REGISTERED CHARITY INUI¥IBER: 1119091 REPORT OF THE TRUSTEES AND FINALN'CIAL STATEMENTS FOR THE YEAR Tr:II'DED 30TH JUJE 2024 FOR .fyIIDDLESEX SPORTS fvOUIN'DATION Sproull & Co. Chartered A¢couDlants First Floor. Jebsen House 53-61 Higb Street Ruislip Middlesex HA4 7BD
,IIIDDLESEX SPORTS FOUNDATIO.Y CONTEIS'TS OF THE FINANCtAL STATF.4MENTS FOR THE YEAR D.IN'DED 30TII JUN'E 2024 Page Report of the Trustees Independeut LXller's Report Statement of Fillancial Activitle5 Balance Sheet Yote5 to the Financial Sttennts 6 to 11 Detailed Statement of Dinancial Activities 12
,)IIDDLESEX SPORTS FOUN'DATIOY REPORT OF THE TRUSTEES FOR THE YEAR EIN'DED 30TH Ju,E 2024 The Irustees present their report ivith ihe fllnncial slalements of the chariiy for the year ended 30th June 2024. The tnLStees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recomtnended Practice applicable to charities preparing their accounts in accordance ivith Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OBJECTIVES AN'D ACTIVITIES Objective5 and aims The objects and aclivilies of the Foundlltion are: (i) to ddvance the education of children and young persons. in particular Ihrough the promotion of sport (including Tugby UTtion football and other games and sports) and recreation- (li) lo relicve and pTotnote the relief ofdisabled and injurcd swrtsmen and sportsivomen. (iii) to promote or provide or assist in ib¢ provision of facilities in the interest of social welfare for recreation or other leisure timc OLCUPdtions (including the playing of rugby union football and other garncs and sports) of individuals th,ho have necd of such facilities by reason of their youih. age. ill hcalth, disability, finall¢ial hardship or social or other disadvantage iviih Ihe object of improving their conditions ollife- (iv) the promDlion of comvnunity participation in healthy recrealioo in panicular by the provisEon of facililies for the playing of rugby union fooiball. Throu&Th the giving of grants. our ivork assist oihcr ClwitiL"S III thc pcrfoTThance of their objectives. The trustees confmn ihat they have complied q1h thc duly ill ScLtion 4 of the ChaTltÉes Act 2006 10 have duL" Icgatd io the Charity Commission's gcncral guidance on public benefit. Grantmaking The Foundaiion examines requesls foi fillmling on individual basis. and grants are allocalcd accoiding lo funds available. Recipients of grants are notified Ibat a request for fiwther funding can only be made after a period of 2 ycaTr. FINANCIAL REVIEW Finaneial position The fmancial posilion of the Foundation at the dale of the balance sheet remains slrong. -l-he income of the Foundation is derived from donations, investment incorne, bank and building society deposits making a total income for the year of £57,496 (2023 - £50.946). Donalions lo cbaritable organisations and individuals during the year totslled £49.5(M) (2023 - £39.500). Investment policy and objectives The investmenl policy i)f the FoundalioD 15 lo obtain sufficient incolne to Tneet tbe Tequiiements of the Foundation using a medium Tisk strategy and ivberever possible avoid investmenls in the lobacco and arn]s i]ustry. Risk management The trustees have examined tbe tnajor slrdlegic, business and OtatIO1)a1 T15k5 to ivhich Ihe Fowidation is exposed, and concluded that the main risk facing the FouDdation is ihe ability olthe inveslmenl portfolio lo produce suificient income. The trnstees regularly revieiv the perforniance of the p)rtfolio to ensure it is satisf8clory. and cOnf[n ihat systems have been estsblished io tniligate those risks thal may arise. STRUCTURE, GOVERNANCE ANI'D li'lknN'AGEIMEYL T Governing document The Foundaiion is controlled by its governing documenL a deed of injst. that conslitutes an unincorwrated charity. REFERE,CE A)L 'D ADMINISTRATIVE DETAIiS Registered Charity number 1119091 Page I
IIDDLESEX SPORT FO ATION REPORT OF THE RUSTEES R TH YEAR ENDED OTH 2024 Principal address 127 Lisbon Avenue Twickenham ddlesex TW2 5HL Trustees P Astbury K Hornby J Summers R Udwin (retiTed 25.3.24) K VIeck H Walters {tetired 3.7.23) S Graingcr C S Portsmouth G Rees (appointed 21.9.23) P Handford Independent Euminer Sproull & Co. Charteied Accountants First Floor, Jebsen House 53-611Iigb Street Rui51ip Middlesex HA4 7BD Bankers Cater Allen 9 INelson Street Biadford BDI SAN 1910912024 Approved lry orderof the boardof ttusteeson............................................. artds1edon its behalf by.. G Rees - Trustee Page 2
IIYDEPLYDEIYT EknknMINI ER'S REPORT TO THE TRUSTEES OF ,NIIDDLESEX SPORTS FOUINDATIO Independent examiner's report to the trustees of .MiddIesex Sports Foundation I report lo the cbarity trustees on my examination of the accounls of Middlesex Swrts Foundation (Ibe Trust) for the year ended 30th June 2024. Responsibitities and basls of report As. the Charity Irustees of the Trust you are respoDsible for the preparation of ihe accounts in accordance '1th the requirements of Ihe Charities Act 2011 ('the Act.). I report in respect of my examination of the Trust's accounts earried out under Section 145 of ihe Ael and in carrying out my examination I bave followed all applicable Directions given by the Lharity Conllnission under Section 145{5)(b) of the Act. Independent examiner's statement I have complclcd my examinalion. I confwni that no material matters hai'e come to my attention in connection with the exatnination gti'ing me cause to believc thdt in any malcridl ie5yecl: accoullling records ivere not kept in rLspect of thc Trust as required by Section 130 of the Acl. or Ihc aCLuunls du not ac¢ord ivith Ihosc Tecords; or the accounls do nol comply ii.lih the applicable requiremeDls conceming ihe fonn and content of accounts sel oul in the Charities (Accounts and RctK)tts) Rcguldlions 2008 othcr than any Icquiiement ihai ihe accounls give a Irue and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come acioss no oiher alIc[s in connection iviih the cxaminalion lo ivhich allention should be draivn in this report in order to enable a proper unders13nding of the accounts to be reached. Prou1/& 60. Michelle Wicknvar A.C.A.. F.C.C.A. Sproull & Co. Chartered Accountants First Floor, Jebsen I louse 53-61 High Street Ruislip fvliddlesex HA4 7t3D 2710912024 Page 3
,IqIDDLESEX SPORTS FOUN'DATION, STATE,MENT OF FINAN'CIAL ACTIVITIES FOR TFIE YEIIR EINDED 30TH JUh'E 2024 2024 Unrestricted fund Total funds 2023 'otes INCOME AND ENDOIV,MELYTS FRONI Investment income 57,496 50,946 EXPEII'DITURE ON Raising funds 5,516 4,095 Charitable actiiryties CJfilTIIs Tnade to organisalions Govcmance costs 49.500 8,061 39,500 7,917 Total 63,077 51,512 Net gains on investmellts 120,267 34.094 NTr.T IIYCOfvlE 114.686 33.528 RECONCII.IA"fioN OF FUIS'DS 1.olal funds brought fonvard 1.804J22 1.770,794 TOI"AL FUNDS CARRIED FORWARD 1,919,008 1,804,322 The Dotes form part of these financial statements Page 4
MtDDLESEX SPORTS FOUNDATIOIY BALANCE SHEET 30TH JUIIE 2024 2024 Unrestrlcted fund 2023 Total funds Notes FIXED ASSETS Investments 1,790,705 1,587,726 CURREINT ASSETS Debtors Cash at bank 58,338 74,1)97 94.584 125,224 132,435 219,808 CREDITORS Atnounts falling due iviihin one year io {4.132) (3,212) NET CURRENT ASSETS 128.303 216,596 TOTAL ASSI:'J3 1.ESS CURRENT LIABILITIES 1.919.008 1,804.322 NE'f ASSETS 1,919,008 1.804,322 FUNDS Unrestricted funds 1,919,008 1.804.322 TOTAL FUNDS 1,919,008 1,804.322 The financial staten]enls M'ere approved by the Board of Trustees and authorised for issue 1910912024 . and were signed on its behalf by: on CJ Rees - Trustee The notes forni part of these financial stalernenls Page 5
IIDDLESEX SPORTS FOUN'DATIOIN I OTES TO THE FIIN'ANCIAL STATEIMENTS FOR THE YEAR F.NI'DED 30TH JUN'E 2024 STATUTORY iNL'FOILMATIOh' Middlesex Sp)rts Foundation is a chartty registered in England and Ivales. The chariws regislered number and prinLipal addres5 can be foutKI OD the Report of the Trustees page. ACCOUNTIIN'G POLICIES Basis of preparing the fmanci21 statements The financial slatemeDts of the charity. which is a publi¢ benefit entity under FRS 102, have been prewed in accordance ivith the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Siatemenl of Recommended Practice applicable lo Charities prcparing their accounts in accordance Ivilh the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effeclii'e l January 2019),. Financial Reporting Standard 102 Tr Financial Reporting Standard applicable in the UK alld Republic of Ireland, and ihe Charilies Act 2011. The financial statements have been prepared under the historical cost coni'cnlion, Ivith the exception of investments which are included al market value. as nM)dified by the revaluation ol certain assets. Income All inLorRe is recognised in the Stsiement of FiDancial Aclivilies once the charity has enlitlemenl lo the funds. it 15 probable thal the income will be received and the amount can bc uasured rcliably. Expendithre Liabilities are recognised as cxpcnditurc as soon as there is a legal OT constructive obligation collllnilting the charity to that expenditure. it is probable that a transfer of economic benefils ivill be required in seiilemenl and the amount of the obligation Can be measured reliably. ExpcndiluTe is accounlcd for on dn acctua15 basis and has bcen classified under headings that aggregate all cost related lo ihe category. Where cosls cannot be directly attributed to paflicular heath.ngs they have bcen alloLatcd io activitics on a basis consislent ihe use of resourccs. Grants offcTcd subject to conditions which have not been mel ai ihe year end date are noted as a cotnmitJncTii bul not accrued as expenditure. Taxation Thc FouodatlOD is exempt from tax on its charitable activities. Fund accounting Ullrestricted funds can be used in accordance ivith the charitable objeclives at tbe discretion of the TTUStee5. Restricted funds can be used only for particular restricled purpo ivithin the objects of the Foundation. RestriclioDS arise ivhen specified by the donor or when funds are raised for panicular reslTicled putpose& Furthei explanation of the nature and Purpose of each fund is included ID tbe Dotes lo the financial statements. Investments Investhients are slated in the financial statements at fair value. Tangible fixed assets Cornpuler equipmenl is written off in full in the year of acquisilion. Page 6
,MIDDLESEX SPORTS FOUliDATIONL IIOTES TO THE FINNcIAL sTATEmETs - continued liOR THE YEAR EINDED 30TH JUNE 2024 INVESTMENT L1'cOlE 2024 2023 Investment income Deposit account interest 55J74 2,122 49,003 1,943 57,496 50,946 RAISING FUNDS Investment management costs 2024 2023 Portfolio management 5,516 4,095 GRANTS PAYABLE 2024 2023 GrdT)ts made to organisations 49.500 39,500 Page 7
,IIIDDLESEX SPORTS FOUNDATIO.N' ,SOTES TO THE FINANCIAL STATEMEiYfs - continued FOR THE YEAR ENI Db:D 30'1'H JUN'E 2024 GRANTS PAYABLE- continued The lotal grants paid to institutions duting ihe year ivas as follo. 2024 2023 Belvoir Crickel and Countryside Boccia EDglaDd Bolton Lads and Girls Club Braille Chess Association Bristol Children's Help Society British Disabled Angling Association Children Today Clwitsble Trnl Cl(Ipharn Common Boys Club Dolphin Specidl Needs Suqnuning Club Down Syndrome Cheshire England & Wales Blind Golf Fishing 4 Schools GB Wheelchair Rugby Flarlow Project London Ivheelcbair Rugby Club Marches Family NTettvork Metro Sport & Social Club for Vision Impaired People Middlesex County RFU Paicnls & Friends of Phillip Southcote School Purple WarrÈors Sandivell Asian Development Association Scottish Disability Golf Streei League Siubbers Adventure Centre Supportability The Douglas Bader Foundation Ticloar 'I'nl Wheelyboat Trusl Wheel Poiver 1,000 1,500 1.500 1,000 1.000 1.500 1,000 1,000 1,000 1,000 500 1,500 15,000 10,000 1.000 1,000 1,000 1,000 5,000 1.5(X) 1.000 1.000 1,500 15,000 15.000 1,000 1.000 500 1.000 1.000 2,000 49,500 39,500 TRUSTEES, REillUNL ERATIOLN, AND BEfi'EFITS Tbere were no trnstees, remuneration or other benefits for th¢ year ended 30th JuDe 2024 tKJr for the year ended 30th June 2023. Page 8
,MIDDLESEX SPORTS FOUNDATIO. NOTFS TO THE FINANCIAL STATEIIENTS - Continued FOR THE YEAR EINDED 30TH JUNE 2024 TRUSTEES, RE,IIUNI ERATIOIN ALXD BEYI EFITS - colltinued Trustees expenses There ivere no trustees, expenses paid for the year ended 30th June 2023. STAFF COSTS The total staff costs and enwloyee benefits for the year il'as £nil. The ¢h8rity does not employ any staff but the average number of trustee5 during the year ivas 7 (2023 - 8). FIXED ASSET iJL'VESTMENI 'TS Listed ini'estments MARKET VALUE At 1st July 2023 Additions Disposd15 Revalualions 1,587,726 232,525 (149,814) 120,268 At 30ih June 2024 1,790.705 'ET BOOK I'ALUE At 30th Junc 2024 1,790,705 At 30th June 2023 1,587,726 I'heTe ivere no inveslment assets oulside the UK. Cost or valuation at 30th June 2024 is reprented by: Listed ini'esttnents Valuation in 2024 Cost 574,220 1,216.485 1.790.705 Page 9
qIDDLESEX SPORTS FOUNDATION NOT&S TO THE FINLN'CIAL STATEMENTS - continued FOR THE YEAR ENDED 30TH JULYE 2024 DEBTORS: AIMOUIN'TS FALLIING DUE IVITHIN OIYE YEAR 2024 2023 Other debtors Stockbroker accounl 653 57,685 94,584 58,338 94,584 io. CREDITORS: AML OUIYTS b ALLING DU£ IVITHIIN, OIYE YEAR 2024 2023 Accrned expenses 4,132 3,212 ii. MOIIEMENT IN FUNDS movement in funds At 1.7.23 At 30.6.24 Unrestrictcd funds General fund 1.804,322 114,686 1,919,008 TOI"Al. It UNDS 1.804.322 114,686 1,919,008 Net movement in fimds. illcludcd in thc above are as folloivs: Incoming resources Resources expended Gains and losses i ovement in funds Unrestricted fund5 General fund 57,496 (63.077) 120267 114,686 TOTAL FUNDS 57.496 (63,077) 120267 114,686 Comparative5 for movement ID funds Net movement in funds At 1.7.22 At 30.6.23 Unrestricted funds General fiind 1.770.794 33.528 1.804.322 TOTAL FUNDS 1.770.794 33,528 1,804.322 Page 10
MIDDLESEX SPORTS FOUIIDATIO.N NOTES TO THE FINANCIAL STATEMENTS - continued FOR TIIE YEelR ENDED 30TH JULNE 2024 ii. IOVELMENT IN FullS- continued Comparative net movement ID fimd& included in the above are as folloivs: Incoming resource5 Resources expended Galns and losses Movement in funds Unrestrlcted funds General fund 50,946 (51.512) 34,094 33,528 TOTAL FUNDS 50.946 {51.512) 34.094 33,528 A currenl year 12 months and prior year 12 months combined position is as folloivs: movement in funds At 1.7.22 At 30.6.24 Unrc5tricted funds General fund 1,770,794 148,214 1,919,008 TOTAL FUNL DS 1.770,794 148,214 1,919,008 A currenl year 12 months and prior year 12 months combined nel movement in funds. included in the above are as folloivs= InCOlg resources Resources expended Gains 2nd losses hloi'ement in funds Unrestricted funds Gencral fid 108.442 (114,589) 154,361 148,214 TOTAL FUNDS 108.442 (114.589) 154.361 148.214 12. RELATED PARTY DISCLO.SURES There were no related party transactions for the year ended 30th June 2024. Pagell
qIDDLESEX SPORTS FOUINDATION. DETAILED STATE,IIEIN'T OF FINALNCIAL AcfiviTIES FOR THE YEAR E,DED 30TH JUN'E 2024 2024 2023 INCOME AND ENDOWLIIEN'TS Investment ineome Inveslmenl income Deposit account interest 55.374 2,122 49.003 1,943 57,496 50,946 Totgl incoming resources 57,496 50,946 EXPENDITURE Investment Management costs Portfolio ll]anagemeDt 5.516 4,095 Charitable activities Grants to institutions and individuals 49,500 39.500 Support costs Goi'ernance costs Volunteer cxpcnses Accountancy and legal fees 5.529 2,532 5,505 2.412 8,061 7.917 Total resources expended 63,077 51.512 i et expenditure before g2ftns 2nd losses (5,581) (566) Realised recognised gains and losses Realised gains/(losses) on fixed assets iDveslTncnts 22,600 8.820 Net IDeome 17,019 8,254 This page does noi fortn part of the statutory financial slatements Page 12