SANDBACH GYMNASTICS FOUNDATION (A company limited by guarantee) UNAUDITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Registered Charity No. 1171220 Registered Company No. 10574182
SANDBACH GYMNASTICS FOUNDATION (A company limited by guarantee) CONTENTS Page Legal and Administrative Information Trustees, Annual Report Independent Examiners Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 9-15
SANDBACH GYMNASTICS FOUNDATION (A company limited by guarantee) LEGAL AND ADMINISTATIVE INFORMATION Trustees The trustees who served during the period were: Mr K M Danskin Mr M E Wilson Mrs J P Wright Registered office and principal address Millbuck Park Millbuck Way Sandbach Cheshire CW11 3HT Registered Charity number- 1171220 Company registration number- 10574182 Independent Examiners Afford Bond Holdings Limited Chartered Accountants 31 Wellington Road Nanlch Cheshire CW5 7ED Bankers Barclays Bank 125 Main Street Frodsham Warrington Cheshire WA6 7AD Solicitors Hibberts Solicitors 144 NanIlCh Road Crewe Cheshire CW2 6BG Page 1
SANDBACH GYMNASTICS FOUNDATION (A company limited by guarantee) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The trustees, who are also directors of the charity for the purposes of the Companies Act, submit their annual report and the financial statements for the year ended 31 March 2025, which are also prepared to meet the requirements for a directors, report and accounts, to comply with the Charities Act 2011 and Companies Act 2006. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" (FRS 102) in preparing the annual report and financial statements of the charity. The charity is a charitable company limited by guarantee and was set up on 20 January 2017. It is governed by its memorandum and articles of association. Reference and administrative details of the charity, its management and advisers The charitable company's name is Sandbach Gymnastics Foundation. The other reference and administrative details of the charity are as stated under the legal and administrative information on page 1. The charity trustees who served during the period and up to the date of Ihis report are as follows:_ Mr K M Danskin Mr M E Wilson Mrs J P Wright Structure and governance The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. The charily is a charitable Gompany limited by guarantee and in the event of the charity being wound up members are required to contribute an amount not exceeding £10. Risk management The trustees have conducted a review of the major risks to which the charity is exposed. Vvhere appropriate, systems or procedures have been established to mitigate the risks the charity faces. Internal control risks are minimised by the implementation of procedures for the authorisation of all transactions. Procedures are also in place to ensure compliance with the health and safety of staff and its visitors. These procedures are periodically reviewed to ensure that they continue to meet the needs of the charity. Trustees, responsibilities statement The trustees (who are also directors of Sandbach Gymnastics Foundation for the purposes of company law) are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). Page 2
SANDBACH GYMNASTICS FOUNDATION (A company limited by guarantee) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 (CONT'D) Trustees, responsibilities statement- continued Company law requires the trustees to prepare financial ststements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to- select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP 2015 (FRS 1021 makejudgements and estimates that are reasonable and prudent- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basi5 unless it is inappropriate to presume that the charitable company will continue in operation. The truslees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company the hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Objectives and activities Objectives The objectives of the Charity. as set out in its governing document are'.- to foster and promote community participation in healthy recreation by the provision of facilities and coaching for gymnastics and other sports; b) to provide and assist in providing facilities for sport, recreation or other leisure time occupation of such persons who have need for such facilities by reason of their youth, age, infirmity or disablement, poverty or social or economic circumstance or for the public at large in the interests of social welfare and with the object of improving their conditions of lrfe., and to advance the education of children and young people. Activities undertaken for the public benefit in relation to these objectives The trustees have had due regard to the guidance issued by the Charity Commission on public benefit in deciding what activities the charity should undertake to meet the stated objectives. The governing document notes the powers the trustees may exercise in furtherance of the charitable company's objects. The Sandbach Gymnastics Foundation host some of the most up to date facilities. The cushioned matting and special shock absorbent areas allow the centre's qualified coaches to provide a wide range of coaching and gymnastics based activities. The centre take great pride in providing a safe, fun and educational area for local people to enjoy in an inclusive environment teaching both boys and girls from all ages. Page 3
SANDBACH GYMNASTICS FOUNDATION (A company limited by guarantee) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 {CONT'D) Achievements and performance The Sandbach Gymnastics Foundation was formed on 20 January 2017. The foundation completed its propety acquisition in April 2019 and the occupation of a fully constructed and furbished gymnastics Centre took place at the beginning of 2020. The trustees take this opportunity to again thank the Denise Coates Foundation for the grant funding to enable this project. The charity's management have been into the surrounding areas to visit local schools and community projects in order to promote the foundation. The trustees and management routinely continue to monitor and maintain control of its Costs. The charity has currently reached its capacity of members training every week. Ifs sessions are full, from pre- school through to the teams, with significant waiting lists for all classes. As a foundation we are pleased to teach and support a therapeutic special school which provide education for pupils with social, emotional and mental health difficulties, as well as providing the gymnastics provision for a home educated group of children supporting their curriculum needs. The Charity competes at the British, English and Welsh championships with it's juniors. Our tumblers represent the region at the National Teams Finals for the North West as well as competing at the English National Championships. The Charity also hold Special Needs Rhythmic Events, who's performances are a delight to watch. The trustees are satisfied with the charities progress and its impact on the community to date. Financial review Policy on reseeS The trustees believe that it is in the charity's best interests to retain a reasonable level of resetves in order lo ensure that the charitable objectives can continue to be met effectively without any unnecessary disruptions which may occur due to unforeseen circumstances. Some of the funds, as shown in the balance sheet, are represented by fixed assets held for use within the charity, so these are to be excluded from the funds balance in order to give a better representation of the level of reserves that are freely available for immediate use in achieving the charitable objectives. This basis has been used to calculate the freely available reserves figure noted below. The freely available reserves for the period ended 31 March 2025 is calculated to be £64,352. Page 4
SANDBACH GYMNASTICS FOUNDATION (A company limited by guarantee) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 (CONT'D) Policy on reserves- continued The trustees aim for the level of freely available reserves to be at least £1,000. The trustees monitor the level of reserves at the end of each financial period in order that they can review and update the policy to ensure that it continues to reflect the perceived levels of expenditure anticipated, given the most recent and expected future Gircumstances, and also allows sufficient funds to be instantly available to be able to meet any unforeseen expenses. The risks and uncertainties facing the charity are considered by the trustees, as far as practicable, so that the level of future charitable activities can be adequately planned for. The trustees and management are confident that they can grow the charty over the next few years. Overall, the Irustees have established a policy whereby the charity has sufficient liquid reserves to allow for the continued operation of the Sandbach Gymnastics Foundation for at least the next Iwelve months. Further financial review The charity makes cash deposils with its high street bank which have a low level of risk, the funds are easily accessible and offers an acceptable rate of interest. The results of the charity for the year are shown in the statement of financial activities and the position of the company at the period end is shown in the balance sheet. Declaration This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption in the Companies Act 2006. This report was approved by the board of directors and signed on behalf of the charity's trustees by.. Mrm Trust (98 Date Page 5
SANDBACH GYMNASTICS FOUNDATION (A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SANDBACH GYMNASTICS FOUNDATION I report on the accounts of the Sandbach Gymnastics Foundation (registered charity number 1171220, company registration number 10574182) for the period 1 April 2024 to 31 March 2025 which are set out on pages 7 to 15. 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 Since the company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confimi that l 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 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 the accounls do not accord with those records., or 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 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 (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. Peter O'malley ACA FCCA CTA For and on behalf of Afford Bond Holdings Limited Chartered Accountants 31 Wellington Road NanlCh, Cheshire CW5 7ED Date Page 6
SANDBACH GYMNASTICS FOUNDATION (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Restricted Funds Funds Total 2025 Total 2024 Income from charitable activities Gym hire and membership Donations gifts and fundraising Bank interest received 400,786 3,180 1,073 400,786 3,180 1,073 382,316 3,045 837 Total income and endonents 405,039 405,039 386,198 Expendituro on Charitable activities Support costs Wages and salaries Pension costs 303,561 5,172 303,561 5,172 274,354 4,408 305,733 305,733 278,762 Other operating expenses Cafe costs Clothing, event costs and trips Property, equipment servicing and security Telecommunications Licenses, insurances and subscriptions Bank interest and charges Legal and professional Accountancy Cleaning Postage, stationery and adverlising Sundry Depreciation 3,939 12,254 28,301 2,047 24,131 782 1,322 4,188 7,703 3,864 3,189 6,904 3,939 12,254 28,301 2,047 24,131 782 1,322 4,188 7,703 3,864 3,189 107,487 4.469 10,224 26,445 2,217 30,764 893 2,472 3,720 8,143 3,205 3,208 112,874 100,583 98,624 100,583 199,207 208.634 TOTAL RESOURCES EXPENDED 404,357 100,583 504,940 487,396 Net income before transfers Transfer between funds 682 (100,583) (99,901) {101,198) Net incomelmovements in funds 682 (100,583) (99,901) {101,198} Reconciliation of funds: Total funds brought forward 102,792 2,819,513 2,922,305 3,023,503 Total funds carried forward 103,474 2,718,930 2,822,404 2,922,305 All income and expenditure derives from continuing activities. The statement of financial activities includes all gains and losses recognised in the period. Page 7
SANDBACH GYMNASTICS FOUNDATION (A company limited by guarantee) BALANCE SHEET AS AT 31 MARCH 2025 Notes 31.3.2025 31.03.2024 Fixed assets". Tangible assets 2,758,052 2,862,009 Current assets: Debtors Cash at bank and in hand 73,927 70,064 Total current assets 73,927 70,064 Liabilities: Creditors: amounts falling due within one year 10 {9,575) {9,768) Net current assets 64,352 60,296 Total net assets 2,822,404 2,922,305 The funds of the charity: Unrestricted funds General funds 103,474 102,792 Restricted funds 2,718,930 2,819,513 Total charity funds 2,822,404 2.922,305 For the financial year ended 31 March 2025 the company was entitled lo exemption under section 477 of the Companies Act 2006 relating to small companies. No members have required the company to obtain an audit of its accounts for Ihe year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibility for complying with the requirements of the Act with respect lo accounting records and for the preparation of accounts. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved and authorised for issue by the board of directors and signed on behalf of the charil 's trustees by: Mrm Trust son Date Company registrat on number 10574182 Page 8
SANDBACH GYMNASTICS FOUNDATION (A company limited by guarantee) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies 1.1 Company status The charity is a company limited by guarantee and has no share capital. The members of Ihe company are the trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. The registered office is Millbuck Park, Millbuck Way, Sandbach, Cheshire, CW113HT. 1.2 Basis of preparation The financial statements have been prepared on a going concern basis under the historical cost convention, unless otherwise stated, and in accordance with the requirements of the Charities Act 2011 and Companies Act 2006. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The charity constitutes a public benefit enlity as defined by FRS 102. The financial statements have been prepared in accordance with Ihe Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" {FRS 102) issued on 16 July 2014, together with Update Bulletin 1 published on 2 February 2016 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (effective January 2015). The charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that il is applying FRS 102 Section 1A. The significant accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. 1.3 Fund accounting General funds are unrestricted funds which 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. Designated funds comprise unrestricted funds thal have been set aside for particular purposes. The aim and use of each designated fund 15 set out in the notes to the financial statements. 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. The cost of raising and administering such funds are charged against the specific fund. 1.4 Income recognition All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income and after any performance conditions have been mel, the amount can be quantified with reasonable accuracy. Where incoming resources have related expenditure, as with fundraising events, the incoming resources and related expenditure are reported gross in the SOFA and are not offset unless otherwise required by the SORP. Page 9
SANDBACH GYMNASTICS FOUNDATION (A company limited by guarantee) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 (CONT'D) 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 donations, requiring a level of performance before obtaining entitlement, the income is deferred until those conditions are met. For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. Where legacies have been notified to the charity but it is not possible to determine the amount expected, the legacy is treated as a contingent asset and disclosed. Gift5 in kind donated for distribution to the beneficiaries are included at valuation and recognised as income upon receipl, where practicable. If such a valuation cannot be determined without undue cost and effort, then it is recognised within donations on distribution and an equivalent amount shown within charitable expenditure. Gifts donated for resale are included at fair value, being the expected sale proceeds less any expected cost of sale, in income from other trading activities on receipt, unless determining the fair value is impractical, in which case the income is not recognised until the item is sold. Donated facilities are recognised in income al fair value when the economic benefit is probable, it can be measured reliably and the charity has control of the item, with a corresponding amount recognised in expenditure. No amounts are included in the financial statements for time donated by volunteers in line with the SORP (FRS 102). Interest receivable on funds held on deposit is included when receivable and the amount can be measured reliably, normally upon notification by the bank. 1.5 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. The charity is not registered for VAT. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. Expenditure is classified under the appropriate activity headings.. Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes but do not include those costs incurred in direct support of the charitable activities. It includes the costs of all fundraising activities and events, seeking donations, non-charitable trading activities and the costs of managing investments., Expenditure on charitable activities are those costs incurred by the charity in undertaking activities for the furtherance of its aims and objectives for the benefit of its beneficiaries and include support costs and costs relating to the governance and administralion of the charity,. Other expenditure is any other expenditure which is not related to fund raising for charitable purposes or spent towards achieving the charitable objectives. Support costs are those functions whish assist the work of the charity but do not directly represent charitable activities, including personnel, finance, administration and governance costs. Where support costs are unable to be directly attributed to particular activity headings, they are allocated between the cost of raising funds and expenditure on charitable activities on a basis consistent with the use of the resources. Where applicable, the basis of apportionment is stated in the analysis of support costs. Fundraising costs are those expenses incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Page 10
SANDBACH GYMNASTICS FOUNDATION (A company limited by guarantee) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 (CONT'D) 1.6 Tangible fixed assets and depreciation Tangible fixed assets are capitalised if they are material in value and can be used for more than one year. They are stated at cost, unless they are gifted, including any incidental expenses of acquisition and those costs required to get the assets operating as intended. Grfted assets are brought in at the value to the charity on receipt. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the c05t, less estimated residual value, of each asset over its expected useful economic life as follows.. Freehold land and buildings Fixtures and fittings 2.5°/o per annum straight line 150/0 per annum reducing balance No depreciation is charged on the assets until they come into operational existence. The charity came into operational existence towards the end of the 31 March 2020 financial year 1.7 Debtors and creditors Deblors and creditors are recognised al the settlement amount due after any discounts offered. Provisions arise where, at the balance sheet date, the charity has a present obligation resulting from a past event which is probable to result in an outflow of economic benefits and the amount due to settle the obligation can be reliably estimated. Losses arising from impaimient are recognised in expenditure. 1.8 Pension costs The charitable company operates a defined contribution scheme for the benefit of certain employees. The costs of contributions are charged against profits in the period they are payable. 1.9 Financial instruments The char¢table company only has basic financial assets and liabilities. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 1.10 Taxation The charitable company is exempt from corporation tax on its charitable activities. 1.11 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 e1ve 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. Page11
SANDBACH GYMNASTICS FOUNDATION (A company limited by guarantee) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 (CONT'D) Expenditure on charitable activities Due to the size and nature of the charity, expenditure on charitable activities is unable to be analysed between distinct types of activity. The activities undertaken by the charity to achieve its objectives are not separately identifiable as each area is dependent on the rest to enhance the knowledge provided. Net incomel(expenditure) for the year 31.3.2025 31.03.2024 Net incomelexpenditure is stated after charging Depreciation of tangible fixed assets 107,487 112,874 Accountants remuneration Accountancy fee 4,188 3,720 staff numbers and costs The average monthly number of employees during the year was as follows 31.03.2025 number 31.03.2024 number Trustees Management Staff 12 12 One employee received total employee benefits of more than £60,000 Page 12
SANDBACH GYMNASTICS FOUNDATION (A company limited by guarantee) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 {CONT'D) Trustees and key management personnel remuneration The trustees neither received nor waived any emolument5 during the period. Key management personnel comprise the trustees and Sandbach centre management. The aggregate compensation paid to key managemenl personnel was £169,622 (2024 £150,499). Trustees expenses and related party transactions There were no trustee expenses or related party transactions during the period. Pension costs The charity operates a contributory pension scheme. 11 is a defined contribution scheme and contributions are charged in the statement of financial activities as they accrue. Tangible fixed assets Freehold land and buildings Fixtures and fittings Total Cost At 1 April 2024 Additions 2,937,123 411,291 3,530 3,348,414 3,530 At 31 March 2025 2,939,123 414,821 3,351,944 Depreciation At 1 April 2024 Charge for the year 298,644 73,428 187,761 34,059 486,405 107,487 At 31 March 2025 372,072 221,820 593,892 Net book value At 31 March 2024 2,638,479 223,530 2,862,009 At 31 March 2025 2,565,051 193,001 2,758,052 Page13
SANDBACH GYMNASTICS FOUNDATION (A company limited by guarantee) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 (CONT'D) 31.03.2025 31.03.2024 Debtors Due within one year Trade debtors and prepayments 10. Creditors . amounts falling due within one year Accruals and deferred income 9,575 9,768 Funds reconciliation Balance at 01.04.2024 Incoming Resources Balance at resources expended 31.03.2025 Unrestrtcted funds Designated reserves General reserves 102,792 405,039 (404,357) 103,474 Restricted funds 2,819,513 (100,583) 2,718,930 Total funds 2,922,305 405,039 (504,940) 2,822,404 General reserves represent the free funds of the charity that are not designated for particular purposes. Page 14
SANDBACH GYMNASTICS FOUNDATION (A company limited by guarantee) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 (CONT'D) 12. AnalysSs of net assets between funds Unrestricted Designated Restricted funds funds funds Total funds Tangible fixed assets Cash at bank and in hand Other net current assetsl(liabilities} 39,122 73,927 (9,575) 2,718,930 2,758,052 73,927 (9,575) Total net assets 103,474 2,718,930 2,822,404 13. Control The charitable company is controlled by the trustees, who are also the directors of the charity for Ihe purposes of the Companies Act. Every trustee has a vote, so no individual trustee has overall control. Page 15