Registered number.. 03779000 Charity number.. 1080223 Mllton Keynes Gymnastlcs Ltd UNAUDITED ACCOUNTS FOR THE YEAR ENDED 3110312024 Prepared By: GPG (MILTON KEYNESI LIMITED Accountants and Business Advisors GPGHouse Milton keynes Bucks MK12 5TW
Milton Keynes Gymnastics Ltd FINANCIAL STATEMENTS FOR THE YEAR ENDED 3110312024 TRUSTEES Garry Winder Deborah Winder Sean Mcdermott N T Atkinson M Johnston M French Ms J A Doyle SECRETARY Garry Winder REGISTERED OFFICE 35 Orchard Way Cranfield Bedford Bucks MK43 OHU COMPANY NUMBER 03779000 CHARITY NUMBER 1080223 ACCOUNTANTS GPG (MILTON KEYNESI LIMITED Accountants and Business Advisors Office GPGHouse Milton keynes Bucks MK12 5TW page 1
Milton Keynes Gymnastics Ltd ACCOUNTS FOR THE YEAR ENDED 3110312024 CONTENTS Page Report of the Trustees Independent Examinerfs Ststement Statement of Financial Activities Balance Sheet Notes lo the Accounts 9t014 Detailed Statement of Financial Activities 13 page 2
Milton Keynes Gymnastics Ltd FOR THE YEAR ENDED 3110312024 TRUSTEES. REPORT The trustees present their report and accounts for the year ended 3110312024 PRINCIPAL ACTIVITIES The principal activity of the charity in the year under review was In aOrdanCe with the Charity Commissions Guidance on public benefit, the charitable company was esiablished lo provide in the inleresls of Sla1 welfare. facilities for recreation to members of the public at large, particularly children, with the object of improving the conditions of lrfe for the persons for whom the facilities are primarily intended., to provided gymnastic facilities to the Mitton Keynes area and to attend gymnastic meetings both at home and abroad. STRUCTURE GOVERNANCE AND MANAGEMENT The charity is controlled by its governing document. the Memorandum and Artides of Assoaation dated 2710511999, and constitutes a limited company. limited by guarantee, as defined by the Companies Act 2006. RESERVES POLICY The Charity has two Restricted Reserves to deal wth unexpected calls on Charity Reserves. The first reserve is for upkeep irf the current aging building and to deal with dilapidations when the Charity leaves the current building. The Charity has a full repairing lease and can be called uwn at any time lo replace very expensive equipment such as heating boilers and plant. The Current Building Reserve stands at £100,000 The building of the new gymnastic centre continues to be delayed. The Community Trust 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 confimied 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" reseNe now stands al £200,000. ANNUAL TRUSTEE REPORT This has been a challenging year for the Charity. The main issues have been replament of Healing and Mr Circulation Plant. Some £49,000 has been spent on Maintenance this year and further work is required next year of over £60,000. On the Lease Renewal the Landlords decided lo increase the Rent by 450 %. This increase is staged over the next 3 years and presents a serious challenge to the Charity. We will have no other option but to impose large increase in fees to deal with this drain on resources. In addition, large increases in energy costs also presents a challenge. Staff costs )ntinue to rise as a result of high inflation during the past year. Despite these pressures the Charity continued to support vulnerable and children spectal needs with sessions that are subsidised. The Charity also subsidises sch(xils use and Home educators. There is also a system in place lo give reduced fees to those children from poorer backgrounds. The lots1 invested in support lo less able children was in eXs$ of £50,000. The charity has tried to meet these increasing demands by inixeasing the number and type of dasses and the fees that parents pay. The Charity remains the biggest provider of gymnastics in the South Region and continues to support excellence. The Elile gymnastics is heavily subsidised by the Charity. The Charity has produced a worfd champion and numerous Intemational, British, Regional and County Champions in Tumbling. Men's Artistic, and Woman's Artistic. Investmenl in excellence and the assistance provided to those who would otherwise be unable tr) afford the subscriptions has added to challenging financial background. The Management Team have carried out restructuring of classes and sought lo increase the numbers being coached lo increase the income from Subscriptions. The Charity faces some tough times over the next few years and because the building has almost reached Capacity the $pe for ftjrther groth is limited. It is probable thal the support for poorer children and special needs etc will need lo be cut back, and large rises in fees will have to be passed on to parents to meet the increasing expenditure. page 3
Milton Keynes Gymnastics Ltd FOR THE YEAR ENDED 3110312024 TRUSTEES. REPORT The Charity would once again like lo thank all the Trustees who give of their time freely lo make the Charity a success and in particular the Management team and all the coaches. withoul whom the children would not benefit from the sport. The report was prepared in accordance with the special provisions within Part 15 of the Companies Act 2006. This report was appmved by the Board of Trustees on 1110912024 G A Winder Trustee page 4
Milton Keynes Gymnastics Ltd INDEPENDENT EXAMINER'S STATEMENT FOR THE YEAR ENDED 31 March 2024 INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF MILTON KEYNES GYMNASTICS LTD I report on the accounts of the company for the year ended 3110312024 . RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER As the charity's tnjstees of the Company land also its directors for the purposes of company lawl you are resFX)nsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 2006 Act'l. Having satisfied myself that the ac¢ounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, J report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 {'the 2011 AcV}. In carrying out my examination I h8ve followed the Directions given by the Charity Commission under secb.on 145151 Ibl of the 201 1 ACL BASIS OF INDEPENDENT EXAMINERS STATEMENT My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of Ihe accounting records kept by Ihe charity and a wmparison of the accounls presented with those records. 11 also includes consideration of any unusual items or disclosures in the accounts. and seeking explanations from you as trustees concerning any such matters. The pr(Kedures undertaken do not provide all the eden that would be required in an audit, and consequenuy no opinion is given as to whether the accounts present a "true and fair vievf and the report is limited lo those matters sel out in the statement below. INDEPENDENT EXAMINERS STATEMENT In connection with my examination, no matter has come to my attention: 1. accounting records were not kept in respect of the Company as required by Se¢Don 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 Sialement of Recommended Practice for accounting and reporting by charities (applicable to charTLies preparing their ac(x)unts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 10211- I have no concems and have come across no other matters in conneckn.on with the examination to which attention should be drawn in this port in order to enable 8 proper understanding of the accounts to be reached. GPG MK LTD Date.. page 5
Milton Keynes Gymnastics Ltd INDEPENDENT EXAMINER'S STATEMENT FOR THE YEAR ENDED 31 March 2024 UNIT 8 WALKER AVENUE GPG (MILTON KEYNESI LIMITED Accounlanls and Business Advisors Office GPGHouse Milton keynes Bucks MK12 5TW page 6
Milton Keynes Gymnastics Ltd Statement of Flnanclal Actlvltles for the year ended 3110312024 2024 2023 Unrestric Restrl¢te ted funds d funds Total Total Income Income from generated funds Income from charitsble activities Total Income and endowments 811,000 811.000 811,000 733,093 811,000 733,093 Expenses Costs of generating funds Expenditure on Raised funds Expenditure on Charitable activities Total Expenses Net gains on investments Net Income 73,086 726,448 799.534 73,086 55,229 726,448 669,897 799,534 725,126 11.466 11.466 7.967 Gainsl{lossesl on revaluation of fixed assests Net movement in funds: Net income for the year Total funds brought forward Ngt funds rrIed fr>rward 11,466 532,626 544,092 11.466 7,967 532,626 524,659 544,092 532,626 This statement of financial activities includes all gains and losses reix)gnised in the year. All income and expenditure derive from continuing activities page 7
Milton Keynes Gymnastics Ltd BALANCE SHEET AT 3110312024 2024 2023 Notes FIXED ASSETS Tangible assets CURRENT ASSETS 74,120 82.477 Stock 7,996 16,221 439,287 463,504 13,355 Debtors lamounls falling due within one year) Cash at bank and in hand 5,784 469.566 475,350 5,378 CREDITORS: Amounts falllng due wlthln one year NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES 469,972 544,092 450,149 532,626 CAPITAL AND RESERVES Unrestricted funds General fund 544,092 544,092 532,626 532,626 For the year ending 3110312024 the company was entitied to exemption under section 477 of the Companies Act 2006 relats'ng to small companies. The members have not required the company to obtain an audTt in aC(X)rdan wtih section 476 of the Companies Act 2006. The directors ackno4edge their responsibilities for complying with the requirements of the Act with respect lo accounting records and the preparation of accounts. These accounts have been prepared in accordan with the provisions applicable to companies subject to the small companies regime. Approved by the board of trustees on 1110912024 and slgned on thelr behalf by Garry Winder Trustee page 8
Milton Keynes Gymnastics Ltd NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 3110312024 1. ACCOUNTING POLICIES la. Basis Of Accounting The accounts have been prepared under the hislorical cost nventIOn. The accounts have been prepared in accordance with FRS102 - The Finanal Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities. 1b. Incoming Resources All incoming resources are induded on the Statement of Financial Activities when the charity is legally entitled lo the income and the amount can be quantified with reasonable accuracy. 1c. Resources Expended Expenditure is accounted for on an accruals basis and has been dasstfied 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. 1d. Allocation And Apportionment Of Costs All costs relate to the single activity of the charitable company and are recognised accordingly. le. Fund Accountlng Unrestricted funds can be used in accordance with the charitsble objectives at the discrebon of the trustees. Reslricled 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. Designated funds are funds set aside by the trustees out of unrestricted general fvnds for the specific fvture purposes or projects. 1f. Depreciation Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. reducing balan 250/0 reducing balan 15Yo reducing balan 250 Plant and Machinery Fixtures and Fittings Equipment page 9
Milton Keynes Gymnastics Ltd 19. Stocks Stocks are slated al the lower of cost and estimated selling price less costs lo wmplele and sell (net realisable value). Costs, which comprise direct production costs. are based on the method mosl appropriate to the type of inventory class, bul usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Nel realisable value is based on the estimated selling price less any estimated completion or selling costs. When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write4own of stocks lo net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write4own of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs. 1h. Pension Costs The company operates a defined contribution pension heMe. The pension charge represents the amounts payable by the company lo the fvnd in respect of the year. 1 i. Turnover Turnover represents the invold value of gotmls and services supplied by the company, net of value added tax and trade discount5. 2. EMPLOYEES 2024 2023 Average number of employees 13 13 3. PENSION CONTRIBUTIONS 2024 2023 Pension contributions 15,837 15,837 6,797 6,797 page 10
Milton Keynes Gymnastics Ltd 4. TANGIBLE FIXED ASSETS Planl and Flxtures Machinery and Fittings Equipment Total Cost AI 0110412023 76.181 11.905 88,086 4,500 416 1,796 60 82,477 12,381 94,858 Addttions AI 3110312024 4,916 1,856 Dgprgciation For the year AI 3110312024 Net Book Amounts AI 3110312024 19.045 19.045 553 1,140 1,140 20,738 20,738 553 69,041 76.181 4,363 4,500 716 74,120 82,477 AI 3110312023 1,796 5. STOCK 2024 2023 Stock eomprises.. Stock 7,996 7,996 6. DEBTORS 2024 2023 Amounts falling due within one year. Trade debtors 5,784 5,784 16,221 16,221 7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors 5,378 5.378 13,355 13,355 page 11
Milton Keynes Gymnastics Ltd 8. LIMITED BY GUARANTEE The company is limited by guarantee and does not have a share capital. Each member gNes a guarantee to contribute a sum not exceeding £, lo the company should it be wound up. Al 3110312024 there were members. 9. UNRESTRICTED FUNDS Brought Incomlng OutgolngTransfers Carrled foThvard resource resource forward General fund 532,626 811.000 1799,534) 532,626 811,000 1799,534) 544,092 544,092 10. RESTRICTED FUNDS Brought Incoming OutgoingTransfers Carried forwaid resource resource forward OLD BUILDING AND DELAPIDATIONS FUND £100,000 NEW BUILDING FUND £200,000 page 12
Milton Keynes Gymnastics Ltd In¢omlng Resources for the year ended 3110312024 2024 2023 Incoming resources Incoming resources from generated funds 811,000 811,000 733,093 733,093 page 13
Milton Keynes Gymnastics Ltd Expenses for the year ended 3110312024 2024 2023 Expenses Costs of generating funds Costs Of Generating Voluntary Income Purchases Subcontrartors Purchases 27,575 9,953 35,558 73,086 35.996 19,233 55,229 73,086 55,229 Charitable Activities Resources Expended Charitable Activities 11 Heal and light leleclricityl Rent 4,710 72,080 47.482 23,673 49,024 445,211 15,837 13,658 6,346 1,305 4,678 5,487 1,747 9,146 187 3,069 13.736 82,873 30,819 20,240 34,324 404.588 6,797 12,297 5,982 6,481 7,203 11,833 2,362 5,605 1,103 2,871 20 Cleaning Repairs and renewals General wages Pension contributions Training Computer costs Accountancy fees Professional fees Insurance Stationery & office supplies Telephone Subscriptions Bank charges Bank interest Sundry expenses Depreciation of plant and machinery Depreciation of fixtures and fittings Depreciation of equipment 2,070 19,045 553 2,472 1,140 726,448 18,291 669,897 799,534 725,126 P8ge 14