2023-03-31-accounts

THE CAROUSEL SCHOOL OF GYMNASTICS

UNIT 2A BYRON WORKS, RUSSELL GARDENS,

WICK LANE, WICKFORD, ESSEX

(Registered Charity No:- 803483)

TRUSTEES REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

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INDEPENDENT LXAMINEAS REPORT TO THEIIiIL¥f£Ls OF THE CAROUSKLSCHOOLOFGYMNAsri(s rcquire41 fw this yelr wyJ¥ 14112) of ts Lliw Ad 2011 {ts 2ffj11 Aa) li li my re5F￿￿￿lIlty 10.. Eununc 145 oftht 2011 A¢t 145(SXblof th 2011 12 Hi8h Styta SwnfL¥d le H(pi SS170EY A R FCCA FJknt4 MortkK Buby & Co Uwl¢eJ

THE CAROUSEL SCHOOL OF GYMNASTICS

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2023

Incoming Resources Gymnastic activities Fund raising receipts Bank deposit account interest Insurance claim Grants Total Incoming Resources Resources Expended Cost of gymnastic activities National Insurance Pensions Rent and service charge Rates Insurance Lighting and heating Postage, stationery and advertising Telephone Subscriptions Coaching fees and expenses Repairs and renewals Bank charges Affiliation fees Independent examination fees Cleaning Course fees Legal fees General expenses Depreciation Finance Costs - Loan interest Total Resources Expended Net Incoming Resources Reconciliation of Funds Total Funds brought forward at 1 April 2022 Total Funds carried forward at 31 March 2023	2023 £ 384,293 1,858 70 - 6,371 392,592 18,885 5,971 2,660 64,515 3,198 3,419 12,605 415 3,112 270 153,225 4,405 85 1,871 2,675 970 18 - 816 279,115 12,313 12,323 303,571 88,841 487,919 £576,760	2022 £ 218,639 837 21 2,500 25,920
		247,917
		13,078 4,035 1,857 15,798 1,030 1,459 4,856 767 1,689 315 121,130 1,227 1,897 1,813 2,519 890 - 1,698 684
		176,742 11,870 3,889
		192,501
		55,416 432,503
		£487,919

The notes on pages 5 to 6 form part of these Accounts.

Page 3

TIIE CAROV5ELSCIIOOLOFGYMTh Asn(s BAIANCE SIIEET AT31 MARC112013 2022 184.IlJO 3L415 22,J42 35.144 1.976 Cth in h•Trd 119 Crdhorn: A•o•#ts J.137 32,427 4979 21ml Cmlitor lo 105 271 N¢t Cirrnot AM•l¥ 719J53 590.101 Credlton: F•llkni d•tfterMoYtthai •wyer Flnllr￿ 1¢ Brnk IWJ £57&760 £487,919 Funds oftht CknAry £487 919 Forandon bddf ofthc Bo8rd of rtu#¢eS

THE CAROUSEL SCHOOL OF GYMNASTICS

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2023

1. Basis of preparation of accounts

• The Accounts have been prepared on the basis of historic cost and in accordance with:

• Charities Act 2011.

• Charities SORP (FRS102)

The charity has taken exemption from preparing a cash flow statement under the charities SORP (FRS102) update bulletin 1 issued on 2 February 2016 as this charity constitutes a small charity.

The financial statements are prepared on going concern basis, under the historical cost convention. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest pound.

There are no significant areas of judgements or key sources of estimation uncertainty.

The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.

The charity is an unincorporated trust constituted by a trust deed.

2. Accounting Policies

2.1 Incoming Resources

Recognition of incoming resources

These are included in the Statement of Financial Activities (SoFA) when:

• the charity becomes entitled to the resources;

• the trustees are virtually certain they will receive the resources; and

• the monetary value can be measured with sufficient reliability.

Incoming resources with related expenditure

Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resources and related expenditure are reported gross in the SoFA.

Grants and donations

Grants and donations are only included in the SoFA when the charity has unconditional entitlement to the resources.

Investment income

This is included in the accounts when receivable.

2.2 Expenditure and liabilities

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is possible that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

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THE CAROUSEL SCHOOL OF GYMNASTICS

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2023

2.3 Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation.

Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:-

Equipment and Fittings

10% per annum on the straight line basis.

2.4 Taxation

The charity is exempt from tax on its charitable activities.

2.5 Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restriction arise when specified by the donor or when funds are raised for particular restricted purposes.

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THE CAROUSEL SCHOOL OF GYMNASTICS

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2023

3. Fixed Assets

Cost At 1 April 2022 Additions At 31 March 2023 Depreciation At 1 April 2022 Charge for year At 31 March 2023 Net book values At 31 March 2023 At 31 March 2022	Freehold land & buildings Capital expenditure on buildings Equipment and fittings Total 44,228 - 269,071 74,450 224,809 89,479 538,108 163,929
	44,228 343,521 314,288 702,037
	- - 53,278 53,278 - - 12,313 12,313
	- - 65,591 65,591
	44,228 343,521 248,697 636,446
	44,228 269,071 171,531 484,830

4. Trustees’ Remuneration and Expenses

There were no payments made to Trustees in the year for providing services.

5. Management and Administration of the Charity

Independent examination fee	2023 2022 2,675 2,519

6. Security

The charity has provided the bank with a legal charge over the freehold property it owns as security for the bank loans outstanding at 31 March 2023.

Page 7

7. Operating Lease Commitments

The client has a total commitments, guarantees and contingencies as at year end 2023 of £1,003,852 (2022: £1,056,686) included in the above are minimum lease payments under non-cancellable leases, falling due as follows:

Within one year Between one and five years After five years	2023 2022 £ £ 52,834 52,834 281,783 281,783 669,235 722,069
	1,003,852 1,056,686

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