**REGISTERED COMPANY NUMBER: 10236715 (England and Wales) REGISTERED CHARITY NUMBER: 1172490** ## **Report of the Trustees and** ## **Unaudited Financial Statements for the Year Ended 31 December 2022** **for** **Professional Squash Association Foundation** **Professional Squash Association Foundation** ## **Contents of the Financial Statements for the Year Ended 31 December 2022** |||**Page**|| |---|---|---|---| |**Report of the Trustees**|1|to|3| |**Independent Examiner's Report**||4|| |**Statement of Financial Activities**||5|| |**Balance Sheet**||6|| |**Notes to the Financial Statements**|7|to|11| |**Detailed Statement of Financial Activities**||12|| ## **Professional Squash Association Foundation** ## **Report of the Trustees for the Year Ended 31 December 2022** The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of 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 102) (effective 1 January 2019). 2022 was a very positive year for the PSA Foundation, with the full return of the tour and courts reopening around the globe, as a Foundation we played a key role by developing new partnerships to make squash more visible and accessible, increasing our engagement with the Squash for Development programs and providing critical mental health and wellbeing support to our players. During 2022, the PSA Foundation has made great strides in growing squash globally, leaving a legacy across the world and increasing the accessibility of the game. A hugely successful activation event was staged at Birmingham New Street Station in the lead-up to the 2022 Commonwealth Games. Thousands of commuters and Birmingham residents discovered the exciting sport of squash and met the world's best players at the Birmingham 2022 Commonwealth Games, with a world-class glass court erected inside of Birmingham New Street station's state-of-the-art atrium- which sees an estimated 170k visitors a day. An action-packed week of activity rallied the local community and saw thousands of school children having a hit on the court as well as open play sessions for the public, several taster sessions including squash for beginners, plus exhibitions matches and an opportunity to meet professional players. Increased mental health support has been offered to even more players through a valuable partnership with Sporting Chance and Wellness Ambassador programs. "It's often easy to look at professional athletes and forget that we are humans too who also go through life struggles and deal with mental health issues" noted Amanda Sobhy, World No.4 and Health and Wellness Ambassador Mental health support for PSA players has been fundamental for the PSA Foundation, and this year we have continued to champion this aspect of our work and raise funds that support the mental health of players on tour. We provided 57 counselling sessions to players on tour free of charge. We also provided a series of educational videos and testimonies raising awareness to break down the stigma around mental health. At the PSA Foundation, we believe that there are no better people to help inform on the challenges of competing on Tour than the players themselves and the health and wellness programme is a testament to that. Professional sports present unique pressures for athletes and the aim of this initiative is for the players to spearhead a Tour-wide effort to share struggles, advice, and experiences and support each other. Key interviews with Amanda Sobhy, who opened up about her battle with an eating disorder, and Mary Fung-A-Fat, who highlighted how the squash community saved her after the loss of her father, were particular highlights of the incredible strength and leadership from our ambassadors. We have continued to highlight more stories and discussion points from our ambassadors and have grown our group of ambassadors who champion this cause. October 10th also marked World Mental Health Day, with the theme for this year, set by the World Federation for Mental Health, being 'Make mental health and wellbeing for all a global priority '. During their warmups for the matches on the day, which coincided with the 2022 US Open players wore T-shirts highlighting the key message that you can't see everything on court. A major aspect of what we do is empowering women within the game and increasing the participation of women and girls at all levels in squash, with many key aspects of our work this year championing women within the game. As part of the #SayPeriod campaign, Professional Squash Players Mary Fung-A-Fat, Amanda Sobhy and Olivia Clyne discussed the challenges women's players face on tour, the stigma attached to periods, and what can be done to support women athletes more effectively. Set up by BBC Sport, the #SayPeriod campaign wants to stop using euphemisms to describe periods, saying it can perpetuate stigmas and stop people from discussing the issue. We were proud to be able to be part of this campaign and the wide reach that the messages had within the squash community, particularly with young girls and collegiate students. In September, we celebrated Women's Squash Week. This week is an international campaign that aims to celebrate and raise the profile of female squash. We championed this key awareness week by showcasing and highlighting several organisations we work with, as well as extraordinary stories of women and girls in Squash. Page 1 ## **Professional Squash Association Foundation** ## **Report of the Trustees for the Year Ended 31 December 2022** The 'We Are One Fund' has been relaunched as a hardship fund to support players who face severe hardship. The "We Are One" Fund that successfully supported professional squash players across the globe facing financial distress during COVID relaunched with a new focus. The fund will continue to support players in need but has refocused as an emergency hardship fund that aids players facing severe hardship such as career-ending injuries, family calamities and unforeseeable emergencies. This fund will play a pivotal role in ensuring players across the world at all levels can both engage and thrive within our sport. The PSA Foundation has set up a new committee to stimulate the development and building of outdoor squash courts across the globe. Outdoor squash is not a one size fits all movement. Outdoor squash symbolizes accessibility and the opportunity to enjoy the game at a grassroots level and have fun playing a fast-paced and social game. As the popularity of outdoor squash continues to increase, we've seen multiple instances of tournaments and organisations utilising this movement to grow the game. Through the creation of this committee, we have created a "think tank" that has brought innovation and community together and created more spaces for communities to play squash. An example was the Iranian Federation building several mini concrete squash courts in under served areas. 2022 has seen the PSA Foundation expand the number of Squash for Development organizations that it supports. We've continued to support a range of squash organisations across the globe to grow the game and make the sport more accessible for all, developing the future of the game and supporting underserved communities. New and exciting partnerships were also started, expanding our community network: -Canadian Inclusivity Squash Program (CISP), which is an innovative squash program that teaches squash to persons with disabilities (mental, emotional, or physical) in a fully inclusive and safe environment. CISP programs are dedicated to delivering squash to enhance the lives of persons with disabilities. NL's program also recruits Coaching Assistants who are usually in high school or university and helps them learn how to coach squash and gives them opportunities to interact and become friends with people with disabilities. - Nicol David Organisation, and its flagship programme 'Little Legends'. The non-profit was launched earlier this year in Bukit Jalil, Kuala Lumpur, by Malaysia's former World No.1, eight-time World Champion, legend Nicol David, and Colombian former World No.81 Mariana De Reyes. With her strong desire to build on this legacy and give back to the community, Nicol decided to create the Little Legends program. Under the 'Little Legends' initiative, a subsidized after-school programme, children aged 8 from low- and middle-income families will take part in a five-year programme comprising of twice-weekly squash training and English tutoring. PSA Foundation's Rebound programme recently highlighted that it has given 2,782 squash items to non-profit organisations across the world. Rebound is an initiative that collects usable squash gear to send as donations across the world. We hand-pick the programmes that receive Rebound donations so we know we're sending squash gear to under served communities that work with children who otherwise would not be able to play squash. Recycling old gear is an environmentally friendly way to get children into the sport. One of the many programmes that has benefitted from our Rebound initiative is Egoli Squash. The South African programme aims to engage kids from previously disadvantaged communities in an intensive and long-term experience. They do this by incorporating squash, fitness, tutoring, community service and mentoring to change children's lives for the better. Sharon Sibanda, Egoli squash Coordinator, spoke with us on how Rebound has enabled them to have a greater impact in their community. "With Rebound's donations, our organization has managed to provide kit and equipment to our Inner-city and Soweto youths. Access to proper kit and equipment is a huge challenge for our players who come from vulnerable communities and cannot afford the costs of sports equipment, apparel, and footwear. We hope to expand delivering our programmes beyond South Africa and reach out to more youths who would not otherwise have opportunities to grow through sport due to their backgrounds." ## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document** The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Registered Company number** 10236715 (England and Wales) Page 2 ## **Professional Squash Association Foundation** ## **Report of the Trustees for the Year Ended 31 December 2022** **Registered Charity number** 1172490 ## **Registered office** 46 The Calls Leeds Yorkshire LS2 7EY ## **Trustees** S M Goldberg M I Hill B A Macdougall Ms A J McConnell A J Gough Y P Lee Miss S Perry N Matthew (appointed 14.4.2023) ## **Company Secretary** S M Goldberg ## **CHARITABLE STATUS** The company obtained charitable status on the 7th April 2017. Approved by order of the board of trustees on 29 September 2023 and signed on its behalf by: M I Hill - Trustee Page 3 ## **Independent Examiner's Report to the Trustees of Professional Squash Association Foundation** ## **Independent examiner's report to the trustees of Professional Squash Association Foundation ('the Company')** I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2022. ## **Responsibilities and basis of report** As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). Having satisfied myself that the accounts of the Company 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 your charity's accounts as 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** 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: 1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts 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. Andrew Stewart Charles BSc (Econs) FCA 29 September 2023 Page 4 ## **Professional Squash Association Foundation** ## **Statement of Financial Activities for the Year Ended 31 December 2022** |Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
**144,440**
Investment income
2
**3**
**Total**
**144,443**
**EXPENDITURE ON**
Raising funds
3
**828**
**Charitable activities**
Charitable activities
**4,897**
Other
**117,137**
**Total**
**122,862**
**NET INCOME/(EXPENDITURE)**
**21,581**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**36,815**
**TOTAL FUNDS CARRIED FORWARD**
**58,396**|Restricted
fund
£
**3,437**
**-**
**3,437**
**-**
**3,437**
**-**
**3,437**
**-**
**-**
**-**|**2022**
**Total**
**funds**
**£**
**147,877**
**3**
**147,880**
**828**
**8,334**
**117,137**
**126,299**
**21,581**
**36,815**
**58,396**|2021
Total
funds
£
87,467
2
87,469
836
45,566
45,387
91,789
(4,320)
41,135
36,815| |---|---|---|---| The notes form part of these financial statements Page 5 ## **Professional Squash Association Foundation** ## **Balance Sheet 31 December 2022** |Unrestricted
Restricted
fund
fund
Notes
£
£
**CURRENT ASSETS**
Debtors
7
**53,669**
**-**
Cash at bank
**4,727**
**-**
**58,396**
**-**
**CREDITORS**
Amounts falling due within one year
8
**-**
**-**
**NET CURRENT ASSETS**
**58,396**
**-**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**58,396**
**-**
**NET ASSETS**
**58,396**
**-**
**FUNDS**
9
Unrestricted funds
**TOTAL FUNDS**|**2022**
**Total**
**funds**
**£**
**53,669**
**4,727**
**58,396**
**-**
**58,396**
**58,396**
**58,396**
**58,396**
**58,396**|2021
Total
funds
£
361
37,262
37,623
(808)
36,815
36,815
36,815
36,815
36,815| |---|---|---| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022. The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 29 September 2023 and were signed on its behalf by: M I Hill - Trustee The notes form part of these financial statements Page 6 ## **Professional Squash Association Foundation** ## **Notes to the Financial Statements for the Year Ended 31 December 2022** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Pension costs and other post-retirement benefits** The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. ## **2. INVESTMENT INCOME** |**INVESTMENT INCOME**||||| |---|---|---|---|---| ||**2022**||2021|| ||**£**||£|| |Bank interest||**3**||2| continued... Page 7 **Professional Squash Association Foundation** ## **Notes to the Financial Statements - continued for the Year Ended 31 December 2022** ## **3. RAISING FUNDS** ## **Raising donations and legacies** |**Raising donations and legacies**||| |---|---|---| ||**2022**|2021| ||**£**|£| |Support costs|**828**|836| ## **4. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021. ## **5. STAFF COSTS** |Wages and salaries
Other pension costs
The average monthly number of employees during the year was as follows:
Admin
No employees received emoluments in excess of £60,000.
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
fund
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
58,017
Investment income
2
**Total**
58,019
**EXPENDITURE ON**
Raising funds
836
**Charitable activities**
Charitable activities
8,179
Other
45,387
**Total**
54,402|**2022**
**£**
**84,095**
**3,135**
**87,230**
**2022**
**3**
Restricted
fund
£
29,450
-
29,450
-
37,387
-
37,387|2021
£
35,645
2,406
38,051
2021
2
Total
funds
£
87,467
2
87,469
836
45,566
45,387
91,789|2021
£
35,645
2,406
38,051
2021
2
Total
funds
£
87,467
2
87,469
836
45,566
45,387
91,789| |---|---|---|---| ||||| ||||87,469| ||||836
45,566
45,387| ||||91,789| ## **6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** continued... Page 8 ## **Professional Squash Association Foundation** ## **Notes to the Financial Statements - continued for the Year Ended 31 December 2022** |**6.**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**||| |---|---|---|---|---|---| |||Unrestricted|Restricted||Total| |||fund|fund||funds| |||£|£||£| ||**NET INCOME/(EXPENDITURE)**|3,617|(7,937)||(4,320)| ||**RECONCILIATION OF FUNDS**||||| ||Total funds brought forward|33,198|7,937||41,135| ||**TOTAL FUNDS CARRIED FORWARD**|36,815||-|36,815| |**7.**|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**||||| ||||**2022**||2021| ||||**£**||£| ||Sundry debtors||**53,669**||361| |**8.**|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**||||| ||||**2022**||2021| ||||**£**||£| ||Trade and sundry creditors||**-**||808| |**9.**|**MOVEMENT IN FUNDS**||||| ||||Net||| ||||movement||At| |||At 1/1/22|in funds||31/12/22| |||£|£||£| ||**Unrestricted funds**||||| ||General fund|**36,815**|**21,581**||**58,396**| ||**TOTAL FUNDS**|**36,815**|**21,581**||**58,396**| ||Net movement in funds, included in the above are as follows:||||| |||Incoming|Resources||Movement| |||resources|expended||in funds| |||£|£||£| ||**Unrestricted funds**||||| ||General fund|**144,443**|**(122,862)**||**21,581**| ||**Restricted funds**||||| ||We Are One Fund|**3,437**|**(3,437)**||**-**| ||**TOTAL FUNDS**|**147,880**|**(126,299)**||**21,581**| continued... Page 9 ## **Professional Squash Association Foundation** ## **Notes to the Financial Statements - continued for the Year Ended 31 December 2022** ## **9. MOVEMENT IN FUNDS - continued** ## **Comparatives for movement in funds** |||Net|| |---|---|---|---| |||movement|At| ||At 1/1/21|in funds|31/12/21| ||£|£|£| |**Unrestricted funds**|||| |General fund|33,198|3,617|36,815| |**Restricted funds**|||| |We Are One Fund|7,937|(7,937)|-| |**TOTAL FUNDS**|41,135|(4,320)|36,815| |Comparative net movement in funds, included|in the above are as follows:||| ||Incoming|Resources|Movement| ||resources|expended|in funds| ||£|£|£| |**Unrestricted funds**|||| |General fund|58,019|(54,402)|3,617| |**Restricted funds**|||| |We Are One Fund|29,450|(37,387)|(7,937)| |**TOTAL FUNDS**|87,469|(91,789)|(4,320)| A current year 12 months and prior year 12 months combined position is as follows: |||Net|| |---|---|---|---| |||movement|At| ||At 1/1/21|in funds|31/12/22| ||£|£|£| |**Unrestricted funds**|||| |General fund|33,198|25,198|58,396| |**Restricted funds**|||| |We Are One Fund|7,937|(7,937)|-| |**TOTAL FUNDS**|41,135|17,261|58,396| continued... Page 10 ## **Professional Squash Association Foundation** ## **Notes to the Financial Statements - continued for the Year Ended 31 December 2022** ## **9. MOVEMENT IN FUNDS - continued** A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**Restricted funds**
We Are One Fund
**TOTAL FUNDS**|Incoming
resources
£
202,462
32,887
235,349|Resources
Movement
expended
in funds
£
£
(177,264)
25,198
(40,824)
(7,937)
(218,088)
17,261| |---|---|---| ## **10. RELATED PARTY DISCLOSURES** Professional Squash Association is related to the company by virtue of its control over the company. At the year end, Professional Squash Association owed the company £53,669 (2021: the company owed Professional Squash Association £808). In addition, Professional Squash Association incurred costs of £125,000 (2021: £69,943) for expenses in relation to the aligned objectives of the company. ## **11. ULTIMATE CONTROLLING PARTY** The company is under the ultimate control of Professional Squash Association. Page 11 ## **Professional Squash Association Foundation** ## **Detailed Statement of Financial Activities for the Year Ended 31 December 2022** |**INCOME AND ENDOWMENTS**
**Donations and legacies**
Memberships
Donations
Auction proceeds
We Are One fund
**Investment income**
Bank interest
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
We Are One fund
Mental health support
Donations
**Support costs**
**Management**
Wages
Pensions
Staff travel and expenses
Postage and stationery
Advertising
Sundries
IT and website costs
**Finance**
Bank charges
Total resources expended
**Net income/(expenditure)**|2022
£
**2,996**
**141,212**
**232**
**3,437**
**147,877**
**3**
**147,880**
**3,437**
**4,081**
**816**
**8,334**
**84,095**
**3,135**
**16,623**
**828**
**1,284**
**8,139**
**3,594**
**117,698**
**267**
**126,299**
**21,581**|2021
£
3,021
54,886
110
29,450
87,467
2
87,469
37,387
7,566
613
45,566
35,645
2,406
4,710
836
1,999
-
364
45,960
263
91,789
(4,320)| |---|---|---| This page does not form part of the statutory financial statements Page 12