Portsmouth School of Gymnastlcs Charlty No. 1055462 Company No. 03174880 Trustees, Report and Unaudlted Accounts 31 December 2024
Portsmouth School of Gymnastlcs Contents Pages 2to3 Trustees, Annual Report Independent Examiner's Report Ststement of Financial Activities Summary Income and Expendlture Account Balance Sheet Statement of Cash flows Notes to the Accounts 9t015 Detailed Statement of Flnanclal Actlvltles 16to17 Page I
Portsmouth School of Gymnastics Trustses Annual Report The trustees, who are also directors of the charity 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 2024. REFERENCE AND ADMINISTRATIVE DEfAILS Company No. 03174880 Charlty No. 1055462 Princlpal Offlce Unit 2, Marshlands Spur Farlington Portsmouth Hampshire P06 ITL Reglstered Office 50 Catisfield Road Milton Portsmouth Hampshire P04 8NJ Directors and Trustees The D1CtorS of the charltable company are its Trustees for the purposes of charity law. The following Dlrectors and Trustees served during the year: J.C. Barton M. Bonnlngton D.A. Mouland L Smith J.D. Such Key Management Personnel Chalr Ac¢ountants JDSuch The Running Accountant Limited 2 Farmers Way Waterlooville Harnpshire P08 9GY OBJECTIVES AND AcnviTIES 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 facilitles and instruct5on in gymnastics. Pa8e 2
Portsmouth School of Gymnasti(s Trustees Annual Report The main activltles undertaken in relatlon to those purposes is the operation of a gymnasium in Portsmouth. The main activities undertaken to further the charity's purposes for the publlc benefit and Include confirmation that the trustees have given due consideration to the Charlty Commission's guidance on the public benefit requirement. ACHIEVEMENTS AND PERFORMANCE Portsmouth School of Gymnastics contlnues to offer structured 8ymnastics pro8rammes to all its members FINANCIAL REVIEW The income in 2024 increased by £38K or 8%. This reflects a small Increase In numbers whilst there has also been the effect of the increased cost of Ilvlng. This has been reviewed in 2025 and numbers are remaining strong. Reserve Policy. The reserve funds have remained at a similar level to 2023 at £15K although thls has improved in 2025 as members have increased agaln and there has been a small increase in fees. All such funding has been earmarked for use on new state of the art TeamGym equipment, leasehold improvements, and general repairs in the new facility. PLANS FOR FUTURE PERIODS Leasehold improvements and repairs continue to be a significant cost. PSG currently have an 8-year lease and we will be negotlatlng an increase to 15 years but this hinges on our landlords, plans in particular their development of a large site adjacent to their main offices. STRUCTURE. GOVERNANCE AND MANAGEMENT The Charity is controlled by its governing doument. a deed of trust, and constitues a limited company, limited by guarantee, as definded by the Companles Act 2006. 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). The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial ststements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. The above report has been prepared in accordance with the provisions applicable to companles subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and In accordance with the Charities SORP {FRS 102). Slgned on behalf J.D. Such Trustee Oljuly 2025 Page 3
Portsmouth School of Gymnastlcs Independent Examlners Report Independent Examlner's Report to the trustses of Portsmouth School of Gymnastlcs I report to the charity trustees on my examlnation of the financial statements of Portsmouth School of Gymnastics for the year ended 31 December 2024. Responslbllltles and basls of report As the charity's trustees of the company (and also its d1CtorS for the purposes of company law) you are responsible forthe preparation of the financlal statements In accordan wlth the requirements of the Companies Act 2006 {'the 2006 Act. Having satlsfied myself that the financlal statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examlnation, I report in respect of my examinatlon of your charlty's financlal statements as carrled out under section 145 of the Charltles Act 2011 ('the 2011 Ad). In carrylng out my examlnatlon I have followed the Dlrectlons glven by the Charlty Commission under sectlon 145(5) (b) of the 2011 Act. Independent examlner's statement A5 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 conflrm that l am quallfied to undertake the examlnatlon because l am a member of FCCA, whlch Is one of the Ilsted bodles. I have completed my exarnlnatlon. I can confirm that no materlal matters have come to my attentlon In connectlon wlth the examlnatlon glvlng me cause to belleve: accountlng records were not kept In accordance wlth sectlon 386 of the 2006 Act . or the flnancial statements do not accord wlth those records; or • the financial statements do not comply wlth the accountlng requlrements under sectlon 396 of the 2006 Act other than any requlrement that the flnancial statements give a 'true and fair, vlew whlch Is not matter consldered as part of an Independent examlnatlon; or the financlal statements have not been prepared in accordano wlth the methods and prlnclples of the Statement of Recommended Practice for accountlng and reporting by charltles appllcable to charitles preparlng thelr accounts In accordance wlth the Flnanclal Reportlng Standard appllcable In the UK and Republic of Ireland (FRS 102). I have no COnrn5 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 understandlng of the financlal statements to be reached. Mark G Wilson FCCA The Runnin8 Accountant Limlted 2 Farmers Wav Waterlooville Hampshi P08 9GY Oljuly 2025 Page 4
Portsmouth School of Gymnastics Statement of Financial Artlvities for the year ended 31 Defflber 2024 Unrestricted funds Totsl funds Totsl funds 2024 2024 2023 Notss Income and endowments from: Donations and legacies Charitable activitles Investments 5.000 505,856 149 3,000 464,911 216 505,856 149 Totsl 511,005 511,005 468,127 Expendlture on: Charltable activltles Other 432,076 63,610 495,686 432,076 63,610 495,686 357,807 55,020 Total 412,827 Net galns on Investments Net Income 15,319 15,319 55,300 Transfers between funds Net Income before other galns/(Iosses) Other galns and losses 15,319 15,319 55,300 Net movement In funds Reconclllatlon of funds: Total funds brought forward Total funds arrled forward 15,319 15,319 55,300 298,977 298,977 243,677 314,296 314,296 298,977 Page 5
Portsmouth School of Gymnastics Summary Income and Expenditure Account for the year ended 31 December 2024 2024 2023 Income 510,856 467,911 Interest and investment income 149 216 Gross Income for the year Expenditure 511.005 468,127 437,076 357,807 Depreciation and charges for impairment of fixed assets 58,610 55,020 Total expendlture for the year Net income before tax forthe year 495,686 412,827 15.319 55,300 Net income for the year 15,319 55,300 Page 6
Portsmouth School of Gymnastlc5 Balance Sheet at 31 December 2024 Company No. 03174880 2024 2023 Flxed assets Tanglble assets 11 360,240 360,240 382,009 382,009 Current assets Cash at bank and In hand 25,229 25,229 (42,027) {16,798) 343,442 {29,146) 314,296 20,250 20,250 {49,191) {28,941) 353,068 {54,091) 298,977 Credltors: Amount falllng due wlthln one year Net current Ilabllltles 12 Total assets less current Ilabllltles Credltors: Amounts falllng due after more than one year Net assets excludlng penslon asset or Ilablllty 13 Total net assets 314,296 298,977 The fvnds of the charlty Restrlcted funds Unrestrlcted funds General funds 14 14 314,296 298,977 314,296 298,977 Reserves 14 Total funds 314,296 298,977 These accounts have been prepared In accordance wlth the speclal provlslons of Part 15 of the Companles Act 2006 relatlng to small companles. Forthe year ended 31 December 2024 the company was entltled to exemptlon under sectlon 477 of the Companles Act 2006 relatlng to Small companles. The members have not requlred the company to obtaln an audlt in accordance wlth sectlon 476 of the Companles Act 2006. The dlrettors acknowledge thelr responsibllltles for complying with the requlrements of the Companies Act 2006 wlth spect to accounting records and the preparatlon of accounts. Approved by the board on 01 July 2025 And slgned on its behalf bv: J.D. Such Trustee 01 July 2025 Page 7
Portsmouth School of Gymnastks Statsment of Cash flows forthe year ended 31 December 2024 2024 2023 Cash flows from operating activities Net Income per Statement of Financial Activities 15,319 55,300 Adjustments for. Depreciation of property, plant and equipment Dividends, interest and rents from investments Increase in trade and other payables 58,610 (149) 256 55,020 {2161 4.244 Net cash provlded by operating activities 74,036 114,348 Cash flows from Investlng activities Payments for property• plant and equipment Dividends, interest and rents from investments 136,841) 149 (59,727) 216 Net Cash used In Investlng activities (36,692) (59,511) Cash flows from financln8 artlvltles Repayment of borrowings Repayments of obligations under finance lease and hire purchase contracts (24,108) (24,401) (8,257) (13,0191 Net cash used In flnancing artlvlties {32,36S) (37,420) Net Increase In cash and cash equlvalents 4,979 17,417 Cash and cash equlvalents at the beglnnlng of the year 20,250 2.833 Cash and cash equlvalents at the end of the year 25,229 20,250 Components of cash and cash equivalents Cash and bank balances 2S.229 20,250 25,229 20,250 Page 8
Portsmouth School of Gymnastlcs Notss to the Accounts forthe year ended 31 December 2024 l Accountlng pollcles Basls of preparatlon The financial statements have been prepared In accordance wlth Accounting and Reportlng by Charltles: 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 IFRS 102) (effective I January 20151- (Charities SORP (FRS 10211, the Financlal Reporting Standard appllcable In the UK and Republic of Ireland IFRS 102) and the Companies Act 2006. Change In basls of accountlng or to prevlous accounts There has been no change to the accountlng pollcles {valuatlon rules and method of accountlng) slnce last year and no changes have been made to accounts for prevlous years. Fund accountlng Unrestrlcted funds These are avallable for use at the dlscretion 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 unrestrlcted funds whlch Include a revaluatlon reserve representlng the restatement of Investment assets at thelr market values. These are avallable for use Subject to restrfctlons imposed by the donor or throu8h terms of an appeal. Deslgnated funds Revaluatlon funds Restrlcted fvnds Income Recognitlon of income Income Is induded In the Statement of Flnanclal Actlvlties (SOFA) when the charlty becomes entltled to, and vlrtually certaln to recelve, the Income and the amount of the Income can be measured wlth sufflclent rellablllty. Income with related Where income has related expendlture the Income and related expendlture Is expenditure reported gross In the SOFA. Donations and legacles Voluntary Income recelved by way of grants, donations and 8lfts Is Included In the the SOFA when recelvable and only when the Charity has uncondltlonal entltlementto the Income. Tax reclaims on Income from tax reclalms Is Included In the SOFA at the same tlme as the donations and glfts gift/donatlon to whlch It relates. Donated services These are only included In Income (wlth an equlvalent amount In expenditure) and facilities where the benefit to the Charlty Is reasonably quantifiable, measurable and material. Volunteer help The value of any volunteer help receivedls not Included In the accounts. Investment income Thls is included in the accounts when recelvable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Galnslllosses} on investment assets This includes any gain or loss on the sale of Investments. Page 9
Portsmouth School of Gymnastlcs Notss to the Accounts Expenditure Recognition of expenditure Expenditure is recognised on an accruals basis. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates. Expenditure on These comprise the costs associated with attractlng voluntary Income. fundralsin8 raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities seNices in the furtherance of its objects, including the making of grants and governance costs. All grant expendlture Is accounted for on an actual paid basis plus an accrual ft>r grants that have been approved by the trustees at the end of the year but not yet paid. These indude those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audivindependent examination fees, Costs linked to the strategic management of the Charity, together with a share of other administration costs. Other expenditure These are support costs not allocated to a particular activity. Grants payable Governance costs Taxatlon The charity is exempt from corporation tax on Its charitable activities. Tangible flxed assets and depreclatlon Depreciation is provided at the followlng annual rates in order to write off each asset over its estlmated useful lrfe: In accordan wlth lease term IO% Reducing balance Leasehold property Large equipment Freehold investment property Investment properties are measured initially at cost and subsequently at frdir value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise. Stocks Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay forthe Items on the open market. Trade and other debtOfS Trade and other debtors are recognised at the settlement amount due after anytrade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-temi hlghly liquid investments with original maturities of three months or less and bank overdrafts. In the ststement of financial position. bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdraft5 that are repayable on demand and form an Integral part of the company's cash management. Page 10
Portsmouth School of Gymnastlcs Notss to the Accounts Trade and other creditors Short term creditors are measured at the transaction prlce. Other creditors and provlslons are recognised where the charlty has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. CdItorS and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Research and development Expenditure on research and development is written off in the year in which it is incurred. Forelgn currendes Monetsry assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred. All exchange differences are are tsken into account in arrlvlng at net income/expenditure. Leased a55ets whe the charlty enters into a lease which entails taklng substsntially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. Leases which do not transfer substantially all the rlsks and rewards of ownershlp to charity are classified as operating leases. Assets held under finance leases are Inltlalty recognised as assets of the charity at their falrvalue at the inception of the lease or. if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor Is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liabillty. Finance expenses are recognised immediately, unless they are d1CtlY attributable to qualifying assets, in which case they are capitalised in accordance with the charity's pollcy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basls over the lease term. In the event that lease Incentlves are received to enter Into operating leases. such inntiveS are recognised as a liability. The aggregate benefit of incentives is reco8nised as a reduction of rental expense on a stral8ht-Ilne basis. Pension costs The charity operates a defined contribution plan for Its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been pald 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, facilities and services All donated goods, facilities and services received are recognised wlthln incoming resources and expenditure at an estimate of the value to the charity. Page 11
Portsmouth Sthool of Gymnastlcs Notes to the Accounts 2 Company status The company is a private company limited by Buarantee and consequently does not have share capitsl. 3 Statement of Flnanclal Actlvltles- prior year Unrestricted funds Total funds 2023 2023 Income and endowments from: Donations and legacies aiaritable activities Investments 3,000 464,911 216 3,000 464,911 216 Total 468,127 468,127 Expenditure on: Charitable activities 357,807 55,020 357,807 55.020 Other Totsl 412,827 412,827 Net income 55,300 55,300 Net income before other Eains/(10sse5) Other gains and losses: Net movement in funds 55,300 55,300 55,300 55,300 Reconclllatlon of funds: Total funds brought forward Total funds carried forward 243,677 243,677 298,977 298,977 4 Income from donatlons and legacles Unrestrirted Totsl Total 2024 2023 Grants 5,000 5,000 5,000 5,000 3,000 3,000 5 Income from charitsble actlvltles Unrestrlcted Totsl Total 2024 2023 School - staff & coach costs 505,856 505,856 505,856 505,856 464,911 464,911 Page 12
Portsmouth Sthool of Gymnastlcs Notes to the Accounts 6 Incorne from investments Unrestricted Totsl 2024 Total 2023 Bank interest 149 149 216 149 149 216 7 Expendlture on charltable actlvlties Unrestrlctsd Total Total 2023 Expenditure on charitable activities School - stsff & coach costs School- premlses costs School - administration costs Governance costs 241,728 64,264 124.344 241.728 64,264 124,344 185.215 67,966 102,886 1.740 432,076 1,740 432.076 1.740 357,807 8 Other expendlture Unrestrirted Total 2024 Total Z023 Grants paid Amortlsation, depreclation, impairment, profit/loss on disposal of fixed assets 5,000 58,610 58,610 55,020 63,610 63,610 55,020 9 Net Income before transfers 2024 2023 This is stated after charging: Depreclation of owned fixed assets 10 Staff costs No employee receNed emoluments in excess of £60,000. 58,610 55,020 The average monthly number of full time equivalent employees during the year was as follows: 2024 Number 2023 Number Staff Page 13
Portsmouth School of Gymnastlcs Notes to the Accounts 11 Tanglble flxed assets Land and bulldlngs equlpment Total Cost or revaluatlon At l January 2024 Additions At 31 December 2024 Depreclatlon and ImpaFmient At l January 2024 Depreciation charge forthe year At 31 December 2024 302,148 21,325 323,473 180,919 15,516 196,435 483,067 36.841 519,908 67,724 33.334 101,058 42,183 16,427 58,610 109,907 49,761 159,668 Net book values At 31 December 2024 At 31 December 2023 12 Creditors: amounts fallin8 due within one year 213,566 234,424 146,674 147,585 360,240 382,009 2024 2023 Other loans Obligations under finance lease and hire purchase contract5 Other taxes and social security Other creditors Accruals 24,048 23,211 3,497 11,754 3.914 9,868 700 42,027 5,020 8,506 700 49,191 13 Credftors: amounts falling due after more than one year 2024 2023 Other loans 29,146 29,146 54,091 54,091 Page 14
Portsmouth School of Gymnastlcs Notes to the Accounts 14 Movement In funds Incomlng resources At31 December 2024 (Includlng other At l January Bains/losses 2024 Resources expended Restrlcted funds: Unrestrirted fvnds: General fvnds 298,977 511,005 {495,686) 314.296 Totsi funds 15 Analysis of net assets between funds 298,977 511,005 1495,686) 314,296 Unrestrlrted fvnds Total Fixed assets Net current assets Creditors due in more than one year and provisions 360,240 {16,798) 360,240 (16,7981 (29.146) (29,146) 314,296 314,296 16 Reconcillatlon of net debt At31 December 2024 At l January 2024 Cash flows Cash and cash equivalents 20,250 20,250 4,979 4,979 25,229 25,229 Borrowings Obligations under HP/Finance leases (77,302) {11,754) (89.056) 24,108 8,257 32,365 (53,194) (3,497) {56,691) Net debt (68.806) 37,344 (31,4621 17 Related party disclosures Contmlling party The company is Ilmited by guarantee and has no share capital; thus no single party controls the company. Page 15
Portsmouth Sthool of Gymnastics Detalled Statement of Financlal Actlvltles for the year ended 31 Dernber 2024 Unrestrfrted funds Total funds Total funds 2024 2024 2023 Income and endowments from: Donations and legacies Grants 5,000 5,000 3,0(XJ 3,OlXI Charltsble activitles School - staff & coach costs 505,856 505,856 505,856 505,856 464,911 464,911 Investments Bank Interest 149 149 149 149 216 216 Total Income and endowments 511,005 511,005 468,127 Expendlture on: Charftable actlvltles School - staff & coach costs School - premlses costs School - admlnistration costs 241,728 64,264 124,344 430,336 241.728 64,264 124.344 430,336 185,215 67,966 102,886 356,067 Governance costs 1,740 1,740 1,740 1,740 1,740 1,740 Total of expendlture on charltsble actlvltles 432,076 432,076 357,807 Other expendlture Grants pald 5,000 5,000 5,000 General admlnistrative costs, Includlng depreciatlon and amortlsation Depreciation of land and bulldings Depreclatlon of LarBe equlpment 42,183 42,183 38,621 16,427 58.610 63,610 495,686 16,427 58,610 63,610 495,686 16.399 55,020 55,020 412,827 Total of expendlture of other costs Totsl expendlture Net gains on investments 15,319 15,319 55,300 Net income Page 16
Portsmouth School of Gymnastics Detslled Statement of Hnancial Activltles Net Income before other galns/(losses) Other Galns 15,319 15,319 55.31JO Net movement In funds 15,319 15,319 55,300 Reconclllatlon of funds: Total funds brought forward 298,977 298,977 243,677 Total funds carried forward 314.296 314,296 298,977 Page 17