Company Number: 3412274 GYMNASTICS IN IPSWICH ICS PIPERS VALE UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Charity Number: 1064714 GYMNASTICS IN IPSWICH FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 CONTENTS PAGE Reference & Administrative Information Directors, & Trustees, Report Independent Ex8miner'5 Report to the Trustees of Gymnastics In Ipswich Statement of Financial Actiwties Balance She8t Staternent of Cash Flows 10 Notes to the Financial Ststèmènts The following pages do not form part of the Statutory Flnanclal Statements Detailed Income 8nd Experndttu￿ Account 20-21 GYMNASTICS IN IPSWICH REFERENCE & ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2022 PRESIDENT: Mr. A. Whetstone (Resigned Juty 20221 THE BOARD OF DIRECTORS & TRUSTEES: Mr. B. Bartlett Mrs. R. Day Mr. M.J.J. Doyle Mr. J. Gamham Mr. C.R. Hacketi Mrs. E. Woollard Trtjstee and Director Trustee, Director and Vice-chairperson Trustee, Director and Company Secreiary Trustee and Director Trusiee and Finance Director (Resigned June 20231 Trustee, Director and Chairperson COMPANY SECRETARY.. Mr. M.J.J. Doyle KEY MANAGEMENT PERSONNEL: ADMINISTRATION I FINANCE MANAGER: Mrs. L. J. Stopher FACILITIES MANAGER Mr. S. Kemp COMPANY NUMBER: 3412274 CHARITY NUMBER.. 1064714 REGISTERED OFFICE: 7 Braziers Wood Road IPSWICH Suffolk IP3 OSP BANK: Uoyds Bank ppc Comhill IPSWICH IP1 1AQ INDEPENDENT EXAMINER: Hel8n Rumsey Ensors Accountants LLP Connexions 159 Princes Street IPSWICH IP1 1QJ GYMNASTICS IN IPSWICH DIRECTORS, & TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 Th8 Directors and Trusta*s present their Report and Financial Siatements for the year ended 31st December, 2022. The information on Page 1 forms pari of this Report. Objectives of the Charlty, Principal Activities and Organisation of its work The Charty 15 constituted as a Company LirTMted by Guarantee an¢J is therefore goveme¢J by a Memorandum and Artides of Association. The Charity's objectives and princ4pal activtties (£Jntinu8 to be that of providing f8¢ilities, equiprnent and expert coaching for the benefit of the community of Ipswich and the surrounding area to teach gymnastics, physical education and d9velopment of social welfare in order to enable participants to rèa¢h their full potentlal. When reviewing these aims and objectives, the Trustees confirm that they have ￿ferred to the gusdanee contsined in the Chanty Commission's general guidance on public benefit. The charity's Board ol Directors meets on a bi-monthty basis lo manage ils affairs. The day-to-day managernent of the facility is overseen by the Finance and Administration Manager and th8 Faciliti85 Manager. Our c08ching management and coordination arrangements are provided by four Heads of Depkrtment - each ol whom specialise in one of the charity's four Major gymnastic activity arenas. The Heads of Department are responsible lor inclusive participation - ak)ng wlih gymnast and staff development- En their respective area of expertise and they are all employed on a full-time basis. Developments. A¢tivitie$ and Achievements during the past 12 months 2022 stsrted with high Covid infectitsn rates rolling over from the Christmas period 012021. We introduced som6 581f- restrictions for the first 4 weeks of the year, to protect our Workfor￿ from illness and help avoid having disruption to our services. By the end of February, In line wilh Government guidelines, all Covid restrictions weTe removed and we retumed to operations lor the remaining part ol the year uninterrupled. the first lime since 2019. To aid our economic recovery, the TTUStees decided our approach would be to minimTse expenditure to essentl81 spends only. whilst looking al ways to lrft revenue by tweaking our standard program and looking to lill any.dead sp8Tr" In principle this was a straightforward plan, however it bècame apparent after retLtming from furlough, staff enjoyed not working avèning and weekend shrfts and as such we lost a few qualified staff. meaning we had vacancies to fill and new staff to qualify. At the beginning of June, we were Contacted by Ipswich Borough GoLincil, tsur landltsrds, informing us they were looking to redevelop the whole of the Gainsborough Spgrts Centre site. Thelr plans included a carbon neutr81 mutti-5POrt corrplex including a new 2-¢OUrt Sports hall, an AthletlGs Irack and stadium, Fitness gym, Squash courts and a demolish and rebuild of our facility. The majority of funding for this project would be by applieatlon to the Governmenfs Levelling Up lund. We spent Ihe setsond half of the year working wtth the architecis drawing up plans that would meet our needs. The proposed tlmeline for the development was to submit the bid in Decerrber 2022 wtth the outC9rn8 anrK)un¢ed in January 2023. Due to Ihe time scale of any potential award through 'Levelling Up" along wth the BoaTd'5 decision to hold off non-e$5enlial spending, the replacement heating systgrn project W88 Put on hold, along wlth other major r8palrs at)d maintènance issues within the current building. A number of staff completed their Level 1 and Level 2 coaching awards dvring the year. A back log had buitt up. of staff needing to complete their coaching awards, as British Gymnastics withdr8w all educational cours85 due lo Covid during 2020 and 2021. Two full lime members of staff who left OUT employment at th¢ end of 2021, retumed during 2022. We have entered into two new Competition HI￿ contracts wth the both county and the region for a further 5-year period on 8ach. Buslnèss Interruptlon Insurance In 2020 th8 ￿rnpany r8ceived 8 business intemjption Snsurance pay OLrt as shown in the exlraordinary Income of the 2020 accounts. Vve wère told by the policy underwriters, they would make no further payout for subsequent enforced closure in relation to Covtd. as they deemed it to be one event. Our insurance broker suggested we challenge this decision as in his opinion the wording of the policy was not specific to their d8cision. We were introduc&d to Flaxman's, a Company that challenges insurance companies, along with 8 referral to the Financial Ombudsman who ruled in our favour. During the current year, we re¢8ived a payout grossing £106.721, paying a commission tts Flaxman's of £12,807 Inèt £93,914). GYMNASTICS IN IPSWICH DIRECTORS, & TRUSTEES, REPORT (Cont'd) FOR THE YEAR ENDED 31 DECEMBER 2022 Recr•ational and Pre4chool Classes Classes continue to be al Capacity, arKording to the number of staff we have available to coaeh. Despite advertising for qualified stalf and the reintroduction of our in-housÈ mÈntoring scheme, we eannot get staff qualified quickly enough to return to the pre Covid highs w8 once had. We ar8 planning on linking with ApprentlCè5hip Suffolk in 2023 to try and grow our own. staff in a bid to improve the position for subsequent yeats. The wailing lists wntinue to grow in the meantime wlh approx. 700 chiklren currently waiting to stsrt. Elite I Perforn)ance Gymnasti¢$ 2022 was a v8ry successful yèar for our female senlor gymnasts. Halle Hilton was selected for the GB squad bul deferred to Ireland in June, she then went on to compete in the European Championships in Munich and the World champio￿ShipS in Liverpool. Ellie Ctsmforth competed for England as part of the Olympic hopes team and the Rushmore Rose Bomd. Emily Rop8r was placad in first position on the vault at the British Championship5, which subsequently eamed her a plaea in the 2023 GB squad. Pipers Vale had 3 female gymnasts compete at the Northern European Championships, Emily Roper for England, Abigail Roper for Wales and Halle Hilton for Ireland. Th8 Women's squad won lots of medals al county and regional level. Within the Men's Section Adam Steele attended several world cups throughout 2022, winning a bronze medal for his llotsr routine whilst compets.ng in Cairo, also making the floor finals in Baku. Dan Leighton Scott was English champion on floor and vault, placing 6th all around. Dan went on to represent England in the Rheintal Cup Iswtzertandl and the futures cup in Austrfa. Again Pipers Vale developrnenl boys performed well wining lots of medals at ￿Unty and regional level. It is safe to say that Pipers Valè Squad Gymnasts have bounced back with a vengean￿1 Casual CFass•s & Partles All the casual activities returned to norm81 oper8tional proc8duTaS this yè8r, with slightly lower maximum numbers than p￿- Covid. The daytime play sessions have continued to be popular, with numbers steady throughout the year. Parties continue to be very popular the 4 slots available beTrng fully booked most weekends of the year. Competition Usag• The Centre returned lo hosting a full year of competitions duiing 2022 with 26 ¢ompèb'tions consistlng 016 County, 13 Regional and 7 i￿hOuse competitions. Several actions Introduc8d during the restrictions implem?nt8d post Covid were retained to enable the smooth running of competition5. Spectator numbers returned to normal for all the competitions with the Introduction of card payments at r9C8Ption and registering of the gymnasts in reception enabling each round to keep on schedule. The sale ol refreshment5 via the tuck shop was kept to a minimum due to the lack of staff and volunteer5, signposting 5PgCtators to vendlng machlnes. Admini$tr*tlon and "Front of House" The team continued to deal with questions frorn customers wanting clarity on our Covid rules and our ptssition, a welc¢)rne point of contsct for our members. The front desk remains a very busy area of the gym with a wide range of kno￿adge throughout the team. Future Dev•lopm•nt The two projects listed pre-covid were still b8ing consi(Jered as our increasing waiting list shows no sign of reducing. However, the sudcjen announcernent by IpsvAch Borough Council mid-way through the year of plans to develop the Gainsborough sit8, as part tsf an emèrging Council Sports strategy put a hcild on all the pro1￿1$ as we would potentially be getting 8 new building. The focus on development for the second half of the year was preparing our requirements for the new building, ensuring the design would meet our needs lo provide more sp8¢è to aeeommcxJat& need. The Government 8nnoLJn¢ed the outcome of the Levelling Up bids in January 2023, unfortunately Ipswich's bid was unsuccessful. W8 are currently waitlno for a decAsion from the Council as to their plans for the site 0tstsSde of this bid. Foremost in our deci510n making for future development and improvemenufeplacement of our facility, has to be the longevity of the investment f￿nanCIallY. However, we wi51 need lo address th8 Items previously identified and agr8e an action plan for their improvemenvreplacement. We have recently been infomied by the CEO of the Council Ihat there are no plans to change the site for at least 3 years a5 a significant funding application will be needed to support changes of this magnitude. GYMNASTICS IN IPSWICH DIRECTORS, & TRUSTEES, REPORT (Cont'd) FOR THE YEAR ENDED 31 DECEMBER 2022 Spe¢lal Announ¢emènt$ We are sad to report the death of our President Mr Tony Whetstr)ne who suddenly passed away, at home in Ju￿. Tony had been at a board meeting iwo weeks prior and was in his usual high spirits. He will be greatly missed by all at the club and testament to his high reoard, club members and 8mployees past and present tumed out in force to show our appreciation at hi5 funeral. Tony was our first Head Coach and someone who had been instrumental in ensuring the centre was bLJiIt. At thè tlme of filing this report, we must also report the sad death of Mr Cliff Hack8tt our Financa Director in June 2023. Hence the late filing ol these accounts. Cliff had been Finance Director since April 2008 and worked tirelessly supporting the finance and admin departrnent within the club. Whilst gymnastlcs may not have ne￿$sarilY been a passion for Cliff, he was very much a champion of supporting and developing people. He was finm but fair and with an analytic81 eye giving attention to detsil, he will be very much mlssed. Transactlons and Flnanclal Posltlon The Statement of Financial Activities (Page 81 shows total incom& for the year as £819,32812021'. £685,748). Expenditure during the period amounted to £901,226 12021.. £792,6261- resulting in net expenditure of £81.89812021.' net expenditure of £106.8781. However, this d8ficit indudes depreciation on the leasehold premises and equipment and losses on disposals of equiptn8nt totaling £64,568 12021.. £65,889). The Charity's operating deficit - before the provisions for thesè costs - was £17,33012021.. £40.9891. In addilion to the above, Ihe charity also received £106.721 during the year followng a successful appeal againsl its insurers for a further business interruption payout In relation to the Covid-19 pandemic. As a result. the Statement of Financial Adivities $hows an ovèrall surplus for the year of £24,823. Fundralsing In nom)al times, the Charity is in the fortun8t8 Position of being able to internally generate its own funds through Ihe provision of gymnasti￿ Classes. competitions, carnps, room hire and the sales ol clothing, food and drink. Therefore, the Charity is not reliant on grants, doN8tions 01 other forms ol voluntary income from third parties. The charity d085 not hav8 formal policy or prografflme for how to attract grants, donations or other Sorts of voluntary assistance. Th8 Charity has not used any third parties to raise funds on its beham and has not received any comp18irnts regarding fundraising. R•s•Thes Pollcy The Truslees review the Charity's resèrvas at all regular TTUStees' meetings. In line vmth the recomrnendalion5 01 the Charlty Gommissioners and CowNpanies House. the level of contingency funds held in Teserve is set tsking into a¢wunt pararneters such as staff numbers, monthly expenditure, notice periods, existing Commitments and future Outlook. Th85e recomrnendations suggest that the Charity should hold a res8rv8 equating to six months of normal trading requirement. The charity's operating costs for 2022 totalled £901,226 which indicates that, al this time, a balance of £450,613 is needed to be held in reserves. The Charity's free fe5erves (see page 91 were £502.527 at the yeaT*nd, which is £51.914 more than the prescribed lev81. Risk Management At their regular Board meetings, th$ Trustees actively review the major risks faced by the Charty. The Charity's risk management policies 8re subject to regular, close scrutiny as part of the Charity's performance monFtoring arrangements. The principal risks identffied by the Trustees and the control procedures used to mrtigate again8t these risks 8re: Failure to maintain income levels for the Centre A robust system 15 in place to monitor rnonth￿ income and expenditure and the resultant investment opportunities to protect reserves in line with FSCS. The increasing rate of inflation. rising utility costs and unrest in Eastern Europe will have an effect upon Ihe disposab￿ incomes ol our customers. which may, in tum, result in a reduction in demand for gymnastics in tand8rn With increased operational Costs in maintaining the centr&. Failu￿ of part I whole of the building to be able to operate the business- Cary out a fu11 annual condtbon survey of the building and equipmgnt and have a r&gukr maintenance plan. Loss of the reputation of the Centre Systems are in place to ensure any unforeseen event has a plan lo deal with minimising this risk. Health and Safety audit carried out by an external professional. GYMNASTICS IN IPSWICH DIRECTORS. & TRUSTEES, REPORT (Cont'd) FOR THE YEAR ENDED 31 DECEMBER 2022 Breach of safeguarding prO￿dureS - Thtr Club mirrors the NGB IBritish Gymnaslicsl policies and procedures. AJI Televant staff have DBS checks. Protection and safeguarding policies are reviewed regularfy and staff retra1r￿d every 3 years on a rolling programme, unless there is a need io carry out individual trainin9 more frequently The Charity also has 4 Weffare Officers. Fraud The Charity regularly reviews ils IT security and folknws Sgrvgr rewmrngndations. It has a robust firewall and anti-virus solution. Third party professionals are employed to help with changing legislation and 8¢tions are taken arKordingly. Inv¢stmtnt Policy All funds are initially held in a commercial current account wlh Lloyds Bank plc. Whenever any of these funds become available for investment- on a short term basis they are transferred to tsne of five investment I deposit accounts lo secure the best r8te of return available in 8ccordanc& with Trustees, instructions and approvals. This investment poliey And its application are r8gulaTly subject to r8V18w by thè Trustees. Staff Remunèration Poli¢y In framing its, staff remuneration policy. the Trustees have adopted an 8pproa¢h which take5 sceount of the Charity's need to be competitive and economical whilst safeguarding the stairs 8ntit18m8nt tr) a "fair days pay for a fair day's worK'. The Charity uts'lises 8 P8y rate structurè which relates to both coachlng and administrative staff and recognlses the pay differentials required for applicats.on to all staff by virtue of age, status, qualifications, experience and the span of individual re5pon5rbilities. Our minimum pay rates comply with the Government's advice re the rewrnmended National Living Wage whilst our hlghest pay rates are regularfy re-assessed and validated by cc>mp8rison with our gymnastic and sporting competitors throughout East Anglia. To this end. the Charity conduets an annual pay review which takes account of increases in the 'cost of living,, changes in Our cornpelitors, pay ratès and tha need to reward our staff for pèrformance ovèr and above the Charity's expectatioris. Trustee$ and Directors The Trustees and Directors ol the Company throughout the year unles$ otherwise ststed are as shown on Page 1. INobody has any beneficial Inte￿$1 in the Company.) AppoSntment of DSrectors and Trustees When a vacancy occurs foi a Co-opted Trustee, the remaining Trustees seek to appoint an individual with skills and experience which they feel will be of benefit lo the Charity. All prospective Trustees are given a copy of the document "Roles and R&sponsibilities of è Tmstee" and have the opportunity to 'sit-in' at a regular Board of Dlrectors, meeting. There is no formal inductitsn and training programme bul individual Trustees attend seminars and other functions to updat8 themselves. GYMNASTICS IN IPSWICH DIRECTORS, & TRUSTEES, REPORT (Cont'd) FOR THE YEAR ENDED 31 DECEMBER 2022 TRUSTEES. RESPONSIBILITIES The Charity's Trustees (all of whom are also Directors of Gymnastics In Ipswich for the purposes of company lawl are responsible lor preparing a Trustees, annual report and financial statements in accordance wth applicable law and United Klngdom Accounting Standards (United Kingdom Generally Acc8pted Accounting Praclicè Company law requires the Charity's Trustees to prepare financial statements for each year which 9ive 8 true and fair v￿W of the state ol affairs of the Charitable Company and of the incoming r850ur¢es 8nd application of resources, including the income and expendiiure, of the Charitsble Company for that period. In preparing the financial statements, the Trustees are required to.. Select suitable accounting policies Ènd then appty them consistentty., Observè the methods and principles in the Charities SORP,. Make judgements and estimates that are reasonable and prudgnl., Stale whether applicable UK accounting standards have beèn followed, subject to any matertal departurès disdosed and explained in the financi81 ststements,. and Prepare the financial statements (￿ the going concem basis unless it 18 inappropriate to presurne that the Charity will continue in business. The Trustees are responsible for keeping proper accounting recorils that disclose with Teastsnable accuracy at any time the rinancial position cif the Charity and to en8ble them to ensure that the flnancial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets ol the Charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responslble for Ihe maintenance and integrity of thé corpoT8te and financial information included on the Charitsble Company's website. Legislation in the United Kirydom 9ov•rning th• preparation and dissèmination of financial statements rnay differ from legislation in other jurisdictions. The Trustees, Report has been preparèd in &c￿rdance wth the special provisions of Part 15 of the Companies Act 2006 relating to sm811 companies. Signed on behalf of the Company.. Mrs. E. Wooll•rd Trustee, Dlreetor and Chalrperson Approved by the Board of Directors on . 12th December 2023 ## **GYMNASTICS IN IPSWICH** ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GYMNASTICS IN IPSWICH** ## **FOR THE YEAR ENDED 31 DECEMBER 2022** I report to the trustees on my examination of the accounts of Gymnastics in Ipswich (the Charity) for the year ended 31 December 2022. ## **Responsibilities and basis of report** As the trustees of the Charity (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act') and the Charities Act 2011 ('the 2011 Act'). Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. ## **Independent examiner's statement** The charity's gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of The Institute of Chartered Accountants in England and Wales (ICAEW). I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect 1. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. ## **Mrs. H. Rumsey FCA** Ensors Accountants LLP Connexions 159 Princes Street Ipswich IP1 1QJ **7** GYPJINASTICS IN IPSWICH STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDryUREACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2022 Nolos Unro$tri¢1od Funds D•$i9nat•d Fut)ds Restricted Funds Total 2022 2021 INCOME FROM: Donation5. Grants and Leuacie& Charitable Activitie5 Tr8din9 Activities Other Income Investsnenl Income 3,240 717,387 92,903 3,045 253 2,500 5.740 717,387 92,903 3,045 253 164,360 479.684 40.527 1,131 46 TOTAL IPICOME 816,828 2,500 819.328 685.748 EXPENDITURE ON: Raising Fund5 Charitsble Acliwties 136.2381 1798,4201 138.2381 1862,988 117.9201 1774.7061 164,5681 TOTAL EXPENDITURE 1836,658 64,56B 901,2261 792.6261 NFTlhlCOME/EXPENDITURE 119,8301 162.0681 181.8981 1106.8781 Exlraordlnary Nems Transfers betwetsn Funds 12 19 106,721 111,3631 106,721 11.363 NET AIOVEMEIITIN FUNDS 13 75,529 1$0.7QSI 24,823 1106,8781 RECONCILIATION OF FUNDS.. Total Fund5 Broughl Forward 426,999 1.347.704 4.154 1.778.857 1.885,735 TOTAL FUNOS CARRIED FORWARD 502,527 1,296.999 4.154 1.803.680 1.778.857 All of the above results aro der6v8d from contlnuln9 adlvltlgs. The Company ha$ no Tri¢ognis*d Galns or L08688 Oth8r than th8 rosults for th ygar a$ shown aty￿. The Note8 on pagè8 11 to 19 torm part of the Flnanclal Statements. GYMNASTICS IN IPSWICH 8ALANCE SHEET AS AT 31 DECEMBER 2022 Notss 2022 HXED ASSETS T¥￿[ble gssel$ 14 1,2>6.999 1.347.704 ¢URRENT ASSETS Stocks Deblors Cash al bank and in hand 15 18 6.972 3.025 560.148 570,145 5,924 6,089 487.560 499,573 CURRENT LNBILITIES creditors.. Amounts f8lkng due ￿thin one yeBr 17 163A64 168,420 NET CURRENT ASSETS 506,681 431,153 NET ASSETS 1,803,680 1,778,857 THE FUNDS OF THE CH*AIJTY: Urbrestricted D¢$lgnat4d Restrlcted 502,527 1,296,999 4,154 426.999 1,347,704 4,154 19 20 1.803.680 1,778.857 For the year ended 31 December 2022. Ihts company was en1￿￿d 10 axemobn under 8e¢tlon 477 of th8 Comp8nle$ Act 2006 relaling to small companiB$. No members have requiTed the company lo obtain an audit of 115 accounts forlhe year in question in accordance section 470 of the Companie5 Acl 2006. The Trustee5 ackn¢>￿8￿9& their resp¢n*blliiies for ￿Mplying wth the requirements of Componie5 AGI 2006 wrth respect lo ac¢ountin9 r8wrd$ and Ihe preparation of financial slolements. These financial stalernen15 have beèn prepared In 8Gcord8ncè provi$lons applKable to compan￿$ subj￿1 t¢ the smell cornpanies. reglme. 12th DecÈmbÈr 2023 Approved by the Boartl ol Dirè¢tors Trustees on ............................... ................. and SI9￿d on tholr b•h•ll by. Mrs. E. Wool Trustee, Director and Ch)irperson Mr$. L. J. 5topher Admlnistration l Finance Manager Company No. 3412274 The Notes or> pages 11 to 19 form part of th• Finamtial Statsmtnts. GYMNASTICS IN IPSWICH STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022 2022 2021 Ca$h Provld8d by Opèratlng Actlvltles 25 86,198 69,442 Cash Flows from Inv•stln9 Activities: Interest Income 253 Purchases of Tangible Fixed Assats 113.8631 Cash Us•d In Investlng A¢tlvltl•$ 113.6101 46 IncreasellDecreasel in Cash and Cash Equivalents in thè yoar 72.588 69,488 Cash and Cash Equivalents at the beginning ot the year 487.560 418,072 Total Cash and Cash EquiTrra5ents at the end of the year 0,148 487,560 10 GYMNASTICS IN IPSWICH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 ACCOUNTING POLICIES BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial statements have been prepared in accordance with tha Charity's governlng document. the Charities Act 2011 and Accounting and Reporting by Charities.. Statement ol Rectsmmen¢Jed Pradice applicable to ¢harili8s preparing their 8ccounts in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Gymnastics In Ipswich meets the definition of a public benefit entity under FRS 102. Asset5 and liabilities are initially recognised at historical cost or transaction value unks5 Othèrwse stated in the relevant accounting policy notelsl. The financial sl8t8m8nts arè prèpar8d in stèrfing, which is the functional currency of the Charity. Monetary amounts in thes8 financial stateFnents ale rtsunded to the nearest pound. The Trustees are satisfied that the Charity will etsntinue to meet ils liabilities as they fall due, therefore, the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. BASIS OF FUND ACCOUNTING General Funds are unrestricted lunds which are avallable lor use al the discretion of the Trustees in furtherance of the general objectives ol the Charity and which have not been designated for. or restricted to. other purposes. Designated Funds are funds that have been set aside by the Trustees for a particu18r purpose. Restricted Funds are funds which are to be used in accordan(* with SpeC￿C restrietlons imposed by donor$ or which have been raised by the Charity for particular purposes. The costs ol raising and administering such funds are ¢har9ed against the specthc lund. The aim and use of each restricted fund is set out in the Notes to the Financi81 Ststémènts. TANGIBLE FIXED ASSETS FOR USE BY THE CHARITY AND DEPRECIATION Tangible fixed assets for u$8 by the Charity are stat8d at cost less depreciation. Depreciation is provided at rates c81culated to wrlte off the cost of fixed assets less their eslimated residual value. ovèr their estimated useful lives, on the following bases., PeTmanent Centre- over the remaining lease lerm Fixtures, Fittings and Equipment- 15°/0 reducing balance. The gain or loss arising upon disposal of an a$sÈt is detèmined as the difference between the sale proceèds and the ￿rying value of Ihe 8ssel and is recognised in net inctrme I lexpenditurel for the year. At each reportlng date, the Charity wiews the carrying amounts of its tangible assets to d8t8rmine whether there is any indication that those assets have suffered an impairrn8nt loss. If any such indication exists. the recoverable amount of the asset is estim8ted in order to det8ftnine the extent ol the Impairment k)ss lif 8nyl. Where il is not possible to 8stimate the recoverable amount ol an individual asset. the Charity estimates th fecoverable arnount of the cash-gener8ting unrft to which the asset belongs. NCOME Income is ieetsgnised when the Charity has entitlement to the funds, any perfoman¢e eondltions attached to the itamlsl ol income have been met. il is prob8ble that th8 Income will be received and the amounl can be measured reliably. Income from government and other grants, whether 'capital' grants or 'revenue' grants, 15 recognised when the Charity has entitlement to the funds, any performance conditions attached to thè grants have been met, it is probable that the income wlll be re￿iVed and the amount C8n be measured reliably and is not defeTred. Activity fees are charged principally to ca$tJ81 users and also to mèmbers as and when facilities are used. Voluntary income and donations are accounted for as and when received by the Charity. Income from fund raising activities is shown gTOSS Wlth assoclated costs induded as fund raising expenditure. The income is accounted for by the Charity 85 and when received. 11 GYMNASTICS IN IPSWICH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 ACCOUNTING POLICIES Cont'd INTEREST RECEIVABLE Interest on funds h81d on deposit 15 included when recelvable and the amount can be measured reliably by the Charity". thi5 15 normally upon notification ol the interest paid or payable by the Bank. EXPENDITURE AND IRREGOVERABLE VAT Expenditur8 is recogni5ed once there is a legal 01 constructive obligation to make a payment to a third party, it is probable that $8ttlèm8nt will b8 required and the amount of the obligation can be measured reliably. Expenditure is elassrfied under the following activity headings.. Costs of raising funds ￿mprIse tuck shop, Clothing purchases and oth8r fundraising costs. including their associated support costs. Expenditure on charitable activities Includes the costs of actNities undertaken to fvrther Ihe purposes ol the Charity and thelr associated support costs. Other expenditure reP￿sents those iterns not f811ing into 3ny other héading. Irrecoverable VAT is charged 85 a cost Against the actNity for which the expenditure was incurred. All costs are allocated between the expendrture categories of the SOFA on a basis %Yesigned to reflect the use of the resource. Costs relating to a particular activity are allocated dire¢tty.' others are 8PPOrtioned on an appropriate basis. STOCKS Stocks are valued at the lower of cost and net realisable value. CASH AT BANK AND IN HAND Cash at bank and in hand arg b8sic financial assèts and include cash in hand, deposits held at call with banks, other short-term liquid investTnents with maturities of three monlhs or less and bank overdrafts. Bank overdrafts arè shown ￿thIn borrowlngs in cu￿nt liabilities. TAXATION Gyrnn8stics in Ip$￿Ch Is exempt from corporation tax on charitable activities. TRUSTEES, REMUNERATION No remuneratlon W8s paid to any member ol the Board ol Directors. OPERATING LEASES Rentals payable und8T operats.ng leases are d)arged against income on a strawJht-line basis over tt)e kase tem. PENSIONS The Charity operates a defined contribution pension schemè for all qualifying employees. Contributions are charged in the 8ccounts 88 they becomè payable in accordance with the rules ol the scheme. 12 GYMNASTICS IN IPSWICH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 ACCOUNTING POLICIES Cont'd M. EMPLOYEE BENEFITS The costs of short-tem employee beneflts are recognSsed as a liability and an expense, unless those costs arè required to be recognised as part of the cost ol stock or fixed assets. The ¢ost of 8ny untjsed holiday entitsement is recognised in thg period in which the employee's services are received. N. FINANCIAL INSTRUMENTS The Charity has elected to apply the provisions of Section 11 'Basi¢ Financial Instruments. and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial inslrumenls. Financi81 instruments are recognised in the Charity's balan￿ sheet when the Charity becom85 Party to th8 contractual provisions of the inslrtjment. Fin8n¢ial as5els and liabilities are offset, wth the net amounts presente¢J in the financial staternents, when thgre is a legally enforceable right to set ofl the recognisable amounts and ther6 is an intention lo settle on net basis or to realise the asset and settle the liability simuttaneously. Bawc financial assets Basic financial assets, which include debtors and cash and bank balances, 8r8 initially tneasured at transaction price including trans8Ction costs and are subsequently rarri6d at amortised cost using the effective interest method unless the arrangement ctsnstitutes a financirig transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable wrfthin one year are not amortised. Basic financial liabilities Basic financial liabilities. including creditors and bank 108ns, are initially recognised at tr2nsacti¢n price unless the arrangement constitutes a financing transaction, where th8 debt instrument is measured at the present V81ue of the future payment5 discounteij at 8 market rète of interest. Financial liabilities classified as payable wrthin one ye8r ar6 not amortised. Debt Snstruments are subsequenfjy carried at amortised cost, Using the effective interest rat8 me¢l)od. Trade creditors are obligalrons lo pay f¢Trr goods or services that have been acqui￿￿ in the tsrdinory course of operations from suppliers. Amounts payable are Gl8ssified as curr&nt liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Tiade creditors are recognised Initial￿ at transaction price and subsequently measu￿d at amortised cost using the effective interest rate method. CRITICAL ESTIMATES AND JUDGEMENTS In the application of the Charity's accounting polici95. the Trustees ore required to make judgements. estimates and assumptions about the carrying atnount (>f assets and 1Sabilities thal are not readily apparent froffl othar sources. The estimates and associated assumptions are based on historical and other factors that are eonsidered to be relevant. The estimates and underlying assumptions are remewed on an on-going basis. Révisions to accounting estimates are recognised in the period in which th8 8Stirnate is r8Vls8d where th8 revision affects only thal period or in th8 peTiod of the revision and future periods where the revision affects both current and future periods. 13 GYMNASTICS IN IPSWICH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 UThrestrlct¢d Fund8 Designated Funds Restricted Funds Total 2022 Total 2021 2. DONATIONS, GRANTS AND LEGACIES Donati¢ns Grants 1.024 2,21fj 1.024 4.716 2.747 161.613 2,SOO 3,24 2.500 5.740 164.360 CowparativÈ Tota1 161.613 2.747 164,360 3. CHARITABLE ACTIVITIES Club Classes Club Fee5 Room Hire Affiliation and Competition Fees Olher 282,085 348,204 59,082 25.820 2,196 282,085 348,204 59.082 25.820 2.196 162,745 277.575 20,081 17.924 1.359 717.387 717.387 479.684 Cornparative Totel 479.684 479.684 4. TRADING ACTIVITIES Tuck Shop and Vending Sales 100 Club Xmas Puddlng l E99 Hunt Qu￿ze&, Raffles and Draws SumrnÈr Camp Christmas Show Re¢￿allon81 competit￿n5 Sa￿s of Clothing olher Fund Raising 18,606 1.204 1.282 301 28,255 5,456 25.265 9.459 3,075 18.606 1.204 1.282 301 28,255 5,456 25.265 9.459 3.075 5,682 122 1.501 14.598 2,885 6.178 7.831 614 92,903 92,903 40,527 Comparative Tolal 40,527 40.527 5. OTHER INCOME Mlscellaneou5 Incotne 5,045 3,045 3.045 3,045 Comparatw Total e. INVESTMENT INCOME 6ank & Building Society Interest 253 253 46 253 253 46 Comparative Total 46 46 14 GYMNASTICS IN IPSWICH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Unrgstricted Funds Designated Funds Rv$trid¢d Funds Totsl 2022 Total 2021 7. ANALYSIS OF EXPENDITURE ON RAISING FUNDS Tuck Shop and Vending Pur¢hase$ (Stock 8dju8ledl 100 Club Xrna5 Pudding l Egg Hunt Summer Camp Christm8s Show Clothing PurGh8ses Istock adjusted) Other Fund Raising Expense5 113.9481 16181 15161 18,3731 11441 18.5021 6,13 113.94Jl 16181 15161 18,3731 11441 18.502) 6.13 15.0201 15361 14601 15,4191 15.5021 823 38,238 138.238 117,9201 Comparatfvè Total 117,9201 117.9201 8. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES GYMNASTICS Staff Costs AffIliat￿n Fees Competition Fee5 & Expenses Gymnasium Chalk & T8Pe other Govèrnance Costs lsee Note 101 Support Costs (see Note 111 1634.8121 12.6581 118,8771 12,0061 116.2331 128.4701 195,3641 1634,8121 12.6581 11B,8771 12,0061 116,2331 128.4701 1159.9321 1594,9471 13.0381 14,0251 11,3471 114.0711 115.8831 1141,3951 164,5681 798,420 164.5681 1862,988 774,7161 Cowp8ratwe Total 704,19B 70,508 774,7( 9. STAFF COSTS Stsll Costs are detailed as follows. 2022 21y21 ContractU81 Pay Cost5 Salaries & Wages Ernployer's NatSonal Insurance Employer's Pension ContritMJttoDs 13,1641 1586,0451 136,1591 19,4441 13,2881 1550,3451 132,6131 18,701 1634,8121 1594,947 Number of Employees e8ming £60,000 p.8. or more The Av￿r￿S Number of Employees during the year 53.92 51.49 15 GYMNASTICS IN IPSWICH NOTES TO THE FINANCIAL STATEMÈNTS FOR THE YEAR ENDED 31 DECEMBER 2022 Vnre5tricted Funds Dè81gnat8d Funds Re$tr4¢¢eO Funds Total 2022 Tolel 2021 10. GOVERNANCE COSTS Examination Fee8 AGG(JUntanl$' Feas Olher Professional Fees Bank Charges (2,9401 IS,SOS1 118,1611 1,864 12,9401 15,5DS1 12,9401 17.7591 13.7461 1.438 1,864 8,470 128,470 115.8831 Comparative Total 15,883 15,883 No remuneration was paid to any member Dfthe Board of Oirectors.12021'. £Nill. No expenses were rtrimbursed to any memberofthe B08rd of Oire