Charity registration number: 1161552
Loughborough Acrobatic Gymnastics Club
(A company limited by guarantee)
Annual Report and Financial Statements for the Year Ended 31 December 2021
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
Trustees Mrs K D Ford Dr E L Rosamond Mrs S Z Bennett Charity Registration Number 1161552 Registered Office Unit 8 Weldon Road Industrial Estate Loughborough Leicestershire LE11 5RN The charity is incorporated in England. 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 2021.
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 continued to engage with its community base during the first 3 months of the year when a National lockdown was still in place. Offering a variety of zoom sessions mostly fitness based for gymnasts and the wider family to join in with. We offered a structured programme throughout the week to cater for all age groups and abilities.
This was an important time to the gymnasts physical and mental health and was greatly received by all involved.
Since re-opening in April, the Charity has worked hard to rebuild its programmes (from pre-covid times), whilst meeting the demands of providing a Covid-safe environment.
Squads and classes were depleted by about 50%, and restrictions in numbers to ensure social distancing could be in place, added to the challenges the charity have faced to re-build. However, despite this, LAGC worked hard through 2021 to promote participation and ensure the facility provided a safe environment for all who attended.
By the end of the year, recreational programmes were back to full capacity (although numbers were restricted from pre-covid times). Development and squad structures are little more tricky to rebuild, but the start of this has began for all discipline areas.
Some activities and wider community groups using the centre have not resumed yet, due to the pressures on the venue, but we are working hard to establish ways we can resume this next season. Groups affected are the adult classes and external groups hiring the facility.
The charity took the time to provide lots of training and support for its team of coaches and volunteers, and by the end of the year we had 2 newly qualified level 1 coaches and 3 coaches booked onto further training courses to increase qualifications for 2022. Of the new qualified coaches 1 of these has progressed through our leadership academy.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertaken.
Page 2
Loughborough Acrobatic Gymnastics Club
Trustees' Report
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.
Achievements and performance
When re-opening in 2021 the Charity had lost a huge amount of its members and as such the squad/class structures had been reduced significantly. The pre-school programmes using the facility reduced to 7 classes. There were 11 recreational classes, and 8 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.
However, by the end of the 2021, the programmes and classes being delivered at the centre had increased considerably with 16 pre school sessions, 19 recreational classes, 4 developmental classes and 9 competition squads. Over a 1000 users per week were back using the facility. A great achievement given the current climate.
Most competitions/events had not resumed fully or our gymnasts were not physically or mentally ready to enter. However, one pre-existing men’s pair partnership qualified successfully for the British NDP Acro finals in November 2021 and were crowned British Champions at Grade 4, having previously won at Grade 3.
Financial review
Total income was £190,471 (2020: £189,820) of which £Nil (2020: £60) was raised from fundraising activities and donations and an estimated £35,743 (2020: £22,245) of in kind donations, in relation to volunteers time. The Unrestricted fund of £43,430 will be designated as a continuation fund.
Financial challenges continue to exist and are a threat to the stability of the club. With reduced income, but continued facility costs, it has been difficult to hold our prices. However, due to the current financial climate for families we agreed to waiver the annual membership charge for the second year and held our fee charges.
Government funding support has enabled us to continue to pay bills and staff, of which all were all off Furlough as soon as we re-opened fully.
Reductions on external community group bookings have however continued to impact our finances, something we hope will change next year.
Our energy bill tariff was doubled (initially tripled) when renewing, the true impact of this will begin to show next year. For this the charity will have no choice but to review pricing policy going forward. Unfortunately the charity has not been able to resume its large fundraising events due to health and safety reasons.
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 4 part time employees within the structure, all coaching staff. A newly appointed head of development pathways was appointed in June. 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 15 hours a week during school term time.
Loughborough Gymnastics Community Interest Company
Loughborough Gymnastics CIC is a related party of the Charity. The not-for-profit company is owned by Trustee Kathryn Ford and Mr Jack Ford. LG CIC rent the facility for up to 20 hours a week during school term time. LG CIC have brought £28,936 worth of fixed assets for the use of the Charity and those in the community using the facility.
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 1 September 2022 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 Company for the year ended 31 December 2021.
Responsibilities and basis of report
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
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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 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
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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
1 September 2022
Page 6
Loughborough Acrobatic Gymnastics Club
Statement of Financial Activities for the Year Ended 31 December 2021 (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 Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 18 |
Unrestricted funds £ 100,668 89,334 465 4 190,471 (188,903) (188,903) 1,568 1,568 41,862 43,430 |
Total 2021 £ 100,668 89,334 465 4 |
|---|---|---|
| 190,471 | ||
| (188,903) | ||
| (188,903) | ||
| 1,568 | ||
| 1,568 41,862 |
||
| 43,430 |
Page 7
Loughborough Acrobatic Gymnastics Club
Statement of Financial Activities for the Year Ended 31 December 2021 (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 18 |
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 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2020 is shown in note 18.
Page 8
Loughborough Acrobatic Gymnastics Club
(Registration number: 1161552) Balance Sheet as at 31 December 2021
| Note Fixed assets Tangible assets 13 Current assets Debtors 14 Cash at bank and in hand 15 Creditors: Amounts falling due within one year 16 Net current assets Net assets Funds of the charity: Total restricted Unrestricted income funds Unrestricted Total funds 18 |
2021 £ 12,387 25,658 17,067 42,725 (11,682) 31,043 43,430 - 43,430 43,430 |
2020 £ 7,888 18,814 22,877 |
|---|---|---|
| 41,691 (7,717) |
||
| 33,974 | ||
| 41,862 | ||
| - 41,862 |
||
| 41,862 |
For the financial year ending 31 December 2021 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 financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
The financial statements on pages 7 to 20 were approved by the trustees, and authorised for issue on 1 September 2022 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 2021
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 1 September 2022.
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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and 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 2021
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 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 2021
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 Depreciation method and rate Land and buildings 25% straight line basis Furniture and equipment 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 2021
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 discretion in furtherance of the objectives of the charity.
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.
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.
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Loughborough Acrobatic Gymnastics Club
Notes to the Financial Statements for the Year Ended 31 December 2021
3 Income from donations and legacies
| Donations and legacies; Grants received Donated and gifts Donated goods and services 4 Income from charitable activities Sales within charitable activities Charitable rental income 5 Income from other trading activities Local fundraising income 6 Investment income Interest receivable and similar income; Interest receivable on bank deposits |
Unrestricted General £ 64,925 - 35,743 100,668 Unrestricted General £ 72,032 17,302 89,334 Unrestricted funds General £ 465 465 Unrestricted funds General £ 4 |
Total 2021 £ 64,925 - 35,743 100,668 Total 2021 £ 72,032 17,302 89,334 Total funds £ 465 465 Total 2021 £ 4 |
Total 2020 £ 88,731 60 22,245 |
|---|---|---|---|
| 111,036 | |||
| Total 2020 £ 70,344 7,643 |
|||
| 77,987 | |||
| Total 2020 £ 776 |
|||
| 776 | |||
| Total 2020 £ 21 |
Page 14
Loughborough Acrobatic Gymnastics Club
Notes to the Financial Statements for the Year Ended 31 December 2021
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 Advertising Legal and professional fees Bank charges Loan interest Depreciation Governance costs (see note 8) |
Unrestricted funds General £ 40,700 5,564 835 1,861 440 1,214 52 35,743 82,841 2,972 4,666 704 1,074 - 854 60 2,358 2 5,523 1,440 188,903 |
Total 2021 £ 40,700 5,564 835 1,861 440 1,214 52 35,743 82,841 2,972 4,666 704 1,074 - 854 60 2,358 2 5,523 1,440 188,903 |
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 |
8 Analysis of governance and support costs
Governance costs
| Independent examiner fees Examination of the financial statements |
Unrestricted funds General £ 1,440 1,440 |
Total 2021 £ 1,440 1,440 |
Total 2020 £ 1,380 |
|---|---|---|---|
| 1,380 |
Page 15
Loughborough Acrobatic Gymnastics Club
Notes to the Financial Statements for the Year Ended 31 December 2021
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 Social security costs Pension costs |
2021 £ 38,349 1,412 939 40,700 |
2020 £ 42,362 - 1,225 |
|---|---|---|
| 43,587 |
The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:
| Employees No employee received emoluments of more than £60,000 during the year. 11 Independent examiner's remuneration Examination of the financial statements |
2021 No 4 2021 £ 1,440 |
2020 No 4 |
|---|---|---|
| 2020 £ 1,380 |
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Loughborough Acrobatic Gymnastics Club
Notes to the Financial Statements for the Year Ended 31 December 2021
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 2021 Additions At 31 December 2021 Depreciation At 1 January 2021 Charge for the year At 31 December 2021 Net book value At 31 December 2021 At 31 December 2020 |
Land and buildings £ 20,700 - 20,700 20,243 150 20,393 307 457 |
Furniture and equipment £ 33,628 10,022 43,650 26,197 5,373 31,570 12,080 7,431 |
Total £ 54,328 10,022 |
| 64,350 | |||
| 46,440 5,523 |
|||
| 51,963 | |||
| 12,387 | |||
| 7,888 |
Included within the net book value of land and buildings above is £Nil (2020 - £Nil) in respect of freehold land and buildings and £307 (2020 - £457) in respect of leaseholds.
14 Debtors
| 14 Debtors | ||
|---|---|---|
| Trade debtors Prepayments Other debtors |
2021 £ 4,067 18,814 2,777 25,658 |
2020 £ - 18,814 - |
| 18,814 |
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Loughborough Acrobatic Gymnastics Club
Notes to the Financial Statements for the Year Ended 31 December 2021
15 Cash and cash equivalents
| Cash on hand Cash at bank 16 Creditors: amounts falling due within one year Other loans Due to associated undertakings Other taxation and social security Other creditors Accruals |
2021 £ 11 17,056 17,067 2021 £ - 10,079 - 163 1,440 11,682 |
2020 £ 11 22,866 |
|---|---|---|
| 22,877 | ||
| 2020 £ 34 5,897 190 216 1,380 |
||
| 7,717 |
17 Obligations under leases and hire purchase contracts
Operating lease commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
| Land and buildings Between one and five years |
2021 £ 217,608 |
2020 £ 299,211 |
|---|---|---|
Page 18
Loughborough Acrobatic Gymnastics Club
Notes to the Financial Statements for the Year Ended 31 December 2021
18 Funds
| 18 Funds | ||||
|---|---|---|---|---|
| Unrestricted General Unrestricted General Restricted Total funds |
Balance at 1 January 2021 £ 41,862 Balance at 1 January 2020 £ 30,427 5,484 35,911 |
Incoming resources £ 190,471 Incoming resources £ 189,820 - 189,820 |
Resources expended £ (188,903) Resources expended £ (178,385) (5,484) (183,869) |
Balance at 31 December 2021 £ 43,430 |
| Balance at 31 December 2020 £ 41,862 - |
||||
| 41,862 |
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.
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Loughborough Acrobatic Gymnastics Club
Notes to the Financial Statements for the Year Ended 31 December 2021
19 Analysis of net assets between funds
| Tangible fixed assets Current assets Current liabilities Total net assets Tangible fixed assets Current assets Current liabilities Total net assets |
Unrestricted funds General £ 12,387 42,725 (11,682) 43,430 Unrestricted funds General £ 7,888 41,691 (7,717) 41,862 |
Total funds at 31 December 2021 £ 12,387 42,725 (11,682) |
|---|---|---|
| 43,430 | ||
| Total funds at 31 December 2020 £ 7,888 41,691 (7,717) |
||
| 41,862 |
20 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 £4,612 (2020: £6,417) 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 £9,790 (2020 - £5,897).
Kathryn Ford and Jack Ford
(Kathryn Ford is a trustee of the charity.)
Included in prior year creditors was an amount loaned by Kathryn Ford and Jack Ford. Interest of £2 was charged on this loan during the year (2020: £67)
At the balance sheet date the amount due to/from from Kathryn Ford and Jack Ford was £Nil (2020 - £34).
Loughborough Gymnastics Community Interest Company
(Loughborough Gymnastics Community Interest Company is controlled by Trustee Kathryn Ford and Mr Jack Ford )
Durig the period the charity invoiced Loughborough Gymnastics Community Interest Company £12,464 (2020: £Nil) for coaching and rent.
At the balance sheet date the amount due to Loughborough Gymnastics Community Interest Company was £289 (2020 - £Nil).
Page 20