Charity registration number NIC101831
Company registration number NI035533 (Northern Ireland)
SALTO GYMNASTIC CENTRE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
SALTO GYMNASTIC CENTRE LIMITED
LEGAL AND 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
NIC101831
Company number
NI035533
Principal address
City of Lisburn National Gymnastic
Warren Park
Lisburn
BT28 1LW
Registered office
City of Lisburn National Gymnastic
Warren Park
Lisburn
BT28 1LW
Auditor
GMcG LISBURN
Century House
40 Crescent Business Park
Lisburn
BT28 2GN
Bankers
Danske Bank
Falls Road Branch
155 Northumberland Street
Belfast
BT132JF
Solicitors
Millar McCall Wylie
3rd Floor
Imperial House
4-10 Donegall Square East
Belfast
BT1 5HD
SALTO GYMNASTIC CENTRE LIMITED
CONTENTS
Page
Trustees report
1 - 4
Independent auditor's report
5 - 10
Statement of financial activities
11
Statement of financial position
12
Statement of cash flows
13
Notes to the financial statements
14 - 23
SALTO GYMNASTIC CENTRE LIMITED
TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 1 -

The trustees present their annual report and financial statements for the year ended 28 February 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the company's Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable 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

Salto's mission is to promote lifelong physical activity amongst people of all ages through gymnastics education. The organisation provides a wide programme of activities giving the opportunity for all people regardless of background to take part in gymnastics for health, fitness and technical expertise.

 

The benefits for all participants are broader 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 to mass participation in gymnastics, the Club has added the aspiration of delivering excellent performance of the elite gymnast.

 

Despite the pandemic we continued to function as a charitable business where government guidelines allowed us to fulfil our desire to provide benefits to the public. Where applicable we continue to work with the community and our stakeholders to excel to the highest level possible given the difficult circumstances caused by the pandemic.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the company should undertake.

Achievements and performance

Reaching the Community

 

At Salto our mission statement is “Gymnastics for all” and we strive to grow our membership by reaching out to the community by offering a variety of gymnastics as follows:

 

Pre-school and recreation

 

Pre-school and recreational structured gymnastics classes are available from Monday to Saturday and we have circa 1,000 members each week attending these classes.

 

During the year we hosted our first recreational competition based on the British Gymnastics Rise framework. This was a huge success as the gymnasts had great fun and parents were delighted to be able to watch their children showcase their gymnastics.

 

Our Recreation Summer scheme was very popular again as it was fully booked for the entire summer. The Summer Scheme is open to non-BG members as well as our members and a number signed up for the new term which commenced in September 2023.

 

Our Parent Assisted Class for pre-school children was well attended throughout the year. This is a partially structured class led by our coaches and allows the parents to supervise their own child during the session. The Parent Assisted class is like a bridge between the Toddler Soft play sessions and the recreation classes with the idea in mind of children transferring to the Recreation Programme when eligible.

 

Inclusive

 

We introduced a recreation class on Saturday afternoon predominantly for children with learning disabilities” as parents are more open about ADHD, Autism etc, and recognise that gymnastics is a good source of providing discipline and improving social skills in addition to the physical, mental and health benefits which come with gymnastics.

 

SALTO GYMNASTIC CENTRE LIMITED
TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 2 -

Schools

 

We provide gymnastic lessons for 12 different local schools who attend our facility on a weekly basis to participate in structured gymnastics classes to fulfil their national curriculum activities. This provides an opportunity to introduce many children to the sport of gymnastics. It is also a means of talent spotting.

 

Toddlers Soft Play

 

Our very popular Toddler Soft Play sessions were well attended. The Toddler Soft Play is an important part of Salto's development. Not only do the sessions provide a steady flow of income but they also introduce toddlers to gymnastics at a very young age, with the potential of remaining in the sport by becoming members of our Recreation Programme and on some occasions our Performance Squad Programme.

 

Adult Gymnastics

 

Our adult gymnastic class is still very popular, and numbers increased during this financial year.

 

During the year our Adult class was regularly used by gymnasts from other clubs to help them prepare for the Adult British Championships. We hosted our first Adult Competition this year inviting gymnasts from the whole of Ireland to compete. We received tremendous feedback which has encouraged us to make this an annual event.

 

Squads

 

Our squads offer a performance pathway for boys and girls from age 5 upwards. During the year we formed new Foundation Squads following a talent identification day. Our squad gymnasts are given the opportunity to potentially reach international level through the squad structure we have in place. With a long history of international successes, our squad programme is always in demand. We have over 90 gymnasts, male and female, on our performance pathway.

Other community benefits

 

Our Young Leadership Academy is still going strong with volunteers of age 14 upwards. Our experienced coaches provide mentoring for these young volunteers with the view that someday they will become qualified coaches and join our workforce.

 

We held an In-house Women's Artistic competition, the "Tony Byrne Invitational", inviting several Northern Ireland clubs to participate. The number of participants doubled from the previous year and reached capacity.

 

Performance

 

Salto is recognised as the National Centre of Excellence in Northern Ireland and during the year our elite gymnast Ewan McAteer represented Ireland at two World Cups and his best performance was in Cairo where he placed 17th. Eve McGibbon was selected to represent Ireland at an International in Oslo achieving a personal best all-around score.

 

Our head coach to the men’s squad programme left during the year which had a significant impact on the development of our elite boys as it took eight months to recruit a new head coach due to a long delay in the UK Visa application process.

 

Achievements

 

Our head coach to the women’s elite squad programme, David Carleton won Sport NI Performance Pathway Coach of the Year. This was a fantastic achievement by David as this is an award incorporating all sports throughout Northern Ireland.

SALTO GYMNASTIC CENTRE LIMITED
TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -

Our workforce during the year consisted of 20 staff of which 6 are full-time and 14 part-time. We are a club with a 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 coaches pass Level 1, three pass level 2 and one pass level 3 coaching qualifications.

 

Local community connections

 

We are thankful to Lisburn and Castlereagh City Council and Sport NI for their continuous support and of course our members who have been very supportive.

 

We are especially grateful to our president Lady Mary Peters for her unconditional support.

Financial review

The results for the period are as set out on pages 11 to 23. The charity returned net outgoing resources of £20,365 (2023 - net incoming resources of £16,326). At 28 February 2024 the balance of reserves was £1,298,487 (2023 - £1,318,852).

It is the policy of the company that unrestricted funds 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 to 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.

Structure, governance and management

Salto Gymnastics Club is a charity limited by guarantee, incorporated on 2 February 1999 and accepted 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 the company and guarantee to contribute £1 in the event of a winding up.

SALTO GYMNASTIC CENTRE LIMITED
TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 4 -
Statement of trustees responsibilities

The trustees, who are also the directors of Salto Gymnastic Centre Limited for the purpose of company law, are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

 

Company Law requires the trustees to prepare financial statements 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 income and expenditure, of the charitable company for that year.

 

In preparing these financial statements, the trustees are required to:

 

- select suitable accounting policies and then apply them consistently;

 

- observe the methods and principles in the Charities SORP 2019 (FRS 102);

 

- make judgements and estimates that are reasonable and prudent;

 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

 

- prepare the financial statements on 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 the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

In accordance with the company's articles, a resolution proposing that GMcG LISBURN be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such 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.

Ms A McMaster
Charity Secretary
28 September 2024
SALTO GYMNASTIC CENTRE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SALTO GYMNASTIC CENTRE LIMITED
- 5 -

Opinion

We have audited the financial statements of Salto Gymnastic Centre Limited (the ‘company’) for the year ended 28 February 2024 which comprise the statement of financial activities, the statement 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 Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

-

give a true and fair view of the state of the charitable company's affairs as at 28 February 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's 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 ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material 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 twelve 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
- 6 -

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on 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 nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

-

the information given in the trustees report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent 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 and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

the financial 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 to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the trustees report and from the requirement to prepare a strategic report.

SALTO GYMNASTIC CENTRE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SALTO GYMNASTIC CENTRE LIMITED
- 7 -
Responsibilities of trustees

As explained more fully in the statement of trustees responsibilities, the trustees, who are also the directors of the company for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair 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 the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, 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, outlined above, to detect material misstatements in respect 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
- 8 -
Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing potential risks of material misstatement in respect of irregularities, including fraud and non-compliances with laws and regulations, we considered the following:

As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in income recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006, and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

SALTO GYMNASTIC CENTRE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SALTO GYMNASTIC CENTRE LIMITED
- 9 -
Audit response to risks identified

Our procedures to respond to the risks identified included the following:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though 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 collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

SALTO GYMNASTIC CENTRE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SALTO GYMNASTIC CENTRE LIMITED
- 10 -

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 those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Stephen Houston FCA (Senior Statutory Auditor)
for and on behalf of GMcG LISBURN
28 September 2024
Chartered Accountants
Statutory Auditor
Century House
40 Crescent Business Park
Lisburn
BT28 2GN
SALTO GYMNASTIC CENTRE LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 11 -
Unrestricted
Unrestricted
funds
funds
2024
2023
Notes
£
£
Income and endowments from:
Donations and legacies
3
2,196
5,500
Charitable activities
4
459,356
445,573
Other trading activities
5
26,861
40,147
Investments
6
3,469
219
Other income
7
5,200
20,012
Total income
497,082
511,451
Expenditure on:
Raising funds
8
15,611
18,261
Charitable activities
Promotion of lifelong physical activity through gymnastics
9
501,836
476,864
Total expenditure
517,447
495,125
Net income/(expenditure) and movement in funds
(20,365)
16,326
Reconciliation of funds:
Fund balances at 1 March 2023
1,318,852
1,302,526
Fund balances at 28 February 2024
1,298,487
1,318,852

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

SALTO GYMNASTIC CENTRE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2024
28 February 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
15
960,450
987,042
Current assets
Stocks
16
5,129
2,451
Debtors
17
10,501
11,915
Cash at bank and in hand
343,314
326,160
358,944
340,526
Creditors: amounts falling due within one year
18
(20,907)
(8,716)
Net current assets
338,037
331,810
Total assets less current liabilities
1,298,487
1,318,852
Income funds
Unrestricted funds
Designated funds
20
15,000
17,000
General unrestricted funds
20
1,283,487
1,301,852
1,298,487
1,318,852
1,298,487
1,318,852

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

The financial statements were authorised and approved by the trustees and authorised for issue on
28 September 2024
28 September 2024
and signed on its behalf by:
Mr A O'Reilly
Mr G Neill
Trustee
Trustee
Company registration number NI035533
SALTO GYMNASTIC CENTRE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
44,667
94,486
Investing activities
Purchase of tangible fixed assets
(32,066)
(130,284)
Proceeds from disposal of tangible fixed assets
1,084
15,500
Investment income received
3,469
219
Net cash used in investing activities
(27,513)
(114,565)
Net cash used in financing activities
-
-
Net increase/(decrease) in cash and cash equivalents
17,154
(20,079)
Cash and cash equivalents at beginning of year
326,160
346,239
Cash and cash equivalents at end of year
343,314
326,160
SALTO GYMNASTIC CENTRE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 14 -
1
Accounting policies
Charity information

Salto Gymnastic Centre Limited is a private company limited by guarantee incorporated in Northern Ireland. The registered office is City of Lisburn National Gymnastic, Warren Park, Lisburn, BT28 1LW.

1.1
Accounting convention

The financial statements have been prepared in accordance with the company's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of 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)". The company is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the 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 future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

1.4
Income
Income is recognised when the company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations 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 can be measured reliably by the charity; this is normally upon notification 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 to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under one 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 assist the work of the charity but do not directly represent charitable activities 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 at 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 note 9.

SALTO GYMNASTIC CENTRE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies (Continued)
- 15 -
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 values over their useful lives on the following bases:

Freehold land and buildings
20% straight line
Plant and equipment
20% reducing balance
Fixtures and fittings
15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Stocks

Stocks are stated 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 at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised 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 transaction 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.

SALTO GYMNASTIC CENTRE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies (Continued)
- 16 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially 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’s contractual obligations expire or are discharged or cancelled.

1.10
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
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 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 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 them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in assets lives can have a significant impact on depreciation charges for the period. Detail of the useful lives is included in the accounting policies.

Restricted and unrestricted funds

Judgements are made in relation to 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.

SALTO GYMNASTIC CENTRE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 17 -
3
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£

Grants receivable for core activities

2,196
5,500
Grants receivable for core activities
Lisburn & Castlereagh City Council
2,196
3,000
Macron
-
2,500
2,196
5,500
4
Income from charitable activities
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£

Fees & subscriptions

447,701
436,311

Competition income

11,655
9,262
459,356
445,573
5
Income from other trading activities
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£

Vending & Fundraising Income

4,118
8,935

Shop & Merchandise Income

12,396
11,714

Accommodation Income

4,679
9,072

Gift Aid Receipts

5,668
10,426
Other trading activities
26,861
40,147
SALTO GYMNASTIC CENTRE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 18 -
6
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Interest receivable
3,469
219
7
Other income
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Net gain on disposal of tangible fixed assets
267
10,594

Insurance Claims Receivable

4,933
9,418
5,200
20,012
8
Expenditure on raising funds
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Trading costs

Shop costs

15,611
18,261
SALTO GYMNASTIC CENTRE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 19 -
9
Charitable activities

Promotion of lifelong physical activity through gymnastics

2024
2023
£
£
Staff costs
314,246
320,594
Depreciation and impairment
57,841
59,542

Rates & water charges

7,740
1,105

Light & heat

32,836
20,363

Repairs & maintenance

23,973
13,402

Insurance

11,078
11,077

Travel & competition fees

17,814
16,789

Legal & professional fees

2,473
1,230

Telephone

1,312
1,018

Stationery & sundry expenses

8,443
7,335
477,756
452,455
Share of support costs (see note 10)
20,780
21,409
Share of governance costs (see note 10)
3,300
3,000
501,836
476,864
10
Support costs
Support costs
Governance costs
2024
Support costs
Governance costs
2023
£
£
£
£
£
£

Development & Admin wages and training

3,763
-
3,763
5,311
-
5,311

Bank Charges

17,017
-
17,017
16,098
-
16,098
Audit & accountancy fees
-
3,300
3,300
-
3,000
3,000
20,780
3,300
24,080
21,409
3,000
24,409
Analysed between
Charitable activities
20,780
3,300
24,080
21,409
3,000
24,409

Governance costs includes payments to the auditors of £3,150 (2023- £3,000) for audit fees.

SALTO GYMNASTIC CENTRE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 20 -
11
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
3,300
3,000
Depreciation of owned tangible fixed assets
57,841
59,542
Profit on disposal of tangible fixed assets
(267)
(10,594)
12
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the company during the year.
13
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Coaching Staff
20
21
Admin & Development Staff
2
2
Total
22
23
Employment costs
2024
2023
£
£
Wages and salaries
291,357
300,187
Social security costs
11,753
11,845
Other pension costs
11,136
8,562
314,246
320,594

The charity considers its key management personnel to comprise of the Board of Directors, the Chief Executive, the office manager, the recreation manager, the head of the MAG squad and the head of the WAG squad. The total employment benefits including employer pension contributions of the key management personnel were £121,792 (2023 - £140,297).

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.

SALTO GYMNASTIC CENTRE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 21 -
15
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 March 2023
1,217,069
320,681
111,562
1,649,312
Additions
-
20,191
11,875
32,066
Disposals
-
-
(2,808)
(2,808)
At 28 February 2024
1,217,069
340,872
120,629
1,678,570
Depreciation and impairment
At 1 March 2023
388,893
238,212
35,165
662,270
Depreciation charged in the year
24,341
20,532
12,968
57,841
Eliminated in respect of disposals
-
-
(1,991)
(1,991)
At 28 February 2024
413,234
258,744
46,142
718,120
Carrying amount
At 28 February 2024
803,835
82,128
74,487
960,450
At 28 February 2023
828,177
82,468
76,397
987,042
16
Stocks
2024
2023
£
£
Raw materials and consumables
5,129
2,451
17
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
6,891
8,727
Prepayments and accrued income
3,610
3,188
10,501
11,915
18
Creditors: amounts falling due within one year
2024
2023
£
£
Other taxation and social security
4,385
(821)
Other creditors
2,240
2,181
Accruals and deferred income
14,282
7,356
20,907
8,716
SALTO GYMNASTIC CENTRE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 22 -
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
11,136
8,562

The company operates a defined contribution pension scheme for all qualifying employees. The 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 to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 March 2023
Incoming resources
Resources expended
Transfers
At 28 February 2024
£
£
£
£
£
Gym repairs and maintenance
17,000
-
(17,000)
15,000
15,000
General funds
1,301,852
497,082
(500,447)
(15,000)
1,283,487
1,318,852
497,082
(517,447)
-
1,298,487
Previous year:
At 1 March 2022
Incoming resources
Resources expended
Transfers
At 28 February 2023
£
£
£
£
£
Gym repairs and mantenance
-
17,000
-
-
17,000
General funds
1,302,526
494,451
(495,125)
-
1,301,852
1,302,526
511,451
(495,125)
-
1,318,852

The board has agreed to designate the above funds for roof repairs that are required for the gym.

21
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
749
749
Between two and five years
1,498
2,246
2,247
2,995
SALTO GYMNASTIC CENTRE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 23 -
22
Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

23
Cash generated from operations
2024
2023
£
£
(Deficit)/surplus for the year
(20,365)
16,326
Adjustments for:
Investment income recognised in statement of financial activities
(3,469)
(219)
Gain on disposal of tangible fixed assets
(267)
(10,594)
Depreciation and impairment of tangible fixed assets
57,841
59,542
Movements in working capital:
(Increase) in stocks
(2,678)
(1,451)
Decrease in debtors
1,414
32,663
Increase/(decrease) in creditors
12,191
(1,781)
Cash generated from operations
44,667
94,486
24
Analysis of changes in net funds

The company had no material debt during the year.

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