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2021-03-31-accounts

The Sports Council Trust Company

Company number 2517615

Charity number 803779

[A subsidiary company of The English Sports Council]

Annual Report and Accounts

For the Year Ended 31 March 2021

HC 353

The Sports Council Trust Company

Company number 2517615

Charity number 803779

[A subsidiary company of The English Sports Council]

Annual Report and Accounts

For the Year Ended 31 March 2021

Presented to Parliament pursuant to Article 6(2)(b) of the Government Resources and Accounts Act 2000 (Audit of Non-profit-making Companies) Order 2009 (SI 2009/476)

Ordered by the House of Commons to be printed on 8 July 2021

HC 353

© Sport England Copyright 2021

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ISBN 978-1-5286-2779-5

CCS0621805568

Printed on paper containing 75% recycled fibre content minimum

Printed in the UK by the APS Group on behalf of the Controller of Her Majesty’s Stationery Office

Trustees’ Report

The Trustees present their Report on the affairs of The Sports Council Trust Company together with the accounts and auditor’s report for the year ended 31 March 2021.

Structure, governance and management

Constitution of The Sports Council Trust Company

The Sports Council Trust Company (“the Charity”) is a company limited by guarantee (Company number 2517615). It is governed by its Memorandum and Articles of Association and is a registered charity with the Charity Commission (Charity number 803779).

The sole member and parent body for the financial years presented in this report was The English Sports Council (ESC) operating as Sport England.

The operating and governance framework between ESC (the Parent) and the Charity (the Subsidiary), is outlined in the Parent/Subsidiary Memorandum, effective from 1 May 2012 and last updated in December 2012, between the two parties.

Organisational structure

The Charity is administered by a Board of Trustees that regularly meets to discuss the objectives and activities of the Charity. The directors of the Charity are its Trustees. During the financial year ending 31 March 2021 the Board met four times.

The Board is composed of a Chair and three Trustees as of 31 March 2021. You can find more details about each Trustee on page 10.

The Chair is responsible for the management of the Charity’s operations. In order to ensure we’re best placed to meet our strategic goals, the Chair delegates authority for the day-to-day administration to officers

of Sport England. This is done through Service Level and Agency Agreements (SLA) that include the provision of staff to manage the operational contracts of the National Sports Centres (NSCs). This means that the Charity has no employees.

Objectives and Activities

The Charity was founded to preserve and safeguard the physical and mental health of communities across the UK. We do this by promoting physical recreation (including sports) and education, as well as providing facilities that are available to members of the public.

During 2020/21 the Charity focused on:

The Trustees confirm that they have referred to the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims, objectives and achievements and in planning future activities.

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Our strategy

We achieve our public benefit purpose through the management and operation of facilities that every member of the community can benefit from.

During the year, the Charity continued to own three NSCs:

We also own the Redgrave and Pinsent Rowing Lake (the Rowing Lake), which is currently leased to British Rowing.

These four facilities are uniquely placed to help us achieve our primary goal of helping members of the public play more sport and enjoy the many benefits of regular physical activity. By giving people access to high quality sports facilities, we are helping make communities happier, healthier and better connected. The NSCs also provide elite sports men and women a world-class place to train for international sporting competitions, helping to further increase the sporting prestige of the UK around the world.

We have four main strategic objectives:

We deliver against our four objectives through management contracts let in 2011, which run for a 15-year period. The Charity’s Board oversaw the tendering process and letting of the contracts while the Sport England Board gave approval for us to enter the contracts in 2011. Bisham and Lilleshall are operated on behalf of the Charity by Serco Leisure. Plas y Brenin is operated by Mountain Training Trust (MTT).

The National Sport Centres

Our NSCs and Rowing Lake are unlike other facilities in the UK’s sporting landscape. They not only provide world class training facilities for the country’s Olympic and Paralympic athletes; they also provide the places and spaces for local communities to be active and participate in sport and physical activity.

As active environments, the NSCs are recognised nationally, and increasingly internationally, as examples of best practice for integrating sport and physical activity with other services like health, education, and training. They’re not just about providing a place to train, but a hub for community activity.

Our NSCs are an important part of Sport England’s reputation as a leader across the sport and leisure sector. Sport England’s role as the client of three sector leading facilities (on behalf of The Sports Council Trust Company) provides credibility within the market. This is particularly true in relation to Sport England’s strategic role working with Local Authorities, Trusts, and Operators to drive continual improvement in local leisure provision. This role was critical

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during 2020/21 as public leisure provision was severely impacted by the Covid-19 pandemic. The NSCs’ formed part of Sport England’s strategic response providing leadership and best practice to support public leisure services during the pandemic.

This kind of collaboration is a crucial part of what makes the NSCs so special. They are a leading example of partnership and cross sector/partner relationships working towards shared strategic objectives and local outcomes. Our partners consistently reference the strength of the partnership to help them achieve their own objectives – contributing to Sport England's wider role in supporting the sector and encouraging collaboration to maximise local community outcomes.

As part of the Elite Training Centre network, the NSCs are among the 18 Centres that host world class Olympic and Paralympic programmes. The partnership of National Governing Bodies (NGBs), English Institute of Sport (EIS), UK Sport and Sport England works together and makes the country’s elite training environments more effective, contributing to a more sustainable elite sport system.

The NSCs continue to push boundaries and drive innovation in order to establish if they can be replicated and significantly impact the sporting landscape. During 2020/21 the NSCs played a crucial role assisting Sport England to support public sector leisure provision, local authorities and operators tackle Covid-19, providing best practice examples and guidance to help local authorities protect vital public leisure services across the country.

The four NSCs that are owned by the Charity are:

Bisham Abbey

Based in Berkshire, Bisham is a compact site which accommodates a range of water sports, football, rugby, tennis, hockey and public community use.

It features community fitness centre, studios and health suite, squash courts, indoor and outdoor tennis courts, two grass pitches, two artificial pitches and an elite strength and conditioning gym and Intensive Rehabilitation Unit operated by EIS.

The site is supported by modern accommodation, catering facilities and a 12[th] century Abbey which forms the centrepiece of the site. It is home to England Hockey, EIS, Living Tennis, FAB Academy, British Rowing and extensively used by the local community.

Lilleshall

In the heart of Shropshire, Lilleshall has a range of sports facilities spread throughout the substantial grounds. These include a dedicated indoor and outdoor archery range, gymnasium, nine natural turf football pitches, two artificial grass pitches and an EIS strength and conditioning area.

Supporting the sports facilities, Lilleshall has over 250 modern bedrooms and catering facilities for use by members of the public and athletes. A dedicated modern office building co-locates several NGB Head offices including British Gymnastics, EIS and British Archery. The centre is home to partners including GB Hockey, Home Office, the Royal British Legion, Crossbar Coaching and extensively used by the local community.

In February 2021, the Charity purchased the freehold property, Gainham’s Lodge, located within the grounds of the Lilleshall National Sports Centre (Financial review,

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page 8). The strategic objective of the purchase was to gain full control of the site to allow for redevelopment to increase capacity and improve the quality of provision for community and elite sport and reduce the operational subsidy provided by Sport England.

Plas y Brenin

Plas y Brenin (PYB) is managed by MTT, a charity established for the advancement of outdoor recreation generally practised in cliff and mountain environments. MTT is committed to providing first class outdoor training at the most affordable price.

Located in Snowdonia, PYB provides a focal point for a year-round programme of mountain sports courses and outdoor activities. The centre’s facilities include two climbing wall areas, an abseil tower, canoe training pool and a low rope course. The centre is an important resource for the British Mountaineering Council, Birmingham City University, GB Orienteering, British Cycling and the University of Central Lancaster.

Redgrave and Pinsent Rowing Lake

Transferred to ownership of the Charity in 2006, the facility is a purpose built, internationally recognised 2,100m rowing lake set on the River Thames. The facilities include clubhouse, boat store, gymnasium, offices, catering and conferencing facilities.

British Rowing leases the Rowing Lake and boathouse from us and undertakes an extensive programme of rowing development and training. The facility continues to be the single most important factor underpinning the training and preparation for the GB Rowing Team for major International competition.

Coronavirus Pandemic Response

Covid-19 has had an unprecedented and immediate impact upon participation and financial performance of all the NSCs during 2020/21. This has significantly restricted our ability to deliver against our strategic objectives during the year.

The most significant constraint was the continued uncertainty around Covid-19 restrictions. National lock downs and national and local ‘tiered’ restrictions constrained service delivery throughout the year. The nature of these measures had significant implications for both the ‘supply’ in terms of the opening and capacity of the NSCs and the ‘demand’ in terms of customer and partner confidence to return and whether facilities would be open and available.

Bisham and Lilleshall were able to open from 25 July for both community and elite use and the introduction of tiered restrictions in October still allowed both the community and elite activity to continue. Both NSC’s were closed during the second National lockdown for community use. However, elite athletes were granted dispensation and Sport England, Serco, EIS and the NGB’s worked closely to continue to provide a daily training environment for all Olympic and Paralympic programmes.

Bisham and Lilleshall were successfully reopened on the 3 December 2020. Return to Play plans were implemented successfully with the sites again providing facilities and services for community users in addition to the NGB World Class Programmes.

The third lockdown from 5 January meant the closure of the centres to community use while elite activity could continue with dispensation for elite athletes remaining.

PYB was only open between 13 July and 22 October during the year. The activity during

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this period was reduced due to the higher tier levels in the north of England forcing courses to be cancelled or postponed. It was agreed for PYB to remain closed after the second lockdown which ended in early December 2020 with only some off-site activity being undertaken by the team.

A pragmatic and collaborative approach was considered by the Charity and Sport England as the most appropriate way to respond to the unprecedented impact placed upon the NSC contracts and the operators themselves. The instruction to close all leisure centres made by the Government on 20 March 2020 was a qualifying change of law and placed the responsibility for the financial impact of the facility closure with the Charity.

All parties approached discussions positively with a focus on understanding impact, mitigation measure and identifying how all parties could contribute to supporting the NSCs during the pandemic.

Options to respond to the impact of Covid19 were limited. Without financial support the operating contracts were at risk of financial failure with a real prospect of the NSCs facing a prolonged period of closure. The ability to remobilise contracts would be complicated, costly and time consuming, anywhere between 6 and 18 months before the facilities would again be open to the public. This would have a devastating effect on participation levels, outdoor sector support and world class training programmes at a time when the benefits of sport and physical were never so apparent and essential to contribute to the nations recovery from Covid-19.

A negotiated position which protected the NSC assets, the operators and mitigated the cost to the Charity and Sport England as much as possible was reached. This approach provided immediate financial

reassurance to the operators but also a flexible approach to respond to the fastchanging circumstances to protect NSCs. As a result, financial assistance of £2.3m (2020: £360k) was provided by Sport England to the operators of the NSCs’.

The postponement of the Tokyo Olympics and Paralympics by a year to 2021 has put significant pressure upon the elite sports system. The NSCs will play a crucial role in providing a daily training environment for Team GB and Paralympic GB athletes as they continue to prepare for the Games.

Sport England has provided within its budgets for 2021/22 a further £1.3m of financial assistance to the operators to support the reopening in line with the roadmap announced by Government in February 2021.

Principal Risks and Uncertainties

We identify and review the major risks at every Board meeting using a formal risk register to ensure all reasonable steps are taken to mitigate the risks identified. Our risk strategy sets out our approach to risk, including the levels of risk we’re willing to accept in order to achieve our organisational goals. A dynamic approach to reviewing risk was continued this year, allowing us to add, amend and close risks as appropriate.

Our risks are focused on strategic matters. The management of these operational risks is delegated to officers of Sport England through the SLA. We consider the following risks to be the most significant:

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due to Covid-19 (see below) and the failure of the operators is considered our most significant risk due to the potential inability to find alternative providers at this time.

Additional risks not presently known to us, or those which we currently deem immaterial, may also impact on operations.

Our Performance

The performance of the NSCs’ is managed by Sport England through a Service Level Agreement (SLA) with The Sports Council Trust Company.

The requirements in the contracts set ambitious standards to meet the NSC strategic objectives. A balanced scorecard and set of Key Performance Indicators (KPIs) are used to continually measure performance.

The key performance measures we use range across four categories:

The operators of our NSCs are required to perform in the top quartile nationally on National Benchmark Service and QUEST, Sport England’s recommended tools for continuous improvement in the leisure industry.

These measures are clearly linked to the aims of the Charity and ESC’s objectives of increasing participation nationally.

This year, Covid-19 has prevented Serco and MTT from delivering all the contract performance standards. These have predominantly been associated with utilisation of facilities and participation KPIs. Where necessary departure from the contract standards has been agreed with the operators via variations to the contracts.

Outside of these areas a robust set of performance standards remained in place and measured as normal business practice. Under extremely challenging circumstances Serco and MTT have met, and often

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exceeded, their contractual performance standards with no deductions or performance failures during 2020/21. Both operators maintained excellent results in external quality assurance, customer and facility management audits providing assurance that the assets continued to be well managed and maintained.

What we have achieved

Our ability to deliver against our strategic objectives was significantly restricted throughout 2020/21. The proactive approach taken by the Charity, Sport England, Serco and MTT enabled a valuable contribution towards our objectives to be made.

Plans for future periods

Our operating plan provides for:

Green Initiatives

We continued to put in place measures to increase the sustainability of the entirety of our operations this year.

Bisham and Lilleshall successfully retained Environmental accreditation to ISO:50001. This international standard recognises organisations that implement an energy management system (EnMS) based on a model of continuous improvement in order to enhance the efficiency of their energy usage.

Our EnMS will allow us to reduce our energy use and associated costs and achieve full compliance with energy saving schemes like the UK Energy Savings Opportunity Scheme.

MTT retained accreditation of the Green Dragon Environmental Standard. This standard is awarded to organisations that demonstrate effective environmental management and take action to understand, monitor and control the impacts that their operations have on their surroundings.

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Financial review

Our operational activities, including grant making, are funded by property income and returns from the investment fund (see note 8). Asset investment activities are funded from gifts of assets from Sport England. Total income for the year was £2.8million (2020: £2.9million). These resources were invested into the NSCs, used to purchase Gainham’s Lodge and awarded as community grants for the Charity to achieve its objectives as set out on pages 1 and 2.

The value of our funds decreased to £108.3million from £109.5million as set out in note 6. The decrease is mainly due to depreciation charge for the year of £3million offset by Gifted Assets of £1.1million and the purchase of Gainham’s Lodge of £0.6million.

The purchase of Gainham’s Lodge during the year was funded through:

Separate funds are maintained to identify and account for the principal funding sources of the Charity. The details of these funds are set out in notes 11 and 12. None of these funds are in deficit.

Net expenditure for the year is £1.5million (2020: £2.1million). The decrease in the net expenditure of £0.6million is primarily due to the net impact of:

We generated a small operational deficit on our day to day activities in the year of £16,000 (2020: £7,000 deficit), after awarding community grants of £83,000 (2020: £68,000) as shown in the table below. The loss was due to increased community grants as agreed by us.

2021 2020
£’000 £’000
Property income 1,315 1,663
Investment income 34 35
Charitable activities
(4,469)		 (4,950)
Add back:
Depreciation 3,028 3,097
Impairment (66) 58
(reversal)/charge
Gifts in kind 114 90
Loss on disposal 28 -
Operating Deficit (16) (7)

The closure of the NSCs as a result of Covid-19 has not had a financial impact on SCTC as Sport England has provided financial support to the operators as noted on page 5.

We have management policies in place to cover grants, investment, and reserves as set out below.

Grants policy

We accept applications from not-for-profit organisations supporting the sporting activities of disadvantaged people including young people, people with disabilities, lower socio-economic groups and ethnic minority groups.

Awards are given to either encourage sports participation, subsidise the cost of taking part or provide facilities and equipment.

There was a specific focus on mental wellbeing during the year with 60% of the funding available being utilised through partnerships with Energise Shropshire Telford and Wrekin and Get Berkshire Active and 40% accessible for other community funding.

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Investment policy

Our investment policy relating to the portfolio of equity investments is to:

Our investment funds were invested in the Sarasin Endowments Fund managed by Sarasin & Partners for 2020/21. The investment manager maintains a balanced portfolio which achieves lower volatility than a pure equity investment and provides us with quarterly reports and updates on key issues, and ad-hoc reporting as and when required.

During 2020/21 the contract for the investment manager was re-procured and the reappointment of Sarasin & Partners was approved by the Trustees in April 2021.

Reserves policy

Our financial position is supported by ESC.

Our aim is to maintain a level of unrestricted reserves equating to at least three months of expenditure. We consider that this level will provide sufficient funds to meet our operational expenditure, and to provide a contingency against unforeseen expenditure. The investment fund is also available for liquidity purposes if required, although, these assets are not intended for sale.

Our reserves policy defines reserves as restricted or unrestricted.

Restricted reserves are those which cannot readily be realised and used for an alternative purpose other than that specified; principally these are in relation to fixed assets gifted from ESC or funded by ESC’s Lottery Fund. Restricted reserves at 31 March 2021 amounted to £105.8million (2020: £107million).

Unrestricted reserves are where the use of these funds is not restricted and can be applied to the ongoing operational aspects of the organisation. Unrestricted reserves at 31 March 2021 amounted to £2.5million (2020: £2.4million).

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Trustees of the Charity during the year were:

The Company Secretary who served during the year was Hannah Kerly until 17 February 2021. Richard Mabbitt was appointed from 17 February 2021.

A recruitment process, which was initially scheduled to start last year but was delayed due to Covid-19. will commence during 2021 to recruit up to four further trustees. This includes a replacement for Helen Martin who on 1 April 2021 tendered her resignation but agreed to continue as a Trustee until a replacement is appointed.

All appointments to the Charity for the position of Chair, Trustee and Company Secretary are made by ESC and are in accordance with:

Registered Office , First Floor, 21 Bloomsbury Street, London, WC1B 3HF

Banker , Barclays Bank Plc, London Corporate Banking, 1 Churchill Place, London, E14 5HP

Solicitor, Hewitsons, Kildare House, 3 Dorset Rise, London, EC4Y 8EN

Investment Manager, Sarasin & Partners LLP, 100 St. Paul's Churchyard, London EC4M 8BU

Auditor , The Comptroller and Auditor General, 157 – 197 Buckingham Palace Road, Victoria, London SW1W 9SP

Upon appointment, Trustees receive corporate governance, financial and legal information in relation to the Charity in the form of its Memorandum and Articles of Association and other governance and policy documents, the annual report, management accounts, Charity Commission guidance and the Seven Principles of Public Life.

A robust induction programme is in place which provides newly appointed Trustees with an overview of the governance and operations of the Charity and ESC.

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Trustees’ Responsibility Statement

The Trustees are responsible for preparing the Annual Report and Accounts in accordance with applicable law and regulations.

Company Law requires the Trustees to prepare accounts for each financial year. Under that law the Trustees have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

The accounts are required by law to give a true and fair view of the state of affairs of the company at the year end and of the results of the company for that year. In preparing those accounts, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is

necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the company and to prevent and detect fraud and other irregularities.

Statement as to disclosure of information to auditors

The Trustees who were in office on the date of approval of these accounts have confirmed, as far as they are aware, that there is no relevant audit information of which the auditors are unaware. Each of the Trustees has confirmed that they have taken all the steps that they ought to have taken as Trustees to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditors.

The Trustees as Company Directors approve the Strategic Report included as part of the Trustees’ report on pages 1 to 11.

By Order of the Board

Graeme Dell Chair 1 July 2021

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The certificate and report of the Comptroller and Auditor General to the members of The Sports Council Trust Company

Opinion on financial statements

I have audited the financial statements of The Sports Council Trust Company for the year ended 31 March 2021 under the Government Resources and Accounts Act 2000. The financial statements comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows, and the related notes, including the significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) in conformity with the requirements of the Companies Act 2006 and the Charities Act 2011.

In my opinion the financial statements:

Opinion on regularity

In our opinion, in all material respects the income and expenditure recorded in the financial statements have been applied to the purposes intended by Parliament and the financial transactions recorded in the financial statements conform to the authorities which govern them.

Basis for opinion

I conducted my audit in accordance with International Standards on Auditing (ISAs) (UK), applicable law and Practice Note 10

‘Audit of Financial Statements of Public Sector Entities in the United Kingdom’. My responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of my report.

Those standards require me and my staff to comply with the Financial Reporting Council’s Revised Ethical Standard 2019. I have also elected to apply the ethical standards relevant to listed entities. I am independent of The Sports Council Trust Company in accordance with the ethical requirements that are relevant to my audit of the financial statements in the UK. My staff and I have fulfilled our other ethical responsibilities in accordance with these requirements.

I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Conclusions relating to going concern

In auditing the financial statements, I have concluded that The Sports Council Trust Company’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work I have performed, I have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on The Sports Council Trust Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

My responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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The certificate and report of the Comptroller and Auditor General to the members of The Sports Council Trust Company

Other Information

The other information comprises information included in the Trustees’ Report but does not include the financial statements and my auditor’s report thereon. The Trustees are responsible for the other information. My opinion on the financial statements does not cover the other information and except to the extent otherwise explicitly stated in my report, I do not express any form of assurance conclusion thereon. In connection with my audit of the financial statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the audit or otherwise appears to be materially misstated. If I identify such material inconsistencies or apparent material misstatements, I am required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I am required to report that fact. I have nothing to report in this regard.

Opinion on other matters

In my opinion:

Matters on which I report by exception

In the light of the knowledge and understanding of The Sports Council Trust Company and its environment obtained in

the course of the audit, I have not identified material misstatements in the Trustee’s report.

I have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires me to report to you if, in our opinion:

Responsibilities of the Trustees for the financial statements

As explained more fully in the Trustee’s Responsibility Statement, the Trustees are responsible for:

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The certificate and report of the Comptroller and Auditor General to the members of The Sports Council Trust Company

Auditor’s responsibilities for the audit of the financial statements

My responsibility is to audit, and report on the financial statements in accordance with the Government Resources and Accounts Act 2000.

My objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a report that includes my opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

I design procedures in line with my responsibilities, outlined above, to detect material misstatements in respect of noncompliance with laws and regulation, including fraud.

My procedures included the following:

In addition to the above, my procedures to respond to identified risks included the following:

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The certificate and report of the Comptroller and Auditor General to the members of The Sports Council Trust Company

counsel concerning actual and potential litigation and claims;

I also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists and significant component audit teams and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of my responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at:

www.frc.org.uk/auditorsresponsibilities. This description forms part of my report.

In addition, I am required to obtain evidence sufficient to give reasonable assurance that the income and expenditure reported in the financial statements have been applied to the purposes intended by Parliament and the financial transactions conform to the authorities which govern them.

I communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit.

Gareth Davies

7 July 2021 Comptroller and Auditor General

National Audit Office

157-197 Buckingham Palace Road

Victoria

London

SW1W 9SP

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Statement of Financial Activities

(Including Income and Expenditure Account)

Note 2021 2021 2021 2020
Restricte Unrestricte Total Total
d d£’000 £’000 £’000
£’000
Income from
Donations and legacies 2 1,323 114 1,437 1,189
Other trading activities 3 - 1,315 1,315 1,663
Investments - 34 34 35
Total 1,323 1,463 2,786 2,887
Expenditure on
Charitable activities 4 (2,945) (1,524) (4,469) (4,950)
Total (2,945) (1,524) (4,469) (4,950)
Net gains/(losses) on investments 8 - 202 202 (49)
Net expenditure (1,622) 141 (1,481) (2,112)
Other recognised (losses)/gains
Gains/(losses) on revaluation of fixed 11/12
365		 (63) 302 (1,589)
assets
Net movement of funds (1,257) 78 (1,179) (3,701)
Reconciliation of funds
Total funds brought forward 107,075 2,428 109,503 113,204
Total funds carried forward 6 105,818 2,506 108,324 109,503

The Statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure relate to continuing activities.

The notes on pages 19 to 32 form an integral part of these accounts

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Statement of Financial Position as at 31 March 2021

Company number 2517615

Note 2021
£’000
2020
£’000
Fixed assets
Tangible assets
7
Investments
8
107,092
108,158
848
943
Total fixed assets 107,940
109,101
Current assets
Debtors
9
Cash at bank
753
1,222
583
527
Total current assets 1,336
1,749
Liabilities: amounts falling due within one year
Creditors
10
(577)
(972)
Net current assets 759
777
Total assets less current
liabilities		 108,699
109,878
Liabilities: amounts falling due after more than
one year
Provisions
16
(375)
(375)
Net assets

108,324
109,503
The funds of the charity
Restricted capital funds
Restricted revaluation reserve
63,997
64,644
41,821
42,431
Total restricted funds
11		 105,818
107,075
Unrestricted income funds
Unrestricted revaluation reserve
1,758
1,589
748
839
Total unrestricted funds
12		 2,506
2,428
Total charity funds
13		 108,324
109,503

The accounts on pages 16 to 32 were approved by the Board of Trustees and were signed on its behalf by:

Graeme Dell Chair 1 July 2021

The notes on pages 19 to 32 form an integral part of these accounts

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Statement of Cash Flows

Note 2021 2020
£’000 £’000
Cash flow from operating activities
Net cash used in operating activities 14 275 472
Net cash provided by/(used in) operating activities 275 472
Cash flow from investing activities
Income from investments 34 35
Purchase of Gainham’s Lodge (550) -
Sale of investments 297 -
Net cash provided by investing activities (219) 35
Change in cash balances in the reporting period 56 507
Changes in cash balances during the year
Balance at 1 April 527 20
Change in cash balances in the reporting period 56 507
Balance at 31 March 583 527

The notes on pages 19 to 32 form an integral part of these accounts

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Notes to the Accounts

1 Accounting policies

1.1 Basis of accounting

The accounts have been prepared in accordance with the Statement of Recommended Practice - Accounting and Reporting by Charities SORP (FRS 102) Second Edition issued October 2019 effective from January 2019, FRS 102, and the Companies Act 2006.

The accounts have been prepared on a going concern basis under the historical cost convention, modified by the revaluation of assets and liabilities to fair value.

The principal accounting policies adopted in the preparation of the accounts are set out below.

1.2 Income

Income from donations and legacies includes gifted assets, gifts in kind, and grants.

The value of gifts of assets is based on the amount actually expensed by the donor.

The value of gifts in kind is based on a reasonable estimate of the value of time spent on the administration service provided to the Charity by The English Sports Council (ESC).

Grants are recognised where there is entitlement, probability of receipt and the amount can be measured with sufficient reliability.

Other trading activities is made up of freehold and leasehold income which is recognised on a receivable basis.

Income from investments is recognised on a receipt basis due to the timing of statements from the investment fund. The

accounting treatment adopted materially matches income accrued.

1.3 Charitable activities

Community grants awarded are recognised in the period in which the grant is approved and communicated to the award recipients.

All other charitable activity expenditure is recognised when a liability is incurred.

Governance costs include those costs incurred in the governance of the Charity and its assets and are primarily associated with constitutional and financial requirements.

The provision of facilities costs is set out in note 4. Costs are allocated to activities directly or to location or usage.

Costs directly related to activities are general administration costs of the Charity. Location costs are costs incurred in connection with freehold and leasehold property occupied by ESC, Mountain Training Trust and British Rowing. Usage costs relate to depreciation, and impairments on tangible fixed assets. Support costs in relation to making community grant awards are not material.

1.4 Dividends

The Charity is prohibited by its Articles of Association from declaring a dividend.

1.5 Tangible fixed assets

Tangible fixed assets funded by the Lottery grant from ESC were paid for directly by the Charity and funds drawn down from ESC against the Lottery grant. All other capital works are paid for by ESC and the assets gifted to the Charity, the exception during the year was the purchase of Gainham’s Lodge (see Financial Review page 8).

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Land and buildings

Full valuations are carried out by external experts quinquennially for land, buildings and bund, supplemented by annual indexation.

The last full valuation of land and buildings was carried out as at 31 March 2019.

Valuations are based on Depreciated Replacement Cost (DRC) for specialist properties, and open market value for other properties.

The DRC basis generates an open market valuation of the land. The valuation of each building is derived through an estimate being made of the gross current replacement cost of the buildings and other site works, from which deductions are then made to allow for age, condition and obsolescence.

Any assets under construction are valued at the costs incurred to date.

Artworks and antiques

Artworks and antiques are valued by external experts. Valuations are derived with reference to the retail market (at the valuation date) and the probable cost of replacing the items when compared with items in a similar condition. The last full valuation of artworks and antiques was carried out as at 31 March 2019.

Equipment and leasehold

improvements

Other property, plant and equipment have not been revalued as fair value is not considered to be materially different to depreciated historic cost.

The capitalisation threshold is £1,000 and assets purchased below the capitalisation threshold are usually expensed in year, except for grouped assets. Grouped assets are assets, which individually, are less than £1,000 however

together they form a single collective asset.

Depreciation

Depreciation is provided on all tangible fixed assets, except freehold land and artworks and antiques, at rates calculated to write off the cost or valuation, less estimated residual value evenly over its expected useful life as follows:

Buildings (as advised by
Unexpired life,
external expert) maximum of 60
years
Bund (as advised by 40 years as advised
external expert) by external expert
Leasehold improvement Expected life of
lease
Equipment 5 years

Impairment reviews are undertaken annually. No depreciation is charged in the year of acquisition or construction. A full year’s depreciation is charged in the year of disposal.

1.6 Property operating leases

Payments made under operating leases (rental agreements) are recognised in the Statement of financial activities on a straight-line basis over the term of the lease. Lease incentives (e.g. rent-free periods) are recognised as an integral part of the total lease expense, over the term of the lease.

1.7 Dilapidations

Full provision for the probable cost of dilapidations at the date of the expected termination of the lease is made in the accounts in the year in which it is decided not to renew the lease.

1.8 Investments

Subsequent to purchase, listed stocks and shares are measured at fair value through other comprehensive income based on reference to the market in which they exist and are not held for trading.

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There are no investments other than those set out in note 8.

1.9 Debtors

Debtors are recognised at fair value, which represents the value of settlement.

1.10 Creditors and provisions

These are recognised when there is a present obligation from a past event that will probably result in a transfer of funds to a third party which can be measured or reliably estimated.

1.11 Funds

Details of all restricted and unrestricted funds are provided in notes 11 and 12.

Restricted funds: These funds are earmarked by the donor for specific purposes.

Unrestricted funds: These funds comprise general funds that are expendable at the discretion of the Trustees in furtherance of the objects of the Charity and which have not been designated for other purposes.

1.12 Taxation

No taxation is chargeable on the Charity’s activities which are of a charitable nature, and thus outside the scope of corporation tax.

1.13 Use of estimates and

judgement

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of the

accounting policies and the reported amounts of assets, liabilities, income and expenditure. Actual results may differ from the estimates used.

Estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.

Estimates are made in relation to tangible fixed assets held by the National Sports Centres including the valuation and revaluation, dilapidation, impairment and depreciation of Land and Buildings, the valuation of artwork and antiques and the value of gifts in kind.

1.14 Going concern

The financial position of the Charity is supported by ESC. The ESC is the major provider of funds through the gifting of assets and provision of deficit funding for the NSCs’ operations. The Charity does not usually commit to any capital expenditure that requires funding from its own resources. The exception during the year was the strategic purchase of Gainham’s Lodge (see page 8). After making enquiries of the management of ESC, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for at least the next 12 months from the date of approval of the financial statements.

Accordingly, the Charity continues to adopt the going concern basis in preparing these accounts.

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2 Donations and legacies

2021
£’000		 2020
£’000
Restricte
d
Unrestricte
d
Total		 Restricte
d		 Unrestricte
d
Total
Gifts of fixed assets
Exchequer grant (ESC)
Gifts in kind administration
service
1,073
-
1,073		 1,099 -
1,099
250
-
250		 - -
-
-
114
114		 - 90
90
Total 1,323
114
1,437		 1,099 90
1,189

Gifts of fixed assets and gifts in kind administration service are from ESC.

The Exchequer grant from ESC was used to part-finance the purchase of Gainham’s Lodge.

3 Other trading activities

2021
£’000
2020
£’000
Property Income
1,315
1,663

The income above is from property occupied by ESC, Mountain Training Trust and British Rowing. It includes rent, rates, service charges and other property costs such as repairs, maintenance and legal costs.

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4 Charitable activities

2021 2020
£’000 £’000
Restricted Unrestricte Total
Restricted		 Unrestricted Total
d
Community grants
awarded
Energize Shropshire,Telford - 30 30
-		 - -
& Wrekin
Get Berkshire Active - 43 43
-		 36 36
Wycombe Wanderers S & E - 10 10
-		 15 15
Trust
More Leisure Community - - -
-		 17 17
Trust
Total community grants - 83 83
-		 68 68
Governance costs (note 5)
Trustees’ expenses - - -
-		 1 1
Audit fees - 17 17
-		 17 17
Total governance costs - 17 17
-		 18 18
**Provision of facilities1 **
Costs directly related to
activities
ESC administration charge - 28 28
-		 28 28
Gift in kind administration - 114 114
-		 90 90
charge
Sub-total - 142 142
-		 118 118
Locations costs
Property costs - 1,223 1,223
-		 1,591 1,591
Legal and professional - 14 14
-		 - -
Sub-total - 1,237 1,237
-		 1,591 1,591
Usage
Depreciation 2,983 45 3,028
3,059		 38 3,097
Loss on disposal 28 - 28
-		 - -
Impairment (66) - (66)
60		 (2) 58
(reversal)/charge
Sub-total 2,945 45 2,990
3,119		 36 3,155
Total provision of facilities 2,945 1,424 4,369
3,119		 1,745 4,864
Total charitable activities 2,945 1,524 4,469
3,119		 1,831 4,950

All income and expenditure relating to the National Sports Centres management contract are accounted for by the ESC including any performance-based bonus. The ESC funds the operational deficit of the National Sports Centres which was £5.5million in 2021 (2020:

£3.8million). This included £2.3 million (2020: £360k) of Covid-19 related financial assistance to the operators (see page 5).

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1Provision of facilities costs are allocated as set out in the accounting policies note 1.3.

5 Governance and staff costs

The Charity employed no staff in 2021 and 2020.

ESC provides a financial and administration service to the Charity, under the terms of a service level agreement, for which a charge is made (note 2).

Three Trustees (2020: three) were paid travel and expenses during the year of £142 as shown in note 4.

The Trustees did not receive fees or allowances for the year (2020: Nil) either directly from the Charity or the parent body ESC.

The audit fees for the year were £16,800 (2020: £16,800). There were no fees for non-audit work in 2021 and 2020.

6 Reconciliation of the movement in funds

2021
£’000
2020
£’000
Net assets at 1 April
Capital investment
Gifted assets (ESC)
Exchequer funded assets (Gainham’s Lodge)
Other movements
Net revaluation of fixed assets
Depreciation
Operational Deficit
Increase/ (decrease) in value of investments
Loss on disposal
109,503
113,204
1,073
250
1,099
-
368
(1,647)

(3,028)
(3,097)
(16)
(7)


202
(49)

(28)
-
Net assets at 31 March 108,324
109,503

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7 Tangible fixed assets

Land Land Buildings Leasehold Equipment Artworks Total
and bund improvem and
ent antiques
£’000 £’000 £’000 £’000 £’000 £’000
Cost / Valuation
At 1 April 2020 19,102 113,237 1,168 2,723 827 137,057
Disposals - (65) - - - (65)
Gifted assets - 1,050 - 23 - 1,073
Revaluation (248) 550 - - - 302
Additions - 550 - - - 550
At 31 March 2021 18,854 115,322 1,168 2,746 827 138,917
Depreciation and impairments
At 1 April 2020 12 (25,748) (797) (2,404) 38 (28,889)
Charge for year - (2,767) (159) (102) - (3,028)
Impairment reversal 66 66
Disposals 36 36
At 31 March 2021 12 (956) (2,506) 38 (31,825)
(28,413)
Net Book Value
At 31 March 2020 19,114 87,489 371 319 865 108,158
At 31 March 2021 18,866 86,909 212 240 865 107,092

Assets are valued in accordance with the accounting policy note 1.5.

The last full valuation of land, buildings and bund was carried out as at 31 March 2019 by Gerald Eve LLP, a regulated firm of Chartered Surveyors which provides expert advice in asset valuations and surveying. The valuation was prepared in accordance with the requirements of the RICS Valuation Global Standard 2017 and the UK national standards and guidance set out in national supplement (November 2018 edition), and Financial Reporting Standard (FRS) 102.

The valuation of the non-specialised properties was undertaken on a Fair Value basis, on the assumption of continuation of the existing use. Specialised properties were valued by reference to Depreciated Replacement Cost (DRC). The replacement build cost rates used in DRC valuations are based on knowledge of the current costs of constructing general and specialised sport facility accommodation as well as information from Building Cost Information Service (BCIS)and other published cost data. Existing buildings are valued as they stand using Gross Internal Floor areas (GIAs) by reference to the cost of providing either modern equivalent assets capable of delivering the required service provision or for the listed structures as historically important assets.

Land, buildings and bund comprise freehold properties. All assets are owned, no assets are supported by either finance leases or PFI contracts.

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There is a collection of artworks, furniture and fittings at Bisham Abbey that date from the 16[th] century. The historical significance of these assets classifies the collection as Artworks and antiques. The collection was last valued as at 31 March 2019 by Sotheby’s.

8 Investments

Listed stocks and securities 2021
£’000
2020
£’000
Market value at 1 April
Disposal
Revaluation of investment
943
(297)
992
-
202
(49)
Market value at 31 March
848
943

Investments as at 31 March 2021 represents holdings in the Sarasin Endowments Fund. The holding is classified as ‘not held for trading’.

The disposal funded the purchase of Gainham’s Lodge (see page 8).

The historical cost of the asset at 31 March 2021 was £0.7 million (2020: £0.9 million).

9 Debtors

2021
£’000
2020
£’000
Amounts falling due within one year
Trade debtors
Prepayments
Accrued income
-
71
7
263
371
513
Total 378
847
Amounts falling due after more than one year
ESC
375
375
Total 375
375
Total 753
1,222

10 Creditors

2021
£’000
2020
£’000
Amounts falling due within one year
Trade Creditors
ESC
Deferred income
Accruals
24
137
21
147
7
263
409
541
Total 577
972

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11 Restricted capital funds

Revaluati
on
reserve
(land and
buildings)
ESC
GIA
Funded
assets1
ESC
Lottery
funded
assets2
Capital
3		 **Other4 ** Total
£’000
£’000
£’000
£’000		 £’000 £’000
Balance at 1 April 2019
45,124
38,371
26,371
101		 915 110,882
Gifted assets
-
1,099
-
-
Revaluation
(1,787)
-
-
-
Impairment charge
-
(4)
(46)
-
Depreciation
-
(1,964)
(1,077)
(3)
Amortisation of reserve
(906)
599
303
1		 -
-
(10)
(15)
2		 1,099
(1,787)
(60)
(3,059)
-
Balance at 31 March 2020
42,431
38,101
25,552
99		 892 107,075
Gifted assets
-
1,073
-
-
Revaluation
365
-
-
-
Impairment reversal
43
20
-
Depreciation
-
(2,057)
(909)
(3)
Amortisation of reserve
Disposal of fixed assets
Loss on disposal
Grant received in the year
(959)
(16)
-
-
675
1
(1)
250
283
15
(27)
-
-
-
-
-		 -
-
3
(14)
1
-
-
-		 1,073
365
66
(2,983)
-
-
(28)
250
Balance at 31 March 2021
41,821
38,085
24,934
96		 882 105,818

ESC receives funding from two sources, Exchequer Grant-in-Aid (GIA) and the National Lottery Distribution Fund. These two sources of funding are required to be accounted for separately.

1ESC GIA Funded assets

This fund supports the initial acquisition and subsequent funding of tangible fixed asset additions at the National Sports Centres and is funded by ESC’s Exchequer Grant-in-Aid.

2 ESC Lottery funded assets

This fund also supports the initial acquisition and subsequent funding of tangible fixed asset additions at the National Sports Centres and was funded by ESC's National Lottery Distribution Fund.

3Capital

This fund supports improvements to facilities at the National Sports Centres and was donated by the Lawn Tennis Association.

4Other

This fund is made up of facilities at Lilleshall funded by The Royal British Legion (TRBL) which are used for TRBL beneficiaries and Ministry of Defence personnel (£0.7million) as well as the proceeds from the sale of Ashlands House, Crewkerne (£0.3million) held in the investments (note 8 and 13).

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12 Unrestricted income funds

Revaluation
reserve
(land and
buildings)
Other1		 Total
£’000 £’000 £’000
Balance at 1 April 2019
Amortisation of reserve
Revaluation
Impairment reversal
Depreciation
Operational deficit
Revaluation of investments		 2,322
-
198
2
(38)
(7)
(49)
662 1,660
(21) 21
198 -
- 2
- (38)
- (7)
-
(49)
Balance at 31 March 2020 839 1,589 2,428
Amortisation of reserve
Revaluation
Depreciation
Operational deficit
Revaluation of investments		 (28) 28 -
(63)
(45)
(16)
202

(63)		 -
- (45)
-
(16)
- 202
Balance at 31 March 2021 748 1,758 2,506

1Other

This fund is made up of movements in investment revaluations (note 8), depreciation on unrestricted assets and accumulated annual surpluses.

13 Reconciliation of net assets between funds

Tangible
fixed assets
£’000
Investment
s
£’000
Other
assets
£’000
Total
2021
£’000
Total
2020
£’000
Restricted funds
Revaluation reserve
ESC Funded assets
ESC Lottery fund
Capital
Other		 41,821
-
-
41,820
42,431
38,085
-
-
38,085
38,101
24,934
-
-
24,935
25,552
96
-
-
96
99
882
-
-
882
892
Total 105,818
-
-
105,818
107,075
Unrestricted funds
Revaluation reserve
Other		 748
-
-
748
839
526
848
384
1,758
1,589
Total 1,274
848
384
2,506
2,428
Total funds 107,092
848
384
108,324
109,503

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14 Net cash flow from operating activities

2021
£’000
2020
£’000
Net expenditure
Gifted assets
Impairment (reversal)/charge
Net (gains)/losses on investments
Investment income
Depreciation
Decrease / (increase) in debtors
(Decrease) / increase in creditors
Increase in provisions
Loss on disposal
(1,481)
(2,112)


(1,073)
(1,099)
(66)
58

(202)
49
(34)
(35)


3,028
3,097
469
680
(394)
(355)


-
28
189
-
Total 275
472

15 Commitments under operating leases

2021
£’000
2020
£’000
Not later than one year
Between two and five years
Later than five years
847
1,028
1,461
1,745
-
-
Total 2,308
2,773

All the Charity’s commitments under leases to pay rentals are shown above. These leases relate to offices occupied ESC and all costs are recharged to ESC. Future commitments are expected to be met through their occupation of the properties.

The rental income for the year amounted to £0.7 million (2020: £0.7 million) all of which was receivable from ESC. Note 7 sets out in the Leasehold Improvement column the capital value held in relation to the properties leased to ESC.

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16 Provisions

Total
£’000
Balance at 1 April 2020
Provisions made during the year
375
-

Balance at 31 March 2021		 375
Amounts falling due after more than one year
375
Total 375

The provision is dilapidations for Bloomsbury Street . The lease expires in November 2022 with no option to extend. A provision of £0.2million was made in 2015 to cover the costs of dilapidations. In March 2020 a dilapidations assessment was commissioned and undertaken by the Building Surveying team of the Bloomsbury Street property management company, Avison Young. This report indicated an increase of the cost of dilapidations to £375k.

All the above costs will be funded by ESC and thus accrued income has been recognised in these accounts (note 9).

There are no contingent liabilities or contingent assets for the current year (2020: Nil).

17 Value added tax

The Charity is in a group VAT registration scheme with ESC and is jointly and severally liable for all group VAT liabilities. No VAT is charged on transactions between fellow members of the VAT group. Any irrecoverable VAT incurred by the Charity is met on its behalf by ESC.

18 Capital commitments

The Charity had no capital commitments contracted but not provided for in the financial statements during the year (2020: Nil).

19 Parent body rights over assets

Grants made by ESC to the Charity since June 1990 were made on the basis that any tangible fixed assets acquired by such grants should be available for clawback (return of sale proceeds to the Exchequer and Lottery) in the event of disposal or change of use.

On 5 October 1994, the Charity Commission granted an Order under the Charities Act 1993 by which the Charity must repay to ESC the whole proceeds of sales of fixed assets, or such part as represents public funds, sold on or after 1 April 1989, which were originally purchased in whole or in part with funds provided by the Exchequer.

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20 Derivatives and other financial instruments

The Charity relies mainly on grant, donation, and property funding to finance its operations. Other than cash resources and items such as debtors and creditors that arise from its operations, it holds no other financial instruments other than the investments referred to in note 8, nor enters into derivative transactions.

The return from investments is not material and therefore the Charity is not exposed to significant market risk. The Board regularly undertakes reviews to mitigate the risks of performance of this instrument.

The Charity performs all transactions in Sterling and therefore has no currency exchange risk. The Charity does not enter into any forward foreign currency contracts or similar financial instruments. The Charity does not borrow money and therefore has no exposure to interest rate risk or liquidity risk in this regard. Cash balances are held in commercial bank accounts and attract market rates of interest. The Charity does not enter into any interest rate swaps or similar financial instruments.

21 Related party transactions

The Charity has a close working relationship with its parent body ESC. ESC is the Charity's main provider of funds enabling the Charity to carry out its charitable objectives. It also provides a financial and administrative service to the Charity through a gift in kind (note 2) and an annual charge of £28,000 (2020: £28,000).

ESC gifts fixed asset additions to the National Sports Centres the details of which are set in note 2. In 2021 this amounted to £1.1million (2020: £1.1 million).

Included within note 3 in other trading activities are recharges to ESC for property costs, repairs and legal and professional costs in respect of properties occupied by ESC. The amounts included in note 3 are set out below plus the amounts outstanding at the end of the financial year for these recharges.

2021
£’000
2020
£’000
Income
Amount owing from ESC		 1,287
1,634
(238)
(105)

Trustees are selected from a variety of backgrounds and experience. Where conflicts of interest occur, these are declared at each meeting and a Trustee will absent him/herself from any decisions related to the item in question. If the Chair has a conflict another Trustee will chair the meeting when the item is discussed. There was one transaction where a Trustees declared a current or past interest relating to the Charity’s activities.

T h e S p o r t s C o u n c i l T r u s t C o m p a n y A c c o u n t s f o r t h e Y e a r E n d e d 3 1 M a r c h 2 0 2 1

31

Awards made Awards unpaid in 2020-21 at 31 March 2021 Dave Cove: Board member, Wycombe Wanderers S 10 - & E Trust

22 Security

ESC was granted a mortgage debenture on 21 December 2006 incorporating a charge over all the Lottery grant funded assets provided for The Rowing Lake. This mortgage debenture was novated to The Sports Council Trust Company on 29 March 2012.

23 Ultimate parent body

The charity’s parent body is ESC known as Sport England and is the Government agency that works to make sure everyone can experience the benefits of sport and physical activity. The results of The Charity are consolidated in the accounts of ESC. The accounts of ESC Group are available from its registered office at First Floor, 21 Bloomsbury Street, London, WC1B 3HF.

24 Post balance sheet events

There have been no material post balance sheet events and the annual report and accounts were authorised for issue on the date of certification by the Comptroller and Auditor General.

T h e S p o r t s C o u n c i l T r u s t C o m p a n y 32 A c c o u n t s f o r t h e Y e a r E n d e d 3 1 M a r c h 2 0 2 1

CCS0621805568 ISBN 978-1-5286-2779-5