Charity registration number 1185220
SUTTON TENNIS & SQUASH CLUB
CONSOLIDATED ANNUAL REPORT
AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
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SUTTON TENNIS & SQUASH CLUB
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees P M Ward A Jennings T J Davies S M Lewis J Jones-Smythe Charity Number 1185220 Registered Office 19 Devonshire Road Sutton Surrey SM2 5HH Independent examiner Hybrid Premium Limited Chartered Certified Accountants 110 Newbury Gardens Epsom KT19 0PD
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SUTTON TENNIS & SQUASH CLUB CIO
CONTENTS
| Page | |
|---|---|
| Trustee’s report | 4 – 5 |
| Statement of Trustees’ responsibilities | 6 |
| Independent Examiner’s report | 7 |
| Statement of Profit and Loss | 8 |
| Balance Sheet | 9 |
| Notes to the financial statements | 10 – 15 |
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SUTTON TENNIS & SQUASH CLUB
TRUSTEES’ REPORT ON CONSOLIDATED ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
The Trustees present their annual report and financial statements for the year ended 31 March 2024 on the consolidated accounts and activities of the Club.
Objectives and Charitable Activities
The promotion of community participation in healthy recreation in particular, by the provision of facilities for the playing of racquet sports including tennis, squash and racketball.
The Inclusivity Manager role continued to have primary responsibility for overseeing delivery of all programmes, which are for the benefit of non-core members. These courses are delivered at a discount to our full membership rates. This allows STSC to provide access to a section of the public who would otherwise be unable to access facilities at the club either for financial and / or disability reasons.
All Trustees are aware of the guidance issued by The Charity Commission with regard to Public Benefit and adhered to the guidance throughout the year.
During the period, we have continued to look to expand the footprint of users of the club to all abilities and age groups.
With 17 school / college relationships, the mix of schools covers the full spectrum of academic and physical abilities from grammar schools to others with a high concentration of SEN students, ensuring we make the facilities available across the whole community.
For adults, we continue to deliver programmes for the able and less able bodied, such as disability, walking, mental health and well-being programmes.
The planning and scheduling of these programmes allows us to fill court usage during weekdays and early evenings which tend to be off peak periods for our core membership.
To deliver on our policy to make facilities available to the full cross section of abilities in our community, requires us to continue to make a financial contribution into our Inclusivity Programmes, which we remain committed to.
Surplus funds generated each year from our members are being invested back into the fabric of the club to maintain facilities and increase our court space capacity.
We have a strong ethic of encouraging our members to be contributors of their time as volunteers, alongside being active playing members of the club. This includes all our Trustees, Management Committee members and event organisers.
Structure, governance and management
During the year, the number of Trustees was increased to 5, inviting Steve Lewis to be a Trustee (approved at the last AGM). Steve Lewis is also Chair of the Management Committee, who undertake day to day management of the club facilities.
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Of the 5 Trustees, 2 currently serve on the Management Committee. This provides a balance between independent oversight of the Management Committee, alongside continuity with the Management Committee.
The Management Committee meets formally on a regular basis, usually every month. The Trustees are kept briefed throughout the year on all relevant matters and through reserved powers have control over the Management Committee contracting and expenditure decisions above an agreed delegated threshold.
Specifically we have the charity entity and a wholly owned trading subsidiary, STSC Trading Ltd, through which relevant transactions occur.
Policies and the Risk Register are reviewed on a regular basis to ensure they remain current. These are maintained “on line” for Trustees to review at any time and formally circulated to Trustees periodically.
Finances
The major financial event of 2023-24 was the sale of the future rental income from the telephone mast for which the Club received £115,000. In addition, the Club received a grant of £18,110 from the National Lottery fund for the provision of racketball to the Over 65s over the next two years. These sessions began in May 2024 and, to date, have been very successful with all the sessions being fully subscribed.
The British Tour event was run again in August 2023 and with the help of sponsorship from Boudicea and others made a healthy surplus.
However, the trading operations providing drinks and food was not as profitable as had been hoped. Following a review of its performance a number of changes were instigated and its profitability in the calendar year 2024 has improved significantly.
Membership income has been maintained with the club having over 800 members as at 31 March 2024.
Improvements
During the second half of the year and the start of the current year a significant number of improvements to the structure and playing facilities of the Club have been made. Tennis Courts 4-6 were re-laid with the successful porous acrylic surface, new glass doors were fitted to the squash courts and Court 1 was replastered, provision was begun to have the tennis floodlights upgraded to LED and many modest but important refurbishment works around the Club, the grounds and the buildings and has continued throughout the summer. The proceeds from the sale of the mast has been put to good use improving the Club and we are working hard to continue to do so.
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SUTTON TENNIS & SQUASH CLUB
STATEMENT OF TRUSTEES’ RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024
The trustees, for the purpose of charity 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).
Charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently.
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observe the methods and principles in the Charities SORP.
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make judgements and estimates that are reasonable and prudent; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
During the year a comprehensive examination of the financial records of the Company revealed certain weaknesses in the management of cash handling procedures. These deficiencies allowed for the payment of various Club services in cash without the requisite supporting documentation. Furthermore, it resulted in a lack of proper reconciliation of cash received through the bar.
Upon recognising these shortcomings, prompt measures were taken to enhance the financial controls. Specifically, we have implemented a policy that limits cash payments for services received, except in exceptional circumstances that are carefully documented and strictly controlled. Additionally, a thorough reconciliation of all cash receipts is undertaken daily and independently checked in order to strengthen the control of cash taken over the bar. These actions were taken to strengthen the financial oversight and safeguard the organisation's assets.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with those required by the Charity Commission. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
These accounts were presented and approved at the AGM of the Club.
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CHARTERED CERTIFIED ACCOUNTANTS’ REPORT
TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED CONSOLIDATED ACCOUNTS OF:
SUTTON TENNIS AND SQUASH CLUB CIO
FOR THE YEAR ENDED 31 MARCH 2024
I report to the trustees on my examination of the consolidated accounts of the above charity ('the Trust") for the year ended 31/03/2024.
As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act").
I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
I am qualified to undertake the examination by being a qualified member of The Association of Chartered Certified Accountants.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination other than that disclosed below which gives me cause to believe that in, any material respect:
the accounting records were not kept in accordance with section 130 of the Charities Act; or the accounts did not accord with the accounting records; or the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Jonne Rowland ACCA 27[th] January 2025 Hybrid Premium Ltd 110 Newbury Gardens Epsom KT19 OPD
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SUTTON TENNIS & SQUASH CLUB CIO
CONSOLIDATED STATEMENT OF PROFIT AND LOSS
FOR THE YEAR ENDED 31 MARCH 2024
| CONSOLIDATED PROFIT AND LOSS For the year ended 31st March: |
|||
|---|---|---|---|
| 2024 | 2024 2023 |
2023 | |
| INCOME: NOTE Membership Subscriptions Donations and Grants (including Gift Aid) Tennis and Squash Court booking and guest fees 3 Net loss from bar, catering and social activities 4 Other Income including Bristish Tour less expenses 5 TOTAL INCOME (net of trading expenses): EXPENSES: |
£ | £ £ 109,504 5,960 23,580 1,966 - 22,261 159,338 |
£ 107,147 29,130 24,832 16,661 - 25,678 |
| 170,126 | |||
| Maintenance of Courts, Buildings and Grounds 7 |
74,494 | 60,219 | |
| Light and Heat Tennis and squash related expenses Administration, professional and other expenses 8 TOTAL EXPENSES |
25,508 24,451 34,051 |
21,673 35,763 40,159 158,505 |
157,814 |
| NET INCOME BEFORE DEPRECIATION 9 |
833 | 12,312 | |
| Depreciation of fixed assets for year NET LOSS AFTER DEPRECIATION EXTRAORDINARY ITEMS |
20,092 19,259 - |
20,560 | |
| 8,248 - |
|||
| Sale of future income from lease of telephone mast less associated legal expenses |
91,237 | - | |
| TOTAL INCOME/LOSS AFTER EXTRORDINARY ITEMS: RETAINED EARNINGS BROUGHT FORWARD: RETAINED EARNINGS carried FORWARD: Lottery Grant received in respect of running over 65s Racketball programme over the next two years O C S C S S ( C LOTTERY GRANT) CARRIED FORWARD |
18,110 | - 109,347 90,088 21,602 111,690 18,110 |
- |
| 8,248 - 29,850 |
|||
| 21,602 | |||
| - | |||
| OF WHICH UNRESTRICTED RESERVES | 93,580 | 21,602 |
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SUTTON TENNIS & SQUASH CLUB CIO
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024
_________
| Note | 2024 | 2024 | 2023 2023 |
|---|---|---|---|
| FIXED ASSETS (less depreciation): Builings and Courts 12 Fitures and Fittings 12 Total Fixed Assets (less Deprciation) Investments 13 Current Assets Cash at Bank and in hand Bar and Catering Stock Debtors 14 Prepayments Current Liabilities Accounts payable 15 Income in advance Loan payable in under one year Net Current Assets Loans falling due after one year 16 NET ASSETS as at 31 March 2024 RESERVES: 17 Capital Fund Development Fund Retained Earnings Restricted Funds TOTAL RESERVES as at 31 March 2024 |
£ 111,133 6,483 4,816 2,842 |
£ 95,849 17,761 113,610 1,300 100,997 7,564 208,343 83,328 13,325 93,580 18,110 208,343 |
£ £ 67,484 16,628 84,112 1,300 58,647 8,349 - 1,700 68,696 11,407 7,882 4,000 23,288 45,407 12,564 118,255 83,328 13,325 21,602 - 118,255 |
| 125,275 19,244 1,034 4,000 |
|||
| 24,278 |
The financial statements were approved by the Trustees 22 January 2025. P M Ward Chair of Trustees
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SUTTON TENNIS & SQUASH CLUB CIO
NOTES TO THE CONSOLIDATED ACCOUNTS
AS AT 31 MARCH 2024
_________
1 ACCOUNTING POLICIES:
1 Statutory Information
Sutton Tennis and Squash Club CIO is a Charity constituted as a Charitable Incorporated Organisation, registered as a charity in England and Wales, charity registration number 1185220 . The registered office is 19, Devonshire Road, Sutton Surrey SM2 5HH, United Kingdom.
Basis of preparation of accounts
For the year ended 31 March 2024 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 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 the preparation of accounts.
These accounts have been prepared in accordance with the micro-entity provisions of the Companies Act 2006 and FRS 105, the Financial Reporting Standard applicable to the micro-entities regime.
2 Accounting Policies
2.1 Accounting convention
The financial statements have been prepared in accordance with the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 Trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
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.
2.2 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
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SUTTON TENNIS & SQUASH CLUB CIO
NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) AS AT 31 MARCH 2024
2.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives
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2.4 Restricted Funds
Restricted funds are only available for use by the CIO to the purpose for which they were granted to the CIO.
2.5 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 Trust 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.
2.6 Membership subscriptions
Membership subscriptions are accounted for as income when they are received. The majority of subscriptions are paid monthly although some are paid for annual membership.
2.7 Expenditure
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.
2.8 Fixed asset - depreciation
Depreciation is provided over the expected useful life of the assets which is generally ten years apart from some bar and other fixtures where the life is five years.
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SUTTON TENNIS & SQUASH CLUB CIO
NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) AS AT 31 MARCH 2024
2.9 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.
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.
2.10 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.
| 3 Gross Income Income from memberships Donations (including gift aid) Tennis Court and Floodlight fees Squash Court fees Bar and Catering Takings Social event income Rental Income Other income Interest income 4 Trading Results : Bar and Catering Takings Bar and Food Purchases Wages Net loss on bar and catering Goss Income Expenses (including Centenary dinner) Net profit on social events Bristish Tour sponsorship, entry fees and other income |
2024 £ 17,774 5,806 |
Unrestricted Funds Unrestricted Funds 2024 2023 2023 £ £ £ 109,504 107,147 5,960 29,130 19,407 23,580 5,425 24,832 136,299 117,517 28,728 12,047 15,317 28,873 - 39,638 5 44,195 343,709 334,867 2024 2023 2023 £ £ 117,517 74,502 69,937 16,521 - 26,922 - 12,047 1,785 14,555 10,261 |
|---|---|---|
| 8,169 28,769 2,477 223 |
||
| 2024 136,299 77,248 75,573 |
||
| 28,728 14,173 |
||
| 1,966 - 16,661 - |
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SUTTON TENNIS & SQUASH CLUB CIO
NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED)
AS AT 31 MARCH 2024
| AS AT 31 MARCH | 2024 | ||
|---|---|---|---|
| 5 British Tour |
2024 £ |
2023 £ |
|
| Sponsorhip, Entry Fees and other income Expenses of British Tour |
39,638 17,377 |
44,195 18,517 |
|
| 6 Charitable Activities Inclusiveness Training Less; Grants received Net cost of Inclusiveness 7 Maintenance Costs Buildings Grounds Tennis Courts Squash Courts Cleaning Flat 8 Administrative, Proffessioanl and other expenses Telephone and internet Bank charges Software and IT Accounting, and bookeeping Other legal and Professional Hire of plant and machinery Insurance Rates etc Sundry Expenses TOTAL 9 Depreciation The operating profit is stated after charging: Depreciation of owned assets 10 Taxation |
22,261 2024 £ 7,223 1,150 6,073 2024 £ 26,885 13,238 16,727 842 16,622 180 74,494 2024 £ 4,094 631 7,340 4,277 2,977 4,208 2,941 3,320 4,263 34,051 2024 £ 20,092 |
25,678 | |
| 2023 £ 6,243 600 |
|||
| 5,643 | |||
| 2023 £ 17,271 8,981 11,538 1,041 18,319 3,068 |
|||
| 60,219 | |||
| 2023 £ 3,811 497 5,987 8,831 3,306 3,975 2,134 4,008 7,610 |
|||
| 40,159 | |||
| 2023 £ 20,560 |
|||
No liability to UK corporation tax arose on the activities of the charity for the year ended 31st March 2023 nor for the year ended 31st March 2022.
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SUTTON TENNIS & SQUASH CLUB CIO
NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED)
AS AT 31 MARCH 2024
| 11 Employees The average monthly number of employees during the year 12 Tangible Fixed Assets COST: At 1st April 2023 Additions Assets written off (fully depreciated) Disposals At 31 March 2024 DEPRECIATION: At 1st April 2023 Depreciation of Assets fully written off Charge for the year: As at 31st March 2024 NET BOOK VALUE: As at 31st March 2024 As at 31st March 2023 13 Investment 14 Debtors; Amount falling due within one year: Doantion proposed from Devonshire Social Club Debtors 15 Creditors: Accurals and Accounts Payable PAYE/NI and VAT Cost of land on which Club is located including the buyout of long term lease. |
2024 2023 Number Number 6 6 Courts and Buildings Fixtures and fittin £ £ 167,698 43,374 45,540 4,050 - - - - 213,238 47,424 100,214 26,746 - 17,175 2,917 117,389 29,663 95,849 17,761 67,484 16,628 2024 2023 £ £ 1300 1,300 2024 2023 £ £ 3,000 1,816 - 4,816 - 2024 2023 £ £ 15,903 8,461 3,340 2,946 19,244 11,407 |
|---|---|
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SUTTON TENNIS & SQUASH CLUB CIO
NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED)
AS AT 31 MARCH 2024
| 16 17 |
Creditors over one year: Amounts falling due after more than one year Total Creditors: amounts falling due after more than one Capital and Reserves Capital Fund Current Year Earnings Development Fund Retained Earnings Restricted Reserves (O'65s Racketball Grant Total Capital and Reserves > 1 year - LTA Loan (Artificial Clay Courts) Rec'd Jan 2016 > 1 year - Tennis Surrey Loan (Top Terrace: Rec'd March 2017) |
2024 2023 £ £ 4,564 5,564 3,000 7,000 7,564 12,564 2024 2023 £ £ 83,328 83,328 71,978 8,248 - 13,325 13,325 21,602 29,850 18,110 208,343 118,255 |
|---|---|---|
18 Related Party Transactions
The previous Treasurer, who was also a Trustee, received a modest honorarium for carrying out bookkeeping and financial oversight.
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