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2023-07-31-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 2023

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 - 9 - 10
Notes to the financial statements 11 - 16

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
Wendy Heiner
Graham Goode
Abigail Simpson
John Newland Chairman
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
Aldermore Bank

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

Report of the trustees (incorporating the directors' report) for the year ended 31 July 2023

The trustees present their report and the financial statements for the year ended 31 July 2023. 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 2023

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

Financial review

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.

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.

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

Report of the trustees (incorporating the directors' report) for the year ended 31 July 2023

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 2023 set out on pages 2 to 16.

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:

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 2023

Notes
Unrestricted
funds
£
Restricted
funds
£
Incoming resources
Incoming resources from generating funds:
Voluntary income
2
1,635
-
Activities for generating funds
3
207,054
-
Investment income
4
-
2,386
Incoming resources from charitable activities
5
2,500
-
Total incoming resources
211,189
2,386
Resources expended
Opening stock
1,403
-
Purchases
8,378
-
Closing stock
(2,690)
-
Wages and Associated Costs
7
145,829
-
Establishment costs
24,679
-
Other office expenses
927
-
Depreciation and impairment
16,429
16,470
Total resources expended
194,955
16,470
Net incoming/(outgoing) resources
before transfers
16,234
(14,084)
Transfers between funds
(3,211)
3,211
Net movement in funds/Net
income/(expenditure) for the year
13,023
(10,873)
Net incoming/(outgoing) resources for the year /
Net income/(expense) for the year
13,023
(10,873)
Total funds brought forward
97,265
527,583
Total funds carried forward
110,288
516,710		 2023
Total
£
1,635
207,054
2,386
2,500
213,575
1,403
8,378
(2,690)
145,829
24,679
927
32,899
211,425
2,150
-
2,150
2,150
624,848
626,998		 2022
Total
£
1,550
177,677
1,043
1,000
181,270
2,658
8,921
(1,403)
133,751
20,003
740
31,836
196,506
(15,236)
-
(15,236)
(15,236)
640,084
624,848

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 11 to 16 form an integral part of these financial statements.

Forest of Dean Gymnastics Club

(A company limited by guarantee)

Balance sheet as at 31 July 2023

Balance sheet
as at 31 July 2023
2023 2022
Notes £ £ £
Un Resticted Restricted Total Funds Total Funds
£ £ £ £
Tangible assets 9 93,099 381,588 474,687 485,133
Current assets
Stocks 2,690 - 2,690 1,403
Debtors 10 388 - 388 2,276
Cash at bank and in hand 19,695 135,122 154,817 148,369
22,773 135,122 157,895 152,048
Creditors: amounts falling
Amounts falling due within 1 Year 12 (5,583) - (5,583) (12,333)
Net current assets 17,190 135,122 152,313 139,715
Net assets 110,288 516,710 626,999 624,848
Funds 12
Restricted income funds 516,710 528,583
Unrestricted income funds 110,288 97,265
Total funds 626,998 624,848

The Balance Sheet continues on the following page.

The notes on pages 11 to 16 form an integral part of these financial statements.

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

The notes on pages 11 to 16 form an integral part of these financial statements.

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

The notes on pages 11 to 16 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 2023

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 2023.

(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 and signed on its behalf by

Christopher Hammersley (Secretary) Director

The notes on pages 11 to 16 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 2023

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 been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities Statement of Recommended Practices applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 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 the charity shop is included in the year in which it is 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 2023

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:

Leasehold properties - Straight line over the life of the lease
Plant and machinery - 15% Reducing Balance
Fixtures, fittings and equipment - 15% Reducing Balance

1.6. Stock

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

2. Voluntary income

Voluntary income
Unrestricted 2023 2022
funds Total Total
£ £ £
Gifts 1,635 1,635 1,550
1,635 1,635 1,550

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

Notes to financial statements for the year ended 31 July 2023

3.
Activities for generating funds
Unrestricted
funds
£
Fundraising
768
Gymnastics Fees
163,618
Competition Fees
5,311
Fitzone Income
15,684
Hire of Gymnasium
7,252
Sale of Goods
13,503
Sundry Income
918
207,054
4.
Investment income
Restricted
funds
Bank interest receivable
£
2,386
2,386
5.
Incoming resources from charitable activities
Unrestricted
funds
Grants
£
2,500
2,500
6.
Net incoming/(outgoing) resources for the year
Net incoming/(outgoing) resources is stated after charging:
Depreciation and other amounts written off tangible fixed assets		 2023
2022
Total
£
Total
£
768
418
163,618
142,630
5,311
3,109
15,684
15,484
7,252
3,531
13,503
11,232
918
1,273
207,054
177,677
2023
2022
Total
Total
£
2,386
£
1,043
2,386
1,043
2023
2022
Total
Total
£
2,500
£
1,000
2,500
1,000
2023
2022
£
£
32,899
31,836

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

Notes to financial statements for the year ended 31 July 2023

7. Employees

Employment costs
Wages and salaries
Other costs
No employee received emoluments of more than £60,000 (2022 : None).
Number of employees		 2023
£
101,494
44,335
145,829
20		 2022
£
92,751
41,000
133,751
20

8. 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.

9.

Tangible fixed assets
Cost
At 1 August 2022
Additions
At 31 July 2023
Depreciation
At 1 August 2022
Charge for the year
At 31 July 2023
Net book values
At 31 July 2023
At 31 July 2022		 Long
leasehold
Plant and
Fixtures,
fittings and
property
£
machinery
£
equipment
£
Total
£
823,524
371,429
115,791
1,310,744
-
22,451
-
22,451
823,524
393,880
115,791
1,333,195
425,466
311,121
89,022
825,609
16,470
12,414
4,015
32,899
441,936
323,535
93,037
858,508
381,588
70,345
22,754
474,687
398,058
60,308
26,769
485,135		 Long
leasehold
Plant and
Fixtures,
fittings and
property
£
machinery
£
equipment
£
Total
£
823,524
371,429
115,791
1,310,744
-
22,451
-
22,451
823,524
393,880
115,791
1,333,195
425,466
311,121
89,022
825,609
16,470
12,414
4,015
32,899
441,936
323,535
93,037
858,508
381,588
70,345
22,754
474,687
398,058
60,308
26,769
485,135
825,609
32,899
858,508
474,687
485,135

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

Notes to financial statements for the year ended 31 July 2023

10. Debtors
2023 2022
£ £
Trade debtors 388 2,276
11. Creditors: amounts falling due
within one year 2023 2022
£ £
Trade creditors 2,583 9,433
Other taxes and social security 1,400 1,400
Accruals and deferred income 1,600 1,500
5,583 12,333
12. Analysis of net assets between funds
Total
funds
£
Fund balances at 31 July 2023 as represented by:
626,988-
13. Unrestricted funds At At
1st August Incoming Outgoing 31st July
2022 resources resources Transfers 2023
£ £ £ £ £
Unrestricted 97,265 211,189 (189,469) (3,211) 115,774

Purposes of unrestricted funds

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

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

Notes to financial statements for the year ended 31 July 2023

14. Restricted funds At At
1st August Incoming Outgoing 31st July
2022 resources resources Transfers 2023
£ £ £ £ £
Restricted Funds 527,583 2,386 (16,470) 3,211 516,710

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.

15. 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 2023

2023 2022
£ £ £ £
Incoming resources
Incoming resources from generating funds:
Voluntary income
Gifts 1,635 1,550
1,635 1,550
Activities for generating funds
Fundraising 768 418
Gymnastics Fees 163,618 142,630
Competition Fees 5,311 3,109
Fitzone Income 15,684 15,484
Hire of Gymnasium 7,252 3,531
Sale of Goods 13,503 11,232
Sundry Income 918 1,273
207,054 177,677
Investment income
Bank interest receivable 2,386 1,043
2,386 1,043
Total incoming resources from generating funds 211,075 180,270
Incoming resources from charitable activities
Grants 2,500 1,000
2,500 1,000
Total incoming resources 213,575 181,270
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 2023

Activity 1
Activity 1 - Opening stock
Activity 1 - Purchases
Activity 1 - Closing stock
Wages
Light & heat
Insurance
Telephone
Printing Postage and Stationery
Computer Software
Sundries
BAGA Subscriptions
Repairs & Renewals, Inc Maintenance Agreements.
Competition Set Up
Bank Charges
Depreciation & impairment
Support costs
Support - Staff - Other
Support - Staff Travel
Total cost of generating voluntary income
Fundraising trading:
cost of goods sold and other costs
Total costs of generating funds		 1,403
8,378
(2,690)
101,494
3,972
3,871
1,007
677
3,876
5,863
437
3,224
1,752
927
32,899
42,735
1,600		 167,090
44,335
211,425
211,425		 2,658
8,921
(1,403)
92,751
1,385
1,547
2,130
786
-
4,078
1,934
7,281
862
740
31,836
39,500
1,500		 155,506
41,000
196,506
196,506

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

Detailed statement of financial activities

For the year ended 31 July 2023
Charitable activities
Activities undertaken directly
Net incoming/(outgoing) resources for the year		 2023
£
2,150		 2022
£
-
(15,236)