Petworth House Tennis Court Limited Report and Financial Statements Year ended 30 June 2024 Charity number- 1186389 Company number- 06738258
Petworth House Tennis Court Limited Report and Accounts - year ended 30 June 2024 Reference and administratlve Informatlon Trustees and DittOr5 The following Trustees and Dirertors have served during the year: Robert Dolman (resigned l July 20241 Nigel Draffan David Fortune Charles Fuente, Secretary Tim James Simon Knlght lan McNallv Robert Muir Andrew Page Jon Petersen Christopher Swan Oliver Taylor Hereward Taylor lappolnted l July 20241 Julian Wilkinson, Chairman Prlnclpal Offlce Estate Yard Park Road Petworth GU28 ODU Charlty Number 1186389 Company Number 06738258 Independent accountln8 examlners SBM Associates Limited, 24 Wandsworth Road, London, SW8 2JW Honorary Sollcltor Charles Fuente Bankers 8arclays Bank Plc, Leicester. Leicestershire LE87 2BB Website http://petworthrealtennis.com
Petworth House Tennis Court Limited Report and Accounts - year ended 30 June 2024 Report of the Directors for the year ended 30 June 2024 The Directors psent their annual reFKIrt and financial ststement5 of the Charity for the year ended 30 June 2024. The financial statements comply with the Charities Act 2011. the Companie5 Act 2CNJ6, the Memorandum and Articles of Association, and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191. Structurei governance and mana8ement Petworth House Tennls Court Llmlted Ithe "CharlVI was incorporated on 31 October 2008 as a private company limlted by guarantee (company number 067382581 and reglstered as a charlty Icharlty number 11863891 on 15 November 2019. It is governed by its Memorandum and Articles of A550ciation, company and charity law. It seeks to undertake its chosen charitable work through the deployment of its existing funds (both income and capital). It has thirteen directors, who act as trustee5 of the Charity. The existln8 dlrectors wlll appoint new directors where necessary to complement the ski115 available to the board. The Memorandum and Articles of A550ciation require a minlmum of two director5, With no maximum number. As required by the Memorandum and Artlcles of Association, one-third of the directors will retire at the annual general meetin8 of the Charity held to consider these accounts and bein8 eli8ible, offer themselves for re-election. New directors are provlded wlth information on their responsibilities as dlrectors and trustees and are briefed on the areas of activity of the Charity. Directors, meetin85 are held to dlscuss strategy and policy. The Chalrman and the responsible Oirectors handle day-to-day admlnistration, such a5 membership, fixtures, bookkeepln& finance and 8eneral administration. All the Directors give their time and no remuneration was paid in the year. None of the Director5 has claimed any expenses nor are there any related party transactlons, except a5 noted in these flnancial statements. Objectlves and artlvltles for the publlc benefft The Charity promotes community participation in healthy recreation, in particular by the provision of facilities for the playing of Real Tennis. The Charity also promotes the conservation, preservation and improvement for the public benefit as a building of historic interest the Real Tennis Court at Petworth and education of the public about the history and heritage of the building. In determining how to achieve these objectives, the Directors have complied with their obligation to have proper regard to the guidance on public benefit published by the Charities Commission in exercising their power5 or fulfilling their duties.
Petworth House Tennis Court Limited Report and Accounts - year ended 30 June 2024 Achlevements and Performance Petworth House tennis court, one of only 27 in the UK. has existed in its present location since 1872 and the present club has played real tennis in it Sin 1960. The court is leased from the National Trust for a term of 99 years which commenced on l July 2015. An extension was completed in 2018 to provide better changin8 facilities with clubroom and kitchen. This will ensure that both the sport of Real Tennis and the architecturally significant buildin8 will be secured for the long-term future. The club has a long history as one of the leading Real Tennis clubs in the UK with a strong tradition of playin8 Opportunities for all ages and abilities, all 8enders an(i as a breeding ground for UK amateur champions. The club finds itself in a geographical area characteri5ed by a high proportlon of retired residents. It is a friendly and Inclusive club that contributes significantly to the physical and mental health of its members, many of whom are retired. The club offers all the benefits of a typical tennis or sports club: providing exercise, improvement to health, development of handleye co-ordlnation and sociability. The club prides itself on provlding playin8 facilitie5 of the highest quality. These facilities are not only available for use by local schools and community interest groups but are also able to host real tennis events up to national level providing inspiration to aspiring champions. The club remains In good heart. The court usage has been at a good level, our varlous events and tournaments have been well attended and a pleasin8 comblnatlon of good tennis and fun pervades. Much of thls Is down to the sterlln8 efforts of our excellent professionals Tom Durack and Louls Gordon who keep us in order, fill the court, do their best to Improve our tennls and generally infect us with thelr enthuslasm,. they are a model of efficiency, patience and cheerfulness and we are lucky to have them. We said goodbye last September to our first IIP apprentice TIM Armstrong Inow happily installed as assistant pro at Seacourtl and have now taken on another apprentice James Medlow Ifre5h from hi5 winning the Amateur Doubles) who is already proving his worth and who we have challen8ed to reduce his handicap to sin8le fi8ures shortly. The season began with our tradltlonal handicap doubles weekend Ithe Hennell Platel whlch was won In flne form by Tim Jame5 and Simon Armstron8. The club scratch doubles Ithe Ellis Rich Trophy) followed in November in which Adam Dolman and Nick Harrls triumphed, with Bill Chamber5 and Charlie Maunder wlnning the second division (the Robinson trophy) in a hard-fou8ht final. Our first team then went on to win the Field Trophy; they managed to defeat Radley in a close semi-final and then convincingly beat Cambridge in the final at Moreton Morrell,. as a result, they have been promoted back Into the Pol Roger tournament next sea50n. We also did well in the Brodie Cup, narrowly105ing a close semi-final to Bristol. In DeMber, we welcomed a round of the TambourTourto the club forthe weekend- the standard of play wa5 excellent and we were delighted to see Loui5 win thls on his home court: we look forward to receiving them again next year.
Petworth House Tennis Court Limited Report and Accounts- year ended 30 June 2024 Our two generations tournament over the Xmas period was won by Alastair and Freddie Williams and in January our other handicap doubles weekend (the Secretarys Cup) was won by Philip Nash and Stuart Allison, after surviving match points against them twice en route. The final of the A grade of our Andy Dawson club level sin8les toumament has yet to be played but the B grade victor was Guy Rubin. the C grade was Gus James, the D grade was Alex Maccallum and the E grade was Lulu Hutley. The singles handicap winners were Philip Nash (the Penthouse Cup), lan McNally (the Smith Bingham Trophy) and David Sewell (the Coote Decanterl. Our Under 24 tournament (the Page Cup saw James Medlow beat Bertie Vallat in the final, with Matthew Ince winnin8 the Under 21 George Cooke racquet. The Godfroy Racquet between local prep schools was won agaln by Amesbury, our most improved player award the Eddie Harrlson trophy went to Dominic Hi8ham (who reduced his handicap by 10 points during the season) and the Sir John Ritblat Trophy Ifor overall contribution to the club during the season) wa5 awarded to our youthful nonagenarlan David Bevan-Thomas. Two of our National League teams Idlvlslon 7 run by Hereward Taylor and 8 by Adrian Warburtonl pro8ressed to the playoffs but narrowly lost out In both cases. Apart from all these splendid achievements, a full season of frlendly matches took place Includlng our annual contest a8ainst Hatfield competlng for the Wyndham Quln Cup,. thls year the scions of the Egremonts and the Salisburys (namely George Wyndham and Ned Cranbournel played doubles a8alnst each other and three 8enerations of both families came to lunch to support. In addltlon, Robert Muir ran another successful Golf Day at Cowdray ParL which was won by Nick Harris. Our membershlp increased to 47912023- 4751. The directors of the Charity are grateful to our members for their encouragement and financial support. They would also like to thank Rathbones Investment Management for their kind support of junlor tennis. Financial Revlew The net movement in funds for the year ended 30 June 2024 was a surplus of £10.68112023- surplus of £17,676). Income from donatlons and legacies increased from £80,344 to £91,222. Expenditure on charltable actlvities increased from £66,972 in 2003 to £90,970. The investment in accumulation units in the COIF Charities Investment Fund. a listed investment in the United Kingdom, had a net gain in the year of £9,17412023 - £4.4481. At 30 June 2024 there was an unrealised gain on the total investment of £75,0 of £15,09612023 - £5,921). The Charity has £66,233 invested in a 5-year fixed rate business, trust and charity bond with an interest rate of 2.5%, which matures on 6 January 2025. During the year the Charity invested in a charity 3-year bond with an interest rate of 5.05%. maturing on 9 November 2026. Bank interest receivable amounted to E3,13212023 - £1,752). Unrestricted funds at 30 June 2024 amounted to £149,98712023- £139.3061.
Petworth House Tennis Court Limited Report and Accounts - year ended 30 June 2024 The prime risk to the Charity is that funds raised fall to meet liabilities as they fall due. Thi5 risk is mitigated as the Directors have prepared and considered expeded cash flows such that they are confident that they will have the funds to meet all Ilabllities as they fall due. Reserves pollcy Reserves are needed to brldge the 8ap between the spending and receivin8 of income and to cover unplanned expenditure. The trustees aim to continue to build up the unrestricted reserves of the Charlty as these will reflect cash funds that will enable liabilities to be met as they fall due. Dlrertorg responslbllltles In relatlon to the flnanclal statements The Dlrectors are responslble for preparing the Dlrectors, Report and the financial statements in accordance wlth applicable law and United Kingdom Accountin8 Standard5 Iunited Kingdom Generally Accepted Accountin8 Practlcel. Company law requlres the Dlrectors to prepa financial statements for each financial year, which 8ive true and fair view of the state of the affairs of the charitsble company and of the incomlng resources and application of re50ur¢es, Including the income and expenditure, of the charitable company for the year. In preparin8 these financlal statements, the Directors are required to: select 5Ultable accountlng policles and apply them consistently; observe the methods and princlples In the Charitles SORP,. make judgements and estimates that are reasonable and prudent,. prepare the financial statements on a going concern basis unless it is Inapproprlate to presume that the Foundation will continue in operation. The Directors are responsible for keeping proper accountin8 record5 which dlsclose w5th reasonable accuracy at any tlme the financial position of the charitable company and enable them to ensure that the flnancial statements comply with the Companles Act 2cKJ6. They are also responsible for safeguarding the assets of the charltable company and hence for takin8 reasonable steps for the prevention and detection of fraud and other irre8ularities. The Directors are responsible for the maintenance and integrlty of the corporate and financial information Included on the charitable companVs webslte. Leglslation in the United Klngdom governing the preparatlon and dissemination of the financlal statements may differ from legislation in other jurlsdictions. Approved by the Directors on 8 December 2024 and si8ned on their behalf by: Julian Wilkinson Chairman
Petworth House Tennis Court Limited Report and Accounts - year ended 30 June 2024 INDEPENDENT EXAMINER'S REPORTTO THE MEMBERS OF PEfwoRTH HOUSETENNIS COURT LIMITED FOR THE YEAR ENDED 30JUNE 2024 I report to the Charity Trustee5 on my examination of the financial statements of Petworth House Tennis Court Limited (the Charity) for the year ended 30 June 2024. Responsibilitie5 and basis of report As the Charity Trustees land also its director5 for the purposes of company lawl you are responsible for the preparation of the financial 5tatement5 in accordance with the requirements of the Companies Act 2006 Ithe 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 Ithe 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examlner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination 8iving me cause to believe that in any material respect.. 11 accounting records were not kept In respect of the Charity as required by section 386 of the 2006 Act,. or 21 the financlal statements do not accord with those records,. or 31 the financial statements 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 41 the financial statements 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 IFRS 1021. 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 state nts to be reached. Pauline B McAlpine FCA 5BM Associate5 Limited 24 Wandsworth Road London SW8 2JW 8 December 2024
Petworth House Tennis Court Limited Report and Accounts - year ended 30 June 2024 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024 Note Yearto Year to 30 June 2023 30June 2024 Income: Donatlons and le8acies Income from charitable activitles Investment Income- bank interest recelvable 91,222 80,344 3,132 1,752 Total Income 94,354 8Z,096 Expendlture: Expenditure on ralsing funds Expenditure on charitable activities: Interest payable and Similar charges 90,970 1,877 66,972 1,896 Total expendlture 92,847 68,868 Net Income 13,228 Net 8aln/lloss) on Investments 9,174 Net Movement In Funds 10,681 17,676 Unrestrlcted Funds brought fotward at l July 2023 139,306 121,630 Unrestrlcted Funds carrled forward at 30 June Z024 149,987 139,306 The above results are derived from continuing activities and relate to the unrestricted income fund. There were no other recognised gains or105ses other than those stated above.
Petworth House Tennis Court Limited Report and Accounts- year ended 30 June 2024 Company Number- 06738258 BALANCE SHEEf AT 30 JUNE 2024 2024 2024 2024 Total Funds 2023 Total Funds Funds Funds Flxedussets Tangible assets Heritage assets Investments 204.975 77.034 282,(1)9 288,417 186,329 391304 186,329 77,034 468,338 145,539 433,956 Total red a55ets Current a55ets Debtors Cash at bank and in hand io 5.828 20.688 26,516 5.828 20,688 26.516 16,294 22,444 38,738 Total current assets liabilitie5 Creditors. amounts frdlling due wtthin one year li (137,833) {111,3171 (137,8331 1111,3171 (114,6041 175,8661 Net cuent liabilities Totsl assets less current Ilabilities 279.987 77,034 357,021 358,090 Credito amounts falllng dueafter 12 1130,(XKI) {130.() {140,0) Net assets 149.987 77.034 227.021 218,090 Thefunds of the Chority.. Unrestricted income fund Restricted fund Totsl Charity funds 13 149,987 149,987 77,034 77,034 77,034 227,021 139,306 78,784 218,090 149,987
Petworth House Tennis Court Limited Report and Accounts - year ended 30 June 2024 For the year ending 30 June 2024 the Charity was entitled to exemption from audit under section 477 of the CompaniesAct 2C4J6. The member5 have not required the Charity to obtain an audit of its accounts for the period in question in accordance with sertion 476 of the Companie& Act 2006 The dlrectors acknowledge their responsibilities for al ensufin8 that the charitable company keeps accountlng records that comply with Sections 386 and 387 of the Companies Art 21NJ6.' and bl preparing financial statements which give a true and fair view of the state of affair5 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 Companles Act 2006 relatlng to flnanclal statements, so far as applicable to the charltable company These financial statements have been prepared in accordance wlth the special provisions of Part 15 of the Companies Act 2006 relatin8 to small charitable companies. Approved by the Directors on 8 December 2024 and signed on thelr behalf by: Hereward Tayl io
Petworth House Tennis Court Limited Report and Accounts - year ended 30 June 2024 NOTES TO THE ACCOUNTS l. Accountlng Pollcles Petworth House Tennis Court Limited is a prlvate company limited by guarantee Incorporated in England and Wales. The registered office 15 Estate Yard. Park Road, Petworth, GU28 ODU. lal Basis of preparation The financlal statements have been prepared in accordance wlth the charltls Artlcles of Assoclatlon, the Companies Act 2006 and "Accounting and Reportlng by Charitles- Statement of Recommended Practice applicable to charities preparin8 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland (FR5 1021 (effective l January 20191". The charity is a Publlc Beneflt Entity as deflned tjy FRS 102. The Charlty has taken advantage of the provlslons in the SORP for charities applying FRS 102 Update Bulletin I not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling. which Is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the hlstorical cost convention. Ibl Funds structure The Company has a restricted fund and an unrestrlcted income fund. The Dlrectors may, at thelr discretion, allocate any part of the unrestricted income fund to the purposes of the Charity. Itl Income recognition policies Items of income are reco8nised once the Charity becomes legally entltled to the Income, It is probable that the income will be received, any performance conditions have been met or are fully within the control of the Charity and the amount can be measured reliably. Membership subscriptions and sponsorshlps are included a5 Income from donations as these are, in substance, donations rather than payment for goods or Servi5. Gift Aid is specifically related to the original donation. Idl Expenditure recognition Llabilitie5 are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to the expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. li
Petworth House Tennis Court Limited Report and Accounts - year ended 30 June 2024 NOTES TO THE ACCOUNTS {Continuedl lel Tan8ible Assets Tangible assets are recognised on the balance sheet at COSt. Depreciatlon 15 provided to write off the cost of the asset over its useful economic life which for leasehold improvements is estimated at fifty years and for furniture and eqLsipment is estimated at five years. lfj Heritage Assets Heritage assets are not recognlsed on the balance sheet as informatlon on their cost or valuation is not available and such information cannot be obtained at a cost commensurate wlth the benefit to the users of the financial statements. Igl Investments Investments in shares, whlch can be publlcly traded, are measured at fair value (market value). Movements In market value are shown as unreallsed 8ain5110sses in the Statement of Financial Actlvltles. Cash and cash equlvalents are recognised at amortlsed cost. Ihl Government Grants Government and other grants had previously been recognised usin8 the accrual model optlon Isectlon 24 of FRS1021 that Is not permitted by the Charitles SORP. The grants for the extenslon that were received in the year ended 30 June 2018 and earlier are now recognised In income In the Restrlcted Fund on a systematic basis over the expected useful life of the assets. Isee note 131 lil Concessionary Loans Concessionary loans are loans received by the Charity to further Its purposes and the interest charged Is below the prevailin8 market rates. Concessionary loans are measured at the amount recelved with the carrying amount adjusted In subsequent years to reflect repayments. 2. Goln8 Concern The Directors have made a positive assessment of the Charitvs ability to continue as a going concern. In assessing whether the going concern assumption is appropriate the dlrectors have considered all avallable informatlon about the future and specifically whether future incoming resources will 8enerate sufficient funds to enable all existing liabilities to be settled a5 they fall due. 3 Related Party transactlons and Directors, remuneration The Directors received no emoluments and reclaimed no expenses during the year12023- nill. At the balance sheet date, the Directors have provided concessionary loans to the Charity aggregatin8 to £20,00012023- £30,000). 12
Petworth House Tennis Court Limited Report and Accounts - year ended 30 June 2024 NOTES TO THE ACCOUNTS (Continued) 4 Donatlons and legacies Note 2024 2023 - Membership subscriptions Donations Sponsorship- Rathbones Investment Management Sundry 71,904 16,250 3,000 68 76,559 785 3,0 91,222 80,344 5 Expendlture on charltable artlvltles Expenditure in pursuit of the Charity's objects: 2024 2023 Rent Repairs to Court Closed Courts Equipment and maintenance Llght, heat and water Youth development Apprentice expenses Club tournaments National tournaments Depreclation of leasehold improvements Cleaning and waste disposal Support and 8overnance costs Is,000 25,041 427 15,iJXI 676 12,473 15,826 2,571 2,097 1,642 775 4,658 4,432 6,027 90,970 11,553 16.048 4,319 3,790 815 4,658 4,194 5,919 66,972 6 Support and governance costs 2024 2023 Independent examinerfs remuneration Insurance Telephone and internet Printin& stationery and other costs Sundry 540 490 1,747 1,534 1,748 1,810 1,540 1.852 285 6,027 5,919 13
Petworth House Tennis Court Limited Report and Accounts- year ended 30 June 2024 NOTES TO THE ACCOUNTS {Continued) 7 Tangible Fixed Assets Fumiture & Equipment Leasehold Total Improvements At ljuly 2023 and 30June 2024 Depreciation At l July 2023 Charge for year At 30June 2024 47.167 320,459 367,626 47,167 32,042 6,408 79,209 6,408 47,167 38,450 85,617 Net book value at 30 June 2023 288,417 282,(K)9 288,417 282,009 Net book value at 30 June 2024 The allocation of the depreciation charge between funds is: Unrestricted Fund - £4.658 £1,750 Restricted Fund - 8 Heritage Assets The Charity holds a number of heritage assets that have been acquired by donation in prior years. These include: Real tennis rackets of historical interest and other real tennis memorabilia- Pictures, prints and photographs: A bas-relief °A History of Tennis at Petworth. by Philip Jack50n. The directors consider that the cost of valuation of the collection is likety to exceed the benefits provided by the information and as such no value is recognised in these financial statements. 14
Petworth House Tennis Court Limited Report and Accounts- year ended 30 June 2024 NOTES TO THE ACCOUNTS (Continued) 9. Investments Listsd investment assets in U.K. 2024 2023 Market value at l July Additions to investments at cost Unreali5ed gain/llossl on revaluation Market value at 30 June 80.921 56,473 20,000 9,174 90,096 80,921 Cash and cash equivalents Atlju Addition in year Realised interest 64,618 30,0(X) 1,615 96,Z33 63.042 1.576 64,618 At 30June Total at 30 June 186,329 145,539 Cash and cash equivalents represent a 5-year fixed rate business, trust and charity bond with an interest rate of 2.5%. maturing on 6 January 2025 and a charity 3-year bond with an interest rate of 5.05%, maturing on 9 November 2026. 10. Debtors 2024 2023 Other debtors 2.412 3,416 5,828 13,704 2.590 16,294 Prepayments and accrued income 11. Creditors. amounts falling due within one year 2024 2023 Other creditors Accruals and deferred income Concessionary loan payable 8.543 29,290 Iix),000 137.833 10,395 4,209 iOO.CKJO 114.604 A concessionary loan payable of £l(K).(MX) is repayable rf the lender gives one month'5 notice requiring repayment. This conSsiOnary loan is unsecured and interest is payable at 1% per annum. 15
Petworth House Tennis Court Limited Report and Accounts - year ended 30 June 2024 NOTES TO THE ACCOUNTS (Continued} 12. Creditofs. amounts falling due after more than one year 2024 2023 Concesslonary loans payable Within two and five years Within five and ten years 130,000 140,(XY) 130,000 140,000 The concesslonary loans comprlse thirteen ten-year loans12023-fourteenl. All the loans are unsecured and interest free. 13. Analysls of funds 2024 2024 2023 2023 Restricted Fund Unrestricted Income fund Restricted Fund Unrestrlcted income fund Fund brouiht forward at l July Add.. Income Less.. Expenditure Add/Less'. Galns and Ilossesl Fund ¢arrled foNJard at 30 June 78.784 139,306 94,354 192,8471 9,174 149,987 89,967 121,630 82,096 168,8681 4.448 139,306 11,750 111,1831 77,034 78,784 14. Le8al status The Charlty Is a company limited by guarantee. The liabllity of each member in the event of a winding up Is Ilmited to El. 16