| FOR THE YEAR | ENDED 31 DECEMBE | R 2021 | |
|---|---|---|---|
| 2021 | 2020 | ||
| INCOME AND EXPENDITURE ACCOUNT (page 19) | |||
| Turnover | 1,181,307 | 969,181 | |
| Cost ofSales | (1,21 9,532) | (1,305,942) | |
| Administrative Expenses |
(721,456) | (798,658) | |
| Government Grants —Furlough |
370,179 | 488,544 | |
| Revenue Grants —Sport England |
254,893 | ||
| Other Grant - Local Authority | 43,643 | ||
| Net Interest Expenses | ~34415 | ~25 034 | |
| (Deficit) for the year | ~125 381 | ~671 909 | |
| BALANCE SHEET (page 20) | |||
| Tangible Fixed Assets |
6,628,082 | 7,084,557 | |
| Net Current (Liabilities)/Assets |
202,736 | 264,227 | |
| Creditors: Due more than one | year | ~1147154 | 1 219406 |
| Net Assets | 5 683664 | 6 129378 | |
| Restricted Funds |
4,749,502 | 5,069,835 | |
| Unrestricted Funds |
934 162 | 1 059 543 | |
| Total Funds | 5 683664 | 6 129378 | |
| CAPITAL EXPENDITURE (page 26) | |||
| Capital additions during the year |
1 220 | ||
| MEMBERSHIP NUMBERS | Number | Number | |
| (February 2022)(February 2021) | |||
| Life | 1,749 | 1,759 | |
| Ultra/Easyplay/Executive | 806 | 925 | |
| Principal/Reds | 95 | 104 | |
| Off Peak | 30 | 32 | |
| Student/Youth/Junior/Infant/E. | C.L.T.A. | 1 657 | 2 029 |
| 4 337 | 4 849 |
| Restricted | Unrestricted | Total | Total | |||
|---|---|---|---|---|---|---|
| Funds | Fund (income | 2021 | 2020 | |||
| (Capital | and | |||||
| Grants) | Expenditure | |||||
| Account) | ||||||
| INCOME: | ||||||
| Income from generated funds |
||||||
| Investment Income |
142 | 142 | 627 | |||
| Restricted Funds |
||||||
| income from charitable activities |
||||||
| Membership Fees |
149,161 | 149,161 | 126,946 | |||
| Use of Facilities | 1 032 146 | 1 032 | 146 | 842 | 235 | |
| Tot.al Income | 1 181449 | 1 181 | 449 | 969 | 808 | |
| EXPENDITURE | ||||||
| Charitable Activities (Note 3) |
2,243,535 | 2,243,535 | 2,401,308 | |||
| Governance Costs (Note 4) |
17,786 | 17,786 | 25,654 | |||
| Other Resources Expended | ||||||
| Interest Charges (Note 21) |
34557 | 34 | 557 | 25 | 661 | |
| Total Expenditure | 2 295 878 | 2 295 | 878 | 2452 | 623 | |
| NET MOVEMENT BEFORETRANSFERS | (1,114,429) | (1,114,429) | (1,482,816) | |||
| GROSS TRANSFERS BETWEEN FUNDS | ||||||
| Amortisation of Capital Grants |
(320,333) | 320,333 | ||||
| GOVERNMENT GRANT |
370,179 | 370,179 | 488,544 | |||
| OTHER GRANTS | 298 536 | 298 | 536 | |||
| NET MOVEMENT IN FUNDS |
(320,333) | (125,381) | (445,714) | (994,272) | ||
| RECONCILIATION OF FUNDS |
||||||
| Total Funds Brought Forward | 5 069 835 | 1 059 543 | 6 129 | 378 | 7 123 | 650 |
| Total Funds Carried Forward |
4 749 502 | 934 162 | 5683 | 664 | 6.129 | 378 |
| FOR | THE | YEAR ENDED 31 | DECEMBER | 2021 | |
|---|---|---|---|---|---|
| Note | 2021 | 2020 | |||
| TURNOVER | |||||
| Membership Fees |
149,161 | 126,946 | |||
| Use of Facilities | 1 032 146 | 842 235 | |||
| 1,181,307 | 969,181 | ||||
| COST OF SALES | |||||
| Direct Costs | (1,539,865) | (1,628,305) | |||
| Allocation from Restricted |
Fund | in respect of | 320,333 | 322,363 | |
| amortisation of Capital Grants |
|||||
| ~1219552 | ~1555 942 | ||||
| GROSS REVENUE (DEFICIT) | (38,225) | (336,761) | |||
| GOVERNMENT GRANTS |
370,179 | 488,544 | |||
| OTHER GRANTS | 298,536 | ||||
| ADMINISTRATIVE EXPENSES | (721,456) | (798,658) | |||
| OPERATING (DEFICIT) | (90,966) | (646,874) | |||
| INTEREST RECEIVABLE | 142 | 627 | |||
| INTEREST PAYABLE | 21 | ~34 557 | 25 661 | ||
| DEFICIT FOR THE YEAR | 12 | 125381 | 671 909 |
| Note | 2021 | 2020 | ||
|---|---|---|---|---|
| f | ||||
| FIXEDASSETS | ||||
| Tangible Assets | 6,628,082 | 7,084,557 | ||
| CURRENT ASSETS | ||||
| Stock | 1,568 | 1,978 | ||
| Debtors | 123,844 | 104,793 | ||
| Cash at Bank and ln Hand |
619935 | 655 116 | ||
| 745,347 | 761,887 | |||
| CREDITORS: DUE WITHIN ONE YEAR | ||||
| Bank Loan | 10 | 72,000 | 36,844 | |
| Other Loan | 1,000 | 1,000 | ||
| Trade Creditors | 53,483 | 40,506 | ||
| Taxation 8 Social Security | 60,202 | 48,811 | ||
| Accruals and Other Creditors | 240,479 | 223,290 | ||
| Deferred Income |
20 | 115,447 | 144,404 | |
| Hire Purchase | 10 | 2 805 | ||
| 542,611 | 497,660 | |||
| NET CURRENT (LIABILITIES)/ASSETS | 202,736 | 264,227 | ||
| TOTAL ASSETS LESSCURRENT LIABILITIES | 6,830,818 | 7,348,784 | ||
| CREDITORS: DUE MORE THAN ONE YEAR | 10 | (1,147,154) | (1,219,406) | |
| NET ASSETS | 5,683,664 | 6,129,378 | ||
| THE FUNDS OF THE CHARITY | ||||
| Restricted —Capital Grants | 11 | 4,749,502 | 5,069,835 | |
| Unrestricted —Income and Expenditure |
Accounts | 12 | 934,162 | 1,059,543 |
| TOTAL CHARITY FUNDS | 14 | 5683664 | 6 129378 |
| FOR | THE | YE | AR | ENDED 31 | DECEMB | ER 2021 | ||
|---|---|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||||
| f | ||||||||
| CASH FLOW FROM/(USED) | BYOPERATING ACTIVITIES | 39,135 | (520,920) | |||||
| CASH FLOWS FROM | INVESTING | ACTIVITIES | ||||||
| Interest income | 142 | 626 | ||||||
| Purchase oftangible |
fixed | assets | (1,220) | |||||
| Profit on disposal offixed assets | ||||||||
| CASH PROVIDED BY/(USED | IN) INVESTING ACTIVITIES | 142 | 594 | |||||
| CASH FLOWS FROM | FINANCING | ACTIVITIES | ||||||
| Interest paid | (34,557) | (25,661) | ||||||
| Repayment of loan |
(37,096) | (502,071) | ||||||
| New loan | 1,256,250 | |||||||
| Repayment of HP |
~2805 | ~32 855 | ||||||
| CASH (USED BY)/FROM FINANCING | ACTIVITIES | 74458 | 695 663 | |||||
| (Decrease)/Increase in cash |
and | cash equivalents | in the | 35 181 | 174149 | |||
| year | ||||||||
| Cash and cash equivalents at |
the beginning | ofthe year | 655,116 | 480,967 | ||||
| TOTAL CASH AND CASH EQUIVALENTS | AT THE END OF | |||||||
| THE YEAR (Note 22) | 619935 | 655 116 | ||||||
| RECONCILIATION OF |
NET MOVEMENTS | IN FUNDS | TO NET | CASH FROM OPERATING | ||||
| ACTIVITIES | ||||||||
| 2021 | 2020 | |||||||
| E | E | |||||||
| Net movement in funds |
(483,992) | (994,272) | ||||||
| Add back depreciation | charge | 476,578 | 525,812 | |||||
| Deduct interest income | shown | in investing | activities | (142) | (626) | |||
| Add back interest payable | 34,557 | 25,661 | ||||||
| Deduct depreciation adjustment |
(4,544) | |||||||
| Decrease in stock |
410 | 1,837 | ||||||
| (Increase) Decrease in |
debtors | (19,051) | 13,285 | |||||
| Increase/(decrease) in |
creditors | 35319 | ~76 121 | |||||
| NET CASH GENERATED BY/(USED) | OPERATING ACTIVITIES | 39 135 | ~520 920 |
| RESOURCES EXPE | NDED: CH | AR | ITABLE ACTIVITIES | ||
|---|---|---|---|---|---|
| 2021 | 2020 | ||||
| E | E | ||||
| Resources expended | on Charitable | Activities are analysed | |||
| as follows: | |||||
| Payroll Costs | (Note 6) | 1,251,750 | 1,354,880 | ||
| Depreciation | (Note 8) | 476,578 | 525,812 | ||
| External Advertising | 6,250 | 19,794 | |||
| Light and Heat | 128,197 | 123,093 | |||
| Repair and Maintenance | Costs | 135,622 | 102,732 | ||
| Insurance | 58,125 | 54,969 | |||
| Other Costs | 187,013 | 220,028 | |||
| 2 243 535 | 2401 308 |
| Resources expended | on Governance | Costs are analysed | as follows: | ||
|---|---|---|---|---|---|
| Audit Fee | 9,000 | 9,000 | |||
| Professional | Fees | 8786 | 16654 | ||
| 17786 | 25 654 |
| The result for the year is stated | aft | e | r ihe following: | ||
|---|---|---|---|---|---|
| 2021 | 2020 | ||||
| After char in |
E | ||||
| Depreciation | 476,578 | 525,812 | |||
| Auditors' Remuneration |
|||||
| —Audit Fees | 9,000 | 9,000 | |||
| -Accounting and Financial |
Reporting | 4,650 | 7,380 | ||
| Repair and Maintenance | costs | 135,622 | 102,732 | ||
| Emoluments of Chief Executive |
|||||
| Remuneration | 83,914 | 81,801 | |||
| Pension Contributions |
8649 | 8479 | |||
| A~It dttt |
|||||
| Release of capital grants | 320333 | 322 363 | |||
| PAYROLL COSTS | |||||
| The total payroll costs are analysed | as follows: | ||||
| Salaries | 1,087,302 | 1,210,665 | |||
| Employer's National Insurance |
65,737 | 59,801 | |||
| Pension Costs | 37,067 | 25,076 | |||
| Self-Employed Contractor |
61,643 | 59,338 | |||
| 1,251,749 | 1,354,880 | ||||
| The average number ofemployees |
during the year was: | ||||
| Number | Number | ||||
| Operational | 107 | 130 | |||
| Management and administration |
17 | 19 | |||
| 124 | 149 |
| FOR THE | YEAR ENDED 3 | 1 DECEMBER | 2021 | |
|---|---|---|---|---|
| 8. TANGIBLE FIXEDASSETS |
||||
| Freehold | Freehold | Furniture 8 |
Total | |
| Land | Buildings | Equipment | ||
| Cost | ||||
| Balance 1/1/2021 | 619,167 | 13,090,682 | 1,386,330 | 15,096,179 |
| Additions | 38,278 | — | 38,278 | |
| Disposals | (22,719) | (22,719) | ||
| Balance 31/12/2021 | 619167 | 13106241 | 1 386330 | 15111738 |
| ~5i 5 | ||||
| Balance 1/1/2021 | 6,726,477 | 1,285,145 | 8,011,622 | |
| Charge for Year Disposals |
442,737 ~4,544 |
33,841 | 476,578 ~4544 |
|
| Balance 31/12/2021 | 7 164670 | 1 318986 | 8483 656 | |
| Net BookValue | ||||
| At 31/12/2021 | 619167 | 5 941 571 | 67 344 | 6628 082 |
| At 31/12/2020 | 619167 | 6364205 | 101185 | 7 084 557 |
| FOR THE YEAR ENDED 31 DECEM | BER 2021 | ||||
|---|---|---|---|---|---|
| 9. | DEBTORS | 2021 | 2020 | ||
| Trade Debtors | 17,053 | 9,391 | |||
| Prepayments | and accrued income | 71,331 | 82,917 | ||
| Redbridge | Sports Centre Social Club | 35460 | 12485 | ||
| 123844 | 104793 | ||||
| 2021 | 2020 | ||||
| f | |||||
| 10. | CREDITORS: | DUE MORE THAN ONE YEAR | |||
| Bank Loan | 1,147,154 | 1,219,406 | |||
| Hire Purchase | |||||
| 1 147 154 | 1 219406 |
| Funds | received in respect offixed asset and |
other exp | enditure: | ||
|---|---|---|---|---|---|
| 2021 | 2020 | ||||
| f | |||||
| Balance at beginning ofyear |
5,069,835 | 5,392,198 | |||
| Additions during the year |
|||||
| Amortised to Income and Expenditure |
Account | in respect | |||
| ofdepreciation and other expenditure |
during the year | ~320 333 | ~322 363 | ||
| Balance at end ofyear | 4 749 502 | 5 069 835 | |||
| Included | within other creditors on the balance |
sheet are "funds held" | for restricted | purposes | |
| of226,986(2020:223,430). |
| 2021 | 2020 | ||
|---|---|---|---|
| 12. | UNRESTRICTED FUND —INCOME AND EXPENDITURE ACCOUNT | ||
| Balance at Beginning ofyear |
1,059,543 | 1,731,452 | |
| (Deficit) for the year | ~125 381 | ~671 909 | |
| Balance at End ofYear | 934 162 | 1 059 543 |
| 13. | ANALYSIS | OF NET ASSETS BETWEEN FUNDS | ||||
| Tangible | Other Net | Total | ||||
| Fixed Assets | (Liabilities)l | |||||
| Assets | ||||||
| F | ||||||
| Restricted Fund —Grants |
4,749,502 | 4,749,502 | ||||
| Unrestricted | Fund-Income | and | ||||
| Expenditure | Account | 1 878 580 | ~944 418 | 934 162 | ||
| 6628 082 | ~944418 | 5 683 664 | ||||
| 14. | MOVEMENT ON TOTAL | FUNDS AND RESERVES | ||||
| 2021 | 2020 | |||||
| E | E | |||||
| Income and | Expenditure (Deficit) |
(125,381) | (671,909) | |||
| Additions to |
Restricted Funds in the year |
|||||
| Allocation from Restricted |
Fund to Income and | |||||
| Expenditure | Account (Note 11) | ~320 | 333 | ~322 363 | ||
| Movement for the year |
(445,714) | (994,272) | ||||
| Total Funds | and Reserves | ai beginning | ||||
| ofyear | 6 129378 | 7 123650 | ||||
| Total Funds | and Reserves | at end ofyear | 5 683664 | 6 129378 |
| bookings | and memb | ership | relating | to 2022. | |||
|---|---|---|---|---|---|---|---|
| f | |||||||
| Balance | as at 1/01/21 | 144,404 | |||||
| Amount | released to | income | earned | from charitable | activities | (144,404) | |
| Amount | deferred in |
year | 115447 | ||||
| Balance | as at 31/12/21 | 115447 | |||||
| INTEREST PAYABLE | |||||||
| 2021 | 2020 | ||||||
| f | F | ||||||
| On Bank Loans | 34,237 | 24,730 | |||||
| On Hire | Purchase | Contracts | 320 | 931 | |||
| 34,557 | 25,661 |
| BACKGROUND OF TRUST | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| March 1968 | Loss of North llford LTC's facilities at Beehive Lane, comprising: |
8 tennis courts, | 1 | badminton | hall, | ||||||
| 1 table tennis room, through grant of planning permission to landlords to build |
houses | on | site- | ||||||||
| compensation E1,000. |
|||||||||||
| April 1968 | Announced intention to build a Sports Centre which would be |
financially viable. |
Sports | Centre | |||||||
| Building Committee formed. |
|||||||||||
| 1968 - 1972 | Fund raising - original target f40,000 rapidly rose over the period | to over f100,000. | |||||||||
| November | 1970 | Redbridge Sports Centre Trust Limited formed - a company limited by guarantee |
and registered | as | |||||||
| a charity. All funds previously raised in the name of NILTC transferred into the charity. |
|||||||||||
| March 1971 | Building started - Phase I. Indoor facilities then comprised: Sports Hall; 5 badminton |
courts | to | ||||||||
| international standard (as at present); 4 squash courts; a games |
room; changing | facilities | for | 100 | |||||||
| men and 70 ladies, and outside, a car park for 120cars and 5 tennis courts. Cost, a bargain, | atjust | ||||||||||
| F114,277. | |||||||||||
| 20 March 1972 | Sports Centre opened. | ||||||||||
| 19June 1972 | Official opening by Princess Alexandra. |
||||||||||
| October 1974 | Phase 2- Managers' offices, games room above and store at the |
far end ofthe Sports Hall. | |||||||||
| August 1977 | Phase 3 - 5th squash court and tennis pavilion built. |
||||||||||
| July 1980 | Phase 4 —6th and 7th squash courts built and improved offices. |
||||||||||
| May 1983 | Phase 5 - All five outside tennis courts re-surfaced with Omniturf |
(sand filled). | All courts | and | car | ||||||
| park floodlit. | |||||||||||
| June 1989 | Phase 6 -comprising new Conditioning Room, Health Suite, lounges and activities |
room. | All | main | |||||||
| services and fire and safety installations throughout the Centre were upgraded. |
|||||||||||
| December | 1991 | Freehold ofsite purchased | |||||||||
| August 1994 | Part of Oakfield site obtained under long lease for future development |
||||||||||
| September | 1994 | Phase 7 - Works commenced on I.T.I. Centre comprising 8 indoor tennis courts (opened |
July | ||||||||
| 1995), 6 new outdoor courts (opened November 1994), new fitness and aerobics/dance |
studios | ||||||||||
| (opened March 1995). |
|||||||||||
| November | 1994 | Redbridge Tennis Club formed, incorporating North llford L.T.C. |
|||||||||
| October 1997 | Phase 8 — Works commenced to build 2 floodlit synthetic |
grass pitches |
and | 12 | floodlit | ||||||
| netball/tennis courts on Oakfield and substantial pavilion —operational from June |
1998. | ||||||||||
| December | 2000 | Phase 9 gym extension becomes operational —cardiovascular |
machines replaced |
with | new | ||||||
| Technogym equipment in December 2004. |
|||||||||||
| January 2012 | Phase 10 Sports Hall, comprising 12 Olympic standard badminton courts and |
ancillary | facilities, | ||||||||
| opens for public and member use. | |||||||||||
| July-September | Centre is utilised as an Olympic and Paralympic Training Venue |
for Badminton, | Wrestling, | Judo | |||||||
| 2012 | and Goalball. | ||||||||||
| November | 2013 | Works completed to replace floodlit synthetic grass pitches. |
|||||||||
| December | 2015 | Major gym refurbishment, new equipment and improved access control. |
|||||||||
| June 2017— | Improvements to coffee shop, bistro, spinning studio and major |
refurbishment | of | 8 indoor | tennis | ||||||
| August 2019 | courts. |