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← The British Sports Trust

2025-07-31-accounts

THE BRITISH SPORTS TRUST (A Company Limited by Guarantee)

(Trading as Leadership Skills Foundation)

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 JULY 2025

Registered Company number: 04597192 Registered Charity number: 1095326

THE BRITISH SPORTS TRUST

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

CONTENTS Page
Reference and administrative details 1
Trustees’ report 2 - 7
Independent auditor’s report 8-10
Statement of financial activities 11
Balance sheet 12
Statement of cash flows 13-14
Notes to the financial statements 15-24

THE BRITISH SPORTS TRUST

REFERENCE AND ADMINISTRATIVE DETAILS

FOR THE YEAR ENDED 31 JULY 2025

President
Directors and Trustees
Chief Executive
Company Secretary
Registered office
Website
Independent Auditor		 The Baroness Grey-Thompson DBE, DL
S Dowling (resigned on 07 November 2024)
N Cameron – Chair
J Lanning (resigned on 25 September 2025)
J Norrington (resigned on 6 November 2025)
E North
G Raja
R Ramsey (resigned on 6 November 2025)
E Spence
C De Silva (appointed on 31 July 2024)
D Dodge (appointed on 30 July 2024)
T Matthew (appointed on 31 July 2024))
S Tulip (appointed on 31 July 2024)
R Norman
W Firth
Bradwell Road
Loughton Lodge
Milton Keynes
MK8 9LA
www.leadershipskillsfoundation.org
HaysMac LLP
10 Queen Street Place
London
EC4R 1AG

1

THE BRITISH SPORTS TRUST

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 JULY 2025

The trustees are pleased to present their annual directors’ report together with the financial statements of the Trust for the year ended 31 July 2025.

These financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and Accounting and Reporting by Charities: Statement of Recommended Practise effective 1 January 2019 applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and the Republic of Ireland (FRS102).

1. AIMS AND OBJECTIVES

The objects of the Trust are the provision or assistance in the provision of facilities, courses, training programmes and resources to enable, assist and encourage the education of persons, including those considered to be in financial hardship, in leadership and coaching.

The Trust’s vision is that every young person should have the opportunity to realise their potential and have the power to improve personal employability and generate social cultural change through volunteering and motivating their peers.

2. HOW OUR ACTIVITIES DELIVER PUBLIC BENEFIT

For over 40 years the Trust, has championed the importance of behavioural and leadership skills development as an essential element in youth education and learning. More than one million young people have achieved the Trust’s awards and qualifications. In the light of compelling evidence of the direct and wider benefits of its work the Trust continues to develop and promote these essential life skills.

The potential for young people to lead, engage and inspire peers and local communities is universally acknowledged and the importance, relevance and value of behavioural skills, social inclusion and engagement continues to grow. Developing leadership and behavioural skills directly benefits the individual and enhances their life prospects and has a significant, positive impact on the wider economy. Improved skills in problem solving, team working, self-management and communication increase effectiveness and add value in all areas of endeavour.

The Trust is working hard to equip its learners with skills that ensure young people succeed in the 21st century whilst continuing to encourage active lifestyles and positive social action. In setting out the objectives and activities of the charitable company the trustees have considered fully the Charity Commission's general guidance on public benefit.

3. SUMMARY OF ACHIEVEMENTS AND PERFORMANCE: 2024-2025

2024/25 marked the second year of our Evolve strategy cycle during in which 60,900 young people took part in over 2.5 million hours of learning and leadership across 2,221 centres. We further supported the training of 390 new educators to deliver our leadership programmes.

For more information on the impact of our programmes please visit leadershipskillsfoundation.org/our-impact.

We have continued to empower thousands of young people to develop essential leadership skills, successfully navigating challenging social and cultural environments through the strength of our partnerships.

We have built on our pioneering heritage in sports leadership with a three-year partnership with Sport England and expansion of our existing partnership with Sport Wales.

This landmark partnership for Leadership Skills Foundation with Sport England will create opportunities to further expand the reach of our programmes into community groups and address barriers to the sporting workforce and is considered a major milestone for the organisation in its current and future strategic objectives.

Following piloting in 2023-2024, the launch of our Environment Leaders Programme, developed in partnership with WWF and RSPB, and our Esports Leadership Programme, developed with British Esports Federation, have begun to be delivered to hundreds of young people and expand our delivery within secondary and further education.

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THE BRITISH SPORTS TRUST

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 JULY 2025

Between January and June 2025, further trailblazer piloting of the newly developed Shape Your Skills programme was undertaken with 15 primary schools. Initial feedback has shown consistent development of skills across those pupils taking part and reports of increased engagement and attendance and improved behaviour.

As an Impact Partner of Skills Builder Partnership, we have evolved our skills framework to align with the Skills Builder Universal Framework to provide greater recognition of our leadership programmes and create consistency in skill recognition.

During the past 12 months we have continued to advocate for every young person to have opportunities to develop essential leadership skills regardless of background or circumstance. This has included contributing to government consultations including the Curriculum and Assessment Review, Youth Guarantee, and enrichment frameworks.

Throughout 2024-2025 we have continued to review and update our governance in line with best practice and governance codes. In addition to updating policies and procedures, a workforce survey and board effectiveness review was completed in early 2025. This identified wide-ranging experience and skills throughout the organisation but under-representation in individuals from black, Asian and ethnic minorities, and younger people.

Finances and reserves have been maintained and invested effectively to provide future security and investment in-line with our strategic objectives for the remainder of the Evolve strategy.

4. PLANS FOR FUTURE PERIODS

During 2025-2026, in addition to continuing to develop new resources for our leadership programmes, we intend to commit additional resource to establishing the Shape Your Skills programme within primary schools as we work to increase the delivery of essential leadership skills to younger age groups.

We anticipate continuing to advocate for the right for every young person to have opportunity to develop essential leadership skills. As we enter the second year of our partnership with Sport England, we will take learning from year one to work with sector-wide partners to consider pathways for young people into employment and deployment within the sports workforce.

As this supports the expansion of our delivery within under-served communities and under-represented individuals, we will invest in increasing our understanding of learners and the barriers that may lead to under-representation within our programmes.

Entering year three of the Evolve strategy we will develop medium-term plans and partnerships that support the personal and professional development of the delivery workforce to become Leaders in Leadership.

Early in 2025-2026 we will undertake an external review of our approach to Equality, Diversity, and Inclusion to develop the organisation’s first Diversity and Inclusion Action Plan as part of our ongoing strategic commitment to creating a sense of Belonging within the Leadership Skills Foundation.

Trustee recruitment and succession planning will focus on skills and experience identified as supporting our future direction. Operationally, we will also undertake discovery projects into the role Artificial Intelligence can play in further supporting our strategic and tactical aims and ambitions.

5. FINANCIAL REVIEW

The overall aim of the Trust’s financial strategy is to maintain viability and provide the financial resources to achieve the objectives in the strategic plan.

The main targets for the year, agreed by Trustees, were to operate at/near break-even whilst making a strategic investment from reserves to further consolidate the Leadership Skills Foundation identity and enhance IT capabilities.

The Trust’s results for the year; total net operating expenditure total of £17k being a surplus on normal operations of £26k and strategic investment of £43k mean that it has accomplished these targets.

3

THE BRITISH SPORTS TRUST

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 JULY 2025

Additionally, the investment portfolio increased in value, finishing the year with an unrealised gain of £60k.

The overall movement on reserves was therefore an increase of £43k to £1,470k which represents 3% growth.

The main source of income continues to be from the provision of leadership courses, either directly to educational institutions or with partners. Income from this area grew 6% reflecting the considerable efforts of colleagues to extend the reach of our qualifications to more learners as well as a modest increase in the price of some programmes.

Income for the year also benefitted from the start of a strategic partnership with Sport England. Current work focusses on identifying those barriers preventing young people taking up employment in the sports sector. This is part of a three-year programme and contributed £457k (20%) to total income.

Overall total income increased by 14% on the prior year to £2.3m

Total expenditure on normal operations was £2.3m an increase of £234k driven principally by staff costs. This reflects not only a salary review but also the expansion of the team and additional spending to support new learning and partner programmes.

Strategic investment of £43k was split between PR and PA, which was focussed on building interest and awareness with key political figures and senior leaders in the teaching profession, and improvements to our IT infrastructure.

This investment enabled the transfer of data, software and computing power to internet-based services, “the cloud”, which provides the Trust with a secure, flexible and scalable platform to support further innovation, collaboration and growth.

In summary, the Trust has delivered a sound financial performance, achieving its strategic and operational goals while laying firm foundations for future growth, innovation, and partnership development.

Investment Powers and Performance

The trustees have discretion to invest the Trust's money in accordance with the powers granted in the memorandum of association. The avoidance of risk and the safeguarding of the Trust's assets are paramount in any investment decision made by the Trustees.

Investments are held in cash deposit accounts and equity funds. Given the risk profile of the Trust and prevailing interest rates, the trustees are satisfied with the returns achieved.

Reserves Policy

The Trust aims to hold sufficient liquid reserves to ensure its continuing operation in the event of unexpected fluctuations in cash flows and the seasonality of key income streams.

The Trustees currently consider the minimum level of reserves required to be £750k. The current levels of net free reserves (general reserves less fixed assets) total £1.4m (2024: £1.4m), cash balances at 31 July 2025 were £0.8m (2024: £0.6m).

Trustees consider that these amounts are prudent and appropriate in the light of current plans after taking into account the following factors;

The trustees regularly review the level of unrestricted reserves in the general fund as well as the related risks to assure that the Trust is able to meet its objectives and obligations.

4

THE BRITISH SPORTS TRUST

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 JULY 2025

6. STRUCTURE, GOVERNANCE AND MANAGEMENT

The British Sports Trust is a charity, registered with the Charity Commission, registered number 1095326.

Directors and Trustees

The Directors of the charitable company ("the Trust") are its Trustees for the purposes of charity law and throughout this report are collectively referred to as 'the trustees'.

Trustees are recruited by direct approach, introduction, or advertisement in appropriate publications. The process for the appointment of key Trustee roles of the Chair and Vice-Chair is made by and from existing trustees to ensure strong understanding of the work of the organisation in the Board's key personnel. New Trustees are inducted through meetings with Board members and senior staff as well as attendance at Board and Committee meetings. They are also encouraged to meet staff and experience tutor training and customer visits. Trustees follow the Sport and Recreation Alliance (SRA) Voluntary Code of Good Governance, a 'best practice' benchmark which gives a framework the application and review of all governance matters. The collective skills and experience of the Board are reviewed continually to ensure that they are sufficient to support the organisation effectively. New appointments to the Board have added experience in; marketing, public affairs, grassroots skills development, ESG and sustainability.

Remuneration of Senior Staff

The trustees consider that the board of trustees and the senior management team comprise the key management personnel of the charity in charge of directing and controlling the daily activitites of the Trust. All trustees give of their time freely and received no remuneration in the current or preceding year. Details of Trustees’ expenses are disclosed in note 3 to the accounts.

Risk Management

The trustees have overall responsibility for ensuring the Trust has appropriate systems of control, financial and otherwise. The trustees are also responsible for safeguarding the assets of the Trust and for taking reasonable steps for the prevention and detection of fraud and other irregularities. The systems of internal control are designed to provide reasonable, but not absolute, assurance against material misstatement or loss. They include:

The systems and procedures for the management of risk are embedded in the operational and strategic management of the charity. The trustees consider that they have taken all appropriate steps to mitigate and manage these operational risks, principally through risk management processes which include strong delegation to named staff, training, stringent design and maintenance of operational procedures, and insurance of third-party risks.

A sub-committee of the Board (the Audit, Risk and Compliance Committee) meets quarterly to assist and advise the Board in fulfilling its corporate governance and oversight responsibilities in relation to the management of risk, compliance with legislation and standards, its internal control structure, audit requirements and its external reporting responsibilities and the assurance of its awarding body status.

Business risk is considered and managed at all levels of the organisation. The trustees identify, review and monitor actions to mitigate the principal strategic risks the charity faces.

Current key external risks are those relating to budgetary pressure on our partners and inflation in the wider economy exerting pressure on the organisation, its’ staff, resources and customers. The principal mitigations here are, as ever, to look diligently for opportunities to extend the reach of the organisation, to work with colleagues to address our challenges and invest in our skills and to make the most effective use of the resources we have.

5

THE BRITISH SPORTS TRUST

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 JULY 2025

These potential risks have been factored into business planning whilst ensuring organisation meets market needs and pursues further funding and market opportunities. Internally the risks focus on the ability of the organisation resources to adapt and respond in an agile way to business led change.

The risk mitigation actions identified in the review process are embedded in the current strategy and monitored by the Board.

Fundraising

The Trust does not fund raise from the general public but is mindful of the code issued by the Fundraising Regulator should any fundraising activity be required in the future.

7. STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees (who are also the directors of The British Sports Trust for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of incoming resources and application of resources, including the income and expenditure for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

6

THE BRITISH SPORTS TRUST

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 JULY 2025

Disclosure of information to auditors

The trustees who held office at the date of approval of this Trustees' Report confirm that, so far as they are each aware, there is no relevant audit information of which the charitable company’s auditors are unaware; and each trustee has taken all the steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charitable company’s auditors are aware of that information.

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

Neil Cameron

……………………………………. Dated: 29 January 2026

N Cameron Chair of the Board of Trustees

7

THE BRITISH SPORTS TRUST

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF THE BRITISH SPORTS TRUST

FOR THE YEAR ENDED 31 JULY 2025

Opinion

We have audited the financial statements of the British Sports Trust for the year ended 31 July 2025 which comprise the Statement of Financial Activities, the Balance Sheet, Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the Trustees’ Report (which incorporates the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the directors’ report included within the Trustees’ Report has been prepared in accordance with applicable legal requirements.

8

THE BRITISH SPORTS TRUST

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF THE BRITISH SPORTS TRUST

FOR THE YEAR ENDED 31 JULY 2025

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course f the audit, we have not identified material misstatements in the Trustees’ Report (which incorporates the directors’ report).

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 6, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, it is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to GDPR and employment law and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, the Charities Act 2011, and payroll tax.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:

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

9

THE BRITISH SPORTS TRUST

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF THE BRITISH SPORTS TRUST

FOR THE YEAR ENDED 31 JULY 2025

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 auditor’s report.

Use of this report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

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Jackson Berry (Senior Statutory Auditor)

for and on behalf of HaysMac LLP, Statutory Auditor

10 Queen Street Place London EC4R 1AG

Date 9 February 2026

10

THE BRITISH SPORTS TRUST

STATEMENT OF FINANCIAL ACTIVITIES (Incorporating the Income & Expenditure Account)

FOR THE YEAR ENDED 31 JULY 2025

Unrestricted Restricted Total 31 July
funds funds 2025 2024
Note £ £ £ £
Income from:
Charitable activities
Sports Leader award income 2,205,314 - 2,205,314 1,918,818
Grants 10,000 63,015 73,015 68,612
Investments 21,076 - 21,076 20,529
------------------ -------------------- -------------------- --------------------
Total income 2,236,390 63,015 2,299,405 2,007,959
------------------ -------------------- ------------------- -------------------
Expenditure on:
Charitable activities
Sports Leaders awards 2,251,737 - 2,251,737 2,060,694
Other charitable expenditure - 63,015 63,015 72,856
------------------ ------------------- --------------------- ---------------------
Total expenditure 4 2,251,347 63,015 2,314,752 2,133,550
------------------ ------------------- --------------------- --------------------
Net operating (expenditure) / income (15,347) - (15,347) (125,591)
Gains on investments 6 60,068 - 60,068 73,855
------------------ ------------------- --------------------- ---------------------
Net movement in funds 44,721 - 44,721 (51,736)
Balances brought forward at 1 August 2024 1,389,961 35,386 1,425,347 1,477,083
---------------------- ------------------- -------------------- --------------------
Balances carried forward at 31 July 2025 12 1,434,682 35,386 1,470,068 1,425,347
========== ========= ========== ==========

The statement of financial activities includes all gains and losses recognised in the year.

All results derive from continuing activities in the UK.

The notes on pages 14 to 24 form part of the financial statements. Details of comparative figures by fund are given in note 14.

11

THE BRITISH SPORTS TRUST COMPANY NUMBER: 04597192

BALANCE SHEET

AS AT 31 JULY 2025

2025 2024
Note £ £ £ £
FIXED ASSETS
Tangible Assets 5 10,211 9,393
Investments 6 666,791 606,723
CURRENT ASSETS
Debtors 7 253,907 340,549
Cash at bank and in hand 829,877 666,346
------------------- -------------------
Total Current Assets 1,083,784 1,006,895
CREDITORS:amounts falling due within one 8 (290,716) (197,664)
year
----------------- -----------------
NET CURRENT ASSETS 793,068 809,231
----------------- -----------------
NET ASSETS 1,470,068 1,425,347
========= =========
FUNDS
Unrestricted funds - General 12 1,434,682 1,389,962
Restricted funds 12 35,386 35,386
----------------- -----------------
TOTAL CHARITY FUNDS 1,470,068 1,425,347
========= =========

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime within part 15 of the Companies Act 2006.

The financial statements were approved and authorised for issue by the Trustees on 29 January 2026 and were signed on their behalf by:

Neil Cameron

……………………………….

N Cameron Trustee

Euan Spence ………………………………… E Spence Trustee

12

THE BRITISH SPORTS TRUST

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2025

31 July 31 July 31 July
2025 2024
£ £ £ £
Cash flows from operating activities:
Net cash provided by/(used in) operating activities 150,685 (243,609)
Cash flows from investing activities:
Dividends, interest and rent from investments 21,076 20,529
Purchase of investments - (300,000)
Disposal of investments - 300,000
Purchase of property, plant and equipment (8,230) (4,967)
----------------- -----------------
Net cash provided by investing activities 12,846 15,562
--------------- ---------------
Change in cash and cash equivalents in the 163,531 (228,047)
reporting period
Cash and cash equivalents at the beginning of the 666,346 894,393
reporting period
--------------- ---------------
Cash and cash equivalents at the end of the 829,877 666,346
reporting period ========= =========
Reconciliation of net income/(expenditure) to net cash flow from operating activities
2025 2024
£ £
Net income/(expenditure) for the reporting Year (as per the 44,721 (51,736)
statement of financial activities)
Adjustments for:
Depreciation charges 7,116 12,199
Dividends, interest and rents from investments (21,076)
(20,529)
Gains on Investments (60,068)
(73,855)
Loss on disposal of fixed assets 298 828
Decrease/(increase) in debtors 86,642 (58,807)
Increase/(decrease) in creditors and provision 93,052 (51,709)
------------------ ------------------
Net cash provided by/(used in) operating activities 150,685 (243,609)
======== ========
Analysis of cash and cash equivalents 2025 2024
£ £
Cash in hand 829,877 666,346
------------------ ------------------
Total cash and cash equivalents 829,877 666,346
======== ========

13

THE BRITISH SPORTS TRUST

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2025

Reconciliation of net debt 1 August 2024 Cashflows 31 July 2025
£ £ £
Cash at bank and in hand 666,346 163,531 829,877
---------------- ---------------- ----------------
666,346 163,531 829,877
======== ======== ========
Prior year: 1 August 2023 Cashflows 31 July 2024
£ £ £
Cash at bank and in hand 894,393 (228,047) 666,346
---------------- ---------------- ----------------
894,393 (228,047) 666,346
======== ======== ========

14

THE BRITISH SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

1. ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of preparation

The financial statements have been prepared in accordance with the Statement of Recommended Practice for Charities (SORP 2015) (Second edition, effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

Preparation of accounts on a going concern basis

The trustees consider there are no material uncertainties about the charity’s ability to continue as a going concern. The review of our financial position, reserves levels and future plans gives trustees confidence the charity remains a going concern for the foreseeable future.

The trustees believe that the Trust is well placed to manage its business risks successfully and have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Consequently, they are content to continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Judgements in applying accounting policies and key sources of estimation uncertainty

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. Although these estimates are based on management’s best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates.

The trustees do not consider there to be critical estimates and judgements applicable to the financial statements.

Income

Income is recognised in the period in which economic benefit passes to the charity, receipt is probable and the amount can be measured with reasonable certainty.

Charitable activities in furtherance of the Trust’s objectives represents income from:

Income is recognised as follows:

iii) Revenue grants are recognised as income when there is evidence of entitlement to the grant, receipt is probable and quantifiable and when any donor imposed conditions regarding entitlement have been met

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THE BRITISH SPORTS TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2025

1. ACCOUNTING POLICIES (continued)

Income tax recoverable in respect of covenanted or gift aid donations is recognised when it has been received from HM Revenue and Customs.

Deferred income

Revenue grants that are received subject to donor-imposed conditions outside of the control of the Trust are only recognised as income when the conditions are met. Grants received before conditions have been fulfilled are carried forward as deferred income.

Expenditure and basis of allocation of costs

All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure. Expenditure is categorised according to its nature and purpose having regard to the Trust’s status as a charity:

Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of the resources.

Tangible fixed assets

Only assets with a value in excess of £250 are capitalised.

The cost of tangible fixed assets is written off in equal instalments over their expected useful lives to their estimated residual value as follows:

Computer equipment - 3 - 5 years (see below)

Included within computer equipment, are website development costs which represent the design and content cost associated with the development of The British Sport Trust’s website. They are capitalised only to the extent that they lead to the creation of an enduring asset delivering benefits at least equal to the amount capitalised. They are recorded in the balance sheet in the year in which they are incurred. Such costs are amortised over their useful economic life of 4 years.

Investments

The Charity has an investment in the following wholly owned subsidiaries:

Name Status Company number
Sports Leaders UK Limited Dormant 05620594
SQL Skills Limited Dormant 05620595

16

THE BRITISH SPORTS TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2025

1. ACCOUNTING POLICIES (continued)

Financial Instruments

The company only enters into basic financial instruments that results in the recognition of financial assets and liabilities like trade debtors, amounts owed by group companies, other debtors, trade creditors and other creditors. Financial assets are measured at amortised cost and are assessed at the end of each reporting period. Financial liabilities are measured at the present value of future cash flows and subsequently measured at amortised cost.

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 of any trade discounts due.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments.

Creditors and provisions

Creditors and provisions 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 provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Fund accounting

Funds held by the Trust are:

Taxation

The British Sports Trust is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2012 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 Corporation Tax Act 2012 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Operating leases

Operating lease rentals are charged to the statement of financial activities on a straight-line basis over the period of the lease.

Pension benefits

The charitable company operates a defined contribution pension scheme for employees. The costs of the scheme are charged to the Statement of Financial Activities as they fall due.

Employee benefits

17

THE BRITISH SPORTS TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2025

2. NET MOVEMENT IN FUNDS 2025 2024
£ £
The result for the year has been arrived at after charging:
Auditor’s remuneration – audit fees 24,140 24,710
Depreciation 7,116 12,199
======= =======
3. STAFF COSTS 2025 2024
£ £
Staff costs were as follows:
Salaries and wages 1,549,937 1,376,940
Social security costs 153,507 130,975
Regular pension scheme contributions 80,599 73,603
------------------- -------------------
1,784,043 1,581,518
========= =========
2025 2024
No. No.
The monthly average number of staff employed in the period 42 39
======= =======

No trustee of the Trust received any remuneration during the current or preceding period. £88 (2024: £1,957) was paid during the year to 1 (2024: 3) trustees as reimbursement of expenses incurred in the execution of duties on behalf of the Trust.

The following number of staff received emoluments in excess of £60,000 (excluding employer pension costs):

2025 2024
No. No.
£60,001 to £70,000
2		 2
£70,001 to £80,000 - 1
£80,001 to £90,000
1		 -
£90,001 to £100,000
1		 1
In respect of the staff who received emoluments in excess of £60,000 the
following employer contributions were paid into a defined contribution pension
scheme: 47,339 45,875
======= =======

Regular pension contributions of £70,642 (2024: £66,527) were made in the period for the provision of retirement benefits under a money purchase scheme. The number of employees, at the end of the period, who were contributing to this scheme was 27 (2024:24).

Total remuneration of key management personnel for the period was £397,577 (2024: £381,659).

18

THE BRITISH SPORTS TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2025

4. EXPENDITURE
Direct Other
Staff Direct Support
Costs Costs Costs 2025 2024
£ £ £ £ £
Charitable expenditure
Sports leaders awards
Awarding organisation 1,810,383 289,036 126,944 2,251,737 2,060,694
-------------- ---------------- ---------------- ----------------- -----------------
Restricted funds - - 63,015 63,015 72,856
--------------- ----------------- ----------------- ----------------- -----------------
- - 63,015 63,015 72,856
======= ======== ======== ======== ========
Total expenditure 1,810,383 289,036 189,959 2,314,752 2,133,550
======= ======== ======== ======== ========
PRIOR YEAR EXPENDITURE Direct Other
Staff Direct Support
Costs Costs Costs 2024
£ £ £ £
Charitable expenditure
Sports leaders awards
Awarding organisation 1,636,635 275,880 168,323 2,060,694
--------------- ----------------- ----------------- -----------------
Restricted funds - - 72,855 72,855
--------------- ----------------- ----------------- -----------------
- - 72,855 72,855
======= ======== ======== ========
Total expenditure 1,636,635 275,880 241,178 2,133,550
======= ======== ======== ========

19

THE BRITISH SPORTS TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2025

4. EXPENDITURE (Cont.)

Staff costs are allocated based on activity. An analysis of support costs is shown below:

2025 2024
£ £
Charitable expenditure:
Premises and insurance 26,545 26,143
Office running costs 156,389 176,168
Depreciation 7,116 12,199
---------------- ------------------
189,959 214,511
---------------- ------------------
Governance costs:
Audit fee 24,140 24,710
Committee expenses 1,234 1,957
---------------- ----------------
25,374 26,667
---------------- ----------------
215,333 241,178
======== ========
5. TANGIBLE FIXED ASSETS
Computer
Equipment Total
£ £
Cost
At 1 August 2024 208,195 208,195
Additions 8,230 8,230
Disposals (136,015) (136,015)
---------------- --------------------
At 31 July 2025 80,410 80,410
---------------- --------------------
Depreciation
At 1 August 2024 198,801 198,801
Charge for period 7,116 7,116
Disposals (135,718) (135,718)
---------------- --------------------
At 31 July 2025 70,198 70,198
---------------- --------------------
Net Book Value
At 31 July 2025 10,211 10,211
======== ========
At 31 July 2024 9,393 9,393
======== ========

20

THE BRITISH SPORTS TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2025

6. INVESTMENTS

The Charity owns the whole of the ordinary share capital in the following dormant companies:

Sports Leaders UK Limited, £2 (2024: £2) SLQ Skills Limited, £2 (2024: £2)

The shares are fully provided for and are held at nil value.

2025 2024
£ £
Listed Securities at Market Value
Balance at 1 August 2024 606,723 532,868
Additions - 300,000
Disposals - (300,000)
Revaluations 60,068 73,855
----------------- -----------------
Balance at 31 July 2025 666,791 606,723
======== ========
Historic cost 500,000 500,000

7. DEBTORS: amounts falling due within one year

2025 2024
£ £
Sports Leader awards debtors 212,047 312,839
Other debtors 300 -
Prepayments 41,027 27,510
Accrued income 533 200
----------------- -----------------
253,907 340,549
======== ========
CREDITORS: amounts falling due within one year
2025 2024
£ £
Trade creditors 91,315 83,660
Taxation and social security 43,910 32,050
Accruals 79,551 63,473
Deferred income 75,940 18,481
---------------- -----------------
290,716 197,664
======== ========
Deferred Income analysis
Brought forward 18,481 39,150
Recognised in the period 75,940 18,481
Released in the period (18,481) (39,150)
---------------- ----------------
Carried forward 75,940 18,481
======== =======

8. CREDITORS: amounts falling due within one year

21

THE BRITISH SPORTS TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2025

9. FUNDS Restricted
General Funds Total
£ £ £
Opening balance at 1 July 2024 1,389,961 35,386 1,425,347
Net income/(expenditure) 44,721 - 44,721
------------------- ----------------- --------------------
Balance as at 31 July 2025 1,434,682 35,386 1,470,068
------------------- ----------------- --------------------
Restricted
General Funds Total
Represented by: £ £ £
Tangible fixed assets 10,211 - 10,211
Investments 666,791 - 666,791
Net current assets 757,680 35,386 793,066
------------------- ------------------ -------------------
At 31 July 2025 1,434,682 35,386 1,470,068
========= ======== =========
Prior Year Restricted
General Funds Total
£ £ £
Opening balance at 1 July 2023 1,437,455 39,628 1,477,083
Net income/(expenditure) (47,493) (4,243) (51,736)
------------------- ----------------- --------------------
Balance as at 31 July 2024 1,389,962 35,385 1,425,347
------------------- ----------------- --------------------
Represented by:
Tangible fixed assets 9,393 - 9,393
Investments 606,723 - 606,723
Net current assets 773,846 35,385 809,231
------------------- ----------------- -------------------
At 31 July 2024 1,389,962 35,385 1,425,347
========= ======== =========

Unrestricted funds : represent funds which the Trustees are free to use in accordance within the charitable objects.

General funds: represent funds which the Trustees are free to use in accordance within the charitable objects.

Designated funds: are unrestricted funds which have been ring fenced by the Trustees’ to support specific projects: principally for the delivery of Sports Leaders courses to disadvantaged individuals, some in deprived areas.

Restricted funds consist of donations made for specific purposes:

Sports Council of Wales - this fund is restricted to supporting work and projects in Wales.

Colson Fellowship Trust – restricted to investment in innovative and developmental projects with funds used as a pump-primer wherever possible.

22

THE BRITISH SPORTS TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2025

9. FUNDS (Cont.)

Year Ended July 2025 Balance Balance
b/f Income Expenditure c/f
Donor £ £ £ £
Sports Council of Wales - 63,105 (63,105) -
Colson Fellowship Trust 35,385 - - 35,385
---------------- ----------------- ---------------- ------------------
35,385 68,612 (63,105) 35,385
======== ======== ======== ========
Period Ended July 2024 Balance Balance
b/f Income Expenditure c/f
Donor £ £ £ £
Sport England 26,650 (26,650) -
Sports Council of Wales - 41,962 (41,962) -
Colson Fellowship Trust 39,628 - (4,243) 35,385
---------------- ----------------- ---------------- ------------------
39,628 68,612 (72,855) 35,385
======== ======== ======== ========

10. PENSION COMMITMENTS

Defined contribution scheme:

The scheme invests in Scottish Widows pension funds. Contributions are made by way of a salary sacrifice. The charitable company matches member’s contributions up to a maximum of 7% of pensionable salary, together with the saving in employer’s national insurance.

11. RELATED PARTY TRANSACTIONS

There were no related party transactions in the current or preceding year.

12. COMPANY LIMITED BY GUARANTEE

The British Sports Trust (trading as the Leadership Skills Foundation) is a charitable company (registered company number 04597192, charity number 1095326) limited by guarantee, incorporated in England and Wales. The charity’s registered office is Bradwell Road, Loughton Lodge, Milton Keynes, MK8 9LA. In the event of a winding up, every member undertakes to contribute an amount not exceeding £10 to the assets of the charitable company.

23

THE BRITISH SPORTS TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2025

13. ACTIVITIES BY FUND IN THE PREVIOUS YEAR

Unrestricted Restricted 31 July
funds funds 2024
£ £ £
Income from:
Charitable activities
Sports Leader award income 1,918,818 - 1,918,818
Grants - 68,612 68,612
Investments 20,529 - 20,529
------------------ -------------------- --------------------
Total income 1,939,347 68,612 2,007,959
------------------ -------------------- -------------------
Expenditure on:
Charitable activities
Sports Leaders awards 2,060,694 - 2,060,694
Other charitable expenditure - 72,856 72,856
------------------ ------------------- -------------------
Total expenditure 2,060,694 72,856 2,133,550
------------------ ------------------- ---------------------
Net operating (expenditure) / income (121,348) (4,243) (125,591)
Gains on investments 73,855 - 73,855
---------------------- ------------------- --------------------
Net movement in funds (47,493) (4,243) (51,736)
Balances brought forward at 1 August 2023 1,437,455 39,628 1,477,083
---------------------- ------------------- --------------------
Balances carried forward at 31 July 2024 1,389,962 35,385 1,425,347
========== ========= ==========

24