REGISTERED COMPANY NUMZER.. CEOO6121 {£nglond and Witles) REGISTERED CHARITY NUMB￿1.. 1166348 eport ol the Iwslees ond UTraV￿ed Flnondal Stalements forthe Year Ènded 31 December 2021 Squash Squared Brewers c￿e￿d Act￿jnIOnIS Boume Hwse Queen Slreet Gomshoo S￿￿eY 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 $gvqw•d •port ol Ihe Irvslees ltylhe Yeui Ended 31 D￿•Mb•￿2D2l STIUCTUIE. GOVERNANCE AND IAANACEMENT Govemkng ￿￿￿Me￿ The ch￿ilY is cont¥ol8d by it5 goveTffig (Sxurr*nl. a deed of *v51. crKI C￿*11￿1@$ a knyted corrqx¥y. Snyled by 9uryantee, 05 deMe(I by ￿ C(ry(¥¥es Act XQ6. manag•m•nt The Trustees re￿eWed ts tYK)i<* risks to wh¢h Ihe clthty ty •Npos•d lo CO￿1? 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 w￿￿01ed te£kdov*lls. Sq5q Programming reopened in Septembgr Xt21 wilh al fvg ry1￿￿1 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. Chyl￿n9 ￿spo￿til￿"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 yenpor￿eS Acl 2c￿)6. The finarriol slalement5 hove been wepared under the hislorical cost convention. Incolne All income 15 recognt5ed in Ihe Slotemenl of Finoncid Acti*7lies once the charity ha5 enlillement lo the hJn(ts. it ￿ proboble thai the uicome WU b¢ receive Port-time empknyee5 No employees Tecewed e￿￿um￿n￿ 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 f￿d5 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: I￿ornIng 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 uJ￿ent 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￿ COrT￿lned net nKJvemenl in fund5. ￿C￿lded in 1he above are 05 folbws.. If￿0Mmg resources RescrtKces expended Movemenl in f￿d5 Unlest￿le￿ 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