## **NORTH WALSHAM GYMNASTICS CLUB**
(A private company limited by guarantee)
**REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
**Charity Number: 1171166**
**Company Registration Number: 09626412**
## **NORTH WALSHAM GYMNASTICS CLUB**
**CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 December 2020**
Page Legal and administrative information 1 Report of the Trustees 2 - 3 Report of the Independent Examiners 4 Statement of Financial Activities 5 Balance Sheet 6 Notes to the Financial Statements 7 - 13
## **NORTH WALSHAM GYMNASTICS CLUB**
**LEGAL AND ADMINISTRATIVE INFORMATION for the year ended 31 December 2020**
**Registered Charity Name:** North Walsham Gymnastics Club
**Registered Charity number:** 1171166 **Registered Company number:** 09626412 **Registered office:** 12 Lime Tree Road North Walsham Norfolk NR28 9DY **Place of business:** 4 Cornish Way Business Park North Walsham Norfolk NR28 0AW **Trustees:** Mr Michael Brooks Mrs Theresa Freemen Mrs Patrica Johnson Ms Donna Yarham Mr Neal Hayes-Bradley Mrs Tina Casburn **Key Management Personnel:** Mrs Alexis Thurston (Head Coach) **Solicitors:** Hansells Solicitors Canada House Grammar School Road North Walsham NR28 9JH
## **Independent Examiners:**
Sexty & Co Chartered Certified Accountants 124 Thorpe Road Norwich Norfolk NR1 1RS
1
## **NORTH WALSHAM GYMNASTICS CLUB**
## **REPORT OF THE TRUSTEES for the year ended 31 December 2020**
The Trustees present their report with the financial statements of the charity for the year ended 31 December 2020.
## **STATUS**
North Walsham Gymnastics Club is a company limited by guarantee and was incorporated on 5 June 2015. The company is an incorporated charity registered with the Charity Commission (Registration No. 1171166). It is governed by its Memorandum and Articles of Association.
## **PRINCIPLE ACTIVITY**
The principle activity of North Walsham Gymnastics Club is to promote participation in the amateur sport of gymnastics including General, Women’s Artistic, Men’s Artistic, Disability Gymnastics and Pre-School to provide facilities within North Walsham and North Norfolk for the benefit of members throughout the community. To ensure adequate resources, coaching and welfare are available to all members and other bodies.
## **CHARITABLE OBJECTS**
To promote community participation in healthy recreation for the benefits of the inhabitants of North Walsham and the surrounding area, by the provision of facilities for the sport of amateur gymnastics and other charitable activities.
## **OBJECTIVES AND ACTIVITIES**
North Walsham Gymnastics Club is a registered charity which provides a fun, safe and nurturing environment to obtain the essential foundation skills in gymnastics. The essential skills provided enable young people to exceed their expectations, develop self-esteem and realise their potential. The club offers a varied gymnastics and conditioning program from social gymnastics through to competitive gymnastics with price options for all levels of interest, but with greater emphasis on group classes. The Club’s coaches have access to continual training with some of the area’s top professional coaches, this provides the students with up-to-date moves and techniques. The Club welcomes a diversity of people and maintains a non-smoking and alcohol/drug free environment.
## **PUBLIC BENEFIT STATEMENT**
The Trustees have regard to the Charity Commission’s public benefit guidance.
## **ACHIEVEMENTS AND PERFORMANCE**
March saw our 2nd Club Competition take place just before our first lock down of the year. With 4 rounds, 300 gymnasts and 400 spectators. A very successful event for the club.
At the end of March the Club closed due to Covid-19 and didn't reopen until August 2020. In April we applied for and received a grant of £25,000 from North Norfolk District Council. We received further support from them towards the end of the year. June also saw a £5,000 donation from the Alan Boswell Group with our grateful thanks.
From August the Club opened with a phased return of all gymnasts. With new risk assessments, health and safety and complete sanitation of the premises, the head coach and senior coaching team organised for all coaches and staff to be trained to use the facilities with new Coronavirus guidelines in place. These included a no touch policy, extra cleaning schedules, all session times changed to accommodate cleaning, arrival, dispersal of gymnasts. Ratios changed from 1:8 to 1:6. (Coaches : gymnasts). Unfortunately the Club closed again for November and again in January 2021.
2
## **NORTH WALSHAM GYMNASTICS CLUB**
## **REPORT OF THE TRUSTEES for the year ended 31 December 2020 (continued)**
## **ACHIEVEMENTS AND PERFORMANCE (continued)**
We Currently have 370 members, numbers having dropped due to the pandemic. There are now 100 available spaces keeping in line with covid social distancing and ratios. Capacity is 600 approx. County Squad training was cancelled as was all county, regional and national competitions.
A change has been made to collecting fees via Direct Debit - this has proved successful and more efficient.
There has been a change of senior staff and also the administration team and we welcomed two male coaches to the team. The Head Coach and coaching team have kept the gymnasts engaged during the closure with worksheets, challenges and on-line training forums in line with British Gymnastics policies.
Lastly, we must thank all our coaching staff, administration team, gymnasts, parents and helpers for their continued support during this difficult year. We hope that by the autumn, our gymnastic club will be training continuously and will have welcomed many new gymnasts to the Club.
## **FINANCIAL REVIEW**
The Statement of Financial Activities shows a surplus for the year of £5,375 (2019: £20,702 deficit) and total reserves stand at £90,570 (2019: £85,195).
## **RESERVES POLICY**
It is the policy of the charity to maintain unrestricted funds which are the free reserves of the charity, at a level which equates to approximately six months unrestricted expenditure. This provides sufficient funds to cover management and administration and support costs and to respond to emergencies.
## **RISK MANAGEMENT**
The Trustees review the risks of the charity on a regular basis and have implemented policies and procedures to mitigate exposure to these risks. In addition, a review of all financial risks is undertaken on a regular basis.
## **GOVERNANCE AND MANAGEMENT**
The day to day affairs of the charity are overseen by the Board of Trustees. The Trustees meet on a regular basis to review the charity’s activities. Where there is a need for new Trustees, these are identified and appointed by the existing Trustees, in accordance with the Articles of Association.
The report of the trustees has been prepared taking advantage of the small companies’ exemption of section 415A of the Companies Act 2006.
## **ON BEHALF OF THE TRUSTEES**
Mrs P Johnson – Trustee
Mrs T Freemen - Trustee
Date:
3
## **NORTH WALSHAM GYMNASTICS CLUB**
## **REPORT OF THE INDEPENDENT EXAMINERS TO THE TRUSTEES for the year ended 31 December 2020**
I report to the charity trustees on my examination of the accounts of the company for the year ended 31 December 2020 which are set out on pages 5 to 13
## **Responsibilities and basis of report**
As the charity 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 company’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 that in any material respect:
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.
A Orves FCCA, FCA Sexty & Co Chartered Certified Accountants and Registered Auditors 124 Thorpe Road Norwich NR1 1RS
Date:
4
## **NORTH WALSHAM GYMNASTICS CLUB**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) for the year ended 31 December 2020**
**----- Start of picture text -----**
Total Total
General Restricted funds funds
Notes funds funds 2020 2019
£ £ £ £
Income from:
Donations and grants 2 68,544 - 68,544 4,493
Charitable activities 3 106,660 - 106,660 182,040
Investments 4 4 - 4 3
Total income 175,208 - 175,208 186,536
Expenditure on:
Charitable activities 5 169,833 - 169,833 207,238
Total charitable expenditure 169,833 - 169,833 207,238
Net (expenditure)/income 5,375 - 5,375 (20,702)
Transfers between funds - - - -
Net movement in funds 5,375 - 5,375 (20,702)
Reconciliation of funds
Fund balances brought forward 85,195 - 85,195 105,897
Fund balances carried forward 90,570 - 90,570 85,195
**----- End of picture text -----**
The notes set out on pages 7 to 13 form an integral part of these financial statements
5
## **NORTH WALSHAM GYMNASTICS CLUB (COMPANY REGISTRATION NO. 09626412)**
**----- Start of picture text -----**
BALANCE SHEET
31 December 2020
2020 2019
Notes £ £ £ £
Fixed assets 9 18,646 44,138
Current assets
Stock 4,400 5,394
Debtors and prepayments 10 1,448 496
Cash at bank and in hand 78,549 45,834
84,397 51,724
Creditors due within one year 11 12,473 10,667
Net current assets 71,924 41,057
Net assets 90,570 85,195
Represented by:
Restricted funds - -
Unrestricted funds 90,570 85,195
Total Funds 90,570 85,195
**----- End of picture text -----**
The company was entitled to exemption from audit under S477 of the Companies Act 2006 relating to small companies.
## Directors’ responsibilities:
- The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to small companies subject to the small companies regime and in accordance with FRS102 SORP.
The financial statements were approved by the Trustees on …………………….. and were signed on its behalf by:
Mrs P Johnson – Trustee
Mrs T Freemen - Trustee
6
## **NORTH WALSHAM GYMNASTICS CLUB**
## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020**
## **1. Accounting policies**
## **a) General information and basis of preparation**
North Walsham Gym Club is a charitable company in England / Wales. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes. The financial statements have been prepared in accordance with the Statement of Recommended Practice: 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) issued in October 2019, and with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and with the Charities Act 2011.
## **b)**
## **Funds**
General funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes.
## **c) Income recognition**
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
Income from grants is recognised when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.
## **d)**
## **Expenditure recognition**
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
7
## **NORTH WALSHAM GYMNASTICS CLUB**
## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020 (continued)**
## **Accounting policies – continued**
## **e) Fixed assets**
Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:
Leasehold improvements 10% straight line Plant and machinery 25% straight line Equipment 25% straight line
## **f) Stocks**
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
## **f) Leases**
Rental payable under operating leases are charged to the SoFA on a straight line basis over the period of the lease.
## **h) Tax**
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
## **i) Going concern**
Following the year end the company has been affected by the restrictions imposed by the UK Government in response to the Covid 19 pandemic. The result of this is that the company has had to temporarily suspend it’s operations which will result in a loss of income for the company.
The directors consider that the resources available to the company will be sufficient for it to be able to continue as a going concern during the restrictions and once the restrictions are lifted. The financial statements do not contain any adjustments that would be required if the company were not able to continue as a going concern.
## **j) Limited by guarantee**
North Walsham Gymnastics Club Limited is a company limited by guarantee and accordingly does not have any share capital.
Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the charitable company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member
8
## **NORTH WALSHAM GYMNASTICS CLUB**
## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020 (continued)**
## **2. Income from donations and grants**
|Miscellaneous Donations
Shell
Eastern Counties
Gymnastics Assoc
Alan Boswell
Norfolk Gymnastics Assoc
ESC Lottery Fund
Government Grants:
NNDC - Covid 19 business
support grant
NNDC - Covid 19 local
restriction support grant
HMRC Job retention scheme|**General**
**funds**
**Restricted**
**funds**
**2020**
**2019**
**£**
**£**
**£**
**£**
141
-
141
887
278
-
278
-
238
-
238
1,000
5,000
-
5,000
-
-
-
-
1,083
-
-
-
1,523
25,000
-
25,000
-
2,000
-
2,000
-
35,887
-
35,887
-|
|---|---|
||68,544
-
68,544
4,493|
## **3. Income from charitable activities**
|Fees
Insurance
Clothing etc.
Tuck shop
Competition and course fees
Summer sessions
Gym hire
Fundraising
Awards|**General**
**funds**
**Restricted**
**funds**
**2020**
**2019**
**£**
**£**
**£**
**£**
90,007
-
90,007
147,418
7,428
-
7,428
13,188
1,905
-
1,905
7,413
507
-
507
2,410
170
-
170
4,319
4,022
-
4,022
3,292
-
-
-
440
2,566
-
2,566
3,239
55
-
55
321|
|---|---|
||106,660
-
106,660
182,040|
## **4. Income from investments**
|Bank interest|**General**
**funds**
**Restricted**
**funds**
**2020**
**2019**
**£**
**£**
**£**
**£**
4
-
4
3|
|---|---|
||4
-
4
3|
9
## **NORTH WALSHAM GYMNASTICS CLUB**
## **NOTES TO THE FINANCIAL STATEMENTS**
**for the year ended 31 December 2020 (continued)**
## **5. Analysis of expenditure on charitable activities**
**----- Start of picture text -----**
General Restricted
Funds Funds 2020 2019
£ £ £ £
Rent & rates 24,017 - 24,017 34,224
UEA & hall hire - - - 150
Light & heat 2,368 - 2,368 4,728
Repairs & renewals 1,349 - 1,349 1,930
Salaries 94,713 - 94,713 102,733
Social security 1,512 - 1,512 2,785
Pension contributions 1,344 - 1,344 1,427
Coaches expenses 71 - 71 1,041
Competition & course fees 660 - 660 6,386
Clothing etc. 1,587 - 1,587 6,629
Tuckshop 455 - 455 1,717
Licences and insurance 9,749 - 9,749 13,633
Telephone & broadband 402 - 402 458
Postage & stationery 351 - 351 168
Equipment 608 - 608 318
Website 351 - 351 144
Bank & card charges 769 - 769 60
Accountancy & payroll fees 2,649 - 2,649 2,140
Legal fees 193 - 193 157
Miscellaneous 1,193 - 1,193 905
Depreciation 25,492 - 25,492 25,505
169,833 - 169,833 207,238
6. Independent examiner fees
Fees payable to the independent examiner for:
2020 2019
£ £
Independent examination of the financial statements 1,000 1,000
Other financial services 1,649 1,140
2,649 2,140
**----- End of picture text -----**
## **7. Trustees remuneration and expenses**
The trustees have neither received nor waived any remuneration or expenses during the current year.
10
## **NORTH WALSHAM GYMNASTICS CLUB**
## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020 (continued)**
## **8. Staff costs**
The average monthly number of employees during the year was 15 employees (2019: 14).
The total staff costs and employee benefits were as follows:
|Wages and salaries
Social security
Pension costs|**2020**
**2019**
**£**
**£**
94,713
102,733
1,512
2,785
1,344
1,427|
|---|---|
||97,569
106,945|
No employee received total employee benefits of more than £60,000.
The Charity considers that the key management personnel comprises the Trustees and the senior management team. The total employee benefits of the key management personnel of the Charity were £28,059 (2019 £29,120).
|**xed Assets**
**Cost**
At 1 January 2020
Additions
At 31 December 2020
**Depreciation**
At 1 January 2020
Charge for the year
At 31 December 2020
**Net Book Value**
At 31 December 2020
At 31 December 2019|Leasehold
Improvements
£
23,252
-
23,252
6,975
2,325
9,300
13,952
16,277|Plant and
machinery
£
9,121
-
9,121
6,250
2,276
8,526
595
2,871|Equipment
£
83,581
-
83,581
58,591
20,891
79,482
4,099
24,990|**Total**
**£**
115,954
-|
|---|---|---|---|---|
|||||115,954|
|||||71,816
25,492|
|||||97,308|
|||||18,646|
|||||44,138|
## **9. Fixed Assets**
## **10. Debtors and prepayments**
|Trade debtors
Prepayments and accrued income|**2020**
**2019**
**£**
**£**
128
496
1,320
-|
|---|---|
||1,448
496|
11
## **NORTH WALSHAM GYMNASTICS CLUB**
## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020 (continued)**
## **11. Creditors: amounts falling due within one year**
|Other creditors
Taxation and social security
Accruals|**2020**
**2019**
**£**
**£**
2,882
15
1,197
1,556
8,394
9,096
12,473
10,667|
|---|---|
## **12. Leases**
**Total future minimum lease payments under non-cancellable operating leases are as follows:**
|Not later than one year
Later than one and not later than five years
Later than five years|**2020**
**2019**
**£**
**£**
29,640
29,640
118,560
118,560
56,810
86,450|
|---|---|
||205,010
234,650|
**Covid-19 related rent concessions** - The charity received 50% rent concessions for 5 months of the year due to Covid-19, this amounted to £6,175. For 4 of these months the rent due was deferred and is now being paid in monthly instalments. At the year end 7 rent instalments totalling £2,882 relating to this accounting period are due for payment and are included within other creditors.
## **13. Pensions and other post-retirement benefits - Defined contribution plans**
The amount recognised in income or expenditure as an expense in relation to defined contributions plans was £1,344 (2019: £1,427).
## **14. Fund reconciliation**
|General funds
Restricted funds
**Total funds**|**Balances**
**01.01.20**
**Income**
**Expenses**
**Transfers**
**Balances**
**31.12.20**
**£**
**£**
**£**
**£**
**£**
85,195
175,208
(169,833)
-
90,570
-
-
-
-
-|
|---|---|
||85,195
175,208
(169,833)
-
90,570|
General funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
12
## **NORTH WALSHAM GYMNASTICS CLUB**
## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020 (continued)**
## **15. Analysis of net assets between funds**
|Fixed assets
Current assets
Creditors less than 1 year
**Net current assets**|**General**
**funds**
**Restricted**
**funds**
**Total**
**£**
**£**
**£**
18,646
-
18,646
84,397
-
84,397
(12,473)
-
(12,473)|
|---|---|
||90,570
-
90,570|
## **16. Related party transactions**
There were no related party transactions during the period (2019: £Nil).
13