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2025-03-31-accounts

Registered number: 08355406

LONDON SPORT

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Company No. 08355406 Charity No. 1165100

LONDON SPORT

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Contents Contents Page
Reference and Administrative details 3
4
13
14
17
Consolidated Statement of Financial Activities 18
Consolidated and Charity Balance Sheets 19
Consolidated Statement of Cash Flows 20
Notes to the Financial Statements 21 - 34

LONDON SPORT

REFERENCE AND ADMINISTRATION DETAILS

FOR THE YEAR ENDED 31 MARCH 2025

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
Charity Number 1165100
Registered Office House of Sport,
190 Great Dover Street, London SE1 4YB
Chair Jillian Moore
Trustees Sally Benatar
Paul Benjamin
Charles Boss
Vice Chair
Brenda Dacres (appointed 7thNovember 2024, resigned
17thJuly 2025)
Shaun Danielli
Alex Fitzgerald-Eagle
Ross Garrod (resigned 24thJuly 2024)
Yashmin Harun
Tracey McCillen
Paul Osborn
Andrew Selby
Usama Yusuf
Richard Bush (appointed 17thJuly 2025).
Key Management Personnel Emily Robinson
Jade Cation
Timothy James Copley
Tanya Rabin
David Tinnion (appointed 9thSeptember 2024)
Bhadresh Devchand (resigned 31st October 2024)
Ian Redpath (resigned 31st January 2025)
Bankers Metro Bank, 1 Southampton Row, London WC16 5HA
NatWest, Western Avenue, Chatham Maritime, Kent, ME4
4RT
Auditors PKF Littlejohn LLP, 15 Westferry Circus, London E14 4HD

LONDON SPORT

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2025

Zoho Sign Document ID.. 4AE8D6832.ADTUY9V60VS7LTOQNNDFQWK4MY.UEKK1 IUVAWJBOEQQ Ensuring the suslainabilily of our work.. securing funding, partnerships and operational resilience even in a shifting political and economic environmenL Amplifying voices and lived experience.. ensuring community voice shapes what we do, especially around non-traditional spaTrs, play, design, and what removes barriers to participation. th that being said, it is an exciting lime for the sector and for London Sport. The clarity broLJght by Let's Move London, combined with the evidence we are gathering, and the support we are building, gives us the foundation to push forward decisively In the coming year and address these Challenges. I am proud to lead a Board that shares that ambition and confident that together we will continue lo make a meaningful difference. Jillian Moore Chair

LONDON SPORT

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2025

Zoho Sign Document ID.. 4AE8D6832.ADTUY9V60VS7LTOQNNDFQWK4MY.UEKK1 IUVAWJBOEQQ Attended party conferences, hosted our first Parfiamentary Reception, and met with numerous London MPS, Ministers and Council Leaders throughout the year amplifying the sector's voice in key political debates and lobbying for the things that will drive system change and remove barriers to access in the poorest communities. Al the same lime, we have continued to deliver across our core programmes and events.. We delivered on the Department for Education's Opening School Facilities fund, which supported tens of thousands of young people and community members to access sport and physical activity opportunities in schools. Through our Active Environments work, we partnered with Sport England and KKP to identify review and address the challenges surrounding the protection of London's playing fields, to ensure future generations can continue to access vital green and recreational spa￿s. We hosted the first ever Safeguarding in Sport Week to raise awareness of the importance of working together lo embed a culture of safeguarding and welfare into sports clubs and organisations, and to educate and upskill sports leaders. Our work on Playzones, in partnership with the Football Foundation, Sport England and 24 borough consortia, has moved into delivery, with the first redeveloped sites reopening in Ealing and Haringey in 2025. By the end of 2026, over 50 Playzones will provide safe, inclusive facilities across the city. The London Sport Awards 2025 once again brought the sector together at the Guildhall to celebrate the extraordinary contributions of the unsung heroes of our sector, and Active LDN 2024 convened partners lo share insight and collaborate on solutions to London's inactivity crisis. The year ahead presents both opportunities and challenges.. addressing the persistent inequalities in activity levels, embedding physical activity within heslthcare", unlocking, protecting and developing spaces for play and sport., and ensuring the financial sustainability of the sector. With the support of our Board, partners and the wider network, l am confident that London Sport will not only rise to these challenges but also drive lasting change helping to build a fairer, healthier and more active city for every Londoner. Emily Robinson Chief Executive

LONDON SPORT

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2025

Our Purpose

London Sport is a charity that exists to help all Londoners live longer, healthier and happier lives through being active. Our focus is on children and adults in the most deprived communities who face the greatest challenges of inequality.

With physical inactivity responsible for 1 in 6 premature deaths, we want to help every Londoner find their way to move more. We are supported by Sport England and the Mayor of London, and , to provide better access to sport and physical activity across the capital.

-term vision and the Board do not envisage any substantial variation in these core principles in the forthcoming year.

Our Objectives and Activities

and aspirations which are delivered via its strategy, which seeks to meet the needs of Londoners, its partners and its main funders. As part of our vision to help Londoners live longer, healthier and happier lives, we aim to:

To support these ambitions, we lead the sector and work with partners to:

activities:

1. Influence & Advocacy:

Being the voice of grassroots sport and physical activity in London and influencing policy changes at local, regional and national level to achieve system change.

2. Data & Intelligence

A central hub of information about sport and physical activity in London, gathering and sharing data and insight.

3. Funding & Resources

Empowering organisations to support Londoners becoming more active through our core services signposting resources, providing funding on behalf of funders and fostering collaboration and partnerships.

4. Working in place

We focus our resources in places where there is greatest need but also greatest opportunity to influence change and drive impact, convening, supporting and enabling local stakeholders to work together to tackle the barriers that exist in their locality.

5. Focus Areas

We identify, implement and advocate for solutions to overcome some of the key systemic challenges across key areas of the physical activity and sport system. Our three focus areas are:

6. Fundraising

London Sport is registered with the Fundraising Regulator. Fundraising activities are managed and monitored through monthly reviews by the SLT with oversight from both the Finance Committee and Strategy Implementation and Impact Sub Committee. In the year to March 2025, we did not make use of external professional fundraisers or commercial participators. The majority of our fundraising activity is directed at working with Trusts & Foundations to secure grants to support our work, commercial partnerships and a small amount of public fundraising through charity places in events such as the London Marathon. Members of the public taking part in events such as the London Marathon are individually supported and use online donation portals to support their fundraising activity, reducing the risk of any vulnerable individuals coming under undue pressure or intrusion in connection with fundraising for London Sport. We received no complaints relating to our fundraising for the year to March 2025.

Financial Review

Revenue

London Sport currently has the following main income streams: grant funding, events income and commercial partnership income, including provision of paid-for services to partners.

In 2025, total income was £3.7m (2024, £3.6m). Grant funding accounted for 93 income in the year to of 31 March 2025, slightly up from 92% in the prior financial year. The main grant funders in the year were Sport England and the Active Partnership Network. Sport England funding accounted for £3.3m, 88.5 was marginally over the performance requirements from Sport England, which sets a maximum reliance target of 85%. Our focus on diversification of income is designed to ensure that we are within this target in the future.

All grant funders set out expectations in a grant funding agreement, with 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 statements.

-grant funding income includes a number of projects with commercial or other funded partners. These services include, but are not limited to, 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 to the financial statements.

Expenditure

In 2025, total expenditure was £4m (2024, £3.3m). £3.8m (2024, £2.9m) of this was spent delivering the grant funded programmes outlined above, and £0.2m (2024, £0.4m) was spent delivering other activities.

Result for the Period

The result for the period is a deficit of income over expenditure of £290k (2024: a surplus £341k).

Reserves Policy

Going Concern

After making enquiries and having regard to future forecasts, the Trustees have formed a judgement, at the time of approving the financial statements, that there is reasonable expectation that the Charity has adequate resource to continue in operational existence for at least the period of our current Sport England System Partner funding i.e. to 31st March 2027. For this reason, the Trustees continue to adopt the going concern basis in preparing the financial statements.

Structure, Governance and Management

London Sport is committed to meeting high standards of governance and as such the Board acknowledges its contribution to achieving management accountability, improving risk management and ensuring that the key objectives of the Charity are achieved.

The Board currently comprises twelve Trustees. During the year there was one Trustee vacancy, with a further vacancy occurring since 31[st] March. The Board met four times during the year. We have a detailed induction programme for new Trustees and from time to time offer relevant training to all Trustees when a need is identified.

A Trustee may not act as a Trustee unless he/she has signed a written declaration of willingness to statements is set out on page 13.

The Chair is appointed by the Mayor of London through a publicly advertised selection process. To operate the Board shall be at least three and (unless otherwise determined by a resolution of the Members) not more than twelve 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 to remove the Trustees appointed by him or her. London Councils shall be entitled to appoint up to two individuals and shall be entitled to remove the Trustees so appointed by them. A maximum of seven other Trustees shall be appointed by the Board from candidates who apply through an open recruitment process. The Trustees may regulate its proceedings in respect of such appointments as they see fit.

The Board has five Sub-Committees: Finance, Equality, Diversity & Inclusion, Strategy Implementation & Impact, Remuneration and Nominations. Each Sub-Committee Chair is required to report to the Board and ensures that all duties are performed to a satisfactory level by each SubCommittee.

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.

Finance Sub Committee (FSC)

position and associated obligations. As part of this, the committee will make recommendations to the Board where appropriate. The Board is satisfied in its obligations that the members of the Finance Sub Committee have relevant financial experience. As required, meetings are attended by the external auditors.

Equality, Diversity & Inclusion Sub Committee (EDISC)

The overall purpose of the EDI Sub Committee is to provide an expert lens on the London Sport strategy from an EDI perspective. The sub-committee :

Nominations Sub-Committee (NSC)

The overall purpose of the Nominations Sub-Committee is to manage the processes around the the Board.

Remuneration Sub-Committee (RSC)

The Remuneration Sub-Committee has responsibility for the staff pay and rewards systems and processes. The overall purpose is to provide detailed scrutiny to ensure London Sport staff are rewarded fairly for their work, whilst ensuring good value for money for the organisation in line with its financial position and wider market conditions.

Strategy Implementation and Impact Sub Committee (SIISC)

The role of the Strategy, Implementation and Impact Sub-Committee is to:

Pay policy for senior staff

The Trustees consider that the Board of Trustees and the Executive team comprise the key management personnel of the Charity in charge of directing and controlling, running and operating the Charity on a day-to-day basis. All Trustees give their time 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 normally 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.

Managing risk

London Sport has a formal risk management process through which the Executive team identifies the major risks to which the organisation may be exposed.

set out in a Risk Register, where each risk is categorised as either a strategic risk or an operational risk. During the year the Risk Register is reviewed on a monthly basis by the Executive Team and updated as necessary. There are currently twenty 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 red, amber or green (RAG) rating according to a weighted risk matrix.

The key risks currently facing the charity include our reliance on Sport England for the substantial majority of our income, the challenges the charity faces balancing available resources and staff time against the ambitions of our strategy and the significant resource requirements of the Place based work that we are being asked to complete by Sport England as part of the Place Expansion programme.

All significant risks, together with current mitigation actions, are reviewed at each Finance Committee Meeting, with key risks escalated to the subsequent Board meeting. The full Board reviews the full Risk Register on at least an annual basis. The Trustees are satisfied that systems have been developed and are in place to mitigate identified risks to an acceptable level.

Accounting Responsibilities of the Trustees

The Trustees, who are also directors of London Sport for the purpose of company law, are and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year and not approve the financial statements unless they are satisfied that the financial statements give a true and fair view of the state of the affairs of the Charity as at the balance sheet date and of its incoming resources and application 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:

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and which enable them to ensure that the financial statements comply with 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 prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial

governing the preparation and dissemination of Financial Statements may differ from legislation in other jurisdictions.

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

Auditors

PKF Littlejohn have expressed their willingness to continue in office as auditors. A resolution proposing that PKF Littlejohn be reappointed as auditors of the charitable company for the forthcoming year will be put to members at the Annual General Meeting.

Approved by the Trustees on 6[th] November 2025 and signed on their behalf by:

......................................

Paul Benjamin

Treasurer

Opinion

of Financial Activities including the Income and Expenditure Account, the Consolidated and Charity Balance Sheets, the Consolidated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to 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

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 charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

rt. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the l report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the responsibilities of the trustees statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the group and parent charitable company 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 group and parent charitable company financial statements, the trustees are responsible disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

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 thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole 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:

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 www.frc.org.uk/auditorsresponsibilities. This description forms

Use of our report

accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has extent permitted by law, we do not accept or assume responsibility to anyone, other than the charitable 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 Littlejohn LLP Statutory Auditor

15 Westferry Circus Canary Wharf London E14 4HD

2025

LONDON SPORT

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING AN INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 MARCH 2025

Notes
INCOME FROM:
Charitable activities
Programme Delivery
Other trading activities
Thought Leadership
and Partner Services
Total income
2
EXPENDITURE ON:		 Unrestricted
Funds
-
97
97		 Restricted
Funds
3,643
-
3,643		 Total
2025
3,643
97
3,740
3,236
794
4,030
(290)
-
(290)
866
576		 Total
2024
3,444
167
3,611
2,824
446
Expenditure on Charitable activities
Delivery of Charitable activities 43 3,193
Activities and Events - 794
Total expenditure
3		 43 3,987 3,270
341
-
Net (expenditure)/ income
Transfers between funds
Net movement in funds
Funds brought forward
Funds carried forward		 54
(9)
45
282
327		 (344)
9
(335)
584
249
341
525
866

The notes on pages 21-35 form part of these financial statements

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

All amounts derive from continuing activities.

Company No. 08355406

LONDON SPORT

CONSOLIDATED AND CHARITY BALANCE SHEETS

AT 31 MARCH 2025

Notes
FIXED ASSETS
Tangible Fixed Assets
8
Investments
6
CURRENT ASSETS
Debtors
9
Short term deposits and cash in hand
CURRENT LIABILITIES
Creditors: amounts falling due
within one year
10
NET CURRENT ASSETS
NET ASSETS
FUNDS
Unrestricted funds
Restricted funds
TOTAL FUNDS
13		 2025
Group
-
-
105
1,217
1,322
(746)
576
576
327
249
576		 2025
Charity
-
-
105
1,217
1,322
(746)
576
576
327
249
576		 2024
Group
-
-
146
974
1,120
(254)
866
866
282
584
866		 2024
Charity
-
-
149
935
1,084
(254)
830
830
246
584
830

Approved by the Trustees and authorised for their issue on 6[th] November 2025 and signed on their behalf by:

Paul Benjamin

A separate Statement of Financial Activities and Income and Expenditure Account for the Charity has not been presented because the Charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006. The deficit of the parent Charity was £290k (2024: surplus £243k).

The notes on pages 21-35 form part of these financial statements.

LONDON SPORT

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025

Note
Cash flows from operating activities
17
Cash flows from investing activities
Interest income
Cash provided by / (used in) investing activities
Increase in cash and cash
equivalents in the year
Cash and cash equivalents at the beginning of the year
TOTAL CASH AND CASH EQUIVALENTS
AT THE END OF THE YEAR
The notes on pages 21-35 form part of these financial
statements.		 2025
Group
243
-
-
243
974
1,217		 2024
Group
10
-
-
10
964
974

NOTES TO THE FINANCIAL STATEMENTS

LONDON SPORT

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:

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

London Sport meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

Preparation of accounts on a going concern basis

In the context of a review of our financial position, reserves levels and future plans give Trustees confidence the Charity remains a going concern for at least the period of our Sport England System Partner funding i.e. to 31 March 2027 and the financial statements have been prepared on this basis. The Trustees consider

Group financial statements

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 Income and Expenditure Account for the Charity has not been presented because the Charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

Income recognition

All income is recognised once the Charity has entitlement to income, it is probable that income will be received, and the amount of income receivable can be measured reliably.

Donations

Donations and gifts are included in full in the Statement of Financial Activities when there is entitlement, 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 Charity. Assets given for distribution are recognised as income only when distributed. Assets given for use by the Charity are recognised when receivable. Gifts in kind are valued at the amount the Charity would otherwise have paid for the services or assets.

LONDON SPORT

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2025

1 ACCOUNTING POLICIES (continued)

Grants

Grants are recognised in full in the statement of financial activities in the year in which the Charity has entitlement to the income, the amount of income receivable can be measured reliably and there is probability of receipt.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, 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 to further the purpose of the Charity and their associated support costs.

Other expenditure represents expenditure on events and our support services provided to our partners.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Governance cost includes staff costs and overheads in respect of the management of the Charity and compliance with constitutional and statutory requirements.

Expenditure is allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the core business functions, are apportioned based on staff time attributable to each activity where appropriate.

Allocation of costs

Staff costs are allocated between direct charitable expenditure and support costs based on the time spent on these activities. Other costs are allocated directly to the relevant heading.

Financial Instruments

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-puttable ordinary shares.

Tangible fixed assets

Tangible fixed assets are stated at cost or deemed cost (donated valuation at estimated fair value) less accumulated depreciation and impairment losses. Non grant funded assets costing more than £1k are capitalised.

Depreciation is calculated to write off the costs of the fixed asset by equal instalments as follows:

Leasehold improvements: life of lease

LONDON SPORT

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2025

1 ACCOUNTING POLICIES (continued)

Creditors and provisions

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Funds

Unrestricted funds are donations and other income receivable or generated for the 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.

Employee benefits

Short term benefits

Short term benefits including holiday pay are recognised as an expense in the period in which the service is received.

Employee termination benefits

Termination benefits are accounted for on an accrual basis and in line with FRS 102.

Pension scheme

London Sport operates a defined contribution 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 statements represent the contributions paid during the year.

LONDON SPORT

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2025

2
TOTAL INCOME
Programme delivery - Sport England
Programme delivery - Opening School Facilities (OSF)
Programme delivery - Services to partners
Other
Programme Delivery for Charitable Activities
The breakdown was as follows:
Sport England - Core Activities
Sport England - Place
Sport England - SWO
Sport England
Multi Sport/ Play zones
Sport England - Playing Fields
Sport England - other funds
Active Partnership Network - OSF
Active Lambeth
London Health Care Partnership
British Olympic Foundation - Path to Paris
GLA - Others
Others		 2025
3,310
144
189
97
3,740
2025
2,899
142
110
84
50
25
144
70
50
26
10
33
3,643		 2024
3,163
144
137
167
3,611
2024
2,918
-
114
56
-
76
144
-
-
-
45
91
3,444

3 ANALYSIS OF GROUP EXPENDITURE

Delivery of Charitable
Activities
Activities and Events
Prior Year Comparison
Delivery of Charitable
Activities
Activities and Events		 Direct
Costs -
Staff
Direct
Costs -
Other
Grant
Funding
Support
Costs
2,282
399
69
486
566
107
-
121
2,848
506
69
607
Direct Costs
- Staff
Direct Costs
- Other
Grant
Funding
Support
Costs
1,926
522
-
376
308
78
-
60
2,234
600
-
436		 2025
Total
3,236
794
4,030
2024
2,824
446
3,270

LONDON SPORT

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2025

4 GRANTS

The charity undertakes part of its charitable expenditure though making grants. In the current year it awarded a number of grants under the following programmes:

Programme
Active Lambeth
Health Place Project
Path to Paris
Access Sport
Others		 2025
Number
3
1
1
1
1
7		 2025
£'000
26
11
10
20
2
69		 2024
Number
-
-
-
-
-
-		 2024
£'000
-
-
-
-
-
-

All grants were paid to institutions and none to individuals.

5 ANALYSIS OF SUPPORT COSTS

----- Start of picture text -----
2025
Management Finance Resources Governance Total
£'000 £'000 £'000 £'000
Delivery of Charitable
Activities 172 35 229 50 486
Activities and Events 55 9 57 - 121
227 44 286 50 607
2024
Prior Year Comparison Management Finance Resources Governance Total
£'000 £'000 £'000 £'000
Delivery of Charitable
Activities 130 20 181 45 376
Activities and Events 23 3 34 - 60
153 23 215 45 436
Governance costs
include 2025 2024
Staff costs 37 32
Audit work - London Sport 11 11
Audit work - London Sport Trading 1 1
Other services 1 1
50 45
----- End of picture text -----

LONDON SPORT

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2025

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 of the share capital of London Sport Trading (nominal value of £1) and it is fully paid up. The subsidiary was incorporated in December 2015; trading commenced in April 2018 and will pay all of its taxable profits to London Sport under the Gift Aid scheme. The company became dormant on 31st March 2025. The summary financial performance of the subsidiary alone is:

Turnover
Cost of sales and administration costs
Net assets brought forward
Net profit/(loss)
Intercompany loan written off by parent
Surplus/(loss) retained in subsidiary
The assets and liabilities of the subsidiary were:
Current assets
Current liabilities
Total net assets and aggregate share capital and reserves
7
STAFF COSTS AND NUMBERS
Staff costs were as follows:
Salaries and wages
Social security costs
Pension contributions
Redundancy costs
The number of employees whose emoluments for
the year fell within the following bands were:
£70,001 - £80,000
> £120,000		 2025
-
-
-
-
-
-
-
-
-
2025
2,410
241
184
13
2,848		 2024
-
(2)
(62)
(2)
99
35
39
(4)
(35)
2024
2,017
194
181
29
2,421
2025
Number
2
1		 2024
Number
2
1

LONDON SPORT

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2025

7 STAFF COSTS AND NUMBERS (continued)

Of these, 3 employees are accruing pension contributions of £29k (2024: 3 employees, accruing £27k).

The total employee benefits of the senior management team comprising 5 key management personnel (2024: 7 key management personnel) of the Group were £573k (2024: £423k). One of these 5 people joined London Sport during the year.

No Trustees received remuneration, nor were paid any expenses, in the current or prior year.

The average number of employees during the year was as
follows:
Charitable activities
Support
8
TANGIBLE FIXED ASSETS
Charity and group
Cost
Opening Balance as at 1 April 2024
Disposals
Closing Balance as at 31 March 2025
Depreciation
Opening Balance as at 1 April 2024
Disposals
Closing Balance as at 31 March 2025
Net Book Value as at 31 March 2025
Net Book Value as at 31 March 2024		 2025
Number
51
-
51
Leasehold
Buildings
426
(426)
-
426
(426)
-
-
-		 2024
Number
43
-
43

LONDON SPORT

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2025

9 DEBTORS: amounts falling due within one year

2025
Group
Prepayments
78
Inter-company debtors
-
Other debtors
27
105
CREDITORS: amounts falling due within one year
2025
Group
Other taxation and social security
14
Accruals
30
Deferred income
-
Other creditors
702
746		 2025
Charity
78
-
27
105
2025
Charity
14
30
-
702
746		 2024
Group
68
-
78
146
2024
Group
60
64
4
126
254		 2024
Charity
68
3
78
149
2024
Charity
60
64
4
126
254

10 CREDITORS: amounts falling due within one year

LONDON SPORT

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2025

11 ANALYSIS OF DEFERRED INCOME

Deferred income at 1 April
Applied during the year
Released during the year
Deferred income at 31 March		 2025
Group
4
-
(4)
-		 2025
Charity
4
-
(4)
-		 2024
Group
41
4
(41)
4		 2024
Charity
41
4
(41)
4
12
ANALYSIS OF GROUP NET ASSETS
BETWEEN FUNDS
Tangible fixed assets
Current assets
Current liabilities
Long-term liabilities
Net assets at 31 March 2025
Prior Year Comparison
Tangible fixed assets
Current assets
Current liabilities
Long-term liabilities
Net assets at 31 March 2024		 Restricted
Funds
-
847
(598)
-
249		 Unrestricted
Funds
-
475
(148)
-
327		 2025 Total
Funds
-
1,322
(746)
-
576
Restricted
Funds
-
584
-
-
584		 Unrestricted
Funds
-
536
(254)
-
282		 2024
Total
Funds
-
1,120
(254)
-
866

LONDON SPORT

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2025

13
ANALYSIS OF FUNDS
Unrestricted funds
Restricted funds:
Core Activities (Sport
England)
Place (Sport England)
Sport Welfare Officer (Sport
England)
Multi Sports/ Play Zones
(Sport England)
Playing Fields (Sport
England)
Opening School Facilities
(Active Partnerships)
Active Lambeth
London Health Care
Partnership - Royal Free
NHSFT
British Olympic Foundation -
Path to Paris
Civic Data Innovation
Challenge - GLA
Southwark Positive Futures
Olympism365
Other (incl. Sport England)
Group total		 Balance
at
01-Apr
2024
282
360
-
161
-
-
34
-
-
-
34
-
-
(5)
584
866		 Income
97
2,899
142
110
84
50
144
70
50
26
10
22
11
25
3,643
3,740		 Exp.
(43)
(3,259)
(107)
(235)
(73)
(23)
(140)
(26)
-
(26)
(44)
(14)
(11)
(29)
(3,987)
(4,030)		 Transfer
(9)
-
-
-
-
-
-
-
-
-
-
-
-
9
9
-		 Balance at
31-Mar
2025
327
-
35
36
11
27
38
44
50
-
-
8
-
-
249
576

Transfer relates to the correct allocation of historical funds between funds

For prior year comparison see over

Unrestricted funds :

These are funds solely managed at the discretion of the organisation, without restriction, in line with our reserves policy.

Main Restricted funds: Core activities (Sport England)

Core funding to cover the cost of running the organisation staff, office & support costs. Direct funding from Sport England under their support to Active Partnerships, with funding in place until March 2027.

LONDON SPORT

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2025

13 ANALYSIS OF FUNDS (continued)

Place (Sport England) Funding from Sport England to support system change in specific
locations cross London aimed at creating long term changes in
physical activity levels amongst those who can benefit most.
Sport Welfare Officer (Sport A programme funded by Sport England to provide expert
England) safeguarding and welfare support to key partners and
stakeholders in the sport and physical activity sector across
London.
Multi Sports/ Play Zones (Sport Funding from Sport England to enable London Sport to support
England) the development and activation of the Football Foundation's
PlayZones programme and to drive Sport England's multi-sport
agenda in London.
Playing Fields (Sport England) Funding is provided by Sport England to support the completion
of a deep dive around the issues that impact the protection of
playing fields in London and begin the process of identifying
solutions that will support efforts to protect key playing field
assets in London going forwards.
Opening School Facilities Active Funding provided by the Active Partnership Network (APN) to
Partnership Network) support the programme to help schools open their facilities to the
community to increase participation opportunities in sport and
physical activity.
Active Lambeth A programme with 5 sub projects commissioned by Lambeth
Council focused on improving activity levels, particularly for
women and girls, in the Brixton North area.
London Health & Care Partnership The LHCP includes the GLA, London Councils, NHS England and
the Office for Health Improvement and Disparities. It promotes
integrated working across health and care services.
British Olympic Foundation - Path A programme funded by the British Olympic Foundation to deliver
to Paris Olympic Sports to celebrate the lead up to the 2024 Paris
Olympics, with a focus on children and their families from LSEG
backgrounds in London boroughs of Brent and Tower Hamlets.
Civic Data Innovation Challenge - A programme funded by the GLA to map and capture key data
GLA about London's community sports clubs and organisation, to feed
into the Mayor's civic strength index.

LONDON SPORT

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2025

13 ANALYSIS OF FUNDS (continued)

Southwark Positive Futures This project aims to engage teenage girls in Peckham in regular physical activity by providing safe, accessible and appealing activity sessions. This involves partnering with local schools, community centres & clubs to deliver these sessions and gather insight to inform future work. Olympism365 Developing a 'product' with 'Health Place' to automate health referrals from the NHS into physical activity

This project aims to engage teenage girls in Peckham in regular physical activity by providing safe, accessible and appealing activity sessions. This involves partnering with local schools, community centres & clubs to deliver these sessions and gather insight to inform future work.

Prior year comparison
Unrestricted funds
Restricted funds:
Core Activities (Sport England)
Together Fund (Sport England)
Opening School Facilities (Sport
England)
Other funds - Sport England
Other funds - GLA
Other
Group total		 Balance at
01-Apr
2023
159
344
-
-
14
-
8
366
525		 Income
167
2,915
70
144
250
45
20
3,444
3,611		 Expenditure
(44)
(2,899)
(94)
(110)
(103)
(11)
(9)
(3,226)
(3,270)		 Balance
at
31-Mar
2024
282
360
(24)
34
161
34
19
584
866

LONDON SPORT

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2025

14
ANALYSIS OF PUBLIC FUNDING
Sport
England
Revenue Grants
3,310
Rental Income
-
Other Income
-
Total Income
3,310
Staff costs
2,656
Grant payments
22
Other delivery costs
234
Direct Costs
201
Support costs
607
Total Expenditure
3,720
Net Income
(410)
Cash and Deferred Income Reconciliation
Sport
England
Opening Balance
-
Cash received
3,310
Released to P&L
(3,310)
Closing Balance
-		 UK Gov
£'000
152
-
-
152
35
26
16
8
-
85
67
Greater
London
Authority
£'000
-
152
(152)
-		 Non
Public
Income
£'000
-
-
278
269
157
21
46
1
-
225
53
Non
Public
Income
£'000
278
(278)
-		 Total
£'000
3,462
-
278
3,740
2,848
69
296
210
607
4,030
(290)
Total
£'000
-
3,740
(3,740)
-

LONDON SPORT

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2025

15 OPERATING LEASES

At 31 March 2025 the group and charity had annual commitments as lessee under non-cancellable operating leases as follows:

non-cancellable operating leases as follows:
2025 2024
£'000 £'000
Due within 1 year 145 145
Due between 1 and 2 years 145 290

At 31 March 2025 the group and charity had £290k annual commitments as lessor under noncancellable operating leases (2024: £435k).

16 TAXATION

incur corporation tax charges. The Charity is not exempt from VAT and all irrecoverable VAT is included with the expenses to which it relates on the Statement of Financial Activities.

17 RECONCILIATION OF NET INCOME TO NET CASH INFLOW FROM OPERATING ACTIVITIES

Net (expenditure)/ income for the year
Add back depreciation charge
Decrease in debtors
Increase / (decrease) in creditors		 2025
Group
(290)
-
41
492
243		 2024
Group
341
-
84
(415)
10

18 RELATED PARTY TRANSACTIONS

In 2025, the following transactions took place between the Charity and its subsidiary London Sport Trading: loan write off £nil (2024: £99k). There were no other intra-group transactions in 2025 or 2024.

There were no other transactions with related parties during the year to 31 March 2025 (2024: none). The total amount of donations received from Trustees in the year was £nil (2024: £nil).