Charity number: 1048993 THE MIKE GOOLEY TRAILFINDERS CHARITY FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
THE MIKE GOOLEY TRAILFINDERS CHARITY CONTENTS Page R•f•r•nc• and administralrvo dotsils of th• Charlty. Its Trust••s and advlsers Tru¥tee$' report Independent audltors. report on the flnancial stat•m•nts Staternenl of flnanclal actlvltles 10 BalanG• sht 11 Statement of cash flows 12 Nots• lo th• finan¢ial 8lat•mant* 13-23
THE MIKE GOOLEY TRAILFINDERS CHARrrY REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2023 TrustO¥S Sir M D W Gooley, C.8.E Mrs B M Gooley Mr T P Gooley Lady F K Gooley Ms S H E Machin (appointed 25 May 2023) Mr J C O'Dowd (appointed 25 May 2023) Charlty rvglsterad number 1048993 Regi$lorod offic? 9 Abingdon Road London W8 6AH Page 1
ThE MIKE GOOLEY TRAILFINOERS CHARftY TRUSTEES. REPORT FOR THE YEAR ENDED 30 JUNE 2023 The Trustees present their annual report together with the audf(ed finanal stslements of the Charity for the 1 July 2022 to 30 June 2023. The Tnjstees confirm that the Annual Report and financial statements of the charity comply with the current statutory requirements. the requirements of the charity's goveming document and the provisions of the Statement of Recommended Practice ISORPI. applicable to charities preparing their accounts in accordance with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 20191. Objectlves and acllvltles a. Pollcles and objoctlves The Charitys prinicpal objective is to benefft other bodies, trusts, associatlons, local community, institutrons or organisations established or about to be established for charitable purposes. In setting objectives and planning for activities, the Trustees have given due consideration lo general guidance published by the Charity Commission relating to public benefi( including the guidance 'Public benefit- running charity IPB21'. Achlfrvements and porforniance . Revlew of actlvltlos Donations and inve5trnent income during the year totalled £8,150,415 (2022- £8,088,073). Oulgoings totalled £5.489,40512022.. £6.541.627)- Income exceeded expenditure by £2.661.010 {2022= £1.546,4461. incyeasing Ihe balanGe of the gener41 fund carried forward to £28.324,694 (2022.. £25.663,684). FinanGial review . Going GonGem Aft8r making appropriat8 8nquiries, the Trustees have a reasonable expectation that the Charity has adequat8 resourGes to continue in operational existence ft)r the for8seeable future. For this reason, they continue to adopt the going concem basis in preparing the finanaal ststements. Further details regarding the adoption of the going concem basis can be found in the accounting wlici8S. Structure. governance and management a. Constitution The Charity was registered on 9 September 1995 by means of a Trust Deed executed by the Trustees and commenced trading on that date. The Charity (Registered Number 10489931 is administered from 9 Abingdon Road, London, W8 6AH. b. Methods of appolntment or electlon of Trustees The management of the Charity is the responsibility of the Tnjstees are elected and co-opted under the temis of the Trust deed. Page 2
THE MIKE GOOLEY TRAILFINDERS CHlTy TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2023 Structurn. governance and managemenl (continued) . Organlsatlonal struGtur• and decisionwmaking pollcles The Founder has the power to appoint new or additional Trustees. After the death of the Founder, this power shall be vested in such person or person as the Founder shall, by deed or will, nominate for Ihe purpose. The Mike Gooley TraInderS Charity is a simple organisation in as muth thaL- There are no payroll costs, and administr*ive expenses are minimal. Al thiyde who work for the Charity do so without remuneralion. The objectives of the Charity are limited, being essents'ally to provide sUPPOrt for medical research, community projects which encourage young people in outdoor aclimlies and Armed Forces veteran organisations. It does not seek or require fund raising from the wblic. There are no fvnd raising costs. Income generation derives 81most &xdusively from donations made by Trailfinders Limlteé. an entity wholly owned by the Executive Ch8imian Sir M D W Gooley, C.B.E, who is also the Founder Trustee of the Charity. d. Pollcies adoptsd for the Induction and tralnlng of Trustoes New Trusiees are met by the founder of the charity and are given a detsiled briefing. Trustses have access to appropriate training courses as required. e. Land ¥nd Bulldlngs The Charity CA)ntinues to own a sports ground, which it leases to Trailtlnders Sports Club Limited. a company in which Slr M D W Gooley, C.B.E and Lady F K Gooley are unpald directors wtth no vested interest. f. Risk management The Truslees have assessed the major dsks to lch Ihe ChAty Is exposed. in parli¢ular those relatsd to the operations and flnances of the Charity, and are sati8fied that systems and procedure5 are in place to mibgate exposure to the rnalor risks. The level of the bank balance is dosety monit(Ked ty the Trustees to ensure the funds continue lo eam a competitive rale of interest. The simple nature of the Charty and the small number of transactions enable the control and reconciliation of both the current and treasury acrnunts to the penny. The Trustees have performed a risk assessment and consider the risk to the Charity to be minimal. The Tnjstees have Seen frt to predude inveslment in the Stock Exthange and have never traded a share since foundation. The Trustees have examined the major strategic, business and operational risks which the Charity fares and confirm that Systems are in place to manage and review any identified risk on a regular basis. The a¢tions needed to be taken if a recognised potential risk occurs, or rf a change in the Ilkellhood of a risk I)Grring is identifled. have 8190 been crmsidered and are monitored by the Trustees. At Ihe end of the ye8r the balance sheet reserves of £28,324.694 were held In an unrestrictsd general fund. compared to £25.663,684 in the prevlous year. Of this aTnount, £25,307,85812022: £24,751,019) is represented by freehold properties, leaving free resems of £3,016,83612022: £912,665)- Page 3
THE MIKE GOOLEY TRAILFINDERS CHARITY TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 Plans for future periods The Founder of the Charity is also the sole owner of the Traiffinders Group of companies, which is the ChariWs main benefactor, and so continued incoming resources are assured always, providing these entitie5 generaie sufficient profit from the field of travel and tourism. He has indicated that the Charity will benefrt substantially by the way of legaGy on his death. As touched on in other parts of this Report, the aims and key objectives of the Charity are to financially support causes within the Unitsd Kingdom, in particular youth and education, the Amied Forces, such as through military charities. and public sefwces such as medical Search. The Charity does not seek to raise fvnds from the public and 50 there are no planned activitses. statsment of Trustees, rfjsponslbllltles The Trustees are responsiblg for preparing the Trustees, rewt and the financial stat8ments in aGGordance with applicable law and United Kingdom Accounting Stsndards {United Kingdom Generally Accepted Acctyjnting Practice). The law applicable to charities in England and Wales require5 th8 Trustees to prepare financial ststements for eaGh financial year. The Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the stste of affair5 of the charity and of the incoming resources and applicat$c of resour¢es, including the income and expenditure. of the Gharlty for that period. In preparing these finanoal statements, the Trustees are required to.. select suitable accounting poliaes and then apply them conslstenly, observe the methods and principles of the Charities SORP 2019 (FRS102) make judgments and accounting estimates that are reasonable and prudent. prepare the financial statements on the going wncem basis unle55 it is inappropriate to presn that the Charity wll continue in business. The Trustees arg responsible for keeping adequate accounting records that are suffiaènt to show and explain the charitys transactions and disdose with reasonable accuracy al any time the financial position of the Charty and enable them to ensure that the financial statements comply the Charities Act 2011, the Chartty (Accounts and Reports) Regulations 2008 and the provlslons of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for th8 prevention and detection of fraud and other irregularities. Dlsclosurn of Infomiatlon to auditors Eath ofthe persons vtho are Trustees at the time when this Trustees. report Is approved has confimied that.. $0 far as that Trustee is aware, there Is no relevant audlt infonnation of lch the thariW5 auditors arg unaware, and that Trustee has taken all the steps thal ought to have been taken as a Trustee in order to be aware of any relevant audit infomiation and to establish that the tharftys auditors a aware of that infomiation. Audltors The auditors, Xeinadin Audit Limited, have indicated their willingness to conunve in office. The deslgnated Tr4Jstees will propose a motion reappointing the auditors at 8 meetlng of the TTUStees. Approved by order of the members of the board of Trustees and signed on their behalf by. Page 4
THE MIKE GOOLEY ThLF1NDERs CHARtrY TRUSTEES. REPORT (coririNUED) FOR THE YEAR ENDED 30 JUNE 2023 Slr M D W Gooley, C.B.E 11 loli Page 5
THE MIKE GOOLEY TRAILFINDERS CHARrrY INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE MIKE GOOLEY TRAILFINDERS CHARrrY Oplnlon We have audited the financial ststemanls of Th8 Mike Gooley Trailfinders Charity (the 'charityl for the year ended 30 June 2023 thich comprise the Statement of financial activiues, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant aGwunting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting standards, including Financ¢al RepoTbng Standard 102 'The Financial RepoTting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting PradiGel. In our oplnion the financSal stataments.. give a true and fair view of tho stste of the chariws affairs as at 30 June 2023 and of its incomlng resources and application of resources. including its incJJme and expenditure for the year then ended; have been properly prepared in accordance wilh UnfLed Kingdom Generally Accepted Ac¢ountlng Practice; and have been prepared in aco)rdance with the reqltiraments of the Charftles Act 2011. Basis for opinityn We conducted our audlt in accordance with Intemalonal Standards on Audltlng (UK) IISAS (UK)) and applicable law. Our responsibiltties under those standards are further descTibe(l in the Auditors, responsibilities for the audit of the financial statements section of our report. W8 are Independ8nt of the charitity in accordance wth the ethical requirements that are relevant to our audit of the financial statements in the United lfjngdom, induding Ihe Financial Reporting Councll's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We belleve that the audit evideDrK we have obtained 1$ suffiuent and appropriate to provide a basis for our opinion. ConGluslons relallng to golng concom In auditing the fin8ncial statements, we have c¥)ncluded that the Trustees. use of the going concem basis of accounting in the preparatlon of the fin8nclal statements is appropriats. Based on the work w8 have perfomied, we have not Identyfied any material UnrI81nes relating to events or conditions that, individually or collecbvely, may cast significant doubt on the chariws ability to continue as a going ¢oncam for a period of at least tsvetV8 months from en the finan(aal statements are authorised for issue. Our resFM)nsibilities and the responsibilitles of the Trustees r05ped to going concern a described in the relevant seGtions of this report. Page 6
THE MIKE GOOLEY TRAILFINDERS CHARITY INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE MIKE GOOLEY TRAILFINDERS CHARI ICONTINUEDI other infornwtlon The other infomiation comprises the irrfomation included In the Annual report other than the finanaal statements and our Auditors. report thereon. The Trustees are responsible for the other infom)ation contsined within the Annual report. Our opinion on the financial statements does not cover the other infomiation and, except to the extent OtheNSe explicitly slated in our report. we do not express any form of assurance condusion thereon. Our responsibility is to read the other infonnation and, In doing so, consider whether the other information is materially inconsistent wth the finanaal statements or our knowledge obtained in the Course of the audit, or otherwise appears to be materlally misstated. If we identfy such material Inconsistencles or apparenl materi81 misststements. we are required to determine whether thls gives rise to a material misstalement in the financial statements thernses. If, based on the work we have performed, we conclude Ihat there is a material misstatement of this other information, we are required to report Ihat facL We have nothing to report in this regard. Matters on whlch we are required to report by gxc8ptlon We have nothing to reporl in respect of the followlng matters where the Chariknes (Accounts and Reports) Regulatlons 2008 require5 US to rewrt to you rf, in our q)inion'. the information givon in the Trustees, report is inconsistent in any material rèspect with the financaal statements. or sufficient accounting records have not been kept. or the financial statements are not in agreement wth the accounting records and returns- or we have not received all the information and eXpnatIonS we require for our audiL Responsibilities of trustees As explained more fijlly in the TnJstee8' responsibil8$ statement, the Trvstees are responsible for the preparation of the finanaal statements and for being s8tisfied that they give a true and fair view, and for such intemal contToI as the Trustees determine Is necessary lo enabla tha preparation of financial ststsments that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the TTUStees are responsible for assessing the tharitys alIty to continue as a going concem, discloslng, as applicable, matters related to going concem and using the going concem basis of accounting unless the Trustees either intend to liquidate Ihe charfty or to cease operations. or have no realistic altemative but to do so. Page 7
THE MIKE GOOLEY TRAILFINDERS CHARITY INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE MIKE GOOLEY TRAJLFINDERS CHARITY (CONTINUED) Auditors. responslbilities for thg audlt of tho ffinanGi¥l statomgnts We have been appointed as auditor under secuon 144 of the Charities Act 2011 and repcKt In accordance with the Act and relevant regulation3 made or having effect thereunder. Our objectiV8s are to obtain reasonable assurance about Whetr th8 financial ststements as a whole are free from material misstatement, whether due lo fraud or error, and to issue an Auditors, report that indudes our opinion. Reasonable assuran is a hlyh levd of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) wll always detect a mateddl misstatement when it exists. Misstatements can arlsa from fraud or error and are considered material rf, individually or in the aggregate, they could reasM8bly be expected to Influen the enOMiC dedsions of users taken on the basis of these fin8naal statements. Irragularities, including fraud, are instances of non-compliance wth laws Énd regulations. We design procedures in line with our r95ponsibiliti8s, Outllned above. to detect material misstatements in respect of irregularities. induding fraud. The extent to which our procedures are capable of dets¢ting irregularities, induding fraud 1$ detailed below- Enquiry of management and those charged with govemance around actual and potential litigation and claims. Enquiry of management and those charged w6th govemance to identfy any instances of non-compllance th laws and regulations, including the provisions of applicable legislation and guldance i55ued by Ihe Charity Cornmission; Reviewing finanaal statement disdosure8 and testing to supporting documentation to assess compllan with applicable laws and regulations Pefomiing audtt work over the risk of management override of controls, including testlng of journal entrfes and other adjustments for approprfateness, evaluating the business rationale of signrficant transactions outside the nomial course of business and VIewIng accounting esrnateS for bias. Because of the inherent limitations of an audf(. th&re is a risk th#t we VAII not detect 811 Irregularities, in¢luding those leading to a material misstatement in the financial statemenis or non-compliance with regulation. This risk Increases the more that complianco a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greatsr regarding irregularities occurring due to fraud rather than error, as fraud involves intentional con¢aalment, forgery, collusion. omission or misrepresentati. A furth8r description of our responsibilities for the audit of the financial ststements is located on the Financial Reporting Council's website aL" wwN.frc.org.uklaudilorsreswnsibilities. Thi5 description fomis part of our Auditors. Report. Page 8
THE MIKE GOOLEY TRAILFINDERS CHARITY INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE MIKE GOOLEY TRAILFINDERS CHARITY (CONTINUED) Use of our report This report is made soldy to the Charl$ trustees, as a b(xly, in accordanc8 Wrth Part 4 of the Chariles {Aw)unts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stste to the Chariws trustees those matt8rs we are required to state lo 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 Charity5 and its trustees, a$ a body. for our audit work. for this r8POrt, or fw the opinions we have foThed. Xeinadin Audit Limitod Chartere(t AOnnIS StalutoryAuditors 8th Floor Bed(et Hou 36 Old Jewry London Date.. 17 April 2024 Page 9
THE MIKE GOOLEY TRAILFINDERS CHARITY STATEMENT OF FINANCIAL ACTIVITiES IINCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2023 Unrestricted funds 2023 Total fundg 2023 Total funds 2022 Note Income from: Donations and legades Inte$t receivable and rental income 8.000.000 150,415 8,000.000 150,415 7,950,000 138,073 Total Income 8,150.415 ,150.415 8,088.073 Expendlture on: Donations and sponsorshlp Administration Oepreciation 4,733,147 75,433 680.825 4,733,147 75.433 680.825 5,995,986 27,390 518,251 Total expendlture 5,489,405 5,489,405 6,541,627 Net movement In funds 2.681.010 2,661,010 1,546.446 Reconciliation of funds: Total funds brought forward Net movement in fvnds 25.663,684 2,661.010 25.663,684 2,661.010 24,117,238 1,546.446 Total funds carrled forward 28,324,694 28.324,694 25,663,684 The Statement of Flnancial ACtIlieS Includes all gains 8nd losses recognised in the year. The notes on pages 13 to 23 form part of these financial statsmanls. Page10
THE MIKE GOOLEY TRAILFINDERS CHARITY BALANCE SHEET AS AT 30 JUNE 2023 2023 2022 Flxod assots Tangible assets 11 25,523,198 24,982, 147 25.523.198 24.982. 147 Current assets Debtors Cash at bank and in hand 12 74.577 2,852.395 20,196 682.764 2.926,972 702.960 Creditors.. amounts falling due wthin one year 13 {125.476 (21.423) Ngt currnnt assets 2,801,496 681,537 Total assets less curront Ilabllltl8s 28,324,694 25,663,684 Tolal net a88ets 28,324,694 25,663.684 Charlty fvnds Unrestricted funds 15 28,324.694 25.663,684 Total funds 28,324,694 25.663,684 An audit is required in accordance with sedlon 144 of the Charfles Act 2011. The Trustees acknowledge their responsibiltties for complying wth the requlrements of the Act with respect to accounting records and preparation of finanaal statements. The financial statements were approved and authorised for l$sue ty the Trustees and signed on thelr behalf by. Slr M D W Gooley, (Chalr of Trustees) Date: r J C O'Dowd Th8 notos on pagès 13 to 23 fomi part of these finanaal statements. Page11
THE MIKE GOOLEY TRAILFINDERS CHARITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2023 2023 2022 Cash flows from operatlng artivltles Nel cash used in operating actiwties 3,391,507 1.526.862 Cash flows from Inve8tlng actlvities pUhaSe of tangible fixed assets Donation of tanglble llxed assets {1,264,157) (2.302,319) 42,281 924.445 Net cash used In Investlng actlvltle8 (1,221.8761 (1,377,874) Cash flows from flnancing activiti•s Net cash prOvId by Ilnanclng actlvilios Change in cash and cash equlvalents ID Ihe yaar Cash and cash equivalents at the beginning ofthe year 2.169.631 682,764 148,988 533.776 Cash and ¢ash equlvalents at the gnd of the year 1852,395 682,764 The notes on pages 13 to 23 fc*m part ofthese financial statements Page 12
THE MIKE GOOLEY TRAILFINDERS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 General informallon The Mike Gooley Trailfinders Charity is a Charity registered in England, United Kingdom. The address of the registered office is given in the reference and administrative details of the Charity. its Trustees and advisers section of these financlal slatements. AGGountlng polic1•8 2.1 Basls of preparation of financlal statements The fin8neial statements have been prepared in accordance the Charities SORP IFRS 102> - Accounting and Reporbng by Charities= Statement of Recommended Practice applicable to chariti8S preparing their accounts in accordance the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191, the Financial Reporting Stsnéard appllcable in the UK and Republlc of Iland (FRS 102) and the Charities Act 2011. The Mike Gooley Traiifinders Chartty meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unle55 Othernise stated In the relevant accounting policy. 2.2 Income All income is recognised once the Charity has entiuement to the income, tt 15 probable that the Income wll be received and the amount of income receivable can be measured reliably. Donated services or facililles are recognised vthen the Charity has control over the item, any conditions assoaated with the donated item have bgen met, the rec81pI of economic benefit from the use of the Charity of the Item Is EbabIe and that economic benefit can be measured reliably. On receipt, donated professlonal services and donated facilibes are recognised on the basis of the value of the gift to the Charity which is the amount the Charity would have been willing to pay to obtain seTViC8S or lacilitles of equivalent economic benefft on the open market,. a corresponding amount is then reccw3nised In axpenditure in the period of rgceipt. Income tsx recoverable in relatlon to donations recoived under Gift or deéds of covenant is regnIsed at the time of the donation. Income tsx wcoverable In relation to investment income is recognised at the time the inveslment income is receivable. 2.3 Expendliure Expenditure is re¢ognlsed once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of econornic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classtfied by acknvity. The costs of each activty are mode up of the total of direct costs and shared costs, including support costs involved In undertaking each activlty. Direct costs attributable to a single activity are allocated direcuy to that activity. Shared costs whith contribute lo more than one activity and support Costs which are not attribvlable to a single actiwty are apportioned be?en those activiti8s on a basis consistent with the use of rgsources. Centrdl staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Page 13
THE MIKE GOOLEY TRAILFINDERS CHARrrY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 Accounting pollcles (continued) 2.3 Expèndlture Icontlnued) Fundraising cost8 are those incurred in seeking voluntary contributions and do not include the costs of disseminating infomatlon in Support of the charitsble activities. Costs of generating fijnds are costs incurred in attractlng voluntary income, and those incurred in trading activities that raise funds. Charitsble actimties and Govemance costs are costs incurred on the Charitys operations. including support costs and costs relating to the govemance ofthe Charity apportioned to charitable actiwties. Grants payable are charged in the year en the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when th8 conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end ara noted as a commiknent, but not accrued as experKliture. 2.4 Interest receivable Interest on funds held daposit is induded whan receivable and the 8mount can be measured reliably by the Charity.. this is nomially upon notiflc8tion of Ihe interest paid or payable by the inslilution wth whom the funds are deposited. 2.5 Tangible fixed assets and depreclatlon Tangible fixed as5et5 cosling £1,000 or rnore are capitalised and recognised when fvture economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are In[allY recognlsed at cost. After recognilion, under the cost model, tangible fixed assets are measured at cost less accumulat8d depreaation and any accumulated impainnent losses. All costs incUed to bring a tangible fixed asset into its intended wa1ng condibon should be included in the measurement of o)st. Depreryation is charged so as lo allocate the cost of tangible fixed assets less their residu81 value over their estimated useful lives, using the straight-line method. Depreciation is pro)rided the following bases.. Freehold property- buildings only Fixtures. ffttings and equipment - 2%-20% straight line basis - 3(k50 years straight Ilne basis 2.6 Debtors Trade and other d8btor5 a recognised at the setdement amount after any trade discount offered. Prepayments are valued at the amount prepaid nel of anytrade discounts due. 2.7 Cash at bank and In hand Cash at bank and in hand indudes cash and short-term highly liquid investments with a short maturity of three months or less from the date ot acquisition or opening of the depowt or similar account. Page 14
THE MIKE GOOLEY TRAILFINDERS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 30 JUNE 2023 A¢¢ounllng poll¢les Icontlnuodl 2.8 Liabililios ond provislons Liabilttses are recognised when there is an obligabon at the Balants sheet date as a result of a past event, il is probable thal a transfer of economic benefit will be required in setvement, and the amount of the settlement can be estimated rellay. Llabilrbes are recognised at the amount that the Charity anticipates it Vdill pay to settle the debt or the amount It has received as advanced paymenls for the goods or services it must prode. Provlsions are measured at the best estimate of thg amounts required to Settle the obligation. Where the effect of the time value of money is material. the provision is based on the present value of those amounts, discounted at the pre-tax discount rale that reflects the risks specific to the liabilty. The unwinding of the discount is recognised in the Statement of financial actNities as a finance cost. 2.9 FinanGial Instruments The Charrty only has financial assets and finanryal liabilities of a kind that qualify as baslc financial instruments. Basic financial instnjments are initially recognised at transaction value and subsequently measured at their setdement value with Ihe exception of bank loans which are subsequendy measured at amortised cost using the effedive interest method. 2.10 Fund accounling General fijnds are unrestricted fvnds which are av8ilable for use at the di$¢retion of the Trustees in furtherance of the general objectives of the Charlty and which have not been deslgnated for other purposes. Crltlcal accounting e$timat•s and areas of Judgment In the application of the charitrfs accountlng pollcies. the trustees are required to make Judgements, estimates and assumptions about the caryng arnount of assets and liabilitses that are not readily appareE)I from other sources. The estimates and assorAated assumptions are based historical experience and other factors that are recognised to be relevant. Actual resutts may differ from these estimatss. The estimates and undedying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of remsion and future periods where the revision effects both current and future periods. Crltlcal Judgements The twstees are of the wew that there are no further critical judgements (apart from those involvlng estimalesl in applwng their accounting policies Ihat have had a significant effect on amounts recognised in the financial statements. Key sources of estimation uncertainty The direciors are of the wew that there are no estimates or assumptions that have a signific8nl risk of causing a material adjuslrnent to the Carng amount of assets and liabilities. Page 15
THE MIKE GOOLEY TRAILFINDERS CH*RITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 Income from donatlons and legaclas Unrestricted funds 2023 Total funds 2023 Don8tions 8,000,WO 8,000,000 Unrestricted fvnds 2022 Total funds 2022 Donations 7,950.0( 7,950,000 Interosl recgivabh and oth8r incomlng resourc•s Unrestrlcted funds 2023 T¢)tal funds 2023 Rental income Interest receivable 138.000 12,415 138.000 12,415 150.415 150.415 Unrns£rycted funds 2022 Total funds 2022 Rental income Interest receivable 138,000 73 138.000 138,Q73 138,073 Page 16
THE MIKE GOOLEY TRAILFINOERS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 Managomont administration Unr8slri¢tsd fund$ 2023 Total 2023 Audit fees and management & administration expenses Insurance 67,3e7 8,066 87.367 8,066 75,433 75,433 Unrestrict8d funds 2022 Total 2022 Audit feas and management & admlnistration expenses Insuran 19.962 7.428 19,962 7,428 27,390 27,390 Othèr •xpendlture Unrestrlcted funds 2023 Total funds 2023 Depredatlon 680,825 680.825 UnTrstricted funds 2022 Total runds 2022 Depreuation 518,251 518,251 Page 17
THE MIKE GOOLEY TRAILFINDERS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 Analysls of expendlture by activities Activities undertaken dlrectly 2023 Totsl funds 2023 Audit fees and other administration eypense5 Insurance 67.367 8,066 67,367 8,066 75,433 75,433 Activiti8S undert8k8n directly 2022 Tot81 fvnds 2022 Audit fees and other administration expenses InsuranGe 19,962 7.428 19,962 7,428 27,390 27,390 Auditorn. ramunèrallon 2023 2022 Fees payable to the Charity8 auditor for the audit ofthe Charitys annual accounts 8,000 10. Trustees. rgmunfjration and expons Dlbring the year. no Trustees received any remuneratlon or other benef {2022- £NIL). During the year ended 30 June 2023, no Trustee expense5 have bean Inpjrred (2022- £NIL). Page 18
THE MIKE GOOLEY TRAILFINDERS CHARfrY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 11. Tangible fixfjd assgts Freehold Fixtures and property fittings Brunel Project Total C05t or valuatlon At 1 July 2022 Additions Donations 29.511,566 1.171,016 594,012 50,860 30.105,578 1264,157 (42,281 42.281 (42,281 At 30 June 2023 30,682,582 644.872 31,327,454 Dopreclallon At 1 Juty2022 Charge for the year 4,760,547 614177 362.884 66,648 5,123,431 880.825 At 30 June 2023 5.374.724 429,532 5,804,256 N•t book value At 30 June 2023 25,307,858 21S340 25,523,198 At 30 June 2022 24.751,019 231. 128 24.982.147 Page 19
THE MIKE GOOLEY TRAILFINDERS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 12. Debtors 2023 2022 Duo within on• y•ar Other debtors Prepayments and accnjed income 28,676 45,901 1,817 18,379 74.577 20,196 13. Credltors: Amounts falllng due withln one year 2023 2022 Trade Creditors Accruals and deferred income 11.882 113,594 21,423 125,476 21,423 14. Flnan¢lal instruments 2023 2022 Flnancial assets Flnancial assets measured at fair value through income and expenditure 2,8S2,395 682,764 Financial assets measured at fair value through Income and expenditure comprise cash at bank and in hand. Page 20
THE MIKE GOOLEY TRAILFINDERS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 15. Statement of funds Ststement of funds - curront y•ar Balance at 30 June 2023 BalanG0 at 1 July 2022 Incom• Expendlture Unr05tr1cted funds General Funds- 811 funds 25.663.684 8,150,415 (5.489,405) 28.324.694 statement of funds - ylor year Balance al 30 June 2022 BalanGe at l July 2021 Income Expenditure Unrestrictod fund¥ General Funds- all fijnds 24,117,238 8,088,073 (6.541.627) 25,663.684 16. Anatysls of net assels betwe•n funds Analysis of net assets betwe•n fund¥ - current year UnrestriGtod fund• 2023 Total funds 2023 Tangible fixed assets Current assets Credltors due within one yEar 25,523,198 25,523,198 2.926,972 2.926.972 (125.476) (124476 Totsl 28,324,694 28,324.694 Page 21
THE MIKE GOOLEY TRAILFINDERS CHARrrY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 16. Analysis of net assets between funds (contlnued Analysls of net assets between funds - prfor year Unrestricted funds 2022 Total ftjnds 2022 Tangible fixed assets Current assets Creditors due vmthin one year 24,982,147 24,982,147 702.960 702,960 r21,423J (21,423) Total 25,663.684 25,663,684 17. Reconclllation of nat movement In funds lo ngt cash flow frorn operating activitles 2023 2022 Net InMe for the year (as per Statement of Financial Aclivities) 2.661,010 1.546,446 Adjustments for- Depreciation charges Decreasellincreasel in debtors Increasel(decrease) in rxedltors 680,825 ($4,381) 104.053 518,251 405,949 (943,784J Net cash provided by operating activitl•s 3,391,507 1,526.862 18. Analysis of cash and cash equiv•l•nts 2023 2022 Cash in hand 2,852,395 682,764 Total cash and cash equivalgnts 2,852.395 682.764 Page 22
THE MIKE GOOLEY TRAILFINDERS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 19. Analysis of changes in net debt At 1 July 2022 Cash flows At 30 June 2023 Cash at bank and In hand 682,764 2,169,631 2,852,395 20. Related paty transactlons During the r. donations totalling £8,000,000 12022: £7.950,000) were rec£ived from Trailfinders Limited. a company owned and controlled by Slr M D W Gooley, C.B.E. Pawxents totslllng £7.95012022'. £9,000) were paid to TraInderS Limited in the year. There werè no amounts outstanding as at thg year end {2022'. £nll). Th818nd and bulldings owned by the charfty are leased to Traimlnders Sports Club Llmlted. a company in which Sir M D W Goolay, C.B.E and Lady F K Gooley are unpaid dlrectors wkth no vested Interest. Durfng the year, renlal ino)me of £138.000 {2022.' £138,000) was eamed from Trailfinders Sports Club Llmited in respect of this lease arrangement. There were no amounts outstsndlng as 8t the year end {2022: £nil). Durlng th8 year. payTnents totalling £3,397.448 (2022.. £3,174,104) were paid to Eallng Trallfinders Professlonal Rugby Management Limited, a company owned and conlrolled by Sir M D W Gooley. C.B.E. No amounts were outslanding as at the year end {2022: £nil). £nil (2022.. £21,930) w88 In¢urTrd by Ealing Trailfinders Professional Rugby Management Limited and then reimbursed to the Charfty. There are no other outstandlng balances at the year end in respect of any transactions wlh related Parties. Page 23