## **ENGLAND GOLF TRUST** ## **REPORT AND FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED** **30 SEPTEMBER 2021** Charity number: 1160992 ## **ENGLAND GOLF TRUST** ## **REPORT AND FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 30 SEPTEMBER 2021** |**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 2021** |**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| ||Mrs D Warren| ||Mr I J Watkins| ||Mrs S McNicholas (nee Mitchell)| ||Mrs C Owens| ||Mr A Booth| |**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 2021** The Trustees present their report and the financial statements for the year ended 30 September 2021. 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 Trustees 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** 2020/2021 following on from a very difficult 2019/2020 has again been a challenging year for income generation. However, the Trust has continued to make Grant and Bursary allocations for the whole year. During the year, £23,974 (2020: £26,033) was allocated across 21 Grants and 11 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 2021** ## **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 has been produced and launched in February 2021. ## **Investment Policy and Performance** Investment funds are managed by Brown Shipley. The total return on investment before fees for the year was £4,347 (2020: £5,332). ## **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 2021 total unrestricted funds are £115,773 (2020: £107,775) and restricted funds are £100,320 (2020: £98,891). ## **Risk Management** The England 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. Mr David Owen has completed his two terms and retired in June 2021 having made a considerable impact on the way the Trust has developed. With upcoming retirements in mind, the Trust has recruited three new Trustees during the year with skills required to further the aims of the Trust going forward. 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 H Berriman Mr C A Wagstaff Mr D Owen (until June 2021) Mr I J Watkins Mrs S McNicholas (nee Mitchell) Mrs D Warren (appointed February 2021) Mrs C Owens (appointed February 2021) Mr A Booth (appointed June 2021) 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 2021** 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: 21[st] June 2022 4 **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 2021, 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 2021** |Notes
**Income**
**Incoming from Generated Funds:**
Donations and Gifts
2
England Golf Bursaries
Interest Income
Investment Income
Fund Raising
**Total Income**
**Expenditure**
**Cost of Raising Funds:**
Fund Raising Costs
3
Investment Management Fees
**Charitable Activities**
**Grants Payable:**
Grants for coaching and players expenses
4
A Uzielli Bursaries awarded
4
¤
Bellamy Bursaries awarded
4
England Golf Bursaries
4
BALASA Awards
4
Administration Fee
5
Support costs
**Total Expenditure**
Net Incoming Resources before Investment Gains and Losses
Realised gain/(loss)
Unrealised gain/(loss)
**Net Income for the year**
**Net Movement in funds:**
Total Funds brought forward
**Total Funds carried forward**
9|Restricted
Funds
Unrestricted
Funds
Designated
Funds
2021
Total
2020
Total
£
£
£
£
1,060
1,605
-
2,665
7,676
-
4,000
-
4,000
3,000
-
2
-
2
3
2,265
2,082
-
4,348
5,332
-
4,493
-
4,493
119| |---|---| ||**3,325**
**12,182 **
**-**
**15,506**
**16,130**| ||-
3,548
-
3,548
1
1,191
1,001
-
2,192
2,244| ||1,191
4,549
**-**
5,740
2,245| ||-
5,574
-
5,574
5,912
14,000
-
-
14,000
13,122
-
-
-
-
4,000
-
4,000
-
4,000
3,000
-
-
400
400
-
500
(500)
-
-
-
-
2,865
-
2,865
9,068| ||14,500
11,939
400
26,839
35,102| ||| ||**15,691 **
**16,488**
**400**
**32,579**
**37,347**| ||(12,366)
(4,307)
(400)
(17,073)
(21,217)
1,950
1,866
-
3,816
(3,128)
11,845
10,439
-
22,284
(9,473)| ||1,429
7,998
(400)
9,028
(33,818)| ||98,891
107,775
5,000
211,665
245,483| ||**100,320**
**115,773**
**4,600**
**220,693**
**211,665**| The notes on pages 8-12 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 2021** |Notes
**Fixed Assets**
Investments
6
**Current Assets**
Debtors and prepayments
7
Cash at Bank and in hand
**Current Liabilities**
Creditors and accruals
8
Bursaries Commitments
**Net Current Assets**
**Total Assets less Current Liabilities**
**Funds**
General Fund
9
Restricted Income Fund
Designated Fund
**10**|2021
£
£
218,763
168
3,202
3,370
(1,440)
-
(1,440)
1,930
**220,693**
115,773
100,320
4,600
**220,693**|2020
£
£
204,041
1,193
7,957
9,150
(1,526)
-
(1,526)
7,624
**211,665**
107,775
98,891
5,000
**211,665**|2020
£
£
204,041
1,193
7,957
9,150
(1,526)
-
(1,526)
7,624
**211,665**
107,775
98,891
5,000
**211,665**| |---|---|---|---| ||3,370|9,150|| ||(1,440)
-|(1,526)
-|| ||(1,440)|(1,526)|| ||||| ||||7,624| ||||| ||||**211,665**| ||||107,775
98,891
5,000| ||||**211,665**| The financial statements were approved and authorised for issue by the Board of Trustees on 21[st] June 2022 and were signed below on its behalf by: **Mrs D Horsley** Trustee . 7 **ENGLAND GOLF TRUST** **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 30 SEPTEMBER 2021** ## **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 2021** |**2. Donation and Gifts**
Individuals
Golf Clubs
Counties
Unrestricted Donation & Gifts
A Uzielli Resticted Funds Donations
BALASA grant
**3. Fund-raising costs**
Fundraising Costs - Virgin Money Giving Fee
Stableford Final - Prizes, Catering, Gifts & Photos
**4. Grants Paid**
Individuals
A Uzielli Bursaries
Bellamy Bursaries - finalised in YE 30/09/2020
England Golf Bursaries
BALASA Awards
**5. Governance Costs**
Auditors Fees
Bank Charges
Insurance
Computer Costs
Marketing Rebrand
Young Ambassadors
General Costs - Meeting Expenses / Gifts|**2021**
**2020**
£
£
354
250
1,151
995
100
100
1,605
1,345
1,060
1,331
-
5,000
2,665
7,676
**2021**
**2020**
£
£
-
1
3,548
-
3,548
1
**2021**
**2020**
£
Nos
£
Nos
5,574
20
5,912
24
14,000
7
13,122
7
-
-
4,000
3
4,000
4
3,000
3
400
1
-
-| |---|---| ||23,974
32
26,033
37| ||**2021**
**2020**
£
£
1,440
1,440
150
206
676
758
250
600
-
6,000
267
-
82
65
2,865
9,068| 9 ## **ENGLAND GOLF TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (continued)** ## **FOR THE YEAR ENDED 30 SEPTEMBER 2021** |**6. Investments**
Cost brought Forward
Additions
Disposal Proceeds
Transfers in (out)
Cost carried forward
Realised (loss)/gain
Unrealised (loss)/gain
Market Value carried forward
**7. Debtors and Prepayments**
Gift Aid
Prepayments - Computer Software
Prepayments - Insurance
England Golf Bursaries
**8. Accruals and Creditors: amounts falling due within one**
**year**
Audit Fees
Accruals - Insurance|**2021**
**2020**
£
£
204,041
237,363
76,313
34,116
(77,691)
(49,470)
(10,000)
(5,367)| |---|---| ||192,663
216,642
3,816
(3,128)
22,284
(9,473)| ||218,763
204,041| ||**2021**
**2020**
£
£
-
-
-
100
168
-
-
1,093| ||168
1,193| ||**2021**
**2020**
£
£
1,440
1,440
-
86| ||1,440
1,526| 10 ## **ENGLAND GOLF TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (continued)** ## **FOR THE YEAR ENDED 30 SEPTEMBER 2021** |**9. Fund Balances 2021**
General Fund
Designated Fund
Restricted Fund
**Fund Balances 2020**
General Fund
Designated Fund
Restricted Fund|**Brought**
**Forward**
**Income**
**Expenditure**
**Transfers**
**Gain/**
**(Loss) on**
**Investments**
**Carried**
**forward**
£
£
£
£
£
107,775
12,181
(16,488)
-
12,305
115,773
5,000
-
(400)
-
-
4,600
98,891
3,325
(15,691)
-
13,795
100,320| |---|---| ||211,666
15,506
(32,579)
-
26,100
220,693| ||**Brought**
**Forward**
**Income**
**Expenditure**
**Transfers**
**Gain/**
**(Loss) on**
**Investments**
**Carried**
**forward**
£
£
£
£
£
129,254
11,995
(22,520)
(5,000)
(5,955)
107,775
-
-
-
5,000
-
5,000
116,229
4,135
(14,827)
-
(6,646)
98,891
245,483
16,130
(37,347)
-
(12,601)
211,665| 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. |**10. Analysis of Net Assets by Fund 2021**
Fixed Assets
Current Assets
Current Liabilities|**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total**
£
£
£
118,443
100,320
218,763
3,370
-
3,370
(1,440)
-
(1,440)| |---|---| ||120,373
100,320
220,693| |**Analysis of Net Assets by Fund 2020**
Fixed Assets
Current Assets
Current Liabilities|**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total**
£
£
£
105,150
98,891
204,041
9,150
-
9,150
(1,526)
-
(1,526)| |---|---| ||112,775
98,891
211,665| 11 ## **ENGLAND GOLF TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (continued)** ## **FOR THE YEAR ENDED 30 SEPTEMBER 2021** |**11. Comparative Statement of Financial**|**Activity**|**Restricted**|**Unrestricted**|**Total**| |---|---|---|---|---| |||**Funds**|**Funds**|**2020**| ||**Note**|**£**|**£**|**£**| |**Income**||||| |Income from generated funds:||||| |Donations & gifts|2|1,331|6,345|7,676| |England Golf Bursaries||-|3,000|3,000| |Miscellaneous income||-|3|3| |Investment income||2,804|2,528|5,332| |Fundraising||-|119|119| |**Total income**||4,135|11,995|16,130| |**Expenditure**||||| |**Cost of raising funds:**||||| |Fundraising costs|3|-|1|1| |Investment Management Fees||1,205|1,039|2,244| |||1,205|1,040|2,245| |**Charitable activities:**||||| |Grants payable:||||| |Grants for coaching, equipment||||| |and players’ expenses|4|-|5,912|5,912| |Angela Uzielli bursaries awarded|4|13,122|-|13,122| |Bellamy bursaries awarded|4|-|4,000|4,000| |England Golf Bursaries||-|3,000|3,000| |Support costs|5|500|8,568|9,068| |||13,622|21,480|35,102| |**Total expenditure**||14,827|22,520|37,347| |Net incoming resources before investment||||| |gains and losses||(10,692)|(10,525)|(21,217)| |Realised (loss) /gain||(1,606)|(1,522)|(3,128)| |Unrealised gain/(loss)||(5,040)|(4,433)|(9,473)| |**Net income for the year**||(17,338)|(16,479)|(33,818)| |**Net movement in funds:**||||| |Total funds brought forward||116,229|129,254|245,483| |**Total funds carried forward**|9|98,891|112,775|211,665| 12