Registered numbor.. 08355406 LONDON SPORT LONDON SPORT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company No. 08355406 Charlty No. 1165100 LONDON SPORT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 MARCH 2024 Contsnts Page Reference and Administrative details Trustees, Report 4-13 IndependentAuditors' Report 14-17 Consolidated Statement of Financial Aclivthes 18 Consolidated and Charty Balance Sheets 19 Consolidated Statement of Cash Flows 20 Notes lo the Financial Ststements LONDON SPORT REFERENCE AND ADMINISTRA TION DETAILS FOR THE YEAR ENDED 31 MARCH 2024 Status The organisation is a charitable company limited by guarantee, registered in England & Wales. incorporated on 10 January 2013 and registered in England & Wales as a Charity on 8 January 2016. Governing Document The company was established under Memorandum and Articles of Association which established the objects and powers of the charitable company. Company Number 08355406 Chartty Number 1165100 Registered Office House of Sport, 190 Great Dover Street, London SEI 4YB Chair Jillian Moore Trust99$ Sally Benatsr- Vice Chair Paul Benjamin Ross Garrod (resigned 24th July 20241 Tracey Mccillen Paul Osbom Andrew Selby Usama Yusuf lappoinled 24th January 20241 Yashmin Harun (appointed 23rd Janijary 20241 Charles Boss Shaun Danielli Alex Fitzgeral&Eagle {appDinted 7th December 20231 Key Management P8rsonng1 Emily Robinson Jade Cation Timothy James Copley Susan Hutton Ifesigned 30th June 20231 Tanya Rabin Bhadresh Devchand (appointed 1st April 20241 lan Redpath lappoinled 12th February 2024} Bankers Metro Bank, 1 Southampton Row, London WC16 SHA Auditors PKF Littlejohn LLP 15 Weslferry Circus London E14 4HD LONDON SPORT TRUSTEES REPORT LONDON SPORT FOR THE YEAR ENDED 31 MARCH 2024 Chairfs Report As I reflect on my fifth year as Chair of London Sport l am not only proud ofthe work we have achieved lo dale, bul I'm immensely grateful fL)r the work that our Chief Executive, Emily Robinson. and her team 81 London Sport ¢onlinue to deliver on. LondDners continue lo face a wide range of challenges and inequalities- posing significant barriers to sport and physical a¢tivity. But ¥Mlh the clear direction and the brilliant work being done al all levels of the organisation, there certainly is a lol lo indicate towards a more promising future. The impleTnentalion of the LDN Moving strategy helps address inactivity across the city. London Sport's work, priorities and success was clearly demonstrated by ils flagship even15 over the last year,. Active LDN 2023, held in October at Decathlon's flagship Surrey Quays store, to discuss ActThie Solutions to London's Challenges., and The London Sport Awards 2024, which was once again held at the spectacular and historic Guildhall lo celebrate the unsung heroes of the grassroots sport and physical activity sector. These events reinfoTce the irnportance of our mission and the immense challenges we must overcome to promote sport and physical activity. We wll undoubtedty face complex obstscles as the $e¢tor faces increased financial pressures amidst a shifting political landscape. However, under Emily's leadership, London Sport wll Continue to make a meaningful difference for our capital. I musl also thank my fellow Board members and Trustees for their unwavering support over the last 12 months. Your counsel and advocacy for London Sport have been invaluable. and I IharTrk you for your service. l am also pleased that we have been able lo further strengthen our Board of Trustees with new appoinlmenls. I would like lo extend a warm welcome lo.. Yashmin Harun BEM, the founding Chair of Muslimah Sports Association IMSAI., Usama Yusuf, an Inve51Menl Associate al Fair4AII Finan¢e,' and Alex Eagle, the CEO and co-founder of The Running Charity. Their expertise and experience wll be critical in this upcoming financial year, and I look fOn￿ard lo working with them more closely. And of course, I'd be remiss lo not thank Sport England for the continued support and investment provided lo London Sport. With this, it allows us to foster other strategic and supportive relationships, such as the one we have with the Mayor of London, the GLA and local authorities within the City. In addition, the commercial partnerships London Sport has ￿rith the City of London Corporation, Decathlon, Exergame, Play Innovation, Sid Lee, Sweaty Betty Foundation, Opinium, and London Health and Care Partnership have proven lo be invaluable. Otjr shared goals and rnission to help every community in London find their way lo move more promises tremendous amounts of potential. which makes f( a truly exciting time to be a part of the sector. Jillian MooTe Chair LONDON SPORT TRUSTEES REPORT LONDON SPORT FOR THE YEAR ENDED 31 MARCH 2024 Chief Executive's Report The London Sport Board of Trustees has provided advice and guidance that has been pivotal lo our accomplishments over the last 12 months. The expertise and experience that they collectively share continues to set our strategic objectives and give5 clear direction for the work that we do. As the world changes and the context in which London Sport operates becomes ever more complex, the Board, Senior Leaderghip Team and wder staff team spent time dLJring this period lo develop a new strategy. This strategy was launched in September 2024 and will cover 2024-2027. We spent time exploring our unique slrenglh5 and offer lo the grassroots sector in London. We are also a growing charity and we continue to develop mechanisms lo ensure our staff slay motivated and equipped lo work in a hybrid environment meeting the challenges of OLJr diverse city. Our diversity wlhin London is a key asset and we also continued lo priorilise our efforts to become more like London in our staff and board representation - an area in which there is a5ways more lo do bul one in which l am proud we continue Its prtsgress. As part of our commitment to our key funder, Sport England, and il's Uniting the Movement strategy, we also spent the year priorilising our efforts within specific pla¢es where inactivity is high and compounded by inequality lo enable our charity lo have the maximum impa¢l. Alongside thi5 Intensive focus within eight areas of London in the first phase. we have also developed a"Pan-London offerf, to all parts of the Capital lo ensure we are signposting, providing insight and data and a level of support lo all boroughs. Our efforts lo identify priority places have also allowed us lo focus our resources on underseNed communitie5, we have increased resource lo our role in distributing the Department for Education's Opening School Facilities IOSFI fvnd. A5 part of a Ihre&year programme which wll see a lolal of £5.7 million invested into London's schoDls to improve a¢¢ess to sport and physical activity for children and young people, London Sport has distributed £1.7 million to schools in London this past year, which has enabled 20,000 children and young people Its take part, as well as over 3,000 people from the wder community. In addition to this, we continue our work on Playzones, working closely with the Football Foundation. Sport England and 24 London boroLJgh-based consortia lo maximise the use of spaces to engage the community and increase physical activity opportunities for a ¥Mde range of largel users. including women and girls, people from diverse ethnic communities. people from lower socio-economic groups and disabled people. Community engagement work has begijn to ¢o-PToduce a development plan with these target user groups, and we will see the first Playzones being reopened in this calendar year. By the end of 2025, we are expe¢ting lo see more than 75 safe. welcoming and accessible facilities redeveloped across the city. We are also proud to partner the Mayor of Ltsndon. Sport England, London Marathon Events and London Marathon Foundation lo deliver the Gol London fund - the biggest cofflmunty sport fund in the capital. The partnership aims lo invest 81 least£1 Om into grassroots sport and physical a¢livily i￿￿"ativeS by 2025 and lo leverage an additional £3m into the Gol London fund by 2027. This year, we celebrated one year of success wlh investment of more than £4.4m into 118 organisalion5 across London's ommunily sport sector which will engage over 60.000 underserved young Londoners by December 2026, including young people from Iow-in¢ome families, ethnically diverse communits'es, disabled young people and young Londoners experiencing homelessness. The next challenge 15 how we communicate these successes, leamings and recommendations to poli¢ymakers and help drive systematic change at a policy level. I have continued in rny role on the London Partnership Board, coralitsn between organisalions. Empower organisalions and their workforces. Create evidence-based opportunities for young and under-represented Londoners to be active. Create. develop and lesl innovative solutions. The Charity's aspirations are all focused on achieving its overall vision. While the aspirations do not present an exhaustive overview of London Sport's work, they do provide an overview of the types of work the Charity undertake5 in support of its core purpose. 1. Increase physical activity1ov•l$ among less activo adults, reduclng Inèqualities and inactivlty London Sport works on the delivery of projects that help lo increase physical activity levels for adults undertaking less than 150 minutes of moderate inlensily equivalent physical activity each week. We will particularly focus on the most inactive Londoners, doing less than 30 minutes of activity a week. This includes al working in communities with local projects, helping people to ¢o-creale and access physi¢a5 activity that works for them., bl working to shape, increase and diversify the use of traditional and non-tradilional places that people Can get active., c) working in partnership lo achieve specific social outcomes where we know physical activity and sport can make a difference. 2. Glva als young Londoners the bèst opportunity to forni a positive physi¢al actlvlty habit for London Sport works to ensure that children and young people have the best opportunities to be active and the most positive relationship with physical activity that they can. Activities to Support children and y(>ung people to be active include al providing young people with more and different opportLJnities to get active in ways that 5Urt them", b} ¢reating more safe spaces foT young Londoners to get active in., cl developing young leaders activity lo empower and inspire others. 3. Improve policy. systems and Inv&stkn&nt to supportactive livos London Sport ¢hampions the policies and systems that create an environment that helps more people to get active across the whole of London and aims to use our influence lo bring increased investment to the table that will help to achieve sustainable. long-lerm improvements in physical activity and sport. Activities include al developing and sharing evidence about the positive impacts of physical activity and 5POrt,' bl working in partnership with leaders on local projects to effect system change., cl using our voice lo advocate for physical activity as a way to make real change in Londoners, lives. 4. Use tech. data and digital communlcations to support Londoners to got and $tsy activ London Sport works lo build and enhance the role of tech, data and digital cofflmunicalions in getting and keeping Londoners active. The Charity continues lo explore lech-fo¢used opportunit'es to work in physical activity and sport and works wth the sport se¢lor to increase their confidence in using le¢h. digital and data. Activities include al supporting the development of tech products and services that help gel and keep Londoners active,. bl using digital communi¢alions and campaigns to support. inform and motivate people., cl using data lo help inform new solutions to increase physical activity levels. 5. Lead the way and bring organisations tog•thar to create, develop. test. champion and scala Innovativ8 ways of supporting active lives The Charity continues to champion innovation and creativity in its ways of working, and within the sector. Activities include al systematically co-creatin9 and developing new and innovative approaches lo physical activity and sport across the capital., bl acting a5 a calalysl for collaboration, new thinking and ¢reative problem solving.. c} supporting ils own workforce and other organisalions lo Confidently use innovation techniques. 6. Ensura ovidance, data and high-quality in$lght inform the development of policy and practice to 5UPPOrt a¢tivè livès By ¢0llaling and sharing robust evidence on the posrtive impact of physical activty, London Sport aims lo make better decisions aboLJt its own work and lo help more organisations to understand the benefrts of physical activity. Activities include al developing and applying insight and research lo ensure continual improvement in all that it does., bl WDrking with partners to help them ac¢ess up to dale data and evidence to inform new approaches., cl building the evidence base around physical activity and sport, demonstrating ils impact on people's lives. Financial Review Revenue London Sport currenly has the following main income streams.. grant funding, events in¢ome and commercial partnership incorne, including provision of paid-for services lo partners. Grant funding accounts for 92% of London Sport's income disclosed as of 31 March 2024, slightly up from 880A in the piior financial year. The rnain grant funders in the year were Sport England and Active Partnership. Sptsrt England funding accounts for £3.2m, 87.6% of London Sport's over311 income for the year, which is marginally over the performance requirements from Sport England, which sets a maximum reliance largel of 85tsA. Our focus on diversification of income is designed to ensure that we are wrthin this target in the future. All grant funders sel out expectations in a grant funding agreement, wth a number of key Specifications for the programmes delivered by London Sport. All of the main funding streams are disclosed within the notes to the financial accounts. London Sport's non-grant funding in¢ome includes a number of projects with Commercial or tslher funded partners. These services include, but are not limited lo, the provision of insight and research expertise, funding support, strategy development and advisory services. The accounting policy for income recognition is described in the notes lo the accounts. Expendltur& In 2024, total expenditure was £3.3m12023, £4.1ml. £2.9m12022, £3.9ml of this was spent delivering the grant funded programmes tsullined above. and £0.4m {2022, £0.2ml was spent delivering other activib'es. Result forthe Period The result for the period is an excess of income over expenditure of £341k12023.' £264kl. Reserves Policy The pijrpose of the ReseNes Policy for London Sport is lo ensure the slabilty of the programmes, employment and ongoing operations of the organisation. The level held within reserves is intended to provide an inletnal source of funds for unanticipated silualion5. These include, bul are not limited to, a sudden increase in expenses.. an unexpected loss in funding,. one-off unbudgeted expenses., or uninsured losses. The reserve is not intended lo replace a permanent1055 of funds or eliminate an on-going budget gap. The minimum amount designated as the required cash reserve is an amount sufficient lo maintain ongoing operations of London Sport for three months. This target minimum reserve fund is based on the latest budget, equal to three months of average staff costs and essential operating costs needed lo maintsin ongoing operalitsns for three months. Based on London SpL)rt's a¢¢ounls for 2023-24 this rigure is £818k. Reserves at 31st March 2024 were £866k all ofwhich was represented by Cash. £282k ofthis was unrestricted and the remaining £584k was restricted. Total expenditure for the year was £3,270k Ihereft>re reserves represented 260A of expenditure which is marginally above the target of three months, lie 25%) of annual expenditure. However. the budget for 2024-25 shows a decline in reserves which will bring them below target al the end of the year. The Trustees are focused on ensuring that reserves, particularly unrestricted reserve5, are sustained in the future, through raising more funds and reducing our reliance on Sport England through our Diversrfication of Income strategy. Golng Concèrn After making enquiries and having regard to ftjture forecasts, the Trustees have formed a judgement, at the time of approving the financial slalernents, that there 15 reasonable expectation that the Charity has adequate resource lo Ctsntinue in operational existence for al least the period of our Sport England System Partner funding i.e. to 31 st March 2027. For this reason. the Trustees continue to adopt the going concern basi5 in preparing the financial slalemenls. The Trustees tsf London Sport provided the Directors of the trading subsidiary a letter of support with the intention, and within the ability of London Sport, lo provide ongoing financial support as ne¢essary lo ensure that the company was able lo meet ils liabilities for one year from 7th December 2023. The subsidiary is now dormant and an amount of £99k owed lo the parent has been written off in the accounts of both enlilies ftsr the year ended 3161 Mar¢h 2024. Structure, Governance and Management London Sport is committed lo meeting high standards of governance and as such the Board acknowledges ils contribution lo achieving management accountsbilily, improving risk management and ensuring that the key objectives of the Charity are achieved. The Board currently comprises ten trustees. During the year there were three Trustee va¢an¢ies. The Board mel four limes during the year. We have a detailed induction programme for new Trustees and from lime lo lime offer relevant training to all Trustees when a need is identified. A Trustee may not act as a Trustee unless helshe has signed a wrillen declaration of willingness lo act as a Trustee of the Charity. A statement of Trustees, Tesponsibililie5 in respect of the financial statements is sel out on page 12. The Chair is appointed by the Mayor of London through a publicly advert15ed selection process. To operate the Board shall be al least three and lunless otherwise detemined by a resolution of the Members) not more than ￿e1ve Trustees. All Trustees must support the Objects. The Mayor of London may appoint up to two individuals. in addition to the Chair, to be Trustees, and shall be entitled lo remove the Trustees appointed by him or her. London Councils shall be enlilled to appoint up lo two individuals and shall be enlilled lo remove the Trustees so appointed by them. A maximum of seven other Trustees shall be appointed by the Board from ¢andid8tes who apply through an open recruitment process. The Trustees may regulate its proceedings in respect of such appointments as they see fit. Every Trustee, howsoever appointed, has the same duty as all the other Trustees. to act in good faith lo further the purposes of the Charity. Any decision of the Btsard musl be by deGision of a majority of the Trustees present and voting al a qijorale 8oard meeting, or a unanimous decision taken without a Board Meeting taking place. The Board has established the following six Sub-committees.. Finance, Equality, Diversity & Inclusion, Diversification of Income, Strategy Advisory. Remuneration and Nominations. Each Sub-committee 10 Chair is required lo report lo the Board and ensures that all duties are perfomied lo a satisfactory level by each Sub-committee. London Sport has a subsidiary company, London Sport Trading and the results for that company are consolidated within this report. The company is now dormant and received no income during the year. Flnance Sub4ommittee The Finance Sub-committee met four times during the year. Its members during the year were Paul Benjamin, Charlie Boss, Alex Eagle and Usama Yusuf assisted by Bhadresh Devchand from the Executive team. The Board is satisfied in its obligations that al least one member has relevant financial experience. As required, meetings are attended by the exlemal auditors. Remuneration Sub-commltt The Remuneration Sub Committee mel twice during the year. Its members during the year were Sally Benatar and Paul Benjamin, assi51ed by Emily Robinson from the Executive team. Nominatlons sU￿cOMmIttee The Nominations Sub Committee mel four limes during the year. Its members were Jillian mo0￿, Sally Benatsr, Paul Benjamin, Charlie Boss, Shaun Danielli, Yashmin Harun, Tracey Mccillen, Cllr Paul Osborn and Usama Yusuf assisted by Emily Robinson and Tim Copley from the Executive. Equality, Diversity & Inclusion Sub-Commttt88 The Equality, Diversity and Inclusion Sub-committee met four times during the year. Its member¥ during the year were Tra¢ey Mccillen, Sally Benatar, Shaun Danielli. Bevis Allen, Sania Haq assisted by Emily Robinson and Jade Cation frorn the Executive team and Alex Gibbons from the staff team. Divgrsification of Income Sub-Commltt& The Diver5ificalion of Income Sub-committee mel four times during the year. Its members during the year were Charlie Boss, Jillian Mott￿, Andrew Selby, Rebecca Rajeswaran, Paul Osborn and Preeli Shetty assisted by Tanya Rabin and Emily Robinson from the Executive team. Stratsgy Advisory Sub¢ommittee The Strategy Advisory Sub-committee mel four times during the year. Ils members during the year were Shaun Danielli, Sally Benalar, Alice Wilcock (Greater London Authority representativel, Ross Garrod. Tracey Mccillen supported by Tim Copley and Jade Cation from the Executive team. Delegation ofday-t041ay management powers The day-lo-day management ofthe Charity is delegated to the Chief Executive Officer. The delegated power shall be to manage the Charity by implementing the poli¢y and strategy adopted by and within a budget approved by the Board. Pay policy for s&nlor staff 11 The Trustees consider that the Board of Trustees and the Executive team Comprise the key management personnel (>f the Charity in charge of directing and controlling, running and operating the Charity on a day-to-day basis. All Trustees give Ihtsii lime freely and no Trustee received remuneration from the Charity in the year. The pay of the Executive team comprising five key management personnel and all staff is reviewed annually and normalSy increased to reflect a cost of living adjustment. In view of the nature of the Charity, the Trustees benchmark against pay levels in other comparable organisations and charities. Managlng rf$k London Sport has a fomial risk management pro¢ess through which the Executive team identifies the major risks to which the organisalion may be exposed. London Sport's principal risks are Sel out in a Risk Register, where each risk is calegorised as either a stiategic risk or an operational risk. During the year the Risk Register is reviewed on a monthly basis by the Executive Team and updated a5 necessary. There are currently fifteen operational and strategic risks identified. Each risk is assessed using a likelihood rating of 1-5, where 5 is the most likely, and an impact rating of 1-5, where 5 is severe. The total score is then given a ￿d, amber or green IRAGI rating. There were two major strategic risks, relating to our ability to increase income and diversify our funding base to ￿d￿Ce our reliance on one major ￿nder and increase our reserves.. and OLJr ability to recruit certain senior staff, including a Chief Operating Officer and a Head of Finance, both these positions having been filled on a temporary basis for some time. However a permanent COO has now been recruited and totsk up the position in September 2024. The interim Head of Finance will ¢(>ntinue in post until the end of October 2024 to allow the new COO lo make a decision on the way forward in this area. The major operational risks arise from our Shared working space House of Sport and cover areas su¢h as business continuity, fire, health and safety. A Business Continuity plan is in place and was activated as part of our response to COVID-19. London Sport also has a Health and Safely Poli¢y in place. An uplo-dale Health and Safety Assessment has been carried out on our workplace, House of Sport. The￿ weie a550cialed financial risks related lo the management of this facility, which were also carefully monitored. These risks were miligaled post year end by London Marathon Events taking over the lease and management of House of Sport as of 1 April 2023. All signrficanl risks, together with current mitigation actions. are reviewed at each Board Meeting throughout the year by the Trustees. The Trustees are satisfied that systems have been developed and are in place to miligale identified risks lo an acceptable level. Accounting Responsibilities of the Trustees The Trustees, who are also directors of London Sport for the purpose of cr)mpany law, ale responsible for preparing the Trustees, Report and the accounts in a¢¢ordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees lo prepare financial statements for each fi'nancial year and not approve the financial $latement5 unle55 they are satisfied that the financial statements give a true and fair view of the stale of the affairs of the Charity as al the balance sheet date and of its incoming resources and applicats.on of resources, including income and expenditure, for the year then ended. In preparing those financial statements which give a true and fair view, the Trustees should follow best practice and.. seled suitable accounting policies and then apply them ¢onsislenlly 12 observe the methods and principles of the Charities SORP make judgements and eslimales that are reasonable and prudent stale whether applicable accDunb'ng standards and stslemenls of recommended practs.ce have been followed, subje¢l to any material departures disclosed and explained in the financial statements prepare the financial slalemenls on the going concern basis unless f( is inappropriate to assume that the charitable company will continue on that basis The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the ¢haritable Company and which enable them to ensure that the financial statements comply ￿rith the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevents'on and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and finan¢ial information included on the charitable Company's website. Legislation in the United Kingdom governing the preparation and dissemination of Financial Slalemenls may differ from legislation in olherjurisdiclions. Each of the Trustees, who held office at the date of approval of this Trustees, Report, has confirmed that there is no infomialion of which they are aware which is relevant lo the audit bul of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant infomialion and lo establish that the auditors are made aware of such infomiation. Auditors PKF Litllejohn have expressed their wllingness to continue in office as audiiors. A resolution proposing that PKF Littlejohn be reappointed as auditors of the charitable company for the forthcoming year wi51 be pul lo members at the Annual General Meeting. Approved by the Trustees on 7th November 2024 and signed on their behalf by.. Paul B&n5amln 13 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF LONDON SPORT Opinion We have audited the financial statements of London Sport Ilhe 'parent charitable company'l and ils Subsidiary Ilhe 'group'l for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activities including the Income and Expenditure Account, the Consolidated and Charity 8alance Sheets, the Consolidated Statement of Cash Flows and notes to the financial slalements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally A¢¢epled Accounting Practice). In our opinion. the financial statements.. give a true and fair view of the state of the group's and the parent charitable company's affairs as at 31 March 2024 and of ils incoming resources and application of resources, including ils income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies A¢1 2006 and the Charities Act 2011. Basis for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities Ljnder those standards are further described in the Auditor's responsibilities for the audit of the financial slalements 5eolion of our ￿port. We are independent of the group and parent charitable company in a¢¢ordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Slandafd, and we have fulfilled our other ethical responsibilities in a¢¢ordan¢e wlh these requirements. We believe that the audi( evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concem In auditing the finan¢ial slalemenls, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial slalemenls is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or ¢ondilions that, individually or collectively, may cast significant doubl on the group'5 or parent charitable company's ability lo ctsnlinue as a going concern for a period of al least ￿e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilitie5 of the trustees with respect lo going concern are described in the relevant sections of this report. 14 other infom)ation The other information comprises the information in¢luded in the Iru51ees' annual report, other than the financial statements and our auditor's report Ihereon. The Iruslees are responsible for the other information contained within the ttuslees, annual report. Our opinion on the financial slalemenls does not cover the other infomialion and, except lo the extent otherwise explicitly stated in our report, we do not express any form of a$suran¢e conclusion thereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially in¢onsi51ent with the finan¢ial ststemenls or OUT knowledge obtained in the course of the audit, or otherwise appears lo be materially misslaled. If we identify such material incon5islencies or apparent material misstalemenls, we are required to deterrnine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required lo report that fact. We have nothing lo report in this regard. Opinions on other matters p￿scrIbed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit.. the information given in the Irustee$' ￿pOrt, whi¢h includes the strategic report and the directors, report prepared for the purposes of company law. for the financial year for which the financial statements are prepared is consislenl wth the financial stalemenls,. and the strategic report and the dire¢lors' report included within the Iruslees, report have been prepared in accordance wf(h applicable legal requirements. Matters on which we are reqUI￿d to report by exception In the light of the knowledge and understanding of the group and parent charitsble company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors, report inclLJded within the Iruslees, annual report. We have nothing to report in respect of the followng matters in Telalion lo which the Companies Act 2006 and the Charities Act 2011 requires us to report lo you if, in our opinion.. adequate and sufficient accounting records have not been kept by the parent charitable ¢ompany, r>r returns adequate for our audit have not been received fro)m branches not visited by us,. the parent charitable company's financial statements are not in agreement with the accounb'ng records and returns,. or certain disc105ures of trustees, remuneration specified by law are not made,. or we have not received all the information and explanations we Tequire for our audit. 15 Responsibilities of truste8S As explained more fully in the Iruslees, responsibilities statement, the Iruslees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the group and parent charitable company fsnancial slalernen15 and for being satisfied that they give a true and fair view, and for such inlemal control as the trustees determine is necessary lo enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the group and parent charitable company financial slatemenls, the Iruslees are responsible for assessing the group and parent charitable company's ability to continLJe as a going concern, disclosing. as applicable, matters related lo going concern and using the going concern basis of accounting unless the Iruslees either intend lo liquidate the group or the parent charitable ctsmpany or lo cease operations, or have no realislie allemative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed auditor under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts and relevant regulations made or having effect Ihereunder. Our objectives are lo obtain reasonable assuran¢e about whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error. and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a gLJarantee that an audit ¢onducted in ac¢ordance with ISAS IUKI will always detect a material misstatement when it exists. Mi5Stalements 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. Irregularf(ies, including fraud, are instances of nOn-￿Mplianc2 with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material mi5Stalemenls in respect of irregularities, including fraud. The extent lo whi¢h Ouf procedures are capable of detecting irregularities, including fraud is detailed below.. We obtained an understanding of the grtsup and parent ¢haritsble company and the sector in which it operates to identify laws and regulations that could reasonably be expected to have a direct effect on the financial stalemenls. We obtained our understsnding in this ￿gard throLJgh discussions ¥Mth management, sector research and application of cumulative audit kno￿edge and experience of the sector. We determined the principal laws and tegulalions ielevant lo the ¢harilable company in this regard to be those arising from the Charities Act 2011, Companies Act 2006, Financial Reporting Standard 102 and relevant employee legislation. We designed our audit procedures to ensure the audit team considered whether there were any indications of non-compliance by the group and parent chaiilable company wth those laws and gulations. These proeedures included, but were not limited to enquiries of management. review of minutes and review of legal and regulatory correspondence. We also identified the risks tsf material misslatemenl of the financial ststements due to fraud. We considered, in addition to the non-rebuttable presumpb'on of a risk of fraud arising from 16 management override of ¢onlrol$, that there is potential for rnanagement bias in the recognition of grant income. For the year ended 31 March 2024, we reviewed grant agreements lo identify any performance conditions to ensure recognition was in line wlh meeting those conditions. As in all of our audits, we addressed the risk of fraud arising from management override of controls by performing audit procedures which included, bul were not limited to.. the lesling of jOLJrnals,' reviewing accounting eslimales for evidence of bias," and evaluating the business rationale of any significant Iransaclions that are unusual or outside the normal course of business. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularilie5, ncluding 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 stalemenls, as we will be less likely lo 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 ¢oncealmenl, forgery. collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial slalements is located on the Finan¢ial Reporting Council's website al.. www.frc.org,uklaudilorsresponsibililies. This description forms part of our auditor's report. Use of our report This report is made solely to the charitable company's members, as a body, in ac¢ordance wlh Chapter 3 of Part 16 of the Companies Act 2006 and lo the charitable company's trustees. as a body, in accordan¢e wf(h Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit Work has been undertaken so that we might state to the charitable company's members and Iruslees those matters we are required lo slate to them in an audil0rf5 report and for no other purpose. To the fullest extent permitled by law, we do not accept or assume responsibility to anyone, other than the charitable company and the charitable company's members as a body and the charitable company's Iru51ees as a body, for our audit work, for this report. or for the opinions we have formed. Alastair Duke (Senior Statutory Auditor) For and on behalf of PKF Littlèjohn LLP Statutory Auditor 15 W6stf8rry Circus Canary Wharf London E14 4HD 2024 17 LONDON SPORT CONSOLIDATED STATEf4qENTOF FINANCIALACTIVITIES (INCLUDING AN INCOME AND EXPENDITUREACCOUNTI FOR THEYEAR ENDED 31 MARCH 2024 Unr8Stri¢tsd Funds £'ooo Restri¢tsd Funds £'ooo Total 2024 £'ooo Total 2023 £'ooo Notss INCOME FROM.. Charitable actwf(ies Programme Delivery 4,151 other trading activities Thought Leadership and Fartfj&r SeryKes 167 167 185 Total income 167 3,611 4,336 EXPENDITURE ON.. Expenditu￿ on Chaiilable activities Deliveryof Charitable actrrfit￿S 2,780 2,824 3,857 Activities and Events 446 446 215 Total expanditura 3,226 3,270 4.072 Net income 123 218 341 264 Transfers between funds Nètmovementin funds 123 218 341 264 Funds brought forward 159 366 525 261 Funds carried forward 282 866 525 The notes on pages 21-33 fomi part ofthese f5nancial statements The statement of financial activities in¢ludes all gains and losses recognised in the year. All amounts derive from continuing aclThiities. 18 Company No. 08355406 LONDON SPORT CONSOLIDATEDAND CHARITY BALANCE SHEETS AT 31 MARCH 2024 2024 Group £'ooo 2024 Charity £'ooo 2023 Group £'ooo 2023 Charity £'ooo Notes FIXED ASSETS Tangible Fixed Assets Investments CURRENT ASSETS Debtors Short term deposits and ¢ash in hand 146 974 1,120 149 935 1,084 230 318 933 1,251 1,194 CURRENT LIABILITIES Creditors.. amounts falling due within one year 10 1254) 12541 16691 {664) NET CURRENT ASSETS Creditors.. amounts falling due after one year NET ASSETS FUNDS Unrestricted funds 282 159 221 Reslricled funds 366 366 TOTAL FUNDS 14 830 525 587 Approved by the Trustees and aulhorised for their issue on 7th November 2024 and signed on their behalf by.. Paul Benjamin A separate Statement of Financial Activities and Income and Expenditure A¢¢ounl for the Charity has not been presented because the Charity has taken advantage ofthe exemption afforded by se¢tion 408 of the Companies Act 2006. The surplus of the parent Charity was £243k12023'. £258kl. The notes on pages 2t-33 form part ofthese financial statements. 19 LONDON SPORT CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 Group £'ooo 2023 Group £'ooo Note Cash flovrs from oporating activities 18 10 410 Cash flows from investing a¢tlvltl¢s Interest income Cash provlded by I lu$ed Inl Inv&$tlng a¢tlvltl Increase in cash and cash equivalents in the year 10 410 Cash and cash equivalents at the beginning of the year 964 554 TOTAL CASH AND CASH EQUIVALENTS ATTHE END OF THE YEAR The notes on pages 21-33 form part ofthese financial 51atemenl5. 20 LONDON SPORT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1 ACCOUNTING POLICIES The principal accounting policies adopted, judgements and key sources of estimation uncertainly in the preparation of the financial statements are as follows.. Basis of preparation The financial statements have been prepared in accordance wth Accounting and Reporting by Charffies.. Statement of Recornmended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191- (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. London Sport meets the definition of a public benefit entity under FRS 102. Asse15 and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notelsl. Preparation of accounts on a going concern basi5 In the context of a review of our financial position, ￿serveS levels and future plan5 gives Trustees Confidence the Charity remains a going concern for at leastthe period of our Sport England System Partner funding i.e. lo 31 March 2027 and the financial slalements have been prepared on this basis. The TrLJStees consider there are no material uncertainties about the Charity's ability lo continue as a going concern. Group financial stataments The financial statements consolidate the results of the Charity and its wholly owned subsidiary London Sport Trading Limited on a line-by-line basis. A separate Statement of Financial Activities and Inco)me and Expenditure Account for the Charity has not been presented because the Charity has tsken advantage of the exefflpts.on afforded by section 408 ofthe Companies Act 2006. Income recognition All income is recognised once the Charity has entitlement lo income, il is probable that income will be received and the arnounl of income receivable can be measured reliably. Donations Donations and gifts are in¢luded in full in the Slalemenl of Financial Activities when there is enlillement, probability of receipt and the amount of income receivable can be measured reliably. Gifts in kind Gifts in kind represent assets donated for distribution or use by the Charty. Assets gNen for distribution are recognised as income only when distributed. Assets given for use by the Charity are re¢ognised when receivable. Gifts in k4nd are valued at the amount the Charity would otherwise have paid for the setvices or assets. 21 LONDON SPORT NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 MARCH 2024 1 ACCOUNTING I>OLICIES l¢ontinu•dl Grants Grants are recognised in full in the statement of financial activities in the year in which the Charity has ent'tlement to the income, the amount of income receivable can be measured reliably and there is probability of receipt. Expènditu Expenditure is recognised once there is a legal or ¢onslruclive obligation lo make a payment to a third paty, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings.. Expenditure on charitable activities includes the costs of delivering our programmes in order lo further the purpose of the Charty and their associated support Costs. Other expenditure represents expenditure on events and our support setvices provided to our partners and the local Boroughs. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. Govemance cost includes staff costs and overheads in respect of the management of the Charity and compliance with conslilutional and stalulory requirements. Expenditure is allocated lo the particular activity where the cost relates directly lo that activity. However. the c05t of overall direction and adminislralion of each aclivily, comprising the salary and overhead costs of the core business fvnclions, are apportioned based on staff time attributable to each activi(y where appropriate. Allo¢ation of costs Staff costs are allocated between direct charitable expenditure and support Costs based on the lime spent on these aclivilies. Other costs are allocated directly to the Televanl heading. Finan¢ial Instrument$ The Charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, and other third parties, loans to related parties and investments in non-putlable ordinary shares. Tanglblè fixèd assets Tangible fixed assets are staled at 005t or deemed c05t Idonatecl valuation at estimated fair value) less accumulated depreciation and impaitment losse5. Non grant funded a55ets costing more than £1 k are capilalised. Depreciation is calculated to write off the costs of the fixed asset by equal inslalmenls as follows.. Leasehold improvements.. lrfe of lease 22 LONDON SPORT NOTESTO THE FINANCIALSTATEMENTS Icontinuedl FOR THE YEAR ENDED 31 MARCH 2024 1 ACCOUNTING POLICIES Icontinuodl Creditors and provisions Creditor5 and provisions are re¢ogn1sed where the Charity has a present obligation resulting from a past event that ¥MII probably result in the transfer of funds to a third party and the amount due lo sellle the obligation can be measured or estimated reliably. Creditors and provisions are normally re¢ognised at their settlement amount after allowing for any trade discounts due. Fund$ Unrestricted funds are donation$ and other in¢r)me receivable or generated forthe objects of the Charity. Restricted funds are those funds which are to be used in accordance with specific instructions imposed by the donor or trust deed. Employ8• banèfits Short term benefrfs Short term benefits including holiday pay are recognised as an expense in the period in which the setvice 15 TeGeived. Employee lenninalion benefrts Termination benefits are accounted for on an accrual basis and in line ¥Mlh FRS 102. scheme London Sport operates a defined contribthion pension scheme for the benefit of its employees. The assets of the scheme are held independently from those of London Sport in an independently administered fund. The pensions costs charged in the financial slalements represent the contributions paid during the year. 23 LONDON SPORT NOTES TO THE FINANCIAL STATEMENTS {continu8dl FOR THE YEAR ENDED 31 MARCH 2024 2024 £'ooo 2023 £'ooo 2 TOTAL INCOME Prograrnme delivery Rental income Open School facilities Services provided to Partners Sponsorship Other 3,200 3,848 303 144 135 124 35 132 Programm¥ Delivory for Charitable Activities The breakdown was as follows.. 2024 £'ooo 2023 £'ooo Sport England- Core Aclniilies Sport England- Tackling Inequalities Sport England- SWO Sport England- other funds Active Partnership Network- OSF GLA- Others Others 2.918 3,049 575 170 76 144 15 80 3 ANALYSIS OF GROUP EXPENDITURE Direct Costs- Staff £'ooo Direct Costs- other £'ooo Grant Support Funding Costs £'ooo 2024 Total £'ooo £'ooo Delivery ofcharitable Activities A¢livities and Events 1,926 522 374 2.822 308 2,234 78 600 62 436 448 3,270 Direct C051s Direct Costs - Other £'ooo Grant Funding £'ooo Support Costs £'ooo Prtoryear Compar180n 2023 £'ooo £'ooo Delivery of Charitable Acti'vities Activities and Events 2,038 863 520 436 3,857 116 2,154 85 14 450 215 4.072 520 24 LONDON SPORT NOTES TO THE FINANCIALSTATEMENTS Icontinuedl FOR THE YEAR ENDED 31 MARCH 2024 4 GRANTS The charity undertakes part of ils charitable expenditLJre though making grants. In the c￿r￿nt year il awarded a nufflber of grants under the following programmes '. 2024 Number 2024 £'ooo 2023 Number 2023 £'ooo Programma Together Fund￿a¢kIlrng Inequalities Opening School Facilities Others 81 520 All grants were paid to institutions and none to individua15. No grants were paid in 202&24. 5 ANALYSIS OF SUPPORT COSTS 2024 Total £'ooo Management £'ooo Financo £'ooo Rosourcès £'ooo Governanc& £'ooo Delivery of Charitable Activities Activities and Events 130 23 20 45 381 57 31 2023 Total £'ooo Prloryear Comparl$on Management £'ooo Finance £'ooo Resources £'ooo Governance £'ooo Delivery of Charitable Activities Adivilies and Events 120 39 438 10 48 14 Govemance costs Includè 2024 £'ooo 32 2023 £'ooo 35 Staff costs Auditors, remuneration.. Audit work- London Sport Audit work- London Sport Trading Other service3 11 10 25 LONI)ON SPORT NOTES TO THE FINANCIAL STATEMENTS Icontlnuedl FOR THE YEAR ENDED 31 MARCH 2024 6 INVESTMENT IN SUBSIDIARY The wholly owned subsidiary London Sport Trading Limited is incorporated in the United Kingdom (company number.. 09926559}. London Sport owns all ofthe share capital of London Sport Trading Inominal value of £11 and il is fully paid up. The subsidiary was incorporated in December 2015, trading comtnenced in April 2018 and wll pay all of its taxable profits lo London Sport under the Gift scheme. The ¢ompany be¢ame dormant on 31st Mar¢h 2024. The summary financial performance oflhe subsidiary alone 2024 £'ooo 2023 £'ooo Turnover Cost of sales and adminislralion Costs 79 {73) 12) Nel assets brought forward Nel profitlllossl Inlercompany loan WTitten off by parent 1621 12} 99 {68) Surplu$lllossl retained in sijbsidiary The assets and liabilities of the subsidiary were.. Current assets CLJrrent liabilities 39 14) 41 11031 Total nel assets and aggiegate share captsl and reserves 35 162} 7 STAFF COSTS AND NUMBERS 2024 £'ooo 2023 £'ooo Staff costs worg a$ follows: Salaries and wages Social security Costs Pension contributions Redundancy costs 2,017 1,915 197 193 181 29 The number of employees whose emoluments for the year fell wi(hin the followng band5 were.. 2024 Number 2023 Number £60,001-£70,000 £70.001- £80,000 £100,001 £110,000 £110.001 £120,000 > £120,000 26 LONDON SPORT NOTES TO THE FINANCIAL STATEMENTS Icontinuodl FOR THEYEAR ENDED 31 MARCH 2024 7 STAFFCOSTSAND NUMBERS I￿ntInued> Of these, 3 employees are accruing pension contributions of £27k {2023.' 4 employees, a¢¢ruing £39kl. The lotsl employee benefits ofthe senior management team comprising 7 key management personnel12023 '. 6 key management personnel) of the Group were £423k12023.' £430kl. Three of these 7 people joined London Sport during the year. No Trustees received remuneration. nor were paid any expenses, in the current or prior year. The average nurnber of employees during the year was as follows.. 2024 2023 Numbèr Number Charitable activitie5 Support 43 52 8 TANGIBLE FIXEDASSETS Leasehold Buildings £'ooo Charlty and group Cost Opening Balance as at 1 April 2023 Purchases during year 426 Closing Balance as at 31 March 2024 426 Depreciation Opening Balance as at 1 April 2023 Charge during year 426 Closing Balance as at 31 March 2024 426 Net Book Valua a$ at 31 Ma￿h 2024 Nel Book Value as at 31 March 2023 27 LONDON SPORT NOTES TO THE FINANCIAL STATEMENTS {continuedl FOR THE YEAR ENDED 31 MARCH 2024 9 OEBTORS- amounts falling due withln one year 2024 Group £'ooo 2024 Charity £'ooo 2023 Group £'ooo 2023 Charity £'ooo Project debtors Prepayments Inter-company debtors Other debtors 142 12 132 12 98 76 68 68 78 78 76 10 CREDITORS.. amountsfalllng due wlthln on¥ y￿r 2024 Group £'ooo 2024 Charity £'ooo 2023 Group £'ooo 2023 ChaTity £'ooo Project creditors Other laxalion and social securty Accruals Deferred income Other creditor5 229 76 323 41 228 76 319 41 60 64 60 126 126 11 CREDITORS.. amountsfalling due afterone year 2024 Group £'ooo 2024 Charity £'ooo 2023 Group £'ooo 2023 Charity £'ooo Leases 28 LONDON SPORT NOTES TOTHE FINANCIAL STATEMENTS {¢ontlnuodl FOR THEYEAR ENDED 31 MARCH 2024 12 ANALYSIS OF DEFERRED INCOME 2024 Group £'ooo 2024 Charity £'ooo 2023 Group £'ooo 2023 Charity £'ooo Deferred income al 1 April Applied during the year Released during the year 41 41 62 41 {62} 42 41 {421 141} 141} Deferred income al 31 March Deferred income relates lo sponsorship income charged in advance. 13 ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS Restricted Funds £'ooo Genèral Funds i 000 2024 Total Funds £'ooo Tangible fixed assets Current assets Current liabilities Long-term liabilities 536 12541 1,120 {254) Net assets al 31 March 2024 2023 Total Fund5 £'ooo Prior Year Comparison Restricted Funds £'ooo General Funds i 000 Tangible fixed assets Current assets Current liabilities Long-lerm liabilities 828 16691 1.194 16691 Nel assets at 31 March 2023 29 LONDON SPORT NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2024 14 ANALYSIS OF FUNDS Balanc& Balance at 31-Mar 2024 £'ooo 01Apr 2023 £'ooo Income £'ooo Expendituro £'ooo General funds 159 167 144} 282 Restricted fund5: Core Adivilies (Sport England) London Health & Gare Partnership Opening School Facilities (Active Partnerships) Other funds- Sport England Other funds- GLA Other 2,915 70 12,8991 194} 1241 144 250 45 20 {1101 {1071 14 157 23 366 13,2261 Group total Forprioryearcomparision see over General fvnds.. These are funds solely managed at the discretion of the organi5alion, wilhoul re5triclion. in line with our reserves policy. Main Restricted funds.. Core activities (Sport England}- Core funding lo cover the cost of running the organisation- staff, office & support Costs. Direct funding from Sport England under their support lo Active Partnerships. Together Fund {Sport England) Funding provided by Sport England to help groups that have been disproportionately affected by the pandemic to mitigate the significant impact on their ability to be physically active. Opening School Facilities (Sport England}- Funding provided by Sport England to help schools open their facilrties to the community lo increase partiapation opportunities in sport and physical activity. London Health & Care Partnership The LHCP includes the GLA, London Councils, NHS England and the Office for Health Improvement and Disparilies.11 promotes integrated working acr05s health and care seNices. 30 LONDON SPORT NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 MARCH 2024 14 ANALYSIS OF FUNDS Icontinuedl Prfor year ¢omparl$on Balance at 01-Apr 2022 £'ooo Balance 31￿lar 2023 £'ooo Incomg £'ooo Expondltur& £'ooo Gonèral funds 57 13861 159 Rèstrictad fijnds: Core Activilies (Sport Englandl Together Fund (Sport England) Opening School Facilities (Sport England) Other funds- Sport England Other funds- GLA Other 131 3,049 575 12,836) {575} 1144} 344 16 10 47 80 182) 110) 1391 14 204 3,848 13,6861 366 Group total 261 4,336 {4,0721 525 31 LONDON SPORT NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 MARCH 2024 15 ANALYSIS OF PUBLIC FUNDING Non Publlc Income £'ooo Sport England £'ooo UK Gov £'ooo Total £'ooo Revenue Grants Rental Income Other Income 3,165 135 3,300 311 311 Total Income 3,165 135 311 3,611 Staff costs Grant payments Other delivery costs Direct C0515 Support costs 2,183 99 139 2,421 367 436 33 13 413 436 Total Expenditure 2,986 132 152 3,270 Net Income Cash and Deferred Income Reconciliation Greater London Authority £'ooo Non Public Incoma £'ooo Sport England £'ooo Total £'ooo Opening Balance Cash received Released to P&L 3,165 {3,1651 135 11351 315 1311) 3,615 13,6111 Closlng Balanco 16 OPERATING LEASES At 31 March 2024 the group and charity had annual commitments as lessee under non-cancellable operating leases as follows.. 2024 £'ooo 145 290 2023 £'ooo Due wthin 1 year Due between 1 and 2 years At 31 March 2024 the group and ¢harily had no material annual commitments as lessor under non