REGISTERED CHARITY NUMBER: 1191913
REPORT OF THE TRUSTEES AND
AUDITED FINANCIAL STATEMENTS
FOR THE PERIOD
20 OCTOBER 2020 TO 31 MARCH 2022
FOR
GEOFF WICKENS EGERTON SPORTS TRUST
Gibbons Mannington & Phipps LLP
Statutory Auditor
82 High Street
Tenterden
Kent
TN30 6JG
GEOFF WICKENS EGERTON SPORTS TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE PERIOD 20 OCTOBER 2020 TO 31 MARCH 2022
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Page
Report of the Trustees 1 to 2
Report of the Independent Auditors 3 to 4
Statement of Financial Activities 5
Statement of Financial Position 6
Statement of Cash Flows 7
Notes to the Statement of Cash Flows 8
Notes to the Financial Statements 9 to 12
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GEOFF WICKENS EGERTON SPORTS TRUST
REPORT OF THE TRUSTEES FOR THE PERIOD 20 OCTOBER 2020 TO 31 MARCH 2022
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityforthe period
20October2020to31March2022.ThetrusteeshaveadoptedtheprovisionsofAccounting and
ReportingbyCharities:StatementofRecommendedPracticeapplicabletocharitiespreparing their
accountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublicof Ireland
(FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
Theobjectsofthetrustarethepromotionofamateursportandthepromotionof community
participationinhealthyrecreationinandaroundEgerton,Kentinparticularbutnotexclusivelyby the
provision, maintenance and improvement of facilities for amateur sport and healthy recreation.
Public benefit
ThetrusteeshavecompliedwiththeirdutyintheCharitiesActtohavedueregardtoguidelinesissued by
the Charity Commission on public benefit.
Grantmaking
The charity will agree to making a grant to local organisations whose aims also meet its objectives.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Thecharitywasestablishedtogiveeffecttotheprovisionscontainedwithinthewillofthelate Geoffrey
Charles Wickens dated 16 October 1996, who passed away on 15 March 2018.
Itwasdecidedthatthefundsbeinvestedforcapitalappreciationwithaninvestment management
company, see further details in the financial review below.
Ourprimeobjectiveistoprovidefundingtoothercharitiesornon-profitmakingorganisations with
donations or grants for the promotion of amateur sport in the Egerton area.
Thetrusteesarepleasedtohavebeenabletosupportotherlocalcharitiesandnotfor profit
organisations during the period.
Investment performance
Investment performance has been achieved against the objectives set for this period. Details of return on
investments can be found in the Statement of Financial Activities.
FINANCIAL REVIEW
Investment policy and objectives
The board's policy is to invest in the investment portfolio to provide the resources necessary for the
charity to meet its objectives.
The Board has resolved to retain Messrs Rathbones to advise and handle its investment funds.
Reserves policy
Thecharityhasunrestrictedgeneralreservesof£1,170,064atthebalancesheetdate.Asdetailed above
itisthecharity'sstrategytobuildreserves(incashandreadilyrealisableinvestments)tosupport the
community with providing donations.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Thecharityiscontrolledbyitsgoverningdocument,thewillofGeoffWickens,provedon15March 2018.
This was amended by a change in deed dated 18 December 2019.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
1191913
Page 1
GEOFF WICKENS EGERTON SPORTS TRUST
REPORT OF THE TRUSTEES
FOR THE PERIOD 20 OCTOBER 2020 TO 31 MARCH 2022
Principal address
Parrsmere
Chapel Lane
Egerton
Ashford
Kent
TN27 9BX
Trustees
J A Hopkins (appointed 25/3/2021)
M G Gould (appointed 25/3/2021)
J A Hopkins
N P Gould
Auditors
Gibbons Mannington & Phipps LLP
Statutory Auditor
82 High Street
Tenterden
Kent
TN30 6JG
STATEMENT OF TRUSTEES' RESPONSIBILITIES
ThetrusteesareresponsibleforpreparingtheReportoftheTrusteesandthefinancialstatements in
accordancewithapplicablelawandUnitedKingdomAccountingStandards(UnitedKingdom Generally
Accepted Accounting Practice).
ThelawapplicabletocharitiesinEnglandandWales,theCharitiesAct2011,Charity(Accounts and
Reports)Regulations2008andtheprovisionsofthetrustdeedrequiresthetrusteestoprepare financial
statementsforeachfinancialyearwhichgiveatrueandfairviewofthestateofaffairsofthecharity and
oftheincomingresourcesandapplicationofresources,includingtheincomeandexpenditure,of the
charity for that period. In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewith reasonable
accuracyatanytimethefinancialpositionofthecharityandtoenablethemtoensurethatthe financial
statementscomplywiththeCharitiesAct2011,theCharity(AccountsandReports)Regulations2008 and
theprovisionsofthetrustdeed.Theyarealsoresponsibleforsafeguardingtheassetsofthecharity and
hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on 23 January 2023 and signed on its behalf by:
J A Hopkins - Trustee
Page 2
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
GEOFF WICKENS EGERTON SPORTS TRUST
Opinion
WehaveauditedthefinancialstatementsofGeoffWickensEgertonSportsTrust(the'charity')for the
periodended31March2022whichcomprisetheStatementofFinancialActivities,theStatement of
FinancialPosition,theStatementofCashFlowsandnotestothefinancialstatements,including a
summaryofsignificantaccountingpolicies.Thefinancialreportingframeworkthathasbeenapplied in
theirpreparationisapplicablelawandUnitedKingdomAccountingStandards(UnitedKingdom Generally
Accepted Accounting Practice).
-
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 March 2022 and of its incoming resources and application of resources, for the period then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
WeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK)) and
applicablelaw.Ourresponsibilitiesunderthosestandardsarefurtherdescribedinthe Auditors'
responsibilitiesfortheauditofthefinancialstatementssectionofourreport.Weareindependentof the
charityinaccordancewiththeethicalrequirementsthatarerelevanttoourauditofthe financial
statementsintheUK,includingtheFRC'sEthicalStandard,andwehavefulfilledourother ethical
responsibilitiesinaccordancewiththeserequirements.Webelievethattheauditevidencewe have
obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
Inauditingthefinancialstatements,wehaveconcludedthatthetrustees'useofthegoingconcern basis
of accounting in the preparation of the financial statements is appropriate.
Basedontheworkwehaveperformed,wehavenotidentifiedanymaterialuncertaintiesrelating to
eventsorconditionsthat,individuallyorcollectively,maycastsignificantdoubtonthecharity'sability to
continueasagoingconcernforaperiodofatleasttwelvemonthsfromwhenthefinancialstatements are
authorised for issue.
Ourresponsibilitiesandtheresponsibilitiesofthetrusteeswithrespecttogoingconcernaredescribed in
the relevant sections of this report.
Other information
Thetrusteesareresponsiblefortheotherinformation.Theotherinformationcomprisesthe information
includedintheAnnualReport,otherthanthefinancialstatementsandourReportofthe Independent
Auditors thereon.
Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationand,excepttothe extent
otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheother information
and,indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththe financial
statementsorourknowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.If we
identifysuchmaterialinconsistenciesorapparentmaterialmisstatements,wearerequiredto determine
whetherthisgivesrisetoamaterialmisstatementinthefinancialstatementsthemselves.If,based on
theworkwehaveperformed,weconcludethatthereisamaterialmisstatementofthisother information,
we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
WehavenothingtoreportinrespectofthefollowingmatterswheretheCharities(Accountsand Reports)
Regulations 2008 requires us to report to you if, in our opinion:
-
the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
-
sufficient accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Page 3
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
GEOFF WICKENS EGERTON SPORTS TRUST
Responsibilities of trustees
AsexplainedmorefullyintheStatementofTrustees'Responsibilities,thetrusteesareresponsiblefor the
preparationofthefinancialstatementswhichgiveatrueandfairview,andforsuchinternalcontrol as
thetrusteesdetermineisnecessarytoenablethepreparationoffinancialstatementsthatarefree from
material misstatement, whether due to fraud or error.
Inpreparingthefinancialstatements,thetrusteesareresponsibleforassessingthecharity'sability to
continueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusing the
goingconcernbasisofaccountingunlessthetrusteeseitherintendtoliquidatethecharityorto cease
operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
WehavebeenappointedasauditorsunderSection144oftheCharitiesAct2011andreport in
accordance with the Act and relevant regulations made or having effect thereunder.
Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawhole are
freefrommaterialmisstatement,whetherduetofraudorerror,andtoissueaReportofthe Independent
Auditorsthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnot a
guaranteethatanauditconductedinaccordancewithISAs(UK)willalwaysdetecta material
misstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterial if,
individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisions of
users taken on the basis of these financial statements.
Theextenttowhichourproceduresarecapableofdetectingirregularities,includingfraudis detailed
below:
-Discussionswithmanagementwhichincludedconsiderationofknownorsuspectedinstances of
non-compliance with laws and regulations and fraud.
-Reviewing,evaluatingandtestingsystemsandcontrolstoassesstheireffectivenesstoprevent and
detect irregularities.
- Identifying, reviewing and testing of journal entries.
Inspecting trustee meeting minutes.
-Challengingassumptionsandjudgementsmadebymanagementinrespectofsignificant accounting
estimates.
Afurtherdescriptionofourresponsibilitiesfortheauditofthefinancialstatementsislocatedon the
FinancialReportingCouncil'swebsiteatwww.frc.org.uk/auditorsresponsibilities.Thisdescription forms
part of our Report of the Independent Auditors.
Use of our report
Thisreportismadesolelytothecharity'strustees,asabody,inaccordancewithPart4ofthe Charities
(AccountsandReports)Regulations2008.Ourauditworkhasbeenundertakensothatwemightstate to
thecharity'strusteesthosematterswearerequiredtostatetotheminanauditors'reportandfor no
otherpurpose.Tothefullestextentpermittedbylaw,wedonotacceptorassumeresponsibility to
anyoneotherthanthecharityandthecharity'strusteesasabody,forourauditwork,forthisreport, or
for the opinions we have formed.
Gibbons Mannington & Phipps LLP
Statutory Auditor
82 High Street
Tenterden
Kent
TN30 6JG
24 January 2023
Page 4
GEOFF WICKENS EGERTON SPORTS TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 20 OCTOBER 2020 TO 31 MARCH 2022
Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Investment income
3
Total
EXPENDITURE ON
Raising funds
4
Charitable activities
5
Grants
Other
Total
Net gains on investments
NET INCOME
TOTAL FUNDS CARRIED FORWARD |
Unrestricted
fund
£
1,242,354
26,072
1,268,426
11,785
81,871
3,128
96,784
7,113
1,178,755
1,178,755 |
|
|
The notes form part of these financial statements
Page 5
GEOFF WICKENS EGERTON SPORTS TRUST
STATEMENT OF FINANCIAL POSITION 31 MARCH 2022
Notes
FIXED ASSETS
Investments
9
CURRENT ASSETS
Debtors
10
Cash at bank
CREDITORS
Amounts falling due within one year
11
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
12
Unrestricted funds
TOTAL FUNDS |
Unrestricted
fund
£
1,137,159
1,607
42,990
44,597
(3,001)
41,596
1,178,755
1,178,755
1,178,755
1,178,755 |
|
|
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
23 January 2023 and were signed on its behalf by:
J A Hopkins - Trustee
The notes form part of these financial statements
Page 6
GEOFF WICKENS EGERTON SPORTS TRUST
STATEMENT OF CASH FLOWS
FOR THE PERIOD 20 OCTOBER 2020 TO 31 MARCH 2022
Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by operating activities
Cash flows from investing activities
Purchase of fixed asset investments
Sale of fixed asset investments
Interest received
Dividends received
Net cash (used in)/provided by investing activities
Change in cash and cash
equivalents in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the
end of the reporting period |
£
1,146,964
1,146,964
(1,174,073)
44,027
5
26,067
(1,103,974)
42,990
-
42,990 |
|
|
The notes form part of these financial statements
Page 7
GEOFF WICKENS EGERTON SPORTS TRUST
NOTES TO THE STATEMENT OF CASH FLOWS FOR THE PERIOD 20 OCTOBER 2020 TO 31 MARCH 2022
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
Net income for the reporting period (as per the Statement
of Financial Activities)
Adjustments for:
Losses on investments
Interest received
Dividends received
Increase in debtors
Increase in creditors
Net cash provided by operations |
£
1,178,755
(7,113)
(5)
(26,067)
(1,607)
3,001
1,146,964 |
|
|
2. ANALYSIS OF CHANGES IN NET FUNDS
|
At 20/10/20 |
Cash flow |
At 31/3/22 |
|
£ |
£ |
£ |
Net cash |
|
|
|
Cash at bank |
- |
42,990 |
42,990 |
|
- |
42,990 |
42,990 |
Total |
- |
42,990 |
42,990 |
The notes form part of these financial statements
Page 8
GEOFF WICKENS EGERTON SPORTS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 20 OCTOBER 2020 TO 31 MARCH 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthecharity,whichisapublicbenefitentityunderFRS102,have been
preparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReportingby Charities:
StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsin accordance
withtheFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS 102)
(effective1January2019)',FinancialReportingStandard102'TheFinancialReporting Standard
applicableintheUKandRepublicofIreland'andtheCharitiesAct2011.Thefinancial statements
havebeenpreparedunderthehistoricalcostconvention,withtheexceptionofinvestments which
are included at market value, as modified by the revaluation of certain assets.
Income
AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlement to
the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructive obligation
committingthecharitytothatexpenditure,itisprobablethatatransferofeconomicbenefits will
berequiredinsettlementandtheamountoftheobligationcanbemeasuredreliably. Expenditure
isaccountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregate all
costrelatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadings they
have been allocated to activities on a basis consistent with the use of resources.
Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedas a
commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestrictedfundscanbeusedinaccordancewiththecharitableobjectivesatthediscretionof the
trustees.
Investments
Listedinvestmentsareincludedatmarketvalueattheyearend.Gainsandlossesondisposal of
investments are charged or credited to the Statement of Financial Activities.
Debtors
Tradeandotherdebtorsarerecognisedatthesettlementamountdueafteranytrade discount
offered.
Creditors
Creditorsarerecognisedwherethecharityhasapresentobligationresultingfromapast event
thatwillprobablyresultinthetransferoffundstoathirdpartyandtheamountduetosettle the
obligationcanbemeasuredorestimatedreliably.Creditorsarenormallyrecognisedat their
settlement amount after allowing for any trade discounts due.
continued...
Page 9
GEOFF WICKENS EGERTON SPORTS TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 20 OCTOBER 2020 TO 31 MARCH 2022
2. |
DONATIONS AND LEGACIES |
|
|
|
|
|
|
|
£ |
|
Legacies |
|
|
1,242,354 |
3. |
INVESTMENT INCOME |
|
|
|
|
|
|
|
£ |
|
Income from investments |
|
|
26,067 |
|
Deposit account interest |
|
|
5 |
|
|
|
|
26,072 |
4. |
RAISING FUNDS |
|
|
|
|
Investment management costs |
|
|
|
|
|
|
|
£ |
|
Portfolio management |
|
|
11,785 |
5. |
CHARITABLE ACTIVITIES COSTS |
|
|
|
|
|
|
|
Grant |
|
|
|
|
funding of |
|
|
|
|
activities |
|
|
|
|
(see note |
|
|
|
|
6) |
|
|
|
|
£ |
|
Grants |
|
|
81,871 |
6. |
GRANTS PAYABLE |
|
|
|
|
|
|
|
£ |
|
Grants |
|
|
81,871 |
7. |
SUPPORT COSTS |
|
|
|
|
|
|
Governance |
|
|
|
Finance |
costs |
Totals |
|
|
£ |
£ |
£ |
|
Other resources expended |
128 |
3,000 |
3,128 |
8. |
TRUSTEES' REMUNERATION AND BENEFITS |
|
|
|
There were no trustees' remuneration or other benefits for the period ended 31 March 2022.
Trustees' expenses
There were no trustees' expenses paid for the period ended 31 March 2022.
continued...
Page 10
GEOFF WICKENS EGERTON SPORTS TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 20 OCTOBER 2020 TO 31 MARCH 2022
9. FIXED ASSET INVESTMENTS
MARKET VALUE
Additions
Disposals
Revaluations
At 31 March 2022
NET BOOK VALUE
At 31 March 2022
There were no investment assets outside the UK.
Cost or valuation at 31 March 2022 is represented by:
Valuation in 2022
Cost
10.
DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Trade debtors
11.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
12.
MOVEMENT IN FUNDS
Net
movement
in funds
£
Unrestricted funds
General fund
1,178,755
TOTAL FUNDS
1,178,755
Net movement in funds, included in the above are as follows:
Incoming
Resources
Gains and
resources
expended
losses
£
£
£
Unrestricted funds
General fund
1,268,426
(96,784)
7,113
TOTAL FUNDS
1,268,426
(96,784)
7,113 |
|
Listed
investments
£
1,174,073
(45,605)
8,691
1,137,159
1,137,159
Listed
investments
£
8,691
1,128,468
1,137,159
£
1,607
£
3,001
At
31/3/22
£
1,178,755
1,178,755
Movement
in funds
£
1,178,755
1,178,755 |
|
|
|
|
|
|
|
|
|
|
|
|
continued...
Page 11
GEOFF WICKENS EGERTON SPORTS TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 20 OCTOBER 2020 TO 31 MARCH 2022
13. RELATED PARTY DISCLOSURES
ThetrusteeJAHopkins,isChairmanofEgertonFootballClub,PresidentofEgertonCricket Club
andParishCouncillorforEgerton.Intheperiod,thecharityhasmadethefollowingdonations to
these organisations:
- Egerton Football Club -£4,399
- Egerton Cricket Club - £33,382
Egerton Parish Council - £32,800
14. ULTIMATE CONTROLLING PARTY
The charity is controlled by the board of trustees.
Page 12