Company Number: 3412274 GYMNASTICS IN IPSWICH ICS Ify PIPERS VALE UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Charity Number: 1064714
GYMNASTICS IN IPSWICH
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
| CONTENTS | PAGE |
|---|---|
| Reference & Administrative Information | 1 |
| Directors' & Trustees' Report | 2-6 |
| Independent Examiner's Report to the Trustees of Gymnastics In Ipswich | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Statement of Cash Flows | 10 |
| Notes to the Financial Statements | 11 -19 |
| The following pages do not form part of the | |
| Statutory Financial Statements | |
| Detailed Income and Expenditure Account | 20 -21 |
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GYMNASTICS IN IPSWICH REFERENCE & ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2023 THE BOARD OF DIRECTORS & TRUSTEES: Mr. B. Bartlett Mr. M.J.J. Doyle Mr. J Garnham Mr. C.R. Hackett Mr. V.D. Stagg Mrs E. Woollard Trustee and Director Trustee, Director and Company Secretary Trustee and Director Trustee and Finance Director {Resigned June 20231 Trustee and Director (Appointed January 20241 Trustee, Director and Chairperson COMPANY SECRETARY: Mr. M.J.J. Doyle KEY MANAGEMENT PERSONNEL: ADMINISTRATION I FINANCE MANAGER: Mfs. 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: Lloyds Bank plc Cornhill Ipswich IP11AQ INDEPENDENT EXAMINER: Helen Rumsey Ensors AoUntantS LLP Connexions 159 Prir7ces Street Ipswich IPI lQJ
GYMNASTICS IN IPSWICH DIRECTORS, & TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Directors and Trustees present their Report and Financial Sialements for the year ending 31 sl December 2023. The information on Page 1 forms part of Ihis Report. Obje¢tiv•s of the Charlty, Prlnclpal A¢tlvitios and Organisation of Its work The Charity is consliluled as a Company Limited by Guarantee and is therefo governed by a Memorandum and Articles of Association. The Charity's objectives and principal activities continue to be that of providing facilities, equipment and expert coaching for the benefit of the community of Ipswich and the surrounding area lo teach gymnastics, physical education and development of social welfare in order to enable participants lo reach their full potential. Wtten reviewing these elms and obj8Ctives, the Trustees confirm that they have referred lo the guidance contained in the Charity Commission's general guidance on public benefit. The charity's Board of Directors meets on a bi-monthly basis to manage its affairs. The d2y-tO-day management of the facilrty is overseen by the Finance and Administration Manager and the Facilitie5 Manager. Our coaching management and coordination arrangements are provided by four Heads of Department each of whom specialise in one of the charity's four major gymnastic activity arenas. The Head5 of Department are responsible for inclusive participation - along with gymnast and staff development- in their respective area of expertise and lttey are all employed on a full-lime basis Developments, Activities and Achl•vom•nts during the past 12 months 2023 started positively after Ihe effects of Covid in the previou$ 2 years. We continL*e to struggle with attracting coaches on lo our workforce. especially within Ihe Recreational department. In turn. this mean5 we have had to keep the maximum number of attendees capped according lo the staffing level., therefore, we remain operating a151ightly reduced numbers compared to pre covid levels. We linked in with Apprenticeship Suffolk in 2023 to try and 'grow our own. staff in a bid to improve the position for subsequent years, despite attending a number of school events it has been unsuc$$fUl lo date. The Trustees decided our approach would be, to continue lo minimise expenditure to essential spends only, replacing only worn out or dangerous equipment. The 'wish list" of apparatus is on hold until 2024. We continue looking for ways to lift revenue lo fill any 'dead space" We reiVed news in late January that Ipswich Borough Council's bid to the Government's 'Levelling up, fund had been unsuccessful, a very disappointing outcome for all involved. A considerable amount of work had been put into Ihe project plans In a short timescale, to meet the application deadline. Following the rejechon of the project, we gave the Council time lo consider their approach to the redevelopment of the Gainsborough site. Once the local elections had taken place in May, we wrote to the Chief Executive of Ipswich 8orough Council. Her response said that whilst IBC remains committed lo redeveloping the site, without a government grant to support this and with inflation levels remaining high, this would be a challenging project to deliver. Therefore, no specific timescale could be given, she ests'mated that rt would be at least 3 years before the project would b8 re-tabled. The Board had previously put on hold any site development and improvement plans. whilst wailing for the 'Levelling Up. bid result. This included a replacement heating system and refurbishment of roof and guttering. The Board are aware that we need to review the structure and fabric of the building, in light ol these decisions. In November work began on a building audit to look at what is required to be actioned in the near, mid-temi and longer-temi plans. We will develop a building report which will continue into 2024. British Gymnastics reCoMmend their coach education programs with gusto, to help clear the backlog of requests having built up after almost 2 years with no courses. A number of coaching staff completed their qualifications at levels 1, 2 and 3 throughout the year. We also gained a knrther Level 5 coach working at high perfomiance level. In January we renewed 2 Competition Hire contracts, with the Suffolk County and the East Region Gymnastic Associations, both contracts will run for a 5 year period ending in December 2027. We are very pleased and proud to announce that the club was shortlisted and awarded 'Club of the Year, al the Suffolk Sports Awards in November.
GYMNASTICS IN IPSWICH DIRECTORS, & TRUSTEES, REPORT (Cont'd) FOR THE YEAR ENDED 31 DECEMBER 2023 Recreational and Pre-school Classes Classes continue to be at capacity. according io the number of staff we have available to coach. Despite advertising for qualified staff and the reintroduction of our in-house mentoring scheme, we continue to struggle to attract qualified staff, to help us return to the pre Covid levels we once had. The Head of Pre-school went on maternity leave at the beginning of the year and came back on a phased return at the end of the year. The waiting lists remain high with approx. 700 children currently wailing lo stsrt with the club. Elite I Performance Gymnastics 2023 proved to be another very good year for our Elite Boys and Girls, at the beginning of the year we had an article in the Local Evening Star and BBC Look East cameras came to the cenlre to do a feature on our international gymnasts Halle Hilton, Emily & Abigail Roper. Ellie Comforth and Dan Leighlon-scott. We had gymnasts taking part in the English, Welsh and Irish championships during March. A club record number of 12 club gymnasts competed al the British Championship. Adam Steele and Halle Hilton competed for Ireland at the European Championships in Turkey and al World cup events in Doha and Azerbaijan. They both qualified for the Paris World cup in September where Adam made Pommel Finals and Halle made floor final. They both competed again for Ireland in World Championships in Anbmerp in October. In September Charlie Harvey-Lloyd and Dan Leighton-scotl both competed for England in Norway. Charlie finished a very credible 2n¢ All Around with 2 gold apparatus medals and Dan finishing 3fd with I gold and 1 bronze apparatus medal. Emily Roper was selected for 2023 GB Senior Development squad,. where she was invited to represent GB intemationally, in Germany in September. She also transferred from England squad to Wales, in recognition of her Welsh heritage, joining her sister Abigail in the Welsh Squad. Amalie Turner was selected for the England squad and competed for them al the Rush moor Rosebowl Team competition with Becky Hambling asked to be the England team coach. Both Emily and Abigail Roper competed for Wales in the Leverkusen CLIP in October, Emily winning the All-around and Abby winning the vault as part of the team which came second. Again, Pipers Vale girls and boys performed well winning lols of medals at county and regional level, as well as winning a haul of medals at invitational and friendly competitions, like the Notts and Milton Keynes Open events. At the British Teams Under 16's Championships, our boys team ranked in 6th place. Two of our gymnasts received sports bursaries, through the Suffolk Sports Aid Foundation in September, this has gone a long way in helping them fund their high-level sporting journey. We had 3 girls from across our elite section retire this year after successful gymnastics careers. Casual Classes & Parties All the casual activities retumed lo normal operational procedures this year, with slightly lower maximum numbers in the winter months than pre-covid, a decision we made to help minimise the disruption of the Coughs and colds season. Our daylime play sessions have continued to be popular, with numbers steady throughout the year. Parties continue to be very popular with the 4 slots available being fully booked most weekends of the year. Competition Usage The Centre hosted a full year of competitions during 2023 with 25 competitions consisting of 6 County, 13 Regional and 6 in- house competitions. We continued to keep some of the procedures implemented during covid restrictions in place as they enable a smoother and rnore manageable changeover between rounds. The introduction of sum up for card payments at the front desk and for the tuck shop has certainly contributed to a smoother more efficient system. The sale of refreshments via the tuck shop returned this year and was moved to the Dance studio reception area which is a much bigger area and has helped generate increased sales. with the return of the 2 volunteers who run it in conjunction with the official's lunches. Administration and 'Front of House" The team continue to deal with questions from customers and provide a welcome point of contact for our members. The fronl desk remains a very busy area of the gym with a wide range of knowledge throughout the team. We welcomed a new Wednesday receptionist in July, and she has settled into the role. Future Development The two projects listed pre-covid are still in consideration as mentioned above. The increasing waiting list shows no sign of reducing and if we had additional space, we Gould attract full-time staff members which would be a more viable option than trying lo employ part-time staff. This is an area we picked up towards the end of the year as the additional space and replacement of the healing system are still required. Further work into this will continue into 2024, as we need to address the items previously identified and agree an action plan for their improvemenvreplacement.
GYMNASTICS IN IPSWICH DIRECTORS, & TRUSTEES, REPORT (Cont'd) FOR THE YEAR ENDED 31 DECEMBER 2023 Special Announcements Sadly, in May 2023 Cliff Hackett our Financial Director passed away. Cliff was an integral part of the Team. His keen eye for detail along with his qLJick and witty humour will be very much missed. Cliff always brought calm and reasoned thinking lo the boardroom and valued the people in the organisation. In January 2023 Mr Vince Stagg was approached to join the trustees with a view to observing and then to give consideration of becoming a fully-fledged member of the team. Vince agreed and given his previous employment as a coach at the club, and having stayed in touch as his granddaughter is now a gymnast, Vince was becoming a regular visitor again, so made for a good choice of candidate. Transactions and Financial Position The Statement of Financial Aclivib'es (Page 8) shows tolal income for the year as £905,971 {2022.' £819,328). Expenditure during the period amounted to £941,73612022'. £901,226) - resulting in nel expenditure of £35,76512022.' nel expenditure of £81,898). However, this deficit includes depreciation on the leasehold premises and equipmenl and losses on disposals of equipment totaling £61,87212022'. £64,568). The Charity's operating surplus - before the prcyvisions for these costs was £26,107 {2022= £17,3301- Fundraising In normal times, the Charity is in the fortunate position of being able to internally generate its own funds through the provision of gymnastics classes, competitions, camps, room hire and the sales of clothing, food and drink. Therefore, the Charity is not reliant on grants, donations or other forms of voluntary income from third parties. The charity does not have a formal policy or programme for how to attract grants, donations or other sorts of voluntary assistance. The Charity has not used any third parties to raise funds on ils behalf and has not received any complaints regarding fundraising. Reserves Policy and Going Concern The Trustees review the Charity's reserves at all regular Trustees, meetings. In line with the recommendations of the Charity Commissioners and Companies House, the level of contingency funds held in reserve is sel taking into account parameters such as staff numbers, monthly expenditure, notice periods, existing commitments and fulure outlook. These recommendations suggest that the Charity should hold a reserve eoualing to six months of normal trading requirement. The charity's operating costs for 2023 tolalled £941 ,736 which indicates that, at this time, a balance of £470,868 is needed to be held in reseNes. The Charity's free reserves (see page 9) were £515,838 at the year-end. which is £44,970 more than the prescribed level. It is on this basis the trustees believe that il is appropriate to prepare the financial statements on a going concern basis. Risk Management At their regular Board meetings, the Trustees actively review the major risks faced by the Charity. The Charity's risk management policies are subject to regular, close scrutiny as part of the Charity's performance rroniloring arrangements. The principal risks identified by the Trustees and the control procedures used lo mitigate against these risks are- Failure lo maintain income levels for the Centre A robust system is in place to monitor monthly income and expenditLJre and the resultant investment opportunities to protect reserves in line with FSCS. The higher rale of inflation, continued higher utility costs and the unrest in Eastern Europe continue lo have an effect upon the disposable incomes of our customers, which may, in turn. result in a reduction in demand for gymnastics in tandem with increased operalional costs in maintaining the cenlre. Failure of part I whole of the building to be able lo operate the business - Carry out a full annual condition survey of the building and equipment and have a regular maintenance plan. With the unsuccessful 'levelling up, bid we have started work on this area which will carry fonvard into 2024. Loss of the reputation of the Centre - Systems are in place lo ensure any unforeseen event has a plan to deal with minimising this risk. Heallh and Safety audit carried out by an extemal professional. Breach of safeguarding procedures - The Club mirrors the NGB {Brilish Gymnastics) policies and procedures. All relevant staff have DBS checks. Protection and safeguarding policies are reviewed regularly and staff retrained every 3 years on a rolling programme, unless there is a need to cary out individual training more frequently The Charity also has 4 Welfare Officers.
GYMNASTICS IN IPSWICH DIRECTORS, & TRUSTEES, REPORT (Cont'd) FOR THE YEAR ENDED 31 DECEMBER 2023 Fraud The Charity regularly reviews sts IT security and follows server recommendations. It has a robust firewall and anti-virus solkjtion. Third party professionals are employed to help with changing legislation and actions are taken accordingly. Investment Policy All funds are initially held in a commercial current account with Lloyds Bank plc. Whenever any of these funds become available for investment - on a short term basis they are transferred lo one of five investment I deposit accounts to secure the best rate of return available in accordance with Trustees, instructions and approvals. This investment policy and ils application are regularly subject to VIeW by the Trustees. Staff Remuneration Policy In framing its, staff remuneration policy, the Trustees have adopted an appfoach which takes account of the Charity's need to be competitive and economical whilst safeguarding the staffs enlillement to a 'fair day's pay for a fair day's wort,. The Charity utilises a pay rate structure which relates to both coaching and administrative staff and recognises the pay differentials required for application lo all staff by virtue of age, slalus, qualifications. experience and the span of individual responsibilities. Our minimum pay rates comply with the Government's advice re the recommended National Living Wage whilst our highest pay rates are regularly re-assessed and validated by comparison with our gymnastic and sporting competitors throughout East Anglia. To this end, the Charity conducts an annual pay review which takes account of increases in the 'cost of living,, Changes in our compeb"tors' pay rates and the need to reward our staff for performance over and above the Charity's expectation5. Trustees and Directors The Trustees and Directors of the Company throughoul the year unless otherwise stated are as shown on Page 1. (Nobody has any beneficial interest in the Company.) Appointmont of Dlrectors and Trusteos When a vacancy occurs for 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 prospeclive Trustees are given a copy of the document "Roles and Responsibilities of 8 Tnjstee" and have the opportunity to 'sit-in' at a regular Board of Oireclors, meeting. There is no forrnal induction and training programme but individual Trustees attend seminars and other functions to update themselves.
GYMNASTICS IN IPSWICH DIRECTORS, & TRUSTEES, REPORT (Cont'd) FOR THE YEAR ENDED 31 DECEMBER 2023 TRUSTEES. RESPONSIBILITIES The Charity's Trustees {all of whom are also Directors of Gymnastics In Ipswich for the purposes of company law) are responsible for preparing a Trustees, annkjal report and financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). Company law requires the Charity's Truslees to prepare financial statements for each 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 the financial Statements, the Trustees are required lo.. Select suitable accounting policies and then apply them consistently", Observe the methods and principles in the Charities SORP.. Make judgements and estimates that are reasonable and prudent., stste whether applicable UK accounting standards have been followed, subject to any material departurès disclosed and explained in the financial statements., and Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity wll continue in opeialion. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any ts'me the financial position of the Charity and to enable them to ensure that the financial slalements comply with the Companies Act 2006. They 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 Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charitable Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The Trustees. Report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2008 relating lo small companies. Signed on behalf ol the Company.. Mrs. E. Woollard Trustee, Director and Chairperson Approved by the Board of Directo on... ¥qknST
GYMNASTICS IN IPSWICH INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GYMNASTICS IN IPSWICH FOR THE YEAR ENDED 31 DECEMBER 2023 I report lo the trustees on my examination of the accounts of Gymnastics in Ipswich (the Charity) for the year ended 31 December 2023. Responsibilities and basis of report As the trustees of the Charity {and also ils directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 2006 Act,) and the Charities Act 2011 {'Ihe 2011 Act'l 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 14515) Ibl of the 2011 Act. Independent examlner's ststement The charity's gross income exceeded £250,000 and l am qualified to undertake the examination by being a qualified rnember of The Institute of Chartered Accountants in England and Wales IICAEW). I have Cofnpleted my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to b6liev8 that in any material respect accounting records were not kept in respect of the Charty as required by section 130 of the Act,. or the accounts do not accord with those records., or Ihe accounls do not comply with the applicable requirements Conming the form and conlenl of accounts set out in the Charities (Accounts and Reports) Regulations 2008 olher than any requirement that the accounts give a 'truè 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 examinalion to which attention should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. Mrs. H. Rumsoy FCA Ensors Accountants LLP Connexion5 159 Princes stet Ipswich IP1 1QJ Date
GYMNASTICS IN IPSWICH STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023 Notes Unrestrlcted Funds Deslgnated Funds R#strl¢¢gd Fund$ Total 2023 Total 2022 INCOME FROM: Donations, Grants and Legacies Charitable Activities Trading Aclivities Other Income Investment Incorne 4.001 778.729 113.070 5,050 5.121 4,001 778,729 113,070 6.050 5,121 5,740 717,387 92.903 3,045 253 TOTAL INCOME 905,971 90S,971 819.328 EXPENDITURE ON: Raising Funds Charitable Activities 137,7691 1842.0951 137.7691 1903.9671 138,2381 1862,9881 161.8721 TOTAL EXPENDITURE 1879,8641 161,872 1941,7361 1901,2261 NETINCOME / EXPENDITURE 26,107 161,8721 135,7651 181,8981 Exiraordinary items Transfers beeen Funds 12 19 106,721 112.7961 12,796 NETMQVEMENT IN FUNDS 13 13,311 149,0761 135,7651 24,823 RECOP4CILIATION OF FUNDS: Total Funds Brought Forward 502.527 1.296,999 4,154 1,803.680 1,778.857 TOTAL FUNDS CARRIED FORWARD 516.83B 1.247.922 4,154 1,767.915 1,803,680 All of the abovo r•sults ar• d•riv•fl from ¢ontlnulng actlvltles. The Company has no r•cognls•d Galn$ or Losses other than the results lor the year as shown abow. The Notes on pagos 1110 19 form part of th• Fin•n¢l41 Statements.
GYMNASTICS IN IPSWICH BALANCE SHEET AS AT 31 DECEMBER 2023 Note8 2023 2022 FIXED ASSETS Tangible assets 14 1,247,922 1.296,999 CURRENT ASSErs Stocks Debtors Cash ai bank and in hand 15 16 6,129 9.903 555.726 671.758 6,972 3,025 560,148 570,145 CURRENT LIA81LITIES Creditors." Amounts fallino due within one yt8r 17 181.7661 IS3,464 NET CURRENT ASSETS 519.992 506,681 NET ASSETS 1,767,914 1.803,680 THE FUNDS OF THE CHARITY.. Unrestrtcted De6lgThated R8strlct8d 616.838 1.247,922 4.154 502,527 1,298.999 4.154 19 20 1.767.914 1,803.880 For the year ended 31 December 2023. the company entitled to audil exempton under section 477 of the Companies Act 2006 laiing to small companies. No members have QuIred the ¢ornpany to obtsin an audit of Its accounts lor the year In question in accordance %ith 58clion 476 of the Companies Act 2008 The Twstee5 aCknedge their re$SIbIlrtIes for comptying 1h the reqU1MentS ofthe Companie$ Act 2006 wth SPect to accounting records and the preparation of financial statements. These fi'nanc1 statemen15 have been prepared in accordan the provtsions applicabk to eomp8nies subj'ect io the Sn1 CoMpans, regime. Approveil by the BoarQolglfe¢lo dTru estsn . and Slgned on th?Ir behalf by- Mrs. Trustee, Dire¢tor and Chalrperson Mrn. L. J. Stopber Admlnlstratlon l Flnanc• Managèr Cornpany No. 3412274 The Notss on page$ 11 to 19 form part of the Flnanclal Si8tementS.
GYMNASTICS IN IPSWICH STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 Notes 2023 2022 Cash Provlded by Operating Activities 25 3.253 86.198 Cash Flows from Investing Activities: Interest Income 5,121 253 Purchases of Tangible Fixed Assets (12,796) 113,863) Cash Used In Investlng Actlvltles {7,675) (13,610) Increasel{Docrease) in Cash and Cash Equivalents in the year 14,422) 72,588 Cash and Cash Equlvalents at the beginning of the year 560,148 487,560 Totsl Cash and Cash Equlvalents at the end of the year 555,726 560,148 10
GYMNASTICS IN IPSWICH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial statements have been prepared in accordance with the Charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 and the Companies Act 2006. Gymnastics In Ipswich meets the definition of a public benefit entity under FRS 102. Assets and liabilsties are initially recognised al historical cost or transaction value unless otheNise stated in the relevant accounting policy note{sl The financial slalements are prepared in sterling, which is the functional Curren of the Charity. Monetary amounts in these financial statements are rounded to the nearest pound. The Trustees are satisfied that the Charity will continue to meet ils liabilities as they fall due, therefore. Ihe Tfuslees continue to adopt the going concern basis of accounting in preparing the financial statèments. BASIS F FUND ACCOUNTING General Funds are unrestricted funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of 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 particular purpose. Restricted Funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such ftjnds are charged against the specific fund. The aim and use ol each restricted fund is sel out in the Notes to the Financial Stslements. TANGIBLE FIXED ASSETS F R USE BY THE CHARITY AND DEPRECIATION Tangible fixed assets for use by the Charity are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets less their estimated residual value. over their estimated useful lives, on the following bases., Pemianenl Centre - over the remaining lease tem Fixtvres, Fittings and Equipment- 15 % reducing balance. The gain or loss arising upon disposal of an asset is delemined as the difference b&een the sale prOed$ and the carryin9 va5ue of the asset and is recognised in nel income I (expenditure) for the year. At each reporting date, the Charity reviews the carrying amounts of ils tangible assets to detemiine whether there is any indication that those assets have suffered an impairment loss If any such indication exists, the recoverable amount of the asset is estimated in order tc determine the extent of the impairment loss (if any). Where it is not possible lo estimate the recoverable amount of an individual a55et, the Charity estimates the recoverable amount of the cash-generaling unit to which the asset belon9S. INCOME Income is recognised when the Chartty has entitlement to the funds, any perfomance conditions attached to the itemlsl of income have been met, it is probable that the income will be eived and the amount can be measured reliably. Income from government and other grants, whether 'capital' grants or 'revenue' grants. Is recognised when the Charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be re1Ved and the amount can be measured reliably and is not deferred. Activity fees are charged principally lo casual users and also to members 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 gross with associated costs inGluded as fund raising expenditure. The income is accounted for by the Charity as and when received. 11
GYMNASTICS IN IPSWICH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTIN LICIES Cont'd INTEREST RECEIVABLE Interest on fvnds held on deposit is included when receivable and the amount can be measured reliably by the Charity., this is normally upon notification of the interest paid or payable by the Bank. EXPENDITURE AND IRRECOVERABLE VAT Expenditure is recognised once there is a lega1 or constructive obligation to make a payment to a thiTd paty, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings. Cosls of raising funds comprise tuck shop, clothing purchases and other fvndraising costs, induding their associated support costs. Expenditure on charitsble activities includes the costs of acbvities undertaken to further the pufposes of the Charity and their associated support costs. Other expenditure represents those rtems not falling into any other heading. Irrecoverablè VAT is charged as a cost againsl the activity for which the expenditure was incurred. All costs are allocated behveen the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating lo a particular activity are allocated difectly., others are apportioned 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 are basic financial assets and include cash in hand, deposits held at call with banks, other short-lerm liquid investments with maturitie5 of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. TAMTION Gymnastics in Ipswich is exempt from corporation tax on charitable activities. TRU TEE 'REM NERATION No remuneration was paid to any member of the Board of Directors. OPERATING LEASES Rentals payable under operating leases are charged against income on a straighl-line basis over the lease lerm. PENSIONS The Charity operates a defined contribution pension scheme for all qualifying employees. Contribub'ons are charged in the accounts as they become payable in accordan with the rules of the scheme. 12
GYMNASTICS IN IPSWICH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Cont'd M. EMPLOYEE BENEFITS The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock of fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. N. FINAN IAL INSTRUMENTS The Charity has elected lo apply the provisions of Section 11 'Basic Financial Instrumenls, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Charity's balan sheet when the Charity becomes party lo the conlraclual provisions of the instrument. Financial assets and liabilities are offset, with the nel amounts presenled in the financial statements, when there is a legally enforceable right to set off the recognisable amounts and there is an intention to settle on a net basis or lo realise the asset and settle the liability simurtaneously. 8asic financial assets Basic financial assels, which include debtors and cash and bank balances. are initially measured at transaction price including transaction costs and afe subsequently carTied at amortised cost using Ihe effective interest method unless the arrangement constitutes a financing transaction, where the tTansaclion is measured al the present value of the fvture receipts discounted at a market rate ol intere51. Financial assets classified as receivable within one year are not amortised. Basic finanGi81 liabiliti&s Basic financi21 liabilities, including creditors and bank loans, are initially recognised at transaction pri unles5 the arrangement constitutes a financing transaction, where Ihe debt instrument is measured at Ihe present value of the future payments discounted at a market rale of interest. Financial liabilities classthed as payable within one year are nol amortised. Debt instruments are subsequently carried at amortised cost, using thè effective interest rate method. Trade cr8ditors are obligations to pay for goods or seNices that have been acquired in the ordinary course of operations from suppli8rs. Amounts payable are classified as current liabilities If payment is due wilhin one year or less. If not, they are presented as non-current liabilities. Trade creditors are recogni5ed initially at transaction price and subsequently measured at amortised cost using the effective interest rate method. CRITICAL ESTIMATES AND JUDGEMENT In the application of the Charity's accounting policies, the Trustees are required to make judgements, estimales and assumptions about the carrying amount ol assets and liabilitie5 that are not readily apparent from other Sour$. The estimates and associated assumptions are based on historical and other factors that are considered to be relevanl. The estimates and underlying assumptions are ieviewed on an on-going basis. Revisions to accounting estimates are recognised in the pefiod in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods wher6 the revision affects both CLJrrent and future periods. 13
GYMNASTICS IN IPSWICH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrictèd Fund$ Dèsignatèd Fund$ Re$trictd Funds Total 2023 Total 2022 2. DONATIONS. GRANTS AND LEGACIES Donauon5 Grants 3,751 250 3,7S1 250 1,024 4,716 4,001 4,001 5.740 Comp8ralive Total 3.240 2,500 5,740 3. CHARITABLE ACTIVITIES Club Classes CILb Fees Room Hire Affiliatlon and Cornpelition Fees Other 305,975 382.168 66.877 22,185 2,524 305,975 382,168 65.877 22,185 2,624 282.085 348.204 59,082 25,820 2,196 778,729 778.729 717,387 Comparative Total 717,387 717.387 4. TRADING ACTIVITIES Tuck Shop and Vending Sales 100 Club Xmas Pudding l Egg Hunt Qui22es. Raffles end Draws Summer Camp Christmas Show Re¢re81ion81 Competitions Sales of Clothing Other Fund Raising 28.412 1.077 28,412 1,077 880 1B.606 1,204 1,282 301 28,255 5,456 25,265 9,459 3,075 24,851 7,104 38,977 S,386 6,383 24.851 7,104 38,977 5.386 6.383 113,070 113,070 92,903 CompaTalive Total 92,903 92.903 S. OTHER INCOME Miscellaneous Income 5.050 5,050 3,045 5.050 5.060 3,045 Comparative Tot81 3.045 3,045 6. INVESTMENT INCOME Bank Interest 5,121 5,121 253 5,121 5.121 253 Comparalsve Total 253 253 14
GYMNASTICS IN IPSWICH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Funds Designated Funds Restricted Funds Totsl 2023 Totsl 2022 7. ANALYSIS OF EXPENDITURE ON RAISING FUNDS Tud( Shop and Vending Purchases 100 Club Xma$ Pudding l Egg Htjnt Summer Camp Chri51rnas Shi)w Clothing Purchases Othei Fund Raising Expenses 117,6391 17631 15931 14,1391 12901 18,5941 15,7511 {17,6391 17631 15931 14,1391 12901 18.5941 15.7S11 113.9481 16181 15161 18,3731 11441 18,5021 16,137 137.7691 137,7691 138,2381 Comparats"ve Total 38,238 38,238 B. ANALYSIS OF EXPENDITURE ON CHARITA8LE ACTIVITIES GYMNASTICS Staff Costs Affiliation Fees Competition Fees & Expenses Gymnasiurn Chalk & Tape Other Governance Costs (see Note 101 Support Costs Isee Note 111 1654.9991 14.0181 115.0421 11.7711 124,1231 111.6621 1130.4801 1654,9991 14,0181 11S,0421 11,7711 124,1231 111.6621 1192,3521 (634.8121 12,6581 118,8771 12,0061 116,2331 128.4701 (159,9321 161,8721 1842,0951 161,8721 {903.9671 862,9881 ComparatlV8 Tot81 798.420 862 988 9. STAFF COSTS Stall Costs are detailed as follows. 2023 2022 Contractual Pay Costs S818rie5 & Wages Employer's National Insurance Employerfs Pènsion Contributions 12,4701 1604,6181 136,9361 10,9741 13,1641 {586.0451 136,1591 19.4441 1654,9981 634,812 Number ol Employaes earning £60.000 p.a. or more Ttte Avèrage Number of Employees during the year was 63.25 53.92 15
GYMNASTICS IN IPSWICH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Funds D*signated Funds Restricted Funds Totsl 2023 Totsl 2022 10. GOVERNANCE COSTS Examination Fees Acctsunlants, Fee5 Other Profession81 Fees Bank Charges 13,9001 15.4791 13,9001 15.4791 12.9401 15.5051 118.1611 1,8641 12,283 2,283 111.6621 111.6621 128.4701 Comparative Total 28,470 No remuneration was paid to any m&mbBr of the Board of Directors.12022.' £Nill No expenses were re-imbursed lo 8ny rnernber of the Board of Directors.12022.' £Nill During 2023, the key managemènt persgnnel of the Charity comprised the Trustees. the Administration l Finance Manager and the F8cilrties bAanag¢r. A5 a SuIt, the total employee benefit$ of the key rnanagement personnel ol the Charity were £81.881 12022.. £78,746). 11. SUPPORT COSTS Premises Costs Administrative Expenses Depreciation Loss on Disposal of Tangible Fixed As5els Other Expenses 177,102) 132,6521 177.1021 132,6521 161,3091 15631 20,726 157,1781 120,5431 162,2431 12,3251 17,643 161,3091 15631 20,726 1130.480 61,872 192,352 159,932 Comparative Total 95 364 64 568 159 932 12. EXTKAORDINARY ITEMS Ouring the prior year, the Charity received £106,721, an insurance payrnent under its business interruption policy in relation lo the disruption c8usecJ by the COVID-19 pandemic for 2020. This wa5 a second payout lor lockdown 214 weeks) and lockdown 313 monthsl. The payment was deemed an extraordinary item as the outcome of the insurance was unexpected, paid out almost 2 years in arrear5, via an appeals pr$$ The appeal was lod9ed by Flaxmans P8rtners, involving the Financial Ombusmsn This gross amount was subject to 8 eommision ftre to Flaxman totslling £12,807, giving a net income of £93.914 13. NET MOVEMENTS IN FUNDS FOR THE YEAR The net movement in lunds for the year ended 31 December. 2023 is stated after charging.. 2023 2022 Operating Lea585- Equipment Net Loss on Disposals ol Tan9ble Fixed Assets Depreciation of Tangible Fixèd As5eis for use by the Charity Examiner's Fees AcLountants' Fees Other Professional Fees 13,9971 15631 161,3091 13,9001 15,4791 12,2151 12,3251 162,2431 12.9401 15.5051 118,1611 16
GYMNASTICS IN IPSWICH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. TANGIBLE FIXED ASSETS LEASEHOLD PROPERTY FIXTURES FITTINGS & UIPMENT TOTALS COST Al 1st January 2023 Additions Disposals Al 31st December 2023 1.89B,S02 344.742 12,796 2.243.244 12.796 2,444 2.253,596 1.898,S02 355,094 DEPRECIAT1014 At Isl January 2023 Depreciation Charge Depreciatlon on Disposals At 31st December 2023 1699,4901 14S,86SI {246,7SSI 116.4441 1.681 {260,3181 1946,2451 161.3091 1,881 1.005,6731 1745,3551 NET BOOK VALUE At 3151 Oecember 2023 1,153,147 94,776 1.247,922 Al 31 st December 2022 1.199,012 97,987 1.296,999 2023 2022 16. STOCKS Stocks for re-sale 6.129 8,972 16, DEBTORS Trade debtors Pre-payments 7,498 2.405 430 2,595 9,903 3.025 17. CREDITORS Amounts fallino due within one year.. Trade Creditors Accruals and Deferrèd Income Soaal Sgcurity and other Taxes 12731 139,4001 112,0931 16,6301 147,2261 9,608 151,7661 63,464 Deferred Income Balance al 31 Decernber 2022 Amounts released to income earned Irom charftable actimties Amounts deferred in the year 138.2111 38,211 35.5001 138,2081 38,208 138.211 Balan al 31 Oecember 2023 135,5001 138.2111 Deferred Income relate5 to receipts in respect of 2024 bookings and courses recerved in advance. 18. MEMBERS. GUARANTEES The Company is limited by guarantee and does not have share capital. Every member of the Company undertakes to contnbute to the assets of the Company if il is wound up during the time that he OT she is a member, or wilhin one year Ihereafter, for payment of the debts and liabilities of the Company contracted before the lime al which he or she ceases lo be a member and of Ihe costs of winding up and for adjustments ol t*)e rights of the contributors among themselves such amount as rnay be required not exceeding £1. 17
GYMNASTICS IN IPSWICH NOTES TO THE FINANCIAL STATEMENTS FOR TrIE YEAR ENCIED 31 DECEMBER 2023 19. DESIG14ATED FVNI Forthe year end•d 31 Decgmber 2023 Movement In R¢$ouTC•S Incomg Transf+r5 from I Itol Unreslrfcted Fvnd$ Balanre 31 December 2023 1 January 2023 Leasehold Prop8rty FJXIUs. FIMin9s Equipmènl 1,199,012 97,987 14S.8651 116,0071 1.153,147 94.776 12,796 1,296.999 12.796 1,247.922 Egth ol the above prowsion5 represent ¢ommilmeM5 8ppro¥ed by the Trusiees foF which Ihe lunQ5 required have been Sel •yde by th8 Cttarity Irom ils O¥m ttrsource$ In each case. Ihe Tr8n5fers and from Unresirf¢ied Funds serve to finance th8 nett15urplusl Ideficil resuthng from ihe rren1 1¢8 income and ependilure For tho ar ended 31 Dpcomber 2022 8alan¢e 1 January 2022 Mov•m•nt in Rèsources Income Expenditure Tr8nsfr from I Itol ilnr•striEted Funds Balan¢• 31 Dwc•mber 2022 LeaseholdPtDperty FL¥lS. Fitlings 8ndE¢ment Cornna Relum ProJ8cl 1,2dlS,646 102,058 146,6341 117,9341 1.199.012 97.987 13.863 (2.5DOI 1.347,704 2.500 164.5681 11,363 1.2.995 20. RESTRICTEP FUPIPS For the y•ai endèd 31 Dè¢èmber 2023 B•lanc• 1 Jinuary 2023 Mov¢moni In Rsourc•s Income Expefidllut• Translers from Vnreslricted Funds Balan¢ 31 D•cemb?r 2023 Intemaknnal Events 4.154 4.154 4,154 4,1fj4 The above prl6¢t has been approved by th2 TtU5tee5 forimplemenlalion, subjedto its costs beiDQ aoieed and fin8nced- in whole tsr in part- by Gr¥nls and Dolltttions from exiemal sour¢e5. The "Intem8tn8IEents. Fund was inil18ted in conjunrtion with a nurnber of DonLY6 to enable the CharfV$ oymns*s and co8ths 10 P8itithpaie in irtemational enIS and cornpetstions 85 P8rt of Iheir'Elrtè' coactting an¢t development Tht balance Bs al 3151 December 2023 repres8nis the Value of tuntt5 remaining lo conlinue PFoje¢i. yearTrY8•1, in 8ccord8n¢& Wth the Donors. Yéishes. FoTthe year ended 31 P•¢emb•r2022 Balan¢• l January 2022 Mtsvomtnt In Resources Income Expèndlturo Trnn8f•rs from UnTr8twiciod Funds 31 Decembfrr 2022 IntematK)nal Ev¢nl$ 4,154 4,154 18
GYMNASTICS IN IPSWICH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 21. AFIALYS15 OF NET ASSETS BETthEEN FUNDS Foithe ye•r¢nd¢d 21 Decèmbor202J Vnreslrfded Deslgnatèd Restrfcte Total Tangible Fixed ASS8 Currtni AS$gt9 Cuent Liabilititrs 1.247,922 1.247.922 571.168 61.766 567,604 161.7KI 4,164 616,B3B 1,247,922 4154 1,767,914 Forth 31 9ec¢mber 23 Unre5trfcted Deslgnated RlICIta Total Tan9ib1e FixedA5se15 Cutyeni ASSSts CUnI LIabit5 1.295.999 1,29S.999 570,145 183,4641 565.991 163.4YI 4,154 502.527 1.296.999 4,lY 1.803,680 22. COMMITMENTS Al 31$1 DeGèmber 2023. tho chatitywas commiitBd ID rnakirgthe IdlwAng pBymfyntS LaT nrJn-¢on¢èllatA8 operniii91088ts" 202a 2022 Withln cne year WILhin twu ID fiY&ya 691 2.215 1.107 691 3.322 Al 31st Decernber 2ll23 th8 ChaFty hDd Capi commrtmpnls to bB mat fft 2024 CO$lino £Nil 12023 £Nd} 23. PENSIONS The Chanty operales 4 thfined contrtbulion pension schemefor Bll q1yIn9 omrAtyy80$ Thtr 1$s•t8 Df StiThe Brn hBld 5eparale1ylfom those of cth¥nty in8n indspenoeniiy 8dminisiwed fund In 20Z3, thtr charge lo profil or105s r4speGtDI thèdefined conlribjbon sthemfrvs £10,97412022". £9,444) 24. ftEL4TÈD PARTY fRANsACTN$ Imme¢i81 family metnb8rs of L siopner IFinan¢g 8 AOmini$iratson Manager) J knham ITnJ51eelwwe employed tyy the ChBrity dunng the curwi and pnor yèar Thè rèmurtèr8bon to ihese mdividu81$ was on Iho samo b8SiS8S tor olhereffloyee5 arhy loialed £81.161 12022 £e8.5781, none of thwas OJ15t£ndin9 aierther yeor ènd 24. RE¢ON¢ILIATION OF NET IIOVEMENT IN FUNDS TO NÈT CASH FLOWFROII OPERATING ACTIVITIES Total 2023 Toi81 2022 N• Movem•ni m Fund$ Add back Doweuatson crge Add b8¢k L055 on Dlswsal LrfTangibl& FiKed A55815 Det Interest Income shovm in 1rNeing ActNthEs D085/ Ilncrea5p) In Siorks Ilnue25el l Decrèase In Debt¢rs In¢re880 I IOBcreasDI In Credilors 135.7661 61.309 S63 24.823 62,243 2,325 17.0481 16,8781 14.9531 3,253 86,198 19
GYMNASTICS IN IPSWICH INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 INCOME Un¥estrictèd D•slonated R95tr1Gted Total 2023 Tolal 2022 INCOME FROM.. DONATIONS. GRANTS AND LEGACIES Donations GraN5 3,751 250 3,7$1 250 1,024 4.716 CP¢ARITA8LE ACTIVITIES Pre-scheol CL8sses Recreational CLqs$&6 Qasual Classes Cujb Fees Room Hire Affihaiion Fees C(Mmpetrfii)n Fee$ cha & T•pe 107,818 172,238 25,922 362,168 66,877 2,285 19,901 2,524 107,816 172,238 25,922 382.188 65.877 2.285 19,901 2,624 70.151 171.065 40,869 348.204 59,082 951 24,869 2.196 TRADING ACTIVITIES Tuck Shop ond Vendin9 S•ks 100 Club Xmas Pudding l E99 Hunt Quizzes. R8ffs and Draws Summer Camp ChristrTk45 Show R¥reational Cornpetrtion5 Sas of Ch)Ihing Other Fund Raising 28.412 1,077 28,412 1.077 1e.6Th5 1.204 1.282 301 28.255 S,456 25,265 9.459 3,07S 24,861 7,104 3B,977 5,3B6 6,383 24,851 7,104 3B,977 6.386 6.383 OTHER INCOME Miscellaneous 5.050 5,050 3,045 INVESTMENT INCOME Bank & Puikling So¢iEty Inlere5t 5,121 6,121 253 TOTAL INCOME 905.971 905,971 819,328 Cthmpafaiive Total 816.828 2.500 819.328 20
GYMNASTICS IN IPSWICH INCOME AND EXPENDITURE ACCOUNT FOR THEYEAR ENDED 31 DECEMBER 2023 EXPENDITURE Unrestri¢te Deslgnatsd Restrl¢t•d Total 2023 Toial 2022 EXPENDITURÈ ON= RAISING FUNDS Tuck Shop #nij Vending Purchases 100 Ctub Xma5 Pudding l Egg Huni Summer Camp Christrnas Show cthIng Purthoses Other Fund Raising Expenses 117,6391 17631 15931 14,93BI 129DI 18,5941 15,7511 117,6391 17631 16931 14,1381 12901 18,5941 1S,T511 113,9481 18,3741 11441 18.5011 CHARITABLE ACTIVITIE$ CDnlractual Poy Costs SaWie5 & W8ges (incl Em0ye¢S N.1 8NJ Pen$ion Cont5 1 Administralion l Finance Manager Administraiion & Reteplion FÈcililies Manager Leisure Cleanin9 Coaching siall Party Bo)knn99 SthDoL Affiliation Fee5 cornpetiti Fees & Expenses Gyrnnasium Chalk Insurance re Clients & Compe1rtn5 Equiwienl Purth8ses Equipment Maintenance Mlnl-Bus- Running Co$1$ 2,4701 12,4701 13.0041 172,9B71 134,4711 135,5461 129,1981 113,8181 1447,9131 17,3771 111,5191 14,0111 11S.O421 11,7711 114,0101 16,1991 12,5351 11,3791 172,9871 134.4711 133,Sd61 129.19BI 113.5181 1447.9131 17.3771 111,5191 14,0181 116.0421 11.7711 114.0101 16.1591 12,5351 11.3791 171.2361 137.8731 132,6391 124.7431 110.3521 1432.8341 117.3921 14.7411 12.6581 118.8771 12.OD61 113,3761 1247) 11.3721 11.2381 GoveRWINCE COSTS Examination Fees Acwuntants, Fees ath8r ProfÈ&sional F¢e5 Bank Charge5 IJ,80ts1 15,4791 13.9001 16A791 12.9401 15.5051 12.2831 12,2831 11,8641 SUPPORT COSTS Premises Costs, TephOnes, Healing & Ligmting Fumiture & Fittings Ckoning Repairs & RenewaFs Administrative Expen$Ès, CD&he$' and Staff Expenses Adverti¥lng, Postage and Stationery Bk Card M8chin8 Chargé$ DeprlatIon Loss on Disposal Df Fixe¢ Asset5 Otr Expenses., Course Fees M15C8Ill8os Expen$Ès 137.7741 137.7741 124,4561 11,0231 lJ2.0531 119.6471 112,9041 126.4241 112.9041 126.4241 121.0471 13.6721 13,0461 121.0471 13.5721 13.0481 161.3091 111,0231 16,7611 12.7561 162.2431 12,3251 161.3091 15631 14.9871 12D.7261 14,?B71 120,7281 17,8801 19,7631 TOTAL EXPENDITURE 879.884 1941,7361 I1.226) Cornp8ralive Total 1836,8581 164,5681 1901.2261 21