2023-12-31-accounts - Redbridge Sports Centre Trust Limited

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Contents
FINANCIAL RESULTS AT A GLANCE
NOTICE OF ANNUAL GENERAL MEETING
TRUST OFFICIALS. .
CHAIR'S ANNUAL REPORT
CHIEF EXECUTIVE'S ANNUAL REPORT
STRATEGIC REPORT	10
REPORT OF THE EXECUTIVE BOARD.	. . 12
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS.	16
STATEMENT OF FINANCIAL ACTIVITIES.	. 19
INCOME AND EXPENDITURE ACCOUNT.	, 20
BALANCE SHEET.	.21
STATEMENT OF CASH FI OWS.	22
ACCOUNTING POLICIES.	.23
NOTES TO THE STATEMENT OF FINANCIAL ACTIVITIES.	25
NOTES TO THE INCOME AND EXPENDITURE ACCOUNT.	.26
NOTES TO THE BALANCE SHEET	27
ORGANISATION.	.33
FINANCIAL BACKGROUND SUMMARY	34

			2023	2022
			6	6
	INCOME AND EXPENDITURE ACCOUNT (page 20)
	Turnover		2,203,403	2,075,052
	Cast ofSales		(1,419,757)	(1,395,008)
	Administratiu. Expenses		(929,467)	(854,815)
	Net Interest Expenses		(68,672)	(42,956)
	(Deficit) for the year		(214,493)	(217,727)
2	BALANCE SHEET (page 20)
	Tangible Fixed Assets		6,018,971	6,300,248
	Net Current (Liabilities)/Assets		(77,627)	99,030
	Creditors: Due more than one	year	(1,118,226)	(1,162,596)
	Net Assets		4,823,118	5,236,682
	Restricted Funds		4,321,176	4,520,247
	Unrestricted Funds		501,942	716,435
	Total Funds		4,823,118	5,236,682
3	CAPITAL EXPENDITURE (page 27)
	Capital additions during the year		80,680	59,387
4	MEMBERSHIP NUMBERS		Number	Number
			(February 2024)	(February 2023)
	Life		1,742	1,743
	Ultra/Essyplay/Executive		1,301	1,240
	Principal/Reds		78	84
	OffPeak		24	28
	Student/Youth/Junior/Infant/E.	C L.TA.	1,478	1,476
			4,623	4,571

Ke	Performance Indicator	s
The	Trust uses the following	Key Performance	Indicators to monitor	its financial performance:
			2023 f	2022
	Income for Charitable	Activities	2,203,403	2,075,052
	Payroll Costs		1,397,771	1,319,501
	Payroll/Turnover Ratio		63.44%	63.59%
	Operating (deficit)		(145,821)	(174,771)
	Net result		(214,493)	(217,727)

		Restricted	Unrestricted	Tots I	Total
		Funds	Fund (Income
		(Capital	and
		Grants)	Expenditure
			Account)
		2023	2023	2023	2022
		6	6	6	6
INCOME:
Income from generated	funds
Investment Income			12,243	12,243	3,513
Restrictecf Funds
Income from charitable	actiItties
Membership Fees			281,640	281,640	212,537
Use of Facilities			1,921,763	1,921,763	1,862,515
Total Income			2,215,646	2,215,646	2,078,565
EXPENDITURE
Charitable Activities (Note 3)			2,529,489	2,529,489	2,460,272
Governance Costs (Note 4)			18,806	18,806	18,806
Other Resources Expended
Interest Charges (Note 21)			80,915	80,915	46,469
Total Expenditure			2,629,210	2,629,210	2,525,547
NET MOVEMENT BEFORE TRANSFERS			(413,564)	(413,564)	(446,982)
GROSS TRANSFERS	BETWEEN FUNDS
Amortisation ofCapital	Grants	(199,071)	199,071
NET IVIOVEMENT IN FUNDS		(199,071)	(214,493)	(413,564)	(446,982)
RECONCILIATION OF	FUNDS
Total Funds Brought Forward		4,520,247	716,435	5,236,662	5,683,664
Total Funds Gamed Forward		4,321,176	501,942	4,823,118	5,236,682

				Note	2023	2022
					E	E
TURNOVER
IVlembership Fees					281,640	212,537
Use of Facilities					1,921,763	1,862,515
					2,203,403	2,075,052
COST OF SALES
Direct Costs					(1,618,828)	(1,624,263)
Allocation from Restricted	Fund	in respect ofamortisation	of
Capital Grants					199,071	229,255
					~7,479,757	~7,395,M6
GROSS REVENUE SURPLUS					783,646	680,044
ADMINISTRATIVE EXPENSES					(929,467)	(854,815)
OPERATING DEFICIT				5	(145,821)	(174,771)
INTEREST RECEIVABLE					12,243	3,513
INTEREST PAYABLE				21	~90,915	~46,469
DEFICIT FOR THE YEAR				12	~214,493	~217,727

AS AT 3$ DECEMB	ER 2023
				Note	2023	2022
					8	8
FIXEDASSETS
Tangible Assets					6,018,971	6,300,248
CURRENTASSETS
Stock						2,446
Debtors					138,521	128,751
Cash at Bank and In	Hand				314,642	552,087
					453,163	683,284
CREDITORS; DUE WITHIN ONE YEAR
Bank Loan					57,000	72,000
Other Loan					1,000	1,000
Trade Creditors					75, 'l32	63,090
Taxation 8 Social Security					34,102	31,848
Accruals and Other Creditors					128,393	131,717
Deferred Income				20	235,163	284,599
					530,790	584,254
NET CURRENT (LIABILITIES)/ASSETS					(77,627)	99,030
TOTAL ASSETS LESS CURRENT LIABII ITIES					5,941,344	6,399,278
CREDITORS: DUE MORE THAN ONE YEAR				10	(1,031,946)	(1,076,316)
PROVISIONS FOR LIABILlllES				23	(86,280)	(86,280)
NET ASSETS					4,823,118	5,236,682
THE FUNDS OF THE CHARITY
Restricted —Capital Grants				11	4,321,176	4,520,247
Unrestricted —Income	and Expenditure		Accounts	12	501,942	716,435
TOTAL CHARITY FUNDS					4,823,118	5,236,682
The financial statements	were approved	by the Board on 4 March 2024 and s'
Jane Kelloe					Ras Gohil
Deputy Chair					Former Chair
The notes form part ofthis balance sheet.

			2023	2022
			6	5
CASH FLOW FROM OPERATING ACTIVITIES			(30,723)	99,783
CASH FLOWS FROM INVESTING ACTlVITIES
Interest income			12,243	3,513
Purchase oftangible fixed assets			(78,680)	(59,387)
Proceeds from disposal offixed assets				5,550
CASH PROVIDED (USED IN)/BY INVESTING ACTIVITIES			(66,437)	(50,324)
CASH FLOWS FROM FINANCING ACllVITIES
Interest paid			(80,915)	(46,469)
Repayment of loan			(59,370)	(70,838)
CASH (USED BY) FINANCING ACTIVITIES			('I40,285)	(117,307)
(Decrease) in cash and cash equivalents		in the year	(237,445)	(67,848)
Cash and cash equivalents at the beginning		ofthe year	552,087	619,935
TOTAL CASH AND CASH EQUIVAI ENTS	AT THE END OF THE YEAR (Note 22)		314,642	552,087
RECONCILIATION OF NET MOVEMENTS		IN FUNDS TO NET CASH FROM OPERATING ACTIVITIES
			2023	2022
			8	E
Net movement in funds			(413,564)	(446,982)
Add back depreciation charge			359,957	387,221
Deduct interest income shown in investing	activities		(12,243)	(3,513)
Add back interest payable			80,915	46,469
Deduct profit on disposal				(5,550)
(Increase)/decrease in stock			2,446	(878)
(Increase) in debtors			(9,770)	(4,907)
Increase in creditors			(38,464)	127,923
NET CASH GENERATED BYOPERATING		ACTIVITIES	(30,723)	99,783

				2023	2022
					6
Payroll Costs		(Note 6)		1,397,771	1,319,501
Depreciation		(Note 8)		359,957	387,221
External	Advertising			8,432	15,002
Light and	Heat			188,320	173,411
Repair and Maintenance			Costs	156,647	418,408
insurance	claims				(254,347)
Insurance				102,653	76,666
Other Costs				315,710	324,410
				2,529,489	2,460,272

		2023	2022
		6	6
Audit Fee		9,913	9,450
Professional	Fees	8,893	9,356
		18,806	18,806

5.	OPERATING RESULT	OPERATING RESULT
	The result for the year is		stated after the following:
					2023	2022
	A~It h i~:				6	5
	Depreciation				359,957	387,221
	Proiit on disposal ofgym		equipment			(5,550)
	Auditors'	Remuneration
	Audit Fees				9,913	9,450
	Accounting	and Financial	Reporting		5,087	4,850
	Repair and	Maintenance	costs		156,647	418,408
	Insurance claims					(254,347)
	Emoluments	ofChief Executive
	Remuneration				89,175	87,433
	Pension Contributions				9,140	8,961
	A~R
	Release of	capital grants			(199,071)	(229,225)
6.	PAYROLL	COSTS
	The total payroll costs are analysed			as follows:
					2023	2,022
					6	6
	Salaries				1,208,865	1,129,411
	Employers	National Insurance			79,518	74,850
	Pension Costs				34,161	30,872
	Self-Employed Contractor				75,227	84,368
					1,397,771	1,319,501
	The average	number ofemployees		during the year was:
					2023	2022
					Number	Number
	Operational				110	95
	Nlanagement	and administration			19	17
					129	112

	Freehold Land 6	Freehold Buildings	Furniture & Equipment f	Tots I
Cost
Balance 1/1/2023	619,167	13,106,241	777,429	14,502,837
Additions			80,680	80,680
Disposals			(2,000)	(2,000)
Balance 31/12/2023	619,167	13,106,241	856,109	14,581,517
~oi r
Balance 1/1/2023		7,511,687	690,902	8,202,589
Charge for Year		319,971	39,986	359,957
Disposals
Balance 31/12/2023		7,831,658	730,888	8,562,546
Net Book Value
At 31/12/2023	619,167	5,274,583	125,221	6,018,971
At 31/12/2022	619,167	5,594,554	86,527	6,300,248

9.	DEBTORS		2023	2022
			8	8
	Trade Debtors		37,040	46,715
	Prepayments	and accrued income	99,637	76,286
	Redbridge Sports Centre Social Club		1,844	5,750
			138,521	128,751
10.	CREDITORS: DUE MORE THAN ONE YEAR
			2023	2022
				8
	Bank Loan		1,031,946	1,076,316

ofth	e ma	turity of	loans is given below:
				2023	2022
					8
Failing	due	within one year.		57,000	72,000
Falling	due	between	one and two years:	1,031,946	72,000
Falling	due	between	two and five years		1,004,316

nds receI	ved in resp	ect offixed asset	and othe	r expenditure:
					2023	2022
						8
Balance at beginning		ofyear			4,520,247	4,749,502
Additions	during the	year
Amorlised	to Income	and Expenditure	Account	in respect ofdepreciation	(199,071)	(229,255)
Balance at end ofyear					4,321,176	4,520,247

									2023	2022
									f
	Balance		at Beginmng	ofyear					716,435	934,162
	(Deficit)		for the year						(214,493)	(217,727)
	Balance		at End ofYear						501,942	716,435
13,	ANALYSIS		OF NET ASSETS BETWEEN FUNDS
							Tangible	Fixed	Other Net	Total
							Assets		(Liabilities)l
									Assets
							f		f	f
	Restricted		Fund —Grants				4,321,176			4,321,176
	Llnrestricted		Fund-Income		and Expenditure
	Account						1,697,795		(1,195,853)	501,942
							6,018,971		(1,195,853)	4,823,118
14.	MOVEMENT ON TOTAL				FUNDS AND	RESERVES
									2023	2022
									f	f
	Income and Expenditure				(Deficit)				(214,493)	(217,727)
	Allocation	from Restricted			Fund to Income and
	Expenditure		Account (Note 11)						(199,071)	(229,255)
	Movement		for the year						(413,564)	(446,982)
	Total Funds		and Reserves		at beginning	ofyear			5,236,682	5,683,664
	Total Funds		and Resenes		at end ofyear				4,823,118	5,236,682

Deferred	income	comprises	sales invoices raised	in advance	term bookings and
membership relating to 2024.
						6
Balance	as at 1/01/2023					~24
Amount	released	to income	earned from charitable	activities		(284,599i
Amount	deferred	in year				235 163
Balance	as at 31/12/2023					~23
NTERES	T PAYABLE
					2023	2022
					6	F
On Bank Loans					80,915	46,469

spect	ofth	ese	Balan	ce Sheet amounts:
					2023	2022
					E	6
Total	cash	and	cash	equivalents	266,219	552,087

2023	2022
6	6
86,280	86,280

March 1968	March 1968	Loss of North llford LTC's facilities at Beehive Lane, comprising: table tennis room, through grant of planning permission to	8 tennis courts, 1 badminton landlords to build houses on	8 tennis courts, 1 badminton landlords to build houses on	8 tennis courts, 1 badminton landlords to build houses on	8 tennis courts, 1 badminton landlords to build houses on	8 tennis courts, 1 badminton landlords to build houses on	8 tennis courts, 1 badminton landlords to build houses on	8 tennis courts, 1 badminton landlords to build houses on	8 tennis courts, 1 badminton landlords to build houses on	8 tennis courts, 1 badminton landlords to build houses on	hall, 1 site-	hall, 1 site-	hall, 1 site-
		compensation 61,000
April 1968		Announced intention to build a Sports Centre which would be financially		viable.		Sports		Centre			Building
		Committee formed.
1968 - 1972		Fund raising —origina! target f40,000 rapidly rose over the period	to over	6100,000.
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			100men
		and 70ladies, and outside, acar park for 120cars and 5 tennis courts. Cost, a bargain,						at just	6114,277.
20 March 1972		Sports Centre opened.
19June 1972		Oflicial 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 Ornniturf	(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 ofOakfield 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 LT,C
October 1997		Phase 8 - Works commenced to build 2 floodlit synthetic grass	pitches	and	12		floodlit netball/tennis
		courts on Oakfiefd and substantial pavilion —operational from June 1998.
December	2000	Phase 9gym extension becomes operational —cardiovascular machines replaced					with	new Technogym
		equipment in December 2004.
January 2012		Phase 10Sports Hall, comprising 12Olympic 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 Roodlit 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		courb'
		32

CAPITAL EXPENDITURE	CAPITAL EXPENDITURE	CAPITAL EXPENDITURE
Buildings
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 & Equipment						856,109
Freehold Land						619,167
Total						14,581,517
~Gtd d FF	di
The above capital costs have			been met from the fallowing sources:
1972 —2023 inclusive
~Cit id t
Deferred -	for future release to Revenue Account			4,321,176
Released	to Revenue Account			5,819,160
Total Received						10,140,336
Loans at 31/I2/2013
J. Petchey						1,000
Barclays Bank Pic						775,106
i~ddt C (t	t					478,253
Own Generated		Funds
Income and		Expenditure	Account	443,436
Depreciation				8,562,546
Transfer from Capital Grants				(5,819,160)
						3,186,822
					6	14,581,517

Capital and other grants (	includ	ing Gift-Aid	where relevant) have been receiv	ed from the following sources as at
Sources
Olympic Delivery Authority				3,339,391
National Lottery (inc Sport England)				2,934,313
Lawn Tennis Association				742,5DD
London Borough of Redbridge		(re land transaction)		510,000
Athenaeum Lawn Tennis	Club			500,000
Badminton England				300,000
Sports Council				258,318
London Nlarathon				250,000
All England Netball				200,000
Football Foundation				200,000
Foundation For Sports 8	Arts			140,000
Terry Brown				129,205
Pau! Clarke				113,895
Petchey Properties Pic and Jack Petchey			Foundation	112,210
England Hockey				98,000
Essex County Tennis				80,000
Bifl'a				44,000
Lafarge				37,125
Football Association				35,000
Grange Farm Trust				20,000
Others				95,379
Total Capital Grants Receiied				10,140,336