OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← Mk Springers

2024-03-31-accounts

Company registration number: 05377721 Charity registration number: 1110865

MK Springers

(A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 March 2024

Michael J Emery & Co Limited 22 St. John Street Newport Pagnell Buckinghamshire MK16 8HJ

MK Springers

Contents

Reference and Administrative Details 1
Trustees' Report 2 to 7
Statement of Trustees' Responsibilities 8
Independent Examiner's Report 9
Statement of Financial Activities 10 to 11
Balance Sheet 12
Statement of Cash Flows 13
Notes to the Financial Statements 14 to 24
Detailed Statement of Financial Activities 25 to 27

MK Springers

Reference and Administrative Details

Trustees Mr BM Walker
Mr DR Ayers
Mr AC Moore
Senior Management Team Mrs F Candler-O'Donnell
Mr G O'Donnell
Ms S K Collins
Mr A C Moore
Mr D R Ayers
Mr B M Walker
Principal Office 13 Pheasant Drive
Lowestoft
NR32 5DY
Company Registration Number 05377721
Charity Registration Number 1110865
Solicitors Macintyre Law
82-84 High Street
Stony Stratford
Milton Keynes
Buckinghamshire
MK11 1AH
Bankers Barclays Bank plc
9 High Street
Stony Stratford
Milton Keynes
Buckinghamshire
MK11 1AA
Independent Examiner Michael J Emery & Co Limited
22 St. John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

Page 1

MK Springers

Trustees' Report

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 March 2024.

Trustees

Mr BM Walker (appointed 28 April 2023)

Mr DR Ayers (appointed 28 April 2023) Mr AC Moore (appointed 28 April 2023) Mr JS Mann (resigned 28 April 2023) Mr B P Ford (resigned 2 May 2023) Mrs L Carvell (resigned 28 April 2023) Mrs T L Keech (resigned 28 April 2023)

Objectives and activities

Objects and aims

The charity aims to promote community participation in healthy recreation by providing gymnastics facilities, particularly for young and socially disadvantaged individuals in Milton Keynes, with the objective of improving their well-being and quality of life.

Public benefit

MK Springers delivers substantial public benefit by advancing amateur gymnastics and promoting physical well-being, social inclusion, and personal development for children and young people. Our mission is to make gymnastics accessible to all, regardless of financial background or ability.

Our key activities include:

By fostering a safe, inclusive, and supportive environment, we not only enhance physical fitness but also build confidence, resilience, and life skills in young people.

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Use of volunteers

Volunteers are recruited through the charity's newsletter. They are sourced from the charity's beneficiaries and are mainly used to assist at fundraising events.

Page 2

MK Springers

Trustees' Report

Structure, governance and management

Nature of governing document

MK Springers operates as a charitable company limited by guarantee and is governed by its deed of trust. The charity's structure ensures compliance with all legal and regulatory requirements, providing a strong foundation for effective governance and long-term sustainability.

Recruitment and appointment of trustees

MK Springers follows a structured approach to trustee recruitment to ensure strong governance and leadership. New trustees are identified through the charity’s website and other relevant networks, with candidates carefully assessed by the board to ensure they align with the charity’s mission and governance needs.

Upon appointment, trustees receive a comprehensive governance pack, outlining their roles, responsibilities, and the charity’s strategic objectives. Ongoing support and training are provided to ensure trustees remain well-equipped to contribute effectively to the charity’s success.

Arrangements for setting key management personnel remuneration

Trustees serve on a voluntary basis and do not receive any remuneration for their role. Salaries for key management personnel, including club managers, are determined with careful consideration of the charity’s financial sustainability and industry benchmarks. The remuneration process ensures that salaries remain fair, competitive, and aligned with the charity’s affordability, enabling the organisation to attract and retain skilled professionals while maintaining responsible financial management.

Organisational structure

The charity operates under a clear and effective governance framework. The trustees provide strategic direction, ensuring the charity remains aligned with its mission and longterm objectives. Day-to-day operations are managed by a dedicated management team, responsible for overseeing the delivery of programmes, financial administration, and operational efficiency.

This structure ensures a strong balance between strategic oversight and operational execution, allowing the charity to function effectively while remaining responsive to the needs of its members and the wider community.

Page 3

MK Springers

Trustees' Report

Major risks and management of those risks

Financial Sustainability

Strengthened through the implementation of automated payment systems and strategic cost-saving measures, ensuring a more predictable and stable income stream.

Energy Costs

Successfully renegotiated lower energy rates after exiting previous contracts, reducing operational expenses and enhancing financial resilience.

Facility Maintenance

Increased cash reserves and introduced targeted fundraising initiatives to support ongoing building maintenance and facility improvements, ensuring a safe and high-quality environment for members.

Staff Shortages

Launched in-house training and upskilling programmes to address the shortage of qualified staff, ensuring a consistent level of expertise within the coaching team.

Safeguarding

Conducts regular reviews of safeguarding policies, ensuring full compliance with Ofsted requirements. A recent successful Ofsted review confirmed the club meets all necessary safeguarding standards, securing continued approval.

Page 4

MK Springers

Trustees' Report

Achievements and performance

Over the past year, MK Springers has made significant progress in expanding access to gymnastics, enhancing operational efficiency, and strengthening community engagement.

Our key achievements include:

Financial review

During the period the charity had a surplus of £15,922 which resulted in the reserves figure increasing to £53,600 (all of which is unrestricted). Of these funds, £22,854 is represented by tangible fixed assets that are used in the charity's ongoing activities. Cash reserves fell by £11,872 to £35,493.

Policy on reserves

While the charity does not have a formal reserves policy, it is committed to maintaining a prudent level of reserves to ensure operational stability and financial resilience. The trustees regularly review the charity’s financial position to strike a balance between meeting immediate operational needs and ensuring long-term sustainability. This approach allows the charity to remain adaptable while safeguarding its ability to continue delivering high-quality gymnastics programmes and community initiatives.

Page 5

MK Springers

Trustees' Report

Principal funding sources

The charity's income is primarily generated through membership fees, school programmes, and grant funding, ensuring a diverse and sustainable financial base. The organisation operates without reliance on loans or overdrafts, maintaining a strong financial position that supports its long-term stability and growth.

The trustees continue to explore additional funding opportunities, including sponsorships, fundraising initiatives, and grant applications, to further enhance the charity’s ability to expand its programmes and reach more members of the community.

Financial instruments

Objectives and policies

MK Springers employs sound financial management practices to ensure stability and sustainability. The key financial instruments and risk management strategies include:

Cash flow risk

The implementation of automated payment systems ensures a stable and predictable income flow, reducing administrative burdens and improving financial planning.

Credit risk

Credit risk remains low due to the charity’s robust payment collection systems, which minimise the risk of missed or delayed payments.

Liquidity risk

Effectively managed through prudent budgeting, cost control measures, and careful cash flow forecasting, ensuring the charity remains financially resilient and prepared for unforeseen challenges.

By maintaining strong financial oversight, MK Springers continues to operate sustainably while investing in its programmes, facilities, and community initiatives.

Page 6

MK Springers

Trustees' Report

Plans for future periods

Aims and key objectives for future periods

MK Springers is committed to further expanding its reach and impact in the community. Key priorities for the coming year include:

By focusing on these strategic objectives, MK Springers aims to further its mission of providing inclusive, high-quality gymnastics opportunities while maintaining financial resilience and long-term sustainability.

The trustees extend their sincere gratitude to the dedicated staff, volunteers, and community partners whose contributions have been instrumental in MK Springers’ success over the past year. Their commitment and hard work have enabled the charity to expand its reach, strengthen its programmes, and positively impact the lives of many young people.

With a strong foundation in place and a clear vision for the future, MK Springers is well positioned for continued growth, financial sustainability, and greater community impact in the coming years.

The annual report was approved by the trustees of the charity on 24 March 2025 and signed on its behalf by:

SIGNED SECURELY

25/03/2025 at 2:41:45 PM UTC

......................................... Mr BM Walker Trustee

Page 7

MK Springers

Statement of Trustees' Responsibilities

The trustees (who are also the directors of MK Springers for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the trustees of the charity on 24 March 2025 and signed on its behalf by:

SIGNED SECURELY

25/03/2025 at 2:41:45 PM UTC

......................................... Mr BM Walker Trustee

Page 8

MK Springers

Independent Examiner's Report to the trustees of MK Springers

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2024 which are set out on pages 10 to 24.

Respective responsibilities of trustees and examiner

As the charity’s trustees of MK Springers (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of MK Springers are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

Since MK Springers's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of MK Springers as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

...................................... Michael Emery ACA ICAEW

22 St. John Street Newport Pagnell Buckinghamshire MK16 8HJ

24 March 2025

Page 9

MK Springers

Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
2
Charitable activities
3
Investment income
4
Other income
5
Total Income
Expenditure on:
Charitable activities
Total Expenditure
Net income/(expenditure)
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
17
Income and Endowments from:
Donations and legacies
Charitable activities
Investment income
Other income
Total Income
Expenditure on:
Charitable activities
Total Expenditure
Net expenditure
Net movement in funds		 Unrestricted
funds
£
7,753
515,142
255
-
523,150
(507,228)
(507,228)
15,922
15,922
37,678
53,600
Note
2
3
4
5		 Total
Year ended 31
March 2024
£
7,753
515,142
255
-
523,150
(507,228)
(507,228)
15,922
15,922
37,678
53,600
Unrestricted
funds
£
13,869
503,978
113
17,364
535,324
(626,218)
(626,218)
(90,894)
(90,894)		 Total
1 February
2022 to 31
March 2023
£
13,869
503,978
113
17,364
535,324
(626,218)
(626,218)
(90,894)
(90,894)
128,572
37,678
Total
31 March
2023
£
13,869
503,978
113
17,364
535,324
(626,218)
(626,218)
(90,894)
(90,894)

Page 10

MK Springers

Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Reconciliation of funds
Total funds brought forward
Total funds carried forward
17		 Unrestricted
funds
£
128,572
37,678		 Total
31 March
2023
£
128,572
37,678

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 17.

Page 11

MK Springers

(Registration number: 05377721) Balance Sheet as at 31 March 2024

31 March 31 March
2024 2023
Note £ £
Fixed assets
Tangible assets 11 22,854 34,853
Current assets
Stocks 12 4,684 4,684
Debtors 13 42,286 42,453
Cash at bank and in hand 35,493 47,365
82,463 94,502
Creditors: Amounts falling due within one year 14 (51,717) (91,677)
Net current assets 30,746 2,825
Net assets 53,600 37,678
Funds of the charity:
Unrestricted income funds
Unrestricted funds 53,600 37,678
Total funds 17 53,600 37,678

For the financial year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements on pages 10 to 24 were approved by the trustees, and authorised for issue on 24 March 2025 and signed on their behalf by:

SIGNED SECURELY 25/03/2025 at 2:41:45 PM UTC ......................................... Mr BM Walker Trustee

Page 12

MK Springers

Statement of Cash Flows for the Year Ended 31 March 2024

Note
Cash flows from operating activities
Net cash income/(expenditure)
Adjustments to cash flows from non-cash items
Depreciation
Investment income
4
Loss on disposal of fixed assets held for the charity's own use
8
Working capital adjustments
Decrease in stocks
12
Decrease/(increase) in debtors
13
Decrease in creditors
14
Net cash flows from operating activities
Cash flows from investing activities
Interest receivable and similar income
4
Purchase of tangible fixed assets
11
Sale of tangible fixed assets
Net cash flows from investing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at 1 April
Cash and cash equivalents at 31 March		 31 March
2024
£
15,922
13,080
(255)
-
28,747
-
167
(39,960)
(11,046)
255
(1,081)
-
(826)
(11,872)
47,365
35,493		 31 March
2023
£
(90,894)
18,091
(113)
(2,583)
(75,499)
5,911
(14,204)
(9,927)
(93,719)
113
(19,501)
4,000
(15,388)
(109,107)
156,472
47,365

All of the cash flows are derived from continuing operations during the above two periods.

Page 13

MK Springers

Notes to the Financial Statements for the Year Ended 31 March 2024

1 Accounting policies

General

The charity is established as a company limited by guarantee and was incorporated in England and Wales.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.

Basis of preparation

MK Springers meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern

The financial statements have been prepared on a going concern basis.

It is the trustees assessment that there are no material uncertainties regarding the charity's ability to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements.

Income and endowments

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Grants receivable

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

Page 14

MK Springers

Notes to the Financial Statements for the Year Ended 31 March 2024

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources.

All resources expended are inclusive of irrecoverable VAT.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.

Irrecoverable VAT

Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Individual fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Page 15

MK Springers

Notes to the Financial Statements for the Year Ended 31 March 2024

Asset class Land and buildings Furniture and equipment

Depreciation method and rate At varying rates on cost At 33% reducing balance and at varying rates on cost

Stock

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO) basis.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.

Page 16

MK Springers

Notes to the Financial Statements for the Year Ended 31 March 2024

2 Income from donations and legacies

Unrestricted funds

Donations and legacies;
Fundraising and donations
Grants, including capital grants;
Government grants
3
Income from charitable activities
Coaching and hire of facilities
4
Investment income
Interest receivable and similar income;
Interest receivable on bank deposits		 General
£
5,668
2,085
7,753
Unrestricted
funds
General
£
515,142
Unrestricted
funds
General
£
255		 Total
31 March
2024
£
5,668
2,085
7,753
Total
31 March
2024
£
515,142
Total
31 March
2024
£
255		 Total
1 February
2022 to 31
March 2023
£
9,928
3,941
13,869
Total
1 February
2022 to 31
March 2023
£
503,978
Total
1 February
2022 to 31
March 2023
£
113

Page 17

MK Springers

Notes to the Financial Statements for the Year Ended 31 March 2024

5 Other income

Insurance proceeds

Total
31 March
2024
£
-		 Total
1 February
2022 to 31
March 2023
£
17,364

6 Analysis of expenditure on charitable activities

Expenditure on activities undertaken directly

Expenditure on activities undertaken directly
Wages and salaries
Social security
Staff pensions
Coach education and training
Hire of facilities
Rates and water
Light and heating
Insurance
Maintenance of facilities
Materials consumed
Leotards and badges
Membership and affiliation fees
Vehicle costs
Travel and subsistence
Advertising and website		 Unrestricted
funds
General
£
187,508
3,479
5,392
689
178,405
1,226
34,426
9,953
14,139
72
11,028
317
571
5,486
11,785
464,476		 Total
31 March
2024
£
187,508
3,479
5,392
689
178,405
1,226
34,426
9,953
14,139
72
11,028
317
571
5,486
11,785
464,476		 Total
1 February
2022 to 31
March 2023
£
244,329
1,076
28,245
361
206,981
1,451
24,192
9,416
35,635
188
12,396
849
6,205
600
12,722
584,646

Page 18

MK Springers

Notes to the Financial Statements for the Year Ended 31 March 2024

Governance and support costs allocated to charitable activities

Unrestricted funds

Unrestricted
funds
Independent Examiner’s remuneration
Legal fees
Depreciation, amortisation and other similar costs
Other support costs		 General
£
2,848
12,196
13,080
14,627
42,751		 Total
31 March
2024
£
2,848
12,196
13,080
14,627
42,751		 Total
1 February
2022 to 31
March 2023
£
2,520
3,073
15,507
20,472
41,572

7 Grants

The amount of grants recognised in the financial statements was £2,085 (2023 - £3,941).

8 Net incoming/outgoing resources

Net incoming/(outgoing) resources for the year include:

(Profit)/loss on disposal of fixed assets held for the charity's own use
Depreciation of fixed assets		 31 March
2024
£
-
13,080		 31 March
2023
£
(2,583)
18,090

9 Trustees remuneration and expenses

No trustees have received any remuneration from the charity during the year.

No trustees have received any reimbursed expenses or any other benefits from the charity during the year.

Page 19

MK Springers

Notes to the Financial Statements for the Year Ended 31 March 2024

10 Staff costs

The aggregate payroll costs were as follows:

The aggregate payroll costs were as follows:
Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs		 2024
£
187,508
3,479
5,392
196,379		 31 March
2023
£
244,329
1,076
28,245
273,650

The monthly average number of persons (including senior management team) employed by the charity during the year was as follows:

as follows:
Coaching staff
Admin staff		 31 March
2024
No
23
2
25		 31 March
2023
No
21
2
23

6 (2023 - 6) of the above employees participated in the Defined Contribution Pension Schemes.

Contributions to the employee pension schemes for the year totalled £5,392 (2023 - £28,245).

No employee received emoluments of more than £60,000 during the year.

Page 20

MK Springers

Notes to the Financial Statements for the Year Ended 31 March 2024

11 Tangible fixed assets

Cost
At 1 April 2023
Additions
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Land and
buildings
£
36,353
-
36,353
35,203
300
35,503
850
1,150		 Furniture and
equipment
£
223,613
1,081
224,694
189,910
12,780
202,690
22,004
33,703		 Total
£
259,966
1,081
261,047
225,113
13,080
238,193
22,854
34,853

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of freehold land and buildings and £850 (2023 - £1,150) in respect of leaseholds.

12 Stock

12 Stock
Stocks
13 Debtors
Trade debtors
Prepayments		 31 March
2024
£
4,684
31 March
2024
£
780
41,506
42,286		 31 March
2023
£
4,684
31 March
2023
£
810
41,643
42,453

Page 21

MK Springers

Notes to the Financial Statements for the Year Ended 31 March 2024

14 Creditors: amounts falling due within one year

14 Creditors: amounts falling due within one year
Trade creditors
Other taxation and social security
Other creditors
Accruals		 31 March
2024
£
-
6,653
2,086
42,978
51,717		 31 March
2023
£
5,130
4,784
35,212
46,551
91,677

15 Obligations under leases and hire purchase contracts

Operating lease commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

Land and buildings
Expiring after more than five years		 31 March
2024
£
1,128,240		 31 March
2023
£
1,297,476

16 Charity status

The charity is a charity limited by guarantee and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £5 towards the assets of the charity in the event of liquidation.

Page 22

MK Springers

Notes to the Financial Statements for the Year Ended 31 March 2024

17 Funds

17 Funds
Unrestricted funds
General
Unrestricted funds
General		 Balance at 1
April 2023
£
37,678
Balance at 1
February 2022
£
128,572		 Incoming
resources
£
523,150
Incoming
resources
£
535,324		 Resources
expended
£
(507,228)
Resources
expended
£
(626,218)		 Balance at 31
March 2024
£
53,600
Balance at 31
March 2023
£
37,678

The specific purposes for which the funds are to be applied are as follows:

The unrestricted general fund can be applied at the discretion of the trustees/management for any purpose that is in accordance with the charity's aims and objectives.

18 Financial instruments

Categorisation of financial instruments

Categorisation of financial instruments
Financial assets that are debt instruments measured at amortised cost
Financial liabilities measured at amortised cost		 31 March
2024
£
780
-		 31 March
2023
£
810
5,130

Page 23

MK Springers

Notes to the Financial Statements for the Year Ended 31 March 2024

19 Independent examiner's remuneration

Other fees to examiners
Examination-related assurance services		 Year ended 31
March 2024
£
2,848		 1 February
2022 to 31
March 2023
£
2,520

20 Taxation

The charity is a registered charity and is therefore exempt from taxation.

Page 24

MK Springers

Detailed Statement of Financial Activities for the Year Ended 31 March 2024

Donations and legacies
Appeals and donations
Grants
Charitable activities
Sale of badges, leotards and memberships
Competition entries
Hire of facilities
Investment income
Interest on cash deposits
Page 25		 Year ended 31
March 2024
Unrestricted
funds
General
£
5,668
2,085
7,753
Year ended 31
March 2024
Unrestricted
funds
General
£
16,282
3,105
495,755
515,142
Year ended 31
March 2024
Unrestricted
funds
General
£
255
255		 Year ended 31
March 2024
Total
£
5,668
2,085
7,753
Year ended 31
March 2024
Total
£
16,282
3,105
495,755
515,142
Year ended 31
March 2024
Total
£
255
255		 Total
1 February
2022 to 31
March 2023
£
9,928
3,941
13,869
Total
1 February
2022 to 31
March 2023
£
29,204
4,210
470,564
503,978
Total
1 February
2022 to 31
March 2023
£
113
113

MK Springers

Detailed Statement of Financial Activities for the Year Ended 31 March 2024

Other income
Other income
Charitable activities
Wages and salaries
Staff NIC (Employers)
Staff pensions (Defined contribution)
Coach education and training
Hire of facilities
Rates and water
Light, heat and power
Insurance
Maintenance of facilities
Materials consumed
Leotards and badges
Membership and affiliation fees
Vehicle costs
Travel and subsistence
Advertising and website
Telephone and fax
Sundry expenses
Printing, postage and stationery
Page 26		 Year ended 31
March 2024
Unrestricted
funds
General
£
187,508
3,479
5,392
689
178,405
1,226
34,427
9,953
14,139
72
11,027
317
572
5,486
11,785
2,980
1,549
1,339		 Year ended 31
March 2024
Total
£
-
-
Year ended 31
March 2024
Total
£
187,508
3,479
5,392
689
178,405
1,226
34,427
9,953
14,139
72
11,027
317
572
5,486
11,785
2,980
1,549
1,339		 Total
1 February
2022 to 31
March 2023
£
17,364
17,364
Total
1 February
2022 to 31
March 2023
£
244,329
1,076
28,245
361
206,981
1,451
24,192
9,416
35,635
188
12,396
849
6,205
600
12,722
3,226
3,653
6,082

MK Springers

Detailed Statement of Financial Activities for the Year Ended 31 March 2024

Independent examiner's fee
Legal and professional fees
Bank charges
Depreciation of tangible fixed assets
(Profit)/loss on sale of tangible fixed assets held for charity's own
use		 Year ended 31
March 2024
Unrestricted
funds
General
£
2,848
12,196
8,759
13,080
-
507,228		 Year ended 31
March 2024
Total
£
2,848
12,196
8,759
13,080
-
507,228		 Total
1 February
2022 to 31
March 2023
£
2,520
3,073
7,511
18,090
(2,583)
626,218

Page 27