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2024-03-31-accounts

Fitness and friendship for everyone

Annual Report and Financial Statements (unaudited) For the year ended 31 March 2024

Colombo Street Community and Sports Centre Company number: 1933656 Charity number: 292623

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Annual Report and Financial Statements (unaudited) For the year ended 31 March 2024

Contents

Who we are . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 What we do . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 A message from our Chair . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Reference and administrative information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Management Committee’s report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Statement of financial activities (incorporating an income and expenditure) . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Independent examiner’s report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Notes to the financial statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

Colombo Street Community and Sports Centre for the year ended 31 March 2024

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Who we are

What we do

Colombo Street Community and Sports Centre (The Colombo Centre)

Colombo Street Community and Sports Centre is a registered charity. The Centre is located on Colombo Street, at the heart of the community in North Southwark, with sports pitches on Hatfield and Paris Gardens. The Colombo Centre offers a community room, gym, studios, meeting rooms, kitchen, and therapy rooms

Jubilee Hall Trust (JHT)

The Colombo Centre is operated by not-for-profit sports trust, Jubilee Hall Trust.

Coin Street Centre Trust (CSCT)

Coin Street Centre Trust is the registered charity that oversees the running of The Colombo Centre gym and facilities.

The Colombo Centre provides a truly affordable, welcoming and inclusive space for people to get active and make friends.

Income generated from gym membership and hire of the outdoor pitches stays in the neighbourhood. It is used to manage and maintain the facilities and, in partnership with Coin Street, provides a wide range of free and low- fee sports, fitness and wellbeing activities for people of all ages and abilities in the community.

We are proud to offer membership fees at great value, including special discounts for local residents. This means we are accessible to those who may not otherwise be able to afford the gym, such as older adults, young people and individuals on low income.

Free memberships are allocated each year to those who benefit the most. Our partners, Coin Street, work with local schools, charities and services, who refer families and individuals to access the scheme who may benefit from the specialised support the centre offers. This service is not provided by mainstream gyms in the area.

Colombo Street Community and Sports Centre for the year ended 31 March 2024

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Watch three 60 second films on the Coin Street YouTube channel: Click on the images below

View more on our YouTube channel

Football

Gym Coffee Morning

Colombo Street Community and Sports Centre for the year ended 31 March 2024

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A message from our Chair

The past year has been both challenging and rewarding for the Colombo Centre. As a hub for connection, health and well-being, its role has never been more critical. By March 2024, our gym membership reached 610, including 144 with free memberships (20.28%), 196 corporate members and 310 local residents. The gender breakdown shows 74% male and 26% female.

In partnership with Coin Street, a rich programme of youth and community activities were delivered at the Centre. There were 376 participants identified from 6 faith groups and from 74 ethnic communities. 31% (207 people) had a health condition, allergy, disability or additional need.

We continue our efforts to diversify participation, expand access, and adapt in meeting our community’s evolving needs.

The rising cost of living has disproportionately impacted vulnerable groups, especially older adults, exacerbating health and social issues. In response, we increased services, transforming our community room into a warm and welcoming refuge and opening our pitches for free to local young people. We also provided free gym memberships to adults facing financial or health challenges, ensuring access to fitness and support.

Our ongoing fundraising efforts helped us secure funds for new and accessible gym equipment, helping to improve the experience of gym users and attract paying members to the Centre.

Looking ahead, we expect further progress on the Doon Street leisure centre project, part of a larger Coin Street development, which will include a public swimming pool. Once complete, we’ll work with Coin Street Centre Trust to deliver high-quality facilities for our community that complement this new development, reaching even more people in our community.

Despite challenges, such as an aging building and the impact of remote work on central London gyms, we remain committed to advancing our “gym for good” model. The Colombo Centre will continue to be a place where fitness, friendships, and community thrive, offering a warm and welcoming environment all year round.

Leonard Goodrich Chair

Colombo Street Community and Sports Centre for the year ended 31 March 2024

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('( Colombo Str&t Community and Sports Centre forthe year ended 31 March 2024

Core gym membership By March 2024

Members 610

20[%] Free ( 144 )

28[%] Corporate ( 196

44[%] Residents ( 310 )

8[%]

Other members ( 60

74[%] 26[%] Male Female

Youth and community programmes supported By March 2024

48[%] Females ( 315 )

52[%] Males ( 340 )

376 participants

74 6 ethnic communities faith groups

207 individuals live with a health condition, allergy, disability, or additional needs.

Colombo Street Community and Sports Centre for the year ended 31 March 2024

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“I just enjoy the vibes here how everyone is with each other. I never feel left out, I always feel included. Physically the Colombo Centre has helped me a lot but also emotionally to control emotions and how to communicate and interact with other people. It’s helped a lot.”

Laura Footballer →

“Young people have a youth club, youth gym, football sessions. They get to be in activities that are led by trained coaches and have fun with their friends in a safe environment.”

Danny

← Lead Youth and Community Worker

“Using football as the tool can help impact these kids in a way where they could not just learn football skills and things like that, but they can also socialise and meet new friends. There isn’t much for kids in this area to do and the Colombo Centre sessions allows them to get their endorphins running in their bodies and keep them smiling.”

Sheldon Football Coach →

Colombo Street Community and Sports Centre for the year ended 31 March 2024

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“Knowing I could come out and meet new people and old friends just means so much. I get the quiz questions wrong, but does it matter? It’s just a bit of fun”.

Pat

← Long-time Coffee Morning Participant and Resident

“What’s special about this gym is when you walk in you see lots of different types of people, different body shapes and ages. Instructors are great at being inclusive they’re just happy someone stepped through the door to try something, and they really mould the sessions around them”.

Nishi

Youth and Community Programme →

“People enjoy coming to coffee morning because it’s their space, they feel at ease, they like to talk with each other. Our attendees also like the competitiveness of our quizzes, it’s something to look forward to each week.”

Lola

← Sessional Worker

Colombo Street Community and Sports Centre for the year ended 31 March 2024

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Fitness and friendship for everyone

Fitness and friendship for everyone

Colombo Street Community and Sports Centre for the year ended 31 March 2024

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Good health and wellbeing across a lifetime are priorities for the Colombo Centre and Coin Street .

Everyday life in a busy city can, at times, be stressful and isolating.

We tackle this through opportunities to get active and healthy, connecting people for friendship and laughter, and offering space to think and talk when a bit of expert help is needed.

Strategic objective

We aim to maximise health and wellbeing in our neighbourhood by:

Why a health and wellbeing hub for our

community is needed

The Colombo Centre has been a community hub for generations, with parents sharing memories of roller skating in the main hall or attending playgroups in what is now the community room.

Guys and St Thomas’ Foundation Trust in its Quality report identifies key health issues in Lambeth and Southwark: child obesity, multiple long-term conditions in those over 50, air pollution, and mental health across all ages. Loneliness is considered as dangerous as smoking 15 cigarettes a day.

Post-pandemic, we have seen increased fragility in our community. Many struggle to get doctor appointments and face rising utility bills, forcing them to make tough choices. Support services are dwindling while demand grows.

Our response is a hub approach, integrating various health and wellbeing services to strengthen local support.

A study reported in the British Medical Journal found that a combination of healthy lifestyle choices, such as regular exercising and socialising, help slow the rate of memory decline and reduce the risk of dementia. Dementia has been named as one of the greatest global challenges and is rising in London as well as nationally.

This year, we continued to offer affordable studio space to diverse groups:

Colombo Street Community and Sports Centre for the year ended 31 March 2024

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A health and wellbeing hub for our community

A health and wellbeing hub for our community

Colombo Street Community and Sports Centre for the year ended 31 March 2024

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In partnership with Coin Street, we continue to support the health and wellbeing of our community through an annual programme of youth and community activities .

Activities included:

— Feel Good Saturday: For over 50s, offering gentle massage, yoga, stretch, gym circuits, and spin classes.

— Gentle Gardeners: A volunteer group of all ages involved in planting, weeding, and growing across local green spaces, followed by a social lunch at the Colombo Centre.

— Fitness Classes for older adults: Pilates, dance aerobics, and stretch and tone classes.

Our approach focuses on building good health and wellbeing habits in young people and maintaining them in older people.

Local clubs enjoy the facilities all year round

Our partnership with Powerplay, managing popular weekday football and netball leagues, helps subsidise free community access to the Centre on weekday evenings and weekends. We run initiatives to get older adults back into football and netball.

Local clubs who used the facilities regularly include:

— Tea Dances: Social dances for older people.

Colombo Street Community and Sports Centre for the year ended 31 March 2024

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A health and wellbeing hub for our community

Case Study Stuart

The Colombo Centre, led by Stuart Flude, is a true neighbourhood hub for locals of all ages in central London. With over 30 years of experience, Stuart’s commitment to community wellbeing shines through in every aspect of the Centre.

This isn’t a flashy, high-cost gym—it’s a welcoming space that breaks down barriers to fitness. For people facing real financial struggles, the Centre even offers free memberships, ensuring no one is excluded.

During the pandemic, the closure of the Centre had a profound impact on the community’s mental and physical health, reminding everyone just how essential this space is. More than a gym, the Colombo Centre is a place where local people of all ages come together to stay healthy, make friends, and feel part of something special.

“This place is for everyone— whether you’re a young adult starting your fitness journey or a senior looking to stay active.”

Case Study Kenny

“Stepping into the gym was all new to me. I feel fitter—like I’ve really achieved something. Without it, I’d probably still be doing nothing.”

Kenny had been a regular at the Colombo Centre’s Feel-Good Saturday sessions for several months when the encouragement of the team led him to step out of his comfort zone and try the gym for the first time. Previously, he admits, exercise hadn’t been a big part of his life.

But the experience at the Colombo Centre has meant more to Kenny than just physical fitness. The sessions have given him a sense of camaraderie and friendship. Surrounded by people he’s known for years, he says, “We’re like a big team.”

The Centre also offers a variety of activities for the over-50s, adding to its appeal for Kenny. From summer boat trips to Christmas dinners and even group gardening along the South Bank, the activities bring joy and purpose to his week.

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Case Study Philip

Philip, a dedicated youth gym participant and passionate Manchester United fan, dreams of becoming both a professional footballer and an engineer.

He discovered the youth gym a few years ago through a friend’s recommendation and immediately felt welcomed. Since then, he’s been a regular participant, finding the gym to be a vital space to unwind and relieve stress from school and other responsibilities.

For Philip and other young people in his community, the youth gym provides not only a break from daily pressures but also a boost in self-esteem, confidence, and a chance to connect with peers.

Alongside the gym, Philip also attends a weekend football club, where he learns valuable life skills. Through these sessions, he’s developed respect, discipline, and a positive attitude; qualities he believes are essential for success in life.

“Sports and fitness activities like youth gym give young people a place to de-stress, build confidence, and just have fun with friends.”

Colombo Street Community and Sports Centre for the year ended 31 March 2024

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A health and wellbeing hub for our community

Case Study Umar*

“I like that it builds my confidence and communication with other people.”

Umar, a dedicated youth gym participant, Arsenal supporter, and admirer of Bukayo Saka, values the opportunities provided by the youth gym at the Colombo Centre.

Engaging in these activities at a young age has been significant for him, offering a platform to meet new people and maintain physical fitness. He appreciates how the gym environment has enhanced his confidence and communication skills, enabling him to converse with others, even those he doesn’t know.

Notably, Umar has observed a positive change in his social interactions, stating that he has been speaking more over the past few years since joining activities at the Colombo Centre.

Beyond social benefits, Umar recognises the physical advantages of regular exercise, such as building core strength and overall fitness. He also finds that engaging in gym activities serves as a constructive outlet, helping to divert his mind from personal challenges. Looking ahead, Umar aspires to pursue a career in construction, aiming to support his family financially

Umar* is not the real name of the young person in this case study.

Case Study Farah*

“Being able to come into a gym and just enjoy ourselves, without feeling judged, is something every young woman should experience.”

Farah, a dedicated participant in both the youth and girls-only gym sessions at The Colombo Centre, recently added boxing to her fitness routine. Balancing schoolwork and revision, she finds it challenging to make time for herself outside of her bedroom. However, the gym provides her with a much-needed outlet to stay fit and mentally recharge.

Attending sessions on Thursdays and Fridays, Farah appreciates the supportive environment created by the trainers. She values the opportunity to relax into her workouts while challenging herself, which she finds crucial for her mental health, especially during her GCSEs and A Levels.

For Farah, the girls-only sessions are particularly meaningful. In a gym culture often dominated by men, she feels comfortable and supported working out alongside her friends. Having a female trainer who understands the unique challenges young women face with body image and self-esteem is empowering.

Farah* is not the real name of the young person in this case study.

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Case Study Engin

Engin joined the Colombo Centre as a 17-year-old apprentice. Now, a qualified personal trainer and massage therapist, he enjoys helping people get active, and achieve their health and fitness goals.

One thing that inspires Engin is the transformation he’s seen in older gym members. Many joined the gym with limited mobility—some even relied on walking sticks or oxygen pumps. Engin has worked with individuals over time, so they can move more confidently and independently. For example, building their strength and flexibility for everyday tasks, like picking up dropped items, reaching for tins, or opening doors.

Older adults can participate in a variety of sessions at the Colombo Centre, ran by Coin Street, such as Feel Good Saturdays, coffee morning, and Gentle Gardening club. For Engin, nothing beats seeing the joy and confidence that radiate from the seniors each week.

“Some used walking sticks, one even carried an oxygen pump. Now, they no longer need them.”

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Reference and administrative information

Company number 1933656

Charity number 2926239

Management Committee

The Management Committee, who are also directors under company law, who served during the year and up to the date of this report were as follows:

Secretary

David Hopkins

Key management personnel Stuart Flude, Colombo Centre Manager

Registered office Coin Street neighbourhood centre 108 Stamford Street London SE1 9NH

Leonard Goodrich (Chair)

Jo-Anna Van Den Bosch (Vice Chair)

Bankers

HSBC 28 Borough High Street London SE1 1YB

Solicitors

Operational address Colombo Street Community and Sports Centre 34-68 Colombo Street London SE1 8DP

Peter Stephens (Treasurer)

Yvonne Afriyie

Elizabeth Frimpong

Annoula Peppas Alexandra Perry Claire Reindorp

Bates Wells 10 Queen Street Place London EC4R 1BE

Independent examiner

Noelia Serrano FCA Sayer Vincent LLP Chartered Accountants and Statutory Auditors 110 Golden Lane London EC1Y 0TG

Christopher Symons

Patrick Wallace

Alice Wilcock

The Management Committee present their report and the unaudited financial statements for the year ended 31 March 2024.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice – Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

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Management Committee’s report

Structure, governance, and management

The organisation is a charitable company limited by guarantee, incorporated in July 1985, and registered as a Charity in December 1985.

The company was established under a memorandum of association which established the objects and powers of the charitable company and is governed under its articles of association.

Management and operation of the centre

Jubilee Hall Trust Limited (JHT) manages the staff and the Centre including the related outdoor sports facilities on behalf of the Charity. JHT is a registered Charity and one of the foremost providers of community fitness facilities in London.

The Centre is managed by Stuart Flude, one of Jubilee Hall Trust’s most experienced centre managers. The Colombo Street Community and Sports Centre is proud to be a London Living Wage employer. Staff pay is reviewed annually to ensure appropriately skilled staff can be recruited and retained.

Recruitment and appointment to the

Management Committee

Committee members are appointed by Coin Street Centre Trust which is the sole member of the Charity. The Management Committee takes decisions on policies, strategies and sets objectives and targets.

All Management Committee members give their time voluntarily. No Committee member received any remuneration or reimbursement of expenses (2023: nil).

Financial review

The Charity had an operating surplus of £221,440 for the year ended 31 March 2024 (2023: £62,869 deficit), mainly due to a single £275,000 donation but also a continued increase in membership and use of sports facilities, it was adversely impacted mainly by the increase in staff costs in the year.

The Charity works closely with Coin Street Community Builders (CSCB), a local social enterprise and development trust.

In the short to medium term, it has a strong working capital position; at 31 March 2024 the Charity had net assets of £459,179 (2023: £237,739).

Training and induction of Trustees

CSCT is the sole member of The Colombo Centre. Trustees receive an induction to The Colombo Centre within a broader induction to CSCT and the Coin Street “family” of organisations. The induction involves a selection of key digital documents as well as a two hour in-person training session.

Trustees also receive regular safeguarding training, and we are exploring how to further expand governance training to Trustees.

The Management Committee have designated funds of £364,730 (2023: £203,894). These funds represent the amount of the Charity’s funds which are tied up in tangible fixed assets; a sinking and repair and maintenance fund to contribute to larger capital investment needed to the centre and outdoor facilities; ringfenced provision for community programme support; and also, a sum set aside to facilitate long-term planning.

General funds were £94,449 (2023: £33,845). The current policy on reserves requires that free reserves shall be maintained to provide for the ability to continue in operation in the short to medium term in the event there are unforeseen challenges, estimated to equate to two to three months of operational expenditure. Based on this

Colombo Street Community and Sports Centre for the year ended 31 March 2024

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Management Committee’s report

approach and on 23/24 expenditure levels, the target would be between £96k and £144k. the trustees understand that there is a need to build back those reserves with that target in mind but also need to ringfence a significant part of the recent donation to urgent repairs and maintenance of the centre. In the meantime, more general funds could be used for repairs if needed.

Based on this information the Management Committee consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.

Risk management

As part of work commissioned by the Coin Street “family” of organisations, The Colombo Centre’s risk management maturity has been assessed by PwC. A new risk management handbook is under development along with the piloting of a new risk assessment schedule and are scrutinised more closely by the newly formed Coin Street Audit & Risk Commitee.

The Colombo Centre will continue to work closely with Coin Street Centre Trust and Jubilee Hall Trust to effectively manage risk across the centre and its operations.

Purpose and aims

The Charity’s objectives are

“to promote the benefit of those resident or working in the United Kingdom with a particular focus on Greater London, without distinction of sex and of political or religious or other opinions, by associating the local authorities, voluntary organisations and said residents and workers in a common effort to advance the education of the public and to improve full time facilities in the interests of the social welfare for recreation and leisure time occupation with the object of improving the conditions of life for the said residents and workers.”

The Management Committee reviews the aims, objectives, and activities of the Charity each year.

This report looks at what the Charity has achieved and the outcomes of its work in the reporting period.

The Management Committee report the success of each key activity and the benefits the Charity has brought to those groups of people that it is set up to help.

The review also helps the Management Committee ensure the Charity’s aims, objectives and activities remained focused on its stated purposes.

The Management Committee have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning its future activities. In particular, the Management Committee consider how planned activities will contribute to the aims and objectives that have been set.

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Achievements and performance

The Charity’s main activities and those it aims to help are described below. All its charitable activities focus on recreational activities and are undertaken to further Colombo Street Community and Sports Centre’s charitable purposes for the public benefit.

The Centre combines a community centre, inclusive gym, dance studio, meeting rooms and kitchen, therapy rooms and studios and offers free and low-cost activities across seven days a week for families, seniors, young people and those on low incomes.

Looking forwards

The Colombo Centre intends to deliver the services and activities outlined in this report, assuming appropriate levels of funding continue for the organisation.

In the next year we will work with our partners at Coin Street Centre Trust and Jubilee Hall Trust to consider how the centre and its services should evolve to meet the needs of the community in the context of the development of new leisure and community facilities at the nearby Doon Street site. We see great potential for the Colombo Centre to expand its offer for local people through both improvements to the building and an extension of the health and wellbeing activities we provide.

Our gym is open to all and caters to adults of all ages, as well as young people under professional supervision.

Our community sessions based at the Centre are focused on families, children, and young people, and those aged over 50.

Our movement sessions aim to be completely inclusive and include those with mobility, sight, and hearing issues.

Our approach is led by the needs and opportunities within our community. We continue to focus our activities where they can make the most impact and aim to be responsive in finding timely solutions where issues arise.

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Management Committee’s report

Statement of responsibilities of the Trustees

The Management Committee are responsible for preparing the Management Committee’s annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Management Committee to prepare financial statements for each financial year which give a true and fair view of the situation of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Management Committee are required to:

The Management Committee is responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They 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 Management Committee is responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The opinion of the Management Committee is that the company is entitled to the exemptions conferred by section 477 of the Companies Act 2006 relating to small companies.

The Management Committee acknowledge the following responsibilities:

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime in so far as the Management Committee is aware.

Members of the Charity guarantee to contribute an amount not exceeding £1 to the assets of the Charity in the event of winding up. The Management Committee have no beneficial interest in the Charity.

Independent examiner

Noelia Serrano was re-appointed as the charitable company’s independent examiner during the year and has expressed her willingness to continue in that capacity.

The Management Committee’s annual report has been approved by the Management Committee and signed on their behalf by:

Leonard Goodrich Chair

David Hopkins Secretary

10 December 2024

Colombo Street Community and Sports Centre for the year ended 31 March 2024

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Independent examiner’s report

I report to the management committee on my examination of the accounts of Colombo Street Community and Sport Centre for the year ended 31 March 2024.

This report is made solely to the Trustees as a body, in accordance with the Charities Act 2011. My examination has been undertaken so that I might state to the Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Trustees as a body, for my examination, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the Charity Trustees of the Company you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’)/Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011 (‘the 2011 Act’).

Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accounts in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. Accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. The accounts do not accord with those records; or 3. The accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or

  3. The accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities; or

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Noelia Serrano FCA

Sayer Vincent LLP Chartered Accountants and Statutory Auditors 110 Golden Lane London EC1Y 0TG

Date: 30 January 2025

Colombo Street Community and Sports Centre for the year ended 31 March 2024

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Statement of financial activities (incorporating an income and expenditure account) For the year ended 31 March 2024

Note
Unrestricted
£
Income from:
Donations and legacies
2
277,703
Charitable activities
Membership subscriptions and fees
171,166
Hatfields and Paris Gardens sports fields
295,557
Other income from Centre activities
5,398
Other trading activities
3
49,312
Interest
2,308
Other income
3,000
Total income
804,444
Expenditure on:
Raising funds
4
4,558
Charitable activities
Sports centre
4
578,446
Total expenditure
583,004
Net income/(expenditure) income for the year
5
221,440
Reconciliation of funds:
Total funds brought forward
237,739
Total funds carried forward
459,179		 Total 2024
Unrestricted
£
£
277,703
44,219
171,166
129,404
295,557
271,350
5,398
4,203
49,312
41,559
2,308
558
3,000
16,750
804,444
508,043
4,558
2,590
578,446
568,322
583,004
570,912
221,440
(62,869)
237,739
300 608
459,179
237,739		 Total 2023
£
44,219
129,404
271,350
4,203
41,559
558
16,750
508,043
2,590
568,322
570,912
(62,869)
300,608
237,739

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 13a to the financial statements.

Colombo Street Community and Sports Centre for the year ended 31 March 2024

24

Balance sheet As at 31 March 2024

Company no . 01933656

Note
Fixed assets:
Tangible assets
10
Current assets:
Debtors
11
Cash at bank and in hand
Liabilities:
Creditors: amounts falling due within one year
12
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after one year
14
Total net assets
The funds of the charity:
16a
Unrestricted funds:
Designated funds
General funds
Total unrestricted funds
Total charity funds		 £
57,827
404,581
462,408
(86,267)
364,730
94,449		 2024
£
103,112
103,112
376,141
479,253
(20,074)
459,179
459,179
459,179		 £
34,329
175,152
209,481
(63,438)
203,894
33,845		 2023
£
122,330
122,330
146,043
268,373
(30,634)
237,739
237,739
237,739

The opinion of the directors is that the company is entitled to the exemptions conferred by section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge the following responsibilities:

Approved by the Management Committee and signed on their behalf by

Leonard Goodrich Chair Date: 10 December 2024

David Hopkins Secretary

Colombo Street Community and Sports Centre for the year ended 31 March 2024

25

Statement of cash flows For the year ended 31 March 2024

Cash flows from operating activities
Net income/(expenditure) for the reporting period
(as per the statement of financial activities)
Depreciation charges
Dividends, interest and rent from investments
(Increase) in debtors
Increase in creditor
Net cash used in operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of fixed assets
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2024
£
221,440
19,658
2,308
(23,498)
12,269
(2,308)
(440)		 £
232,177
(2,748)
229,429
175,152
404,581		 2023
£
(62,869)
27,669
558
(3,107)
2,207
(558)
(46,620)		 £
(35,542)
(47,178)
(82,720)
257,872
175,152

Colombo Street Community and Sports Centre for the year ended 31 March 2024

26

Notes to the financial statements For the year ended 31 March 2024

1. Accounting policies

a) Statutory information

Colombo Street Community and Sports Centre is a charitable company limited by guarantee and is incorporated in England.

The registered office address is Coin Street Neighbourhood Centre, 108 Stamford Street, London, SE1 9NH.

b) 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) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

d) Going concern

The charity has a surplus in the reporting year mainly due to a single donation of £275,000 without which the charity would have had an operational deficit, however there is a continued increase in membership and income from charitable activities which was offset but an increase in staff costs for the year. Trustees do expect the charity to return to profitability which will be supported by investment in the facilities and are reviewing the activities and use of the Colombo Sports Centre and ways it can be refreshed to ensure long term viability. £200,000 has been designated to support this more significant major works to maintain the building and the charity has a strong reserves position. Based on this the Management Committee consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.

e) Income

Income is recognised 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 that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, which is recognised in other income.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

Colombo Street Community and Sports Centre for the year ended 31 March 2024

27

Notes to the financial statements For the year ended 31 March 2024

1. Accounting policies (continued)

f) Donations of gifts, services and facilities

On receipt, donated gifts, professional services and donated 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; a corresponding amount is then recognised in expenditure in the period of receipt.

g) Fund accounting

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the Management Committee for particular purposes.

h) Expenditure and irrecoverable VAT

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

i) Allocation of support costs

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

Colombo Street Community and Sports Centre for the year ended 31 March 2024

28

Notes to the financial statements For the year ended 31 March 2024

1. Accounting policies (continued)

j) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £500. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Where fixed assets have been revalued, any excess between the revalued amount and the historic cost of the asset will be shown as a revaluation reserve in the balance sheet.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

– Leasehold costs Remaining lease term (terminates December 2044)  – Centre equipment 3-5 years  – Fixtures and fittings 10 years

k) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

l) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

m) 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.

n) Pensions

The charitable company offers employees an auto enrolment pension scheme to which they make contributions unless they choose to opt out. The pension cost charge represents contributions payable by the charitable company to the scheme. The charitable company has no liability under the scheme other than for the payment of those contributions.

o) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Colombo Street Community and Sports Centre for the year ended 31 March 2024

29

Notes to the financial statements For the year ended 31 March 2024

2. Income from donations and legacies (unrestricted)

Donations
Coin Street Community Builders (CSCB)
Other donors		 Total 2024
£
275,000
2,703
277,703		 Total 2023
£
-
44,219
44,219

3. Income from other trading activities (unrestricted)

Room hire Total 2024
£
49,312
49,312		 Total 2023
£
41,559
41,559

4a. Analysis of expenditure (current year)

Raising
funds
£
Staf costs (Note 6)
-
Other staf costs
-
Youth and community
-
Information technology
-
Centre management fees
-
Premises costs
-
Publicity
4,558
Accountancy and Independent examination
-
Depreciation
-
Other support costs
-
4,558
Support costs
-
Governance costs
-
Total expenditure 2024
4,558
Total expenditure 2023
2,590		 Sports
Centres
£
187,353
-
1,923
17,746
114,552
162,337
-
-
19,658
-
503,569
62,823
12,054
578,446
568,322		 Governance
costs
£
-
-
-
-
-
-
-
12,054
-
-
12,054
-
(12,054)
-
-		 Support
costs
£
10,479
17,479
-
-
-
-
-
11,207
-
23,658
62,823
(62,823)
-
-
-		 Total
2024
£
197,832
17,479
1,923
17,746
114,552
162,337
4,558
23,261
19,658
23,658
583,004
-
-
583,004		 Total
2023
£
171,125
9,794
12,810
15,101
151,008
140,720
2,590
11,322
27,669
28,773
570,912
-
-
570,912

Colombo Street Community and Sports Centre for the year ended 31 March 2024

30

Notes to the financial statements For the year ended 31 March 2024

4b. Analysis of expenditure (prior year)

Staf costs (Note 6)
Other staf costs
Youth and community
Information technology
Centre management fees
Premises costs
Publicity
Accountancy and Independent examination
Depreciation
Other support costs
Support costs
Governance costs
Total expenditure 2023		 Raising
funds
£
-
-
-
-
-
-
2,590
-
-
-
2,590
-
-
2,590		 Sports
Centres
£
160,858
-
12,810
15,101
151,008
140,720
-
-
27,669
-
508,166
50,676
9,480
568,322		 Governance
costs
£
-
-
-
-
-
-
-
9,480
-
-
9,480
-
(9,480)
-		 Support
costs
£
10,267
9,794
-
-
-
-
-
1,842
-
28,773
50,676
(50,676)
-
-		 Total
2023
£
171,125
9,794
12,810
15,101
151,008
140,720
2,590
11,322
27,669
28,773
570,912
-
-
570,912

5. Net income for the year

This is stated after charging:

This is stated after charging:
Total 2024 Total 2023
£ £
Depreciation 19,658 27,669
Independent Examiner’s Fee (excluding VAT):
Independent Examination 6,950 6,500
Other services 1,500 1,400

Colombo Street Community and Sports Centre for the year ended 31 March 2024

31

Notes to the financial statements For the year ended 31 March 2024

6. Analysis of staff costs, remuneration and expenses of members of the Management Committee, and the cost of key management personnel)

Staff costs were as follows:

Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes
Maintenance staf		 Total 2024
£
166,256
11,924
9,172
10,479
197,831		 Total 2023
£
138,333
10,601
11,924
10,267
171,125

No employee earned more than £60,000 during the year (2023: nil).

The total employee benefits (including pension contributions and employer’s national insurance) of the key management personnel were £47,811 (2023: £45,469). The key management personnel’s employee benefits were paid by Jubilee Hall Trust, and were repaid by the Charity via centre management fees. These costs are not included in the salaries and wages above.

Members of the Management Committee were neither paid nor received any other benefits from employment with the charity in the year (2023: £nil). No member of the Management Committee received payment for professional or other services supplied to the charity (2023: £nil).

No members of the Management Committee incurred expenses in the year (2023: £nil).

7. Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 9 (2023: 8).

Colombo Street Community and Sports Centre for the year ended 31 March 2024

32

Notes to the financial statements For the year ended 31 March 2024

8. Related party transactions

Colombo Street Community and Sports Centre is party to a number of transactions related to Coin Street Community Builders (CSCB). During the year there were the following transactions between the two organisations:

Total 2024 Total 2023
£ £
Gift in kind from CSCB
Donations from CSCB - 41,894
275,000 -

During the year CSCB paid the charity standard rate gym membership fees for their staff, volunteers and community members £9,750 (2023: £8,918) no staff were provided by Coin Street Community Builders. Last year when this occurred it was recognised as a gift in kind of £0 (2023: £41,894).

Coin Street Centre Trust (CSCT) is the Charity’s sole member and thereby its parent charity. Coin Street Centre Trust is a registered charity (number 296219) and a company (limited by guarantee 02095752).

There are no other donations from related parties which are outside the normal course of business and no restricted donations from related parties.

9. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

Colombo Street Community and Sports Centre for the year ended 31 March 2024

33

Notes to the financial statements For the year ended 31 March 2024

10. Tangible fixed assets

Leasehold
property
improvements
£
Cost
At the start of the year
374,753
Additions in year
-
At the end of the year
374,753
Depreciation
At the start of the year
273,886
Charge for the year
15,143
At the end of the year
289,029
Net book value
At the end of the year
85,724
At the start of the year
100,867		 Fixtures
and
fittings
£
99,877
-
99,877
91,340
1,964
93,304
6,573
8,537		 Centre
equipment
£
241,617
440
242,057
228,691
2,551
231,242
10,815
12,926		 Total
£
716,247
440
716,687
593,917
19,658
613,575
103,112
122,330

The Charity holds leases on its main sports centre premises and its two sports grounds at peppercorn rents. The Centre premises are held for 125 years to November 2112 and the sports grounds are both held for 40 years to December 2044.

All of the above assets are used for charitable purposes.

11. Debtors

Trade debtors
Other debtors
Prepayments and accrued income		 Total 2024
£
23,596
6,892
27,339
57,827		 Total 2023
£
21,332
7,382
5,615
34,329

Colombo Street Community and Sports Centre for the year ended 31 March 2024

34

Notes to the financial statements For the year ended 31 March 2024

12. Creditors: amounts falling due within one year

Trade creditors
Taxation and social security
Amounts owed to associated undertakings
Accruals
Bank loans
Deferred income (Note 13)		 Total 2024
£
25,507
2,399
1,567
45,794
10,648
352
86,267		 Total 2023
£
24,149
2,276
1,383
24,480
9,605
1,545
63,438

13. Deferred income

Deferred income comprises funding received in advance.

Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year		 Total 2024
£
1,545
(1,545)
352
352		 Total 2023
£
6,750
(6,750)
1,545
1,545

14. Creditors: amounts falling due after one year

Bank loans
Amount released to income in the year		 Total 2024
£
20,074
20,074		 Total 2023
£
30,634
30,634

Bounce Back loans totalling £30,722 (2023: £41,282) is part of a Government backed scheme guaranteed by the Governments supporting businesses affected by Covid-19. The loan is the for 5 years, with the first repayment was due in May 2022. It’s charged at an interest of 2.5%.

Colombo Street Community and Sports Centre for the year ended 31 March 2024

35

Notes to the financial statements For the year ended 31 March 2024

15a. Analysis of net assets between funds (current year)

Tangible fixed assets
Non-current liabilities
Net current assets
Net assets at 31 March 2024		 General
unrestricted
£
-
(20,074)
114,523
94,449		 Designated
£
103,112
-
261,618
364,730		 Total funds
£
103,112
(20,074)
376,141
459,179

15b. Analysis of net assets between funds (prior year)

Tangible fixed assets
Non-current liabilities
Net current assets
Net assets at 31 March 2023		 General
unrestricted
£
-
(30,634)
64,479
33,845		 Designated
£
122,330
-
81,564
203,894		 Total funds
£
122,330
(30,634)
146,043
237,739

16a. Movements in funds (current year)

Designated funds:
Fixed assets fund
Sinking Fund
Feasibility study
Repairs and Maintenance
Community programmes support
Total designated funds
General funds
Total funds		 At 1 April
2023
£
122,330
19,946
30,000
7,487
24,131
203,894
33,845
237,739		 Income
& gains
£
-
-
-
200,000
-
200,000
604,444
804,444		 Expenditure
& losses
£
(19,658)
(19,946)
-
-
-
(39,604)
(543,400)
(583,004)		 Transfers
At 31 March
2024
£
£
440
103,112
-
-
-
30,000
-
207,487
-
24,131
440
364,730
(440)
94,449
-
459,179		 Transfers
At 31 March
2024
£
£
440
103,112
-
-
-
30,000
-
207,487
-
24,131
440
364,730
(440)
94,449
-
459,179
364,730
94,449
459,179

The narrative to explain the purpose of each fund is given at the foot of the note opposite.

Colombo Street Community and Sports Centre for the year ended 31 March 2024

36

Notes to the financial statements For the year ended 31 March 2024

16b. Movements in funds (prior year)

Unrestricted funds:
Designated funds:
Fixed assets fund
Sinking Fund
Feasibility study
Repairs and Maintenance
Community programmes support
Total designated funds
General funds
Total funds		 At 1 April
2022
£
103,379
65,240
30,000
7,487
24,131
230,237
70,371
300,608		 Income
& gains
£
-
-
-
-
-
-
508,043
508,043		 Expenditure
& losses
£
(27,669)
(45,294)
-
-
-
(72,963)
(497,949)
(570,912)		 Transfers
£
46,620
-
-
-
-
46,620
(46,620)
-		 At 31 March
2023
£
122,330
19,946
30,000
7,487
24,131
203,894
33,845
237,739

Purposes of designated funds

Fixed assets fund

The purpose of the designated fixed assets fund is to represent the amount of the Charity’s funds tied up in tangible fixed assets. During the year, a transfer of £440 (2023: £46,620) was made from the general fund to designated fixed assets funds to account for additions in tangible fixed assets.

Sinking Fund

Funds set aside to cover the replacement of wasting fixed assets.

Community programmes

The purpose of the designated community programmes fund is to be spent on community programmes and gym improvements when they fall due.

Feasibility study

This will look at the future operating model for the Colombo Sport Centre.

Repairs and Maintenance

This funding has been set aside for any repairs and maintenance needed in the short term for Colombo Community and Sports Centre.

Colombo Street Community and Sports Centre for the year ended 31 March 2024

37

Notes to the financial statements For the year ended 31 March 2024

17. Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

Colombo Street Community and Sports Centre for the year ended 31 March 2024

38

Colombo Str&t Community and Sports Centre forthe year ended 31 March 2024 39

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Colombo Centre fitness & friendship in SEI