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2024-12-31-accounts

Charity registration number 1183759 (England and Wales)

WIGMORE LAWN TENNIS CLUB CIO

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

WIGMORE LAWN TENNIS CLUB CIO

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Ms Doris Ko Ms S O'Dwyer Ms A Barrett Mr D Knipe Ms J Redfern Mr P Hopkins Mr D N Thomas Ms C Sauvary Mr R Deeley Ms A Terry Mr G Freeman Charity number (England and Wales) 1183759 Principal address 43 Becmead Avenue Streatham SW16 1UJ Independent examiner CB Reid Limited Wadebridge House 16 Wadebridge Square Poundbury Dorchester Dorset DT1 3AQ

(Appointed 31 March 2024) (Appointed 31 March 2024)

WIGMORE LAWN TENNIS CLUB CIO

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6 - 13

WIGMORE LAWN TENNIS CLUB CIO

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees present their annual report and financial statements for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the CIO's constitution, the Charities Act 2011 and "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)".

Objectives and activities

The CIO's objectives are the advancement of amateur sport and the promotion of community participation in healthy recreation by (not exclusively) the provision of facilities and resources to enable the playing and coaching of tennis.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the CIO (Charitable incorporated organisation) should undertake.

Achievements and performance

The club's facilities have continued to be maintained and upgraded. In particular, the area around the entrance area was completed and Court 7 replacement was completed.

Financial review

Wigmore’s financial position remains strong. Cash reserves at the end of the period end totalled £121,575. Net operating income before depreciation was £68,146.

It is the policy of the CIO that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to six months' expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the CIO’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the period.

The trustees have assessed the major risks to which the CIO is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.

WIGMORE LAWN TENNIS CLUB CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Structure, governance and management

The CIO is constituted under a document dated 24 March 2019 which can only be amended by resolution agreed in writing by all members of the CIO or by a resolution passed by a 75% majority of votes cast at a general meeting of the members of the CIO. Any amendments must be consistent with the provisions of the Charities Act 2011 or the General Regulations.

The trustees who served during the year and up to the date of signature of the financial statements were: Ms Doris Ko Ms S O'Dwyer Ms A Barrett Mr D Knipe Ms E Marshall Coley (Resigned 31 March 2024) Ms J Redfern Mr P Hopkins Mr D N Thomas Ms C Sauvary Mr R Deeley Ms A Terry (Appointed 31 March 2024) Mr G Freeman (Appointed 31 March 2024)

Members are invited to stand as trustees and are re-elected annually. A trustee can serve for a maximum of five years.

The CIO's current policy concerning the payment of trade creditors is to:

The trustees' report was approved by the Board of Trustees.

..............................

Mr P Hopkins Trustee 26 Mar 2025 Dated: .........................

WIGMORE LAWN TENNIS CLUB CIO

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF WIGMORE LAWN TENNIS CLUB CIO

I report to the trustees on my examination of the financial statements of Wigmore Lawn Tennis Club CIO (the CIO) for the year ended 31 December 2024.

Responsibilities and basis of report

As the trustees of the CIO you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.

I report in respect of my examination of the CIO’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.

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:

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 financial statements to be reached.

Matthew Haines FCA

CB Reid Limited Wadebridge House 16 Wadebridge Square Poundbury Dorchester Dorset DT1 3AQ

26 Mar 2025 Dated: .........................

WIGMORE LAWN TENNIS CLUB CIO

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted Endowment
funds
funds
2024
2024
Notes
£
£
Income and endowments from:
Donations and legacies
3
56
-
Charitable activities
4
174,940
-
Other trading activities
5
57,479
-
Other income
6
2,238
-
Total income
234,713
-
Expenditure on:
Raising funds
7
41,185
-
Charitable activities
8
215,637
-
Total resources expended
256,822
-
Net (expenditure)/income for the year/
Net movement in funds
(22,109)
-
Fund balances at 1 January 2024
454,116
1,380,000
Fund balances at 31 December 2024
432,007
1,380,000
Total
2024
£
56
174,940
57,479
2,238
234,713
41,185
215,637
256,822
(22,109)
1,834,116
1,812,007
Total
2023
£
120
168,682
48,138
1,637
218,577
30,733
183,236
213,969
4,608
1,829,507
1,834,115

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

WIGMORE LAWN TENNIS CLUB CIO

BALANCE SHEET

AS AT 31 DECEMBER 2024

Notes
Fixed assets
Tangible assets
12
Current assets
Stocks
13
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
16
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
17
Net assets
Capital funds
Endowment funds - general
Income funds
Unrestricted funds
2024
£
£
1,763,712
4,697
3,117
121,575
129,389
(69,094)
60,295
1,824,007
(12,000)
1,812,007
1,380,000
432,007
1,812,007
2023
£
£
1,835,266
670
2,529
74,833
78,032
(65,183)
12,849
1,848,115
(14,000)
1,834,115
1,380,000
454,115
1,834,115

16 Mar 2025

The financial statements were approved by the Trustees on .........................

.............................. Mr P Hopkins Trustee

WIGMORE LAWN TENNIS CLUB CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

Charity information

Wigmore Lawn Tennis Club CIO is a Charitable Incorporated Organisation.

1.1 Accounting convention

The financial statements have been prepared in accordance with the CIO's constitution, the Charities Act 2011 and "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)". The CIO is a Public Benefit Entity as defined by FRS 102.

The CIO has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the CIO. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the CIO has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the CIO. The CIO carries an expendable endowment fund of £1.38m which represents the market value of the land transferred to the CIO on 6 November 2019 by Wigmore Lawn Tennis Club, an unincorporated members' club. Whilst the land from which the club operates could be sold, this is only possible with Charity Commission consent and provided that any purchaser continues to use the land for the operation of a tennis club.

1.4 Income

Income is recognised when the CIO is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the CIO has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

WIGMORE LAWN TENNIS CLUB CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

Legacies are recognised on receipt or otherwise if the CIO has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Members' subscriptions received in advance are deferred and recognised in the period to which they relate.

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.5 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings 8 years straight line basis Tennis courts 8 years straight line basis on original cost prior to gift to CIO Plant and equipment 5 years straight line basis

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

The CIO has adopted the cost model in recognising its property, plant and equipment. Land with a market value of £1.38m and property including Club buildings and tennis courts with a market value of £97,077 were transferred to the CIO on 6 November 2019.

Land was valued by Messrs Tyser Greenwood, Chartered Surveyors. Club buildings and courts were valued by the CIO's Trustees with reference to their previous carrying value in the accounts of Wigmore Lawn Tennis Club.

1.6 Impairment of fixed assets

At each reporting end date, the CIO reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

WIGMORE LAWN TENNIS CLUB CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

1.7 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The CIO has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the CIO's balance sheet when the CIO becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the CIO’s contractual obligations expire or are discharged or cancelled.

WIGMORE LAWN TENNIS CLUB CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

2 Critical accounting estimates and judgements

In the application of the CIO’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

**Unrestricted ** Unrestricted
funds funds
2024 2023
£ £
Donations and gifts 56 120
Income from charitable activities
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Floodlight income 4,182 3,411
Membership subscriptions 170,758 165,271
174,940 168,682

4 Income from charitable activities

5 Other trading activities

**Unrestricted ** Unrestricted
funds funds
2024 2023
£ £
Bar income 57,479 48,138

WIGMORE LAWN TENNIS CLUB CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

6 Other income

Unrestricted Unrestricted
funds
funds
2024
2023
£
£
Other income
2,238
1,637
7
Trading costs
Unrestricted Unrestricted
funds
funds
2024
2023
£
£
Bar costs
41,185
30,733
41,185
30,733
8
Charitable activities
Expenses
Expenses
2024
2023
£
£
Depreciation and impairment
90,255
85,600
Administration costs
8,329
9,581
Court and grounds maintenance
29,107
22,938
Light and heat
15,409
15,076
General repairs and maintenance
49,594
29,177
Cost of social events
3,828
3,308
Bank and card machine charges
3,113
2,456
Website costs
1,973
2,144
Telephone and internet
929
961
Tournament and match expenses
5,647
6,363
Subscriptions and levies
1,518
1,628
Insurance
4,135
2,324
213,837
181,556
Share of governance costs (see note 9)
1,800
1,680
215,637
183,236
Unrestricted Unrestricted
funds
funds
2024
2023
£
£
Other income
2,238
1,637
7
Trading costs
Unrestricted Unrestricted
funds
funds
2024
2023
£
£
Bar costs
41,185
30,733
41,185
30,733
8
Charitable activities
Expenses
Expenses
2024
2023
£
£
Depreciation and impairment
90,255
85,600
Administration costs
8,329
9,581
Court and grounds maintenance
29,107
22,938
Light and heat
15,409
15,076
General repairs and maintenance
49,594
29,177
Cost of social events
3,828
3,308
Bank and card machine charges
3,113
2,456
Website costs
1,973
2,144
Telephone and internet
929
961
Tournament and match expenses
5,647
6,363
Subscriptions and levies
1,518
1,628
Insurance
4,135
2,324
213,837
181,556
Share of governance costs (see note 9)
1,800
1,680
215,637
183,236
Unrestricted Unrestricted
funds
funds
2024
2023
£
£
Other income
2,238
1,637
7
Trading costs
Unrestricted Unrestricted
funds
funds
2024
2023
£
£
Bar costs
41,185
30,733
41,185
30,733
8
Charitable activities
Expenses
Expenses
2024
2023
£
£
Depreciation and impairment
90,255
85,600
Administration costs
8,329
9,581
Court and grounds maintenance
29,107
22,938
Light and heat
15,409
15,076
General repairs and maintenance
49,594
29,177
Cost of social events
3,828
3,308
Bank and card machine charges
3,113
2,456
Website costs
1,973
2,144
Telephone and internet
929
961
Tournament and match expenses
5,647
6,363
Subscriptions and levies
1,518
1,628
Insurance
4,135
2,324
213,837
181,556
Share of governance costs (see note 9)
1,800
1,680
215,637
183,236
2024
£
90,255
8,329
29,107
15,409
49,594
3,828
3,113
1,973
929
5,647
1,518
4,135
213,837
1,800
215,637
2023
£
85,600
9,581
22,938
15,076
29,177
3,308
2,456
2,144
961
6,363
1,628
2,324
181,556
1,680
183,236

WIGMORE LAWN TENNIS CLUB CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

9 Governance costs

Accountancy and Independent Examination
Analysed between
Charitable activities
2024
£
1,800
1,800
1,800
2023
£
1,680
1,680
1,680

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the CIO during the year.

11 Employees

The average monthly number of employees during the year was:

2024 2023
Number Number
Total - -

There were no employees whose annual remuneration was more than £60,000.

12 Tangible fixed assets

Freehold land
and buildings
£
Cost
At 1 January 2024
2,009,137
Additions
18,700
At 31 December 2024
2,027,837
Depreciation and impairment
At 1 January 2024
214,257
Depreciation charged in the year
75,948
At 31 December 2024
290,205
Carrying amount
At 31 December 2024
1,737,632
At 31 December 2023
1,794,879
Plant and
equipment
£
71,540
-
71,540
31,152
14,308
45,460
26,080
40,387
Total
£
2,080,677
18,700
2,099,377
245,409
90,256
335,665
1,763,712
1,835,266

WIGMORE LAWN TENNIS CLUB CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

12
Tangible fixed assets
The carrying value of land included in land and buildings comprises:
Freehold
13
Stocks
Bar stock
14
Debtors
Amounts falling due within one year:
Prepayments and accrued income
15
Loans and overdrafts
LTA loan
Payable within one year
Payable after one year
16
Creditors: amounts falling due within one year
Notes
LTA loan
15
Deferred income
18
Accruals and deferred income
(Continued) (Continued)
2024
£
1,380,000
2023
£
1,380,000
2024
£
4,697
2024
£
3,117
2024
£
14,000
2,000
12,000
2024
£
2,000
59,785
7,309
69,094
2023
£
670
2023
£
2,529
2023
£
16,000
2,000
14,000
2023
£
2,000
59,785
3,398
65,183

WIGMORE LAWN TENNIS CLUB CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

17 Creditors: amounts falling due after more than one year

LTA loan
18
Deferred income
Arising from membership subscriptions
received in advance
19
Analysis of net assets between funds
Unrestricted
funds
Endowment
funds
2024
2024
£
£
Fund balances at 31
December 2024 are
represented by:
Tangible assets
383,712
1,380,000
Current assets/(liabilities)
60,295
-
Long term liabilities
(12,000)
-
432,007
1,380,000
2024
Note
£
15
12,000
2024
£
59,785
Total Unrestricted
funds
Endowment
funds
2024
2023
2023
£
£
£
1,763,712
455,266
1,380,000
60,295
12,849
-
(12,000)
(14,000)
-
1,812,007
454,115
1,380,000
2023
£
14,000
2023
£
59,785
Total
2023
£
1,835,266
12,849
(14,000)
1,834,115

20 Related party transactions

During the period there were no related party transactions other than expenses listed below.

Trustee and members were reimbursed a total of £24,669 in respect of costs incurred on behalf of the CIO during the year.

During the year, Mark Longden (Member) was paid £7,244 (2023 - £7,970) for his work as Club Manager, Nick Eastwood (Member) was paid £2,383 (2023 - £6,284) for bar work, Seb Willis (Member) was paid £1,924 (2023 - £1,942) for bar work, Daniel Hamer (Member) was paid £186 (2023 - £nil) for bar work, Jake Freeman Bell (Member) was paid £1,321 (2023 - £nil) for bar work, Laetitia Lindsel (Member) was paid £1,121 (2023 - £nil) for bar work and Sam Hamer (Member) was paid £10,490 (2023 - £nil) for bar work.