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2022-03-31-accounts

REGISTERED COMPANY NUMBER: 03779000 (England and Wales) REGISTERED CHARITY NUMBER: 1080223

Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 31 March 2022

for

Milton Keynes Gymnastics Ltd

Connolly Accountants & Business Advisors Ltd Chartered Certified Accountants The Stable Yard Vicarage Road Stony Stratford Milton Keynes Buckinghamshire MK11 1BN

Milton Keynes Gymnastics Ltd

Contents of the Financial Statements FOR THE YEAR ENDED 31 MARCH 2022

Page
Report of the Trustees 1 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Cash Flow Statement 8
Notes to the Cash Flow Statement 9
Notes to the Financial Statements 10 to 17
Detailed Statement of Financial Activities 18 to 19

Milton Keynes Gymnastics Ltd

Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2022

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of 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

In accordance with the Charity Commission's guidance on public benefit, the charitable company has been established to provide in the interests of social welfare facilities for recreation to members of the public at large with the object of improving the conditions of life for the persons for whom the facilities are primarily intended; to provide gymnastic facilities to the Milton Keynes area and to attend gymnastic meetings both at home and abroad.

STRATEGIC REPORT

Achievement and performance

Charitable activities

Gross amount received from gifts, fundraising events and competition fundraising activities during the year amounted to £13,794 (2021: £43,937).

Financial review

Principal funding sources

In this "Recovery from Covid" year, the majority of funding was received in the form of government and local council grants and from subscriptions and fees from members.

Reserves policy

The building of the new gymnastic centre has continued to suffer from delays and problems. The Community Trust eventually went to the Milton Keynes Planning Committee in January 2021. The outcome of that application was eventually forthcoming in December 2021, some 11 months later. There was then a further delay in the assignment of the land. We have been informed that the land has, at last, been assigned for building and the legal arrangements have been completed. However, the delay has resulted in increased costs and so, the Community Foundation needs to do further work on funding etc. At this rate, building work will not start before the end of this calendar year, 2022. The Charity continues to do all it can to anticipate the building of the new gym and has spent money on investing in new equipment for the new venue as it will only be a lot more expensive next year. The Charity has also spent funds on ensuring the old building is in a fit state to hand back. The current building is now over 30 years old and much of the internal fixings are requiring replacement. It is clear that we will need to negotiate a new lease, or tenancy with the Community Foundation from 1st April and we have been chasing this since December. The lease on the new building also remains to be finalised.

The Charity has two restricted reserves. The first reserve is to cover the escalating costs of maintaining the current ageing building and to pay for the dilapidations when the Charity vacates to the new building. The current building is a full repairing lease and the Charity can be required, at any time, to replace very expensive equipment, such as the roof, heating boilers, pumps, air handling units etc. Due to expenditure on this, the cash in first reserve for Old Building maintenance and Dilapidations has reduced from £80,000 to £65,000.

The second reserve is to cover the cost of fitting out the new building, now expected in 2023/24. There has been a huge amount of work undertaken to obtain realistic quotes and estimates for this work, which will include the building of a large podium and storage facility and provision of pits etc. The cost increases with every year of delay and is now up at £420,000.

Fundraising has continued despite the significant trading issues created by Covid and a further £20,000 has been raised for the new build project and has been transferred into the second reserve. However, we have spent £50,000 of the reserve on equipment before price rises are imposed. Cash in New Building Reserve now stands at £235,000. This is still inadequate and further significant fundraising will be required.

1

Milton Keynes Gymnastics Ltd

Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2022

STRATEGIC REPORT Financial review

Report on this year and consideration of going concern

It has, of course, been the second poor year in terms of providing our activities and meeting our Charity objectives. The facility was completely closed for 3 months of this year because of COVID lockdowns and restrictions. Even when the facility was able to open, 50% of it's revenue streams could not be carried out. These included, parties, competitions, admissions for parents, dance studio use and mums and tots. Fortunately, many parents supported the Charity during lockdown by continuing to donate some or all of their fees.

The position has started to improve from February and we are slowly bringing our revenue streams back. However, the canteen closed for good. The total annual income, therefore, was £577,316 compared with £817,000 2019/20 and £438,675 in 2020/21.

On the other hand, expenditure has risen from £433,936 in 2021 to £573,647 for 2022. Expenditure pre Covid was £813,884 for 2020. This financial year there was a small overall surplus of £3,669 (2021: £4,739) .

The real result of Covid has been a complete absence of competition results and achievements. The Charity has kept healthy despite all the turmoil and the facility is ready for the restart in April. This was only achieved because of the magnificent effort, dedication and commitment of the staff and Trustees and the unwavering support of many of the parents who continued donating to the Charity despite the gym lessons being closed.

We have undertaken a strategic review of our income streams and expenditure in the light of the growing financial and energy crisis and a reorganisation of PAYE staffing in anticipation of our move to the new building. However, the Charity faces a great deal of uncertainty as it grapples with ever increasing costs and no certainty as to either remaining in the current building at an affordable rent, or whether the new build will actually now take place.

Future trading and post balance sheet events

As these accounts are completed, the Lockdown is over and once again, the Charity is fully operational. However, it takes a considerable amount of time to build up the numbers of children coming into the building and to attract new gymnasts to replace all those we lost over Covid. Competitions have just started again in March and we expect these to be back to normal in the next financial year. However, parties, ballet, trampolining and recreational gymnastics are all slow to grow and we may not be back to pre Covid numbers until 2023. In the meantime, we face pressure on wages, because of high inflation, and the energy crisis, which will have a negative effect as we are high energy users. We have done all we can to ameliorate the effect of energy hikes by striking 3 year deals last calendar year. This was partially ruined because one of the energy providers went bust.

We are still waiting on the landlord to provide a new lease some 4 months after the old lease expired which adds to the uncertainty. The continuing healthy reserves mean that the Charity is financially sound and should remain despite current uncertainties in the economy.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, the Memorandum and Articles of Association dated 27/05/1999, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees

Trustees appointed are deemed to be suitably responsible for the position held.

Related parties

The charity has 1 connected trading company, Kingston Gold Ltd

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

03779000 (England and Wales)

Registered Charity number

1080223

2

Milton Keynes Gymnastics Ltd

Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2022

Registered office

The Old Forge 43 High Street Cranfield Bedfordshire MK43 0DP

Trustees

G A Winder D Winder S F McDermott N T Atkinson A Winder (resigned 1.8.21) M Johnston (appointed 1.10.21) M French J A Doyle (appointed 11.3.22)

The following trustees are also directors of the charity:

G A Winder D Winder S F McDermott

Company Secretary

G A Winder

Independent Examiner

Connolly Accountants & Business Advisors Ltd Chartered Certified Accountants The Stable Yard Vicarage Road Stony Stratford Milton Keynes Buckinghamshire MK11 1BN

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Milton Keynes Gymnastics Ltd for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"

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 period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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.

3

Milton Keynes Gymnastics Ltd

Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2022

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

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.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on ............................................. and signed on the board's behalf by:

........................................................................

G A Winder - Trustee

4

Independent Examiner's Report to the Trustees of Milton Keynes Gymnastics Ltd

Independent examiner's report to the trustees of Milton Keynes Gymnastics Ltd ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2022.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the 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 your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of Association of Chartered Accountants which is one of the listed bodies.

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:

  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

  2. 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

  3. 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)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Zoe Jones FCA Association of Chartered Accountants Connolly Accountants & Business Advisors Ltd Chartered Certified Accountants The Stable Yard Vicarage Road Stony Stratford Milton Keynes Buckinghamshire MK11 1BN

Date: .............................................

5

Milton Keynes Gymnastics Ltd

Statement of Financial Activities FOR THE YEAR ENDED 31 MARCH 2022

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
398,496
Other trading activities
4
93,227
Investment income
5
-
Other income
6
83,494
Total
575,217
EXPENDITURE ON
Raising funds
7
552,538
Other
6,109
Total
558,647
NET INCOME/(EXPENDITURE)
16,570
Transfers between funds
18
(25,758)
Net movement in funds
(9,188)
RECONCILIATION OF FUNDS
Total funds brought forward
183,991
TOTAL FUNDS CARRIED FORWARD
174,803		 Restricted
funds
£
-
-
2,098
-
2,098
15,000
-
15,000
(12,902)
25,758
12,856
337,000
349,856		 2022
Total
funds
£
398,496
93,227
2,098
83,494
577,315
567,538
6,109
573,647
3,668
-
3,668
520,991
524,659		 2021
Total
funds
£
255,243
19,316
1,908
162,208
438,675
433,101
835
433,936
4,739
-
4,739
516,252
520,991

The notes form part of these financial statements

6

Milton Keynes Gymnastics Ltd

Balance Sheet 31 MARCH 2022

Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
14
38,736
CURRENT ASSETS
Stocks
15
3,936
Debtors
16
19,319
Cash at bank and in hand
120,709
143,964
CREDITORS
Amounts falling due within one year
17
(7,897)
NET CURRENT ASSETS
136,067
TOTAL ASSETS LESS CURRENT
LIABILITIES
174,803
NET ASSETS
174,803
FUNDS
18
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Restricted
funds
£
49,856
-
-
300,000
300,000
-
300,000
349,856
349,856		 2022
Total
funds
£
88,592
3,936
19,319
420,709
443,964
(7,897)
436,067
524,659
524,659
174,803
349,856
524,659		 2021
Total
funds
£
27,471
6,471
20,894
478,329
505,694
(12,174)
493,520
520,991
520,991
183,991
337,000
520,991

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. G A Winder - Trustee

The notes form part of these financial statements

7

Milton Keynes Gymnastics Ltd

Cash Flow Statement FOR THE YEAR ENDED 31 MARCH 2022

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Net cash used in investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2022
£
24,494
24,494
(82,114)
(82,114)
(57,620)
478,329
420,709		 2021
£
32,366
32,366
(1,199)
(1,199)
31,167
447,162
478,329

The notes form part of these financial statements

8

Milton Keynes Gymnastics Ltd

Notes to the Cash Flow Statement FOR THE YEAR ENDED 31 MARCH 2022

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES OPERATING ACTIVITIES
2022 2021
£ £
Net income for the reporting period (as per the Statement of Financial
Activities) 3,668 4,739
Adjustments for:
Depreciation charges 20,993 22,893
Decrease in stocks 2,535 2,499
Decrease in debtors 1,575 1,840
(Decrease)/increase in creditors (4,277) 395
Net cash provided by operations 24,494 32,366

2.

ANALYSIS OF CHANGES IN NET FUNDS
At 1.4.21 Cash flow At 31.3.22
£ £ £
Net cash
Cash at bank and in hand 478,329 (57,620) 420,709
478,329 (57,620) 420,709
Total 478,329 (57,620) 420,709

The notes form part of these financial statements

9

Milton Keynes Gymnastics Ltd

Notes to the Financial Statements FOR THE YEAR ENDED 31 MARCH 2022

1. STATUTORY INFORMATION

Milton Keynes Gymnastic Limited is a private company, limited by guarantee, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in pound sterling and rounded to the nearest pound.

Going concern

As disclosed in the Trustees Report, despite the difficulties encountered in this 'recovery from year' year, the Charity has retained a healthy balance sheet position. This was achieved through cost cutting measures, taking advantage of available grants,being able to open the facility again even in a reduced capacity and the magnificent effort, dedication and commitment of the staff and Trustees and the unwavering support of many of the parents who continued donating to the Charity despite the gym lessons being closed for 3 months due to additional lockdowns.

The support from Furlough grants received until September and Covid grants continued to support the finances. The Trustees continue to be vigilant in suppressing expenditure and if there are further lockdowns the facility can be mothballed again to save costs. The very healthy reserves mean that the Charity is financially sound and will remain so for many years even if further unexpected events hit income streams. For these reasons the Trustees consider it appropriate to prepare the financial statements on a going concern basis.

Income

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.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Government grants

Government grants relating to the Job Retention Scheme and Local Government Covid Grants are recognised under the performance model. Revenue on grants is recognised once all performance conditions have been met in full.

Tangible fixed assets

Depreciation is provided at the following Annual Rates in order to write off each asset over its estimated useful life:

Plant and Machinery - 25 % on Cost Fixtures & Fittings - 25 % or 10% on Cost Computer Equipment - 33 % or 20% on Cost

continued...

10

Milton Keynes Gymnastics Ltd

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2022

2. ACCOUNTING POLICIES - continued

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Operating lease commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Redundancy and termination benefits

Redundancy costs are recognised in the Statement of Financial Activities when the commitment is made to terminate the employment before the normal retirement date or upon the acceptance of voluntary redundancy by the employee.

3. DONATIONS AND LEGACIES

4.

Gifts
Subscriptions
OTHER TRADING ACTIVITIES
Fundraising events
Rent receivable
Venue and coach hire
Competitions
Parties		 2022
£
13,794
384,702
398,496
2022
£
101
60,553
5,120
11,703
15,750
93,227		 2021
£
43,937
211,306
255,243
2021
£
(1,628)
18,920
2,080
1,081
(1,137)
19,316

continued...

11

Milton Keynes Gymnastics Ltd

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2022

5. INVESTMENT INCOME

INVESTMENT INCOME
Bank interest received
OTHER INCOME
Included in the 'other income' are the following grants:		 2022
£
2,098		 2021
£
1,908
2022 2021
£ £
Coronavirus Job Retention Scheme grant 60,494 139,494
Covid 19 related local government grants 23,000 22,714
83,494 162,208

6. OTHER INCOME

The grants are unrestricted in nature and there are no unfulfilled conditions or other contingencies attached. These grants are recognised under the performance model with income being recognised on a straight-line basis over the periods to which they relate.

7. RAISING FUNDS

Raising donations and legacies

Staff costs
Coaching assistants
Coaching costs
Support costs		 2022
£
248,846
41,177
30,865
239,745
560,633		 2021
£
165,540
14,936
28,316
208,970
417,762

Other trading activities

Other trading activities
2022 2021
£ £
Opening stock 8,329 8,970
Purchases 2,247 12,840
Closing stock (3,936) (6,471)
Catering 265 -
6,905 15,339
Aggregate amounts 567,538 433,101

continued...

12

Milton Keynes Gymnastics Ltd

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2022

8. SUPPORT COSTS

Management
£
Raising donations and legacies
173,988
Other
£
Raising donations and legacies
42,731
9.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets
Other operating leases
10.
INDEPENDENT EXAMINER'S REMUNERATION
Independent examination
Other financial services		 Information
Finance
technology
£
£
2,070
8,307
Governance
Other 2
costs
£
£
141
6,556
2022
£
20,993
18,000		 Information
Finance
technology
£
£
2,070
8,307
Governance
Other 2
costs
£
£
141
6,556
2022
£
20,993
18,000		 Information
Finance
technology
£
£
2,070
8,307
Governance
Other 2
costs
£
£
141
6,556
2022
£
20,993
18,000		 Human
resources
£
5,952
Totals
£
239,745
2021
£
22,892
18,000		 Human
resources
£
5,952
Totals
£
239,745
2021
£
22,892
18,000
2021 2020
£ £
2,052 2,052
3,028 3,028
5,080 5,080

11. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.

Trustees' expenses

Expenses reimbursed to 1 trustee for the year ended 31 March 2022 for travel, subsistence, meeting costs and purchases made on behalf of the charity totalled £1,484 (2021: £2,893).

12. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 2022
£
270,429
19,227
6,185
295,841		 2021
£
207,627
12,967
4,407
225,001

The average monthly number of employees during the year was as follows:

2022 2021
Employees 11 11

No employees received emoluments in excess of £60,000.

continued...

13

Milton Keynes Gymnastics Ltd

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2022

13.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
255,243
Other trading activities
19,316
Investment income
-
Other income
162,208
Total
436,767
EXPENDITURE ON
Raising funds
433,101
Other
835
Total
433,936
NET INCOME
2,831
Transfers between funds
(55,092)
Net movement in funds
(52,261)
RECONCILIATION OF FUNDS
Total funds brought forward
236,252
TOTAL FUNDS CARRIED FORWARD
183,991
14.
TANGIBLE FIXED ASSETS
Fixtures
Plant and
and
machinery
fittings
£
£
COST
At 1 April 2021
252,967
247,455
Additions
82,114
-
At 31 March 2022
335,081
247,455
DEPRECIATION
At 1 April 2021
235,625
241,455
Charge for year
17,938
750
At 31 March 2022
253,563
242,205
NET BOOK VALUE
At 31 March 2022
81,518
5,250
At 31 March 2021
17,342
6,000		 Restricted
funds
£
-
-
1,908
-
1,908
-
-
-
1,908
55,092
57,000
280,000
337,000
Computer
equipment
£
19,574
-
19,574
15,445
2,305
17,750
1,824
4,129		 Total
funds
£
255,243
19,316
1,908
162,208
438,675
433,101
835
433,936
4,739
-
4,739
516,252
520,991
Totals
£
519,996
82,114
602,110
492,525
20,993
513,518
88,592
27,471		 Total
funds
£
255,243
19,316
1,908
162,208
438,675
433,101
835
433,936
4,739
-
4,739
516,252
520,991

continued...

14

Milton Keynes Gymnastics Ltd

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2022

15.
STOCKS
Stocks
16.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Kingston Gold
Pension
Prepayments and accrued income
17.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
Other creditors
Accruals and deferred income
18.
MOVEMENT IN FUNDS
Net
movement
At 1.4.21
in funds
£
£
Unrestricted funds
General fund
183,991
16,570
Restricted funds
New building fund
257,000
2,098
Maintenance fund
80,000
(15,000)
337,000
(12,902)
TOTAL FUNDS
520,991
3,668		 2022
£
3,936
2022
£
2,594
601
6,165
-
9,959
19,319
2022
£
3,712
-
540
3,645
7,897
Transfers
between
funds
£
(25,758)
25,758
-
25,758
-		 2021
£
6,471
2021
£
513
-
7,267
1,300
11,814
20,894
2021
£
-
7,796
1,952
2,426
12,174
At
31.3.22
£
174,803
284,856
65,000		 2021
£
6,471
2021
£
513
-
7,267
1,300
11,814		 2021
£
6,471
20,894
2021
£
-
7,796
1,952
2,426
12,174
349,856
524,659

15

continued...

Milton Keynes Gymnastics Ltd

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2022

18. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
New building fund
Maintenance fund
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Restricted funds
New building fund
Maintenance fund
TOTAL FUNDS		 At 1.4.20
£
236,252
200,000
80,000
280,000
516,252		 Incoming
resources
£
575,217
2,098
-
2,098
577,315
Net
movement
in funds
£
2,831
1,908
-
1,908
4,739		 Resources
Movement
expended
in funds
£
£
(558,647)
16,570
-
2,098
(15,000)
(15,000)
(15,000)
(12,902)
(573,647)
3,668
Transfers
between
At
funds
31.3.21
£
£
(55,092)
183,991
55,092
257,000
-
80,000
55,092
337,000
-
520,991

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
New building fund
TOTAL FUNDS		 Incoming
resources
£
436,767
1,908
438,675		 Resources
Movement
expended
in funds
£
£
(433,936)
2,831
-
1,908
(433,936)
4,739

Restricted reserves

The restricted reserve comprises of £65,000 cash towards repairs to the old building, and £235,000 cash towards the set up of the new building as well as £49,856 of property, plant and equipment to be used in the new building.

16

continued...

Milton Keynes Gymnastics Ltd

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2022

19. EMPLOYEE BENEFIT OBLIGATIONS

The charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £6,185 (2021: £4,407). All pension costs relate to unrestricted activities and funds.

At the balance sheet date there were contributions of £275 due back to the fund at the balance sheet date included in other creditors. In 2021, there was £1,300 due from the fund included in other debtors.

20. RELATED PARTY DISCLOSURES

Kingston Gold Limited, a company under common control, was charged rent of £5,000 (2021: £10,000) by the Charity. At the balance sheet date the charity was owed £6,165 (2021: £7,267) from Kingston Gold Limited. This balance is interest free and has no fixed repayment terms.

17

Milton Keynes Gymnastics Ltd

Detailed Statement of Financial Activities FOR THE YEAR ENDED 31 MARCH 2022

INCOME AND ENDOWMENTS
Donations and legacies
Gifts
Subscriptions
Other trading activities
Fundraising events
Rent receivable
Venue and coach hire
Competitions
Parties
Investment income
Bank interest received
Other income
Job Retention Scheme grant
Local government grants
Total incoming resources
EXPENDITURE
Raising donations and legacies
Wages
Social security
Pensions
Coaching assistants
Coaching costs
Other trading activities
Opening stock
Purchases
Catering
Closing stock
Other
Travel and subsistence
Carried forward		 2022
£
13,794
384,702
398,496
101
60,553
5,120
11,703
15,750
93,227
2,098
60,494
23,000
83,494
577,315
227,787
15,872
5,187
41,177
30,865
320,888
8,329
2,247
265
(3,936)
6,905
3,998
3,998		 2021
£
43,937
211,306
255,243
(1,628)
18,920
2,080
1,081
(1,137)
19,316
1,908
139,494
22,714
162,208
438,675
152,838
9,528
3,174
14,936
28,316
208,792
8,970
12,840
-
(6,471)
15,339
378
378

This page does not form part of the statutory financial statements

18

Milton Keynes Gymnastics Ltd

Detailed Statement of Financial Activities FOR THE YEAR ENDED 31 MARCH 2022

Other
Brought forward
Other Staff Costs
Competitions
Support costs
Management
Wages
Social security
Pensions
Rent
Rates and water
Insurance
Light and heat
Telephone
Postage and stationery
Advertising
Sundries
Redundancy
Plant and machinery
Fixtures and fittings
Computer equipment
Finance
Bank charges
Information technology
Computer and website expenses
Human resources
Training
Other
Repairs and renewals
Membership fees
Cleaning
Other 2
Subscriptions
Governance costs
Accountancy and legal fees
Total resources expended
Net income		 2022
£
3,998
-
2,111
6,109
42,642
3,355
998
18,000
5,382
13,699
57,723
3,959
1,650
56
2,731
2,800
17,938
750
2,305
173,988
2,070
8,307
5,952
23,114
2,136
17,481
42,731
141
6,556
573,647
3,668		 2021
£
378
154
303
835
54,789
3,439
1,233
18,000
2,093
14,003
29,950
3,624
1,076
-
3,342
6,000
17,010
2,781
3,102
160,442
1,390
6,485
1,037
22,661
405
8,977
32,043
-
7,573
433,936
4,739

This page does not form part of the statutory financial statements

19