REGISTERED CHARITY NUMBER: 1191913 REPORT OF THE TRUSTEES AND uNAuDED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 FOR GEOFF WICKENS EGERTON SPORTS TRUST Gibbons Mannington & Phipps LLP Chartered Accountants 82 High Street Tenterden Kent TN30 6JG
GEOFF WICKENS EGERTON SPORTS TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 Page Report of the Trustees Independent Examiner's Report statement of Financial Activities Statement of Flnanclal Posltlon Notes to the Financial Statements 6 to 11 Detailed Statement of Financial Activities 12
GEOFF WICKENS EGERTON SPORTS TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2023 The trustees present their pOrt with the financial ststements of the charity for the year ended 31st March 2023. The trustees have adopted the provisions of 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 I January 2019}. OBJECTIVES AND AcrivrriES Objectives and aims The objects of the trust are the promotion of amateur sport and the promotion of community participation in healthy recreation in and amund Egerton, Kent in particular but not exclusively by the provision, maintenance and improvement of facilities for amateur sport and healthy recreation. Public benefit The trustees have complied with their duty in the Charities Act to have due regard to guidelines issued 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 The charity was established to give effect to the provisions contained within the will of the late Geoffrey Charles Wickens dated 16 October 1996, who passed away on 15 March 2018. It was decided that the funds be invested for capital appreciation with an investment management company, see further details in the financial review below. Our prime objective is to provide funding to other charities or non-profit making organisations with donations or grants for the promotion of amateur sport in the Egerton area. During the year grants totalling £41,187 were paid to four organisations. The trustees are pleased to have been able to support other local charities and not for profit organisations during the year by making grants totalling £41, 187 were paid to four organisations. 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 Artivities. FINANCIAL REVIEW Investment policy and objectives The board's policy is to invest in the investment portfolio to provide the sourceS 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 The charity has unrestricted general reserves of £1,068,308 at the balance sheet date. As detailed above it is the charity's Strategy to build reserves (in cash and readily reali5able investments) to 5UPPQrt the community with providing donations. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, the will of Geoff Wickens, proved on 15 March 2018. This was amended by a change in deed dated 18 December 2019. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Charlty number 1191913 Page I
GEOFF WICKENS EGERTON SPORTS TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2023 Principal address Parrsmere Chapel Lane Egerton Ashford Kent TN27 9BX Trustees l A Hopkins M G Gould J A Hopkins N P Gould Independent Examiner Richard Appleyard FCA Gibbons Mannington & Phipps LLP Chartered Accountants 82 High Street Tenterden Kent TN30 6JG Approved by order of the board of trustees on 28th lanuary 2024 and signed on its behalf by: J A Hopkins - Trustee Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GEOFF WICKENS EGERTON SPORTS TRUST Independent examiner's report to the trustees of Geoff Wickens Egerton Sports Trust I report to the charity trustees on my examination of the accounts of Geoff Wickens Egerton Sports Trust (the Trust) for the year ended 31st March 2023. Responsibilities and basis of report As the charity trustees of the Trust 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 Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commlssion under Section 145(5llb) of the Art. Independent examiner's statement I have completed my examination. I confimi that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Trust as required by Section 130 of the Act,. or the accounts do not accord with those records,. or the accounts do not comply with the applicable quirements conceming 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. Richard Appleyard FCA Gibbons Mannington & Phipps LLP Chartered Accountants 82 High Street Tenterden Kent TN30 6JG 7th February 2024 Page 3
GEOFF WICKENS EGERTON SPORTS TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2023 Period 20/10/20 to 31/3122 Total funds Year Ended 3113123 Unrestricted fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 1,242,353 Investment income 26,667 26,073 Total 26,667 1,268,426 EXPENDITURE ON Raising funds 9,682 11.785 Charitable activities Grants 41,187 81,871 other 1,514 3,128 Total 52,383 96,784 Net gains/(lossesl on investrnents (84,731) 7,113 NET INCOME/(EXPENDITURE) (110,447) 1,178,755 RECONCILIATION OF FUNDS Total funds brought forward 1,178,755 TOTAL FUNDS CARRIED FORWARD 1,068,308 1,178,755 The notes form part of these financial statements Page 4
GEOFF WICKENS EGERTON SPORTS TRUST STATEMENT OF FINANCIAL POSMON 31ST MARCH 2023 2023 Unrestricted fund 2022 Total funds Notes FIXED ASSETS Investments 1,037,861 1,137,159 CURRENT ASSETS Debtors Cash at bank io 1,607 42,990 31,887 31,887 44,597 CREDITORS Amounts falling due within one year li (1,440) (3,001) NET CURRENT ASSETS 30,447 41,596 TOTAL ASSETS LESS CURRENT LIABILITIES 1,068,308 1,178, 755 NET ASSETS 1,068,308 1,178, 755 FUNDS Unrestricted funds 12 1,068,308 1,178,755 TOTAL FUNDS 1,068,308 1,178,755 The financial statements were approved by the Board of Trustees and authorised for issue on 28th January 2024 and were signed on its behalf by.. J A Hopkins - Trustee The notes form part of these financial statements Page 5
GEOFF WICKENS EGERTON SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 '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 1021 (effective l January 20191,, Financial Fieporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The flnancial statements have been prepad under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. Incorne All income is recognised in the Statement of Financial Activities once the charity ha5 entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is 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 amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be dirertly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Taxatlon The charity is exempt from tax on its charitable activities. Fund accounting Unrestrirted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Hlre purchase and leaslng commltments Rentals paid under operating leases are charged to the Statement of Financial Artivities on a straight line basis over the period of the lease. Investments Listed investments are included at market value at the year end. Gains and losses on disposal of investments are charged or credited to the Statement of Financial Activities. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Creditors Creditor5 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 are normally recognised at their settlement amount after allowing for any trade discounts due. Page 6 continued...
GEOFF WICKENS EGERTON SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31ST MARCH 2023 INVESTMENT INCOME Period 20110/20 to 31/3122 Year Ended 31/3123 Income from investments Deposit account interest 26,369 298 26,068 26,667 26,073 RAISING FUNDS Investment management costs Period 20110/20 to 31/3/22 Year Ended 3113123 Portfolio management 9,682 11,785 CHARrrABLE AcfiviTIES COSTS Grant funding of activities (see note 51 Grants 41,187 GRANTS PAYABLE Period 20/10/20 to 31/3122 Year Ended 3113123 Grants 41,187 81,871 The total grants paid to institutions during the year was as follows.. Period 20/10/20 to 31/3/22 Year Ended 3113123 Egerton Cricket Club Egerton Football Club Egerton Parish Council Egerton Playing Fields Committee Egerton Preschool Egerton Running and Cycling Club 4,108 2,385 25,000 9,694 33.832 4,399 32,800 10,000 840 41,187 81.871 Page 7 continued...
GEOFF WICKENS EGERTON SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31ST MARCH 2023 SUPPORT COSTS Governance costs Finance Totals Other resources expended 74 1,440 1,514 Support costs, included in the above, are as follows- Flnance Period 20/10/20 to 3113122 Year Ended 3113123 other resources expended Total activities Bank charges 74 128 Governance costs Period 20110/20 to 31/3122 Year Ended 3113123 Other resources expended Total activities ALJditors' remuneration Independent examination fees Accountancy fees 3,000 900 540 1,440 3,000 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31st March 2023 nor for the period ended 31st March 2022. Trustees. expenses There were no trustees, expenses paid for the year ended 31st March 2023 nor for the period ended 31st March 2022. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund INCOME AND ENDOWMENTS FROM Donations and legacies 1,242,353 Investment income 26,073 Total 1,268,426 EXPENDITURE ON Raising funds 11,785 Page 8 continued...
GEOFF WICKENS EGERTON SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31ST MARCH 2023 COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfIviTIES - continued Unrestricted fund Charitable activities Grants 81,871 other 3,128 Total 96,784 Net gains on investments 7,113 NET INCOME 1,178,755 TOTAL FUNDS CARRIED FORWARD 1,178,755 FIXED ASSET INVESTMENTS Liste investments MARKET VALUE At 1st April 2022 Addition5 Di5POsals Revaluations 1,137,159 95,880 (97,845) (97,333) At 31st March 2023 1,037,861 NET BOOK VALUE At 31st March 2023 1,037,861 At 31st March 2022 1,137,159 Investment assets are represented by: 2023 2022 UK Investments Overseas investments 568,428 469,433 561,503 575,656 1,037,861 1,137,159 2023 2022 Historical cost of investments 1,109,428 1,128,467 Page 9 continued...
GEOFF WICKENS EGERTON SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31ST MARCH 2023 10. DEBTORS: AMOUNTS FALLING DUE AER MORE THAN ONE YEAR 2023 2022 Trade debtors 1,607 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Other creditors 1,440 3,001 12. MOVEMENT IN FUNDS Net movement in funds At 3113123 At 114122 Unrestricted funds General fund 1,178,755 (110,447) 1,068,308 TOTAL FUNDS 1,178,755 (110,447) 1,068,308 Net movement in funds, included in the above are as follows.. Incoming resourees Resources expended Gains and losses Movement in funds Unrestricted funds General fijnd 26,667 152,383) (84,731) (110,447) TOTAL FUNDS 26,667 {52,383) (84,731) (110,447) Comparatives for movement in funds Net movement in funds At 3113122 Unrestrlrted funds General fund 1, 178,755 1,178,755 TOTAL FUNDS 1, 178,755 1,178,755 Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestrirted funds General fund 1,268,426 196,784) 7,113 1,178,755 TOTAL FUNDS 1,268,426 196,784) 7,113 1,178,755 P3ge 10 continued...
GEOFF WICKENS EGERTON SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31ST MARCH 2023 13. RELATED PARTY DISCLOSURES The trustee J A Hopkins, is Chairman of Egerton Football Club, President of Egerton Cricket Club and Parish Councillor for Egerton. In the period, the charity has made the following donations to these organisations: Egerton Football Club -£2,385 Egerton Cricket Club - £4,108 Egerton Parish Councll £25,000 Egerton Playing Fields Committee - £9.694 Page 11
GEOFF WICKENS EGERTON SPORTS TRUST DETAILED STATEMENT OF FINANCIAL AcfIvITIES FOR THE YEAR ENDED 31ST MARCH 2023 Perio 2011012 Year Ended 3113123 to 31/3/22 INCOME AND ENDOWMENTS Donations and le9acies Legacies 1,242,353 Investment income Income from investments Deposit account interest 26,369 298 26,068 26,667 26,073 Total incoming resources 26,667 1,268,426 EXPENDITURE Investment mana9ement Costs Portfolio management 9,682 11,785 Charitable activities Grants to institutions 41,187 81,871 Support costs Finance Bank charges 74 128 Governance costs Auditor5, remuneration Independent examination fees Accountancy fees 3,000 900 540 1,440 3,000 Total resources expended 52,383 96,784 Net (expenditure)/income before gains and losses (25,716) 1,171,642 Realised recognised gains and losses Realised gains/llosses) on fixed asset investments 12,602 (1,578) Net (expenditure)/in¢ome (13,114) 1,170,064 Thi5 page doe5 not form part of the statutory financial statements Page 12