2020-09-30-accounts

ENGLAND GOLF TRUST

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 SEPTEMBER 2020

Charity number: 1160992

ENGLAND GOLF TRUST

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

CONTENTS	Page
Legal and administrative information	1
Trustees’ report	2 - 3
Statement of Trustees responsibilities	4
Independent examiner’s report	5
Statement of financial activities	6
Balance sheet	7
Notes to the financial statements	8 - 12

ENGLAND GOLF TRUST

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

Charity Name	England Golf Trust
Charity registration number	1160992
Registered office	The National Golf Centre
	The Broadway
	Woodhall Spa
	Lincolnshire
	LN10 6PU
Trustees	Mrs D Horsley
	Mrs M E Berriman
	Mr C A Wagstaff
	Mr D Owen
	Mr I J Watkins
	Ms S Mitchell
Independent examiner	Jeremy Beard ACA
	Haysmacintyre LLP
	10 Queen Street Place
	London
	EC4R 1AG
Investment Manager	Brown Shipley
	45 Church Street
	Birmingham
	B3 2RT

1

ENGLAND GOLF TRUST

TRUSTEES REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2020

The Trustees present their report and the financial statements for the year ended 30 September 2020. The financial statements have been prepared in accordance with the accounting policies set out on page 8 and comply with the charity’s trust deed, the Charities Act 2011 and the Statement of Recommended Practice: Accounting and Reporting by Charities 2005.

Structure, Governance and Management

The Trustees meet three times a year and review the broad strategy and areas of activity for the Trust including consideration of grant-making. Other meetings are held on a needs must basis and bring in any necessary advisers to cover such areas as investment, marketing and so on.

The day to day administration of grants and the processing and handling of applications prior to consideration by the Trust is delegated to the CEO of England Golf and the administrator. The trustees would like to thank England Golf for the ongoing support it has given. Without the administration and accounting help that England Golf makes available, the Trust would be using its precious funds to run these functions. It would also like to thank King’s Norton Golf Club for its continued used of its facilities for meetings.

The Trustees keep the skill requirements of the Trust under review and in the event of a trustee retiring, or an additional member being required, they may be sought from within the membership of England Golf or externally by open advertisement.

The investment and risk management of the Trust’s money and management of the reserves are handled by the trustees after seeking the necessary professional advice.

All Trustees shall have a copy of the Trust Deed together with a copy of the Charity Commission’s guidance ‘Responsibilities of Charity Trustees’.

Public Benefit

The Trustees confirm that they have paid due regard to the guidance given by the Charity Commission on public benefit.

Objectives and Activities

The Trust’s objectives are the encouragement and support of golf for young people helping them to learn life skills. This support is intended to create ‘champions’ not only on the golf course but in society; to foster a life-long sporting habit and to allow young people to develop the life skills closely associated with the game including confidence, self-esteem and integrity.

This is achieved by the provision of funding in relation to equipment, coaching, subscription and travelling expenses, and these are considered to be for public benefit.

Grant Making Policy

The Trust invites applications for grants for coaching, subscription, competition travel expenses and golfing equipment from young people who already have a relationship with golf, who are aged under 21 or in full or part time education.

In addition there are two bursaries available annually, the Angela Uzielli Bursary ( for female golfers) and the England Golf Bursary. Young golfers who are in further or higher education are invited to submit an application for one of the above bursaries to support their educational expenses including tuition fees, books, accommodation and board.Full details of grant and bursary applications can be found on the England Golf Trust website.

The Trustees are of the opinion that the grants paid are for public benefit.

Achievements and Performance

2019/2020 has been an extraordinary year for everyone with the world facing the Covid19 pandemic for seven months of it and the country being in lockdown for a considerable proportion of that time with limited or no access to golf. Due to this the Trust cancelled the grant allocations in June 2020 and also extended the period that previously allocated grants could be claimed for by 12 months. Despite this, £26,033 (2019: £24,376) was allocated across 24 grants and 13 bursaries to young people of all golfing abilities enabling them to continue playing and improving their golf. Case studies and success stories are featured on the Trust’s website.

2

ENGLAND GOLF TRUST

TRUSTEES REPORT (continued)

FOR THE YEAR ENDED 30 SEPTEMBER 2020

Achievements and Performance (continued)

The Trustees are committed to improving income to the Trust and to look at wider fundraising activities. To assist with this the Trust produced a fund raising pack for the 30 plus England Golf Trust Young Ambassadors, the majority of which having received grants or bursaries, who promote the Trust’s work in their local area. This work has been severely curtailed due to the Covid 19 restrictions but should hopefully increase funds in the future.

Following a strategy review The Trust identified the need to develop a marketing strategy and work on raising the profile. A new website had been produced but the launch was delayed due to the Covid 19 restrictions. This will now be launched in February 2021.

Investment Policy and Performance

Investment funds are managed by Brown Shipley in a meeting about shares and bonds.

The total return on investment before fees for the year was £5,332 (2019: £6,583).

Reserves Policy

The trustees maintain the Charity’s reserves at a level sufficient to cover the immediate future requirements of the Charity, enabling it to meet its grant commitments and management and administration costs of the Charity as and when they arise. As at 30 September 2020 total unrestricted funds are £112,775 (2019: £129,254) and restricted funds are £98,891 (2019: £116,229).

Risk Management

The English Golf Trust trustees have examined the major strategic, business and operational risks which the Charity could face and have established systems to enable regular reports to be produced in order for any necessary steps to be taken to keep these risks to a minimum.

Plans for the Future

The Trust is now well established and thanks to the hard work of the trustees and continued support from England Golf looking forward to assisting young golfers in financial need long term. To ensure that the Trust is forward looking and in line with good governance trustees serve a maximum of two terms of three years. Mrs Julie Wright has completed her two terms and retired in June 2020 having made a considerable impact on the way the Trust has developed. She has been ably replaced by Mr Craig Wagstaff . A review of the trustee skills as part of this process highlighted areas of need and consequently two new trustees have been identified to join the trustees in 2021 to cover these areas.

With a new website and a wider skill set from the trustees the Trust is looking to raise its profile further both with young golfers in financial need and with potential sponsors increasing funds available.

Trustees

The Trustees who served during the year were as follows:

Mrs D Horsley Mrs M E Berriman Mrs J E Wright (until June 2020) Mr C A Wagstaff (appointed June 2020) Mr D Owen Mr I J Watkins Ms S Mitchell

Approved by the Trustees and signed on their behalf by:

Mrs D Horsley Trustee

3

ENGLAND GOLF TRUST

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

FOR THE YEAR ENDED 30 SEPTEMBER 2020

The Trustees, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales 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 charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements, the Trustees are required to:

• Select suitable accounting policies and then apply them consistently;

• Observe the methods and principles in the Charities SORP;

• Make judgements and estimates that are reasonable and prudent;

• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the regulations made thereunder. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

By order of the Trustees

Mrs D Horsley Trustee

Date: 15 June 2021

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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF

ENGLAND GOLF TRUST

I report on the financial statements of the Charity for the year ended 30 September 2020, which are set out on pages 6 to 12.

This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the charity's Trustees as a body, for my work or for this report.

Respective responsibilities of trustees and examiner

The trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the 2011 Act”). The trustees are satisfied that an audit is not required for this period under section 144(2) of the 2011 Act and have chosen instead to have an independent examination.

I report in respect of my examination of the charitable company’s accounts as carried out under section 145 of the 2011 Act. In carrying out my examination I have followed the requirements of the applicable directions given by the Charity Commission under section 145 (5)(b) of the 2011 Act.

Independent examiner’s statement

Since the charity has prepared its accounts on an accruals basis your examiner must be a member of a body listed in [the 2011 Act. I can confirm that I am qualified to undertake the examination because I am a registered 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 giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.

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 accounts to be reached.

Jeremy Beard Independent examiner ACA ICAEW

Haysmacintyre LLP Chartered accountants 10 Queen Street Place London EC4R 1AG

Date:

5

ENGLAND GOLF TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 30 SEPTEMBER 2020

		Restricted	Unrestricted	Total	Total
		Funds	Funds	2020	2019
	Note	£	£	£	£
Income
Income from generated funds:
Donations & gifts	2	1,331	6,345	7,676	6,935
England Golf Bursaries		-	3,000	3,000	3,000
Interest income		-	3	3	7
Investment income		2,804	2,528	5,332	6,583
Fundraising		-	119	119	4,958
		---------------	---------------	----------------	----------------
Total income		4,135	11,995	16,130	21,483
		---------------	---------------	----------------	----------------
Expenditure
Cost of raising funds:
Fundraising costs	3	-	1	1	2,317
Investment Management Fees		1,205	1,039	2,244	2,810
		---------------	---------------	---------------	---------------
		1,205	1,040	2,245	5,127
		---------------	---------------	----------------	----------------
Charitable activities:
Grants payable:
Grants for coaching, equipment
and players’ expenses	4	-	5,912	5,912	7,591
Angela Uzielli bursaries awarded	4	13,122	-	13,122	9,500
Bellamy bursaries awarded	4	-	4,000	4,000	4,285
England Golf Bursaries		-	3,000	3,000	3,000
Support costs	5	500	8,568	9,068	3,460
		---------------	---------------	---------------	---------------
		13,622	21,480	35,102	27,836
		---------------	---------------	----------------	----------------
Total expenditure		14,827	22,520	37,347	32,963
		--------------	---------------	----------------	----------------
Net incoming resources before		(10,692)	(10.525)	(26.217)	(11,480)
investment gains and losses
Realised (loss)		(1,606)	(1,522)	(3,128)	(1,332)
Unrealised (loss)/gain		(5,040)	(4,433)	(9,473)	8,108
		--------------	---------------	-----------------	-----------------
Net income for the year		(17,338)	(16,479)	(38,818)	(4,704)
		--------------	---------------	-----------------	-----------------
Net movement in funds:
Total funds brought forward		116,229	129,254	245,483	250,187
		----------------	------------------	-----------------	-----------------
Total funds carried forward	9	98,891	112,775	211,665	245,483
		========	=========	========	========

The notes on pages 8 to 13 form an integral part of these financial statements.

A comparative SOFA can be found within note 12.

6

ENGLAND GOLF TRUST

BALANCE SHEET

AT 30 SEPTEMBER 2020

			2020	2019
	Note	£	£	£	£
FIXED ASSETS
Investments	6		204,041		237,363
CURRENT ASSETS
Debtors	7	1,193		330
Cash at bank and in hand		7,957		9,110
		----------------		----------------
		9,150		9,440
CREDITORS: amounts falling due
within one year	8	(1,526)		(1,320)
		----------------		----------------
NET CURRENT ASSETS			7,624		8,120
			-------------------		-------------------
NET ASSETS			211,665		245,483
			=========		=========
FUNDS
General fund			107,775		129,254
Designated fund (BALASA)			5,000		-
Restricted income funds	10		98,891		116,229
			------------------		------------------
TOTAL FUNDS			211,665		245,483
			=========		=========

The financial statements were approved and authorised for issue by the Board of Trustees on 15 June 2021 and were signed below on its behalf by:

Mrs D Horsley Trustee

The notes on pages 8 to 13 form an integral part of these financial statements.

7

ENGLAND GOLF TRUST NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

1. PRINCIPAL ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.

1.1 Accounting convention

Basis of Accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Reconciliation with previous Generally Accepted Accounting Practice

In preparing the accounts, the Trustees have considered whether in applying the accounting policies required by the Charities SORP FRS 102 a restatement of comparative items was needed. No restatements were required.

1.2 Going concern

Having considered future budgets and cash flows, the trustees confirm that they have no material uncertainties about the entity’s ability to continue as a going concern for the foreseeable future.

1.3 Fund Accounting

General funds are unrestricted funds, which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity.

Endowment funds represent those assets which must be held permanently by the Charity, principally investments. Income arising on the endowment funds can only be used for the purpose for which the endowment was made and is included as restricted income. The aim and use of endowments and restricted funds is set out in the notes to the accounts.

Investment income and gains are allocated to the appropriate fund.

1.4 Income

All income are included in the Statement of Financial Activities (SOFA) when the charity’s entitlement to the income is probable and the amount can be quantified with reasonable accuracy.

1.5 Expenditure

All expenditure is recognised on an accruals basis as a liability is incurred and has been classified under headings that aggregate all costs related to the category. The Charity is not registered for VAT purposes, the expenditure being shown inclusive of any VAT.

1.6 Investments

Investments are stated at market value at the balance sheet date. The SOFA includes the net gains and losses arising on revaluations and disposals throughout the year.

1.7 Legacies receivable

Legacies receivable are credited to the statement of financial activities at the point at which it is probable the Trust will become entitled to them and the amount is capable of measurement.

8

ENGLAND GOLF TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 30 SEPTEMBER 2020

2.	DONATIONS AND GIFTS				2020		2019
					£		£
	Individuals				250		1,270
	Golf Clubs				995		1,244
	Counties				100		100
					---------------		---------------
	Unrestricted donations and gifts				1,345		2,614
	A Uzielli restricted fund donations				1,331		4,321
	BALASA grant				5,000		-
					----------------		----------------
					7,676		6,935
					========		========
3.	FUND-RAISING COSTS				2020		2019
					£		£
	Cost of diaries and raffle books				1		1
	Trust launch and Stableford Fund				-		2,317
					---------------		---------------
					1		2,318
					========		========
4.	GRANTS PAID		2020			2019
		£		No.	£		No.
	Individuals	5,912		24	7,591		31
	Angela Uzielli bursaries	13,122		7	9,500		5
	Bellamy bursaries	4,000		3	4,285		4
	England Golf Bursaries	3,000		3	3,000		3
		--------------		--------------	--------------		--------------
		26,033		37	24,376		43
		=======		=======	=======		=======
5.	SUPPORT COSTS				2020		2019
					£		£
	Governance costs:
	- The independent examiner’s fee (including VAT)				1,440		1,320
	- Bank charges				206		288
	- Insurance				758		588
	- Computer Costs				600		600
	- Market Rebrand				6,000		-
	- Young Ambassadors				-		454
	- General Costs – Meeting costs and launch				65		210
					---------------		--------------
					9,068		3,460
					========		=======

9

ENGLAND GOLF TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 30 SEPTEMBER 2020

6. INVESTMENTS 2020 £ Cost brought forward 237,363 Additions 34,116 Disposals Transfers in (out) (5,367) (49,470) --------------- Costs carried forward 216, 642 Market value adjustment (12,601) ----------------- 204,041 ========= 6. INVESTMENTS (continued) Market 2020 £ As at 30 September 2020 investments comprise: - Listed Unit trusts 204,041 ========= 7. DEBTORS 2020 £ Prepayments and other debtors 1,193 1,193 8. CREDITORS: amounts falling due within one year 2020 £ Accruals 1,526 ---------------- 6,526 ======== 9. FUND BALANCES 2020 Brought Gains on Forward Income Expenditure Transfers Investments £ £ £ £ General fund 129,254 11,995 (22,520) (5,000) (5,955) BALASA fund - - - 5,000 - ========= ======== ======== ======= ======= 129,254 11,995 (22,520) - (5,995) Restricted fund 116,229 4,135 (14,827) - (6,646) ========= ======== ======== ======== =======

2019 £ 226,813 49,359 - (45,585) --------------- 230,587 6,776 ----------------- 237,363 ========= value 2019 £ 237,363 ========= 2019 £ 328

328 2019 £ 1,320 ---------------- 1,320 ======== Carried Forward £ 107,775 5,000 ========= 112,775 98,891 =========

10

ENGLAND GOLF TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 30 SEPTEMBER 2020

2019	Brought			Gains on	Carried
	Forward	Income	Expenditure	Investments	Forward
	£	£	£	£	£
General fund	134,250	13,702	(22,041)	3,343	129,254
	=========	========	========	========	=======
Restricted fund
	115,937	7,781	(10,922)	3,433	116,229
	=========	========	========	=======	=========

The permanent endowment fund was established by the donation of £100,000 by Mr and Mrs H Stevenson, in memory of their friend Mrs Angela Uzielli. The £100,000 donation forms a permanent endowment fund, the income of which is to be applied to provide bursaries for amateur lady golfers who need financial assistance in combining their golf with further education. The £100,000 endowment was transferred to the restricted funds investment with Brown and Shipley in 2019.

The Trust received £5,000 grant in the year ended 30 September 2019 which the Trustees have decided to transfer from the general fund into a designated fund (BALASA). These funds are designated to be given out to golfers with disabilities.

10.	ANALYSIS OF NET ASSETS BY	Unrestricted	Restricted
	FUND
		Funds	Funds	Total
	2020	£	£	£
	Fixed Assets	105,150	98,891	204,041
	Current Assets	9,150	-	9,150
	Current Liabilities	(1,526)	-	(1,526)
		-------------------	-----------------	-------------------
		112,775	98,891	211,665
		=========	=========	=========
		Unrestricted	Restricted
		Funds	Funds	Total
	2019	£	£	£
	Fixed Assets	121,134	116,229	237,363
	Current Assets	9,440	-	9,440
	Current Liabilities	(1,320)	-	(1,320)
		-------------------	-----------------	-------------------
		129,254	116,229	245,483
		=========	=========	=========

11

ENGLAND GOLF TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 30 SEPTEMBER 2020

11. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITY

		Restricted	Unrestricted	Total
		Funds	Funds	2019
	Note	£	£	£
Income
Income from generated funds:
Donations & gifts	2	4,321	2,614	6,935
England Golf Bursaries		-	3,000	3,000
Miscellaneous income		-	7	7
Investment income		3,460	3,123	6,583
Fundraising		-	4,958	4,958
		---------------	---------------	----------------
Total income		7,781	13,702	21,483
		---------------	---------------	----------------
Expenditure
Cost of raising funds:
Fundraising costs	3	-	2,317	2,317
Investment Management Fees		1,422	1,388	2,810
		---------------	---------------	---------------
		1,422	3,705	5,127
		---------------	---------------	----------------
Charitable activities:
Grants payable:
Grants for coaching, equipment
and players’ expenses	4	-	7,591	7,591
Angela Uzielli bursaries awarded	4	9,500	-	9,500
Bellamy bursaries awarded	4	-	4,285	4,285
England Golf Bursaries		-	3,000	3,000
Support costs	5	-	3,460	3,460
		---------------	---------------	---------------
		9,500	18,336	27,836
		---------------	---------------	----------------
Total expenditure		10,922	22,041	32,963
		--------------	---------------	----------------
Net incoming resources before		(3,141)	(8,339)	(11,480)
investment gains and losses
Realised (loss) /gain		(666)	(666)	(1,332)
Unrealised gain		4,099	4,009	8,108
		--------------	---------------	-----------------
Net income for the year		3,433	3,343	6,776
		--------------	---------------	-----------------
		-	-	-
Net movement in funds:		292	(4,996)	(4,704)
Total funds brought forward		115,937	134,250	250,187
		----------------	------------------	-----------------
Total funds carried forward	9	116,229	129,254	245,483
		========	=========	========

12