SPORTS & LEISURE SEpving thE Communlty SEpious about ' .')ort REDBRIDGE SPORTS CENTRE TRUST LIMITED (Limited by Guarantee) Company Number: 1000490 Charity Number.. 303187 REPORT AND AUDITED ACCOUNTS 2024
REDBRIDGE SPORTS CENTRE TRUST LIMITED 2024 REPORT AND AUDITED ACCOUNTS Contents FINANCIAL RESULTS AT A GLANCE................................ NOTICE OF ANNUAL GENERAL MEETING.... TRUST OFFICIALS................ CHAIR'S ANNUAL REPORT.................................. CHIEF EXECUTIVE'S ANNUAL REPORT................................. STRATEGIC REPORT.. io REPORT OF THE EXECUTIVE BOARD li INDEPENDENT AUDITORS, REPORTTO THE MEMBERS .14 STATEMENT OF FINANCIAL ACTIVITIES .17 INCOME AND EXPENDITURE ACCOUNT.. .18 BALANCE SHEET.................. .19 STATEMENT OF CASH FLOWS...................................... .20 ACCOUNTING POLICIES............................... .21 NOTES TO THE STATEMENT OF FINANCIAL ACTIVITIES .23 NOTES TO THE INCOME AND EXPENDITURE ACCOUNT................................................ .24 NOTES TO THE BALANCE SHEET........ .25 ORGANISATION .31 FINANCIAL BACKGROUND SUMMARY................. .32
REDBRIDGE SPORTS CENTRE TRUST LXMITED FXNANCXAL RESULTS AT A GLANCE FOR THE YEAR ENDED 31 DECEMBER 2023 2024 2023 INCOME AND EXPENDrruRE ACCOUNT (page 18) Turnover Cost of Sales Administrative Expense5 Net Interest Expenses 2,450,267 (1,540,929) (966,506) (76,029) 2,203,403 (1,419,757) (929,467) (68,672) (Deficit) ft)r the yea r 133 197 214 493 BALANCE SHEET (page 19) Ta ngible Fixed Assets Net Current (Liabilities}/Assets Creditors: Due more than one year Provlslons 5,737,606 (1,196,133) 6,018,971 (77,627) (1,03 1,946) (86,280) 4 823 118 (17,204) 4 524 269 Net Assets Restrlcted Funds Unrestrlrted Funds 4,155,524 368,745 4,321,176 501,942 Total Funds 4 524 269 4 823 118 CAprrAL EXPENDITURE (page 251 Capital addStion5 during the year MEMBERSHIP NUMBERS Number Number (February 2025) (February 2024 Life Ultra/Easyplay/Executive Principa IIReds Off Peak studentlYouth/JuniorllnfantlE.C.L.T.A. 1,739 1,410 77 22 1,742 1,301 78 24
(A Company Ilmlted by Guarantee, not havlng a share capltal and Reglstered under the Charltles Act 1960) COMPANY NVMBEIL. 1000490 CHARrrY REGxsfRATION NUMBER: 303187 NOTICE OF ANNUAL GENERAL MEETING 24 March 2025 Redbrldge Sports C8ntre Forest Road Barklngslde Essex IG6 3HD Tel.. 0208 498 1000 Dear Slr or Madam The fifty second ANNUAL GENEL MEETING of REDBRIDGE SPORTS cwfRE ThUST UMryED wlll be held In person In the Edna Clarke Cafe In the Jean Brown Indoor Arena, Redbrldge Sports Centre, Forest Rd, Barklngslde, Essex on Monday 19 May 2025 at 7pm. J hope you wlll ftnd It posslble to attend. Members attendlno the meetlng should brlng thelr membetshlp card5 wlth them and mv5t Complete an admlsslon sllp on enterlng the meetlng. Yours falthful Carolynne Spenr Hon. Treasurer To conflmi the mlnutes of the Aral Genernl Mfjetlng held on 13 May 2024. To deal wlth correspondence Ilf any) and retèlve apologles for absence. To reolve and, If approved, adopt the audlted accounts for the year ended 310ecember 2024. To recelve the Chalrfs Annual RepDrt. To report the results In rt%ped of electlon to the Executlve Board. To appolnt Audltors for the ensulng year.
RED IDGE SPORTS CENTRE T UMBER: 10 04 187 HARITY ISTERED OFFIC Forest Road Barkln9slde Essex IG6 3HD ESS IRECTOR Ras Gohil (Appointed 1310512024) EASURER Carolynne Spencer Jane Kelloe EXECUTIVE Ken Leggate (Resigned 3110312024) Wayne Alexander (Appointed DI/10120241 Ilnterim from 1310512D241 TIVE BOA Ras Gohll Khyam Choudhry (Resigned 1013120251 Clive Rippon Kartar Slngh (Resigned 02101120241 Eric Brown Cllr. Joyce Ryan Paul Clarke (Resigned 1310512024 Cllr. Bob Chattaway Anne McNeill (Appolnted 14110120241 MPAN SECRETA Carolynne Spencer Matthew Reynolds (Appolnted 01102120251 TAT TORY AUDITO THP Limited 34-40 High Street Wanstead London EII 2RJ arclays Bank PIC 320 New North Road Hainault Ilft>rd Essex IG6 3BU The Trust's Article5 of Associatior) include a requlrement that the Executlve Board shall Include four nomlnated rnembers, being repre5entatlves of Bodies who supported the Trust from Its inception. Those Bodies and their representative5 are as follows.. Essex County Lawn Tennls Associatlon Essex County Badminton Assoclation London Borough OF Redbridge Cllve Rlppon Eric Brown Cllr. Namreen Chaudhry Cllr. Bob Chattaway
BRIDGE SPORTS EN CHAI EPOR As we flect on the past year, it is evident that 2024 has been a perlod of slgnlflcant change and adaptation for Redbrld9e Sports Centre Trust Limlted. The UK economSc landscape has shlfted with a new governrnent in power, bringlng both challenges and opportunities. This report outlines our financial performance, strategic Initiatives, and the impact of recent economlc policles on our operations. Additionally, we hlghllght the leadership transition with Wayne Alexander taking over as CEO from Ken Leggate, who has been a cornerstone of our organisation for over three decades. The UK economy experienced a mixed year in 2024. The initial optlmism following the change of government was tempered by slower growth In the latter half of the year. The Autumn Statement intrOdUd several measures almed at supporting businesses, including a continuatitsn of the business rates subsidy, albeit at 3 reduced level for the retail, hospitality, and lelsure sectors. The rate change for employers. National Insurance has also Impacted our cost structure. The Bank of England's declsion to hold the base rate at 4.75Q/o has provided some stability, and the anticipated gradual reductions In 2025 are expected to offer further relief. These economic factors have inflUend our financSal planning and operatior)al strategies for the Comlng year. Despite the challenging economic environment, we have managed to maintain a stable financial position. Our income from member5hlp fees and faclllty use has seen a slgnificant increase, reflecting the communlty's continued support and engagement with our service5. However, rising operating costs, particularly in utilities and wages, have put pressure on our marglns. We ended the year with a deficit of £133,197, which, whlle concerning, is a manageable figure given the broader economlc context. The Trust's five~year pandemic recovery plan ha5 been the roadmap back towards financial stability, and desplte the contlnued challenges of the economic climate, we remaln posltlve that sufflclent funds can be generated to resume the major development projects for whlch the Centre is synonymous. Developments During the Year We 5LJcce5sfLJlly refurbished netball courts 6 to 9, providing our members with improved playing surfaces and facilities. TFIis project ha5 been well-recelved and contributed to increased netball pèrtlclpatlDn. Our successful grant application of £IOk from England Netball contrlbuted to the overall refurbishment costs tsf the development. The cleaning and repalntfng of netball courts 10 to 12 added an enhan¢ed reslstance surface, whlch has received significant P051tlve feedback from our members. These improvement5 have not only enhanced the playlng experlence but also ensured the longevity of our faclllties. We achleved a total of £81,432 through various revenue generation initiatives, Includlng the Day Nursery, Pickleball and the Essex Metropolitan Junior League expansion, and personal training service5. Membershlp campalgns were particularly successful throughout the year, allowlng us to see an Improved membership status startSng polnt for 2025 11311 to 1361, an increase of 50). Additionallyj event bookings, socials, and room hire Saw significant imprtsvements over the previous year.
REDBRIDGE SPOR RE TRUST LIMITED On the cost reduction front, we achleved total savings of £70,561. NSgratlng to VOIP and reducing Ilne rental fees, and the staffing efficiency savlngs made throughout the year allowed us to keep wages under control and within budget. Thanks to the management team's dedlcatlon and commitment, these inltlatlves have slgnlficantly improved our financlal performance. We have also Increased OLJr efforts to engage with the local communlly, hostlng over 300 voluntary sports clubs and events such as the London Youth Game5 and the Men's London Open Artistic Gymnastics Competition. Our membershSp has grtswn from 4,337 to 4,571, with a notable rlse In pre-pald premium rnembers. One of the most slgnificant changes this year has been the leadership transltlDn. Wayne Alexander was appolnted as CEO on 1st October, succeeding Ken Leggate after more than 30 years of dedlcated servlce. Ken's leadership has been instrumental in steering the Trust through both prosperous and challenglng times. His commitment and vlsion have left lasting legacy, and we extend our heartfelt gratitude for his contributlons. Wayne brings a wealth of experlence and a deep understanding of our operations, having served in various Senior roles wlthln the organisation. His appolntment marks a new chapter for Redbrldge Sports Centre Trust, and we are confldent in his abilily to lead u5 towards continued growth and success. In conclusion, 2024 has been a year of adaptation and resllience for Redbridge Sport5 Centre Trust Limited. The economic challenges and policy changes have required u5 to be aglle and strategic in our approach. The leadership transition has been smooth, and we are well-positloned to bulld on our successes and navigate the uncertalntles ahead. We remaln committed to providing high-quality sports and leisure Facilities to the community. With the support of our dedicated staff, members, and partners, we look forward to a prosperous year ahead. I want to extend our heartfelt thanks to Paul Clarke, who has Stepped down from the Board after 42 year5 of dedScated service. He held numerous roses during his tenure, Including Company Secretary, Honorary Treasurer, and Chair of Ihe Capital Appeal Board for Phase 10 developrnents (Jean Brown Indoor Arena). We expres5 our deepest appreciation and gratltude for his Invaluable contrlbutions. l also thank our Executlve Board for thelr unwavering support and continued guidance throughout the year. Ras Gohil Chair
EDBRIDGE SPORT IVE" ANNUAL REPO As the newly appointed CEO, I am honoured to present this report on the Trust's flnanclal position and key development5 for the year ending 2024. 1 would like to extend my heartfelt gratitude to the board, employees, and members for their unwavering support durSng these challenging times. Together, we have navlgated obstacles and achleved remarkable mllestones, settlng a strong foundation for a brlght futu. The Trust's financlal performance for the year ending 2024 demonstrated 5(1]enCe and stability. Despite the economic challenges, we have improved our fi'nancial position compared to the previous year, ensuring the 5UStainabllity of our operations and the continued delivery of our services to the community. The Trust's net deficit for the year was £ 133, 197, an Improvement from the pvIouS year's deficit of £214,493. This demonstrates our efforts towards better financial management. Our net assets stand at £4,524,269, reflecting a solid overall solvency position, ensuring the Trust's financial stablllty. Income from charitable actlvities Increased to £2,450,267, up from £2,203,403 in the previous year. Thls growth hlghllghts our SucsS in generatlng more fijnds to support our charltable inltiatlves. High utlllly costs limited our ability to increase malntenance spending,. however, new utility contracts effective from I October have reduced costs for the next 12 months. The pèyroll/turnover ratio was 59.40Wo, dernonstratlng improved efficiency compared to the prevlous yearfs ratio of 63.440. The operating deficit was reduced to E57,168 from £145,821 In the prevlous year, indlcatlng otjr commltment to financial prudence and effectlve management. These figures underscore our dedication to improving our financial position while continuing to serve our community effectively. Evénts and Successes Our athletes in the Badmlnton Performance Squads have excelled In nallonal competitions, earnlng 32 gold, 28 silver, and 30 bronze medals In U 11 to U19 Slngles and Doubles events In 2024. Hostlng the London Youth Games, with our Level 3 Coach as Competition Director, highlighted our leadership In the local sporting community. RSL also hosted three School Festival events and provlded training to two local schools, wlth LAE Academy wlnnlng thelr school competition, demonstratlng the programme's effectiveness. The Lawn Tenni5 Association {LTA) Chrlstmas Grade 3 Tournament 2024 was held on our indoor courts, organised and refereed by Graeme Luckin, our former Tennls Development offir. This event Is among the most popular and successful on the LTA calendar nationwide, atiracting over 600 entrles. We also hosted an LTA Doubles Grade 3 Tournament and continue to organise School Skills Festivals, with 130 chlldren in Years 314 attending in November and 75 children in Years 516 attendlng In January. The England Roses, the natlonal England netball squad, used our facllities for three training camps In February and July, including the Jean Brown Indoor Arena netball courts, and the spinning studio. The England Men'5 and Mixed Netball Assoclatlon {E.M.M.N,A) held three tralnlng camps In February, Aprll, and Julyi highlighting the growing popularity of men's and mlxed netball. With netball becomlng a professional sport from September, the demand For our netball facllitles will only increase. We also hosted two Netball Performan league matches at the Jean Brown Indoor Arena In December, which were Ilve-streamed.
REDBRIDGE S ENT E TRUST LIMITED Iv The Redbridge Lions Gymnastlcs Club Elite Programme has achleved exceptlonal suc59. The Junlor actlvlty programme has grown substantially, with our youngest team of Llons (aged 5 and 6) earning Gold scores in their first-ever competitlon in November. Our older gymnasts at Level 3+ have excelled, with 58 gymnasts winning 25 gold, 20 sllver, and 7 bronze medals. These results are a testarnent to the outstandlng work of the gymnastics coachlng team. Redbrldge Sport5 Centre Trust Ltd want to pay tribute to one of tsur m05l loyal patrons, Slr Jack Petchey, who sadly passed away last year. lack's legacy of helping young people aged 11 to 25 and recognlslng their contribution and great work that takes place in communltles and clubs every day through the Jack Petchey Achlevement Awards will continue to insplre us. We are commitled to acknowledging the positlve contrlbutlons of the next generation, ensuring that Jack's vision lives on. Looking Forward into 2025 The Trust must navlgate the potentSal challenges ahead, includlng substantial changes from the Autumn Budget, such a5 an Increase In employer Natlonal Insurance contributions. From April 2025, the einployer National Insurance rate will increase from 13.8Vo to 15%, and the contribution thShOld wlll be redd from £9, 100 to £5,000. AddStionally, the buslnes5 rate discount for retall, hospltalltyi and leisure IRHLI properties will decrease from 75Wll to 400/0. These measures, intended to boost public spending and investment, have had a mixed Impact on buslnesses, includlng ours, resultlng In increased costs. Despite these challenges, our goal remalns to drive developments that wlll enhance our facilitie5 and activities for all, and our determination is unwavering. Furthermore, the Trust Is well-positloned for a pr05peroLJS future, wlth new developments and activities on the horizon. We are excited about the upcomlng projects and initiatives that will further enhance our services and facilities. Our commitment to excellence and community engagement remain5 Steadfast, and we look forward to achlevlng even greater success In the future. Wayne Alexander Chief Executive
REDBRIDGE SPORTS IMITED TEGIC REPORT The Executlve Board present their strateglc report of the Trust for the year ended 31 December 2024. view of Activities The Trust made a net deflclt of £133,197 (2023.. £214,493). A comprehensive review of actlvity in the year 15 given in the Chlef Executive'5 report on page5 8 and 9. The net assets of the Trust are £4,524,26912023'. £4,823,118) at Ihe balance sheet date. Thi5 reflects the solld posltlon of the Trust from an overall solvency per5pectlve. This strong balance sheet 15 the foundation on which the Trust can continue to grow and prosper. See page 11 ft>r comments in relation to the net Cyrnt Ilablllty position at year end. dicator The Trust Uses the followlng Key Performance Indicators to monltor Its flnancial performance.. 2024 Income for Charitable Actlvltle5 Payroll Costs Payroll/Turnover Ratlo Operating Ideficltl Net result 2,450,267 1,455,433 59.40% 157,1681 {133, 197} 2,203,403 1,397,771 63.440/0 1145,8211 1214,493) CS in ies The Executive Board carry out a comprehensive risk revlew on an annual basis and have produced a pollcy document nd Implemented procedures to mltigate against existing risks and to monitor against exposure lo potentlal future risks. The Trust's primary risks, as noted from the latest review were: Risk Type Strategic Strategic Financial Flnancial Flnancial LegallRegulatory Legal/Regulatory Operational Operatlonal Operatlonal Operatlonal De5¢rlptlon The appropriateness of the Trust management structure Cost of malntaining ageing buildings Reduction In consumer spending due to hlgh Inflation Ability to repay the loan and meet Ihe loan covenants Increasing costs versus decreaslng income Compliance with Data Protectlon Act Child Protection compllance - safeguarding Impact OF natural dlsasters e.g. flooding Jnsurance adequacy to cover all risks Increasing reliance on IT syslems Los5 of acce5S to shared car parklng facilities The Trustees have put in place various strategies to reduce mitigate these risks- Produclng a buslness plan and contlngency budget and offerlng a broad range of facilities,. Developed a "Pandemlc" strategy to Safeguard the long term future of the Trust,. Ensuring adequacy of insurance cover., Preparing cash flows and reviewing debt covenants on a regular basis,. Malntaining investment In the Centre and its IT function and embracing the efficiencies avallable through automation,. and Malntainin9 sufficient and levant tralnlng for team members and Trustees This report was approved by the Board on 31 March 2025 and signed on its behalf. Ras Gohil Chair 10
ID E SPORTS CENTRE TR ITED VE BOARD The Executive Board present thelr report and the financial statements for the year ended 31 December 2024. Or anisatlo Detalls of the Trust's Organisation are disc105ed on Page 31. nd Review The principal activity of the Trust is to admlnister the Redbridge Sports Centre to provlde Sports and Lelsure fac111tles at affordable prices to the Trust's Members and the local communlty. The accounts, desplte a £57,168 operating deflclt (compared to £145,821 in 20231 and £1,196, 133 net current liabilities Icornpared to £77,627 in 20231, are prepared on a golng concern basis. The Increase In the nel current liability posltlon Is predomlnantly due to the whole of the bank loan of £1,028,348 being shown as due in less than or)e year, as final repayment Was originally due in June 2025. On 5 March 2025, the Trustees received confirmatlon from the bank that, subject to final prlclng approval, the loan will be refinanced into a new £1.5m facllity amorlising over 15 years. The additional funds secured will settle the exi5tlng loan and enable the Trustees to make addluonal capital Investrnents in the Centre's Infrastructure. Day-to-day worklng capltal needs are met through cash flows and reseNes, while major pmjects are flnanced by grants and working capital. Detailed budgets and forecasts for the next 12 months Indicate sufficient cash flow. Trustees affirm the decision to prepare flnancial statements on a going concern basls after thorough evaluation of relevant factors. vi The Trust's prlmary objectlves for 2024 were: To continue to bulld on levels of particlpation across our prinelpal sports and Identlfy new opportunitles for growth. The aim5 for 2025 and beyond are to extend our openlng hours, continue to grow membership levels, to promote maximurn OCCLJpancy of the facilities, particularly at midweek off peak and weekend periods, whllst easlng pressure on peak time court booklngs. lic B The Trustees have complied wlth thelr duty as set out i¥1 the Charitles Act to have due regard to the Chèrlty Commission's guidance on public benefil. A5 explained above, the prlmary object of the Trust Is to provlde sports and leisure facilitie5 at affordable prices to the Trust's Members and the local community. The Executlve Board a satlsfled that the Trust has met Its obligatlons in this respect durlng 2024. In particular.. The Trust had 4,720 members as at February 2025 12024.. 4,623}, the slgnificant majority of whlch use the Trust's facllltles on a regular basls. The Trust's facllities are made avallable to the local community, In partlcular enabling the young and retlred to further their Interest in sport at conces5ionary rates.
BRIDGE SPORTS CENTRE TRUST LI Network Links The Trust is a member of Community Lelsure UK ICLUK), which provides technlcal support to the Trust and champions the Trust tnodel for providing not-for-prolit community leisure provision. It does thls by enablino networklng and sharing knowledge with peer5 and external stakeholders. The Trust is also part of a collaboratlve venture with Vision Redbridge Culture and Leisure, the not-For-profit organisation that manages councll sports and fltness facilities across the borough. Members who subscribe to the approprfate membership have acce55 to Fullwell Cr05s Swimmlng pooli gym, group exercise and spa facililies. Tru cru The Executive Board endeavour to recrult new Dlrectorstfrustees, who can further develop and stren9then the skill base of the exlsling Executive Board, If any Member is interested In becoming a Director/Trustee, please contact the Chief Executlve, Wayne Alexander, at the Centre. Members who express interest in joining the Board have exploratory dlscussions with the Chair and Chlef Executlve and, If considered approprlate, they are invited to attend a few Executive Board Meetlngs in order that they meet other Board Members and understand thelr responslbllitles. If Interest is sustained by all partie5, and Board vacancies exist, the individual is then co-opted or encouraged tts formally seek election to the Board at the Annual General Meetlng. in f Directors Following appointment, Director5 are requlred to attend a meeting with the Chair and Chlef Executlve at whlch.. the Trust's management structure and reporting prOdureS are explained,. and the Director's obllgations under Charity and Company Law are explained. At that meetlno explanatory training memoranda are provided to the Dlrector, sourced from the Charity Commlsslon or internally generèted. Thereafter Directors are invited to attend various relevant courses when they become avallable. xecu Details of Board Members and changes up to the date of adoption of these accounts are shown on Page 5. An explanation of the Management structure Is provided on Page 31. The rnetnbers of the Executive Board did not receive èny amounts as reimbursed expenses or fees In 2024 or 2023. The Trust malntains Dlrectors, Indemnity Insurance on behalf of the Directors. The Trustees (who are also Dlrectors of Redbridge Sport5 Centre Trust LimSted for the purposes of Company Lawl are responsible For preparing the Annual Report and the financial statements in accordance with appllcable law and United Klngdom Generally Accepted Aecountlng Practlce (UK GAAPI. Company law requi5 the Dlrectors to prepare financial statements for each flnancSal year whSch give a true and falr view of the state of affair5 of the Trust and of the surplus or deficlt of the Trust for that perlod. In preparing those flnanclal statements, the Directors are required to-. select suitable accountlng pollcles and then apply them consistently,. observe the methods and principle5 in the Charltles SORP,. 12
EDBR po S CENTRE TRUST LIMIT make judgements and accountlng estimates that are reasonable and prudent; state whether applicable accounting Standards have been followed, subject to any materlal departures dlsclosed and explalned In the financial statements. prepare the flnancial statements on the going concern ba515 unless It Ss Inappropriate to presume that the Trust will continue In business. The Dlrectors are responsible For keeping proper accountlng records which disclose with reasonable accuracy at any tlme the financial posltlon of the Trust and to enable them to ensure that the financial statements comply with the Companles Act 2006. They are a150 re5ponslble for safeguarding the assets of the Trust and hence for takin9 reasonable Steps for the prevention and detection of fraud and other IrregLJlarStles, The Trustee5 are re5pon5ible for the maintenance and integrity of the corporate ènd financial information included on the charitable company's webslte. Leglslatlon In the United Kingdom governlng the pparatIOn and dissemlnation of financlal statements may dlffer from legislation in other jurlsdlctlons. So far as the Dlrectors are aware, there 15 no relevant audit Informatlon (as defined by Section 418 of the Companies Act 20061 of which the Trust's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a dlrector In order to make himself or herself aware of any relevant audit information and to establlsh that the Trust's auditors are aware of that information. The Statement of Re¢ommended Practlce 'Accounting and Reporting by Charltles, FR5102 (effective l January 2019) has been complied with in the preparation of these accounts. Details of movements in fixed assets are set out in Note 8 to the accounts on Page 25. The Trust's bulldlngs are Insured on a reconstrurtlon basls In the sum £27.2 Mllllon whith exceeds the net book value of the fixed assets. The Executive Board have determined that the target balance on unrestricted funds lfree reserves), not invested in tangible fixed assets held by the Trust, should approxlmate four months, expendlture lexcludlng depreciatlon net of capltal grant amortisatlon). Based on current expendlture levels this would atnount to £70J,QOO. The establlshment of a fund of free reserves Is reoulred In order to meet the cost of percelved major risks. These have been Identlfied by the Board as.. Insurable rSsks requiring short term brldglng flnance: Flood Fire A major decllne in usage of a particular facilltyi due to publlc perception of the associated sport. Growth of alternate local competition, parlicularly in rEspect of gym facilities. The level of free reserves was malntalned at thls level untll 31 December 20091£719,3421 but fallen to a negative sum of £1,213,337 {note 13) In the subsequent year5. Thi5 reserves cycle has recurred throughout the life of the Trust, as free reserves have been bullt up to fund a new capital development Ibelng Phases I to 10) and then been ut11I5ed for that funding purpose. Jn accordance with Section 485 of the Companles Act 2006, a resolution to re-appolnt THP Limited as Auditors of the Trust wlll be proposed at the forthcorning Annual General Meeting. embers The Ilabllity of member5 15 limlted to £1 In the event of the Trust being wound up with insuffi'cient funds to meet Its debts. roval ortw roved by the Board on 31 March 2025 and signed on Its behalf. Chalr 13
TO THE CENTRE TRUST LIMIT OF REDBRID Opinion We have audlted the financial statements of Redbridge Sport5 Centre Trust Llmited (the 'charlty') for the yeèr ended 31 December2024 whlch comprise the Statement of Flnancial Activlties, Income and ExpendSture Account, Balance Sheet, Cash Flow Statement and Notes to ihe Financlal Statements, including a summary of SlgnTficanl accounting policies. The financial reporting framework that has been applied in their preparation is appllcable law and Unlted Klngdom Accountlng Stèndards, Including Financial Reportlng standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Acpted Accounting Practlcel. In our oplnlon the flnancial 5tatements'. give a true and fair view of the state of the charity's affairs a5 èt 31 Dember 2024 and of Its deficit for the year then ended,. have been properly prepared in accordance with Unlted Kingdom Generally Accepted Accounting Practlce,. and have been prepared in accordance wlth the requirements of the Companles Act 2006. Basis for opinion We condLJCted our audlt In accordance wlth Internatlonal Standard5 on Auditlng (UK) {ISA5 (UK)) and applicable law. Our responsibilities under those standards are Further descrlbed In the Auditors, responsibilities for the audit of the financial Statements sectlon of our report. We are independent of the charlty In accordance wlth the ethlcal requlrements that are relevant to our audlt of the financial statements in the UK, Including the FRC'S Ethical Standard, and we have fulfilled our other ethlcal responsibilities In accordance with these requirements, We believe that the audit evSdence we have obtained Is sufficlent and appropriate to provlde a basis ft)r our oplnlon. ConclusTons relating to going concern In auditing the financial statements, we have concluded that the dlrectors, (referred to fmm here as trustees) use of the 90ing concern basis Of èccounting in the preparation of the flnancial statements is approprlate. Based on the work we have performed, we have not identifled any materlal uncertainties relatlng to events or condltlons that, individually or collectively, may cast signiftcant doubt on the charity's abllity to contlnue s a golng concern for a period of at least twelve months from when the flnancial statements are aulhorised for Issue. We have however noted the disclosures In relatlon to going concern on page 21 and confirm that these are sufficient. Our responsibllltles and the responsibilities of the trustees with respert to going concern are described In the relevant sections of this report. other Snformatlon The trustee5 are responsible for the other Information. The other information comprises the Informatlon In the Straleglc Report, the ChSef Executive and Chalr's Annual Reports and the Report of the Executive Board, b(Jt does not Include the financial 5latements and our Report of the Audltots thereon. Our oplnlon on the flnancial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not expres5 any form of assurance conclusion thereon. In connectlon with our audlt of the flnancial statements, our responsibility is to read the other information and, in doing 50, con5Ider whether the other informatlon is materially inconsistent wlth the financlal statements or our knowledge obtained In the audit or othenvlse appears to be materially misstated. If we idenlify such materlal inconsistencies or apparent material misstatement5, we are required to determine whether this gfves rlse to a material misstatement In the financlal statements themselves. If, based on the work we have performed, we conclude that there Is a material misstatement of thls other information, we are required to report that fact. We have nothing to report In thls regard. Opinions on other matters prescribed by the Companies Act 2006 In our oplnlon, based on the work undertaken in the course of the audlt.. the Information glven In the Strateglc Report, the Chief Executive and Chalr's Annual Reports and the Report of the Executive Board for the flnancial year for which the flnancial statements are prepared 15 conslstent with the financial statements,. and the Strateglc Report and the Report of the Executive Board have been prepared in accordance with appllcable legal requirements. 14
INDEPENDENT AUDITORS, REPORT TO T ED RTS CENTRE T UST LIMI BER Matters on which we are required to report by exception In the light OF the knowledge and understanding of the charity arid Its envlronment obtalned in the course of the audit, we have not Identlfled materlal misstatements in the Strateglc RepL¥rt or the Report of the Executive Board. We have nothing to report In respett of the following matters where the Companies Act 2006 requlres us to report to you if, in our opinion.. dequate accounting records have not been kept, or returns adequate ft)r our audlt have not been received from branches not visited by us,. or the financial statements are not in agreement with the accoLJntSng records and returns,. or certain disclosure5 of trustees, remuneration specified by law are not made,. or we have not received all the ififortnation and explanations we require for our audit. Responsibilities of trustees As explalned more fully Sn the Statement of Tru5tees' Responsibilities set out on pages 13 and 14, the trustee5 are responslble for the preparation of the flnancial statements and for being sat15fled that they glve a true and fair view, and for such Internal control as the trustees determlne necessary to enable the preparation of ftnancial statement5 thèt ère free from material misstatement, whether due to fraud or error. In preparlng the financlal statements, the trustees are responslble for assessing the charlty's ablllty to contlnue as a going concern, discloslngi as applicable, matters related to going concern and using the golng concern basls of accounting unless the trustees elther Intend to liquidate the charlty or to cease operations, or have no reallstic alternallve but to do 50. Auditors, responsibilities for the audlt of the financial statements Our objectlves are to obtaln reasonable assurance about whether the financial Statements as a whole are free From material tnisstatement, whether due to fraud or error, and to issue a Report of the Audltors that Includes our opinion. Reasonable assurance Ss a hlgh level of a55urance, but Is not a guarantee that an audlt onducted in accordance wlth JSAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are consldered material if, individually or In the aggregate, they could reasonably be expected to influence the economic declslons of users taken on the basis of these flnanclal statements. The extent to which the audlt was considered capable of detectSng irregularities including fraud Our approach to identifying and a55essSng the risks of malerial misstatement In respect of irregularitles, including fraud and non-compliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capablllties and skills to identSly or recognise non-compliance with appllcable laws and regulations. we identified the laws and regulatlons applicable to the charlty through dlscussions with trustee5 and other management, and from our commerclal knowledge and experience of the sector In which the charity operates,. we fticused on specific laws and regulations which we consldered may hève a direct materlal effect on the financlal statements or the operations of the charlty, IncludSng the Companies Act 2006, Charities Act 2011, data proteclic>n, anti-briberyl employment, safeguarding, envlronmental and health and safety leglslation; we assessed the extent of compliance with the law5 and regulatlons ider)tlfied above through maklng enquiries of management and in5pectlng legal correspondence,. and identified laws and regulations were comrnunlcated wlthln the audit team regularly and the team remalned alert to instances of non-compllance throughout the audlt. We asse55ed the susceptibility of the charity's flnancial statements to materlal mlsstatement, Includlng obtaining an understandlng of how fraud might occur, by.. making enqulrles of management as to where they con51dered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud,. and onsldering the Internal controls In pSace to mltlgate rlsks of fraud and non-compllance with laws ar4d regulations.
INDEPENDENT REDBRI DITORS, REPORT TO THE TS CENTRE TRUST LI MBER OF In response to the risk of irregulèrltles and non-compliance wlth laws and regulatlons, we deslgned procedures which Included, but were not11mited to.. agreeing financlal statement disclosures to underlylng supporting documentatlon; enquiring of management as to actual and potentlal IltlgatiDn and claSms', and revlewing correspondence with HMRC, The Charities Commission and any olher relevant regulatory bodies a5 requlred. There are 1r)herent limltations In our audit procedures described above. The more removed that laws and regulatlons are from financial tran5aCtlons, the less likeSy it 15 that we would become aware of non- compllance. Audltlng standards a150 limlt the audlt procedures required to identlfy non-compliance with laws and regulètion5 tts enqulry of the director5 and other management and the inspection of regulatory and legal correspondence, if any. Material mi5Statement5 that arlse due to fraud can be harder to detect than those that arlse from error as they may Involve deliberate concealment or collusion. A further description of our responsibilities for the audlt of the financial statements Is located on the Flnanclal Reportlng Council's website at www.frc.org.uk/audltorsre5ponsibilitie5. Thls descrlption forms part of our Report of the Audltors. Use of our report This report Is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we mlght state to the charity's members those matters we are required to state to them in a Report of the Auditors and for no other purpose, To the fullest extent permitted by saw, we do not accept or assume responsibility to anyone other than the charity and the charity'5 members as a body, for our audlt work, for thls report, or for the oplnlons we have formed. Andrew Green LLB FCA (Senior Statutory Audltor} for and on behalf of THP Limited Chartered Accountants and Statutory Audltors 34-40 High Street Wanstead London EII 2RJ Date.. 31 March 2025 16
REDBRIDGE SPORTS CENTRE TRiJST LIMITED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Restricted Funds (Capital Grants) Unrestricted Fund (Income and Expenditure Account) 2024 Total Total 2024 2024 2023 INCOME.. Income from generated funds Investment Income Restricted Funds Income from charita ble actlvltles Membership Fees Use of Facilities 6,884 6,884 10,000 12,243 10,000 289,143 2 161 124 289,143 2 161 124 281,640 1 921 763 Tota l income 2457 151 2 467 151 2 215 646 EXPENDITURE Cha ritable Actlvlties (Note 3) Governa nte Costs (Note 4) other Resources Expended Interest Charges {Note 21) 2,644,617 38,470 2,644,617 38,470 2,529,489 18,806 Total Expendlture 2 766 000 2 766 000 2 629 210 NET MOVEMENT BEFORE TRANSFEFiS 10,000 1308,849) {298,849) 14 13,5641 GROSS TrAN5FERS BETWEEN FUNDS Amortlsation of Capital Grants 1175,6521 175,652 NET MOVEMENT IN FUNDS (165,652) (133,1971 1298,849) (413,5641 RECONCILIATION OF FUNDS Tota l Funds Broug ht Forward 4 321 176 501 942 4 823 118 5 236 682 Total Funds Carrfed Forwa rd 4,155,524 368,745 4,524 269 4,823,118 The only movement in restrlcted funds In the prlor year was the amortlsation of capital grants of £199,071 which was released to unrestncted funds. The notes form part of thls statement. All income and expendlture derive from contlnulng activities. 17
RED8RXDGE SPORTS CENTRE TRUST LIMITED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Note 2024 2023 TURNOVER Membership Fees Use of Facllltles 289,143 2 161 124 2,450,267 281,640 1921 763 2,203,403 COST OF SALES Dlrect C05t5 Allocation from Restrlcted Fund In respect of a mortisation of Ca pital Grants {1,716,5811 (1,618,828) 175,652 199,071 1 540 929 1419 757 GROSS REVENUE SURPLUS 909,338 783,646 ADMINISTRATIVE EXPENSES 1966,506) 1929,4671 OPERATING DEFIC (57,168) (145,821) INTEREST RECEIVABLE 6,884 12,243 INTEREST PAYABLE 21 DEFICIT FOR THE YEAR 12 133 197 214 493 The notes form part of this Income and Expendlture Account. The Statement of Financial Actlvltles on page 17 provides further details of movement5 In funds.
REDBRIDGE SPORTS CENTRE TRUST LIMITED (COMPANY NO: IOQ0490) BALANCE SHEET AS AT 31 DECEMBER 2024 Note 2024 2023 FIXED ASSETS Ta nglble Assets 5,737,606 6,018,971 CURRENT ASSETS Debtors Cash at Bank and In Hand 205,4 17 175 097 380,514 138,521 314 642 453,163 CREDITORS .. DUE WITHIN ONE YEAR Bank Loan other Loan Trade Credito Taxation & Socia I Security Accruals and Other Credltors Deferred Income io 1,028,348 1,000 96,155 42,529 137,084 271 531 1,576,647 57,000 1,000 75,132 34,102 128,393 235 163 530,790 20 NET CURRENT ILIABILrnESIIASSETS 11,196,133) (77,627) TOTAL ASSETS LESS CURREwf LIABILrrtES 4,541,473 5,941,344 CREDtroRS.' DUE MORE THAN ONE YEAR io {1,03 1,9461 PROVISIONS FOR LIABILITIES 23 {17,204) (86,2801 NET ASSFrs 4 524 269 4823 118 THE FUNDS OF THE CHARITY Restricted - Capital Grants UnStrICted Income and Expendlture Accounts 4,155,524 368 745 4,321,176 501 942 12 TOTAL CHARrtY FUNDS 14 4 524 269 4 823 118 ial statements were approved by the Board on 31 March 2025 and signed on its behalf. Chair The notes form pèrt of thls balance sheet. 19
REDBRIDGE SPORTS CENTRE TRUST LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 CASH FLOW FROM OPEPATING ACTIVITIES 35,767 130,7231 CASH FLOWS FROM LNVESTtNG ACTIVITIES Interest Income Purd)ase of tanglble flxed assets 6,884 (48,685) 12,243 (78,680} CASH PROVIDED (USED INI18Y INVEStING ACTIVITIES CASH FLOWS FROM FJNANCING ACTIVITIES Interest pald Repayment of loan Restricted fund reiVed 182,913) 160,5981 {80,9151 {59,3701 CASH (USED BY) FINANCING ACTtvrrtES 133 511 140 285 (Decrease) in cash and cash equivalents in the year 139 545 237 445 Cash and cash equlvalent5 at the beglnnlng of the year 314,642 552,087 TOTAL CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR (Note 22} 175 097 314 642 RECONCILIATION OF NET MOVEMENTS IN FUNDS TO NET CASH FROM OPERATING ACTIVThIES 2024 2023 Net mOveEnt In funds Add back depreclatlon charge Deduct interest income shown in investlng artfvitles Add back interest payable IJncrease)/decrease In stock Ilncrease) In debtors Increase In credltors Decrease in provisions Grant re1Ve NET CASH GENERATED BY OPERATING ACTIvrriES (298,849) 330,050 {6,884) 82,913 (413,564) 359,957 112,2431 80,915 2,446 19,7701 138,464) 166,896) 74,509 169,076) 20
REDBRIDGE SPORTS CENTRE TRUST LIMITED ACCOUNTING POLxcIes FOR THE YEAR ENDED 31 DECEMBER 2024 General Inforrnatio The charity is a private charitable company Ilmited by guarantee and reglstered in England & Wales. The charltable company's registered number and registered offiTr address can be found on the Company Information page. The charlty's functlonal and presentatlon currency is the pound sterllng. The flnancial statements have been prepared in Compl$an with Accounting and Reportlng by Charities.. Statement of Recommended Practice applicable to charltles preparlng thelr accounts In accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {effective l January 20191- (Charities SORP IFRS 102)), the Flnancial Reportlng Standard app5icable In the UK and Republic of Ireland (FRS 102), Companles Act 2006 Bnd the Charltles Act 2011. The Trust meets the delinitlon of a pub11c benefit entity under FRS 102. Assets and liabllltles are Initlally recognlsed at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. These financial statements have been prepared under the historical c05t CDnventlon. The accounts, despite a £57,168 operatlng deflclt (compared to £145,821 in 2023) and £1,196,133 net current Ilabllit1es {compared to £77,627 in 20231, are prepad on a golng concern basis. The increase in the net c(Jrrent liability posltlon Is predominantly due lo the whole of the bank loan of £1,028,348 belng shown as due in less than one year, as final repayment was orlgSnally due in June 2025. On 5 March 2025, the Trustees received confirmation from the bank that, subject to final priclng approval, the loan will be refinanced into a new £1.5m facillty amortlslng over 15 years. The additlonal funds secured will settle the existlng loan and enable the Trustee5 to make additional capital investments in the Centre's infrastructure. Day-to-dèy worklng capStal needs are met through cash flows and reserves, while major projects are financed by grants and working capital. Detailed budgets and forecasts for the next 12 months indicate sufflclent cash flow. Trustees affirm the decision to prepare fi'nanclal statements on a goln9 concern basis after thorough evaluation of relevant factors. Estimates and judgements are continually evaluated and are based on historical experien and other factors, Includlng expectation5 of future events that are believed to be reasonable under the CIrcumstanS. a) Crltlcal judgements in applying the entity's accounting policies There are no speclflc Judgements, apart from those involving estimates as detalled below, that management has rllade In the prO5S of applying the entity's accountlng policies that have a significant effect on the amounts CogniSed in the flnancial statements. b) Critical accounting estimates and assumptions The charity makes estlmates and assumptions concerning the future. The resulting accounting estimates can differ From the related actual results. The estimates and assumptions that have a significant risk of causlng a material adjustment to the carrying amount5 of assets and IlabS1ities withln the next financial year are addressed below. lil Usefijl economic Ilves of tangible assets The annual depreciation charge for tanglble assets is sensitive to changes In the estimated useftjl lives and residual values of the assets. The useful economSc lives and resldual values are re-assessed annually. They are amended when necessary to reflect current estimate5 based on technologlcal advancements, future investments, economic utS1isatlon ènd the physlcal condition of the assets. See note 8 for the carrying amount of tanglble assets and below for the depreoation policy in respect of each class of asset. Turnover consists of cash takings, membershlps and booklngs income, net of value added tax. Life membership fees are taken to the Income and Expenditure Account In equal instalments over six years. Annual membershlp fees are taken to the Income and Expenditure Account over the duratlon of the calendar year to which they relale. Income from booking5 is recognised in the period in which the activity takes place. 21
REDBRIDGE SPORTS CENTRE TRUST LIMITED ACCOUNTING POLXCIES {Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 eceiv le Grants related to expenditure on tanglble flxed assets are credited to the Income and Expenditure Account over the lives of those assets. Total grants recelvable less the aggregate amounts credlted to the Income and Expendlture Account at the Balance Sheel date are included in the Balance Sheet as Restrlcted Funds. Revenue Grants are accounted for on a recelvable basls. recTatio Fixed assets are depdated to wrlte off thelr cost over thelr useful Ilves at the fvllowlng rates per annum on a stralght line basls.. Freehold Land Freehold Bulldlngs Furniture & Equipment Computers Gym Equlpment other Not depreclated 3.330/0 to 10% 33% 200h IOO/o to 15% Depreclatlon on major acqulsitions commenTrs In the month followlng flrst use. Other fixed assets are depreciated for a full year in the year of acquisltlon. A minimum level for capitalisation of flxed assets has been set at £250. Items costing less than that amount are Immedlately written off in full to the Incorme and Expenditure Account on acquisition. Computer software costs are immediately written off in full to the Income and Expenditure Account on acquisltlon. Flxed assets a reviewed on an ongoing basls for Indlcatlons of Impalrment. stock Is stated at the lower of cost and selllng prlce less costs to complete and sell, after maklng due allowance for obsolete and slow moving items. Stocks are recognlzed as an expense in the period in which the related revenue is recognized. The Trust participates In a defined contributlon penslon scheme for staff and the penslon charge represents the amounts payable by the Trust to the fund In respect of the year. Iirecoverable VAT Is charged as a cost wlthln administrative expenses. Invold Income, relatlng to services to be provided after the f(nanclal year end, is classified in the balance sheet as Deferred Income, whlch also Includes the deferred element of life and annual membershlp fees. Cost Allocatlo The Income ènd Expenditure Account include5 an allocation of costs between Cost of Sales and Admlnlstratlve Expenses. Cost of Sales primarily consists of Depreciation, 60Vo of payroll costs and certain premises expenses. All other costs are allocated as Administrative Expenses. All costs are deemed to relate to charitable actlvltles except for professional fees that relate solely to the governan of the Charity. Financial Instrumen The trust only has flnanclèl assets and 1Sablllties of a kind that qualify a5 basic flnanclal Instruments. 22
REDBRIDGE SPORT5 CENTRE TRUST LIMxfED NOTES ro THE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 RESTRICTED F The Restricted Funds reprtsent grants te1ve in respect of capltal and other expenditure, not yet amortlsed to the Income and Exper)diture Account. The Unrestrlcted Fund represents the Income and Expenditure Reserve, whlch Is not subject to any re5trlctlons, other than In respect of furtherlng the Trust's charltable objects. RESOURCES EXPENDED: CHARITABLE ACTJvrriES ReSoUrS expended on Charitable Actlvltles are analysed as follows.. 2024 2023 Payroll Costs {Note 6} Depreclation (Note 8) Externa l Advertising Light and Heat Premises and equlpment malntenance and repalr Insura nce othercosts 1,455,432 330,050 6,116 320,371 155,163 133,214 244,271 1,397,771 359,957 8,432 188,320 156,647 102,653 315,710 2 644 617 2 529 489 RESOURCES EXPENDED . GOVERNANCE COSTS Resources expended on Governance Costs a re analysed as folltsws.. 2024 2023 Audit Fee Professlonal Fees ID,210 9,913 23
REDBRIDGE SPORTS CENTRE TRUST LXMIYED NOTES TO THE INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 OPERATING RESULT The result for the year is stated after the followlng.. 2024 2023 Depreciation Audltors, Remuneration Audlt Fees Accountlng and Flnanclal Reportlng 330,D50 359,957 10,210 5,240 155,163 9,913 5,087 156,647 Emolurnent5 of Chlef Executlve Remkjneratlon Penslon Contrlbutlons After creditin Release of capltal grants 76,775 7,810 89,175 9,140 175 652 199 071 PAYROLL COSTS The total payroll costs are analysed a5 follows.. 2024 2023 Salarle5 Employer's Natlonal Insura nce Penslon Costs Self-Employed Contractor 1,288,731 87,351 30,741 1,208,865 79,518 34,161 1 455 432 1 397 771 The average number of employees durlng the year was: 2024 Number 114 2023 Number iio 19 129 Operatlonal Management and admlnlstratlon 135 No employees earn over £60,QOO, except the Chlef Executive whose remuneratlon Is dlsclosed In Note 5 above and is authorised by the Trust's Artlcles of Associatiori. None of the Dlrectors are remunerated in their capacity as Trustees. The Trustees are deemed to be the key management of the Trust for the purposes of disclosure under FRSIO2. 7. TAXATION The Charlty is exempt from tax on Income and galn5 Wlthin Sectlon 505 of the Taxes Act 1988 or section 252 of the T3xation of Chargeable Galns Act 1992 to the extent that these are applied to its charitable objects. 24
REDBRIDGE SPORTS CENTRE TRUST LXMYTPD NOTES TO THE BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2024 TANGIBLE FIXED ASSETS Freehold Land Freehold Bulldlngs Furnlture & Equipment Total Cost Bala n 1/112024 Additlons Disposals 619,167 13,106,241 44,094 856,109 4,591 14,581,517 48,685 Balance 3 111212024 619 167 13 150 335 860 700 14 630 202 De reciatio Balance 1/112024 Charge for Year Dlsposals 7,831,658 292,238 730,888 37,812 8,562,546 330,050 Balance 3111212024 8 123 896 768 700 8 892 596 At 31/IV2024 619 167 5 026 439 5 737 606 At 3111212023 619 167 5 274 583 125 221 6 018 971 All fixed assets are utilised by the Charlty In meeting Its charitable objects. 25
REDBRXDGE SPORTS CENTRE TRUST LIMXTED NOTES TO THE BALANCÈ SHEET (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 DEBTORS 2024 2023 Trade Debtors Prepayments a nd accrued income Redbrldge Sports Centre Sodal Club 67,952 116,142 21,323 205 417 37,040 99,637 1,844 138 521 io. CREDrroRS: DUE MORE THAN ONE YEAR 2024 2023 Bank Loan 1 031 946 Bank Loan The Trust refinanced in May 2020, taklng out a 5 year Floating rate ter loan. The loan was interest only for the first 12 months and reverted to capital repayment In June 2021, with a lurnp sum repayment to repay the 103n In full in June 2025. The Trijst is currently In dlscussion wllh the bank to refinance. The inlerest rate on this loan Is 2.65% over Bank of England Bank base rate (at the year end 4.75%). An analysls of the MatUrY of IDans 15 glven below.. 2024 2023 Falllng due w ithin one year.. Falllng due between one and two years.. Falllng due between two and five years 1,028,348 57,000 1.031,946 11. RESTRICTED FUNDS Funds ceiVed in respect of flxed asset and other expendlture: 2024 2023 Balance at beglnnlng of year Grants received Grants released Balance at end of year 4,321,176 10,000 175 652 4 155 524 4,520,247 199 071 4 321 176 Included within other cre(51tor5 on the balance sheet are -fund5 hel(J- fvr restrlcted purpose5 of £25,649 (2023: £32,129). 26
REDBRIDGE SPORTS CENTRE TRUST LIMITED NOTES TO THE BALANCE SHEET (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 12. UNRESTRICTED FUND- INCOME AND EXPENDThURE ACCOUNT 2024 2023 Balance at Beglnnlng of year (Deficltl for the year Balance at End of Year 501,942 133 197 368 745 716,435 214 493 501 942 13. ANALYSIS OF NET ASSETS BETWEEN FUNDS Tanglble Flxed Assets Other Net (LiabilTties)/ Assets Totsl Restrltted Funds - Grants Unrestricted Funds 4,155,524 1582 082 4,155,524 358 745 4 524 269 1 213 337 14. MOVEMENT ON TOTAL FUNDS AND RESERVES 2024 2023 Income and Expenditure (Deficlt) Capital grant Grant release (See note 11) (133,197) 10,000 175 652 1214,4931 199 071} Movement for the year {298,849) (413,564} Total Funds and Reserves at beginning of year 4 823 118 5 236 682 Total Funds and Reserve5 at end of year 4 524 269 4 823 118 15. OPERATIONAL COMMITMENTS At 31 Dember 2024 and 2023 the Trust had no annual commltments under non-cancellable operating leases. 27
REDBRIDGE SPORTS CENTRE TRUST LXMXTED NOTES TO THE BALANCE SHEET (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 16. CAPITAL COMMITMENTS Contracted but nol provided for in these acctsunts £NII 12023.. £7,295). 17. SECURED DEBTS The Bank Loan of £1,028,348 12023.. £1,088,946) Is secured by a fixed and floating charge over part of the Trust's freehold propertles and other assets. The other freehold properties are Secured in favour of several of the major capital grant provlders. The Trust also has an overdraft facility of £75,000 agreed wlth the bank, though this has not been utlllsed slnce it wa5 made available. 18. RELATED PARTY TRANSACTIONS The Redbridge Sports Centre Soclal Club is a separate entity which operates the bar and ancillary facilities at the Sports Centre. At the year end the Redbrldge Sports Centre Social Club owed E21,323 to the Trust12023'. £1,844). During the year the Trust raised a management charge of £7,20012023'. £7,200) to the Social Club for various costs incurred on their behalf and charged the Soclal Club rent of £3,60012023.' £3,600). The Trust contrlbuted to the catering costs of the Social Club of £12,00012023.. £12,000). 19. INVESTMENT INCOME Investment income of £6,88412023'. £12,243) arises from money held In Interest bearing deposit accounts. 28
REDBRIDGE SPORTS CENTRE TRUST LIMITED NOTES TO THE BALANCE SHEET (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 20. DEFERRED INCOME Deferred Income comprises sales invoices raised in advance in relation to long term booklngs and membershlp relating to 2025. Balance as at 01/0112024 Amount released to income earned from charitable artlvities Amount deferred In year Balance as at 3111212024 225 (230,7751 267 143 21. INTEREST PAYABLE 2024 2023 On Bank Loans 22. CASH AND CASH EQUIVALENTS The amtsunts disclosed on the Cash Flow Statement in respect of cash and cash equlvalents are in respect of these Balance Sheet amounts.. 2024 2023 Total cash and cash equivalents 175,097 314,642 23. PROVISIONS The Trust makes a provlslon, based on existlng data, for its full legal obligations in relatlon to the costs of its premise5. 2024 2023 Premises costs provision 17,204 86,280 Balan at l January 2024 Released in the year 86,280 169,0781 Balan at 31 December 2024 17,204 29
REDBRIDGE SPORTS CENTRE TRUST LIP41TED OACKGROUND OF TRUST march 1968 Loss of North Ilford LTC'S facllitles at Beehlve Lane, comprising- 8 tennls courts, I badmlnton hall, I table tennis room, through grant cif planning permission lo landlords to build houses on 5Ite compensation £1,000. April 1968 Announced intention to build a Sports Centre which wotjld be financi311y viable. Sports Centre Bulldlng Committee formed. 1968 - 1972 Fund raising original target £40,000 rapidly rose over the perfod to over £lOO,000. November L970 Redbrldge Sports Centre Trust Llmlted 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 Bullding started Phase X. Indoor facilities then comprised.. Sport5 Hall,. 5 badminton courts to nternatlonal standard las at present),. 4 squash courts. a games room, changing Facilities for 100 men and 70 ladSes, and outslde, a car park for 120 cars and 5 tennls courts, Cost, a bargain, at just £114,277. 20 March 1972 sports Centre opened. 19 June 1972 Official opening by Princess Alexandra. October 1974 Phase 2 - Managers, offices, games room above and Store at the far end of the Sports Hall. August 1977 Phase 3 - 5th squash court and tennls pavllion bullt. July 1980 Phase 4 - 6th and 7th squash courts bullt and Improved offices. May 1983 Phase 5 All fSve outslde tennls courts -surfaCed with Omniturf (sand filled). All courts and car park floodlit. June 1989 Phase 6 -comprislng new Condltloning Room, Health Suite, lounges and activities room. All main services and fire and safety Installatlons throughout the Centre were upgraded. Oecember 1991 Freehold of site purchased August 1994 Part of Oakfield site obtained under long lease for future development September 1994 Phase 7 - Works commenced on l.T.l. Centre comprising 8 indoor tenn15 courts (opened July 19951, 6 new outdoor court5 (opened November 1994), new fltness and aerObics/dan studios (opened March 19951. November 1994 Redbrldge Tennls Club formed, incorporating North Ilford L.T.C. October 1997 Phase 8 Works commenced to build 2 floodllt synthetic gra55 Pltches and 12 floodllt netball/tennls court5 on Oakfield and substantlal pavllion operational from June 1998. December 2000 Phase 9 gym extension becomes operational Technogym equlpment in Dember 2004. cardlovascular machlnes replaced wlth new January 2012 Phase 10 Sport5 Hall, comprlslng 12 Olymplc standard badmlnton courts and anclllary facilities, opens for publlc and member use. July-september Centre is utllised as an Olymplc and Paralymplc Tralnlng Venue for Badminton, Wrestling, Judo 2012 and Goalball. November 2013 Works completed to replace floodlit synthetic gras5 Pltches. December 2015 Major gym refurblshment, new equlpment and Improved access Control. June 2017 August 2019 Improvements to coffee shop, b15tro, spinning studlo and major refurbishment of 8 indoor tennis courts. 3uly 2024 Upgraded 4 netballltennis courts 30
REDBRXDGE SPORTS CENTRE TRUST LIMITED ORGANISATION GOVERNING DOCUMENT The organisation and operations of the Trust are primarily governed by the Trust'5 Articles of Association (the Trust's Constitution). OBJECTS As defined in the Articles of Assoclatlon, the Trust's main object.is to provide or to asslst In provbdlng facllltles for recreat10n, physical education or other le15ure tlme occupatlon In or In connectlon wlth the Borough of Redbrldge and Its ne1ghbourhood". The Executive Board endeavour to meet this objective by provlding quality sports facllities at affordable prlces. MANAGEMENT STRUCTURE The Trust is administered by the Executive Board, all of whom (with the exception of the Chief Executlve) provlde thelr services on a voluntary basis. 3A EXECUTIVE BOARD Comprises.. the Chlef Offlcers appolnted by the Executlve Board, name5y Chalr, Deputy Chair, Hon. Treasurer, Hon Sollcltor, Hon. Secretary and Chlef Executlve. Not less than 3 and up lo 8 elected members from the membership by postal vote. 4 nominated members from financlal backers. up to 2 co-opted members for Iheir speclal knowledge and experience. Decide5 major policy and financial matters.. meets at least quarterly. b) d) 3B MANAGEMENT COMMirrEE A formal Sub-committee of the Executlve Board. Monitor5 the continuous efficlent functlonlng Of the Centre, deciding day to day general pollcy. All members OF the Executlve Board are eligible to attend and, In recent years, member represenlatSves of actlvltles not otherwise represented have been invited to attend. The employed managers sit oll the Commlttee for report and lialson. 3C THE OFFICERS An informal Sub-ctsmmittee of the Executive Board (comprlsing the ChSef Officers of the Trust and others appolnted by the Board). The Officers meet monthly to consider matters In depth and make recommendations to the Executive Board, eg, on staff salaries, annual budget, capital expenditure and general pollcy. 3D USE OF UNPAID VOLUNTEERS With the exception of the Chief Executive, all members of the Executive Board provide their services on a voluntary unpaid basls. There are no other unpaid volunteers though the Centre does take on young students from local colleges for work experlence on an unpald basls. THE STAFF The Trust currently employs approximately 135 members of staff. Of these about 21 are full-tlme employees on the basls of regularly worklng a mlnimum of 30 hours a week, wlth the rest part-time. 31
REDBRIDGE SPORTS CENTRE TRUST LIMITED FXNANCIAL BACKGROUND SUMMARY FOR THE YEAR ENDED 31 DECEMBER 2024 CAPITAL EXPENDrruRE Buildings Origina I Cost Phase 2 Phase 3 Phase 4 Phase 5 Phase 6 Phase 7 Phase 8 Phase 9 Phase 10 other Furnlture & Equlpment Freehold Land 106.697 40,000 28,093 70,000 45,597 665,769 2,131,072 1,978,121 435.976 7,604,916 904,794 619,167 Total £ 14 630 202 The atFove ca pltal costs have been met from the followlng sources: 1972 - 2024 Incluslve Ita l Grants Deferred - for future release to Revenue Account Re leased to Revenue Account Tota l Received 4,155,525 4 496 829 8,652,354 J. Petchey Ba rclèys Ba nk PIC Workl Ca 1.000 775,106 466,764 Income 3 nd Expenditure Account Depreciatlon Transfer fro Capit61 Grants 368,745 8,863,062 4 496 829 4,734,978 £ 14 630 202 All income generated by the Centre has been ploughed back IOOWO towards meetlng runnlng costs and providing new or improved faclllties as set out In thls Report. No subsidy toward5 runnlng costs has been recelved at any stage slnce the Centre opened In 1972. 32
REDBRIDGE SPORTS CENTRE TRUST LIMITED FINANCIAL BACKGROUND SUMMARY FOR THE YEAR ENDED 31 DECEMBER 2024 Capital and other grants lincludlng Glft-Ald where relevant) have been received from the following sources as at 3111212024.. Sources Olymplc Dellvery Authorlty National Lottery (inc Sport England) Law n Tennls Assoclatlon London Borough of Redbri(Jge (re la nd tra nsaction) Athenaeum Lawn Tennls Club Badmlnton Engla nd Sports Council London Marathon Engla nd Netball Football Foundation Foundatlon For Sports & Arts Terry Brown Paul Clarke Petchey Properties PIC and Jack Petchey Foundation Engla nd Hockey Essex County Tennis iffa Lafarge Footb311 Association Grange Farm Trust Engla nd Netball Others 3,339,391 2,934.313 742,500 sio,000 500,000 300,000 258,318 250,000 200,000 200,000 140,000 129,205 113,895 112,210 98,000 80,000 44,000 37,125 35,000 20,000 10,000 96,379 Total Cè pita l Gra nts Received 10 150 336 33