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2021-07-31-accounts

Charity number: 1057559 Company number: 03221655

Forest of Dean Gymnastics Club (A company limited by guarantee)

Trustees' report and financial statements

for the year ended 31 July 2021

Forest of Dean Gymnastics Club (A company limited by guarantee)

Contents

Page
Legal and administrative information 1
Trustees' report 2 - 4
Independent examiners' report 5
Statement of financial activities 6
Balance sheet 7 - 8
Notes to the financial statements 9 - 14

Forest of Dean Gymnastics Club (A company limited by guarantee)

Legal and administrative information

Charity number 1057559
Company registration number 03221655
Registered office Five Acres
Park Road
Coleford
Gloucestershire
GL16 7QW
Trustees Christopher Hammersley (Secretary)
Robin Pittson (Chairman)
Wendy Heiner
Graham Goode
Abigail Simpson
John Newland
Secretary C Hammersley
Chief executive Mrs L. C. Hammersley
Accountants Oversby & Company
Unit 1C Mushet Business Centre
Crucible Close
Coleford
Gloucestershire
GL16 8RE
Bankers Lloyds Bank
Market Place
Coleford
Gloucestershire
Aldermore Bank
1st Floor, Block B
Western House
Lynchwood
Peterborough PE2 6FZ

Forest of Dean Gymnastics Club (A company limited by guarantee)

Report of the trustees (incorporating the directors' report) for the year ended 31 July 2021

The trustees present their report and the financial statements for the year ended 31 July 2021. The trustees, who are also directors of Forest of Dean Gymnastics Club for the purposes of company law and who served during the year and up to the date of this report are set out on page 1.

Structure, governance and management

Governing Documents (The Companies Act 1985 and 1989)

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.

The company is governed by a Memorandum of Association of the Forest of Dean Gymnastics Club,and by Articles of Association of the Forest of Dean Gymnastics Club, for a limited Company by Guarantee and not having a Share Capital

Organisational Structure

The Board of Trustees, who also act as directors, hold licenses and are the tenants. They make agreements and contracts with outside agencies, act as the employers and hire staff. They are responsible for the maintenance and the Health & Safety of the building and its environments. The Board set and apply suitable accounting policy, agree spending and prepare financial statements and reports. They control bank accounts and investments, salaries and wages and have full financial oversight of the Company/Charity affairs and transactions.

They delegate day-to-day running of the Charity and all its operational issues and decisions to its Managing Director, the Director of Coaching and Centre Development. She works with the Centre Administrator, the Fitness Coordinator and gymnastics coaches to provide efficient and appropriate delivery of the Charity's activities. She has the authority to manage and control staff, set budgets and targets for future developments. She is initially responsible to the Board for Health & Safety and for staff development and training. In cooperation with the Board she manages th HR issues.

The Director of Coaching & Centre Development has an ex officio, nonvoting position on the Board.

Related Parties

Five Acres High School are the Landlords of the Land on which the Charity's buildings are located and of access rights and car parking.

The rights are confirmed in a Lease dated 20th August 1996 for a period of Fifty years, paying the yearly rent of £1 on the anniversary of the lease.

Principle Activity

The principle activity of the Company/Charity is to provide the opportunity, facilities and qualified, suitably trained staff to support, teach, instruct and otherwise encourage physical education and health in the area of benefit with particular emphasis on physical development via the mediums of gymnastics and fitness. To fulfil this purpose it provides such organisation, supervision and equipment at the Company/Charity's Centre, or in schools and clubs elsewhere.

Objectives

To further the physical education of such inhabitants of the Forest of Dean and surrounding area to ensure due care is given to further the Health & Fitness of such inhabitants in addition to the development of their minds.

To support, teach, instruct, coach and otherwise encourage physical education in the area of benefit through the medium of gymnastics and fitness and to improve the quality of life for those suffering any social deprivation and from physical disabilities in the area of benefit by use of sporting, fitness and gymnastics equipment and facilities.

Forest of Dean Gymnastics Club (A company limited by guarantee)

Report of the trustees (incorporating the directors' report) for the year ended 31 July 2021

To provide and train those involved in the provision of physical education using gymnastics and fitness within the area of benefit.

Review for the Year

2020-2021 has been an extremely difficult year. The business was severely impacted by two National Lockdown periods. The Centre closed on 5th November with almost all the staff placed on furlough. There was at the time a large deficit on income over expenditure. A total of 4 government grants were received through this accounting year. These proved vital in sustaining the Charity through these periods of closure. All income streams were closed during lockdowns. The 3rd National Lockdown began on 3rd January 2021. The Centre finally re opened on 12th April 2021 with many restrictions still in place limiting entry to only Staff, Gymnasts and Fitzone members. No other adults or children were allowed to enter the building. This also had an impact on sales income. This policy remained in place for the rest of this financial period.

Financial review

Expenditure

The spending is reduced this year as a result of revised prices from suppliers and greater control over activities costing's.

Reserves Policy

The charity's/Company reserves of Restricted Funds are currently held in two separate accounts with the Aldermore Bank. One account is a fixed term account the other an Instant Access account. Both pay varying interest rates. Consideration is given to any contractual liabilities in respect of premises and asset/equipment servicing, redundancy liabilities to staff and any other significant factors should the Company/Charity need to close and also to preserve the ability of the Charity/Company to maintain its principle activities without interruption. Having reviewed the financial position at the accounting date the Trustees are of the opinion that the current assets of the Charity/Company are sufficient to enable it to maintain, its present level of operations.

The Charity's policy is to maintain investments designed to support medium and long-term aims. In the medium term the Aldermore fixed term account is designed to provide a holding account, with a slightly higher interest rate. The Instant Access account is used to support the Lloyds Bank current account with any expenditures that fall within the allowed remit of the policy on restricted funds. These restricted funds can only be used for capital expenditures. The funds in the Lloyds current account are used for the basic day-to-day running costs, insurances, new equipment, staff salaries and wages, utilities and maintenance. The HSBC current account has been retained as this is used to collect Direct Debit payments for memberships and fees.

The Lloyds account is also used to provide charitable support to individuals in need, for training, accommodation, entrance fees and travel using assistance and bursary payments. Any small grants are placed into this account for such uses as those given above.

The performance of funds and accounts are monitored at monthly Board Meetings using written reports that are prepared for the Trustees by the Company Secretary and the Centre Administrator. Valuations of the long-term investments, are reported to the Board by the Secretary at every Board Meeting. The Trustees are of the opinion that returns in all the Charity's funds and accounts are fulfilling their required function and are satisfactorily in line with their expectations within the current investment climate.

Forest of Dean Gymnastics Club (A company limited by guarantee)

Report of the trustees (incorporating the directors' report) for the year ended 31 July 2021

Risk Statement

The trustees have continued working on the process of identifying and reviewing the major risks which the Company/Charity faces on a regular basis. The opening of new facilities for fitness in the district, continue to impact upon fitness revenues, as does the current general national economic situation. The Board believe that its reserves at the current level, combined with the continual monitoring process of the controls and reviews of investments that they have in place over the key financial systems, provide sufficient resources to maintain control of this development and other adverse conditions.

Statement of trustees' responsibilities

The trustees (who are also directors of Forest of Dean Gymnastics Club for the purpose of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and which enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small company provisions

This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.

On behalf of the board

C Hammersley Secretary

Forest of Dean Gymnastics Club (A company limited by guarantee)

Independent examiner's report to the trustees on the unaudited financial statements of Forest of Dean Gymnastics Club.

I report on the accounts of Forest of Dean Gymnastics Club for the year ended 31 July 2021 set out on pages 2 to 14.

Respective responsibilities of trustees and independent examiner

The charity's trustees (who are also the directors of the company for purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under part 16 of the Charities Act 2006 and that an independent examination is needed. It is my responsibility to examine the accounts under section145 of the Charities Act 2011 ('the 2011 Act') to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5) (b) of 2011 the Act; and to state whether particular matters have come to my attention.

Basis of independent examiner's statement

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

(i) which gives me reasonable cause to believe that in any material respect the requirements:

have not been met; or

...........................................................

Oversby & Company

Independent examiner

Unit 1C Crucible Close Coleford Gloucestershire GL16 8RE

Forest of Dean Gymnastics Club

(A company limited by guarantee)

Statement of financial activities (incorporating the income and expenditure account)

For the year ended 31 July 2021

Unrestricted
Restricted
funds
funds
Notes
£
£
Incoming resources
Incoming resources from generating funds:
Voluntary income
2
2,069
-
Activities for generating funds
3
76,869
-
Investment income
4
1
1,653
Incoming resources from charitable activities
5
80,744
-
Total incoming resources
159,683
1,653
Resources expended
Costs of generating funds:
Cost of generating voluntary income
6
189,469
16,470
Governance costs
7
-
-
Total resources expended
189,469
16,470
Net incoming/(outgoing) resources for the year /
Net income/(expenditure) for the year
)
(29,786
)
(14,817
Total funds brought forward
119,997
564,691
Total funds carried forward
90,211
549,874		 2021
Total
£
2,069
76,869
1,654
80,744
161,336
205,939
-
205,939
)
(44,603
684,688
640,085		 2020
Total
£
4,733
163,535
1,023
41,713
211,004
223,393
2
223,395
)
(12,391
697,077
684,686

The statement of financial activities includes all gains and losses in the year and therefore a separate statement of total recognised gains and losses has not been prepared.

All of the above amounts relate to continuing activities.

The notes on pages 9 to 14 form an integral part of these financial statements.

Forest of Dean Gymnastics Club (A company limited by guarantee)

Balance sheet as at 31 July 2021

2021 2020
Notes £ £ £
Un Resticted Restricted Total Funds Total Funds
£ £ £ £
Tangible assets 12 91,109 414,528 505,637 533,184
Current assets
Stocks 2,658 - 2,658 1,576
Debtors 13 2,276 - 2,276
Cash at bank and in hand 20,587 135,346 155,933 151,424
25,521 135,346 160,867 153,000
Creditors: amounts falling
Amounts falling due within 1 Year 12 (26,419 ) - (26,419 ) (1,500 )
Net current assets 898 135,346 134,449 151,500
Net assets 90,211 549,874 640,085 684,686
Funds 15
Restricted income funds 549,874 564,689
Unrestricted income funds 90,210 119,997
Total funds 640,085 684,686

The Balance Sheet continues on the following page.

The notes on pages 9 to 14 form an integral part of these financial statements.

Forest of Dean Gymnastics Club (A company limited by guarantee)

Balance sheet (continued)

Trustees statements required by the Companies Act 2006 for the year ended 31 July 2021

In approving these financial statements as trustees of the company we hereby confirm:

(a) that for the year stated above the company was entitled to the exemption conferred by section 477 of the Companies Act 2006 ;

(b) that no notice has been deposited at the registered office of the company pursuant to section 476 of the Companies Act 2006 requesting that an audit be conducted for the year ended 31 July 2021.

(c) that we acknowledge our responsibilities for:

(1) ensuring that the company keeps proper accounting records which comply with section 386 of the Companies Act 2006, and

(2) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit or loss for the year then ended in accordance with the requirements of sections 394 and 395, and which otherwise comply with the provisions of the Companies Act relating to financial statements, so far as applicable to the company.

These financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies .

The financial statements were approved by the board on 21 March 2022 and signed on its behalf by

Christopher Hammersley (Secretary) Director

The notes on pages 9 to 14 form an integral part of these financial statements.

Forest of Dean Gymnastics Club (A company limited by guarantee)

Notes to financial statements for the year ended 31 July 2021

1. Accounting policies

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceding year.

1.1. Basis of accounting

The financial statements of the charitable company, which is a public benefit entity under FRS102, have bee prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities Statement of Recomended Praticies applicable to charities preparing their accounts in accordance with the Finacial Reporting Standard applicble in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)' 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 historical cost convention.

1.2. Cashflow

The charity has taken advantage of the exemption in FRS1 from the requirement to produce a cashflow statement because it is a small charity.

1.3. Incoming resources

All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

Voluntary income is received by way of grants, donations and gifts and is included in full in the statement of financial activities when receivable. Grants where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.

Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included.

Gifts donated for resale are included as incoming resources within activities for generating funds when they are sold.

Grants, including grants for the purchase of fixed assets, are recognised in full in the statement of financial activities in the year in which they are receivable.

Income from investments is included in the year in which it is receivable.

Forest of Dean Gymnastics Club (A company limited by guarantee)

Notes to financial statements

for the year ended 31 July 2021

1.4. Resources expended

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.

Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes including the charity's shop.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management.

1.5. Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

1.6. Stock

Stock is valued at the lower of cost and net realisable value.

2. Voluntary income

Voluntary income
Unrestricted
funds
£
Gifts
2,069
2,069		 2021
Total
£
2,069
2,069		 2020
Total
£
4,733
4,733

Forest of Dean Gymnastics Club (A company limited by guarantee)

Notes to financial statements for the year ended 31 July 2021

3.
Activities for generating funds
Unrestricted
funds
£
Gymnastics Fees
54,750
Competition Fees
23
Fitzone Income
8,543
Hire of Gymnasium
5,114
BAGA Subscriptions
5,283
Sale of Goods
3,150
Sundry Income
6
76,869
4.
Investment income
Unrestricted
Restricted
funds
funds
£
£
Bank interest receivable
1
1,653
1
1,653
5.
Incoming resources from charitable activities
Unrestricted
funds
£
Grants
80,744
80,744
6.
Cost of generating voluntary income
Unrestricted
Restricted
funds
funds
£
£
Activity 1
149,469
16,470
Support costs
40,000
-
189,469
16,470		 2021
Total
£
54,750
23
8,543
5,114
5,283
3,150
6
76,869
2021
Total
£
1,654
1,654
2021
Total
£
80,744
80,744
2021
Total
£
165,939
40,000
205,939		 2020
Total
£
114,655
4,412
23,608
2,773
7,200
10,805
82
163,535
2020
Total
£
1,023
1,023
2020
Total
£
41,713
41,713
2020
Total
£
183,393
40,000
223,393

Forest of Dean Gymnastics Club (A company limited by guarantee)

Notes to financial statements for the year ended 31 July 2021

7.
Governance costs
Office expenses - Other		 2021
Total
£
-
-		 2020
Total
£
2
2

8. Analysis of support costs

Cost of
generating
voluntary
income
£
Staff costs
38,500
Accountancy charges
1,500
40,000
9.
Net outgoing resources for the year
Net outgoing resources is stated after charging:
Depreciation and other amounts written off tangible fixed assets
10.
Employees
Employment costs
Wages and salaries
Other costs
No employee received emoluments of more than £60,000 (2020 : None).
Number of employees		 2021
Total
£
38,500
1,500
40,000
2021
£
32,548
2021
£
97,716
38,869
136,585
20		 2020
Total
£
38,500
1,500
40,000
2020
£
27,965
2020
£
103,618
39,607
143,225
20

Forest of Dean Gymnastics Club (A company limited by guarantee)

Notes to financial statements for the year ended 31 July 2021

11. Taxation

The charity's activities fall within the exemptions afforded by the provisions of the Income and Corporation Taxes Act 1988. Accordingly, there is no taxation charge in these accounts.

Long Fixtures,
12. Tangible fixed assets leasehold Plant and fittings and
property machinery equipment Total
£ £ £ £
Cost
At 1 August 2020 823,524 355,095 115,791 1,294,410
Additions - 5,000 - 5,000
At 31 July 2021 823,524 360,095 115,791 1,299,410
Depreciation
At 1 August 2020 392,526 289,958 78,741 761,225
Charge for the year 16,470 10,521 5,557 32,548
At 31 July 2021 408,996 300,479 84,298 793,773
Net book values
At 31 July 2021 414,528 59,616 31,493 505,637
At 31 July 2020 430,998 65,137 37,050 533,185
13. Debtors
2021 2020
£ £
Trade debtors 2,276 -
14. Creditors: amounts falling due
within one year 2021 2020
£ £
Trade creditors 23,519 -
Other taxes and social security 1,400 -
Accruals and deferred income 1,500 1,500
26,419 1,500

Forest of Dean Gymnastics Club (A company limited by guarantee)

Notes to financial statements for the year ended 31 July 2021

15. Analysis of net assets between funds

15. Analysis of net assets between funds
Unrestricted Restricted Total
funds funds funds
£ £ £
Fund balances at 31 July 2021 as represented by:
Tangible fixed assets 91,109 414,528 505,637
Investment assets 20,587 135,346 155,933
Current assets 4,934 - 4,934
Current liabilities (26,419 ) - (26,419 )
90,211 549,874 640,085
16. Unrestricted funds At At
1st August Incoming Outgoing 31st July
2020 resources resources 2021
£ £ £ £
Unrestricted 119,997 159,683 )
(189,469		 90,211

Purposes of unrestricted funds

Funds are used in the provision of the services offered by the Charity.

Restricted funds At At
1st August Incoming Outgoing 31st July
2020 resources resources 2021
£ £ £ £
Restricted Funds 564,691 1,653 (16,470 ) 549,874

17. Restricted funds

Purposes of restricted funds

Costs restricted to the maintenance of the building in accordance with the grant funding application and the funds released from that fund. They are not to be used for the running costs of the operation of the Charity.

18. Company limited by guarantee

Forest of Dean Gymnastics Club is a company limited by guarantee and accordingly does not have a share capital.

Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the charitable company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member.

Forest of Dean Gymnastics Club

(A company limited by guarantee)

The following pages do not form part of the statutory accounts.

Forest of Dean Gymnastics Club (A company limited by guarantee)

Detailed statement of financial activities

For the year ended 31 July 2021

2021 2020
£ £ £ £
Incoming resources
Incoming resources from generating funds:
Voluntary income
Gifts 2,069 4,733
2,069 4,733
Activities for generating funds
Gymnastics Fees 54,750 114,655
Competition Fees 23 4,412
Fitzone Income 8,543 23,608
Hire of Gymnasium 5,114 2,773
BAGA Subscriptions 5,283 7,200
Sale of Goods 3,150 10,805
Sundry Income 6 82
76,869 163,535
Investment income
Bank interest receivable 1,654 1,023
1,654 1,023
Total incoming resources from generating funds 80,592 169,291
Incoming resources from charitable activities
Grants 80,744 41,713
80,744 41,713
Total incoming resources 161,336 211,004
Resources expended
Costs of generating funds:

Forest of Dean Gymnastics Club (A company limited by guarantee)

Detailed statement of financial activities

For the year ended 31 July 2021

Activity 1
Activity 1 - Opening stock
Activity 1 - Purchases
Activity 1 - Closing stock
Wages
Courses & Staff Training
Rent & Water Rates
Light & heat
Insurance
Telephone
Printing Postage and Stationery
Sundries
BAGA Subscriptions
Repairs & Renewals, Inc Maitenance Agreements.
Competion Set Up
Bank Charges
Depreciation & impairment
Support costs
Support - Staff - Other
Support - Professional - Accountancy fees
Total cost of generating voluntary income
Fundraising trading:
cost of goods sold and other costs
Total costs of generating funds		 1,576
2,596
)
(2,658
97,716
369
2,895
7,697
2,061
772
856
5,372
4,673
8,650
50
766
32,548
38,500
1,500		 165,939
40,000
205,939
205,939		 2,134
5,933
)
(1,576
103,618
1,107
-
3,260
2,028
730
890
8,309
7,602
11,824
1,600
1,431
34,503
38,500
1,500		 183,393
40,000
223,393
223,393

Forest of Dean Gymnastics Club (A company limited by guarantee)

Detailed statement of financial activities
For the year ended 31 July 2021
2021 2020
£ £
Charitable activities
Activities undertaken directly
-
Net incoming/(outgoing) resources for the year (44,603 ) (12,389 )

Oversby & Company

Signed By

C. HAMMERSLEY

Date Signed Wed, 20 Apr 2022 21:37:21 +0100 Name Christopher Hammersley Email chrishammersley1@yahoo.co.uk Printed Name C. HAMMERSLEY IP Address 2a00:23c6:3113:601:314e:5203:6266:888b Browser User Agent Mozilla/5.0 (Macintosh; Intel Mac OS X 10_15_6) AppleWebKit/605.1.15 (KHTML, like Gecko) Version/15.3 Safari/605.1.15