Charity Registration No. 1168783
ASG COMMUNITY GYMNASTICS CLUB
CHARITABLE INCORPORATED ORGANISATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2022
ASG COMMUNITY GYMNASTICS CLUB CHARITABLE INCORPORATED ORGANISATION LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Charity number Principal address
Independent examiner
J Parry S McGranaghan S Cox 1168783
Arch 11 Byron Close Thamesmead Kent SE28 8AA Baxter & Co Lynwood House Crofton Road Orpington Kent BR6 8QE
ASG COMMUNITY GYMNASTICS CLUB CHARITABLE INCORPORATED ORGANISATION CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 13 |
ASG COMMUNITY GYMNASTICS CLUB CHARITABLE INCORPORATED ORGANISATION TRUSTEES' REPORT
FOR THE YEAR ENDED 5 APRIL 2022
The trustees present their annual report and financial statements for the year ended 5 April 2022.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "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
The charity's objective is the promotion of community participation in healthy recreation in particular by the provision of facilities for the participation of gymnastics.
The main activities undertaken for the public benefit have been providing recreational gymnastics classes to the local community, and providing fun days and gymnastics events for children of all ages.
The policies adopted in furtherance of these objects are as per the governing document.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The charity now has over 450 members participating in weekly classes including pre-school aged children, teenagers, adults and children with both physical and learning disabilities. We also run gymnastics themed birthday parties, which have been very popular with both existing members and new clients.
Achievements and performance Financial review
Following the easing of the Covid restrictions, the club was able to reopen in April 2021.
During the period, income including grants totalled £232,571 (2021: £173,429) with total expenses being £185,936 (2021: £112,256), this has resulted in a surplus for the period of £46,635 (2021 : £61,173).
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.
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.
Structure, governance and management
The charity is a Charitable Incorporated Organisation (CIO) and was established by a charitable trust deed on 15 August 2016.
The trustees who served during the year and up to the date of signature of the financial statements were: J Parry S McGranaghan S Cox
Trustees are selected for their skills, knowledge and experience that the charity requires. They are appointed initially for a term of 3 years by a resolution passed at a meeting of the charity trustees.
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.
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ASG COMMUNITY GYMNASTICS CLUB CHARITABLE INCORPORATED ORGANISATION TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
The trustees' report was approved by the Board of Trustees.
J Parry Trustee
31 January 2023
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ASG COMMUNITY GYMNASTICS CLUB CHARITABLE INCORPORATED ORGANISATION INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF ASG COMMUNITY GYMNASTICS CLUB
I report to the trustees on my examination of the financial statements of ASG Community Gymnastics Club (the charity) for the year ended 5 April 2022.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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 that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Baxter & Co
Lynwood House Crofton Road Orpington Kent BR6 8QE
Dated: 31 January 2023
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ASG COMMUNITY GYMNASTICS CLUB CHARITABLE INCORPORATED ORGANISATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2022
| Unrestricted Restricted funds funds 2022 2022 Notes £ £ Income from: Donations and legacies 3 29,323 - Charitable activities 4 203,248 - Total income 232,571 - Expenditure on: Charitable activities 5 182,999 2,937 Net income/(expenditure) for the year/ Net movement in funds 49,572 (2,937) Fund balances at 6 April 2021 66,730 19,581 Fund balances at 5 April 2022 116,302 16,644 |
Total Unrestricted Restricted funds funds 2022 2021 2021 £ £ £ 29,323 91,214 - 203,248 82,215 - 232,571 173,429 - 185,936 108,800 3,456 46,635 64,629 (3,456) 86,311 2,101 23,037 132,946 66,730 19,581 |
Total 2021 £ 91,214 82,215 |
|---|---|---|
| 173,429 | ||
| 112,256 | ||
| 61,173 25,138 |
||
| 86,311 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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ASG COMMUNITY GYMNASTICS CLUB CHARITABLE INCORPORATED ORGANISATION BALANCE SHEET
AS AT 5 APRIL 2022
| Notes Fixed assets Tangible assets 9 Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities Income funds Restricted funds 12 Unrestricted funds |
2022 £ - 96,800 96,800 (3,600) |
£ 39,746 93,200 132,946 16,644 116,302 132,946 |
2021 £ 1,915 47,990 49,905 (1,800) |
£ 38,206 48,105 |
|---|---|---|---|---|
| 86,311 | ||||
| 19,581 66,730 |
||||
| 86,311 |
The financial statements were approved by the Trustees on 31 January 2023
J Parry Trustee
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ASG COMMUNITY GYMNASTICS CLUB CHARITABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2022
1 Accounting policies
Charity information
ASG Community Gymnastics Club is a Charitable Incorporated Organisation (CIO) and is governed by its trust deed dated 15 August 2016.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and "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)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
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 £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are for the installation of a trampoline and high bar area at the gym.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
Grant income is restricted and can only be used for the specific purpose detailed in the grant documents.
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ASG COMMUNITY GYMNASTICS CLUB CHARITABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
1 Accounting policies
(Continued)
1.5 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 settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses including support and governance costs are allocated to the applicable expenditure headings.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
15% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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ASG COMMUNITY GYMNASTICS CLUB CHARITABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.10 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Donations and gifts | 12,709 | 11,277 |
| Other grants | 16,614 | 79,937 |
| 29,323 | 91,214 |
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ASG COMMUNITY GYMNASTICS CLUB CHARITABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
4 Charitable activities
| Charitable | Charitable |
||
|---|---|---|---|
| Income | Income | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Membership fees | 6,636 | 2,850 | |
| Merchandise income | 1,711 | 1,960 | |
| Hire of hall | 6,907 | 7,934 | |
| Gymnastic lessons | 187,994 | 69,471 | |
| 203,248 | 82,215 | ||
| All charitable income noted above is unrestricted. | |||
| 5 | Charitable activities | ||
| Charitable | Charitable |
||
| Expenditure | Expenditure | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Depreciation and impairment | 7,014 | 6,743 | |
| Share of support costs (see note 6) | 177,122 | 103,913 | |
| Share of governance costs (see note 6) | 1,800 | 1,600 | |
| 185,936 | 112,256 | ||
| Analysis by fund | |||
| Unrestricted funds | 182,999 | 108,800 | |
| Restricted funds | 2,937 | 3,456 | |
| 185,936 | 112,256 |
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ASG COMMUNITY GYMNASTICS CLUB CHARITABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
6 Support costs
| Staff costs Coaches, training and membership fees Gym supplies Website and internet fees Printing, postage and stationery Repairs, maintenance and cleaning Accountancy Advertising Motor expenses Sundry expenses Property costs Telephone Legal and professional fees |
Support costs Governance costs £ £ 124,307 - 1,627 - 10,212 - 3,852 - 2,018 - 4,117 - - 1,800 2,744 - 1,242 - 5,742 - 20,508 - 278 - 475 - 177,122 1,800 |
2022 Support costs Governance costs £ £ £ 124,307 70,249 - 1,627 1,880 - 10,212 7,465 - 3,852 1,817 - 2,018 1,175 - 4,117 5,071 - 1,800 - 1,600 2,744 426 - 1,242 5,075 - 5,742 1,122 - 20,508 9,087 - 278 296 - 475 250 - 178,922 103,913 1,600 |
2021 £ 70,249 1,880 7,465 1,817 1,175 5,071 1,600 426 5,075 1,122 9,087 296 250 |
|---|---|---|---|
| 105,513 |
Governance costs includes a payment of £1,800 (2021 : £1,600) for independent examination fees.
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
8 Employees
The average monthly number of employees during the year was:
| Employment costs Wages and salaries |
2022 Number 12 2022 £ 124,307 |
2021 Number 9 |
|---|---|---|
| 2021 £ 70,249 |
There were no employees whose annual remuneration was more than £60,000.
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ASG COMMUNITY GYMNASTICS CLUB CHARITABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
| 9 Tangible fixed assets Cost At 6 April 2021 Additions At 5 April 2022 Depreciation and impairment At 6 April 2021 Depreciation charged in the year At 5 April 2022 Carrying amount At 5 April 2022 At 5 April 2021 10 Debtors Amounts falling due within one year: Other debtors 11 Creditors: amounts falling due within one year Accruals and deferred income |
Fixtures and fittings £ 62,120 8,554 70,674 23,914 7,014 30,928 39,746 38,206 2022 2021 £ £ - 1,915 2022 2021 £ £ 3,600 1,800 |
Fixtures and fittings £ 62,120 8,554 70,674 23,914 7,014 30,928 39,746 38,206 2022 2021 £ £ - 1,915 2022 2021 £ £ 3,600 1,800 |
|---|---|---|
| 70,674 | ||
| 23,914 7,014 |
||
| 30,928 | ||
| 39,746 | ||
| 38,206 | ||
| 2021 £ 1,915 |
||
| 2021 £ 1,800 |
All liabilities relate to unrestricted funds.
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ASG COMMUNITY GYMNASTICS CLUB CHARITABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
12 Restricted funds
The income funds of the charity include restricted funds and unrestricted funds comprising the following unexpended balances of donations, grants and fixed assets held on trust for specific purposes:
| Balance at 6 April 2020 r £ Restricted Funds - Fixed Assets 23,037 Unrestricted Funds - Spendable (5,989) Unrestricted Funds - Fixed Assets 8,090 25,138 |
Movement in funds Incoming esources Resources expended £ £ - (3,456) 173,429 (105,513) - (3,287) 173,429 (112,256) |
Transfers Balance at 6 April 2021 r £ £ - 19,581 (13,822) 48,105 13,822 18,625 - 86,311 |
Movement in funds Incoming esources Resources expended £ £ - (2,937) 232,571 (178,922) - (4,077) 232,571 (185,936) |
Transfers Balance at 5 April 2022 £ £ - 16,644 (8,554) 93,200 8,554 23,102 - 132,946 |
Transfers Balance at 5 April 2022 £ £ - 16,644 (8,554) 93,200 8,554 23,102 - 132,946 |
|---|---|---|---|---|---|
| 132,946 |
Funds noted above represent both amounts available for spending and amounts invested in fixed assets by the charity.
Spendable funds relate to amounts available for spending by the charity to further its charitable objectives. Fixed asset funds represent the net book value of tangible assets purchased.
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ASG COMMUNITY GYMNASTICS CLUB CHARITABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
| 13 Analysis of net assets between funds Unrestricted funds Restricted funds 2022 2022 £ £ Fund balances at 5 April 2022 are represented by: Tangible assets 23,102 16,644 Current assets/(liabilities) 93,200 - 116,302 16,644 |
Total Unrestricted funds Restricted funds 2022 2021 2021 £ £ £ 39,746 18,625 19,581 93,200 48,105 - 132,946 66,730 19,581 |
Total 2021 £ 38,206 48,105 |
|---|---|---|
| 86,311 |
Restricted funds are for the purchase and installation of trampoline and high bar area at the gym.
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