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Charlty number: 800253 RICHMOND GYMNASTICS ASSOCIATION TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

RICHMOND GYMNASTICS ASSOCIATION CONTENTS Page Reference and admlnlstrattve d•talls of the Charlty, its Trustees and advlsers Trustees. r•port Indepondgnt audltors. report on the financlal sLknments 8-11 ststemont of financlal adivltles 12 BalanGe shoet 13 Statemont of cash flows 14 Notes to th8 flnanclal slatom•nts 15-30

RICHMOND GYMNASTICS ASSOCIATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2022 Truste88 Mrs C A Bailey. Wice Chairperson Mrs S Campb811. Cfrchairperson Mrs S Wilson. Crthairperson Mr S Kimberley. Treasurer Mrs C Brockbank C J Cason Dr H Gilbert Ms V Gregn Ms C Hewitt Ms J Ma¢Donald Chartty rnglstar8d number 800253 Principal offlce Townmead Road Kew Surrey Twg 4EL Independènt •udltorn Feltons 1 The Green Rlchmond Surrey TW9 1PL 8ankern Handelsbanken 31 The Green Richmond Surrey Twg 1LX Page 1

RICHMOND GYMNASTICS ASSOCIATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 The Trustees present their annual report together the audited finanal statements of the Charity for the 1 September 2021 to 31 August 2022. The Trustees confimi that the Annual report and financial statements of the charity comply wlh the current slatLtlory requirements. the requirements of the charitys 9oveming document and the provisions of the Stslement of RecOMnded Practice {SORP). Objectlves and activitles a. Pollcle$ and obJ•ctives General Poli$ The policies of the Trnstees arè lo ensure that the Trust OP8r8tes In accordarth with tho rules lald down in ils constitution and lo continue wrth the prOvish of gymnastics facillti&s for the benefft of young paople in Ils nsliluenl arèa. Narrative Infomatlon The law requires all charitles to demonstrate that their charitable purposes or aims a for the public benefit. The following Publi¢ Benefit Statement has been written wilh guidellnes issu&Y by The Charity Commission for England and Wales. Charriable PLSfP088 The charS18ble purpose of Richmond Gymnasties Association is lo provide the advancement of physi1 edu¢alion, IraSning and development ol children and young people by providing and organising premise$, equipmont and coaching lo enable them to undertake and partiGipate in gyTmnastlcs and oth&r forms of PhBICal education. Publlc Bonefit • Provision of gyrnnasli¢s facilili&s for the benefft of chitdren and young people in the local communty. • Provision of ¢ourses. lectures, demonstrations, displays and coaching for young people in th8 local community and lor coaches who organise or supervise the teaching and coaching of gymnastic5. Promotion and provision of the training of ojaches for tha purpose ol trainlng gyrnnasts. . To equip and malntsin gymnastics faulities for the teaching and Iraining of gymnasts. . To employ coaches and other staff lo further the objectives outlined abovg. Page 2

RICHMOND GYMNASTICS ASSOCIATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 Objectlve$ and activities (continued) b. Strategies for achieving objgctivos Rlchmond GlnastICs Assouation runs gnn3sti dasses al its purrx)s&buitt centre at Townmead Road in Kew and al six satellite centres in primary schools and halls acrnss the London Borough of Richmond upon Thames. and provides coaches for gymnastic dassos at four Borough sports centres. It works in partnership wllh Richmond Council lo provide community gyrnnastics and has affiliations to British Gymnastics and London Gy7nnastiC5. All gyrnnasts art members of tho Association which is wlmaflly financed from membershlp fees, but also donations and sponsorship. Redue6d rat&s are offer8d to parents in receipt of intome support or on low income. All gymnasts and ¢oaches are m•mbers of, and insured by, British GyThnasts'cs. Coaches are also British Gymnastlcs trained and qualified, and the Association supports coaches lo qualify and upgrade their qualifications. On behalf of London GyTnnasts"¢s, the Association hosts coaching courses and judging courses for general gymnasllcs. pr8school. acrobatic gymnastics and tumNing. also m8ntoring dub management and fjm8 to listen courses. Poli¢igs are in place for Child Protection. Equal Opportunities and Health and Safety. and there is a procedure for complaints. ¢. Actlvltles und•rt•k•n to achl•v• objKtfves The Assoclation provides pre-school gynnastics for children aged from 12 months to 5 years and general gyrnnastics for chlldren aged from 5 upwards. It also runs gyrnnasts'cs camps al rts Centre in the Easter and Summer holidays. and superyised partles for children al wgekends. AJI 9eneral gyThnasts are encouraged lo achieve British Gymnastics and Richm¢)nd Award Schem8 badges and have tho opportunity to take part in ¢ompelillons organised by RSchmond Gwmnaslics Association and other London Gymnastics dubs. Gymnasts who demonslrale natural ability and basic skills are invited to test for one of the Assoaation's competitive squads acrobatic gymnastics, tumbling and floor and vautt - competing at all levels includlng dub. regional, nalional 8nd Inlematlonal. The Association offers gyrnnastics for young people wth disabilltiès, offering inlogralion into mainstream classes with one lo one coaching where appropriate as well as separate classes. a competitive squad, and programmas lo meet the n8ed$ of schools. Senior coaches who work wth disabled gyrnnasts are Brltssh GyThnaslics Dlsability Gymnastlcs qualified. The facilities provided by the Association at tts T¢jWnrad Road Centré are OLrtstanding and include tsvo full-giz• performance floors. The Centre is used seven days a week and is only closed for one week a year. However. the Centre is small. and demand for places far exceeds the supply available due lo the se of the pr8m68es. Achievem•nts and porfomian¢e a. R•vlow of activltles The r8suIts for the year are set out in pages 12 to 30. The Association has continued lo provide courses, displays and coaching for young people in tls constituent's area and to provide or assist in the training of teachers and coaches for gmnastic$ purposes. Addib"onal c08ching capaoty has helped members lo achieve their goals of enhanced perform8nc*. Page 3

RICHMOND GYMNASTICS ASSOCIATION TRUSTEES. REPORT (CONTINUED} FOR ThE YEAR ENDED 31 AUGUST 2022 Achlevements and p•rfomian¢• (contlnuod) b. Factors relevant to achlev• objectlvos As at September 2022 the membership numbered in exe£ss of 1.410 members. AJI classes are popular and in demand. The financial year saw a full class limelable on offor wth access to the gym no longer limited and the opportunity to s¢hedule a diary of events for the first lime since the pandemi¢. 1 gymnasts were able to train together and th8 squad gymnasts were, al last, able lo begin preparing for a busy Compet0 schedule on both the domgstic and international cilts for th8 first time since 2019. Thè acrobatic and fl¢)or and vautt squads had a very successful competition year as detailed below. Sadly, ihe disability gymnastics squad were not ready lo compete thls year. The gnastS in this discipline experienced extended delays in comparison lo the oth8r competillv8 gymnasts before they were ab18 lo once again relum to training. Th8 Association remains committed lo employing we1kquaiir and profèssional staff in order to maintain its high stsndards of coachlng. Coaches arg offered a comprehensive training and development programm•. Fl¢)or and Vauft.. September 2021 to August 2022 GFA Reglonal Championship Team Competition - 3 Team Gold. 2 Team Broroe GFA London Regionals- 3 Gold, 2 Sllver, 1 8Ze. 2 Team Gold Acrobae8. September 2021 to August 2022 World Championships- 1 Bronze European Championshlps - 1 Bronze, 14th pla Valencia Intemational- 4 Gold, 1 Silver British Toum8menl- 2 Gotd. 1 Bronze National Finals - 1 Bronze Regional Championship$- 6 Gold. 2 Sifver, 2 Bronze At Christmas, gymnasts were ox(ited to perform in our first set of squad displays since the pandemlc. Athough few restrictions still remained in place, the gyThnasts put on a wonderful performance and the audien¢9 was glad to be back at such a popular event in the club calendar. August saw the return of the ever-popular RGA Festival for the first lime in over four years. One thousand yOLfjng people aged between the age of 4 and 23 years perfomied thn)ughout the day to the obvious delight of their parents, family and friends. This was a wonderful oprtUnIty for them all lo be back together onc8 again showcasing their sport and putting such a diffiojll time behind them. Page 4

RICHMOND GYMNASTICS ASSOCtATION TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENOED 31 AUGUST 2022 Flnanclal revl•w a. Golng ¢onGem After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resourc8S to continue in operational existence for the foreseeabl& futLtre. For this reason they continue to adopt the going concem basis in preparing the financial statements. Further details regarding the adoption of thè going concem basis can be found in the Accounting Policies. b. Reserve¥ pollcy Aport from the reslricled Townmead Project and Tumble Run fijnds and the Jack Petchey Foundation fvnd and other restricted funds 8nd the assets purchased by those fijnds. all the Association and Tumble Run's assets are available for its ongoing charitable objects as set out in rts constitution. The current lovel of re$0rves Is consKl8red adequate for the Associations. immediate rgqulrements and it's future plans. c. Flnan¢lal rlsk managemént objoctfva• and poll¢i•s The year has been about gettlng back to nomial 8ft9r the challgnging impact of covid pandemic & lockdown measures in tho previous years. We have seen tho revenuo get back to a reasonable lev81 and been able to ggt back lo operating the gym normally. As can be ssen on the income statement on page 12. we saw an increas& In income of £227.099. Our operational income inased by £419,670 as we have been able to charge a full years fees for gymnastics clas8es in line with previous years before covid pandemie. Wilhin our income streams, Ihere was a reduction in Grants of £192.406, of which £132,607 rdated to fudough pay7nenls in previou$ year. Our co$1$ have Increase by £129.1293 1¢h is mainly due to $laff cost8 as now the gym 18 operating on a nomal basis. As we are getting back to nomalty. we havé shown a proffl of £26,184 for the year compared to a deficit of £71,786 for last year. Ovorall, we generated a cash sUlUS of £123,024 lor the year. An ovérview of thè balanco sheet, tho trustees are aware that our net curr•nl assets are £26.983 compared lo a deficit of £20,851 last year. which is r6sutted in a posiltve £47.834 increase. The Association is antlClP8ting this will increase next year. Struclurei govemance and managemont a. Constitutlon The Trust wa5 incorporated on 12 November 1992 as an uninrorporaled association under the name"Richmond Gymnastics As50cialion". It is governed by tts constitub"on, whth was adopted by 11$ members al the general meeting held at that date. The affairs of the Association and managemonl of its funds are vested in its management committee. Page 5

RICHMOND GYMNASTICS ASSOCIATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 Structurni govemanGo and management (¢ontlnued) b. Methods of appolntment or •1gction of Trustees The Board of Twste8s consists of three elected officer¥, namely the Chair, Vice chair and Treasurer. together with up lo ten members elected by the Annual General Meeting and up to lour mernb8rs who may be COwOPt8d onlo th& committee by a majority vote of the committee members present and voting al the m881ing al which Such co-options are considered. At the Annual General Meeting, one elected officer and tsvo elected members shall retire from office, bul shall be eligible for rwlection al the same Annual General Meeting. S Kimbedey is tho elected officer and C Brockbank and H Gilbert are the Iwo elected commrttee members retsring by rotation. Both C Brockbank and H Gilbert are Stsnding for rleCtIon and S Kimberfey is standing for re-altiOn as Tr6a$urer. ¢. Pol1cl adopted for thg Inductlon and tralnlng of Trusts•$ New Trustee$ are mado aware of their respOnsilItt8$ as Trust$ and encouraged to undertake such p&rson81 training for their duties a$ they consider necessary. A knowledge of gymnastics is deSirae. d. Rlsk management The Trustees have assessed the malor risks to whith the charity is exposed. in particular, thoso related lo tho operations and finances of the charity. and are satisfied that systems and Pr(edureS are in place to millgate our exposure lo the major risks. The Trustees have identified and actively revigwed the major rlsk8 to whlch the charity is oxposed, as follow: a. Physical injury to staff or members in the performance of their Activits. b. Major costs of renewing and maintaSnlng the Assoaation's premises. c. Loss of use of thè Ass(Klation's premisés due lo firp or other risks 8nd the consequentsal financial losses 8rfsing thereliom. In eath case, appropriate steps have been taken to mitigate these risks. Plan8 for futur• porl¢xls There are no plans in the next year for fvrther expansion WIOut addilional fvndraising as a first priority must be lo keep the club on a firn7 financial footing. Hi)wever, the Trustees would like to thank the recent fundraising iniliallves of squad parents and member5. We plan to have new retractab seating instslled, with the sums raised specrfically for the provtsion of seating. ntrbung a significant glement of the cost. Now that the club is fully operational again we are using th8 space provide¢J by the ffrsl phase of the building programme and maximising dass number5 wherever possible. We continue lo look al ways lo diversify and thus attract new members. Whilst there are no plans for any major building works in the coming year, we plan to repurpose and refit the old decommis0ned girls, to11 b1k as a new ballet studio, having lost the existing ballet studio as part of the phase l expansion project. New r8traclable seating has been ordered for the main gym. This is due for Inslallalion in the Autumn in readiness for Chrislrnas displays which are alwayB very well received, sell out quickly and represent a SnifiCant fundraising opportunty for th8 chanty. Page 6

TRVSIEES. REPO1 {coi¥fwiuEDI .. FOR THE YEAR ENDED 31 AUGUST 21122 e8(¢ ffiaThio1 Jfjai 8 true arJ fay y4th¥ of ts slats of affair8 01 the Ch and of its intsynl cèwve tha nrtyl8 and princaplas dlhe Chwithes SORP {FRS 1021: stste w1 8pplkable UK AccAX4ftting StsTrJ8rds IFRS 1) have been foUovJ. 8nd énable Ywn to ensurè Ih81 the financia statonwts cOMY wilh tho Charftso5 2011. ts cfwty y.1 frèud and ollw trregulartti•s. that Trustee h8$ tsken al the 8 that to ha¥e t*8n lakn a h d0r to b# •war• of . 20.5.23 and on

RICHMOND GYMNASTICS soCIATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF RICHMOND GYMNASTICS ASSOCIATION Oplnlon We have audited the financial statements of Richmond Gymnastics Association {the 'charity) for the year ended 31 August 2022 ¥thich comprise the Statement of Financial Activities. the Balance sheel. the Statement of cash flows and the related notes, including a summary of significant accounting pM)licies. The financial reporting framework that has been applied in their preparation is applicable law and Unlled Kingdom Accounting Siandards. including Financial Reporting Standard 102 The Financial Reporting Stsndard applie8ble in the UK and Republic of IreSand' Iunlted Kingdom Generally Accepted Accounting Practice). The financlal statements have ben prepared in accordance wllh Accknunting and Reporting by Charities preparing their accounts in accordan with the Financial R8POrting Stsndards applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounb"ng and Reporbn9 by Charities: Statement of Recommended Practlce Issued on 1 Aprfl 2005 which is referred to in the extant rggul8tions bul has been Wfthdrawn. This has been done in ord8r for the accounts to provide a true and fair vw in accord8neE vAth the Genorally Ac¢epted Accounting Practice effective for reporting period5 beginning on or after 1 January 2015. In our oplnlon the financial statements: give a true and fair view of the stsle of the charitys affairs a$ al 31 August 2022 and of ils incomlng resour$ and application of resources for thg year then ered. have been properly prepared in a¢tr)rdance United lQngdom Generally Acceptéd Accour¢llng Pracllce., and have been prepared in acrdanCe with the r0quiren1s of the Charilios Act 2011. Bas1$ for oplnlon Wo conducted our audit in accordance with Inlèmational S&ndards on Auditing (UK) {ISAs {UKI} and applicable law. Our responslbilities under those standards are further described in trte Auditors, responsibilities for the audit of the financial statements seekn'on of our report. We are independent of Ihe tharily in accordance Mth the ethical requirements that are relevant to our audit of the finanaal slalements in the United Kingdom. including the Financial Reporting Council's Ethical Standard, and we have fulfill6d our other ethical responsibilities in accoidance wllh these requirements. We believa that the audit widenc8 wg have obtsined is sufficient and appropriate to provide a bask* for our oiNnton. Concluslons rolatlng to golng concern In auditing the financial slatements, we have concluded that Ihe TnJsleas' us8 of th6 going concern basis of accounting In the preparation of the finan(3al statements is appropriate. Based on the work we hav8 perfomed, we have not identified any material uncertaintles relatlng lo events or conditsons that. individually or collectively, may east $jnificant doubl on the charitys ability lo continue as a going concem for a period of at least iwelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concem are described in the relevant sections of this report. Page 8

RICHMOND GYMNASTICS ASSOCIATION INDEPENOENT AUDITORS. REPORT TO THE MEMBERS OF RICHMOND GYMNASTICS ASSOCIATION (CONTINUED) Oth•r infonnation The other infomiation comprises the irrfomiation included in the Annual report other than the financial statements and our Auditors. report thereon. The Trustees are responsible for the other infomalion cKJntained withln the Annu81 report. Our opinion on the finanual statements does nol cov8r the other infomiation and. except to the exlenl otherwis6 8xplicitly staled in our report. we do not express any form Df assuranc& condusion thereon. Our responslbillty is lo read the other inlomiation and, in doing so. consider whether the other infomiation is materially inconsistent with the financial slalernents or our knowledge obtained in the Urse of the audit. or olhernise appeals lo be materialty misstated. If we iderktrfy such mal&rial inconsistencies or apparent material misslatemenls. we are required lo delemiine whethgr this gives rise to a material misststemenl in the financial slal8ments themselves. If. based on the work we have perfomied, w& condude that there is a malarlal misstatement of thls other infomatlon. we are requirèy to rgport that fact. Wo have nothing lo report in this regard. Mattgrs on whlch w• aro roquirod to report by •xceptlon W8 have nothing to report In respect of the fdknving matters where Ihe Charflles (Accounts and Reports) Regulallons 2008 requlres us to report lo you rf. in our oplnion- the information given in Ihe Trustees. port 18 inconslstent In any material SpeCt with the financlal statements., or sufficient accounllng rocords have not been kept; or the financial statements are not in agreement wth the accounting recor(Ss and relums.. or we have not received all the infomialion and explanations we require for our audlL Responslbllltle8 of truste•s As explalned more fully in the TnJst••s' responsibililres statement, tho Trustees are rosponsible for the preparation of the financial stslements which give a true and lair wew. and for such intemal wntrol as the Trustees delem71ne 1$ necessary to enable the preparation of financial statements that are free from material misstalemenl. whether dug 10 fraud or effor. In preparing the finanual statements. the TrUee$ are responsiblo for assessing th• charitys ability lo continue as a going ¢oncem. disclosing, as applicable, matters related to going concem and using the going concem basis of accounting unless the Truslees elther intend to liquidate the charity or to a$8 operations. or hav8 no realisliG allemative but to (kj so. Page 9

RICHMOND GYMNASTICS ASSOCIATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF RICHMOND GYPANASTICS ASSOCIATION (CONTINUEDI Audltors. responslbllttlos for thg audit of the financial statgmants We have been appointed as auditor under section 144 of the Chariti&s Act 2011 and report in accordance with the Act and relevant regulations made or having effect lh6Under. Our obl1[ve¥ are to obtain reasonable assurance aiM)ul wh6lh&r tha finanryal stalem8nls as a whole a free from material misslatemenl, whether due lo fraud or error, and to issue an Audilors. r8POrt that includes our opinion. Reasonable assurance is a high level of assurance, bui is not a guaranlee that an audit condu¢led In 8ccordanee with ISAS IUKI will always deled a material misslatement when il exists. Misstatsments can arise from fraud or emr and are considered material if. indiwdualty or in the aggregate, they could reasonably be 8XP8cl8d lo influence the economic decisions of users tsken on the basis of these financial statements. Irregularities. induding fraud. are instsnc*$ of non-compliance with laws and rggulalions. We design procedur$s in Ilno wllh our responsibilrties. oullingd above, to del6ct matsrial misstatements in respect of irregularitigs, including fraud. The extent lo which proceduras aro capablg of detecting irregularitlgs, induding fraud Is detailed below: W8 ass8ssed the risk of material misstslement ol the finanual statemgnls. induding th8 risk of matarial misslatemenl due to fraud and how it mbght ¢)¢¢ur, by holding discussions with management and thosg charged with govemance. . We oblalned an understanding of laws and regulations that tJId reasonab be expected to have a matedal effect on the financl81 stalements through discussion management and those charged with govemance, Including financi#l porting and taxation legislation. We considered that gxlenl of compliancè with those laws and regulations as part of our Pr¢)tsduS on th& related financial ststement items. . We Inqulred of management 8nd those charged with govemance as lo any known instances of nonvcompliance or suspected non-compllance wlh laws and regulations. We remained alert lo any indications of nonrfompliance throughout the . We addressed tha risk of fraud through management override by reviewing the appropriateness of a samplo of loumal ontrigs and other adjustments,. assessing whether the jud9ements made in making key accounting estimates are indicative of a potential bias.. and evaluating the business ratiale of any significant transactions that are unusual or outside the normal Urse of business that we across throughout the audit. However, the primary responslblllty for the prevention and detection of fraud rests both management and those charged with gov8mance of tho charity. Our examination should not be relied UFtJn lo disdose all such malorial misslatemenl$ or frauds, errors or instances of non-compliance as may eKsl. Because of the inherent limitations of an audit. there is a risk that we wll not detect all irregularities, induding those leading lo a mal6rial mlsslatement in the financial stslements or non-compliance with regulation. This risk increases the more that Complian wilh a law or regulation is removed from the events and transactions r8flected in the financial stalements. a$ we will be less likely lo become aware of inStsn$ of non-compliance. The risk is also greater regarding irr8gulariknes (Kcurring due lo fraud rather than error. as fraud involves intentK)nal concealment. forgery. Collusion. omission or misrepresenlation. A further description of our responwbilities for th6 audil of the fin8neial ststements is IcLated on the Financial Reporting Council's wgbsite at: ww.frc.o .uklaudrtorsres Audito. report. nsibiltties. This description forms part of our Page 10

RICHMOND GYMNASTICS ASSOCIATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF RICHMOND GYMNASTICS ASSOCIATION {COPlllNUEDI Use of OUT report This port is madg solely lo the charitvs trustees: 8$ a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audrt work has been undertaken so that we rnight stale to the charivs Iruslees those matters we are required to state lo them in an Auditors. report and for other purpose. To the fullest exlent pemiitted by law. we do not acpt or assume responsibTrlity to anyone other Ihan the charity and its tfusle&s. as a body, for our audil work. for this report. or lor the opinions we have formed. Feltons 1 Th8 Green Richmond SeY TW91PL Dale-. 2£rt Feltons are eligible to acl as audrtors in terms of sectKJn 1212 of the Companies Act 2006. Page11

RICHMOND GYMNASTICS ASSOCIATION STATEMENT OF FINANCIAL ACTPIITIES FOR THE YEAR ENDED 31 AUGUST 2022 R•stricted Unrèstrlcted fund$ fund$ 2022 2022 Total funds 2022 Total funds 2021 Not• Income from: Donations and legacies Charitable activities Other income 2.550 330 15.394 1,067.625 17,944 1.067,955 210,350 648.285 165 Totsl Income 2.880 1.083,019 1,085,899 858,800 Expendituro on: Charitsble acllvilies 11,856 1,047.859 1.059.715 930,586 Total expendtturn 11,856 1.047,859 1,059,715 930,586 N•t mov•ment In funds {8.9761 35,160 26,184 (71.786) R•¢on¢lllatlon of funds: Total funds brought forward Nel movomenl in funds 155,196 18.9761 657,296 35,160 812,492 26,184 884,278 (71, 786) T¢tsl funds carrfed forward 146.220 692,456 838,676 812,492 The Slaternent of FInanal Acuvlties includes all gains and loss•s recognised in the year. The nol6$ on pages 15 to 30 fom) part of these finanaal statements. Page 12

BALANCE SHEET S AT 31 AUGUST 2022 20 12 811, 811.W2 .'¢ 13 30.239 217.461 340385 247.691 14 (313A021 (26&542J (20.851) 838.675 811492 675 811492 8K67S 812.492 Ch¥lty fvnd• 15 15 14196 $57.296 ..1%retrd fijnds Total fund• 84875 8IZ492 n8d on lfrw boh811 ty. 20.5.23

RICHMOND GYMNASTICS ASSOCIATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2022 2022 2021 Cash flows from oporatlng activi11oS N81 cash used In operating activities 142.461 12,774 Cash flovrn Irom investlng a¢tlvltles Purchase of tangible fixed assets {19,437) (6, 758) Net cash usod In Investlng actfvitl 119.437) (6,7581 Cash fk>ws from Ilnan¢lng actlvltlès Nèt cash provld•d by flnanclng adlvltl•s Change In cash and ¢4sh •qulvalonts In tha year Cash and cash eqUNalents al the beginning ofthe year 123.024 6,016 211,445 217,461 Cash and cash •qulvalents at tho ond of tho year 340,485 217,46t The notes on pages 15 10 30 form part of these financial ststements Page 14

RICHMOND GYMNASTICS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Ggnèrol infomiatlon Richmond Gymnastics Assocration is a ¢hanty set up in the UnÉted lfjngdom and govemed under the Charitses Act 2011. The organisalion an unino)rporated association, registered with the Charity Commission for England and Wales. The address of the principal office is Townmead Road, K&w. Surr8y. TW9 4EL. Ac¢ountlng policles 2.1 Basls of pr•paratlon of financial stat8ments Th• ffinancial statèments have been prepared under the hlstori¢al cost convention wth Itams recognised at cost or transaction valuo unles5 Otherwise stat6d in the relevant notes to these accounts. The financial ststements have been prepared in accordance vthh the Charits'es SORP IFRS 102) - Accounting and Reporting by Charibes.. Statement of Re¢omm8nded Practice applicable to ch8riti88 preparing their accounts in accordance wilh the Financial Reporting Stsndard applicable in the UK And Republic of Ireland IFRS 1021 leffeclive l January 20191, the Financial ReFQrtlng Stsndard appli¢able in the UK and RepU1C of Irdand (FRS 1021 and the Charities Act 2011. The financial stslements have b8en Prepa to give a 'true and falr, visw and have depart8d from the Charllies IAccounts and Reports} Regulations 2008 only to th8 exlgnl required to provide a Irue and faiV view. This departure has invofved following the Charlties SORP IFRS 1021 published in Oclob8r 2019 rather than the AoUntIng and Reporting by Charfle8.' Ststemollt of Recommended Practic6 affective from 1 April 2005 which has since been withdrawn. Richmond GyTnnaslics Associaln meets the definition of a public benefft enuty under FRS 102. Assets and li8bilthes are initially r8ccyJnised at hi$tOfical cost or transa¢tion vu0 unless olherwise ststod in the rel8vant a¢UntIng policy. 2.2 Golng concern The financial statements of the Charity are prepared on a goirwj concem basis. Tho Cowd-19 oulbreak caused gevwo disruption to tharities nationally, induding the Charity. The Trustees have anawed and continue to cary out ongoing monitoring of the impact on the chaws financial position. The Chartty meets its day to day working capital requirements thfough its cashflows from operations. The Trustees also assessed the impact of the Cowd-19 oulbreak on rts future financial and trading outlook and considered this on its cashflows. along wih appropriate mitigation plans. The Trustees have a reasonable expeetatton that the Charity has adequate reSoUrS to continue in operational existence for the foreseeable future. As a result. they continue to adopt the going concern basis of accounting in preparing the financial statements. Page 15

RICHMOND GYMNASTICS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Accounting pollci85 {continuod) 2.3 Income l income is recognised once the Charity has 8ntiUemenl to the income. 11 Is probable that th6 InMe will be received and the amount of incomé re1vable can be measured reliably. The fe¢ognition of income from legacies is dependenl on establishing entitiement. the probablllty of receipt and the ability to estimate with sufficient accuracy the amount rec8ivable. Evidence of entillemenl lo a legacy exists when the Charity has sufficienl evidenee that a gift has been left to them Ithrough knowledge of the exislence of a valid will and the death of the benefactor) And the executor is satisfied Ihal the propgty in question will not be required lo satisfy claims in the estate. Receipt of a legacy must b& rgcognised when rt is probabl8 that it will be received and th8 fair value of the amount receivable, whth will gongrally bo the 6xpe¢ted cash amount to be dlstribuled lo the Charity, can be reliably measured. Grants are induded in the Statement of financial activities on a wivable basis. The balance of income received for spectfic purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where InMe is received in advance of enlillemenl of receipt, its recognition is deferred and Induded in credFtors as defeed ineorne. Where enlitl8m8nl occurs befo income is received. the income is accrued. Gifts in kind donated for distribution are induded at valuation and r8cognised as Income when they 8r8 distributed to the proJe¢ts. Gifts donated for resale are induded as income when they are sold. Other income is recognlsed in the period in which it is receivable and to Ihe extent the goods have been provided or on C•Jmplelrf)n of the service. 2.4 Expendltur• Expenditure is recognised ono there is a leg81 or constnjctive oblHJation to transfor gconomlc benefit to a third paty. it is probabl6 that a transfer of economic benefits will be required In $ettlement and th8 amount of the obligation can ba measured reliabty. Expenditure is da$5ified by aclivity. The costs of oach activity ars made up of the total of direct costs and shared costs, including support costs involv¢d in undertaking each activty- Direct costs attributable lo a single activity are allocated directly lo that activity. Shar8d costs which Contribute lo rn0 than one activity and support cosls which are not attributable to a single activity are apportK>ned beeen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and d8pTrciation Charges allocated on the wrtion of the assel'g use. Expendtture on charitable actiwties is Incurred on directly undertaking the actNities which further the Charitls objectives. as well as any assochgled support costs. l expenditure Is indusive of Irrecoverable VAT. 2.5 Government grants Govemment grants r8laling lo tangible fixed assets are treated as defetred income and released to the Statement of finar*cial actiwties over the expected useful lives of the assets concemed. Other grants are credited to the Statement of finandal activlties 8S the related expenditure is incurred. Page 16

RICHMOND GYMNASTICS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 A¢¢ounting pollcio8 (continued) 2.6 Interest rnc•ivable Interest on funds held on deposit is induded when receivable and the amount can be measured reliably by Ihe Charity,. this is nomally upon nob'fication of th8 intere$1 paid or payable by the institution whom the funds are deposited. 2.7 Tangible flxod assets and deprociatlon Tangible fixed 8$sels are initially recognised at cost. Aftar recognition, und&r the cost mo¢Jel, tangible fixed assets are measured at cost less accumulated depreaation and any accumulatéd impairmonl losses. Ml costs incurred to bring a tangible fixed asset into its intended working condili¢)n should be indud6d in th& measurement of cost. Ass8ts in the course of construction are inctuded al costs in¢urTed to dal8. Depreclation on those assets is not charged until they are brought into use. Depreciation Is charged $0 as to all¢)cate the cost of tsroiblè flxed assets less their residual value over their estimated useful lives Depreciation is provlded on the folknmng bases: Leas6hokl Property 30 years on a straight lino basls ov&r the period of the lease extension. 30 years on a straight line basis ov6r the period of the lease extensron. Office and gyThnastic equipment- 3- 5 years straight line basis. 2.8 Dabtors Tumble Run extension Trade and other debtors are recognised 81 the setuoment amount after any Ir8de dlseounl offerèd. Prepayments are valued al amount prepaid net of any irade discounts due. 2.9 Cash at bank and In hand Cash al bank and in hand includes cash and short-temi highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar 8Ct))unt. 2.10 Llabllitlès and provislons Liabilities are recognised when thera is an obligation at the Balan sheet dale as a result of a past event. it is probable Ihal a transfer of economic benefft wll be required in setUemenl. and the amount of the settlement can be eslimaled reliably. Liabilibes are recognised al the amount that the Charity anticipales it will pay to settle the dobl or the arrlounl tt has received as advanced payTments for the good5 or servIS it musl provide. Provisions a measured at the best estimate of the arrrt)unts required to setue th8 oblig8Uon. Where the effect of the b.me value of money is material. the provision is based on the pres8nt valu& of those amounts, discounted al the pre-tax discount rate that reflects the risks specifie Its the liability. The unwnding of the discount is recognised in the Statement of finanaal activities as a finance cost. Page 17

RICHPIOND GYMNASTICS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Accounting pollcies {¢ontlnued) 2.11 FlnanGial Instrurnents Th8 Charity only has finanryal assets and financial llabilities of a kind that qualify as b8sic financial instnrments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans whith are subsequenuy measured al amortised cost uslng the effective interesl methcxj. 2.12 Pensions Th$ Charity oporates a defined contritmjtion pensk>n stheme and th& pension charge represents tho amounts payablo by the Charity to the fund in respect of the year. 2.13 Fund accounting General funds am unrnsiric*ed funds whith aro availabi8 for u$9 al th8 discretion of the Trustees in furtherance of the general objetkns of the Charity and vthich have not been designated for Other purposes. Designated funds comprise unrestricted funds tr¢8t have been 58t aside by the Trustees for partl¢ular purposes. The alm and use of each designated fvnd is set out in the notes lo the finan81 stal8menls. Reslrlcted funds are funds which are to be used In a¢¢ordance with speufic restrictions Imposed by donors or whlch have been raised by the Charity for particular purposes. The costs ol raising and administering such fvnds are charged against tho specrfK fund. The alm and use of each $trICted fund is sel out in the notes to the finanaal stal8ments. Invastrnent income. gains and losses are allocated lo appropriate fund. Income from donatlons and legacl Rostrlcted Unrestrlcted funds funds 2022 2022 Total funds 2022 Total fvnds 2027 Grants, donations and gaCleS Market value rent on the association premises nol Charged by the freeholder Furtough Grants 2,550 10,388 12.938 56. 743 35.000 129,9941 35.000 {29.9941 21.000 132.607 Totsl 2022 2.550 15,394 17,944 210.350 Tot812021 2,250 208, 100 210.350 Page 18

RICHMOND GYMNASTICS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Income from charltable a¢tfvltlo5 Restrlctod Unrostricted funds funds 2022 2022 Total fund$ 2022 Total funds 2021 Unrestricted activities Other income- parties, sales ol kit. badges, coaching and competitlon Fund raislng incom8- Elile squads Fund raising income - Buildlng 948.632 948,632 636, 777 118.993 118,993 330 10,536 740 232 Totsl 2022 330 1.067.625 1,067.955 648.285 Tot812021 972 647,313 648,285 Othor Incomlng rosources Unr•strlctod funds 2022 Totsl funds 2022 Total funds 2021 Bank inl8rgSt 165 Total 2021 165 165 Page 19

RICHMOND GYMNASTICS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Analysis of expèndlture on charitabl• actlvitigs Summary by fund type Rostrlctèd Unrnstricted funds funds 2022 2022 Total funds 2022 Total funds 2021 Ur¢reslricted activitle5 Townmead Project Acro, tL1Mln9 and floor and vault fund Friends of Richmond The Jack Petch•y Foundation 1,047.859 1,047,859 4,534 158 917,448 4.535 4.534 158 6,353 2,250 5.560 5.560 11.856 1.047,859 1,059,715 930,586 Tot812021 13,138 917,448 930,586 Analysli of expendfturo by actlvltlos ActSvftl•s und•rtaken dlr 2022 Support costs 2022 Totsl funds 2022 Total funds 2021 Unrestricted actiwties Townmead Proj8cI Acro, tumIng and knr and vault fund Friends of Richmond The Jack Petchey Foundation 589,509 4,534 458,350 1.047.859 4,534 158 1.604 5,560 977,448 4,535 1.604 5.560 6.353 2,250 601,365 458,350 1,059,715 930,586 Total 2021 578.077 352,509 930,586 Page 20

RICHMOND GYMNASTICS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Analysis of expondlture by adivitios (contlnued) Analy$ls of direct costs Unr•strlGted Townm•ad activlties Project Tumble Run 2022 2022 2022 Friends of Rl¢hmond 2022 Staff costs Depreciation Othar dlrect costs Govemance costs 530.046 36.554 5.329 17,580 4,534 158 1,604 589.S09 4,534 158 1.604 Total 2021 564.938 4,535 6,353 Thg Jack Petchoy Foundation 2022 Totsl fund$ 2022 Tot81 lunds 2021 Staff costs Depreciation Olh8r direct costs Governance costs $30,046 41.088 12.651 17,580 515,283 43,177 12.177 7,500 5,560 5,560 601,365 578,077 Total 2021 2.250 578,077 Page 21

RICHMOND GYMNASTICS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Analysis of expenditure by actFvltles (continued) Analysis of support costs Unr•strl¢tod actlvltiOS 2022 Totsl funds 2022 Total fvnds 2021 Salaries arKI payToII costs Estsblishrnent costs Bank and credit Gard charges R9p8irs and maintenance 176,682 107.661 14.904 24,694 176.682 107,661 14,904 24,694 171, T61 69.654 11,419 22,451 F iii Telephone and computer Printing. postsgg and stationery Competition expense$ Sundry and other wsts Legal and professional co)8ts Kil. medals and other purchases Cleaning Training and travel 18,649 4,084 24,186 28.719 5,269 10,350 35,085 8.067 18,649 4,084 24.186 28,719 5,269 10,350 35,085 8,067 18. 154 2, 735 840 7,979 3,599 10,695 29, 788 3.434 458,350 458,350 352,509 Totg12027 352,509 352.509 AudltOTS' remuneratlon The audttors, remunerkn.on amtyjnts to an auditor fee of £9.OW (2021- £8,280). Page 22

RICHMOND GYMNASTICS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Stsff costs 2022 2021 Wages arKt salaries 706.728 687,045 706.728 687,045 The 8v6r4ge number of p8rsons employed by the Chanty during the year was as follows: 2022 No. 2021 No. Offi¢9 and management Coathing 31 43 34 The number of employe8s employee beneffts (excluding employer ponsion costs) exceeded £60,000 was: 2022 No. 2021 No. In the band £60.001- £70.000 10. Trustee8' ramunerallon and expons•$ During the year, no Trustoes rNd any remuneration or other ben8ffts (2021- £NIL). During the year ended 31 August 2022. no Trustee expensos have been Irred (2021- £NILJ. 11. Taxatlon The Association is 8 registered charity and as su¢h no charge for corporation tax or capilal gains lax will arise on ils operating activities12021 - £NILI. Page 23

RICHMOND GYMNASTICS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 12. Tangible fixed assets Ltsng-term leasehold property Plant and Flxtures and machlnery fittings Total Cost or valuation At 1 Seplember2021 Addllons Disposal8 1.553.233 228,851 412,482 19.437 (7,838) 2.194,566 19,437 17,8381 At 31 August 2022 1.553.233 228,851 424,081 2,206,165 Depreclation At 1 September 2021 Charge for th8 year On di$p0$818 800.699 25,947 176,391 1,818 384,134 13,323 {7.838) 1,361.224 41.088 (7,8381 At 31 August 2022 826.646 178,209 389,619 1.394,474 Not book value At 31 August 2022 726,587 50,642 34.462 811.691 At 31 August 2021 752,534 52,460 28,349 833,343 The Association's leasehold premlses are hgld on a l¢ase for 30 Jpars from 29 July 2022 at a 'peppercom reny providing that the Associallon continues to operate there as a gnnaStic$ club. If the Association should cease lo operate, full marf(¢t rental would be payable and for this reason, no value 1$ placed on the Association's leasehold interest in these accounts. The original market value rental at the commencemont of the lease was £35,00012021- £21.0001 per annum. The tumble rvn extensFon relate to costs an[red up io 31 August 2009 and has been includod in Plant & Machinery. The new extension was brought in to use in September 2020 and has been induded in long-lemi leasehold property. Premousty it was disdosed in the ac(x)unts as 'Building under construction, {2020 - net book value = £642,460). The long temi leasehold property, Includir the new exlension and lufflble run are being depreciated over 2 period of 30 years in line with the new lease extension that was agreed before the start of the year and signed in May 2022. Page 24

RICHMOND GYMNASTICS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 13. Debtors 2022 2027 Due wlthln one year Other d8btors 30,230 30.230 14. Credltor8'. Amounts falllng du• wlthln one yèar 2022 2021 Trade crediiors Other taxation and social security Other creditors Accruals and dol&rred income 10,986 43,259 9,436 249.821 10,061 12,621 3.052 242,808 313,502 268,542 2022 2021 Delerred Incom• al 1 September 2021 Resources deferred during the year Amounts released Irom prgvious period$ 211.007 239.126 (208,7071 84,829 211,OOT (84,829) 241,426 271,007 Fees for dasses are charged in advance. September c4ass fees arg invoiced and panent received from the Start of July. This feas are associated wlth next yearfs InMe and therefore the amount is defe. Page 25

RICHMOND GYMNASTICS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 15. Statement of fvnds Stsloment of funds - currènt year Balance at 1 Septemb?r 2021 Balanco at 31 August 2022 Trnnsfers inlout Incomo Expgndltur• Unrestslct8d funds D•slgnated funds Maintenance and asset replacement reserve 657,296 35,159 692.455 G•noral fund8 Goneral Funds 1.083.018 11,047,859} (35,1591 Total UnrestrfGted funds 657,296 1,083.018 11.047.859) 692.455 Restrlcted funds Townmead Project The Jack Polchey Foundation Acro, lumNing and floor & vault fund Friends of Richmond Fund GMPD Fund 131,490 7,882 (4,5341 15,560) 126.956 4,872 2,550 622 14,860 330 1158) 11.6041 794 13,256 342 155.196 2.880 (11.8561 146.220 Total of funds 812.492 1.085.898 {1.059.7151 838,675 The Townmead Project funds represents the monies originally raised to build Ihe Association's premises and lo equip it. These funds are being wrrtten off over the life of Association's lease on the Townmead Road premises. The cost of the Tumble Run expenditure has been capitalised and is being amortised over the remaining lrfe of the Association'slgase, inltially against the Tumble run reslricl8d fund and the balance against the Asset Replacement feserve. The Tumble Run restn.cted fund was fully utilised by 31 August 2017. A grant was received from thè Jack Petchey Foundab"on for the cost of the BG funding for gymnasts. The Buildings Fund was lo raise funds for the new extenstors for the dub. The balance of this frjnd at year end is £nil. Page 26

RICHMOND GYMNASTICS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 15. Statement of funds (continu8d) ststement of funds - prlor year Balance at 1 Sept&mber 2020 Balance 81 31 Augusr 2021 Trnnsfe in/oul Incomg Expenditura Unrestrlded funds Designated fund¥ Maintenance and assol replacement reseNe 725.286 (67,990) 657,296 Genèr01 fund8 General Fund$ 855.579 (917.448) 61.869 Total Unrestrlctod fvnds 725,286 855,579 (917.448) (6. 121) 657,296 Re8trld•d lund• Townmead Project The Jack Petchey Foundation Acro. tumbllng and Iloc* & vautt nd Friends of Richmond Fund Buildings Fund GMPD Fund 136,025 7.882 (4,535) (2,250) 731,490 7,882 2,250 {118) 14.860 740 622 14,860 232 (6.353) 6. 121 342 342 158.991 3.222 (13, 138) 6,127 155,196 Total of funds 884,277 858.801 (930,586) 812,492 Page 27

RICHMOND GYMNASTICS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 16. Summary of funds Summary of funds - current year Balance at 1 Septemb¢r 2021 Balanco at 31 August 2022 Transfers inlout Incom• Expendlture Designated funds Genoral funds Restricted funds 657.296 35.159 (35.1591 692,455 1.083,018 11,047,859) 2,880 {11,856) 155.196 146,220 812.492 1.085.898 11,059.715) 838,675 Summary ol funds - prior year Balance 81 I Sepfember 2020 8818n¢& at 31 August 2021 rransfe inloul Income Exp8nditure D8sign8led funds General funds Restricted funds 725.286 (67,990) 61.889 6, 121 657,296 855,579 3.222 (917.448) (13, 138J 158,991 155,196 884,277 858,801 (930,586) 872,492 17. Analy$l8 of nét assets b•tween ndS Analygis of net assets betWn funds - curr•nt y•ar Rostrl¢ted Unrestrictod funds funds 2022 2022 Total funds 2022 Tangible fixed assets CurrerTrt assets Creditors due within one year Difference 126,596 19,624 685,096 811.692 320.861 340,485 (313,5011 (313,5011 {1} Total 146,220 692.455 838,675 Page 28

RICHMOND GYMNASTICS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 17. Analysls of net as$8ts between fvnds (continuod) Anatysls of ngt ass•ts between funds - wior year Restiirted Unrestricted fvnds funds 2021 202t Total funds 2021 Tanglble fixed assets Current assets Creditors due within one yaar 131.491 23, 705 701,852 223,986 (268.541) 833,343 247,691 (268.541) Total 155, 196 657,297 812.493 18. R8¢onclllatlon of nol movoment In funds to net cash Ilow from op•ratlng a¢Uvltles 2022 2021 Net incomelexp6ndltur8 lor the yBar las pw Ststement of Financial Acliviliesl 26,184 (71, 786) Adluslments for. Depreciation charges Decrea$ellincre8$01 in debtors In¢rgase in creditors 41,088 30,230 60.910 43,117 (30,230) 69,320 Not cash provlded by 0ratIng acth*hlès 158,412 10,421 19. Analysls of Cash and ca$h oqulvalents 2022 2021 Cash in hand 340,485 217.461 Total cash and cash •qulvalents 340,485 217,461 Page 29

RICHMOND GYMNASTICS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 20. Analysls (rf Ghanges in net debt S•pt•mber At31 2021 Cash flows August 2022 Cash at bank and in hand 217.461 123,024 340,485 217,461 123,024 340,485 21. Related party tran•a¢tlon8 The Charity has not entered into any related paty transaction cturing Ihe year. nor ar8 the any outstandlng balances owlng belwe8n related parties and the Charity at 31 August 2022. Page 30

Charlty number: 800253 RICHMOND GYMNASTICS ASSOCIATION TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

Richmond Gymnastics Association

Year ended 31 August 2022 Audit Findings Report

Feltons Chartered Accountants

Introduction
Matters from our audit
Systems and controls issues
Matters from last year
Reporting audit adjustments
Representation letter
External developments that may affect you

Feltons Chartered Accountants

1. Introduction

We have pleasure in submitting our Audit Findings Report setting out the key matters identified and discussed with the charity’s management and finance team during our audit of the financial statements of Richmond Gymnastics Association for the year ended 31 August 2022.

Financial statements

The Trustees are responsible for the preparation of the financial statements on a going concern basis unless this basis is inappropriate. The Trustees are also responsible for ensuring that the financial statements give a true and fair view, that the process your management go through to arrive at the necessary estimates or judgements is appropriate, and that any disclosure on going concern is clear, balanced and proportionate.

Matters from our audit

We are required by International Standards on Auditing (UK and Ireland) (“ISAs”) to communicate to you our views about any significant qualitative aspects of the accounting practices of Richmond Gymnastics Association, including accounting policies, accounting estimates and financial statement disclosures, as well as any difficulties encountered during the audit, the written representations we are requesting and any other matters which we believe are significant to your oversight of the financial reporting process.

We are also required to communicate to you matters arising during the audit in connection with the entity's related parties, matters involving non-compliance with laws and regulations that come to our attention during the course of the audit, and if we have identified or suspect fraud involving management, employees who have significant roles in internal control or others where the fraud results in a material misstatement in the financial statements.

All matters arising from our audit which we wish to bring to your attention are set out in the following sections of this report.

We have also provided separately a draft of the representation letter for the charity which we will be requesting from the Trustees when the financial statements are approved.

Audit procedures

We have been able to undertake our work as set out in our engagement letter dated 10 February 2022 addressed to the Trustees. No restrictions were placed on our audit.

Our audit procedures, which are designed primarily to enable us to form an opinion on your financial statements, were carried out in accordance with International Standards on Auditing (UK and Ireland) (“ISAs”).

Our work continues to combine substantive procedures involving direct verification of balances and transactions, including obtaining confirmations from third parties where we considered this to be necessary, with a review of certain of your financial systems and controls. We also considered as a part of our audit the overall neutrality, consistency and clarity of the disclosures in your financial statements.

Feltons Chartered Accountants

1. Introduction

We are able to report that no major issues came to our attention from our review of the operation of your relevant systems and controls. However, we have included further comments later in this report where we have identified potential improvements during our audit work. You should note that our evaluation of the systems of control at Richmond Gymnastics Association was carried out for the purposes of our audit only and accordingly it is not intended to be a comprehensive review of your business processes.

Independence and ethics

As we have previously reported, we are not aware of any relationships between Feltons and Richmond Gymnastics Association which would threaten the firm’s audit independence or the objectivity of the audit partner and audit staff. We have not identified any further issues with regard to our integrity, objectivity or independence since the date of our Audit Planning. We have prepared the financial statements of the charity but have provided you with details of any adjustments made.

Legal and regulatory requirements

In undertaking our audit work, we considered compliance with the following legal and regulatory requirements, where relevant.

Charities Act 2011
The Charities (Accounts and Reports) Regulations 2008
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)). See below for details of this accounting standard.
Applicable accounting standards

Acknowledgements

We would like to express our appreciation for the assistance provided to us by the finance team and the other staff at the association during our audit.

Use of this report

This report has been prepared for the private use of the Trustees of Richmond Gymnastics Association and its contents should not be disclosed to third parties without our prior written consent. We assume no duty, responsibility or liability to any other person who has access to this report.

Feltons Chartered Accountants

2. Matters from our audit

Our audit processes include reviewing the accounting practices of Richmond Gymnastics Association and the disclosures made in the statutory financial statements and the annual report of the Trustees. Details of key issues from this review and from our other audit work and related discussions with the charity’s management have been recorded below.

Issues and implications

Management’s comments

2.1 Accruals

A detailed breakdown of accruals as at 31 August 2022 agreeing to the Sage balance was not provided during the audit. In future we request that a breakdown of accruals and prepayments is provided at the start of the audit along with the management accounts information. We also suggest that accruals are actively reviewed at the year end to ensure accuracy and completeness.

2.2 Overdue Sales Invoices

An issue was identified during the year regarding competition costs not being recharged to parents in a timely manner. It appeared that the costs were being entered onto the individual MEMSYS accounts but parents were not being invoiced or notified to pay. We suggest additional controls are put in place to ensure all such amounts are charged to parents and outstanding amounts due are chased each month. Additionally, we request that any such outstanding amounts at the year-end are reviewed for, quantified and provided in the accounts as appropriate.

2.3 Capital Commitments

We have asked the Trustees to confirm that there were no major costs contracted for at the year-end.

Feltons Chartered Accountants

2. Matters from our audit

Issues and implications

Management’s comments

2 .4 Buildings Fund

Last year there was a £6,353 debit balance in the buildings fund. This debit balance was cleared last year via a transfer from unrestricted funds under the trustees’ instruction. However, as per the management accounts received for the year ending 31[st] August 2022, there was a credit balance carried forward in the building fund of £8,646. We suggest that the fund balances in the management accounts are reconciled each year to the balances in the final year end audited accounts and reviewed at the year end.

2.5 Going concern

Given the current level of inflation and the general unsettled economic outlook, this is an area of general concern.

The Trustees confirm that, having considered the expectations and intentions for the next 12 months and the availability of working capital, the Association is a going concern. We have asked for confirmation of this in the letter of representation.

2.6 Payroll

We noted several small discrepancies within the payroll function. These included mispostings and unreconciled balances in the payroll control accounts at the year end. We recommended the payroll control accounts are reconciled and reviewed each month to ensure ongoing accuracy.

Feltons Chartered Accountants

2. Matters from our audit

Issues and implications

Management’s comments

2.7 System notes

As a point forward for next year, we would like to be provided with updated systems notes detailing the internal revenue, purchase and payroll systems currently being used.

We feel this exercise will also provide an opportunity for the association to review the current systems and identify if there are any opportunities for better or more effective controls to be used.

Feltons Chartered Accountants

3. Systems and controls issues

We have set out below certain potential improvements to the charity’s processes and controls which we noted during our audit work and which we would like to bring to your attention.

Our evaluation of the systems of control at of Richmond Gymnastics Association was carried out for the purposes of our audit and accordingly it is not intended to be a comprehensive review of your business processes. It would not necessarily reveal all weaknesses in accounting practice or internal controls which a special investigation might highlight, nor irregularities or errors not material in relation to the financial statements.

Issues and implications

Management’s comments

3.1 Furlough Claim

An incorrect claim occurred in January 21 under the Coronavirus Job Retention Scheme. A late claim was not filed with the HMRC to claim the balance of £29,994. This has been written back in the accounts under Simon’s instruction, as it had not yet been recovered as at March 2023. We consider this an isolated incident since the CJRS scheme has now ended. We do recommend the payroll is reviewed each month for accuracy.

3.2 Late Payments to HMRC

£43,890 was due to the HMRC for PAYE/NI as at the 31[st] August 2022 for the months of May, June, July and August 2022. We recommend regular monthly payments are made to HMRC to avoid penalty charges for late payments and to keep better control over PAYE avoiding potential mistakes and time spent on reconciliation work.

Feltons Chartered Accountants

4. Matters from previous year

We have set out below the issues on which we reported after our audit last year together with an update on how the points raised have been addressed.

Observations from 2021 and previous years

Update 2022

4.1 Change in Long Term Leasehold Property depreciation policy

The calculation of the annual depreciation charge on the existing brought forward Long Term Leasehold Property plus Tumble Run included in Tangible Fixed Assets has changed. It is noted that these assets are now being depreciated over a longer useful economic life (UEL) of 30 years in line with the new lease extension signed in May 2022 with LBRuT.

This had resulted in the annual depreciation charge expense in this year’s accounts being significantly less than in previous years.

Included in 2021 letter of representation.

Obtained copy of new lease extension for 30 years signed in July 2022.

Policy of depreciating Long Term Leasehold Property and Tumble Run over 30 years in line with the new lease extension signed in July 2022 has continued in 2022.

While this treatment is consistent with accounting standards, commonly a change in the UEL of a tangible fixed asset is only reflected in the accounts from the date a new lease is signed.

However, it is noted that the UEL is an estimate and that evidence has been provided to support the judgement that the new 30 year lease extension terms had been agreed in substance from the start of the accounting year and prior to the actual signing in May 2022 and that the change in the annual depreciation charges in this year’s accounts are consistent with this.

We have asked for confirmation of this by the Trustees in the letter of representation

Feltons Chartered Accountants

4. Matters from previous year

Observations from 2021 and previous years

Update 2022

4.2 Tumble Run net book value (NBV) = £52,460

It was noted that the building of the new extension resulted in adjustments being required to the existing Tumble Run structure and that this may have resulted in a reduction in the carried forward NBV in this year’s accounts.

While it has been indicated that any such changes to the Tumble Run were minor and therefore immaterial, we suggest that a review take place of the existing brought forward Tangible Fixed Assets amounts capitalised in the Balance Sheet.

We also suggest a full detailed Fixed Asset Register should be maintained detailing all the individual assets included in the total Tangible Fixed Asset amounts. The Fixed Asset Register should then be periodically reviewed for items no longer in use or potentially impaired.

Included in 2021 letter of representation.

The points concerning a review of the existing brought forward Tumble Run amounts capitalised in the Balance Sheet and maintaining a full and detailed Fixed Asset Register remain outstanding and valid.

We recommend that both points be reviewed in 2023.

We have asked for confirmation of this by the Trustees in the letter of representation.

4.3 Outstanding Furlough receipt = £29,994 from January 2021

The furlough claim for January 2021 was not received from HMRC due to an error in the original submission. It is shown in the year end accounts as an unpaid debtor still owed.

See note 3.1 in Systems and Controls issues.

While the error was originally discussed with HMRC and accepted, so remains open, we suggest that immediate steps are taken to discuss further and confirm final position with HMRC

4.4 Funds summary

This year we were not provided with a detailed funds summary at the year end.

We would recommend that next year a funds summary is provided as part of the normal year end audit and accounts information given to us.

A fund summary was provided this year, although as noted in note 2.4 Matters from our Audit, errors were noted in the brought forward balances.

Feltons Chartered Accountants

4. Matters from previous year

Observations from 2021 and previous years

Update 2022

4.5 Opening balance difference on Tangible Fixed Assets

Longley concrete costs of £9,649 were capitalised again in the year, even though they were capitalised last year.

This has continued in 2022.

This error occurred because of the problems with the posting of the 2019 year end adjusting journals.

4.6 New constitution

RGA is currently unincorporated. May want to consider incorporation and professional indemnity insurance.

4.7 Pending CRB Checks

We note that there are still some employees with CRB Checks that are ‘pending.’ Per the website: https://www.personnelchecks.co.uk/videos/how-long-do-crb-checks-take/ it states that CRB checks can take anywhere between 24 hours to 6 weeks. We recommend that you chase up on any CRB checks that remain outstanding.

4.8 On-line payments

We note that online payments of up to £25,000 may be made by a single person but understand that this limit is necessary due to the high nature of certain payments during the year. We suggest that any such large payments are authorised by a second trustee in advance.

Previous years comments:

No action taken. RGA remain happy with the arrangement.

Feltons Chartered Accountants

4. Matters from previous year

Observations from 2021 and previous years

Update 2022

4.10 Self-employed coaches

We note that again during the audit that there are self-employed coaches in the year and understand that checks have been made and that as the individuals are classified as elite sportspeople, they are not treated as employed. We recommend that checks continue to be made yearly to ensure that the individuals cannot be considered as employed by RGA.

4.11 Related Party transactions

a) FRS102 requires disclosure of transactions with related parties and the definition of related parties includes close family. The actual amounts paid relating to salaries paid to the family members should be disclosed in the accounts, however the total amount has not been disclosed in prior years and instead, note 20 has stated that:

See updated wording in accounts

“Some of the Trustees have immediate family members working for the Association as employees, but their positions are not considered to have any influence on the way the Association is managed”.

The attached letter of representation asks the Trustees to confirm that this is still the case and that the relevant Trustees do not participate in decisions relating to the employment and agreement of the salaries of their family members.

We recommend that any conflicts of interest are recorded in the minutes and that the Trustees concerned do not take any part in the discussions and decisions regarding the terms and conditions of the family members' employment. Charity Commission authority is only required if there is a potential financial dependency between a trustee and connected person.

Feltons Chartered Accountants

4. Matters from previous year

Observations from 2021 and previous years

Update 2022

4.12 Maintenance and asset replacement reserve

This is an unrestricted designated reserve and we understand that it was set up some time ago but that there are few details as to what it relates.

In prior years, it was agreed to keep the fund under review.

Currently, as in previous years, a transfer from the general reserve to this reserve has been made to bring the general reserve to zero.

We recommend that the Trustees decide (and minute) the level at which to maintain the maintenance and asset replacement reserve.

Previous years comments:

The Trustees have confirmed that the general fund should be maintained at zero with any surplus / deficit being shown as a movement on the maintenance and asset replacement reserve.

Feltons Chartered Accountants

5. Reporting audit adjustments

International Standards on Auditing (UK and Ireland) require that we report to you all misstatements which we identified as a result of the audit process and which were not adjusted, unless those matters are clearly trivial in size or nature. “Trivial” is deemed to be £1,500.

Our audit approach is based on consideration of audit materiality. We determine materiality for the purposes of the charity’s statutory reporting by our judgement as to what adjustments would influence the readers’ perceptions of the financial statements. We do not therefore seek to review all immaterial amounts.

We seek to assist you in your responsibilities for governance and the systems of internal controls by reporting to you those matters which we encountered during the audit and which have been corrected or adjusted in the financial statements. These matters are listed below:

Feltons Chartered Accountants

Agreed adjustments

Net movement in funds at start of audit Jan 21 Furlough Claim written off Accountancy and Audit Accrual for FY 2022 Write off Building accrual b/fwd Total adjustments Net movement in funds per financial statements presented to the Trustees	Net income increase /(decrease) £ 51,226 (29,994) (9,000) 13,952 26,184	Assets increase /(decrease) £ (29,994) (29,994)	Liabilities increase /(decrease) £
			9,000 (13,952)
			(4,952)

Feltons Chartered Accountants

Unadjusted errors or differences

Net movement in funds Unreconciled bank transaction Deferred Income b/f balance Unrecorded liability Total adjustments Net results / funds per financial statements presented to the Trustees	Net income increase /(decrease) £ 26,184 2,132 (2,940) *(808)* 25,376	Assets increase /(decrease) £ 2,548 *2,548*	Liabilities increase /(decrease) £
			2,548 (2,132) 2,940 *3,356*

We have listed above the misstatements identified. As discussed you consider the effect of the adjustments to be immaterial, therefore we shall need written representation from you to that effect.

Feltons Chartered Accountants

6. Representation letter

SEE SEPARATE SCHEDULE

Feltons Chartered Accountants

7. External developments that may affect you

We have summarised below the recent changes in the Charity sector and other developments which we believe may be of interest and relevant to you. Please note that this information is provided as a summary only and that you should seek further advice if you believe that you have any specific related issues or intend to take or not take action based on any of the comments below.

7.1 DATA PROTECTION REFORM

On 25[th] May 2018 the Data Protection Act (DPA) changed to the General DATA Protection Regulation (GDPR). There were 12 key steps set out by the Information Commissioner’s Office (ICO) to prepare for the change:

1) Awareness – Decision makers and key personnel should be made aware the law is changing to GDPR and the impact it is likely to have.
2) Information you hold – Document what personal data you hold, where it came from and who you share it with. An information audit may be useful in helping to organise this.
3) Communicating privacy information – Review current privacy notices and plan any necessary changes in time for GDPR.
4) Individual rights – Ensure current procedures cover all the rights an individual has, including how you would delete personal data or provide data electronically.
5) Subject access requests – update procedures and plan how to handle requests within the new timescales and provide additional information.
6) Lawful basis for processing personal data – Identify the lawful basis for your processing activity in the GDPR, document it and update privacy notice to explain it.
7) Consent – Review how you seek, record and manage consent and whether any changes need to be made. Refresh existing consents now if they don’t meet GDPR standard.
8) Children – Consider whether you need a system to verify individuals ages and obtain parental or guardian consent for any data processing activity.
9) Data breaches – Ensure you have the right procedures in place to detect, report and investigate personal data breach.
10) Data protection by design and date protection impact assessments – Familiarise yourself with the ICO’s code of practice on Privacy Impact Assessments as well as the latest guidance from the Article 29 Working Party and work out how and when to implement them in your organisation.
11) Data protection officers – Designate someone to take responsibility for data protection compliance and assess where this role will sit within your organisation’s structure and governance arrangements. Consider whether you are required to formally designate a Data Protection Officer.
12) International – This would not apply to Richmond Gymnastics Association.

The above information, along with further detail can be found on www.ico.org.uk

2022-08-31-accounts

Richmond Gymnastics Association

Contents

1. Introduction

Financial statements

Matters from our audit

Audit procedures

1. Introduction

Independence and ethics

Legal and regulatory requirements

Acknowledgements

Use of this report

2. Matters from our audit

Issues and implications

Management’s comments

2.1 Accruals

2.2 Overdue Sales Invoices

2.3 Capital Commitments

2. Matters from our audit

Issues and implications

Management’s comments

2 .4 Buildings Fund

2.5 Going concern

2.6 Payroll

2. Matters from our audit

Issues and implications

Management’s comments

2.7 System notes

3. Systems and controls issues

Issues and implications

Management’s comments

3.1 Furlough Claim

3.2 Late Payments to HMRC

4. Matters from previous year

Observations from 2021 and previous years

Update 2022

4.1 Change in Long Term Leasehold Property depreciation policy

4. Matters from previous year

Observations from 2021 and previous years

Update 2022

4.2 Tumble Run net book value (NBV) = £52,460

4.3 Outstanding Furlough receipt = £29,994 from January 2021

4.4 Funds summary

4. Matters from previous year

Observations from 2021 and previous years

Update 2022

4.5 Opening balance difference on Tangible Fixed Assets

4.6 New constitution

4.7 Pending CRB Checks

4.8 On-line payments

Previous years comments:

4. Matters from previous year

Observations from 2021 and previous years

Update 2022

4.10 Self-employed coaches

4.11 Related Party transactions

4. Matters from previous year

Update 2022

4.12 Maintenance and asset replacement reserve

Previous years comments:

5. Reporting audit adjustments

Agreed adjustments

Unadjusted errors or differences

6. Representation letter

7. External developments that may affect you

7.1 DATA PROTECTION REFORM