## **THE CHARTERED INSTITUTE FOR THE MANAGEMENT OF SPORT AND PHYSICAL ACTIVITY**
**(incorporated by Royal Charter)**
## **Report and Financial Statement**
**For the year ended**
**31 March 2025**
**Company registered number: RC000849 Charity registered number: 1144545**
## **THE CHARTERED INSTITUTE FOR THE MANAGEMENT OF SPORT AND PHYSICAL ACTIVITY**
## **ANNUAL REPORT AND FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 MARCH 2025**
|**Contents**|Page|
|---|---|
|Trustees’ Report|1 - 15|
|Independent Auditors’ Report|16 - 18|
|Statement of Financial Activities|19|
|Balance Sheet|20|
|Statement of Cash Flows|21|
|Notes to the Financial Statements|22 - 37|
**The Chartered Institute For The Management Of Sport And Physical Activity TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2025**
The Trustees present their annual report together with the audited financial statements of the Chartered Institute for the Management of Sport and Physical Activity (the Institute) for the year ended 31 March 2025. The Trustees confirm that the annual report and financial statements of the Institute comply with the current statutory requirements, the requirements of the Institute's governing document and the provisions of the Statement of Recommended Practice: "Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS102)" second edition effective from January 2019.
The Institute is also known by the acronym CIMSPA.
## **Our Purposes and Activities**
## **Policies and objectives**
The purposes of the Institute as set out in its Charter are:
(a) to promote and advance public health by encouraging active participation in sport or other healthy recreation for the public benefit; and
(b) to promote for the public benefit the safety of facilities and services provided for active participation in sport or healthy recreation
in particular (but not exclusively) by:
(i) promoting excellence in the management and development of such facilities and services including sporting and recreational events and sports tourism.
(ii) advancing education, practical training, and the dissemination of knowledge amongst practitioners employed or engaged in the provision of such facilities and services.
(iii) carrying out or promoting research into and promoting awareness and understanding of the health and other benefits of well managed sport and recreation facilities and services.
CIMSPA seeks to achieve these purposes through the mechanisms of defining and promoting standards in best practice, customer care, education and professional development amongst its membership as engaged in the sport and physical sector and more widely through the key stakeholders, organisation’s, employees, and volunteers
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**The Chartered Institute For The Management Of Sport And Physical Activity TRUSTEES’ REPORT**
## **FOR THE YEAR ENDED 31 MARCH 2025**
## operating in the sector.
Through these mechanisms CIMSPA aims to be a unifying voice driving sector growth and accredited to develop the workforce of tomorrow, providing opportunities for young leaders to develop and succeed, and providing leadership on the development and management of career pathways.
## **Public benefit**
The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission in determining the activities undertaken by the Charity.
The Charity Commission in its “Charities and Public Benefit” Guidance states that there are two key principles to be met in order to show that an organisation’s aims are for the public benefit: firstly, there must be an identifiable benefit and secondly, that the benefit must be to the public or a section of the public. The Trustees are satisfied that the aims and objectives of the charity, and the activities reported on below to achieve those aims, meet these principles. CIMSPA’s achievements in support of our charitable objectives are set out below, together with plans for the future, the further development of our services and encouragement of increasing standards within the sector, through which we in turn increase quality of service for the public benefit.
Any surpluses generated are invested to increase the Institute’s ability to deliver services more effectively and further develop our charitable aims.
## **Strategies for achieving objectives.**
CIMSPA released its strategy 12 months ago –” Releasing the Power of our Profession “
## **“Releasing the Power of our Profession”** sets out our commitment to six system
interventions which will deliver the individual and collective recognition that our sector workforce needs and deserves. And it illustrates the phenomenal additional impact that the profession will have through that recognition.
It ensures that as a profession we can maximise our agility to embrace emerging trends, and be positioned exactly where society needs us to be, to scale up the incredibly valuable contribution that we make to the health and wellbeing of the nation.
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**The Chartered Institute For The Management Of Sport And Physical Activity TRUSTEES’ REPORT**
## **FOR THE YEAR ENDED 31 MARCH 2025**
Our strategy sets out a recognised, achievable career path for everyone that is in or wants to be part of our sector with entry routes, progression and status recognition that meet the needs of both the individual and the employer.
It ensures that training, qualifications and skills development opportunities are high-quality and meet the changing needs of the sector. It provides a foundation built on local needs, helping the right skillsets to be available in the right places, at the right time. It helps more people to engage in sport and physical activity and have safe, enjoyable experiences.
What we set out to achieve in this strategy cannot be pursued in isolation. That is why the foundation of Releasing the Power of our Profession, is our continued work to enhance the professional standards and education ecosystem that the sector has tasked CIMSPA to create.
Our strategy will deliver professional recognition through six system interventions.
**Local skills plans / local skills delivery** : Local skills plans success through local delivery. Brokering supply and demand – the right training, delivered in the right place, at the right time, to the right people.
**National Training Academy / education ecosystem** : Harnessing recent skills legislation to increase the positive impact of our quality-assured education delivery ecosystem.
**Careers support** : Continually improve the recruitment, training, retention and support of a diverse and inclusive workforce.
**Business support hub** : Enhancing business resilience and success for sector enterprises with a focus on smaller employers and those in a startup phase.
**Workforce governance** : Ensuring a professional, well-governed sport and activity workforce delivering safe and high-quality participation opportunities for all.
**Workforce obervatory** :: Developing research-led insights to anticipate and respond to sector needs.
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**The Chartered Institute For The Management Of Sport And Physical Activity TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2025**
**UK sport and physical activity skills observatory** : Leading an exciting new venture for our sector. Research-informed decision-making – moving from insight to foresight.
## **CIMSPA strategy system interventions – progress update**
|**CIMSPA strategy**|**system interventions – progress**|**update**||
|---|---|---|---|
|**Intervention**|**System intervention 2025**
**goal**||**Spring 2025 update**|
|**Local skills**
**delivery**|**By 2025 we will have a UK-**
**wide network of established**
**local skills hubs that deliver**
**against their local skills**
**plans by working effectively**
**with the CIMSPA National**
**Training Academy. The local**
**skills delivery team will**
**inform the local sector skills**
**plans and support local**
**economic, health, social and**
**wellbeing priorities.**|**ON TRACK**|•
**34 local skills accountability boards**
**working with CIMSPA**
•
**Engagement with over 1,000**
**partners at the local level**
•
**First five local skills plans**
**implemented**
•
**Continuous local skills diagnostics**
**process ongoing with over 800**
**completed**|
|**National**
**training**
**academy and**
**education**
**ecosystem**|**By 2025 we will have a**
**network of quality-assured**
**education partners that can**
**respond to the training**
**needs highlighted in each**
**local skills plan.**|**ON TRACK**|•
**Training Academy for Sport and**
**Physical Academy launched**
•
**Over 120 education partners now**
**hold our highest quality assurance**
**status**
•
**Further education partnership**
**launched and actively aligning**
**curricula with local employer needs**
•
**Over 1,900 endorsed education**
**products within the sector,**
**enhancing flexible learning pathways**|
|**Careers**
**support**|**By 2025 we will have**
**launched the sector’s first**
**careers support system. This**
**will feature pathways that**|**ON TRACK**|•
**New career guidance course**
**launched and signposting learners**
**and career changers to our sector**|
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**The Chartered Institute For The Management Of Sport And Physical Activity TRUSTEES’ REPORT**
## **FOR THE YEAR ENDED 31 MARCH 2025**
||**are understood by all**
**stakeholders and**
**underpinned by occupational**
**maps, giving multiple**
**opportunities for the**
**workforce to achieve their**
**career aspirations.**||•
**Department for Work and Pensions**
**working with CIMSPA at scale to**
**connect job seekers and those not**
**in education to our employers**
•
**Integration of our careers hub**
**resources, jobs board and training**
**academy into a new single online**
**portal ready for launch**|
|---|---|---|---|
|**Business**
**support hub**|**By 2025 we will have**
**established our business**
**support hub as a crucial**
**support for small and micro**
**businesses and sole traders**
**to be more resilient and**
**adaptable.**|**INSIGHT & RESEARCH UNDERWAY**|•
**New business diagnostic process**
**launched in August 2024, focused**
**particularly on the needs of sole**
**traders and micro-enterprises, with**
**over 100 diagnostics already**
**completed**
•
**This insight will determine how we**
**build out our business support**
**intervention in the coming year**|
|**Workforce**
**governance**
**project**|**By 2025 we will have**
**completed the two-year**
**project that Sport England**
**and UK Sport commissioned**
**to define what an effective**
**workforce governance culture**
**looks like.**|**ON TRACK**|•
**Commissioned Sport England and**
**UK Sport project work completed**
•
**The final report is on track to be**
**delivered in Spring 2025**|
Please read our 2024/25 Impact report for a detailed look at what we have delivered in the past 12 months CIMSPA strategy - update and impact report
## **Achievements and performance**
**Through the delivery of our strategy;**
- **The people who work in sport and physical activity will be professionally recognised on a societal level**
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**The Chartered Institute For The Management Of Sport And Physical Activity TRUSTEES’ REPORT**
**FOR THE YEAR ENDED 31 MARCH 2025**
- **The demographic of the people who work in sport and physical activity will represent the UK population**
- **Organisations employing a sport and physical activity workforce will be more resilient and adaptable**
- **The education system within sport and physical activity will be fit for purpose, demand driven and support professionals through a life-long career**
## **Significant charitable activities undertaken.**
The Institute’s significant charitable activities fall into two main categories:
**Memberships and Partnerships** – extending the reach of the Institute and sector alignment with our aims and objectives through the mechanism of increasing active memberships and formal organisational partnerships.
Through our employer relationships, CPD events and social media we seek to demonstrate the value of membership to those working in the sector, demonstrating the career pathway available to them and the support for this pathway we can facilitate. This increases our influence in the sector and the ongoing development of its services to the public.
**Goods and services** – promotion and expansion in the Institute’s range of endorsed qualifications, training courses and insight and data, guidance materials available to support members’ CPD requirements and opportunities, and the development of best practice in the sector generally, in support of our aims and objectives.
We partner with higher and further education, awarding organisations and training providers to formally recognise courses and qualifications relevant to those in the sector, and to ensure these are of a high standard. We partner with experts in the field to provide best practice guidance to the sector through our publications and guidance. Through the development of the sector workforce, we are able to improve the quality of its services to the public over time.
## **Investment policy and performance**
The Trustees’ policy for investment of surplus funds is to invest for the longer term (10 years plus), whilst providing a sustainable level of income from the portfolio combined with the prospect of growth in both capital and income. The investment objective is therefore based upon a total Return Strategy. This is subject to moderate risk, delegating day to day investment decisions to appointed fund managers, in accordance with their powers under the Institute’s Charter. Following advice from Barclays Wealth, the appointed fund managers, the investments were transferred to Barclays Charity Fund – Discretionary
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## **The Chartered Institute For The Management Of Sport And Physical Activity**
## **TRUSTEES’ REPORT**
## **FOR THE YEAR ENDED 31 MARCH 2025**
portfolio in February 2017. The Fund set the objective of achieving a sustainable income stream and the potential to maintain the purchasing power of the portfolio. This incorporated an income yield target of 3.5%. The overall return is benchmarked against a basket of various well-established investment assets and indices.
Fund performance to the end of March 2025 reports a small negative downturn of £165 during the year. This year’s return resulted in a closing fund value of £221,368 at the end of the year (2023/24 £221,534). The realised and unrealised gains and losses arising in the year are shown in the Statement of Financial Activities.
## **Financial review**
The Institute achieved an operating deficit of £104,660 in the year ended 31 March 2025 (31 March 2024: deficit of £209,227). Of this £112,947 (2023/24 £228,876) sits within a designated fund as the reserves held as Intangible Fixed Assets funded by Sport England grant monies.
CIMSPA is a named Systems Partner of Sport England with a confirmed 5 years’ worth of funding to
2026/27 totalling £11.25m. CIMSPA was also in receipt of two additional grants, these being Workforce Governance (£2m over 2 years) and Local Skills (£2.5m over 2.5 years).
## **Principal sources of funding**
CIMSPA generates income through its memberships, partnerships and those activities undertaken in support of its charitable objectives, including income from investments. CIMSPA’s 2024/25 activities continued to be significantly supported by Sport England. This grant funding helps to support investment into improved member services and facilities and sector changing guidance on standards as CIMSPA looks to raise the desirability and professionalism of the industry.
## **Principal risks and uncertainties**
The Trustees have assessed the major risks to which the Institute is exposed, in particular those related to the operations, reputation, governance and regulatory matters, competitive environment and finances of the Institute, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
We have developed a new process for risk reporting and the Board has agreed on its risk appetite
## **The Chartered Institute For The Management Of Sport And Physical Activity**
## **TRUSTEES’ REPORT**
## **FOR THE YEAR ENDED 31 MARCH 2025**
statements around financial risk, operational risk and reputational risk. Through the adoption of the new risk management framework, we have identified the 10 corporate risks that have been placed in one of the three categories. Each risk has a set of mitigations and controls that are monitored quarterly by the SLT, Audit & Probity Committee and the Trustees.
The one risk that currently sits outside of our risk tolerance relates to;
- attainment of sustainable finances, through non funded income streams linking to the ongoing economic factors driven by challenging economic conditions
The Trustees mitigate risk in several ways;
- Development of a new commercial strategy
- Regular pricing and value proposition review
- Monitoring of Sport England contract compliance
- Increase focus on commercial targets
- Business restructure to support better alignment of income streams
Responsibility for monitoring of risks and making recommendations on risk management matters has otherwise been delegated to the Audit & Probity Committee, which reports directly to the Trustees.
## **Reserves policy**
Reserves are held to support the continuation and expansion of activities in support of CIMSPA's objectives. The policy is reviewed by Trustees on an annual basis and targets set for retention of surpluses for the following year’s budget. The current target is based upon building free reserves to cover approximately 3 – 6 months of ongoing costs. The reserves target for the next 3 – 5 years is therefore between £293,991 and £1,005,907, averaging at £649,949 to be achieved through the retention of annual surpluses.
Against this policy, CIMSPA’s free reserves are currently in surplus in the sum of £553,973 (2023/2024 - £548,704).
In overall terms unrestricted reserves currently stand at £666,920 (12 months to 31 March 2024 - £771,580) after reflecting a deficit of £104,660 (2023/24 - £209,227). Such reserves include £112,947 (2023/24 - £222,876) represented by tangible and intangible fixed assets realisable only upon disposal.
## **Structure, governance, and management**
## **Constitution**
The Institute is registered as a charity in England. It is a charitable chartered body and was constituted under Royal Charter and Statutes on 5 October 2011.
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**The Chartered Institute For The Management Of Sport And Physical Activity**
**TRUSTEES’ REPORT**
## **FOR THE YEAR ENDED 31 MARCH 2025**
CIMSPA’s Charter and Statutes provide governance to CIMSPA, its board and executive team. Derived from the sector legacy of ISRM, ISPAL and IMSPA, CIMSPA was created in 2012 and its Charter reflected the position of the sector at this time.
On the 12 June 2019, The Privy Council approved a revised version of the CIMSPA Charter and Statutes which remains in place today.
## **Appointment of trustees**
Using the annual skills matrix, the board analyses the current board composition, diversity, skills, behaviour, experience, and competency of the board members against the ability to undertake CIMSPA’s objects and drive progress against its current strategy. This exercise highlights skills shortages which helps inform recruitment and training needs.
Up to nine Trustees may be appointed by the board in accordance with the provisions of the Statutes. Such appointments are made on the recommendations of the nominations committee following an open recruitment process, administered by the nominations committee, with final recommendations for appointment proposed to the board.
Up to three Trustees are elected by the membership. Invitations requesting nominations for elected board member positions which are vacant or will become vacant upon the retirement of a Trustee are circulated to all Members. Full members are then invited to vote in the election.
All board members serve terms of up to three years, after the three years, their position will be reviewed in accordance with the skills matrix, board composition and board diversity. The Chair and appointed members may be offered the option of a three-year extension. A maximum of three terms of three years may be served. In cases of elected members, they will be eligible to re-stand for election, for further terms of three years, with a maximum of three terms served.
The CIMSPA Board of Trustees is currently chaired by Marc Woods and is made up of 12 individuals with a wealth of experience both within, and external to the sector to support CIMSPA in the pursuance of our vision and mission.
The Board meet together at least four times per calendar year for the conduct of business.
|**Board Trustee**|**Trustee**
**Position**|**Start date as**
**a trustee**|
**Current**
**term**
**start date**|
**Additional Roles**||
|---|---|---|---|---|---|
|Marc Woods|Chair|30/09/2017|30/09/2023|Nominations Committee Chair
Remuneration Committee
Chair||
|Lorna Brooks|Elected trustee|14/02/2024|14/02/2024|EDI Sub Group Member||
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**The Chartered Institute For The Management Of Sport And Physical Activity**
## **TRUSTEES’ REPORT**
## **FOR THE YEAR ENDED 31 MARCH 2025**
|Tracy Levy|Elected trustee|14/02/2024|14/02/2024|Membership
Committee
member|
|
|---|---|---|---|---|---|
|Manos
Kapterian|Appointed
trustee|22/05/2018|22/05/2024|Senior Independent Trustee
Membership Committee
Chair
Remuneration Committee
member||
|Elena Portas|Appointed
trustee|15/12/2021|15/12/2024|Youth Panel Advisor||
|Joelle Conway|Appointed
trustee|15/12/2021|15/12/2024|Disciplinary Committee Chair
Welfare and Safety Lead||
|Adrian Gaveglia|Appointed
trustee|14/09/2022|14/09/2022|Treasurer
Audit and Probity Committee
Chair
Remuneration Committee
member||
|Gavin Stewart|Co-opted
Trustee|15/05/2024|15/05/2024|Workforce Governance Sub
Group Member||
|Alicia Gayle|Elected
Trustee|18/09/2024|18/09/2024|||
## **Trustee induction and training**
During April 2024 – March 2025 there were:
- One elected board trustee resignation at end of 2[nd] tenure `o` Dr Jon Argent FCIMSPA (Chartered)
- One elected board trustee appointment
- Alicia Gayle
- Two appointed trustee resignations
- Jonathan Drakes
- Rowena Samarasinhe
- Two co-opted trustee appointments
- Donna Fraser OBE OLY
- Gavin Stewart
- One co-opted trustee resignation
- Donna Fraser OBE OLY
In May 2025 the following board movement has taken place:
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**The Chartered Institute For The Management Of Sport And Physical Activity TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2025**
- One appointed trustee resignation
- Elena Portas
New trustees, whether appointed, elected or co-opted are taken through a robust and tailored induction process. This incorporates introductions to the Chair of the Board, the CEO, trustees or committee members and the appropriate executive team members. The main induction session is delivered by CIMSPA’s CEO, the Chair of the Board and the governance team who provide a bespoke introduction to CIMSPA as a Royal Chartered Institute, a Charity and an organisation governed by the Sport England and UK Sport Code for Sport Governance. It informs inductees of their personal and collective responsibilities, their roles, code of conduct and all operational and strategic requirements they need to be aware of, prior to starting their role. A follow-up session is held with the Chief Operating Officer to introduce the Board’s financial responsibilities, and again this is tailored depending on the needs of the individual.
Training needs are assessed on an annual basis and recorded as part of the annual skill matrix review and personal development plan process. Training needs are then reviewed and actioned by the People and Culture and Governance and Compliance teams.
Trustees attended Safeguarding Training for the Board session in January 2025, delivered by the Child Protection in Sport Unit and the Ann Craft Trust, which focused on the Boards responsibilities relating to Safeguarding. They also attended a session delivered by the Chief Operating Officer regarding how to interpret and scrutinise CIMSPA’s management accounts. This was delivered in October 2024 as a follow up to the external financial training delivered in December 2023.
## **Governance**
The Trustees are legally responsible for the governance and management of the Institute.
The board trustees pledge the following;
As the Board of Trustees, our role is to govern and support CIMSPA with passion, enthusiasm, balance, and integrity.
We do this by:
- being accountable for the strategic direction of the organisation;
- aligning our decision-making to the Vision, Mission and Strategic Aims as they evolve;
- providing creative contribution, independent oversight and constructive challenge;
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**The Chartered Institute For The Management Of Sport And Physical Activity TRUSTEES’ REPORT**
**FOR THE YEAR ENDED 31 MARCH 2025**
- taking a proportionate dynamic approach to governance and risk; and
- always recognising and advocating for what is best for CIMSPA’s stakeholders now and in the future.
- To do this we believe all Board Members should:
- be bold, courageous and respectful in the questions we ask and the decisions we make;
- be inclusive in their behaviours and considerations;
- be prepared and 100% present in meetings;
- seek self-improvement;
- share knowledge and experience through coaching and mentoring where practicable and appropriate;
- understand the knowledge, skills and experience of the board and where potential gaps are; and
- be agile and open-minded and deliver what we say we will do.
To do this we need:
- relevant, accurate and timely information from the executive team which best leverages the expertise of the Board;
- an open and collaborative relationship between the Executive and the Board; and
- a strong and collaborative relationship between the Chair and CEO.
## **Management**
The Trustees are accountable for the strategic direction, governance and risks associated with the Institute. The Trustees are assisted in their responsibilities by the following standing committees:
- Audit & Probity Committee;
- Appeals Committee
- Nominations Committee;
- Membership Committee
- Disciplinary Committee;
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**The Chartered Institute For The Management Of Sport And Physical Activity TRUSTEES’ REPORT**
**FOR THE YEAR ENDED 31 MARCH 2025**
- Remuneration Committee;
- UK Workforce Professional Development Board;
- Youth Panel.
The Youth Panel continue to support CIMSPA’s governance structure and whilst they do not have delegated authority from the board, they act in the capacity of youth representatives to ensure that CIMSPA’s governance reflects the authentic youth voice. A Youth Panel representative sits on the Membership Committee in a non-voting capacity, and a representative may be invited to attend Board of Trustee meetings to present feedback, participate in discussions or for personal development.
The roles and responsibilities of each committee are set out in more detail in specific Terms of Reference approved by the Trustees. All of the CIMSPA committee and panel Terms of Reference are reviewed and updated on a biennial cycle.
Authority to conduct the day-to-day operations of the Institute is delegated by the Trustees to the Chief Executive and their staff, working within the context of the approved strategic and operational plan and budget. The Chief Executive is responsible for the implementation of policies and strategies as determined by the Trustees.
## **Governance Codes**
As a Sport England System Partner, CIMSPA is required to achieve and maintain compliance with Tier Three of A Code for Sports Governance. This sets out the levels of transparency, diversity and inclusion, accountability and integrity required from organisations in receipt of significant Sport England funding. The Code was recently revised, and CIMSPA was confirmed as compliant with the latest version in September 2024.
As a recipient of funding from Sport Wales, CIMSPA is also required to submit annual evidence of compliance against Sport Wales’ Capability Framework, which we did in June 2024. In addition to this, we completed our first annual self-assessment against the Charity Governance Code in December 2024. This is a voluntary code and, although for organisations in our sector the Code for Sports Governance takes precedence, CIMSPA has committed to also meeting the requirements of the Charity Governance Code wherever practicable.
## **Remuneration of Key Management Personnel**
The Trustees consider the Board of Trustees and the senior leadership team (Chief Executive Officer, Chief Strategy Officer, Chief Operating Officer, the Director of Marketing & Communications and the Director of Digital Transformation and Innovation) to comprise the key management personnel of the Institute in charge of directing and controlling, running and operating the Institute on a day-to-day basis.
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**The Chartered Institute For The Management Of Sport And Physical Activity**
**TRUSTEES’ REPORT**
## **FOR THE YEAR ENDED 31 MARCH 2025**
Apart from the Chair, the Trustees give their time freely and no other Trustee received any remuneration in the year. The Board acknowledges that the role of Chair requires a high level of support and commitment from the CEO and Trustees and therefore offers an appropriate remuneration package, which was approved by the Charities Commission.
The Chief Executive Officer is responsible for reviewing the remuneration of other key management personnel within the bounds of the overall budget approved by the Board.
The Chair has responsibility for the setting and monitoring of the Chief Executive Officer’s performance targets, upon which potential additional earnings are based. This is then considered by the Remuneration Committee.
## **Relationships with related parties**
Relationships with related parties are described within note 12 to these accounts.
|**Reference and administrative details**||
|---|---|
|**Company registered number**|RC000849|
|**Charity registered number**|1144545|
|**Registered office and principal office**|SportPark Loughborough University|
||3 Oakwood Drive|
||Loughborough|
||Leicestershire|
||LE11 3QF|
|**Trustees**|Marc Woods (Chair)|
||Dr Jon Argent (resigned 7thSeptember 2024)|
||Lorna Brooks|
||Joelle Conway|
||Jonathan Drakes (resigned 19thFebruary 2025)|
||Donna Fraser OBE OLY (appointed 15thMay 2024,|
||resigned 19thFebruary 2025)|
||Adrian Gaveglia|
||Alicia Gayle (appointed 18thSeptember 2024)|
||Manos Kapterian|
||Tracy Levy|
||Elena Portas (resigned 8thMay 2025)|
||Rowena Samarasinhe (resigned 15thMay 2024)|
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**The Chartered Institute For The Management Of Sport And Physical Activity TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2025**
||Gavin Stewart (appointed 15thMay 2024)|
|---|---|
|**Key Management Personnel:**|Tara Dillon (Chief Executive Officer)|
||Spencer Moore (Chief Strategy Officer)|
||Kay Simnett (Chief Operating Officer)|
||Annette Wade-Clarke (Director of Marketing and|
||Communications)|
||Ritchie Brett (Director of Digital Transformation and|
||Innovation)|
|**Auditors**|HaysMac LLP|
||Chartered Accountants|
||10 Queen Street Place|
||London|
||EC4R 1AG|
|**Bankers**|Lloyds Bank PLC|
||37 – 38 High Street|
||Loughborough|
||Leicestershire|
||LE11 2QG|
|**Investment Managers**|Barclays Wealth|
|---|---|
||Barclays Investment Solutions Limited|
||One Snowhill|
||Snow Hill Queensway|
||Birmingham|
||B4 6GN|
## **Trustees' responsibilities statement**
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements
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## **The Chartered Institute For The Management Of Sport And Physical Activity TRUSTEES’ REPORT**
## **FOR THE YEAR ENDED 31 MARCH 2025**
for each financial year which give a true and fair view of the state of affairs of the Charitable Institute and of the incoming resources and application of resources of the Charitable Institute for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions, disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the Charitable Institute and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Provision of information to auditors**
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed:
- that so far as the Trustee is aware, there is no relevant audit information of which the charitable Institute's auditors are unaware, and
- that the Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any information needed by the charitable Institute's auditors in connection with preparing their report and to establish that the charitable Institute's auditors are aware of that information.
This report was approved by the Trustees on 9 July 2025 and signed on their behalf, by:
## M{virx,
## M. Woods
16
**AUDITOR'S REPORT TO THE TRUSTEES OF THE CHARTERED INSTITUTE FOR THE MANAGEMENT OF SPORT AND PHYSICAL ACTIVITY**
## **FOR THE YEAR ENDED 31 MARCH 2025**
## **Opinion**
We have audited the financial statements of The Chartered Institute for the Management of Sport and Physical Activity for the year ended 31 March 2025 which comprise the Statement of Financial Activity, 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
## In our opinion, the financial statements:
- give a true and fair view of the state of the Institute’s affairs as at 31 March 2025 and of the Institute’s net
- movement in funds, including the income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
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. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the Trustees' Report. Our opinion on the financial statements does not cover the other information and,
17
## **AUDITOR'S REPORT TO THE TRUSTEES OF THE CHARTERED INSTITUTE FOR THE MANAGEMENT OF SPORT AND PHYSICAL ACTIVITY**
## **FOR THE YEAR ENDED 31 MARCH 2025**
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.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charites (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the charity; or
- the charity financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees for the financial statements**
As explained more fully in the trustees’ responsibilities statement set out on page 14, the trustees 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 charity’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 charity 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 charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to its Royal Charter and Bye Laws and those standard to UK charitable membership bodies, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011, corporation tax, payroll tax and sales tax.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial
18
## **AUDITOR'S REPORT TO THE TRUSTEES OF THE CHARTERED INSTITUTE FOR THE MANAGEMENT OF SPORT AND PHYSICAL ACTIVITY**
## **FOR THE YEAR ENDED 31 MARCH 2025**
statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
- Inspecting correspondence with regulators and tax authorities;
- • Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
- Evaluating management’s controls designed to prevent and detect irregularities;
- Identifying and testing journals, in particular journal entries posted with unusual account combinations,
- postings by unusual users or with unusual descriptions;
- Challenging assumptions and judgements made by management in their critical accounting estimates; and
- • Agreeing the validity of recognised receivables on a sample basis and challenging the recoverability assumptions, further assessing for any fraud or bias
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 charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. 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’s trustees as a body for our audit work, for this report, or for the opinions we have formed.
## HaysMac LLP
………………………………………………………………………………… **HaysMac LLP** 10 Queen Street Place Statutory Auditor London EC4R 1AG 16/07/2025 Date: ………………………………………………
HaysMac LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
19
## **THE CHARTERED INSTITUTE FOR THE MANAGEMENT OF SPORT AND PHYSICAL ACTIVITY**
## **STATEMENT OF FINANCIAL ACTIVITIES (incorporating income and expenditure account)**
## **FOR THE YEAR ENDED 31 MARCH 2025**
||||**Year ended**|**31-Mar-25**||**Year ended 31-**|
|---|---|---|---|---|---|---|
|||||||**Mar-24**|
|||**Restricted**|**Designated**|**Unrestricted**|**Total**|**Total**|
|||**Funds**|**Funds**|**Funds**|**funds**|**funds**|
||**Notes**|**£**|**£**|**£**|**£**|**£**|
|**Income and endowments**|**from:**||||||
|Charitable activities|2|4,849,663|61,550|1,214,124|**6,125,337**|7,364,353|
|Other trading activities|3|-|-|4,088|**4,088**|2,966|
|Investment income|4|**-**|-|60,645|**60,645**|56,201|
|Other|5|**-**|-|81,723|**81,723**|50,432|
|**Total**||**4,849,663**|**61,550**|**1,360,580**|**6,271,793**|7,473,952|
|**Expenditure on:**|||||||
|Raising funds|6|-|**-**|84,601|**84,601**|81,671|
|Charitable activities|7|4,849,663|**171,479**|1,270,545|**6,291,687**|7,615,540|
|**Total**||**4,849,663**|**171,479**|**1,355,146**|**6,376,288**|7,697,212|
|Net (gains)/ losses on|||||||
|investments|14|**-**|**-**|(165)|**(165)**|14,033|
|**Net income/(expenditure)**||**-**|**(109,929)**|**5,269**|**(104,660)**|**(209,227)**|
|Transfers between funds|19|-|-|-|**-**|-|
|**Net movement in funds**||**-**|**(109,929)**|**5,269**|**(104,660)**|**(209,227)**|
|**Reconciliation of funds:**|||||||
|Total funds brought forward||-|222,876|548,704|**771,580**|980,807|
|**Total funds carried forward**|19|**-**|**112,947**|**553,973**|**666,920**|**771,580**|
All income arises from the continuing activities of the Institute. There were no other recognised gains or losses other than those stated above.
The notes on pages 22 to 37 form part of these financial statements.
20
## **THE CHARTERED INSTITUTE FOR THE MANAGEMENT OF SPORT AND PHYSICAL ACTIVITY**
## **BALANCE SHEET**
## **Company registered number: RC000849**
## **AS AT 31 MARCH 2025**
|||**2025**||**2024**||
|---|---|---|---|---|---|
||**Notes**|**£**|**£**|**£**|**£**|
|**FIXED ASSETS**||||||
|Intangible assets|13||112,947||222,876|
|Tangible assets|13||5,100||4,730|
|Investments|14||221,368||221,534|
||||339,415||449,140|
|**Total fixed assets:**||||||
|**CURRENT ASSETS**||||||
|Stocks|15|1,950||1,546||
|Debtors|16|289,665||212,975||
|Cash at bank and in hand|22|1,289,373||1,535,203||
|**Total current assets:**||1,580,988||1,749,724||
|**CREDITORS:**amounts falling due||||||
|within one year:|17|(1,253,483)||(1,427,283)||
|Net current assets|||327,505||322,440|
|**Total net assets:**|||666,920||771,580|
|**The funds of the charity:**||||||
|Restricted income funds|19||-||-|
|Unrestricted designated funds|19||112,947||222,876|
|Unrestricted general funds|19||553,973||548,704|
|**Total charity funds**|||666,920||771,580|
Approved by the Trustees and authorised for their issue on 9 July 2025 and signed on their behalf by:
………………………………………………… M. Woods
The notes on pages 22 to 37 form part of these financial statements.
21
## **THE CHARTERED INSTITUTE FOR THE MANAGEMENT OF SPORT AND PHYSICAL ACTIVITY**
## **STATEMENT OF CASH FLOWS**
## **FOR THE YEAR ENDED 31 MARCH 2025**
|**Notes**
**Change in cash and cash equivalents in the year**
**Cash flows from operating activities:**
_Net cash (used in)/provided by operating activities_
21
**Cash flows from investing activities:**
Dividends and interest from investments
Purchase of fixed assets
Proceeds from sale of investments
Draw down from investments
_Net cash used in investing activities_
Cash and cash equivalents at 1 April 2024
**Cash and cash equivalents at 31 March 2025**
22|
(242,996)
(1,089,518)
(2,834)
(43,010)
**(245,830)**
**(1,132,528)**
**Year ended**
**31-Mar-25**
**£**
**£**
**Year ended**
**31-Mar-24**
**£**
**£**
1,535,203
**1,289,373**
2,667,731
**1,535,203**
60,645
(63,479)
-
-
56,201
(99,211)
-
-|
(242,996)
(1,089,518)
(2,834)
(43,010)
**(245,830)**
**(1,132,528)**
**Year ended**
**31-Mar-25**
**£**
**£**
**Year ended**
**31-Mar-24**
**£**
**£**
1,535,203
**1,289,373**
2,667,731
**1,535,203**
60,645
(63,479)
-
-
56,201
(99,211)
-
-|
|---|---|---|
||||
|||**(1,132,528)**
2,667,731|
|||**1,535,203**|
The notes on pages 22 to 37 form part of these financial statements.
22
**THE CHARTERED INSTITUTE FOR THE MANAGEMENT OF SPORT AND PHYSICAL ACTIVITY**
## **NOTES TO THE FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2025**
## **1 ACCOUNTING POLICIES**
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
## **1.1 Basis of preparation**
The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The Institute meets the definition of a public benefit entity under FRS102. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
## **1.2 Preparation of accounts on a going concern basis**
Following their assessment of the current position, future forecasts and funding opportunities the Trustees are satisfied that the Institute continues to be a going concern and the financial statements have been prepared on this basis. Formal documentation reflecting the grant award from Sport England referred to in the Trustees Report is expected to be signed in the next month. In addition to this the cashflow forecast for the 12 months hence has been prepared on a prudent basis and shows no liquidity issues forecast. The organisation also benefits from receipt of its grant monies being received upfront of the funded activity spend.
## **1.3 Legal status of the Institute**
The Institute is a registered charity in England and Wales and a chartered body constituted under Royal Charter and Statutes in the United Kingdom, whose registered office and primary place of business is at SportPark Loughborough University, 3 Oakwood Drive, Loughborough, Leicestershire LE11 3QF. It has no share capital. Its principal activities are to promote professional development of its membership and of the sector more widely, through the facilitation of high quality development opportunities aligned to its professional development framework.
## **1.4 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Institute and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or grant-making bodies, or funds which have been raised by the Institute 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.
Investment income, gains and losses are allocated to the appropriate fund.
23
**THE CHARTERED INSTITUTE FOR THE MANAGEMENT OF SPORT AND PHYSICAL ACTIVITY NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 MARCH 2025**
## **1 ACCOUNTING POLICIES (continued)**
## **1.5 Income**
All income is included in the statement of financial activities when the Institute is entitled to the income, receipt is probable and the amount can be quantified with reasonable accuracy. Income is measured at the fair value of the consideration received or receivable, net of discounts and value added tax. Our major sources of income are recognised as follows:
Membership and partnership – subscriptions are recognised on an accruals basis in accordance with the subscription period applicable, with amounts related to unexpired subscription periods being deferred to the future period.
Sale of goods and services – income is recognised at the point of despatch of goods or delivery of services in accordance with the terms of the applicable contract.
Grants receivable□(performance related) – grant incomes are recognised at the time and to the extent that the activity required by the funding agreement has been completed,expenditure incurred and any performance conditions attached to the agreement have been met. Income received in advance of the relevant conditions being met is deferred until the criteria for income recognition are met.
## **1.6 Expenditure**
All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources
## **1.7 Apportionment of costs between activities**
Support costs are those functions that assist the work of the Institute but are not directly raising funds or charitable activities. Support costs include governance costs, staff costs, back office costs, legal and professional costs, insurance and financing costs. Governance costs are those incurred in connection with administration of the Institute and compliance with constitutional and statutory requirements.
These costs have been allocated between the Institute’s primary cost headings firstly through identifications of any component costs specific to such headings, and thereafter on the basis set out in note 10 to the accounts.
## **1.8[Significant judgements and estimates ]**
Preparation of the financial statements may require management to make significant judgements and estimates.
There are no significant judgements or estimates having a material effect on the financial statements.
24
**THE CHARTERED INSTITUTE FOR THE MANAGEMENT OF SPORT AND PHYSICAL ACTIVITY**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 MARCH 2025**
## **1 ACCOUNTING POLICIES (continued)**
## **1.9 Fixed assets, amortisation and depreciation**
All assets costing more than £500 are capitalised with the exception of those purchased with time restricted funding. Those assets are written down at purchase.
Intangible fixed assets are stated at cost less amortisation, and tangible fixed assets are stated at cost less depreciation. Amortisation/depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Intangible assets: Website and CRM: 3 - 5 years straight line Tangible assets: Computer equipment: 2 - 5 years straight line Fixtures and fittings: 10 years straight line
In determining the useful life of tangible assets, consideration is given to historic experience of wear and tear on the assets concerned. For intangible assets, technological advances are such that a useful life of 5 years is considered appropriate in most cases, limited to the minimum licence period if less than 5 years.
## Impairment reviews
A review for impairment of fixed assets is carried out annually, and further, where events or changes in circumstances indicate that the carrying amount of the fixed asset may otherwise be overstated. Such events or changes in circumstances include changes in useful life arising from changes in business activities or environment, significant decline in an asset’s market value during the period, or evidence of obsolescence or physical damage to the asset. Impairment losses arising are charged to the statement of financial activities.
Where the impairment is subsequently reduced or removed the carrying value is reinstated to the lower of the revised value or the amount at which it would have been carried had no impairment occurred, the amount of impairment released being credited to the statement of financial activities.
## **1.10 Investments**
Investments are stated at market value at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year.
## **1.11 Operating leases**
Rentals under operating leases are charged to the statement of financial activities on a straight line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term.
## **1.12 Financial Instruments**
The Institute only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently at their settlement value at the balance sheet date.
25
**THE CHARTERED INSTITUTE FOR THE MANAGEMENT OF SPORT AND PHYSICAL ACTIVITY**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
**FOR THE YEAR ENDED 31 MARCH 2025**
## **1 ACCOUNTING POLICIES (continued)**
## **1.13 Stocks**
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks.
## **1.14 Debtors**
Trade and other debtors are measured at transaction price, less any impairment. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **1.15 Creditors**
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value.
## **1.16 Pensions**
The pension costs charged in the financial statements comprise the contributions payable by the Institute during the year for two defined contribution personal pension plans for staff. The Institute contributes up to a maximum of 6% and 10% respectively of an employee’s eligible pay for those employees having such plans.
26
## **THE CHARTERED INSTITUTE FOR THE MANAGEMENT OF SPORT AND PHYSICAL ACTIVITY**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 MARCH 2025**
## **2 INCOME FROM CHARITABLE ACTIVITIES**
|Membership and partnership
Sales of goods and services
Performance related grants receivable
Membership and partnership
Sales of goods and services
Performance related grants receivable|**Restricted**
**funds**
**Designated**
**fundsGeneral funds**
**Total funds**
**2025**
**2025**
**2025**
**2025**
**£**
**£**
**£**
**£**
-
-
667,431
**667,431**
-
-
546,693
**546,693**
4,849,663
61,550
-
**4,911,213**|
|---|---|
||4,849,663
61,550
1,214,124
**6,125,337**|
||**Restricted**
**funds**
**Designated**
**funds General funds**
**Total funds**
**2024**
**2024**
**2024**
**2024**
**£**
**£**
**£**
**£**
-
-
825,082
825,082
-
-
444,092
444,092
5,998,171
97,007
-
6,095,178|
||5,998,171
97,007
1,269,174
7,364,353|
27
**THE CHARTERED INSTITUTE FOR THE MANAGEMENT OF SPORT AND PHYSICAL ACTIVITY**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 MARCH 2025**
## **3 INCOME FROM OTHER ACTIVITIES**
|Non-charitable trading
**INVESTMENT INCOME**
Interest receivable|**Restricted**
**funds**
**Designated**
**funds**
**General**
**funds**
**Total funds**
**2025**
**2025**
**2025**
**2025**
**£**
**£**
**£**
**£**
**Restricted**
**funds**
**Designated**
**funds**
**General**
**funds**
**Total funds**
**2025**
**2025**
**2025**
**2025**
**£**
**£**
**£**
**£**
-
-
4,088
**4,088**
-
-
4,088
**4,088**
-
-
60,645
**60,645**
-
-
60,645
**60,645**|**General and**
**Total funds**
**2024**
**£**
2,966|
|---|---|---|
|||2,966|
|||**General and**
**Total funds**
**2024**
**£**
56,201|
|||56,201|
## **4 INVESTMENT INCOME**
## **5 OTHER INCOME**
Other income comprises royalties earned from licensing of the Institutes intellectual property rights and operations contribution income in respect of grant management.
## **6 EXPENDITURE ON RAISING FUNDS**
|**Activities**
**undertaken**
**directly**
**Support**
**costs**
**2025**
**2025**
**£**
**£**
National & regional events
Non-charitable trading activities
58,033
19,102
5,609
1,857
63,642
20,959|**Total**
**2025**
**£**
**77,135**
**7,466**|
|---|---|
||**84,601**|
|**Activities**
**undertaken**
**directly**
**Support**
**costs**
**2024**
**2024**
**£**
**£**
National & regional events
Non-charitable trading activities
51,093
23,196
5,000
2,383
56,093
25,579|**Total**
**2024**
**£**
74,288
7,383|
|---|---|
||81,671|
28
**THE CHARTERED INSTITUTE FOR THE MANAGEMENT OF SPORT AND PHYSICAL ACTIVITY**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 MARCH 2025**
## **7 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES**
|**8 GOVERANCE COSTS**
Memberships and Partnerships
Sale of goods and services
Ancillary trading
Memberships and Partnerships
Sale of goods and services
Ancillary trading|**Activities**
**undertaken**
**directly Support costs**
**2025**
**2025**
**£**
**£**
4,755,185
1,249,876
237,020
4,776
-
44,830
4,992,205
1,299,483
**Activities**
**undertaken**
**directly Support costs**
**2024**
**2024**
**£**
**£**
5,794,949
1,492,951
170,962
6,355
-
73,072
5,965,911
1,572,378||**Total**
**2025**
**£**
**6,005,061**
**241,796**
**44,830**|
|---|---|---|---|
||||**6,291,687**|
||||**Total**
**2024**
**£**
7,287,901
177,317
73,072|
||||7,538,289|
|||||
|Governance costs comprise the following:
Auditors’ remuneration - audit
Auditors’ remuneration - other
Other professional services
Trustee indemnity insurance
Board, Committee and General meeting expenses
Directly allocated salaries
Chairman’s fees|**2025**
**£**
**2024**
**£**
**21,300**
**4,933**
**-**
**2,880**
**27,366**
**145,396**
**6,667**
**208,572**
**18,775**
**5,658**
**-**
**2,880**
**30,918**
**134,756**
**6,667**
199,654|
|---|---|
29
**THE CHARTERED INSTITUTE FOR THE MANAGEMENT OF SPORT AND PHYSICAL ACTIVITY**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 MARCH 2025**
## **9 ALLOCATION OF SUPPORT and GOVERNANCE COSTS**
|Total:
**The allocation is based upon**
**staff costs in each instance**
Governance costs
Staff & related costs
Office costs
Legal & professional costs
Insurance and financing costs|20,959
**Raising**
**Funds**
**2025**
**£**
3,295
1,309
8,232
4,884
3,239|1,249,876
4,776
50,940
**Charitable Activities**
**Memberships**
**and**
**partnerships**
**Sale of**
**goods and**
**services**
**Ancillary**
**trading**
**2025**
**2025**
**2025**
**£**
**£**
**£**
196,517
751
8,009
78,074
298
3,182
490,889
1,876
20,007
291,230
1,113
11,869
193,166
738
7,873|**Total**
**2025**
**£**
**208,572**
**82,863**
**521,004**
**309,096**
**205,016**|
|---|---|---|---|
||||**1,326,551**|
|Total:
**The allocation is based upon**
**staff costs in each instance**
Governance costs
Staff & related costs
Office costs
Legal & professional costs
Insurance and financing costs|25,578
**Raising**
**Funds**
**2024**
**£**
3,214
3,733
12,130
2,288
4,213|1,492,951
6,356
63,867
**Charitable Activities**
**Memberships**
**and**
**partnerships**
**Sale of**
**goods and**
**services**
**Ancillary**
**trading**
**2024**
**2024**
**2024**
**£**
**£**
**£**
187,614
799
8,026
217,889
927
9,321
707,961
3,014
30,286
133,566
569
5,714
245,921
1,047
10,520|**Total**
**2024**
**£**
**199,653**
**231,870**
**753,391**
**142,137**
**261,701**|
|---|---|---|---|
||||**1,588,752**|
||||9,205|
* Staff costs are allocated on an estimate of staff time spent on each activity. Overhead and other costs are allocated directly to activities as applicable. Remaining support costs are allocated to activities pro-rata to directly allocated staff costs
30
**THE CHARTERED INSTITUTE FOR THE MANAGEMENT OF SPORT AND PHYSICAL ACTIVITY**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 MARCH 2025**
## **10 NET INCOME / (EXPENDITURE) FOR THE YEAR**
|This is stated after charging:
**STAFF COSTS**
Staff costs were as follows:
The average monthly number of employees during the period was as follows:
Average number of employees
**86**
The number of higher paid employees was:
In the band £60,001 - £70,000
In the band £70,001 - £80,000
In the band £80,001 - £90,000
In the band £90,001 - £100,000
In the band £100,001 - £110,000
In the band £110,001 - £120,000
In the band £130,001 - £140,000
In the band £160,001 - £170,000
**2025**
**£**
**2025**
**£**
**2025**
**No.**
**2025**
**No.**
**4**
**-**
**2**
**-**
**1**
**1**
**-**
**1**
Amortisation and depreciation of owned fixed assets
Operating Leases:
Land & Building
Annual General Meeting costs
Auditors’ remuneration - Audit fees
Auditors’ remuneration - Other fees
**173,038**
**11,904**
**1,657**
**21,300**
**4,933**
Salaries
Chairmans' fees (excluding VAT)
Social security costs
Contributions to defined contribution pension schemes
Other benefits
Termination payments
**3,183,099**
**6,667**
**351,488**
**179,232**
**32,828**
**37,230**
**3,790,544**|**2024**
**£**
229,918
35,712
1,665
18,775
5,658|
|---|---|
||**2024**
**£**
2,900,286
6,667
299,835
147,809
26,504
7,000|
||3,388,101|
||74
**2024**
**No.**|
||**2024**
**No.**
4
1
1
1
1
-
1
-|
## **11 STAFF COSTS**
During the year, 7 Trustees received reimbursement of expenses totalling £1,113 (2024 – 4 Trustees totalling £1,359.05).
Marc Woods, Chair has received remuneration of £8,000 including VAT (2024 - £8,000 including VAT). No other Trustee received any remuneration or other benefits.
The key management personnel of the Institute comprise the Trustees, the Chief Executive Officer, Director of Strategy, Director of Finance and Resources and Director of Client Services. The total employee benefits of key management personnel of the Institute for the year were £543,101 (2024: £500,448).
31
**THE CHARTERED INSTITUTE FOR THE MANAGEMENT OF SPORT AND PHYSICAL ACTIVITY**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 MARCH 2025**
## **12 RELATED PARTY TRANSACTIONS**
The following related party transactions took place with the Institute during the year:
|**Name of related party and**
**description of relationship**|**Description of transactions(s)**|**Transaction**
**amount (including**
**VAT)**
**Balance at 31-**
**Mar-25**
**£**
**£**|**Transaction**
**amount (including**
**VAT)**
**Balance at 31-**
**Mar-25**
**£**
**£**|
|---|---|---|---|
|Marc Woods - CIMSPA Chair.
Path to Gold Ltd|Chairman fees payable FROM
CIMSPA|£8,000|
£2,000|
|||||
|Jon Argent - Board Trustee.|Membership fees payable TO
CIMSPA|£270|
£Nil|
|||||
|Lorna Brooks - Board Trustee.|Membership fees payable TO
CIMSPA|£36|
£Nil|
|||||
|TracyLevy- Board Trustee|Membership fees payable TO
CIMSPA|£36|
£Nil|
None of the transactions were subject to any security or guarantees, and all were subject to the supplying organisation's standard terms and conditions as applicable to the type of supply. No amounts were written off or provided against as bad or doubtful debts during the year. Three out of the ten Trustees held membership of CIMSPA for the duration of the 12 months ended 31 March 2025 (3 in 2023/24) on the same terms and conditions applicable to all members. All subscriptions were levied at amounts applicable generally to members within the same membership category, with standard membership payment options available.
32
## **THE CHARTERED INSTITUTE FOR THE MANAGEMENT OF SPORT AND PHYSICAL ACTIVITY**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
**FOR THE YEAR ENDED 31 MARCH 2025**
## **13 INTANGIBLE and TANGIBLE FIXED ASSETS**
|**Cost:**
**Amortisation and depreciation:**
**Net book value**
At 31 March 2025
At 31 March 2024
At 1 April 2024
Additions
Disposals
**At 31 March 2025**
At 1 April 2024
Charge for the year
On disposals
**At 31 March 2025**||**Intangible**
**Assets**
**CRM and**
**Website**
**£**
**112,947**
222,876
720,388
61,550
-
**781,938**
497,512
171,479
-
**668,991**|**Tangible Assets**
**Computer**
**equipment**
**Fixtures and**
**fittings**
**Total tangible**
**fixed assets**
**£**
**£**
**£**
37,957
7,237
**45,194**
1,929
-
**1,929**
-
-
**-**|
|---|---|---|---|
||||**39,886**
**7,237**
**47,123**|
||||35,332
5,132
**40,464**
1,559
-
**1,559**
-
-
**-**|
||||**36,891**
**5,132**
**42,023**|
|||||
||||**2,995**
**2,105**
**5,100**|
||||2,625
2,105
4,730|
There were no assets held under finance leases or hire purchase contracts as at 31 March 2025 (2024 – none).
Amortisation is charged to “support costs – insurance & financing costs” before further allocation to activities as described in note 10.
## **14 FIXED ASSET INVESTMENTS**
|**Market value**
At 1 April 2024
Additions
Disposals
Realised gains
Unrealised (loss)/ gains
Other cash movements
**At 31 March 2025**|221,127
407
**221,534**
-
-
**-**
-
-
**-**
-
-
**-**
(165)
-
**(165)**
330
(330)
**-**
221,292
77
**221,369**
**UK registered**
**unit trust**
**2025**
**£**
**Cash**
**Total**
**2025**
**2025**
**£**
**£**|207,501
-
-
-
14,033
-
**Total**
**2024**
**£**|
|---|---|---|
|||221,534|
33
**THE CHARTERED INSTITUTE FOR THE MANAGEMENT OF SPORT AND PHYSICAL ACTIVITY**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 MARCH 2025**
|**15 STOCKS**
Goods for resale
**16 DEBTORS**
**17 CREDITORS - amounts falling due within one year**
Trade debtors
Prepayments and accrued income
Other debtors
Trade creditors
Accruals
Deferred income (note 18)
Taxation and social security
Other creditors|**1,950**
**2025**
**£**
**2025**
**£**
**2025**
**£**
**113,064**
**138,578**
**38,023**
**289,665**
**89,257**
**173,878**
**838,831**
**137,986**
**13,531**
**1,253,483**|1,546
**2024**
**£**|
|---|---|---|
|||**2024**
**£**
105,847
62,494
44,633|
|||212,975|
|||**2024**
**£**
139,065
266,412
892,373
103,029
26,404|
|||1,427,283|
## **18 DEFERRED INCOME**
Deferred income comprises income in relation to the unexpired membership and partnership subscription periods and in relation to unexpired periods of endorsements, together with income received in advance of the delivery of goods or services, as applicable at the end of the financial year. It also includes deferred grant income related to the unexpired period of grant-funded services themselves recognised as prepayments.
34
## **THE CHARTERED INSTITUTE FOR THE MANAGEMENT OF SPORT AND PHYSICAL ACTIVITY**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 MARCH 2025**
## **18 DEFERRED INCOME (Continued)**
|**DEFERRED INCOME (Continued)**|||||
|---|---|---|---|---|
|At 1 April 2024
Income deferred during the year
Amounts released from previous years
**At 31 March 2025**
At 1 April 2023
Income deferred during the year
Amounts released from previous years
**At 31 March 2024**|**Subscriptions**
**2025**
**£**
339,137
282,382
(339,137)|**Grants**
**2025**
**£**
412,499
391,938
(412,499)||**Other**
**2025**
**£**
140,737
164,512
(140,737)|
||282,382||391,938|164,512|
||**Subscriptions**
**2024**
**£**
270,068
339,137
(270,068)|**Grants**
**2024**
**£**
1,704,854
412,499
(1,704,854)
412,499||**Other**
**2024**
**£**
142,583
140,737
(142,583)|
||339,137|||140,737|
## **19 MOVEMENT IN CHARITABLE FUNDS**
|Sport England
Restricted
Designated fixed asset
fund
General funds
Sport England
Restricted
Designated fixed asset
fund
General funds|**At 1 April 2024**
**£**
-
222,876
548,704|**Income**
**£**
4,849,663
61,550
1,360,580
6,271,793
**Income**
**£**
5,998,171
97,007
1,378,773
7,473,952|**Expenditure**
**£**
(4,849,663)
(171,479)
(1,355,146)|**Gains / (Loss)**
**on**
**investments**
**£**
-
-
(165)
(165)
**Gains / (Loss)**
**on**
**investments**
**£**
-
-
14,033
14,033|**At 31 March**
**2025**
**£**
-
112,947
553,973|
|---|---|---|---|---|---|
||771,580||(6,376,288)||**666,920**|
||**At 1 April 2023**
**£**
-
353,774
627,033||**Expenditure**
**£**
(5,998,171)
(227,905)
(1,471,135)||**At 31 March**
**2024**
**£**
-
222,876
548,704|
||980,807||(7,697,212)||**771,580**|
Restricted funds relate to the Sport England grant set out in note 3. Many of the key aims and objectives of CIMSPA outlined in the Trustees report dovetail with those of Sport England. The grant is provided to support these aims.
Designated fixed asset fund comprise the reserves held as intangible fixed assets.
35
## **THE CHARTERED INSTITUTE FOR THE MANAGEMENT OF SPORT AND PHYSICAL ACTIVITY**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 MARCH 2025**
## **20 ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|Intangible fixed assets
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year|**Restricted**
**funds**
**Unrestricted**
**designated**
**funds**
**Unrestricted**
**general funds**
**2025**
**2025**
**2025**
**£**
**£**
**£**
-
112,947
-
-
-
5,100
-
-
221,368
-
-
1,580,988
-
-
(1,253,483)
-
112,947
553,973|**Total funds**
**2025**
**£**
**112,947**
**5,100**
**221,368**
**1,580,988**
**(1,253,483)**|
|---|---|---|
|||**666,920**|
|**21**
**22**|**NET CASH FLOW FROM OPERATING ACTIVITIES**
**ANALYSIS OF CASH AND CASH EQUIVALENTS**
Cash at bank and in hand
**1,289,373**
**2025**
**£**
**2025**
**£**
**(104,660)**
**Restricted**
**funds**
**Unrestricted**
**designated**
**funds**
**Unrestricted**
**general funds**
**2024**
**2024**
**2024**
**£**
**£**
**£**
Intangible fixed assets
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
-
222,876
-
-
-
4,730
-
-
221,534
412,499
-
1,337,224
(412,499)
-
(1,014,784)
-
222,876
548,704
Net income/(expenditure) for the year
Adjustments for:
Amortisation and depreciation charges
Losses/ (gains) on investments
Dividends and interest from investments
(Increase)/decrease in stocks
(Increase)/ decrease in debtors
(Decrease) in creditors
**Net cash provided by operating activities**
**173,038**
**165**
**(60,645)**
**(404)**
**(76,690)**
**(173,800)**
**(242,996)**|**Total funds**
**2024**
**£**
**222,876**
**4,730**
**221,534**
**1,749,724**
**(1,427,283)**|
|---|---|---|
|||**771,580**|
|||**2024**
**£**
(209,227)
229,918
(14,033)
(56,201)
(742)
40,560
(1,079,793)|
|||(1,089,518)|
|||1,535,203
**2024**
**£**|
36
**THE CHARTERED INSTITUTE FOR THE MANAGEMENT OF SPORT AND PHYSICAL ACTIVITY**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 MARCH 2025**
There are no debt instruments held, the only net debt is cash and cash equivalents.
## **23 PENSION COMMITMENTS**
The Institute operates a defined contribution pension scheme. The assets of the schemes are held separately from those of the Institute in independently administered funds. The pension cost charge shown in note 11 represents contributions payable by the Institute to these funds.
Pension costs form part of staff costs, and are allocated across activities and between restricted and unrestricted funds on the basis of staff time as described in note 9.
## **24 OPERATING LEASE COMMITMENTS**
The Institute has the following minimum lease payments due in relation to non-cancellable operating leases :
|Amount payable within 1 year
Amount payable between 1 and 5 years
Amount payable after more than 5 years|**Land & Buildings**
**2025**
**£**
**Land & Buildings**
**2024**
**£**
**11,904**
**-**
**-**
35,712
11,904
-|
|---|---|
Operating lease costs charged to the statement of financial activities in the year was £35,712 (2024: £34,181).
Under the terms of the lease the Institute has the right to break the day before any anniversary (not before the fifth anniversary), subject to three months’ prior written notice. The lease is due to expire on 31 July 2025.
Operating lease costs recognised in the year are shown in note 10.
37
**THE CHARTERED INSTITUTE FOR THE MANAGEMENT OF SPORT AND PHYSICAL ACTIVITY**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 MARCH 2025**
## **25 STATEMENT OF FINANCIAL ACTIVITIES FOR THE PRIOR YEAR**
|||**Restricted**|**Designated**|**Unrestricted**|**Total**|
|---|---|---|---|---|---|
|||**Funds**|**Funds**|**Funds**|**funds**|
|**Income and endowments from:**|**Notes**|**£**|**£**|**£**|**£**|
|Charitable activities|2|5,998,171|97,007|1,269,174|**7,364,353**|
|Other trading activities|3|**-**|**-**|2,966|**2,966**|
|Investment income|4|**-**|**-**|56,201|**56,201**|
|Other|5|**-**|**-**|50,432|**50,432**|
|**Total**||**5,998,171**|**97,007**|**1,378,773**|**7,473,952**|
|**Expenditure on:**||||||
|Raising funds|6|-|-|81,671|**81,671**|
|Charitable activities|7|5,998,171|227,905|1,389,464|**7,615,540**|
|**Total**||**5,998,171**|**227,905**|**1,471,135**|**7,697,211**|
|Net losses/(gains) on investments|14|**-**|**-**|14,033|**14,033**|
|**Net income/(expenditure)**||**-**|**(130,898)**|**(78,329)**|**(209,227)**|
|Transfers between funds|19|-||-|**-**|
|**Net movement in funds**||**-**||**(78,329)**|**(209,227)**|
|**Reconciliation of funds:**||||||
|Total funds brought forward||-|353,774|627,033|**980,807**|
|**Total funds carried forward**|19|**-**|**353,774**|**548,704**|**771,580**|
All income arises from the continuing activities of the Institute. There were no other recognised gains or losses other than those stated above.
38