Charity number: 1154320 COLCHESTER SCHOOL OF GYMNASTICS UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
COLCHESTER SCHOOL OF GYMNASTICS CONTENTS Page Reference and admlnlslratlve details of the Charlty, Ils Trustees and advisers Trustees, report Independeni examiner's report Statement ot financial activities 9-10 Balance sheet 12-13 Statement of cash flows 14 Notes to the tlnanclal stalemenls 15-34
COLCHESTER SCHOOL OF GYMNASTICS REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trusiees Adam Harrington, Chair - from 23 May 2024 {appointed 29 February 2024} Nikki Oakes, Chair - until 23 May 2024 (resigned 23 May 2024} Lesley Aldons, Treasurer Sam Copping Shelley Chandler-symes Lisa Piagetti Annaliza Murphy Nichola Horsley (resigned 23 May 2024) Nicholas Mussett Gemma Smith (appointed 23 May 2024) Jade Oaks {appointed 23 May 2024} Betti Pinter {resigned 9 January 20241 Charlty reglstered number 1154320 Prlncipal office Brinkley Grove Road Colchester Essex C04 SDS Accountants Griffin Chapman Chartered Accountants 4 & 5 The Cedars Apex 12 Old Ipswich Road Colchester Essex C07 7QR Bankers CAF Bank 25 Kings Hill Avenue West Malling Kent ME19 4JQ Solicitors Birkett Long 1 Amphora Place Colchester Essex C03 3WG Page 1
COLCHESTER SCHOOL OF GYMNASTICS TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report together wilh the financial statements of the Charity for the 1 January 2024 to 31 December 2024. Objectlves and actlvltles a. Policies and oblectlves The objectives of the CIO are: {1) To advance the education of the public, in particular young people, in the subject of gymnastics and physical education. 12) The promotion of communily participation in heatthy recreation for the benefil of the inhabitants of Colchesler (Essex) and surrounding areas by the provision of facilities for participation in gymnastics. (3) To act as a resource for young people living in Colchester (Essex) and surrounding areas, by providing advice and assistance and organising programs of physical activities as a means of advancing in lile, developing skill, capacity and capability. In setting objectives and planning for activities. the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. running a charity (PB21'. b. Strategies for achieving objectives The School provides classes for all levels and ages, for girls and boys, teenagers and adults. Our recreational gymnastics classes, where gymnasts attend once a week. are hugely popular but we also run successful development and eltte squads. The School's gymnasts continue to enjoy success in a host of County, Regional and National competitions and some of our coaches have been successful in increasing their level of coaching and judging qualifications. We also offer adult, baby and toddler gymnastics classes, as well as Freestyle Gymnastics which is specifically aimed at young adults. Our facilities are also used to host trampolining, cheerleading and disability Classes. c. Activltles undertaken to achieve objectives The School offers a broad a range of classes, from Pre-school to Adult in order to extend the reach to as many members of the public as possible. irrespective of ability with the goal of helping all members to realise their lull potential. d. Volunteers The School could not continue to operate without the continued hard work of its staff in ensuring the ongoing expansion of Ihe School is successful, together with the contribution made by a regular group of invaluable volunteers who undertake a wide variety ot lasks, especially during the competition seasons. The Trustees would like to extend their heartfelt thanks to all those who have given their time and effort so generously, their help is very much appreciated. Page 2
COLCHESTER SCHOOL OF GYMNASTICS TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achievemenls and performanco a. Main achievernents of the Charity Fundraising was 'low key this year given the ongoing cost of living situation. We had the usual balcony refreshments at competitions and our in-house compelitions were once again very successful. Sales of merchandise at POS and at competitions proved popular again this year and there are Opiions in place for 2025 for more social & family oriented fund raising events such as a fun run and Bar-B-Que. A close eye is being kept on the operational performance of the heating system lo the back gym which may be coming toward the end of its serviceable life. Quotes will be obtained during Q1-Q2 for the replacement. There was a Christmas Display this year which proved to be a great success both as a fundraiser and for all the enjoyment it gave to the participants and audience members alike. A big thank you to all involved in the organisation and the volunleers who helped with refreshments and setting up. We should like to extend a huge thank you to all of our staff and coaches who continue to work as a team keeping our gymnasts and parents engaged and supportive of the Club. We should also like to extend our thanks once again lo Andrea Cook and Emma Elkin. our Accountant, who continued to work tirelessly throughout the year once more to ensure we maintained a sleady financial position to safeguard the Club's ongoing success. 2024 was Lesley Aldon's last year as Treasurer. She has stepped down after over 3 years of providing financial and commercial oversight. She will be a great loss to Ihe committee and we extend a big thank you from the club and all who have worked alongside her. A search for her replacement is underway. Page 3
COLCHESTER SCHOOL OF GYMNASTICS TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Financlal revlew Financlal revlew The unaudited accounts for the year ended 31 December 2024 show a surplus of £37,088 (2023: £51 ,870). The gym has had a very successful year with classes operating once again al near full capacity. A large waiting list continues to provide comfort in maintaining income levels and the continued success of the club. We continue to manage our costs and resources efficienlly to ensure the SLsccessful operation of the gym. However, rising wages. employer taxation and utility costs poses a significant financial burden and threatens the level of future surplus expectations. We will continue to produce monthly financial reporting wth Management Accounts reviewed quarterly at trustee level, to enable proactive decision making and to provide assurances to our members that the gym is able to meet ils financial, social and charitable objectives. ncome Total incoming resources for this year of £867,599 (2023: £812,151) represents an increase of 7f/*• on the prior year. The key increases in income can be attributed to a strong gr0h in Trampoline class (11Yo increase). preschool class {23 % increase) and Artistic Gymnastic income19°/0 increase). Recreation class income remains strong, with classes at full capacity, and remains vital in supporting the gym's diverse class availability. Fundraising has been successful for the year with a well supported calendar of competitions and the 2024 Christmas Show, all held at the gym. Other income such as vending and retail sales continue to provide additional funding support for gymnastic activities. Expenditure Total outgoing resources for the year were £830,511 {2023: £760,281), an increase of 9Y¢ on the prior year. The key increase is attributable to payroll (8¥0 increase) and energy cosls (260/0 increase). With the increase in National Minimurn Wage, employer taxation and utility prices, these significant costs have been thoroughly reviewed and carefully budgeted for 2025. Management and the trustees will continue to collectively monitor and review all costs going forward. Balance sheet The net assets of the club remain in a strong positive position and can be credited to the careful control of costs and the full capacity of classes. Debtors are minimal due to the implementation of new gym software for fees and subscriptions. The Truslees have reviewed tho level of funds held by the Charity al 31 December 2024, and a decision was made to designale £35,000 of unrestricted funds. Detailed descriptions of the nature of these designations are included in note 18 of the accounls. b. Golng concern After making appropriate enquiries, the Trustees have a reasonable expeclation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in Ihe accounting policies. Page 4
COLCHESTER SCHOOL OF GYMNASTICS TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 c. Reserves pollcy Free reserves are considered with reference to the Analysis of Net Assets in Note 20 and are calculated by deducting the fixed assets from the unrestricted fund. The primary asset of the Charily is the building that we occupy to provide our charitable aims. This, along with all other fixed assets. means that £920,758 of Charity funds can only be realised by disposing of tangible fixed assets. For the purposes of short and medium-term financial management, the Trustees are concerned with the management of working capital, and the healthy working capital position is entirely in line with their policy of holding free resources sufficient to fund three months of ongoing unrestricted expenditure to cover the eventuality of a material decline in incoming resources. This reserves policy of three months of unrestricted expenditure is estimated to be in the region of £200,000. Free reserves as at the end of December 2024 were £325.374. This does not include the value of any designated reserves. The Trustees are aware that reserves levels are in excess of the slated policy, however, predicted cost increases are likely to impacl on reserves levels, and the Twstees will continue to review and discuss these throughout 2025, ensuring funds are available for future projects and expendilure as required. d. Malerlal Investments pollcy All material investments made by the club are subject to approval by the Committee and must onty be made in accordance with the School's objectives. e. Prlncipal risks and uncertalntles The key risk facing the Charity at the moment is the overall cost increases being faced, particularly in respect ol energy costs and interesl rates, but also across the board with inflationary pressure. Regular, careful monitoring and review of the Charitys financial position is going to minimise this risk. Major risks have been reviewed and systems or procedures have been established to manage those risks. f. Flnanclal rlsk management objectlves and pollcles The School's policy requires that three months of expenditure is retained in the bank account at all times in the event of unexpected drop in income. Outgoing payments by Ihe School are subject to approval limits and bank transactions include secondary signature by either the Chairperson or Treasurer. Management accounts are prepared and reviewed on a regular basis, including comparison to prior year and budget. g. Prlnclpal fundlng The School is wholly reliant on fees and donations for sustainability and does not receive regular grants from third parties. Page 5
COLCHESTER SCHOOL OF GYMNASTICS TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structure, governance and management a. Constilution Colchester School of Gymnastics is a registered charity, number 1154320. The School is a Gharitable Incorporated Organisation incorporated in October 2013. The Association Constitution was amended in March 2022. b. Melhods of appointment or elecllon of Trustees for trusteeshi (a) Every charity trustee must be a natural person. (b) No one may be appointed as a charitytrustee- if he or she is under the age of 16 years. or if he or she would automatically cease to hold office by virtue of section 178-180 of the Charilies Act 2011 . (c) No one Is entitled to act as a charity trustee whether on appointment or on any reappointmenl until he or she has expressly acknowledged, in whatever way the charty trustees decide, his or her acceptance of the office of charity trustee. (d) At least one of the Irustees of the CIO must be 18 years of age or over. there is no trustee aged at least 18 years, the remaining trustee or trustees may act only to call a meeting of the charity trustees, or appoint a new charity trustee. There must be at least three charity trustees. 11 the number falls below this minimum, the remaining trustee or trustees may act only to call a meeting of the charity trustees or appoint a new charity trustee. At every annual general meeting of the members of the CIO, subsequent to the first AGM, one-third of the charity trustees shall retire from office. If the number of charity trustees is not three or a multiple of three, then the number nearest to one-third shall retire from office, but if there is only one charity trustee, he or she shall retire. The charity trustees to retire by rotation shall be those who have been longest in office since their last appointment or reappointment. If any trustees were last appointed or reappointed on the same day those to retire shall (unless they otherwise agree among themselves) be determined by lot. The members or the charity trustees may at any time decide to appoint a new charity trustee, whether in place of a charity trustee who has retired or been removed, or as an additional charity trustee. There is no specified limit on the number of truslees. Page 6
COLCHESTER SCHOOL OF GYMNASTICS TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structurei governance and management (contlnued) c. Organlsalional struclure and declslon-maklng pollcles The charity trustees shall manage Ihe affairs of the GIO and may for that purpose exercise all the powers of the cio The school shall be managed by a committee of trustees to include a Chairman, Secretary, Treasurer and Welfare Officer. There shall be a representative from each section of the club represented (female gymnasts and male gymnasts) and the Local Authority shall be entitled to nominale a representative to seNe on the committee. The Centre Manager andlor any Departmenta] Head may be present for part of or all of any meeting at the specrfic request of Ihemselves or the Trustees. Day-to-day business decisions are made by the Committee-appointed Centre Manager. For larger financial or substantial personnel decisions, the Centre Manager will approach the Committee for approval. d. Pollcles adopted for the Inductlon and tralnlng of Trustees We have a Welcome Pack which is made available to new Trustees containing a Guide to The Role of CSG Committee and a copy of the Constitution. e. Pay policy lor key management personnel A pay structure is in place for full-time members of staff according to their roles, and for coaching staff the rate of pay is dependent upon age and qualification. f. Related party relatlonships Five of the Trustees of Colchester School of Gymnastics are related to staff members who are retained with a contracl of employment. The aggregate value of the contracl of employment is immaterial. The related party Iransactions were on terms equiva19nt to those of other members of staff. Plans for future perlods Our main focus will be to continue to ensure the luture viability of the School and providing relevant opportunities for our community members and staff. We will continue to support and encourage training and development opportunities to all coaches and staft members Equipment under review for replacement in 2025 includes the pit and the pit foam logs. We will continue to monitor the condition and life ol equipment, and repair or replace when required. Health and safety of our employees and members remains our priority at all times Members, Ilablllly If the CIO is wound up, the members of the CIO have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities. Page 7
COLCHESTER SCHOOL OF GYMNASTICS TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Statement ol Trustees, responsibililies The Trustees are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Praclicel. The law applicable to charities in England & Wales requires the Trustees to prepare financial stalements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources. including its income and gxpenditure. for that period. In preparing th8se financial statemenls, the Trustees are required to.. select suitable accounting policies and then apply them consistently. observe the methods and principles of the Charities SORP {FRS 102)- make judgments and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Slandards (FRS 102> have been followed. subject to any material departures disclosed and explained in the financial statements- prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the Charity will continue in business. The Truslees are responsible for keeping adequate accounting records thal are suff icient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Constitution. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by.. Adam Harrlngion Chair Date: 91 Page 8
COLCHESTER SCHOOL OF GYMNASTICS INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Independent examiner's r8POrt to the Trustees of Colchester School of Gymnasllcs {'the Charity,) I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2024. Responsibllltles and basls of report As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the 2011 AGt'}. I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Direolions given by the Gharity Commission under section 14515){b) of the 2011 Act. Independent examlner's statement Since the Charitys gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examinalion because l am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies. Your attention is drawn to the facl that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance wilh Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred lo in the extant regulations but has been withdrawn. l understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause lo believe that in any material respect: accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act. or the accounts do not accord with those records. or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair. view which is not a matter considered as part of an independent examinalion. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely to the Charivs Trustees, as a body, in accordance with Part 4 of the Chartties (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charitys Trustees those matters l am required lo state to them in an Independent examinerfs report and for no other purpose. To the fullest extent permitted by law, I do nol accept or assume responsibility to anyone other than the Charily and the Charity's Trustees as a body, for my work or for this report. Page 9
COLCHESTER SCHOOL OF GYMNASTICS INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Signed.. Dated: 11 +r& 2025 FCCA FMAAT Daniel Aldworth Griffin Chapman Chartered Accountants 4 & 5 The Cedars Apex 12 Old Ipswich Road Colchester Essex C07 7QR Page10
COLCHESTER SCHOOL OF GYMNASTICS STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Restricted Unrestrictod funds lunds 2024 2024 Total funds 2024 Total lunds 2023 Nots Income from. Donations and legacies Charitable activities Other Irading activities Investments 1,800 150 1,800 784,067 76.968 4,764 1,800 752,407 56,097 1,847 783,917 76,968 4,764 Total income 1,950 865,649 867,599 812,151 Expenditure on: Raising funds Charitable activities 52,039 772,241 52,039 778,472 36,055 724,226 6,231 Total expenditure 6,231 824,280 830,511 760,281 Net (expendlture)Ilncome Transfers between funds (4,281) 499 41,369 (499) 37,088 51,8711 18 Net movement In funds (3,782) 40,870 37,088 51,870 Reconcilialion of funds: Total funds brought forward Net movement in funds 54,746 (3,782) 1,191,903 40,870 1,246,649 37,088 1,194,779 51.870 Totsl funds carried forward 50,964 1,232,773 1.283.737 1.246,649 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 15 10 34 form part of these financial statements. Page11
COLCHESTER SCHOOL OF GYMNASTICS BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Fixed assets Tangible assets 13 920,758 905,688 920,758 905,688 Current assets Stocks Debtors Cash at bank and in hand 14 15 9,280 7,359 573,913 4,472 5. 796 540,542 590,552 550.810 Creditors: amounts falling due within one year 16 (167,267) (133. 700) Net current assets 423,285 417,110 Total assets less current liabllltles 1,344,043 1,322.798 Creditors: amounts falling due after more than one year 17 (60,306) (76,149) Net assets excludlng penslon asset 1,283,737 1,246,649 Total nei assets 1,283,737 1,246,649 Charity funds Restricted funds: Restricted funds Restricted fixed assel funds 18 18 2,605 48,359 4.688 50.058 Total restricted funds Unreslricted funds 18 18 50,964 1,232,773 54,746 1.191.903 Total funds 1,283,737 1,246,649 The financial stat8ments were approved and aulhorised for issue by the Trustees on 31 2025 and signed on their behalf by: Page 12
COLCHESTER SCHOOL OF GYMNASTICS BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 Adam Harrington Chair Lesley Aldo Treasurer The notes on pages 15 to 34 form part of these financial statements. Page 13
COLCHESTER SCHOOL OF GYMNASTICS STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Cash flows from operatlng actlvities Net cash used in operating activities 94,409 83.913 Cash flows from Investing activities Dividends. interests and rents from investments Proceeds from the sale of tangible fixed assels Purchase of tangible lixed assets 4,764 (718) (43,061) 1,762 1.132 (54,917) Net cash used in Investlng actlvllles (39,015) (52,023) Cash Ilows from flnanclng activities Repayments of borrowing Interest paid (14.329) (7,694) (73,356) {8,409) Nei cash used In flnanclng activities {22,023) {21,765) Change In cash and cash equivalents In the year Cash and cash equivalents at the beginning of the year 33,371 10,125 530,417 540,542 Cash and cash equivalents at the end of the year 573,913 540,542 The notes on pages 15 to 34 form part of these financial statements Page 14
COLCHESTER SCHOOL OF GYMNASTICS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 General information The CharitabSe Incorporated Organisation (CIO) 1154320 was registered on 23rd October 2013. to take foNard the work of the Unincorporated Association registered number 1002911. Assets, liabilities and funds were transferred. The members of the CIO are the Trustees named on page 1. The presentation currency of the financial statements is the GBP Pound Sterling (£1. Accountlng pollcies 2.1 Basis of preparallon of flnanclal statements The financial statements 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} (effecttve 1 January 20191, the Financial Reporting Slandard applicable in the UK and Republic of Ireland IFRS 102} and the Charities Act 2011. The financial statements have been prepared to give a 'true and fair, view and have departed from the Charilies {Accounts and Reports) Regulations 2008 only to the extent required to provide a 'lrue and fair, view. This departure has involved following the Charilies SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Slatement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. Colchester School of Gymnastics meets the definition of a public benefit entty under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 22 Going concern The Trustees assess whether the use of going concern is appropriate i.e. whelher there are any material uncertainties relaled to events or conditions that may cast significant doubl on the ability of the charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the charity has adequate resources to continue in operational existence for the foreseeable future and Ihere are no material uncertainties about the charivs ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements. Page 15
COLCHESTER SCHOOL OF GYMNASTICS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (contlnued) 2.3 Income All incoming resources are included in the Statement of Financial Activities {SoFA) when the charity is legally entitled to the income after any performance conditions have been met. the amount can be measured reliably and it is probable that the income will be received. The Charity operates a discount slructure on gymnastics fees, which are recognised in direct costs. Discounts do not apply to merchandise. competition fees or affiliations. No amount is included in the financial slatemenls for volunteer time in line with the SORP. Further detail is given in the Trustees, Annual Report. For donations to be recognised. the charity will have been notified of the amounts and the settlement date in writing. Amounts are recognised upon enlitlemenl. If there are conditions attached to tho donation and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met. Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and seiCe8 in order to raise funds and is recognised when entillement has occurred. Investment income is earned through holding assels for investment purposes such as short term savings and deposil accounts. 5t includes dividends. interest and rent. Interest income is recognised as the charity's right to entitlement occurs. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. 2.4 Expendlture Expendilure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category. Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charitys objectives. as well as any associated support costs. Redundancy costs and termination payments are charged to the income statemenl in the year in which an irrevocable commitment is made to incur the costs. All expenditure is inclusive of irrecoverable VAT. Page 16
COLCHESTER SCHOOL OF GYMNASTICS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles (contlnued) 2.5 Governmenl grants Government grants are recognised using the performance model. Under the p9rformance model, where the grant does not impose specified future performance-related conditions on the recipienl, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-relaled conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability. 2.6 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity- this is normally upon notilication of the interest paid or payable by the institution with whom the funds are deposited. 2.7 Taxatlon The Charity is considered to pass the tests set out in Paragraph 1 Schedule 8 of the Finance Act 2010 and therefore it meets the definition of a charitablo company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporalion Ta Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 2.8 Tangible fixed assets and depreclatlon Tangible fixed assets costing £500 or more are capitalised and recognised when fulure economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model. tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Page 17
COLCHESTER SCHOOL OF GYMNASTICS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcies (contlnued) 2.8 Tangible fixed assets and depreclation (continued) Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. using the straight-line method. Depreciation is provided on the following bases: Gym equipment- fixed Gym equipment- unfixed Premises improvements Fixtures and fittings Ollice equipment 10-25years 5-10years 10-20years 5- 10years 3- 10years Gains and losses on disposals are determined by comparing the proceeds with th8 carrying amount and are recognised in the Statement of financial activities. The property is nol being depreciated as the Trustees consider that this will appreciate over time and therefore they consider leaving the property at the original cost is a more realistic reflection of the value. 2.9 Stocks Stocks are valued at the lower of cost and net realisable value. 2.10 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.11 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.12 Liabilitles and provlslons Liabililies are recognised when there is an obligation at the Balance sheet date as a resutt of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised al the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where Ihe effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks sp8cific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. Page 18
COLCHESTER SCHOOL OF GYMNASTICS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounllng pollcles (contlnued) 2.13 Flnanclal Instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.14 Operaling leases Rentals paid under operating leas8s are charged to the Statement of financial activitigs on a straight- line basis over the lease term. 2.15 Pensions The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year. The assets of the scheme are held separately from those of the charity in an independently administered fund. Paymenls to defined contribution pension schgrnes are charged as an expense when they fall due. 2.16 Fund accountlng General funds are unrestricled funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by tha Trustees for particular purposes. The aim and use of each designated lund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Income from donations and legacies Restrlcted tunds 2024 Total funds 2024 Total funds 2023 Donations 1,800 1.800 1,800 Total 2023 1,800 1,800 Page 19
COLCHESTER SCHOOL OF GYMNASTICS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income from charllable activities Restrlcled Unrestricted lunds funds 2024 2024 Total funds 2024 Total funds 2023 Income from charitable activities 150 783.917 784,067 752,407 Total 2023 752.407 752,407 This includes the provision of gymnastic coaching. holiday classes, drop in sessions and facililies hire charges. Income from other trading actlvltles Income from fundralsing events Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 Fund generation 23,621 23,621 19,431 Total 2023 19,431 19,431 During the year various fundraising activities took place including raff les and Christmas Display. Income from non charitsble tradlng actlvltles Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 Trading income 53.347 53,347 36,666 Total 2023 36,666 36,666 The Charity raises funds by providing vending machines for public use on site and sells specialist clothing and consumables for gymnasts. Page 20
COLCHESTER SCHOOL OF GYMNASTICS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Inveslmenl income Unrestricted funds 2024 Total funds 2024 Total lunds 2023 Investment income 4.764 4,764 1,847 Total 2023 1,847 1,847 Expenditure on raising tunds Fundralslng iradlng expenses Unrestricted funds 2024 Total funds 2024 Total funds 2023 Costs of generaling funds 52,039 52,039 36,055 Total 2023 36,055 36,055 This includes costs associaled with the vending machines and clothing and consumable sales. Page 21
COLCHESTER SCHOOL OF GYMNASTICS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis ol expendllure on charltable actlvltles Summary by fund lype Restricted Unrestricted funds funds 2024 2024 Total 2024 Total 2023 Charitable activities expenditure Governance costs 6.231 768,851 3.390 775.082 3,390 722, 726 7,500 Total 2024 6,231 772,241 778,472 724,226 Total 2023 3,623 720,603 724,226 Analysls of expendlture by activities Aclivilies undertaken dlrectly 2024 Support costs 2024 Total funds 2024 Total lunds 2023 Charitable activities expenditure Governance costs 484,077 291,005 3,390 775,082 3,390 722, 726 1,500 Toial 2024 484,077 294,395 778,472 724,226 Total 2023 445,644 278,582 724,226 Page 22
COLCHESTER SCHOOL OF GYMNASTICS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysls ot expendilure by aclivilles (conllnued) Analysis ot direct costs Charitable activities 2024 Total funds 2024 Total funds 2023 Wages and salaries - coaching Equipment costs Gymnastics costs Discounts allowed 407.437 25,142 39.732 11,766 407,437 25,142 39,732 11,766 373,255 23.890 36,091 12,408 Total 2024 484,077 484,077 445,644 Total 2023 445,644 445,644 Analysis of support costs Charitable Governance aclivilies cosls 2024 2024 Total funds 2024 Total fvnds 2023 Wages and salaries - other staff Other staff costs Premises costs Bank charges and card fees Olher overheads Other staff costs Interest payable Governance costs 114,369 28,709 92,823 24,994 16,439 5,977 7.694 114,369 28,709 92,823 24,994 16,439 5,977 7,694 3,390 109,980 23,334 91,390 22,096 17,456 4.417 8,409 1,500 3,390 Total 2024 291,005 3.390 294,395 278,582 Total 2023 277,082 7,500 278,582 10. Independent examiner's remuneratlon The independent examiner's remuneration amounts to an independent examiner fee of £1,575 (2023 £1,500), and preparation of the accounts from a trial balance of £1,575 {2023 - £ -}. Page 23
COLCHESTER SCHOOL OF GYMNASTICS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11. Staff costs 2024 2023 Wages and salaries Social security Costs Contribution to defined contribution pension schemes 491,437 22,354 8,015 457,355 18,764 7.116 521,806 483.235 The average number of persons employed by the Charity during the year was as follows: 2024 No. All staff 57 No employeg received remuneration amounling to more than £60.000 in either year. The total amount of employee benefits (including employer pension contributions and employer national insurance conlributionsl received by key management for their services to the Charity was £66,908 {2023.. £76,942). Key management compris8S the senior leadership team. 12. Trustees, remuneralion and expenses During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 December 2024, no Trustee expenses have been incurred (2023 - ). Page 24
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COLCHESTER SCHOOL OF GYMNASTICS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13. Tangible flxed assets (continued) Colchester School of Gymnastics lease the land on which the premises is sited (title number EX37410) from Colchester Borough Council for a peppercorn renl of £1,700 per year. There is no recognition as a fixed asset for this. The propety, recognised as fixed assets above. relates to the building that was subsequently built on the leased land - consisling of the gym hall. offices, rooms and car park. The gym was further exlended in 2014 and the cost of this was also capitalised at the time. 14. Stocks 2024 2023 Clothing, vending and other stock 9.280 4,472 15. Debtors 2024 2023 Due within one year Trade debtors Prepayments and accrued income 195 7,164 1.488 4,308 7,359 5, 796 16. Creditors: Amounts falllng due wlthln one year 2024 2023 Bank loans Trade creditors Other taxation and social security Other creditors Accruals and deferred income 15,831 {174) 6,983 1,860 142.767 14,317 (263) 7,740 1.780 110,126 167,267 133, 700 Page 26
COLCHESTER SCHOOL OF GYMNASTICS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Deferred income at 1 January 2024 Resources deferred during the year Amounts released from previous periods 94,031 128,124 (94,031) 91,883 94.031 (91,683) 128,124 94.031 Income in advance relates to classes and sessions paid for in advance. The Club collects and pays over British Gymnastics and Eastern Counties Gymnastics Association fees paid by members to the Club. Where these fees are not yet paid over to Ihe two organisations, at year end. they are recorded on the Balance Sheet. There were no such fees included in Income In Advance at the year end, for both this year and last year. Amounts do not show on the SOFA. 17. Creditors: Amounts falllng due after more Ihan one year 2024 2023 Bank loans 60,306 76,149 The loan with CAF Bank is on a capital and repayment basis. Page 27
COLCHESTER SCHOOL OF GYMNASTICS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 18. Slalement of funds Slaiement of funds - current year Balance at 31 December 2024 Balance ai 1 January 2024 Transfers in/out Income Expendltur8 Unrestricted funds Designated funds New heating system Refurbishment Seating 25,000 25,000 10,000 25,000 (25.000) 10,000 60,000 (25,000) 35,000 General funds Unrestricted funds 1,131,903 865,649 (824,280) 24,501 1,197,713 Tolal Unrestrlcled funds 1,191,903 865,649 (824,280) {499} 1,232,773 Restricted funds Jack Petchey Other restricted funds 4,688 1.800 150 (2,581) (1,302) (150) 2,605 4,688 1,950 (2,581) (1,452) 2,605 Restrlcted flxed assets funds Car park and equipment 50,058 {3,650) 1,951 48,359 Total Restried funds 54,746 1,950 (6,231) 499 50,964 Total of funds 1,246,649 867,599 (830,511) 1,283,737 Page 28
COLCHESTER SCHOOL OF GYMNASTICS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 18. Slalement ot funds (contlnued) Restricted Funds Restricted funds are subject to specific condilions by donors as to how they may be used. During the year Ihe Charity received £1,800 from The Jack Petchey Foundation, as part of the Achievement Awards scheme. Each award winner receives a certificate. pin badge and a book frorll Sir Jack Petchey as well as choosing how to spend £300 to benefit the club. Expenditure in the year has gone towards equipment and a team activity. In addition. £1 ,302 of this grant funding in the year, was transferred to Restricted fixed assets, to support the purchase of some gym equipment. £150 of restricted income was recewed towards a gymnast's trampolining course costs and this was transferred to unreslricted funds, in the year. The Restricted Fixed Assel Reserve has any equipment that has been bought using restricted funds capitalised into it, along with the capilalisation of the car park. The NBV of the car park as at 31.12.2024 was £43,151 and the equipment was £4.560. Designated Funds Designated funds comprise funds which have been set aside at the discrelion of the Trustees for specific purposes. During the year. the previously designated amount of £25,000 was transferred to unrestricted general reserves. to support expenditure in completing the refurbishment project. This leaves £35,000 of designated reserves at year end. Unrestricted Funds All other donations were unrestricted. Unrestricted Funds are available for use at the discretion of the Trustees in lurtherance of their charitable objectives unless they have been designated for other purposes. A Iransfer was made from the unrestricted fund, of £649, to support Rgstricted fixed asset reserves expendilure. Page 29
COLCHESTER SCHOOL OF GYMNASTICS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 18. Stalement of funds (continued) stsiement of funds - prior year Balance al 31 December 2023 Balance al l January 2023 Transfers in/ou¢ Income Expenditure Unrestricted funds Deslgnated funds New heating system Refurbishment Seating Sprung floor 25,000 25,000 25,000 yo,000 25,000 10.000 (45,000) 45.000 70.000 {io,000) 60,000 General funds General Funds - all funds 7,060, 106 810,351 (756,659) 18.105 1,131,903 Total Unrestricted funds 1.130, 106 810,351 (756,659) 8,105 1,191.903 Reslrlcted funds Jack Petchey ECGA Bursary Lighting Awardlother 6,156 1.375 6,889 1,800 (269) (2,999) (1,375) (6,889) 4,688 14,420 1,800 (269) (11,263) 4,688 Restricted flxed asset funds Car park and equipment 50,254 (3,354) 3,158 50,058 Tolal Reslrlcled funds 64,674 1,800 (3,623) (8,105) 54, 746 Total of funds 1,194,780 812,151 (760,282) 1,246,649 Page 30
COLCHESTER SCHOOL OF GYMNASTICS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 19. Summary of funds Summary of funds - current year Balance at 31 December 2024 Balance at 1 January 2024 Translers inlout Income Expendlture Designated tunds General funds Restricted funds Restricled fixed asset funds 60,000 1,131,903 4,688 50,058 (25,000) 24,501 <1,452) 1,951 35,000 1,197,773 2,605 48,359 865,649 1,950 (824,280) (2,581) (3,650) 1,246,649 867.599 (830,511) 1,283,737 Summary of funds- prior year Balance al 31 Decembei 2023 Balance at l January 2023 Transfers in/oul Income Expenditure Designaled funds General funds Restricted funds Restricted fixed asset funds 70,000 1,060, 106 Y4,420 50,254 (10,000) 18,105 (11,263) 3,158 60,000 1,131,903 4,688 50.058 810,351 Y,800 (756,659) (269) (3,354) 1,194,780 812, 151 (760,282) 1,246,649 Page 31
COLCHESTER SCHOOL OF GYMNASTICS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 20. Analysis of net assels between lunds Analysis of net assets between funds - current perlod Restricted Restrlcted flxed asset Unrestrlcted funds funds funds 2024 2024 2024 Tolal funds 2024 Tangible fixed assets Current assels Creditors due within one year Creditors due in more than one year 48,359 872,399 920,758 587,947 590,552 (167.267) {167,267) {60,306) {60,306) 2,605 Total 2,605 48,359 1,232,773 1,283,737 Analysls of nel assets between funds - prlor porlod Restricteo Restricted fixed assel Unrestricteo funds funds funds 2023 2023 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 50,058 855,630 905,688 546,122 550,810 (133,700) (133, 700) (76,149) (76.149) 4.688 Total 4.688 50,058 1,191.903 1,246,649 Page 32
COLCHESTER SCHOOL OF GYMNASTICS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 21. Reconclllatlon ol net movement In funds to net cash f low from operallng actlvltles 2024 2023 Net income lor the period {as per Slatement of Financial Activities) 37,088 51,870 Adjustments for: Depreciation charges Loss/(profit) on the sale of fixed assets Decrease/(increase) in stocks Decreasel(increase) in debtors Increase in credttors Interest paid Interest received 28,709 23,333 (104) 386 1,581 198 8,409 (1,762) (4,808) (1,563) 32,053 7,694 (4,764) Net cash provlded by operatlng acllvltles 94.409 83,911 22. Analysls ol cash and cash equlvalents 2024 2023 Cash in hand 573,913 540,542 Total $h and cash equivalents 573,913 540,542 23. Analysis of changes in nel debt At1 January 2024 Cash flows At31 December 2024 Cash at bank and in hand Debt due within 1 year Debt due after l year 540,542 (14,317) (76,149) 33,371 {1,514) 15,843 573,913 (15,831) (60,306) 450,076 47,700 497,7T6 Page 33
COLCHESTER SCHOOL OF GYMNASTICS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 24. Penslon commltments The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independenlly adminislered fund. The pension cost charge represenls contributions payable by the charity to the fund and amounted to £8,015 (2023 - £7.116}. £1,734 (2023 - £1,780) was payable to the fund at the balance sheet date and are included in creditors. 25. Operating lease commitmenls At 31 December 2024 the Charity had commitments to make fulure minimum lease payments under non- cancellable operating leases as follows: 2024 2023 Not later than 1 year Later than 1 year and not later than 5 years 7,491 3,664 6,326 12,261 11,155 18.587 The following lease payments have been recognised as an expense in the Statement of financial activities: 2024 2023 Operating lease rentals 7,338 8.640 26. Related party transactions During the year, five of the Trustees of Colchester School of Gymnastics were related to staff members who are relained with a contract of employment. The aggregate value of the contract of employment is immaterial. The related paty transactions were on terms equivalent to those of olher members of staff. Page 34