Charlty registration number. 1158811 North Devon Display Gymnastics Club Annual Report and Financial Statements for the Year Ended 31 March 2024 WESTCOTTS CHARTERED ACCOUNTANTS & BUSIII*S$ ADVISÉRS
North Devon Display Gymnastlcs Club Contents (continued) Reference and Administratlve Details Trustees, Réport 2to4 Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the Financlal Statements 8t018
North Devon Dlsplay Gymnastics Club Reference and Admlnistrative Details Trustees: Victoria White Jayné Poole Claire Fowler Michelle Atkinson Heather Lofthouse (appointed 16 November 2023) Samantha Shorey (resigned 23 April 2024) Michelle Gordon (resigned 24 April 2024) Leila Eastman (resigned 16 November 2023) Susan Cawsey (resigned 13 June 2024) Claire Chamberlain (resigned 16 November 2023) Janine Hammon (resigned 16 November 2023) Charity Reglstration Number 1158811 Prlnclpal Office Unit 9a Caddsdown Industrial Estate Bideford Devon EX39 3DX Indep8ndent Examiner Westcotts (SW) LLP Independent Examiner 47 BoLrtport Street Barnstaple Devon EX31 1 SQ Page 1
North Devon Display Gymnastics Club Trustees. Report The trustees present the annual report together with the financial statements of th8 charity for the year ended 31 March 2024. Structure, governance and management Nature of governing document The club is governed by a constitution dated 8th October 2014. The twstees are appointedlremoved by a democratic process. The club became an Incorporated Charitable Organisation (CIO) on the 8th October 2014. This is a technical change of status similar to a Limited Company and affords the trustees a limited liabilty with legal requirements of the Club. It has made no difference to the way the members see the Club run on a daity basis. Claire Fowler, Jayne Poole, Vickie White and Michelle Gordon who are employees of the Club are also trustees of the Club. The salary they re1ve relates entirely to their employment duties. They receive no payment in respect of their positions as Trustee. The impact of Employment and Data Protection legislation is ongoing and built into budgets. In recognition of the ever-increasing statutory requirements on the Club and in particular, employers, the Trustees have had to consider the financial and personnel effect that the regular increases in the minimum wage, living wage and pensions has and will make. With that in mind efforts have been made to increase classes and absorb those waiting for places as quickly as possible. The Club's accountants who run the payroll, along with personnel guidance and advice, also administer the workplace pension scheme. Objectlves and activltles Objects and alms To advance the physical education and development of children by the provision of gymnasium facilities and instruction in gymnastics. It has always been and remains the ethos of the Club to be open to all as a grass roots Club embedded in the Community. In doing this our aims are to bring the sport of Gymnastics and the associated activities of the North Devon Display Gymnastics Club to as many people of all ages and abilities as possible and to have a reputation built around Accessibilty, Inclusion, Safety, Enjoyment and Aspiration. In being fortunate to have such positive and motivated teams both as Trustees and in Coaching, it was inevitable there would be success and continuing developments in the Club administration, Coach Education, Individual Gymnasts and the Display Team. Public beneftt In planning our activities for the year, we kept in mind the Charity Commission guidance on publi benefrt. As mentioned above our activities are open to all children regardless of their age or ability. The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Page 2
North Dovon Display Gymnastics Club Trustees. Report (contlnued) Flnancial review The net assets of the Club are £72,593 as at 31st March 2024 (2023.. £81,147). Total income for the year decreased from £117,937 in 2023 to £113,722 in 2024. Expenditure totalled £122,772 in 2024 con).pared with £98.523 in 2023. The total bank and cash held in all accounls as at 31st March 2024 totalled £67,671, this compares with the total bank and cash balance of £77.954 as at 31st March 2023. Policy on reserves To address the Club's long-lerm liabilities and responsibilities, the Trustees set up a contingency bank acGount with the aim of accumulating enough funds to cover 6 months of outgoings in reserve. Thi5 gives stability and security. At the year end the unrestricted reserves stood at £61.256 (2023: £77,209). This equates to 6 months of unrestricted expenditure. At the year end the restriGted reserves stood at £11,337 (2023: £3,938). Plans for future perlods Alms and key objectlves for future periods The Twstees, aini is for th8 Club to own its own facility which will house both gymnastic and social events in safety and comfort. To this end funds will be set aside and fund raisiny efforts will be made. In closing, the Club continues in a strong and healthy condition and is always striving to improve and develop. Page 3
North Devon Display Gymnastics Club Trustees. Report (continued) Statement of Trustees. Responsibilltles The trustees are responsible for preparing the trustee", report and the financial statements in ac¢ordanca with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and applir.ation of resources of the charity for that period. In preparing these financial statements, the trustees are required to.. select suitsble accounting policies and then apply them consistently-, observe the methods and principles in the Charities SORP", make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements" and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the ch8rity and enable tliem to ensure tnal the financial statements comply with the Charities Act 2011, the Charitie5 {Accounls and Reports) Regulations 2008. and the provisions of the constitution. The trusteee .rL also responsible for safeguarding the assets of the charity and hence for taking reasonable stCPS Inr the pr8vention and delection of fraud and other irregularities. The trijstees are responsible for the maintenance ana ',.Itegrity of the corporate and financial information included on the charitable company's website. -8gislation goveming the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The annual report was approved by the trustees of the charity on behalf by: and signed on its Claire Fowler Trustee Page 4
North Devon Display Gym nastics Club Independent Examiner's Report to the trustees of North Devon Display Gymnastics Club I report to the trustees on my examinatlon of the accounts of North Devon Display Gymnastics Club for the ar ended 31 March 2024. Responsibllltles and basis of report As the charity trustees of North Devon Display Gymnastics Club you are responsible for the preparation of th8 accounts in accordan¢a with the requirements of the Charities Act 2011 (Ihe Act,). I report in respect of my examlnatlon of the North Devon Display Gymnastics Club's accounts carried out under section 145 of the 2011 Act and In canying out my examination I have followed all the applicable Directions given by the Charty Commisslon under sectlon 145(5llb) of the Act. Independent examlner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the exarninatlon giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of North Devon Display Gymnastics Club as required by section 130 of the Act; or 2. the accounts do not accord wSth those records. or 3. the accounts do not comply with the accounting 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 Gonsidered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attentlon should be drawn In this report in order to enable a proper understandlng of the accounts to be reached. Catherine Williams FCA DChA Westcolts (SW) LLP Independent Examiner 47 Boutport Street Barnstaple Devon EX31 1SQ Page 5
North Devon Display Gymnastics Club ststement of Financial Activities for the Year Ended 31 March 2024 Total 2024 Unrestricted funds Restricted funds Total 2023 Note Income and Endowments from: Donations and legacies Charilable activities Investment Income Other trading activities Total income 1,370 97,237 938 4,229 9,948 11,318 97,237 938 4,229 6,767 107,152 225 3,793 103,774 9,948 113,722 117,937 Expenditure on: Charitable activities 121,643 633 122,276 {98,523) Total expenditure Net (expenditure)lincome Gross transfers between funds 121,643 (633 122,276) 98,523 (17,869) 9,315 18,554) 19,414 1,916 (1,916 Net movement in funds Reconclliation of funds Total funds brought forward Total funds c8rried forward 18 (15,953) 7,399 (8,554) 19,414 77,209 3,938 11,337 81,147 72,593 61,733 61,258 81,147 All of the charity's activitie8 derive from continuing operations during the above two perlods. The funds breakdown for 2023 is shown in note 18. The notes on pages 8 to 18 form an integral part of these financial statements. Page 6
North Devon Display Gymnastics Club (Registration number: 1158811) Balance Sheet as at 31 March 2024 2024 2023 Note Flxed assets Tangible assets Current assets Stocks Debtors Cash at bank and in hand 13 2,401 1,253 14 15 2,222 2,474 67,671 72,367 (2,175) 1,726 2,445 77,954 82.125 Creditors: Amounts falllng due within one year Net current assets 16 2,231) 70,192 79,894 Net assets 72,593 81,147 Funds of the charlty: Restricted funds Unrestricted funds 11,337 61,256 72,593 3,938 77.209 Total charity funds 18 81,147 The fna iaj statement8 on pages 6 to 18 were approved by the trustees, and authorised for issue on Claire Fowler Trustee The notes on pages 8 to 18 fomi an integral part of these financial statements. Page 7
North Devon Display Gymnastics Club Notes to the Financial Statements for the Year Ended 31 March 2024 1 Accounting policies Statement of compliance The financial statements have been prepared in accordance with the second edition of the Charities ststement of Recommended Practice issued in October 2019. the Financial Reporting Standard applicable in the Untted Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. Basis of preparation North Devon Display Gymnastics Club meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(5) to these accounts. The financial statements have been prepared in sterling which is the functional currency of the charity. Summary of dlsclosure exemptions The charity has taken advantage of the exemptions in the Charities SORP (FRS 102) including the requirement to produce a cashflow as it is class8d as a small charity.. Going concern The trustees consider that there are no material uncertainties about the charity's abilty to continue as a going concern. Income and endowments Voluntsry income including donations. gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability. Donations and legacies Donations and legacies are recognised on a receivable basis when rec8ipt is probable and the amount can be reliably measured. Grdnts receivable Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released. Investment income Dividends are recognised once the dividend has been declared and nottrication has been rec8ived of the dividend due. Page 8
North Devon Display Gymnastlcs Club Notes to the Flnancial Statements for the Year Ended 31 March 2024 (continued) Expendlture All expenditure is recognised once there is a legal or constructive obligation to that expendiiure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consislent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Charltable actlvltles Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that Can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Support costs Support costs include central functions and have been allocated to 8Ctivity cost categorles on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage. Taxatlon The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable 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 Corporation Tax 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. Tangible flxed assets Individual fixed assets are Initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated Impaimient losses. Depreciation and amortlsatlon Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful onoMiC life as follows.. Asset class Fixtures and fittings Depreciation method and rats 25 % straight line Stock Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO). Cash and cash equlvalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Page 9
North Devon Display Gymnastics Club Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) Fund structure Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. Flnanclal instruments Classlflcation Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified ardIng to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. Recognition and measurement All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financi81 assets classified as at fair value through profit or loss, which are initially measured at fair value (which is nomially the transaction price excluding transaction costs), unless the 8rrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the Charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another paty. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. 2 Income from donations and legacles Unrestricted funds General Restricted funds Total 2024 Donatlons and legacles; Donations 1,370 9,948 11,318 1,370 9,948 11,318 Page 10
North Devon Display Gymnastics Club Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) Restrlcted funds Total 2023 Donations and legacles; Donations Grants Funding Agency Grant 5,267 5,267 1,500 1,500 6,767 6.767 3 Income from charitable activities Unrestrlcted funds General Total 2024 Fees KiVBadges Competitions Holiday Club Italy 2023 London Festival Oct 2023 Alton Towers 2024 76,510 1,050 1,778 1,750 10,989 4,635 525 76,510 1,050 1,778 1,750 10,989 4,635 525 97,237 97,237 Unrestricted funds Gèneral Total 2023 Fees KiUBadges Competitions London Festival Oct 2022 Holiday Club ltsly 2023 81,631 1.796 475 5,624 2,102 15,524 107,152 81,631 1,796 475 5,624 2,102 15,524 107,152 Page11
North Devon Display Gymnastlcs Club Notes to the Flnancial Statements for the Year Ended 31 March 2024 (continued) 4 Investment income Unrestricted funds General Total 2024 Bank interest receivable 938 938 Unrestricted funds General Total 2023 Bank interest receivable 225 225 5 Other tradlng activities Unrestrlcted funds General Total 2024 Fundraising events Gym hire 3.589 640 3,589 640 4.229 4,229 Unrestricted funds General Total 2023 Fundraising events Gn hire 2,908 885 2,908 885 3,793 3.793 6 Expenditure on charitable activities Unrestrlcted funds Goneral Restricted funds Total 2024 Nots Charitable activities Support costs 118,877 2,766 121,643 633 119.510 2,766 122,276 633 Page 12
North Devon Display Gymnastics Club Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) Unrestrlcted funds General Restrlcted funds Totsl 2023 Note Charitable activities Support costs 94,128 2,895 1,500 95,628 2,895 98.523 97,023 1,500 7 Analysis of support costs Support costs allocated to charitable actlvltles Total 2024 Total 2023 Independent Examination fees Payroll fees Bank Charges 1,646 1,000 120 1,775 1,000 120 2,766 2,895 8 Net Incomlngloutgoing resources Net {outgoing)lincoming resources forthe year include: 2024 2023 Depreciation of fixed assets 988 716 9 Trustees remuneration and expenses Claire Fowler, Jayne Poole, Michelle Gordon and Victoria White receive a salary entirely related to their employment duties, they receive no payment in respect of their positions as Trustees. The total amount of wages paid to Trustees during the year was £25,158 {2023.' £23,538). During the year. Trustees were reimbursed for expenditure incurred on behalf of the charity against receipts. No trustees have received any other benefrts from the charity during the year. Page13
North Devon Display Gymnastlcs Club Notes to the Financial Statements for the Year Ended 31 March 2024 {continu8d) 10 Stsff costs Th8 aggregate payroll costs were as follows". 2024 2023 staff costs during the year were: Wages and salaries Employer contributions to pension plans 51,582 408 45,193 344 51,990 45.537 The monthly average number of persons (including senior management I leadership team) employed by the Gharity during the year was as follows: 2024 No 13 2023 Employee 12 No employee received emoluments of more than £60.000 during the year 11 Independent examlner's remuneration 2024 2023 Examination of the financial statements 1,646 1.775 12 Taxation The charity is a registered charity and is therefore exempt from taxation. Page 14
North Devon Dlsplay Gymnastics Club Notes to the Financlal Ststements for the Year Ended 31 March 2024 (contlnued) 13 Tangible fixed assets Furnlture and equlpment Total Cost At 1 April 2023 Additions 26,254 2,136 26,254 2,136 At 31 March 2024 28,390 28,390 Depreclation At 1 April 2023 Charge for the year At 31 March 2024 25,001 988 25,001 988 25,989 25,989 Net book value At 31 March 2024 2,401 2,401 At 31 March 2023 1,253 1,253 14 Stock 2024 2023 Stocks 2,222 1,726 15 Debtors 2024 2023 Prepayments 2,474 2.445 16 Creditors: amounts falling due within one year 2024 2023 Other taxation and social security Accruals 308 1,923 2,175 2,175 2,231 Page 15
North Devon Display Gymnastics Club Notes to the Financial Statements for the Year Ended 31 March 2024 {continued} 17 Pension and othèr schemes Defined contribution penslon scheme The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charty to the scheme and amounted to £408 {2023 - £344). 18 Funds Balance at 1 April 2023 Balance at 31 March 2024 InGoming Resources resources expended Transfers Unrestrlcted funds General General Funds 77,209 103,774 (121,643) 1,916 81.256 Restricted funds Bideford Town Council Bideford Bridge Trust National Grid TDC- Equipment Repair Local Giving - Maglc Little Grant Alex Ferry Foundation 546 625 1,667 600 1,000 (1,012) (625) 534 (63) 1,604 600 500 (115) (164) (1,916) 385 8,214 11,337 8,948 9,948 (570 (633) 3,938 Total funds 81.147 113,722 122,276 72,593 Page 16
North Devon Display Gymnastics Club Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) Balance at 1 Aprll 2022 Balance at 31 March 2023 Incoming Resources resources expended Transfers Unrestricted funds General General Funds 61,687 111,170 (97,023) 1,375 77.209 Restricted funds Funding Agency Bideford Town Councll Bideford Bridge Trust National Grid TDC- Equipment Repair Local Giving - Magic Little Grant 1,500 500 2,000 1,667 600 {1,500) 46 546 625 1,667 600 11,375) 500 500 46 6,767 1,500 (1,275) 3,938 Total funds 61,733 117,937 (98,523 81,147 The purpose of the restricted funds are., Bideford Town Council awarded the charity £1,000 in May 2019 towards training. During the year an additional £1,000 was received towards equipment. Funding Agency - this grant was awarded to hire an apprentice. Bideford Bridge Trust - this was a grant provided for 8 media package to support training and the display team. National Grid this grant was for a hardship fund to assist families with costs. Torridge District Council this grant has been awarded to a8818t the charity with the repair and maintenance of equipment, Local Giving - Msgic Little Grant- this grant was given to assist the charity with a media package. Alex Ferry Foundation - received towards equipment and training. During the year, funds have been transferred from restricted to unrestricted funds once the funding has been utlised by the purchase of fixed assets and as a result the restrictions on the funds have been fulfilled. Page 17
North Devon Display Gymnastlcs Club Notss to the Financlal Statements for the Year Ended 31 March 2024 (continued) 19 Analysls of net assets between funds Unrestricted funds General Total funds at 31 March 2024 Restricted funds Tangible fixed assets Current assets Current liabilities 2,401 61,030 (2.175) 61,256 2,401 72,367 (2,175) 72.593 11,337 Total net assets 11,337 Unrestricted funds G•n8ral Total funds at 31 March 2023 Restrlcted funds Tangible fixed assets Current assets Current liabilities 1,253 78,187 (2,231 77,209 1,253 82,125 (2,231) 81,147 3.938 Total net assets 3,938 20 Related party transactions There were no related party transactions in the year. Page 18