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REGISTERED COMPANY NUMBER: 09058478 (England and Wales)
REGISTERED CHARITY NUMBER: 1163580














Report of the Trustees and

Financial Statements for the Year Ended 31st July 2023

for

Pegasus Gymnastics Club Limited

Pegasus Gymnastics Club Limited

Contents of the Financial Statements
for the year ended 31st July 2023










Page

Report of the Trustees 1 to 4

Independent Examiner's Report 5

Statement of Financial Activities 6

Balance Sheet 7 to 8

Cash Flow Statement 9

Notes to the Cash Flow Statement 10

Notes to the Financial Statements 11 to 21

Pegasus Gymnastics Club Limited (Registered number: 09058478)

Report of the Trustees
for the year ended 31st July 2023



The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st July 2023. The trustees have adopted the provisions of 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
Objectives and aims
The Objects of the Charity are that of the promotion of community participation in healthy recreation for the benefit of inhabitants of Maidstone, Kent and neighbouring boroughs by the provision of facilities for participation in gymnastics.

Significant activities
The provision of year round structured programmes of gymnastics in an elite bespoke indoor gymnastics centre for people aged between nine months old to sixteen years old, people with disabilities, adults and community use.

Public benefit
At our trustee meetings, when planning and reviewing our aims and objectives, and when planning our future activities we have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to guidance published by the Charity Commission, including public benefit guidance.

ACHIEVEMENT AND PERFORMANCE
Charitable activities
Achievements in the reporting year were:
- European Championships - August 2022, Munich. GBR Team Gold. James Hall 4th High Bar. Giarnni Regini-Moran 3rd Parallel Bars and 7th Floor.

- World Championships - November 2022, Liverpool. GBR Team Bronze. Giarnni Regini-Moran 1st Floor, 7th Parallel Bars.

- Disability Artistic British Championships, November 2022, Cardiff. Sienna Swinden Silver on Floor, Beam and All Around.

- Men's National Grades Final - 2 golds, 1 silver, 3 bronze

- County and Regional medals - Over 100 medals for floor and vault, recreational, men's and women's.

- British Championships - March 2023, Liverpool. Ionut Trandaburu award for supporting the GB programme.

- British MAG Teams - June 2023. Team 3rd.

- GB Performance Squad gymnasts: James Hall; Giarnni Regini-Moran, Oakley Banks.

Internal and external factors
The trustees recognise that fees and membership can be prohibitive to those on low incomes. The Club will keep subscriptions at levels that will not pose a significant obstacle to participation. In case of need, there is a bursary scheme available.

COVID-19
The Club was able to run classes for all of the reporting period.

The Club continued to invest in all the necessary equipment for COVID-19 compliance and had invested in improving the air conditioning as part of a long term strategy to ensure appropriate airflow in the gymnasia.


Pegasus Gymnastics Club Limited (Registered number: 09058478)

Report of the Trustees
for the year ended 31st July 2023


FINANCIAL REVIEW
Financial position
At the Balance Sheet date the Club had unrestricted cash reserves of £441,583 (2022: £312,448).

For Pegasus Gymnastics Club Limited, the financial year for 2022-23 has continued to rebuild the Club back towards its pre-covid position.

The financial accounts for the year to 31st July 2022 were finalised after the last AGM, and confirmed a nett increase of funds of £132,108, following losses in previous years due to the pandemic. Fortunately, Pegasus Gymnastics Club Limited had worked hard during the preceding years to build up and maintain a strong reserve to help the Club through this period and these results helped keep the momentum going. The surplus achieved in the financial year ended 31st July 2023 of £161,791, meant that the accumulated reserves of the Club now exceed its pre COVID-19 level.

The Club has continued to maintain a strong emphasis on cost control and managing funds and ensuring contingencies are put aside for any future unforeseen events. The Club has since repaid its Bounce Back loan, and also allocates a proportion of its income for future equipment replacements.

The Club is a non-profit organisation needing to raise sufficient income to meet its outgoings and continually improve the facilities it offers to members. The Club is also acutely aware of the current cost of living situation, including significant rising energy costs.

Reserves policy
We strive to hold reserves in the order of the equivalent of a minimum of three months' running costs. The Club's running costs are around £70,000 per month, of which approximately £45,000 are salary costs including pensions and NI etc and £15,000 in property costs including rent In addition, the club puts aside further reserves for future equipment replacement and maintenance.


Pegasus Gymnastics Club Limited (Registered number: 09058478)

Report of the Trustees
for the year ended 31st July 2023


FUTURE PLANS
The interest in gymnastics continued to increase following Covid-19 and numbers in the preschool age children participation continued to recover. Participation of primary school children increased, and the club worked hard to accommodate those on the extensive waiting list. In the future it is hoped that turnover of gymnasts will reduce back to pre-Covid levels and that the Club's investment in Coach education will mean that the class offer can be optimised.

The Club continued to work hard towards completing its vision of creating a centre of excellence for gymnastics in Kent and the South-East and is well on its way down this 'path' with high-quality bespoke facilities available to gymnasts and the community. These regularly attract positive comments from visitors, however the Club has plans to develop the facilities even further and there is always plenty to do.

Remaining high on the list of priorities was the installation of a lift to the first floor to provide much-needed access for those with buggies or reduced mobility, however the finance for this remained out of reach. In addition, installation of air conditioning in the third gym had to wait once again.

Employment of sufficient coaches to meet the substantial demand for places at the Club remained an issue. The Club continued work hard to train personnel from within to address some of the shortfall.

The development of gymnastics will focus on opportunities for GYMability and Freestyle Gymnastics. The Club will be further extending its network to local schools as well as to associated partner activities, for instance the club camp in Portugal. Furthermore, the Club will be expanding its elite participation offer.

Individual gymnasts and coaches at the Club had outstanding national success in the last year and this helped to raise the profile of the sport locally and the Club nationally. We shall be using these achievements to further our development work.

Naturally, investment in apparatus will be vital for safety and broadening training opportunities. Significant upgrades to the pit area are planned. Furthermore, in an attempt to reduce the Club's carbon footprint the Trustees will be developing ways to achieve this.

It is intended that the Friends of Pegasus should start up again, providing volunteer opportunities and fundraising expertise to benefit the Club.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charitable company is incorporated as a company limited by guarantee as defined by the Companies Act 2006. It is constituted under a Memorandum of Association and is controlled by its governing document the Articles of Association adopted by special resolution on the 26th August 2015 and amended by special resolution on 9th September 2015 when it achieved Charitable Status. It is a registered charity, number 1163580.

Recruitment and appointment of new trustees
The management of the Club is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. Trustees are elected based on their knowledge, experience and skills in areas which are beneficial for the Club. The Club is not subject to a maximum of trustees, but the minimum number of trustees required is three. The numbers of trustees required for a Quorum is two.

Decision making
The Club works in accordance with its governing body's (British Gymnastics) policies and codes of conduct.

Risk management
The trustees have a duty to identify and review the risks to which the Club is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
09058478 (England and Wales)

Pegasus Gymnastics Club Limited (Registered number: 09058478)

Report of the Trustees
for the year ended 31st July 2023


Registered Charity number
1163580

Registered office
Unit 2-4 Farleigh Hill
Tovil
Maidstone
Kent
ME15 6RG

Trustees
J A Cook Treasurer and Director
J C Ghinn Director
C Griffiths Director
A R Hall Director
A D Cox Director
D A Siddall Director (resigned 16.11.2022)
L M Potter (appointed 16.11.2022)
T H Banks (appointed 16.11.2022)

Company Secretary
A D Cox

Independent Examiner
Natalie Harrison ACA FCCA CTA TEP
Beak Kemmenoe
Chartered Accountants
1-3 Manor Road
Chatham
Kent
ME4 6AE

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 8th November 2023 and signed on its behalf by:





J A Cook - Trustee

Independent Examiner's Report to the Trustees of
Pegasus Gymnastics Club Limited


Independent examiner's report to the trustees of Pegasus Gymnastics Club Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st July 2023.

Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.








Natalie Harrison ACA FCCA CTA TEP

Beak Kemmenoe
Chartered Accountants
1-3 Manor Road
Chatham
Kent
ME4 6AE

8th November 2023

Pegasus Gymnastics Club Limited

Statement of Financial Activities
(Incorporating an Income and Expenditure Account)
for the year ended 31st July 2023

2023 2022
Unrestricted Restricted Total Total
funds funds funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 3 - - - 3,294

Charitable activities 5
Memberships 53,942 - 53,942 62,967
General classes 703,392 - 703,392 623,049
Merchandise sales 17,484 - 17,484 18,300
Gymnastics squad fees and event income 165,435 - 165,435 109,046

Investment income 4 879 - 879 30
Total 941,132 - 941,132 816,686

EXPENDITURE ON
Raising funds
Raising donations and legacies 6 4,361 - 4,361 5,198
4,361 - 4,361 5,198

Charitable activities 7
Charitable activities 758,614 - 758,614 670,419

Other 16,366 - 16,366 8,961
Total 779,341 - 779,341 684,578

NET INCOME 161,791 - 161,791 132,108


RECONCILIATION OF FUNDS
Total funds brought forward 360,437 4,500 364,937 232,829

TOTAL FUNDS CARRIED FORWARD 522,228 4,500 526,728 364,937

Pegasus Gymnastics Club Limited (Registered number: 09058478)

Balance Sheet
31st July 2023

2023 2022
Unrestricted Restricted Total Total
funds funds funds funds
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 13 123,513 - 123,513 60,902

CURRENT ASSETS
Stocks 14 200 - 200 200
Debtors 15 90,369 4,500 94,869 134,066
Cash at bank and in hand 441,583 - 441,583 316,948
532,152 4,500 536,652 451,214

CREDITORS
Amounts falling due within one year 16 (133,437 ) - (133,437 ) (114,679 )

NET CURRENT ASSETS 398,715 4,500 403,215 336,535

TOTAL ASSETS LESS CURRENT
LIABILITIES

522,228

4,500

526,728

397,437

CREDITORS
Amounts falling due after more than one year 17 - - - (32,500 )

NET ASSETS 522,228 4,500 526,728 364,937
FUNDS 19
Unrestricted funds 522,228 360,437
Restricted funds 4,500 4,500
TOTAL FUNDS 526,728 364,937

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st July 2023.


The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 2023 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.


Pegasus Gymnastics Club Limited (Registered number: 09058478)

Balance Sheet - continued
31st July 2023

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 8th November 2023 and were signed on its behalf by:





J A Cook - Trustee





J C Ghinn - Trustee

Pegasus Gymnastics Club Limited

Cash Flow Statement
for the year ended 31st July 2023

2023 2022
Notes £    £   

Cash flows from operating activities
Cash generated from operations 1 245,233 65,852
Interest paid (833 ) (1,077 )
Net cash provided by operating activities 244,400 64,775

Cash flows from investing activities
Purchase of tangible fixed assets (78,144 ) (4,773 )
Interest received 879 30
Net cash used in investing activities (77,265 ) (4,743 )

Cash flows from financing activities
Loan repayments in year (42,500 ) (7,500 )
Net cash used in financing activities (42,500 ) (7,500 )

Change in cash and cash equivalents in
the reporting period

124,635

52,532
Cash and cash equivalents at the
beginning of the reporting period

316,948

264,416
Cash and cash equivalents at the end of
the reporting period

441,583

316,948

Pegasus Gymnastics Club Limited

Notes to the Cash Flow Statement
for the year ended 31st July 2023


1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
2023 2022
£    £   
Net income for the reporting period (as per the Statement of Financial
Activities)

161,791

132,108
Adjustments for:
Depreciation charges 15,533 7,884
Interest received (879 ) (30 )
Interest paid 833 1,077
Decrease/(increase) in debtors 39,197 (75,486 )
Increase in creditors 28,758 299
Net cash provided by operations 245,233 65,852


2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.8.22 Cash flow At 31.7.23
£    £    £   
Net cash
Cash at bank and in hand 316,948 124,635 441,583
316,948 124,635 441,583

Debt
Debts falling due within 1 year (10,000 ) 10,000 -
Debts falling due after 1 year (32,500 ) 32,500 -
(42,500 ) 42,500 -
Total 274,448 167,135 441,583

Pegasus Gymnastics Club Limited

Notes to the Financial Statements
for the year ended 31st July 2023


1. STATUTORY INFORMATION

Pegasus Gymnastics Club Limited is a company limited by guarantee and has no share capital. The limit of each member in the event of winding up is limited to £1.

The company is registered in England and Wales, Registered Number 09058478 and it's registered office is Unit 2 - 4 Farleigh Hill, Tovil, Maidstone, Kent, ME15 6RG

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

the requirement of paragraph 33.7.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

In preparing the financial statements the trustees have made the following judgements:

The trustees have allocated support costs between raising donations and legacies and charitable activities, based on an estimate of the proportion of time spent by staff on these activities. This continues to be considered the most appropriate apportionment method by the trustees.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Where income is received in advance for a service covering a period of time, only the proportion covering the reporting period is recognised as income with the remainder disclosed as a deferred income liability in the Balance Sheet.

The charity's activities are largely covered by the exemptions available for sporting and physical education services so no VAT is charged.


Pegasus Gymnastics Club Limited

Notes to the Financial Statements - continued
for the year ended 31st July 2023


2. ACCOUNTING POLICIES - continued

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

Charitable activities
This comprises all the resources expended by the charity in undertaking its work to meet its charitable objectives. It includes both the direct costs of charitable activities together with the support costs incurred that enable these activities to be undertaken.

Allocation and apportionment of costs
Certain expenditure is directly attributable to specific activities and has been included in those cost categories. Support costs which are attributable to more than one activity are apportioned across cost categories on the basis of an estimate of the proportion of time spent by staff on those activities.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Improvements to property - over the period of life of the lease
Gymnastics equipment - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
The charity is exempt from Corporation Tax on its charitable activities.

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

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

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Only expenditure satisfying the restrictions imposed by the donor are allocated to restricted funds.

Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Financial instruments
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.


Pegasus Gymnastics Club Limited

Notes to the Financial Statements - continued
for the year ended 31st July 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Debt instruments that comply with all of the conditions of paragraph 11.9 of FRS 102 are classified as 'basic'. For debt instruments that do not meet the conditions of FRS 102.11.9, the charity considers whether the debt instrument is consistent with the principle in paragraph 11.9A of FRS 102 in order to determine whether it can be classified as basic. Instruments classified as 'basic' financial instruments are measured subsequently at amortised cost using the effective interest method. Debt instruments that have no stated interest rate (and do not constitute financing transaction) and are classified as payable or receivable within one year are initially measured at an undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

With the exception of some hedging instruments, other debt instruments not meeting conditions of being 'basic' financial instruments are measured at fair value through profit or loss.

Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Restricted funds
BBC - Children in Need Grant
£10,000 was contributed during the period ended 31 July 2017 to deliver gymnastics and sensory programmes to disabled children and young people in Maidstone. The money spent included the purchase of sensory equipment which was depreciated over five years.

Kent Gymnastics - Coaching Development Grant
£2,566 was contributed during the year ended 31 July 2020 to fund training courses to enhance the development of the members. £1,526 of this money was spent in the year ended 31 July 2021, the remaining funds were spent in the year ended 31 July 2022.

Howdens Joinery - Artistic Development Grant
£500 was contributed during the year ended 31 July 2021 to help artistic development at the charity. This money will be spent on the purchase of equipment in the year ended 31 July 2024.

William Brake Charitable Trust - Men's Artistic Development Grant
£2,000 was contributed during the year ended 31 July 2021, a further £2,000 was contributed during the year ended 31 July 2022. The funds are to be used for men's artistic development. This money will be spent on the purchase of equipment in the year ended 31 July 2024.

Pegasus Gymnastics Club Limited

Notes to the Financial Statements - continued
for the year ended 31st July 2023


3. DONATIONS AND LEGACIES
2023 2022
£    £   
Donations - 733
Grants - 2,561
- 3,294

Grants received, included in the above, are as follows:

2023 2022
£    £   
Men's Artistic Development Grant - 2,000
Government grants including the Job Retention Scheme - 561
- 2,561

4. INVESTMENT INCOME
2023 2022
£    £   
Interest receivable 879 30

5. INCOME FROM CHARITABLE ACTIVITIES
2023 2022
Activity £    £   
Membership fees Memberships 53,942 62,967
Class fees General classes 703,392 623,049
Kit sales Merchandise sales 17,484 18,300
Squad fees and event income Gymnastics squad fees and event income 165,435 109,046
940,253 813,362

6. RAISING DONATIONS AND LEGACIES
2023 2022
£    £   
Support costs 4,361 5,198


Pegasus Gymnastics Club Limited

Notes to the Financial Statements - continued
for the year ended 31st July 2023


7. CHARITABLE ACTIVITIES COSTS
Support
Direct costs (see
Costs note 8) Totals
£    £    £   
Charitable activities 675,743 82,871 758,614

8. SUPPORT COSTS
Management Finance Totals
£    £    £   
Raising donations and legacies 4,134 227 4,361
Charitable activities 78,556 4,315 82,871
82,690 4,542 87,232

Support costs, included in the above, are as follows:
2023 2022
Raising
donations
and Charitable Total Total
legacies activities activities activities
£    £    £    £   
Wages 2,571 48,850 51,421 67,056
Social security 54 1,028 1,082 3,626
Pensions 24 460 484 1,064
Consultancy fees 901 17,120 18,021 17,136
Telephone 64 1,224 1,288 1,311
Office costs 199 3,776 3,975 4,006
Sundries 6 113 119 13
Independent examiners fees 315 5,985 6,300 6,680
Bank charges 227 4,315 4,542 3,057
4,361 82,871 87,232 103,949

9. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 15,533 7,885
Independent examiner's fees for the audit of the financial statements 3,000 3,000
Independent examiner's fees for non-audit services 3,680 3,680


Pegasus Gymnastics Club Limited

Notes to the Financial Statements - continued
for the year ended 31st July 2023


10. TRUSTEES' REMUNERATION AND BENEFITS

Ms C Griffiths, a director and trustee of the charity, was paid £5,400 during the reporting period for IT support and marking services (2022: £3,270).

Ms L Potter, appointed as a director and trustee of the charity on 16 November 2022, was paid £20,728 during the reporting period (2022: £20,400) for coaching development, human resource management, office administration and fund raising.

Neither trustee was paid for being a trustee of the charity or for the associated duties of a trustee.

The terms of the above arrangements were agreed by the trustees not benefitting from them.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st July 2023 nor for the year ended 31st July 2022.


11. STAFF COSTS
2023 2022
£    £   
Wages and salaries 433,426 394,928
Social security costs 25,078 23,458
Other pension costs 8,812 6,267
467,316 424,653

The average monthly number of employees during the year was as follows:

2023 2022
Administrative employees 7 7
Coaches 24 24
31 31

No employees received emoluments in excess of £60,000.

12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
funds funds funds
£    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 1,294 2,000 3,294

Charitable activities
Memberships 62,967 - 62,967
General classes 623,049 - 623,049
Merchandise sales 18,300 - 18,300
Gymnastics squad fees and event income 109,046 - 109,046

Investment income 30 - 30
Total 814,686 2,000 816,686

Pegasus Gymnastics Club Limited

Notes to the Financial Statements - continued
for the year ended 31st July 2023


12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted Restricted Total
funds funds funds
£    £    £   

EXPENDITURE ON
Raising funds
Raising donations and legacies 5,198 - 5,198
5,198 - 5,198

Charitable activities
Charitable activities 669,379 1,040 670,419

Other 8,548 413 8,961
Total 683,125 1,453 684,578

NET INCOME 131,561 547 132,108


RECONCILIATION OF FUNDS
Total funds brought forward 228,876 3,953 232,829

TOTAL FUNDS CARRIED FORWARD 360,437 4,500 364,937

13. TANGIBLE FIXED ASSETS
Improvements
to Gymnastics
property equipment Totals
£    £    £   
COST
At 1st August 2022 88,274 99,770 188,044
Additions - 78,144 78,144
At 31st July 2023 88,274 177,914 266,188
DEPRECIATION
At 1st August 2022 35,649 91,493 127,142
Charge for year 4,974 10,559 15,533
At 31st July 2023 40,623 102,052 142,675
NET BOOK VALUE
At 31st July 2023 47,651 75,862 123,513
At 31st July 2022 52,625 8,277 60,902


Pegasus Gymnastics Club Limited

Notes to the Financial Statements - continued
for the year ended 31st July 2023


14. STOCKS
2023 2022
£    £   
Stocks 200 200

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 65,563 64,273
Other debtors 29,306 69,793
94,869 134,066

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 18) - 10,000
Social security and other taxes 5,862 6,226
Other creditors 27,698 3,540
Deferred income 93,397 88,433
Accrued expenses 6,480 6,480
133,437 114,679

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 18) - 32,500

18. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year on demand:
Bank loan less than one year - 10,000
Amounts falling between one and two years:
Bank loans - 1-2 years - 10,000
Amounts falling due between two and five years:
Bank loans - 2-5 years - 22,500


Pegasus Gymnastics Club Limited

Notes to the Financial Statements - continued
for the year ended 31st July 2023


19. MOVEMENT IN FUNDS
Net
movement At
At 1.8.22 in funds 31.7.23
£    £    £   
Unrestricted funds
General fund 360,437 161,791 522,228

Restricted funds
Artistic Development Grant 500 - 500
Men's Artistic Development Grant 4,000 - 4,000
4,500 - 4,500
TOTAL FUNDS 364,937 161,791 526,728

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 941,132 (779,341 ) 161,791

TOTAL FUNDS 941,132 (779,341 ) 161,791


Comparatives for movement in funds

Net
movement At
At 1.8.21 in funds 31.7.22
£    £    £   
Unrestricted funds
General fund 228,876 131,561 360,437

Restricted funds
Children in Need Grant 413 (413 ) -
Coaching Development Grant 1,040 (1,040 ) -
Artistic Development Grant 500 - 500
Men's Artistic Development Grant 2,000 2,000 4,000
3,953 547 4,500
TOTAL FUNDS 232,829 132,108 364,937

Pegasus Gymnastics Club Limited

Notes to the Financial Statements - continued
for the year ended 31st July 2023


19. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 814,686 (683,125 ) 131,561

Restricted funds
Children in Need Grant - (413 ) (413 )
Coaching Development Grant - (1,040 ) (1,040 )
Men's Artistic Development Grant 2,000 - 2,000
2,000 (1,453 ) 547
TOTAL FUNDS 816,686 (684,578 ) 132,108

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement At
At 1.8.21 in funds 31.7.23
£    £    £   
Unrestricted funds
General fund 228,876 293,352 522,228

Restricted funds
Children in Need Grant 413 (413 ) -
Coaching Development Grant 1,040 (1,040 ) -
Artistic Development Grant 500 - 500
Men's Artistic Development Grant 2,000 2,000 4,000
3,953 547 4,500
TOTAL FUNDS 232,829 293,899 526,728

Pegasus Gymnastics Club Limited

Notes to the Financial Statements - continued
for the year ended 31st July 2023


19. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 1,755,818 (1,462,466 ) 293,352

Restricted funds
Children in Need Grant - (413 ) (413 )
Coaching Development Grant - (1,040 ) (1,040 )
Men's Artistic Development Grant 2,000 - 2,000
2,000 (1,453 ) 547
TOTAL FUNDS 1,757,818 (1,463,919 ) 293,899

20. RELATED PARTY DISCLOSURES

Pegasus Sports Centre Limited charged the charity £162,000 during the reporting period (2022: £155,880) for the use of the premises from which it operates.

During the year, the charity bought equipment worth £78,144 from Pegasus Sports Centre Limited on an arms length basis.

At the Balance Sheet date, £23,575 was payable to Pegasus Sports Centre Limited (2022: £1,287).

In the year ended 31 July 2022, Pegasus Sports Centre Limited received a short term, interest free loan of £60,000 from the charity to fund the purchase of some equipment to improve the premises being let. This expenditure was requested by Pegasus Gymnastics Club Limited. This loan was repaid in the year to 31 July 2023 and there was no balance was outstanding at the Balance Sheet date (2022: £58,000).

All of the charity's trustees are also directors of Pegasus Sports Centre Limited.

21. PROVISION AVAILABLE FOR SMALLER ENTITIES

The charity uses its independent examiners to assist with the preparation of the Financial Statements and to file payroll submissions.