Charity registration nunibcr". 1140377 Fenland Gymnastics Academy Annual Report and Fknancial Siaiemenis for the Year Ended 31 December 2024 Fenland Gymnastics Academy Conlents Reference and Adminisiralive Details TNsiees' Repon Siaietnent of Trnstees. Responsibilities Independent Exn%, gifi8, legacies and granis that provide core Funding or are of a gencral naiure 1% rLcogni%cd whcTJ Ihc charity ha% entiilemeni lo ihe incLime, li 1% probable Ihai ihe income will be received and IhL amount can bc Tnea%urcd With.￿u[fiCient reliabiliiy. undlegufiej Donation4 arid legacies are recognised iJtL a ieLeivablL ba%is whcn rcceipl 1% probable and Ihc amount can be reliably Tneasured. Grunis rei'eivtsble Granls are recognised wliLn thL Lliariiy hds dn tniiileineIii i(> Ihe tunds and any Conditions linked 10 the granls haNe been mtt. WhtTt PLrfur]iianLL conditians are altached io the grani and ale yet lo be rnet, the itjcome Js reiognjsed os a Iiabilily iiiiludcd on Ili¢ balance 5heel a5 delerTed inconie lo be released. litvesimertl Dii'ideiidg are recognised once Ihe dii'idend has been de¢larLd and nolificalioN has bcLn rcccivc(J of Ihc dii'idcnd due. Pa8¢ 8 Fenland Gymnastics Academy Notes to the FAnAnel21 St4tements foy th¢ Yexr Endcd JI Dceembcr 202.1 xpendlture All e¥penditure is reiogiiised OllLe Iheie is <1 legal or conslruclive ubligatioIi lo that expeiiditure. il 15 probable seiiletneni is requirvd (Ind the amount can be mea5urtd reliably. All costs are allocaied 10 the applicable expendiluie h¢ading that aggiegale siJiiilaT CQ>51s lo Ihal caleEOry. Where costs cannol be direcily allribuied lo partiLular l)eadinL75 Iliey ha￿t beeii alloc31ed on a bas15 consi51enl with ihe use ol'resourLes, wilh Leniial sial'lLOSts tslloLaied Ihe bas15 of liille speIil, and deprecialioii charLTes allocated on the portion ol. Ihe asset's use. Other support L051s Lire alliKaled based on the spread of 51al'f cost5. I'hese are Losis incurred in allr3cling voluntary Liicoine, Ihc managemcnl of Lni'e.%lnienl% and those incurred in Irading aciivtlieg Ihjt ril1SC fund%. Cliarilfjble uLlivilie5 Chariiable expendi(ure comprises Iho%e costs incurred by the charity in Ihc dclivery of il.% aciivitlC4 47nd ￿rviCc. for lis beneficiaries. li includeb both cosi% Il)al can bc allocaicd directly to such aclivilJc% and iho%c co¥ts of an Indire¢i nature necessary 10 gupport Ilicm. Governance costs "l-hese invlude the dllFibulablc lo the ch3r)ly's compliance with cons15tulional and 51alulory iequiremenls, inLludin¥ audil, Slralcgic Inana¥cTiicnl and Iru%lees'.4 nieelingy5 and reimbursed expenses. Governmtnt grants Gov¢rnmenl grants are iecognised based on the accrual rnodel and ale measured al the fair value of Ihe asset received or releivable. Giants are classifled as relating? eiiher io ievenue or lo as5els. Grants iclaling lo ievenue are recognised in ii)CQllTLe QV¥T ihe period Ln which the relaled cos15 are recognised. Grants relating lo assels ale recognised over the eKpecled useful life of the assel. Where part of a giaiit relaling lo an as5tl is deferred. il is recognised as deferted iIicoiiie. Taxation I'he Lharily is Lun5idered lo pass the le515 Sel oul in Paragraph I Schedule 6 of Ilie Finance Aci 2010 and Iheieloie li m¢gls Ihe definition of a charitable company for UK cotporalion tax Purposes. Accordingly, the chariiy is potetLtiAlly e¥etnpi frotn laxaiÈon in respect of income or capital gains received within categories coi'ered by Chapter 3 Part I l of the Corporation T&¥ Aci 2010 or Section 256 of lh¢ I'uaiioii of ChaTgeable Gains A¢1 1992, lo the exlenl that such income or gains are applied eKclusively lo ¢h8riiable purposes Tatlgible fLx¢d assets Individual fixed asseis cosiing £150.00 or more are iniiially record¢d ai cosi, Ic*% any 8ub%equeni ac¢umulai¢d depreciation and subsequen( accumJlaied impaimieni Io%%Ls. Depr¢tiatioii ¥nd amor¢i$)¢lon t)epieciaiion is provided on Idn¥ible fjxed asse15 so as lo wriie off the cost or valiialion. less aiiy e.%iiinaied residual value, over Iheir expeLied useful ecunoijnic life as follow5". A$5et r1*55 Plani and equipmeni Depreciation niethod and rate 15/0 reduclng biilance Pa8e 9 Fenland Gvmnastics Academy Note5 to the Flnancial Statement5 for the Year Ended 31 Decembcr 2024 Trade dehtor I'radv d¢btors are amounts due frotn cu¥lL)ttLeis for meTchaiidi5e sold oi setvices perfortned in the ordinary course of busiiiess. Trade debtors are recoEnised iniiially al the Iransaclioji price 'fhey are subsequenily Ineasured al aniortised cost U5iIig the clfeciive interest Jiieihod, less proi'ision IOT Iiiipairnienl. A provision for Ihe impairn)eni of trade debtors 15 eslablished wlien Iliere hs objective evidence ihai the charity will nol be able lo collect all aniounts due according lo the original ierms of the receivables. Cash and e#$h cquiv#lent$ Cash and Lash equivale￿18 LOtnpri%e ca411 on hand dnd call dLPOSLl%, and oilier ¥hart-ILmi liighly liquid illve%ltiicni Ihai are readily LOIIVLnibli Iu d knioth'n dm()util L)f ea¥li and ale %ubject i() an irt%l¥l)Ifieani rJ%k of cliangL In value. Trade eredhtors Jrc obligaiicjns 10 pay for goods or serviceb thai have been a¢quiTed in ihe ordinary Course of business from suppliers. Ac¢ouTl¢b payable are classified as cvrrelll ljabilities if Ihe dtses not have an unconditional right, ai the eiid of Ihe Teporting period, lo defer seiiletnenl o( Ihe ciedllor for ai least iwelve months al'iei the repotiing dale. If there is an unconditional righl to defer seiiiemeni for ai leasi Iwell'e monihs after ihe reporting date, they are presented as non-curTent liabiliiie5. are recognised iIiilially at tlje transacljoii prjce at)d subsequently measured ai amortised cosi usitjg the effective interest jneiji￿. und structure Unreslricied inconie funds are general funds thai are )vailable for use ai the Irustees's discretion in funheran¢e of the objectives of ihe chariiy. PeRsion5 and other p05t retirement obligations The charily vpeT¢ilc% <1 dL.fincd bc'ncfil pLn%ion %chcmc. Typically defined benefit plans dcfinc an amounl of pcn%ion bciicfil that an employee will receive an reiiremeni, usually dependent on one or more factors such as age, years ol" service and conipensaiion. I'he liability recognised In the Balance Sl)eel in Tcspect of defjncd bcncfii pcii%ion plaiis 18 Ihc pre%enl value of the defined benefit obligation ai Ihe reporting date Ininus ihe fail value of pl