| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Financial Statements for the Year Ended 28 February 2025 |
| for |
| Meadowbank Gymnastics Club |
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Financial Statements for the Year Ended 28 February 2025 |
| for |
| Meadowbank Gymnastics Club |
| Meadowbank Gymnastics Club |
| Contents of the Financial Statements |
| for the Year Ended 28 February 2025 |
| Page |
| Report of the Trustees | 1 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 9 |
| Meadowbank Gymnastics Club (Registered number: SC523096) |
| Report of the Trustees |
| for the Year Ended 28 February 2025 |
| The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 28 February 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). |
| OBJECTIVES AND ACTIVITIES |
| Objectives and aims |
| The Company's objects are to advance education and public participation in sport. To encourage participation in gymnastics by young persons of all abilities in Edinburgh & the Lothians, by providing gymnastic activities and training to improve the fitness, health and well-being in our gym facility. We work with the National Governing Body to deliver gymnastic classes from preschool through to competitive and development club sessions. |
| Main activities undertaken to further the charity's purposes for the public benefit |
| We have recruited 2 new coaches to our team and have continued to develop new coaches from our ranks by promoting practicing gymnasts through a leadership programme within the club. We have 8 Young leaders who assist our coaches as volunteers and are working towards their first coaching qualifications. Three of our young leaders have passed their Level 1 coaching award and are now employed by the Club as self employed coaches. We also continue to develop our existing coaches which has seen several of our coaches raise to the next level of qualification - 1 coach has gone from Level 1 to Level 2, and 2 coaches have gone from Level 2 to Level 3. |
| We have a growing membership body with over 489 gymnasts and a substantial waiting list of new participants waiting to be admitted when space is available. We also work with Edinburgh University to provide classes for adults and other gymnastic disciplines. |
| We continue to offer our parents a "Stay & See" session every term to be in the gym watching their son/daughter. This continues to be popular and is appreciated by parents and allows them an opportunity to speak to the coaches. |
| Meadowbank Gymnastics Club (Registered number: SC523096) |
| Report of the Trustees |
| for the Year Ended 28 February 2025 |
| OBJECTIVES AND ACTIVITIES |
| Significant activities |
| Key financial performance indicators |
| Our strategic Plan set the following Aims for 2024/25 - and these have been either achieved or still ongoing |
| - New equipment purchased to enhance our purpose-built Gym so we can develop the Club further - we spent £13,448.72 from 1 March 24 to 28 Feb 25. |
| - We have also renewed our lighting system, as the old lights were not up to a great standard. |
| - Last year we employed an Asst Head Coach to assist the Head Coach to ensure that the Gymnasts programmes and development are regularly reviewed and to ensure that the day-to-day classes run smoothly. Our assistant Head Coach is continuing to work through her Level 5 course. |
| - In January 2024 we started Coach Team sessions to focus on Team Building and to share and discuss our Vision, Values & Aims. As we have new young leaders we had another session in 2025, which all coaches attended. |
| - Update on Performance of Gymnasts |
| - One of our Senior gymnasts is a member of the Northern Ireland National Performance Programme |
| - One of our Junior gymnasts is a member of the Scottish National Performance Programme and has been invited by British Gymnastics to train with the top Juniors in Britain at Lilleshall National Gymnastics Centre. She competed in February at British Championships. |
| - 4 of our younger gymnasts have been selected for the Scottish Pathways training. |
| - One of our gymnasts represented Scotland in the finals of the Bronze Classic Challenge. |
| - An increasing number of gymnasts (boys and girls) competed in various club and National Floor & Vault competitions with much excitement, enthusiasm and success. |
| - Events |
| - Annual Xmas Cracker competition - for all of our recreational girls and boys - was held in December with a record number of participants and parents and families attending. |
| - Annual Club Championships - took place in October with an increase in number of WAG and MAG competing. |
| - Edinburgh Schools Competition - we hosted this on behalf of the schools and it was great to see so many schools represented. And receive so many positive comments afterwards. |
| - Annual Special Awards Event - Our first since Covid. Took place in January this year and was attended by over 300 gymnasts and families. A family social event as well as a recognition of personal achievement and performance. |
| - We have continued with our Recreational Programme with every gymnast progressing through the various levels in their personal booklet. Assessment takes place 3 times a year & the booklet showing progress goes home to provide feedback to parents who return the booklet to the gym. |
| FINANCIAL REVIEW |
| Financial position |
| At the year end, there was a deficit of £6,864 (2024: £6,052). The club has made a conscious effort to reinvest previous surpluses to ensure quality coaching and equipment for use in achieving its charitable objectives. The trustees regularly review financial information and are satisfied that the deficit this year is utilising brought forward reserves to continually improve quality of service. |
| Reserves policy |
| Following the impact of Covid-19 on the operation of the club, the reserves policy recognises that the Club will have committed expenditure should any operations cease following a national or medical emergency. The Board of Trustees must ensure sufficient funds to resolve staff overheads, rental obligations and miscellaneous expenditure in the event of disruption, as well as for further investment in growth of the club and its activities in the future. |
| The reserves policy of the Trust is to have at least 3 months expenditure held in reserves. The current level of free unrestricted reserves (unrestricted reserves less equipment held as assets) of £111,812 (2024: £88,009) is more than sufficient to cover this |
| Meadowbank Gymnastics Club (Registered number: SC523096) |
| Report of the Trustees |
| for the Year Ended 28 February 2025 |
| FINANCIAL REVIEW |
| Going concern |
| After making appropriate enquiries, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going |
| concern basis can be found in the Accounting Policies. |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Governing document |
| The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
| Recruitment and appointment of new trustees |
| The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. Anyone who wishes to become a trustee would in the first instance send an email to our mailbox meadowbankgc@gmail.com enclosing a CV and mark it for the attention of the Trustees. We will then interview any suitable candidate and then they need to be voted on at a General Meeting. Becoming a trustee is open to all parents, anyone involved in running the club and interested members of the local community. |
| Decision making |
| The trustees have an Executive Committee made up of the Chairperson, Secretary, Financial Director and Head Coach who look after the day to day running of the Company and make initial decisions, as required. We strive to hold monthly meetings. All Trustees attend, where updates are given, plans made and general issues are discussed and agreed. |
| Risk management |
| The Charity trustees need to be aware of the risks faced in running the Company. We have a risk assessment document which details what is to be checked when and by whom, and we also have an equipment safety check list which is used each time the relevant checks are done. |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Company number |
| Registered Charity number |
| Registered office |
| Trustees |
| Independent Examiner |
| Mathew RJ Gillies LLB (Hons) ACPA FCIE |
| Cowan & Partners Limited |
| 60 Constitution Street |
| Edinburgh |
| EH6 6RR |
| Approved by order of the board of trustees on |
| Meadowbank Gymnastics Club (Registered number: SC523096) |
| Report of the Trustees |
| for the Year Ended 28 February 2025 |
| Independent Examiner's Report to the Trustees of |
| Meadowbank Gymnastics Club |
| I report on the accounts for the year ended 28 February 2025 set out on pages six to fifteen. |
| Respective responsibilities of trustees and examiner |
| The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention. |
| Basis of the independent examiner's report |
| My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as 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 accounts. |
| Independent examiner's statement |
| In connection with my examination, no matter has come to my attention : |
| (1) | which gives me reasonable cause to believe that, in any material respect, the requirements |
| - | 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 accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations |
| have not been met; or |
| (2) | to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. |
| Mathew RJ Gillies LLB (Hons) ACPA FCIE |
| Full member of the Association of Charity Independent Examiners |
| Cowan & Partners Limited |
| 60 Constitution Street |
| Edinburgh |
| EH6 6RR |
| 25 September 2025 |
| Meadowbank Gymnastics Club |
| Statement of Financial Activities |
| (Incorporating an Income and Expenditure Account) |
| for the Year Ended 28 February 2025 |
| 28.2.25 | 29.2.24 |
| Unrestricted | Restricted | Total | Total |
| fund | funds | funds | funds |
| Notes | £ | £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies | 2 |
| Charitable activities | 5 |
| Other trading activities | 3 |
| Investment income | 4 |
| Total |
| EXPENDITURE ON |
| Charitable activities | 6 |
| Total |
| NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 193,381 |
| CONTINUING OPERATIONS |
| All income and expenditure has arisen from continuing activities. |
| The Statement of Financial Activities includes all gains and losses recognised in the year. |
| Meadowbank Gymnastics Club (Registered number: SC523096) |
| Balance Sheet |
| 28 February 2025 |
| 28.2.25 | 29.2.24 |
| Unrestricted | Restricted | Total | Total |
| fund | funds | funds | funds |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 12 |
| CURRENT ASSETS |
| Debtors | 13 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 14 | ( |
) | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS |
| FUNDS | 16 |
| Unrestricted funds | 189,381 |
| Restricted funds | 4,000 |
| TOTAL FUNDS | 193,381 |
| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2025. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2025 in accordance with Section 476 of the Companies Act 2006. |
| The trustees acknowledge their responsibilities for |
| (a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
| Meadowbank Gymnastics Club (Registered number: SC523096) |
| Balance Sheet - continued |
| 28 February 2025 |
| These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
| The financial statements were approved by the Board of Trustees and authorised for issue on |
| Meadowbank Gymnastics Club |
| Notes to the Financial Statements |
| for the Year Ended 28 February 2025 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of |
| Recommended Practice applicable to charities preparing their accounts in accordance with the Financial |
| Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities and Trustee Investment (Scotland) Act 2005. The financial statements have been prepared under the historical cost convention. |
| The accounts are presented in sterling which is the charity's functional currency, and rounded to the nearest |
| pound. |
| No changes have been made to the basis of preparing the financial statements this year or to the previous year's financial statements |
| Going concern |
| The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern and there are sufficient reserves to meet the reserves policy detailed on page 2, therefore the accounts are prepared on a going concern basis. |
| Income |
| All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
| Donations are recognised when received. |
| Grant income is recognised within charitable activities and is recognised when the charity has entitlement to the funds, any performance related conditions attached to the grants are met, it is probable that the income will be received and the amount can be measured reliably. |
| Income from fees, subscriptions and competitions is recognised when the services are provided. |
| Bank interest is recognised when received. |
| Expenditure |
| Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
| Tangible fixed assets |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
| life. |
| Improvements to property - 15 years straight line |
| Fixtures and fittings - 20% on cost |
| The policy is to capitalise assets where they have an expected useful life of over one year. |
| Taxation |
| The charity is exempt from corporation tax on its charitable activities. |
| Fund accounting |
| Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
| Meadowbank Gymnastics Club |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 February 2025 |
| 1. | ACCOUNTING POLICIES - continued |
| Fund accounting |
| Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
| Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
| Measurement of debtors |
| Trade and other debtors are recognised at the settlement amount due after any trade discount offered. |
| Prepayments are valued at the amount prepaid net or any trade discounts due. |
| Cash at bank and on hand |
| Cash at bank and cash in hand includes cash and any short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. |
| Creditors and loans |
| Creditors and loans are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be |
| measured or estimated reliably. Creditors and loans are normally recognised at their settlement amount after |
| allowing for any trade discounts due. |
| VAT |
| Meadowbank Gymnastics Club is not VAT registered and income and expenditure is recognised including irrecoverable VAT. |
| 2. | DONATIONS AND LEGACIES |
| 28.2.25 | 29.2.24 |
| £ | £ |
| Grants |
| Grants received, included in the above, are as follows: |
| 28.2.25 | 29.2.24 |
| £ | £ |
| DCI |
| 2,500 | - |
| 3. | OTHER TRADING ACTIVITIES |
| 28.2.25 | 29.2.24 |
| £ | £ |
| Fundraising events |
| Sportswear | 4,877 | 3,216 |
| Extra training | 5,929 | 8,912 |
| Equipment | 487 | 374 |
| Meadowbank Gymnastics Club |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 February 2025 |
| 4. | INVESTMENT INCOME |
| 28.2.25 | 29.2.24 |
| £ | £ |
| Deposit account interest |
| 5. | INCOME FROM CHARITABLE ACTIVITIES |
| 28.2.25 | 29.2.24 |
| Activity | £ | £ |
| Gymnastics fees and subscriptions |
Operation of gymnastics club |
237,406 |
217,884 |
| Gymnastics competitions | Attendance at gymnastics competitions | 18,106 | 12,889 |
| 6. | CHARITABLE ACTIVITIES COSTS |
| Support |
| Direct | costs (see |
| Costs | note 7) | Totals |
| £ | £ | £ |
| Operation of gymnastics club | 131,605 | 132,053 | 263,658 |
| Attendance at gymnastics competitions | 20,064 | - | 20,064 |
| 151,669 | 132,053 | 283,722 |
| 7. | SUPPORT COSTS |
| Governance |
| Management | Other | costs | Totals |
| £ | £ | £ | £ |
| Operation of gymnastics club | 95,724 | 34,439 | 1,890 | 132,053 |
| 8. | NET INCOME/(EXPENDITURE) |
| Net income/(expenditure) is stated after charging/(crediting): |
| 28.2.25 | 29.2.24 |
| £ | £ |
| Depreciation - owned assets |
| 9. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 28 February 2025 nor for the year ended 29 February 2024. |
| Trustees' expenses |
| There were no trustees' expenses paid for the year ended 28 February 2025 nor for the year ended 29 February 2024. |
| Meadowbank Gymnastics Club |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 February 2025 |
| 10. | STAFF COSTS |
| 28.2.25 | 29.2.24 |
| £ | £ |
| Wages and salaries |
| 67,150 | 51,191 |
| The average monthly number of employees during the year was as follows: |
| 28.2.25 | 29.2.24 |
| Staff |
| 11. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
| Unrestricted | Restricted | Total |
| fund | funds | funds |
| £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Charitable activities |
| Other trading activities |
| Investment income |
| Total |
| EXPENDITURE ON |
| Charitable activities |
| Total |
| NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward | 189,433 | 10,000 |
| TOTAL FUNDS CARRIED FORWARD | 189,381 | 4,000 | 193,381 |
| Meadowbank Gymnastics Club |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 February 2025 |
| 12. | TANGIBLE FIXED ASSETS |
| Improvements |
| to | Plant and |
| property | machinery | Totals |
| £ | £ | £ |
| COST |
| At 1 March 2024 |
| Additions |
| At 28 February 2025 |
| DEPRECIATION |
| At 1 March 2024 |
| Charge for year |
| At 28 February 2025 |
| NET BOOK VALUE |
| At 28 February 2025 |
| At 29 February 2024 |
| 13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 28.2.25 | 29.2.24 |
| £ | £ |
| Other debtors |
| 14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 28.2.25 | 29.2.24 |
| £ | £ |
| Accrued expenses |
| 15. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 28.2.25 | 29.2.24 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| The term of the lease on the premises is 9 years (2024: 10 years) |
| Meadowbank Gymnastics Club |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 February 2025 |
| 16. | MOVEMENT IN FUNDS |
| Net |
| movement | At |
| At 1.3.24 | in funds | 28.2.25 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 189,381 | (2,864 | ) | 186,517 |
| Restricted funds |
| Equipment fund | 4,000 | (4,000 | ) | - |
| TOTAL FUNDS | (6,864 | ) | 186,517 |
| Net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 276,858 | (279,722 | ) | (2,864 | ) |
| Restricted funds |
| Equipment fund | - | (4,000 | ) | (4,000 | ) |
| TOTAL FUNDS | ( |
) | (6,864 | ) |
| Comparatives for movement in funds |
| Net |
| movement | At |
| At 1.3.23 | in funds | 29.2.24 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 189,433 | (52 | ) | 189,381 |
| Restricted funds |
| Equipment fund | 10,000 | (6,000 | ) | 4,000 |
| TOTAL FUNDS | 199,433 | (6,052 | ) | 193,381 |
| Meadowbank Gymnastics Club |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 February 2025 |
| 16. | MOVEMENT IN FUNDS - continued |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 248,668 | (248,720 | ) | (52 | ) |
| Restricted funds |
| Equipment fund | - | (6,000 | ) | (6,000 | ) |
| TOTAL FUNDS | 248,668 | (254,720 | ) | (6,052 | ) |
| 17. | RELATED PARTY DISCLOSURES |
| During the year, £11,676 was paid to a trustee in relation to work done as a coach within the club (2024: £nil). |