**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 2023**
**for**
**Milton Keynes Gymnastics Limited**
Connolly Accountants & Business Advisors Ltd Chartered Certified Accountants The Stable Yard Vicarage Road Stony Stratford Milton Keynes Buckinghamshire MK11 1BN
**Milton Keynes Gymnastics Limited**
## **Contents of the Financial Statements FOR THE YEAR ENDED 31 MARCH 2023**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|4|
|**Independent Examiner's Report**||5||
|**Statement of Financial Activities**||6||
|**Balance Sheet**|7|to|8|
|**Cash Flow Statement**||9||
|**Notes to the Cash Flow Statement**||10||
|**Notes to the Financial Statements**|11|to|19|
|**Detailed Statement of Financial Activities**|20|to|22|
**Milton Keynes Gymnastics Limited**
## **Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2023**
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 2023. 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, particularly children, with the objective 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.
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
Gross amount received from gifts, fundraising events and competition fundraising activities during the year amounted to £59,917 (2022: £25,595).
## **FINANCIAL REVIEW**
## **Principal funding sources**
The majority of income is received from gifts, subscriptions, fees from members and rental of facilities.
## **Reserves policy**
In addition to the general unrestricted reserve, the Charity has two reserves set aside for specific purposes, as detailed below. These reserves have previously been held as restricted reserves however, upon review by the trustees, it was agreed that it is more appropriate to reclassify these as designated reserves; the funds were ring fenced at the trustees discretion, rather than their use being restricted by a donor, grant or legacy. The reclassification has been presented in the financial statements as a transfer of funds between restricted and designated reserves as can be seen in note 18 to the financial statements.
The first reserve is for upkeep and maintenance of the current aging building and to deal with dilapidations when the Charity leaves the current building. The Charity is currently negotiating a new lease, to date, the Charity has had a full repairing lease and it is believed that the new lease will also be a full repairing lease. This means that the Charity has full responsibility to replace very expensive equipment such as heating boilers and equipment for the gymnasium. It is therefore essential that there is money readily available to pay for such repairs.
It now appears that the new building for the gym will not be completed for at least 3 years. The current building is therefore increasing in age and there is a higher risk of expensive repairs. As a result the trustees have decided that it would be prudent to transfer £35,000 from the "new building fund" to the "maintenance fund", which increases this reserve from £65,000 to £100,000.
As stated, the building of the new gymnastic centre continues to be delayed. The Community Foundation obtained the land for the new build and planning permission in December 2021 but there has been no progress since then. Covid and now the Cost of Living Crisis has put the new build on hold. The Community Foundation have confirmed that they are committed to the new build but that other priorities for them has meant the project has been seriously delayed.
The "new building fund", following the transfer of £35,000 to the "maintenance fund" now stands at £200,000 cash. In addition to the cash, the charity holds fixed assets, currently not in use, for the new building of £49,856 giving a total new building reserve of £249,856. The trustees believe that the equipment required to fit out the new building would be approximately £350,000 and therefore the current fund is inadequate. The trustees will plan fund raising activities to supplement this fund over the coming years.
1
## **Milton Keynes Gymnastics Limited**
## **Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2023**
## **FINANCIAL REVIEW**
## **Report on this year and consideration of going concern**
This has been a very challenging year for the Charity. Recovery from Covid was fairly slow but the huge increase in energy costs impacted the Charity very badly because the energy crisis coincided with the ending of the commercial gas contract; October 2022. The energy costs rose from £57,000 to £82,000 despite 6 months of the year being at the old prices. We expect the annual increase to be in the region of £35,000. In addition, the Charity gave all employees a blanket 10% increase in wages to support the cost of living increases and minimum wages increases has also meant staff costs increased considerably. Despite these pressures the Charity continued to support vulnerable children and children with special needs. Special needs groups continue to have sessions that are subsidised and the Charity also subsidises schools use and home educators. There is also a system in place to give reduced fees to those children from poorer backgrounds. The total invested in support to less able children was in excess of £40,000.
The Charity has tried to meet these increasing demands by further increasing the number and type of classes and the fees that parents pay. The Charity remains the biggest provider of gymnastics in the South Region and continues to support excellence and again the top end is heavily subsidised by the Charity. The Charity has produced a world champion and numerous International, British, Regional and County Champions in Tumbling, Men's Artistic, and Woman's Artistic. Investment in excellence and the assistance provided to those who would otherwise be unable to afford the subscriptions has resulted in a challenging financial background. The Charity is also in discussion with the Community Foundation who have advised that they wish to increase the rent by more than 400%. The Charity faces some tough times over the next few years and now that the building has almost reached capacity the scope for further growth is limited. It is probable that the support for poorer children and those with special needs etc will need to be cut back, and large rises in fees will have to be passed on to parents.
The Charity would once again like to thank all the Trustees who give of their time freely to make the Charity a success and in particular the Management team and all the coaches, without whom the children would not benefit from the sport.
## **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
## **Registered office**
The Old Forge 43 High Street Cranfield Bedfordshire MK43 0DP
2
**Milton Keynes Gymnastics Limited**
## **Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2023**
## **Trustees**
G A Winder D Winder S F McDermott N T Atkinson M Johnston M French Ms J A Doyle
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 Limited 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
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
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.
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.
3
## **Milton Keynes Gymnastics Limited**
## **Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2023**
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 16 August 2023 and signed on its behalf by:
G A Winder - Trustee
4
## **Independent Examiner's Report to the Trustees of Milton Keynes Gymnastics Limited**
## **Independent examiner's report to the trustees of Milton Keynes Gymnastics Limited ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023.
## **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 member of the Association of Chartered Certified 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
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)).
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.
Declan Connolly FCCA
Connolly Accountants & Business Advisors Ltd Chartered Certified Accountants The Stable Yard Vicarage Road Stony Stratford Milton Keynes Buckinghamshire MK11 1BN
16 August 2023
5
## **Milton Keynes Gymnastics Limited**
## **Statement of Financial Activities FOR THE YEAR ENDED 31 MARCH 2023**
|Unrestricted
Designated
fund
funds
Notes
£
£
**INCOME AND**
**ENDOWMENTS FROM**
Donations and legacies
3
565,007
-
Other trading activities
4
165,158
-
Investment income
5
778
2,150
Other income
6
-
-
**Total**
730,943
2,150
**EXPENDITURE ON**
Raising funds
7
690,007
2,150
Other
32,969
-
**Total**
722,976
2,150
**NET INCOME**
7,967
-
**Transfers between funds**
18
-
349,856
**Net movement in funds**
7,967
349,856
**RECONCILIATION OF**
**FUNDS**
Total funds brought forward
174,803
-
**TOTAL FUNDS CARRIED**
**FORWARD**
182,770
349,856|Restricted
funds
£
-
-
-
-
-
-
-
-
-
(349,856)
(349,856)
349,856
-|2023
Total
funds
£
565,007
165,158
2,928
-
733,093
692,157
32,969
725,126
7,967
-
7,967
524,659
532,626|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|
|---|---|---|---|
The notes form part of these financial statements
6
## **Milton Keynes Gymnastics Limited**
## **Balance Sheet 31 MARCH 2023**
|Unrestricted
Designated
fund
funds
Notes
£
£
**FIXED ASSETS**
Tangible assets
14
32,621
49,856
**CURRENT ASSETS**
Stocks
15
7,996
-
Debtors
16
16,221
-
Cash at bank and in hand
139,287
300,000
163,504
300,000
**CREDITORS**
Amounts falling due within one
year
17
(13,355)
-
**NET CURRENT ASSETS**
150,149
300,000
**TOTAL ASSETS LESS**
**CURRENT LIABILITIES**
182,770
349,856
**NET ASSETS**
182,770
349,856
**FUNDS**
18
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Restricted
funds
£
-
-
-
-
-
-
-
-
-|2023
Total
funds
£
82,477
7,996
16,221
439,287
463,504
(13,355)
450,149
532,626
532,626
532,626
-
532,626|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|
|---|---|---|---|
The charitable company is entitled to exemption from audit under 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 ended 31 March 2023 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.
The notes form part of these financial statements
continued...
7
## **Milton Keynes Gymnastics Limited**
## **Balance Sheet - continued 31 MARCH 2023**
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 16 August 2023 and were signed on its behalf by:
G A Winder - Trustee
The notes form part of these financial statements
8
## **Milton Keynes Gymnastics Limited**
## **Cash Flow Statement FOR THE YEAR ENDED 31 MARCH 2023**
|Notes
**Cash flows from operating activities**
Cash generated from operations
1
Interest paid
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**|2023
£
30,774
(20)
30,754
(12,176)
(12,176)
18,578
420,709
439,287|2022
£
24,494
-
24,494
(82,114)
(82,114)
(57,620)
478,329
420,709|
|---|---|---|
The notes form part of these financial statements
9
## **Milton Keynes Gymnastics Limited**
## **Notes to the Cash Flow Statement FOR THE YEAR ENDED 31 MARCH 2023**
## **1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**Net income for the reporting period (as per the Statement of Financial**
**Activities)**
**Adjustments for:**
Depreciation charges
Interest paid
(Increase)/decrease in stocks
Decrease in debtors
Increase/(decrease) in creditors
**Net cash provided by operations**|2023
£
7,967
18,290
20
(4,060)
3,098
5,459
30,774|2022
£
3,668
20,993
-
2,535
1,575
(4,277)
24,494|
|---|---|---|
## **2. ANALYSIS OF CHANGES IN NET FUNDS**
|**Net cash**|At 1.4.22
£|Cash flow
£|At 31.3.23
£|At 31.3.23
£|
|---|---|---|---|---|
|Cash at bank and in hand|420,709|18,578||439,287|
||420,709|18,578||439,287|
|**Total**|420,709|18,578||439,287|
The notes form part of these financial statements
10
**Milton Keynes Gymnastics Limited**
## **Notes to the Financial Statements FOR THE YEAR ENDED 31 MARCH 2023**
## **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.
## **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
Assets are not depreciated until brought into use.
## **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.
## **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.
continued...
11
**Milton Keynes Gymnastics Limited**
## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2023**
## **2. ACCOUNTING POLICIES - continued**
## **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**
|Gifts
Subscriptions
**4.**
**OTHER TRADING ACTIVITIES**
Fundraising events
Rent receivable
Venue and coach hire
Competitions
Parties
**5.**
**INVESTMENT INCOME**
Bank interest received
**6.**
**OTHER INCOME**
Included in the 'other income' are the following grants:
Coronavirus Job Retention Scheme grant
Covid 19 related local government grants||2023
£
32,734
532,273
565,007
2023
£
2,771
109,917
-
24,411
28,059
165,158
2023
£
2,928|2022
£
13,794
384,702
398,496
2022
£
101
60,553
5,120
11,703
15,750
93,227
2022
£
2,098|2022
£
13,794
384,702
398,496
2022
£
101
60,553
5,120
11,703
15,750
93,227
2022
£
2,098|
|---|---|---|---|---|
|||2023||2022|
|||£||£|
||||60.494||
||||23,000||
||||||
||||83,494||
||||||
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.
continued...
12
**Milton Keynes Gymnastics Limited**
## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2023**
## **7. RAISING FUNDS**
## **Raising donations and legacies**
|Staff costs
Coaching assistants
Coaching costs
Support costs
**Other trading activities**
Opening stock
Purchases
Closing stock
Catering
**Investment management costs**
Interest payable and similar charges
Aggregate amounts
**8.**
**SUPPORT COSTS**
Management
£
Raising donations and legacies
217,687|2023
£
281,671
44,353
43,985
310,661
680,670
2023
£
3,936
15,527
(7,996)
-
11,467
2023
£
20
692,157
Information
Finance
technology
£
£
2,872
5,982|2022
£
248,846
41,177
30,865
239,745
560,633
2022
£
8,329
2,247
(3,936)
265
6,905
2022
£
-
567,538
Human
resources
£
12,297|
|---|---|---|
continued...
13
**Milton Keynes Gymnastics Limited**
## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2023**
## **8. SUPPORT COSTS - continued**
|**SUPPORT COSTS - continued**||||||
|---|---|---|---|---|---|
|Other
£
Raising donations and legacies
57,947
**NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets
Other operating leases
**INDEPENDENT EXAMINER'S REMUNERATION**|Governance
Other 2
costs
£
£
192
13,684
2023
£
18,291
20,150||||Totals
£
310,661
2022
£
20,993
18,000|
|Independent examination
Other financial services|||2021
£
2,052
3,028
5,080||2020
£
2,052
3,028
5,080|
## **9. NET INCOME/(EXPENDITURE)**
## **10. INDEPENDENT EXAMINER'S REMUNERATION**
## **11. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
## **Trustees' expenses**
Expenses reimbursed to 1 trustee for the year ended 31 March 2023 for travel, subsistence, meeting costs and purchases made on behalf of the charity totalled £3,092 (2022: £1,484).
## **12. STAFF COSTS**
|Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Employees|2023
£
316,250
24,529
6,797
347,576
2023
13|2022
£
270,429
19,227
6,185
295,841
2022
11|
|---|---|---|
No employees received emoluments in excess of £60,000.
continued...
14
## **Milton Keynes Gymnastics Limited**
## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2023**
|**13.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
Designated
fund
funds
£
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
398,496
-
Other trading activities
93,227
-
Investment income
-
-
Other income
83,494
-
**Total**
575,217
-
**EXPENDITURE ON**
Raising funds
552,538
-
Other
6,109
-
**Total**
558,647
-
**NET INCOME/(EXPENDITURE)**
16,570
-
**Transfers between funds**
(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|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|
|---|---|---|
continued...
15
## **Milton Keynes Gymnastics Limited**
## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2023**
## **14. TANGIBLE FIXED ASSETS**
|Plant and
machinery
£
**COST**
At 1 April 2022
335,081
Additions
10,890
At 31 March 2023
345,971
**DEPRECIATION**
At 1 April 2022
253,563
Charge for year
16,227
At 31 March 2023
269,790
**NET BOOK VALUE**
At 31 March 2023
76,181
At 31 March 2022
81,518
**15.**
**STOCKS**
Stocks
**16.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade debtors
Other debtors
Kingston Gold
Prepayments and accrued income|Fixtures
and
fittings
£
247,455
-
247,455
242,205
750
242,955
4,500
5,250|Computer
equipment
£
19,574
1,286
20,860
17,750
1,314
19,064
1,796
1,824
2023
£
7,996
2023
£
1,776
763
-
13,682
16,221|Totals
£
602,110
12,176
614,286
513,518
18,291
531,809
82,477
88,592
2022
£
3,936
2022
£
2,594
601
6,165
9,959
19,319|
|---|---|---|---|
continued...
16
## **Milton Keynes Gymnastics Limited**
## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2023**
## **17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Trade creditors
Kingston Gold
Social security and other taxes
Net wages
Other creditors
Accruals and deferred income
**MOVEMENT IN FUNDS**
At 1.4.22
£
**Unrestricted funds**
General fund
174,803
New building designated fund
-
Maintenance designated fund
-
174,803
**Restricted funds**
New building fund
284,856
Maintenance fund
65,000
349,856
**TOTAL FUNDS**
524,659
Net movement in funds, included in the above are as follows:
**Unrestricted funds**
General fund
New building designated fund
**TOTAL FUNDS**|Net
movement
in funds
£
7,967
-
-
7,967
-
-
-
7,967
Incoming
resources
£
730,943
2,150
733,093
733,093|2023
2022
£
£
-
3,712
852
-
5,466
-
68
-
716
540
6,253
3,645
13,355
7,897
Transfers
between
At
funds
31.3.23
£
£
-
182,770
249,856
249,856
100,000
100,000
349,856
532,626
(284,856)
-
(65,000)
-
(349,856)
-
-
532,626
Resources
Movement
expended
in funds
£
£
(722,976)
7,967
(2,150)
-
(725,126)
7,967
(725,126)
7,967|
|---|---|---|
## **18. MOVEMENT IN FUNDS**
continued...
17
**Milton Keynes Gymnastics Limited**
## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2023**
## **18. MOVEMENT IN FUNDS - continued**
## **Comparatives for 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
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
575,217
**Restricted funds**
New building fund
2,098
Maintenance fund
-
2,098
**TOTAL FUNDS**
577,315|Transfers
between
At
funds
31.3.22
£
£
(25,758)
174,803
25,758
284,856
-
65,000
25,758
349,856
-
524,659
Resources
Movement
expended
in funds
£
£
(558,647)
16,570
-
2,098
(15,000)
(15,000)
(15,000)
(12,902)
(573,647)
3,668|
|---|---|
As detailed in the reserves policy of the trustees report, reserves historically held as restricted have been reclassified as designated funds during the year. Restricted reserve balances have been transferred to respective unrestricted funds, designated for the same purposes.
continued...
18
**Milton Keynes Gymnastics Limited**
## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2023**
## **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 £6,797 (2022: £6,185). All pension costs relate to unrestricted activities and funds.
## **20. RELATED PARTY DISCLOSURES**
Kingston Gold Limited, a company under common control, was charged rent of £8,000 (2022: £5,000) by the Charity. At the balance sheet date the charity owed £852 to Kingston Gold Limited, in 2022 the charity was owed £6,165 from Kingston Gold Limited. This balance is interest free and has no fixed repayment terms.
19
## **Milton Keynes Gymnastics Limited**
## **Detailed Statement of Financial Activities FOR THE YEAR ENDED 31 MARCH 2023**
|**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|2023
£
32,734
532,273
565,007
2,771
109,917
-
24,411
28,059
165,158
2,928
-
-
-
733,093
256,277
19,880
5,514
44,353
43,985
370,009
3,936
15,527
-
(7,996)
11,467|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|
|---|---|---|
This page does not form part of the statutory financial statements
20
## **Milton Keynes Gymnastics Limited**
|**Detailed Statement of Financial Activities**
**FOR THE YEAR ENDED 31 MARCH 2023**
**Other trading activities**
**Investment management costs**
HMRC interest
**Other**
Travel and subsistence
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
Staff entertaining
Cleaning|2023
£
20
13,736
19,233
32,969
59,973
4,649
1,283
20,150
10,669
11,833
82,873
5,605
2,362
-
-
-
16,227
750
1,313
217,687
2,872
5,982
12,297
34,324
911
2,472
20,240
57,947|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|
|---|---|---|
This page does not form part of the statutory financial statements
21
## **Milton Keynes Gymnastics Limited**
## **Detailed Statement of Financial Activities FOR THE YEAR ENDED 31 MARCH 2023**
|**Other**
**Other 2**
Subscriptions
**Governance costs**
Accountancy and legal fees
Legal fees
Total resources expended
**Net income**|2023
£
192
6,481
7,203
13,684
725,126
7,967|2022
£
141
6,556
-
6,556
573,647
3,668|
|---|---|---|
This page does not form part of the statutory financial statements
22