Charity r•gistration number 1102719 Company r•gistsation number 03295676 (England artd Wolesl THE FALDO TRUST FOR TOMORROWS CHAMPIONS ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Haines Watts Charted A¢¢ountants Bridge House 157 Ashley Road Hale Altrincham Cheshire WA14 2UT ACCLWI 09r2023 COMPANIES HOUSE
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THE FALDO TRUST FOR TOMORROWS CHAMPIONS LEGAL AND ADMINISTRATIVE INFORMATION Trustee$ M A Faldo N A Faklo Charity number 1102719 Company number 03YJ5676 Regist•r•d offic• 20 Markel Street Altrincham WA14 1PF Independent examin8r Haines Walts Bridge House Ashley Road Hale Ahn"ncham WA14 2UT
THE FALDO TRUST FOR TOMORROWS CHAMPIONS CONTENTS Page Trustees. port Independent examine¢s report Slalement offinancial adiwtyes Balance sheet Notes to the financial statements 9-17
THE FALDO TRUST FOR TOMORROWS CHAMPIONS TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022 The Iruslees present Iheii annual rem and financtal statements for the year ended 31 December 2022. The financial stslements have been prepared in attordance wth the acc<)unting polityes sel out in note 1 to the financial statements and compty wrth the chartys governing document, the Companies Act 2006 and "A¢¢ounting and Reporting by Charities." Statement of Recornmended Practice applrable to charilies preparing their a¢u)unts in accordance with the Financial Repornng Standard applicable in the UK and Republ of Ireland IFRS 1021" (effèctive 1 January 20191. Objectives and aetlvltles The Irustees have paid thje regard lo guidance issued by Ihe Charity Commission in decading what adivities the charrty shoukl undertake. The objects of Ihe ¢harity are.. 1.. The provision ol opportunib.es to partiape in sporting aciiwlies in the inte$tS of healthy re¢realion or th8 advancement of phys1 edu¢ation of young people generaNy and without prejudice to the generality ol the foregoing. To establish support, encourage. promote. organize and operate goti tournaments, golf development programmes and such ancillary lacililies and actmties for the benefit and weffare of yovng gotlers as the Trustees of the Charity may deem appwopriate. 2.. To offer assistance lo members of the beneffiuary das5 who are in need or Olherwise di$a11vaniaged. 3. To enhance the opportunities lor golfers to qualrfy for playing membership of the Faldo Series events an11 10 provide these golfers with a programme that M8MIZeS their golfing potential. Principal activity The Truslees have referred to the guKlance in the Charhty Commi55w's gerw 9uidanc8 on public benefit when reviewing rfs objectives and pl8nnin9 future activibes. The Faldo Trust for Tomorrow's Champions operates the FakJo Series whith provths OPPOrtLinities for talented young golfers each year and simutsrwjusty introduces the game lo many more. th 10 tournaments this yeai. over 400 leading young golfers. boys and girfs aged 12 10 21. have the opportunity lo experience top-level competition at a range of championship events. The Faldo Trust for Tomorrow's Champions makes 05)nal use of voluntary referees at the Faldo Series ' loumamenls. At several toumaments. competitofs benefft from a sèries of education seminars on topics ranging from toumamenl preparation to diet and filness. from sports psychol(NJy to public speth'ng, enabling them to develop an all-round knowledge of the sport. Forty players qualify for the presligious Faldo Swies Grarld Final. hosted eath year by Sir N A Fakjo. This is a World Amaleur Goll Ran"ng event and,. on it's completion. five ol the age caleg¢)ry winners qualfy to play in the Faldo Series Aa Grand Final at The Laguna Lang Co G¢)11 Club in Vietham. A new FulurÈs loumamèftt was ¢rÈated lor #ye1$ agÈd 7- 12 years dd. vthith gave ccmpetitors the opportunity lo experience goll ctsmpetition for the first time. both as spectators and participanls. For those children who develop an interest, development programmes are made avaiL7t*le in coniunction wrth gdfs governing bodies.
THE FALDO TRUST FOR TOMORROWS CHAMPIONS TRUSTEES, REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Aehlov•m¢nts and rfOrniant0 The Faldo Trusl for Tomorrow's Champions helped lo introduce children lo goK in Ihe year ended 31 December 2022. through the following inktiatives.. Introduction to - al several Faldo Series events, chIldn from the local comrnunities were invited lo attend". they watched the competitors in action and received a free 9011 dinK. The Faldo Trust for Tomorrov/s Champions covefe¢J all expenses. The local chihlren also reNed free golf merchandise where appropriate. such as 9011 luition books and were directed io certain golf irtiliatives ana tuiorials on the internet to encouragè them lo play the 9arne. The Faldo Tnjsl lor Tomorrow's ChaM.0n$ helFd create access to the Faklo Series for taknled golfers aged 12 to 21 in the year ended 31 L)ecernber 2022. through Ihe fc4lowing iniliatNes.' The Faldo Series main schedule was once again severely disrupted due to the Covid-19 pandemie. with th& schedule oflèring rnembèrship pla$ to over 400 playtrs. In addth.on to 7 UK championships, 3 overseas toumamenls took place in Ireland. Lafvia and FnCe. The Faldo Trust for Tomorro$ Champions covered the majority of the expenses here for its siaff an¢J the Faldo Series ¢ompetslors. The Faldo Trust for Tomorro$ Charnptsns during 2022 helpèd to PTOVi(l¢ Faldo Strries rnembws wth a programme thal maximises their golfing potential through the folhwing initi•"ves'. Faldo Series main schedule - all v¢nts continued lo combine toumament cOndrtS and fiTsI-dass venues with expert advice from a selection of guest speakers. The Faldo Trust for Tomorr& champK)ns Covered all expenses. One Faldo Series Grand Final took place in 2022. 10 cornpletè our European Season of events. Our Asia schedule continued to be postponed due to the travel disrupb.ons for venues to host events and subsequently their winners Ir8velliro to Vtnam was blcKked. Forty players qualified foi the combined 54-hole Gfand Finals in the UAE to condude the 2022 seasort. In addition to the lournarnent experience, the schedule induded murtiple player dinics and QIA sessions ffom Sir NKk Faldo. The Faldo Trust fof Tomorrows Charnw'ons ry)vered exnse5. Indtsding gow course fees, food and merthandisè gifts lor all the finalists_ Future dev•lopments Over the next six months, the Faldo Series plans to go through an exciting restru¢ture. brin9ing it in linè with the ¢hanging nature of compelrtwe golf A broader pathway is to be created for young goffers from the age of 7 through lo under 25 elile amateur5. who duriry this Joumey will gel introdu¢eil to high Jevel ¢ompetilion, gain WAGR points and ultimately compete frjr access into the DP Workl Tour and Challenge Tour events provlg this step into the professional competition. Wth these changes, comes a new offering to all host dubs l Federalions supporting the Fahlo Series lo provide more experiencE5 and ope$ forjunNy5 in their gdfing pumey.
THE FALDO TRUST FOR TOMORROWS CHAMPIONS TRUSTEES. REPORT {INCLUDING DIRECTORS, REPORT) (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022 Flnancial revlew Thè statement of finani>81 adimlies is sel out on page 5 and shryws the net ineming resoUS for the year. The Charity reports a in the year of £20.258 12021.. deftrt t29.282}. At the 31 Decembef 2022. the Charity had.an accumulaled defitit of resetyes amount9 10 £9.189 [2021: surplus £11,069). This level of surplus reserves are requirèd to help the Charty continue lo fun on a day lo day basis. These reseryes are required to put on events in the lulure and assist in raisng further ¥warenes$ and funds to help the Charity achieve il's objectives. The printspal sources of funding are donations and sponsorships receNed frorn golfing orgaTrisations. During the year ended 31 1)e¢ember 2022. the main donors were The R&A. ThÈ PGA Tour and The Europèan ToLtr. The costs of the charitable actMlie5 and govemancè are induded in pursurt of thÈ printspal activities of the Charity and scheduling of golf events both in the UK and abroad. Durin9 the 1rrent year balances owed to participating interests and S1r Nick Faldo have been wrfften off. which has reduced Ihe deficrt inCUd in the year. Reserves The Trustees, ongoing policy is to raise and maintain sufficient fvrKls to enable the Charity to operatg the Faldo Series. to pay for periodic caprtal expendrture and unloieseen ¢onlrngenGies. The Trustees, consider reseNes should be maintained al a level of £20.0(K). De5Plte reserves bèing in a deficii position al the balance sheet date. inereased donations and nty lee ineome during 2023 has brought Ihè reseryes back in line with the Fdicy. Investment powers and policy There is no policy induded in the Artides of Asscoation preventing holding of VestMents, however the (arily does not at the current time hold any investmènls. struetur•Tr gov•mance and managème The charity is ¢ontrolled by its goveming documènt. a detd of trust. aThJ constilutes a limited company. limited by gvarantee, 8$ defined by the Companies Act 20(. None of Ihe trustees has any benefiaal inlerest in the eompany. Al ol the twstees a members of the company and guarantee to contribute £1 in the event of a winding up. The Iwstees. who are also the directors for the pu05¢ of rnpanY and who seNed during the year and up to the dale of signalyr¢ ofthe finanoal sl*em•nts were.. M A Faldo N A Faldo Appointment of trustees As set out in the Governing document. a d1clornrUstee may be appomted by ordinary re50hJtion. All members who are entitled to receive noiKe of a general meeting musl be given not less than fourteen nor more than Ihirty-five days, clear nOte of any resolution to be pui to Ihe TrtirJ to apw'nt a deCtor other thw a director who is to tire by rotation.
THE FALDO TRUST FOR TOMORROWS CHAMPIONS TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Organisational structure The Charity operales the Faldo Series and all tl's golf evenls. On a day to day basis, one full time mernber of Staff is employed to operate the Faldo Series. M Faldo is employed as Chief Exe0Jli 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 cornpanies also works with M Faldo in au the administratNe duts'es needed to run the Faldo Seri¥s arKI recharge ol this ¢osl 15 re9Th1$¢d by the Charity. Related parti¢$ The Faldo Trust for TL%norrow's Champions (Asia) Limited. Nid¢ Faldo Design (Overseas) Limrted, Nick Faldo (Internationall Limited. Nick Faldo Enlefprises, Faldo Academies Limrted, Faldo Enterprises US and The Faldo Trusl for Tomorrow's c.hampions US a related parties as a resum of their common control. Sir N A Faldo is also a direclor ol Ni¢k Faldo Design (Overseas} Limited and Nick Faldo Ilnternationall Limited. Ouring the year M Fak80, 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. Ri$k management The Trustees are aware ol the requKemenl lo idenlify the major risks lo whith the tharity is exposed and to . establish systems to mitigate ihose risks. An appraisal has been undertaken and will continue to b¢ reviewed on an annual basis. Small companies exÈmptlon This report has been prepared in accordance wth the provisions applicable to companies enlrtled to the small companies exemption. The Irustees, report was approved by the Board of Tmslees. MAFald Trusteè Date.. ...
THE FALDO TRUST FOR TOMORROWS CHAMPIONS STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2022 The Iruslees. who arè also ihe diredors of The Faklo Trust for Tomorrnrfs Champions for Ihe purpose of eompany law. are responsible for preparing the Trusteès. Report ar Ihe financaal slalements in accordartce with 8pplicable law and United KingdoMACunI1nQ Stsndards (United lQ"ngdom GonetaltyAc£epledA¢¢ounling Pra¢ticel. Company Law requires the trustees to Pfepare financial statements for each financ4al year which give a true and fair view ol the slate of affairs of the chanty and of Ihe incoming resources and application of resources, including the income and eXpendrtu, of the chaiitable company.for that year. In preparing these finarKial statements. the irustees are requwed to= - 8elecl suitable aCColing poe$ and then apply Ihem o)nsislenlty" - obseNe Ihe mett)od$ and prin(i&S in the Charities SORP.. - make judgements and estimates ihat are reasonable and wudent,. ppare Ihe financral statements on the going concem basis unkss it is inappropriate lo presume that the ¢hathy will continue in operation. The trustees are responsible for keeFxng adequate accounling rec$ that disdose with reasonable acojracy at any time Ihe finanual position of the charity and enable Ihem to ensure that ihe finanoal statements ctsrnpty with the Companies Act 2006. They are also responsible for safeguarding the assets of Ihe tharity and hence for taking reasonable steps for the pTeventw and delethn of fraud and other irre9ularth$.
THE FALDO TRUST FOR TOMORROWS CHAMPIONS INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE FALDO TRUST FOR TOMORROWS CHAMPIONS I report lo the trues on my examination of the finanaal statements ofThe Faldo Trust for TomorroWs Champions Ilhe charity) for the year ended 31 December 2022. Responslbilities and basi5 of report As the trustees of Ihe chanty land a150 ils directors for Ihe purposes ol company lawl you are responsible for the pparatIOn ol the financial statements in accordance th the requirements of the CompanTes Act 2C(6 (the 2006 Having salisfied myself thal the finawal statements of the ¢harity are not reqred to be alIted under Part 16 01 the 2006 Act and are elKJibk fof independent examination. l port in respect of my exarnination of the charity's riTrancial statements carried OLrt under section 145 of the Chariiies Act 2011 {the 2011 Act}. In carrying out my examination I have followed all the applble Directpjns 9iven by the Charity Commiss)n under section 14515llbl of the 2011 Acl. Independent examinerfs ststement I have compleled my examination. I nfim7 th81 no matters have tt)me to my attènt)n bn connectvjn with the examination giving me cause to believe that in any material respect= acwunting rerdS were not kept in respect ot the charity a5 reque ty sectfv 386 of the 20C6 A¢t," or" the finan¢ial statements do not aord with Ihose records.. or Ihe financaal slalements do not cornply wilh the ac¢ountin9 fequirements ol section 396 of the 2C Act other Ihan any qUIrèMenI that the a¢unts give a true and fair Mew which is nol a matter considered as part of an independent examination., or the financial ststernenis have not be prepared in aeeordan¢è with the methods and principles of the Statement of Re¢ommended Practice for accouniing and reporting by chanlies applicable to charrties preparing their accLJunts in accordance wlh the Finwcial Rewb"ng Standard applicable in the UK and Repub11c of Ireland (FRS 102). I have no concerns and have come across no other malters in ci>nnecon with the examination to which attention should be drawn in this report in order to enable a proper understan¢Jing of the financial slalements to be re8chÈd. Candice Beynon FCCA Haines Watts Chartered AUtants Biidge HcHJse Ashley Road Hale Ajtrincham WA14 2UT Oaled".
THE FALDO TRUST FOR TOMORROWS CHAMPIONS STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022 Unrestrlcted Unrestricted .' fvnds lund$ 2022 2021 Income from: Donations and 3)eS Charitable activities Inveslmenls 127,417 95.263 29 125,000 83,751 Total Incom¢ 222,709 208,752 enditure on. Charitable activities 240.295 238.036 Nèt expendituffj for the yèarl Not.oirtgoing re$our¢es 117,5861 129,2841. Other recognised gains and losses Other gains or losse5 11 12.672) Nèt'movement in funds 120.2581 129,2821.. Fund balances al 1 January 2022 11,CE9 40,351 Fund balances at 31 December 2022 19.189} 11.069 The statement of finanaal aclivities IrdeS all gains artd kjsses retsjgntsed in the year. All income and expendilure derive from ¢ontinuing a¢tNiti"e$: The statement of financial ath"vit*s also complies wih the requinnents for an income and expenditure accounl ". under the Companies Aci 2006.
THE FALDO TRUST FOR TOMORROWS CHAMPIONS BALANCE SHEET AS AT 31 DECEMBER 2022 2022 2021 Notes Flxed assets Tangible assets 12 8,2n Currnnt 4$sets Debtors Cash at bank arKI in hand 13 108.120 6,355 91,935 329 114.475 92.264 Creditors: amounts falllng due within one year 1S 1104.436) (43.6951 Nel vjrrent assets 10.039 48,569 Tatsl a$sets less ¢iirrent liabilitie$ 18,311 48,569 .Creditors'. amounts falling due •ftèr more than one year 16 127.500) (37.500) Net Iliabllltiesllassets 19,189} 11.069 Income (unql$ Unrestricted lund5 (9.1891 11.069 19,189) 11,069 The cornpany is enlilled to the exemplion from the audrt requirement ¢ontatrhed in sedion 477 of the Companies Act 2(K)6. for Ihe year ended 31 December 2022. The: dife¢tors aCknoWd9* their SponSIbl11t[eS for complying with the requirements of the Companies Act 20C6 with resped lo aOnting records and Ihe pparation of financial statements. The members have nol required the company to oblain an audit of its finanaal staleffenls for the year in quesb.on in accordance vAth section 476. These financial statements have been prepared in a¢oydance wrth the prom$)n5 applublÈ to Companies sut4ect lo the small companies regime. The financial stalements were approved by the Tnlee5 on . MA Faldo Trustee Company reglstr•tion numlxr 03295676
THE FALDO TRUST FOR TOMORROWS CHAMPIONS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting policl Charity inforrnation The Faldo Trust for Tomorrovls Champions is a private compary Iwmited by guarantee trfpOrated in England and Vwdles. The registered office is 20 Market Street, Alirintham. WA14 1PF. 1.1 Accounting con¥ention The fjnancial statements have bÈen ppare¢l in accordance wrth Ihe tharWs Igoveming documentl, the Companies Act 20C6. FRS 102 -The Fsnaneial Reporting Standard appluble in the UK and Republic of Ireland. C'FRS 102.1 and the Charities SORP 'Accounting and Reporting by Charilies.. Statement of Recornrnended Practe appliCae to charities Preparing their accnunts in a(wdance wilh the Finaniial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" {effecaive 1 January 20191. The ¢arity is a Public Benefrt Entity as defined by FRS 102. The charity has taken advantage of the pfo¥ision5 in the SORP for charitie5 I1 to prepare a Statement of .' Cash Flows. The financial statemerrts are prepared in sterfing, whith ts the IvThXional currency of Ihe charty. Monetsry amounts in these financial statements ale rounded to the neast £. The financial statements have been wepared under the historical cost ujnvenlion. The principal acntIng . policjes adopted are sel out bekjw. 1."2 Going coneem Al the tirne of approving the financial staiements. the tnjslees have a reasonable expeLXalion that the charity has adequate resources to ntinue in operab.onal existÈn loi the feSee3b1e future. Thvs the trustees ctsnlinue to adopt the goin9 ¢oncem basis of a)unting in preparing the financial statements. Despile the funds being in deficit at the balanc£ sheet date. the tharty 1$ rA)nsided a going Conrn given rts performance in 2023 thus far. There has been an inerÈ3sed enty fee income in 2023 already compared to last year. due to the level of events inueasing and in the introduclion ol the Elite Series. Whilst the specific donation lomi the R8A is decreasing in 2023. there is an intro(JuctKJrh of £75.O¢X) in adYIts"onal donations frorn the European l DP World Tour for ifs involvement with Ihe British Masters. This is a five year agreement. so provides some slabilily. AlorJstde thts, on the expenditure front, cuts have been made with regards to salaries and processes have been redesigned lo become more eificient. Consullanls are used on a needs musl basis and Ihere i5 a much more stringent expenses reclaim procedure in place for 2023, in order to control cnsts. 1.3 . Charltable funds Unreslrided funds are avalable ts use at the discretion of Ihe twstees in furthèrance of their charitable ot>jèth"ves. Restricted funds are Subject to speofic condition5 by donors a5 to how they may used. Th¥ puTpose$ and use5 of Ihe restrided fvnds are set oul in the noles to the finanaal stslements. Endowment fvnds are subject to sperific c(rf1tKjnS by doww that Ihe capital mu51 bè m•ntained by the harily. 1.4 Income. Income is recognised when the thaiity is legally enlilled io it after any Perfnan conditions hove been met, the amounts can be measured reliably. and it is prObae that incoffe wll be receNed. Cash donations are recognised on receipt. Other donations are recognised On the chanty ha5 been notified of the donaiKJn, unless perfomiance conditions require deferral of the amounl. Income tax recxiverable in lalKn to donations received under GiftAid or dee(Is of covenant is rewni5ed al the timè of the donation.
THE FALDO TRUST FOR TOMORROWS CHAMPIONS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting polici•$ IC¢ntlnugdl Legacies are recogntsed on receipl or otherwise il Ihe charity has been nOtifd of an impending distribution. the amount is known, and receipt is expected. If the amount is not known, the ga is treated as a ntingent asset. 1."$ Expenditure Expenditure is recognised once Ihere is a legal or constructNe obligation lo transfer economic benefit to a third party. it is probable that a transler ol economic benefits will be required in settlement, and the amount of the oblatIon can be measured reliab. Expendrture is dassffied by actiwty. The costs of Èach art made up of the totsl of direct costs and shared cost5. including support costs invotved tn underfaking each activrfy. Oired c0515 attributable to a single activity are allocated direclly to that aclmty. Shared costs whth conlribute lo more than one aclivity and support costs which are not attributable lo a single activity are apportioned beeen those activities on a basis consislont with the use of resources_ Central staff $t$ are allo¢ated on the basis of time spent, and depreciation charges are alocatèd on Ihe portion of the assel's use. Resources expended are accytunted for when paid. Expendrfure is attnbufed to cost calegories based on the mount expended during the year. The ecOve13ble elerneni of VAT is included with the item of expenses to which il rel3les. Svpport C051s are Ihose lun¢b"on$ thal assi51 the wryk of Ihe ¢harty but do not diredty undertake charilable ¥ctiwlie5. Support Costs indu¢Je office costs. finance. personnel. payroll and governance costs which support the charitys actmties. Thè basès on thd) support cosls have been allocated are set OLrt in note 7. 1.6 Tan9ible fixed as$ets Tangible fixed assets are initially measured al cost and sub5equefiUy measLKed al t>)st or valuabon. net of depreciation and any impairment losse5. Oepreuation is recognised so as to write off Ihe CO or valuation of assets less their SIdUal values over their useful lives on the fdlowing base5-. Computers & equipment 33% slraighl line The gain or ksss ari&n9 on the disposal of an asset is delermined as the difference beeen the sale pTo¢eeds and Ihe Carrying value of Ihe assel. and i8 recognised in the slatement offinanryal a¢tMtE$. 1.7 Impairment of fixed a¥$ets Al each reporting end dale, the tharity reviews the tsrrying amounts of its tangible assets lo determine whether there is any irhdication that those a5sels have sulfered an impaiment loss. If any such indication exists, the rec4)verabJe amount ol the assel Trs eslimaled in ordèr to detemin& the extent of the impairment 1055 lif any). 1.8 Cash and cash equNalents Cash and cash eouNalent5 indude cash in hand. dert$ tr*ld al Call wrfh banks, other short-le¥m liquid investments with original maturities of ihree rnonth$ or kss. and bank ¢)verdrafts. Bank overdrafts are shown within borrowngs in current fiabilib"es. 10-
THE FALDO TRUST FOR TOMORROWS CHAMPIONS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 A¢¢ountlng polleies IContinu•dl 1.9 ' Flnancial Instrumènts The charity has elected to apY the woviwon$ of Sedp)n 11 '8a$ic Finanoal Instruments. and Section 12 .' 'Other Financial Instruments Issues. of FRS 102 to all ol it$ finwal instruments. Fin3n¢ial instruments are recognised in the thaniys baLartt sheet when the charity berneS party lo the . eonlr8ciual provisions of the instrument. Fina[al 85sets and liabililies are offset. with the nef amounts presented in the financial slalemenls, when there 13 a legally enforceable righl to sel off Ihe re¢ognised amounts and Ure is an intenth.on to settle on a net basis or lo realise the 8$sel and settle the knabihty simvllaneou$ly. Basic finanelalass•ts Basic financial assets, which indude debtors and cash and bank balances. are inibally measured al transaction price induding transaction costs and are subsequenty carrièd at amts.$ed s1 using thè effective inlerest method unle55 the arrangement consb"tute5 a finanring transa¢tion. where the transaction is measured at the present value ol the lulure receipts discounte(l at a market rate of interest. Financial a5Sèt$ dassified as receivable wthin one year are not amortised. Basi¢ lin•n¢ial lialJil•ties Basic financial liabilities. induding creditors and bank loans are inibalty recognised al transacb.on price unless the arrangement ¢onstitutes a financing transaction. where the debt instrument is me¥surÈd at the present value of the future payments diso)unted at a market rate of inleSt. Financial liabilities dassffied as payable within onè year are rwt amortised. Debt instruments are subsequenlty carried at amoitsed cost, using the effeclrve inlerest rate method. Trade ueditors are obligations to pay for goods or seryice5 thai have been acquired in the ordinary course of operations from suppliers. Amounts payable are dassrfd as curient l¥abilities if payment is due wthin one year or less. If not, Ihey arè presented as non-current liabilities. Trade creditors are reo)gnised initially at transaction price and subsequenlty measured at am0sed cost using the effedive intere51 method. Derecognitlon of financlalliTabilitles Fin8naal liabililJ"es a derecognised when the ¢harity's' ts)ntriual obhgations expire or are discharged or Cancelled. 1.10 Employee benefits The ¢ost of any unused Widay enliuemenl is recognised in the pericl in which the employee's semces a .. received. Termination benefits afe recognised immediately as an expense when the charty is demonstrably (x)mmitte to temiinale Ihe employment of an employee or to prowde termat1)n beneffts. 1.11 Retlrement benefits Payments to deffined ContribulK retiremeni beffi1 scheftS arè tharged as an expense as they fall due. 11
THE FALDO TRUST FOR TOMORROWS CHAMPIONS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Critl¢al accountirbg estimates and judgements In the applicalion of the charl$ accounting kM)liaes, the Iruslees are required lo make judgements. estirnale5 and assumptions about the carrying amounl ol assels and liabilities that are nol adity apparent from other sources. The estimates and associated as5umpti.ons are based on historical experience and other fac4ors that arè consKlered to be rèlevant. Aclual results may differ from these estsmales. The estimates and underfying assumptions are reviewed on an ongoing basis. Revisions to accounling estimates are recngnised in the period in whtth the esb.mafe is Sed where Ihe revision affects only that period. or in the period of the revision and lulure periods whwe the revision affe¢ts both Current and future periods. Oonations and legacies Unre$tricted Unrestrirtrd lunds funds 2022 2021 Donations 127.417 125,CK)O Charftabl• actlvlttes Unwestri¢wd funds 20Z2 Total 2022 Unrnstrlctsd fyn Z02f 2021 Evenl Sponsorship ino)me Event entry fees Governrnt grants. 26.087 69,176 26,087 69.176 13,039 60.712 10.(K(J 13,039 80.712 10.NJO 95.263 95.263 83,751 83,751 Investmer Unrestrlcted UnstriCted funds funds 2022 2021 Inleresl receivable 29 12.
THE FALDO TRUST FOR TOMORROWS CHAMPIONS NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Charltable aeti¥iti•s 2022 2021 Staff Costs Depreciation Rent, rates and in5urarLr Light and heal Telephone Postage and stalh)nery Adverbsing Tournament costs Mainten8n¢È Travel and entertaining Bank loan intÈresl IT and sothyare costs Legal fees Consultancy fees Bank charges Exceptional items 71,148 793 3.390 45,956 . 3,439 15,503 310 1,576_ 1,283 2.093 150.384 504. 4,302 312 1.829 1.954 79,844 39.415 1,096 2,328 63 12,114 3.621 17,540 1.974 235,135 227,636 . Share of govemance costs (see note 7) 5.160 10,4LKt 240,295 238.036 ' Support eosts Govemance costs 2022 Governance ¢osts 2021Ba$is of allocation Accounlancy, book- keeping & independent examinatson 5,160 5.160 10,400 10.400 5,160 5.160 10.400 10,400 Tru$t¢es A Faldo, a truslee, receNed remuneration from the charity of £40,(KXJ 12021.. £8,867). The charity made pension payments under a defined contribulion scheme for M A Faldo of £1.431 12021.. £5391. No trustee expenses were PaKI during the year12021'. £nil). 13-
THE FALDO TRUST FOR TOMORROWS CHAMPIONS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Employees The average monlhty number of emF4oyees durirrfJ the year was: 2022 Numbèr 2021 Number Employment costs 2022 2021 Wages and salaries Soaal security Costs Other pension SIS 62.229 6,961 1,958 42,562 2.855 539 71,148 45,956 There were rso employees whose annual remuneralion was rn0 than £60.f. 10 Taxatlon The charity is exempl Irom lax on In¢G and gns falling 7rithin sedion 505 of the Taxes Act 1988 or section 252 01 th& Taxatignol Chargeabb Gasn$Acl 1992 to th¢ extent that these are applied to its thantable obJ"ects. 11 Other gains or losses Unrestri¢tsd Unrestrieted '. funds nd5 2022 2021 Foreign exchange Igains) I losses 2.672 12).. 14-
THE FALDO TRUST FOR TOMORROWS CHAMPIONS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 12 T•nglbl¢ fixod •$$¢ts L•nd a1 Plant arKI FtKture5 •nd Computèt5 4 bulkling5 qulpmA ffittln05 equipmAnt Cost At 1 January 2022 Addit¢ons 15,497 822 29,970 8.058 8,406 1,007 54,695 9,065 At 31 Oecember 2022 15.497 822 38.028 9.413 63,760 . Deprèclatlon and impalmi¢nt At 1 January 2022 Depreciation Charg in the year 15,497 822 29,970 8.406 793 54.695 793 At 31 December 2022 15,497 822 29.970 9.199 55.486 . Carying amount Al 31 0e¢ember 2022 8.058 214 8,272 13 . Debto 2022 2021 Amounts falling due within oft• y•ar. Trade debtors Amounts owed by a$so¢iate undertong5 Other debiors Prepayments and accrued income 49,270 41,833 1.197 54,101 13.345 23,292 17,017 108,120 91.935 14 Loans and overdrnfts 2022 20Z1 Bank overdrafts Bank loafts 153 47,SC¥) 37,5C 37.SC*J 47,653 Payable within year Payable aftei one year 10,OC4) 27,5C4J 10,153 37,5CQ .' 15-
THE FALDO TRUST FOR TOMORROWS CHAMPIONS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 15 Creditors: amounts falling due t*lthln one year 2022 2021 Bank loans and overdiafts Other tsxation and wial sttuiity Trade creditors Amounts owed to associate undertakn'ngs Other creditor5 Accruals and deferw incwne 14 10,000 559 11,647 75.993 773 10,153 814 6.799 ', 25,706 .' 220 104.436 43,695 16 Créditors: amounts fallin9 due after more than one year 2022 2021 Notes Bank loans 14 27.K) 37.500 . 16-
THE FALDO TRUST FOR TOMORROWS CHAMPIONS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 17 . Relatsd party transacOnS The Faldo Trust for Tomorrow's Champions operates from Ihe head offi5 of Faklo Enterprises. Shai¢d offic¢ sts a rethargod to the Charity on a quarterty basis. The costs are apportioned based on the number of stsff and office space used by the Trust. During the year Sir N A Faldo. a Trustee. provmjed his 5upfA*t. and a$ a gow prolèssM)nal. adwee to events held by the 2022 Faldo SÈries. During thÈ.yÈar a b8ré of £850 owed by Sw N A Faldo to The Faldo Twst for Tomorrows Champions. was written off to exceptional items. M Faldo, son of Sir N A Faldo. is a ful time employee of the Trust and Trustee. His fo is Series Executive. a role lor which he is remunerated for. Nick Faldo Enterprises is a sole trader, the propriet being Sir N A Faldo, a Truslee. At the balance sheet dale, £41.83312021.' £43,15) was owed by Ihe enlj.ty to The Faldo Trust for Tomorrow's Ch8rnpions. Faldo AcademTes Limilet1 was a company under ¢xJmmon control_ Al the balance sheel date, no balance was outstanding12021". £3.315 was owed by thè company to The Faldo Trust for Tomorro$ Championsl. During the year. £3,315 was wrilten off to exceptbonal items. Faldo Marketing Inc is a company under control. Al the balance sheet datè, no balance was outstan(Jing 12021.. £6,936 was owed by the company lo The Faldo Trust for Tomorrows Charnpitsnsl. During the yèar. £6.936 was wrilten off to exceptsonal items. Faldo Trust US 1$ a company undèr common control. Al the balance sheet date, no balance was outstanding 12021". £785 wa$ ¢Jved by the Company to The Faldo Trust for Tom¢Nrow's Champions). Nick Faldo Design (Overseas) Limited is a company under comrnon control_ At Ihe balance sheèt dale, £1.734 {2021'. £19.4931 was owed lo the company from The Faldo Trust for Tomorrovls Champions. During the year. £5.004 was written off to exceptional items. reijuong Ihe balance tswed to the 0pany. The Faldo Trust For Tomorrow's Champions (Asia) Ltd Icornpany limited by guarantee in Hong Kongl is a company under common CLJnlrol. At Ihe balance sheet date. £40.617 12021". £6,213) was owed to the company from The Faldo Trust for Tomorrows Champion5. Faldo Enterprises US is a (x)mpany under comnw)n control. Al the balance sheet dale, £33,64312021." £ni was owing lo the company from The Fak10 Trust for Tomorrthrfs Champions. 17-