Cardlff Olympic Gymnastics IA cornpany limited by 8uaranteel Report and Flnanclal Statements For the Year to 31 March 2025 Charlty Number 1129295 Company number 6778448 Cardlff Olympic Annual Accounts Page I Scanned wlth cs '.15 Camscannerf,. GYMNASnCS CartlMI Cmwnpk (A¢ompany lknlted byeuardnteel Forthe Yearto 31 Marn Charlty name Cardiff Olympic Gymnastlcs Charity registration number Company Number RegiSte￿d office and operniional address 1129295 6778448 {England and Wale51 Unit 19. Efy Distribution Centre. Cardiff CF5 5NJ Management Commlttee Mrs A McClymonl- Chalrnian Mrsj Griffiths-Treasurer and Secretary Mr. P. Morgan Mrs. J. Evans-welfare Officer IrKlependent Examiner. Rhys Jenkins 8ankers: Lws pk. Vktorfa Park. Cardiff. Cardiff Olympic Annual AccounES Page 3 Scanned wlth cs '.15 Camscannerf,. GYMNAsncs Canllff Olymplc Gymnaslics TrnsttesAnnual Reportforthe Year to 31# Marth 2025 Alm5 and Objectives Our chariws purpose5 as set out In the objects contsined in the coMpan￿S memorandum of association are to promote community participation in healthy recreation by the provision of coaching and facilities for amateur artistic gymnastiC5. How our actlvitles deliver ptsblic benefft All the activities of the club deliver public benefit by providing heatthy recreation through gymnastics at a low c05t to children and young people regardless of their ability. as well as providing facilities to similar local groups. What we athieved in the year This year wa5 particularly difficult due to the expected impact of salary increases. This was a combination of minimum wage rises and the increased rises for staff already over the minimum wage. Due to nomial. expected. attrition. we have also struggled to ensure that all our training 8roups were running at optimal capacity- As a club. we took the decision not to cancel these groups as it would have been unfair on the gymnasts. but to subsidise the costs of continuing to run some at a105S. The increased salaries included addittonal coaching administration work. The objeclNe was to focus on ensuring that all sessions We￿ being run at optimal levels. working with the younger coaches to improve their on-going iraining and working with the board to Took at ways to improve the club's profitability. This has been a success. and our groups are now working tloserto capacity however the hanges were not early enough to have a major impact on the current year. The"cost of INing"crisis is continuing to impact all our members. but we have worked hard to ensure that we continue to keep our fees as low as possible. This did however mean that we delayed our forecasted increase in fees until the end of the financial year which affected the current yearfs profitability. We have contlnued to offer trainin8 programs to all our coathes and Sports Leader courses forthose just entering coaching. We have successfully negotiated the extension of our lease to 2035. This is great news for the club and all the gymnasts and the community. but it also enables US to apply for grants that would not normally be open to us without a 10-year lease. We have already achieved our first grarst for our car park from Sport Wales. Cardiff Olympic Annual Accounts Page 4 Scanned wlth cs '.15 Camscannerf,. fMNAsrics Cardiff Olympk Gymnastlcs Trustees Annual Report forthe Year to 31# March 2025(continued) Plans for ftrture periods As hlghlighted last year. our increased costs are primarity due to staff costs. The boarfs focus will therefore be to ensure the club continues to be financially viable. We are continuing to took at new ways to ensure the gym is working at optimal capactty wherever possible whilst also lookin8 at additional revenue stream5. We will be re-visiting our program of working with local schools and children's groups to build partnerships to delNer classes where theyare not able to do so themselves. We will also continue to offer our facilities to otherclubs that do not have access to the key ple￿5 of equipment. or staff, in their own facilities which has pri)ved to be successful in the past. We will be continuing with our"youn8 leaders"program for all our trainee coaches. This is a mentorship program that will Incorporale all areas of coaching to help ouryoung coaches achieve their potential. We have been running a Crowdfunding Project to enable u5 to improve our car parking facility. to make it safe and more accessible. We believe that we have been successful in reaching our t8rget which will enable us to start the work in January 2026. This is someihing that is important to all visitors to the gym. We have tontinued to work with local schools to provide regular PE dasses for children who did rhot previously have access to any classes. This t5 an on-goin8 project that we are boking to Èxpand golng fon¥ard. Financlal Revlew Prfnci l Fundi Sources There are two principal sources of funding for the charity. The first being the fees collected from gvmnasts for attending coaching sessions. it is a core objective that these fees are maintained at the lowest level consistent with Bood governance. The second tsnding source is the provision of facilities to partner clubs such as COGC C.l.C and local sthools and community groups. This includes offering classes to local groups that cannot deliver classes themsefves. Reserves Poli The reserve5 are needed to meet the working capital requirements of the charity- Cardiff Olyrnpic Annual Accounts Page 5 Scanned wlth cs '.15 Camscannerf,. Cardlff Olympk Gymnastks Trustees Annual Report for the Year to 311t March 2025{contlnued) The trustees acknowledge that from time to time It may be necessary to increase the fees charged to members however we understand that in the current market it is not feasible to pass on all the extra costs to our members in one increase. Due to the Impact of covid and C05t of Living Crisls. ourfee5 have not been increased in line with what they should have been. but we will now be continuing to put in ￿gUlar increases to ensure that we retum lo a breakeven position. The main financial objective will be to ensure that the club is able to meet the increased costs related to the runnin8 of the facility. We have introduced an annual fee increase for gymnasts and third parties using the facility- Staffing costs are being monitored month on month and a reduction is expected due to some sen￿r coaches moving on to stsrt new careers outside of the sport. Given the increased costs acr055 the business our breakeven model has greatty changed but we are focused on re-alignin8 the model to ensure we return to break even. We are happy that the measures in place will allow us to do so. Investment Pol The trustees do not wish io consider ary Investment of reserves currently. Flnanclal Statements The trustees have assessed that there are no rnaterial uncertainties al)out the charit￿5 ability to continue and the accounts have been prepared on a going coneem basis. Hnan(ial SLitements The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the chari￿5 governing document. the Charities Act 2011 and Accountln8 and Reporting by Charities- Statement of Recommended Practite applicable to charities Pfeparing their aCCOLJnts in accordance with the Financial Reporting stsndard applicable in the UK and Ireland published on 16 July 2014. Cardiff Olympic Annual Accounts Page 6 Scanned wlth cs '.15 Camscannerf,. GYMNASTIC5 C•rdlff Otympk Gymn•th TnNtw AnThMI R•pNt lorth•Yw to3111 M•rth 2025(tontlnued) The organlsatlon Is a tharltable company Ilmlted ty8uarantee, Incorporated on 22 December 2(KJ8 •nd re8lsterod as a charlty on the same date. The companywas estsbltshed under a Memorandum of A$so￿tIon whlch ￿•blIshed the objerts and po*wsofthe charltable cofflpny and Is governed I Its artldes of •ssod•tlon. ILIJI JJJA￿A The dlrectors ofthe company are akn tharftytrustees forthe purposes of tharlty law and under the comparfs artkles are known Is membersofthe Management Commfttee. The trustees may at any tlme co￿pt any Indlvldual WI￿ Is qualllled to beappolnted Is a Trustee to1111 a vxancy In thelr number or as •n addhlonal Trustee. but a ctropted Tfustee holds office only untll the next electlon of Trustees. All members of the Management Commlttee 8lve thelrtlme voluntarily and received no benefft5 from the charlty. Approved trrfthe MlnaieiTr￿ Commltta M i 611 i I z S and SI￿*d on Its beham by: MrsA Cardlff 0]￿p1¢AnnUal Accounts Page 7 Scanned wlth cs '.15 Camscannerf,. Independent examln•es report lo the trustees of Cardlff Otymplc Gymnastlcs I rep)rt on the accounts of the company for the year ended 31 March 2025. which are set out on pages 10t0 17. Rgspectlve responsibi1Stles of I￿8tee$ and examlnei The ttustees (who are also directors of the company for the purposes of company18w) are responsible for the preparation of the accounts. The trustees consider that an audjt is not required for this year under section 144(2) of the Chari￿s Act 2011 {'the 2011 Acri arnj that an independent examination is needed. Having SatiSf￿d mysew that the charity is not subject to audit under company law and is elKJible for independent examinat*)n, il is my fesp)nsibilty to.. examine the accounts urKler section 145 of the 2011 Art to follow the pr(KedU￿$ laid down in the general Direct*)ns gNen by the Charity Commission under secltr)n 14515llbl of the 2011 ACL and to stste whether particular matters have come to my attention. Basls of Independent oxamlnefs report My examination was carried out in accordanee the General Directions given by the Charity Commission. An examination includes a review of accounting records kept by the charity and a comparison of the accounts presented wilh those records. It also includes considerats.on of any unusual items or disclosures in the accounts and seeking explanations from you as truslees conceming any such matter5. The procedures undertaken do not provide all the evKlence thal would be required in an audit and consequently no opinK)n is given as lo whether the aC￿UnIS present a 'true and fair view and the report is limited lo those Matte￿ set out in the sta¢eff￿nI bekny. Independent examlnevs statement In COnnec￿n with my examination. no matter cam to my attenlK)n: which gNes me reasonab￿ cause lo believe Ihat in any material respect the requirements to keep accounting records in accordance with section 386 of the Companies Act 2006.. and lo wepare accounts which accord with the accounb'ng records. compty with the a¢￿unting requiremenls of s￿lI0n 396 of the Companies Act 20C6 and wilh the ff*thods and principles of Statement of RecommerKled Practice.. h£counting aTrJ Rewb'ng by Charities have not been mel: or Cardiff OlympScAnnual Accounts Page 8 Scanned wlth cs '.15 Camscannerf,. Independent èxamlnefs reportlo the trustees of Cardtff Olymplc Gymrbastlcs (continued to which. in my opinion, attentw)n Sht￿ld be drawn in Lyder to enab￿ a proper understanding of the accounts to be reached. Name: s Evan Jenkir Relevant profess￿nal qualfftation or tx*: C1wle￿ Instittrte of pu￿1¢ Financial Accountants Address: 85 Ewenny Road. ￿K1gend, CF313LD D*e'. 2111 December 2025 Cardiff Ol￿p]cAnnU3l Accounts Page 9 Scanned wlth cs '.15 Camscannerf,. GYMNAsncs Totsl Funds FuTrds Funds Donattons and Grants h50 15.255 Gymnasts Fees KSt5alès and other C•rnp Fees and other 74350 17N6 74350 I7￿76 550 4.032 21353 21353 122J96 IOA15 131611 70.208 1,494 3.736 25,726 126.103 4￿32 Fadlitles Hlre Totsl Income Totsl ExpehdltsK¢ 145.634 IOAIS 154049 13L727 lexpertdllure} •NI net mo¥•ment Inlunds for 15,624 Totsl funds forward 103J43 103343 IC4967 Toul fundsarrled The ststement of finandal acti¥[t￿S Indudes all aalns and losses In the year. All Income and expendituie derbves from cont[nu1￿ actlviti Card51FOlymplcAnnualAccounts Pageio Scanned wlth cs '.15 Camscannerf,. Ba￿l￿e Sheet as at 31" 2025 Tol•l Total 49M4 49.084 7￿n 11.016 IIA21 7I71 11.016 11,421 35,178 Otbtors 4.962 Cash at bank•nd In hand 101.046 1.666 Credttorsfal*¥due¥AtF*b (¢986 {9,7851 Credltors falUn4 dueafter One year IW38) 79A The funds ofthe th•rKr. 103J43 108.967 Net lrt¢omelllossesl {23.4381 15.6241 79￿)5 103343 Cardlff OlympicADnual AC￿Unts Pa8e 11 Scanned wlth cs '.15 Camscannerf,. Cardlff Olympk Gymnastks Balance Sheet as at 31" March 2025 ¢onL The charitable company is entilled to exemption from audil under Section 477 of the Companies Act 20(￿ for the year ended 3111 March 2025. The members have not required Ihe chaiitable compary lo obtsin an audit of ils finan¢ial statements for the year ended 31* March 2025 in accord￿ with sect¥￿ 476 of the Compan￿5 A¢t 2006. The trustees xkrw?￿edge their responstknlibes lor A. ensuring that the charitsble compary keeps accounting records that comply with Sertions 386 and 387 of the Companies Art 2006 and B. preparing financial statements which gNe 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 surplLJS or deficit for each financial period in atcordance with the requirements of Seciions 394 and 395 and which otheTh¥ise comply with the requirements of the Companies Art 2LKJ6 relating to financial staternents. so faras applioble to the charitable company. These financial ststements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relatin8 to small charitable companies and with the Finanaal Reporting Stsndard 102. These financial ststements were approved by the Board ofTTUStees on Iq 42S and were signed on its behalf by. Joely Griffiths. Director Date: Cardlff Olympic Annual Accounts Page 12 Scanned wlth cs '.15 Camscannerf,. GYMNASTICS Cardlff Olyrnplc Gymnastl¢s Notes on the accounts Accountlng Policle5 The printipal accounting pollcles are summarised bek>w. 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 Reportin8 by Chartties- Statement of Recommended Practice applicable to charities preparin8 their affounts in accordance wtth 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 Art 2￿6. A5 a small charity the tharitable company has opted not to prepare a Cash Flow Statement. Assets and liabllities a￿ 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 charty- Restricted fund5 are subjected to restrictions on their expenditure imposed by the donor or through the temis of an appeal c) Incoming Resources All incoming resources are included in the statement of financial activtties when the charity is entitled to the income and the amount can be quantified with reasonable accurary. Incoming resources from tharitable activities are accounted for when earned. Incoming resources from grants. where related to the specific perfomiance nd specific deliverable5. are accounted for a5 the charity earns the right to consideration by its perforniance. 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. e) Donated Costs and Ser4ices Parents very often voluntarily provide assistance and 5UPPOrt whi15t trustees provide administrative sep4ices voluntarity- These services. other than actounting services. are not given a value in the accounts. Cardiff Olymp5c Annual Accounts Page 13 Scanned wlth cs '.15 Camscannerf,. Cardlff Olymp1¢ Gymnastits Notes to the accounts conL 2. Analysls of expenditure on dwritsble actlvltles Unrnstrkled Restslcted Funds Funds Tolal 2024 T¢)tal 2024 Costs dlrertfy allocated Staff Costs Donated Costs and Services Cost of sales Competition Entries and costs Registration and Membership insurance IndI￿rtc05ts Coaches Courses and costs Advertising Miscellaneous costs Travel & Subsistence Waste. Rent & Rates Building Costs Insurance Heal & Light Telephone Administratlon costs Deprechation and amortisation 70.913 70.913 54.038 2.CNXI 2.(JX) 10.986 4.097 4.282 4.242 10.986 4.032 2.199 1.695 1.598 696 2,291 3562 23.912 3.910 3.550 7.014 1.025 1.265 10.713 145.634 1.598 3.816 696 562 2.291 1,942 3.562 1.305 23,912 22.444 3.910 3.550 1.231 7.014 8.889 1.025 1.270 1.265 3,495 6.383 17.096 17.096 10,415 156,049 131,727 CardiffOlympicAnnual Acwunts Page 14 Scanned wlth cs '.15 Camscannerf,. Carditt Otymplc Gymnastlcs Notes to the attounts conL 3. Restrfrted Income. Restrfrted Expenditure and Deferred Incorne. In the period £6.383 was released from the Deferred Restricted Income account, in relatlon to the capital grant fulfilled in the year ended 31 Marth 2020. to be released over the remaining perlod of the lease at as 315t March 2025. The balance of the restrirted funds were monies expended in connertion with the fees collected and remitted to British and Welsh Gymnastics and Teamgym Wales in connettion with membership fees. insurance. and competition entries. 4. Analysls of Staff Costs 2025 2024 Salaries and Wages b. Social Security Costs- Employers Nl 70.663 54.038 No employees received emoluments of more than £60.0W. 5. Trustee Remuneratlon & Related PartyTransxtion5 No members of the management committee or trustees received any remuneration during the year12024- nil) and no trustee expenses have been incurred12024-nill. Joely Griffiths. Tnjstee and Treasurer. voluntarily maintsins the books and records of the charity. processes the payroll. and prepares the annual accounts. The donated value of this Se￿iCe is detalled In note 13. 6. Taxation As a charity. Cardiff Olympic Gymnastics Club is exempt from tax on income and gains faS1ing within section 505 of the Taxes Act or s256 of the Taxation of Chargeable Gains Act 1992, to the extent that these are applied to its charitable objects. Cardiff Olymplc Annual Accounts PaÈe 15 Scanned wlth cs '.15 Camscannerf,. Cardiff Olymplc Gymnastits Notes to the accounts conL 7. Fixed Assets 2025 Totsl 2024 Total Equipment Building Improvements Capital Grant Improvements 20.907 9.945 28,612 13,259 Equipment is depreciaied over its expected life. Building improvements are depreciated over the remaining period of the lease. Stock 2025 2024 Total Totsl Leotards and general clothing 9. Creditors: Amounts Falllng Due wlthln One Year 2025 Total 2024 Unrestrfcted Restrlrted Total Other Creditors and Accruals 10. Creditors: Amounts Falling Due after One Year 2025 2024 Total Unrestricted Re5triited Total Capitsl Grant Deferred Income Cardiff OlymplcAnnual Ac¢ounLS Page 16 Scanned wlth cs '.15 Camscannerf,. GYMNA5ncs Cardlff Olympk Gymnastlcs Notes to the atcounts cont. 11. Analysis of Net Assets Between Funds Unrestrlcled Funds Restrlcted Funds Total Current assets 101.046 101.046 Current liabllities 12,9)91 160771 18.9861 Long tem) Siabilities Net assets at 31st March 2024 112.1551 118.2321 112.1551 79,905 98,137 12. Analysis of Movements In Charitable Funds 31 March 2024 IncomiThJ 0￿gOIng Resources Resources Transfers al 315t Mar¢h 2025 Unrestricted FurKIs 103.343 122,196 (145.6341 79.905 103 343 122 196 13. Donated Costs and Services 2025 2024 Independent Examination b. Accounting Services (see rK>te 51 4(X) The above services were donated and provided free of charge during the period. Thelr valuation has been included as income IDonatK)ns and Grants) and expenditu￿ in the accounts. As explained in the Accounting Policles no value has been given to general servites provlded freety by parents and trustees. Cardlff Olympic Annual Accounts Page 17 Scanned wlth cs '.15 Camscannerf,.