2022-12-31-accounts - Redbridge Sports Centre Trust Limited

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FOR THE YEAR	ENDED 31 DECEMBE	R 2022
		2022	2021
		f
INCOME AND EXPENDITURE ACCOUNT (page 19)
Turnover		2,075,052	1,181,307
Cost ofSales		(1,395,008)	(1,219,532)
Administrative Expenses		(854,815)	(721,456)
Government Grants —Furlough			370,179
Revenue Grants —Sport England			254,893
Other Grant —Local Authority			43,643
Net Interest Expenses		~42 956	~34415
(Deficit) for the year		~217727	~125381
BALANCE SHEET (page 20)
Tangible Fixed Assets		6,300,248	6,628,082
Net Current (Liabilities)/Assets		99,030	202,736
Creditors: Due more than one	year	~1076316	~1147154
Net Assets		5236 682	5 683664
Restricted Funds		4,520,247	4,749,502
Unrestricted Funds		716435	934 162
Total Funds		5236682	5 683 664
CAPITAL EXPENDITURE (page 26)
Capital additions during the year		59 387
MEMBERSHIP NUMBERS		Number	Number
		(February 2023)(February 2022)
Life		1,743	1,749
Ultra/Easyplay/Executive		1,240	806
Principal/Reds		84	95
Off Peak		28	30
Student/Youth/Junior/Infant/E.	C.L.T.A.	1 476	1 657
		4 571	4 337

	Restricted	Unrestricted	Total	Total
	Funds	Fund (Income	2022	2021
	(Capital	and
	Grants)	Expenditure
		Account)
INCOME:
Income from generated funds
Investment Income		3,513	3,513		142
Restricted Funds
Income from charitable activities
Membership Fees		212,537	212,537	149,161
Use of Facilities		1 862 515	1 862 515	1 032	146
Total Income		2 078 565	2 078 565	1 181	449
EXPENDITURE
Charitable Activities (Note 3)		2,460,272	2,460,272	2,243,535
Governance Costs (Note 4)		18,806	18,806	17,786
Other Resources Expended
Interest Charges (Note 21)		46 469	46469	34	557
Total Expenditure		2 525 547	2 525 547	2 295	878
NET MOVEMENT BEFORETRANSFERS		(446,982)	(446,982)	(1,114,429)
GROSS TRANSFERS BETWEEN FUNDS
Amortisation of Capital Grants	(229,255)	229,255
GOVERNMENT GRANT				370,179
OTHER GRANTS				298	536
NET MOVEMENT IN FUNDS	(229,255)	(217,727)	(446,982)	(445,714)
RECONCILIATION OF FUNDS
Total Funds Brought Forward	4749 502	934 162	5683 664	6 129	378
Total Funds Carried Forward	4 520 247	716435	5236 682	5683	664

FO	R THE	YEAR ENDED 31	DECEMBER	2022
			Note	2022	2021
				F
TURNOVER
Membership Fees				212,537	149,161
Use of Facilities				1 862 5158	1 032 146
				2,075,052	1,181,307
COST OF SALES
Direct Costs				(1,624,263)	(1,539,865)
Allocation from Restricted	Fund	in respect of		229,255	320,333
amortisation of Capital Grants
				~1395008	~1219532
GROSS REVENUE SURPLUS/(DEFICIT)				680,044	(38,225)
GOVERNMENT GRANTS					370,179
OTHER GRANTS					298,536
ADMINISTRATIVE EXPENSES				(854,815)	(721,456)
OPERATING (DEFICIT)				(174,771)	(90,966)
INTEREST RECEIVABLE				3,513	142
INTEREST PAYABLE			21	~46 469	~34 557
DEFICIT FOR THE YEAR			12	217727	125381

COM	PANY NO:	1000490
		Note	2022	2021
FIXEDASSETS
Tangible Assets			6,300,248	6,628,082
CURRENT ASSETS
Stock			2,446	1,568
Debtors			128,751	123,844
Cash at Bank and in Hand			552 087	619935
			683,284	745,347
CREDITORS: DUE WITHIN ONE YEAR
Bank Loan		10	72,000	72,000
Other Loan			1,000	1,000
Trade Creditors			63,090	53,483
Taxation 8 Social Security			31,848	60,202
Accruals and Other Creditors			131,717	240,479
Deferred income		20	284 599	115447
			584,254	542,611
NET CURRENT ASSETS			99,030	202,736
TOTAL ASSETS LESSCURRENT LIABILITIES			6,399,278	6,830,818
CREDITORS: DUE MORE THAN ONE YEAR		10	(1,076,316)	(1,147,154)
PROVISIONS FOR LIABILITIES		23	(86,280)
NET ASSETS			5,236,682	5,683,664
THE FUNDS OF THE CHARITY
Restricted —Capital Grants		11	4,520,247	4,749,502
Unrestricted —Income and Expenditure	Accounts	12	716,435	934,162
TOTAL CHARITY FUNDS		14	5236682	5683664

				2022	2021
					f
CASH FLOW FROM OPERATING		ACTIVITIES		99,783	39,135
CASH FLOWS FROM INVESTING		ACTIVITIES
Interest income				3,513	142
Purchase oftangible fixed assets				(59,387)
Proceeds from disposal offixed		assets		5,550
CASH PROVIDED (USED IN)/BY		INVESTING ACTIVITIES		50 324	142
CASH FLOWS FROM FINANCING		ACTIVITIES
Interest paid				(46,469)	(34,557)
Repayment of loan				(70,838)	(37,096)
New loan
Repayment of HP					~2805
CASH (USED BY)FINANCING	ACTIVITIES			117307	74458
(Decrease) in cash and cash	equivalents		in the year	67848	35 181
Cash and cash equivalents at the beginning			ofthe year	619,935	655,116
TOTAL CASH AND CASH EQUIVALENTS			AT THE END OF
THE YEAR (Note 22)				552 087	619935
RECONCILIATION OF NET MOVEMENTS			IN FUNDS TO NET	CASH FROM OPERATING
ACTIVITIES
				2022	2021
				E	E
Net movement in funds				(446,982)	(483,992)
Add back depreciation charge				387,221	476,578
Deduct interest income shown	in investing		activities	(3,513)	(142)
Add back interest payable				46,469	34,557
Deduct depreciation adjustment					(4,544)
Deduct profit on disposal				(5,550)
(Increase)/decrease in stock				(878)	410
(Increase) in debtors				(4,907)	(19,051)
Increase in creditors				127923	35319
NET CASH GENERATED BYOPERATING ACTIVITIES				99783	39 135

RESOURCES EXPE	NDED: CH	AR	ITABLE ACTIVITIES
				2022	2021
				E	E
Resources expended	on Charitable		Activities are analysed
as follows:
Payroll Costs	(Note 6)			1,319,501	1,251,750
Depreciation	(Note 8)			387,221	476,578
External Advertising				15,002	6,250
Light and Heat				173,411	128,197
Repair and Maintenance		Costs		418,408	135,622
Insurance claims				(254,347)
Insurance				76,666	58,125
Other Costs				324,410	187,013
				2460 272	2 243 535

Resources expended	on Governance
Audit Fee		9,450	9,000
Professional	Fees	9356	8786
		18806	17786

						2022	2021
A~It I
Depreciation						387,221	476,578
Profit on disposal	of gym	equipment				(5,550)
Auditors' Remuneration
—Audit Fees						9,450	9,000
—Accounting and	Financial		Reporting			4,850	4,650
Repair and Maintenance		costs				418,408	135,622
insurance claims						(254,347)
Emoluments of Chief Executive
Remuneration						87,433	83,914
Pension Contributions						8 961	8649
A~II Attt
Release of capital grants						229 255	320333
PAYROLL COSTS
The total payroll costs are analysed			as	follows:
Salaries						1,129,411	1,087,302
Employer's National Insurance						74,850	65,737
Pension Costs						30,872	37,067
Self-Employed Contractor						84,368	61,644
						1,319,501	1,251,750
The average number	of employees			during	the year
						Number	Number
						95	107
Operational						17	17
Management and administration						112	124

FOR THE	YEAR ENDED 3	1 DECEIIBER	2022
8. TANGIBLE FIXEDASSETS
	Freehold	Freehold	Furniture 8	Total
	Land	Buildings	Equipment
Cost
Balance 1/1/2022	619,167	13,106,241	1,386,330	15,111,738
Additions			59,387	59,387
Disposals			(668,288)	(668,288)
Balance 31/12/2022	619167	13106241	777429	14 502 837
~0
Balance 1/1/2022		7,164,670	1,318,986	8,483,656
Charge for Year		347,017	40,204	387,221
Disposals			~668 228	{6668228
Balance 31/12/2022		7511687	690902	8 202 589
Net Book Value
At 31/12/2022	619167	5594554	86527	6 300248
At 31/12/2021	619167	5 941 571	67 344	6 628 082


DEBTORS		2022	2021
Trade Debtors		46,715	17,053
Prepayments	and accrued income	76,286	71,331
Redbridge Sports Centre Social Club		5750	35460
		128751	123844
		2022	2021
CREDITORS:	DUE MORE THAN ONE YEAR
Bank Loan		1 076316	1 147 154

				2022	202'I
Falling	due	within one year:		72,000	72,000
Falling	due	between	one and two years:	72,000	72,000
Falling	due	between	two and five years	1,004,316	1,075,154

	Funds received in respect offixed asset and	other exp	enditure:
					2022	2021
	Balance at beginning ofyear			4,749,502		5,069,835
	Additions during the year
	Amortised to Income and Expenditure	Account	in respect
	ofdepreciation and other expenditure	during the year		~229 255		~320 333
	Balance at end ofyear			4	520 247	4 749502
	Included within other creditors on the balance off29,500(2021:f26,986).	sheet are "funds held"		for	restricted	purposes
					2022	2021
12.	UNRESTRICTED FUND —INCOME AND EXPENDITURE ACCOUNT
	Balance at Beginning ofyear				934,162	1,059,543
	(Deficit) for the year			~217727		~125 361
	Balance at End ofYear				716435	934162

ANALYSIS		OF NET ASS	ETS BETWEE	N FUNDS
				Tangible	Other Net	Total
				Fixed Assets	(Liabilities)l
					Assets
						E
Restricted	Fund - Grants			4,520,247		4,520,247
Unrestricted		Fund-Income	and
Expenditure		Account		1 780 001	~1063566	716435
				6 300248	~1063566	5236 682

MOVEMEN	T ON TOTAL	FUNDS AND RESERVES
			2022	2021
			E	E
Income and Expenditure		(Deficit)	(217,727)	(125,381)
Allocation from Restricted		Fund to Income and
Expenditure	Account (Note 11)		~229 255	~320 333
Movement	for the year		(446,982)	(445,714)
Total Funds	and Reserves at beginning
ofyear			5683 664	6 129378
Total Funds	and Reserves at end ofyear		5 236 682	5683664

DEFER	RED INCOME
Deferred	income comprises	sales	invoices raised	in advance	in relation	to long term
bookings	and membership	relating	to 2023.
Balance	as at 1/01/2022					115447
Amount	released to income	earned	from charitable	activities		(115,447)
Amount	deferred in year					284 599
Balance	as at 31/12/2022					284 599

				2022	2021
On	Bank	Loans		46,469	34,237
On	Hire	Purchase	Contracts		320
				46,469	34,557

quival	ents	are	in res	pect ofthese Balance Sheet	amounts:
					2022	2021
Total	cash	and	cash	equivalents	552,087	619,935

										2022	2021
Provision	as	at	1	January	2022	and	31	December	2022	86,470

		REDBRIDGE SPORTS CENTRE	REDBRIDGE SPORTS CENTRE	REDBRIDGE SPORTS CENTRE	REDBRIDGE SPORTS CENTRE	REDBRIDGE SPORTS CENTRE	REDBRIDGE SPORTS CENTRE	REDBRIDGE SPORTS CENTRE	REDBRIDGE SPORTS CENTRE	REDBRIDGE SPORTS CENTRE	REDBRIDGE SPORTS CENTRE	REDBRIDGE SPORTS CENTRE	TRUST LIMITED	TRUST LIMITED	TRUST LIMITED	TRUST LIMITED
				FINANCIAL				BACKGROUND					SUMMARY
Ca ital Ex enditure
Buildings																				f
Original Cost																				106,697
Phase 2																				40,000
Phase 3																				28,093
Phase 4																				70,000
Phase 5																				45,597
Phase 6																				665,769
Phase 7																			2,131,072
Phase 8																			1,978,121
Phase 9																				435,976
Phase 10																			7,604,916
Other
Furniture 8 Equipment																				777,429
Freehold Land																				619167
Total																			814	502 837
Method of Fundin
The above capital costs have			been	met from		the		followi		ng	sources:
1972 —2022 inclusive
Deferred —for future release to Revenue						Account								4,520,247
Released to Revenue Account														5620		089
Total Received																			10,140,336
Loans at 31/12/2013
J.Petchey																				1,000
Barclays Bank	Plc																			775,106
																				287,460
Own Generated Funds
Income and Expenditure			Account												716,435
Depreciation														8,202,589
Transfer from Capital Grants														~5620 089					3	298 935
																			514	502 837
All income generated by the Centre					has	been		ploughed			back 100% towards				meeting		running		costs and
providing new or improved		facilities as set				out		in this		Report.		No	subsidy	towards		running		costs has been
received at any stage since		the Centre			opened		in	1972.
Capital and other	grants	(including Gift-Aid					where		relevant)			have	been received			from	the	following		sources as at
31/12/2022:
Olympic Delivery Authority																			3,339,391
National Lottery (inc Sport England)																			2,934,313
Lawn Tennis Association																				742,500
London Borough of	Redbridge		(re	land	transaction)															510,000
Athenaeum Lawn Tennis Club																				500,000
Badminton England																				300,000
Sports Council																				258,318
London Marathon																				250,000
All England Netball																				200,000
Football Foundation																				200,000
Foundation For Sports 8 Arts																				140,000
Terry Brown																				129,205
Paul Clarke																				113,895
Petchey Properties	Plc and	Jack Petchey Foundation																		112,210
England Hockey																				98,000
Essex County Tennis																				80,000
Biffa																				44,000
Lafarge																				37,125
Football Association																				35,000
Grange Farm Trust																				20,000
Others																				96379
Total Capital Grants Received																			610	140 336