Registered Company Nurnber.. 0(￿92958 MARLOW SPORTS CLUB LIMITED (A Company Limited by Guarantee) REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Re8lSt@r￿ Charity Number.. 1139862 *AOEKFFIN• 2e11012024 COMPANIES HOUSE A03 #310 MARLOW 5POIiT5 CLU8 LIMITED IA Company Lirnited by Guarantee) LEGAL AND ADMINISTRATIVÉ INFORMATION Status Company Limited by guarantee withoLtt share capital incorporated on 17 May 1961. fiegistered as a charity on 14 January 2011 Company Number Registered Charity Number 00692958 J139862 Reglstered Office Lacemaker House 5-7 Chapel Street Marlow SL7 3HN Prlnclpal Ofllce Marlow Sports Club Pound Lane Marlow SL7 2AE President Trustees & Oirertors Former Co-chairman Former Co-chairman Chairrnèn Paul Sambrook Neil Robertson Iresigned 18 April 20241 Barry Stone Iresigned 18 October 20231 Keith Packer (appointed 21 September 20231 Nigel 8urn3nd13ppointed 21 September 20231 Andrew Daw John Fordham Richard Krajew5ki Adrian Saunders Iresigned 18 October 20231 Dawn Se&rue Treasurer Patrons Alex Danson Benneit MBE Tom Kefridge Sir Steve Redgrave CBE, DL N30mi Riches MBE, DL Sir Andrew Strauss OBE r Clive Woodward 0gE Bankers Metro Bank One Southampton Row London WCIB SHA 8arclays PIC I Churchill Place London E14 5HP Independent Examiner Pink Affinity Limited The Clock House Station Approach M3rlow SL? INT MARLOW SPORTS CLUB LIMITED IA Company Limited by Guarantee) DIRECTORS, AND TRUSTEES, REPORT YEAR ENDED 31 MARCH 2024 The Directors and Trustee5 present their report and financial statements for the year ended 31 March 2024 and report on a year where inflation and the increasing cost of living presented the challenges of increased operating costs and dampening con5urner spending. In this report and financial statements, all references to the charitable company mean the Trust and references to the Dirertors mean the Trustees. This annual report incorporates the requirements of the Trustees set out in both the Charities Statement of Recommended Practice1SORPI and UK company law. It 3150 takes into account the additional advice from the Charities Statement of Recommended Practice. The Trustees have continued their practice of closely monitoring spending and looking to Find opportunities to reduce or defer I re-time expenditure using a RAG Ired/amber/greenl rating approach- prioritisinE essential expenditure in the context of agein8 and dilapidating premises. Our established cash forecastin@ process and continued close tracking of our finance5 have served the Charity well. Despite the continuing pressures on the Charity. key outcomes were delivered in the past year in support of our strategic objectives-. Su51ained membership engagement and delivery of a multi-sport offering to the community in Marlow and neighbouring areas. Further planned repayments reducing our indebtedne55 from the over £lm originallv borrowed to fund the purchase of the land and develop the all-weaiher hockey pitch to a very much reduced portfolio of loans and a repayment plan thai will clear the remaining due debt in early March 2026 Isee Note 141. Improved commercial income generated from increased usage and hire of ovr facilitles. Objertives and A¢tivitles The purpose of the charity remains unchanged - the provision of facilities in the interests of social welfare for sports. recreation or other leisure time occupation for the inhabitants of Marlow and the Surrounding area. Marlow Sports Club I"Club"l is a community facility- it is open to all, irrespecttve of age, background and physical ability. We preserve a green space in the heart of Marlow for current and future generations of our local community to meet. get and stay fit and socialiselenjoy a place that promotes well-being and self-belief. During the year. we have continued to offer a range of sports- cricket, cycling, hockey, running an(1 tennis Ivia our Member Sections) together with junior football and Petanque (via Marlow FC and Marlow Petanque Clubl for all age group5 from the under IOS to over 605-on over 10 acres of greeTI space the majority of which the charity saved from development in 2011. We have remained 3 vibrant community facility with a combined membership of some 2,500 of which over half are juniors, with sporting participation beyond that figure. MARLOW SPORT5 CLUB LIMITED IA Company Limited by Guarantee) DIRE￿OR5, AND TRUSTEES, REPORT YEAR ENDED 31 MARCH 2024 A significant contribution to our funds raised comes from our wholly owned subsidiary - MSC Commercial Limited I"MSCryI- which operates our on-site bar and catering facilities and manages short term lettings of the Club's facilitie5. MSCC pays a turnover based licence fee to the Club for use of the Club's facilities and any residual profits are donated to the charitable company under the terms of a deed of covenant signed in 2018. The MSCC performance during 2023124 was greatly improved versus the previous year reflecting effort5 to rebuild and consolidate our commercial income streams. Structure. Govemance and Manè8ement Marlow Sports Club Ltd is a charitable company limited by guarantee, incorporated on 17 May 1961 and registered as a charity on 14 January 2011. The charitable company is governed by its Articles of Association which established the objectives and powers of the charitable company. Our members are.. Marlow Cricket Club Marlow Hockey Club Marlow Riders Mallow Striders Marlow Tennis Club Sir William Borlase's Grammar School Individual membership sits with each Member Settion which is governed by its own Section Chair and Committee and const>tution. As 31w3ys, the Trustees wish lo take the opportunity to thank each Member Section Chair and Committee as well as their individual members for their contribution and efforts mode this past year. The continuing team effort from the many volunteers throughout the Club and its Member Sections is a key component to the delivery of our multi-sport Dffering. Organisation The Board of Trustees oversee5 the tharity and its day-ttrday activities. The Board meets monthly to ensure effective and timely rnana8ement. Liaison with the Member Sections through theif respective Chairs and Committees remain5 a vrtal ingredient in this process throughout the year and formally at our bi-annual General Meetings. A Finance Committee I"FinComm"l of the Trustee Board meets in advance of each Trustee Board meetrn8. It is chaired by the Treasurer and attended by the Chairperson and reviews at a detailed level the current and on-going performance of both the Club and MSCC. An Operations Corrbmittee I"OpsComm-I, chaired by another Trustee and involving repre5entative5 from each Member Section, ensure5 informed decision making on near-term maintenance issues and development of recommendations as appropriate to the Trustees on longer-termlslrategic maintenance and development need5. In addition, the MSCC board meeis monthly and is attended by one of the MSC Trustees (who sits on the board of MSCCI. MARLOWSPORTSCLU8 LIMITED IA Company Limited by Guaranteel DIRECTORS, AND TRUSTEES, REPORT YEAR ENDED 31 MARCH 2024 Trustees and Adviser5 As set out in the Articles of Association, the Chair of the Trustees is nominated by the Trustees. Neil Robertson and Barry Stone acted as co-chairs from May 2018 until September 2023. Keith Packer. a long-standrng member and former Chair of Marlow Hockey Club, was appointed as a new Trustee and Co-chair w¢th effect from September 2023. Keith Co-chaired with Neil Robertson to facilitate a smooth transition to Keith as sole chair following the General Meeting in March 2024. Neil formally stood down on 17 April 2024. The Trustees have the power to Co-opt further Trv5tees and advisers if required. During the year. David Leggett Ithe Commercial Director of MSCCI advised the trustees on commercial matters. LGP Solicitors have piovided legal advice and support. Board membership and succession The Trustee Board has continued to keep succession as an active matter under review, alongside discussions with the Sertion Chairs about potential candidates- thi5 Wjth the aim of ensuring that the Board's skill mix and background remain relevant and is refreshed. Trustee succession is a standing agenda item on the Trustee 8oard with a process whereby a new Trvstees will have been interviewed by the Chair and another Trustee and have had the opportunity to attend a board meeting before being appointed. fhis gives them the opportunity to see the Board in action aNd to meet and talk to Trustees and advisers. New trustees are appointe(l in the first instance by the Twstee Board lin accordance wr(h the articles) but then must resign and be re-appointed at the next Annual General Meeting. All Trustees are briefed lon appointmentl on their legal obligation5 under ¢harity and charitable company law. the content of the Articles of Association. the Board's decision-making process, and the history and planned future of the Iharity. Communication briefs from the Charity Commission, including essential regulatory information or advice of which the Trustees should be aware. are forwarded to eath Trustee. Any new Trustees will also be encouraged to attend appropriate external training events where these will facilitate the undertaking of their role. The Trustees wish to place on record their thanks and gratitude to Neil for his outstanding contribution and leadership during a difficult period of change and for leading the club through and post the challenges of COVID-19. Flnan¢lal Review The Statement of Financial Artivities shows a net income of £12,82812023= £46,863>. The core activities of the charitable Company (defined as the aggregate of the movements on the unrestricted general reserve and the restricted fundraising reserve see note 161 generated a surplijs of £30,67612023.. £37,1441. MARLOWSPORTsCLUBLIM￿ED IA Company Limited by Guarantee) DIRE￿oR5, AND TRUSTEES, IIEPORT YEAR ENDED 31 MARCH 2024 The significant changes in the year were-. Member section donations towards new bar furniture £16.000- the expenditure is a capital expenditure., growth in rental income É9,000- largely related to the all-weather pitch.. offset by a significant growth in expenditure on our estate Isee later in this reportl of £13,000.. £S.000 of expenditure pro8res5ing the clubhouse redevelopment project las discussed and agreed at the General Meeting in March 20241,. and c.£10.C￿jO of increased utility Costs reflertinÈ both the increase in utility costs generally plus the fact that the previous year included a one-off refund in charges amounting to almost £3,000. The principal sources of our funding (excluding amounts paid into the sport specific reSe￿e account51 were.. 2024 34% 2023 27% Member section donations Other donations Mernber section usage fees 'MSC Commercial Limiled Ilicence fee and éonationsl Rental income frorrb premises, sporting and car parking facilities to non-members Other income (principally interest) 29% 11% 20% 39% 11% 16% The section donation increase reflects the contribution made by member secrions towards the new bar furniture. The decline in L¢sage fee5 is mirrored by the increase in costs now borne from the cricket sinking fund. This income funded the costs of our providing the services to fulfil our charitable objective. The charitable company does not use the services of a professional fund raiser. In terms of costs, we maintained our Cautious management approach and were able to release additional monies deferred from prior years given the resolution of negotiations with our utilities provider- as noted in last yearfs report. Our 51te expenditure this year lover ESO,WO in totall has included.. perimeter feneing- E21,500 (the remainder to be completed in 20241251: new pavilion refurbishment (including flooring and toiletl- £9,400,. old pavilion repairs, insulation and heating- £7.200.. and ExpenditUTe on an external storage unit- £4,750. We closed the year with a net cash surplus at £7,000- slightly ahead of our break-even budget. As previously reported, the charity maintains restricted reserve5 to actumulate donations to two sports specific ring-fenced funds to further the development of our Hockey lincludin8 replacin8 the MARLOW SPORTS CLU8 LIMITED IA Company Llmited by Guarantee) DIREcfoRS' AND TRUSTEES, REPORT YEAII ENDED 31 MARCH 20Z4 All-weather Pit¢h surfa¢el and Cricket facilities. The Hockey fund decreased by c.£5,000 and the Cricket fund by just over £6,000 during the year. Restricted funds at the year-end totalled c.£767,orx)12023.. c.£794,0001. Unrestricted funds at the year-end totalled c.£356.00012023.' c.£316.OCIJI. At the end of the financial year. our total gross borrowings were £80,00012023.' £110,0001- we have an agieed plan of repayment5 a5 regards £60,OQ) of this borrowing which should be fully repaid by March 2026 the remaining £20,000 was repaid on 30 September 2024. Plans for Future Periods It remains the case that longer term plans need to be developed with viable and realistic funding arrangements in order to address the need not only to rmprove the condition of our premises, most notably the exislsng changing facilities, but a150 to address the impact of usage increase. The challenge will be to identify a feasible solution that represents a meaningful upgrade. We have started a projert, led by Trustee Nigel Burnand, to re-look at replacing the old and new pavilions with one new building to address the issues especially of ladies. changing rooms, access for all. and an ageing building with increasing maintenante costs. Planning permission had previously been received in 2018 but has now lapsed. At the March 2024 General Meetin& the Members reviewed initial new clubhouse designs and approved a spend of up to £30,ODO from reserves to progress a new planning process. Sports Clubhouses Ltd were instructed to help with both the design and planning. This project was reviewed at a special meeting of the Members on 16 October at which it was agreed. due to the significant costs involved. to freeze the planning activity and expenditure to look at alternative options to a complete new butld. It was agreed that the need to upgrade or replace the changing rooms is most urgent and the Hockey and Cricket Sections will agree the requirements including the number of changin8 rooms and size. We will then investigate a number of refurbishment options as opposed to a new build. The all-weather pitch replacement was completed in August 2024 by Marlow Hockey Club. This was funded by a contribution from MSC of the full Hockey sinking fund plus extra fundraising by the MHC members. New team dugouts and an electronic scoreboard have also been added to the Southern-most perimeter of the pitch to conform with National LeaÉue requirements and to cre3te more space for spectators closest to the pavilion. Marlow Tenni5 Club refurbished its clubhouse in March 2024. and we are at the very early stages of looking into a 5 court. Communlty beneflt The charitable company continues to engage actively with sporting partners, local sch¢)ols and the community. MARLOW SPORTS CLU8 LIMITED IA Company Limited by Guaranteel DIRECTORS, AND TRUSTEES, REPORT YEAR ÉNDED 31 MARCH 2024 We host a pre-school nurserv ljellitotsl in a safe environment, and also a physiotherapy clinic (Horizon Sports Rehabilitationl. We continue to hire out space and facilities, including hospitality offerinBS. for local organisations and businesses. We also provide facilities for three annual signature events attended by the local community.. Marlow Monster Fireworks.. Marlow Half Marathon. and Marlow Red Kite Ride We remain in regular dialogue with Marlow Town Council and a￿ grateful for their continuing engagement and support. We are also an active member of the Marlow Chamber of Commerce, with a seat on the Executive. We continue to have regard to the Charity Commission's guidance on public benefbt when deffining and reviewing our aims and objectives and undertaking the charity's activities. ReseNes Policy The Tiustees have adopted a number of policies in respect of the charitable company'5 reserves.. as fletailed in note 16, the Charity maintains two sport specific restricted Sinking lunds holding monies for the future development of those sports. facilities. The charitable cornpany rnaintains a separate bank account for each of these funds on a fflatehed basis. As noted earlier the full balance of the hockey sinking fund was utili5ed by Augtjst 2024. the Trustees endeavovr to maintain a free cash reserve gf at least £25,000 to cover unexpected costs andlor short term cashflow needs and ensure we can meet our debt repayments- at the year-end. the Club had over £80,000 of free cash. of which £20.000 was earmarked for a loan repayment of £20,000 which was made on 30 September 2024. Prlncipal Rlsks and Uncertainties Whilst the national inflation statistics have smproved over the Year, we continue to face inflationary pressures on a number of our costs. Our pavilion and broader site remain in need of continuing maintenance 3nd repair5, the costs of which have also risen. On the plus side. the significant expenditure over the last two year5 (we spent over £SO.000 this last year on top of the £16,000 spent on new bar furniture and £37,000 in 20221231 should mean thai follow up or repeat repairs should be more modest. Our combined membership numbers have remained stable at some 2,500 but, assuming a growth in membership and continued usage trends, we anticipate increased pressure on our facilities to accommodate further growth in demand. MAFiLOW SPOATS CLUB LIMITED IA Company Limlted by Guarantee) DIRECTORS. AND TRUSTEES, REPORT YEAR ENDED 31 MARCH 2024 Our continued focus on trustee succession planning should mean our ability to keep the skilllexperience base ￿levant and ensure there isn't an unmanageable trustee churnlturnover at any one moment or loss of collective knowledge. Taking all of the above report inio account, we believe that we are. and remain, a going concern. Approved by the Trustees on 21st October 2024 and signed on its behalf by.. KH Packer- Trustee M Krajewski Trustee MARLOW SPORTS CLUB lIm￿E0 IA Cornpany limited by Guarantee) YEAR ENDED 31 MARCH 2024 Statement of Trustees, responsibilities The Trustees. who are also directors of Marlow Sports Club Limited for the purpose of company law, are responsible fDr preparing the Tru5tees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally AC￿pted Accounting Practice). Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure of the charitable company for thal year. Under charitable company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the statement of financial activitie5 Of the Charitable company for that period. In preparing those financial statements. the Trustee5 are reqvrred to.. select suitable accounting policies and then apply them consistently to obserwe the methods and principles in the Charities SORP: make judgements and estimates that are reasonable and prudent.. state whether applicable UK Accounting Standards have been followed. subject to anv material departure5 disclosed and explained in the financial statements.. and prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The Trustee5 are resporbsible for keeping adequate accounting records that disclose, with reasonable accuracy, at any tirne 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 for taking reasonable steps for the prevention and detection of fraud and other irregularities. This Annual Report and Accounts ha5 been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006. MARLOW SPORTS CiUB LIMITED IA Company Limited by Guarantee) YEAR ENDED 31 MARCH 2024 Independent Examiner's Report to the Trustees of Marlow Sports Club LSmited I report on the accounts of the charity for the year ended 31st March 2024, which are set oijt on pages 11-21. Respectlve responslbllltles of trustees and examiner. The charity'5 trustees Iwho are also the directors of the company for the purpose5 of company lawl are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not reqUI￿d for thi5 year under section 144121 of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. Having satisfied myself that the charity is not subject to audit under Part 16 of the Companies Act 2006 and is eligible for independent exarnination, it is my responsibility to.. examine the ac¢ounts under section 145 of the 2011 Act.. to follow the procedures latd down in the General Directions given by the Charity Commission under section 14515llbl of the 2011 Art,. and to state whether particular matter5 have come to my attention. Basis of independent examrner's report My examination was carried out in accordance with the General Directions given by the Charitv Commission. An examination includes a review of the accounting records kept by the charity and a compari50n of ihe account5 presented with those records. It also includes consideration of any unusual items or disclosures in the accounts. and the seeking of explanations from you as trLJStees concerning any such matter5. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently. no opinion is given as to whether the account5 present a 'true and fair view, and the report 15 limited to those matters set OLtt in the statement below. Independent examiner's statement In connection with my examination, no matter has come to my attention.. 11 which gives me reasonable cause to believe that, in any material respect, the requirements.. a. to keep accounting records in aecordance with settion 386 of the Companies Act 2006. and b. to prepare accounts which accord with the accounting records, comply with the accounting requirements ol sectlDn 396 of the Companies Act 2006 and the methods and principles set out in Charities SORP IFRS 1021 have not been met,. or 21 to which, in my opinion, attention should be drawn in order tD enable a proper understanding of the accounts to be reached. Pink Affinity Limited The Clock House Station Approach Marlow SL7 INT Pink Affinity L The Clock House Station Approach Marlcw SL7 1 NT Date-. 2131 October 2024 io MARLOW SPORTS CLU8 tIMITED IA Company Lrmited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES lin¢orporating Income and Expenditure Account) YEAR ENDED 31 MARCH 2024 umestsic￿I R*trirted Funth UMeArirted Renrirteé Totsi 1023 Ilotes hnds IMCOMEANOBIDDWMEpll5FAOM S8?36 32,568 91,501 40.860 81,662 lri¥•¢rMOnPt ttqriroblè•niv*riès Chèrgesièoubsqrtions leotallA