NORTH WALSHAM GYMNASTICS CLUB
(A private company limited by guarantee)
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
Charity Number: 1171166
Company Registration Number: 09626412
NORTH WALSHAM GYMNASTICS CLUB
CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 December 2022
| 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 2022
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
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NORTH WALSHAM GYMNASTICS CLUB
REPORT OF THE TRUSTEES for the year ended 31 December 2022
The Trustees present their report with the financial statements of the charity for the year ended 31 December 2022.
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
North Walsham Gymnastics Club now has a total of 350 recreational members, 95 Competitive/intermediate and 55 pre-school. This totals 500 members in all.
We have 17 coaches ranging from level 0 to Level 4 coaching on a part time basis. Our volunteer coaches are now at 7, and they will take qualifications when old enough.
Two coaches successfully passed their level 2 WA coaching course and are now enrolled into their level 3 courses. We also have 4 ex-gymnast that passed their level 1 coaching courses and are ready to coach in a more independent role.
The club completed its first apprenticeship in the partnership with Taunton College, and work experience with North Walsham High School. We have now also introduced a new home education class. Viewing is now open to all the members of the club for the first week of the month only.
The club continues to enter gymnasts at general and artistic levels at country and regional level friendly and official competitions with much success.
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NORTH WALSHAM GYMNASTICS CLUB
REPORT OF THE TRUSTEES for the year ended 31 December 2022 (continued)
ACHIEVEMENTS AND PERFORMANCE (continued)
NWGC hosted its in house competition in March 2022 which gave an opportunity for families and friends of gymnasts to watch their gymnasts perform. The event was fully sold out and went smoothly.
Our Welfare Team are keeping up to date with courses and individual needs within the Club.
Much thanks must go to all our coaches, staff, and volunteers for their support and to Drury’s our landlord. Last but not least, to Alexis for her hard work and commitment to ensure the successful future of NWGC.
The club continues to grow in numbers and maintains a long waiting list, however, due to increasing costs, membership fees will increase in January 2023.
FINANCIAL REVIEW
The Statement of Financial Activities shows a deficit for the year of (£3,433) (2021 surplus: £8,935) and total reserves stand at £96,072 (2021: £99,505).
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: 30 March 2023
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NORTH WALSHAM GYMNASTICS CLUB
REPORT OF THE INDEPENDENT EXAMINERS TO THE TRUSTEES for the year ended 31 December 2022
I report to the charity trustees on my examination of the accounts of the company for the year ended 31 December 2022 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:
-
accounting records were not kept in respect of the company 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.
A Orves FCCA, FCA Sexty & Co Chartered Certified Accountants and Registered Auditors 124 Thorpe Road Norwich NR1 1RS
Date: 30 March 2023
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NORTH WALSHAM GYMNASTICS CLUB
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) for the year ended 31 December 2022
| Notes Income from: Donations and grants 2 Charitable activities 3 Total income Expenditure on: Charitable activities 4 Total charitable expenditure Net (expenditure)/income Transfers between funds Net movement in funds Reconciliation of funds Fund balances brought forward Fund balances carried forward |
General funds Restricted funds Total funds 2022 Total funds 2021 £ £ £ £ 9,966 - - 38,318 191,894 - - 128,190 |
|---|---|
| 201,860 - - 166,508 205,293 - - 157,573 |
|
| 205,293 - - 157,573 (3,433) - - 8,935 - - - - |
|
| (3,433) - - 8,935 99,505 - - 90,570 |
|
| 96,072 - - 99,505 |
The notes set out on pages 7 to 13 form an integral part of these financial statements
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NORTH WALSHAM GYMNASTICS CLUB (COMPANY REGISTRATION NO. 09626412)
BALANCE SHEET 31 December 2022
| Notes Fixed assets 8 Current assets Stock Debtors and prepayments 9 Cash at bank and in hand Creditors due within one year 10 Net current assets Net assets Represented by: Restricted funds Unrestricted funds Total Funds |
2022 £ £ 11,503 3,525 923 91,887 96,335 11,766 84,569 96,072 - 96,072 96,072 |
2022 £ £ 11,503 3,525 923 91,887 96,335 11,766 84,569 96,072 - 96,072 96,072 |
2021 £ £ 14,053 4,840 318 89,000 94,158 8,706 85,452 99,505 - 99,505 99,505 |
2021 £ £ 14,053 4,840 318 89,000 94,158 8,706 85,452 99,505 - 99,505 99,505 |
|---|---|---|---|---|
| 96,335 11,766 |
94,158 8,706 |
|||
| 96,072 | 99,505 | |||
| - 96,072 |
- 99,505 |
|||
| 96,072 | 99,505 |
The company was entitled to exemption from audit under S477 of the Companies Act 2006 relating to small companies.
Directors’ responsibilities:
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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 30 March 2023 and were signed on its behalf by:
Mrs P Johnson – Trustee
Mrs T Freemen - Trustee
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NORTH WALSHAM GYMNASTICS CLUB
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2022
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.
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NORTH WALSHAM GYMNASTICS CLUB
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2022 (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.
g) 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
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be 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
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NORTH WALSHAM GYMNASTICS CLUB
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2022 (continued)
Accounting policies – continued
k) Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure.
2. Income from donations and grants
| Miscellaneous Donations Just Financial Planning British Gymnastics Government Grants: NNDC - Covid 19 business support grant HMRC Job retention scheme |
General funds Restricted funds 2022 2021 £ £ £ £ 1,400 - 1,400 30 5,000 3,566 - - 5,000 3,566 - - - - - 24,858 - - - 13,430 |
|---|---|
| 9,966 - 9,966 38,318 |
3. Income from charitable activities
| Fees Insurance Clothing etc. Tuck shop Competition and course fees Summer sessions Fundraising Awards Gym hire |
General funds Restricted funds 2022 2021 £ £ £ £ 160,897 - 160,897 111,524 12,758 - 12,758 11,556 4,367 - 4,367 2,274 180 - 180 4 5,893 - 5,893 246 130 - 130 160 7,004 - 7,004 2,426 542 123 - - 542 123 - - |
|---|---|
| 191,894 - 191,894 128,190 |
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NORTH WALSHAM GYMNASTICS CLUB
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2022 (continued)
4. Analysis of expenditure on charitable activities
| Rent & rates Light & heat Repairs & renewals Salaries Social security Pension contributions Coaches expenses Competition & course fees Clothing etc. Licences and insurance Telephone & broadband Postage & stationery Equipment Website Bank & card charges Accountancy & payroll fees Legal fees Miscellaneous Depreciation Bad debts |
General Funds Restricted Funds 2022 2021 £ £ £ £ 33,074 27,166 4,491 3,009 672 392 128,884 96,978 - 674 1,133 1,018 213 - 1,083 1,028 6,067 1,768 17,870 13,645 592 360 - 4 165 13 270 276 3,230 2,298 2,106 2,442 - 110 962 483 4,861 5,529 (380) 380 |
|---|---|
| 205,293 157,573 |
5. Independent examiner fees
Fees payable to the independent examiner for:
| ees payable to the independent examiner for: | |
|---|---|
| Independent examination of the financial statements Other financial services |
2022 2021 £ £ 1,200 1,000 906 1,442 |
| 2,106 2,442 |
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NORTH WALSHAM GYMNASTICS CLUB
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2022 (continued)
6. Trustees remuneration and expenses
The trustees have neither received nor waived any remuneration or expenses during the current year.
7. Staff costs
The average monthly number of employees during the year was 17 employees (2021: 18).
The total staff costs and employee benefits were as follows:
| Wages and salaries Social security Pension costs |
2022 2021 £ £ 128,884 96,978 - 674 1,133 1,018 |
|---|---|
| 130,017 98,670 |
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 £36,446 (2021 £32,202).
8. Fixed Assets
| Cost At 1 January 2021 Additions At 31 December 2022 Depreciation At 1 January 2022 Charge for the year At 31 December 2022 Net Book Value At 31 December 2022 At 31 December 2021 |
Leasehold Improvements £ 23,252 - 23,252 11,625 2,325 19,950 9,302 11,627 |
Plant and machinery £ 9,121 - 9,121 8,823 298 9,121 - 298 |
Equipment £ 84,517 2,312 86,826 82,389 2,239 84,628 2,201 2,128 |
Total £ 116,890 2,312 |
|---|---|---|---|---|
| 119,202 | ||||
| 102,837 4,861 |
||||
| 107,699 | ||||
| 11,503 | ||||
| 14,053 |
9. Debtors and prepayments
| Trade debtors | 2022 2021 £ £ 932 318 |
|---|---|
| 932 318 |
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NORTH WALSHAM GYMNASTICS CLUB
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2022 (continued)
10. Creditors: amounts falling due within one year
| ditors: amounts falling due within one year | |
|---|---|
| Trade creditors Taxation and social security Accruals |
2022 2021 £ £ 521 - 939 856 10,306 7,850 |
| 11,766 8,706 |
11. 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 |
2022 2021 £ £ 32,604 29,640 127,699 118,560 - 27,170 |
|---|---|
| 160,303 175,370 |
12. 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 £1,133 (2021: £1,018).
13. Fund reconciliation
| General funds Restricted funds Total funds |
Balances 01.01.22 Income Expenses Transfers Balances 31.12.22 £ £ £ £ £ 99,505 201,860 205,293 - 96,072 - - - - - |
|---|---|
| 99,505 201,860 205,293 - 96,072 |
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.
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NORTH WALSHAM GYMNASTICS CLUB
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2022 (continued)
14. Analysis of net assets between funds
| Fixed assets Current assets Creditors less than 1 year Net current assets |
General funds Restricted funds Total £ £ £ 11,503 - 11,503 96,335 - 96,335 (11,766) - (11,766) |
|---|---|
| 96,072 - 96,072 |
15. Related party transactions
There were no related party transactions during the period (2021: £Nil).
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