REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Trustees' Report and |
Unaudited Financial Statements |
for the Year Ended 30 April 2024 |
for |
The Eton Fives Association Limited |
(A Company Limited by Guarantee) |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Trustees' Report and |
Unaudited Financial Statements |
for the Year Ended 30 April 2024 |
for |
The Eton Fives Association Limited |
(A Company Limited by Guarantee) |
The Eton Fives Association Limited |
Contents of the Financial Statements |
for the year ended 30 April 2024 |
Page |
Trustees' Report | 1 | to | 4 |
Independent Examiner's Report | 5 |
Statement of Financial Activities | 6 |
Statement of Financial Position | 7 | to | 8 |
Notes to the Financial Statements | 9 | to | 18 |
The Eton Fives Association Limited (Registered number: 03527445) |
Trustees' Report |
for the year ended 30 April 2024 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 April 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The Eton Fives Association was set up to promote community participation primarily in the sport of Eton Fives and such other amateur sports as the trustees shall determine. The charity provides or assists in the provision of facilities for the playing of Eton Fives. |
The charity also aims to advance physical education of young persons by assisting in the facilities for the playing and learning of Eton Fives in schools and universities. |
Public benefit |
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
The Schools Championships took place at Repton in March 2024 on the 12 refurbished courts for the first time in a long time. Qualifying tournaments for it were played from January at various venues. The overall entry was about 530 pairs. The annual dinner took place at the RAF Club in London. |
Advanta Wealth Management kindly maintained their 6th year of sponsorship of £25,000 per annum which was largely used to help pay for the manager of the Fivestar Project among other things. |
A coach was maintained at Westway Sports Centre to ensure the local schools remained playing but there was no grant from John Lyon's Trust. The courts at Emanuel School were built on by the school. Those at Eton were refurbished and a Fives Centre on two floors was created between the courts which will provide for screening of matches, a meeting place, office for the coach etc thanks to the Michael Constantinidi legacy. £2,500 continued to be granted by the Jesters Club to help young players transition from school to adult fives. |
The FiveStar development project was funded by the Eton Fives Charitable Trust (EFCT) and EFA sponsorship money. £107,000 was raised towards 3 new courts at Holyport which are now under construction. Eton gave one court and major donors another. The EFA Centenary year preparations are underway. The year was launched on 1 May 2024. A highlight will be a dinner at Lords in October. An Appeal for the Centenary Year has been established. Arrangements are in hand to bring the courts at Stowe back into more use. Also Fives at St Bees, Wrekin and Rydal is doing well. Further efforts are being made to find a cheaper method of court building and establish more coaches for the game. |
Reports on tournaments and Fives events past and present are accessible on the website www.etonfives.com along with a host of other material about the activities of the EFA. |
The Eton Fives Association Limited (Registered number: 03527445) |
Trustees' Report |
for the year ended 30 April 2024 |
FINANCIAL REVIEW |
Financial position |
The Statement of Financial Activities on page 6 shows total incoming resources of £131,043 (2023 - £176,489), before net gains on investments, and net outgoing resources of £126,944 (2023 - £172,124) for the year. |
Investment policy and objectives |
Funds are invested with Advanta Wealth Management and this policy is reviewed annually. |
Reserves policy |
Unrestricted funds stand at £86,710 (2023 - £71,658) which are held to cover future outgoings and provide resources for future grants for court building and coaching. |
Restricted funds stand at £Nil (2023 - £Nil) which are held to cover future outgoings and provide resources for future grants for court building and coaching. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is constituted as a company limited by guarantee. |
Recruitment and appointment of new trustees |
The charity's board has the power to appoint any persons to be a trustee of the charity. Trustees appointed during the year and new trustees are ratified at the Annual General Meeting. |
Organisational structure |
The Board of Trustees oversee the operation of the charity assisted by a small management and administration team. |
Financial risk management objectives and policies |
The trustees review the finances and associated risks at each trustees' meeting. |
Trustees and Directors |
The trustees and the directors are the group of people charged with the governance of the charity. During the year no trustee or director had any significant financial interest in the charity. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
The Eton Fives Association Limited (Registered number: 03527445) |
Trustees' Report |
for the year ended 30 April 2024 |
Trustees |
M J Chinery | Chairman | appointed | 26.09.23 |
M P Powell | Treasurer |
A J Barnes |
M J Beard | appointed | 26.09.23 |
A P W Bishop |
C E M Cooley |
C J Davies | resigned | 26.09.23 |
J R Ho | resigned | 26.09.23 |
A C Lumbard |
E K Scoones | appointed | 26.09.23 |
S Tailor |
C M B Williams | appointed | 26.09.23 |
H M E Wiseman |
R K L Wood |
S A Woolfries |
President |
R N L Black |
Vice Presidents |
R P F Barber |
P R Bowden |
C J Davies | appointed | 26.09.23 |
R A Dennis |
M R Fenn |
R M Knight |
G Stringer |
J D C Vargas |
A R Wagg |
D Whitehead |
P S J Worth |
Patron |
Sir Ian Davis |
Company Secretary |
The Eton Fives Association Limited (Registered number: 03527445) |
Trustees' Report |
for the year ended 30 April 2024 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Independent Examiner |
D C Blofield |
WR Partners |
Chartered Accountants |
Belmont House |
Shrewsbury Business Park |
Shrewsbury |
Shropshire |
SY2 6LG |
Bankers |
Farnham |
GU9 7LT |
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
The Eton Fives Association Limited |
Independent examiner's report to the trustees of The Eton Fives Association Limited ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 April 2024. |
Responsibilities and basis of report |
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. |
Independent examiner's statement |
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: |
1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or |
4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). |
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. |
D C Blofield |
WR Partners |
Chartered Accountants |
Belmont House |
Shrewsbury Business Park |
Shrewsbury |
Shropshire |
SY2 6LG |
8 September 2024 |
The Eton Fives Association Limited |
Statement of Financial Activities |
for the year ended 30 April 2024 |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Other trading activities | 2 |
Investment income | 3 |
Total |
EXPENDITURE ON |
Raising funds |
Other trading activities | 23,644 | 2,500 | 26,144 | 45,392 |
Investment management costs | 4 | 1,167 | - | 1,167 | 1,139 |
Charitable activities |
Other |
Total |
Net gains/(losses) on investments | ( |
) |
NET INCOME/(EXPENDITURE) | ( |
) |
Transfers between funds | 14 | (22,270 | ) | 22,270 | - | - |
Net movement in funds |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 71,658 |
The Eton Fives Association Limited (Registered number: 03527445) |
Statement of Financial Position |
30 April 2024 |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Investments | 12 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 13 | ( |
) | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 14 |
Unrestricted funds | 71,658 |
TOTAL FUNDS | 71,658 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
The Eton Fives Association Limited (Registered number: 03527445) |
Statement of Financial Position - continued |
30 April 2024 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
The Eton Fives Association Limited |
Notes to the Financial Statements |
for the year ended 30 April 2024 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Marquee | - |
Fives ball mould and court plans | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
The Eton Fives Association Limited |
Notes to the Financial Statements - continued |
for the year ended 30 April 2024 |
1. | ACCOUNTING POLICIES - continued |
Fund accounting |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
Pension costs and other post-retirement benefits |
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
Financial instruments |
The company has financial assets and financial liabilities of a kind that qualify as basic financial instruments. |
Basic financial assets, including trade other receivables and cash and bank balances are initially recognised at transaction price and subsequently carried at amortised cost with an assessment for objective evidence of impairment. Any impairment is recognised in profit and loss. |
Financial assets are derecognised when (a) a contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards or control of the ownership of the asset are transferred to another party. |
Basic financial liabilities including trade and other creditors are initially recognised at transaction price and subsequently carried at amortised cost. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires |
2. | OTHER TRADING ACTIVITIES |
2024 | 2023 |
£ | £ |
Sponsorships | 27,360 | 16,846 |
Revenue from goods and events | 16,262 | 20,840 |
Coaching fees and playing income | 720 | 635 |
Competition entry fees | 16,282 | 18,225 |
The Eton Fives Association Limited |
Notes to the Financial Statements - continued |
for the year ended 30 April 2024 |
3. | INVESTMENT INCOME |
2024 | 2023 |
£ | £ |
Bank interest receivable |
Interest from HMRC on Gift Aid | 46 | 31 |
Income from UK listed investments | 2,700 | 2,307 |
4. | INVESTMENT MANAGEMENT COSTS |
2024 | 2023 |
£ | £ |
Investment management fees | 1,167 | 1,139 |
5. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
Independent examination fees | 1,590 | 1,470 |
Net gains/(losses) on investments |
2024 | 2023 |
£ | £ |
Unrealised gains/(losses) on valuation | 10,953 | (4,234 | ) |
The Eton Fives Association Limited |
Notes to the Financial Statements - continued |
for the year ended 30 April 2024 |
6. | TRUSTEES' REMUNERATION AND BENEFITS |
Remuneration totalling £2,000 (2023 - £2,000) was paid to the treasurer of the charity. |
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees during the year. |
Trustees' expenses |
No trustee expenses have been incurred other than in the ordinary course of business. |
7. | STAFF COSTS |
The average monthly number of employees during the year was as follows: |
2024 | 2023 |
Administrative | 1 | 1 |
Coaching | - | 1 |
Development officers | 1 | 2 |
8. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | funds | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Other trading activities |
Investment income |
Total |
EXPENDITURE ON |
Raising funds |
Other trading activities | 31,559 | 13,833 | 45,392 |
Investment management costs | 1,139 | - | 1,139 |
32,698 | 13,833 |
Charitable activities |
Other |
The Eton Fives Association Limited |
Notes to the Financial Statements - continued |
for the year ended 30 April 2024 |
8. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
Unrestricted | Restricted | Total |
fund | funds | funds |
£ | £ | £ |
Total |
Net gains/(losses) on investments | ( |
) | ( |
) |
NET INCOME/(EXPENDITURE) | ( |
) |
Transfers between funds | (10,833 | ) | 10,833 | - |
Net movement in funds |
RECONCILIATION OF FUNDS |
Total funds brought forward | 71,527 | - |
TOTAL FUNDS CARRIED FORWARD | 71,658 | - | 71,658 |
9. | TANGIBLE FIXED ASSETS |
Fives |
ball |
mould and |
court |
Marquee | Trophies | plans | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2023 |
Additions |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
The Eton Fives Association Limited |
Notes to the Financial Statements - continued |
for the year ended 30 April 2024 |
10. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
Accrued income | 19,950 | 18,203 |
12. | CURRENT ASSET INVESTMENTS |
2024 | 2023 |
£ | £ |
Listed investments | 129,156 | 115,759 |
The investments, which are listed on a recognised stock exchange, are now stated at market value. |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Other creditors |
Pension contributions | 428 | 417 |
Accrued expenses |
Deferred income | 172,917 | 92,872 |
Deferred income represents subscriptions and grant income received in advance and is made up as follows: |
2024 | 2023 |
£ | £ |
Brought forward | 92,872 | 107,490 |
Additions during the year | 190,033 | 87,986 |
Amounts released to income during the year | (109,988 | ) | (102,604 | ) |
Carried forward | 172,917 | 92,872 |
The Eton Fives Association Limited |
Notes to the Financial Statements - continued |
for the year ended 30 April 2024 |
14. | MOVEMENT IN FUNDS |
Net | Transfers |
movement | between | At |
At 1.5.23 | in funds | funds | 30.4.24 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 71,658 | 37,322 | (22,270 | ) | 86,710 |
Restricted funds |
5 Star Project | - | (22,270 | ) | 22,270 | - |
TOTAL FUNDS | 15,052 | 86,710 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 97,383 | (71,014 | ) | 10,953 | 37,322 |
Restricted funds |
Westway | 5,819 | (5,819 | ) | - | - |
5 Star Project | 23,341 | (45,611 | ) | - | (22,270 | ) |
Newbury Project | 2,000 | (2,000 | ) | - | - |
Jesters | 2,500 | (2,500 | ) | - | - |
( |
) | (22,270 | ) |
TOTAL FUNDS | ( |
) | 15,052 |
The Eton Fives Association Limited |
Notes to the Financial Statements - continued |
for the year ended 30 April 2024 |
14. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net | Transfers |
movement | between | At |
At 1.5.22 | in funds | funds | 30.4.23 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 71,527 | 10,964 | (10,833 | ) | 71,658 |
Restricted funds |
Westway | - | (3,333 | ) | 3,333 | - |
5 Star Project | - | (10,000 | ) | 10,000 | - |
Jesters | - | 2,500 | (2,500 | ) | - |
- | (10,833 | ) | 10,833 | - |
TOTAL FUNDS | 71,527 | 131 | - | 71,658 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 89,803 | (74,605 | ) | (4,234 | ) | 10,964 |
Restricted funds |
Westway | 31,140 | (34,473 | ) | - | (3,333 | ) |
5 Star Project | 51,046 | (61,046 | ) | - | (10,000 | ) |
Newbury Project | 1,500 | (1,500 | ) | - | - |
Jesters | 3,000 | (500 | ) | - | 2,500 |
86,686 | (97,519 | ) | - | (10,833 | ) |
TOTAL FUNDS | 176,489 | (172,124 | ) | (4,234 | ) | 131 |
The Eton Fives Association Limited |
Notes to the Financial Statements - continued |
for the year ended 30 April 2024 |
14. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined position is as follows: |
Net | Transfers |
movement | between | At |
At 1.5.22 | in funds | funds | 30.4.24 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 71,527 | 48,286 | (33,103 | ) | 86,710 |
Restricted funds |
Westway | - | (3,333 | ) | 3,333 | - |
5 Star Project | - | (32,270 | ) | 32,270 | - |
Jesters | - | 2,500 | (2,500 | ) | - |
- | (33,103 | ) | 33,103 | - |
TOTAL FUNDS | 71,527 | 15,183 | - | 86,710 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 187,186 | (145,619 | ) | 6,719 | 48,286 |
Restricted funds |
Westway | 36,959 | (40,292 | ) | - | (3,333 | ) |
5 Star Project | 74,387 | (106,657 | ) | - | (32,270 | ) |
Newbury Project | 3,500 | (3,500 | ) | - | - |
Jesters | 5,500 | (3,000 | ) | - | 2,500 |
120,346 | (153,449 | ) | - | (33,103 | ) |
TOTAL FUNDS | 307,532 | (299,068 | ) | 6,719 | 15,183 |
The Eton Fives Association Limited |
Notes to the Financial Statements - continued |
for the year ended 30 April 2024 |
15. | RELATED PARTY DISCLOSURES |
16. | COMPANY LIMITED BY GUARANTEE |
The company has no share capital but it is a charitable company limited by guarantee. At 30 April 2024 there were 424 (2023 - 442) individual members, 26 (2023 - 24) school members and 25 (2023 - 25) club members, each of whose liability is limited to £1. |