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 chIld￿n
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 I￿land 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 re￿IVed 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

pOrtsn￿uth 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