**Connecting the church and community through sports and fitness.**
## **Sports Factory**
**A Charitable Incorporated Organisation (‘CIO’)**
## **Annual Report and Financial Statements**
**for the Period Ended 31 December 2024**
Earlham Road | Norwich | Norfolk | NR2 3RG
Registered Charity Number: 1208154
www.sportsfactory.org.uk
Registered Charity Number: 1208154
## **Sports Factory**
## **Contents**
|Trustees|and Advisors .................................................................................................................................................. 1|
|---|---|
|Trustees|Annual Report for the period ended 31 December 2024 ............................................................................... 2|
|Statement of Financial Activities for the period ended 31 December 2024 ................................................................. 5||
|Balance sheet as at 31 December 2024 ...................................................................................................................... 6||
|Notes to|the financial statements for the period ended 31 December 2024 ................................................................ 7|
|1.|General information ...................................................................................................................................... 7|
|2.|Statement of compliance .............................................................................................................................. 7|
|3.|Summary of significant accounting policies .................................................................................................. 7|
|4.|Critical accounting judgements and estimation uncertainty.......................................................................... 9|
|5.|Income tax .................................................................................................................................................. 10|
|6.|Other – support costs ................................................................................................................................. 10|
|7.|Trustees ...................................................................................................................................................... 10|
|8.|Creditors: amounts falling due within one year ........................................................................................... 10|
|9.|Debtors: amounts falling due within one year ............................................................................................. 10|
|10.|Funds .......................................................................................................................................................... 10|
|11.|Related party disclosures ........................................................................................................................... 10|
**Sports Factory**
Registered Charity Number: 1208154
## **Trustees and Advisors**
**Trustees** Baldry J Henery T Huggins T (Chair) Johnson C McKie C Okwue M Petty B Yuill A **Registered Office** Mitre House, 131 Earlham Road, Norwich, Norfolk NR2 3RF **Charity Number** 1208154 **Bankers** Virgin Money, 177 Bothwell Street, Glasgow G2 7ER
1
**Sports Factory**
Registered Charity Number: 1208154
## **Trustees Annual Report for the period ended 31 December 2024**
The Trustees present their Annual Report for the financial statements of Sports Factory (‘the Charity’) for the period ended 31 December 2024.
This report has been prepared in accordance with the Charity’s governing documents, applicable law and the 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).
Sports Factory was incorporated as a Charitable Incorporated Organisation on 8 May 2024 and chosen to present a short period of account to 31 December 2024 for its first set of accounts.
## **Objectives and activities**
At Sports Factory our goal is to connect the local church and its community through sports and fitness. We inspire, train and equip churches and volunteers, supporting them to engage with their local communities to share Jesus through sports and fitness activities.
Church of England data shows that people are not flocking to church like they used to. In fact, only c.5% of the population say they know and follow Jesus. Research shows that people can get on board with values like compassion, hope and integrity but fewer hear about the good news of Jesus and can ground these principles in faith.
Studies also show that c.63% of the population engage in weekly physical activity and for this reason, this is Sports Factory’s mission field.
At Sports Factory we know how transformative faith is and we believe that faith can go hand in hand with everyday life. Through Sports Factory we blend fitness with faith.
The Charity partners with local churches to support the local church to launch a ‘Sports Factory’ in their community. Activities are delivered by employees or volunteers of the local church. The Charity provides the tried, tested and successful Sports Factory framework, mentoring, reference material, lesson plans, training, equipment available for hire, and encouragement to enable to local church to blend fitness with faith in their community.
Local Sport Factory’s run a wide range of activities including: (i) holiday clubs; (ii) sports coaching; (iii) social sport activities; (iv) fitness classes (such as
pilates); (v) activities at large events; and (vi) ‘Active R.E.’ which combines physical education with religious education in primary schools.
## **Public benefit**
The Board of Trustees have referred to the guidance contained in the Charity Commission’s published guidance on the Public Benefit requirement under the Charities Act 2011 when reviewing Sports Factory’s aims and objectives and when planning future activities.
## **Structure, governance, and management**
Sports Factory is a Charitable Incorporated Organisation (‘CIO’) with registered no. 1208154 and is governed by a constitution and was incorporated on 8 May 2024.
The registered address and principal office at which Sports Factory can be contacted and the trustees who have served during the period are set out on page 1 of these financial statements.
The constitution provides for up to 12 trustees with a minimum of 3 trustees at all times. Each trustee is appointed for a term of 3 years, and a trustee may be re-elected upon this expiry of their term of office for a maximum of three consecutive terms. New trustees are identified by having particular skills relevant to the Charity’s activities or for effective administration and governance of the CIO.
The Charity’s trustees are well-versed in its governance, financial matters, and operations. During meetings, the Chair provides updates on ongoing or persistent issues to ensure all trustees are up to date.
Upon appointment all new trustees are sent a copy of Sport Factory’s constitution, a copy of the latest trustees Annual Report, copies of the minutes of recent trustee meetings and a copy of the Charity Commission’s guidance “The essential trustee: what you need to know”. They are also encouraged to regularly consult the Charity Commission website.
## **Employees and volunteers**
Sports Factory did not have any employees during the period.
Sports Factory highly values the engagement of its volunteers. Sports Factory seeks to ensure that volunteers stay well informed regarding performance and other matters and are consulted regularly on a wide range of matters.
2
**Sports Factory**
Registered Charity Number: 1208154
## **Trustees Annual Report for the year ended 31 December 2024 (continued)**
## **Employees and volunteers (continued)**
Sports Factory is committed to equality of opportunity in all its employment and volunteer policies, practices, and procedures. Sports Factory promotes equal opportunity for all and appraises performance solely against objectives, personal attributes and potential.
## **Achievements and financial performance**
The period ended 31 December 2024 was a formative period for the CIO. Following incorporation in May 2024 the Trustees have focused on establishing the governance of the charity which enabled the charity to launch its partnership model in early 2025.
During the period Sports Factory received donations of £6,870, the majority of which was received from two donors. We express our gratitude to those doners for their support of Sports Factory and our ambition to share Jesus through sport and fitness.
Sports Factory incurred expenses during the period of £490 which were linked to formative activities of the charity in preparation of launching its partnership model for local churches.
Sports Factory has a detailed budget for the year ending 31 December 2025 which focuses on supporting the charity to grow the volume of local partner hubs and introduce training and partner support and mentoring programmes to support local partners to reach their local communities.
## **Key risks and uncertainties**
There is a risk of lack of certainty on future funding. The charity relies on raising donations to support its mission. The charity intends to introduce an annual fee structure for local partners to support the delivery of training, mentorship and resource creation.
There is a risk that Sports Factory may fail to deliver against its charitable objectives if there is a lack of clearly defined strategy. Sports Factory Trustees have significant charity experience and expertise and provide robust challenge and review of strategic direction and charitable outcomes.
There is also a risk that the charity doesn’t reach the volume of partners desired. To mitigate this risk the charities financial model and service investment is designed to expand as partner volume expands. The Trustees maintain a plan for growth with strategic focus on delivery of that plan.
The risk of reputational damage from a serious incident such as a regulatory breach or safeguarding incident. This risk is mitigated by robust internal controls and well managed policy oversight. Sports Factory draws upon the experience and expertise of its trustees and volunteers to manage this risk.
## **Reserves policy**
Sports Factory manages and controls its reserves through the annual budget process. As part of the annual budget approval process, the Trustees assess the risk of the Charity’s proposed activities for the year ahead and confirm that the Charity not only has sufficient reserves to meet its approved reserves policy but also has sufficient reserves to meet the perceived risk to the Charity from the activities it is undertaking.
Sports Factory seeks to maintain ‘free’ reserves sufficient to cover three months of fixed overhead operational expenditure at any given time.
The trustees consider that the unrestricted funds are sufficient to finance on-going charitable expenditure for the foreseeable future. The reserves policy is reviewed by the trustees on an annual basis and updated to reflect the risk profile of the Charity’s activities as required.
## **Investment policy**
Cash that is surplus to immediate requirements is held in interest bearing accounts or on time deposits.
## **Statement of Trustees’ responsibilities**
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.
The Charities Act 2011 requires the trustees to prepare financial statements for each financial year in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 “The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland”.
Under charity law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the Charity for that period.
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**Sports Factory**
Registered Charity Number: 1208154
## **Trustees Annual Report for the year ended 31 December 2024 (continued)**
## **Statement of Trustees’ responsibilities (continued)**
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the ‘Charities SORP (FRS102) make judgments and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue to operate.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity’s transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that its
financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the constitution. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps to prevent and detect fraud and other irregularities.
By order of the Board of Trustees
## **T Huggins**
Chair of the board of trustees
16 October 2025
Sports Factory Earlham Road | Norwich | Norfolk | NR2 3RG
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**Sports Factory**
Registered Charity Number: 1208154
## **Statement of Financial Activities for the period ended 31 December 2024**
|**Period ended 31 December 2024**|Notes|**Unrestricted**
**funds**|
|---|---|---|
|||**£**|
|**Income**|||
|Grant and donations|10|**6,870**|
|**Total income**||**6,870**|
|**Expenditure**|||
|Operating expenditure on charitable activities|6|**490**|
|**Total expenditure**||**490**|
|**Net income and net movement in funds for the period**||**6,380**|
|**Reconciliation of funds**|||
|Fund balances brought forward|10|**-**|
|**Fund balances carried forward**|10|**6,380**|
The statement of financial activities includes all gains and losses recognised in the period ended 31 December 2024. All income and expenditure derive from continuing activities.
The notes on pages 7 to 10 form an integral part of the financial statements.
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**Sports Factory**
Registered Charity Number: 1208154
## **Balance sheet as at 31 December 2024**
||Notes|**31 December 2024**|
|---|---|---|
|**Current assets**||**£**|
|Debtors|9|**19**|
|Cash at bank and in hand||**6,461**|
|**Total current assets**||**6,480**|
|**Creditors – amounts falling due within one year**|8|**(100)**|
|**Net current assets**||**6,380**|
|**Net assets**||**6,380**|
|**Funds**|||
|Unrestricted|10|**6,380**|
|**Total funds**||**6,380**|
The notes on pages 7 to 10 form an integral part of the financial statements.
The financial statements were authorised for issue by the board of trustees on 16 October 2025 and signed on its behalf by:
**T Huggins** Trustee
## Sports Factory
Mitre House | 131 Earlham Road | Norwich | Norfolk | NR2 3RF Registered Number: 1208154
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**Sports Factory**
Registered Charity Number: 1208154
## **Notes to the financial statements for the period ended 31 December 2024**
## **1. General information**
The principal activity of Sports Factory (‘the Charity’) is the advancement of the Christian faith for the benefit of the public, in particular but not exclusively, by educating, training and teaching about Christianity and Christian values through the use of sport and fitness initiatives to enlighten others about the Chistian faith.
Sports Factory is a Charitable Incorporated Organisation (‘CIO’) under the Charities Act 2011 (charity number 1208154). The address of its registered office is St Thomas Church Norwich, Earlham Road, Norwich, Norfolk NR2 3RG.
## **2. Statement of compliance**
The financial statements of Sports Factory have been prepared in compliance with applicable law, United Kingdom Accounting Standards, including Financial Reporting Standard 102, “The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland” (“FRS 102”), Charities SORP (FRS 102) and the Charities Act 2011. Sports Factory meets the definition of a public benefit entity under FRS 102, and applies the relevant paragraphs prefixed “PBE” in FRS 102.
## **3. Summary of significant accounting policies**
The principal accounting policies applied in the preparation of the financial statements are set out below. The policies have been consistently applied to all periods presented, unless otherwise stated. The Charity has adopted ‘FRS 102’ in these financial statements.
## **a. Basis of preparation**
These financial statements are prepared on a going concern basis, under the historical cost convention.
The preparation of financial statements in conformity with ‘FRS 102’ requires the use of certain critical accounting estimates. It also requires management exercise its judgement in the process of applying the Charity’s accounting policies. The areas involving a higher degree of judgement or complexity, or area where assumptions and estimates are significant to the financial statements are disclosed in note 4.
## **b. Going concern**
The Charity meets its day-to-day working requirements primarily through cash from donations and fund-raising activities.
The trustees have performed a detailed review of future forecasts and projections and monitor performance against an annual budget. After making enquiries, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing its financial statements.
## **c. Functional and presentational currency**
The Charity’s functional and presentational currency is pound sterling.
## **d. Income recognition**
All income resources are included in the Statement of Financial Activities when the Charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received, and the amount can be measured reliably.
Income from grants whether ‘capital’ grants or ‘revenue’ grants, is recognised when the Charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received, and the amount can be measured reliably and is not deferred.
Income received in advance of a specified service being performed is deferred and carried forward as deferred income in creditors until the criteria for income recognition is met.
## **e. Donated services and facilities**
Donated professional services, goods and facilities are recognised as income when the Charity has control over the item, any conditions associated with the donation have been met, receipt of economic benefit by the Charity is probable and economic benefit can be measured reliably. In accordance with the SORP (FRS 102), general volunteer time is not recognised as income.
On receipt, donated services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount the Charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market and a corresponding amount is then recognised in expenditure in the period of receipt.
Donated second-hand goods, or small value donated goods, are not recognised as income because the economic benefit for the Charity is not reliably measurable.
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**Sports Factory**
Registered Charity Number: 1208154
## **Notes to the financial statements for the period ended 31 December 2024 (continued)**
## **f. Expenditure**
Expenditure is recognised on an accruals basis.
Charitable expenditure comprises costs directly attributable to the delivery of Sports Factory charitable objectives.
Other support costs comprises indirectly attributable overhead costs incurred to support the delivery of the Charity’s objectives.
## **g. Grants payable**
Grants are recognised as expenditure in the period in which they are approved by the Trustees. Grants which are unpaid at the period end are carried forward as creditors.
## **h. Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **i. Fund accounting**
General funds are unrestricted and can be spent on any activities that further Sports Factory’s charitable objectives and also provide the requisite funding to maintain the Charity’s overhead costs.
Designated funds are unrestricted funds which the Trustees have decided at their discretion to set aside to use for specific purpose.
Restricted funds are resources received with performance conditions specified by the provider. These are to be used only in accordance with the performance condition attached to the fund.
## **j. Provisions and contingencies**
## _Provisions_
Provisions are recognised when the Charity has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the
likelihood of an outflow with respect to any one item included in the same class of obligations may be small.
Provisions are not made for future operating losses.
Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to the passage of time is recognised as a finance cost.
## _Contingencies_
Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when inflow of economic benefits is probable.
Contingent liabilities are not recognised. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the Charity’s control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.
## **k. Financial instruments**
The Charity has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.
## _Financial assets_
Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the statement of financial activities.
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**Sports Factory**
Registered Charity Number: 1208154
## **Notes to the financial statements for the period ended 31 December 2024 (continued)**
## **k. Financial instruments (continued)**
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the statement of financial activities.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.
Such assets are subsequently carried at fair value and the changes in fair value are recognised in the statement of financial activities, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
## _Financial liabilities_
Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
## _Offsetting_
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## **4. Critical accounting judgements and estimation uncertainty**
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
## **Critical judgements in applying the entity’s accounting policies**
## _Going concern_
The going concern assumption is one of the core principles of financial reporting. The trustees have used their judgement to review the expected future performance of the charity, taking into account available forecasts and projections, and continue to form a reasonable expectation that Sports Factory will continue in existence for the foreseeable future.
9
**Sports Factory**
Registered Charity Number: 1208154
## **Notes to the financial statements for the period ended 31 December 2024 (continued)**
## **5. Income tax**
Sports Factory is a charity within the meaning of the Taxes Act and is, therefore, eligible to claim certain exemptions to income tax and capital gains tax. Consequently, no charge to taxation has arisen for the period. Sports Factory is not registered for Value Added Tax (VAT) and cannot reclaim any VAT cost incurred.
## **6. Other – support costs**
|**6. Other – support costs**||
|---|---|
||**Period ended**|
||**31 December 2024**|
||**£**|
|Safeguarding consultancy|**156**|
|Branded materials - launch|**334**|
||**490**|
## **7. Trustees**
The trustees did not receive any remuneration or expenses in relation to their trusteeship of the charity during the period.
## **8. Creditors: amounts falling due within one year**
||**31 December 2024**|
|---|---|
||**£**|
|Trade creditors|**100**|
||**100**|
|**9. Debtors: amounts falling due within one year**||
||**31 December 2024**|
||**£**|
|Prepayments|**19**|
||**19**|
## **10. Funds**
|||**Period**|**ended 31 December 2024**|**ended 31 December 2024**||
|---|---|---|---|---|---|
||Balance at
8 May 2024|Income
received
(cash)|
Expenditure
(cash)|Expenditure
(non-cash)|**Balance at**
**31 December**
**2024**|
|**Unrestricted Funds**|£|£|
£|£|**£**|
|General|-|6,870|
(409)|(81)|**6,380**|
|**Total Unrestricted Funds**|**-**|**6,870**|
**(409)**|**(81)**|**6,380**|
## **11. Related party disclosures**
There are no related party transactions that require disclosure in these financial statements.
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