Charity registration number 1048000
Company registration number 03070194 (England and Wales)
SOUTH MANCHESTER GYMNASTICS CENTRE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
SOUTH MANCHESTER GYMNASTICS CENTRE
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Joan Ward (Treasurer) |
|---|---|
| John Parker | |
| Susan Langley | |
| John McCoubrey | |
| Lucy Worsley | |
| Secretary | John Parker |
| Charity number | 1048000 |
| Company number | 03070194 |
| Registered office | Fenside Road |
| Manchester | |
| United Kingdom | |
| M22 4WZ | |
| Independent examiner | Azets Audit Services |
| Alpha House | |
| 4 Greek St | |
| Stockport | |
| Cheshire | |
| United Kingdom | |
| SK3 8AB |
SOUTH MANCHESTER GYMNASTICS CENTRE
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Statement of trustees' responsibilities | 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 13 |
SOUTH MANCHESTER GYMNASTICS CENTRE
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2024
The trustees present their annual report and financial statements for the year ended 31 August 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016).
Objectives and activities
South Manchester Gymnastics Centre is a company limited by guarantee and was granted charitable status in 1995. The centre is located in South Manchester and its aim is to provide facilities and opportunities for sage participation in gymnastic activities for a variety of groups.
The provision of gymnastic tuition / coaching for the groups using the centre is provided largely on a paid basis enabling the charity to increase the cohort of British Gymnastics Association (BGA) qualified coaches.
User groups contribute towards the upkeep of the premises and coaching facilities, their contribution being based on usage time.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Financial review
The general income for the year was £323,385 compared with £320,284 in 2023. Expenses in 2024 were £354,276 compared with £341,412 in 2023.
The net expenditure for the year to 31 August 2024 was £30,891 compared with net expenditure of £21,128 in 2023.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
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SOUTH MANCHESTER GYMNASTICS CENTRE
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
Structure, governance and management
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Joan Ward (Treasurer) John Parker Susan Langley John McCoubrey Lucy Worsley
The trustees' report was approved by the Board of Trustees.
.............................. Joan Ward (Treasurer) Trustee Dated: .....19/05/2025.........
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SOUTH MANCHESTER GYMNASTICS CENTRE
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 AUGUST 2024
The trustees, who are also the directors of South Manchester Gymnastics Centre for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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SOUTH MANCHESTER GYMNASTICS CENTRE
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF SOUTH MANCHESTER GYMNASTICS CENTRE
I report to the trustees on my examination of the financial statements of South Manchester Gymnastics Centre (the charity) for the year ended 31 August 2024.
This report is made solely to the charity's trustees, as a body, in accordance with section 154 of the Charities Act 2011. My independent examiner's work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity, the charity's members as a body and the charity's trustees as a body for my independent examiner's work, for this report, or for the opinions I have formed.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, 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 that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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
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4 the financial statements 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 financial statements to be reached.
Jonathan Ward FCA
Azets Audit Services Alpha House 4 Greek St Stockport Cheshire SK3 8AB United Kingdom
Dated: .........................
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SOUTH MANCHESTER GYMNASTICS CENTRE
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
| Unrestricted Restricted funds funds 2024 2024 Notes £ £ Income from: Donations and legacies 3 4,963 532 Charitable activities 4 317,890 - Total income 322,853 532 Expenditure on: Charitable activities 5 344,861 9,415 Net outgoing resources before transfers (22,008) (8,883) Gross transfers between funds (8,883) 8,883 Net expenditure for the year/ Net movement in funds (30,891) - Fund balances at 1 September 2023 273,571 - Fund balances at 31 August 2024 242,680 - |
Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 5,495 7,419 3,207 317,890 309,658 - 323,385 317,077 3,207 354,276 333,625 7,787 (30,891) (16,548) (4,580) - (4,580) 4,580 (30,891) (21,128) - 273,571 294,699 - 242,680 273,571 - |
Total 2023 £ 10,626 309,658 320,284 341,412 (21,128) - (21,128) 294,699 273,571 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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SOUTH MANCHESTER GYMNASTICS CENTRE
BALANCE SHEET
AS AT 31 AUGUST 2024
| 2024 | 2023 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |||
| Fixed assets | |||||||
| Tangible assets | 10 | 125,491 | 112,288 | ||||
| Current assets | |||||||
| Debtors | 11 | 35 | - | ||||
| Cash at bank and in hand | 151,138 | 199,142 | |||||
| 151,173 | 199,142 | ||||||
| Creditors: amounts falling due within | |||||||
| one year | 12 | (33,984) | (37,859) | ||||
| Net current assets | 117,189 | 161,283 | |||||
| Total assets less current liabilities | 242,680 | 273,571 | |||||
| Income funds | |||||||
| Unrestricted funds | 242,680 | 273,571 | |||||
| 242,680 | 273,571 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2024.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on ......19/05/2025........ .............................. Joan Ward (Treasurer) Prose Trustee
Company registration number 03070194
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SOUTH MANCHESTER GYMNASTICS CENTRE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
1 Accounting policies
Charity information
South Manchester Gymnastics Centre is a private company limited by guarantee incorporated in England and Wales. The registered office is Fenside Road, Manchester, M22 4WZ, United Kingdom.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and "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 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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SOUTH MANCHESTER GYMNASTICS CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings straight line over 50 years Plant and equipment straight line over 5 years Fixtures and fittings straight line over 5 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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SOUTH MANCHESTER GYMNASTICS CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
1 Accounting policies
(Continued)
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.10 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
There are no critical accounting estimates or judgements.
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SOUTH MANCHESTER GYMNASTICS CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
3 Donations and legacies
| Unrestricted Restricted funds funds 2024 2024 £ £ Donations and gifts 4,963 - Grants - 532 4,963 532 |
Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 4,963 7,419 - 532 - 3,207 5,495 7,419 3,207 |
Total 2023 £ 7,419 3,207 |
|---|---|---|
| 10,626 |
4 Charitable activities
| Gymnastics | Gymnastics |
|
|---|---|---|
| Centre | Centre | |
| 2024 | 2023 | |
| £ | £ | |
| Subscriptions and rent | 317,890 | 309,658 |
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SOUTH MANCHESTER GYMNASTICS CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
5 Charitable activities
| Gymnastics | Gymnastics |
|
|---|---|---|
| Centre | Centre | |
| 2024 | 2023 | |
| £ | £ | |
| Staff costs | 152,325 | 143,664 |
| Depreciation and impairment | 15,083 | 12,254 |
| Rent and rates | 727 | 1,101 |
| Insurance | 7,314 | 7,276 |
| Kit | 13,123 | 11,363 |
| Repairs | 6,238 | 2,234 |
| Heat and light | 9,924 | 10,892 |
| Competitions | 7,517 | 8,598 |
| Transaction costs | 10,561 | 8,672 |
| Subcontractor costs | 118,921 | 114,473 |
| Other | 3,618 | 10,715 |
| 345,351 | 331,242 | |
| Share of support costs (see note 6) | 5,743 | 7,386 |
| Share of governance costs (see note 6) | 3,182 | 2,784 |
| 354,276 | 341,412 | |
| Analysis by fund | ||
| Unrestricted funds | 344,861 | 333,625 |
| Restricted funds | 9,415 | 7,787 |
| 354,276 | 341,412 |
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SOUTH MANCHESTER GYMNASTICS CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
6 Support costs
| Subscriptions Telephone Postage & printing Accountancy fees Legal and professional Analysed between Charitable activities |
Support costs Governance costs £ £ 3,713 - 1,013 - 1,017 - - 2,550 - 632 5,743 3,182 5,743 3,182 |
2024Support costs Governance costs £ £ £ 3,713 5,105 - 1,013 1,232 - 1,017 1,049 - 2,550 - 2,340 632 - 444 8,925 7,386 2,784 8,925 7,386 2,784 |
2023 £ 5,105 1,232 1,049 2,340 444 |
|---|---|---|---|
| 10,170 | |||
| 10,170 |
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
8 Employees
The average monthly number of employees during the year was:
| The average monthly number of employees during the year was: | ||
|---|---|---|
| Employment costs Wages and salaries |
2024 Number 8 2024 £ 152,325 |
2023 Number 8 |
| 2023 £ 143,664 |
There were no employees whose annual remuneration was more than £60,000.
9 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
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SOUTH MANCHESTER GYMNASTICS CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
| 10 Tangible fixed assets Freehold land and buildings Plant and equipment Fixtures and fittings £ £ £ Cost At 1 September 2023 156,260 42,573 6,778 Additions - 7,808 20,478 At 31 August 2024 156,260 50,381 27,256 Depreciation and impairment At 1 September 2023 71,880 19,327 2,116 Depreciation charged in the year 3,125 9,415 2,543 At 31 August 2024 75,005 28,742 4,659 Carrying amount At 31 August 2024 81,255 21,639 22,597 At 31 August 2023 84,381 23,245 4,662 11 Debtors 2024 Amounts falling due within one year: £ Trade debtors 35 12 Creditors: amounts falling due within one year 2024 £ Other taxation and social security 1,538 Trade creditors 25,929 Other creditors 3,390 Accruals and deferred income 3,127 33,984 |
Total £ 205,611 28,286 |
|---|---|
| 233,897 | |
| 93,323 15,083 |
|
| 108,406 | |
| 125,491 | |
| 112,288 | |
| 2023 £ - |
|
| 2023 £ 1,974 20,088 11,901 3,896 |
|
| 37,859 |
13 Related party transactions
There were no disclosable related party transactions during the year (2023 - none).
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