Charity number. 8002S3 RICHMOND GYMNASTICS ASSOCIATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
RICHMOND GYMNASTICS ASSOCIATION CONTENTS Reference arml admlnlstrative delails of the Charity. its Triistees and advis6Ys Trustees, report Independent audftorJ' report on the financi slalements 9-12 Statement of flnancial activities 13 Balance sheet 14 Statement of cash flo* 15 N¢)t•S to th• Ilnanclal ststements 16-31
RICHMOND GYMNASTICS ASSOCIATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Trustees Mrs S Campbell, Ctrchairperson Mr N S G Long, Cfychairperson Mr D Allingham, Treasurer (winte(117 June 2024) Mrs C Brookbank Dr H Gilbert Ms V Green Ms H Assem (appointed 17 June 2024) Ms M Gilbert (appointed 17 June 2024) Dr J Vos (appointed 17 June 2024) Ms K Woolliscroft (appotnted 17 June 2024) Mrs C A Bailey (resigned 18 September 2024) Mrs S Wilson {reSned 17 June 2024) Mr S Kimberley (resi9ned 17 June 2024) Mrs C J Cason (resigned 17 June 2024} Ms C Welzel (resigned 23 October 2024) Charlty registered number 800253 PrfnGlpal office Townmead Road Surrey TW9 4EL Independent auditors Fellons 1 The Green Rhrnond Surrey TW9 1PL Bankers Handelsbanken 31 The Green Richmond Surrey TW91LX Page 1
RICHMOND GYMNASTICS ASSOCIATION TRUSTEES. REpoiYr FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees presenl their annual report together with the audited ffinancial stments of the Charity for the year e[ed 31 August 2024. The Trustees confim that the Annual port and finanaal statements of the charity compty w.th the current statutory requirements. the requirements of the chartys goveming document and the provisions of the Statement of Recommended Pra(ice (SORP). Objectives and actlvitles a. Poficies and objectives General Polices The p)liaes of the Trustees are to ensure that the Trust OFerates in actordance wrth the rule5 laid down in i Constitution and to continue with the provision of gymnasti facilities for the benefrt of young people in ts constituent area. Narrats've Inf0mtn The law requires all charities to dernonstrate tr1 their chwitable purposes or aims are for the public benefft. The following Public Benefrt Statement has been written guidelines issued by The Chartiy Commission for England and Wa]es. Charitable Purpose The charitable purpose of Richmond Gymnastics As50cialion Is to pr(yrfide the advancement of physical education, tralning and devekyment of chikjren and young people by providing and org£ni$ing premises, equipment and coaching to enable thwrt to undertake and wticipate in gyTnftastics armd other forms of physical education. Public Benefft . Provision of gymnasti f&iKies for the benefrt of children and young people in the thal communty. . Provision of courses, leciures, demonstralkins. disploF and coaching for young people in the local communty and for coaches who organw or supervise the teaching and coaching of gymnastics. • Promotion and provision of the training of coaches for the purpose of training gymnasts. . To equip and maintain gymnastics facilities for the texhing and training of gyThnasts. . To employ coaches other staff to further the objectr+ies outlined above. Page 2
RICHMOND GYMNASTICS ASSOCIATION TRUSTEES. REPOFtr (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Objeclives and xtivities (continued) b. Strategies for achleving objectives RichmrKI Gymnastics A$S10n rws gymnastics cL3sses at its purpose&ui centre at Townmead Road in Kew, Grena Road, Sheen and at four satellite centres in primary schools and halls across the London Borough of Rtchmond upon Thames. It work5 in partnership with Richmond Council to provide communty gymnastlcs and has affiliations to British Gymnastu and London Gymnastics. All gyrnnasts are members of the Association which is primarily financed from membershlp fèes, but also donations and sponsorship. Reduced rates arè offered to parents in receipt of income support OT on low income. All gymnasts and Coaches are members of. and insured by, British Gymnastics, Coaches are also British Gymnastics trained and qualffied. and the Association supports coaches to qualfy and upgrade their qualrfications. On behalf of London Gymnastics. the Associats"on hosts coaching courses and judging courses for general gnnastics. preschool. &robati¢ gymnastics and tumbling, also mentoring club management and time to listsn courses. Policies are in place for Child Protection. Equal OppOrtUnrt and Health and Safety. and there 5s a prOdUre for ccffiplaints, c. Activities undertaken to achieve obJectfv¢s The Ass(Kiation provides pre4choDI gymnastics for children aged from 12 rnonths to 5 years and general gymnasts'cs for children aged from S upwards. It also runs gymnast ¢amps at its Centre in the Easter and Summer holklays. and suwvised parties for children at vRekends. Al general gymnasts are encouraged to achieve British Gymnaslics and Richmond Award Scheme badges and have the opportunity to take part in competitions organised by hrn0nd Gymnastics Association and olher London Gymnastics olubs. Gnasts who demonstrate naturai abilty and basic skilis are invited to test for one of the Association's compètitive ¥u8ds acrobatic gnnastiC$. mblIng and Iloor and vault - Mm*ing at all induding club, regional, national and intemational. The Association offers gymnastics for young people with disabilities. offering integration into mainstream classes with one to one coaching where appropriate as well as separate dasses, a competitive squad, and programmes to meet the needs of sthools. Senior coaches who work with disabl gJThnasts are British Gymnastics Disability Gymnastics qualified. The facilit provided by the ASSOtion at ts Townmead Road Centre are outstanding and include two full-svze perfomiance floors. The Centre is used seven days a week and is only dosed for one a year. Achievernents and perfornjance . Revlew of a¢tivllles The results for the year are s& out in pages 13 to 31. The Association has conknnued to provkle courses, displays and coaching for young peq>le in its constiluent's area and to provide or assist in the training of teachers and coaches for gymnasbcs purposes. AddRioro1 coaching capacty has helped members to achieve their goals of enhanced perfolman. Page 3
RICHMOND GYMNASTICS ASSOCIATION TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Achiwèments and perfomiance {¢onllnued) b. Factors relevant to achieve objectiv As of August 2024. the membership reached neaty 1.3(MJ members, with nearfy 1,000 gymnasts performing in our biennial Summer Festival. Gymnasts from 4 years to adults perfomied their Ctass routines to over 800 spectatots. showcasing all levels %Mthin Ihe dub from reception CreatIon to elite GB team membern. Classes remain popular and we remain an important part of our local community for all levels and age groups, spanning the full length of RichmorKI Borough with our satellite centres. Our new specialist inclusKJn 'explore" group has enabted us trj provide more opportunitts for those th additional needs. Parents attend wtth their children to explore the environment and encournge them in the semi- kd class with a speck?list Coh. Children can progress from this s&%sion to a structured fully led session when they feel ready and when spaces alknv. The Association have enuraged ar)d financially supported a number of volunteers tr) pass judging qualrfications this year in both acrobatics and artistic disuplines. This enables us to enter more competilions and to ensure coaches are up to date wtth w regulatK)ns in the judging arena. Our new RGA Ambassadors supported a number of events this year. at the Festival and with a Christmas party for the younger squad m8mbers. They continue to inspire our your¥Jer geratIOnS. It has been another successfijl year for our competttive squads. Two of our partner5hip5 won gold medals at the A¢robati¢s European Championships. This was folbwed up wilh 2 gokl. 2 siw, and 1 bronze al the British Finals vlinning 2 British Champion tities irKluding 1 senior tiue. We then had 5 partnerships selected to compete at the World Championships. The junior gyinnasts won 3 gold, 1 silver and 1 bronze medal at the National Finals after a great season at the London League and were part of the London team that won the National trophy. Our disability acro squad also represented London at the National finals winning 1 gold and the "Judge's National trophf. The Floor & Vault squad won a muftit(xde of ffdals IhrougtK)ut the year including 14 gold. 8 silver and 10 bronze medals at the Future Gymnastics Wiece competition and muftiple medak and highest scoring trophses at the London Regional Championships. The male F&V gymnasts have also been able to take part in in some low level men's artistic compelitions and deVelopnt days which has been great for their personal dev8h)pment as well. Display group also had an amazing year. perforniing at the London Fesfival, London Allstsrz theatre event as well as the RGA Christmas display8 and Festival. Financial review a. Going concem After making appropriate enquiries. the Trustees have a reasonable expe¢lation that the Charty has adequate resources to continue in 4wational existence for the foreseeable future. For this rea50n they continue to adopt the going concem basis in preparing the financial statemts. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. b. Reserves F>oIicy Apart from the restricted T(Mmmead PKyect and Tumble Run funds and the Jack Phey Foundation fund and other restricted funds and the assets purchased by those funds. all the AsxKiation and Tumble Run's assets are available for its ongoing crtaritable obje(ts as set out in its ¢stitUtion. The cuThent level of reseNes is considered adequate for the Associations. immediate requirements and ivs fubjre plans. Page 4
RICHMOND GYMNASllCS ASSOCIATION TRUSTEES. REPORT (COnNUED) FOR THE YEAR ENDED 31 AUGUST 2024 c. Financtal risk management oblectlves and policies Total Income for the period was £1.253,402 {2023 - £1.209.124). The increase being driven by increased donations1£12.186), increased income from fees (£31.270) and sundry (£822). Tlre was an increased number of gymnasts in hwjher level groups whi¢h. therefore, have higher level fee. We also did a squad fee increase at this lime aThl moved to direct debrt system for developllnt and mpetItIVe squads onty. Total expendlture over the peric¥J was £1.2.093 (2023 - £1,300.952). There We additionai Establishment costs resuRing from failures to the heating supply (£17k), additional Legal and professional costs (£18k) due to an increase in insuraTKe costs post£ovid and CleanirKJ (£7k) due to a rate increase. Continued focus on reducing the cost base gave totsl savings of £44k - Highlights beiThJ Repairs and Maintenance (£28k) and CompetitK)n Expenses (£43k)- these being recouped by each evenL Total Funds for the year was a def1t of £2.691 (2023 - £91.828). Increased Income (from a fee increase) and reduced expenditure bringing trE Asstsiation close to bre8k-even. Looking 8he8d, an increase in fees and numbers of participants is fore¢asl to brirvj the Association into proft Net Current Assets are in defrit of £23,214. However this includes £252k of éeferred income so the Association has no concems over Cashfows. Forecasts ¢)ut to March 2026 have been produced and show the Associatlon to continue to remain a going ¢ontsm over this perDd. Cash balance at August 2024 was £297k (2023 - £229k). The Trustees would like to say a big thank you to our members for contribution and understanding ihrough this period. A number of members made additional contribution thrwghout the year to help support the A$$cKiation, with ligming and seatin9 funds. Struduri governance and management a. Conslitirtion The Trust was incorporated on 12 November 1992 as an uninwrporated assc¢iation under the name "Richrnond Gymnastics Assixiation.. It is govemed by ts conststution, Ythich was adopted by its members at the general meeting held al that date. The affairs of the Association and management of its funds are vested in its managernent committee. Page 5
RICHMOND GYMNASTICS ASSOCIATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Structure. governance and management (conlinued) b. Methods of appoinlment or election of Tntstees The Board of Trustees consists of three elecled officers, namely the Chair, If chair and Treasurer, together with up to ten members ekded by the Annual General Meeting and up to four members who may be co-CPted onto the committee by a majority Vote of the committee members pret and voting at the meeting at which such co-options are o)nsidered. At the Annual General Meeting, one elected officer and two elected members shall retire from offw. but shal be elvJble lor releCtIon at the sarne Annual General Meeting. Chris Cason, Simon Kimberley, Sally Wi150n. Carol Bailey and Comelia Wetzel stood down from the Board. Nlcholas Long was proposed arKI seconded as a Tnjstee. having PrevUSIY been cwpted. Carol Bailey was C(pted back orrto the Board until September 2024, when she leaves for Austraiia for an extended per. Danielle AMistrg was co<pted onto the Board as Sery in Octcber 2024. Dan Allingham, r11et Assem, Jenny Vos. Kale Woolixroft and Maya Gilbert were fornlIy proposed and seconded as new Trustees to the Board. For darity, Ihe Richmond Gymnastlcs Assixithn Board is as foll(M'. Sarah camp11 Nicholas Long - Cr*Chainn Dan AlliTrJham - Treasurer Chris Brockbank Helen Gilbert - Health & Welfare Offi Jenny Watkins Nos) - Saw Offitsr Harriet Assem Kate Wooliscroft Maya Gilbert Vicky Green That is 10 trustees. Danielb knstrong (Secretary) . co e. Policies adoptsd for the induction and trdining of Tntee$ New Trustees are made aware of their responsibilbties as Ttustees and enc()uraged lo undertake such personal training for their duties as they consider necessary. A knchvledge of gymnastics is desirable. Page 6
RICHMOND GYMNASTICS ASSOCIATION TRUSTEES, REPORT {ColNuED) FOR THE YEAR ENDED 31 AUGUST 2024 Structurei governance and management (continued} d. Risk management The Trustee5 have assessed the major risks to whKh the charity is ejyosed. in parttcular. those related to the operations and finances of the tharity. and ale sab'sfied that systems and pry)cedures are in plac to mitigate our exposure to the major risks. The TNstees have identified and actr4ety reVd the major risks to which the charity is exposed, as follow: a. Physical injury to staff or members in the performance of theirA(tvibes. b. Major costs of renewing and mainlaining the Associalion's premises. c, Loss of use of the Association's premises due to fire or other risks and the consequential financial losses arising therefrom. In each case, appropriate steps have been taken to miligate these rtsks. Plans for future p•riods The Trustees have approved the commission of a new heating system. The existing system being in a very poor state, prone to breakdown and causing additional costs. The total cost of the new system ts £106,140 lincl. VAD. 30% of thts cost has already been met from donations arKI fundraising projects have been planned to fund the remaining. The Trustees have urKlertaken casmlow forecasting to ensure RGA remains a going concern during this perio Statemont of Trustees. r¢sponslbllftles The Tnjstees are responsible for preparing the Twstees. report and the financsal statements In accordance with £ppli¢able law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law 8pplicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year 1¢h give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources. including ts income and expendsiure, for that period. In preparing these financial ststements, the TTUStees are required to: seled sutsble accounting policies and then apply them consistendy; observe the methods and prinL7ples of the Chariknes SORP (FRS 102)., make judgments and accounting estimates that ar8 reasonable and pnKlen( state whether applicable UK Accounting Stsndards (FRS 102) have been folluwed, subject to any rnaterial departures disclosed and explained in the financia] ststements: prepare the finanoal statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are resFfjnsible for keeping adequate accounting records that are sufficient to show and explain the Charws transactions and disclose with reasona)le accuracy at any time the financial position of the Charity and enable them to ensure that the financial sLements comply with the Charities Act 2011, the Chartiy {Accourits and Reports) Regulations 2008 and the prowsions of the trust deed.They aro also responslble for safeguarding the assets of the Charty and hence for taktng reasonable steps for the preventicffi and detection of fraud and other irregularities. Page 7
RICHMOND GYMNASTICS ASSOCIATION TrUSTEES' REPORT (coKfiNUED) FOR THE YEAR ENDED 31 AUGUST 2024 Disclosure of inforniats'on to auditors Each of the persons who are Trustees at the time when this Trustees, report is approved has confirmed that: so far as that Trustee is aware. there is no relewanl au(*t infrnatIOn of which the charivs auditus are unaware. and that Trustee has taken all the steps that ought to have been taken as a Trustee in order lo be aware of any relwdnt audrt inf(¥ntIOn and to establish that the chartys auditors are aware of that information. Audltors The altOrS, Feltons, have indicated their williThJness to ccfitinue in offi. The designated Trustees will propose motion reappointing the auditors At a meeting of the Trustees. Approved by order of the members of the board of Trustees on Iq and slgned on their behalf by: Mrs S Campbell Co-chairperson Page 8
RICHMOND GYMNASTICS ASSOCIATION INDEPENDEltr AUDrroRS' REPORT TO THE MEMBERS OF RICHMOND GYMNASTICS ASSOCIATION Opinion We have audited the financial stslements of Richmond Gymnastts Association {the 'charity) for the year ended 31 August 2024 vthich comprise the Ststernent of finanaa activities, the Balar sheet, the Staiement of cash tlows and the rekted notes, including a summary of signifKant acnting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingd¢xn Accounting Standards, includir¥J Financial Repling Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generalty Accepted Accounting Practice). The financial stalernents have been prepared in accoTd8nce with AccountÈng and Reporting by Charities preparing their accounts in accordance ryth the Financral Rep(xling Stsndards applicable in the UK and Republic of Ireland (FRS 102) in pretenCe to the Accounting and Repoiting by Charities: Statement of Recommended Practice issued on 1 April 2005 vthich is referred to in the e>lant regulations but has been withdrawn. This has been done in order for thè aco)unts to provide a true and fair wew in accordance with the Generally Accepted Accounting Prdctice effective for reporting periods beginning on or after 1 January 2015. In our opinion the financial statements: give a Irue and fair VI of the state of the charitys affairs as at 31 August 2024 and of ts incoming resources and application of resources for the year then ended,. have been property Prepa in accordance with United lfjngdom GerallY Accepted Acwunting Practi., and hav• been ppared in accordan¢e wilh the requirements of the Charities Act 2011. Basls for opinion We conducted our audit in accordance with Internatio1 Standards on Auditing (UK) (ISAS {UK)) and applicable taw. Our responsibilities under those slarKlard5 are further described in the Audrtors. responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are rdevant to our audit of the financial stalements in the United Kingdom, including the Financial Reporting Councifs Elhical Slandard, and we have fulfilled our other ethical responsibilities in accordan¢e with these requirements. We beli8ve t11 the audit eviden have obtained is sufftient and apprq)riale to provide a basis for our opinion. Conclusions relatlng to going concem In auditing the financial ststements, we hwrfe concluded that Trustees. use of the going concem basis of accounting in the preparation of Ihe financial statements is appropr(ate. Based on the work we have perfonned, we have rK)t identified any material uncertaint*s relating to events or conditions that, indNidualty or collectNely, may Cast swJnificant doubt on the charitS abilty to continue as a going concem for a period of at least fvAve months frorn when the financial statements are authorised for issue. Our responsibilittes aThJ the SponSibl1111es of the Trustees with respect to golng conc£m are described in the relevant seciions of Ihis report. Page 9
RICHMOND GYMNASTICS ASSOCIATION INDEPENDENT AUDITORS. REPORT TO THE PAEMBERS OF RICHMOND GYMNASnG8 ASSOCIATION (CONTINUED) Other Infomiation The other infomiation comprfses the inf0mtIOn included in the Anntjal report other than the financial statements and our Auditors, rewrt thereon. The Trustees are responsible for the other infomiation contained wilhin the Annual report. Our opinion on the financial statements does not cover the other infomiation and, excepi lo the extent therwIse explic[Y stated in our report. we do not express any fotm of assuran eondusion thèreon. Our responsibilty is to read ts other inf0m1atn and, in doing so, consider whether the other infomation is materialty inconskstent with the financial staternents or our kncywledge obtained in th8 rnurse of tIE audit. or otPErwise appears to be materially misstated. If identify such material inconsistencies or apparent malerial misstatements. we are required lo determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfomRd. we condude that there is a material misstatement of this other inforrnaiion, we are required to report that fact. We have n¢thing to report w] this regard. Matters on which we are requlred to report by excoptlon We have nothing to report in respect ¢)f the fdlowiTVJ matters where the Charities (Accounts and Report8) Regulations 2008 requires us to report to you rf. in our opinion.. the infomiation given In the Trustees, report is inconsistent in any materrdl rnspert with the financial statement5: or 8ufficwt accounllng records have not been kept. or the finala1 ststemerts are not in agreerrnt wtth the accounting records and retums; or we have ncl reNed all the information and exptanathMs we r4uire for our audiL Responsibilities of trustees AS eXplainj more fulty in the Trustees, responsibilities statemen( the Trustees are responsll)le for the preparakn'on of the ancIal $Lqtents which give a true and fair view, and for suth intemal control as the Trustees determine ss necessary to enable the preparation of financial statements that are free from material mstateMen( whe1 due to fraud or efror. In preparing the financial siatennts. the Twstees are resp(¥Ible for assessing the charws abllty to ntinUe as a going concern, disclosing. as applicabk. matters re18ted to going concem and using the going ¢on*rn basis of accounting unless the Truslees either intend to liquidate th8 charty or to cease operatsons, or have no realistic altematNe but to do so. Page 10
RICHMOND GYMNASTICS ASSOCIATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF RICHMOND GYMNASTICS ASSOCIATION (CONTINUED) Audltors, responsibilities for the audit of the financial s&itèments We have been appointed as auditor under sion 144 of the Charit& Acl 2011 and report in accordance with the Act and relevant regulatjons made or having effect thereunder. Our objectives are lo obtain reasonable assurance a)out whether the financial statements as a whole are free from material misstatement. whether due to fraud or error. and to issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guardntee that an audit conducted in accordance wilh ISAS (UK) will aiways dett a Materi misstatement when tt exists. Misstatements Can arlse from fraud or error and are Gonsidered material if, indimdualty or in the aggrg3ate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial sLements. Irregularltles, including fraud, are instances of non4ompltance with laws and regulations. We design procedures in line with our responsibilrties, oudined above. to detect materiai misstatements in respect of irregularities, induding fraud. The extent to which our procedures are capable of detecting irregularities. including fraud Is detsiled bdow. . We assessed the risk of materkql misstalement of the financHI statements. indudiThJ the risk of material misstatement due to fraud and hN li might (GUr. by holding dlscusslons with management and those charged wbth govemance, . We obtained an understanding of laws arHI regulatK•ns that could reasonably be expeded to have a material effect on ihe financial statements through discus&on with management and those charged with govemance. in¢ludlng financial reporting and tsxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the rekted fanCIal statement items. . We inquired of managemeftt and those charged with govemance as to any kr¥xvn instance5 of non*cornpliance or suspected non-compliance with laws and regulations. We remained alert to any indications of non<ompliance throughout the audit. . We addre&sed the risk ol fraud through management ovuride by reNie4Ying the appropriateness of a sampte of joumal entries and other adjuslmenls; assessing whether the judgements made in making key accounting estimates are Indle of a potential bias,. and evaluating the business rationate of any signfficant transactions that are unusual or outside the norn[ course of business that we come across throughout the audit. However, the primary responsbity for the prevention and detection of fraud rests with both management and those charged with g0Veman of the charity. Our examination sIuld nol be relied upon to disclose all such material misslatemerts OF frauds. errors or instances of non-compliance as may exisL Because of the inherent limltations of an audit, there is a risk that VR will not detect all irregularities, including those leading to a material misstateTnent in the financial staternents or nonkncompliance with regulation. This risk increases the more that Complian with a law or wulation is removed from the events and transactions eflected in the financial statements, as we will bè less like to become aware of instances of non-compliance. The risk is also greater regarding 1ffegularrtS occurmg due to fraud rather than error, as fraud involve5 Intentional conceakwrt. forgery. collusion. omission or misrepreseniation. A further descriptton of our re$FsIbllltl?S for audit of the financial statements is Icrated on the Financial Reporting Councifs website at. www. auditorsr nsi Thi5 descripts.on fomis part of our Auditors, reporL Page11
RICHMOND GYMNASTICS ASSaCtATION INDEPENDENT AUDITORS, REPORT TO THE MENIBERS OF RICHMOND GYM>IASTICS ASSOCIATION (CONTINUED) Use of our report This report is made solety to the ¢haiiVs trustees. as a body. in accordance with Part 4 of the Charitles (Accounts and Reportsl Regulations 2008. Our audtt work has been undertaken so that we might state to the charity's tnjstees those matters we are qUired tD State to them in an Auditors, report and for no other purpo. To the fullest extent pennitted by law, we do not accept or assume responsibirty to anyone other than the charty and its trustees, as a body, for our audit work. for this reFhJrt. or for the opinlons we have formed. Feltons 1 The Green Richrnond Surrey TW9 IPL Date: so ig FeEtDns are eligible to act as auditors in tern of section 1212 of the Companies Act 2006. Page 12
RICHMOND GYMNASIICS ASSOCIATION STATEMENT OF FINANCIAL AcMvmES FOR THE YEAR ENDED 31 AUGUST 2024 Restrict Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Charitable activilies Other Income 14.657 41296 1,195.021 1A28 56.953 1,195,021 1N28 44. 767 1.163,751 Total Inwne 14.657 1,238,745 1,253.402 1.209,124 Expgnditsre on: Chariiable activities 18.078 1238,015 1,256,093 1,30Q, 952 Total expenditure 18,078 1238,015 1356,093 1,300, 952 Net movement in funds 13h21) 12,691) (91,828) Re¢onciliation of funds: Total fLtnds brought foThvard Net rrK)vernent in funds 125M93 (3N21) 620,9S4 730 746,847 {291) 838,675 (91.828) Total funds carried forward 122,472 621,684 744,166 746.847 The Stalement of Finandal Aclivfties Includes all gains and losses recognised in the year. The noles on pages 16 to 31 ft)rm part of these fmanaal slatements. Page 13
RICHMOND GYMNASTICS ASSOCIATION BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note Flxod assets Tangible assets 12 767.370 815.918 767,370 814918 Current assots Debtors Cash at bank and in hand 13 11,978 296.963 16.273 228.647 308.941 244,920 Current liabilities Creditors: aTrunts falling due wrthin onè 14 1332,155) f313.991) Net current liablllties (23,214) (69,071) Total assets less current liatAiitles 744,156 746,847 Net assets oxcluding pension asset 744,156 746,847 Total n•t awts 744,156 746,84T Charity fun(ts Restricted funds unrestrict funds 15 15 122A72 621,684 125.893 620.954 Total funds 744,156 746.847 The financial statements were approved and authorised for issue by the Trustees on AL £Q£S and wed on their behalt by: Mr5 S Campbell Co-Chairper50n MrNSGLong Co£hairperson The nctes on pages 16 to 31 fomi part of these financial statements. Page 14
RICHMOND GYMNASTICS ASSOCIATION STATEMEKf OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Cash flows from operating activiti8S Net cash used in operab'ng aGtivibes 69,996 (57. 778) Cash flows from investing activities Purchase of tangible assets 11,680) (54.060) Net used in Investing actlvfties (1,680) (54,060) Cash flows from financlng activities Net cash provkled by financlng actlvities Change In cash and cash equfvalents in the y•ar Cash and cash equivalents at ihe beginning of year 68,316 228,647 {111,8381 340,485 Cash and cash equivalents at the end of th• year 296.963 228, 647 The notes on pages 16 to 31 fonn part of these financial staterrEnts Page 15
RICHMOND GYMNASTICS ASSOCIAMON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 General inforniatlon Richmond Gyynnastics Association is a charty set up in the United Ifjngdom and governed undew the Charilies Act 2011. The organisation ts an unInrPorated association, registered with the Charity Commission for England and Wales. The address of the prinupal office 15 Townmead Road. Kew, Surrey, TW9 4EL Accounting policies 2.1 Basi5 of preparatlon rf financlal statements The financial statements have been prepared under the historical cost conventK*n vlth items recognised at cost or transaction value unless otherwise stated in the relevant notes to Ihese accounts. The fin8ncial statements have bn prepared in accordance wth the Charities SORP (FRS 102) . Accounting and Reporting by Charities: Statement ol Recommended Practice applicable to charitie5 preparin9 their accounts in accordan with the Finala1 Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effedj've 1 January 2019). the Financaal Reporting Standard appIlb[e in the UK and Repubhc of Ireland (FRS 102) and tfrE Chartlies Act 2011. The finarKial statements have been prepared to give 8 'true and fairf vie4V and have departed from the Chariknes (Accounts and Reports) Regulations 2008 onty to the extent required to provide a 'true and faif view. This departure has involved fdlowing the Charities SORP (FRS 102) publlshed in Octrjber 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effectrve from 1 April 2005 which has since been withdrawn. Richmond GnastiCS ASslati meets the definition of a public beneftt entty under FRS 102. Assets and liabilities are initially recognised at historical cost or trawction value unless olherwise stated in the revant accounting policy. 22 Going concern The financial 5Eatemerrts of the Charity ¥e prepared on a going concem basi& The Charity meets ib day to day working capital requirerrEnts through (3shflNB from its oper8tions. During Ihe year ca$h reseNes increased by £68,316 but there was an overall net fall in funds of £2.691. The Trustees have analysed the resufts and ¢tinue to take steps to improve the position going fotward by both stabilising costs and increasing fees, as required. They also continue lo carry out ongoing montiortng of the chartws ffinancial position. The TTU5tees have also assessed the Charitys fLrture financial and trading outlook and considered its cashflows, along with appropriate mitsgatton plans. The Trustees have a reasonable e>pectation that the Charity has adequate resources to continue in operational existents for the foreseeable future. As a result. they continue to adorA the going concern basis of aco)unting in preparing the financial statement5. Page 16
RICHMOND GYMNASTICS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued) 13 Income All income is recognised once the Chty has entitlement to the incorne. it is probable that the income will be red and the amount of income recervable can be measured reliably. The recognitK>n of incow from legxies Is dependent on establishing erttrtl8ment, the probabilty of rLreipt aTrJ the abilty to estimate v•rth sufficient accuracy the amount receivable. Evidenc8 of entitlement to a legacy exists when the Charity has Sufflent evidence that a gfft has been left to them (through knoNledge of the existence of a valvj will and the death of the benefactor) and the executor is satfied that the propety in question V11 not be required to satisfy claims in the estate. Receipt of a legacy must be remgnised when it is probable that it will be received and the fair walue of the amount receivable, which will generally be the expec&J cash amwnt to be dlstrtbuted to the Charty. can be reliabty measured. Gffts in kind donated for dIstritll0n are induded at valuatDn and rQgnised as income when they are distributed to the projects. Gifts donat for resale are Included as income when they are sold. Other income is recognised in the pericd in wbich it is receivable and to the extent the goods have teen provided or on completion of the seNice. 2A Expenditure Expenditure is recognised once the 1$ a legal or constructive obligation to transfer economic benefit io a third paty, it is probable that a transfer of economic beneffts will be required in settlement and the amount of the obligation can be measured reliabty. Expenéiture is classified by actlvty. The costs of each activty are made up of the total of direct costs and shared costs. including support costs involved in undertaking each ty. Direct costs attributable to a single activity are allocated directly lo that acttvty. Shared costs whh contribute to more than one acwty and support costs which are not attributable to a single actNty are apportioned betsveen those activities on a basis consistent with Ihe use of our. Central staff costs are allocated on the basis of time spent, and depreciation charge5 allocated on the portion of the assefs use. Expendiiure on chartlable actwities is incurred on directly undertaking the adiviiies which further the Chariws objectives. as well as any associated support costs. All expenditu is irU$1ve of irrecoverable VAT. 2 Governmenl grants Govemment grants relating to tarIble fixed assets are treated as defeTred income and rèleased to the Statement of financial acttvities upon the completion of the relevant performance-related conditions. Other grants that are not subject to performance-related conditions are crediteé to the Stment of financial actbvities as the grant prtteeds are received. Grants received prior to the revenue recognition criteria being 4isfied are recognised as a liability. 2.6 Interest re¢eivable Interest on funds held on deposlt is induded véhen receivable and the amount can be measured relkqbly by Charity. this is notrnal upon notification of the interest paid or payabl8 by the instibjtion vlth whoTn the furKls are deposited. Page 17
RICHMOND GYMNASTICS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued) 17 Tanglble fjxed assets and depreciation Tangible fixed assets are initially reccJnised at cost After recognition, under the cost mdel. tangible fixed assets are measured at Cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended ¥Yorking condition should be included in the measurement of cost. Assets in the course of wnstrudion are included al costs incurred to date. DePrlatiC on these assets is not charged until they are brought into use. Depreciat is charged so as to allo(2te the cost of tsngible ffixed assets less their residual value over their estimated useful tives . DepreciatK)n is provided on the foll(hYing bases: Leasehold Propety - 30 jpars on a slraight line basis over the p8ri0d of the kase extension. - 30 years on a strdight line basis over the period of the lease e>tsnsion. OffKe 8nd gymnastic 4uipment- 3- 5 years straight line basis. Plant and Machinery 2A Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments a valLJed at the mLM)t prepaid net of any trade dscounts due. 19 Cash at bank and in hand Cash at bank and in hand includes cash and short-tern highly liquid investrnents wth a short maturity of three months or less from the date of acquisiton or opening of the deposit or simitar account. 2.10 Uabllttles and provisions LiabilÈlies are rec{nIsed when there is an oblgation at the Balan sheet date a5 a result of a past event, it is probable that a transfer of nliC benefft will be required in settlement, and the amount of settlement can be estimated relthly. Li)ilities are recognised at Ihe amount that the Charity anticipates li will pay to settl8 the debt or the amount it has recerved as thand payments for the goods or semces it must provide. Provisions are measured at the best estimate of the amounts required to settte the obligation. Where the effect of the lime value of morEy is material, the F)rovision is based Dn the present value of those amounts, discounted at the pre4ax dscwnt rate that refiects the risks specTfic to the liability. The unwinding of the discount is reccMJnis&J in the Statement of financial activth.es as a finan cost. 2.11 Financial Instruments The Charity onty has fancial assets and finanal liabilities of a kind that qualify as basic financtal instruments. Basic ffinancial instruments are initialty recognised at transaction value and subsequently measured at thr settl*nent value wth the exceptÉon of bank thns which are subsequentty measured * amortised o)st using the effectrwe interest meth[. Pa9e 18
RJCHMOND GYMNASTICS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounling policies (continued) 112 Pensions The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year. 113 Fund accounting General funds are unrestrthd funds whith are available for use at the discretion of the Trustees in furtherance of the general oty'ectives of the Charity and which have not been designated for other purposes. Designated funds comprise unrestrKted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are furKls whrh are to be used in accordance with specffic restrictions imposed by th)nors or which have been raised by the Charty for particular purposes. The costs of ralsing and administering such funds are charged against the spectfr fvnd. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income. gains and losses are allc¢ated to the appn)priate fund. Income from donatio and legacies Restricted Unrestricted funds fvnds 2024 2024 Total funds 2024 Total funds 2023 Grants, donalion5 and legacies Market value rent on the association premises not charged by the freehdder 14.657 7,296 21,953 9, 767 35,000 35.OQQ Totsl 2024 14,657 42,296 56,953 44, 767 Total 2023 2. 7tXI 42,Q67 44, 767 Page 19
RICHMOND GYMNASTICS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from eharitsble actlvities Unrestrf¢ted funds 2024 Totsl funds 2024 Total fur 2023 Unrestricted actsvibes Other income - parties. sales of ki( badges. coaching and competition 1,028.813 1.028,813 1,001,974 1e6.208 168,208 161, Total 2024 1,195.021 1,195,021 1, 163, 751 Tot812023 1, 163,751 1.163,751 Oiher Incomlng resources Unrestricted funds 2024 Total funds 2024 Total fvnds 2023 Bank interest 1,428 1,428 606 Total 2023 606 606 Page 20
RICHMOND GYMNASTICS ASSOCIATION NOTES TO THE FINANCIAL STATEMEpirs FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of expenditure on charitable activitiès Summary by fund type Restricted Unrestricted funds funds 2024 2024 Total 2024 Total 2023 Class fees and subscriptsons Townmead Project Acro, tumbling and tloor arKI vauft fund The JaGk Petchey Foundation 1238,015 1,238,016 4,534 12.758 1,287,925 4,537 1,468 7,022 4,534 12,758 18,078 1,238,015 1256.093 1,300.952 Tot812023 13.027 1,287, 925 1.300.952 Anatysb of eXPerlture by activitles Activities undertrdken directly 2024 Support costs 2024 Total funds 2024 Total funds 2023 Unrestricted thities Townmead Proje Lighting fund The Jack Petchey FourKlation 641272 4.534 12.758 598,743 1.238,015 4,534 12.7S8 1,287,925 4,537 1.468 7.022 659,350 595,743 1.256,093 1.30Q,952 Total 2023 657,600 643,352 1.3CIg,952 Page 21
RICHMOND GYMNASTICS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Anatysis of expenditure by activittes {continued) Anatysis ol direct costs Unrestricted Townmead aGtivilie5 ProjeGt 2024 2024 Lighting fund 2024 Staff costs Depreciation Other direct costs S2.035 45.499 2,338 11,400 12,758 641,272 4,534 12,758 Totsl 2023 644,573 4,537 1,468 The Jack Petchey Foundatffion 2024 Totsl funds 2024 Tot funds 2023 Staff costs Deprecsatp)n Oiher direct costs Govemance costs 581035 50,033 14882 11,400 581,343 49,833 15,924 10,500 786 659.350 657,600 Total 2023 7,CY22 657, 600 Page 22
RICHkqOND GYMNASTICS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of expenditure by actlvitses (continued) Analysis of support costs Unrestricted activltles 2024 Total funds 2024 Tof&l funds 2023 Salaries and payroll costs Establishment costs Bank and credit card tharges RepaiTS and maintenance Telephone and ConVer Printing. Postage and stationery Comp*itlon expenses Sundry and other costs Legal and profess81 costs Kit. medals and other purcheses Cleaning Trdining and travel 194,012 122,452 16,294 36,479 30,297 628 72,600 14,888 21,169 44,187 43.597 140 194,012 122,452 16.294 36,479 30297 628 72.600 14,888 21,169 44,187 43,597 140 193,781 105,848 16,066 64,260 31,941 3.437 115,552 24, 742 3,336 38, 827 36, 738 8, 824 JS.743 596,743 643, 352 Total 2023 643,352 643,352 Auditors. remuneratlon The auditors, remuneration amourtts to an audtor fee of £11.41JO (2023- £10,&)J). Page 23
RICHMOND GYMNASTICS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Staff costs 2024 2023 Wages and salaries SocÈal security costs Contribution to defined contribuliw pension schemes 724090 33.265 17,891 775.124 776.046 77& 124 The average number of persons ernployed by the Charty during the yeaT was as foll¢)ws". 2024 2023 No. Office and management Coachlng 59 51 62 The number of empknyees wkwe empby¢e beneffts (excludir¥J employer pension costs) exceeded £60,000 vtas.. 2024 No. 2023 No. In the band £60,IX11- £70.000 O. Tru5tses' remuneratiOD and expenses DurirvJ the year. no Twstees recei¥ any remufterat or other beneffts (2023. £NIL). Duriro the year erKled 31 August 2024. no Trustee expenses have been inrred (2023- £NIU. 11. Taxatton The AssociatK)n is a regk£led ctwity and as such charJr e for corF*xati¢)n tax or capltal galns lax V1] arlse on its operating xtivitEs P023 - £NIL). Page 24
RICHMOND GYMNASTICS ASSOCIATIOM NOTES TO THE FINANCIAL STATEMEPUS FOR THE YEAR ENDED 31 AUGUST 2024 12 Tanglble red assets leasehold Plant and gymnastic property machinery equlpment Total Cost or valuation At 1 September 2023 Add6tlons 1,553,233 228.851 478,141 1,680 2,260.225 At 31 Augttst 21r24 1,$53,233 228,851 479,821 1261.905 At 1 September 2023 Charge for the year 851595 180,018 411,695 22.469 1 A44.308 50,227 At 31 August 2024 181.827 434,164 1 N94.535 Net book value At 31 August 2024 674,689 47,024 767,370 At 31 August 2023 700.638 48,833 66,446 815,917 The ASclaOn'S leas&hold prernises are held on a lease for 30 years from 29 July 2022 at a 'peppercom renf providing that the Assccialion continues to operate there as a gymnastics club. If the Association should cease to operate, full market rental would be payable and for this reason, no value is placed on the Associth'on's leasehold interest in these accounts. The original market value ntaI at the commencement ofthe lease £35,(XIO per annum. The tumble run extension retate to costs Irrred up to 31 August 2009 and has been included in Plarrt & Machinery. The rEw exiension was brougm in lo use in September 2020 and has been included in long-tem leasehold propety. Jng term leasehold property, including the new extension tumble run are king depreciated over a period of 30 ye8rs in line wtlh the lease extension that was agreed in May 2022. Page 25
RICHMOND GYMNASTICS ASSOCIATION NOTES TO THE FINANCIAL sTATEMErs FOR THE YEAR ENDED 31 AUGUST 2024 13. Debtors 2024 2023 Duè within one y Trade debtors Prepayments arKI r[d irorne 1.560 10A18 16,273 11,978 16,273 14. Creditors: Amounts falllng due wlthln one year 2024 2023 Trade creditors Other taxation and social security Other creditors Accrual8 a1 deferred in¢>Jme 19,487 8,223 21,782 281663 18,663 7.659 32,498 255.173 332,155 313,991 2024 2023 Deferred Income 1 swembeF 2023 Resouw deferred during the year Amourrts released from previous pervJds 243,564 252849 1243,564) 241,426 243,564 (241.426) 252849 243,564 Fees for dasses are charged in advan. September dass fees are invoiced and payment Teceived from the start of Juty. This fees are associa with next years income and therefore the amount deferred. Page 26
RICHMOND GYMNASTICS ASSOCIATION NOTES TO TrE FINANCIAL STATEmEs FOR THE YEAR ENDED 31 AUGUST 2024 15. Statement of funds Statement of funds - current year Balance al 1 September 2023 Balance at 31 August 2024 Transfers inlout Income Expenditure Unrestrlcted funds Deslgnated funds Maintenance and asset replacement reserve 730 621,684 General lunds General Funds 1238.745 11238,015) (730) Total Unrestricted funds 620.954 1.238,745 11,238,015> 621,684 Restricted lunds Townmead Project The Jad( Petchey Foundation FrndS of Richmond Fund GMPD Fund Lighting fund 122A19 {4A34> 117,88S 2.700 2,582 2,$82 342 1801 > 11,957 {12.7S8> 125,893 14,657 118,078) 122,472 Total of funds 746,847 1,253N02 {1256,093) 744.156 The Townmead Project funds represent5 monies orvjinally ratsed to build the Association's premises and to equip it. These funds are being Writt off over the life of the A$SlatIOn'S lease on the Townmead Road premises. The cost of the Tumble Run expenditure has been rapitalised and is being amortised over the remaining lrfe of the Assc£iation's lease, initslty agatnst the Tumble run reslrthd fund and the balan against the Asset Replacemenl reserye. The Tumble Run reslricted fund was fully utilised by 31 Augu5l 2017. A grant was receNed from the Jack Petdw Foundatb)n for the CCJSt of the BG funding for gymnasts. Page 27
RICHMOND GYMNASTICS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Statement of funds Iconlinued) Slatèment of funds- prlor year Balance at I September 2022 Balance at 31 Augusl 2023 TrdnsfeffJ in/ouÉ Income E¥penditu Unrestricted funds Deslgnated funds M8intenance and asset replacement reserve 692.455 (71,501) 620,954 General funds General FurKJs 1,206,424 (1,287,925) 81.501 Total unrestric funds 692,455 1,206,424 (1.287,925) 10.C*)D 620,954 Restricted funds Townmead Project The Jack Petchey Foundation Acro, tumbling and floor & vault fund Friends of Richrnond Fund GMPO Fund 12&956 4.872 (4.537) (7,022) 122.419 550 2, 700 (1,468) 674 (10,674) 13.256 342 2.582 342 146,220 2, 700 (13,027) (10,0) 125.893 Total of funds 83&675 1.209,124 (1.3CKI.952) 746,847 Page 28
RICHMOND GYMMASTICS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16. Summary of funds Summary of funds - current year Balance at 1 September 2023 Balance at 31 August 2024 Transfers inlout Income Expenditure Deslgnated funds General funds Restricted funds 62D.9fA 730 (no) 621ffi84 1.238.745 11,238,01 S) 14,657 118,078 125,893 122,472 746,847 1.253,402 (1.256,0931 744,156 Summary of funds- prior year Balance at I September 2022 Balance 81 31 August 2023 Tr8nsfers in/oul Income ExpendilurB Designated funds General funds Restrrcted funds 692,455 (71.501) 81.501 (10,000) 620,954 1,206.424 (1.287.925) 2, 700 (13,027) 146,220 125.893 838,675 1.209, 124 (1.300.952) 746.847 17. Anatysls of net assets between funds Analysis of net ass•ts between funts - Gurrent period Total funds 2024 funds 2024 funds 2024 Tangible fixed assets Current assets Creditors due within one year 117.885 4.587 649,485 304.355 (332,155) 767,370 308,942 (331155) Total 122,472 621,685 744,157 Page 29
RICHMOND GYMNASTICS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 17. Anatysts of net assets between funds (continued) Afiatysls of n•t assets beten funds - prior period Restricted Unrestricted fvnds fund8 2023 2023 Tot81 funds 2023 Tangible fixed assets Current assets Credilors due Imthin one year 122,419 3.474 693,499 815,918 241.446 244,929 (313.991) (313. 991) 125,893 620,954 746,847 18, Reconciliation of net movèment in funds to net cash flow from operatlng actlvlttes 2024 2023 Net expenditure for the perd (as per Stalement of Financial Athiiles) (2,691) (9q,828) Adjustments for. Deprecratk)n charges Decre8sel(increase) in debtOf3 Increase in creditors 49,833 (16.273) 490 4,295 18.166 Net cash provlded byl{u5ed in) operatkng activtties 69,997 (57, 778) 19. Analysls of cash and equivalents 2024 2023 Cash In hand 296.963 228, 647 Total Gash and cash equivalents 296,963 228,647 Page 30
RICHMOND GYMNASTICS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Anatysts of changes in net debl At1 September At31 2023 Cash flows August 2024 Cash at bank and in hand 228,647 68,316 296,963 f28.647 88.316 296,963 21. Pension comrnitments The group operates a defined contribulion pension scheme. The assets of the scheme are held separately from those of the group in an independenty administered fvnd. The pens cost charge Tepresents Contributior payable by the group to the fund and amounted to £8,539 (2023 - £23,181) were payable to the furKI at the balance sheet date and are inckKled in creditors." Related party transactions The Charity has not entered into any rdated paty transaction during the year, nor are there any oirtst8nding ba5ances owing bet¥veen related parties and the Charity at 31 August 2024. Page 31