Company registration number: 10236370 Charity registration number: 1172454
## Gateway to FMA Limited
(A company limited by guarantee)
Annual Report and Financial Statements
for the Year Ended 31 March 2023
Fruition Accountancy (Sterling) Limited Unit 4
Three Spires House Station Road Lichfield WS13 6HX
## **Gateway to FMA Limited**
## **Contents**
|Reference and Administrative Details|1|
|---|---|
|Trustees' Report|2 to 4|
|Statement of Trustees' Responsibilities|5|
|Independent Examiner's Report|6|
|Statement of Financial Activities|7|
|Balance Sheet|8 to 9|
|Statement of Cash Flows|10|
|Notes to the Financial Statements|11 to 23|
## **Gateway to FMA Limited**
## **Reference and Administrative Details**
**Trustees** Ms Mary Jolene Neeld Dr Wayne David John Smith Victoria Jane Chinnock Mrs Pamela Smith **Principal Office** Unit 38 Monkspath Business Park Shirley Solihull B90 4NZ **Company Registration Number** 10236370 **Charity Registration Number** 1172454 **Independent Examiner** Fruition Accountancy (Sterling) Limited Unit 4 Three Spires House Station Road Lichfield WS13 6HX
Page 1
## **Gateway to FMA Limited**
## **Trustees' Report**
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 March 2023.
## **Trustees**
Ms Mary Jolene Neeld
Dr Wayne David John Smith
Victoria Jane Chinnock
Mrs Pamela Smith
## **Objectives and activities**
## _**Public benefit**_
Funds raised are used to offer support in removing barriers to participation for people with disabilities but more broadly and in light of the pandemic, anyone experiencing difficulty accessing niche sports such as trampolining, gymnastics and free running.
The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
## **Achievements and performance**
In line with its objectives, the organisation has been successful in operating and maintaining thriving environments that provide opportunities for those with disabilities to participate and experience niche sports. In total, over 915 individuals and families were supported throughout the year across the two sites. This proved to be a significant improvement on the previous years efforts and demonstrates the resilience and desire for users and families alike to return to a new normal.
The development and evolution of the new site has been gradual but steady in the face of soaring nationwide energy costs and a cost-of-living crisis. These factors have impacted on the business model and the way in which the organisation is challenging itself to adapt. In 2022, with support from local government and funding partners, the organisation was able to purchase and install a solar panel array to curb energy costs and contribute to a desire to move to a greener, more environmentally friendly practice. Other initiatives included the removal of single use plastics and the introduction of recyclable collections.
In addition to being able to support children with disabilities and their families, we are also working with local authorities, local education establishments and outreach projects to introduce our facilities to those on low incomes or not accessing mainstream education for a variety of reasons. These partnerships have allowed us to facilitate over 2,750 children’s places thus allowing many more to access sports that potentially would not have been available. Moreover, we have also been able to support the families with positive choices on food with an education program that is targeted to help children understand the concept of balanced diets and making positive choices with regards to meals.
Page 2
## **Gateway to FMA Limited**
## **Trustees' Report**
## **Structure, governance and management**
## _**Nature of governing document**_
The charity is a charitable company limited by guarantee. It is governed by a memorandum and articles of association. Its objectives are to reduce the barriers to participation in niche sports such as trampolining, gymnastics and free running with a particular focus on children with disabilities and their families.
## _**Recruitment and appointment of trustees**_
All appointments to the organisation are completed inline with the organisations recruitment policy. The policy outlines the process by which the organisation advertises vacancies, the interview process, the method of formal job offers and reaffirms our commitment to our equal opportunities policy.
The trustees, also known as directors, guarantee to contribute £1.00 in the event of winding up. The appointment of the trustees was completed in line with the organisations recruitment policy and each additional director has met the criteria outlined by the Charity Commission. The trustees are responsible for the day to day running of the organisation and are supported by both administrative and sports specific coaching staff.
## **Financial instruments**
## _**Objectives and policies**_
The charity's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.
## _**Cash flow risk**_
The charity’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The charity uses foreign exchange forward contracts and interest rate swap contracts to hedge these exposures.
Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.
## _**Credit risk**_
The charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments.
The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
## _**Liquidity risk**_
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity uses a mixture of long-term and short-term debt finance. Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.
Page 3
## **Gateway to FMA Limited**
## **Trustees' Report**
The annual report was approved by the trustees of the charity on 31 January 2024 and signed on its behalf by:
......................................... Victoria Jane Chinnock Trustee
Page 4
## **Gateway to FMA Limited**
## **Statement of Trustees' Responsibilities**
The trustees (who are also the directors of Gateway to FMA Limited for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements 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 basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and 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 and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees of the charity on 31 January 2024 and signed on its behalf by:
......................................... Victoria Jane Chinnock Trustee
Page 5
## **Gateway to FMA Limited**
## **Independent Examiner's Report to the trustees of Gateway to FMA Limited**
I report on the accounts of the charity for the year ended 31 March 2023 which are set out on pages 7 to 23 .
## **Respective responsibilities of trustees and examiner**
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. The charity's gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of .
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
- examine the accounts under section 145 of the 2011 Act;
- to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
- to state whether particular matters have come to my attention.
## **Basis of independent examiner’s report**
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
## **Independent examiner's statement**
In connection with my examination, no matter has come to my attention:
- (1) which gives me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with section 386 of the Companies Act 2006; and
- to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
......................................
Fruition Accountancy (Sterling) Limited
Unit 4 Three Spires House Station Road Lichfield WS13 6HX
31 January 2024
Page 6
## **Gateway to FMA Limited**
## **Statement of Financial Activities for the Year Ended 31 March 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)**
|**Note**
**Income and Endowments from:**
Donations and legacies
3
Charitable activities
4
Other income
Total Income
**Expenditure on:**
Charitable activities
5
Other expenditure
6
Total Expenditure
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
17
**Income and Endowments from:**
Donations and legacies
Charitable activities
Total Income
**Expenditure on:**
Charitable activities
Other expenditure
Total Expenditure
Net expenditure
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward|**Unrestricted**
**funds**
**£**
106,963
1,031,439
689
1,139,091
(1,072,819)
(25,103)
(1,097,922)
41,169
41,169
42,064
83,233
**Note**
3
4
5
6
17|**Restricted**
**funds**
**£**
22,800
-
-
22,800
-
-
-
22,800
22,800
-
22,800
**Unrestricted**
**funds**
**£**
111,399
440,099
551,498
(539,032)
(37,552)
(576,584)
(25,086)
(25,086)
67,149
42,063|**Total**
**2023**
**£**
129,763
1,031,439
689|
|---|---|---|---|
||||1,161,891|
||||(1,072,819)
(25,103)|
||||(1,097,922)|
||||63,969|
||||63,969
42,064|
||||106,033|
||||**Total**
**2022**
**£**
111,399
440,099|
||||551,498|
||||(539,032)
(37,552)|
||||(576,584)|
||||(25,086)|
||||(25,086)
67,149|
||||42,063|
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2022 is shown in note 17.
Page 7
## **Gateway to FMA Limited**
## **(Registration number: 10236370) Balance Sheet as at 31 March 2023**
|**Note**
**Fixed assets**
Tangible assets
11
Investments
12
**Current assets**
Debtors
13
Cash at bank and in hand
**Creditors: Amounts falling due within one year**
14
**Net current assets**
**Total assets less current liabilities**
**Creditors: Amounts falling due after more than one year**
15
**Net assets**
**Funds of the charity:**
**Restricted funds**
**Unrestricted income funds**
Unrestricted funds
**Total funds**
17|**2023**
**£**
129,243
24,000
153,243
36,659
241,106
277,765
(156,422)
121,343
274,586
(168,553)
106,033
22,800
83,233
106,033|**2022**
**£**
119,319
-|
|---|---|---|
|||119,319|
|||36,111
154,099|
|||190,210
(64,823)|
|||125,387|
|||244,706
(202,643)|
|||42,063|
|||-
42,063|
|||42,063|
For the financial year ending 31 March 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
## Directors' responsibilities:
- The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Page 8
## **Gateway to FMA Limited**
## **(Registration number: 10236370) Balance Sheet as at 31 March 2023**
The financial statements on pages 7 to 23 were approved by the trustees, and authorised for issue on 31 January 2024 and signed on their behalf by:
......................................... Victoria Jane Chinnock Trustee
Page 9
## **Gateway to FMA Limited**
## **Statement of Cash Flows for the Year Ended 31 March 2023**
|**Note**
**Cash flows from operating activities**
Net cash income/(expenditure)
**Adjustments to cash flows from non-cash items**
Depreciation
6
**Working capital adjustments**
Increase in debtors
13
Increase in creditors
14
Net cash flows from operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
11
Acquisition of investments in subsidiary undertakings
12
Net cash flows from investing activities
**Cash flows from financing activities**
Repayment of loans and borrowings
14
Net increase in cash and cash equivalents
Cash and cash equivalents at 1 April
Cash and cash equivalents at 31 March|**2023**
**£**
63,969
29,097
93,066
(548)
65,394
157,912
(39,021)
(24,000)
(63,021)
(7,884)
87,007
154,099
241,106|**2022**
**£**
(25,086)
17,575|
|---|---|---|
|||(7,511)
(51,472)
40,785|
|||(18,198)|
|||(109,990)
-|
|||(109,990)
205,588|
|||77,400
76,699|
|||154,099|
All of the cash flows are derived from continuing operations during the above two periods.
Page 10
## **Gateway to FMA Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **1 Charity status**
The charity is a charity limited by guarantee and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
## **2 Accounting policies**
## **Summary of significant accounting policies and key accounting estimates**
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
## **Statement of compliance**
The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
## **Basis of preparation**
Gateway to FMA Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
## **Going concern**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
## **Income and endowments**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
## _**Donations and legacies**_
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Page 11
## **Gateway to FMA Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## _**Grants receivable**_
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
## **Expenditure**
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
## _**Charitable activities**_
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## **Support costs**
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
## **Governance costs**
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.
## **Government grants**
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Page 12
## **Gateway to FMA Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **Tangible fixed assets**
Individual fixed assets costing £250.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
## **Depreciation and amortisation**
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
**Asset class Depreciation method and rate** Furniture and fittings 20% straight line Plant and machinery 20% straight line Office equipment 20% straight line Leasehold improvements 15 years straight line
## **Business combinations**
Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the charity. All intra-group transactions, balances, income and expenses are eliminated on consolidation. In accordance with Section 35 of FRS 102, Section 19 of FRS 102 has not been applied in these financial statements in respect of business combinations effected prior to the date of transition.
## **Fixed asset investments**
Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
## **Trade debtors**
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 13
## **Gateway to FMA Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **Borrowings**
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
## **Financial instruments**
## _**Classification**_
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
## _**Recognition and measurement**_
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Page 14
## **Gateway to FMA Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## _**Debt instruments**_
Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:
(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.
(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.
(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).
(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.
(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.
(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).
Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.
Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.
## _**Investments**_
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.
Page 15
## **Gateway to FMA Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## _**Derivative financial instruments**_
The charity uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The charity does not hold or issue derivative financial instruments for speculative purposes.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in statement of financial activities immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in statement of financial activities depends on the nature of the hedge relationship.
## _**Fair value measurement**_
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
## **3 Income from donations and legacies**
|Donations and legacies;
Donations from individuals
Grants, including capital grants;
Government grants
Grants from other charities|**Unrestricted**
**funds**
**General**
**£**
38,700
-
68,263
106,963|**Restricted**
**funds**
**£**
-
-
22,800
22,800|**Total**
**2023**
**£**
38,700
-
91,063
129,763|**Total**
**2022**
**£**
21,570
26,000
63,829|
|---|---|---|---|---|
|||||111,399|
## **4 Income from charitable activities**
|||**Unrestricted**|||
|---|---|---|---|---|
|||**funds**|||
||||**Total**|**Total**|
|||**General**|**2023**|**2022**|
|||**£**|**£**|**£**|
|Childrens'|activities|1,031,439|1,031,439|440,099|
Page 16
## **Gateway to FMA Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **5 Expenditure on charitable activities**
|**Note**
Childrens' activities
Staff costs
9
Allocated support costs
7
Governance costs
7
**Children's activties**
Direct activity costs
Coaches and contractors
Premises costs
Repairs & renewals
Hire of assets
Depreciation
Staff related costs
Consultancy
Other costs of delivering childrens' activities
**6**
**Other expenditure**
Legal fees
Finance charges & interest|**Unrestricted**
**funds**
**General**
**£**
696,905
330,794
43,120
2,000
1,072,819
**Activity**
**undertaken**
**directly**
**£**
91,517
129,848
273,507
36,216
20,260
29,097
38,569
-
77,891
696,905
**Unrestricted**
**funds**
**General**
**£**
11,504
13,599
25,103|**Total**
**2023**
**£**
696,905
330,794
43,120
2,000
1,072,819
**Total**
**2023**
**£**
91,517
129,848
273,507
36,216
20,260
29,097
38,569
-
77,891
696,905
**Total**
**2023**
**£**
11,504
13,599
25,103|**Total**
**2022**
**£**
327,799
172,136
37,331
1,766|
|---|---|---|---|
||||539,032|
||||**Total**
**2022**
**£**
29,693
54,235
118,262
35,488
10,619
17,575
15,374
6,426
40,127|
||||327,799|
||||**Total**
**2022**
**£**
27,972
9,580|
||||37,552|
Page 17
## **Gateway to FMA Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **7 Analysis of governance and support costs**
## **Support costs allocated to charitable activities**
|Advertising
Trade subscriptions
Computer costs
Telecommunications
Bank charges
Sundry expenses|**Total**
**2023**
**£**
15,301
4,818
893
4,955
14,951
2,202
43,120|**Total**
**2022**
**£**
16,367
5,101
7,539
2,312
1,010
5,002|
|---|---|---|
|||37,331|
## **Governance costs**
|Independent examiner fees
Examination of the financial statements
Other governance costs|**Unrestricted**
**funds**
**General**
**£**
2,000
-
2,000|**Total**
**2023**
**£**
2,000
-
2,000|**Total**
**2022**
**£**
2,000
(234)|
|---|---|---|---|
||||1,766|
## **8 Trustees remuneration and expenses**
During the year the charity made the following transactions with trustees:
## **Ms Mary Jolene Neeld**
Ms Mary Jolene Neeld received remuneration of £43,450 (2022: £22,500) during the year.
## **Dr Wayne David John Smith**
Dr Wayne David John Smith received remuneration of £43,450 (2022: £22,500) during the year.
## **Victoria Jane Chinnock**
Victoria Jane Chinnock received remuneration of £29,893 (2022: £18,750) during the year.
## **Mrs Pamela Smith**
Mrs Pamela Smith received remuneration of £14,851 (2022: £9,182) during the year.
Page 18
## **Gateway to FMA Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **9 Staff costs**
The aggregate payroll costs were as follows:
|**Staff costs during the year were:**
Wages and salaries
Social security costs
Pension costs|**2023**
**£**
307,075
17,479
6,240
330,794|**2022**
**£**
164,511
5,257
2,368|
|---|---|---|
|||172,136|
The monthly average number of persons (including senior management team) employed by the charity during the year expressed as full time equivalents was as follows:
|Activity leaders|**2023**
**No**
14|**2022**
**No**
12|
|---|---|---|
No employee received emoluments of more than £60,000 during the year.
## **10 Taxation**
The charity is a registered charity and is therefore exempt from taxation.
## **11 Tangible fixed assets**
|**Cost**
At 1 April 2022
Additions
At 31 March 2023
**Depreciation**
At 1 April 2022
Charge for the year
At 31 March 2023
**Net book value**
At 31 March 2023
At 31 March 2022|**Furniture**
**and**
**equipment**
**£**
124,944
36,106
161,050
20,420
27,961
48,381
112,669
104,524|**Other**
**tangible**
**fixed asset**
**£**
15,995
2,915
18,910
1,200
1,136
2,336
16,574
14,795|**Total**
**£**
140,939
39,021|
|---|---|---|---|
||||179,960|
||||21,620
29,097|
||||50,717|
||||129,243|
||||119,319|
Page 19
## **Gateway to FMA Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **12 Fixed asset investments**
|**12 Fixed asset investments**||
|---|---|
|Shares in group undertakings and participating interests
**Shares in group undertakings and participating interests**|**2023**
**£**
24,000|
|||
|**Shares in group undertakings and participating interests**|||
|---|---|---|
|**Cost**
Additions
At 31 March 2023
**Net book value**
At 31 March 2023|**Subsidiary**
**undertakings**
**£**
24,000
24,000
24,000|**Total**
**£**
24,000|
|||24,000|
|||24,000|
Page 20
## **Gateway to FMA Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **13 Debtors**
|**13 Debtors**|||
|---|---|---|
|Trade debtors
Prepayments
Accrued income
Other debtors
**14 Creditors: amounts falling due within one year**
Bank loans
Due to group undertakings
Other taxation and social security
VAT grant repayable
Other creditors
Accruals
**15 Creditors: amounts falling due after one year**
Bank loans
Other loans|**2023**
**£**
8,875
13,363
8,500
5,921
36,659
**2023**
**£**
50,151
6,053
5,899
85,235
5,084
4,000
156,422
**2023**
**£**
168,553
-
168,553|**2022**
**£**
2,073
17,620
-
16,418|
|||36,111|
|||**2022**
**£**
23,945
8,453
7,136
21,201
2,088
2,000|
|||64,823|
|||**2022**
**£**
146,393
56,250|
|||202,643|
## **16 Obligations under leases and hire purchase contracts**
The total value of future minimum lease payments was as follows:
Within one year
**2023 £** 6,053
Page 21
## **Gateway to FMA Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **17 Funds**
|**17 Funds**|||||
|---|---|---|---|---|
|**Unrestricted funds**
General
**Restricted funds**
**Total funds**
**Unrestricted funds**
General|**Balance at 1**
**April 2022**
**£**
42,064
-
42,064
**Balance at 1**
**April 2021**
**£**
67,149|**Incoming**
**resources**
**£**
1,139,091
22,800
1,161,891
**Incoming**
**resources**
**£**
551,498|**Resources**
**expended**
**£**
(1,097,922)
-
(1,097,922)
**Resources**
**expended**
**£**
(576,584)|**Balance at**
**31 March**
**2023**
**£**
83,233
22,800|
|||||106,033|
|||||**Balance at**
**31 March**
**2022**
**£**
42,063|
Page 22
## **Gateway to FMA Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **18 Analysis of net assets between funds**
|Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Creditors over 1 year
Total net assets|**Unrestricted**
**funds**
**General**
**£**
129,243
24,000
254,965
(156,422)
(168,553)
83,233|**Restricted**
**funds**
**£**
-
-
22,800
-
-
22,800|**Total funds**
**£**
129,243
24,000
277,765
(156,422)
(168,553)|
|---|---|---|---|
||||106,033|
## **19 Related party transactions**
During the year the charity made the following related party transactions:
## **Monkspath (FMA) Limited**
(A company limited by shares owned by Gateway to FMA Limited.)
Monkspath (FMA) Limited loaned money to Gateway to FMA Limited, this amount remained outstanding at the year end. Amount due is interest free and repayable on demand. At the balance sheet date the amount due to Monkspath (FMA) Limited was £6,053 (2022 - £8,453).
## **P Smith**
(A director of Gateway to FMA Limited.)
Gateway to FMA Limited have loaned some money to P Smith. This loan is interest free and repayable on demand. At the balance sheet date the amount due to/from from P Smith was £Nil (2022 - £1,500).
## **V Chinnock**
(A director and trustee of Gateway to FMA Limited.) Gateway to FMA Limited loaned some money to V Chinnock. This loan is interest free and repayable on demand. At the balance sheet date the amount due from V Chinnock was £2,110 (2022 - £4,320).
## **Redditch (FMA)**
(A company limited by shares owned by the trustees of Gateway to FMA Limited.) Gateway to FMA Limited loaned money to Redditch (FMA) Limited, this amount remained outstanding at the year end. Amount due is interest free and repayable on demand. At the balance sheet date the amount due from Redditch (FMA) was £3,175 (2022 - £Nil).
Page 23