REGISTERÉD COMPANY NUMBER: 03348600 (England and Wales) REGISTERED CHARITY NUMBER: 1067061 SWINDON SCHOOL OF GYMNASTICS UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH DECEMBER 2023
SWZNDON SCHOOL OF GYmNICS CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH DECEMBER 2023 Pag• Report of the Trustees Independent Examiner's Repgrt Statement of Flnanclal Activities Statement of Financial Po$ltlon Notes to the Fln?ncial Statements 7 to 12 Detailed Statement of Financial Activitie$ 13 to 14
sNDoN SCHOOL OF GYMNASTICS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30TH DECEMBER 2023 The trustees who are a150 d1ctOrS of the charlty for the purposes of the Companles Act 2006, present thelr report with the financial statements of the charity for the year ended 30th December 2023. The trustees have adopted the provislons of Accounting and Reportlng by Charities: statement of Recommended Prattl )ppllcable to charitles preparin9 thelr account5 in accordance wlth the Financlal Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effectlve l January 2019). OBJECTIVES AND ACTIVITIES Objectlves and aim5 In planning our aCtvitIeS for the year, we kept In mlnd the Charity Commisslon's guidance on public beneflt. The principle activity of the company is the advanment of the mental and phy51cal development of young per5tsns through the sport of gymnastics In all its forms recognlsed by the 8ritish Amateur Gymnastlcs Association. ACHIEVEMENT AND PERFORMANCE Charitable activities It was very pleasing to see the increase In income fIgUS durfng 2023 which wès due to the hard work of Helen, Wendy, Lauren, Kir5ty and all the wonderful volunteer coaches who gave up so much of thelr time to support our club. The financial position of the company stabilized and improved partly due to the increase in fees In September 2022 but malnly due to the increased membership, Improvement in dass levels, Increased gymnastic hours and the increase In pre-school and Home Ed sessions. As predlcted the utility bllls InCaSed significantly as did telephone costs. These costs would have been much hlgher If the two trustees had not spent many, many hour5 during 2023 negotiatlng contracts and sortlng out problems, particularly with BT, British Gas & Electricity. We must be mindful of all these extra costs when we budget for fees etc next year. The trustees also had to sort out the unexpected Closu of our bank account (along with many other charities) by Barclays In November, whlch eventually resulted in us moving flnances to Metro Bank. Our glrls section continues t¢ do well In levels, grades and S.W. competib'ons throughout the year. All the general gymnasts We well catered for and achieved new skills and competed in thelr latIve competstlon levels, wlnnin9 many medals. With the loss of our boys head coach, we employed a self employed high level boys coach on temporary basis to asslst with the squad boys. All the boy5 were re-grouped and have made good progress during 2023 and we hope to appolnt a new boys head coach early In 2024. Our grateful thanks go to all our empltsyees and volunteer boys and glrfs coaches as without thelr hard work and help, the club could not contlnue to thrfve. Fundraislng actlvltlts Thanks to everyone connected with the club, we all worked very hard and were able to achleve our goal of a new sprung floor in 2023 for a cost of £25,000. Our thank5 go to everyone who contrlbuted in any way to thls rnagniflcent achievement. We have a new fundraislng team for 2024 and look forward to thelr hard work and success. FINANCIAL REVIEW Prlncipal funding sources The charitles maln source of ftjnds is from fee5 for gymnastlc5 classes for chlldren and adults whlch th15 year totalled £198,191 {2022.. £166,632). The charÉty also recharges the Brlt4sh Gymnastics insurance for Its members thus to cover the costs. Page I
SWINDON SCHOOL OF GYMNASTICS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30TH DECEMBER 2023 FINANCXAL REVIEW Flnanclal results and regtr4e5 policy The results for the year are set Out In the Statement of Finandal Activities on pa9e 5. At the end of the year the charlty has reserves of £122,361 {2022'. £101,988) of whlch E33.611 (2022.. £11,623) relates to stocks and assets. All funds are unrestrScted funds. The trustees have examined the charitie5 requlrements for reserves in the light of main risks to the charlty. The trustees belleve that they should hold sl¥ months of expenditure in reserve as such will be resettlng their reserves pollcy Iprevlously £50,000) during 2024 to take account of the most up to date runnlng costs of the Charlty. Funds not committed are invested in interest bearing deposit accounts. FUTURE PLANS With rising costs, it may be inevitable that we have lo have a small rSse In fees next year. We wlll contlnue to enhance our coaches qualiflcatlons and appolnt a pald boys head coach as soon as possible. We look ft)rward to a new admln. system belng installed hopefvlly in the next few rnonth5. Further, we do recognise that the tlme will ctsme when we outgrow our present buildln9 and taklng into consideration our maintenance costs, especially for the roof, it may be prudent to conslder looking for new premises in the future a5 and when our finances permit. STRUCTURE, GOVERPIANCE AND MANAGEMENT Governlng document Swindon School of Gymnastlcs 15 a charitable company Ilmlted by guarantee, governed by Its Memorandum and Articles of Assoclatlon, and registered with the Charity Commission (Charity Registratlon Number 1067061). Recruitment and appointment ol new trustees The trustees may appoint a person who is wllling to act to be a trustee of the charty. A trustee appointed durSng the year shall hold offlce only until the next annual general meeting of the charity and Shall be eligible for election al that rneeting. Towards the end of the year, the charity appointed three new trustees whlch we belleve to be a great addition to the charity's board and combats the charity's continued need to conslder sucsSIon planning. Rlsk management The trustees have a risk fnanagement strate9y which comprises.. An annual review of the risks the charity may faee; The establishment of systems and procedures to mltigate those rlsks Identified in the assessment,. and The Implementation of ProdureS designed to mlnlmlse any potentSal Impact on the charSty should those rTsks materialise. REFERENCE AND ADMINISTRATIVE DETAXLS Registered Company number 03348600 (England and Wales} Reglstered Charlty numbér 1067061 Reglstered offlce Unit 4 Isis Tradlng Estate SWINDON wiit5hire SNI 2PG Page 2
SWINDON SCHOOL OF GYMNASTICS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30Th DECEMBER 2023 Trustee5 Mr A J Davies Mrs W M Payne Mr J S Walker Trustee (appointed 1. 12.23} Ms P T Kujeke Trustee {appointed 1.12. 231 Mr E T Ridgway Trustee lappolnted 1.12.231 Company Secretary Mr5 W M Payne Independent Examiner Morrfs Owen Chartered Accountants 43-45 Devlzes Road SWINDON Wlltshl SNI 4BG Approved by order of the board of twstees on 25th September 2024 and slgned on its behalf by.. Mr A J Davies . Trustee Page 3
INDEPENDENT exAMINER'S REPORT TO THE TRUSTEES OF SWINDON SCHOOL OF GYMNASTICS Independent examlnèr's report to the trustees of Swindon School of Gymnastlcs ('the Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 30th December 2023. Responsibilities and basis of report As the charity'5 trustee5 of the Company (and also its directors ft>r the purposes of company law) you are responslble for the preparation of the accounts In accordance with the requirements of the Cornpanies Act 2006 {'the 2006 Act'l. Having satisfied myself that the account5 of the Company a not quIred to be audlted under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of fny exarnination of your charity's accounts as carrSed out under Sectlon 145 of the Charities Act 2011 1.the 2011 Act'l. In carrying out my examlnatlon I have followed the Dlrectlons glven by the Charity Commission under Section 145(51 {b) of the 2011 Act. IndepeTrdent ex•mSnÈr's statement I have completed my exarnination. I confirm that no matter5 have come to my attentlon In connectlon with the examinatlon glvlng me cause to belleve.. ccountlng records We not kept In respect of the Company as required by Section 386 of the 2006 Art- or the accounts do not accord wlth thts5e record5- or the accounts do not comply with the accountSng requlrements of Sectlon 396 of the 2006 Act other than any requlrement that the accounts give a true and falr vlew which Is not a matter considered as part of an independent examination; or the accounts have not been prepared in accordance wlth the methods and prlnciples of the statement of Recommended Practlce for accounting and reporting by charities (applicable charlties pparIng their accounts in accordance with the Flnancial Reportlng Standard applicable In the UK and Republic of Ireland IFR5 10211. I have no concerns and have come across no other matter5 In connectlon wlth the examlnatlon to which attention should be drawn In this report in order to enable a proper under5tsnding of the accounts to be ached. nna Wheeler ACA CTA Morris Owen Chartered Accountants 43-45 Devizes Road SWINDON Wlltshire SNI 4BG Date.. ..2.h..J.ykkn 20L¥.. Page 4
SWINDON SCHOOL OF GYMNASTICS STATEMENT OF FINANCIAL ACTIVXTXES FOR THE YEAR ENDED 30TH DECEMBER 2023 2023 Unrestricted fund 2022 Total ftinds Notes INCOME AND ENDOWMENTS FROM Donatlon5 and legacies 202,829 177,323 other trading activities Investment Income 41,083 427 47,348 165 Totsl 244,339 224,836 EXPENDITURE ON RalsSng fijnds 53,540 47,705 Chjritable ?rtivities Charitable actlvibes 152,284 143,692 other 18,141 17,357 Total 223,966 208,754 NET INCOME 20,373 16,082 RECONCIUATION OF FUNDS Total funds brought forward 101,988 85,906 TOTAL FUNDS CARRIED FORWARD 122,361 101,988 The notes form part of these financial statements Page 5
SWXNDON SCHOOL OF GYMNASTICS STATEMENT OF FINANCIAL POSITION 30TH DECEMBER 2023 2023 Unrestricted fund 2022 Total funds Notes FIXED ASSETS TangSble assets li 29,625 7,463 CURRENT ASSETS Stocks Debtors Cash at bank 12 13 3,986 35,824 65,268 4,160 33,258 68,774 105,078 106, 192 CREDITORS Amounts falling due wlthin one year 14 (12,342) 111,6671 NET CURRENT ASSETS 92,736 94,525 TOTAL ASSETS LESS CURRENT LIABILrrIES 122,361 101,988 NET ASSETS 122,361 101,988 FUNDS Unrestrlcted funds 15 122,361 101,988 TOTAL FUNDS 122,361 101,988 The charitable company Is entitled to exemptlon from audlt under Section 477 of the Companie5 Act 2006 for the year ended 30th December 2023. The rnembers have not reqLJired the company to obtain an audlt of Its finandal statements for the year ended 30th December 2023 in accordance with Section 476 of the Companles Act 2006. The twstees acknowledge their responsibllitles for (a) ensurlng that the charltable company keeps accountlng records that comply wlth Sectlons 386 and 387 of the Companies Aet 2006 and 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 it5 surplus or deflclt for each financial year in accordance with the requirements of Sectlons 394 and 395 and which othenvlse comply with the requirements of the Companie5 Art 2006 relatlng to finandal statements, so far as applicable to the charltsble company. (b) These flnancial 5t#tements have been prepared in accorijance wlth the provlslons appllcable to charitsble companies subject to the small companies regime. The ftnanclal statements were approved by rhe Board of Trustees and outhorised for issue on 25th September 2024 and were signed on Its behalf by.. Mr A J Davies - Trustee The notes fomi part of these financial st8tement5 Page 6
SWINDON SCHOOL OF GYMNASTICS NOTES TO THE FINANCIAL STATEME14TS FOR THE YEAR ENDED 30TH DECEMBER 2023 CHARITY INFORMATION The charity Is a company limited by guarantee and incorporated In England and Wales, and a registered charity wilh the Charity Commi551on in England and Wales. The regISted office address is Unit 4, 15is Trading Estate, Swlndon, SNI 2PG. These flnancial statements are presented in Britlsh Pounds IGBPI, whlch Is the company's functional and presentational currency. ACCOUNTING POLXCIES Basls of preparing the financlal statements The financial statements of the charitable company, which Is a publlc benefit entlty under FRS LO2, have been prepared In accordance with the Charities SORP (FR5 1021 'Accountlng and Reportlng by Charities.. Statement of Recommended Practice applicable to charitle5 preparlng thelr accounts In accordance with the Flnancial Reportlng Standard applicable In the UK and Republic of Ireland IFRS 1021 leffectlve l January 20191., Financial Reportlng Standard 102 'The Flnanclal Reportln9 standard appllcable In the UK and Republic of Ireland. and the Companles Act 2006. The flnanclal Statements have been prepared under the historlcal cost convention. Income All incoming resource5 are included in the statement of finanelal actlvltles when the Charlty Is entitled to the income and the arnount can be quantllied wSth reasonable accuracy. The following specific policies are applied to particular categories income.. Fee income 15 Included In ftjll In the statement of Flnancial Attlvitle5 when 1vable. Donated servlces and fa¢illtles are Included at the value to the Charity where thls can be quantlned. The value of 5ervice5 provided by volunteers has not been included In these accounts. Inve5trnent Income Is included when recelvable. Incomlng resources for generatlng funds are accounted for when earned. Expendlture Llabilities are recognised a5 expenditu as soon as there is a legal or constructlve oblSgation committing the charity to that expendlture, It Is probable that a transfer of economic benefits will be required in sertlefnent and the amount of the obligation can be measured reliably. Expenditure Is accounted for on an accruals basls and has been cla5slfied under headlngs that aggregate all cost lated to the category, Where costs cannot be dlrectly attributed to pèrticular headings they have been èllocated to actlvltles on a basls consistent with the use of resources. Tanglble fixed assets Depreclatlon is provided at the followlng annual rates In order to write off each asset over Its e5tlmated useful life, Fixtu$ and fittlngs 200/0 on cost and IO% on cost stocks Stocks are valued at the lower of c05t and net reallsable value, after maklng due allowance for obsolete and slow movlng items. Tpxatlon The charlty Is exempt from corporation tax on its charitable actlvitie5. Fund accountlng Unrestricted funds can be used in accordan wlth the charltable objectives at the dlscretion of the trustees. Page 7 contlnued...
SWINDON SCHOOL OF GYMNASTICS NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 30TH DECEMBER 2023 ACCOUNTING POUCIES - contlnued Ftsnd acCOunng Restricted funds can only be used for particular $trIcted purposes wlthin the objects of the charity. Restrfctions arfse when specified by the donor or whèn funds are raised for particular restrlcted purposes. Further explanation of the nature and purpose of each fund is Included In the notes to the financlal staternents. Penglon costs and other post-retirement beneflts The charitable company operates a defined contrlbution pension scheme. Contrlbution5 payable to the charltable company's pension scheme are charged to the Statement of Financlal Artivities In the period to which they relate. DONATIONS AND LEGACIES 2023 2022 Fee5 Donation5 Gift aid 198,190 1.096 3.543 166,633 7,211 3,479 202,829 177,323 OTHER TRADING ACTZVITIES 2023 2022 Fundralslng events B G Insurance Sale of clothlng Summer camp Sundry Income Competstion entrles 18,444 8,585 4,324 2,570 3,350 3,810 21,922 10,829 4,355 4,337 1,559 4,346 41,083 47,348 INVESTMENT INCOME 2023 2022 Bank interest CeIved 427 165 NET INCOMEI(EXPENDITURE) Net IncoMel(expendltul Is stated after chargin911credltingl: 2023 2022 Depreciatlon - owned assets {Deficitllsurplus on disposal of flxed a55et5 3,571 40 5,416 1747) Page 8 contonued...
SWINDON SCHOOL OF GYMNASTICS NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 30TH DECEMBER 2023 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 30th December 2023 nor for the year ended 30th December 2022. Trustees, expenses During the year, both trustees were relmbursed a total of £7,118 12022.. £5,702) for chadty expenses paid privately. These expenses relate to travel, purchase of rrTrinor equipment, stationery, telephone, British Gymnastlc5 mernberships and surnmer camp expense5. STAFF COSTS 2023 2022 Wages anEJ Salaries 69,363 62,600 69,363 62,600 The average monthly number of employees during the year was as follow5.. 2023 2022 Staff No employee5 received emoluments in excess of £60,000. INDEPENDENT EXAMINER FEES 2023 2022 Statutory accounts productlon & external scnjtlny 3,648 3,594 3,648 3,594 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTtvrriEs Unrestricted fund INCOME AND ENDOWMENTS FROM Donations and le9acies 177,323 Other tradlng activltles Investrnent income 47,348 165 Total 224,836 EXPENDuRE ON Raising funds 47,705 CharltablÈ actlvltie Charltable actlvltles 143,692 Other 17,357 Total 208,754 NET INCOME 16,082 Page 9 continued...
SWIf4DON SCHOOL OF GYMNASTICS NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 30TH DECEMBER 2023 io. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - contlnued UnstrIrted fund RECONCILXATXON OF FUNDS Total fiJnd5 brought forward 65,906 TOTAL FUNDS CARRIED FORWARD 101,988 11. TANGIBLE FIXED AsseTS Fixture5 and flttlngs Computer equlpment Totals COST At 31st December 2022 Addltions Disptssals 245,154 25,664 (690) 245,154 25,773 {690) 109 At 30th December 2023 270,128 109 270,237 DEPRECIATION At 31st December 2022 Charge for year Ellminated on disposal 237,691 3,559 (650) 237,691 3,571 (650) 12 At 30th December 2023 240,600 12 240,612 NET BOOK VALUE At 30th December 2023 29,528 97 29,625 At 30th December 2022 7,463 7,463 12. STOCKS 2023 2022 stocks 3,986 4, 160 13. DEBTORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 2023 2022 Trade debtors Prepayments and accnjed income 3,543 32,281 3,479 29,779 35,824 33,258 Page 10 continued.,.
SWXNDON SCHOOL OF GYMNASTXCS NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 30TH DECEMBER 2023 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Other credltors Accruals and deferred Income 1,568 10,774 3,055 8,612 12,342 11,667 15. MOVEMENT IN FUP4DS Net movement in funds At 31.12.22 At 30. 12.23 Unrestrictèd fuThd5 General fund 101,988 20,373 122,361 TOTAL FUNDS 101,988 20,373 122,361 Net movement In fvnds, Included In the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 244,339 (223,966) 20,373 TOTAL FUNDS 244,339 (223,966) 20,373 Comparatives for rnovement in tunds Net movement In funds At 31.12.21 At 30. 12.22 Unrestrlrted fvnds General fund 85,906 16,082 101,988 TOTAL FUNDS 85,906 16,082 101,988 Comparative net movement In funds, included in the above are as follows: Incorning resources Resource5 expended Movement In funds Unrestricted funds General fund 224,836 (208,754) 16,082 TOTAL FUNDS 224,836 (208,7541 16,082 Page 11 contlnued...
SWINLM)N SCHOOL OF GYMNASTICS NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 30TH DECEMBER 2023 Is. MOVEMENT IN FUNDS- contlnued A current year 12 months and prlor year 12 months comblned posltion Is as follows.. Net movement in fund5 At 31.12.21 At 30.12.23 Unrestrlcted fund$ General fvnd 85,906 36,455 122,361 TOTAL FUNDS 85,9D6 36,455 122,361 A current year 12 months and prfor year 12 months comblned net movement in funds, included In the above are as follows: Incoming resource5 Resources expended Movement In fun(Js Unrestrlrted funds General fund 469, 175 (432,7201 36,455 TOTAL FUNDS 469,175 {432,720) 36,455 16. RELATED PARTY DISCLOSURES There were no lated party transactions for the year ended 31 December 2023. Page 12
SWXNDON SCHOOL OF GYMNASTICS DeTAXLED STATEMENT OF FINANCIAL ACTtVIYlES FOR THE YEAR ENDED 30TH DECEMBER 2023 2023 2022 ZNCOME AND ENDOWMENTS Donations and legacles Fees Donatlons Gift ald 198,190 1,096 3,543 166,633 7,211 3,479 202,829 177,323 Other trading actlvitles Fundralsing events B G Insurance Sale of clothlng Summer camp Sundry income Competition entrle5 18,444 8,585 4,324 2,570 3,350 3,810 21,922 10,829 4,355 4,337 1,559 4,346 41,083 47,348 Investment Income Bank interest received 427 165 Total incoming resources 244,339 224,836 EXPENDITURE Other trading •rtlvlties Openlng stock Clothing expendlture Coachlng and ballet C105ing stock 4,160 2,145 51,221 (3,986) 5,997 625 45,243 (4,160) 53,540 47,7Q5 Charitable activities BAGA membership Competitions and events Summer camp expenses Equlpment 14,826 4,652 2,150 733 15,079 8,748 2,836 368 22,361 27,051 Other Wages 18,142 17,357 Support costs Management Insurance Cleaning Independent examlnatSon fees Honorarlurn payments staff training Carried forward 3,423 5,420 3,648 2,000 5,802 20,293 3,324 3,019 3,594 2,000 3,646 15,583 Thi5 page does not form part of the statutory finanaal statemènts Page 13
SWXNDON SCHOOL OF GYMNASTXCS DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30TH DECEMBER 2013 2023 2022 M•n4gement Brought forward Subscriptions Repairs and newa15 Computer costs 20,293 308 2,961 133 15,583 133 3,150 274 23,695 19,140 FSnanc¢ Rent, rates and water Li9ht and heat Travel and subslstence Telephone 5undrles Bank charges Stripe and other fee5 Depreclatlon of tangible fixed assets Loss on sale of tangible flxed assets 77,799 14,726 2,061 2,514 4,252 416 1,143 3,571 40 76,669 7,935 3,373 1,303 1,553 I,iio 5,416 17471 106,522 96,612 Governance costs Accountancy and legal fees (294) 889 Total resources expended 223,966 208,754 Net Income 20,373 16,082 Thls page doe5 not forrn part of the statutory financlal statements Page 14