REGISTERED COMPAIYY NUMBER: 06882268 (England and Wales) RECISTERED CHARITY NUMBER: J129701 ort of the Trustees and Financial Statements for the Year Ended 31 Ma 2024 for South Essex G mnastics Club Limited Michael Letch & Partners LLP Accountants and Statutory Auditors 146 High Street Billericay Essex CM12 9DF
South Essex G mnasties Club Limited Contents of the Financial Statements for the Year Ended 31 Mai. 2024 Pgge Report of the Trnstees Report of the Independent Audltors 6 to 8 Statement of Financial Activities Balance Sheet 10 Cash Flow Statement Notes to the Cash Flow Stalement 12 Notes to the Financial Ststements 13 to 21 Detailed Statement of Finanelal Activities 22 to 23
South Essex G mn8Sties Club Limited Re ort of the Trustees for the Year Ended 31 Ma 2024 The trustees who are also dkrectors of the charity for the PUTposes of the Companies Act 2006, present their report with the financial statements of the charity for the y¢ar ended 31 May 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Prdctice applicable to charities preparing their accounts in ar¢ordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019)- OBJECTIVES AND ACTIVITIES Objectfrves and aims The main object of the Club is to organise, provide or assist in the organisation or provision of facilities which will enable young children, young persons and other residents in the areas of Basildon, Castle Point and the adjoining districts to undertake gymnastics ensuring that due attention is given to the physical education and development of such pupils and to the development and education of their minds. In furtherance of such objects. but not oth¢rwise the Charity may: Provide or assist in the provision of gymnastics and sports equipment for such persons. Teach and develop interest in Olympic gymnastics and associated disciplines e.g. freestyle. dance and movement and promote the consolidation and practise thereof. Promote competition at all levels. Observe and administer the rules and directions of British Gymnastics or its successors. There have been no charlges to the Club's objectives since the end of the fmancial year under review. Page I
South Essex G mngsties Club Limited rt of the Trustees for the Year Ended 31 Ma 2024 OWECTIVES AND ACTIVITIES Significant activlties PERFORMANCE Women's Artistic Gy]nna5tlC5 WAG IRoss Falsetta] Recreational ecreation Testin We have successfully introduced and completed the two testing dates that we had planned to do for 2024. This is largely in thanks to Ntcole Wooder and the hard work she has put into the planning and executing thts project. Com titions for two hour Recreation Due to the busy year with European Competitions and the Olympic4 not to mention the planning and coordination around the cuent competition schedule of WAG competitions which exceeds 30 competitions a year (not including the international level competitions), we did not achieve in finding a suitable competition for the two hour Recreation groups. However, this week we bav¢ issued all the inforniation to the coaches with similar info going out to the classes in the next couple of weeks. This is for an event in March 2025 and represents the p051tive opportunities that we offering to the WAG two hour Recreation classes. Results s uad selections & internattonal call u W¢ have had numerous competitions since our last update. Too llly to mention individually, but since the WAG in-house competition, there has been county level competitions. These have led to regional fll1$, we have had regional level competitions that have led to team selections for national finals too. The staff are doing an excellent job of maintsining the high standard associated with the Club. They are also doing this with happy little club members too. Georgia-mae Fenton was a team member at this yeavs Europeans, bornIng a medallist on bars which helped her selection to the Olympic games where she also qualified for an "All Around" final. We are very proud of her and the oaching team around her. We also had two WAG coaches that also atterlded the Olympic games, Nicole Wooder and Michelle Flemings and the latter was a coach on the floor with Georgia in the AA finals. Andrea Ndoro has been selected for her first junior call up for Great Britain at the Olympic Hopes competition in Czech at the end of November. This is also Caron's first athlete to be selected for a Great Britain international. As possibly the longest standing WAG coach at the club, I believe this to be a huge achievement and massive Teward to her commithient to the club and the hundreds of g)ry]asts she has coached over the years. Coaches and awards Coaching team is doing well. We have an ever-younger work force evolving from more senior coaches moving on. These coaches are doing very well and getting the relevant qualifications under their belts, but experience only comes with time, so l am meeting individually with those that need a little more guidance. I do feel this is an area we need to put our heads together on to come up with more mentoring opportunities, more or better CPD and OT other ways to help with development. Our coach Caron has been nominated for a coach of the year award for the Basildon District and for the Essex Sports Awards. Gymschool IDave Rapley] Attendance Perforniance Attendance figures have been strong. This r¢flects sustained interest in our programrnes and highlights the positive momentum within the club. T¢stin2 S tem Review We are curr¢ntly evaluating the Gladstone testing sy5t¢m to detennine its suitability for our club. A small-scale trial conducted in October 2024 showed some promising progress, but also Identified areas where the system's lack of flexibility poses challenges, particularly given the frequent turnover and weekly changes in participant groups. Our next trial. scheduled foT early February, will test the system's 11 functionality across all classes. This will provide a clearer picture of what will be required to adapt it to suit the needs of the club. 2024 Hi ts.. External Com tition Success Page 2
South Essex G mnasties Club Limited Re ort of the Trustees for the Year Ended 31 Ma , 2024 OWECTIVES AND ACTIVITIES Jamie led the organisation of our first external competition for the 1.5 hour Advanced Gym-S¢hool participants which was a significant achievement for the club. The event was a great success, with all participants thoroughly enjoying themselves. and we proudly brought home several nledals and trophies. Building on this achievement, Jamie is now working on organising external competitions for 2025, aiming to further expand these opportunities for our gymnasts. Conclusion This period has been marked by strong perforniance and exciting progres5. As we move into 2025126. we aim to address the challenges identified while continuing to build on the successes achieved this year. Rhythmic Gymnastics [Danielle Paull Com elilions The Rhfftic programme involved participation in several competitions from beginner through to national level. In May, Pippa and Lily-Rose competed in the elite regional championships. Lily-Rose finished second in the elite senior category and Pippa became U12 regional champion ffter third regional title in a row). Sixteen of our club squad gymnasts {U8-senior ages) who compete at just below the national level took part in the Regional Open Apparatus Championships on the same weekend. With eight girls medalling in the top three and a further 2 two gYnasts placing in the top six for their age groups. Pippa also competed in h¢r rSt English Championships in May where she achieved second in Clubs, fourth in hoop and third overall. The National Grade Finals took pla¢¢ in June with Jade and Lily-Ros¢ competing as Seniors and Pippa in the U12 category. The girls perfornied very well in a very tough competition securing several top 10 places and personal best scores. In June it was also the Juniorlsenior English Championships and English Open Apparatus Championships. We had five gymnasts cornpeting at thi5 competitlon (four of them for the fwst time) with excellent results. For Jade Woollard this was her final competition before retiring after a very successful career ai the club. In the Open Apparatus category, Lila (first y¢ar Junior) placed third in hoop, Sophie (Senior) finished sewnd in both apparatus and the all-around and Emily placed first in ball, tbird in ribbon and became all-around English Open Champion. At the begimiing of July 24 gymnasts from beginners to elite level took part in the D¢votion International Competition. This was a particularly success1 competition for the team with every gymnast placing in the top ten and several special awards received. Testin We have developed our own Rhythmic Testlng Scheme, and this is now in its second year. The testing has proved a successful way of keeping the recreational gymnasts engaged with their sessions and staying in the sport for longer as they feel they have inore of a target to be working towards. It also allows for us to monitor the gymnasts progress and identify any gymnasts who can move into dev¢lopment or competitive squad groups. It also means the coaches have a clear structure of what to teach the children and expectations of what each child should be able to do at certain ages. Overall. the testing has been very well received by both gymnasts and parents. Over the next few months, we will review our testing scheme to ensure it is still suilable and in line with the new Flexibility Training Guidelines published by British Gyrnnastics. Disci line Numbers The focus on building the recreational class nurnbers back up pre-covid levels, and putting a development programme back into place is now reaping rewards and the Club is now in a position wher¢ we have a good b&se of recreational classes. development groups and a clear pathway for gymDasts to be able to progress.. Recreational to Pre-development to Development to Pre-squad to Squad. As a resulL our competitive squad numbers have more than doubled since the start of this year. We now have around twenty gymnasts who will be competiting at levels 1-3 (club level) and eleven gyn]nasls preparing foi Grades next year and aiming towards the national level. Katie has done a fantastic job of being very proactive with the competitive groups. making the required changes to gymnasts training hours, moving between group5, and slarting preparations for the new competitive year, etc. But as I ststed above, our ¢ompetitiv¢ group numbers have almost tripled, and this was the key goal for the year. Finally, we have reintroduced a group programme, coached by Jade Woollard. We now have an Espoir group and a Senior group who will begin competing next year and are aiming to enter at the nationaE level. Adult Gym and Events Icara Mulreanyl Page 3
Soutb Essex G mnastics Club Limited rt of the Trustees for the Year Ended 31 Ma 2024 OBJECTIVES AND ACTIVITIES Adult G We have now participaled in two adult competitions this year: - Adult British Championships in August, where we had five members take part. Colchestei Adult Gylllllastics competÈtion in Odober, wh¢re we had again five members take part. We are looking to tak¢ part in some more adult competitions in the new yeaT and hopefvlly look to hosting our own competition in 2025. vents In May we held our annual Circanz4 where we had approximately thirty participants. This event is limited by the space available and unfortunately we do not have the capacity for a biggFer audience. We have for the past two years done two shows which has worked well in getting more people in. In July we had our Pre School display, where we had 177 participants across several perfornw]ce5. In September we had the Women's competition where we had 217 participants. This was quite a large event. where we made at least £2,500 profit. ID October we had the Men's competition, wher¢ we had 92 participants. We made approximately £1,000 after slaff osts. In November we bad our Gym School competition which had 624 participants over two days. FINANCIAL REVIEW Reserves policy It is the policy of the charity to nIntain unrestricted funds, which are free reserves of the charity, at a level which will be sufficient to cover the charity's expenses for the foreseeable future and to secure additional premises for the charity's operations to meet tUre demand. These expenses include management and administration and support costs. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trnsl and constitute5 a limited company, limited by guarantee, as defined by the Companies Act 2006. Risk management The trusfres have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 06882268 (England and Wales) Registered Charity number 1129701 Registered office Basildon Sporting Village Gloucester Park North Cranes Farm Road Basildon Essex SSI4 3GR Trustees Mr C Fabb Mrs S Hibbitt Mr S D Smith Ms J A Hickton MrRDShort Mr J S Ben-Aderet MrDTOMott Mr J P Davis Page 4
South Essex G mnastics Club Limited Re ort of the Trustees for the Year Ended 31 Ma 2024 REFERENCE AND ADMINISTRATIVE DETAILS Company Seeretary Mrs S Hibbitt Auditors Michael Letch & Partners LLP Accountants and Statutory Auditors 146 High Street Billericay Essex CM12 9DF COMMENCEMENT OF ACTJvrriES On 31 May 2009 the unincorporated charity kno as South Essex Gymnasttcs Club- registered charity number 297322 ceased and transferred its reserves to South Essex Gymnastics Club Limited. From l June 2009. South Essex Gymnastics Club Limited will continue to carry out the objects and activities previously carried out by South Essex GyiDnastics Club. STATEMENT OF TRUSTEES, RESPONSIBILITIES Th¢ trustees {who are also the directors of South Essex Gymnastics Club Limited for th¢ purposes of company law) are responsibl¢ for preparing the Report of the Truste¢s and the flnancial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Gen¢rally Accepted Accounting Practice). Company law requires th¢ trustees to prepare financial statements for each fancial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditlre, of the charitable company for that period. In preparing those fmancial statements, the trustees are required to select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charity SORP. make judgements and estimates that are reasonable and prudent; prepare the fJnancAal statements on the going concern basis unless it is inappropriat¢ to presume that the charitable company will continue in business. The trnstees are responsible for keeping proper accounling records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the fmancial statements comply with the Companies Art 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention aDd detection of fraud and other irregularities. In so far as the trustees are aware: there is no relevant audit inforniation of which the charitable company's auditors are unaware" and the trustees hav¢ taken all steps that they ought to have taken to make themselves aware of any r¢levant audit inforn]atAon and to estabEish that the auditors are awar¢ of thal infonnation. AUDITORS The auditors, Michael Letch & Partners LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. Approved by order of the board of trustees on 20 March 2025 and signed on its behalf by.. Mr J S Ben-Aderet - Trustre Page 5
rt of Ihe Inde endent Auditors to the Members of South Essex G ,mnastics Club Limited Opinion We have audited the fmancial statements of South Essex Gymnastics Club Limited (the 'charitable company) for the year ended 31 May 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and noles to the fmancial statements, including a summary of significant accounting policies. The financial r¢porting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Gen¢rally Accepted Accounting Practice). In our opinion the fmancial statements.. give a true and fair view of the state of the charitable CoMpanS affairs as at 31 May 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice" and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with tnternational Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are fLher described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independenl of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is Sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In audiling the fmancial stat¢ments, we have wncluded that the tru5tees' use of the going concern basis of coUntIng in the preparation of the fmancial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions thaL individually or collectively, may cast significant doubt on the ¢haritable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the tnteeS with respect to going concern are described in the relevant sections of this report. Other infonllation The trustees are responsible for the other inforn)ation. The other inforniation comprises the inforniation included in the Amjual ReporL other than the fmancial statements and our Report of the Independent Auditors thereon. Our opinion on the fmancial statements does not cover the other inforniation and, except to Ihe extent otherwise explicitly stated in our report, we do nol express any forn) of assurance conclusion iheTeon. In connection with our audit of the fmancial statements, our responsibility is to read the other information and, in doing so, consider whether the other infornthtion is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material incon51Stenci¢s or apparent material misstatements, we are required to detennine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perforn]ed, we conclude that there is a material misstatement of this other information, we are requircd to report that facL We have nothing to report in this regard. Opinions on other matter5 prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the infornlation given in the Report of the Trustees for the fmancial year for which the fancial statements are prepared is consistent with the financial statements. and the Report of the Trustees has been prepared in accordance with applicable legal requirements. Page 6
rt of the Inde dent Auditors to the Member5 of South Essex G nasties Club Limiled Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audiL we have not identified rnat¢riaJ misstatements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us. or the fmancial statements are not in agreement with the accounting records and returns" or certain disclosures of tru5tees' remuneration specified by law are not made" or we have not received all the infomiation and explanations we require for our audit; or the trustees were not entitled to take advantage of the small compani¢s exemption from the requirement to prepare a Strategic Report or in preparing the Report of the TTUStees. Responsibiliti of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the prepardtion of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees deterniine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to frdud or error. In preparing the fmancial statements, the trustees are responsible for assessing the charitable companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Our responsibilitie5 for the audit of the finaneial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstaternent, whether due to fraud or eOr, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordanr with ISAS (UK) will always detect a material misslatement wh¢n it exists. Misstatement5 can arise from fraud or error and are considered mat¢rial if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial ststements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Enquiry of management and the trustees relating to actual and potential litigation claims. Enquiry of managetnent in compliance fvJ)ctions to identify any inslances of non-compliance with laws and regulations. Reviewing fllkincial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Perforniing audit work over the risk of management override of controls. including testing of journal entries and other adjusttnents for appropriateness, evaluation of the business rationale of significant transactions outside the nornial course of business and reviewing accounting estimates for evidence of bias. On occasion we may also have deterniined that certain matters relating to non-compliance with laws and regulatiolls are key audil matters, we must still include the required explanation, in our report, as to what extent the audit was considered capable of detectÈng irregularities, including fraud. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to misstatement in the financial statements or non compliance with regulation. This risk increases th¢ more that ompliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non compliance. The risk is also greater regarding irregularities occurring du¢ to fraud rather than error, as fraud involves intentional concealment, forgery, collusion omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This descriplion forn15 part of our Report of the Independent Auditors. Page 7
R¢ rt of ihe Inde ndent Auditors to the Members of South Essex G mnastics Club Limited Use of our report This report is made solely to the charitable company's members, as a body. in accordan¢¢ with Chapter 3 of Part 16 of Ihe Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors, report and for no other purpose. To the lIest extent perniitted by law, we do not accept or assume responsAbility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have forn]ed. Michael B Letch (Senior Statutory Auditor) for and on behalf of Michael Letch & Partners LLP Accountants and Sta tory Auditors 146 High Str Billerica Essex CM12 9DF 21 March 2025 Page 8
South Essex G 'mn#sties Club Limlted Statement of Finanelal Activitfies ratin an Income and Ex ndiÉure Account for the Year Ended 31 Ma 2024 Incor 2024 Total Dds 2023 Total funds Unrestricted fund Restricted fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 63,023 63,023 45,154 Charitable activities Gymnastics 1,730,647 1,730,647 1,535,992 Other trading activities Investnlent incom¢ Other income 74,584 2,826 3,730 74,584 2,826 3,730 76254 969 1,381 Total 1,874,810 1,874,810 1,659,750 EXPENDITURE O Raising funds 6,852 6,852 10,921 Charitable activitles Gymnastics 1.843,858 1.843,858 1,727,311 Total 1,850,7IO 1,850,710 1,738232 NET INCOME/(EXPENDITURE) 24,100 24,100 (78,482) RECONCILIA TIOIY OF FUNDS Total funds brought forward 497,089 497,089 575,571 TOTAL FUNDS CARRIED FORWARD 521,189 521,189 497,089 CONTINUING OPERATIONS All income and expenditure has arisen from continuing activities. The notes fom part of these financial statements Page 9
South Essex G mnastics Club Lirnited Balanee Sheet Ima 2024 2024 2023 Notes FIXED ASSETS Tangible assets 15 244,408 284,060 CURRENT ASSETS Stocks Debtors Cash at bank 16 17 18,301 66,908 368,706 9,170 54,849 393,932 453,915 457,951 CREDITORS Amounts falling due within one year (109,370) (112,536) NET CURRENT ASSETS 344,545 345,415 TOTAL ASSETS LESS cuRREr LIABILITIES 588,953 629,475 CREDITORS Amounts falling due after more than one year 19 (67,764) (132,386) NET ASSETS 521,189 497,089 FUNDS UnTestricied funds 23 521,189 497,089 TOTAL FUNDS 521,189 497,089 These fuwcia] statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The fanCial statements were approved by ihe Board of Trnstees and authorised for issu¢ on 20 March 2025 and wer¢ signed on its behalf by: Mr J S Ben-Aderet - Tnjstee The notes forn] part of these financial statements Page 10
South Essex G mnasties Club Limited Cash Flow Statement for the Year Ended 31 Ma 2024 2024 2023 Noles Cash flows from operating activitles Cash generated from operations Interest paid 72,269 (11,606) 25,684 (14,457) Net cash provided by operating activities 60.663 11,227 Cash flows from investing aetivities Purchase of tangible f¢d assets Interest received (28.482) 2,826 (25,050) 969 Net cash used in investing activittes (25,656) (24,081) Cash Ilows from financing aetivitles Loan repayments in year (60,233) (57,377) Net cash used in fmancing activities (60233) (57,377) Change in c2sh and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period (25,226) (70,231) 393,932 464,163 Cash and cash equivalents at the end of the reporting period 368,706 393,932 The note5 forni part of these financial statements Pagell
South Essex G mnasties Club Limited Notes to the Cash Flow Statement for the Year Ended 31 Ma 2024 RECONCILIATION OF NET INCOMEI(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreclation charges Interest received Interest paid Increase in stocks (Increaseydecrease in debtors (Decrease)lincrease in creditors 24,100 (78,482) 68,134 (2,826) 11,606 (9,131) (12,059) (7,555) 82,323 (969) 14,457 (857) 2,081 7,131 Net cash provided by oper2tioDs 72,269 25,684 ANALYSIS OF CHANGES IN NET FUNDS At 1.6.23 Cash flow At 31.5.24 Net cash Cash at bank 393,932 (25,226) 368,706 393,932 (25,226) 368,706 Debt Debts falling due within l year Debts falling due after l year (60,233) (132,386) (4,389) 64.622 (64,622) (67,764) (192,619) 60233 (132,386) TotaR 201,313 35,007 236,320 The notes fonn part of these financial statements Page 12
South Essex C nastics Club Limited Notes to the Financial Statements for the Year Ended 31 Ma 2024 STATUTORY INFORMATION South Essex Gyn]nastics Club Limited is a private company limited by guarantee and registered as a charity with the Charities Comn]ission, The company's registration number, registered charity number and registered office address can be found in the Report of the Trnstees. ACCOUNTIIYG POLICIES Basi5 of preparing the financial statements and going concern The fmancial statements of the charitable company, which is a public benefit entity under FRS 102. 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 l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost onv¢ntion. Going coneern After making enquiries, the trustees have a reasonable expectation that the company has adequate resources to continue tn operational exist¢nc¢ for the foreseeabl¢ future. For this reason, the ttvstees continue to adopt the going concern basis in preparing the financial statements. Ineome All income is reco]Sed in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. The rnajor source of funds is membership fees and recreation and preschool fees which represents 920/0 of the total income from charitable activili¢s. Expenditure Liabilities ar¢ recognised as expenditure as soon as there is a legal OT constrnctive obligation conllDitting the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Allocation and apportionment of costs Costs have been allocated and apportioned in the following way: Costs of generating funds comprÉse the costs associated with attracting voluntary income and the costs of trading for the clothing resold. Governance costs include those costs associated with meeting the constituttonal and statutory requirements of the charity and include the audit fres and costs linked to the strategic anagement of the charity. Charitable expenditure comprise5 those costs incurred by the charity in the delivery of its activities and services to it5 ben¢ficiaTies. It includes both costs that can be allocated direcily to such activities and those costs of an indirect nalmre necessary to support them. All costs are allocated between the exp¢nditure categories of the Statement of Financial Activilies on a basis designed to reflect the use of the resource. Costs relating to particular activity are allocated directly. other are apportioned on an appropriate basis as set out below.. Actlvity Gymnasium running costs Finance Ofyice staff Costs General overhead costs Sundry costs Basis of allo¢8tion Floor Area Transaction Stsff ttme Usage Usag¢ Page 13 ontinued...
South Essex G mnastics Club Limited Notes to the Financial Stgtement5- CODtinued for the Year Ended 31 Ma 2024 ACCOUNTING POLICIES - continued Tangible fixed assets Depreciation is provided at the following annual rntes in order to write off each asset over its estimated usefvl life. Improvements to propety Plant and machinery Straight line over 18 years at varying rates on cost Tangible fixed assets under the cost mod¢l are stated at historlcal cost less accumulated depreciation and any accumulated losses. Historical cost includes expenditure that is directly attributable to bringing the assets to the location and condition necessary for it lo be capable of operating in the manner intended by management. Stocks Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Taxation The charity is exempt from cory)oration tax on its charitable activities. Fund accounting Unrestricted ndS can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted fimds can only be used for particular restricted Purposes within the objects of the charity. R¢stri¢tions atise when specified by the donor or when funds are raised for particular restricted pUoSe5. Further explanation of the nature and purpose of each filnd is included in the noles to the financial statements. Pension costs and other post-retirement benefits The charitable company operates a defined contribution pension scheme. Contrlbutions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. Financial inslrumenls The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like Irade and other debtors and Creditors. The company entered into a Coronavinls Bustness Intemiption Loan for £250,000 in May 2021. The repayment lern)s for the loan is over five years with an interest rate of 70/0. Debt instruments that are payable and receivable in one year, typically, trade debtors and creditors are measured initially at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short terni instrument ¢onstitute a financing transaction like the payment of a trade debt defe¢d beyond normal business ternis or financed at a rate of interest that is not al a market rate or in the case of an outright short tenn loan nol at market rate, the financial asset or liability is measured initially at the presenl value of the tUre cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Government grants The company has adopted the accrual model in recognising government grants. Page 14 continued...
South Essex G mnasties Club Lfimited Notes to the Financial Statements - continued for the Year Ended 31 Ma 2024 DONATIONS AND LEGACIES 2024 2023 Fundraising events Granls 35,452 27,571 30,579 14,575 63,023 45,154 OTHER TRADING ACTIVITIES 2024 2023 Clothing sales Children's parti¢s 9,320 65,264 15,192 61,062 74,584 76,254 INVESTMENT INCOME 2024 2023 Deposit account interest 2.826 969 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Activity GyThnastics Gymnastics Mevnbership fees R¢cr¢ation & preschool fees Mother & toddler fun sessions Adult session fees Freestyle Miscellaneous fee5 Special needs fees 706,410 877,972 617.516 795,017 Gynnastics Gymnastics Gymnastics Gyinnastics Gymnastics 88,508 11,014 28,468 4,654 13,621 64,311 11,277 27,571 6,004 14,296 1,730,647 1,535,992 RAISING FUNDS Other trading activities 2024 2023 Opening stock Purchases Closing stock 9,170 15,983 (18,301) 8,313 11,778 (9,170} 6,852 10,921 Page 15 continued...
South Essex G mnast1¢5 Club Limited Notes ID the Financial Statements - continued ror the Year Ended 31 Ma 2024 CHARITABLE ACTIVITIES COSTS Direct Costs (see note 9) Support costs (see note 10) Totals Gymnastics ,110,432 733,426 1,843,858 DIRECT COSTS OF CHARITABLE ACTIVITIES 2024 2023 Siaff costs B.G. affiliation Competition fees Training wsts Sundry equipment & maintenance Travelling contrAbution5 Sponsorship fees Depreciation 907,602 52,303 17,903 7,245 11,236 29,156 16,853 68,134 879,015 45,665 26.943 6,000 5,681 18,272 14,520 82,323 1,110,432 1,078,419 io. SUPPORT COSTS Office stsff costs Management Finance G)ry)mastics 332,682 17,473 358,664 General overhead costs Sundry costs Governance Costs Totals G)Thnastics 13,253 144 11,210 733,426 NET INCOMEI(EXPENDITURE) Net incomel(expenditure) is stated after ¢harging1(Crit1ftg): 2024 2023 Audilors, remuneration Depreciation - owned assets 8,112 68,134 7,828 82,327 Page 16 continued...
South Essex G nJna5ties Club Limited Notes to the Financial Statements - conlinued for Ihe Year Ended 31 Ma ' 2024 12. TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 May 2024 nor for the year ended 31 May 2023. Truste¢s' expenses There were no trustees, expenses paid for the year ended 31 May 2024 nor for the year ended 31 May 2023. 13. STAFF COSTS 2024 2023 Wages and salaries sla1 security costs Other pension costs 1,190,509 50,840 24,917 1,118,384 53,864 24,494 1,266,266 1,196,742 The average monthly number of employees during the year was as follows: 2024 102 2023 95 Charitable adivities and general otyice The number of employees whose employee benefits {excluding employer pension costs) exceeded £60,000 was: 2024 2023 £80,001- £90,000 14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund Restricted fund Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 45,154 45,154 Charitsble activities Gymnasttcs 1,535,992 1,535,992 Other trading activities Inveslment income Other income 76,254 969 1,381 76,254 969 1,381 Totsl 1,659,750 1,659,750 EXPENDITURE ON Raising fjjnds 10,921 10,921 Charilable activities Gymnastics 1,727,311 1,727,311 Total 1,738,232 1,738,232 IYET JNCOMEI(EXPENDITURE) (78,482) (78,482) Page 17 continued...
South Essex G mnastics Club Limil¢d Not to the Financial Slatements- eontlDued for the Year Ended 31 Ma 2024 14. COMPARATIVES FOR THE STA TEMENT OF FINANCIAL ACTJVITIES - continued Unrestricted Restricted nd fimd Totsl funds RECONCILIATION OF FUNDS Total funds brought forward 575,571 575,571 TOTAL FUNDS CARRIED FORWARD 497,089 497,089 15. TANGIBLE FIXED ASSETS Improvements Plant and machinery property Totals COST At l June 2023 Additions 230,868 887,883 28,482 1,118,751 28,482 At 31 May 2024 230,868 916,365 ,147,233 DEPRECIATION At l June 2023 Charge for year 58,786 12.826 775,905 55,308 834,691 68,134 At 31 May 2024 71,612 831,213 902,825 NET BOOK VALUE At 31 May 2024 159,256 85,152 244,408 At 31 May 2023 172,082 111,978 284,060 16. STOCKS 2024 2023 Stocks 18,301 9,170 17. DEBTORS: AMOUNTS FALLING DUE WITHIN OIYE YEAR 2024 2023 Trad¢ debtors Prepawlents 7,884 59,024 7,553 47,296 66,908 54,849 Page18 ontinued...
South Essex G mnastics Club Limited Notes to the Financial Statements - continued for the Year Ended 31 Ma 2024 i& CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other loans (see note 20) Trade creditors AccNals and prepaid income 04,622 2,416 42,332 60,233 5,185 47,118 109,370 112,536 19. CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 2024 2023 Other loans (se¢ note 20) 67,764 132,386 20. LOANS An analysis of the maturity of loans is given below: 2024 2023 Amounts falling due within on¢ year on demand: Other loans 64,622 60,233 Amounts falling between one and two years.. Other loans - 1-2 years 67,764 64,622 Amounts falling due betwe¢n two and five years: Other loans - 2-5 years 67,764 21. LEASING AGREEMENTS Minimum lease payn¢nts under noD-cancellable operating leases fall du¢ as follows- 2024 2023 In more than five years 120,884 115,184 22. ANAL YSIS OF NET ASSETS BETWEEN FUNDS 2024 Total funds 2023 Total fimds Unrestricted nd Restricted fund Fixed assets Current assets Current liabilities Long tenn liabilities 244,408 453,915 (109,370) (67,764) 244,408 453,915 (109,370) (67,764) 284,060 457,951 (112,536) (132,386) 521.189 521,189 497,089 Page 19 continued..
South Essex G mnasties Club Limited Notes to the Financial Statements - eontlDued for the Year Ended 31 Ma ' 2024 23. MOVEMENT IN FUNDS Net movement in funds At 31.5.24 At 1.6.23 Unrestricted funds General fund 497,089 24,100 521,189 TOTAL FUNDS 497,089 24,100 521,189 Nct movement in funds. included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 1,874,810 (1,850,710) 24,100 TOTAL FUNDS 1,874,810 (1,850,710) 24,100 Comparatives for movement in funds Net movement in funds At 31.5.23 At 1.6.22 Unrestricted funds General fund 575,571 (78,482) 497,089 TOTAL FUNDS 575,571 {78,482) 497,089 Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General nd 1,659,750 (1,738,232) (78,482) TOTAL FUNDS 1,659,750 (1,738,232) (78,482) Page 20 continued...
South Essex G mnastics Club Limited Notes to the Ffinancial Statejnents - continued for the Year Ended 31 Mal 2024 23. MOVEMENT IN FUNDS- continued A current year 12 months and prior year 12 months combined position is as follows: Net mov¢ment in funds At 31.5.24 At 1.6.22 Unrestricted funds General fund 575,571 {54,382) 521,189 TOTAL FUNDS 575,571 (54,382) 521,189 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds Gen¢ral fund 3,534,560 (3.588,942) (54,382) TOTAL FUNDS 3,534,560 (3,588,942) (54,382) 24. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 May 2024. Page21
South Essex G mnasties Club Lfimited Delalled Statement of Financial Activities ror the Year Ended 31 Ma 2024 2024 2023 INCOME AND ENDOWMENTS Donations and legacies Fun(]raising events Grants 35,452 27,571 30,579 14,575 63,023 45,154 Other trading activities ClothingT sales Children's parties 9,320 65,264 15,192 61,062 74,584 76,254 Investmenl iDcome Deposit account interest 2,826 969 Charitable activities Membership fees Recreation & preschool fees Mother & toddler fun sessions Adult session fees Freestyle Miscellaneous fees Special needs fees 706,410 877,972 88,508 11,014 28,468 4,654 13,621 617.516 795,017 64,311 11,277 27,571 6,004 14,296 1,730,647 1,535,992 Other income Room & equipment hire 3,730 1,381 Total incoming resources ,874,810 1,659,750 EXPENDITURE Other trading activities Opening stock Clothing costs Closing stock 9,170 15,983 (18,301) 8,313 11,778 (9,170) 6,852 10,921 Charitable activities Coaching fees Social security Pension5 B.G. alIlation Competition fees Training costs Caffied forward 831,845 50,840 24.917 52,303 17,903 7,245 985,053 800,657 53,864 24,494 45,665 26,943 6,000 957,623 This page does not forn) part of the statutory fjnancial staternents Page 22
South Essex G mnastics Club Limited Delgiled Statement of Flnancial Activities for the Year Ended 31 Ma 2024 2024 2023 Charitable activities Brought fonvard Sundry equipment & nIntenanCe Trdvelling contributions Sponsorship fees Improvements to property Plant and machinery 985,053 11,236 29,156 16,853 12,826 55,308 957,623 5.681 18,272 14,520 12,826 69,497 ,110,432 1,078,419 Support costs Management Rent & other hall costs Buildings insurance Building maintenance Computer maintenance & software 225,687 5,050 4,544 97,401 201,166 5,233 5,578 73,492 332,682 285,469 Finance Bank charges Bank loan interest 5,867 11,606 4,931 14,457 17,473 19,388 Olee staff costs General office staff 358,664 317,727 General overhead costs Advertising Postage and stationery Clothing 1,279 7,934 4,040 806 11,404 2,115 13,253 14,325 Sundry cosls Sundries 144 1,043 Covernance e05ts Auditors, remuneration Awountancy and professional fees 8,112 3,098 7,828 3,112 11,210 10,940 Total resources expended 1,850,710 1,738,232 Net ineome/(expenditure) 24,100 (78,482) This page does not forn] part of the ststutory financial statements Page 23