FINANCE AND LEGAL
T&RA FUNDS
The Tennis and Rackets Association was founded in 1907, and is an unincorporated Members Club run by a Council. Both games have their own Committees, which are active in managing the affairs of each game, each under a Chairman who also sits on the Council. The T&RA is the Governing Body of both sports in the UK, and it works with all Overseas Governing Bodies.
There are two principal classes of T&RA membership - Full [mainly individuals], and Corporate [mainly Clubs]. All players of both sports contribute an Affiliation Fee each year, which goes to support the Governing Body and thereby the games. Every player of tennis must be a member of the T&RA or an Affiliated Member through their Primary Club if he or she wishes to have a current tennis handicap. Membership of the T&RA is also a prerequisite for players wishing to enter certain tournaments.
Our financial year runs from 1 August to 31 July. Day to day activities are conducted though the T&RA General Fund. The Annual Statement of Income and Expenditure, and Balance Sheet, of the General fund and the YPF [see below] can be obtained by Full members from our office. Printed copies are circulated with the Notice of AGM each March. The General Fund manages the budgets for training, prize money, youth development, communications, handicapping, tournaments, administration, and so forth. In addition, we have access to two other funds:
THE YOUNG PROFESSIONALS’ FUND (YPF)
The Young Professionals’ Fund was established approximately 40 years ago.
Income from the YPF is available to assist the funding of trainee Tennis and Rackets professionals. The Fund does not have charitable status and it relies on annual donations and investment income. It is managed by The Director of The Young Professionals’ Programme, currently Barry Aitken, and its accounts are published annually for T&RA Members with the accounts of the T&RA General Fund.
THE DICK BRIDGEMAN TRA FOUNDATION [DBTRAF]
The Dick Bridgeman Tennis and Rackets Foundation was established approximately 40 years ago. It is named after Dick Bridgeman, a man who did much to secure the future of the the two games, and after whom one of the Rackets courts at Queen’s is named. The DBTRAF now includes The Peter Kershaw Bursary Fund, as a result of Peter Kershaw’s generous legacy.
The DBTRAF is an independent charity which can make grants and loans only to other registered charities, eg.schools and universities. Such grants and loans can only be used for training, court construction or repairs. The Foundation relies on annual donations and investment income. It is managed by Nicholas Smith, the T&RA’s honorary solicitor, who is a partner of Currey and Co, and its accounts are the responsibility of its Trustees.
ACHIEVEMENTS OF THE ABOVE FUNDS
Over the past 20 years in the region of £400,000 has been paid out in grants and/or loans for court construction, court repairs or training professionals. Most of the current Tennis and Rackets professionals have had their initial training part-funded by the YPF or the DBTRAF
Applications for Grants or Loans
Clubs and schools seeking grants or loans for courts should apply to the Chief Executive of the T&RA. Those seeking grants for trainee professionals should apply to Barry Aitken, the Director of the Young Professionals’ Programme
Appeal for Donations
Thanks to judicious management, the investment income of both the YPF and the DBTRAF has increased, but at the same time subscription income has declined. Without trained professionals and well-maintained courts, our two great games will not prosper. Donating to the YPF and/or the DBTRAF is the best way for those of us who have had so much enjoyment from playing to give something back for the benefit of future generations. The relevant forms can be obtained from the Chief Executive. Donations to the DBTRAF can be gift aided for tax efficiency
Legacies
Legacies can be left to the YPF or the DBTRAF, but legacies to the DBTRAF are free of Inheritance Tax, as it is a registered charity. It is always best to seek the advice of your solicitor, but suggested wording for a legacy to the DBTRAF in your will or by codicil is:
" I give and bequeath to the Dick Bridgeman TRA Foundation (Registered Charity No 313843) the sum of £........... free of all inheritance tax, such sum to be applied to the general purpose of the said charity and I DECLARE that the receipt of any person who purports to be the Treasurer, Secretary, Trustee or other proper officer of the Charity shall be a complete discharge to my trustees"