REGISTERED COMPANY NUMBER: 03395875 (England and Wales)
REGISTERED CHARITY NUMBER: 1064878
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
FOR
GYMNASTIC TRUST LTD.
Clemence Hoar Cummings
Chartered Accountants
Riverside House
1-5 Como Street
Romford
Essex
RM7 7DN
GYMNASTIC TRUST LTD.
CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
|
Page |
Page |
Page |
Reference and Administrative Details |
|
1 |
|
Report of the Trustees |
2 |
to |
3 |
Independent Examiner's Report |
|
4 |
|
Statement of Financial Activities |
|
5 |
|
Balance Sheet |
|
6 |
|
Notes to the Financial Statements |
7 |
to |
12 |
Detailed Statement of Financial Activities |
|
13 |
|
GYMNASTIC TRUST LTD.
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2021
TRUSTEES |
S Jeliazkov |
|
M J Murphy (appointed 19/7/2021) |
|
L Jeliazkova |
COMPANY SECRETARY |
L Jeliazkova |
REGISTERED OFFICE |
Riverside House |
|
1-5 Como Street |
|
Romford |
|
Essex |
|
RM7 7DN |
REGISTERED COMPANY |
03395875 (England and Wales) |
NUMBER |
|
REGISTERED CHARITY |
1064878 |
NUMBER |
|
INDEPENDENT EXAMINER |
Clemence Hoar Cummings |
|
Chartered Accountants |
|
Riverside House |
|
1-5 Como Street |
|
Romford |
|
Essex |
|
RM7 7DN |
Page 1
GYMNASTIC TRUST LTD.
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006, present
theirreportwiththefinancialstatementsofthecharityfortheyearended31March2021.The trustees
haveadoptedtheprovisionsofAccountingandReportingbyCharities:Statementof Recommended
PracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancial Reporting
Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
Thecharity'sobjectiveandsoleactivityfortheyearistomaintainandmakeavailableforhiretheuse of
a gymnastic centre.
Charitable activities
Thecharityhasmadeavailablethegymcentreforhireandwillcontinuetodosoandensurethat all
expenditure is funded, as necessary.
FINANCIAL REVIEW
Going Concern
Duringtheyearthecompanyhadincomeof£126,058(2020-£199,309),totalresources expended
£70,624 (2020 - £206,838), creating a surplus of £55,434.
Attheyearendthecompanyhadnetliabilities.ThecompanyhasborrowedmoneyfromGymFunLtd as
setoutinnote10.IntheopinionoftheTrusteesthecompanywillhavesufficientworkingcapitalto meet
allliabilitiesastheyfalldue.Consequentlythefinancialstatementshavebeenpreparedona going
concern basis.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Thecharityiscontrolledbyitsgoverningdocument,adeedoftrust,andconstitutesalimited company,
limited by guarantee, as defined by the Companies Act 2006.
GymnasticTrustLtdisaregisteredcharityandacompanylimitedbyguarantee.Themaximumliability of
eachmemberislimitedtoonepound.At31March2021thecompanyhad2members(2020 -2).
Gymnastic Trust Ltd is governed by its Memorandum and Articles of Association.
Recruitment and appointment of trustees
Trustees, who are also Directors of the Company, are elected from the local community
Induction and training of new trustees
NewlyappointedTrusteesareprovidedwithacomprehensiveinductiontotheserviceand are
encouraged to attend external training courses
Organisational structure
GymnasticTrustLtdisgovernedbyitsTrusteeBoardwhichisresponsibleforsettingthe strategic
directionoftheorganisationandthepolicyofthecharity.TheTrusteescarrytheultimate responsibility
fortheconductoftheserviceandforensuringthatthecharitysatisfiesitslegaland contractual
obligations.
Risk management
Thetrusteeshaveadutytoidentifyandreviewtheriskstowhichthecharityisexposedandto ensure
appropriatecontrolsareinplacetoprovidereasonableassuranceagainstfraudanderror.The trustees
are not aware of any particular potential or actual areas of risk or problem.
Page 2
GYMNASTIC TRUST LTD.
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT FINANCIAL REVIEW
Reserves policy
Thetrusteesremaincommittedtomaintainingsufficientreservesintheeventof unforeseen
circumstances arising - this policy is subject to a regular review of finances annually.
Funds in deficit
Unrestricted funds were in deficit at the balance sheet date in the sum of £31,746.
Principal funding sources
The charity is funded on the basis of expenditure. All expenditure is funded in advance.
Investment policy and objectives
There is no investment policy.
Public Benefit
Thetrusteeshavedueregardtotheguidancerelatingtopublicbenefitpublishedbythe Charity
Commission.TheClub'sactivitiesareprimarilyintendedforthebenefitofthepeopleofSouthendon Sea
and the surrounding areas. Our Club is open to all, regardless of age, race, gender, or sexual orientation.
FUTURE PLANS
Gymnastic Trust Ltd aims to continue to provide a gym coaching facilities.
Approved by order of the board of trustees on 20 December 2021 and signed on its behalf by:
M J Murphy - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
GYMNASTIC TRUST LTD.
Independent examiner's report to the trustees of Gymnastic Trust Ltd. ('the Company')
IreporttothecharitytrusteesonmyexaminationoftheaccountsoftheCompanyfortheyear ended
31 March 2021.
Responsibilities and basis of report
Asthecharity'strusteesoftheCompany(andalsoitsdirectorsforthepurposesofcompanylaw)you are
responsibleforthepreparationoftheaccountsinaccordancewiththerequirementsoftheCompanies Act
2006 ('the 2006 Act').
HavingsatisfiedmyselfthattheaccountsoftheCompanyarenotrequiredtobeauditedunderPart16 of
the2006Actandareeligibleforindependentexamination,Ireportinrespectofmyexaminationof your
charity'saccountsascarriedoutundersection145oftheCharitiesAct2011('the2011Act').In carrying
outmyexaminationIhavefollowedtheDirectionsgivenbytheCharityCommissionundersection 145(5)
(b) of the 2011 Act.
Independent examiner's statement
Ihavecompletedmyexamination.Iconfirmthatnomattershavecometomyattentionin connection
with the examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationto which
attentionshouldbedrawninthisreportinordertoenableaproperunderstandingoftheaccountsto be
reached.
Lee Blunden FCCA CTA
Institute of Chartered Accountants in England & Wales
Clemence Hoar Cummings
Chartered Accountants
Riverside House
1-5 Como Street
Romford
Essex
RM7 7DN
20 December 2021
Page 4
GYMNASTIC TRUST LTD.
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
Notes
INCOME AND ENDOWMENTS FROM
Other trading activities
2
EXPENDITURE ON
Raising funds
3
Charitable activities
Gymnastics
Total
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD |
2021
Unrestricted
fund
£
126,058
-
70,424
70,424
55,634
(87,180)
(31,546) |
2020
Total
funds
£
199,309
-
206,138
206,138
(6,829)
(80,351)
(87,180) |
|
|
|
The notes form part of these financial statements
Page 5
GYMNASTIC TRUST LTD.
BALANCE SHEET 31 MARCH 2021
Notes
CURRENT ASSETS
Debtors
9
Cash at bank
CREDITORS
Amounts falling due within one year
10
NET CURRENT ASSETS/(LIABILITIES)
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one
year
11
NET ASSETS/(LIABILITIES)
FUNDS
13
Unrestricted funds
TOTAL FUNDS |
2021
Unrestricted
fund
£
42,000
23,615
65,615
(77,161)
(11,546)
(11,546)
(20,000)
(31,546)
(31,546)
(31,546) |
2020
Total
funds
£
42,000
271
42,271
(129,451)
(87,180)
(87,180)
-
(87,180)
(87,180)
(87,180) |
|
|
|
ThecharitablecompanyisentitledtoexemptionfromauditunderSection477oftheCompaniesAct 2006
for the year ended 31 March 2021.
Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsforthe year
ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicableto charitable
companies subject to the small companies regime.
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
20 December 2021 and were signed on its behalf by:
M J Murphy - Trustee
The notes form part of these financial statements
Page 6
GYMNASTIC TRUST LTD.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS 102,
havebeenpreparedinaccordancewiththeCharitiesSORP(FRS102)'Accountingand Reporting
byCharities:StatementofRecommendedPracticeapplicabletocharitiespreparingtheir accounts
inaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublicof Ireland
(FRS102)(effective1January2019)',FinancialReportingStandard102'TheFinancial Reporting
StandardapplicableintheUKandRepublicofIreland'andtheCompaniesAct2006.The financial
statements have been prepared under the historical cost convention.
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct 2006,
presenttheirreportwiththefinancialstatementsofthecharityfortheyearended31March 2020.
ThetrusteeshaveadoptedtheprovisionsofAccountingandReportingbyCharities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewith the
FinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS102)(effective 1
January 2015).
Thefinancialstatementshavebeenpreparedonagoingconcernbasis.Thisassumesthat the
charitable company will continue for the foreseeable future.
Thevalidityofthisassumptiondependsonthecontinuedfinancialsupportofthetrustees and
creditors, as set out in note 10.
Ifthecompanywereunabletocontinue,adjustmentswouldhavetobemadetoreduce the
balancesheetvaluesofassetstotheirrecoverableamounts,toprovideforanyfurther liabilities
that may arise.
Thetrusteesbelievethatitisappropriateforthefinancialstatementstobepreparedonthe going
concern basis.
Income
AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlement to
the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructive obligation
committingthecharitytothatexpenditure,itisprobablethatatransferofeconomicbenefits will
berequiredinsettlementandtheamountoftheobligationcanbemeasuredreliably. Expenditure
isaccountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregate all
costrelatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadings they
have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciationisprovidedatthefollowingannualratesinordertowriteoffeachassetover its
estimated useful life.
Plant and machinery- 25% on reducing balance
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestrictedfundscanbeusedinaccordancewiththecharitableobjectivesatthediscretionof the
trustees.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsof the
charity.Restrictionsarisewhenspecifiedbythedonororwhenfundsareraisedfor particular
restricted purposes.
continued...
Page 7
GYMNASTIC TRUST LTD.
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
1. ACCOUNTING POLICIES - continued
Fund accounting
Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial
statements.
2. OTHER TRADING ACTIVITIES
Charitable trading
Grant income |
2021
£
85,773
40,285
126,058 |
2020
£
199,309
- |
|
|
199,309 |
3. RAISING FUNDS
Raising donations and legacies
Raising donations and legacies |
|
|
|
2021 |
2020 |
|
£ |
£ |
NET INCOME/(EXPENDITURE) |
|
|
Net income/(expenditure) is stated after charging/(crediting): |
|
|
|
2021 |
2020 |
|
£ |
£ |
Accountants' remuneration |
805 |
2,245 |
Bookkeeping |
2,808 |
26,713 |
4. NET INCOME/(EXPENDITURE)
5. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31March2021nor for
the year ended 31 March 2020.
Trustees' expenses
Therewerenotrustees'expensespaidfortheyearended31March2021norfortheyear ended
31 March 2020.
6. STAFF COSTS
The average monthly number of employees during the year was as follows:
|
2021 |
2020 |
No employees other than trustee/director |
1 |
1 |
No employees received emoluments in excess of £60,000.
continued...
Page 8
GYMNASTIC TRUST LTD.
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2021
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
|
|
|
Unrestricted |
Unrestricted |
|
|
|
fund |
|
|
|
|
£ |
|
|
INCOME AND ENDOWMENTS FROM |
|
|
|
|
Other trading activities |
|
199,309 |
|
|
EXPENDITURE ON |
|
|
|
|
Raising funds |
|
|
- |
|
Charitable activities |
|
|
|
|
Gymnastics |
|
206,138 |
|
|
Total |
|
206,138 |
|
|
NET INCOME/(EXPENDITURE) |
|
(6,829) |
|
|
RECONCILIATION OF FUNDS |
|
|
|
|
Total funds brought forward |
|
(80,351) |
|
|
TOTAL FUNDS CARRIED FORWARD |
|
(87,180) |
|
8. |
TANGIBLE FIXED ASSETS |
|
|
|
|
|
|
Plant and |
|
|
|
|
machinery |
|
|
|
|
£ |
|
|
COST |
|
|
|
|
At 1 April 2020 and 31 March 2021 |
|
18,921 |
|
|
DEPRECIATION |
|
|
|
|
At 1 April 2020 and 31 March 2021 |
|
18,921 |
|
|
NET BOOK VALUE |
|
|
|
|
At 31 March 2021 |
|
- |
|
|
At 31 March 2020 |
|
- |
|
9. |
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|
|
|
|
2021 |
2020 |
|
|
|
£ |
£ |
|
|
Other debtors |
42,000 |
42,000 |
|
continued...
Page 9
GYMNASTIC TRUST LTD.
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021
£
Other creditors
22,522
Other creditors - GymFun
53,814
Accrued expenses
825
77,161
11.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2021
£
Bank loans (see note 12)
20,000
12.
LOANS
An analysis of the maturity of loans is given below:
2021
£
Amounts falling between one and two years:
Bank loans - 1-2 years
20,000
13.
MOVEMENT IN FUNDS
Net
movement
At 1.4.20
in funds
£
£
Unrestricted funds
General fund
(87,180)
55,634
TOTAL FUNDS
(87,180)
55,634
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
126,058
(70,424)
TOTAL FUNDS
126,058
(70,424) |
|
2020
£
22,523
105,955
973
129,451
2020
£
-
2020
£
-
At
31.3.21
£
(31,546)
(31,546)
Movement
in funds
£
55,634
55,634 |
|
|
|
continued...
Page 10
GYMNASTIC TRUST LTD.
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
13. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
Unrestricted funds
General fund
TOTAL FUNDS |
Net
movement
At 1.4.19
in funds
£
£
(80,351)
(6,829)
(80,351)
(6,829) |
At
31.3.20
£
(87,180)
(87,180) |
|
|
|
Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Incoming
resources
£
199,309
199,309 |
Resources
expended
£
(206,138)
(206,138) |
Movement
in funds
£
(6,829)
(6,829) |
|
|
|
|
A current year 12 months and prior year 12 months combined position is as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Net
movement
At 1.4.19
in funds
£
£
(80,351)
48,805
(80,351)
48,805 |
At
31.3.21
£
(31,546)
(31,546) |
|
|
|
Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,included in
the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Incoming
resources
£
325,367
325,367 |
Resources
expended
£
(276,562)
(276,562) |
Movement
in funds
£
48,805
48,805 |
|
|
|
|
continued...
Page 11
GYMNASTIC TRUST LTD.
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
14. RELATED PARTY DISCLOSURES
Asat31March2021theTrusteeshaveadvancedasumof£22,523tofacilitatethe continued
operationoftheCharity.Also,includedinOtherCreditorsisaloanof£53,814(2020- £109,455)
fromGymfunLtd,acompanyinwhichtheTrusteeisashareholderandadirector. GymFun
providesbankingfacilitiestoGymnastictrust,thissumisnon-interestbearingandrepayable on
demand - as resources permit.
Page 12
GYMNASTIC TRUST LTD.
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
|
2021 |
2020 |
|
£ |
£ |
INCOME AND ENDOWMENTS |
|
|
Other trading activities |
|
|
Charitable trading |
85,773 |
199,309 |
Grant income |
40,285 |
- |
|
126,058 |
199,309 |
Total incoming resources |
126,058 |
199,309 |
EXPENDITURE |
|
|
Charitable activities |
|
|
Gym coaches |
36,723 |
73,401 |
Travelling |
1,373 |
5,946 |
|
38,096 |
79,347 |
Support costs |
|
|
Administration costs |
|
|
Management costs |
- |
18,950 |
Telephone |
1,146 |
1,125 |
Advertising |
5,010 |
5,179 |
Sundries |
2,564 |
3,280 |
Bank charges |
871 |
1,900 |
|
9,591 |
30,434 |
Premises costs |
|
|
Insurance |
- |
4,414 |
Light and heat |
2,385 |
6,389 |
Rent |
11,153 |
47,000 |
Repairs |
5,586 |
8,342 |
|
19,124 |
66,145 |
Governance costs |
|
|
Accountants' remuneration |
805 |
2,245 |
Bookkeeping |
2,808 |
26,713 |
Legal fees |
- |
1,254 |
|
3,613 |
30,212 |
Total resources expended |
70,424 |
206,138 |
Net income/(expenditure) |
55,634 |
(6,829) |
This page does not form part of the statutory financial statements
Page 13