Charlty Reglstratlon No. 1092238 THE ESSEX & SOUTHEND SPORTS TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 RickardLuckin
THE ESSEX & SOUTHEND SPORTS TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees L Butler J Sims RL Pear8e S Butler Charlty htEmber 1 092238 Prlnclpal addrèss The Red House Larks Lane Great Wallham Chelmsford Essex CM3 1AD Auditor Rick8rd Luckln Limited Phoenix House, Suite 8 Chrlslopher Mart(n Road Basildon Essex SS14 3EZ
THE ESSEX & SOUTHEND SPORTS TRUST CONTENTS Page Trustees, rèport Indèpendent audllovs report Statement of financial 8ctivilies 10 Balan sheet Notes lo the financial statements 12-18
THE ESSEX & SOUTHEND SPORTS TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 30 JUNE 2023 The Iruslees have pleasure in presenting their report and the Accounts of the chadty for the year endéd 30 June 2023. The IrLtst 18 a reglslered charity and bound by the Trust Deed dated 13 March 2002, the requirements of the Chartlies Act 2011 and the "Accounting and Reporting by Charllles.. Statement of Recommended Practice lammended for bulletin 1 & 21 applicable to charities preparing Ihelr aGcounls in accordan with the Flnancial Reporting Standard applicable in the UK and the Republlc of Ireland IFRS 1021" (effective l January 20191. Deeds of Appointment supplement8] to the Trust Deed were executed on 21 December 2017 and 31 January 2018. Oblectlves and actlvltles The Trustees shall hold the capital and the income of the Trust Fund upon trust for such purpose or purposes within the county of Essex. the London boroughs of Havering, Redbridge and Dagenham. Nwham and Wallham Forest (including bul Ilmlled lo the unitary aulhoiities of Soulhend-on-sea and Thurrockl as shall be excltjsively charitable according la the law of England and Wales and in such shares ané proportions as they shall in their absolute discretion Ihlnk fit. Th8 Trust Fund and the income Ih8reof is applled In or towards the following purposes subject 8lways to compliance th the objects sel out in the Tnjsl Deed as varied.. lal Provision or asslslance in the orggnis81ion and provision of facililles for the playing of sports in particular but not limited lo the playing of football, cricket and tennis. Ibl Provision of suiiably qualified coaches or the provision of grants lo charitable organisallon so that they may provide coaches to coach sport, in partlcular football and cricket. (c) P¥ovision of sporting equipment and clothing or provlsion of grant8 to individuals, community amateur sports clubs and registered ¢harilies lo purchase Sporting equipment and clothing. Idl Making grants to Indlviduals, community amateur sports dubs and registered charitias in connection with th8 provision of sport Th¢ ¢har¢ly has been funded largely by 8ndowmonl funds on terms that the Trustees preserve the value of such funds al all limes and only distribute the income from it in furtherance of the Trustrs objectives. The Trustees have ¢on8id8r8d the Charity Commission guidancf on puklic benefit and are satisfied that the Trust's 8clivities meot the principles laid out in that guidance. A more detailed guide to the Trust's activities can be found on th8 websitè www.eassl.or The trustees have paid due regard lo guidance issued by th& Charity Commission in decEd1r what activities the trust should undertake.
THE ESSEX & SOUTHEND SPORTS TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 Achlevements and performance Tlie Trustees approved 12 grants in the year lotalling £389,754 compared with S for £161,500 in 2022. Thi8 Indudes the 2 grants of £25,000 for both 2022 and 2023 years made to the Essex and Southend Sports Charitable Fund {ESSCF} which is our joint venture with Essex Communlty Foundation IECFI. The objectives of this fund, which ha5 lust compEeled ils ninth year of operation, aTe lo inspire people across Essex lo take part in every klnd of sport and to grow th8 amount ol money that is available lo make sporting grants in Essex. Grant applications for thls fund. which is aimed mainly al individuals, should be made lo ECF who carry out due diligen. For suitable applic81ic>ns, ECF will seek lo firid matching finance from other funds that il manages. In the year to 30 June 2023, the Trusl&es and ECF jointly agreed lo make 27 grants from the ESSCF with a tot81 value of £65,056 of whlch £29,668 wa8 taken from EASST'S contribution and £35,388 was raised by ECF as matching fLJnding from other Essex based charllable funds. This compares with 20 grants with a lolal value of £48.207 of which £24,050 was taken from EASST'S conlrlbulion and £24,157 was raised by ECF as malchi funding in th¢ period lo 30 June 2022. After deducting ECF'S administration fees the balance of EASST conl¥ibulK>n available in the ESSCF al 30 June 2023 was £16,53912022 - £1,567). The Trustèes hope lo make further contributions lo the ESSCF over lime. For further information lo:_ hti .'Ii ,$S8XcommUnit foundalion.or .ukl ranlslour- ranlmakin IFundin -for-individualsl EASST tru818es wlll contlnue lo consider dlrect applicatlons for grants parti¢ul8rly from sports dubs and other organlsalion8 involved with sport bul may refer applications to ECF for considemtion by th8 new fund, where approprfate. In January 2018 the Tiuslees established a naw joint venture fund with Essex Cricket Inow renamed Essex Crfckat In the Communlty) lo provide small charitable grants of up to £2,000 lo crtckel organisalions Sn Essex. Essex Cricket in the Community invites, receives gnd assesses funding applicallons that meet the criteria of th8 Fund and make recommendations on each application befor6 they are presented lo the EASST Twslees for approval. Applicats'ons musl be for no more than half of the project or purchase cost. EASST committed 8 further £25,OQO lo this venlure in the year to 30 Juné 2023. Slnce January 2018 grants have been approved lo a lolal value of £138,266 10 75 different local dubs and other cri¢kel organisations in Essex and East London. From Inceptlon In 2002 to June 2023 the Trust has made 256 grants wlth a total value of £2.5 million and Jolntly approvèd with ECF 181 grants from the ESSCF with a value of £358,467. Southend Unlted Communlty and Edu¢atlonal Trust {SUCETI The Trust made a further grant of £40,000 to SUCET in the y8ar and has now Gontribuled c£493.000 slnGe 20Q2. Th8 EASST grant was matched by an addllional £30,000 of funding from the Premier League for thé Premier League Kicks Projecl. This provides football sessions, judo and workshops aimed al young people112-191 and covers sexual health, drugs and alcohol abuse. SUCET is now building on the pathways from the PL Kicks Pro18¢1 into clubs and education programmes lo gSv6 young people opportunities to create a lifelong sporting habil and develop careers in the sporting industry. This project's success is highlighted this year by engaging 1400 partiCiP8nls, more than doubling the nLEmber of young people reached the previous year. From these participants, over 100LI wwe new starters to the PL Kicks programme. They were delivered across 16 diffarent vanuès, 6 ofwhich were largeled to women and girls only. Schemes include volunteering, Fulsal scholarship, traineeships, apprentlceships and National Citizen Service. SUCET is also developing a numbér of girls, football participation programmes and a pathway for girls lo link through to thelr Soulhend United Community Sports Club. With the drive to expand their disability 88ssions, some of their coaches asslsted an event wlh Little Heroes ASD Support at Garon Park.
THE ESSEX & SOUTHEND SPORTS TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 Centre of Crlcket Excellence at Garon Park, Southend In March 2005 EASST launched a publlc appeal lo raise funds for th8 establishment of a Centre of Cricketing Excellence at Garon Park. A re8lrlclad fund Is maln18ined for the money raised which is matched pound for pound by a transfer from the Trust's Unr&stiicted funds. The Trust made grants of £2Q.000 lowords ground malnlenance. All cricketing facllllies at Garon Park hav8 now been absorbed into the Garon Park Communlty Interest Company. Further grants were made this year lo providè a new base 81 Garon P8rk for SUCET following the loss of Ihelr ba88 81 Soulhend Uniled's Roots Hall. £65,000 for a carparking surface next lo the 3G pitth. £1 00,000 towards the building of a facility to house 80 students on this year's scholars prooramme and give a capacity lo expand lo 120 students per year. Further ProleGts with Essex Crlckèt In The Communlty In May 2018 the Trust agreed a three year programme of 8L¢PPOrt for further acliviti8s of Essex Cricket in the Community. This year we btjill on that support, the grant of £31,000 Included £7,000 lo the development of women's cricket in Essex,. £10,000 lo support a programme of 30 days of performance cricket al Garon Park and continued support of the groundsman., £5,000 towards the junior pathway programme lo engage around 200 S- 13 year olds in regional cricket feslwals and training., £3,OLIO Iow8rds the dovelopmenl of Ability Cricket around IV and Deaf CriGkol, £5,000 lowards the delivery of secondary school programm6 which was very successful in 2L122. other grants to clubs and sports related Instltutlons Include:. £18,750 to Leylon Orient Football Club- annual grant £5,000 lo Leigh Rd Baptist T6nnis Club towards new floodlights £4,0041o Brightlingsea Bowling Club toward5 a ground splker The Small Grants for Cricket fund made grants tolalllng £27,622 10 18 cri¢kel clubs and organisations in Essex and East London. The Essex and Southend Sports Charllable Fund IESSCFI This fund made 27 grants in the period which with matching funding arranged by Essex Community Four>dalion amounted lo £65,056. 22 of these were to Individuals. 11 18 our normal pr8clice lo request pr(resS reports fiom th8 individuals who receive grants. Donatlons to EASST The Iruslees welcome approachos from 8POrts-loving individuals who share the trust'8 aectIveS and wish to make a donation to the Trust. Generous tsx benefits are available under the Gift Ald scheme. Tax frea gifts m8y also be made in a w411. Reserve$ Pollcy 11 is the policy of the trust that unrestrlcled funds which have not been designated for a Sp0 use should b& maintained at a level equivalent to between three and slx month's expenditure. The trustees consld6r that reserves al this level will ensure that, In the event of a $ignific8nl drop in funding, they will be able lo continue ths IrLfsI's current activities while considerallon is given to ways in which additional funds may be raised. This levèl of reserves has been malntained throughout th8 year.
THE ESSEX & SOUTHEND SPORTS TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 Reserves The trustees are adopting a lolal return approach lo Investment of the endowment fund, and consent to the duty of even-handedness, are allocating income from these investments lo be avail8bl& for making grants in accordance with the Trust's objectives. Any surplus of income over grants and expenses will be carried fomard as unrestr&cted reserves available for grants in the short lo medlum term. Thè Twslees have identified three major projects Ihal they are considering supporting. In addition lo helplng with the development of the Caron Park Community Interest Company, discussions have taken place with both Essex CCC and Southend Unlled FC about grallts so that 'besl in class, disabled facilities are included In their respective ground development projects. For this reason, the Trustees aré making annual relenliorbs with unreslricled InMe funds to build financas lo enable significant grants to be made lowards these projects over the n8xt f1 years. The Ic)tal Nel As88ls of the charity at the year end were £6.806.474 {2022'. £7,511,105) whlch is raprosenled by capllal endowment fund reserves of £5,869,8S7 {2022.' £6,460,679) and unrestricted reserves of £936,5TI12022: £1,05cI,4261. Invèstment policy The Trustees are adopllng a long témi 8pproath with, al the year end, almo81 all of the endowment fund8 committed to UK Index Tracng Equllies, other equity products, property and bond funds. Major rlsks The major risk lo which the charity Is exposed is investment perfom)ance lo éndowment funds. The Twslees investment and grant-making policies are designed to preserve the capital value ol endowment funds over th8 long-lerm. The Iru8tees have assessed the major rlsks lo which the trust is exposed, and are satisfied that systems are in place lo miligale axposure lo the major risks. structure, govèrnancè and management The Iruslees who Se8d during the year and who were appointed in gccordante wllh the Trust Deed w6re as follow8,' L Butler J Sims RL Pearse S Butler None of the trustees has any beneficlaS interest in the trust. All of the trustees are members of the company and guarantee lo contributè £1 in the event of a wnding up. The board of trustees, which can have up to seven members, administers the charlty. The board normally meets monthly and betwtren them, manage the day-to-day op8ralions of the charity.
THE ESSEX & SOUTHEND SPORTS TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 statemtsnt of trustees, responslbllltles The trustees are responsible for pieparlng the Trustees, Report and the fin8nual slalernenls in accordance with applicable law and United Klngdom Accounting Slalldards {Unlted Kingdom Generally Accepted Accounting Practice), The law applicabte to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and falr view of Ihe slate of affairs of th8 Iwsl and of the incomlng resources and applicalion of resources of the trust for that year. In Preparlng these financial stalemenls. th8 trustees are required lo.. 8eEect suitabl8 accountlng pollues and then apply them conslstentty., obseNe thé methods and priwples In tho Charities SORP., make judgements and estimate8 that are reasonable and prudent., slate whether applicable accounting standards have been followed, subject lo any material departures dlsclosed and axplained in the financial stalemenls., and prepare the fin8nci81 statements on the going con¢em basis nIes8 It Is Inappropriate lo presume that the harily wlll continue in operation. The trustees are responsible for keeping 8Ltfficlenl accounting records that digelos@ wtlh reasonable accwracy at any time the financial position of the trust and ènabl& them lo ensure that the financial slalements comply wth the Charities Act 2011, the Charity (Accounts and Reports) Regulation8 2008 and the provisions of the Iru8t deed. They ore also responsible for safeguardlng the assets of the trust and hence for laknng reasonable steps for the prevention and detection of fraud and oth8r irregulBrilies. The Iruslee8' report was approved by the Board of Twslees. U¥Jrtèlly96 byUn12yButler Dt+.cn=LknleyButlprJU.nLI, eMaIl-nEÈythtlorgM.co,c4 Datf'.2024J>7.16QP47.23401 <)O' L Butler Trustee
THE ESSEX & SOUTHEND SPORTS TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ESSEX & SOUTHEND SPORTS TRUST Oplnlo We have audited the financial statements of The Essex & Southend Sports Trust Ith8 'trusl) for the year ended 30 June 2023 which comprise the statement of financial a¢livilies, the balance sheet and th8 notes to the tinanaal slalements. including a summary of significant accounting policFes. The financial reporting framework that has been applied in Ihair preparation is applicable law and United Kingdom Accounting Standards, including Financial Reportlng Standard 102 The Financial R8POrting St8ndard appliG8ble in th8 UK and R8pUbl of Ireland (United Kingdom Generally Accepted Accounting Praclicel. In our opiniori, the financial slalements.. give a true and fair view of the stale of the charity's affairs as 8130 June 2023 and of Its incoming resources and application of résources, for the year then ended., h&ve been properly prepared In accordanco with United Kingdom Gèneralty A¢¢eptsd Accounting Practice,. and have been prepared in accordance with the requirements of the Charitie8 Act 2011. Basis for oplnlon We conducted our audit in accordan 1th International Standards on Audilillg {UK) IISAS (UKII and applicable law. Our responsibilities under those standards are further (Jescribed in the Audllofs responsibililigs for the audit of the financiul 6tol8menls section of our report. We ara independent of the trust in accordance with the ethical requlremenls that ara relevant lo our audit of the financial slalemenls In the UK, induding the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibililies in accordance with these requirements. Ime believe that the audit 8vldenc6 we have obtained Is sufficient and approprlale lo provide a basis for our opinion. Concluslons relallng to golng concern In auditing thè finaneS3l statements, we have concluded that the IrLJStees' use of the going concern basis ol accoLtnllng in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not idenlified any malerlal uncertainties r61ating to events or condillons that, individually collectlvely, may cast significant doubl on the trust's ability lo continue as a going concern for a period of at leasl twelve months from when th& financlal statements are aulhorised for issue. Our responsibilities and the responsiblllles ol the trustees with respect lo golng ¢oncem are described In the relevant sactions of this raport. other Inforniatltsn The other information comprises the informatson Induded in the annual rep()rt other than tha finanaal statements and our audilo¢s report Ihereon. The trustees are responsible for the other int(MatIon contained wthin the annual report. Our opinion on tha financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other informatlon and. in doing so, consider whether the olheF Information is materially inconslslenl with th8 financial statements or our knowledge obtained in the course of the audit, or othenlSe appears lo be msterially misstated. If we identify such m8leri81 Inconsistencies or apparent mattsrlal misstalemenls. we are required lo datermine whelher this gives rlse lo a material misstatement in the financial st8temenls themselves. If, based on the work we have perform8d, we condude Ihal there is a malerlal misstalemenl of this other irbformation, we are required to report that fact. We have nothing to report in this regard. Matters on whlch we are requlrgd to report by exceptlon We hav8 nothing lo report in respect of the following mallers in relaiion lo whlch tho Charities (Accounts and Reports) Regulations 2008 requlre us lo report lo you if, in our opinion.. the inforrnalion given in the financial stBlements is inconslstent In any material respect with tha Iruslees, repcrt., or sufficient accounting records have not been kept.. or the fin8naal stslements are not in agieemenl with th8 8ccountlng records,. or we have nol received all the Informallon and exp12naliDns we raquire for our audit.
THE ESSEX & SOUTHEND SPORTS TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRLISTEES OF THE ESSEX & SOUTHEND SPORTS TRUST R¢sponslbllltlo5 of trustees As explained more fully in the slalemenl of Irusle8s' responsibilities, the trustees are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and falr wew, and for such internal control as the Iruslees delemiine is necessary to enabl6 the preparation of financial slalemenls that are free Irorn material misstalemenl, whether due lo fraud or error. In preparing the financlal stslemenls, the Iruslees are responsible for assessing the Irusl's ability lo ¢onlinue as a going concern. dlsc108ing, as applicable, matters related lo going oncern and using the going concern basis of accounting unless the Iruslees either intend to cease operations, or have no realistic allernalive hul to do so. Audltorfs re8ponslbllities for the audit of the financial ststements We have been appointed as auditor under secllon 145 of the Charities Act 2011 and report in 8¢cord8nc8 with the Act and relevant regulallons made or having effect IhereLFnder. Our objectives are to obtain reasonable assurance about whether th8 financial slalemenls as a whole are free from material misslalemenl, whether due lo fraud or error, and to issJe an auditor's report that indudes our opinion. Reasonable assurance is a high level of assurance bul is not a guaranteè that an audit conducted in acwrdance with ISAS IUKI will always detect a material misslalemenl when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to inf]uenGe the economic decisions of users taken on the basis of these finan(8[ slalemenl8. The extent to which our procodures are capable of detecting irregu18rilies, Sncluding f¥aLEd, is detailed below. Capablllty of the audlt In dètectlng Irrègularlty, Including fraud Irregul8rilies, including fraud, are inslanee8 of non-compliance with laws and regulations. We d¢sign procedures in line wth our respon8ibililies, outlined above, lo detect malerlal mlsslatemenls in respect of irregularities, including fraud. Th@ extent lo which our procedures are capable of delecling irregularities, induding fraud, is detailed below. We identified areas of laws and regulations that could reasonably be expected lo have a malarial effect on the financial statements frorn our.. g8nèr21 commèrcial and sector experFence,' Ihrougtr verbal and written communications with those Charged with governance and other management., and via inspection of the compar¢y's regulalory and legal correspondence. We dlscussed with those charyed Mqlh goveTnance and other managemenl th8 policias and procedures regarding compliance wth laws and regulations. We communicated identified laws and regulations lo our team and remalned alert to any indicators of non- Complian throughout the audit, we also spe¢ifi¢ally Considered where and how fraud may occur within the gmup. The potential effect of these laws and regtjlalions on the financial slalements varies considerably. Firstly, the Company is subject to laws and regulationy that directly affect the financial statements, induding.. the company's ¢onslilution,' r8levanl financlal rewrting slandard8,' Gompany law,. lax legislation and distributable profits legislallon and wè Assèss th8 8Xténl of CA)mplianc* with these laws and regulations as part of our procedures on the related financial statement items. Secondly the Company18 sublecl to many other laws and regulations where the consequsnces of non-compllance Gould have a material effect on th8 amounts or disclosures in the financial slatemenls, for instance through the imposition of fin88 and penalties, or through losses arislng from liligalions. We identified the following areas as those most likely lo have such an affect.. health and safely legislation,. Data Protection- 8nll-brib8ry and 8nli- corruption legislation. ISAS IUIQ limit the required procedures lo Identify non-compliane6 with these laws and regulations lo the pro¢edures. and no procedures over and above those already noted are required, These limited procedures did not Identlfy any actual or suspected non-compliance which laws and regulations that COLtld havè a material impa¢l on the financi81 slalemenls.
THE ESSEX & SOUTHEND SPORTS TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE ESSEX & SOUTHEND SPORTS TRUST In relatlon lo fraud, we performed the following specific procedure8 in addition lo those already nDted'. Challenging assumptions made by management. Identifying and testing journal entries. in parttcular any entries posted with ur7usual nominal ledger account ¢ombir7alions, journal entries crediting cash or any revenué account and18rg& or unusual entries. Performing analytical procedures to identify unexpected movem6nls in account balances which may b indicative of fraud., Ensuring that testing undertaken on both the performance stalem&nt, and the balance sheet irEcludes a number of items sel8cled on a random basis., and Dis¢ussons wth management. Owlng lo the inherent limitations of an audit, there Is an unavoidable risk that wa may not have detected some material misstateménts in the financial slalemenls, even though we have properly planned and perfomied our audll In acco¥dance with ISAS (UK). For example, the further rerlloved non-complianG8 Imth laws &nd regLtlalions is from the events and transactions refl&c18d In the finanaal statements, the less Ilkely the procedures that we are required to undertake would Identify it. In additson, as with any audit, there remains a hlgh rlsk of non-deleclion of irregularili&s, as these might Involve collusion, forgery, intentional omissions, Misrepresenlalion, or thé override of internal controls. We are not rèsponsible for preventing non-compliance with laws and regulations or fraud. and cannot be expected lo detect non-compliance with all laws and regulations or every incidence of fraud. A further description of our responsibllllles 1$ available on the FinaneAal Reporting Council's website al.. http8.'11 wthw.frc.cKg.uklaudilorsresponsibililies. This description fomis part of our auditor's report. other matte Your attention is drawn lo the fact th81 the charity has prepared finanGial statements In accordance with "Accounting and Reportlng by Charllies-. Slalemenl of Recommended PracticE applicable to Charilias praparing their accounts in accordance with tha Fin8nci81 Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" {as amended) in proference lo the Accounting and Reporting by Charities.. Ststemenl of Recommendod Practice issued on 1 ApTiI 2005 whlGh Is roferred to in the extant regulations bLEt has now been withdrawn. This has been dono in order for the financial statements to provlde a true and falr vlew In accordance with Gurrenl GenerallyAccepled Accounting Plactice. Use of our report This report Is made solely to the ch8rfly's trustees, as a body, in accordan with part 4 of the Charitie8 (Accounts and Reports) RegLFlalions 2008. Our audit work has been undertaken so that we might slate lo the charity's trustees those mallers we are required to slate lo them in an auditors, report and for no other purpose. To the fullest extént permiited by law, we do not accept or asstjme responsibility lo anyone other than the charlty and the charity's trusl8es as a body, for our audll work, for this report, or the opinions we have formed.
THE ESSEX & SOUTHEND SPORTS TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE ESSEX & SOUTHEND SPORTS TRUST Kate Bell (Sènlor Statutory Audltor) for and on behalf of Rl¢kard LuCn Llmlted OL¥ Chartered Accountants Statutory Auditor Phoenix House, Suite 8 Christopher Martin Road Basildork Essex SS14 3EZ Rickard Luckin Limited is eligible for appoinlm$nl as auditor of the trust by virtue of its tsllgibility for appointment as auditor of a company under section 1212 of thtr Companies Act 2006.
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THE ESSEX & SOUTHEND SPORTS TRUST BALANCE SHEET ASAT30JUNE 2023 2023 2022 Notes Fixed assets Investments Current assets Cash at bank and in hand 11 6,463,527 6,990,036 357,947 526,739 Creditors.. amounts falllng due wlthln one year 12 115,OOQI 15,670) Nel current assets 342,947 521,069 Total as$6ts 1¢$$ current liabllltles 6,806,474 7,511,105 CapTtal funds Endowment funds- general Income funds Unrestricted funds 13 5,869,897 6,460,679 936,577 1,050,428 6,806,474 7,511,105 The accounts were approved by the Trustee8 on .... Linley Butler L Butler Trustee 11
THE ESSEX & SOUTHEND SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 Accountlng pollcies Charlty Informatlon The Essex & Soulhend Sports Trust is a registered charity. 1.1 Accountlng conv8ntlon Th8 finarhcial slalemenls havg betrn prepared in accordance with the trLJSt's deed dated 13 March 2002, the Charities Act 2011, FRS 102 'The Financial Reporting Standard applicable in the UK and Republi¢ of Ireland. I'FRS 102°) and the Charftles SORP Accounting and Repotting by Charities- Slalement of Recomménded Praclice larnended for bulletin 1 & 21 appIlble to charitles preparing their accounts in accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effectivé 1 January 20191. The trust is a Public Benefit Entity as defined by FRS 102. The financi81 statements are prepared In sterling, which is the tunctlonal currency of the trust. Monetary amounts In these financial slalements are rounded lo the nearest £. 1.2 Golng Concern At the lime of approving the fi'nancial stalemenls, Ihg Iruslees have a reasonable expgctalion that the Ir4JsI has adequate resources lo continue in operatlonal axislence for the foreSeeae future. Thus the trustees continue lo adopt the going concern basis of accounting in preparing the financial Stalamènls. 1.3 Charitable funds Unrestricted funds are available for use at thè discretion of the trustees in furtheran of Ihelr ch8rlt8bl8 ollectiVe8. Reslricled funds are subject lo spécific conditions by donors or orantors as lo how they may be used. The purposes and uses of the restrl¢ted funds ar8 set out in the notes lo tho financial statements. Endowment funds are subject to speclfic conditions by donors that the capitsl musl be rnaintained by the trust. 1.4 Incomlng resources Income is recognlsed when thè Injst is legally enlilled lo il after any performance conditions have been mel, the amounts can be measured reliably. and1118 probabl8 that Income will be received. Cash donations are recognised on receipt. Other donations are recognlsed once the trust has been notified of th8 donation, unless perfomiance conditlons require déferral of the amount. Income lax recoverable in relation lo donalior¢s received under Gift Aid or deeds of covenant is recognis8d al the tims of th6 donation. Legacles are recognis8d on receipt or otherwise if the trust has been notified of an impendirKJ distllbulion, the amount is known, and re¢¢ipl is expected. If tha amount is not known, the legacy is Irealed as a contingent asset. 1.5 Resources expended Expenditure is recognlsed once Ih8r8 Is a legal or constructlve obligation lo transfer economlc benefit lo a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured roliabty. Expenditure is classified by aGtivily. The costs of each activity 8re made up of the total ol dire¢l Costs and shared costs, including support costs involved in undertaking each activlly. Dlrect costs allrfbul8ble lo a singl8 8ctsvily are allocated directly to that activity. Shared costs which contribute lo more than one 8Gtivily and support costs whlch 8r8 not 811ribulable lo a single activity ar8 apportioned between those activities on a basis ¢onsislenl wth the use of resources. Central staff Costs are allocated on the basis of time spent, and depreciation charges are allocated on the pOrtn of the asset's use. 12-
THE ESSEX & SOUTHEND SPORTS TRUST NOTES TO THE FINANCIAL STATEIIIENTS {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 Accountlng pollcles Icontlnued) Govemancè Costs Governan costs Include ¢0s18 of the preparation and examlnallon of the slalulory accounts, the costs of Iruslee meetings and the cost of any legal advice to Irus16es on governanca, investments or conslilLrtlonal matters Support Costs Support costs include central functions and have been allocated to activity cost categories ot) a basis consistent with the use of r8sources. for example, allocating property Costs by floor areas, or per caprta. staff costs by the lime spent and olh&r costs by thelr usage. 1.6 Flxad asset Investments Flxed asset inve81menls are initially measured at transaction price, and are subsequently measured al fair value at each reporting date for publidy traded investments and at cost less impairment for non-publidy traded investrnenls. Changes in fair value are reeognised in n&1 incom6llexpendilurel for the year. 1.7 Cash and cash equlvalents Cash and cash equivalents indude cash in hand, deposits held at call with banks. other short-lerm liquid investments with original maturities of three monlhs or less, and bank overdrafis. Bank overdrafts are shown within borrowfjngs in current liabilities. 1.8 Flnancial Instruments The trust has elacled to apply the provisions of Section 11 'Basic Financial Instruments, and Sactlon 12 '01her Financlal Instruments Issues, of FRS 102 to all of ils flnancial Inslrumenls. Financial inslrumgnts 8re recognised ill the Iru81's balance sheet when the trust becom&s party lo the contractual provisions of the instrument. Financlal assets and liabilities are offset, with the nel amounts presented in the firbancial 8lalem8nls, when there is a legally enforceable right to s81 off the recogni$8d amounts and there is an intention lo settle on a nel basls or lo realise the 8sset and settle the Ilabillty slmultaneously. Basic linancial assets Baslc financial assets, whlch include debtors and cash and bank balances, are Inllially measured al transaction prlco including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement constllules a financing transaction, where the transaction is measured at the present value ol the future recelpls discounted al a market rale of Inlerèsl. Financial assets classified as recelvable within one year are not amortised. Basic financial liabilities Basic financial liabilities. InGluding creditors and bank loans are initially recognised at ITan8action price unless the arrangement con81ilules a financing transaction. whero the debt instrument is measured al thè present value of the future payments discounted al a market ral6 of inloresl. Financial liabilities classlflad as payabl8 within one year ar8 not amortised. Debt In8lTumenls are subsequently carrfèd al amortised cost, using the effective interest rats method. Trade creditors are obligatsons to pay for goods or services Ihal have been acqulred In the ordingry course of operations from suppliers. AmoLEnls payable are classiliad as current liabilities if payment is due within one year or less. If nol, they are pres8nled as non-Gurrenl liabilities. Trade creditors are recognised initially al transaction price and subsequenly measured al expected cash amount conslderation lo be paid, Derecognitron of flnanclal Ilabililies Financlal Ilabililies are derecognised when th8 trust's contractual obligatlon8 explre or are discharged or ¢an¢ell&d. 13-
THE ESSEX & SOUTHEND SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 Incorne from donatlons and legaGies Restricted funds 2023 Rostrlcted funds 2022 Don8tlons and gifts 2,011 5,668 Investments Unrestrlcted funds Total 2023 2022 Income from investments. deposlts and loans Interest receivable 285,575 533 232,368 321 286,108 232,689 Charltablg a¢tlvltles 2023 2022 Grant funding of acliv41ies (see note 81 389,754 161.500 Share of SLtpport ¢08ts (see note 51 Share of governance costs (see note 51 81 4,832 12,214 401,988 186,413 Analysis by fund Unrestricted funds Restricted funds 216,988 185,000 146,413 20.000 401,968 166,413 Support costs allocated to actlvllles 2023 2022 Support costs Governance costs 81 4,832 12,214 12,214 4.913
THE ESSEX & SOUTHEND SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 Aud[loS remun8ratlon Fees payable to the charlty's auditor and a880datss'. 2023 2022 For audlt sèNIc&s ALJdil of the financi31 statements of the charity 12,030 4,470 Trustees None of the Iruslees (or any person8 nnected wth them) rac8iV8d any remuneration during the year 12022..Nill. TTuslees were relmbursed expenses in the year of £Nil.12022- £201). Grants payable 2023 2022 Grants to institutions.. E888x Crickdal in the Communlly Essex Community Foundation Garon Park CIC Colchester and Essex Cricket Club Soulhend Manor FC SUCET Fouroars ROng Club Greenways Primary S¢hoaE Leyton Orient Trust Brighllingsea Bowls Club Leigh Road Baptlsl Church Tennls Club 87,000 50,000 185,000 25,000 25,000 20,000 15,000 5,000 65,000 2,300 4,200 40,000 18,750 4,004 5,000 389.754 161,500 Grants to inslilulions includes £50,000 to ECF {2022- £25.tM)01 for the Small Grants for Crl¢kel Scheme which Is managed by Essex Crickel in the Community Foundation (ECICI. Grant application for thls scheme are approved by tha Trustees of The Ess8x & Soulhend Sports Trust. Due diligenGe on applications and adminislralion of the scheme is the responsibility of ECIC. Employees There were no employees during the year. 10 Taxatlon The charity Is exempt from laxalion on its activities because all ils income is applied for charitable purposes. 15-
THE ESSEX & SOUTHEND SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 Flxed asset Investments Llsted Unllstodcash dop081ts Inv&slméntE Inv8stménts Total Cost or valuation At 1 July 2022 Addillons Valuation change$ Repayments 8,94Q,036 51,272 1588,3971 (2,384) 50,QOO 6,990,036 64,272 (588,3971 12,3841 13,000 At 30 June 2023 6,400,527 13,000 50,000 6,463,527 Carrying amount AI 30 June 2023 6.400.527 13,000 50,000 6,463,527 Al 3Q June 2022 6,g40,036 50,01)O 6,99CI,036 12 Credltors: amounts falllng due wlthln one year 2023 2022 Accruals and deferred income 15.000 5.670 13 Endowment funds Endowment fvnds represent assets whlch musl b8 held permanently by the Irusl. Income arising on the endowment fund8 can be used in accordance wlh the objects of the trust and 18 included a8 unreslricled income. Any capllal gains or losses arislng on the assets form part of the fund. Slnce incepllon the Charlty has recelved in total donations of £4.516,410, whlch havé been recorded as permanent endowments as the donatlons are on the te¥m8 that the Trustees preserve the capllal sum al all times and only distribute the income derived from il in furtherance of the Tiust'8 objectives. At l July 2022 Galns and losses At30 Jun8 2023 Permanent endowments Permanent Endowment 6,460,679 1590,7821 5,86S.897 Prevlou$ year: At 1 July 2021 Gains and At 30 June losses 2022 Pemianent endowments Permanent Endowment 6,120.750 339,929 6,460,679 16-
THE ESSEX & SOUTHEND SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 14 Restrlcted tunds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject lo speafic conditions by donors as lo how they may be used. At 1 July 2022 Incoming resources Re$ouYces expended Transfers At 30 June 2023 Centre of Grickeling Excellence at Garon Park 2,011 1185,000) 182,989 Prevlous year: At 1 July 2021 Incomlng resources Resources expended Transfers At 30 June 2022 Centre of Crickelinu Excellence at Garon Park 5,668 120,0001 14,332 All donations rec6lved in Ihe year in relation to the 'Public Appeal for tha G8ron Park Centre of Cricketing Excellence, are included as rèstricted funds as the donors have agreed that these ftjnds may only be used in relation to tho grants for the Garon Park Prolecl. In 8ddilion. £183,01312022- £14,332) has been Iransferre from unrestrictad lo r6slricted funds, being the TrLtsl's donallon to this project. 10 Unrèstricted funds The unreslriclèd funds of the charity comprise the unexpended balances of dOnaonS and grants which are not subject lo spe¢ifjc conditions by donors and grantors as to how they may be used. Those include designated funds which have been set aslde out of unrestri¢1 funds by the trustees for speclfic pUOses. At 1 July 2022 Incomlng Resources resources expended Transfer8 At 30 June 2023 General funds 1,050,426 286,1Q8 {216.9681 1182,9891 936.577 Prevlous year: Atl July 2021 Incomlng resources Resources expended Transfers At30 June 2022 General funds 978.482 232,689 (146,4131 114,3321 1,050,426
THE ESSEX & SOUTHEND SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 16 Analysls of net assets between fLEnds Unrestrlcted Endowment fullds funds 2023 2023 Total 2023 At 30 June 2023: Investments Current asselsllliabilities} 593,630 342,947 5,869,897 6.463,527 342,947 936,577 5,869,897 6,8Q8,474 Unrestricted Endowment funds funds 2022 2022 Total 2022 At 30 June 2022: Inv6slmenls Current assetsllliabllille81 529,357 521,069 6,460,879 6.990,036 521,069 1,050,426 6,460,679 7,511.105 17 Related party transactions There were no disclosable related party Iran88clions during the year12022 - none). 18-