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2024-07-31-accounts

REGISTERED COMPANY NUMBER: 09058478 (England and Wales) REGISTERED CHARITY NUMBER: 1163580

Report of the Trustees and

Financial Statements for the Year Ended 31st July 2024

for

Pegasus Gymnastics Club Limited

Beak Kemmenoe Chartered Accountants 1-3 Manor Road Chatham Kent ME4 6AE

Pegasus Gymnastics Club Limited

Contents of the Financial Statements for the Year Ended 31st July 2024

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Page
Report of the Trustees 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6 to 7
Cash Flow Statement 8
Notes to the Cash Flow Statement 9
Notes to the Financial Statements 10 to 20
Detailed Statement of Financial Activities 21 to 22
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Pegasus Gymnastics Club Limited Report of the Trustees for the Year Ended 31st July 2024

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st July 2024. The trustees have adopted the provisions of 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 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The Objects of the Charity are that of the promotion of community participation in healthy recreation for the benefit of inhabitants of Maidstone, Kent and neighbouring boroughs by the provision of facilities for participation in gymnastics.

Significant activities

The provision of year round structured programmes of gymnastics in an elite bespoke indoor gymnastics centre for people aged between nine months old to sixteen years old, people with disabilities, adults and community use.

Public benefit

At our trustee meetings, when planning and reviewing our aims and objectives, and when planning our future activities we have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to guidance published by the Charity Commission, including public benefit guidance.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

Achievements in the reporting year were:

Internal and external factors

The trustees recognise that fees and membership can be prohibitive to those on low incomes. The Club will keep subscriptions at levels that will not pose a significant obstacle to participation. In case of need, there is a bursary scheme available.

FINANCIAL REVIEW

Financial position

The Club's income has increased with a rise of 3.7% in the reporting period. The grant from British Gymnastics of £7,250 contributed to the increase.

The Club managed to control its rising costs to achieve a surplus in the reporting period of £94,165 (2023: £161,791), leading to cash reserves exceeding £500,000 for the first time. The Club invested £63,730 on new equipment and was able to retain its experienced coaches. This continued improvement of the facilities and build up of cash reserves will allow the Club to continue for the foreseeable future.

Page 1

Pegasus Gymnastics Club Limited

Report of the Trustees for the Year Ended 31st July 2024

FINANCIAL REVIEW

Reserves policy

We strive to hold reserves in the order of the equivalent of a minimum of three months' running costs. The Club's running costs are around £70,000 per month, of which approximately £45,000 are salary costs including pensions and NI etc and £17,000 in property costs including rent In addition, the club puts aside further reserves for future equipment replacement and maintenance.

FUTURE PLANS

The interest in gymnastics continued to increase following Covid-19 and numbers in the preschool age children participation continued to recover. Participation of primary school children increased, and the club worked hard to accommodate those on the extensive waiting list. In the future it is hoped that turnover of gymnasts will reduce back to pre-Covid levels and that the Club's investment in Coach education will mean that the class offer can be optimised.

The Club continued to work hard towards completing its vision of creating a centre of excellence for gymnastics in Kent and the South-East and is well on its way down this 'path' with high-quality bespoke facilities available to gymnasts and the community. These regularly attract positive comments from visitors, however the Club has plans to develop the facilities even further and there is always plenty to do.

Remaining high on the list of priorities was the installation of a lift to the first floor to provide much-needed access for those with buggies or reduced mobility, however the finance for this remained out of reach. In addition, installation of air conditioning in the third gym had to wait once again.

Employment of sufficient coaches to meet the substantial demand for places at the Club remained an issue. The Club continued work hard to train personnel from within to address some of the shortfall.

The development of gymnastics will focus on opportunities for GYMability and Freestyle Gymnastics. The Club will be further extending its network to local schools as well as to associated partner activities, for instance the club camp in Portugal. Furthermore, the Club will be expanding its elite participation offer.

Individual gymnasts and coaches at the Club had outstanding national success in the last year and this helped to raise the profile of the sport locally and the Club nationally. We shall be using these achievements to further our development work.

Naturally, investment in apparatus will be vital for safety and broadening training opportunities. Significant upgrades to the pit area are planned. Furthermore, in an attempt to reduce the Club's carbon footprint the Trustees will be developing ways to achieve this.

It is intended that the Friends of Pegasus should start up again, providing volunteer opportunities and fundraising expertise to benefit the Club.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charitable company is incorporated as a company limited by guarantee as defined by the Companies Act 2006. It is constituted under a Memorandum of Association and is controlled by its governing document the Articles of Association adopted by special resolution on the 26th August 2015 and amended by special resolution on 9th September 2015 when it achieved Charitable Status. It is a registered charity, number 1163580.

Recruitment and appointment of new trustees

The management of the Club is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. Trustees are elected based on their knowledge, experience and skills in areas which are beneficial for the Club. The Club is not subject to a maximum of trustees, but the minimum number of trustees required is three. The numbers of trustees required for a Quorum is two.

Decision making

The Club works in accordance with its governing body's (British Gymnastics) policies and codes of conduct.

Page 2

Pegasus Gymnastics Club Limited

Report of the Trustees for the Year Ended 31st July 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management

The trustees have a duty to identify and review the risks to which the Club is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 09058478 (England and Wales)

Registered Charity number 1163580

Registered office

Unit 2-4 Farleigh Hill Tovil Maidstone Kent ME15 6RG

Trustees

J A Cook (resigned 31.3.2024) J C Ghinn (resigned 8.11.2023) C Griffiths A R Hall A D Cox L M Potter T H Banks T J Gedge (appointed 8.11.2023)

Company Secretary A D Cox

Independent Examiner

Natalie Harrison FCA FCCA CTA TEP Beak Kemmenoe Chartered Accountants 1-3 Manor Road Chatham Kent ME4 6AE

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................ A D Cox - Trustee

Page 3

Independent Examiner's Report to the Trustees of Pegasus Gymnastics Club Limited

Independent examiner's report to the trustees of Pegasus Gymnastics Club Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st July 2024.

Responsibilities and basis of report

As the charity's trustees of the Company (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 the Company 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

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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:

  1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. 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

  4. 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.

Natalie Harrison FCA FCCA CTA TEP

Beak Kemmenoe Chartered Accountants 1-3 Manor Road Chatham Kent ME4 6AE

Date: .............................................

Page 4

Pegasus Gymnastics Club Limited

Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31st July 2024

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
2,808
Charitable activities
5
Memberships
59,346
General classes
698,803
Merchandise sales
15,603
Gymnastics squad fees and event income
186,980
Investment income
4
4,562
Total
968,102
EXPENDITURE ON
Raising funds
Raising donations and legacies
6
4,801
4,801
Charitable activities
7
Charitable activities
841,682
Other
33,879
Total
880,362
NET INCOME
87,740
RECONCILIATION OF FUNDS
Total funds brought forward
522,228
TOTAL FUNDS CARRIED FORWARD
609,968		 Restricted
funds
£
7,250
-
-
-
-
-
7,250
-
-
-
825
825
6,425
4,500
10,925		 2024
Total
funds
£
10,058
59,346
698,803
15,603
186,980
4,562
975,352
4,801
4,801
841,682
34,704
881,187
94,165
526,728
620,893		 2023
Total
funds
£
-
53,942
703,392
17,484
165,435
879
941,132
4,361
4,361
758,614
16,366
779,341
161,791
364,937
526,728

The notes form part of these financial statements

Page 5

Pegasus Gymnastics Club Limited

Balance Sheet 31st July 2024

Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
13
148,864
CURRENT ASSETS
Stocks
14
200
Debtors
15
82,444
Cash at bank and in hand
498,433
581,077
CREDITORS
Amounts falling due within one year
16
(119,973)
NET CURRENT ASSETS
461,104
TOTAL ASSETS LESS CURRENT
LIABILITIES
609,968
NET ASSETS
609,968
FUNDS
17
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Restricted
funds
£
3,675
-
-
7,250
7,250
-
7,250
10,925
10,925		 2024
Total
funds
£
152,539
200
82,444
505,683
588,327
(119,973)
468,354
620,893
620,893
609,968
10,925
620,893		 2023
Total
funds
£
123,513
200
94,869
441,583
536,652
(133,437)
403,215
526,728
526,728
522,228
4,500
526,728

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 2024 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

continued...

Page 6

Pegasus Gymnastics Club Limited

Balance Sheet - continued 31st July 2024

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. A D Cox - Trustee

............................................. C Griffiths - Trustee

The notes form part of these financial statements

Page 7

Pegasus Gymnastics Club Limited

Cash Flow Statement

for the Year Ended 31st July 2024

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash used in investing activities
Cash flows from financing activities
Loan repayments in year
Net cash provided by/(used in) financing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2024
£
123,268
-
123,268
(63,730)
4,562
(59,168)
-
-
64,100
441,583
505,683		 2023
£
245,233
(833)
244,400
(78,144)
879
(77,265)
(42,500)
(42,500)
124,635
316,948
441,583

The notes form part of these financial statements

Page 8

Pegasus Gymnastics Club Limited

Notes to the Cash Flow Statement for the Year Ended 31st July 2024

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the reporting period (as per the Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Interest received
Interest paid
Decrease in debtors
(Decrease)/increase in creditors		 Net income for the reporting period (as per the Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Interest received
Interest paid
Decrease in debtors
(Decrease)/increase in creditors		 2024
£
94,165
34,704
(4,562)
-
12,425
(13,464)		 2023
£
161,791
15,533
(879)
833
39,197
28,758
Net cash provided by operations 123,268 245,233
ANALYSIS OF CHANGES IN NET FUNDS
Net cash
Cash at bank and in hand		 At 1.8.23
£
441,583		 Cash flow
£
64,100		 At 31.7.24
£
505,683
441,583 64,100 505,683
Total 441,583 64,100 505,683

2. ANALYSIS OF CHANGES IN NET FUNDS

The notes form part of these financial statements

Page 9

Pegasus Gymnastics Club Limited

Notes to the Financial Statements for the Year Ended 31st July 2024

1. STATUTORY INFORMATION

Pegasus Gymnastics Club Limited is a company limited by guarantee and has no share capital. The limit of each member in the event of winding up is limited to £1.

The company is registered in England and Wales, Registered Number 09058478 and it's registered office is Unit 2 - 4 Farleigh Hill, Tovil, Maidstone, Kent, ME15 6RG

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The charitable company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

Critical accounting judgements and key sources of estimation uncertainty

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

In preparing the financial statements the trustees have made the following judgements:

The trustees have allocated support costs between raising donations and legacies and charitable activities, based on an estimate of the proportion of time spent by staff on these activities. This continues to be considered the most appropriate apportionment method by the trustees.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Where income is received in advance for a service covering a period of time, only the proportion covering the reporting period is recognised as income with the remainder disclosed as a deferred income liability in the Balance Sheet.

The charity's activities are largely covered by the exemptions available for sporting and physical education services so no VAT is charged.

continued...

Page 10

Pegasus Gymnastics Club Limited

Notes to the Financial Statements - continued for the Year Ended 31st July 2024

2. ACCOUNTING POLICIES - continued

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Charitable activities

This comprises all the resources expended by the charity in undertaking its work to meet its charitable objectives. It includes both the direct costs of charitable activities together with the support costs incurred that enable these activities to be undertaken.

Allocation and apportionment of costs

Certain expenditure is directly attributable to specific activities and has been included in those cost categories. Support costs which are attributable to more than one activity are apportioned across cost categories on the basis of an estimate of the proportion of time spent by staff on those activities.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property - over the period of life of the lease Gymnastics equipment - 20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from Corporation Tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Only expenditure satisfying the restrictions imposed by the donor are allocated to restricted funds.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Financial instruments

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.

continued...

Page 11

Pegasus Gymnastics Club Limited

Notes to the Financial Statements - continued for the Year Ended 31st July 2024

2. ACCOUNTING POLICIES - continued

Financial instruments

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 balance sheet 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.

Debt instruments that comply with all of the conditions of paragraph 11.9 of FRS 102 are classified as 'basic'. For debt instruments that do not meet the conditions of FRS 102.11.9, the charity considers whether the debt instrument is consistent with the principle in paragraph 11.9A of FRS 102 in order to determine whether it can be classified as basic. Instruments classified as 'basic' financial instruments are measured subsequently at amortised cost using the effective interest method. Debt instruments that have no stated interest rate (and do not constitute financing transaction) and are classified as payable or receivable within one year are initially measured at an undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

With the exception of some hedging instruments, other debt instruments not meeting conditions of being 'basic' financial instruments are measured at fair value through profit or loss.

Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

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.

Restricted funds

Howdens Joinery - Artistic Development Grant

£500 was contributed during the year ended 31 July 2021 to help artistic development at the charity. This money was spent on the purchase of equipment in the year ended 31 July 2024.

William Brake Charitable Trust - Men's Artistic Development Grant

£2,000 was contributed during the year ended 31 July 2021, a further £2,000 was contributed during the year ended 31 July 2022. The funds are to be used for men's artistic development. This money was spent on the purchase of equipment in the year ended 31 July 2024.

British Gymnastics - Coach and Club Support Grant

£7,250 was contributed during the year ended 31 July 2024. This money will be used to provide financial assistance to the primary coaches and clubs of gymnasts that are selected to the WCP (World Class Programme).

continued...

Page 12

Pegasus Gymnastics Club Limited

Notes to the Financial Statements - continued for the Year Ended 31st July 2024

3. DONATIONS AND LEGACIES

Donations
Grants
Grants received, included in the above, are as follows:
British Gymnastics Coach and Club Support Grant
4.
INVESTMENT INCOME
Interest receivable
5.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Membership fees
Memberships
Class fees
General classes
Kit sales
Merchandise sales
Squad fees and event income Gymnastics squad fees and event income
6.
RAISING DONATIONS AND LEGACIES
Support costs		 2024
£
2,808
7,250
10,058
2024
£
7,250
2024
£
4,562
2024
£
59,346
698,803
15,603
186,980
960,732
2024
£
4,801		 2023
£
-
-
-
2023
£
-
2023
£
879
2023
£
53,942
703,392
17,484
165,435
940,253
2023
£
4,361

continued...

Page 13

Pegasus Gymnastics Club Limited

Notes to the Financial Statements - continued for the Year Ended 31st July 2024

7. CHARITABLE ACTIVITIES COSTS

Direct
Costs
£
Charitable activities
750,405
8.
SUPPORT COSTS
Management
£
Raising donations and legacies
4,561
Charitable activities
86,701
91,262
Support costs, included in the above, are as follows:
Raising
donations
and
Charitable
legacies
activities
£
£
Wages
2,136
40,589
Social security
42
810
Pensions
18
352
Consultancy fees
1,477
28,067
Telephone
77
1,462
Office costs
186
3,536
Book keeping expenses
298
5,675
Sundries
6
111
Independent examiners fees
321
6,099
Bank charges
240
4,576
4,801
91,277
9.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets
Independent examiner's fees for the audit of the financial statements
Independent examiner's fees for non-audit services		 Support
costs (see
note 8)
£
91,277
Finance
£
240
4,576
4,816
2024
Total
activities
£
42,725
852
370
29,544
1,539
3,722
5,973
117
6,420
4,816
96,078
2024
£
34,704
3,200
3,220		 Totals
£
841,682
Totals
£
4,801
91,277
96,078
2023
Total
activities
£
51,421
1,082
484
18,021
1,288
3,975
-
119
6,300
4,542
87,232
2023
£
15,533
3,000
3,300

continued...

Page 14

Pegasus Gymnastics Club Limited

Notes to the Financial Statements - continued for the Year Ended 31st July 2024

10. TRUSTEES' REMUNERATION AND BENEFITS

Ms C Griffiths, a director and trustee of the charity, was paid £11,457 during the reporting period for IT support and marking services (2023: £5,400).

Ms L Potter, a director and trustee of the charity, was paid £30,357 during the reporting period (2023: £20,728) for coaching development, human resource management, office administration and fund raising.

Neither trustee was paid for being a trustee of the charity or for the associated duties of a trustee.

The terms of the above arrangements were agreed by the trustees not benefitting from them.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st July 2024 nor for the year ended 31st July 2023.

11. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 2024
£
475,282
29,715
10,027
515,024		 2023
£
433,426
25,078
8,812
467,316

The average monthly number of employees during the year was as follows:

Administrative employees
Coaches		 2024
5
25
30		 2023
7
24
31

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

£60,001 - £70,000
12.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Charitable activities
Memberships
53,942
General classes
703,392
Merchandise sales
17,484
Gymnastics squad fees and event income
165,435
Investment income
879
Total
941,132		 2024
1
Restricted
funds
£
-
-
-
-
-
-		 2023
-
Total
funds
£
53,942
703,392
17,484
165,435
879
941,132

continued...

Page 15

Pegasus Gymnastics Club Limited

Notes to the Financial Statements - continued for the Year Ended 31st July 2024

----- Start of picture text -----
12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted Restricted Total
funds funds funds
£ £ £
EXPENDITURE ON
Raising funds
-
Raising donations and legacies 4,361 4,361
-
4,361 4,361
Charitable activities
Charitable activities 758,614 - 758,614
Other 16,366 - 16,366
Total 779,341 - 779,341
NET INCOME 161,791 - 161,791
RECONCILIATION OF FUNDS
Total funds brought forward 360,437 4,500 364,937
TOTAL FUNDS CARRIED FORWARD 522,228 4,500 526,728
13. TANGIBLE FIXED ASSETS
Improvements
to Gymnastics
property equipment Totals
£ £ £
COST
At 1st August 2023 88,274 177,914 266,188
Additions - 63,730 63,730
At 31st July 2024 88,274 241,644 329,918
DEPRECIATION
At 1st August 2023 40,623 102,052 142,675
Charge for year 4,974 29,730 34,704
At 31st July 2024 45,597 131,782 177,379
NET BOOK VALUE
At 31st July 2024 42,677 109,862 152,539
At 31st July 2023 47,651 75,862 123,513
----- End of picture text -----

continued...

Page 16

Pegasus Gymnastics Club Limited

Notes to the Financial Statements - continued for the Year Ended 31st July 2024

----- Start of picture text -----
14. STOCKS
2024 2023
£ £
Stocks 200 200
15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 65,721 65,563
Other debtors 16,723 29,306
82,444 94,869
16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 2,340 -
Social security and other taxes 6,703 5,862
Other creditors 10,250 27,698
Deferred income 94,080 93,397
Accrued expenses 6,600 6,480
119,973 133,437
17. MOVEMENT IN FUNDS
Net
movement At
At 1.8.23 in funds 31.7.24
£ £ £
Unrestricted funds
General fund 522,228 87,740 609,968
Restricted funds
Artistic Development Grant 500 (92) 408
Men's Artistic Development Grant 4,000 (733) 3,267
The British Gymnastics Coach and Club
-
Support Grant 7,250 7,250
4,500 6,425 10,925
TOTAL FUNDS 526,728 94,165 620,893
----- End of picture text -----

continued...

Page 17

Pegasus Gymnastics Club Limited

Notes to the Financial Statements - continued for the Year Ended 31st July 2024

17. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming
resources
£
Unrestricted funds
General fund
968,102
Restricted funds
Artistic Development Grant
-
Men's Artistic Development Grant
-
The British Gymnastics Coach and Club
Support Grant
7,250
7,250
TOTAL FUNDS
975,352
Comparatives for movement in funds
At 1.8.22
£
Unrestricted funds
General fund
360,437
Restricted funds
Artistic Development Grant
500
Men's Artistic Development Grant
4,000
4,500
TOTAL FUNDS
364,937
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
941,132
TOTAL FUNDS
941,132		 Resources
Movement
expended
in funds
£
£
(880,362)
87,740
(92)
(92)
(733)
(733)
-
7,250
(825)
6,425
(881,187)
94,165
Net
movement
At
in funds
31.7.23
£
£
161,791
522,228
-
500
-
4,000
-
4,500
161,791
526,728
Resources
Movement
expended
in funds
£
£
(779,341)
161,791
(779,341)
161,791

continued...

Page 18

Pegasus Gymnastics Club Limited

Notes to the Financial Statements - continued for the Year Ended 31st July 2024

17. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Restricted funds
Artistic Development Grant
Men's Artistic Development Grant
The British Gymnastics Coach and Club
Support Grant
TOTAL FUNDS		 At 1.8.22
£
360,437
500
4,000
-
4,500
364,937		 Net
movement
in funds
£
249,531
(92)
(733)
7,250
6,425
255,956		 At
31.7.24
£
609,968
408
3,267
7,250
10,925
620,893

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Artistic Development Grant
Men's Artistic Development Grant
The British Gymnastics Coach and Club
Support Grant		 Incoming
resources
£
1,909,234
-
-
7,250		 Resources
Movement
expended
in funds
£
£
(1,659,703)
249,531
(92)
(92)
(733)
(733)
-
7,250
7,250 (825)
6,425
TOTAL FUNDS 1,916,484 (1,660,528)
255,956

continued...

Page 19

Pegasus Gymnastics Club Limited

Notes to the Financial Statements - continued for the Year Ended 31st July 2024

18. RELATED PARTY DISCLOSURES

Pegasus Sports Centre Limited charged the charity £182,160 during the reporting period (2023: £162,000) for the use of the premises from which it operates.

In the year ended 31 July 2023 the charity bought equipment worth £78,144 from Pegasus Sports Centre Limited on an arms length basis.

At the Balance Sheet date, £4,467 was payable to Pegasus Sports Centre Limited (2023: £23,575).

All of the charity's trustees are also directors of Pegasus Sports Centre Limited.

19. PROVISION AVAILABLE FOR SMALLER ENTITIES

The charity uses its independent examiners to assist with the preparation of the Financial Statements and to file payroll submissions.

Page 20

Pegasus Gymnastics Club Limited

Detailed Statement of Financial Activities for the Year Ended 31st July 2024

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Grants
Investment income
Interest receivable
Charitable activities
Membership fees
Class fees
Squad fees and event income
Kit sales
Total incoming resources
EXPENDITURE
Charitable activities
Wages
Social security
Pensions
Rent and rates
Insurance
Event expenses
Kit purchases and awards
Consultancy fees
Repairs and maintenance
Travel and subsistence
Staff training
Subscriptions
Other
Improvements to property depreciation
Gymnastics equipment depreciation
Bank loan interest
Support costs		 2024
£
2,808
7,250
10,058
4,562
59,346
698,803
186,980
15,603
960,732
975,352
432,557
28,863
9,657
182,160
11,364
-
24,194
29,495
16,170
6,077
7,024
2,844
750,405
4,974
29,730
-
34,704		 2023
£
-
-
-
879
53,942
703,392
165,435
17,484
940,253
941,132
382,005
23,996
8,328
162,000
10,370
14,134
29,232
19,028
9,967
6,555
7,315
2,813
675,743
4,974
10,559
833
16,366

This page does not form part of the statutory financial statements

Page 21

Pegasus Gymnastics Club Limited

Detailed Statement of Financial Activities

for the Year Ended 31st July 2024

Support costs
Management
Wages
Social security
Pensions
Consultancy fees
Telephone
Office costs
Book keeping expenses
Sundries
Independent examiners fees
Finance
Bank charges
Total resources expended
Net income		 2024
£
42,725
852
370
29,544
1,539
3,722
5,973
117
6,420
91,262
4,816
881,187
94,165		 2023
£
51,421
1,082
484
18,021
1,288
3,975
-
119
6,300
82,690
4,542
779,341
161,791

This page does not form part of the statutory financial statements

Page 22