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
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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
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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 ol￿nP1C 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
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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 prOVi￿On 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 hea￿h¥ 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 redU￿d 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.
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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.
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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)
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GYMNAsncs
Indepondent examlneV$ report lo the trustee8 of Cardlff Otymplc Gymnastl
I report on the a￿nts of the coryany for the year end￿1 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 reqUI￿d 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 acC￿nts 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 pr￿edureS undertaken do r￿t 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 v￿w. 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". Ac￿UntIng and Reportsng by Charibe$ have not been
mel-, or
Cardiff Olympic Annual Accounts
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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
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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
I162￿1
9￿13
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.
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GYMNASTICS
Cardtff Olympic Gymnastks
Balance Sheet as at 31SI March 2024
Total
2024
Total
2023
2024
2024
Fixed A￿ets
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 d￿rIty.
Reserves brought fonvard
108,967
106,896
Net Incomelllosse51
15,6241
2,071
Total Charlty Funds
103A43
108,967
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GYMNASTI
Cardlff (Mympk Gymn4stlc5
Balance Sheet as at 31# March 2024 conL
The charitsble company 15 entitled to exemption from a￿lIt 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 requi￿rnents 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:
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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.
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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
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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
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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
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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.
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