2023-12-31-accounts - England Golf Trust

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ENGLAND GOLF TRUST

REPORT AND FINANCIAL STATEMENTS FOR THE 15 MONTH PERIOD ENDED

31 DECEMBER 2023

Charity number: 1160992

ENGLAND GOLF TRUST

REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2023

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 PERIOD ENDED 31 DECEMBER 2023

Charity Name	England Golf Trust
Charity registration number	1160992
Registered office	The National Golf Centre
	The Broadway
	Woodhall Spa
	Lincolnshire
	LN10 6PU
Trustees	Miss M Page
	Mr R Drinkwater
	Mr J Williamson
	Mr A Booth
	Mrs C Owens
	Ms A Lowe
	Ms H Neild
	Mrs D Horsley - until 6thJune 2023
Independent examiner
	Haysmacintyre LLP
	10 Queen Street Place
	London
	EC4R 1AG
Investment Manager	Brown Shipley
	45 Church Street
	Birmingham
	B3 2RT

ENGLAND GOLF TRUST

TRUSTEES REPORT

FOR THE PERIOD ENDED 31 DECEMBER 2023

The Trustees present their report and the financial statements for the period ended 31 December 2023. 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 2019.

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

2022/2023 has been a significant year for the Trust. A new, refreshed alignment with England Golf (the national governing body for Golf) has been established which sets the foundations for growth and sets to improve the reach and significance to support golfers of a wide range of circumstances to enjoy and participate with the game they love. A new group of trustees, have been appointed to the Trust to begin to align the professional needs of running a successful Charity, with the skill set of its Trustees, to better support the structural areas required to run an effective and efficient Charity.

ENGLAND GOLF TRUST

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

FOR THE PERIOD ENDED 31 DECEMBER 2023

Achievements and Performance (continued)

It remains a challenging year for income generation, with macro environmental pressure on fund raising. Despite an unprecedented sense of costs of living, the England Golf Trust continues to flourish with the kind and very much appreciated generosity of donors, partners and individuals who join the Trust’s passion to support golfers who require assistance. £16,611 of Income was generated in this financial period.

The Trust has continued to make Grant and Bursary allocations for the whole year, supporting individuals with resources and equipment. During the 15[th] month period, 2023 £28,375 (2022: year - £20,457) 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.

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. The Trust now has an active social media presence through Trustee and Ambassador efforts and for the first time, individual golf clubs have begun partnering as their chosen Captain’s Charity, which looks set to grow a new income stream in future years.

Investment Policy and Performance

Investment funds are managed by Brown Shipley.

Following investment losses in 2023 due to market reaction of significant global economic events, this financial period has seen a more stable investment performance, with like for like gains of £12,168 in the 15[th] month period in 2023 (2022: year loss of £27,814).

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 31 December 2023 total restricted funds are £77,212 (30 September 2022: £80,230) and unrestricted funds are £109,337 (30 September 2022: £103,237).

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. The risks continue to be monitored by the Trustees.

Plans for the Future

The Trust is now looking to step-change its reach, having established a closer working relationship with England Golf to enable it to develop further and have a greater impact in assisting golfers in need of support.

Trustees

The Trustees who served during the year were as follows:

Miss M Page Mr R Drinkwater Mr J Williamson Mr A Booth Mrs C Owens Ms A Lowe Ms H Neild Mrs D Horsley - until 6[th] June 2023

Approved by the Trustees and signed on their behalf by:

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Miss M Page Trustee

22 October 2024

ENGLAND GOLF TRUST

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

FOR THE PERIOD ENDED 31 DECEMBER 2023

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

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Miss M Page Trustee

Date: 22 October 2024

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF

ENGLAND GOLF TRUST

I report on the financial statements of the Charity for the 15 month period ended 31 December 2023, 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:

accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
the accounts do not accord with those records; or
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.

Thomas Wilson Independent examiner ACA ICAEW

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

Date: 24/10/24

ENGLAND GOLF TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE PERIOD ENDED 31 DECEMBER 2023

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 Mangement Fees Charitable Activities Grants Payable: Grants for coaching and players expenses 4 A Uzielli Bursaries awarded England Golf Bursaries BALASA Awards Support costs / Governance 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 Adjusted for unappropriated Profit/ (Loss) Total Funds carried forward 9	Restricted Funds Unrestricted Funds Designated Funds 15 month Period 2023 Total Year ended 2022 Total £ £ £ £ 3,634 12,977 - 16,611 5,757 - 5,000 - 5,000 5,000 - 110 - 110 2- 602 1,982 - 2,584 4,102 - 8,164 - 8,164 5,680
	4,236 28,234 - 32,470 20,541
	- 5,970 - 5,970 2,867 1,175 272 - 2,097 922
	1,175 6,242 - 7,417 3,789
	- 8,246 - 8,246 4,867 12,197 - - 12,197 9,000 - 5,500 - 5,500 5,000 - - 2,432 2,432 1,590 - 8,196 - 8,196 2,697
	12,197 21,942 2,432 36,571 23,154

	13,372 28,184 2,432 43,988 26,943
	(9,137) 50 (2,432) (11,519) (6,402) 310 205 - 515 (7,347) 5,808 5,845 - 11,655 (20,467)
	(3,019) 6,100 (2,432) 651 (34,216)
	80,230 103,237 3,010 186,477 220,693 (3,018) 6,100 (2,431) 651 (34,216)
	77,212 109,337 579 187,128 186,477

The notes on pages 8-12 form an integral part of these financial statements.

A comparative SOFA can be found within note 11.

ENGLAND GOLF TRUST

BALANCE SHEET

AT 31 DECEMBER 2023

As at 31.12.2023 £ £ 182,441 422 6,245 6,667 1,980 1,980 4,687 187,128 109,337 77,212 579 187,128	As at 31.09.2022 £ £ 181,404 93 6,730 6,823 1,750 1,750 5,073 186,477 103,237 80,230 3,010 186,477	As at 31.09.2022 £ £ 181,404 93 6,730 6,823 1,750 1,750 5,073 186,477 103,237 80,230 3,010 186,477
6,667	6,823
1,980	1,750
1,980	1,750

		5,073

		186,477
		103,237 80,230 3,010
		186,477

The financial statements were approved and authorised for issue by the Board of Trustees on 22 October 2024 and were signed below on its behalf by:

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Miss M Page Trustee - Chair

ENGLAND GOLF TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2023

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.

ENGLAND GOLF TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE PERIOD ENDED 31 DECEMBER 2023

2. Donation and Gifts Individuals Golf Clubs Counties Other Unrestricted Donation & Gifts A Uzielli Restricted Funds Donations 3. Fund-raising costs Fundraising 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	15 Month Period ended 31 Dec 2023 Year ended 30 Sept 2022 £ £ 2,829 1,364 9,898 915 250 250 - 195 12,977 2,724 3,634 3,033 16,611 5,757 2023 2022 £ £ 2,411 - 3,560 2,867 5,970 2,867 2023 2022 £ Nos £ Nos 8,246 30 4,867 19 12,197 8 9,000 5 5,500 5 5,000 5 2,432 7 1,590 5
	28,375 50 20,457 34
	2023 2022 £ £ 1,980 1,680 320 363 467 448 4,421 - - 34 1,008 172 8,196 2,697

2. Donation and Gifts
Individuals
Golf Clubs
Counties
Other
Unrestricted Donation & Gifts
A Uzielli Restricted Funds Donations
3. Fund-raising costs
Fundraising 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

15 Month Period
ended 31 Dec
2023
Year ended 30
Sept 2022
£
£
2,829
1,364
9,898
915
250
250
-
195
12,977
2,724
3,634
3,033
16,611
5,757
2023
2022
£
£
2,411
-
3,560
2,867
5,970
2,867
2023
2022
£
Nos
£
Nos
8,246
30
4,867
19
12,197
8
9,000
5
5,500
5
5,000
5
2,432
7
1,590
5

28,375
50
20,457
34

2023
2022
£
£
1,980
1,680
320
363
467
448
4,421
-
-
34
1,008
172
8,196
2,697

ENGLAND GOLF TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE PERIOD ENDED 31 DECEMBER 2023

6. Investments Cost brought Forward Transfers in (out) Cost carried forward Realised (loss)/gain Unrealised (loss)/gain Market Value carried forward 7. Debtors and Prepayments Prepayments - Insurance 8. Accruals and Creditors: amounts falling due within one year Audit Fees	31 Dec 2023 30 Sept 2022 £ £ 179,576 218,763 (9,303) (12,965)
	170,273 205,798 515 (7,345) 11,653 (18,877)
	182,441 179,576
	31 Dec 2023 30 Sept 2022 £ £ 422 93
	422 93
	31 Dec 2023 30 Sept2022 £ £ 1,980 1,680
	1,980 1,680

ENGLAND GOLF TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE PERIOD ENDED 31 DECEMBER 2023

9. Fund Balances 15 month period ended 31 Dec 2023 General Fund Designated Fund Restricted Fund Fund Balances Year ended 30 Sept 2022 General Fund Designated Fund Restricted Fund	Brought Forward Income Expenditure Gain/ (Loss) on Investments Carried forward £ £ £ £ £ 103,237 28,234 (28,184) 6,050 109,337 3,010 - (2,432) - 579 80,230 4,236 (13,372) 6,118 77,212
	186,477 32,470 (43,988) 12,168 187,128
	Brought Forward Income Expenditure Gain/ (Loss) on Investments Carried forward £ £ £ £ £ 115,773 17,508 (15,853) (14,191) 103,237 4,600 - (1,590) - 3,010 100,320 3,033 (9,500) (13,623) 80,230
	220,693 20,541 (26,952) (27,814) 186,477

The restricted 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 restricted 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 fund was transferred to the restricted funds investment with Brown and Shipley in 2019.

10. Analysis of Net Assets by Fund 2023 Fixed Assets Current Assets Current Liabilities Analysis of Net Assets by Fund 2022 Fixed Assets Current Assets Current Liabilities	Unrestricted Funds Restricted Funds Total £ £ £ 106,320 77,212 182,441 6,668 - 6,668 (1,980) (1,980)
	111,008 80,230 187,128
	Unrestricted Funds Restricted Funds Total £ £ £ 101,174 80,230 181,404 6,823 6,823 (1,750) (1,750)
	106,247 80,230 186,477

ENGLAND GOLF TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE PERIOD ENDED 31 DECEMBER 2023

11. Comparative Statement of Financial Activity Note Income Income from generated funds: Donations & gifts 2 England Golf Bursaries Miscellaneous income Investment income Fundraising Total income Expenditure Cost of raising funds: Fundraising costs 3 Investment Management Fees Charitable activities: Grants payable: Grants for coaching, equipment and players’ expenses 4 Angela Uzielli bursaries awarded 4 BALASA 4 England Golf Bursaries Support costs 5 Total expenditure Net incoming resources before investment gains and losses Investment gains Net income for the year Net movement in funds: Total funds brought forward Total funds carried forward 9	Restricted Unrestricted Designated Total Funds Funds Funds Year ended 30 September 2022 £ £ £ £ 3,033 2,724 - 5,757 - 5,000 - 5,000 - 2 - 2 - 4,102 - 4,102 - 5,680 - 5,680
	3,033 17,508 - 20,541
	- 2,867 - 2,867 - 922 - 922
	- 3,789 - 3,789
	- 4,867 - 4,867 9,000 - - 9,000 - - 1,590 1,590 5,000 - 5,000 500 2,197 - 2,697
	9,500 12,064 1,590 23,154
	9,500 15,853 1,590 26,943
	(6,467) 1,655 (1,590) (6,402) (13,623) (14,191) - (27,814)
	(20,090) (12,536) (1,590) (34,216)
	100,320 115,773,237 4,600 220,693
	80,230 103,237 3,010 186,477