Charlty number: 1048993 THE MIKE GOOLEY TRAILFINDERS CHARITY FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
THE MIKE GOOLEY TRAJLFINDERS CHARITY CONTENTS Page R•foron¢o and admlnlstrntlv• d•talls of th• Charlty, lis Trustses and advisors Tru$lee8' report Independent auditors. rnport on the finanGial statsmonts Staternenl of flnan¢lal activities 10 Bal4n¢e sheet 11 Statement of cash flows 12 Not•$ to thé flnanclal statements 13-24
THE MIKE GOOLEY TRLF1NDERs CHARrrY REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2022 Trustees Slr M D W Goo18y, C.8.E Mrs B M Gooley MrT P Gooley Lady F K Gooiey Charlty regislqr•d numbgr 1048993 Reglstsred office 9 Abingdon Road London W8 6AH Page 1
THE MIKE GOOLEY TRAILFINDERS CHARITY TRUSTEES. REPORT FOR THE YEAR ENDED 30 JUNE 2022 The Trustees present their annual report together with the audiied finanal statements of the Charfty for the 1 July 2021 to 30 June 2022. The Trustees confirm that the Annual Report and financial statements of the charity comply wlth the ujrrent Statutory requirements. the requirements of the chariV5 govemlng document and the provisions of the Statement of Re¢ximm8nded Practice ISORP), applicable to thadties preparlng thelr accounts in accordanca th the Finanaal Reporting Stsndard applicalje In the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) as amended by Update Bulletin 1 (effective 1 January 2019). Oblectivos and activities a. Polici•s and oblectlves The Charitys prlnlcpal objectrve Is to benefit other bcrflles, trusts, associations. local communty, institutlons or organisations established or about to be established for charltable purposes. In setting objedlves and plannlng for activities, the Trustees have given due consideration to general guldance published by the Charty Commission relating to public benefit, induding the guidance 'Public ben8fft= running a charity IPB2)'. Achlevemonts and perforniance a. Reviow of actlvltles Donations 8nd Investrnent inwme during the year totalled £8.088,073 12021: £6,175.226). (lrtgoings tots51ed £6,541,62712021: £4,012,644). Income exceeded expenditure by £1.546,446 (2021: £2,162.5821, inryeaslng the balance of the general fund carried forward to £25.663,684 (2021: £24,117,238). FlnanGlal review . Golng Concern After making approprfate 8nqulrfas, the Trustee5 have a reasonable expectation that the Charlty h85 adequate resources to continue In operational existence for the foreseeable future. For this reason, they continue lo adopt the going conrn basis in preparing the finanaal statements. Further details regar(ling the adoption of the going concem basis can be found in the accounting policies. structure, governance and managemonl . Constitutlon The Charity was registered on 9 September 1995 by means of a TnJ5t Deed ex8rted by the Trustees and commenced trading on that date. The Charfty (Registered Number 1048993) is admlnistered from 9 Abingdon Road, London, W8 6AH. b. Methods of appolntment or electlon of Trustees The management of the Charlty is the respOnsIbty of the Trustsgs Mtho are elected and crpopted under the terms of the Trust deed. Page 2
THE MIKE GOOLEY TRAILFINDERS CHARtrY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 Structuro, governance and manag•mant (conllnued) c. Organisatlonal stTUCture and decision4naklng pollcle8 The Founder has the power to appoinl new or addilional Trustees. After th8 death of tha Found8r. this power $hall be vested in such person or person as the Founder shall, by deed or will, nominate for the purpose. The Mike Gooley Trailfinders Charty Is a slmple organisation in as much that: There are no payroll costs, and administrallve expenses are minimal. All those who Work the Charfty do so without remuneration. The objectives of the Charity are limited, belng essentially to provide support for medical research, communlty projects which encourage young peOe In cArtdoor 8Ctlvitie8 and kned Forces veteran or98nisations. It d085 rw)t seek or require fijnd raising from the publlc. There are no fund ralslng costs. Income generatlon defves almost exdu5ivety from don8ttons made by Trallfinders Limited. an enlity wholty owned by the Executlve Chairman Sir M D W Gooley. C.B.E, who is a150 the Founder Trustee of the Charity. d. Policiès adopted for the Induction and tralnlng of Trustees New Trustees ar8 met by the founder of the tharity and are given a detalleé briefing. Trustee5 have access to appropriate training courses as required. •. Land and Bulldlngs The Charity continues to own a sports ground, whlch it leases to Trailfinders Sports Club Limited. a company in whiGh Slr M D W Goolay, C.B.E and Lady F K Gool8y are unpaid direGtors with no vested InteresL f. Rl8k management The Trustees have assess8d th8 major risks to which the Charity is exposed, in paCular Ihose related to the op&rations and finances of the Charity, and are 5alisfied that systems and procedures are in place to mitigate exposure to the major risks. The Ie1 of the bank balanca 18 dosely monitored by the Trustees to ensure the funds continue to earn a ompelitive rate of inter8sL The simple nature of the Charity and the small numb8r of transactions enable the control and reconciliation of both the current and treasury aCUnts lo Ihe penny. The Trustees have perfomied risk assessment and consider the risk to the Charity to be minimal. The Trustees have seen fit to predude Investment in the Stock Exchange and have never traded a share since foundation. The Trustees have examined the major 8trateglG business and CPeraon8l risks thich the Charity faces and confirm that systems are in place to manage and revl8w any identified risk on a regular basis. The actions needed to be taken rf a recognised potential risk occurs, or rf a change in the likelihood of a risk ocwrring is identifiefi, have also been considered and are monitored by the Trustees. At the end of the year the balance sheet reserves of £25,663,684 were held in an unr85tri(*8d general fund. c¥)mpared to £24,117,238 in the previous year. Of this amount. £24,751,01912021.' £23,835,307) Is represented by freehold and investment propertios, leavlng free reserves of £912,665 (2021: £281,931). Page 3
THE MIKE GOOLEY TRAILFINDERS CHARITY TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 30 JUNE 2022 Plans for future periods Th8 Founder of the Charity is also the sole owner of the Traimlnders Group of companies, which Is the Charitys main benefa¢tor, and so continued incoming resources are assured alwayE, providing these enltles generate sufficient profit from the field of Iravel and tourism. He has Indicated that the Charity will benefit substsntialty by the way of legacy on his death. As touched on in other parts of this Report, the aims and key objectlves of the Charity are to financially support auses within the United lfjngdom, in particular youth and education, the Armed Forces, such as through military haribes. and public seryices such as medical research. The Charity does not seek to raise funds from the public and so there are no planned activitses. Statemgnt of Trusts•$' r••ponslbllltles The Trustees are responsible for preparing the Trustees, report and the finan81 ststements in accordance with applicable law aThJ United Kingdom Accounting Standards (United Kingdom Generally AePtsd Accounting Praclicgl. The law applicable to charrties in England and Wales requires the Truste88 to prepare financlal statements for each financial year. The Trustees must not approve the financial stalements unl8ss they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expendtture, of the charity for that perfod. In prgporing these finanaal ststements, the Trustees are required to: select suitable ac¢ountlng policies and then apply them nSistsny. observe the methods and principles of the Charitses SORP mak8 judgments and ac£ounling estimates that are reasonable and wudenL prepare the financial ststements on the going concem bas18 unless it is inappropriate to presume that the Charity will continue in business. The Trustees are Trsponsible for keeping adequate accountlng records that are sufficient to show and explain the charitys transadions and disclose wth reasonable accuraey at any time the financial posltion of the charlty and enable them to ensure that th8 finandal statements comply the Charitse$ Act 2011. th8 Charkty (Accounts and RepoTtsI R¢gulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the ¢harity and hence for taking reasonable steps for the preventlon and detectiOD ol fraud and other irregularities. Olsclosure of Inftymallon to auditors Each ofthe persons are Trustees at the lime when this Trustee8' report is approved has ¢onfirmed thaL" 50 far as that Trustee 15 aware, there is no levant audit InformalK of byhich the charftys aud5tS are unaware, and Ihat Tnjstee has tsken all the steps that ought to have been taken as a Trustee in order to t¢ aware of any relevant audit informalion and to establish that the L*ariWs audltors are aware of that infomiation. Page 4
THE MIKE GOOLEY TRAILFINDERS CHARITY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 Auditorn On 18 March 2022, Elman Wall Limiied transferred its audli business to Xeinadin Audti Limited, whlth wa8 appointed auditors in succession and wli I be proposed for reappcAntrnent In aco)rdance wlth seclion 485 of tha Companies Act 2006. The auditors, Xeinadin Audit Limited Va Elrnan Wall, have indicated their llIngnesS to (xjntinue in office. The designated Trustees will propose a motion reapF)ointlng the auditors at a meeting of the Trustees. Approved by der of the members of the board of Trustees and signed on their behalf by. Slr M D W Gooloy, C.B.E Date.. C'LIG 1113 Page 5
THE MIKE GOOLEY TRAILFINDERS CHARITY INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE MIKE GOOLEY TRAILFINDERS CHARITY Oplnlon We have audited the financial ststements of The Mike Gooley Trailffinders Charity (the 'tharity) for the year ended 30 June 2022 vthlch comprise the Statement of Financial Actie$, the Balance sheet, the Statement of cash flows and the related notes, induding a Summary of significant accounting policies. The financaal reporting framework that has bean applied in their preparation 1$ applicable law and United Kingdom Accountlng Standards, including Financial Reporting Standard 102 The Financial Reporting Stsndard applicable In the UK and Republic of Ireland. (United Klngdom Generally Accepted A¢counting Practice). In our opSnlon the financial statements". give a true and fair wew of the slate of the charitls affalrs as at 30 June 2022 and of its incoming resources and appllcation of resources. induding its income and expenditure for the year then ended., have been properfy prepared in accordanc% wlth United Kingdom Generally Accepted Accounting Practice,. and have been prepared In ac¢ordance the requirements of the Charitses kt 2011. Basls for oplnlon We conducted our audii ID accordance with Intemational Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those stsndards are further descrlbed in the Auditors, responsibilitses for the audit of the financial statements section of our report. We ara independent of the tharftity in accordance vlth the ethic81 requirements that are relevant to our audrt of the financial statsments in the United Kingdom, including the Fin8ncial Reporting Coun1.8 Ethical Standard. and we have fulfilled our other ethical respon8ibilities in amrdance wlth these requirements. W8 believe that the audit evidence we have obtained is suffioent and appropriate to provide a basls for our opinic. Concluslons rolatlng to golng concern In auditing the finandal statements, we have conduded that the Truste8s' use of the goin9 contem basis of accounting in the preparation of the financial ststemenls is appropriate. Based on the work we have perforrned. we have not identffied any material uncertainties relating lo events or conditions that, indivldually or colleGtively. may cast significant doubt on the charitys ablllty to ntinue as a going concem for a period of at least e1ve morrth5 from when the financial slatements are aLrthorised for Issue. Our responslbilitses and the responsibilitses of the Trustees with respect to golng concern are descJlbed In the relevant sections of this report. Page 6
THE MIKE GOOLEY TRAILFINDERS CHilTy INDEPENDENT AuorroRS' REPORT TO THE MEMBERS OF THE MIKE GOOLEY TRAILFINDERS CHARrrY (CONTINUED) Other Inforrnauon The other information ¢omprises the infomation Included in the Annual report other thari the Ilnanclal statements and our Auditors, report thereon. The Trustees are responsible for the other Infomiation contained within the Annual report. Our opinion on the financial statements does not cover the other Infomiation and. except to the extent othen¥lse expllcilly ststed in our r8F*yL do not express any fom) of assurance conclusion thereon. Our responsibility Is to read the other infonnation and. in doing so, consider whether the other information is matsrialty inconslstent Iwth Ihe financial statements or our knowledge obtained in the course of the audit. or otherwlse appears to be matedally misstated. If we idenufy such matedal inconsistendes or apparent rnaterfal misstatements, we are required to determine whether this gives rise to a material misstatement in the finanaal statements themselves. If, based on the work we have perfomied, we condude that there is a material misststement of thbs other informatlon. we are Tequired to report that fact. We have nothing to rep)rt in this regard. Matters on whlGh we are requlred to r•port by exptIOn We have nothing to report in respect of the following matters where the Charities {Account8 and Reports) Regulations 2008 requir8S U5 to raport to you rf, in our opinion: the information gNen in the Trustees, report 1$ Inconsistent in sny Matla1 respect with the finandal statements., or sufficlent accounting records have been kepL or the financxal statements are not in agreement wth the accountlng records and retum8: or we have not received all the Informatlon and explanations we require our audit. Rosponslbllltles of trugtees As explalned more fvlly In the Trustees. responsibilities slatemenc the Tntstees are responslble for tho preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the Trustees detemiln8 is nac&ssary to enable the preparation of financial statements that are free from matarial misstatement, whether due to fraud or error. In preparing the financi81 statsments, th& Truste8s are responsible for as¥essing the charivs abilty to conllnue as a going ncern, disdosing. as applicable, matters r81ated lo going conrn and using the going concem basis of accounting unless the Trustees ether Intend to liquldate the charity or to cease operations, or have no realistic altemative bui to do so. Page 7
THE MIKE GOOLEY TRAILFINDERS CHARITY INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE MIKE GOOLEY TRAILFINDERS CHARrrY (CONTINUED) Audltors. r•sponsibilitie$ for the audlt of the financial statoments We have been appointed as auditor under section 144 of the Charfbes Act 2011 and report in accordan vAth the Act and relevant regulations made or having effect thereund6r. Our objectives are to obtain reasonable assurance about ether Ihe finanaal ststements as a whole are free frorn material misstatement. whether due to fraud or error. and to issue an Auditors, report that indudes our opinion. Reasonable assurance is a hlgh level of assurance, but is not a guarantee that an audit ¢onducled in accordance with ISAS (UK) wll always delect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate, they could asOnablY be expected to influence the economic decisions of users taken on the basi5 of these finanaal statements. Irregularities. inclutjing fraud, are instances of non-compliance thlawS and regulations. We design procedures in line yth our responsibllitSes. ouuined above. to detect material misststements in respect of irregularities. including fraud. The extènt to which our procadures are capatle of detedng irngularit*s, including fraud is detailed below: Enqulry of management and those charged wlth govemance around 8Ctual and potsnlial litigation and claims. Enquiry of management and those charged vAth goveman¢e to identify any instances of norFcompliance with law5 and regulations., Reviewlng financial statement disdosures and tssling to supportiThJ documentatlon to assess compllance th applicable lawg and regulations Pefomiing audit work over Ihe risk of management oveide of ¢trolS. induding testing ofloumal entries and other adjustments for approprfateness. evaluating the business rationale of signifi¢ant transactions outside the nomial COUTse of business and revlewing accountlng estimales for bias. Because of the inherent limltstions of an audit. there is a risk that we rflI not detect all Irregularttses, Induding those leadlng to a material misstatement in the fin8ncial statements or nonrycompllance vAth regulation. Thls rfsk increases Ihe more that compllance wtth a law or regulation is r8moved from the events and transactions reflected in the financial statements, as we w¢ll b8 less likely to become aware of instances of non-compliance. The risk 15 also greater regardlng irregularitw OCCUTring due to fraud rather than error, as fraud involve5 Intentional cOnlment. forg8ry. collusion. omission or misropresentation. Page 8
ThE MIKE GOOLEY TRAILFINDERS CHARITY INDEPENDENT AUOITORS. REPORT TO THE MEMBERS OF THE MIKE GOOLEY TRAILFINDERS CHARITY (CONTINUED) Use of our report This report is made solely to the Chariws trustee5. as a body. in accordance with Part 4 of the Charitses (Accounts and Reports) Regulations 2008. Our audtt work has been undertaken so that we rnigm state to the Charitys Iruslees those matters we are required to state to them In an Auditors, report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibilty to anyone other than the ChariV5 and its trustees, as a body. for our audit work. for this repor( or for the opinions we have fomied. Xeinadin Audit Llmltad Ua Elman Wall Chartered Accountants Stslutory Auditor 8th Floor Becket House 36 Old Jewry London Date.. 2 Feb 23 Page 9
THE MIKE GOOLEY TRAILFINDERS CHARITY STATEMENT OF FINANCIAL ACTivmES (INCORPORATING INCOME ANO EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2022 Unrestrlcted funds 2022 Total funds 2022 Tolal funds Not• InGomo from.. Donations and legad8s Inter8St receivable and rental income 7.950,000 138,073 7,950,000 138,073 6.000.O¢KI 175,226 Total Income ,088.073 8,088,073 6,175.226 Expendlture on: Donations and sponsorship AdministraJon D8pr8aation 5,995,986 27.390 518,251 5,995.986 27,390 518,251 3.572.365 14.627 425,652 Total expenditure 6,541,627 .541.627 4,012.644 Net mov•m¢nt In funds 1.546.446 1,546,446 2,t62,582 RoconGiliation of funds: Total fvnd$ brought forward Net movement in fund¥ 24,117,238 1,546,446 24,117,238 1,546,446 21.954.656 2.162.582 Total funds carrfed forward 25,663,684 25,663.684 24.117.238 Th? Statoment of Finana81 Activities includes all gains losses recognised In Ihe year. Th8 notes on pages 13 to 24 fomi part of these financial statements. Page 10
THE MIKE GOOLEY TRAILFINDERS CHARITY BALANCE SHEET AS AT 30 JUNE 2022 2022 2021 Flxed assets Tangible assets Investment property 4982.147 17.420.204 ¢702,320 10 24,982,147 24.122,524 Current assets Debtors Cash at bank and In hand 11 20.196 682,764 426, 145 533.776 702,960 959,921 Creditors- amounts falllng due thIn one year 12 (21,423) (965,207) Net current assets I Ilabllltos 681,537 (5,286) Totsl assets l•ss ¢uTrent liabilities 25,663.684 24.117,238 Totsl not assets 25,663.684 24.117.238 Charlty fund¥ Unrestrfcted funds 14 25.663,684 24,117.238 Total funds 25,663,684 24,117,238 The Trustees acknowledge their responsibilities for complyng vAth the requirements of the Act wlth respect to accounting records and preparatlon of finanGial 51atsments. The financlal sta en were apwved and 8uthoDsed for issue by the T stees and signed on their behalf by. SirMDW gy¥ Lady F Goolfry Dato: c2- IcLI'L3 The notes on pages 13 to 24 fomi part of these financaal statements. Page11
THE MIKE GOOLEY TRAILFINDERS CHARITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2022 2022 2021 Ch flows from operallng actlvitios Net cash used in operating activitie5 1,526,862 3.342.456 Cash Ilows from invosting actlvltles Purchas& of tangible fixed assets and investrnent property Donatlon of tsngible flxed assets and Investment prcperty (2,302.319) (3.317, 165) 924,445 Net cash used in Investlng actlvltles 11,377.874) 13,317,165) Cash Ilows from Ilnancing adivitlos Net cash provlded by financlng actlvltle8 Change in cash and cash equivalents in the year Cash and ¢a5h equivalents at the beginning of the year 148,988 533.776 25.291 508,485 Cash and cash oqulvalents at the ond of the yoar 682.764 533,776 The notes on page8 13 to 24 form part ofthese financial statements Page 12
THE MIKE GOOLEY TRAILFINDERS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 Genernl infornMllon The Mike Gcrf)18y Tralfflnd8rs Charity is a Chadty registsred in England, United lQngdom. The address of the registered office is gfven in the reference and administrative details of the Charity. its Twstses and advlser5 section of these fin8ndal statements. A¢countlng pollcles 2.1 Basis of proP•fatlon ol flnandal statements The fin8nd81 statements have been prepared in accordance with the Charities SORP IFRS 102) - Accounting and Reporting by Charities.. Statement of Recommended Praclice applicable to charities preparing their occounts in accor(lance with the Financial Reporung St8ndard applicable in the UK and Republic of Ireland IFRS 102) leffective 1 January 2019), the Financial Reportlng Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The Mike Gcoley TraInders Charity meets the deffinlllon of 8 public benefit entity under FRS 102. Assets and liabllTtie5 are initially r8cognis8d at histori¢al cost or transaction value unless otheThMse ststed in the relevant aC4))unlng policy. Page 13
THE MIKE GOOLEY TRAILFINDERS CHARrrY NOTES TO THE FINMCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 Lcountlng pollGle8 (continued) 2.2 Income All Income Is recognlsed once Ihe Chadty has entitlement to the Income, tt is probable that the Income will be received and the amount of income receivable can be measured reliably. Donated services or fadlltles are recognised when the Charity has control over the Item. any condltions associated wth the donated item have been met, the receipt of e¢onomic beneflt from the use of the Charity of the item Is probat4e and Ihat economic benefit can be measured r811ably. On receipt. donated professlonal servic£s and donated facilitses are recognlsed on the basis of the value of the gift to the Charlty whlch is the amount the Charity would havo been willing to pay to obtsin services or facllities of equNalent economlc benefft on the open marke( a correSpdIng amount is then recognised in expendliure in the perlod of receipL Income tsx r8o)verable in relation to donati¢)n5 received undor Gift Aid or deeds of o)venant 18 recognised at the tim8 of the donatlon. Income tsx r8cover8ble in relatlon to investment inctime is ogniSed at the tkne the Investrnent income is receivable. Page 14
THE MIKE GOOLEY TRAILFINDERS CHlTy NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 untlng pollcles (continued) 2.3 Expendfturo Expénditure Is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party. il is probable that a transfer of e¢onomic benefits will be qUIred in settlement and the amount of the L)ligatlon can be measured reliably. Expenditure is classified by activity- The costs of each actiwty are made up of the total of direct Costs and shared costs, induding support costs Involved in undertaking each actlvity. Direct costs attribuiable to a single activity are allocated diredy lo that activity. Shared costs whlth contribute to more than one acbvty and support costs which are not attributsble to a single aCtIty are appooned btheen those activities on a basis consistent with the use of resources. Central stsff costs are allocated on the basis of lime spent. and deprecl8tlon charges allal8 on the portion of the assevs use. Fundraising costs are those inwrred In seeking voluntary contrrbutions and do not indude the costs of dlsseminating infonnation in 5UPPOrt of the charitable activities. Costs of generating funds are costs incurred in attractiThJ vduntary income, and th4Jse Incuffed In tradlng activities that raise fvnd5. Charitable activibes and Govemance costs are costs incurred on the Charitvs operatlons, Indudlng support costs and costs relating lo the govemance of the Charity apportione(I to charitable activlties. Grants payable are charged in the year when the offer Is made except in those c#ses where the offer is conditional, such grants being recognised as expenditure wh8n the conditions attaching are fulfilled. Grants offered subject to conditions whith have not been met at the ar end are noted a8 8 commitment, but not accrued as expenditure. 14 Int•r•st recoivable Interest on funds held on deposii bs included when receivable 8nd the amount can be measured reliably by the Charity, this is normally upon nottncatlon of the interest paid or payable by the institution with whom the funds are deposited. 2.5 Tanglble fix•d as30ts and depreclation Tangible fixed assets costing £1,000 or more are cawtsllsed and rectsJnised when fubjre ec>Jnoml¢ beneffts are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recogniton, underthe cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impaimient losses. Al costs incurred tr) bring 8 tangible fixed asset Into kts intended working condttion should be Indu¢Jed in the measurement of cost. DeprerAation Is Charged so as to alloce the cost of tangible fixed assets less their residual value over their estimated useful lives. using the straight4ine method. Depreaation 15 prowded on the following bases: Freehold propety- buildings only Fixtures, ffittlngs and equipment - 220% straight line b8SiS - 3(0 years straight line basis Page 15
THE MIKE GOOLEY TRAILFINDERS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 Aceountlng pollcies {GontinuedJ 16 D•btors Trade and other debtors a recognised at th8 settlement amount after any trade disUnt offered. PrepayThents are valued at the amount prepaid net of any trade diwunts due. 2.7 Cash at bank and In hand Cash at bank and In hand Includes cash and short-terrn hlghly liquid investments with a short maturty of three month5 or less from the date of acqulsition or opgning of the deposit or similar account. 2.8 Ll•bllltle8 and wovlslons Llablllties are recognised there is an obligation at the Balance sheet dale as a result of a past event, it is probable that a transfer of economic benefit will be required in setdemenL and the amount of the settlement can be estimated reliably. Liabllities are recognlsed at the amount that the Charity anticipates it will pay to setue the debt or the amount it has receivad as 8dv8nced payments for the goods or services tt must provide. ProVisicS are rnèasured at the best estimate of the amounts required to settle the obligatlon. Where the effect of thé time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specrfic to the liabilty. The unwindlng of the discount is recognised in the Statement of finanryal activitsas as a finance cosL 2.9 Flnandal Instruments The Charity only has financial assets and financial Ilabilities of o klnd that quallfy as basic finan(yal instruments. Baslc flnancial in51ruments are initially recognised at transaction value arKI sUbsequenY measured at their setuement value with th8 exception of bank loans which are 8ubsequenVy measured at amortised cost using the effective interest method. 2.10 Fund accountlng Gener81 funds are unrestricted fund5 which are available for use at the dlscretion of the Trustees in furtheranc8 of the general objective5 of Ihe Charity and which have not been designated for other PUTpo$es. Page 16
THE MIKE GOOLEY TRAILFINDERS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 Income from donations and lggacies Unrg5trictsd funds 2022 Total funds 2022 Donations 7,950,000 7,950.000 Unrestricled fvnds 2021 Total funds 2021 Donation$ 6.0,000 6.000,000 Intsrest receivable and other incoming resources Unrestricted funds 2022 Toial funds 2022 Rental income Interest Teceiv8ble 138.000 73 138,000 73 138.073 138,073 Unrestricled fvnds 2021 Total funds 2021 Rgnlal income Interest receivable 174.767 459 174, 767 459 175.226 175.226 Page 17
THE MIKE GOOLEY TRAILFINDERS CHARtrY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 Management and administralion Unrestricted funds 2022 Totsl funds 2022 Audit fee8 and man8gement & adminlstration expenses Insurance 19,962 7,428 19.962 7A28 27,390 27,390 Unrestricted funds 2021 Totsl fvnds 2021 Audki fees and management & administration expensey Insurance 7,303 7,324 7.303 7,324 14,627 14,627 Other expendlture Unroltrlcted fund• 2022 Total funds 2022 other sourceS exwded - depredation 518.251 518.251 Unftstrtcted fvnds 2021 Tot81 fvnds 2021 DepreGialion 425,652 42&652 Page 18
THE MIKE GOOLEY TRAILFINDERS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 Audltors. romunoratlon 2022 2021 Fees payable to the Charivs audltor for Ihe audit ofthe Charitys annual acc•)unts 6,000 4,400 Trustees. remunernllon and expenses During the year, Twstees received any MUneratIOn or other beneffts (2027 - £NIL). Durfng the year ended 30 June 2022, no Trustee expenses have been inrred (2021- £NIL). Tanglble fixed a88et8 Freehold Fixturès and propgrty flttlngs Brunel Project Total Cost or valuatlon At 1 Juty 2021 Addibons Donations Transfers b8tsveen classes 20,512,376 2.296.870 588,563 924,445 22.025.384 2.302.319 1924.445) 702.320 (924,44¥ 8.702,320 At 30 June 2022 29.511,566 594012 30.105.578 Daproclatlon At 1 July 2021 Charye for Ihe year 4.303,834 456,713 301,346 61,538 4.605.180 518.251 At 30 June 2022 4,760,547 362.884 4123A31 N•t book value AI 30 June 2022 24,751.019 231,128 24,982,147 At 30 June 2021 16.208,542 287.217 924.445 17,420,204 Page 19
THE MIKE GOOLEY TRAILFINDERS CHARtrY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 10. Invostmant woporty Freohold Investment property At 1 July 2021 Transfers between dasses 6,702.320 (6,702,320) At 30 June 2022 During the year the investment propety was reclassified to Freehold propety. 11. Debtors 2022 2021 Due withln one year Other debtors Prepayments al accrued in¢ome 1,817 18,379 258,785 167.360 20.196 426.145 12. Credltors: Amounts falllng due within onè yaar 2022 2021 Accruals and deferred income 21,423 965,207 13. Financial instrumants 2022 2021 Flnanclal assets Finandal assets measured at falr value through Income and expenditure 682.764 533.776 Financial assets measured at fair value through income and expenditure ccfflprise cash at bank and in hand. Page 20
THE MIKE GOOLEY TRAILFINDERS cHIlTy NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 14. Statement of fvnds stat•ment of funds- current year Balance at 30 June 2022 Balance at I July 2021 Incom• Exponditure Unrestrfcted fund8 Gener81 Funds- all funds 24,117,238 8.088,073 (6,541,627) 25.863.684 Page 21
THE MIKE GOOLEY TRAILFINDERS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 14. Statement of funds (continued Statement of ftds - prfor year Ba18nc8 81 30 June 2021 Balance al l July 2020 Incorne Exp8nditure Unr•strict•d funds General Fund8- all funds 21,954,656 6, 175,230 (4,012,648) 24, 117,238 15. Analysls of not ass8ts between funds Analysis of net a$s•ts between funds - current year Unrestrfcted funds 2022 Total nds 2022 Tangible fixed assets Current assets Creditors due within on8 year 24,982,147 24,982,147 702.960 702,960 (21.4231 (21,423) Total 25,663,684 25,663,684 Analysls of n•t assets betwaen funds- prior year unrestn.cted funds 2021 Total fiinds 2021 Tangible fixed assets Investment property Current assets Creditors due within ono year 17.420.204 17,420,204 6,702.320 6,702,320 959,921 959,921 (965,207) (965.207) Total 24,117,238 24,117,238 Page 22
THE MIKE GOOLEY TRAILFINDERS CHARtrY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 16. Reconciliaiion of net M*yMent in funds lo net cash flow from operating activitiés 2022 2021 Net income for the year (as per Statement of Finanual Acliwtiesl 1,546M46 2,162.582 Adjustrnollts for: DepreatiOn charges Decreasellincrease) In debtors Increasel(decreasel in creditors 518,251 405,949 1943,784) 425,652 (45,334J 799.556 Net cash provided by operating activities 1.526.862 3,342,456 17. Analysls of cash and cash equlvalents 2022 2021 Cash in hand 682,764 533, 776 Total cash and cash oqulvalents 682,764 533. 776 18. Analysls of changes In net debt At 1 July 2021 Cash flows At 30 June 2022 Cash at bank and in hand 533,776 148.988 682.764 Page 23
THE MIKE GOOLEY TRAILFINDERS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 19. Related party tran8aGlions Durlng the year. donations totalling £7,950,000 (2021: £6,000.0001 were received from Trallfinders Limited. a company owned and controlled by Sir M D W Gooley, C.B.E. Payments totalling £9,000 (2021.. £g.0001 were paid lo Trailfinders Limited in the year. The land and buildlng8 t)wned by the charity are lea$ed to Trailfinders Sports Club Limited. a company in which Sir M D W Gooley. C.B.E and Lady F K Gooley are unpaid directors wlth no vested interest. During the year, rental income of £138,000 (2021: £174,767) was eamed from Trailfind8rs Sports Club Limited in r8specl of this lease arr¥ngement. There were no amounts outstanding as at the year end 12021.. £162,500). During the year. payments totalllng £3.174,104 12021: £2,468.7541 were paid to Ealing Trallfinders Professional Rugby Management Llmited. a company owned and ntrOlled by Sir M D W Gooley, C.B.E. No amounts ware outstanding a$ at the year end 12021.. £nil)- £21,930 (2021: £14.627) was incurred by Ealing Traiffinders Professional Rugby Management Limited and then reimLwrs8d to the Chaty. Th8re are no other outstsndlng balances at the year end In respect of any transa¢tlon$ with related parties. Page 24