RegIsted number." 13593368 Charity number: 1200680 ETCHINGHILL GOLF TRUST (A Company Limited by Guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
ETCHINGHILL GOLF TRUST IA Company Umlted by Guarantee) CONTENTS P4e Reference and Administrative Details of thè Charity. its Twstees and Advisers Trusteos. Raport Independent AuditOTS' Report on the Flnancial Statements 8-11 Statement of Financial Activities 12 8alance Sheet 13-14 Statemenl of Cash Fk)v 15 Notes to the Financial Statements 16-29
ETCHINGHILL GOLF TRUST (A Company Limlted by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. rrs TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees rimothy Michael Giles Barton. Twslee David Johnathan Callisler. Tnjstee Charfes Crewdson Evans. Trustee Roland George Pary. Trustee Peler Netdam Ttxy. Chair Company registered number 13593368 Charity registered number 1200680 Registered office The Estaté offe, Elchinghiu Gdf Canterbury Road Etchinghill Folkeslone Kent CT18 8FA Indèpendent auditors Pure Audit Limrted Chartered Certified Accountants and Statutory Auditors 76 Canterbury Innovation Centre Universty Road Cantert)ury Kent CT2 7FG Bankers Naest Bank P 49 Sandgate Road Folkeslone Kent CT20 1RU Page 1
ETCHINGHILL GOLF TRUST (A Company Limited by Guardntee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together with the audrted financial statements of the Charity for the 1 April 2023 10 31 March 2024. The Annud Report See$ the purposes of both a Trustees, report and a directors. report under company law. The Trustees confim) that the Annual Report and financial statements of the chantable company comp with the currefit ststulory requirements. the requirements of the charitable cornpany's governing document and the provisior>s of the Statement of Recommended Practice ISORPI applicab16 to charities preparing their a¢¢ounts in accordance with the Finan Reporting Standard appIable in the UK and Republic of Irdand IFRS1021 (effective 1 January 20191. Since the Charrty qualffies as small under SeCtn 382 of the Companies Act 20(6, the Strategic Report required of medium and large companies under the Companies Act 20[% (Strategic Report and Directors. Reporti Regulations 2013 has been omrtted. Obje¢tives and activities a. Policies and otyectives The principal chanlable objective of the Charrty during the peri(MJ under review. was that of the promotion of cornmunity participation In heaKhy reuealion. in parti¢ular by the provision of facilities for the playing of golf. The secondary charitable objectr4e of the Chatty is lo carry out such other charitable purposes bèneficial lo the community consistent with the principa objective as the Trustees shall in their absolute discretion determine. The Trustees confirm that they have referred to the guidance wntained In the Charity Commission's geneial guidan on public benelrt when revwing the Charitys aims and objectives. and in planning fvture aclivilies. In setting objectives and planning for &tivf(ies. the Trustees have given due consideration to general guidance published by the Charity Commiss40n lating lo publ benefft. inclu(ling the guÈdan¢e publie benefit.. running a charity IPB21'. b. Strategies for achieving objectives We su¢¢essfully continue wrth free academy course junior membership al Elchinghill Golf Trust, that we started last year. This is designed lo encourage Children to the great game of 9oIF and start them on theTr golfing journey. Many gow clubs do not want younger members there in an older male orienlaled environrnenl. EGT is far from that. Juniors are encouraged to improve their skills whilst they age, in the end becoming full members and enjoying the benefits that it bnngs. The academy course also doubles up as a Footgolf Course_ Football has more participants in golf and by hosting foolgolf, encourages non golFers to come to EGT for the first lime and enjoy the same facilities that the golfers enjoy. 31 Our membership pricing (please follow the link below) means that anyone can join and enjoy all the benefits of being a member withotrt a huge outLay. Memberships being able to be paid rnonlhly. enables golfers lo spread the cost over 12 months. This is very appealing an industry where few clubs offer this with golfers only having the oplKin lo pay In one lump sum upfront. Golfers can join EGT for as lrttle as only £39. https."//www.etchinghillgoW co.ukJassetsf20241021Member5hip Application Pack 2024v3 pdf. Memberships - Etchinghill GOK Trust Qur green fee pricing enables gOer$ to play 18 holes on our Valley course for as little as £15. appealing lo those who cannot afford the nomial £43 weekend morning green fees. Page 2
ETCHINGHILL GOLF TRUST (A Company Llmited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Objectives and activities (continued} c. Activltles undertaken to achleve ol¥e¢tlves SGhools are contacted for the jtsnior coaching sessions we have as well as the schools we have come lo 51te. They are then infomed of the Free Academy coaching. This has risen from 1e6 10 223 in a year. 21 ActNe social media campaigns on Facebook and Instagram to send out an inclusNe message. Insta stones are messaged out about the Trackman driving range and that anyone can use the ran. 3} Quarterfy newslett81s emailed out to stay in ttxrch with estIng Clnt base_ 41 Disability go coaching is carried out al EGT through County we backed grants. 51 For Second year Schools coaching and Junior Coaching including a large Tri GOW festival wlh 12 of the bcal schools participating. This is ajl paid for by grants wrth cost lo the participants. 61 Kent"Invicta 10S" ¢ornpetitions are held at Elchinghill for undèr 10$ to compete against teams from other clubs on our academy course. Due to Its success Invicta 12s has now Started, which we are pleased to say EGT will host. d. Main activities undertaken to further the Charity's purposes for the public benefit Footg0 demonstrales thi5 too. as amhough go Is a skilled game. football is less so and perhaps appeals to more. Free lasler seSSnS and govemment backed junior groups enables adults and juniors lo try go for free. A brand-new Trackman driving range was installed. prowding 15-bays. where you can praclice your swings and driving a¢¢uracy with precise tracking and reakbme data_ Perfed for golfers of all levels. Achievements and performance a. Main achievements ofthe Charity The Trustees are pleased lo report that the actiwties undertaken have shown good progress during their second financial year. Both member and visitor participatK)n in¢reased. The Trustees consider that the future of its faulilRs is now secure. This has, in the opinion of the Trustees. provided substantial ¢orntnunity benefrt. The Trustees are mindful of the considerable personal financial challenges its members and wsrtors are subject lo wlh the current inflationary cycle in the UK economy. Wherever possible the Trustees will seek lo mitigate those difficurties seeking to maintain a balance belween the financial sU5tainability of the Charity and affordability for the faulty users. The Charrty continues to seek opportunities to expand the sphere of th& benefit rt can provide. Page 3
CHINGHILL GOLF TRUST IA Company Llmited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Achievernents and perfolanCe l¢ontinued} b. Key perf0mnCe indicators Membership has risen from 1050 to 1328 in the last calendar year_ A healthy balance being caIrd forward into the new financial year. Operating revenues on a par if not better than the previous year before coming a charity. DrivTng lange revenues has been signrficantly better since the new Trackman v4as instslW. 21 31 41 c. Review of activities The income and capital of the Charity is solety dedted to the promotion of the objectives of the Charity. The Trustees expect all and any operating surpluses to be reinvested into the activities of the Charity for the foreseeable luture and have no plans to invest extemalty lo the Charty. d. Fundraising activitiès and income generation The Charity is WOking hard on operating a facilty that wll be capable of anow'ng the Charjty to facilitsle the delivery of the maximum possible community benefit. Financlal review a. Going concern After making approprkile enquiries, Ihe Trustees have a reasonable eypectation that Ihe Charty has adaqLte resources to eontinue in operabonal existence for the foreseeable ftrtyre, For thi5 reason. they conlinue lo adopt the going concern basis in preparing the financial stalements. b. Reserves policy Reserves are retaned to a minimum requiremenl in order to operate Etchinghill GolfTrust effi¢nlly. 11 is ensured that 6 months expenditure is kept in reseNe_ c. Principal risks and uncertainties With the Current economic climate and golf being a Jeisure actimty, history has shown us that clubs such as Elchinghill Golf Trust will be one of the first things to f1 the"pin¢h'. Following an awftjl winter of weather though. the months of April and May are performing well against last year's figures in all areas. Poor weather Is awayS a threat lo any sport in the UK played outside unfortunately. Local compets.tors in other golf clubs are aknys threats as goffers aayS have the Choi lo play glsewhere. Page 4
ETCHINGHILL GOLF TRUST IA Company Llmited by Guaranteel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 d. Financial risk management obi8Ctives and policies The Trustees have assessed the major risks to which ihe charity is exposed, in particular those related to the operations and finances of the charity and are satisfied that systems and prOdureS are In place to mitigate our exposuie to the rnajor risks. The Trustees have a risk management strategy whb includes-. . the annual revEw of the risks the charity may face. . Ihe establishment of systems and procedures lo mrtigate those rtsks. . thè implementation of procedures designed to minimise any potential impact on the charity, should these risks malenalise. rhe charitys artivities expose rt to a number of finalar risks Including credit risk. cash flow risk and liquidty risk. Cash fiow risk". The charitys activf(ies expose it primarily lo ihe financial risks of changes in interest rates. Interest beanng assets and liabilities are held at fixed rate to ensure certainty of cash flows. Liquidity risk.. In order to maintain liquidity lo ensure that suffiCnt funds are avai for ongoing operations and future developments. the charrty hdds liquid assets. PTincipal frjnding The charity's principal funding Sour Is income generated from golfcouise. bar. and festauranl. The primary sources of income are incorne generated frorn tharrtab activities of £1.875.613 and other income of £18,914. This meant the total income was £1.892.S27. Structure. govèrnance and management a. Constitution Etchinghill GO Trust is re9iStered as a chantable company limited by guarantee aThJ was set up by a Memorandum of Asscciation. b. Methods of appointment or election of Trustees The management of the Charty is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of AssociatitM. ¢. Organisational structure and de¢ision-making policies The Trustees meet at surtable intervals to consider the perf0mnCe and to decide on appropriate donations. The charity has no employees. The Chaimian deals wrth Ihe day4tsday operations of the charity. Page S
ETCHINGHILL GOLF TRUST IA Ccrtnpany Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management Icontinuedl d. Policies adopted for the induction and training of Trustees New Trustees. unless legally or financially professM)nally qualified. win now ulergO an orientation day to brief them on charity law. They will receive a copy of the goveming Trust deed, instruction on the decision making procèss. copies of the last fv40 years, trustee reports and financial statements. the current financial performance of the charity and the website reference of the Charity Commission's guidan¢e'The Essential Trustee and other relevant publications. Trustees are encouraged lo attend appropnale external training events, where these will facililale a better undefstanding of their role. e. Pay policy for key managemenl personnel The Charty operates a salary scale structure guided by the ft)Ilowing parameters." Ben¢hmarking. range of training. skills and experience required. affordability for the organisation. retents"on, and the overall remuneotion policy of the charity. The current pay scale eonfomis to market value rates, and it is regularly reviewed lo prowde further incentives lo staff. f. Related party relationships All the tnjslees work is purdy voluntary. nontr of the trust"S received remuneration 01 other benefits foi their work as trustee during the year under review. Except those disclosed in Rel*ed Party transactions note to the financid statements, the have been no transactions or dealings wrth any individual or entrties connected lo Irusl8es or any other related parties. Plans for future periods The drainage on holes 12 and 13 of the Leas course is lo be completed_ We currently explonng the opportunty of Jmprovemenl of eSts.ng car park li9hling. A plan for extension of Dnving Range and Club House has been submrtled. We are also explonng the opportunty for installation of Solar Photovoltaic systern. Page 6
ETCHINGHILL GOLF TRUST {A Cornpany Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Statèmènt ol Truste. responsibilities The Trustees Iwho are also the directors of the Charity for the purposes of company lawl are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Skndards Iuniled Kingdom Generally Accepted Accounting Praclicel. Company law requires the Trustees to prepare financial slalemenls for each financial _ Under company law. the Trustees must not approve the financial statements unless Ihey are sabsfred that they give a true and fair view ol the slate ol affairs of the Charty and of ils incoming resources and application of resources. including ils inconie and eypendilure. for that period. In prepanng these financial slalemenls, the Trustees are required lo". select suitable accounb.ng pdicies and then apply them consistenuy.. observe the melhcKJs and prin¢iples of the Charities SORP IFRS 1021- make judgrnenls and ac¢ountsng estimates that are reasonab and prudent.. state whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial statements- prepare the financial statements on the going wJ¢em basis unless il is inappiopriate to presume that the Charity will continue In business_ The Trustees are responsible foi keeping adequate accounting records that are sufficient lo show and explain the Chartys transactions and disdose with reasonable accuraw at any time the financial position of the Charty and enable them to ensure that the financial statements compty wrth the Companies Act 2006. They are also responsible for safeguarding the assets of the Chatity and hen for tsking reasonable steps lor the preventson and detection of fraud and other trregularilies. Disclosure of information to auditors Each ofthe persons who are Trustees al the lime when this Trustees. Report is approved has confirmed Ihal.. so far as that Trustee is awarè. there is no relevant audrt infomiation of which the charity's auditors are unawa. and that Tru51ee has taken all the steps that ought lo have been tsken as a TrLtstee in order lo be aware of any rdevanl audrt infornialion and to establtsh that the ¢harty's alltorS are aware of that information. AuditOTS The auditors, Pure Al11 Limrted. have indicated their willingness lo conlinu& in office. The designated Trustees will propose a motion reappointing the audrtors at a meekng of the Trustees. Approved by order of the membefs of the board of Trustees and swJned on their behalf by.. Peter Nettlam Tory Ichair ol Trustees) Date. Page 7
ETCHINGHILL GOLF TRUST IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ETCHINGHILL GOLF TRUST Opinion We have audrted the financial statements of Etchinghill GOW Trust Ilhe 'charitable company'l for the year ended 31 March 2024 whrch comprise the Ststement of Financial Activrties. the Balance Sheet. the Statement of Cash Flows and the related notes. in¢luding a summary of significant accoLJnting policies. The financial reporting framework thal has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Stsndard applicab in Ihe UK and Republic of Ireland. Iunrted Kingdom Gen&ralty AG¢epted Accounting Practice). In our opinion the financial slalements". gThie a true and fair view of the stale of the Charitab companys affairs as at 31 March 2024 and of ils incoming resources and application of resources. including its income and expenditure for the year then ended", have been properly prepared in accordance wth United Kingdom Generally A¢¢epted A¢¢ounting Pradice.. and have been prepared in accordan with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance wrth International Standards on Audiling IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are ftjrther dnbed in the Audrtors, responsibilities for the audit of the fmancial slalements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statemènts in the United Kingdom. including the Financial Reporting Counul's Ethic Standard. and we have fulfilled our other ethal responsibilities in accordan vAlh these requirements_ We believe that the a1t evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going con¢ern In auditing the financial statements, we have conduded that the Trustees. use of the going conrn basis of accounting in the preparation of the finan¢ial stslemenls is appropriate. Based on the woik we have performed. we have not identtfied any material UnrtaiNlieS relating to events or condrtions that. indNidually or collectivety. may cast signfficant doubl on the charrtable company's ability lo continue as a going concem for a period of al least fv4dve months ftom when the financial slalemenls are aLrthorised for issue. Our responsibilrties and the responsibilities of the Trustees wrth respect to going conrn are described in the ielevanl secttons of this repo Page 8
ETCHINGHILL GOLF TRUST IA Company Umlted by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ETCHINGHILL GOLF TRUST ICONTINUEDI Other information The other informatson comprises the inforMatn induded in the Annual Report other than the financAal statements and our Auditors, Report thereon. The Trustees a responsible for the other inforrnation contained within the Annual Report_ Our opinion on the ffnan¢tJ slatemenls does not cover the other information and, except lo the extent othetwise explicitly stated in our report. we do not express any fom of assurance conclusion Ihereon. Our responsibility is lo read the other infomialion and. in doing so. considei whether the other information is materialty Inconsislenl wrth the financial statemÈnts or our knowledge obtained in the course of the audit, or otherwise appeals to be materially misstated. If we identify such material inconsistencies or apparent material rnisslalements. we are requiied lo detemiine whether this gives rise to a material misstatement In the financial slalemenls themsepoes. If. based on the work we have perfomed. we Conclude that Ihefe is 8 material misstalemenl of this other infomiation. we are reqLtired to report that fact. We have nothing lo report in this regard. Matters on which we are required to report by exception We have nolhTng lo report in respect of the folbwing matt?rs wthere the Charities (Accounts and Reportsl Regulations 2008 r4uires us lo report lo you if. in our opiniork". the Information given in the Trustees, Report is inconsislenl in any material respect wrth the financial ststemenls., or sufficient accounting records have not b*n kept." or the financial statement5 are not in agreement with the accountmg iecords and returns-. or we have not received all the information and explanations we require for Our audit. Responsibilities of trustees As explained more fulfy in the Trustees. Responsibilrties Ststemenl. the Trustees Iwho are also the directors of the ¢harilable cornpany for the purFX)ses of company lawl are responsible for the preparation of the finanaal slatemenls and for being satisfied that they gNe a true and fair view. and for such intemal Conlrol as Ihe Trustees detemine is necessary to enable the preparation of financial statements that are free from material misslatwnent. whether due lo fraud or error. In preparing the financial slatemenls. the Tru51ees are responsible for assessing Ihe charitable company's ability lo continue as a going concem: disclosing, as applEt2ble, matters reLated to going conrn and using the going concern basis of a¢¢ounling unless the Tnjstees either Intend to IiquKlale the Charitab company or to cease operations, or have no realistic alternatNe but to do so. Page 9
ETCHINGHILL GOLF TRUST IA Company Limiied by Guaranteel INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ETCHINGHILL GOLF TRUST ICONTiNUEDI Auditors. responsibilities fol the audit of the financial statemenis We have been appcmnled as audttor under sectrt 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulats.ons made or hawng effect thereunder. Our objectives ale to obtain reasonable assuran about whelhei the ffnanaal statements as a whole are free from malenal misstatemént. whether due to fraud or error, and lo issue an Auditors. Report that includes our opinion. Reasonable assuran Is a hoh level of assurance, but is not a guarantee that an audit ¢onducted in accordan with ISAS IUKI will always detect a matenal misstatement when rt exjsts. Misstatements can arise from fraud 01 error and are consillered material rf. individually or in the aggregate, they could reasonably be expected to influence the e¢oncxnic decisions of users taken on the basis of these financial slalements. Irregularities. induding fraud, are instances of non-compliance with laws and regulations. We design procedures In line with our responsibilrtiÈs, ouilined above. lo deteci m*erial misstatements In respect of Irregularrties, including fraud. The extent to whtth our procedures are Capable of detecting irregularrties, including fraud is detsiled below.. Extent the audit was considered capable of dete¢ting irregularities, including fraud: We identify and assess the ri5k5 of material misslalemenl of the financial statements, whether due lo fraud or error. and then design and perfomi audrt procedures responsive to those risks, induding obtaining audit ewden¢e that is sufficient and appropriate lo provide a basis for our opinion. Identifying and assessing potential risks relatgd to irregularities- In identifying and assessing risks of malerial missiatemenl in respect of irregularilie5. induding fraud and non- compliance wrth laws and regulations, we considered the following. The nature of the industry and sector. control environrnent and business performance Including the design of the Entity's remuneration policies, key drivers for staff remuneration bonus levels and performance targets.. results of our enquiries of management about their own idenlificalion and assessment of the risks of itregularilies and any matters we Identified having reviewed the Enlity's policies and prccedures. the matters discussed among the audit engagement team regarding how and where fraLtd might occur in the fi'nancial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and inntiveS that may exist within the organisation for fraud and Identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAS IUKI. we ale also required to perfom spectfic procedures to spond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the Enlily operates In and focused on those laws and rulatiOnS that had a direct effect on the delemiinalion of material amounts and disclosures in the financial slatemenls. The key L$ and regub"OnS we considered in this contexi included the Cornpanies Act 2006 and Chanties Act 2011. Audit rPonSe to risks identified As a result of performing the above. we identified revenue rewnition as key audit matter related lo the potential risk of fiaud. Our procedures to respond to nsks Identtfied hnduded the following: reviewing the financial statement disclosures and testing lo supporting documentation to assess compliance with provisions ol relevant law5 and regulations described as having a direct effect on the finanaal statements, Pa9e10
ETCHINGHILL GOLF TRUST IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF CHINGHlLL GOLF TRUST {CONTINUEDI enquiring of managernenl. conceming actual and potenbal lrtigalion and daims., performing anafytical procedures to idtfy any unusual or unexpected relationships that may indicate risks ol Inalen misstatement due lo fraud", obtaining an understanding of provisions and discussing with management lo understand the basis ol iecognition or non-recognrtion of tax provisions". and in addressing the risk of fraud through management override of ContrS. testing the appioprialeness of joumaj enliies and other adjustments., assessing whether the judgements made in making accounting estimates are indicative ol a potenbal bias.. and evaluating the business rationale of any signifi¢anl transactions that are unusual or OUtse the nomal course of business. Vve also communicated relevant idenlifEd laws atvl regulations and potential fraud n5ks lo all engagement team members and remained alert lo any indications of fraud or nonc0rnplian with laws and regulations thioughoul the audit. Because of the inherent limitations of an audit. there is a risk that we will not delect all irregularthes, Including those leading to a rnater1 misstatement in the financial statements or non-compliance with regulation. This risk Increases the more that compliance with a law or regulation is removed from the events and transactions rèflocted in the financial statements. as we will be less likety lo become aware of instsnces of non-compliance. The rrsk is also greater regarding irregularities occurnng due to fraud rather than error, as fraud involves tenlional cOnalMent, forgery, Collusn. oMs1on or m1srepresentstjn. A further descripbon of our ressIbIlIeS for the audrt of the financial statements is located on the Financial Reporting Councifs websrte at. wbvw.frc. .ukJaudrtorsres Audit¢)rs' Report. nsibilib"es. This descxiplion foms part of our Use of our report This report 15 made Sole lo the charitable company's trustees, as a body. in accordan wrth Part 4 01 the Charities (Accounts and Reportsl Regulation$ 2008. Our audi( work has been undertaken so that we rnighl stale lo the tharilable company's tSteeS those matters we are required lo state to them in an Auditors, Report and lor no other purpose To the fullest extent permilted by law. we do not a¢xepl or assume responsibilty lo anyone other than Ihe char(cable company and rts members. as a b(xJy. for our audjt wort. for Ihis report, or for the opinions we have formed. Pure Audit Limited Charteied Certrfied Accountants and Statuiory Auditors 76 Canterbury Innovatjon Centre Universty Road Canterbury Kent CT2 7FG Oale-. 27 August 2024 Pure Audit Limited are eligible lo as audrtors in lemis of SectTr 1212 of the Companies Act 2006. Page11
ETCHINGHILL GOLF TRUST IA Ccrfnpany Limited by GuaTantso) STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDtruRE ACCOUNT} FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Charitsble activrties Investmen15 1.879,860 12.667 1,879.860 12.667 7.595. 165 74.000 Total incoma 1.892,527 1,892,527 1,609, 765 Expenditure on.. Charitable activities 1.612.745 1,612,745 1.505, 167 Total expendÈture 1,612,745 1.612,745 1,505, 167 Net movement in funds 279,782 279,782 103.998 Reconclllatlon of funds: Total funds brought forward Nel movement in funds 85.268 279.782 85.268 279,782 (18, 730) 103,998 Total funds Carried forward 365.050 365,050 85,268 The Statemgnl of Financial A¢tivities indudes gains and losses recognised in the year. The notes on page5 16 to 29 form part of these financial statement& Page 12
ETCHINGHILL GOLF TRUST IA Company Limited by Guarantee) REGISTERED NUMBER: 13593368 BAL4NCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Intangible assets Tangible assets 10 169.054 151,302 190.868 161.487 320.356 352,355 Current assets Slo¢ks Debtors Cash al bank and in hand 12 13 67.363 32,161 339,246 74,931 48,988 740.9)8 438,770 264.427 Creditors." amounts falling due within one year 14 1394,0761 {531,574J Net currgnt assets I liabilttes 44,694 (267.087J Total assets less current liabilities 365.050 85,268 Net assets excluding ponsion asset 365,050 85, 268 Totsl net assets 365,050 85,268 Charity funds Restricted funds UnreslrLted fund5 16 16 365.050 85.268 Total funds 365,050 85.268 The entity was enlitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the enw lo obtain an audit fot the year in question in accordan¢& with section 476 of the Companies Act 2006. However, an audrt is required in accordance with secbon 144 of the Chatrties Act 2011. The Trust&s aCknOedge their responsibilities for ¢omptying with the requirements of the Act wrth respect lo accounting records and preparation of fmanual st*ements. The financial slalemenls have been prepared in accordance wrth the provisions applicable to entities subjed to the small companies regime. Page 13
ETCHINGHILL GOLF TRUST IA Company Limited by Guaranteè) REGISTERED NUMBER-. 13593368 BALANCE SHEET ICONTINUEDI AS AT 31 MARCH 2024 The finanoal ststements were approved and a¢Jthorised for issue by the Trustees and signed on their behaw by." Peter Nettlam Tory (Trustee) Date. 3¥Og 202Y The notès on pages 16 to 29 lorm part of these financial statements. Page 14
ETCHINGHILL GOLF TRUST IA Company Limited by Guardnteel STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from operating activtties Net Gash used In operatsng aclNities 239.547 77,238 Cash flows from inv&stlng activities Purchase ol tangible fixed assets 140.8091 {116.225) Net Ga5h used in investing activltles 140,8091 1116,225) Cash flows from financlng activities Net cash provided by financing activlties Change in cash and cash equivalents in the year Cash and cash èquivalents at the beginning of the year 198.738 138,9871 179.495 140,508 cash and cash equivalents ai the end of the year 339,246 140.508 The notes on pages 16 10 29 fomi part of these financial statements Page15
ETCHINGHILL GOLF TRUST IA Company L4mited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General infom)ation The entity is a charitable company incorporated in England and Wales under registration number 13593368. The chafltable cornpanls registered office, which is also a princip81 pla of business. IS sf(uated at". The Estate Office, Etchinghill Golf Cantert)ury Road. Etehinghill. Folkeslone. Kent. England, CT18 8FA. Accounting policies 11 Basis of preparation of financial atements The financial statements have beèn prepared in accordance with the charib.es SORP IFRS 1021 Accountin9 and Reporting by Charities." Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Rèporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 2019}, the Financial Reporting Standard applicable wi the UK and Republic of Ireland IFRS 1021 and the Companie5 Act 2006. Elchinghill Goff Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historrcal cost or transaction value unles5 otherwise slated in the relevant accounting policy. 2.2 Income All Income is recognised once the Charity has entrtlement lo the income, rt is Probab that the income will be received and the amount of income receNable can be measured reliably. Income tax recoverable in reith.on to investrnent income 15 recognised al the lime the investment income is ieceivable. 2.3 Expenditure Expendrture is re¢(yJni5ed once there is a legal or constTUCtive oblNJation to tfansfer economic benefit to a third paty. it is probable that a transfer of economic benefrts will be required in settlement and Ihe amount of the obligalion Can be measuied reliably. Expenditure Is classified by activity. The costs of each activity are made up of the total of direct $t$ and shared costs, including support ¢osts involved In undertaking each activily. Direci ¢osts attributable lo a single activity are allOted directly to that aclivty. Shared costs whKh contribute to more than one aetpty and support cos15 which are not attributable lo a single activity are apportioned beeen those aclivihes on a basis consislenl with the use of resources. Central staff costs are alloc*ed on the basis of time spent. and depr8cialion charges alli)caled on the portion of the asset"s use. Expendrture on charitsble activities is incurred on directly undertaking the activibes which further the Charitls objectives, as well as any associated support costs_ Grants payable are charged in the year when the offer is made except In those Se5 where the offer Is Conditional, such granls bwng recognised as expendittjre when the conditions allaching are fulfilled. Grants offered subject to condilions whKh have not been mel at the year end are noted as a commrtment. bul not accrued as expenditure. All expendrture is inclusive of irrecoverable VAT. Page 16
CHINGHILL GOLF TRUST {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Icontinuedl 2.4 Intsngible assets and amortisation Intangible assets costing £100 or more are captslised and recognised when future economic benefrts are probable and the cost Of value of the asset can be measured reliably. Intangible assets are inrtialty recognised at cost. After recognition. under the cost model, inlangsble assets ale measured at cost less any accumulated amortis*ion and any accumulated Impaimienl 10sse5. Amortisation is prowded on intangible assets at rates calculated to write off the cost of each asset on straight-line basis over rts expected useful life. The eslimaled usefvl lives are as follows.. Computer software 10 years 2.5 Tangible fixed assets and depreciation Tangible fixéd assets costing £NIL or more are Capitaled and recognised when fvture economic benefrts are probable and the wst or value of the asset can be measured reliably. Tangible fixed assets are inrtially recognised at cost. After recognition. under the cost mlylel. tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment sses. All Costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fLxed assets less their residual value over their estirnaled useful lives. using the straht-IIne method. Depreciation is provided on the fdlowing basis". Plant and machinery Motor vehicles Fixtures and fittin9S 20% 20°/ 20% 2.6 Stocks Stocks are valued at the lower of cost and net realiSab Value after making due allowance fo[ obsolete and slow-mtsving stocks Cost cludeS all dired costs and an appropriate prq)ortion ol fixed and variable ovefheads. 2.7 Dèbtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued at the amount prepakl net of any trade discoJnts due. 2.8 Cash at bank and In hand tash at bank and In hand Includes cash and short-term liquTrd investments with a short maturity of three months or less from the date of acquisition or opening of the deposrt or similar account. Page 17
CHINGHILL GOLF TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Icontinuedl 2.9 Liabilities and provisions Liabilities are recognised when there is an obligation * the Bae Sheet date as a result of a past event, it is probable thal a transfer of economic benefit will be required in selllemenl. and the amount of the settlement ¢an be eslimaled Idlab. Liabiltties are recognised al the amount that the Chajity anticipates rt will pay lo settle the debl or the amount rt has re¢eived as advanced payments for the goods or services rt musl provide. Provisions are measured at the best e5tirnate of the amounts required to settle the obligation. Where the effect of the time value of money Is material. the provision is based on the present value of those amounts, discounted at the pre4ax discount rale that reflects the risks specilic to the liability. The unwinding of th& discount Is recognisa in the Statement of Financ1 Activities as a finance cost. 2.10 Financial instruments The Chartty only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. BasJ¢ financial instruments are initially recognised at transaction value and subsequently measured at their settlement value wrth the exception of bank loans whh are subsequently measured at amortised cost using the effeclive interest method. 2.11 Pensions 2.12 Fund accounting General fund5 are unrestricted funds whith are aVailae for use al the discretion of the Trustees in furtherance of the geneial oty"eclives of the Charity and which have not been designated for other purposes Restrided funds are funds whh are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The ¢osls ol raising and administering such funds are charged against the specffic fund. Tha aim and use of each restricted fLtnd is set out in the noles to the financial statements. Investment income. gains and10sses are allocaled to the appropriate fund. Income from charitable activities Unrestricted funds 2024 Total funds 2024 Golf. bar. and restaurant 1.879.860 1,879,860 Page 18
ETCHINGHILL GOLF TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from charitable activities Icontinuedl un51Cted funds 2023 Tolal funds 2023 Gf, bar, and restaurant 1.595. 165 1.595, 165 Investment income Unrestricted fundg 2024 Total nds 2024 Rental income 12.667 12.667 UntEstricled funds 2023 Total funds 2023 Investment income 74.000 14,000 Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2024 Total 2024 Gotf. bar. and restaurant 1.612.745 1,612,745 Page 19
ETCHINGHILL GOLF TRUST {A Cornpany Limited by Guar4nteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure on charitable activities l¢ontinuedl Summary by fund type Icontinuedl UnTrstncted f(Inds 2023 Total 2023 Golf, bar. and restaurant 7,505, 167 1.505, 167 Anatysis of exponditure by athities Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Golf. bar. antj reslauranl 625.843 986.902 1,612,745 Actfvthes undertaken direclly 2023 Support costs 2023 Total funds 2023 Gdf. bar. and restaurant 596.807 908,360 1.505, 167 Auditors. remuneration 2024 2023 Fees payable lo the Chantys audrtor for the aLKIrt ol the Charity'5 annu accounts Page 20
ETCHINGHILL GOLF TRUST IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Staff costs 2024 2023 Wages and salaries Social security costs Coniribution to defined contiibutDn pension schen 654,533 38.761 9.110 626.648 33,639 8.471 702,404 668, 758 The average number of persons employed by the Charity dunng the year was as follows. 2024 2023 No. Admin and management 29 33 No employee recVed remuneration amountsng to more than £60.000 in either year. Trustees. Temuneration and expenses During the year. no Trustees received any remunerdlion or other benefrts {2023- £NIL). During the year ended 31 March 2024. no Tnjslee expenses have been incurred12023- £NILI. Page 21
ETCHINGHILL GOLF TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Intangible assets Goodwill Cost At 1 April 2023 218,134 Al 31 March 2024 218,134 Amortisation At 1 April 2023 Charge for the year 27.266 21.814 At 31 March 2024 49.080 Nèt book Value Al 31 March 2024 169.054 At 31 March 2023 190,868 11. Tangible fixed assets Plant and machinery Motor Ftxturas and vehi¢les rittings Total Cost or valuation At 1 April 2Q23 Additions 152,133 14.917 16.228 45,797 25,892 214,158 40,809 At 31 March 2024 167.OSO 16,228 71,689 254,967 Depreciation At l Apnl 2023 Charge lor the year 37,191 33,410 4.681 3,246 10.799 14,338 52,671 50,994 Al 31 March 2024 70,601 7.927 25,137 103.665 Page 22
ETCHINGHILL GOLF TRUST {A Company Llmited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Tangible fixed assèts Icontinu8dl Plant and machinery Motor Fixtures and Yehicles fittings Total Net book value Al 31 March 2024 %.449 8.301 46.552 151,302 At 31 Marclj 2023 114.942 11.547 34,998 161.487 12. Stocks 2024 2023 Finished goods and goods for sale 67,363 74.937 13. Debtors 2024 2023 Due within one year Trade debtors Other debt5 1 5.609 779 15.773 33,03T 290 Pr8payrnenls and xuued income 75.661 32,161 48,988 14. Creditors.. Amounts falling due within one year 2024 2023 Trade credrtors 68,918 78.013 152,991 21,478 43, 851 235, 181 Arnounts owed to other participaliri9 interests Other taxation and so¢ial security Other creditors 20,707 53,325 251,126 Accruals and deferred incle 394.076 531, 514 Page 23
CHINGHILL GOLF TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOEO 31 MARCH 2024 15. Financial instruments 2024 2023 Financial assets Financial assets measured al lair value through income and expenditure 339,246 140.508 Page 24
ETCHINGHILL GOLF TRUST (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. Statèment of funds Statement of funds- current year Balance at 31 March 2024 Balance at 1 April 2023 Income Expenditure UnTestricted funds General Funds- all funds 85,268 1.892,527 11.612,7451 365.050 Page 25
CHINGHILL GOLF TRUST IA Company Limited by Guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. Statement of funds Icontinuedl Statement of funds - prior year Balance at 31 March 2023 Balance al l April 2022 Inwme Expenditure Unrestricted funds General Funds- am funds (18. 730) 1.609. 165 (1.505. 167) 85,268 17. Summary offunds Summary of funds- Current year Balance at 31 March 2024 Balance at 1 April 2023 Income Expenditure General funds 85.268 1,892,527 11,612,745) 365,050 Summary offunds- prioryear Balance at 31 March 2023 Balance at l Apnl 2022 Income Expenditu General funds (18. 730) I.6(. 165 {1,505. 167) 85.268 Pagè 28
ETCHINGHILL GOLF TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Tangible fixed assets Intangible fixed assets Current assets Credrtors due within one year 151,302 169.054 438.770 1394.078 151,302 169,054 438.770 1394,0761 Total 365,050 365,050 Analysls of net assets between funds - prior period unstn.¢ted fijrjds 2023 Tolal funds 2023 Tangible fixed assets Intangible fixed assets Current assets Creditors due wrthin one year 161.487 161.487 190,868 264.427 (531.514) 190.868 264.427 (531514) Total 85.268 85.268 Page 27
ETCHINGHILL GOLF TRUST IA Company Limited by Guarantee) NOTES TO THE RNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Reconciliation ol net movemènt in lunds to net cash flow from operatlng activities 2024 2023 Nel income for the perlod las per Statement of Financial Acttvitiesl 279,782 103. 998 Adjustments foT'. Depreciation charges Amortisation Charges Decreasellincrease} in stocks Decrease in debtors Decrease in creditors $0,994 21,814 7.568 16,827 1137,4381 41.957 21,813 (74,044J 29, 702 (t06, 188) Net cash provided by operating activities 239,547 77,238 Analysls of Cash and cash equtvalents 2024 2023 Cash in hand 339,246 140, 508 Total cash and cash èquivalents 339.246 740.5Q8 21. Anatysis of changes in net debt At 1 April 2023 Cash flows At 31 March 2024 Cash al bank and in hand 140,508 198,738 339,246 140,508 198,738 339,246 22. Pension commitments The charity operates a defined contsibulion pension scheme. The assets of the scheme are held separately from those of the Charity in an independensty administered fund. The pension cost charge represents contnbutions payable by the charrty lo the fvnd and amounted to £9.1 k 12023. £8.5kl. An amount of £2k12023 £3kl was payab to the fund at the balance sheet dale and is included In creditors. Page 28
ETCHINGHILL GOLF TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 23. Related party transa¢tions During the year the chanty recharged costs of £Nil {2023". £24kl lo Cave Hote15 UK Limrted. a company related lo charitys Iruslees. Cave Hotels UK Ltd charged costs of £36k lo the charity. Al the year end. the charity owed £17k lo Cave Hotels UK Ltd. DLJring the year the charity recharged costs of £13k lo Penlland Homes Ltd, a company related lo charity's Iruslees. At the year end, Penlland Homes Ltd owed £4k to the charity. Page 29