Registered number- 13593368 Charty number: 121)0680 ETCHINGHILL GOLF TRUST IA Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
CHINGHILL GOLF TRUST IA Company Limited by Guarantee) CONTENTS Page Referencè and Administrativè Details of the Charlty. its Trustees and Advisers Trustges. Report Independent Auditors. Report on the Financial Statements 8-11 Statement of Financial Actlvities 12 Balance Sheet 13-14 ststement of Cash Flow5 15 Notes to the Financial Statements 16-30
ETCHINGHILL GOLF TRUST IA Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustees T M G Barton, Trustee D J Callister, Trustee C C Evans. Tnjstee R G Parry, Trustee P N Tory. Cha Company registered number 13593368 Charty registered number 1200680 Registgred office The Estate Office. Elchinghill Gdf. Canterbury Road Elchinghill Folkestone Kent CT18 8FA Page 1
ETCHINGHILL GOLF TRUST IA Company Llmited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Twslee5 present their annuol report logelhor with the audrted financsal slalerT7ent5 of the Charity for ihe I April 2024 to 31 March 2025 The Annual Repofi seNes the purposes of both a Trusiees. report an¢J 8 directors, report under company law. The Tru51ees confimi Ihal Lhe Annual Report and finan¢d stslemenls ol the charitabl¢ MpanY con7pty wlh the current staiulory requiremènis Uie requirernenls of the Charrtable company's governing document and the prow5h)ns of the Stafemenl ol Recommended Pfacbce ISORPI applicable to charibes prepariryJ their accotjnts In accordance wrth the Financ1 Reportsng Standard applble in tho UK and Republic of Irdand IFRS1021 ieffedive 1 January 20191. Since the Charity qualffjes as small under Section 382 of the Cornpanies Act 2006. the Strategic Report required of medkum and barge compan¥ under the Coryanie5 Act 2008 IStregic Report and Diwlors. Reporti ReguL41ions 2013 has been cvnrtted. ObJe¢tlves and actrvities a. Policies and obleetives The principal charitable objective of the Charty during the penod under ew. w3S that of the promotion of community participation In heamhy recreation, in particular by the provision of facilities for the playing of golf. The secondary charilabFe objedive of the Charty 15 to carry out such other charitable purposes beneficial to the community consistent wlh the principal objective as the Trustees shall in their absolute discretion detemiine. The Trustees confirm that they have referred to the gui¢Jance contained in tho Charity Commission's geneial guidance on public benefft when rewewng the Chartys aims and obie¢lNes, and in planning future activities. In setting objectives and planning for activrties, the Trustees have given due consideration to general guidance published by Ihe Charty c)miSSion rekb"w to publ benefft, including the guidance public benefit.. running a chaiity IPB21'. b. Strategles for achieving objectivos We sucsSfullY continued wrth free academy course junior membership al Elchinghill Gow Trust, that we started in previous year. This is designed lo encourage children to Ihe great game of gow and start them on their gOing joumey. Many golf clubs do not want younger members there in an okler male Orientat environment. EGT is far from that_ Juniors are encouraged lo improve their skills whilst they age, in the end becoming full members and enjoying the benefrts that rt brings. EGT has also supported by subsidisuig Ihr affilk?lion fees in order lo obtain a handiw enabling them to play in the club competitions. 2} The academy course aiso doubles up as a Footgolf Course. Football has mofe partPanIS in golf and by hosting foolgotf, encourages non gdfeis lo come to EGT for the first time and enjoy the same facilities that the golfers enjoy. 31 Our membership pllcing (please follow the link bel¢)wl means that anyone can join and enjoy all tho benefits of being a member wrthout a huge ouday. Memberships being able lo be paid rnonlhty. enables golfers lo spread the cost over 12 months. This is very appealing in an industry where few clubs offer this with golfers onty having the option to pay in one lump sum upfront. Golfers join EGT for as l(ttle as only £39. https".IlwwW.el¢hinghillgolf..UkJ&SsetsI2o2slo3lMeMbersh1pAppI1c3tioD-PaCk-2o25.pdl 41 Our greèn fee pricing enables gotfers to play 18 holes on our Valley course foi as lrttle as £15, appealing lo those who cannot afford the nom)al £45 weekend moming green fees. Page 2
CHINGHILL GOLF TRUST IA Company Limitod by Gtsaranteel TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Obj'ectives and activitiès l¢ontinued} c. Activlties undertaken to achieve objectives 11 Schools ale contacted for the junior co&hing sessions we have as well as the schools we have come lo sile. They are thèn inft>rmed of the Free Academy a¢hing. This has risen from 230 to 301 in a year. 2} Actwe social media campaign5 on Facebook and Instagram to send out an inclusive message. Insla stories are messaged out about the Trackman driving rango and that anyone can use the range. 31 Quartety newsl*ttews emailed oul to stay in touch with eXtIng dnI base. Disabilty golf coachmg is carrd out at EGT through County wide backed grants. 51 For Second year Schools coaching and Junior coaching induding ¥ large Tri Golf festival with 12 of the local schools particpating. This is all paid for by grants th no cost to the participants. 4} 61 Kent 'lnvicta 10S" competibons are held at Etchinghill for under 1 Os to conwete against teams from other clubs on our academy course. Due lo rts sucws Inmcta 12s has $tarted. which we are pleased lo say EGT will host. d. Main activities undertaken to fvrther the Charity's purposes for the public nefft Footgolf demonstrates this Iw, as although gow is a skilbed game. foolball is less so and pethaps appeals to more. Free taster sessions and govemmenl bathed junw groups enables adults and juniors to try gow foi free. A brand new Trackman driwng range was installed. prOV1n9 15 bays, where you can practice youf 5wing$ and driving ac£uTacy wlh preose tracking and real kn.me data. Perfect for golfers of all Ve1$. An indoor simulator room has also been instslled ena)ling gowers lo enjoy their golf indoors. Achievements and performance a. Main achlevements of the Charity The Trustees are pleas lo report that the ath'vrties undertaken have $hown good progress during their second financial year. Both member arKI visitor participatron increased. The TrUStS consider that the future of dl its facilities is n¢)w secure. This has, in the opinion of the Tnjstees, provided subslanlial communty benefft. The Trustees are mindful of the considerable personal financial challenges rts members and vi$i1grs are subject lo with the ¢urrenl inflationary CYC in the UK economy. Wherever possible the Tru51ees wrfl seek lo mrtigate those drfficutts - seekiryj to maintain a balan between the financial sustainability of the Charity and affordabilty for the fa¢ilrty users. The Charity continues lo seek opp¢)rtunities lo expand the sphere of the benefrt rt can provKIe. Page 3
ETCHINGHILL GOLF TRUST {A Company Limited by Guarantse) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Achievements and perfomiance Icontlnuedl b. Key performarb¢e indicators 1} 21 31 4) Membership has levelled ¢)ff * ar¢JJnd 1300 membe15 r A healthy balance being ¢aryied forward into the new financial year. Operating revenues on a par rf not better than the previous year before corning 8 charty. Driving range revenues has been sKJnrficanlty better since the new Trackman was installed. c. Review of activities The income and caprtal of the Chanty is 501ety dedicated lo the promotion of the objectives of the Charity. The Trustees expect all and any operating surpluses lo be Tnvested into the activities of the Charity for the foreseeable future and have no plans lo invest extemalty to the Chafty. d. Fundraising activities and Income ggneralion The Charity is working hard on operating a facilty that wll be capable of allowing the Charty to facililale the delivery of the maximum possible communty benefit Financial revièw . Going concern After making appr¢¥sriale enquiries. the TrLtstees have a rea$able expectation Ih8t the Charity has adequate resources to continue in operational existenee for Ine foreseeablè futufft. For thi$ ffta8L, they cor+tinua to adopt the going concern basis in preparing the fmancial stalemenls. b. Reserves policy Reserves are retained lo a minimum requirement in order to ¢werate Et¢hinghill Golf Trust efficientty. 11 is ensured that 6 months expenditure is kopl rn reserve. Principal risks and un¢ertainties With the current economic climate and golf being a leisure history has shown us that clubs su¢h as Etchinghill Golf Trust will be one of the first things to feel the "pinch". The months of Apnl and May are perfomiing well against last yearfs figures in all areas. Poor weather is aayS a threat to any sport in tho UK played outside unfortunately. Lecal competitors in other goW clubs are aayS threats as gowers ahyays have the choice lo play elsewhere. Page 4
ETCHINGHILL GOLF TRUST IA Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 202S d. Financial risk management objectlves and policies The Trustees have assessed the major risks to which the charity is exposed. in particular those related lo the OperatnS and finances of the charity and are satisfied that system$ and procedures are in place lo mitigate our exposure lo the major risks. The Trustees have a risk management Strategy which includes.. . the annual review of the SkS the chayrty may fa¢e. * the establishment of systems and procedures lo mttigate those risks. . the implementslion of proUTeS desuned to minimise any potents'al Impact on the charty, should these risks materiali5e. The charivs adivities expose it to a ftumber of financial rÈsks including crwjil risk. cash flow risk and liquidity risk. Cash flow risk". The charity's activit expose rt primarity to the ffinan¢ial risks of changes in interest rates. Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flv4VS. Liquidity rBk'. In order lo mainLw"n Iw4uidity lo ensure that sufficient fvt5 are available for ongoing oper8lKJns and future developments, th6 charity hold5 Iwuid assets. Principal fvndlng The charty's principal lunding srCe is income generated from golf course. bar, and restaurant. The primary sources of income are income generated from charitsble activities of £2.156.422 and investment Income of £12,000. This meant the total income was £2,168.422. Structure, governance and management a. Constitution Etchinghilj GOW Trust is regISted as a charitable company limited by guarantee and was sel up by a Memorandum of ASSlation. b. Methods of appointment or elKiion of Ttee$ The management of the Charity is the responsibilrty of the Trustees who are elected and co-opted under the lemis of the Tru51 deed. c. Organlsational structure and decisionamaking poli¢les The TTUStees meet at suitable intervals lo consider the performance of Ihe Charity. Pago 5
CHINGHILL GOLF TRUST (A Company Limited by Guarantoe) TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 structure, govemance and management {continufjdl d. Policies adopted for the indu¢tion and training of Tntstees New Tnjstees, unless legalty or financialty professionalty qualjfied, wll now undergo an orientation day lo brief them on charty law. They will receDie a copy of the goveming Trust deed, instruction on the decision making process. copies of the last two yeaTS' Iruslee reports and financial 51alemenls. Ihe current financial performance ol the chanly and the website refen of the CharTty Commission's guidance"The Essential Trustee" and other relevant publicatsons. Trustees are encouraged to attend appropriate extemal training events, where these will facililale a better undetstsnding ol their role. e. Pay policy for key managemènt personnol The Charty operates a salary scak structure guided by the loll¢Mng parameters.. Benchmarking, range of training, skills and experience required, affordabrlity for the organisation, ietenlion, and the overall remuneration polKy of the chanty. The cuffenl pay $¢ale conforms lo market value rales, and il is regulaHy Feviewed lo provide further incentives to staff_ f. Related paity relationships All the Iruslees work is purely vduntsry. none of the trustee's received remuneration or other benefits foi their work as tTUStee dunng the year under remew. Except those di10$ed in Related Party tsansaclions note to the financial statements, there have been no transactions or dealings with any individual or enlilies connected lo tru51ees or any other related parttes. Plans for future periods The drainage on holes 12 and 13 of the Leas Course is lo be completed. We are currently exploring the opportunity of improvement of exlsting car park lighting. Page 6
ETCHINGHILL GOLF TRUST IA Company Limited by Guarantsel TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 ststement of Trustèes. responsibilities The Trustees (who are also the directors of the Chanty for the purposes of company lawl are responsible for preparing the Truslee5' Report and the financial slalements in accordance with applicable Law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company law requires the Trustees lo prepare financial statemen15 for each finaneial . Under company law, the TrUstS must not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the Charity and ol its incoming resources and application of resources. including ils inctsme and expendituie. for that per>Dd. In preparing these financial statements, the Trustees are required to. select suitable accounting policies and then appty them consislenlly. observe the methods and principles of the Charities SORP IFRS 102)., make judgments and accounts.ng estimates that are reasonable and prudent; stste whether applicable UK Accounting Standards IFRS 1021 have been followed. subject to any material departures dÉsclosed and explained in the financial statements.. prepare the financrdl slalemenls on the going concem basis unkss it is inappropriate to PTesume that the Charity will conts.nue in business. The Trustees are responsible for keeping adequate accounting records that are suffiuenl lo show and explain the Charity's Iransath'ons and disdose with reasonable ac¢uraGy al any time the financial position of the Charty and enable Ihem lo sure Ihal Ihe fmancial ststements compty with tre Companies Ad 2006. They are 8150 responsib for safeguarding the assets ol Ihe Ctwty ar herKe for taking reasonablè slep5 fsy the Pfgvenlion and detection ot fraud and other iffegulariti"es. Disclosure of inlonnation to auditors Each of the persons who are Trustees al the lime when this Trustees, Report is approved has confirmed that. so lar as that Trustee is aware, there is no revant audit infomiabon of which the charitys auditors are unaware. and that Trustee has Liken all the steps that ought to have been taken as a Truslee in order lo be aware of any relevant audit information and lo establish that the charill5 audiiors are aware of that information. Auditors The auditors, Pure Audit Limf(ed, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the audi(ors at a meeting of the Trustees. Approved by order of the members of the board of Truslees and signed on their behaff by.. PNTory (Chaii of Trustees) Dale.. Page 7
CHINGHILL GOLF TRUST IA Company Lirnit8d by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ETCHINGHILL GOLF TRUST Opinion We have audited the financial statements of Elchinghill Gotf Trust Ithe 'thantable company'l lor the year ended 31 March 2025 which comprise thè Statement of Financial A¢iNities. the Balance Sheet. the Statement of Cash FI¢)1 an¢J the related notes. including a SUrnrrry ol snIan1 accounting policies. The r?nancial reporting frameOrk that ha$ been apprd in their preparati¢)n is apph&ible and Uniiad Kingdom Accounting Standards, induding Financial Repon9 Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (Unrted Kingdom Generally Accepted Accounting Praclicel. In our opinion the finaneial statements= give a true and fair vvew of the slate of the charitable companls affairs as al 31 March 2025 and of ils incoming resources and application of reSoUrs. including its income and expenditure for the year then ended.. have been properfy prepared in accordance with United lQ"ngdom Generally Accepted Accounkn'ng Practice, and have bèen prepa in accordance hth the requiiemenls of the Charities Act 2011. Basis for opinion We cOndLed our 8udrt In a¢cord3nce wrth Intemalional Siandards on Audrting IUKI IISAS IUKII and appIlble law. Our responsibilities under those stsndards are fvrther described in the Auditors, responsibilities for the audit of the financial statements seth.on of our reporL We are independent of the charrtable company in accordance with the ethical requirements that are relevant lo our audit ol the financial statements in the United Kingdom, including the FinanckAI Reporting Council's Ethical Standard, and we have fu111ed our olhei èthical responsibilities in accordance with these requirements. We bdwe th81 the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our Opin. Conclusions relating to going Concern In audrting the financial statements, we have wncluéed that the Trustees. use of the goir4J concern basis of acctsunling in the pparatIon of the financi stslements is appropriate. Based Dn the work WE have performed. have not hleniffied any mateff7d untertasnljes relating lo events of ndrtlDns Ihal. indiwdually or colleclNely. rnay cast signrficant 4S)ubl on the ¢haritable company's ability lo continue as a going concern for a period of al kasl fvlelve months from when the financial slalemenls are aulhorised for Iss*Je. Our responsibilities and the responsibil"e$ of the Trustees wrth res lo going concern are described in the relevanl sections of this report Page 8
CHINGHILL GOLF TRUST {A Company L•mri8d by GtsaTantee} INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF CHINGHlLL GOLF TRUST ICONTINUEO} Other information The other infomaknon cornpri3e5 the Inf0mi8tn Irul1 In Ann Report olher than the finanaal slernenls and our Auditors. Report thereon. The Trustees are responsible for the other informatn conlalned within the Annual Report. Our opInn on the financial statements does nol cover the other Inlormalion and, except to the extent olhewse è¥pli¢rtly staled In our report. we do not express any fom) of a55urance conclusion thereon. Our rasponsbi Ilty to read the other Inforrnatw and in doiry so. consider whether the other Information ss materialty Inconsistent with the finanaal slalerrnts or our krlledge obtained In tne colaw of the audrt, or olherM5e appeafs lo be maleriaty misstsled. If we idenbfy such m8lenal Incon$islencies or apparent matenal misstslemen15. we ao required to determine whethet thi8 gtves nse lo 3 material mL55talemenl In the rinancial statements themselves. If. based on the work we have performed. we conclude that there is a material misstatement of this other infomiation. we are required to report that f&t. We have nothing lo report in this regard. Matters on which we are required to report by ex¢eptton Vve have nothing lo report in respect of the following matters Whe the Charibes IA¢¢ounls and Reports Regulations 2008 requires us to report to you rf, in our opinKIn.' the infomiab'on given in the Trustees. Report is innsIstent in any material respect wrth the financi81 stslemenls". or sufficient accounting records have not ljeen kept.. or the financial st8lemenls are not in agreement with the accounting records and retums,. or we have not received all the inf0m1atn and explanations we require for our audit Rgsponsibilities of trustees As explained more fulty in the Trustees. Responsibilrttes Statement, the Trustees (who are also the directors of the charitable Company for the purposes of company lawl are responsib for the preparation of the financial s121emenls and for being satisfied that they give a true and fair view. and for such Internal control as the Trustees determine is necessary to enable the preparation of financkgl statements that are free from material misslalement, whether due lo ftaud or error. In preparing the finanaal stalemants. the Twstees are reskbjnsle for 8sstt*ng the charrt3ble ccmpanY5 abilty lo conb'nue a5 a going ncern. disclosing. as applicable. matters relaied io goirvJ concern and using the gng concem basis of accounting unless the TrUstS either intend lo Itquidale the charitable Company or to cease operations. or have no realislc altemative but to do so. Page 9
ETCHINGHILL GOLF TRUST {A Company Llmlted by Guarantee) INDEPENDENT AUDITORS. REPORTTO THE MEMBERS OF ¢HINGH1LL GOLF TRUST ICONTINUEDI Auditors. responsibilities for the audit of the financial ststements We have béen appointed as aud-rtor under section 144 of the Charrties Act 2017 and report in accordance with the Act and rèlevant Wtjlalions made or having effect Ihereunder. Our objectives are lo oblain rgasonable assurance about whether the financ1 statements as a whole ar8 freg from material misstatement, whether due to fraud or error. and to Issue an Auditors, Report that includes our opinion. Reasonable assurance is a high revel of assurance, but is not a guarantee that an audrt conducted in accordance WFth ISA5 IUKI wll aVayS delect a material misstatement when It exists. Misstatements can arise from fraud or error and are considered material rf. Individualty or In the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities. induding fraud, are instances of non-cornpl1an with laws and TegulatK)ns. We design pro¢edU$ In line with our responsibilittes, ouuined above. lo detect mater]al misstalements in iespe¢t of Irregulanlies, including fraud. The extent to whh our procedures are Capabie of detecting irregularitigs, ineluding fraud is detsiled below.. Extent the audlt was considered capable of detectlng irregularrties. including frnud: Vve idenlfy and assess the risks of merial misstatement of the financial ststements. whether due lo fraud or error, and then design and perfom audit procedures ie5ponsive to those risks. incI1ng obtaining audit evidence that is sufficient and appr¢¥riate lo provide a basis for our opinion. Idontfying and assèssing potential risks related to irregularities: In identifying and assessing risks of material misstatement In respect of iffegularTties. including fraud and non- cornplian¢e with laws and wuL8lions, we considered the following". The nature of the industry and sector. control environment and business performance including the design of the Enty'ly's remuneration policies, key drivers for staff remuneration. bgnus levels and performance targets,. resuts of our enquines of management about their own identfficalion and assessment of the risks of irregularities and any matters we identified having reviewed the Entrty's policies and procedures." the mallers discussed among the audrt engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud_ As a sU7t of these procedures, we considered the opportuni(ies and incentsves that may exist within the organisation for fraud and identtfied the greatest potential lor fraud In relation lo revenue recognition. In common with all audrts under ISAS IUKI, we ale also iequired lo perfomi specific prctedures to respond lo the risk of management override. We also obtained an understanding of the legal and regulatory frarneworks that the Entity operates in and focused on those laws and regulations that had a direct effect on the detemiination of material amounts and disclosures in the financial statements. The key Laws and regulatnS we considered in this context included the Cornpanies Ad 2006 and charit$ AGI 2011. Audit response to risks identified As a resuh of perfom)ing the above, we identified revenue reco3nrtKJn as key audrt matter related lo the potential risk of fraud. Our procedures lo respond to risks identsfd lded the follNbng". reviewing the financial slalemenl disdosures and testing to supporting docunEntalion lo assess compliance wlh provisions of relevant laws and regulations descnbed as hawng a direct effect on the financial statements", Page 10
CHINGHILL GOLF TRUST IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ETCHINGHILL GOLF TRUST ICONTINUED} enquinng of management, con¢eming actual and wtentL41 litatIOn and daims." perfo¥ming anatytical procedures lo thnlrfy any unusual or unexpeeted reInshS that may indtai risks ol nN1tefI misstatemMt due lo fraud. obtaining an understanding of provisions and discussing wrth management lo understand the basis of rOgnItion or non-recognition of tax proVisn$". and in addressing the risk of fraud through management override of controls. testing the appropriateness ofioumal entries and other adjustments." assessing whether tha judgements made in making accounling eslimales are indicative of a potential bias," and evaluating the business ratonale of any signthcant transactions ihal are unusual or outside the nomial ¢OUTse of business. We also communicated ielevanl identified laws and regulation5 and potential fraud risks lo all engagement team member5 2nd remained alert lo any indicatKJns of fraud or noncompliance with laws and gUlationS throughout the audit. Because of the inherent limitations of an audit. thefe is a risk that we wll not detect all irwularilies, including those leading lo a material misstatement in the financial slalemenls non-compliance with regulation. This risk increases the more that compliance with a law or wulalion is removed from the events ?nd transactions refiected in the financial stalemenls. as we wll be less likety to bewme aware of instances of non-compliance. The risk is also grealei regarding irre9ularities occurring due to fraud rather than eritsr. as fraLtd involves intentional ConalMent, forgery, eollusion. omission or Misrepresenlatn_ A further description of our responsibl1rt foi the audrt of the financial ststemenls is located on the Financiat Reporting Council's website at". www.frc.o .uklaudrtorsre Auditor5, Report. onsibilities. Tris description forms part of our Use of our report Thi5 report is made solety lo the charrtae compaws trustees. as a body, in accordanee with Part 4 01 the Charities (Accounts and Reports) Regulations 2008. Our audrt work has been unrtertaken so that we might slate lo the charitable companls Iruslees those matters we are required to stsie lo them in an AdItorS, Report and for no other purpose. To the fullest extent permitled by law, we do not accept or assume responsibilty lo anyone other than the chafilable company and rts member5. as a body. for our audit worf(, for this report, or for the opinions we have formed. Pure Audit Limit•d Chartered Certified Accountants & Statutory Audrtors 76 Canterbury Innovation Centre University Road Canterbury Kent CT2 7FG Date.24 November 2025 Pure Audrt Limited are eligible lo ad as auditors in terms of section 1212 of the Companies Act 2006. Page11
ETCHINGHILL GOLF TRUST IA Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTMTIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted funds 2025 Total funds 2025 Total runds 2024 Note Incom& from.. Charitable actNi118S Investrnents 2,156,422 12.000 2.156,422 12,1XlO 1,879,860 12.661 Total income 2,168,422 2,168,422 1.892. 527 Expenditurè on: Charitable aclivrties 1.862,266 1.862,266 1, 612, 745 Total expendituro 1,862,266 1,862,266 1.612. 745 Net movement in funds 306,156 306,156 279, T82 Rgconciliation of funds- Total funds brought forwanl Net movement in funds 365.050 306.156 365,050 306,156 85,268 279, 782 Total funds carried fovHard 671,206 671,206 365.050 The Stslement of Financial Activities includes a gains and losses recLYJni In the yeaf. The notes on pages 16 to 30 fom) part of these finan¢ial statement& Page 12
EfcHINGHILL GOLF TRUST IA Company Limited by Guarantee} REGISTERED NUMBER: 13593368 BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Fixed assets Intangible assets Tangible assets 11 12 147.240 834,749 169,054 151.302 981,989 320.356 Current assets Stocks 70,390 30.343 217.970 67,363 32,161 339,246 Debtors Cash al bank and in hand 14 318,703 438. 770 Current liabilities Credrtors. amounts f811ing due wthin one 15 1497.6521 (394,076) Nel current liabilities l assets 1178,9491 44,694 Total assets lèss current liabilities 803.1)40 365,050 Creditors.. arnounls falling due after more than one year 16 1131,8341 Net assels excludlng pension asset 671,206 365, Q50 Totsl net assets 671,206 365,05Q Charity funds Restricted lund$ Unrestricted funds 18 18 671,206 365,050 Totsl funds 671.206 365.050 The entity was entitled to exempt¥on from audrt under StiOn 4T1 of the Companies Act 20C6. The members have not required the ents.ty lo obtain an audrt for the year in question in accordance with sedion 476 of the Companies Act 2006. However, an audrt is required in accordance with section 144 of the Charrties Act 2011. The Trustees acknowledge their ponsIbIlitieS for ¢omplwng wrth thè requirements of Ihe Act wrth respect lo accounting record5 and preparation of financial stslemenls. Page 13
EfcHINGHILL GOLF TRUST IA Company Limited by Guarantael REGISTERED NUM8ER: 13593368 BALANCE SHEET ICONnNUEDI AS AT 31 P41ARCH 202S The financial slalernenls have been prepared accordance wth the provisions applicable lo entities subject lo the small companies regime. The financial ststements were apptoved and authorised for issue by the Trustees and signed on their behalf by." PNTory {Chair of Trustees D*e." 24 Novem r 2025 The notes on pages 16 to 30 form part of these financial statements. Page 14
ETCHINGHILL GOLF TRUST IA Company Limited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Cash nows from operatin9 activities Nel cash used in operatin9 actwibes 530,257 239,547 Cash flows from investing activllles Proceeds from the sale of ngible fixed assets Purchase of tangible fixed assets 20.000 1836,8741 (40,809) Net cash used in investing actNities 1816,8741 {40,8091 Cash flows from financing activities finance leases RepaentS of finance aseS 185.123 119.7821 Net cash provided by finan¢ing activities 165.341 Change In cash and cash equivalents in the year Cash and cash equivalen15 al the beginning of the year 1121,2761 339.246 198.738 140,508 Cash and cash equivalents at the end of the year 217.970 339.246 The notes on pages 16 10 30 fom part of Ihese financial Statnts Page15
EfcHINGHILL GOLF TRUST (A Company Limited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 General infomiation The entity is a Charitab company incorporated in England and Wales under registration number 13593368. The char((able company is limited by guarantee and has no share caprtal. In the event of it being wound up, the liability of each member is limited to £1. The charitable companys registered offi. whth is 0 a principal place of business, is situated at". The Estate Office. Etchinghill Golf. Canterbury R(, Etchinghill, Folkeslone, Kent, England, CT18 8FA. Accounting policles 11 Basis of preparation of financial statements The financial statements have been prepared in accordan v4ith the Charities SORP IFRS 1021 Accounting and Reporting by Charities". Statement of Recommended Practice applicable lo ChareS prepartng their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republtc of Ireland IFRS 102) (effective 1 January 20191. the Finan¢ial Reporting Standard applicable in the UK and Republ of Ireland IFRS 1021 and the Companies Act 2006. Etthinghill Goil Trust meets the definrlion of a public benefft enlty under FRS 102. Assets and liabilities are inits.ally recc¥nised al hislorical cost or transackn.on fdlu& unless otherwise staled in the relevant accounting policy. 2.2 Going concem The financial ststemenls have been prepared on a going concern basis. Al 31 March 2025 the charity had nel current liabilrties of £178.949 12024." nel current assets £44.6941. The year end position reflects significant Caprtal investment during the year {£836.874 adn5, including £441,538 asset under conslruclionl. The charity generated net cash from opeialing activeS of £530.257 in the year and hekl cash of £217.970 al year end. After making appropriate enquiries. the Trustees have a reasonable expectation that the Charty has adequate resources to continue in operational existence for the foreseeab future. The Trustees have concluded that the a no material uncertainties that cast significant doubt on the ¢harity'5 abilty lo contsnue as a going concern for that period.. accordingly. the going concem basis remains approprie. 2.3 Income All income reccgnised once the Charty ha5 entitlement to the ine¢me, tt is probab that the income vrill be received and the amount of income rece1vab can be measured reliably. 2.4 Expenditure Expendtiure is recognised once there is a legal 01 constructive obligatM)n to Iransler economic benefft lo a third paty. it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligalv)n can be measLJred reliably. Expenditure is classified by activity. The costs of each activty are made up of the total ol direct costs and shared costs. including support costs involved in undertaking each aclNyty. Direct costs attributable to a single actiwty are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activty are apportioned between those activitie5 on a basis consistent with the use of resources. Central staff costs are allocated on the basis of b.me spenl, and depreciation charges allocated on the portion of the asset's use_ Page 16
CHINGHILL GOLF TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Continued) 2.4 Expenditure l¢ontinuedl Expendrture on Charitab acIN"eS is incurred on direcrfy undertaking the aCtMtS which further the Chartys obieclives. as well as any asxxiated support costs. Grants payable are charged in the year when the offer i8 made except in those Cases where the offei is conditional: such grants bein9 recognised as expenditure when the conditions attaching are luifilled. Grants offered subject to condTtions which have not been mel at the year end ar& noted as a commrtment. but not accrued as expenditure. 2.5 Intangible assets and amortisation Intangible assets costing £1000 or more are capitslised and recogni$ when future economie benefits are probable and the tsxl or value of the asset can be measured reliably. Goodw'll arising on the acquisi(ion of a business is capitalised al cost and anortised on a straight line basis over f(s estimated usefvl economi¢ lrfe of 10 yeats. Intangible assets are inrtwlty recognised al cost. After recognition, under the cost model, intangible assets are rneasud al cost kss any accumulated amortsalion and any accumulated impaiment losses. AmortF'salion is promded on intangible assets at rates c*ulaled lo write off the cost of each asset on a slraighl-line basis over ils expected usefvl lrfe. The estimated usefibl lives are as follow5: Computer $01fv4are 10 years 16 Tangible fixed assets and deprnciation Tangible fixed assets are inilialty recognised at $t. After reco9nilion, under the cost 0de1, tangible fixed assets are measured at cost less ac¢umulaled depreciation and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset Into f(s inlended working condition should be induded In the measurement of cost. Depreciation is charged so as to all¢)cate the cost of tangible fixed assets less their residual v81ue over their estimated useful lives, using the StrahlAIne method. DepreciatK)n is provKled on the f¢JltrwiThJ basis Plant and machinery Motor vehtles Fixtures and fittings Other fi'xed assets 20010 20Q/. 200 17 Stocks Sla¢ks are valued at the lower of cost and nel realisable value afier making due allowance for obsolete and slow-moving stocks. Cost irljdeS all direct costs and an appropriate proportion of fixed and variable overheads. Page 17
EfcHINGHILL GOLF TRUST IA Company Limited by Guarantèe) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Icontinufjd) 18 Debtor5 Trade and other debtors are tr]nIsed at the settlement amount after any trade discount offered. Prepayments are valued al the amounl prepaid nel of any trade discounts due. 19 Cash at bank and in hand Cash at bank and in hand indudes cash and short-term highly liqukl investrnenls with a short maturity of three months or less from the dale of acquisrtton or c¢)ening of the deposit or similar ac¢ounl. 2.10 Liabilitle$ and provtsions LJabi1.eS are recognised when there is an rtJlig*iry) al the Bance Sheet date as a resutt of a past event, it is prob8ble that a transfer of eeonomic benefit wll be required in setmemenl, and the amount ol the settlement can be eslimaled relty. Li8bilities are recognised al the amount that the Charity anticipates it wll pay lo settse the debt or the amount rt ha5 received as advanced payrnenls for the goods or services il musl provide. Provisions a measured al the best estimate of the amounls required lo settle Ihe 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 pr&lax discount rate that refiects the risks specrfic lo the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. 2.11 Financial instruments The Char1ty only has financial assets and financial liabilities of a kind that qualfy as basic financial instruments. BasK financial instnjrnents are Initsally rèwanised at transactKJn vue and subsequently meaguied at thelr setdemenl value with the exceptw of bank loans which are 8ubsequ8ntly Measur al amortised cost Ustng the effectwe interest methcxj. 2.12 Finance leases and hire purchase Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lesse term and their useful lives. Assets acquired by hife purchase are ¢Jeprecialed over their useful lives. Finance leases are those Whe substantially all of the benelrts and risks of ownership are assumed by the Charyty. Obligalions under such agreements are included in creditois, nel of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of Financial A¢livilies so as to produce 8 constant perh)dic rate of charge on the net oblallon outstanding In each perh)d. 2.13 Operating leases Rentals paid under operabng leases are charged lo the Statement of Financial Activities on a slraighl-line basis over the lease temi. 2.14 Pensions The Charity operates a defined conlribut.ion pension scheme and Ihe pension charge represents the amounts payable by the Charty to the fund in respect of the year. Page18
ETCHINGHILL GOLF TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting poli¢ies (continued) 2.15 Fund accounting Geneol funds are uniestricled funds which are availab for use at the discli0n of the TTUStees in fvrtherance of the general objectives of the Charity and which have not been designated for other purposes. Restricted funds are fund5 which are lo be used in accordance wrth 5pecrfic restrictions imposed by donors Of which have been raised by the Charrty for particular purposes. The costs of raising and adminislenng ssJ¢h fvnds are charged against the Specif fund. The aim and use of each reslricled fvnd is sel out in the re$ to the financial statements. Investment income, gains and losses are alk(ated lo the appropriate fund. Critical a¢counting estimates and areas of judgment In preparing these financial statements, the trustees are required to make estimates and judgefflenis that affect the amounts recogni$ed in the financial statements. Esbmates and judgements are continually ewdlualed and a based on historical experience and other factors, induding expectations of future events that afe considered reasonable under the cireumstsnces. Cntical accounting estimates and assumptions." Eslimale$ are used in determining the carrying values of assets and liabilities that are not readily apparenl from other sources. These estimates are b8sed on management's best knoedge of current events events and actions that the Charity may undertake in Ihe fulure. Actual resuf(s may differ from these esbmales. The Charty makes estimates and aSsuMptnS concerning the future. The resulting accounting estimates and assunwlions will. by definition. seldom equ81 the related actual results_ The estimates and assumptions that have a significant risk of causing a material adjuslment lo the carrying amounts of 855ets and liabilities within the next financial year are dIu5$e below. Useful economic Irves of fixed asset5". The annual depreaabon and amortisalion charge is based on the estimated useful economic lives and residual values of tangible and intangible fixed assets. These are delemilled by rnanagemenl with reference lo the nature of the assets. their expected usage, and past experience with similar assets. Reviews are undertaken annual lo a55ess whether the estimates remain appropriate. Ineome from charttable actlvitles Unrestricted funds 2025 Total fund$ 2025 Golf. bar and restsurant 2.156.422 2,158,422 Page 19
CHINGHILL GOLF TRUST IA Company Limlted by Guarantae) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from charitable activitiès Icontinuedl UnTrstricled funds 2024 Total furKIs 2024 G(Af. bar and restaurant 1.879,86Q 1, 879,860 Inv¢stment income Unrestri¢ted funds 2025 Total funds 2025 Rental inwme 12,000 12,000 Unrestricl8d funds 2024 Total lunds 2024 Rental income 72,667 12, 667 Analysis of expendituro on charitable activitses Summary by fund type Unwtricted funds 2025 Total 2025 Golf. bar and restaurant 1.862,266 1,862,266 Page 20
CHINGHILL GOLF TRUST {A Company Lirnited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditurè on Charitable activities l¢ontinued) Summary by fund type Icontinuedl unSti7ClSd lunds 2024 Total 2024 GCAI. bar and restsurant 1,672, 745 1.612, 745 Anatysis of expenditure by activities Activitie$ undertaken directly 2025 Support costs 2025 Total funds 202S G, bar and restaurant 685,989 1,176,277 1,862,266 Activilies undertaken diwuy 2024 Support ¢osts 2024 Totsl funds 2024 Golf, bar and restaurant 625.843 986,902 1.612, 745 Auditors. mUneration 2025 2024 Fees payabie lo the Chariws audrtor for the audrt of Ihe Chantls annual accounts 5,300 Page 21
CHINGHILL GOLF TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Stsff Costs 2025 2024 Vvages and salaries SCla1 securty costs Contribution to defined wntributs.on pension schemes 66S,385 45,540 10.061 654.533 38.761 9.110 720,986 702, 404 The average number of persons empk)yed by the Charty during the year was as follows.. 2025 No. 2024 No. Admin and management 32 29 No empbyee re¢eNed remuneration amounting lo more than £60,000 in either year. 10. Trustees. remuneratlon and expenses During the year, no Trustees receNed any remuneration or other benefrts (2024 - £NIL). Ouring the year ered 31 March 2025, no Trustee expenses havo be incurred (2024- £NILJ. Page 22
ETCHINGHILL GOLF TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11. Intsngible assets Goodwill Cost At 1 April 2024 218.134 At 31 March 2025 218.134 Amortisation At 1 April 2024 Charge for the year 49,080 21,814 At 31 March 2025 70.894 Net book value At 31 March 2025 147,240 At 31 Mah 2024 169,054 12. Tanglble fixed assets Plant and machinèry Motor Fixtures and Asset under vehicles fittings construction Total Cost or valuation At 1 Apnl 2024 Additions Disposals 167.050 237,095 {58,4121 16228 71,689 158,241 254.967 836.874 (58,4121 441.538 At 31 March 2025 345.733 16.228 229.930 441,538 1,033,429 D•preciation Al 1 Apnl 2024 Charge for the year On disposals 70.601 69.147 (23,3641 7,927 3.246 25.137 45.986 103,665 118,379 {23,3641 At 31 March 2025 116.384 11,173 71,123 198.680 Page 23
CHINGHILL GOLF TRUST IA Company Umited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 202S Tangible fixed assets {continued} Plant and machinery Motor Fixtures and A$$et under vehicles fittings ¢onstruction Total Net book value At 31 March 2025 229,349 5.055 158,807 441.538 834,749 At 31 March 2024 96,449 8.301 46,552 151,302 13. Stocks 2025 2024 Finish goods and gtXKls for resale 70,390 6T,363 14. Debtors 2025 2024 Due within one year Trade debtors othor debtors Prepayrnents and accrued incomè 3,387 1.498 25,458 15.609 779 15.773 30,343 32.101 15. Credltors: Amounts falling due wtthin one year 2025 2024 Trade creditors 91,807 25,725 33.507 38,987 307,626 68,918 20,707 Othtrr tsxalion and soual security Obligations under finance lease and hire purchase contracts Other credf(ors Accruals and deferred income 53,325 251, 126 497,652 394,076 Page 24
ETCHINGHILL GOLF TRUST IA Company MIt by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Creditors: Amounts falling duè after mofe than one year 2025 2024 Net obligattons under finan lease and hire pur¢hase contr*s 131,834 17. Flnancial instruments 2025 2024 Financial assets Financial assets measured al am0SeSeIeMenI value 217.970 339,246 Page 25
ETCHINGHILL GOLF TRUST {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 PIARCH 2025 18. Statement of funds Statement of funds- current yèar Balance at 31 March 202S Balance at 1 April 2024 Income Expenditure Unrestricted funds General Funds - all fvnds 365.050 2.168,422 11,862,266) 671,206 Page 26
CHINGHILL GOLF TRUST IA Company Limiied by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 18. Statement of funds Icontinued) Statoment of funds- prior year Ba18nce al 31 March 2024 Balan at t Apnl 2023 Income EKpendifure Unrestricted funds General Funds- all funds 85.258 1.892. 527 (1, 612, 745) 365,050 19. Summary offunds Summary Of funds - current year Balance at 31 March 2025 Balance at 1 April 2024 Income Expendlture General funds 36S,050 2,168,422 11,862,265) 671,206 Summary of lunds- prior year Balance al 31 March 2024 Balance al l Apnl 2023 Incomg Eypenditu General funds 85.268 1,892 527 (1, 612, 745) 365, 050 Page 27
EfcHINGHILL GOLF TRUST IA CompaTry Limlted by Guar4nteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 20. Anatysi$ of net assets beknween funds Analysis of n¢t assots between funds- ¢urrent year Unrestricted funds 2025 Total lunds 2025 Tangible fixed assets Intangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 834.749 834,749 147.240 147,240 327.003 327,003 1505.9521 1505,9521 1131,8341 1131,8341 Total 671.206 671,206 Analysis of net assets bee¢n fund5- prior year unStricted funds 2024 Tolal fijnds 2024 Tangible fixed assets Intangib fixed assets current assets Creditors due within one year 151.302 169,054 438, 770 (394,076) 151,302 769,054 438. 770 (394,076) Totsl 365,050 365, 050 Page 28
CHINGHILL GOLF TRUST IA Cmipany Limited by Guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 21. Reconciliation of net movement in funds to net cash fl¢)w from operating activities 2025 2024 Nel income for the year las per Statement of Financial Ad1Vrt5I 306,156 279, 782 Adjustments for: Depreciation charges AmL)rtisation charges Loss on the Sa of fixed assets Decreasellincreasel in stocks De¢reasellincrea5el in dèbtors Increaselldecreasel in creditors 118,379 21.814 15,048 13,0271 16,4821 78,369 50,994 21.814 7,568 16,827 (137,438) Net cash provided by operating activities 530,257 239,547 22. Analysis ol ¢ash and cash equivalents 2025 2024 Cash in hand 217.970 339,246 Totsl cash and cash equivalents 217,970 339, 246 23. Analysis of changes in net debt At 1 ApiS1 2024 Cash flows At 31 Mar¢h 2025 Cash at bank and in hand Finance leases 339,246 {121,2761 217.970 {165,3411 (165,3411 339,246 1286.6171 52,629 24. Pension commitments The charity operates a defined contribution pens scheme. The assets of the scheme are held separately from those of the charity in an Independently administered fund. The pension cost charge iepresenls contribulions payable by the charity to the fund and amounted lo £10k 12024.. £9.1kl. An Page 29
CHINGHILL GOLF TRUST IA Company Limlied by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 202S 24. Pension cornmitments (continued) amount of £2k12024." £2kl was payable to the fund at the balance sheel date and is included in creditors. 25. Operating lease commitments At 31 March 2025 the Charity had Mmittents to make ftrture minimum lease payments under non- cancellable operating leases as fdlows_" 2025 2024 Not later than 1 year Later than 1 year and not later than 5 years 43,388 84,629 43.388 128,231 128,017 171,619 26. Related party transactions The Charity charged a rent of £12,IXII 12024.. £12,66n lo Pentknd Homes Lld IPHLI, a company connected with Iruslees. Drg the year, the Charity purchased £3.031 worth of goods and serwiees from PHL. At the year end, PHL owed £2,845 to Ihe Charity. The Charity paid rent of £125,00012024'. £125,OCK)I to The Tory Famity Foundation. a charity connected with trustees. During the year. Cave Hotels UK Lld18 company nnected with trustees) re-charged salaries costs of £87,29512024. £139.716} At the year end, Cave Hotels UK Ltd owed £429 to the Charty. Page 30