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:
- Providing a thriving gymnastics centre with nearly 800 active members — an increase of 33 percent from the previous year, demonstrating our growing impact in the community.
- Delivering after-school gymnastics clubs and extracurricular programmes in schools, ensuring more children can engage in structured physical activity.
- Offering financial support to families in need, reducing barriers to participation through fee reductions and targeted grant-funded initiatives.
- Running the HAF (Holiday Activity and Food) programme, which provides free gymnastics sessions and nutritious meals to children from disadvantaged backgrounds, helping to combat holiday hunger and inactivity.
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:
- Membership Growth: Increased from 600 to nearly 800 members, reflecting rising demand for our programmes. We aim to reach 900 members next year, further expanding our impact.
- Technology Investment: Developed and launched a new CRM system, streamlining administration and improving the user experience. The transition from manual processes to automated systems now allows parents to book classes and manage subscriptions online with ease.
- Financial Stability: Transitioned payment processing from GoCardless to Stripe, ensuring a more reliable, efficient, and predictable income flow, which supports long-term sustainability.
- Facility Enhancements: Partnered with a local cheerleading group to share premises, reducing operational costs while fostering a multi-discipline training environment.
- Coach Development: Launched an in-house training and qualification programme to tackle the shortage of qualified coaches, upskill staff, and ensure consistent, high quality coaching.
- Community Engagement: Hosted free drop-in sessions for under-5s and provided fully funded placements for disadvantaged gymnasts, making gymnastics more accessible to all.
- Competitive Success: MK Springers’ gymnasts continue to excel, with one gymnast holding an English title and others achieving strong performances at regional competitions.
- Apprenticeship Programmes: Provided multiple apprenticeship opportunities, helping young gymnasts gain valuable experience and qualifications for future careers in coaching and sport.
- Collaborations for Inclusion: Partnered with local SEN groups to offer tailored, inclusive gymnastics sessions at reduced rates, ensuring that children of all abilities can participate.
- Facility Access for the Community: Made our facilities available to local clubs and charities at competitive rates, supporting grassroots sport and expanding opportunities for more people to engage in gymnastics. Through these initiatives, MK Springers has not only strengthened its own operations but also enhanced accessibility, inclusivity, and sporting excellence within the community.
## **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:
- Membership Growth: Increase membership to 900 members, ensuring more children and young people have access to high-quality gymnastics programmes.
- Expansion of Community Partnerships: Strengthen collaborations with local schools, SEN groups, and community organisations to widen participation and accessibility.
- Financial Sustainability: Continue improving financial stability through cost efficiencies, revenue growth initiatives, and securing additional grant funding.
- Enhanced Community Programmes: Introduce more free placements and outreach programmes, particularly for disadvantaged and underrepresented groups.
- Facility Investments: Allocate resources to facility improvements and maintenance, ensuring a safe, high-quality environment for all members.
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:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
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:
- The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
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