REGISTERED COMPANY riu￿1BER- 04794043 {England W'ales} RECISTERED CHARITY NUMBER.. 1099407 REPORT OF THE TRUSTEES AND UIYAUDITED FI.%ANCIAL STATENIENTS FOR THE YEAR ENDED JI DECEMBER 2023 FOR SALTO GYMf4ASTICS CHARITABLE FOUNDATION LIMITED FKCA Limiicd 260- 270 Bufterfield Great Marlin85 Luton Bedfordshire LU2 8DL SALTO GYIINASTICS CHARITABLE Fouf*DATIOY LIMITED CONTEliTS OF THE FIYA.YCIAL STATEMENTS for the Year Ended 31 DECE,%IBER 2023 P*%e R¢f¢rtnce AdminlsiNi5ve Detalls Ch•lrm¥n's Report Report of ihe Trusttes 4 10 15 Indeptndtnt E¥#mlner'i Report 16 17 10 18 Balance Sheei 19 to 21 Cash Flow St*tememi 22 Nottj lo the C*Jh Flow Statemenl 23 otes to the Fin•n¢lal Si•iemtnts 24 10 39 SALTO CYMNASTICS CHARJTABLE FOUNDATION LIIIITED REFERENCE AND ADNII%ISTIL4TII'E DETAILS ror tht Year Ended 31 DECE%IBER 2023 TRUSTEES Mr R Powell Mr J C Ri¢haTdson (deCe￿d 10.3.231 Mr F J Phillips Mr M A DArcy Ir¢signed 24.1.241 Ms L Hanlty Iresign¢d 14.6.23) Mrs P Young Ms L Baird Mr G Baliah Ms N Ford lappoinied 27.6.23} Iresi8Thed I1.9.24) REGISTERED OFFICE 260- 270 Buiierficld Greai Marlin86 Luion B¢dford$hire LU2 8DL REGISTERED COMPANY P*'UMBER 04794043 {En81￿d and Wales) REGISTERED CHARITY Nu￿lBER 1099407 INDEPENDENT EXAMI.YER FKCA Limiied 260- 270 Buttcrfield Greal Marlin8S Lulon Bedfordshire LU2 8DL LEGAL ADVISERS Marhins Soliciiors 28 Dunsrable R(Jad Luion LUI IDY Pagt I SAI.TO GYMP*ASTICS CHARITABLE FOUNDATIOY LIMITED cHAIR￿lA￿'s REPORT for tb¢ l'ear ENded JI DECEMBER 2023 After emerging wilh renewed resilience and vigouT Post Covid. 2023 proi'ed 10 be the mosl challenging >'ear yel for the Salio Charitable Foundation. It was with 8real sathiess thai on March Ioih, our founder and CEO Carl Richardson passed away unexpectedly. His legacy and larger ihan lif¢ ¢hara¢t¢r was insirumenial in nurn]ring. growing and ultimaiely making ihe Club Ihc success li ib today. Ai its peak servin8 8rcaler than 1.000 local gymnasts and becoming instrument81 lo supportin8 the local cornrnurbity. Carl's astute fJnan¢tal stewardship in¢ludiDg the purchase of The Salto Ccntr¢ ¢nsured that we survivcd th¢ darkest days of the prolon8¢d ¢losuTe due to Covid-19 and ¢an ¢oniinue to proi'id¢ gymnasii¢s and now, jujiisu ¢lasse$ 10 the wider con)muniry. %upplemethiing ow extensive pre-$¢htK>I tsffering. It is indeed Ihe new repo$ilionithg of Space wilhin the SAIIO Centre thal has all0￿'¢d the Club further lo implement Lts Charitsble objectives. lo ihe benefit of our local community. In pannerin8 with Jujilsu. we have also benefiiied from th¢'heawy muscle. required io move lar8t pieces of equipment and l ￿'0￿ld like 10 personally ihank th¢m for all th¢ir help this year. As Trusiees, we have endeavoured to SUp￿)rt C.arl's family. his wife Camn. and daughicrs Emma & Kaiie which was evidenced by the heartfelt eniolion and aiierbdance at his funcral and requiem mass by the Salio cohori. Th¢ Board. had posl refinancing aft¢r Covid-lg. insii8at¢d a simplification of ihe financing arrangements for The Club and in Ihe proc¢cding wecks aftcr Cdrl's possing, Ihi$ would b¢¢ome invaluable as we soughi to ¥Thpple wilh adminisicrirtg a business and Charily w'iih significant lurnover and greater than 50 employees. Laura Baird dcservcs Unrcserved thank5 from our Tru51ecs and Members. Havin8 re¢enily rewmcd from her own new pamiiing journey. she 51cpped into the role of DirecloT of OperDlions M'ith laser focus. delennined lo steer the Salto ship through ihese difficult waters. Laura, 5UPPOrted by Nadin¢ and others oversaw a very successful Chrismias Sho￿.. Kimberley ¢hoT¢ogrgph¢d an ¢xcepiioJal AC RO Gala and various fw)draising events thai hav¢ all been well supported by our members. Ably assisied by our TNsie¢ responsible for financ¢. Mike D'Ar¢}'. who w¢ would later be employed in a more fomial ¢ap8¢ity. S8110 has Manag￿ 10 navigatc a mosi diffJ¢uli pcriod and there are indications Ihai OUT new management tcam. assisted by our Scnior Coachc5 are bringin8 a sct of fresh ideas and joincd up approach lo thc delivery of gymnasiic5 classes within Club. Our gymn&%is reiurn¢d 10 ¢omp¢iiiion & a¢hi¢ved y)n)e n(Trie￿onbY suc¢ess. In 2D23 a¢russ all of (Fur department's SALTO Arhicved 54 brony.c mcdll15. 56 5iIw¢T m¢dD15 and 48 (yold medals. we arc very proud of all of our 8ymTra51s and ache51 Amongsl OUT huge 5ULCC5s ihis year J 51andoui momcni from our Youth Mixed Pair In May 2023 they cornpelcd in Brit15h and brought back 2 National (iold Mcdals. Th¢ Club remains linaneially viabl¢ albeit asset rich. cash tlow. tM)or. During the year. the Board was approached by Real-Esiate Invesimeni company looking to purchase the Salio Cenire. The Board unanimously reje¢ied Ilie offer. The pcr525lcntly hishcr UK inflaiion and hi8her encrgy prices hai'e bcen a real burden. The Bo4rd Tcluclantly approvcd Sl8nificanl rise in f¢es in (kiobcr 2023 which should provide some comftsrf financiglly in the coming ycar. Thi5 re8TCllably comes al a lime whcn our members are also feelin8 the pinch financially. Wc rnust prioritize granl application5 lo enable lh¢ ¢ontinucd investment in faLiliiie5 and ialenl and I would like io Ihank the WixamTTce Trusi, The Luion Communiiy Foundation, Te.sco C.ommunily Fund, Th¢ CJarfi¢ld Wc%ion Foundaiion. and ihc P(Islcodc Plac¢s l.oll¢ry for Iheir supporl. In 2023 we Te¢ei%'ed £24.Q(K) of exiernal grani suN)ort. I wnuld also lik¢ io personally ihank ¢v¢ry individual who supp(irtcd our in-club fundrai5in8 initiatives, froTn thcir provision of tiTllC, 10 5¢tting up th¢ ar¢na, fundraisin8* and 5afe-guardinB 5uppori. Our overdll finanees, at thc end of 2023 were showing sipjs ofimprovcmcnls and ended wilh a lower deficit of £5,302 compared wilh last year deficit of £171,(K)5. We 4150 enicrfained SaTOh Powell CEO Briiish GymnaMi¢$ for an inrflub ViSiL. We remain committed io building for Ihe fijturc and have invested heavily in our pre-school offeTing- our gymnasts and young leaders ofthe futUTe. The Board is COmTnittcd to growing & nurturing organic talent whcre p0551ble. UThderthe tutelage of several exccpiional senior coache5. Wc have providcd iraining opportuniiics for our staff so Iliai they can progies5 With coaching badgc5 and menloring to broaden ihelr skillsel holistically for lalcr lifc. We have also welcomed back re￿rning coaches durÈn8 universily semesieI5. Thi.% year has truly beett a ieam errort_ Everyone within ihe Club should be proud thai w'e as a colle¢tii'e. have navigaled a mo$1 difficult year. Page 2 SALTO GYMNASTICS CHARITABLE FOL'f*DATIO.N LIMITED CIIAIR%IAIN'S REPORT rtsr the Y¢ar Ended 31 DECEMBER 2023 We end 2023 wilh the need io strengthen our Board further. TThiie¢s we n¢¢d you. We are deficient in legal. IT and maTkelin8 skills. Further talenied appoinimcnis will ensure Ihe rharily remains $usthinable and will also conlinuc lo devclop ollr positive approach to DiNer51ty. Equality. and Inelusion and ensure we remain relevant to OUT members and the widcr ¢(>mmunity. I would finally like to Ihank our parents and earers. sponsors. and funders who WiThout your continued 5UPPOrt. we would noi b¢ abl¢ io fulfil our Charilablc obje¢iiv¢s. l am Confident thai SALTO will continue io ASPIRE. to INSPIRE. io DELIVER and to SUCCEED. Mr R Powcll- Chaimmn Page 3 SALTO GYMNASTICS CHARITABLE FoufiDATIO.Y LINIITED REPORT OTr THE TRI'STEES for the l'ear Endtd 31 DECEIIBER 2023 This report Teprc5ents SALTO Gymna51ics ChaTitable Foundaiion Limhied. Thc $¢ten8ih ofour Board, managcmcnt team. ststyand iinponanily members have allowcd us io POSitton ourselve5 for growlh. The ITuslees who arc also directOTS {The Board) of the chaiity foi lh¢ PUTposes of lh¢ Companies Aci 2(K>6, prcs¢nt iheir r¢pon with the flnoncial sialemenis of the chariry for ihc year ended 31 Decemb¢i 2023. Thc Board has adopted ihc provisions of Accouniing and Reponin8 by Charities-. Siaiemenl of Rccomtnended PT8¢1i¢c applicable 10 charities preparing Iheira¢¢ounls in ac¢ordancewiih the Financial Retx)rtin8 Siandard applicable inthe UK and Republic of Ireland IFRS 102). 2023 M'as planned to be our stron8c51 year of recovcry since COVtD. The beginning of 2023 scen a ¢hang¢ in ihe manag¢m¢nl sintcwre, and ￿'e had planncd for Ihcupcomin8ycar. In NlaTch 2023 ourchief Op¢rating Officcr and TN.4iee Carl Ri¢hardson pass¢d away suddenly. we supported Carls Family 10 Ihc besl of OUT abilily. As 3 bvaid we suppvrted the nidna¥imeni in club C4>niinu¢ Ihe dby-1l￿Y operaiiot)$ 4nd %iil¢ ¢v¢ryon¢ inio iheir new roles. Busin¢ss as nornial remained clusivc. Boih U'K Inflation mcasurc5. Corc CPI and CPIH. r¢m#in¢d high. CPI b¢%inning the ycar ai 9.2fj/•. SALTO attcmpt¢d to re84Lin lis pre c(Tr%'id mcrnbcrship basc. w'hilsl Teco8n15in¥ that Children. PuTCnts. and our Collcagiics w¢rc navigating a ¢osi-of-liN'ing Crisis. Th¢ sir¢ngih of our BooTd. rnunagcmenl ieam, staff and importantly mcmbcrs haic allom'cd us 10 position ouTs¢lk¢s for ihc CuiuT¢. Wc f¢¢1 Ihat our backbonc ha5 rclurncd. yct wc reniain below OUT PTe40vid aiiendance levels. The BoaTd ha$ assessed the Charity on a Boing concern basis. We rnoniiored cash flow on a monijbio-monih basis, we moi'ed io simplify TerM)ning. w'e enhanced the managenient team coniribulors. we drove 10 install confidence into ihe club. th.hcrc bccausc of Mr Richafdson's possing. ¢onfidcn¢c w'as low. Tb¢ Tru51ees mci several iimc5. fomially 4Lnd informally over the monihs following Carls passing. Thc Charity and ils property are man88ed and adrninislcred in 8cciJrdan¢c with 11$ Memorandum and At1icles of As*o¢iaiion, by 118 B(>ard. OBJECI'IVF.S AND ACTI%'ITIES ObJe¢ilve$ ind Attlvltlts The Ch•Tlry'S objecls are restricled spccifically. in each ease only for the public bentfLI 10.. lal The promoiion of ¢ommunitypafli¢ipaiion, in a fange ofhealihy sponing. recreational and educalional physical aclivilics, for Ihe b¢ncfil of bui noi ¢x¢lusi%'ely. th¢ ¢hildren and young people {rcferrcd 10 as Inhabitants) of Lulon and surToundin8 rural iowns and villages (referred io as are) of ben¢fiil. by Ih¢ provision of facilities for partieipalion ITh ihc aclivilie5. T(? advanec educaiion for Ihc bencfEI of. but nol exclusivcly. Inhabilants ofthr Arca ofbcn¢fiil, Ihr(?ugh th¢ provi.sion facili¢t¢.% for ¢oachin8 Lll gymna￿leS sports aTKI ilirough ihc support of gyrnnaslic5 coaching cour5e5 and l¢ad¢r$hip skills. Thc i¢li¢f of such Inhabitanis with physical or learnin8 disabiliiies by thc provision of Ihc faciliiies and Ib) {cl Id) For Ihc public ut large in the inier¢5ts of social ￿'¢if3r¢ and M'ith Ihe obJe¢i of Improving the condition of life of the 5asd Inhabitants w'ho have need of such facilities artd aciLI'Llies, by reason of iheir youih. age, Infirn)iiy or disablement, financial hardship, or S￿la[ and economic circum$lances. Taking rea￿O￿abl¢ ¢are and attcniion is giv¢n io lh¢ physioIo8ieal and rnentsl wellbein8 need5 of such inhabktants. with a vicM' to furthcring Ihese objects. Our vision is.. To Aspire; To Inspire.. To Deliver- To Su¢ceed. As SALTO is more than-Gymnasii¢s" Pagc 4 SALTO GI'KNASTICS CHARITABLE FOiiliDATIOY LINIITED REPORT OF THE TRLSTEES for the l'ear Ended 31 DECE%IBER 2023 OWECTIIIES AND ACtII'ITIES Publlt henefit The Trusie¢s confimi that they ha%'e r¢f¢rr¢d to the Charity Commission's guidanc¢ on public benefit. including the gtsidan¢e'public benefii.. nknning a ¢hariiy IPB2}. when rcviewin8 SALTO'S aims 2nd objectives, as well as in planning future a¢livilies. Wc strive lo improi'c the hcalih. M'ellbeing. and prospeeis of ih¢ "Inhttbiianls" by becoming onc of ihe leading proN'ider5 and promoiers of gy￿￿#S11¢S and orher aciiviiies. in our'Area of 'BenefLt" fron) Ihe use of the SALTO Cenire by SALTO Gymna51i¢s Charitable Founda(Èon Limiied. SALTO'S priniary Source of incom¢ is dire¢ily fTom ils aclivilie5 thai 8enerai¢ member sub5cfipTions and f¢e$. Affordability and 2CC¢SS to SALTO'$ aciivilies and prograrnmes is impon3ni io us and is Teflecled in our pricing pol)ey. Thi.4 pricin¥ policy is designcd et)able as m?ny 'lnhabilants" as possible wiihin our"A Tea of Benefit" io lake part in ¢livilics, iu allend or pafliLIPale in events. by maktng Ihcs¢ 88 aff(IriJable as possible. havin¥ due Tegard lo Ihe general levels of deprivaiion in the "Arca of Ben¢fJl" 8nd pricing of similar sporting or leisur¢ aciivilie5 available locally. The priLing policy Bnd other care￿] finan¢ial mana8cmcnt by thc TTUSi¢eS 8r¢ designed 10 generale a modest $ury)ly$ and onsistenl w'ith our R¢b¢rv¢s Policy dciailed bclow. Thc 5tralegic5 ¢mploy¢d io 8chi¢ve SALTO GymDQStics Charii8bl¢ Foundation Lirniied's aims and obj¢c¢s are.. enable SALTO lo present a broad range of a¢ii%'ilies and gymnasli¢s claw$ for all a8e sroups in as many di5ciplinc5 as possible, subie¢i 10 a%'ailability of qu81ified coaches. enable SALTO io develop innokaitvt pro8rammes. such as. ¢10sses for"Home Educaled. children. cnable SALTO10 develop"Partncr' programm¢s w'iih local schools. gTOUPS WOTkin8 wilh childrcn wilh specific ¢du¢aiional needs. prui'idc fJ' Lililic5 for comrnuniiy 8mai¢ui sports BTI)UP$ lo cla5s¢s al lh¢ SALTO Cenirc ai di5c(TruThl¢d r8t¢s for hirc ofspace. crciilc OPPLinunili¢s for i'oluniccrin8, dei'cl4)pin8 coaching skills aod en)ploym¢nl. CTeal¢ an op¢n. Welcoming. safc cnvironm¢n( to bring familic5 108Cther w'hilsl they waich Iheir childrcn participa14 in their rlasscs foslcring a scnsc of ¢ommunity roh¢sion. crcai¢ J s1g1¢-vf-thc-art Iraining faciliry, 10 in$piTe ihe gymn&rfs to rcach Iheir full potcntial and moliwaic oihcTS to become mernbers too. SALTO is aware thai it musi demonsiraie the difference made by Ihe 8¢hiei*meni of our aims and obje¢iiv¢s Ihrough the deliv¢ry of our activilies. oiilpuls. ouiconies, and impacts. We now need lo M'ork on 2024. Although SALTO i?ioniiors perfornianc¢ againsi Key Pcrforn￿mtC Indicators IKPIS), su within annual opcrntin8 plans. Ihesc re$ulis hivc not be¢n ¢xpris.8¢d in so¢icial icrrns. Thi% 15 still an area for improv¢m¢ni in our prrfoTmance but there are ¢hall¢nge$ gnd m¢asuTerncnt problems a8s0¢iaied lili si>iiic of our JLIIi'Lll¢S. Subjccl lo GDPR compliance. w¢ also ain) lo shaTC data wilh "Partner" i>rgani4alionb lo improve th¢ quality of our reportlll8. SALTO operates in Sundon Park. Dnc of the most deprived areas in Lulon. as cvidcnccd by ONS IMD 5tAlisties. Luton is 70th of 317 of England's mobl deprii'ed areas. 4 Lom popularity and revenue has exceeded our exp¢¢tyiions and is proving to be a f8ntasti¢ Su￿¢5$ for 2023. Faelllil g attd lttfr#structure Our focus is lo ¢nsure ihe SALTO is a welcomin8. nurturing and safe environment for all attendees ai SALTO. From our biaff. voluntc¢rs, rnanagemeni and con¢raciors all the way through to our members and vi51tor5. Workforce At Board level. we were pleased to w¢l¢¢)me Nicoleiie Ford in 2023 following an appeal 10 add more parent r¢presen¢ation on the Board. We close 2023 with the Tnom diverk Board in Salio's hist(Fry. These appointtnenis will ensure the charity remains sustaitydble and will a150 ¢oniinue to develop its poslttve approach io Di￿ersIty. Equality, and Inclusion in particular. We will invest in mana8enient skl'lls trdining courses and seminats io continue our management *am's continu professional development, a5 OPPOrtutiities arise. W¢ continue 10 invest in all of our stsff. our young leaders and coaches are encourdged to climb the British gymnastics qualification ladder, with our fmancial supwrt alongside gaintng other professional skn.lls such as First Aid, Safeguarding and any additional ¢ourw they may require for their specific role. Page 6 SALTO GVMYASTICS CHAIUTABLE FOUNDATION LIMITED REPORT OFTHE TRI1STEES f(*r th¢ Year End¢d 31 DECE￿IBER 2023 Volunteers SALTO relies on voluniary help io support 11$ Managemeni Team. Coa¢hin8 and AdmÉThistrative Staly. Volunieers assisi with stewarding eN'ents and PeTforTnance5, setting up and packing aw'ay. fundraising. banking a￿an¥ementS and stock ¢onlrol. SALTO do¢s noi attribute a fmgncial equi%'aleThl 10 the value of OUT volunteeTS' contribulion lo the Charity however il is neverthcless of grcaier w'orth than ihe mcre saving in PaMI siaff costs. Communl En SALTO has explor¢d neiv aveThucs and w'a)'s of interacting y'iihin the community. Thi5 ycar OUT Staff have vi5ilcd school fayr¢s. w¢lfaT¢ ¢v¢nings and Club ¢onf¢r¢nces. Alongside ¢n8agin8 the community with our aclivities such as OUT ruDdrJis¢rs suf h as lh¢ CILLb Championships and ihe Winier Spcctscular Show5. We ￿111 continue lo suppon Ihe local comrnunily Lind deliver an aff()TdablL. Inclusiwc servicc. SALTO will CLTrniinuc io ASPIRE. 10 INSPIRL. lo DELIVER and io SUCCEED. ommunl¢atlon Our rommunicaiion this year has been rediretied Inio ihe ¢orre¢i Channels with ￿gular social m¢dia posts wilh a mixNrc of SALTO competiiion rcsulis. recreational involvcrnent. adTrertisin8 and updaies. Alongside our monthly new$leiiers. emails and noiic¢ boards. Our Communication wilh siaff has been Improi'ed w'iih Ihe Implementsiion ofour new staff n)anabiemeni system allowing staff to communicate with each other and managcm¢ni as well as hai'in8 access io ih¢ir iimesh¢ei& sch¢dules and $iaff bulleiin for importanl updaies. Income SALTO'5 income is 8eneraied from ihc following sources: M¢mb¢rship Subs¢riptions Mcmbcrship fec5 Clift Aid Sponsorship Non-Gymnastics Core Aciiviiies Trading Activity External Hirc Donations. Grants, BuT5arics and Fundraising lembershl Subs¢Tf tioDs Variable based utK>n ihe 5ub5CTIPlion fee raie and the number of pani¢ip3ntOm¢mb¢TS. This rcprcs¢nts th¢ Idrgesl contribution lo SALTO '5 Primary Trading Income. Thi5 Income 15 regular. paid monthly and the majoritv is via pre- authori$ed tard payments collccied via OUT rncmbcr5hip sJ'51em and designaled paymenl service provider. The subscripiion fee rates w'ere last chan8ed in October 2023. Il'e raised them by around I￿/• thi5 was to rcflcct ihe cconomic climaie, and rising siaffin8 costs. Membershi Fee$ Generally predicable within a reasonablt tolcrance. Variable based the actual membership fec rdte 2nd ihe number of panicipantslniembcrs. Thi5 15 an annual fee. It l5 collecied when ynember5 start their memb¢rship and annually ther¢aft¢r in October. Thc annual fee for oel0F￿r 2023 was rni5ed by £l.IKI 10 £25.W. Page 7 SALTO GY￿l￿AsTICs CHARITABLE FOLNDA TIOY LIMITED REPORT OF THE TRLISTEES ror ¢h¢ l'ear Ended 31 DECE.%IBER 2023 GiftAid As a ¢hariry SALTO Gymnasiics Charitable Foundation is able io claim Gifi Aid on ¢li8ible member payments for which we hold a valid gift aid declaration. our 2023 lotsl for gift aid W'as £18,370. .Yon-G mnxstiC5 Core Activit'es We look to develop Innovaiive ways 10 offer a¢tivitie5 that promole he81ih and wellbeing lo rnember5 and non-members taking advantage of lime when the SALTO Centye is not fully o¢¢upied by 04Jr core-aciiviiies. Normally. Ihis noi only conlribuie5 to our charitable objccls bui a150 provides a strong and reliable sour¢e of revet)ue. Tradin Activit Tradin8 activity is conqislenl. ye¢ below pre Covid levcls al￿ likely io remain so in ihe Imm￿191¢ futur¢. We havc plans to rcorgonise class slructurc and have implemenied cashless payments across our venditt8 machines, which has added io usagc ofihc ioffec bar. xtern•l Hlre ThtTe are difterent forms of external hire from Parfies. Compeiilions and Evenis. Communiry Club hire and Coach Education Cours¢s. This source of income is ex￿Cted lo make an incieasing valuable contribuiion. During 2023 we have been able io esiabli$h and build rel81ionships with ¢xi¢rnal hirtr5 to hopefully continue to build further hall hiring opporwniiics in the fuwrc. DonitlonslCr8ntslBurs*rieslFund Ralsln EvtnlslCroMdfundln h¢BI GSv¢ A This is Clllircly linked ¢0 ihe volume and su¢¢¢ss of sych aciiviti¢>. These are gen¢rally linked lo a project or planned cxpcns¢ Dnd Ihe funds rais¢d are ¢ith¢r R¢51ricicd Rexrves or Designalcd Rcscrvcs. Ther¢ arc long Icad timcs bc￿'Lcn pplication5 and any funding received excepi for wific events. This is not pr¢dici?ble. In¢T¢asingly appli¢81iODS JTC bein8 made for supw)rt for corc costs. on$orshx Sponsorship 15 still findin8 jls ferf here ai SALTO and not yd ¥ predicable or making a meaningful coniribuiion lo the income mix. We hope to establish and 8ain more spon50r5hip as we move into ihe nexl year. Stittmen¢ of Fln*nclal Actlvllle$ Thc Cornmcrcial Nqori8a8c payn?enls of£4.237.31 rontinU¢ sn lh¢ halan¢e as ai ihe y¢ar•¢nd 14 £452.741.61. Subs¢ripii4)ns RefleLied higher in 2023. We saw a risc ofovcr 2￿/0 a5 OUT mcmbership bcgan to grow. Wc raised VUT pricc5, due to inflaiionary pi¢uur¢s in building mainienance also Sta￿lTr8 cosis. continued lo ri5C. Other Incomc- This conlinues to build. Play Gym atiend#TK¢ rates ￿¢ solid and growing. The Teality was in¢ome of over £30.000 lo fruition. Non-core in¢ome contribuied more ihan £80.0(K) in 2023 exceeding budget iaT8ets. Gift Aid contributed £18.370 in 2023. This mon¢y was at no extra direci cosi 10 our mernbers. Page 8 SALTO GYM.NASTICS CHARITABLE FOUIYDATIOY LIMITED RLPORT OF THE TRIISTF.ES for the Yt•r E￿ded 31 DECENIBER 2023 enditurt OUT uliliiies bills for Heat aTMI Lighi weTe ai £26.￿)0 {wiih some help from Bovernmentl. Repairs and rcnewals at £43,000 dominate our speThJing. The cleaning bill al the facility is closc 10 £28.¢KKI per annum. We highlighi ihese costs $0 Ihai our members and guests ¢an see where money is b¢ing SP¢Di on ihe facility. As inflation wa5 on Ihe rise our ststytng bill inu¢as¢d by 9.4Yb we are a very fair ernployer and as such w¢ have reflected this ith Iht rise of wases. Durinky the year 2023 £5.700 w&s spenl on upskilling $18ff and dedtcaied for siaff training Ini'estment Policv and Ob e¢tlve$ The ci)Inbined valu¢ ofcharity's resiricltd andlor unresiricied reKrves doe5 nol currenily warrani esiablishing a d¢lail¢d investnicnl p()licy. Th¢ Tnjstees, having Te8ard io ihe liquidily r¢quirem¢nis of op¢raiin8 SALTO. have kept availiible funds in an inlere%l-bcaring d¢posil oc¢ouni and seek io achTreve Ihe be￿ available raie of inierest. commensurate with Ihc amount invcslcd and ease of a¢cess required. He•dlin¢s for 202J In March 2023 our fellow wsle¢ Carl Richardson passed away suddenly. The Club pulled 108eiher ma8rtifLcenily supportin8. c.ar15 family. Ihe membership, the starr. volunieers. Bnd iht C.harily. Our business pariners all pulled togeiher to suppon SALTO- Thank you everyone. Restructuring of senior mana8emenl leam and a Tcviscd approach io th¢ m4na8¢mcnt of coaches and slarr began. We aimed to rebuild Telaiionships wilh all member5 of SALTO and ¢r¢aie a prof¢ssioDal. ¢njoyable workplace. Exiirndl ¢cononiic factors rernained in¢ot)sisi¢ni. commentators and markets Were $lill prediiiing funh¢r increaEes. Whilsi SALTO is insulaicd from lnic￿$1 rate rise it)¢r¢os¢5. w¢ had to Consider cost of living and Tecol'cry in our calculaiionb. Our fix¢d ralc mort8a8e is #t 6.89°/o at)¢J 1$ fix¢d uniil Novcmbcr of 2027. Fln*nce Posltlon Th¢ Total Cash Position 1131 December 2023 15 broadly in line M'iih our lortg-ienn projections. Thc mortgage bolanc¢ as ai th¢ y¢ar-cnd is £452,741.63. Our bO￿owing$ Tcmain almosl 4P/* higher I￿n pre ¢ovid. SubsLriplion5-in 2023 we oimed fw th¢ subscriplions io incr¢as¢ io around £28.¢M)O per month. Oiher Inconie- This continue5 to remain sieady dnd is increasing Play8ym attcndaThce ralcs are 501id ond growing. The forcc&si ihat playffjym contribuied of over L25,000 in 202.3 has ¢om¢ lo fruiiion. Play8ym is inl¢8Tal in providing'feedeT club mcmFKr5' as ihis is tar8Ctcd for 0-3 ycar olds to come with parent￿¢8[¢T5. Holiday Camp5- Are very well ariended by both membeT5 and non-members of SALTO rangin8 acr055 age5 4-1 S. Thi5 is heavily subsidised a$ a cheaper alternaiive lo Childcare for parenis in the holidays Page 9 SALTO GYMTr4ASTICS CHARITABLE FOUNDATIOY LIIIITED REPORT OF THE TRI'STEES for tbe l'ear F.nded JI DECEhlBER 2023 2024 UPLRATIONAL BUDGET STRATLCIC PLA.%S We have produced 2024 forccasls and high-level sun]mari¢$. Fundralsin8 Grants- Wc h)ve raised £24.01)O in grants, £10.O(M) for Pil 50cks. whi¢h are Cleaner. mor¢ environrnentally friendly. aT prolong the life of the pit sponges. We receii'ed £4.000 from Pow¢r 10 ¢han8e regarding a speaker system, and £lO.O(K> from Garfield Wesion for repairs and r¢fwbi$hmeThi. Donattons. W¢ received donaiion% of £l.516. We ore a ¢h8Tity and would wel¢ome further 5UPPOrt. Yew Membtr5hip Manaitmeni STh5tem Pow¢r lo Change coniinu¢d Iv support th¢ club, £4.IKrf) iowards new sound SYSILM and fanlllSIIL Di¥il41 $uppc)ri Th¢r¢ is alsu £3.0(Kl of in-kind support for ihc Senivr Managemeni Tcaim which wc ould apply lo CPD developm¢nL which could b¢ vital as we rebuild ihe team. Despiie ihe SULcesse$ ih¢ nun)bcT of d¢¢lincs demonstral¢s how compeiitivc th¢ tirJni markei is and ihe ch¥llcn8¢ 15 alwuys lo rnake a cos¢ Ihai match¢s th¢ Priorilies of the fund¢r NOT whai M'e rcquiie OT need funds for as both musl align io bc succc55ful. RiseTh'eJ poll¢y and Conilnulng ¢on¢ern The C.harilies c.omnii5sion guidelines siale thai li expect5 IrusTe¢s to decide. publish. irnplen)ent. and moniior their Charity's reserves poltcy Iihe Policy} so ihai Ihry Can coniply w'ith iheir legal duties 10: att in ihe inl¢r¢sis of Iheir charity and lis beneficiaries. proie¢i and safeguard the assets of iheir ¢h8riry. act with T¢asonabl¢ care and skill. ensure Ihcir Charity ]% aecouniahlc. This policy documcnl scis oui.. a mcdiuni-lcnn plan for the restoration ofreservcs. th¢ basiq for Ihc c5tablishnieni ofihe Icl'cl ofres¢rve& Ihe pury)05c and approi'cd usc of such r¢s¢Th'es. Thc Board is r¢spon.%ible for cslablishing ihi$ Policy and 10 rcgularly monitor and review its effe¢li%'ene55 in Ihe lighi of Ihc cliungin¥ fundingp and finan¢ial rlimalc and oih¢r ri$k$. Reserves are ¢sseniial lo cnsure all spcnding commiim¢n15 and pi?ieniial liabililies can bL. fuifillcd and assisi$ wilh Ihc nihi18aiion of Ihe impact of unplanncd evenls (In SALTO Gymna%iic5 Chariiablc Foundation Ltniilcd ISALTOI. the meli1￿r$, siaff arwj volunicers. Thi5 Policy ig reviewed, ai leasl annually in linc with ihc financial 8ccounis rcvicw. The lasi r¢vi¢w w35 Dce¢mb¢T 2021. OUT abm is ID maintain our reserves to ensure uur financial rcsilien¢¢ and 5U51ainabiliiy, in¢ludin8 protceiin8 OUt5elYc5 a8ainst unexpected sho¢k$ io SALTO a¢iiviii¢s Ihai arc noi insurable risk5. The Poli¢y seis out newaspiralional iarget reserves levels and the key principles by which we mlnagesurpluses ordeficits compared with the lar8cis. OUT aim is lo sirike th¢ appropriare balance between ensuring a sustainable fLnan¢ial position and using our fund5 10 fulfLI our ¢harilable obje¢i$. Pa8e 10 SALTO Gy￿l￿AsTICs CIIARITABLE FOUNDATIO LIMITED REPORT OF THE TRLISTEES ror the l'ear Ended 31 DECEMBER 21123 STRATEGIC REPORT Type$ of Re$¢r4'e RestrS¢t¢d Rfs¢rv¢5: Reslricl¢d funds fllll outside Ihe dcfjniiion of unte>tii¢tcil rescTI'¢S. In SALTO'S case. li may during the nom)al course of its fund-Tai&ing a¢iiwiii¢s, rcc¢ive the proceeds of donaiions or granis. which may be received ￿1¢h Conditions atlach¢d regarding Iheir use. Such funds ￿,11] be held in a separaie designated account and such fU[￿S shall be employed in srTiCI 3¢¢ordance wilh the condilion5 aiia¢h¢d andlor Ihe PUTP05e siaied in Ihe appli¢aiion for such funds. A5 such. Ihese lunds are noi in¢lud¢d in rhe calculalion of iht Unresiri¢i¢d Reserves consÈdered PTudeni for th¢ day-ioaay operation of the club. Designaled Re$¥n'¢$'. SALTO niay decidc lo accumulaic rescrycs tn anticipalion of a fuiure projeci or material cxpense. These arc detailed in Ihe lable below. As such il may sel aNidc funrjs fron) its nornial incomc andlor general fund-raising aciiviiies ￿,]lh a vicw to ulilii.in8 %uch reseThc¥ ai lh¢ apprLwrialc IiTne lo f3cili1¥l¢ ih¢ projeei or meet ihe liabilily of ihe planned exp¢ns¢. The Trusices may. at their dixrciion, r¢.dcst8nale lh¢ applicaiion of such funds to rn¢ei a new priority, PTovidcd such is in funheran¢c of its charitable obje¢is. Unrtstrkt¢d R¢ser%'ei: SALTO may decid¢ 10 accumulale 8tneT31 re.seTre.q 10 ¢Dbur¢ Ihai ihe SALTO may fulfil il$ norn)al doy io day acilvjiies. contractual commiimenis, and operaling expenses10 miligaie the nsk. hom'ever small. of an adverse change 10 anii¢Jpated ruture revenues or adverse impaci of an unplanned or significgnily larger expens¢ than Ihal which ￿'aS ir5cluded in ihe budgct. As such. il may sei aside fut)ds frorn its noThal incomc aThdlor gencral fiLnd.raisin8 aclivilics with a view 10 uiilii.ing such T¢scrves al ihe appropriaic lim¢ io ab'oid ihc nccd io cease delivery of s¢h¢dul¢d aciiviiies in funheTanc¢ or ils charilablc obje¢is. Unrcslriclcd rescrvcs ITC funds ihai are Ml specifjcally dcfiTh￿ as Resiri¢i¢d Res¢TVC$ but may includc Desi¥naicd Rebcrve$. Pagell SALTO GYMP*'ASTICS cHA￿TABLE FOUliDATION LI￿lITED REPORT OF THE TRLTSTEES for ihe Year Ended 31 DECEMBER 2023 STRATEGIC REPORT Flngn¢ig1 r¢vieH' Reserves policv going eon¢ern Th¢s¢ unr¢siri¢t¢d reserves must be fre¢ly available 10 5pEnd on any of the Choritys puws. The slartin8 poini for calculating ihe amounl of unrestricted funds held by a chariry. How¢v¢r, ju$1 as in SALTO'S case, some. OT all. of Ihe unreslTicied fund5 may noi be imrn¢dialely available for spending. This is because spen(Jing those funds moy adversely irnpaet on the Charity's abiliry 10 delii'er lis aims. or ihey are not easily Convertible io cash or illiquid. This is because Spending those funds may adversely impact on ihe Chariry's abiliry to deliver lis aims. or they are noi easily ¢ortvertible lo cash or illiquid. Such iiems should be excluded from the calculaiion of reservcs. includ¢.' Tangible Fixed Assets used io Carry on the Chariii¢s activiiies. such a5 land and buildings. September of 2022 Kemsley Propeny Consuliani8, on behalf of Barclays. valua Ihe SAL TO centre al £1.890.0￿. The net fixed a5sei valuc more ihan £ I.01)0.￿10 15 excluded from the calculaiion of free res¢ry¢5 as Ihis cquity is noi easily r¢aliz¢d inio cash ond could fall in adl'ersc ¢¢onomi¢ ¢ondilion5. This is likely io be lower due io Ihe receni rise in UK Iniercsi rates bul still represenis a siicablc equtly position. Progrimnic rclaied illVCSlrnents those held s()l¢ly 10 further the ChariW5 purpose Designaied Funds Set aside io mtti esseniial future spcnding. such as funding a projeci thai could not be mei from fuwre income Commiimenls ihai have noi been provided for as g liobility in the accounls. L¢v¢l of R¢strve8 Descrlption Pu rpose of reserves Taryet Aiiiou nt 2025 Target Aniount 2023 Actual Aniounl Dec-23 Coiitiiigeiicy Ensure short terr71 501vency In case of £35,000 Reserve extren)e event and buy finie In the tvent of a 5eiious Income shock. Enablt Ihe oroanization to hJnaion i'ihile action is taken (Jncluding business Interruption Insurance claim). Ensure charitable commitments can be met. £10,000 £10,000 Fiiiaiicial Sn)ooth volatility. Prowde coverage for £10,000 Manageiiient pernianent changes In circun)stance5. Re5erve5 Enable adjustnients to be phased In over longer time. Insulate usable Teserves fvon) adverse fluctualion in ewenses. such as Increase In hall hire cost due to adverse Interest change. Enable delivery of SAL TO Strategy Fund £ 10,000 the non-recurring cost of major projects and Initiatives £10,000 £10,000 Slrategic Reseives Establish Siii king Fund) E 10,O(X)" £nil" Total Reserves This Is the ursrestricred balance on the £55,000 £30,000 £20.000 reserves account. This excludes balances on curient accounis from ti to time CONTINGENCY RESERVE CONTROL ,MEASURES are sel out In th¢ Rule5 Goi'erning the optrAtion #nd m*nagement ol SALTO Gvmn*$t1¢5 Club (the Clubl Pursuant to Artlclc 34 Of the Articles Of Ass0¢igilon adopted Ott 29 September 2021 Itht Articles). Page 12 SALTO GYMf4ASTICS CHARITABLE FOL'NDATIO.Y LII¥IITED REPORT OF THE TRL,STEES for the l'ear Endtd 31 DECE.MBER 21123 STRA TEGIC REPORT F5n*ne511 review Th¢ Board has 5Ct tar8¢1$ for unrestricied resetrves in thi5 Policy, in accordance with Ch3tiTy Commission guidelines Icurrcnily set our in CC-191. noling thai reseDes are needed to bridge the gap b¢M'een Ihe spending anil receiving of income to cover unplanned emcrgency rcpaÈr5 and otherexp¢D(Jilure. The board has designated and e$iabli5hed targ¢iS for Conlin8cncy, Financial Managemeni and Strategic Reserves and having thie regard for its Risks Regisier. The Board shall always act with reasonable core and skill. usin8 infomiaiion and advice. as it deems appropriate, to sei an annual budget. with a view io fundin8 the d¢liverJ' of scheduled aciii'ilies and fuNr¢ develtspmcni goals, in furtheranc¢ of 118 chariiable obje¢is. Such bud8¢11$ sei 14'11h due rcgard to PTevailing operaiing income aTHI expendiwre, as w¢ll as prudent furccas1in¥, based upon known inieTll31 aThd exlernal fa¢ior5. The budgei also aims lo crule a mode51 surplus lo contribute 10 an inLreasc io the balance of unT¢slri¢ied reserves towards Ihe siaied iargcl5. The Trugiees considers ihe idcal med1￿M iaT8ei levcl of reserves is £55.0(M) by lh¢ end of 2025. bul th¢ short.lerni iarg¢i for 2023 was £30.000 because a¢liviiy IcTr'e15 will iakc some limc lo rea¢h pr¢£OVID-19 levcls. Alihuugh it will lake somc Itme for activities to r¢a¢h PTe-COVID-19 l¢v¢ls. This Es evid¢ni from ihe fJ8ures reponcd in Ihc S121cmcnt of Financial ActlVllie5. In th¢ shon-lcrni, we aim 10 mainiatn unrestriclcd rcs¢rves ofat leasT £20.000, as dclailcd in lh¢ iable above and move toward$ 2x monih$' salary cover in the medium tenn. Rlsk m*nAgem¢nt The principal risks faced by the Ch4riiy hrt. Finan Finanrial Tisk5 are Iwofold.. Exposur¢ to a.%ignificant advers¢¢hangc in int¢r¢$i nies on¢eour fixed arrongemenl with Bar¢lay$ expirc% November 2027 Incomc from nomial operaiions. s￿h as membcr subscrÉpiion$ and oiher fees for scrvi¢es. 1$ insuffi¢ieni 10 mcel th¢ liquidily n¢¢d$ of the Charily. In bvih Laies, a reservcs pciliLy hos been eslablish¢d in SALTO Gymno$1ic$ Club io ensure ihai ihe rharily will be able lo m¢¢1 lis obli8alions ihey fall due. SALTO has Truste¢$ with delailed financial cApcrience t(Tr mvnilor arkd cvaluaie surh risks and am¢nd policies as necessary. Th¢ T¢s¢rve5 policy has been redraftcd to enjible the charity io bc beti¢r prepared for such an event. SALTO'S business ini¢mipll"on insurance fell short of providing ihe aniicipicd PToie¢tion. rationHI.. The Chariiy has a Strong Board ofTrustees Ihal is re5pon5ible for managemcni ofthe Charity.. The Cliarity se¢k$ 10 adliere 10 b¢%t practicc as advised by the National CJoveTning Body and Charity Commission. We remain commirted to growin8 our Board and addit)g addilronal Tr￿te¢S with specific skills in Legil. Human Resour¢e$ & Markclin8lIT where we have deficiencies. iaiion5-. Th¢ Chatity matntains a sei of policies and pro¢¢dures desi8ncd to enable the delivery of activitie5 Wlthoui incU￿]ll8 adveTSC Tcpulalions ¢onsequ¢nce5. The poli¢i¢5 are revicwed on a regu13r basis or when new guidanee is issued. Wc hav¢ policies governing ih¢ safeguarding and welfare of children and young people. safe system5 of work to protecl our staff and users of (he SALTO Centrt and finoncial controls 10 avoid mi5appropriaiion of Chariry funds. Page 13 SALTO GYIMNASTICS CHARITABLE FOUPiDATIO.Y LIMITED REPORT OF THE TRLSTEES ftsr the I'e•r Ended 31 DECLNIBER 2(J23 STRA TEGIC REPORT Future plans SALTO ha% d¢v¢loped new medium-teTm stralegic plan ¢ov¢ring 2023 - 2025. The focus 15 now uw)n a controlled yet susia5ned effort lo rcbujld m¢mbcrship numbers a5 well as new and existing s¢rvices. We will ensure we hal'e th¢ nec¢&sary financial and physical resources availabl¢ io rneel the demand from fomwr and pot¢niial beneficiarie5. OUT plans hav¢ 6 priority area5: Comrnunjt & Membershi Define policic5 Ihal sel oui b¢si pra¢iice. for Ihe delivery of our ¢hariiable objects. To further the role ihai SALTO plays in ils area of benefit and enhan¢e lis reiaiion5hips with all 51akeholders. Eduiaiion & Em lovmenl By focu.%&ing upi)n Ihc needs of club. workin% wilh Briiish Ciymn851i¢s Coach Education. eblablish a framework for the inv¢slmenl in people. to fulfil iheir pusoThal developmenlgoals whilsl using ih¢s¢ skills in Ihe funhcrance of our charl￿ble objects. Service5 Securc a programmc of ¢la55es, attivilic5 and tvenis ihol Colltribuie io thc funheraTKe of our ch8riiabl¢ obj¢cts that are exciiing. challenging. rew4rdin8 saf¢ and fun. Ensure Ihe SALTO Centre is equipped to the highest slandgrds possible lo aspir¢ lo be a centre of excellet)¢e 10 deliver same. We will deYi5e development plans for our cornpeiiiive sqtsads to be rtady io enier ev¢nts as soon a5 pemiitied 10 do 50. Finance & Com liance To ensiire the lon¥-ierm susiainability of ihe charily ihrough P￿￿en11a1 Financial controls and policies at)d confomiing wilh all l¢¥ul TC4uiremen15 and r¢gulaiionsgovernin¥ Charily arlivilies. The Board refinanced. Ihc bdlancc uf(?u151undin long.i¢nn d¢l)I by exlendin¥ Ihe ierni an(J doing SO. Produce a posilivc irnpaci on cash now bui ackni)wled¥2n¥ Ihal ihc (FV¢Tall ¢¢>%1 i)f Ihc findnLe will increasc This a¢iiun h¢in8 in the besi inicrcgi fpr long Icmi fioan¢ial su%lainabiliiy of ihe hurity Thc Buard aims 10 in¢r¢ax unrcstriclcd srani fuThling io reduce depcndcncy on membcr subscriptitsn incom¢. Conduci a Digilal Siraiegy Revi¢w io ensur¢ Manasemenl and Si¥ff have 811 lh¢ tools n¢cc5sary 10 fuifLI their roles effe¢iively. ICT is an e55enlial resource and is inlegral to all aspects of Ihe Charity a¢liviiies. We rnu51 strive io ensure the resources availablc Ire fil for purpos¢ and compliani wilh GDPR. The Board will iDiiiate a Digital Strale8y review in 2024. Health and Safcl Mana crncnt SALI'O 15 ¢omniiiied lo maintaining 8 robusi H¢alih & Safety Mana8crn¢ni Sysiem, Ihai uliimai¢ly ensures ihat all users of the SAL TO Cenire r¢main %afc. STRUCTURE. GOVERNANCE AND mANAGE￿IENT Governing doeument SALTO Gymnasiics Charii#ble Foundation Limited 15 organised Is ¥ Compat)y Limited by Guarantee (CLG) Company Regisiraiion Number 04794043. The CLG sttu¢nJr¢ is w'idely used by charilies becouse they nol-for-profjr conipanies - that j5, they do not disiribuie their PTofh15 to their m¢mb¢rs bui eiiher retain them withLlI the ¢ompat)y or use theni for some other rhari13ble purpose. SALTO G)rynnasti¢$ Charltable Foundation LiTniled 1$ regisiered 0$ a UK Re8lStered Charity Number 1099407 in 1995. SALTO Cjymnaslics Charitable Foundaiion Limitcd wa5 established 10 fa¢iliiai¢ ihe PUrch￿C of the SALTO Ccnire wilh Ihe astsisiance ol a commercial moff gage and io Proiect the Truste¢5 and Direriors running ihc company from personal liabilily foT the ¢ompany's deb15. The Itabilily ofihe Trusites and DirecloTS is £1 (Ort¢ pnund sierlin81. Page 14 SALTO GY￿INAsTllCs CHARITABLE FOii)DATIO. LIMITED REPORT OF TIIE TRI'STEES for tbe l'ear Ended 31 DECEMBER 2023 STRUCTURE. GOVERNANCE AND MANAGE￿IENT Trustees The Board of Trusi¢e$ are responsible for directing. controlling. aTMI running and operaiTng the Charity on a day-to-day basis. The Eloaid should refleci the diversity of SALTO rnembcrship and the ¢ommuniiies it scrves in Luion and ihe sUrro￿nding TOWryJS and villagei. The Board ini¢nds io Comply with th¢ ne￿ Charkry Commission Governanc¢ Lode and has noi¢d the lalesi requiTem¢nis regarding Equality, Dii'ersity. and Intlusion. These prin¢ipl¢s hake been Inco￿Orated inio a new Environmenlal, Social & Corporate Governance policy. The Trusiee's role requires lay people. parents 4TMI professionals who have a wide range of skills and experience io 85SiSI wÈth thc diverse stTalc8ic needs. Any individual. noi disqualified from becoming 8 Trusiec. may be rnviled 10 b¢¢on)e a Trusic¢ by an existing Tn]siee. on behalf on the existing Board. Such individuals shall be nominated and clccied to thc B()ard. ai the carlitsi possible methin8 of Ihe ￿ard atler ac¢¢pian¢c of such invilaiion and ihe appoinlmeni shall be confimcd al a Cieneral Mecling. following the appoinlm¢ni. or ai an ￿Xtra Gen¢ral Meeiing. The Board is required lo hold a mtnimum of 2 m¢eiings per annum. Ai SALTO we aim t() meei 4 iirlles per y¢ar. on¢e pcr quarter. Thes¢ m¢¢tings have now resumed in pcrson. Trusiee meeiings usually have a session during which the Mana8emenr i¢am pre$eni commentary on progrcss against plan. covering the day-1041ay #dtninisrration ofthe Chgrity activities. revi¢ii' policies and 5eck d¢cisiorts, bcforc Board busines5 is considcred. Trnsiecs. mceiing$ agree the broad Strale8y and areas of activity for ib¢ Ch3ril)'. including ¢onsidttation of any bursary makin8, capiial invesimenl projects. r¢serves and risk rnanag¢rn¢ni policies and perfonnance. The Board aciiv¢ly seek$ 10 improve lis peTfomiance and aciii'ely encourages appli¢aiions 10 join the board by followin8 the process dcscTibcd on ihc wcbsiic and promoted via media ond annual member survey quc51ions. New InJsi¢cs ideally Serve for five yeHrs aner whi¢h Ih¢y may pui ihems¢lvcs forward for r¢•ap￿)ntineDi. The Constiiuiion providcs for 4 mijimurn of thr¢¢ VlL$iee.%. with no maximum number. On appoinimeni. ncw Iru&i¢¢s sign model ITII.41cc declaratii>n Sliilcrnenl ciimmiiting Ihem 10 8i1.ing of ih¢ir timc and expenise. Thc induciion pro¢¢.4% fi)r any ncwly iipwini¢d irnsiee. includes an iniiial m¢ctin8 wilh th¢ Chair and ihc TTusie¢s, followed by a scri¢s of shorf nieciin8S wilh the Operdtion$ Dir¢cloT and l oih¢r mcmbcr of Tnanttg¢ment. Thcse meetings will includc a bri¢f hislury of lh¢ Chartry, ¢opy Board and Managemcni Mcclin8 minutes, a ¢opy of Ihc last Ihr¢c y¢4rs of annual repons ind accounts. copy of Ih¢ Arti¢lcs of Associaiion and u copy of Ihc Charity Commission's guidance 'Charity TnJsie¢.' what's involved ICC3al' lind 'Public Bcnefii.. running a chariry.. Trusiee5 are requir¢d 10 dis¢105e all r¢l¢vani Iniere515 and register Ihem wilh the Cliair in a¢¢ordan¢e with the Choriry's policy withdraw from decisions w,heTe a ¢ontli¢t of inieresi arises. Thc curreni mcmbers of the Board ar¢ lisied in thc RefeTen¢c and AdminislTaiiN'e Dciai15 Shcct ai Page l of IhL5 report. They may ols0 be foulld on rhe r¢81Ster al Charity Commission. Companies House and SALTO'5 own web$ilc. In cas¢ of need, please email tn151ecs@saliogym.or8 in the ftrsi ill$laTKe. Repvrt of the Irusie¢$, InroTporatin8 a siraiegic report. approved by order of Ihe board of iru51ccs, 9$ ihe company diTcclors. on . and 518ned on ihe board's bthblf by.. MIRPO Page 15 I.NDEPEP4DEI%T EXA.IIINER'S REPORT TO THE TRUSTEES OF S.4LTO CI'NIN'ASTICS CftIARtTABLE FOUNDATIO. LIIIITED Independent examiner's report lo the trnstees t)f SALTO GvmA¥stl¢s Ch4Y5t•blt Found#tion Llmlted I'the Compan>"I repon 10 Ihc charity iwsiees on my examinaiion of ihe accounts of ihc Company for ihe year ended 31 December 2023. Re$pon$ibilltle$ #nd b*$ls of repor¢ As the charity's irusiees of Ihc CompaThy land also ils diTectors for the puryjoses of company law) you aTe responsible ftsr the preparation of ihe a¢¢ounts in z¢¢ordance with ihe requiTemen15 of the Cornpanies Act 20061'ihe 2006 Act). Ha￿.]llg saiisfled rnyseif Ihai the a¢¢ounis of ihe Company ar¢ noi required io b¢ audit¢d Lkndcr Part 16 of th¢ 21)06 Aci and are cligiblc for indcpcndeni examinaiion, I r¢pon in r¢sp¢¢i of niy examination of yO￿r ehariry's accounis as carried out under Seciion 145 of Ihe CILaTities Aci 2011 {'Ihe 2011 A¢i'l. In Carrying oui my examtnauon I have followed th¢ Directions giv¢n by the Chèriry Commission under Seciion 145{51 (bl of the 2011 Aci. Independenl exomln¢r'$ $tat¢ment Since >'our charit> 5 gross income exceedcd £250.(th your examin¢r musi be a member of a lisi¢d body. l ¢¥n ¢onfirn) thai l ajn qualified to undeflake ihe eKaniinalion be¢ause l am a re¥isi¢r¢d ni¢mb¢r of In$iiiui¢ of Chart¢T¢d A¢¢oynionls in England grhd Wal¢s which is on¢ of the listed bodies. I have complclcd my exaniination. I confim Ihai no m8ti¢rshave com¢ io my aiiention LD Connection with lh¢ ¢xamin)iion givin8 mc cause to bclicve.. . a¢¢ounling re¢oTds w¢r¢ nol kepl in rcspccl of the Company as rcquir¢d by Section 386 of the 2006 Aci," or 2. Ihe a¢¢ouni$ do noi a¢cord with Ihos¢ records. or 3. the oc¢ounis do noi con)ply wilh the &c¢ountiDg r¢quirem¢nis of Scciion 396 of the 2006 Aci oiherihan any requirement Ihal the accoun15 gii'c a true and lair vie1¥ I4.hi¢h 1$ noi a mallef ¢oD&idered Js pan of an IDd¢pendeni examination: or 4. Ihe accounts have not been prepared in accordance wilh Ihe mtihods and principles of Ihe Siaiem¢ni of Recommended Pracii¢c for a¢couniin8 and reportin8 by charities (applicable 10 ¢haTilies preparing iheir accouttis in accordance wilh ihe Financial Reporting Standard appli¢Jbl¢ in (he UK and Rcpublic oflTcland IFRS 10211. I hovc nv concerns and huvc come llCTOSS no oih¢T maii¢r$ in ¢nDnc¢tion with the ex8min81ion to which Jiicniion should bc drawn in Ihiq report in ordcr lo cnable a propcr und¢rsiandiNg of the a¢¢ntsni¥ ith b¢ rea¢hed. Tara Aldwin ACA FKCA Liniilcd 260- 270 Bullerfield GT¥al Marlings Lulon Bedfi)riJshire LU2 8DL Dal¢'. Page 16 SALTO GYMNASTICS CIIAIUT.4BLE FOUIYDATION LIMITED sTATE￿IEF*T OF FJNA.%CIAL ACTIVITIES (INCORPORATI￿G AY 1￿co￿lE A T*D EXPENDITbRE ACCOUNT) for the Year Ended 31 DECEMBER 202J Generdl fund Property fuTwJ Revaluation reserve Note5 INCOME AND ENDOWMEP*TS FRO￿1 Grants, Bursari¢$. Fundr8isin8. Donations and ifiAid 19.886 Charllable a¢￿*.1t1eS Charitable acliyilies- Pn"mary purpose Ir3din8 478.823 Investment income Tradin¥ iD¢ome 382 24.409 Total 523.500 EXPENDITURE ON Trading ¢xp¢ndilurc 26.862 CharStable attli'liles - Primary purw)sc iTrdin8 421.373 Tol•1 448.235 NET IYCOME TrAn$f¢r$ berw.ten (unds Other rt¢ognlsed g4in5111055ts) (joins on r¢Naliiaiion of fixed assets 75.265 (17.314) 20 17.314 Net mov¢m¢nt funds 57.951 17,314 RECONCILIATION OF FUNDS Toial funds broLLghi foTh'ar(J 23.884 470,856 959.070 TOTAL FUNDS CARRIED FORWARD 81.835 488 170 959 070 The notes fonn pan of thcse financial sialements Page 17 SALTO CVMNASTICS CHARITABLE FOUh'DATION LIMITED STATE,IIENT OF FINANCIAL ACTIN'ITILS IINCORPORATif*G AN IliCO%IE AND EXPENDITLIRE ACCOUTIT) for Ihe Yt#r Ended JI DECEIIBER 2023 2023 Total funds 2022 Tolal funds Restrici¢d funds Notes I,NCOME AND ENDOWMENTS FROM Gianis, Bursaries. Fundraising. Don8lions and GifiAid 24. 43.886 125,690 Chirltable *¢t51'lties Charitable a¢iivilics- Primary purpose trdding 478.823 359,785 Invesimenl incom¢ TTadinB incom¢ 382 24,409 110 1 5.832 Total 24.000 501.417 EXPENDITURE OY Trading expendiw 26.862 242.4.14 ChaTlt*ble 8¢tlYlllts Chari12bl¢ actib'itles- Primary pU￿oSe traditi8 104.567 525.940 429 988 TotAI IIM,567 552.¥02 672 422 NET INCOMEI{EXPENDITURE Transfers bett%'ten fund$ Othtr retO8nl$¢d g#In￿(lO$StsI (iains on r¢valuaiion of fixcd assets (80.5671 15.302 {171,(K151 20 Net movement In fuTrd¥ (80.567) (5.302) 218,995 RECO,%CILIAI'IOYI OF FUN'DS Total tund.5 broughi f0Th4'ard 86,329 .540,139 1.321.144 TOTAL FUNDS CARRIED FORWARD 534 837 1540 139 The note5 forn part of th¢se financial sthttments Page 18 SALTO GYMh'ASTICS CHARITABLE FOUNDATION LIMITED (REGISTERED ￿L￿lBER 1147940431 BAL4.%CE SHEET 31 DECEMBER 2023 General fund Prop¢ny fund Rei'alualion reserve Note5 FIXED ASSETS Tangible assets 12 45.167 940.912 959,070 CLIRRENT ASSETS Siocks DebtOTS Cash at bank 13 14 3.473 15,991 30.762 30.226 CREDITORS Amounts f211ir)g due wiihin on¢ y¢ar 15 (13.558 J 120.287) NET CLRRETr4T ASSETS 36.668 20287) T()TAL ASSETS LES.8 CURRENT LIABILITIES 81.835 920.625 959.070 CREDITORS Am(iiinl% f¥llin¥ du¢ after more ihon une year 16 432.4551 P4ET ASSETS 81.835 4118.170 959.070 The noie$ forni part of tbese flnancial ststements Pa8t 19 con(inue(L.. SALTO GYI%lNASTICS CHARITABLE FOUI%DATION LI￿lITED (REGISTERED NLryIBER 04794043) BALA.NCE SHEET- CODtinued 31 DECEIllBER 2023 2023 Total fuTJds 2022 Total nds Restricted fund5 Notes FIXED ASSETS Tangible assets 12 5.762 1,950.911 1.959,011 CURRENT ASSETS Stocks Debiors Cash at bank 13 14 3.473 15.991 30.762 3.473 4.418 58,997 50,226 66,888 CREDITORS Amounts falling due within one year 15 (33,845) (32,976) NET CURRENT ASSETS TOTAL ASSETS LESS CLRRENT LIABILITIES 5.762 1,967,292 1,992.923 CREDITORS Amounts falling due after mor¢ than one year 16 (432,4551 1452.784) NET ASSETS 5.762 1534.837 1540,139 FLNDS Unrestricted fvnds Restricted fvnds 20 ,529.075 ,453.810 TOTAL FUNDS 1534 837 1540 139 The charitable company is ertlitl¢d io exemptiott from audii under Section 477 of thc Companies Act 2006 lor the year ended 31 D¢(￿nber 2023. The member5 have not required the company to obtsin an audit of its fmanclal 5ts1ements for th¢ year ended 31 December 2023 in accordance with S￿lI0n 476 of the Companles Act 2(#)6. The trusiees acknowledge their responsibiliiies for (a) ensuring that the charitable COMp￿Y keeps accounling records that comply with S¢¢tions 386 and 387 of the Companies Act 2006 and preparing fmancial sialements which give a tsue and fair view of the state of affair5 of the charitable company as at ihe end of each financial year and of its surplus or deficii for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwi5¢ Comply with the requirements of the Companies Acl 2(x)6 relating io flltancial staiements, 50 far as applicable tt) the charitable c¢)mpany. (b) The noles forn) part of these financial statements Page 20 continued... SALTO GYIMf*ASTICS CHARITABLE FOUI%DATION LIMITED IREGISTERED liUMBER 04794043) BALAN'CE SHEET- CODtinued 31 DECEMBER 21123 ! L . -..f..-..4.z I The f]nancial statements were approved by the Board of Trustees and authorised for issu¢ on.... .. and were Signed on its behalf by: Mr R Powell- Trus ee The notes forni part of thcs¢ f￿0¢181 stsiemeijts Page21 SALTO Gl'Mf*ASTICS CHARITABLE FOUNDATIO LIMITED CASH TrLOH' STATENIENT ft)T the l'ear EDd¢d 31 DECEIMBER 2023 2023 2022 Noie$ Cash IIows from oper*ting Aetivities Cash Beneraied from op¢rJiions Iniere51 paid 28.224 31.869 111.633 20,504 N¢1 cash (used inllprovided by operaiin8 activities 3.645) 91.129 C*sh fioThs from Investing atlivltit$ Purchas¢ of lan8ible fixed 2SS¢I$ Sal¢ of fixed asset inveslrnent¥ Initresi received {5.994) (32,400) 382 Net cash used LD invesiing a¢iivilies 32 2891 C*5h flows Irom Iln#ncln% A¢tlvl¢l¢$ Ncw loans in ycar iA)an repoyn)en15 in year 470,000 492 564) 18.978 Nel eash used in financin8 activiiies 18.978) 22,564) Chango Sn cash and ¢aJb equlviltnls 1 the reportlng p¢rlod CA$h ind cAsh equlv4lt*t$ #i the btginnlng of tht r¢porilng period 128,235) 36.276 58,997 Cash And tJ15h equli'*l¢n¢$ ai ihe tDd of Ihe rtportlng perlod 30.762 The noies fomi pan of Ihex financial sthternents Pa8e 22 SALTO GYMNASTICS CHARITABLE FOUN'DATIOY LI%IITED NOTES TO THE CASH FLOII, STATE.MENT for tILe I'¢ar Ended 31 DECEMBER 2023 RECOYCILIATION OF NET EXPEN￿lTuRE TO liET CASH FLOII, FROM OPERATING ACTIN'ITIES 2023 2022 Net expenditure for th¢ reportlDg perlod {*$ per ihe St4temtnl or Finan¢l*l A¢ll%'ltlt$l AdjustmtJ)is for: DepTecialion Charges Inlcresi received Inleresi paid Iln¢reascllDccrease in Intercompany Subsidiary loart ￿lI(en off Inireilse irh slKk5 IlncTcaselldecrease in d¢btors IDecT¢as¢llincT¢ase in ¢TedilOT5 15,3021 {171.0051 14.094 1382) 31.869 14.4691 4.469 8.090 20.504 32.202 215.651 16941 2,282 4.71.1 {11.5731 {4821 Net cash provided by oper*tlons 28.224 111,633 ANALYSIS OFCASH AND CASH EQUIVALENTS 2023 2022 Notice deposils (less than 3 monihs) 30.762 58,997 Total cosh and c8sh equiY4lents 30.762 58.997 ANALYSIS OF CIIAP4GES IPI NET DEBT Ai 1.1.23 Cash llow At31.12.23 Ntt ta5h Cash ai bank and in hand 58.997 128.2351 30,762 58.997 Debt Debis falling due within l year Dcbis fallin8 due after l year 118.9361 452.784 (20.2871 432.455 20.329 471.720) 452.742 TotAI 412.723 1421980 The noles form part of these ftnancial S￿lements Page 23 SALTO GY%INASTICS CHARITABLE FOUIYDATIO LI,%IITED NOTES TO THE FINANCIAL STATE%IEf*TS for the I't#r Ended 31 DECE%IBER 2023 ACCOUNTI)G POLICIES Basis of preparing the financi41 staternent$ The financial 5laiemcnls of ihe chAntdble company, which is a publi¢ benefit entity under FRS 102. have been Prepared in 2¢¢0rdance wilh ¢be Charilic5 SORP IFRS 1021 'A¢¢ounling and R¢portiNg by Charities.. Siaiem¢ni of Recommended Praeii¢e applicable 10 chaTitie5 preparing their accounts in accordancc with thc Fina￿¢)￿1 Reponing Standard applicable in Ihe UK Republic of Iwlaod IFRS 1021 le(fective l January 2019),. financial Reponing Standard 102 The Finan¢ial ReporTing Siandard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The fjnancial $iaiemenis haie been prepared undei the hi5l0Ttcal ¢osi convention, Wlth the exceplion of invesiments which are included 01 markei value. as modified by th¢ revaluation of certain 855els. Thc Salio Foundaiion Limiied meets th¢ definition of a public benefli eniiry under FRS 102. The iru$t¢es hav¢ cnn$ider¢d ihe financial health of ihe company along wilh ihe vorious governm¢nt measures in place lo support businesses ihrough this paThd¢mic and w'ith Ihis ith mind ihe di￿lOr5 believe that the company, al the dale of signing, will ¢onlinue as a going concern for Ihe fL)Teseeabl¢ fviurt. The prcsentation currency of the f￿anCial stai¢menis is The Pound St¢rlin8 (£1. Crlilcal a¢¢ounilng judgements 4ttd kt). sourccs of t$ilmation un¢ertaintv In order 10 properly appl). the Charity's ac¢ovDling polLCLes. as described above, the TnJ51ee5 are Tequired to make jud¥emeni4 and esiimaies in respecl of ¢anying values of asse15 and liabtliiie$ w'hich niay noi be apparent from oiher sources of infomiation. Th¢ TNsiees base Ihese ¢riii¢al accounting judgements and esiimaiion5 on previou% hisioriO Net movemen¢ In funds 1148,555) 166.139) 390.000 43.689 218,995 REC.'OIYCILIATION OF FUTr4DS Tolal fund5 brou8hi forward 172.439 536.995 569,070 42,640 1,321,144 T()TAL Tr'UNDS CARRIED FORII'ARD 23.884 470.856 959.070 86,329 1.540 139 Page 28 ci)n¢inued... SALTO GYMP4Asfics CftlARtTABLE FOUNDATIOY LI.MITED NOTES TO THE FIP*AfiCJAI. SI'ATE,IIENTS- toDtitsutd for the l'ear Etsdtd 31 DECEMBER 21123 12. TANGIBLE FIXED ASSETS Improvem¢nts 10 Freehold prop¢tty Plant and machinery property COST OR VALUATION Ai l January 2023 Additions 1.890.IXK) 10.638 67.954 At 31 Decemb¢r 2023 DEPRECIATIOIY Al l January 2023 Char8e for year 4.992 1.664 12.799 Ai 31 Decernber 2023 24.182 NET BOOK V'ALUE At 31 Deccnibcr 2023 Ai 31 December 2022 1,890.IK 55,155 Fixtur¢$ and rJtting$ Compuier ¢quipmeThi Totsls COST OR VALUATION Ai l January 2023 Additions 3.930 1,978,522 4.233 Ai 31 De¢ember 2023 3.930 4.233 ,984.516 DLPRECIATiofi Ai l January ?023 Cliarge for year 1.720 553 494 Ai 31 December 2023 494 NET BOOK I'ALUE At 31 Deccmber 2023 1.657 1950911 At J l D¢c¢mber 2022 2.210 .959.01 Cost or valuaiion at 31 De¢ember 2023 is represented by= Improvements to property Freehold property Plant and n)achinery Valuation in 2018 Vjluation in 2020 Valuation in 2022 c.osl 319.070 250.000 390.000 930.930 16,638 69.715 1.890.0(M) 16.638 69.715 Page 29 continued.. SALTO GYMP*'ASTICS CHARITABLE Fouf4DATIO LI￿lITED NOTES TO THE FifiAINCIAL STA TEIIENTS- c•ntiTrued for the l'ear Ended 31 DECEMBER 2023 12. TANGIBLE FIXED ASSETS- continued Fixlures and fittings Computer ¢quipmenr Toials Valuaiion in 2018 Valuation in 2020 Valuation in 2022 Cosi 319.070 250.000 390,000 1,025.446 3.930 4.233 1.984.516 Th¢ fT¢ehold property is Tecorded at fair value of £1.890.¢KKI with the original cosL which would also be the ¢anying nei Ix>ok value und¢r Ihe ¢o$i mod¢l. sei ai £930.930. The valuation wa$ ¢arricd oui by an external valu¢r. Kemsley LLP on 13 S¢pi¢mber 2022. The Truste¢s a8re¢ ihe valuc will noi have ¢h#nged belwetn 31 Dccemb¢T 2023 and ihe dale of Ihis valuaiion. 13. STOCKS 2023 2022 Stock5 14. DF.BTORS: A￿louNTs FALLII%G DUE II'ITHIN OP*E YEAR 2023 2022 Arcrued income Prepayments 10.407 4.418 4,41% 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Bank loans15c¢ nole 17) Tradc crcditors Social security and other iaxes Oiher creditors Accwals 20.287 1.857 3,326 547 7.828 18.936 3,010 1.813 835 33.845 32.976 Page 30 contiThued... SALTO GYM.YASTlCS CHARITABLE FOUP4DATION LIMITED NOTES TO THE FINA￿CIAL STATE￿IENTs- continued for the l'ear Ended 31 DECE.MBER 2023 16. CREDITORS: A￿l0[￿T￿rS FALLlh'C DUE A ￿ER MORE THAN 0￿E YEAR 2023 2022 Bank loans (see note 17) 432.455 452,784 17. LOANS 2023 2022 B*nk loans: MortgaEe R¢payable by in51alm¢nis Less than l year 20.287 18,936 1-5 years More than 5 years 96.636 335.819 90.207 362,577 432.455 452.784 18. LEASIIYC AGREEMENTS Minimurn lease p8ym¢rtis und¢r non•¢ancellablc op¢rnlinB leases f*ll due as follow$- 2023 2022 Wiihin one year Berween one and five years 3,006 988 19. SECURED DEBTS The following secured dcbts ar¢ included within crcdiiors.. 2023 2022 Bank loans 432.455 452 784 The mort8asc loan is s¢cur¢d again￿ ihc p￿￿rtY in which il relales. Page31 CODtinued... SALTO GyMf4ASTICS CHARITABLE FOb.WDATIO LIhlJTED NOTES TO THE FINANCIAL STATElfE.%TS- tontlnued for the I'e¥r Ended 31 DEcF.￿fBER Z023 20. MOVEMENT IN FUNDS Net rnov¢ment in funds Transftts b¢tween fi]nds Ai 31.12.23 Al 1.1.23 UDrt$trlcted fund$ Gcneral fiind Designated Tevaluation fvnd Properry fund 23.884 959.070 470 856 75.265 117,3141 81.835 959.070 488.170 1.453.810 75,265 Ro$trlcted funds Restri¢led 1,529,075 3,941 3.941 BcdfoTdshir¢ ind Luton Communiry Foundation Spon$ England (8.(N)O) Bally Thomas Charitabl¢ Fund {I.(KKJI Sport England Reiurn to Plhy Community Ass¢t Fund 27,137 (27,137) Tesco Bags of Ilelp 563 (5631 Birkdal¢ Trusi for H¢4ring Impaired 868 (47) 821 Arnold CIITke t.(N>O Molo Foundaiion I CVC Foundaiion 320 (320) Santa Barabara Hei8hts (I,oco) Briiish Gymnastics {5,(IXI) Posi¢ode So¢i¢ry Trusi 25.1)( {25.(Wl WixamlTC¢ Trust {5,CWJ} The Bruce Wake Foundation (3.0001 Powerhns Up- Ptswcr lo Change (4.0￿)) David Solomans Charitable Tru51 51A) {5001 Garfield Wesion Foundalion 80.567 TOTAL FUP4DS 1.540.139 534 837 Page 32 continued... SALTO GYM.N'ASTICS CHARITABI.E FOUNDATIO.Y LIMITED NOTES TO THE FIP*ANCIAL STATEIIENTS- continued for the Year Eodtd 31 DECE.IIBER 21J23 20. MOVEMENT IN FUNDS- tontinu¢d Nei movement in funds, includ¢d in ihe aljove are as follows.. In¢oming resources Resouices expended Movement in funds Unre$tritt¢d funds General fund 523.500 (448.2351 75.265 R¢strlcted funds Bedfordshire and Lulon Communiry Fi)undalion 10.O(K) I10.(KK)I Sports En8land 18,0001 (8.(rf101 B¥ily Thomas Charilabl¢ Fund {i.0001 11,0001 Sport England Retum ￿ Play CoTnmunity Assei Fund Tesco Ba8s of Help 127,1371 127,137) 15631 15631 Birkdale Trusi for Hearing Impaired 147} 147) Moio Foundaiion I CVC Foundalion 13201 13201 Santa Barabara Heighis (1.￿} British Gymna51ic5 15.0(K)I 15,1)001 Posi¢ode Soci¢ry Trus¢ 125.OiN)) {25,000) Wixamtree TTUSI 15.0001 15.0001 The Bru¢e Wake Foundiiiott (3.0001 {3.(N)O} Powering Up- Power 10 Chan8e I8,0￿> 14.0001 David Solomans Charilable Tw$1 Isooi 1500) Garfield Wcston Foundation 10.0 110,000) 24.000 TOTAL FUNDS 547.500 552 802) Pag¢ 33 ¢ontLnued... SALTO GYMTr4ASTICS CIIAIUTABLE FOU.N'DATION LIMITED NOTES TO THE FIr*A￿ClAL STA TE.%IE)TS- ¢ontinutd rtsr the Year Etyded 31 DECEMBER 2023 20. MOVEMENT IN FUNDS- eon¢1￿￿ed Cornparatlves for movement funds Nei moi'cment in funds Tran5f¢rs b¢￿e¢n fvnds At 31.1222 Ai 1.1.22 Unre$trleted f￿nds General fund 172.439 1214.694) 66.139 23.884 D¢sL8naied revalualion fvnd 569.070 390.OCKI 959,070 Property fund 536.995 66.1391 470.856 1.278.504 175.306 1.453,810 Resirleied fund$ Rcstriclcd 3.941 3.941 Sports England 8.000 Bally Thoma5 Choritoble Fund 1,000 Sport England ReNrn io Play Community Ass¢1 Fund 29,687 {6.433) 23.254 Tesco Bag$ of Help 750 {187) 563 Birkdale Tru$1 for He*Till8 lrnpaired 927 159) 868 Arnold Clarke 1.000 Moio Foundation I CVC Found81ion 180) 320 Santa Bar?bara Heights l.O(K) Sport England Relurn to Play Sn)811 Grants 3,935 152) 3.883 Briiish GymnaslLCS 5,000 Poslcode So¢ieiy Trus¢ 25.00(> 25,0(K> Wixamiree Trust 5,1M>O The Bruce Wak¢ Found31ion 3.000 PoweriThg Up- Power to Changc 4.000 David Solomans Charilable Twst 500 soo 42.640 43.689 86,329 TOTAL FUNDS 1.321 144 218,995 1,540,139 Page 34 continued... SALTO CYMNASTICS CHARITABLE FOUh'DATIOP4 LINIITED NOTES TO THE FIIAINCIAL sTATE￿IENTS-coIIfInlled for ihe Year Ended 31 DECE)IBER 21123 20. MOVEMENT IN FUNDS- eontlDu¢d ComparAiivc nci movement in fuThts, included in ihe alM)Vt ar¢ a$ follows= Incoming resour¢¢s Resowces expended Gains and losses Movement in funds UDr¢$trleied funds Cieneral fund 450,917 {665.611) {214,6941 Designaicd revaluation fi￿d 390.1 450.917 {665.611) 390.CthI 175.3(16 R¢5tri¢ted fund5 Spons En8land 8.000 Sports England Sport England Retym to Play Community A55cI Fund 8,000 16,4331 (6.433) T¢s¢o Bags of Help {187} Birkdile Trust for H¢8Ting Impaired (591 (59} Molo Foundotion / CVC Found4hlion 180) 1801 Sport England Re¢urn lo Play Small Gran 152) {52) Briii5h Gymna5ti¢s S.O(K> P051eod¢ So¢iery Trust 25,OC(I 25,000 Wixamiree Trust 5.(M)O The Bruce Wake Foundaiion 3,000 Powering Up- Power io Changc 4.OnO David Soloman5 Charilablc Twst 500 500 50.S(M) TOTAL FLNDS 501417 672.422) 390.000 218995 Page 35 coniinued... SALTO CYMNASTICS CHARITABLE FOU.NDATION LIMITED NOTES TO THE FI.WA.YCIAL STATEMENTS- roDtiDued for tbe Year Endtd 31 DECEMBER 2023 20. MOVEMENT IN FUNDS- CODtinued A ¢urrcnl year 12 months and prior year 12 monih$ combined position is as follows-. Transfers b¢￿ten funds movemeni in fun¢ts Al 31.12.23 At 1.1.22 Unrestrlcttd fundl General fund 172.439 1139.4291 48.825 81,835 Designat¢d Tevaluaiion fund 569.070 390.¢NXI 959,070 Property fund 536.995 148.8251 488.170 1.278.504 250.571 Restrl¢t¢d fundi Resiri¢ied 1.529,075 3.941 3.941 Bally Thomas chan￿ble FurMI (i.(wi Spon England Return w Play Community ASSLI Fund T¢sco Bags of Elelp 29.687 (33,570) {3,8831 750 (7501 Birkdale Trust for Hearing Impaired 927 {106} 821 Arnold Clarkt Moio Foundation I CVC FoundLIii 400 {4(M)) Sania Bar¥bara H¢ighis {l.O(K)I Sport England Rebjrn to Play Small Grani$ 883 TOTAL Fuf4DS 213693 1534 837 Page 36 continued. SALTO GYMNASTICS CHARtTABLE FOUNDATIO LII¥IITED NOTES TO THE FlIN'A%'CIAI. STATENIE)TS- ttsntinwed for the Year Ended 31 DECE,MBER 2023 20. MOVEMENT IN FUNDS- eontinwed A current year 12 months and prior year 12 monihs combined nei nK¥verneni in fund$. in¢lu(kd in ihe above are a5 follows". Incornin8 resource5 ResouTces expended Gains and losses Moven]enl In funds UDrestrlcted funds General fijnd 974.417 11.113.846) 1139,4291 Designaied revaluation fund 390,(KN) 390,000 974.417 (1.113.846) 390.CK4) Reslricted fynd$ Bedfordshire and Lulon Comrnunity boundaiion 250,571 10.000 (lo.(￿} Sports England 18,000) Baily Thomas Charilable Fund (1.0￿) 11.0001 Spon Ett8land R¢tym ro Play Communiry Asset Fund 33.570 33,570 Tesco Bags of Help (750) 17501 Birkdalc Trust for Hearing Impaired 11061 {1061 Moto Foundaiion I CVC Foundaiion 141101 Santa BarAb4ra Heights (I.(¥M)I I 1.000) Sport En8land R¢Nm to Play Sm•ll Grants {52) (52) British Gymnasiics {5,W)) Posicode Society Trust 25.OlXI 125.0001 Wixamiree Trust {5.{￿) The Bruce Wake Four¥Jation (3,0￿) David Solomans Charilable TN5t 500 1500) Garficld Wcslon Foundation 74.51M) 111.37 TOTAL FUNIYS 1.048.917 (1.215.224> 390,0 213,693 Page 37 ¢oniinued... SALTO GYMNASTICS CHARITABLE FOL'NDATION LII¥IITED NOTES TO THE FINANCIAL STATEIIENTS- continued for the I'e#r Ended 31 DECEMBER 2023 211. MOVEMENT IN FUNDS- tontinued Breokdown of Restrieted In¢fyn)e rtEn land lo Pla Communi Assct Air-Heai-Lighi Project - Veniilation and n¢w li¥htin8 Tesco Ba sofHel COVID-19 Emergency Funding for Designat¢d Costs Birkdalc Trusi for HeaTin Funding lo improve acct5sibiliry lo SALTO Cenlre for lho￿ wilh hearing impairn)¢ni ArnL)Id Clark To top up ihe BiTkdale Trust for H¢arin8 Impaired Fundin8 to uundalion I CV dal To fund additional SoftPlay apparabJ5 for prc-%hool Sania Barabara Ilei To top up the Birkdalc Trust for Hearing Impaired Fundin8 onsE land Relurn io Pla Small Grants Posi COVID-19- D¢signated cos15 linked io resuming aciivilies Ch Respiie & holiday aclivily programm¢ for 2021 for children & young wpl¢ with special netds Ilntish mna5tics- Refurbishment proj¢¢i Cr Fund Ico Trusl Coniribuiion towards Ihe wages and edu¢ation cost of coaches Wixamiree Trust Refurbishmcnt PToje¢i Th c¢ W k¢ Foun Refurbishmenl project ort5 ETJ land Refurbishmcnt proj¢¢t wer lo Chan Coniributloll lowards introduction of the communi¢atson syMems David Soloinons Charitable Trusi Refurbishmcni proJe¢t BedfordshÈre and Lulon Communit Foundolion Refurbishmert¢ projecl Garfield Weston Foundation Toward5 capital works of the chèrtty Page 38 continued... SALTO GVMNASTICS CHARITABLE FOUPIDATION LITrIITED NOTES TO THE FINA￿cIAL STATEIqENIS- continll¢d tor the Ye#r Ended 31 DEcE￿]BER 2023 20. MOVEMENT IN FUNDS- t•*tinued Tranifer5 between fotsds Funds tTan5feTTed between ihe property and general fund arc th¢ transfer of cash held ai bank and in hand to sertle the Ivan paid off during the year. Deiall of fund$ Funds have been designaied At the di5crelion of ihe Board of Trustee$ as follows-. G¢ncTal fi]nd ThLS IS money that ran be Spent on anyihing which fifflhers Ihe objttiives of The Salio Foundation Lrmiied. nalcd ro ert nd The purposc of ihis fund is to separate ihe cosl of the property and ihe correspjnding bonk loan. nai lualion fu d The pwpose of This fund is io separate ihe r¢valuaiion of the PTopcrry in previous ycars from ihe 8¢neral and properry fvnd. Resiricle Detail of ihis fund ean be found in ihe Report of ihe Tnts*es. 21. RELATED PARTY DISCI.OSURES Durin¥ lh¢ year, £9,01012022.. £10.450) was patd to Discover Project Solutions Limiied. a company in which MT J C Richard%iTrn was a controlling porty Ideccased l O MaT¢h 20231. for th¢ pmvi5ion of con&uliancy and 5upp(Fn rvices io, the charity. including aclins as Chief Opetatin8 Offi¢cr. This expcnsc is inelud¢d within mana8cmcni suppon ¢o$is. The contract for setvices cornplies with the statutory provision of the Chariti¢s Art 2011, S¢¢iion 185. The charity paid £14.256 12022.. £Nill 10 Si. Judes Physioiherapy and Consulting Limited. for the provision of consuliancy and support ser¥i¢¢$ 10 ihe chariry. a company in which Mr M A D'Arcy wa5 a director. A close family member of one Trustee was employed by the chariry durittg the year. with ioial remuneration paid, under PA YE conira¢i$, ioialled £8.365 in 202312022.. £17.6821. 22. ULTIMATE CONTROLLING PARTY The ¢harii*ble company's uliim#i¢ ronlTollin8 party 15 the Board of Twstee5. 23. COMPAIYY LlhllTED BY GUARAliTEE The company is limited by guarantee and h85 no share ¢apithl. Every member of the company undrrtakes to coniribute to the assets of ihe company. in ihe event of winding up, Such an amounl as rnay be required noi exceeding £1. Page 39