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← Greenhouse Sports Limited

2022-08-31-accounts

Registered Charity No. 1098744

Company Registration No. 4600790 (England and Wales)

GREENHOUSE SPORTS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

GREENHOUSE SPORTS LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Sarah Chambers
Michael de Giorgio
Luke Ellis
Mark Greatrex(Appointed 12thDecember 2022)
Dora Jeler(Appointed 12thDecember 2022)
Fiona Laffan
Andrew Lowenthal
Nicholas Prempeh
James Reynolds
Michael Sherwood
Alexandra Willis
Hilda Worth(Resigned 9thMay 2022)
CEO Béatrice Butsana-Sita
Secretary Georgia Cocks
Charity number 1098744
Company number 4600790
Registered office 35 Cosway Street
London
NW1 5NS
Auditor Haysmacintyre LLP
10 Queen Street Place
London
EC4R 1AG
Bankers Santander Corporate Banking
2nd Floor Santander House
100 Ludgate Hill
London
EC4M 7RE
Solicitors Veale Wasbrough Vizards
86 Fetter Lane
London
EC4A 1AD

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GREENHOUSE SPORTS LIMITED

CONTENTS

Annual Report for the year ended 31 August 2022

Page
A message from our Chair and CEO 3 – 4
Trustees' report 5 - 8
Strategic Report 9 - 18
Statement of Trustees' responsibilities 19
Independent auditor's report 20 - 22
Statement of financial activities 23 - 24
Balance sheet 25
Statement of cash flows 26
Notes to the financial statements 27 - 43

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GREENHOUSE SPORTS LIMITED

For the year ended 31 August 2022

A MESSAGE FROM OUR CHAIR AND CEO

At the end of 2021, the Trustees of Greenhouse Sports decided to move the charity’s financial year and reporting to align with the school calendar year which governs much of Greenhouse operations. This change facilitates not only organisational and logistical efficiencies but allows us to set strategic objectives that track the academic year, aligning ourselves more closely with our schools and beneficiaries. This report therefore reflects the finances and operations of Greenhouse Sports from September 2021 to August 2022.

It is pleasing to report that, as 2022 progressed and we saw the immediate restrictions of the pandemic removed, Greenhouse coaches once again returned to operating in our schools at full capacity, providing the full-time support and mentoring to young people that is the bedrock of our sport for development model. Unfortunately, this was tempered by having to close our community sports HQ, The Greenhouse Centre, due to structural issues in the roof of the 19th Century building which needed urgent repair. It remains closed to activity while the repair plan is being finalised, but happily the coaching programmes based there have continued to operate at other venues within the local community.

That frustration aside, it has been a time of great momentum for Greenhouse Sports as we celebrate our 20th anniversary year in 2022. Growth is on the agenda for many at present, but for Greenhouse it has been a living reality. We last reported on the high demand for our programmes through and beyond the pandemic, and Greenhouse now operates 61 coaching programmes, up from just 45 under two years ago, supporting more young people than ever before. Launching our primary school model in 2021, we now have coaches working in eight primary schools. For the first time, we are operating permanently outside London with coaches working fulltime in Portsmouth and Leicester schools. We also expanded our core sports coaching offering, launching our first cricket programme at a school in east London. Our expansion plan is part of our ambition to see more of the schools in need across the country benefit from a Greenhouse Sports’ programme. Currently there are four million disadvantaged children in 10,000 schools across the UK that could benefit from a Greenhouse coach.

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GREENHOUSE SPORTS LIMITED

A MESSAGE FROM OUR CHAIR AND CEO

For the year ended 31 August 2022

In an exciting and innovative move to deepen our intervention in delivering positive social outcomes, we have launched a ground-breaking four year partnership with one of the largest NHS Trusts, Guy’s and St Thomas’ Charitable Trust, through their Impact on Urban Health initiative, targeting health inequalities in inner cities. This project will be fully evaluated to give us real insights into how best to support young people when transitioning from primary to secondary school and to be a partner in this project is a real endorsement and recognition of the work we do.

As our accounts demonstrate, we are in a good and stable financial position to deliver our operations. Our financial stability and fundraising pipeline enable us to be robust in our plans to continue to deliver to those that need us most, and this is now more imperative than ever. The economic forecast and cost-of-living crisis will hit the communities in which we work the hardest. The impact on these communities is very real: in energy, in food, in health, and in opportunity. We exist to keep that sense of opportunity alight in our young people, and we are well primed, using high level sports coaching and mentoring, to help level up the life chances of the children we support in the year ahead.

BButsana

Luke Ellis Chair of Trustee Board

Béatrice Butsana-Sita CEO

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GREENHOUSE SPORTS LIMITED

TRUSTEES' REPORT

For the year ended 31 August 2022

The Trustees are pleased to present their report, which includes the Strategic Report and the Financial Statements of the charity, for the for the year ended 31 August 2022. The 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 Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (2[nd ] edition effective 1 January 2019).

Governing document

Greenhouse Sports is a company limited by guarantee in England & Wales (registration number 4600790) by its Memorandum and Articles of Association dated 26 November 2002 as amended thereafter by special resolutions. It is registered as a charity in England with the Charity Commission (registration number 1098744).

Directors and Trustees

The Directors of Greenhouse Sports are its Trustees for the purposes of charity law and throughout this report are collectively referred to as “the Trustees”.

The Trustees serving during the year were as follows:

Sarah Chambers Michael de Giorgio Luke Ellis (Chairman) Fiona Laffan Andrew Lowenthal Nicholas Prempeh James Reynolds Michael Sherwood Alexandra Willis Hilda Worth (resigned 9[th] May 2022)

Company Secretary: Georgia Cocks

Trustee appointments and resignations

During the year, Hilda Worth resigned (9th May 2022) and we thank her for her work with Greenhouse Sports. On 12th December 2022 we welcomed two new Trustees to the Board, Dora Jeler and Mark Greatrex.

None of the Trustees have any beneficial interest in the company. Each Trustee is a member of the company and guarantees to contribute £10 in the event of a winding up. Trustees and Officers Liability insurance is held by Greenhouse Sports Limited.

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GREENHOUSE SPORTS LIMITED

TRUSTEES' REPORT

For the year ended 31 August 2022

Structure, governance and management

Organisation

The Board of Trustees administers the charity and they meet regularly throughout the year. All strategic development decisions are taken by the Trustees (who are also Directors of Greenhouse Sports Limited).

Five main committees also meet regularly throughout the year: the Operations Committee, the Finance, Audit & Risk Committee (FRC), the Fundraising Committee, the Marketing & Communications Committee and the Nominations Committee. Each comprises Trustees and relevant members of the Senior Leadership Team. The Chair of each committee reports back to full Trustee meetings. The Operations Committee has a Safeguarding & Child Protection sub-committee, chaired by the Director of Programmes who is also the Designated Safeguarding Lead for the charity, and a Health & Safety sub-committee, chaired by a Lead Trustee. The FRC has an Investment sub-committee and a Remuneration sub-committee which are both chaired by a Lead Trustee.

During the financial period, day to day decisions were delegated to senior employees, led by the Chief Executive Officer, Béatrice Butsana-Sita.

Key Management Personnel

The Trustees consider that they, together with the Senior Leadership Team, comprise the Key Management Personnel. In October 2021, the Senior Leadership Team was restructured and now comprises the Chief Executive Officer, the Director of Programmes, the Director of Fundraising, the Director of Coaching, the Director of People & Culture, and the Director of Finance and IT. The pay and remuneration of the Chief Executive Officer and other senior staff is approved by the Trustees, following a review by and the recommendation of the Remuneration subcommittee.

A number of criteria is used in setting pay:

All Trustees give of their time freely and no remuneration or expenses were paid in the year.

Appointment of Trustees

No person may be appointed as a Trustee unless they have been recommended by the Trustees and the appropriate notice has been given in accordance with the company’s Memorandum & Articles of Association. There must be at least two Trustees and no more than twelve.

When considering the appointment of new Trustees, the board has regard to the requirement for any specialist skills or characteristics needed, the need for diversity on the Board, together with general enthusiasm for the work of Greenhouse.

Subject to certain exceptions, the term of office of a Trustee is three years. A Trustee may not serve more than three terms. At the end of the three terms that person must step down and may not be re-appointed. The exceptions are:

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GREENHOUSE SPORTS LIMITED

TRUSTEES' REPORT

For the year ended 31 August 2022

When a Trustee has completed their maximum term, at least four continuous years must elapse before they can be eligible to stand as a Trustee again.

Training of Trustees

The Operations Committee contains a Lead Trustee for Safeguarding and Child Protection and another for Health & Safety who both receive training in their respective areas; other Trustees receive key updates. All Trustees have to complete annual safeguarding training.

Prior to their appointment, Trustees undergo an induction programme which includes a period of familiarisation with the charity’s activities by visiting programmes, meeting staff and reading key information.

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GREENHOUSE SPORTS LIMITED

TRUSTEES' REPORT

For the year ended 31 August 2022

Objectives and Activities

The objects of the charity, as set out in the Memorandum of Association, are to improve the conditions of life of people, with an emphasis on children and young people, in the United Kingdom who are deprived or disadvantaged or who do not ordinarily have access to sports and arts facilities, by the provision of sports and arts programmes.

As such, Greenhouse Sports uses sports coaching and mentoring to empower young people in our community who are facing disadvantage and help them reach their full potential.

Greenhouse Sports aims to develop the social, thinking, emotional and physical (STEP) skills of young people in inner-city communities through outstanding, intensive sports programmes delivered by inspirational coaches. The Greenhouse Centre also aims to build a top-class community hub with a real sense of values that promote health and wellbeing.

Public Benefit Statement

The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on Public Benefit ‘Charities and Public Benefit’.

Greenhouse Sports’ charitable purpose is enshrined in its objects which are set out above. The Trustees ensure that this purpose is carried out for the public benefit by reviewing our programmes to ensure they are meeting our overall aims and they also review annual evaluation reporting to assess the impact of Greenhouse Sports programmes on our participants’ engagement with their education, their involvement in the community and their overall health and well-being.

Participation in Greenhouse Sports programmes is open to all pupils of our participating schools and membership of our clubs and the Greenhouse Centre is open to those who both fall into the relevant age categories and who show a commitment to engaging in the relevant activity.

The Trustees have concluded that the aims of the organisation continue to be charitable, that the aims and the work done give identifiable benefits to our participants, that the benefits are in the public interest, are not unreasonably restricted in any way and that there is no detriment or harm arising from the aims and activities.

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GREENHOUSE SPORTS LIMITED

TRUSTEES' REPORT

For the year ended 31 August 2022

Strategic Report

Achievements and Performance

It has been an exceptional year of growth and innovation for Greenhouse Sports. We are very proud to have grown to 61 programmes as at the end of the financial year, with our talented coaches and mentors delivering sport for development to 6,831 participants. We identified regions outside London where young people would benefit from our services and have expanded strategically to meet that need, opening programmes in Portsmouth and Leicester. Our range of sports has also grown to embrace our first ever cricket programme. Our list of ‘firsts’ also includes an innovative and ground-breaking partnership with one of the largest NHS Charitable trusts as a result of which we now have a four-year partnership with Guy’s and St Thomas’ Charitable Trust through their Impact on Urban Health initiative, targeting health inequalities in cities. Further details of these, and other exciting developments, can be found below.

Growth

In the last year, the total number of young people we have directly reached is 6,831, and the total number of hours of coaching and mentoring young people have taken part in is 53,147 (total staff delivery hours) , up 61.87% on the previous year. We have expanded and are now employing nearly 70 sports coaches who are all also fully trained mentors as well as being excellent role-models, working in secondary and primary schools across London, Portsmouth and Leicester. The majority of our delivery is based on full-time, intensive sports coaching and mentoring in our partner schools, where we deliver a range of sports including basketball, table tennis, tennis, volleyball and cricket. We also run multi-sport programmes in a number of special educational needs and disabilities (SEND) schools. Details of the numbers of these programmes, along with the intensity of our engagement can be seen in the charts alongside which include programmes that have either started or closed during the year.

==> picture [231 x 144] intentionally omitted <==

----- Start of picture text -----
Number of School Programmes
30
25
20
15
10
5
0
Basketball Cricket Table Tennis Volleyball Primary SEN
Tennis
2020-21 2021-22
----- End of picture text -----

Greenhouse Sports also runs basketball and table tennis clubs. These provide an important exit pathway from our school-based interventions, ensuring young people have access to opportunities to maintain sporting habits and continue to benefit from the wellbeing benefits of taking part in organised extracurricular activities.

A high level of engagement with young people is critical for Greenhouse Sports to make a positive impact on their engagement with education, academic results, life skills and future prospects. Taking part in coaching and mentoring activities for an average of at least one hour per week provides a greater opportunity to develop a young person’s social, thinking and emotional and physical skills. The total number of participants, averaging at least an hour per week of activity during the period was 1,904 (2021: 873).

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GREENHOUSE SPORTS LIMITED

TRUSTEES' REPORT

For the year ended 31 August 2022

Expansion outside London

Launching in Portsmouth and Leicester

In October 2021 we launched our first programme outside London, partnering with a Portsmouth secondary school to deliver a full-time table tennis coaching programme. Following on from this, we are now building a cluster of schools in Portsmouth with two primary schools that feed the secondary school, due to come within the Greenhouse family.

In September 2022, at the start of this school year we opened our first hub of school programmes in Leicester to deliver coaching in basketball and multi-sports to pupils aged 9-11.

Throughout the year, both in Portsmouth and Leicester, as with all Greenhouse Sports programmes, the pupils will receive immersive coaching sessions during and after school (including breakfast clubs, lunch clubs and after school clubs); the coaches are fully embedded in the schools interacting with full-time members of staff and becoming trusted mentors to the young people they coach. This is an important part of the Greenhouse philosophy of delivering multi-hours of intensive coaching and one-on-one mentoring to inspire the children to aim higher.

Innovative partnerships

Guy’s and St Thomas’ Charitable Trust (Impact on Urban Health)

We have launched our first major strategic partnership with one of the largest NHS Charitable trusts through a fouryear partnership with Guy’s and St Thomas’ Charitable Trust (Urban Health). This involves four primary schools in Lambeth feeding into one of our new Basketball Programmes at a Secondary School in Lambeth. The aim of this project is to test and develop an approach to supporting children most at risk either of developing or of worsening existing behavioural difficulties as they transition from primary to secondary school. We have also partnered with UCL, where we will be working with a PhD student on some pioneering research into the impact of sport in mitigating challenges around behavioural mental health with young people transitioning into secondary school.

Women’s and girls’ participation

As part of our strategy to encourage and promote further the participation of women and girls in sport we have secured the following partnerships

Overcoming challenges at the Greenhouse Centre

The most significant challenge this year has been the temporary closure of our community sports centre and activity hub, the Greenhouse Centre, in November 2021 due to the discovery of damage within the roof structure. This has necessitated costly roof repairs rendering the Centre unsafe for delivery in the meantime. We have relocated as much of our delivery as we can to alternative venues close by, but inevitably overall delivery hours have fallen due to far lower capacity at these venues. We are aiming to re-open the Centre as early in 2023 as possible as we are totally committed to re-opening to the thousands of young people and families on our doorstep,

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GREENHOUSE SPORTS LIMITED

TRUSTEES' REPORT

For the year ended 31 August 2022

The Greenhouse Centre has become a beacon for the local community and this was heightened during the peak of the Covid pandemic. Investment in youth services by local authorities continues to decline at a time when it is most needed. It is vital that young people and their families in North Westminster have a safe space to go to improve their physical and mental wellbeing. The Greenhouse Centre is the only organisation of its kind in the borough, open six days a week for the local community.

Our Youth Advisory Board

The Greenhouse Sports Youth Advisory Board (YAB) involves 15 representatives from our school programmes, who provide feedback and help make decisions about issues affecting them. They were influential in formulating our very successful summer enrichment programme and are involved in consultation around the development of our programmes, such as our employability offering, enrichment trips, shaping our environmental policy, and representing Greenhouse participants at events. They have committed to attend at least six meetings across the academic year in school holidays and we provided them with a two-day leadership training course through a Developing Leadership Skills Level 1 in the summer.

Our holiday camp delivery

We continue to run very successful and important holiday camps and enrichment activities, keeping children safe and engaged all year round, especially when schools are closed, and creating opportunities to which the young people may not otherwise have access. This summer, 49 programmes ran summer camps (41 in 2021) with 3,656 hours of delivery including camps and enrichment activities (2,828 in 2021). We reached over 1,100 young people with activities ranging from residential sporting camps to exciting enrichment day trips.

Our people

Our workforce is our biggest strength and we have continued to provide high quality training for our coaches and staff, running a second cohort of the StreetGames Mentoring Young People in the Community training course that was well received by coaches last year, this time for 10 coaches who have joined Greenhouse since September 2021. We have also piloted a course on Youth Mental Health First Aid that we will be offering to more coaches and we delivered courses on Mental Health Conversations and Managing Challenging Behaviour in March 2022 in partnership with StreetGames Training Academy to 25 coaches with a range of experiences working for Greenhouse. We have also continued to run all-staff days three times per year on topical issues that impact our young people and the communities where they live – for example, the May Staff Day, organised by our Equality, Diversity & Inclusion staff champions focused on misogyny and positive masculinity so as to explore the wider issue and how we can have a positive impact through Greenhouse.

Equality, Diversity & Inclusion (E, D & I)

Our E,D & I group consists of Greenhouse coaches and office staff working on projects surrounding E,D & I and making recommendations to the Senior Leadership Team and Trustees on what more Greenhouse can do to further champion this area. This year we have continued to build on these initiatives and have added a mental wellbeing working group as well. Recent actions include an all-staff workshop on positive masculinity, consultation groups on how we can improve recruitment of female coaches, advising on alternatives to the term BAME across the organisation, and the launch of a wellbeing platform for staff - as well as the recruitment of a Girls Participation Lead mentioned above.

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GREENHOUSE SPORTS LIMITED

TRUSTEES' REPORT

For the year ended 31 August 2022

Volunteers

Volunteers support Greenhouse Sports across all areas of the charity’s work and we are very grateful for their knowledge, experience and enthusiasm. Their roles vary from long-term regular coaching and mentoring positions to support on projects and events. This year we launched our employability programme supported by teams of corporate volunteers focused on developing the employability skills and experiences for our young people. Corporate volunteers also supported our coaches at after-school clubs and holiday camps, our events team at major fundraising events and our programme support team with skills-based project guidance.

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GREENHOUSE SPORTS LIMITED

TRUSTEES' REPORT

For the year ended 31 August 2022

Plans for the Future

We are continuing to grow Greenhouse programmes over the next 12-month period including Mainstream Secondary and Primary School programmes, SEND School Programmes and Clubs as well as rebuilding the Community offer at the Greenhouse Centre. This represents continued growth with 61 programmes active as of January 2023 and eight new programmes with signed agreements recruiting coaches currently to commence in 2023.

We are looking to deliver more in feeder primary schools, most notably in our exciting partnership with Guy’s and St Thomas’ NHS Foundation Trust in Lambeth, which will enable us to work with young people from a younger age to deepen our impact, support their mental wellbeing through the tricky transition to secondary school, and build a healthy habit of extra-curricular activity.

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GREENHOUSE SPORTS LIMITED

TRUSTEES' REPORT

For the year ended 31 August 2022

How we fundraise

Greenhouse Sports is registered with the Fundraising Regulator, and we seek to follow best practice guidelines. We also use our best efforts to ensure that our fundraising activities comply with all codes of practice. The Fundraising Committee is responsible for overseeing the fundraising activities of the charity and is responsible for monitoring fundraising practices.

Our fundraising activities are led by our in-house fundraising team as well as by Trustees. We organise several fundraising events each year, as well as obtaining donations from a variety of individuals, corporates, trusts, foundations and statutory bodies.

Our Trustees and fundraising team are committed to putting our existing donors’ and prospective supporters’ needs and expectations at the heart of our fundraising activities. It is only thanks to them that we can achieve our objectives. We respect the rights of individuals who may not wish to give, and if we receive a request to cease contacting an individual, this is logged in our fundraising database to ensure they are not contacted again in the future. There have been no complaints made regarding our fundraising practices in the year.

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GREENHOUSE SPORTS LIMITED

TRUSTEES' REPORT

For the year ended 31 August 2022

Risk management

The Trustees have adopted a risk management strategy which comprises:

The risk register and KRIs are updated every quarter and regularly reviewed by the FRC and the Board of Trustees.

During the period, significant work has been done to mitigate the key risks, in particular:

The principal risks and uncertainties facing the charity and plans for their mitigation are as follows:

Risk Mitigating actions
Inadequate financial
and project
management of the
Centre roof repair
project.		 • Regular project monitoring meetings by a focus group to ensure that potential
project delays are identified early and mitigated.
• Project managed by an experienced project manager with similar project experience
• External advisers with relevant project experience providing an independent opinion
and assurance on the project scope and costs, including an independent Quantity
Surveyor employed by Greenhouse.
• Competitive tender process for the selection of the contractors and related project
teams undertakingthe repair
Critical incidents • Regular monitoring and review of strategic, financial, and operational plans by
Trustees and staff
• Review and updating policies and procedures in line with government advice and
best practice
• Contingency and recovery plans to ensure services have minimal disruption
• Provision of services via alternative media during school closures
• Succession planning includes identification of critical points with action plans to
ensure knowledge is shared across teams
Health & Safety/
Safeguarding
issues		 • Health & Safety and Safeguarding & Child Protection Committees in place
• Processes in place for risk assessment and management
• Insurance held and reviewed annually
• Professional, external advice sought for operational health and safety
• Training delivered for new and existing policies, including the sharing of best practice
• Critical incident and disaster recovery plans inplace for more serious incidents
Failure to deliver
programmes to a
high degree of
quality		 • Operations Committee in place to review the risks to programme quality
• Regular internal monitoring and reporting of the quality of programmes
• Training and development provided to all members of staff who are involved in
programme delivery and management
• A new programme management structure with emphasis on coach
development and higherprogrammequality

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GREENHOUSE SPORTS LIMITED

TRUSTEES' REPORT

For the year ended 31 August 2022

Data Protection and
critical IT incidents		 • Trained Data Protection Officer coordinates the GDPR monitoring and review
process
• Training for all staff members on key policies and practices
• Rapid response plans in place to deal with IT issues to minimise any downtime
• Investment in new IT infrastructure and cloud-based software packages to ensure
that there is minimal disruption for critical services
Not raising enough
funds		 • Fundraising Committee in place to develop a detailed annual fundraising strategy,
together with a long-term business development strategy
• Regular monitoring of progress against targets and of pipeline income
• Increased fundraising capacity to explore new avenues for fundraising income.
• Establishment of a restricted Centre Sustainability Fund to reduce the risk of costs,
especiallyunforeseen costs,related to runninga Grade II* listed building
Failure to deliver
strategic aims,
especially growth		 • Regular monitoring and review of strategic objectives by SLT and Trustees
• Review and due diligence on new prospective programmes to ensure they meet our
charitable objectives
• Recruitment and training of high-quality coaches and staff to deliver our objectives
• Designating a fund to cover any financial shortfalls and initial outlays of starting new
programmes

"I would say the best part of having coach in my life is that he’s taught me so many things that I can use in table tennis, and also outside of table tennis in my day to day life… The fact that I know Greenhouse always has my back helps me keep grounded, and I think it would help a lot of other kids as well." - Sayna, Greenhouse Sports Participant.

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GREENHOUSE SPORTS LIMITED

TRUSTEES' REPORT

For the year ended 31 August 2022

Reserves policy

Greenhouse Sports aims to retain general unrestricted funds of between three and six months of expected operating expenditure for the following year to ensure that we can meet our ongoing programme commitments to the participants, their schools (with whom the standard term contract is 3 years), community clubs and other partners. Our year end general unrestricted funds of £2.3m represent 4 months of the £6.7m budgeted annual expenditure.

In November 2021 we had to take the difficult decision to close the Greenhouse Sports Centre (a leasehold property) due to damage identified within the roof structure. We undertook an impairment review of the building and have recognised an impairment charge of £1.6m which has reduced our designated fixed asset reserves accordingly.

Reserves £m

==> picture [185 x 178] intentionally omitted <==

----- Start of picture text -----
30
25
20
15
10
5
0
Designated Restricted Unrestricted
----- End of picture text -----

We want to grow the number of programmes within

London as well as in other cities and regions across the country. We have therefore designated £2m in a Strategic Growth Fund to help us achieve this goal. Raising funds for activities outside London will be challenging, but we are committed to delivering our programmes for at least three years to ensure that we have a genuine impact in our young people’s lives.

At the year end, the charity had total funds of £23.9m (2021: £26.3m). £17.0m is designated, of which £14.0m relates to the Grade II* Greenhouse Centre building. This includes an impairment charge of £1.6m to reflect the roof issues. £0.8m investments is the Centre Sustainability Fund which is held for the long-term costs of running the Centre. A further £0.2m is held within other fixed assets while the remaining £2.0m of designated funds is held within investments and cash and is for the growth of our programmes. Restricted funds of £4.6m (2021: £4.9m) comprise £4.4m in respect of the Centre Sustainability Fund and £0.2m for specific sports, programmes and activities. As mentioned above, £2.3m is unrestricted (2021: £2.5m).

Financial review

During the year, the charity received £6.0m income for its ongoing operations (2020-21: £8.0m over 17 months). This included £0.6m from our 20[th] anniversary event at 34 Mayfair and £0.7m from other fundraising events organised by Greenhouse Sports.

Operational costs were £5.2m (2021: £6.3m), which is consistent with the previous period. In total, 85% of costs (2021: 87%) related to charitable activities, with most of the remainder spent on generating voluntary income. We also incurred one-off costs of £2.0m, including a £1.6m impairment charge for the building. Total expenditure for this year is £7.1m. The impairment charge will be reversed upon completion of the work as we expect the building value to be in line with our previous carrying value.

We have also recognised a provision of £2.6m for the roof repair project. However, as these costs will only be incurred in the financial year 2023-24, they have been included within prepayments. The provision and prepayment will be released as and when the repair costs are incurred and paid.

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GREENHOUSE SPORTS LIMITED

TRUSTEES' REPORT

For the year ended 31 August 2022

The table below separates out the income and expenditure related to the Centre roof repair project to demonstrate the underlying performance of the charity (‘Greenhouse Operations’). It is the Trustees’ view that the income and expenditure categorised under Greenhouse Operations gives a more representative picture of the charity’s financial performance.

Income
Expenditure and losses
Net income/(expenditure)		 Greenhouse
Operations
£
5,967,980
(6,378,880)
(410,900)		 Centre Roof
Repair
£
-
(1,974,631)
(1,974,631)		 Total
£
5,967,980
(8,353,511)
(2,385,531)

Investment powers and policy

Under the Memorandum and Articles of Association, the charity has the power to invest at the discretion of the Trustees. The Investment Committee has delegated authority to make decisions in relation to investments and is responsible for managing the investment portfolio on behalf of the Trustees.

It is the Trustees’ policy to invest surplus funds on a conservative basis and in the best interests of Greenhouse Sports. Investments made by the charity are intended to be held for the long-term to generate income to support the operational costs of the charity.

As a guide, the maximum invested in any given instrument would be 10% of the portfolio value, or £500k, whichever is the greatest. This may need a degree of flexibility if, for example, it is necessary to sell some for cashflow purposes, or fluctuations in the value of instruments purchased give rise to these limits being exceeded. The general assumption is that the primary instrument type will be corporate bonds, though other types will be considered.

Financial Investment performance

The charity made a further investment of £1.0m in Oct 2021 to maximise our investment income to fund our growth in the future. The investment portfolio generated income of £0.4m during the period. During the period, the effects of the wider economy, interest rate rises and financial policies resulted in investment values decreasing significantly and we had a net investment loss of £1.2m (2021: £0.3m net investment gain). The yearend value of the investment portfolio, including any accrued income, was £7.7m (2021: £7.8m). The makeup of the investment was 75% in corporate bonds and 25% in cash.

Disclosure of information to the auditors

Each of the Trustees has confirmed that there is no material information of which they are aware which is relevant to the audit but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify any such relevant information and to establish that the auditors are aware of such information.

This report, which includes the Strategic Report and Directors’ Report, was approved by the Trustees on 2 1 February 2023 and is signed on their behalf by.

Luke Ellis (Chair)

2 1 February 2023

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GREENHOUSE SPORTS LIMITED

STATEMENT OF TRUSTEES' RESPONSIBILITIES

For the year ended 31 August 2022

The Trustees, who are also the directors of Greenhouse Sports Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of income and expenditure of the charitable company for that year.

In preparing these accounts, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Companies Act 2006. 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.

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GREENHOUSE SPORTS LIMITED

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF GREENHOUSE SPORTS LIMITED

Opinion

We have audited the financial statements of Greenhouse Sports Limited for the year ended 31 August 2022 which comprise Statement of Financial Activities, the Balance Sheet, the 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’ Annual Report and the message from the Chair’s and Chief Executive’s statement. 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.

20

GREENHOUSE SPORTS LIMITED

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF GREENHOUSE SPORTS LIMITED

Opinions on other matters prescribed by the Companies Act 2006

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

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 of the audit, we have not identified material misstatements in the Trustees’ Annual Report (which incorporates the strategic report and the directors’ report).

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

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 19, 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.

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 the Companies Act 2006, the Charities Act 2011, the Fundraising regulations and GDPR, 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 FRS 102 and Charity SORP, and consider other factors such as payroll tax and sales tax.

21

GREENHOUSE SPORTS LIMITED

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF GREENHOUSE SPORTS LIMITED

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 income 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 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 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, for our audit work, for this report, or for the opinions we have formed.

Thomas Wilson (Senior Statutory Auditor) For and on behalf of Haysmacintyre LLP, Statutory Auditors Date 22/02/23

10 Queen Street Place London EC4R 1AG

22

GREENHOUSE SPORTS LIMITED

STATEMENT OF FINANCIAL ACTIVITIES

(Incorporating an income and expenditure account)

For the year ended 31 August 2022

Unrestricted
funds
general
Notes
£
Income from
Donations
3
- The Greenhouse Centre
-
- Operational
2,242,100
Charitable activities
- Sports Programmes
5,247
Events income
4
1,496,611
Investment income
5
40,044
Total income
3,784,002
Expenditure on
Raising funds
6
745,627
Charitable activities
7
2,956,660
Other (one-off costs)
8
-
Total expenditure
3,702,287
Net gains/(losses) on investments
(118,560)
Net income / (expenditure) before
transfers
(36,845)
Gross transfers between funds
(141,594)
Net movement in funds
16
(178,439)
Fund balances at 1 April 2020
2,524,898
Fund balances at 31 August 2021
16
2,346,459		 Unrestricted
funds
designated
£
-
-
-
-
112,598
112,598
-
200,835
1,585,000
1,785,835
(404,611)
(2,077,848)
174,221
(1,903,627)
18,876,982
16,973,355		 Total
Total
Restricted
12 Months
17 Months
funds
31 Aug 2022 31 Aug 2021
£
£
£
77,362
77,362
357,416
723,150
2,965,250
5,501,323
1,082,396
1,087,643
1,254,594
-
1,496,611
468,421
188,472
341,114
432,470
2,071,380
5,967,980
8,014,224
-
745,627
799,129
1,275,328
4,432,823
5,493,529
389,631
1,974,631
-
1,664,959
7,153,081
6,292,658
(677,259)
(1,200,430)
328,736
(270,838)
(2,385,531)
2,050,302
(32,627)
-
-
(303,465)
(2,385,531)
2,050,302
4,918,078
26,319,958
24,269,656
4,614,613
23,934,427
26,319,958

The results above are materially impacted by expenditure which is one-off in nature. The table below therefore splits these items out to show the underlying operational income and expenditure. Expenditure related to the repair of the roof and bell tower is categorized under Centre Roof repair.

Income
Expenditure and losses
Net income/(expenditure)		 Greenhouse
Operations
£
5,967,980
(6,378,880)
(410,900)		 Centre Roof
Repair
£
-
(1,974,631)
(1,974,631)		 Total
£
5,967,980
(8,353,511)
(2,385,531)

23

GREENHOUSE SPORTS LIMITED

STATEMENT OF FINANCIAL ACTIVITIES

(Incorporating an income and expenditure account)

For the 17 month period ended 31 August 2021

Unrestricted
funds
general
Notes
£
Income from
Donations
3
- The Greenhouse Centre
-
- Operational
4,502,284
Charitable activities
- Sports Programmes
7,340
Events income
4
468,421
Investment income
5
86,796
Total income
5,064,841
Expenditure on
Raising funds
6
799,129
Charitable activities
7
2,272,288
Total expenditure
3,071,417
Net gains/(losses) on investments
66,753
Net income / (expenditure) before
transfers
2,060,177
Gross transfers between funds
(2,063,323)
Net movement in funds
16
(3,146)
Fund balances at 1 April 2020
2,528,044
Fund balances at 31 August 2021
16
2,524,898		 Unrestricted
funds
designated
£
-
-
-
-
63,060
63,060
-
252,206
252,206
47,793
(141,353)
2,075,323
1,933,970
16,943,012
18,876,982		 Total
Total
Restricted
17 Months
12 Months
funds
31 Aug 2021 31 Mar 2020
£
£
£
357,416
357,416
505,246
999,039
5,501,323
2,298,560
1,247,254
1,254,594
1,115,473
-
468,421
1,680,439
282,614
432,470
260,012
2,886,323
8,014,224
5,859,730
-
799,129
724,033
2,969,035
5,493,529
4,200,496
2,969,035
6,292,658
4,924,529
214,190
328,736
(358,478)
131,478
2,050,302
576,723
(12,000)
-
-
119,478
2,050,302
576,723
4,798,600
24,269,656
23,692,933
4,918,078
26,319,958
24,269,656

There were no other recognised gains and losses other than those listed above and the net income for the year. All income relates to continuing operations.

24

GREENHOUSE SPORTS LIMITED

BALANCE SHEET

As at 31 August 2022

Company Registration No. 4600790

Notes
Fixed assets
Tangible assets
12
Investments
13
Current assets
Stock
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
15
Net current assets
Total assets less current liabilities
Funds
Restricted funds
16
Centre – General
Centre Sustainability Fund
Operational
Unrestricted funds – Designated
16
Centre Fixed Asset
Strategic Growth Fund
Centre Sustainability Fund
Other Fixed Assets
Unrestricted funds - General		 31 Aug 2022
£
-
3,303,550
2,486,626
5,790,176
(3,734,167)
25,000
4,407,426
182,187
14,001,399
2,000,000
815,200
156,756
2,346,459		 31 Aug 2022
31 Aug 2021
£
£
14,158,155
7,720,263
5,587
679,773
3,193,333
3,878,693
(934,628)
2,056,009
23,934,427
50,000
4,761,491
106,587
4,614,613
15,720,091
2,000,000
1,107,213
49,678
2,524,898
19,319,814
23,934,427		 31 Aug 2021
£
15,769,769
7,606,124
2,944,065
26,319,958
4,918,078
21,401,880
26,319,958

The accounts were approved by the Trustees on 2 1 February 2023

AS Lowenthal

.............................. Luke Ellis Chairman

.............................. Andrew Lowenthal Trustee

25

GREENHOUSE SPORTS LIMITED

STATEMENT OF CASH FLOWS

For the year ended 31 August 2022

12 Months
12 Months
17 Months
17 Months
31 Aug 2022
31 Aug 2022
31 Mar 2021
31 Mar 2021
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
20
440,969
1,554,883
Investing activities
Purchase of tangible fixed assets
(174,221)
(75,323)
Purchase of investments
(1,232,603)
(783,465)
Sale of investments
1,504,505
180,000
Interest received
341,114
432,470
Net cash used in investing activities
438,795
(246,318)
Net increase / (decrease) in cash and cash equivalents
879,764
1,308,565)
Cash and cash equivalents at beginning of year
3,497,744
2,189,179
Cash and cash equivalents at end of year
4,377,508
3,497,744
Cash and cash equivalents at end of year represented by
Cash at bank and in hand
2,486,626
3,193,333
Cash held within investments (Note 12)
1,890,882
304,411
Cash and cash equivalents at end of year
4,377,508
3,497,744		 12 Months
12 Months
17 Months
17 Months
31 Aug 2022
31 Aug 2022
31 Mar 2021
31 Mar 2021
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
20
440,969
1,554,883
Investing activities
Purchase of tangible fixed assets
(174,221)
(75,323)
Purchase of investments
(1,232,603)
(783,465)
Sale of investments
1,504,505
180,000
Interest received
341,114
432,470
Net cash used in investing activities
438,795
(246,318)
Net increase / (decrease) in cash and cash equivalents
879,764
1,308,565)
Cash and cash equivalents at beginning of year
3,497,744
2,189,179
Cash and cash equivalents at end of year
4,377,508
3,497,744
Cash and cash equivalents at end of year represented by
Cash at bank and in hand
2,486,626
3,193,333
Cash held within investments (Note 12)
1,890,882
304,411
Cash and cash equivalents at end of year
4,377,508
3,497,744		 12 Months
12 Months
17 Months
17 Months
31 Aug 2022
31 Aug 2022
31 Mar 2021
31 Mar 2021
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
20
440,969
1,554,883
Investing activities
Purchase of tangible fixed assets
(174,221)
(75,323)
Purchase of investments
(1,232,603)
(783,465)
Sale of investments
1,504,505
180,000
Interest received
341,114
432,470
Net cash used in investing activities
438,795
(246,318)
Net increase / (decrease) in cash and cash equivalents
879,764
1,308,565)
Cash and cash equivalents at beginning of year
3,497,744
2,189,179
Cash and cash equivalents at end of year
4,377,508
3,497,744
Cash and cash equivalents at end of year represented by
Cash at bank and in hand
2,486,626
3,193,333
Cash held within investments (Note 12)
1,890,882
304,411
Cash and cash equivalents at end of year
4,377,508
3,497,744
3,497,744

Analysis of changes in net debt

Greenhouses Sports currently have no borrowings and only hold cash and cash equivalents as disclosed above.

26

GREENHOUSE SPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 August 2022

1 Accounting policies

Charity information

Greenhouse Sports Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 35 Cosway Street, London, NW1 5NS.

1.1 Accounting convention

These accounts have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), “Accounting and Reporting by Charities” the Statement of Recommended Practice for charities applying FRS 102 effective 1 January 2019, the Companies Act 2006 and UK Generally Accepted Accounting Practice. The charity is a Public Benefit Entity as defined by FRS 102.

The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The accounts have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the accounts, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the accounts.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the charitable objectives unless the funds have been designated for other purposes.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Government grants are recognised on a performance model basis.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

The value of donated services and gifts in kind are recognised at their open market value in the period in which they are receivable as incoming resources, where the benefit to the charity can be reliably measured. An equivalent amount is included as expenditure under the relevant heading in the statement of financial activities.

1.5 Expenditure

Expenditure is recognised on an accruals basis, inclusive of value added tax. Costs of raising funds are those costs incurred in attracting voluntary income, in particular grant funding and the costs of maintaining the charity’s profile in the sector. Expenditure relating to sports programmes are those elements of expenditure directly incurred in performing these activities.

Governance costs include those costs incurred in the governance of the charity’s assets and are primarily associated with constitutional and statutory requirements.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

27

GREENHOUSE SPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 August 2022

1 Accounting policies (continued)

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold buildings & improvements Over the remaining extended period of the lease Fixtures, fittings & equipment 33% straight line

Depreciation is charged in full in the year of acquisition and is not apportioned.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in net income/(expenditure) for the year.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/(expenditure) for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8 Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity’s balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

28

GREENHOUSE SPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 August 2022

1 Accounting policies (continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The Trustees have assumed that the costs of the Greenhouse Centre leasehold building and improvements should be depreciated over the remaining extended period of the lease. The current lease runs until 7 April 2082. There is a clause in the lease agreement which allows the charity to extend the lease for another 57 years from 8 April 2082 to 7 April 2139. It is currently the Trustees’ intention to extend the lease on this basis, and so depreciation has been charged over 125 years with 117 years remaining as at the end of 31 August 2022.

In determining the carrying value of the leasehold building and improvements, the Trustees have recognised an impairment charge of £1.6m for the leasehold building. These are reported within notes 8 & 12. The value of the property as at the end of 31 August 2022 was reduced because of this charge.

We have also recognised a provision of £2.6m for the roof repair project. However, as these costs will only be incurred in the financial year 2023-24, they have been included within prepayments. The provision and prepayment will be released as and when the repair costs are incurred and paid.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods

29

GREENHOUSE SPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 August 2022

3 Voluntary income

Voluntary income
The Greenhouse Centre
Operational
Government grant – Job Retention Scheme		 Total
12 Months
31 Aug
2022
£
77,362
2,965,250
-
3,042,612		 Total
17 Months
31 Aug
2021
£
357,416
4,871,974
629,349
5,858,739

Donated goods and services

The charity received the benefit of various gifts in kind during the year, in the form of sports facilities and sports kit. These contribute £20,180 (2021: £19,672) to income and expenditure.

4 Events income

Events income
Internal fundraising activities
External sponsorship events		 Total
12 Months
31 Aug
2022
£
1,319,677
176,934
1,496,611		 Total
17 Months
31 Aug
2021
£
423,279
45,142
468,421
Investment Income
Interest receivable
Investment Income		 Total
12 Months
31 Aug
2022
£
3,939
337,175
341,114		 Total
17 Months
31 Aug
2021
£
4,025
428,445
432,470

30

GREENHOUSE SPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 August 2022

6 Raising funds

Raising funds
Staff costs
Fundraising events
Other fundraising costs		 Total
12 Months
31 Aug
2022
£
501,051
172,898
71,678
745,627		 Total
17 Months
31 Aug
2021
£
609,989
74,416
114,724
799,129

7 Charitable activities

Charitable activities
Staff costs
Depreciation and impairment
Charitable expenditure
Share of support costs (see note 9)
Share of governance costs (see note 9)
Analysis by fund
Unrestricted funds – general
Unrestricted funds – designated
Restricted funds		 Total
12 Months
31 Aug
2022
£
2,635,540
147,281
624,703
3,407,524
972,950
52,349
4,432,823
2,956,660
200,835
1,275,328
4,432,823		 Total
17 Months
31 Aug
2021
£
3,386,255
216,535
816,159
4,418,949
1,010,162
64,418
5,493,529
2,272,288
252,206
2,969,035
5,493,529

31

GREENHOUSE SPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 August 2022

8
Other expenditure (one-off costs)
Roof repairs costs incurred
Impairment Charge – See fixed assets (Note 12)
9
Support costs
Support
costs
£
Staff costs
657,828
Depreciation
52,769
Programmes insurance
38,682
IT costs
77,874
Accountancy
13,929
Legal & professional
1,032
Other support costs
130,836
Audit fees
-
Other governance costs
-
972,950
Analysed between:
Charitable activities
972,950
Support
costs
£
Staff costs
786,155
Depreciation
35,732
Programmes insurance
45,120
IT costs
63,954
Accountancy
25,532
Legal & professional
3,611
Other support costs
50,058
Audit fees
-
Other governance costs
-
1,010,162
Analysed between:
Charitable activities
1,010,162		 Governance
costs
£
24,569
-
-
-
-
7,859
-
19,360
561
52,349
52,349
Governance
costs
£
36,899
-
-
-
-
6,507
-
20,700
312
64,418
64,418		 Total
Total
12 Months
17 Months
31 Aug
2022
31 Aug
2021
£
£
389,631
-
1,585,000
-
1,974,631
-
Total
12 Months
31 Aug
2022
£
Basis of allocation
682,397
Time and resource
52,769
Time and resource
38,682
Specific costs
77,874
Time and resource
13,929
100%
8,891
Specific costs
130,836
Time and resource
19,360
100%
561
100%
1,025,299
1,025,299
Total
17 Months
31 Aug
2021
£
Basis of allocation
823,054
Time and resource
35,732
Time and resource
45,120
Specific costs
63,954
Time and resource
25,532
100%
10,118
Specific costs
50,058
Time and resource
20,700
100%
312
100%
1,074,580
1,074,580

32

GREENHOUSE SPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 August 2022

10 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. No Trustees were reimbursed for expenses during the year (2021: None).

11 Employees

Number of employees

The average number of employees during the period was:

Number of employees
The average number of employees during the period was:
Total number of employees
Employment costs
Wages and salaries
Social security costs
Other staff costs
Other pension costs		 2022
Number
105
Total
12 Months
31 Aug 2022
£
3,235,376
339,397
144,285
80,665
3,799,723		 2021
Number
99
Total
17 Months
31 Aug 2021
£
4,186,797
412,712
107,341
112,448
4,819,298

Included in wages and salaries above are £nil for redundancy costs (2021: £4,000)

The number of employees whose remuneration was £60,000 or more were:

2022 2021 2021
Number Number Number
12 month period 17 month period 12 month equivalent
£60,000 - £69,999 1 3 2
£70,000 - £79,999 1 5 -
£90,000 - £99,999 - 1 1
£100,000 - £109,999 1 1 -
£150,000 - £159,999 - 1 -

33

GREENHOUSE SPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 August 2022

11 Employees (continued)

Senior Leadership Team

The total cost of employing the Senior Leadership Team (SLT) as described in the Trustees’ Report during the 12 month was £546,657 (2021: £698,750). This figure includes salary, employer’s national insurance, employer’s pension contributions, as well as any bonuses or redundancy payments made. While there has been no increase in the number of SLT members during the year, a new SLT structure was established in October 2021 as described in the Trustees’ Report.

12

Tangible fixed assets

Tangible fixed assets
Cost
At 1 September 2021
Additions
Disposals
At 31 August 2022
Depreciation and impairment
At 1 September 2021
Depreciation charged in the period
Eliminated in respect of disposals
Impairments
At 31 August 2022
Carrying amount
At 31 August 2021
At 31 March 2020		 Leasehold
buildings &
improvements
£
16,498,991
-
-
16,498,991
778,900
133,692
-
1,585,000
2,497,592
14,001,399
15,720,091		 Fixtures,
fittings &
equipment
£
496,398
174,221
(5,054)
665,565
446,720
67,143
(5,054)
-
508,809
156,756
49,678		 Total
£
16,995,389
174,221
(5,054)
17,164,556
1,225,620
200,835
(5,054)
1,585,000
3,006,401
14,158,155
15,769,769

‘Leasehold buildings & improvements’ represent the Greenhouse Centre. The current lease runs until 7 April 2082. There is a clause in the lease agreement which allows the charity to extend the lease for another 57 years from 8 April 2082 to 7 April 2139. It is currently the Trustees’ intention to extend the lease on this basis. Depreciation has therefore been charged on leasehold buildings over 125 years, with 118 years remaining.

Due to the Centre roof repair and the related costs, the leasehold buildings and improvements include an impartment charge of £1.6m (2021: nil). This charge will be reversed once the repair works are completed.

34

GREENHOUSE SPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 August 2022

13 Investments

Fair value as at 1 September 2021
Additions
Disposals
Net gains/(losses) on investments
Cash held within investments
Fair value as at 31 August 2022
Investments comprise
Corporate bonds
Cash
Shares
Debtors
Amounts falling due within one year:
Trade debtors
Accrued Income
Prepayments
Other Debtors		 As at
31 August
2022
£
7,301,713
1,232,603
(1,504,505)
(1,200,430)
5,829,381
1,890,882
7,720,263
5,829,380
1,890,882
1
As at
31 August
2022
£
380,320
223,446
2,699,231
553
3,303,550		 As at
31 August
2021
£
6,369,512
783,466
(180,000)
328,735
7,301,713
304,411
7,606,124
7,301,712
304,411
1
As at
31 August
2021
£
224,530
322,261
131,882
1,100
679,773

14 Debtors

Accrued income includes donations committed but not received as at 31 August 2022 of £55,825 (2021: £173,260)

Prepayments includes the expected roof repairs provision for £2.6m (2021: nil).

35

GREENHOUSE SPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 August 2022

15 Creditors: amounts falling due within one year

Other taxation and social security
Trade creditors
Accruals and other creditors
Deferred Income
Deferred income
At 1 September 2021
Released in year
Deferred in year
At 31 August 2022
Deferred income
At 1 April 2020
Released in year
Deferred in year
At 31 August 2021		 Sport
England
£
-
-
-
-
Sport
England
£
-
-
-
-		 Other Statutory
bodies
£
5,713
(5,713)
-
Other Statutory
bodies
£
-
-
5,713
5,713		 As at
31 August
2022
£
91,626
52,710
2,841,234
748,597
3,734,167
Non-public
income
£
542,991
(542,991)
748,597
748,597
Non-public
income
£
651,860
(651,860)
542,991
542,991		 As at
31 August
2021
£
72,984
64,665
248,275
548,704
934,628
Total
2022
£
548,704
(548,704)
748,597
748,597
Total
2021
£
651,860
(651,860)
548,704
548,704

Deferred income includes potentially refundable income received for future events that are to be held in the next financial year (2022-23). Mainly includes £352,000 for The Dodgeball fundraising event and £269,000 on future year donations. The charity is not entitled to recognise this as income for the current financial year (2021-22).

Included within accruals is a provision in respect of roof repairs for £2.6m (2021: nil).

36

GREENHOUSE SPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 August 2022

16 Movement in Funds

Restricted funds

Centre Sustainability Fund
Centre – Repair
Centre – General
Operational
Sport England
Centre – Operations
Table Tennis
Tennis
Basketball
SEN
Volleyball
Cricket
Primary Schools
Training
Management
Youth Council
Other Operational
Total Restricted Funds
Unrestricted funds
Designated Funds
Centre Fixed Assets
Strategic Growth Fund
Centre Sustainability Fund
Other Fixed Assets
Total Designated Funds
General Funds
General unrestricted funds
Total Funds		 Balance at
1 September
2021
£
4,761,492
50,000
-
-
-
15,477
-
56,530
19,579
-
-
-
15,000
-
-
-
4,918,078
15,720,091
2,000,000
1,107,213
49,678
18,876,982
2,524,898
26,319,958		 Income
£
188,472
-
-
166,667
77,362
281,341
181,620
852,547
119,233
43,178
12,500
111,917
17,627
16,690
-
2,226
2,071,380
-
-
112,598
-
112,598
3,784,002
5,967,980		 Expenditure
£
134,721
(25,000)
-
(166,667)
(77,362)
(296,818)
(139,487)
(792,881)
(138,812)
(43,178)
(12,500)
(88,059)
-
(16,690)
-
(2,226)
(1,664,959)
(1,718,692)
-
-
(67,143)
(1,785,835)
(3,702,287)
(7,153,081)		 Transfers
£
-
-
-
-
-
-
-
-
-
-
-
(32,627)
-
(32,627)
-
-
-
174,221
174,221
(141,594)
-		 Net
investment
gains
£
(677,259)
-
-
-
-
-
-
-
-
-
-
-
-
(677,259)
(404,611)
(404,611)
(118,560)
(1,200,430)		 Balance at
31 August
2022
£
4,407,426
25,000
-
-
-
-
42,133
116,196
-
-
-
23,858
-
-
-
-
4,614,613
14,001,399
2,000,000
815,200
156,756
16,973,355
2,346,459
23,934,427

37

GREENHOUSE SPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 August 2022

16 Movement in Funds (continued)

Restricted funds
Centre Sustainability Fund
Centre - Repair
Centre - General
Operational
Sport England
Centre – Operations
Table Tennis
Tennis
Basketball
SEN
Volleyball
Primary Schools
Training
Others
Total Restricted Funds
Unrestricted funds
Designated Funds
Centre Fixed Assets
Strategic Growth Fund
Other Fixed Assets
Centre Sustainability Fund
Total Designated Funds
General Funds
General unrestricted funds
Total Funds		 Balance at
1 April
2020
£
4,464,325
-
258,936
3,903
-
17,519
-
41,353
7,209
-
-
-
5,355
4,798,600
15,897,487
-
49,165
996,360
16,943,012
2,528,044
24,269,656		 Income
£
282,614
50,000
-
500,000
307,416
312,223
148,765
829,813
355,148
28,756
22,000
15,000
34,588
2,886,324
-
-
-
63,060
63,060
5,064,841
8,014,224		 Expenditure
£
(199,637)
-
(246,936)
(503,903)
(307,416)
(303,435)
(148,765)
(825,467)
(342,777)
(28,756)
(22,000)
-
(39,943)
(2,969,035)
(189,396)
-
(62,810)
-
(252,206)
(3,071,417)
(6,292,658)		 Transfers
£
-
-
(12,000)
-
-
(10,830)
-
10,830
-
-
-
-
-
(12,000)
12,000
2,000,000
63,323
-
2,075,323
(2,063,323)
-		 Net
investment
gains
£
214,190
-
-
-
-
-
-
-
-
-
-
-
-
214,190
-
-
47,793
47,793
66,753
328,736		 Balance at
31 August
2021
£
4,761,492
50,000
-
-
-
15,477
-
56,529
19,580
-
-
15,000
-
4,918,078
15,720,091
2,000,000
49,678
1,107,213
18,876,982
2,524,898
26,319,958

38

GREENHOUSE SPORTS LIMITED

For the year ended 31 August 2022

NOTES TO THE FINANCIAL STATEMENTS

16 Movement in Funds (continued)

Purpose of Funds - Restricted funds

The ‘Centre – General’ fund represents funds raised for use by the charity either to purchase and refurbish the Greenhouse Centre or cover operational costs relating to the Centre. The ‘Centre Sustainability Fund’ is a new restricted fund established with the intention of generating income to help support the ongoing running costs of the Centre, reducing the burden on the annual fundraising requirement, and consequently enabling the charity to operate more sustainably. The ‘Centre – repair’ fund represents funds raised for the repair of the Centre belltower and roof.

Operational expenditure is funded in a number of different ways; for example, some donors restrict a donation to specific programmes by sport or geographical area. Donors also fund the management and systems of the charity and the apprenticeship training programme. The funds from these donations have been grouped by their main categories above, though they are tracked individually against the separate programmes they fund.

Purpose of Funds - Designated funds

The funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the Trustees for specific purposes:

The Centre and Other Fixed Assets

The carrying net book value of the Greenhouse Centre and other fixed assets, respectively. These are funds invested within fixed assets and are not readily available for the charity’s ongoing operational costs.

Centre Sustainability Fund

These are funds set aside to generate income and therefore subsidise future operational costs of the Greenhouse Centre and to ensure that we can deliver our programmes on a sustainable basis.

Strategic Growth Fund

These are funds set aside to subsidise future operational costs of Greenhouse Sports as we strategically aim to grow our programmes, within London and in other UK regions, and to ensure that we can deliver our programmes in a sustainable manner for at least three years in each school.

Transfers

The following transfers have been made in the year between funds:

From To Amount Explanation
Operational
(Restricted)		 General Unrestricted 32,627 Transfer of a grant received towards the
training of coaches. Conditions for
restrictions were fulfilled once the
coaches undertook their training.
General
Unrestricted Funds		 Other Fixed Assets
(Designated)		 £174,221 Fixed Asset fixtures and fittings
additions.

39

GREENHOUSE SPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 August 2022

16 Movement in Funds (continued)

Donors also support the charity achieving its objectives with funding without any restriction.

Every donation big and small is hugely appreciated by Greenhouse Sports. We respect our donors right to anonymity, but the following have either asked or have given permission to be recognised:

Allen & Overy The Thompson Family Charitable Trust BBC Children In Need Sport England Charles Wolfson Charitable Trust St James' Place Charitable Foundation Daily Mail General Trust The Childhood Trust Lawn Tennis Association The Christopher Laing Foundation Maurice Hatter Foundation The Desmond Foundation Mary Kinross Charitable Trust The Tuixen Foundation Milton Damerel Trust Westminster Foundation Peter Harrison Foundation Young Westminster Foundation People's Postcode Lottery

Greenhouse Sports is very grateful for the many generous donations from our supporters. Thank you to all the individuals and companies for their support of Greenhouse Sports through our fundraising events.

17a Analysis of net assets between funds as at 31 August 2022

Unrestricted
funds
£
Fund balances at 31 August 2022 are
represented by:
Tangible assets
-
Investments
694,560
Net current assets
1,651,899
2,346,459
Analysis of net assets between funds as at 31 August 2021
Unrestricted
funds
£
Fund balances at 31 August 2021 are
represented by:
Tangible assets
-
Investments
-
Net current assets
2,524,898
2,524,898		 Designated
funds
£
14,158,155
3,706,337
(891,137)
16,973,355
Designated
funds
£
15,769,769
2,844,633
262,580
18,876,982		 Restricted
funds
£
-
3,319,368
1,295,245
4,614,613
Restricted
funds
£
-
4,761,491
156,587
4,918,078		 Total
£
14,158,155
7,720,265
2,056,007
23,934,427
Total
£
15,769,769
7,606,124
2,944,065
26,319,958

17b Analysis of net assets between funds as at 31 August 2021

40

GREENHOUSE SPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 August 2022

18a Analysis of Income and Expenditure 2021-22

Revenue
Donations and grants (Operational)
Charitable activities
Events income
Investments
Total income
Expenditure on:
Raising funds
Staff Costs
Other Fundraising Costs
Charitable activities
Staff Costs
Depreciation
Charitable expenditure
Support Costs
Governance Costs
Other (one-off costs)
Total expenditure
Net gain on investments
Net income		 Sport
England
£
166,667
-
-
-
166,667
16,449-
-
120,694
-
29,524
-
-
-
166,667
-		 Other
Statutory
Organisations
£
5,000
-
-
-
5,000
-
-
5,000
-
-
-
-
-
5,000
-
-		 Non-public
income
£
2,870,945
1,087,643
1,496,611
341,114
5,796,313
484,602
244,576
2,509,846
147,281
595,179
972,950
52,349
1,974,631
6,981,414
(1,200,430)
(2,385,531)		 Total
2021
£
3,042,612
1,087,643
1,496,611
341,114
5,967,980
501,051
244,576
2,635,540
147,281
624,703
972,950
52,349
1,974,631
7,153,081
(1,200,430)
(2,385,531)

41

GREENHOUSE SPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 August 2022

18b Analysis of Income and Expenditure 2020-21 (17 months)

Revenue
Donations and grants (Operational)
Charitable activities
Events income
Investments
Total income
Expenditure on:
Raising funds
Staff Costs
Other Fundraising Costs
Charitable activities
Staff Costs
Depreciation
Charitable expenditure
Support Costs
Governance Costs
Total expenditure
Net gain on investments
Net income		 Sport
England
£
500,000
-
-
-
500,000
48,786
-
385,249
-
65,965
-
-
500,000
-
-		 Other
Statutory
Organisations
£
646,257
-
-
-
646,257
32,179
-
614,078
-
-
-
-
646,257
-
-		 Non-public
income
£
4,712,482
1,254,594
468,421
432,470
6,867,967
529,024
189,140
2,386,928
216,535
750,194
1,010,162
64,418
5,146,401
328,736
2,050,302		 Total
2021
£
5,858,739
1,254,594
468,421
432,470
8,014,224
609,989
189,140
3,386,255
216,535
816,159
1,010,162
64,418
6,292,658
328,736
2,050,302

19 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under noncancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2022
£
55,000
75,625
130,625		 2021
£
55,000
130,625
185,625

Lease payments of £55,000 (2021: £55,000) were recognised as an expense in the period. Operating lease commitments represent ground rent on the Greenhouse Centre payable to the Diocese of London. The ground rent is due to be reviewed in December 2024.

42

GREENHOUSE SPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 August 2022

20 Related party transactions

During the period, no payments were made to Shireburn Services Limited for software licensing and technical support (2021: £299). Trustee Michael de Giorgio is related to one of the directors of Shireburn Services Limited. It is the Trustees’ view that the costs of this software were competitive in comparison to other similar software packages.

During the period, members of the Board of Trustees made donations, either directly or indirectly, amounting to £411,980 (2021: £373,070).

21 Cash generated from operations

Surplus for the year
Adjustments for:
Investment income
Losses/(Gains) on investments
Loss on disposal of tangible fixed assets
Depreciation
Impairment provision (see Note 12)
Movement in working capital:
Decrease in stock
Increase in debtors
Increase in creditors
Cash generated from operations		 2022
£
(2,385,531)
(341,114)
1,200,430
-
200,835
1,585,000
5,587
(2,623,777)
2,799,539
440,969		 2021
£
2,050,302
(432,470)
(328,736)
-
252,206
-
3,867
(5,328)
15,042
1,554,883

22 Contingent liabilities

At 31 August 2022, there is a contingent liability of £10,600,000 (2021: £10,600,000), which could become due in the event that the building at Cosway Street, the Greenhouse Centre, is sold. The liability is limited at the amount of the net sales proceeds of the building after disposal costs are deducted. Greenhouse Sports currently has no intentions to sell the Greenhouse Centre

43

Changing young lives through sport

T 0208 576 6118 E info@greenhousesports.org W greenhousesports.org

35 Cosway Street, London NW1 5NS

Registered Charity No. 1098744 Company Registration No. 4600790 (England and Wales)