COMPANY REGISTRATION NUMBER: 0509018D CHARITY REGISTRATION NUMBER: 1110733 Ryder Cup European Development Trust Company Limited by Guarantee Financial Statements 31 December 2022 *ACCZSEGb• 2WW2023 COMPANIES HOUSE Ryder Cup European Development Trust Company Limited by Guaranteè Flnan¢ial Ststements Year ended 31 December 2022 Page Trustees. annual report {incorporating the directorfs report) Independent auditols report lo the members Statement of financial activities (including income and expenditure account) 11 Statement of financial position 12 Notes to the financial statements 13 Ryder Cup European Development Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) Year ended 31 December 2022 The trustees, who are also the directors for the purposes of Company law. present their report and the financial ststemenls of the chanty for the year ended 31 ￿ember 2022. Reference and admintsirative details Reglstertd charity name Ryder Cup European Develcomenl Trust Charity reglstration number 1110733 Company registration number 05090180 Principal office and registered 7 Victoria Road office Tamworth B79 7HS England The trustees Mr PAnderton Mr F L Kirsten MrJ E Mannie Mr K D S¢hofiehJ Mr l L Fiandell Company sKretary Mr M Cr￿k Auditor Haslehursts Limited Chartered accOunt￿lS & statutory audrtor 88 Hbll Village Ro&J Four Oaks Sutton Coldfiekl Wesl MKllands B75 5BE Bankers Lbyds TSB Pk Bim)ingham Ro•J SLrtton Coldfiekl Solicitors Lodders sol￿t01$ LLP Number 10 Elm Court Arden Street Stratford-uponthvon Warwickshire CV37 6PA Ryder Cup European Development Trust Company Limited by Guarantee Trustee5' Annual Report Ilncorporating the Directorfs Report) (continue Year ended 31 December 2022 Structure. govemance and management Governing Document Ryder Cup Eur¢)pean Devek)pmenl Trust i% a ccmpany limited by guaranlee govemed by ils C￿ginal 2004 memorandum and Consolidati￿ into consistent Art￿￿$ of Asso¢iation in 2017. It is registered as a charity with the Charity C￿mi￿lon. Appointment of Trnstees As sel OLrt in the Articles of AsscKiation. the chaimian of the Iruslees is nominated by Confederation of Professional Golf Ltd Ifornierty The ProfessKJnal Gdfers, Associations of Europe Limiledl. the sole member of thi5 charitable company. Four of the Iruslees. including the Chairman, are also nominated by Confederation of Professional Golf Lt¢J. The tru51ees have the power to Cr￿P1 up lo three further d1￿CtOrS or trustees wrth p3￿cUlar interests or expertise. Truste¢ Inductlon and Trnining New trustees undergo an orientstion lo b￿1 Ihem on thwr legal obligations under charity and company law. the content of the Art￿leS of Assoc¢*ion. the Committee and decision-making processes, the business plan and recent financial performance of the ¢harity. During the inductKJn. undertaken by the CompBny Secretary. they meet and integrate with other tNslees. Trustees are encouraged lo attend apprcori*e external training events where these will faclrtate the undertaking of their role. Organlsation A board of trustees of up to 7 members. who meet a minimum of twice per year, adminislefs the charity. The Secretary 1$ appointed by Ihe trustees lo manage fiscal and governance activity of the charity. The trustee5 have delegated day lo day management of the chanty to Ihe Confederation of Professional GOK Ltd, the sole member of the charity- Each credible prqecl applicat￿￿ is assessed by the Confederation of ProfessKJnal Golf Ltd. who report on the suitsbilty of the project lo the main board of trustees, who then adjudicate as to V4helher fomial financial support from the Trust should be made. Advice ofapproval of grants can only be issued ty the Chaim)an or the c￿panY Secretary and support staff of Confederation of Professional Gow Lld administer and monitor applications and prqects. providing continual feedback lo the board of Iru51ees. Related Parties The ¢haTty'5 wholly owned subsidiary. Ryder Cup European Development Limited. was estsblished lo be a 20% member of Ryder Cup Europe LLP. and Is in its nineteenth year of operation. Ryder Cup European Development Limrted grfi aids all of its piofrts to the charity (see note 3 to the accounlsl. The ullimale controlling party of the Chanty is the charity's sc4e member. Confederation of Profe$$iDnal Golf Limited. Rlsk Management The trustees have a risk management strategy whKh ccfflprises.. an annual Teview of the risks the Charitab￿ c￿npanY may face.. the establishment of systems and procedures lo mi119ale those risks identified in the plan., arKI Ryder Cup European Development Trust Company Limited by Guarantee Trustees, Annual Report {Incorporating the Directorfs Report) (conlinutdl Year ended 31 December 2022 the implementation of procedures desNJned lo minimise any potentkgl impact on the charitable company should those risks matellalise. The key financial issue is that the Trust curienlly onty comrnil foimal fixed sums to approved chafilable projects within the finite values generated by the Trust's wholtyowned Subsidiary from Ryder Cup homes matche5 in Europe. The most recent matches in the Unrted States in September 2021 were concluded and the trustees are aware of the funds available to them until the next home match in ltsly in 2023. A key element of financial risk is the setting of a reserves pdicy and rt5 regular review by trustees. The pri￿1PaI non-f1nar￿lal risk to wh￿h the Trust is exposed ts the risk of poor selectKJn and nw)nitoring of projects with the effect being that the charitable activities of the T￿st are limrted in temis of making a drfference lo the development of golf in Europe. In ensuring the charitable company has sufficient liqu*J resources to meet rts liabilities as they fall dve the Iruslees have reviewed in detail the charitable CoMpan￿S cash fFow projections. The charitable company'5 marn source of income. olherlhan investment income, is amounts grft aided by ils subsidiary. Ryder Cup European Development Limrted. In tum. the onfy source of revenue of its subs￿l3ry is profil distributions from Ryder Cup Europe LLP, in which Ryder Cup Development Limited ts a partner. from the hosting and staging of ELrropean Ryder Cup matches. On this basis the Iruslees have a reasonable expectation that the charitable company wtll have adequate resources to continue in operational exislen¢e for the foreseeable future. Accordingty, they adopt Ihe going concern basis in prepariThJ the annual ￿PC￿( and ac￿unIs. Objectives and activltl•s The objectives of the charity, as described in Art￿leS of Ass¢xialion, are to promote community parti¢ipalion in healthy recreal¥)n in Europe, in part￿Ular by organising lor a5sists.ng in the organisalion or provision of).. Provhling golf c¢)aching Providing go￿1n9 equipment Promoting 9oW competrtions" and Such other exduswety Charitab￿ objectNes as the trustees may frtxn lime to lime in Iheir absdute discretion detemiine. Theso remained the obiectives of the charty thTc*Jghout the financial year. The Trustees have developed a Strateg￿ ￿an *ith fNe pillars in line with the objects and continue to seek worthy golfing projects in Europe that sattsfy its obje¢lNes, and is in contsd wilh the local Professional Golfers, Association I'PGA") and Golf Federations in each country Iwhere such bodies exist) lo lake on further mitiatNes that coukj invdve the TrLtst. kn.ke￿ (but nol exclusive} re¢ipient$ of granlsldonations are those institutions Wthin the swt whose strategies are altruist￿ and k)ng-term for the sport. including the encouragement ol wider part￿1patiOn. The T¥usl and its objectives were promoted lo the professional and arnaleur go￿￿9 inslrtulions across Europe throughout 2022. The trustees confifm that they have referred lo the guidance contained in the Charity CommissKJn's eneral guidance on publbc benefit when reviewing the Tru51's aims and objectives and in planning future aclivilies. Ryder Cup European Development Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Iconiinuedj Year ended 31 December 2022 Achievements and perfonnance Support from the charty Complements third paty and local fvnding lo achieve its obJ'ectNes. This fundirBJ is in addition lo the provision ofguidance and experience from the Trust, its sole member, Confederation of Professional Golf Ltd and the members of that association who are national Professional Gollers, Associations. In 2022 Ihe Trust supwled the follcN4ing organisalions and projects.. Golfsixes League. EDGA. Golfiesla (Hungary) and PGA of Ukraine. The sole member Iconledefalion of PrOfeSs￿nal Golf Ltd) continues rts edUcat￿n programme across Europe with and through rts 32 European member countries (including an Annual Congress) trom support recerved lo dale. A Var￿tY of Measu￿ continue to be used to evaluate each Trust project over 8n extended period. These measures will be qualtstNe as well as quanlrtalNe. The Trustees are satisfied wrth Ihe general success of prqecls grant aided to dale within the scope of funding available. During the year enhanced applIcat￿n. report￿9. and payment aUtI￿rISation pr￿e(lureS were implemented. A new strategy has been implemented during 2022 across the identified fNe strategic priorit￿S.. Education, Participation, Gdf for All & Goff for Good, Insights, and Player Development. The first S￿nIfICant prqed lo be supporte(J is The European rollvout of the Goltsixes League in ¢ollaboralion wtlh The R8A, European Tour. Confederation of Professional Goll and the Ladies European Tour. Ryder Cup European Development Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (witlnuedj Year ended 31 December 2022 Flnanclal review The charity al present mainty accrues funds by deed of covenant fr¢)m ils subsidiary. whi¢h is a partner in Ryder Cup Europe LLP. whKh stages and manages the biennial Ryder Cup rnatGhes between Europe and the USA. The majorrty of proffts of the charity's subsidiary are from the Ryder Cup. and such profits are dependent on home matches in Europe. which occur every four years. Wrth the next home match having been delayed due to the COVID Pandem￿ until September 2023 in Rome. Itaty. Six European projects were grant ahded in 2022 with repeat payments on these project5 (only where appropriatel anticipated going forward to enable their sustainability as part of the Trust's objective5. A number of suitable projects are under consideration by the Iruslees al the dale of this feport. The funds of the Trust of £459.786 al 31st December 202212021.. £276.576) put the charity In an advantageous Fosilion to meet f(s obieciives overthe ¢cxning yeais. DurirvJ the cur￿n1 yearthe charty made charitable donations of £180,111 12021.. £125,$001. Investment Powers and Policy Under the Arti¢le5 of A￿o¢latiOn. the chanty has the PCF•¥er to irbvest in any way the trustees wish. The Trustees. having regard to the liqvidty requirements of Ihe Charty arxl to the reserves policy. have cperaled a policy of keeping available funds in an interest-bearing dekY)Sit account and seek to achieve a rale of deposit interest which matches or exceeds infl*Éon as measured by Ihe retail prices index Whe￿ possible. ReseN¢s Policy The trustees anticipate the charit￿$ subshliary making deed of covenant Payments into the charity relating lo profrts tt has eamed from home Ryder Cup matches. The trustees intend to fund selected goving proieels to the level that these lunds pemiit with careful project selection to avoid challenge, risk and Itabilty. The organisation has sufficient reserves lo continue operating going forniards. The actual reserves at 31st Decenkner 2022 were £459,786 {2021.. £276,576). Plans for Future Periods The dear objectives of tt)e Trust for golf in Europe. as outlined. will not change in future periods. The trustees intend to maximise the use of the finrte funds available from 2019 with donat40ns of sufficient size lo make a difference in a given country bul not loo large to reslri¢l erther the volume of projects, or the number of countries, to which funds are granted. Trustees. responsibilities sLit•ment The Irust*s, who afe also directors ￿the purposes of c(ynpany Iw. are ￿Sponsible for preparing Ihe trustees, report and the financial statements in accordance wlh applicable law and United Kingdom Accounting Stsndards (United Kingdom Generalty Accepted Accounting Practice). Company law requires the charity trustees to prepaTe fina￿￿1 slalements for each year whieh give true and fair view of the slate of affairs of Ihe Charrtab￿ company and the incoming resources and application of resources. including the incc¥ne a￿1 e¥pendrture, for that period. Ryder Cup European Development Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (cOn￿￿e￿I Year ended 31 December 2022 In preparing these f￿anUal stslements. the Iru5tees a￿ required lo.. select suitable a¢￿untry polKies and then appiy them eonsi5tentty" observe Ihe methods and princples in the app1Ka￿e Ch￿rt￿ SORP: make judgments and accounting estimates that are reasonable and PnKlent', Prepare the financial slalements on Ihe going con¢em basts unless it is inappropriate to presume that the charity will ¢￿tinUe in business. The trustees are responsible for keeping •Jequ*e acccyJnting re¢ord$ that are sufficient to and explain the charity's transactions and disclose wrth reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They a￿ also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the PreVent￿n arKI detecti￿ of fraud and other iffegularities. Auditor In accordance with company law. the chanty's Trustees certfy that.. so far as they are aware there is no relevant wjdit irrfQm￿t1on of whith the charitable company's auditor is Lrnaware- and Ihey have iaken all the steps that they ought to have taken in order lo make themselve5 aware of any relevant audrt information and lo establish that the charty's auditor is aware of that informal￿n. This confimalion is given and shouhl be interpreted in a¢¢ordance with the provisions of s418 of the C(*npanies Act 2006. The auditors. Haslehursts Lim(¢ed. wll be proposed for reappointment in xcordance wrth Section 486 ol the Companies Act 2006. Small company provlsions This report has been prepared in ￿cordanCe with the provisK)ns applica>le to companie5 enlilled lo the small Compan￿ exemption. The Iruslees. annual retM)rt was approved on ..2S: oq . LS.. and SNJ trustees by.. on behalf of the board of Mr l L Randell Director Mr M Cro( Charity Secretary Ryder Cup European Development Trust Company Limited by Guarantee Independent Auditorfs Report to the Members of Ryder Cup European Development Trust Year ended 31 December 2022 Opinlon We have audited the financial statements of Ryder Cup European Oevelopmenl Trust lthe'charity,) for the year ended 31 December 2022 wh￿h comprise the ststemenl of financial activrties lincluding income and expenditLJre account). statement of financial posrtion and the fel*e¢J notes, including summary of swnificanl accounting pdicies. The financial reporting framework that has been applied in their preparation is applicable law and Unrted Kingdom Accounting Standards. in¢luding FRS 102 The Financial Reporting Standard applicabk in the UK and Republic of Ireknd IUnf(ed Kingdom Generally A¢¢epted Accountin9 Practice). In our opinion the financial statements.. give a true and fair view of Ihe state of the charrty's affairs as at 31 Decernber 2022 and of ils incoming resources and application of resouices, including tts income and expenditure, for the year then ended.. have been propety prepared in acccKdance with United Kingdom Genefalty Accepled Accounting Prath"ce', have been prepared in acC￿d￿e with the reqU1￿MentS of the Companies Act 2Ctr%. Basis lor opin￿n We Conducted our audrt in accordance wth International Standaids on Auditing (UK) {ISA$ IUKII and applicable law. Our responsibilities under those standards are further described in the audilorfs responsibilities for the audrt of the financial ststement5 5ects.on of our report. We are independent of the charity in accord8nce with the ethical requirements that are le￿vant to oui audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fu￿•lled our other ethical responsibiltties in accordance wrth these requirements. We believe that the audit evidence we have Itained 1$ sufficient and appropriate to provth a basis fw our opinK)n. Conclusions relating to going concem In audrting the financial statements. we have concluded that the trustees. use ofthe goirkg concem basis of accounting in the preparation of the financial slalements is appropriate. Based on the work we have perforn￿. we have not identif￿d any material uncertainlie5 relating lo evenls or conditions that, individually or cc4lecltvety. may cast signifi'cant doubt on the charity's abilty lo ntinue as a going cown for a per￿ of at ￿a51 ￿efve rThJnths from when the financial statements are aulhorised fot issue. Our responsibilrties and the responsitrdities of the trustees with resreet to going concem are described in the relevant Sect￿nS of this report. Ryder Cup European Development Trust Company Limited by Guarantee Independent Auditofs Report to the Members of Ryder Cup European Development Trust lcontrnuedj Year ended 31 December 2022 Other infomiation The other infL¥malh￿ comprises the information ￿cluded in the annual report, other than the financial ststernents and our auditorfs report thereon. The trustees are re5POnsible for the other inlormation. Our opinion on the financial statemeals does nol cover the other information and, except to the exienl othe￿ise explicitly stated in our report. we do not express any fomi of a$surar￿e conclusion Ihereon. In connection with our audrt of the frnancial sialements. our reSp(￿SibIlity is to read the other information and. in doing so, consider whether the other infomiation is materially incon51Stenl wrth the financial statements. Of our knowledge obtained in the audit or othe￿iSe appears to be materially misstated. If we identify such rnaterial inconsistencies or apparent malerial mi551atements, we are Tequired lo determine whether there is a material msststement in the financial statements or a material misstatement of the other infoimalion. If. base(J on the work we have perfomied, we ¢on¢lude that there is a material misstalemenl of this other information. we are required to report that fact. We have nothing lo report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the wort( underta(en in the course of the audrt.. the information given in the Iiustees. report for the financial year for which the financial stslemenls are p￿pared is consistent wrth the financial slatemenls" and the Injstees, report has been prepared in accordance wrth appficable begal requirernenls. Matters on which we a￿ required lo report by exception In the light of the knowledge and ur)derslarKling of the charity and ils environment obtained in the course crf the audit, we have not idenlffied malerial missl8lements in the InJslees' report. We have nothin9 to report in respect of Ihe following m*ter$ in relation to whth the CompanEs Act 20ChS requtres us to report to you rf. in cyJr cpinion.. adequate accounting records have not been kept. or retvms adequate fcrf our audit have not been received from branches not visited by us., or the financial sL*emenls are not in ￿reement wilh the accoLtnting records and retums" or eertain disclosures of trustees. reMuneratiC￿ specffj*d by l&¥ a￿ not made,. or we have not received au the inform*kJn and explanations we requwe our audit". or the trustees were I￿t entitled to prepare Ihe finanual ststemenls in a¢cordan¢e wrth the small ccxnpanEs regime and take advantage of the small companies. exemptions in preparing the ire¢tors' report and from the requirement to prepare a strategic report. Ryder Cup European Development Trust Company Limited by Guarantee Independent Auditor's Report to the Members of Ryder Cup European Development Trust {¢oniinwdJ Year ended 31 December 2022 Responsibilitles of trustees As explaine(I MO￿ ful￿ in the Iru51ees' ie5ponsibililies statement, the trustees (who are also the directors for the purposes of company lawl a￿ responsibteforlhe preparation Dfthe financial st*ements and for being satisfied that they gwe a tnje and larr view. and for such intemal Control as the trustees delemiine is necessary to enabk the preparati￿ of finarKk41 statemenls that ¥e free from material misstatement. vthethef due lo fraud or error. In preparing the financial ststements, the trLtstees are responsibl8 for assessing the ¢hanVs ability lo continue a5 a going concem, disclosing, as applicable, matters related to 9￿￿9 concem and using the going concern basi5 of acwunling unte5S the trustees eithw ￿tend lo liquidate the charity or lo ￿se operations. or have no realistic allemative but to do so. Auditorfs rg$pon$ibllltles for the audrt of Ihe finan¢lal statgments Our objectives are to dyl￿n reasonable assurance about whether the financral statements as a whole are free from material misstalemenl, whether due lo fraud or error. and lo issue an audrtorfs report that includes our opinion. Reasonable assurance is a high level of assLtrance. but is not a gu8ranlee that an audit conducted in accordance with ISAS {UK} wll a￿ayS detecl a material misstatement when il exists. Misstatements can arise from fraud ty erfor and are ¢onsKlered material rf, individually or in aggregate, they coukl reasonably be expected to influence the economic decisions of users tsken on the basi% of these firwlcial statements. Irregularities, including fraud. are in5tsnces of non-comp11a￿e wrth laws and regulations. We design procedures in line with our reswnsibilities, ouuined above, lo detect material missL*ements in respect of Irregularit￿S. including fraud. The spe¢rfic piocedures for this engagemenl and the extent lo which these are Capable of detecting i￿egula¥rtieS. inciudw)g fra￿￿ is detailed below.. We obtained an understanding of the company's legal and regulatory framework and the industry in which it operates. We consKlered the risk of acts by the charty that might have contravened applicable laws and regulations. including fraud. Our audrt procedures were designed lo respond lo the risk, re¢o9ni5ing thai the risk of not detectin9 a malerial misst*ement due to fraud is higher than the risk of not detecting one resuliing from error. as fraud may involve deliberate concealment Ihrou9h forgery. intentional representstions, or cdlus•Jn. We focu5sed on laws and regulations which could give rise to a material misstatement in the financial statements. including. bul nol limited lo the Companies Acl 2006, Charrties Act 2011 and UK tax legislation. Our lests included agreeing the financial stslemenl disclosures to underlying supporting documenlalion. enquiries wrth managemenl and Ihird party company representstives and reviewing Minutes of meetings of those charged with governance. There are inherent limilatsons in the avdit procedures described above and, the lurther rLymoved rton-ccynpliance with laws and regulations is from the events and trans&lions reflected in the financial statements. the less likely we would be¢c*ne aware of it. We did not identify any key audit matters relating lo irreguiarilies, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, includin9 teslingioumals and evaIL￿ting whether there was evidence of bias by the trustees that repcesenled a rTrsk of material misstatement due lo fraud. A further description of our responsibilitws for the aud(( of the financial statements is I￿ated on the Financial Reporting Council's websiée at ww*.frc.org.uklauditorsresponsibilities. This descrwton forms part of our Report of the Audrtor5. Use of our report Thts rewt is maje solely to the charty's members. as 8 body. in accordance ￿th Chapter 3 of Part 16 of the Companies Act 201%. Our audit woth has been undertaken so that we myhl state lo the charity's Ryder Cup European Development Trust Company Limited by Guarantee Independent Auditorfs Report to the Members of Ryder Cup European Development Trust (continuedj Year ended 31 December 2022 members those matters we are requFred to slate lo them in an audrtorfs report and for no other purpose. To the fullest extent perrnitted by law. we do not accept Of assume responsibilty 10 anyone other than the charty and the charity's Membe￿ as a body. for our audrt work. this ieport. or for the opinions we have fonY)ed. £ p p Stuart Penfold (seni￿ SlatLrtory Auditor) For and on behaw of Haslehursts Limited Chartered ac¢ountants & slalLrtory audilor 88 Hill Village Road Four Oaks Sutton Coldfield Wesl Midlands 875 5BE 27 0%. Zo2 10 Ryder Cup European Development Trust Company Limited by Guarantee Statement of Financial Activities lincluding income and expenditure account) Year ended 31 December 2022 2022 Unreslricled fvnds Total funds 2021 Total funds Incom8 and endowments Donations and legacies Investment income 473,422 1,908 475,330 473,422 1.908 475.330 18.161 1,173 Total income 19,334 Expenditure Expendilu¥e on charitable a¢tivities Other expenditure Total expenditure 180,111 112,009 180,111 112.009 125,500 78,174 292,120 292,120 203,674 Net incomel{expenditurel and net movemgnt In funds 183.210 183,210 1184,340) Reconclliation of funds Total funds brought foiward Total lunds carried forward 276.576 276,576 460.916 459,786 459.786 276,576 The statement of financial 8CtNthes includes all gains and losses recognised in the year. All income and expendrture derive fr(%n ￿ntinuIng acti¥￿e5. Th• not•s on Pa9￿ 13 to 18 forni part olth•se financial statements. 11 Ryder Cup European Development Trust Company Limited by Guarantee Statement of Financial Position 31 December 2022 2022 2021 Fixed assets Invesln*nts Current assets Debtors Investments Cash at bank and in hand 10 11 3.610 113.181 393,830 510.621 3,610 261,274 34,395 299.279 Credltors: amounts falling due withln one year Net current assets 12 50.836 22,704 459.785 276,575 Total assets less current liabilities 459.786 276,576 Net assets 459,786 276,576 Funds of the charity Unrestricted funds 459.786 276,576 Total Charity fvnds 13 4S9,786 276,576 These financial sLgtements have been prepared in xGordance wth the provisions applthble lo ompanies subject to the smal compan￿. regime. These financkil slalements were approved by the board of trustees and authorised for issue on . oq :.IA., arKI are sKJned on behalf of the board by.. Mr l L Randell Director The not•s on paw 13 to 18 lomi part olthese flnaneial statements. 12 Ryder Cup European Development Trust Company Limited by Guarantee Notes to the Financial Statements Year ended 31 December 2022 Aw>unting pollcies Basls of preparation The financial statements have been prepa￿0 in accordance ￿¢h Accounling and Reporting by Charities.. Statement of Recommended Practice appl￿ble lo charities preparing their accounts in accoidance with the Financial Reporting Standard applicable in the UK Republic of Ireland IFRS102} and the Companies A¢t 20(￿. The principal a¢￿untIng policies adopted in the preparation of the financial statement$ are set out below. The Ryder Cup European Devewnenl Trust meets the definrtion of a public benefit entty under FRS 102. Assets and IK?bilities are recognised at hislorical cost or transactKJn value unless othenvise stated in the relevant accounb.ng poliw rlote. The charitable company is ir￿rated in the United Kingdom. The charrtable company has taken advantsge of the exemption in Sect￿￿ 398 of Companies Act 2006 from prepariThJ C￿s011dated financral statements as it qualffj￿ as a small group. The charitable eompany has taken advantage of the exemplkjn under the SORP. being a small chafity. from presentation of a cash flcwl statemerrt. FRS 102 required the trustees lo conshler whether the accounting polic￿ adopted in these financial statements are those judged to be the rnosl appropriate to the charrtable company's circumstances and reviewed regularty and changed as required. The Iruslee5 have ¥evEwed the accounting poI￿leS and are salisfied that they are the most appropriale. have been consistentty applied, and are also consistent ￿th requirements of the Companies Act 2006, the Charities Act 2011 and accounting starhdard5 in the UK. Going concern The chafity's activities. together with Ihe fadors likety to affect its fulure development. performan and position ale set oul in the report of the trustees on pages 1 to 6. The charity's main source of income. othei than investment income and a singk event, 15 amounts gift aided by ils subsidiary Ryder Cup European Development Limited. In turn. the onty sour¢e of revenue of ts stjbsidiary is profil dislriblrtions from Ryder Cup Europe LLP, in which Ryder Cup European Development Limited is a partner, fr(m Ihe hosting and st4ing of European Ryder Cup matches. Other than haritsble donations, which are discretionary, travel expenses. audit fees and olheT Statutory charges. the charitls Cost base is minimal. As a consequence. the trustees belEve that the charty is well ptaced to manage tts business risks succe551ulty despite the current uncertain eMnomi¢ outlook. After makin9 enquiries, the trustees have a reasonable expectation that the chanty has wjequate resources to conlinue in operational existence for the foreseeable futur8. A¢¢ordingly, they conlinue to wjopt the going concern basis in preparing the annual ￿pOrt and accounts. 13 Ryder Cup European Development Trust Company Limited by Guarantee Notes to the Financial Statements Year ended 31 December 2022 Accounting policies feonDnuerfJ Judgements and key source5 016Stimation uncertalnty The preparation of the finawal staten*nts in conformty ￿th generally accepted a¢￿unting principles requi￿$ the Director lo make estimates and assumptions thal affect the reported amounts of assets and liabilitses and dis¢k)sure of contingent assets and liabilities al the date of the financial statements and the reported amounts of tumover and expenses during the reported pe￿tra. Actual resuft5 in the future could differ from those estimates. In this Tegard, the DiTecloT believes that there are no key judgements or estimates necessary. Income tax The company 1$ a registered charity. and as such is entitled lo certain lax exemplions on income and profits from investments. and surpluses on any trading activrties car￿d on in fvrtherance of the charws primary obiedjves, rf these profits and Surpluses are applied solely for charilable purposes. Fund a¢￿Unting Funds held by the charity". UnTe51ricted general funds - these are funds which can be used in a¢cordance with the charitable objects * the discretion of the trustees. Incoming resources The charity primarity &crues fvnds by deed of coven￿1 from ils subsidiary, which is a partner in Ryder Cup Europe LLP which stages and manages the biennial Ryder Cup matche5 between Evrope and the USA. The prinary Fn¢(Yne of the charty ari5e5 from 11$ 20% slake in Ryder Cup Europe LLP, and such ￿coMe is dependent on home m*¢hes in Europe. which (xcur every four year5, the next home match being delayed due to Ihe COVIO Pand￿Jr￿¢ until Septwnber 2023 in Rome. Italy. Resources expend Expen¢&ture is included in the Stalement of Financial ActN((ies on an accruals ba$i$, inchjsive of any VAT which ¢ant)ot be recovered. Support costs consist entirety of govemance Costs which include those incurred in the governance of the charty and its assets and are primariW assooated with conslrtutional and statutory requirements. Support costs relate entirely lo charrtable actwrties, and $0 are allocated accordingly. Limlted by guarantee The charity is a comparry Iwnrfed by guarantee and has no share Capital. The liability of each member in the event of ￿nding-Up is limited to £1. 14 Ryder Cup European Development Trust Company Limited by Guarantee Notes to the Financial Statements (c￿11￿￿ Year ended 31 December 2022 Donations and 18ga¢les The wholty owned trading Subskdl￿Y. Ryder Cup Eur4)ean Developmenl Limited, which is incorporated in the Unite(l Kingdom. pays all of its proffts tothe charity by charrtable donation under gift aid. Ryder Cup European Development Limited is a 20¥0 partner in Ryder Cyp Europe LLP. which is the entity responsible for the staging of the European Ryder Cup matches every four years. The charity owns the entire share caprtal of 1 ordinary share of £1. t)onations re¢eNed in 2022 of £473.422 included £438,016 fri)m Ryder Cup European Development Limrted, wrth the remainder ieceNed from an unielaled third party. Donations of £18.161 received in the year-ended 31 Oecember 2021 were all from an unrelated third p*ty. Investment income Al of the ¢harity's investment inccrfne for iKJth 2022 and 2021 arises from an inlerest-bearing deposrt account. Expenditure on charitable activities by acti¥ty type During the year. the charrty granted donalion5 as folk￿$. ActNrties undertaken Total funds directly 2022 Total fund 2021 Eur¢Jpean Disabled GOW Association Conlederalion of Professional Goll Limited Annual Congress Subsidy ConfederatKJn of Professional Golf Limited Educational Programme PGA of Ukraine PGA of Spain R(*ert Kalkman FourKlatth (Hollandl Golliesta FFG Golfsixes 20.000 20.000 40.OLKI 40,000 41.713 64,575 3,625 64.575 3.625 61,500 565 4.342 6.910 6.910 17.380 45,001 45.001 180.111 180.111 125,500 The nature oflhe act￿rt￿$ funded is explained in the Trustee5' report. No giants or donations were m>Se to indwiduals. Other expenditure unrestn.cted Total Funds Uniesiricled Total Funds Funds 2022 Funds 2021 Administralional and travel expenses Audst services Legal and professional fee5 General oper*ing expenses 1,538 4.362 10.464 95.645 1,538 4,362 10,464 95,645 112.009 267 4,488 3,105 70,314 267 4,488 3,105 70,314 112.t)09 78.174 78,174 15 Ryder Cup European Development Trust Company Limited by Guarantee Notes to the Financial Statements (¢oniini*d) Year ended 31 December 2022 Trustee rnmunerdtion and expenses The charity had no employees during Ihe year or the prtor year and aC￿rdinglY i￿￿rred no staff COSt5. The ITuslees received no remuneration during the year Of the prior year in resped of their services lo Ryder Cup European Development Trust. Travel expenses of £1.418 were paid to F Kitslen and £120 to J Mannie during 2022 and £267 was paid to F Kirsten during 2021. Investments Shares in group undertakings Cost or valuation At 1 January 2022 and 31 December 2022 Impairment At 1 January 2022 and 31 December 2022 Carrying amount At 31 December 2022 At 31 December 2021 All investments shown above are hekl al cost Investment entities Subsidiaries and other Investments The charity owns 1 Olykn of the issued share caprtal of Ryder Cup European Oevelopmenl Limited, a company incorporated in Englarnl and Wales whose principal aclivrty rs to act as a partner in Ryder Cup Europe LLP. The net assets of Ryder Cup European Development Limrted al 31 Decembec 2022 were £19 12021 - net assets £25.6261 and the company's loss after tax for the year ended 31 December 2022 was £25.60712021 - £1,493). 10. Debtors 2022 2021 Other debtois 3.610 3.610 11. Investments 2022 2021 Cutrent asset investments- bank depjsits 113,181 261,274 Ryder Cup European Development Trust Company Limited by Guarantee Notes to the Financial Statements Iconthuerfj Year ended 31 December 2022 12. Creditors: amounts falling due within one year 2022 2021 Accruals and deferred income Other creilitors 10.836 40.000 10,704 12,000 $0,836 22.704 13. Analysis of charitable funds Unr•strlct¢d funds At 31 December 2022 At 1 jartU￿ 2022 Incl￿e Expenditure General funds 276.576 475.330 {292,120) 4S9,786 Al 31 December 2021 At 1 January 2021 I￿orne Expenditure General funds 460.916 19.334 {203.674) 276.576 14. Related partles Balance due Recharged Balance fromllto} in the year due Recharged In the y•ar 31 ended 31 fr¢Ynlllol 31 end•d 31 D¢cember (1g¢¢mber Decwnbei Oecember 2022 2022 2021 2021 Confederation of Professional Go Limited Expen5esldonalions with Ryder Cup European Development Limited 92.460 (40.000) 101.107 (12,000) 3,610 3,610 17 Ryder Cup European Development Trust Company Llmited by Guarantee Notes to the Financial Statements fe¢)tttrftued) Year ended 31 December 2022 15. Controlling party In the of the trustees. the uhwn*e controling party of the charity is the charivs sole member, Confederation of Professional GOW Limiled, Company registration number." 2774749. A company incorporated in England and Wales. who$e principal place of business 15 7 Victoria Road Tarnworth England B79 7HS and whose financial statements may be obtained by writing lo.. Cornpanies House. Cr￿*¥n Way. Cardiff. CF14 3UZ. The principal actNity of the ¢ixnpany is lo function as an Association of indNidual European country PGAS whose obieclNe is to act as a support role to membe15 on a business-to-business b8S1S. The Company strives to raise standards and opportunities collectivety across Euro￿ in the education and employment of golf professI￿al$ as well as representing member countries with govemmenls and other legisLative and influential bodies in the promotion of the garne and the interesls of professional golfers in general. Confederation of Professional Golf Limited exerases conti0] through nomination of four trustees. induding the chaiman. who are diredors of the charrtable compary.