Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312024-03-31002023-04-01181falsefalsefalseThe principal activity is supporting gymnastics in Britain.191 01630001 2023-04-01 2024-03-31 01630001 2022-04-01 2023-03-31 01630001 2024-03-31 01630001 2023-03-31 01630001 2022-04-01 01630001 2 2022-04-01 2023-03-31 01630001 d:Director1 2023-04-01 2024-03-31 01630001 d:Director3 2023-04-01 2024-03-31 01630001 d:Director4 2023-04-01 2024-03-31 01630001 d:Director6 2023-04-01 2024-03-31 01630001 d:Director7 2023-04-01 2024-03-31 01630001 d:Director8 2023-04-01 2024-03-31 01630001 d:Director9 2023-04-01 2024-03-31 01630001 d:Director10 2023-04-01 2024-03-31 01630001 d:Director11 2023-04-01 2024-03-31 01630001 d:Director16 2023-04-01 2024-03-31 01630001 d:Director17 2023-04-01 2024-03-31 01630001 d:Director17 2024-03-31 01630001 d:Director18 2023-04-01 2024-03-31 01630001 d:Director19 2023-04-01 2024-03-31 01630001 d:Director19 2024-03-31 01630001 d:RegisteredOffice 2023-04-01 2024-03-31 01630001 e:PlantMachinery 2023-04-01 2024-03-31 01630001 e:PlantMachinery 2024-03-31 01630001 e:PlantMachinery 2023-03-31 01630001 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 01630001 e:MotorVehicles 2023-04-01 2024-03-31 01630001 e:FurnitureFittings 2023-04-01 2024-03-31 01630001 e:FurnitureFittings 2024-03-31 01630001 e:FurnitureFittings 2023-03-31 01630001 e:FurnitureFittings e:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 01630001 e:OfficeEquipment 2023-04-01 2024-03-31 01630001 e:OfficeEquipment 2024-03-31 01630001 e:OfficeEquipment 2023-03-31 01630001 e:OfficeEquipment e:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 01630001 e:ComputerEquipment 2023-04-01 2024-03-31 01630001 e:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 01630001 e:OtherPropertyPlantEquipment 2024-03-31 01630001 e:OtherPropertyPlantEquipment 2023-03-31 01630001 e:OtherPropertyPlantEquipment e:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 01630001 e:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 01630001 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-01 2024-03-31 01630001 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 01630001 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 01630001 e:CopyrightsPatentsTrademarksServiceOperatingRights 2023-04-01 2024-03-31 01630001 e:CopyrightsPatentsTrademarksServiceOperatingRights 2024-03-31 01630001 e:CopyrightsPatentsTrademarksServiceOperatingRights 2023-03-31 01630001 e:CurrentFinancialInstruments 2024-03-31 01630001 e:CurrentFinancialInstruments 2023-03-31 01630001 e:Non-currentFinancialInstruments 2024-03-31 01630001 e:Non-currentFinancialInstruments 2023-03-31 01630001 e:CurrentFinancialInstruments e:WithinOneYear 2024-03-31 01630001 e:CurrentFinancialInstruments e:WithinOneYear 2023-03-31 01630001 e:Non-currentFinancialInstruments e:AfterOneYear 2024-03-31 01630001 e:Non-currentFinancialInstruments e:AfterOneYear 2023-03-31 01630001 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-03-31 01630001 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-03-31 01630001 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2024-03-31 01630001 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-03-31 01630001 e:OtherMiscellaneousReserve 2023-04-01 2024-03-31 01630001 e:OtherMiscellaneousReserve 2024-03-31 01630001 e:OtherMiscellaneousReserve 2022-04-01 2023-03-31 01630001 e:OtherMiscellaneousReserve 2023-03-31 01630001 e:OtherMiscellaneousReserve 2022-04-01 01630001 e:OtherMiscellaneousReserve 2 2022-04-01 2023-03-31 01630001 e:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 01630001 e:RetainedEarningsAccumulatedLosses 2024-03-31 01630001 e:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 01630001 e:RetainedEarningsAccumulatedLosses 2023-03-31 01630001 e:RetainedEarningsAccumulatedLosses 2022-04-01 01630001 e:RetainedEarningsAccumulatedLosses 2 2022-04-01 2023-03-31 01630001 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-03-31 01630001 d:FRS102 2023-04-01 2024-03-31 01630001 d:Audited 2023-04-01 2024-03-31 01630001 d:FullAccounts 2023-04-01 2024-03-31 01630001 d:CompanyLimitedByGuarantee 2023-04-01 2024-03-31 01630001 e:Subsidiary1 2023-04-01 2024-03-31 01630001 e:Subsidiary1 1 2023-04-01 2024-03-31 01630001 e:WithinOneYear 2024-03-31 01630001 e:WithinOneYear 2023-03-31 01630001 e:BetweenOneFiveYears 2024-03-31 01630001 e:BetweenOneFiveYears 2023-03-31 01630001 e:PlantEquipmentOtherAssetsUnderOperatingLeases 2024-03-31 01630001 e:PlantEquipmentOtherAssetsUnderOperatingLeases 2023-03-31 01630001 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:WithinOneYear 2024-03-31 01630001 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:WithinOneYear 2023-03-31 01630001 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:BetweenOneFiveYears 2024-03-31 01630001 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:BetweenOneFiveYears 2023-03-31 01630001 d:Consolidated 2024-03-31 01630001 d:ConsolidatedGroupCompanyAccounts 2023-04-01 2024-03-31 01630001 e:DevelopmentCostsCapitalisedDevelopmentExpenditure e:ExternallyAcquiredIntangibleAssets 2023-04-01 2024-03-31 01630001 e:CopyrightsPatentsTrademarksServiceOperatingRights e:ExternallyAcquiredIntangibleAssets 2023-04-01 2024-03-31 01630001 2 2023-04-01 2024-03-31 01630001 6 2023-04-01 2024-03-31 01630001 e:ExternallyAcquiredIntangibleAssets 2023-04-01 2024-03-31 01630001 e:DevelopmentCostsCapitalisedDevelopmentExpenditure e:OwnedIntangibleAssets 2023-04-01 2024-03-31 01630001 e:CopyrightsPatentsTrademarksServiceOperatingRights e:OwnedIntangibleAssets 2023-04-01 2024-03-31 01630001 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 01630001










BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
(A company limited by guarantee)










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
 
(A company limited by guarantee)
 
 
COMPANY INFORMATION


Directors
Helen Phillips MBE, Non-Executive Director - President 
Mike Darcey, Non-Executive Director - Chair 
Danusia May Francis-Reid, Non-Executive Director 
Joanna Madyarchyk, Non-Executive Director 
Alastair Marks, Non-Executive Director 
Howard Marsh, Non-Executive Director 
Adam Pengilly, Non-Executive Director 
Tracey Singlehurst-Ward, Non-Executive Director 
Gary Tolometti, Non-Executive Director 
Sarah Powell, Chief Executive Officer 
Gareth Harvey, Executive Director (resigned 27 June 2024)
Andrew Tombs, Executive Director 
Chris Davison, Executive Director (appointed 2 September 2024)




Registered number
01630001



Registered office
Lilleshall National Sports Centre

Newport

Shropshire

TF10 9AT




Independent auditors
WR Partners
Chartered Accountants & Statutory Auditors

Belmont House

Shrewsbury Business Park

Shrewsbury

Shropshire

SY2 6LG





 
BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
 
(A company limited by guarantee)
 

CONTENTS



Page
Group strategic report
 
1 - 12
Directors' report
 
13 - 15
Independent auditors' report
 
16 - 19
Consolidated statement of comprehensive income
 
20
Consolidated balance sheet
 
21
Company balance sheet
 
22
Consolidated statement of changes in equity
 
23
Company statement of changes in equity
 
24
Consolidated statement of cash flows
 
25 - 26
Notes to the financial statements
 
27 - 50


 
BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
 
(A company limited by guarantee)
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The Directors present their Strategic Report on the group for the year ended 31 March 2024.

Business review
 
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). 
 
Page 1

 
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.
ole1186.png
Page 2

 
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.


Page 3

 
BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
 
(A company limited by guarantee)
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Principal risks and uncertainties
 
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. 
 
Page 4

 
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.
ole4d11.png
 
Page 5

 
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.
 
Page 6

 
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
 
Page 7

 
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.
 
Page 8

 
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.
 
Page 9

 
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)
 
Page 10

 
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.
 
Page 11

 
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.

Financial key performance indicators
 
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.





................................................
Mike Darcey, Non-Executive Director - Chair
Date: 6 November 2024

Page 12

 
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.

Directors' responsibilities statement

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.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the surplus or deficit of the Group for that period.

 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 2006They 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.

Results

The deficit for the year, after taxation, amounted to £818,150 (2023 - deficit £2,803,455).

Page 13

 
BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)

(A company limited by guarantee)
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


Directors

The Directors who served during the year were:

Helen Phillips MBE, Non-Executive Director - President 
Mike Darcey, Non-Executive Director - Chair 
Danusia Francis-Reid, Non-Executive Director 
Joanna Madyarchyk, Non-Executive Director 
Alastair Marks, Non-Executive Director 
Howard Marsh, Non-Executive Director `
Adam Pengilly, Non-Executive Director 
Tracey Singlehurst-Ward, Non-Executive Director 
Gary Tolometti, Non-Executive Director 
Sarah Powell, Chief Executive Officer 
Gareth Harvey, Executive Director (resigned 27 June 2024)
Andrew Tombs, Executive Director 

Future developments

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.

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end that would impact these financial statements. 

Page 14

 
BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)

(A company limited by guarantee)
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


Auditors

The auditorsWR Partnerswill 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.
 





................................................
Mike Darcey, Non-Executive Director - Chair

Date: 6 November 2024

Page 15

 
BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)

(A company limited by guarantee)
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
 

Opinion


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 policiesThe 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 Group's and of the parent Company's affairs as at 31 March 2024 and of the Group's loss 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 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.


Conclusions relating to going concern


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.


Page 16

 
BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)

(A company limited by guarantee)
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE) (CONTINUED)


Other information


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 ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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.


Matters on which we are required to report by exception
 

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.


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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 17

 
BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)

(A company limited by guarantee)
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE) (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 13, the Directors 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 Directors 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 Directors are responsible for assessing the Group's and the parent 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 Directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditors' 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 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.


Page 18

 
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.


Use of our 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 2006Our 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.





Andrew Malpass BA FCA (Senior statutory auditor)
  
for and on behalf of
WR Partners
 
Chartered Accountants
Statutory Auditors
  
Belmont House
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

 
Date: 
6 November 2024
Page 19

 
BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
 
(A company limited by guarantee)
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
20,268,217
18,616,261

Cost of sales
  
(15,393,071)
(14,916,297)

Gross profit
  
4,875,146
3,699,964

Administrative expenses
  
(5,791,316)
(6,727,605)

Other operating income
 5 
-
521,174

Fair value movements on investments
  
283,433
(553,457)

Operating loss
 6 
(632,737)
(3,059,924)

Income from fixed assets investments
  
1,033
-

(Loss) / gain on sale of investments
  
(44,044)
129,332

Interest receivable and similar income
 12 
14,509
19,591

Interest payable and similar expenses
  
(156,911)
-

Loss before taxation
  
(818,150)
(2,911,001)

Tax on loss
 14 
-
107,546

Loss for the financial year
  
(818,150)
(2,803,455)

(Loss) for the year attributable to:
  

Owners of the parent Company
  
(818,150)
(2,803,455)

  
(818,150)
(2,803,455)

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 27 to 50 form part of these financial statements.



Page 20

 
BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
 
(A company limited by guarantee)
REGISTERED NUMBER: 01630001

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 16 
863,437
842,921

Tangible assets
 17 
296,437
325,242

Investments
 18 
3,711,718
4,388,177

  
4,871,592
5,556,340

Current assets
  

Stocks
 19 
407,833
456,710

Debtors: amounts falling due within one year
 20 
1,107,869
2,048,751

Cash at bank and in hand
 21 
2,842,916
3,574,540

  
4,358,618
6,080,001

Creditors: amounts falling due within one year
 22 
(8,252,745)
(9,347,551)

Net current liabilities
  
 
 
(3,894,127)
 
 
(3,267,550)

Total assets less current liabilities
  
977,465
2,288,790

Creditors: amounts falling due after more than one year
 23 
(1,249,899)
(1,863,074)

Provisions for liabilities
  

Other provisions
 25 
(240,000)
(120,000)

Net (liabilities)/assets
  
(512,434)
305,716


Capital and reserves
  

Profit and loss account
 26 
(512,434)
305,716

  
(512,434)
305,716


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mike Darcey, Non-Executive Director - Chair
................................................
Sarah Powell, Chief Executive Officer


Date: 6 November 2024

The notes on pages 27 to 50 form part of these financial statements.

Page 21

 
BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
 
(A company limited by guarantee)
REGISTERED NUMBER: 01630001

COMPANY BALANCE SHEET
AS AT 31 MARCH 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 16 
816,194
768,221

Tangible assets
 17 
296,437
324,680

Investments
 18 
3,711,720
4,388,179

  
4,824,351
5,481,080

Current assets
  

Stocks
 19 
30,827
38,835

Debtors: amounts falling due within one year
 20 
1,189,681
2,029,103

Cash at bank and in hand
 21 
2,814,202
3,555,448

  
4,034,710
5,623,386

Creditors: amounts falling due within one year
 22 
(8,147,691)
(9,250,829)

Net current liabilities
  
 
 
(4,112,981)
 
 
(3,627,443)

Total assets less current liabilities
  
711,370
1,853,637

  

Creditors: amounts falling due after more than one year
 23 
(1,249,899)
(1,863,074)

Provisions for liabilities
  

Other provisions
 25 
(240,000)
(120,000)

Net liabilities
  
(778,529)
(129,437)


Capital and reserves
  

Profit and loss account
 26 
(778,529)
(129,437)

  
(778,529)
(129,437)


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mike Darcey, Non-Executive Director - Chair
................................................
Sarah Powell, Chief Executive Officer


Date: 6 November 2024

Page 22

 
BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
 
(A company limited by guarantee)
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Reserve for long term projects
Profit and loss account
Total equity

£
£
£


At 1 April 2022
3,400,000
(290,829)
3,109,171


Comprehensive income for the year

Loss for the year
-
(2,803,455)
(2,803,455)

Transfer between reserves
(3,400,000)
3,400,000
-
Total comprehensive income for the year
(3,400,000)
596,545
(2,803,455)



At 1 April 2023
-
305,716
305,716


Comprehensive income for the year

Loss for the year
-
(818,150)
(818,150)
Total comprehensive income for the year
-
(818,150)
(818,150)


At 31 March 2024
-
(512,434)
(512,434)


The notes on pages 27 to 50 form part of these financial statements.

Page 23

 
BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
 
(A company limited by guarantee)
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Reserve for long term projects
Profit and loss account
Total equity

£
£
£


At 1 April 2022
3,400,000
218,755
3,618,755


Comprehensive income for the year

Loss for the year
-
(3,748,192)
(3,748,192)

Transfers
(3,400,000)
3,400,000
-
Total comprehensive income for the year
(3,400,000)
(348,192)
(3,748,192)



At 1 April 2023
-
(129,437)
(129,437)


Comprehensive income for the year

Loss for the year
-
(649,092)
(649,092)
Total comprehensive income for the year
-
(649,092)
(649,092)


At 31 March 2024
-
(778,529)
(778,529)


The notes on pages 27 to 50 form part of these financial statements.

Page 24

 
BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
 
(A company limited by guarantee)
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

As restated
2024
2023
£
£

Cash flows from operating activities

Loss for the financial year
(818,150)
(2,803,455)

Adjustments for:

Amortisation of intangible assets
293,745
272,415

Depreciation of tangible assets
229,739
260,274

(Profit) on disposal of tangible assets
(2,820)
-

Interest paid
156,911
-

Interest received
(15,542)
(19,591)

Taxation charge
-
(107,546)

Decrease in stocks
48,877
119,215

Decrease/(increase) in debtors
940,882
(285,452)

(Decrease)/increase in creditors
(1,211,295)
714,764

Increase in provisions
120,000
120,000

Net fair value (gains)/losses recognised in P&L
(283,433)
553,457

Corporation tax received/(paid)
3,314
(105,708)

Loss/(gain) on sale of investments
44,044
(129,332)

Net cash generated from operating activities

(493,728)
(1,410,959)


Cash flows from investing activities

Purchase of intangible fixed assets
(314,261)
(33,281)

Purchase of tangible fixed assets
(200,934)
(51,638)

Sale of tangible fixed assets
2,820
-

Purchase of listed investments
-
(88,731)

Sale of listed investments
1,005,002
2,097,756

Revaluations of unlisted and other investments
(89,154)
-

Interest received
14,509
19,591

Dividends received
1,033
-

Impairment of unlisted investments
-
837,282

Net cash from investing activities

419,015
2,780,979
Page 25

 
BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)
 
(A company limited by guarantee)
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

As restated

2024
2023

£
£



Cash flows from financing activities

Repayment of loans
(500,000)
(333,333)

Interest paid
(156,911)
-

Net cash used in financing activities
(656,911)
(333,333)

Net (decrease)/increase in cash and cash equivalents
(731,624)
1,036,687

Cash and cash equivalents at beginning of year
3,574,540
2,537,853

Cash and cash equivalents at the end of year
2,842,916
3,574,540


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,842,916
3,574,540

2,842,916
3,574,540


Page 26

 
BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Basis of Consolidation

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.

 
2.3

Going concern

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

 
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)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured.
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.

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

Page 28

 
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)

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.11

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

 
2.12

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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:

Development expenditure
-
2 years or 4 years, from the date of first use
Software
-
2 years, from the date of first use

Page 29

 
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)

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Plant and machinery
-
Between 5 and 10 years
Motor vehicles
-
5 years
Fixtures and fittings
-
Between 5 and 10 years
Office equipment
-
Between 2 and 4 years
Assets under construction
-
Between 2 and 4 years

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.

 
2.14

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

Page 30

 
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)

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.16

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.17

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.18

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than six months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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.

 
2.19

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 31

 
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)

 
2.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.21

Financial instruments

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

 
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)


2.21
Financial instruments (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

 
BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.
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.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Grants received
6,192,111
5,491,057

Membership
9,359,435
8,532,357

Other
4,716,671
4,592,847

20,268,217
18,616,261


All turnover arose within the United Kingdom.

Page 34

 
BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Other operating income

2024
2023
£
£

Other operating income
-
521,174

-
521,174



6.


Operating profit/loss

The operating profit/loss is stated after charging:

2024
2023
£
£

Depreciation and amortisation
398,826
353,097

Other operating lease rentals
40,020
11,401


7.


Analysis of income and expenditure by fund provider

Grant Income
Staff Expenditure
Other Costs
Total Expenditure
        £
        £
        £
        £

UK Sport

3,424,647

1,083,891

2,637,534
 
3,721,425
 
Sport England

2,193,527

1,214,922

1,100,626
 
2,315,548
 
Sport Northern Ireland

143,863

119,745

24,118
 
143,863
 

5,762,037

2,418,558

3,762,278
 
6,180,836
 


8.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Group's auditors for the audit of the consolidated and parent Company's financial statements
19,050
17,500

Page 35

 
BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Employees

Staff costs, including Directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
6,586,010
6,646,211
6,567,424
6,609,038

Social security costs
738,387
675,228
736,345
672,581

Cost of defined contribution scheme
489,097
303,644
486,561
302,523

7,813,494
7,625,083
7,790,330
7,584,142


During the year £10,980 (2023: £369,806) was paid in redundancy costs. All amounts were settled in the financial year. 
During the year key management received total remuneration and pension contributions of £1,087,755 (2023: £990,875).

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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









192
183
191
181

Page 36

 
BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
358,349
470,324

Group contributions to defined contribution pension schemes
25,414
44,499

383,763
514,823


During the year retirement benefits were accruing to 2 Directors (2023 - 4) in respect of defined contribution pension schemes.

The highest paid Director received remuneration of £158,987 (2023 - £157,000).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £15,307 (2023 - £19,958).


11.


Income from investments

2024
2023
£
£



Dividends received
1,033
-

1,033
-





12.


Interest receivable

2024
2023
£
£


Other interest receivable
14,509
19,591

14,509
19,591


13.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
156,911
-

156,911
-

Page 37

 
BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
-
(107,546)


-
(107,546)


Total current tax
-
(107,546)

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(818,150)
(2,911,001)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
(204,538)
(553,090)

Effects of:


Disallowable income and expenditure
53,122
484,818

Capital allowances for year in excess of depreciation
108,209
50,155

Utilisation of tax losses
(24,323)
-

Adjustments to tax charge in respect of prior periods
-
(107,546)

Book profit on chargeable assets
10,306
(80,635)

Capital gains
57,224
80,341

Unrelieved tax losses carried forward
-
102,474

Group relief
-
(84,063)

Total tax charge for the year
-
(107,546)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 38

 
BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Parent company surplus for the year

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 £649,092 (2023 - deficit £3,748,192).


16.


Intangible assets

Group





Development expenditure
Software
Total

£
£
£



Cost


At 1 April 2023
1,117,184
33,281
1,150,465


Additions
264,992
49,269
314,261



At 31 March 2024

1,382,176
82,550
1,464,726



Amortisation


At 1 April 2023
307,544
-
307,544


Charge for the year on owned assets
272,437
21,308
293,745



At 31 March 2024

579,981
21,308
601,289



Net book value



At 31 March 2024
802,195
61,242
863,437



At 31 March 2023
809,640
33,281
842,921



Page 39

 
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)

Company




Development expenditure
Software
Total

£
£
£



Cost


At 1 April 2023
979,899
33,281
1,013,180


Additions
264,992
49,269
314,261



At 31 March 2024

1,244,891
82,550
1,327,441



Amortisation


At 1 April 2023
244,959
-
244,959


Charge for the year
244,980
21,308
266,288



At 31 March 2024

489,939
21,308
511,247



Net book value



At 31 March 2024
754,952
61,242
816,194



At 31 March 2023
734,940
33,281
768,221

Page 40

 
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

Group






Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Other fixed assets
Total

£
£
£
£
£
£



Cost


At 1 April 2023
1,333,140
15,376
215,225
570,512
322,017
2,456,270


Additions
11,486
-
50,484
138,964
-
200,934


Disposals
(536,083)
-
(77,192)
(783,663)
-
(1,396,938)


Transfers between classes
(24,030)
-
29,875
316,172
(322,017)
-



At 31 March 2024
784,513
15,376
218,392
241,985
-
1,260,266



Depreciation


At 1 April 2023
1,061,372
15,376
206,451
535,439
312,390
2,131,028


Charge for the year on owned assets
151,195
-
11,266
67,278
-
229,739


Disposals
(536,083)
-
(77,192)
(783,663)
-
(1,396,938)


Transfers between classes
(21,495)
-
27,340
306,545
(312,390)
-



At 31 March 2024
654,989
15,376
167,865
125,599
-
963,829



Net book value



At 31 March 2024
129,524
-
50,527
116,386
-
296,437



At 31 March 2023
271,768
-
8,774
35,073
9,627
325,242

Page 41

 
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)


Company






Plant and machinery
Fixtures and fittings
Office equipment
Other fixed assets
Total

£
£
£
£
£

Cost


At 1 April 2023
1,333,140
58,624
570,512
322,017
2,284,293


Additions
11,486
50,484
138,964
-
200,934


Disposals
(536,083)
(72,223)
(783,663)
-
(1,391,969)


Transfers between classes
(24,030)
29,875
316,172
(322,017)
-



At 31 March 2024
784,513
66,760
241,985
-
1,093,258



Depreciation


At 1 April 2023
1,061,372
50,412
535,439
312,390
1,959,613


Charge for the year on owned assets
151,195
10,704
67,278
-
229,177


Disposals
(536,083)
(72,223)
(783,663)
-
(1,391,969)


Transfers between classes
(21,495)
27,340
306,545
(312,390)
-



At 31 March 2024

654,989
16,233
125,599
-
796,821



Net book value



At 31 March 2024
129,524
50,527
116,386
-
296,437



At 31 March 2023
271,768
8,212
35,073
9,627
324,680






Page 42

 
BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

18.


Fixed asset investments

Group





Listed investments
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 April 2023
3,225,459
1,162,718
4,388,177


Disposals
(1,049,046)
-
(1,049,046)


Revaluations
283,433
89,154
372,587



At 31 March 2024
2,459,846
1,251,872
3,711,718




Company





Investments in subsidiary companies
Listed investments
Unlisted investments
Total

£
£
£
£



Cost or valuation


At 1 April 2023
2
3,225,459
1,162,718
4,388,179


Disposals
-
(1,049,046)
-
(1,049,046)


Revaluations
-
283,433
89,154
372,587



At 31 March 2024
2
2,459,846
1,251,872
3,711,720




Page 43

 
BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Investment Split
ole2612.png


Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Gymnastics Enterprises Limited
   Lilleshall National
Sports Centre.
Newport. Shropshire.
TF10 9AT
Ordinary
100%

Page 44

 
BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

19.


Stocks

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Finished goods and goods for resale
407,833
456,710
30,827
38,835

407,833
456,710
30,827
38,835


During the year impairment reversals totalling £37,312 (2023: losses totalling £235,502) were recognised in the Group's profit and loss account.


20.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
453,693
724,552
333,500
719,288

Amounts owed by group undertakings
-
-
289,602
-

Other debtors
389,636
124,665
302,039
110,959

Prepayments and accrued income
264,540
1,199,534
264,540
1,198,856

1,107,869
2,048,751
1,189,681
2,029,103



21.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
2,842,916
3,574,540
2,814,202
3,555,448

2,842,916
3,574,540
2,814,202
3,555,448


Cash balances include amounts received from Sports Councils which can only be used for the purpose for which the grants were awarded, and have not yet been spent.

Page 45

 
BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

22.


Creditors: Amounts falling due within one year

Group

Group
As restated
Company

Company
As restated
2024
2023
2024
2023
£
£
£
£

Bank loans
500,000
500,000
500,000
500,000

Trade creditors
795,240
764,127
736,423
699,461

Corporation tax
3,314
-
3,314
-

Other taxation and social security
188,467
256,185
188,467
256,185

Other creditors
222,071
81,593
222,071
81,593

Accruals and deferred income
6,543,653
7,745,646
6,497,416
7,713,590

8,252,745
9,347,551
8,147,691
9,250,829


There is an intercompany guarantee in place between The British Amateur Gymnastics Association and Gymnastics Enterprises Limited. This guarantee can only be exercised by the Association's bank.
Bank loans are secured by a fixed charge over fixed assets and stock held by the Company.


23.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
1,166,667
1,666,667
1,166,667
1,666,667

Other creditors
83,232
196,407
83,232
196,407

1,249,899
1,863,074
1,249,899
1,863,074


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.

Page 46

 
BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

24.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
500,000
500,000
500,000
500,000


500,000
500,000
500,000
500,000

Amounts falling due 1-2 years

Bank loans
500,000
500,000
500,000
500,000


500,000
500,000
500,000
500,000

Amounts falling due 2-5 years

Bank loans
666,667
1,166,667
666,667
1,166,667


666,667
1,166,667
666,667
1,166,667

1,666,667
2,166,667
1,666,667
2,166,667


Page 47

 
BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

25.


Provisions


Group and Company






Other provisions

£





At 1 April 2023 (as previously stated)
-


Prior year adjustment
120,000


At 1 April 2023 (as restated)
120,000


Charged to profit or loss
120,000



At 31 March 2024
240,000

Other provisions consist of an estimation of the settlement costs for an ongoing legal case involving the Company and Group.
Prior year restatement
The comparative figures have been restated to include the brought forward provision balance within other provisions as opposed to within the accruals balance. As a result, creditors falling due within one year have been reduced by £120,000 in the comparative figures. The profit and loss account for the year ended 31 March 2023 has remained unchanged.


26.


Reserves

Profit and loss account

The movement in the profit and loss account reserve represents the profit or loss generated during the year. 

27.


Analysis of net debt




At 1 April 2023
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

3,574,540

(731,624)

2,842,916

Debt due after 1 year

(1,666,667)

500,000

(1,166,667)

Debt due within 1 year

(500,000)

(68,399)

(568,399)


1,407,873
(300,023)
1,107,850

Page 48

 
BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


28.


Company status

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.


29.


Contingent liabilities

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.


30.


Commitments under operating leases

At 31 March 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Land and buildings

Not later than 1 year
151,335
209,928
151,335
209,928

Later than 1 year and not later than 5 years
138,724
-
138,724
-

290,059
209,928
290,059
209,928

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Other

Not later than 1 year
3,468
41,226
3,468
41,226

Later than 1 year and not later than 5 years
-
14,313
-
14,313

3,468
55,539
3,468
55,539

Page 49

 
BRITISH AMATEUR GYMNASTICS ASSOCIATION (THE)

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

31.


Related party transactions

Two directors of The British Amateur Gymnastics Association are also Trustees of British Gymnastics Foundation during the year. The British Amateur Gymnastics Association charged the British Gymnastics Foundation £324,942 (2023: £284,237) for management fees and other recharges during the year. There was a debtor balance outstanding at year end of £2,901 (2023: £122,298).
Gymnastics Enterprises Limited, the subsidiary of The British Amateur Gymnastics Association, donated £75,000 (2023: £150,000) to British Gymnastics Foundation during the year. There were no outstanding balances at the year end. 
During the year the Group made purchases totalling £238 (2023: £1,240) from First 4 Numbers Ltd, a company owned by a family member of a director. There were no outstanding balances at the year end (2023: £nil).
During the year the Group made purchases totalling £40,316 (2023: £nil) from the Federation Internationale de Gymnastique, a company with a common director. There were no amounts outstanding at year end.
During the year the Group made purchases totalling £1,555 (2023: £nil) from Heathrow Gymnastics Club, a company with a common director. There were outstanding amounts totalling £205 (2023: £nil) at year end.
During the year the Group made purchases totalling £7,863 (2023: £nil) from Hugh James Solicitors, a company with a common director. There were outstanding amounts totalling £nil (2023: £nil) at year end.
The Company is exempt from disclosing other related party transactions as they are with other companies that are wholly owned within the Group.

 
Page 50