Registered Charity number 1165577 THE ELENA BALTACHA FOUNDATION (A Charitable Incorporated Organisation) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
THE ELENA BALTACHA FOUNDATION (A Charitable Incorporated Organisation) CONTENTS Pages Trustees and professional advisers Trustees. annual report Statement of trustees. responsibilities Independent examine¢s report Statement of financial activities Balance sheet Notes to the financial statements 10 to18
THE ELENA BALTACHA FOUNDATION (A Charitable Incorporated Organisation) STATEMENT OF TRUSTEES RESPOSIBILITIES FOR THE YEAR ENDED 31 MARCH 2021 Charity Number 1165577 Trustees Camielo Severino Stephen Harding Ben Haining Graham Dove Duncan Foster Philip Scott Jason Tumer Principal address Epsilon House Business Centre Epsilon House Masterlord offi Willage 1-5 Epsilon Terrace West Road IpswiGh IP3 9FJ Bankers Royal Bank of Scotland 8-10 Prince5 Street Ipswich IP1 1QT Solicitors Fisher Jones Greenwood Charter Court Newcomen Way Colchester Business Park Colchester Essex C04 9YA The Trustees have pleasure in presenting the rert and the financial statements of the Charity for the year ended 31 March 2021. STRUCTURE, GOVERNANCE AND MANAGEMENT The Elena Baltacha Foundation is a registered Charrtable Incorporated Organisation regulated by the Charity Commission, charity number. 1165577. The financial statements comply with the Charities Act 2011. the goveming document, the accounting policies set out in the notes to the financial statements, and Accounting and Reporting by Charities: Ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {effective 1 January 2019)-
THE ELENA BALTACHA FOUNDATION (A Charitsble Incorporated Organisation) STATEMENT OF TRUSTEES RESPOSIBILITIES FOR THE YEAR ENDED 31 MARCH 2021 The goveming document of the Charity is the Constitution of a Charitable Incorpofated Organisation whose only voting members are its charity trustees, last amended on 15 August 2016. The Trustees meet regularly ar)d play an adive role in the management of the Foundation. TRUSTEE RECRUITMENT Trustee recruitment has been achieved through the very wide network of individuals that the Foundation beneffts from. and is driven by the following 6 key components: Ensuring our trustees ensure that our Foundation is caryin9 Out tts purposes for the benefft of young people through sport. They comply wÉth the Foundation's governing document and the law. They act in the best interests of the Foundation. They manage the Foundation's resources responsibly. They act with reasonable care and skill. They ensure our Foundation is accountable. The criteria for recruitment is base(J on diversty, skills, experien and knowledge. We currently enjoy a board of trustees across finance, law, business, and corporate. The trustees are put forward by very trusted and reputable individuals and entities that support the Foundation, we recruit trustees based on the offering they can wovide which will ultimately manrfest itself in board decisions that enhance and benefit the young people we aim to support. OBJECTIVES AND ACTIVITIES The Foundation looks to promote communty participation in heatthy recreation. in particular by the provision of facilities for the playing of tennis for young people to advance in life.. and to help young people through the provision of recreational and leisure time activities provided in the interest of social welfare. designed to improve their conditions of lrfe. The Foundation provides tennis opportunitses to young people across the Ipswich area including areas of deprivation. This includes a large programme of Free Tennis Road Shows that are delivered on site in each school. Every pupil who attends will receive an invitation to attend a follow on Free Tennis Session which includes a structured tennis coaching experien. and a guidan programme for every parent outlining the way fomard in tennis for their child. Each parent will be provided with the infomiation about many of the tennis clubs and academies in the Ipswich area where they can continue their tennis joumey, whether that be recreational, or elite pathway The Foundation team offers a support and guidance programme for the parents and tennis players themselves. The support includes a free consultancy service advising parents on key programme sessions and programme direction. volume and qualty. The Foundation in partnership with the offers unique tennis eXperienS for young players. The team also commf(s to offeting events throughoLrt the year to enhan the life experiences of young tennis players supported by the Foundation.
THE ELENA BALTACHA FOUNDATION (A Charitable Incorporated Organisation) STATEMENT OF TRUSTEES RESPOSIBILITIES FOR THE YEAR ENDED 31 MARCH 2021 The FOuratIOn has created a muMi-SPOrt development programme (SS4B) for young people, focused on creating a connection between sporting environment, cutture and experien, and how this affects the development of their personalty, characters and skills. Our aim is to heavily focus on young people who live and attend education within deprived areas of the geography we will operate within. The SS4B Programme, promotes a connection with the virtues that are being built from a sporting experience and life, it also offers educational modules and reSoUrS that further adds to the skills. knovAedge and experiences that the young people in the SS4B Programme will benefit from. The SS4B Programme offers a general leaming management and community engagement platform where the full SS4B programme is acsed. On this platform the Foundation offers events, experien$ and the educational and development m¢Jdules that indude areas such as:
Mental Skills Strength and Condttioning NLrtrition Lifestyle It also offers a wide range of support regarding career opportuniiies and preparing for a life in business On the young person exits education. The Trustees confirm that the Foundation has referred to the guidance contained in the Charity Commission's general guidan on public benefft when vieng the Foundation's aims and objectives and in planning fijture activities. The objectives of the Charity, as outlined in its constitution, are.. To promote communty partr'cipation in healthy recreats'on in particular by the provision of facilities for the playing of tennis for young people.. To advance in lrfe and help young Feople through the provision of recreational and leisure time activities provided in the interests of social welfare. designed to improve their conditions in lrfe- and The provision and administration of grant monies. services or other provisions, to individuals, organisations or other entrties. in furtheran and fuifilment of the above objects RISK REVIEW The Trustees have conducted a review of the major risks to which the Charity is exposed and systems have been established to mitigate those risks. Should the Foundation have a need for additional funding for specific projects a strategic plan would be developed which would allow for the diversification of funding and activities. Intemal risks are minimised by the implementation of procedures for authorisation of all transactions and projects and to ensure consistent quality of delivery for all operational aspects of the Charity. These ProdureS are reviewed annually to ensure that they still meet the needs of the Chartty. REVIEW OF ACHIEVEMENTS AND PERFORMANCE AND FINANCIAL REVIEW The period running up to the 31 March 2021 has been an extremely Ghallenging period, as it has for many sporting charities. Covid completely terminated any Tennis Road Show plans and
THE ELENA BALTACHA FOUNDATION (A Charitable Incorporated Organisation) STATEMENT OF TRUSTEES RESPOSIBILITIES FOR THE YEAR ENDED 31 MARCH 2021 schedules we had developed for this period. We switched our focus to online delivery, offering well-being through our online platfomi. including physical fftness sessions, mental skills and nutrition. Moving forward we have now r&designed our delivery to cope vltih the challenges of Covid, and will continue to focus on ensuring our structure, principles and methods can cope with the limrting factors of Covid. This down time in terms of face40-face delivery. prOVed us with the opportunity of further developing our SS4B online Programme. Over The Covid period we were able to create an OLrtstanding online plafforni that has exceeded our quality expectation and has now created an opportunity to affect many young people in a very positive way. from mentals skills, emotional development, and lrfe opportunities. Incoming resources for the year were £24,248 and reSoUS expended were £20,854. With brought fOard funds of £4,475. this gave the Foundation dosing funds of £7,869 at 31 March 2021 that will be applied in future years. Fundraising activities are entered into when it is felt that these would benefit the profile and long- temi financial position of the Foundab'on, all events have been placed on hold due to the COVID- 19 virus. Further infomiation regarding the Foundation's actiVitS is provided under the heading of "Objectives and activities. on page 2. GOING CONCERN The Trustees are satisfied that the Charity has adequate resources to continue in operational existence for the foreseeable future. and for a penod of at least 12 months from the date of approving these financial statements. For this reason the Trustees continue to adopt the going concem basis in preparing the accounts. Due to Covid-19 the charities fundraising events have been cancelled and all costs where possible have been frozen, we have also used the Coronavirus Job Retention Scheme to keep staff employed, desptte this V believe we can manage with the resources we have. RESERVES POLICY It is the policy of the Trustees to hold reseNes that are considered to be at a suitable level to ensure the work of the Foundation could continue in an ordered manner from year to year, even rf incoming reSoUrS were to reduce. Funds of £7,869 {2020: £4.4751 held at the yearend £4,844 unrestricted and £3,025 restricted PLANS FOR THE FUTURE EBF (Trading) Ltd is a wholly owned trading subsidiary of the Foundation. The intention is for Ihe Subsidiary to operate commercial activrties with a view to appropriating any residual profft to the Foundation by way of gift aid. We have just Gompleted the Love All Global Auction fund raising event. The Elena Baltacha
THE ELENA BALTACHA FOUNDATION (A Charitable Incorporated Organisation) STATEMENT OF TRUSTEES RESPOSIBILITIES FOR THE YEAR ENDED 31 MARCH 2021 Foundation was instrumental in bringing together 4 enttties, Judy Murray 'muaY Play Foundation,, Geewhiz Charity and The Charitiy. Love All delivered a sucSsful outcome, providing each of the four beneficiaries wtth £16.500 Our Tennis Road Shows and the promotion of tennis in the communty will be by far the largest part of our delivery, but we will also offer the SS4B Programme to a select number of senior schools and identtfied students. Other than this, the Trustees. plans for the Foundation are consistent with the aims and objectives already noted in this report. TRUSTEES The Trustees who have served Sin 1 April 2019 are as follows: Camielo Severino Reappointed 24103121 Stephen Harding Reappointed 24103121 Ben Haining Reappointed 24103121 Graham Dove Appointed 2310512019 Duncan Foster Appointed 1311112020 Philip Scott Appointed 0411212020 Jason Tumer Appointed 0410112021 The Trustees listed above also represent the Key Management Personnel. Approved by the Trustees on 31 .1 . 21 and stqned on their behaff by Camielo Severino Trustee TRUSTEES, RESPONSIBILITIES The Charity's Trustees are responsible for preparing the Annual Report and financial statements in accordance with applicable law and regulations. The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year in accordance wtih United Kingdom Generally Accepted Accounting Practice (Unf(ed Kingdom Actounting Standards and applicable law). The Trustees must not apwove the finanaal statements unless they are satisfied that they give a true and fair view of the state of affairs of the chanty and of the incoming reSourS and application of
THE ELENA BALTACHA FOUNDATION (A Charitable Incorporated Organisation) STATEMENT OF TRUSTEES RESPOSIBILITIES FOR THE YEAR ENDED 31 MARCH 2021 resources. induding the income and expenditure, of the charity for that year. In preparing these financial statements. the trustees are required to.. a) select suitable accourrting wlicies and apply them consistently. b) observe the methods aThJ principles in the Chartties SORP", c) make judgments and estimates that are reasonable and prudent. d) state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., and el prepare the financial staternents on the going cOnM basis unless rf( is inappropriate to presume that the chartty will continue to operate. The Trustees are responsible for keeping SLrfficient a¢counting records that disclose with reasonable accuracy at any time the financial posrtion of the charity and enable them to ensure that the financial statements Comply with the Charrties Act 2011, the Char'ty (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the chanty and hence for taking reasonable steps for the prevention and detection of fraud and other 1ffegularrtS
THE ELENA BALTACHA FOUNDATION (A Charitsble Incorporated Organisation) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021 Total Funds 2021 Total Funds 2020 Unrestricted Restricted Funds Funds Notes Income from: Donations and legacies 2,807 2,807 24,686 Charitable activiknes 3.658 3,658 3,953 Other trading activrties 17.783 17,873 799 Investrnents 10 Total income 20,590 3,6S8 24.248 29,448 Expenditure on: Raising funds 321 Charitable activities 20.221 633 20,854 34,158 Total expenditure 20.221 633 20.854 34,479 Net movement in funds 369 3,025 3,394 (5,031) Total funds brought forward 4,475 4,475 9506 Total funds carried forward 14 3,025 7,869 4,475
THE ELENA BALTACHA FOUNDATION {A Charitable Incorporated Organisation) BALANCE SHEET AT 31 MARCH 2021 2021 2020 Fixed assets Investments 10 Current assets Debtors Cash at bank 10.072 3.317 10,089 1,512 13,389 11,601 Creditors: amounts falling due within one year 12 5.520 7,127 Net CUTnt assets 7,869 4,474 Net assets 7.869 4,475 Funds Total funds 14 7,869 4,475 These financial statements were approved by the Trustees on behalf of the Board of Trustees by and are signed on Carmelo Severino Trustee
THE ELENA BALTACHA FOUNDATION (A Charitable Incorporated Organisation) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 ACCOUNTING POLICIES Basls of accountlng The financial statements have been prepared under the historical cost convention. The financial statements have been prepared in accordan with the Statement of Recommended Practi.. Accounting and Reporting by CharÉties applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and RepU1C of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Pradio as it applies from 1 January 2019. The financial statements have been prepared to give a Yrue and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a Yrue and fair view.. This departure has involved following Accounting and Reporting by Chartties preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The charity constitutes a public benefft entty as defined by FRS 102. The financial statements are rounded to the nearest £1 and are prepared in sterfing. Consolidation The Charty has taken exemption from the need to prepare consolidated financial ststements on the basis that the group that it heads constitutes a small reporting entty. Going Concern Having considered the Charity's forecasts and projections, the Trustees are satisfied that the Charity has adequate resour$ to continue in operational existence for the foreseeable future, and for a period of at least 12 months from the date of approving these financial statements. For this reason the Trustees continue to adopt the going concem basis in preparing the accounts_ Due to Covid-19 the Charity's fundraising events have been rAncelled and all costs where possible have been frozen, we have also used the Coronavirus Job Retention Scheme to keep staff employed. On this basis we beli8vè we can manage with the resources we have. Incoming resources All incoming resources are induded in the Ststement of Financial Activities when the charity 15 legally entitled to the income and the amount can be quantified with reasonable accuracy. 10-
THE ELENA BALTACHA FOUNDATION (A Charitsble Incorporated Organisation) NOTES TO THE FINANCIAL STATEPaENTS FOR THE YEAR ENDED 31 MARCH 2021 ACCOUNTING POLICIES- {continued) Cash flow sLknment The financial statements do not indude a cash flow statement because the charity, as a small reporting entty, is exempt from the requirement to prepare such a statement under Financial Reporting Standard 102. Resources expended All expenditure is accounted for on an accruals basis and is recognised when there is a legal or constructive obligation to pay. Expenditure has been classified under headings that aggregate all costs related to the category. Governan Costs are those incUed in conneth.on with the management and administration of the charity and Complian with constitutional and statutory requirements. The Trustees, view is that support and govemance costs should all be allocated to the costs of charttable activitS. Resou$ expended indude VAT which cannot be recovered. Taxation The Elena Baltacha Foundation is a charity wtthin the meaning of the Charities Act 2011 and as such is a charity within the meaning of Part 11. Corporation Tax Act 2010. Accordingly, it is potentially exempt from taxation in respect of income or gains reiVed within categories covered by Part 11, Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the exient that such income or gains are applied exclusively to tts charitable purposes. Investments Investments are stated at cost less provision for any diminuiion in value. Cash and cash equivalents Cash and cash equivalents are recognised as such and included with other cash balances where they represent short term, highly liquid investments that are readily convertible to a known amount of cash, without being subject to a significant change in value. Funds Funds restricted by the donor are treated as restricted fvnds. All other re[pt$ are unrestricted funds which are available to sperKI on actiVFties that further any of the Charity's objects. 11
THE ELENA BALTACHA FOUNDATION (A Charitsble Incorporatsd Organisation) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 ACCOUNTING POLICIES- Icontinued Financial instruments Financial instruments are classffied and accourrted for. according to the substance of the ontractual arrangemen( as erther finanoal assets or financial liabilitS.. Short temi debtors (financial assets) are measured at amortised cost. Short term credrtors and loans (financial liabilities) are measured at amortised cost. Included within short term debtors is an intercompany balan which can be converted into equity if required. Significant judgements and estimatss The more significant judgements and estimates involved in the preparation of the financial statements include assessing how rtain costs should be apportioned. Further details regarding this point are included elsewhere within the accounting policies. Pension The Charity's chosen pension scheme is held with Nest, all employees are assessed as per the Auto Enrolment rules under the Pension Act 2008. Foreign Exchange Transactions in currencies other than pounds slerfing are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign CuenCieS are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in net movement for the period. 13-
THE ELENA BALTACHA FOUNDATION (A Charitsble Incorporated Organisation) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 DONATIONS AND LEGACIES Total Funds 2021 Total Funds 2020 Unrestricted Restricted Funds Funds Analysis by acttvty: Provision of sports reGreational acts'vities 2,807 2,807 24,686 Donations 2,807 2,807 24,686 Included above are restricted funds of £Nil (2020 .' £Nil). CHARITABLE ACTIVITIES Total Funds 2021 Total Funds 2020 Unrestricted Restricted Funds Funds Analysis by activity.. Provision of sports recreational activities 3,658 3.658 3,953 Coaching income Sports scien income A grant GIYM income Membership fees 3.658 3.658 3,953 3,658 3,658 3.953 Included above are restricted furKls of £3.658 (2020: £3,953). 13-
THE ELENA BALTACHA FOUNDATION (A Charitable Incorporated Organisation) NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 MARCH 2021 4. OTHER TRADING ACTIVITIES Total Funds 2021 Total Funds 2020 Unrestricted Restricted Funds Funds Awards evening Other fundraising income JRS Grant Income 799 17,783 17.783 17,783 17,783 799 Induded aljove are restricted fvnds of £Nil (2020.. £Nil). INVESTMENTS Total Funds 2021 Total Funds 2020 Unrestricted Restricted Funds Funds Bank interest r1Vable 10 Included above are restricted funds of £Nil (2019: £Nil}. RAISING FUNDS Total Funds 2021 Total Funds 2020 Unrestricted Restricted Funds Funds Awards evening Other fundraising costs 321 321 Included above are restricted funds of £Nil (2020: £Nil). 14-
THE ELENA BALTACHA FOUNDATION (A Charitable Incorporated Organisation) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 CHARITABLE ACTIVITIES Restated Total Funds 2020 Total Unrestricted Restricted Funds Funds Funds 2020 Analysis by activty-. Provision of sports recreational activities 30,205 3,953 34,158 34,158 Court hire fees Coaching fees Other Gharitable Gosts.. Free schools programme Tournament Trips SS4B Miscellaneous Support and govemance costs (note 8) 50 100 2,340 757 4,467 200 26,244 -200 20.421 -200 21,054 633 20,221 633 20,854 34,158 Included above a restricted funds of £633 (2020: £3,953). 15-
THE ELENA BALTACHA FOUNDATION (A Charitsble Incorporated Organisation) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 SUPPORT AND GOVERNANCE COSTS Total Unrostricted Restricted Funds Fund5 Funds 2021 Total Funds 2020 Advertising and promolion Bank services and charges Insurance Just Giving fees Office costs Travel and hospitalty Virgin Money giving fees Website and IT Financial and administration support Accountancy Independent Examinerfs fee ISC membership fees Wages Employers NICS Employers Pension Contributions 87 78 493 216 315 3,734 446 216 50 216 so 118 585 975 585 975 288 5,750 1,140 17.783 583 18,366 14.143 204 301 20,421 633 21,054 26,244 Included above are restricted funds of £633 (2020 . £1,463). The average number of employees in the year was 2 (2020.2) no employees eam more than £60k RELATED PARTY TRANSACTIONS The Foundation is controlled by the Trustees as a Board The Trustees (who also represent the Key Management Personnel) received no remuneration from the Charrty during the year (2020-. £Nil). As at 31 March 2021, £4.353 (2020 . £3,857) was owed to Cannelo Severino, a Trustee, as disclosed in note 12 to the financial statements_ £86 was paid to Carmelo Severino a Trustee for expenses reimbursed (2019: £1,630). As at 31a March 2021 £10,072 was owed by EBF (Trading) Ltd, a trading subsidiary which Ihe Chanty holds a 1 OOtsA shareholding EBF (Trading) Ltd donated £NIL to the Charity during the year {2020- £11.0¢)O). 16-
THE ELENA BALTACHA FOUNDATION (A Charitable Incorporated Organisation) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 10. FIXED ASSEf INVESTMENTS Charity inveslment in subsidiary: Total At 31 March 2020 and 31 March 2021 The investment in subsidiary relates to a 100°k shareholding in EBF ffrading) Limited. a ompany incorporated in England and Wales, company number 09866026. The principal activrty of EBF (Trading) Limtted is the provision of sports activrties. For the year ended 31° March 2021 the company made a loss of £-17,542 (2020 '. £25,755), and at Ihis date had a deficit in capFial and reserves of £-10,253 (2018 '. £18,289). 11. DEBTORS 2021 2020 Trade debtors Amounts owed by EBF (Trading) Limited 10,072 10,089 10,072 10,089 12. CREDITORS: AMOUNTS FALUNG DUE WtrHIN ONE YEAR 2021 2020 Trade creditors Amounts owed to Camielo Severino, Trustee Independent Examinerfs fee other creditors 24 4,353 1,140 1,510 3,857 1,140 620 5,520 7,127 17-
THE ELENA BALTACHA FOUNDATION (A Charitable Incorporated Organisation) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 13. FINANCIAL INSTRUMENTS 2021 2020 Financial assets Financial assets measured at amortised cost 10,072 10,089 Financlal Ilabllltles Financial liabilities measured at amortised cost 5,520 7,127 Financial assets measured at amortised cost comprise trade debtors and amounts owed by group undertakn'ngs. Financial liabilities measured at amortised cost comprise trade creditors, amounts owed to Camelo Severino and other creditor5. 14. FUNDS Balance at Incomrng Resources Balance at 31 Mah resources expended 31 March 2020 in year in year 2021 Unrestricted Funds 4,475 20,590 20,221 Restricted Funds 3.658 633 3,025 Total funds 4.475 24,248 20,854 7,869 Balance at Incoming Resources Balance at 31 March resources expended 31 March 2019 in year in year 2020 Unrestricted Funds 9,506 25.495 30,526 4,475 Restricted Funds 3.953 3,9S3 Total funds 9.506 29.448 34,479 4,475 18-