##
|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|
##
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|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)|
##
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##
|||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|
##
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##
|||||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|
##
##
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##
##
##
##
##
##
|Deferred|income|comprises|sales invoices raised|in advance|in relation|to long|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|