REGISTERED COMPAJYY I¥UMBER: CE021013 (England and Wales) REGISTERED CHARrrY NUMBER: 1188388 REPORT OF THE TRUSTEES AND itNAUDITED FINANCIAL sTATEME￿rs FOR THE YEAR ENDED 30 SEPTEMBER 2023 FOR AVON TENNIS PJE Chartered Accountants 2 Oakfield Road Clifton Brisiol BS8 2AL AVON TENNIS CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Page Report of the Trusteeg ludependent Examiner's Report Sts¢ement of Financi21 Activities io Bglgnce Sheet 11 to 12 Noles lo the Fillall¢ial Statemeknts 13 to 22 AVON TENNIS (REGISTERED NUMBER: IIW88) IiEPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2023 Grant making Avoll TeDlliS has FK)licics in place for the grdnts it rnakc5 to coaches and tennis vellucs. There arc specific ¢rit¢ria to be met and obligations to fulfil. to ensure the grdnts will be effective in growing the g8llLe. Volunteers All Trustees and tueEllber5 of the Ex￿￿tive, Fitiance & Audit Committee and SU1￿comMi(te¢s are voluntee and as such give their time freely. Page 2 AVON TENNIS OiEGISTERED NUMBEIL. 11883 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEFtEMBER 2023 The Trustees present their report with the f]nancial stht¢ments of the charity for the year ended 30 September 2023. The Trustees have adopted the provisions of Accounting and Rewrting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordallce with the Financial Rqx)rting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). Objectives and aims The Avon Tennis Trustees review the aims. objectives and activities octhe charity e4¢h y¢ar. The Avon Tennis charity regularly reviews the success of key a¢tiviti¢s and the benefits the charity has brought to those groups of people that it is s¢t up to help. Th¢se revivws also help the Avon Tennis Trustees ensure the ckLarity's aim objectives and activities remained focused on its stated purposes. This ttport reflects on what the charity I achieved and the out¢om¢s of its WOTk in the reporting period. The Trustees have referyed to the guidance contsined the Cbarity Commission's genernl guidance on public benefit when reviewing the charitys aims and objectives and in planning its future activities. In porticular, the trustees consider how pla[￿ed activities will contribute to tbe 8iJ))s and obj￿tIveS tha¢ have been seL Puryose The promotion of communlty participaiion in healthy recreation for the benefit of the itthabitants of the area fonnerly known as Avon (Bath & N E SOme￿e( City of BTiStol. N Somerset and S Gloucestcrshirc) by the provision of facilities for playing tennis. Significrdnt aettvities - MarLage the development of tennis in Avon. - Support jUlliOT tennis developm¢nL ittcluding thc prograll￿1llg of coachillg and compctitions. - ProTnote and support inclusive and disabled tennis through a range of diffemlt initiattves. - Provide bursaries to individuals who Trish to becorne and develop &s LTA qualified and accredited coAches thus enabling more people to learn and improve their ter￿lS playing abilty. . Provide grants to tennis clubs enablmg them to Tun outreach teDDis programmes in the I(￿ community. e.g. sch(K)Is, youth clubs, etc. and develop their own faciliti¢s to increase usage in a suslainable and safe envirollmenL Publie benefit The Trustees confirni that they have complied with their duty to have due re(Fard to the guidallce on public benefit published by thc Charity Commission in excrcising thcir p)wcrs and dutics. Thc public bcncfrt of the Lharity's activities is the promotion of t¢miis as a h¢althy sport open to everyone In th¢ county. Social investmen1$ Avon Tennis does not have a specific pollcy on srtial investmenL but much of its work is for the benefit of those in Avon enabling all individual4 including those vlith a disability. to access 8 spor¢ and the healthy lifestyle it brings. Page I AVON TENNIS IREGISTERED NUMBER: IIW88) REPORT OF THE TRUSTEES FOR TIIE YEAR ENDED 30 SEPTEMBER 2023 Our Social investments continue to beTepaid a5 agred by the severn] clubs we hav¢ bc¢D supporting to improvc and develop club facilities. The benefits reported have l*en very encowaging with growth in membership evideDced and their profile in the local community iticreased. Fundraising ￿tiVitieS Despite the economic pressures our corwrats partners were keen to support a V￿iety of activiti¢4 including junior developmenL disability tennis and outreach programmes. We very appr¢ci¥live of the commitment given and their contribution ttuly makes a real diff¢ren¢¢. luvestment performanee Avon Tennis continues to maintain its r¢s¢rves in a manag¢d invesknent tM)rtfolio with assets spread across several investment class￿. We have also wntinued with our poli¢y of adopting a medium degree of risk with any investments. Throughout th¢ yw we adopted a cautious outlook on markets thie to rising Infiatio￿ interest rates and the widely anticipated recession expected duTing 2023. Dividends typicalty offer a moTe reliable and predictable return during periods of uncertainty. which c4Mnbined with the im￿)rtanCe of c&shfiow. made thi5 a sensible approach over the year. Going forwards, the primary driver of returns will be geopolitical and depends on whether the Central Banks C8n &chieve a.soft landing" or be forced to retain restrictive conditions for a longer period. Page 4 AVON TENMS IREGisfERED NUMBER: 118&188) RF.PORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2023 FiDgnciai position Th¢ pr¢dominant income source for the year w&8. for the fwst time. frollL an LTA Grant. The new three-year agreement with the LTA pn)vides *eStrIct￿ fimds" (£65,000 in 2022123) to be allocated agaiDSt four core activity areas, governancelvolunte¢rin& participatioo competition and perforrnance. As a resulL Avoll Te[￿1$ no longcr rccciv¢5 any Additional fimding from the LT& e.g. clublvenue registration fees and grdnts towards junior training. Other main sources of inc¢)me remain as in previous years, Avon Tennis Leagues, paitseTship funding and ontributions from parent￿Ca[erS towards the costs of junior County training squads. The charitys income for the year ended 30 September 2023 amounted to £274,936 (2022: £172,517). Tolal expenditure amouni¢d to £220.071 (2022.. £204.990) and a net gain on investmexLts of £691 (2022: net loss on investment £44.682). resulting in net illcome for the year of £56.556 (2022: net expenditure of £77.155). At 30 September 2023 total unrestricted fithds amounted to £348,673 (2022: £292,667) of which £305,024 (market va]ue) was held in an investment portfolio to create legacy fundingas slated in Avon Tennis Reserves and Inv¢slm¢nt- policy. Th¢ portfolio start¢d the fU￿icial year at £270,925. During June we were able to invest further fvnds into the portfolio but n¢¢ded to withdraw £30.000 during Augusl tneaning the net capital addition to th¢ portfolio did not have long to provide a meaningful contribution. Investm¢nt income during the year resulted in £10,646 (2022.. £10.643 being earn￿. The cash w)sition of the clwity was £14,507 (2022. £25.709) at the year•end date. with £1.740 (2022.. £2,190) held as restricted ￿ndS for the d¢liv¢ry of the Yackling Inequalities Fund" Expenditure for governance costs forthe period underTeview is fully disc105edwithTn th¢ notes toth¢ a¢wunts. Principal funding sources As mentioned previously, with effect from 2022J23 the charity's principal source of funding 15 now thc rcceipt of an agreed LTA GTaDt. This is based upon the numter of individuals actively playing tellnis in Avon. There is no longer an income stream relating to clublvenue registration fees nor any additional grants from the LTA towards the costs relating to Junior training 4uadg. InvestmeDt polity and objectives Th¢ charitys investments are in a wide Tang¢ of lov/ to m¢dium risk international funds, whose objextives are to provide a secuTe income stream with opportunities for capital growth. Reserves policy Reserves are heKdto support two years, operating costs" allow gro￿ to generate a stable and sustainable return to ￿nd granL bursary and loan activities" support for the long-ternl health of the sport and manage unforeseen events and fmancial un¢crtainty. Page 5 AVON TENNIS (REGISTERED NUMBER: 1188388) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2023 FINANCIAL REVIEW Going concern The Tn￿teeS bave identified no sigwficaut short or medium-tern) financial risks to the charity's continued operations, and therefore the accounts have been prepared on a going concern basis. STRucfuRE, GOVERNANCE AND MANAGEMENT Goverlling docutllent The charity is controlled by its governing documenL a deed of trusL and cottstitutes a limited company, limited by guarantee, as deflned by th¢ Companies Alt 2006. Charity constitution The charity is ¢onstitut¢d in the forn) of an Association CILaritable Incorporated Organi￿on (with voting memba3) with limited liability. Recruitment and 4ppoiDtmeDt of new InLslee8 Trustees are elected at the AGM by the members of Avon Tennis CIO. offic￿ of Avon Tennis Executive Comtnittee serve for one year" all other trustew s¢rYe for an initial p¢riod of 3 years. Orgallisationai strn¢ture The Charity has a Tn￿1 Boart whi¢h is responsible for the Finance & Audit COU￿[LIttee. Safeguarding aDd the Ex￿UtiVe Committee. Th¢r¢ ts also a t£ague Committee and s¢veral working groups, ovcrsecn by the Executive Committee. Avon Tennis works closety with its member clubs and tennis venues. and the LTA (governing body ftirtennis in thc UK). De¢ision making The Trustees meet regularly to discuss matters sucb as its aims, objectives. fmancial positio￿ and the future direction of the TrnsL making SWE all In￿eeS have the opportunity to p8rti¢ipth. All decisions made are duly documented. Risk management The Trustecs comply with their duty to identify and review the risks to which the charity is exposed and to ensure appropriat¢ ¢ontrols ore in plaee to provide re2sonabl¢ assurdnce against fraud and evor. REFERENCE AND ADMtNISTRATIVE DETAtts Registered Company llu￿ber CE021013 (England and Wales) Regi8tered Charity number 1188388 Registered office Coombe Dingle Swrts Centre Coomk Lane Bristol BS9 2BJ Page 6 AVON TENNIS OiEGISTERED NUMBER: 1188388) REPORT OF THE TRUSTEES FOR THE YEAR EIYDED 30 SEPTEMBER 2023 Trustees C J Satnpson Mrs K F Curling A G Barker A R D McArthur (resigned 15.11.22) l Alexander P C J Bendall (app)inted 5.6.23) Company Secretary C J Sampson Independent Examiner Philip Evans Bsc FCA IDstitute of Chartercd Accountants in England and Wales PJE Chartered Accountsnts 2 Oakfield Road Clifton Bristol BS8 2AL This report h&5 been prepared in accorthce 7WTth the special provisions of Part 15 ofthe Companies Act 2006 relating to small companies. Approved by order of the IKJard of trustees on .....A./ }<&--ff&E2JlS ond signed on its behalf by: C J Sampson- Seeretsry Page 7 INDEPENDErfr EXAMtNER'S REPORT TO THE TRUSTEES OF AVON TENNIS llldependent examiner's report to the trustees ofAvon Tennis ('the Company,) l Twrt to th¢ clwÈty t￿￿¢¢$ oll my exa￿]n#t10￿ of the accounts of the Company for the year ¢nd¢d 30 S¢pt¢mb¢r 2023. Responsibilities and b*sis of report As the charity's ttustees of the Company (and also its directors for tbe purp)ses of company law) you ar¢ responsible for the preparation of the accounts in a¢cordallce with the requirements of the Companies Act 2006 ('the 2￿6 Act,). Having satisfied myself that the acciyunts of the Cotnpany are not required to be audiÉsJ under Part 16 of the 2006 Act and are ell￿ble for independent examin￿10￿ I report in respect of my exJJninatioll of your charity's accounts as caTried out under Section 145 of the Charities Act 2011 Cthe 2011 Act,). In carrying out my examlnation I have followed the DIre￿lon8 given by the Clwity Commission under Section 145(5) (b) of the 2011 Act. Page 8 INDEPENDENf EXAMtNER'S REPORT TO THE TRUSTEES OF AVON TENMS llldepeudent ¢￿miner'S Statement Since your charitys gross income exceeded £250,000 your examiner must be a memb¢T of a listed body. I can confirni that I am qualifLed to und¢rtak¢ th¢ ¢xamination b¢cause l am a member of the Institute of Chartered Accountants in England and Wales, whicb is one of the listed Ixxlies. I have completed my exaTnitLation. I confiTm that no matteTS have come to my attention in connection with the examination giving me Cause to believe: accountitLg records were not k¢pt in respect of the Company as required by ￿ti0Th 386 of tbc 2006 thc accounts do not accord with those I￿OrdS. or the accounts do not ￿mplY with the accounting requirements of Section 396 of the 2006 Act other tha any requirement that the accounts give a true and fair view which is Dot a rnatter considered as part of an itLdependeDt Lxalliination" or the accounts have not been prepared in accordan¢e with th¢ methThls and principles of the Statement of R¢¢ommended Praetiee forkccounting and rew)rting by charitie5 (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 wDJJ￿t1on with the examination to wl)ich attention should be drawn in this report in order to ¢nabl¢ aprowuDd¢rstanding ofthe accounts to be reache Philip Evans BS¢ FCA tnstiMte of Chart¢red Accountants in England and Wales PJE Chartered Accountants 2 Oakfield Road Clifton BTiStol BS8 2AL Date= ... Page 9 AVON TENNIS STATEMENT OF FINAIYCL4L ACTIVTflES FOR THE YEAR ENDED 30 SEPTEMBER 2023 30.9.23 Total funds 30.9.22 Total funds Unrestricted Restri¢t¢d fund funds Notes INCOJf£ AND ENDOWMENTS FROM Charitable activities Partnership funding Partnership ￿lfilMent Registration fees (2021122) Junior training squads tkagues & competitions Donations Grants 89265 45,682 180 28,114 28,182 5,645 2,167 89265 45,682 180 28,114 28,182 5,645 67,167 47,820 28,426 26,740 23,540 22,688 7,660 5,000 Invesbnent in¢ome Other in¢om¢ 10,646 55 10,646 55 10,643 Total 65.1)iM) 274,936 172.517 EXPENDITURE ON Raising funds 2,482 Charitable activities County cup Partnership thlfiiment Court booking fe¢s- Others Court tK>oking fees- Juniors Junior county coaching fees Other direct ¢xp¢ns¢s Grants and bursaries distributed Support costs 24533 45,682 11,682 15,687 13252 21￿53 3,700 16569 34500 59,033 45,682 12,182 15,687 14252 23,653 4,150 61,059 28.426 15,469 11,165 23,161 11,905 7.084 44239 450 27200 Total 154,621 220,071 Net gains/(losses) on investments 691 691 44,682) NET INCOMEIIEXPENDrruRE) 56,006 (450) 55,556 (77,155) RECONCILIATION OF FUNDS Total fi￿d8 brought fo￿ 292,667 2.190 294,857 372,012 TOTAL FUNDS CARRIED FORWARD 348,673 1,740 350,413 294.857 Th¢ notes fonn part of these financial statements Page 10 AVON TENNIS (REGISTERED NUMBER: 1188388) BALANCE SHEET 30 SEPTEMBER 2023 30.923 Total fullds 30.9.22 Total funds Unrestricted Restricted fund fim(ts Notes FIXED ASSETS Tangible assets Investments Investments Social inveslments 2,074 2,074 618 305,024 37,642 305,024 37,642 270,925 43,374 io 344,740 344,740 314.917 CURRENT ASSETS Debtot3 Cash at bank li 351 351 14507 2.975 25.709 13,118 1,740 14058 28,684 CREDITORS Amoutkts falling due within one year 12 (9.185) (9,185) (48.744) NET CURRENT ASSETS 3.933 1.740 5.673 20,060 TOTAL ASSETS LESS CURRENT LIABILITIES 348,673 1,740 350.413 294.857 NET ASSETS 1.740 350,413 294 857 FUNDS Unrestri¢t¢d fvnds: General fA]nd R¢stricted fund5." Tackling Inequalities fi]nd 14 348,673 292,667 1,740 TOTAL FUNDS 350,413 294,857 The charitable company is entitled to exemption from audit w)der Section 477 of the Compollies Act 2006 for the year ended 30 September 2023. Th¢ members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in a¢cordan(% with S￿tion 476 of tb¢ Companies Act 2006. The notes forni part of these financial statements Page 11 ntlnued... AVON TENNIS OIEGISTERED NUMBER: 1188388) BALAY4CE SHEET - cotttillued 30 SEPTEMBER 2023 The ts￿stee$ acknowledge their responsibilities for (a) ensuring that the charitable company keeps a￿U￿tIng T¢¢ords that comply viith Sections 386 and 387 of the Companies Act 2006 and (b) prepaTing financial statements which give a twe and fair view of the state of affairs of the charitable company as at the end of each fmancÉal ycar and of its surplus OT defi¢it for fuwicial year in accordance with the requirements of Sections 394 and 395 and which othe￿Is¢ comply with the requirements of the Companies Act 2006 relating to financial statement& so far as applicable to the charitable company. The financial statements were approved by the Board of Tr￿S and authorised for issue on 2¥.2Z.(zn&i .Zo.4.7....... and were signed on its behalf by: L4AAf' C J Sampson- Trustee Th¢ notes forni part of these financial statements Page 12 AVON TENNIS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EI¥DED 30 SEVIEMBER 2023 ACCOUNTING POLICIES Bgsis of preparing the finalleial sla¢ements The fman¢iai statements of the Ch￿itable company. which is a public benefit entity under FRS 102, have been prepared in accordance with the c1￿111eS SORP (FRS 102) 'Accounting and Reporting by Charitics: Statcmcnt of Recotnmended Practtce applicable to charities prepamg their accounts in accordance with the Finan¢ial Reportillg Standard applicable in the UK and Republic of Ireland (FRS 102) (eff￿tiV¢ l January 2019),. Financial Reporting StsndaTd 102'The Financial Reporting Standard applicable in the UK and RepubIic of Ireland, and the Companies Act 2006. Th¢ f￿all¢la1 statements have been pr¢pared under the historical ¢ost Conventio￿ with the exception of investments which are included at market value, as modified by the revaluation of certain assets. Financial reporting standard 102 - redueed disclosure exemptioDS The charitable company has taken advantage of the following disclosure exeTnption5 in preparing these fmancial statements, as pennitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,: the r¢quirements of Section 7 Ststement of Cash Flows. IDcome All incom¢ is re¢ognis¢d in th¢ stat￿n¢￿t of Financial Activities once the charity has elltitleD]ent to the fimds, it is probable that the income will Ix received and the amount wi k measured reliably. Governmellt grnnts Government grants relating to revenue are T￿OgnISed in income on a systematic basis over the periods in whicb the entity recognises the related costs for which the grdllt is intended to compensate. A grant that becomes receivable as compensation for expenses or losses already incuTrcd or for thc purposc of giving immediate fjnancial 5UPPOrt to the elltity with no future related costs shall be recognised in income in the period in which it becomes receivable. Expenditure Liabilities are reCO￿lSea &s expenditure 5(K)n as there Ts 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 ￿OUnt of the obligation can k Tneasured reliably. Expenditure is accounted for on an accruals basis and has been Classified under headings that aggregate all cost Telated to the category. Whcrc costs cannot b¢ dircctly attrtbut¢d to particular hradillg5 thry have been allocated to activities on a b&sis consistent with the use of resources. Grdnts offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Tangible fixed assets Depreciation is provided at the following annual ratss in Ord￿ to ThTite off each ass¢t over its estimated usefid life. Office equipment Sports equiprnent Compttter equipment 2￿/0 on cost 330/0 Oll Cost Page 13 continued... AVON TENNIS NOTES TO THE FINANCIAL STATEMENTS. continued FOR THE YEAR ENDED 30 SEPTEMBER 2023 ACCOUNTING POLICIES- CODtillued Social InV￿t￿t￿￿ Social investments are loans made to tennis clubs to support the ongoing growth in tennis. This would include capital investmenL The investment is measur&1 as the totsl amount ￿1Vable from the tennis clubs at the year-end date. The loans are interest free. unsecured and repayable on demand. Tantioll The charity is exempt from coryoralion tax on its charitable activities. Fund 2eeounting Unrestricted fi]nds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds con only be used for particular restricted purp)ses within the objects of the charity. Restrictions arise when Specifi￿ by the dfflor or when fim(Ls are raised for particular restricted purposes. Further explanation of the nature and puttx)se of each fund is includcd in the llotes to the finan¢ial statements. Pension costs and other post-retiremeD¢ benefits The clMritable company operates a defined contribution peDsion scheme. Contributions payable to ihe charitabl¢ compan￿S ￿nSIOn scheme are charged to the Statcmcnt of Financial Activities in the period to which they r¢lat¢. Investments Investments are a forn) of basic fmancial instrument and initially recogllised at their trallwtion value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial a¢tiviti¢s includes the net gains and losses ￿lSIng on revaluatioj) and disposals throughout the year. The charity do¢s rjot acquire put options. derivatives or oth¢r wmplex financial iJJstsiJments. All gains and losses are taken to the Statement of Finatkcial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales pff*eeds and theitop¢ning carrying Val￿ or their purchase value if acquired subsequent to the fi￿t day of the fTnan¢i&l year. lJnrealised gains and losses are calculat¢d as th¢ diff¢ffnc¢ between the fairvalue at the year-end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Fin8llcial Activities. The main forni of financial risk faced by the charity is that of volatility in equity markets and investment mark¢ts due to wider economic conditions, th¢ attitudc of Knvestots to investsnent risL and challges in sentiment concerning equities and within particular s¢clors or sub sectors. Page 14 continued... AVON TENNIS IYOTES TO THE FINANCIAL STATEMENfs- continued FOR THE YEAR ENDED 30 SEwfEMBER 2023 INVESTMENT INCOME 30.9.23 30.9.22 Income re¢eiv¢d from investm¢Dts BaTtk intcrcst received 10517 129 10,643 10.646 10.643 SUPPORT COSTS Support costs, included in the Statement of FiJ]ancial Activities. are &$ follows.. 30.9.23 30.9.22 Adverlising Depreciation expense Independent examiner remuneration Insurance IT 50ftware and ¢onsumables Payment Processing f¢¢s Payroll management fee Pensions Printing. postsge and stationery Rent and rdtes Subscriptions Telephone Wages and salaTies 30 599 iJ80 1559 3,488 250 38 36 1.620 1.443 8,281 335 483 1,436 534 932 240 1,063 1,503 5(b9 3204 288 864 30.055 43,769 44,239 NET INCOMEI(EXPENDITURE) N¢t incomel(expenditure) is stated after chargtngl(crediting): 30.9.23 30.9.22 D¢pr¢¢iation. owned assets 599 36 Page 15 continu¢