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2022-09-30-accounts

Charity Registration No. 1144460

Company Registration No. 02463826 (England and Wales)

WREXHAM TENNIS CENTRE LIMITED

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

WREXHAM TENNIS CENTRE LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees J A Webb
J S Ainge
S Morris (Appointed 1 February
2022)
M James (Appointed 1 February
2022)
Secretary J A Webb
Charity number 1144460
Company number 02463826
Registered office Wrexham Tennis Centre
Plas Coch Road
Wrexham
Clwyd
LL11 2BW
Independent examiner McLintocks (NW) Limited
St Andrews House
Yale Business Village
Ellice Way
Wrexham
LL13 7YL
Bankers Unity Trust Bank plc
4 Brindleyplace
Birmingham
B1 2HB
Solicitors Allington Hughes Law
10 Grosvenor Road
Wrexham
LL11 1SD

WREXHAM TENNIS CENTRE LIMITED

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6 - 7
Notes to the financial statements 8 - 16

WREXHAM TENNIS CENTRE LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2022

The trustees present their annual report and financial statements for the year ended 30 September 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The charity's objects are detailed in the governing document and in summary are the promotion of community participation in healthy recreation through the provision of playing tennis at all standards of the game.

The current trustees have retained the majority of these Aims and Objectives from previous plan with a review planned during 2022.

Current Objectives:

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

The trustees confirm that they have complied with the Charity Commission's guidance on public benefit.

Achievements and performance

The period October 2021 to September 2022, saw the continued recovery from the impact of Covid-19 which began in the final few months of the previous financial year, with revenues close to pre-covid levels and the return of major national & international tournaments in early 2022.

Financial review

Income for the year has increased to £336,973 from £259,599 in the prior year. This is primarily due to a full year of trade post COVID-19. Due to the increased income costs have also increased to £311,696 giving an overall profit in the year of £25,277, compared to a loss of £32,576 in 2021. The total unrestricted funds at the year end are £302,806 compared to £327,239 in 2021. The total freely available funds are £93,660 compared to £44,683 in 2021.

In the period since the year end we have hosted 2 major tournaments in the first 3 weeks of April, one of which being a European Tour Event and the other a Grade 2 National Tour Event. We are also in the feasibility stage for major redevelopment of the Centre which will increase revenue streams and profiles.

Reserves policy

The trustees policy is to retain 10% of turnover in cash monthly.

Risk management

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

WREXHAM TENNIS CENTRE LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

The charity operates a tight financial policy that minimises the opportunity for fraud or financial error. The trustees takes no remuneration and the accounting policy is similar to that of a SME. This includes:

Plans for future periods

The future plans of the charity are split into facility and participation:

Facility

Structure, governance and management

Governing document

The charity is a company limited by guarantee by it's Memorandum and Articles of Association, which were adopted by the company on 29th March 2011 and lodged with Companies House on 15th April 2011. It was registered as a charity with the Charity Commission on 27th October 2011, under charity number 1144460.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

J A Webb J S Ainge S Morris (Appointed 1 February 2022) M James (Appointed 1 February 2022)

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Organisational structure

The trustees are volunteers with oversight for strategy, governance, finance and regulation. The board sits every month to review these 4 points together with the centres operations. There is a general manager in position to implement strategy and oversee the running of the centre. The charity has developed subcommittees that report into the board which focus on the 4 core operational areas of the centre.

WREXHAM TENNIS CENTRE LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

Induction and training of trustees

For new trustees they will be inducted and trained including the following:

Remuneration policy

Key management remuneration is agreed by the board of trustees.

The trustees' report was approved by the Board of Trustees.

J S Ainge Trustee

23 June 2023

WREXHAM TENNIS CENTRE LIMITED

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF WREXHAM TENNIS CENTRE LIMITED

I report to the trustees on my examination of the financial statements of Wrexham Tennis Centre Limited (the charity) for the year ended 30 September 2022.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Timothy Mitchell BSc FCA McLintocks (NW) Limited St Andrews House Yale Business Village Ellice Way Wrexham LL13 7YL

Dated: 23 June 2023

WREXHAM TENNIS CENTRE LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 SEPTEMBER 2022

**Unrestricted ** Unrestricted
funds funds
2022 2021
Notes £ £
Income and endowments from:
Donations and legacies 2 3,750 62,284
Charitable activities 3 315,343 184,529
Other income 4 17,880 12,786
Total income 336,973 259,599
Expenditure on:
Charitable activities 5 311,696 292,175
Net income/(expenditure) for the year/
Net movement in funds 25,277 (32,576)
Fund balances at 1 October 2021 327,240 359,815
Fund balances at 30 September 2022 352,517 327,239

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

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

WREXHAM TENNIS CENTRE LIMITED

BALANCE SHEET

AS AT 30 SEPTEMBER 2022

Notes
Fixed assets
Tangible assets
10
Investments
11
Current assets
Stocks
13
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within
one year
14
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
15
Net assets
Income funds
Unrestricted funds		 2022
£
3,473
80,524
30,852
114,849
(21,189)		 £
258,855
2
258,857
93,660
352,517
-
352,517
352,517
352,517		 2021
£
1,581
50,218
30,269
82,068
(35,718)		 £
282,554
2
282,556
46,350
328,906
(1,667)
327,239
327,239
327,239

WREXHAM TENNIS CENTRE LIMITED

BALANCE SHEET (CONTINUED)

AS AT 30 SEPTEMBER 2022

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September 2022.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 23 June 2023

J S Ainge

Trustee

Company registration number 02463826

WREXHAM TENNIS CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

1 Accounting policies

Charity information

Wrexham Tennis Centre Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Wrexham Tennis Centre, Plas Coch Road, Wrexham, Clwyd, LL11 2BW.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The charitable company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the charitable company as an individual entity and not about its group.

1.2 Going concern

These financial statements are prepared on the going concern basis. The trustees have a reasonable expectation that the charity will continue in operational existence for the foreseeable future, however, the trustees are aware of certain material uncertainties which may cause doubt on the charity's ability to continue as a going concern.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

WREXHAM TENNIS CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

1 Accounting policies

(Continued)

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to 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 reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings 4% on cost
Plant and equipment 25% on cost
Fixtures and fittings 25% on cost
Computers 25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Fixed asset investments

Fixed asset investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in net income/(expenditure) for the year.

A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

WREXHAM TENNIS CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

1 Accounting policies

(Continued)

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

WREXHAM TENNIS CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

2 Donations and legacies

**Unrestricted ** Unrestricted
funds funds
2022 2021
£ £
Government grants 3,750 62,284
3 Charitable activities
Tennis
Tennis
activities activities
2022 2021
£ £
Sales within charitable activities 315,343 184,529
4 Other income
**Unrestricted ** Unrestricted
funds funds
2022 2021
£ £
Rental income 17,880 12,786
5 Charitable activities
Tennis
Tennis
activities activities
2022 2021
£ £
Staff costs 25,201 24,021
Subcontractors 86,320 57,033
Equipment and running costs 12,421 11,070
123,942 92,124
Share of support costs (see note 6) 177,875 190,975
Share of governance costs (see note 6) 9,879 9,076
311,696 292,175

WREXHAM TENNIS CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

6 Support costs

Staff costs
Depreciation
Premises costs
Office administration
costs
Computer expenses
Cleaning, repairs and
renewals
Bank charges and
interest
Training
Independent examiners
fees
Legal and professional
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
78,150
-
26,919
-
51,674
-
9,421
-
1,002
-
208
-
10,181
-
320
-
-
3,180
-
6,699
177,875
9,879
177,875
9,879		 2022Support costs Governance
costs
£
£
£
78,150
94,298
-
26,919
26,710
-
51,674
50,322
-
9,421
8,195
-
1,002
799
-
208
1,368
-
10,181
9,283
-
320
-
-
3,180
-
3,180
6,699
-
5,896
187,754
190,975
9,076
187,754
190,975
9,076		 2021
£
94,298
26,710
50,322
8,195
799
1,368
9,283
-
3,180
5,896
200,051
200,051

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

8 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2022
Number
12
2022
£
97,993
3,153
2,205
103,351		 2021
Number
11
2021
£
115,014
1,670
1,635
118,319

WREXHAM TENNIS CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

8 Employees

(Continued)

The key management personnel for the charity comprises of the trustees and general managers. Total salaries including employee benefits of the key management personnel were £32,436 (2021: £25,000).

Wages are recharged to subsidiaries for related work undertaken.

There were no employees whose annual remuneration was more than £60,000.

9 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

10 Tangible fixed assets

Leasehold
land and
buildings
Plant and
equipment
Fixtures and
fittings
Computers
£
£
£
£
Cost
At 1 October 2021
576,392
7,815
4,253
2,549
Additions
-
-
2,772
449
At 30 September 2022
576,392
7,815
7,025
2,998
Depreciation and impairment
At 1 October 2021
299,724
5,536
2,124
1,070
Depreciation charged in the year
23,056
1,954
1,180
731
At 30 September 2022
322,780
7,490
3,304
1,801
Carrying amount
At 30 September 2022
253,612
325
3,721
1,197
At 30 September 2021
276,668
2,279
2,128
1,479		 Total
£
591,009
3,221
594,230
308,454
26,921
335,375
258,855
282,554

WREXHAM TENNIS CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

11
Fixed asset investments
Cost or valuation
At 1 October 2021 & 30 September 2022
Carrying amount
At 30 September 2022
At 30 September 2021
Other investments comprise:
Notes
Investments in subsidiaries
19
12
Debtors
Amounts falling due within one year:
Trade debtors
Amounts owed by fellow group undertakings
Other debtors
Prepayments and accrued income
13
Stocks
Stock		 Other
investments
2
2
2
2022
2021
£
£
2
2
2022
2021
£
£
74
5,981
28,315
-
45,271
33,925
6,864
10,312
80,524
50,218
2022
2021
£
£
3,473
1,581

WREXHAM TENNIS CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

14
Creditors: amounts falling due within one year
Notes
Borrowings
Other taxation and social security
Deferred income
16
Trade creditors
Other creditors
Accruals and deferred income
15
Creditors: amounts falling due after more than one year
Borrowings
16
Deferred income
Arising from Grants received and management
fees
Deferred income relates to site management fee in 2022.
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Movements in the year:
Deferred income at 1 October 2021
Released from previous periods
Resources deferred in the year
Deferred income at 30 September 2022		 2022
£
3,333
844
5,500
13,688
556
(2,732)
21,189
2022
£
-
2022
£
5,500
2022
£
5,500
4,000
-
1,500
5,500		 2021
£
7,375
845
4,000
11,729
635
11,134
35,718
2021
£
1,667
2021
£
4,000
2021
£
4,000
7,013
(3,013)
-
4,000

17 Restricted funds

Tennis Wales Player Support funding is used to fund coach related expenditure.

WREXHAM TENNIS CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022

18 Related party transactions

At the year end the total amount owed from Wrexham Tennis Centre Retail Limited, subsidiary, was £28,315 (2021: £841 owed to).

At the year end the total amount owed from Wrexham Tennis Centre Energy Limited, subsidiary, was £41,331 (2021: £28,025).

Creditors include loans outstanding of £0 (2021: £4,873) owed to previous directors. The balance is expected to be fully repaid within the next 12 months.

19 Subsidiaries

Details of the charity's subsidiaries at 30 September 2022 are as follows:

Name of undertaking Registered Nature of business Class of % Held
office shares held Direct Indirect
Wrexham Tennis Centre Plas Coch Road
Production of electricity		 Ordinary 100.00
Energy Limited Wrexham LL11
2BW
Wrexham Tennis Centre Plas Coch Road Retail at Tennis Centre Ordinary 100.00
Retail Limited Wrexham LL11
2BW