Docusign Envelope ID: 5DB37536-1028-4CDD-A81B-D9D7F7EB85D6
Registered number: 03295676 Charity number: 1102719
THE FALDO TRUST FOR TOMORROW'S CHAMPIONS
(A Company Limited by Guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Docusign Envelope ID: 5DB37536-1028-4CDD-A81B-D9D7F7EB85D6
THE FALDO TRUST FOR TOMORROW'S CHAMPIONS (A Company Limited by Guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Company, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 5 |
| Independent Examiner's Report | 6 - 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 - 10 |
| Notes to the Financial Statements | 11 - 19 |
Docusign Envelope ID: 5DB37536-1028-4CDD-A81B-D9D7F7EB85D6
THE FALDO TRUST FOR TOMORROW'S CHAMPIONS (A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023
| Trustees | M A Faldo |
|---|---|
| N A Faldo | |
| Company registered number 03295676 Charity registered number 1102719 Registered office 4 Causeway Farm Hartley Wintney Hampshire RG27 8PS Independent Examiner Hillier Hopkins LLP Chartered Accountants Radius House 51 Clarendon Road Watford Hertfordshire WD17 1HP |
Page 1
Docusign Envelope ID: 5DB37536-1028-4CDD-A81B-D9D7F7EB85D6
THE FALDO TRUST FOR TOMORROW'S CHAMPIONS (A Company Limited by Guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees present their annual report and financial statements for the year ended 31 December 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "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 January2019).
Objectives and activities
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The objects of the charity are:
-
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, organize 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.
-
To offer assistance to members of the beneficiary class who are in need or otherwise disadvantaged.
-
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 maximizes 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 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 24 tournaments this year, over 1,250 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 Europe Grand Final, hosted each year by Sir N A Faldo at Al Ain Equestrian, Shooting & Golf Club, UAE. This is a World Amateur Golf Ranking event and, on its completion, four of the age category winners qualify to play in the Faldo Series Asia Grand Final at Laguna Lang Co Golf Club, Vietnam.
A new Futures tournament was created for players aged 7 - 12 years old, which gave competitors the opportunity to experience golf competition for the first time, both as spectators and participants. For those children who develop an interest, development programmes are made available in conjunction with golfs governing bodies.
Page 2
Docusign Envelope ID: 5DB37536-1028-4CDD-A81B-D9D7F7EB85D6
THE FALDO TRUST FOR TOMORROW'S CHAMPIONS (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
Achievements and performance
The Faldo Trust for Tomorrow's Champions helped to introduce children to golf in the year ended 31 December 2023, 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 where 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 create access to the Faldo Series for talented golfers aged 12 to 21 in the year ended 31 December 2023, through the following initiatives:
• The Faldo Series main schedule consisted of 8 UK championships, 8 overseas tournaments took place in UAE, Kenya, Latvia, Spain, Sweden, Slovakia and Austria. The Faldo Trust for Tomorrow's Champions covered the majority of the expenses here for its staff and the Faldo Series competitors. Over 1,000 players competed in these events across Europe.
The Faldo Elite Tour consisted of 8 events, running an Order of Merit for the leading 25 & Under amateurs across the UK. Over 150 players competed throughout the year aiming to achieve professional starts on the Challenge Tour and Ladies European Tour Access Series (LETAS).
The Faldo Trust for Tomorrow's Champions during 2023 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.
• One Faldo Series Grand Final took place in 2023, to complete our European Season of events. Our Asia schedule continues to be rebuilt due to the travel disruptions for venues to host events and subsequently their winners travelling to Vietnam. Fifty players qualified for the combined 54-hole Grand Finals in the UAE to conclude the 2023 season. In addition to the tournament experience, the schedule included multiple player clinics and Q&A sessions from Sir Nick Faldo. The Faldo Trust for Tomorrow's Champions covered expenses, including golf course fees, food and merchandise gifts for all the finalists.
Future developments
Over the next six months, the Faldo Series plans to go through an exciting restructure, bringing it in line with the changing nature of competitive golf. A broader pathway is to be created for young golfers from the age of 7 through to under 25 elite amateurs, who during this journey will get introduced to high level competition, gain WAGR points and ultimately compete for access into the DP World Tour and Challenge Tour events providing this step into the professional competition. With these changes, comes a new offering to all host clubs / Federations supporting the Faldo Series to provide more experiences and opportunities for juniors in their golfing journey.
Financial review
The statement of financial activities is set out on page 5 and shows the net incoming resources for the year.
The Charity reports a profit in the year of £28,796 (2021: deficit £29,282 & 2022 deficit pf £20,258). At the 31 December 2023, the Charity had an accumulated surplus of reserves amounting to £19,607 (2021 surplus
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Docusign Envelope ID: 5DB37536-1028-4CDD-A81B-D9D7F7EB85D6
THE FALDO TRUST FOR TOMORROW'S CHAMPIONS (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
£11,069 & 2022 deficit of £9,189).
This level of surplus reserves are required to help the Charity continue to run on a day to day basis. These reserves are required to put on events in the future and assist in raising further awareness and funds to help the Charity achieve its objectives.
The principal sources of funding are donations and sponsorships received from golfing organisations. During the year ended 31 December 2023, 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. During the current year balances owed to participating interests and Sir Nick Faldo have been written off, which has reduced the deficit incurred in the year.
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. The Trustees' consider reserves should be maintained at a level of £20,000. Despite reserves being in a deficit position at the balance sheet date, increased donations and entry fee income during 2024 has brought the reserves back in line with the policy.
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.
Structure, governance and management
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined buy by the Companies Act 2006.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
MA Faldo
NA Faldo
Appointment of trustees
As set out in the Governing document, a director/trustee may be appointed by ordinary resolution. All members who are entitled to receive notice of a general meeting must be given not less than fourteen nor more than thirtyfive days' clear notice of any resolution to be put to the meeting to appoint a director other than a director who is to retire by rotation.
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, Accountancy Matters (Golf & Leisure) Ltd 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.
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Docusign Envelope ID: 5DB37536-1028-4CDD-A81B-D9D7F7EB85D6
THE FALDO TRUST FOR TOMORROW'S CHAMPIONS (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
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 NA Faldo is also a director of Nick Faldo Design (Overseas) Limited and Nick Faldo (International) Limited. During the year M Faldo, son of Sir NA Faldo, was employed by the charity and is the Chief Executive Officer. The Trustees saw this as an arms' length transaction.
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.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
Approved by order of the members of the board of Trustees and signed on their behalf by:
==> picture [98 x 37] intentionally omitted <==
M A Faldo
Trustee Date: 01-01-2025 | 18:28 GMT
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Docusign Envelope ID: 5DB37536-1028-4CDD-A81B-D9D7F7EB85D6
THE FALDO TRUST FOR TOMORROW'S CHAMPIONS (A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
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 31 December 2023.
Responsibilities and Basis of Report
As the Trustees of the Company (and 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 the Company's accounts 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
Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
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:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
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
-
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.
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Docusign Envelope ID: 5DB37536-1028-4CDD-A81B-D9D7F7EB85D6
THE FALDO TRUST FOR TOMORROW'S CHAMPIONS (A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.
Signed: Dated: 02-01-2025 | 12:18 GMT Samuel Hodson BSc ACA
Hillier Hopkins LLP Chartered Accountants Radius House 51 Clarendon Road Watford Hertfordshire WD17 1HP
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Docusign Envelope ID: 5DB37536-1028-4CDD-A81B-D9D7F7EB85D6
THE FALDO TRUST FOR TOMORROW'S CHAMPIONS
(A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023
| Note Income from: Donations and legacies 3 Charitable activities 4 Investments 5 Total income Expenditure on: Charitable activities 6 Total expenditure Net movement in funds before other recognised gains/(losses) Other recognised gains/(losses): Other losses Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2023 £ 146,714 109,063 237 256,014 225,780 225,780 30,234 (1,438) 28,796 (9,189) 28,796 19,607 |
Total funds 2023 £ 146,714 109,063 237 256,014 225,780 225,780 30,234 (1,438) 28,796 (9,189) 28,796 19,607 |
Total funds 2022 £ 127,417 95,263 29 222,709 240,295 240,295 (17,586) (2,672) (20,258) 11,069 (20,258) (9,189) |
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 11 to 19 form part of these financial statements.
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Docusign Envelope ID: 5DB37536-1028-4CDD-A81B-D9D7F7EB85D6
THE FALDO TRUST FOR TOMORROW'S CHAMPIONS (A Company Limited by Guarantee) REGISTERED NUMBER: 03295676
BALANCE SHEET AS AT 31 DECEMBER 2023
| Note Fixed assets Tangible assets 11 Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 14 Net assets / liabilites excluding pension asset Total net assets Charity funds Restricted funds 15 Unrestricted funds 15 Total funds |
124,373 32,107 156,480 (124,859) |
2023 £ 5,486 5,486 31,621 37,107 (17,500) 19,607 19,607 - 19,607 19,607 |
108,120 6,355 114,475 (104,436) |
2022 £ 8,272 8,272 10,039 18,311 (27,500) (9,189) (9,189) - (9,189) (9,189) |
|---|---|---|---|---|
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Page 9
Docusign Envelope ID: 5DB37536-1028-4CDD-A81B-D9D7F7EB85D6
THE FALDO TRUST FOR TOMORROW'S CHAMPIONS (A Company Limited by Guarantee) REGISTERED NUMBER: 03295676
BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2023
M A Faldo
Trustee Date: 01-01-2025 | 18:28 GMT
The notes on pages 11 to 19 form part of these financial statements.
Page 10
Docusign Envelope ID: 5DB37536-1028-4CDD-A81B-D9D7F7EB85D6
THE FALDO TRUST FOR TOMORROW'S CHAMPIONS (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1. General information
The Faldo Trust for Tomorrow's Champions is a private company limited by guarantee incorporated in England and Wales. The registered office is 4 Causeway Farm, Hartley Wintney, Hampshire, England RG27 8PS.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Faldo Trust for Tomorrow's ChampionsThe Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in the preparing the financial statements.
2.3 Income
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Company, can be reliably measured.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.4 Expenditure
Page 11
Docusign Envelope ID: 5DB37536-1028-4CDD-A81B-D9D7F7EB85D6
THE FALDO TRUST FOR TOMORROW'S CHAMPIONS (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
2. Accounting policies (continued)
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.6 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Computer equipment
- 33% straight line
2.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
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Docusign Envelope ID: 5DB37536-1028-4CDD-A81B-D9D7F7EB85D6
THE FALDO TRUST FOR TOMORROW'S CHAMPIONS (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
2. Accounting policies (continued)
2.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the 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 rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
2.10 Financial instruments
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.11 Pensions
The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.
2.12 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from donations and legacies
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2023 | 2023 | 2022 | |
| £ | £ | £ | |
| Donations | 146,714 | 146,714 | 127,417 |
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Docusign Envelope ID: 5DB37536-1028-4CDD-A81B-D9D7F7EB85D6
THE FALDO TRUST FOR TOMORROW'S CHAMPIONS (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
4. Income from charitable activities
| Unrestricted funds 2023 £ Event sponsorship income 26,642 Event entry fees 82,421 109,063 5. Investment income Unrestricted funds 2023 £ Interest receivable 237 Total 2022 29 6. Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2023 £ Charitable activities 225,780 Total 2022 240,295 |
Total funds 2023 £ 26,642 82,421 109,063 Total funds 2023 £ 237 29 Total 2023 £ 225,780 240,295 |
Total funds 2022 £ 26,087 69,176 |
|---|---|---|
| 95,263 | ||
| Total funds 2022 £ 29 |
||
| Total 2022 £ 240,295 |
||
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Docusign Envelope ID: 5DB37536-1028-4CDD-A81B-D9D7F7EB85D6
THE FALDO TRUST FOR TOMORROW'S CHAMPIONS (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
7. Analysis of expenditure by activities
| Charitable activities Total 2022 |
Activities undertaken directly 2023 £ 190,728 235,135 |
Support costs 2023 £ 35,052 5,160 |
Total funds 2023 £ 225,780 240,295 |
Total funds 2022 £ 240,295 |
|---|---|---|---|---|
Analysis of support costs
| Accountancy & book keeping Independent examination |
Event sponsorshi p income 2023 £ 33,302 1,750 35,052 |
Total funds 2023 £ 33,302 1,750 35,052 |
Total funds 2022 £ 3,410 1,750 |
|---|---|---|---|
| 5,160 |
8. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £1,750 (2022 - £1,750) .
9. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2023 £ 27,917 2,017 1,589 31,523 |
2022 £ 62,229 6,961 1,958 |
|---|---|---|
| 71,148 |
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Docusign Envelope ID: 5DB37536-1028-4CDD-A81B-D9D7F7EB85D6
THE FALDO TRUST FOR TOMORROW'S CHAMPIONS (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
9. Staff costs (continued)
The average number of persons employed by the Company during the year was as follows:
| 2023 | 2022 | |
|---|---|---|
| No. | No. | |
| Employees | 2 | 2 |
No employee received remuneration amounting to more than £60,000 in either year.
10. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .
During the year ended 31 December 2023, no Trustee expenses have been incurred (2022 - £NIL) .
11. Tangible fixed assets
| Cost or valuation At 1 January 2023 At 31 December 2023 Depreciation At 1 January 2023 Charge for the year At 31 December 2023 Net book value At 31 December 2023 At 31 December 2022 |
Long-term leasehold property £ 15,497 15,497 15,497 - 15,497 - - |
Plant and machinery £ 822 822 822 - 822 - - |
Office equipment £ 38,028 38,028 29,970 2,572 32,542 5,486 8,058 |
Computer equipment £ 9,413 9,413 9,199 214 9,413 - 214 |
Total £ 63,760 |
|---|---|---|---|---|---|
| 63,760 | |||||
| 55,488 2,786 |
|||||
| 58,274 | |||||
| 5,486 | |||||
| 8,272 |
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Docusign Envelope ID: 5DB37536-1028-4CDD-A81B-D9D7F7EB85D6
THE FALDO TRUST FOR TOMORROW'S CHAMPIONS
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
12. Debtors
| Due within one year Trade debtors Amounts owed by associate undertakings Other debtors Prepayments and accrued income Creditors: Amounts falling due within one year Bank loans Trade creditors Amounts owed to associate undertakings Other taxation and social security Other creditors Accruals and deferred income |
2023 £ 3,724 110,572 10,077 - 124,373 2023 £ 10,000 33,659 78,501 1,067 1,632 - 124,859 |
2022 £ 49,270 41,833 - 17,017 |
|---|---|---|
| 108,120 | ||
| 2022 £ 10,000 11,647 75,993 559 773 5,464 |
||
| 104,436 |
13. Creditors: Amounts falling due within one year
14. Creditors: Amounts falling due after more than one year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Bank loans | 17,500 | 27,500 |
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Docusign Envelope ID: 5DB37536-1028-4CDD-A81B-D9D7F7EB85D6
THE FALDO TRUST FOR TOMORROW'S CHAMPIONS (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
15. Statement of funds
Statement of funds - current year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | 31 | ||||
| January | Gains/ | December | |||
| 2023 | Income | Expenditure | (Losses) | 2023 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| Reserves | (9,189) | 256,014 | (225,780) | (1,438) | 19,607 |
16. Summary of funds
Summary of funds - current year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | 31 | ||||
| January | Gains/ | December | |||
| 2023 | Income | Expenditure | (Losses) | 2023 | |
| £ | £ | £ | £ | £ | |
| General funds | (9,189) | 256,014 | (225,780) | (1,438) | 19,607 |
17. Analysis of net assets between funds Analysis of net assets between funds - current year
| Unrestricted funds 2023 £ Tangible fixed assets 5,486 Current assets 156,480 Creditors due within one year (124,859) Creditors due in more than one year (17,500) Total 19,607 |
Total funds 2023 £ 5,486 156,480 (124,859) (17,500) |
|---|---|
| 19,607 |
18. Pension commitments
The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the chairty in an independently administered fund. The pension cost charge
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Docusign Envelope ID: 5DB37536-1028-4CDD-A81B-D9D7F7EB85D6
THE FALDO TRUST FOR TOMORROW'S CHAMPIONS (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
18. Pension commitments (continued)
represents contributions payable by the charity to the fund and amounted to £1,589 (2022: £1,958) and £nil (2022: £nil) was payable to the fund at the balance sheet date.
19. Related party transactions
M Faldo, son of Sir N A Faldo, is a full time employee of the Trust and Trustee. His role is Series Executive, a role for which he is remunerated for.
Nick Faldo Enterprises is a sole trader, the proprietor being Sir N A Faldo, a Trustee. At the balance sheet date, £41,833 (2021: £43,065 & 2022: £41,833) was owed by the entity to The Faldo Trust for Tomorrow's Champions.
Faldo Academies Limited was a company under common control. At the balance sheet date, no balance was owed by the company to The Faldo Trust for Tomorrow's Champions (2021: £3,315 & 2022: £3,315 was written off to exceptional items).
Faldo Marketing Inc is a company under control. At the balance sheet date, £58,796 balance was owed by the company to The Faldo Trust for Tomorrow's Champions (2021: £6,936 & 2022: £6,936 was written off to exceptional items).
Nick Faldo Design (US) is a company under common control. At the balance sheet date, £45,474 (2022: £nil) was owing to the company from The Faldo Trust for Tomorrow's Champions.
Nick Faldo Design (Overseas) Limited is a company under common control. At the balance sheet date, £9,943 (2021: -£19,493 & 2022: -£2,967) was owed by the company to The Faldo Trust for Tomorrow's Champions
The Faldo Trust For Tomorrow's Champions (Asia) Ltd (company limited by guarantee in Hong Kong) is a company under common control. At the balance sheet date, £617 (2021: £6,213 & 2022: £40,617) was owed to the company from The Faldo Trust for Tomorrow's Champions.
Faldo Enterprises US is a company under common control. At the balance sheet date, £32,410 (2021: £785 & 2022: £32,410) was owing to the company from The Faldo Trust for Tomorrow's Champions.
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