GYMNASTICS Cardiff Olympic Gymnastlcs IA company limited by guarantee) Report and Flnanclal Statements For the Year to 31 March 2024 Chartty Number 1129295 Company number 6778448 Cardiff Olympic Annual Accounts Page I
GYMNASTICS Cardlff Olympic Gymnastlcs IA company limited by guarantee) Report and Flnanclal Statements For the Year to 31 Mar¢h 2024 Contents Page Legal and Administrative Infomiation Trustees Annual Report Independent Examinerfs Report Statement of Financial Activities Balance Sheet io-ii Notes formlng part of the financial ststements 12-16 Cardiff Olympic Annual Accounts Page 2
GYMNASTICS Cardlff Olymplc Gymnastks Trustees Annual Report for the Year to 31 March 2024 The Management Committee presents its report and financial statements for the year to 31 March 2024. Reference and Admln15tratlve Informatlon Charity name Cardlff olnP1C Gymnastics Charity registratton number Company Number Registered offKe and operational addres5 1129295 6778448 l£ngland and Wales) Unit 19, Ely Distribution Centre, Cardiff CF5 5NJ Management Commlttee Mrs A Mtctyrnont- Chairman Mrs J Grlffiths-Treasurer and Secretsry Mr. P. Morgan Mrs. J. Evans- Wetfare Officer Independent Examiner: Thornas Edwar(ts Bankers: Lloyds plc. Wictoria Park. Cardiff. Cardiff Olympic Annual Accounr5 Page 3
GYMNASTICS Cardlff Olympi¢ GymTrastks Tntstee5 Annual Report for the Year to 31" Mar¢h 2024 Alms and Objertlves Our charitws purposes as Set out in the objects contsined in the companrfs memorandum of association are to promote comrnunrty participation in healthy recreation by the prOViOn of coaching and facilities for amateur artistic gymnastics. How our artlvitles dellver publlc benefft All the actrvities of the club deliver public benefrt by providing heah¥ recreatlon through gymnastlcs at a low cost to children and young people regardless of their ability as well as providing facilities to similar local groups. What we achleved In the year The "cost of Ilvlng"crisis is contlnuing to impact all of our members but we have worked hard to ensure that we continue to keep our fees as low as possible whilst still covering our increasing running costs. We did have a higher thon usual attrition in some areas, and this has been addre$5ed where posslble. We have also started to increase the membership in areas that had been affected and we have seen an increase in the Current accounting year. We were forecasting to make a10$5 given the redurtion in our fee revenue and increased running costs but we were able to keep the loss to a minimum. Action was taken imrnediately to address anv costs that could be redUd suth as storage. We have continued to work wlth local sthools to provide regular PE classes for children who did not previously hève acce55 to any classes. This is an on-going project that we are looking to expand going forward. We have offered our facilitie5 to other clubs that do not have access to the key pieces of equipment in their own facilities which has proved to be very succe55ful. We have expanded our training prograrn for all coaches. We also focused on our"young and new leaders "program and ran a very successful Sports Leader Course with the successful participants now moving on to our tralnee coach program. This included some of the club's parents which is a positive message to share with all those that might be interesred in getting involved with gymnastics at any age. Cardityolympic Annual Accounts Page 4
GYMNASTICS Plans for future periods A lar8e part of our costs relates to staff salaries. The club will be directly impacted with the increase in national insurance and the minimum wage. The boards focus will therefore be to ensure the club continues to be flnancially viable. We will be looking at ways to ensure the gym is working at optimal capacity wherever possible. This includes bringin8 on new coache5 to increase the spatss we can offer. We will be introducing a new-young leaders°program for all ourtrninee coaches. This is a mentorship program that will incorporate all areas of coaching to help our young coaches achieve their potentiol. The fundraising in the coming year will be focused on improving the car park at the facility. Thls is somethin£ that 15 important to all visitors to the gym. Financlal Revlew Prlnci l Fundtn There are now two club prlncipal sources of fundlng for the charity. The first being the fees collected from gymn3st5 for attending coaching sessions, it is a core objertive that these fees are maintained at the lowest level consistent with good governance. The second funding source is the provision of facilities to partner clubs such as COGC C.l.C and local schools and community group5. Reserves Pol The reserves are needed to meet the working capitsl requirements of the chartty. The trustee5 acknowledge that frorn time to time It may be necessary to Increase the fees charged to members however any increases will be kept to a minirnum. The main financial objectlve will be to ensure that the club is able to meet the increased costs related to the running of the facility with regards heat and light. Investment Poll The trustees do not wish to conslder any Investment of reserves at this time. Financlal S ate ents The trustees have assessed that there are no material uncertainties about the Charitys ability to continue and the accounts have been prepared on a going concern basis. Cardiff Olympic Annual Accounts Page 5
GYhlNASncs Cardiff Olymplc Gymnastics Trustees Annual Report for the Year to 31" March 2024 (continued) Flnanclal Statements The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charitys governing document. the Charities Art 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Rew)rting standard applicable in the UK and Ireland published on 16 July 2014. Structure, Governance and Management Governin Document The organisation is a charitable company limited by guarantee. incorporated on 22 December 2008 and registered as a charity on the same date. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed by its articles of association. Recruitment and A intrne of Ma ement Cammittee The directors of the company are also charity trustees for the purposes of charity law and under the companvs articles are known as members of the Management Committee. The trustees may at any time co-opt any individual who is qualified to be appointed as a Trustee to fill a vacancy in their number or as an additional Trustee, but a co-opted Trustee holds office only until the next election of Trustees. All members of the Management Commtttee give their time voluntarily and received no benefits from the charity. Approved by the Vlanagement Commlttee on and signed on its behalf bv: Mfs A Mcclymont (Dlrector) Cardiff Olympic Annual Accounts Page 6
GYMNAsncs Indepondent examlneV$ report lo the trustee8 of Cardlff Otymplc Gymnastl I report on the ants of the coryany for the year end1 31 March 2024, whKh are set out on pages 9tol6. RMp8CtIvo rn8ponslbllltle8 of tru8to0s and examln•r The trustees {who are also directors of the o)mpany for the purposes of company law} are responsible for the preparation of the accounts. The trustees consider that an audit is nol reqUId for this year under section 14412) of the Chaiities Act 2011 {e 2011 Acr} and that an independent examination 1$ needed. Hawng satisfied myself that the charity is not subject to audit under company law and is eligible for Indop8fKlent examinatk)n, it is my resp)nsibilty to.. examlne the accounts under se¢tion 145 of the 2011 Art to follow the procedures ld down in the general Directims gwèn by the Charity Commission under se¢tion 145(51{bl of the 2011 Ac( and to state wheuw particular matter5 have come to rrty attentth. Basls of Independent •xamlnerfs report My examinalron was Carried out in accordan th the General Directions given by the Charity Commission. An examination includes a review of accountlng records kept by the charty and a comparison of the acCnts presented with those records. It a150 indudes consideration of any unusual items or disclosures in the K¢ounts and seeknng explanats'ons from you as trustees conceming any such mattefs. The predureS undertaken do rt provide all the evidence that woul¢J be required in an audit and consequently no opinion gÈven as to whether the accounts present a 'true and fair vw. and the pOrt is limited to those matters set out in the statement below. Independent examlnerfs statement In connection with my examinalpjn. no matter to my attent. which gives reasonabfe cause to believe that in any materb81 respect the UireMentS to keep accounting Rcords in accordance with Section 386 of the CompanEs Act 2006,. and to prep8re accounls whth accord the a¢countin9 rec(Kds. (X*mpty wrth the accounting requirements of section 396 of the Companies Act 20 and with the methods and principles of Statement of Recommended Pr&tice". AcUntIng and Reportsng by Charibe$ have not been mel-, or Cardiff Olympic Annual Accounts Page 7
Independent examingf s report to the trustees of Cardiff Olympic Gymnastics {continuedl to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Name*. Relevant professional qualification or body.. Wales 1nsb.tute of Chartered Accountsnts in England and Address.. Date. i6 I Wzo rardiff Olyinpic Annual Accounts Page 8
GYMNAsncs Cardlff Olymplc Gymftastl¢s Statement of Finan¢lal Actfvltles for the Year to 31 March 2024 Vnr*51rlrted Re5trkted Funds unds 2024 Ttstal Funds 20Z4 Totsl Fund5 2023 Not Income: Donations and Grants 13 9.178 6.077 15,255 10.852 Income from ¢harltable actl¥ltles: Gymnasts Fees Kit Sales and other Camp Fees and other Insurance and Membership Fees Competition Fees Facilitses Hire Total Income 70,208 82,171 9,CX)7 2,479 1.494 1.494 3.736 3,736 25,726 126.103 2,938 19,998 127,805 25,726 I1621 913 Totsl Expenditure: Charitable activities 121.914 9.813 131,727 125.734 Net Income/ {expendItu) and net mov¢rnent In funds for Ihe year -5.624 -5,6Z4 2071 Re¢on¢lllation of funds Total funds brnu8ht fonvard 108.967 108,967 106,896 Total funds corrled forward 103343 108,967 The statement of financial activities includes all gains and losses in the year. All income and expenditure derive5 frorn continuing actNities. Cardiff Olympic Annual Accounts Page 9
GYMNASTICS Cardtff Olympic Gymnastks Balance Sheet as at 31SI March 2024 Total 2024 Total 2023 2024 2024 Fixed Aets 66,180 66,180 80,070 Currert Assets Stock Debtors Pre-payments Cash at bank and in hand 7.871 11,016 11,421 35,178 7.572 11.016 11,421 35,178 7,572 15,599 4.500 32,109 131.666 131,666 139,580 Uabllhles: Credltors falllng due withln One year 13.708} {6.077) 19.7851 16,2681 127.958 16,OTI 12L881 133.582 Creditors falling due after One year {01 {18,S381 118.538) 124,6151 Net Assets li 127,958 {24,615) 103,343 108.967 The funds ofthe drIty. Reserves brought fonvard 108,967 106,896 Net Incomelllosse51 15,6241 2,071 Total Charlty Funds 103A43 108,967 Cardiff Olympic Annual Accounts Page 10
GYMNASTI Cardlff (Mympk Gymn4stlc5 Balance Sheet as at 31# March 2024 conL The charitsble company 15 entitled to exemption from alIt under Sectson 477 ofthe Companies Act 20 for the year ended 311t March 2024. The members have not required the charitable company to obtain an audlt of finaTrckg1 ststements for the year ended 31# March 2024 in accordance with SectK)n 476 of Ihe Companies Act 2006. The Iruslees &krthvledge their responsibilities for A. ensuring that the charitsble company keeps accounting records that comply with Settions 386 and 387 of the Companies Act 2006 and B. preparing financial statements whlch give a true and fair view of the state of affairs of the charitable company as at the end of each financial period and of its surplu5 or deficit for each firnancial period in accordance with the requirnents of Settions 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements. so far as applicable to the charitable company. These financial ststements have been prepared in accordance wlth the special provisions of Part 15 of the Companies Act 2( relating to small charrtable companies and with the Financial Reporting Standard 102. These financial statements were approved by the Board of Trustees on on it5 behalf by- and were signed Joely Grlffiths. Director Date: Cardtff Olympic Annual Accounts Page 11
GYIANASTICS Cardiff Olympic Gymnastics Notes on the accounts Accounting Policies The principle accounting policies are summarised below. The accounting policies have been applied consistently throughout the period. al Basis of accounting 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 IFRS 1021 leffective I January 20151- (Charities SORP IFRS 10211. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. As a small charity the charitable company has opted not to prepare a Cash Flow Statement. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notelsl. bl Fund accounting Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Restricted funds are subjected to restrictions on their expenditure imwsed by the donor or through the temis of an appeal cl Incoming Resources All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. Incoming resources from charitsble activities are accounted for when earned. Incoming resources from grants. where related to the specific performance and specific delNerables. are accounted for as the charity earns the right to consideration by its perfomance. dl Resources expended Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes VAT which cannot be recovered and is reported as part of the expenditure to which it relates. Cardiff Olympic Gymnastics is not registered for VAT. el Donated Costs and Services Parents very often voluntarily provide assistance and support whilst trustees provide administrative services voluntarily. These seryices, other than accounting Services, are not given a value in the accounts. Cardiff Olytnptc Anr]ual Accounts Page 12
GYIANASTICS Cardiff Olympic Gymna5tits Notes to the accounts cont. 2. Analysls of expenditure on charitable actlvlties Unrestricted Restricted Funds Funds Total 2024 Total 2023 Costs dirertly allooted Staff Costs Donated Costs and Services Cost of sales IProfitllloss of sale of fixed assets Competition Entries Registration and Membership insurance Indirect Costs Coaches Courses and costs Advertising 8G Badges and Medals Miscellaneous Costs Travel & Subsistente Legal Fees Waste, Rent & Rates 8uilding Costs Insurance Heat & Light Telephone Administration costs Depreclation and amortisation 54,038 54.038 52,741 2.000 6,254 4,097 4.097 506 3.736 4.242 2,938 1,695 1,695 1,550 3,816 562 3,816 562 1,402 518 1,780 2,329 688 1.942 1,305 1,942 1,305 22,444 3.604 1,231 8.889 1.270 3,495 11,019 121,914 22.444 21,197 3,604 1,256 1,231 2,845 8.889 8,268 1.270 1,039 3.495 1,977 6.077 17,096 16,952 9,813 131,727 125.734 Cardiff Olympic Annual Accounts Page 13
GYIANA5TICS Cardiff Olympic Gymnastics Nirtes to the accounts cont. 3. Restricted Income, Restricted Expenditure and Deferred Income. In the period £6077 was released from the Deferred Restricted Income account. in relation to the capital grant fulfilled in the year ended 31" March 2020, to be released over the remaining period of the lease. The balance of the restricted funds were monies expended in connection with the fees collected and remitted to British and Welsh Gymnastics and Teamgym Wale5 in connection with membership fees, insurance. and competition entries. 4. Analysis of Staff Costs 2024 2023 Salaries and Wages b. Social Security Costs- Employers Nl 54,038 52.741 591 No employees received emoluments of more than £60,OIJ). 5. Trustee Remunefatlon & Related Party Tfansactlon5 No members of the management committee or trustees received any remuneration during the year12023- nil) and no trustee expenses have been incurred12023-nill. Joely Griffiths, Trustee and Treasurer. voluntarity maintains the books and records of the charity, processes the payroll. and prepares the annual accounts. The donated value of this service is detailed in note 13. 6. Taxation As a charity. Cardiff Olympic Gymnastbcs Club is exempt from tax on income and gains falling within section 505 of the Taxes Art or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to tts charitsble objects. Cardiff Olymplc Gymnastics Cardiff Olympic Annual Accounts Page 14
GYMNA5ncs Notes to the accounts cont. 7. Fixed Assets 2024 2023 Total Totsl Equipment Building Improvements Capital Grant Improvements 28,612 13,259 33,110 16,573 Equipment is depreciated over its expected life. Building improvements are depreciated over the remaining period of the lease. Stock 2024 Total 2023 Total Leotards and general clothing 9. Credftors: Amounts Falling l)ue within One Year 2024 2023 Unrestricted Restrirted Total Total Other Creditors and Accruals 77 10. Creditors: Am¢)unts Falllng Due after One Yeaf 2024 Totsl 2023 Unrestricted Restricted Total Capital Grant Deferred Income Cardiff Olympic Annual Accounts Pagc IS
GYMNASTICS Cardlff Olympic Gymnasti¢S Note5 to the accounts cont. 11. Analysis of Net Assets Between Funds Unrestricted Funds Rostri¢t¢d Funds Total Current assets 131,666 131.666 Current liabilitie5 13.7081 160771 19,7851 Long term liabilities Net assets at 31st March 2024 118,5381 124,6151 118,5381 103,343 127.958 12. Analysis of Movements in Charitable Funds 31 March 2023 Incoming Outgoing Resources Resources Transfers at 31st March 2024 Unrestricted Funds 108,967 126.103 1131.727} 103,343 108.967 126 103 103 343 13. Donated Costs and Servkes 2024 2023 Independent Examination b. Accounting Seryices {see note 51 400 The above service5 were donated and provided free of charge during the period. Their valuation has been included as income (Donations and Grants) and expenditure in the accounts. As explained in the Accounting Policies no value has been given to general services provided freely by parents and trustees. Cardiff Olympic Annual Accounts Page 16