The trustees present their annual report and financial statements for the year ended 31 December 2024.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the financial statements and comply with the charity'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) issued in October 2019."
The objects of the charity are to promote the relief of physical and mental illness and disability, addictions and hardship of both men and women who are involved or were formerly involved in the playing of cricket professionally in England and Wales (members of the Professional Cricketers’ Association) and their dependants who, for whatever reason, are in need of such relief.
To provide mental health education and addiction awareness for all past and present Professional Cricketers’ Association members; further, to create roles to educate and bring awareness of such matters to adults and children in the wider general public.
To advance education and personal development opportunities for all past and present members of the Professional Cricketers’ Association.
To promote physical education, health and the game of cricket generally to adults and children as a recreational sport.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake. The trustees consider the objectives and activities of the charity are of a public benefit.
All grant applications are subject to an assessment to ensure they meet the basic criteria for funding within the objectives of the Charity. Applicants must be prepared to provide such other information as the Trustees may reasonably require in order to assist them in their decision-making process. Grants will be considered by the Trustees at their meetings, with urgent applications considered as soon as possible.
Few careers carry so much uncertainty as that of a professional cricketer but thanks to the Cricketers' Trust, past and present players have a vital support network which helps them to prepare for and readjust in the world beyond cricket. The work supporting members has continued throughout the year together with the continual development of the structures of the charity.
During the year, the Charity received donations and legacies of £467,418 (2023: £404,694) and income of £16,056 (2023: £12,378) from investments which, after the deduction of expenditure of £276,237 (2023: £351,697) and an increase of £24,460 (2023: increase of £23,849) from the revaluation of investments, gave rise to a net surplus for the year of £231,697 (2023: surplus of £89,224). Total reserves as at 31 December 2024 were £1,137,100 (2023: £905,403).
The Trustees are of the opinion that the resources they retain and anticipate receiving in the future will enable it to meet effectively the current and future requirements of the Charity.
As at 31 December 2024, the Charity's level of free reserves stood at £1,137,100 (2023: £905,403). Free reserves of the charity are calculated as total unrestricted funds, excluding designated funds and funds tied up in tangible fixed assets and are therefore considered to be equivalent to total unrestricted funds.
The Trustees are authorised to invest the assets of the Charity in whatever way they believe to be in the interests of the Charity and its objectives.
The Trustees have examined the major strategic, business and operational risks which the Charity faces and confirm that systems have been established to ensure the minimisation of those risks. The financial position of the Charity is robust, resources are sufficient to meet eventualities that may arise for the foreseeable future.
The Board of Trustees regularly review fundraising to ascertain that the current fundraising model is sustainable and that it has potential for growth. Innovation and any necessary changes will be put in place as decided by the trustees.
Cricketers' Trust Limited is a company limited by guarantee governed by its Memorandum and Articles of Association dated 17 May 2007, as updated 30 December 2019. It is registered as a Charity with the Charity Commission. The members agree to contribute £1 each in the event of the Charity winding up.
On 29 August 2018, PCA Benevolent Fund Limited changed their name to Professional Cricketers’ Trust Limited. On 13 August 2024, Professional Cricketers’ Trust Ltd changed their name to Cricketers’ Trust Limited.
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:
New trustees are appointed by the existing trustees. The Articles of Association provides for minimum of 1 trustee and no maximum, unless determined by the company in a general meeting.
Long serving trustees
The following have been Trustees of the Trust for over 9 years; Mr G Davies (18 years) and Mr D Ford (17 years).
The Board of Trustees meet on a quarterly basis to receive reports from fundraisers, individual cases requiring support and to consider the management accounts. The overall strategy of the Charity is decided at these meetings.
New trustees undergo a meeting to brief them on: their legal obligation under charity and company law, the Charity Commission guidance on public benefit, and inform them of the content of the Memorandum and Articles of Association, the committee and decision making processes, the business plan and recent financial performance of the charity. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.
None of the trustees receive remuneration or other benefit from their work with the charity. Any connection between a trustee or senior management of the charity with a related party must be disclosed to the full board of trustees.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The Trustees’ report has been approved by the Board of Trustees and is signed on their behalf by:
I report to the charity trustees on my examination of the financial statements of Cricketers' Trust Limited (the charity) for the year ended 31 December 2024 which are set out on pages 5 to 17.
Having satisfied myself that the financial statements of the charity 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 ("the 2011 Act"). In carrying out my examination I have followed all the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
The Trustees have engaged Dyke Yaxley, a firm of which I am a director, to provide financial administration services to the charity. I have considered the guidance contained in the FRC's Revised Ethical Standard and concluded that the provision of such services does not pose a threat to my integrity, objectivity and independence as an examiner, and does not impact on my ability to carry out this independent examination.
Since the charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of Association of Chartered Certified Accountants (ACCA) - UK, which is one of the listed bodies.
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:
accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006.
the financial statements do not accord with those records; or
the financial statements 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
the financial statements 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 financial statements 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 financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Cricketers' Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 1 Brassey Road, Old Potts Way, Shrewsbury, Shropshire, SY3 7FA. The charity is a registered charity with the Charity Commission in England and Wales, number 1120088.
The financial statements have been prepared in accordance with the charity'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 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements 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 charity 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.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity 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.
Resources expended are shown in the period in which they are incurred and include VAT which is not recoverable.
Investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
The charity does not acquire put options, derivatives or other complex financial instruments.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and the changes in sentiment concerning equities and within particular sectors or sub sectors.
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 are shown within borrowings in current liabilities.
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount.
Legal status of the charity
The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
Governance costs includes fees for accountancy services of £8,150 (2023: £8,300) of which £1,317 (2023: £1,167) is for independent examination fees and the balance of fees is for the delivery of accounts preparation, financial administration and consultancy services provided by Dyke Yaxley.
Two trustees were reimbursed a total of £1,622 (two trustees 2023: £1,614) in respect of expenses incurred in the performance of their duties as trustees.
During the year the charity received donations from one trustee, without conditions, totalling £1,600 (2023: one trustee, £1,600).
During the year there were the following employees:
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
Deferred income included in the accounts relates to income for specific events to be held in future years.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
During the year, donations received from Professional Cricketers' Association of £320 (2023: £120) and PCA Management Limited of £4,815 (2023: £26) relate to amounts received by these two organisations on behalf of Professional Cricketers' Trust.
During the year, a donation of £nil (2023: £9,000) was received from The Tom Maynard Trust, of which Ian Thomas is a trustee.
During the year, and up to the date of signature, the following trustees are also directors of PCA Management Limited:
Mr R Lynch (Resigned 15 July 2024)
Mr J Harris (Resigned 13 March 2025)
Mr D Mitchell (Appointed 15 July 2024)
Mr O Hannon-Dalby (Appointed 15 April 2025)
During the year the following trustees are also directors of PCA Events Limited:
Mr R Lynch (Resigned 15 July 2024)
Mr I Thomas
The charity provides support for members of the Professional Cricketers’ Association, of which the following trustees were officers during the year:
Mr J Harris, Chairman (Resigned 4 March 2025)
Mr O Hannon-Dalby (Appointed 4 March 2025)
Mr R Lynch, Chief Executive (Resigned 15 July 2024)
Mr D Mitchell, Chief Executive (Appointed 15 July 2024)
During the year, the charity purchased consultancy services of £6,000 (2023: £6,000) from Mr D Graveney who is the charity’s president. The charity reimbursed £444 (2023: £592) relating to travel expenses incurred.
Mr G Davies, a Trustee, is a consultant of Dyke Yaxley. During the year the charity purchased accountancy and independent examination services of £3,950 (2023: £3,500), financial administration services of £3,600 (2023: £3,600) and consultancy services of £600 (2023: £1,200).