DocuSign Envelope ID: 147A544C-7069-4544-9FFE-FFB106803246
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 2023
DocuSign Envelope ID: 147A544C-7069-4544-9FFE-FFB106803246
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 - 9 |
| Statement of Cash Flows | 10 |
| Notes to the Financial Statements | 11 - 26 |
DocuSign Envelope ID: 147A544C-7069-4544-9FFE-FFB106803246
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 2023
Trustees Sarah J Echlin, Chair Ruth F Gungadoo Lynda J Driver Yvette Gungadoo Company registered number 06325972 Charity registered number 1124906 Registered office 27 Cheddington Lane Long Marston Tring Herts HP23 4QP Company secretary Sarah Ann Price Accountants Hillier Hopkins LLP Chartered Accountants Radius House 51 Clarendon Road Watford Herts WD17 1HP
Page 1
DocuSign Envelope ID: 147A544C-7069-4544-9FFE-FFB106803246
SAPPHIRE SCHOOL OF GYMNASTICS LIMITED (A Company Limited by Guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2023
The Trustees present their annual report together with the financial statements of the Company for the 1 September 2022 to 31 August 2023. 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 numbers have increased again as we have been able to put on several more classes to accomodate the demand. All bookings are now done online which has proved very popular with the customers and the administrative staff.
Page 2
DocuSign Envelope ID: 147A544C-7069-4544-9FFE-FFB106803246
SAPPHIRE SCHOOL OF GYMNASTICS LIMITED (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
Financial review
a. Reserves policy
It is the Trustees' aim to maintain free reserves at:
- 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 £504,012 (2022 - £570,923).
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
DocuSign Envelope ID: 147A544C-7069-4544-9FFE-FFB106803246
SAPPHIRE SCHOOL OF GYMNASTICS LIMITED (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each 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 state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it 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 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.
Approved by order of the members of the board of Trustees and signed on their behalf by:[Edin] | ................................................[Sava] DocuSigned by: 4F42EA769858477... Sarah J Echlin, Chair
Date: 17-05-2024 | 17:54 BST
Page 4
DocuSign Envelope ID: 147A544C-7069-4544-9FFE-FFB106803246
SAPPHIRE SCHOOL OF GYMNASTICS LIMITED (A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2023
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 2023.
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 (enter body here), 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:
-
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
-
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
-
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
DocuSign Envelope ID: 147A544C-7069-4544-9FFE-FFB106803246
SAPPHIRE SCHOOL OF GYMNASTICS LIMITED (A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
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: Dated: 20-05-2024 | 13:24 BST 4336CDDA43634B8... James Johnson FCA
Hillier Hopkins LLP Chartered Accountants Radius House 51 Clarendon Road Watford Herts WD17 1HP
Page 6
DocuSign Envelope ID: 147A544C-7069-4544-9FFE-FFB106803246
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 2023
| 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 2023 £ - 659,073 - 3,235 662,308 729,219 729,219 (66,911) 570,923 (66,911) 504,012 |
Total funds 2023 £ - 659,073 - 3,235 662,308 729,219 729,219 (66,911) 570,923 (66,911) 504,012 |
Total funds 2022 £ 10,923 712,626 389 799 |
|---|---|---|---|
| 724,737 | |||
| 610,390 | |||
| 610,390 | |||
| 114,347 | |||
| 456,576 114,347 |
|||
| 570,923 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 11 to 26 form part of these financial statements.
Page 7
DocuSign Envelope ID: 147A544C-7069-4544-9FFE-FFB106803246
SAPPHIRE SCHOOL OF GYMNASTICS LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 06325972
BALANCE SHEET AS AT 31 AUGUST 2023
| Note Fixed assets Tangible assets 11 Current assets Stocks 12 Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Unrestricted funds 16 Total funds |
12,166 218,015 181,353 411,534 (24,148) |
2023 £ 116,626 116,626 387,386 504,012 504,012 504,012 504,012 504,012 |
12,700 10,500 502,638 525,838 (65,576) |
2022 £ 110,661 |
|---|---|---|---|---|
| 110,661 460,262 |
||||
| 570,923 | ||||
| 570,923 | ||||
| 570,923 | ||||
| 570,923 | ||||
| 570,923 |
The Company was entitled to exemption from audit 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 acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
Page 8
DocuSign Envelope ID: 147A544C-7069-4544-9FFE-FFB106803246
SAPPHIRE SCHOOL OF GYMNASTICS LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 06325972
BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2023
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................
Sarah J Echlin
Date: 17-05-2024 | 17:54 BST
The notes on pages 11 to 26 form part of these financial statements.
Page 9
DocuSign Envelope ID: 147A544C-7069-4544-9FFE-FFB106803246
SAPPHIRE SCHOOL OF GYMNASTICS LIMITED
(A Company Limited by Guarantee)
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023
| 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 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 11 to 26 form part of these financial statements |
2023 £ (297,391) (23,894) (23,894) - (321,285) 502,638 181,353 |
2022 £ 193,470 (22,994) (22,994) - 170,476 332,162 502,638 |
|---|---|---|
Page 10
DocuSign Envelope ID: 147A544C-7069-4544-9FFE-FFB106803246
SAPPHIRE SCHOOL OF GYMNASTICS LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
1. General information
Sapphire School of Gymnastics Limited is a charitable company limited by guarantee 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 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.
Page 11
DocuSign Envelope ID: 147A544C-7069-4544-9FFE-FFB106803246
SAPPHIRE SCHOOL OF GYMNASTICS LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
2. Accounting policies (continued)
2.3 Expenditure
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.
2.4 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.
2.5 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
2.6 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.
2.7 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.
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DocuSign Envelope ID: 147A544C-7069-4544-9FFE-FFB106803246
SAPPHIRE SCHOOL OF GYMNASTICS LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
2. Accounting policies (continued)
2.8 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.
2.9 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.
2.10 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.
2.11 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.
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DocuSign Envelope ID: 147A544C-7069-4544-9FFE-FFB106803246
SAPPHIRE SCHOOL OF GYMNASTICS LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
2. Accounting policies (continued)
2.12 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
| Grants Grants |
Unrestricted funds 2023 £ - Unrestricted funds 2022 £ 10,923 |
Total funds 2023 £ - |
|---|---|---|
| Total funds 2022 £ 10,923 |
4. Income from charitable activities
| Gymnastics club Sale of gym clothing Rental of gym Competition entries and trips Other incoming resources Total 2023 |
Unrestricted funds 2023 £ 610,080 12,251 91 8,511 28,140 659,073 |
Total funds 2023 £ 610,080 12,251 91 8,511 28,140 |
|---|---|---|
| 659,073 |
Page 14
DocuSign Envelope ID: 147A544C-7069-4544-9FFE-FFB106803246
SAPPHIRE SCHOOL OF GYMNASTICS LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
4. Income from charitable activities (continued)
| Gymnastics club Sale of gym clothing Competition entries and trips Other incoming resources Total 2022 5. Income from other trading activities Income from fundraising events |
Unrestricted funds 2022 £ 536,167 9,631 9,938 156,890 712,626 |
Total funds 2022 £ 536,167 9,631 9,938 156,890 |
|---|---|---|
| 712,626 | ||
| Fundraising Unrestricted funds 2022 £ Fundraising 389 |
Total funds 2023 £ - |
|---|---|
| Total funds 2022 £ 389 |
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DocuSign Envelope ID: 147A544C-7069-4544-9FFE-FFB106803246
SAPPHIRE SCHOOL OF GYMNASTICS LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
6. Investment income
| Unrestricted funds 2023 £ Bank interest 3,235 Unrestricted funds 2022 £ Bank interest 799 7. Analysis of expenditure on charitable activities Summary by fund type |
Total funds 2023 £ 3,235 |
|---|---|
| Total funds 2022 £ 799 |
|
| Gymnastics club Gymnastics club |
Unrestricted funds 2023 £ 729,219 Unrestricted funds 2022 £ 610,390 |
Total 2023 £ 729,219 |
|---|---|---|
| Total 2022 £ 610,390 |
Page 16
DocuSign Envelope ID: 147A544C-7069-4544-9FFE-FFB106803246
SAPPHIRE SCHOOL OF GYMNASTICS LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
7. Analysis of expenditure on charitable activities (continued)
Summary by expenditure type
| Gymnastics club Gymnastics club 8. Analysis of expenditure by activities Gymnastics club Gymnastics club |
Staff costs 2023 Depreciation 2023 £ £ 521,558 17,929 Staff costs 2022 Depreciation 2022 £ £ 444,358 17,387 |
Other costs 2023 £ 189,732 Other costs 2022 £ 148,645 Activities undertaken directly 2023 £ 729,219 Activities undertaken directly 2022 £ 610,390 |
Total 2023 £ 729,219 Total 2022 £ 610,390 Total funds 2023 £ 729,219 Total funds 2022 £ 610,390 |
|---|---|---|---|
Page 17
DocuSign Envelope ID: 147A544C-7069-4544-9FFE-FFB106803246
SAPPHIRE SCHOOL OF GYMNASTICS LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
8. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Staff costs Depreciation Rent Insurance Sundry Equipment maintenance Equipment Printing, postage and stationary Advertising Telephone Computer running costs Competition expenses Bank charges Membership expenses Travel and coach expenses Gym clothing Total 2023 |
Gymnastics club 2023 £ 521,558 17,929 38,100 35,226 27,462 17,529 224 7,166 1,072 3,827 19,487 9,626 2,894 289 12,728 14,102 729,219 |
Total funds 2023 £ 521,558 17,929 38,100 35,226 27,462 17,529 224 7,166 1,072 3,827 19,487 9,626 2,894 289 12,728 14,102 |
|---|---|---|
| 729,219 |
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DocuSign Envelope ID: 147A544C-7069-4544-9FFE-FFB106803246
SAPPHIRE SCHOOL OF GYMNASTICS LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
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 Total 2022 |
Gymnastics club 2022 £ 444,358 17,387 120 31,026 22,991 29,058 3,050 243 2,361 3,391 11,560 3,160 5,690 1,574 1,168 29,713 965 2,575 610,390 |
Total funds 2022 £ 444,358 17,387 120 31,026 22,991 29,058 3,050 243 2,361 3,391 11,560 3,160 5,690 1,574 1,168 29,713 965 2,575 |
|---|---|---|
| 610,390 |
9. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £3,720 ( 2022 - £3,720 ).
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DocuSign Envelope ID: 147A544C-7069-4544-9FFE-FFB106803246
SAPPHIRE SCHOOL OF GYMNASTICS LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
10. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2023 £ 462,422 41,805 17,331 521,558 |
2022 £ 430,059 - 14,299 |
|---|---|---|
| 444,358 |
The average number of persons employed by the Company during the year was as follows:
| 2023 | 2022 | |
|---|---|---|
| No. | No. | |
| Employees | 85 | 74 |
No employee received remuneration amounting to more than £60,000 in either year.
Remuneration and benefits received by key management personnel amounted to £89,676 for the year (2022: £112,573).
Average employees include persons on the Charity's payroll, who's costs are recharged to a related company, Sapphire Gymnastics CIC.
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DocuSign Envelope ID: 147A544C-7069-4544-9FFE-FFB106803246
SAPPHIRE SCHOOL OF GYMNASTICS LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
11. Tangible fixed assets
| Cost or valuation At 1 September 2022 Additions At 31 August 2023 Depreciation At 1 September 2022 Charge for the year At 31 August 2023 Net book value At 31 August 2023 At 31 August 2022 12. Stocks Finished goods and goods for resale 13. Debtors Due within one year Other debtors |
Freehold property £ 16,743 - 16,743 16,743 - 16,743 - - |
Fixtures and fittings £ 360,111 23,894 384,005 249,450 17,929 267,379 116,626 110,661 2023 £ 12,166 2023 £ 218,015 |
Total £ 376,854 23,894 |
|---|---|---|---|
| 400,748 | |||
| 266,193 17,929 |
|||
| 284,122 | |||
| 116,626 | |||
| 110,661 | |||
| 2022 £ 12,700 2022 £ 10,500 |
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DocuSign Envelope ID: 147A544C-7069-4544-9FFE-FFB106803246
SAPPHIRE SCHOOL OF GYMNASTICS LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
14. Creditors: Amounts falling due within one year
| Other taxation and social security Pension fund loan payable Related party creditors Accruals and deferred income Financial instruments Financial assets Financial assets measured at fair value through income and expenditure |
2023 £ 15,025 5,433 - 3,690 24,148 2023 £ 181,353 |
2022 £ - 2,578 59,643 3,355 |
|---|---|---|
| 65,576 | ||
| 2022 £ 502,638 |
15. Financial instruments
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DocuSign Envelope ID: 147A544C-7069-4544-9FFE-FFB106803246
SAPPHIRE SCHOOL OF GYMNASTICS LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
| 16. Statement of funds Statement of funds - current year Balance at 1 September 2022 £ Unrestricted funds General Funds - all funds 570,923 Statement of funds - prior year Balance at 1 September 2021 £ Unrestricted funds General Funds - all funds 456,576 |
Income £ 662,308 Income £ 724,737 |
Expenditure £ (729,219) Expenditure £ (610,390) |
Balance at 31 August 2023 £ 504,012 |
|---|---|---|---|
| Balance at 31 August 2022 £ 570,923 |
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DocuSign Envelope ID: 147A544C-7069-4544-9FFE-FFB106803246
SAPPHIRE SCHOOL OF GYMNASTICS LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
17. Summary of funds
| Summary of funds - current year Balance at 1 September 2022 £ General funds 570,923 Summary of funds - prior year Balance at 1 September 2021 £ General funds 456,576 18. Analysis of net assets between funds Analysis of net assets between funds - current year Tangible fixed assets Current assets Creditors due within one year Total |
Income £ 662,308 Income £ 724,737 |
Expenditure £ (729,219) Expenditure £ (610,390) Unrestricted funds 2023 £ 116,626 411,534 (24,148) 504,012 |
Balance at 31 August 2023 £ 504,012 Balance at 31 August 2022 £ 570,923 Total funds 2023 £ 116,626 411,534 (24,148) 504,012 |
|---|---|---|---|
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DocuSign Envelope ID: 147A544C-7069-4544-9FFE-FFB106803246
SAPPHIRE SCHOOL OF GYMNASTICS LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
18. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Tangible fixed assets Current assets Creditors due within one year Total |
Unrestricted funds 2022 £ 110,661 525,838 (65,576) 570,923 |
Total funds 2022 £ 110,661 525,838 (65,576) 570,923 |
|---|---|---|
19. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income/expenditure for the year (as per Statement of Financial Activities) Adjustments for: Depreciation charges Decrease/(increase) in stocks Increase in debtors Increase/(decrease) in creditors Net cash provided by/(used in) operating activities Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents |
2023 £ (66,911) 17,929 534 (111,916) (41,428) (201,792) 2023 £ 181,353 181,353 |
2022 £ 114,347 17,387 (8,847) (10,500) 81,083 193,470 2022 £ 502,638 502,638 |
|---|---|---|
20. Analysis of cash and cash equivalents
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DocuSign Envelope ID: 147A544C-7069-4544-9FFE-FFB106803246
SAPPHIRE SCHOOL OF GYMNASTICS LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
21. Analysis of changes in net debt
| Cash at bank and in hand Debt due within 1 year |
At 1 September 2022 £ 502,638 (2,578) 500,060 |
Cash flows £ (321,285) - (321,285) |
Other non- cash changes £ - (2,855) (2,855) |
At 31 August 2023 £ 181,353 (5,433) |
|---|---|---|---|---|
| 175,920 |
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 £17,331 (2022 - £14,299).
23. Operating lease commitments
At 31 August 2023 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 |
2023 £ 33,711 14,046 47,757 |
2022 £ 33,711 47,757 |
|---|---|---|
| 81,468 |
24. Related party transactions
Sapphire School of Gymnastics Ltd received funds on behalf of Sapphire Gymnastics CIC during the year and also made payments on behalf of Sapphire Gymnactics CIC in the year. The outstanding balance owed to Sapphire School of Gymanstics Limited at 31 August 2023 is £214,515 (2022 - £59,643 was owed to Sapphire Gymnastics CIC).
One of the trustees of Sapphire School of Gymnastics Ltd is a director of Sapphire Gymnastics CIC.
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