**Registered number: 06325972 Charity number: 1124906** # **SAPPHIRE SCHOOL OF GYMNASTICS LIMITED (A Company Limited by Guarantee)** ## **UNAUDITED** **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 AUGUST 2020** ## **SAPPHIRE SCHOOL OF GYMNASTICS LIMITED** ## **(A Company Limited by Guarantee)** ## **CONTENTS** ||Page| |---|---| |**Reference and Administrative Details of the Company, its Trustees and Advisers**|1| |**Trustees' Report**|2 - 4| |**Independent Examiner's Report**|5 - 6| |**Statement of Financial Activities**|7| |**Balance Sheet**|8| |**Statement of Cash Flows**|9| |**Notes to the Financial Statements**|10 - 24| ## **SAPPHIRE SCHOOL OF GYMNASTICS LIMITED (A Company Limited by Guarantee)** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2020** |**Trustees**|Sarah J Echlin, Chair| |---|---| ||Paul Edwards| ||Ruth F Gungadoo| ||Lynda J Driver| ||Yvette Gungadoo| |**Company registered**
**number**
06325972
**Charity registered**
**number**
1124906
**Registered office**
249 Silbury Boulevard
Milton Keynes
Buckinghamshire
MK9 1NA
**Company secretary**
Sarah Ann Price
**Accountants**
Hillier Hopkins LLP
Chartered Accountants
Radius House
51 Clarendon Road
Watford
Herts
WD17 1HP|| Page 1 ## **SAPPHIRE SCHOOL OF GYMNASTICS LIMITED (A Company Limited by Guarantee)** ## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2020** The Trustees present their annual report together with the financial statements of the Sapphire School of Gymnastics Limited for the 1 September 2019 to 31 August 2020. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted. ## **Objectives and activities** ## **a. Policies and objectives** The objects of the company, as set out in its Memorandum of Association, are: To advance the education of children, young persons, students in full time education and young persons out of education and also those with special needs resident in Dacorum and adjoining districts (hereinafter called “the area of benefit”). This will be done by organising or providing assistance in the organisation or provision of facilities which will enable them to undertake gymnastics ensuring that due attention is given to the physical education and development of such children, young persons and students in full time education and to the development and occupation of their minds. The promotion of healthy recreation by providing facilities for undertaking gymnastics and associated disciplines in particular for the benefit of the area of benefit. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. ## **b. Activities undertaken to achieve objectives** The club organises and provides facilities and coaching staff for gymnastics mainly at Hemel Hempstead Sports Centre. ## **Achievements and performance** ## **a. Review of activities** Sapphire has had a difficult year because of the Covid 19 shutdown from March to the beginning of August. When the gym was open again only about 50% of the participants could rejoin because of social distancing which also called for more staff to regulate this. It is to be hoped that matters will improve in the next financial year with Zoom classes in operation during future lockdowns. Page 2 ## **SAPPHIRE SCHOOL OF GYMNASTICS LIMITED** **(A Company Limited by Guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020** ## **Financial review** ## **a. Reserves policy** It is the trustees' aim to maintain free reserves at: 1. Six months running costs allowing for fluctuations in income and ongoing equipment purchase and repair. 2. A reserve for the costs of purchasing and converting new premises. The level of reserves is monitored and reviewed by the trustees annually. Unrestricted reserves at the year end amounted to £347,216 (2019 - £350,053). ## **Structure, governance and management** ## **a. Constitution** Sapphire School of Gymnastics Limited is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association. ## **b. Methods of appointment or election of Trustees** The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association. ## **c. Financial risk management** The Trustees have assessed the major risks to which the Company is exposed, in particular those related to the operations and finances of the Company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. ## **Members' liability** The Members of the Company guarantee to contribute an amount not exceeding £10 to the assets of the Company in the event of winding up. ## **Public Benefit** The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities. Page 3 SAPPHIRE SCHOOL OF GYMNASTICS LIMITED IA Company Lirnited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2020 ststement of Trustees. responsibilities The Trustees (who are also the directors of the Company for the purposes of company lawl are responsible for preparing the Truslee5' Report and the finanaal statevnent5 in accordance wlh applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practscel. Company18w requires the Trustees to prepare finanaal statements for eath financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the Company and of its incoming resources and application of resources. Including its income and expenditure, for that period. In prepanng these financial statemenls. the Tnjslees are required to= select suitable accounting policies and then apply them consistenlly- observe the methods and principles of the Charities SORP IFRS 1021.. make judgments and accounting eslimales Ihat are reasonable and prudent.. slate whether applicable UK Accounting Stsndards {FRS 102) have been followed, subject to any material departures disclosed and explained in the financial ststements- prepare the financial slatements on the going concem basis unless il is inappropriate to presume that the Company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disdose with reasonable accuracy al any time the financial p0511ion 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. Approved by order of the members of the board of Trustees and signed on Iheir behalf by: LGLLJ Sarah J Echlin, Chair Dale.. IL'lii laL Page 4 **SAPPHIRE SCHOOL OF GYMNASTICS LIMITED (A Company Limited by Guarantee)** ## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2020** ## **Independent Examiner's Report to the Trustees of Sapphire School of Gymnastics Limited ('the Company')** I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 August 2020. ## **Responsibilities and Basis of Report** As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). Having satisfied myself that the accounts of 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 the Company's accounts 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 England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Page 5 ## **SAPPHIRE SCHOOL OF GYMNASTICS LIMITED (A Company Limited by Guarantee)** ## **INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020** This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report. Signed: Grant Franklin Dated: 22 December 2020 ACA **Hillier Hopkins LLP** Chartered Accountants Radius House 51 Clarendon Road Watford Herts WD17 1HP Page 6 ## **SAPPHIRE SCHOOL OF GYMNASTICS LIMITED** ## **(A Company Limited by Guarantee)** ## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2020** |**Note**
**Income from:**
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
**Total income**
**Expenditure on:**
Charitable activities
7
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2020**
**£**
**190,498**
**401,134**
**55**
**988**
**592,675**
**595,512**
**595,512**
**(2,837)**
**350,053**
**(2,837)**
**347,216**|**Total**
**funds**
**2020**
**£**
**190,498**
**401,134**
**55**
**988**
**592,675**
**595,512**
**595,512**
**(2,837)**
**350,053**
**(2,837)**
**347,216**|_Total_
_funds_
_2019_
_£_
_1,200_
_595,905_
_243_
_987_
_598,335_
_629,186_
_629,186_
_(30,851)_
_380,904_
_(30,851)_
_350,053_| |---|---|---|---| The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 10 to 24 form part of these financial statements. Page 7 SAPPHIRE SCHOOL OF GYMNASTICS LIMITED (A Company Llmlted by Guarantee) REGISTERED NUMBER: 06325972 BALANCE SHEET AS AT 31 AUGUST 2020 2020 2019 Note Fixed assets Tangible assets Current assets 114.009 131,938 Stocks Debtors Cash at bank and in hand 12 13 5.564 5.770 224,923 12.161 5, 770 203, 134 236.257 221.065 Creditors.. amounts falling due within one year 14 (3.0501 (2.950) Net current assets 233,207 218, 115 Total assets less current liabilities 347.216 350,053 Totsl net assets 347,216 350,053 Charity funds Unrestricted funds 16 347,216 350.053 Total funds 347,216 350,053 The Company was entitled to exemption from audtt under Section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees 8cknovAedge their responsibilities for Com￿Y1ng with the requirements of the Act with respect to accounting records and preparation of financial stalemenls. The fin8nci81 statements have been p￿pared in accordance with the prwsions applicable to entities subject lo the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: Sarah J Echlin Dale.. 20112120 The noles on pages 10 10 24 form part of these financial statements. Page 8 ## **SAPPHIRE SCHOOL OF GYMNASTICS LIMITED** ## **(A Company Limited by Guarantee)** ## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2020** |**Cash flows from operating activities**
Net cash used in operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
**Net cash (used in)/provided by investing activities**
**Cash flows from financing activities**
**Net cash provided by financing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
The notes on pages 10 to 24 form part of these financial statements|**2020**
**£**
**23,986**
**(2,197)**
**(2,197)**
**-**
**21,789**
**203,134**
**224,923**|_2019_
_£_
_(17,706)_
_-_
**-**
**-**
**(17,706)**
_220,840_
_203,134_| |---|---|---| Page 9 **SAPPHIRE SCHOOL OF GYMNASTICS LIMITED (A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020** ## **1. General information** Sapphire School of Gymnastics Limited is a charitable company limited by guarentee incorporated in England and Wales within the United Kingdom. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. ## **2. Accounting policies** ## **2.1 Basis of preparation of financial statements** The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Sapphire School of Gymnastics Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. ## **2.2 Going concern** Following the outbreak of the COVID-19 virus the directors have reviewed the company's financial position and its ability to continue as a going concern. As part of the going concern review the directors have considered the eligibility for the various forms of government support available to the company. Based on the current information and government support available the preparation of the financial statements on a going concern basis is appropriate in the opinion of the directors. ## **2.3 Income** All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Company, can be reliably measured. ## **2.4 Expenditure** Page 10 **SAPPHIRE SCHOOL OF GYMNASTICS LIMITED (A Company Limited by Guarantee)** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020** ## **2. Accounting policies (continued)** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. ## **2.5 Interest receivable** Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. ## **2.6 Tangible fixed assets and depreciation** Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, . Depreciation is provided on the following basis: Fixtures and fittings - 15% reducing balance ## **2.7 Stocks** Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. ## **2.8 Debtors** Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **2.9 Cash at bank and in hand** Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Page 11 ## **SAPPHIRE SCHOOL OF GYMNASTICS LIMITED (A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020** ## **2. Accounting policies (continued)** ## **2.10 Liabilities and provisions** Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. ## **2.11 Financial instruments** The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. ## **2.12 Pensions** The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year. The Company contributes to personal pension plans of employees and the pension charge represents the amounts payable by the company to the plans in respect of the period. ## **2.13 Fund accounting** General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. ## **3. Income from donations and legacies** ||**Unrestricted**|**Total**| |---|---|---| ||**funds**|**funds**| ||**2020**|**2020**| ||**£**|**£**| |Government Grants|190,498|**190,498**| Page 12 ## **SAPPHIRE SCHOOL OF GYMNASTICS LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020** ## **3. Income from donations and legacies (continued)** ||_Unrestricted_|_Total_| |---|---|---| ||_funds_|_funds_| ||_2019_|_2019_| ||_£_|_£_| |Grants|_1,200_|_1,200_| ## **4. Income from charitable activities** |Gymnastics club
Sale of gym clothing
Awards dinner
Competition entries and trips
Other incoming resources
**Total 2020**
Gymnastics club
Sale of gym clothing
Awards dinner
Competition entries and trips
Other incoming resources
_Total 2019_|**Unrestricted**
**funds**
**2020**
**£**
347,015
6,990
25
3,203
43,901
401,134
_Unrestricted_
_funds_
_2019_
_£_
_518,898_
_8,520_
_1,718_
_4,195_
_62,574_
_595,905_|**Total**
**funds**
**2020**
**£**
**347,015**
**6,990**
**25**
**3,203**
**43,901**
**401,134**
_Total_
_funds_
_2019_
_£_
_518,898_
_8,520_
_1,718_
_4,195_
_62,574_
_595,905_| |---|---|---| Page 13 ## **SAPPHIRE SCHOOL OF GYMNASTICS LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020** ## **5. Income from other trading activities Income from fundraising events** |Fundraising
Fundraising
**6.**
**Investment income**
Bank interest
Bank interest|**Unrestricted**
**funds**
**2020**
**£**
55
_Unrestricted_
_funds_
_2019_
_£_
_243_
**Unrestricted**
**funds**
**2020**
**£**
988
_Unrestricted_
_funds_
_2019_
_£_
_987_|**Total**
**funds**
**2020**
**£**
**55**
_Total_
_funds_
_2019_
_£_
_243_
**Total**
**funds**
**2020**
**£**
**988**
_Total_
_funds_
_2019_
_£_
_987_| |---|---|---| Page 14 ## **SAPPHIRE SCHOOL OF GYMNASTICS LIMITED (A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020** ## **7. Analysis of expenditure on charitable activities** ## **Summary by fund type** |Gymnastics club
Gymnastics club
**Summary by expenditure type**
Gymnastics club
Gymnastics club|**Staff costs**
**2020**
**£**
464,266
_Staff costs_
_2019_
_£_
_440,696_|**Depreciation**
**2020**
**£**
20,126
_Depreciation_
_2019_
_£_
_23,300_|**Unrestricted**
**funds**
**2020**
**£**
595,512
_Unrestricted_
_funds_
_2019_
_£_
_629,186_
**Other costs**
**2020**
**£**
111,120
_Other costs_
_2019_
_£_
_165,190_|**Total**
**funds**
**2020**
**£**
**595,512**
_Total_
_funds_
_2019_
_£_
_629,186_
**Total**
**funds**
**2020**
**£**
**595,512**
_Total_
_funds_
_2019_
_£_
_629,186_| |---|---|---|---|---| Page 15 ## **SAPPHIRE SCHOOL OF GYMNASTICS LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020** ## **8. Analysis of expenditure by activities** |Gymnastics club
Gymnastics club|**Activities**
**undertaken**
**directly**
**2020**
**£**
595,512
_Activities_
_undertaken_
_directly_
_2019_
_£_
_629,186_|**Total**
**funds**
**2020**
**£**
**595,512**| |---|---|---| |||_Total_
_funds_
_2019_
_£_
_629,186_| Page 16 ## **SAPPHIRE SCHOOL OF GYMNASTICS LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020** ## **8. Analysis of expenditure by activities (continued)** ## **Analysis of direct costs** |Staff costs
Depreciation
Rent
Insurance
Sundry
Equipment maintenance
Equipment
Printing, postage and stationary
Telephone
Computer running costs
Course expenses
Competition expenses
Bank charges
Awards evening
Membership expenses
Travel and coach expenses
Gym clothing|**Gymnastics**
**club**
**2020**
**£**
464,266
20,126
18,098
12,064
6,806
2,075
859
1,900
2,063
4,928
770
4,349
1,881
3,185
31,168
8,916
12,058
595,512|**Total**
**funds**
**2020**
**£**
**464,266**
**20,126**
**18,098**
**12,064**
**6,806**
**2,075**
**859**
**1,900**
**2,063**
**4,928**
**770**
**4,349**
**1,881**
**3,185**
**31,168**
**8,916**
**12,058**| |---|---|---| |||**595,512**| Page 17 **(A Company Limited by Guarantee)** ## **SAPPHIRE SCHOOL OF GYMNASTICS LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020** ## **8. Analysis of expenditure by activities (continued)** ## **Analysis of direct costs (continued)** |Staff costs
Depreciation
Medical insurance
Rent
Insurance
Sundry
Equipment maintenance
Equipment
Printing, postage and stationary
Telephone
Computer running costs
Course expenses
Competition expenses
Bank charges
Awards evening
Membership expenses
Travel and coach expenses
Gym clothing|_Gymnastics_
_club_
_2019_
_£_
_440,696_
_23,300_
_59_
_41,260_
_12,920_
_6,511_
_16,519_
_1,272_
_3,843_
_2,071_
_8,556_
_2,060_
_3,409_
_3,866_
_2,669_
_37,590_
_10,954_
_11,631_
_629,186_|_Total_
_funds_
_2019_
_£_
_440,696_
_23,300_
_59_
_41,260_
_12,920_
_6,511_
_16,519_
_1,272_
_3,843_
_2,071_
_8,556_
_2,060_
_3,409_
_3,866_
_2,669_
_37,590_
_10,954_
_11,631_| |---|---|---| |||_629,186_| ## **9. Independent examiner's remuneration** The independent examiner's remuneration amounts to an independent examiner fee of £3,630 ( _2019_ - _£3,600_ ). ## **10. Staff costs** |Wages and salaries
Contribution to defined contribution pension schemes|**2020**
**£**
**437,357**
**26,909**
**464,266**|_2019_
_£_
_419,519_
_21,177_| |---|---|---| |||| |||_440,696_| Page 18 ## **SAPPHIRE SCHOOL OF GYMNASTICS LIMITED (A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020** ## **10. Staff costs (continued)** The average number of persons employed by the Company during the year was as follows: ||**2020**|_2019_| |---|---|---| ||**No.**|_No._| |Employees|**91**|_101_| No employee received remuneration amounting to more than £60,000 in either year. Remuneration and benefits received by key management personnel amounted to £102,980 for the year (2019: £81,344). Average employees include persons on the Charity's payroll, who's costs are recharged to a related company, Sapphire Gymnastics CIC. ## **11. Tangible fixed assets** |**Cost or valuation**
At 1 September 2019
Additions
At 31 August 2020
**Depreciation**
At 1 September 2019
Charge for the year
At 31 August 2020
**Net book value**
At 31 August 2020
_At 31 August 2019_|**Freehold**
**property**
**£**
**16,743**
**-**
**16,743**
**16,743**
**-**
**16,743**
**-**
_-_|**Fixtures and**
**fittings**
**£**
**325,322**
**2,197**
**327,519**
**193,384**
**20,126**
**213,510**
**114,009**
_131,938_|**Total**
**£**
**342,065**
**2,197**| |---|---|---|---| ||||**344,262**| ||||**210,127**
**20,126**| ||||**230,253**| ||||**114,009**| ||||_131,938_| Page 19 ## **SAPPHIRE SCHOOL OF GYMNASTICS LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020** ## **12. Stocks** ||**2020**|_2019_| |---|---|---| ||**£**|_£_| |Finished goods and goods for resale|**5,564**|_12,161_| ## **13. Debtors** |**Due within one year**
Other debtors
Prepayments and accrued income|**2020**
**£**
**3,520**
**2,250**
**5,770**|_2019_
_£_
_3,520_
_2,250_| |---|---|---| |||| |||_5,770_| ## **14. Creditors: Amounts falling due within one year** |Accruals and deferred income
**15.**
**Financial instruments**
**Financial assets**
Financial assets measured at fair value through income and expenditure|**2020**
**£**
**3,050**
**2020**
**£**
**224,923**|_2019_
_£_
_2,950_| |---|---|---| |||_2019_
_£_
_203,134_| Page 20 ## **SAPPHIRE SCHOOL OF GYMNASTICS LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020** |**16.**|**Statement of funds**||||| |---|---|---|---|---|---| ||**Statement of funds - current year**||||| |||**Balance at 1**|||**Balance at**| |||**September**|||**31 August**| |||**2019**|**Income**|**Expenditure**|**2020**| |||**£**|**£**|**£**|**£**| ||**Unrestricted funds**||||| ||General Funds - all funds|**350,053**|**592,675**|**(595,512)**|**347,216**| Page 21 ## **SAPPHIRE SCHOOL OF GYMNASTICS LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020** ## **16. Statement of funds (continued)** **Statement of funds - prior year** ||_Balance at_|||_Balance at_| |---|---|---|---|---| ||_1 September_|||_31 August_| ||_2018_|_Income_|_Expenditure_|_2019_| ||_£_|_£_|_£_|_£_| |**Unrestricted funds**||||| |General Funds - all funds|_380,904_|_598,335_|_(629,186)_|_350,053_| ## **17. Summary of funds** **Summary of funds - current year** |**Balance at 1**
**September**
**2019**
**£**
General funds
**350,053**
**Summary of funds - prior year**
_Balance at_
_1 September_
_2018_
_£_
General funds
_380,904_|**Income**
**£**
**592,675**
_Income_
_£_
_598,335_|**Expenditure**
**£**
**(595,512)**
_Expenditure_
_£_
_(629,186)_|**Balance at**
**31 August**
**2020**
**£**
**347,216**| |---|---|---|---| ||||_Balance at_
_31 August_
_2019_
_£_
_350,053_| Page 22 ## **SAPPHIRE SCHOOL OF GYMNASTICS LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020** ## **18. Analysis of net assets between funds** ## **Analysis of net assets between funds - current period** |Tangible fixed assets
Current assets
Creditors due within one year
**Total**
**Analysis of net assets between funds - prior period**
Tangible fixed assets
Current assets
Creditors due within one year
**Total**|**Unrestricted**
**funds**
**2020**
**£**
114,009
236,257
(3,050)
347,216
_Unrestricted_
_funds_
_2019_
_£_
131,938
221,065
(2,950)
350,053|**Total**
**funds**
**2020**
**£**
**114,009**
**236,257**
**(3,050)**
**347,216**
_Total_
_funds_
_2019_
_£_
_131,938_
_221,065_
_(2,950)_
_350,053_| |---|---|---| ## **19. Reconciliation of net movement in funds to net cash flow from operating activities** |Net expenditure for the period (as per Statement of Financial Activities)
**Adjustments for:**
Depreciation charges
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Increase in creditors
**Net cash provided by/(used in) operating activities**|**2020**
**£**
**(2,837)**
**20,126**
**6,597**
**-**
**100**
**23,986**|_2019_
_£_
_(30,851)_
_23,300_
_(6,634)_
_(3,521)_
_-_
_(17,706)_| |---|---|---| Page 23 ## **SAPPHIRE SCHOOL OF GYMNASTICS LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020** ## **20. Analysis of cash and cash equivalents** |Cash in hand
**Total cash and cash equivalents**|**2020**
**£**
**224,923**
**224,923**|_2019_
_£_
_203,134_| |---|---|---| |||| |||_203,134_| ## **21. Analysis of changes in net debt** ||**At 1**||**At 31**| |---|---|---|---| ||**September**||**August**| ||**2019**|**Cash flows**|**2020**| ||**£**|**£**|**£**| |Cash at bank and in hand|**203,134**|**21,789**|**224,923**| ## **22. Pension commitments** The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £26,909 (2019 - £21,177). ## **23. Operating lease commitments** At 31 August 2020 the Company had commitments to make future minimum lease payments under noncancellable operating leases as follows: |Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years|**2020**
**£**
**33,711**
**115,179**
**-**
**148,890**|_2019_
_£_
_33,711_
_134,844_
_14,046_| |---|---|---| |||| |||_182,601_| Page 24