Charity registration number: 1159361
Arabian School of Gymnastics
Annual Report and Financial Statements
for the Year Ended 30 June 2022
Isobel Green
Arabian School of Gymnastics
Contents (continued)
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 |
| Statement of Trustees' Responsibilities | 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 13 |
Arabian School of Gymnastics
Reference and Administrative Details
Trustees G Howton Ms I Jones Mr Anthony Clark Mrs J Thompson Charity Registration Number 1159361 Principal Office Sovereign Court 230 Upper Fifth Street Milton Keynes MK9 2HR Independent Examiner Isobel Green
Page 1
Arabian School of Gymnastics
Trustees' Report
The trustees present the annual report together with the financial statements of the charity for the year ended 30 June 2022.
Achievements and performance
The year ending 30th June 2022 saw the Charity resume 'normal' operations after the restrictions of the Covid-19 pandemic.
As we hoped, the cost reductions achieved during Covid (mainly hire of an external office and staff redundancies due to the implementation of an automated membership/ booking system), together with efficiencies gained in terms of new systems and processes implemented during the pandemic, really started to pay off for Arabian as the world bounced back from Covid.
Our new systems allowed us to quickly and efficiently on-board new members, previously an extremely manual and time-consuming process. Partly because of this, but also because of our excellent local reputation, our total income for the year increased by over 46% on the previous year (2021 £169.7k/ 2022 £248.3k) as previous members rejoined and we attracted new members. In real terms this performance was even more impressive as the previous year's income included £59k of Government Furlough payments.
Many of the operationg procedures that were necessary under Covid also stood us in good stead, by way of one example we staggered class start and end times in order that people didn't cross over in our reception area. A by-product of this change is that we can increase the number of gymnasts attending in any one day without any bottlenecks in our reception areas, something that was previously a problem for us.
All in all, whilst the pandemic generated a lot of hard work in changing the way we operate, with the benefit of
hindsight these changes have really paid dividends for Arabian.
Our membership has increased and is close to pre pandemic levels and this is achieved with lower overheads and
increased productivity and levels of efficiency.
There were months during the pandemic that were particularly difficult both operationally and financially and we relied heavily on the Government support schemes in place, without which is it unlikely we would still be trading today. However, with this year's performance we are now back to a position of being secure financially and confidently look forward to many more years of operating sucessfully.
The annual report was approved by the trustees of the charity on 26 September 2024 and signed on its behalf by:
......................................... Mr Anthony Clark Trustee
Page 2
Arabian School of Gymnastics
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance 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 application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
-
select suitable 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 charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees 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.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the trustees of the charity on 26 September 2024 and signed on its behalf by:
......................................... Mr Anthony Clark Trustee
Page 3
Arabian School of Gymnastics
Independent Examiner's Report to the trustees of Arabian School of Gymnastics
I report to the trustees on my examination of the accounts of Arabian School of Gymnastics for the year ended 30 June 2022.
Responsibilities and basis of report
As the charity trustees of Arabian School of Gymnastics you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Arabian School of Gymnastics's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
Since Arabian School of Gymnastics's 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 I am qualified to undertake the examination because I am a member of , which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of Arabian School of Gymnastics as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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 considered as part of an independent examination.
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.
...................................... Isobel Green
26 September 2024
Page 4
Arabian School of Gymnastics
Statement of Financial Activities for the Year Ended 30 June 2022
| Note Income and Endowments from: Donations and legacies Other trading activities Total income Expenditure on: Charitable activities Total expenditure Net income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 14 Note Income and Endowments from: Donations and legacies Other trading activities Total income Expenditure on: Charitable activities Total expenditure Net expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 14 |
Unrestricted funds £ 3,846 248,289 252,135 (242,709) (242,709) 9,426 9,426 48,616 58,042 Unrestricted funds £ 70,047 99,722 169,769 (236,160) (236,160) (66,391) (66,391) 115,007 48,616 |
Total 2022 £ 3,846 248,289 |
|---|---|---|
| 252,135 | ||
| (242,709) | ||
| (242,709) | ||
| 9,426 | ||
| 9,426 48,616 |
||
| 58,042 | ||
| Total 2021 £ 70,047 99,722 |
||
| 169,769 | ||
| (236,160) | ||
| (236,160) | ||
| (66,391) | ||
| (66,391) 115,007 |
||
| 48,616 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2021 is shown in note 14.
The notes on pages 7 to 13 form an integral part of these financial statements. Page 5
Arabian School of Gymnastics
(Registration number: 1159361) Balance Sheet as at 30 June 2022
| Note Fixed assets Tangible assets 8 Current assets Stocks 9 Debtors 10 Cash at bank and in hand 11 Creditors: Amounts falling due within one year 12 Net current assets Total assets less current liabilities Creditors: Amounts falling due after more than one year 13 Net assets Funds of the charity: Unrestricted income funds Unrestricted funds Total funds 14 |
2022 £ 59,820 18,278 18,479 39,515 76,272 (35,920) 40,352 100,172 (42,130) 58,042 58,042 58,042 |
2021 £ 61,692 16,895 11,255 38,584 |
|---|---|---|
| 66,734 (35,062) |
||
| 31,672 | ||
| 93,364 (44,748) |
||
| 48,616 | ||
| 48,616 | ||
| 48,616 |
The financial statements on pages 5 to 13 were approved by the trustees, and authorised for issue on 26 September 2024 and signed on their behalf by:
.........................................
Mr Anthony Clark Trustee
The notes on pages 7 to 13 form an integral part of these financial statements. Page 6
Arabian School of Gymnastics
Notes to the Financial Statements for the Year Ended 30 June 2022
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
Arabian School of Gymnastics 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(s) to these accounts.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income and endowments
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be recieved and the amount of income recievable can be measured reliably.
The recognition of income from legacies is dependent on establlishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable.
Donations and legacies
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions are require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Grants receivable
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specfic purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income recieved, the income is accrued.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, 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 consistent 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.
Page 7
Arabian School of Gymnastics
Notes to the Financial Statements for the Year Ended 30 June 2022 (continued)
Charitable activities
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.
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Depreciation and amortisation
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 economic life as follows:
Depreciation is provided on the following basis:
Fixtures and fittings -- straight line between 3% and 20%
Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine wheter there is any indiction that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the assets is estimated in order to determine the extent of the impairment loss (if any). Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for imparment annually, and whenever there is an indication that the asset may be impaired.
Stock
Stock are valued at the lower of cost and net relisable value after making due allowance for obsolete and slow-moving stocks.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowing in current liabilities.
- 2 Income from donations and legacies
Page 8
Arabian School of Gymnastics
Notes to the Financial Statements for the Year Ended 30 June 2022 (continued)
| Donations and legacies; Donations from individuals Grants, including capital grants; Government grants Total for 2022 Total for 2021 |
Unrestricted funds General £ 2,300 1,546 3,846 70,047 |
Total funds £ 2,300 1,546 |
|---|---|---|
| 3,846 | ||
| 70,047 |
3 Income from other trading activities
| Trading income; Sales of goods and services Events income; Other events income Membership subscriptions Total for 2022 Total for 2021 |
Unrestricted funds General £ 223 2,400 245,666 248,289 99,722 |
Total funds £ 223 2,400 245,666 |
|---|---|---|
| 248,289 | ||
| 99,722 |
4 Expenditure on raising funds
Total costs £
5 Expenditure on charitable activities
| Note Depreciation, amortisation and other similar costs Staff costs Total for 2022 Total for 2021 |
Unrestricted funds General £ 82,413 4,902 155,394 242,709 236,160 |
Total funds £ 82,413 4,902 155,394 |
|---|---|---|
| 242,709 | ||
| 236,160 |
Page 9
Arabian School of Gymnastics
Notes to the Financial Statements for the Year Ended 30 June 2022 (continued)
| Direct costs Depreciation Staff costs Total for 2022 Total for 2021 6 Staff costs The aggregate payroll costs were as follows: Staff costs during the year were: Wages and salaries Social security costs Pension costs Other staff costs |
Activity undertaken directly £ 82,413 4,902 155,394 242,709 236,160 2022 £ 143,296 7,610 2,472 2,016 155,394 |
Total expenditure £ 82,413 4,902 155,394 |
|---|---|---|
| 242,709 | ||
| 236,160 | ||
| 2021 £ 134,486 5,462 1,717 - |
||
| 141,665 |
No employee received emoluments of more than £60,000 during the year
Page 10
Arabian School of Gymnastics
Notes to the Financial Statements for the Year Ended 30 June 2022 (continued)
7 Taxation
The charity is a registered charity and is therefore exempt from taxation.
8 Tangible fixed assets
| Cost At 1 July 2021 Additions At 30 June 2022 Depreciation At 1 July 2021 Charge for the year At 30 June 2022 Net book value At 30 June 2022 At 30 June 2021 9 Stock Stocks 10 Debtors Prepayments Other debtors 11 Cash and cash equivalents Cash at bank |
Furniture and equipment £ 88,480 3,030 91,510 26,788 4,902 31,690 59,820 61,692 2022 £ 18,278 2022 £ 17,937 542 18,479 2022 £ 39,515 |
Furniture and equipment £ 88,480 3,030 91,510 26,788 4,902 31,690 59,820 61,692 2022 £ 18,278 2022 £ 17,937 542 18,479 2022 £ 39,515 |
Total £ 88,480 3,030 91,510 26,788 4,902 31,690 59,820 61,692 2021 £ 16,895 |
|
|---|---|---|---|---|
| 91,510 | ||||
| 26,788 4,902 |
||||
| 31,690 | ||||
| 59,820 | ||||
| 61,692 | ||||
| 2022 £ 18,278 2022 £ 17,937 542 18,479 2022 £ 39,515 |
||||
| 2021 £ 10,713 542 |
||||
| 11,255 | ||||
| 2021 £ 38,584 |
Page 11
Arabian School of Gymnastics
Notes to the Financial Statements for the Year Ended 30 June 2022 (continued)
12 Creditors: amounts falling due within one year
| 12 Creditors: amounts falling due within one year | |||
|---|---|---|---|
| Bank loans Trade creditors Other taxation and social security Other creditors 13 Creditors: amounts falling due after one year Bank loans 14 Funds Balance at 1 July 2021 £ Unrestricted funds General 48,616 Balance at 1 July 2020 £ Unrestricted funds General 115,007 15 Analysis of net assets between funds Tangible fixed assets Current assets Current liabilities Creditors over 1 year Total net assets |
Incoming resources £ 252,135 Incoming resources £ 169,769 |
2022 £ 5,358 17,783 12,780 (1) 35,920 2022 £ 42,130 Resources expended £ (242,709) Resources expended £ (236,160) Unrestricted funds General £ 59,820 76,272 (35,920) (42,130) 58,042 |
2021 £ 5,358 17,504 12,200 - |
| 35,062 | |||
| 2021 £ 44,748 |
|||
| Balance at 30 June 2022 £ 58,042 |
|||
| Balance at 30 June 2021 £ 48,616 |
|||
| Total funds at 30 June 2022 £ 59,820 76,272 (35,920) (42,130) |
|||
| 58,042 |
Page 12
Arabian School of Gymnastics
Notes to the Financial Statements for the Year Ended 30 June 2022 (continued)
| Tangible fixed assets Current assets Current liabilities Creditors over 1 year Total net assets 16 Analysis of net funds Cash at bank and in hand Net debt Net debt |
Unrestricted funds General £ 61,692 66,734 (35,062) (44,748) 48,616 At 1 July 2021 £ 38,584 38,584 At 1 July 2020 £ - |
Total funds at 30 June 2021 £ 61,692 66,734 (35,062) (44,748) |
|
|---|---|---|---|
| 48,616 | |||
| At 30 June 2022 £ 38,584 38,584 At 30 June 2021 £ - |
Page 13