REGISTERED COMPANY NUMZER.. CEOO6121 {£nglond and Witles) REGISTERED CHARITY NUMB1.. 1166348 eport ol the Iwslees ond UTraVed Flnondal Stalements forthe Year Ènded 31 December 2021 Squash Squared Brewers ced ActjnIOnIS Boume Hwse Queen Slreet Gomshoo SeY GL15 9LY
5quush Squared Conlenls olthtr Flnanclal 51otements lorthe Yeor Ended 31 December 2021 Page Reference and Adrnlnlstralive Deta45 Report of IheTnJ51ees Independent Examlnerf5 Report Slolemenl of Fthunciql Activiltes Buliznce Sheel Nole5to the Flnanclal Slatements 7 10 11
Squagh Squored Reference and Admlnlslraliye Dela115 lor the Yeor Ended 31 December 2021 REGISTERED OFFICE 13 Comw¢kl Road Sull¢x¢ SM2 6DLS REGISTERED COMPANY NUM)ER CECMJ6121 {Engar cnd Wojesl REG15TERÉD CHARJTY NUMBEk INDEPENDENT EXAAIINER Brewer5 Ch(Tlered Accomtonts B¢yJme House Queen Street Gorrtshdl 5wey GU5 9LY Page I
Squash Squared
Report of the Trustees for the Year Ended 31 December 2021
Trustees that served during the year are as follows:
-
Craig Cook
-
Daryl Selby
-
Jared Brading
-
Justine Cherry-Macklin
-
Bradford Willett
The Trustees are kept informed of the activities and performance of the charitable organisation and provided with regular management information. The composition of the Board of Trustees is kept under review and additional appointments will be made should the need arise. All Trustees have been made aware of their responsibilities.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity was established as a Charitable Incorporated Organisation (CIO) and its activities are regulated by its constitution. The objects of the charity are to act as an extra-curricular resource for young people of school age living in London by providing advice, assistance and the organisation of physical, educational and other activities The charity aims to provide a means of advancing in life by helping young people to develop their skills, capacities and capabilities which will enable them to participate in society as independent mature and responsible individuals.
Significant activities
Squash Squared provides weekly extracurricular tutoring combined with squash lessons to disadvantaged children primarily from the Merton and Wandsworth areas. It also provides Squash Camps during the school breaks in order to keep the children active during periods where they might otherwise be sedentary.
Public benefit
The Trustees have considered the guidance provided by the Charity Commission regarding public benefit and the work of the charity.
FINANCIAL REVIEW
Financial review
Revenue in the second consecutive COVID-affected year totalled £38k in 2021, an increase vs. the more severe COVID scenario of £31k in 2020. The 2021 figure was closer to the previous "non-COVID normalised" revenue total of £44k in 2019. The charity was able to hold charitable fundraising events again in 2021, which raised materials sums, and also benefited from (similar to the situation in 2020) a series of material grants and other revenue sources. Additionally, the charity benefited from £5.5k in HMRC furlough-related payments, which have been included as part of the revenue total above for 2021.
SqSq's cost of sales (direct costs of running the program, most notably court fees and coaching costs, declined from the already depressed level of £6k in 2020 to £3.3k in 2021, as there was limited activity throughout the year in terms of a live program. Additionally, we have taken significant efforts to lower school costs via subsidies from the schools themselves. This Cost of Sales total is substantially lower than the previous "non-COVID normalised" total of £17k in 2019.
Operating costs remained more or less flat year-on-year (£27k in 2021 vs. £26k in 2020), as these figures have now reached a steady state with the current central staffing levels and other administrative expenses.
The combination of these three items enabled the charity to end 2021 in a stronger financial position vs where we started the year (see reserves totals below), a very good result given the backdrop.
Going forward, we continue to capitalise on the effort to bring down expenses via more support from Clubs and Schools, and we will see tangible benefits in 2022 from these efforts given what is projected to be a full-year running of the program.
Reserves policy
Cash on hand / reserves as at 31st December 2021totalled £73k, up from £65k at year-end 2020.
The Trustees seek to hold adequate reserves to meet nine months of the Charity's operating costs, currently at £22.5k in a normalised environment with full expenses, although this run rate has already started to come down on a per school's basis given the cost saving measures now being implemented. The difference is now being used to increase the number of schools that the charity works with and to be able to support more children, and we expect a much lower overall expense base on a per school basis and more fundraising opportunities in 2022 and 2023.
Page 2
Sguwh $gvqw•d •port ol Ihe Irvslees ltylhe Yeui Ended 31 D•Mb•2D2l STIUCTUIE. GOVERNANCE AND IAANACEMENT Govemkng Me The chilY is cont¥ol8d by it5 goveTffig (Sxurrnl. a deed of v51. crKI C111@$ a knyted corrqx¥y. Snyled by 9uryantee, 05 deMe(I by C(ry(¥¥es Act XQ6. manag•m•nt The Trustees reeWed ts tYK)i< risks to wh¢h Ihe clthty ty •Npos•d lo CO1? h¢Jve IL step5 lo mtligote Ihe polentKI wryoct or these risks. HAIRAIAM'S RVORT The Sq5q proryom wos ck)sed for most ol X)20 CYKI 2] in kne wth th• Gov•rnl w01ed te£kdovlls. Sq5q Programming reopened in Septembgr Xt21 wilh al fvg ry11 ylrruy schod5. ond IndepetrKlent Schoots portner5 Emonvel ond KCS v$ o new, sixth schoc4 Ga)ert Scott School •) L)oyckn. The charity benefited from the grourth(xk c(v)ied out n the pthiod of ck)yJ•. A new modem websrte c¢Jme C Ine. and cbor. robv51 p¢Ytner5hip Qgreemenls were mpknenled. Chyln9 spotil"e The TwsteE49 fèlt that il was ¢rilieol to rtducè opwahr¥J costs ¢hJiing 3)21. This w05 Qchieved tPYough conlrbutions key stokeholder5. All OF the 5cIN)ols ond host cijbs vrilh whom Sqsq portnw5 oNered to fLtnd Some of the ogroms operotrg costs. The fund effcrfls ond pulnerstmp opwtunities were pur5LEd durry the ye<x 59 Ihot. ) Ihe event ol schoob relurying h Septerrl)er 2021. tt)e Ccty woukl bè ffianclty prepared. During 2021, Sqsq h051ed the TVIC SQSQ Open 122-27 Avgl. Th& PSA-scN)ctioned event wa5 lor both Women ond Men P5A FAoyeis. PreMOneY set al SIIA w05 equ(d lor both Ihe men ond woman. Ihe event ¢ted pUl1¢llY and exposure for the chority. The chority (Kjction rosed o recud (rn01 In 2W21. me noI Sqsq Cup oddilionolW rSed more Ihon £9.t£¥J. A secondory board bewig c(¥)sidffied. Ihorn hos been $1<)1101 inlwtysl (Thng5t thdLKJ15 ktsen lo support. This repcKI h05 been Frf8pcred in ocCc¥<5Q 5peciol k¥ovoth ol P(xl 15 of Ihe Comp(18$ Act 2CQ6 rebtiwv to sryKI coryponies. C..J. l."_o.J..21.--.... Approve(I by c*der ol Ihe borytj of Iee$ on..
Independenl Examkner's lo the TW$te ol Squush Squured I repctsl to the trustees on my ex(rnThikn ol the statements of &wath Squared I'the chcrlll for the yeor ended 31 Decembef X)21 whh cornpri58 Ihe Slotemenl of firaonchjl Acliviliek Ihe Baknc8 She81 arxl related notè5. TNS report nKJd? 501ety to the ¢horlVs InJslees. as o bo¢ty. n occ(xthmce wth section 145 of Ihe Chorilies Act 2011. My work h05 been urKlertaken so that I 01 stcte lo the chofty's Irvstees Ise mollers l am required to Stale lo Ihem in this report ond lor no other p[m)Se. To the fullest extent P11ed by fv. I do not 0¢pt or oswme responsibility to anyone other Ihon the chgrity Ihe choiily's Iiu5tees 05 0 1)ody. for my work, lor ltr¥s report, or for Ihe opir#on51 hove I(rned. Responsxl1i and basis of rewrt As the trustee5 of the chority you ue cesponsib lor Ihe Fryarotion of frnnckjl stolemenls n occordonce wlh the requwements of Ihe Chorilles Aci 2011 ACYI. I repoit in respec ol my exominolion of thè firminad 5toleffents coN¢t out Vrer sectK)n 145 of Ihe Act ond in Cang <xJt my exonwrllon l Fmive folk)wed ol Ihe q)plicQb DeCtionS given by the Charty ComnNs$ion nder section 14515lltil ol the Act. An inclop&ndent exarYNnufion does r ine goth dl the evidence Ihal woukl be regjired in on wdit ond conseqvenlts does rbol cover all Ihe matlw5 Ihol on ourfrf¢y conSd$ in g¥vrvJ thèir 0$xrn on Ihe financiol statern8nls. The pbru)ing ond condvcl ol on au(51 goe5 beyond Ihe kniled 05$Larte tkNJt an independent examinolion con Fyovide. Con5eqvenlty l express no opiruon as to wheth& 1he ffioncial statemenls present o 'lrue ond fair, view (md my report is Imiled lo Ih05e specific motrlws sel otrt in tk independenl examinerfs slalement. Independent exominerfk StoleTrnt. I havè completed my examinotion. l cwfrm thot no moferiol moller5 kne come to my attention in connection vrith e exominolion giwng me cav5e lo befjeve thol in ony nKJlaiol spect.. • accounting records were nol kepl in respect of Ihe charity as re¢wwed bysecl)n IJJ of Ihe Act,. ¢Y . the fancIal slolements do not occofd wlh those rec¢xds: or the financid statemens do nol cornp wlh the oPcOle ieqviien3enls concerring thè fum ond conlenl of accounls sel out ui the Chorilies (Accounts ond Reportsl Regthlions olher than cny requyement Ihal the occount$ give o'lwe and faeW vtrich is nol o matter considered 0$ pol of rm independent exarrinalion. I have no concern5 ond hove come ocross no olher matter5 n connection wth Ihe exorrunotion lo which ollention should be drawn in ths report in order lo encth o Fyoper vndÈr$laThTrg ol Ihe fnonciol slotements lo be reached. Andrew Skilt ACA Brewers ChorteFed Accountants Bowne Hov5e <Jueen Slreet Gomshall Sutrey GU5 9LY Dale.. Poge 4
Squosh Squared 5tulemeNI ol Finoncitil AclThTdieg lorthe Year Ended 31 December 2Q21 31.122T Told fund5 31.12.20 Total IL•nds UNesti4Cted hjnd Re51ricted Ivnd Noles INCOME AND ENDQWMEN15 FROM OonotK)ns ttnd lego¢ie5 31.501 31,501 28.756 other trading actiwli¢5 Investrnent Sncome 6.725 6.72S ioknl 38226 38.226 28,757 EXPENDITURE ON Roi*ng fLnds 4.769 4.769 Charllable activilles Fund roisin9 25.758 25.758 33.648 Tolol 30.527 30.527 33.648 NET INCOMe/iEXPENDmiRQ 7.699 7,699 RECONCILIAIION OF FUNDS Tolal funds broughl loTr¥ord 55296 Jo,othJ 65.296 70.187 TOTAL FUNDS CARRIED FORWARD 62.995 io.ofy) n.995 65,296 Ihe noles fomi port ol these finonciol stotements Page 5
Squrtjsh Squared Balance Sheel 31 De¢Èmbew 2021 31.7121 Total Ivnds 31.12.20 Ttstal funds Unreslricled fLK)d Restricted fund Notes CVRftENT ASSETS Deblu5 Cash al bonk $04 65.620 io,000 75.620 66.747 64,124 io.(vxi 76,124 67.997 CREDnoRS Amounts lalkng due wtlyn one yec (3.129) (3.129} 12.7011 NET CURRENT ASSETS 62.995 10.0 71?15 TOTAL ASSEfs LESS CURRENT LIA8iullES 62.995 io.0 72.915 65.296 NET ASSETS 62.995 io.0 72.995 65.Tr6 FUNDS Unr&slricled funds Restrrled lund5 a2.995 10,000 55.296 10.o(x) TOTAL FUNDS 72.995 65.296 Thè chafilable compony is entit lo exemptk)n from C11 l¢J Seclicm 477 OF Ihe CorrpanEs Acl 21M)6 for the yeor ended 3? Decerrber 2021. The member5 hove not Tequwed Ihe coMp(Y to oblthn on oudl of its f¥)oncKJ stolethnts lor Ihe yeor ended 31 December 21 in accc¥dance wfh sect 476 01 the COre$ Acl 16. The InJslee5 0cknovAedge Iheir resF)onwbifjb"e5 Ic Ènsuring thol the charitOb coMpcY keeps occountiry records Ihot corr¥* with Section5 386 ar 387 of the Componie5 Acl 2C06 ond preparing finoncial slolemenls whh give a true ond fow view of the slole of off(xr5 of the charitobte corTwony os al the end ofr eoch fn-1 year and ol ils sur[$ deficil for each fimncicl year in occordonce Trmth Ihe requremenls ol Secti$ 394 ond 395 ond ¥thich otFitri¥%o5e coryly wifh the reqLirements of the comp(leS Acl 2J)6 reloling to fincT)ciol slolements. so for 0$ opphcable lo the chori10b CompLy. These finoneid slatemenls hove been p(ed in acccKcknce Y1h Ihe provispon5 (wp5cob lo charitable componies subject to the small companies regime. Ihe linonciol stotemen15 were approved by rhe Bo(Yd of Trvstees ond oulhtsri5ed fry issue on . ond were signed on it5 behalf by- LJ Ilc-¥¥ The rKJt8s form pcmt of these FwKJncial 5talements Page 6
Squosh Sqvored
Notes lo Ihe FSnttb)¢loI Stotemenl$
fol the Year Ended 31 December 2021
ACCOUNYING POUCIES
Basls ol preparfng the hnanclal stalements
The financial stalemenls of Ihe Ch¢taLle corT¥M)ny. which is a benefit entity undef FR5 102. hove
been preporod Di occordance with the Charilles SORP IFRS 1021 'AccoLinting (md Rep¢yting by Charithe5-.
Slolement of Recommended PrOcle oppFcatrAe to cPkorilies preporiru thèir oc¢ounls in occ(xdonce wlh
the Financiol Reportin9 51un
Squ¢J5h squared Nolps to Ihe Nnonclol Stutemenls- contlnued lorthe Yeor Ended 31 December 2021 INVESTMtNf INCOME 31.1221 31.12.20 Intwesl receNab-trathg NEF INCOl4WIEXPENDITURE} Nel incomelley4)en(frtwel is sfoled after ch¢ywgllcrediligl: 31.12.27 31.12.20 Room Hre costs IRUSTEES. REMUNERATION AND BENEFITS Ihere were no truslees, remune(alwM or other benefits f the ye(¥ en<d 31 Decerr)er 2021 Ihe yeor ended 31 December2020. Trvslees. expenses There were no Iruslees. eypenses pcvd loi Ihe ye¢J ended 31 Oecenknr 2021 for Ihe yeu ended 31 Decen)er 2020. STAFF COSTS Tre overage monlhty numberof 8mFJyees dwhg the yeiywos 05 lolows: 31.12.21 31.12.> Port-time empknyee5 No employees Tecewed eumn in excess ol £6Q.(XX). DE8fo%$: AMOUNT5 FALLING DUE wmiiN ¢)NE YEAR 31.1221 31.12.20 Trode deblors Prepaytnenls ond accrued nEom8 1.250 1.250 Page 8 conlinued...
Squath Squared Nole¥ lo Ihe Financial Slttlemenls- eonth)ued tor th8 Year Ended 31 December 2021 C8EDITOR&" AMQUNT5 FALLING DUE WIIHIN ONE YEAR 31.1221 31.12.20 TT¢Jde creditor5 SOCKI securily ond olher t(L Perb5ion Accruo15 ond dèfetted income 360 085 2,014 2.016 3.129 2.701 MOVEMÉNT IN AJNDS Nel movemenl in fL4nds Al 31.12.21 Al 1.1.21 Unreslrl¢led lunds Generd fund 55291 7.6119 62.995 Reslrfcted fund$ Mohn Westlak¢ io.o¢Jo io.000 TOTAI FUNDS 7.699 72.9?S Net movement in fvnds. Ckn1ed Ihe above (re os f(Ak)w5: Ir¢oming resow¢es Re50vrces eypend8d Movem6nt in fLmds Unre51rkted Ivnd5 Genefal fund 38224 130A271 7.619 TOTAL FUNDS 38226 30.5271 7.699 ComparoliYe5for mtsvemenl In lund5 Nèl movement in fd5 At 31.12.20 At 1.120 Unrestslcled funds Generol fund 70.187 55.2?6 Reslrfcted lunds ohn Wesllakè 10.(K 10.cyJ) TOTAL FUNDS 70.187 4,891 65.296 Page continued...
Squash Sqvaied Notes lo Ihe Flnanclal Statements- ¢*)n15nsJed loi the Year Ended 31 Dtcember 2021 MOVEMENT IN FUNDS- ¢L)nlFived C¢y))parolNe nel mvement in furKts. dUded in Ihe obove ore os lolDWS: IornIng resources Resources expended Movement in furK15 Unresfrlcted fvnd5 Genwol fund 18.757 133.6481 Reslrkled funds Mohn Weslloke 10. 10.O(K) T07AL FUNDS 28.757 4?11 A uJent yeor 12 monlhs ond priorye(x 12 monthg comtyned post1K is a5 Folow5.' Net movement in funds Al 31.1121 At 1.1.20 Uniestrfcted funds Gènerol lund 70.187 17.1921 02,995 Rethicled funds Mohn We$tltsk• 10.c IOAK)O TOTAL FUNDS 70.187 71995 A cvrrenl yeor 12 months and F¥ior yeor 12 rr)ntr COrTlned net nKJvemenl in fund5. Clded in 1he above are 05 folbws.. If0Mmg resources RescrtKces expended Movemenl in fd5 Unlestle lunds Genwol fund 164,1751 17.1921 Re51rkted lunds hlohn Weslk]kfj io.(x TOD TOTAL FUND5 66.983 64.1751 Poge 10 c0ntinL...
5guash SquryiÈd Nolesto Ihe Finqnclal Slafements. conlinued forthe Year Ended 31 Deeembei 2021 io. RELATED PARTY D15CLOSiIRES There were no iebted p¢Jrty 1iiyso¢lions for yeu ded 31 Decents X121. Pagell