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2024-07-31-accounts

Orkney Gymnastics Club

Scottish Charity No. SC050153 Annual Financial Report & Financial Statements for Period ended 31 July 2024

Trustees, Annual Report For the Period ended 31 July 2024 The trustees have pleasure in presenting their report together with the financial statements for the period ended 31 July 2024. Reference and Administrative Information Charity name Orkney Gymnastics Club Charity no. SC050153 Address Innistore Dundas Crescent Kirkwall Orkney KW15 IJQ Current Trustees The trustees approved the report and accounts at the annual general meeting 19 January 2025 and signed on their behalf by:

Structure, Governance and Management

Constitution

The Charity is a Scottish Charitable Incorporated Organisation (a SCIO). It was registered in its current legal form on 13 May 2020. The charity was previously an unincorporated association but changed its legal form to a SCIO. The assets of the unincorporated association were transferred to the SCIO on the 7 October 2020. It has a two-tier structure with an elected committee running the day to day operations and a separate board of Trustees providing oversight and governance.

Appointment of trustees

The management committee, which normally meets each month, are separate from the charity’s trustees. Membership of the management committee is open to all parents and guardians of children in the club. To allow for some continuity of the committee it is also open to interested members of the community. The management committee is elected at the general meeting, following the election of the Trustees, which is held in January.

Trustees are also elected at the annual general meeting which is held in January. There must be a minimum of three and a maximum of seven trustees. The position of trustee is open to both club parents and guardians but also members of the community. The election of trustees is based on the specific skillsets they bring to the charity.

Objectives and Activities Charitable purposes

As a Community based club which allows members to enjoy and succeed in the sport of gymnastics at all levels of participation, fitness and ability and encourages community involvement and education in the development of the sport, in Orkney.

Activities

We have provided gymnastics coaching/classes to over 300 local children over a range of age groups and abilities throughout the year:

OGC continues to provide employment and learning experience opportunities as follows:

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· Supporting Education:

· Competitive development:

Achievements and Performance

The Club has continued to develop the coaching capacity by recruiting new coaches and having current coaches increase their level of qualification.

All competition squad gymnasts have had at least one opportunity to compete in competitions off the island this year and they continue to be successful in their achievements, by returning with silverware and successfully completing higher level Grades each trip.

In summary, the Club continues to successfully provide training (across all ages and abilities), employment and promotes community involvement and education to the wider community – which is exactly what the vision for the Club has always been.

Financial review

Our main source of funding are the fees charged to gymnasts (see Receipts from charitable activities – note 7). The trustees spent a substantial amount of time trying to get the fee structure correct to ensure that the fees charged cover the day to day running costs of the club, while not being prohibitively expensive.

We generated a deficit during the year of £21,051. This deficit arose from the deposit paid for new gymnastics equipment totalling £23,432, leaving a running surplus excluding this exceptional item of £2,381.

Overall the club is in a healthy financial position. However, with planned large scale cost involved with hosting the Islands Games and trying to develop a purpose built gymnasium we must be mindful of upcoming needs. With inflation of both coaching wages and general running costs over the coming year it is very likely that we will need to increase our fees in August to ensure we remain sustainable.

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Reserves policy

The trustees’ policy is to retain at least 3 months’ worth of normal running costs to meet commitments and cover any unexpected expenditure. Three months running costs stands at circa £25,000. Reserves at 31 July 2024 are in excess of this, totalling £33,988. The decrease in this surplus arose from the deposit paid on equipment purchased totalling £23,852. This money was received back after the year end via grant payments.

The trustees believe that despite having excess reserves this is still within an acceptable range, given our objective to develop our own purpose built facility. However, we will continue to monitor the position.

Plans for future period

The trustees plan to continue the good work completed over the past year to ensure the continued development of the Orkney gymnastics squad, while at the same time providing sufficient recreational classes to meet demand.

The main plan for the coming period is to continue to develop our coaching staff to allow sufficient cover and resources to meet our coaching requirements. We are finalising plans to enable us to open up weekend recreational classes to help reduce our waiting list and free up additional financial resources.

Further to this, we will continue to work on the longer term objective of creating a purpose designed home for Orkney Gymnastics as well as preparing for the Islands games event in 2025.

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Statement of Receipts and Payments for the year ended 31 July 2024

Receipts
Donations
Grants
Fundraising
Receipts from charitable activities
Sale of equipment (mini bus)
Bank Interest
Total Receipts
Payments
Fundraising costs
Cost of charitable activities
Governance costs
Purchase of equipment
Total Payments
Surplus/(Deficit) for the year		 Unrestricted
Fund
Restricted
Fund
-
-
-
-
12,641
-
129,036
-
-
-
575
-
142,252
0
1,941
-
133,033
420
-
-
4,477
23,432
2,801
(23,852)		 Year
Ended
31 July 2024
-
-
12,641
129,036
-
575
142,252
1,941
133,453
-
27,909
163,303
(21,051)		 Year
Ended
31 July 2023
20
3,000
23,474
128,425
29,000
117
184,036
2,341
147,846
-
2,458
152,645
31,391

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Statement of Balances

As at 31 July 2024

Opening cash at bank and in hand
Surplus/(Deficit) for the year
Closing cash at bank and in hand
Bank and Cash Balances
Bank current account
Main Account
Fundraising Account
Savings Account
Assets
Debtors
Stock of clothing/toys
Other assets
Equipment (estimate value)
Liabilities		 Unrestricted
Funds
Restricted
Funds
54,524
515
2,801
(23,852)

57,325
(23,337)
986
3,941
49
52,349
-
-
-
(23,337)
57,325
(23,337)
-
23,852
-
-
-
23,852
21,999
-
21,999
-
-
-		 Total
2024
55,039
(21,051)
33,988
986
3,941
49
29,012
33,988
23,852
-
23,852
21,999
21,999
-		 Total
2023
23,648
31,391
55,039
12,662
3,508
9,752
29,117
55,039
4,482
1,562
6,044
29,333
29,333
-

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Notes to the accounts for the period ended 31 July 2024

1 Basis of accounting

These accounts have been prepared on the Receipts and Payments basis in accordance with the Charities & Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).

2 Nature and purpose of funds

Unrestricted funds are those that may be used at the discretion of the trustees in furtherance of the objects of the charity. The trustees maintain a single unrestricted fund for the day-to-day running of the club.

Restricted funds may only be used for specific purposes. Restrictions arise when specified by the donor or when funds are raised for specific purposes. In 2022 the charity received donations towards the purchase of iPads, software, and internet costs. £420 was utilised during the year for software and internet costs.

A further £23,432 deposit was paid towards equipment costs in advance of receiving the restricted grant funding. This deposit was recognised as a restricted fund expenditure during the year.

3 Related party transactions

, trustee, is paid a fixed salary of £744 per month for the administration services she provides to Orkney Gymnastic Club. The remuneration is not in return for the work she carries out as a trustee, and is considered a cost of the charitable services provided. pay is set by the Trustees, independent from her input.

Lows Orkney Ltd, employer of trustee Robert Learmonth, invoiced Orkney Gymnastics Club £600 in connection to payroll and pension administrative services provided during the year. This is considered an arms length professional service.

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4 Donations

Unrestricted
Funds
Restricted
Funds
Total
2024
Misc. Other Donations
-
-
-
-
-
-
5 Grants received
Unrestricted
Funds
Restricted
Funds
Total
2024
OIGA – Coaching
-
-
-
-
-
-
6 Fundraising
Unrestricted
Funds
Restricted
Funds
Total
2024
Bake Sale
1,277
-
1,277
Dounby Show Catering
-
-
-
Gin Night
2,175
-
2,175
Sponsorship
1,530
-
1,530
Beach Race Marshalling
-
-
-
Misc.
824
-
824
Peedie Cubbie
711
-
711
Tesco Collection
414
-
414
Island Games
4,727
-
4,727
Minibus hire
-
-
-
12,641
12,641
12,641
7 Receipts from charitable activities
Unrestricted
Funds
Restricted
Funds
Total
2024
Squad fee income
39,864
-
39,864
Recreational fee income
47,593
-
47,593
Mainland competition income
27,343
-
27,343
Clothing sales
3,680
-
3,680
Club competitions fees
10,682
-
10,682
Refunds
(126)
-
(126)
129,036
-
129,036		 Total
2023
20
20
Total
2023
3,000
3,000
Total
2023
-
3,121
-
1,500
240
168
-
-
14,995
3,450
23,474
Total
2023

39,654

50,395

24,351

8,811

5,214
-

128,425		 Total
2023
20
20
Total
2023
3,000
3,000
Total
2023
-
3,121
-
1,500
240
168
-
-
14,995
3,450
23,474
Total
2023

39,654

50,395

24,351

8,811

5,214
-

128,425





128,425

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8 Cost of charitable activities

Cost of charitable activities
Salaries, ERNI & Pensions
Rent & Hall Hire
Mainland competition costs
Coaches Training costs
Clothing Costs
Prizes, Medals, and Engraving
Repairs & Maintenance
BAGA
Insurance
Stationary, phone & admin costs
First Aid / PPE
Vehicle Cost
Training Consumables + PPL Licence
Payroll & Pension Fees
Island Games Cost
Sundry costs
Class for Kids & Stripe		 Unrestricted
Funds
Restricted
Funds
64,302
-
15,595
-
25,941
-
3,117
-
7,922
-
2,068
-
4,724
-
220
-
618
-
401
420
60
-
-
-
566
-
600
-
386
-
141
-
6,372
-
133,033
420
 Total
2024
64,302
15,595
25,941
3,117
7,922
2,068
4,724
220
618
821
60
-
566
600
386
141
6,372
133,453		 Total
2023
61,496
15,037
28,302
2,069
10,068
523
292
205
598
740
144
152
576
21,709
45
5,890
147,846

9 Governance costs

The Trustees do not claim any expenses in connection to the governance of Orkney Gymnastic Club and no paid outside professional assistance was required during the year in connection to governance.

As part of our annual membership to Scottish Gymnastics, we are entitled to free access to experts in relation to HR, governance, and insurance.

We do not recognise a proportion of the membership fee as a governance cost, as it is a necessary cost of our charitable activity, regardless of whether we use the free advice.

10 Transfers between funds

There were no transfers between restricted and unrestricted funds during the year.

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Independent Examiner’s Report to the Trustees of Orkney Gymnastic Club

I report on the accounts of the charity for the year ended 31 July 2024 which are set out on pages 5 to 9.

Respective responsibilities of trustees and examiner

The charity’s trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities

Accounts (Scotland) Regulations 2006 (as amended). The charity trustees consider that the audit requirement of Regulation 10(1) (d) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention.

Basis of independent examiner’s statement

My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.

Independent examiner’s statement

In the course of my examination, no matter has come to my attention

  1. which gives me reasonable cause to believe that in any material respect the requirements:

  2. to keep accounting records in accordance with Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations

  3. to prepare accounts which accord with the accounting records and comply with Regulation 9 of the 2006 Accounts Regulations

have not been met, or

  1. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

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