SPORTS ET LEISURE SErving thE :_ SErious about .iunity REDBRIDGE SPORTS CENTRE TRUST LIMITED (Limited by Guarantee) Company Number: 1000490 Charity Number.. 303187 REPORT AND AUDITED ACCOUNTS 2025
REOBRIDGE SPORTS CENTRE TRUST LXMITED 2025 REPORT AND AUDXTED ACCOUNTS Contents Financlal Results at a G1an.............................,...... Notlce Of Annual General Meetlng............................. Trust Offlclals......................................... Chair's Annual Report Chlef Executlve's Annual Report. Strateglc Report.................................. Report Of The Executive Board.............................,. IndependentAudltors' Report........................................ Statement Of Flnan¢ial Activities .12 .15 Jncome And Expendlture Account . Balance Sheet.......................... .16 .17 Statement Of Cash Flows . .18 Accounting Pollcles Notes To The Statement Of Flnanclal Actlvltle5. Notes To The Income And Expenditure Account. Notes To The Balance Sheet . .19 .21 .22 .23 Organisation Flnanclal Background Summary................... .29 .30
REDBRIDGE SPORTS CENTRE TRUST LIMITED FINANCIAL RESULTS AT A GLANCE FOR THE YEAR ENDED 31 DECEMBER 2025 2025 2024 INCOME AND EXPENDITURE ACCOUNT (page 16) Turnover Cost of Sales Admlnlstratlve Expenses Net Interest Expenses 2,596,472 (1,619,547} (1,112,667) {73,224} 2,450,267 11,540,929) (966,506) (76,029) (Deflclt) for the year 208 966 133 197 BALANCE SHEET (page 17) Tanglble Flxed Assets Net Current (Llabllities}/Assets Creditors.. Due more than one year Provisions 5,639,264 (85,2311 (1,394,402) 5,737,606 {1,196,133} (17,204) 4 524 269 Net Assets 4 159 631 Restricted Funds Unrestricted Funds 3,999,852 159,779 4,155,524 368,745 Total Funds 4 159 631 4 524 269 CAPITAL EXPENDITURE (page 23) Capltal add Itlons durlng the year 201 768 MEMBERSHIP NUMBERS Number (Februa ry 2026) Number (February 2025 Life Ultra/Easyplay/Executlve Prlnclpal/Reds Off Peak studentlYouth/Juniorllnfa ntlE.C.L.T.A. 1,736 1,542 68 17 1,739 1,410 77 22
STLI ITED (A Company limited by Guarantee, not havlng a share capital and Reglstered under the Charitles Act 19601 COMPANY NUMBER". 1000490 CHARXTY REGXSTRATION NUMBER: 303187 NOTICE OF ANNUAL GENERAL MEETING 2 March 2026 Redbridge Sports Centre Forest Road Barklngslde Essex IG6 3HD Tel.. 0208 498 1000 Dear Slr or Madam The flfty flfth AWNUAL GENERAL MEETING of REDBRIDGE SPORTS CENTRE TRUST LIMITED will be held in person In the Edna Clarke Cafe in the Jean Brown Indoor Arena, Redbrldge Sports Centre, Forest Rd, Barklngslde, Essex on Monday 18 May 2026 at 7pm. I hope you wlll flnd It posslble to attend. Members attending the meeting should brfng thelr membershlp cards wlth them and must complete an admlsslon sllp on entering the meeting. Yours falthfully Carolynne Spen¢er Hon. Treasurer To confirm the minutes of the Annual General Meetlng held on 19 May 2Q)25. To deal wlth correspondence {if any) and re5Ve apologies ft>r absence. To recelve and, If approved, adopt the audited accounts for the year ended 31 December 2025. To receive the Chair's Annuol Report. To report the results in respect of elertlon to the Executlve Board. To appolnl Audltors for the ensuing year.
RETR ANY TY NUMBE AND Forest Rtsad 8arking5ide Essex IG6 3HD ADDRE USTEE Ras Gohll TY CHAIR Jane Kelloe Carolynne Spencer CHIEF EXE Wayne Alexander ECUTIVE B Jane Kelloe Carolynne Spencer Khyam Choudhry (Reslgned 1910512025) Anne NcNelll Ola Asgill (Appolnted 1910512025) Raheel Mallk {Appolnted 1910512025) Ras Gohll Eric Brown Cllr. Joyce Ryan Cllve Rlppon {Deceased 2011112025) Cllr. Bob Chattaway Zelal Baccus Islam (Appolnted 1910512025) COMP Carolynne Spencer Matthew Reynolds (Appolnted 0110212025) ATUTORY THP Llmited 34-40 Hlgh Street Wanstead London EII 2RJ Barclays Bank PIC 83185 Hlgh Street Barklngside Ilford IG6 2AQ The Trust's Artlcles of Association include a requlrement that the Executlve Board shall Include four nomlnated members, belng representatlves of Bodles who supported the Trust from its inceptlon. Those Bodies and thelr representatives are as follows: Essex CoLJnty Lawn Tennis As50clatlon Essex County Badmlnton Assoclation London Borough of Redbridge Cllve Rlppon (Deceased 2011112025) Erlc Brown Cllr. Bob Chattaway
HAIR'S ANNUAL REPORT 2025 Over 2025, Redbrldge Sports Centre Trust Llmlted navlgated a year deflned by conslderable economic change and operational challenge following the UK Governrnent'5 ALJturnn Budget of 2024. These conditions demanded disciplined financial management, decisive leadershlp, and an enduring commltment to deliverlng h5gh-qualitYi accesslble sport and leisure opportunities for the Redbridge community. Flnanclal and Economlc Context The Autumn Budget Introduced fiscal measures wlth dlrect and materlal impllcatlons for charities and leisure operator5. The rise in employer National Insurantr tontributions from 13.8% to 15%, palred with the lower threshold of £5,000, led to a significant escalation in payroll costs. Alongs1de thls, the Increase In the Natlonal Llvlng Wage to £12.21 per hc*ur from Aprll 2025 placed addltlonal pressure on labour-lntenslve organlsatlons such as OLJrs. While contlnued relief withln the retail, hospitality, and lelsure Sector offered some protection, the reduction in business rate support from 70¥0 to 40% created further upward pressure on property-related costs. Amid these headwinds, a fall in the Bank of England base rate, from 4.75% at the close of 2024 to 3.750/0 by December 2025, provlded some rellef through lower Interest payments. Nevertheless, the cumulatlve Impact of wage Inflatlon, tax adjustments, and perslstent prlce pressures malntalned a demanding c05t environment. Throughout, the Trust continued its Post-pandemic recovery Strategy.. protecting affordablllty for members whlle safeguardlng the long-term financlal resIllen of the charlty. Financlal Performance The Trust concluded the year wlth a net deflclt of £208,96612024.' £133,197), drlven princlpally by.. Incased payroll expendlture due to Natlonal Livlng Wage and Natlonal Insuran changes Rlslng admlnlstratlve and operatlonal costss partlcularly utiiitles and Inflatlon-llnked contracts Contlnued investment In malntalnlng and Improvlng a large and agelng estate De5Plte these pressures, turnover rose to £2,596,472 (2024.. £2,450,267), reflecting steady growth in demand for our servlce5. Membership numbers ached 4,782 by February 2026 {2025'. 4,7201. Though expendlture grew at a faster pace than income, the ongolng upward trend in both turnover and parliclpatlon offers a solSd foundatlon for 5trengthenlng the Trust's financial positlon in the year5 ahead. A key achievement was the SUC$sful refinancing of the Trust's bank loan, due for repayment in 2025. The new facility not only extended repayment temis but also provlded addltlonal borrowlng capèclty to support essentlal maintenance and Improvement work. Thls refinanclng strengthened Ilquldlty, Improved cash flow, anij eAsud compllance with all banking covenants. Our balance sheet remains robust, wlth net 355ets of £4,159,631, underplnned by slgnificant restrlcled funds Ilnked to historic capital grants. Cash and cash equivalents rose to £406,872, reflecting sound working capital management and prudent use of available flnance. Operational and Community Highlights Amid a challenging economlc backdrop, 2025 was nonetheless a year of meaningful progress and achlevement: Major capital improvements, Includlng the refurbishment of our outdoor netball and tennls courts, relnforclng our status as a premler sportlng venue. A major upgrade to heatlng Infrastructure In the Norman Booth BuSldlngi replaclng 50-year-old bollers wlth modern, energy-efflcient systetns and introdudng advanced building management controls to optimlse heating zones and reduce energy consumptlon. Enhanced community engagement, supporting more than 100 clubs and hosting key national, regional, and county events across tennis, badminton, netball, and gymnastics. Expansion of emerging activltles, includlng the introduction of Pickleball and growth In both junior programmes and fitness parlidpatlon.
RU TLIM AIR- ORT The year also marked the first full cycle under the leadership of Chief Ex8cutlve Waynè Alexander, whose strateg1¢ vlslon and operatlonal acumen have been central In guiding the Trust through thls complex financial landscape. Governance and Reflectlon$ We were dellghted to welcome three new Trustees In 2025 '. Ola Asg51, Zelal Baecus Islam, and Raheel Malik, each bringlng a wealth of professlonal expertise and a shared passlon for community-led sport and wellbelng. Thelr comblned Inslght and experience strengthen the Board's governance capacity and strateglc overslght. We also note, with deep sadness, the passing of Clive Rlppon In November 2025, a long-servlng Trustee whose contrlbutlon to the Trust was profound and enduring. Clive played a pivotal role in the development of our indoor tennls facllltles In 1994 and remalned a devoted advocate for tennis at the Centre throughout hls tenure. His legacy contlnues to shape our work and values. The Board extends sSncere thanks to LTrur Executlve Team, staff, volunteers, members, and partners. Their dedlcatlon, professionallsm, and unrelenting commltment remain the cornerstone of our success, Looking Ahead to 2026 As we look to 2026, we do so wlth cautlous optlmism and renewed purpose. The Trust Is now operatlonally stronger, underplnned by.. A more stable and predlctable utlllty cost base Enhanced cash reserves and Ilquidlty Contlnued membershlp growth and engagement A highly capable and commltted leadershlp and staff team A focused strategy tts maximise utlllsation across all facllltle5, particularly durlng off-peak periods Our Strategic priority remalns balancing community accessibility with long-term financlal sustainabillty. Whlle we anticipate ongolng economlc vtslatllity, our mlsslon Is to promote actlve lifestyles and provlde inclusive sportlng opportunltles for all remains steadfast. with a clear directlon, strengthened foundatlon5, and an endurlng eommltment to our community, Redbridge Sports Centre Trust enters 2026 confident, resilient, and ready for the future. Ras Gohll Chair Redbrldge Sports Centre Trust Llmlted
It Is my prlvllege to present thls year's Chlef Executive's Report, reflectlng on a perlod of steady operatlonal progress alongslde slgn1flcant external challenges. Throughout 2025, rising energy costs, economlc uncertainty, and shifting customer behaviour placed pressure on the sector, yet the organisation continued to perform reliably, strengthen community engagement, and advance strateglc Investment across the slte. Our focus remained on resillence, adaptabilityi and dellverlng hlgh-quallty facllltles and servlces to our members, vlsltors, and communlty partners. Financial Overview The Trust achleved Improvlng flnanclal stablllty desplte a demandlng cost envlronment. Income Increased by 5.9010, driven by strong performance in netball, gymnastics, gym and elasse5, events, and facility hire. Expenditure remained tightly controlled,. however, maintenance costs were hlgher than planned due to the age of core Infrastrurture. Early benefits are already belng seen from the replacement of the Centre's ageing boiler system. Addltional savings are anticipated from the PV Solar Project, scheduled for 2026. The secured additional bank loan enabled progress on ¢apital proJe¢ts, Includlng re5urfaclng outdoor netball courts 2- 5, repalrs to the Forest Road access road and car parks, and refurbishment of the yoga roomlspinnlng sludlo wlth new Technogym bikes, which commenced in December 2025. These investments safeguard the long-term functlonSng and value of the Cer¢tre. The Trust implemented targeted rnitigation measures, including utility contract renegotlatlons, careful workforce planning, and efficiency improvements across operatlons. These actlons helped protect flnanclal stablllty and sustaln servlce dellvery during a challenglng year. The fSnanclal trajectory 15 posltlve. Strengthened Income, Improved cost control and ershanced access to capltal pla the Trust in a more resllient posltion for the year ahead. Opérational Performance Operational delivery remained strong across gym and classes, racket sports, gymnastlcs, coached programme5, and outdoor football and netball. Member retentlon was conslstently hlgh, supported by service enhancements and refreshed programme content. The Trust contlnued to wlden partlclpatlon and strengthen communlty engagement, expanding partnerships, increasing work wlth underrepSented groups, and malntalning accesslble, Incluslve programmlng a¢ros5 all facillties. Member Successes Across tennls, gymnastlcs, and plckleball, the organlsatlon enjoyed a year of notable progress and stron9 competitlve outcomes. Badmlnton contlnued to be a strong perfomier for the organlsatlon throughout 2025, wlth the Redbrldge team securing a gold medal at the London Youth Games hosted at Redbridge Sports & Leisure. During the year, RSL also hosted several Essex County Badmlnton events and two Badminton England events, reinforclng our position as key badmlnton hub In the region. A growlng number of athletes In our badmlnton programme entered competitlons and achieved a wide range of positive results, demonstratlng the programme's Increaslng depth, capability, and competitlve strength. Netball Redbrtdge Sports & Lelsure hosted London Pulse's Ilve-streamed NPL (Netball PMIer League) fixtures, regular England Roses tralnlngt and Internatlonal carnps for New Zealand, Jamalca's Sunshlne Girls, and the Australian Men's and Mixed Netball Association. The venue supported EMMNA training and matches, the London & South East Regional Playoffs, and the National Schools Competition. Essex Met Academy tralned weekly and ran a county PDP (Player Development Pathway) tournament, whlle London Pulse cont5nued Its weekly programme and held two outdoor tournaments. Tennls saw slgnlfScant success, wlth the senlor men's team earnlng promotlon In thelr county league followlng a serles of hlgh-quallty performances. The player development pathway contlnued to demonstrate real depth, with several young athletes sele¢ted for county-level training. Community and participation prograrnmes also reached new helghts.. the annual Schools Festival attracted its highest number of attendees to date, hollday camp participation set new records, and the winter tournament drew more than 600 entries, conflrmlng its position as one of the regSon's largest and most popular competitlons.
S CENTRE T HIEF EXECU In 9ymnastlcs, athletes dellvered standout performances at a major regional event, securing top-three flnlshes and reinforcing the club'5 growlng reputation for excellence In floor and vault dlsclpllnes. Plckleball also enjoyed competitlve momentum, with one of the club's players achieving multiple victorles on the tournament cir¢ult, demonstrating conslstency and strong match performance throughout the season. Overall, each programme contrlbuted to a hlghly successful year, marked by competitive achievement, increased partlclpatlon, and a strengthenSng of the organlsatlon's sportlng pathways. Talent and Capablllty Strategy The organisatlon'5 Talent and Capability Strategy contlnued to progress through the Upskllllng Programme, whlch SUPPOrted staff development and strengthened Internal succession pathways. Notable progression during the year Included the appolntment of Matt Reynolds as Operatlons Manager in February 2025, following 25 years of service across a wide range of operatlonal and managerial roles, wlth his extenslve experlence well-posltlonlng him to lead the Operatlons functlon. In June 2025, Jack Dowsett was appointed A5SlStant Sports Manager after è structured development journey and prevlous posltlons, Includlng Tennis Development Officer, Academy of Sport Manager, and Senior Duty Manager. These appointments demonstrate the ongolng success of the Upskllllng Programme and relnforce the value of investlng in Internal talent to build long-term organisational capability. 2025 was a year of dependable operatlonal delivery, relnforcing flnanclal stablllty, and strateglc Investment In the Trust's fijture. The developments planned for the coming year ncluding yoga roomlspinnlng room, new spinning blkes, padel courts, and the PV solar proJett- wl11 ensure contlnued progress, Innovatlon, and Improved sustslnabllity. E extend my thanks to the Board, staff, volunteers, partners, and members for their continued support. Together, we a building a stronger, more resillent, and forward-looklftg organisatlon. Wayne Alexander Chlef Executive Officer Redbridge Sports Centre Trust Ltd.
ORT The Executive Board present thelr strategic report of the Trust for the year ended 31 Dember 2025. The Trust fflade a net deficlt of É208,966 (2024.. £133,197). A comprehenslve review of actlvlty Sn the year is given In the Chief Executlve's report on pages 6 and 7. The net assets of the Trust are £4,159,63112024.. E4,524,2691 at the balan sheet date. This reflects the solld position of the Trust from an overall solvency perspective. Thls strong balance Sheet Is the foundatlon on whlch the Trust can contlnue to grow and prosper. See page 9 for comments in relation to the net cUrnt liability position at year end. P rforman The Trust uses the followlng Key Performance Indicators to monltor Its financial performance.. Income for Charttable Actlvltles Payroll Costs PayrtrlllTurnover Ratio Operatlng (deficit) Net result 2,596,472 1,514,652 58.33% 1135,7421 (208,966) 2,450,267 1,455,433 59.40% 157, 1681 1133,197) The Executive Board carry out a comprehenslve rfsk revlew on an annual ba51s and have produced a pollcy document and implemented procedures to rnitigate against exlstlng rlsks and to monitor agalnst exposu to potential future rlsks. The Trust'5 primary risks, as noted from the latest revlew were.. Rlsk Type Strateglc Strategic Flnanclal FInancal Flnanclal Legal/Regulatory Legal/Regulatory Operational Operational Operatlonal Operatlonal Descrlption The approprlateness of the Tnjst management struciu Cost of maintalnlng agelng bulldlngs Reduction In consumer Spending due to hlgh Inflatlon Ability to repay the loan and meet the loan covenants Increasing costs versus decreasing income CoThpllance wlth Data Protettion Act Child ProtectSon compllance - safeguardlng Impact of natural disasters e.g., floodlng Insurance adequacy to cover all risks Increasing rellance on IT systems Loss of acce55 to shared car parklng facllltles The Tru5tee5 have put In place varlous strategle5 to reduce mltlgate these rlsks.. Producing a buslness plan and contingency budget and offering a broad range of facllities,. Developed 3 "Pandemid strategy to safeguard the long term futu of the Trust; Ensuring adequacy of insurance cover,. Preparing cash flows and reviewing debt covenants on a regular basis,. Malntainlng Investment In the Centre and Its IT function and embraclng the efficiencies avallable through automation,. and Maintaining suffi"clent and relevant training for team members and Trustees Th15 report was approved by the Board on 2 March 2026 and signed on Its behalf. Ras Gohil Chalr
The Executlve Board present their report and the flnanclal statements for the year ended 31 Dember 2025. anisation Details of the Trust's Organlsatlon are disclosed on Page 29. rlncb al Activit andR The principal activity of the Trust Is to adminlster the Redbridge Sports Centre tts provlde Sports and Leisure facllltles at affordable prlces to the Trust'5 Members and the local communlty, The accounts, desplte a £135,742 operatlng deflclt (compared to £57,168 In 2024) and £85,231 net current liabllltles (cOMpad to £1,196,133 in 2024}, are prepared on a golng concern ba51s. The decrease In the net CLJrrent liablllty posltlon Is predomlnantly due to the whole of the bank loan of £1,028,348 belng shown as due In less than one year in the prevlous year, as final repayment was orlglnally due In 2025, The company refinanced the loan and the addltlonal funds secured will be used for capltal Investments in the Centre's Infrastrurture. Day-to-day worklng capltal needs are met through cash flows and SerVes, while major projects are flnanced by a combination OF grants, worklng capital and bank finances. Detalled budgets and forecasts ft)r the next 12 months Indicate sufficlent cash flow. Trustees affirm the decislon to prepare financial statements on a golng conrn basls after thorough evaluatlon of relevant factors. The trustees have consldered the financial covenant requirements of the new bank facility and based on thelr underslandlng of the first review to 31 December 2025, all relevant requlrements have been met. Forecasts have also been prepared demonstrating ongolng covenant compllance. evlew The Trust's primary objectives for 2025 weie.. To contlnue to bulld on levels of particlpatlon across our prlndpal sports and Identlfy new opportunities for growth. The alms for 2026 and beyond are to develop new sources of Income through introduclng new sports, continue to grow membershlp levels, to promote maxlmum occupancy of the facllltles, partlcularly at mldweek off peak and weekend perlods, whilst easin9 pressure on peak tlme court bookings. The Trustees have complied with their duty as set out In the CharStles Act to have due regard to the Charlty Commlsslon's guldance on publlc beneflt. As explalned above, the primary object of the Trust Is to provlde sports and leisure facllitles at affordable prices to the Trust's Members and the local communlty. The Executive Board are satisfied that the Trust has met its obligatlons In thi5 respect during 2025. In partlcular: The Trust had 4,782 members as at February 2026 (2025.. 4,720), the significant majorlty of whlch use the Trust's facilities on a regular basls. The Trust's facSlltles are made available to the local communltys in particular enabling the young and retlred to further thelr Interest In sport at concegslonary rates.
NTR TLIM PORT The Trust Is a member of Community Leisure UK {CLUKI, whlch provldes technical support to the Trust and champlons the Trust model for providlng not-for-profit community lelsure provision. Lt does thls by enabllng networklng and sharlng knowledge with peers and external stakeholders. The Trust Is also part of a collaboratlve Ventu with Vlslon Redbrldge Culture and Lelsure, the not-for-profit organisatlon that manages councll sports and fltness facilltles across the borough. Mernbers who subscribe to the appropdate membershlp have access to Fullwell Cross Swlmmlng pool, gymi group exerclse and spa facilities. stee uitmen The Executive Board endeavour to recruit new Dlrectors/Trustees, who can further develop and strengthen the sklll base of the exlstlng Executlve Board. If any Member Is interested In becomlng a Director/Trustee, please contact the Chlef ExecutSve, Wayne Alexander, at the Centre. Members who express interest In Joinlng the Board have exploratory discuss1ons with the Chalr and Chlef Executlve and, If consldered approprlate, they are invited to attend a few Executive Board Meetings in order that they meet other Board Members and understand their responsibilities. If Interest Is sustained by all parties, and Board vacancies exlst, the Indlvidual is then co-opted or encouraged to formally seek election to the Board at the Annual General Meet1ng. Dlr Followlng appointment, Directors are requlred to attend a meetlng wlth the Chalr and Chief Executlve at which: the Trust's management structure and reporting procedures are explained,. and the Director's obligatlons under Charlty and Company Law are explained. At that meeting explanatory tralnlng memoranda are provided to the Director, sourced from the Charity Commlsslon or Internally generated. Thereafter Directors are invited to attend varlous relevant courses when they become available. Ècutiv Details of 8oard Members and changes up to the date of adoptlon of these accounts are shown on Page 3. An explanation of the Management Structure Is provided on Page 29. The members of the Executlve Board dld not recelve any amounts as relmbursed expenses or fees In 2025 or 2024. The Trust malntalns Dlrectors, Indemnlty Insuran on behalf of the Dlrectors. sRes Iltles The Trustees (who are also Directors of Redbrldge Sports Centre Trust Llmlted for the purposes of Company Law) are responsible for preparlng the Annual Report and the financlal Statements In accordance wlth applicable law and Unlted Klngdom Generally ACpted Accountlng Practice (UK GAAPI. Company law requires the Directors to prepare fbnancial statements for each financial year which glve a true and falr vlew of the State of affalrs of the Trust and of the surplus or deflclt of the Trust for that perlod. In preparing those flnancial statements, the Dlrectors are required to.. select 5ultable accountlng policies and then apply them conslstently,. observe the methods and prlnclple5 In the Charltles SORP,. make Judgements and accounting estlmates that are reasonable and prudent. state whether applicable accountlng standards have been followed, subject to any materfal departures disdosed and explalned in the flnanclal statements,. prepa the financial statements on the going concern basls unless It Is Inapproprlate to presume that the Trust wlll contlnue in buslness. The Dlrectors are responsible for keeping proper accounting records whlch dlsclose wlth reasonable accuracy at any time the flnanclal posltlon of the Trust and to enable them to ensure that the financlal statements comply with the Companles Act 2006. They are also responslble for safeguardlng the assets of the Trust antl hence for taklng reasonable steps for the preventlon and detection of fraud and other Irregularitles. io
REP RT The Trustees are responslble for the malntenance and integrity of the corporate and flnanclal Informatlon Included on the charitable company'5 webslte. Leglslatlon In the United Kingdom governing the preparatlon and dissemSnatlon of flnanclal statements may dlffer from legislatlon In other Jurlsdlctlons. So far as the Directors are aware, there 15 no relevarit audlt Informatlon (as defSned by Sectlon 418 of the Companles 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 director In order to make hlmself or herself aware of any relevant audit infomiatlon and to establlsh that the Trust's audltor5 are aware of that Informatlon. The Statement of Recommended Practlce 'Accountlng and Reportlng by Charltles, FRS102 (effectlve I lanuary 20191 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 23. The Trust's bulldlngs are insured on a reconstructlon basls In the sum £34.8 Mlllion whlch exceeds the net book value of the fixed assets. The Executive Board have determlned that the target balance on unrestrlcted funds (free reserves), not Snvested In tangible fixed assets held by the Trust, should approximate four months, expenditure {excludlng depreciation net of capltal grant amortlsatlon). Based on current expendlture levels thls would amount to £863,000. The establishment of a fund of fe serveS 15 requlred in order to meet the cost of percelved major risks. These have been Identlfied by the Board as: Insurable risks requlrlng short term brldglng finance.. Flood Fire A major decllne In usage of a partlcular faclllty, due to public perception of the associated sport. Growth of alternate local competition, partlcularly Ir) respect L)f gym facllltles. The level of free reserves as at 31 December 2025 was a negatlve sum of £1,479,633 (note 13). In accordance with Section 485 of the Companles Act 2006, a resolutlon to re-appoint THP Limited as Auditors of the Trust wlll be proposed at the forthcoming Annual General Meetlno. The liabllity of members Is limlted to Él In the event of the Trust belng wound up wlth Insufflclent funds to meet Its debts. Thls Reptsrt was approved by the Board on 2 March 2026 and signed on Its behalf. Ras Gohil Chai li
IND DE BRID PORT Oplnion We have audlted the flnanclal statements of Redbridge Sports Centre Trust Llmlted (the 'charlty') for the year ended 31 December2025 which comprlse the Statement of Flnanclal Activltles, Income and Expendlture Account, Balance Sheet, Cash Flow Statement and Notes to the Flnanclal Statements, includlng a summary of slgnlflcant accounting pollcles. The flnancial reportlng framework that has been applled In their preparation is applicable law and United Klngdom Accountlng Standards, Including FinancSal Reporting Standard 102 'The Flnancial Reporting Standard applicable In the UK and Republlc of Iland. (United Klngdom Generally Accepted A¢¢ountlng Practice). In our oplnlon the flnanclal statements.. glve a true and falr view of the state of the charlty'5 affairs as èt 31 December 2025 and of its deflcSt for the year then ended; have been properly prepared in accordance wlth United Kingdom Generally Accepted Accounting pract1,. and have been prepared in accordance wlth the requirements of the Companles Act 2006. Basis for opinion We conducted our audit In accordance wlth International Standards on Audltlng (UK) (ISAS {UK)} and applicable law. Our respon51billtles under those standards are further described In the Auditors. responslbilities for the audit of the fSnan¢ial statements sectlon of our report. We are independent of the charlty In accordance with the ethlcal requirements that are relevant to our audlt of the financial statements the UK, Includlng the FRC'5 Ethical Standard, and we have fulfilled our other ethlcal responslbilltles In accordance with these requirements. We belleve that the audit ev1rten we have obtained is sufficient and approprlate to provlde a basis for our opinion. Conclusions reljting to going conc•rn In audltlng the flnanclal statements, we have concluded that the dlrectors, (referred to from here as trustees) use tsf the golng conttrn basls of ac¢ountlng In the preparatlon of the financlal statements Is approprlate. Based on the work we have perfom)ed, we have not identified any material uncertalntles relatlng to events or condltions that, Sndividually or collectively, may cast significant doubt on the charity's ablllty to contlnue as a going concern for a period of at least twelve months from when the flnanclal statements are authorlsed for issue. We have however noted the disclosures in relation to going concern on page 19 and confirm that these are sufFicient. Our responslbilities and the responslbllities of the trustees with respect to going concern a descrlbed In the relevant sections of this report. Other informatlon The trustees are responslble for the other Informatlon. The other Informatlon comprlses the informatlon in the Strateglc Report, the Chief Executlve and Chalr's Annual Reports and the Report of the Executlve Board, bLJt does not include the flnanclal statements and our Report of the Auditors thereon. Our oplnlon on the flnanclal statements does not cover the other informatlon and, except to the extent otherwise expllcltly stated In our report, we do not express any form of assurance concluslon thereon. In connectlon wlth our audlt of the financlal statements, our responslblllty Is to read the other Informatlon and, In doing so, consider whether the other Information is materially inconslstent wlth the financlal statements or our knowledge obtained in the audit or otherwlse appears to be materially mlsstated. If we identify such material InconsSstencles or apparent materlal misstatements, we are requlred to determlne whether this gives rlse to a material misstatement In the flnanclal statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of thls other informatlon, we are required to port that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the CompanSes Act 2006 In our oplnlon, based on the work undertaken In the course of the audit.. the informatlon given in the Strategic Report, the Chlef Executlve and Chalr's Annual Reports and the Report of the Executlve Board for the financlal year for whlch the financlal statements are prepared is consistent with the flnanclal statement5,' and the Strateglc Report and the Report of the Executive Board have been prepared In accordance wlth applicable legal requlrements. 12
DEPENDENT AUDITORS. REPORT TO THE MEMB Matters on which we are required to report by exceptlon In the 1Sght of the knowledge and understandlng of the eharlty and Its environment obtained in the course of the audlt, we have not Identlfied materlal mlsstatement5 In the Stratsgic Report or the Report of the Executive Board. We have nothlng to report In respect of the following matters Whe the Companies Act 2006 requires us to report to you if, In our oplnion-. adequate accounting records have not been kept, or returns adequate for our audSt have not been received from branches not visited by us,. or the financlal statements are not in agreement with the accounting records and returns,. or rtain dlsclosures of trustees. remuneratlon specified by law are not made,. or we have not recelved a11 the informatlon and explanations we requÉre for our audit. Respon$lbilitle$ of tru$te¢s As explalned more fully In the Statement of Trustees, Responsibllitie5 set out on pages 13 and 14, the trustees are responsible for the preparation of the flnancial statements and For being Satisfied that they give a true and falr vlew, and for such Internal control as the trustees determine necessary to enable the preparatlon of flnanclal statements that are free from materlal mlsstatement, whether due to fvaud or error. In preparing the Nnanclal statements, the trustees are responsible for assesslng the charlty's ablllty to continue as a going concern, disclosingi as applicable, matters related to going concern and uslng the gr>lng concern basls of accountlng unless the twstees elther Intend to Ilquldate the charity or to cease operatlons, or have no reallstlc alternative but to do so. Audltors. responslbllltles for the audlt of the flnanclal statements Our (>bjectives are lo obtain reasonable assurance about whether the finandal statements as a whole are free from material misstaternent, whether due to fraud or error, and to issue a Report of the Auditors that Includes our oplnion. Reasonable assurance Is a hlgh level of assurance, but Is not a guarantee that an avdlt conducted in èccordanTr with ISAS (UK) will always detert a material mi5Statement when it ex15ts. Misstaternents can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to Influence the economlc declsions of users taken on the basls of these financlal statements. The extent to which the audlt was consldered capable of detectlng Irregularlties includlng fraud Our approach to Identlfylng and assessing the risks tsf material misstatemeftt in respect of irregularities, including fraud and non-compllance with laws and regulatlons, was as follows.. the engagement partner ensured that the engagement team collectively had the approprlate competence, capabllitles and skills to Identlfy or recognlse non-compllance w1th appllcable laws and regulations,. we identlfled the laws and regulatlon$ appllcable to the charlty through dlscusslons with tnjstees and other managernent, and frorn our commerclal knowledge and experience of the sector In whlch the charity operètes,. we focused on speclflc laws and gUlatIonS whlch we consldered may have a dlrect material effect on the flnanclal statements or the operations of the charlty, includlng the Companies Act 2006, Charitles Act 2011, data protection, anti-briberyi employment, safeguarding, environmental and health and safety leglslation. we assessed the extent of compllance wlth the laws and regulatSons Identlfied above through maklng enqulrles of management and inspecting legil correspondence,. and identified laws and regulations were communicated within the audit team regular5y and the team remained alert to Instances of non-compllance throughout the audlt. We assessed the susceptibility of the charity's financial statements to materlal mlsstatement, includlng obtalning an understandlng of how fraud mlght occur, by: maklng enquiries of management as to where they considered there was 5usceptibillty to fraud, thelr knowledge of actual, suspected and alleged fraud,. and conslderlng the Internal controls In place to mltlgate rlsks of fraud and non-compllance wlth laws and regulations. 13
EDB spo NTR In response to the rlsk of irregularities and non-compllance wlth laws and reg¢Jlatlons, we deslgned procedures whlch Included, but were not limlted to.. agreelng financlal statement disclosures to underlying supportlng docun)entation' enoulring of management as to actual and potentlal litigation and claSms,' and reviewlng correspondeno wlth HMRC, The Charltles Commisslon and any other relevant regulatory bodles as requlred. There are inherent Ilmltatlons In our audlt procedures described above. The more removed that laws and regulatlons are from financial transactions, the less Ilkely It Is that we would become aware of non- compliance. Audltlng Standards also limit the audit procedure5 requSred to Identify non-complSance wlth laws and regulations to enquiry of the dlrectors and other management and the inspectlon of regulatory nd legal correspondence, If any. Material mlsstatements that arlse due to fraud can be harder to detect than those that arlse from error as they may Involve deliberate conalment or collL¢slon. A further descrlptlon of our responslbllities for the audit of the flnanclal statements Is located on the Financlal Reporting Council's webslte at www.frc.org.uklauditorsresponsibilities. This descrlptlon forms part of our Report of the Auditors. Use of otsr report This report is made solely to the charfty's members, as a body, In accordan wlth Chapter 3 of Part 16 of the CompanSes Act 2006. Our audit work has been undertaken so that we mlght state to the charity's rnembers those matters we are required to state to them in a Report of the Audltors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsiblllty to anyone other than the charlty and the Chaty,$ members as a bodyi for our audlt work, for thls report, or for the opinions we have formed. EW-4 Shahid Hameed FCA FCCA (Senior Statutory Aijdltorl for and on behalf of THP Limlted Chartered Accountants and Statutory AudStor5 34-40 Hlgh Street Wanstead London EII 2RJ Date.. 2 March 2026 14
REDBRIDGE SPORTS CENTRE TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025 Restrlcted Funds (Capltal Grants) Unrestrltted Fund (Income and Expenditure Account) 2025 Total Total 2025 2025 2024 INCOME: Income from generated funds Investment Income Restricted Funds Income frorn charitable actlvltles Mernber5hip Fees Use of Facilities 10,917 JO,917 6,884 10,000 316,557 2 279 915 316,557 2 279 915 289,143 2 161 124 Total Income 2 607 389 2 607 389 2 467 151 EXPENDITURE Charita ble Actlvltles (Note 3) Gove rna Costs (Note 4) other Resources Expended Interest Charges (Note 211 2,866,072 21,814 2,866,072 21,814 2,644,617 38,470 Tota l Expendlture 2 972 027 2 972 027 2 766 000 NET MOVEMENT BEFORE TRANSFERS (364,6381 {364,638) (298,849) GROSS TrANSFERS BETWEEN FUNDS Amortisation of Capital Gra nts (155,672) 155,672 NET MOVEMEwf IN FUND5 (155,672) (208,9661 (364,638) (298,849) RECONCILIATION OF FUNDS Total Funds Brought Forward 4 155 524 368 745 4 524 269 4823 118 Total Funds Carrled FoNard 3 999 852 159 779 4 159 631 4 524 269 The only movement In restrlcted funds In the prlor year was the amortlsatlon of capltal grants of £ 175,652 whlch was released to unrestrlcted fijnds. The notes form part of th55 statement. All 1ncome and expendlture derlve from contlnulng actlvltles. 15
REDBRIDGE SPORTS CENTRE TRUST LIMITED INCOME AND EXPENDZTURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025 Nota 2025 2024 TURNOVER Membershlp Fees Use of Facilltles 316,557 2 279 915 2,596,472 289,143 2 161 124 2,450,267 cosroF SALES Dlrect Costs Allocatlon from Restrlcted Fund In respect of a mortlsatlon of Capita l Grants 11,775,219) (1,716,581) 155,672 175,652 1 619 547 1 540 929 GROSS REVENUE SURPLUS 976,925 909,338 ADMINISTRATtVE EXPENSES 11,112,667) (966,506) OPERATING DEFICIT (135,742) 157,168) INTEREST RECEtVA8LE 10,917 6,884 INTEREST PAYABLE DEFICIT FOR TrIE YEAR 208 966 133 197 The notes form part of thls Income and Expenditure Account. The Statement of Flnanclal Actlvitles on page 17 provides further detalls OF movements In funds. 16
REDBRIDGE SPORTS CENTRE TRUST LIMXTED (COMPANY NO: 1000490) BALANCE SHEET AS AT 31 DECEMBER 2025 Note 2025 2024 FIXED ASSETS Tangible Assets 5,639,264 5,737,606 CURRENT ASSETS Debtors Cash at Bank and In Hand 183,552 406 872 590,424 205,417 175 097 380,5 14 CREDITORS '. DUE WITHIN ONE YEAR Bank Loan other Loan Trade Credltors TaxatSon & Socla I Securlty Accruals and Other CredStors Deferred Income io 69,630 I,ooo 124,577 39,169 165,361 275 918 675,655 1,028,348 1,000 96,155 42,529 137,084 271 531 1,576,647 20 NET CURRENT {LIABILITIESI/ASSETS (85,231) {1,196,133) TOTAL ASSETS LESS CURRENT LIABILITIES 5,554,033 4,541,473 CREDITORS.. DUE MORE THAN ONE YEAR io 11,394,402) PROVISIONS FOR LIABfLmES 23 117,204) NET ASSETS 4 159 631 4 524 269 THE FUNDS OF THE CHARITY Restrlcted Capltal Grants Unrestricted - Income and Expendlture Accounts 3,999,852 159 779 4,155,524 368 745 12 TOTAL CHARITY FUNDS 14 4 159 631 4 524 269 The flnancial statements were approved by the Board on 2 March 2026 and slgned On its behalf. Ras Gohll Chalr The notes fomi part of thls balance sheet. 17
REDBRIDGE SPORTS CENTRE TRUST LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025 2025 2024 CASH FLOW FROM OPERATING ACTLVLTIES 71,083 35,767 CASH FLOWS FROM INVEsllNG ACTIVITIES Interest income Purchase of tanglble fixed assets 10,917 1201,7681 6,884 148,685) CASH PROVIDED (USED IN)/BY INVESTING ACTIVITIES 190 851 CASH FLOWS FROM FINANCING ACTIVITIES Interest pald Loan repayments New loan RestrFCted fvnd reiVed (84,1411 11,064,3 161 1,500,000 182,913) 160,598) CASH (USED BY) FINANCING ACllVITIES 351 543 133 511 (Decrease} in cash and cash equivalents in the year 231 775 139 545 Cash and cash equivalents at the beglnnlng of the year 175,097 314,642 TOTAL CASH AND CASH EQUIVALENTS ATTME END OF THE YEAR (Note 221 406,872 175,097 RECONCILIATION OF NET MOVEMENTS IN FUNDS TO NET CASH FROM OPERATING ACTEVITIES 2025 2024 Net mvement in funds Add back depreclatlorb charye Deduct Interest Income shown In Investlng actlvltles Add back interest paya ble Decreasellincrease) in debtors Increase In creditors Increase/lDecreasel in provlsions Grant received NET CASH GENERATED BY OPERATING ACTIVITIES (364,6381 300,110 (10,9 17) 84,141 21,865 57,726 (17,204) (298.849) 330,050 {6,884) 82,913 166,896) 74,509 169,076) 18
REDBRIDGE SPORTS CENTRE TRUST LIMITED ACCOUNTING POLICIES FOR THE YEAR ENDED 31 DECEMBER 2025 The Charity is a private charltable company Ilmlted by guarantee and reglstered In England & Wales. The charltable company's registered number and reglstered offlce address can be found on the Company Informatlon page. The charlty's functional and presentatlon currency Is the pound sterllng. The financial statement5 have been prepared In compllance wlth Accountlng and Reportlng by Charitles: Statement of Recommended Practice appllcable to charltles preparing their accounts in accordance with the Financlal Reportlng Standard appllcable In the UK and Republlc of Ireland IFRS 102) leffertive l January 20191 {Charities SORP IFRS 10211, the Financial Reporting Standard appllcable In the UK and Republlc of Ireland (FRS 102), Companles Act 2006 and the Charlties Act 2011. The TrLlSt meets the definition of a public benefit entity under FRS 102. Assets and Ilabllltles are Inltlally recognlsed at hlstorlcal cost or transaction value unless otherwise stated In the relevant accountlng pollcy note. Pr aration and Goin These flnancial statements have been prepared under the hIst0Cal cost conventlon. The accounts, despite a £135,742 operating deficit (compared to £57,168 in 2024) and £85,231 net current Ilabllltles (compared to £1,196,133 in 2024), are prepared on a going concern basls. The decrease In the net current Ilablllty posltlon is predominantly due to the whole of the bank loan of £1,028,348 belng shown as due in less than one year the previous year, as final paYment was orlglnèlly due in 2025. The Company refinanced the loan and the additlonal funds secured wlll be used for capltal Investments In the Centre's infrastructure. Day-to-day working capltal needs are met through cash flows and reserves, whlle major projects a financed by grants and working capltal. Detalled budgets and forecasts for the next 12 months indicate sufficlent cash flow. Trustees affirm the declslon to pa flnanclal statements on a going concern basls after thorough evaluatlon of relevant factors. The trustees have consldered the flnanclal covenant requlrements of the new bank facillty and based on thelr understandlng of the Pirst review to 31 December 2025, all relevant requlrements have been met. Forecasts have also been prepared demonstrating ongoing covenant compliance. Critical Accountin Estimates and judgements are continually evaluated and are based on hlstorlcal experience and other factors, including expectatlons of future events that are belleved to be reasonable under the clrcLJmstances. a) Crltlcal Judgements in applying the entity's accounting policies There are no specific jUdgemet$, apart from those involvlng estimates as detalled below, that management has made In the process of applying the entity's accounting policies that have a sSgnlflcant effect on the amounts recognised in the flnanclal statements. b) Crltlcal accounting estim4te$ and assumptions The charlty makes estimates and assumptions concerning the future. The resulting accounting estlmates can dlffer from the related actual results. The estimates and assumptions that have a significant risk of causSng a material adjustment to the carrying amounts of assets and Ilabilltles wlthln the next flnanclal year are addressed below. {1) Useful economic Ilves of tanglble a55ets The annual depreciatlon charge for tangible assets is sensltlve to changes In the estlmated useful lives and resldual values OF the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estlmates based on technologlcal advanTrments, future Investments, economlc utlllsatlon and the physical condltlon of the assets. See note 8 for the carrylng amount of tanglble assets and below for the depreciatlon policy in respect of each class of asset. 19
REDBRIDGE SPORTS CENTRE TRUST LIMITED ACCOUNTING POLICIES (Contlnued) FOR THE YEAR ENDED 31 DECEMBER 2025 Turnover consists of cash taklngs, memberships and booklngs Income, net of value added tax. Llfe membershlp fees are taken to the Income and Expendlture Account in equal Instalments over six years. Annual membershlp fees are taken to the Income and Expendlture Account over the duratlon of the calendar year to which they relate. Income from bookings 19 recognised in the period in which the actlvity takes plaTr. Gran Grants tated to expenditure on tangible flxed assets are ¢redited to the Income and Expendlture Account over the lives of those assets. Total grants receivable less the aggregate amounts Cdted to the Income and Expenditure Account at the Balance Sheet date are Induded In the Balance Sheet as Restrlcted Funds. Revenue Grants are accounted for on a recelvable basts. Flxed assets are depreclated to wrlte off thelr cost over thelr useful lives at the followlng rates per annum on a straight Ilne ba51S'. Freehold Land Freehold Bulldings Furniture & Equipment Computers Gym Equlpment other Not depreciated 3.33Vo to IOWO 33¥ 20% IO% to 15% Depreclatlon on major acqulsltlons commences In the month followlng flrst use. Other fixed assets are depreclated for Full year In the year of acqui51tion. A minimum level for capitali5ation of fixed assets has been set at £250. Items costlng less than that amount are immediately wrltten off in full to the Income and Expenditure Account on acqulsltlon. Computer software cost5 are immediately written off In fLtII to the Income and Expendlture Account on acoulsltlon. Flxed a55ets are revlewed on an on9olng basls for Indlcatlons of impalrment. Stock Is stated at the lower of cost and selllng price less cost5 to complete and sell, after maklng due allowance for obsolete and slow moving items. Stocks are recognized as an expense In the perlod In which the related revenue Is recognlzed. The Trust partlclpates In a deflned contrlbutlon penslon scheme for staff and the penslon charge represents the amounts payable by the Trust to the fund in respect of the year. Irrecoverable VAT is charged as a cost wlthln adminlstratlve expenses. Invoiced income, relating to services to be provlded after the financial year end, Is classlfied In the balance Sheet as Deferred Income, whlch also iT)cludes the deferred element of life and annvol membershlp fees. The Income and Expendlture Account Includes an allocatlon of costs between Cost of Sales and Admlni5trative Expenses. Cost OF sales primarily conslsts of Depreclatlon, 60Q/tr of payroll costs and certaln premises expenses. All other costs are allocated as Admlnlstratlve Expenses. All costs are deemed to relate to charitable actlvltles extept for professional fees that relate solely to the governance of the Charlty. The trust only has flnancial assets and Ilabllltles of a klnd that qualify a5 baslc flnancial Instruments. 20
REDBRIDGE SPORTS CENTRE TRUST LIMrrED NOTES TO THE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025 The Restrlcted Funds represent grants received In respect of capltal and other expenditure, not yet arnortised to the Lncome and ExpendSture Account. The Unrestricted Fund represents the Income and Expenditure Reserve, whlch Is not subject to any restrlrtlons, other than In respect of furthering the Trust's charitable objects. RESOURCES EXPENDED: CHARABLE ACTIVThIES Resources expended on Charitable Attivities are a nalysed as follows: 2025 2024 Payroll Costs (Note 6) Depreclatlon (Note 81 External Advertlslng Light and Heat Premises and equipment maintenance and repalr Insurarhce other Costs 1,514,652 300,110 13,907 280,749 201,437 138,635 260,9 10 1,455,432 330,050 6,116 320,371 155,163 133,214 244,271 2 710 400 2 644 617 RESOURCES EXPENDED . GOVERNANCE COSTS Resources expended on Governance Costs are analysed as follows.. 2025 2024 Audlt Fee Professlonal Fees 10,500 10,210 21
REDBRIDGE SPORTS CENTRE TRUST LIMXTED NOTES TO THE INCOME AND EXPENDXTURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025 OPERATING RESULT The result for the year Is stated after the following-. 2025 2024 fterchar Depreciatlon Auditors. Remuneratloh Audit Fees Accountlng and Flna nclal Reportlng Premises a nd equipment maintena nce a nd repalr 300,110 330,050 10,500 5,500 201,437 10,210 5,240 155,163 Emoluments of Chlef Executlve Remuneratlon Penslon Contributions 78,201 8,075 76,775 7,810 Release of ca pltal grants 155 672 175 652 PAYROLL COSTS The total payroll costs are ana Fysed as follows: 2025 2024 Salaries Employer's Natlonal Insurance Pen5Ion Costs Self-Employed Contractors 1,339,083 90,879 34,285 1,288,731 87,351 30,741 1 514 652 1 455 432 The average number of employee5 durlng the year was.. 2025 Number 113 22 135 2024 Number 114 21 135 Operatlonal Management and admlnlstratlon No employees earn over £60,000, except the Chief ExecutSve whose remuneratlon 15 disc105ed In Note 5 èbove and 15 authorised by the Trust's Articles of Association. None of the Dlrectors are remunerated in their capaclty as Trustees. The Trustees are deemed to be the key management of the Trust ftsr the purpose5 of dlsclosure under FRSIO2. 7. TAXATION The Charlty Is exempt from tax on Income ènd galns within Sectlon 505 of the Taxes Act 1988 or sectlon 252 of the Taxatlon of Chargeable Gains Act 1992 to the extent that these are applled to Its charitable objects. 22
REDBRIDGE SPORTS CENTRE TRUST LIMITED NOTES TO THE BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2025 TANGIBLE FIXED ASSETS Freehold Land Freehold Bulldlngs Furniture & Equlpment Total Balan 1/112025 Additions Dlsposals 619,167 13,150,335 860,700 201,768 14,630,202 201,768 Balance 3111212025 619 167 13 150 335 1 062 468 14 831 970 De Ba lance 1/112025 Charge foryear Disposa Is recia 8,123,896 247,883 768,700 52,227 8,892,596 300,110 Balance 3 111212025 8 371 779 820 927 9 192 706 t Book Valu At 3 111212025 619 167 4 778 556 241 541 5 639 264 At 3111212024 619 167 5 026 439 5 737 606 All flxed assets are utillsed by the Charity in meeting its charltable objects. 23
REDBRIDGE SPORTS CENTRE TRUST LIMITED NOTES TO THE BALANCE SHEET (contlnued) FOR THE YEAR ENDED 31 DECEMBER 2025 DEBTORS 2025 2024 Trade Debtors Pre payments and accrued Income Redbrtdge Sports Centre Social Club 46,349 125,291 11,912 183 552 67,952 116,142 21,323 205 417 10. CREDrroRS.. DUE MORE THAN ONE YEAR 2025 2024 Bank Loan 1 394 402 Bank Loan The Trust reflnanced bank loan In May 2025, taklng out a 5 year ftoatlng rate term loan. The Interest rate on thls loan is 2,00% over Bank OF England base rate. The loan includes a final balloon payment of £1,136,852 due In May 2030. An analysls of the maturlty of loa ns Is glven below: 2025 2024 Falllng due wlthln one year.. Fallbng due between one and two years.. Falllng due between two and flve years 69,630 73,740 1 320 662 1,028,348 11. RESTRICTED FUNDS Funds received in respect of flxed asset and other expendlture.. 2025 2024 Balance at beginnlng of year Grants recelved Grant5 released Balan at end of year 4,155,524 4,32 1,176 10,000 175 652 4 155 524 155 672 3 999 852 Included within other creditors on the ba lance sheet a re "funds held" for restrlcted purposes of £30,641 (2024.. E25,649). 24
REDBRIDGE SPORTS CENTRE TRUST LIMITED NOTES TO THE BALANCE SHEET (contlnued) FOR THE YEAR ENDED 31 DECEMBER 2025 12. UNRESTRICTED FUND - INCOME AND EXPENDITURE ACCOUNT 2025 2024 Balance at Beglnnlng of year (Deflclt) for the year 368,745 501,942 208 966 159,779 133 197 368,745 8alance at End of Year 13. ANALYSIS OF NET ASSETS BETWEEN FUNDS Tanglblo Flxed Other Net Assets (Llabllltles}1 Assets Total Restrfcted Funds Grants Unrestrlcted FLJnd5 3,999,852 1 639 412 3,999,852 159 779 1479 6331 14. MOVEMENT ON TOTAL FUNDS AND RESERVES 2025 2024 Income and Expenditure (Deflcltl Capltal grant Grant release (See note 11) {208,966} 1133,1971 io,ooo 175 6521 155 672} Movement for the year (364,638) (298,849) Total Funds and Reserves at beglnnlng of year 4 524 269 4823 118 Total Funds and Reserves at end of year 4 159 631 4 524 269 15. OPERATIONAL COMMITMENTS At 31 December 2025 and 2024 the Trust had no annual commitments under non-cancellable operatlng leases. 25
REDBRIDGE SPORTS CENTRE TRUST LXMITED NOTES TO THE BALANCE SHEET (Contlnued) FOR THE YEAR ENDED 31 DECEMBER 2025 16. CAPITAL COMMITMENTS Contracted but not provided for In these accounts £49,432 (2024.. £NIII, thls belng the balance of the Splnning room refurblshment. 17. SECURED DEBTS The Bank Loan of £1,464,032 {2024.' £1,028,348) Is secured by a flxed and floatlng charge over part of the Twst's freehold properties and other assets. The other freehold properties are secured In favour of several of the major capltal grant provlders. The Trust also has an overdraft facility of £75,000 aged with the bank, though thi5 has not been utlllsed slnce It was made avallable. 18. RELATED PARTY TRANSACTIONS The Redbridge Sports Centre Social Club is a separate entlty which operates the bar and ancillary facllltles at the Sports Centre. At the year end the Redbrfdge Sport5 Centre Soclal Club owed £1 1,912 to the Trust {2024-. £21,323). During the year the Trust raised a management charge of £7,200 (2024.. £7,200) to the Social Club for varlous costs incurred on their behalf and charged the Social Club rent of £3,6QO12024.. £3,600), The Trust contrlbuted to the cèterlng costs of the Soclal Club of E12,000 (2024.. £12,000). 19. INVESTMENT INCOME Investment income of £10,91712024'. £6,884) relates to bank Interest receivable. 26
REDBRIDGE SPORTS CENTRE TRUST LIMITED NOTES TO THE BALANCE SHEET (Contlnued) FOR THE YEAR ENDED 31 DECEMBER 2025 20. DEFERRED INCOME Deferred income comprlses sales Involces ralsed In advan In relatlon to long term bookings and membership relatlng to 2026. Balance as at 0110112025 Amount released to Incorne earned from charitable actlvltles Amount deferred In year Balance as at 3111212025 1226,2851 21. INTEREST PAYABLE 2025 2024 On Bank Loans 22. CASH AND CASH EQUIVALENTS The amounts dlsclosed on the Cash Flow Statement In SpeCt of cash and cash equlvalents are in respect of these Balance Sheet amounl5'. 2025 2024 Total cash and cash equlvalents 406,872 175,097 23. PROVISIONS The Trust prevlously made provlslon, based on existlng data, for potentlal obligatlons In relatlon to the costs of its premlses. 2025 2024 Premlse5 Costs provlslon 17,204 Balance at l January 2025 Released In the year 17,204 117,204) Balance at 31 December 2025 27
REDBRIDGE SPORTS CENTRE TRUST LIMITED BACKGROUND OF TRUST March 1968 Loss of North Ilford LTC'S faclllties at Beehive Lane, comprising.. 8 tennls courts, I badminton hall, I table tennls room, through grant of planrtlng permlsslon to landlords to bulld houses on slte - compensatlon £1,000. April 1968 Announced intentlon to bulld a Sports Centre which would be flnanclally vlable. Sports Centre Building Commlttee formed. 1968 - L972 Fund raSslng orlginal target £40,000 rapidly rose over the pertod to over £lOO,000. November 1970 Redbrldge Sports Centre Trust Llmlted formed a company limited by guarantee and reglstered as a charlty. All funds prevlously ralsed In the name of NILTC transferred into the charlty. March 1971 Bullding started Phase l. Indoor facllities then comprlsed.. Sports Hall; 5 badmlnton courts to international standard (as at presentl,. 4 squash covrts,. a game5 room- changlng facllltles for 100 men and 70 ladles, and outsSde, a car park for 120 cars and 5 tennls courts. Cost, a bargaln, at just £114,277. 20 March 1972 Sport5 Centre opened. 19 June 1972 Offlcial openlng by Princess Alexandra. October 1974 Phase 2 - Managers, olce$l games room above and store at the far end of the Sport5 Hall. August 1977 Phase 3 5th squash court and tennis pavilion built. July 1980 Phase 4 - 6th and 7th squash courts bullt and Smproved offices. May 1983 Phase 5 - All five outside tennis courts re-surfaced with Omnlturf (sand fllled). All courts and car park June 1989 Phase 6 -comprlsing new Conditioning Room, Health Sulte, lounges and activities room. All main services nd fire and safety Installatlons throughout the Centre We upgraded. December 1991 Freehold of slte purchased August 1994 Part of Oakfleld slte obtalned Under long lease for future development September 1994 Phase 7 Work5 comtnenced on I.T.I. Centfft comprislng 8 indoor tennis courts (opened July 19951, 6 new outdoor courts (opened November 1994), new fltness and aeroblcs/dance studSos {opened March 19951. November 1994 Redbrfdge Tennls Club fomied, incorporating North Ilftsrd L.T.C. October 1997 Phase 8- Works commenced to bulld 2 floodllt synthetic grass pitches and 12 floodllt netball/tennls courts on Oakfleld and substantial pavlllon operational from June 1998. December 2000 Phase 9 gym extenslon becomes operational equipment in December 2004. cardiovascular machlnes replaced wlth new Technogym January 2012 Phase 10 Sports Hall, comprislng 12 Olymplc standard badmlnton courts and anclllary facllltles, opens for publlc and member use. July-september Centre 15 Utillsed as an Olympic and Paralympic Tralning Venue for 8admlnton, Wrestllng, Judo 2012 and Goalball. November 2013 Works completed to replace floodlit synthetic grass pltches. December 2015 Major gym refurbSshment, new equipment and impmved access control. June 2017 Improvements lo coffee shop, blstro, splnnlng studlo and major refurbishment of 8 indoor tennls August 2019 courts. July 2024 Upgraded 4 outdoor netballltennls courts {6 to 9) September 2025 Upgraded Heatlng Infrastructure in the Norman Booth Buildlngi replaclng So-year-old bollers November 2025 Upgraded 4 outdoor netball/tennis courts12 to 5) 28
REDBRIDGE SPORTS CENTRE TRUST LIMITED ORGANISATION GOVERNING DOCUMENT The organlsatlon and operatlons of the Trust are prlmarlly governed by the Trust'5 Articles of Associatlon (the Trust's Con5titutionl. OBJECTS As defined In the Articles of Associatlon, the Trust's maln obJect"Is to pmvlde or to asslst In provldlng facllltles for recreatlon, physical educatlon or other leisure time occupatlon in or in connectlon wlth the Bomugh of Redbridge and Its nelghbourhood". The Executive Board endeavour to meet thi5 objective by provldlng quality sports facllltles at affordable prlces. MANAGEMENT STRUCTURE The Trust Is admiriistered by the Executlve Board, all of whom (wlth the exception of the Chlef Executive) provide thelr serVIS on a voluntary basls. 3A EXECUTIVE BOARD Comprises.. the Chief OfPicers appointed by the Executlve Board, namely Chair, Deputy Chalr, Hon. Treasurer, Hon Sollcltor, Hon. Secretary and Chlef Executive. Not less than 3 and up to 8 elected members from the membership by postal vote. 4 nomlnated members from financlal backers. d) up to 2 co-opted members for thelr special knowledge and experien. Decides major pollcy and ftnanclal matters.. meets at least quarterly. bl 3B MANAGEMENT COmMIEE A formal Sub-commlttee of the ExecLJtive Board. Monltors the contlnuous efficlent functlonlng of the Cent, deciding day to day general policy. All members of the Executlve Board are eligible to attend and, In rent years, member represenlatlves of attivities not otherwlse represented have been Invlted to attend. The employed managers slt on the Committee for report and Ilaison. 3C THE OFFICERS An Informal Sub-committee of the Executive Board Icomprlslng the Chief offIr5 of the Trust and others appointed by the Board). The Officers meet monthly to consider matters In depth and make recommendations to the Executlve Board, egi on staff salarles, annual budget, capltal experiditure and general polley. 3D USE OF UNPAID VOLUNTEERS With the exception of the Chief Executlve, all rnembers of the Executlve Board provlde thelr ServIS on a voluntary unpald basls. There are no other unpaid volunteers though the Centre does take on young students from local colleges for work experience on an unpald basls. THE STAFF The Trust currently employs approximately 154 members of staff. Of these about 22 are full-tlme employees on the basls of regularly worklng a mlnlmum of 30 hours a week, with the rest part-time. 29
REDBRIDGE SPORTS CENTRE TRUST LIMITED FINANCIAL BACKGROUND SUMMARY FOR THE YEAR ENDED 31 DECEMBER 2025 CAprrAL EXpENDuRE Buildings Original Cost Phase 2 Phase 3 Phase 4 Phase S Phase 6 Phase 7 Phase 8 Phase 9 Phase 10 Other Furniture & Equlpment Freehold La nd 106,697 40,000 28,093 70,000 45,597 665,769 2,131,072 1,978,121 435,976 7,604,916 44,094 1,062,469 619,167 Total £ 14 831 971 Meth din The above capltal costs have been met from the followlng sources.. 1972 - 2025 Incluslv l Gra nts Deferred for future release to Revenue Account Released to Revenue Account Total ReTrwed Loans at 31 12 2013 J. Petchey Ba rclays Bank PIC 3,999,852 4 311 198 8,3 11,050 1,000 775,106 703,529 Own Gener Income and Expendlture Account DepreclatSon Transfer from Capltal Gra nts 159,779 9,192,704 4 311 198 5,041,286 £ 14 831 971 All Income generated by the Centre has been ploughed back 100% towards meeting running costs and provlding new or improved facllitles as set out In th15 Report. No subsldy towards runnlng costs has been recelved at any stage slnce the Centre opened In 1972. 30
REDBRIDGE SPORTS CENTRE TRusf LIMITED FINANCIAL BACKGROUND SUMMARY FOR THE YEAR ENDED 31 DECEMBER 2025 Capital and other grants {Including Glft-Aid where relevant) have been received froTn the following source5 as at 3111212025.. SourcÈs Olymplc Delivery Authority Nationa l Lottery Ilnc Sport Engla nd) Lawn Tennls Assoclatlon London Borough of Redbdge (re land transactlon) Athenaeum Law n Tennls Club Badmlnton England Sports Councll London Marathon England Netball Football Foundatlon Foundation For Sports & Arts Terry Brown Paul Clarke Petchey Properties Pk and Jack Petchey Foundation England Hockey Essex County Tennls Biffa Lafarge Football Associatlon Gra nge Farm Trust England Netball others 3,339,391 2,934,3 13 742,500 510,000 500,000 300,000 258,318 250,000 200,000 200,000 140,000 129,205 113,895 112,210 98,000 80,000 44,000 37,125 35,000 20,000 10,000 96,379 Total Capltal Grants Recelved 10 150 336 31