REGISTERED COMPANY NtJMBER: 04794043 {England and Wale5) REGISTERED CHAIUTY NUMBER: 1099407 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR SALTO GYMf4ASTICS CHARITABLE FOUP4DATION LIMITED FKCA Limited 260 - 270 Butierfield Great Marlings Luion Bedfordshir¢ LU2 8DL
SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED CONTEf4TS OF THE FINANCIAL ST ATEMENTS for the Year Ended 31 DECEMBER 2024 Page Reference and Adminijtrative Details Chairman's Report Report of the Trustees 3 10 13 Indepeudent ExamiDer's Report 14 Statement of FiDancial Activities 15 to 16 Balanee Sheet 17 to 19 Casll Flow StatemeDt 20 Notes to the Cash Flow Statement 21 Notes to tbe FinancRal StatetReDts 22 ro 36 Detailed Statement of Finallcial Activities 37 to 38
SALTO GYMNASTICS CHARITABLE Fouf4DATiof4 LIMITED REFERENCE AND ADMINJSTIL4TIVE DETAILS for the Year Ended 31 DECEMBER 2024 TRUSTEES Mr R Powell Mr E J Phillips Mr M A D'Arcy (resigned 24.1.24) Mrs P Young Ms L Baird Mr G Baliah Ms N Ford (resigned I1.9.24) Ms R Kay {appointed 4.2.25) REGISTERED OFFICE 260 - 270 Butterfield Great Marlings Luion Bedfordshire LU2 8DL REGISTERED COMPANY NUMBER 04794043 (England and Wales) REGISTERED CHARITY NUMBER 1099407 llYDEPENDENT EXAMINER Tara Aldwin ACA FKCA Limited 260- 270 Butterfield Great Marlings Luton Bedfordshire LU2 8DL LEGAL ADVISERS Machins Solicitots 28 Dunstable Road Luton LUI IDY Page I
SALTO GYMIYASTICS CHARITABLE FOUNDATION LIMITED CHAIRMAN'S REPORT for the Year Ended 31 DECEMBER 2024 It is with great pleasure that there was a return to 'business as usual, at SALTO Gymnastics Charitable Foundation in 2024. During the preceding 4 year.%, we have had to contend with significant disrupiion th81, ai ti]nes could have closed the centre. I would personally like to that our management team of Laura Baird. Mike D'Arcy and Nadine Scarlett for brillging. energy, enihusiasm and also being a tme ple&sure to work with. SALTO embodies teamwork at every level from ourHeads tsf Department, through our senior coathes to ouryoung leader5 and our supportive Twstees. Pauline Young & Eric Phillips deserve special praise for their long-sianding conunitment to the Club -offering wise council and working iireltS51y to ensure our Club continues to thrive. Everyone contributes to ihe su¢cess of the Club and every member of staff should thke great pride in the sense of belonging and inclusiveness that etb]ed the Club to reNm to membership approaching 1,000. This i& a rerum to pre-covid levels. and a target that as a Board, we Sought to achicve. l llLUSt also thank the support of our members, who have had to deal with a shary) rise in the cost of living and yet SALTO, tts tnany parents remains a huge f]nancial commjunent. It is well doCumend that the regular participation in sport and group activiiies i5 SLiPPOrtive of children's personal developmeni and beneficial to mental health. As a Board, we endeavour to offer value for money when compar¢d io other local gymnastics ¢lub5 and we fully innd to re(&in our charitable sthtus. Tuming to specifi¢s, in2024 we succe5sfullygrant nded a major refurbishmeni of ourchanging and toilet facilities and improved our disabled washroom. We have many long-stallding partners %u¢h as The WixaTntree Trus¢, The Bedfordsh2re and Luton Cornmunity Foundatjon. The Garfield Weston Foundaiion and the team from Beaciive Beds.. It remains a high priority that we continue to build ami grow our reach into the wider comTnunLly, io explor¢ additional funding opportunities. such that we can continue to improve the safery & security of tsur facilities. Our Christmas shows were very well atiended, as were Club championships and ACRO Galas which allow our members to display their talents to a wider audience. It is perhaps ihese-whole Club, events. rha¢ bring me the most joy and sense ofpride. The organisation is complex and yet, this year there wer¢ on a scale not seen before. It was with great sadlless that we lost Jean Larg¢. Her ca]m. guiding presence around the floor will be greatly missed. Finally. il is to all our gymnasis thai I remain indebted, a5 Chair. The progress we have all made as a collective, is evidence that, as a Club. we ate doing things well and our direction of travel i% strong. Frotn oui popular pre-school offering. thiouO] Wojnenthlen Artistic. Trampolining & Turnbllng. our general offering is gathering momenwm. The Club needs to build on the prenominal succes5 of our Acro D¢partment, grow organically and coniinue io build on the Success enjoyed ai our external cotnpetLtitsTJS in 2024. Mr R Powell- Chaim)an Page 2
SALTO GYNINASTICS CHARITABLE FOUiYDATION LIMITED REPORT OF THE TRUSTEES for the Year Ended 31 DECE.MBER 2024 This report represents SALTO Gymnastics Charithble Foundation Limited. The strength of our Board, management team. staff and itnponantly mernbers have allowed us w position ourselves for gTtsWth. The rrnste¢s who are also threciors (The Board) of the cbarity for the purposes of the COPartIes Act 2006, present their repon with th¢ fjnaucial sMentS of the charity for the year ended 31 December 2024. The Board has adopted ihe provisions of Accounting and Reporting by Charities.. State¢1 of Recommended Practice applicable to charities preparing their f]nancial statemenis in accordance with the Finallcial Reporting Standard appllcable in the UK and Republic of Ireland IFRS 1021 (Eflective l January 2019). 2024 was plaoned to be a year of moving fonvard in temis of jnembetship numbers. facility utilisation and refurbishment of the faciliry. As 3 board we supported the managetnent in club (o colltinue the day-to-day operations, lo fundraise and plan refurbishmenis. Business condition5 epsed a little. energy prices dropped, and we were able to fix for one year at better rdies.UK Infiation measures, Core CPI and CPIH. eased. CPI beginning of the year at 4.2 /. SALTO continued to focus on the membership base, whilst re¢ognising that Children, ParenL%. and our Colleagues were navigating the cost-of-living Crisis. The strength of our Board, management team. stsff and irnportantly me]nber5 have allowed us to plan positively for the fuwre. The Board has asqessed the Charity on a going ¢oneern basis. We monitored cash flow on a month-to-month basis. we moved to simplify reportang. we enhanced the management team contributors. we focussed on the new membership administratlOD tool'coacha", we focussed on training our staff. we focussed on productivity improvements. The Charity and its property are managed and administered in accordance with its Mernorandum and Article5 of Associarion, by its. Board. OBJECTIVES AND ACTtvrtlES Objertives and aetlvities The Charity's objects are restri¢¢ed specifically, in each case only for the public benefil to: (a) The promoiionof communityparticipation. in a range of healthy sporting, recreational and educational physical activities, for the benefii of bui not exclusively, the children and young people Irefetred io as Inhabitanlsl of Luton and surrounding rural towns and villaKes (referred io as area of benefit). by ¢he provision of facilities for participation in the activities. To advance education for the benefit of, bui noi exclusively. Inhabitant5. OF the Area of benefit), thtough the provision facilities for coaching in gymnastics sporns and throu¥h the support of gyrnnastic coaching courses and leadership skills. The relief of such Inhabitants with physical or leaming disabilities by the provision of the facilities and activities_ For the public at large in the interesrs of social welfare and with the obje¢1 of improving the condition of life of the said Inhabitants who have need of such facilities and activities, by reason of their youtb. age, infmiry or disablement, financial hardship. or social and econornic circumgtan¢es. (b) (cl (d) TakEng reasonable care and attention is given to the physiological and rnental wellbeing needs of Such illhabitants. with a view ro furrhering these objects. Our vision is.. To Aspire- To Inspire. To Deliver,. To Succeed. As SALTO is more than "Gymnastics" Page 3
SALTO GTrTrINASTICS CHARITABLE FOUNDATION LIMITED REPORT OF THE TRUSTEES for the Year Ended 31 DECEMBER 2024 ORIECTIVES AND ACTIVITIES Pubilc beneflt The Ttustees confjrm that tlLey have referred io the Charity Conuni5sitsn's guidan¢e on public benefii, including the guidance 'public benefit.. runninby a chanty IPB21, when reviewing SALTO's aitns and objectives. as well as in planning future aciivitie9. We strsve to improve the health, wellbeing, and prospects of the "Inhabitants" by becoming one of the leading providers and proOterS of gymnastics and other activitie5, in our"Area of "Benefit". from the use of the SALTO Centre by SALTO Gymnatstits Clwitable Foundation Limited. SALTO'S primary source of income is directly from its activities ihai generate metnber subscriptions and fees. Affordability and access to SALTO'S activities and progranllnes is importhni to us and is reflected in our pricing policy. This pricing policy is designed to enable as many 'lnhabitants" a5 POSSLble within our Area of Benefii" to take part in activities. io attend or participate in events, by making these as affordable as possible, having due regard to the general levels of deprivaiion in the Area of Benefjt" and pricing of 5i]nilar sporiing or leisure activities available locally. The pricing policy and other careful fmancial management by the Trustees are designed to generate a modest surplus and consistent wilh our Reserves Policy derailed below. The strdiegies en)ployed to achieve SALTO Gymnastics Charitable Foundation Limited's aims and obj¢cts are-. enable SALTO to present a broad range of activities and gymnastics classes for all age groups in as many discipline5 as possible, subject to availability of qualifled coaches. enable SALTO io develop innovative programtnes. such as. ¢lasses for"Hotne Eduted, children. enable SALTO to develop"Partner" progralnmes with local s¢hools, groups working with children with specific educational needs. provide facilities for community amateur sports groups to classes at the SALTO Centr¢ at discounted rates for hir¢ of space. create opportuThities for volunteering, developing coaching skills and employjnent. create an open. welcoming. safe environment to bring families iogether whi15t they waich their children panicipate in their classes fosiering a sense of C0mrnLiÈY cohesion. creaie a sta-0f-the-aft training facslity, to inspire the gymnasts to reach their fvll TenTiaL and motivate othe io become members too. SALTO is aware that it must demonstrdie the difference made by the achievement of our aims and objectives tttrough the delivery of our activilies. outputs, outcomes, and impacis. We now need to wtsik on 2026. Although SALTO moniiors perforniance againsi Key Perfornwice Indicators {KPlsl. sei within atjnual operaiing plans, these results. have not b¢¢n expressed in societhl terms. This is Siill an area for irnprovelnent in our performance but there are challenges ond measurement problems associated with some of our activities. Subject to GDPR cornpltance, we a15.0 aim to share data with Partner" organisation5 to improve the quality of our reportjng. SALTO operates in Sundon Park, one of the m05t deprived areas in Luton, as evidenced by ONS IMD statistics. Luton is 70th of 317 of England's Tnost deprived areas. 4 Local Super Ouwui Areas (LSOA's) in the top IOO/o mosi depriv¢d areas in England. Luton's populaiion is 225.300, one fifth of this number are under 16 years old. Only 4 LSOA'S have improved their oyerall IMD rak]ng 2015-2019 Page 4
SALTO CYMNASTICS CHARITABLE FOUNDATION LIMITED IiEPORT OF THE TRUSTEES for the Year Ettded 31 DECEMBER 2024 STK4TEGIC REPORT Achievement and performance Charitable attivitAes In 2024 We were able to invesi in trdiming and development in coaches. This was a deliber4te strdtegy, as we decided to build from within, as Senior coaches were difficult 10 source posi covid. With the help of the Wixamtree FoundaiioD oiir staff were able 10 complete over 30 courses, in 2024 with the Bnlish Gymrwties Coach Education Progratnme and First Aid. We also enhanced productivity by introdu¢ing"Mesh WI-FI" inio the centre, allowing our coaches to become digital in their record keeping tt>ward the end of the year. Every one of us worked hard in the background; io deliver on our main ¢haritable of objective to ensure we make our activities as affordable possible to as many as possible. We were able to complete the creation ora new JneetinK room. for the %iaff, membership and visiiors. We weTe able io refurbish our Toilets for those with disabilities and the Male and Female toilets.. We were able to redesign bag drop off room and improve our safeguarding abiliiy. Children and Youn Peo le Our membership at the end of 2024 was Approximately 980 members. We are aiming ¢0 consolidate and build on this in 2025.we have retumed to a pre ¢ovid lietable. enabling our recrealiotydl level provision to expand, Our squad programme is also recovering. W¢ hope to enhance our Tumble offering in 2025. We are a fully inclusive club here at SALTO. Our members aTe attracted by SALTO'S growing reputation, delivery of gymnastics and successl SALTO'S rn¢tnbership is drawn from every ward in Luion and reflects Lulon's Superdlvee, plurdl. ethnic population. 850/0 of our ]nembers have a Luion Postcode. Our membership ethnic tnix comprises 48.50/0 English, I l /0 Other White, IOO/o Asian, 120/0 Black. Black Briiish Caribbean, African. 160/0 Mixed multiple, and 2.50/0 other Ethnic group. 87¥0 of our mernb¢rs are female. 2024 was an exceptional year for SALTO. tnarked by success. progress, and pride a¢rosb all areas of the Club. Our gymnasts brought home an incredible 34 Gold, 43 Silver. and 40 Brnnze medals, including a Regional medal in General GJThnastlC5, a National Bronze in Men's Artlslic. and Briiish and English Champions in Acrobatic Gymnastics. Our Acrobatic Gymnastics arn continued 10 deliver outsianding results. shuwcasing the dedication and hard work of both gytnnasts and coaches. Reereatiotvdl and Pre-school programmes thTived. wilh young gynma5ts akirtg great %trides in ski115 and confiden¢e. We were also thrilled to launch a new Trdmpolining squad development pathway, and begin reintroducing (ieneral Gymnastics to give even more gYts the chance io train and compete. Men's Artistic Gymnastics saw a surge in participation. with boys proudly representing SALTO at a wider rdnge of competitions. Meanwhile, our Women's Artistic piogramme had an encourdging year, with strong compeiirion perfomiances and representation ai regional level. We're exciied io see this momentum continue in 2025. Beyond athletic success. we also celebrated progress among our coaching team, with over 12 memb¢rs qualifying in British Gymnastics awards and 14 gaining Firsi Aid certification-strengthening our commiimeni io safety and excellence. While this year brought many positives, it also brought great &adness. In August 2024, we losi a much-loved and long- s¢andiDg member of the SALTO family, Jean Large. Jean was inst]umental in founding our Acrobatic Gynmastics department in the late 1980s and remained a dedicated and inspiring presence in the club ever since. Afier a short batile with cancer. Jean passed away, leaving behind a remarkable legacy. Her passlon, commiimei)I, and love foi the sport shaped genentions of gymnasts, and her influence will coniinue to live on in everythtng we dwspecially within our acrobatics programme. As we reflect on this memorable yeai. we are incredibly proud of out entire SALTO community alld look fotivard to building on this success in 2025. Our Play gym sessions have seen an increase in alndance and a continually growing attendattce base. Our Play gyTn popularity and revenue has continued io exceed our expectations. Facilities and Infrastrueiure Our focu% is to ensure the SALTO is a welcoming, nurtUTI[ and bafe environment for all attendees ai SALTO. From our staff, volunteers, managemeni and contrdctors all the wdy ihrough to our rn¢mbers and visitors. During the year 2024. the Page 5
sad incident in Southpon, prompted the board to review security, with the aim of refiirbishing OUT front entrance io enhance everyone's safety. Workforee At Board level. we were pleased to welcome Kimberley Provan as a Pareni representative, following the resignation of Nicolleiie Ford. We thank Nicolette for her time and effort of behalf of the club. We close 2024 with the ambition of increasing board members to 10 over the medium tern). These appointments will ensure the chariry retnains sustainable and will also continue to develop its positive approach to Diversity, Equality, and Inclusion in particular. We will invesi ID manageent skills training courses and seminars io continue our management team's continued professional development, as opportunllies arise. We coniinue io invest in all our sthff, our young leadeis and coaches are encouraged to climb the British gymnastics qualification ladder, with our fmancial support alongside gaining other professional skills such as First Aid, Safeguarding and any additional ¢ourse5 tbey may require for their specific role. lunteers SALTO relies on voILtary help to support its Management Team, Coaching and Adminisrrdtive Staff. Volunteers a&s1.t with siewarding events., coffee bar and perforniances, setting up and packing away. fundraising, banking atrangemenis and siock control. SALTO does noi attribute a f]nancial equivalent lo the value of our volunteers, contribu(ion io the Charity however it is nevertheless of greater worth than the mere saving in paid statTcosts. Communi ement SALTO has explored new avenues and ways of interacting within the cornmunity. This year our staff have visited school fayres. welfare evenings and Club conferences. We have regularly had contact with Lu¢on Borough Council members, and our sponsors. We invited many io our Winter Spectacular and many attended as guests. W¢ are very pleased with the outcome. We also rall Adult Movemeni classes during 2024. We will coniinue to support the Ial community and deliver an affordable, inclusive seEvice. SALTO will COTJiinue to ASPIRE. to tNSPIRE, to DELIVER and to SUCCEED. Communieailon Our cornmunicaiion this year has been delivered inio the coeCt channe15 with regular social Tneth'a posis with a mixture of SALTO competition resulis. recreational involvement, advertising and updates. Alongside our monthly newsletters, emails and notice boords. Our communication with staff has been improved with the implernentation of our new staff managemeni system alloMng iaff to communicaie with each other and managemeni as well as having access io their timesheets. schedules and staff bulletin for impotlant updates. SALTO'S incoJDe is generated frtsm the following sources.. - Metnbership Subscriptions Metnbeiship fees - Gift Aid Sponsorship - Non-G)Thnastic5 Core Activities Trading Activity Exiemal Hire - Donations. Grants. Bursaries and FundlSing Membershl Subscri Variable based upon the subscTiPtion fee rate and the nurnber of participaD1MeInberS. Thi5 represenL% the largest contribulion 10 SALTO 's Primary Trading Income. This income is regular. paid rnonthiy and the majority is via pre- authorised card payments collected via our membership systern and designated payment service provider. The subscTiPtion fee rates were lasi changed in October 2024. We redesigned the fee table lo make it fasrer, for our members. we remain a value focussed board. committed to providingi the best value for our members. Page 6
SALTO GYMNASTICS CHARITABLE Fouf4DATION LIMITED REPORT OF THE TRUSTEES for ihe Year Ended 31 DECEMBER 2024 Membershi Fees Generally predicable within a reasonable tolerance. Membership fees were unchanged in 2024. GiftAid As a charity SALTO Gymnastics Charitable Foundation is able to claim Gifi Aid on eligible eber payments for which we hold a valid gift aid declardtion, our 2024 tal for gift aid was £16,334. NDn-Gymnasti¢s Core Activities We look to develop innovaiive ways to offer a¢iivities that prornote health and wellbeing to members and non-members taking advantage of time when the SALTO Centre is noi fully occupied by our core-activities. Norn)ally, this not only ¢ontributes to our chariiable objects but also provides a strot)g and reliable sL>ur¢e of revenue. Tradin Activi I'rading a¢iLvity is ¢onsist¢nt, yet below pre Covid levels and ]thely to remain so in the im]nediate future. We have plans to reorganise class strncture and have implemenred cashless payments a¢ross our vending machines, which has added to usage of the coffee bar, External Hire There are different forms of external hire from Parties, Compeiitions and Events. Community Club hsre and Coa¢h Education Courses. This source of income is expect¢d to make an increasing valuable contribuiion. During 2024 we have been able to esiablish and build relationships with external harers io hopefully continue to build further hall hlnng opportunities in the filwre. DonationslGrantsIBurs#rieFlllld Raisin EveDisJCrowdfllndln TheB Give A eal This 15 entlrely linktd to the volume and success of Such activities. These are generally linked io a project or planned expense and the funds raised are either Resiricted Re%erves or Designated Reserves. There are long lead time5 between applications and any funding received ex¢epi for 4pecific events. This is not predictable. Increasingly applications are being made for support for core costs. onsorshi Sponsorship 15 Still finding its fe¢t here at SALTO and not yet a predicable or making a meaningful contribution to the in¢rime mix. We hope to esiablish and gain rnoie Sponsorship as we move into the nexi year. Statement of Financial Activitie - The Commercial Mortgage payinents of £4,237 continue.%0 the balance as ai the year-end is £432.461. Subscriptions- Reflected higher in 2024. We saw a rise of 160/0. We again raised our prices. due to llfflationary pressures in building maintet)ance also staffthg cosis, coniinued to rise. - Other Incorne- This continue5 to build. Play Gym attendance rates are solid. The reality was an income increase of Non-core income contributed more than £IOO,000 in 2024 exceeding budget wgeis. Gift Aid contributed £16,334 in 2024. This money was ai no extrd direct cost to our members. enditure Our utilitles bills for Heat and Light were ai £29.253. Repairs and renewals at £73,000 for meeiing room creation. full refurbisl)ment of toilets. - The cleaning bill at the facllity is 36,000 per at]num. Wt highlight these costs so that our members and guests can see where the money 15 being spent on ihe facility. This was a signifi¢an¢ rise in costs. Our %tatTJng bill increased over 200/v* a8 we worked to increase tirnetable activity. and staff qUalifJcatio We are a v¢ry fair eTnployer and as such we have reflected this in the rise of wages. Investment Polic and Ob'ectives The Combined value of Charity's reStricd andlor unrestricted reserves does noi currently warrdnt establishing a detailed investment policy. The Trustees, having regard io the liquidity requirements of ¢)perating SALTO, have kept available funds in an inierest.bearing dep05ii aLcount and seek to achieve the best available rale of interest, commensurdte with the amount invesied and ease of access required. Page 7
SALTO GYMNASTICS CHAIUTABLE Fouf4DATION LIMITED REPORT OF THE TRUSTEES for the Year Ended 31 DECEMBER 2024 He8dlTrne5 for 2024 We installed our new membership'coacha" system which will increase our productivity. We had a fantastic response from our members and the conununity, aboui our 5 show Winter Specwulw event. Thank You. The Senior management team revised the approach to ihe management of our Loa¢h&s and staff. We aimed io build relatiottships with all members of SALTO staff and create a professional, enjoyable workplace. We refurbished our ground floor toilets and bag drop area. Extemal economic factors rernaineé inconsistent, Commentators and markeLS were still predicting further increa5e5. Whilst SALTO is insulated from Interesi rnie rise incr&qses. we had to consider cost of liv7 and recovery in our calculations. Our fixed rate mortgage is at 6.890/0 and is fixed L¢11 November of 2027. Fill#Ree Position The Total Cash Position at 31 December 2024 is broadly in ]ine with our long-tenn projectsons. The mortgage balance as at the year-end is £432,461. Sub5criplions-in 2024 we aimed for the sub.scriptions ro incre&se to around £30.000 per month. Other Income- This Continu& to remain steady and is in¢reaEing o Playgyn attendance rates are solid and growing. The forecast that play-Gym conrributed of over £40.000 in 2024 has ctsme to fruition. Playgym is integral in providing 'feeder Club members. as this is targeted for 0-5 year olds to come with parent&¢arers. o Holiday Camps - Are very well attended by both memb¢rs and non-members of SALTO ranging across ages 4-15. This is heavily subsidised a5 a cheaper alternaiive 10 childcare for paTenis in the holidays. 2024 OPERATIOIYAL BUDGET STRATEGIC PLAf4S We have produced 2024 forecasts and high-level SLUJ]Enaries. FuDdraisRng Grants- We have raised over £76,000 in grants. £23,500 toward refurbishment from the Gosling Foundation, the Bruce Wake foundation. we received £25,000 core funding from the Posicode Lottery. we received £10.0 from the Wixamtree Foundation for courses and WIFI mesh.%ystern, we received £15.000 for our froni enttanee proje¢r from Sw)rt England and 3,900 frorn BLCF for IT Equipment. Thank you all very much. Donations - We received donarions of £1,500 which we put io our onsite defibrillator. We are very pleased to have this at th¢ club. Reserves policy aDd CoDtinuing concern rhe Chanties Cornmissioll guidelsnes siaie that it expecis irusiees to decide, publish, irnplernent, alld monitor their charity's reserves policy (the Policy) so thai they can comply with their legal duiies io: aci in the interests of their chariry and its b¢nefi¢iaries. protect and safeguard the assets of their chariry. act with reasonable care ond skill. ensure their charity is accounthble. This policy document sets out: a medium-teTm plan for the restoraliot) of reserves. the basis for the establishment of the level of reserves. th¢ purpose and approved use of such reserves. Page 8
SALTO GYMNASTICS CHAIUTABLE FOUNDATION LIMITED REPORT OF THE TRUSTEES for the Year Ended 31 DECEMBER 2024 The Board is responsible for establishing this Policy and io regularly monitor and review its. effectiveness in the light of the changing ndIng and financial climate and other risks. Reserves are essential to ensure all spending ¢otnmitrnents and potential liabilities can be fulfilled and aSIstS with the miiigaiion of the impact of unplanned events on SALTO Gymnastics Charitable Foundation LImid ISALTOI, the members, siaff and volunteers. This Policy is reviewed, ai least annually in line with the fmancial a¢¢ounis review. The last review was Decernber 2024. Our airn is to {lintaIn our reserves to ensure our financial resilience and sustsinabiliry. includinb protecting ourselves against unexpe¢¢ed shocks to SALTO activities that are noi insurable risks. The Policy sets out new aspirational target reserves levels aDd the key principles by which we rnanage sutpluses or deficits Compared with the targets. Our aim ig to strike the appropriate balance between ensuring a sustainable fman¢ial position and using our funds to fulfil our charithble objects. Types of Reserve Restricted Reserves.. Rcstricled fi]nds fall outside the definition of unrestricted reserve5. In SALTO'S case. it may during the norn)al ¢ourse of its fvnd-raising activities, receive the proceeds of donations or grants, which may be received with conditions attached regarding their use. Such rtd5 will be held in a separaie designated account and such fund% shall be tplOyed in strict accordance with the conditAons attached an(Vor the pUoSe staled in the application for such nds. As such, these funds are not included in the calculation of the Unrestricied Reserves considered prudeni for the day-to-day operdiion of the club. De51 llated Reserves.. SALTO tnay decide to accurnulate reserves in anticipation of a future project or material expense. These are detailed in the table below. A.$ such it may set lde funds from sts nornial income andlor general fid-r#i5Irtg aciiviiies with a view to utilizing such reserves at the appropriate time to facilitate the project or meer the liability of the planned expense. The Trustees may, ai their discretion. re-designaie the application of 5u¢h rtds to meet a new pnority. provided such 15 in furtherance of irs charitable objects. Ullrestricted Re5erYes SALTO may decide to accumulate general reserves to ensure ihat the SALTO may fulfil itg nom)al day lo day activitieb. contractual commitments, and operating expenses io mitigate the risk, however small, of an adverse change to anticipated futurc tevenue% or adverse itnpact of an unplanned or significantly larger expet)8e than that which was included in the budget. As su¢h, it may set aside funds from its norn)al income anOr general filnd-raising activities with a view to utilizing such reserves at the appropriate time to avoid the need to ¢ease delivery of scheduled activiiies in furtherance of Its charitabl¢ objects. Unrestricted reSe¢S are ndS that are not specifically dered as Restricted Reserves but may include Designated Reserves. Reserve5 policy and going concern These unrestricted reserves must be freely available to spend on any of the Charity's purposes. The starting point for calculating the amouni of unrestricted funds held by a Ciwsty. 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 Chariry's ability to deliver lis aims, or they are not eagily convertible to cash or illiquid. This i5 be¢au8e spending those funds may adverqely irnpact on the Charity's ability to deliver its aims, or they are llot easily convertible to cash or illiquid. Such iicms should be excluded from the calculation of reserves, include.. Tangible Fixed Assets used io cany on the Clwities activities, such as land and buildingg. In September of 2022 Kemsley Property Consuliants. on behalf of Barclays, valued the SALTO centre at £1,890,000. Th¢ net fLxed asser value is excluded from the calculaiion of free reserves as this equiry is not easily realiied into cash alld could fall in adverse economic condiiions. Programme related invesrmenrs those held solely to further the Charity's purpose Designated Funds sei aside to rneet essential futuie spending, such as funding a pmject rhat Could not be mei from future iTJcome Cornmitmenrs that have not been provided for as a liability in the fllwicial statements. Page 9
SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED REPORT OF THE TRUSTEES for the Year Ended 3J DECEMBER 2024 Level of Reserves Target Amount 2027 Target Amount 2026 Target Amoullt 2025 Description Purpose of reserves En%ure short teim solvency in case of extreme event and buy time in the eyent of a serious income shock. Enable the organizaiion to function while action is taken (including business intemiption insurance claim). Ensure charitable committnents can be tnet. Contin£ellCy Reserve £45.000 £40,000 £35.IX)O Smooth volatility. Provide coverage for pennanent Changes in cirallllstances. Enable adju%trnents to be phased in over a longer time. Insulate usable reserves from adverse fluctuation in expenses, such increase in hall hire cosi due to adverse interest change. Finalleial MatL#gement Reserves £10,000 £10,000 £IO,O(KJ Strategic Reserv¢s (*Est#blish SinkiDg Fund) Enable delivery of SALTO Strdtegy Fund the non-recurring cost of major projects and initiatives £io.000 £io.000 £10,000 This Is the unresiricted balance on the reserves account. This excludes balances on Current accounts from time io lime Total Reserves £65,000 £60,000 £55,000 CONTINGENCY RESERVE CONTROL MEASURES are $¢1 out ID the Rules Goverlling the operation alld managem¢nt of SALTO Gymnastic$ Club (the Club) Pursuant to Arti£le 3x tsf the Article5 Of A$soelatlon adopled on 29 September 2021 (Ihe Articles) Flnancial reTrTrew The Board has set targeis for unrestricted reserves itl this Policy, in accordance with Charity Commission guidelines l¢urrenily Set out in CC-191, noting that reserves are needed io bridge the gap between the %pending and receivinLJ of income and tc> cover unplatmed emergency repaits and other txpenditure. The board has designated and established targets for Contingency, Finan¢ial Mana8ement and S¢raiegi¢ Reserves and havll due regard for its Risks Regisier. The Board shall always act with reasonable care and skill, using infomiation and advice. as it deems appropriate, io sei att a[Ual budget, with 8 view to funding the dtlivery of scheduled aciivilies and future developmeni goals. in furtherance of its charitable objects. Such budget is set with due regard to pievailing operating income and expenditure, as well as prudent forecasting, based upon known intemal and external facioTS. The budget also aims io Crea a modest SLuplus to contribute 10 an increase to the balance of unrc8tricted reserves towards the sthted targets. The Tnlee$ considers the ideal medium target level of reserves is £55,000 by the end of 2025. This is evident from the figures reported in the Statement of Financial ActlVLtie5. In the short-¢erm, we aim to maintsin unresiricted reserves of at leasi £20,0(10, as detailed in the table above and move towards 2x months, Salary cover in the mediurn temi. Page 10
SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED REPORT OF THF. TRUSTEES for tbe Year Ended 31 DECF,MBER 2024 Risk management The principal risks faced by the Charity are,. Financial.. Financial risks are two fold: Exposure to a signifi¢ant adverse change in interest rates once our f]xed arrangement with Barclays expires November 2027. Income from nomal operdtions, sueh as member subs¢ripiions and other fees for services, is insufficient to meet the liquidity needs of the Charity. In both cases, a reserv policy has been established in SALTO GY$t1¢S Club 10 ensure that the charity will be able to Tneet its obligations as they fall due. SALTO has Trnsiees with d¢tailed f]nancial experience ro monitor and evaluaie such risks and amend policies ag necessary. The reserves policy has been redrafted to enable the charity to be better prepared for such an eveni. SALTO'S business interruption insurance fell short of providing the aniicipaied protection. erational.. The Charity has a strong Board of Trustees that is responsible formanagement of the Chariry. The Clwity seeks w adher¢ to best practice as advised by the National Governing Body and Charity Cotnmission. We remain conunitted to growing our Board and adding additional I'rustees with specific skills in Legal, Hurnan Resources & MarketingllT where we have deficiencies. utaiions.. The Charity maintains a set of policies and procedures designed to enable the delivery of a¢tiviiies without illcutying adverse reputations consequences. The p)licies are reviewed on a regular basis or when new guidance is issued. We have policies goveming the safegLthing and welfare of children and young people, safe systems of work to protect our siaff and users of the SALTO Centre and financial Controls to avoid misappropriation of Charity fLmds. Pagell
SALTO GYMP4ASTICS CHAIUTABLE FOUNDATION LIMITED REPORT OF THE TRUSTEES for the Year Ended 31 DECEMBER 2024 STRATEGIC REPORT Futur¢ plans SALTO has developed new medium-tern) .%trategic plan coyering 2023 - 2025. The focus is now upon a controlled ye¢ sustained effort to rebuild metnbership ttumbers as well as new and existing services. We will ensure we have the necessary fmancial and physical resources available to tneet the demand from fornjer and potential beneficiaries. Our plans have 6 priority arvds: Communi & Membershi Define policies 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. Edu¢ation & Em ment By focussing upon the needs of club, working with British Gymnastics Coach Education. establish a fraynework for the invesunent in people, to fulfil theirpersonal development goals whilst using these ski115 in the furtheranceofour charitable ObjIS. Services & Events Secure a progiamme of ¢lasqe.%, activitie5 and events ihar ¢ontribuie io the furtherance of our ehariiable objects that are txciling, challenging, rewarding safe and fun. Ensure the SALTO Centre is equipped to the highest standar(ts possible 10 aspire lo be a centre of excellence to deliver same. We will devise developtnent plans for our Competitive squads io be ready to enter events as soon as pemiitted to do so. Finance & Corn liance To ensure the long-terni sustaillability of the charity through Pwdential Financial controls and poli¢ie5 and confomiing with all legal requirements and regulations governing Charity a¢iivities. The Board reflnanced, the balance of outstanding long-ierni debt by extending the ierni and in doing so. produce a posiiive impact on cash flow but acknowledgin¥ that the overall cost of the f]nance will in¢rease. This action being in the besi inierest for long tetm financial sustainability of the Chority The Board aims to in¢rease unrestricted grant fundlng to redu¢e depet)dency ot] tnember subscription incorne. ICT S stems Conduct a Digiial Strategy Review to ellsure Managemenr and Staff have all the tools necessary to fulfLI their roles effectively. ICT is an essential resource and is integral to all aspects of the Charity activities. We musr strive to ensure the resources available are fil for purpose aTLd compliant with GDPR. Health and Safe Maiia ement SALTO is committed to maintainlng a robust Health & Safety Man8gemeTJi Sy.8iem, that ultimately ensures thai all users of the SALTO Centre rernain safe. Page 12
SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED REPORT OF THF, TRUSTEES for tILe Year Ended 31 DECEMBER 2024 STRUCTURL GOVERf4ANCE AND MALYAGEMENT Governing document SALTO Gymn&%tics Charitable Foundation Limited is organi5ed as a Company Limited by Guarantee ICLG) Compally Regisiration Number 04794043. The CLG sttucwre is widely used by Chariiies bause they not-for-profii companies - that Is. they do not distribute their profits to their members but either retain them within the company or use ihem tor some other charitable putpose. SALTO GyrnnastiC5 Charitable Foundation Limited ].% registered as a UK Registered Charity Number 1099407 in 1995. SALTO Gymnastics Chantable Foundaiion Limited was established to facilit8ie the purchase of the SALTO Centre with the assisrance of a cotnmercial mortgage and io proteci the Trustee5 and Direciors runninbF the company from personal liabiliiy for the company'g debts. The liabiliry of the Trusiees and Directors is £1 (One pound bterling}. Trustees Th¢ Board of Trustees are resox)nsible for directing, controlling. and nu)ning and operating the Charity on a day-to-day basis. Ie Board should refleci the diversity of SALTO rnernbetship and the communities it serves in Luton and the surrounding towns and villages. The BoaTd intends to cOpIY with the new Charity Conunission Governance Code and has nL>t¢d the latest requirements regarding Equality, Diversity. and Inclusion. These principles have been incotporated into a new Envirollmental. Social & Corporate Governance policy. The Trustee's role requires lay people, parents and professionals who have a wide range of skJ"Ils and experience to assist with the diverse strategic needs. Any individual, not disqualified from becotning a Trustee, may be inviied ro become a TNsttt by an existing Trustee, on behalf on the existing Board. Such individuals shall be nomiTIad and elected to the Board, at the earliest possible meeiit)g of the Board after acceptance of such invitation and the appoinullent shall be COnf¢d at a General Meeting, following the appoiniment. or at an Extrd General Meeting. The Board is required io hold a minimum of 2 meetings per annum. Ar SALTO we airn to eet 4 times P¢T year, once per quarter. These meetings have now resumed in person. Ttusiee meetings usually have a sessioTJ during which the Managernent tearn present commeniary on progress against plan. covermg the day-io-day adtninisiraiion of rh¢ Charity activities, review policies and seek decisions, before BLYard buslne.ss LS considered. Trustees, meetings agree the broad trdtegy and areas of activity for the Charity, including consideration of any bllrsary rnaking. Capital inv&%im¢nt projects.. reserves and risk tnamagement policies and perforn]ance. The Board actively seeks ro improve its perforniance and a¢tively encourages applicatLOTlS to join the board by following the process described on the website and Proted via social media and annual member survey quesiions. New uusiees ideally serve for fsve years afier which they Y put themselves forward for re-appointmeni. Th¢ Constirution provides for a minimum of three irustees, with no maximum number. On appointment. new inlee$ sign a model trnsiee declaration statemenr Committing them to giving of their time and experti¢. The induciion process for any newly appointed trustee, includes an initial rn¢eting with the Chairand the Trusiees. followed by a series of shon meetings with the Operation5 Dlrecttsr and l other rn¢mber of managetnenl. Thebe meetings will include a brief hiswry of the Ciwity, copy Board and Managemeni Meeting minutes, 2 copy of the lasi three years of annual reports and accounis. a ¢(>py of the Articles of Associaiion and a copy of the Charity Cotnmission's guidan¢¢ 'Charity Trustee.. whai's involved {CC3a}' and 'Public Benefit.. running a charity,. Tjusites are required lo disclose all relevant iniere5ts and register them with the Chair in accordance with the Charity's policy withdraw from decisions where a conflict of interest arises. The current meTnbers of the Board are lisied in the Reference and Administrdiive Details Shttt at Page l of this report. They may also be found on ihe register at Charity Commission. Companses House and SALTO'S own websiie. In case of need, please email tFUSteesLalsaltogym.org in the flrst instance. Report of the trustees. in directors, on . orporaiin a strdtegic report, approved by order of th¢ board of trustees. as the Company and signed orl the board's behalf by.. Mr R Powe Page 13
IP4DEPENDEP4T EmmER's REPORT TO THE TRLlS'fkES OF SALTO GYMNASI'ILS CHARIT ABLE FOUNDATION LIMITED Indepeudent examiner's report to the trustees of SALTO Gymnastit$ Charliable Foundgtion Limited ('the Company,) I iepvrt to the ¢hariiy trnsiees on rny exa]ninaiioD of the fLnan¢ial sta¢ements of the Company for Ihe year ended 31 DeMber 2024. R¢spottsibilities and basis of report As the charity'% trusice$ of the Company (and also its directors for the putposes of company law} you are re%ponsible for the prepardiion of the fancial statements in a¢cordancc with the requiremenis of lh¢ Compankes Aci 2006 I'ihe 2006 Act'l. Havirlg saiisfied myself that the fllwicial sleMents of the Company are tLOt required to be audited under Part 16 of the 2006 Act and are eligible for iDdepeD(kni examinaiioD, I Teport In respeci of my examinaiion gf your ehanty's financi81 StateentS as l¥ried oui und¢r Section 145 of the Charitjeb Act 2011 I'the 2011 ALY'I. In Latryillg oui my examination I have followed the Directions given by the Charity Cotnmis5ion UDd¢r Section 145151 Ib} of the 2011 Act. IndepeRdtni examintt's Statement Since your charity's gross Income exceeded £250,000 your cxaminer TllU51 be a membcr of a listed body. I can confimj thai I am qualified to undertake ibe examirtation because l am a re8isiered tnember of In8tituie of Chartered AccoulltaThts in England and Wale5 which 15 one of the listed bodies. I bave¢ompleted my ¢xamination. I confjrni (hai nOn]atterShat come to my attenrton in connectionwiththe examLna(ion giving me ¢ause ro klieve.. l. a¢couniirtg re¢ords were not kept respect of the Cojnpany as required by S¢ction 386 of the 2006 Act,. OT 2. the financial statetnents do not acc()rd with tho%e records. or 3. the fLtwJcial sthiement5 do not cotnply with the accounting requtrements of Scction 396 of the 2)6 A¢t other thao any requiretncni that the fancIal StateentS give a irn¢ and fair view which is noi a t[tI conbidered as pan of an independent examination; or 4. the fancIal biatemenis have not been prepared in accordance wilh the metho(ts attd pri¢1p[eS of the Slat¢eTIt of Recoll]mended PrdCliLe tor aLLouniing and reporting by chariiies lapplicabl¢ tu LhtieS preparin¥ their fanCIal Statements iIi acctsidaD¢e with the Fi]WJLial Reporiing Standard appliLable in the UK and Republic of Irelartd IFRS 1021}. I have no concern5 and have come acT058 no oiher Tnatteis in cowietiion with the examination to which attention should be drawn this report in order to enable a prtspeT under4tandiDg of the fanCial sthtemenLS to be reached. Tara Aldwin ACA FKCA Limit¢d 260- 270 Butierfield tireai Marlings Luion B¢dfordshire LU2 8DL Date.. 3.. %Zpknb ?2£ Page 14
SALTO GYMNASTICS CHAIUTABLE FOUNDATION LIMITED STATEMENT OF FITh ANCIAL ACTIVITIES (ll¥CORPORATING AN INCOME AIYD EXPENDITURE ACCOUNT) for the Year Ended 31 DECEMBER 2024 General fund Property fund Revaluation Notes INCOME AP4D ENDOWMENTS FROM Grants, Bursaries. Fundraising , Donations and GiftAid 43,423 Charitable Aetlvities Charitable aciivilies - Primary purpose trading 564,055 Investment income Trading income 674 Total 647,850 EXPENDITURE OIY Tradg expenditure 19.101 Charitable 8etivities Charitable activities- Primary purpose trading 610,283 Total 629 384 NET INCOME Transfer b¢tweeD funds 18,466 118,617) 20 18,617 Net movement in funds {1511 18,617 RECONCILIATION OF FUNDS Total funds brought forward 81.835 488.170 959,070 TOTAL FUNDS CARRIED FORWARD 81,684 506,787 959.070 The notes forni part of these f]nancial staiements Page 15
SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATJNG AN INCOME AND EXPENDITURE ACCOUNT) for the Year Ended 31 DECEMBER 2024 2024 Total funds 2023 Total Restricted funds Notes INCOME AND ENDOWMENTS FROM Granis, Bursaries, Fundraising, Donations and GiftAid 52.959 96.382 43.886 Charitable activities Chariiable activities- Primary purpose trdding 564.055 478,823 Investment incotne Trdding incorne 674 39,698 382 24,409 Total 52,959 700.809 547,500 EXPENDITURE ON Trading expendittwe 19,101 26.862 CbAritAble aetivities Charitable activiiie5- Pri]nary PLwpose irading 39.014 525,940 Total J9,014 668.398 552.802 NET INCOME Tr#Dsfer between funds20 13,945 32.411 {5.3021 20 Net movement in fvnds 13.945 32,411 15.302) RECONCILIATION OF FUIYDS Total funds brought forward 5.762 1,534,837 1.540,139 TOTAL FUNDS CARRIED FORWAJU) 1.567,248 1.534.837 The notes forni part of these financial statements Page 16
SALTO GYMNASTICS CIIARJT ABLE FOUNDATION LIMITED (REGISTERED NUMBER: 04794043) BALANCE SHEET 31 DECEMBER 2024 General fund Properry fund Revaluation reserve Notes FJXED ASSETS Tongible asseis 12 39.503 939,248 959,070 CURRENT ASSETS Stocks Debtors Ch at bat 13 14 3.882 24,059 41,792 69,733 CREDITORS Amounts falling due within one year 15 (27,552) (21.7281 NET CURRENT ASSETS 42.181 21.728} TOTAL ASSETS LESS CURRENT LIABILITIES 81,684 917,520 959.070 CREDITORS Amounts falling due after more than one year 16 {410,733) IYKT ASSETS 506,787 959,070 The notes fomi part of these financial staiernents Page 17 ¢onrinlled...
SALTO GYMP4ASTICS CHARITABLF. FOUNDATIor4 LIMITED (REGISTERED f4UMBER: 047940431 BALANCE SHEET- eontinutd 31 DLCEMBER 2024 2024 Total funds 2023 Total funds Re.8tricted ndg Notes FIXED ASSETS Tangible assets 12 1,937,821 1,950,911 CURRETr4T ASSETS Stocks Debtors Cash at bank 13 14 3,882 28,018 57.540 3,473 15,991 3.959 15.748 19,707 89,440 50.226 CREDITORS Amounis falling due within one year (49.280) 133.845) NET CURREf4T ASSETS 19,707 40,160 TOTAL ASSETS LESS CURRENT LIABILITIES 19.707 1,977,981 1,967,292 CREDITORS Ainounts falling due after rnore than one year 16 1410,7331 1432.455) NET ASSETS 19,707 1.567,248 1,534.837 FUNDS Unrestticted fvnds Restricied ndS 20 1.547.541 19.707 1,529.075 5.762 TOTAL FtJTr4DS 1,567,248 1.534,837 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024. The members have not iequired the cornpany to obtsin an audit of its financial staternents for the year ended 31 Dember 2024 in a¢cord8nce with Section 476 of the Companies Aci 2(M)6. The uijstees acknowledge their responslbilities for lal ensuring thai the charitable company keeps accounting records that ctsmply with Swiions 386 and 387 of the Cornpdnies Act 2006 and preparing funCIal staiemen¢8 which give a true and fair view of the sta* of affairs of the charitsbl¢ company as at the end of each finan¢ial year and of its Sutplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which orhenvise comply with the requiTernents of the Companies Act 2006 relating to flnancial statern¢nts, so far as applicable io the charitable company. (bl The notes forni part of these fllmncial stsiements Page 18 coniinued...
SALTO CYMNASTICS CHAIUTABLE Fouf4DATJON LIMITED {REGISTERED P4UMBER: 04794043) BALANCE SHEET. contiDued 31 DECEMBER 2024 The fmancial stateTrents were Approved by the Board of Trustees and authorised for issue on ....... and were signed on its behalf by.. Ms L Baird- Tryst¢e The notes forn port of these f]nancial statements Page 19
SALTO GYMNASTICS CIIARITABLE FOUNDATION LIMITED CASH FLOW STATEMENT for the Year Lnded 31 DECE,MBER 2024 2024 2023 Notes Cash nows from operating aetlyltles Cash generated from operations Interest paid 80,773 28,224 31.869 Net cash provsded byllused in) operating activities 50,206 Cash flows from investing activities Purchase of tangible fjxed &ssets nterest received 13,8211 674 15,994) 382 Net cash used in investing aciiviiies 5.6121 Cash flows from fiRaDcillg Actlvlties Loan repaymenLE in year Net cash used in financing activiti& 20,281) 18,9781 ChAllge ID casb and eastL equivalents in the reportiJi2 period Cash alld cash equivalents at the beginnine of the reportillg period 26,778 128.235) 30,762 58,997 Cash attd eash equivalent$ At tbe elld of the reptsrting perlod 57,540 30,762 The notes forni part of these fthancial stsiements Page 20
SALTO GYTrQ+lASTICS CHIIRITABLE Fouf4DATION LIMITED NOTES TO THE CASH FLOW STATEMENT for the Year Ended JI DECEMBER 2024 REcof4CILIATIOTrI OF NET INCOMEI{EXPENDITUREI TO NET CASH FLOW FROM OPERATIIYG ACTIVITIES 2024 2023 Net ineomel(expenditurel for the reporting period las per tbe Statement of Finallcial Attivities) Adjllslments for: Depreciation charges Inierest received Inierest paid Ilncrease)IDecrease in Intercompany Subsidiary loan written off Increase in stocks Increase in debtors Increasel{decreasel in creditors 32,411 {5,3021 16,911 (674) 30.567 14.094 (382) 31,869 {4,4691 4,469 {4091 112.0271 111,5731 482 Net easb provided by operation$ 28.224 ANALYSIS OF CHANGES Ir4 NET DEBT At 1.1.24 Cath flow At31.12.24 Net cash Cash at bgAk 30,762 30,762 57,540 Debt Debis falling due within l year Debts falling due af¢er l year (20,287} {432 455 (i.Hi) 21,722 {21.728) (410.733 1452 742 (432.461 Total 1421.980 47,059 1374,921 The noktes fomi part of these financial statements Page21
SALTO GYMNASTICS CHARI"fABLE FOUNDATION LIMITED NOTES TO THL FINANCIAL STATEMENTS for the Year Ended 31 DECEMBF.R 2024 ACCOUNTING POLICIES Basis of preparinE the financial statements The fman¢ial StateentS of the Charitable company. which is a publi¢ benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accouniing and Reporting by Charities.. Staterneni of Recommended Practice applicable to charities preparing their fLnan¢ial Statements in accor(tsnct with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffecrive l January 2019),. Financial Reporting Standard 102'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and ihe Companies Act 2006. The financial statements have been prepared under the hLStorLcal cos( convention. as modified by the revaluation of certain assets. The Salto Foundation Limited meets the definition of a public benefli entity under FRS 102. The tTUSiees have considered the financial health of the ¢ompAny and believe that the company, at the date of signing. will ¢ontillue as a going concern for the foreseeable future. The presenttstion currency of the financial statements is the Pound Sierling {£1. Critital aeeounting judgement5 aDd key Sources of estimation ullcertaiDty In order to properly apply the charity's atcounting policies, as described above, rhe Twstees are required to make judgements and estimates in respect of caTrying values of assets and liabilities which may not be apparent from other sources of infonnation. The Trustees base these critical accounting judgements and &%iimations on previous historical experieD¢e and other factors which the T]usiees judge to be relevant. Judgements at]d estimaies will invariably differ from actual results and hence such judgements and estimate5 are reviewed by the Trustees on an ongoing basis. Key $4>urees of e5tim&tion uDeertaillty The key sources of estimation uncertainty which have a significant effttt on the amounts reco8nised in ihe financial statements are described below.. Propeny valuation The fair value of the property has been detemiined by an extemal valuer and is derived from the sale of sirnilar buildings within a local radius. Income All income is recognised in ihe StamenT of Financial Activities once the charity has entitlement to the fimds, it is probable that the income will be received and the amount can be measured reliably. Charitsble ActLVities are divided between Prirnary Trading Income, Oth¢r Trading lllcome. Fundraising and Investment Incorne. Expendlture Liabilities are recognised as expenditure as soon as there is a legal or consttuctive obligaiion committirlg the chtirity to that expendiwre, it is probable that a transfer of economic beneflts will be required in settlement and the alnount of the obligaiion can be measured reliably. Expenditure is accounted for on an o¢cruals basis and has been classified under headings that aggregate all cosi relaied to the category. Where cosis Cannot be directly attribuied w particular heading5 they have been allocated to actLVltie5 on a basis ¢onsistent with ihe use of resources. TaDgible fixed ets Included within fLxed a&sets' is a freehold property which is used to rther the charitys objectives. Freehold property is sthfed ar market value. Any agg[egja surplus or defjcit arisin8 frotn Changes in the fair value is recognised through the statement of f]nancial activitleb and included in the designated revaluation reserve. Page 22 coniinu¢d...
SALTO GYMNASTICS CHARIT ABLE FOUNDATION LIMITED NOTES TO THE FINALYCIAL STATEMENTS- eontinued for tbt Year Ended 31 DECEMBER 2024 ACCOUNTING POLICIES- continued Tangible fixed assels Tangible red assets, excluding property, ore recognised initially at cosi and then subsequently measured at cosi less depreciaiion over its estin]ated economic useful life and any adjustmen¢ for pernjanent impaimient. Depreciation rat¢ are as follows: Improvements to propety- 10 years Istraight line) Plani and machinery- 201/bo1straight line) Computer Equipment- 20Q/o (straight line) Fixtures and Fillings- 250/0 IreduLitig balance) Stocks Stocks are valued ai the lower of cost and nei realisable value. after making due allowance for obsoleie and slow moving items. TaxatAon The chariry is exernpt from cotporaiion on its charitable activities. Fund accouDtiDg Unrestricted fvnds can be used in accordance with the charitable obje¢iives at the discreiion of the tn]siees. Further explanation of the nature and purpose of each fLmd is included in the notes to the fmancial sthtements. Hire purchw And leaslng commitmeDts Renials 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 operaies a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are Charged to the Statement of Financial Activities in the periLxJ io which they relate. Donated serviees In accordance with Charities SORP (FRS 1021, the general volunteer t1C tsf our affiliates 15 not reco8nised. This is further discussed in the ttU51ees annual report. CRANTS. BURSARIES, FUNDRAISING . DONATIONS AND CIFTAID 2024 2023 Donations Grants Gift aid 2,089 77,959 1,516 24,0(K) 18,370 96,382 43.886 Page 23 continued...
SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued for tbe Year Ended 31 DLCEMBER 2024 INVESTMENT ITrICOME 2024 2023 Deposit account interest 674 382 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Activity Charitable activities - Primary purpose trading Charitable activitie% - Primary purpose trading Charithble activities- Primary purpose trading Chariiable activities- Pritnary puryose ading Charitable activities- PTitnary purpose trading Sub5CIiPtions 413,992 354.536 Gym Hire 70,730 59,188 Badges 3.524 5.018 Play gym 50,287 47.387 Competition fees 25,522 12.694 564,055 478.823 TRADIf4G EXPENDITURE Other trading 4¢tivities 2024 2023 Subsidiary loan Titten off Clothing f(Trr sales Coffee bar Badges, Chalk, Certificates, and Trophies 4,469 8,754 8,196 5,947 12.198 956 19,101 26,862 CHARrrABLE ACTIVITIES COSTS Support costs (see note 7) Direct Costs Totals Charitable activities- Primary purpose trading 545 712 103.585 649,297 Page 24 continued...
SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED NOTES TO THE FINANCIAI. STATEMENTS- eontinued for the Year Ended 31 DECEMBLR 2024 SUPPORT COSTS Management costs Finance costs Finance Totals Chariiable a¢tivities- Priary putpose ading 4,136 103,585 NET INCOMEI(EXPENDITURE} Net incomellexpenditure) is slated after chargin81{creditingl'. 2024 2023 Depreciation- owned assets Hire of plant and machinery Other operating leases Independent examin¢rs' fees Independent examiners, fees 16,911 5,550 10.554 14.976 1,512 14,094 1,361 5,727 10,289 1,260 non assurance TRUSTELS, REMUNERATION AND BENEFITS Trustees, remuneration DuTing the year £39,022 {2023.. £28,669) was paid io M% L Baird {Trtlee) under a PAYE contract as a Gyna$ll¢S Coa¢h which as is included th ihe wages iotal included in the notes io the financial 5tatemenis. Aside from the above, there were no funher rrustees, remLmeration or other benefits for the year ended 31 December 2024 or for the year et)ded 31 Decemb¢r 2023. Trustees, expenses During the year two trustees were re-imburs¢d travel cost £646 12023.. £371) and repairs and maintenance cost £Nil {2023.. £2291. io. STAFF COSTS 2024 2023 Wages and salaries Social security costs Other pensioTJ Costs 317.708 3.353 2.956 254,392 4.454 2.508 324.017 261,354 The average monthly number of employees during the year was as follows.. 2024 58 2023 47 Average employee8 No employees received emolumen(s in excess of £60.(X)O. Page 25 continued...
SALTO GIlNASTIcs CHARITABLE FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued for the Year Ended 31 DECEMBER 2024 COMPARATIVES FOR THE STATEMETr4T OF FINANCIAL ACTIVITIES Generdl Property Revaluation nd nd reserye Restricd funds Total funds INCOME Af4D ENDOWMENTS FROM Granrs, Bur%aries, Fundraising, Donations and GiftAid 19.886 24.000 43.886 Charitable activities Charitable aciiviiie. Pritnary purpose trdding 478.823 478.823 Investment income Trading incorne 382 24.409 382 24.409 Total 523.500 24.000 547 500 EXPENDITURE ON Trading expenditure 26.862 26,862 Charitable activities Charitable activities- Primary purpose trading 421.373 104 567 525,940 Total 448.235 104,567 552,802 NET INCOMEIIEXPENDITURE 75,265 180,567) 15,302) Transfer5 between funds 17 3141 17,314 r4et movem¢nt in funds 57,951 17,314 (80.567) 15,302) RECONCILIATION OF FUNDS Total funds brought forward 23,884 470.856 959,070 86.329 1,540.139 TOTAL FLDs CARRIED FORWARD 81.835 488.170 959 070 5,762 1534.837 Page 26 continue(L..
SALTO GYMT4ASTICS CHARITABLE Fouf4DATION LIMITED NOTES TO THE FIP4ATriCIAL STATEMENTS - coDtinued for ihe Year Ended 31 DECEMBER 2024 TANGIBLE FIXED ASSETS 12. I]nprovements Freehold property Plant and machinery property COST OR VALUATION At l January 2024 Additions 1.890,0(M) 16,638 69,715 3,821 At 31 December 2024 1.890.000 16.638 73.536 DEPRECIATION At l January 2024 Charge for year 6,656 1,664 24,182 13,987 Ai 31 De¢¢mber 2024 8.320 38,E69 NET BOOK VALUE At 31 tk¢ember 2024 1.890,000 8,318 35,367 At 31 December 2023 1,890,000 9.982 45.533 Fixtures Computer equipmenr f2ttings Totals CO8T OR VALUATiof4 At l January 2024 Additions 3,930 4,233 1.984,516 3,821 At 31 December 2024 3.930 4,233 1.988,337 DEPRECIATION Ai l January 2024 Charge for year 2,273 414 494 846 33.605 16.911 At 31 December 2024 2.687 50,516 NET BOOK VALUE At 31 December 2024 1,243 2.893 1.937,821 At 31 December 2023 1.657 3,739 1,950.911 Cosi or VUtIon at 31 December 2024 is represented by= Irnprovements io property Freehold property Plant aTJd achinery Valuation in 2018 Valuation in 2020 Valuation in 2022 Cost 319,070 250,000 390,000 930 930 16,638 73.536 1,890 000 16,638 73,536 Page 27 continued...
SALTO GYMNASTICS CHARtTABLE FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS- colltinu¢d for the Year Ended 31 DkCE.MBER 2024 12. TANGIBLE FIXED ASSETS- eontinued Fixwr¢s Computer equipment ritlings Totals Valuation in 2018 Valuation ill 2020 Valuation ill 2022 Cost 319.070 250,000 390.000 1,029.267 4,233 3,930 1988 337 The freehold property is recorded ar fair value of £1,890.000 with the original cost. which would also be the carrying net book value under ihe Cosi model, set at £930,930. The valuation wa5 carried out by an exlemal valuer, Kem51ey LLP on 13 September 2022. The Trnsrees agrte the value will not have changed between 3 l De¢¢tnber 2024 and tbe date of this valuation. 13. STOCKS 2024 2023 Stocks 3.882 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debiors Acctued income Prepayments 800 20,293 6,925 10.407 5,584 28.018 Is. CREDITORS: AMOUNTS FALLINC DUE WITHIN ONE YEAR 2024 2023 Bat loans (see note 171 Trade creditors Social security and otber YeS Oiher creditors Accruals 21.728 9.866 3,416 613 20,287 1,857 3.326 547 7,828 49,280 33,845 Page 28 ¢ontinu¢d...
SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued for the Year Ended 31 DECEMBER 2024 16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE TIIAN ONE YEAR 2024 2023 Bank loans (see note 17} 410,733 432.455 17. LOATrIS 2024 2023 Bank loans: Mortgagt Repayable by insthlments Less than l year 21,728 20.287 1-5 years More than 5 years 103.507 307,226 96,636 335.819 410.733 432 455 18. LEASING AGREEMENTS Minimum l¢ase payrnents Lmder non-cancellable operating leases fall due as follows.. 2024 2023 Within olle year Within two to five years 2,290 8,436 3,006 10,726 3.006 19. SECURED DEBTS The following secured debts are illcluded within credir$.. 2024 2023 Bank loans 452,742 The mortgage loan is se¢ured against the property in which it relates. Page 29 continued...
SALTO Gy(NASTIcs CHARITABLE FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS- contitllled for the Year F.nded 31 DECEMBER 2024 20. MOVEMENT IN FUNDS Nei movement in funds Transfers between fimds At 31.12.24 At 1.1.24 Ullrestricted fMDds General fund Designated revaluation lld Propety fund 81.835 959.070 488,170 18.466 (18,6171 81,684 959,070 506,787 18,617 1,529,075 18.466 1,547.541 Restricted fund$ Re5tricied 3.941 {3.9411 Bedfordshire and Lut¢)n Conllnunity Foundation 3.959 3.959 Sports England 15,0(K) 15,000 Birkdale Trust for Hearing Impaired 821 (73} 748 Arnold Clarke 1.000 {I,000} 19,707 TOTAL FUNDS 1,534,837 32.411 1567,248 Page 30 Continued...
SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 DECEMBER 2024 20. MOVEMEf4T IN FUNDS- ¢oDtinlled Net tnovement in nds, included in the above are as follows.. Ineoming resources Resources expended Movement in fvnds Unrestrieted funds General fuTJd 647.850 1629,384) 18,466 Re$tri¢ted funds Restricted 1,500 15,441) {3.9411 Bedfordshire and Luion Community Foundation 3.959 3,959 Sports England 15.000 15,000 Birkdale Trust for Hearing Impaired {731 (731 Arnold Clarke 11,0001 {I,0001 Wixamtr¢e Trust 10,o(M) {10,0001 The Bruce Wake Foundatkon 2.500 12,5001 The Gosling Foundatio 20.0(K) 20,0001 52.959 39,014 13,945 TOTAL FUNDS 700,809 668,3981 32.411 Page31 continued..
SALTO GYMNASTICS CHAIUTABLE FOUNDATION LIMITED NOTES TO TIIE FINCIAL STATEMENTS - eontlDued for the Year Ended 31 DECEMBER 2024 20. MOVEMENT IN FUNDS - eontillued Comparatives for movement in funds Net movernent in funds I'ransfers berween funds At 31.12.23 At 1.1.23 Unrestricted fulld$ General fund Designated revaluation fid Property fund 23,884 959,070 470 856 75,265 117,3141 81,835 959,070 488,170 1,453.810 75265 1,529,075 Restricted funds Restricted 3,941 3.941 Sport5 England 8.000 (8,0001 Bally Thomas Chan'table Fund 1,000 (1,0001 Sport England Rewrn to Play Community Asset Fund 27,137 (27.1371 Tes¢0 Bags of Help 563 (5631 Birkdale Trust for H&qring Impaired 868 147) 821 Arnold Clarke 1,000 1.000 Moto Foundation I CVC Foundation 320 {3201 Santa Barabara Heights 1,000 {I,000} Brit15h Gymnastics 5,000 15.000} Postcode Society Tn]st 25.000 125.000} Wixamtree Trust 5,000 15,000) The Bruce Wake Foundation 3.000 {3,000) Powenng Up- Power to C[lge 4.000 14,000) David Solomans Charitable Trust 500 500) 86.329 80.567 TOTAL FUNDS 1.540.139 1.534,837 Page 32 continued...
SALTO GYMNASTICS CHARITABLE FOUNDATION LIIMITED NOTES TO THE FINANCIAL STATEMENTS- eontinued for the Year Ended 31 DECEMBER 2024 20. MOVEMENT IN FUNDS- eontinued Comparative net movement in fLmds. included the aix)ve are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 523,500 (4482351 75.265 Restricted fllDd$ Bedford8hire and Lulon CornML1ty Foundation 10.000 iio,0001 Sports England 18,0001 Is,000) Baily Thornas Charitable Fund 11.0001 11,000) Sport Eng7land Rewm to Play Community Asset FLthd (27.1371 (27,137) Tesco Bags of Help {5631 {563) Birkdale Trnst for Hearing Impaired {471 (47) Moto Foundation I CVC Foundation 1320) 1320) Santa Bardbara Heights (i.(x)o} 11,000) British Gymnasiics (5.000) 15,000) Postcode Society Trust {25.(K)O) {25,000) Wixamtree Tn]si (5,000) 15,0001 The Bruce Wake Foundation (3,000) 13,0001 Powering Up - Power to Change 4,000 (8,000) 14,000) David Solotnalls Charitable Tn1 (500) 15001 Garfield Weston Foundation 10,o(x) 10,(x)o) 24.000 80.567 TOTAL FUNDS 547,5(X) 1552,802) 5.3021 Page 33 continued...
SALTO GITrqNASTICS CHARITABLE Fouf4DATION LIMITED NOTES TO THE FINANCIAL STATEMENTS - ¢ontinlled for ihe Year Ended 31 DECEMBER 2024 20. MOVEMEf4T ITr1 FUNDS - ¢oDtiDlled A ClreAt year 12 months and prior yeaT 12 months combined position is as follows.. Nei tnovement in funds Transfers between fidS At 31.12.24 At 1.1.23 Unrestrieted funds General fund Designated revaluaiion fund Property fuTJd 23,884 959,070 470,856 93.731 (35,931) 81,684 959,070 506,787 1.453.810 93.731 1,547.541 Restricted funds Restricted 3.941 (3.9411 Bedfordshire and Luton CoDllxLunity Foundation 3.959 3,959 Sports England 8,000 7.000 15,0(M) Bally Thomas Charitable Fund 1,000 {i.000} Sport England Rewm io Play Cornmunity Asset Fund 27,137 {27.137} Tesco Bags of Help 563 {563) Birkdale Trust for Hearing Impaired 868 {120) 748 Arnold Clarke .000 11,o(x)) Moto Foundation I CVC Founda¢ion 320 1320) Sania Barabara Heightg 1,000 11,0001 Briiish Gyrnnastics 5.000 15,0001 Postcode Society Tnbsi 25.0(Y) 125,0001 Wixarntree Trust 5.000 15,0001 The Bruce Wake Foundation 3,000 13,0001 Powering Up- Power to Change 4,0(X) (4.000) David Solomans Charitable Trust 5(X) 500) 86.329 66,622 19,707 TOTAL FUNDS 1.540,139 27.109 1.567.248 Page 34 continued...
SALTO GYMNASTICS CHARIT ABLE FOUF4DATION LIMITED NOTES TO THE FINANCIAL STATEMETriTS- ¢ODtinued for the Year Ended 31 DECEMBER 2024 20. MOVEMENT IN FUTrIDS- eontinued A current year 12 rnonths and prior year 12 months combined net tnovement in funds, included in the above are as follows: Incoming resources Resource% expended Movement it) funds Unrestrieted funds General fund 1,171.350 {1.077,619) 93,731 Restrieted funds Restricted 1,500 15,441) 13,9411 Bedfordshire and Luton Community Foundation Sports England 13,959 (10,000} 3.959 15.(X)O 18,000) 7.000 Bally Thoa$ Charitable Fund 11,000} (1.0001 Sport England Retum to Play Community Asset Fund (27,137) 127,1371 Tesco Bags of Help 1563) 15631 Birkdale Trust for Hearing Impaired 1120) (1201 Arnold Clarke 11,000) {i.0001 Moto Foundation / CVC Foundation 1320) (3201 Santa Barabara Heights 11,000) {i.0001 British GyStiCS 15,000) {5.0001 Postcode Society Trust (25,000) (25,0001 WixaTntree Trust 10.000 115,000) (5.0001 The Bruce Wake Foundation 2.500 15,500) 13.000) Powering Up- Power to Change 4,000 18,000) (4,000) David Solomajjs Charitable TTUSI 1500) (5001 Garfield Weston Foundation 10,000 (10,000) Th¢ Gosling Foundation 20,000 20,000) 76.959 143.581 66,622 TOTAL FUNDS 1,248,309 {1.221,200) 27,109 Page 35 continued...
SALTO GYMNASTICS CHARITABLE FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS- contsllued for the Year Ended 31 DECEMBER 2024 20. MOVEMENT IN FUNDS - eontinued reakdown of Restrieted Ineome onEn land RefurbishmenÈ work foi sliding doors Birkdale Trust for Hearin Im aired Funding to improve ac¢essibility to SALTO Cenire for those with hearing impairment Arnold ClaTke To top up the Birkdale Trust for Hearing Impaired Funding The Goslin Foundation Contribution towards refurbishing the facilities to improve accessibility to positive opportunities and physical activities for young disadvantaged people of Luton Wixamtree Trust Funding Coaches trainsng course and Internei Mesh System The Bruce Wake Foundation Refurbishment project Bedfordshire and Luion Communi Foundation Towards dsgitalising Salto by investing on Computerg and Tableis 21. RELATED PARTY DISCLOSURES Note 9 10 the Financial Ststements provides derails of rruste¢ remuneration and expenses paid in the year and previous year. 22. ULTIMATE CONTROLLING PARTY The ¢haritsble company's ultirnate controlling party is the Board of Trustees. 23. COMPANY LIMITED BY GUARAf4TEE The ¢ompany is limited by guarantee and has t)0 share capital. Every member of the cotnpany undertakes to contribute io the assets of the company. in the event of winding up. such an amount as may be required noi exceeding £1. Page 36
SALTO GYMNASTICS CHARITABLE FOUTrIDATIOIY LIMITED DETAILED STATEMENT OF FIIYANCIAL ACTIVITIES for tbe Year EDd¢d 31 DECEMBER 2024 2024 2023 INCOME AND ENDOWMEf4TS Gr4nts Bursaries, Fundraising y Donations and GiftAid Donations Grants Gift aid 2.089 77,959 1,516 24,000 18.370 96.382 43,886 Investment Income Dq)osil account interest 674 382 Charitable aetivitles Subscriptions Gym Hire Badges Play gym Competition fees 413.992 70.730 3.524 50.287 25.522 354,536 59,188 5,018 47.387 564,055 478,823 Trading ineome M¢rchandi5e Coffee Bar Sales Insurance claim proceeds Other Income 2.754 22.972 13,732 240 4,284 10,(106 8,669 39,698 Total incoming r¢sollree8 700,809 547.500 EXPENDITURE Other trading aetivities Subsidiary loan written off Clothing for sale5 Coffee bar Badg¢s, Chalk. Certificates, and Trophies 4.469 8.754 8.196 5,443 5.947 12.198 956 19,101 26,862 Charitable activities Wages Social security Pensions Hire of plant and machinery Staff training and other cosi Rates and water caled forward 317.708 3.353 2.956 5.550 10.554 4.062 344,183 254,392 4,454 2,508 1,361 5,727 2.873 271.315 This page d¢)es not forni part of the statutory financial sthtemenrs Page 37
SALTO CYMNASTICS CHARITABLE FOUNDATION LIMITED DETAtLED STATEMENT OF FINANCLIL ACTIVITIES for the Year Ellded 31 DECEMBER 2024 2024 2023 Charitable a¢tlVRties Brought fOard Insurance Light and heat Telephon¢ Postage and stationery Advertising Sundrie8 Subscriptions and lieences Trdvel and subsist¢t)c¢ Repairs and renewals Cleaning and w&%te disposal Compuier cost Competition fees ImprovemenL% to property Plant and rnachinery Fixtures and fittit)gs Computer 4uipment Ex-grdtia payment 344,183 2,013 29,253 3,701 1.402 944 2.610 11,527 4,732 73,546 36.602 8,322 9,966 1,664 13.986 414 847 271,315 5,112 26,554 3,546 1,193 377 2,355 14,519 3.910 43,056 28,359 8,705 1,664 11,383 553 494 545.712 438,095 Support Costs Management costs Health and safety Legal and professional fees Consultancy Independent exaTniners' fees- non assurance Independent examiners, fees Independent examiners, fees- payroll costs 5.868 5.760 40.766 8,084 1,512 6,892 1,740 9.299 23,632 4,025 1,260 6,264 68,882 46.220 Finance Bank char¥es 4,136 9,756 Finallee costs Bank loan iniere5t 30.567 31.869 Total resources expended 668.398 552 802 Net in¢omel(expellditvre) 32.411 5,302) This page does TJOI forni part of the stslutory flnancial statements Page 38