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← Sporting Equals

2025-03-31-accounts

Docusign Envelope ID: D2E8EE98-0D8E-4E52-BC83-EC64E5A33976

Company No: 05853520

Charity No: 1119365

SPORTING EQUALS

(A company limited by guarantee)

REPORT AND FINANCIAL STATEMENTS

31 MARCH 2025

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SPORTING EQUALS

CONTENTS
Legal and administrative information 1
Directors’ and Trustees’ report 4-13
Auditor’s report 14-17
Statement of financial activities 18
Balance sheet 19
Statement of cash flows 20
Notes to the financial statements 21-37

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SPORTING EQUALS

LEGAL AND ADMINISTRATIVE INFORMATION

Registered Charity Name Sporting Equals
Company number 05853520
Charity number 1119365
Trustees and Directors:
Dr Howard Haughton, Chair
Beverley Mason, Director (Resigned January 2025)
Sherilee Charles (Resigned November 2024)
Naz Deen
Lorraine Deschamps MBE (Resigned February 2025)
Craig Edmondson (Resigned February 2025)
Lindon Neil
Steve Shaw
Nikita Smith
Yun Hui Teoh (Resigned November 2024)
Barbara Thompson (Resigned September 2024)
Densign White MBE, former Chair (Resigned April 2024)
Chief Executive Nik Trivedi (Acting CEO from 24thNovember 2024)
Registered Office Office ICG. 18
Coventry University Technology Park
Puma Way
Coventry
CV1 2TT
Bankers HSBC
46 Old Church Road
Chingford
London
E4 8DB
Auditor Jerroms (part of the Sumer Group)
Lumaneri House, Blythe Gate,
Blythe Valley Park,
Solihull,
B90 8AH

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SPORTING EQUALS

DIRECTORS’ AND TRUSTEES’ REPORT Year ended 31 March 2025

The Directors and Trustees have pleasure in presenting their report and financial statements for the year ended 31 March 2025.

About Sporting Equals

Sporting Equals is a national Charity championing race equality and promoting ethnic diversity in sport and physical activity across the UK. We are experts in engaging ethnically diverse communities in this sector and advising sports organisations on race equality and community engagement.

1. Vision and Mission

Vision

A sporting landscape in which ethnically diverse communities are fully represented, actively included, and able to flourish at every level—from grassroots participation to leadership and governance—supported by evidence-led practice, strong community partnerships, and inclusive systems that enable everyone to thrive.

Mission

Sporting Equals exists to advance racial equality and meaningful inclusion in UK sport and physical activity by delivering evidence-driven programmes, influencing policy and governance, strengthening community participation, and empowering ethnically diverse leaders, athletes, and organisations to thrive.

Values

Public Benefit

The Trustees confirm they have complied with the Charities Act 2011 (and its updates) duty to consider the Charity Commission's guidance on public benefit.

2. Achievements and Performance

Governance Progress

The Board addressed historic weaknesses in financial oversight and accountability through strengthened policies and a renewed leadership structure.

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Key Programmes Delivered (2024–25):

Future Female Leaders (Peter Harrison funded project)

The Future Female Leaders (FFL) project was developed to address the structural and cultural barriers that prevent women—particularly those from ethnically diverse and underrepresented communities—from accessing coaching qualifications and leadership roles in sport. The programme initially launched in London, where 35 women across 15 boroughs were supported through coaching qualifications, mentoring, and leadership development. Building on its success, a second phase was delivered in Birmingham where participants received formal coaching qualifications through a women-only, multisport course, alongside bespoke training delivered by influential women in the sector.

Key outcomes of the project included increased confidence, self-esteem, and a stronger sense of identity as coaches and leaders. Post-programme evaluation showed that 100% of participants felt more confident and 70% of participants have broadened their cultural understanding and deepen their awareness of women’s lived experiences. The sense of community built through the programme proved as transformative as the qualification itself, with many women expressing a clear commitment to supporting others and expanding inclusive access to sport within their communities.

Girls Powered (Sweaty Betty Foundation funded project)

The Girls Powered Programme, delivered by Sporting Equals in partnership with The Sweaty Betty Foundation, aimed to increase physical activity among young girls from ethnically diverse backgrounds in Greater Manchester. Running from 2021 to March 2025, the programme was codesigned approach—working closely with community organisations and young girls to develop culturally relevant activities shaped by their interests and lived experiences. Across four delivery phases, 12 community organisations were engaged, approximately 800–1,000 girls took part in physical activity sessions, and 80 girls achieved coaching qualifications. Many of these young leaders went on to deliver peer-to-peer coaching which stood out as a transformative element, with participants expressing pride in being coached by those they identified with.

Girls Powered increased community and volunteer engagement, built stronger local infrastructure, and left a lasting impact on both organisations and the girls they serve. The programme highlighted the power of co-design, cultural relevance, and investment in local leadership—underscoring the need for continued support for initiatives that place community voice and inclusive participation at their core.

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Communities Facing Racial Injustice (CFRI) (Comic Relief funded project)

The Communities Facing Racial Injustice (CFRI) programme, funded by Comic Relief, was established to support Sporting Equals’ Associate Members through targeted funding and capacitybuilding, with a particular focus on increasing participation of women and girls in sport and developing ethnically diverse coaches. The programme is designed to amplify the voices of ethnically diverse communities, strengthen organisational capacity, and build sustainable, impactful projects rooted in local need

Key milestones included developing a robust recruitment and selection process, establishing a grant dissemination mechanism, producing governance guidance materials, and disbursing funds for project delivery beginning in April 2024.

Six Associate Members are receiving funding: The governance and grant dissemination process included conflict of interest assessments and verification through regulatory bodies; and tailored follow-up support to strengthen governance, develop safeguarding and risk management plans, and ensure compliance. This layered, values-led approach is laying the groundwork for more resilient, community-anchored organisations capable of driving long-term change in the sport and physical activity landscape.

Menofit (People’s Postcode Lottery funded project)

The first year of funding for the MenoFit project—a 360° education, support, and community programme—has focused on developing inclusive, culturally sensitive workshops and resources for ethnically diverse people experiencing perimenopause and menopause, recruiting key partners to aid delivery of the project. Key milestones include designing educational workshops, co-creating content with beneficiaries, and building the Champions training programme. Alongside this, ethnically diverse Ambassadors have begun Onboarding to support outreach and representation.

Planning and preparation for a national social media campaign—including a myth-busting strand— has been undertaken. MenoFit continues to advance its core aims: educating participants on menopause, promoting tailored physical activity, fostering online peer support, upskilling Champions through an accredited train-the-trainer programme, and informing the sector on inclusive, affirming practice. Through a combination of expert-led, culturally tailored education, community building, and movement-based wellbeing support, the project is reshaping how menopause is understood and experienced by diverse communities across the UK.

Peloton

Sporting Equals has continued to partner with Peloton as one of its UK Pledge Partners. Born out of a shared commitment to equity, access, and inclusion in physical activity, this partnership has evolved into a dynamic, multi-layered collaboration that continues to strengthen and advance our mission. The partnership now involves a vibrant calendar of collaborative activity with Peloton London Studio and Office teams. Together, we are creating opportunities that support belonging, break down barriers to participation, and raise awareness of equality, equity diversity and inclusion across the sport and physical activity sector.

Studio Engagement

Peloton has hosted a series of high impact studio classes and campaigns, including:

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Year 5K Run

Beyond financial support, Peloton has provided an in-kind donation of apparel. This has been utilised to support community organisations, coaches, volunteers, and community participants to increase physical activity levels.

Sport Scotland

LeaderBoard (Scotland) - The LeaderBoard Scotland Cohort 1 successfully completed their program in January 2025, with all 15 candidates completing the course. This milestone marks a significant achievement in fostering leadership development and promoting inclusion and diversity within the Scottish sport and physical activity landscape. The cohort's accomplishments highlight their commitment to growth and their readiness to contribute meaningfully to societal progress, and a few graduates have now been appointed onto sports Boards.

Policy Reviews - Sporting Equals conducted an equality, diversity and inclusion review of a sample of Scottish Governing Bodies of Sport policies and procedures and detailed the findings of this to the Governing Bodies of Sport with recommendations.

Sporting Equals Awards

The 8th edition of the Sporting Equals Awards was delivered with continued support from the UK sporting sector and valued partners. The Awards recognise and celebrate the outstanding contributions of ethnically diverse individuals and communities to sport across the nation.

We had over 175 nominations across the 11 Awards categories. Impact and Outcomes included;

LeaderBoard England

The LeaderBoard England cohort featured 14 candidates, who have completed the training. Candidates have also completed their evaluation assignments. The individuals are set to graduate at the upcoming Sporting Equals Awards, where their achievements and dedication will be formally recognised. This cohort's progression highlights their commitment to leadership development within the sports and physical activity sector. Candidates are already in the process of applying and securing Board positions.

3. Structure, Governance and Management

Governing Document

Sporting Equals is a charitable company limited by guarantee, governed by its Memorandum and Articles of Association Incorporated 18/04/2007 as amended by Special Resolution(s) dated 23/10/2014 as amended on 16 Sep 2020.

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Governance and Oversight

The Charity is governed by a Board of Trustees. Trustees are appointed based on their skills, experience, and commitment to the charity’s objectives. New Trustees receive an induction programme, and all Trustees engage in periodic governance training.

In 2024–25, the Charity undertook a governance review in response to audit findings that highlighted gaps and weaknesses in financial management and governance. As a result, updated policies were adopted, including:

Organisational Management

The Charity is managed on a day-to-day basis by a Senior Management Team (SMT), led by the Acting Chief Executive. Operational teams are overseen by Directors and Managers.

Governance - Code for Sports Governance

Sporting Equals is committed to high standards of governance and across 2024/25 we have put in place measures to ensure we meet Tier 3 of the Code for Sports Governance which was updated in December 2021 by Sport England / UK Sport. Maintaining compliance is ongoing as part of our good governance.

Sport England has assessed Sporting Equals as meeting most of the Requirements in the Code (including the Diversity and Inclusion Requirements) along with the Requirements identified in our Continued Compliance Statement, as set out in our Governance Action Plan. We are working towards full compliance of the Code in 2025.

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SPORTING EQUALS

DIRECTORS’ AND TRUSTEES’ REPORT (continued) Year ended 31 March 2025

Financial Review 2024/25

Summary

During the year 2024/2025, Sporting Equals received income of £1,415,703 an increase of £388,468 (38%) from 2023/24. Sport England is the largest source of funding. Sporting Equals has continued to work towards reducing reliance on this funding by continuing to increase funds from other areas, including growing the amount of unrestricted funding received. Sporting Equals continues to diversify its income sources and going forward the management team intend to keep this momentum in order to diversify further.

Resources expended during the year 2024/25 amounted to £1,368,704 an increase of £121,660 on the previous year. As with previous years, 100% of expenditure was spent on charitable activities.

Fundraising

There is no significant fundraising from the public. Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the Charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred. We comply with relevant fundraising regulations and guidance and have had no instances of non-compliance over the year. No complaints have been received in 2024/25.

Reserves

The Trustees regularly review the Charity’s need for reserves we have a reserves policy in line with the guidance issued by the Charity Commission. The policy is to retain 6-12 months of operating costs.

The general reserve shows a balance of £247,287 at the end of the year.

Investment Policy

The Trustees are empowered by the Memorandum and Articles of Association to invest the Charity’s funds as they see fit. The investment policy requires that surplus funds, not required for working capital purposes, should be invested to provide maximum return at minimum risk for the organisation. All funds that are surplus from time to time are invested on a short- or medium-term fixed interest basis. To minimise the risk to funds, investments are deposited with many banking institutions who are regulated by the Financial Services Authority and are members of the Financial Services Compensation Scheme. The Charity’s investment policy is reviewed on an annual basis.

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SPORTING EQUALS

DIRECTORS’ AND TRUSTEES’ REPORT (continued) Year ended 31 March 2025

.

Legal structure and governing document

Sporting Equals is registered as a Charity in England and Wales (1119365) and is registered with Companies House as a Private Limited Company by guarantee (05853520). Sporting Equals therefore does not have a share capital, the liability of members is limited, and details of their guarantee are given in the notes to the financial statements. Sporting Equals is governed by the rules and regulations within its Memorandum and Articles of Association. Sporting Equals Memorandum of Association states that the Charity’s objects are:

“To promote equality and diversity in sport for the public benefit in the United Kingdom by

Sporting Equals’ Trustees (Directors) and other volunteers

Sporting Equals is governed by a Board of Trustees (directors). As Sporting Equals is both a registered Charity and private company limited by guarantee, Sporting Equals’ trustees are also company directors and therefore beholden to both Charity and company law.

The Board of Trustees meets formally at least four times a year (together with the Chief Executive and other senior managers as required) as well as specific sub committees which are detailed below. The Board of Trustees is responsible for the strategic direction and governance of the charity. The Board of Trustee's delegates responsibility for the delivery of the business plan and provision of services to the Chief Executive.

As of 31 March 2025, Sporting Equals’ Board of Trustees included seven trustees (with the Articles of association allowing for a maximum of twelve Trustees). Trustees are elected for a three-year term and may not serve more than three consecutive terms of three years (with a break of at least four years required before standing for re-election). Sporting Equals’ Board of Trustees has four sub- committees where Trustees with specific skills and experience can focus on priority governance areas in more detail (Finance, Audit & Ris, HR & Remuneration, Marketing & Comms). Due to the small size of the Board, the Board acts as the Nomination Committee.

Sporting Equals’ Trustees are volunteers who bring valued experience to Sporting Equals from a range of backgrounds. Sporting Equals’ Trustees do not receive remuneration for their time or services as Trustees and only directly incurred expenses are reimbursed (with any expenses reclaimed as set out in note 6 to the financial statements). Sporting Equals has a Trustee Conflict of interest policy and register, where all Trustees declare any conflict of interest.

New Trustees undergo induction training to brief them on their legal obligations under both Charity and company law, the content of the Memorandum and Articles of Association, the Charity’s structure and decision-making process, the Charity’s recent performance (including the most recent Annual Report and Accounts) and the Charity’s strategy (including the Charity’s current business plan).

Appropriate indemnity insurance cover is held for the Trustees of the Charity (in line with Sporting Equals’ Articles of Association).

Sporting Equals also continues to engage special advisers who, on a voluntary basis, provide additional advice to the Board and officers on matters such as research, business development and income diversification.

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Plans for the Future include

Diversify Income: Implementing a Financial Sustainability Strategy to reduce reliance on any one funder to no more than 40% of total income by 2032.

Implementation of Initiatives – to support an increase in unrestricted reserves for 2025/26 as well as helping meet the charitable objectives..

Policy and Cultural Change Impact: Reviewing and Refreshing the Sporting Equals Charter and transform the Race Representation Index to a Race Inclusion Index that is more about meaningful cultural and policy change.

LeaderBoard Expansion : We have a several cohorts of alumni from the LeaderBoard programme, our ambition is to provide more development support and engage with system partners to provide shadowing, mentoring opportunities allowing us to increase boardroom placements by 30% over the next 3 years. Alongside this we will be introducing accreditation to the programme, this will help increase the credibility and recognition for participants and partner organisations, making the programme of greater value to the sector.

Community (for sports eco-system) Platform Launch : Digital convening and learning space to be launched in 2026. This will help Improve engagement and peer learning among Charter members alongside supporting sustained collaboration and inclusion efforts.

Research & Insight: we will explore partnering effectively and use digital technology and AI to support research capability which will help improve the quality of data and insights we are providing to the sector.

Governance Strengthening : we will enhance (or strengthen) the board’s skillsets through periodic training/development in line with generally accepted best practices and assurance audits.

Trustees and Administrative Details

Name Role Appointed/Resigned
CURRENT TRUSTEES
Naz Deen Trustee Appointed at Board Meeting 20 January 2021
Dr Howard Haughton Chair Appointed at Board Meeting23 May2024
Lindon Neil Trustee Appointed at Board Meeting23 May2024
Nikita Smith Trustee Appointed at Board Meeting 23 May 2024
Stephen Shaw Trustee Appointed at Board Meeting 12 June 2024
Christian Scotland Williamson Trustee Appointed at Board Meeting 21 May 2025
Naseem Akhtar Trustee Appointed by Written Resolution 19 June 2025
Kazi Shahid Trustee Appointed by Written Resolution 24 June 2025
Stepped down 11 September 2025 (see notes below
table)
Richard Grainger Trustee Appointed by Written Resolution 15 July 2025
TRUSTEES TERMS ENDED/ RESIGNATIONS
Craig Edmondson Trustee Term Ended - 26 February 2025
Lorraine Deschamps Trustee Term Ended - 14 February 2025
Beverley Mason Trustee Term Ended - 26 January 2025

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Name Role Appointed/Resigned
Sherilee Charles Trustee Resigned - 25 November 2024
Yun Hui Teoh Trustee Resigned - 4 November 2024
Barbara Thompson Trustee Resigned – 23 September 2024
Densign White Chair Term Ended – 23 April 2024

Note, that Kazi Shahid (former Trustee), stepped down as Trustee on 11 September 2025 and through his company Cipher Services, put forward a tender for the Head of Finance consultancy opportunity in light of the charities decision to bring the finance function in house.

A tender process was undertaken by the Charity to ensure transparency and compliance with the Charity Commission expectations in light of Kazi Shahid being a former trustee:

Senior Management Team:

The strategic leadership team reviews the staffing structure annually to ensure salaries are fair and reasonable, taking into account both internal comparability of responsibilities and external market factors. The Chief Executive Officer approves any proposed revisions to salary grades, and the Chief Executive Officer’s remuneration is agreed by the Trustees. In advance of each financial year the strategic leadership team recommend to the Trustees the level of inflationary uplift to be applied to salaries, in a way which seeks to balance the need to reward and retain staff and the affordability of any pay awards.

Risk Management

The Board of Trustees identifies and reviews risks at every Board meeting using a formal risk register - to ensure that key risks facing the organisation are identified and appropriate actions are put in place to mitigate those risks. As part of the Charity’s risk management process, the Trustees acknowledge their responsibility for the Charity’s system of internal control and reviewing its effectiveness.

Statement of Trustees’ responsibilities

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

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that

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they give a true and fair view of the statement 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 keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

1/30/2026 [s DocuSignedE52F7FB945C2463... by: Lindon Neil Trustee Sporting Equals

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SPORTING EQUALS

Auditor reports Year ended 31 March 2025

Independent Auditor’s Report to the Members of Sporting Equals

Qualified Opinion

We have audited the financial statements of Sporting Equals (the ‘charitable company’) for the year ended 31st March 2025 which comprise the statement of financial activities, balance sheet, statement of cashflows 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, except for possible effects of the matters described in the basis for qualified opinion section of our report, the financial statements:

Basis for qualified opinion

Limitation of scope – stock existence

The charitable company held stock with a carrying value of £112,878 on 31 March 2025, as disclosed on the balance sheet. We were appointed as auditor after the year-end and therefore did not observe the counting of physical stock.

Due to the nature of the stock, which consisted of donated sporting apparel held for onward distribution, we were unable to perform alternative procedures to verify the existence of the stock at the year end. Consequently, we were unable to determine whether any adjustment to the stock balance or associated expenditure disclosures might have been necessary.

Limitation of scope – completeness of related party disclosures

The charitable company has disclosed certain related party transactions in the financial statements. However, complete details of all related party relationships, including those relating to trustees and their close family members, were not made available to us.

As a result, we were unable to perform all audit procedures considered necessary to verify the completeness of related party transactions and the related disclosures required under the Charities SORP (FRS 102). Consequently, we were unable to determine whether any adjustments to the financial statements are required.

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 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.

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Key Audit Matter – Going Concern

Description of the Risk

During the year under review, the charity has begun a wider programme of organisational restructuring. This includes the recruitment of a new Chief Executive Officer and the implementation of strengthened financial oversight and reporting procedures. While these actions are indicative of progress, the improvements form part of an ongoing stabilisation plan that will require continued monitoring and donor support to achieve long-term sustainability.

A key factor in assessing going concern is the charity’s dependency on grant funding. Management has secured continued support from its principal funders, with signed funding agreements in place to March 2027. These agreements provide committed income streams for the foreseeable future and form a significant part of management’s cash flow forecasts.

However, beyond this period, the charity remains reliant on successful delivery of its development strategy and continued engagement with partners to secure future funding.

Given the combination of historic control issues, current organisational restructuring, and reliance on donor funding, we considered the going concern assessment to be a key audit matter.

How the Matter Was Addressed in the Audit

Our audit procedures included, but were not limited to:

Based on the procedures performed, we found that management’s use of the going concern basis is appropriate. The committed funding to March 2027 provides sufficient assurance for the 12-month assessment period from the date of signing.

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.

We have not identified any material uncertainties relating to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern.

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

Other information

The other information comprises the information included in the trustees' annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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,

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consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of 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.

Matters on which we are required to report by exception

Other than the matter referred to in the ‘basis for qualified opinion’ section of this report, we have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, 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 responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

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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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

| vidardSigned6EO9BA7466BE445... by: vidardSigned6EO9BA7466BE445... by: ………………………… Signed6EO9BA7466BE445... by:6EO9BA7466BE445... by: by: Kortow

Mr. Richard Horton FCCA (Senior Statutory Auditor) For an on behalf of Sumer Auditco Limited, Statutory Auditor Chartered Certified Accountants Acre House 11-15 William Road London NW1 3ER

Date: 1/30/2026

Sumer Auditco Limited is eligible for appointment as auditor of the charitable company by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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SPORTING EQUALS

STATEMENT OF FINANCIAL ACTIVITIES (Charity No.1119365) (Incorporating the income and expenditure account) for the year ended 31 March 2025

Unrestricted
Restricted
Funds
Funds
2025
2025
Notes
£
£
Incoming resources
Donations
3
4,311
-
Charitable activities
3
80,662
1,312,231
Investment Income
3
18,498
-
_
_
Total incoming resources
3
103,471
1,312,23
_
_
Expenditure on:
Charitable activities
391,402
977,302
_
_
Total resources expended
4
391,402
977,302
_
_
Net incoming/ (outgoing) resources
before transfers being net income/
(287,931)
334,929
(expenditure) for the year

Transfers between funds
(85.525) 85, 525
Net movement in funds
(373,456)
420,454
Reconciliation of funds
Total funds brought forward
633,742 44,843
_
_
Total funds carried forward
260,287 465,297
 Total
Total
Funds
Funds
2025
2024
£
£
4,311
53,328
1,392,893
961,844
18,498
12,063
__
__
1,415,703
1,027,235
__
_
1,368,704
1,245,143
_
_
1,368,704
1,245,143
_
_
46,999
(217,908)
-
-
48,898
(217,908)

678,585
896,493
_ ____
725,583
678,585

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

All incoming resources and resources expended derive from continuing activities.

The notes on page 21 to 36 form part of these financial statements.

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Docusign Envelope ID: D2E8EE98-0D8E-4E52-BC83-EC64E5A33976

SPORTING EQUALS

BALANCE SHEET
AS AT 31 MARCH 2025		 BALANCE SHEET
AS AT 31 MARCH 2025

Note
£
Fixed assets
Tangible fixed assets
7
Current assets
Debtors
8
508,511
Cash at bank and in hand
945,569
Stock
112,878
__
1,566,958
Creditors:amounts falling
due within one year
9
(679,598)
________
Net current assets
Creditors:amounts falling
due more than one year


Net assets

Represented by:
Unrestricted funds
10
Designated funds
10
Restricted funds
10

Total funds
 2025
2024
£
£
£
1,223
4,897
148,458
1,495,824
_
1,644,282
(770,594)
_
887,360
873,688
(163,000)
(200,000)
_
_
725,583
678,585


247,287
620,742
13,000
13,000
465,287
44,843
__
_
725,583
678,585

The trustees acknowledge their responsibilities for

(a)Ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)preparing the financial statements, which give a true and fair view of the state of affairs of the charity as at the end of each financial year, and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to charitable small companies.

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Docusign Envelope ID: D2E8EE98-0D8E-4E52-BC83-EC64E5A33976

1/30/2026

The financial statements were approved the Board of Trustees on …………………………… and were signed on its behalf by:

Lindon Neil Trustee Sporting Equals

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Docusign Envelope ID: D2E8EE98-0D8E-4E52-BC83-EC64E5A33976

SPORTING EQUALS

STATEMENT OF CASH FLOWS AS AT 31 MARCH 2025

2025 2024
Note
£		 £
Cash flow from Operating activities 12 (567,552) 536,632
_ __
Net cash flow from Operating activities (567,552) 536,632
_ __
Cash flow from investing activities
Office equipment (1,200) (1,472)
Interest received:
- Deposit 18,498 12,063
_ __
Net cash flow from Investing activities 17,298 10,591
_ __
Net Increase / (decrease) in cash and cash equivalents (550,254) 547,223
_ ______
Cash and cash equivalents at 1st April 2024 1,495,824 948,601
_ __
Cash and cash equivalents at 31st March 2025
945,570
 1,495,824
Cash and cash equivalents consist of:
-Cash at bank and in hand 945,570 1,495,824
_ __

See note 12 for reconciliation of net income / (expenditure) to net cash flow from operating activities and analysis of changes in net debt.

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Docusign Envelope ID: D2E8EE98-0D8E-4E52-BC83-EC64E5A33976

SPORTING EQUALS

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

1. Summary of significant accounting policies

(a) General information and basis of preparation

Sporting Equals is a charitable company in the United Kingdom Incorporated and registered in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity's operations and principal activities to actively promote greater involvement in sport and physical activity for disadvantaged communities particularly the black and minority ethnic population. Sporting Equals is a national partner of Sport England and advisors to the Department of Culture Media and Sport.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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) issued on 16 July 2014. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2015.

The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £.

The charitable company has taken advantage of the option provided in SORP (FRS102) to use headings in the Statement of Financial Activity that are applicable to its operations rather than reporting on an activity basis.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have consistently applied to all years presented unless otherwise stated.

The charity adopted SORP (FRS 102) in the current year and no adjustments to previously reported figures were required.

(b) Funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which will not be designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which will used in accordance with specific restrictions imposed by donors, or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

(c) Income recognition

All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income after any performance conditions have met, the amount can be measure reliably and it is certain that the income will be received:

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SPORTING EQUALS

NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 March 2025

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity, and it is probable that they will be fulfilled.

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102).

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

The charity receives government grants in respect of funding from Sport England. Income from government and other grants is recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met, then these amounts are deferred.

Investment income is earned through holding assets for investment purposes such as surplus funds on bank deposit. Interest income is recognised using the effective interest method.

(d) Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

(e) Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources. Premises and other overheads have been allocated on a percentage use of resources basis.

Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.

The analysis of these costs is included in note 4.

(f) Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

IT equipment 33% straight-line basis

(g) Debtors and creditors receivable/ payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

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SPORTING EQUALS

NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 March 2025

(h) Leases

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Rentals payable and receivable under operating leases are charged to the SOFA on a straight-line basis over the period of the lease.

(i) Employee benefits

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

(j) Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

(k) Going concern

The financial statements have been prepared on a going concern basis. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure are sufficient with the level of reserves for the charity to be able to continue as a going concern. Note 18 refers to events which may cast doubt on the charity’s going concern status.

(l) Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. No significant judgements have had to be made in preparing these financial statements.

(m) Financial instruments

The company only has basic financial instruments. Financial assets: Financial assets comprise items such as cash at bank and in hand, trade and other debtors. These are initially recorded at cost on the date they originate. The company considers evidence of impairment for all individual elements comprising financial assets and any subsequent impairment is recognized in profit or loss. Financial liabilities: Financial liabilities comprise items such as corporation and other taxes, bank and bank loans, accruals and trade and other creditors. These are initially recorded at cost on the date they originate, net of transaction costs where applicable. The company considers evidence of impairment for all individual elements comprising financial liabilities and any subsequent impairment is recognized in profit or loss.

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(n) Deferred income

Deferred income arises when income is invoiced or received in the year, but delivery of the project extends post the year end. Income is therefore recognised in line with the project delivery timelines.

(o) Related Parties

The charity identifies related parties in accordance with the Charities SORP (FRS 102). Related parties include:

Trustees and their close family members.

Key management personnel.

Entities controlled or significantly influenced by trustees or key management personnel.

.

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SPORTING EQUALS

NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 March 2025

2. Comparative information – Statement of Financial Activities 2024

Unrestricted Restricted Total Total
Funds Funds Funds Funds
2024 2024 2024 2023
Notes £ £ £ £
Incoming resources
Donations 3 53,328 - 53,328 68,616
Charitable activities 3 134,351 827,493 961,844 1,207,892
Investment Income 3 12,063 - 12,063 4,400
_ _ __ ______
Total incoming resources 3 199,742 827,493 1,027,235 1,280,908
_ _ __ ______
Expenditure on:
Charitable activities 170,381 1,074,762 1,245,143 1,053,040
_ _ __ ______
Total resources expended 4 170,381 1,074,762 1,245,143 1,053,040
_ _ __ ______
Net incoming/ (outgoing) resources
before transfers being net income/ 29,361 (247,269) (217,908) 227,868
(expenditure) for the year
Transfers between funds - - - -
Net movement in funds 29,361 (247,269) (217,908) 227,868
Reconciliation of funds
Total funds brought forward 604,381 292,112 896,493 668,625
_ _ _ _
Total funds carried forward
 633,742
 44,843
 678,585
 896,493

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Docusign Envelope ID: D2E8EE98-0D8E-4E52-BC83-EC64E5A33976

SPORTING EQUALS

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

3. Analysis of Income 2025

Unrestricted
Restricted
£
£
Charitable activities
Active Minds – CR
-
-
Awards - Sp England
-
173,683
Comic Relief – Org. Development
-
40,000
CR- CFRI
-
(40,000)
CR- Emergency Funding
-
15,000
Peter Harrison
-
25,000
Post Code Lottery-PD
-
110,000
Post Code Lottery-OD
-
180,000
Sport Scotland
-
106,086
Sport relief
-
17,500
Sweaty Betty
-
72,350
Sport England grant
-
600,000
Peloton
12,612
Together Funds
-
-
Other
80,662
-
Total from charitable activities
80,662
1,312,231
Donations
4,311
-
Investment income
18,498
-

Total
103,471
1,312,231
 2025
2024
Total
Total
£
£
-
12,970
173,683
85,748
40,000
50,000
(40,000)
-
15,000
-
25,000
-
110,000
-
180,000
-
106,086
145,000
17,500
-
72,350
(3,461)
600,000
514,335
12,612
0
-
22,901
80,662
134,351
1,392,893
961,844
4,311
53,328
18,498
12,063
1,415,703
1,027,235

Of the total income received in 2025 £1,415,703 (2024 - £1,027,235), £103,471 (2024 - £199,742) related to unrestricted income and £1,312,231 (2024 - £827,493) related to restricted income.

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Docusign Envelope ID: D2E8EE98-0D8E-4E52-BC83-EC64E5A33976

PORTING EQUALS

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

3a. Analysis of Income 2024 - Comparatives

Unrestricted
Restricted
£
£
Charitable activities
Sport England grant
-
514,335
LMCT
-
-
Sport Scotland
-
145,000
Spirit
-
-
ZWIFT
-
-
Sweaty Betty
-
(3,461)
Active Minds – CR
-
12,970
Awards-Sp England
-
85,748
Comic Relief – Org. Development
-
50,000
Nike
-
-
Together Funds
-
22,901
Other
134,351
-
Total from charitable activities
134,351
827,493
Donations
53,328
-
Investment income
12,063
-

Total
199,742
827,493

Of the total income received in 2024 £1,027,235 (2023 - £1,280,908), £199,742 (2023 - £125,297) related to unrestricted income and £827,493 (2023-£1,155,611) related to restricted income.

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Docusign Envelope ID: D2E8EE98-0D8E-4E52-BC83-EC64E5A33976

SPORTING EQUALS (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (Continued) for the year ended 31 March 2025

4. Total resources expended 2025


Direct allocated costs
Basis
Staff costs
Direct
Staff welfare
Direct
Agency staff
Direct
Disbursements
Direct
Travel & subsistance
Direct
Staff training & development Direct
Refreshments
Direct
Project expenses
Direct
Bank charges
Direct
Depreciation
Direct
Consultancy costs
Direct
Equipment
Direct
Marketing & Publications
Direct
Legal & Professional
Direct
Support costs allocated to activities.
Operating Lease
% use of resources
Office expenses
% use of resources
IT expenses
% use of resources
Insurance
% use of resources
Property costs
% use of resources

Total resources expended
 Awards-Sp CR-CFRI/ CR-Org Peter SENG Sports Sweaty Post Code Others Total
Total
Equal Emerge Dev Harrisn Scotland Beaty PD/OD 2025 2024
£
19,298 20,166 12,000 13,854 329,025 57,935 31,195 31,718 72,457 575,650 695,126
- - - 300 - - 2,049 967 1,379 4,695 5,779
288 - - - - - 4,552 96 - 4,936 5,429
12,612
12,612
0
6,217 330 282 827 6,980 7,068 2,491 1,624 5,389 31,208 52,986
- - - - - - - - - - -
146 - 1,012 - 392 75 506 511 200 2,842 5,852
59,100 61 - 1,056 13,385 7,325 8,094 774 1,794 91,589 130,988
1 4 - 8 44 10 7 10 356 440 300
- - - - - - - - 4,874 4,874 5,799
34,222 163 14,300 5,986 29,417 7,268 11,461 705 55,822 159,344 88,356
- - - - - - - - - - -
34,861 5 2,757 1 4,750 2,916 13,058 13 3,043 61,404 54,543
15,734 914 8,110 1,369 31,538 15,718 3,652 19,410 212,099 308,544 111,504
- - - - - - - - 14,307 14,307 13,115
765 228 186 240 6,300 1,176 855 625 5,076 15,451 9,308
346 204 57 252 4,952 739 595 556 2,335 10,036 9,325
2,099 444 200 576 10,958 1,846 1,417 1,079 2,236 20,855 19,993
606 417 509 531 13,322 7,010 2,074 2,835 8,716 36,020 36,741
__ _ ________ _ ______
173,683 22,936 39,413 25,000 451,063 109,086 82,006 60,923 390,083 1,368,704 1,245,143
====== ====== ====== ====== ======= ======= ============= ======= ======== ========

Of the total expenditure in 2025 £1,368,704 (2024 - £1,245,143), £391,402 (2024 - £170,381) related to unrestricted funds and £977,302 (2024 - £1,074,763) related to restricted funds.

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Docusign Envelope ID: D2E8EE98-0D8E-4E52-BC83-EC64E5A33976

SPORTING EQUALS (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (Continued) for the year ended 31 March 2024

4a. Total resources expended 2024 - Comparatives 4a. Total resources expended 2024 - Comparatives 4a. Total resources expended 2024 - Comparatives 4a. Total resources expended 2024 - Comparatives
Active Awards-Sp CR-Org Nike SENG Sports Sweaty Together Others Total
Total
Minds-CR Equals Dev Scotland Beaty Fund
2024 2023
Direct allocated costs Basis £
Staff costs Direct 30,210 - 3,616 7,933 411,319 109,402 31,789 17,453 83,404 695,126 633,883
Staff welfare Direct - - 3,240 - 75 36 175 - 2,254 5,780 488
Agency staff Direct - - - - - - 4,741 - 688 5,429 22,439
Travel & subsistence Direct 285 6,731 149 2,793 22,725 9,461 1,329 - 9,513 52,986 43,676
Staff training & development Direct - - - - - - - - - - -
Refreshments Direct - 191 - 171 2,476 958 - - 2,056 5,852 5,431
Project expenses Direct - 104,551 - - 25,823 614 - - - 130,988 13,582
Bank charges Direct - 21 - - 79 - - - 200 300 281
Depreciation Direct - - - - - - - - 5,799 5,799 5,308
Consultancy costs Direct - 18,665 26,288 - 24,130 6,567 518 - 12,188 88,356 50,440
Equipment Direct - - - - - - - - - - -
Marketing & Publications Direct - 23,488 9,357 545 6,650 413 - - 14,090 54,543 65,301
Legal & Professional Direct 1,709 1,550 21,191 1,000 57,276 7,227 3,260 2,726 15,565 111,504 148,349
Support costs allocated to activities.
Operating Lease % use of resources
- - - - - - - - 13,115 13,115 -
Office expenses % use of resources
200 551 38 21 5,284 914 227 460 1,614 9,308 8,656
IT expenses % use of resources
556 - - - 5,397 164 51 - 3,156 9,324 11,846
Insurance % use of resources
250 - 5 - 13,436 1,369 400 486 4,046 19,992 14,257
Property costs % use of resources
837 - 114 - 25,190 4,875 1,256 1,776 2,692 36,740 29,104
__ _ ________ _ ______
Total resources expended 34,046 155,748 63,998 12,463 599,860 142,000 43,746 22,901 170,381 1,245,143 1,053,040
====== ======= ====== ====== ======= ======= ============= ======= ======== ========

Of the total expenditure in 2024 £1,245,143 (2023 - £1,053,040), £170,381 (2023 - £145,430) related to unrestricted funds and £1,074,763 (2023 - £907,610) related to restricted funds.

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Docusign Envelope ID: D2E8EE98-0D8E-4E52-BC83-EC64E5A33976

SPORTING EQUALS

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

5. Net incoming resources for the year

Net incoming resources for the year are stated after charging:
Auditor Fee
Depreciation
6.
Employee information
Staff costs
Wages and salaries
Social security costs
Other pension costs

Average number of employees employed during
the year.
Administration		 2025
£
21,900
4,874
2025
£
497,456
47,309
30,885
_

575,650
2025
No.
13		 2024
£
8,280
5,799
2024
£
595,614
61,812
37,700
_
695,126
2024
No.
17

The number of employees whose annual emoluments were £60,000 or more were:

2025 2024
£ £
£60,000 - £70,000 - -
£70,000 - £80,000 1 1
£80,000 - £90,000 - -
£90,000 - £100,000 1 -
£100,000 - £110,000 - 1
Above £110,000 - -

Trustee’s expenses claimed and reimbursed during the year is £822 (2024: £1,044) in accordance with Trustee Expenses Policy. The expenses relate to out-of-pocket travel expenses incurred attending Sporting Equals Events. Pension costs are allocated to funds on the same basis as the associated personnel costs

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Docusign Envelope ID: D2E8EE98-0D8E-4E52-BC83-EC64E5A33976

SPORTING EQUALS

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

7.
Tangible fixed assets
IT Equipment
£
Cost
At 1 April 2024
32,998
Additional during the year
1,200
__
At 31 March 2025
34,198
Depreciation
At 1 April 2024
28,101
Charge for the year
4,874
At 31 March 2025
32,975
Net book value
At 31 March 2025
1,223
At 31 March 2024
4,897
8.
Debtors
2025
£
Other debtors
1,680
Prepayments
4,563
Trade debtors
480,620
VAT
21,648
_____

508,511
8a.
Stock
Inventory/Stock in hand
112,878		 Total
£
31,525
1,472
__
32,997
22,302
5,799
28,101
4,897
9,223
2024
£
7,151
1,688
139,619
-
_____
148,458
-

During the year, Sporting Equals received donations of sporting apparel from Peloton. These goods are held as stock and are intended for onward distribution to the charity’s associated members as gifts and promotional materials, in line with the charity’s objectives of promoting greater inclusion and participation in sport and physical activity among underrepresented communities.

In accordance with the Charities SORP (FRS 102), donated goods held for distribution to beneficiaries are recognised as stock when received, provided that the goods can be reliably measured and that the charity has control over their distribution.

The stock is valued at the lower of cost (being the fair value attributed to the donated goods at the time of receipt) and net realisable value (NRV). Given the nature of the items and their intended distribution as low-value gifts, the stock is not held for resale and is expected to be fully utilised in furtherance of the charity’s activities.

No income is recognised in respect of these goods until they are distributed to beneficiaries, at which point the cost of distribution is recognised as charitable expenditure.

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Docusign Envelope ID: D2E8EE98-0D8E-4E52-BC83-EC64E5A33976

SPORTING EQUALS

9. Creditors: Amounts falling due within one year

Creditors: Amounts falling due within one year
2025 2024
£ £
Accrual 34,068 17,400
Credit card 210 3,688
Deferred income 351,563 457,500
Other creditors 50,000 11,270
Other creditors-Peloton more than 1 year 112,878 -
Pension payable 3,218 6,381
Social security and other taxation 13,312 6,800
Trade creditors 114,349 267,555
_ _
679,598 770,594

Deferred Income includes income received from Post Code Lottery £300,000, Sport England for Adidas £41,563 Comic Relief Organisational Development £10,000,. Deferred income arises when income is invoiced or received in the year, but delivery of the project extends post the year end. Income is therefore recognised in line with the project delivery timelines.

9a. Creditors: Amounts falling due more than one year

2025 2024
£ £
Other creditors 163,000 200,000
_ _
163,000 200,000

Othe Creditors includes amounts received from Comic Relief, for onward Grant Distribution of £163,000.

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Docusign Envelope ID: D2E8EE98-0D8E-4E52-BC83-EC64E5A33976

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

10. Reconciliation of movements in funds Reconciliation of movements in funds 2025
1 April Incoming Outgoing 31 March
2024 resources resources Transfers 2025
£ £ £ £ £
Unrestricted funds 620,742 103,471 (391,402)
 (85,525)
 247,287
Designated funds 13,000 - -
 - 13,000
Restricted funds
Sport England (85,525) 600,000 (451,062) 85,525 148,938
Sports Scotland 3,000 106,086 (109,086) - -
Sweaty Betty 9,656 72,350 (82,006) - -
CR- CFRI - 40,000 (22,131) - 17,869
CR-Emergency funding - 15,000 (805) - 14,195
Peter Harrison - 25,000 (25,000) - -
Awards-SP England - 173,683 (173,683) - -
Comic –Org. Develop 117,712 (40,000) (39,413) - 38,299
Post Code Lottery-PD - 110,000 (13,674) - 96,326
Post Code Lottery-OD - 180,000 (47,249) - 132,751
Sport Relief - 17,500 (581)
 - 16,919
44,843 1,299,619 (964,690)
 85,525 465,297
Total funds 678,585 1,403,090 (1,356,092)
 - 725,583
10a. Reconciliation of movements in funds 2024 – Comparatives
1 April Incoming Outgoing 31 March
2023 resources resources Transfers 2024
£ £ £ £ £
Unrestricted funds 591,381 199,742 (170,381)
 -
 620,742
Designated funds 13,000 - -
 - 13,000
Restricted funds
Sport England - 514,335 (599,860) - (85,525)
Sports Scotland - 145,000 (142,000) - 3,000
Sweaty Betty 56,862 (3,461) (43,745) - 9,656
Together Fund - 22,901 (22,901) - -
Active Minds – CR 21,077 12,970 (34,047) - -
Awards-SP England 70,000 85,748 (155,748) - -
Comic Relief – Org.
Develop. 131,710 50,000 (63,998) - 117,712
Nike 12,463 - (12,463) - -
LMCT - - -
 - -
292,112 827,493 (1,074,762)
 - 44,843
Total funds
 896,493
 1,027,235 (1,245,143)
 - 678,585

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Docusign Envelope ID: D2E8EE98-0D8E-4E52-BC83-EC64E5A33976

SPORTING EQUALS

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

Designated funds

The designated fund is a fund the Trustees have agreed to ring-fence to cover any future redundancy costs in the event the charitable company was to cease its operations.

11. Analysis of net assets between funds

General Designated Restricted
funds funds funds Total
£ £ £ £
Fund balances at 31 March 2025 are
represented by:
Current assets
 715,488 13,000 816,822 1,545,310
Current liabilities (94,002) - (725,048) (819,050)
Tangible fixed assets 1,223 - - 1,223
_ ______ ______ ______
Total net assets 622,709 13,000 91,774 725,583
====== ====== ====== =======
11a. Analysis of net assets between funds
General Designated Restricted
funds funds funds Total
£ £ £ £
Fund balances at 31 March 2024 are
represented by:
Current assets
 631,201 13,000 1,000,081 1,644,282
Current liabilities (73,029) - (897,565) (970,594)
Tangible fixed assets 4,897 - - 4,897
_ ______ ______ ______
Total net assets 563,069 13,000 102,516 678,585
====== ====== ====== =======

Page

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Docusign Envelope ID: D2E8EE98-0D8E-4E52-BC83-EC64E5A33976

SPORTING EQUALS

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

12. Reconciliation of net income / (expenditure) to net cash flow from operating activities

activities
2025 2024
£ £
Net income for the year 46,999 (217,909)
Interest income (18,498)
 (12,063)
Depreciation and impairment of tangible fixed assets 4,874 5,799
Decrease / (Increase) in debtors (338,405) 43,187
Increase / (Decrease) in creditors (151,545) 717,618
Increase in Stock (112,878) -
__ _
Net cash flow from operating activities
 (569,453) 536,632

12a. Analysis of change in net debt

1 April Cash flow
Acquisition
Other non-		 31 March
2024 and Disposals cash changes 2025
£ £
£
£		 £
______ _
______		 ______ __
Cash at bank and in hand 1,495,824 (550,254)
-
-		 945,570

13. Controlling party

The charitable company is under the control of the Board of Trustees.

14 . Pension contributions

The charity offers all staff the workplace pension scheme.

15. Company status

The company is limited by guarantee and does not have any share capital.

Every member of the company undertakes to contribute to the assets of the company in the event of its beings wound up while he is a member or within one year after ceasing to be a member, for payments of the debts and liabilities of the company contracted before he ceased to be a member, and the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributions among themselves such amount as may be required, not exceeding £1.

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Docusign Envelope ID: D2E8EE98-0D8E-4E52-BC83-EC64E5A33976

SPORTING EQUALS

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

16. Lease commitments

The total of future minimum lease payments under non-cancellable operating leases for each of the following periods are as follows:

Not later than one year £26,161 Later than one year and not later than five years £15,840

17. Going Concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

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