The Trustees present their report and accounts for the year ended 31 July 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable company's Articles of Association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
Auchterarder Gymnastics Trust is a charitable organisation. Our purposes as recorded in our constitution are the advancement of physical education and welfare of children and young adults (under 25 years of age) and those who have a disability in the Auchterarder area and surrounding district by the provision of facilities for the furtherance of health and fitness through gymnastic activities and training. We aim to:
Provide a facility and the opportunity for children and young adults, within Perthshire, to participate in, perform and enjoy the sport of gymnastics;
Promote lifelong physical, mental and social well-being through gymnastics classes and activities for all ages and abilities;
Offer coach education and development within Scottish and British Gymnastics Pathways and Programmes.
Our 2023/24 gymnastics year has been filled with fantastic achievements, competitions, and development opportunities for our gymnasts and coaches. Here’s a look back at an exciting and successful season
Our competitive squad participated with great performances, and several gymnasts secured podium placings on apparatus. Eilidh qualified to represent Scotland at the British Finals in Stoke where she contributed to the Scotland team’s 2nd place overall and achieved an individual 4th place on vault.
Both our Men’s Artistic Gymnasts (MAG) and Women’s Artistic Gymnasts WAG teams competed successfully. Our MAG teams competed and won Scottish Individual and team champion titles.
Our younger gymnasts had their first major competition experience at an invitational in Aberdeen. Dundonald Floor & Vault was another successful competition with strong performances across the board. Our 4-piece gymnasts then competed at the Holly Jolly fun competition gaining valuable experience with lots of new skills. Eilidh competed at the 2024 Scottish Championships showcasing her development at a high level. We took a number of floor & vault gymnasts to Central’s competition gaining lots of experience and podium places.
Performance & Development Grades saw 6 gymnasts successfully achieve their performance grade with Eilidh qualifying to represent Scotland at the British Grades finals in Stoke. 14 gymnasts competed with successful results at the Development Grades and 14 participated in the Preparation Grades achieving excellent outcomes. We took 13 gymnasts to compete internationally at Ypres in Belgium, providing them with valuable experience.
We took 16 gymnasts to Scottish Gymnastics Gymfest in Ravenscraig Sports Centre where they performed their routine Saturday and Sunday. We entered the Perth & Kinross beginners’ competition which also gave our 6yrs and 7yrs gymnasts the opportunity to compete.
Emma, Ceara & Erin all passed their Level 1 coaching award. We ran 2 recreational summer camps which are always really good fun for all the gymnasts and coaches involved. Our squad gymnasts enjoyed a 3 day training camp in Largs.
With such a fantastic year behind us, we are looking forward to another year of growth, competitions and success. Thank you to all our gymnasts, coaches and supporters for making this an outstanding year!
The trust reported a surplus of £13,676 during the year (2023: £2,210 deficit) which increased the year-end balance on totals funds to £463,804 (2023: £450,128).
Reserves Policy
The charity’s reserves at 31 July 2024 were £463,804 (2023: £450,128), including unrestricted reserves of £433,470 (2023: £401,475).
The Trust has Designated Reserves - those which the Trustees hold for specific purposes albeit the Trustees can re-designate if they deem appropriate.
The Designated Funds are:
The Building Fund Auchterarder - the fund helps to alleviate depreciation charges.
Swimming Pool Fund - this fund is used for replacement equipment.
The General Fund - It is the Trustees policy to maintain a balance which is unrestricted, if possible, which equates to at least 6 months unrestricted payments to cover emergency situations.
The balance on these reserves at 31 July 2024 was:
Building Fund Auchterarder £12,220 (2023 - £30,539)
Swimming Pool Fund £18,114 (2023 - £18,114)
General Fund £433,470 (2023 £401,475)
The trustees have assessed the major risks to which the charitable company is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
The charity continues to generate sufficient funds to meet its annual outgoings. This means that, generally, the charity does not have to draw on its reserves to meet revenue expenses.
Future Plans
The Trustees expect the Club to continue operating for the foreseeable future and the charity continues to hold a significant reserve fund.
The interest in gymnastics in our catchment area remains strong and the Club continues to operate a waiting list.
Auchterarder Gymnastics Trust is a Scottish Charitable Company Limited by Guarantee. It was registered as ‘Auchterarder Gymnastics Club’ in June 1993, revised to its current name of ‘Auchterarder Gymnastics Trust’ in May 2002. It has a two-tier structure consisting of the Trustees and the Board of Management (the ‘Board’).
Trustees and members of the Board are appointed in accordance with the constitution, at the AGM each year.
The Board is responsible for the management of the charity. The quorum of the Board is two.
New members of the Board can be co-opted by the Board or appointed at the Annual General Meeting. Members of the Board are eligible for re-election at the Annual General Meeting.
The Trustees who served during the year and up to the date of signature of the financial statements were:
Chairperson Joanne McKerchar
Head Coach Fiona Cameron (Trustee)
Treasurer Gillian Hunter
Club Secretary Allyson Baird
General Member Lesley Morby
General Member Lisa Mackay (Trustee)
Safeguarding Officer Allyson Baird
The Trustees' report was approved by the Board of Trustees.
I report on the financial statements of the charitable company for the year ended 31 July 2024, which are set out on pages 5 to 16.
The charitable company’s Trustees, who are also the directors of Auchterarder Gymnastics Trust for the purposes of company law, are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The Trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.
My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the financial statements.
In the course of my examination, no matter has come to my attention:
to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Auchterarder Gymnastics Trust is a private company limited by guarantee incorporated in Scotland. The registered office is 57/59 High Street, Dunblane, Perthshire, FK15 0EE, Scotland.
The financial statements have been prepared in accordance with the charitable company's Articles of Association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charitable company is a Public Benefit Entity as defined by FRS 102.
The charitable company has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the Trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
At each reporting end date, the charitable company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the charitable company’s contractual obligations expire or are discharged or cancelled.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
In the application of the charitable company’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Fees received
Clothing and kit sales
Funds raised
Raising funds
Purchases of clothing
Rent and insurance
Light and heat
Repairs, maintenance and cleaning
Telephone
Miscellaneous expenses
Transport and accommodation
Coaching and camps fees and expenses
Printing, stationery and promotions costs
Competition fees
Accountancy fees
Independent examiner's fees
One trustee received a salary of £32,499.96 (2023: £28,028.04) for her role as Head Coach and not in respect of trustee's duties. And employer pension contributions amounting to £787.80 (2022: £653.64).
None of the Trustees (or any persons connected with them) received any expenses for their role as trustees from the charitable company during the year.
The average monthly number of employees during the year was:
The charitable company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charitable company in an independently administered fund.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
There were no disclosable related party transactions during the year (2023 - none).