Charity registration number: 1159361
Arabian School of Gymnastics
Annual Report and Financial Statements
for the Year Ended 30 June 2024
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 Mr Anthony Clark Charity Registration Number 1159361 Principal Office Bletchley Leisure Centre Princes way Bletchley Milton Keynes MK2 2HQ 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 2024.
Achievements and performance
Arabian School of Gymnastics has continued to operate from a position of financial strength and community focus.
The Charity recorded a net income of £25,767 for the financial year ending 30th June 2024, an increase of nearly £2,800 compared to the prior year's surplus of £22,971.
Income rose by 11%, from £296,082 in 2023 to £328,686 in 2024. This uplift was driven by continued growth in membership subscriptions, reflecting the club's popularity and strong reputation in the community.
Expenditure increased proportionally, from £273,111 to £302,919, primarily due to higher staff costs aligned with investment in quality coaching and programme delivery. Despite rising costs, the club maintained a positive margin.
Cash reserves improved significantly, with cash at bank rising from £41,327 to £73,854. Overall net assets now stand at £111,781, up from £81,013 in the prior year, demonstrating a sound financial footing and a strong platform for future development.
In conclusion, the charity has deliverd another solid year financially while continuing to provide high-quaility, accessible gymnastics programmes in line with its charitable aims and the club remains in stable financial postion with a robust balance sheet.
The annual report was approved by the trustees of the charity on 28 April 2025 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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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 28 April 2025 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 2024.
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:
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accounting records were not kept in respect of Arabian School of Gymnastics as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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
28 April 2025
Page 4
Arabian School of Gymnastics
Statement of Financial Activities for the Year Ended 30 June 2024
| 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 income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 14 |
Unrestricted funds £ 692 327,994 328,686 (302,919) (302,919) 25,767 25,767 86,014 111,781 Unrestricted funds £ 1,555 294,527 296,082 (273,111) (273,111) 22,971 22,971 58,042 81,013 |
Total 2024 £ 692 327,994 |
|---|---|---|
| 328,686 | ||
| (302,919) | ||
| (302,919) | ||
| 25,767 | ||
| 25,767 86,014 |
||
| 111,781 | ||
| Total 2023 £ 1,555 294,527 |
||
| 296,082 | ||
| (273,111) | ||
| (273,111) | ||
| 22,971 | ||
| 22,971 58,042 |
||
| 81,013 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 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 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Tangible assets | 8 | 54,627 | 56,083 |
| Current assets | |||
| Stocks | 9 | 6,602 | 12,195 |
| Debtors | 10 | 20,539 | 16,727 |
| Cash at bank and in hand | 11 | 73,854 | 41,327 |
| 100,995 | 70,249 | ||
| Creditors: Amounts falling due within one year | 12 | (12,834) | (8,682) |
| Net current assets | 88,161 | 61,567 | |
| Total assets less current liabilities | 142,788 | 117,650 | |
| Creditors: Amounts falling due after more than one year | 13 | (31,007) | (36,637) |
| Net assets | 111,781 | 81,013 | |
| Funds of the charity: | |||
| Unrestricted income funds | |||
| Unrestricted funds | 111,781 | 81,013 | |
| Total funds | 14 | 111,781 | 81,013 |
The financial statements on pages 5 to 13 were approved by the trustees, and authorised for issue on 28 April 2025 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 2024
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.
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Arabian School of Gymnastics
Notes to the Financial Statements for the Year Ended 30 June 2024 (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.
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
| Donations and legacies; Donations from individuals Total for 2024 Total for 2023 |
Unrestricted funds General £ 692 692 1,555 |
Total funds £ 692 |
|---|---|---|
| 692 | ||
| 1,555 |
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Arabian School of Gymnastics
Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)
3 Income from other trading activities
| Events income; Other events income Membership subscriptions Total for 2024 Total for 2023 |
Unrestricted funds General £ 594 327,400 327,994 294,527 |
Total funds £ 594 327,400 |
|---|---|---|
| 327,994 | ||
| 294,527 |
4 Expenditure on raising funds
| 4 Expenditure on raising funds |
||
|---|---|---|
| 5 Expenditure on charitable activities Note Depreciation, amortisation and other similar costs Staff costs Total for 2024 Total for 2023 |
Unrestricted funds General £ 122,761 1,456 178,702 302,919 273,111 |
Total costs £ Total funds £ 122,761 1,456 178,702 |
| 302,919 | ||
| 273,111 | ||
| Total expenditure £ |
6 Staff costs
The aggregate payroll costs were as follows:
Page 9
Arabian School of Gymnastics
Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)
| Staff costs during the year were: Wages and salaries Social security costs Pension costs Other staff costs |
2024 £ 162,359 10,292 3,093 2,958 178,702 |
2023 £ 148,980 5,552 2,661 1,720 |
|---|---|---|
| 158,913 |
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 2024 (continued)
7 Taxation
The charity is a registered charity and is therefore exempt from taxation.
8 Tangible fixed assets
| 8 Tangible fixed assets |
||||
|---|---|---|---|---|
| Cost At 1 July 2023 At 30 June 2024 Depreciation At 1 July 2023 Charge for the year At 30 June 2024 Net book value At 30 June 2024 At 30 June 2023 9 Stock Stocks 10 Debtors Prepayments 11 Cash and cash equivalents Cash at bank |
Furniture and equipment £ 92,320 92,320 36,237 1,456 37,693 54,627 56,083 2024 £ 6,602 2024 £ 20,539 2024 £ 73,854 |
Total £ 92,320 92,320 36,237 1,456 37,693 54,627 56,083 2023 £ 12,195 |
||
| 92,320 | ||||
| 36,237 1,456 |
||||
| 37,693 | ||||
| 54,627 | ||||
| 56,083 | ||||
| 2024 £ 6,602 2024 £ 20,539 2024 £ 73,854 |
||||
| 2023 £ 16,727 |
||||
| 2023 £ 41,327 |
12 Creditors: amounts falling due within one year
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Arabian School of Gymnastics
Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)
| Bank loans Trade creditors Other taxation and social security Accruals 13 Creditors: amounts falling due after one year Bank loans 14 Funds Balance at 1 July 2023 £ Unrestricted funds General 86,014 Balance at 1 July 2022 £ Unrestricted funds General 58,042 15 Analysis of net assets between funds Tangible fixed assets Current assets Current liabilities Creditors over 1 year Total net assets |
Incoming resources £ 328,686 Incoming resources £ 296,082 |
2024 £ 5,358 976 6,000 500 12,834 2024 £ 31,007 Resources expended £ (302,919) Resources expended £ (273,111) Unrestricted funds General £ 54,627 100,995 (12,834) (31,007) 111,781 |
2023 £ 5,358 592 2,482 250 |
|---|---|---|---|
| 8,682 | |||
| 2023 £ 36,637 |
|||
| Balance at 30 June 2024 £ 111,781 |
|||
| Balance at 30 June 2023 £ 81,013 |
|||
| Total funds at 30 June 2024 £ 54,627 100,995 (12,834) (31,007) |
|||
| 111,781 |
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Arabian School of Gymnastics
Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)
| Tangible fixed assets Current assets Current liabilities Creditors over 1 year Total net assets |
Unrestricted funds General £ 56,083 70,249 (8,682) (36,637) 81,013 |
Total funds at 30 June 2023 £ 56,083 70,249 (8,682) (36,637) |
|---|---|---|
| 81,013 |
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