**REGISTERED COMPANY NUMBER: 03174880 (England and Wales) REGISTERED CHARITY NUMBER: 1055462** ## Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 December 2020 for Portsmouth School of Gymnastics Mark G Wilson FCCA The Running Accountant Limited 2 Farmers Way Horndean Waterlooville Hampshire PO8 9GY Portsmouth School of Gymnastics Contents of the Financial Statements for the Year Ended 31 December 2020 ||Page| |---|---| |Report of the Trustees|1 to 3| |Independent Examiner's Report|4| |Statement of Financial Activities|5| |Statement of Financial Position|6 to 7| |Notes to the Financial Statements|8 to 12| |Detailed Statement of Financial Activities|13 to 14| ## Portsmouth School of Gymnastics ## Report of the Trustees for the Year Ended 31 December 2020 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of 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). Portsmouth School of Gymnastics is a limited company - limited by guarantee. It is also know as PSG. ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The object and aim of the Charity is to advance the physical education and development of children attending schools and resident in the Portsmouth area and surrounding Counties by the provision of facilities and instruction in gymnastics. ## **Achievements and performance** Portsmouth School of Gymnastics continues to offer structured gymnastics programmes to all its members. ## **Public benefit** PSG is a specialised gymnastics facility for all children regardless of age, gender or ethnicity. All Trustees are required and sign that they have considered their responsibilities, by awareness of the published guidance on the public benefit requirement under the Charities Act 2011. ## **FINANCIAL REVIEW** ## **Financial Review** The income from charitable activities in 2020 reduced by £59.4k or 28.6%. Considering the significant interruption to activities caused by the pandemic COVID-19 the result was somewhat better than we had expected due to the voluntary support offered by the PSG members plus an increase in fees. The numbers continued to rise through the periods when we could operate. Portsmouth School of Gymnastics has continued to operate at saturation point. The waiting list continues to grow in spite all the difficulties through 2020. The planned move to a new facility, whilst continuing to take a long time, draws ever closer. ## **Reserves policy** The reserve funds have continued to rise thanks to the generous Government funding through 2020. All such funding has been earmarked for use on new state of the art TeamGym equipment and replacements in the new facility. Page 1 ## Portsmouth School of Gymnastics ## Report of the Trustees for the Year Ended 31 December 2020 ## **FUTURE PLANS** PSG continues to prepare for the move to Unit 2 Marshlands Spur. As reported last year Planning Approval has been received but there is a contamination restraint that is being a bit of a sticking point, but we are working with Ashdown Site Investigation to resolve the issues. It is anticipated that they will be resolved over the next few weeks. Following this we will be able to move towards building regulations and construction. The project is probably now 12 months behind what we had hoped but can now look forward to relocating towards the end of 2021. PSG reserve fund has been held back by the Covid-19 pandemic and the club has endured three lockdowns but Government grants and furlough have allowed PSG to continue transferring funds to reserve ready for the relocation to the new facility PSG members have all been very supportive throughout the pandemic with voluntary donations to allow PSG to maintain a breakeven position. The club reopened on April 12[th] and the Trustees and Management Team were delighted to see 98% of our members returning. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document** The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. Portsmouth School of Gymnastics (PSG) is a registered Charity and is governed by its Memorandum and Articles of Association. PSG is run by a Committee of Management which is made up of Trustees and senior coaches. All members of the Committee are elected at the Annual General Meeting (AGM) ## **Recruitment and appointment of new trustees** Trustees are approached and selected from the members of PSG or externally if it is deemed appropriate and of benefit to the management of PSG. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number** 03174880 (England and Wales) ## **Registered Charity number** 1055462 ## **Registered office** 50 Catisfield Road Milton Portsmouth Hampshire PO4 8NJ Page 2 ## Portsmouth School of Gymnastics Report of the Trustees for the Year Ended 31 December 2020 ## **Trustees** Mrs M K Bonnington J D Such D A Mouland Ms J C Barton Ms L Smith ## **Company Secretary** J D Such ## **Independent Examiner** Mark G Wilson FCCA The Running Accountant Limited 2 Farmers Way Horndean Waterlooville Hampshire PO8 9GY Approved by order of the board of trustees on ............................................. and signed on its behalf by: .......................................................... J D Such - Trustee Page 3 Independent Examiner's Report to the Trustees of ## Portsmouth School of Gymnastics ## **Independent examiner's report to the trustees of Portsmouth School of Gymnastics ('the Company')** I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2020. ## **Responsibilities and basis of report** As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Mark G Wilson FCCA 2 Farmers Way Horndean Waterlooville Hampshire PO8 9GY Date: ............................................. Page 4 ## Portsmouth School of Gymnastics |Statement of Financial Activities
for the Year Ended 31 December 2020
31.12.20
Unrestricted
fund
£
**INCOME AND ENDOWMENTS FROM**
**Charitable activities**
School
147,965
Other income
68,656
**Total**
216,621
**EXPENDITURE ON**
**Charitable activities**
School
183,435
**NET INCOME**
33,186
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
28,543
**TOTAL FUNDS CARRIED FORWARD**
61,729|31.12.19
Total
funds
£
207,332
67
207,399
179,002
28,397
146
28,543| |---|---| The notes form part of these financial statements Page 5 ## Portsmouth School of Gymnastics ## Statement of Financial Position 31 December 2020 |||31.12.20|31.12.19| |---|---|---|---| |||Unrestricted|Total| |||fund|funds| ||Notes|£|£| |**CURRENT ASSETS**|||| |Cash at bank||69,518|33,934| |**CREDITORS**|||| |Amounts falling due within one year|7|(7,789)|(5,391)| |**NET CURRENT ASSETS**||61,729|28,543| |**TOTAL ASSETS LESS CURRENT**|||| |**LIABILITIES**||61,729|28,543| |**NET ASSETS**||61,729|28,543| |**FUNDS**|8||| |Unrestricted funds||61,729|28,543| |**TOTAL FUNDS**||61,729|28,543| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020. The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. The notes form part of these financial statements Page 6 continued... ## Portsmouth School of Gymnastics ## Statement of Financial Position - continued ## 31 December 2020 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: ............................................. M K Bonnington - Trustee ............................................. J D Such - Trustee The notes form part of these financial statements Page 7 Portsmouth School of Gymnastics Notes to the Financial Statements for the Year Ended 31 December 2020 ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Large equipment - 10% on reducing balance ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Hire purchase and leasing commitments** Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. The notes form part of these financial statements Page 8 ## Portsmouth School of Gymnastics ## Notes to the Financial Statements - continued ## for the Year Ended 31 December 2020 ## **2. NET INCOME/(EXPENDITURE)** Net income/(expenditure) is stated after charging/(crediting): ||31.12.20|31.12.19| |---|---|---| ||£|£| |Hire of plant and machinery|144|499| |Other operating leases|10,968|14,624| ## **3. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019. ## **4. STAFF COSTS** |**STAFF COSTS**||| |---|---|---| ||31.12.20|31.12.19| ||£|£| |Wages and salaries|69,749|47,385| ||69,749|47,385| |The average monthly number of employees during the year was as follows:||| ||31.12.20|31.12.19| |Coaching and admin|5|3| |**TANGIBLE FIXED ASSETS**||| |||Large| |||equipment| |||£| |**COST**||| |At 1 January 2020 and||| |31 December 2020||72,456| |**DEPRECIATION**||| |At 1 January 2020 and||| |31 December 2020||72,456| |**NET BOOK VALUE**||| |At 31 December 2020 and 31 December 2019||-| ## **5. TANGIBLE FIXED ASSETS** The notes form part of these financial statements Page 9 ## Portsmouth School of Gymnastics ## Notes to the Financial Statements - continued for the Year Ended 31 December 2020 |**6.**|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**||| |---|---|---|---|---|---| |||||31.12.20|31.12.19| |||||£|£| ||Social security and other taxes|||337|295| ||Other creditors|||6,752|4,396| ||Accrued expenses|||700|700| |||||7,789|5,391| |**7.**|**MOVEMENT IN FUNDS**||||| |||||Net|| |||||movement|At| |||At 1.1.20||in funds|31.12.20| |||£||£|£| ||**Unrestricted funds**||||| ||General fund|28,543||33,186|61,729| ||**TOTAL FUNDS**|28,543||33,186|61,729| ||Net movement in funds, included in the above are as follows:||||| |||Incoming||Resources|Movement| |||resources||expended|in funds| |||£||£|£| ||**TOTAL FUNDS**|216,621||(183,435)|33,186| ||**Comparatives for movement in funds**||||| |||||Net|| |||||movement|At| |||At 1.1.19||in funds|31.12.19| |||£||£|£| ||**Unrestricted funds**||||| ||General fund||146|28,397|28,543| ||**TOTAL FUNDS**||146|28,397|28,543| The notes form part of these financial statements Page 10 Notes to the Financial Statements - continued for the Year Ended 31 December 2020 ## Portsmouth School of Gymnastics ## **7. MOVEMENT IN FUNDS - continued** Comparative net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
207,399
207,399|Resources
expended
£
(179,002)
(179,002)|Movement
in funds
£
28,397
28,397| |---|---|---|---| A current year 12 months and prior year 12 months combined position is as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Net
movement
At
At 1.1.19
in funds
31.12.20
£
£
£
146
28,397
28,543
146
28,397
28,543| |---|---| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: ||Incoming|Resources|Movement| |---|---|---|---| ||resources|expended|in funds| ||£|£|£| |**Unrestricted funds**|||| |General fund|207,399|(179,002)|28,397| |**TOTAL FUNDS**|207,399|(179,002)|28,397| Page 11 continued... Notes to the Financial Statements - continued ## Portsmouth School of Gymnastics for the Year Ended 31 December 2020 ## **8. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31 December 2020 or 31 December 2019. ## **9. TAXATION** The company is exempt from corporation tax on the basis that it is a registered charity. Page 12 ## Portsmouth School of Gymnastics Detailed Statement of Financial Activities for the Year Ended 31 December 2020 |Detailed Statement of Financial Activities
for the Year Ended 31 December 2020||| |---|---|---| ||31.12.20|31.12.19| ||£|£| |**INCOME AND ENDOWMENTS**||| |**Charitable activities**||| |Fees|147,965|207,332| |**Other income**||| |Bank interest received|95|67| |COVID-19 Support|52,903|-| |Donations|12,000|-| |National Lottery grant|3,658|-| |**Total incoming resources**|216,621|207,399| |**EXPENDITURE**||| |**Charitable activities**||| |Wages|69,749|47,385| |Hire of plant and machinery|144|499| |Cleaning and repairs|4,861|3,816| |Coach expenses|17,831|35,536| |Competitions|260|1,947| |Consumables|4,980|4,097| |Gym Equipment|16,927|2,387| |BG Fees and courses|2,053|5,901| |Camps and travel|3,383|25,752| |Club kit|7,191|9,558| ||127,379|136,878| |**Support costs**||| |**Management**||| |Rent|10,968|14,624| |Leasehold improvements|7,756|-| |Rates and water|576|2,663| |Insurance|2,940|5,416| |Light and heat|1,916|2,641| |Telephone|2,425|2,676| |Postage and stationery|1,822|5,279| |Advertising|108|45| |Sundries|3,368|1,828| |Subscriptions|788|347| |Motor and travel expenses|1,978|1,447| |Computer expenses|3,222|2,466| |Courses|741|350| |First Aid / Health and Safety|6,479|996| ||45,087|40,778| Page 13 ## Portsmouth School of Gymnastics Detailed Statement of Financial Activities for the Year Ended 31 December 2020 |Detailed Statement of Financial Activities
for the Year Ended 31 December 2020||| |---|---|---| ||31.12.20|31.12.19| ||£|£| |**Finance**||| |Bank charges|83|140| |**Finance**||| |**Governance costs**||| |Accountancy|1,200|1,200| |Legal fees|9,686|6| |Total resources expended|183,435|179,002| |**Net income**|33,186|28,397| Page 14