COMPANY REGISTRATION NUMBEK. 05090180 CHARrrY REGISTrATION NUMBER: 1110733 Ryder Cup European Development Trust Company Llmited by Guarantee Financial Statements 31 December 2024
Ryder Cup European Development Trust Company Umlted by Guarant•• Flnanclal Statements Year end•d 31 December 2024 Page Trustees. annual report (Incorporating lh8 dlrectorfs report) Independent audltorfs report to the members Statement of financial actsvitles (Indudlng income arKI expendlture account) Statement of financlal positM)n 13 14 Notes to the financial statements 15
Ryder Cup European Development Trust Company Llmlted by Guarantee Trusts•$' Annual Report (Incorporating th• Dlrectorfs Report) Year end 31 Decemb•r 2024 The trustees. who are atso the diractors for the pu$9$ of cornpany law, Pf8S8nt ther Teport and tho finand81 statements of the charfty lor the year ended 31 0mber 2024. R•feronc• and admlnlAtratlve detall¥ R•gl8tor•d ch•rlty n•m• Ryder Cup Europ8an Devdopment Twst Charlty r•glstrallon numb¢r 1110733 Company rrylstr•tlon numb•r 050180 Prlnclpal ¢)ffk• ar r•9l*t•r•d 7 WlOrIa Road offl¢• TamwDrth 879 7HS England Th• tru•l••• Mr P Andertc Mr F L lQrsten fvlrJ E Mannle Mr K D Sthofiehj Mr l L Randell Comp•ny ••¢r•tsry Mr M Crook Audttor BK Plus Audt Um rrf House Walsall euslrMs Park Aklrfdgé Wals811 Wesl Mldlands WS9 ORB B•nk•rn Lloyth TSB PIC Blmlngham Rogd Solkltor• JMW Soliiitorn LLP 1 Byrom Place Spinningfields Man¢hesler M3 3HG
Ryder Cup European Development Trust Company Umlted by Guarantee Trusteos. Annual Report (Incorporatlng the Dlr•ctorfs Report) i¢onJRu Year ended 31 Decombor 2024 8tructuro, gov•rnanc• and m•nag•mont Govemlng Dowmont Ryder Cup Eun)pean Development Trust Is a ryjmpany Ilmbted by guarantee govemed by Its orfglnal 2004 memorandum and updated Artides of A68¢KI In 2017. It b rgglstered as a d)adty wlth the Charty C¢ynmisskffi. Appolntm•nt of Tru•t•08 As sot out In the Articles ol AssocJalion. the d[Ml of the trustees is nomlnalod by Confederatlon of Professional Golf Ltd (lormedy The Professlonal GoWer5' ASS10110ns of Europ8 Llmllad), the sol8 membèr of th18 charitsble company. Four of the trustees, IndudlThJ the Chalm)8n. are also nomlnaled by Confederatlon ol Professlonal Gow Ltd. The tru618es have the to cowt up to thre• lurth6r (fjrector5 or trustees vlih partiJ18r Inlerests or expertise. Trustso Induetlon and Tr•lnlng New ttea$ urKleryo an odenlatlon to brief them IM tholr legal obllgatlons under charlty end company 18w, the conteni of the Artlde8 of Assoeial#)n, tho conwntttee de¢isw)n m8klng woce8588, tha I$05$ plan and re(xnt finandal performancé of the charlty. Durfng the inoucllon, undertaken by the Company Secr8lary. they and Integrate wllh Othgr tnJsle8s. Trustees are 8ncournged lo attend 8pproprknte extemal traIn9 events where those 11 fadlltsle the undertaklng of ihelr role. Organl•allon A tJO8rd ol trustee8 ol up to 7 mombw8, who meet a mlnlmum oflwlce per year. admlnlgtsrs the charfty. Th8 S6cretary18 appointed by tho trustoes lo manage fisc818nd govemanc8 actlvlty ol the charlty. The tnjslees havo delegated day io doy man101th0 charfty to th• Crmfethtkln of Prof88slon81 Golf Ltd, the sole member of the charfty. Each crediblè proloct apptlcallon Is assessed by tt Confeder8llon of Professional Goff Ltd. who report i)n the suMabSlrty of the project to the rnaln board of trltee8, then adjudkate as to whether fomial finarKbal support fr(xn thg Tnjst should made. Advlce ofopproval ofgranls con only b&18swd by tho Chalman or Ihe Company Secretary and 5UPPOrt staff of Conlederalton of Profe55ional Gow Ltd admlnistor and mc¥)Itor appllcalion$ and projects. provldlng contlnual feedback lo the board of trustees. Relal•d Parth• The charftys wholty subslolary. Ftyder Cup European Devel0pffnt Llm5tgd. was estab118hed to be a 20% memb8r of Ryder Cup Europe LLP. and Is in tis Iwenty first year of opgratlon. Ryder Cup European Develwment Llmllad gfft alds all of 5ts wot118 to the drIty Iseo note 3 to the ac¢¢)unts). ullkna¢8 wnlrollkng party of the dorlty Is tho cknrfV8 sol8 rn*nb•r. Confedoratlon of Profes$lonal Golf Umlted. Rl•k Managem1 The tr4rdte h8v8 a rfsk managerr¢ strategy whkh coryrises: an annual rwlew ofth8 rl8k8 tho charilabkn c(mpany may face: the estsbll8hment of 8yStems pr(tedu lo mltwte th8 rlsks IdlIOd in the plan: and
Ryder Cup European Development Trust Company Limit by Guarantee Trust5. Annual Report (Incoyporatlng the Dlr•ctorfs Report) [•(•d) Year ended 31 Decemr 2024 the Implementation of proGedures tleslgned to Nunlmlso ary potenllal Inyct on the tharllable company should those risks mateflallse. The key finanthl188ue 59 that ts Tnjst trrnnty oty ¢cffirnSt ftjrmal ed sum8 to apwoved tharttabl wojects wlthln the rlte values gonerated by th6 Trusfs wholly owned sub$bJiary from Ryder Cup Europe LLP profft dlstrlbuuon followlrvd exh home match in Europe that occur over 8 four year ¢yd& (Ilve year cyde conduded In 2023 due lo postw)emenl d the 2022 match due to COVIDI. Ryder Cup Europe LLP did not generate Sufficient funds profft dlstrft)uknn in 2024. A key element of flnanclal risk h the settlng ol a roserth pollcy and Its re9 revi ty 1rust•. The financlal Ilabllllles of th8 Trust aro mlnlmal. The prfnclpal non-finand81 rlsk to vthlch the Trust18 exp08ed Is tho rfsk of poor $eledkn and mnltorfng of projects wlth the effect belTVJ that tha charftai4e adlwties of the Trust are Ilmlted Ln tems of makhg a dlfforen(x to the d6volopffl al gow In Euro. The charhabla companys maln s(r¢0 ol Income. (xher Ihan Investment Income. Is amounts glft aldad by Its subsldtary, Ryder Cup European Development Llmlted. In tum, the prlnclpal source of revenu8 of Its subskllary Is profit di5lrftrt1ons frcffi Ryder Cup Eurwe LLP. In whith Rydèr Cup Davdopment Llmlled Is a partner. from the hostlng and staglng of European Ryder Cup matches. Ryder Cup Europe LLP dld not generate sufficlent furKls for profft dlstrlbutbn In 2024 and in SurIng the chaflt8ble c4)mpany has sufficlent liqukl r8source8 to meet bts 118txlltl85 8s trY f811 the trustaes have tskon a cgutlw apprD8ch to proJgrt supw1 In 2024 arttj C11• to rovltrw In dfjtall tt8 ¢a¥h Iltrw projxlknm. On th1$ b8818 the truste08 have a rea¥onabl8 oxkwclatlon that the charltable company wlll have ad8quate resource8 to conunue In opernOnal exlstence for ts foreseeabl8 future. P£cordlngly thay adopt the golng concern b851s In wepartng the annu81 re[ and accounts. OblKtlv•• and actMII•• Tho oble(thes of tho charty. as desulbad En Artldos of Assoclakn, are to pr(xnoto communlty partldpallon In heallhy recreatbon In Europe. In partkular by cYgani8irKJ I assL8llng In the organlsatlon or provl8lon OQ: Provldlng gow wachlng Provldlng golflrtrJ equlpment Promoting golf competition8: ond Such thr axfvY farltable obj u Iho trustees may frcm Ilm• to Ume In Ihelr ablUte dl8cnd(Jn determine. The80 remolned th¢ objèctives of the ¢• tlwlhxrt the financlal yoar. The Trustees have developed a strategbc pkn wllh fve plllars In Ine wlth the owts and continua to seek worthy gofflng projects In Europe that sattsfy Its obl8CtiV8s and Is In contact vAlh the local Professlonal Gowers. ASSOdatk fpGA?. Golf Federnlw)ns in eath Country such bodi8s exi81) and other laading golf organlsations lo take on further iniliatives that Could Involve Ihe Trust. Likely (but not eXU¥0) r6cipi8nls ol grantsldonatlors are Ihose IrtitutIOnS within the sport whose straiegleg are 8ruIs11C and lo18 for th8 sport. induding the erKouragemenl ofwidor participan. The Trust and Its oblectfves were w0nled to the prOfesSkal and amatew GY)ffing Inslllullons a(Yoss Europe throughout 2024. The trustees conflnn that they have referred to the guKlan¢e contsln8d In tho Charty Comml8slon'8 gera[ guidanc£ on public benefftwhen rwiewirwj th•Tru$fs aims and obiecbves and in plannlThJ future 8Ctivillo&
Ryder Cup European Development Trust Company Llmlted by Guarantee Trustees. Annual Report {In¢orporatlng the Dlrectorf8 Report) (wndftuodj Year ended 31 December 2024 AChIev•nntS and performanc• Support from Ihe charitycc¥nFdernènts third party and local fundlry lo achlevg Its obAethes. Thls fundlng Is in addltlon to the provlthn ofguidance and experi8nc from tho Twsl, ts sde member. Confodaratlon of Professional Gotf Ltd and mambw8 of that association wfv) arn national Professional Gotf8rs' In 2024 tho Tntst contbnu8d to PpOrt a1 promote thè Gclfslxes Leaguo. and the Goll& Hoallh proJe¢L The sole member (fedeIoN of Profe88tcmal G(Af Ltd) c%nllrws Its aducallon programme across Europe wllh and through its 36 Europ•8n member countrle8. Indudlng holdlng on annual conference from support received to do10. A v8rlety of measures ¢tInue to be used to avaluale eath Tt PToJecl over an extendèd perlod. These measures wlll be qualllawve as well as quantitatlve. The Trustees aro sausfied wllh tho general success of wolects grant aided to dale wSthkn the Scope of lundlng avallab58. DIng the yow •nhancad appllcatlon. reportlng, and pgyment aLthr16a¢lon procwlures vmro imF4emented.
Ryder Cup European Development Trust Company Limitod by Guarantee Trusts•s' Annual Report (Incorporatlng the Dlrectorfs Report) {conllnu•dJ Y•ar endèd 31 December 2024 Flnanclal r•vl•w The charlty at wosont maknty 8cuues funds by dood of Cenon1 fr(ffi It8 8uLK8ldSary. wNch Is a pather in Ryder Cup Europe LLP. which stages arKI managas the bl8nni81 Ryder Cup match8s b8twn Europe and the USA. The Ma1 of proffits of charity's subsi(fiary ar6 from the Rydw Cup, and such profits ar8 d8pendent on home matches In Europe, whith 0Gr evwy fow years. A numb8r of sultstle prcts arg und8r cc)sldernlloTr by the trte85 at the dale of th18 repcvt. The funds of the Trust of £16,656 at 31sl Decembar 2024 {2023: £142.095) put the charlty In an advantageous to meet its obJe¢tNos ovèr tho comlrg r8. Durlw the tsjrrent year thg charSty made charflablo donations of £104.250 (2023: £202.946). Inv••lm?nt Powarn •nd Polky UrKlgr tho ArUcle8 of A8lcKaau. the Larfty ha8 the pmr to knve81 In way the tru8tae8 fjh. The Tru8t•e8. havlTrJ regard to the Ilquidlty requtrements of tha charity and to r08errf88 p0CY, hove operaled o lcY of keeplng avallatAe funds In an interest bearfng do11 aC{unt and 880k to achlova a rate of deposit Interest whlch matchos or exceeds Intslbn as m8asured by tho rntall prkes Indèx vthere possbble. RM•rvM Poll The Iru8teeJ antklpate ¢h8W8 8ubsldlary rnaklng deed of covonant pa>Trents Inio Ih? charlty relattro to profits It has eamed Irom hom8 Rydw Cup matches. The trust888 Intand to lund seleGted goffing pmfvcts lo the level that these funds permit vhth careful proAe¢t selection to avold challenge. rf8k and Ilablllty. The organlsauon has suffKlent reserves to contwiua oporatlng golffj forwards. TPhry actual reserm at 318t Oo¢•rnber 2024 were £16.65612023: £142.095). Plan• for Futur• P•rlod• The dear obJ8clve8 of the TN81 for gdl Ln Europè. a8 llInod. lll not change In fvture porknjs. The trustee5 intend lo maxlmi86 use of the ffinite funds avalable fn)m 2019 and 2024 *1)Ilst 80eklng other 80urcos of fundlng In ryder to mo01 Iho•e objectr¥88.
Ryder Cup European Development Trust Company Umlted by Guarantee Trustees. Annual Report (Incorporatlng the Dir•ctorfs Report) (wJrfnu•d) Year wded 31 December 2024 Trusteos. rn•pon•lbllltl•s •tatem•nt The trusleo¥. who are a150 dlreclors forthe purposes of (x)mpany law. are responsibla for prepariNJ the trustees. report and the financial slalermnts In accordance wllh awllcablo l•v and Unlted Kingdom Accounting Stsndards (United Kingdom Genwally kcepted ACcnting Pra¢tlce). Company * requlres the charlty Irustees to wepare flnand81 statem8nts lor eath year whlth &lve true and falr vlew of th& state of affairs crf th? charftablo ¢(Thpany and tho IoMIng rgsources and appllcatlcffj of r880Lrn. InclLKl1ry the knc4)me and expend#urn. kjr that perk)d. In preparlng the Ilnanclal Staiemthts. the InJste88 rewlred lo: ¥alact 8ult8blo accounllng Fdlcl88 and then appty thom ca)Mhtenty; ¢)bserrfe tho mothod8 and prIftd In the OP1¢able C1108 SORP; make Judgments and a¢counllng e81knth that ar• r•3$able arld wud•n¢ wopare the flnandal stalem6nts on the gohg cMcm ba819 Unl It18 Ingpproprfato to pre8um¢ thAt the charlty wlll <tInue In trAk81ne8$. The Iruslees are responslble for keeplng adoquate accountSng records Ihat arn 8uffl¢l8nt to show Jnd exaIn the charws transaclkMI8 and dlsclose with rOasc3b1e accuracy al any timo the financlal P08Won of tho chaty 8fKI enable Ihern to on8ure thal the finan¢lal 8talements comply wlth the Companles Act 2006. They 8re also resp)rffjlble ts $8feguardlng the assets of the charfty and h¢ncè for takln9 reasonable slep8 lor the prevenllon dectbn of fraud 8rKI othor Sffegularftle8.
Ryder Cup European Development Trust Company Llmited by Guarantee Trustees. Annual Report (Incorporating the Dirnctorfs Report) (¢onthu•lJ Year ended 31 December 2024 Audttor In 8ccordance with company law. the charitys Tntslees cerbfy that so far as they are aare there Is no relevant audtt lnfcrnti of vthEch the charltable company's audltor i¥ unayrare: and they have tsken all the steps that they ought to have tsken In order to make themselves aware of any relevant audit infomiation and to establk8h that thè chaiitls auditor is aware of that infomalion. This confinnation Is given arKI sl)ould be intwpreted in acc<xdance wlth the provlslons of 8418 of the Companles Act 21)06. The auditors, BKPlus Limited, wlll be woposed for reappointrnont in accordance wllh Sethn 486 of the Companies Act 2006. Small company provl•lon8 Thls report has been prepared In accordance wlth the provtslons applkabk8 to companTr8s ontbtled to the small companies exemption. The trust••s' annual rewt was approved on .3. 91.Dl.l.•kns.. and signed on behalf of the board of trustees by: r l L Randell Director Mr M Crook Charity Secretary
Ryder Cup European Development Trust Company Umlled by Guarant Independent Audltorfs Report to the Membors of Ryder Cup European Development TTht Year ended 31 DeCernr 2024 Oplnlon We have audlted the lknancl81 statements of Rythr Cup European Developrnent Tntst (th8'charW) fc th8 yoar ondad 31 December 2024 th8 8talement of financial actlvili88 (including Sncome and expendllure account). statement ol ffinand81 positlon and thè rolated notes. Includlng a summary of gnIfan1 accntIng policies. The finartL91 reportlng framework that has b88n 8pplied In thelr preparatlon Ss appllcoble law and Unlted lfjwdom Accounthg Slandards. IlUdIng FRS 102 The Flnanclal Reporting Slandard applWlo In tho UK and Rep of Irdand (Unlled Klrodom Genernlly xepted A¢countlng Practice). In txw OpInk the lknandal stsiemenls: glva 8 true and falr vlew of 8tal8 01 tha charitys 8ffalTS as at 31 Docembar 2024 and of Its Incomhg r8sources and apF'¢al5on of res0ws. IncI1n9 Its Incune and expendlture. for the year then anded: have b•en prcyerty wep8wed In nce wlth Untted Klngdom G¢neralty Accapied AcccMJnlltvJ have been prwwed In accord wllh Ihe requlrwnonts of tho C(Xnpla8 Acl 2006. B••ls oplnl¢ We conduthd our audlt In accordance wtlh Intematton81 Standards on Au(Htlffj (UK) (ISA8 (UKI) and appllcabla law. Our respons11lles under thos8 standards are fvrther descrfbed In the auditors respon8lbllld8s for the audtt of the financlal 8t8lements sectkjn ofour rewt Wo are Independent of the chgrlty In accordance with the ethkal requlremenls thal are rel8vanl to our audlt of the financlal 6tatemenl$ In the VK. Indudlng tho FRC'S Elhk81 Slandard. and we have fulftlled our other ethlcal resFonslblllUes In aordan w6th th8s8 requirements. We balleve thal the audlt evklence we have obtsined ts suffldonl and approFKlale to wovide a basls lor our opin1c. Conclulon• r•lalln9 to golng ¢onc•m In audlllng th8 financial ststemants, wo havo conduded that the Irugt8es' w of ts golng conc8m b8818 of accoUnn9 In the preparatlon of the Ilnanclal statoments Is approprlate. Based on Ihe work we have perfom)ed. we have not Identllled any rnatetsl wcertaInt$ relatlng to events or ¢ondltk)ns that. indSvldu8ltry ( colledvely. may $1 slwlflcant doubl on Ihe ¢hadty'$ ablllty to conllnue 88 0 gdng conc•m for a pwlod of al leasi iwdY8 monts frrm when th• finandal stalements are authorlsed for18sue. Our responsibilities and Ihe responslbHIUo8 of Ihe trust0 rnsp8Ct lo u)n¢em are de8ix5b In th8 relevant sectv$ of this report.
Ryder Cup European Development Trust
Company Llmlted by Guarants•
Independent Auditorfs Roport to the Membern of Ryder Cup European
D•v•lopmenl Trust
Year ended 31 December 2024
Othw Inforni•tlon
The other infom)ation comwlses the infommtkm Iluded In th8 annual rewL other than the finandal
statements and our aLvJltorfs rgWt thereon. The trusloos are resp>Blbie for the other Inlomiation. Our
op1n1 on Ihg finan(xal statements dogs not (x)ver tho 0th8r Infwnatiix and, excgpt lo thè axtent
othopwlse expl1dY stated In our repc¢ we do not express ary fomi of assurance CclUsIon th8reon.
In connectlon wlth our of the finandal statements, our responslbility Is to read th& olher Infomwtlon
and, In doing so, conshjer whether the other InfOrtiC h materlalty Inconsistent with the financl81
slatements or ¢)ur knowledge oblalned In the audll or olherw&e appear5 to be materlally rnlsstated. If
we Identlty Such mateiial Inconsistendes or appwenl materid mlsststements, we are raquired to
d8tsmiln6 thether Ihwe Ss o mater181 Th881a10M8nI In ts financial statements or a materlal
rnb8statem•nt of the other Infonnation. If. based on the w(k we have parf0n, wo condude that there
Is a malerSal rn18statement ol th18 o¢hor fm81k. wa arn raqulred to rewt that fact.
Wo have nothlThJ to r8POrt In th18 regard.
Oplnlon8 on other matt•rs prn•crfb•d by th• Cwip•nlM Act 2006
In our oplnlon. based the urKlertaken kn tha courne of the audlL'
the knf
Ryder Cup European Development Trust Company Llmlted by Guaranto0 Independent Audlto¢s Raport to tho Memb•rs of Ryder Cup European D•v•lopm•nt Trust Year •ndod 31 Docwnber 2024 Ro8pM•lbllltlH ol tru8ta As explatned more fully in the Intee5, respmbII1f5e$ slatornenl. the trustees {who are also Ihe dlrectorsforthe purpose8 ofcompany law) are resP)lto ts the Weparat oftho finan¢lal 81atements and for n9 satlsfied that thèy glve a tn and fair viww. and for such intem81 ccffltrcA as the trust888 dateine Is neCery to enable the wep8r8tlon of financknl statements that are Iree from mater1 Mlsstatemt. whether due to fraud or efror. In preparfng the fjnanclal statwnents. the tr18 ore lor a8sesglng th• charW8 81)Ulty to contlnue as a going (Xmrn. dlsdoslw. as applkable. matters related to golng concern and uslng th• golng concem basls of a¢antIng unless the tru8t888 elther Iniw)d io Ilquldate tho or to cea88 operallons, or have no realistic altem8llve but lo do so. -10-
Ryder Cup European Development Trust Company Limited by Guarantse Independent Audftorfs Report to tho Members of Ryder Cup European D•v•lopment Trust I7 Year end•d 31 Decembor 2024 Audltorfs responslIo•S for th• audlt of tho iln•n¢l•l •t•tem•nls Our oblecuves ore to obtaln reasonable assuran¢o about whether the finandol ststements a5 8 whole are free from material misststomonl. whether duo to fraud or or. and to issue an auditorf5 report that [ludes our oplnlon. Reasoftablg assurance is a hlgh level of &ssurance, t1 L8 r#)t 8 guarantee that an audlt conducted In accordanc w5th ISAS (UK) wlll aKvays detect a materlal ml88tatemanl wn 11 exlsts. Misstatemenls can artse from fraud rx erTor and are consld8rad material ff. Indfvtdually or or or In aggregate. they could tea$ablY be expethl to MnCe the ecor#)mk dedslons of us8r8 taken c the basls of these financial statements. Irragularltles, Indwllng fraJ, are Instsn¢es of norK0m18nea TArfth laws and rggulatlons. We deslgn procedures kn Ilne wlth our responsbllities, (dIned above. to detect material mls$tatemenls In respect of Irregularlles. includlng fraud. The Spedfic wocedures for thls engagement Bnd the extent lo whlch th888 8re capable of dot¢cb'ng Irregularlues, hcludty fraudls detalled beiow: We obtalned an underslandlng ol Ihe cg)mpariY8 Wl and regulatiyy framework and tho Industy In whlch It operat88. We consldefed the rbk ofa(ts Ery the chlty that mh3ht have Contravened appllcablo 18ws and regulaU6. including fraud. Ow audlt procodur08 w8r8 donad to respond to the rlsk, rewnisiry ihal the rfsk of rt detecttng a Materi misslalem•nt due to fraud ig hlgher than the rlsk of not detocung <9 resultlrvj from error, as fraud may Invofve dellberale concoalmgnl through forg8ry. lrtenllonal ropresfjntatlom. or eolu8knn. Wo focussed on laws and regulatkxw wh1 Ccwld glve r188 to a materfal mbslatemont In the flnanclal Statements, Indudlng, but rKIt Ilm5ted to the Companles Act 2006. Charth8 Act 2011 and UK lax leglslatlcl). Our tests Included agreeing the finandal stalemgnl dl8closures lo undetylng supportlng do¢ument8Uon, enqulrles wfth management and thkd paty cc#npgny represontatfve8 and revlewlng Mlnules of me8ting$ of ItM)se charged govenwnce. There aro Inherent Ilm6tattons kn the aud edurej described 8bove and. the further removed nortrccffipliance with18ws and regulatbns Is from the events and tran8act¢ons rellected In finarwl statements. the less Ilkely we Wld b•xme aware of11. We dld not Identify any key audit matters relgung lo Irre9an¥. Includlng fraud. As In all our audlts, we also addressed the risk ol managwnent overrkle of inlemal controls. InCIlIng tesunglourna and ovaluatlr•J whether thern was evhlenc• of blas ty th• truBle88 that rnpro•ented a rbsk olof matwknl mlsstalement due to fraud. A further descrfolon d our respon8lbHItIg8 for the audlt of the IlnarKl81 statement8 kn located on the Flnanclal ReFyUng Coun¢ifs web8Me at W4Y4Y.frc.org.uklaudltorsresponslbllltles. Thls descrlpllon fixm8 Part of our Rept of Iho fvJJdll(n. U•e of our r•port Thls report18 made to tha th8rWs members. ag a body, In a¢d98 wllh Chapter 3 of Part 16 of the Companles Act 2006. Ow audit work has l)8en undertaken so that we rnht State to the charity's members those mattefs we are requlred lo slate to them In an auditoes report and for no other PUTP05e. To the fu1188t extent permStted by law, we do r1 actept or assum8 res[sIbIl to anyon8 other than the charlty and the chartys memborn as a body. for ow audlt work, for thls report. or for the oplnlons we have fomed. Amy Cotterlll (Senlor Slatuty dItOr) 11
Ryder Cup European Development Trust Company Umltod by Guarantse Independent Auditorfs Report to the Members of Ryder Cup European Development Trust Year ended 31 December 2024 For and on behalf of BK Plus Audrt Llmlted Azzurri Houso Wolsall 8usln8ss Pa Aldrldge Walsail West Mldlands WS90R8 -12-
Ryder Cup European Development Trust Company Umltod by GuaTant ststem•nt of FlnancSal Athltles (Including Income and expondlturn account) Year ended 31 December 2024 2024 2023 funds Totsl fund• Total funds Incom• and endowments Donations arml legacbes Investment Income Othor Inwmg 29.957 587 124 29,957 587 124 1,592 Total In¢omo 30.668 1.592 Expendltur• Exp8nditura on charllabkn Other expervjlluro Totsl •xp•ndltur• 104.250 51,857 156,107 104,250 51,857 156,107 202.946 116.337 319,283 N•t oxp•ndllurn and n•t mov0m•nt In funds (125.439) (125,439) (317,691) Roconclllatlon of funds TrAal funds brought forward Total fund• c•rrf•d forward 142.095 16.656 142.095 16,656 459,786 142,095 The statement of fln8nclal actlvllles Includes 81198ln8 8rKI I*8 recogn18ed In the Yr. I Income and ¢xp6ndibJre derlve frcm Cunu1n9 acllvlues. Tho nole• on p•g•• 15 to 20 fgrnl p•rt of th•s• fknan¢l•l •tat•m•nts. -13-
Ryder Cup European Development Trust Company Limited by Guarantee Statement of Financial Position 31 December 2024 2024 2023 FIX aM•ts Investments Current a•8•t• Debtors Investments Cash at bank and in hand 11 12 3,610 16.031 40055 60h96 3.610 4.773 158,054 166.437 Credltorn: amounts falllng du• wlthln one y•ar Not current as80t8 13 43041 24,343 142.094 142.095 142,095 18,655 16,656 16,666 Total a•80ts leu curyont Ilabllltl88 Not a$ts Fund• of th• chaflty Unrestrlcted funds 16,656 18,866 142,095 142,095 Total charlty fund8 14 These financkl statements have been prepared In accordance *llh th• provS8k+ns appllcabl• to companies subject to the small companies, regime. These financial statements were approved by the board of trustees and auttrISed for 188ue on and are signed on behalf of the board by.. Mr l L RarKlell Dlrector Tho not08 on poge8 15 to 20 form PArt of the flrwn¢lal $lat•llont 14-
Ryder Cup European Development Trust Company LIMIt by Guarantee Notes to tho Flnanclal Statements Y•ar ended 31 December 2024 Accountlng pollcl Ba•1• of preparatlon Tho Ilnandal statements have been wep8r•J In a(xordanc¢ wllh h£wuntlng and Repn9 by Chaiitses: Staternt ol Recomrnended Practtc6 appllcable to ¢harftles kY8parfng thelr a¢¢ounts accordance the FlnanGial ReFthrwJ Standard applicable In the UK and R8publlG ol Iroland IFRS102) and the Companies kt 2006. The winc11 a¢UnIng pollcl88 adopted In tho preparallon of the finoncial Ststamenls aro 8Ot oul below. Tho Wer Cup Europoan Devek)pmenl Trust meats definition of a Publ ben8flt frntlty under FRS 102. hs8et8 and liabilitses aro re¢ogn18ed at hlstorlcal cost or transaCtiC value unl888 otharwlse stsled In the rntèvant accwntlng pdky rth. charltable cornpany18 Irwwt8d In tho Vnllad lQrydrMn. charliable cornpany ha8 tsken advanta of exemptbn kn Secikjn 398 of Companle8 Acl 2006 from preporlng con8olldal•J IlnarKlal statements as It qualllles as a Small group. charllable Company h89 tskon advanlago of tho exemplb)n under the SORP, bolry o 8mall chorty. from presents1k of • cash 8tatemenL FRS 102 requlred the truste88 to comlder whether thg aCC4)Unng wllcle8 gdopted In the80 finandal ststements are those Judged to be the most approprfato to tho charfIab companl8 drcumslances and revknwed regularfy and changed as roquked. Th8 trust8è8 have revlowed the accountlng rMYlcle8 artd are satlsfiod that they aro the most approprlato. havo been consbslantly applled. arKI are aL80 consSstenl wlth requtromants of the Crmpankn8 Act 2006. the Charltles kl 20118nd accounting $tandard$ In the UK. Golng conc•rn The ¢harfVs a¢dlI8S. togetherwSth the facawJ Ilkety to affect118 fijlure developmonl performance and poslllon we set out In tho report of the truslees M pages 1 to 6. Tho tharltls m•ln source of Income. other Ihan Investrnenl Incoff and a slngle 8ven(1s amounts gift alded by Its subsldlary Ryder Cup European Development Llrnlted. In tum. the mly source of revenue of Its Subsidlary Is profflt dlstrlbullons from Ryder Cup Europe LLP. In whlch Ryder Cup European Devalopment Umlted19 8 pathef. from the ho5n9 s¢aglng ol European Ryder Cup match88. Olhar than charllable donatlons. which are dk%rets(mary. travel expgnws. audit le68 and other stalulory ch8rg88. the charitys cost bose18 rnlnwTHI. A8 a ccmsequence, the trustees belleva that the charlty18 well placed to man8ga Its busIn6 rS8k8 8uccessfulty despite the Current uncertain economic outlook. After maklng onqulries, the trustees have a reasonable expedation that the charlty has adequate r6sourc8s to C£nIn In opgrallonal exl8tence for the for85eeable future. Accordlngly. they (x)nnUe to adopt tho golng concem bas1$ In weparing the annual report ar•J accwnts.
Ryder Cup European Development Trust Company Umfted by Guarantse Notés to the Flnanclal Statwn•nts (c(• Year •ndod 31 Decembor 2024 Acc<wntlng polkl•s (cwlthx Judg•m•nts and k•y $our¢M of •sllmatlon unc•rtalnty The preparnllon of the 15nanct81 stst•m8nts In ¢onfornity wlth genw3lly acceplod a¢¢ountlng prSn¢Sples requlres tho Dlrector to make esllmates and Umptn$ that affèct the raport8d amounts of assets and liabilfties and dlscaosure of contingent ats ILqbllMies al thg date of the financi818lat8ments and the reported amounts of In0ver and exp8ns8s durlng the reported partod. Actual re$uli8 in the futuro could differ Irom those estlm8t68. In th18 rogard, the Dlrector bellev that thére arn no key Judgements or 88timates necessary. In¢¢)m• tsx The company Is a reglstered chth. and as Is enllued to ¢ertaln tax exeMpU0 on Income arKI proflts from Investrn6nts, and surpluses on any trading 8thllles carrl8d on In furtherance of the charws pflmary obJecti¥s. N th080 pmfft8 arKI 8urplw8 are applF8d 8018ty for charltable purposes. Fund accountlng Funds held by the charlty: Unrestrkaod genwal funds - these we fvnd• can used In accordance wlth the dwritable Gts at th8 d18crellon ol the tr&8. Incomlng r••our charty prlm8rfty ac¢ThS lunds by deed of CAwenanl from Its subsldlary, whlch18 a partner In Ryder Cup Europe LLP whkh $lw wld rnonag88 the blannlal Ryder Cup matches belwgen Europfr Ihg USA The Pflmary Inme of tho charity arf8es from ils 24 Slake In Ryder Cup Europe LLP, aThl iuth Inc¢me 1$ depwKlent on m•t¢8 Sn Eur. ¥thlch ocw every four year8. Ro•ourc•• •xp•nd•d Exp8n(fiture Is ind10d Sn the Slalement of FlnpAthI Aclfvltth c an acuua18 ba81s. In¢l[vo of any VAT whlch cannot ba recovered. Support txsts con818t 6ntlrety of governance costs thlch Indud8 those Inujrred In the governanc8 of the charlty arKI Its assets 8fKI ar8 prlmariiy asKKialed wllh conslltutional and stabJtory roqulrerngnts. Supw1costs rdale entlrdy trtharllaL40 athiU88. and $0 8re allocated accordlngty. l UmM•d by gu•ranl•• The charlty l• a Company Ilmttad ty guarao0 arKI h86 no share capw. Tho Ihablllty of each member In the event Ofwlndlup Is Ilmltad to £1.
Ryder Cup European Development Trust Company Umlted by Guarant•e Notes to the Flnanclal Ststoments (¢¢wthwdJ Year ended 31 D0Mr 2024 Donallon• and ael•o The wlKJlky ¢yned tradlng Su1?ry. Ryder Cup European DeVelopmt Llmbted, whlch ts Incorp(Trted in the United iangdom, Pa all of its wofits tottrts charity by charllablo donatlon under glft aid. Ryder Cup Europ8an Development Limltad Is a 20% pather in Ryder Cup Europe LLP, whlth Is the entNy responsible for staglng of thè European Ryder Cup match88 every four y8ar5. Tho charfty owns the entlre share cathal of 1 ordinary share of £1. Donatlons of £29,957 ware recek¥ed In 2024. (£0 rece]ved In 2023). All donallcms rgcolvéd In 2024 were from unrelated Ihlrd partles. Inv•n•rt In¢om• l of the charws hvestnwrt kromè 2024 arKI 2023 wlses from an bntere8t.b8arfng deposlt account. Other Incom• UrnstrE¢led Total Funds Unrnstrlcled Total Fund3 Funos 2024 FuThJs 2023 Other Income 124 124 6. Exwdlturn on ¢h•rfl¥bl• xllvlUM by athlty typ• Ourfng tha yaw. the charlty wantod dwatkjns 8$ follm: AdlvlUe8 undortaken Totsl fund• dlrecty 2024 Tot81 fvnd 2023 Cleder•tknn of Profe88k)nal Golf Um#ed Annual Congrass Subskly Confedaratlon of Profe88k)nai Gow Un Educallon81 Prts3ramme FFG Gotf & Health Pr GOIX8$ PG4 d Croa 49.650 49.650 110,CI)O 13,518 4.600 .000 25.000 4.428 104.250 104,250 202.946 The nalure ofihe adSvltles furKled1s explaIrd h tho Truths, rwL No wants or donatlons were mado to Indlvlduab. -17-
Ryder Cup European Development Trust Company Llmlted by Guarantee Notss to the Financial Statsments Yaar ended 31 D8mber 2024 Othor oxpondllu vrStrted Total Fund• Unrestrlct8d Total Funds Fund$ 2024 Funds 2023 Imlnlstratlonal and Iravd expgn8es Audlt Legal and prolesskx)al fees Genernl ¢)peratlry expern 491 3.6LM) 11.394 36.372 51.857 491 3,600 11J94 36272 51I57 1.638 4.887 31.568 78244 1.638 4.887 31.568 78,244 116.337 116,337 Tru•tso v•rnuMratlon and expon•o• Tho chorlty had no employa88 durfng thg y•ar or thè prkK yoar and a¢¢ordlngly Incwred no staff Costs. The trustees recelved rK) remuneratlcffj durfng the year or th8 prlor year In re8P8Ct of thetr sepAces to Ryder Cup Europ8an Devek)pn8nt Trust. Travel expenses of £491 were pakl lo K Schofield durfng 2024 and £1.538 was pald to F Klrsten and £100 lo K Schofleld durlng 2023. Inv••tmonts 8haro8 In group nd•rtakln C¢ or valuatlon At 1 J•nu•ry 2024 and 31 D•rnbor 2024 Impalrnient 1 January 2024 and 31 DK•mb•r 2L124 Carrylng amount At 31 Dec•mb•r 2024 At 31 Dacembef 2023 All Invesknents sh¢ywn above arn hehj at cosL 10. Inv•8tment •ntiti Subsldlarf•s and oth•r Inv••lmnts Th8 charlty ¢ywns 11J)% of the Iswed Share eapltal of Ryder Cup European D8velopm8nl Llmfted. 8 company Incorporated In Engl8nd arKI Wales wlK)88 prirwal aclivity L8 to act as 8 partner In Ryder Cup Europe LLP. The not assets of Ryder Cup European Developmmt Limlied 8t 31 December 2024 were £41812023- net as5els £196) and the companys wofft after lax for the year ended 31 Decembgr 2024 was £222 <2023- £177). 18-
Ryder Cup European Development Trust Company Llmlted by Guarantee Notes to the Flnanclal Statements (¢onths*dJ Year ended 31 Decomber 2024 11. Debtor• 2024 2023 Olh6r dobtorn 3,610 3.610 12. InvMlm•nts 2024 2023 Curr•nt 88881 knv88lments. b8nk depo81ts 16,031 4,773 13. Cv•dltor•: amounts fallkng du• wlthln on• y•ar 2024 2023 Trnde credlc Accruals and deferred Incorn• Other credltors 18,000 12,093 13,748 43,841 13.000 11.343 24.343 14. An718 of ¢harhbl• fund• Unmtrlthd fund• At 31 D•¢•mb•r 2024 l January 202 Incomè ExpondNur8 General lund8 142,095 (156.107) 16.658 At l January 202 31 Decomber 2023 kncomè ExpandIre Ger81 lund8 459,786 1,592 (319.283) 142.095
tl• P I Ryder Cup European Development Trust Company Llmltsd by Guarant80 Nots8 to the Financlal Statements {conthu•d) Year ended 31 December 2024 16. R•latod partle• R•charyod Recharged In the year Balance due in the year Balance due Onded 31 froml(to) 31 ended 31 froml(to) 31 D•c•mb•r December December December 2024 2024 2023 2023 confederaon of Professtonal Golf LSmited Expensesldonations wilh Ryder Cup European Development Limited Amounis owed to Health Benefits of Golf Limited 49.650 (18.000) 225,000 {13,000) 3.610 3,610 (13,748) 16. Controlllng rtY In the oplnlon of the trustees. the ultimate controlling party of the charity Is the charfty's sole member, Confederatron of Professional Golf Llmited, Company registration number.. 2774749. A ompany Incorporated in England and Wales. whose principal place of buslness is 7 VlctorSa Road Tamworlh England 879 7HS arKI whose finarKial slatements rroy b• obtained by wrlting to: cornpan House, Crown Way. Cardiff. CF14 3UZ. The princlpal a¢tbvity ofthe company is to functlon as an Association of individual European county PGAS whose objectNe is to act as a support role to members on a business-ttrbusiness basis. The company strives to raise standards and opportunitles collectively across Europe In the educatlon and employment of golf professionals as well as representing member countrles with govemments and other legislative and Influential bodies In the promotion of the 9ame and the interests of prOfesonal golfers in general. Confederation of Professional Golf Llmlied exercises control through nominatk)n of four trustees, Includlng the chaiman. who are directors of the charilable company.