Charity registration number: 1161552
Loughborough Acrobatic Gymnastics Club
(A company limited by guarantee)
Annual Report and Financial Statements for the Year Ended 31 December 2020
Farrars Limited Unit 1, Cedars Office Park Butt Lane, Normanton on Soar Loughborough Leicestershire LE12 5EE
Loughborough Acrobatic Gymnastics Club
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 to 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 to 20 |
Loughborough Acrobatic Gymnastics Club
Reference and Administrative Details
Mrs K D Ford Dr E L Rosamond Mrs S Z Bennett Unit 8 Weldon Road Industrial Estate Loughborough Leicestershire LE11 5RN The charity is incorporated in England.
Trustees
Principal Office
Charity Registration Number 1161552 Independent Examiner
Farrars Limited Unit 1, Cedars Office Park Butt Lane, Normanton on Soar Loughborough Leicestershire LE12 5EE
Page 1
Loughborough Acrobatic Gymnastics Club
Trustees' Report
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 December 2020.
Trustees
Mrs K D Ford
Dr E L Rosamond
Mrs S Z Bennett
Objectives and activities
The charity's objects are:
-
To promote community participation in healthy recreation by the provision of facilities for training in gymnastics, sport and fitness for children, young people and adults of all abilities, including those with disabilities.
-
To advance the education of children and young people, including their physical education, by linking with schools and further and higher education establishments to provide curriculum support, coaching and leadership programmes and to offer work placements leading gymnastic and fitness activities.
The charity has struggled to meet it objectives this year due to the pandemic and forced government closure of its facility.
However, LAGC has worked hard to remain engaged with the community by offering zoom or online sessions instead of face to face. Throughout all closure periods the charity offered a range of options for pre-school, recreational and performance gymnasts which totalled 21 classes per week and engagement from approximately 250 members per week.
The charity has also continued to provide support and training for all of its coaches, young leaders and volunteers.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertaken.
At the start of the year we had a number of other community groups accessing the facilities including wildfire cheerleading, Loughborough Gymnastics Academy, Pilate fitness and DHL. All of these bookings ceased during closure periods.
Public benefit
The main activities undertaken to further the public benefit are outlined in achievements and performance above.
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
Loughborough Acrobatic Gymnastics Club
Trustees' Report
Achievements and performance
At the beginning of 2020 the charities facility continues to broaden and promote its offer to the local community and continued its average of 1000 young people and adults accessing the provision available at the centre per week. There are currently 11 pre-school classes, 18 recreational classes, and 16 competition squads offered per week for 47 weeks per year. The charities programmes promote and develop both physical and mental health and build confidence, self discipline and social interaction for those involved.
LAGC continues to offer a successful competitive and performance pathway for talented young people, with another successful National Qualifier early March 2020. At the East Midlands Acrobatics & tumbling Championships, 11 regional titles were won and a further 7 tumbling titles.
Unfortunately, due to the pandemic all further events including the British finals were cancelled, so our gymnasts were not able to finish their season.
The Charities annual celebratory events including the club championships and community Christmas show were also cancelled, result in the loss of £1000’s of potential fundraising opportunity.
Financial review
Total income was £189,820 (2019: £194,711) of which £60 (2019: £881) was raised from fundraising activities and donations and an estimated £22,245 (2019: £32,125) of in kind donations, in relation to volunteers time. The unrestricted fund of £41,865 will be designated as a continuation fund.
The Charities generous pricing policy that offers 10% deductions for Siblings and training fees for as little as £1.91 per hour has made the closure period very challenging and shown some weaknesses in its current pricing strategy. Especially in the event of such unprecedented occurrences, such as the pandemic. Fortunately, the government Furlough scheme along with other grants and member donations has enabled us to continue to pay bills when income was hugely reduced, and we are incredibly grateful for this.
During periods, when the club was permitted to re-open, the heavy government restrictions on social distancing and numbers has made some classes unsustainable and the ability to offer external community bookings difficult. This will need reviewing as we progress through the pandemic.
A full pricing review is taking place to ensure the charities sustainability moving forward, but we feel confident that once restrictions are lifted, we will be able to make a full recovery.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Page 3
Loughborough Acrobatic Gymnastics Club
Trustees' Report
Structure, governance and management
Nature of governing document
The charity is a charitable incorporated organisation.
Recruitment and appointment of trustees
Apart from the first charity trustees, every trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees.
In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO.
Ex-officio Trustees
The Facility and Coaching Manager for the time being (“the office holder”) shall automatically (“ex-officio”) be a charity trustee, for as long as he or she holds that office.
If unwilling to act as a charity trustee, the office holder may:
(i) before accepting appointment as a charity trustee, give notice in writing to the trustees of his or her unwillingness to act in that capacity; or
(ii) after accepting appointment as a charity trustee, resign under the provisions contained in clause 12 (Retirement and removal of charity trustees).
The office of ex-officio charity trustee will then remain vacant until the office holder ceases to hold office.
None of the Trustees has any beneficial interest in the company. 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.
Organisational structure
The Charity also had 3 part time employees within the structure, all coaching staff. However, 1 coach resigned at the end of the year and 1. There are a further 7 volunteers, 5 of which include coaching support and 1 of whom contributes to advertising and publicity. Amanda Cooper manages the accounts and payroll voluntarily each month. Volunteer Coaching and Facilities Manager and Trustee Kathryn Ford is in charge of the day to day running of the Charity.
Page 4
Loughborough Acrobatic Gymnastics Club
Trustees' Report
Relationships with related parties
Bunny Hoppers Ltd
Bunny Hoppers Ltd is a related party of the Charity. The company is owned by trustee Kathryn Ford and Jack Ford. Bunny Hoppers Ltd rent the facility for up to 10 hours a week during school term time. Bunny Hoppers Ltd have brought £28,936 worth of fixed assets for the use of the Charity and those in the community using the facility.
Loughborough Gymnastics Community Interest Company
Loughborough Gymnastics Community Interest Company is a related party of the charity. The company is owned by trustee Kathryn Ford and Jack Ford.
Major risks and management of those risks
Risk management
The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.
The annual report was approved by the trustees of the charity on 19 August 2021 and signed on its behalf by:
......................................... Mrs K D Ford Trustee
Page 5
Loughborough Acrobatic Gymnastics Club
Independent Examiner's Report to the trustees of Loughborough Acrobatic Gymnastics Club
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2020 which are set out on pages 7 to 20.
Respective responsibilities of trustees and examiner
As the charity’s trustees of Loughborough Acrobatic Gymnastics Club (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of Loughborough Acrobatic Gymnastics Club are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of Loughborough Acrobatic Gymnastics Club as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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.
...................................... Timothy Farrar Farrars Limited
Unit 1, Cedars Office Park Butt Lane, Normanton on Soar Loughborough Leicestershire LE12 5EE
19 August 2021
Page 6
Loughborough Acrobatic Gymnastics Club
Statement of Financial Activities for the Year Ended 31 December 2020 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 3 Charitable activities 4 Other trading activities 5 Investment income 6 Total income Expenditure on: Charitable activities 7 Total expenditure Net income/(expenditure) Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 19 |
Unrestricted funds £ 111,036 77,987 776 21 189,820 (178,385) (178,385) 11,435 11,435 30,427 41,862 |
Restricted funds £ - - - - - (5,484) (5,484) (5,484) (5,484) 5,484 - |
Total 2020 £ 111,036 77,987 776 21 |
|---|---|---|---|
| 189,820 | |||
| (183,869) | |||
| (183,869) | |||
| 5,951 | |||
| 5,951 35,911 |
|||
| 41,862 |
Page 7
Loughborough Acrobatic Gymnastics Club
Statement of Financial Activities for the Year Ended 31 December 2020 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 3 Charitable activities 4 Other trading activities 5 Investment income 6 Total income Expenditure on: Charitable activities 7 Total expenditure Net expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 19 |
Unrestricted funds £ 33,616 153,372 7,711 12 194,711 (195,905) (195,905) (1,194) (1,194) 31,621 30,427 |
Restricted funds £ - - - - - (5,485) (5,485) (5,485) (5,485) 10,969 5,484 |
Total 2019 £ 33,616 153,372 7,711 12 |
|---|---|---|---|
| 194,711 | |||
| (201,390) | |||
| (201,390) | |||
| (6,679) | |||
| (6,679) 42,590 |
|||
| 35,911 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2019 is shown in note 19.
Page 8
Loughborough Acrobatic Gymnastics Club
(Registration number: 1161552) Balance Sheet as at 31 December 2020
| Note Fixed assets Tangible assets 13 Current assets Stocks 14 Debtors 15 Cash at bank and in hand 16 Creditors: Amounts falling due within one year 17 Net current assets Total assets less current liabilities Creditors: Amounts falling due after more than one year 18 Net assets Funds of the charity: Total restricted Unrestricted income funds Unrestricted Total funds 19 |
2020 £ 7,888 - 18,814 22,877 41,691 (7,717) 33,974 41,862 - 41,862 - 41,862 41,862 |
2019 £ 20,052 100 22,671 5,462 |
|---|---|---|
| 28,233 (11,340) |
||
| 16,893 | ||
| 36,945 (1,034) |
||
| 35,911 | ||
| 5,484 30,427 |
||
| 35,911 |
For the financial year ending 31 December 2020 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements on pages 7 to 20 were approved by the trustees, and authorised for issue on 19 August 2021 and signed on their behalf by:
......................................... Mrs K D Ford Trustee
Page 9
Loughborough Acrobatic Gymnastics Club
Notes to the Financial Statements for the Year Ended 31 December 2020
1 Charity status
The charity is a charitable incorporated organisation ("CIO") governed by its constitution dated 15 December 2014 and amended 23 April 2015, incorporated in England, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
The address of its registered office is: Unit 8 Weldon Road Industrial Estate Loughborough Leicestershire LE11 5RN
These financial statements were authorised for issue by the trustees on 19 August 2021.
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with 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) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.
Basis of preparation
Loughborough Acrobatic Gymnastics Club meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Exemption from preparing a cash flow statement
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
Page 10
Loughborough Acrobatic Gymnastics Club
Notes to the Financial Statements for the Year Ended 31 December 2020
Income and endowments
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Investment income
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Other income
Charitable rental income relates to monies received for venue hire. The gymnastics centre and rooms are available for external hire, for any sporting or fitness needs or for any courses that require a classroom type space.
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.
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.
Support costs
Support costs include central functions and have been allocated to activity cost categories 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.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.
Taxation
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.
Page 11
Loughborough Acrobatic Gymnastics Club
Notes to the Financial Statements for the Year Ended 31 December 2020
Tangible fixed assets
Individual fixed assets costing £100.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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:
Asset class
Fixtures and fittings
Depreciation method and rate 25% straight line basis
Stock
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Page 12
Loughborough Acrobatic Gymnastics Club
Notes to the Financial Statements for the Year Ended 31 December 2020
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees's 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.
Hire purchase and finance leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rentals payable under operating leases are charged in the Statement of Financial Activities on a straight line basis over the lease term.
Financial instruments
Classification
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 according 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.
Page 13
Loughborough Acrobatic Gymnastics Club
Notes to the Financial Statements for the Year Ended 31 December 2020
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement 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 party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
3 Income from donations and legacies
Unrestricted
| Donations and legacies; Grants received Donated and gifts Donated goods and services |
General £ 88,731 60 22,245 111,036 |
Total 2020 £ 88,731 60 22,245 111,036 |
Total 2019 £ 610 881 32,125 |
|---|---|---|---|
| 33,616 |
4 Income from charitable activities
Unrestricted
| Unrestricted | |||
|---|---|---|---|
| Sales within charitable activities Charitable rental income |
General £ 70,344 7,643 77,987 |
Total 2020 £ 70,344 7,643 77,987 |
Total 2019 £ 120,888 32,484 |
| 153,372 |
Page 14
Loughborough Acrobatic Gymnastics Club
Notes to the Financial Statements for the Year Ended 31 December 2020
5 Income from other trading activities
| Local fundraising income 6 Investment income Interest receivable and similar income; Interest receivable on bank deposits |
Unrestricted funds General £ 776 776 Unrestricted funds General £ 21 |
Total funds £ 776 776 Total 2020 £ 21 |
Total 2019 £ 7,711 |
|---|---|---|---|
| 7,711 | |||
| Total 2019 £ 12 |
7 Expenditure on charitable activities
| Staff costs Purchases Repairs and maintenance Coaching fees Competition expenses Staff training Health and safety Estimate of volunteers time Rent and rates Light, heat and power Insurance Telephone and fax Office expenses Trade subscriptions Bank charges Loan interest Depreciation Governance costs (see note 8) Advertising |
Unrestricted funds General £ 43,587 100 4,554 506 1,789 50 1,805 22,245 82,612 4,644 3,379 496 1,031 161 2,254 67 7,725 1,380 - 178,385 |
Restricted funds £ - - - - - - - - - - - - - - - - 5,484 - - 5,484 |
Total 2020 £ 43,587 100 4,554 506 1,789 50 1,805 22,245 82,612 4,644 3,379 496 1,031 161 2,254 67 13,209 1,380 - 183,869 |
Total 2019 £ 44,035 3,302 354 1,151 3,261 310 507 32,125 87,111 6,370 3,225 453 1,158 15 2,849 143 13,283 1,610 128 |
|---|---|---|---|---|
| 201,390 |
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Loughborough Acrobatic Gymnastics Club
Notes to the Financial Statements for the Year Ended 31 December 2020
8 Analysis of governance and support costs
Governance costs
| Independent examiner fees Examination of the financial statements |
Unrestricted funds General £ 1,380 1,380 |
Total 2020 £ 1,380 1,380 |
Total 2019 £ 1,610 |
|---|---|---|---|
| 1,610 |
9 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
10 Staff costs
The aggregate payroll costs were as follows:
| Staff costs during the year were: Wages and salaries Pension costs |
2020 £ 42,362 1,225 43,587 |
2019 £ 42,806 1,229 |
|---|---|---|
| 44,035 |
The monthly average number of persons (including senior management team) employed by the charity during the year expressed as full time equivalents was as follows:
| Employees | 2020 No 3 |
2019 No 4 |
|---|---|---|
No employee received emoluments of more than £60,000 during the year.
11 Independent examiner's remuneration
| Examination of the financial statements | 2020 £ 1,380 |
2019 £ 1,610 |
|---|---|---|
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Loughborough Acrobatic Gymnastics Club
Notes to the Financial Statements for the Year Ended 31 December 2020
12 Taxation
The charity is a registered charity and is therefore exempt from taxation.
13 Tangible fixed assets
| 13 Tangible fixed assets | |||
|---|---|---|---|
| Cost At 1 January 2020 Additions At 31 December 2020 Depreciation At 1 January 2020 Charge for the year At 31 December 2020 Net book value At 31 December 2020 At 31 December 2019 |
Land and buildings £ 20,700 - 20,700 15,249 4,994 20,243 457 5,451 |
Furniture and equipment £ 32,583 1,045 33,628 17,982 8,215 26,197 7,431 14,601 |
Total £ 53,283 1,045 |
| 54,328 | |||
| 33,231 13,209 |
|||
| 46,440 | |||
| 7,888 | |||
| 20,052 |
Included within the net book value of land and buildings above is £Nil (2019 - £Nil) in respect of freehold land and buildings and £457 (2019 - £5,451) in respect of leaseholds.
14 Stock
| 14 Stock | ||
|---|---|---|
| Finished goods 15 Debtors Trade debtors Prepayments Other debtors |
2020 £ - 2020 £ - 18,814 - 18,814 |
2019 £ 100 |
| 2019 £ 938 18,832 2,901 |
||
| 22,671 |
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Loughborough Acrobatic Gymnastics Club
Notes to the Financial Statements for the Year Ended 31 December 2020
| 16 Cash and cash equivalents Cash on hand Cash at bank 17 Creditors: amounts falling due within one year Trade creditors Other loans Due to group undertakings Other taxation and social security Other creditors Accruals 18 Creditors: amounts falling due after one year Other loans |
2020 £ 11 22,866 22,877 2020 £ - 34 5,897 190 216 1,380 7,717 2020 £ - |
2019 £ 11 5,451 |
|---|---|---|
| 5,462 | ||
| 2019 £ 672 3,050 5,897 - 341 1,380 |
||
| 11,340 | ||
| 2019 £ 1,034 |
Page 18
Loughborough Acrobatic Gymnastics Club
Notes to the Financial Statements for the Year Ended 31 December 2020
19 Funds
| Unrestricted General Restricted Total funds Unrestricted General Restricted Total funds |
Balance at 1 January 2020 £ 30,427 5,484 35,911 Balance at 1 January 2019 £ 31,621 10,969 42,590 |
Incoming resources £ 189,820 - 189,820 Incoming resources £ 194,711 - 194,711 |
Resources expended £ (178,385) (5,484) (183,869) Resources expended £ (195,905) (5,485) (201,390) |
Balance at 31 December 2020 £ 41,862 - |
|---|---|---|---|---|
| 41,862 | ||||
| Balance at 31 December 2019 £ 30,427 5,484 |
||||
| 35,911 |
The specific purposes for which the funds are to be applied are as follows:
The restricted fund related to an Aviva Community Grant used to purchase some gym equipment for the charity. The movement on the restricted fund in the year reflects the depreciation charged on those assets.
Page 19
Loughborough Acrobatic Gymnastics Club
Notes to the Financial Statements for the Year Ended 31 December 2020
20 Analysis of net assets between funds
| Tangible fixed assets Current assets Current liabilities Total net assets Tangible fixed assets Current assets Current liabilities Creditors over 1 year Total net assets |
Unrestricted funds General £ 14,568 28,233 (11,340) (1,034) 30,427 |
Unrestricted funds General £ 7,888 41,691 (7,717) 41,862 Restricted funds £ 5,484 - - - 5,484 |
Total funds at 31 December 2020 £ 7,888 41,691 (7,717) |
|---|---|---|---|
| 41,862 | |||
| Total funds at 31 December 2019 £ 20,052 28,233 (11,340) (1,034) |
|||
| 35,911 |
21 Related party transactions
During the year the charity made the following related party transactions:
Bunny Hoppers Ltd
(Bunny Hoppers Ltd is owned by Trustee Kathryn Ford and Mr Jack Ford.) During the period the charity invoiced Bunny Hoppers Ltd £6,417 (2019: £28,469) for coaching and rent.
Bunny Hoppers Ltd have ownership of gym equipment that the charity has use of. The charity is unable to quantify a value for the use of these facilities
Included in creditors is an amount loaned by Bunny Hoppers Ltd.
At the balance sheet date the amount due to Bunny Hoppers Ltd was £5,897 (2019 - £5,897).
Kathryn Ford and Jack Ford
(Kathryn Ford is a trustee of the charity.)
Included in creditors is an amount loaned by Kathryn Ford and Jack Ford. Interest of £67 was charged on this loan during the year (2019: £143)
At the balance sheet date the amount due from Kathryn Ford and Jack Ford was £34 (2019 - £4,083).
Kathryn Ford
(Kathryn Ford is a truste of the charity.) Included in creditors is an amount owed to Kathryn Ford in relation to expenses At the balance sheet date the amount due to/from to Kathryn Ford was £Nil (2019 - £672).
Page 20