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← The Tennis & Rackets Association Limited

2025-06-30-accounts

THE TENNIS & RACKETS ASSOCIATION LIMITED

Company No. 07819045 Charity No. 1167866

Trustees’ Report and Consolidated Financial Statements For the year ended 30 June 2025

1

TABLE OF CONTENTS

LEGAL AND ADMINISTRATIVE DATA AT 30 JUNE 2025 ..................................................................................................... 2 TRUSTEES’ REPORT FOR THE YEAR ENDED 30 JUNE 2025 ................................................................................................. 3 INDEPENDENT EXAMINER’S REPORT TO MEMBERS AND TRUSTEES OF THE TENNIS & RACKETS ASSOCIATION LTD ... 9 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2025 .................................... 10 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024 .................................... 11 GROUP BALANCE SHEET AT 30 JUNE 2025 ...................................................................................................................... 12 CHARITY BALANCE SHEET AT 30 JUNE 2025 .................................................................................................................... 13 CASHFLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2025 ...................................................................................... 14 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025 ................................................................................... 15

LEGAL AND ADMINISTRATIVE DATA AT 30 JUNE 2025

TRUSTEES Fred C Satow (Chairman- resigned 27 November 2024) James R Acheson-Gray Richard J Compton-Burnett (chair from 27 November 2024) Mark K M Farmiloe (resigned 27 November 2024) Victoria J Harvey Kathryn J Leppard (resigned 12 April 2025)` Ronald G Paterson Andrew C Power (Treasurer) Rory D Sutton Juliette L Lambert (appointed 23 April 2025)

COMPANY SECRETARY Christopher S Davies COMPANY NUMBER 07819045 CHARITY NUMBER 1167866 REGISTERED ADDRESS c/o The Queen’s Club Palliser Road West Kensington, London W14 9EQ PORTFOLIO MANAGERS Brown Advisory 18 Hanover Square, London, W1S 1JY Sarasin & Partners Juxon House, St Paul’s Churchyard, London, EC4M 8BU INDEPENDENT EXAMINERS Thomas Wilson ACA HaysMac LLP 10 Queen Street Place, London EC4R 1AG

BANKERS Cater Allen Private Bank 9 Nelson Street, Bradford BD1 5AN

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THE TENNIS & RACKETS ASSOCIATION LIMITED (T&RA) TRUSTEES’ REPORT FOR THE YEAR ENDED 30 JUNE 2025

Introduction

The Tennis & Rackets Association Limited (T&RA or the Association) was incorporated on 1 January 2013 and is registered as a company limited by guarantee. Following consultation with the members and approval from the Charity Commission, the Company was granted charitable status on 27 June 2016. The Charity Commission approved the linking of the T&RA’s original charitable arm, the Dick Bridgeman TRA Foundation (DBTRAF), to the main charity on 23 May 2019.

The charity is governed by its Board of Trustees. Members of the Board are the Directors of the Company and the Trustees of the Charity. The Trustees present their Report together with the Financial Statements for the year ended 30 June 2025.

Objectives and Activities

The T&RA's objects are specifically related to the advancement of amateur sport for the benefit of the public; these objects are achieved through such means as the Trustees think fit including but not limited to:

The activities of the T&RA are funded via membership subscriptions, donations and sponsorship. In addition to the key activities mentioned above, the T&RA is also engaged in:

Values

collaborative, consultative, inclusive and open approach to the running of the Association and aims to communicate effectively at all times. Acting with respect, integrity and professionalism, while delivering the highest standards of service for all members, is at the core of everything that the T&RA strives to achieve.

The T&RA is accountable to its membership at all times. Major decisions affecting the membership will be consulted on and approved by members at the Annual General Meeting.

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THE TENNIS & RACKETS ASSOCIATION LIMITED (T&RA) TRUSTEES’ REPORT FOR THE YEAR ENDED 30 JUNE 2025 (continued)

Achievements and Performance

For 2024/25, new initiatives have blossomed. In 2020, the T&RA recognised the need to generate better opportunities to nurture young Real Tennis professionals, and this has transformed into the focussed programme for a future generation of Rackets professionals. There are always great challenges, and the school environment has changed radically with the political upheaval and the T&RA has doubled down its efforts to influence future recruitment.

Advances in technology have also helped in other ways, especially in terms of the active communications around our game, partly by the T&RA but also from others equally motivated towards the growth of the games. Streaming of major (and not-so-major) events has been part of that tapestry, benefiting from better cameras and bandwidth, as well as the effort of many in our small community willing to dedicate their time and effort to benefit others. For an event not to have some form of media coverage is now the exception to the rule.

Rackets has been dominated by the continued phoenix-like rise of Richard Owen, who has been a dominant force in both singles and doubles (with partner Tom Billings). In the same way, Lea Van Der Zwalmen and partner Cesca Sweet defended their World Doubles, against great rivals Claire Fahey and Tara Lumley, who, in turn, defended their Open Doubles title. Cesca won her first Open Singles title, a feat long anticipated for such an emerging talent.

In Tennis, Camden Riviere fears nothing and will defend his World title against John Lumley in the autumn at Newport. Camden retained his Open Singles and Doubles (with Tim Chisholm) titles. Another superb season for Robert Shenkman, who won his third successive amateur Singles, while the evergreen Ed Kay and Jamie Giddins won their fifth Amateur Doubles. In the Women’s game, Claire Fahey remains dominant, winning her eighth World Singles and Doubles titles to set new records in the sport. She also won her thirteen Open Singles and twelfth Open Doubles titles, the latter with Tara Lumley. Claire remains an outstanding ambassador for the sport.

David Norman, our grandest doyen, who has given a lifetime of service to both games has retired. Chairman, VicePresident and finally President, there wasn’t an area which escaped David’s attention and those of us who have heard him speak know only too well that no stone will be left unturned. David’s remarkable fundraising, his passion for the games and his dedication leave a remarkable legacy. William Maltby has been asked to step up as President, which will be ratified by the membership at the next AGM.

Financial Statements

The consolidated results for the year ended 30 June 2025 show a net gain of £52.7k which was greater than the loss of £23.8k in the prior year, this was primarily due to higher donations received related to IRP. Grants increased by £47.1k to £181.3k. These grants are almost all associated with our investments in young apprentice professionals for tennis and rackets, as there was limited net court development. The level of grants was covered by donations and dividends on our investment portfolio. Donations (including associated gift aid) increased to £186.6k in the financial year from a level of £122.7k the previous year. The deficit normally run-on tournaments was reduced from £26.4k to £14.7k thanks to a generous donation from Sir John Ritblat and continued sponsorship from Brown Advisory. Membership levels were essentially flat. However, through judicious management of our administrative costs, we ensured subscriptions covered all but £32k of these support and governance costs.

The current year shows movement in funds of plus £145.4k compared with £229.2k in the previous year. This principally was caused by net gains on investments in 2024/25 being lower than 2023/24, which had been an unusually strong year in financial markets. The year’s gains will be transferred to reserves.

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THE TENNIS & RACKETS ASSOCIATION LIMITED (T&RA) TRUSTEES’ REPORT FOR THE YEAR ENDED 30 JUNE 2025 (continued)

Reserves Policy

The Trustees have agreed that, in case the T&RA should suffer significant reverses, the unrestricted reserves should be sufficient to cover six months management expenses plus expected grants for the next three years. As at 30 June 2025 these are estimated to amount to approximately £600k.

Total reserves at 30 June 2025 were £3,064k (2024: £2,919k). Actual unrestricted reserves were £2,080k (2024: £1,982k) which are held to ensure adequate income generation and to provide a firm foundation for future grants.

Grants

Grants agreed in the year under review totalled £181.3k. The principal expenditure was on the IiP programme for Tennis and the IRP programme for rackets where a total of £167.4k was invested, grants to encourage participation in the games were £13.7k.

Over the past ten years, the T&RA has invested £1.3million back into the games. £510k has been spent on Courts (covering ten different courts), and ongoing research to examine the possibility of building new Tennis courts in a more efficient, innovative and cost-effective manner. £650k has been spent on Professionals’ training and development including IiP, IRP, TRACS (a project to recruit more professionals into the games) and the Club Professional Development programme. A further £134k has been spent on encouraging Participation on schools, universities and the Dedanists’ Juniors’ programmes.

Grant Making Policy

In accordance with its charitable objects, the T&RA is dedicated to preserving and strengthening the games throughout the UK. All grants awarded must be consistent with the T&RA’s charitable purposes and the Trustees’ charity law obligations. Grants are by way of a contribution to the total cost of the grant recipient’s project in line with this policy. The T&RA does not consider grants in retrospect.

The T&RA documents as appropriate the decision-making process in respect of the awarding of grants. In making decisions about grants the T&RA satisfies itself that:

When considering grants to non-charitable organisations the T&RA considers any private benefit issues as private organisations are not subject to the same restrictions as charities and can undertake a much wider range of activities. Any private benefit which may arise in connection with the grant is identified and evaluated compared to the public benefit.

The T&RA conducts appropriate due diligence in respect of all potential grants to confirm that they are clearly in the best interests of the T&RA’s charitable purposes.

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THE TENNIS & RACKETS ASSOCIATION LIMITED (T&RA) TRUSTEES’ REPORT FOR THE YEAR ENDED 30 JUNE 2025 (continued)

Structure, Governance and Management

The Board of Trustees supports the principles and procedures of good corporate governance as set out in the Combined Code published by the Financial Reporting Council. The Trustees strive to implement relevant provisions as far as is practicable for a sporting national governing body limited by financial and other resources and membership numbers.

The T&RA is governed by the Trustees named on page 2. The following constitutional matters were approved at the Annual General Meeting, with effect from 27 November 2024: Mr F C Satow stepped down as Chair and Trustee, while Mr M Farmiloe stepped down as a Trustee; and Mr R J Compton-Burnett was elected as Chair. Ms K L Leppard stepped down as a Trustee on 12 April 2025 and Ms J L Lambert was elected as a Trustee on 23 April 2025. The composition of the Board is intended to reflect activity within both sports. No Trustees have been remunerated but were offered out-of-pocket expenses in the current year. A register of Directors’ interests is maintained which details all personal or business interests which could give rise to a conflict of interest. The T&RA maintains Directors’ and Officers’ insurance as permitted by S.234 of the Companies Act 2006. Related party transactions are noted at Note 15.

The Board has established Games Committees, an Investment Committee and other Sub-Committees, relating to the good management of the sports. The Board and the Games Committees meet four to six times each year to consider reports from the Committees and to formulate policy. Members of Committees are volunteers who give their time to support activities that can be dealt with more effectively on a collective basis. The Chief Executive is responsible for implementing the strategy approved by the Board, leading and managing the staff and overseeing the T&RA’s day-to-day operations.

Linked Charity – The Dick Bridgeman TRA Foundation (DBTRAF)

Mr AC Power has performed the role of Trustee since 20 March 2019, with Mr RJ Compton-Burnett replacing Mr FC Satow with effect from 27 November 2024.

DBTRAF was established by a Deed of Trust dated 21 January 1965 and was previously registered with the Charity Commission number 313843. The power of appointment of new Trustees was vested in the Tennis & Rackets Association Limited. The Trustees had paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.

The Charity Commission directed that as of 23 May 2019 the charity known as The Dick Bridgeman T R A Foundation ('the Linked Charity’) be treated as forming part of the charity known as The Tennis & Rackets Association Limited ('the Reporting Charity') for the purposes of Part 4 (registration) and Part 8 (accounting) of the Charities Act 2011. This direction took effect for the whole of the 2018/19 financial year of the reporting charity. Furthermore, the Charity Commission directing the linking of the charities under section 12 (1) is an administrative linkage, for reporting purposes only. It does not change the separate legal status of the charities, or the nature of restricted funds, and it does not constitute a merger. The trustees are under a duty to ensure that the funds of each charity are still applied solely in accordance with their respective trusts.

The charity known as The Tennis & Rackets Association Limited was identified as the reporting charity. In reporting the charities' activities, the Trustees of the reporting charity must maintain separate accounting records for each linked charity and ensure that the funds for each charity are applied only in accordance with each charity's separate trusts. This is a requirement of section 130 of the Charities Act 2011.

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THE TENNIS & RACKETS ASSOCIATION LIMITED (T&RA) TRUSTEES’ REPORT FOR THE YEAR ENDED 30 JUNE 2025 (continued)

Risk Management

The major financial and operational risks to which the T&RA is exposed are of an indirect nature through its coordination of sporting events nationally. The T&RA has a Health and Safety Policy which aims to implement all reasonable measures to reduce identified risks. Work remains ongoing to address specific areas of concern, in particular, eye protection for players, and the T&RA has formulated policy advice and a list of suitable eyewear. The Board has approved a Safeguarding Policy which has been distributed and clarified to all Clubs, with a voluntary National Designated Officer reporting to the Chief Executive. Disclosure and Barring Service checks, which facilitate the Safeguarding Policy, are initiated by the T&RA office. Directors’ and officers’ risks are further mitigated by a comprehensive insurance policy and by the T&RA’s incorporation into a limited company. The liability of each member is limited to £1.00, being the amount that each member undertakes to contribute in the event of the winding-up of the Company. The Company endeavours to protect, as far as reasonably practicable and in conjunction with partner organisations where relevant, the health, safety and welfare of employees, volunteers, members and its guests whilst they are in the Association's offices or at one of its events, and in compliance with all relevant club or school rules and legal requirements.

The major strategic risks facing the T&RA in the near future are considered to be:

All significant risks, along with current mitigation actions, are reviewed annually by the Trustees and more regularly by management. The Trustees are satisfied that systems are in place to mitigate identified risks to an acceptable level.

Future Plans

The T&RA has a long-term strategic plan. The plan contains specific targets for membership, participation and court development, and these are monitored by the Board. The longer-term objective is to promote amateur sport to the general public by developing both games in the UK. This will be achieved by supporting the development of new courts, increasing participation (with an emphasis on the young) and to develop the training of new and existing coaches via a structured programme.

Funds held as Custodian Trustee on behalf of others

There are no funds held on behalf of other organisations or entities.

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THE TENNIS & RACKETS ASSOCIATION LIMITED (T&RA) TRUSTEES’ REPORT FOR THE YEAR ENDED 30 JUNE 2025 (continued)

Trustees’ Responsibilities

The Trustees, who are also Directors of the T&RA for the purpose of company law, 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).

Company law requires the Trustees to prepare financial statements for each financial year and not approve the financial statements unless they are satisfied that the financial statements give a true and fair view of the state of the affairs of the Charity as at the balance sheet date and of its incoming resources and application of resources for the year then ended.

In preparing those financial statements which give a true and fair view, the Trustees should follow best practice and:

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the Company and which enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website.

By Order of the Board

CS C S Davies, Chief Executive and Company Secretary On behalf of the Board 21 August 2025

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INDEPENDENT EXAMINER’S REPORT TO MEMBERS AND TRUSTEES OF THE TENNIS & RACKETS ASSOCIATION LTD

I report to the Trustees on my examination of the accounts of the Tennis and Rackets Association Limited for the year ended 30 June 2025, which are set out on pages 10 to 23.

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 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

As the trustees of the charity (and its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

Since the charity’s income is in excess of £250,000, 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 in connection with the examination 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 386 of the 2006 Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements do not comply with the section 396 of the 2006 Act other than any requirement that the financial statements give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or

  4. the financial statements have not been prepared in accordance with the methods and principles of the Statement if Recommended Practice for accounting and reporting by charities (applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

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

Thomas Wilson (Aug 21, 2025 18:22:30 GMT+1)

Thomas Wilson ACA HaysMac LLP 10 Queen Street Place London EC4R 1AG

Date:

9

THE TENNIS & RACKETS ASSOCIATION LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2025

£000s
Notes
INCOME

Donations
3
Charitable activities
5
Trading activities
7
Investments
Total Income

EXPENDITURE
Raising funds
4
Charitable activities
5
Trading activities
7
Total Expenditure
Net income
Net gains/(losses) on investments
Net movement in funds
18 -
19
Total funds brought forward
18 -
19
Total funds carried forward
18 -
19		 Unrestricted
Funds
89.7
347.3
40.9
54.4
532.3
10.7
415.7
74.8
501.2
31.1
67.2
98.3
1982.0
2080.3		 Restricted
Funds
96.9
4.2
0.0
12.8
113.9

3.5
86.2
0.0
89.7
24.2
23.5
47.7
658.5
706.2		 Peter Kershaw
Bursary Fund
0.0
0.0
0.0
8.2
8.2

1.0
9.8
0.0
10.8
(2.6)
2.0
(0.6)
278.4
277.8		 Year ended
30 Jun 25
Total
186.6
351.5
40.9
75.4
654.4
15.2
511.7
74.8
601.7
52.7
92.7
145.4
2918.9
3064.3		 Year ended
30 Jun 24
Total
122.7
319.1
44.9
61.4
548.1
11.5
477.8
82.6
571.9
(23.8)
253.0
229.2
2689.7
2918.9

The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 15 - 24 form part of these financial statements.

10

THE TENNIS & RACKETS ASSOCIATION LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024

£000s
Notes
INCOME

Donations
3
Charitable activities
5
Trading activities
7
Investments
Total Income

EXPENDITURE
Raising funds
4
Charitable activities
5
Trading activities
7
Total Expenditure
Net income
Net gains/(losses) on investments
Net movement in funds
18 -
19
Total funds brought forward
18 -
19
Total funds carried forward
18 -
19		 Unrestricted
Funds
67.3
318.8
44.9
45.4
476.4
8.1
406.5
82.6
497.2
(20.8)
183.8
163.0
1819.0
1982.0		 Restricted
Funds
55.4
0.3
0.0
7.4
63.1

2.4
63.1
0.0
65.5
(2.4)
44.2
41.8
616.7
658.5		 Peter Kershaw
Bursary Fund
0.0
0.0
0.0
8.6
8.6

1.0
8.2
0.0
9.2
(0.6)
25.0
24.4
254.0
278.4		 Year ended
30 Jun 24
Total
122.7
319.1
44.9
61.4
548.1
11.5
477.8
82.6
571.9
(23.8)
253.0
229.2
2689.7
2918.9		 Year ended
30 Jun 23
Total
190.1
262.4
68.9
62.4
583.8
9.8
484.2
94.0
588.0
(4.2)
98.4
94.2
2595.6
2689.8

The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 15 - 24 form part of these financial statements.

11

Company Number: 07819045

THE TENNIS & RACKETS ASSOCIATION LIMITED GROUP BALANCE SHEET AT 30 JUNE 2025

£000s Notes 30 Jun 25 30 Jun 24
FIXED ASSETS
Listed Investments
Unrestricted funds 2077.8 1995.8
Restricted funds 507.8 487.2
Peter Kershaw Bursary Fund 260.4 277.2
Total Investments 9 2846.0 2760.2
Total Fixed Assets 2846.0 2760.2
CURRENT ASSETS
Stocks 10 7.5 5.1
Debtors and payments in advance 11 101.9 87.8
Cash at bank and in hand 168.5 147.1
Total Current Assets 277.9 240.0
CURRENT LIABILITIES
Creditors and accruals 12 (59.6) (81.3)
TOTAL NET ASSETS 3064.3 2918.9
FUNDS
Unrestricted funds 18 – 19 2080.3 1982.0
Restricted funds 18 – 19 706.2 658.5
Peter Kershaw Bursary Fund 18 – 19 277.8 278.4
TOTAL FUNDS 18 - 19 3064.3 2918.9

For the financial year ending 30 June 2025, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies, subject to the small companies’ regime.

Approved and authorised for issue by the Board on 21 August 2025 and signed on its behalf by:

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The notes on pages 15 - 24 form part of these financial statements.

12

Company Number: 07819045

THE TENNIS & RACKETS ASSOCIATION LIMITED CHARITY BALANCE SHEET AT 30 JUNE 2025

£000s 30 Jun 25 30 Jun 24
FIXED ASSETS
Listed investments
Unrestricted funds 990.2 947.8
Restricted funds 507.8 487.2
Total listed investments 20 1498.0 1435.0
Investment in subsidiary 0.1 0.1
Total Investments 1498.1 1435.1
Total Fixed Assets 1498.1 1435.1
CURRENT ASSETS
Stocks 21 7.5 5.1
Debtors and payments in advance 22 188.6 168.8
Cash at bank and in hand 57.4 47.7
Total Current Assets 253.5 221.6
CURRENT LIABILITIES
Creditors and accruals 23 (135.5) (160.1)
TOTAL NET ASSETS 1616.1 1496.6
FUNDS
Unrestricted funds 24-25 917.9 846.3
Restricted funds 24-25 698.2 650.3
TOTAL FUNDS 1616.1 1496.6

The Charity’s income for the year ended 30 June 2025 is £567.6k (2024 £451.1k), expenditure is £517.8k (2024 £466.9k) and net gain on investments are £69.7k (2024 £133.7k); the surplus for the year is £119.4k (2024 £117.8k).

Approved and authorised for issue by the Board on 21 August 2025 and signed on its behalf by:

- Richard Compton Burnett Richard Compton-Burnett (Aug 21, 2025 12:39:19 GMT+1) ~~oe~~

R J Compton-Burnett, Chairman A C Power, Treasurer

The notes on pages 15 - 24 form part of these financial statements.

13

THE TENNIS & RACKETS ASSOCIATION LIMITED CASHFLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2025

Cashflows from operating activities (see below)
Cashflows from investing activities:
Dividends and interest from investments
Proceeds from sale of investments
Purchase of investments
Movement in investments cash
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Net income for the year (per Statement of financial activities)
Dividends and interest from investments
Gains on investments
(Increase) / decrease in stock
(Increase) / decrease in debtors
Increase / (decrease) in creditors
Net cash used in operating activities
Analysis of cash and cash equivalents
Cash at bank and in hand
Analysis of changes in net debt
Cash at bank and in hand		 2025
£000's
75.4
193.7
(359.2)
159.2		 £000's
(47.7)		 2024
£000's
61.4
459.1
(278.8)
(169.4)
£000's
(89.0)
69.1

72.3

Cashflows
£000's
21.4
21.4
147.1		 (16.7)
163.8
168.5 147.1
2025
£000's
145.4
(75.4)
(79.5)
(2.4)
(14.1)
(21.7)		 2024
£000's
229.2
(61.4)
(253.0)
2.2
2.4
(8.4)
(47.7) (89.0)
2025
£000's
168.5		 2024
£000's
147.1
As at
01/07/2024
£000's
147.1		 As at
30/06/2025
£000's
168.5

14

THE TENNIS & RACKETS ASSOCIATION LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025

1. Accounting Policies

General Information

The Tennis & Rackets Association Limited is a company limited by guarantee and has no share capital with the charity registration number 1167866 and the company registration number 07819045. The registered office is c/o The Queen’s Club, Palliser Road, West Kensington, London W14 9EQ. The principal objectives of the charity are set out within the Trustees Report, on page 3. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity.

Basis of Preparation

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) – Accounting and Reporting by Charities; Statement 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 1012) (effective 1 January 2019), and the Companies Act 2006.

The Tennis & Rackets Association Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements are presented in UK sterling, which is the Charity’s functional currency.

Going Concern

The Trustees consider there are no material uncertainties about the Charity’s ability to continue as a going concern. The review of the financial position, reserve levels and future plans gives the Trustees confidence that the Charity remains a going concern for the foreseeable future. Special attention has been paid to cashflows, year-end cash balances and unrestricted reserves, all of which remain healthy.

Income Recognition

Investment income is recognised on a receivable basis once the amounts can be measured reliably. Individual Memberships Subscriptions, Donations, Entertainment and Development Income are recognised on a cash basis unless otherwise designated. Corporate Membership Fees, Sponsorship, Advertising, Sales of ball cloth, Rackets balls, etc. are recognised when invoiced or otherwise fall due.

Grants

Grants payable are recognised once the application has been approved under the appropriate level of authority within the T&RA.

Governance Costs

Governance costs, comprising audit fees and accountancy costs, are included within support costs.

Operating Leases

Rental charges are charged on a straight-line basis over the life of the lease.

Investments

Investments are a form of basic financial instruments and are shown in the financial statements at market value.

Profits and losses on the realisation of investments are shown as realised gains and losses in the Statement of Financial Activities. Realised gains and losses on investments are calculated between sales proceeds and their opening carrying values or their purchase value if acquired subsequent to the first day of the financial year. Movements in the market values of investments are shown as unrealised gains and losses in the Statement of Financial Activities. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

15

THE TENNIS & RACKETS ASSOCIATION LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025

1. Accounting policies (continued)

Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value

Stocks

Stocks are valued at the lower of cost and net realisable value.

Debtors

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Funds

Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the Charity. Restricted funds are those funds which are to be used in accordance with specific instructions imposed by the donor or trust deed.

Employee Benefits

The T&RA operates a defined contribution pension scheme for the benefit of its employees. The assets of the scheme are held independently from those of the T&RA in an independently administered fund. The pensions costs charged in the financial statements represent the contributions payable during the year.

2. Judgement

The Trustees are required to consider financial and other issues which may affect these accounts and, where necessary, disclose material matters. In their view, there are no significant judgemental matters affecting these accounts.

3.
Donations
£000
Benefactors
Charitable Donations
Gift Aid
Total donations
4.
Raising Funds
£000
Investment management fees		 2025
33.0
118.6
35.0
186.6
2025
15.2		 2024
28.9
60.8
33.0
122.7
2024
11.5

THE TENNIS & RACKETS ASSOCIATION LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025

5. Charitable activities

£000
Income
Membership subscriptions
Amateur tournaments
Sales of ball cloth, rackets balls, etc.
Advertising in annual report
Other
Total income
Expenditure
Grants - in pursuit of the Company's objects:
Courts - new courts and improvements to existing courts
Professional coaches - training and development
Participation - encouraging more people to play, particularly the young
Other
Total grants
Amateur tournaments
Support and Governance Costs
Staff costs
Cost of sales of ball cloth, etc.
Communications and IT
Examiner’s remuneration
Other administrative costs
Total support costs
Less: allocated to trading activities
Total net expenditure
6.
Staff Costs and Numbers
£000
Salaries and wages
Social security costs
Pension Contributions
Total		 2025
186.1
67.8
38.4
3.4
55.8
351.5
0.2
167.4
13.7
0.0
181.3
54.8
178.8
29.3
24.1
2.8
40.6
275.6
(0.0)
275.6

511.7
2025
158.7
10.2
9.9
178.8		 2024
170.4
102.1
30.8
3.1
12.7
319.1
(10.4)
130.9
13.2
0.5
134.2
91.8
164.8
28.2
22.5
2.5
33.8
251.8
(0.0)
251.8

477.8
2024
146.2
9.7
8.9
**164.8 **

The total remuneration including benefits of the charity’s key management personnel amounts to £73.0k (2024: £71.2k).

The Trustees were not entitled to any remuneration, nor did they receive any. During the year none of the trustees were reimbursed any expenditure (2024: £Nil).

The average number of employees during the year was 6 (2024: 6).

17

THE TENNIS & RACKETS ASSOCIATION LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025

7.
Trading activities
£000
Income
Sponsorship
Non-charitable donations
Professional tournaments
Total income
Expenditure
Professional tournaments
Allocated support costs
Total expenditure
8.
Operating Lease
Rentals payable in respect of a property lease:
£000
Less than one year
Two to five years
More than five years
Total		 2025
27.0
0.0
13.9
40.9
74.3
0.5
74.8
2025
2.0
8.0
14.0
24.0		 2024
26.0
0.0
18.9
44.9
82.1
0.5
82.6
2024
2.0
8.0
16.0
26.0
9.
Investments
Group £000
Listed Investment assets in the UK:
Market value at beginning of period
Cash movement
Additions to investments at cost
Additions to investments Other
Sales proceeds from disposals
Net realised gains/(losses) on disposals
Net unrealised gains/(losses) on
revaluation
Market value at 30 June 2024		 Unrestricted
1995.8
(107.4)
262.0
0.0
(126.6)
(4.6)
58.6
2077.8		 Restricted
487.2
(33.0)
96.8
0.0
(66.7)
(0.2)
23.7
507.8		 PKBF
277.2
(18.8)
0.4
0.0
(0.4)
0.0
2.0
260.4		 Total 2025
2760.2
(159.2)
359.2
0.0
(193.7)
(4.8)
84.3
2846.0		 Total 2024

2518.1
169.4
278.8
0.0
(459.1)
25.6
227.4
2760.2
10. Stocks
£000
Ball cloth
Merchandise
Wine and Other
Total		 2025
4.2
1.2
2.1
7.5		 2024
1.3
1.2
2.6
5.1

18

THE TENNIS & RACKETS ASSOCIATION LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025

11. Debtors and Payments in Advance

£000
Debtors
HM Revenue & Customs
Payments in Advance
Other Debtors
Total		 2025
10.1
0.7
62.1
29.0
101.9		 2024
2.7
5.1
50.5
29.5
87.8

12. Creditors and Accruals

£000
Accounts Payable
Accruals
Deferred Income
Other payables
Total
£000
Deferred income at 1 July 2024
Resources deferred during the year
Amounts released from previous periods
Deferred Income at 30 June 2025		 2025
2.8
30.4
17.6
8.8
59.6
2025
0.5
17.6
(0.5)
17.6		 2024
12.4
40.6
0.5
27.8
81.3
2024
15.4
0.5
(15.4)
0.5

13. Linked Charity

DBTRAF is a linked charity and is treated as forming part of the TRAL charity. A summary of DBTRAF’s financial activity for the year ended 30 June is shown below:

£000
Statement of Financial Activities
Total income
Total expenditure
Net (deficit)/income
Net (losses)/gains on investments
Total funds brought forward
Total funds carried forward
Balance Sheet
Fixed asset investments
Current assets
Current liabilities
Total net assets		 2025
45.9
(52.5)
(6.6)
23.0
1437.6
1454.0
1168.1
8.1
277.8
1454.0		 2024
52.1
(47.3)
4.8
119.3
1313.5
1437.6
1325.2
102.0
10.4
1437.6

19

THE TENNIS & RACKETS ASSOCIATION LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025

14. Subsidiary Undertaking

The company has one subsidiary undertaking, T&RA Trading Limited (TRAT), as detailed below.

TRAT

TRAT is a wholly owned subsidiary company of T&RA and commenced operations on 5 July 2016. It undertakes the non-charitable activities of T&RA: the execution of professional tournaments and securing sponsorship and donations to facilitate professional tournaments. A summary of TRAT’s financial activity for the year ended 30 June 2024 is shown below:

£000
Income Statement
Total turnover
Total expenditure
Operating profit
Loss b/f
Profit for the period
Balance Sheet
Current assets
Current liabilities
Total net assets		 2025
85.9
(76.3)
9.6
(9.6)
(0.0)
17.2
(22.9)
(5.7)		 2024
69.9
(82.6)
(12.7)
(2.5)
(15.2)
0.5
(15.7)
(15.2)

TRAT was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies. Its registered address is: The Queen’s Club, Palliser Road, West Kensington, London W14 9EQ.

15. Related Party Transactions

The aggregate amount of donations from Trustees during the year was £16.8k (2024: £1.2k). There were no other related party transactions in the year and there are no balances outstanding with any related parties at the Balance Sheet date (2024: None).

16. Memorabilia

The collection of T&RA memorabilia, including trophies, books and art, is not included in the accounts but is insured for full replacement value. At the date of these accounts, the value of such assets is estimated to be in excess of £250k.

17. Description of Restricted Fund and Peter Kershaw Bursary Fund

Restricted funds

Restricted funds are subject to restrictions imposed by the donor; these can be further described as follows:

20

THE TENNIS & RACKETS ASSOCIATION LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025

Peter Kershaw Bursary Fund (PKBF)

£200k was given to the charity on 10 December 2001 to be used to support Real Tennis and Rackets coaches, repairs and improvements to Real Tennis and Rackets facilities or any other purpose within the objects of the charity as approved by the trustees of the Peter Kershaw Charitable Trust (PKCT).

Income arising from the investments held should be applied for the above purposes within two consecutive years or else the value of the fund is repayable to the original donor trust. An annual report is made to the trustees of PKCT regarding the projects supported by the fund. Support has continued and no negative feedback relating to expenditure within the charity's objects has been received.

18. Summary of fund movements (Group)

£000
Unrestricted
T&RA
DBTRAF
TRAT
Consolidation
adjustments
Restricted
YPF
Smithie
Cockroft
TSF
ILRT
HB/K
IiP
Peter Kershaw
Bursary Fund
PKBF
Total		 2024
Income
Expenditure
Gains/
(Losses)
2025
846.3
453.6
(428.1)
46.1
917.9
1151.0
37.8
(41.8)
21.1
1168.1
(15.3)
85.9
(76.3)
0.0
(5.7)
0.0
(45.0)
45.0
0.0
0.0
1982.0
532.3
(501.2)
67.2
2080.3
516.5
14.0
(5.9)
23.5
548.1
10.0
0.0
0.0
0.0
10.0
34.4
0.0
(4.0)
0.0
30.4
3.9
0.0
0.0
0.0
3.9

14.0
4.2
0.0
0.0
18.2
8.1
0.0
0.0
0.0
8.1
71.6
95.7
(79.8)
0.0
87.5
658.5
113.9
(89.7)
23.5
706.2

278.4
8.2
(10.8)
2.0
277.8
2918.9
654.4
(601.7)
92.7
3064.3

21

THE TENNIS & RACKETS ASSOCIATION LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025

19. Analysis of net assets by fund

2025 £000
Fixed Assets
Stock
Debtors
Cash and bank
Creditors
Total
2024 £000
Fixed Assets
Stock
Debtors
Cash and bank
Creditors
Total		 Unrestricted
Restricted
PKBF
Total 2025
2077.8
507.8
260.4
2846.0
7.5
0.0
0.0
7.5
13.6
88.3
0.0
101.9
105.2
42.1
21.2
168.5

(123.8)
68.0
(3.8)
(59.6)
2080.3
706.2
277.8
3064.3
Unrestricted
Restricted
PKBF
Total 2024
1995.7
487.3
277.2
2760.2
5.1
0.0
0.0
5.1
8.5
79.3
0.0
87.8
96.2
29.8
21.1
147.1

(123.5)
62.1
(19.9)
(81.3)
1982.0
658.5
278.4
2918.9

20. Investments

Group £000
Listed Investment assets in the UK:
Market value at beginning of period
Cash movement
Additions to investments at cost
Additions to investments Other
Sales proceeds from disposals
Net realised gains/(losses) on disposals
Net unrealised gains/(losses) on
revaluation
Market value at 30 June 2025
21. Stocks
£000
Ball cloth
Merchandise
Wine and Other
Total		 Charity
2025

1435.0
(69.3)
254.2
0.0
(191.7)
(5.0)
74.7
1497.9
2025
4.2
1.2
2.1
7.5		 Charity
2024

1312.3
79.3
278.9
0.0
(369.2)
16.5
117.2
1435.0
2024
1.3
1.2
2.6
5.1

22

THE TENNIS & RACKETS ASSOCIATION LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025

22. Debtors and Payments in Advance

£000
Debtors
HM Revenue & Customs
Payments in Advance
Other Debtors
Intercompany Debtors
Total
23. Creditors and Accruals
£000
Accounts Payable
Accruals
Deferred Income
Other payables
Intercompany Creditors
Total
£000
Deferred income at 1 July 2024
Resources deferred during the year
Amounts released from previous periods
Deferred Income at 30 June 2025		 2025
10.1
0.7
62.1
26.0
89.7
188.6
2025
2.8
27.1
17.6
8.8
79.2
135.5
2025
0.5
17.6
(0.5)
17.6		 2024
5.6
5.1
50.5
26.5
81.1
**168.8 **
2024
8.0
37.4
0.5
27.8
86.4
**160.1 **
2024
15.4
0.5
(15.4)
0.5

24. Summary of fund movements (Charity)

£000
Unrestricted
T&RA
Restricted
YPF
Smithie
Cockroft
TSF
ILRT
IiP
Total		 2024
Income
Expenditure
Gains/
(Losses)
2025
846.3
453.6
(428.1)
46.1
917.9
846.3
453.6
(428.1)
46.1
917.9
516.5
14.0
(5.8)
23.5
548.2
10.0
0.0
0.0
0.0
10.0
34.4
0.0
(4.1)
0.0
30.3
3.9
0.0
0.0
0.0
3.9

14.0
4.2
0.0
0.0
18.2
71.6
95.8
(79.8)
0.0
87.6
650.4
114.0
(89.7)
23.5
698.2
1496.7
567.6
(517.8)
69.6
1616.1

23

THE TENNIS & RACKETS ASSOCIATION LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025

25. Analysis of net assets by fund

2025 £000
Fixed Assets
Stock
Debtors
Cash and bank
Creditors
Total
2024 £000
Fixed Assets
Stock
Debtors
Cash and bank
Creditors
Total		 Unrestricted
Restricted
Total 2025
990.2
507.8
1498.0
7.5
0.0
7.5
100.3
88.3
188.6
15.3
42.1
57.4

(195.3)
59.9
(135.4)
918.0
698.1
1616.1
Unrestricted
Restricted
Total 2023
947.9
487.2
1435.1
5.1
0.0
5.1
89.5
79.3
168.8
17.9
29.8
47.7

(214.1)
54.0
(160.1)
846.3
650.3
1496.6

24

TRAL TRFS 2024-25 signed2

Final Audit Report

2025-08-21

Created: 2025-08-21 By: Chris Davies (executive@tennisandrackets.com) Status: Signed Transaction ID: CBJCHBCAABAAWE31pDVRRELA9ENDXXBacsLoyoG-6l_n

"TRAL TRFS 2024-25 signed2" History

Document created by Chris Davies (executive@tennisandrackets.com) 2025-08-21 - 11:36:06 AM GMT

Document emailed to Richard Compton-Burnett (richard@comptonburnett.com) for signature 2025-08-21 - 11:36:12 AM GMT

Email viewed by Richard Compton-Burnett (richard@comptonburnett.com) 2025-08-21 - 11:38:31 AM GMT

Document emailed to Thomas Wilson (twilson@haysmac.com) for signature 2025-08-21 - 11:39:21 AM GMT

Email viewed by Thomas Wilson (twilson@haysmac.com) 2025-08-21 - 11:39:55 AM GMT

Document e-signed by Thomas Wilson (twilson@haysmac.com) Signature Date: 2025-08-21 - 5:22:30 PM GMT - Time Source: server

Agreement completed.

2025-08-21 - 5:22:30 PM GMT