Company Number 08559364 Registered charity number 1156996 The Wimbledon Foundation Annual Report and Financial Statements For the year ended 31 July 2024
The Wimbledon Foundation Annual report and financial statements 2024 Contents Page Officers and professional advisers Trustees. report Trustees. responsibllltles statemant Independent audltor's report 10 Stalement of flnancial actlvltle8 14 Balance sheet 45 Cash flow statement 16 Notes to the flnancial statements 17
The Wimbledon Foundation Annual report and financial statements 2024 Officers and professional advisers Directors and Trusteas The Hon. H B Weatherill FCA (Chairman) Sir Keith Ajegbo N A Bitel (Independent Trustee) K J Havelock l L Hewitt MBE O A Jevans CBE (appointed 6 March 2024) Ms A V Keothavong MBE Sir Nicholas Young (Independent Trustee) Registered Office The All England Lawn Tennis Club Church Road Wimbleéon London SW19 SAE Bankers Barclays Bank plc 1 Churchill Place Canary Wharf London E14 5HP HSBC Bank plc Pall Mall London SW1Y 5EZ Auditor Deloitte LLP Statutory Auditor 1 New Street Square London EC4A 3HQ
The Wimbledon Foundation Trustees, report The Trustees, who are also directors for the purposes of the Companies Act 2006, present their report containing the Trustees, report and the audited financial statements for the year ended 31 July 2024. The Trustees have prepared this reF)Ort in accordance with the small companies regime and taken advantage of the small companies exemption from preparing a strategic report. 1. Incorporatlon The Wimbledon Foundation ("the Foundation") was formed on 6 June 2013 as a company limited by guarantee. It regislered as a charity in England and Wales on 9 May 2014 with registered number 1156996, governed by Articles of Association. The Trustees are responsible for setting the Foundation's strategy and objectives and for overseeing its performance. 2. Purposes and Aims The Wimbledon Foundation's purposes and aims are contsined in the company's Memorandum of Association. These are: the advancement of education, including physical education and personal development of young persons through sport., the promotion of community participation in healthy recreation by providing or supporting the provision of facilities for playing tennis or other sports and by organising sporting activity., and the relief for those in need by reason of youth, age, ill health, disability, financial hardship or other disadvantage. The Foundation's mission is to champion opportunity for all, using the collective strength of The All England Club and The Championships to make a positive difference to people's lives. The Foundation's purposes and aims are articulated in the following four goals,, Strengthenlng our local communlty - tackling social disadvantage in Merton and Wandsworth. Promoting healthy and active lives - advancing good mental and physical health for all. Inspiring the next generation creating opportunities for young people to learn valuable skills for life. Respondlng In tlmes of need - making a difference to those facing adversity. The Foundation has continued to develop ils grant programme and make donations in line with Ihese goals. More details of the grants we made are shown in note 8. The Trustees meet regularly throughoul the year to delermine the areas of focus and strategy for Ihe charity. They receive reports from the management team of The All England Lawn Tennis & Croquet Club Limited and The All England Lawn Tennis Club (Championships} Limited for information on initiatives which the charity may wish to support. The Foundation team have visited a range of local and national projects and charities to provide the Trustees with sufficient and appropriate information to guide their strategy 3. Publlc beneflt The Trustees have taken into account the Charity Commission's general guidance on public benefit in reviewing the aims and objectives of the Foundation. The Trustees ensure the activities undertaken, and future plans, are in line with the Foundation's aims and objectives. The community activities and educational aspec15 of the Foundation's work are, by their nalure, in the public benefit. These activities seek to promote better understanding of long term health and wellbeing, as well as promoting healthier lifestyles.
The Wimbledon Foundation Trustees, report (continued) 4. Buslness review The Foundation celebrated its ten year anniversary as a charily, hosting an event for local charities and organisations that have benefitted from the Foundation and for staff of The All England Lawn Tennis Club (Championships) Limited to continue to raise awareness of the work that The Foundation does. Donations continued to be received from The All England Lawn Tennis Club (Championships) Limited and The All England Lawn Tennis 8 Croquet Club Limited in the year, including donations from Ticket Resale and reusable cup activities during The Championships. A substantial donation was received from Barclays Bank plc who have committed to supporting the Foundation having become an Official Partner to The Championships in 2023. Donations were also received from Keith Prowse Hospitality 8nd Members of The All England Lawn Tennis & Croquet Club Limited. As a result, the donations received in the year were consistent with the prior year and secured the ability to make donations and grants over at least the next 12 months frorn the date of signing the financial statements. The Foundation continued to grow during the year, with £4,539,000 (2023". £3,903,000) expended on charitable activities during Ihe financial year. Strengthening our local community During the year, grants and donations of £1,116,000 (2023.. £1,581,000) were awarded to charities and community organisations in Merton and Wandsworth, mainly through the Wimbledon Foundation Community Fund which is managed by the London Community Foundation. The Wmbledon Foundation Community Fund received an additional round of funding during the year. Promoting healthy and actlV8 lives The Foundation has continued its partnership with WaterAid, as part of the goal io promote he8lthy lives granting £550,000 (2023.. £375,000) enabling WaterAid to transform healthcare facilities in Elhlopia, Nepal, Madagascar, Malawi, Mali and Myanmar with water, sanitation and hygiene ('WASH"). The funding is also supporting WalerAid to develop guidance and resources on WASH and infeclion prevention and control. The Health and Wellbeing fund granted £225,00012023. £208,000) to local ch8ritles as part of Ihree- year grants towards projects aimed al addressing mental and physical health issues across Merton and Wandsworth. The Get Set, Get Active Fund granted £91,00012023'. £76,000) to local organisations and clubs for projects aimed at encouraging people to be more physically active. Inspiring the next generation As a result of the increased donations received, including the Barclays donation, the Foundation expanded its 'Set for Success, programme, conlributing £1,018,000 {2023. £166,000) to its national programme run in partnership with the Youth Sport Trust, using sport lo improve young people's wellbeing and future opportunities. The programme works with young people in schools, across a 0- year personal development curriculum including sessions delivered by inspirational alhlete mentors, taking part in sport and physical activity, as well as volunteering in the community. During the year. 11 schools delivered year of the programme to 154 pupils, whilsl41 new schools were engaged bringing the total number of schools delivering year one of the programme to 47 and the number of pupils to 705. Over four years the programme aims to engage up to 3,960 pupils across 150 schools. The Wimbledon Junior Tennis Initiative ("WJTI°) had a full year of activities working with primary schools in Merton and Wandsworth for six-week periods. Around 350 children attend free weekly training sessions learning at the AELTC'S Raynes Park Community Tennis Centre, wilh more than 65 new players starting weekly sessions during the year.
The Wimbledon Foundation Trustees, report (continued) 4. Business rovl8w (continuad) Inspiring the next generation (continued) The Foundation's partnership with Magic Bus, a leading 'sport for development, charity in India, concluded during the year with a final grant of £100.000 (2023.. £100,000). Magic Bus use a tennis-linked curriculum to help change behaviours in areas such as health and gender equality amongst children and parents from underprivileged backgrounds in Delhi. The funding also supported a Livelihood Centre which helps 18 to 25-year olds to move into sustained employment, further education or career-based training. Responding in times of need The Foundation donated £200,000 to the British Red Cross (2023.. £100,000) to provide support forthose impacted by crises around the world, including in Ukraine. The Foundation continued to support Crisis with their work with the homelessness with a grant of £270,000 in the year (2023. £270,000) and continued their Homeless Fund of £160,000 (2023.. £117,000). 5. Financlal review In the year there was net expendilure of £172,000 (2023: net income £282,000). In 2024, the Foundation set a deficit budget to ensure its free reserves were being utilised to support the expansion and development of its grant programmes. Donations received exceeded those in previous years as a result of an increase in annual donations, The All England Lawn Tennis Club (Championships) Limited made an annual donalion of £1,225,000 {2023. £1,125,000), together with £416,000 (2023, £494,000) from Championships activities. The All England Lawn Tennis & Croquet Club Limited donated £1,225,000 (2023.. £1,125,000) towards the Foundation's activities and £275,000 {2023= £275,000) which the Foundation has used for the WJTI. This, along with Continued donation from Barclays £1,000,00012023'. £1.000,000), has resulted in total income of £4,2S7,000 being recorded in the year12023.' £4,167,000). Throughout the year the Foundation has continued its grants and donations programmes, with a focus on the local community as well as existing p8rtnerships with total expenditure on charitable activities of £4,539,000 (2023. £3,903,000). At 31 July 2024 the Foundation held an unrestricted fund of £1,587.000 (2023=£1,759,000} 6. Investment policy and performance Reserves intended for long-term objectives are invested in unitised funds and held for the purpose of capital growth over the longer term. sin 29 July 2022, the Foundation's investments have been held in a Baillie Gifford's Sustainable Growth Fund which ensures investments consider Environmental, Social and Governance {'ESG'I factors, whilst delivering capital growth. The fund invests in sustainable growth companies and mitigaies ESG risks by applying "sin sectorf exclusions and focuses on companies which are a nel benefit to society The investment value at 31 July 2024 was £885,000 (2023. £823,000). The movement is a result of the fair value movement within the underlying portfolio which increased by £62,000 {2023: increase of £18,000).
The Wimbledon Foundation Trustees, report (continued) 7. Reserves policy The Foundation recognises the need to hold sufficient funds to allow ongoing funding of committed projects and grants should the Foundation's income fall. This need Is balanced against the strong commitment lo ongoing support and donations from both The All En9land Lawn Tennis & Croquet Club Limiied and The All England Lawn Tennis Club (Championships) Limited. The Foundation aims to maintain its expenditure on charitable activities over time lo ensure that new activities are sustainable and can be evaluated against the Foundation's objectives. In years where large one-off donations are received this may result in a surplus being generated, followed by a deficit operational budget in subsequent years. In the medium term a balanced operational budget will be operated. The Foundation operates a risk based reserves policy, which aims to hold a sustainable level of funds which would to be sufficient to deal with a major risk such as a sudden and significant loss of funding. 11 would also cover any governance or wlnding down costs associated with the reduction of activities. As at 31 July 2024 the sustainable level of funds required was £1,227,000 {2023.' £1,430,000) At 31 July 2024 the Foundation had unrestricted funds of £1,587,000 (2023.. £1,759,000) of which £13,000 was designated to leadership in Wandsworth (2023.. £43,000). The level of free reserves that were unrestricted and in excess of the funds required for short term commitments were £360,000 (2023,. £330,000) There were no reslricled funds al 31 July 2024 (2023.. £nil), 8. Going concern The Trustees believe that the Foundation has adequate resources, including unrestricted funds held at the year end, lo continue its operations and meet its commitments for at least the next 12 months from dateof signing the financial slatements. Trustees do not commit to new expenditure or grant programmes unless they are confident that there is sufficient certainty of income or reserves in place to cover thal expenditure. 9. Related partles The Foundation is limited by guarantee and Its sole member is The All England Lawn Tennis & Croquet Club Limited. The majority of the Trustees are also directors of that company and of that company's subsidiary, The All England Lawn Tennis Club (Championships) Limited. The Foundation has a close relationship with both The All England Lawn Tennis & Croquet Club Limited and The All England Lawn Tennis Club (Championships) Limited and intends to work closely with both companies to deliver its charitable objectives over the forthcoming years. The Foundation remains independent, has independenl Trustees on its board, and manages any independence considerations that may arise.
The Wimbledon Foundation Trustees, report (continued) 10. Internal controls and risk management The Trustees have determined that the key risks and uncertainties facing the charity are- Insufficient donations to match on-going expenditure Grants or donations made do not malch the charitable objectives and strategy of the Foundation The Trustees acknowledge that a substantial part of the Foundation's income comes from donations made by its sole member, The All England Lawn Tennis & Croquet Club Limited and by its subsidiary The All England Lawn Tennis Club (Championships) Limited. The Trustees work closely with these companies to secure these annual donations and a formal Memorandum of Understanding is in place. Donations are received in instalments throughout the year. As grants and donations are made, the Trustees monitor and evaluate the benefits delivered, to ensure thal these grants and donations continue to match the charitable objectives and strategy of the Foundation. The Trustees hold regular board meetings and an actively managed risk register to monitor and manage risks arising. All risks are managed through budgetary controls and review of management accounts al each board meeting. 11. Grant maklng pollcy The Twstees andlor delegated panels hold regular meetings to approve significanl gr8niS cr donations. The Wimbledon Community Fund allows groups based in Wandsworth and Merton to apply for grants. The criteria for successful applicants are described on the website. Specific budgets are set up for grant programmes. Each application is reviewed against the fund5 available, the Foundation's objectives and the grant programme requirements as appropriate. The Trustees have set delegated authority limits and all expenditure is reported to the board through management accounting information during their regular meetlngs. One-off grants and donatlons are made to reflecl specific project outputs and needs gaps. Slralegic multi-year grants are made to groups to run longer-term projects, develop programrnes, or to enable organisational development or a combination of these element8. Where a grant is paid in multiple instalmenls or over multiple years, the expenditure is recognised al the poinl at which the beneficiary meets the reporting requirements, which include scheduled progress reports and updates on expenditure lo receive the next instalment. 12. Connections to a non-charity The Trustees have applied the Charity Commission guidance regarding connections to a non-charily and confirm that they have addressed the risks of any connections. They regularly monitor the connections to non-charities namely its connections with The All England Lawn Tennis Club (Championships) Limited, to ensure that the Foundation's resources are not applied to advance any non-charitable interest. 13. Key performance indicator8 The Foundation considers a range of quantitative performance measures to gauge the impact of ils activities and donations including Ihe number of people who benefit directly from the various grants and donalion programmes. It also considers the number of children who are engaged in programmes via sport including tennis, either Ihrough national initiatives such as Set for Success or local initiatives such as the Wimbledon Junior Tennis Initiative. The Trustees receive regular monitoring reports and are satisfied that grant funds are being used in line with the initial grant request and any conditions stipu lated. In addition quality performance measures are used to evaluate the success of grant programmes and the use of the funds by the recipients. The Trustees have agreed budgets which permit expenditure in excess of revenue but are in line with its reserves policy, as reserves have been built up over time to be expended on charitable activities. It is expected that all income received is spent on activities and associated support costs that meet the Foundation's objectives.
The Wimbledon Foundation Trustees, report (continued) 14. Future plans During the next financial year the Foundation expects to continue to receive donalions from both The All England Lawn Tennis & Croquet Club Limited and The All England Lawn Tennis Club (Championships) Limited, along with donations from Official Partners to The Championships including Barclays Bank plc. 11 anticipales that donations relating to Championships activities, including funds received from the resale of show court lickels will continue in 2025. The donations will be used to fund the Foundation's activities including providing grants and donations to projects in line with the Foundation's four goals. In addition to continuing to fund grants focused arcund the local community of Merton and Wandsworth, the Foundation will expand it's national 'Set for Success, piogiamme. As the Foundation's activities develop, it is possible that additional Trustees may be appointed. Appointment of additional Trustees is through a careful selection process, which considers the skills and experience of the board as a whole and may involve inlerviews with existing board members. 15. Dlreotors and Trustees The Trustees who served throughout the year and to the date of this report, are.. The Hon. H B Weatherill FCA Sir Keith Ajegbo N A Bitel (Independent Trustee) K J Havelo¢k l L Hewill MBE D A Jevans CBE (appointed 6 March 2024) Ms A V Keolhavong MBE Sir Nicholas Young (Independent Trustee) All Trustees are directors for the purposes of the Companies Act 2006. The Foundation has made qualifying third paty indemnity provisions for the benefit of its directors which were made during the year and remaln in force ai the date of this report. Trustees are appointed by The All England Lawn Tennis & Croquet Club Limited following discussion and recommendation by the existing Truslees. Trustees recelve no remuneration for their services. New Trustees receive an induction from key members of the Foundation team, including information on the goals and mission of the Foundation and details of grant making and beneficiaries as well as training specific lo their role. The board believes it is important to have a mix of Trustees with legal, charity, business and sporting backgrounds, as well as independent trustees. In addilion, the Trustees may ask individuals whom they consider have appropriate qualifi'cations and experience lo attend board meetings. The Trustees are responsible under the Foundation's articles of association for supervision, direction and overall management of the affairs of the Foundation in accordance with corporate and charity law. Day-lo-day management of the charity is delegated by the Trustees to the Head of Foundation or other suitable managerial staff member. The Trustees are kept informed of best practice relating to perforrnance of dulles by Trustees, including guidance issued by the Charity Commission. 16. Employee consultatlon and dlsabled employees Permanent employees, time is donated by The All England Lawn Tennis Club (Championships) Limited_ Applications for employmenl are under the policies held by The All England Lawn Tennis Club (Championships) Limited. including ensuring that where applicalions are made by disabled persons Ihey are atways fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment with the company continues and that appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
The Wimbledon Foundation Trustees, report (continued) 16. Employee consultation and disabled employees (continued) The Trustees communicate wilh the employees recruited for the Foundation as and when required in their roles. Specifically employees working for the WJTI are provided with information through their manager on the Foundation's goals, the role of the WJTI and the importance of the scheme in support of the Foundation's goals. During the year, the policy of providing employees with information has continued through internal media methods in which employees have also been encouraged to present their suggestions and views. Regular meetings are held between management and employees lo allow a free flow of information and ideas. 17. Audltor Each of the persons who is a director at the date of approval of this report confirms that.. so far as the director is aware, there is no relevant audit information of which the Foundation's auditor is unaware., and the director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and lo establish that the auditor is aware of that information. This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006. Deloitte LLP were appointed as auditor on 6 June 2013 and have expressed their willingness to accept reappointment as auditor for a further term in accordance with the provisions ofthe Companies Act 2006. This report was approved by the board of directors on 25 September 2024 and signed on its behalf by.. R G Atkinson FCMA Secretary 25 September 2024 Church Road Wimbledon London SW19 SAE
The Wimbledon Foundation Trustees, responsibilities statement The Trustees (who are also directors of The Wimbledon Foundation for the purposes of company law) are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally ACpted Accounting Practice) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the Trustees are required to.. select suitable accouniing policies and then apply them consistenlly., obseNe the methods and principles in the Charities Statement of Recommended Practice., make judgments and estimates thal are reasonable and prudenl., state whether applicable UK Accounting Standards have been followed,, and prepare the financial statements on the going concern basis unless il is inappropriate lo presume that the charitable company will continue in business. The Truslees are responsible for keeping adequale accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable Ihem to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on Ihe Foundation's website. Legislation in the Uniled Kingdom governing the preparation and dissemination of financial statements may differ from legislalion in other jurisdictions.
Independent auditor's report to the members of The Wimbledon Foundation Report on the audit of tho flnanclal statements Opinion In our opinion the financial statements of The Wimbledon Foundation I'the charitable company.): give a true and fair view of the state of the charitable company's affairs as at 31 July 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended, have been properly prepared in accordance with United Kingdom Generally Accepted Accounts'ng Practice, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"" and have been prepared in accordance with the requirements of the Companies Act 2006. We have audited the financial stalements which cornprise.. the statement of financial activities (incorporating an income and expenditure account)., the balance sheet., the cash flow statement,. and the related notes 1 to 20. 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 Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice). Basis for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) IISAS (UK)) and applicable law, Our responsibilities under those standards are further described in the auditorfs responsibilities for the audit of the financial stat6ments section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audil of the financial statements in the UK, including the Financial Reporting Council's (Ihe 'FRC's') Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to golng concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of Ihe financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties re12ting to events or conditions that, ind ividually or collectively, may cast significant doubl on the charitable company's ability to continue as a going concern for a period of al least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevanl sections of this report. Jo
Independent auditor's report to the members of The Wimbledon Foundation (continued) other information The other information comprises the information included in the annual report. other than the financial stalements and our auditor's report thereon, The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the olher information and, except lo the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or olhetwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslalements, we are required to delermine whether this gives rise to a material rnisstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responslbllitles of Trustees As explained more fully in the Trustees, responsibilities statement, the Trustees {who are also the directors of the charitable company for the purpose of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going Concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responslbllltles for the audit of the flnancial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always delect a material misstatemenl when it exists. Misstatements can arise from ffaud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial slalemenls. A further description of our responsibilities for the audit of the financial statements is located on the FRC'S website at. www.frc.or .uklauditorsres onsibilities. This description forms part of our auditor's report. Extent to whlch the audit was considered capable of detecting Irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect malerial misslatemenls in respect of irregularities, including fraud. The extent to which our procedures are capable of delecting irregularities, including fraud is detailed below. We considered the nature of the charitable company's industry and its control environment, and reviewed the charitable company's documentation of their policies and procedures relating lo fraud and compliance with laws and regulations. We also enquired of management and the Trustees about their own identification and assessment of the risks of irregularities, including those that are specific to the charitable company's business sector.
Independent auditor's report to the members of The Wimbledon Foundation (continued) We obtained an understanding of the legal and regulatory framework that the charitable company operates in, and identified the key laws and regulations that.. had a direct effecl on the determination of material amounts and disclosures in the financial statements. These included the UK Charities Act and the UK Companies Act" and do not have a direct effect on the financial statements but cornpliance with which may be fundamental to the charitable company's ability to operate or to avoid a material penalty. These include the Charity Commission for England and Wales (Charity Commission) regulations. We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud, and how and where fraud might occur in the financial statements. As 8 result of performing the above, we identified the greatest potential for fraud in the following area, and our procedures performed to address il are described below.. Income recognition.. We obtained an understanding of relevant controls. We reviewed the bank statemenls during the period to assess the completeness and accuracy of income recognised. We have also reviewed the available board minutes to assess the completeness of income recognised. We reviewed supporting documentation and board minutes to ensure appropriate classification of donations as restricted or unrestricled. In common with all audits under ISAS (UK), we are also required to perform specific procedures to respond lo the risk of managemenl override. In addressing the risk of fraud through management override of controls, we tested the appropriateness ofjournal entries and other adjustments., assessed whether Ihe judgements made in making accounting estimaies are indicative of a potential bias,. and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business. In addition to the 8bove, our procedures to respond to Ihe risks identified included the following,, reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. enquiring of management and legal counsel concerning actual and potentl81 litlgation and claims, and instances of non-compliance with laws and regulations,, and reading minutes of meetings of those charged with governance. Report on other legal and regulatory requirements Opinions on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Truslees, report, which includes the directors, report prepared for the purposes of company law for the financial year for which the financial slatements are prepared is consistent with the financial statements; and the directors. report included within the Trustees, report has been prepared in accordance with applicable legal requirements. In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audil, we have not identified any material misstatements in the directors, report included within the Trustees, report. 12
Independent auditor's report to the members of The Wimbledon Foundation (continued) Malters on which we are requlred to report by exception Under the Companies Act 2006 we are required to report in respect of the following matters if, in our opinion.. adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us- or the financial staiemenls are not in agreement with the accounting records and returns., or rtain disclosures of Trustees, remuneration specified by law are not made- or we have not received all the information and explanations we require for our audit, the Truslees were not entitled to prepare the financial statements in accordance wilh the small companies regime and take advantage of the small companies exemption in preparing the Trustees, report and from the requirement to prepare a strategic report. We have nothing to report in respect of these matters. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those malters we are required to slate to them in an auditor's report and for no other purpose. To the fullest exlent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Claire Faulkner FCA (senior statutory auditor) For and on behalf of Deloitte LLP Slatutory Auditor London, United Kingdom 25 Seplember 2024 13
The Wimbledon Foundation Statement of financial activities (incorporating an income and expenditure account) Year ended 31 July 2024 2024 2024 Unrestricted Restricted Funds Funds £000 £000 2024 2023 2023 Total Unrestricted Restricted Funds Funds Funds £000 £000 £000 2023 Total Funds £000 Note Income Donations 4,267 4,267 4,167 4,167 Total incomg 4,267 4,267 4,167 4,167 Expenditure Charitable activities {4,539) {4,539) (3,903) (3,9031 Net (expenditure)lincome before investment gains (272) (272) 264 264 Finance income Net inveslment gains 38 62 38 82 18 18 Net (expendltur&)Ilncome for the year (172) 1172) 282 282 Reconciliatlon of funds Funds brought forward Reserves reclassification 1,759 1,759 1,450 27 27 (27) 1,477 Total funds 14 1,587 1,587 1,759 1,759 The statement of financial activities includes all gains and losses recognised in the year and accordingly no separate slatement of total recognised gains and losses is presented. All income is derived from continuing activities in the U nited Kingdom. 14
The Wimbledon Foundation Balance sheet As at 31 July 2024 2024 £000 2023 £000 Note Fixed assets Investments 11 885 823 Current assets Debtors Cash al bank and in hand 12 229 540 240 756 769 996 Creditors: amounts falling due within one year 13 167) (60) Net current assets 702 936 Not assets 1,587 1,759 Funds of the Foundation Reslricled fund Unrestricted fund 14 14 1,587 1,759 Total funds 1,587 1,759 The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. These financial statements of The Wimbledon Foundation, company number 08559364, were approved and authorised for issue by the board of Trustees on 25 September 2024 and signed on ils behalf by.. The Hon. H B Weatherill FCA Chairman 15
The Wimbledon Foundation Cash flow statement Year ended 31 July 2024 2024 £000 2023 £000 Note Nel cash flows from operating actlvities 17 (2541 466 Cash f lows from Investing activities: Interest and investment income received 38 Net cash flows from investlng activities 38 Net {decrea8e)Ilncrease in cash and cash equlvalents (216) 466 Cash and ca8h equlvalents at beglnnlng of yaar 756 290 Cash and cash equivalents at the end of tha year 540 756 16
The Wimbledon Foundation Notes to the financial statements Year ended 31 July 2024 Accounting pollcles The Wimbledon Foundation, a public benefit entity. is incorporated in England and Wales as a company limited by guarantee not having share capital. The charity is a registered charity. The registered office is given on page 1. The financial statements are prepared under the historical cost convenlion as Modified by investments recognised at their fair value, in accordance with the Statement of Recommended Practice °Accounting and Reporting by Charities (SORP 2019)" applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), effective 1 January 2019, and the Companies Act 20D6. The functional currency is the Pound Sterling. Income Income is recognised once a commitment to donate funds or a contribution to community activlties has been received, the charity has entitlement to the funds, and receipt is probable and can be measured reliably. Expendlture Expenditure is recognised at the point at which services have been received,. the Trustees make a donation,. orcommit to a grant and any associated conditions are met by the recipient, including annual conditlons Included in multi-year grant programmes. Support and Governance costs Governance costs form part of support costs and are incurred to ensure the charity fulfils its regulatory obligations and generate the information requ ired for public accountability. Support costs are allocated to charitable activities on the basis of each activity spend as a proportion of total activities, costs. Communlty actlvlties Community costs are incurred to provide services to Ihe comrnunity and enhance public awareness of the Foundation. Fund Accounting Restricled fund Income received that has specific restrictions placed upon its use is credited to restricted income within the Statement of Financial Activities. Unspent balances are carried fOard within the relevant restricted fund. During the prior year, the restrictions on the fund to support the Wandsworth Leadership Programme were removed and it was reclassified as a designated fund. Unrestricted designated fund The unrestricted designated fund represents income that is set aside for the Wandsworth Leadership Programme having been reclassified from restricied reSee$. The Foundation's designated "A Roof for All" Homelessness Fund in support of homelessness charities in the London Boroughs of Merton and Wandsworth and pan-London was fully spent during the prior year. Unrestricted general fund The unrestricted general fund represents income that is expendable at the discretion of Ihe Trustees in furtherance of the objectives of the charity. 17
The Wimbledon Foundation Notes to the financial statements (continued) Year ended 31 July 2024 Accountlng policies (continued) Investments Investments are measured at market value and the change in rnarket value during the year is included wilhin the Statement of financial activities. The portfolio of inveslments is managed wholly by Baillie Gifford & Co Limited. Flnanclal Instruments The Foundation has basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Cash at bank and in hand relates entirely to cash held in the bank. Trade and olher debtors are reco9nised at the seiiiement amount due. Prepayments are valued at the amount prepaid net of any trade discounts due. Creclitors and provisions are recognised where the charity has a present obligation resulting from a past evenl thai will probably result in ihe transfer of funds lo a third party and the amount due to settle the oblSgaiion can be measured or estimated reliably. Creditors and provisions are recognised at thelr settlement amount after allowing for any trade discounts due, Going concern The Trustees believe that the Foundation has adequate resources, including unrestrlcted funds held al the year end, to continue its operations and to meet ils commitments over at least the next 12 months from the date of signing the financial statements. The Trustees work closely with The All England Lawn Tennis & Croquet Club Limited and The All England Lawn Tennis Club (Championships) Limited to secure annual donations and a formal Memorandum of Understanding is in place. Donations are received in inslalments throughout the year. Trustees do not commit to new expenditure or grant programmes unless they are confident that there is sufficient certainty of income or reserves in place to cover that expenditure. Related party and gifts in kind The All England Lawn Tennis Club {Championships) Limited donates administrative and operational support facilities including the Foundation's managemeni team to the Foundation, Such services are treated as donations with no conditions allached. No value has been ascribed to the time, support and facilities provided by The All England Lawn Tennis Club (Championships) Limited as it Is not possible to reliably quantify Ihe financial value of these gifts in kind. 18
The Wimbledon Foundation Notes to the financial statements (continued) Year ended 31 July 2024 Crltlcal accounting judgements and key sources of estimation uncertainty In the application of Ihe Foundation's accounting policies, which are described in note 1, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readity apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in the period in which the estimate is revised if the revision affecls only that period or in the period of the revision and future periods if the revision affects both current and future periods. The Trustees do not consider there are any critical judgements or sources of estimation uncertainly requiring disclosure beyond the accounting policies listed above. Trustees, remuneratlon The Trustees who are considered to be key management ofthe charity received no remuneration during the year (2023.. £nil) One Trustee received expenses of £13712023.. one Trustee £306). Operatlng costs The All England Lawn Tennis Club (Championships) Limited provides gift in kind administrative and operational support facilities. This includes the seNic8s of the Wmbledon Foundation's management team. No donated service cost and income is recognised for these ad hoc services and facilities provided. Employment costs ofcoaches to provide the charitable activities are recharged and included in note 10. Donatlons received Unrestricted Funds £000 Restricted 2024 2023 Funds Totsl Funds Total Funds £000 £000 £000 Donations 4,267 4,267 4,167 Total donations received 4,267 4,267 4,167 There were no restricted donations in the current or prior year. All staff are engaged by The All England Lawn Tennis Club (Championships) Limited. The costs of staff to run tennis initiatives are charged to the Foundation as shown in Note 10. 19
The Wimbledon Foundation Notes to the financial statements {continued) Year ended 31 July 2024 Charltable activities Actlvltles undertaken directlyy grants and donations £000 2024 Support costs £000 Total £000 Tennis development programmes (note 7) Grants (note 8) Donations Community activities 208 3,875 210 105 215 3,999 217 108 124 Totsl charitable activities 4,398 141 4,539 Activities undertaken directly grants and donations £000 2023 Support costs £000 Total £000 Tennis developmenl programmes (note 71 Grants (note 81 Donations Community activities 317 3,009 331 69 15 143 18 332 3,152 347 72 Total charitable aclivlties 3,726 177 3,903 20
The Wimbledon Foundation Notes to the financial statements (continued) Year ended 31 July 2024 Tennls dovelopment programmes 2024 £000 2023 £000 Coaching and administrative staff costs in relation to tennis development programmes Equipment, clothing and other expenses 204 300 17 Tennis development programme cosls 208 317 The Foundation incurs the cost of coaching and administrative staff involved in the delivery of ils tennis, sport and development programmes. The coaching costs relate to an average of 13 {2023'. 191 staff who are employed by The All England Lawn Tennis (Championships) Limited for this purpose, with the costs charged to the Foundation. This is included within note 10. Grants 2024 £000 2023 £000 Slrengthening our local Gommunity Wimbledon Foundation Community Fund Strengthening Our Local Community City Harvest Merton Giving Cost of living crisis Fund 650 211 50 1,100 95 50 50 52 100 Promofing healthy and active lives Get Set, Get Active Fund Health & Wellbeing Fund WaterAid 91 225 550 76 208 375 Inspiring the next generation Set for Success, Youth Sport Trust Magic Bus 1,018 100 166 100 Responding in times ol neod Homelessness Fund ("A Roof for All") British Red Cross Emergency Relief Fund The Championships and Club related grants Crisis grant 160 200 250 270 117 100 250 270 Total grants 3,875 3,009 21
The Wimbledon Foundation Notes to the financial statements (continued) Year ended 31 July 2024 Grants (Continued) Total committed grants as at 31 July 2024 were £7,687,00012023.. £9,141.000), of which £3,159,000 {2023.' £2, 384,0001 is committed within one year. If the activities are not fulfilled as per the individual grant agreements, then the full committed balance will not be payable. Additionally the Foundation, for some grant agreements, has the ability to provide three months, notice to the grantees if sufficient funds are not available to meet all of the current andlor future commitments. Support cost8 2024 Tennis development programmes £000 Community activities £000 Grants £000 Donations £000 Total £000 Governance other support costs 37 99 42 99 136 141 2023 Tenn18 development programmes £000 Community activities £000 Grants £000 Donatlons £000 Total £000 Governance other support costs 31 139 38 139 170 177 The support costs incurred by the Foundation have been allocated based on the expenditure for each area of charitable activity. 22
The Wimbledon Foundation Notes to the financial statements {continued) Year ended 31 July 2024 10. Staff costs 2024 No. 2023 No. Average monthly number of employees 13 19 2024 £000 2023 £000 Their aggregate remuneration comprised.. Wages and salaries Social security costs Pension costs 179 18 267 23 10 204 300 All staff are engaged by The All England Lawn Tennls Club (Championships) Limited. The costs of Staff to run tennis initiatives are charged lo the Foundation as shown above. In addition, certain administrative and operational employees, costs are borne by The All England Lawn Tennis Club (Championships) Limited (see note l). This includes one (2023.. one) individua1 whose emoluments, excluding pension contributions but including benefits in kind, were in excess of £60,000. 11. Inv&8tments 2024 £000 2023 £000 Cost as at 1 August and 31 July 803 803 Market value brought foiward Net Market value movement 823 62 805 18 Market value carried fotward 885 823 The inveslment is held entirely in the quoted Baillie Gifford Managed Sustainable Growth Fund portfolio. 23
The Wimbledon Foundation Notes to the financial statements (continued) Year ended 31 July 2024 12. Debtors 2024 £000 2023 £000 Trade debtors other debtors 227 240 229 240 Related party balances are repayable on demand, and do not incur interest. 13. Creditors: amounts falling due wlthln one year 2024 £000 2023 £000 Tr8de creditors Amounts due to The All England Lawn Tennis Club (Championships) Limiled Accruals 14 24 29 33 26 67 60 Related party balances are repayable on demand, and do not incur interest. 14. Funds of the Foundation 2024 £000 2023 £000 Restricted fund Unrestricted fund 1,587 1,759 Total funds 1.587 1,759 Details of the restricted and unrestricted fund are included in note 20. 15. Taxatlon As a registered charity, the Foundation is exempt from laxalion on its income and gains falling within Part 11 of the Corporation Tax Act 2010 to the extent that these are applied to its charitable purposes. The financial statements do not therefore reflect any provision or charge for laxalion. 24
The Wimbledon Foundation Notes to the financial statements (continued) Year ended 31 July 2024 16. Audltor's remuneration 2024 £000 2023 £000 Fees payable for the audit of the Foundation's annual financial statements 23 22 17. Cash flow statement Net cash flow from operating activities: 2024 £000 2023 £000 Net (expenditure}lincome for the year Adjustments for= Unrealised (gains) on investments Interest receivable (172) 282 {62) (38) (18) Operating cash flow before movement in working capital 1272) 264 Decrease in debtors Increase in creditors 11 167 35 Cash ganorated (expended by)Ifrom operating actlvities 1254) 466 18. Related party transaction8 The Foundation's sole member is The All England Lawn Tennis & Croquet Club Limited and a majority of the Trustees are also directors of that company and of its subsidiary, The All England Lawn Tennis Club (Championships) Limited. The Foundation has a close relalionship with both The All England Lawn Tennis & Croquet Club Limited and The All England Lawn Tenni5 Club {Championships) Limited and intends to work closely with both companies to deliver its charitable objectives over the forthcoming years. During the year The All England Lawn Tennis Club (Championships) Limited donated £1,641,000 {2023. £1,619,000) to the Foundation. During the yearThe All England Lawn Tennis & Croquet Club donated £1,500,00012023. £1,400,000) to the Foundation. During the year there were transactions for recharge of staff costs as disclosed in note 10 of£204,000 (2023.. £299,000) from The All England Lawn Tennis Club (Championships) Limited. At the year end there was a b21ance due to The All England Lawn Tennis Club (Championships) Limited of £24,000 (2023.. balan due £33,000) There were no other related party balances outstanding at the year end. 25
The Wimbledon Foundation Notes to the financial statements (continued) Year ended 31 July 2024 19. Analysls of Net Assets between Funds Unrestricted Funds £000 Restricted Funds £000 2024 Total Funds £000 Investments Current Assets Current Liabilities 885 769 {67} 885 769 {671 Net assets at 31 July 1,587 1,587 Unrestricted Funds £000 Restrlcted Funds £000 2023 Total Funds £000 Investments Current Assets Current Liabilities 823 996 (601 823 996 160) Net assets at 31 July 1,759 1,759 20. Movements In Funds 2024 At l August 2023 £000 At 31 July 2024 £000 Income Expendlture £000 £000 Transfers £000 Total restricted fund Unrestrlcted fund General fund Wandsworth leadership 1,716 43 4.367 (4,509) (30) 1,574 13 Total unrestricted fund 1,759 4,367 (4, 5391 1,587 Total funds 1,759 4,367 {4, 5391 1,587 Investment gains of £62,000 have been included in the general fund income. 26
The Wimbledon Foundation Notes to the financial statements (continued) Year ended 31 July 2024 20. Mov8ment8 In Funds (continued 2023 At 1 August 2022 £000 At 31 July 2023 £000 Incomo Expenditure £000 £000 Transfers £000 Restricted fund Wandsworth leadership 27 1271 Total restricted fund 27 {27) Unrestrlcted fund General fund A Rooffor All- designated fund Wandsworth leadership 1,319 4,169 {3,772) 1,716 131 (131) 16 27 43 Total unre6tricted fund 1,450 4,185 {3,903) 27 1,759 Total funds 1,477 4,185 (3,903) 1,759 Investment gains of £18,000 have been Included in the general fund income. Income and expenditure is presented net of finance income and investment gains or losses. Purpose of Design8ted Funds Wandsworth Leadership Programme.. The Foundation is jointly funding a programme to develop leadership skills for people working in the voluntary sector in Wandsworth. 27