**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 spas.
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:
- Tackle inequalities so deprived communities have better access to sport and physical activity.
- Improve health and wellbeing of those from deprived communities through increased physical activity levels.
To support these ambitions, we lead the sector and work with partners to:
- Influence policies and systems.
- Galvanise national and local government, corporates, elite sport and others to get behind a collective mission.
- Empower local authorities, grassroots sports clubs and other delivery organisations to create positive change in their communities.
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:
- **i. Active Environments** : We work with planners, developers and other partners to protect, create, open-up and sustain the right environments that make it easier to engage more Londoners, especially those that are the least active, in sport and physical activity
- **ii. Health:** We work with health and physical activity system partners to integrate physical prevent and support the management of a range of health conditions and improved physical and mental health.
- **iii. Community Sport:** We work to improve access to a range of facilities for community sports organisations and their participants, and work with partners to enhance the skills, confidence and diversity of the community sport workforce to increase capacity, creating more opportunities for people to have the best experience of physical activity in a safe environment.
## **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 :
- Provide a check and challenge on London Sport strategy, operations and departmental plans from the perspective of EDI.
- Monitor progress against EDI specific metrics.
- Provide EDI specific knowledge and expertise to London Sport strategy, strengthening impact in this area.
## **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:
- strategy, ahead of them
- going to the Board for approval.
- Regularly review the impact London Sport is having against its strategic priorities.
- Provide oversight to ensure that resources are being appropriately deployed towards the strategic priorities.
## **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:
- select suitable accounting policies and then apply them consistently
- observe the methods and principles of the Charities SORP
- make judgements and estimates that are reasonable and prudent
- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements
- prepare the financial statements on the going concern basis unless it is inappropriate to 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 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:
- including its 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 Act 2006 and the Charities Act 2011.
## **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:
- the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- applicable legal requirements.
## **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:
- adequate and sufficient accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
- records and returns; or
- we have not received all the information and explanations we require for our audit; or
## **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:
- We obtained an understanding of the group and parent charitable company and the sector in which they operate to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained our understanding in this regard through discussions with management, sector research and application of cumulative audit knowledge and experience of the sector.
- We determined the principal laws and regulations relevant to the group and parent charitable 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 charitable company with those laws and regulations. These procedures included, but were not limited to enquiries of management, review of minutes and review of legal and regulatory correspondence.
- We also identified the risks of material misstatement of the financial statements due to fraud. We considered, in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, that that there is potential for management bias in the recognition of grant income. For the year ended 31 March 2025, we reviewed grant agreements to identify any performance conditions to ensure recognition was in line with 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 but were not limited to: the testing of journals; reviewing accounting estimates for evidence of bias; and evaluating the business rationale of any significant transactions 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 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).