Charity Reglstration No. 1092238 THE ESSEX & SOUTHEND SPORTS TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Rickard
THE ESSEX & SOUTHEND SPORTS TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees L Butler J Sims RL Pearse S Butler Charlty number (England and Wales 1Q92238 Prlnclpal address The Red House Larks Lane Great Waltham Chelmsford Essex CM3 1AD Audltor Rickard LUcn Limited Phoenix House, Suite 8 Christopher Martin Road Baslldon Essex SS14 3EZ
THE ESSEX & SOUTHEND SPORTS TRUST CONTENTS Page Trustees, reporl Independent audilo¢s report Statement of financial aclivilios Balance sheet 10 Notes lo the financial statemenls
THE ESSEX & SOUTHEND SPORTS TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2024 The Irustees have pleasure In presenting their report and the Accounts of Ihe charily for the year ended 30 June 2024. The trust is a regislered charily and bound by the Trust Deed dated 13 March 2002. the requlrements of the Charities Act 2011 and Ihe "Accounting and Reportin9 by Charities: Stalemenl of Recommended Practice applicable lo charities prepaling their accounls in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland {FRS 102)" (effective 1 January 2019). Deeds of Appoinlmenl supplemenlal to the Trust Deed were execLrted on 21 December 2017 and 31 January 2018. Objectlves and activltles The Trustees shall hold the capital and the income of the Trust Fund upon trusl for such purpose or purposes withln the counly of Essex, the London boroughs of Havering, Redbridge and Dageiiham, Newham and Wallham Forest (including bul limiled lo the unitary authorities of Soulhend-on-sea Lind Thurrock) as shall be exclusively charilable according lo the law of England and Wales and in such shares and proportions as they shall in Ihelr absolute dlscrelion think fil. The Trust Fund and the Income thereof is 8pplied In or towards the following purposes subject always to compliance wllh the objects set out In the Trust Deed as varied.. (a) Provislon or assistance in the organisalion and provislon of facilities for the playing of sports in particular bul not 1Smiled lo the playing of football, crlckel and tennis. (b) Provision of suitably qualified coaches or the provislon of grants to charitable organis81ion so that they may provide coaches lo coach sport, in particular football and cricket. (c) Provislon of sporting equipmenl and clothing or provision of grants to indivlduals, communlly amateur sports clubs and gIstered charities to purchase sporting equipment and clolhing. (d) Making grants lo Indlviduals, community amateur sports clubs and registered charities in connection with the provision of sport. The chariiy has been funded largely by endowment funds on terms that the Trustees preserve th8 value of such funds al all limes and only dislribule Ihe income from it in furlherance of the Trust's objecllves. The Trustees have considered the Charity Commission guidance on public benefit and are satisfied that Ihe Trust's activities meet the principles laid oul in that guidance. A more delailed guide to the Trust's aclivllles can be found on the website www,easst.or The ITuslees have paid due regard lo guidance issued by the Charity Commission in deciding what activities the Irusl should undertake. Public b8nefir The Irustees have paid due regard lo guidance issued by the Charily Commission in decldSng what 8clivities the Irusl should undertake.
THE ESSEX & SOUTHEND SPORTS TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 AGhievements and performance The Trustees approved 12 grants in Ihe year lolalling £241,(X)O compared wllh 12 totalling £389,754 in 2023. Thls Included 1 grant of £25,000 made to Ihe Essex and Southend Sports Charitable Fund (ESSCFI which is our joint venture wilh Essex Communlty Foundation (ECF). The objectives of this fund. which has just completed Its elevenlh year of operatlon, are lo inspire people across Essex lo take part in every kind of 5POrt and lo grow Ihe amount of money that is available to make sporting grants in Essex. Grant applications lor Ihis fund, which is aimed mainly at individuals, should be made lo ECF who carry out due diligence. For suilable applications. ECF will seek to find matching finance from other funds that it manages. In the year to 30 June 2024, the Trustees and ECF jointly agreed lo make 27 grants from the ESSCF wilh a total value of £75,018 of which £36,504 was taken from EASST'S contribution and £38,514 was raised by ECF as matching funding from other Essex based charitable funds. This compares with 27 grants with a total value of £65,056 of which £29,668 was taken from EASST'S contribution and £35,388 was raised by ECF as matching funding in the period to 30 June 2023. After deducting ECF'S administration fees the balance of EASST contribution availBble In the ESSCF al 30 June 2024 was £2,535 (2023 - £16,539). The Trustees hope to make further contributions lo the ESSCF over time. For further informalion go to'.- ht .'Ilww.essexcommunit f ndallon.or ran151our- rantmakin Ilundin -lor-individualsl EASST trustees will continue to consider direct applSeatlons for grants particularly from sports clubs and other organisalions Involved with sport but may refer applications to ECF for conslderation by the new fund, where appropriate. In January 2018 the Trustees established a new joint venture fund with Essex Crlcket {now renamed Essex Cricket In the Communltyl lo provide small charitable grants of up to £2,000 to cricket organi581ions in Essex. Es3ex Crickel in the Community invites, recelves and assesses funding applications that meet the criteria of the Fund and make recommendations on each appliGalion before Ihey are presented lo the EASST Trustees for approval. Applicallons must be for no more than half of the project or purchase cost. EASST commilled a further £25,000 lo this venture in the year to 30 June 2024. Since January 2018 grants have been approv8d to a total value of £157,230 to 87 different Socal clubs and other cricket oiganlsalions in Essex and East London, From Inceptlon In 2002 to June 2024 the Trust has rnado 268 grants wlth a total value of £2.75 mllllon and Jolntly approved wlth ECF 208 grants from the ESSCF wilh a value of £394,971. Southend Unlted Community and Educatlonal Trust (SUCETI The Trust made a frjrther grant of £40.000 to SUCET in the year and has now contributed c£558,000 since 2002. The EASST grant was matched by an addilional £25.000 of funding from raised funds by SUCET. This provides football sessions, judo and workshops aimed al young people {12-19) and covers sexual heallh, drugs and alcohol abuse. SUCET is now building on the pathways from Ihe PL Kicks Project into clubs and education programmes lo give young people opportunities lo create a lifelong sporting habit and develop care8rs In the sporting industry. Thelr PL Kicks delivery through regular weekty sessions across 10 venues, covers multiple areas in Essex and glves 650+ young people a safe and fun environment lo play football. This year they have established a greal working relationship wllh Basildon Police who are now regularfy allending their Evertey Klcks sile. Sucet's PAN disability sessions, continue to support both local special schools as well as communiiy groups through regular sporl and activily sesslons as well as specific soccer schools during Ihe school holldays. 150 children and young people through 90+ sessions have been engaged and 100 hours of support has been delivered. Centrè of Crlcket Excellence at Garon Park, Southend In March 2005 EASST launched a public appeal to raise funds for the eslablishment of a Centre of Cricketing Excellen at Garon Park. A restricted fund is maintained for the money ralsed which is matched pound lor pound by a transfor from Ihe Trust's Unre5tricled funds. The Trust made a grant of £25,000 lowards grourKI malntenance. The annual grant of £25,000 for 24125 season was patd early in June 2024. All cricketing facilities at Garon Park have now been absorbed into Ihe Garon Park Community Interest Company.
THE ESSEX & SOUTHEND SPORTS TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Further Projects with Essex Cricket in The Community In May 2018 the Trusl agreed a three year programme of support for further activllies of Essex Crickel in the Community. This yearwe built on that support, the grant of£31,000 included £7,000 lo the developmenl of women, cricket in Essex,- £11,000 lo support a programme of 30 days Df performan cricket at Garon Park and continued support oflhe groundsman., £5.000 towards the junior palhway programme lo engage around 200 9-13 year olds in regional cricket festivals and training; £2.000 towards Ihe development ofAbilily Cricket aTound IV and Deaf Cricket, £5,000 towards the delivery of girls secondary school programme to engage more gids in the slate seclor and help wilh Ihe Iransltlon from School to Pathway and to enable the players lo access Ihe same offer of support and coaching a5 perceived lo be provided wllhin the private sector. Other grants to clubs and sports related institutlon8 Include:. £17,500 to Leylon Orient Football Club- annual grant £15.000 to Hadleigh Thundersley CrKket Club lowards new trainlng facilities £7,000 to Southend Rugby FC- annual grant £2,000 lo Primo Race Toam towards cycle race kit £3,500 to Eastern Elile Racing annual granl Tho Sm811 Grants for Cricket fund made grants lolalling £18.964 10 12 cricket clubs and organlsallons in Essex and Easl London. The Essex and Southend Sport8 Charitable Fund (ESSCFI This fund made 27 grants In the perlod which with matching funding arranged by Essex Communily Foundation amounted lo £75,018. 32 of these were lo individuals.11 is our normal practice to request progress reports from the indlvlduals who receive grants. Donatlons to EASST The Iruslees welcome approaches from sports-loving individuals who share the trust's objectives and wish lo make a donation lo the Trust. Generous lax benefits are available LSnder Ihe Gift Aid scheme. Tax free gifts may also be made In a will, It Is the policy of the trust that unreslrieled funds which have nol been designated for a speclfic use should be ma5ntained at a level equivalent to between three and slx month's expenditure. The Iruslees conslders that reserves at this level will ensure that, in the event of a significanl drop in funding, they will be able to continue the trusl's currenl aclivilies whlle consideration Is given to ways in which addilional funds may be raised. This level of reserves has been maintained throughout the year. Reserves Policy 11 is the policy of the trust that unrestricted funds which have not been designated for a speoific use should be maintained al a level equivalent to between three and six month's expenditure. The trustees consider Ihat reserves al this level will ensure that, in the evenl of a significant drop in funding, they will be able lo continue the trust's current aclivities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
THE ESSEX & SOUTHEND SPORTS TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Reserves The truslees are adopting a total retum approach to investment of Ihe endowment fund, and consent lo the duly of even-handedness, are allocating income from these inveslmenls to be available for maklng granls in accordance with the Trusl's objectives. Any surplus of Income over grants and expenses will be carried forward as unreslrlcted reseNes available for grants in the short lo medium term. The Truslees have identified Ihree major projects that they are considering supporting. In addition lo helping with the development of the Garon Park Community Interest Company, discussions have taken place with bolh Essex CCC and Southend United FC about grants so that 'best in class, disabled facillties are included in their respective ground development projects. For this reason the Trustees are making annual retentions with unreslricled income funds lo build finances lo enable significani grants to be made towards these projects over the nexl few years. The lotal Nel Assets of the charity at the year end were £7.018,353 {2023: £6,806.474) whlch is represented by capital endowment fund reserves of £6,035.921 (2023.. £5,869,897) and unrestri¢ted reseNes of £982,432 {2023.' £936,577). Investment pollcy The Truslees are adopting a long term approach with. at the year end. almost all of thè endowment funds commitlod to UK Index Tracking Equities, other equity products, property and bond funds. Major Ti8k8 The major risk lo whlch the charity Is exposed is inveslmgnl perfomiance to endowment funds. The Truslees investment and grant-making policies are designed to preserve Ihe capllal value of endowmenl funds over th8 long- term. The Iruslees have assessèd the major risks lo which the trust is exposed, and are satlsfied that systems are in place to miligale exposure lo the major risks. structure, governance and management The trustees who seNed durlng the year and who were appointed In accordance with th8 Trust Deed were as follows: L Butler J Sims RL Pearse S Butler None of the Irustees has any beneficial interest in Ihe trust. All of the Irustees are members of the company and guarantee lo contribute £1 in the event ol a windirvJ up. The board of Irustees, which can have up to seven members. adminislers the charity. The board normally meets monlhly and between them, manage the day-to-day operations of the charity. stat8m8nt of trustees, responsibllitles The trustees are responsible for preparing the Trustees, Report and the financlal statements In accordance wilh applicable law and Unil8d Kingdom Accounting Slandards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in Engtand and Wales requires Ihe trustees to prepare financial 51atemenls for e8ch financial year which give a Irue and fair view of the slate of affairs of the trust and of the incoming resources and applicalion of resources of the trusl for Ihal year.
THE ESSEX & SOUTHEND SPORTS TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 In preparing these financial slalements, the trustees are required to.. select suitable accour)ting policies and then apply them consistently- observe Ihe methods and principles in the Charities SORP- make judgements and eslimales that are reasonable and prudent- state whelher applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements- and prepare Ihe financial slalem8nts on the going concern basis unless il is inappropriate to presume Ihal the charity will continue in operation. The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any Ilme the financial posllion of Ihe trust and enable them to ensure Ihiil the financial slalements comply with the Charities Act 2011, the Charity (Accounts and Reporis) Regulations 2008 and the provisions of the Ifusl deed. They are also responsible for safeguarding the assets of the Irust and hence for taking reasonable slep8 for Ihe prevenlion and delectlon of fraud and other irregularili6s. The trustees, report was approved by Ihe Board of Trustees. Linley Butler Dlgltallyslgned byLknlryButler DN..cn=Ilnley Butler.o.ov. emJllallnleybuilei@grna51.com, Dale.. 2025.03.12 JOXty536 +13 L Buller Trustee Dale..
THE ESSEX & SOUTHEND SPORTS TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ESSEX & SOUTHEND SPORTS TRUST Oplnlon We have audited the financial statements of The Essex & SoutherKI Sports Trus1 (the 'trusl') for thg year ended 30 June 2024 which comprise the statement of financial aclivilies. the balan sheet and Ihe notes to the financial slalements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Slandard 8pplicab18 in Ihe UK and Ropublic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, Ihe financial statements: give a true and fair view of the stale of the charity's affairs as at 30 June 2024 and of its incomlng resources and applicalion of resources. for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepled Accounting Practice. and have been prepared in accordance with the Charities Act 2011. Basls for opinion We conducted our audit in accordance with International Standards on Audillng {UK) (ISAS {UKI) and applicable law. Our responsibilities under those standards are further described In the Audilofs responslbililies lor the audit of the financial slatements section of our report. We are independent of the trust in accordance with the elhic81 requirements that are relevanl lo our audil of Ihe financial statemenls in the UK, Including the FRC'S Ethlcal Standard, and we have fulfilled our other ethical responsibililies In accordance with these requirements. We b8118V8 Ihat the audit evidence we have obtained is sufficient and appropriate lo provide a basls for our oplnion. Conclusions relatlng to going concern In auditing the financial slatement8, we havg Concluded that the trustees, use of the going concern basls of a¢¢ounting in the prepar81ion of Ihe financlal statements is appropriate. Based on the work we have performed. we have not identlf18d any material uncertalnlles relating lo events or condltlons that, individually or colle¢livoly, may cast significant doubl on the Irusl's ability to continue as a going onc8rn for a period of al least twelve monlhs from when Ihe financial statements are authorised foT Issue. Our responsibilities and the responsibilities of the trustees with respecl to going concern are descrlbed in the relevant sections of this report. other informatlon The other information comprises the information induded in the annual report other than the financial statements and our audilorfs report Ihereon. The Irusleos are responsible for the other information contained within the annual report. Our opinion on Ihe financial statements does nol cover Ihe other information and we do not express any form of assurance conclusion Iher80n. Our responsibility is to read the other informalion and, in doing so, consider whelher the other informallon is materially inconsistent with the financial slalemenls or our knowledge oblained i the course of the audit, or othemise appears to be materially misstated. If w8 identify such malerial inconsl8lencies or apparent material misstalemenls, we are required to determine whether thls gives rise lo a malerial misslalemenl in the financial slalements themselves. If. based on Ihe work we have performed, we conclude that there is a material misslatemenl of this olher information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exceplion We have nolhing to report in respect of the following matters in relation to which Ihe Charities (Accounts and Reports} Regulations 2008 requires us lo report lo you if, in our opinion.. the information given in the financial slalemenls is inconsistenl in any malerial respect wilh the trustees, report., or sufficlent accounling records have not been kept. or the financial slatements are not in agreement with the accounling records- or we have not received all the information and explanations we require for our audit.
THE ESSEX & SOUTHEND SPORTS TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE ESSEX & SOUTHEND SPORTS TRUST Responsibilities of trustees As explained more fully in the stalemenl of trustees, responsibilitles, the Iruslees are responslble for the preparation of Ihe financial statements and for being satisfied th81 Ihey give a true and fair view. and for such internal conlrol as the Irusteos deletmine is necessary lo enable the preparation of financial statements that are free from material mlsstalemenl, whether due lo fraud or eiror. In preparing the financial statements. the Iruslees are responsible for assessing the trust's ability to continue as a going concern, disclosing, as applicable, matters related to golng conceTn and using the going concern basis of accounting unless the trustees either inlend to cease operations, or have no realistic alternative bul to do so. Auditor's respon8lbilities for the audit of the financial statements We have been appuinled as auditor under section 145 of the Charities Acl 2011 and report in accordance with the Act and Telovant regulations made or having effect Ihereunder. Our objectives are lo obtain reasonable assurance about whether the financial statemenls as a whole are free from material misstalemenl. whether due to fraud or error, and lo issue an audilorfs report that includes our opinion. Reason8ble assurance is a high level of assurance but is not a guarantee thal an audit conducted in accordance wllh ISAS (UK) will always delecl a malerial misslatemenl when it exists. Misslalements can arise from fraud or error and are considered malerial Sf, individually or in the aggregate, they could reasonabty be expecled to influence the economic decisions of users taken on the basis of these financial slalements. The extent lo which our procedures are capable of detectin9 irregularities. including fraud, is delalled below. Capability of the audit in detectlng Irregularity. Includlng fraud Irregularities, including frgud, are instances of non-compliance with laws and regulations. We design procedures in line wllh our responslbi1S1ies, o¢Jtlined above. lo delecl material misslalemenls in respect of irregularilie8, includlng fraud. The exlenl to which our procedures are capable of delecling Irregularities. including fraud,15 detailed below. We identified areas of laws and regulations that could reasonably be expected lo have a material effect on the financial slalements from our.. general commercial and sector experience,. through verbal and written communications with those charged with governance and olher management,. and via inspecllon of Ihe company's regulalory and legal correspondence. We discussed wilh those charged with governan and other management the pollcies and procedures regarding compliance wllh laws and regulations. We communicated idenlifled laws and fegulalions to our team and remained alert lo any indicators of non- compliance throughout the audil, we also specifically considered where and how fraud may occur wilhin the group. The potenlial effect of these laws and regulations on th8 financial stalemenls varies considerably. Flrslly. the company is subject to laws and regulations Ihal directly affect the financial statements, including.. the compan5 conslilution., relevant financial reporiing standards; company law,. tax legislalion and distributable profits legislation and we assess Ihe extent of compliance with these laws and regulations as part of our procedures on Ihe relaled financial slalem6nl items. Secondly the company is subject to many other laws and regulations where Ihe consequences of non-compliance could have a malerial effect on the arnounts or disclosures in the financial stalemenls, for instance through the imposition of fines and penallies, or through losses arising from Iltigalions. We idenlified the following areas as those most likely to have such an affect: heahh and safety legi51ation-, Dala Proleclion. anti-brlbery and anti- corruption legislation. ISAS IUKI limit the required procedures to identify norkcompliance with Ihese laws and regulations to the procedures, and no procedures over and above those already noted are required. These limiled procedures did nol identify any actual or suspected non-compliance which laws and regulalions Ihat could have a material impact on Ihe financial statements.
THE ESSEX & SOUTHEND SPORTS TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE ESSEX & SOUTHEND SPORTS TRUST In relalion to fraud. we performed the followuig specific procedures in addition to those already noted: Challenging assumptions made by management. Identifying and testing journal entries. in particular any entries posted with unusual notninal ledger accounl combinalions, journal entries crediting cash or any revenue account and large or unusual entries. Performing analytical procedures lo identify unexpected movement5 In account balances which may be indicativè of fraud., Ensurlng that lesting undertaken on both the performance statement. and the balance sheet includes a number of iteffls selected on a random basis; and Discusslons with management. Owing to the Inherent limitations of an audit, there is an unavoidable risk Ihat we may not have detected some material misstalements In the financial stalements, even Ihough we have propedy planned and performed our audit in accordance with ISAS (U K). For example, the further removed non-compliance with laws and fegulatlons is from the evenls and Iransacllons reflected in the financial statements, the less likely the procedures Ihal we are required lo undertak8 would identify it. In addition, as wilh any audit, IheTe remains a high risk of non-detection of Irregularitles, as these might involve collusion, forgery, intentional omissions, misreprasenlation, or the override of Internal controls. We are not responsible for preventing non-compliance with laws and regulatlons or fraud, and cannot be expected to detect non-compliance wilh 811 laws and regulations or every incidence of fraud. A further descrlptlon of our responsibilities is available on the Financial Reporting Counctl's webslle at: httP8:11 www.frc.org.uklaudilorsresponsibilities. Thls description forms part of our audilols report. other matters Your allenlion is drawn lo the fact that the chaiily has prepared financial statements in accordance with 'AuntIng and Reportlng by Charities.. Statement of Recommended Practice applicable to charilies preparing thelr accounts in accordance with the Financial Reporting Standard applicable In Ihe UK and Republlc of Ireland (FRS 102}" (as amended) in preference lo the Accounling 8nd Reporting by Charitles.. Statement of Recommended Praclice issued on 1 Apiil 2005 which is referred to in the extant regulations but has now been withdrawn. Thls has been done In order for the financial statements to provide a true and fair view in accordance with current Gènerally Accepted Accounting Praclice. Use of our report This report is made solely to the charity's trustQC$, as a dy, in accordan with part 4 of the Charities {Accounl8 and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate to the charity's trustees those mallers we are required lo state to them in an audilors, report and for no other purpose. To Iho fullest extent permitted by law, we do not accept or assume responsibllity to anyone other than the charily and the charily's Iruslees as a body, for our audit work, for this report, or for the opinions we have fonned. Kate or Statutory Auditor) on behalf of Rickard Luckin Limiled, Statulory Auditor Chartered Accountants Phoenix House, Suite 8 Christopher Martin Road Basildon Essex SS14 3E Date:..... Rickard Luckin Limited is eligible for appoinlment as auditor of the trust by virtue of Its eligibility for appointment as auditor of a company under section 1212 of the CompanSesAct 20.
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THE ESSEX & SOUTHEND SPORTS TRUST BALANCE SHEET AS AT30 JUNE 2024 2024 2023 Notes Fixed assets Investments Current assets Cash al bank and in hand 11 6,662,620 6,463,527 372,473 357,947 Creditors: amounts falllng due withln one year 12 (16.740) (15.000) Net current assets 355.733 342,947 Total assets less current Ilablllties 7.018,353 6.806,474 Capltal funds Endowment funds - general Income funds Unreslricled funds 13 8,035,921 5,869,897 982.432 936,577 7.018,353 6,806,474 The accounts were epproved by Ihe Trustees on ............... l olg1talysld byLlnley Builer I ON.'cn=Llnleytsuilu.o, ov, emall=knIWtleWmallLo¢G Dale.. 202Y)3.12 IN9y17+1300' L Butler Trusteo 10-
THE ESSEX & SOUTHEND SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Ac¢ountlng pollcles Charity Inforn?ation The Essex & Soulhend Sports Trust is a registered charily. 1.1 Accounting convention The financial statements have been prepared in accordance with the tru51's deed dated 13 March 2002, the Charilies Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland. {'FRS 102,1 and the Charities SORP "Accounting and Reporting by Charities, Slalement of Recommended Pracllce applicable to charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102)" (effeclive 1 January 2019). The trust is a Public Benefit Enlily as defined by FRS 102. Thè financial slalemenls are prepared In sterling, which is lh8 functional curren¢y of the Irusl. Monelary 8mounls in these financial stalem8nls are rounded lo the nearest £. 1.2 Golng concern Al the lime of approving the financial stalemenls, the trustees have a r88sonable expectation that the Irusl has 3dequale Tesources lo continue in operalional existence for the foreseeable fulure. Thus the Iruslees conllnue lo adopt the going concern basis of accounting in preparing the financlal stalem8nts, 1.3 Charitable funds Unreslricled funds ar8 available for use al the discretion of Ihe trustees in furtherance of their charitable objecllv8S, Restrictèd funds are subject to specifK conditions by donors or grantors as lo how they may be used. The purposes and uses of the reslricled funds are sel out in Ihe notes lo Ihe financial slalemenls. Endowment funds are subject lo speclfK conditions by donors that the capilal musl be maintained by the trust. 1.4 Incomlng resources Income is recognised when the trust is legally enlilled to il after any performance conditions have been mel, the amounts can be meastsred reliably. and il is probable that income will be received. Cash donations are recognised on receipt. Olher donalions are recognlsed once the Irusl has been notified of the donation, unless perfofmance condilions require deferral of the amount. Income lax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised al the time of the donation. Leg8cles are recognised on receipt or otherwise if Ihe trusl has been notified of an Impending dislribution, Ihe amount is known, and recelpt Is expected. If the amount is not known. the legacy is Irealed as a contlngent asset. 1.5 Resources expendod Expenditure is recognised once Ihere is a legal or conslruclive obligalion lo transfer economic benefit to a third party, it Is probable Ihat a transfer of econornic benefits will be requiied in selllemont, and the amounl of the obllgation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the lot81 of direct costs and shared cosls, including supporl costs involved in undertaking each aclivily. Direct CDSts atlribulable lo a single activity are allocaled directly to that activity. Shad costs which contribute lo more than one aclivity and support costs which are nol atlribulable to a single activity are apportioned between those aclivities on a basis consistent with Ihe use of resources. Cenlral staff costs are allocated on the basis of lime spenl, and depreciation charges are allocated on the portion of the asset's use. 11
THE ESSEX & SOUTHEND SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Accountlng policies (Continued) Goveman¢e Costs Govemance costs include costs of the preparation and examination of the statulory accounts. the costs of trustee meetings and the cost of any legal advice lo trustees on governance, inveslments or constitutional mallers Support Costs Support costs include cenlTal functlons arKI have been allocated to activity cosl categories on a basls onsislent with the use of resources, for example. allocating property costs by floor areas, or peT capila, staff costs by the time spenl and other costs by their usage. 1.6 Flxed assèt Investments Fixgd asset investments are initially measured at Iransactson price, and are subsequently measured al faSr value at each reporting date for publicly traded investments and at Cost less impairment for non-publicly traded inveslments. Changes in fair value are recognised in net incornel(expendilure) for the year. 1.7 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call wilh banks, other short-lerm liquld inveslmenls with original maturilies of Ihree monlhs or less, and bank overdrafts. Bank overdrafts are shown wilhin borrowings in current liabililies. 1.8 Flnan¢lal Instruments The trust has elected lo apply the provlsions of Section 11 'Basic Financial Inslrumonls, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of ils financial instruments. Financial instruments are ffjcognlsed in the trust's balance sheel when the trust becomes party to the contraGIu81 provisions of the Inslrumenl. Flnanclal assets and liabllitles are offset, with the net amounts presenled in the financial slatem&nls, when there is a legally enforceable right lo sel off the recognised amounts and there is an intention to settle on a net bgsis or lo realise the asset and settle the liability slmullaneously. Basic financial assets Basic financial assets, whlch include deblors and cash and bank balances, are initially measured at transaction prlce including transaction costs and are subsequently carried at amortised cost uslng the effective inleresl method unless the arrangement conslitules a financing transaction, where Ihe Iransaclion is measured at the present value of the future receipts discounted at a market rale of inleresl. Financial assets classified as receivable within one year are not amortised. Bas1¢ financial liabilities Basic financial liabilities, Includlng creditors and bank loans are inltially racognised at transaction price unless the arrangement con5titules a financing transaction, where the debl instrument is measured at the present value of the future payments discounted at a market rdte of interest. Financial liabilllies classified as payable within one year are not amortised. Debt instruments are subsequently carried al amortised cost, using the effeclive Interest rate method. Trade creditors are obligations to pay for goods or seNices thal have been acquired in the ordlnary course of operations from suppliers. Amounls payable are classified as currenl liabilities if paymenl Is due within one year or less. If not, they are presented as non-currenl liabilities. Trade credilors are recognised initially at Iransaction price and subsequently measured at expected cash amount or consideralion lo be paid. Derecognition of financial liabilities Financial liabilities are derecognised when the Irusvs contractual obligations expire or are discharged or cancelled. 12-
THE ESSEX & SOUTHEND SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Income from donations and legacles Unrestricted Restrl¢ted funds funds 2024 2024 Totsl Unrestricted Restrlcted funds funds 2023 2023 Total 2024 2023 Donallons and gifts 2.000 4,41X) 2,011 2,011 Income from investments Unrestri¢ted Unrestricted funds funds 2024 2023 Income from listed investments Inlerest receivable 289,217 2,201 285,575 533 291,418 286,108 Expenditure on charltable activities Sports grants 2024 Sports grants 2023 Direct costs Grant funding of activities (see note 8) 241,000 389,754 Share of support and gov8rnan¢e costs (see note 51 Govern8nce 8,963 12,214 249.963 401,968 Analys18 by fund Unreslricted funds Restricted funds 247,563 2,400 216,968 185,000 249,963 401,968 13~
THE ESSEX & SOUTHEND SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Support costs allocated to activities 2024 2023 Governance costs 8,963 12,214 Analysed between.. Sporls grants 8.963 12,214 Audltor's remuneratlon F8es payable lo the charity's auditor and assodates.. 2024 2023 For audlt servlces Audit of the financial statements of the ¢harily 8,640 12,030 Trugtees None of the trustees (or any person8 connecled with them) reiVed any remunerallon during the year (2023'.Nil). Trustees were r8imbursed 8xpenses in the year of £Nil. (2023- £Nil). Grant8 payable 2024 2023 Grants to institutions.. Essex Crickel in the Communily Essex Community Foundation Garon Park CIC SUCET Leylon Orient Trust Brightlingsea Bowls Club Leigh Road Baptist Church Tennis Club Hadleigh & Thundersley Cricket Club Soulhend Rugby Football Club Primo Race Team E8Stern Elite Raclng 56,000 25.000 50,000 65,000 17.500 87,000 50,000 185,000 40,000 18,750 4,004 5,000 15,000 7,000 2,000 3,500 241,1)00 389,754 Grants to inslilutions includes £25,000 lo ECF (2023- £50,000) for the Small Grants for Cricket Scheme which is managed by Essex Crickol in the Communily Foundalion (ECIC). Grant application for this scheme are approved by the Trustees of The Essex & Soulhend Sports Trust. Due diligence ori applications and administration of the scheme is the responsibility of ECIC. Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 14-
THE ESSEX & SOUTHEND SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 10 Employees There were no employees during Ihe year. 11 FSxed asset investments Listed Unlistedcash deposlts invostments Investments Total Cost or valuatlon Al 1 July 2023 AddÈtions Valuation changes 6,400.527 33,069 166,024 13,OCrf) 50,000 6,463,527 33,069 166,024 At 30 June 2024 6.599.620 13,000 50,000 6,662,620 Carrylng amount At 30 June 2024 6,599,620 13,000 50,000 6,662,620 At 30 June 2023 6.400,527 13,000 50,000 6,463,527 12 Creditors: amounts falllng due wlthln onè year 2024 2023 Accruals and deferred income 16,740 15,000 13 Endowment funds Endowment funds represent assets which must be held permanently by the trust, Income arising on the endowment funds can be used in accordance with Ihe objects of the trust and is included as unrestricted income. Any capital geins or losses arising on the assets form part of Ihe fund. Since Inception the Charity has received in tolal donallons of £4,516,410. which have been recorded as permanent endowments as the donations are on the lerms Ihal the Trustees preserve Ihe capital sum al all limès and only dlstrlbule Ihe income derived from it in furlherance of the Trusfs objectives. At 1 July 2023 Galns and losses At30 June 2024 Permanent endowments Permanent Endowment 5.869,897 166,024 6,035,921 15-
THE ESSEX & SOUTHEND SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 13 Endowment funds {Contlnued} Prevlous year: At 1 July 2022 GaSns and losses At30 June 2023 Permanent endowments Permanent Endowmenl 6,460.679 (590,782) 5,869,897 14 Restrlcted funds The rastricled lunds of the charity comprise the unexpended balances of don&tions 8nd grants held on trust subject lo specific conditions by donors as to how they may be used. At 1 July 2023 Incomlng Resource8 re8our¢es expended Transfers At 30 June 2024 Cenlre of Cricketing Excellence al Garon Park 2,400 {2,400) Previous year,. At 1 July 2022 In¢omlng Resources re80ur¢es expended Transfers At 30 June 2023 Cenlre of Cricketing Excellence at Garon Park 2.011 (185,000) 182,989 All donations received in Ihe year in relalion lo Ihe 'Public Appeal for the Garon Park Centre of Crickeling Excellence, aro included as reslricled funds as the donors have agreed Ihat these funds may only be used in relation to the grants for the Garon Park Project. In addition, £Nil (202.3 - £182.989) has been transferred from unrestricted lo restricted funds, being the TTusl's donation to this project. 15 Unrestricted funds The unrestricted funds of the charily comprise Ihe unexpended balances of donations and grants which are not subject to specific conditions by donors and granlors as lo how they may be used. These include designated funds which have been set aside out of unrestricted funds by the Irustees for specific purposes. At 1 July 2023 Incomin9 re50ur¢es Resources expended Transfers At30 June 2024 General funds 936,577 293,418 (247,563) 982,432 16-
THE ESSEX & SOUTHEND SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 15 Unrestrlcted funds (Continued) Previous year: At 1 July 2022 Incomlng resources Resources expended Transfers At 30 June 2023 Genoral funds 1.050,426 286,108 (216.968) {182.989) 936,577 16 Analysis of net assets between funds Unrestrlcted Endowment funds funds 2024 2024 Total 2024 At 30 June 2024: Investments Current assetsl(liabi11118s) 626,699 355,733 6,035,921 6,662,620 355,733 982,432 6,035,921 7,018,353 Unrestricted Endowment funds funds 2023 2023 Total 2023 At 30 June 2023: Inveslmenls Currenl assetsl(Ilabilities) 593.630 342,947 5.869,897 8,463,527 342,947 936.577 5,869.897 6,806,474 17 Related party transactlons There were no disclosable related party transactions during the year (2023- none). 17-