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2025-08-31-accounts

Registered Company Number: 04384765 Registered Charity Number: 1096244

BLUECOAT SPORTS

REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

BLUECOAT SPORTS REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

Officers and Professional Advisers

Directors and Charity Trustees

Members of the Board of Trustees are the charity trustees of Bluecoat Sports under charity law and the directors of the charitable company. The members of the Board who served during the year and subsequently are detailed below.

James Maclean (Chairman) Nigel Currie Paul Guyer Sarah Scott (Independent Trustee) (to 17 January 2026) Tom Godfrey Gurinder Sumra Chris Apaloo (from 18 March 2026) Company Secretary Jacqui Duggan Registered Office The Counting House Christ’s Hospital Horsham West Sussex RH13 0YP Auditor Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Banker Barclays Bank plc 2 Carfax Horsham West Sussex RH12 1DN Solicitor Mills and Reeve LLP Botanic House 100 Hills Road Cambridge CB2 1PH

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BLUECOAT SPORTS TRUSTEES’ REPORT YEAR ENDED 31 AUGUST 2025

The Trustees of Bluecoat Sports (the Charitable Company) present their annual report for the year ended 31 August 2025 under the Charities Act 2011 and the Companies Act 2006, thus including the Directors’ Report and Strategic Report under the 2006 Act, together with the audited financial statements for the year.

STRUCTURE, AIMS AND GOVERNANCE

Constitution and objects

The Charitable Company was established in 2002. It is constituted as a company limited by guarantee registered in England, number 04384765, and is registered with the Charity Commission under charity number 1096244. The Charitable Company’s activities are governed by its Memorandum and Articles of Association dated 1 March 2002, as amended by the special resolution dated 1 March 2012.

The Charitable Company’s objects as set out in the Memorandum of Association are to:

AIMS, OBJECTIVES AND ACTIVITIES

Aims

The Charitable Company’s aim for the public benefit is to provide safe, secure and up-to-date sporting and exercise facilities for students at Christ’s Hospital, local schools, local authority organisations, charities and the wider community.

GOVERNANCE AND MANAGEMENT

Board of Trustees

The Board of Trustees (the Board) consists of at least three and not more than six individuals. All but one (the independent Trustee) are nominated by Christ’s Hospital. The independent Trustee is nominated by the Board of Bluecoat Sports and must not be a Trustee or employee of Christ’s Hospital or any of its subsidiary undertakings.

The Board aims to have a governance framework that is fit for purpose, compliant and efficient. Bluecoat Sports policy and practice have been reviewed against the Charity Governance Code. Many of the provisions are covered as part of Bluecoat Sports’ relationship with the governance of Christ’s Hospital. The Audit and Risk Committee provides oversight and challenge for Bluecoat Sports Trustees. The Board has in place a programme for continuous development.

Recruitment, induction and training of Trustees

New Trustees are required to attend an induction meeting which explains the objectives of the Charity and the responsibilities of the Trustees.

Organisational management

The members of the Board, as the charity trustees, are legally responsible for the overall management and control of Bluecoat Sports. The Board meets at least three times a year and acts in the sole interest of Bluecoat Sports.

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BLUECOAT SPORTS TRUSTEES’ REPORT YEAR ENDED 31 AUGUST 2025

The day-to-day running of Bluecoat Sports is delegated to a Senior Management Team, comprising of the General Manager, who reports to the Commercial and Community Access Manager of Christ’s Hospital, and the Assistant Manager.

Related parties

The Charitable Company is a ‘controlled’ charity insofar as Christ’s Hospital controls the appointment of the majority of the Trustees.

STRATEGIC REPORT

STRATEGIES TO ACHIEVE THE PRIMARY OBJECTIVES

Focus continues to be on growing Bluecoat Sports activities, particularly for families, young people and those with health conditions. Pickleball has seen considerable growth over the last twelve months and due to demand a pickleball club has been formed. There has been a re-evaluation of group exercise classes over the last year, with new classes such as Shapes, senior indoor cycling and TRX Hybird added to the programme. Bluecoat Sports now runs over 85 group exercise classes a week across the Club.

Bluecoat Sports continues to work to keep members engaged and feeling part of the Club with retention of existing members remaining a priority. As well as another successful members’ day, we also held a Wellbeing Day for our members this year. The yard games event was held in July with entry numbers doubling from 2024. A members’ forum was also re-established, meeting with a core group to discuss various topics.

The social aspect of membership at Bluecoat Sports is a notable benefit for many members and the café area provides a warm and friendly environment for our members to unwind.

ACHIEVEMENTS AND PERFORMANCE

Provide facilities to Christ’s Hospital

The main focus of Bluecoat Sports’ activities remains the provision of sporting facilities to Christ’s Hospital to support the health and wellbeing of its students. Approximately 40% of the time available in the core facilities (pool, fitness suite, sports hall and gymnasium) is taken up by Christ’s Hospital during term time hours.

Students of Christ’s Hospital have achieved some notable successes during this academic year. All of these students used Bluecoat Sports’ facilities for a major part of their training. The Trustees congratulate the students on their efforts and their successes and thank the staff of Bluecoat Sports for their support for all the students of Christ’s Hospital.

Promote physical health and fitness amongst the students of Christ’s Hospital

All students are inducted into the fitness suite by a Bluecoat Sports fitness instructor. We have a robust monitoring system to ensure that all students using the facilities have undergone suitable instruction and that they have the information and tools to achieve their health and fitness goals. In conjunction with Christ’s Hospital’s PE Department, Bluecoat Sports provides a multitude of activities to promote health and wellbeing, including aerobic, mind and body and core stability exercise classes.

Optional activities for students have included badminton, swimming, fitness and circuit training, dancing, squash, table tennis, martial arts, pilates and indoor cycling. We also run lifting courses for those students who wish to learn to how to train safely with barbells. During social periods in the evenings, the main halls are used for football, basketball, badminton and cricket training by both students and staff.

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BLUECOAT SPORTS TRUSTEES’ REPORT YEAR ENDED 31 AUGUST 2025

Provide facilities to local schools, local authority organisations and charities for the purposes of physical education and training for personal and teamwork development

Bluecoat Sports continues to be popular with local community clubs, such as the Horsham-based Ready and Able Club, Horsham Hockey, Southwater Royals football club and Horsham Amphibians triathletes. Pennthorpe School start regular swimming lessons in the pool from September.

Bluecoat Sports facilities are used by 38 local clubs and groups. All of these users benefit from discounted rates.

Promote physical health and fitness amongst the wider community

Bluecoat Sports provides services to approximately 3,200 members from the local community. In addition, the fitness suite, all adult exercise classes, children’s courses and classes (including swimming lessons) and all racket sports courts are open to the general public at prices set in accordance with the local market.

Bluecoat Sports has an established Exercise Referral Scheme. Working in partnership with the Horsham Wellbeing team at Horsham District Council, the scheme offers members of the community an instructor-led programme of physical activity to assist their recovery from their health condition at a discounted price. Around 75% of those who have completed the initial 12-week programme have taken out ongoing membership at the Club. The hope is that this in turn leads to them making physical activity a part of their daily lives. Additional classes for older people have been introduced during the year and falls prevention classes, to aid stability in older people, are now offered three days of the week. An annual grant of £10,000 has been received from The Charities of John and Frances West, this will help fund the cost of the stability classes for older people in Horsham and surrounding areas.

PUBLIC BENEFIT

In setting our objectives and planning our activities the Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education and fee charging.

The fee charged to Christ’s Hospital is discounted in comparison to the commercial rate and there are no additional charges to students who use the facilities for social activities which include use of the fitness suite, social areas, squash courts and sports halls.

In 2024-25, only 21% of students attending Christ’s Hospital paid full fees, 2% received staff discounts, 11% attended at no cost and the remaining 66% made a contribution which, in most cases, was far below the full fee. Bluecoat Sports thus delivers public benefit in making its facilities available to these students, none of whom are charged directly for their use of the Club, either as part of the curriculum or outside school hours.

Membership fees for the community are on a par with local leisure facilities and non-members are able to attend many of the activities for a small charge which is comparable with local leisure facilities.

Local community groups also benefit from substantial discounts compared to the commercial rate. Again, Bluecoat Sports delivers public benefit in making its facilities available to the members of these groups, none of whom are charged directly for their use of the Club.

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BLUECOAT SPORTS TRUSTEES’ REPORT YEAR ENDED 31 AUGUST 2025

FINANCIAL REVIEW

Results for the year

Income for the year was £2.4 million (2024: £2.2 million), with net income of £128,000 (2024: £91,000). As membership numbers have reached pre-pandemic numbers pressure has grown on the availability of activities in some areas of the Club. Members feedback suggested that capacity was close to being reached and as a result marketing for new members and membership promotions have both been reduced during the year. This has led to a slight decline in the membership numbers. The removal of activity specific categories, at a lower price point, from sale to new members from Autumn 2024, has meant that the yield from memberships has increased and continues to help meet increasing costs.

Pay As You Go usage for sports, classes, courses and activities has grown noticeably, whilst Swim Academy programme numbers have also grown steadily, improving income from these areas of the business.

The financial sustainability of Bluecoat Sports is considered further on page 6 of this report.

Investment policy

Bluecoat Sports maintains sufficient cash in its current account to meet day-to-day requirements. Amounts surplus to this are deposited with CCLA, via the Christ’s Hospital group cash pooling facility, at acceptable risk and attracting interest at more favourable rates than Bluecoat Sports’ current account. At 31 August 2025, £0.5 million (2024: £0.3 million) of Bluecoat Sports cash was held in the group cash pooling facility. There are no plans to invest in any longer-term instruments or for higher returns where increased risk is a factor.

Fundraising

Bluecoat Sports does not undertake fundraising and is therefore not registered with the Fundraising Regulator.

RESERVES LEVEL AND POLICY

The policy is to hold free reserves of up to two months’ running costs (around £380,000). At 31 August 2025, Bluecoat Sports had reserves of £814,000. These are represented by the net book value of fixed assets of £325,000 and free reserves of £489,000. Free reserves are held to enable Bluecoat Sports to continue to provide an educational facility for students of Christ’s Hospital. The Board is comfortable with the current level of free reserves given the current economic climate. The financial sustainability of Bluecoat Sports is considered further in the Financial Sustainability paragraph later in this report.

REMUNERATION POLICY

The Board considers and approves remuneration levels for all staff, including key management personnel. A decision is taken annually with due regard to local market forces and fitness industry norms and the need to ensure that the team is fairly and equitably rewarded and motivated.

TRUSTEES AND PROFESSIONAL ADVISERS

The Trustees and professional advisers during the year are those listed on page 1.

FUTURE PLANS

Maintaining the building is an important part of the future. Bluecoat Sports works closely with Christ’s Hospital’s Project Manager to deliver its Planned Maintenance Programme is in line with the results of the condition survey undertaken in 2020. Improvements to the air handling systems in the downstairs fitness suite, new ceilings in various areas of the Club and refurbishment of the toilets in

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BLUECOAT SPORTS TRUSTEES’ REPORT YEAR ENDED 31 AUGUST 2025

the reception area are some of the ways in which the facilities were improved during the last twelve months.

Whilst inflationary pressures on energy prices have eased, maintaining a focus on reducing energy consumption remains important. The swimming pool filters were replaced in April 2025; the new filters will reduce water consumption. Further work on heating plant controls will be considered for implementation in early 2026 to deliver savings on energy consumption.

Christ’s Hospital sports expansion project is still ongoing. This will deliver an athletics track, padel courts and a ‘get active’ trail. The new car park and entrance off the public highway into Bluecoat Sports are now in use. These new facilities will have considerable school use but will also draw in new members from the local community. The padel courts, in particular, are likely to attract a number of new customers to the Club.

The software used to manage the swim lessons programme was upgraded in late 2024. This has enabled improved visibility of swimmers’ progress, with a home portal where parents are able to monitor their child’s improvements after each of the classes.

RISK MANAGEMENT

The Board is responsible for the management of the risks faced by the Charitable Company. Detailed considerations of risk are delegated to senior staff. Risks are identified, assessed and controls established throughout the year. A formal review of the Charitable Company’s risk management processes is undertaken on an annual basis.

The key controls include:

In addition, the Trustees are committed to safeguarding and promoting the welfare of children and young people and we expect all staff and volunteers to share this commitment. All successful candidates must consent for Bluecoat Sports to seek two written references and must provide documentary proof of qualifications and proof of their identity. Any offer of employment is conditional on all of these being satisfactory.

Principal risks and uncertainties

The principal risks facing Bluecoat Sports relate to the health and safety of the students and members and the welfare of the students. Robust procedures, with regular checks and balances, are in place to ensure that these risks are minimised.

Through the risk management processes established by Bluecoat Sports, the Trustees are satisfied that the major risks identified have been adequately mitigated. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

Financial sustainability

At the time of approval of the Annual Report, factors remain that may have an impact on Bluecoat Sports, in common with other businesses, over a number of years. Those factors include rising staff costs and inflationary pressures. The Board has reviewed the position carefully with a view to ensure that Bluecoat Sports can continue to provide vital sporting facilities for the school and to the general public. Financial plans have been reforecast, covering a period to 31 March 2027. Conservative cash flow modelling with sensitivity analysis, indicates that the cash reserves of Bluecoat Sports are adequate to meet the charitable company’s obligations as they fall due. Accordingly, the Board

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BLUECOAT SPORTS TRUSTEES’ REPORT YEAR ENDED 31 AUGUST 2025

believes that Bluecoat Sports can continue as a going concern for the foreseeable future, being at least 12 months from the date of approval of the financial statements and have therefore prepared the financial statements on a going concern basis.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

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

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charitable Company and of the incoming resources and application of resources, including the income and expenditure, of the Charitable Company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for ensuring that Bluecoat Sport Sports keeps adequate accounting records that are sufficient to show and explain the Charitable Company’s transactions, 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 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as the Trustees are aware, there is no relevant audit information of which the Charitable Company’s auditor is unaware and we have taken all the steps that we ought to have taken as Trustees in order to make ourselves aware of any relevant audit information and to establish that the Charitable Company’s auditor is aware of that information.

AUDITOR

Crowe U.K. LLP has expressed its willingness to continue as auditor for the next financial year.

This Trustees’ Report, prepared under the Charities Act 2011 and the Companies Act 2006, was approved by the Board of Trustees on 1 March 2024, including in their capacity as company directors approval of the Strategic Report contained therein, and is signed on its behalf by

James Maclean Chairman 26 March 2026

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BLUECOAT SPORTS STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 AUGUST 2025

Independent Auditor’s Report to the Members of Bluecoat Sport Sports

Opinion

We have audited the financial statements of Bluecoat Sport Sports (‘the charitable company’) for the year ended 31 August 2025 which comprise Statement of Financial Activities, Balance Sheet and notes to the financial statements, including 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 charitable company 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 contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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BLUECOAT SPORTS STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 AUGUST 2025

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the Trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees’ Responsibilities set out on page 7, 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, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

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BLUECOAT SPORTS STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 AUGUST 2025

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were General Data Protection Regulation and health and safety legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Audit & Risk Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our 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 and the charitable company’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Nicola May Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor

London

Date: 31 March 2026

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BLUECOAT SPORTS STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 AUGUST 2025

Notes
INCOME FROM:
Charitable activities
Sports Centre income
Other ancillary income
Investments
Grants receivable
TOTAL INCOME
EXPENDITURE ON:
Charitable activities
2
TOTAL EXPENDITURE
NET INCOME
TOTAL FUNDS BROUGHT FORWARD
FUND BALANCE		 2025
2024
£
£
2,380,337
2,129,372
11,517
37,006
22,555
18,211
10,000
-
2,424,409
2,184,589
(2,296,382)
2,093,500
(2,296,382)
2,093,500
128,027
91,089
685,821
594,732
813,848
685,821

The notes on pages 13 to 20 form part of these financial statements.

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BLUECOAT SPORTS BALANCE SHEET AT 31 AUGUST 2025

Notes
FIXED ASSETS
Tangible assets
5
CURRENT ASSETS
Stock
6
Debtors
7
Cash at bank and in hand
CREDITORS
Due within one year
8
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS
Due after more than one year
9
NET ASSETS
FUNDS
Unrestricted funds
Designated
10
General
10		 2025
2024
£
£
324,911
340,387
20,842
10,143
592,413
384,179
80,950
125,275
694,205
519,597
(205,268)
(163,326)
488,937
356,271
813,848
696,658
-
(10,837)
813,848
685,821
324,911
340,387
488,937
345,434
813,848
685,821

The notes on pages 13 to 20 form part of these financial statements.

Approved by the Board of Trustees on 26 March 2026 and signed on its behalf by:

James Maclean Chairman 26 March 2026

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BLUECOAT SPORTS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006 and the 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.

These Financial Statements have been drawn up on the historical cost accounting basis.

At the time of approval of the Annual Report, factors remain that may have an impact on Bluecoat Sports, in common with other businesses, over a number of years. Those factors include rising staff costs and inflationary pressures. Whilst the impact is unknown, the Board has reviewed the position carefully with a view to ensure that Bluecoat Sports can continue to provide vital sporting facilities for the school and to the general public. Financial plans have been reforecast, covering a period to 31 March 2027. Conservative cash flow modelling with sensitivity analysis, indicates that the cash reserves of Bluecoat Sports are adequate to meet the charitable company’s obligations as they fall due. Accordingly, the Board believes that Bluecoat Sports can continue as a going concern for the foreseeable future, being at least 12 months from the date of approval of the financial statements and have therefore prepared the financial statements on a going concern basis.

Bluecoat Sports is a Charitable Company limited by guarantee (Company number 04384765) and registered in England. It is a Public Benefit Entity registered with the Charity Commission in England and Wales under Charity number 1096244. Bluecoat Sport Sports operates from its registered office at The Counting House, Christ’s Hospital, Horsham, West Sussex, RH13 0YP.

The Charitable Company has taken advantage of the exemption, available under FRS102 1.12 to subsidiary charities, from preparing a cash flow statement as this is included in the consolidated financial statements of Christ’s Hospital.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the Charitable Company’s accounting policies, Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects the current and future periods.

In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

The following paragraphs describe the specific policies adopted for recognition of significant categories of incoming resource and expenditure.

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BLUECOAT SPORTS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

Bluecoat Sports income

Bluecoat Sports income relates to continuing activities and comprises membership subscriptions, guest fees and hire of facilities in the year, exclusive of Value Added Tax and is accounted for when receivable.

Investment income

Investment income currently comprises bank interest and is accounted for on an accruals basis.

Deferred income

Fee income invoiced in advance of courses is deferred to the year in which the courses are delivered.

Fixed assets

A number of fixed assets are in the ownership of Christ’s Hospital Foundation, the cost of use being charged on a monthly basis to the Charitable Company.

Expenditure on individual items costing more than five thousand pounds has been capitalised.

Fixed assets are depreciated in equal annual instalments over their economic lives as follows:

Plant and equipment 20% or 33⅓% on cost

Depreciation is not charged on work in progress.

Stock

Stock is stated at the lower of cost and net realisable value.

Lease commitments

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

Expenditure

Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer-term liabilities. Expenditure is apportioned to cost categories based on the estimated amount attributable to that activity in the year.

Governance costs comprise the costs running the Charitable Company, including strategic planning for future development, external audit, any legal advice for the Board, and all the costs of complying with constitutional and statutory requirements, such as the costs of Committee meetings, preparing statutory accounts, and satisfying public accountability.

Taxation

The activities of Bluecoat Sports are exempt from Income and Corporation Tax but are registered for Value Added Tax (VAT). The majority of these activities are classified as exempt or non-business activities for VAT purposes and consequently it is not possible to reclaim all of the VAT incurred on purchases.

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BLUECOAT SPORTS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

Pension schemes

The Christ’s Hospital Pension Scheme is a multi-employer scheme and it is not possible to identify the assets and liabilities of the Scheme that are attributable to the Charitable Company on a consistent and reasonable basis. Therefore, in accordance with FRS 102, the Charitable Company accounts for this scheme as if it were a defined contribution scheme.

Note 13 provides further information on this scheme and the stakeholder pension scheme.

Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost. Financial assets held at amortised cost comprise cash at bank and in hand, together with short term deposits, trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions.

2. ANALYSIS OF TOTAL EXPENDITURE

Charitable activities
Providing sporting facilities
Premises costs
Equipment costs
Publicity costs
Other support costs
Finance costs
Governance costs
Total costs of charitable activities
Total expenditure		 STAFF
COSTS
£
1,233,186
27,982
-
-
103,608
-
-		 OTHER
COSTS
£
20,776
523,999
39,215
38,251
173,419
7,586
13,828
817,074
817,074		 DEPRECIATION
£
-
-
114,532
-
-
-
-
114,532
114,532		 TOTAL
TOTAL
2025
2024
£
£
1,253,962
1,098,254
551,981
507,893
153,747
167,645
38,251
31,354
277,027
271,262
7,586
7,372
13,828
9,720
2,296,382
2,093,500
2,296,382
2,093,500
1,364,776
1,364,776

3. STAFF COSTS

Wages and salaries
Coaches' fees
National Insurance costs
Pensions		 2025
2024
£
£
1,134,781
981,299
121,887
123,873
81,368
56,000
26,740
23,348
1,364,776
1,184,520

There were redundancy costs of £6,040 during the year (2024: £8,248).

15

BLUECOAT SPORTS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

The full time equivalent number of staff analysed by function was:

Class instructors
Fitness suite
Recreation assistants
Swim school
Management and administration		 2025
2024
FTE
FTE
4
3
6
4
9
7
4
2
19
17
42
33

No employee earned over £60,000 (2024: nil).

The average head count (being the number of staff employed not adjusted for FTE) was 124 (2024: 114). There were 3 key management personnel (2024: 3) in the year to 31 August 2025. Their aggregate employee benefits were £140,611 (2024: £142,563).

4. AUDITOR'S REMUNERATION

Audit & accountancy fee 2025
2024
£
£
13,828
9,720

5. TANGIBLE FIXED ASSETS

Cost
At 1 September 2024
Additions at cost
Disposals at cost
At 31 August 2025
Depreciation
At 1 September 2024
Charge for year
Accumulated on disposals
At 31 August 2025
Net book value at 31 August 2025
Net book value at 31 August 2024		 Plant &
equipment
£
849,498
99,056
(88,881)
859,673
509,111
114,532
(88,881)
534,762
324,911
340,387

16

BLUECOAT SPORTS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

6. STOCK
Stock for sale
Raw materials and consumables
7. DEBTORS
Trade debtors
Prepayments
Due from Christ's Hospital
p
p
8. CREDITORS: Due within one year
Trade creditors
Bank loan
Deferred income
Tax and National Insurance
Due to Christ's Hospital Foundation
Due to Christ's Hospital Enterprises Limited
Other creditors and accruals
Deferred income
Income deferred in the current year:
- Other fees
Summary of movements in deferred income
Balance at 1 September 2024
Released to income in the year
New fees
Balance at 31 August 2025		 2025
2024
£
£
3,654
3,085
17,188
7,058
20,842
10,143
2025
2024
£
£
19,204
21,698
53,672
49,262
519,537
313,219
592,413
384,179
2025
2024
£
£
11,999
10,834
10,834
9,996
57,441
46,460
18,864
15,690
18,071
8,308
510
-
87,549
72,038
205,268
163,326
57,441
46,460
46,460
(46,460)
57,441
57,441

17

BLUECOAT SPORTS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

9. CREDITORS: Due after more than one year

9. CREDITORS: Due after more than one year
Bank loan		 2025
2024
£
£
-
10,837

In September 2020 the Company entered into an unsecured £50,000 bounce back loan with Barclays Bank for a term of 6 years. During the first 12 months, the UK Government paid the interest due under this loan. This is known as the Business Interruption Payment. No repayment of capital was required during the first 12 months of the loan. Monthly repayments of £833.33 commenced in October 2021, with interest payable in arrears at a fixed rate of 2.5%.

10. MOVEMENT OF FUNDS

Balance at
1 September
2024
£
Designated funds
Fixed assets
Capital fund
340,387
General funds
345,434
TOTAL FUNDS
685,821
PRIOR YEAR MOVEMENT OF FUNDS
Balance at
1 September
2023
£
Designated funds
Fixed assets
Capital fund
252,076
General funds
342,656
TOTAL FUNDS
594,732		 Incoming
resources
£
99,056
2,325,353
2,424,409
Incoming
resources
£
209,137
1,975,452
2,184,589		 Balance at
Resources
31 August
expended
2025
£
£
(114,532)
324,911
(2,181,850)
488,937
(2,296,382)
813,848
Balance at
Resources
31 August
expended
2024
£
£
(120,826)
340,387
(1,972,674)
345,434
(2,093,500)
685,821

18

BLUECOAT SPORTS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

11. ALLOCATION OF NET ASSETS BETWEEN FUNDS

Designated funds:
Capital Fund
General funds		 Tangible
fixed
assets
£
324,911
-		 Net current
assets
£
-
488,937
488,937		 Creditors
due after
more than
one year
Total
2025
£
£
-
324,911
-
488,937
-
813,848
324,911

PRIOR YEAR ALLOCATION OF NET ASSETS BETWEEN FUNDS

Designated funds:
Capital Fund
General funds		 Tangible
fixed
assets
£
340,387
-		 Net current
assets
£
-
356,271
356,271		 Creditors
due after
more than
one year
Total
2024
£
£
-
340,387
(10,837)
345,434
(10,837)
685,821
340,387

12. RELATED PARTY TRANSACTIONS

The Charitable Company rented the Sports Club and laundry to Christ’s Hospital for £363,720 (2024: £363,720) and £9,540 (2024: £9,540) respectively.

Christ’s Hospital recharged expenses totalling £177,000 (2024: £55,000) to the Charitable Company.

No Trustee received remuneration during the year (2024: £nil).

19

BLUECOAT SPORTS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

13. CHRIST’S HOSPITAL PENSION SCHEMES

The Charitable Company is a participating employer in the Christ’s Hospital Pension Scheme (the Scheme), a defined benefit scheme, to which contributions are made by both employees and employers. The Scheme was closed to new members with effect from 31 March 2005.

The Scheme is a multi-employer scheme and as such the Charitable Company is unable to identify its share of the underlying assets and liabilities as each employer is exposed to actuarial risks associated with the current and former employees of the other entities participating in the Scheme.

Member contributions are 6.5% of salary for those members who have an accrual rate of 1/80[th] of final salary for each year of service, and 4% for those who have an accrual rate of 1/100[th] . Contributions payable by employers are 15.5% of salary, plus a monthly deficit-reduction contribution of £16,000, which is paid by Christ’s Hospital Foundation. The deficit-reduction payment is in accordance with an agreed schedule, allowing the deficit to be eliminated by 31 December 2028. The basis of contribution to the Scheme is specified in a schedule of contributions agreed with the Scheme Trustees and certified by the actuary and agreed with the Scheme trustees on 13 December 2023. The last full actuarial valuation of the Scheme was carried out with an effective date of 31 March 2023 and was finalised in December 2023.

Employer contributions for the year ended 31 August 2025 were £2,060 (2024: £2,316).

For staff not in this Scheme, the Charitable Company offers a stakeholder pension scheme with Legal and General. Employer contributions are currently set at the statutory minimum of 3%. Employer contributions totalling £24,680 (2024: £21,032) were paid in respect of this pension scheme for the year.

14. FINANCIAL INSTRUMENTS

Financial assets measured at amortised cost (a)
Financial liabilities measured at amortised cost (b)		 Total
Total
2025
2024
£
£
619,691
460,192
(128,963)
(112,013)
490,728
348,179

(a) Financial assets include cash, short term deposits, trade debtors, other debtors, accrued income and amounts due from members of the Christ's Hospital group.

(b) Financial liabilities include trade and other creditors and amounts due to members of the Christ's Hospital group.

15. ULTIMATE PARENT UNDERTAKING

Bluecoat Sports is a ‘controlled’ charity insofar as Christ’s Hospital, a charity registered in England and Wales (number 1120090), controls the appointment of the majority of the Trustees. This is the largest and smallest group into which the Charitable Company is consolidated. A copy of the accounts can be obtained from the Finance Director, the Counting House, Christ’s Hospital, Horsham, West Sussex, RH13 0YP.

Christ’s Hospital’s objects and principal activities are:

20