REGISTERED COMPANY NUMBER: 03295676 (England and Wales) REGISTERED CHARITY NUMBER: 1102719
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31st December 2021
for
The Faldo Trust For Tomorrow's Champions
Spencer Hyde Limited 272 Regents Park Road London N3 3HN
The Faldo Trust For Tomorrow's Champions
Contents of the Financial Statements for the Year Ended 31st December 2021
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 4 |
| Independent Examiner's Report | 5 | ||
| Statement of Financial Activities | 6 | ||
| Balance Sheet | 7 | to | 8 |
| Cash Flow Statement | 9 | ||
| Notes to the Cash Flow Statement | 10 | ||
| Notes to the Financial Statements | 11 | to | 17 |
| Detailed Statement of Financial Activities | 18 | to | 19 |
The Faldo Trust For Tomorrow's Champions
Reference and Administrative Details for the Year Ended 31st December 2021
TRUSTEES Sir N A Faldo M A Faldo (appointed 15.10.21) REGISTERED OFFICE 20 Market Street Altrincham WA14 1PF REGISTERED COMPANY 03295676 (England and Wales) NUMBER REGISTERED CHARITY NUMBER 1102719
INDEPENDENT EXAMINER Spencer Hyde Limited 272 Regents Park Road London N3 3HN
Page 1
The Faldo Trust For Tomorrow's Champions
Report of the Trustees for the Year Ended 31st December 2021
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st December 2021. The trustees have adopted the provisions of 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) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES Objectives and aims The objects of the Charity are:
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The provision of opportunities to participate in sporting activities in the interests of healthy recreation or the advancement of physical education of young people generally and without prejudice to the generality of the foregoing. To establish support, encourage, promote, organise and operate golf tournaments, golf development programmes and such ancillary facilities and activities for the benefit and welfare of young golfers as the Trustees of the Charity may deem appropriate.
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To offer assistance to members of the beneficiary class who are in need or otherwise disadvantaged.
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To enhance the opportunities for golfers to qualify for playing membership of the Faldo Series events and to provide these golfers with a programme that maximises their golfing potential.
Principal activity
The Trustees have referred to the guidance in the Charity Commission's general guidance on public benefit when reviewing Its objectives and in planning future activities.
The Faldo Trust for Tomorrow's Champions operates the Faldo Series which provides opportunities for talented young golfers each year and simultaneously introduces the game to many more.
With 12 tournaments this year, over 1,000 leading young golfers, boys and girls aged 12 to 21, have the opportunity to experience top-level competition at a range of championship events.
The Faldo Trust for Tomorrow's Champions makes occasional use of voluntary referees at the Faldo Series tournaments.
At several tournaments, competitors benefit from a series of education seminars on topics ranging from tournament preparation to diet and fitness, from sports psychology to public speaking, enabling them to develop an all-round knowledge of the sport.
Fifty players qualify for the prestigious Faldo Series Grand Final, hosted each year by Sir N A Faldo. This is a World Amateur Golf Ranking event and, on its completion, five of the age category winners qualify to play in the Faldo Series Asia Grand Final at The Laguna Lang Co Golf Club in Vietnam.
Younger children from the community local to the Faldo Series Tournaments have the opportunity to attend and experience golf for the first time, both as spectators and participants. For those children who develop an interest, development programmes are made available in conjunction with golf's governing bodies.
Page 2
The Faldo Trust For Tomorrow's Champions
Report of the Trustees
for the Year Ended 31st December 2021
ACHIEVEMENT AND PERFORMANCE
Achievements and performance
The Faldo Trust for Tomorrow’s Champions helped to introduce children to golf in the year ended 31 December 2021 through the following initiatives:
• Introduction to golf - at several Faldo Series events, children from the local communities were invited to attend; they watched the competitors in action and received a free golf clinic. The Faldo Trust for Tomorrow’s Champions covered all expenses. The local children also received free golf merchandise were appropriate, such as golf tuition books, and were directed to certain golf initiatives and tutorials on the internet to encourage them to play the game.
The Faldo Trust for Tomorrow’s Champions helped to create access to the Faldo Series for talented golfers aged 12 to 21 in the year ended 31 December 2021 through the following initiatives:
• Faldo Series main schedule was once again severely disrupted by the Covid-19 pandemic, with the schedule offered membership opportunities for over 1,000 players. In addition to 8 UK championships, overseas tournaments took place in Ireland, Slovakia, and Spain. The Faldo Trust for Tomorrow’s Champions covered the majority of the expenses here for its staff and the Faldo Series competitors.
The Faldo Trust for Tomorrow’s Champions during 2021 helped to provide Faldo Series members with a programme that maximises their golfing potential through the following Initiatives:
• Faldo Series main schedule - all events continued to combine tournament conditions and first class venues with expert advice from a selection of guest speakers. The Faldo Trust for Tomorrow’s Champions covered all expenses.
• Two Faldo Series Grand Finals took place in 2021 due to the postponement of the 2020 edition - over 60 players qualified for the combined 54-hole Grand Final's in the UK to conclude the 2020 and 2021 seasons. In addition to the tournament experience, the schedule included advice from guest speaker Nick Dougherty, former Faldo Series and DP World Tour player. The Faldo Trust for Tomorrow's Champions covered expenses, including golf course fees, food, and merchandise gifts for all the finalists.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Page 3
The Faldo Trust For Tomorrow's Champions
Report of the Trustees for the Year Ended 31st December 2021
Related parties
The Faldo Trust for Tomorrow’s Champions (Asia) Limited, Nick Faldo Design (Overseas) Limited, Nick Faldo (International) Limited, Nick Faldo Enterprises, Faldo Academies Limited, Faldo Enterprises US and The Faldo Trust for Tomorrow's Champions US are related parties as a result of their common control.
Sir N A Faldo is also a director of Nick Faldo Design (Overseas) Limited and Nick Faldo (International) Limited. During the year M Faldo, son of Sir N A Faldo, was employed by the Charity and is the Chief Executive Officer. The Trustees saw this as an arms’ length transaction.
Organisational structure
The Charity operates the Faldo Series and all its golf events. On a day to day basis, one full time member of staff is employed to operate the Faldo Series. M Faldo is employed as Chief Executive Officer and is responsible for the strategic policy and decision making of the Charity. In terms of support Staff, C Swain, Finance Manager of the Faldo Group companies also works with M Faldo in all the administrative duties needed to run the Faldo Series and a recharge of this cost is recognised by the Charity.
Risk management
The Trustees are aware of the requirement to identify the major risks to which the charity is exposed and to establish systems to mitigate those risks. An appraisal has been undertaken and will continue to be reviewed on an annual basis.
Future development
Over the next 12 months, the Faldo Series will continue to manage expectations through the Covid-19 pandemic, whilst looking at returning events across the UK, Ireland, The Czech Republic, Brazil, Germany, Slovakia, Abu Dhabi, and South America. Events and initiatives will continue to focus on creating access to the game for more children and simultaneously helping to develop the talent of more young golfers.
The Trustees have taken steps to continue reducing costs, increasing sponsorship and enabling the Trust to increase its activities, while remaining sustainable.
Financial review
The statement of financial activities is set out on page 6 and shows the net incoming resources for the year. The Charity had a deficit for the year of £29,282 (2020: £23,560 surplus). At 31 December 2021, the Charity had an accumulated surplus of reserves amounting to £11,069 (2020: £40,351).
The principal sources of funding are donations and sponsorships received from golfing organisations. During the year ended 31 December 2021 the main donors were The R&A, The PGA Tour and The European Tour.
The costs of the charitable activities and governance are included in pursuit of the principal activities of the Charity and scheduling of golf events both in the UK and abroad.
Investment powers and policy
There is no policy included in the Articles of Association preventing the holding of investments however the Charity does not at the current time hold any investments.
Reserves policy
The Trustees’ ongoing policy is to raise and maintain sufficient funds to enable the Charity to operate the Faldo Series, to pay for periodic capital expenditure and unforeseen contingencies.
Approved by order of the board of trustees on 22nd September 2022 and signed on its behalf by:
M A Faldo - Trustee
Page 4
Independent Examiner's Report to the Trustees of The Faldo Trust For Tomorrow's Champions
Independent examiner's report to the trustees of The Faldo Trust For Tomorrow's Champions ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st December 2021.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company 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 your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
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:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
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the accounts 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
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the accounts 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 accounts 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 accounts to be reached.
Antony Youselli ACCA Spencer Hyde Limited 272 Regents Park Road London N3 3HN
22nd September 2022
Page 5
The Faldo Trust For Tomorrow's Champions
Statement of Financial Activities
for the Year Ended 31st December 2021
| 2021 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 125,000 Other trading activities 3 73,751 Investment income 4 1 Other income 5 10,000 Total 208,752 EXPENDITURE ON Charitable activities 6 General 238,034 NET INCOME/(EXPENDITURE) (29,282) RECONCILIATION OF FUNDS Total funds brought forward 40,351 TOTAL FUNDS CARRIED FORWARD 11,069 |
2020 Total funds £ 120,654 73,670 3 66,700 |
|---|---|
| 261,027 | |
| 237,467 23,560 16,791 |
|
| 40,351 |
The notes form part of these financial statements
Page 6
The Faldo Trust For Tomorrow's Champions (Registered number: 03295676)
Balance Sheet
31st December 2021
| 2021 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 11 - CURRENT ASSETS Debtors 12 91,935 Cash at bank 329 92,264 CREDITORS Amounts falling due within one year 13 (43,695) NET CURRENT ASSETS 48,569 TOTAL ASSETS LESS CURRENT LIABILITIES 48,569 CREDITORS Amounts falling due after more than one year 14 (37,500) NET ASSETS 11,069 FUNDS 16 Unrestricted funds 11,069 TOTAL FUNDS 11,069 |
2020 Total funds £ 3,439 78,169 48,712 126,881 (42,469) 84,412 87,851 (47,500) 40,351 40,351 40,351 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
Page 7
The Faldo Trust For Tomorrow's Champions (Registered number: 03295676)
Balance Sheet - continued
31st December 2021
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 22nd September 2022 and were signed on its behalf by:
M A Faldo - Trustee
The notes form part of these financial statements
Page 8
The Faldo Trust For Tomorrow's Champions
Cash Flow Statement
for the Year Ended 31st December 2021
| Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Net cash used in operating activities Cash flows from investing activities Interest received Net cash provided by investing activities Cash flows from financing activities New loans in year Loan repayments in year Net cash (used in)/provided by financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 2 Cash and cash equivalents at the end of the reporting period 2 |
2021 £ (45,725) (312) (46,037) 1 1 - (2,500) (2,500) (48,536) 48,712 176 |
2020 £ (5,903) - (5,903) 3 3 50,000 - 50,000 44,100 4,612 48,712 |
|---|---|---|
The notes form part of these financial statements
Page 9
The Faldo Trust For Tomorrow's Champions
Notes to the Cash Flow Statement
for the Year Ended 31st December 2021
1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| ACTIVITIES | |||||
|---|---|---|---|---|---|
| 2021 | 2020 | ||||
| £ | £ | ||||
| Net (expenditure)/income for the reporting period (as per the Statement | |||||
| of Financial Activities) | (29,282) | 23,560 | |||
| Adjustments for: | |||||
| Depreciation charges | 3,439 | 5,859 | |||
| Interest received | (1) | (3) | |||
| Interest paid | 312 | - | |||
| (Increase)/decrease in debtors | (13,766) | 10,502 | |||
| Decrease in creditors | (6,427) | (45,821) | |||
| Net cash used in operations | (45,725) | (5,903) | |||
| 2. | ANALYSIS OF CASH AND CASH EQUIVALENTS | ||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Notice deposits (less than 3 months) | 329 | 48,712 | |||
| Overdrafts included in bank loans and overdrafts falling due within one year | (153) | - | |||
| Total cash and cash equivalents | 176 | 48,712 | |||
| 3. | ANALYSIS OF CHANGES IN NET DEBT | ||||
| At 1.1.21 | Cash flow | At 31.12.21 | |||
| £ | £ | £ | |||
| Net cash | |||||
| Cash at bank | 48,712 | (48,383) | 329 | ||
| Bank overdraft | - | (153) | (153) | ||
| 48,712 | (48,536) | 176 | |||
| Debt | |||||
| Debts falling due within 1 year | (2,500) | (7,500) | (10,000) | ||
| Debts falling due after 1 year | (47,500) | 10,000 | (37,500) | ||
| (50,000) | 2,500 | (47,500) | |||
| Total | (1,288) | (46,036) | (47,324) |
The notes form part of these financial statements
Page 10
The Faldo Trust For Tomorrow's Champions
Notes to the Financial Statements
for the Year Ended 31st December 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
continued...
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The Faldo Trust For Tomorrow's Champions
Notes to the Financial Statements - continued
for the Year Ended 31st December 2021
| 2. DONATIONS AND LEGACIES Donations 3. OTHER TRADING ACTIVITIES Event sponsorship income Event entry fees 4. INVESTMENT INCOME Deposit account interest |
2021 £ 125,000 2021 £ 13,039 60,712 73,751 2021 £ 1 |
2020 £ 120,654 |
2020 £ 120,654 |
|---|---|---|---|
| 2020 £ 12,816 60,854 |
|||
| 73,670 | |||
| 2020 £ 3 |
5. OTHER INCOME
Other income consists of government grants received in relation to the coronavirus job retention scheme.
6. CHARITABLE ACTIVITIES COSTS
| General SUPPORT COSTS General |
Direct Costs £ 221,911 |
Support costs (see note 7) Totals £ £ 16,123 238,034 Governance costs £ 16,123 |
|---|---|---|
7. SUPPORT COSTS
continued...
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The Faldo Trust For Tomorrow's Champions
Notes to the Financial Statements - continued for the Year Ended 31st December 2021
8. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 3,439 | 5,859 |
9. TRUSTEES' REMUNERATION AND BENEFITS
M Faldo became a trustee on 15 October 2021 and since then received a salary from the charity of £8,867 (2020: £nil).
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st December 2021 nor for the year ended 31st December 2020.
10. STAFF COSTS
| Wages and salaries Social security costs Other pension costs The average monthly number of employees during the year was as follows: Staff |
2021 £ 42,562 2,855 539 45,956 2021 1 |
2020 £ 43,270 2,838 588 |
|---|---|---|
| 46,696 | ||
| 2020 1 |
No employees received emoluments in excess of £60,000.
continued...
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The Faldo Trust For Tomorrow's Champions
Notes to the Financial Statements - continued for the Year Ended 31st December 2021
11. TANGIBLE FIXED ASSETS
| COST At 1st January 2021 and 31st December 2021 DEPRECIATION At 1st January 2021 Charge for year At 31st December 2021 NET BOOK VALUE At 31st December 2021 At 31st December 2020 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Amounts owed by participating interests Other debtors VAT Prepayments and accrued income CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 15) Trade creditors Amounts owed to participating interests Social security and other taxes Net wages control Other creditors Accrued expenses |
2021 £ 1,197 54,101 9,040 4,305 23,292 91,935 2021 £ 10,153 6,799 25,706 814 3 - 220 43,695 |
Fixtures and fittings £ 54,695 51,256 3,439 54,695 - 3,439 2020 £ - 50,830 8,040 6,483 12,816 78,169 2020 £ 2,500 (2,027) 18,782 3,000 - 3,000 17,214 42,469 |
|---|---|---|
12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
continued...
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The Faldo Trust For Tomorrow's Champions
| Notes to the Financial Statements- continued for the Year Ended 31st December 2021 14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Bank loans (see note 15) 15. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank overdrafts Bank loans Amounts falling between one and two years: Bank loans - 1-2 years Amounts falling due between two and five years: Bank loans - 2-5 years Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal 16. MOVEMENT IN FUNDS At 1.1.21 £ Unrestricted funds General fund 40,351 TOTAL FUNDS 40,351 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 208,752 TOTAL FUNDS 208,752 |
2021 2020 £ £ 37,500 47,500 2021 2020 £ £ 153 - 10,000 2,500 10,153 2,500 10,000 10,000 27,500 30,000 - 7,500 Net movement At in funds 31.12.21 £ £ (29,282) 11,069 (29,282) 11,069 Resources Movement expended in funds £ £ (238,034) (29,282) (238,034) (29,282) |
|---|---|
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continued...
The Faldo Trust For Tomorrow's Champions
Notes to the Financial Statements - continued for the Year Ended 31st December 2021
16. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.1.20 £ Unrestricted funds General fund 16,791 TOTAL FUNDS 16,791 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 261,027 TOTAL FUNDS 261,027 A current year 12 months and prior year 12 months combined position is as follows: At 1.1.20 £ Unrestricted funds General fund 16,791 TOTAL FUNDS 16,791 |
Net movement At in funds 31.12.20 £ £ 23,560 40,351 23,560 40,351 Resources Movement expended in funds £ £ (237,467) 23,560 (237,467) 23,560 Net movement At in funds 31.12.21 £ £ (5,722) 11,069 (5,722) 11,069 |
Net movement At in funds 31.12.20 £ £ 23,560 40,351 23,560 40,351 Resources Movement expended in funds £ £ (237,467) 23,560 (237,467) 23,560 Net movement At in funds 31.12.21 £ £ (5,722) 11,069 (5,722) 11,069 |
Net movement At in funds 31.12.20 £ £ 23,560 40,351 23,560 40,351 Resources Movement expended in funds £ £ (237,467) 23,560 (237,467) 23,560 Net movement At in funds 31.12.21 £ £ (5,722) 11,069 (5,722) 11,069 |
|---|---|---|---|
| 23,560 | |||
| At 31.12.21 £ 11,069 11,069 |
|||
| 11,069 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 469,779 469,779 |
Resources Movement expended in funds £ £ (475,501) (5,722) (475,501) (5,722) |
Resources Movement expended in funds £ £ (475,501) (5,722) (475,501) (5,722) |
|---|---|---|---|
| (5,722) |
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continued...
The Faldo Trust For Tomorrow's Champions
Notes to the Financial Statements - continued for the Year Ended 31st December 2021
17. RELATED PARTY DISCLOSURES
The Faldo Trust for Tomorrow’s Champions operates from the head offices of Faldo Enterprises. Shared office costs are recharged to the Charity on a quarterly basis. The costs are apportioned based on the number of staff and office space used by the Trust.
During the year Sir N A Faldo, a Trustee, provided his support, and as a golf professional, advice to events held by the 2021 Faldo Series. No remuneration was paid or any expenses personally incurred by the Trustees were reimbursed by the Trust in the year.
M Faldo, son of Sir N A Faldo, is a full time employee of the Trust. His role is Series Executive and was also appointed as a trustee on 15 October 2021.
Amounts owed by participating interests include Faldo Enterprises of £43,065 (2020: £43,461), Faldo Academies Limited of £3,315 (2020: £3,315), Faldo Marketing Inc of £6,936 (2020: £4,054),and Faldo Trust US of £785 (2020: £nil), which are under common control.
Amounts owed to participating interests include Nick Faldo Design (Overseas) Limited of £19,493 (2020: £12,206), and The Faldo Trust For Tomorrow's Champions (Asia) Ltd of £6,213 (2020: £6,576), which are under common control.
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The Faldo Trust For Tomorrow's Champions
| INCOME AND ENDOWMENTS Donations and legacies Donations Other trading activities Event sponsorship income Event entry fees Investment income Deposit account interest Other income Government grants Exceptional items Total incoming resources EXPENDITURE Charitable activities Wages Social security Pensions Rent, rates and insurance Light and heat Telephone Postage and stationery Advertising Tournament costs Coaching fees Maintenance Travel and entertaining Support costs Governance costs Accountancy fees Carried forward |
Detailed Statement of Financial Activities for the Year Ended 31st December 2021 |
2021 £ 125,000 13,039 60,712 73,751 1 10,000 - 10,000 208,752 42,562 2,855 539 15,503 310 1,576 1,283 2,093 150,384 - 504 4,302 221,911 10,400 10,400 |
2020 £ 120,654 12,816 60,854 |
|---|---|---|---|
| 73,670 3 10,902 55,798 |
|||
| 66,700 | |||
| 261,027 43,270 2,838 588 11,856 343 3,172 1,943 9,628 132,705 5,969 609 4,747 |
|||
| 217,668 10,600 10,600 |
This page does not form part of the statutory financial statements
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The Faldo Trust For Tomorrow's Champions
| Governance costs Brought forward Bank charges Loss on foreign exchange Depreciation Bank loan interest Total resources expended Net (expenditure)/income |
Detailed Statement of Financial Activities for the Year Ended 31st December 2021 |
2021 £ 10,400 1,974 (2) 3,439 312 16,123 238,034 (29,282) |
2020 £ 10,600 2,109 1,231 5,859 - |
|---|---|---|---|
| 19,799 | |||
| 237,467 | |||
| 23,560 |
This page does not form part of the statutory financial statements
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