Company number: 06501296
HUNTINGDON GYMNASTICS CLUB LIMITED (A company limited by guarantee) CHARITY COMMISSION REGISTERED NO. 1124674
FINANCIAL STATEMENTS for the year ended 31 July 2020
HUNTINGDON GYMNASTICS CLUB LIMITED
Financial Statements
for the year ended 31 July 2020
| Contents | Pages |
|---|---|
| Company Information | 1 |
| Report of the trustees | 2 to 6 |
| Independent examiner's report | 7 |
| Statement of Financial Activity | 8 |
| Balance Sheet | 9 |
| Statement of Cash Flows | 10 |
| Notes to the Financial Statements | 11 to 20 |
HUNTINGDON GYMNASTICS CLUB LIMITED Company Information Company number: 06501296
Board of Trustees / Company Directors
Mr T Sharpington Mr S Davison Mr J H Neal (Resigned 17 November 2020) Mrs C Payne (Resigned 17 March 2021) Mrs T Shorter (Resigned 17 March 2021) Mrs E Brook Mrs Z McGowan Mrs N Scarfe Mrs S Scotcher
Company Secretary
Mr J H Neal (Resigned 17 November 2020)
Other positions
Club Manager - Mr Adam Scott Office Manager - Mrs Sue Besant
Charity Number
1124674
Company Number
06501296
Registered office
Mayfield Road Huntingdon Cambridgeshire PE29 1UL
Independent Examiner
Ken Maggs BA, FCA Moore Thompson Bank House Broad Street Spalding Lincs PE11 1TB
Page: 1
HUNTINGDON GYMNASTICS CLUB LIMITED
Report of the trustees
for the year ended 31 July 2020
The trustees (who are represented by 'the Board' throughout this report), who are also directors of the charity for the purposes of the Companies act, have pleasure in submitting their annual report together with the independently examined financial statements of the Charitable Company for the year ended 31 July 2020.
The trustees have adopted the provisions of 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) issued in 2019 in preparing the annual report and financial statements of the charity.
Structure, governance and management
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The charity was registered in April 2008 and is governed by a Memorandum and Articles of Association.
The trustees, who are also directors for the purpose of company law, and who served during the year are detailed on the charity information on page 1.
Recruitment and appointment of new trustees
New trustees are recruited by local advertising and by recommendation. Club members vote on the trustee applications at the Annual General Meeting to give a total of eight trustees on the Board. Three further positions are co-opted by the Board according to specific skills required. The Chair is required to keep a balance of skills and experience on the Board and to maintain a balance of parents and non-parents.
New trustees are encouraged to familiarise themselves with charity laws, the financial reports of the Club and to attend Club staff meeting and other events.
None of the trustees have any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up of the charity.
Organisational Structure
The Board manages the business of the charity and is responsible for overseeing the strategic, financial and legal direction of the charity. The Board is responsible for ensuring that all recommended financial controls have been considered and introduced and meets at least six times per year. Trustees hold a portfolio for their particular responsibility and are available for advice in support of various aspects of the business and welfare of the charity. The Board is elected at the Annual General Meeting of the charity.
The Board has nominated a Management Sub-committee to manage the Charity’s activities that consists of the Office Manager and the Club Manager. The Management Sub-committee meets on a monthly basis and reports to each Board meeting including a “balanced scorecard” which includes a safety report, capacity and waiting list review, finance report and parent feedback. During the financial year there were periods where the charity closed its premises during the Covid-19 pandemic and the balanced scorecard was not prepared. During this period the Board monitored the financial status of the charity carefully with the support of the Management Sub-Committee.
Related Parties
Transactions during the period with trustees and any other related parties are detailed in note 15 of these financial statements.
Risk Management
The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and any error.
Page: 2
HUNTINGDON GYMNASTICS CLUB LIMITED
Report of the trustees (continued)
for the year ended 31 July 2020
Objectives and activities and Public Benefit
The main objective of the charity is the promotion of community participation in healthy recreation for the benefits of the inhabitant of Huntingdon and the surrounding area by the provision of facilities for the sport of gymnastics and any other charitable activities.
The trustees are highly conscious of the need to provide the best possible public benefit in line with Charity Commission guidance and consider that the charity does this.
The charity has undertaken the following activities described in the sections below during the year to implement these objects in line with our current development path. These activities also provides support for the public benefits that the charity provides.
The Charity has been impacted by the global Covid-19 pandemic (“Covid”) which forced the charity to close its premises for an extended period from March 2020 which limited the ability to deliver all of the activities it would normally provide.
Overview
Following the successful 2018/2019 financial year, the Charity started the new financial year building on these successes and delivering its objectives through high membership and attendance within the community participation programme.
2019 included Elite Summer Camps, attracting gymnasts from across the world and nationally, and recreational summer camps, which proved to be popular with both the community and with members. Success for Jake Jarman at the Paris World Cup, and the recruitment of senior members of staff continued to drive forward the quality of provision and maintaining the reputation of the Club.
The Charity was forced to close its doors in March 2020 due to Covid which severely restricted the ability to carry out normal levels of activity.
Provision of community participation in health recreation
Club participation programme continued to be popular with high levels of engagement from the local community.
The Charity continues to provide gymnastics provision for a wide variety of age groups and levels including toddlers sessions, pre-school classes, participation classes, teenage specific classes and adult sessions, together with ladies’ specific sessions.
We continue to work closely with adult disability groups and special educational needs providers, as well as engaging with home education.
In January 2020 a new Head of Participation was recruited.
Sadly, due to COVID the Charity had to cancel the Future Stars competition scheduled for Easter 2020 with 300 children scheduled to participate.
In response to Covid, plans were made to provide gymnastics training virtually, with Zoom sessions delivered at the close of this financial year and preparing for the re-open in July of 2020.
Provision of facilities for the sport of gymnastics
The Charity continues to maintain the building and specialist gymnastics equipment to a high standard.
The Charity completed the foam pit refurbishment and installed a bespoke platform system during the financial year.
Page: 3
HUNTINGDON GYMNASTICS CLUB LIMITED
Report of the trustees (continued)
for the year ended 31 July 2020
Provision of facilities for the sport of gymnastics (continued)
In response to Covid, facility cleaning and monitoring of equipment and staff in regard to cleanliness and sanitation was increased and a full and comprehensive COVID risk assessment was undertaken. Staff were fully trained in in safeguarding and social distancing, together with personal protective equipment, and followed directions given by the governing body (British Gymnastics) in regard to safe training.
Adaptation to changing Work force
The Charity recognises the demand placed on its employees, especially its coaching staff, due to the majority of its activities taking place in the evenings and weekends. To address these challenges, the Charity actively considers part time and job share opportunities when recruiting new employees.
It is hoped that these initiatives will continue to place Huntingdon as a centre of good practice nationally and encourage high quality coaching employees to join the Charity to support the appetite for gymnastics in the local area.
As a response to the nationwide shortage of qualified gymnastics coaches, Huntingdon Gymnastics Club established its Young Trainee Coach programme, for 14 to 16 year olds, to encourage them to take their first steps in gymnastics coaching.
The Charity recruited 14 young people to these posts.
In January 2020, Nathan Comber was appointed as Coach Education Coordinator, with duties including continuing professional development and assigning mentors to new young coaches
Providing a full service for elite and aspiring elite performers
In August 2020, a team of elite gymnasts from Washington DC USA was welcomed for a week long training camp.
The long standing Elite summer camp had in excess of 50 participants, including a contingent visiting from Italy.
The appointment of Adam Folwell as Head of Women’s Artistic early in 2019, allowed a restructure and refocus on the Women’s programme, resulting in more gymnasts having the opportunity to experience performance gymnastics.
The Charity was also able to enhance the Men’s artistic programme with the addition of a further designated coach for younger potential performance gymnasts.
Sol Scott maintained his England Squad position and was joined by teammates Josh Papworth and Ryan Cirino.
Jake Jarman continued to build upon his experience in international competition, competing at the Doha and Paris World Cups, resulting in a silver medal on vault at the Paris World Cup. Sadly, due to COVID most of the competition structure for 2019/20 was cancelled.
Jake's successes enabled him to be selected to join a small number of gymnasts to return to training in June 2020.
Volunteers
The Charity is always grateful for the support of its volunteers who play important roles across the organisation including the Trustees and volunteers who support coaching, welfare and fundraising.
Financial Review
The financial performance of the charity for the year ended 31 July 2020 is detailed on pages 8 to 20 of these financial statements and the Trustees are pleased with the performance in the year given the impact of Covid.
Page: 4
HUNTINGDON GYMNASTICS CLUB LIMITED
Report of the trustees (continued)
for the year ended 31 July 2020
Reserves policy
It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between 3 and 6 months of expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity’s current activities whilst consideration is given to a way in which additional funds may be raised.
Since the start of Covid restrictions in March 2020, the Trustees have worked closely with the Management Sub-committee to monitor the level of reserves ensuring that a minimum of three months reserves were maintained. This was partly achieved through the use of the United Kingdom Government [furlough] scheme which funded the costs of employees who were unable to perform their normal duties by up to 80%. Additionally, the Charity was able to secure specific grant income available to support organisations during the pandemic.
Plans for the future
At the date of this financial review, the Charity expects to be able to resume its activities in April 2021 and the Trustees will then complete the refresh of the five year strategic plan which has been put in hold due to the pandemic.
The ongoing programme of repairs and refurbishment will continue once the Trustees are confident that the Charity’s income streams have returned to pre-Covid levels.
Trustee's responsibilities statement
The trustees are responsible for preparing the trustees report and the financial statements in accordance with applicable laws and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors 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 company and the profit or loss of the company for that period.
In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsibly for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Covid-19 and going concern
The Trustees would like to thank all of the Charity’s members and employees for their tireless efforts during the pandemic. The Charity prides itself on the excellence of its sporting history and has been devastated that it has not been able to deliver its usual coaching sessions throughout the financial year.
Since the end of the financial year, two further periods of forced closure of the Charity’s premises have been experienced and hopes to be able to re-open in April 2021. It has been a very challenging time for the Charity which has worked to support and retain the coaching and administrative teams whilst servicing overheads, with income falling substantially. The Charity has relied upon the support from the United Kingdom Government’s Job Retention Scheme and its financial reserves to survive these periods of closure.
Page: 5
HUNTINGDON GYMNASTICS CLUB LIMITED
Report of the trustees (continued)
for the year ended 31 July 2020
Covid-19 and going concern (continued)
The Trustees are of the opinion that the Charity will continue to be a going concern and look forward to reopening so everyone can meet and train together.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on ……………………. and signed on behalf of the board by:
…................................. Mr. T. Sharpington Director
Page: 6
Independent Examiner's Report to the Trustees of HUNTINGDON GYMNASTICS CLUB LIMITED
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 July 2020 which are set out on pages 11 to 20.
Responsibilities and basis of report
As the charity trustees of the company (and also its directors for the purposes of company law) you are responsbile 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 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 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 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 confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants of England and Wales (ICAEW).
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:
-
accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records, or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirements that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination; or
-
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.
…..................................... K.J. Maggs B.A., F.C.A. Moore Thompson Chartered Accountants Spalding
Date: ………………………..
Page: 7
HUNTINGDON GYMNASTICS CLUB LIMITED
Statement of Financial Activity (including income and expenditure account)
for the year ended 31 July 2020
| Unrestricted funds Notes £ Income and endowments from: Donations and legacies 2 141,675 Investments 3 2,001 Charitable activities 4 498,191 Other 2,011 Total income 643,878 Expenditure on: Charitable activities 5 642,205 Bursaries granted to gymnasts and coaches 5 - Interest payable 5 1,477 Total expenditure 643,682 Net income / (expenditure) 196 Transfers between funds - Net movement in funds 196 Fund balances brought forward 12 336,119 Fund balances carried forward 12 336,315 |
Restricted funds £ 2,733 - - 2,733 25,988 - - 25,988 (23,255) - (23,255) 1,114,892 1,091,637 2020 |
Total £ 144,408 2,001 498,191 2,011 646,611 668,193 - 1,477 669,670 (23,059) - (23,059) 1,451,011 1,427,952 |
2019 Total £ 4,248 700 700,796 3,119 |
|---|---|---|---|
| 708,863 | |||
| 725,343 353 1,722 |
|||
| 727,418 | |||
| (18,555) - |
|||
| (18,555) 1,469,566 |
|||
| 1,451,011 |
All income and expenditure derive from continuing activities.
The statement of financial activity includes all gains and losses recognised during the year.
The notes on pages 11 to 20 form part of these financial statements
Page: 8
HUNTINGDON GYMNASTICS CLUB LIMITED
Balance Sheet
at 31 July 2020
| Note £ £ Fixed assets Tangible fixed assets 8 1,183,982 Current assets Debtors 9 54,612 Cash at bank and in hand 230,499 285,111 Creditors: Amounts falling due within one year 10 (24,124) Net current assets 260,987 Total assets less current liabilities 1,444,969 Creditors: Amounts falling due after more than one year 11 (17,017) Net assets 1,427,952 Income funds Unrestricted funds 12 336,315 Restricted funds 12 1,091,637 1,427,952 2020 |
£ £ 1,256,530 50,999 227,374 278,373 (59,312) 219,061 1,475,591 (24,580) 1,451,011 336,119 1,114,892 1,451,011 2019 |
£ £ 1,256,530 50,999 227,374 278,373 (59,312) 219,061 1,475,591 (24,580) 1,451,011 336,119 1,114,892 1,451,011 2019 |
|---|---|---|
| 1,475,591 (24,580) |
||
| 1,451,011 | ||
| 336,119 1,114,892 |
||
| 1,451,011 |
The trustees are satisfied that the charity is entitled to exemption from audit of the financial statements for the year under Section 477 of the Companies Act 2006 (the Act) relating to small companies and that the members have not required the company to obtain an audit in accordance with Section 476.
The trustees acknowledge their responsbilities for:
-
(i) ensuring that the charity keeps proper accounting records which comply with section 386 of the Act,
-
(ii) preparing financial statements which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of its profit or loss for the financial year in accordance with the requirements of section 396, and which otherwise comply with the requirements of the Act relating to financial statements, so far as applicable to the charity.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standards applicable in the UK and Republic of Ireland'.
These financial statements were approved by the Trustees on …………………… and are signed on their behalf
….................................
Mr. T. Sharpington Director
Company Number:- 06501296
The notes on pages 11 to 20 form part of these financial statements
Page: 9
HUNTINGDON GYMNASTICS CLUB LIMITED
Statement of Cash Flows
for the year ended 31 July 2020
| Note £ £ Cash flow from operating activities Deficit for the year (23,059) Adjustments for: Interest received 3 (168) Depreciation of tangible fixed assets 5 72,548 Movements in working capital: Increase in debtors (3,613) Decrease in creditors (42,751) 2,957 Cash flows from investing activities Receipts from sale of tangible fixed assets Purchase of tangible fixed assets - Interest received 3 168 168 Net increase in cash and cash equivalents 3,125 Cash and cash equivalents at beginning of year 227,374 Cash and cash equivalents at end of year 230,499 Cash and cash equivalents consists of: Cash at bank and in hand 230,499 2020 |
£ £ (18,555) (137) 86,169 (27,403) (9,436) 30,638 (27,084) 137 (26,947) 3,691 223,683 227,374 227,374 2019 |
£ £ (18,555) (137) 86,169 (27,403) (9,436) 30,638 (27,084) 137 (26,947) 3,691 223,683 227,374 227,374 2019 |
|---|---|---|
| 3,691 223,683 |
||
| 227,374 | ||
| 227,374 |
Page: 10
HUNTINGDON GYMNASTICS CLUB LIMITED Notes to the Financial Statements
for the year ended 31 July 2020
1. Accounting policies
Huntingdon Gymnastics Club is company limited by guarantee registered in England and Wales. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office of the charity is given in the charity information on page 1 of these financial statements. The nature of the charity's operations and principal activities is the promotion of community participation in healthy recreation for the benefits of the inhabitants of Huntingdon and the surrounding area by the provision of facilities for the sport of
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.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Going Concern
The financial statements have been prepared on a going concern basis as the trustees / directors believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
Taxation
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The following judgements and estimates have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial
t t t Estimation of useful life - The useful economic life used to depreciate tangible fixed assets relates to the expected future performance of the assets acquired and management’s estimate of the period over which economic benefit will be derived from the asset.
Estimation of residual value - The residual value of an asset is the estimated fair value of that asset at the end of its useful economic life and therefore is also dependent upon the estimation of that life span. Historically, changes to the useful economic life and residual values have not had a material impact on the depreciation amount charged to the profit and loss.
Cut off - The only estimation applied by the directors was in the consideration of cut-off where an estimation of the costs relating to the relevant period were applied when relating to a different period.
Details for these items are included within the accounting policies below.
Page: 11
HUNTINGDON GYMNASTICS CLUB LIMITED Notes to the Financial Statements (continued)
for the year ended 31 July 2020
1. Accounting policies (continued)
Income recognition
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.
No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees’ Annual Report.
Where practicable, gifts in kind donated for distribution to the beneficiaries of the charity are included in stock and donations in the financial statements upon receipt. If it is impracticable to assess the fair value at receipt or if the costs to undertake such a valuation outweigh any benefits, then the fair value is recognised as a component of donations when it is distributed and an equivalent amount recognised as charitable expenditure.
Fixed asset gifts in kind are recognised when receivable and are included at fair value. They are not deferred over the life of the asset.
Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.
Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be realised and the amount of the obligation can be measured reliably. It is categorised under the following headings:
Charitable activities include the costs of the activities defined by the charity's aims for the benefit of the persons sited in the charity objects. Costs of charitable activities includes the direct costs of the activities and depreciation on related assets. Where such assets relate to more than one functional cost category, they have been allocated on either an estimate time or floor space basis, as appropriate.
Support costs include the costs which relate to the general running of the charity as opposed to the direct management function inherent in generating funds, service delivery and program or project work.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
Page: 12
HUNTINGDON GYMNASTICS CLUB LIMITED Notes to the Financial Statements (continued)
for the year ended 31 July 2020
1. Accounting policies (continued)
Depreciation
Depreciation is calculated to write down the cost, less estimated residual value, of all tangible fixed assets over their expected useful lives. The rates generally applicable are:
Leasehold property Improvements - 2% on cost Equipment 25% on cost
Fixed assets
Fixed assets are included at cost, less accumulated depreciation.
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
Pension costs
The charity operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the charity. The annual contributions payable are charged to the statement of financial activities.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risk of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Restricted funds
Restricted funds can only be used in accordance with specific restrictions and the furtherance of the objectives of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Expenditure which complies with these criteria is identified to the fund.
Unrestricted funds
Unrestricted funds are available for use at the discretion of the trustees in sustenance of the objectives of the charity and which have not been designated for other purposes.
Designated funds
Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Page: 13
HUNTINGDON GYMNASTICS CLUB LIMITED
Notes to the Financial Statements (continued)
for the year ended 31 July 2020
2. Income from donations and legacies
| 2020 Donations Grants 2019 Donations Grant Income from investments (All Unrestricted) Rental income Interest receivable Income from charitable activities (All Unrestricted) Gym Fees Toddler Sessions Private Hire and Parties Other sales |
Unrestricted funds £ 997 140,678 141,675 Unrestricted funds £ 1,772 - 1,772 |
Restricted funds £ - 2,733 2,733 Restricted funds £ 1,276 1,200 2,476 2020 Total £ 1,833 168 2,001 2020 Total £ 403,004 24,883 25,379 44,925 498,191 |
Total £ 997 143,411 |
|---|---|---|---|
| 144,408 | |||
| Total £ 3,048 1,200 |
|||
| 4,248 | |||
| 2019 Total £ 563 137 |
|||
| 700 | |||
| 2019 Total £ 573,448 42,236 39,547 45,565 |
|||
| 700,796 |
3. Income from investments (All Unrestricted)
4. Income from charitable activities
Page: 14
HUNTINGDON GYMNASTICS CLUB LIMITED
Notes to the Financial Statements (continued)
for the year ended 31 July 2020
5. Expenditure on charitable activities
| General gym activities Activities undertaken directly Support costs: Other operating costs Staff costs Depreciation Bursaries granted to gymnasts and coaches Support costs Accountancy and payroll Independent examination fees Consultancy fees Bank charges Interest payable Other costs 2020 |
Unrestricted £ 430,804 65,292 74,688 46,560 - 13,932 1,670 - 4,353 1,477 4,906 643,682 |
Restricted £ - - - 25,988 - - - - - - - 25,988 |
Total £ 430,804 65,292 74,688 72,548 - 13,932 1,670 - 4,353 1,477 4,906 |
|---|---|---|---|
| 669,670 |
Costs directly attributable to a specific project have been analysed to that project as an exact amount.
The remaining costs which are not specific are considered allocated costs of charitable activities and have been apportioned to the relevant activity based on a considered proportion of costs relating to that activity.
| General gym activities Activities undertaken directly Support costs: Other operating costs Staff costs Depreciation Bursaries granted to gymnasts and coaches Support costs Accountancy and payroll Independent examination fees Consultancy fees Bank charges Interest payable Other costs 2019 |
Unrestricted £ 417,386 102,984 81,989 60,192 353 4,659 1,620 1,326 6,414 1,722 8,368 687,013 |
Restricted £ - 14,428 - 25,977 - - - - - - - 40,405 |
Total £ 417,386 117,412 81,989 86,169 353 4,659 1,620 1,326 6,414 1,722 8,368 |
|---|---|---|---|
| 727,418 |
6. Board of Trustees remuneration
No trustee (or any persons connected with them) received any remuneration or expenses either directly or indirectly.
Page: 15
HUNTINGDON GYMNASTICS CLUB LIMITED
Notes to the Financial Statements (continued)
for the year ended 31 July 2020
7. Employee emoluments
| Employee emoluments Wages and salaries Social security costs Defined contribution pension costs Number of employees Coaching staff Administration staff |
2020 Total £ 459,947 28,213 10,109 498,269 39 4 43 |
2019 Total £ 450,833 31,187 8,329 |
|---|---|---|
| 490,349 | ||
| 33 8 |
||
| 41 |
There were no employees who received emoluments exceeding £60,000 in either the current or prior year.
8. Tangible fixed assets
| Cost At 1 August 2019 At 31 July 2020 Depreciation At 1 August 2019 Charge for the year At 31 July 2020 Net book value At 31 July 2020 At 31 July 2019 Debtors Trade debtors Taxes and social security costs Other debtors Prepayments and accrued income |
Leasehold Property £ 1,299,397 1,299,397 129,886 25,988 155,874 1,143,523 1,169,511 |
Equipment £ 393,873 393,873 306,854 46,560 353,414 40,459 87,019 2020 Total £ 42,910 5,368 1,000 5,334 54,612 |
Total £ 1,693,270 |
|---|---|---|---|
| 1,693,270 | |||
| 436,740 72,548 |
|||
| 509,288 | |||
| 1,183,982 | |||
| 1,256,530 | |||
| 2019 Total £ 40,591 3,249 2,500 4,659 |
|||
| 50,999 |
9. Debtors
Page: 16
HUNTINGDON GYMNASTICS CLUB LIMITED
Notes to the Financial Statements (continued)
for the year ended 31 July 2020
10. Creditors: Amounts falling due within one year
| Creditors: Amounts falling due within one year | ||
|---|---|---|
| Trade Creditors Loan from Huntingdon District Council Other creditors Accruals Deferred Income |
2020 Total £ 7,200 7,563 1,911 3,932 3,518 24,124 |
2019 Total £ 6,318 7,563 - 5,375 40,056 |
| 59,312 |
The loan is secured by a charge over the leasehold land on which the Huntingdon Gymnastics Club Limited premises are constructed. The land is owned by Huntingdon Town Council.
Deferred income represents income received in advance for classes or events that take place in the following period.
11. Creditors: Amounts falling due after one year
| Loan from Huntingdon District Council | 2020 Total £ 17,017 |
2019 Total £ 24,580 |
|---|---|---|
The loan is secured by a charge over the leasehold land on which the Huntingdon Gymnastics Club Limited premises are constructed. The land is owned by Huntingdon Town Council.
Page: 17
HUNTINGDON GYMNASTICS CLUB LIMITED
Notes to the Financial Statements (continued)
for the year ended 31 July 2020
| 12. Funds 2020 Unrestricted funds General Fund Restricted funds Building costs Young staff training |
At 1 Aug 2019 £ 336,119 1,113,616 1,276 1,114,892 1,451,011 |
£ 643,878 - 2,733 2,733 646,611 Incoming resources |
£ (643,682) (25,988) - (25,988) (669,670) Outgoing resources |
£ - - - - - Transfers |
At 31 Jul 2020 £ 336,315 |
|---|---|---|---|---|---|
| 1,087,628 4,009 |
|||||
| 1,091,637 | |||||
| 1,427,952 |
Young staff training is to help an initaitive aimed at gymnasts aged between 14 and 16. It funds a trainee coach programme which will enable them to become qualified coaches in the future.
The funds are constituted as follows:
| Tangible fixed assets Debtors Cash at bank and in hand Creditors: Amounts falling due within one year Creditors: Amounts falling due after one year |
Unrestricted £ 96,354 54,612 226,490 (24,124) (17,017) 336,315 |
Restricted £ 1,087,628 - 4,009 - - 1,091,637 2020 |
Total £ 1,183,982 54,612 230,499 (24,124) (17,017) |
|---|---|---|---|
| 1,427,952 |
Page: 18
HUNTINGDON GYMNASTICS CLUB LIMITED
Notes to the Financial Statements (continued)
for the year ended 31 July 2020
| 12. Funds continued… 2019 Unrestricted funds General Restricted funds Building costs Cambs CC - satellite equipment Vault donation and grant Disney display trip Young staff training Speith Bar and wooden rail |
At 1 Aug 2018 £ 325,090 1,139,593 2,523 1,500 860 - - 1,144,476 1,469,566 |
£ 706,387 - - - - 1,276 1,200 2,476 708,863 Incoming resources |
£ (687,013) (25,977) - - (14,428) - (40,405) (727,418) Outgoing resources |
£ (8,345) - (2,523) (1,500) 13,568 - (1,200) 8,345 - Transfers |
At 31 Jul 2019 £ 336,119 |
|---|---|---|---|---|---|
| 1,113,616 - - - 1,276 - |
|||||
| 1,114,892 | |||||
| 1,451,011 |
The funds are constituted as follows:
| Tangible fixed assets Debtors Cash at bank and in hand Creditors: Amounts falling due within one year Creditors: Amounts falling due after one year |
Unrestricted £ 142,914 50,999 226,098 (59,312) (24,580) 336,119 |
Restricted £ 1,113,616 - 1,276 - - 1,114,892 2019 |
Total £ 1,256,530 50,999 227,374 (59,312) (24,580) |
|---|---|---|---|
| 1,451,011 |
13. Restricted funds descriptions
Building costs - This fund is regarding the original funding for the building of the 2012 hall and contains funding for the refurbishment of the toilets and changing rooms. Cambs CC - satellite equipment - A local community grants towards a project involving local schools widening participation in sport.
Vault donation and grant - used to purchase a gymnastics vault, once purchased the restriction was lifted and the assets transferred to the general fund.
Disney display trip - Funds raised in-house by the senior display team to a attend a competition at "Gymnastique Magique" at Disneyland Paris.
Young staff training - a grant to help fund the trainee coach initiative, targeting gymnasts between 14 and 16.
Speith bar and wooden rail - Used to purchase these items, once purchased the restriction was lifted and the assets transferred to the general fund.
Page: 19
HUNTINGDON GYMNASTICS CLUB LIMITED
Notes to the Financial Statements (continued)
for the year ended 31 July 2020
14. Operating leases
At 31 July, the charity had total future minimum lease payments under non-cancellable operating leases as set out below:
| Not more than one year Later than one and not more than five years |
2020 Total £ 52 - |
2019 Total £ 316 52 |
|---|---|---|
15. Controlling party
The charity is controlled by the Board of Trustees and no individuals can or do exert control.
16. Statement of financial activities - fund comparatives
| Income and endowments from: Donations and legacies Investments Charitable activities Other Expenditure on: Expenditure on charitable activities: Charitable activities Bursaries granted to gymnasts and coaches Interest payable Net income / (expenditure) |
Unrestricted funds £ 1,772 700 700,796 3,119 706,387 684,938 353 1,722 687,013 19,374 |
Restricted funds £ 2,476 - - - 2,476 40,405 - - 40,405 (37,929) 2019 |
Total £ 4,248 700 700,796 3,119 |
|---|---|---|---|
| 708,863 | |||
| 725,343 353 1,722 |
|||
| 727,418 | |||
| (18,555) |
Page: 20