Portsmouth School of Gymnastlcs Charfty No. 1055462 Company No. 03174880 Trustses, Report and Unaudltsd Accounts 31 December 2023
Portsmouth School of Gymna5tks Contents Pages 2to3 Trustees, Annual Report Independent Examinef s Report ststement of Flnanclal Actlvlties Summary Income and Expenditure Account Balance Sheet Notes to the Accounts 8t014 Detalled Statement of Flnanclal Actlvltles 15to16 Page I
Portsmouth School of Gymnastlcs Trustses Annual Report The trustees, who are also directors of the charlty for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 December 2023. REFERENCE AND ADMINISTRATIVE DETAILS Company No. 03174880 Charfty No. 1055462 Prlnclpal Offl Unlt 2, Marshlands Spur Farlington Portsmouth Hampshlre P06 ITL Re81stered Offlce 50 Catlsfleld Road Mllton Portsmouth Hampshlre P04 8NJ Dlrectors and Trustees The Dlrectors of the charltable company are Its Trustees for the purposes of charity law. The followlng Dlrectors and Trustees served during the year: J.C. Barton M. Bonnington D.A. Mouland L Smith J,D. Such Key Management Personnel Chair Accountants JDSuch The Runnlng Accountant Llmited 2 Farmers Way Waterlooville Hampshlre P08 9GY OBJECTIVES AND AcfiviTIES The object and alm of the Charlty Is to advance the physical educatlon and development of chIldn attending schools and resident in the Portsmouth area and surrounding Counties by the provision of facilities and instruction in gymnastics. Page 2
Portsmouth School of Gymnastlcs Trustees Annual Report The main activities undertaken In latiOn to those purposes is the operation of a gymnaslum in Portsmouth. The ma5n actlvltles undertaken to further the charlty's purposes forthe public benefit and indude confirmation that the trustees have glven due consideratlon to the Charlty Commlsslon's guldance on the publlc beneflt requirement. ACHIEVEMENTS AND PERFORMANCE Portsmouth School of Gymnastics contlnues to offer struttured gymnastlcs programmes to all its members FINANCIAL REVIEW The Income from charltable activitles In 2023 Increased by£36K or Il%. Member5hlp Is very near maxlmum, Growth will only continue wlth an Increase In membershlp fees. All fees wlll be Increaslng from June 2024. The Increase has not yet been determlned as the dlrectors are currently negotlatln8 the rental wlth the landlords. It Is a8reed at 9% of turnover but there are certaln aspects of turnover that may be excluded from the calculatlon. Reserve Pollcy: All reserves are accumulated In the PSG buslness savln8s accounts whlch Is used for rent and fvture projects. PLANS FOR FUTURE PERIODS PSG wlll contlnue to use all surplus funds to help Improve the facllity In partlcular leasehold improvements. PSG currently have an 8-year lease and we wlll be ne8Otlatlng an Increase to 15 years but thls hlnges on our landlords, plans, In particular thelr development of a slte adjacent to thelr main offlces. sTrucruRE, GOVERNANCE AND MANAGEMENT The Charlty Is controlled bylts 8overnlng doument, a deed of trust, and constltues a Ilmlted company, Ilmited by guarantee, as definded by the Companles Act 2006. PSG Is run by a Committee of Management whlchls made up of Trustees and senlor coaches. All members of the Committee are elected at the Annual General Meetln8 (AGM). The Trustees are responsible for keeplng proper accountlng records that dlsclose wlth reasonable accuracy at any tlme the flnanclal posltlon of the charlty and to enable them to ensure that the financlal statements comply wlth the Companles Act 2006. The Trustees are also responslble for safe8uardln8 the assets of the charfty and hence taking reasonable steps for the prevention and detectlon of fraud and other Irregularitles. The above report has been prepared In accordance wlth the provislons appllcable to companles subject to the small companles reglme as set out In Part 15 of the Companles Act 2006 and In accordance wlth the Charities SORP (FRS 102>. Slgned on behalf of the b J.D. Such Trustee 19 July 2024 Page 3
Portsmouth School of Gymnastlcs Independent Examlners Report Independent Examlner's Report to the tntstees of Portsmouth School of Gymnastics I report to the charfty trustees on my examlnatlon of the financlal statements of Portsmouth School of Gymnastlcs for the year ended 31 December 2023. Responslbllltles and basis of report As the charity's trustees of the company (and also Its dlrectors for the purposes of company law) you are responslble for the preparatlon of the flnancial ststements In accordance wlth the requlrements of the Companles Act 2006 {'the 2006 Act. Havlng satlsfied myself that the flnanclal statements of the Charity are not required to be audlted under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examinatlon of your charity's financlal statements as carried out under section 145 of the Charitles Act 2011 ('the 2011 Act,). In carrylng out my examination I have followed the Dlrections 8Sven by the Charity Commi551on under sectlon 145(5) (b) of the 2011 Act. Independent exarnlnerfs statement As the charlty's gross Income exceeded £250,000 your examlner must be a member of a body Ilsted In sectlon 145 of the 2011 Act. I confirm that l am quallfled to undertake the examlnatlon because l am a member of FCCA, whlch Is one of the Ilsted bodles. I have completed my examlnatlon. I can confirm that no materlal matters have come to my attentlon In connectlon with the examlnatlon glvlng me cause to belleve: • accountlng records were not kept In accordance wlth sectlon 386 of the 2006 Act ' or • the flnanclal statements do not accord with those records; or • the flnanclal 5tatement5 do not comply wlth the accountlng requlrements under sectlon 396 of the 21x16 Act other than any requlrement that the financlal statements 8lve a 'true and falrf vlew whSch Is not a matter consldered as part of an Independent examlnat5on' or • the flnancial statements have not been prepared In accordance wlth the methods and prlnclples of the Statement of Recommended Practlce for accountlng and reportln8 by charlties applicable to charitles preparing their accounts In accordance with the Flnanc6al Reportin8 Standard appllcable In the UK and Republic of Ireland (FRS 102). I have no concems and have come across no other matters In connectlon wlth the examlnatlon to whlch attentlon should be drawn In thls report In order to enable a proper understsndlng of the flnanclal statements to be reached. Mark G Wllson FCCA The Runnlng Accountant Limited 2 Farmers Way Waterloovllle Hampshire P08 9GY 19July 2024 Page 4
Portsmouth School of Gymnastlcs ststement of Financial Activities for the year ended 31 December 2023 Unrestrlcted funds Totsl funds Total funds 2023 2023 2022 Notes Income and endowments Donatlons and legacies Charitable attivities Other tradin8 activitie5 Investments 3.000 464,911 3,000 464,911 120.000 327,425 860 216 216 35 Total 468,127 468,127 448,320 Expendlture on: Charitable activities Other 357,807 55,020 357,807 55,020 256,828 46,038 Totsi 412,827 412,827 302,866 Net galns on Investments Net Income 10 55,300 55,300 145,454 Transfers between funds Net Income before other 8alnsl(losses) 55,300 55,300 145,454 Other 8alns and losses Net movement In funds 55,300 55,300 145,454 Reconclllatlon of funds: Totsi funds brought forward 243,677 243,677 98,223 Total funds carrfed forward 298,977 298,977 243,677 Page 5
Portsmouth School of Gymnastics Summary Income and Expendlture Account for the year ended 31 Oecember 2023 2023 2022 Income 467.911 448,285 Interest and investment income 216 35 Gross Incorne for the year Expendlture 468,127 448,320 357,807 254,992 Interest payable 1,836 Depreclatlon and charges for Impairment of fixed assets 55,020 46,038 Total expendlture for the year Net Income before tax for the year 412,827 302,866 55.300 145,454 Net Income for the year 55,300 145,454 Page 6
Portsmouth Sthool of Gymnastlcs Balance Sheet at 31 Oecember 2023 Company No. 03174880 Notes 2023 2022 Fixed assets Tangible assets 12 382,009 382,009 377,302 377,302 Current assets Cash at bank and in hand 20,250 20,250 149,191) {28,941) 353,068 2,833 2,833 (43,000) (40,167) 337,135 Credltors: Amount falllng due wlthln one year Net current Ilabllltles 13 Total assets less current Ilabllltles Credltors: Amount5 fallln8 due after more than one year Net assets exdudlng penslon asset or Ilablllty 14 (54,091) 298,977 (93,458) 243,677 Total net assets 298,977 243,677 The funds of the charfty Restrlcted funds Unrestrlcted funds General funds 15 Is 298,977 243,677 298,977 243,677 Reserves 15 Total funds 298,977 243,677 These accounts have been prepared In accordance wlth the special provislons of Part 15 of the Companies Art 2006 relating to small companles. For the year ended 31 December 2023 the company was entltled to exemptlon under sectlon 477 of the Companles Act 2006 relatlng to small companles. The members have not required the company to obtaln an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying wlth the requirements of the Companies Act 2006 wlth sPeCt to accounting records and the preparation of accounts. Approved by the board on 19 July 2024 And signed on its beh J.D. Such Trustee 19 July 2024 Page 7
Portsmouth School of Gymnastlcs Notes to the Accounts for the year ended 31 December 2023 l Accountlng pollcles Basls of preparntlon The financial statements have been prepared In accordance wlth Accountlng and Reporting by Charities: ststement of Recommended Prattice appllcable to charitles preparing thelr accounts In accordance with the Financial Reportlng Standard applicable in the UK and Republic of Iland IFRS 102) (effective I January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Stsndard applicable in the UK and Republlc of Ireland IFRS 102) and the Companles Act 2006. Change In basls of accountln8 or to prevlous accounts There has been no change to the accounting pollcles (valuatlon rules and method of accountlng) slnce last year and no change5 have been made to accounts for prevlous years. Fund accountlng Unrestrlcted funds These are avallable for use at the dlscretlon of the trustees In furtherance of the general objects of the charlty. These are unrestrlcted funds earmarked by the trustees for partlcular purposes. These are unrestrfcted fvnds whlch Include a revaluatlon reseNe representln8 the restatement of Investment assets at their market values. These are avallable for use subject to restrlctlons Imposed by the donor or through terms of an appeal. Desl8nated fvnds Revaluation fund5 Re5trlcted funds Income Recognition of Income Income Is Included In the Statement of Flnanclal Actlvltles ISOFA) when the charlty becomes entitled to, and vlrtually certaln to recelve, the Income and the amount of the Income can be measured wlth sufflclent reliablllty. Incorne wlth related Where Income has related expendlture the Income and related expendlture Is expendlture reported 8ross In the SOFA. Donatlons and le8acles Voluntsry Income reIVed by way of grants, donatlons and gifts Is Included in the the SOFA when receivable and only when the Charlty has uncondltlonal entitlement to the Income. Tax reclalms on Income from tax reclalms is Included In the SOFA at the same tlme as the donatlons and gifts giftldonatlon to whlch It relates. Donated servlces These are only Included in income (wlth an equNalent amount In expendlture) and facilities where the benefit to the Charty Is reasonably quantifiable, measurable and materlal. Volunteer help The value of any volunteer help received Is not Included In the account5. Investment Income Thls Is Included In the accounts when receivable. Galns/{lossesl on Thi5 includes any galn or loss resulting from revaluing Investments to market value valuation of flxed at the end of the year. assets Gains/(losses) on Investment assets This Includes any galn or loss on the sale of Investmen Page 8
Portsmouth School of Gymnastlcs Notes to the Accounts Expendlture Recognition of expenditure Expenditure is recognised on an accruals basls. Expendlture includes any VAT whlch cannot be fully recovered, and Is reported as part of the expendlture to which it relates. Expenditure on These comprise the costs associated with attracting voluntary income, fundralslng ralslng funds trading costs and investment management costs. Expendlture on These comprise the costs incurred by the Charity in the delivery of its activlties and charltable actlvltles serv1$ in the furtherance of Its objects, Including the maklng of grants and governance costs. All grant expendlture Is accounted for on an actual pald basls plus an accrual for grants that have been approved by the trustees at the end of the year but not yet pald. These Include those costs assoclated wlth meetlng the constltutlonal and statutory requirements of the Charlty, Includlng any audlt/lndependent examlnatlon fees, costs Ilnked to the strateglc mana8ement of the Charlty, together wlth a share of other admlnlstration costs. Other expenditure These are support costs not allocated to a partlcular actlvlty. Grants payable Governance costs Taxatlon The charlty Is exempt from corporatlon tax on its charltable actlvltles. Tanglble flxed assets and depreclatlon Depreclatlon Is provlded at the followlng annual rates In order to wrfte off each asset over Its estlmated Useful Ilfe: Leasehold property In accordan wlth lease term IO% Reducln8 balance Lar8e equlpment Leased assets Where the charlty enter5 Into a lease whlch entalls tsklnB substantlally all the rlsks and rewards of ownershlp of an asset, the lease Is treated as a flnance lease. Leases which do not transfer substantlally all the rlsks and reward5 of owner5hlp to charlty are cla55ifled as operatln8 leases. Assets held under finance leases are Inltlally recognised as assets of the charlty at their falr value at the Inception of the lease or, If lower. at the present value of the minimum lease payments. The corresponding liabllity to the lessor is included in the balance sheet date a5 a finance lease obll8atlon. Lease payments are apportloned between finance expenses and reductlon of the lease obllgatlon so as to achieve a constant rate of Interest on the remalnlng balance of the Ilabllity. Finance expenses are recognised Immedlately, unless they are dlrectly attributable to qualifyln8 assets, in which case they are capltallsed in accordance with the charity's policy on borrowing costs. Assets held under finance leases are depreciated In the same way as owned assets. Operating lease payments are reco8nlsed as an expense on a stralght-llne basis over the lease terni. In the event that lease Incentlves are received to enter into operatlng leases, such incentives are recognlsed as a liabillty. The aggregate beneflt of incentNes is recognised as a reductlon of rental expense on a stralght-llne basls. Page 9
Portsmouth School of Gymnastlcs Notes to the Accounts Penslon costs The charity operates a defined contribution plan for its employees. A defined contribution plan Is pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. Recelpt of donated goods, facllltles and servlces All donated goods, facilities and services received are recognlsed withln Incoming resources and expenditure at an estimate of the value to the charitv. 2 Company ststus The company Is a prlvate company Ilmlted by guarantee and consequently does not have share capltsl. 3 Statement of Flnanclal Actlvltles - prlor year Unrestrfrted funds Totsi funds 2022 2022 Income and endowments from: Donatlons and legacles Charitable activities Other tradln8 actlvltles Investments 120,000 327,425 860 35 120,000 327,425 860 35 Total 448,320 448,320 Expendlture on: Charitable activities 301,030 1,836 301,030 1,836 Other Totsl 302,866 302,866 Net Income 145,454 145,454 Net Income before other 8alns1(10sses) Other galns and losses: Net movement In funds 145,454 145,454 145,454 145,454 Reconclllatlon of funds: Total funds brought forward Totsl funds carrfed forward 98,223 98,223 243,677 243,677 Page 10
Portsmouth Sthool of Gymnastics Note5 to the Accounts 4 Income from donatl¢)ns and legacies Unrestrirted Totsl Total 2023 2022 Grants 3,000 3,000 3,000 3,000 120,000 120,000 S Income from charltsble actlvltles Unrestricted Total Total 2023 202Z School - staff & coach costs 464,911 464,911 464,911 464,911 327,425 327,425 6 Income from other trddlng actlvltles Totsl 2023 Total 2022 Fund ralslng events 860 860 7 Income from Investments Unrestrlcted Total 2023 Totsl 2022 Bank Interest 216 216 35 216 216 35 8 Expendlture on charftable actlvltles Unrestrfrted Totsl 2023 Total 2022 Expendlture on chorltoble octivitles School - Stsff & coach costs 185,215 67,966 102,886 185,215 67,966 102,886 148,522 27.807 78,924 School - premlses costs School - administration costs Governance costs Accountsncy and IE Fee 1,740 357,807 1,740 357,807 1,575 256,828 Page 11
Portsmouth School of Gymnastics Notes to the Accounts 9 Other expenditure Unrestrlctsd Totsi Total 2022 2023 Amortisation, depreciation, impairment, profit/loss on d15P05al of fixed assets 55,020 55,020 46,038 55,020 55.020 46,038 10 Net Income before transfers 2023 2022 Thls Is stated after charging: Depreciation of owned fixed assets 11 Staff costs No employee recelved emoluments In excess of £60,000. 55,020 46,038 The average monthly nurnber of fvll tlme equlvalent employees durlng the year was as follows: 2023 2022 Number Number Staff 12 Tanglble fixed assets Land and bulldlngs Larye equlpment Total Cost or revaluatlon At l January 2023 Addltions Dlsposals At 31 December 2023 Depreclatlon and Impalrment At l January 2023 Depreciation char8e for the year Disposals At 31 December 2023 253,987 48,161 241,809 11,566 (72,456) 180,919 495,796 59,727 (72,456) 483.067 302,148 29,103 89,391 118,494 38,621 16,399 55,020 (72,4561 33,334 {72,456) 101,058 67,724 Net book values At 31 December 2023 At 31 December 2022 234,424 224.884 147,585 152,418 382,009 377,302 Page 12
pOrtsnuth School of Gymnastlcs Notes to the Accounts 13 Credltors: amounts falllng due within one year 2023 2022 Other loans Obll8ations under finance lease and hl purchase contracts Other taxes and soclal securlty Other credltors Accruals 23,211 22,401 11,754 10,617 5,020 8,506 1,860 7,422 49,191 43,000 14 Credltors: amounts falllng due after more than one year 2023 2022 Other loans Obll8atlons under flnance lease and hlre purchase contracts 54,091 79,302 14,156 93,458 54,091 15 M¢)ven*nt In funds Incomlng resources At31 December 2023 (Includlng At l January other 2023 8alns/losses) Resources expended Restrlcted funds: Unrestrfcted funds: General funds 243,677 468,127 (412,827) 298,977 Totsl funds 16 Analysls of net assets between funds 243,677 468,127 (412,827) 298,977 Unrestrlcted funds Total Flxed assets Net current assets Credltor5 due In more than one year and provlslons 382.009 {28,941) 382,009 128,941) {54,091) (54,091) 298,977 298,977 Page 13
Portsmouth School of Gymnastlcs Notss to the Attounts 17 Recondllatlon of net debt At31 December 2023 At l January 2023 Cash flows Cash and cash equlvalents 2,833 2,833 17,417 17,417 20,250 20,250 Borrowlngs Obligations under HP/Flnance leases (101,703) (24,773) 1126,476) 24,401 13,019 37,420 177,302) {11,754 {89.056) Net debt (123,643) 54,837 (68,806) 18 Related party dlsd05ures Controlllng party The company Is Ilmlted by guarantee and has no share capital; thus no slngle party controls the company. Page 14
Portsmouth School of Gymnastics Detslled Ststement of Flnancial Activities for the year ended 31 December 2023 Unrestrlrted funds Total funds Totsl funds 2023 2023 2022 Income and endowrnents from: Donatlons and legacies Grants 3,000 3,000 3,000 3,000 120,000 120,0 Charitsble actlvlties School - staff & coach costs 464,911 464,911 464.911 464,911 327,425 327,425 Other trading activltles Fund raising event5 860 860 Investments Bank interest 216 216 216 216 3S 35 Total Income and endowments 468,127 468,127 448,320 Expendlture on: Charltable actlvltles School - staff & coach costs School - premise5 Costs School - admlnlstration costs 185.215 67,966 102,886 356,067 185,215 67,966 102,886 356,067 148,522 27.807 78,924 255,253 Governance costs Accountsncy and IE Fee 1,740 1,740 1,740 1,740 1,575 1,575 Total of expendlture on charltable actlvltles 357,807 357,807 256,828 General admlnistratlve costs, Includln8 deprecSatlon and amortisation Depreclatlon of land and buildin85 Depreciation of Large equipment 38,621 38,621 29,103 16,399 55,020 55,020 16,399 55,020 55,020 16,935 46.038 46,038 Total of expendlture of other costs Total expendlture Net gains on investments 412,827 412,827 302,866 Net Income 55,300 55,300 145,454 Page 15
Portsmouth School of Gymnastics Detalled Statement of Flnanclal Actlvltles Net Income before other gains/(105ses) Other Gains 55,300 55,300 145,454 Net movement In funds 55,300 55,300 145,454 Reconclllatlon of funds: Total funds brou8ht forward 243.677 243.677 98,223 Total funds carrled forward 298.977 298,977 243,677 Page 16