CHARITY REGISTRATION NUMBER: 1179691
Newport Acrobatic Gymnastic Club Unaudited Financial Statements
31 August 2022
HAASCO LIMITED
Chartered accountants 24 Bridge Street Newport NP20 4SF
Newport Acrobatic Gymnastic Club
Financial Statements
Year ended 31 August 2022
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Notes to the financial statements | 6 |
Newport Acrobatic Gymnastic Club
Trustees' Annual Report
Year ended 31 August 2022
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 August 2022.
Reference and administrative details
Registered charity name Newport Acrobatic Gymnastic Club Charity registration number 1179691 Principal office 22 Enville Road Newport NP20 5AE
The trustees
Mrs S Watkins Mr G Gage Mrs A Walker Pole Mr A Jones
Independent examiner
Mr David Rees Thomas FCA
Structure, governance and management
The charity is governed by its constitution and is a charity registered with the Charity Commission.
The election of trustees:
According to the constitution of Newport Acrobatic Gymnastic Club in a general meeting shall elect the officers and the other trustees in line with the terms of the constitution.
The Trustees may appoint any person who is willing to act as a Trustee. They may appoint a maximum of 9 and minimum of 3 trustees. Apart from the first charity trustees, every trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees.
The Charity Structure, Our Team
Our head coach, coaching assistant and administrative person are all volunteers. Our coaches attend safeguarding and protecting children courses, first aid and coaching qualification courses. The club has 4 welfare officers voluntary working at each session.
Objectives and activities
The club is a non-profit distributing charity whose principal objective is to advance public participation in sport, the encouragement of and the provision of gymnastic opportunities predominantly, but not exclusively, for individuals from South Wales and surrounding areas.
Public Benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charities aims and objectives and in planning future activities.
1
Newport Acrobatic Gymnastic Club
Trustees' Annual Report (continued)
Year ended 31 August 2022
Achievements and performance
The main achievement in the year was to obtain a lease on a unit and with the help of a grant from Sports Wales adapt it to our needs and equip with a sprung floor and other necessary equipment.
Financial review
The club continues to promote it's gymnastic sessions in the local community and around South Wales and relies on fees from these sessions to support the overheads of the club.
The trustees' annual report was approved on 17 November 2022 and signed on behalf of the board of trustees by:
Mrs S Watkins Trustee
Mr A Jones Trustee
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Newport Acrobatic Gymnastic Club
Independent Examiner's Report to the Trustees of Newport Acrobatic Gymnastic Club
Year ended 31 August 2022
I report to the trustees on my examination of the financial statements of Newport Acrobatic Gymnastic Club ('the charity') for the year ended 31 August 2022.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material 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 charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mr David Rees Thomas FCA Independent Examiner
Haasco Limited Chartered Accountants 24 Bridge Street Newport NP20 4SF
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Newport Acrobatic Gymnastic Club
Statement of Financial Activities
Year ended 31 August 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations | 4 | 11,292 | – | 11,292 | 47,852 |
| Charitable activities | 5 | 122,439 | – | 122,439 | 60,246 |
| Other income | 6 | 1,950 | – | 1,950 | 387 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Total income | 135,681 | – | 135,681 | 108,485 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| Expenditure | |||||
| Expenditure on charitable activities | 7,8 | 97,766 | 8,830 | 106,596 | 88,055 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Total expenditure | 97,766 | 8,830 | 106,596 | 88,055 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Net income and net movement in | funds | 37,915 | (8,830) | 29,085 | 20,430 |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| Reconciliation of funds | |||||
| Total funds brought forward | 78,413 | 18,261 | 96,674 | 76,244 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Total funds carried forward | 116,328 | 9,431 | 125,759 | 96,674 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 6 to 12 form part of these financial statements.
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Newport Acrobatic Gymnastic Club
Statement of Financial Position
31 August 2022
| 2022 | 2021 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Tangible fixed assets | 14 | 21,560 | 17,996 |
| Current assets | |||
| Debtors | 15 | 1,047 | 956 |
| Cash at bank and in hand | 103,421 | 78,187 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| 104,468 | 79,143 | ||
| Creditors: amounts falling due within one year | 16 | 269 | 465 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| Net current assets | 104,199 | 78,678 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| Total assets less current liabilities | 125,759 | 96,674 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| Funds of the charity | |||
| Restricted funds | 9,166 | 18,261 | |
| Unrestricted funds | 116,593 | 78,413 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| Total charity funds | 17 | 125,759 ৶৶৶৶৶৶৶৶৶ |
96,674 ৶৶৶৶৶৶৶৶ |
These financial statements were approved by the board of trustees and authorised for issue on 17 November 2022, and are signed on behalf of the board by:
Mrs S Watkins Trustee
Mr A Jones Trustee
The notes on pages 6 to 12 form part of these financial statements.
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Newport Acrobatic Gymnastic Club
Notes to the Financial Statements
Year ended 31 August 2022
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 22 Enville Road, Newport, NP20 5AE, South Wales.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
6
Newport Acrobatic Gymnastic Club
Notes to the Financial Statements (continued)
Year ended 31 August 2022
3. Accounting policies (continued)
Incoming resources (continued)
-
income from donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings - 20% straight line
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Notes to the Financial Statements (continued)
Newport Acrobatic Gymnastic Club
Year ended 31 August 2022
3. Accounting policies (continued)
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
4. Donations
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations | 11,292 | 11,292 | 47,852 | 47,852 |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ |
5. Charitable activities
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Gymnastic sessions fee income | 122,439 | 122,439 | 60,246 | 60,246 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| 6. | Other income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Commission on sale of gym kit | 1,950 | 1,950 | 347 | 347 | |
| Rental income | – | – | 40 | 40 | |
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ৄৄৄৄ | ৄৄৄৄ | ||
| 1,950 | 1,950 | 387 | 387 | ||
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶ |
8
Newport Acrobatic Gymnastic Club
Notes to the Financial Statements (continued)
Year ended 31 August 2022
7. Expenditure on charitable activities by fund type
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2022 | |
| £ | £ | £ | |
| Gymnastic sessions | 97,766 | – | 97,764 |
| Sports Wales Capital Equipment Fund | – | 8,830 | 8,832 |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| 97,766 | 8,830 | 106,596 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2021 | |
| £ | £ | £ | |
| Gymnastic sessions | 81,705 | – | 81,705 |
| Sports Wales Capital Equipment Fund | – | 6,350 | 6,350 |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| 81,705 | 6,350 | 88,055 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | |
| Expenditure on charitable activities by activity type | |||
| Activities | |||
| undertaken | Total funds | Total fund | |
| directly | 2022 | 2021 | |
| £ | £ | £ | |
| Gymnastic sessions | 97,764 | 97,764 | 81,705 |
| Sports Wales Capital Equipment Fund | 8,832 | 8,832 | 6,350 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| 106,596 | 106,596 | 88,055 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ |
8. Expenditure on charitable activities by activity type
9. Taxation
As a charity, Newport Acrobatic Gymnastic Club is exempt from tax on income and gains, to the extent that such income or gains are applied exclusively to charitable purposes. No tax charges have arisen in the charity.
10. Net income
Net income is stated after charging/(crediting):
| Net income is stated after charging/(crediting): | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Depreciation of tangible fixed assets | 8,830 | 6,350 |
| Operating lease rentals | 30,980 ৶৶৶৶৶৶৶৶ |
25,337 ৶৶৶৶৶৶৶৶ |
11. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 31,674 ৶৶৶৶৶৶৶৶ |
28,719 ৶৶৶৶৶৶৶৶ |
The average head count of employees during the year was 2 (2021: 2).
9
Notes to the Financial Statements (continued)
Newport Acrobatic Gymnastic Club
Year ended 31 August 2022
11. Staff costs (continued)
No employee received employee benefits of more than £60,000 during the year (2021: Nil).
12. Trustee remuneration and expenses
Neither the trustees or any persons connected with them have received any remuneration in the current period.
Neither the trustees or any persons connected with them have been reimbursed expenses in the current period.
13. Transfers between funds
14. Tangible fixed assets
| Fixtures and | |||
|---|---|---|---|
| fittings | |||
| £ | |||
| Cost | |||
| At 1 September 2021 | 31,754 | ||
| Additions | 12,394 | ||
| ৄৄৄৄৄৄৄৄ | |||
| At 31 August 2022 | 44,148 | ||
| ৶৶৶৶৶৶৶৶ | |||
| Depreciation | |||
| At 1 September 2021 | 13,758 | ||
| Charge for the year | 8,830 | ||
| ৄৄৄৄৄৄৄৄ | |||
| At 31 August 2022 | 22,588 | ||
| ৶৶৶৶৶৶৶৶ | |||
| Carrying amount | |||
| At 31 August 2022 | 21,560 | ||
| ৶৶৶৶৶৶৶৶ | |||
| At 31 August 2021 | 17,996 | ||
| ৶৶৶৶৶৶৶৶ | |||
| 15. | Debtors | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Trade debtors | 1,047 | 956 | |
| ৶৶৶৶৶৶৶ | ৶৶৶৶ | ||
| 16. | Creditors: amounts falling due within one year | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Trade creditors | – | 265 | |
| Social security and other taxes | 269 | 200 | |
| ৄৄৄৄ | ৄৄৄৄ | ||
| 269 | 465 | ||
| ৶৶৶৶ | ৶৶৶৶ |
10
Newport Acrobatic Gymnastic Club
Notes to the Financial Statements (continued)
Year ended 31 August 2022
17. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | At | ||||
| 1 September | 31 August 20 | ||||
| 2021 | Income | Expenditure | Transfers | 22 | |
| £ | £ | £ | £ | £ | |
| General funds | 78,413 | 135,681 | (97,766) | 265 | 116,593 |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |
| At | At | ||||
| 1 September | 31 August 20 | ||||
| 2020 | Income | Expenditure | Transfers | 21 | |
| £ | £ | £ | £ | £ | |
| General funds | 51,633 | 108,485 | (81,705) | – | 78,413 |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶৶৶৶৶ | |
| Restricted funds | |||||
| At | At | ||||
| 1 September | 31 August 20 | ||||
| 2021 | Income | Expenditure | Transfers | 22 | |
| £ | £ | £ | £ | £ | |
| Sports Wales Capital | |||||
| Equipment Fund | 17,996 | – | (8,830) | – | 9,166 |
| Lucy Ellis Foundation | 265 | – | – | (265) | – |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄ | ৄৄৄৄৄৄৄ | ৄৄৄৄ | ৄৄৄৄৄৄৄ | |
| 18,261 | – | (8,830) | (265) | 9,166 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶৶৶৶ | |
| At | At | ||||
| 1 September | 31 August 20 | ||||
| 2020 | Income | Expenditure | Transfers | 21 | |
| £ | £ | £ | £ | £ | |
| Sports Wales Capital | |||||
| Equipment Fund | 24,346 | – | (6,350) | – | 17,996 |
| Lucy Ellis Foundation | 265 | – | – | – | 265 |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄ | ৄৄৄৄৄৄৄ | ৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| 24,611 | – | (6,350) | – | 18,261 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶৶৶৶৶ |
11
Newport Acrobatic Gymnastic Club
Notes to the Financial Statements (continued)
Year ended 31 August 2022
18. Analysis of net assets between funds
| Unrestricted | Restricted | Total Funds | ||
|---|---|---|---|---|
| Funds | Funds | 2022 | ||
| £ | £ | £ | ||
| Tangible fixed assets | – | – | – | |
| Current assets | 116,328 | 9,431 | 125,759 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Net assets | 116,328 | 9,431 | 125,759 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2021 | ||
| £ | £ | £ | ||
| Tangible fixed assets | – | (265) | (265) | |
| Current assets | 78,143 | 18,261 | 96,404 | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| Net assets | 78,143 | 17,996 | 96,139 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| 19. | Operating lease commitments | |||
| The total future minimum lease payments under | non-cancellable operating leases are as follows: | |||
| 2022 | 2021 | |||
| £ | £ | |||
| Later than 1 year and not later than 5 years | 28,089 | 51,549 | ||
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ |
12