Charity registration number 1064878
Company registration number 03395875 (England and Wales)
GYMNASTIC TRUST LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
GYMNASTIC TRUST LTD
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | S Jeliazkov |
|---|---|
| M J Murphy | |
| L Jeliazkova | |
| Secretary | L Jeliazkova |
| Charity number | 1064878 |
| Company number | 03395875 |
| Registered office | Riverside House |
| 1-5 Como Street | |
| Romford | |
| Essex | |
| United Kingdom | |
| RM7 7DN | |
| Independent examiner | David Terry FCA |
| Ramon Lee Ltd | |
| Chartered Accountants | |
| 93 Tabernacle Street | |
| London | |
| EC2A 4BA |
GYMNASTIC TRUST LTD
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 - 6 |
| Notes to the financial statements | 7 - 12 |
GYMNASTIC TRUST LTD
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31 MARCH 2023
The trustees present their annual report and financial statements for the year ended 31 March 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable company's Memorandum and Article of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
Objectives and activities
Objectives and aims
The charity's objective and sole activity for the year is to maintain and make available for hire the use of a gymnastic centre.
Charitable activities
The charity has made available the gym centre for hire and will continue to do so and ensure that all expenditure is funded, as necessary.
Financial review
Reserves policy
The trustees remain committed to maintaining sufficient reserves in the event of unforeseen circumstances arising - this policy is subject to a regular review of finances annually.
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
The trustees have due regard to the guidance relating to public benefit published by the Charity Commission. The Club's activities are primarily intended for the benefit of the people of Southend on 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.
Structure, governance and management
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Gymnastic Trust Ltd is a registered charity and a company limited by guarantee. The maximum liability of each member is limited to one pound. At 31 March 2023 the company had 3 members (2022 -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
Newly appointed Trustees are provided with a comprehensive induction to the service and are encouraged to attend external training courses.
- 1 -
GYMNASTIC TRUST LTD
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Organisational structure
Gymnastic Trust Ltd is governed by its Trustee Board which is responsible for setting the strategic direction of the organisation and the policy of the charity. The Trustees carry the ultimate responsibility for the conduct of the service and for ensuring that the charity satisfies its legal and contractual obligations.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees are not aware of any particular potential or actual areas of risk or problem.
Statement of trustees' responsibilities
The trustees, who are also the directors of Gymnastic Trust Ltd for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
-
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; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees' report was approved by the Board of Trustees and signed on its behalf by:.
M J Murphy Trustee
9 July 2024
- 2 -
GYMNASTIC TRUST LTD
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GYMNASTIC TRUST LTD
I report to the trustees on my examination of the financial statements of Gymnastic Trust Ltd (the charitable company) for the year ended 31 March 2023.
This report is made solely to the charity's trustees, as a body, in accordance with the Charities Act 2011. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my Independent Examination, for this report, or for the opinions I have formed.
Responsibilities and basis of report
As the trustees of the charitable company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charitable company 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 charitable company’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). 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
I have completed my examination. I confirm that no 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 charitable company as required by section 386 of the 2006 Act; or
-
2 the financial statements do not accord with those records; or
-
3 the financial statements 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 financial statements 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).
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 financial statements to be reached.
David Terry FCA Ramon Lee Ltd Chartered Accountants 93 Tabernacle Street London EC2A 4BA
Dated: 9 July 2024
- 3 -
GYMNASTIC TRUST LTD
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
| Unrestricted funds 2023 Notes £ Income from: Donations and legacies 3 149,370 Other trading activities 4 - Total income 149,370 Expenditure on: Charitable activities 5 145,813 Total expenditure 145,813 Net income for the year/ Net movement in funds 3,557 Fund balances at 1 April 2022 3,200 Fund balances at 31 March 2023 6,757 |
Total 2023 £ 149,370 - 149,370 145,813 145,813 3,557 3,200 6,757 |
Total 2022 £ 163,524 12,900 176,424 141,678 141,678 34,746 (31,546) 3,200 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
- 4 -
GYMNASTIC TRUST LTD
BALANCE SHEET
AS AT 31 MARCH 2023
| 2023 Notes £ Fixed assets Tangible assets 9 Current assets Debtors 10 43,467 Cash at bank and in hand 713 44,180 Creditors: amounts falling due within one year 11 (37,080) Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 12 Net assets Income funds Unrestricted funds |
2022 £ £ £ 3,552 4,440 42,000 64 42,064 (23,304) 7,100 18,760 10,652 23,200 (3,895) (20,000) 6,757 3,200 6,757 3,200 6,757 3,200 |
|---|---|
- 5 -
GYMNASTIC TRUST LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2023.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors 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.
The financial statements were approved by the Trustees on 9 July 2024 and were signed behalf by:
M J Murphy
Trustee
Company registration number 03395875
- 6 -
GYMNASTIC TRUST LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
Charity information
Gymnastic Trust Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is Riverside House, 1-5 Como Street, Romford, Essex, United Kingdom, RM7 7DN.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charitable company's Memorandum and Article of Association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charitable company is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
1.4 Income
Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
- 7 -
GYMNASTIC TRUST LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
(Continued)
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment 25% on reducing balance Fixtures and fittings 20% on reducing balance
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Taxation
The charity is exempt from corporation tax on its charitable activities.
1.9 Creditors and Provisions
Provisions are recognised when the charitable company has a legal or constructive present obligation as a result of a past event, it is probable that the charitable company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in net income/(expenditure) in the period in which it arises.
2 Critical accounting estimates and judgements
In the application of the charitable company’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted funds £ Donations 149,370 149,370 For the year ended 31 March 2022 163,524 |
Total 2023 £ 149,370 149,370 |
Total 2022 £ - |
|---|---|---|
| 163,524 | ||
| 163,524 |
- 8 -
GYMNASTIC TRUST LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
4 Other trading activities
| Grant income Charitable activities Charitable activities £ Gym coaches 72,894 Travelling - 72,894 Share of support costs (see note 6) 58,232 Share of governance costs (see note 6) 14,687 145,813 Analysis by fund Unrestricted funds 145,813 145,813 For the year ended 31 March 2022 Unrestricted funds 141,678 141,678 |
Total 2023 £ - - Total 2023 £ 72,894 - 72,894 58,232 14,687 145,813 145,813 145,813 |
Total 2022 £ 12,900 |
|---|---|---|
| 12,900 | ||
| Total 2022 £ 66,803 959 |
||
| 67,762 61,923 11,993 |
||
| 141,678 | ||
| 141,678 | ||
| 141,678 | ||
| 141,678 | ||
| 141,678 |
5 Charitable activities
- 9 -
GYMNASTIC TRUST LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
6 Support costs
| Support Governance Total costs costs 2023 £ £ £ Depreciation 888 - 888 Insurance 2,792 - 2,792 Interest 457 - 457 Admin costs - - - Bank charges 95 - 95 Rent 54,000 - 54,000 Repairs - - - Independent examiner's remuneration - 1,877 1,877 Bookkeeping - 12,810 12,810 58,232 14,687 72,919 Analysed between Charitable activities 58,232 14,687 72,919 58,232 14,687 72,919 7 Net movement in funds 2023 £ Net movement in funds is stated after charging/(crediting) Depreciation owned on tangible fixed assets 888 Independent examiner's remuneration 1,877 Bookkeeping 12,810 |
Total 2022 £ 1,110 762 - 635 55 56,640 2,721 923 11,070 |
|---|---|
| 73,916 | |
| 73,916 | |
| 73,916 | |
| 2022 £ 1,110 923 11,070 |
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charitable company during the year.
- 10 -
GYMNASTIC TRUST LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
| 9 Tangible fixed assets Plant and equipment Fixtures and fittings £ £ Cost At 1 April 2022 18,921 5,550 At 31 March 2023 18,921 5,550 Depreciation and impairment At 1 April 2022 18,921 1,110 Depreciation charged in the year - 888 At 31 March 2023 18,921 1,998 Carrying amount At 31 March 2023 - 3,552 At 31 March 2022 - 4,440 10 Debtors 2023 Amounts falling due within one year: £ Other debtors 42,000 Prepayments 1,467 43,467 11 Creditors: amounts falling due within one year 2023 £ Bank loans due within one year 12,302 Other creditors 22,522 Accruals 2,256 37,080 12 Creditors: amounts falling due after more than one year 2023 £ Bank loans (see note 13) 3,895 3,895 |
Total £ 24,471 |
|---|---|
| 24,471 | |
| 20,031 888 |
|
| 20,919 | |
| 3,552 | |
| 4,440 | |
| 2022 £ 42,000 - |
|
| 42,000 | |
| 2022 £ - 22,522 782 |
|
| 23,304 | |
| 2022 £ 20,000 |
|
| 20,000 |
- 11 -
GYMNASTIC TRUST LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
13 Loans
An analysis of the maturity of loans is given below:
| Amounts falling between one and two years: Bank loans - 1-2 years Analysis of net assets between funds Unrestricted funds 2023 £ Fund balances at 31 March 2023 are represented by: Tangible assets 3,552 Current assets/(liabilities) 7,100 Long term liabilities (3,895) 6,757 |
2023 2022 £ £ 3,895 20,000 3,895 20,000 Total Unrestricted funds Total 2023 2022 2022 £ £ £ 3,552 4,440 4,440 7,100 18,760 18,760 (3,895) (20,000) (20,000) 6,757 3,200 3,200 |
|---|---|
14 Analysis of net assets between funds
15 Related party transactions
Other creditors of £22,522 represents an advance sum received in 2022 from the Trustees to facilitate the continued operation of the Charity.
- 12 -