REGISTERED COMPANY NUMBER: 04794043 (England and Wales) 

REGISTERED CHARITY NUMBER: 1099407 

REPORT OF THE TRUSTEES AND 

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021! 

## FOR 

SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED 

FKCA Limited 260 - 270 Butterfield Great Marlings Luton Bedfordshire LU2 8DL 



SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED 

CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 DECEMBER 2021 


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|Reference|and Administrative|Details|1|
|Chairman's Report|2|to|3|
|Report of the Trustees|4|to|18|
|Independent|Examiner's|Report|19|
|Statement|of Financial|Activities|20|to|21|
|Balance|Sheet|22|to|24|
|Notes|to|the|Financial|Statements|25|to|41|
|Detailed|Statement|of Financial|Activities|42|to|43|

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LIMITED 

## SALTO GYMNASTICS CHARITABLE FOUNDATION 

REFERENCE AND ADMINISTRATIVE DETAILS for the Year Ended 31 DECEMBER 2021 

TRUSTEES Mr R Powell Mr J C Richardson Mr E J Phillips Mr M A D'Arcy Ms M Griffin (resigned 28.3.21) Ms L Hanley (appointed 1.1.21) Mrs P Young (appointed 1.1.21) MsL Baird (appointed 1.1.21) Mr G Baliah (appointed 7.12.21) REGISTERED OFFICE 260 - 270 Butterfield Great Marlings Luton Bedfordshire LU2 8DL REGISTERED COMPANY COMPANY 04794043 (England and Wales) NUMBER REGISTERED CHARITY CHARITY 1099407 

REGISTERED COMPANY COMPANY NUMBER REGISTERED CHARITY CHARITY NUMBER INDEPENDENT EXAMINER ADVISERS 

FKCA Limited 260 - 270 Butterfield Great Marlings Luton Bedfordshire LU2 8DL Legal Advisors Machins Solicitors 28 Dunstable Road Luton LU1 1DY (Salto Gymnastics Club - 2020 merger) Debenhams Ottaway Solicitors Ivy House,107 St Peters Street St Albans Hertfordshire AL1 3EW 

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## SALTO GYMNASTICS CHARITABLE FOUNDATION 

## LIMITED 

## CHAIRMAN'S REPORT 

## for the Year Ended 31 DECEMBER 2021 

This report represents the first report for SALTO Gymnastics Charitable Foundation Limited, as a charity, following the merger of SALTO Gymnastics Club and The SALTO Foundation Limited as at 31 December 2020. Later in 2021, we changed the name of The SALTO Foundation Limited to SALTO Gymnastics Charitable Foundation Limited, to better reflect the primary purpose of our activities and to emphasise its charity status to all stakeholders. 

Survival was the over-riding objective for 2021 and that was to build upon the response we had successfully implemented in 2020. 

We started January with an extension of lockdown but in February, the Government set out its roadmap, a step-by-step plan to ease COVID-19 restrictions in England cautiously. We followed the roadmap and then guided by further clarification from the Department for Culture Media and Sport, Sport England and British Gymnastics. The latter published their own "Step Forward Plan" covering all aspects of a safe reopening and delivery of the various gymnastics disciplines and other Jeisure activities. More detail in the main report. 

We continued to develop creative ways to deliver gymnastics and other ways to maintain engagement with the children and young people. Outdoor fitness training sessions in our carpark under the canopy. Zoom sessions that not only included adapted gymnastics coaching, conditioning but also fund sessions such as a Hot Chocolate Night or Story Time with Viv for our pre-school children. 

We successfully secured several emergency COVID-19 grant awards and significant grant funding in December 2020 for our Air, Heat and Light project. As a result we installed energy efficient LED lighting, new Roof Lights to improve daylight in the building and ventilation during the summer and finally air handling units to improve mechanical ventilation. All done before Step 2 in readiness for re-opening. All enhanced the COVID-19 Secure measures already made at the SALTO Centre. 

As a not-for-profit organisation we benefited from the generosity of our Gymnasts' parents who continued their £10 donation support until activities were gradually restarted, with restrictions. I wish to personally thank everyone for this help. We relied too on subscription income, grants and sponsorship. I would also like to acknowledge all our suppliers and finance providers, especially Barclays Bank, for backing SALTO, which allowed SALTO's staff and members to continue through these most uncertain times. As in the previous year, all these actions were invaluable and taken with all the other measures detailed in this report have enabled the Board to ensure we were able to achieve our over-riding objective to survive 2021 and be ready for 2022, We managed to gradually re-build and resume activities, but it will take a few years to reverse the significant retrenchment and reflect impact of COVID-19 because the growth only commenced from the summer of 2021, 

Under the financial stewardship of Carl Richardson, Chief Operating Officer, our overall finances, were showing noteworthy signs of improvement but the cash position at the end of 2021 remains tight. SALTO ended the year with a modest yet satisfactory surplus of £17,166 compared with a deficit of £39,268 in 2020. 

Amanda Dando, General Manager continued the sterling work of 2020, developing our responses to the challenges presented by COVID-19. She remained first and foremost concentrated on health and safety measures to create a COVID-19 Safe environment at the SALTO Centre for members and staff (and visitors, when permitted). Along with her Coaching and Administrative team, they have continued to embrace new technology and delivery systems such as "Zoom" to keep engaged with our members. Then as we proceeded along the road map, new methods, procedures, and systems for delivery of classes were devised, tested and refined. Sometimes this has been a thankless task but the net result was that we were ready and able to restart operations. Nevertheless, I wish to take this opportunity to thank Amanda and her team for their dedication and without which we would not have been able to reopen and start the rebuilding process. Furthermore, many members and families have expressed warm messages of support for all Amanda and her team have delivered in 2021. We are proud that we have been able to retain all our staff during 2020 and 2021 (with the support of the Government Coronavirus Job Retention Scheme "furlough", especially taking advantage of the "flexible furlough" scheme). 

At Board level, we were pleased to add Mrs Louise Hanley and Ms Laura Baird to the Board in early 2021 and Mr Ganesh Baliah in December. These appointments will ensure the charity remains sustainable and will also continue to develop its positive approach to Diversity, Equality and Inclusion. Regrettably, for personal reasons, Michelle Griffin has resigned from the Board this month. In her short tenure, she served as Secretary and made a valuable contribution to overall improvement governance and effectiveness of the Board. She leaves with our thanks and best wishes. 

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## SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED 

## CHAIRMAN'S REPORT 

## for the Year Ended 31 DECEMBER 2021 

As a sign of matters returning to normality, our Acrobatic Gymnastics Department were able to return to competition in February. More detail in the main report. 

SALTO has done everything possible to mitigate the huge financial impact of the COVID 19 virus. The longer-term impacts in respect of funding, absolute membership levels are somewhat more difficult to quantify, but I am confident that SALTO will continue to ASPIRE, to INSPIRE, to DELIVER and to SUCCEED. 

Mr R Powell - Chairman 

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## SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED 

## REPORT OF THE TRUSTEES for the Year Ended 31 DECEMBER 2021 

2020 was supposed to be SALTO Gymnastics Club's Charity 25th Anniversary year. It transpired that it was its final year. As we know, 2020 crashed to a halt in February as a result of Government regulations to mitigate the risks associated with COVID-19 which fast changed into a global Pandemic. 

On 28 October 2020, partly in response to the impact of the COVID-19 virus global pandemic, the SALTO Gymnastics Club membership, overwhelmingly endorsed the Board of Trustees recommendation that the charity known as SALTO Gymnastics Club be dissolved and its assets, liabilities and activities be transferred to The SALTO Foundation Limited, our sister UK registered charity in accordance with the provisions of SALTO Gymnastics Club's charity constitution. Following further detailed legal advice and consultation with the Charity Commission, an Order, pursuant to Section 105 of the Charities Act 2011, was made on 22 December 2020 by the Charity Commission and the Board's of both charities executed the approved Transfer Agreement on 24 December 2020, and SALTO Gymnastics Club, as a charity, was dissolved on 31 December 2020. The Board approved the change of the Company's / Charity's name from The SALTO Foundation Limited to SALTO Gymnastics Charitable Foundation Limited (referred to as "SALTO" or the "Charity") to reflect the main purpose and charity status following the merger of the two charities on 31 December 2020. SALTO Gymnastics Club is a trading name of SALTO Gymnastics Charitable Foundation Limited. 

## This report represents the first report for SALTO Gymnastics Charitable Foundation Limited since the merger. 

The collective strength of our Board, management team, staff and importantly members ensured that SALTO not only survived the ravages of COVID-19, but we were also positioned well to reopen as soon as government and national governing body guidelines would allow. 

The trustees who are also directors (The Board) 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 December 2020. The Board has 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) 

The Board has assessed the Charity on a going concern basis. The impact of COVID-19 has continued to have a major disruption to our activities. In 2021, we incurred continued additional costs associated with maintenance and hygiene atrangements associated with H&S COVID-19 Secure measures. As anticipated our subscription income stabilised in 2021 recovering slightly from the significant reduction in 2020. The Government Road Map out of COVID-19 Social Distancing Restrictions and Other Measures were only relaxed in July 2021 for SALTO. Details of the measures taken in 2021 are detailed in this report. 

At the date of approval of the accounts, it is too early to state with certainty what the further impact of COVID-19 will have on the 2022 financial performance. COVID-19 and its latest variant OMICRON is still in general circulation and will continue to impact on staff health and wellbeing as well as the children and young people and the local community we serve. We will see continued absences by gymnasts from classes as well as Coaches who contract the OMICRON variant following the lifting of all COVID-19 legal restrictions will have been lifted by April 2022. 

The Charity and its property is managed and administered in accordance with its Memorandum and Articles of Association, by its Board. These have been updated to reflect the change of name. 

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## SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED 

## REPORT OF THE TRUSTEES for the Year Ended 31 DECEMBER 2021 

## OBJECTIVES AND ACTIVITIES 

## Objectives and activities 

The Charity's objects are restricted specifically, in each case only for the public benefit to: 

- (a) The promotion of community participation, in a range of healthy sporting, recreational and educational physical activities, for the benefit of in particular but not exclusively, the children and young people (referred to as Inhabitants) of Luton and surrounding rural towns and villages (referred to as area of benefit), by the provision of facilities for participation in the aforementioned activities. 

- (b) To advance education for the benefit of, in particular but not exclusively, Inhabitants of the Area of benefit), through the provision facilities for coaching in gymnastics sports and through the support of gymnastics coaching courses and leadership skills. 

- (c) The relief of such Inhabitants with physical or learning disabilities by the provision of the aforementioned facilities and activities. 

- (d) For the public at large in the interests of social welfare and with the object of improving the condition of life of the said Inhabitants who have need of such facilities and activities, by reason of their youth, age, infirmity or disablement, financial hardship or social and economic circumstances. 

Taking reasonable care and attention is given to the physiological and mental wellbeing needs of such inhabitants, with a view to furthering these objects. 

Our vision is: To Aspire; To Inspire; To Deliver; To Succeed. 

SALTO is more than "Gymnastics" 

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## SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED 

## REPORT OF THE TRUSTEES for the Year Ended 31 DECEMBER 2021 

## OBJECTIVES AND ACTIVITIES 

## Public benefit 

The Trustees confirm that they have referred to the Charity Commission's guidance on public benefit, including the guidance ‘public benefit: running a charity (PB2), when reviewing SALTO's aims and objectives, as well as in planning future activities. We strive to improve the health, wellbeing, and future prospects of the "Inhabitants", by becoming one of the leading providers and promoters of gymnastics and other activities, in our "Area of "Benefit", from the use of the SALTO Centre by SALTO Gymnastics Club and SALTO Leisure Limited. The difference made by SALTO arises from the use of the SALTO Centre by SALTO Gymnastics Club and SALTO Leisure Limited. 

SALTO's primary source of income is directly from its activities that generate member subscriptions and fees. Affordability and access to SALTO's activities and programmes is important to us and is reflected in our pricing policy. This pricing policy is designed to enable as many “Inhabitants” as possible within our "Area of Benefit", to take part in activities, to attend or participate in events, by making these as affordable as possible, having due regard to the general levels of deprivation in the "Area of Benefit" and pricing of similar sporting or leisure activities available locally. The pricing policy and other careful financial management by the Trustees are designed to generate a modest surplus and consistent with our Reserves Policy detailed below. 

The strategies employed to achieve SALTO Gymnastics Charitable Foundation Limited's aims and objects are: 

- enable SALTO to present a broad range of activities and gymnastics classes for all age groups in as many disciplines as possible, subject to availability of qualified coaches. 

- enable SALTO to develop innovative programmes, such as, classes for "Home Educated" children. 

- - enable SALTO to develop "Partner" programmes with local schools, groups working with children with specific educational needs. 

- provide facilities for community amateur sports groups to run classes at the SALTO Centre at discounted rates for hire of space. 

- create opportunities for volunteering, developing coaching skills and employment. 

- create an open, welcoming, safe environment to bring families together whilst they watch their children participate in their classes fostering a sense of community cohesion. 

- create a state-of-the-art training facility, to inspire the gymnasts to reach their full potential and motivate others to become members too. 

SALTO is aware that it must demonstrate the difference made by the achievement of our aims and objectives through the delivery of our activities, outputs, outcomes and impacts. Our first Impact Assessment Report was published in 2020 prior to the onset of COVID-19. We expected to produce an Impact Report on an annual basis but COVID-19 had such a devastating effect on activities in 2020, 2021 it was not possible to do so. We fully intend to produce an Impact Report in 2022 even though we were still subject to some COVID-19 restrictions until March 2022. Although SALTO monitors performance against Key Performance Indicators (KPIs), set within annual operating plans, these results have not been expressed in societal terms. 

This is still an area for improvement in our performance but there are challenges and measurement problems associated with some of our activities. Subject to GDPR compliance, we also aim to share data with "Partner" organisations to improve the quality of our reporting. 

SALTO operates in Sundon Park, one of the most deprived areas in Luton, as evidenced by ONS IMD statistics. 

- Luton is 70th of 317 of England's most deprived areas. 

- - 4Local Super Output Areas (LSOA's) in the top 10% most deprived areas in England. - 29LSOA's are in the top 10-20% most deprived areas, including, Sundon Park. - Only 4 LSOA's have improved their overall] IMD raking 2015-2019 

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SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED 

REPORT OF THE TRUSTEES for the Year Ended 31 DECEMBER 2021 

## ACHIEVEMENT AND PERFORMANCE 

Charitable activities In the year under review, the SALTO centre was only permitted to reopen gradually, with restrictions in line with the Government Road Map. and then guided by further clarification from the Department for Culture Media and Sport, Sport England and British Gyninastics. The latter published their own "Step Forward Plan" covering all aspects ofa safe reopening and delivery of the various gymnastics disciplines and other leisure activities. 

We provide structured Gymnastics Classes to 3 years upwards. Pre-School, Tumbling, General & Recreational Gymnastics, Men's & Women's Artistic Gymnastics, Acrobatic Gymnastics and Trampoline. We are confident of returning and exceeding these milestones in the future. 

Road Map Stage Key Relaxation Measures Step 1: 8 March Recreation or exercise outdoors with household or one other person. No household mixing 2021 indoors. Rule of 6 or two households outdoors. No household mixing indoors.Outdoor sport and leisure facilities. Step 2: no earlier Indoor leisure (including gyms) open for use individually or within household groups. All than 12 April.At children's activities, indoor parent & child groups (up to 15 parents). least five weeks after Step 1 Step 3: no earlier Indoor entertainment and attractions. Organised indoor adult sport. than 17 May.At least five weeks after Step 2 Step 4: no earlier By Step 4, the Government hopes to be able to introduce the following (subject to review) than 21 June. At April/June-No legal limits on social contact-Nightclubs.-Larger events.-No legal limit on life least five weeks after events Step 3 

## Children and Young People: 

Despite these efforts, during the year under review, the inevitable consequences of the protracted lockdowns resulted in a reduction in registered members of just over 1000 pre-COVID-19, to about 650 at the end of 2020. At the time of reporting active registered members stand at 800 and we hope to reach 850 by the year end and back to pre-COVID levels by the end of 2023. 

SALTO'S membership is drawn from every ward in Luton and reflects Luton's superdiverse, plural, ethnic population. 95% live in Luton the remainder in nearby rural villages and towns. They comprise; 40% white: 40% BAME: 20% Other, including mixed race origin. 95% are female. 

As indicated, 2021 commenced as 2020 ended with the SALTO Centre closed and only an extremely limited programme of online delivery of strength, fitness and general fun engagement activities. 

Gymnastics is a competitive sport and SALTO works to provide gymnasts with the opportunity to compete with their peers in many disciplines. Previously we would have reported on all the fantastic achievements and activities SALTO gymnasts representing the club, town, county and region at such events. These were all suspended under COVID-19rules for 2020 and 2021. Thankfully, we have seen a resumption in 2021 as a sign of matters returning to normality, our Acrobatic Gymnastics Department were able to return to competition to record their first competition successes at the postponed National finals and more recently followed up with more successes at the King Edmund Cup and Spelthorne invitational events. This month they also competed in the Preliminary Regional Qualification Acrobatic Competition delivering 13 gold, 2 silver and a bronze medal performance. This was a record success and the largest squad going on to represent the East Region later in the year. Our Women's Artistic squad will compete at the Regional Grades Competition soon, and for most this will be their first competitive event. Full details will feature in the 2022 Annual Report. We are a fully inclusive club. Members are attracted by SALTO's reputation, siblings of members, attendance at events as well as our online presence, which has been vital throughout lockdown. This is a summary of the engagement from January - July as the road map permitted and a slow and gradual resumption in response to demand and understandable nervousness on the part of parents and gymnasts to resume training. 

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## SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED 

## REPORT OF THE TRUSTEES for the Year Ended 31 DECEMBER 2021 

- We were closed between January and May 2021. We sent a variety of Fitness Plans weekly to our Pre-School / Recreation Gymnasts along with BG issued wordsearches and colouring. We continued our "Zoom" program which ran Monday to Friday every week, delivering to an average of 985 children each week for the four weeks. We sent out Fitness Plans via email weekly, and posted session plans to Squads. Communication was maintained with Parents, providing regular updates on any guidance issued. When Flexible Furlough was introduced, this allowed us to offer an Outdoor Fitness Program from late July, for five weeks. We delivered to over 300 children per week, limited by British Gymnastics guidance of 1:5 coach to gymnasts ratio, a maximum of20 children in any session, delivering fitness for 45 minutes. It was a huge success. 

Fewer children had the opportunity to participate in extra activities from their normal gym class after July. We were only able to deliver a fraction of the planned normal schedule of events during the few summer weeks. These events included gym camps, 1-2-1 lessons, and a few badge clinics. 

Our drop-in PlayGym sessions had to be suspended . These were held 3 mornings every week that have grown in popularity and attended by almost 6000 in 2019. When reopened in a very restricted manner, COVID-19 Secure, pre-booked basis. We have continued the pre-booking system throughout 2021, to ensure we don't experience overcrowding, especially during school holiday periods to maintain a COVID Safe environment for all. 

## Facilities and Infrastructure: 

During 2021 the focus has been to ensure the SALTO Centre was as safe and ready to receive staff, gymnasts and visitors whenever permitted to do so. Actions taken included: 

- Deep Cleaning of the facility including "fogging" and "disinfectant" of all public areas. 

- - Easy Clean covers fitted to all major apparatus. 

- New access and one way movement systems introduced for ingress and egress. 

- - New heat exchange mechanical ventilation system installed. - New rooflight windows and remote-controlled ventilation system installed 

- New energy efficient lighting system installed. 

- - New cleaning regime devised with each coach having their own personal cleaning caddy for use before, during and after sessions. Resumed after reopening started with restrictions after Step 2. 

- New social distancing directional signage. Maintained despite no legal requirement after Step 4 in July. We introduced staggered start times and new drop off and collection procedures to minimise congestion and pinch points at peak times and cross-over of sessions. 

- SALTO achieved another creditable compliance rating of 98% in 2021 in its independent Health and Safety Annual Audit (which included COVID-19 measures) and an improvement from 96% in 2020. We had no reportable accidents during the year, and we received no serjous complaints. These results reflect the Board's and Management's commitment to the robust Health and Safety Management System policies and procedures that are part of the daily fabric of how we deliver activities within the SALTO Centre. This never more important as we had to adapt to Government guidelines to protect the health and wellbeing of all staff, members, and visitors. 

- Spectator areas remained closed. Trials started in December before the news of the Omicron variant emerged. Plans to reopen to spectators were postponed until 1 March 2022. 

## Workforce 

We continued to take advantage of the Coronavirus Job Retention Scheme ("flexible" furlough) for all our staff, apart from our General Manager, from January to June 2021, as we resumed almost all our classes after Step 4. We continued our digital program for everyone until classes resumed. The coaching team were amazing under very difficult circumstances throughout 2021. We managed to not make any staff redundant. We have all been out of our comfort zone on many occasions but remain committed to delivering Gymnastics for all ages and abilities as best we could under the circumstances. 

All workforce development and coach education courses were suspended in 2020. Those courses that were interrupted were first to complete and we had two coaches complete their Level 2 qualifications. We have managed to get 6 leaders to complete Core Proficiency Coaching courses and 1 complete Level 1. SALTO Centre was reaffirmed as an accredited Training Centre for coach education and the first Level 2 course will be hosted by SALTO in spring of 2022. There has been a shift to on-line and distance learning as part of the new British Gymnastics Coach Education program. 

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## SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED REPORT OF THE TRUSTEES for the Year Ended 31 DECEMBER 2021 

We continue to try to recruit from the local community and train the coaching and administrative staff to maintain the high standard of coaching expected from SALTO. This said there is a national shortage of qualified coaches. Coming out of lockdown presented some challenges to retain some staff who advanced to further or higher education or fulltime work. 

We provide a Workplace Pension scheme for qualifying Management and Staff but open to all, evidencing our commitment to invest in our staff. Average monthly headcount was 39 in 2021 unchanged from 2020. 

We will invest in management skills training courses and seminars to continue our Management team's continued professional development, as opportunities arise. 

## Volunteers 

SALTO relies on voluntary help to support its Management Team, Coaching and Administrative Staff. Volunteers assist with stewarding events and performances, fundraising, banking arrangements, stock control. SALTO does not attribute a financial equivalent to the value of our volunteers’ contribution to the Charity however it is nevertheless of greater worth than the mere saving in paid staff costs. Most volunteers have long standing associations with SALTO or are members of the cohort of Young Leaders at the start of their coaching. Whilst the opportunities were fewer during 2021. We have added more in 2022 and currently have 15 on the rosta. 

## Community Engagement 

The protracted lockdowns and then the 4 step Government Road Map to relaxation of COVID-19 measures presented a major challenge to maintain contact and therefore interest from its members and their families. Our experience of the few occasions we were allowed to reopen during 2020 even under the strictest COVID-19 secure measures and procedures, enabled us to reopen with confidence in 2021. 

We made full use of social media, E-Newsletters and Website to inform members and parents of developments. 

We embraced new technologies. Our investment in more professional "Zoom" and CANVA software, enabled the development a range of fitness sessions for all ages from Pre-school to Squad Gymnasts and engaging communications. Initially a few sessions a week and increasing to daily, including a Saturday morning. In early 2021, we became increasingly aware that gymnast and staff wellbeing was an issue to try to address. We therefore held several simply fun sessions. From "Storytime with Viv" to healthy nutrition master classes to make Smoothies. There were Coffee and Cake and Pizza creation sessions too. Hot Chocolate, Ballet, Quiz's, Dance, Mindfulness Week, Meditation, Story Time and Teddy Bears Picnic to name but a few. We received a plethora of positive testimonial messages from grateful parents in recognition of the commitment and hard work of the staff to organise and deliver such sessions. 

## Here are just a few examples: 

"Thank you to everyone for the effort that has gone into organising the zoon classes" 

"Just a quick email to say thank you. These zoom lessons have been amazing and so inspiring. Thank you for your communication also, it is very much appreciated." 

"Thanks again for everything that you are doing to keep gym alive, it is really much appreciated" 

“E is absolutely loving her sessions, we have been so impressed with both her and the coaches leading her sessions. What a great club!” 

“Just wanted to say thank you for the get well card for S - very thoughtful of the gym and made his day!” 

“I just wanted to let you know that N came home last night utterly buzzing after her first advanced class, she absolutely loved it, seems it was a hit.” 

“Thanksa lot for the opportunity, C was so happy that she was trying to convince me that tomorrow is Monday so she could come again . Brilliant job” 

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SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED REPORT OF THE TRUSTEES for the Year Ended 31 DECEMBER 2021 

## FINANCIAL REVIEW 

## Financial review 

The Board is pleased to present a satisfactory financial performance during the year to 31 December 2021. SALTO ended the year with a modest yet satisfactory surplus of £17,166 compared with a deficit of £39,268 in 2020. 

In response to the temporary yet protracted COVID-19 closure, the Board and Management implemented the following steps to protect the Charity and enable the Charity to be ready to reopen: 

- 1) We secured two Commercial Mortgage Repayment Holidays, each for 6 Months. This represents a £60,000 cash flow saving until May 2021. The Board has implemented a plan to refinance the mortgage and the CBILS facility and extend the term for up to 15 years. This will have the effect of reducing the impact of debt service on the Charity cashflow. (See note 18 in the financial statements) 

- 2) We secured a £100,000 Coronavirus Business Interruption Loan Scheme (CBILS) in 2020, but repayments commenced May 2021. (See note 18 in the financial statements) 

- 3) We secured payment holidays on all our leasing contracts and then refinanced one. Again, this represented a cash flow saving in the short-term but extended the rental periods. These agreements may also be refinanced as part of a future long term debt restructuring. 

- 4) We amended a number of supplier contracts to suspend deliveries or reduce the scope of services such as cleaning and maintenance. During closure but these have been restored. 

- 5) We furloughed all but one member of staff. Although this scheme was extended until September 2021, we took all staff off furlough from June 2021 and continued to employ them as before. This scheme cost SALTO an extra £3,339 in 2021 (£4,176 in 2020) to administer in addition to our normal payroll administration. In recognition of their commitments, we introduced a 3% pay rise for all staff from October 2021 this was funded in part by an increase in membership monthly subscription fees. 

- 6) We requested parents to make a nominal £10 per month per member donation. We maintained engagement and demonstrated some value for the £10, to assist us to cover some costs whilst we get through what has become a protracted period of closures. We developed Zoom sessions for online fitness and some fun activities to help with mental wellbeing and raise the spirits of the members. We provided resources and activities to download. 

- 7) We had a successful new Crowdfunding campaign, supported by our members early in 2021 and a successful Big Christmas Challenge Campaign in late 2021 and these contributed £13,018 during the year under review. 

- 8) We secured two new corporate sponsors. 

- 9) We secured emergency COVID-19 Grants as they became available from Charitable Trusts. 

- 10) We ensured we received all the Government Grants available to Leisure sector because of COVID-19 enforced closures. 

- 11) We secured major project grants for a new ventilation system which has been installed during this latest lockdown and a new energy efficient LED Lighting system to reduce costs and energy consumption after we reopen. Installed during lockdown to minimise disruption to activities. 

- 12) We have invested heavily to make sure the SALTO Centre is COVID Secure, we have trained all staff on new and safe methods of delivering Gymnastics Outdoors and Indoors. We have a robust Health and Safety Management System and hygiene regime to mitigate risk of transmission. 

It must be noted COVID-19 it has had continued negative impact during 2021, on the back of lockdowns of 2020, both in terms of delivery activities, services, and upon its finances. 

## Overall 

- 1) For the reasons set out below, merged financial position will show a net surplus for the year of £17.2k. (a deficit of £39.3k 2020, on the merged accounting bias) The latter was funded in part by a £100k, CBILS facility arranged by the Trustees to ensure liquidity throughout 2020. 

- 2) As pledged in 2019, the Board revalued the SALTO Centre and the resulting increase to the current fair value of £250k has been added to the revaluation reserve. Although this substantially increases the Unrestricted Reserves in the Balance Sheet, this is not included in the definition and calculation of "free reserves" as set out in the latest revision of the Charity's Reserves Policy, approved December 2021. The balance sheet reflects a very positive impact of the valuation of the SALTO Centre, our main asset, further strengthening the overall financial position for the future. 

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SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED 

## REPORT OF THE TRUSTEES 

## for the Year Ended 3] DECEMBER 2021 

3) The Balance sheet shows the Total Funds of the merged organisation stands at £1,321,144 in 2021 (£1,303,978 in 2020) demonstrating our ability to weather the short term financial shock brought about by COVID-19. 

SALTO's income is generated from the following sources: 

~ Membership subscriptions - Trading activity - Membership fees - External hire - GiftAid - Sponsorship - Donations, grants, bursaries, - Non Gymnastics Non Gymnastics Gymnastics core activities crowdfunding, TheBigGive fund raising events 

- Non Gymnastics Non Gymnastics Gymnastics core activities 

Membership Subscriptions Prior to COVID-19, generally predictable within a reasonable tolerance. Variable based upon the subscription fee rate and the number of participants/members. This represents the largest contribution to SALTO 's Primary Trading Income. This income is regular, paid monthly and the majority is via pre-authorised card payments collected via our membership system and designated payment service provider. The subscription fee rates were last changed in October 2021. 

## Membership Fees 

Generally predicable within a reasonable tolerance. Variable based upon the actual membership fee rate and the number of participants/members. This is an annual fee. It is collected when members start their membership and annually thereafter in October. This fee was collected in October 2021, The annual fee for October 2021/22 was not increased. 

## GiftAid 

HMRC has granted a concession to SALTO to enable GiftAid claims on eligible member payments for which we hold valid gift aid declaration received in the previous financial year. Following the merger of SALTO Gymnastics Club and The SALTO Foundation Limited, the latter has been recognized for by HMRC Gift Aid purposes and HMRC have also noted the change of name to SALTO Gymnastics Charitable Foundation Limited. 

## Non-Gymnastics Core Activities 

We look to develop innovative ways to offer activities that promote health and wellbeing to members and non-members taking advantage of time when the SALTO Centre is not fully occupied by our core-activities. Normally, this not only contributes to our charitable objects but also provides a strong and reliable source of revenue. 

Trading Activity Trading activity is materially below pre Covid levels and likely to remain so in the immediate future. 

## External Hire 

Activity is materially below pre Covid levels. There are different forms of external hire from Parties, Competitions and Events, Community Club hire and Coach Education Courses. This source of income is expected to make an increasing valuable contribution External hire, except for Parties is now charged through SALTO Leisure Limited. External factors could easily stall this income potential. 

Donations/Grants/Bursaries/Fund Raising Events/Crowdfunding/TheBigGive Appeal 

This is entirely linked to the volume and success of such activities. These are generally linked to a project or planned expense and the funds raised are either Restricted Reserves or Designated Reserves. There are long lead times between applications and any funding received with the exception of specific events. This is not predicable. Increasingly applications are being made for support for core costs. 

## Sponsorship 

Sponsorship is new to SALTO and not yet a predicable or making a meaningful contribution to the income mix. Two new sponsors came forward as part of our crowdfunding campaign and the Big Give Christmas Challenge. 

Page 11 



SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED 

Statement of Financial Activities 

## REPORT OF THE TRUSTEES 

## for the Year Ended 31 DECEMBER 2021 

## Income 

. 

- 1) Total income for 2021 was £404.7k (437.7k in 2020) reflecting the extended closure until May 2021. 2) Member donations were maintained unti] May 2021 and then we were abie to resume the collection of full monthly subscriptions from June 2021. We had to introduce a modest increase to fees in October 2021.As stated, we managed to adapt and deliver virtual sessions and later outdoor activities to maintain a level of engagement with the children and young people. In 2021 members subscription recovered slightly to £259k but still well down on pre-COVID levels. (£214k 2020 and £406k in 2019). This still represents an almost 50% reduction in normal income compared to what was, arguably a record year in 2019. 

- 3) We had a budget for a minimum £10,000 contribution for 2021.We were able to claim £8.7k of GiftAid on eligible member payments on 2021 payments (£11.7k in 2020). This reflects fewer eligible registered members as donors. SALTO Gymnastics Charitable Foundation Limited was recognised by HMRC Charities for Gift Aid purposes for 2021. HMRC Charities have already processed 3 claims for the new charity. 

- 4) At the outset of the Lockdown, we had no idea of the nature, scope or likely future financial contribution of various HM Government Schemes. SALTO took advantage of all those it was eligible for, including borrowing £100,000 under the CBILS arrangements. This loan is repayable over 60 months with interest for the first 12 months covered by HM Government. The loan taken to secure liquidity without knowing the extent of the other government support that followed during 2020 and 2021, or how fantastic the support has been from the membership. Contributions from Government Schemes, excluding the CBILS facility, mounted to £79k in 2021 (£83k in 2020) 

- 5) SALTO's fundraising in 2021 was limited to our two attempts to use crowdfunding to diversify income through a Crowdfunder campaign and participation in the 2021 Big Give Christmas Challenge. These generated about £13k but was disproportionately harder to raise funding due to our traditional stakeholder base than conventional trusts and foundations. Grants from these funders contributed about £9k. The majority of grant funding came from Government Grants that were administered via the local authority as COVID support for the leisure or retail sectors. We also secured £2.7k of corporate sponsorship towards the end of 2021.++We completed the Air, Heat and Light project in spring 2021, using the grants received in late 2020. This project was designed to improve ventilation in response to COVID-19 by reducing airborne transmission risks and to improve long term sustainability by introducing low energy LED lighting to the main hall. 

- 6) Non-core activities and other trading was suspended from March 2020 and so it is evident that the total contribution from these activities was 25% of that achieved in 2019. In 2021, this was limited to a few Gymnastics Camps, Play Gym Sessions and a modest amount of merchandise sales and broadly similar to 2020. Total contribution in 2021 was £25.5k (£24.4k in 2020) 

- 7) Whilst all the above measures managed to stem the lost revenue resulting in an overal] 8% reduction to £404k in 2021 (£438k in 2020 & £580k in 2019) the real reduction would have been 20% had we not received the HM Government support available. 

## Expenditure 

The Board also focused its attention upon SALTO's expenditure. We continued the 2020 strategy to eliminate or reduce all costs where possible and working with suppliers and creditors to achieve this in a mutually satisfactory fashion. Most of the savings were achieved in 2020 but nevertheless, total expenditure was £387.5k compared to £476.9k in 2020 demonstrates careful cost control. An overall saving of £89k was achieved. This represents savings (explained below) of approximately 19% during the year to offset the 8% fall in income and contributed to achieving a small surplus. 

- 1) The major reduction in SALTO expenditure was the two Capital Repayment Holidays (CRH) negotiated and agreed with Barclays Bank plc. As a result, SALTO did not reduce the outstanding balance of its commercial mortgage as much as would have been the case (See note 18 to the financial statements). However, the effect made a significant positive contribution to Cashflow throughout 2020 and into 2021. The last CRH ended May 2021. 

Page 12 



## SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED 

## REPORT OF THE TRUSTEES for the Year Ended 31 DECEMBER 2021 

- 2) SALTO secured Rental Payment holidays of different durations and amounts on each of its Asset Finance Agreements. Again, extending the term of these agreements or adjusting future payments had a positive contribution to cashflow during 2021. These savings are mainly reflected in SALTO Gymnastics Charitable Foundation Limited's subsidiary, SALTO Leisure Limited. 

- 3) Non-essential supplier contracts were cancelled, suspended of scope of supply was reduced. These arrangements all contributed to savings in costs. This is reflected in most expenditure line-item costs compared with 2019. 

- 4) The Air, Heat and Light Project was initiated in December 2020 but completed in 2021, and related costs incurred were covered by restricted grants. 

- 5) SALTO did however continue to experience additional costs associated with Health & Safety measures to make the SALTO Centre COVID-19 Secure and facilitate the reopening of the SALTO Centre as well as being prepared for the relaxation of contro] measures under the current HM Government Road Map. Some now remain as ongoing costs associated with hygiene related consumables. Some costs were reapportioned to SALTO Leisure Limited. 

- 6) It is also noteworthy that although SALTO received a welcome £74k in Coronavirus Job Retention Scheme Grants, the was an additional £4k of payroll processing costs, excluding internal management time administering this scheme. That said, we are proud to have not made any member of staff redundant during 2020 or 2021. 

Investment Policy and Objectives The combined value of Charity's restricted and/or unrestricted reserves does not currently warrant establishing a detailed investment policy. The Trustees, having regard to the liquidity requirements of operating SALTO, have kept available funds in an interest-bearing deposit account and seek to achieve the best available rate of interest, commensurate with the amount invested and ease of access required. 

Page 13 



## SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED REPORT OF THE TRUSTEES for the Year Ended 31 DECEMBER 2021 

## FINANCIAL REVIEW 

Reserves policy and going concern 

The Charities Commission guidelines state that it expects trustees to decide, publish, implement, and monitor their charity's reserves policy (the Policy) so that they can comply with their legal duties to: 

- act in the interests of their charity and its beneficiaries. - protect and safeguard the assets of their charity. - act with reasonable care and skill. - ensure their charity is accountable. 

This policy document sets out: 

- a medium-term plan for the restoration of reserves, - the basis for the establishment of the level of reserves, - the purpose and approved use of such reserves, 

The Board is responsible for establishing this Policy and to regularly monitor and review its effectiveness in the light of the changing funding and financial climate and other risks. Reserves are essential to ensure all spending commitments and potential liabilities can be fulfilled and assists with the mitigation of the impact of unplanned events on SALTO Gymnastics Charitable Foundation Limited (SALTO), the members, staff and volunteers. This Policy is reviewed, at least annually in line with the financial accounts review. The last review was December 2021. Our aim is to maintain our reserves to ensure our financial resilience and sustainability, including protecting ourselves against unexpected shocks to SALTO activities that are not insurable risks. 

The Policy sets out new aspirational target reserves levels and the key principles by which we manage surpluses or deficits compared with the targets. Our aim is to strike the appropriate balance between ensuring a sustainable financial position and using our funds to fulfil our charitable objects. 

## Types of Reserve 

## Restricted Reserves: 

Restricted funds fall outside the definition of unrestricted reserves. In SALTO's case, it may during the normal course of its fund-raising activities, receive the proceeds of donations or grants, which may be received with conditions attached regarding their use. Such funds will be held in a separate designated account and such funds shall be employed in strict accordance with the conditions attached and/or the purpose stated in the application for such funds. As such, these funds are not included in the calculation of the Unrestricted Reserves considered prudent for the day-to-day operation of the club. 

## Designated Reserves: 

SALTO may decide to accumulate reserves in anticipation of a future project or material expense. These are detailed in the table below. As such it may set aside funds from its normal income and/or general fund-raising activities with a view to utilizing such reserves at the appropriate time to facilitate the project or meet the liability of the planned expense. The Trustees may, at their discretion, re-designate the application of such funds to meet a new priority, provided such is in furtherance of its charitable objects. 

## Unrestricted Reserves 

SALTO may decide to accumulate general reserves to ensure that the SALTO may fulfil its normal day to day activities, contractual commitments and operating expenses to mitigate the risk, however small, of an adverse change to anticipated future revenues or adverse impact of an unplanned or significantly larger expense than that which was included in the budget. As such, it may set aside funds from its normal income and/or general fund-raising activities with a view to utilizing such reserves at the appropriate time to avoid the need to cease delivery of scheduled activities in furtherance of its charitable objects. Unrestricted reserves are funds that are not specifically defined as Restricted Reserves but may include Designated Reserves. 

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## SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED 

## REPORT OF THE TRUSTEES for the Year Ended 31 DECEMBER 2021 

## FINANCIAL REVIEW 

These unrestricted reserves must be freely available to spend on any of the Charity's purposes. The starting point for calculating the amount of unrestricted funds held by a charity. However, just as in SALTO's case, some, or all, of the unrestricted funds may not be immediately available for spending. This is because spending those funds may adversely impact on the Charity's ability to deliver its aims, or they are not easily convertible to cash or illiquid. 

This is because spending those funds may adversely impact on the Charity's ability to deliver its aims, or they are not easily convertible to cash or illiquid. Such items should be excluded from the calculation of reserves, include: 

- Tangible Fixed Assets used to carry on the Charities activities, such as land and buildings. In January 2021, the Board commissioned a valuation report to establish the current valuation of the SALTO Centre. The SALTO Gymnastics Charitable Foundation Limited's balance sheet, as at 31 December 2020 reports the SALTO Centre valuation as £1,500,000. The net fixed asset value more than £1,000,000 is excluded from the calculation of free reserves as this equity is not easily realized into cash and could fall in adverse economic conditions 

- Programme- related investments those held solely to further the Charity’s purposes. 

- - Designated Funds set aside to meet essential future spending, such as funding a project that could not be met from future income 

- Commitments that have not been provided for as a liability in the accounts. 

Page 15 



SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED 

## REPORT OF THE TRUSTEES for the Year Ended 3t DECEMBER 2021 

## FINANCIAL REVIEW 


**----- Start of picture text -----**<br>
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|Level|of|Unrestricted|Reserves|
|Description|Purpose of reserves|Target|Target|Actual|
|Amount|Amount|Amount|
|2022|2021|Dec-21|
|Contingency|Ensure|short term|solvency|in case of extreme|£30,000|£10,000|£10,000|
|Reserve|eventBuy some time|in the|event of a serious income|
|shock.Enable|the|organization|to|function|while|
|action|is|taken|(including business|interruption|
|insurance|claim).|Ensure|charitable|commitments|
|can me|met.|
|Financial|Smooth|volatility.|Provide coverage|for permanent|£10,000|£10,000|£10,000|
|Management|changes|in|circumstances.|Enable|adjustments|to be|
|Reserves|phased|in over a longer time|period.|Insulate|usable|
|reserves from|adverse|fluctuation|in|expenses,|such|
|as|increase|in|hall|hire|cost|due|to|adverse|interest|
|change.|
|Strategic|Enable|delivery of SALTO|StrategyFund|the|£20,000|£10,000*|Enil**|
|Reserves|non-recurring|cost of major projects and|initiatives|*|
|(*Establish|
|Sinking Fund)|
|Total|Reserves|This|is|the unrestricted|balance on|the|reserves|£50,000|£30,000|£20,000|
|account. This|excludes balances on|current accounts|
|from|time|to time|

**----- End of picture text -----**<br>


** CONTINGENCY RESERVE CONTROL MEASURES are set out in the Rules Governing the operation and management of SALTO Gymnastics Club (the Club) Pursuant to Article 3a of the Articles Of Association adopted on 29 September 2021 (the Articles) 

The Board has set targets for unrestricted reserves in this Policy, in accordance with Charity Commission guidelines (currently set out in CC-19), noting that reserves are needed to bridge the gap between the spending and receiving of income and to cover unplanned emergency repairs and other expenditure. The board has designated and established targets for Contingency, Financial Management and Strategic Reserves and having due regard for its Risks Register. 

The Board shali always act with reasonable care and skill, using information and advice, as it deems appropriate, to set an annual budget, with a view to funding the delivery of scheduled activities and future development goals, in furtherance of its charitable objects. Such budget is set with due regard to prevailing operating income and expenditure, as well as prudent forecasting, based upon known internal and external factors. The budget also aims to create a modest surplus to contribute to an increase to the balance of unrestricted reserves towards the stated targets. 

The Trustees considers the ideal medium target level of reserves is £50,000 by the end of 2022, but the short-term target for 2021 was £30,000 because activity levels will take some time to reach pre-COVID-19 levels. Although it will take some time for activities to reach pre-COVID-19 levels. This is evident from the figures reported in the Statement of Financial Activities. In the short-term, we aim to maintain unrestricted reserves of at least £20,000, as detailed in the table above. 

Page 16 



## SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED 

## REPORT OF THE TRUSTEES for the Year Ended 31 DECEMBER 2021 

## FUTURE PLANS 

SALTO has developed new medium-term strategic plan covering 2022 - 2025. The focus is now upon a controlled yet sustained effort to rebuild membership numbers as well as new and existing services. We will ensure we have the necessary financial and physical resources available to meet the demand from former and potential beneficiaries. Our plans have6 priority areas: 

## Community & Membership 

Define policies and COVID-19 Secure adapted procedures, that set out best practice, for the delivery of our charitable objects, To further the role that SALTO plays in its area of benefit and enhance its relationships with all stakeholders. 

## Education & Employment 

By focussing upon the needs of club, working with British Gymnastics Coach Education, establish a framework for the investment in people, to fulfil their personal development goals whilst using these skills in the furtherance ofour charitable objects. 

## Services & Events 

Design a COVID-19 Secure programme of classes, activities and events that contribute to the furtherance ofour charitable objects that are exciting, challenging, rewarding safe and fun. Ensure the SALTO Centre is equipped to the highest standards possible to aspire to be a centre of excellence to deliver same. We will devise development plans for our competitive squads to be ready to enter events as soon as permitted to do so. 

## Finance & Compliance 

To ensure the long-term sustainability of the charity through prudential financial controls and policies and conforming with all legal requirements and regulations governing Charity activities. The Board considers it necessary to refinance the balance of outstanding long-term debt by extending the term and in doing so, produce a positive impact on cash flow but acknowledging that the overall cost of the finance will increase. This action being in the best interest for long term financial sustainability of the charity The Board aims to increase unrestricted grant funding to reduce dependency on member subscription income. 

## ICT Systems 

Conduct a Digital Strategy Review to ensure Management and Staff have all the tools necessary to fulfil their roles effectively. The impact of COVID -19 has demonstrated that ICT is an essential resource and is integral to all aspects of the Charity activities. We must strive to ensure the resources available are fit for purpose and compliant with GDPR. The Board will initiate a Digital Strategy review in 2022. 

## Health and Safety Management 

SALTO is committed to maintaining a robust Health & Safety Management System, that ultimately ensures that all users of the SALTO Centre remain safe. 

## STRUCTURE, GOVERNANCE AND MANAGEMENT 

Governing document 

SALTO Gymnastics Charitable Foundation Limited is organised as a Company Limited by Guarantee (CLG) Company Registration Number 04794043. The CLG structure is widely used by charities because they not-for-profit companies - that is, they do not distribute their profits to their members but either retain them within the company or use them for some other charitable purpose. 

SALTO Gymnastics Charitable Foundation Limited is registered as a UK Registered Charity Number 1099407 in 1995. SALTO Gymnastics Charitable Foundation Limited was established to facilitate the purchase of the SALTO Centre with the assistance of a commercial mortgage and to protect the Trustees and Directors running the company from personal liability for the company's debts. The liability of the Trustees and Directors is £1 (One pound sterling). 

As mentioned, SALTO Gymnastics Club's Charitable Activities were transferred to The SALTO Foundation Limited with effect from 31 December 2020. Later in 2021, we changed the name of The SALTO Foundation Limited to SALTO Gymnastics Charitable Foundation Limited, to better reflect the primary purpose of our activities and to emphasise its charity status to all stakeholders. 

Page 17 



SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED 

## REPORT OF THE TRUSTEES for the Year Ended 31 DECEMBER 2021 

## STRUCTURE, GOVERNANCE AND MANAGEMENT 

## Trustees 

The Board of Trustees are responsible for directing, controlling and running and operating the Charity on a day-to-day basis. The Board should reflect the diversity of SALTO membership and the communities it serves in Luton and the surrounding towns and villages. The Board intends to comply with the new Charity Commission Governance Code and has noted the latest requirements regarding Equality, Diversity and Inclusion. These principles have been incorporated into a new Environmental, Social & Corporate Governance policy. 

The Trustee's role requires lay people, parents and professionals who have a wide range of skills and experience to assist with the diverse strategic needs. Any individual, not disqualified from becoming a Trustee, may be invited to become a Trustee by an existing Trustee, on behalf on the existing Board. Such individuals shall be nominated and elected to the Board, at the earliest possible meeting of the Board after acceptance of such invitation and the appointment shall be confirmed at a General Meeting, following the appointment, or at an Extra General Meeting. 

The schedule of meetings is now available on the club website. The Board is required to hold a minimum of 2 meetings per annum. Meetings were held monthly (virtually via ZOOM) through the COVID-19 crisis, but this frequency has reduced as external conditions permitted. These have included Hybrid meetings in person and virtually via ZOOM. Trustee meetings usually have a session during which the General Manager present commentary on progress against plan, covering the day-to-day administration of the Charity activities, review policies and seek decisions, before Board business is considered. Trustees' meetings agree the broad strategy and areas of activity for the Charity, including consideration of any bursary making, capital investment projects, reserves and risk management policies and performance. 

The Board actively seeks to improve its performance and actively encourages applications to join the board by following the process described on the website and promoted via social media and annual member survey questions. 

New trustees ideally serve for five years after which they may put themselves forward for re-appointment. The Constitution provides for a minimum of three trustees, with no maximum number. On appointment, new trustees sign a model trustee declaration statement committing them to giving of their time and expertise. The induction process for any newly appointed trustee, includes an initial meeting with the Chair and the Trustees, followed by a series of short meetings with the Chief Operating Officer, General Manager and Coach Manager. These meetings will include a brief history of the Charity, copy Board and Management Meeting minutes, a copy of the last three years of annual reports and accounts, a copy of the Articles of Association and a copy of the Charity Commission's guidance ‘Charity Trustee: what's involved (CC3a)' and ‘Public Benefit: running a charity’. Trustees are required to disclose all relevant interests and register them with the Chief Operating Officer in accordance with the Charity's policy withdraw from decisions where a conflict of interest arises. 

The current members of the Board are listed in the Reference and Administrative Details Sheet at Page | of this report. They may also be found on the register at Charity Commission, Companies House and SALTO's own website. In case of need, please email trustees@saltogym.org in the first instance. 

Approved by order of the board of trustees on |ee ACR2......... and signed on its behalf by: 


**----- Start of picture text -----**<br>
Mr R‘= ==<br>**----- End of picture text -----**<br>



**----- Start of picture text -----**<br>
r J C Richardson - Trustee<br>**----- End of picture text -----**<br>


Page 18 



REGISTERED COMPANY NUMBER(England and Wales): 04794043 REGISTERED CHARITY NUMBER: 1099407 

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 

## FOR 

SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED 



## INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED 

Independent examiner's report to the trustees of SALTO Gymnastics Charitable Foundation Limited (‘the Company‘) I report to the charity trustees on my examination ofthe accounts of the Company for the year ended 31 December 2021. 

## (‘the 

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. Ican confirm that I am qualified to undertake the examination because I am a registered member of Institute of Chartered Accountants in England and Wales 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. 

## Oa 

## Tara Aldwin ACA 

Institute of Chartered Accountants in England and Wales 

FKCA Limited 260 - 270 Butterfield Great Marlings Luton Bedfordshire LU2 8DL 

## Date: 2d. PY... AOD 

Page 19 



## SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED 

## STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) for the Year Ended 31 DECEMBER 2021 


**----- Start of picture text -----**<br>
|||||||||
|---|---|---|---|---|---|---|---|
|General|Property|Revaluation|
|Notes|fund£|fund£|reserve£|
|INCOME AND ENDOWMENTS FROM|
|Grants,|Bursaries,|Fundraising|, Donations|and|
|GiftAid|2|106,629|-|-|
|Charitable|activities|4|
|Charitable|activities|- Primary purpose|trading|270,043|-|>|
|Investment|income|3|2|-|-|
|Trading|income|15,527|-|-|
|Total|392,201|-|-|
|EXPENDITURE ON|
|Trading|expenditure|5|10,526|-|-|
|Charitable|activities|6|
|Charitable|activities|- Primary|purpose|trading|360,917|-|-|
|Total|371,443|-|-|
|NET INCOME|20,758|-|-|
|Transfers|between|funds|21|(52,998)|52,998|-|
|Other|recognised|gains/(losses)|
|Gains|on|revaluation|of fixed|assets|=|.|-|
|Net movement|in|funds|(32,240)|52,998|-|
|RECONCILIATION|OF FUNDS|
|Total|funds|brought forward|204,678|483,997|569,070|
|TOTAL FUNDS CARRIED FORWARD|172,438|536,995|569,070|

**----- End of picture text -----**<br>


The notes form part of these financial statements 

Page 20 



## SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED 

## STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) for the Year Ended 3] DECEMBER 2021 


**----- Start of picture text -----**<br>
|||||||||
|---|---|---|---|---|---|---|---|
|2021|2020|
|Restricted|Total|Total|
|funds|funds|funds|
|Notes|£|£|£|
|INCOME AND ENDOWMENTS FROM|
|Grants,|Bursaries,|Fundraising|,|Donations|and|
|GiftAid|2|12,501|119,130|191,008|
|Charitable|activities|4|
|Charitable|activities|- Primary purpose trading|-|270,043|238,529|
|Investment income|3|-|2|9|
|Trading|income|-|15,527|8,172|
|Total|12,501|404,702|437,718|
|EXPENDITURE|ON|
|Trading expenditure|5|-|10,526|11,895|
|Charitable|activities|6|
|Charitable|activities|- Primary purpose|trading|16,093|377,010|465,091|
|Total|16,093|387,536|476,986|
|NET INCOME/(EXPENDITURE)|(3,592)|17,166|(39,268)|
|Transfers|between|funds|21|-|-|-|
|Other|recognised|gains/(losses)|
|Gains|on|revaluation|of fixed|assets|-|-|250,000|
|Net movement|in|funds|(3,592)|17,166|210,732|
|RECONCILIATION|OF FUNDS|
|Total funds brought forward|46,233|1,303,978|1,093,246|
|TOTAL FUNDS CARRIED FORWARD|42,641|1,321,144|1,303,978|

**----- End of picture text -----**<br>


The notes form part of these financial statements 

Page 21 



## SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED 

## BALANCE SHEET 31 DECEMBER 2021 


**----- Start of picture text -----**<br>
||||||||||
|---|---|---|---|---|---|---|---|---|
|General|Property|Revaluation|
|£|£|£|
|Notes|fund|fund|reserve|
|FIXED|ASSETS|
|Tangible|assets|12|-|944,240|569,070|
|Investments|13|1|-|-|
|1|944,240|569,070|
|CURRENT ASSETS|
|Stocks|14|2,779|-|-|
|Debtors|15|254,552|-|-|
|Cash|at bank|and|in hand|11,472|-|-|
|268,803|-|-|
|CREDITORS|
|Amounts|falling|due|within one|year|16|(31,550)|(47,182)|-|
|NET CURRENT ASSETS|237,253|(47,182)|-|
|TOTAL ASSETS|LESS CURRENT|
|LIABILITIES|237,254|897,058|569,070|
|CREDITORS|
|Amounts|falling|due|after more|than one year|17|(64,815)|(360,063)|-|
|NET ASSETS|172,439|536,995|569,070|

**----- End of picture text -----**<br>


The notes form part of these financial statements 

Page 22 

continued... 



## SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED 

BALANCE SHEET- continued 31 DECEMBER 2021 


**----- Start of picture text -----**<br>
||||||||
|---|---|---|---|---|---|---|
|2021|2020|
|Restricted|Total|Total|
|£|£|£|
|Notes|funds|funds|funds|
|FIXED|ASSETS|
|Tangible|assets|12|31,390|1,544,700|1,514,974|
|Investments|13|-|1|1|
|31,390|1,544,701|1,514,975|
|CURRENT|ASSETS|
|Stocks|14|.|2,779|2,882|
|Debtors|15|-|254,552|293,104|
|Cash|at bank and|in hand|53,540|65,013|102,591|
|53,540|322,344|398,577|
|CREDITORS|
|Amounts falling|due within|one year|16|(42,291)|(121,023)|(126,491)|
|NET CURRENT ASSETS|11,249|201,321|272,086|
|TOTAL ASSETS|LESS CURRENT|
|LIABILITIES|42,639|1,746,022|1,787,061|
|CREDITORS|
|Amounts|falling due|after more than one year|IF|-|(424,878)|(483,083)|
|NET ASSETS|42|639|1.321.144|1,303,978|
|FUNDS|21|
|Unrestricted|funds|1,278,505|1,257,746|
|Restricted funds|42.639|46,232|
|TOTAL FUNDS|1,321,144|1,303,978|

**----- End of picture text -----**<br>


The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021. 

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 

Page 23 

continued... 



## SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED 

## BALANCE SHEET- continued 31 DECEMBER 2021 

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 ofTrustees and authorised for issue on Ba RCYoY 27 

and were signed on its behalf by: 


**----- Start of picture text -----**<br>
——<br>Mr R Powell — Chai<br>r J C Richardson - Trustee<br>**----- End of picture text -----**<br>


The notes form part of these financial statements 

Page 24 



iF ACCOUNTING POLICIES 

## SALTO GYMNASTICS CHARITABLE FOUNDATION 

## LIMITED 

NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 DECEMBER 2021 

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, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. 

## The Salto Foundation Limited meets the definition of a public benefit entity under FRS 102. 

The trustees have considered the financial health of the company along with the various government measures in place to support businesses through this pandemic and with this in mind the directors believe that the company, at the date of signing, will continue as a going concern for the foreseeable future. 

The presentation currency of the financial statements is the Pound Sterling (£). 

Preparation of consolidated financial statements The financial statements contain information about SALTO Gymnastics Charitable Foundation Limited as an individual company and do not contain consolidated financial information as the parent of a group. The charity is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. 

Critical accounting judgements and key sources of estimation uncertainty In order to properly apply the charity’s accounting policies, as described above, the Trustees are required to make judgements and estimates in respect of carrying values of assets and liabilities which may not be apparent from other sources of information. The Trustees base these critical accounting judgements and estimations on previous historical experience and other factors which the Trustees judge to be relevant. Judgements and estimates will invariably differ from actual results and hence such judgements and estimates are reviewed by the Trustees on an ongoing basis. 

## Key sources of estimation uncertainty 

The key sources of estimation uncertainty which have a significant effect on the amounts recognised in the financial statements are described below: 

Property valuation The fair value of the property has been determined by an external valuer and is derived from the sale of similar buildings within a local radius. 

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. 

Charitable Activities are divided between Primary Trading Income, Other Trading Income, Fundraising and Investment Income. 

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. 

Page 25 

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SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED 

## NOTES TO THE FINANCIAL STATEMENTS- continued for the Year Ended 31 DECEMBER 2021 

1. ACCOUNTING POLICIES- continued 

## Tangible fixed assets 

Included within fixed assets is a freehold property which is used to further the charity's objectives. 

Freehold property is stated at market value. Any aggregate surplus or deficit arising from changes in the fair value is recognised through the statement of financial activities and included in the designated revaluation reserve. 

Tangible fixed assets, excluding property, are recognised initially at cost and then subsequently measured at cost less depreciation over its estimated economic useful life and any adjustment for permanent impairment. 

## Depreciation rate are as follows: 

Improvements to property - 10 years (straight line) Plant and machinery - 20% (reducing balance) Fixtures and Fittings - 25% (reducing balance) 

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. 

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

## Hire purchase and leasing 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. 

## Donated services 

In accordance with Charities SORP (FRS 102), the general volunteer time of our affiliates is not recognised. This is further discussed in the trustees annual report. 

2: GRANTS, BURSARIES, FUNDRAISING , DONATIONS AND GIFTAID 

||2021|2020|
|---|---|---|
||£|£|
|Donations|13,753|3,720|
|Grants|17,850|92,750|
|Government grants|78,826|82,857|
|Giftaid|8,701|11,681|
||119,130|191,008|



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SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED 

## NOTES TO THE FINANCIAL STATEMENTS- continued for the Year Ended 31 DECEMBER 2021 

2. GRANTS, BURSARIES, FUNDRAISING , DONATIONS AND GIFTAID- continued 

## Government grants 

||Governmentgrants received, included in the above,|Governmentgrants received, included in the above,|are as follows:||||
|---|---|---|---|---|---|---|
||||||2021|2020|
||||||£|£|
||Coronavirus JobRetention Scheme (CJRS)||||38,723|74,283|
||COVID-19 Business Support||||39,685|6,471|
||Intereston Coronavirus Business InterruptionLoanScheme||Scheme (CBILS)||2,441|2,103|
||||||80,849|82,857|
|3.|INVESTMENTINCOME||||||
||||||2021|2020|
||||||£|£|
||Deposit account interest||||2|9|
|4,|INCOMEFROM CHARITABLE ACTIVITIES||||||
||||||2021|2020|
|||Activity|||£|£|
|||Charitable activities|-Primarypurpose||||
||Subscriptions|trading<br>Charitable activities|-Primarypurpose||244,593|214,068|
||GymHire|trading||;|9,665|7,725|
|||Charitable activities|- Primary purpose||||
||Badges|trading|||3,326|1,023|
|||Charitable activities|- Primary purpose||||
||Playgym|trading|||10,440|11,214|
|||Charitable activities|-Primary purpose||||
||Competition fees|trading|||2,019|4,499|
||||||270,043|238,529|
|35|TRADING EXPENDITURE||||||
||Othertradingactivities||||2021|2020|
||||||£|£|
||Clothing for sales<br>Coffee bar||||5,010<br>1,581|7,766<br>4,129|
||Badges, Chalk, Certificates, and Trophies||||3,935|-|
||||||10,526|11,895|



Page 27 

continued... 



## SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED 

## NOTES TO THE FINANCIAL STATEMENTS- continued for the Year Ended 31 DECEMBER 2021 


**----- Start of picture text -----**<br>
||||||
|---|---|---|---|---|
|6.|CHARITABLE|ACTIVITIES|COSTS|
|Support|
|Direct|costs|(see|
|Costs|note|7)|Totals|
|£|£|£|
|Charitable|activities|- Primary|purpose|
|trading|303,513|73,497|377,010|
|7.|SUPPORT COSTS|
|Management|Finance|
|costs|Finance|costs|Totals|
|£|£|£|£|
|Charitable|activities|- Primary purpose|
|trading|50,409|7,232|15,856|73,497|
|8.|NET INCOME/(EXPENDITURE)|

**----- End of picture text -----**<br>


Net income/(expenditure) is stated after charging/(crediting): 


**----- Start of picture text -----**<br>
||||||||
|---|---|---|---|---|---|---|
|2021|2020|
|£|£|
|Depreciation|-|owned|assets|9,758|1,664|
|Hire|of|plant and|machinery|1,037|3,616|
|Other operating|leases|.|1,658|
|Independent|examiners'|fees|- non|assurance|11,691|14,920|
|Independent|examiners'|fees|1,200|1,680|

**----- End of picture text -----**<br>


9. TRUSTEES' REMUNERATION AND BENEFITS 

## Trustees' remuneration 

During the year £879 (2020: £nil) was paid to Ms L Baird (Trustee) under a PAYE contract as a Gymnastics Coach which is is included in the wages total included in the notes to the accounts. 

In the previous accounting period, £1,762 was paid to Mrs J B Large (Trustee of Salto Gymnastics Club prior to merger) under a PAYE contract as a Gymnastics Coach which is included in the wages total included in the notes to the accounts. 

Aside from the above, there were no further trustees’ remuneration or other benefits for the year ended 31 December 2021 or for the year ended 31 December 2020. 

## Trustees’ expenses 

There were no trustees’ expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020. 

Page 28 

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SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED 

NOTES TO THE FINANCIAL STATEMENTS- continued for the Year Ended 31 DECEMBER 2021 

|10.|STAFF COSTS|||||||
|---|---|---|---|---|---|---|---|
|||||||2021|2020|
|||||||£|£|
||Wages and salaries<br>Social security costs<br>Otherpension costs|||||181,973<br>1,878<br>2,473|233,058<br>3,942<br>3,731|
|||||||186,324|240,731|
||The averagemonthlynumberofemployees duringtheyearwas as follows:|||||||
|||||||2021|2020|
||Average employees|||||39|39|
||No employeesreceived emoluments in excessof£60,000.|||||||
|11.|COMPARATIVESFORTHESTATEMENTOFFINANCIALACTIVITIES|||||||
|||General<br>fund<br>£|Property<br>fund<br>£|Revaluation<br>reserve<br>£||Restricted<br>funds<br>5|Total<br>funds<br>£|
||INCOME AND|||||||
||ENDOWMENTSFROM||||’|||
||Grants, Bursaries,|||||||
||Fundraising ,Donations and<br>GiftAid|115,458|-|-||75,550|191,008|
||Charitable activities|||||||
||Charitable activities - Primary<br>purposetrading|238,529|-|-||-|238,529|
||Investment income|9|-|-||-|9|
||Tradingincome|8,172|-|-||-|8,172|
||Total|362,168|-|-||75,550|437,718|
||EXPENDITUREON|||||||
||Trading expenditure|11,895|-|-||-|11,895|
||Charitable activities|||||||
||Charitable activities -Primary<br>purposetrading|431,833|-|-||33,258|465,091|
||Total|443,728|-|-||33,258|476,986|
||NET|||||||
||INCOME/(EXPENDITURE)|(81,560)|-|-||42,292|(39,268)|
||Transfers between funds|(14,137)|14,137|°||-|-|
||Other recognised|||||||
||gains/(losses)|||||||



Page 29 

continued... 



## SALTO GYMNASTICS CHARITABLE FOUNDATION 

## LIMITED 

## NOTES TO THE FINANCIAL STATEMENTS- continued for the Year Ended 31 DECEMBER 2021 

|11.|COMPARATIVESFORTHESTATEMENT|STATEMENTOFFINANCIALACTIVITIES - continued|STATEMENTOFFINANCIALACTIVITIES - continued|STATEMENTOFFINANCIALACTIVITIES - continued|STATEMENTOFFINANCIALACTIVITIES - continued||
|---|---|---|---|---|---|---|
|||General<br>fund|Property<br>fund|Revaluation<br>reserve|Restricted<br>funds|Total<br>funds|
|||£|£|£|£|£|
||Gains on revaluation offixed||||||
||assets|-|-|250,000|-|250,000|
||Netmovementin funds|(95,697)|14,137|250,000|42,292|210,732|
||RECONCILIATION OF||||||
||FUNDS||||||
||Total funds brought||||||
||forward|300,375|469,860|319,070|3,941|1,093,246|
||TOTALFUNDSCARRIED||||||
||FORWARD|204,678|483,997|569,070|46,233|1,303,978|
|12.|TANGIBLE FIXEDASSETS||||||
||||Improvements||Fixtures||
|||Freehold|to|Plant and|and||
|||property|property|machinery|fittings|Totals|
|||£|£|£|£|£|
||COST||||||
||At 1 January2021<br>Additions|1,500,000<br>-|16,638<br>-|-<br>35,554|-<br>3,930|1,516,638<br>39,484|
||At 31 December2021|1,500,000|16,638|35,554|3,930|1,556,122|
||DEPRECIATION||||||
||At 1 January2021|-|1,664|+|-|1,664|
||Charge foryear|-|1,664|7,111|983|9,758|
||At31 December2021|-|3,328|7,111|983|11,422|
||NETBOOKVALUE||||||
||At31 December2021|1,500,000|13,310|28,443|2,947|1,544,700|
||At31December2020|1,500,000|14,974|-|-|1,514,974|



The freehold property is recorded at fair value of £1,500,000 with the original cost, which would also be the carrying net book value under the cost model, set at £930,930. 

The valuation was carried out by an external valuer, Berry's UK on 7 January 2021. The Trustees agree the value will not have changed between 31 December 2021 and the date of this valuation. 

Page 30 

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SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED 

13. FIXED ASSET INVESTMENTS 

## NOTES TO THE FINANCIAL STATEMENTS- continued for the Year Ended 31 DECEMBER 2021 

|FIXED ASSET INVESTMENTSINVESTMENTS||
|---|---|
||Unlisted|
||investments|
||£|
|MARKETVALUE||
|At 1 January2021 and 31 December2021|1|
|NETBOOKVALUE||
|At 31 December2021|1|
|At31December2020|1|



There were no investment assets outside the UK. 

The company’s investments at the balance sheet date in the share capital of companies include the following: 

||Salto Leisure Limited||||
|---|---|---|---|---|
||Registered office: 260 -270 Butterfield, GreatMarlings, Luton, Bedfordshire,||England,LU2 8DL||
||Natureofbusiness: Sports and recreation education||||
|||%|||
||Class ofshare:|holding|||
||£1 ordinary|100|2021|2020|
||||£|£|
||Aggregate capital and reserves||(180,431)|(176,191)|
||(Loss)/profit fortheyear||(4,240)|36,137|
|14,|STOCKS||||
||||2021|2020|
||||£|£|
||Stocks||2,779|2,882|
|15.|DEBTORS:AMOUNTSFALLINGDUE|DUEWITHINONEYEAR|||
||||2021|2020|
||||£|£|
||Amountsowedby subsidiary||247,852|243,273|
||Accrued income||6,700|49,573|
||Prepayments||-|258|
||||254,552|293,104|



Page 31 

continued... 



## SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED 

## NOTES TO THE FINANCIAL STATEMENTS- continued for the Year Ended 31 DECEMBER 2021 

## 16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 

|16.|CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEARYEAR|||
|---|---|---|---|
|||2021|2020|
|||£|£|
||Bankloans (seenote 18)|111,696|106,140|
||Trade creditors|804|1,700|
||Social security and other taxes|2,983|10,374|
||Accruals|5,540|8,276|
|||121,023|126,490|
|17.|CREDITORS: AMOUNTSFALLINGDUEAFTERMORETHAN ONE YEAR|||
|||2021|2020|
|||£|£|
||Bank loans (see note 18)|424,878|483,083|
|18.|LOANS|||
|||2021|2020|
||Bank loans: Mortgage|£|£|
||Repayable by instalments|||
||Less than 1 year|47,183|47,183|
||1-5 years|188,732|188,732|
||More than 5 years|171,331|211,018|
|||360,062|446,933|
|||2021|2020|
||Bank loans: Coronavirus Business Interruption Loan Scheme|£|£|
||Repayable by instalments|||
||Less than | year|22,222|16,667|
||1-5 years|64,815|83,333|
||More than 5 years|-|-|
|||64,815|100,000|
|||2021|2020|
||Bank loans: Total|£|£|
||Repayable by instalments|||
||Less than 1 year|69,405|63,850|
||1-5 years|253,546|272,065|
||More than 5 years|171,331|211,018|
|||424,877|483,083|



Page 32 

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SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED 

NOTES TO THE FINANCIAL STATEMENTS- continued for the Year Ended 31 DECEMBER 2021 

## 19. LEASING AGREEMENTS 

Minimum lease payments under non-cancellable operating leases fall due as follows: 

|||2021|2020|
|---|---|---|---|
|||£|£|
||Within oneyear|2,334|3,337|
||Between one and fiveyears|3,071|4,417|
|||5,405|7,754|
|20.|SECURED DEBTS|||
||The following secureddebts are includedwithin creditors:|||
|||2021|2020|
|||£|£|
||Bankloans|360,062|446,933|



The mortgage loan is secured against the property in which it relates. 

Page 33 

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## SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED 

## NOTES TO THE FINANCIAL STATEMENTS- continued for the Year Ended 31 DECEMBER 2021 

## 21. MOVEMENT IN FUNDS 


**----- Start of picture text -----**<br>
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|Net|Transfers|
|movement|between|At|
|At|1.1.21|in|funds|funds|311221|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|204,678|20,759|(52,998)|172,439|
|Designated|revaluation|fund|569,070|-|-|569,070|
|Property|fund|483,997|-|52,998|536,995|
|1,257,745|20,759|-|1,278,504|
|Restricted|funds|
|Restricted|3,941|-|-|3,941|
|London Luton|Airport Community Fund|5,000|(5,000)|-|-|
|Sport England Return|to Play Community|37,292|(7,605)|-|29,687|
|Asset|Fund|
|Baily Thomas|Charitable Fund|-|1,000|-|1,000|
|Tesco Bags|of Help|-|750|-|750|
|Birkdale|Trust|for Hearing|Impaired|-|927|-|927|
|Amold|Clarke|-|1,000|-|1,000|
|Moto|Foundation|/ CVC|Foundation|-|400|-|400|
|Santa|Barabara|Heights|-|1,000|-|1,000|
|Sport|England|Return|to|Play|Small|Grants|-|3,935|-|3,935|
|46,233|(3,593)|-|42,640|
|TOTAL FUNDS|1,303,978|17,166|-|1,321,144|

**----- End of picture text -----**<br>


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SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED 

NOTES TO THE FINANCIAL STATEMENTS- continued for the Year Ended 31 DECEMBER 2021 

21. MOVEMENT IN FUNDS- continued 

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


**----- Start of picture text -----**<br>
||||||||
|---|---|---|---|---|---|---|
|Incoming|Resources|Movement|
|resources|expended|in funds|
|£|£|£|
|Unrestricted|funds|
|General|fund|392,201|(371,442)|20,759|
|Restricted|funds|
|London Luton Airport Community Fund|-|(5,000)|(5,000)|
|Sport England Return to Play Community|-|(7,605)|(7,605)|
|Asset Fund|
|Baily Thomas|Charitable Fund|1,000|-|1,000|
|Tesco Bags of Help|1,000|(250)|750|
|Birkdale|Trust|for Hearing|Impaired|1,000|(73)|927|
|Arnold|Clarke|1,000|-|1,000|
|Moto Foundation|/ CVC|Foundation|500|(100)|400|
|Santa Barabara|Heights|1,000|-|1,000|
|Sport England Return|to Play Small|Grants|7,000|(3,065)|3,935|
|12,500|(16,093)|(3,593)|
|TOTAL FUNDS|404,712|(387,535)|17,166|

**----- End of picture text -----**<br>


Page 35 

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SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED 

## NOTES TO THE FINANCIAL STATEMENTS- continued for the Year Ended 31 DECEMBER 2021 

## 21. MOVEMENT IN FUNDS- continued 

## Comparatives for movement in funds 


**----- Start of picture text -----**<br>
||||||||
|---|---|---|---|---|---|---|
|Net|Transfers|
|movement|between|At|
|At|1.1.20|in funds|funds|31.12.20|
|£|£|£|i|
|Unrestricted|funds|
|General|fund|300,375|(81,560)|(14,137)|204,678|
|Designated revaluation|fund|319,070|250,000|-|569,070|
|Property|fund|469,860|-|14,137|483,997|
|1,089,305|168,440|-|1,257,745|
|Restricted|funds|
|;|Restricted|3,941|-|-|3,941|
|London Luton Airport Community Fund|-|5,000|-|§,000|
|Sport England Return|to|Play Community|-|37,292|-|37,292|
|Asset Fund|
|3,941|42,292|-|46,233|
|TOTAL FUNDS|1,093,246|210,732|-|1,303,978|

**----- End of picture text -----**<br>


Page 36 

continued.., 



SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED 

## NOTES TO THE FINANCIAL STATEMENTS- continued for the Year Ended 31 DECEMBER 2021 

## 21. MOVEMENT IN FUNDS- continued 

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


**----- Start of picture text -----**<br>
||||||||||
|---|---|---|---|---|---|---|---|---|
|Incoming|Resources|Gains and|Movement|
|resources|expended|losses|in funds|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|362,168|(443,728)|-|(81,560)|
|Designated revaluation|fund|-|-|250,000|250,000|
|362,168|(443,728)|250,000|168,440|
|Restricted|funds|
|Bedfordshire|and Luton Community|4,050|(4,050)|-|-|
|Foundation|
|London Luton Airport Community Fund|$,000|-|-|5,000|
|Sport England CAF|10,000|(10,000)|-|-|
|Baily Thomas|Charitable Fund|1,000|(1,000)|-|-|
|Sport England Retum|to Play Community|50,000|(12,708)|-|37,292|
|Asset Fund|
|Low|Carbon|Workplace|Lighting|Project|5,000|(5,000)|-|-|
|Active|Luton|-|LSN|500|(500)|-|-|
|75,550|(33,258)|-|42,292|
|TOTAL FUNDS|437,718|(476,986)|250,000|210,732|

**----- End of picture text -----**<br>


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SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED 

, 

## NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 DECEMBER 2021 

## 21. MOVEMENT IN FUNDS - continued 

A current year 12 months and prior year 12 months combined position is as follows: 


**----- Start of picture text -----**<br>
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|Net|Transfers|
|movement|between|At|
|At|1.1.20|in funds|funds|31.12:21|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|300,375|(60,801)|(67,135)|172,439|
|Designated|revaluation|fund|319,070|25,00|-|569,070|
|Property|fund|469,860|-|67,135|536,995|
|1,089,305|189,199|-|1,278,504|
|Restricted|funds|
|Restricted|3,941|-|-|3,941|
|Baily|Thomas|Charitable|Fund|-|1,000|-|1,000|
|Sport England Return|to|Play Community|-|29,687|-|29,687|
|Asset Fund|
|Tesco Bags of Help|-|750|-|750|
|Birkdale Trust|for Hearing|Impaired|~|927|-|927|
|Arnold Clarke|-|1,000|-|1,000|
|Moto|Foundation|/ CVC|Foundation|-|400|-|400|
|Santa Barabara Heights|-|1,000|-|1,000|
|Sport|England Retum|to|Play|Small|Grants|-|3,935|-|3,935|
|3,941|38,699|-|42,640|
|TOTAL FUNDS|1,093,246|227,898|-|1,321,144|

**----- End of picture text -----**<br>


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SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED 

21. MOVEMENT IN FUNDS- continued 

## NOTES TO THE FINANCIAL STATEMENTS- continued for the Year Ended 31 DECEMBER 2021 

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: 


**----- Start of picture text -----**<br>
||||||||||
|---|---|---|---|---|---|---|---|---|
|Incoming|Resources|Gains and|Movement|
|resources|expended|losses|in funds|
|£|£|£|£.|
|Unrestricted|funds|
|General|fund|754,369|(815,170)|-|(60,801)|
|Designated revaluation|fund|-|-|250,000|250,000|
|754,369|(815,170)|250,000|189,199|
|Restricted|funds|
|Bedfordshire and Luton Community|4,050|(4,050)|-|-|
|Foundation|
|London Luton Airport Community|Fund|5,000|(5,000)|-|-|
|Sport England CAF|10,000|(10,000)|-|-|
|Baily Thomas|Charitable|Fund|2,000|(1,000)|-|1,000|
|Sport England Retum|to|Play Community|50,000|(20,313)|-|29,687|
|Asset Fund|
|Low|Carbon|Workplace|Lighting|Project|5,000|(5,000)|-|-|
|Active|Luton — LSN|500|(500)|-|-|
|Tesco Bags of Help|1,000|(250)|-|750|
|Birkdale Trust|for Hearing|Impaired|1,000|(73)|-|927|
|Amold|Clarke|1,000|-|-|1,000|
|Moto|Foundation|/ CVC|Foundation|500|(100)|_o-|400|
|Santa Barabara|Heights|1,000|-|-|1,000|
|Sport England|Return|to|Play Small|Grants|7,000|(3,065)|-|3,935|
|88,051|(49,352)|-|38,699|
|TOTAL FUNDS|842,420|(864,522)|250,000|227,898|

**----- End of picture text -----**<br>


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continued... 



SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED 

## NOTES TO THE FINANCIAL STATEMENTS- continued for the Year Ended 31 DECEMBER 2021 

## 21. MOVEMENT IN FUNDS- continued 

## Breakdown of Restricted Income 

|SportEngland Return to PlayCommunityAssetFund|29,687|
|---|---|
|Air-Heat-LightProject - Ventilation andnew lighting||
|Tesco Bags ofHelp|750|
|COVID-19 EmergencyFunding forDesignatedCosts||
|Birkdale Trust forHearing Impaired|927|
|Funding to improve accessibility to SALTO Centre forthose with hearing impairment||
|SportEnglandReturm to Play Small Grants|3,935|
|PostCOVID-19—Designated costs linked to resuming activities||
|Arnold Clarke|1,000|
|To topup the Birkdale Trust forHearing ImpairedFunding||
|Moto Foundation<br>/CVC Foundation|400|
|To fund additional SoftPlay apparatus forpre-school||
|Santa BarabaraHeights|1,000|
|To topup theBirkdale Trust forHearing ImpairedFunding<br>BailyThomas Charitable Fund|1,000|
|Respite& holiday activityprogramme for2021 forchildren&youngpeople with||
|special needs.||
|Other restricted|3,941|
|Totalrestrictedincome|42,640|



## Transfers between funds 

Funds transferred between the property and general fund are the transfer of cash held at bank and in hand to settle the loan paid off during the year. 

## Detail of funds 

Funds have been designated at the discretion of the Board of Trustees as follows: 

## General funds 

This is money that can be spent on anything which furthers the objectives of The Salto Foundation Limited. 

## Designated property fund 

The purpose of this fund is to separate the cost of the property and the corresponding bank loan. 

## Designated revaluation fund 

The purpose of this fund is to separate the revaluation of the property in previous years from the general and property fund. 

Restricted funds 

Detail of this fund can be found in the Report of the Trustees. 

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SALTO GYMNASTICS CHARITABLE FOUNDATION 

LIMITED 

22. RELATED PARTY DISCLOSURES 

## NOTES TO THE FINANCIAL STATEMENTS- continued for the Year Ended 31 DECEMBER 2021 

At the year end, SALTO Gymnastics Charitable Foundation Limited was owed £247,783 (2020: £243,273) by its subsidiary, Salto Leisure Limited. The balance is repayable on demand and is non-interest bearing. 

During the year, £30,000 (2020: £30,000) was paid to Discover Project Solutions Limited, a company which Mr J C Richardson (Trustee) is the controlling party, for the provision of consultancy and support services to , the charity, including acting as Chief Operating Officer. This expense is included within management support costs. The contract for services complies with the statutory provision of the Charities Act 2011, Section 185. 

A close family member of one Trustee was employed by the charity during the year, with total remuneration paid, under PAYE contracts, totalled £15,624 in 2021 (2020: close family members of two Trustees totalled £22,317). 

23. ULTIMATE CONTROLLING PARTY 

The charitable company’s ultimate controlling party is the Board of Trustees. 

24. COMPANY LIMITED BY GUARANTEE 

The company is limited by guarantee and has no share capital. 

Every member of the company undertakes to contribute to the assets of the company, in the event of winding up, such an amount as may be required not exceeding £1. 

25. MERGER ACCOUNTING 

On 31 December 2020, a merger took place merging the activities and net assets of Salto Gymnastics Club (SGC) (charity number 1051367) into SALTO Gymnastics Charitable Foundation (SGCFL) (previously known as The SALTO Foundation Limited (TSFL)). The registered address of this charity 260 - 270 Butterfield, Great Marlings, Luton, Bedfordshire, LU2 8DL. 

The only significant adjustments to note as part of this merger are the merging of inter-charity balances (totalling £11,638 for 2020 and nil for 2019) and inter-charity donations totalling £47,120 from SGC to SGCFL (2019: £52,178). No other adjustments have been made as a result of this merger. 

26. DEPARTURE FROM THE REQUIREMENTS OF THE COMPANIES ACT 2006 

The Salto Foundation Limited have opted to report the combination of Salto Gymnastics Club and The Salto Foundation Limited using merger accounting principles. This is in accordance with section 27 of The Charities Statement of Recommended Practice (SORP) but represents a departure from Companies Act 2006. The board of trustees have concluded that the financial statements present fairly the financial position and financial performance. The Salto Foundation Limited have complied with applicable legislation, aside from this departure (paragraph 10 of Schedule 6 of the Regulations as defined by FRS 102), in order to achieve a true and fair presentation. 

The financial statements have been prepared on a merger accounting basis and the results for Salto Gymnastics Club for the 2020 period has been included within the financial statements. 

The treatment that the applicable legislation required is the adoption of the acquisition method of a business combination. This treatment is deemed to be misleading as the boards of Trustees, for both charities, agreed to merge activities and have obtained confirmation from the Charity Commission of this arrangement. 

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: 

## SALTO GYMNASTICS CHARITABLE FOUNDATION 

## LIMITED 

||DETAILED STATEMENTOFFINANCIAL ACTIVITIES|||
|---|---|---|---|
||for theYear Ended 31DECEMBER 2021|||
|||2021|2020|
|||£|£|
|INCOME ANDENDOWMENTS||||
|Grants, Bursaries, Fundraising ,Donations and GiftAid||||
|Donations<br>Grants||13,753<br>17,850|3,720<br>92,750|
|Governmentgrants||78,826|82,857|
|Giftaid||8,701|11,681|
|||119,130|191,008|
|Investmentincome||||
|Depositaccountinterest||2|9|
|Charitable activities||||
|Subscriptions||244,593|214,068|
|Gym Hire||9,665|7,725|
|Badges||3,326|1,023|
|Playgym||10,440|11,214|
|Competition fees||2,019|4,499|
|||270,043|238,529|
|Tradingincome||||
|Merchandise||6,761|4,595|
|CoffeeBar Sales||291|3,577|
|Insurance claim proceeds||8,475|-|
|||15,527|8,172|
|Totalincomingresources||404,702|437,718|
|EXPENDITURE||||
|Other trading activities||||
|Clothing forsales||5,010|7,766|
|Coffeebar||1,581|4,129|
|Badges, Chalk, Certificates,|and Trophies|3,935|=|
|||10,526|11,895|
|Charitable activities||||
|Wages||181,973|233,058|
|Social security||1,878|3,942|
|Pensions||2,473|3,731|
|Hire ofplantand machinery||1,037|3,616|
|Otheroperating leases||-|1,658|
|Rates andwater||10,940|9,353|
|Insurance||4,094|3,955|
|Carriedforward||202,395|259,313|



This page does not form part of the statutory financial statements 

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SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED 

DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 DECEMBER 2021 


**----- Start of picture text -----**<br>
|||||||||
|---|---|---|---|---|---|---|---|
|2021|2020|
|£|£|
|Charitable|activities|
|Brought forward|202,395|259,313|
|Light and heat|4,789|3,835|
|Telephone|2,006|2,140|
|Postage and stationery|652|1,697|
|Sundries|4,519|320|
|Donations|-|(45)|
|Subscriptions|and|licences|-|5,274|
|Repairs and|maintenance|1,029|4,505|
|Repairs|and|renewals|37]|13,000|
|Cleaning|and|waste|disposal|1,180|9,081|
|Membership|concessionary/ bursary fees|5,000|.|
|Management|fees|68,500|-|
|Rent paid|-|Salto|Leisure|Limited|-|90,830|
|Competition|fees|3,314|-|
|Improvements|to property|1,664|1,664|
|Plant|and machinery|TALI|-|
|Fixtures|and|fittings|983|-|
|303,513|391,614|
|Support|costs|
|Management|costs|
|Legal|and professional|fees|4,144|5,413|
|Consultancy|33,314|30,500|
|Independent|examiners’|fees|- non|assurance|3,570|6,664|
|Independent examiners’|fees|1,260|1,680|
|Independent|examiners’|fees|-|payroll|costs|4,782|4,080|
|Independent|examiners’|fees|-|payroll|costs|
|(CJRS)|3,339|4,176|
|50,409|§2.513|
|Finance|
|Bank charges|7,232|4,218|
|Finance|costs|
|Bank loan|interest|15,856|16,746|
|Total|resources expended|387,536|476,986|
|Net income/(expenditure)|17,166|( 39,268)|

**----- End of picture text -----**<br>


This page does not form part of the statutory financial statements 

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