COMPANY REGISTRATION NUMBER: 05588094
CHARITY REGISTRATION NUMBER: 1112659
Waveney Gymnastics Club Company Limited by Guarantee Unaudited financial statements
31 December 2023
Waveney Gymnastics Club
Company Limited by Guarantee
Financial statements
Year ended 31 December 2023
| Page | |
|---|---|
| Trustees' annual report (incorporating the directors' report) | 1 |
| Independent examiner's report to the trustees | 9 |
| Statement of financial activities (including income and expenditure account) | 11 |
| Balance sheet | 12 |
| Statement of cash flows | 14 |
| Notes to the financial statements | 15 |
Waveney Gymnastics Club
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report)
Year ended 31 December 2023
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 December 2023.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Companies Act 2006 and 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 published in October 2019.
Reference and administrative details
Registered charity name Waveney Gymnastics Club Charity registration number 1112659 Company registration number 05588094 Principal office and registered 104 Notley Road office Lowestoft Suffolk NR33 0UG
The trustees
The trustees who served during the year and at the date of approval were as follows:
Ms T Bullard
Mr A Greenfield (resigned 14 September 2023) Mr N Jack Mrs M Mullender Mr G Parr Mr J Pawsey Mr C Pelekanou (appointed 17 August 2023) Mr R Rushmere (deceased 14 March 2023)
Centre Manager Mr A Row Independent examiner M Proctor FCA DChA Lovewell Blake LLP Chartered accountants Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB Bankers Barclays Bank plc 61 London Road North Lowestoft Suffolk NR32 1LT
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Waveney Gymnastics Club
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 December 2023
Objectives and activities
The main objective of the Club is to provide gymnastic related activities in a purpose built facility for all members of the local community to participate, irrespective of their age, ability, ethnicity, religion, sexuality or individual needs, in a safe environment under the tuition of qualified staff. All equipment and apparatus is kept and bought in as regular replacement of any deteriorating apparatus, in order to maintain top standards for our own users and any visiting international teams who may train at the centre.
Public Benefit
The Trustees have paid regard to the guidance issued by the Charity Commission in deciding what activities the Charity should undertake to provide for its members and users. In providing the sessions within the programme available to the Club members and the general public, the Trustees consider that they are fulfilling the requirements expected of them to encourage healthier lifestyles and self esteem within the local community and area.
Achievements and performance
The year has continued to be as challenging as the last three years due to the ongoing affects created by the Covid-19 pandemic and its legacy. Although there have been considerable improvements from the introduction of vaccinations and medical advances in dealing with the Covid-19 and its various strains, the year of 2023 saw a significant increase in the cost of energy bills, the general cost of living and the continued increase in the "living wage" of many of our employees, which could only be be addressed by raising the membership fees/subscriptions. We are informed that Government legislation for 2024 is again increasing the "living wage" rates from April 2024, which can only be covered by passing this on to our members through another increase in fees from January 2024. December 2023 saw the club membership cut by 100, due to the increases we had warned would need to be introduced. This situation makes the continued attempts to build a better contingency fund even more challenging for the club, but we remain positive and look to find new ways and initiatives to help generate greater income.
Throughout the year we have seen the sport of gymnastics build back to the levels of competition and interest on a par with those of the pre pandemic period, with many of our gymnasts returning to successful standards across the club, county, region and national events. The club are extremely lucky to have the enthusiasm and expertise of Mrs. Jess Etherington taking a lead on this aspect, well supported by other coaching and administration staff, together with some very active and supportive parents. Her communication with members and families through the club's social media platform is excellent and valued by all. A whole programme of social events from film nights, quizzes, sponsored events, presentation evenings and more were held during 2023, which were well supported by the members and their families. In addition, a considerable number of local businesses have sponsored the club through advertising banners at the gym centre and other applications for grants and sponsorship have been successful in in helping the club replace the boiler with a more efficient, modern version, buy new equipment and maintain the facility in top condition for the members and visitors to the club. The club would like to thank all those that have supported us over the year, grants from the following groups East Suffolk Council, Suffolk Community Foundation, Peter Harrison Foundation, Skipton Building, Hevingham Hall, British Gymnastics Foundation and the Lord Belstead Charity. The club would also like to thank its sponsors, The Hotel Victoria, Matt Cox, Medusa Unisex Hair, Kirkley Run Wheels and Tyres, Lovewell Blake, Ocean Rooms, AC Electricals, Gilbert Builders, Cofetaria Gabriela's Cakes, Parallel Office and Document Solutions, Indianu Render & Wall insulation and P J Gillman.
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Waveney Gymnastics Club
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 December 2023
Achievements and performance (continued)
During the summer holiday and the other school holidays we have organised training camps for gymnasts from across the country as well as extra holiday sessions for our own gymnasts. All have proved very successful and are likely to be repeated in future years.
From our own club members we are able to report further successes on many fronts:- a) several boys were selected to represent the east region teams at the National Finals, with most winning either a team or individual medal; success also in other competitions, b) the standard of the girls continues to improve and again many have won medals at competitions throughout the year, c) our trampoline members have performed well at regional and area events with some now beginning to work on national set routines for next year, d) the special needs section continues to thrive with good numbers and great success too. The club had three of our members selected for the national team to represent Great Britain in the Special Olympics, held in Germany. They were accompanied by Alex as the coach in charge of the team of six. e) Pre-School classes are very popular and although we have lost coach who was coordinating this section the team of coaches in all sections at the club are hardworking and very professional.
The club has lost some coaches to other areas of the world of employment in 2023, but we have taken on some new coaches in the recreational and free running sessions as well as a couple of apprentices too.
The success of several young coaches in recent courses this year is encouraging. Some of our younger coaches have reached the stage where they are ready to take their examinations for the next level of qualification.
The close week in 2023 was used for a residential training camp and helped generate some additional income, which we hope to improve upon in future years to help generate income.
The Recharge Cafe, which although under the independent company of Waveney Gymnastics Enterprise, will establish itself more in the coming years. During 2023 this area of the club has gradually built up, but we will need to recruit some replacement staff to cover the opening times, as we have seen a couple of our original staff either retire or take alternative employment. This area of the club's operations continues to prove difficult to recruit reliable and flexible staff, but we must continue to to develop this into a more profitable and regular aspect for our members to use.
The directors/trustees of the club have met regularly throughout the year of 2023 to plan and support the staff through these difficult times. Again, we are seeking to recruit some new trustees as well as retain our existing post holders.
Details of these meetings have been recorded and circulated following the meetings. Our AGM, normally planned to be in the month of April had to be delayed until May due to a couple of minor delays not being met by the due date. Eventually all was finalised, including signing off the accounts in September, following some additional narrative required to support the original trustees report first submitted. All necessary information has been appropriately recorded in minutes in accordance with the recommendations of the Charity Commission, and relevant documentation was uploaded to both Companies House and the Charities Commission on time.
The Club continues to use the Xero software to control the club's financial transactions and engages the help of Mr. K. Hall with some of the finer details and checks. The administration team are finding the go cardless software and card machines for payments beneficial as records and a paper trail are more easily collated.
The directors wish to acknowledge and thank the Centre Manager, the Section Coordinators, Administrators, Coaches, Volunteers, Cleaners and all other staff, parents and individuals attached to the Club for their continued support in the gymnastic activities we offer to members and users.
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Waveney Gymnastics Club
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 December 2023
Achievements and performance (continued)
The directors and management group of the Club meet on a regular basis throughout the year at about a six-week pattern, with all matters recorded and invariably most action points addressed within the recommended time scale. Serious consideration of the overall fees and subscriptions may be necessary to restore a better balance within the finances. However, on a positive note, the Club continues to be a successful, growing and developing sports facility within the local community and our fully integrated philosophy to cater for all abilities and categories is a testament to the contributions of the staff, volunteers, and trustee/directors of the club.
Financial review and reserves policy
The clubs bank balances at the start of the year was around £33,000 overall and with the increase in 'living wage' and energy rises later in the year of 2023, created by the uncertainty of world supplies of oil and gas, following the war in Ukraine which started in February 2022, our income has not been sufficient to build any real reserves for the future. Consequently, the club's financial position is still not where we are intending to be, bearing in mind that the cost of replacing the boiler and the purchase of new equipment has meant a considerable outlay of over £50,000 At the end of the year 2023 the accounts showed a total of around £39,000, which reflects that we are operating where expenditure exceeds income over the last year. The club received £1,000 from Bridgewater College to support our Apprenticeships employees. Other sponsors, grants and businesses/individuals who have made donations/contributions to equipment etc in 2023 as previously mentioned. As we move into the beginning of 2024 we are aware the "living wage" situation and the expected pension contributions required by the club, will again increase in April 2024, which we will have to address through increasing the fees at the beginning of 2024, not an ideal position to be in. Running costs in general are also rising sharply particularly with energy charges.
The board regularly discuss at meetings in the year, revising our governance and projected contingency reserve fund targets. This is documented in the minutes, but at this stage, due to expenditure related information provided in this report, we are still short of achieving this target, but we continue to keep it under review. This figure will need reviewing again in 2024 as the continuing rise in wages due to government legislation is putting more and more pressure on finances. There will be maintenance costs and the need to keep equipment in good condition, so we are able to deliver our programmes safely for all members and possible host visiting teams. Our reserves/contingency target is aimed at around £100k, which covers two to three months of outgoing staff salaries/wages.
It is the Trustees intention to maintain funds sufficient to meet the day-to-day requirements of the Club and set participants' fees at appropriate levels to achieve this. The long-term policy is that the Club will seek to build reserves for reinvestment in the Club's facilities and equipment as this becomes necessary. We are committed to replacing the floor carpet for the competition area and the internal wall needs to be strengthened to ensure the wall bars can be replaced for training purposes.
During the year the Club saw an increase in revenues to £631,040 (2022: £600,273), with this came an increase in costs incurred, resulting in the Club recording a deficit of £15,057 (2022: £28,014).
The Club's free reserves were in a deficit of £21,907 after the Bounce Back loan (2022: no free reserves with net liabilities of £42,373). In addition the Club had restricted reserves amounting to £709,585 (2022: £731,511). The Club has fixed assets amounting to £822,444 (2021: £857,967) represented in the main by the gym building.
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Waveney Gymnastics Club
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 December 2023
Financial review and reserves policy (continued)
Going Concern
Irrespective of the end of year financial statement presented for the year ending 31 December 2023, the directors/trustees are confident that the charity remains a genuine going concern on all fronts. Throughout the last year, the boiler has been replaced and upgraded, bearing in mind it was 20 years old. The whole lighting system within the building was replaced with LED tubes etc around four or five years ago, the heating upgraded with a new system in 2022, several new items of equipment to replace ageing items, so major capital expenditure is considerably reduced. These major capital spending items, together with some replaced equipment (apparatus) have been achieved without the club finances going into the red. In the current climate, this is an encouraging situation.
An increase in tuition fees and further attempts to secure grant funding, sponsorship partnership and more fundraising social events, we remain optimistic for the future of the club. The directors/trustees know that the assets of the club regarding ownership of the building together with all the equipment (apparatus) in good condition, we have security for the short and medium term.
Many schools are contacting the club to provide coaching, support programs and hire opportunities to help develop their students' other activities are being developed and introduced to bring more income to the club.
Waveney Gymnastics Club is one of the biggest sports clubs in the local community and as social interaction and confidence returns to local families, we are convinced that the club remains a going concern. Our monthly income outweighs the current expenditure on wages and salaries and energy running costs, but we continue to review and assess the situation financially at management meetings. In 2020 the club were identified as an example of a well-run, successful small business by the parliamentary review team which demonstrates the club is well run.
Pay policy for key management personnel
The remuneration for key management personnel is set by the Chairman of the charity, Mr J Pawsey, following discussion with the Board of Trustees. Pay rates are benchmarked against average salary rates in the industry and local area, together with other relevant factors such as government legislation on "living wage" which has a knock on effect on more senior employees who are salaried.
Through the annual performance reviews of the staff the board try whenever possible and if justifiable and affordable to reflect the individuals contributions to the club through some element of remuneration. This section of our employees has not benefited from any increase in salary for the year 2023 as our outgoings for payments of the yearly increases of "the living wage" across the board of other staff has quickly evaporated, together with the increasing energy costs and other expenditure referred to earlier in the Achievements and Performance section.
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Waveney Gymnastics Club
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 December 2023
Financial review and reserves policy (continued)
Investment policy
The investment policy of the Club remains to maximise income by placing funds into interest bearing accounts at the best available interest levels. The Club maintains and replaces any fittings, equipment or identified needs to ensure the Club continues to deliver gymnastics related activities in a safe, controlled and manageable way within the Club's financial constraints. All underpinned by the Club's safeguarding and venerable policy guidelines. Recent events have required the Trustees to reiterate the Club's requirement for all fund movements to be formally approved by the Board of Trustees prior to any such transactions taking place.
The expenditure spent for a variety of essential improvements and unavoidable wage rises during the year has created a major reduction in the different contingency accounts and major initiatives and research for sponsorship/grant opportunities will be essential for the next few years, together with severe cutbacks on any further training facility expenditure.
Plans for future periods
The Club plans to continue to provide the best service possible for the interest, safety and development of the sport of gymnastics within the community. The Club intends to deliver the highest standard of expectation for all customers, within the capabilities and capacity of the facility and staff. A fully integrated provision is a key factor, which underpins the Club's philosophy.
During the year of 2023 the club continued building back to the pre-pandemic situation through advertising for new members, marketing what we can offer to all members of the community, encourage schools to come and use our facility with structured taught sessions, open the facility for members of the community to watch top gymnastic athletes training when we are hosting other national teams and enjoy the opportunity to develop a healthy lifestyle in a safe environment.
The cafe area of the club is also now a formalised business with accompanying legal documentation produced with the club's solicitors Leathes Prior and is under the name of Recharge Cafe and run by Waveney Gymnastics Enterprise Ltd as the trading company. This section of the club has of course been severely disrupted by the pandemic restrictions on operating practices, as referred to in recent annual reports, but during 2023 there were continuing signs of improvement and the club is confident that members will socialise more. There are still some outstanding debts to pay, including the Bounce Back Loan contributions, but regular monitoring of prices of drinks and snacks is being managed.
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Waveney Gymnastics Club
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 December 2023
Structure, governance and management
This aspect of the club was discussed during 2023 and will again be revisited in 2024 as the effects on running a sports business following the Covid-19 pandemic has several important implications for those offering a service to members of the community.
Governing document
The Charity was incorporated as a Company Limited by Guarantee on 10 October 2005 and was registered as a Charity on 9 January 2006. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members and required to contribute an amount not exceeding £1.
This aspect of the organisation is kept under review.
Appointment and recruitment of Trustees
With the passing away of one or the club's directors in March 2023, we still need to recruit others. The Chairman has recently had some health issues too, so we are focused on recruiting some new directors to join the board in 2024.
When recruiting new Trustees, the remaining Trustees seek to appoint an individual with skills and expertise which will be of benefit to the Club. Any new Trustees will be checked thoroughly regarding their suitability and record, prior to joining the board.
Trustee induction and training
The club continues to work towards enlisting new Trustees to the board, but this is taking some time to achieve. Any new Trustee will be provided with the latest information about the club's position and the associated documents relating to the operational procedures being followed. Several of the important issues relating to small businesses and Charities can be reviewed and downloaded through the various websites and a new Trustee would be allocated a buddy to understand the complexities of the organisation.
Organisation structure
The Club's Trustees, Director of Coaching, Centre Manager and a Director of Waveney Gymnastics Enterprise Limited meet every six to eight weeks as a controlling management group. All meetings are minuted and information passed between one another. The day to day operations are overseen by the Centre Manager and Director of Coaching, underpinned by the senior management team with key feedback to the board at the management meetings. Weekly meetings of coordinators, Director of Coaching and Centre Manager and some administration staff are held each Thursday.
Any issues relating to welfare matters are dealt with by a small group of trained welfare officers, which includes some named directors together with trained employees from the administration team and/or Centre Manager. All matters of this nature and accidents are recorded formally and held on file confidentially, with outside agencies being kept in the picture, if necessary.
All matters of confidentiality regarding employees, the finances of the club, grievances, etc will be dealt with by the trustees through either extraordinary meetings or personal contact with another knowledgeable trustee. The Centre Manager and Director of Coaching will be involved and kept informed at the discretion of the trustees.
During the previous year Mr. Gary Parr has been appointed as Vice Chair of the Club.
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Waveney Gymnastics Club
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 December 2023
Structure, governance and management (continued)
Risk management
The Trustees regularly review the major risks which the Charity faces, in particular regarding Health and Safety, and the requirements of the Child Protection Act. This process is ongoing and is regularly reviewed.
Regular risk assessment checks are made by members of the Club's staff and the information is recorded in the appropriate documentation book. All matters relating to H&S checks are expected to done on a weekly basis for recording purposes. Other equipment checks and general hygiene and safety matters are monitored on a daily basis by those with cleaning and caretaking responsibilities.
Volunteers
The Club is fortunate to have the support of a body of several unpaid volunteers who do sterling work with fund raising activities, some coaching and support for those who may have individual learning or physical difficulties. All are required to work within the safeguarding policy of the club.
Appointment of Independent Examiner
The appointment of Mark Proctor FCA DChA of Lovewell Blake LLP as the Club's Independent Examiner was approved at the Annual General Meeting held in April 2023 and is documented accordingly. It is anticipated that the same procedure will be voted upon at the Club's Annual General Meeting for the current year.
Small company provisions
This report has been prepared taking advantage of the small companies' exemption of section 415A of the Companies Act 2006.
The trustees' annual report (incorporating the directors' report) was approved on 27 April 2024 and signed on behalf of the board of trustees by:
Mr J Pawsey Trustee
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Waveney Gymnastics Club
Company Limited by Guarantee
Independent examiner's report to the trustees of Waveney Gymnastics Club
Year ended 31 December 2023
I report to the charity trustees on my examination of the financial statements of the company for the year ended 31 December 2023 which comprise the statement of financial activities (including income and expenditure account), balance sheet, statement of cash flows and the related notes.
Responsibilities and basis of report
As the charity's trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).
Having satisfied myself that the financial statements of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company's financial statements 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 the company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales.
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 that in any material respect:
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accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
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the financial statements do not accord with those records; or
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the financial statements 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
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the financial statements 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).
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Waveney Gymnastics Club
Company Limited by Guarantee
Independent examiner's report to the trustees of Waveney Gymnastics Club
(continued)
Year ended 31 December 2023
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.
M Proctor FCA DChA Independent Examiner
Lovewell Blake LLP Chartered accountants Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB
30 May 2024
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Waveney Gymnastics Club
Company Limited by Guarantee
Statement of financial activities (including income and expenditure account)
Year ended 31 December 2023
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 5 | 13,694 | 15,445 | 29,139 | 46,698 |
| Charitable activities | 6 | 572,932 | – | 572,932 | 515,844 |
| Other trading activities | 7 | 28,648 | – | 28,648 | 37,685 |
| Investment income | 8 | 321 | – | 321 | 46 |
|
|
|
|
||
| Total income | 615,595 | 15,445 | 631,040 | 600,273 | |
|
|
|
|
||
| Expenditure | |||||
| Raising funds | |||||
| Costs of raising funds | 9 | (14,553) | – | (14,553) | (18,318) |
| Charitable activities | 10 | (597,828) | (33,716) | (631,544) | (609,969) |
|
|
|
|
||
| Total expenditure | (612,381) | (33,716) | (646,097) | (628,287) | |
|
|
|
|
||
| Net expenditure before transfer of funds | 3,214 | (18,271) | (15,057) | (28,014) | |
| Transfers between funds | 3,655 | (3,655) | – | – | |
|
|
|
|
||
| Net movement in funds | 6,869 | (21,926) | (15,057) | (28,014) | |
| Reconciliation of funds | |||||
| Total funds brought forward | 96,884 | 731,511 | 828,395 | 856,409 | |
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|
|
|
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| Total funds carried forward | 103,753 | 709,585 | 813,338 | 828,395 | |
|
|
|
|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 15 to 27 form part of these financial statements.
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Waveney Gymnastics Club
Company Limited by Guarantee
Balance sheet
31 December 2023
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Fixed assets | |||||
| Tangible fixed assets | 15 | 822,444 | 857,967 | ||
| Investments | 16 | 1 | 1 | ||
|
|
||||
| 822,445 | 857,968 | ||||
| Current assets | |||||
| Stock | 17 | 10,903 | 11,578 | ||
| Debtors | 18 | 14,759 | 7,546 | ||
| Cash at bank and in hand | 39,621 | 33,161 | |||
|
|
||||
| 65,283 | 52,285 | ||||
| Creditors: Amounts falling due within | |||||
| one year | 19 | (58,560) | (56,028) | ||
|
|
||||
| Net current assets | 6,723 | (3,743) | |||
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|
||||
| Total assets less current liabilities | 829,168 | 854,225 | |||
| Creditors: Amounts falling due after | |||||
| more than one year | 20 | (15,830) | (25,830) | ||
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||||
| Net assets | 813,338 | 828,395 | |||
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| Funds of the charity | |||||
| Restricted funds | 709,585 | 731,511 | |||
| Unrestricted funds | 103,753 | 96,884 | |||
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|
||||
| Total charity funds | 22 | 813,338 |
828,395 |
For the year ending 31 December 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The balance sheet continues on the following page. The notes on pages 15 to 27 form part of these financial statements.
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Waveney Gymnastics Club
Company Limited by Guarantee
Balance sheet (continued)
31 December 2023
These financial statements were approved by the board of trustees and authorised for issue on 27 April 2024, and are signed on behalf of the board by:
Mr N Jack Mr J Pawsey Trustee Trustee
Company registration number: 05588094
The notes on pages 15 to 27 form part of these financial statements.
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Waveney Gymnastics Club
Company Limited by Guarantee
Statement of cash flows
Year ended 31 December 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net expenditure | (15,057) | (28,014) |
| Adjustments for: | ||
| Depreciation of tangible fixed assets | 42,535 | 40,727 |
| Other interest receivable and similar income | (321) | (46) |
| Interest payable and similar charges | 781 | 1,031 |
| Changes in: | ||
| Stock | 675 | (2,170) |
| Trade and other debtors | (7,213) | 455 |
| Trade and other creditors | 2,532 | 17,161 |
|
|
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| Cash generated from operations | 23,932 | 29,144 |
| Interest paid | (781) | (1,031) |
| Interest received | 321 | 46 |
|
|
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| Net cash from operating activities | 23,472 | 28,159 |
|
|
|
| Cash flows from investing activities | ||
| Purchase of tangible assets | (7,012) | (79,849) |
|
|
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| Net cash used in investing activities | (7,012) | (79,849) |
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| Cash flows from financing activities | ||
| Repayments of borrowings | (10,000) | (10,000) |
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|
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| Net cash used in financing activities | (10,000) | (10,000) |
|
|
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| Net increase/(decrease) in cash and cash equivalents | 6,460 | (61,690) |
| Cash and cash equivalents at beginning of year | 33,161 | 94,851 |
|
|
|
| Cash and cash equivalents at end of year | 39,621 |
33,161 |
The notes on pages 15 to 27 form part of these financial statements.
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Waveney Gymnastics Club
Company Limited by Guarantee
Notes to the financial statements
Year ended 31 December 2023
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 104 Notley Road, Lowestoft, Suffolk, NR33 0UG.
2. Statement of compliance
The charity constitutes a public benefit entity as defined by FRS 102. 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Irrespective of the end of year financial statement presented for the year ending 31 December 2023, the directors/trustees are confident that the charity remains a genuine going concern on all fronts. Throughout the last year, the boiler has been replaced and upgraded, bearing in mind it was 20 years old. The whole lighting system within the building was replaced with LED tubes etc around four or five years ago, the heating upgraded with a new system in 2022, several new items of equipment to replace ageing items, so major capital expenditure is considerably reduced. These major capital spending items, together with some replaced equipment (apparatus) have been achieved without the club finances going into the red. In the current climate, this is an encouraging situation.
An increase in tuition fees and further attempts to secure grant funding, sponsorship partnership and more fundraising social events, we remain optimistic for the future of the club. The directors/trustees know that the assets of the club regarding ownership of the building together with all the equipment (apparatus) in good condition, we have security for the short and medium term.
Many schools are contacting the club to provide coaching, support programs and hire opportunities to help develop their students' other activities are being developed and introduced to bring more income to the club.
Waveney Gymnastics Club is one of the biggest sports clubs in the local community and as social interaction and confidence returns to local families, we are convinced that the club remains a going concern. Our monthly income outweighs the current expenditure on wages and salaries and energy running costs, but we continue to review and assess the situation financially at management meetings. In 2020 the club were identified as an example of a well-run, successful small business by the parliamentary review team which demonstrates the club is well run.
- 15 -
Waveney Gymnastics Club
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 December 2023
3. Accounting policies (continued)
Consolidation
The charity is not required to prepare consolidated accounts in accordance with the Charities Act 2011.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or which have been raised by the charity for particular purposes.
Income
All income is included in the Statement of Financial Activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations and fundraising is recognised on receipt.
-
income from charitable activities is accounted for when earned.
-
income from charitable trading activities is accounted for when earned.
Government grants
Government grants are recognised using the accrual model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the club recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events and non-charitable trading activities.
-
expenditure on charitable activities includes all costs incurred by a charity in the delivery of its activities and services.
All costs, including governance costs, are allocated between the expenditure categories of the Statement of Financial Activities on a basis to reflect the use of resources.
- 16 -
Waveney Gymnastics Club
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 December 2023
3. Accounting policies (continued)
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property - 2% straight line Fixtures and fittings - 10% & 25% straight line Motor vehicles - 25% reducing balance Gym equipment - 10% straight line
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Stocks
Stock is valued at the lower of cost and net realisable value.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
- 17 -
Waveney Gymnastics Club
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 December 2023
4. Limited by guarantee
The charity is a company limited by guarantee. The members of the company are the trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
5. Donations and legacies
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2023 | |
| £ | £ | £ | |
| Donations | |||
| Donations and gifts | 9,494 | – | 9,494 |
| Grants | |||
| Grants | 4,200 | 15,445 | 19,645 |
|
|
|
|
| 13,694 | 15,445 | 29,139 | |
|
|
|
|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2022 | |
| £ | £ | £ | |
| Donations | |||
| Donations and gifts | 6,840 | – | 6,840 |
| Grants | |||
| Grants | 20,000 | 19,858 | 39,858 |
|
|
|
|
| 26,840 | 19,858 | 46,698 | |
|
|
|
Included in donations and legacies is Government grants of £2,997 (2022: £23,399).
6. Charitable activities
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Gymnastic services | 572,932 | 572,932 | 515,844 | 515,844 |
|
|
|
|
|
| Other trading activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Sponsorships | 3,945 | 3,945 | 3,350 | 3,350 |
| Income from the sale of merchandise | 19,077 | 19,077 | 20,064 | 20,064 |
| Fundraising | 4,426 | 4,426 | 12,071 | 12,071 |
| Rent from cafe | 1,200 | 1,200 | 2,200 | 2,200 |
|
|
|
|
|
| 28,648 | 28,648 | 37,685 | 37,685 | |
|
|
|
|
7. Other trading activities
- 18 -
Waveney Gymnastics Club
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 December 2023
| 8. | Investment income | ||||
|---|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Interest receivable | 321 | 321 | 46 | 46 | |
|
|
|
|
||
| 9. | Costs of raising funds | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Cost of goods sold | 14,553 | 14,553 | 18,318 | 18,318 | |
|
|
|
|
||
| 10. | Expenditure on charitable activities | ||||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2023 | |||
| £ | £ | £ | |||
| Direct staff costs | 366,023 | – | 366,023 | ||
| Other direct costs | 205,010 | 11,790 | 216,800 | ||
| Depreciation | 20,609 | 21,926 | 42,535 | ||
| Governance costs | 6,186 | – | 6,186 | ||
|
|
|
|||
| 597,828 | 33,716 | 631,544 | |||
|
|
|
|||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2022 | |||
| £ | £ | £ | |||
| Direct staff costs | 347,355 | – | 347,355 | ||
| Other direct costs | 206,654 | 10,230 | 216,884 | ||
| Depreciation | 18,233 | 22,494 | 40,727 | ||
| Governance costs | 5,003 | – | 5,003 | ||
|
|
|
|||
| 577,245 | 32,724 | 609,969 | |||
|
|
|
|||
| Analysis of governance costs: | |||||
| Total Funds | Total Funds | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Independent examination fees - current year | 3,846 | 3,168 | |||
| Independent examination fees - prior year | 780 | – | |||
| Accountancy fees | 779 | 600 | |||
| Legal fees | – | 204 | |||
| Interest payable | 781 | 1,031 | |||
|
|
||||
| 6,186 | 5,003 | ||||
|
|
- 19 -
Waveney Gymnastics Club
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 December 2023
11. Net expenditure
Net expenditure is stated after charging/(crediting):
| Net expenditure is stated after charging/(crediting): | |||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Depreciation of tangible fixed assets | 42,535 | 40,727 | |
| Operating lease costs | 4,017 | 3,036 | |
|
|
||
| 12. | Independent examination fees | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Fees payable to the independent examiner for: | |||
| Independent examination of the financial statements | 4,200 |
3,168 |
13. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 375,912 | 361,219 |
| Social security costs | 16,978 | 12,946 |
| Employer contributions to pension plans | 5,892 | 4,769 |
|
|
|
| 398,782 | 378,934 | |
| Less: recharged to Waveney Gymnastics | ||
| Enterprise Ltd | (32,759) | (31,579) |
|
|
|
| 366,023 | 347,355 | |
|
|
The remuneration of two members of key management personnel was £68,662 (2022: one employee £36,100).
The average head count of employees during the year was 30 (2022: 36).
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
14. Trustee remuneration and expenses
None of the trustees (or any persons connected with them) received any remuneration or expenses during either the current or previous year.
- 20 -
Waveney Gymnastics Club
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 December 2023
15. Tangible fixed assets
| Leasehold | Fixtures and | Motor | Gym | ||
|---|---|---|---|---|---|
| property | fittings | vehicles | equipment | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
| At 1 January 2023 | 1,085,261 | 87,438 | 15,484 | 331,386 | 1,519,569 |
| Additions | – | 459 | – | 6,553 | 7,012 |
|
|
|
|
|
|
| At 31 December 2023 | 1,085,261 | 87,897 | 15,484 | 337,939 | 1,526,581 |
|
|
|
|
|
|
| Depreciation | |||||
| At 1 January 2023 | 366,771 | 37,531 | 10,584 | 246,716 | 661,602 |
| Charge for the year | 21,705 | 5,591 | 1,225 | 14,014 | 42,535 |
|
|
|
|
|
|
| At 31 December 2023 | 388,476 | 43,122 | 11,809 | 260,730 | 704,137 |
|
|
|
|
|
|
| Carrying amount | |||||
| At 31 December 2023 | 696,785 | 44,775 | 3,675 | 77,209 | 822,444 |
|
|
|
|
|
|
| At 31 December 2022 | 718,490 | 49,907 | 4,900 | 84,670 | 857,967 |
|
|
|
|
|
16. Investments
| Shares in | |
|---|---|
| group | |
| undertakings | |
| £ | |
| Cost or valuation | |
| At 1 January 2023 and 31 December 2023 | 1 |
|
|
| Impairment | |
| At 1 January 2023 and 31 December 2023 | – |
|
|
| Carrying amount | |
| At 31 December 2023 | 1 |
|
|
| At 31 December 2022 | 1 |
|
All investments shown above are held at valuation.
- 21 -
Waveney Gymnastics Club
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 December 2023
16. Investments (continued)
Investments represents 100% share capital of Waveney Gymnastics Enterprise Limited, incorporated in England. Waveney Gymnastics Enterprise Limited was incorporated on 28 January 2019 and commenced trading from February 2019. The results for the company for the period are:
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Turnover | 93,775 | 76,374 | |
| Other income | 7 | 1 | |
| Expenditure | (94,397) | (81,066) | |
|
|
||
| Net (loss)/profit | (615) | (4,691) | |
|
|
||
| Net liabilities | (11,163) | (10,548) | |
|
|
||
| 17. | Stocks | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Goods held for resale | 10,903 | 11,578 | |
|
|
||
| 18. | Debtors | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Trade debtors | 4,863 | 2,445 | |
| Amounts owed by group undertakings | 1,480 | – | |
| Prepayments | 8,416 | 5,101 | |
|
|
||
| 14,759 | 7,546 | ||
|
|
||
| 19. | Creditors: Amounts falling due within one year | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Bank loans and overdrafts | 10,000 | 10,000 | |
| Trade creditors | 12,202 | 21,720 | |
| Amounts owed to group undertakings | – | 1,510 | |
| Social security and other taxes | 15,785 | 10,482 | |
| Other creditors | 4,379 | 4,674 | |
| Accruals | 16,194 | 7,642 | |
|
|
||
| 58,560 | 56,028 | ||
|
|
- 22 -
Waveney Gymnastics Club
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 December 2023
20. Creditors: Amounts falling due after more than one year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Bank loans and overdrafts | 15,830 | 25,830 |
|
|
During July 2020 Waveney Gymnastics Club accessed the Coronavirus Business Interruption Loan scheme and drew down a loan of £50,000, this is repayable over 5 years from the term of the first anniversary of the loan, interest is charged at 2.50% fixed rate.
21. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £5,892 (2022: £4,769).
22. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | At | ||||
| 1 January 202 | 31 December | ||||
| 3 | Income | Expenditure | Transfers | 2023 | |
| £ | £ | £ | £ | £ | |
| General funds | 96,884 | 615,595 | (612,381) | 3,655 | 103,753 |
|
|
|
|
|
|
| At | At | ||||
| 1 January 202 | 31 December | ||||
| 2 | Income | Expenditure | Transfers | 2022 | |
| £ | £ | £ | £ | £ | |
| General funds | 106,572 | 580,415 | (595,563) | 5,460 | 96,884 |
|
|
|
|
|
|
| Restricted funds | |||||
| At | At | ||||
| 1 January 202 | 31 December | ||||
| 3 | Income | Expenditure | Transfers | 2023 | |
| £ | £ | £ | £ | £ | |
| Building fund | 718,561 | – | (21,776) | – | 696,785 |
| British Gymnastics | 668 | – | – | – | 668 |
| Equipment fund | – | – | – | – | – |
| Suffolk Foundation | 4,318 | – | (150) | – | 4,168 |
| Disability facilities fund | 7,964 | – | – | – | 7,964 |
| Special Olympics GB | – | – | – | – | – |
| Oulton Parish Council | – | – | – | – | – |
| East Suffolk Council - | |||||
| Love to Move | – | – | – | – | – |
| Suffolk Community | |||||
| Foundation | – | 718 | (718) | – | – |
| Bridgwater College | – | 300 | (300) | – | – |
- 23 -
Waveney Gymnastics Club
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 December 2023
22. Analysis of charitable funds (continued)
| Peter Harrision | |||||
|---|---|---|---|---|---|
| Foundation | – | 2,695 | (935) | (1,760) | – |
| Hevingham Hall | – | 7,426 | (6,840) | (586) | – |
| British Gymnastics | – | 309 | – | (309) | – |
| Open competition | – | 1,000 | – | (1,000) | – |
| Suffolk County Council | – | 2,997 | (2,997) | – | – |
|
|
|
|
|
|
| 731,511 | 15,445 | (33,716) | (3,655) | 709,585 | |
|
|
|
|
|
|
| At | At | ||||
| 1 January 202 | 31 December | ||||
| 2 | Income | Expenditure | Transfers | 2022 | |
| £ | £ | £ | £ | £ | |
| Building fund | 740,265 | – | (21,704) | – | 718,561 |
| British Gymnastics | 668 | – | – | – | 668 |
| Equipment fund | 640 | 6,169 | (1,349) | (5,460) | – |
| Suffolk Foundation | 300 | 5,168 | (1,150) | – | 4,318 |
| Disability facilities fund | 7,964 | – | – | – | 7,964 |
| Special Olympics GB | – | 3,622 | (3,622) | – | – |
| Oulton Parish Council | – | 500 | (500) | – | – |
| East Suffolk Council - | |||||
| Love to Move | – | 4,399 | (4,399) | – | – |
| Suffolk Community | |||||
| Foundation | – | – | – | – | – |
| Bridgwater College | – | – | – | – | – |
| Peter Harrision | |||||
| Foundation | – | – | – | – | – |
| Hevingham Hall | – | – | – | – | – |
| British Gymnastics | – | – | – | – | – |
| Open competition | – | – | – | – | – |
| Suffolk County Council | – | – | – | – | – |
|
|
|
|
|
|
749,837 |
19,858 |
(32,724) |
(5,460) |
731,511 |
- 24 -
Waveney Gymnastics Club
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 December 2023
22. Analysis of charitable funds (continued)
Transfers between funds
Transfers between funds represents the use of restricted funds to purchase fixed assets which no longer have a restriction on them together with the allocation of grants which are used to cover the costs of overheads incurred in connection with the funded project.
Restricted funds
Building Fund consists of funds from the National Lottery and Local Authority grant received to construct and equip a gymnasium hall.
British Gymnastics Fund is to provide funds to finance the cost of coaching and equipment.
Suffolk Foundation Fund is to provide funding to finance the cost of new equipment.
Disability facilities fund related to funds donated to the club towards the costs of the installation of facilities for use by those with disabilities.
Suffolk Community Foundation, Bridgwater College, Peter Harrison Foundation and Suffolk County Council funding relates to funds received towards coaching training fees.
Heveningham Hall funding was towards trampoline repairs and also the Special Olympics.
British Gymnastics funding were a bursary for gymnastic fees.
Open competition was funding towards the Club's open competition.
23. Analysis of net assets between funds
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| funds | funds | 2023 | |
| £ | £ | £ | |
| Tangible fixed assets | 125,659 | 696,785 | 822,444 |
| Investments | 1 | – | 1 |
| Net current assets | (6,077) | 12,800 | 6,723 |
| Long term liabilities | (15,830) | – | (15,830) |
|
|
|
|
| 103,753 | 709,585 | 813,338 | |
|
|
|
|
| Unrestricted | Restricted | Total Funds | |
| funds | funds | 2022 | |
| £ | £ | £ | |
| Tangible fixed assets | 139,256 | 718,711 | 857,967 |
| Investments | 1 | – | 1 |
| Net current assets | (16,543) | 12,800 | (3,743) |
| Long term liabilities | (25,830) | – | (25,830) |
|
|
|
|
| 96,884 | 731,511 | 828,395 | |
|
|
|
- 25 -
Waveney Gymnastics Club
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 December 2023
24. Analysis of changes in net debt
| At | At | ||
|---|---|---|---|
| 1 January 202 | 31 December | ||
| 3 | Cash flows | 2023 | |
| £ | £ | £ | |
| Cash at bank and in hand | 33,161 | 6,460 | 39,621 |
| Debt due within one year | (11,510) | 1,510 | (10,000) |
| Debt due after one year | (25,830) | 10,000 | (15,830) |
|
|
|
|
| (4,179) | 17,970 | 13,791 | |
|
|
|
25. Operating lease commitments
As lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
| follows: | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Not later than 1 year | 3,060 | 2,277 |
| Later than 1 year and not later than 5 years | 11,475 | – |
|
|
|
| 14,535 | 2,277 | |
|
|
- 26 -
Waveney Gymnastics Club
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 December 2023
26. Related parties
During the year the Charity received income from Waveney Gymnastics Enterprises Limited totalling £33,959 (2022: £33,780), of which £1,200 (2022: £2,200) related to rental of the café and £32,759 (2022: £31,580) related to amounts recharged by the Charity. Of these amounts £9,276 (2022: £5,619) is outstanding at the year end.
At the year end there is an amount due from Waveney Gymnastics Enterprises Limited of £1,480 (2022: £1,510 due to Waveney Gymnastics Enterprise Limited) included in debtors.
Catering services amounting to £19,881 (2022: £21,002) were provided to the Charity by Waveney Gymnastics Enterprises Limited, of which £Nil (2022: £Nil) is outstanding at the year end.
During the year sponsorship income of £Nil (2022: £500) was received and expenses of £Nil (2022: £1,350) was paid from The Hotel Victoria, a company of which Mr A Greenfield is a director.
Miss P Parr, daughter of Mr G Parr (trustee) is employed by the charity as a gymnastics coach. Miss P Parr's appointment was made in open competition and Mr G Parr was not involved in the decision making process regarding her appointment. P Parr is paid within the normal pay scale for her role and receives no special treatment as a result of her relationship with a trustee.
Mr A Pelekanou, son of Mr C Pelekanou (trustee) is employed by the charity as a gymnastics coach. Mr A Pelekanou appointment was made in open competition before Mr C Pelekanou was a trustee and therefore Mr C Pelekanou was not involved in the decision making process regarding her appointment. Mr A Pelekanou is paid within the normal pay scale for his role and receives no special treatment as a result of his relationship with a trustee.
Mrs E Row, wife of Mr A Row (key management personnel) is employed by the charity as a gymnastics coach. Mrs E Row's appointment was made in open competition and Mr A Row was not involved in the decision making process regarding her appointment. Mrs E Row is paid within the normal pay scale for her role and receives no special treatment as a result of her relationship with a member of key management personnel.
Mrs J Etherington, wife of Mr P Etherington (key management personnel) is employed by the charity as a gymnastics coach. Mrs J Etherington's appointment was made in open competition and Mr P Etherington was not involved in the decision making process regarding her appointment. Mrs J Etherington is paid within the normal pay scale for her role and receives no special treatment as a result of her relationship with a member of key management personnel.
- 27 -