Registered number:
(A company limited by guarantee)
FOR THE YEAR ENDED 31 MARCH 2024
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
COMPANY INFORMATION
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
CONTENTS
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The Directors present their Strategic Report on the group for the year ended 31 March 2024.
Having launched our new vision and strategy in March 2023, this marks the first full year since we published Leap Without Limits, setting out our plans to deliver an uplifting experience for all and ensure gymnastics is enjoyable, safe and open to everyone.
Within that, we have made an underpinning commitment to be relentless in our pursuit of inclusion and accessibility in gymnastics. We want everyone to have the opportunity to benefit from the fantastic benefits gymnastics offers and the brilliant foundations it provides for an active life – in doing so we know gymnastics can play its part in addressing wider societal issues. Our Vision Our united vision for gymnastics in the UK is to deliver an uplifting experience for all. It’s a vision that has been shaped by the gymnastics community, and it’s made up of three key elements: • ’Uplifting’ – to represent the many physical and mental health benefits of gymnastics, and the enjoyment it brings. • ‘Experience’ – making positive experiences for everyone central to everything we all do, including the way we involve and treat people and how we deliver gymnastics. • ‘For All’ – for everyone in gymnastics no matter how you are involved, and ensuring gymnastics is welcoming for people who haven't been involved in the past. You can access the full Leap Without Limits document which outlines how we will be making the new vision a reality here: (https://www.british-gymnastics .org/vision).
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Attendance at Board & Committee Meetings The Board of British Gymnastics (BG) is committed to the highest standards of corporate governance. The Board and its committees discharged its duties effectively throughout the year holding four Board meetings and a one- day strategy meeting with the attendance record below. In addition, all Board Committees met and operated within their terms of reference, reporting their activities to the Board.
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
(Attendance at Board & Committee Meetings continued)
As a funded sport governing body British Gymnastics is required to comply with the Code for Sports Governance. The Code specifies the Board must be externally evaluated every four years. The British Gymnastics Board underwent an independent evaluation which concluded that the Board is operating well, and within the high-performing quadrant of the evaluator’s board effectiveness model. This is a significant achievement, given the challenges of recent years. The evaluation report made recommendations for improving performance reviewed by the Board and actions identified for implementation in 2024-25. Financial Overview Although our strategy and vision remain in its infancy, following a period of restructure it is encouraging that we can report a further period of growth with income having increased from £18.6m to £20.3m, driven largely through a near 10% increase in membership. We are grateful to our members and wider community who continue to support BG and will remain relentless in our ambition to deliver an uplifting gymnastics experience for all. BG continues to progress our strategy and we have made significant investments throughout the year focused on improving the experience for our members, primarily through the roll out of a modernised, user-focused membership system. During this period of transition, investment continues to be made to provide the organisation with a platform for future growth, as such the Group made a pre-tax loss of £0.8m, however this represents a significant improvement on the prior year pre-tax loss of £2.9m and validates that we are moving in a positive direction. At an operating level, we were able to reduce the loss from £3.1m to £0.6m through a combination of effective management of overheads and a reduction in exceptional costs related to Reform 25. The cost base continues to be tightly controlled, and operational savings have been generated where possible to minimise the impact of inflationary and cost of living pressures on our members. The current year performance is funded by free cashflow and supported through BG’s investment portfolio. The portfolio is governed by an investment policy approved by the Board, with the primary investment objective to achieve sustainable capital growth within a cautious to balanced risk environment. The portfolio is managed by an external fund manager and on 31st March 2024 the market value of the investment portfolio was £3.7m. During the year the portfolio value was reduced by £1.0m for working capital requirements, offset by investment growth of £0.4m which resulted in a net reduction to the portfolio of £0.6m. Cash and cash equivalents is a key metric monitored by the Board. Detailed monthly and medium term cashflow forecasts are presented and reviewed to ensure optimal management and deployment of cash and that sufficient funds are available to meet current liabilities. As part of a wider risk management framework, BG frequently undertakes sensitivity analysis of the cashflow forecasts to model and assess severe but plausible downside scenarios. BG continues to retain the support of key funding partners which, alongside the investment portfolio, provides the Board with confidence that the organisation has sufficient liquidity to meet its requirements.
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
We recognise that effective risk management is key to ensuring the ongoing success of the organisation and maximising stakeholder value. British Gymnastics has continued to improve its risk management processes by implementing a new Risk Management Framework and specialist risk management technology. The Board has focused on defining its risk appetite, to enable effective risk-based decision-making across the organisation. All risks are now categorised and managed through implementing appropriate actions and controls, in line with our risk appetite and tolerance. All significant strategic risks are continuously monitored and reviewed at each Board meeting.
The most significant principal risks identified are as follows: Data Protection BG, like all organisations faces significant data protection risks, particularly relating to an increase in cybercrime including phishing emails, which have the potential to cause major disruption. BG continues to improve its cybersecurity position and to ensure effective recovery in the event of a significant security incident. BG has made improvements to our policy and IT architecture, increased compliance team capacity and continues to upskill staff to ensure data is appropriately handled and protected. Business Continuity and legacy systems A major incident or event could impact our ability to operate and deliver key services. The risk may be more significant because of technical complexities and some ageing legacy IT systems. BG has developed a comprehensive business continuity plan and established a business continuity management team tasked with responding to unexpected incidents and events. BG is implementing an extensive digital transformation plan, to replace legacy systems, which includes a new membership system for implementation in the 2024-25 membership year. Dual and under-registration of members An increase in dual or under-registration of members and growth in unregulated activity could place children and other people at risk, result in potential insurance conflict in the event of an accident in a dual registered club and be a source of unrest in the community if clubs are not making a fair contribution towards the running of the Association and the administration and promotion of the sport. BG has developed a Dual Registration Policy and is starting to address clubs under and/or dual registering members. BG has also engaged widely with our community to re-develop our membership proposition to meet club needs. Progress Review A year of considerable progress The review below provides an overview of some of the key activities from the year that has seen us take our first steps towards achieving our long-term vision. While it by no means covers everything we have done, it outlines how we have focused on improving our support and provision for our members and clubs, continued our reforms to transform gymnastics and protect the welfare and safety of all those involved, put in place a new strategic plan to support and develop our workforce, and made initial progress in putting inclusion at the very heart of gymnastics and everything we do.
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
(Progress Review continued)
Throw in a home World Championships and the preparations towards the Paris 2024 Olympics and it adds up to what was a significant year of progress for gymnastics and British Gymnastics (BG). TRANSFORMING OUR MEMBERSHIP Continued support and growth As a membership organisation, the experience of our members is central to everything we do, because it is you, the members, who enable this incredible sport to thrive. We once again saw membership growth for the 2023/24 membership year with existing members returning and new members signing up leading to an annual increase of 4% to 400,096 – the highest membership level since before the pandemic. Below provides a snapshot of the numbers. We hope every one of our members is proud to be part of the BG family, who together make up one of the largest membership communities in sport in the UK.
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Membership Modernisation
The past year saw the commencement of one of the biggest strategic projects we have undertaken for some time, investing significant resources to support our members through the implementation of a new, modern and user-friendly membership system. The new system will support our clubs and members in joining and renewing their membership and engaging with the sport. Prioritising a smoother and user-friendly membership experience, the number one request for us to do in feedback from member clubs. To do this we partnered with global software provider JustGo. The project continued into the 2024/25 financial year, with the first phase of implementation completed and on schedule, with the system going live in July 2024. Fairness and protection for all clubs As part of our responsibility to progress the sport forward positively we took steps to ensure all clubs follow the rules by ensuring all their members are registered with British Gymnastics. This ensures the terms of the insurance protection provided by British Gymnastics and other policies clubs may have outside of this are not invalidated. This was raised in relation to what is known as ‘dual registration’. Dual registration can compromise the protection and welfare of members, and undermines fairness for clubs, and therefore isn’t permitted under our membership rules. This can occur in several ways – an example of dual registration is where a club may have split the registration of their members between British Gymnastics and another provider, or for instance holds an additional independent insurance policy. Celebrating our sport and members The annual British Gymnastics Awards were announced in April 2023, recognising and celebrating the achievements of the most inspirational people within the gymnastics community. From outstanding elite gymnasts proudly performing on the world stage, to the passionate workforce and volunteers who deliver the benefits of gymnastics every week to communities across the country, our awards celebrated those who are making brilliant contributions across the sport. Building the foundations for active lives As a foundation sport, gymnastics helps participants explore how their bodies can move and can set them on the path towards an active life. Rise Gymnastics is our way of doing this, providing a fun-packed recreational programme and award scheme. It is a modern take on our wonderful sport and replaces the more traditional skill badge approach with a new direction that’s founded on community insight and expertise in child development and physical literacy. This year, Rise Gymnastics has flourished. Not only have 38 new clubs become Rise Gymnastics deliverers, but the programme and award scheme were nominated for a national innovation award in recognition of how it helps to give children the perfect start to an active life. To showcase the impact the programme can have, we have also welcomed on board our first Rise Gymnastics ambassador clubs in Nile Wilson Gymnastics, Jolly Gymnastics and Earls Gymnastics. Building on the core programme and award scheme, this year we also launched Rise Gymnastics competitions – our inclusive recreational competition framework that’s now available free to member clubs, leisure centres, and schools to run enjoyable competitions that let gymnasts showcase what they have learnt in a low-pressure, fun environment.
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Investing in gymnastics facilities where they are most needed
Over the course of the year, our facilities investment programme, Club Capital, supported six clubs through loans totaling £942,000. Club Capital is a social impact investment fund and offers secured and unsecured loans to enable eligible clubs to move into new, or expand or safeguard existing, dedicated gymnastics facilities. It has a particular focus on helping to create opportunities for people who may otherwise not have got involved in the sport, with evaluation of loans taking into account improvements the loan would make to accessibility of sites, deprivation areas, impact on the surrounding community and the impact to our members. Examples of the range of impact achieved as a result of the scheme this year have been Invoke seeing their membership grow by c.400 members in the 3 months since opening, Majestic establishing a new link with a local special school who are now using the facility weekly, and Spirit having had their first club gymnast selected for an international squad, made possible, in part through the improved facilities. Everyone belongs in Gymnastics In Leap Without Limits, we made a commitment to be relentless in our pursuit of inclusion and accessibility in gymnastics. To help us deliver against this commitment, we have established a new Equality, Diversity & Inclusion team, with Natasha Mills joining as EDI Lead. The initial focus of the role was leading the development of the Diversity and Inclusion Action Plan (DIAP) which was submitted to UK Sport and Sport England for approval in March. Beyond that, we have continued with the development and delivery of our inclusion strategy and associated EDI activities and programmes, providing guidance, advice and when needed challenge to ensure inclusion is always at the heart of what we do. While this work is in its early stages, examples of initiatives implemented during the year have included the addition of an inclusive clothing range to our official shop, featuring sports hijabs and unitards, to better support gymnasts in choosing clothing that is right for them, and well as publishing for the first time guidance to help gymnasts, coaches and parents during Ramadan, featuring advice on adapting to a gymnast’s needs by adapting sessions, factoring in times and reduced energy during fast. SAFEGUARDING OUR SPORT New leadership in Welfare & Safe Sport In June 2023, we continued our work to reform gymnastics with the appointment of Geraldine Costello to the newly created role of Director of Welfare & Safe Sport. The team focuses on welfare, working with the community, providing targeted support to those affected during the safeguarding process, and proactively supporting gymnasts on national Performance squads. Geraldine has played a pivotal role in leading, shaping and delivering a strategic approach to welfare and safe sport that is both positive and person-centred, ensuring the welfare of all involved in the sport is paramount in our approach and thinking. Launch of #BeTheChange campaign In the Autumn, we unveiled a major long-term campaign for gymnastics to promote a safe and fair sport. The first phase, titled #BeTheChange, encourages people to think about the positive change they can make, highlighting that as a gymnastics community, we need to support and challenge one another to be better and make our sport safer. The campaign was brought to life with a #BeTheChange film featuring our members and encouraging everyone to get involved. Further information is available at www.british-gymnastics.org/bethechange.
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Inaugural National Welfare Officer Conference
The #BeTheChange campaign was launched at our first-ever National Welfare Officer Conference in Birmingham, which brought together Club Welfare Officers from different areas and disciplines. Club Welfare Officers play such an important role within our sport. Bringing together those who take on this responsibility at gymnastics clubs and venues right across the country is just one part of what we are doing to ensure they all feel supported in helping to keep gymnastics and everyone in it safe. The conference gave those in attendance the opportunity to learn more about the positive impact of Reform ‘25 and the difference it’s making to our sport, as well as offer time to feedback on how British Gymnastics can better support Club Welfare Officers to provide an uplifting experience for all in a safe, positive and fair way. New safe sport policies Following on from this, we took another significant and positive step forward for gymnastics with the publication of the first of a series of new safe and fair sport policies to help better protect the welfare of gymnasts, covering hydration, weighing gymnasts and academic education. As a foundation sport that helps you explore and develop what your body can do, gymnastics attracts hundreds of thousands of people to take part each year, with most of these being children and young people. With that comes a responsibility for us all to ensure their welfare is protected above all else, and that they have a positive first experience of physical activity that can lead on to a happy, healthy, and active life. All the new polices are therefore rooted in the care of participants as a person first, and a gymnast second. Development of the new policies over the previous 18 months was shaped by extensive consultation with gymnasts, coaches, clubs and parents as well as experts and organisations beyond gymnastics, listening to and learning from their experience and expertise. As a result, each policy has had input from between 70-100 different members of the gymnastics community. Further information is available at www.british-gymnastics.org/safe-and-fair-sport/policies-procedures. Leading the call for change in sport In May 2023, our Chair, Mike Darcey, called on the Government to establish an independent welfare body to protect athletes across all sports. This call said that while the benefits of playing sport were clear, the number of abuse allegations across multiple sports in recent years – including British Cycling, British Swimming, British Bobsleigh and British Athletics – showed the current system often left complainants unhappy and in limbo while they waited for justice, while also saw governing bodies face significant costs dealing with safeguarding cases. Building on this call, we have since led discussions with funding partners and other national governing bodies to develop an aligned and agreed way forward for the sector on this.
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
DEVELOPING OUR PEOPLE
Re-imagining and re-focusing our learning and development in gymnastics Sport simply doesn’t happen without a workforce, and it cannot thrive without a motivated and high-quality one that embraces a culture of continuous learning and development. That’s why, as part of our new united vision of delivering an uplifting experience for all, we made a commitment to develop a new approach for learning and development in gymnastics. In November 2023 we took the next step in that journey by sharing the first version of our new strategic plan for learning and development, setting out our direction to re-imagine the way we approach learning and development in gymnastics through re-focusing on the things that are most important to best support and re-inspire anyone who makes gymnastics happen. You can read the plan in full at www.british-gymnastics.org/learning-and-development. We believe this plan is central to the ongoing development and success of our sport and the gymnastics workforce. Delivering this will improve the gymnastics experience for everyone and allow us all to benefit from it. The plan is built around six key principles, designed to guide us when making choices about what, why, when, where, who and how we do and don’t do things. These are: 1. Consistent: We improve our practice together through consistently excellent learning experiences 2. Continuous: We are on a learning journey together and committed to continually improving 3. Coherent: We make sure what we do is joined up, so people have a coherent learning journey that makes sense 4. Community: We trust each other and work together to better understand the things that will make the biggest difference across our community 5. Contemporary: We develop a blend of contemporary learning experiences that help us all feel trusted, cared for and confident. Inaugural Wellbeing Festival In August 2023 we hosted our first-ever Wellbeing Festival at Lilleshall National Sports Centre in partnership with the UK Sports Institute (UKSI). We were excited to welcome gymnasts, coaches, staff and their families in reflection of the commitment from British Gymnastics to put the care of people at the heart of what it does and how it operates. What made the festival truly special was the platform it provided for meaningful conversations, connections, and shared fun among the guests. The event’s success highlighted the strong partnership between British Gymnastics and the UK Sports Institute and showcased the commitment of the gymnastics and sports community to creating safe environments and positive experiences.
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
INSPIRING OUR NATION Showcasing the joy of gymnastics at World Gymnaestrada 2023 What an event World Gymnaestrada 2023 was. In total, 871 British gymnasts together with coaches and supporters travelled to Amsterdam to join 20,000 gymnasts from countries across the globe to form what is the biggest festival of gymnastics in the world. The atmosphere was unparalleled. World Gymnaestrada takes place every 4 years, and for the 2023 edition the Great Britain contingent was made up of 32 teams from clubs and communities across the country. Each team performed their routine several times throughout the week on stages plotted around the city and in the Amsterdam RAI Exhibition Centre. World Gymnaestrada welcomes everyone of all ages and abilities. It focuses on the joy of movement and celebrates the plethora of styles that fit under the gymnastics umbrella. Acrobatics, trampets, giant hoops, ribbons, brooms, swimming noodles – you name it, Gymnaestrada has it! It is the embodiment of our vision for gymnastics and what we set out in Leap Without Limits. Performing well on the international stage As the build-up to the Paris 2024 Olympics continued, it was a thrilling year for gymnastics on the global stage across all the gymnastic disciplines, with Great Britain securing 137 podium positions in European, World Age, World Cup and World Championships. Among the many highlights and achievements were performances from the following gymnasts and coaches who were recognised as our ‘Performances of the Year’ for 2023: • Acrobatic – Senior Men’s Group: Harry Hole, Hector Kinghorn, William Clark, Harvey Curtis-Lawrence (athletes) & Chris Rogers (Coach) • Aerobic – Senior Group: Lola Lawrence, Jessica Ryding, Freya Abrams, Lauren Graham and Molly Brown (athletes) & Leanne Markey and Kat Saunders (coaches) • Artistic (Men’s) – Jake Jarman & Ben Howells (coach) • Artistic (Women’s) – Alice Kinsella & Brett Ince (coach) • Disability Gymnastics – Charlie Welsh & Thomas Rawlinson (coach) • Double Mini Trampoline – Omo Aikeremiokha & Phil Dodson (coach) • Rhythmic – Melissa Toma (devotion Rhythmic Gymnastics Club) & Daniela Balova (coach) • TeamGym – Scarborough Junior Mixed Team & Niki Walker (coach) • Trampolining – Bryony Page & Brian Camp (coach) • Tumbling – Megan Kealy & Kathryn Peberdy (coach)
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
A home World Championships
November 2023 saw Birmingham host the Trampoline, Tumbling and DMT World Championships. Partnering with the FIG, our team put on an exceptional competition that saw over 1,000 gymnasts from 40 countries take to the competition floor to be crowned the best in the world – and what a memorable event it was. Great Britain placed second in the medal table with an impressive 11 medals. Izzy Songhurst and Zak Perzamanos were also able to secure two quota places for trampolining for Team GB at the 2024 Olympics in Paris. Bryony Page secured her World gold in front of the home crowd in Birmingham – the first of three triumphs that would see her crowned World, European and the Olympic champion all in the space of less than 300 days. Talking at the time about how much the home World Championship medal meant to her, she said: “I’m just over the moon. It was so special to medal in front of a home crowd because I may not get that opportunity again, so to do that and be part of this World Championships alongside my teammates was just amazing. I’m super proud.” Following the senior World Championships, we then hosted the World Age Competitions and made history by hosting the first-ever World Junior Championships which saw Great Britain secure six podium positions to round off a historic fortnight. Just as for the Artistic World Championships in Liverpool the previous year, the British Gymnastics Foundation’s brilliant Love to Move was selected as a legacy programme of the event. Love to move is an age and dementia-friendly seated gymnastics programme that uses simple hand movements set to music. It has been shown to improve mobility, strength and flexibility, and can also have positive effects on cognitive function and social interaction. The event organisers partnered with the British Gymnastics Foundation to train staff in local care homes to deliver Love to Move sessions. This ensured that the Love to Move would continue to benefit older adults long after the championships were over. A thriving national competition programme The World Championships wasn’t the only major competition we staged during the year, however. We also saw some impeccable talent across our British Championship competitions. We had the pleasure of hosting the Artistic British in Liverpool, Acrobatic, Aerobic and Rhythmic British in Telford, TeamGym British in Northumbria, Adult and Disability British in Lilleshall and the Trampoline, Tumbling and DMT British in Birmingham. Across the six events, we’ve saw over 2,000 British gymnasts showcase their talent and we can’t put into words the joy it brought us and the thousands of spectators and viewers. We’re blown away each year by the incredible performances and teamwork displayed. None of this would be possible without the support of coaches, parents, clubs, officials and volunteers in so many ways – thank you to each and every one of them.
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Paralympic ambition continued
British Gymnastics have continued work towards our ambition for gymnastics to become Paralympic sport by Brisbane 2032. This work has been led from a British perspective by Patrick Bonner, British Gymnastics Foundation’s Managing Director, and Dr Angela Turner, Chair of British Gymnastics’ Disability Panel – both of whom are integral members of the FIG Para-Gymnastics Working Group, which has been set up by the FIG to progress this work internationally. The working group continues to progress with the development of an FIG Code of Points and the development of a classification system for Men's and Women's Artistic Para-Gymnastics. In October 2024 the FIG will have its Congress, at which a vote will be taken to formally recognise Para-Gymnastics as a new discipline within the family of FIG disciplines. All FIG member nations will be voting on this, and if the resolution is passed, this puts Para-Gymnastics officially on the map and enables us to forge ahead with the ambitious plans we have. Thank you to those who make the sport what it is The above provides an overview of just some of the progress that was made during the year, laying strong foundations for us to build on for 2024/25 and beyond. We wanted to take a moment to thank all our members, who by becoming a BG member help to make gymnastics what it is. As the national governing body for gymnastics, we are a not-for-profit member organisation who are here for our members and for gymnastics. By joining BG, members help to make gymnastics better now and in the future through our work to deliver an uplifting gymnastics experience for all, with us investing membership fees back into supporting members and the sport through our work to promote it and develop the people, places, programmes and protection that help gymnastics and everyone in it to thrive. We’d also like to give a special mention to our dedicated workforce of coaches, club owners, judges, technical officials and safeguarding officers – all supported by an amazing army of parents and other volunteers working tirelessly behind the scenes. We are grateful to all of you, our gymnastics family, for everything you do for the sport.
Profit and loss reserve account - close monitoring of our closing reserves and overall net balance sheet position with regular reporting to the Board. For the year ended 31st March 2024 the closing balance sheet position for the group was negative £512K compared to £306K in 2023.
Cash and cash equivalents is the key metric measured by the Board. Detailed monthly and medium term cashflow forecasts are presented and reviewed ensuring sufficient funds are available to meet current liabilities and operational costs.
This report was approved by the board and signed on its behalf.
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The Directors present their report and the financial statements for the year ended 31 March 2024.
The Directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting 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;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The deficit for the year, after taxation, amounted to £818,150 (2023 - deficit £2,803,455).
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
The Directors who served during the year were:
In order to achieve its strategy, BG has embarked on major investment programmes involving facility development, coach education, improved customer experience and support for members and clubs. This will involve increased expenditure on staff and resources over this period.
There have been no significant events affecting the Group since the year end that would impact these financial statements.
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
The auditors, WR Partners, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
We have audited the financial statements of British Amateur Gymnastics Association (The) (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of 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).
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the Directors' 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 Group's or the parent 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 Directors with respect to going concern are described in the relevant sections of this report.
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE) (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The Directors 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE) (CONTINUED)
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 Auditors' 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 Group 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:
The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and the Group and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR). We understood how the Company and the Group are complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements. We assessed the susceptibility of the Company and Group's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE) (CONTINUED)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the 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 Company's members those matters we are required to state to them in an Auditors' 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 Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Belmont House
Shrewsbury Business Park
Shropshire
SY2 6LG
Date:
Page 19
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
Page 20
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
REGISTERED NUMBER: 01630001
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 27 to 50 form part of these financial statements.
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
REGISTERED NUMBER: 01630001
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
Page 23
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
Page 24
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
Page 25
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Page 26
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The Company is a private company limited by guarantee and is incorporated in England. The Company has a wholly owned subsidiary, Gymnastics Enterprises Limited, the results of which are included in the consolidated financial statements. The address of the registered office is Lilleshall National Sports Centre, Newport, Shropshire, TF10 9AT.
The principal activity is supporting gymnastics in Britain.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The Group has net current liabilities of £3,894,127 (2023: £3,267,550). The Group also holds listed investments totalling £2,459,846 (2023: £3,225,459) which could be liquidated if required to support the going concern status of the Group.
After making enquiries, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Financial resources include the investment portfolio which can be drawn upon if the need arises. The Group therefore continues to adopt the going concern basis in preparing its financial statements.
Page 27
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only. Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.
Page 28
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Page 29
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Page 30
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
Page 31
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Group's Balance sheet when the Group 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Page 32
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Page 33
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Company makes estimates and assumptions concerning the future. The resulting accounting estimates, will by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. Valuation of Intangible Fixed Assets Intangible fixed assets relate to development expenditure and are held at cost less impairment. No amortisation has been applied to the development expenditure as the assets are still within the development phase. Management perform an internal assessment of the carrying value of intangible fixed assets and consider whether any indicators of impairment are present. No impairment requirement has been identified in the year ended 31 March 2024. The carrying value of intangible fixed assets for the Group is £863,437 (2023: £842,921) of which £802,195 (2023: £809,640) relates to development expenditure.
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 35
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 36
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 37
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
There were no factors that may affect future tax charges.
Page 38
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The deficit after tax of the parent Company for the year was £
Page 39
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
16.Intangible assets (continued)
Page 40
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
17.Tangible fixed assets (continued)
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 45
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Other creditors greater than one year relate to grant funded assets that are being amortised over the life of the asset.
Bank loans are secured by a fixed charge over fixed assets and stock held by the Company.
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 47
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Profit and loss account
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The Company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
The civil claims brought against the organisation and its insurers in 2022 are still in progress. Five claims pre-date the insurance coverage retroactive date, and as such will financially revert to BG in the event of the claims being successful. The quantum and timing of any potential liability for all uninsured claims is unknown at this point.
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BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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