 Trip expenditure 750 7.870 EquipmenVKit 8,1 8s 11,241 Coaching & Education 17 1,940 Miscellaneous Expenditure 533 31,639 92,709
(Deficit)/Surplus for the Year (8,834) 5,313
The Connacht Region subsumed into Swim lreland during 2014. Closing Revenue Balance @3111212020 71,153
Page 33 IRISH A$ATEUR SWIMMING ASSOCIATION COMPANY LIMITED BY GUARANTEE
SCHEDULE TO THE DETAILED ACCOUNTS FOR THE YEAR ENDED 3I DECEMBER 2O2O
2020 2019 € € Xll Operating Expenses
Staff Salaries 952,273 795,920 Staff Pension 9,056 9,056 Photocopying, Postage & Telephone 8,902 18,351 Printing & Stationery 10,311 18,149 Mobile Telephones 24,513 29,622 Rent, Light & Heat 25,105 26,307 lnsurancc 93,530 87,515 Leisure Membership Costs 13,445 Company General Mee*ings 1,920 6,412 Board & Officer Expenses 4,924 16,050 Committees 866 3,472 $taff Training & Development 5,530 4,255 Child Welfare / EraEmus 4,266 23,517 Public Relations & Communications 21,859 29,906 Computer/lT Costs 53,568 48,164 Recruitment Goots 721 5,172 Audit Fees 9,091 9,041 Accountiancy & Consultancy Fees 36,674 78,545 HR & ProfessionalFees 7,M3 10,M8 Legal Fees 28,995 21,262 Bank lnterest & Charges 24,340 27,137 $ubscriptions & Donations 4,329 3,710 Depreciation & AmortiEation 62,576 89,728 Exchange Losses(Gains) 10,511 (11,376) Staff Expenses 21,597 63,602 Health & Safety Costs 4,814 3,605 ClubmarUClub Support Costs/Leinster Open Sea 21,175 46,246 Bad Debts 7,393 FINA Olympic Aquatics Support Programme 23,471 23,205 LEN Expenses/Congress 904 25,110 $undry Expenses 9,238 15,415 -_1,9%g1g_ Jrsrr;?46=
Page 34 tRtsH AMATEUR SVUIMMTNG ASSOCTATTON COMPANY LIM|TED By GUARANTEE
SCHEDULE TO THE DETAILED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2O2O
2020 2019 Sch. € € Xlll Grants
National Water Polo Committee lll 40,000 50,000 Leinster Region lx 20,000 20,000 Munster Region x 16,000 16,000 Connacht Region x! 12,000 12,000 __!9,099_ 98,000
Page 35