Charity registration number NIC101831 (Northern Ireland) Company registration number N1035533 SALTO GYMNASTIC CENTRE LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
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 Ms R Kells Mr G Neill Secretary Ms A Mcmaster Charity number (Northern Ireland) NIC101831 Company number N1035533 Principal address City of Lisburn National Gymnastic Warren Park Lisburn BT28 1 LW Registered office City of Lisburn National Gymnastic Warren Park Lisburn BT28 1 LW Auditor GMCG LISBURN Century House 40 Crescent Business Park LisbLJrn BT28 2GN Bankers Danske Bank Falls Road Branch 155 Northumberland Street Belfast BT132JF Solicitors Millar Mccall Wylie 3rd Floor The Printworks 35-39 Queen Street Belfast BT16EA
SALTO GYMNASTIC CENTRE LIMITED CONTENTS Page Trustees report Independent audilorfs report 6-11 statement of financial activtties 12 Statement of financial position 13 Statement of cash flows 14 Notes to the financial statements 15-24
SALTO GYMNASTIC CENTRE LIMITED TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 28 FEBRUARY 2025 Thè Iru5tees present Ihèir annual report and financial statements for the year ended 28 February 2025. The financial slatemenls have been prepared in accordance with the accounting policies sel out in note 1 to the financial statements and comply WTth the company's Articles of Association, Ihe Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). Objectives and activities Sallo's mission is to promote lifelong physical activity amongst people of all ages through gymnastics educalion. 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 than learning skills and techniques. Salto Gymnastic Centre aims to enhance physical literacy which can serve to increase physical activity and reduce health concerns over child obesity 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 lo mass participation in gymnastics, the Club has added the aspiration of delivèring excellent performance of the elite gymnast. Despite the pandemic we continued to function as a charitable business where government guidelines allowed us lo fulfil our desire lo provide benefits lo the public. Where applicable we continue to work with the community and our stakeholders to excel lo the highest level possible given the difficult circumstanc&s caused by the pandemic. The Iruslees have paid due regard to guidance issued by the Charity Commission in deciding whal activities the company should undertake. A¢hievements and performance Re8ohing the Community At Sallo our mission statement Is "Gymnastics for all" and we strive to grow our membership by reaching out lo the ommunity by offering a variety of gymnastics as follows.. Pre-school and Great10 Pre-school (age 341 and recreational (age 4-12} structured gymnastics classes are available from Monday lo Saturday and we had circa 950 member5 during the financial year. In September 2024 we introduced our own awards scheme. We believed there was a need for children to be rewarded for their hard work, dedication and effort spent developing their gymnastics. This awards programme focuses on boosting the confidence of our members and helping them feel a sense of pride in their achievements. Our Awards Scheme is open to all our members and will form the content taught in our classes, enabling the gymnasts lo develop their gymnaslics skills. The awards go from Level 1 to Level 9 followed by Bronze, Silver and Gold. When a gymnast successfully passes the award a certificate and medal can be presented lo them during their class. Not only does the awards scheme monitor the gymnasts progress, il also enables us lo grade them based on their ability and offer an alternative class to enhance their performance and development. With the award scheme and class structure, we are aiming lo provide each child with a gymnastics journey and along the way challenge thern al every level and provide a pathway to learning advanced level skills in a safe environment. We hosted a recreational competition part way through the year which was a huge success with circa 100 competitor5. The gymnasts were delighted lo showcase their gymnastics in front of an audience. Our Recreation Summer scheme was well attended with all weeks full except the first week of July 2024. The Summer Scheme is open lo non-BG members as well as our members and a number signed up for the new term which commenced in September 2024.
SALTO GYMNASTIC CENTRE LIMITED TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025 Inclusive Our Saturday 12 noon class which is our "quiet. class for neurodivergent children is becoming increasingly popular and now has a waiting list. Parents are more inclined to seek a diagnosis for their child and find ways to enhance their development. Parents understand that neurodivergent children can greatly benefrt from participation in sport due to the physical activity, experiencing improvements in physical health, social skills, emotional regulation, and even cognitive function. Schools We provide gymnastic lessons for 12 dlfferent local schools who attend our faality on a weekly basis to participate in structured gymnastics classes to fu]fil their national curriculum activities. This provides an opportunity to introduce many Ghildren to the sport of gymnastics. It is also a means of talent spotting. We provided training to the teachers at a local primary school to help improve their Confiden while teaching gymnastics to the pupils being a requirement of the school's curriculum. Toddlers Soft Play Our unstruotured 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 Rècreation Programme and on some occasions our Performance Squad Programme. Gymnastics for toddlers focuses on building confidence and training and developing motor skills in young children. Adult Gymnastics Our adult gymnastic class has been hugely popular this year with attendees of belween 30 and 40 al each class. We hosted an Adult competition which attracted participants from around Ireland and is now an annual event duè to demand. Squads Our squads offer a performance pathway for boys and girls from age 5 upwards. During the year we visited ten different local primary schools in search of talented 5-6-year-olds to join our Foundation Squad. Our squad gymnasts are given thè opportunity to potentially reach intemational level through the squad structure we have in place. Wilh a long history of intemational sucSses. our squad programme is always in demand. We have over 90 gymnasts, male and female, on our perfomiance pathway.
SALTO GYMNASTIC CENTRE LIMITED TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025 Other community benefits We held our annual Women's Artistic competition the "Tony Byrne Invitational" (named after the founder of Sallo Gymnastics Club). This competition attracted circa 120 competitors from around Ihe UK and Ireland the large51 number of competitors since the competition began 3 years ago. We hosted British Gymnastics Annual two-day Coaching Conference led by top quality speakers from the UK. A total of 50 coaches attended. Performance Salto is recognised as the National Centre of Excellence in Northern Ireland and during the year our elile gymnast Eeffie Montgomery qualified for the British Junior Championships - the first gymnast from Salto and Nl in over 12 years to qualify. Eve McGibbon represented Ireland al the Unni and Harold's Trophy event in Oslo finishing fourth place on vault and 6th place on floor. Three Salto gymnasts were part of the Nl Team who competed in the Caledonian Cup - Farah Cousins placed third on Bars and Poppy Eood 5th on Beam. Soley Lavety represented Nl al the British Gymnastics Excel 2 National Finals placing 15th all around and 9th on floor. Six Salto gymnasts competed in the Northern European Championships - Eve helped team Ireland place first in the team competition and came fourth on beam. Achievements Our workforce during the year consisted of 20 staff of which 10 are full-time and 10 part-lime. We are a club with strong belief in staff education and provide financial assistance to encourage where possible, staff to develop their coaching skills and obtain coaching qualifications. During the year we had four achieve their Men's Artistic Level 2 qualification, three Level 1 qualification. five Women's Artistic level 2 qualification and Level 3 qualification. We had a staff training away day whereby topics included coaching neurodivergent children, p0511ive coaching, CPR and first Aid. Several Salto coaches were acknowledged by Northern Ireland Gymnastics for their achievements during the year, namely Olga Flederiene (Participation coach), Gina Popa-Dickson (Services to gymnastics}, Ella McGurnaghan (Volunteer of the year) and Oscar Hall Cloung coach of the yearl. Local community connections We are thankful to Lisburn and Casllereagh City Council and Sport Nl for their continuous support and of course our members who have been very supportive. We are especially grateful lo our president Lady Mary Peters for her unconditional support. Finan¢ial review The results for the period are a5 set out on pages 12 10 24. The charity returned net incoming resources of £18,115 {2024 - net outgoing resources of £20,365). Al 28 February 2025 the balance of reserves was £1,316,602 (2024 £1,298,487). 11 is the policy of the company that unrestricted fur)ds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month's expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able lo continue the company's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
SALTO GYMNASTIC CENTRE LIMITED TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025 structure, governance and management Salto Gymnastics Club is a charity limited by guarantee, incorporaled on 2 February 1999 and a¢pIed as a charity by the Inland Revenue from that date and by the Northern Ireland Charities Commission from 2015. The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial 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 Ihe company and guaranlee to contribute £1 in the event of a winding up. ststement 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 the Trustees Report and the financial ststements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally A¢pted Accounting Practi). Company Law requires the trustees to prepare financial ststements for each financial year which give a true and fair view of the state of affairs of the company and of the incoming resources and application of resources, including the ncome and expenditure, of the charitable Gompany for that year. In preparing these financial statements, the trustees are required to-. select suitable aGcounting policies and then apply them consistently- observe the method5 and principles in the Charities SORP 2019 (FRS 1021- make judgements and estimates that are reasonable and prudent-, state whether applicable UK Accounting Standards have been followed, subject lo any material departures disclosed and explained in the financial 5talemenls-, and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that Ihe financial statements comply with the Companies Act 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 aocordance with the company's articles, a resolution proposing that GMGG LISBURN be reappointed as auditor ofthe company will be put at a Genpral Meeting.
SALTO GYMNASTIC CENTRE LIMITED TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025 Disclosure of information to auditor Each of the trustees has confirmed that there is no information of which they are aware which is relevant lo the audit, bul 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 information. 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. cmaster Charity Secretary 3.18].i.5.................... Date..
SALTO GYMNASTIC CENTRE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SALTO GYMNASTIC CENTRE LIMITED Opinion We have audited the financial statements of Salto Gymnastic Centre Limited (the 'company') for the year anded 28 February 2025 which comprise the statement of financial activities, the stalement of financial position, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Iland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statement5'. give a true and fair vièw of the state of the charitable company's affairs as at 28 February 2025 and of ils 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 ofthe Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further describèd in thè Audrforfs 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 to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other èthical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficienl and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded thal the Irustees use of the going concern basis of accounting in the preparation of th& financial slatemenls 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 at least bM&lve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to 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 comprises the information included in the annual report other than the financial statements and our auditoff s report thereon. The trustees are responsible for the other information contained within the annual report. OLJr opinion on the financial statements does not cover the other information and, except to the extent othetwise explicitly slated in our report, we do nol expres5 any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obt8ined in the course of the audit, or othetwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslalements, we are required to determine whether this gives rise lo a material misstatement in the financial statements themselves. If, based on the work we have performed. we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nolhing lo report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in Ihe COUFse of our audit.. Ihe information given in the trustees report for the financial year for which the financial sl8tements are prepared, which includes the directors, report prepared for the purposes of company law, is consistènt with the financial statements., and the directors, report included within the trustees report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge ar)d understanding of the company and its environment obtained in the course of the audit, we have not identified material misslalements in the directors, report included within the Irusteos 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 statements are not in agreement with the accounting records and returns,. or certain disclosures of trustees, 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 entitled lo prepare the financial statements in accordance with the small companies regime and take advantage of the small companies. exemption5 in preparing the trustees report and from the requirement lo 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 more fully in the statement of tru51ees responsibilities, the trustees, who are also the directors of the ompany for the purpose of company law, are responsible for thp preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to 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 Ihe company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going conrn basis of accounting unless the trustees either intend to liquidate the charitable company or to ase operations, or have no realistic alternative but to do so. Audttor's responsibÈlities for the audit of the financial statements Our objectives are to obtain reasDnable assurance about whether the financial statements as a whole are free from material misstatemènt, 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 but is not a guarantee that an audit conducted in accordan with ISAS (UK) will ahvays detect a material misstatement when it exists. Misststements can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, OLrtlined above, to detect material misstatements in respeGt of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud, is detailed below.
SALTO GYMNASTIC CENTRE LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF SALTO GYMNASTIC CENTRE LIMITED Extent to which the audit was considered capable of detecting irregularities, including fraud We identify and assess the risks of material misslalemenl of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive lo those risks, including obtaining audit evidence that is sufficient and appropriate lo provide a basis for our opinion. In identifying and assessing potential risks of material misstatement in respect of irregularilies. including fraud and non-compliances with laws and regulations, we considered the following.. The nature of the industry and 5eclor, control environment and business performance, including the charitable company's remuneration policies for directors, bonus leve15 and performance targets, if any., Results of our enquiries of management about their own identification and assessment of the risks of irregularities., Any matters we identified having obtained and reviewed the charitable company's documentation of their policies and procedures relating to.. Identifying, evaluating and complying with laws and regulations and whether they were aware of any instance of non-compliance.. Detecting and responding lo the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud., and The internal controls established to miligale risks of fraud or non-compliance with laws and regulations., The matters discussed among the 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 wrthin the charitable 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 lo perform specific procedures lo respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the charitable company operates in, focusing on provisions of those laws and regulations that had a direct effect on the delerminalion of material amounts and disclosures in the financial slatements. The key laws and regulations we considered in this Conlext included the Companies Act 2006, and local lax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements bul compliance with which may be fundamental to the charitable company s ability to operate or lo avoid a material 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 to the risks idenlified included the following.. Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements- Enquiring of management concerning actual and potential litigation and claims-, Performing analytical prOdUreS to identify any unusual or unexpected relationships thal may indicate risks of material misstatement 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 manag&menl override of controls, testing the appropriaten&ss of journal entries and other adjustments,. assessing whether the judgements made in making accounting estimates are indicattve of a potential bias., and èvaluating the business rationale of any significant transactions that are unusual or outside the normal cours& 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 audtt. 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 we 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-detection of irregularities. as they may involve Gollusion, forgery, intentional omissions, misrepresentations, or Ihe override of internal controls. Wè are not responsible for preventing non-complian and cannot bè expected to detect non- Complian 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.ukjauditorsrèsponsibilities. This description forms part of our auditorfs rèport. 10-
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. Our audit work has been undertaken so that we might state to the charitable company's members Ihose matters we are required to stalè to them in an auditor's report and for no other purpose. To the fullest exlent permitted by law, we do not accept or assume responsibility to anyone olher than the charitable company and the charitable company's members as a body, for our audit work, for this report. Dr for the opinions we have formed. Mr Stephen Houston FCA (Senior Statutory Auditor) for and on behalf of GMCG LISBURN Chartered Accountants Statutory Auditor Century House 40 Crescent Business Park Lisburn BT28 2GN 11
SALTO GYMNASTIC CENTRE LIMITED STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 28 FEBRUARY 2025 Unrestricted funds 2025 Unrestricted funds 2024 Notes Income and endowments from: Donations and legacies Charttable activities Other trading adivities Investments other income 2,400 462,931 30,961 11,556 5,521 2,196 459,356 26,861 3,469 5.200 Total income 513,369 497,082 Expenditure on: Raising funds ha blè ac ivities Promotion of lifelong physical activity through gymnastics 16,409 15.611 478,845 501,836 Total expenditure 495,254 517.447 Net incomel{expenditure) and movement in funds 18.115 (20.365} Reconciliation of funds: Fund balances at 29 February 2024 1,298,487 1,318.852 Fund balances at 28 February 2025 1,316,602 1,298,487 The statement of financial activitiès includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 12-
SALTO GYMNASTIC CENTRE LIMITED STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 2025 2025 2024 Notes Fixed assets Tangible assets 15 913,720 960,450 Current assets Stocks Debtors Cash at bank and in hand 16 17 5,129 11,796 408,976 5,129 10.501 343,314 425,901 Creditors: amounts falling due withln one year 358.944 18 (23,019) (20,9071 Net Current assets 402,882 338,037 Total assets less Current liabilittes 1,316,602 1,298,487 The funds of the company Unrestricled funds 20 1,316,602 1,298,487 1,316,602 1,298,487 These financial statements have been prepared in accordance with the provisions applicable to companies subjecl to the small companies regime. Thefi ancial stslements were approved by the trustees on . MrA O'Reilly Trustee r G Neill Trustee Company registration number N1035533 (Northern Ireland) 13-
SALTO GYMNASTIC CENTRE LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 28 FEBRUARY 2025 2025 2024 Notes Cash flows from operating activities Cash generated from operations 23 59,91S 44,667 Investing activities Purchase oftangible fixed assets Proc&eds from disposal of tangible fixed assets Inveslment income received (6,110) (32,066) 300 11,556 1,084 3,469 Net cash generated froml(used inl investing activities 5,746 (27,513) Net cash generated from financing activities Net increase in cash and cash equivalents 65,662 17,154 Cash and cash equivalents at beginning of year 343.314 326,160 Cash and cash equivalents at end of year 408,976 343,314 14-
SALTO GYMNASTIC CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 Accounting policies Charity information Sallo Gymnastic Centre Limited is a private company limited by guarantee incorporated in Northern Ireland. The registered office is City of LisbLJrn National Gymnastic, Warren Park, Lisburn. BT28 1 LW. 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 Recommended Practice applicable lo charities preparing their accounts in accordance with the Financia5 Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191" The company is 3 Public Benefit Enlily as defined by FRS 102. The financial statements are prepared in sterling, which 15 Ihe functional currency of the company. Monetary amounls in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical 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 resources to continue in operational existence for the foreseeable futur2. Thus the trustees continue lo adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted fLJnds are available for use at the discretion of the trustees in furtherance of their Gharitable objectives. 1.4 Income Income is recognised when the company is legally entitled to it after any performance conditions have been mel, the atnounls can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations ar8 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 received under Gift Aid or deeds of covenant is recognised at the time of the donation. Interest on funds held on deposit is included when receivable and the amount Gan be measured reliably by the charity- this is normally upon notificalion of the interest paid or payable by the bank. 1.5 Expenditure All expenditure is accounted 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 ID make paytnents to third parties, it is probable that the settlement will be required and the amount of the obligation can be measLJred reliably. It is calegorised under Dne of the following headings- Costs of raising funds, Expenditure on charitable activities and Other expenditure. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. Support costs are those that as5i5t the work of the charity bul do not directly represent charitable activilies and include 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 al the office. Payroll costs, finance costs and governance costs are allocated to charitable activities based on usage. The allocation of the support Costs is analysed in nDle 9. 15-
SALTO GYMNASTIC CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025 Accounting policies (Continued} 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation. net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual value5 over their useful lives on the following bases.. Freehold land and buildings Plant and equipment Fixtures and fittings 2 % straight line 20Q/o reducing balance 15 /0 reducing balance The gain or loss arising on the disposal of an asset is determined as the difference belwèen 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 at the lower of cost and net realisable value. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing. selling and distribution. 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held al call with banks, other short-t?rm 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 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes paty to the contractual provisions of the instrument. Financial assets and liabililies are offset, with the n21 amounts presented in the financial statements, when there is a legally enforceable right to sel off the recognisèd amounts and there is an intention to settle on a net 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 Iransaction costs and are subsequently carried at 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 at a market rate of interest. Financial assets classified as receivable within one year are not amortised. 16-
SALTO GYMNASTIC CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025 Accounting policies {Continuedl Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement conslitules a financing transaction, where the debt instrument is measured al the present value of the future payments discounted al a market rate of interest. Financial liabilities classified as payable wilhin one year are not amortised. Debt instruments are subsequently carried at amortised c051, using ihe effective interest rale 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 liabilities if payment is due within one year or less. If not, they are presented as non-currenl liabilities. Trade creditors are recognised inilially at transaction price and subsequently measured at amortised cost Using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the company'5 contractual obligations expire or are discharged or cancelled. 1.10 Employee benefits The cost of any unused holiday enlitlemenl is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide lerminalion benefits. 1.11 Retirement benefits Payments lo defined contribution retirement benefit schemes are charged as an expense as they fall due. Critical accounting estimates and judgements In the application of the company's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilffties that are not readily apparent from other sources. The estimates and associated assLJmpliDns are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Key sources of estimation uncertainty Fixed assets The annual depreciation charge on fixed assets depends primarily on the estimated lives of each type of asset and estimates of residual values. The directors regularly review these assets lives and change Ihem as necessary lo reflect current thinking on remaining lives in light of prospective ecDnDmic ulilisation and physical condition of the assets concerned. Changes in assets lives can have a significant impact Dn depreciation charges for the period. Detail 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 to allocate these funds based on interpretation of donations received. 17-
SALTO GYMNASTIC CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025 Income from donations and legacies Unrestricted funds 2025 Unrestricted funds 2024 Grants 2,400 2,196 Grants Lisburn & Castlereagh City Council 2,400 2,196 2.400 2.196 Income from charitsble activities Unrestricted funds 2025 Unrestricted funds 2024 Fees & subscriptions Competition income 445,050 17,881 447,701 11.655 462,931 459,356 Income from other trading activities Unrestricted Unrestricted funds funds 2025 2024 Fundraising events Shop income Letting and licensing arrangements Other income 5.809 13,594 7,327 4,231 4,118 12,396 4,679 5.668 other trading activities 30.961 26,861 18-
SALTO GYMNASTIC CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025 Income from investments Unrestricted Unrestricted funds funds 2025 2024 Interest receivable 11,556 3,469 Other income Unrestricted Unrestricted funds funds 2025 2024 Net gain on disposal of tangible fixed assets Insurance Claims Receivable 300 5,221 267 4,933 5,521 5.200 Expenditure on raising funds Unrestricted Unrestricted funds funds 2025 2024 Trading costs Other trading activities 16,409 15,611 19-
SALTO GYMNASTIC CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025 Charitable activities Promotion of lifelong physical activity through gymnastics 2025 2024 Stsff costs Depreciation and irnpairment Rates & water charges Light & heat Repairs & maintenance Insurance Travel & competition fees Legal & professional fees Telephone ststionery & sundry expenses 307,936 52,838 3,689 23,838 25,092 12,457 20,616 2,405 501 6,714 314.246 57,842 7,739 32,836 23,973 11,078 17,814 2,473 1,312 8,443 456,086 477,756 Share of support costs (see note 10) Share of governance costs (see note 10) 19.460 3.300 20,780 3,300 478,845 501.836 10 Support costs Support Governance costs costs 2025 Support Governance costs costs 2024 Staff training and education Bank Charges 5,559 13,901 5,559 13,901 3,763 17,017 3,763 17,017 Audit & accountancy fees 3,300 3.300 3,300 3.300 19,460 3,300 22,760 20,780 3,300 24,080 Analysed belween Charitable activilies 19,460 3.300 22,760 20,780 3.300 24,Q80 -20-
SALTO GYMNASTIC CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025 11 Net movement in funds 2025 2024 The net movement in funds is stated after chargingllcreditingl.. 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 52,838 1300) 3,300 57.841 (267) 12 Trustees None of the Iruslees (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.. 2025 Number 2024 Number Coaching Staff Admin & Development Staff 18 20 Total 20 22 Employment costs 2025 2024 Wages and salaries Sc)cial security costs Other pension costs 280,229 12.259 15,448 291,357 11,753 11,136 307,936 314,248 The charity considers ils 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 Ihe WAG squad. The lolal employment benefits including employer pension contributions of the key managemenl personnel were £120,41812024 - £121,792). There were no employees whose annual remuneration was more than £60,000. 14 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 21
SALTO GYMNASTIC CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025 15 Tangible fixed assets Frèehold land and buildings ptant and Fixtures and equipment ttings Total Cost At 29 February 2024 Additions Disposals 1,217,069 340,872 550 120,628 1,678,569 5,560 6,110 (300) (300) At 28 February 2025 1,217,069 341,422 125,888 1,684.379 Depreciation and impairment At 29 February 2024 Depreciation charged in the year Eliminated in respect of disposals 413,234 24,341 258,744 16,535 46,143 11.962 (300) 718.121 52,838 (300} At 28 February 2025 437,575 275,279 57,805 770,659 Carrying amount At 28 February 2025 779,494 66,143 68,083 913,720 At 28 Febfuary 2024 803,835 82,128 74,487 960,450 16 Stocks 2025 2024 Raw materials and consurnables 5,129 5.129 17 Debtors 2025 2024 Amounts falling due within one year: Other debtors Prepayments and accrued income 7,409 4,387 6,891 3.610 11,796 10,501 18 Creditors". amounts falling due within one year 2025 2024 other taxation and social security Other creditors Accruals and deferred income 7,920 4,966 10,133 4,385 2,240 14,282 23,019 20.907 -22-
SALTO GYMNASTIC CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025 19 Retirement benefit schemes 2025 2024 Defined contribution schemes Charge to profil or loss in respect of defined contribution Schemes 15.448 11,136 The company operates a defined contribution pension scheme for all qLJalifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. 20 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject lo specific conditions by donors and grantors as lo how they may b8 used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At29 February 2024 Incoming resources Resource5 expended Transfer5 At28 February 2025 Gym repairs and maintenance General funds 15,000 1,283,487 50,000 (50,000) 65,000 1,251,602 513,369 1495.254) 1,298,487 513,369 (495,254) 1,316,602 Previous year: At28 February 2023 Incoming resources Resources expended Transfers At2B February 2024 Gym repairs and maintenance General funds 17,000 1,301,852 (17,000) (500,4471 15,000 {15,0001 15,000 1,283,487 497,082 1,318.852 497,082 1517,447) 1,298,487 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 commitments for futurp minimum lease payments under non-Gancellable operating leases, which fall due as follows.. 2025 2024 Within one year Between two and five years 749 749 749 1,498 1,498 2,247 -23-
SALTO GYMNASTIC CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025 22 Related party transactions There were no disclosable related paty transactions during the year (2024 - none). 23 Cash generated from operations 2025 2024 Surplusl(deficill for the year 18,115 120,365) Adjustments for: Investment income recDgnised in statement of financial activities Gain on disposal of tangible fixed assets Depreciation and impairment of tangible fixed assets 111,556) (300) 52.838 (3,469) (26n 57,841 Movements in working capital: (Increase) in stocks Ilncrease)Idecrease in debtors Increase in creditors 12.678) 1,414 12,191 (1.293) 2,112 Cash generated from operations 59,916 44,667 24 Analysis of changes in net funds The company had no material debt during the year. -24-