Company registration number: CE027675 Charity registration number: 1197184
Rugby Gymnastics Club
(A company limited by guarantee)
Annual Report and Financial Statements
for the period from 17 December 2021 to 30 September 2022
David Turner - AIMS Accountancy 32 Caxton House Northampton Science Park Kings Park Road, Moulton Park Northampton NN3 6LG
Rugby Gymnastics Club
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 3 |
| Statement of Trustees' Responsibilities | 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 17 |
Rugby Gymnastics Club
Reference and Administrative Details
Trustees Elaine Skates Howard Clewlow Helen Gardner James McKee Principal Office 92 Lower Hillmorton Road Rugby CV21 3TF The charity is incorporated in England. Company Registration Number CE027675 Charity Registration Number 1197184
Independent Examiner David Turner - AIMS Accountancy 32 Caxton House Northampton Science Park Kings Park Road, Moulton Park Northampton NN3 6LG
Page 1
Rugby Gymnastics Club
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 period ended 30 September 2022.
Objectives and activities
Objects and aims
To help and educate children and young persons in Rugby and surrounding district through participation in gymnastics so to develop their physical, mental and spiritual capacitites that they may be helped to grow to full maturity as individuals and members of society.
The Promotion of community participation in health recreation for the benefit of the inhabitants of Rugby and the surronding area by the provision of facilities to participate in gymnastics.
Public benefit
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.
Structure, governance and management 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 2
Rugby Gymnastics Club
Trustees' Report
In September 2022 Rugby Gymnastics Club changed their charitable status to become a Charitable Incorporated Organisation. These accounts cover the one month of the transition period taking us up to the end of the financial year. This means the accounts dated 1st October 2021 to 2nd September 2022 are for 11 months for the charity number 518110 from which the funds and assets are transferred into the CIO and the 12th month finances are detailed in these accounts.
The annual report was approved by the trustees of the charity on 18 April 2023 and signed on its behalf by:
......................................... Elaine Skates Trustee
......................................... Howard Clewlow Trustee
Page 3
Rugby Gymnastics Club
Statement of Trustees' Responsibilities
The trustees (who are also the directors of Rugby Gymnastics Club 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 period. 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;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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 18 April 2023 and signed on its behalf by:
......................................... Elaine Skates Trustee
......................................... Howard Clewlow Trustee
Page 4
Rugby Gymnastics Club
Independent Examiner's Report to the trustees of Rugby Gymnastics Club
I report on the accounts of the charity for the year ended 30 September 2022 which are set out on pages 6 to 17 .
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.
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:
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examine the accounts under section 145 of the 2011 Act;
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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
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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:
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(1) which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with section 386 of the Companies Act 2006; and
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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.
......................................
David Turner, Aims Accountancy ICAEW
32 Caxton House Northampton Science Park Kings Park Road, Moulton Park Northampton NN3 6LG
18 April 2023
Page 5
Rugby Gymnastics Club
Statement of Financial Activities for the Period from 17 December 2021 to 30 September 2022 (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 Total Income Expenditure on: Charitable activities 5 Total Expenditure Net income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 17 |
Unrestricted funds £ 150,127 2,264 152,391 (25,129) (25,129) 127,262 127,262 960,050 1,087,312 |
Total 30 September 2022 £ 150,127 2,264 |
|---|---|---|
| 152,391 | ||
| (25,129) | ||
| (25,129) | ||
| 127,262 | ||
| 127,262 960,050 |
||
| 1,087,312 |
All of the charity's activities derive from continuing operations during the above period.
Page 6
Rugby Gymnastics Club
(Registration number: CE027675) Balance Sheet as at 30 September 2022
| Note Fixed assets Tangible assets 12 Current assets Stocks 13 Debtors 14 Cash at bank and in hand Creditors: Amounts falling due within one year 15 Net current assets Net assets Funds of the charity: Unrestricted income funds Unrestricted funds Total funds 17 |
30 September 2022 £ 718,203 1,852 (5,487) 373,665 |
|---|---|
| 370,030 (921) |
|
| 369,109 | |
| 1,087,312 | |
| 1,087,312 | |
| 1,087,312 |
The financial statements on pages 6 to 17 were approved by the trustees, and authorised for issue on 18 April 2023 and signed on their behalf by:
......................................... Elaine Skates Trustee
......................................... Howard Clewlow Trustee
Page 7
Rugby Gymnastics Club
Notes to the Financial Statements for the Period from 17 December 2021 to 30 September 2022
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
Rugby Gymnastics Club 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.
Exemption from preparing a cash flow statement
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
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.
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.
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Rugby Gymnastics Club
Notes to the Financial Statements for the Period from 17 December 2021 to 30 September 2022
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.
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.
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.
Tangible fixed assets
Individual fixed assets costing £0.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Stock
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).
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.
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Rugby Gymnastics Club
Notes to the Financial Statements for the Period from 17 December 2021 to 30 September 2022
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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.
Pensions and other post retirement obligations
The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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.
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Rugby Gymnastics Club
Notes to the Financial Statements for the Period from 17 December 2021 to 30 September 2022
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.
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Rugby Gymnastics Club
Notes to the Financial Statements for the Period from 17 December 2021 to 30 September 2022
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.
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Rugby Gymnastics Club
Notes to the Financial Statements for the Period from 17 December 2021 to 30 September 2022
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
| Grants, including capital grants; Grants from other charities 4 Income from charitable activities General Gymnastics |
Unrestricted funds General £ 150,127 150,127 Unrestricted funds General £ 2,264 |
Total 30 September 2022 £ 150,127 |
|---|---|---|
| 150,127 | ||
| Total 30 September 2022 £ 2,264 |
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Rugby Gymnastics Club
Notes to the Financial Statements for the Period from 17 December 2021 to 30 September 2022
5 Expenditure on charitable activities
| Note Governance costs 6 |
Unrestricted funds General £ 25,129 |
Total 30 September 2022 £ 25,129 |
|---|---|---|
- £Nil of the above expenditure was attributable to unrestricted funds and £Nil to restricted funds.
6 Analysis of governance and support costs
Governance costs
| Staff costs Wages and salaries Social security costs Pension costs Other staff costs Other governance costs |
Unrestricted funds General £ 15,951 4,049 620 300 4,139 25,059 |
Total 30 September 2022 £ 15,951 4,049 620 300 4,139 |
|---|---|---|
| 25,059 |
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Rugby Gymnastics Club
Notes to the Financial Statements for the Period from 17 December 2021 to 30 September 2022
7 Net incoming/outgoing resources
Net incoming/outgoing resources for the period include:
30 September 2022 £
8 Trustees remuneration and expenses
The amount expenses waived by the trustees during the year totalled £Nil.
9 Staff costs
The aggregate payroll costs were as follows:
| The aggregate payroll costs were as follows: | |
|---|---|
| Staff costs during the period were: Wages and salaries Social security costs Pension costs Other staff costs |
2022 £ 15,951 4,049 620 300 |
| 20,920 |
No employee received emoluments of more than £60,000 during the period.
10 Independent examiner's remuneration
17 December 2021 to 30 September 2022 £ Other fees to examiners The examining of accounts of any associate of the charity 70
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Rugby Gymnastics Club
Notes to the Financial Statements for the Period from 17 December 2021 to 30 September 2022
11 Taxation
The charity is a registered charity and is therefore exempt from taxation.
| 12 Tangible fixed assets Cost Additions At 30 September 2022 Depreciation At 30 September 2022 Net book value At 30 September 2022 13 Stock Stocks 14 Debtors Trade debtors 15 Creditors: amounts falling due within one year Trade creditors Other creditors |
Land and buildings £ 701,852 701,852 - 701,852 |
Furniture and equipment £ 16,351 |
Total £ 718,203 718,203 - 718,203 30 September 2022 £ 1,852 |
|
|---|---|---|---|---|
| 16,351 - |
||||
| 16,351 | ||||
| 30 September 2022 £ (5,487) |
||||
| 30 September 2022 £ 920 1 |
||||
| 921 |
Page 16
Rugby Gymnastics Club
Notes to the Financial Statements for the Period from 17 December 2021 to 30 September 2022
16 Pension and other schemes
Defined contribution pension scheme
The charity operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the charity to the scheme and amounted to £620 .
17 Funds
| Unrestricted funds General |
Balance at 17 December 2021 £ (960,050) |
Incoming resources £ (152,391) |
Resources expended £ 25,129 |
Balance at 30 September 2022 £ (1,087,312) |
|---|---|---|---|---|
18 Analysis of net assets between funds
| Tangible fixed assets Current assets Current liabilities Total net assets 19 Analysis of net funds Cash at bank and in hand Net debt |
At 17 December 2021 £ - |
Unrestricted funds General £ 718,203 370,030 (921) 1,087,312 Cash flow £ 373,665 373,665 |
Total funds £ 718,203 370,030 (921) |
|
|---|---|---|---|---|
| 1,087,312 | ||||
| At 30 September 2022 £ 373,665 |
||||
| - | 373,665 |
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