## **SURREY LAWN TENNIS ASSOCIATION JUNIOR TRUST** ## **REPORT AND ACCOUNTS FOR THE YEAR ENDED 30TH SEPTEMBER 2020** ## **CONTENTS** - 1-2. Report of the Trustees 3. Independent Examiners Report 4. Statement of Financial Activities 5. Balance Sheet - 6-7. Notes to the Accounts Charity Registration Number 286344 Page 1 ## **SURREY LAWN TENNIS ASSOCIATION JUNIOR TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30TH SEPTEMBER 2020** The trustees present their annual report and financial statements for the year ended 30th September 2020. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed, the Charities Act 2011 and Statement of Recommended Practice, "Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (SORP 2019)" effective 1 January 2019. ## CONSTITUTION The charity was established by Trust Deed dated 11th January 1983 and was subsequently registered with the Charity Commissioners (registration no. 286344). ## OBJECTS The charity was set up by the Surrey County Lawn Tennis Association to receive charitable donations. The Trust Deed states its main object is to organise or provide or assist in the organisation and provision of facilities which will enable and encourage pupils at schools and universities in any part of the United Kingdom to play lawn tennis and to provide or assist in the provision of coaching. The trustees confirm they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities. ## ORGANISATION The principal office of the Charity is The National Tennis Centre, 100 Priory Lane, Roehampton London, SW15 5JQ. ## TRUSTEES The trustees who served during the year were Messrs. P Bradshaw (appointed 4 February 2020), D P Howorth, B W Havill (resigned 4 February 2020) and R E Staniland. The power of appointment of new trustees vests in the management committee of the Surrey County Lawn Tennis Association. ## TRUSTEES REVIEW Due to the Covid 19 pandemic the trustees reviewed their policy of giving grants to talented junior tennis players. A g rant was made to Surrey County LTA which is to be used to subsidise parental contributions towards the costs of those junior players selected for weekly training. Page 2 ## **SURREY LAWN TENNIS ASSOCIATION JUNIOR TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30TH SEPTEMBER 2020 (continued)** ## FINANCIAL REVIEW AND RESERVES POLICY Funds for investment have been invested in a portfolio of equities listed on the London Stock Market and in National Savings Income Bonds. Due to the pandemic the investment performance has been adversely affected in terms of both capital value and income. The capital value fell by £36,606 (7.7%) during theyear although this compares favourably compared to a fall in the FTSE 100 index of 20.8%. The income for the year in the general funds was £21,037 compared to £27,424 in the previous year. Grants have been made of £15,000 with governance costs of £96. At the end of the year there were undistributed general funds of £9,774. The trust received a donation during the year of £4,000 from the Vernon Ely Charitable Settlement which has been added to the designated funds. The intention of the trustees for the future is to retain the current balance in the designated funds (£492,054) to generate income to add to the general funds to distribute as grants for the benefit of junior tennis players. The designated funds as set out in note 6 represent historical donations which the trustees have chosen to treat as non-distributable and only held for investment together with realised and unrealised investment profits. ## TRUSTEE'S RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to: . - select suitableaccounting policies and then apply them consistently; - observe the methods and principals in the applicable Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statement; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. BY ORDER OF THE TRUSTEES D P Howorth Trustee 21 October 2020 Page 3 ## **Independent Examiner's Report to the Trustees of Surrey Lawn Tennis Association Junior Trust (the Charity')** I report to the Charity trustees on my examination of the accounts of the Charity for the year ended 30th September 2020. This report is made solely to the Charity's trustees as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. ## **Responsibilities and basis of report** As the trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act'). I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act ## **Independent examiners statement** Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities; Statement of Recommended Practice issued on 1 April 2005 which is referred to in extant regulations but has been withdrawn. I understand that this has bben done in order for the accounts to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginnining on or after 1 January 2015. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable rquirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examin ation. I have no concerns and have come across no other matters in connection with the examination to which attention hould be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed _James Peach FCA_ _Kreston Reeves LLP Chartered Accountants Springfield House Springfield Road Horsham West Sussex RH12 2RG_ _Date: 12 November 2020_ Page 4 ## **SURREY LAWN TENNIS ASSOCIATION JUNIOR TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30TH SEPTEMBER 2020** |Notes
**INCOMING RESOURCES**
**Incoming Resources from Generated Funds**
Interest
Dividends
Donations
Total Incoming Resources
**RESOURCES EXPENDED**
**Charitable Activities**
Grants
3
**Governance Costs**
2
Total Resources Expended
Net Incoming (outgoing) Resources
Gains (Losses) on Revaluation of Investments
Total Funds Brought Forward
Total Funds Carried Forward
5|General
Designated Total Funds
Funds
Funds
2020
2019
£
£
£
£
204
-
204
185
20,833
-
20,833
27,239
-
4,000
4,000
34,000| |---|---| ||21,037
4,000
25,037
61,424| ||15,000
-
15,000
28,000
96
-
96
20| ||15,096
-
15,096
28,020| ||5,941
4,000
9,941
33,404
-
(36,606)
(36,606)
9,039| ||5,941
(32,606)
(26,665)
42,443
3,833
524,660
528,493
486,050| ||9,774
492,054
501,828
528,493| The notes on pages 6 and 7 form a part of these accounts Page 5 ## **SURREY LAWN TENNIS ASSOCIATION JUNIOR TRUST** |**BALANCE SHEET**
**AS AT 30TH SEPTEMBER 2020**
Notes
**FIXED ASSETS**
Investments
4
**CURRENT ASSETS**
Debtors
Cash at Bank
CREDITORS: Amounts Falling Due Within One Year
Sundry Creditors
**NET CURRENT ASSETS**
**NET ASSETS**
**FUNDS**
Designated Funds
5,6
General Funds
5
5|2020
2019
£
£
£
£
481,005
490,079
46
411
20,777
38,003
20,823
38,414
-
-
20,823
38,414
501,828
528,493
492,054
524,660
9,774
3,833
501,828
528,493|2020
2019
£
£
£
£
481,005
490,079
46
411
20,777
38,003
20,823
38,414
-
-
20,823
38,414
501,828
528,493
492,054
524,660
9,774
3,833
501,828
528,493| |---|---|---| ||20,823|| ||-|| |||| |||528,493| |||524,660
3,833| |||528,493| Approved by the Trustees on 21 October 2020 D P Howorth, R E Staniland Page 6 ## **SURREY LAWN TENNIS ASSOCIATION JUNIOR TRUST** ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH SEPTEMBER 2020** ## 1. ACCOUNTING POLICIES ## a) Accounting Convention The accounts (financial statements) have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) and the Charities Act 2011 and applicable regulations. No statement of cash flows has been provided as the charity is small under the Charities Act SORP (FRS 102). The financial statements are presented in sterling and rounded to the nearest £1. ## b) Fund Accounting The general funds comprise funds generated from investment and available for distribution. The designated funds consist of donations received which the trustees have resolved to invest to generate income available to be distributed. The designated funds also include realised and unrealised gains from investment. ## c) Investments Investments held which are quoted on the UK Stock market are stated at their open market value at the year end. Other investments which are not quoted are stated at cost. ## d) Accruals basis Both income and expenditure are accounted for on an accruals basis. ## e) Going concern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. |2. GOVERNANCE COSTS|2020||2019|| |---|---|---|---|---| ||£||£|| |Portfolio Management Fees||96||20| ## 3. GRANTS All grants were made to assist junior tennis players in their development in the sport. Page 7 ## **SURREY LAWN TENNIS ASSOCIATION JUNIOR TRUST** ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH SEPTEMBER 2020** (continued) ## 4. INVESTMENTS |4. INVESTMENTS|||||| |---|---|---|---|---|---| ||£|£|£|£|£| ||Opening|Additions|Disposals|Revaluation|Closing| ||Balance||||Balance| |UK Listed Investments held indirectly|474,079|71,659|(44,127)|(36,606)|465,005| |National Savings Income Bonds|16,000|-|-|-|16,000| ||490,079|71,659|(44,127)|(36,606)|481,005| |5. TOTAL FUNDS|||||| |||General|Designated|Total|| |||Funds|Funds|Funds|| |||£|£|£|| |Balance Brought Forward||3,833|524,660|528,493|| |Movement in Funds for the Financial Year||5,941|(32,606)|(26,665)|| |||9,774|492,054|501,828|| |6. DESIGNATED FUNDS|||||| ||||2020||2019| ||||£||£| |The Vernon Ely Fund|||120,500||116,500| |The Tennis Surrey Fund|||347,000||347,000| |The Norman Latchford Fund|||2,000||2,000| |Gains from Investments|||22,554||59,160| ||||492,054||524,660| ## 7. TRUSTEES REMUNERATION None of the trustees received any remuneration.