## **ENGLAND GOLF TRUST**
## **REPORT AND FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED**
**30 SEPTEMBER 2022**
Charity number: 1160992
## **ENGLAND GOLF TRUST**
## **REPORT AND FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 30 SEPTEMBER 2022**
|**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 2022**
|**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 Berriman to June 2022|
||Mr I Watkins to June 2022|
||Mrs S McNicholas (nee Mitchell) to June 2022|
||Mr C Wagstaff to September 2022|
||Mrs C Owen|
||Mrs D Warren|
||Mr A Booth|
||Mrs L Fox from June 2022|
||Ms. A Lowe from June 2022|
||Ms. H Neild from June 2022|
|**Independent examiner**||
||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 2022**
The Trustees present their report and the financial statements for the year ended 30 September 2022. 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, processing and handling of grants and applications is performed via essential support offered by England Golf. 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 use of its facilities for meetings and for the National Women’s Stableford.
The Trustees keep the skill requirements of the Trust under review through a skills audit 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. They also review the Trust policies to ensure that they are fit for purpose.
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 the grant and bursary applications can be found on the England Golf Trust website www.englandgolftrust.org.
The Trustees are of the opinion that the grants paid are for public benefit.
## **Achievements and Performance**
2021/2022 has again been delivered against a challenging economic environment with expected pressures on income generation. However, the Trust has continued to make Grant and Bursary allocations for the whole year. During the year, £20,457 (2021: £23,974) was allocated across Grants and 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 2022**
## **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 has produced a marketing plan to promote the Trust with both potential recipients and potential income streams. This has resulted in the Trust having an active social media presence and a club captain choosing the Trust as his charity for the year. By raising the Trust profile two young golfers have also delivered events at their local clubs to raise funds.
## **Investment Policy and Performance**
Investment funds are managed by Brown Shipley.
Given the fall in the market reaction to the Ukraine War, High inflation and economic date, investment losses were recorded through 2022. The total loss on investment before fees for the year was £27,814 (2021: gain of £4,347).
## **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 2022 total unrestricted funds are £80,230 (2021: £115,773) and restricted funds are £103,237 (2021: £100,320).
## **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. These are all in the process of being updated.
## **Plans for the Future**
The Trust is now looking to develop a closer working relationship with England Golf to enable it to develop further and have a greater impact in assisting young golfers in need of support. To this end it has been agreed to invite two staff members of England Golf to become trustees. The development of a more formal relationship to benefit both organisations to be a priority for the coming year.
## **Trustees**
The Trustees who served during the year were as follows:
Mrs D Horsley Mrs M Berriman to June 2022 Mr I Watkins to June 2022 Mrs S McNicholas (nee Mitchell) to June 2022 Mr C Wagstaff to September 2022 Mr. A Booth Mrs L Fox from June 2022 Ms. A Lowe from June 2022 Ms. H Neild from June 2022
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 2022**
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:
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 2022, 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 2022**
|Notes
**Income**
**Incoming from Generated Funds:**
Donations and Gifts
2
England Golf Bursaries
Interest Income
Investment Income
5,680Fund 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
England Golf Bursaries
4
BALASA Awards
4
Administration Fee
Support costs
5
**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
£
3,033
-
-
-
-|Unrestricted
Funds
£
1
2,734
5,000
1
4,102
5,680|Designated
Funds
-
-
-
-
-|2022
Total
£
5,767
5,000
1
4,102
5,680|2021
Total
£
2,665
4,000
2
4,348
4,493|
|---|---|---|---|---|---|
||**3,033**|**17,517**|**-**|**20,550**|**15,506**|
||-
-|2,867
922|-
-|2,867
922|3,548
2,192|
||-|3,789|-|3,789|5,740|
||-
9,000
-
-
500
-|4,867
-
5,000
-
(500)
2,697|-
-
-
1,590
-
-|4,867
9,000
5,000
1,590
-
2,697|5,574
14,000
4,000
400
-
2,865|
||9,500|12,064|1,590|23,154|26,839|
|||||||
||**9,500**|**15,853**|**1,590**|**26,943**|**32,579**|
||(6,467)
(4,211)
(9,412)|1,655
(3,136)
(11,055)|(1,590)
-
-|(6,402)
(7,347)
(20,467)|(17,073)
3,816
22,284|
||(20,090)|(12,536)|(1,590)|(34,216)|9,028|
||100,320|115,773|4,600|220,693|211,665|
||**80,230**|**103,237**|**3,010**|**186,477**|**220,693**|
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 2022**
|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**|2022
£
£
181,404
93
6,730
6,823
(1,750)
-
(1,750)
5,073
**186,477**
103,237
80,230
3,010
**186,477**|2021
£
£
218,763
168
3,202
3,370
(1,440)
-
(1,440)
1,930
**220,693**
115,773
100,320
4,600
**220,693**|2021
£
£
218,763
168
3,202
3,370
(1,440)
-
(1,440)
1,930
**220,693**
115,773
100,320
4,600
**220,693**|
|---|---|---|---|
||6,823|3,370||
||(1,750)
-|(1,440)
-||
||(1,750)|(1,440)||
|||||
||||1,930|
|||||
||||**220,693**|
||||115,773
100,320
4,600|
||||**220,693**|
The financial statements were approved and authorised for issue by the Board of Trustees on June 6[th] 2023 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 2022**
## **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 is 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 2022**
|**2. Donation and Gifts**
Individuals
Golf Clubs
Counties
Other
Unrestricted Donation & Gifts
A Uzielli Restricted Funds Donations
BALASA grant
**3. Fund-raising costs**
Stableford Final - Prizes, Catering, Gifts & Photos
**4. Grants Paid**
Individuals
A Uzielli Bursaries
England Golf Bursaries
BALASA Awards
**5. Governance Costs**
Auditors Fees
Bank Charges
Insurance
Computer Costs
Young Ambassadors
General Costs - Meeting Expenses / Gifts|**2022**
£
1,364
915
250
195|**2021**
£
354
1,151
100
-|**2021**
£
Nos
5,574
20
14,000
7
4,000
4
400
1|**2021**
£
Nos
5,574
20
14,000
7
4,000
4
400
1|
|---|---|---|---|---|
||2,724
3,033
-|1,605
1,060
-|||
||5,757|2,665|||
||**2022**
£
2,867|**2021**
£
3,548|||
||2,867|3,548|||
||**2022**
£
Nos
4,867
19
9,000
5
5,000
5
1,590
5||||
||20,457|34|23,974|32|
||**2022**
£
1,680
363
448
-
34
172|**2021**
£
1,440
150
676
250
267
82|||
||2,697|2,865|||
9
## **ENGLAND GOLF TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 30 SEPTEMBER 2022**
|**6. Investments**
Cost brought Forward
Transfers in (out)
Cost carried forward
Realised (loss)/gain
Unrealised (loss)/gain
Market Value carried forward|**2022**
**2021**
£
£
218,763
204,041
(12,965)
(11,378)|
|---|---|
||205,798
192,663
(7,345)
3,816
(18,877)
22,284|
||179,576
218,763|
|**7. Debtors and Prepayments**
Prepayments - Insurance
**8. Accruals and Creditors: amounts falling due within one**
**year**
Audit Fees|**2022**
£
93|**2021**
£
168|
|---|---|---|
||93|168|
||**2022**
£
1,680|**2021**
£
1,440|
||1,680|1,440|
10
## **ENGLAND GOLF TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 30 SEPTEMBER 2022**
|**9. Fund Balances 2022**
General Fund
Designated Fund
Restricted Fund
**Fund Balances 2021**
General Fund
Designated Fund
Restricted Fund|**Brought**
**Forward**
**Income**
£
£
115,773
17,507
4,600
-
100,320
3,033|**Expenditure**
£
(3,789)
(1,590)
(9,500)|**Transfers**
-
-
-|**Gain/**
**(Loss) on**
**Investments**
£
(14,191)
-
(13,623)||**Carried**
**forward**
£
115,300
3,010
80,230|
|---|---|---|---|---|---|---|
||220,693
20,540|(14,879)|-|(27,814)||198,540|
||**Brought**
**Forward**
**Income**
£
£
107,775
12,181
5,000
-
98,891
3,325|**Expenditure**
£
(16,488)
(400)
(15,691)|**Transfers**
-
-
-|**Gain/**
**(Loss) on**
**Investments**
£
12,305
-
13,795|**Carried**
**forward**
£
115,773
4,600
100,320
220,693||
||211,666
15,506|
(32,579)|-|
26,100|||
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 2022**
Fixed Assets
Current Assets
Current Liabilities|**Unrestricted**
**Funds**
£
101,174
6,823
(1,750)|**Restricted**
**Funds**
£
80,230
-
-|**Total**
£
181,404
6,823
(1,750)|
|---|---|---|---|
||106,247|80,230|186,477|
|**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|
11
## **ENGLAND GOLF TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 30 SEPTEMBER 2022**
## **11. Comparative Statement of Financial Activity**
|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
£
1,060
-
-
2,265
-|Unrestricted
Funds
£
1,605
4,000
2
2,082
4,493|Designated
Funds
-
-
-
-
-|2021
Total
£
2,665
4,000
2
4,347
4,493|
|---|---|---|---|---|
||**3,325**|**12,182**|**-**|**15,507**|
||-
1,191|3,548
1,001|-
-|3,548
2,192|
||1,191|4,549|**-**|5,740|
||-
14,000
-
-
-
500
-|5,574
-
-
4,000
-
(500)
2,865|-
-
-
-
400
-
-|5,574
14,000
-
4,000
400
-
2,865|
||14,500|11,939|400|26,839|
||||||
||**15,691 **|**16,488**|**400**|**32,579**|
||(12,366)
1,950
11,845|(4,307)
1,866
10,439|(400)
-
-|(17,073)
3,816
22,284|
||1,429|7,998|(400)|9,027|
||98,891|107,775|5,000|211,666|
||**100,320**|**115,773**|**4,600**|**220,693**|
12