Charity registration number NIC101831 Company registration number N1035533 (Northern Ireland) SALTO GYMNASTIC CENTRE LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THEYEAR ENDED 28 FEBRUARY 2024
SALTO GYMNASTIC CENTRE LIMITED LEGALAND ADMINISTRATIVE INFORMATION Trustees Mrs E Rutherford Mr J Cunningham Prof M Murphy Mr A O'Reilly Mr J O'Prey M5 R Kells Mr G Neill Secretary Ms A Mcmaster Charity number NIC101831 Company number N1035533 Principal address City of Lisburn National Gymnastic Warren Park Lisburn BT28 1LVV Registered office City of Lisburn National Gymnastic Warren Park Lisburn BT28 1 LW Auditor GMCG LISBURN Century House 40 Crescent Business Park Lisburn BT28 2GN Bankers Danske Bank Falls Road Branch 155 Northumberland Slreel Belfast BT132JF Solicitors Millar Mccall Wylie 3rd Floor Imperial House 4-10 Donegall Square East Belfast BT1 5HD
SALTO GYMNASTIC CENTRE LIMITED CONTENTS Page Trustees report Independent auditor's report 5-10 Statement of financial activities 11 Statement of financial position 12 Statement of cash flows 13 Notes to the financial statements 14-23
SALTO GYMNASTIC CENTRE LIMITED TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 28 FEBRUARY 2024 The trustees present their annual report and financial statements for the year ended 28 February 2024. The financial statements have been prepared in accordance with the accounting policies sel out in note 1 to the financial statements and comply with the company's Articles of Association, the Companies Act 2006 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)" (effective 1 January 2019). Objectives and activities Salto's mission is to promote lifelong physical activity amongst people of all ages through gymnastics education. The organisation provides a wide programme of activities giving the opportunity for all people regardless of background to take part in gymnastics for health, fitness and technical expertise. The benefits for all participants are broader Ihan learning skills and lechniqLJes. Salto Gymnastic Centre aims to enhance physical literacy which can serve lo increase physical aclivily and reduce health concerns over child Dbesity and fitness. Our activities and presence in the community can improve the quality of life and wellbeing for all whether they are participants or spectators. In addition to mass participation in gymnastics, the Club ha5 added the aspiration of delivering excellent performance of the elite gymna51. Despite the pandemic we continued lo function as a charitable business where governmenl guidelines allowed us lo fulfil our desire to provide benefrts to the public. Where applicable we continue to work with the community and our stakeholders to excel to the highesl level possible given the difficult circumstances caused by the pandemic. The trustees have paid due regard to guidance issued by ihe Charity Commission in deciding what activities the company should undertake. Achievements and performance Reaching the Community At Sallo our mission statement is "Gymnastics for all" and we strive to grow our membership by reaching oul to the community by offering a variety of gymnaslics as follows: Pre-school and recreation Pre-school and recreational structured gymnastic5 classes are available from Monday lo Saturday and we have circa 1,000 members each week attending Ihese classes. During the year we hosted our first recreational competitlDn based on the British Gymnastics Rise framework. This was a huge success as the gymnasts had great fun and parents were delighted to be able to watch their children showcase their gymnastics. Our Recreation Summer scheme was very popular again as il was fully booked for the entire summer. The Summer Scheme is open to non-BG members as well as our members and a number signed up for the new term which commenced in September 2023. Our Parent Assisted Class for pre-school children was well attended throughout the year. This is a partially structured class l&d by our coaches and allows the parents to supervise their own child during the session. The Parent Assisted class is like a bridge between the Toddler Soft play sessions and the recreation classes with the idea in mind of children transferring lo the Recreation Programme when eligible. Inclusive We inlroduced a recreation class on Saturday afternoon predominantly for childrèn wilh l&arning disabilities" as parents are more open about ADHD, Autism etc, and recognise that gymnastics is a good source of providing discipline and improving social skills in addition lo the physical. mental and health benefits which come with gymnastics.
SALTO GYMNASTIC CENTRE LIMITED TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2024 Schools We provide gymnastic lessons for 12 different local schools who attend our facility on a weekly basis to participate in structured gymnastics classes to fulfil their national curriculum activities. This provides an opportunity to introduce many children to the sport of gymnastics. It Is also a means of talent spotting. Toddlers Soft Play Our very popular Toddler Soft Play sessions were well attended. The Toddler Soft Play is an important part of Salto's development. Not only do the sessions provide a steady flow of income but they also introduce toddlers to gymnastics at a very young age, with the potential of remaining in the sport by becoming members of our Recreation Programme and on some occasions our Performance Squad Programme. Adult Gymnastics Our adutt gymnaslic class is still very popular, and numbers increased during this financial year. During the year our Adult class was regularly used by gymnasts from other clubs to help them prepare for the Adult British Championships. We hosted our first Adult Competition this year inviting gymnasts from the whole of Ireland to compete. We received tremendous feedback which has encouraged us to make this an annual event. Squads Our squads offer a performance pathway for boys and girls from age 5 upwards. During the year we formed new Foundation Squads following a talent identification day. Our squad gymnasts are given the opportunity to potentially reach international level through the squad structure we have in place. With a long history of international successes, our squad programme is always in demand. We have over 90 gymnasls, male and female, on our performance pathway. other community benefits Our Young Leadership Academy is slill going strong with volunteers of age 14 upwards. Our experiend coaches provide mentoring for these young volunteers with the view that someday they will become qualified coaches and join our workfor. We held an In-house Women's Artistic competition, the 'Tony Byme Invilational" inviting several Northern Ireland clubs to participate. The number of participants doubled from the previous year and reached capacity. Performance Salto is recognised as the National Centre of Excèllence in Northern Ireland and during the year our elite gymnast Ewan McAteer represented Ireland al fwo World CLtps and his best performance was in Cairo where he placed 17th Eve McGibbon was selected to represent Ireland at an International in Oslo achieving a personal best all-around score. Our head coach lo the men's squad programme lefi during the year which had a significant impact on the development of our elite boys as tt took eight months to recruil a new head coach due to a long delay in the UK Visa application procèss. Achievements Our head coach to the women's èlite squad programme, David Carleton won Sport Nl Performance Pathway Coach of the Year. This was a fantastic achievement by David as this is an award incorporating all sports throughout Northern Ireland.
SALTO GYMNASTIC CENTRE LIMITED TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2024 Our workforce during the year consisted of 20 staff of which 6 are full-time and 14 part-lime. We are a club wilh a strong belief in staff education and provide financial assistance to encourage where possible, staff lo develop their coaching skills and obtain coaching qualifications. During the year we had four coaches pass Level 1. three pass level 2 and one pass level 3 coaching qualifications. Local con7munity connections We are thankful to Li5burn and Castlereagh City Council and Sport Nl for their continuous support and of course our members who have been very supportive. We are especially grateful to our president Lady Mary Peters for her unconditional sUPPOrt. Financial review The results for the period are as set out on pages 11 to 23. The charity returned nel outgoing resources of £20,365 (2023 - net incoming resources of £16,326). At 28 February 2024 the balance of reserves was £1,298,48712023 - £1,318,852). It is the policy of the company that unreslricted funds which have not been designaled for a specific use should be maintained at a level equivalent lo beeen three and six month's expendTture. The trustees consider that reserves al Ihis level will ensure that, in the event of a significant drop in funding, they will be able to continue the company's current activities while consideration is given to ways in which additional funds may be raised. Thi5 level of reserves has been maintained throughout the year. Structure, governance and management Salto Gymnastics Club is a charity limited by guarantee, incorporated on 2 February 1999 and acpted as a charity by the Inland Revenue from that date and by the Northern Ireland Charities Commission from 2015. The Irustees, who are also Ihe directors for the purpose of company law, and who served during the year and up to the dale of signature of the f5n8ncial statements were.. Mrs E Rutherford Mr J Cunningham Prof M Murphy Mr A O'Reilly Mr J O'Prey Ms R Kells Mr G Neill None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the evenl of a winding up.
SALTO GYMNASTIC CENTRE LIMITED TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2024 Statement of trustees responsibilities The trustees, who are also the directors of Salto Gymnastic Cenlre Limited for the purpose of company law, are responsible for preparing thè Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the trustees to prepare financial statèments for each financial year which give a true and fair view of the slate of affairs of the company and of the incoming resources and application of resources. including the income and expenditure, ofthe charitable company for that year. In preparing these financial statements, the trustees are requirèd to.. select suitable accounting policies and Ihen apply them consistently. observe the methods and principles in the Charities SORP 2019 IFRS 102). makejudgements and estimates that are reasonable and prudent-, state whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial statements. and prepare the financial statements on Ihe going concern basis unless it is inappropriate to presume that the company will continue in operation. The Iruslees are responsible for keèping adequate accounting records that disclose with reasonable accuracy al any time thè financial position of the company and enable them to ensure that the financial statements comply with the Companies AGt 2006. They are also responsible for safeguarding the assets of the Gompany and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor In accordance with the company's articles, a resolution proposing that GMCG LISBURN be reappointed as auditor ofthe company will be pul at a General Meeting. Disclosure of infomiation to auditor Each of the truslees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such informalion. This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies, exemptions. The trustees report was approved by the Board of Trustees. MSA cmaster Charity Secretary Date=
SALTO GYMNASTIC CENTRE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SALTO GYMNASTIC CENTRE LIMITED Opinion We have audited the financial slatements of Sallo Gymnastic Centre Limited (the 'company') for the year ended 28 February 2024 which Gomprise the statement of financial activities, the slatement of financial position, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework thal has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 Th8 Financial Reporting Standard applioable in the UK and Republic of Ireland (United Kingdom Generally Accepied Accounting Practice). In our opinion, the financial slatement5'. give a true and fair view of the stale of the charitable Gompany's affairs as 8128 Febru3ry 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant lo our audit of thè financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe Ihal the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of Ihe financial statements is appropriate. Based on the work we have performed, we have not identified any malerial uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of al least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of Ihe trustees with respect lo going concern are described in the relevant sections of this report.
SALTO GYMNASTIC CENTRE LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF SALTO GYMNASTIC CENTRE LIMITED Other information The other information Gomprises the information included in the annual report other than the financial statements and our auditols report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitly stated in our report, we do not express any forni of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether Ihe other information is materially inconsistent with the financial statements or our knowledge obtained in the Course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on thp work we have perfomed, we conclude that Ihere is a material misstatement Df this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the informalion given in the trustees report for the financial year for which the financial statemènls are prepared, which includes the direGtors' report prepared for the purposes of company law, is consistent with the financial statements., and thé directors, report included within the trustees report has been prepared in accordan with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the direclors, report included within the trustees report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial ststements arè not in agreement with the accounting records and returns., or rtain disclosures of Irustees, remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit., or the trustees were not enlitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the trustees report and from the requirement to prepare a strategic report.
SALTO GYMNASTIC CENTRE LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED} TO THE MEMBERS OF SALTO GYMNASTIC CENTRE LIMITED Responsibilities of trustees As explained tnore fully in the statement of trustees responsibililies, the trustees, who are also the directors of the company for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair vièw, and for such internal control as the trustees delermine is necessary lo enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the company'5 ability to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations. or have no realistic alternative bul to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit Conducted in accordance with ISAS IUKI will always delecl a material misslalement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with law5 and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misstatements in respect of irregLJlarilies, including fraud. The extent lo which our procedures are capable of delecling irregularities, including fraud, is detailed below.
SALTO GYMNASTIC CENTRE LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF SALTO GYMNASTIC CENTRE LIMITED Extentto which the auditwas considered capable of detecting irregularities, including fraud We identify and assess the risks of material misstalement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing potential risks of material misstatement in respect of irregularities, including fraud and non-compliances with laws and regulations, we considered the following.. The nature of the industry and sector. control environment and business performance, including the company's remuneration policies for directors, bonus levels and performance targets, if any- Results of our enquiries of management aboLrt their own identification and assessment of the risks of irregularities., Any matters we identified having obtained and reviewed the company's documentation of their policies and prooedures relating to: Identifying, evaluating and complying with laws and regulations and whether they were aware of any instance of non-compliance., Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud- and The intemal controls established to mitigate risks of fraud or non-compliance with laws and regulations- The matters disGussed among thè audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest Potential for fraud in income recognition. In common with all audits under ISAS (UK), we are also required to perform specific procedurès to respond to thè risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial slatements. The key laws and regulations we considered in Ihis conlext included the Companies Act 2006, and local tax legislation. In addition. we considered provisions of othèr laws and regulations that do nol have a direct effect on the financial statements but compliance with which may be fundamental lo the company's ability to operate or to avoid a malerial penalty.
SALTO GYMNASTIC CENTRE LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF SALTO GYMNASTIC CENTRE LIMITED Audit response to risks identified Our procedures to respond lo Ihe risks identified included the following.. Reviewing the financial statement disclosures and testing lo supporting documenlalion lo assess compliance wilh provisions of relevant laws and regulations described as having a direct effect on the financi31 slatemenls., Enquiring of management concerning actual and potential litigation and claims-, Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misslalement due to fraud., Reading minutes of meetings of those charged with governance and reviewing correspondence with tax authorities", and In addressing the risk of fraud through managemenl override of controls, testing the appropriateness of journal entries and other adjustments.. assessing whether the judgements made in making accounting estimates are indicative of a potential bias.. and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though wè have properly planned and performed our audit in accordance with auditing standards. In addition, as with any audit. there remains a higher risk of non-deleclion of irregularilies, as they may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected lo delecl nDn- Gompliance with all laws and regulations. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https'.11 www.frc.org.uklaudilor5responsibilities. This description forms part of our auditor's report.
SALTO GYMNASTIC CENTRE LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF SALTO GYMNASTIC CENTRE LIMITED Use of our report This report is made solely to the charitable company's members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Qur audit work has been undertaken so that we might state to the charilable company's members those matters we are required to state to them in an auditols report and for no other purpose. To the fullest extent permitted by law, we do not acpt or assume responsibility to anyone other than the charitable company and the charitable company's members as a body. for our audit work. for this report, or for the opinions we have fomied. Mr Stephen Houston FCA (Senior Statutory Auditor) for and on behalf of GMCG LISBURN Chartered Accountants statutory Auditor Cènlury House 40 Crescent Business Park Lisburn BT28 2GN 10
SALTO GYMNASTIC CENTRE LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 28 FEBRUARY 2024 Unrestrictsd funds 2024 Unrestricted funds 2023 Notes Income and endowments from: Donations and legacies Charitable aclivilies Other trading activities Investments Other income 2.196 459,356 26,861 3,469 5,200 5,500 445,573 40,147 219 20,012 Total income 497,082 511,451 Expenditure on: Raising funds Charitable activities Promotion of lifelong physical activity through gymnastics 15,611 18,261 501,836 476,864 Total expenditure 517,447 495,125 Net incomel{expenditurel and movement in funds 120,3651 16,326 Reconciliation of funds: Fund balances al 1 March 2023 1.318,852 1,302,526 Fund balances at 28 February 2024 1,298,487 1,318,852 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
SALTO GYMNASTIC CENTRE LIMITED STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 2024 2024 2023 Notes Fixed assets Tangible assets 15 960,450 987,042 Current assets Stocks Debtors Cash at bank and in hand 16 17 5,129 10,501 343,314 2,451 11.915 326.160 358,944 340.526 Creditors: amounts falling due within one year 18 (20,907) (8,716) Net current assets 338.037 331,810 Totsl assets less current liabilities 1,298,487 1,318,852 Income funds Unrestricted funds Designated funds General unrestricted funds 20 20 15,000 1,283,487 17,000 1,301.852 1.298,487 1,318,852 1.298,487 1,318,852 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were authorised and approved by the trustees and authorised for issue on and signed on its behalf by= MrA O'Reilly Trustee Trustee Company registration number N1035533 12-
SALTO GYMNASTIC CENTRE LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 28 FEBRUARY 2024 2024 2023 Notes Cash flows from operating activities Cash generated from operations 23 44,667 94,486 Investing activities Purchase of tangible fixed assets Proceeds from disposal of tangible fixed assets Investment income received 132,066) (130,2841 1,084 3,469 15,500 219 Net Cash used in investing activities 127,5131 1114,565) Net cash used in financing activities Net increaselldecrease) in cash and cash equivalents 17,154 (20,079) Cash and cash equivalents at béginning of year 326.160 346,239 Cash and cash equivalents at end of year 343,314 326,160 13
SALTO GYMNASTIC CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2024 Accounting policies Charity information Salto Gymnastic Centre Limited is a private company limited by guarantee incorporated in Northern Ireland. The registered Offi is City of Lisburn National Gymnastic, Warren Park, Lisburn, BT28 1LW. 1.1 Accounting convention The financial statements have been prepared in accordance with the company's Memorandum and Articles of Association, the Companies Act 2006 and 'Accounting and Reporting by Charities.. Statement of Recommendèd 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 2019)" The company is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in slerling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the hi51orical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements. the trustees have a reasonable expectation that the company has adequate reSoUrS to continue in operational existencè for the foreseeable fLrture. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unreslricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. 1.4 Income Income is recognised when Ihe company is legally entitled to it after any performancè conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations receivèd under Gifi Aid or deeds of covenant is recognised at the time of the donation. Interèst on funds held on deposit is included when receivable and the amount can be measured reliably by the charity., this is normally upon notification of the interesi paid or payable by the bank. 1.5 Expenditure All expenditure is accounled for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, tt is probable that the settlement will be required and the amount of the obligation can be measured reliably. 11 is categorised under one of the following headings.. Costs of raising funds, Expenditure on charitable aclivities and Other expenditure. Irrecoverable VAT is charged as an expense againsl the activity for which expenditure arose. Support costs are those that assist the work of the charity but do not directly represent charitable activtties and inGlude finance costs and governance costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at th& office. Payroll costs, finance costs and governan costs are allocated to charitable activities based on usage. The allocation of the support sts is analysed in note 9. 14-
SALTO GYMNASTIC CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2024 Accounting policies {Continuedl 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured al cost or valualion, nel of depreciation and any impairment losses. Depreciation is recognised so as lo write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Freehold land and buildings Plant and equipmenl Fixtures and fittings 20 % straight line 20 /0 reducing balance 15 /0 reducing balance The gain or loss arising on the disposal of an assel is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Stocks Stocks are stated al the lower of cost and net realisable value. Net realisable value is the estimated selling price less all estimated costs of completion and costs lo be incurred in marketing, selling and distribution. 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, Other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Financial instruments The company has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 1 Q2 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractu31 provisions of the instrument. Financial assets and liabilities are offset, with the nel amounts presented in the financial slalemenls, when there is a legally enforceable right to set off the recognised amounts and there is an intention lo settle on a nel basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried 81 amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted al a market rate of interest. Financial asset5 classified as receivable within one year are not amortised. 15-
SALTO GYMNASTIC CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2024 Accounting poli¢ies (Continued) Basic financial liabilities Basic financial liabiltties, including creditors and bank loans are initially recognised al transaction price unless the arrangemenl constitutes a financing transaction. where the debt instrument is measured al the present value of the future payments discounted at a markel rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabiliti&s if payment is due within one year or less. If not, they are presented as non-currenl liabilities. Trade creditors are recognised initially at transaction price and subsequently measured al amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecogni5ed when the company's contractual obligations expire or are discharged or ancelled. 1.10 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediatèly as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.11 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Critical accounting estimates and judgements In the applicalion of the company's accounting policies, th& truslees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities Ihat are not readily apparenl from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affècls only that pèriod, or in the period of the revision and future periods where Ihe revision affects both current and future pèriods. Key sources of estimation uncertainty Fixed assets The annual depreciation charge on fLxed assets depends primarily on the estimated lives of each type of asset and estimates of residual values. The directors regularly review these assels lives and change them as necessary to rellect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in assets lives can have a significant impact on depreciation charges for thè period. Detsil of the useful lives is included in the accounting policies. Restricted and unrestricted funds Judgements are made in relation lo allocation of income and expenditure to restricted and unrestricted funds. The directors consider it appropriate lo allocate these funds based on interpretation of donations received. 16
SALTO GYMNASTIC CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2024 Income from donations and legacies Unrestricted funds 2024 Unrestricted funds 2023 Grants re1vable for core activities 2,196 5.500 Grants receivable for core activities Lisburn & Castlereagh City Council Macron 2,196 3,000 2,500 2,196 5,500 Income from Gharitable activities Unrestricted funds 2024 Unrestricted funds 2023 Fees & subscriptions Competition income 447,701 11,655 436,311 9,262 459,356 445,573 Income from other trading activities Unrestricted Unrestricted funds funds 2024 2023 Vending & Fundraising Income Shop & Merchandise Income Accommodation Income Gift Aid Receipts 4,118 12,396 4,679 5,668 8,935 11,714 9,072 10,426 Other trading activilies 26,861 40,147 17-
SALTO GYMNASTIC CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2024 Income from investments Unrestricted Unrestricted funds funds 2024 2023 Interest receivable 3,469 219 Other income Unrestricted Unrestricted funds funds 2024 2023 Nel gain on disposal of tangible fixed assets Insurance Claims Receivable 267 4,933 10,594 9,418 5,200 20,012 Expenditure on raising funds Unrestricted Unrestricted funds funds 2024 2023 Trading costs Shop costs 15.611 18.261 18
SALTO GYMNASTIC CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2024 Charitsble activities Promotion of lifelong physical activity through gymnastics 2024 2023 staff costs Depreoialion and impairment Rates & water charges Lighl & heal Repairs & maintenance Insurance Travel & competition fees Legal & professional fees Telephone Stationery & sundry expenses 314,246 57,841 7,740 32,836 23,973 11.078 17.814 2,473 1,312 8,443 320,594 59,542 1,105 20,363 13,402 11,077 16,789 1,230 1,018 7,335 477,756 452,455 Share of support costs (see note 10) Share of governance costs (see note 101 20,780 3,300 21,409 3,000 501,836 476,864 10 Supportcosts Support Governance costs costs 2024 Support Governance costs costs 2023 Development & Admin wages and training Bank Charges 3,763 17,017 3,763 17,017 5,311 16,098 5,311 16,098 Audit & accountancy fees 3,300 3,300 3.000 3,000 20,780 3,300 24,080 21,409 3,000 24,409 Analysed belween Charitable activities 20.780 3.300 24,080 21,409 3,000 24,409 Governance costs includes payments lo the auditors of £3,15012023- £3,000) for audit fees. 19
SALTO GYMNASTIC CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2024 11 Net movement in funds 2024 2023 The net movemenl in funds is stated after chargingl(crediling)- Fees payable for the audit of the charity's financial statements Depreciation of owned tangible fixed assets Profit on disposal of tangible fixed assets 3.300 57.841 1267) 3,000 59,542 (10,594) 12 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the company during the year. 13 Employees The average monthly number of employees during the year was: 2024 Number 2023 Number Coaching Staff Admin & Development Staff 20 21 Total 22 23 Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 291.357 11,753 11,136 300,187 11,845 8,562 314,246 320.594 The chartty considers its key management personnel to comprise of the Board of Directors. the Chief Executive. the office manager, the recreation manager. the head of the MAG squad and the head of the WAG squad. The total employment benefits including employer pension contribLrtions of the key management personnel were £121,79212023 - £140,297). There were no employees whose annual remuneration was more than £60.000. 14 Taxation The charity is exempt from taxation on its aclivilies because all its income is applied for charitable purposes. -20-
SALTO GYMNASTIC CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2024 15 Tangible fixed assets Freehold land and bulldings Plant and Fixtures and equlpment flttings Total Cost At 1 March 2023 Additions Disposals 1,217,069 320,681 20,191 111,562 1,649,312 11,875 32,066 12,808) 12,808) At 28 February 2024 1.217,069 340.872 120,629 1,678,570 Depreciation and impairment At 1 March 2023 Deprecialion charged in the year Eliminated in respect of disposals 388,893 24,341 238,212 20,532 35,165 12,968 11.991) 662,270 57,841 (1,991) At 28 February 2024 413,234 258,744 46,142 718,120 Carrying amount At 28 February 2024 803,835 82,128 74,487 960,450 At 28 February 2023 828,177 82,468 76,397 987,042 16 Stocks 2024 2023 Raw materials and consumables 5,129 2,451 17 Debtors 2024 2023 Amounts falling due within one year: Other debtors Prepayments and accrued income 6,891 3,610 8,727 3,188 10,501 11,915 18 Creditors: amounts falling due within one year 2024 2023 Other taxation and social security Other creditors Accruals and deferred income 4,385 2,240 14,282 1821) 2,181 7,356 20,907 8,716 21
SALTO GYMNASTIC CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2024 19 Retirernent benefit schemes 2024 2023 Defined contribution schemes Charge to profit or loss in respect of defined contribution schemes 11,136 8,562 The company operates a defined contribution pension scheme for all qualifying employees. The asset5 of the schème are held separately from those of the company in an independently administered fund. 20 Unrestricted funds The unrestricted fvnds oflhe charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestriGted funds by the trustees for specific purposes. At 1 March 2023 Incoming sources Resources expended Transfers At28 February 2024 Gym repairs and maintenance General funds 17.000 1.301,852 {17,000) 1500,447) 15,000 115,000) 15,000 1,283,487 497,082 1,318,852 497,082 1517,44n 1,298,487 Previous year: At 1 March 2022 Incoming resources Resources expended Transfers At28 February 2023 Gym repairs and mantenance General funds 17,000 494,451 17,000 1,301,852 1,302,526 (495,125) 1,302,526 511.451 (495,125) 1.318,852 The board has agreed to designate the above funds for roof repairs that are required for the gym. 21 Operating lease commitments Lessee At the reporting end date the company had outstanding commitmenls for future minimum lease payménts under non-cancellable operating leases, which fall due as follows= 2024 2023 Within one year Bemeen and five years 749 1,498 749 2,246 2,247 2,995
SALTO GYMNASTIC CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2024 22 Related party transactions There were no disclosable related party transactions during the year12023 none). 23 Cash generated from operations 2024 2023 IDeficit)Isurplus for the year (20,3651 16,326 Adjustments for.. Investment income recognised in statement of financial activities Gain on disposal of tangible fixed assets Depreciation and impairment of tangible fixed assets (3,4691 12671 57,841 (219) (10,5941 59,542 Movements in working capital.. Ilncreasel in slocks Decrease in debtors Increaselldecrea5el in creditors {2,678) 1,414 12,191 {1,4511 32,663 {1,7811 Cash generated from operations 44.667 94,486 24 Analysis of changes in net funds The company had no material debt during the year. -23-