The Trustees present their annual report and financial statements for the year ended 31 March 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Trust's Company Articles of Association, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016)
The objects of the charity are to relieve in cases of need, hardship or distress persons who are or have been employees or engaged in the field of professional or amateur football in the United Kingdom and in particular, but without limitation, by Tottenham Hotspur F C including, but without limitation, any person who is or has been a representative player, manager or a member of medical, coaching or scouting staff associated with Tottenham Hotspur F C whether at first team, reserve team, youth, academy or schoolboy level whether or not such person had been involved with a competitive fixture for Tottenham Hotspur F C.
There has been no change in these during the year.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake.
Grantmaking:
The charity invites applications for grants through advertising on its website www.tottenhamtt.org. Each application is reviewed by the Trustees against the objectives of the charity. Through its grantmaking activities, the charity furthers its objects and provides public benefit.
During the year, the charity has benefited from personal donations and receipts from various fundraising initiatives.
The Trustees have reported that grants totalling £9,772 (2023: £8,522) have been made during the year, of which £nil (2023: £nil) was restricted.
It is the policy of the Trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Trust’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Reserves policy:
The Trustees have reviewed the reserves of the charity to ensure that the charity is provided with financial flexibility and a cushion against any future shortfalls in income. The level of free reserves at 31 March 2024 was £147,091 (2023: £154,572) all of which are unrestricted. The Trustees consider this level of free reserves satisfactory to meet future donations. The Trustees review proposed donations carefully having regard for the current and future funds available.
Investment policy and objectives
Under the Memorandum and Articles of Association, the charity has the power to make any investment which the Trustees see fit.
The Trustees have assessed the major risks to which the Trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
The Trustees will continue to seek out and assist beneficiaries including those to whom the charity has already made grants.
The Trust is a company, limited by guarantee, incorporated on 1 October 2002 and registered as a charity on 8 October 2002. The Trust was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association, which were updated on 27 January 2014.
The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
As set out in the Articles of Association, the Trustees of the charity are elected to serve for a renewable term of 3 years. The Trustees have a power to appoint new or additional trustees as determined by a simple majority at a meeting.
Induction and training of new Trustees:
In view of the size of the charity it is not considered necessary for the Trustees to undergo formal training.
None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code.
The company's current policy concerning the payment of trade creditors is to:
settle the terms of payment with suppliers when agreeing the terms of each transaction;
ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
pay in accordance with the company's contractual and other legal obligations.
Trade creditors of the company are minimal at any one point in time.
The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities. The trustees consult on an adhoc basis to review and assess requests for donations from the charity and potential opportunities to increase funds available.
The Trustees have conducted their own review of major strategic, business and operational risks to which the charity is exposed and confirmed that systems have been established to enable regular reports to be produced so that necessary steps can be taken to mitigate those risks.
There were no transactions with related parties.
The Trustees, who are also the directors of The Tottenham Tribute Trust for the purpose of company law, are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees report was approved by the Board of Trustees.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Tottenham Tribute Trust for the year ended 31 March 2024, which comprise the statement of financial activities and the related notes from the charity’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made to the charity's Trustees, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of The Tottenham Tribute Trust and state those matters that we have agreed to state to the charity's Trustees, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Tottenham Tribute Trust and the charity's Trustees as a body, for our work or for this report.
It is your duty to ensure that The Tottenham Tribute Trust has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of The Tottenham Tribute Trust. You consider that The Tottenham Tribute Trust is exempt from the statutory audit requirement for the year and is not required to obtain an independent examiner's report.
We have not been instructed to carry out an audit or a review of the financial statements of The Tottenham Tribute Trust. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The Tottenham Tribute Trust is a private company limited by guarantee incorporated in England and Wales The registered office is 73 Cornhill, London, EC3V 3QQ.
The accounts have been prepared in accordance with the Trust's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The Trust is a Public Benefit Entity as defined by FRS 102.
The Trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Voluntary income is received by way of donations and gifts and is included in full in the Statement of Financial Activities when receivable. Gifts donated for resale are included as income when they are sold. Donated assets would be included at the value to the charity where this can be quantified and a third party is bearing the cost. The value of services provided by volunteers has not been included. Donations received in relation to particular ex-players are disclosed under restricted funds.
Income from investments are included in the year in which they are receivable.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity 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 activity are apportioned between those activities on a basis consistent with the use of resources.
Resources expended are included in the Statement of Financial Activities are recognised in the year in which they are incurred.
Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.
The support costs associated with grantmaking activities was £nil (2023: £nil). Other resources expended relate to minor expenses and small benevolent gifts to ex-players.
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.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts, where relevant, are shown within borrowings in current liabilities.
Basic financial assets, which includes cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Trust transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the Trust’s contractual obligations expire or are discharged or cancelled.
Investments
There were no employees during the year.
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.